文/西风 近日，深交所公布对中集天达控股有限公司（CIMC-TianDa Holdings Company Limited）创业板IPO终止审核的决定，直接原因是公司及保荐机构中金公司撤回申 报。公司IPO申报于2021年9月28日获得受理，2023年5月26日获得深交所上市委审核通过，但一直到终止审核，过会逾22个月都未能提交注册。公司系深交所、港 交所上市公司中集集团（000039、H02039）孙公司，公司本次IPO系中集集团分拆上市。 一、公司曾在香港联交所创业板上市，2021年1月完成私有化退市，中集集团为间接控股股东，无实控人 公司为一家根据《开曼群岛公司法》于2002 年 1 月 3 日成立的公司，曾用名 China Fire Safety Enterprise Group Limited（中国消防企业集团有限公司）、Wanyou Fire Safety TechnologyHoldings Limited（万友消防科技控股有限公司）。 2002年9月30日，公司成功配售股份500,000,000股，每股价格港币 0.4 元，公司的股票于香港联交所创业板上市。2021 年1 月 25 日，公司完 ...

他表示，虽然集装箱业务面临周期波动，但公司车辆、物流、新能源等业务都将有所增长，储能业务、 模块化建筑等未来几年有望贡献增量，多元化业务布局将助力公司持续"向上生长"。 车辆、清洁能源、海洋业务量增质长 中证报中证网讯(记者黄灵灵)3月27日晚，中集集团（000039）发布2024年年报。公司全年实现营业收 入1776.64亿元，同比增长39.01%；归母净利润29.72亿元，同比大增605.60%。公司拟派发现金红利9.45 亿元，超过年度归母净利润的30%。 3月28日，中集集团董事长麦伯良在2024年业绩说明会上表示，2024年红海危机等导致集装箱流转效率 大幅下降，集装箱市场需求增加。展望2025年，集装箱需求或从高峰回落有所下降，但公司车辆、物 流、新能源等业务预计将有所增长，公司布局多项新兴业务，有望平抑集装箱业务周期波动带来的影 响。 集装箱产销量达历史高峰 2024年，集装箱制造业务营收622.05亿元，同比提升105.89%；净利润40.88亿元，同比提升127.84%。 受全球商品贸易需求回升以及地缘冲突等事件影响，2024年集装箱市场需求增加，中集集团集装箱整体 产销量达历史高峰。其中， ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance meets market expectations, with significant growth in the container, offshore engineering, and logistics service segments. In 2024, the company achieved total revenue of 177.7 billion yuan, a year-on-year increase of 39%, and a net profit attributable to shareholders of 2.97 billion yuan, representing a 606% increase year-on-year [2] - The gross margin remains stable while the net profit margin shows continuous recovery. The sales gross margin for 2024 is 12.5%, down 1.3 percentage points year-on-year, while the net profit margin is 2.4%, up 0.9 percentage points year-on-year [3] - The company is expected to maintain steady growth in performance, supported by strong demand in the container manufacturing sector and a healthy order backlog in the energy and chemical equipment segments. The offshore engineering segment also shows promising order growth [4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 177.7 billion yuan, with a year-on-year growth of 39%. The net profit attributable to shareholders reached 2.97 billion yuan, marking a 606% increase year-on-year. The core segments contributing to this growth include containers, logistics services, and offshore engineering [2] - The container segment generated revenue of 62.2 billion yuan, up 106% year-on-year, while logistics services brought in 31.4 billion yuan, a 56% increase. The offshore engineering segment achieved revenue of 16.6 billion yuan, reflecting a 58% growth [2] Profitability Metrics - The company's gross margin for 2024 is reported at 12.5%, with the container segment at 15.6% and logistics services at 6.2%. The net profit margin improved to 2.4% due to cost efficiencies and recovery in the offshore segment [3] - The company’s operating expenses as a percentage of revenue decreased to 7.7%, with reductions in sales, management, R&D, and financial expense ratios [3] Future Outlook - The company anticipates continued performance growth driven by increased container