Group 1 - The core point of the article is that China Power announced the approval of several proposals, including the full text and summary of the 2025 semi-annual report, during the 16th meeting of its 8th Board of Directors [2]

证券日报网讯 8月29日晚间，中国动力发布公告称，2025年半年度公司实现营业收入27，650，754， 250.81元，同比增长11.22%；归属于上市公司股东的净利润为919，223，540.80元，同比增长93.35%。 （编辑 何成浩） ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 27.651 billion yuan, a year-on-year growth of 11.22%, and net profit attributable to shareholders increasing by 93.35% to 919 million yuan [1][2]. Business Performance - The marine power business has become a key growth driver, with the delivery of low-speed diesel engines increasing by 18% year-on-year and new orders rising by 47%. The medium-speed diesel engine segment also saw a 35% increase in deliveries and a 32% rise in new orders [2]. - The company achieved double-digit growth in its marine machinery segment, with crane deliveries surging by 375% and marine gearboxes increasing by 78% [2]. - As of June 30, 2025, the company held contracts worth 62.794 billion yuan, a 7.24% increase from the end of 2024, supporting future performance growth [2]. Technological Innovation - The company invested 1.379 billion yuan in R&D during the first half of 2025, marking a 41.74% increase. It made significant advancements in green power technology, including the delivery of new dual-fuel engines and the launch of 118 new battery products for overseas markets [3]. - The company plans to continue increasing R&D investment, focusing on low-carbon and zero-carbon power technologies to meet the challenges of the global shipping industry's green transition [3]. Shareholder Returns - The company announced a cash dividend of 0.8161 yuan per share, totaling 184 million yuan, in addition to a previously completed distribution of 419 million yuan for the 2024 fiscal year, bringing total dividends to over 600 million yuan [3]. Financial Health - The net cash flow from operating activities reached 5.288 billion yuan, a year-on-year increase of 10.91%. The company's cash balance stood at 41.605 billion yuan, up 10.20% from the beginning of the year, providing ample support for future business expansion and R&D [4]. - The global shipping market is recovering, with increasing demand for green and intelligent vessels, positioning the company favorably in the low-carbon and zero-carbon power technology sectors [4].

Core Viewpoint - The company reported strong financial performance in the first half of the year, with significant growth in revenue and net profit, while maintaining a focus on cost control and innovation [1][2]. Financial Performance - The company achieved a revenue of 27.651 billion yuan, marking a year-on-year increase of 11.22% [1][2]. - Net profit attributable to shareholders reached 919 million yuan, reflecting a substantial year-on-year growth of 93.35% [1][2]. - The company proposed a cash dividend of 0.8161 yuan per 10 shares (including tax) [1]. - Operating costs increased by only 5.36%, indicating improved operational efficiency [2]. - The company reduced advertising and bidding expenses, leading to a 9.61% decrease in sales expenses compared to the previous year [2]. - Financial expenses decreased by 69.62% due to increased interest income and reduced loans [2]. Product Development - The company is a key manufacturer of naval ship power and transmission equipment, supporting various military vessels [3]. - In the military sector, the company maintained stable growth while enhancing service capabilities [3]. - In the civil sector, the company increased its market competitiveness, achieving significant growth in new orders despite a global decline in new ship orders [3]. - Delivery of marine low-speed diesel engines increased by 18%, while new orders surged by 47% [3]. - Other product deliveries also showed strong growth, including medium and high-speed diesel engines (35% increase in delivery, 32% in new orders) and gearboxes (78% increase in delivery, 24% in new orders) [3]. Innovation and R&D - The company accelerated the development of high-end, green, and intelligent products, with R&D expenses reaching 1.379 billion yuan, a year-on-year increase of 41.74% [5]. - New products in the diesel engine sector were successfully delivered, including various dual-fuel engines [5]. - The company launched 118 new products in the chemical power sector to meet overseas market demands [5]. - In the wind power sector, new gearboxes saw a 81% increase in new orders [4].

| 证券代码：600482 | 证券简称：中国动力 | | 公告编号：2025-054 | | --- | --- | --- | --- | | 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 第八届董事会第十六次会议决议公告 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"公司"）第八届董事会第十六 次会议于 2025 年 8 月 29 日以现场结合通讯方式召开，会议通知于 2025 年 8 月 18 日 以专人送达或电子邮件方式发出。公司应出席董事 10 名，实际出席董事 10 名，其中 以通讯表决方式出席本次会议的董事 6 名。会议由公司董事长李勇先生主持召开，公 司高级管理人员列席了会议。 本次会议的召开符合《中华人民共和国公司法》等法律、行政法规及规范性文件 和《中国船舶重工集团动力股份有限公司章程》的有关规定。 经与会董事审议，一致通过如下决议： 一、审议通过《关于公司 2025 年半年度报告全文及摘要的议案》 本项议案 ...

