Core Viewpoint - The performance of central state-owned enterprises (SOEs) listed on A-shares in the first half of the year has shown significant improvement, with 79 companies reporting positive earnings, driven by national policies and internal reforms [1] Group 1: Central SOEs Performance - 32 central SOEs achieved year-on-year growth in net profit attributable to shareholders, while 22 companies turned losses into profits, and 25 companies reduced losses [1] - 19 central SOEs have a projected upper limit for net profit growth exceeding 100%, indicating strong profitability [1] - The sectors of electric power equipment, shipbuilding, and rare earths are experiencing high demand and performance, contributing positively to the overall market [1] Group 2: Electric Power Equipment Industry - The electric power equipment industry is benefiting from national policies aimed at carbon neutrality and the construction of a new power system, leading to high-quality development [2][4] - The Ministry of Industry and Information Technology aims for an average annual revenue growth rate of over 9% for the electric power equipment industry from 2023 to 2024 [4] - Major investments in grid construction and the acceleration of ultra-high voltage projects are creating significant opportunities for electrical equipment companies [5] Group 3: Shipbuilding Industry - Despite a global downturn in shipbuilding, Chinese shipyards lead with 10.04 million CGT and 370 vessels, capturing 52% of global orders [6] - Several central SOEs in shipbuilding are expected to see substantial profit increases, with some companies projecting over 200% growth in net profit [6] - The growth is attributed to effective management, increased delivery of civilian vessels, and rising prices [6] Group 4: Rare Earth Industry - The rare earth sector is thriving due to its strategic importance and increasing demand from industries like new energy and smart manufacturing [7] - China Rare Earth anticipates a net profit of 136 million to 176 million yuan, indicating a turnaround from losses [6] - The company has adapted its marketing strategies and optimized production processes to capitalize on rising prices and demand [7] Group 5: Future Outlook - The high growth in these industries is expected to be sustainable, supported by national strategies and market demand [7] - Companies are encouraged to align with national strategies, innovate technologically, optimize supply chains, and expand into international markets to enhance growth and profitability [7]

Summary of Conference Call Records Industry Overview - The shipbuilding industry is experiencing improved profitability, as indicated by the significant profit growth forecasted by China Shipbuilding for the first half of 2025, driven by high-priced order deliveries, falling steel prices, and early deliveries [1][4] - The new ship order volume in June 2025 increased month-on-month but saw a substantial year-on-year decline due to a high base in June 2024 [1][8] Key Insights - The Clarksons newbuilding price index stabilized in June 2025, with a month-on-month increase, although different ship types showed varied performance, with container ship prices rising while oil tanker prices fell [1][5] - The shipbuilding sector has become a safe haven for performance amid the current macroeconomic backdrop, with steel price declines enhancing the profitability of shipbuilders [2] - The market is witnessing a structural adjustment, with first-tier shipyards experiencing weak order intake while second and third-tier shipyards are seeing considerable order volumes due to capacity anxiety [1][6] Company Performance - China Shipbuilding's profit forecast for the first half of 2025 is between 2.8 billion to 3.1 billion, significantly exceeding previous expectations [3][4] - Other companies like China Heavy Industry and China Power also reported substantial profit growth, attributed to high-priced order deliveries and early payments [4][22] Order Trends - In the first half of 2025, China maintained a leading global market share of 56% in new shipbuilding, while South Korea's share increased from 10% to 30%, driven by a surge in container ship orders [10] - Container ship orders increased by 24% year-on-year, while orders for other types of ships like LNG and oil tankers saw a decline of over 70% [9] Market Dynamics - The current newbuilding market is in a brief downturn within an overall upcycle, with historical data indicating that downturns can occur even during upcycles [15][16] - The low demolition rates of older ships are causing many to remain active in the market, which could lead to supply vulnerabilities if demand surges suddenly [18][19] Future Outlook - The potential demolition volume over the next decade is estimated at 16,000 ships, which could significantly impact the supply-demand balance in the shipbuilding market [20] - Investors are advised to focus on leading companies like China Shipbuilding for stable investments, while considering second-tier companies for higher return potential [23] Additional Considerations - The geopolitical landscape and oil price fluctuations are affecting the cruise market, leading to concerns about new ship deployments [12] - LNG ships and car carriers are expected to have strong growth potential due to increasing demand for alternative fuels and the rise of China's electric vehicle exports [13]

