北京市盈科(广州)律师事务所 法律意见书 北京市盈和 师事务所 关于中船海洋与伤务楼容般份有限公司 2025年第三次临时股东会的 法 律 意 见 书 地址:广州市天河区珠江东路6号周大福金融中心53楼 ADD:53/F,CTF Finance Centre, No.6 Zhujiang Road East, 邮编：510623 网址:http://guangzhou.yingkelnvyer.com/ 电话: 020-83329888 - 传真: 020-22119566 Tianhe District, Guangzhou http://guangzhou.yingkelawyer.com/ Fax:020-22119566 P.C:510623 TLE:020-83329888 北京市盈科(广州)律师事务所 法律意见书 致:中船海洋与防务装备股份有限公司 根据中船海洋与防务装备股份有限公司(下称"公司")的委托,并依据《中华人 民共和国公司法》(下称"《公司法》")、《中华人民共和国证券法》(下称"《证 券法》")和中国证券监督管理委员会发布的《上市公司股东会规则》(下称"《股东 会规则》"）、《上市公司 ...

证券代码：600685 证券简称：中船防务 公告编号：2025-034 中船海洋与防务装备股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 8 月 21 日 (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持 情况等。 (二) 股东会召开的地点：广州市海珠区革新路 137 号船舶大厦 15 楼公司 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 676 | | --- | --- | | 其中：A 股股东人数 | 675 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 809,096,568 | | 其中：A 股股东持有股份总数 | 486,291,678 | | 境外上市外资股股东持有股份总数（H 股） | 322,80 ...

证券简称：中船防务 股票代码：600685 公告编号: 2025-035 中船海洋与防务装备股份有限公司 第十一届董事会第十五次会议决议公告 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"） 第十一届董事会第十五次会议于 2025 年 8 月 21 日（星期四）下午 16：00 在本公司会议室召开，董事会会议通知和材料于 2025 年 8 月 15 日（星期 五）以电子邮件方式发出。本次会议应出席董事 9 人，亲自出席董事 8 人。 非执行董事顾远先生因工作原因未能出席本次会议，委托执行董事陈利平 先生代为出席表决；因工作原因，非执行董事尹路先生及独立非执行董事 林斌先生以视频方式出席本次会议。根据《公司章程》的有关规定，会议 由公司过半数的董事共同推举陈利平董事主持。本次会议拟聘任的副总经 理及总会计师（财务负责人）候选人出席了会议，本公司董事会秘书列席 了会议。会议程序符合《公司法》和本公司《公司章程》的有关规定，会 议决议合法有效。经过充分讨论，会议审议通过如 ...

Group 1 - The Shanghai Composite Index rose by 0.13% to close at 3771.1 points, while the Hang Seng Index fell by 0.24% to close at 25104.61 points [1] - China Shipbuilding Defense's A-H share premium reached 98.32%, ranking 29th among A-H shares [1] - The closing price for China Shipbuilding Defense's A-shares was 28.9 yuan, down 0.41%, and H-shares were 15.86 HKD, down 0.31% [1] Group 2 - China Shipbuilding Defense Equipment Co., Ltd. is a major shipbuilding enterprise under China Shipbuilding Group, with its origins tracing back to Guangzhou Shipyard International Co., Ltd. [1] - The company was listed in Shanghai and Hong Kong in 1993, becoming the first A+H share listed shipbuilding enterprise in China [1] - To promote industry consolidation and enhance competitiveness, China Shipbuilding Defense acquired several companies in 2014 and 2015, integrating quality shipbuilding assets in South China [1] - The company aims to become a leading enterprise in the global marine and heavy equipment market, focusing on technology and service excellence [1]

Core Viewpoint - China Shipbuilding Defense focuses on four key areas: marine defense, transportation, development, and scientific research equipment, showcasing strong multi-shipbuilding capabilities and possessing national-level R&D platforms and independent core technologies [1] Group 1: Financial Performance - In 2024, the net profit attributable to shareholders is expected to reach 377 million yuan, benefiting from order optimization and efficiency improvements [1] - In Q1 2025, the company is projected to continue high growth with a net profit of 184 million yuan, representing a year-on-year increase of 1099.85% [1] Group 2: Market Dynamics - On the supply side, global capacity expansion is long-term constrained, leading to sustained tight supply in niche markets such as feeder container ships [1] - On the demand side, stricter environmental regulations are accelerating the retirement of older small vessels, and existing orders are insufficient to meet the fleet's green renewal needs [1] - The feeder container shipbuilding market is expected to perform well in the long term due to a combination of supply contraction, environmental regulations, and growth in regional trade [1] Group 3: Business Opportunities - The increasing diversity of maritime conflict forms is likely to create additional growth opportunities for the company's military and public vessel businesses [1] - Given the green shipbuilding cycle and the potential of offshore engineering business, the company is initiating coverage with a "buy" rating [1]

Group 1 - The company, China Shipbuilding Defense (00317.HK), announced that it will hold a board meeting on August 28, 2025, to review its unaudited half-year report for the period ending June 30, 2025, along with other matters if any [1]

格隆汇8月19日丨中船防务(00317.HK)宣布，集团将于2025年8月28日(星期四)举行董事会会议，以审议 本集团截至2025年6月30日止六个月未经审计的2025年半年度报告的业绩公告及其他事宜(如有)。 ...

