中航直升机股份有限公司2025年度与中航工业集团财务公司关联交易专项核查详细解读

要点摘要

• 中航直升机股份有限公司（以下简称“中直股份”或“公司”）与中航工业集团财务有限责任公司（以下简称“中航工业财务”）于2025年续签《金融服务框架协议》，涉及巨额存款、贷款等金融业务。
• 2025年度，公司在财务公司存款期末余额达约24亿元，期内最大存款余额不超过200亿元，贷款余额约20.74亿元，贷款额度上限为80亿元。
• 相关交易严格遵循中国证监会、上交所及国家金融监督管理总局等监管要求，设有细致的风险防控与预案。
• 会计师专项说明认为相关汇总表公允反映业务实况，独立财务顾问认为无异议。

协议背景及核心条款

2025年11月21日及12月23日，中直股份董事会和股东大会分别通过了与中航工业财务签署金融服务框架协议的议案。协议约定，中航工业财务将在其经营范围内为公司及控股子公司提供存款、贷款、结算、承兑、非融资性保函等金融服务，协议自2026年1月1日或双方完成签署及内部审批后生效，有效期一年，可协商续签。

中航工业财务基本情况

• 注册资本：39.51亿元人民币
• 控股股东：中国航空工业集团有限公司（持股66.54%）
• 2025年末资产总额：1,755.77亿元，所有者权益134.23亿元
• 2025年度营业总收入33.23亿元，净利润7.57亿元
• 持有合法金融牌照，受国家金融监督管理总局严格监管

交易额度及主要条款

• 存款额度：公司及子公司在财务公司每日存款余额上限为200亿元（含外币折算）；如因结算超限，财务公司需在3个工作日内将超额资金划回银行账户。
• 贷款额度：循环使用贷款额度不超过80亿元（含外币折算），包括贷款、票据贴现、应收账款保理等。
• 定价政策：
  • 存款利率不低于同期主要商业银行平均挂牌利率。
  • 贷款利率不高于LPR上限、不高于同等条件第三方或主要银行平均利率。
  • 结算、承兑及保函等其他服务价格均不高于中航工业财务对同等第三方及主要银行收取标准。
• 信息披露及风险承诺：财务公司需定期提供月报、半年度审阅报告、年报及风险指标等信息，年报需经具备相关资格会计师事务所审计。
• 重大风险事项触发单方终止权：如财务公司发生监管指标不达标、挤兑、重大经营风险、违法违规等，公司有权单方终止协议。

2025年度实际交易情况

风险评估与防范措施

• 公司与财务公司业务严格遵循监管和自律要求，合法合规。
• 财务公司经营状况良好，监管指标合规。
• 公司制定了详细的《存款风险处置预案》，覆盖组织机构、信息披露、处置程序和措施，确保资金安全和流动性。

专业机构专项说明及独立财务顾问意见

• 大信会计师事务所认为公司业务汇总表公允反映实际情况。
• 中金公司独立财务顾问核查后认为：协议条款合理，履行情况良好，风险防控措施健全，信息披露真实准确，对存款、贷款等金融业务无异议。

潜在影响与投资者须知

• 资金安全与风险管理：公司与控股财务公司发生大额资金往来，虽有严格风控与监管，投资者仍需关注财务公司信用及国家金融市场环境变动对资金安全的潜在影响。
• 流动性与融资能力：高额度存贷款安排可提升公司资金周转与融资灵活性，有利于业务拓展及资本运作，若相关政策或市场环境发生变化，可能对公司经营产生影响，对公司估值与股价具备一定敏感性。
• 重大风险事项一旦发生，协议可单方终止：一旦财务公司出现经营危机、监管处罚等负面事项，公司有权终止协议，相关资金安排可能受到影响，需持续关注相关进展。

结论

本次《金融服务框架协议》的履行和大额资金往来对公司经营活动及现金流具有重要意义。协议条款合理、风险防控健全、信息披露充分，但投资者需持续关注相关市场及政策变化，密切留意财务公司经营及风险状况。该事项影响公司资金安全、流动性及未来融资能力，具备一定的股价敏感性和市场关注度。

