证券简称：中船防务 股票代码：600685 公告编号: 2025-031 中船海洋与防务装备股份有限公司 第十一届董事会第十四次会议决议公告 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"） 第十一届董事会第十四次会议于 2025 年 7 月 22 日（星期二）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 7 月 17 日（星期 四）以电子邮件方式发出。本次会议应出席董事 8 人，亲自出席董事 8 人。 因工作原因，非执行董事顾远先生、任开江先生及尹路先生以视频方式出 席本次会议。根据《公司章程》的有关规定，会议由公司过半数的董事共 同推举陈利平董事主持。本公司监事、高级管理人员列席了会议。会议程 序符合《公司法》和本公司《公司章程》的有关规定，会议决议合法有效。 经过充分讨论，会议审议通过如下议案： 1、通过《关于修订<公司章程>的预案》。 表决结果：赞成 8 票，反对 0 票，弃权 0 票。 该预案需提交本公司 2025 年第三次临 ...

Group 1 - The report aims to summarize important weekly deep reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Core stocks identified by the team include Huada Jiutian, Shanghai Yanpu, Zhejiang Rongtai, and others [1] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG Group, and others, indicating a focus on key players in the manufacturing sector [1] Group 2 - As of July 18, 2025, the best-performing indices in the last week included Communication (+8%), Pharmaceutical Biology (+4%), and Automotive (+3%) [2][13] - The top three indices in the large manufacturing sector were Changjiang Lithium Battery Equipment Index (+5%), Automotive Parts (+4%), and Automotive (+3%) [2][15] - A deep report on Xuguang Electronics highlights its leadership in domestic vacuum devices and growth potential in controllable nuclear fusion and electronic materials [4] Group 3 - The report indicates that the total investment of approximately 1.2 trillion yuan in the Yarlung Zangbo River downstream hydropower project has commenced, driving demand for construction machinery [3] - The defense sector is expected to benefit from military trade leading to strategic reassessment, particularly in regions like the Middle East [3] - The competitive landscape for vacuum arc extinguishing chambers shows a high concentration in the domestic market, with a CR2 of about 60% [5] Group 4 - The report forecasts a revenue CAGR of approximately 35% for the megawatt-level electronic tube segment from 2024 to 2027 [4] - The power equipment business is expected to achieve a revenue CAGR of about 10% during the same period, driven by ongoing investments in the power grid [4] - The military business is projected to benefit from increased defense spending, with precision structural components expected to account for 58% of military revenue in 2024 [5] Group 5 - The report anticipates that the company will achieve revenues of 1.95 billion, 2.39 billion, and 3.03 billion yuan from 2025 to 2027, with a CAGR of 24% [4] - The expected net profit for the same period is projected to be 170 million, 210 million, and 270 million yuan, with a CAGR of 39% [4] - The report highlights the company's strong position in the domestic aluminum nitride materials market, benefiting from domestic substitution trends [5] Group 6 - The report notes that the company has a high market share in the medical information technology sector, covering approximately 60% of tertiary hospitals by the end of 2024 [6] - The expected growth in the domestic medical software industry is projected at a CAGR of 11.5% from 2024 to 2029 [6] - The company is collaborating with major players like Huawei to develop a comprehensive intelligent medical information platform [6]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

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]

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]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2025, with a projected growth of approximately 213% to 268% year-on-year, resulting in a net profit of 460 to 540 million yuan [1] - The growth in profit is attributed to improved operational efficiency, increased revenue from shipbuilding products, and better performance from joint ventures [1][2] - The shipbuilding industry is experiencing upward cyclical trends due to factors such as ship replacement cycles, environmental policies, and tight capacity, which are expected to enhance profitability for shipyards [2][3] Financial Summary - The projected net profits for the company from 2025 to 2027 are approximately 900 million, 1.66 billion, and 2.7 billion yuan, reflecting year-on-year growth rates of 139%, 84%, and 63% respectively [4][6] - The earnings per share (EPS) are forecasted to be 0.64 yuan in 2025, 1.18 yuan in 2026, and 1.91 yuan in 2027 [6] - The price-to-earnings (P/E) ratios are projected to be 44, 24, and 15 for the years 2025, 2026, and 2027 respectively, while the price-to-book (P/B) ratios are expected to be 2.1, 1.9, and 1.7 [4][6] Industry Trends - The shipbuilding industry is witnessing a slowdown in new orders, with a 58% year-on-year decline in new orders received in the first half of 2025, although certain segments like container ships have seen growth [2][3] - The supply-demand dynamics in the industry are expected to drive ship prices higher due to tight capacity and inflationary pressures [2][3]

