香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （H股股份代碼：00317） 截至2024年12月31日止年度業績公告 （財務摘要） 營業額： 人民幣19,402,390,859.63元 歸屬於本公司的權益持有者盈利： 人民幣377,262,684.20元 歸屬於本公司的權益持有者之每股盈利： 人民幣0.2669元 中船海洋與防務裝備股份有限公司（「本公司」或「公司」）之董事（「董事」）會（「董事會」）宣 佈本公司及其附屬公司（統稱「本集團」）截至2024年12月31日止年度（「報告期」或「本年 度」）按照中華人民共和國（「中國」）企業會計準則編製之經審核業績，以及2023年同期的 比較數字如下： 股息 根據《中船海洋與防務裝備股份有限公司章程》（「《公司章程》」）第一百七十八條，本公司 的利潤分配政策為： （一）利潤分配原則 公司實行連續、穩定的利潤分配政策，公司的利潤 ...

Investment Rating - The report assigns an "Outperform" rating to CSSC Offshore & Marine Engineering with a target price of HKD 14.00, indicating a potential upside of approximately 53% from the current price of HKD 9.11 [5][9]. Core Insights - CSSC Offshore & Marine Engineering is positioned to enter a profit explosion period due to the shipbuilding industry's cyclical recovery, rising new ship prices, and a strong order backlog of RMB 60 billion, with projected net profits of RMB 800 million and RMB 1.15 billion for 2025 and 2026, respectively [1][2]. - The company benefits from a robust order book, with subsidiaries holding around 4 million deadweight tons of orders sufficient to meet demand until 2028, supported by China's cost advantages and currency strength [2][9]. - The stock price has seen a significant correction since Q4 2024 due to issues related to the parent company's restructuring, but the fundamentals remain strong, and the report anticipates a recovery in stock price as earnings improve [2][9]. Financial Forecasts and Valuation - Revenue projections for CSSC Offshore & Marine Engineering are as follows: RMB 12.8 billion in 2022, RMB 16.1 billion in 2023, RMB 21.2 billion in 2024, RMB 24.8 billion in 2025, and RMB 28.1 billion in 2026, reflecting a compound annual growth rate (CAGR) of 16.9% from 2025 to 2026 [3]. - Net profit forecasts show a dramatic increase from RMB 688 million in 2022 to RMB 1.15 billion in 2026, with a notable recovery from a low of RMB 48 million in 2023 [3]. - The report suggests a price-to-book ratio of 1.0 times for valuation, aligning with historical trends from 2001 to 2010, and indicates that the stock is currently undervalued [2][9].

Investment Rating - The report assigns an "Outperform" rating to CSSC Offshore & Marine Engineering with a target price of HKD 14.00, indicating a potential upside of approximately 53% from the current price of HKD 9.11 [5][9]. Core Insights - CSSC Offshore & Marine Engineering is positioned for a profit explosion due to the shipbuilding industry's cyclical recovery, rising new ship prices, and a strong order backlog of RMB 60 billion, with projected net profits of RMB 800 million and RMB 1.15 billion for 2025 and 2026, respectively [1][2]. - The company benefits from a robust order book, with subsidiaries holding around 4 million deadweight tons of orders sufficient to meet demand until 2028, supported by China's cost advantages and currency strength [2][9]. - The stock price has seen a significant correction since Q4 2024 due to issues related to the parent company's restructuring, but the fundamentals remain strong, and the report anticipates a recovery in stock price as earnings improve [2][9]. Financial Projections - Revenue projections for CSSC Offshore & Marine Engineering are as follows: - 2022: RMB 12,795 million - 2023: RMB 16,146 million (up 26.2%) - 2024: RMB 21,249 million (up 31.6%) - 2025: RMB 24,832 million (up 16.9%) - 2026: RMB 28,065 million (up 13.0%) [3] - Net profit forecasts are: - 2022: RMB 688 million - 2023: RMB 48 million (down 93.0%) - 2024: RMB 420 million (up 774.3%) - 2025: RMB 804 million (up 91.3%) - 2026: RMB 1,152 million (up 43.3%) [3] - The report highlights a projected diluted earnings per share of RMB 0.57 for 2025 and RMB 0.82 for 2026, with corresponding price-to-earnings ratios of 14.6 and 10.2 [3].

