中国船舶工业股份有限公司 2025 年第三季度业绩说明会预告公告 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： 会议问题征集：投资者可于 2025 年 11 月 17 日前访问网址 https://eseb.cn/1t5sXwGNHHi 或使用微信扫描下方小程序码进行会 前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资 者普遍关注的问题进行回答。 证券代码：600150 证券简称：中国船舶 公告编号：2025-076 四、投资者参加方式 中国船舶工业股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了《公司 2025 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经营 业绩、发展战略等情况，公司定于 2025 年 11 月 17 日 15:00-16:00 在 "价值在线"（www.ir-online.cn）举办 2025 年第三季度业绩说明会， 与投资者进行沟通和交流，广泛听取投资者的意见和建议。 1 会议召开 ...

Group 1 - The company will hold its third extraordinary general meeting of shareholders on November 28, 2025 [2][4] - The meeting will be conducted using a combination of on-site and online voting methods [2][3] - The on-site meeting will take place at the China Shipbuilding Industry Corporation building in Beijing [2][8] Group 2 - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with specific time slots for voting [2][3] - The registration for attending the meeting will be open from November 21, 2025, and requires specific identification documents [11][12] - The company emphasizes that all voting must be completed before submission [7][6] Group 3 - The company will also hold a quarterly performance briefing on November 20, 2025, to discuss the third quarter results [19][20] - The performance briefing will be held at Shanghai Zhongyuan Electronic Technology Engineering Co., Ltd. and will include online interaction [20][22] - Investors can submit questions in advance via email to be addressed during the briefing [21][24]

Core Points - The Chinese shipbuilding company invited Chen Yuwen, who donated 140 yuan to build an aircraft carrier 26 years ago, to visit and presented him with a commemorative watch for the Fujian ship's commissioning [1][4] - A video highlighting Chen Yuwen's donation in 1999 has gained attention online, showcasing his childhood initiative to support national defense [4][6] - Chen Yuwen, influenced by his father's military background, expressed his desire to contribute to the construction of an aircraft carrier after hearing about similar donations [6] Company and Industry Summary - The Chinese shipbuilding industry is commemorating significant contributions from citizens, as demonstrated by the recognition of Chen Yuwen's donation, which reflects public engagement in national defense initiatives [1][4] - The narrative surrounding Chen Yuwen's donation is tied to a broader historical context, including the impact of the NATO bombing of the Chinese embassy in 1999, which fueled patriotic sentiments among the youth [6] - The development of domestic aircraft carriers in China marks a significant milestone in the country's military capabilities, with public figures like Chen Yuwen expressing pride in witnessing this progress [6]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Industrials - **Focus**: Growth at reasonable price in the industrial sector Company Ratings and Financial Metrics - **LOPAL-H (2465.HK)**: - Rating: Buy - Market Cap: 7,374 million RMB - Share Price: 11.75 RMB - Price Target: 15.00 RMB (28% upside) - P/BV: 2.5x - ROE: 2% (2025E), 12% (2026E), 17% (2027E) - PE: 105x (2025E), 19x (2026E), 12x (2027E) - Net Profit: 76 million RMB (2025E), 421 million RMB (2026E), 649 million RMB (2027E) [2][2][2] - **CSSC (600150.SH)**: - Rating: Buy - Market Cap: 160,560 million RMB - Share Price: 35.90 RMB - Price Target: 45.80 RMB (28% upside) - P/BV: 1.9x - ROE: 10% (2025E), 12% (2026E), 14% (2027E) - PE: 26x (2025E), 15x (2026E), 11x (2027E) - Net Profit: 10,198 million RMB (2025E), 18,527 million RMB (2026E), 24,019 million RMB (2027E) [2][2][2] - **Hongfa (600885.SH)**: - Rating: Buy - Market Cap: 44,478 million RMB - Share Price: 30.47 RMB - Price Target: 36.50 RMB (20% upside) - P/BV: 3.9x - ROE: 18% (2025E), 19% (2026E), 18% (2027E) - PE: 23x (2025E), 20x (2026E), 17x (2027E) - Net Profit: 1,921 million RMB (2025E), 2,247 million RMB (2026E), 2,556 million RMB (2027E) [2][2][2] Comparative Analysis - **Electric Components Sector**: - Hongfa's P/E ratio is lower than the sector average of 28x for 2025E, indicating potential undervaluation [4][4]. - **Battery Supply Chain**: - Gotion (002074.SZ) has a market cap of 83 billion RMB with a PE of 26x for 2025E, while CATL (300750.SZ) has a significantly higher market cap of 1,793 billion RMB with a PE of 26x for 2025E [5][5]. Market Trends and Insights - **Solid-State Battery (SSB) Developments**: - The SSB index has shown significant rallies driven by government subsidies and new product launches, indicating a growing interest and investment in this technology [7][8]. - **Battery Materials Pricing**: - Limited pricing opportunities are expected in the battery materials sector, with production schedules closely correlated with battery index performance [10][10]. Additional Insights - **Potential Risks**: - Companies like Ronbay (688005.SH) and Yunnan Energy (002812.SZ) are rated Neutral, indicating potential risks in their financial performance with significant declines in net profit projections [2][2][2]. - **Sector Performance**: - The overall performance of the industrial sector is influenced by macroeconomic factors and government policies, which could impact investment decisions [1][1]. This summary encapsulates the key points from the conference call, focusing on company ratings, financial metrics, market trends, and potential risks within the China industrials sector.

