中国船舶（600150）9月1日晚间公告称，中国重工（601989）A股股票将于2025年9月5日终止上市。因 属于主动终止上市情形，中国重工A股股票不进入退市整理期交易。中国重工换股股东持有的中国重工 股票将按照换股比例转换为中国船舶为此次换股吸收合并所发行的A股股票。 依据中国船舶公告，公司拟以向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工，中 国船舶为吸收合并方，中国重工为被吸收合并方。此次交易已于2025年7月18日获得中国证券监督管理 委员会同意注册批复。根据相关规定，中国重工已于8月14日向上海证券交易所提交股票主动终止上市 的申请，于8月18日收到上交所出具的《关于受理中国船舶重工股份有限公司股票主动终止上市申请的 通知》，于8月29日收到上交所出具的自律监管决定书《关于中国船舶重工股份有限公司股票终止上市 的决定》，上交所决定对中国重工A股股票予以终止上市。 中国重工A股股票终止上市后，A股股东的股票账户中即不再显示中国重工A股股票，相对应的股票市 值将无法在投资者账户总市值中体现，直至中国重工A股股票转换为中国船舶A股股票并完成新增A股 股份上市的相关手续后，中国重工原A股股东 ...

中国重工(601989.SH)公告称，公司A股股票将于2025年9月5日终止上市。因属于主动终止上市情形，公 司A股股票不进入退市整理期交易。公司A股股东的股票账户中不再显示中国重工A股股票，直至中国 重工A股股票转换为中国船舶A股股票并完成新增A股股份上市的相关手续后，原A股股东的股票账户中 将显示中国船舶A股股票。 ...

证券代码：600150 证券简称：中国船舶 公告编号：2025-066 特此公告。 中国船舶工业股份有限公司 关于中国船舶重工股份有限公司股东参与换股 相关事项提示性公告 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。 中国船舶工业股份有限公司（以下简称"中国船舶"或"公司"） 拟以向中国船舶重工股份有限公司（以下简称"中国重工"）全体换 股股东发行 A 股股票的方式换股吸收合并中国重工（以下简称"本 次交易"），中国船舶为吸收合并方，中国重工为被吸收合并方。本 次交易已于 2025 年 7 月 18 日获得中国证券监督管理委员会同意注 册批复。根据相关规定，中国重工已于 2025 年 8 月 14 日向上海证 券交易所（以下简称"上交所"）提交股票主动终止上市的申请，于 2025 年 8 月 18 日收到上交所出具的《关于受理中国船舶重工股份有 限公司股票主动终止上市申请的通知》（上证函〔2025〕2641 号）， 于 2025 年 8 月 29 日收到上交所出具的自律监管决定书《关于中国 船舶重工股份有限公司股票终止上市的 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In Q2 2025, the company's net profit attributable to shareholders increased by 80%, aligning with market expectations, supported by a robust order backlog [2] - The gross margin improved significantly, with a sales gross margin of 12.2%, up by 4.0 percentage points year-on-year, indicating enhanced profitability [3] - The merger between the northern and southern shipbuilding companies is nearing completion, which is expected to strengthen the company's competitive position globally [4] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 40.3 billion yuan, a year-on-year increase of 12%, and a net profit of 2.9 billion yuan, up 109% [2] - The core business of shipbuilding and marine engineering generated revenue of 38.6 billion yuan, reflecting a 13% growth year-on-year [2] - The company’s order backlog as of June 2025 included 26.49 million deadweight tons valued at 233.5 billion yuan, representing a year-on-year increase of 12% and 17% respectively [2] Margin and Cost Control - The company reported a sales net profit margin of 8.3%, an increase of 4.3 percentage points year-on-year, showcasing effective cost control measures [3] - The operating expense ratio for the first half of 2025 was 5.0%, down by 0.3 percentage points compared to the previous year, indicating improved cost management [3] Market Outlook - The shipbuilding industry is supported by rigid supply and demand dynamics, with ongoing demand for fleet renewal due to stricter environmental regulations and aging vessels [4] - The global shipbuilding market remains stable, with new ship price indices maintaining high levels despite a slight year-on-year decline [4]