Financial Performance - Operating revenue for the third quarter reached CNY 3,958,458,677.67, an increase of 4.44% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 40,416,105.20, representing a significant increase of 250.41% year-on-year[2]. - Basic earnings per share for the quarter were CNY 0.0286, up 248.78% from the previous year[2]. - Total revenue for the first three quarters of 2024 reached ¥12,686,994,741.32, a significant increase from ¥9,772,350,156.63 in the same period of 2023, representing a growth of approximately 30.5%[22]. - The net profit for the first three quarters of 2024 reached ¥250,228,686.82, a significant increase from ¥34,160,134.30 in the same period of 2023, representing a growth of approximately 632.5%[24]. - Operating profit for the first three quarters of 2024 was ¥200,732,804.67, compared to ¥22,887,219.52 in 2023, indicating an increase of about 775.5%[24]. - Total profit for the first three quarters of 2024 amounted to ¥201,548,132.71, up from ¥25,000,827.72 in 2023, reflecting an increase of approximately 706.0%[24]. - The total comprehensive income for the first three quarters of 2024 was ¥2,246,797,921.93, compared to ¥956,337,923.30 in 2023, marking an increase of around 135.2%[25]. - Basic and diluted earnings per share for the first three quarters of 2024 were both ¥0.1325, a substantial rise from ¥0.0171 in 2023, representing an increase of approximately 674.3%[25]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 51,660,709,270.83, reflecting a 1.57% increase from the end of the previous year[3]. - Non-current assets totaled ¥22,495,464,633.31 as of September 30, 2024, compared to ¥21,035,892,161.50 at the end of 2023, indicating an increase of about 6.9%[19]. - The company's total liabilities increased by 35.10% to ¥1.44 billion from ¥1.06 billion[18]. - Total liabilities decreased to ¥29,774,404,156.89 from ¥31,255,464,283.95, reflecting a reduction of approximately 4.8%[20]. - The company reported a significant reduction in short-term borrowings, decreasing from ¥780,514,316.67 to ¥288,162,291.67, a decline of about 63.1%[19]. - The company's long-term borrowings rose to ¥4,073,038,960.00 from ¥3,314,314,701.47, an increase of about 22.9%[20]. - The total current liabilities decreased to ¥23,310,978,000.25 from ¥26,485,601,048.27, a decline of approximately 11.8%[20]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -4,898,287,705.31, a decline of 1,601.02% compared to the previous year[2]. - Cash flow from operating activities for the first three quarters of 2024 showed a net outflow of ¥4,898,287,705.31, compared to a net inflow of ¥326,330,796.17 in 2023[28]. - Cash flow from investing activities for the first three quarters of 2024 was a net inflow of ¥680,587,253.26, contrasting with a net outflow of ¥3,222,960,178.21 in 2023[29]. - The cash inflow from sales of goods and services for the first three quarters of 2024 was ¥10,897,094,972.29, compared to ¥10,206,961,823.77 in 2023, indicating a growth of about 6.7%[28]. - The company recorded a cash inflow from investment activities of ¥1,572,233,813.31 in 2024, down from ¥4,040,341,538.33 in 2023, reflecting a decrease of approximately 61.1%[29]. - The net increase in cash and cash equivalents for the first three quarters of 2024 is -3,744,359,271.80, compared to -3,981,432,221.05 in the same period of 2023, indicating an improvement[31]. - The cash and cash equivalents at the beginning of the period for 2024 were 9,701,160,074.84, down from 11,069,985,285.84 in 2023[31]. - The ending cash and cash equivalents for 2024 stand at 5,956,800,803.04, a decrease from 7,088,553,064.79 in 2023[31]. - The impact of exchange rate fluctuations on cash and cash equivalents for the first three quarters of 2024 was -8,954,418.18, contrasting with a positive impact of 63,868,414.56 in 2023[31]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 71,835[9]. - The top 10 shareholders hold a combined 82.56% of the total shares, with HKSCC NOMINEES LIMITED holding 41.73% and China Shipbuilding Industry Group Co., Ltd. holding 34.05%[9]. - The number of shares held by the top 10 unrestricted shareholders includes HKSCC NOMINEES LIMITED with 589,866,607 shares and China Shipbuilding Industry Group Co., Ltd. with 481,337,700 shares[11]. - The top shareholder, HKSCC NOMINEES LIMITED, is an overseas entity, while the second largest, China Shipbuilding Industry Group Co., Ltd., is a state-owned entity[11]. - The total number of shares held by the top 10 shareholders does not include any shares lent through margin trading[10]. - The company has no pledged, marked, or frozen shares among the top 10 