Core Viewpoint - China Shipbuilding Defense reported a revenue of 4.142 billion yuan for Q3 2025, marking a year-on-year increase of 4.65% and a net profit attributable to shareholders of 129 million yuan, which represents a significant year-on-year growth of 218.53% [1] Financial Performance - For the first three quarters, the company achieved a total revenue of 14.315 billion yuan, reflecting a year-on-year growth of 12.83% [1] - The net profit attributable to shareholders for the first three quarters reached 655 million yuan, showing a remarkable year-on-year increase of 249.84% [1] - Basic earnings per share for Q3 were 0.0911 yuan, while for the first three quarters, it was 0.4635 yuan [1]

Financial Performance - The company's operating revenue for the third quarter of 2025 was RMB 4,142,484,558.85, representing a year-on-year increase of 4.65%[6] - The total profit for the quarter reached RMB 167,552,615.35, a significant increase of 229.66% compared to the same period last year[6] - Net profit attributable to shareholders of the listed company was RMB 128,736,226.65, up 218.53% year-on-year[6] - The net profit after deducting non-recurring gains and losses was RMB 114,111,885.28, reflecting a substantial increase of 297.57%[6] - Basic earnings per share for the quarter were RMB 0.0911, an increase of 218.53% compared to the previous year[6] - The total profit for the year-to-date period reached RMB 823,665,847.06, a remarkable increase of 308.67%[6] - The net profit attributable to shareholders for the year-to-date period was RMB 655,122,582.54, up 249.84% compared to the same period last year[6] - Total operating revenue for the first three quarters of 2025 reached ¥14.32 billion, a 12.83% increase from ¥12.69 billion in the same period of 2024[35] - Operating profit for the first three quarters of 2025 was ¥821.66 million, compared to ¥200.73 million in 2024, reflecting a significant increase[36] - Net profit for the first three quarters of 2025 was ¥732.23 million, up from ¥250.23 million in 2024, marking a growth of 192.56%[36] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.4635, compared to ¥0.1325 in 2024, indicating a substantial increase[38] Assets and Liabilities - The company's total assets at the end of the reporting period were RMB 55,880,894,026.45, an increase of 4.26% from the end of the previous year[6] - The equity attributable to shareholders of the listed company was RMB 17,967,410,667.45, showing a slight increase of 0.80%[6] - The company's trading financial assets increased by 156.33% to ¥3,002,776.11 compared to the previous year[23] - Accounts receivable rose by 57.77% to ¥2,093,542,235.01, indicating an increase in outstanding payments[23] - Inventory increased by 36.80% to ¥8,078,962,068.16, reflecting a rise in products under construction[23] - The company reported a significant increase of 111.20% in current liabilities due within one year, totaling ¥3,290,656,423.02[24] - Total current assets reached ¥34,823,620,601.90, up from ¥32,140,949,910.03 year-over-year[30] - Total liabilities increased to ¥34,514,180,968.27 from ¥32,425,656,525.38, reflecting a rise in current liabilities[32] - Long-term investments rose to ¥5,885,862,267.52 from ¥5,403,984,842.40, indicating a strategic focus on long-term growth[31] - The company’s total assets increased to ¥55,880,894,026.45 from ¥53,596,113,615.25, indicating overall growth in the asset base[31] Shareholder Information - The largest shareholder, HKSCC NOMINEES LIMITED, holds 589,955,392 shares, representing 41.74% of total shares[15] - China Shipbuilding Industry Group Co., Ltd. is the second largest shareholder with 481,337,700 shares, accounting for 34.05%[15] Expenses and Income - Sales expenses rose by 91.99% to ¥76,284,580.15, primarily driven by increased insurance costs[25] - Investment income surged by 255.75% to ¥530,150,965.19, attributed to higher returns from joint ventures and stock dividends[25] - Other income increased by 49.21% to ¥116,654,021.95, mainly from government subsidies and VAT reductions in advanced manufacturing[25] - Research and development expenses for the first three quarters of 2025 were ¥766.06 million, up from ¥694.51 million in 2024, indicating a focus on innovation[36] - Other income increased to ¥116.65 million in 2025 from ¥78.18 million in 2024, reflecting improved financial performance[36] - The company reported a significant increase in investment income, reaching ¥530.15 million in 2025 compared to ¥149.03 million in 2024[36] Cash Flow - Operating cash flow net amount was -¥63,352,355.70, a significant improvement from -¥4,898,287,705.31 in the previous year[26] - Cash inflow from operating activities for the first three quarters of 2025 was approximately ¥16.24 billion, a significant increase from ¥11.65 billion in the same period of 2024, representing a growth of 39.5%[41] - The net cash flow from operating activities for the first three quarters of 2025 was -¥63.35 million, compared to -¥4.90 billion in 2024, indicating an improvement in operational cash flow[41] - Cash inflow from investment activities in the first three quarters of 2025 was approximately ¥3.91 billion, up from ¥1.57 billion in 2024, marking a growth of 148.5%[42] - The net cash flow from investment activities for the first three quarters of 2025 was ¥649.33 million, slightly down from ¥680.59 million in 2024[42] - Cash inflow from financing activities in the first three quarters of 2025 was ¥447.18 million, a decrease from ¥1.99 billion in 2024[42] - The net cash flow from financing activities for the first three quarters of 2025 was -¥1.27 billion, compared to a positive net flow of ¥482.30 million in 2024, indicating a decline in financing activities[42] - The total cash outflow from operating activities in the first three quarters of 2025 was approximately ¥16.31 billion, slightly lower than ¥16.55 billion in 2024[41] - The total cash outflow from investment activities in the first three quarters of 2025 was approximately ¥3.26 billion, compared to ¥891.65 million in 2024, indicating a significant increase in investment expenditures[42] Tax and Other Charges - Tax and additional fees increased by 116.02% to ¥45,083,207.14 due to higher land and property taxes and increased contract amounts leading to higher stamp duty and VAT[25] - The company reported a significant increase in credit impairment losses, amounting to -¥30,295,156.46, reflecting a more conservative approach to receivables[25] Market Conditions - Other comprehensive income after tax for the first three quarters of 2025 was -¥345.73 million, a decrease from ¥1.99 billion in 2024, indicating volatility in market conditions[37] - The impact of exchange rate changes on cash and cash equivalents was -¥27.47 million in 2025, compared to -¥8.95 million in 2024[43] - The ending balance of cash and cash equivalents as of the end of September 2025 was approximately ¥7.21 billion, down from ¥5.96 billion at the end of September 2024[43]

