Group 1 - The company proposes to reappoint Rongcheng Certified Public Accountants (Special General Partnership) as the auditing institution for the fiscal year 2025, citing their independent completion of audit work and good performance of responsibilities [2] - The company plans to cancel the supervisory board and amend its Articles of Association to enhance corporate governance, with the audit committee of the board taking over the supervisory functions [3] - The company will revise, formulate, and abolish certain corporate governance systems in accordance with the latest regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange, including the abolition of the supervisory board's internal rules [5]

博迈科海洋工程股份有限公司 2025 年第一次临时股东大会会议资料 二零二五年八月 1 （603727） 目 录 | 2025 3 议案一：关于续聘容诚会计师事务所（特殊普通合伙）为公司 年度审计机构的议案. | | --- | | 议案二：关于取消监事会并修订《公司章程》的议案 4 | | 议案三：关于修订、制定、废止部分公司治理制度的议案 5 | 2 议案一：关于续聘容诚会计师事务所（特殊普通合伙）为公司 2025 年度审计机构的议案 各位股东： 容诚会计师事务所（特殊普通合伙）担任公司审计机构期间，能够独立完成 审计工作，较好地履行了双方所规定的责任和义务。其具备执行证券相关业务的 资格，具备从事财务报告审计和内部控制审计等审计业务的资质和能力。 议案二：关于取消监事会并修订《公司章程》的议案 各位股东： 基于公司与其多年良好的合作关系，同时考虑公司审计业务的连续性与稳健 性，公司拟续聘容诚会计师事务所（特殊普通合伙）为公司 2025 年度财务报告 审计机构和内部控制审计机构，聘期一年，相关审计费用授权公司管理层依照市 场公允合理的定价原则与会计师事务所协商确定并已由审计委员会审核通过。 以上议案，请各 ...

Market Overview - The oil service engineering sector experienced a decline of 2.09% on July 31, with Tongyuan Petroleum leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Individual Stock Performance - Notable declines in individual stocks include: - Beiken Energy (002828) down 3.98% to 10.13 [1] - PetroChina Engineering (600339) down 2.56% to 3.43 [1] - Sinopec Oilfield Service (600871) down 1.96% to 2.00 [1] - The trading volume and turnover for these stocks indicate significant market activity, with Beiken Energy having a turnover of 2.82 billion [1] Capital Flow Analysis - The oil service engineering sector saw a net outflow of 149 million from institutional investors, while retail investors contributed a net inflow of 93.17 million [2] - The capital flow for individual stocks shows: - Haiyou Engineering (600583) with a net inflow of 17.39 million from institutional investors [3] - Zhongyou Engineering (600339) with a net inflow of 15.79 million from institutional investors [3] - Beiken Energy (002828) faced a net outflow of 16.96 million from institutional investors [3]

Core Insights - The oil service engineering sector experienced a rise of 0.91% on July 30, with Qianeng Hengxin leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Stock Performance - Qianeng Hengxin (300191) closed at 21.00, up 11.82% with a trading volume of 350,000 shares and a transaction value of 712 million yuan [1] - Keli Co., Ltd. (920088) closed at 40.80, up 9.59% with a trading volume of 111,900 shares [1] - Tongyuan Petroleum (300164) closed at 5.79, up 7.22% with a trading volume of 2,382,700 shares and a transaction value of 1.367 billion yuan [1] - Other notable stocks include Zhunyou Co. (002207) up 6.22% and Beiken Energy (002828) up 2.53% [1] Capital Flow - The oil service engineering sector saw a net inflow of 104 million yuan from institutional investors, while retail investors experienced a net outflow of 155 million yuan [2] - The main capital inflow was led by Tongyuan Petroleum with a net inflow of 84.5 million yuan [3] - Qianeng Hengxin had a net inflow of 67.5 million yuan from institutional investors, but a net outflow of 60.4 million yuan from retail investors [3]

Core Viewpoint - As of July 29, 2025, Bomaike (603727) experienced a decline in stock price, closing at 13.88 yuan, with a significant drop in both revenue and net profit in the latest financial report [1] Financial Performance - Total operating revenue for the first half of 2025 was 1.043 billion yuan, representing a year-on-year decrease of 1.66% [1] - Net profit attributable to shareholders was 12.39 million yuan, down 80.42% year-on-year [1] - Deducted non-recurring gains and losses, the net profit was 750,300 yuan, a decrease of 99.09% year-on-year [1] - Current ratio stood at 2.141, quick ratio at 1.927, and debt-to-asset ratio at 33.89% [1] Market Activity - The stock saw a trading volume of 43,400 lots and a transaction amount of 60.29 million yuan [1] - There was a net outflow of main funds amounting to 14.06 million yuan, accounting for 23.33% of the transaction amount [1] - Large orders experienced a net outflow of 6.14 million yuan, while small orders had a net inflow of 7.63 million yuan [1] Company Overview - Bomaike Ocean Engineering Co., Ltd. was established in 2002 and is located in Tianjin, primarily engaged in the metal products and machinery repair industry [2] - The company has a registered capital of 281.72 million yuan and has made investments in three enterprises [2] - It has participated in 42 bidding projects and holds 23 trademark registrations and 200 patents, along with 44 administrative licenses [2]

