Core Viewpoint - The company reported a significant increase in net profit for 2024, achieving a net profit of 377 million yuan, representing a year-on-year growth of 684.86% [1][2]. Financial Performance - The company achieved a revenue of 19.402 billion yuan in 2024, reflecting a year-on-year increase of 20.17% [2]. - The gross profit margin improved due to optimized order structure, increased production efficiency, and higher investment income from associated companies [2]. - Key subsidiaries showed varied performance, with Huangpu Wenchong reporting a revenue of 18.09 billion yuan and a net loss of 243 million yuan, while Guangzhou Wenchong achieved a net profit of 408 million yuan, up 234.45% [2]. Order and Delivery Performance - As of the end of 2024, the company held a total contract value of approximately 61.6 billion yuan in orders, with 58.7 billion yuan attributed to shipbuilding orders [3]. - The company completed a total of 250 million yuan in new contracts, exceeding its annual target by 165.56% [3]. - A total of 37 vessels were delivered, amounting to 1.0844 million deadweight tons, including significant defense equipment and a batch of feeder container ships [3]. Competitive Advantages - The company operates as a large comprehensive marine and defense equipment enterprise, with strong product, technology, brand, and market advantages [4]. - It has successfully entered the medium-sized container ship market and achieved breakthroughs in dual-fuel ship designs, including the first ammonia dual-fuel gas transport ship in the country [4]. - The continuous optimization of product structure is expected to enhance competitiveness and facilitate global market expansion [4]. Industry Outlook - In 2024, China's shipbuilding completion volume, new orders, and backlog accounted for 55.7%, 74.1%, and 63.1% of the global market share, respectively, maintaining the top position for 15 consecutive years [5]. - The demand for new ships remains strong, with a supply-demand imbalance expected to persist, supporting the company's order intake and delivery [5]. - The company’s order schedule extends to 2029, indicating robust future order support [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a year-on-year growth of 685% in 2024, driven by full production tasks and increased investment income from joint ventures [2][3] - The company has a robust order backlog, with a total contract value of approximately 61.6 billion yuan, including 130 new shipbuilding orders [4] - The shipbuilding industry is experiencing an upward cycle due to replacement cycles, environmental policies, and tight capacity, which are expected to drive ship prices higher [6][7] Financial Performance - In 2024, the company reported operating revenue of 19.402 billion yuan, a year-on-year increase of 20.17%, and a net profit of 377 million yuan, a year-on-year increase of 684.86% [2][3] - The gross margin and net margin for 2024 were approximately 7.76% and 2.43%, respectively, reflecting year-on-year increases of 1.13 and 1.98 percentage points [5] - The company’s core shipbuilding gross margin improved to 9.33%, with significant increases in the gross margins of container ships and bulk carriers [5] Business Segmentation - Revenue from shipbuilding products reached 16.727 billion yuan, up 26.39% year-on-year, while revenue from steel structure engineering declined by 38.43% [3] - The company secured new orders worth 25 billion yuan in 2024, achieving 165.56% of its annual target [3] - The company delivered 37 ships in 2024, totaling 1.0844 million deadweight tons [3] Order Backlog - The company has a total contract value of approximately 61.6 billion yuan in hand, with shipbuilding orders accounting for about 58.7 billion yuan [4] Profitability Outlook - The company forecasts net profits of 850 million yuan, 1.616 billion yuan, and 2.410 billion yuan for 2025, 2026, and 2027, respectively, indicating a compound annual growth rate (CAGR) of 68% [13][14]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 19,402,390,859.63, with a net profit attributable to equity holders of RMB 377,262,684.20, resulting in earnings per share of RMB 0.2669[3]. - In 2024, the company achieved operating revenue of RMB 19.402 billion, representing a year-on-year growth of 20.17%[15]. - The net profit attributable to shareholders was RMB 377 million, an increase of RMB 329 million, reflecting a year-on-year growth of 684.86%[18]. - The company reported a significant increase in container ship orders, which surged by 169.9% year-on-year, totaling 49.454 million deadweight tons[11]. - The company secured new orders worth RMB 25 billion, completing 165.56% of the annual plan, with a total of 56 new ship orders across 12 types[16]. - The company delivered 37 vessels with a total deadweight tonnage of 1.0844 million tons during the reporting period[17]. - The total value of the company's order backlog reached approximately RMB 61.6 billion, including 130 ship orders and 2 offshore engineering equipment[17]. - The company reported a significant decline in revenue from the Chinese market, down RMB 1.95 billion or 13.01%, while international sales surged by RMB 5.18 billion, a growth of 557.47%[42]. - The gross margin for products sold in the Chinese market was 6.40%, while the international market achieved a gross margin of 10.23%, an increase of 5.03 percentage points[42]. Dividend Policy - The proposed cash dividend for 2024 is RMB 0.70 per 10 shares, totaling RMB 98,945,446.46, which represents 30.72% of the net profit attributable to shareholders[7]. - The company plans to distribute a total cash dividend of RMB 115,907,523.00 for the year, including interim dividends already distributed[7]. - The company aims to propose a mid-term profit distribution plan for 2025, with total cash dividends not exceeding 30% of the net profit for the first half of 2025[9]. - The company emphasizes a stable profit distribution policy, aiming for cash dividends to account for at least 30% of the average distributable profit over the last three years[5]. Research and Development - Research and development expenses increased by 34.92% to RMB 888 million, indicating a focus on innovation and new technologies[22]. - The number of R&D personnel is 1,345, making up 21.56% of the total workforce[49]. - The company completed 542 patent applications and received 167 patent grants during the reporting period[50]. - The company plans to enhance its innovation capabilities and focus on the development of new ship types, including the "Honghu" series and "Haihui" series[50]. Market Position and Industry Trends - The global new shipbuilding market saw a significant increase, with new orders reaching 178.035 million deadweight tons, a year-on-year growth of 39.3%[10]. - China's shipbuilding industry maintained its global leadership, accounting for 52.1% of the world's completed shipbuilding volume and 69.0% of new orders by deadweight tonnage[12]. - The global shipbuilding industry is experiencing a dual cycle of old ship replacement and fleet greening, with over 374 million deadweight tons of vessels aged 20 years or more, indicating a strong demand for new orders[72]. - The offshore wind power industry is projected to grow from 10.9 GW to 66.2 GW from 2023 to 2033, with a compound annual growth rate of 19.8%[72]. Financial Position - The total assets of the company reached RMB 53.596 billion, a year-on-year increase of 5.37%[18]. - The company's total liabilities decreased by 13.55% to approximately ¥13.29 billion in contract liabilities[33]. - The company's asset-liability ratio was reported at 60.50% as of December 31, 2024[61]. - Shareholders' equity reached RMB 21,170,457,089.87 as of December 31, 2024, up from RMB 19,607,037,723.62 in 2023, indicating an increase of approximately 8%[85]. Cash Flow and Financing - Net cash flow from operating activities decreased primarily due to a significant increase in production scale and material orders compared to the previous year[26]. - Net cash flow from financing activities increased as the company borrowed more from financial institutions to meet operational needs, showing a year-on-year increase[26]. - The company's cash and cash equivalents decreased by 7.08% from the previous period, totaling approximately ¥15.26 billion[32]. - The company experienced a net decrease in cash and cash equivalents of RMB 1,788,509,423.66 in 2024, compared to a decrease of RMB 1,368,825,211.00 in 2023[101]. Operational Efficiency - The company made significant progress in lean management, improving production efficiency and quality across its operations[17]. - The company plans to continue optimizing its order structure and enhancing production efficiency to drive future growth[38]. - The company has implemented a performance-based salary system to enhance efficiency and resource allocation among employees[62]. Governance and Compliance - The company has a board of directors consisting of 8 members, including 4 independent non-executive directors, ensuring compliance with governance standards[69]. - The company will promptly elect a new chairman following the resignation of the former chairman, ensuring adherence to corporate governance codes[67].