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。 （在中華人民共和國註冊成立之股份有限公司） （H 股股份代碼：00317） 承董事會命 中船海洋與防務裝備股份有限公司 公司秘書 李志東 廣州，二零二五年八月十八日 本公告公佈之日，董事會的八位成員分別為：執行董事陳利平先生；非執行董事顧遠 先生、任開江先生及尹路先生；以及獨立非執行董事林斌先生、聶煒先生、李志堅先 生及謝昕女士。 董事會會議通知 茲通告，中船海洋與防務裝備股份有限公司（「本公司」，連同其附屬公司合 稱「本集團」）將於二零二五年八月二十八日（星期四）舉行本公司定期董事（「董 事」）會（「董事會」）會議，以審議本集團截至二零二五年六月三十日止六個月 未經審計的二零二五年半年度報告之業績公告及其他事宜（如有）。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][7]. Core Views - The company focuses on comprehensive marine equipment manufacturing, with new trends expected to drive performance growth [5][6]. - The marine equipment market is entering a green renewal cycle, supported by tightening supply and increasing demand for environmentally friendly vessels [34][52]. - The deep-sea engineering business is poised for growth due to policy incentives and technological breakthroughs [55][57]. - The company's military shipbuilding segment benefits from national defense upgrades, creating additional growth opportunities [62]. Summary by Relevant Sections Market Performance - The closing price of the stock is 28.96 yuan, with a market capitalization of 40,935.14 million yuan [3]. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 16,146 million yuan (2023), 19,402 million yuan (2024), 20,489 million yuan (2025E), 22,554 million yuan (2026E), and 23,427 million yuan (2027E) [5][6]. - The expected net profit for 2025 is 982 million yuan, with a year-on-year growth rate of 160.20% [5][6]. - The price-to-earnings ratio (P/E) is projected to be 41.70 for 2025, decreasing to 17.53 by 2027 [5][7]. Investment Logic - The company is positioned as a leader in the marine defense and equipment sector, with a strong focus on marine defense, transportation, development, and scientific research equipment [9][14]. - The company’s subsidiary, Huangpu Wenchong, is a global leader in the construction of feeder container ships, which enhances its market position [9][25]. Key Assumptions - Revenue from shipbuilding products is expected to grow by 5.38% in 2025, 10.88% in 2026, and 3.78% in 2027 [66]. - Revenue from marine engineering products is projected to increase by 20.00% in 2025, 12.00% in 2026, and 10.00% in 2027 [66]. Profitability and Shareholder Returns - The company has improved its management efficiency, resulting in a decrease in management expense ratio by 1.23 percentage points from 2018 to 2024 [30][32]. - The dividend payout ratio for 2023 and 2024 is 32.35% and 30.72%, respectively, indicating a commitment to returning value to shareholders [33]. Industry Trends - The shipbuilding industry is characterized by cyclical trends, with significant fluctuations occurring approximately every 20-30 years [34][36]. - The demand for new ships is expected to rise due to the aging global fleet and the need for green technology compliance [40][45].

Core Viewpoint - The article discusses the performance of the Shanghai Composite Index and the Hang Seng Index on August 18, highlighting the significant premium of China Shipbuilding Defense's A-shares over its H-shares, indicating a potential investment opportunity in the company [1][2]. Company Overview - China Shipbuilding Defense is a major shipbuilding enterprise under China Shipbuilding Group, originally established as Guangzhou Shipyard International Co., Ltd. It was the first company in China to be listed on both A-shares and H-shares in 1993 [1]. - The company has undergone strategic acquisitions in 2014 and 2015, integrating high-quality shipbuilding assets in South China, which has enhanced its competitiveness in the marine defense and equipment sector [1]. Market Performance - On August 18, the A-shares of China Shipbuilding Defense closed at 29.54 yuan, with a rise of 2.0%, while the H-shares closed at 16.82 HKD, increasing by 2.81% [1]. - The A/H premium for China Shipbuilding Defense reached 91.33%, ranking it 30th among A/H shares, indicating that H-shares are relatively cheaper compared to A-shares [1][2]. Strategic Vision - The company aims to become a leading enterprise in the global marine and heavy equipment market, focusing on technological advancement and excellent service [1].