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： ●被担保人名称：被担保人为中国船舶重工集团动力股份有限公司（以下简称"公司"或"中国动力"）全 资子公司武汉海王核能装备工程有限公司（以下简称"海王核能"）。 ●担保金额及已实际为其提供的担保余额：本次新增公司向海王核能提供担保3,000万元，担保余额 3,000万元（以上担保余额均含本次新增）。 ●本次担保是否有反担保：本次新增担保有反担保。 ●公司不存在逾期对外担保的情况。 ●特别风险提示：无 一、担保情况概述 公司分别于2024年4月25日、2024年6月24日召开第八届董事会第二次会议和2023年年度股东大会，分别 审议通过了《关于公司2024年度为所属子公司提供担保的议案》，同意公司按实际生产经营情况，以累 计不超过人民币245,113.15万元，对外提供中短期贷款、商业承兑汇票、保函等融资及非融资事项担 保。上述为子公司提供担保额度的有效期为自2023年年度股东大会审议通过日至2024年年度股东大会召 开日。具体内容详见公司于2024年4月27日披露的 ...

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-011 | | --- | --- | --- | | 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 关于为所属子公司提供担保的进展情况公告 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： 一、担保情况概述 公司分别于2024年4月25日、2024年6月24日召开第八届董事会第二次会议和 2023年年度股东大会，分别审议通过了《关于公司2024年度为所属子公司提供担保 的议案》，同意公司按实际生产经营情况，以累计不超过人民币245,113.15万元， 对外提供中短期贷款、商业承兑汇票、保函等融资及非融资事项担保。上述为子公 司提供担保额度的有效期为自2023年年度股东大会审议通过日至2024年年度股东 大会召开日。具体内容详见公司于2024年4月27日披露的《中国船舶重工集团动力 股份有限公司关于2024年度为所属子公司提供担保的公告》（公告编号：2024-024）。 2024年6月13日， ...

截至2025年3月24日，公司及下属子公司均已将前期用于暂时补充流动资金的募集资 金归还至募集资金专用账户，并将上述募集资金的归还情况通知了公司的持续督导机构中 信证券股份有限公司。 特此公告。 中国船舶重工集团动力股份有限公司董事会 二〇二五年三月二十六日 1 证券代码：600482 证券简称：中国动力 公告编号：2025-010 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 归还暂时用于补充流动资金的募集资金的公告 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"公司"）于2024年3月25日召开第 七届董事会第三十一次会议审议通过了《关于使用闲置募集资金临时补充公司及下属子公 司流动资金的议案》，同意使用不超过人民币398,554.25万元闲置募集资金临时补充公司 及下属子公司流动资金，使用期限为自董事会审议通过之日起不超过12个月。具体内容详 见2024年3月26日披露的《公司关于使用闲置募集资金临时补充公司及下属子公司流动资 金的公告》 ...

Summary of Conference Call on Deep Sea Technology and AIDC Industry Industry Overview - The national emphasis on deep-sea resource development has significantly increased, with deep-sea minerals seen as a new direction for development to address reliance on imports of key metals and raw materials for new energy batteries, as well as strategic reserves of rare earths [1][2] - The potential of deep-sea resources is vast, with many located in international waters, leading to lower costs [1] - The development of AI and robotics technology has reduced deep-sea mining costs and increased efficiency, making the use of mining robots for exploration, mining, and even ore selection economically viable [1][2] Company Strengths - The company possesses unique advantages in deep-sea technology, including a strong shipbuilding industry foundation, extensive experience in scientific research vessel construction (e.g., "Dream" vessel), defense equipment technology (e.g., submarine technology), and the application of AI and robotics [1][4] - The company provides integrated solutions for ship power systems, including gas, steam, diesel engines, thermal engines, and all-electric integrated power resources, with rich experience in high-performance batteries for underwater robots (e.g., "Jiaolong" and "Fendouzhe") [1][4][7] Market Opportunities - The development of deep-sea technology will create multiple market opportunities, including: - Mineral exploration and extraction (nickel, cobalt, copper, etc.) [6] - Floating production storage and offloading (FPSO) systems for energy and precious metal extraction [6] - Significant investment in scientific research to validate technological feasibility [6] - National defense and territorial security, requiring substantial investment in underwater communication, submarines, and resource maintenance [6] - Reliable power systems for detection equipment and floating production devices [6] - High-performance batteries as a core power source for underwater robots [6] Strategic Direction - The company plans to align its future development with the national deep-sea technology strategy, focusing on the "Smart Leading Deep Blue" initiative, leveraging smart technology to drive deep-sea development [2][12] - Each listed company under the group will expand according to its main business, collectively focusing on the industrial chain layout [12] Financial Performance and Future Plans - The group’s diesel engine business revenue was approximately 20 billion yuan in 2024, with a gross margin of about 20%, showing improvement from 2023 [13] - The company is exploring new business models, such as leasing or recycling, to penetrate the IDC emergency power market [9] - The company is also expanding its service network for engine aftermarket services, recognizing the potential for significant revenue and profit margins [18] Challenges and Risks - The 301 investigation may significantly impact shipowners, potentially leading to a shift in orders to manufacturers in Japan or South Korea, which could affect the traditional shipbuilding industry in China [20][21] - The company is aware of the need to adapt to market changes and is actively working on strategies to mitigate risks associated with international trade tensions [20] Conclusion - The deep-sea technology sector presents substantial growth opportunities driven by technological advancements and government support, with the company well-positioned to capitalize on these trends through its unique strengths and strategic initiatives [5][12]

