Company Announcements - Chairman of Yara International, Guo Bochun, has been criminally detained for suspected embezzlement and abuse of power, but the company's operations remain normal and unaffected [1] - Notai Bio will be subject to risk warnings and its A-share abbreviation will change to "ST Notai" starting July 22 due to false reporting in its 2021 annual report, which inflated revenue by 30 million and profit by 25.95 million [2] - Changhong High-Tech plans to acquire 100% equity of Guangxi Changke, with stock resuming trading on July 21 [3][4] - China Shipbuilding has received approval from the CSRC for the absorption merger with China Shipbuilding Heavy Industry, involving the issuance of 3.053 billion new shares [4] - Bohui Co. intends to purchase assets for 390 million yuan to develop intelligent computing services [17] Shareholding Changes - Good Products has agreed to transfer 5.1% of its shares from its controlling shareholder [19] - Cross-Border Communication's major shareholder's 8 million shares have been judicially auctioned, but this will not change the company's control [19] Performance & Earnings - Sanhuan Group expects a net profit increase of 10%-30% for the first half of 2025 [25] - Longhua Automobile reported a net profit of 6.337 billion yuan for the first half of 2025, a decrease of 10.22% year-on-year [7] - Yunda Express reported a 2.77% increase in revenue for June 2025, while Shentong Express saw a 10.15% increase [24] Contracts & Project Wins - Oke Technology signed a 176 million yuan equipment sales contract, which accounts for 40.51% of its last year's revenue [31] Other Developments - ST Tianshan's controlling shareholder's 53.86 million shares will be publicly auctioned, potentially leading to a change in company control [33]

Core Viewpoint - China Shipbuilding Industry Corporation (CSIC) has successfully obtained the registration approval from the China Securities Regulatory Commission (CSRC) for the absorption merger of China Shipbuilding (600150) and China State Shipbuilding Corporation (601989), marking the first approved absorption merger project since the revision of the Major Asset Restructuring Management Measures for Listed Companies in May 2025 [1] Summary by Categories - **Merger and Acquisition Details** - The absorption merger project was accepted on May 8 and took approximately two months to achieve registration effectiveness [1] - **Regulatory Context** - This merger is significant as it is the first to pass the review and registration process following the amendments to the regulatory framework governing major asset restructurings for listed companies [1]

Core Viewpoint - China Shipbuilding Industry Co., Ltd. plans to absorb and merge with China Shipbuilding Heavy Industry Co., Ltd. through a share exchange, with the approval from the China Securities Regulatory Commission (CSRC) for the registration of this merger [1][2]. Group 1 - The merger involves the issuance of 3,053,192,530 new A-shares by China Shipbuilding to the shareholders of China Shipbuilding Heavy Industry as part of the absorption process [1][2]. - The CSRC's approval is valid for 12 months from the date of issuance, during which the company must comply with relevant regulations and complete necessary procedures for the merger [2]. - The company is required to fulfill its information disclosure obligations in a timely manner and report any significant issues to the Shanghai Stock Exchange as per legal requirements [2].

Core Viewpoint - The merger between China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Corporation aims to enhance operational quality, core competitiveness, and shareholder value through the integration of their shipbuilding and repair businesses, aligning with national policies for state-owned enterprise reform [10][12][17]. Summary by Sections Merger Details - The merger will be executed through a share swap, where China Shipbuilding will issue A-shares to the shareholders of China Shipbuilding Heavy Industry [10][11]. - The exchange ratio is set at 1 share of China Shipbuilding Heavy Industry for 0.1335 shares of China Shipbuilding, based on the adjusted share prices after dividend distributions [12][13]. Business Impact - Post-merger, China Shipbuilding will inherit all assets, liabilities, and operations of China Shipbuilding Heavy Industry, eliminating direct competition between the two entities [17]. - The merger is expected to optimize resource allocation, enhance production efficiency, and strengthen the competitive position of the combined entity in the global shipbuilding market [18]. Financial Implications - The merger will result in a significant increase in total shares outstanding, with China Shipbuilding's total share capital rising from 447,242.88 million shares to 752,562.13 million shares post-merger [19][20]. - The financial performance indicators of China Shipbuilding are anticipated to improve as a result of the merger, leveraging synergies and enhancing operational capabilities [20]. Shareholder Structure - The controlling shareholder structure will remain unchanged, with China Shipbuilding Group continuing to hold a significant stake in the merged entity [20]. - The merger will lead to a redistribution of shareholding percentages among existing shareholders, with China Shipbuilding Group's stake decreasing from 44.47% to approximately 26.71% post-merger [19][20].

Group 1 - The China Securities Regulatory Commission approved the share swap merger of China Shipbuilding (600150.SH) and China Shipbuilding Industry Corporation (601989.SH), marking the first completed merger project under the new restructuring regulations [1] - This merger is the largest absorption merger in A-share history and will create a combined entity with total assets exceeding 400 billion yuan and annual revenue surpassing 130 billion yuan [2] - The merger aims to eliminate competition between the two companies in the shipbuilding sector and enhance their strategic capabilities and value [2] Group 2 - The global shipbuilding industry is currently experiencing a structural recovery, driven by the aging fleet and increasing demand for new vessels, particularly in the context of green and low-carbon initiatives [3] - The merged entity will integrate high-quality assets from China Shipbuilding Industry Corporation and leverage its advantages in ship design and manufacturing, enhancing research and manufacturing capabilities [3] - The merger will optimize the industrial layout of the shipbuilding sector, improve resource allocation, and strengthen the competitive edge in high-end ship manufacturing [3] Group 3 - Since the implementation of the new merger policies, nearly 70% of restructuring transactions in the Shanghai market have been focused on industrial mergers or major shareholder injections, indicating a trend towards resource optimization and industrial upgrading [4] - The merger of China Shipbuilding and China Shipbuilding Industry Corporation serves as a typical case supporting national strategic initiatives in the context of the new policies [4]

