中直股份2025年度业绩承诺完成情况公告详解

一、公告要点及背景

中航直升机股份有限公司（证券简称：中直股份，证券代码：600038）近日发布了关于其发行股份购买资产并募集配套资金暨关联交易中，2025年度业绩承诺实现情况的公告。

本次公告主要涉及公司在2024年完成的重大资产重组——通过发行股份方式，收购中国航空科技工业股份有限公司（简称“中航科工”）和中国航空工业集团有限公司（简称“中国航空工业集团”）分别持有的昌河飞机工业（集团）有限责任公司（简称“昌飞集团”）和哈尔滨飞机工业集团有限责任公司（简称“哈飞集团”）的全部股权，以及哈飞集团持有的天津中航锦江航空维修工程有限公司（简称“锦江维修”）81%股权，并同步募集配套资金。

二、交易与业绩承诺详细情况

1. 交易实施与资产过户

• 2024年3月，标的资产过户及工商变更手续已完成，昌飞集团、哈飞集团成为中直股份全资子公司。
• 相关交易获得中国证监会批准，并通过董事会及股东大会审议。

2. 业绩承诺安排

• 业绩承诺期：2024年、2025年、2026年三个会计年度。
• 承诺主体：中航科工、中国航空工业集团。
• 承诺资产：昌飞集团无形资产、哈飞集团无形资产及锦江维修81%股权。
• 具体承诺净利润数如下：

年度	昌飞集团无形资产（万元）	哈飞集团无形资产（万元）	锦江维修81%股权（万元）
2024	63.76	7,626.17	953.65
2025	1,503.89	8,458.61	653.56
2026	2,446.75	9,768.44	637.96

• 净利润口径：经审计、扣除非经常性损益后归属于母公司所有者的净利润。
• 补偿机制：如当期累计实现净利润低于累计承诺净利润，补偿义务人需按约定比例进行股份或现金补偿，补偿总额不超过其获得的交易作价。
• 补偿股权优先以通过本次交易获得的股份承担，股份不足则以现金补偿。
• 补偿上限：不超过承诺人通过交易获得的相应资产交易作价。

三、2025年度业绩承诺完成情况

大信会计师事务所对2025年度业绩完成情况进行了专项审核，结论如下：

• 昌飞集团无形资产2025年实现净利润3,953.84万元，承诺净利润1,503.89万元，累计业绩完成率442.29%。
• 哈飞集团无形资产2025年实现净利润8,740.68万元，承诺净利润8,458.61万元，累计业绩完成率120.31%。
• 锦江维修81%股权2025年实现净利润767.62万元，承诺净利润653.56万元，累计业绩完成率109.28%。
• 三项资产均超额完成2025年业绩承诺，无需进行业绩补偿。

四、会计师事务所及财务顾问意见

• 大信会计师事务所认为公司2025年度业绩承诺完成情况公允、合规，无重大遗漏。
• 独立财务顾问及财务顾问均认定2025年度业绩承诺均已完成，相关承诺人无需补偿。

五、对投资者的影响与关注点

• 业绩大幅超额完成：2025年度三项资产均超出业绩承诺，尤其昌飞集团完成率高达442.29%，反映出标的资产盈利能力显著优于预期，对公司整体业绩和投资价值形成正面支撑，或对公司股价产生积极影响。
• 资产整合成效显著：重组后形成的产业协同与规模效应已初步体现，有助于中直股份长期业绩持续增长预期。
• 无补偿风险：业绩承诺全部达成，相关方无需补偿，股东利益得到有效保障，降低了投资不确定性风险。
• 后续关注点：2026年度业绩承诺期仍在进行，投资者应持续关注相关资产的后续盈利表现。

六、总结

本次公告显示，中直股份在重大资产重组后的资产整合与业绩提升成效显著，2025年业绩承诺的超额完成为公司未来发展及股东回报提供了坚实基础，有望提振市场信心和公司估值。投资者可关注公司后续业绩表现及新一轮业绩承诺的完成情况。

【免责声明】

本文内容仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。请以公司公告及相关法律法规为准。

English Version

Detailed Analysis: AVIC Helicopter 2025 Performance Commitment Fulfillment Announcement

1. Key Points and Background

AVIC Helicopter Co., Ltd. (Ticker: 600038) has released an announcement regarding the fulfillment of its 2025 performance commitments in relation to its major asset restructuring completed in 2024, which involved issuing shares to purchase assets and raising supporting funds via related-party transactions.

