Core Viewpoint - The shipbuilding market is entering a green upgrade cycle, with China Shipbuilding Defense (中船防务) showing significant growth in revenue and profit in the first half of the year [1][2]. Group 1: Financial Performance - In the first half of the year, China Shipbuilding Defense achieved revenue of 10.173 billion yuan, a year-on-year increase of 16.54% [1]. - The net profit attributable to shareholders reached 526 million yuan, marking a substantial year-on-year growth of 258.46% [1]. - The company reported cumulative operating orders of 15.498 billion yuan, up 64.6% year-on-year, completing 88.8% of its annual target [2]. Group 2: Market Dynamics - The shipbuilding industry experiences supercycle fluctuations every 20-30 years, indicating a cyclical nature [2]. - Global shipbuilding capacity is expected to face constraints until 2035, leading to a prolonged supply tightness [2]. - Increased regulatory requirements for green shipping are anticipated to drive demand for new green vessels, while older ships may face compliance-related retirements [2]. Group 3: Strategic Initiatives - The company has launched a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on capturing high-quality orders in the shipbuilding market [2][3]. - The plan emphasizes prioritizing self-developed ship types and maintaining market share in medium-sized container ships [3]. - The company aims to enhance its market position by advancing the development of various vessel types, including 5000 TEU container ships and gas carriers [3]. Group 4: Industry Outlook - The marine economy in China surpassed 10 trillion yuan for the first time, accounting for 7.8% of the national GDP [4]. - Emerging marine industries are growing, with a 7.2% increase in value added, indicating a rising share in the marine economy [4]. - The deep-sea economy encompasses various sectors, including resource development and equipment manufacturing, which are relevant to China Shipbuilding Defense's operations [4]. Group 5: Technological Advancements - The company has made significant strides in the offshore engineering sector, delivering 37 vessels in 2024, including key products like offshore wind power towers [4]. - The "Dream" deep-sea drilling vessel, designed and built by the company, features advanced automation and the capability to operate in extreme conditions [5]. - The company is also involved in constructing advanced semi-submersible vessels, enhancing its position in high-end offshore equipment [5].

免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 中船海洋與防務裝備股份有限公司 | | 股份代號 | 00317 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 10 股 0.8 RMB | | 股東批准日期 | 2025年5月27日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 10 股 0.877062 HKD | | 匯率 | ...

[Important Notice](index=1&type=section&id=%C2%A71%20Important%20Notice) [Basic Report Information and Dividend Plan](index=1&type=section&id=1%2E1-1%2E7%20Basic%20Report%20Information%20and%20Dividend%20Plan) This report is a summary of CSSC Offshore & Marine Engineering Company Limited's interim report for the six months ended June 30, 2025, with financial data prepared under PRC GAAP, unaudited but reviewed by the Board's Audit Committee; the company proposes a cash dividend of RMB 0.80 (tax inclusive) per 10 shares, totaling approximately RMB 113 million, representing 21.48% of net profit attributable to parent company shareholders for the period - This report is a summary of CSSC Offshore & Marine Engineering Company Limited's 2025 interim report, with financial data prepared under PRC GAAP, unaudited but reviewed by the Board's Audit Committee[3](index=3&type=chunk) 2025 Half-Year Cash Dividend Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares | RMB 0.80 (tax inclusive) | | Total proposed cash dividend | RMB 113,080,510.24 (tax inclusive) | | Percentage of net profit attributable to parent company shareholders for Jan-Jun 2025 | 21.48% | | Remaining undistributed profit carried forward | RMB 1,468,170,857.41 | | Capital reserve converted to share capital | Not implemented | | Expected completion date for cash dividend distribution | On or before October 23, 2025 | - This profit distribution plan has been authorized by the 2024 Annual General Meeting for Board decision and does not require further shareholder approval[4](index=4&type=chunk) [Company Profile](index=3&type=section&id=%C2%A72%20Company%20Profile) [Key Financial Data and Indicators](index=3&type=section&id=2%2E1%20Key%20Financial%20Data%20and%20Indicators) During the reporting period, CSSC Offshore & Marine Engineering Company Limited achieved significant growth in operating revenue and total profit, with net profit attributable to listed company shareholders increasing by 258.46% year-on-year; net cash flow from operating activities turned positive, indicating a significant improvement in the company's operating condition, while non-recurring gains and losses had some impact on net profit 2025 Half-Year Key Accounting Data | Key Accounting Data (Jan-Jun) | Current Period (RMB Yuan) | Prior Year Period (RMB Yuan) | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,172,636,741.11 | 8,728,536,063.65 | 16.54 | | Total Profit | 656,113,231.71 | 150,721,702.25 | 335.31 | | Net Profit Attributable to Listed Company Shareholders | 526,386,355.89 | 146,845,686.17 | 258.46 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 490,999,481.55 | 131,051,014.64 | 274.66 | | Net Cash Flow from Operating Activities | 1,530,898,629.05 | -5,557,686,660.25 | N/A | 2025 Half-Year Key Financial Indicators | Key Financial Indicators (Jan-Jun) | Current Period | Prior Year Period | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.3724 | 0.1039 | 258.42 | | Diluted Earnings Per Share (RMB/share) | 0.3724 | 0.1039 | 258.42 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | 0.3474 | 0.0927 | 274.76 | | Weighted Average Return on Net Assets (%) | 3.11 | 0.83 | Increased by 2.28 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 2.90 | 0.74 | Increased by 2.16 percentage points | - Total profit and net profit attributable to parent company shareholders significantly increased, primarily due to improved production efficiency, deepened cost management leading to higher product gross margins, and increased investment income from better performance of associates and dividends from investees[8](index=8&type=chunk) - Net cash flow from operating activities turned from a negative value in the prior year to a positive **RMB 1.53 billion**, mainly due to increased receipt of shipbuilding progress payments in the current reporting period[8](index=8&type=chunk) 2025 Half-Year Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,541,647.08 | | Government grants recognized in current profit or loss | 56,317,959.38 | | Fair value changes and disposal gains or losses from financial assets and liabilities held by non-financial enterprises | 21,351,165.42 | | Other non-operating income and expenses | 3,092,188.45 | | Less: Income tax impact | 13,588,854.17 | | Less: Impact on minority interests (after tax) | 30,243,937.66 | | Total | 35,386,874.34 | [Employee Information and Remuneration Policy](index=6&type=section&id=%C2%A73%20Employee%20Information%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's total number of employees was 4,557, with total employee remuneration paid in the first half of the year amounting to RMB 395 million; the company implements a position-performance-based salary system, with remuneration including wages, bonuses, and other state-mandated welfare plans 2025 Half-Year Employee Information | Indicator | Data | | :--- | :--- | | Total employees (as of June 30, 2025) | 4,557 persons | | Total employee remuneration paid (Jan-Jun 2025) | RMB 395 million | - The Group implements a position-performance-based salary system, with remuneration comprising wages, bonuses, and other state-mandated welfare plans, adhering to relevant Chinese laws and regulations[11](index=11&type=chunk) [Discussion and Analysis of Operations](index=6&type=section&id=%C2%A74%20Discussion%20and%20Analysis%20of%20Operations) [Overall Operating Performance Discussion and Analysis for the Reporting Period](index=6&type=section&id=4%2E1%20Overall%20Operating%20Performance%20Discussion%20and%20Analysis%20for%20the%20Reporting%20Period) In the first half of 2025, the global new shipbuilding market experienced a phased adjustment, with new vessel orders declining but prices remaining high, and China's shipbuilding industry maintaining its leading market share; the Group actively responded to market changes, focusing on the marine defense industry and its main vessel types, achieving significant growth in operating orders and revenue, and delivering multiple products ahead of schedule - In the first half of 2025, global new shipbuilding orders decreased by **34.36%** (by deadweight tons) and **54.36%** (by compensated gross tons) year-on-year, with container ships being the only highlight, increasing by **27.23%** year-on-year[12](index=12&type=chunk) - New vessel prices eased from high levels, with the Clarkson Newbuilding Price Index decreasing by **0.1%** year-on-year in June, but green vessel renewal demand and limited high-quality capacity supported prices[13](index=13&type=chunk) - China's shipbuilding industry continued to lead the world in three major indicators (new orders, completed shipbuilding, and outstanding orders), accounting for **56.12%**, **52.20%**, and **67.28%** (by deadweight tons) of the global market, respectively[14](index=14&type=chunk) - The Group achieved operating orders of **RMB 15.498 billion** in the first half, a year-on-year increase of **64.6%**, completing **88.8%** of its annual plan, and undertaking 6 types of 32 new shipbuilding orders, including container ships, special vessels, and gas carriers[16](index=16&type=chunk) - During the reporting period, the Group completed and delivered **16 vessels**, totaling **454,600 deadweight tons**, achieving operating revenue of **RMB 10.173 billion**, a year-on-year increase of **16.54%**[16](index=16&type=chunk) - As of the end of the reporting period, the Group's outstanding order contract value was approximately **RMB 68 billion**, including about **RMB 65 billion** for shipbuilding orders (140 vessels, 1 offshore engineering equipment unit) and about **RMB 3 billion** for non-shipbuilding products[17](index=17&type=chunk) [Main Business Analysis](index=9&type=section&id=4%2E2%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue and operating costs both increased, with operating revenue growing by 16.54%; financial expenses varied due to exchange rate fluctuations and increased net interest income and expenses, while R&D investment significantly increased; investment income grew substantially, mainly from associates' investment income; balance sheet items showed various changes, with increases in accounts receivable and inventory, and significant growth in contract liabilities and non-current liabilities due within one year 2025 Half-Year Financial Statement Item Changes | Item | Current Period (RMB Yuan) | Prior Year Period (RMB Yuan) | % Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,172,636,741.11 | 8,728,536,063.65 | 16.54 | | Operating Cost | 9,218,419,877.97 | 8,079,818,322.37 | 14.09 | | Selling Expenses | 12,169,312.95 | 12,906,616.79 | -5.71 | | Administrative Expenses | 309,540,092.02 | 290,618,064.47 | 6.51 | | Financial Expenses | -119,100,650.46 | -159,756,474.23 | N/A | | R&D Expenses | 549,656,510.52 | 423,009,220.26 | 29.94 | | Net Cash Flow from Operating Activities | 1,530,898,629.05 | -5,557,686,660.25 | N/A | | Net Cash Flow from Investing Activities | 1,276,924,854.65 | 806,396,143.92 | 58.35 | | Net Cash Flow from Financing Activities | -300,581,028.11 | 451,347,377.55 | -166.60 | | Taxes and Surcharges | 23,743,301.09 | 11,454,711.70 | 107.28 | | Other Income | 98,929,395.67 | 58,358,958.88 | 69.52 | | Investment Income | 405,636,862.98 | 122,596,866.59 | 230.87 | | Fair Value Change Income | 9,266,578.75 | -64,857,252.63 | N/A | | Credit Impairment Losses | -637,579.53 | -3,698,846.98 | N/A | | Asset Impairment Losses | -36,840,864.55 | – | N/A | | Gains on Disposal of Assets | -187,689.66 | -32,490,144.44 | N/A | | Non-Operating Income | 3,395,110.41 | 1,564,607.84 | 116.99 | | Non-Operating Expenses | 1,656,879.38 | 1,238,089.30 | 33.83 | | Income Tax Expense | 54,405,068.22 | -33,905,499.07 | N/A | - Operating revenue growth was primarily driven by sufficient outstanding orders, the batch construction advantage of main vessel types, and increased production output and efficiency from lean management[20](index=20&type=chunk) - Investment income significantly increased by **230.87%** year-on-year, mainly due to increased investment income from associates (especially Guangzhou Shipyard International Company Limited) recognized under the equity method[24](index=24&type=chunk)[27](index=27&type=chunk) 2025 Half-Year Balance Sheet Major Item Changes | Item Name | Current Period End (RMB Yuan) | % of Total Assets | Prior Year End (RMB Yuan) | % of Total Assets | % Change from Prior Year End | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 16,380,760,423.37 | 29.09 | 15,260,594,444.32 | 28.47 | 7.34 | | | Trading Financial Assets | 119,063.01 | 0.00 | 1,171,434.07 | 0.00 | -89.84 | Financial derivatives matured and settled during the reporting period | | Notes Receivable | 20,732,902.81 | 0.04 | 56,102,457.89 | 0.10 | -63.04 | Some notes matured and settled during the reporting period | | Accounts Receivable | 1,934,505,426.91 | 3.44 | 1,326,920,478.98 | 2.48 | 45.79 | Uncollected payments due to unreached collection milestones increased at the end of the reporting period | | Receivables Financing | 114,015,583.63 | 0.20 | 236,548,075.95 | 0.44 | -51.8 | Supply chain platform notes matured and settled during the reporting period | | Inventories | 7,225,851,872.50 | 12.83 | 5,905,684,446.80 | 11.02 | 22.35 | | | Contract Assets | 3,091,069,008.37 | 5.49 | 2,388,466,443.95 | 4.46 | 29.42 | | | Long-term Receivables | 469,561,861.68 | 0.83 | 715,985,528.68 | 1.34 | -34.42 | Long-term receivables from deferred sales with financing nature matured