Core Viewpoint - China Shipbuilding Defense (00317) has seen a stock price increase of over 5%, attributed to the global shipbuilding cycle's upward trend and the company's capacity release [1] Group 1: Company Performance - The company reported a stock price increase of 5.63%, reaching HKD 15.58, with a trading volume of HKD 85.9143 million [1] - Shenwan Hongyuan initiated a "buy" rating for China Shipbuilding Defense, forecasting net profits for 2025, 2026, and 2027 to be CNY 1.1 billion, CNY 1.7 billion, and CNY 2.8 billion respectively, with corresponding price-to-earnings (PE) ratios of 18, 11, and 7 [1] - The current market capitalization to order backlog ratio is 0.42, significantly lower than the 10-year average of 0.53, indicating a historical low [1] Group 2: Industry Outlook - The global shipbuilding cycle is expected to benefit the company, with high-value order deliveries accelerating and strong demand for replacing old ships [1] - The "14th Five-Year Plan" is anticipated to drive military procurement, with order traction expected to begin in Q4 2025 [1] - The focus on the 100th anniversary of the military in 2027 is expected to lead to a surge in demand for new main battle equipment and new combat capabilities, sustaining high industry prosperity [1]

Core Viewpoint - China Shipbuilding Defense (中船防务) has seen a stock price increase of over 5%, currently trading at 15.58 HKD, with a trading volume of 85.91 million HKD. The company is rated "Buy" by Shenwan Hongyuan, benefiting from the global shipbuilding cycle and its own capacity release [1]. Company Summary - The projected net profit for China Shipbuilding Defense for the years 2025, 2026, and 2027 is expected to be 1.1 billion, 1.7 billion, and 2.8 billion CNY respectively, with corresponding price-to-earnings (PE) ratios of 18, 11, and 7 [1]. - The current market capitalization to order backlog ratio is 0.42, significantly lower than the 10-year average of 0.53, indicating that the company is at a historical low valuation [1]. - The company is expected to benefit from accelerated delivery of high-value orders, strong demand for replacing old ships, and anticipated resolution of competition within the industry, providing ample room for performance elasticity and valuation recovery [1]. Industry Summary - Galaxy Securities highlights the potential in military trade and new quality fields, with positive expectations for equipment procurement during the "14th Five-Year Plan" period, suggesting that order traction may begin in Q4 2025 [1]. - The focus on the 100th anniversary of the military in 2027 is expected to drive demand for new main battle equipment and new quality combat capabilities, sustaining high industry prosperity [1].

H股股份代號 A股股份代號 2025 中期報告 INTERIM REPORT 2025 2025 INTERIM REPORT 中期報告 經中船防務第十一屆董事會第十六次會議審議通過，本公司2025年半年度擬向全體股東每10股派發現金紅利人民幣0.80元 （含稅），截至2025年6月30日，公司總股本為1,413,506,378股，以此計算合計擬派發現金紅利人民幣113,080,510.24元（含 稅），佔公司2025年1-6月歸屬於上市公司股東的淨利潤的比例為21.48% ，剩餘未分配利潤1,468,170,857.41元結轉至以後期 間分配。公司2025年半年度不實施資本公積金轉增股本。在實施權益分派的股權登記日前公司總股本發生變動的，擬維持每 股分配比例不變，相應調整分配總額，並將另行公告具體調整情況。 2024年年度股東會已審議通過《2025年度中期分紅相關安排的議案》，本次利潤分配方案在股東會授權董事會決策的權限範圍 內，無需再提交公司股東會審議。 1 中船海洋與防務裝備股份有限公司 2025 年半年度報告 重要提示 一、 本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性， ...

Dear non-registered shareholder(s), 25 September 2025 Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications With reference to the notification letter dated 15 January 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", CSSC Offshore & Marine Engineering (Group) Company Limited (the "Company") is writing to remind you that the Company has adopted electronic dissemination of corporate communications (the "Corporate Communications"), wh ...

25 September 2025 Dear registered shareholder(s), Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications (Note 1) With reference to the notification letter dated 15 January 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", CSSC Offshore & Marine Engineering (Group) Company Limited (the "Company") is writing to remind you that the Company has adopted electronic dissemination of corporate communications (the "Corporate Communications" ...

25 September 2025 Dear registered shareholder(s), Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications (Note 1) With reference to the notification letter dated 15 January 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", CSSC Offshore & Marine Engineering (Group) Company Limited (the "Company") is writing to remind you that the Company has adopted electronic dissemination of corporate communications (the "Corporate Communications" ...

Dear non-registered shareholder(s), 25 September 2025 Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications With reference to the notification letter dated 15 January 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", CSSC Offshore & Marine Engineering (Group) Company Limited (the "Company") is writing to remind you that the Company has adopted electronic dissemination of corporate communications (the "Corporate Communications"), wh ...

