Core Viewpoint - *ST Songfa has undergone significant changes in its main business and ownership structure due to a major asset swap and share issuance, leading to a proposed board re-election to facilitate integration [2][4]. Group 1: Company Background - *ST Songfa, founded in 1945, was listed in 2015 and primarily engaged in the research, production, and sales of daily ceramic products before the recent strategic shift [3][4]. - The company has been under the control of Hengli Group since October 2018, which acquired it through share transfer [3][4]. - Hengli Group is a Fortune Global 500 company and ranked 500 in China's top enterprises, with a wealth of 125 billion yuan as of 2024 [3]. Group 2: Financial Performance - *ST Songfa reported continuous losses from 2021 to 2023, with net losses of 322 million yuan, 171 million yuan, 117 million yuan, and 76.64 million yuan respectively [4]. - The company is expected to achieve a net profit of 580 million to 700 million yuan for the first half of 2025, marking a turnaround from previous losses [4]. Group 3: Strategic Shift - Following the asset swap, *ST Songfa will exit the daily ceramic manufacturing industry and pivot to the research, production, and sales of ships and high-end equipment [4]. - Hengli Heavy Industry, established by Hengli Group in July 2022, aims to become a leading green shipbuilding and high-end equipment manufacturing base, with over 1 billion USD in signed shipbuilding orders [5][6]. Group 4: Market Performance - On August 6, *ST Songfa's stock closed at 48.19 yuan per share, reflecting a 3.59% increase, with a total market capitalization of 41.525 billion yuan [5].

Core Viewpoint - The appointment of a "post-00s" director, Chen Hanlun, at *ST Songfa signifies a generational shift in leadership within the company, which is controlled by the wealthy Chen family [1][3]. Group 1: Company Leadership Changes - *ST Songfa's board plans to conduct an early election for board members, nominating Chen Hanlun among others as candidates for non-independent directors [1]. - Chen Hanlun, born in 2001, is the son of actual controllers Chen Jianhua and Fan Hongwei, who are prominent figures in the business community [3]. - Chen Hanlun has been actively involved in the management of Hengli Group, where he serves as Vice President [4][5]. Group 2: Financial Performance and Strategic Moves - Hengli Group, under the leadership of Chen Jianhua and Fan Hongwei, reported a total revenue of 871.5 billion yuan in 2024, with a significant increase in their wealth, ranking them among the richest in Jiangsu [3]. - *ST Songfa has recently turned a profit after a period of losses, projecting a net profit of 580 million to 700 million yuan for the first half of 2025 [11][12]. - The company completed a major asset restructuring to acquire 100% of Hengli Heavy Industry, aiming to enhance its strategic transformation and seek new profit growth points [12]. Group 3: Market Position and Stock Performance - As of August 6, *ST Songfa's stock closed at 48.19 yuan per share, reflecting a 3.59% increase, with a total market capitalization of 41.525 billion yuan [12]. - The company has been under the control of Hengli Group since October 2018, but its performance had not shown significant improvement until the recent restructuring [11].

Core Event and Background - The nomination of Chen Hanlun, the 24-year-old son of Jiangsu's richest man, as a non-independent director candidate for *ST Songfa (603268.SH), with a market value of approximately 41.5 billion yuan, is a significant event [1][2]. Company Overview - *ST Songfa, originally focused on daily ceramics, has been under the control of Hengli Group since 2018 but has incurred losses exceeding 680 million yuan from 2021 to 2024 [6]. - The company is undergoing a major restructuring by acquiring 100% of Hengli Heavy Industry, transitioning into shipbuilding and high-end equipment manufacturing, with an expected net profit of 580 million to 700 million yuan in the first half of 2025 [6]. Key Personnel - Chen Hanlun, with a master's degree in applied finance and previous experience at PwC Singapore, is set to become the vice president of Hengli Group in March 2024, focusing on core business areas such as shipbuilding and international cooperation [3][4]. Industry Context - Hengli Group reported a revenue of 871.5 billion yuan in 2024, ranking third among China's top 500 private enterprises, with a workforce of 210,000 [5]. - The global shipbuilding investment demand is projected to reach approximately 1.7 trillion USD from 2024 to 2034, indicating a significant market opportunity [10]. Business Developments - Hengli Heavy Industry has secured over 1 billion USD in shipbuilding orders and plans to process 2.3 million tons of steel annually, covering dual-fuel engine technologies [8]. - The first ship is expected to be delivered in 2024, with the first 306,000-ton Very Large Crude Carrier (VLCC) named in 2025 [9]. Strategic Intent - The restructuring aims to pivot from textiles and petrochemicals to high-end manufacturing, positioning the company to compete internationally against South Korean shipbuilding giants [18]. - The transition is part of a broader trend of generational succession in private enterprises, with over 8,500 families in Jiangsu holding assets exceeding 1 billion yuan [16]. Future Challenges - The shipbuilding industry faces cyclical challenges, including managing supply chain risks such as steel price fluctuations and exchange rate volatility [15]. - The effectiveness of governance and the ability to balance family interests with market-driven decisions will be critical for the young director [15][20]. Conclusion - Chen Hanlun's nomination exemplifies the intersection of generational transition, industrial upgrade, and capital operation within private enterprises. The success of Hengli Group's transformation from a petrochemical giant to a high-end manufacturer will be a key indicator of the vitality and succession effectiveness of Chinese private enterprises [21].