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-009 | | --- | --- | --- | | 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 关于资产重组的进展公告 2024 年 11 月 2 日，公司披露了《关于筹划资产重组停牌进展情况的公告》 （公告编号：2024-071），为维护投资者利益，为维护投资者利益，避免公司股价 异常波动，根据上海证券交易所的相关规定，公司证券及可转换公司债券继续停牌。 2024 年 11 月 8 日，公司召开第八届董事会第八次会议审议了《关于公司发行 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方案的议案》及 与本次交易相关的预案/议案（以下简称"交易预案"），具体内容详见公司在上 海证券交易所网站及指定信息披露媒体发布的相关公告。经向上海证券交易所申 请，公司股票及可转换公司债券于 2024 年 11 月 11 日（星期一）开市起复牌。 1 2024 年 12 月 7 日、2025 年 1 月 4 日、2025 年 1 月 25 日、2025 年 2 月 22 日， 公司分别披露了 ...

Investment Rating - The industry investment rating is "Positive (Maintained)" [5] Core Viewpoints - The new ship price index at the end of February 2025 was reported at 188.36 points, reflecting a year-on-year increase of approximately 3% [1] - The shipbuilding industry is experiencing high prosperity, with multiple ship types ramping up production, leading to improved profitability for shipyards and potential for continuous price increases due to supply-demand tightness [3] - The total order book for ships globally reached approximately 367 million deadweight tons by the end of February 2025, representing a year-on-year growth of 26% [11] Summary by Sections Monthly Ship Price Data - The new ship price index increased by 2.84% year-on-year but decreased by 0.54% month-on-month, with a significant increase of 48.19% since 2021, currently at a historical peak of 98.36% [1] - Breakdown by ship type shows container ships at 118.31 points (up 5.26% YoY), oil tankers at 220.98 points (up 4.54% YoY), bulk carriers at 172.69 points (up 3.96% YoY), and LNG carriers at 204.17 points (up 2.05% YoY) [2] Order and Delivery Data - New orders in February 2025 saw a significant decline of 76.9% year-on-year, primarily due to the Spring Festival holiday, with total new orders around 3.7 million deadweight tons [6] - The global completion and delivery of ships in February 2025 was approximately 4.05 million deadweight tons, down 27.6% year-on-year [6] Industry Opportunities - The shipbuilding industry is expected to benefit from the government's focus on "deep-sea technology," with major players like China Shipbuilding Group positioned to gain from policy support [3] - The competitive landscape is improving due to ongoing asset consolidation in the shipbuilding sector, enhancing operational efficiency and scale [3] Key Recommendations - Key companies recommended for investment include China Shipbuilding, China Heavy Industry, China Power, China Marine Defense, and Yaxing Anchor Chain, with a focus on their strong market positions and growth potential [4]