| 股票代码：600482 | 股票简称：中国动力 | 编号：2025-056 | | --- | --- | --- | | 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 2025 年半年度利润分配方案公告 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： 每股分配比例：拟每股派发现金股利 0.08161 元（含税）。 本次利润分配拟以实施权益分派股权登记日的总股本为基数，具体日期 将在权益分派实施公告中明确。 如在本报告期末至实施权益分派股权登记日期间，公司总股本发生变动， 公司拟维持每股分红金额不变，相应调整分配总额，并将在相关公告中披露。 一、2025 年半年度利润分配预案内容 根据中国船舶重工集团动力股份有限公司（以下简称"公司"）2025 年半 年度报告（未经审计），公司 2025 年上半年实现归属于母公司股东的净利润为 919,223,540.80 元，截至 2025 年 6 月 30 日，母公司未经审计的累计未分配利润 为 4,289,798,246 ...

Core Viewpoint - China Power (600482.SH) reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [2] Financial Performance - The company achieved an operating revenue of 27.651 billion yuan, representing a year-on-year growth of 11.22% [2] - The net profit attributable to shareholders reached 919 million yuan, showing a substantial year-on-year increase of 93.35% [2] Dividend Announcement - The company plans to distribute a cash dividend of 0.8161 yuan (including tax) for every 10 shares based on the total share capital registered on the dividend distribution date [2]

Financial Performance - The company's operating revenue for the first half of the year reached ¥27.65 billion, an increase of 11.22% compared to the same period last year[21]. - Net profit attributable to shareholders was ¥919.22 million, reflecting a significant growth of 93.35% year-over-year[21]. - The basic earnings per share increased to ¥0.41, up 86.36% from ¥0.22 in the previous year[22]. - The weighted average return on equity rose to 2.32%, an increase of 1.04 percentage points compared to the previous year[22]. - The net cash flow from operating activities was ¥5.29 billion, representing a 10.91% increase year-over-year[21]. - The company reported a net profit after deducting non-recurring gains and losses of ¥865.16 million, a 106.39% increase from the previous year[21]. - The total assets at the end of the reporting period were ¥114.51 billion, up 5.10% from the end of the previous year[21]. - The company achieved a revenue of 27.651 billion yuan in the first half of 2025, representing a year-on-year growth of 11.22%[41]. - The net profit attributable to shareholders reached 919 million yuan, showing a significant increase of 93.35% year-on-year[41]. - The company reported a total profit of RMB 1.99 billion for the first half of 2025, compared to RMB 866.05 million in the previous year[158]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 0.8161 yuan per share (including tax) to all shareholders, totaling approximately 183.86 million yuan based on the total share capital of 2,252,861,845 shares as of the reporting period[6]. - The company plans to implement a mid-term dividend of 184 million RMB following the annual profit distribution of 419 million RMB for 2024[76]. Risks and Compliance - There are no significant risks that materially affect the company's production and operations during the reporting period[8]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[8]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report[3]. - The semi-annual report has not been audited[5]. - The company has established a risk management system for foreign exchange derivative trading, ensuring compliance and effective monitoring[68]. - The company has committed to maintaining the independence of its personnel and will ensure the transition of personnel's employment status and benefits within 12 months of relevant policy announcements[92]. - The company has committed to avoiding competition with Wind Sail Co., ensuring that any new business opportunities will be prioritized for Wind Sail Co.[93]. Operational Developments - The company continues to expand its product offerings in the gas turbine and diesel engine sectors, leveraging its technological advancements and market position[28]. - The company achieved significant results in the diesel engine sector, with the successful delivery of multiple dual-fuel engines and products tailored for overseas markets[44]. - The company is actively pursuing a transaction to acquire a 16.51% stake in China Shipbuilding Industry Group's diesel engine division through convertible bonds and cash payments[47]. - The company has launched 118 new products in the chemical power sector to meet overseas market demands[44]. - The company is focused on optimizing product structure and enhancing market competitiveness in response to declining new ship orders due to trade disputes and slow global economic recovery[69]. Investments and Financial Management - The company has committed to increasing investment in environmental protection equipment to meet legal requirements for pollutant emissions[72]. - The company is exploring mergers and acquisitions to expand its market presence and product offerings[123]. - The company plans to invest a total of 103,556.08 million in new projects, with a focus on expanding production capabilities[125]. - The company has approved the temporary use of idle raised funds to supplement working capital, with a limit of 398,554.25 million RMB[127]. - The company reported a total investment of 37,300 million for the year 2023, reflecting a 68.18% increase compared to the previous year[120]. Shareholder Structure - The company has 59,336 ordinary shareholders as of the end of the reporting period[134]. - The largest shareholder, China Shipbuilding Industry Group Co., Ltd., holds 563,578,173 shares, representing 25.02% of the total shares[136]. - The second-largest shareholder, China Shipbuilding Industry Co., Ltd., holds 454,731,000 shares, accounting for 20.18%[137]. - The top ten unrestricted shareholders include several state-owned enterprises, indicating a strong government presence in the ownership structure[138]. Financial Position - The company's consolidated asset-liability ratio at the end of the reporting period is 54.42%, with cash and cash equivalents amounting to CNY 41.605 billion, sufficient to meet future redemption or repurchase needs for convertible bonds[148]. - The cash and cash equivalents increased from CNY 37.754 billion at the end of 2024 to CNY 41.605 billion at the end of June 2025, indicating a growth of approximately 10.5%[152]. - The total liabilities amounted to ¥62.32 billion, up from ¥57.99 billion, indicating an increase of about 7.0%[154]. - The company’s long-term borrowings decreased to ¥1.97 billion from ¥4.05 billion, a significant decline of approximately 51.4%[154]. Research and Development - Research and development expenses increased by 41.74% to CNY 1.38 billion, up from CNY 972.78 million in the previous year[52]. - The company aims to enhance its technology research and development capabilities, with a focus on battery performance testing[123]. Community Engagement and Social Responsibility - The company is actively involved in poverty alleviation and rural revitalization efforts, emphasizing the importance of party leadership and community engagement in local economic development[88]. - The company has allocated funds for community projects aimed at improving living conditions and environmental sanitation in local villages[88].