H股股份代號 A股股份代號 2025 中期報告 INTERIM REPORT 2025 2025 INTERIM REPORT 中期報告 重要提示 經中船防務第十一屆董事會第十六次會議審議通過，本公司2025年半年度擬向全體股東每10股派發現金紅利人民幣0.80元 （含稅），截至2025年6月30日，公司總股本為1,413,506,378股，以此計算合計擬派發現金紅利人民幣113,080,510.24元（含 稅），佔公司2025年1-6月歸屬於上市公司股東的淨利潤的比例為21.48% ，剩餘未分配利潤1,468,170,857.41元結轉至以後期 間分配。公司2025年半年度不實施資本公積金轉增股本。在實施權益分派的股權登記日前公司總股本發生變動的，擬維持每 股分配比例不變，相應調整分配總額，並將另行公告具體調整情況。 2024年年度股東會已審議通過《2025年度中期分紅相關安排的議案》，本次利潤分配方案在股東會授權董事會決策的權限範圍 內，無需再提交公司股東會審議。 1 中船海洋與防務裝備股份有限公司 2025 年半年度報告 一、 本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性， ...

Market Overview - On September 18, the marine equipment sector declined by 1.74%, with China Shipbuilding Defense leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable stock performances included: - Yaxing Zhaolian (601890) increased by 5.28% to close at 9.97 [1] - Zhongke Haixun (300810) rose by 1.38% to 48.60 [1] - Jianglong Shipbuilding (300589) gained 0.85% to 13.10 [1] - China Marine Defense (600764) increased by 0.79% to 30.79 [1] - Hailanxin (300065) decreased by 0.59% to 18.49 [1] - Tianhai Defense (300008) fell by 1.55% to 6.36 [1] - Guorui Technology (300600) dropped by 1.64% to 16.16 [1] - China Shipbuilding (600150) declined by 2.27% to 35.25 [1] - China Shipbuilding Defense (600685) fell by 2.38% to 26.28 [1] Capital Flow - The marine equipment sector experienced a net outflow of 1.15 billion yuan from institutional investors, while retail investors saw a net inflow of 954 million yuan [1] - Detailed capital flow for selected stocks included: - Yaxing Zhaolian had a net inflow of 126 million yuan from institutional investors [2] - China Marine Defense saw a net inflow of 32 million yuan from institutional investors [2] - Zhongke Haixun had a net inflow of 18 million yuan from institutional investors [2] - Jianglong Shipbuilding recorded a net inflow of 15 million yuan from institutional investors [2] - Hailanxin had a net inflow of 9 million yuan from institutional investors [2] - Tianhai Defense experienced a net outflow of 19 million yuan from institutional investors [2] - China Shipbuilding Defense had a net outflow of 33 million yuan from institutional investors [2] - China Shipbuilding recorded a significant net outflow of 1.3 billion yuan from institutional investors [2]

Core Viewpoint - China Shipbuilding Defense, a listed company under China Shipbuilding Group, is positioned to benefit from a tightening supply-demand balance in the shipbuilding industry, with significant growth in production planned for 2028, driven by strong replacement demand and favorable market conditions [1][2]. Industry Summary - The shipbuilding industry is experiencing a persistent supply-demand tightness, with replacement of old ships as a core demand driver. The current replacement progress is just over half, and new environmental policies are expected to extend the replacement cycle [1]. - The global active shipyard count has significantly decreased since the last cycle, with current capacity at only 74% of the previous peak. Even if capacity recovers to 85% by 2030, it will still be insufficient to meet future delivery demands, supporting high ship prices [1]. - Recent changes in the Chinese shipbuilding market have shifted from a pessimistic outlook, with a notable decline in transaction volumes and ship prices earlier in the year due to investigations by the U.S. Trade Representative's Office. However, following the release of revised policies, new orders for Chinese shipyards have rebounded, indicating a potential recovery in order volumes and ship prices [1]. Company Summary - China Shipbuilding Defense's core business is shipbuilding, which accounted for 92% of its revenue in the first half of 2025. The company is expected to see significant production increases in 2028, with Huangpu Wenchong and Guangzhou Shipyard International projected to have production increases of 58% and 34%, respectively, in CGT terms [2]. - The company benefits from a favorable cost structure, as many current orders were signed during a price upcycle in 2021, while steel procurement costs are declining. This creates a positive margin environment for the company [2]. - China Shipbuilding Group is actively addressing competition issues within the industry, with a commitment to resolve competition between Huangpu Wenchong and China Shipbuilding within five years, which is a key development to monitor [2]. - The company has been rated "Buy" due to its expected performance in the global shipbuilding cycle and capacity release, with projected net profits of 1.1 billion, 1.7 billion, and 2.8 billion yuan for 2025-2027, corresponding to PE ratios of 18, 11, and 7 times [2].