On May 8, 2026, GATD held an investor relations event, with 36 mainstream institutions participating in the research, including Ping An Fund, E Fund, CITIC Securities, and Xingsheng Global. The company provided detailed disclosures on core topics such as operational performance, orders on hand, business layout, technological innovation, and overseas market expansion, overall presenting a development trend of steady acceleration in performance, ample order reserves, comprehensive track layout, and deep technological barriers, with the growth certainty of high-end equipment forging leaders continuously enhancing.
In 2025, the company achieved operating revenue of 2.034 billion yuan, a year-on-year increase of 12.64%; affected by losses during the strategic investment period of subsidiaries and goodwill impairment provisions, the net profit attributable to the parent company was 186 million yuan, a slight year-on-year decrease of 1.40%. Excluding related factors, the net profit attributable to the parent company increased by 11.74% year-on-year, maintaining stable profit quality. In the first quarter of 2026, the company's operational performance significantly accelerated, achieving quarterly operating revenue of 630 million yuan, a year-on-year increase of 25.88%; net profit attributable to the parent company was 56.3974 million yuan, a year-on-year increase of 31.65%; net profit excluding non-recurring items was 52.576 million yuan, a substantial year-on-year increase of 63.44%. The rapid growth in performance was mainly due to the continuous increase in orders for the aviation engine and gas turbine businesses, driving steady expansion of overall sales scale.
Regarding orders on hand, as of the end of 2025, the company had received customer orders totaling 3.529 billion yuan, combined with long-term agreements and estimated long-term orders of approximately 2.898 billion yuan, resulting in a total order scale of 6.427 billion yuan, most of which are orders from overseas customers. The ample order reserves provide solid support for the company's future sustainable high-quality development.
In terms of business layout, the company's products are widely used in high-end equipment fields such as aviation engines, gas turbines, aerospace rockets, underwater submersibles, and nuclear power, with multiple high-prosperity tracks working in synergy.
In the aviation engine field, the company mentioned that as a core supplier for aviation engine manufacturers, it undertakes the development tasks for the CJ1000/2000 series commercial aviation engine annular forgings, and the products also support the AES100 advanced civil turbo-shaft engine. In the future, it will deepen strategic collaboration with core customers such as AVIC, AVIC Industry, GE Aviation, Safran, Rolls-Royce, and Pratt &amp; Whitney, ensuring stable delivery of current and in-development models while horizontally expanding product categories (such as structural parts, rotating parts, etc.). At the same time, it will actively explore horizontal entry into more new customer supply chains and vertically enhance component integration, promoting the transition from &#34;market development&#34; to &#34;ecological rooting.&#34;
In the gas turbine field, the company has formed a full-chain capability for ring forging, die forging, forging blades, precision machining, and integrated rotor assembly, achieving one-stop delivery services, mainly serving top domestic and international customers such as Baker Hughes, GEV, Siemens, Harbin Automotive, Dongfeng Automotive, and SAIC. In the future, it will comprehensively promote the &#34;forging + precision machining + special processes&#34; one-stop delivery model to international customers, vertically enhance assembly capabilities, and increase product value. At the same time, it will strengthen collaboration with domestic gas turbine customers, expand the industrial gas turbine and marine gas turbine markets, and continuously build the company's second growth curve
In the commercial aerospace sector, the company has entered the supply chains of leading rocket manufacturers such as Jiuzhou Yunjian, Xinghe Power, Blue Arrow Aerospace, and Tianbing Technology, supporting main models like Vesta, Zhuque, Lijian, and Tianlong. The supporting products include various types of ring forgings, die forgings, such as turbine discs, pumps, housings, and flanges, and are being delivered with precision machining + small system-level assembly extensions, with material systems covering high-temperature alloys, titanium alloys, aluminum alloys, etc.
In the nuclear power sector, the company has successfully delivered its first nuclear power product to Electricité de France, receiving high recognition from the client, laying a solid foundation for expanding into the European nuclear power market and undertaking nuclear-grade forging orders.
In terms of technological innovation, the company's independently developed NISP technology has won the INNOVATION Award at the GE Aviation 2025 Global Supplier Conference due to its excellent performance. This technology can significantly improve material utilization and reduce production waste, further strengthening the company's core position in the global aerospace engine supply chain and promoting the engineering and scaling of high-end manufacturing technology. Currently, the company has begun trial production verification of some key part numbers with domestic and foreign customers, achieving good results and laying the foundation for future mass production and commercial applications.
Institutional research shows that Aerospace Technology, as a rare leading enterprise in the domestic high-end forging sector, deeply benefits from the upgrading of the aerospace and energy equipment industries and the trend of domestic substitution. Coupled with the continuous expansion of overseas markets, enhanced one-stop delivery capabilities, and continuous breakthroughs in core technologies, there is broad medium- to long-term growth potential

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On May 8, 2026, during an investor relations event, GATD disclosed that its operating revenue for the fiscal year 2025 reached 2.034 billion yuan, a year-on-year increase of 12.64%. Although the net profit attributable to the parent company slightly decreased by 1.40%, it grew by 11.74% year-on-year after excluding related factors. In the first quarter of 2026, operating revenue and net profit attributable to the parent company increased by 25.88% and 31.65% year-on-year, respectively. As of the end of 2025, the company's order backlog reached 6.427 billion yuan, mainly from overseas customers, supporting future high-quality development

同壁财经

GATD

Ping An

PING AN

INDUSTRIAL SECURITIES

GE Aerospace

Safran SA

Rolls-Royce

Baker Hughes

GE Vernova

Siemens

DEC.LTD

DONGFANG ELEC

Shanghai Electric

SH ELECTRIC

PING AN-R

Ping An Insurance

Rolls-Royce PLC

Siemens AG

GATD disclosed research minutes: performance significantly accelerated, overseas orders accounted for a prominent proportion