Market Performance - The marine equipment sector increased by 1.84% on September 1, with China Shipbuilding leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - China Shipbuilding (600150) closed at 38.92, up 4.12%, with a trading volume of 1.6426 million shares and a transaction value of 6.258 billion [1] - Other notable stocks include: - Zhongke Haixun (300810) at 55.10, up 2.15%, with a transaction value of 0.571 billion [1] - China Shipbuilding Defense (600685) at 29.98, up 1.70%, with a transaction value of 0.750 billion [1] - Jianglong Shipbuilding (300589) at 14.58, up 0.83%, with a transaction value of 0.162 billion [1] - Yaxing Anchor Chain (601890) at 10.28, up 0.49%, with a transaction value of 0.315 billion [1] Capital Flow Analysis - The marine equipment sector saw a net inflow of 386 million from institutional investors, while retail investors experienced a net outflow of 288 million [1] - Detailed capital flow for key stocks includes: - China Shipbuilding had a net inflow of 4.75 billion from institutional investors, but a net outflow of 1.05 billion from retail investors [2] - China Shipbuilding Defense had a net inflow of 19.69 million from institutional investors, with a net outflow of 393.10 million from retail investors [2] - Yaxing Anchor Chain had a net inflow of 9.2042 million from institutional investors, with a net outflow of 968.93 million from retail investors [2]

Suspension and Resumption of Trading - SMIC is planning to issue A-shares to acquire minority stakes in its subsidiary, SMIC North, leading to a suspension of its stock trading [1] - Huahong Semiconductor intends to issue shares and pay cash to acquire 97.5% of Huali Micro's equity and will resume trading [2] - Tailin Micro plans to acquire 100% of Panqi Micro, both companies operate in the low-power wireless IoT chip design sector, and will resume trading [2] Mergers and Acquisitions - Xingchen Technology plans to acquire 53.3087% of Furui Kun for 214 million yuan, aiming to enhance its capabilities in connectivity, audio, and low power, thereby strengthening its SoC self-developed IP platform [3] - Huijin Co. intends to cash purchase 20% of Cooper New Energy's equity, which is expected to constitute a major asset restructuring [3] Share Buybacks - Kweichow Moutai's controlling shareholder plans to increase its stake by purchasing 3 to 3.3 billion yuan worth of company shares [4] - Kaiying Network intends to repurchase shares worth 100 to 200 million yuan [4] Investment Cooperation and Operational Status - Jiayuan Technology plans to invest 500 million yuan to acquire a portion of Endatong's equity, which is related to the optical module industry [5] - Zhiyang Innovation plans to establish a wholly-owned subsidiary with an investment of 20 million yuan to promote embodied intelligence technology innovation [6] - Yunzhu Technology plans to raise no more than 876 million yuan through a private placement for the upgrade and expansion of chip insertion integrated (CMI) component projects [6] Performance Changes - Sails reported a net profit of 2.941 billion yuan for the first half of 2025, an increase of 81.03% year-on-year [8] - BYD's net profit for the first half reached 15.51 billion yuan, up 13.79% year-on-year [8] - Lanke Technology reported a net profit of 1.159 billion yuan for the first half, a significant increase of 95.41% year-on-year [8] - Yilake Co. reported a net profit of 2.515 billion yuan for the first half, up 13.69% year-on-year, with a lithium salt project expected to start trial operations by the end of September [8] - Haowei Group reported a net profit of 2.028 billion yuan for the first half, an increase of 48.34% year-on-year, and has entered NVIDIA's supply chain [9] - Tianqi Lithium reported a net profit of 84.41 million yuan for the first half, marking a return to profitability [10] - China Rare Earth reported a net profit of 162 million yuan for the first half, also returning to profitability [10] - BeiGene reported a net profit of 450 million yuan for the first half, returning to profitability [10] - Guoxuan High-Tech reported a net profit of 367 million yuan for the first half, an increase of 35.22% year-on-year, and plans to invest up to 4 billion yuan in a new lithium-ion battery manufacturing base [10] - Lingyi Technology reported a net profit of 930 million yuan for the first half, an increase of 35.94% year-on-year [10] - Shenwan Hongyuan reported a net profit of 4.284 billion yuan for the first half, an increase of 101% year-on-year [10] - Zhongtai Securities reported a net profit of 711 million yuan for the first half, an increase of 77.26% year-on-year [10] - Guotai Junan reported a net profit of 15.737 billion yuan for the first half, an increase of 213.74% year-on-year [10] - China Shipbuilding reported a net profit of 2.946 billion yuan for the first half, an increase of 108.59% year-on-year [10] - Yangtze Power reported a net profit of 13.056 billion yuan for the first half, an increase of 14.86% year-on-year [10] - TCL Technology reported a net profit of 1.883 billion yuan for the first half, an increase of 89.26% year-on-year [10] - ST Huatuo reported a net profit of 2.656 billion yuan for the first half, an increase of 129% year-on-year [10] - Wentai Technology reported a net profit of 474 million yuan for the first half, an increase of 237.36% year-on-year [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the shipbuilding profit elasticity continues to be validated, with a focus on the group's efforts to resolve remaining industry competition [1] - The company reported a significant increase in net profit for the first half of 2025, reaching 2.9 billion yuan, a year-on-year increase of 109% [6] - The merger with China Shipbuilding Industry Corporation has been approved by the China Securities Regulatory Commission and is in the implementation stage [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 81.617 billion yuan, with a year-on-year growth rate of 3.9% [5] - The net profit attributable to the parent company is expected to be 7.029 billion yuan in 2025, reflecting a year-on-year growth of 94.5% [5] - The earnings per share (EPS) for 2025 is estimated at 1.57 yuan, with a projected price-to-earnings (PE) ratio of 24 [5] - The gross profit margin is expected to improve to 15.5% in 2025, up from 12.2% in 2024 [5] Business Performance - The company achieved a revenue of 38.7 billion yuan from shipbuilding and marine engineering in the first half of 2025, with a gross margin of 11.7% [6] - The company has a backlog of 333 ships with a total weight of 26.49 million DWT, amounting to 233.5 billion yuan, which is an 8% increase compared to the end of 2024 [6] - The report notes a recovery in new ship prices and order volumes, indicating a potential release of pent-up demand in the shipbuilding market [6] Merger and Capacity - Post-merger, the combined capacity of the company and China Shipbuilding Industry Corporation is expected to reach 33% of global capacity in DWT terms and 18% in CGT terms [6] - The company is focused on resolving competition issues with its subsidiaries, with commitments to divest non-core assets within specified timeframes [6]