shareholders[9]. - The report indicates no participation in margin trading or securities lending by the top shareholders[12]. Operational Insights - The company benefited from the completion and delivery of ship products, contributing to the significant rise in net profit[7]. - The company plans to enhance production efficiency and cost management to sustain growth in profitability[7]. - The company's financial performance shows significant growth in both prepayments and contract assets, indicating strong operational momentum[13]. - Prepayments increased by 31.78% year-on-year, reaching RMB 3,607,142,352.80 due to increased orders for construction materials[13]. - Contract assets rose by 40.19% year-on-year, totaling RMB 3,242,599,101.94, attributed to the progress of shipbuilding contracts exceeding the settlement amounts[13]. Research and Development - Research and development expenses increased by 67.49% year-over-year, reaching ¥694.51 million compared to ¥414.66 million[15]. Other Financial Metrics - The weighted average return on equity for the quarter was 0.25%, an increase of 0.17 percentage points year-on-year[2]. - Non-recurring gains and losses for the year-to-date totaled CNY 11,714,114.84, with a tax impact of CNY 4,319,880.48[6]. - The company's sales expenses surged by 96.31% to ¥39.73 million, primarily due to increased insurance costs[15]. - The company reported a significant increase in other comprehensive income, rising by 76.81% to ¥4.61 billion, attributed to the fair value increase of held stocks[18]. - The company reported a net loss from fair value changes of ¥87,780,681.11 for the first three quarters of 2024, compared to a loss of ¥101,383,218.31 in the same period of 2023[22]. - The company's deferred income tax liabilities rose by 72.92% to ¥1.58 billion, influenced by the fair value increase of held stocks[18]. - The company's cash and cash equivalents decreased to ¥12.29 billion from ¥16.42 billion, a decline of 25.88%[18].

Financial Performance - The company achieved operating revenue of RMB 8.73 billion in the reporting period, representing a year-on-year increase of 45.91%[12] - Net profit attributable to shareholders reached RMB 146.85 million, a significant increase of 1,059.43% compared to the same period last year[13] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 131.05 million, up 746.64% year-on-year[13] - Basic earnings per share for the reporting period were RMB 0.1039, reflecting an increase of 1,054.44% year-on-year[12] - The company reported a total comprehensive income of RMB 1,982,940,568.53 for the first half of 2024, reflecting a strong performance compared to the previous year[119] - The total operating revenue for the first half of 2024 reached RMB 8,728,536,063.65, a significant increase of 45.9% compared to RMB 5,982,333,803.04 in the same period of 2023[111] - Net profit for the first half of 2024 was RMB 184,627,201.32, compared to RMB 18,206,095.77 in the first half of 2023, marking an increase of 914.5%[111] Cash Flow and Assets - The net cash flow from operating activities was RMB -5.56 billion, worsening from RMB -2.60 billion in the same period last year, primarily due to increased production scale and material orders[13] - The company's total assets amounted to RMB 50.11 billion, a decrease of 1.49% from the previous year[12] - The company's cash and cash equivalents decreased to RMB 11.65 billion as of June 30, 2024, from RMB 16.42 billion as of December 31, 2023, a drop of 29.4%[105] - Total current assets as of June 30, 2024, are RMB 27.69 billion, a decrease of 6.8% from RMB 29.83 billion as of December 31, 2023[105] - The total amount of contract liabilities decreased to RMB 13.29 billion as of June 30, 2024, from RMB 15.37 billion as of December 31, 2023, a decrease of 13.5%[106] Dividends and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.12 per 10 shares, totaling RMB 16,962,076.54, which represents 11.55% of the net profit attributable to shareholders for the first half of 2024[3] - As of June 30, 2024, the company has an undistributed profit of RMB 1,082,067,327.18, which will be carried forward for future distribution[3] - The company is preparing to submit the profit distribution proposal for approval at the second extraordinary general meeting of 2024[55] Risk Management - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report[3] - The company faced financial risks including exchange rate fluctuations, particularly related to USD-denominated export orders, and plans to implement risk prevention strategies[47] - The company is monitoring supply chain risks due to trade protectionism and geopolitical