and collected during the reporting period | | Long-term Equity Investments | 5,763,132,186.69 | 10.23 | 5,403,984,842.40 | 10.08 | 6.65 | | | Long-term Deferred Expenses | 119,043,239.44 | 0.21 | 79,792,669.10 | 0.15 | 49.19 | Improvement and renovation of fixed assets, production facilities, etc., during the reporting period | | Short-term Borrowings | 539,249,576.40 | 0.96 | 598,343,912.50 | 1.12 | -9.88 | | | Trading Financial Liabilities | 49,405,603.48 | 0.09 | 94,183,471.96 | 0.18 | -47.54 | Fair value changes of some held financial derivatives at the end of the reporting period | | Contract Liabilities | 14,920,868,699.17 | 26.50 | 13,291,127,772.51 | 24.80 | 12.26 | | | Employee Remuneration Payable | 190,383,293.37 | 0.34 | 1,367,643.45 | 0.00 | 13820.54 | Monthly accrual of wages, subsidies, and welfare expenses during the reporting period | | Other Payables | 365,637,588.27 | 0.65 | 265,576,439.57 | 0.50 | 37.68 | New ordinary share dividends payable of RMB 99 million at the end of the reporting period | | Non-current Liabilities Due Within One Year | 2,283,387,967.26 | 4.05 | 1,558,093,634.54 | 2.91 | 46.55 | Long-term borrowings due within one year increased at the end of the reporting period | | Long-term Borrowings | 3,162,900,000.00 | 5.62 | 4,048,900,000.00 | 7.55 | -21.88 | | [Investment Status Analysis](index=14&type=section&id=4%2E3%20Investment%20Status%20Analysis) As of the end of the reporting period, the Group's long-term equity investments amounted to **RMB 5.763 billion**, an increase of **6.65%** from the beginning of the year, mainly due to increased investment income from associates Long-term Equity Investment Changes | Indicator | Period-End Balance (RMB 10,000) | Year-Beginning Balance (RMB 10,000) | % Change | | :--- | :--- | :--- | :--- | | Long-term Equity Investments | 576,313.22 | 540,398.48 | 6.65 | - The increase in long-term equity investments was mainly due to increased investment income from associates during the reporting period[31](index=31&type=chunk) [Non-Fundraising Investment Projects](index=14&type=section&id=4%2E4%20Non-Fundraising%20Investment%20Projects) During the reporting period, the company had no non-fundraising investment projects - During the reporting period, the company had no non-fundraising investment projects[32](index=32&type=chunk) [Significant Matters](index=14&type=section&id=%C2%A75%20Significant%20Matters) [Asset Transactions, Business Combinations](index=14&type=section&id=5%2E1%20Asset%20Transactions%2C%20Business%20Combinations) During the reporting period, the company had no asset transactions or business combinations - During the reporting period, the company had no asset transactions or business combinations[33](index=33&type=chunk) [Profit Distribution and Suspension of Share Transfer Registration for the Reporting Period](index=14&type=section&id=5%2E2%20Profit%20Distribution%20and%20Suspension%20of%20Share%20Transfer%20Registration%20for%20the%20Reporting%20Period) The company proposes a cash dividend of RMB 0.80 (tax inclusive) per 10 shares to all shareholders, totaling approximately RMB 113 million, representing 21.48% of net profit attributable to parent company shareholders for the period; to ensure shareholder eligibility, the company will suspend share transfer registration from September 22 to September 25, 2025 2025 Half-Year Cash Dividend Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares | RMB 0.80 (tax inclusive) | | Total proposed cash dividend | RMB 113,080,510.24 (tax inclusive) | | Percentage of net profit attributable to parent company shareholders for Jan-Jun 2025 | 21.48% | | Remaining undistributed profit carried forward | RMB 1,468,170,857.41 | | Capital reserve converted to share capital | Not implemented | - The company will suspend share transfer registration from **September 22, 2025, to September 25, 2025**, to determine shareholder eligibility for the interim dividend[35](index=35&type=chunk) [Major Litigation, Arbitration, and Matters of Widespread Media Questioning](index=15&type=section&id=5%2E3%20Major%20Litigation%2C%20Arbitration%2C%20and%20Matters%20of%20Widespread%20Media%20Questioning) During the reporting period, the company had no major litigation, arbitration, or matters of widespread media questioning - During the reporting period, the company had no major litigation, arbitration, or matters of widespread media questioning[36](index=36&type=chunk) [Custody, Contracting, Leasing Matters](index=15&type=section&id=5%2E4%20Custody%2C%20Contracting%2C%20Leasing%20Matters) The Group has multiple land, building, and structure leases, primarily involving affiliated companies; additionally, the Group's total guarantees for subsidiaries amount to **RMB 2.836 billion**, representing **13.43%** of the company's net assets, all provided for guaranteed entities with a debt-to-asset ratio exceeding **70%** Major Leasing Information | Lessor Name | Lessee Name | Leased Asset Description | Lease Start Date | Lease End Date | Related Party Transaction | | :--- | :--- | :--- | :--- | :--- | :--- | | China State Shipbuilding Corporation Guangzhou Shipbuilding Industry Co., Ltd. | Huangpu Wenchong | Land, buildings, and structures | 2014.5.1 | Relocation completed and production commenced in new plant area | Yes | | Guangzhou CSSC Wenchong Industrial Co., Ltd. | Wenchong Shipyard | Land, buildings, and structures | 2018.11.1 | Relocation completed and production commenced in new plant area | Yes | | Guangdong Guangxin Shipbuilding Trading Co., Ltd. | Wenchuan Heavy Industry | Land, buildings, and structures | 2024.5.1 | 2026.4.30 | No | Company Guarantee Total (as of End of Reporting Period) | Indicator | Amount (RMB 10,000) | % of Company's Net Assets | | :--- | :--- | :--- | | Total new guarantees for subsidiaries during the reporting period | 122,092.05 | | | Total outstanding guarantees for subsidiaries at period-end (B) | 283,587.71 | | | Total Guarantees (A+B) | 283,587.71 | 13.43 | | Of which: Debt guarantees provided directly or indirectly for guaranteed entities with debt-to-asset ratio exceeding 70% (D) | 283,587.71 | | - During the reporting period, the Group's cumulative new external guarantees amounted to **RMB 1.221 billion**, all within the guarantee framework approved by the shareholders' meeting, with no overdue guarantees[40](index=40&type=chunk) - As of the end of the reporting period, the Group's outstanding external guarantees amounted to **RMB 2.836 billion**, all provided by the company's controlling subsidiary Huangpu Wenchong for its subsidiary Wenchuan Heavy Industry, covering bank credit line guarantees, parent company guarantees, advance payment guarantees, and performance guarantees[40](index=40&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=5%2E5%20Environmental%20Information%20Disclosure) Two of the Group's subsidiaries, Guangzhou Huangchuan Offshore Engineering Co., Ltd. and Guangzhou Wenchong Shipyard Co., Ltd., are included in the list of enterprises required to disclose environmental information, and their environmental information disclosure reports can be found on the