trade volumes and a robust order backlog in energy and chemical equipment. The offshore engineering segment is also expected to contribute positively to future earnings [4] - Adjusted net profit forecasts for 2025 and 2026 are 3 billion yuan and 3.8 billion yuan, respectively, with a projected net profit of 4.6 billion yuan in 2027 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets market expectations, with significant growth in the container, offshore engineering, and logistics service segments [2] - The company achieved total revenue of 177.664 billion yuan in 2024, a year-on-year increase of 39%, and a net profit attributable to shareholders of 2.97234 billion yuan, representing a 606% increase year-on-year [2] - The container segment generated revenue of 62.2 billion yuan, up 106% year-on-year, benefiting from the recovery in the shipping market [2] - The logistics service segment saw revenue of 31.4 billion yuan, a 56% increase year-on-year, also supported by the recovery in global trade [2] - The offshore engineering segment reported revenue of 16.6 billion yuan, a 58% increase year-on-year, marking a turnaround for the segment [2] Revenue and Profitability - The company's gross profit margin for 2024 was 12.5%, a decrease of 1.3 percentage points year-on-year, while the net profit margin improved to 2.4%, an increase of 0.9 percentage points year-on-year [3] - The company’s operating expenses ratio decreased to 7.7%, down 2.6 percentage points year-on-year, indicating improved operational efficiency [3] Future Outlook - The company is expected to maintain stable growth, supported by increased container manufacturing and a robust order book in the energy and chemical equipment sectors [4] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 3 billion yuan and 3.8 billion yuan, respectively, with an expected net profit of 4.6 billion yuan in 2027 [4] - The current market capitalization corresponds to a price-to-earnings ratio of 16 for 2025, 13 for 2026, and 11 for 2027 [4]

"中集很多业务都是有周期的，我们不怕外部环境波动，高峰期来的时候能抓住，有很强的灵活性。不一定每年都会增长，但整体是往上 的。"3月28日，中集集团（SZ000039，股价9.00元，市值485.33亿元）在深圳总部举办业绩说明会，公司董事长麦伯良在会上多次回答媒体、 投资者提问，颇具松弛感。 据介绍，2024年集装箱行业产量为830万TEU（标准集装箱），较上一年增长264%。中集集团去年营业收入超越2021年，再次创下新高，达到 1776.64亿元，同比增长39.01%；归母净利润达29.72亿元，同比增长605.60%。 对于2025年的行业走势，麦伯良在回答《每日经济新闻》记者提问时表示，2024年红海危机等导致集装箱市场运营效率大幅下降，对集装箱的 需求增多。如果全球回归正常，集装箱需求会逐步回落，结合全球工业制造能力增长，预测今年集装箱需求会有所下降。 预测今年集装箱需求相对下降 2024年，中集集装箱制造业务营收622.05亿元，同比提升105.89%；净利润40.88亿元，同比提升127.84%。 在业绩会上，中集集团董事会秘书吴三强介绍，全球集装箱吞吐量同比增长了6.2%，其中亚洲到北美的集 ...

图片来源：摄图网 3月27日，据深交所披露，因中集天达控股有限公司、保荐人撤回发行上市申请，根据《深圳证券交易所股票发行上市审核规则》第六十二条，深交所决 定终止其发行上市审核。 同时，中集天达母公司中集集团公告称，公司于2025年3月27日召开第十届董事会2025年度第7次会议，审议通过了关于终止分拆控股子公司中集天达控股 有限公司至深圳证券交易所创业板上市的议案，并撤回相关上市申请文件。终止原因为综合因素考虑，为统筹安排中集天达业务发展和资本运作规划。 从2023年5月过会已近2年，期间中集天达未能拿到IPO注册批文，直至此番公告终止创业板IPO。 中集天达的最近关于IPO的资料还是2023年9月的第二轮问询回复，当时的第10个问题就有关于分拆上市。 当时，该问题提到，审核问询回复显示： （1）香港联交所对中集集团分拆上市关注到："就物料处理系统业务而言，分拆子公司的产品/服务与中集集团的产品与服务的区别并不显著"； （2）2021年1月25日，发行人完成私有化并于香港联交所退市。香港联交所于2021年7月30日批准了中集集团的分拆提案； （3）发行人私有化退市过程中存在异议股东，相关股东持股数量73,1 ...