证券简称：中船防务 股票代码：600685 公告编号: 2025-045 中船海洋与防务装备股份有限公司 第十一届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中船海洋与防务装备股份有限公司（以下简称"公司"或"本公司"） 第十一届董事会第十七次会议于 2025 年 10 月 30 日（星期四）上午 11：00 在本公司会议室召开，董事会会议通知和材料于 2025 年 10 月 20 日（星期 一）以电子邮件方式发出。本次会议应出席董事 8 人，亲自出席董事 8 人。 本公司高级管理人员列席会议。会议由董事长罗兵先生主持。本次会议的 召开符合有关法律、行政法规、部门规章、规范性文件和本公司《公司章 程》的规定。经过充分讨论，会议审议通过如下议案： 1、通过《关于计提资产减值准备的议案》。 表决结果：赞成 8 票，反对 0 票，弃权 0 票。 该议案已经公司审计委员会会议审议通过。 议 案 内 容 详 见 公 司 于 2025 年 10 月 30 日 在 上 海 证 券 交 易 所 （www.sse ...

Investment Rating - The report maintains a positive outlook on the shipping, shipbuilding, and aviation sectors, indicating a fundamental improvement despite low fund holdings [3]. Core Insights - The shipbuilding sector has seen a reversal of negative factors, with second-hand ship prices stabilizing and surpassing 2024 highs, suggesting potential for new ship price increases [3]. - The oil tanker market is experiencing strong demand due to OPEC's production increases and ongoing sanctions on Russian and Iranian oil supplies, leading to a significant rise in freight rates [3]. - Fund holdings in the transportation sector have decreased to a historical low, with notable increases in the market value of shipping, ports, airports, and cross-border logistics [3][4]. Summary by Sections 1. Changes in Fund Holdings in the Transportation Sector - As of Q3 2025, the total market value of funds in the transportation sector reached 18 billion yuan, a 30% decrease from the previous quarter, ranking 17th among 31 sectors [4][5]. - The transportation sector's market value accounts for 2.68% of total A-share market value, with an underweight of 1.59% [4]. 2. Changes in Fund Holdings by Sub-sectors - The proportion of fund holdings in aviation, shipping, ports, airports, raw material supply chain services, and cross-border logistics has increased, with aviation transportation holding the largest share at 37.62% [10]. - The market value changes for various sectors include significant increases in shipping and raw material supply chain services, while express delivery and highways saw declines [10]. 3. Top Ten Fund Holdings in the Transportation Sector - The top ten fund holdings include SF Holding, YTO Express, Huaxia Airlines, and China Merchants Energy, with notable increases in holdings for YTO Express and China Merchants Energy [15]. - Stocks with total holdings exceeding 300 million yuan and growth rates above 10% include YTO Express and China Merchants Energy, with growth rates of 110% and 227% respectively [15]. 4. Valuation of Key Companies in the Transportation Sector - Key companies such as China National Aviation and SF Holding have been evaluated with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [19].