Guangdong Provincial Department of Ecology and Environment's Enterprise Environmental Information Disclosure System Enterprises Included in the List of Enterprises Required to Disclose Environmental Information | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Guangzhou Huangchuan Offshore Engineering Co., Ltd. | Guangdong Provincial Department of Ecology and Environment Enterprise Environmental Information Disclosure System | | 2 | Guangzhou Wenchong Shipyard Co., Ltd. | Guangdong Provincial Department of Ecology and Environment Enterprise Environmental Information Disclosure System | [Explanation of Other Significant Matters](index=18&type=section&id=5%2E6%20Explanation%20of%20Other%20Significant%20Matters) As of June 30, 2025, the Group's asset-liability ratio was **62.50%**, an increase of **2 percentage points** from the beginning of the period; the company had no repurchases, sales, or redemptions of securities, nor did it hold any treasury shares; the Group's capital management objective is to ensure continuous operation and provide adequate returns to shareholders; no significant post-reporting period matters require disclosure - As of **June 30, 2025**, the company had **RMB 10 million** in bank deposits used as collateral for bank acceptance bills, guarantees, and letters of credit, with no other asset pledges[42](index=42&type=chunk) Asset-Liability Ratio Change | Indicator | June 30, 2025 | Beginning of Period | | :--- | :--- | :--- | | Asset-liability ratio | 62.50% | 60.50% | | Change | Increased by 2 percentage points | | - During the reporting period, the Group had no repurchases, sales, or redemptions of listed securities of the company or any of its subsidiaries, and held no treasury shares as of **June 30, 2025**[44](index=44&type=chunk) - The Group's primary capital management objective is to ensure continuous operation and regularly review and manage its capital structure based on economic environment, funding needs, and profitability[45](index=45&type=chunk) - As of the date of this report, the Group had no significant post-reporting period matters requiring disclosure[46](index=46&type=chunk) [Corporate Governance Report](index=19&type=section&id=%C2%A76%20Corporate%20Governance%20Report) [Corporate Governance](index=19&type=section&id=6%2E1%20Corporate%20Governance) The company strictly complies with relevant laws, regulations, and listing rules, continuously improving its corporate governance structure; during the reporting period, the company applied and complied with Appendix C1 of the Hong Kong Listing Rules' Corporate Governance Code, but non-executive directors did not attend shareholder meetings and the chairman position was vacant, which has since been filled by Mr. Luo Bing as the new chairman - The company strictly adheres to the "Company Law," "Securities Law," and listing rules of the China Securities Regulatory Commission and Shanghai and Hong Kong stock exchanges to improve its corporate governance structure, with no significant discrepancies from relevant regulations currently[48](index=48&type=chunk) - For the six months ended **June 30, 2025**, the company applied and complied with Appendix C1 of the Hong Kong Listing Rules' Corporate Governance Code, but non-executive directors Mr. Yin Lu and Mr. Gu Yuan were unable to attend some shareholder meetings due to work reasons[49](index=49&type=chunk) - The company's former chairman, Mr. Xiang Huiming, resigned on **May 21, 2024**, and as of **June 30, 2025**, the positions of chairman and chairman of the Board's Strategy Committee were vacant; on **August 21, 2025**, Mr. Luo Bing was elected as the new chairman and chairman of the Strategy Committee, and the company has fully met the requirements of the Corporate Governance Code[49](index=49&type=chunk) [Directors' Securities Transactions](index=20&type=section&id=6%2E2%20Directors%27%20Securities%20Transactions) The company strictly complies with the restrictions on directors' securities transactions by domestic and overseas regulatory bodies and has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers"; all directors have confirmed full compliance with this code during the reporting period - The company strictly complies with the relevant restrictions on directors' securities transactions by both domestic and Hong Kong regulatory bodies and has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers"[50](index=50&type=chunk) - All directors have confirmed to the company that they have fully complied with the "Model Code for Securities Transactions by Directors of Listed Issuers" during the reporting period[50](index=50&type=chunk) [Board Meetings](index=20&type=section&id=6%2E3%20Board%20Meetings) As of the end of the reporting period, the company's Board of Directors held 4 meetings, with all directors attending; additionally, independent directors held 2 special meetings, the Audit Committee held 4 meetings, and the Remuneration and Appraisal Committee held 1 meeting, approving multiple important proposals - As of the end of the reporting period, the company's Board of Directors held **4 meetings** (including 2 written meetings), with all directors attending (including attendance by proxy)[51](index=51&type=chunk) - During the reporting period, the Board's independent directors held **2 special meetings**, approving **2 proposals**, including the preliminary proposal for the controlling shareholder to change the "Letter of Undertaking to Avoid Competition with CSSC Offshore & Marine Engineering Company Limited"[51](index=51&type=chunk) - The Audit Committee held **4 meetings**, approving **14 proposals**, including the 2024 Annual Report, Internal Control Evaluation Report, and 2025 First Quarter Report[51](index=51&type=chunk) - The Remuneration and Appraisal Committee held **1 meeting**, approving **1 proposal** regarding the 2024 performance appraisal results and remuneration of the company's directors, supervisors, and senior management[51](index=51&type=chunk) [Financial Statements Prepared Under PRC GAAP](index=21&type=section&id=%C2%A77%20Financial%20Statements%20Prepared%20Under%20PRC%20GAAP) [Consolidated Balance Sheet](index=21&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the Group's total consolidated assets amounted to **RMB 56.312 billion**, an increase of **5.07%** from the end of 2024; total current assets were **RMB 35.625 billion**, total current liabilities were **RMB 30.299 billion**, and the asset-liability ratio was **62.50%** Consolidated Balance Sheet Key Data (as of June 30, 2025) | Item | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Total Current Assets | 35,625,080,814.03 | 32,140,949,910.03 | | Total Non-current Assets | 20,687,231,943.75 | 21,455,163,705.22 | | Total Assets | 56,312,312,757.78 | 53,596,113,615.25 | | Total Current Liabilities | 30,298,852,019.21 | 26,396,390,403.11 | | Total Non-current Liabilities | 4,898,864,999.14 | 6,029,266,122.27 | | Total Liabilities | 35,197,717,018.35 | 32,425,656,525.38 | | Total Equity Attributable to Parent Company Shareholders | 17,694,327,025.67 | 17,824,706,200.68 | | Total