Core Viewpoint - China Shipbuilding (600150) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 40.325 billion yuan, an increase of 11.96% year-on-year [1]. - Net profit attributable to shareholders was 2.946 billion yuan, up 108.59% year-on-year [1]. - In Q2 2025, total revenue was 24.467 billion yuan, a year-on-year increase of 17.93%, while net profit was 1.819 billion yuan, up 79.88% year-on-year [1]. - Gross margin improved to 12.21%, reflecting a year-on-year increase of 49.37%, and net margin rose to 8.32%, up 104.94% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 729 million yuan, accounting for 1.81% of revenue, which is a 63.08% increase year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.66 yuan, a rise of 108.54% year-on-year [1]. - Operating cash flow per share was 0.53 yuan, showing a significant increase of 161.73% year-on-year [1]. - The company's return on invested capital (ROIC) was reported at 3.32%, indicating a historically low investment return [2][3]. Debt and Cash Flow - Cash assets are reported to be healthy, with cash and cash equivalents amounting to 61.766 billion yuan, a 7.98% increase year-on-year [1]. - The company reduced its interest-bearing debt to 14.124 billion yuan, down 23.91% year-on-year [1]. - The ratio of cash assets to current liabilities is 73.5%, indicating a solid liquidity position [3]. Fund Holdings - The most significant fund holding China Shipbuilding is the Guotai CSI Military Industry ETF, which has increased its position [5]. - The fund manager of Guotai CSI Military Industry ETF, Ai Xiaojun, has demonstrated strong stock selection capabilities, focusing on value and growth stocks [4].

格隆汇8月29日丨中国船舶(600150.SH)发布中报，2025上半年实现营业总收入403.25亿元，同比增长 11.96%；归属母公司股东净利润29.46亿元，同比增长108.59%；基本每股收益为0.659元。 ...

本次换股吸收合并完成后，中国船舶将承继及承接中国重工的全部资产、负债、业务、人员、合同及其他一切权利与义务，中国重工将注销法人资格。 值得关注的是，2023年12月29日，中国重工收到中国证监会北京监管局下发的《行政处罚告知书》。 经查明，中国重工涉嫌违法的事实如下：中国重工未对下属子公司存货在相应会计期间准确计提减值，导致中国重工2018年多计利润7181.24万元，2019年 多计利润10711.29万元，2020年少计利润12200万元。 根据当事人违法行为的事实、性质、情节与社会危害程度，依据《证券法》第一百九十七条第二款的规定，北京证监局决定：一、对中国重工给予警告，并 处以150万元的罚款；二、对王良给予警告，并处以60万元的罚款；三、对姚祖辉给予警告，并处以60万元的罚款。 L F addrey and F ter The Boy of the 雷达财经 文|冯秀语 编|李亦辉 8月29日，中国重工（证券代码：601989）公告，公司因被中国船舶工业股份有限公司（证券代码：600150，证券简称：中国船舶）换股吸收合并而终止上 市。公司股票将于2025年9月5日终止上市暨摘牌，不进入退市整理期交 ...