Group 1: Overall Performance of Central Enterprises - 79 central enterprise-controlled listed companies reported positive performance forecasts for the first half of the year, with 32 companies showing year-on-year net profit growth, 22 companies turning losses into profits, and 25 companies reducing losses [1] - 19 central enterprise-controlled listed companies expect a net profit increase of over 100%, with several companies achieving significant turnaround from losses [1] Group 2: Power Sector Performance - Huayin Power, a subsidiary of China Datang Group, is expected to lead the growth with a projected net profit of 180 million to 220 million yuan, representing a year-on-year increase of up to 44 times due to increased power generation and reduced fuel costs [2] - Major investments in the power grid and ultra-high voltage construction by State Grid and Southern Power Grid are expected to drive growth in related companies, with Guodian Nanzi and Baobian Electric forecasting net profit increases of 171.89% to 225.66% and 229.15%, respectively [2] Group 3: Electric Equipment and Cable Industry - Baobian Electric's profit increase is attributed to enhanced market development and increased project orders, while Baoshan Co. anticipates a net profit growth of 167.98% to 301.98% due to optimized sales policies and improved internal management [3] - New Energy Taishan is expected to turn losses into profits in the first half of the year, reflecting a positive trend in the electric cable sector [3] Group 4: Shipbuilding and Rare Earth Industries - The shipbuilding sector is experiencing significant growth, with companies like China Shipbuilding, China Power, and China Heavy Industry expecting net profit increases exceeding 200% due to effective management and increased delivery of civilian ships [5] - The rare earth industry is also thriving, with companies like China Rare Earth and Guangsheng Nonferrous Metals expected to turn losses into profits, driven by rising prices of rare earth products [4] Group 5: Turnaround Companies - 22 central enterprise-controlled listed companies are expected to turn losses into profits, with quality improvement and efficiency enhancement being key factors for their performance recovery [6] - Companies like Zhongnan Co. and Taiji Co. have reported successful turnarounds due to strengthened management and cost control measures [6][7] Group 6: Management and Efficiency Improvements - Many companies achieving year-on-year growth or reduced losses attribute their success to ongoing quality improvement and efficiency enhancement initiatives [7] - Companies are focusing on optimizing resource allocation, controlling costs, and improving operational efficiency as critical drivers of performance growth [7]

Core Viewpoint - The document outlines the management system for the resignation of directors and senior management at China Shipbuilding Industry Corporation Power Co., Ltd, aiming to ensure stability in corporate governance and protect the rights of the company and its shareholders [1]. Group 1: General Provisions - The system is established in accordance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1]. - It applies to directors (including independent directors) and senior management who leave due to term expiration, resignation, dismissal, or other reasons [1]. Group 2: Resignation Circumstances - Directors can resign before their term ends by submitting a written resignation report, which becomes effective upon receipt by the company [2]. - If a director fails to attend board meetings consecutively, the board may recommend their removal to the shareholders [2]. - Directors automatically resign upon the expiration of their term if not re-elected, but must continue to fulfill their duties until new directors are appointed [2]. Group 3: Obligations and Responsibilities of Resigning Directors and Senior Management - Resigning directors and senior management must fulfill any public commitments made during their tenure, even after leaving [4]. - They are required to complete all handover procedures within one month after their resignation, including transferring all company documents and materials [4]. - They must cooperate with the company in post-tenure investigations of significant matters and cannot refuse to provide necessary documents [4]. Group 4: Shareholding Management of Resigning Directors and Senior Management - Resigning directors and senior management are prohibited from transferring their shares within six months after leaving the company [5]. - They must adhere to specific regulations regarding shareholding changes during their tenure and for six months post-resignation [5].

Core Viewpoint - The company establishes a long-term mechanism to prevent the controlling shareholder, actual controller, and related parties from occupying its funds, ensuring compliance with relevant laws and regulations [1][2][3]. Group 1: General Principles - The company aims to prevent the occupation of funds by the controlling shareholder, actual controller, and related parties through a set of regulations based on Chinese laws and its own articles of association [1]. - Directors and senior management are required to act diligently to safeguard the company's funds and assets [1]. Group 2: Prohibited Fund Transfers - The company is prohibited from providing funds directly or indirectly to the controlling shareholder, actual controller, and related parties for various expenses, including salaries, benefits, and other costs [2]. - Any loans or financial assistance to these parties must comply with specific conditions, excluding certain exceptions [2]. - Transactions lacking a genuine commercial background or that violate business logic are also prohibited [2]. Group 3: Fund Occupation and Settlement - Funds occupied by the controlling shareholder or related parties should primarily be repaid in cash, with strict controls on non-cash asset settlements [3]. - Non-cash assets used for repayment must belong to the same business system and enhance the company's independence [3][4]. - Independent directors must provide opinions on asset repayment plans, and such plans require shareholder approval [4]. Group 4: Responsibilities and Measures - The company is responsible for preventing fund occupation and establishing a long-term mechanism for this purpose [5]. - The chairman of the board is designated as the primary responsible person for preventing fund occupation [5]. - Regular checks by the finance and audit departments are mandated to monitor transactions with related parties [5]. Group 5: Consequences of Fund Occupation - In cases of fund occupation, the company must develop a repayment plan and report to regulatory authorities [5]. - The company has the right to deduct cash dividends from shareholders who occupy funds to repay the occupied amounts [5]. - Directors who assist or condone such actions may face disciplinary measures [5].