Group 1 - The core viewpoint emphasizes China's commitment to ecological civilization and sustainable development, showcasing its achievements in green practices and international cooperation [1][2][3] - China's ecological civilization construction has been a fundamental strategy for sustainable development, with significant efforts in pollution control and integrated environmental protection [2][3] - The concept of "Green Water and Green Mountains are Golden Mountains" has guided China's approach to achieving economic value while protecting the environment [3][6] Group 2 - China has become a leader in renewable energy utilization, with the largest scale of renewable energy deployment and significant improvements in air quality [3][6] - The collaboration between China and various countries, such as Kazakhstan and Tanzania, highlights the practical application of ecological protection and sustainable practices [6][10] - China's initiatives in global climate governance and biodiversity protection demonstrate its role as a responsible major power, actively engaging in South-South cooperation [8][9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][8]. Core Views - The company is positioned as a leading player in the domestic marine power equipment sector, benefiting from a rising shipbuilding cycle and increasing demand for low-speed engines [7][20]. - The company is expected to open a second growth curve by extending its business from manufacturing to maintenance and design, leveraging its strong market position and technological foundation [7][8]. - The report highlights the potential for significant revenue growth from maintenance services, estimating an annual contribution of approximately 19.5 billion yuan if the maintenance business covers all self-produced engines [7][8]. Summary by Sections Company Overview - The company is a subsidiary of China Shipbuilding Group and has undergone multiple asset integrations to expand its power business, which now includes various power sectors such as gas, steam, and nuclear power [20][21]. - The company has a strong market share in low-speed marine engines, with a focus on high-value dual-fuel technology driven by stricter environmental regulations [7][20]. Market Dynamics - The global ship fleet's average age is increasing, with replacement demand still robust, indicating a favorable market environment for the company [7][10]. - Current ship prices are only at 65% of the previous cycle's peak, suggesting significant upward potential [7][10]. Financial Performance and Forecast - The company’s revenue is projected to grow from 45.1 billion yuan in 2023 to 58.7 billion yuan by 2026, with a compound annual growth rate of 13.4% [6]. - The net profit attributable to shareholders is expected to rise from 779 million yuan in 2023 to nearly 3 billion yuan by 2026, reflecting a strong growth trajectory [6][8]. Valuation and Target Price - The report estimates a reasonable market capitalization of approximately 70.8 billion yuan for 2025, with a target price range of 30.39 to 36.07 yuan per share under optimistic scenarios [8][10].

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-008 | | --- | --- | --- | | 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 关于资产重组的进展公告 经向上海证券交易所申请，公司证券（ 证券简称：中国动力，证券代码：600482） 及可转换公司债券（ 证券简称：动力定 01、动力定 02，债券代码：110807、110808） 自 2024 年 10 月 28 日 星期一）开市起开始停牌，具体内容详见公司于 2024 年 10 月 26 日披露的 关于筹划资产重组停牌公告》 公告编号：2024-066）。 2024 年 11 月 2 日，公司披露了 关于筹划资产重组停牌进展情况的公告》 公告编号：2024-071），为维护投资者利益，为维护投资者利益，避免公司股价 异常波动，根据上海证券交易所的相关规定，公司证券及可转换公司债券继续停牌。 2024 年 11 月 8 日，公司召开第八届董事会第八次会议审议了（ 关于公司发行 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方案的议案》及 与本次交易相关的预 ...

Group 1 - CATL achieved the first position in the global electric vehicle battery market outside of China for 2024, marking its eighth consecutive year of leading in battery usage globally [1] - The overseas market for electric vehicle batteries reached 361.4 GWh in 2024, with a year-on-year growth of 13.1%, and CATL held a 27% market share with a battery installation volume of 97.4 GWh, reflecting a 10.9% increase [1] - LG Energy Solution's decline in ranking is indicative of the overall slowdown in battery installation growth among Japanese and Korean manufacturers, with major players like Panasonic and Samsung SDI experiencing declines exceeding 10% [2] Group 2 - Chinese battery manufacturers are showing strong performance in overseas markets, with BYD's installation volume growing by 117% and CATL's local strategies being reinforced through overseas investments [3][4] - CATL plans to establish a joint venture with Stellantis in Spain with an investment of approximately 30 billion yuan, while Guoxuan High-Tech announced two overseas projects in Morocco and Slovakia, totaling over 19 billion yuan [4] - CATL's overseas revenue accounted for about 30% in the first three quarters of 2024, with significant investments in multiple battery factories to meet local supply demands [4]