Equity | 21,114,595,739.43 | 21,170,457,089.87 | | Total Liabilities and Equity | 56,312,312,757.78 | 53,596,113,615.25 | [Parent Company Balance Sheet](index=25&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets amounted to **RMB 16.245 billion**, a slight decrease from the end of 2024; total current assets were **RMB 1.570 billion**, total current liabilities were **RMB 120 million**, and total equity was **RMB 15.070 billion** Parent Company Balance Sheet Key Data (as of June 30, 2025) | Item | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,570,081,545.77 | 1,499,544,628.10 | | Total Non-current Assets | 14,675,040,592.92 | 15,042,077,255.41 | | Total Assets | 16,245,122,138.69 | 16,541,621,883.51 | | Total Current Liabilities | 119,695,242.70 | 18,993,165.20 | | Total Non-current Liabilities | 1,055,849,222.96 | 1,240,808,494.84 | | Total Liabilities | 1,175,544,465.66 | 1,259,801,660.04 | | Total Equity | 15,069,577,673.03 | 15,281,820,223.47 | | Total Liabilities and Equity | 16,245,122,138.69 | 16,541,621,883.51 | [Consolidated Income Statement](index=29&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the Group achieved total operating revenue of **RMB 10.173 billion**, a year-on-year increase of **16.54%**; net profit was **RMB 602 million**, with net profit attributable to parent company shareholders of **RMB 526 million**, a significant year-on-year increase of **258.46%**; total comprehensive income was **RMB 43.34 million**, a substantial decrease from the prior year period Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | 2025 Half-Year (RMB Yuan) | 2024 Half-Year (RMB Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 10,172,636,741.11 | 8,728,536,063.65 | | II. Total Operating Cost | 9,994,428,444.09 | 8,658,050,461.36 | | III. Operating Profit | 654,375,000.68 | 150,395,183.71 | | IV. Total Profit | 656,113,231.71 | 150,721,702.25 | | Less: Income Tax Expense | 54,405,068.22 | -33,905,499.07 | | V. Net Profit | 601,708,163.49 | 184,627,201.32 | | Net Profit Attributable to Parent Company Shareholders | 526,386,355.89 | 146,845,686.17 | | VI. Net Other Comprehensive Income After Tax | -558,365,322.44 | 1,834,065,131.74 | | VII. Total Comprehensive Income | 43,342,841.05 | 2,018,692,333.06 | | VIII. Earnings Per Share: Basic Earnings Per Share (RMB/share) | 0.3724 | 0.1039 | [Parent Company Income Statement](index=32&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the parent company achieved operating revenue of **RMB 7.332 million**, with net profit of **RMB 444 million**, a significant year-on-year increase; total comprehensive income was **RMB -113 million**, a substantial decrease from the prior year period Parent Company Income Statement Key Data (Jan-Jun 2025) | Item | 2025 Half-Year (RMB Yuan) | 2024 Half-Year (RMB Yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 7,332,000.00 | 6,546,600.00 | | II. Operating Profit | 447,900,426.15 | 120,696,350.83 | | III. Total Profit | 447,899,542.95 | 120,696,350.83 | | Less: Income Tax Expense | 3,849,353.92 | 3,623,480.55 | | IV. Net Profit | 444,050,189.03 | 117,072,870.28 | | V. Net Other Comprehensive Income After Tax | -557,488,547.98 | 1,838,535,032.00 | | VI. Total Comprehensive Income | -113,438,358.95 | 1,955,607,902.28 | [Consolidated Cash Flow Statement](index=34&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the Group's net cash flow from operating activities was **RMB 1.531 billion**, a significant improvement from the prior year period; net cash flow from investing activities was **RMB 1.277 billion**, and net cash flow from financing activities was **RMB -301 million**; the net increase in cash and cash equivalents was **RMB 2.491 billion** Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | 2025 Half-Year (RMB Yuan) | 2024 Half-Year (RMB Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,530,898,629.05 | -5,557,686,660.25 | | Net Cash Flow from Investing Activities | 1,276,924,854.65 | 806,396,143.92 | | Net Cash Flow from Financing Activities | -300,581,028.11 | 451,347,377.55 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -16,578,773.42 | 21,629,075.25 | | Net Increase in Cash and Cash Equivalents | 2,490,663,682.17 | -4,278,314,063.53 | | Cash and Cash Equivalents at End of Period | 10,403,314,333.35 | 5,422,846,011.31 | [Parent Company Cash Flow Statement](index=37&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the parent company's net cash flow from operating activities was **RMB -1.997 million**, net cash flow from investing activities was **RMB 320 million**, and net cash flow from financing activities was **RMB -0.451 million**; cash and cash equivalents at the end of the period amounted to **RMB 382 million** Parent Company Cash Flow Statement Key Data (Jan-Jun 2025) | Item | 2025 Half-Year (RMB Yuan) | 2024 Half-Year (RMB Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,996,468.13 | -3,579,607.45 | | Net Cash Flow from Investing Activities | 320,274,032.16 | 366,525,840.00 | | Net Cash Flow from Financing Activities | -450,562.67 | | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -898.99 | -3,165.25 | | Net Increase in Cash and Cash Equivalents | 317,826,102.37 | 362,943,067.30 | | Cash and Cash Equivalents at End of Period | 381,695,038.16 | 413,918,306.52 | [Notes to the Consolidated Financial Statements](index=39&type=section&id=%C2%A78%20Notes%20to%20the%20Consolidated%20Financial%20Statements) [Basis of Financial Statement Preparation](index=39&type=section&id=%E4%B8%80%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) These financial statements are prepared in accordance with PRC Enterprise Accounting Standards, CSRC, and Hong Kong Listing Rules, on a going concern basis; management has assessed the going concern ability for 12 months from June 30, 2025, and believes the financial position can meet production and operation needs - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15" by the China Securities Regulatory Commission, and relevant provisions of the "Hong Kong Companies Ordinance" and the "Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited"[76](index=76&type=chunk) - The Group's management has assessed its ability to continue as a going concern for 12 months from **June 30, 2025**, and believes that its current financial position can meet the Group's production and operations, thus the financial statements are prepared on a going concern basis[77](index=77&type=chunk) [Statement of Compliance with Enterprise Accounting Standards](index=39&type=section&id=%E4%BA%8C%E3%80%81%E9%81%B5%E5%BE%AA%E4%BC%81%E4%B8%9A%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E7%9A%84%E5%A3%B0%E6%98%8E) These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, truly and completely reflecting the Group's consolidated and parent company financial position as of June 30, 2025, and operating results and cash flows for January to June 2025 - These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, truly and completely reflecting the Group's consolidated and parent company financial position as of **June 30, 2025**, and operating results and cash