Core Viewpoint - The company has demonstrated stable revenue growth and significant profit acceleration in the first half of 2025, driven by strong performance in its marine products and effective cost control [1][2][3]. Revenue and Profit Performance - In the first half of 2025, the company achieved revenue of 27.651 billion, a year-on-year increase of 11.22%, and a net profit attributable to shareholders of 919 million, up 93.35% year-on-year [1]. - For Q2 2025, revenue reached 15.339 billion, reflecting a year-on-year growth of 13.97%, while net profit attributable to shareholders was 524 million, an increase of 35.20% year-on-year [1][2]. Segment Performance - The company's main business revenue for H1 2025 was 27.479 billion, with a year-on-year growth of 11.42%. The diesel power segment generated 13.968 billion, up 27.25%, while the chemical power segment reached 3.998 billion, growing by 3.92% [2]. - The marine platform and ship machinery segment reported revenue of 3.535 billion, a year-on-year increase of 10.48% [2]. Profitability Improvement - The company's gross margin for H1 2025 was 16.37%, a significant increase of 4.80 percentage points year-on-year, with Q2 gross margin at 16.74%, up 0.56 percentage points from Q1 [3]. - Cost control measures have led to reductions in various expense ratios, contributing to improved profitability [3]. Order and Delivery Structure - The company signed new contracts worth 33.919 billion in H1 2025, a year-on-year increase of 25.42%, with a backlog of contracts totaling 62.794 billion as of June 2025, up 7.24% from the end of 2024 [4]. - The delivery of low-speed diesel engines increased by 18% year-on-year, with new orders up 47%, indicating strong demand [4]. Green Transition and Future Outlook - The company has made significant progress in its green transition, delivering products such as high-power methanol dual-fuel low-speed engines [4]. - The company is well-positioned to benefit from the ongoing marine industry boom and green trends, with expectations of continued profit growth in the coming years [5].

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 stable cash flow [1][3][4]. Group 1: ETF Performance - As of September 5, 2025, the National Index of Free Cash Flow increased by 0.1%, with constituent stocks like Anfu Technology rising by 7.79% [1]. - The Free Cash Flow ETF (159201) has seen an average daily trading volume of 349 million yuan over the past month, ranking first among comparable funds [1]. - In the last 14 days, the Free Cash Flow ETF has attracted a total net inflow of 725 million yuan, reaching a record high of 4.111 billion shares since its inception [1]. Group 2: Leverage and Returns - Leverage funds have been actively buying into the Free Cash Flow ETF, with a net purchase of 10.5771 million yuan on the highest single day, bringing the latest financing balance to 54.4918 million yuan [3]. - Since its inception, the Free Cash Flow ETF has achieved a maximum monthly return of 7%, with the longest consecutive monthly gains being 4 months and a maximum increase of 16.68% [3]. - The ETF has a historical monthly profit probability of 81.2% and a 100% probability of profit over a 6-month holding period [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 [3]. - The tracking error for the Free Cash Flow ETF over the past month is 0.066%, indicating the highest tracking precision among comparable funds [3]. Group 4: Index Composition - 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]. - As of August 29, 2025, the top ten weighted stocks in the index include SAIC Motor, China National Offshore Oil, Midea Group, and others, collectively accounting for 57.95% of the index [4][6].

Core Viewpoint - The company will hold a half-year performance briefing on September 11, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in interactive communication [2][3][4]. Group 1: Meeting Details - The meeting is scheduled for September 11, 2025, from 11:00 to 12:00 [4]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online text interaction format [2][4]. - Participants will include the company's chairman, independent directors, and the chief accountant [4]. Group 2: Investor Participation - Investors can submit questions from September 4 to September 10, 2025, via the Roadshow Center website or the company's email [5]. - During the meeting, investors can engage in real-time text interaction and receive responses to commonly asked questions within the limits of information disclosure [5][7]. Group 3: Contact Information - The company’s securities affairs department is the contact point for inquiries [6]. - Contact details include a phone number and email address for investor communication [7].

