中直股份2025年度业绩承诺完成情况公告深度解读

一、重大交易背景与进展

中航直升机股份有限公司（600038.SH，简称“中直股份”）于2023年启动了重大资产重组，方案包括向中国航空科技工业股份有限公司（中航科工）与中国航空工业集团有限公司（航空工业集团）发行股份，收购昌河飞机工业（集团）有限责任公司（昌飞集团）92.43%股权及哈尔滨飞机工业集团有限责任公司（哈飞集团）80.79%股权，并募集配套资金。此外，还收购了航空工业集团持有的昌飞集团7.57%和哈飞集团19.21%股权，实现对两大直升机制造龙头企业的全资控股。

2024年2月，该交易获得中国证监会注册批复，3月顺利完成标的资产过户及工商变更，昌飞集团与哈飞集团成为中直股份全资子公司，标志着公司产业整合工作取得实质性进展。

二、业绩承诺安排及补偿机制

业绩承诺期：自2024年起，连续三个会计年度（2024-2026年）为业绩承诺期。业绩承诺内容涵盖：

• 昌飞集团、哈飞集团专利技术及软件著作权等无形资产（业绩承诺资产一）。
• 哈飞集团持有的天津中航锦江航空维修工程有限公司（锦江维修）81%股权（业绩承诺资产二）。

承诺净利润见下表（单位：万元）：

若实际净利润未达承诺，补偿义务人须按协议进行股份/现金补偿。补偿上限为本次交易获得的相关资产交易作价金额，并明确补偿顺序及股份处置安排，保障业绩补偿可执行性。

三、2025年度业绩承诺完成情况及影响

• 昌飞集团无形资产：2025年实现净利润3,953.84万元，累计完成率高达442.29%，远超承诺（1,503.89万元）。
• 哈飞集团无形资产：2025年实现净利润8,740.68万元，累计完成率120.31%，高于承诺（8,458.61万元）。
• 锦江维修81%股权：2025年实现净利润767.62万元，累计完成率109.28%，高于承诺（653.56万元）。

三项核心资产业绩均超额完成2025年度业绩承诺，无需业绩补偿。

四、第三方审计与独立财务顾问核查意见

大信会计师事务所出具专项审核意见，确认公司业绩承诺完成情况公允、合规。独立财务顾问与财务顾问均认为2025年度业绩承诺已全部实现，相关方无需补偿。

五、对投资者的影响及需关注事项

• 业绩超预期完成，体现公司并购整合效果显著，核心资产盈利能力强劲，有助于提升公司整体业绩表现。
• 无需业绩补偿，避免了因业绩未达标导致的股份回收或现金补偿等潜在负面影响，增强市场信心。
• 资产整合效应持续释放，有望进一步优化公司产业布局，提升资本市场估值。
• 公告内容重大，投资者须重点关注，或对公司二级市场表现产生积极影响。

六、结论

本次业绩承诺期内相关资产2025年均远超业绩承诺目标，显示中直股份在完成资产整合后，经营效率和盈利能力显著增强。此消息对公司基本面和投资价值具备明显促进作用，可能对公司股价产生正面推动。

English Version

AVIC Helicopter 2025 Performance Commitment Fulfillment – Detailed Report for Investors

1. Major Transaction Background and Progress

AVIC Helicopter Co., Ltd. (600038.SH, “AVIC Helicopter”) launched a major asset restructuring plan in 2023. The company issued shares to China Aviation Industry Corporation (AVIC) and Aviation Industry Corporation of China (“AVIC Group”) to acquire 92.43% of Changhe Aircraft Industries Group (“Changhe Group”) and 80.79% of Harbin Aircraft Industry Group (“Harbin Group”), raising supporting funds. Additionally, the company acquired 7.57% of Changhe Group and 19.21% of Harbin Group held by AVIC Group, thus achieving full control over both helicopter manufacturers.

In February 2024, the transaction received CSRC approval, and by March, the asset transfer and business registration were completed, making Changhe Group and Harbin Group wholly-owned subsidiaries of AVIC Helicopter. This marks substantial progress in the company’s industrial consolidation.

2. Performance Commitment Arrangement and Compensation Mechanism

Performance Commitment Period: Three consecutive accounting years from 2024 to 2026, covering:

• Intangible assets (patents and software copyrights) of Changhe Group and Harbin Group.
• 81% equity in Tianjin AVIC Jinjiang Aviation Maintenance Engineering Co., Ltd. (“Jinjiang Maintenance”).

The committed net profit (RMB million):

If the actual net profit falls short, the compensators must make up the shortfall in shares or cash. The maximum compensation is the asset transaction value acquired, with clear priority and disposal arrangements for shares to ensure enforceability.

3. 2025 Performance Commitment Fulfillment and Impact

• Changhe Group Intangibles: 2025 net profit achieved RMB 39.5384 million (completion rate: 442.29%), far exceeding the commitment (RMB 15.0389 million).
• Harbin Group Intangibles: 2025 net profit reached RMB 87.4068 million (completion rate: 120.31%), above the commitment (RMB 84.5861 million).
• Jinjiang Maintenance (81%): 2025 net profit was RMB 7.6762 million (completion rate: 109.28%), above the commitment (RMB 6.5356 million).

All three assets far exceeded their 2025 targets; therefore, no performance compensation is required.

4. Third-Party Audit and Financial Advisor Opinions

DaXin CPA confirmed the performance completion status as fair and compliant. Both the independent and regular financial advisors agreed that 2025 targets were fully achieved with no compensation needed.

5. Impact on Investors and Key Points

• Performance significantly exceeded expectations, demonstrating the effectiveness of the integration and strong profitability of the core assets, enhancing overall company performance.
• No compensation required, avoiding potential negative impacts from underperformance-induced share clawback or cash compensation, boosting market confidence.
• Continued synergy release from asset integration is expected to further optimize the company’s industrial layout and market valuation.
• This disclosure is significant and may positively affect the company’s stock price.

6. Conclusion

All 2025 performance commitments have been exceeded, highlighting AVIC Helicopter’s strengthened operational efficiency and profitability post-acquisition. This is a strong positive signal for the company’s fundamentals and valuation, likely to support the share price.

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