flows for **January to June 2025**[78](index=78&type=chunk) [Notes to Major Items in Consolidated Financial Statements](index=39&type=section&id=%E4%B8%89%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E8%AF%B4%E6%98%8E) This section provides detailed notes on major items in the consolidated financial statements, including notes receivable, accounts receivable, notes payable, accounts payable, retained earnings, net current assets, total assets less current liabilities, operating revenue and cost, financial expenses, investment income, fair value change income, non-operating income, income tax expense, depreciation and amortization, gain (or loss) on disposal of investments or properties, earnings per share, dividends, and segment information, offering period-end balances, changes, and related explanations for each item [1. Notes Receivable](index=40&type=section&id=1%2E%20Notes%20Receivable) Notes Receivable Classified by Type (Period-End Balance) | Item | Period-End Balance (RMB Yuan) | Period-Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 12,577,205.57 | 45,894,339.59 | | Finance Company Acceptance Bills | 8,155,697.24 | 10,208,118.30 | | Total | 20,732,902.81 | 56,102,457.89 | - Among notes receivable endorsed or discounted and not yet due at the balance sheet date, bank acceptance bills amounted to **RMB 10,980,162.56**, and finance company acceptance bills amounted to **RMB 5,847,128.76**[83](index=83&type=chunk) [2. Accounts Receivable](index=42&type=section&id=2%2E%20Accounts%20Receivable) Accounts Receivable Aging Analysis (Period-End Balance) | Aging | Period-End Balance (RMB Yuan) | Period-Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Within 1 year | 1,700,011,504.84 | 1,087,502,662.41 | | 1 to 2 years | 202,573,213.26 | 200,773,733.85 | | 2 to 3 years | 45,971,622.69 | 42,384,569.49 | | 3 to 4 years | 5,198,368.61 | 13,407,264.43 | | 4 to 5 years | 139,816.00 | 732,670.71 | | Over 5 years | 11,759,418.27 | 12,696,822.46 | | Subtotal | 1,965,653,943.67 | 1,357,497,723.35 | | Less: Provision for Bad Debts | 31,148,516.76 | 30,577,244.37 | | Total | 1,934,505,426.91 | 1,326,920,478.98 | - The period-end balance of accounts receivable increased by **45.79%** from the beginning of the period, mainly due to an increase in amounts not yet due for collection[29](index=29&type=chunk) - The Group accrues bad debt provisions for accounts receivable based on aging, with expected default loss rates ranging from **0%** (0-6 months) to **100%** (over 5 years)[87](index=87&type=chunk) Top Five Accounts Receivable and Contract Assets by Debtor (Period-End Balance) | Debtor Name | Accounts Receivable Period-End Balance (RMB Yuan) | Contract Assets Period-End Balance (RMB Yuan) | Total Accounts Receivable and Contract Assets Period-End Balance (RMB Yuan) | % of Total Accounts Receivable and Contract Assets Period-End Balance | | :--- | :--- | :--- | :--- | :--- | | Debtor 1 | 79,235,000.00 | 1,855,455,315.40 | 1,934,690,315.40 | 38.26 | | Debtor 2 | 104,520,000.00 | 493,774,475.25 | 598,294,475.25 | 11.83 | | Debtor 3 | 282,137,783.00 | | 282,137,783.00 | 5.58 | | Debtor 4 | 211,407,775.20 | | 211,407,775.20 | 4.18 | | Debtor 5 | 249,688.37 | 135,205,880.04 | 135,455,568.41 | 2.68 | | Total | 677,550,246.57 | 2,484,435,670.69 | 3,161,985,917.26 | 62.53 | [3. Notes Payable](index=45&type=section&id=3%2E%20Notes%20Payable) Notes Payable Classification (Period-End Balance) | Type of Note | Period-End Balance (RMB Yuan) | Period-Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 931,091,362.79 | 1,363,849,542.52 | | Finance Company Acceptance Bills | 832,734,998.67 | 510,322,494.34 | | Total | 1,763,826,361.46 | 1,874,172,036.86 | - The total notes payable at period-end was **RMB 1,763,826,361.46**, with all notes having an aging within **180 days**[89](index=89&type=chunk) [4. Accounts Payable](index=45&type=section&id=4%2E%20Accounts%20Payable) Accounts Payable Listing (Period-End Balance) | Item | Period-End Balance (RMB Yuan) | Period-Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Material Procurement | 9,005,472,338.42 | 6,662,652,885.92 | | Construction in Progress Payments | 68,220,511.32 | 437,953,360.82 | | Quality Guarantee Deposits | 702,510,351.42 | 736,359,820.62 | | Other Engineering and Labor Services | 113,543,700.17 | 615,863,291.05 | | Total | 9,889,746,901.33 | 8,452,829,358.41 | Accounts Payable Aging Analysis (Period-End Balance) | Aging | Period-End Balance (RMB Yuan) | Period-Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Within 1 year | 7,306,477,080.99 | 6,153,217,058.00 | | 1 to 2 years | 1,598,478,990.05 | 958,967,492.46 | | 2 to 3 years | 287,853,262.76 | 374,870,763.74 | | Over 3 years | 696,937,567.53 | 965,774,044.21 | | Total | 9,889,746,901.33 | 8,452,829,358.41 | - The total accounts payable at period-end was **RMB 9.890 billion**, with significant accounts payable over **1 year** or overdue primarily consisting of estimated payables and quality guarantee deposits to units under China State Shipbuilding Corporation[90](index=90&type=chunk)[92](index=92&type=chunk) [5. Retained Earnings](index=47&type=section&id=5%2E%20Retained%20Earnings) Retained Earnings Movement | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | | :--- | :--- | :--- | | Retained earnings at end of prior period (adjusted) | 2,591,405,648.46 | 2,276,749,345.46 | | Add: Net profit attributable to parent company owners for the year | 526,386,355.89 | 146,845,686.17 | | Less: Ordinary share dividends payable | 98,945,446.47 | 15,548,570.16 | | Add: Other comprehensive income transferred to retained earnings | -467,760.08 | | | Period-end balance | 3,018,378,797.80 | 2,408,046,461.47 | [6. Net Current Assets](index=48&type=section&id=6%2E%20Net%20Current%20Assets) Net Current Assets | Item | Period-End Balance (RMB Yuan) | Period-Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Current Assets | 35,625,080,814.03 | 32,140,949,910.03 | | Less: Current Liabilities | 30,298,852,019.21 | 26,396,390,403.11 | | Net Current Assets | 5,326,228,794.82 | 5,744,559,506.92 | [7. Total Assets Less Current Liabilities](index=48&type=section&id=7%2E%20Total%20Assets%20Less%20Current%20Liabilities) Total Assets Less Current Liabilities | Item | Period-End Balance (RMB Yuan) | Period-Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Total Assets | 56,312,312,757.78 | 53,596,113,615.25 | | Less: Current Liabilities | 30,298,852,019.21 | 26,396,390,403.11 | | Total Assets Less Current Liabilities | 26,013,460,738.57 | 27,199,723,212.14 | [8. Operating Revenue, Operating Cost](index=48&type=section&id=8%2E%20Operating%20Revenue%2C%20Operating%20Cost) Operating Revenue and Operating Cost (Current Period Amount) | Item | Revenue (RMB Yuan) | Cost (RMB Yuan) | | :--- | :--- | :--- | | Main Business | 10,032,831,730.56 | 9,099,088,302.38 | | Other Business | 139,805,010.55 | 119,331,575.59 | | Total | 10,172,636,741.11 | 9,218,419,877.97 | Main Business Gross Profit (Current Period Amount) | Item | Current Period Amount (RMB Yuan) | | :--- | :--- | | Main Business Revenue | 10,032,831,730.56 | | Main Business