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]

Core Points - The company held its 13th meeting of the 11th Board of Directors on July 11, 2025, where a resolution was passed to nominate Mr. Luo Bing as a candidate for executive director [2][3] - The meeting was attended by 8 directors, with 6 present in person, and the voting results showed 8 votes in favor, 0 against, and 0 abstentions [3] - The nomination of Mr. Luo Bing will be submitted for approval at the company's third extraordinary general meeting of shareholders in 2025 [3] Company Information - Mr. Luo Bing, born in January 1969, has a background in marine engineering and has held various leadership positions within the company, including general manager and chairman of several subsidiaries [3] - The company ensures that the meeting procedures comply with the Company Law and its Articles of Association, confirming the legality and validity of the resolutions passed [2]

Meeting Overview - The shareholder meeting was held on July 11, 2025, at the company's conference room in Guangzhou [1][2] - A total of 1,034 A-share shareholders and 1 H-share shareholder attended the meeting, with A-share shareholders holding 487,171,468 shares, representing 34.465% of the total shares [1][2] Voting Results - All resolutions were approved with significant majority votes, including 99.9354% approval from A-share shareholders [1][2] - The voting method combined both on-site and online participation, complying with the Company Law and the company's articles of association [1][2] Legal Compliance - The meeting was witnessed by lawyers from Beijing Yingke (Guangzhou) Law Firm, confirming that the meeting's procedures and voting results were legal and valid [2]

北京市盈科(广州)律师事务所 法律意见书 北京市盈科 师事务所 关于中船海洋与防务装备股份有限公司 2025年第二次临时股东会 法 律 意 见 书 地址:广州市天河区珠江东路6号周大福金 huijang Road East. 键中心53 移 邮编:510623 网址:http:/ Tianhe District, Guangzhou http:// gzhou.vingkels Fax:020-22119566 电话:020-83329888 传真:020-22119566 TLE:020-83329888 P.C:510623 北京市盈科(广州)律师事务所 法律意见书 致:中船海洋与防务装备股份有限公司 根据中船海洋与防务装备股份有限公司(下称"公司")的委托,并依据《中华人 民共和国公司法》(下称"《公司法》")、《中华人民共和国证券法》(下称"《证 券法》")和中国证券监督管理委员会发布的《上市公司股东会规则》(下称"《股东 会规则》"）、《上市公司治理准则》(下称"《治理准则》")等法律、行政法规、 规范性文件以及《中船海洋与防务装备股份有限公司章程》(下称"《公司章程》") 等相关规定,北京市盈科( ...

证券简称：中船防务 股票代码：600685 公告编号：2025-028 中船海洋与防务装备股份有限公司 关于监事会主席辞职的公告 徐万旭先生于任职期间勤勉尽责，独立公正，为本公司规范运作和持 续发展发挥了积极作用。在此，公司对徐万旭先生在任职期间所做出的贡 献表示衷心感谢。 徐万旭先生确认，其本人与公司董事会及监事会无不同意见，亦无与 其本人辞任有关的任何事项须提请本公司股东注意。 特此公告。 中船海洋与防务装备股份有限公司 监事会 2025 年 7 月 11 日 1 本公司监事会及全体监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"本公司"或"公司"） 监事会于 2025 年 7 月 11 日收到本公司第十一届监事会主席徐万旭先生的 书面辞职报告。由于工作变动原因，徐万旭先生申请辞去本公司监事及监 事会主席职务。辞职后，徐万旭先生将不再担任公司任何职务。 根据《公司法》及本公司《公司章程》的有关规定，上述辞职报告自 送达公司监事会之日起生效。徐万旭先生的辞职不会导致公司监事会成员 低于法定最低人数，不 ...