中船海洋与防务装备股份有限公司 关于计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中船海洋与防务装备股份有限公司（以下简称"本公司"或"公 司"）于 2025 年 10 月 30 日召开第十一届董事会第十七次会议审议通 过《关于计提资产减值准备的议案》。现将有关情况公告如下： 一、本次计提资产减值准备的情况概述 为客观反映公司报告期内财务状况和经营成果，按照《企业会计 准则》和公司关于《资产减值准备计提与核销管理办法》等相关规定， 公司及所属子公司在资产负债表日全面检查各项资产，根据谨慎性原 则，对存在减值迹象的资产及手持合同进行减值测试，合理预计各项 资产可能发生的损失，计提资产减值准备（含亏损合同损失）。根据 测试结果，2025 年第 1-3 季度公司及所属子公司拟计提资产减值准 备共计 2.21 亿元。 二、计提资产减值准备的具体情况说明 （一）计提减值准备的方法、依据和标准 根据《企业会计准则第 1 号——存货》规定：资产负债表日，存 货应当按照成本与可变现净值孰低计量。存货成本高于其可变现净 ...

证券简称：中船防务 股票代码：600685 公告编号：2025-047 "中国船舶集团"）及其子公司（以下合称 "中船集团"）在日常 业务中发生的交易构成持续性关联交易。为规范开展该等关联交易事 项，公司与中国船舶集团签署持续性关联交易框架协议。 中船海洋与防务装备股份有限公司 关于公司与中国船舶集团有限公司签署《2026 年持续 性关联交易框架协议》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本事项需提交公司 2025 年第四次临时股东会审议。 中国船舶集团为本公司的间接控股股东，本集团与中船集团的 日常关联交易均为满足本集团日常经营业务需要。在日常交易过程 中，本公司遵循公平合理的原则，严格遵守有关法律、法规的规定， 完全独立决策，不受关联方控制，不会对公司本期以及未来财务状况 和经营成果产生不利影响，不会对中船集团构成依赖。关联交易定价 遵循市场原则，不会损害公司和全体股东的利益。 根据《公司法》、上海证券交易所《股票上市规则》、《上市公 司自律监管指引第 5 号——交易与关联交易》等相关规定 ...