Core Points - The document outlines the management system for the shares held by directors and senior management of China Shipbuilding Industry Corporation Power Co., Ltd. [1] - The system is established in accordance with various laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1][2] Summary by Sections Shareholding and Trading Restrictions - Directors and senior management's shareholdings include all shares registered in their names and those held through others' accounts, including shares in margin trading accounts [2] - Share transfer restrictions apply under specific conditions, such as within one year of the company's stock listing or within six months after leaving the company [2][3] - Major violations that could lead to forced delisting will prevent directors and senior management from selling their shares until the situation is resolved [3] Transfer Limits and Conditions - Directors and senior management can only transfer up to 25% of their total shareholdings each year, with exceptions for certain circumstances [4] - If the number of shares held is less than 1,000, they may transfer all shares at once without restriction [4] - Untransferred shares at the end of the year will count towards the next year's transferable shares [4] Reporting and Disclosure Requirements - Directors and senior management must report their shareholdings and any changes within two trading days [6][14] - A reduction plan must be reported to the stock exchange 15 trading days before the first sale, detailing the number of shares, timing, and reasons for the reduction [6][13] - The company must ensure the accuracy and timeliness of the reported data regarding shareholdings [8][17] Prohibited Trading Periods - Trading is prohibited during specific periods, such as 15 days before the annual or semi-annual report announcements [16] - Additional restrictions apply during significant events that may affect stock prices [16] Governance and Compliance - The board of directors is responsible for interpreting the rules and ensuring compliance with laws and regulations [22][23] - The company secretary manages the data and information related to directors and senior management's shareholdings [8][18]

Core Viewpoint - The internal reporting system for significant information at China Shipbuilding Industry Corporation aims to ensure timely, accurate, and complete disclosure of information that may significantly impact the company's stock and derivatives trading prices [1][2]. Group 1: General Provisions - The internal reporting system is established to regulate the reporting of significant information within the company, ensuring compliance with relevant laws and regulations [1]. - The system applies to all departments, subsidiaries, and relevant personnel within the company, including directors, senior management, and shareholders holding more than 5% of shares [2][3]. Group 2: Reporting Obligations - Individuals with reporting obligations must promptly inform the company's chairman and board secretary of any significant internal information they are aware of [2][3]. - The company’s board secretary is responsible for training relevant personnel on corporate governance and information disclosure to ensure timely and accurate reporting [3][4]. Group 3: Definition of Significant Information - Significant information includes important meetings, major transactions, and events that may affect the company's stock price [4][5]. - Specific criteria for reporting major transactions include asset totals exceeding 10% of the company's total assets or transaction amounts exceeding 10% of net assets [5][6]. Group 4: Reporting Procedures - Reporting obligations require that significant information be reported on the same day it is known, using both verbal and written communication methods [30][40]. - The board secretary must evaluate and determine the necessity of disclosing significant information after receiving reports [34][35]. Group 5: Responsibilities and Penalties - The board of directors oversees the internal reporting and external disclosure of significant information, with the chairman as the primary responsible person [36]. - Failure to comply with reporting obligations may result in warnings, fines, or dismissal, depending on the severity of the violation [48][49].

