中航直升机股份有限公司2025年度业绩承诺实现情况核查：业绩超预期，补偿义务未触发

一、报告关键点摘要

• 2024年3月，中航直升机股份有限公司（“中直股份”）顺利完成对昌河飞机工业（集团）有限责任公司（“昌飞集团”）和哈尔滨飞机工业集团有限责任公司（“哈飞集团”）的收购，两公司成为中直股份全资子公司。
• 本次交易涉及发行股份购买资产并募集配套资金，同时设定了针对主要资产的三年业绩承诺（2024-2026年）。
• 2025年度，三项核心资产（昌飞集团无形资产、哈飞集团无形资产、锦江维修81%股权）均实现或超额完成业绩承诺，补偿条款未被触发，显示公司经营显著超预期。

二、业绩承诺及实现情况详细披露

1. 业绩承诺安排

• 业绩承诺期：2024、2025、2026三个年度。
• 承诺主体：中国航空科技工业股份有限公司、中国航空工业集团有限公司。
• 业绩承诺资产：
  • 昌飞集团、哈飞集团专利技术及软件著作权（无形资产）
  • 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
• 承诺净利润（2025年）：
  • 昌飞集团无形资产：1,503.89万元
  • 哈飞集团无形资产：8,458.61万元
  • 锦江维修81%股权：653.56万元
• 若未达标，业绩承诺人需以所持股份或现金补偿，补偿金额与取得对价股份相关，且不得超过交易作价。

2. 2025年度实际实现情况

• 昌飞集团无形资产：实现净利润3,953.84万元，业绩完成率442.29%，大幅超额完成承诺。
• 哈飞集团无形资产：实现净利润8,740.68万元，业绩完成率120.31%，高于承诺。
• 锦江维修81%股权：实现净利润767.62万元，业绩完成率109.28%，超额完成。
• 三项业绩承诺资产均已实现2025年度承诺，无需补偿。

三、对股东和投资者的重要影响与提示

• 业绩大幅超预期：三项主要资产2025年业绩均大幅超额完成承诺，显著提升公司盈利能力，彰显收购资产的优质和整合成效。
• 无需触发业绩补偿：补偿条款未触发，避免股份稀释或公司额外现金流出，有利于现有股东利益。
• 未来利润可持续性：2025年是业绩承诺中期，超额完成为2026年业绩打下良好基础，投资者可持续关注后续业绩兑现情况。
• 对股价的潜在正面影响：业绩大幅超预期，市场情绪或将受提振，股价有望获得正面催化。

四、其他须知

• 本次交易及业绩承诺安排经中国证监会和股东大会审议通过，合规透明。
• 相关业绩由大信会计师事务所专项审核，数据真实可靠。
• 补偿机制科学严谨，最大程度保障公司及股东利益。

结论

2025年度，中直股份通过并购实现的业绩承诺资产全面超额完成业绩目标，未出现任何需业绩补偿情形。这不仅表明公司整合能力突出、资产优质，也为投资者带来显著信心提升。建议投资者密切关注公司后续业绩表现及整合进度，相关公告或对公司股价形成正面驱动。

免责声明：本报道仅供参考，不构成任何投资建议。投资者据此操作，风险自担。

English Version

AVIC Helicopter Co., Ltd. 2025 Performance Commitment Review: Significant Outperformance, No Compensation Triggered

Key Highlights

• In March 2024, AVIC Helicopter Co., Ltd. (“AVIC Helicopter”) completed the acquisition of Changhe Aircraft Industries Group Co., Ltd. (“Changfei Group”) and Harbin Aircraft Industry Group Co., Ltd. (“Hafei Group”), making them wholly-owned subsidiaries.
• The transaction involved share issuance to acquire assets and raise supporting funds, with a three-year performance commitment (2024-2026) set for key assets.
• For 2025, all three core assets (intangible assets of Changfei Group, intangible assets of Hafei Group, and 81% equity in Jinjiang Maintenance) met or significantly exceeded performance commitments, with no compensation clause triggered, highlighting strong operational performance.

Details of Performance Commitment and Achievement

1. Performance Commitment Arrangement

• Commitment Period: 2024, 2025, and 2026.
• Commitment Parties: AVIC Science and Technology Co., Ltd., AVIC Group Co., Ltd.
• Committed Assets:
  • Intangible assets (patents and software copyrights) of Changfei and Hafei Groups
  • 81% equity in Tianjin AVIC Jinjiang Aviation Maintenance Engineering Co., Ltd. (“Jinjiang Maintenance”) held by Hafei Group
• Committed Net Profits (2025):
  • Changfei Group Intangible Assets: RMB 15.039 million
  • Hafei Group Intangible Assets: RMB 84.5861 million
  • Jinjiang Maintenance 81% Equity: RMB 6.5356 million
• If not met, the commitment parties must compensate with shares or cash, up to the transaction price.

2. Actual Results for 2025

• Changfei Group Intangible Assets: Actual net profit of RMB 39.5384 million, completion rate 442.29%, far exceeding commitment.
• Hafei Group Intangible Assets: Actual net profit of RMB 87.4068 million, completion rate 120.31%, exceeding commitment.
• Jinjiang Maintenance 81% Equity: Actual net profit of RMB 7.6762 million, completion rate 109.28%, exceeding commitment.
• All three performance commitment assets have met or exceeded 2025 targets, no compensation required.

Important Information for Shareholders and Investors

• Strong Performance Outperformance: All core assets significantly outperformed commitments for 2025, demonstrating enhanced profitability and successful integration.
• No Compensation Triggered: No dilution or cash outflow required, safeguarding shareholder interests.
• Sustainability: With strong results in 2025, the company is well-positioned for 2026, and investors should monitor ongoing performance.
• Potential Impact on Share Price: Significant outperformance may boost market confidence and positively impact share price.

Other Notes

• The transaction and performance commitment arrangements have been approved by the CSRC and shareholders, ensuring compliance and transparency.
• Performance data audited by an independent accounting firm for authenticity.
• Compensation mechanisms are robust, maximizing protection for the company and shareholders.

Conclusion

For 2025, AVIC Helicopter’s acquired assets have all significantly outperformed performance commitments, with no compensation required. This showcases the company’s strong integration capabilities and asset quality, boosting investor confidence. Investors are advised to track future performance and integration progress, as these disclosures could positively impact the company’s share price.

Disclaimer: This report is for reference only and does not constitute investment advice. Investors are responsible for their own decisions and assume risks accordingly.

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