证券代码：中船防务 证券简称：600685 公告编号：2025-048 中船海洋与防务装备股份有限公司 关于与中船财务有限责任公司续签《金融服务协议》 暨关联交易的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 鉴于中船海洋与防务装备股份有限公司（以下简称"本公司"或"公司"） 与中船财务有限责任公司（以下简称"中船财务"）签订的《2025 年金融服务 框架协议》履行完毕，本公司于 2025 年 10 月 30 日与中船财务签署《2026 年金 融服务框架协议》，以规管公司及子公司（以下合称"本集团"）与中船财务之 间于 2026 年 1 月 1 日至 2026 年 12 月 31 日期间发生的金融服务业务。 本次交易构成关联交易。 本次交易尚需提交公司 2025 年第四次临时股东会审议。 1 （a） （1）每日最高存款余额 2,170,000 万元 （2）累计年度存款利息额度 21,420 万元 （b） （1）每日最高贷款余额 230,000 万元 （2）累计年度贷款利息额度 4,200 万元 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 4,142,484,558.85, an increase of 4.65% compared to the same period last year[4] - Total profit for the third quarter was CNY 167,552,615.35, representing a significant increase of 229.66% year-over-year[4] - Net profit attributable to shareholders for the third quarter was CNY 128,736,226.65, up 218.53% from the previous year[4] - The net profit excluding non-recurring gains and losses for the third quarter was CNY 114,111,885.28, an increase of 297.57% year-over-year[4] - Basic earnings per share for the third quarter were CNY 0.0911, reflecting a growth of 218.53% compared to the same period last year[5] - The total profit for the year-to-date period reached CNY 823,665,847.06, marking a 308.67% increase compared to the same period last year[4] - The net profit attributable to shareholders for the year-to-date period was CNY 655,122,582.54, up 249.84% year-over-year[4] - Net profit for the first three quarters of 2025 was RMB 732.23 million, compared to RMB 250.23 million in the same period of 2024, representing a 192.66% increase[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 55,880,894,026.45, a 4.26% increase from the end of the previous year[5] - The total current assets increased to CNY 34,823,620,601.90, up from CNY 32,140,949,910.03 in the previous year, marking an increase of approximately 8.36%[18] - The total liabilities rose to CNY 34,514,180,968.27, compared to CNY 32,425,656,525.38 in the previous year, indicating an increase of about 6.43%[19] - The total assets reached CNY 55,880,894,026.45, up from CNY 53,596,113,615.25, reflecting a growth of approximately 4.26%[20] Cash Flow - The company reported a net cash flow from operating activities of CNY -63,352,355.70 for the year-to-date period[4] - The net cash flow from operating activities improved, with a decrease of CNY 4,898,287,705.31 compared to the previous year, totaling CNY -63,352,355.70[15] - The company reported a net cash outflow from operating activities of RMB 63.35 million, an improvement from a net outflow of RMB 4.90 billion in the same period of 2024[26] - Cash inflow from operating activities totaled RMB 16.24 billion, compared to RMB 11.65 billion in the previous year, marking a 39.00% increase[26] - The net cash flow from financing activities showed a significant increase of 362.31%, totaling CNY -1,265,130,895.10 compared to CNY 482,295,598.43 in the previous year[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 75,893[12] - HKSCC NOMINEES LIMITED holds 41.74% of shares, totaling 589,955,392 shares[12] - China Shipbuilding Industry Group Co., Ltd. holds 34.05% of shares, totaling 481,337,700 shares[12] Expenses and Income - Trading financial assets increased by 156.33% to ¥3,002,776.11 from ¥1,171,434.07[14] - Accounts receivable increased by 57.77% to ¥2,093,542,235.01 from ¥1,326,920,478.98[14] - Inventory increased by 36.80% to ¥8,078,962,068.16 from ¥5,905,684,446.80[14] - Long-term borrowings decreased by 69.06% to ¥1,252,900,000.00 from ¥4,048,900,000.00[14] - Investment income increased by 255.75% to ¥530,150,965.19 from ¥149,025,346.14[14] - Sales expenses increased by 91.99% to ¥76,284,580.15 from ¥39,732,785.77[14] - Other income increased by 49.21% to ¥116,654,021.95 from ¥78,179,325.19[14] - Research and development expenses rose to RMB 766.06 million, an increase of 10.34% from RMB 694.51 million in 2024[21] - The company recorded a significant increase in tax expenses, amounting to RMB 91.43 million, compared to a tax benefit of RMB 48.68 million in the previous year[22] Fair Value and Impairment - The fair value change income decreased by CNY 87,780,681.11, resulting in a total of CNY 13,798,408.16 for the current year[15] - Credit impairment losses increased by CNY 30,295,156.46, reflecting a rise in bad debt provisions for accounts receivable[15] Cash and Cash Equivalents - The company's cash and cash equivalents decreased to CNY 13,713,952,076.39 from CNY 15,260,594,444.32, a decline of about 10.14%[17] - The ending balance of cash and cash equivalents was $7,206,036,053.11, up from $5,956,800,803.04 in the previous period[27] - The net increase in cash and cash equivalents was -$706,614,598.07, an improvement from -$3,744,359,271.80[27] - The impact of exchange rate changes on cash and cash equivalents was -$27,466,334.28, worsening from -$8,954,418.18[27]

中船防务公告，第三季度营收为41.42亿元，同比增长4.65%；净利润为1.29亿元，同比增长218.53%。 前三季度营收为143.15亿元，同比增长12.83%；净利润为6.55亿元，同比增长249.84%。 ...

Core Viewpoint - China Shipbuilding Defense has seen a stock price increase of 5.81% over the last three days, with a current price of 27.52 CNY per share and a market capitalization of 38.9 billion CNY [1] Group 1: Company Overview - China Shipbuilding Defense, established on October 21, 1994, and listed on October 28, 1993, is located in Nansha District, Guangzhou, Guangdong Province [1] - The company's main business includes high-end marine power equipment research, manufacturing, system integration, sales, and services [1] - Revenue composition: Ship products 92.37%, ship repair and modification 4.39%, others 1.37%, electromechanical products and others 1.20%, offshore engineering products 0.34%, steel structures 0.33% [1] Group 2: Shareholder Information - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of China Shipbuilding Defense, having increased its holdings by 761,400 shares in Q2, totaling 6,124,500 shares, which is 0.43% of circulating shares [2] - The ETF has generated a floating profit of approximately 1.53 million CNY today and 9.25 million CNY during the three-day price increase [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a current scale of 140.098 billion CNY and year-to-date returns of 30.79% [2] Group 3: Fund Performance - Southern Fund's Southern Strategy Optimization Mixed Fund (202019) holds 304,800 shares of China Shipbuilding Defense, unchanged from the previous period, representing 3.13% of the fund's net value [4] - The fund has achieved a floating profit of approximately 76,200 CNY today and 460,200 CNY during the three-day price increase [4] - The Southern Strategy Optimization Mixed Fund was established on March 30, 2010, with a current scale of 338 million CNY and year-to-date returns of 45.04% [4]