Financial Performance - The company reported a basic earnings per share of 0.0236 yuan for Q1 2025, representing a 32.58% increase compared to 0.0178 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.41 billion yuan, up 32.26% from 0.31 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.93% in Q1 2025 from 1.58% in Q1 2024, marking a 22.15% increase [1] - The total operating revenue for Q1 2025 was 7.47 billion yuan, an 11% increase from 6.73 billion yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 41,249.85 million shares, accounting for 25.04% of the circulating shares, with an increase of 2,554.03 million shares compared to the previous period [1] - Xiamen Longhai Heavy Energy Investment Partnership holds 21,600 million shares, representing 13.11% of the total share capital, with no change [2] - Hong Kong Central Clearing Limited increased its holdings by 2,708.82 million shares, now holding 3,899.74 million shares, which is 2.37% of the total [2] - New entrants to the top ten shareholders include UBS AG, Morgan Stanley & Co. International PLC, and China International Capital Corporation, with respective holdings of 1,236.57 million, 731.20 million, and 481.48 million shares [2] Dividend Distribution - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - The company's revenue for Q1 2025 was ¥746,586,929.37, representing a 10.86% increase compared to ¥673,437,767.25 in the same period last year[7] - Net profit attributable to shareholders was ¥40,792,365.16, up 32.32% from ¥30,828,652.29 year-on-year[7] - Basic earnings per share increased by 32.58% to ¥0.0236 from ¥0.0178 in the same period last year[7] - Total operating revenue for the current period reached ¥746,586,929.37, an increase of 10.86% compared to ¥673,437,767.25 in the previous period[20] - Net profit for the current period was ¥40,038,796.21, representing a growth of 26.83% from ¥31,574,986.59 in the previous period[22] - The total comprehensive income for the current period was ¥44,205,047.43, compared to ¥31,497,062.30 in the previous period, indicating a significant increase[22] Cash Flow - The net cash flow from operating activities was -¥419,491,819.09, a decline of 35.21% compared to -¥310,244,938.85 in the previous year[7] - Cash flow from operating activities showed a net outflow of ¥419,491,819.09, worsening from a net outflow of ¥310,244,938.85 in the previous period[23] - Net cash flow from financing activities increased significantly by 811.60% to ¥26,844,350.00 compared to -¥3,772,410.00 in the previous year[11] - Net cash flow from financing activities was $268,443,492.01, a substantial improvement from -$37,724,057.83 previously, showcasing effective debt management[24] - Cash inflow from financing activities totaled $462,989,606.19, significantly higher than $87,700,000.00 in the prior period, reflecting strong borrowing and capital raising efforts[24] - Net cash flow from investing activities was -$11,703,201.22, compared to -$10,908,444.95 in the previous period, indicating an increase in cash outflow for investments[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,814,818,218.89, a 3.10% increase from ¥4,670,063,842.72 at the end of the previous year[7] - The company's total liabilities amounted to ¥2,658,278,674.82, an increase from ¥2,561,455,011.19 in the previous period[18] - Total current liabilities rose to CNY 2,459,890,711.49 from CNY 2,386,994,530.70, an increase of approximately 3.0%[17] - Short-term borrowings increased significantly to CNY 965,746,679.84 from CNY 644,827,686.93, marking an increase of about 49.9%[17] - The company reported a total of CNY 1,353,664,230.42 in non-current assets, slightly down from CNY 1,371,314,667.13[17] Inventory and Expenses - The company's inventory rose by 26.90% to ¥37,726,090.00 from ¥29,728,800.00 at the beginning of the period[10] - Sales expenses surged by 173.34% to ¥1,229,980.00, attributed to increased market expansion efforts and higher sales agent fees due to increased ship deliveries[10] - Total operating costs increased to ¥697,987,256.19, up 12.99% from ¥617,685,816.68 in the previous period[20] - Research and development expenses increased to ¥11,410,792.25, compared to ¥9,261,903.14 in the previous period, reflecting a growth of 23.19%[20] Government Support and Accounting Changes - The company received government subsidies amounting to ¥1,529,683.55 during the reporting period[8] - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[25] - The new accounting standards will be implemented starting in 2025, which may lead to changes in financial reporting and performance metrics[25]