Core Points - The company will hold a half-year performance briefing on September 11, 2025, from 11:00 to 12:00 [1][2] - The briefing will be conducted in an online text interaction format, allowing investors to engage with the company [2][3] - Investors can submit questions from September 4 to September 10, 2025, for discussion during the briefing [2][3] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [1][2] - Key personnel attending include Chairman Li Yong, Independent Director Lin He, and Chief Accountant Wang Jin [2] - Investors can access the meeting through the Shanghai Stock Exchange Roadshow Center website [3][5] Participation Information - Investors are encouraged to log in to the Roadshow Center to submit questions prior to the meeting [2][3] - Contact information for the company's Securities Affairs Department is provided for further inquiries [3][5]

Group 1 - The company, China Power, announced that it will hold a half-year performance briefing on September 11, 2025, from 11:00 to 12:00 [2]

中国船舶重工集团动力股份有限公司 2025 年半年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。 | 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定 02 | | 重要内容提示： https://roadshow.sseinfo.com/）（以下简称"上证路演中心"） 会议召开方式：网络文字互动 会议问题征集：投资者可于 2025 年 9 月 4 日（星期四）至 9 月 10 日（星期三）16:00 前登录上证路演中心网站首页点击"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。 中国船舶重工集团动力股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者 更全面深入 ...

中国船舶重工集团动力股份有限公司 | 证券代码：600482 | 证券简称：中国动力 | | 公告编号：2025-059 | | --- | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定 | 02 | | 关于董事、高级管理人员离任的公告 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。 2025 年 9 月 3 日 2 二、离任对公司的影响 施俊先生的辞职未导致公司董事会成员人数低于法定最低人数，不影响公司 董事会的正常运作。根据《中华人民共和国公司法》以及《中国船舶重工集团动 力股份有限公司章程》的相关规定，施俊先生的辞职报告自送达公司董事会之日 起生效，其辞职不会影响公司经营管理的正常运行，施俊先生已按照公司相关制 度做好交接工作。 施俊先生在公司任职期间勤勉尽责，为公司规范运作发挥了积极作用，公司 董事会对施俊先生任职期间为公司做出的贡献表示衷心感谢！ 1 特此公告。 中国船舶重工集团动力股份有限公司董事会 | 是否继续在 | 是否存在未 | 姓 | 离任 | 原定任期 | 离任 ...

Core Insights - The China Securities Index Free Cash Flow Index (932365) has shown a positive performance, with a 0.86% increase as of September 2, 2025, and notable gains in constituent stocks such as Silver Nonferrous (601212) up by 10.08% and Jiejia Weichuang (300724) up by 8.93% [1] Performance Summary - The Free Cash Flow ETF Fund (159233) has experienced a 1.24% increase, marking its fourth consecutive rise, with a latest price of 1.14 yuan. Over the past two weeks, the fund has accumulated a total increase of 3.58% [1] - The fund's liquidity is reflected in a turnover rate of 1.07% and a trading volume of 1.2954 million yuan. The average daily trading volume over the past week was 17.6088 million yuan [1] - The fund has seen a net inflow of 19.1927 million yuan recently, with a total of 25.8568 million yuan net inflow over the last five trading days, averaging 5.1714 million yuan per day [1] Return Metrics - Since its inception, the Free Cash Flow ETF Fund has achieved a maximum monthly return of 7.80% and a longest consecutive monthly gain of 3 months, with a total increase of 12.56%. The average return during up months is 4.07%, with a monthly profit probability of 92% [2] - The maximum drawdown since inception is 3.28%, with a relative benchmark drawdown of 0.24%. The recovery period after drawdown is 12 days, indicating a relatively quick recovery compared to comparable funds [2] - The fund has a management fee of 0.50% and a custody fee of 0.10% [2] Top Holdings - As of August 29, 2025, the top ten weighted stocks in the China Securities Index Free Cash Flow Index include China National Offshore Oil Corporation (600938), Wuliangye (000858), and COSCO Shipping Holdings (601919), collectively accounting for 57.03% of the index [3]