Cost | 9,099,088,302.38 | | Gross Profit | 933,743,428.18 | Main Business Revenue by Product Category (Current Period Amount) | Product Name | Current Period Amount (RMB Yuan) | | :--- | :--- | | Vessel Products | 9,395,989,883.27 | | Of which: Container Ships | 2,411,731,334.06 | | Of which: Special Vessels and Others | 6,984,258,549.21 | | Offshore Engineering Products | 34,271,270.38 | | Steel Structures | 33,539,675.24 | | Vessel Repair and Modification | 446,468,248.35 | | Electromechanical Products and Others | 122,562,653.32 | | Total | 10,032,831,730.56 | Main Business Revenue by Region (Current Period Amount) | Region Name | Current Period Amount (RMB Yuan) | | :--- | :--- | | China (including Hong Kong, Macau, Taiwan) | 6,807,845,601.08 | | Other Asian Regions | 1,634,612,408.52 | | Europe | 825,424,472.72 | | Oceania | 8,307,287.53 | | North America | 21,998,511.56 | | Africa | 734,643,449.15 | | Total | 10,032,831,730.56 | - As of **June 30, 2025**, the transaction price corresponding to contracts signed but not yet fulfilled was **RMB 57.629 billion**, with **RMB 10.271 billion** expected to be recognized as revenue in **2025** and **RMB 21.649 billion** in **2026**[105](index=105&type=chunk) Top Five Customers by Operating Revenue (Current Period Amount) | Customer | Relationship with the Group | Current Period Amount (RMB Yuan) | % of Total Main Business Revenue | | :--- | :--- | :--- | :--- | | Customer 1 | Non-related party | 4,475,656,894.53 | 44.61 | | Customer 2 | Non-related party | 1,586,306,861.34 | 15.81 | | Customer 3 | Non-related party | 852,615,748.31 | 8.50 | | Customer 4 | Under common control of CSSC Group | 479,745,180.81 | 4.78 | | Customer 5 | Non-related party | 442,303,805.31 | 4.41 | | Total | | 7,836,628,490.30 | 78.11 | Top Five Suppliers by Purchase Amount (Current Period Amount) | Supplier | Relationship with the Group | Current Period Amount (RMB Yuan) | % of Total Main Business Cost | | :--- | :--- | :--- | :--- | | Supplier 1 | Under common control of CSSC Group | 3,789,843,948.33 | 41.65 | | Supplier 2 | Non-related party | 368,983,300.00 | 4.06 | | Supplier 3 | Non-related party | 252,428,713.60 | 2.77 | | Supplier 4 | Non-related party | 247,208,400.00 | 2.72 | | Supplier 5 | Non-related party | 159,078,911.75 | 1.75 | | Total | | 4,817,543,273.68 | 52.95 | [9. Financial Expenses](index=55&type=section&id=9%2E%20Financial%20Expenses) Financial Expenses Details (Current Period Amount) | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | | :--- | :--- | :--- | | Interest Expense | 60,459,609.21 | 53,527,454.83 | | Less: Interest Income | 196,337,751.14 | 183,004,781.70 | | Exchange Gains/Losses | 10,944,638.85 | -34,961,105.31 | | Other Expenses | 5,832,852.62 | 4,681,957.95 | | Total | -119,100,650.46 | -159,756,474.23 | - The change in financial expenses is primarily a combined effect of net exchange losses from exchange rate fluctuations and an increase in net interest income and expenses in the current reporting period[22](index=22&type=chunk) [10. Investment Income](index=56&type=section&id=10%2E%20Investment%20Income) Investment Income Details (Current Period Amount) | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using equity method | 358,620,177.75 | 54,607,253.60 | | Dividend income from other equity instrument investments during holding period | 55,984,108.56 | 43,601,866.29 | | Investment income from disposal of trading financial assets | -8,967,423.33 | 23,631,659.80 | | Investment income from disposal of long-term equity investments | | 756,086.90 | | Total | 405,636,862.98 | 122,596,866.59 | - Current period investment income significantly increased by **230.87%** year-on-year, mainly from increased investment income from associates recognized under the equity method and increased dividend income from shares[24](index=24&type=chunk)[111](index=111&type=chunk) [11. Fair Value Change Income](index=57&type=section&id=11%2E%20Fair%20Value%20Change%20Income) Fair Value Change Income Sources (Current Period Amount) | Source of Fair Value Change Income | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | -1,052,371.06 | -3,494,098.85 | | Trading Financial Liabilities | 10,318,949.81 | -30,721,087.90 | | Hedging Instruments | | -30,642,065.88 | | Total | 9,266,578.75 | -64,857,252.63 | - Fair value change income turned from a loss in the prior year period to a profit in the current period, mainly influenced by changes in the book fair value of held financial derivatives[24](index=24&type=chunk)[112](index=112&type=chunk) [12. Non-Operating Income](index=57&type=section&id=12%2E%20Non-Operating%20Income) Non-Operating Income Details (Current Period Amount) | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | Amount Included in Current Non-Recurring Gains/Losses (RMB Yuan) | | :--- | :--- | :--- | :--- | | Non-current asset impairment loss | 282,921.96 | 208,056.62 | 282,921.96 | | Insurance compensation | 2,893,148.84 | 366,000.35 | 2,893,148.84 | | Fine income | 217,515.56 | 72,301.71 | 217,515.56 | | Other | 1,524.05 | 28,014.72 | 1,524.05 | | Total | 3,395,110.41 | 1,564,607.84 | 3,395,110.41 | - Non-operating income increased by **116.99%** year-on-year, mainly due to an increase in insurance claim income[26](index=26&type=chunk)[113](index=113&type=chunk) [13. Income Tax Expense](index=57&type=section&id=13%2E%20Income%20Tax%20Expense) Income Tax Expense Table (Current Period Amount) | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | | :--- | :--- | :--- | | Current Income Tax Expense | 9,997,482.35 | -6,974,725.75 | | Deferred Income Tax Expense | 44,407,585.87 | -26,930,773.32 | | Total | 54,405,068.22 | -33,905,499.07 | - The change in income tax expense is mainly due to the year-on-year change in deferred income tax expense, as some subsidiaries' profitability in the current period led to the reversal of deferred income tax assets[26](index=26&type=chunk) - The Group enjoys multiple tax incentives, including VAT exemption, credit, and refund for export goods, immediate VAT refund for software products, additional VAT deduction for advanced manufacturing enterprises, and several subsidiaries enjoying a **15%** income tax rate for high-tech enterprises or a **20%** income tax rate for small and micro-profit enterprises[118](index=118&type=chunk) [14. Depreciation and Amortization](index=61&type=section&id=14%2E%20Depreciation%20and%20Amortization) Depreciation and Amortization Details (Current Period Amount) | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | | :--- | :--- | :--- | | Depreciation of Fixed Assets | 174,321,080.50 | 181,629,598.49 | | Amortization of Intangible Assets | 16,489,485.89 | 16,705,424.13 | | Depreciation of Right-of-Use Assets | 45,782,980.95 | 43,935,983.70 | | Amortization of Long-term Deferred Expenses | 9,729,504.34 | 4,981,148.76 | | Depreciation of Investment Properties | 3,268,712.52 | 3,268,712.52 | | Total | 249,591,764.20 | 250,520,867.60 | [15. Gain (or Loss) on Disposal of Investments or Properties](index=61&type=section&id=15%2E%20Gain%20%28or%20Loss%29%20on%20Disposal%20of%20Investments%20or%20Properties) - The