Core Viewpoint - CSSC China Shipbuilding Group (Hong Kong) Shipping Leasing Co., Ltd. is positioned to capitalize on the growing demand for shipping and leasing services in the maritime industry, driven by global trade recovery and fleet modernization efforts [1] Group 1: Company Overview - CSSC is a leading player in the shipping leasing sector, focusing on providing comprehensive leasing solutions to enhance operational efficiency for clients [1] - The company has established a strong market presence in Asia, leveraging its strategic location and industry expertise to attract a diverse client base [1] Group 2: Market Trends - The maritime industry is experiencing a resurgence, with increased shipping volumes and a shift towards greener technologies, prompting higher demand for modern vessels [1] - Global trade dynamics are shifting, with emerging markets contributing significantly to shipping demand, which presents growth opportunities for leasing companies [1] Group 3: Financial Performance - CSSC has reported a notable increase in revenue, reflecting the positive market conditions and effective business strategies implemented over the past year [1] - The company's profitability metrics have improved, indicating a robust operational framework and cost management practices [1]

Core Points - The State-Owned Enterprise Reform Index (399974) closed at 1916.43 points, down 0.1% with a trading volume of 135.68 billion yuan and a turnover rate of 0.7% [1] - Among the index constituents, 43 stocks rose while 56 fell, with Wanhua Chemical leading the gainers at a 5.79% increase and Shenzhen South Circuit leading the decliners at a 3.36% decrease [1] Index Constituents Summary - The top ten constituents of the State-Owned Enterprise Reform Index include: - Zijin Mining: 3.60% weight, latest price 30.17 yuan, market cap 801.84 billion yuan, sector: Non-ferrous metals [1] - Changjiang Electric Power: 2.90% weight, latest price 28.52 yuan, market cap 697.83 billion yuan, sector: Utilities [1] - CITIC Securities: 2.90% weight, latest price 29.00 yuan, market cap 429.80 billion yuan, sector: Non-banking financial [1] - Taihai Chemical: 2.89% weight, latest price 19.70 yuan, market cap 347.29 billion yuan, sector: Non-banking financial [1] - China Merchants Bank: 2.80% weight, latest price 42.51 yuan, market cap 1072.10 billion yuan, sector: Banking [1] - Xingye Bank: 2.74% weight, latest price 21.17 yuan, market cap 448.02 billion yuan, sector: Banking [1] - North Huachuang: 2.73% weight, latest price 413.75 yuan, market cap 299.71 billion yuan, sector: Electronics [1] - Wrigley: 2.68% weight, latest price 116.75 yuan, market cap 453.18 billion yuan, sector: Food and Beverage [1] - China Shipbuilding: 2.52% weight, latest price 35.81 yuan, market cap 269.49 billion yuan, sector: Defense and Military [1] - Zhongke: 2.42% weight, latest price 111.16 yuan, market cap 162.64 billion yuan, sector: Computer [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 4.52 billion yuan, while retail investors saw a net inflow of 2.98 billion yuan [1] - Notable net inflows from retail investors were observed in Wanhua Chemical, TCL Zhonghuan, and China Satellite, while significant outflows were noted in China Chemical and China Unicom [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [29] Core Insights - The company reported significant growth in its Q3 2025 earnings, with a revenue of 1074.03 billion yuan, representing a year-on-year increase of 17.96%, and a net profit of 58.52 billion yuan, up 115.41% year-on-year [5][6] - The merger of two companies has positioned the company as the largest listed shipbuilding group globally, with assets exceeding 400 billion yuan and an order value surpassing 130 billion yuan [10] - The shipbuilding industry remains robust, with a 6% year-on-year increase in completed shipbuilding volume and a 25.3% growth in the hand-held order volume as of September 2025 [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1074.03 billion yuan, a 91.21% increase year-on-year, and a net profit of 58.52 billion yuan, reflecting a 157.71% increase [6] - The gross margin improved to 12.56%, an increase of 3.15 percentage points year-on-year, while the net margin reached 5.45%, up 1.25 percentage points [7] - The company’s operating cash flow per share was reported at 0.41 yuan, with a diluted return on equity of 4.15% [2] Industry Overview - The shipbuilding sector in China continues to lead globally, with the country accounting for 53.8% of the world's completed shipbuilding volume and 67.3% of new orders as of September 2025 [8] - Despite a decline in new orders by 23.5% year-on-year, the overall industry trend remains positive, with expectations for a recovery in both volume and pricing as high-value orders are delivered [8] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1457.68 billion yuan, 1693.89 billion yuan, and 1950.48 billion yuan for the years 2025 to 2027, respectively [11] - Corresponding net profits are expected to be 81.09 billion yuan, 122.59 billion yuan, and 164.78 billion yuan for the same period, indicating a strong recovery trajectory [11]