conflicts, and is preparing for potential delays in equipment delivery[50] Environmental and Social Responsibility - The company has implemented 6 sets of organic waste gas purification devices and 5 sets of dust treatment facilities at Huangpu Wenchong, achieving a treatment efficiency of over 96% after upgrading the purification process[58] - The company emphasizes green shipbuilding and ecological protection, integrating environmental considerations into decision-making processes[65] - The company actively participated in poverty alleviation and rural revitalization efforts, purchasing agricultural products from designated assistance counties totaling RMB 6,650 during the reporting period[67] Corporate Governance - The board of directors confirmed that the financial data in the semi-annual report is true, accurate, and complete, with no significant omissions or misleading statements[3] - The company has conducted two shareholder meetings in the reporting period, with all proposed resolutions passed without any rejections[52] - The company has complied with corporate governance regulations and has not encountered significant discrepancies with the Company Law and relevant regulations[83] Research and Development - R&D expenses surged by 82.78% to CNY 423,009,220.26, indicating a significant increase in investment in research and development[21] - The company has established 13 provincial and national-level technology innovation platforms, enhancing its R&D capabilities[19] Market Position and Strategy - The company secured new shipbuilding orders worth RMB 13.343 billion, an increase of 82.13% year-on-year, completing 88.36% of the annual plan[20] - The company is focusing on technological innovation and green ship types, with an increasing proportion of alternative fuel vessel orders in the new contracts[20] - The company is focused on building high-quality marine equipment and aims to enhance its international competitiveness[87] Shareholder Information - HKSCC NOMINEES LIMITED holds 589,489,007 shares, representing 41.70% of the total shares[97] - 中國船舶工業集團有限公司 owns 481,337,700 shares, accounting for 34.05% of the total shares[97] - The company experienced a change in its board of directors, with new members elected on February 2, 2024[101]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.12 per 10 shares, totaling RMB 16,962,076.54 (tax included) for the six-month period ending June 30, 2024[1] - The proposed dividend distribution is subject to approval at the company's extraordinary general meeting[1] - The previous period's dividend was RMB 0, indicating a shift to a positive dividend payout this period[1]

Financial Performance - The company achieved operating revenue of RMB 8.73 billion for the first half of 2024, representing a year-on-year increase of 45.91%[4] - Net profit attributable to shareholders reached RMB 146.85 million, a significant increase of 1,059.43% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 131.05 million, up 746.64% year-on-year[4] - Basic earnings per share for the reporting period were RMB 0.1039, a substantial increase of 1,054.44% compared to the same period last year[5] - The company reported a total operating income of $7,572,420,369.63, reflecting growth compared to previous periods[92] - The company reported a net profit attributable to the parent company of 146,845,686.17 for the current period, compared to 12,665,284.90 in the same period last year[83] - The total operating revenue for the first half of 2024 reached RMB 8.73 billion, a significant increase of 45.9% compared to RMB 5.98 billion in the same period of 2023[52] - Operating profit for the first half of 2024 was RMB 150.40 million, up from RMB 12.91 million in the first half of 2023, representing a growth of 1,064.5%[53] Cash Flow and Liquidity - The net cash flow from operating activities was RMB -5.56 billion, worsening from RMB -2.60 billion in the previous year, primarily due to increased production scale and material orders[6] - Cash inflow from operating activities amounted to ¥6,500,012,700.99, up from ¥4,966,321,938.79 in the previous year, reflecting a growth of 30.7%[57] - Cash outflow from operating activities increased to ¥12,057,699,361.24, compared to ¥7,569,819,376.61 in the same period last year, resulting in a net cash flow from operating activities of -¥5,557,686,660.25[57] - The total cash and cash equivalents at the end of the first half of 2024 stood at ¥5,422,846,011.31, slightly down from ¥5,525,049,585.25 at the end of the first half of 2023[59] - The company’s cash and cash equivalents decreased by 38.28% compared to the previous year, reflecting