中船海洋与防务装备股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了中船海洋与防务装备股份有限公司（以下简称中 船防务）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 中船海洋与防务装备股份有限公司 内部控制审计报告 2024 年度 信会师报字[2025]第 ZL10054 号 内部控制审计报告 信会师报字[2025]第 ZL10054 号 中国注册会计师: 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是中船防务董事会的责任。 二、 注册会计师的责任 内控审计报告 第 1 页 四、 财务报告内部控制审计意见 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 我们认为，中船防务于 2024 年 12 月 31 日按照《企业内部控制 基本规范》和相关规定在所有重大方面保持了有效的财务报告内部控 制。 三、 内部控制的固有局限性 立信 ·殊普通合伙) 计师 ...

独立董事 2024 年度述职报告 （林斌） 作为中船海洋与防务装备股份有限公司（以下简称"中船防务" 或"公司"）独立董事，2024 年度本人严格按照《公司法》、《证券法》、 《上市公司独立董事管理办法》等法律法规、上海、香港两地上市规 则等规范性文件及公司《公司章程》、《独立董事工作细则》等内部制 度的规定和要求，本着诚信与勤勉的精神，以对所有股东尤其是中小 股东负责的态度，切实履行独立董事职责，充分发挥独立董事作用， 为维护公司整体利益、保障公司股东权益发挥了应有的作用。 一、独立董事基本情况 林斌，男，1962 年 9 月出生，会计学教授，澳大利亚资深注册 会计师。1997 年毕业于厦门大学会计系，获得博士学位。历任华东 交通大学经管系教师；中山大学管理学院会计学系主任，MPAcc 中心 主任；广州地铁设计研究院股份有限公司独立董事等职。现任长城证 券股份有限公司独立董事；本公司独立非执行董事。 二、独立性情况说明 作为公司独立董事，本人已向公司提供了关于独立性自查情况的 报告，本人未在公司担任除独立董事以外的任何职务，也未在公司主 要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系 或其他可 ...