[Important Notice](index=1&type=section&id=Important%20Content%20Notice) This earnings forecast applies to profitable scenarios with net profit growth exceeding 50% year-over-year - This earnings forecast applies to situations of profitability with net profit increasing by over **50%** year-over-year[2](index=2&type=chunk) Key Financial Forecasts for H1 2025 | Metric | Estimated Amount (CNY 10,000) | YoY Growth (%) | YoY Increase (CNY 10,000) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 46,000 - 54,000 | 213.25 - 267.73 | 31,315 - 39,315 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 43,000 - 51,000 | 228.12 - 289.16 | 29,895 - 37,895 | [Current Period Earnings Forecast](index=1&type=section&id=I.%20Current%20Period%20Earnings%20Forecast) The company expects significant year-over-year growth exceeding 200% in both net profit attributable to shareholders and net profit excluding non-recurring items for H1 2025 [Earnings Forecast Period](index=1&type=section&id=%28I%29%20Earnings%20Forecast%20Period) This earnings forecast covers the financial period from January 1, 2025, to June 30, 2025 - The earnings forecast period is from **January 1, 2025, to June 30, 2025**[3](index=3&type=chunk) [Earnings Forecast Details](index=1&type=section&id=%28II%29%20Earnings%20Forecast%20Details) The company anticipates substantial year-over-year growth in both net profit and non-recurring net profit for H1 2025, with increases exceeding 200% H1 2025 Net Profit Forecast | Metric | Estimated Amount (CNY 10,000) | YoY Increase (CNY 10,000) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 46,000 - 54,000 | 31,315 - 39,315 | 213.25 - 267.73 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 43,000 - 51,000 | 29,895 - 37,895 | 228.12 - 289.16 | [Unaudited Financial Data Statement](index=2&type=section&id=%28III%29%20Unaudited%20Financial%20Data%20for%20This%20Earnings%20Forecast) The company explicitly states that the financial data in this earnings forecast are preliminary estimates and have not been audited by a certified public accountant - The financial data related to this earnings forecast have not been audited by a certified public accountant[5](index=5&type=chunk) [Operating Performance and Financial Status for the Same Period Last Year](index=2&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Status%20for%20the%20Same%20Period%20Last%20Year) This section provides specific profit figures for H1 2024, including total profit, net profit attributable to shareholders, and non-recurring net profit, serving as a comparative baseline for the current forecast [Prior Period Profit Situation](index=2&type=section&id=%28I%29%20Prior%20Period%20Profit%20Situation) Detailed profit figures for H1 2024 are presented, including total profit, net profit attributable to shareholders, and non-recurring net profit H1 2024 Profit Data | Metric | Amount (CNY 10,000) | | :--- | :--- | | Total Profit | 15,072.17 | | Net Profit Attributable to Shareholders | 14,684.57 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 13,105.10 | [Prior Period Earnings Per Share](index=2&type=section&id=%28II%29%20Prior%20Period%20Earnings%20Per%20Share) The basic earnings per share for H1 2024 is reported as 0.1039 CNY H1 2024 Earnings Per Share | Metric | Amount (CNY/share) | | :--- | :--- | | Earnings Per Share | 0.1039 | [Main Reasons for Forecasted Performance Increase](index=2&type=section&id=III.%20Main%20Reasons%20for%20Forecasted%20Performance%20Increase) The performance increase is primarily driven by enhanced revenue and production efficiency in marine products, coupled with improved performance and increased dividends from associates - The company focused on annual targets, deepened lean management, steadily increased marine product revenue and production efficiency, and improved product gross profit year-over-year[7](index=7&type=chunk) - Improved operating performance of associates and increased dividend levels from investee companies led to a significant year-over-year increase in recognized investment income[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This section warns investors that the earnings forecast data is unaudited and states no uncertain factors affect its accuracy - The data in this earnings forecast is a preliminary calculation by the finance department and has not been audited by a certified public accountant[8](index=8&type=chunk) - The company declares that there are no uncertain factors affecting the accuracy of this earnings forecast[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) This section emphasizes that forecast data is preliminary, final data will be in the official report, and advises investors to be aware of investment risks - The forecast data is only a preliminary calculation, and the final financial data will be subject to the company's officially disclosed H1 2025 report[9](index=9&type=chunk) - Investors are reminded to be aware of investment risks[9](index=9&type=chunk)

中船防务（600685）公告，预计2025年半年度实现归属于母公司所有者的净利润4.6亿元到5.4亿元，与 上年同期相比，将增加3.13亿元到3.93亿元，同比增加213.25%到267.73%。预计2025年半年度实现归属 于母公司所有者的扣除非经常性损益的净利润4.3亿元到5.1亿元，与上年同期相比，将增加2.99亿元到 3.79亿元，同比增加228.12%到289.16%。 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Core Points - The company announced a cash dividend of 0.07 RMB per share (before tax) for its A shares, totaling approximately 98.95 million RMB to be distributed to shareholders [1][2] - The dividend distribution plan was approved at the annual general meeting held on May 27, 2025, for the fiscal year 2024 [1][2] - Key dates for the dividend distribution include the record date on July 17, 2025, the last trading day on July 18, 2025, and the payment date also on July 18, 2025 [1][2] Dividend Distribution Details - The total number of shares for the dividend calculation is 1,413,506,378 shares, leading to a total cash dividend distribution of 98,945,446.46 RMB [2] - A shareholders' cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to those registered as of the record date [2] - The company will not implement differentiated dividend distribution [1] Taxation Information - For individual shareholders and securities investment funds, the actual cash dividend after tax may vary based on the holding period, with a maximum effective payout of 0.07 RMB per share for those holding shares for over one year [3] - Qualified Foreign Institutional Investors (QFII) will have a withholding tax of 10%, resulting in an effective cash dividend of 0.063 RMB per share [5] - For Hong Kong investors through the Stock Connect program, the same 10% withholding tax applies, also resulting in a cash dividend of 0.063 RMB per share [5]