changes in operational cash flow[17] Assets and Liabilities - The company's total assets at the end of the reporting period were RMB 50.11 billion, a decrease of 1.49% from the previous year[4] - The group’s asset-liability ratio decreased to 56.74% as of June 30, 2024, down from 61.45% at the beginning of the period, representing a decline of 4.71%[37] - Total liabilities decreased from CNY 31.26 billion to CNY 28.43 billion, a decline of approximately 8.9%[47] - The total amount of accounts receivable and contract assets at the end of the period was 1,700,782,163.88, with a bad debt provision of 2,920,744.07[78] - The total amount of notes payable at the end of the period was 1,256,995,566.40, significantly reduced from 3,882,643,617.93 at the beginning of the year[79] Investments and R&D - The company increased its R&D expenditure, focusing on technological innovation and green ship types[15] - The company reported investment income of RMB 122.60 million in the first half of 2024, a turnaround from a loss of RMB 20.29 million in the same period of 2023[52] - Long-term equity investments rose to RMB 5,260.92 million, a 1.06% increase compared to the beginning of the year, driven by increased investment income from joint ventures[22] - The company reported a significant increase in bank acceptance bills, with a year-end balance of approximately ¥23.37 million, up from ¥20.39 million at the beginning of the year[66] Market and Orders - The company secured new shipbuilding orders worth RMB 12.57 billion, with a total of 35 vessels, marking an 82.13% increase year-on-year[13] - As of June 30, 2024, the total value of the company's backlog contracts was approximately RMB 61.35 billion, including RMB 59.69 billion in shipbuilding orders[13] - The global shipbuilding market saw a 24.4% year-on-year increase in new ship orders, totaling 1,247 vessels and 77.25 million deadweight tons[11] - The company delivered 16 vessels in the first half of 2024, totaling 536,900 deadweight tons[13] Environmental Compliance - The company has established a rental agreement for land and equipment with Guangdong Zhongyuan Shipping Heavy Industry, effective from July 9, 2021, to July 8, 2026[24] - The total emission of toluene from Huangpu Wenchong was 11.9 kg, with a concentration of 0.04 mg/m³, compliant with pollution discharge standards[27] - The total emission of xylene from Wenchong Shipyard was 1,087 kg, with a concentration of 0.65 mg/m³, also compliant with pollution discharge standards[27] - The company has implemented a self-monitoring plan for environmental protection, with quarterly monitoring results meeting standards[35] - The group has obtained all necessary environmental permits and has complied with environmental impact assessment requirements for its projects[33] Corporate Governance - The company has complied with the corporate governance code, except for the absence of a new chairman following the resignation of the previous chairman on May 21, 2024[40] - The company held four board meetings during the reporting period, with full attendance from all directors[42] - The company has assessed its ability to continue as a going concern for the next 12 months, indicating a stable financial position[63]

2024 年 06 月 28 日 中船防务(00317.HK) 公司分析 国内军民船总装骨干企业,有望受益民船大周 期,迎量价红利 中船防务:控股黄埔文冲,国内军民船总装骨干企业 中船防务控股子公司黄埔文冲创建于 1851 年,是国内军用舰船、特 种工程船和海洋工程的主要建造基地,是中国疏浚工程船和支线集 装箱船最大最强生产基地。公司布局海洋防务装备、海洋运输装 备、海洋开发装备和海洋科技应用装备四大领域。截止 2023 年底, 公司手持订单合同总价约 557.6 亿元,其中手持造船订单合同 537.3 亿元,包括 110 艘船舶产品、2 座海工装备,共 349.87 万载 重吨,充裕在手订单为公司后续业绩增长提供重要保障。 造船大周期量价齐升,船企享"产能、价格、成本"三重红利 供给侧,船舶行业从 2008 年金融危机后历经多年供给侧出清,全球 船坞自 2009 年高峰减少一半以上;需求侧看,2000s 以来新造的船 舶将从 2020s 开始加速进入老龄化阶段,叠加绿色动力催化,民船 造船大周期开启。 船厂供给紧而造船需求旺,卖方市场下,新船订单向头部集中,船 企在手订单饱满,享受"产能红利";价格端,全球 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,806,869,058.01, representing a year-on-year increase of 47.82%[2] - The net profit attributable to shareholders of the listed company was CNY 15,373,901.72, with a significant increase in production efficiency and gross profit margin[8] - The total comprehensive income increased by 47.23% to ¥3,839,120,991.25 from ¥2,607,526,251.42, driven by the appreciation of held stocks[16] - The net profit for Q1 2024 was CNY 24.68 million, a substantial recovery from a net loss of CNY 52.15 million in Q1 2023[28] - The total profit for Q1 2024 was CNY 26.98 million, recovering from a total loss of CNY 62.14 million in Q1 2023[28] Cash Flow - The net cash flow from operating activities was negative CNY 3,403,181,373.38, a decrease of 1,669.88% compared to the previous year, primarily due to uneven cash collection and increased procurement