kpmg.com/cn 网址 kpmg.com/cn +86 (10) 8518 5111 传真 Telephone +86 (10) 8508 5000 Fax Internet KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China +86 (10) 8508 5000 +86 (10) 8518 5111 电话 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 审计报告 毕马威华振审字第2505660号 中国国际海运集装箱 (集团) 股份有限公司全体股东： 一、审计意见 中国国际海运集装箱 (集团) 股份有限公司 2024 年度财务报表及审计报告 毕马威华振审字第2505660号 二、形成审计意见的基础 我们按照中国注册会计师审计准则(以下简称"审计准则") 的规定执行了审计工作。审计报 告的"注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注 册会计师职业道德守 ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.176 per share (including tax) to all shareholders based on a total share capital of 5,367,874,835 shares after excluding repurchased shares[3]. - The annual profit distribution proposal is subject to approval at the annual general meeting, with the expected payment date set for August 18, 2025[3]. - The company continues to prioritize shareholder interests in its profit distribution strategy[3]. - The company plans to distribute a cash dividend of RMB 0.176 per share, totaling RMB 949.5 million, exceeding 30% of the 2024 net profit[43]. Financial Performance - The company's total revenue for 2024 reached RMB 177.66 billion, representing a 39.01% increase compared to RMB 127.81 billion in 2023[26]. - Net profit for 2024 was RMB 4.20 billion, a 125.14% increase from RMB 1.86 billion in 2023[26]. - The operating profit for 2024 was RMB 6.55 billion, a significant increase of 131.39% from RMB 2.83 billion in 2023[26]. - The net profit attributable to shareholders increased by 605.60% to RMB 2.97 billion in 2024, compared to RMB 421.25 million in 2023[26]. - The basic earnings per share (EPS) rose to RMB 0.53, reflecting a 657.14% increase from RMB 0.07 in 2023[27]. - The diluted EPS also increased to RMB 0.53, marking a 960.00% rise from RMB 0.05 in 2023[27]. - The net cash flow from operating activities was RMB 9.264 billion, up 242.70% from RMB 2.703 billion in 2023[30]. - The company's total revenue reached RMB 177.66 billion, representing a 39.01% increase compared to the previous year[101]. - The logistics service business generated revenue of RMB 31.389 billion, reflecting a year-on-year growth of 55.65%, with net profit increasing by 133.27% to RMB 4.37 billion[57]. Assets and Liabilities - The total assets of the company increased by 8.03% to RMB 174.75 billion in 2024, up from RMB 161.76 billion in 2023[25]. - The total liabilities rose by 9.88% to RMB 106.73 billion in 2024, compared to RMB 97.13 billion in 2023[25]. - The company's total equity increased by 5.24% to RMB 68.02 billion in 2024, up from RMB 64.63 billion in 2023[25]. - The total current assets rose by 13.93% to RMB 100.76 billion in 2024, compared to RMB 88.44 billion in 2023[25]. - Non-current liabilities surged by 42.58% to RMB 25.88 billion in 2024, up from RMB 18.15 billion in 2023[25]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and the differences between plans, forecasts, and commitments[4]. - The report highlights the company's commitment to transparency and compliance with regulatory requirements[4]. - The company has complied with all relevant laws and regulations that significantly impact its operations during the reporting period[198]. Strategic Focus and Market Position - The company is focused on maintaining a stable financial performance while exploring new market opportunities[4]. - The company’s strategic focus on container manufacturing and service optimization led to record production and sales volumes in 2024[38]. - The company maintained a global market share leadership in standard dry containers, refrigerated containers, and special containers[46]. - The logistics service business saw significant growth in profitability, with the company ranking 3rd among Chinese enterprises in the "Transport Topics" 2024 Global Top 50 Freight Forwarders[40]. - The company aims to enhance its integrated solution capabilities to address diverse customer pain points across multiple business sectors[40]. Research and Development - R&D investment for the period reached RMB 2,712,160 thousand, which is 1.52% of total revenue, with a compound annual growth rate of 13.38% over the past five years[121]. - The company applied for 845 new patents during the reporting period, including 290 invention patents, maintaining a total of 5,376 effective patents[121]. - The company has achieved significant technological breakthroughs, including the first domestically built car carrier for BYD, capable of transporting 7,000 vehicles[124]. - The company has been recognized with multiple industry awards, including the 2024 Hubei Provincial Science and Technology Progress Award for key technologies in hydrogen energy storage and transportation[126]. Employee and Talent Development - The total number of employees as of December 31, 2024, is 78,776, an increase from 68,940 in 2023, with contract employees totaling 50,686[186]. - The company has established a multi-level talent development system, including various training programs for employees[189]. Corporate Governance - The company has established a balanced governance structure and efficient decision-making mechanisms to ensure effective management[95]. - The company has purchased liability insurance for its directors, supervisors, and senior management to mitigate legal risks associated with their duties[199].