Core Viewpoint - China Shipbuilding Industry Corporation Power Co., Ltd. (referred to as "the company" or "China Power") announced the interest payment details for its convertible bond "Dynamically Convertible Bond 02" (referred to as "the bond") issued on September 9, 2020, which will start paying interest on September 9, 2025 [2][3]. Bond Issuance Details - The bond was listed on March 9, 2021, with a conversion period from March 9, 2021, to September 8, 2026 [2]. - The initial conversion price was set at 20.23 CNY per share, with the latest conversion price adjusted to 19.69 CNY per share [2]. Interest Payment Plan - The interest payment for the bond will cover the fifth year, with the interest period from September 9, 2024, to September 8, 2025 [3]. - The annual coupon rate for this interest period is 1.8% (including tax), meaning each bond with a face value of 100 CNY will yield an interest payment of 1.8 CNY (including tax) [3]. Important Dates - The bond's interest payment registration date is September 8, 2025 [4][6]. - The ex-dividend date for the bond is September 9, 2025 [7]. - The interest payment date is also September 9, 2025 [7]. Bond Characteristics - The total issuance amount of the bond is 150 million CNY, with 15 million bonds issued at a face value of 100 CNY each [5]. - The bond has a maturity of 6 years, from September 9, 2020, to September 8, 2026, with varying interest rates for each year [5]. Taxation on Interest Income - For resident enterprises holding the convertible bonds, the interest income tax is self-paid, resulting in an actual distribution of 1.8 CNY per bond (including tax) [10]. - Non-resident enterprises, including qualified foreign institutional investors (QFII) and renminbi qualified foreign institutional investors (RQFII), are exempt from corporate income tax on the bond interest income until December 31, 2025 [10]. - Individual investors are subject to a personal income tax rate of 20% on the interest income, leading to a net payment of 1.44 CNY per bond after tax [11]. Related Institutions - The issuer of the bond is China Shipbuilding Industry Corporation Power Co., Ltd., with contact details provided for investor inquiries [12]. - The independent financial advisor for the bond is CITIC Securities Co., Ltd., also with contact information included [13].

Core Viewpoint - The announcement details the interest payment schedule for the "Dynamically Convertible Bond 02" issued by China Shipbuilding Industry Corporation, including key dates and financial terms [1][2][3]. Group 1: Bond Issuance Details - The total issuance of the bond is 15,000,000 units, with a face value of 100 RMB per unit [2][4]. - The bond is convertible into A-shares of the company, with an initial conversion price of 20.23 RMB per share, which has been adjusted to 19.69 RMB per share [2]. - The bond has a term of 6 years, starting from September 9, 2020, and ending on September 8, 2026 [2]. Group 2: Interest Payment Information - The interest payment for the fifth year is set at a rate of 1.8%, amounting to 1.8 RMB per bond (including tax) [2][3]. - Key dates for the interest payment are as follows: - Interest registration date: September 8, 2025 - Ex-dividend date: September 9, 2025 - Payment date: September 9, 2025 [3]. Group 3: Taxation on Interest Income - For resident enterprises holding the convertible bonds, the interest income tax is self-paid, resulting in a net payment of 1.8 RMB per bond [5]. - Non-resident enterprises, including QFII and RQFII, are exempt from corporate income tax on the interest income until December 31, 2025, also receiving 1.8 RMB per bond [5]. - Individual investors are subject to a 20% personal income tax on the interest, leading to a net payment of 1.44 RMB per bond after tax [6]. Group 4: Related Institutions - The issuer of the bond is China Shipbuilding Industry Corporation, with contact details provided for investor inquiries [6]. - The independent financial advisor for the bond issuance is CITIC Securities Co., Ltd., also with contact information included [6].