loss on disposal of investments in the current period was **RMB 0**, and the loss on disposal of properties was **RMB 187,689.66**[120](index=120&type=chunk) - The gain on disposal of investments in the prior period was **RMB 756,086.90**, and the gain on disposal of properties was **RMB 0**[120](index=120&type=chunk) [16. Earnings Per Share](index=61&type=section&id=16%2E%20Earnings%20Per%20Share) - Basic and diluted earnings per share were both **RMB 0.3724/share**, a significant increase from **RMB 0.1039/share** in the prior year period[122](index=122&type=chunk)[123](index=123&type=chunk) - Earnings per share are calculated by dividing the current period's net profit attributable to the Group's ordinary shareholders by the weighted average number of ordinary shares outstanding[121](index=121&type=chunk) [17. Dividends](index=63&type=section&id=17%2E%20Dividends) Dividend Distribution | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | | :--- | :--- | :--- | | Dividends declared for the year ended December 31, 2024 | 98,945,446.47 | 15,548,570.16 | | Interim dividends proposed for the six months ended June 30, 2025 | 113,080,510.24 (tax inclusive) | 16,962,076.54 (tax inclusive) | - This interim dividend distribution plan has been authorized by the 2024 Annual General Meeting for Board decision and does not require further shareholder approval[124](index=124&type=chunk) [18. Segment Information](index=64&type=section&id=18%2E%20Segment%20Information) - The Group's operating activities are divided into **4 reporting segments**: shipbuilding and related businesses, steel structure engineering, vessel repair segment, and other segments, determined based on major product types[125](index=125&type=chunk) Segment Financial Information (Current Period Amount) | Item | Shipbuilding and Related Businesses (RMB Yuan) | Steel Structure Business Segment (RMB Yuan) | Vessel Repair Segment (RMB Yuan) | Other Segments (RMB Yuan) | Inter-segment Eliminations (RMB Yuan) | Total (RMB Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 9,426,285,700.78 | 97,972,885.20 | 451,035,798.79 | 197,342,356.34 | | 10,172,636,741.11 | | Total Profit | 319,011,420.45 | -81,992,026.83 | 320,087.53 | 435,330,880.52 | -16,557,129.96 | 656,113,231.71 | | Total Assets | 45,633,203,647.39 | 4,890,242,448.37 | 9,698,547.51 | 16,139,947,345.55 | -10,360,779,231.04 | 56,312,312,757.78 | | Total Liabilities | 36,454,833,535.79 | 4,045,959,124.51 | 1,012,259.07 | 2,815,755,431.58 | -8,119,843,332.60 | 35,197,717,018.35 | External Transaction Revenue by Origin (Current Period Amount) | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | | :--- | :--- | :--- | | External transaction revenue from domestic sources | 6,817,152,661.25 | 5,440,717,421.83 | | External transaction revenue from other countries | 3,355,484,079.86 | 3,287,818,641.82 | | Total | 10,172,636,741.11 | 8,728,536,063.65 | Non-Current Assets by Location (Period-End Balance) | Item | Period-End Balance (RMB Yuan) | Period-Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Non-current assets located in China (excluding Hong Kong) | 14,746,740,801.23 | 12,330,803,838.37 | | Total | 14,746,740,801.23 | 12,330,803,838.37 | [Reference Documents](index=66&type=section&id=%C2%A79%20Reference%20Documents) [Report Access Methods and Board Members](index=66&type=section&id=%E6%8A%A5%E5%91%8A%E6%9F%A5%E9%96%B1%E6%96%B9%E5%BC%8F%E8%88%87%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%91%98) The 2025 interim report is available on the HKEXnews website, SSE disclosure website, and at the company's Board Office; as of the announcement date, the Board comprises 9 members, including executive, non-executive, and independent non-executive directors - The 2025 interim report can be accessed on the HKEXnews website (www.hkexnews.hk), Shanghai Stock Exchange disclosure website (www.sse.com.cn), and at the company's Board Office (15th Floor, Shipbuilding Building, No. 137 Gexin Road, Haizhu District, Guangzhou)[130](index=130&type=chunk) - As of the date of this announcement, the nine members of the Board of Directors include executive directors Mr. Luo Bing and Mr. Chen Liping; non-executive directors Mr. Gu Yuan, Mr. Ren Kaijiang, and Mr. Yin Lu; and independent non-executive directors Mr. Lin Bin, Mr. Nie Wei, Mr. Li Zhijian, and Ms. Xie Xin[130](index=130&type=chunk)

格隆汇8月28日丨中船防务(600685.SH)公布半年度报告，报告期内，本集团聚焦年度目标任务，依托在 手订单充足及主建船型批量建造优势，深化精益管理，生产产量、生产效率稳步提升，累计实现营业收 入人民币101.73亿元，同比增长16.54%。本集团累计实现利润总额人民币6.56亿元，同比增长 335.31%；归属于上市公司股东的净利润人民币5.26亿元，同比增长258.46%；归属于上市公司股东的扣 除非经常性损益的净利润人民币4.91亿元，同比增长274.66%。拟向全体股东每10股派发现金红利人民 币0.80元。 ...

证券简称：中船防务 股票代码：600685 公告编号: 2025-038 该报告已经公司审计委员会会议审议通过。 报 告 内 容 详 见 公 司 于 2025 年 8 月 28 日 在 上 海 证 券 交 易 所 （www.sse.com.cn）发布的《2025 年半年度报告》《2025 年半年度报告摘 要》。 2、通过《2025 年半年度利润分配方案》。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 该议案已经公司审计委员会会议审议通过。 议 案 内 容 详 见 公 司 于 2025 年 8 月 28 日 在 上 海 证 券 交 易 所 中船海洋与防务装备股份有限公司 第十一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。 中船海洋与防务装备股份有限公司（以下简称"公司"或"本公司"） 第十一届董事会第十六次会议于 2025 年 8 月 28 日（星期四）上午 10：30 在本公司会议室召开，董事会会议通知和材料于 2025 年 8 月 22 日（星期 五）以电子邮件方式发出。本次会议应出 ...

证券代码：600685 证券简称：中船防务 公告编号：2025-039 中船海洋与防务装备股份有限公司 关于 2025 年半年度利润分配方案的公告 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： 每股分配比例：每 10 股派发现金红利人民币 0.80 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每 股分配比例不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 截至 2025 年 6 月 30 日，中船海洋与防务装备股份有限公司（以下简 称 " 公 司 " 或 " 本 公 司 " ） 母 公 司 期 末 可 供 分 配 利 润 为 人 民 币 1,581,251,367.65 元。经董事会决议，本公司 2025 年半年度利润分配方案 如下： 公司向全体股东每 10 股派发现金红利人民币 0.80 元（含税），截至 2025 年 6 月 30 日,公司总股本 1,413,5 ...

中船海洋与防务装备股份有限公司 2025 年半年度报告 公司代码：600685 公司简称：中船防务 中船海洋与防务装备股份有限公司 2025 年半年度报告 1 中船海洋与防务装备股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。本半年度报告之财务报告按照企业会计准则编制，信永中和会计 师事务所（特殊普通合伙）根据相关规定执行了审阅工作。 四、 公司负责人罗兵、主管会计工作负责人李强及会计机构负责人（会计主管人员）赵娜声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经中船防务第十一届董事会第十六次会议审议通过，本公司 2025 年半年度拟向全体股东每 10 股派发现金红利人民币 0.80 元（含税），截至 2025 年 6 月 30 日,公司总股本为 1,413,506,378 股，以此计算合计拟派发现金红利人民币 113,080, ...

中船防务(600685.SH)公告称，上半年营业收入101.73亿元，同比增长16.54%；归母净利润5.26亿元，同 比增长258.46%。2025年半年度拟向全体股东每10股派发现金红利人民币0.80元（含税）。 ...

根据《上海证券交易所上市公司自律监管指引第 5 号—交易与 关联交易》的要求，中船海洋与防务装备股份有限公司（以下简称 "本公司"）通过查验中船财务有限责任公司（以下简称"财务公司"） 提供的《营业执照》与《金融许可证》等资料，并审阅了财务公司 2025 年 6 月 30 日的财务报表，对其经营资质、内控制度建设、业 务和风险状况及经营情况进行了评估。具体情况报告如下： 一、财务公司基本情况 关于对中船财务有限责任公司2025半年度的 风险持续评估报告 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。公司始终坚持"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。 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 企业类型 ...

2025 年度"提质增效重回报"行动方案 为深入贯彻党的二十大、二十届三中全会和中央经济工作会议精 神，落实《国务院关于进一步提高上市公司质量的意见》《国务院关 于加强监管防范风险推动资本市场高质量发展的若干意见》要求，牢 固树立以投资者为本的理念，着力提升公司质量与投资价值，持续增 强投资者获得感，更好保障投资者特别是中小投资者合法权益，推动 专项行动常态化、长效化开展，结合 2024 年专项行动评估情况，中 船海洋与防务装备股份有限公司（以下简称"公司"或"本公司"） 制订了《2025 年度"提质增效重回报"行动方案》，具体情况如下： 一、深耕主营主业，持续提升经营质量 2025 年，公司将深入贯彻落实中国船舶集团有限公司（以下简 称"中船集团"）"1-1-7-8" 总体要求，紧扣高质量发展战略纲要与 "十四五"规划重点任务，坚持"做强军工、做优船海、做精非船" 经营方针，以"谋规划，强精益，防风险"为年度管理主题，持续优 化空间布局、科学谋划发展规划、扎实推进精益管理、做好发展风险 防范。 1、紧抓市场机遇，争抢船海市场优质高效订单 公司将聚焦主建船型，优先自主开发的船型，优先批量船、后续 船,坚持以品 ...