| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定02 | | 中国船舶重工集团动力股份有限公司关于终止 发行可转换公司债券及支付现金购买资产并募集配套 资金暨关联交易事项并撤回申请文件的公告 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。 中国船舶重工集团动力股份有限公司（以下简称"中国动力"或"公司"）于 2025 年 9 月 12 日召开了第八届董事会第十七次会议，审议通过了《关于终止发行 可转换公司债券及支付现金购买资产并募集配套资金暨关联交易事项并撤回申请 文件的议案》、《关于公司与交易对方签署相关终止协议的议案》，同意公司终 止本次发行可转换公司债券及支付现金购买资产并募集配套资金暨关联交易事项 并撤回申请文件，以及与交易对方签署相关终止协议。现将有关事项公告如下： 一、本次交易的基本情况 二、公司在推进本次交易期间所做的主要工作 公司在推进本次交易期间，严格按照相关法律、法规及规范性文件的 ...

会议问题征集：投资者可于 2025 年 9 月 13 日（星期六）至 9 月 14 日（星 期日）16:00 前登录上证路演中心网站首页的"提问预征集"栏目，或通过中国 船舶重工集团动力股份有限公司（以下简称"公司"）邮箱（sh600482@163.com） 进行会前提问。公司将在信息披露允许的范围内在说明会上对投资者普遍关注的 问题进行回答。 | 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定 02 | | 中国船舶重工集团动力股份有限公司关于召开 终止发行可转换公司债券及支付现金购买资产并募 集配套资金暨关联交易事项投资者说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 9 月 15 日（星期一）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： h t t p s : / / ...

| 股票代码：600482 | 股票简称：中国动力 | 编号：2025-065 | | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定 | 02 | 中国船舶重工集团动力股份有限公司 变更会计师事务所公告 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。 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙）（以下简 称"容诚"） 原聘任的会计师事务所名称：大信会计师事务所（特殊普通合伙）（以下简 称"大信"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普 通合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊 普通合伙企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期 从事证券服务业务。注册地址为北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26，首席合伙人刘维。 截至 2024 年 12 月 31 日，容诚共有合伙人 ...

中国船舶重工集团动力股份有限公司 关于收到上海证券交易所《关于终止对公司 发行可转换公司债券及支付现金购买资产并募集配 套资金暨关联交易审核的决定》的公告 | 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定02 | | 2025 年 9 月 12 日，公司收到上交所《关于终止对中国船舶重工集团动力股 份有限公司发行可转换公司债券及支付现金购买资产并募集配套资金暨关联交 易审核的决定》（上证上审〔2025〕74 号），根据《上海证券交易所上市公司重 大资产重组审核规则》第五十二条第二项的有关规定，上交所决定终止对公司发 1 行可转换公司债券及支付现金购买资产并募集配套资金暨关联交易的审核。 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。 中国船舶重工集团动力股份有限公司（以下简称"中国动力"、"公司"）于 2025 年 9 月 12 日召开了第八届董事会第十七次会议，审议通过了《关于终止发 行可转换公司债 ...

Core Viewpoint - The company has decided to terminate the issuance of convertible bonds and withdraw its application for cash asset purchases and related fundraising, as approved in a board meeting scheduled for September 12, 2025 [1] Group 1 - The company and its independent financial advisor, CITIC Securities Co., Ltd., have submitted a request to withdraw the application documents to the Shanghai Stock Exchange [1] - The Shanghai Stock Exchange has decided to terminate its review of the company's related matters [1]

Group 1 - The core viewpoint of the report indicates that China Power's net profit attributable to shareholders for the first half of 2025 increased by approximately 93.35% year-on-year [1] - In Q2 2025, the net profit showed a year-on-year growth of about 35.2% [1] - The significant growth in performance is primarily attributed to the continued growth momentum in the shipbuilding industry, along with the rapid expansion of the company's diesel engine sales [1]