免责声明：本文为公开信息整理和分析，不构成任何投资建议。投资者需结合自身判断和专业意见，谨慎决策。公司及相关金融机构未来业务、监管及市场环境变化均可能对实际情况产生重大影响。

English Translation

CICC Special Review on AVIC Helicopter’s 2025 Related Party Financial Transactions: Detailed Investor Analysis

Key Highlights

• AVIC Helicopter Company (“the Company”) renewed its Financial Services Framework Agreement with AVIC Group Finance (“AVIC Finance”) for 2025, covering massive deposit and loan transactions.
• As of end-2025, the Company’s deposits at AVIC Finance stood at about RMB 2.38 billion, with a daily cap of RMB 20 billion; loan balances were RMB 2.07 billion, with a maximum facility of RMB 8 billion.
• All transactions strictly comply with CSRC, SSE, and national financial regulatory requirements, with comprehensive risk management and contingency plans in place.
• Auditor and independent financial advisor confirm the fairness and compliance of transactions and disclosures.

Background and Core Provisions

On November 21 and December 23, 2025, the Company’s board and shareholders approved the renewed framework agreement with AVIC Finance. AVIC Finance will provide deposits, loans, settlement, acceptance, and non-financing guarantee services within its business scope. The agreement takes effect from January 1, 2026 (or later upon full approval) for one year, and can be renewed.

AVIC Finance Profile

• Registered capital: RMB 3.951 billion
• Major shareholder: AVIC Group (66.54%)
• Total assets end-2025: RMB 175.577 billion; Equity: RMB 13.423 billion
• 2025 revenue: RMB 3.323 billion; Net profit: RMB 757 million
• Fully licensed and strictly regulated by the national financial authorities

Transaction Limits and Key Terms

• Deposit cap: Company (and subs) daily deposit balance in AVIC Finance not to exceed RMB 20 billion (including converted foreign currency). Any excess due to settlement must be transferred out within 3 business days.
• Loan cap: Revolving credit line up to RMB 8 billion (including converted FX), covering loans, discounted bills, and receivables factoring.
• Pricing:
  • Deposit rates not lower than average posted rates at major domestic banks.
  • Loan rates not above the LPR (loan prime rate) ceiling, nor above comparable third-party or major bank rates.
  • Settlement, acceptance, and guarantee fees not higher than those charged to comparable third parties or by major banks.
• Disclosure & risk commitments: AVIC Finance must regularly provide monthly, semi-annual, annual reports and risk indicators, with annual reports audited by qualified firms.
• Unilateral termination rights in major risk events: If AVIC Finance falls into regulatory breach, crisis, or receives major penalties, the Company may terminate the agreement unilaterally.

2025 Actual Transaction Data

Risk Assessment and Prevention

• All transactions are compliant and adhere to self-discipline and regulatory rules.
• AVIC Finance’s operations and risk indicators are all above regulatory minimums.
• The Company has a comprehensive “Deposit Risk Contingency Plan” covering governance, disclosure, and emergency measures to ensure fund safety and liquidity.

Auditor and Financial Advisor Opinions

• Auditor (DaXin) concludes the transaction summary table fairly represents the actual situation.
• CICC, as independent advisor, states the agreement is reasonable, well-executed, with robust risk controls and full disclosure. No objection to the deposit and loan transactions.

Potential Impacts & Investor Notes

• Fund Safety & Risk Management: The Company’s large transactions with a related finance company, while tightly controlled, still warrant investor attention to any change in AVIC Finance’s credit or the macro financial environment.
• Liquidity & Financing Capacity: High transaction limits provide strong support for business expansion and capital operations, but policy or market changes could affect these arrangements and, in turn, Company valuation and share price.
• Material adverse events trigger termination rights: Should AVIC Finance face crisis or penalties, the agreement can be ended, affecting the Company’s funds and operations. Investors should monitor developments closely.

Conclusion

The execution of this framework agreement and the associated large-scale financial transactions are significant for the Company’s operations and cash flow. The terms are reasonable, risk management is robust, and disclosure is adequate. However, investors should closely track changes in the financial market and AVIC Finance’s status, given the potential share price sensitivity.

Disclaimer: This article is based on public information and analysis; it does not constitute investment advice. Investors should make decisions carefully and seek professional opinions. Future regulatory or market changes could materially affect actual results.

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