Group 1: Company Overview - *ST Songfa's current market value is approximately 41.5 billion yuan, and the nomination of Chen Hanlun as a non-independent director candidate is a significant step for the company [1] - The company has been undergoing a transformation from daily ceramic manufacturing to high-end shipbuilding after the asset injection from Hengli Heavy Industry [11] - The company has reported cumulative losses exceeding 680 million yuan from 2021 to 2024, but it is expected to achieve a net profit of 580 to 700 million yuan in the first half of 2025 [6] Group 2: Key Personnel - Chen Hanlun, born in 2001, holds a master's degree in applied finance and has experience as a tax consultant at PwC Singapore and as Vice President at Hengli Group [2] - His nomination is seen as a crucial step in the succession plan of the Hengli family, highlighting the "passing on and helping" model of family businesses [9] Group 3: Industry Dynamics - The global new shipbuilding investment demand is projected to reach 1.7 trillion USD from 2024 to 2034, with leading shipbuilding companies potentially achieving gross margins exceeding 20% [8] - Hengli Heavy Industry aims to establish a world-class green shipbuilding base and has already secured over 1 billion USD in shipbuilding orders [7] Group 4: Market Reaction - Following the announcement of Chen Hanlun's nomination, *ST Songfa's stock price rose by 3.59%, indicating market optimism regarding the restructuring and nomination [15] Group 5: Strategic Implications - The integration of Hengli Heavy Industry's resources is expected to enhance the management and operational synergy of *ST Songfa, particularly in the shipbuilding sector [12] - The transition to high-end manufacturing is seen as a way for *ST Songfa to capitalize on the recovery in the shipbuilding industry [11]

Group 1 - Chen Jianhua is one of the actual controllers of the company, directly holding 131 million shares, and has served as the chairman and president of Hengli Group since January 2001 [1] - Chen Hanlun, born in 2001 and only 24 years old, is the son of Chen Jianhua and Fan Hongwei, the actual controllers of *ST Songfa. He holds a master's degree in applied finance and has previously worked as a tax consultant at PwC Singapore. Since March 2024, he has been the vice president of Hengli Group [1] - In June 2023, the 2025 New Fortune 500 Rich List showed that Chen Jianhua and Fan Hongwei ranked as the richest in Jiangsu with a holding market value of 80.12 billion yuan, an increase of 11.99 billion yuan from the previous year [1] Group 2 - In the 2024 Hurun Rich List, Chen Jianhua and Fan Hongwei's wealth reached 125 billion yuan, ranking 20th [2] - Hengli Group acquired *ST Songfa through equity transfer in October 2018. In October of the previous year, *ST Songfa announced a major asset restructuring plan to acquire 100% of Hengli Heavy Industry [2] - Hengli Heavy Industry specializes in the research, production, and sales of ships and high-end equipment, establishing an advanced manufacturing base for ships and high-end equipment in Dalian Changxing Island [2] - The restructuring of *ST Songfa was completed in May 2023, leading to management adjustments and the relocation of the company's office to Dalian [2] - As of the report date, *ST Songfa's stock price was 47.41 yuan per share, with a total market value of 40.853 billion yuan [2] - On June 24, 2023, Hengli Heavy Industry held a naming ceremony for its first 30.6 million deadweight ton Very Large Crude Carrier (VLCC), with Chen Hanlun delivering a speech as the vice president of Hengli Group [2]