Core Viewpoint - The report from Zheshang Securities indicates that China Power's net profit attributable to shareholders for the first half of 2025 increased by approximately 93.35% year-on-year, with a 35.2% year-on-year growth in Q2 2025 [1] Group 1: Performance Highlights - The significant growth in performance is attributed to the continued growth momentum in the shipbuilding industry, with the company's diesel engine segment experiencing rapid sales growth and a substantial increase in contract settlements, alongside rising prices and improved gross margins for main products such as marine low-speed engines [1] - The marine machinery segment also saw an expansion in sales scale, increased order deliveries, and higher contract settlements, leading to year-on-year growth in both revenue and profit [1] - The company has implemented a "cost engineering" strategy, focusing on controlling three types of expenses, which has continuously enhanced product profitability, resulting in a year-on-year profit increase [1] Group 2: Order and Contract Insights - In terms of new orders, the company signed contracts worth 33.919 billion yuan in the first half of 2025, representing a year-on-year increase of 25.42% [1] - As of June 30, 2025, the company held contracts worth 62.794 billion yuan, an 8% increase compared to the same period last year [1] - As a leading enterprise in marine engines, the company is expected to benefit preferentially from the upward cycle in the shipbuilding industry [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant increase in net profit for the first half of 2025, with a year-on-year growth of approximately 93.35% and a 35.2% increase in Q2 2025 [1] - The growth in revenue and profit is attributed to the continued expansion in the shipbuilding industry, increased sales in the diesel engine segment, and effective cost control measures [1][3] - The company has a strong order book, with new contracts signed in the first half of 2025 amounting to 339.19 billion yuan, representing a year-on-year increase of 25.42% [1] Financial Performance - In H1 2025, the company's revenue reached 27.651 billion yuan, a year-on-year increase of 11.22%, while the net profit attributable to shareholders was 919 million yuan, up 93.35% [1] - The company's gross profit margin improved by 4.65 percentage points year-on-year in H1 2025, with a gross margin of approximately 16.49% [3] - The revenue breakdown by business segments shows that the diesel power segment generated 139.68 billion yuan, a 27.25% increase year-on-year, accounting for 50.52% of total revenue [2] Market Outlook - The shipbuilding cycle is on an upward trend, with demand for various ship types increasing, which is expected to improve the profitability of shipyards [5] - The company is well-positioned to benefit from the tight supply-demand relationship in the ship engine market, as it is a leading player in the industry [10] - The after-market service for diesel engines presents a significant growth opportunity, with the company expanding its global service network [10][11] Earnings Forecast and Valuation - The company is projected to achieve revenues of approximately 600 billion yuan, 681 billion yuan, and 757 billion yuan for 2025, 2026, and 2027, respectively, with a compound annual growth rate (CAGR) of 14% [12] - The net profit attributable to shareholders is expected to reach 21.4 billion yuan, 30.1 billion yuan, and 37.7 billion yuan for the same years, with a CAGR of 39% [12] - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 23, 16, and 13, respectively [12]

Group 1 - Cummins' new global distribution center in China marks a significant milestone in its 50-year commitment to the Chinese market and reflects its strategy of "rooting in China, serving China, and radiating globally" [1] - The company has officially transformed its former engine trading business into Cummins Intelligent Supply Chain (Shanghai) Co., Ltd., expanding its scope from traditional international trade to Industry 4.0 intelligent supply chain solutions, digital AI software development, and supply chain ecosystem building [3] - Cummins has achieved 100% localization in complete machine production, leveraging the capacity advantages of its six major engine production bases in China, while also maintaining some imported product supply to meet diverse market demands [3] Group 2 - The newly established component export support center will address the "last mile" challenge for Chinese manufactured products overseas by integrating after-sales resources and optimizing spare parts supply networks [4] - Cummins is enhancing the technical standards and management levels of hundreds of Chinese component suppliers through its digital supply chain capabilities, promoting their participation in global competition [4] - The company has built a comprehensive service network covering product delivery, technical adaptation, and localized operations, achieving a threefold value enhancement of "Chinese manufacturing serving the globe," "Chinese technology empowering the globe," and "Chinese solutions promoting globally" [4]

Core Viewpoint - The Free Cash Flow ETF has shown strong performance with significant inflows and high returns, indicating a favorable investment environment for companies with robust free cash flow [3][4]. Group 1: Performance Metrics - As of September 8, 2025, the National Index of Free Cash Flow increased by 0.48%, with leading stocks including Mould Technology, Ningbo Huaxiang, and Oriental Tower [3]. - The Free Cash Flow ETF (159201) rose by 0.36%, with a latest price of 1.12 yuan [3]. - Over the past month, the Free Cash Flow ETF has achieved an average daily trading volume of 350 million yuan, ranking first among comparable funds [3]. - In the last 15 days, the ETF attracted a total net inflow of 726 million yuan, reaching a new high in total shares at 4.112 billion and total size at 4.584 billion yuan [3]. Group 2: Financial Metrics - The latest financing buy-in amount for the Free Cash Flow ETF reached 7.1087 million yuan, with a financing balance of 48.055 million yuan [3]. - Since its inception, the ETF has recorded a maximum monthly return of 7%, with the longest consecutive months of increase being 4, and the highest cumulative increase of 16.68% [3]. - The ETF has a historical holding period profit probability of 100% over 6 months, with an average monthly return of 3.46% and a monthly profit percentage of 83.33% [3]. Group 3: Fee Structure and Tracking Accuracy - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [4]. - As of September 5, 2025, the ETF's tracking error over the past month was 0.066%, indicating the highest tracking accuracy among similar funds [4]. - The National Index of Free Cash Flow reflects the price changes of listed companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [4]. Group 4: Top Holdings - The top ten weighted stocks in the National Index of Free Cash Flow account for 57.95% of the index, including SAIC Motor, China National Offshore Oil, and Midea Group [4].