Core Viewpoint - 博迈科's financial performance in the first half of 2025 shows a significant decline in revenue and profit compared to the previous year, indicating potential challenges ahead for the company [1][3]. Financial Performance Summary - In the first half of 2025, 博迈科 achieved operating revenue of 1.04 billion yuan, a decrease of 1.66% year-on-year [1][3]. - The net profit attributable to shareholders was 12.39 million yuan, down 80.42% from the previous year [1][3]. - The net profit after deducting non-recurring gains and losses was 750,000 yuan, a decline of 99.09% year-on-year [1][3]. - The net cash flow from operating activities was -27.84 million yuan, compared to 49.71 million yuan in the same period last year, reflecting a significant drop [1][3]. - As of the end of 2025, the net assets attributable to shareholders were 3.17 billion yuan, a decrease of 1.78% from the end of the previous year [3]. - Total assets were reported at 4.79 billion yuan, down 11.84% from the previous year [3]. Previous Year Comparison - In 2024, 博迈科 reported operating revenue of 2.64 billion yuan, an increase of 46.76% year-on-year [5]. - The net profit attributable to shareholders in 2024 was 100.55 million yuan, a turnaround from a loss of 75.48 million yuan in the previous year [5]. - The net profit after deducting non-recurring gains and losses was 115.39 million yuan, compared to a loss of 71.90 million yuan in 2023 [5]. - The net cash flow from operating activities in 2024 was 11.87 million yuan, a decrease of 97.69% from the previous year [5]. Dividend Distribution - 博迈科 plans to distribute a cash dividend of 2.50 yuan per 10 shares to all shareholders, with the record date set for May 22, 2025 [4].

Summary of Key Points Core Viewpoint - As of July 28, 22 companies have released their semi-annual reports for 2025, with 17 reporting year-on-year profit growth and 15 showing revenue growth, indicating a positive trend in the market despite some companies facing declines in profits and revenues [1][2]. Group 1: Profit and Revenue Performance - 17 companies reported a year-on-year increase in net profit, while 5 experienced a decline [1]. - 15 companies saw a year-on-year increase in operating revenue, with 7 reporting a decrease [1]. - Companies with simultaneous growth in both net profit and operating revenue include 13 firms, such as Zhimingda [1]. - Companies with declines in both metrics include 3 firms, such as Zhongyan Chemical [1]. Group 2: Notable Performers - Zhimingda reported the highest profit growth rate at 2147.93%, with a net profit of 38.30 million and operating revenue of 294.76 million [1]. - Other notable companies with significant profit growth include: - Tongzhou Electronics: 662.77% increase in net profit [1]. - Wohua Pharmaceutical: 303.16% increase in net profit [1]. - Shentong Technology: 111.09% increase in net profit [1]. - Companies with a profit decline include: - Yaxiang Group: -32.20% in net profit [2]. - Haitong Development: -64.14% in net profit [2]. - Zhongyan Chemical: -88.04% in net profit [2]. Group 3: Revenue Changes - Zhimingda also reported an 84.83% increase in operating revenue [1]. - Tongzhou Electronics experienced a 606.52% increase in operating revenue [1]. - Companies with revenue declines include: - Yaxiang Group: -40.95% in operating revenue [2]. - Zhongyan Chemical: -5.76% in operating revenue [2].

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, primarily due to geopolitical conflicts affecting the progress of the Russian LNG project, but maintains a positive long-term outlook due to potential FPSO order releases and expansion into total assembly to enhance order value [1][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.043 billion yuan, a year-on-year decrease of 1.66%, and a net profit attributable to shareholders of 12 million yuan, down 80.42% year-on-year. The adjusted net profit was 1 million yuan, a decline of 99.09% year-on-year [1]. - For Q2 2025, revenue was 500 million yuan, down 11.31% year-on-year and 7.92% quarter-on-quarter. The net profit attributable to shareholders was 1 million yuan, a decrease of 97.30% year-on-year and 93.15% quarter-on-quarter [1]. Margin Analysis - The gross margin for H1 2025 was 13.75%, a decrease of 2.88 percentage points year-on-year, attributed to the early recognition of project costs. However, the company is implementing automation and platform-based production reforms, which may lead to a recovery in gross margin [2]. - The total expense ratio for H1 2025 was 6.08%, down 1.50 percentage points year-on-year, indicating effective cost control in sales, management, and R&D expenses [2]. Project and Asset Management - The company signed a contract for the Russian ARCTIC LNG2 project in 2019, with a total contract value of 6.452 billion yuan. However, due to geopolitical tensions, project progress has been hindered, leading to an increase in asset impairment losses to 84 million yuan in H1 2025, up 77 million yuan year-on-year [3]. - If geopolitical tensions ease, the company may recover some of the impairment losses, which could improve profitability [3]. Future Outlook - The FPSO project reserves are expected to accelerate, with a projected increase in global FPSO orders from 6 units in 2022-2024 to 12 units in 2025-2027. The company is well-positioned in the FPSO upper module construction sector and is expected to continue securing high-quality orders [4]. - The company is expanding from module construction to total assembly, having successfully completed the Mero2 FPSO total assembly order in 2023, validating its capabilities across the entire industry chain [4]. Earnings Forecast and Valuation - The company's earnings forecasts for 2025-2027 have been revised down to 91 million yuan, 149 million yuan, and 330 million yuan, representing a significant reduction from previous estimates [5]. - The target price has been adjusted to 17.27 yuan, based on a price-to-book ratio of 1.5 times for 2025, reflecting the company's potential to benefit from improved financing conditions and accelerated project releases [5].