The announcement centers on the acquisition of 100% equity of Changhe Aircraft Industries Group Co., Ltd. (“Changhe Group”) and Harbin Aircraft Industry Group Co., Ltd. (“Harbin Group”), as well as an 81% stake in Tianjin AVIC Jinjiang Aviation Maintenance Engineering Co., Ltd. (“Jinjiang Maintenance”), through share issuance from AVIC Technology Co., Ltd. (“AVIC Tech”) and Aviation Industry Corporation of China (“AVIC Group”), along with supporting fundraising.

2. Transaction and Performance Commitment Details

1. Transaction Implementation and Asset Transfer

• The asset transfer and related industrial and commercial change procedures were completed in March 2024, making Changhe and Harbin wholly-owned subsidiaries of AVIC Helicopter.
• The transaction has been approved by the CSRC and passed by the board of directors and shareholders’ meetings.

2. Performance Commitment Arrangements

• Commitment Period: 2024, 2025, and 2026 fiscal years.
• Commitment Parties: AVIC Tech and AVIC Group.
• Committed Assets: Intangible assets of Changhe Group and Harbin Group, 81% equity of Jinjiang Maintenance.
• Specific committed net profits are as follows:

Year	Changhe Intangible Assets (10K RMB)	Harbin Intangible Assets (10K RMB)	Jinjiang 81% Equity (10K RMB)
2024	63.76	7,626.17	953.65
2025	1,503.89	8,458.61	653.56
2026	2,446.75	9,768.44	637.96

• Net profit is defined as after-audit, non-recurring profit/loss excluded, and attributable to parent company owners.
• Compensation: If cumulative actual net profit is lower than the commitment, the obligors are to compensate in shares or cash, but not exceeding the transaction consideration they received.
• Compensation is prioritized by shares obtained in this transaction; if insufficient, cash is used.
• Compensation cap: Not exceeding the consideration for the corresponding asset acquired in this transaction.

3. 2025 Performance Fulfillment Results

DaXin Certified Public Accountants provided a special audit on 2025 performance, with results as follows:

• Changhe Group intangible assets achieved 39.54 million yuan net profit in 2025, vs. 15.04 million yuan committed; cumulative performance rate 442.29%.
• Harbin Group intangible assets achieved 87.41 million yuan net profit in 2025, vs. 84.59 million yuan committed; cumulative performance rate 120.31%.
• Jinjiang Maintenance 81% equity achieved 7.68 million yuan net profit in 2025, vs. 6.54 million yuan committed; cumulative performance rate 109.28%.
• All three assets outperformed commitments for 2025, no compensation required.

4. Auditor and Financial Advisor Opinions

• DaXin CPA concluded the 2025 performance fulfillment is fair and compliant, with no major omissions.
• Independent and lead financial advisors both confirmed that 2025 commitments were fulfilled, and no compensation was triggered.

5. Investor Impact and Key Points

• Significant Over-fulfillment of Commitments: All three assets greatly exceeded 2025 commitments, with Changhe Group surpassing by over four times. This demonstrates stronger-than-expected profitability and is a major positive for overall company performance and valuation.
• Effective Asset Integration: The post-restructuring synergy and scale effect are apparent, supporting expectations of sustained long-term growth.
• No Compensation Risk: Full commitment fulfillment ensures shareholder interests are protected and reduces investment uncertainty.
• Ongoing Monitoring: The 2026 commitment period is ongoing; investors should continue to monitor future results.

6. Summary

This announcement shows AVIC Helicopter’s asset integration and profit improvement following its major restructuring are highly effective, with 2025 performance commitments significantly overachieved. This lays a solid foundation for future growth and may positively influence investor confidence and the company’s valuation. Investors should continue monitoring future performance and commitment fulfillment.

Disclaimer

The above content is for reference only and does not constitute investment advice. Investments carry risks; please make decisions cautiously. Refer to the company’s official announcements and applicable laws and regulations.

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