Group 1 - CIMC reported a net profit of RMB 29.72 billion for 2024, a year-on-year increase of 605.60% [1] - CIMC's revenue reached RMB 1,776.64 billion, up 39.01% from the previous year [1] - The container manufacturing segment generated revenue of RMB 622.05 billion, a 105.89% increase year-on-year [1] Group 2 - CIMC Vehicles reported revenue of RMB 209.98 billion, a decrease of 16.30% year-on-year [2] - Net profit for CIMC Vehicles fell to RMB 10.81 billion, down 55.83% compared to the previous year [2] - The decline in net profit was attributed to normalization of North American business and non-recurring gains from a previous equity disposal [2] Group 3 - SMIC's revenue for 2024 was RMB 57,795.6 million, an increase of 27.7% year-on-year [3] - The net profit for SMIC decreased by 23.3% to RMB 3,698.7 million [3] - The increase in revenue was driven by a rise in wafer sales volume, which increased by 36.7% [3] Group 4 - Haier Smart Home achieved a net profit of RMB 187.41 billion, a year-on-year increase of 12.92% [4] - The company reported revenue of RMB 2,859.81 billion, up 4.29% from the previous year [4] - The gross margin for Haier Smart Home was 27.8%, an increase of 0.3 percentage points from 2023 [4] Group 5 - CNOOC reported a net profit of RMB 137.94 billion for 2024, an increase of 11.4% year-on-year [6] - The company's revenue was RMB 420.51 billion, a slight increase of 0.9% from the previous year [6] - CNOOC's oil and gas production reached 199 million barrels of oil equivalent per day [6] Group 6 - CNOOC's oil liquid sales volume increased by 9.4% to 562.9 million barrels [7] - The average realized oil price was USD 76.75 per barrel, a decrease of approximately 1.6% [7] - The company achieved a reserve replacement rate of 167% with 11 new discoveries [7] Group 7 - China Merchants Securities reported a net profit of RMB 103.86 billion, an increase of 18.51% year-on-year [8] - The company achieved revenue of RMB 208.91 billion for the year [8] - Wealth management and institutional business contributed RMB 102.33 billion to the revenue [8] Group 8 - China Merchants Energy reported a net profit of RMB 51.07 billion for 2024 [9] - The company's revenue was RMB 257.99 billion, with a slight decrease of 0.32% [9] - The revenue decline was influenced by fluctuations in the oil tanker market [9] Group 9 - Industrial Bank achieved a net profit of RMB 772.05 billion, a year-on-year increase of 0.12% [11] - The bank's revenue was RMB 2,122.26 billion, up 0.66% from the previous year [11] - The non-performing loan ratio was 1.07%, indicating stable asset quality [11] Group 10 - Weichai Power reported a net profit of RMB 114.03 billion, a year-on-year increase of 26.51% [12] - The company's revenue reached RMB 2,156.9 billion, up 0.81% [12] - The sales of various engines totaled 734,000 units, with a 5% increase in exports [13] Group 11 - Lens Technology achieved a net profit of RMB 36.24 billion, a year-on-year increase of 19.94% [14] - The company reported revenue of RMB 698.97 billion, up 28.27% [14] - The smartphone and computer segments contributed significantly to revenue growth [14] Group 12 - Shandong Gold reported a net profit of RMB 29.52 billion, a year-on-year increase of 26.80% [15] - The company's revenue was RMB 825.18 billion, up 39.21% [15] Group 13 - Huadian International achieved a net profit of RMB 57.03 billion, a year-on-year increase of 26.11% [16] - The company's revenue was RMB 1,129.94 billion, a decrease of 3.57% [16] Group 14 - Postal Savings Bank reported a revenue of RMB 348.77 billion, a year-on-year increase of 1.83% [16] - The bank's net interest income was RMB 286.12 billion, up 1.53% [16] Group 15 - Joyoung reported a net profit of RMB 1.22 billion, a year-on-year decrease of 68.55% [17] - The company's revenue was RMB 8.85 billion, down 7.94% [17] Group 16 - Shanghai Pharmaceuticals achieved a net profit of RMB 45.53 billion, a year-on-year increase of 20.82% [18] - The company's revenue was RMB 2,752.51 billion, up 5.75% [18] Group 17 - CITIC Securities reported a net profit of RMB 72.23 billion, a year-on-year increase of 2.68% [19] - The company's revenue was RMB 211.29 billion, down 9.1% [19] Group 18 - Three squirrels plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] - The company aims to enhance global brand recognition and expand overseas financing capabilities [21] Group 19 - CIMC announced the termination of the spin-off of its subsidiary CIMC Tianda for listing on the Shenzhen Stock Exchange [22] - The decision was made for comprehensive considerations regarding business development and capital operation planning [22] Group 20 - CNOOC's subsidiary CIMC Tianda withdrew its IPO application [23] - The expected fundraising amount was RMB 1.41941 billion [23]