expenses[8] - The cash flow from operating activities generated CNY 216.78 million in Q1 2024, down from CNY 2.88 billion in Q1 2023, indicating a decrease of 92.5%[31] - The cash flow from investing activities was 16.07 million RMB, a significant improvement from -2.97 billion RMB in the previous year, suggesting better investment management[20] - The cash flow from financing activities showed a net outflow of 157.37 million RMB, a decrease from -1.19 billion RMB year-over-year, reflecting reduced loan repayments[20] - The net increase in cash and cash equivalents for Q1 2024 was -3,528,497,247.45, compared to -3,949,739,553.40 in Q1 2023[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 50,839,797,543.37, a slight decrease of 0.04% from the end of the previous year[3] - The company's total liabilities decreased to 29.91 billion RMB as of March 31, 2024, from 31.26 billion RMB at the end of 2023, indicating improved financial stability[24] - The company's total assets decreased by 31.44% in trading financial assets, dropping to ¥6,258,055.06 from ¥9,127,869.19, due to the expiration of certain financial derivatives[15] - The company's contract liabilities decreased slightly to 15.14 billion RMB as of March 31, 2024, from 15.37 billion RMB at the end of 2023, indicating a potential reduction in future obligations[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 67,317[9] - The top shareholder, HKSCC NOMINEES LIMITED, held 41.70% of the shares, while China Shipbuilding Industry Group held 34.05%[10] - The equity attributable to shareholders of the listed company increased by 7.60% to CNY 17,664,653,265.10 compared to the end of the previous year[3] - The total equity attributable to shareholders increased to 17.66 billion RMB as of March 31, 2024, compared to 16.42 billion RMB at the end of 2023, showing growth in shareholder value[25] Expenses and Investments - The cost of goods sold increased by 41.42% to ¥2,550,008,968.22 from ¥1,803,181,205.07, reflecting the rise in operating revenue[17] - Research and development expenses surged by 125.18% to ¥136,983,220.26 from ¥60,831,504.73, indicating increased investment in R&D projects[18] - The net profit margin is impacted by a significant increase in sales expenses, which rose by 255.71% to ¥26,503,377.37 from ¥7,450,936.39[17] - Long-term equity investments remained stable at approximately 5.21 billion RMB, showing consistency in the company's investment strategy[22] Other Financial Metrics - The basic and diluted earnings per share were both CNY 0.0109, with no applicable year-on-year comparison[2] - The weighted average return on net assets increased by 0.27 percentage points to 0.09%[2] - The company received government subsidies amounting to CNY 4,937,672.94, which are closely related to its normal business operations[4] - The company's inventory increased to 6.29 billion RMB as of March 31, 2024, compared to 5.43 billion RMB at the end of 2023, indicating potential growth in production or sales[21] Board of Directors - The company’s board of directors consists of eleven members, including executive and independent directors, ensuring diverse oversight[37]

Financial Performance - The company achieved a total operating revenue of RMB 16.15 billion in 2023, representing a year-on-year increase of 26.19%[10]. - The operating revenue after deducting non-main business income was RMB 15.94 billion, up 26.69% compared to the previous year[11]. - The net profit attributable to shareholders was RMB 48.07 million, a decrease of 93.02% year-on-year, primarily due to reduced investment income from joint ventures[11]. - Basic earnings per share were RMB 0.0340, down 93.02% from the previous year[11]. - The net cash flow from operating activities was RMB 3.31 billion, an increase of 64.36% year-on-year, mainly due to increased ship progress payments received[12]. - The weighted average return on net assets was 0.30%, a decrease of 4.36 percentage points year-on-year[11]. - The company reported a net profit of RMB -1.76 million after deducting non-recurring gains and losses, an improvement compared to the previous year's loss[11]. - The total assets at the end of 2023 were RMB 50.86 billion, reflecting a year-on-year increase of 5.32%[10]. - The company reported a total revenue of RMB 15.941 billion, a year-on-year increase of 26.69%[30]. - The company reported a significant increase in revenue, achieving a total of 50 billion RMB for the fiscal year 2023, marking a year-over-year growth of 15%[117]. Profit Distribution - The company plans to distribute a cash dividend of RMB 0.11 per 10 shares, totaling approximately RMB 15.55 million, which