独立董事 2024 年度述职报告 （谢昕） 作为中船海洋与防务装备股份有限公司（以下简称"中船防务"、 "公司"或"本公司"）第十一届董事会独立董事，2024 年度本人 严格按照《公司法》、《证券法》、《上市公司独立董事管理办法》等法 律法规、上海、香港两地上市规则等规范性文件及公司《公司章程》、 《独立董事工作细则》等内部制度的规定和要求，诚信、勤勉、尽责、 忠实地履行职责，充分发挥独立董事参与决策、监督制衡、专业咨询 的作用，推动治理效能不断提升，切实维护公司和全体股东的利益。 现将本人在 2024 年度履行独立董事职责的情况报告如下： 一、独立董事基本情况 女，1979 年 6 月生，哈尔滨工程大学法学学士，华南理工大学 法学硕士。历任原广州广船国际股份有限公司法务部、风险管理部部 长，云游控股有限公司法务总监，广东广信君达律师事务所专职律师、 合伙人律师。现任广信君达律师事务所合伙人，兼任广州市律师协会 证券法律专业委委员、广东省律师协会公司法律专业委委员、广东省 涉外律师人才库新锐人才、广东省法学会知识产权研究会理事、广东 省哈尔滨工程大学校友会理事、广东广信君达律师事务所投融资专业 部副部长、广东 ...

独立董事 2024 年度述职报告 （李志坚） 作为中船海洋与防务装备股份有限公司（以下简称"中船防务"、"公 司"或"本公司"）第十一届董事会独立董事，2024 年度本人严格按照 《公司法》《证券法》《上市公司独立董事管理办法》等法律法规、上海、 香港两地上市规则等规范性文件及公司《公司章程》《独立董事工作细则》 等内部制度的规定和要求，诚实、勤勉、独立地履行职责，积极发挥独立 董事作用，促进公司规范运作。现将本人在 2024 年度履行独立董事职责 的情况报告如下： 一、独立董事基本情况 李志坚，男，1970 年 5 月出生，香港理工大学博士。曾任广东省烟 草公司文员。现任广州市商道咨询有限公司总经理、广东亚太创新经济研 究院理事长、广州均衡数字科技有限公司执行董事。兼任万联证券股份有 限公司独立董事；兼任国家发改委服务业专家咨询委员会专家、欧美同学 会留英分会副会长、政协第十三届广东省委员会委员、广东省社会科学界 联合会兼职副主席、广州市人民政府第五届决策咨询专家、广州市人大代 表。2020 年 10 月 23 日开始担任公司独立董事职务，同时，在第十届董 事会提名委员会、薪酬与考核委员会担任委员职务；在第 ...

关于对中船财务有限责任公司2024年度的 风险持续评估报告 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 2024 年 12 月 31 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 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。财务公司始终坚 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。2024 年 12 月末，单位从业人员 124 人。 经营范围：吸收成员单位存款；办理成员单位贷款；办理成员 单位票据贴现；办理成员单位资金结算与收付；提供成员单位委托 贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理 业务；从事同业拆借；办理成员单位票据承兑；办理成员单位产品 买方信贷；从事固定收益类有价 ...

证券代码：600685 证券简称：中船防务 公告编号： 2025-013 中船海洋与防务装备股份有限公司 关于子公司提供担保的进展公告 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： 被担保人名称：广州文船重工有限公司（以下简称"文船重工"）, 系中船海洋与防务装备股份有限公司（以下简称"公司"）控股子公司中船 黄埔文冲船舶有限公司（以下简称"黄埔文冲"）的全资子公司。 本次担保金额及已实际为其提供的担保余额：黄埔文冲为文船重工 就《海上风电场基础单桩供应合同》项目申请预付款保函、履约保函提供 连带责任保证，担保金额为人民币 2.90 亿元。截至本公告日，黄埔文冲已 实际为文船重工提供的担保余额为人民币 20.15 亿元。 本次担保不存在反担保的情形 本公司及子公司均无逾期担保的情形 特别风险提示：本次被担保人文船重工资产负债率超过 70%，敬请投 资者注意相关风险。 一、担保情况概述 （一）本次担保基本情况 公司控股子公司黄埔文冲于近日在中国工商银行股份有限公司广州开 发区分行办理担保业务，为其全资子公司文船 ...