Overview of Business Performance - The company reported total revenue of 1.043 billion yuan for the first half of 2025, a year-on-year decrease of 1.66% [1] - The net profit attributable to shareholders was 12.3858 million yuan, down 80.42% year-on-year [1] - The net profit after deducting non-recurring items was 750,300 yuan, a decline of 99.09% year-on-year [1] - In Q2, total revenue was 500 million yuan, a decrease of 11.31% year-on-year [1] - Q2 net profit attributable to shareholders was 794,500 yuan, down 97.3% year-on-year [1] - Q2 net profit after deducting non-recurring items was -8.5507 million yuan, a decline of 125.47% year-on-year [1] Financial Indicators Analysis - Profitability has significantly declined due to reduced revenue and increased operating costs [2] - The company faces substantial cost pressures, leading to a sharp drop in net profit [2] Expense Control - The company performed poorly in expense control, with increases in sales and management expenses further compressing profit margins [3] Cash Flow Situation - The cash flow situation has worsened, with a significant decrease in net cash flow from operating activities, indicating substantial financial pressure [4] Accounts Receivable - Accounts receivable amounted to 191 million yuan, representing 189.99% of the latest annual net profit attributable to shareholders [5] - The large volume of accounts receivable and poor collection situation require close monitoring of their impact on cash flow [5] Industry and Market Environment - In the first half of 2025, the global geopolitical situation is complex, with a slowdown in energy transition and fossil fuels remaining dominant [6] - Energy security is emphasized, with increased application of green technologies in traditional energy development [6] - The global LNG market still has growth potential, with rapid industrial development in Qatar becoming a market focus [6] - FPSO continues to lead the offshore engineering industry, with Brazil and Guyana as core engines, while Chinese offshore engineering companies leverage local industrial cluster advantages for differentiated competition [6] Core Competitiveness - The company has over 20 years of experience in marine oil and gas project management, with strong performance in LNG, offshore oil and gas development, and mining [7] - The company maintains long-term stable cooperation with several high-quality clients in the oil and gas resource development industry [7] - Gross margin was 13.74%, down 17.33% year-on-year [7] - Net margin was 1.19%, down 80.09% year-on-year [7] - Earnings per share were 0.04 yuan, down 82.61% year-on-year [7] - The ratio of three expenses to revenue was 2.5%, an increase of 4.41% year-on-year [7] - Sales expenses increased by 55.57% year-on-year, mainly due to increased service fees [7] - Management expenses increased by 14.35% year-on-year, primarily due to employee compensation and business entertainment expenses [7] - Financial expenses decreased by 65.77% year-on-year, mainly due to exchange rate fluctuations leading to net exchange gains [7] - Operating cash flow per share was -0.1 yuan, down 156.01% year-on-year [7] - Net cash flow from operating activities decreased during the period [7] Conclusion - The company's mid-2025 report indicates significant performance decline, weakened profitability, ineffective expense control, deteriorating cash flow, and high accounts receivable ratio [9] - Despite having certain competitive advantages in the industry, the current financial situation requires close attention, particularly regarding accounts receivable and cash flow issues [9] - The company needs to strengthen cost control and improve cash flow management to navigate the complex market environment [9]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on August 11, 2025, at 14:30 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [1][2] Voting Procedures - Shareholders can vote through the trading system or the internet voting platform, with specific time slots for each [2][3] - There are no public solicitations for shareholder voting rights [2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [4][5] Meeting Agenda - The meeting will review the proposal to reappoint Rongcheng Accounting Firm as the company's auditing institution for the year 2025 [2][6] - The proposal has already been approved by the company's board and supervisory board [2] Attendance and Registration - Shareholders registered by the close of trading on August 4, 2025, are eligible to attend the meeting [6] - Registration can be done in person or via mail/fax for remote shareholders [5][6] Contact Information - The contact person for the meeting is Li Yonglin, with provided contact details for inquiries [6]