Core Viewpoint - The document outlines the management measures for the disclosure of confidential information by China Shipbuilding Industry Corporation Power Co., Ltd., emphasizing the importance of safeguarding national secrets while ensuring compliance with legal disclosure requirements [1][2]. Group 1: General Principles - The purpose of the measures is to standardize the disclosure of confidential information and protect national security, based on various laws and regulations [1]. - Confidential information is defined as information related to national security and interests that is restricted to a limited audience and could cause harm if disclosed [1]. - The measures apply to various personnel and institutions involved in the disclosure process, including board members, senior management, and major shareholders [1]. Group 2: Disclosure Principles - The company must ensure the security of national secrets while disclosing information that is legally required to be made public [2]. - If confidential information cannot be declassified or poses a risk of revealing national secrets, the company must follow exemption procedures as per relevant regulations [2]. - The company cannot evade legal disclosure obligations by claiming confidentiality [2]. Group 3: Disclosure Mechanism - The board secretary is responsible for organizing the disclosure of declassified information, including establishing regulations and liaising with investors [2][4]. - The securities affairs department manages the specific tasks related to the disclosure of confidential information under the board secretary's leadership [4]. Group 4: Declassification Methods - Sensitive information must be declassified using methods such as aggregation or alternative naming before public disclosure [5]. - When disclosing revenue related to military products, the company must aggregate amounts without specifying individual products or services [5]. - Information regarding suppliers and customers must be summarized to avoid revealing specific details [5]. Group 5: Financial Reporting - The company must determine the extent of disclosure for confidential items in financial statements based on accounting standards and disclosure requirements [7]. - Specific items related to military transactions must not be disclosed individually but rather in a summarized manner [7]. - Financial indicators disclosed publicly should be derived from officially published information [15]. Group 6: Management of Intermediaries - The company must engage intermediaries that meet national security and confidentiality requirements for handling confidential information [9]. - Intermediaries must sign confidentiality agreements and adhere to relevant laws and regulations [10]. - The company is responsible for ensuring that intermediaries fulfill their confidentiality obligations [10].

Core Points - The document outlines the rules for the board of directors of China Shipbuilding Industry Corporation Power Co., Ltd, aiming to standardize decision-making processes and enhance operational efficiency [2][3][4] Group 1: General Principles - The rules are established to ensure compliance with the Company Law, corporate governance standards, and the company's articles of association [2] - The board of directors is responsible for major operational decisions and is accountable to the shareholders [2][3] Group 2: Board Composition and Committees - The board consists of eleven directors, including four independent directors, with a chairman and possibly a vice-chairman [3] - The board has five specialized committees: Strategic Committee, Audit Committee, Nomination Committee, Compensation and Assessment Committee, and Technology Committee [3][4] Group 3: Responsibilities of Committees - The Strategic Committee focuses on long-term development strategies, ESG management, and major investment proposals [4][5] - The Audit Committee supervises external audits and evaluates the performance of external audit firms [3][5] - The Nomination Committee proposes the composition of the board and evaluates candidates for directors and senior management [3][5] - The Compensation and Assessment Committee develops compensation plans and evaluates the performance of directors and senior management [5][6] - The Technology Committee advises on technology development strategies and major research projects [5][6] Group 4: Board Meetings - Board meetings are categorized into regular and temporary meetings, with regular meetings held biannually [6][7] - The chairman is responsible for convening and presiding over meetings, with provisions for temporary meetings under specific circumstances [6][7] - A quorum for meetings requires the presence of more than half of the directors [12][13] Group 5: Decision-Making Process - Decisions require a majority vote from attending directors, with specific rules for abstentions and conflicts of interest [14][15] - The board must adhere to the authority granted by the shareholders and the articles of association when making decisions [15][16] Group 6: Documentation and Disclosure - Meeting records must include details such as attendance, agenda, discussions, and voting results [16][17] - The board is obligated to disclose decisions and relevant information in compliance with regulatory requirements [19][20]

中国船舶重工集团动力股份有限公司 子公司管理制度 （2025 年 7 月修订） | | | 中国船舶重工集团动力股份有限公司 子公司管理制度 第一章 总则 第一条 为加强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"）对子公司的管理，建立有效的管控机制，促进子公司规范运作、有序健康发展， 提高公司整体运作效率和抗风险能力，切实维护公司和股东的合法利益。根据《中华 人民共和国公司法》《中华人民共和国证券法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等法律、法规、规范性文件及《中国船舶重工集团动力股份 有限公司章程》（以下简称"《公司章程》"）的相关规定，结合公司实际情况，特制定 本办法。 第二条 本制度所称子公司是指公司根据战略规划、为提高公司核心竞争力和持 续经营能力而依法设立、投资的、具有独立法人主体资格的公司，包括全资子公司、 控股子公司和参股公司。 其中，全资子公司是指，公司独资设立的投资且在该子公司中持股比例为 100%的 公司。 控股子公司是指，公司与其他法人或自然人共同出资设立的，公司持股 50%以上， 或者公司持股虽未达到 50%但能够决定其董事会半数以上成 ...