represents 32.35% of the net profit attributable to shareholders for the year[3]. - The board of directors has approved the profit distribution plan, pending approval at the annual general meeting[3]. - The company has not made any adjustments to its cash dividend policy during the reporting period[144]. - The company’s profit distribution policy emphasizes stable and continuous returns to shareholders, with a principle of distributing at least 30% of the average distributable profit over the last three years[145]. Operational Efficiency - The company focused on optimizing operational efficiency and completed its annual delivery tasks ahead of schedule[11]. - The company has made significant advancements in production efficiency and management, leading to improved operational quality[20]. - The company is focusing on enhancing production efficiency and profitability through lean production and management improvements[75]. - The company plans to enhance its supply chain efficiency, aiming for a reduction in operational costs by 10% over the next fiscal year[119]. Research and Development - The company has established 11 provincial and national-level technology innovation platforms, enhancing its research and development capabilities[21]. - Research and development (R&D) expenses totaled RMB 658.53 million, representing 4.08% of operating revenue, with no capitalized R&D expenditures[46]. - The company completed 530 patent applications and received 281 patent grants during the reporting period, enhancing its innovation capabilities[47]. - The company is investing heavily in R&D, with a budget allocation of 150 million for new technologies and product development[120]. Market Expansion - The company is actively expanding its defense equipment market while also increasing its presence in the civil shipbuilding sector[18]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[118]. - Market expansion plans include entering three new international markets by the end of 2024, aiming for a 5% market share in each[120]. Risk Management - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[3]. - The company has established risk management measures to mitigate market, liquidity, credit, operational, and legal risks associated with derivative trading[64]. - The company is actively managing customer risks to mitigate potential defaults on orders due to financial difficulties faced by shipowners[77]. Corporate Governance - The company has implemented a governance structure in compliance with the Company Law and relevant regulations, with no significant deviations noted[89]. - The board consists of 10 members, including 2 executive directors, 4 non-executive directors, and 4 independent non-executive directors, ensuring diverse expertise[90]. - The company has adopted a board diversity policy to enhance its development through varied professional skills and industry experiences[90]. - The company emphasizes the importance of leadership continuity with the re-election of several key board members[123]. Environmental Responsibility - The company invested RMB 21.613 million in environmental protection during the reporting period[157]. - The company has established a carbon emission reduction mechanism, with a target to reduce carbon emissions by approximately 11,086 tons through various measures[169]. - The smart air compressor station at Longxue plant, operational since February 2023, is expected to reduce comprehensive energy consumption by about 1,106 tons of standard coal and carbon emissions by approximately 4,500 tons[169]. - The company has developed a comprehensive environmental self-monitoring plan in accordance with national standards, ensuring all emissions meet regulatory requirements[165]. Related Party Transactions - The company has established a 2023 framework agreement with China Shipbuilding Group to continue regulating ongoing related transactions and financial services from January 1, 2023, to December 31, 2023[187]. - The group confirmed that all related party transactions were conducted under fair and reasonable terms, in compliance with the approved limits set by the shareholders' meeting[194]. - The company has committed to resolving competition issues with its controlling shareholder through a three-step approach initiated in 2019[113]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on current market trends and user acquisition strategies[119]. - For 2024, the company plans to achieve a revenue of RMB 17.6 billion and aims to sign contracts worth RMB 15.1 billion[75]. - The company plans to continue expanding its financial services and related transactions in 2024[114].