| 证券代码：600150 | 证券简称：中国船舶 | 上市地：上海证券交易所 | | --- | --- | --- | | 证券代码：601989 | 证券简称：中国重工 | 上市地：上海证券交易所 | 中国船舶工业股份有限公司 换股吸收合并中国船舶重工股份有限公司 暨关联交易报告书摘要 中国船舶工业股份有限公司 中国船舶重工股份有限公司 中国（上海）自由贸易试验区浦东大道 1 号 北京市海淀区昆明湖南路 72 号 吸并方 被吸并方 吸并方独立财务顾问 被吸并方独立财务顾问 二〇二五年七月 1 公司声明 一、吸收合并双方及其全体董事、高级管理人员保证重组报告书及其摘要内 容的真实、准确、完整，并对其虚假记载、误导性陈述或重大遗漏负相应的法律 责任。 二、吸收合并双方控股股东及全体董事、高级管理人员承诺，如就本次交易 所提供或披露的信息因涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立 案侦查或者被中国证监会立案调查的，在案件调查结论明确之前，将暂停转让各 自在吸收合并双方拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂 停转让的书面申请和股票账户提交吸收合并双方董事会，由董事会代承诺人向证 券交易 ...

| 证券代码：600150 | 证券简称：中国船舶 | 上市地：上海证券交易所 | | --- | --- | --- | | 证券代码：601989 | 证券简称：中国重工 | 上市地：上海证券交易所 | 中国船舶工业股份有限公司 换股吸收合并中国船舶重工股份有限公司 暨关联交易报告书 中国（上海）自由贸易试验区浦东大道 1 号 北京市海淀区昆明湖南路 72 号 吸并方 被吸并方 中国船舶工业股份有限公司 中国船舶重工股份有限公司 吸并方独立财务顾问 被吸并方独立财务顾问 二〇二五年七月 1 中国船舶工业股份有限公司换股吸收合并中国船舶重工股份有限公司暨关联交易报告书 公司声明 一、吸收合并双方及其全体董事、高级管理人员保证本报告书及其摘要内容的真实、 准确、完整，并对其虚假记载、误导性陈述或重大遗漏负相应的法律责任。 二、吸收合并双方控股股东及全体董事、高级管理人员承诺，如就本次交易所提供 或披露的信息因涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被 中国证监会立案调查的，在案件调查结论明确之前，将暂停转让各自在吸收合并双方拥 有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书 ...

中信证券股份有限公司 关于 中国船舶工业股份有限公司换股吸收合并 中国船舶重工股份有限公司暨关联交易 之 独立财务顾问报告 独立财务顾问 签署日期：2025 年 7 月 声明和承诺 中信证券股份有限公司（以下简称"中信证券"或"本独立财务顾问"）受中国船 舶工业股份有限公司（以下简称"中国船舶"）委托，担任本次中国船舶换股吸收合并 中国船舶重工股份有限公司暨关联交易的中国船舶独立财务顾问，并制作本独立财务顾 问报告。 本独立财务顾问报告是依据《公司法》《证券法》《重组管理办法》《26 号准则》 《财务顾问办法》等法律、法规的有关规定，按照证券行业公认的业务标准、道德规范， 本着诚实信用、勤勉尽责的态度，遵循客观、公正原则，在认真审阅相关资料和充分了 解本次交易行为的基础上，发表独立财务顾问意见，旨在就本次交易行为做出独立、客 观和公正的评价，以供全体股东及有关各方参考。 一、独立财务顾问声明 二、独立财务顾问承诺 （一）本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表的专 业意见与中国船舶披露的文件内容不存在实质性差异； （二）本独立财务顾问已对中国船舶披露的本次交易的相关文件进行充分核查，确 ...

证券代码：600150 证券简称：中国船舶 公告编号：2025-055 中国船舶工业股份有限公司 关于公司吸收合并中国船舶重工股份有限公司 暨关联交易事项获得中国证券监督管理委员会 同意注册批复的公告 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。 2025 年 7 月 18 日，中国证券监督管理委员会出具了《关于同意 中国船舶工业股份有限公司吸收合并中国船舶重工股份有限公司注 册的批复》（证监许可〔2025〕1501 号）（以下简称"中国证监会批 复"）。中国证监会批复的主要内容如下： "一、同意中国船舶工业股份有限公司以新增 3,053,192,530 股 股份吸收合并中国船舶重工股份有限公司的注册申请。 四、你们应当按照有关规定办理本次吸收合并的相关手续。 五、本批复自下发之日起 ...

| 重组报告书章节 | 主要修订内容 | | --- | --- | | 公司声明 | 根据本次交易已履行的决策程序更新。 | | 重大事项提示 | 更新本次交易已获得的批准和尚需获得的批准情况。 | | 重大风险提示 | 根据本次交易已经履行的决策程序，更新本次交易审批 风险的表述。 | 证券代码：600150 证券简称：中国船舶 公告编号：2025-056 中国船舶工业股份有限公司 关于换股吸收合并中国船舶重工股份有限公司暨关联交易 报告书修订说明的公告 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。 2025 年 7 月 18 日，中国证券监督管理委员会（以下简称"中国 证监会"）出具了《关于同意中国船舶工业股份有限公司吸收合并中 国船舶重工股份有限公司注册的批复》（证监许可〔2 ...