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: 中集集团 (China International Marine Containers), 华电国际 (China Huadian Corporation), 云南能投 (Yunnan Energy Investment), 依托股份 (Yiteng Co.), 海洋股份 (Ocean Co.) - **Industries**: Container shipping, marine engineering, energy generation, and renewable energy Key Points and Arguments 中集集团 (China International Marine Containers) - Achieved a net profit of 2.97 billion yuan in 2024, a 600% increase year-on-year, with Q4 net profit of 1.14 billion yuan, marking a turnaround from losses [2][3] - Container sales surged by 400% to 3.44 million units, driven by recovering demand in container shipping and marine engineering markets [2][3] - Global commodity trade recovery and WTO's optimistic forecast for trade growth (2.7% in 2024 and over 3% in 2025) supported container segment growth [2][3] - Marine engineering demand is on the rise, with drilling platform utilization exceeding 90% and new ship prices increasing by over 20% year-on-year [2][4] - Projected net profits for 2025, 2026, and 2027 are 3.6 billion, 4.4 billion, and 5.2 billion yuan, respectively, with profit growth expected to remain above 20% [2][5] 华电国际 (China Huadian Corporation) - Reported revenue of 112.99 billion yuan in 2024, a 3.6% decline, but net profit increased by 26.1% to 5.7 billion yuan, benefiting from lower fuel prices [11] - Planned cash dividend of 0.21 yuan per share, with a payout ratio of 45.7%, resulting in a dividend yield of approximately 3.8% [11] - Coal and gas power generation hours decreased, but gas generation increased by 7.4% due to new gas turbine installations [12] - Fuel costs decreased by 6.5% year-on-year, leading to a gross margin increase in thermal power business to 9.2% [12] 云南能投 (Yunnan Energy Investment) - Achieved revenue of 3.45 billion yuan in 2024, an 18.9% increase, and net profit of 675 million yuan, a 39.97% increase, driven by the renewable energy sector [15][16] - New energy sales reached 3.696 billion kWh, an 82% increase year-on-year, supported by high pricing levels in market transactions [15] - Plans to divest 52% stake in TRG Company for 888 million yuan to mitigate losses and improve overall profitability [16] - Projected net profits for 2025, 2026, and 2027 are 900 million, 1.1 billion, and 1.2 billion yuan, respectively, with corresponding P/E ratios of 11, 10, and 9 [17] 依托股份 (Yiteng Co.) - Reported revenue of 11.9 billion yuan in 2024, a 3.2% increase, but net profit decreased by 7.5% to 920 million yuan [6] - Anticipates recovery in energy machinery demand, driven by rising grain prices and product upgrades [7] - Projected net profits for 2025, 2026, and 2027 are 1 billion, 1.16 billion, and 1.29 billion yuan, with growth rates of 11.6%, 12.2%, and 11.6% [7] 海洋股份 (Ocean Co.) - Achieved revenue of 13.72 billion yuan in 2024, a 1% increase, but net profit decreased by 24% to 920 million yuan [8] - Anticipates recovery in gross margins due to manufacturing recovery and improved retail prices [10] - Projected net profits for 2025, 2026, and 2027 are 1 billion, 1.2 billion, and 1.4 billion yuan, with growth rates of 15%, 16%, and 17% [10] Other Important Insights - The container shipping and marine engineering sectors are experiencing significant recovery, with strong demand and pricing power [2][3][4] - The energy sector is facing mixed results, with some companies benefiting from lower fuel costs while others struggle with declining revenues [11][12] - Renewable energy is a key growth area, particularly for companies like 云南能投, which is capitalizing on high pricing and increased sales [15][16]