Core Viewpoint - The commissioning ceremony of China's first electromagnetic aircraft carrier, Fujian, took place on November 5 in Sanya, Hainan, leading to a significant surge in related A-share stocks [1] Group 1: Company Impact - Stocks related to China Shipbuilding Group experienced a sharp increase, with China Shipbuilding Industry Group's gas segment rising by 2.66% [1] - Other companies such as Kunshan Intelligent, China Defense, and China Shipbuilding also saw notable gains, indicating a positive market reaction to the event [1]

Core Viewpoint - China Ship Leasing successfully issued its first offshore RMB bond, marking a significant step in its international capital market financing and supporting the internationalization of the RMB [2][3]. Group 1: Bond Issuance Details - On November 5, 2025, China Ship Leasing issued a three-year offshore senior unsecured fixed-rate bond worth 1 billion RMB, under its 3 billion USD medium-term note program [2]. - The issuance attracted a peak order size of 3.8 times the issuance amount, with the final coupon rate set at 1.95%, reflecting a 50 basis points narrowing from the initial price guidance [2]. Group 2: Financial Strategy and Efficiency - The company capitalized on the historical low rates of offshore RMB bonds amidst high USD interest rates, achieving significant cost savings compared to USD bonds and optimizing its debt structure [2][3]. - This strategic decision demonstrates the company's foresight in capital structure management and its ability to navigate global financial market trends [3]. Group 3: Utilization of Funds - The raised funds will primarily support RMB projects within the shipbuilding and maritime equipment industry, enhancing the integration of ship leasing business with the RMB settlement system [3]. - By creating a closed-loop system for RMB financing and business operations, the company actively participates in the internationalization of the RMB and promotes the global competitiveness of China's shipbuilding and shipping industries [3]. Group 4: Future Outlook - The successful issuance of the first offshore RMB bond enhances the company's financing channels in overseas markets and strengthens its diversified financing system [3]. - As the global shipping industry undergoes green transformation and supply chain restructuring, China Ship Leasing aims to deepen its presence in international capital markets, enhancing the influence of China's shipping and shipbuilding industries in the global value chain [3].

Group 1 - Wall Street analysts indicate that the tightness in the money market may persist until November due to high financing costs, pressuring the Federal Reserve to act before halting balance sheet reduction next month [2] - The overnight secured financing rate surged by 18 basis points last Friday, marking the largest single-day fluctuation since the Fed's rate hike cycle began in March 2020 [2] - Despite a decrease in SOFR on Monday after month-end pressures eased, it remains above the Fed's key policy benchmark rates, including the federal funds rate [2] Group 2 - Bank of America previously anticipated that the Fed would end quantitative tightening (QT) at the end of October and immediately begin asset purchases to expand its balance sheet [2] - Fed Chair Jerome Powell stated that the Fed would eventually start to gradually increase reserve levels to keep pace with the banking system and economic developments, but did not specify a timeline [2] - Other Fed officials, including Vice Chair for Supervision Michael Barr, believe the central bank should maintain the smallest possible balance sheet [2] Group 3 - The Chinese Ministry of Finance plans to issue up to $4 billion in senior bonds, with three companies participating in the issuance [4] - The current yield for China's two-year government bonds is 1.42%, while the ten-year yield is 1.80% [8] - The U.S. two-year government bond yield has decreased by 2 basis points to 3.58%, and the ten-year yield has decreased by 3 basis points to 4.10% [8]