Core Viewpoint - *ST Songfa has successfully transformed its business focus to shipbuilding and high-end equipment manufacturing, significantly improving its financial performance in 2025 due to the integration of Hengli Heavy Industry Group's assets [1][2]. Financial Performance - In the first three quarters of 2025, *ST Songfa achieved a net profit of 1.271 billion yuan, with a non-recurring net profit of 688 million yuan [1]. - The core asset, Hengli Heavy Industry, reported a cumulative revenue of 11.653 billion yuan and a net profit of 1.355 billion yuan during the same period [1]. Industry Outlook - The shipbuilding industry is experiencing a positive trend, driven by global ship aging and the demand for green and low-carbon transformation, leading to increased market demand [2]. - The company anticipates continued growth in its order backlog, which is expected to enhance its performance significantly [2]. Business Strategy - Following the major asset restructuring, *ST Songfa has exited the ceramic manufacturing business and is now focused on shipbuilding and high-end equipment [2]. - The company aims to enhance its order acquisition capabilities and expand market share with a goal of becoming a "world-class" player [2]. Inventory and Production - The company reported a significant increase in inventory, up 3350.72% year-on-year, primarily due to the previous year's uncompleted asset restructuring [3]. - There are no issues with unsold products or delayed orders, and all current orders are within production capacity [3]. Order Status - The company has a robust order book, with production schedules extending to 2029 [4]. - Recent contracts include two 30.6 million-ton ultra-large crude oil tankers and six 114,000-ton oil/product tankers, which are expected to positively impact future performance [4][5].

Summary of Key Points Core Viewpoint - *ST Songfa (603268) experienced a decline of 4.5% in stock price, closing at 67.9 yuan on November 17, 2025, with significant trading activity and a notable contract announcement from its subsidiary [1][2]. Trading Information - On November 17, the main funds saw a net outflow of 28.51 million yuan, accounting for 8.81% of the total trading volume [2]. - Retail investors contributed a net inflow of 2.35 million yuan, representing 0.73% of the total trading volume [1]. Company Announcements - Guangdong Songfa Ceramics Co., Ltd.'s subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd., signed contracts for the construction of two 30.6 million-ton VLCC super-large crude oil tankers and six 114,000-ton crude/product oil tankers [1]. - The total contract value is estimated to be between 600 million to 900 million USD, with delivery scheduled for the fourth quarter of 2027 and the second quarter of 2028 [1][2]. - These contracts are classified as routine operational contracts and do not require board or shareholder approval [1].

证券代码：603268 证券简称：*ST松发 公告编号：2025临-125 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： 广东松发陶瓷股份有限公司（以下简称"公司"）下属公司恒力造船（大连） 有限公司（以下简称"恒力造船"）2艘30.6万吨超大型原油运输船、6艘11.4万载 重吨原油/成品油运输船建造合同于近日签约生效。现将相关情况公告如下： 一、 履行审议程序情况 本次签署的相关合同系日常经营性合同，公司与交易对方不存在关联关系，所 涉及的交易不构成关联交易，根据《股票上市规则》之规定，公司本次签署日常交 易相关合同无需经公司董事会、股东会审议。 二、 合同主要条款 （一）30.6万吨超大型原油运输船 是否需要履行审议程序：本次签署的相关合同系日常经营性合同，公司与 交易对方不存在关联关系，所涉及的交易不构成关联交易，根据《上海证 券交易所股票上市规则》（以下简称"《股票上市规则》"）之规定，公 司本次签署日常交易相关合同无需经公司董事会、股东会审议。 特别风险提示：由于合同履行期较长，合同履行可能受到航运 ...

Core Viewpoint - *ST Songfa announced the signing and effectiveness of contracts for the construction of two 306,000-ton ultra-large crude oil tankers and six 114,000-ton crude oil/product oil tankers by its subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd. The total contract value is approximately $400 million to $600 million, with specific amounts exempted from disclosure due to confidentiality regulations [1] Group 1 - The contracts involve the construction of two ultra-large crude oil tankers and six crude oil/product oil tankers [1] - The total contract value ranges from $400 million to $600 million [1] - Specific contract amounts are not disclosed due to confidentiality requirements under stock listing rules [1]

Core Viewpoint - *ST Songfa has announced the signing of contracts for the construction of two 306,000-ton ultra-large crude oil tankers and six 114,000-ton crude oil/product oil tankers by its subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd [1] Group 1 - The contracts for the construction of the vessels have recently come into effect [1] - The company is expanding its capabilities in the maritime transportation sector through these new contracts [1]

Core Viewpoint - *ST Songfa (603268.SH) announced that its subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd., has signed effective contracts for the construction of two 306,000-ton ultra-large crude oil tankers and six 114,000-ton crude oil/product oil tankers [1] Group 1 - The company has secured contracts for the construction of a total of eight vessels [1] - The two ultra-large crude oil tankers will each have a capacity of 306,000 tons [1] - The six product oil tankers will each have a deadweight tonnage of 114,000 tons [1]

Core Viewpoint - *ST Songfa announced the signing of contracts for the construction of two 30.6 million-ton ultra-large crude oil tankers and six 114,000-ton crude oil/product oil tankers, with contract values ranging from approximately $200-300 million and $400-600 million respectively [1] Group 1 - The contracts for the construction of two ultra-large crude oil tankers are valued at approximately $200-300 million [1] - The contracts for the construction of six crude oil/product oil tankers are valued at approximately $400-600 million [1]

Core Viewpoint - The company announced the signing of contracts for the construction of two 306,000-ton ultra-large crude oil tankers and six 114,000-deadweight-ton oil/product oil tankers, which is expected to have a positive impact on future performance despite the long execution period and potential market, price, and exchange rate influences [1] Group 1 - The contracts for the 306,000-ton tankers are valued at approximately $200-300 million, with delivery scheduled for Q4 2027 and Q2 2028 [1] - The contracts for the 114,000-deadweight-ton tankers are valued at approximately $400-600 million, with deliveries scheduled for 2027 [1] - The normal execution of these contracts is anticipated to positively influence future performance [1]

Core Viewpoint - *ST Songfa has signed contracts for the construction of two 306,000-ton ultra-large crude oil tankers and six 114,000-ton crude oil/product oil tankers, with a total contract value of approximately $200-300 million [1] Group 1 - The contracts were signed by the company's subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd [1] - The construction involves a total of eight vessels, enhancing the company's capabilities in the maritime transport sector [1] - The deal reflects the company's strategic focus on expanding its fleet and operational capacity in the oil transportation market [1]

Core Viewpoint - *ST Songfa has signed contracts for the construction of two 306,000-ton ultra-large crude oil tankers and six 114,000-ton crude oil/product oil tankers, with contract values ranging from approximately $200 million to $300 million and $400 million to $600 million respectively [1] Group 1 - The contracts for the construction of the tankers have recently become effective [1] - The construction is being carried out by Hengli Shipbuilding (Dalian) Co., Ltd., a subsidiary of *ST Songfa [1]