| 股票代码：600482 | 股票简称：中国动力 | 编号：2025-057 | | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定 02 | | 2025 年半年度，公司部分手持订单及存货等资产可能出现减值迹象，根据 《企业会计准则》等相关规定，经减值测试，公司拟计提各项减值准备共计人 民币 1.44 亿元。 二、本次计提减值准备的具体说明 （一）计提减值准备的方法、依据和标准 根据《企业会计准则第 1 号——存货》相关规定，资产负债表日，存货应 当按照成本与可变现净值孰低计量。存货成本高于其可变现净值的，应当计提 存货跌价准备，计入当期损益。可变现净值，是指在日常活动中，存货的估值 售价减去至完工时估计将要发生的成本、估计的销售费用以及相关税费后的金 额。为执行销售合同或者劳务合同而持有的存货，其可变现净值应当以合同价 格为基础计算。 根据《企业会计准则第 8 号——资产减值》以及公司执行的会计政策的相 关规定：资产存在减值迹象的，应当估计其可收回金额。可收回金额应当根据 资产的公允价值减去处置费用后的净额与资产预计未来现金流量的现值两者之 间较高者确定。可收回金额 ...

历史沿革：中船财务有限责任公司，成立于 1997 年 7 月 8 日，是中国船舶 集团有限公司下属的非银行金融机构。始终坚持"依托集团、服务产业、合规经 营、创新发展"的经营宗旨，为集团及成员单位提供结算、存款、信贷、外汇等 专业金融服务。2025 年 6 月末，单位从业人员 122 人。 中船财务有限责任公司 2025 年上半年风险评估报告 根据上海证券交易所信息披露要求，结合中船财务有限责任公司（以下简称 "中船财务公司"或"财务公司"）提供的《金融许可证》、《企业法人营业执照》 等有关证件资料，并审阅了中船财务公司 2025 年 6 月 30 日的财务报表，中国船 舶重工集团动力股份有限公司（以下简称"公司"或"本公司"）对中船财务公 司的经营资质、内控制度建设、业务和风险状况及经营情况进行了评估。现将有 关情况报告如下： 一、财务公司基本情况 金融许可证机构编码：L0042H231000001 企业法人营业执照统一社会信用代码：91310115100027155G 注册资本：1,000,000 万元人民币 法定代表人：金胜 公司住所：中国（上海）自由贸易试验区浦东大道 1 号 2 层、3 层、6 层 ...