Core Viewpoint - The son of Jiangsu's richest man, Chen Hanlun, is proposed to be a director of *ST Songfa, a company with a market value of 40 billion yuan, at just 24 years old [1][6]. Company Overview - *ST Songfa announced a significant change in its business structure due to major asset swaps and share issuance, leading to a proposed early board election [1][6]. - The company has transitioned from manufacturing daily ceramic products to focusing on shipbuilding and high-end equipment after acquiring 100% of Hengli Heavy Industry [6][8]. Leadership and Background - Chen Hanlun, born in 2001, holds a master's degree in applied finance and has experience as a tax consultant at PwC Singapore. He is currently the Vice President of Hengli Group [3][4]. - Chen has been increasingly active in Hengli Group's management, participating in strategic partnerships and emphasizing green development in the shipbuilding sector [4][5]. Financial Performance - *ST Songfa has faced continuous losses in recent years, with net losses of 322 million yuan in 2021, 171 million yuan in 2022, 117 million yuan in 2023, and 76.64 million yuan in 2024. However, it is projected to achieve a net profit of 580 million to 700 million yuan in the first half of 2025 [8][9]. - Hengli Group, which owns *ST Songfa, reported a total revenue of 871.5 billion yuan in 2024 and ranks third among China's top 500 private enterprises [5][6]. Industry Outlook - The shipbuilding industry is expected to see significant investment demand, with a total estimated investment of 2.3 trillion USD from 2024 to 2034, including approximately 1.7 trillion USD for new shipbuilding [8]. - Leading shipbuilding companies are anticipated to maintain strong profitability, with gross margins for shipbuilding expected to exceed 20% from 2025 onwards [9].

2025.08.06 *ST松发（603268）8月5日晚间披露，公司董事会拟提前进行换届选举。经股东提名，董事会提名与薪 酬考核委员会审查，提名陈建华、陈汉伦、王孝海、史玉高、张恩国、王月为公司董事会非独立董事候 选人。 值得一提的是，陈建华为该公司实际控制人，直接持有公司股份1.31亿股。其2001年1月至今任恒力集 团有限公司董事长、总裁。 据悉，陈汉伦出生于2001年，年仅24岁，是*ST松发实际控制人陈建华、范红卫夫妇之子。据证券时 报，这是陈汉伦首次在A股市场上露面。 简历显示，陈汉伦拥有研究生学历，系应用金融硕士。其曾任普华永道（新加坡）企业所得税税务咨询 顾问。2024年3月至今，陈汉伦担任恒力集团副总裁。 为陈汉伦 从公开资料来看，陈汉伦近两年已深度参与恒力集团的经营管理。 去年8月，恒力重工与瑞士MSC公司签署战略合作协议，双方将在新造船、配套发动机、船舶修理、改 装等业务领域开展全方位合作。陈建华、陈汉伦均出席了此次签约活动。 2024年12月4日，恒力·绿色船舶发展大会在大连举行，陈汉伦出席论坛并致辞。 今年2月，陈汉伦以恒力集团副总裁身份受邀出席吴江新春经济高质量发展动员暨作风建设大 ...

Core Viewpoint - *ST Songfa (603268) is undergoing a board restructuring with the nomination of new non-independent directors, including the actual controller Chen Jianhua and his son Chen Hanlun, indicating a potential shift in management strategy and future direction for the company [2][10]. Group 1: Board Restructuring - The board of *ST Songfa plans to hold an early election for board members, nominating Chen Jianhua, Chen Hanlun, Wang Xiaohai, Shi Yugao, Zhang Enguo, and Wang Yue as non-independent director candidates [2]. - Chen Jianhua, the actual controller, holds 131 million shares of the company and has been the chairman and president of Hengli Group since January 2001 [3]. Group 2: Chen Hanlun's Background - Chen Hanlun, born in 2001, is the son of Chen Jianhua and has a master's degree in applied finance. He previously worked as a tax consultant at PwC Singapore and has been involved in Hengli Group's management since 2022 [4][6]. - He has participated in significant events, such as the strategic cooperation agreement with MSC and the Hengli Green Ship Development Conference, showcasing his active role in the company's operations [7][8]. Group 3: Company Performance and Future Outlook - Hengli Group, under Chen Jianhua's leadership, achieved a total revenue of 871.5 billion CNY in 2024, indicating strong financial performance [6][15]. - *ST Songfa is expected to report a net profit of 580 million to 700 million CNY for the first half of 2025, marking a turnaround from previous losses [12]. - The company's stock price closed at 48.19 CNY per share on August 6, 2023, with a market capitalization of approximately 41.5 billion CNY [13][14].

Core Viewpoint - The company *ST Songfa is undergoing a board restructuring, with the nomination of new non-independent directors, including the 24-year-old Chen Hanlun, who is the son of the actual controller Chen Jianhua [1][3]. Group 1: Company Background - *ST Songfa is controlled by Chen Jianhua and Fan Hongwei, who are ranked as the richest in Jiangsu with a holding market value of 801.2 billion yuan, an increase of 119.9 billion yuan from the previous year [3]. - The company is part of Hengli Group, which has a total revenue of 871.5 billion yuan in 2024 and also includes Hengli Petrochemical, another A-share listed company [3]. Group 2: Leadership and Management - Chen Hanlun, who holds a master's degree in applied finance, has been actively involved in the management of Hengli Group and has served as the vice president since March 2024 [4]. - He has participated in significant strategic initiatives, including a partnership with Swiss MSC for shipbuilding and related services [5]. Group 3: Financial Performance - *ST Songfa has turned a profit in the first half of the year, projecting a net profit of 580 million to 700 million yuan for the first half of 2025, marking a turnaround from previous losses [14]. - The company's stock price closed at 48.19 yuan per share on August 6, 2023, reflecting a 3.59% increase and a total market capitalization of 41.525 billion yuan [15]. Group 4: Strategic Developments - The company is planning to acquire 100% of Hengli Heavy Industry, which specializes in shipbuilding and high-end equipment manufacturing, to accelerate its strategic transformation and seek new profit growth points [12]. - The restructuring was officially completed in May 2023, leading to management adjustments and a relocation of the company's office to Dalian [13].

Core Viewpoint - *ST Songfa (603268.SH) is undergoing a board restructuring with the nomination of new non-independent directors, including Chen Jianhua, who is one of the actual controllers of the company, and his son Chen Hanlun, who is 24 years old and has a background in finance [1][3]. Group 1: Company Leadership Changes - The board of *ST Songfa plans to hold an early election to nominate new non-independent directors, including Chen Jianhua, Chen Hanlun, Wang Xiaohai, Shi Yugao, Zhang Enguo, and Wang Yue [1]. - Chen Jianhua directly holds 131 million shares of *ST Songfa and has been the chairman and president of Hengli Group since January 2001 [1]. - Chen Hanlun, the son of Chen Jianhua, holds a master's degree in applied finance and has served as a tax consultant at PwC Singapore before becoming the vice president of Hengli Group in March 2024 [1][3]. Group 2: Hengli Group Overview - Hengli Group, controlled by Chen Jianhua and Fan Hongwei, is ranked among the Fortune Global 500 and the top 500 Chinese enterprises, with a total revenue of 871.5 billion yuan in 2024 [3]. - The couple ranked as the richest in Jiangsu with a holding market value of 80.12 billion yuan, an increase of 11.99 billion yuan from the previous year [3]. - In the 2024 Hurun Rich List, their wealth reached 125 billion yuan, placing them 20th [3]. Group 3: Recent Developments and Market Position - Hengli Group acquired *ST Songfa in October 2018 and announced a major asset restructuring plan in October last year to acquire 100% of Hengli Heavy Industry [3]. - Hengli Heavy Industry specializes in the research, production, and sales of ships and high-end equipment, establishing a manufacturing base in Dalian [3]. - The restructuring was completed in May this year, leading to management adjustments and a relocation of the company's office to Dalian [3]. - As of the latest report, *ST Songfa's stock price is 47.41 yuan per share, with a total market value of 40.853 billion yuan [3].