Financial Performance - The company's operating revenue for 2024 was CNY 3,945,321,826.42, representing a 9.40% increase compared to CNY 3,606,454,146.82 in 2023[18] - The net profit attributable to shareholders for 2024 was CNY 138,545,469.00, a 36.40% increase from CNY 101,574,444.58 in 2023[18] - The net profit after deducting non-recurring gains and losses was CNY 134,452,001.70, up 42.38% from CNY 94,429,243.88 in 2023[18] - The company's cash flow from operating activities showed a net outflow of CNY -359,818,175.22, a decrease of 376.53% compared to a net inflow of CNY 130,118,518.21 in 2023[18] - The total assets at the end of 2024 were CNY 4,670,063,842.72, an increase of 7.69% from CNY 4,336,604,234.33 at the end of 2023[18] - The net assets attributable to shareholders at the end of 2024 were CNY 2,093,452,259.43, reflecting an 8.41% increase from CNY 1,931,115,281.26 at the end of 2023[18] - The basic earnings per share for 2024 were CNY 0.0802, a 36.39% increase from CNY 0.0588 in 2023[18] - The weighted average return on equity for 2024 was 6.91%, up from 5.57% in 2023[18] Revenue and Profit Trends - In Q4 2024, the company reported operating revenue of approximately CNY 1.60 billion, a significant increase compared to previous quarters[20] - The net profit attributable to shareholders in Q4 2024 was approximately CNY 61.89 million, showing a recovery from earlier quarters[20] - The global shipbuilding market remains robust, with China's shipbuilding completion, new orders, and backlog accounting for 55.7%, 74.1%, and 63.1% of the world market share, respectively, in 2024[28] - The defense equipment and products business saw a significant revenue increase of 170.64% to CNY 18,233.94 million, with a gross margin of 7.22%[78] - The energy business reported a revenue increase of 30.73% to CNY 9,185.42 million, although the gross margin slightly decreased[84] Market and Industry Insights - The defense equipment industry is expected to see increased demand due to rising geopolitical tensions, with China's defense budget projected to grow by 7.2% to CNY 1.81 trillion in 2025[31] - The company faces challenges from U.S. tariff policies and potential trade disruptions, which may impact future shipbuilding investments[30] - The Clarksons new ship price index increased by 6.5% year-on-year to 189.16 points by the end of 2024, indicating rising ship prices[28] Research and Development - The company is committed to continuous investment and technological research in the field of new energy vessels, exploring applications of methanol, ammonia, hydrogen, and battery technologies[37] - The company has accumulated rich technology and experience in the application of natural gas in shipping, with a focus on LNG and CNG fueling systems[37] - The company is developing an intelligent integrated platform for ships, aiming to enhance autonomous navigation and operational safety[100] - The company is advancing the design of hybrid power systems for OSV vessels, targeting improved fuel efficiency and reduced emissions[102] Operational Challenges - The company's net profit for the last three accounting years, excluding non-recurring gains and losses, has been negative, indicating uncertainty in its ability to continue as a going concern[19] - The net cash flow from operating activities was negative CNY 117.98 million in Q4 2024, highlighting ongoing cash flow challenges[21] - The company is exposed to exchange rate risks, particularly with transactions in USD and EUR, and will implement hedging measures to manage this risk[149] Corporate Governance and Management - The company has established a market value management system and approved a valuation enhancement plan on January 24, 2025[159] - The board of directors consists of 9 members, including 3 independent directors, and has held 10 board meetings during the reporting period[166] - The company has implemented a performance evaluation and incentive mechanism for senior management, linking their compensation directly to the company's operating performance[169] - The company emphasizes the importance of information disclosure and investor relations management, ensuring timely and accurate communication with shareholders[172] Strategic Initiatives - The company plans to enhance its energy trading operations by integrating logistics services and financial derivatives management[63] - The company aims to optimize production processes and improve efficiency through lean production and smart transformation, targeting cost reduction and enhanced profitability[136] - The company is actively pursuing market expansion and new product development strategies, although specific details were not disclosed in the call[90] Legal and Compliance Matters - The company is involved in legal proceedings regarding performance compensation obligations from its controlling shareholder, with a court hearing scheduled for June 2025[153] - The company has not faced any penalties from securities regulatory authorities, indicating a strong compliance record[184] Future Outlook - The company plans to apply for a total credit limit of up to 2.5 billion yuan from financial institutions in 2024[199] - The company is committed to expanding its LNG power comprehensive service business, leveraging its expertise in both shipping and gas[143] - The company aims to enhance its comprehensive engineering service capabilities in the offshore and wind power sectors, focusing on key shipbuilding equipment and marine engineering equipment[144]

Core Viewpoint - The second largest shareholder of Tianhai Defense, China Great Wall Asset Management Co., plans to reduce its stake, which has attracted market attention [1]. Summary by Relevant Sections Shareholder Reduction Plan - China Great Wall Asset holds 106,429,235 shares of Tianhai Defense, accounting for 6.16% of the total share capital [1]. - The plan involves reducing up to 25,920,000 shares, representing 1.50% of the total share capital, within three months after the announcement [1]. - The reduction is attributed to operational and funding arrangements, with shares sourced from capital reserves during Tianhai Defense's bankruptcy restructuring [1]. Reduction Timing and Method - The reduction period will commence 15 trading days after the announcement and will last for three months, adhering to specified trading windows [1]. - If conducted through centralized bidding, the total shares reduced cannot exceed 1% of the total shares within any 90 consecutive days; if through block trading, it cannot exceed 2% [1]. - The reduction price will be determined based on market conditions [1]. Compliance and Governance - As of the announcement date, China Great Wall Asset is fulfilling its commitments made during the company's restructuring in December 2020 [2]. - The reduction plan will not lead to a change in control of the company, nor will it adversely affect the governance structure or ongoing operations [2]. - The board of directors will oversee the legal and compliant execution of the reduction plan and ensure timely information disclosure [2].

特别提示： 天海融合防务装备技术股份有限公司 关于持股5%以上股东减持股份预披露公告 中国长城资产管理股份有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：300008 证券简称：天海防务 公告编号：2025-024 公司第二大股东中国长城资产管理股份有限公司（以下简称"长城资产"）持有天海融合防 务装备技术股份有限公司（以下简称"天海防务"或"公司"）股份 106,429,235 股，占公司现有 总股本比例 6.16%。长城资产计划在本减持计划公告发布之日起 15 个交易日后的 3 个月内， 通过集中竞价或大宗交易方式减持公司股份不超过 25,920,000 股（占公司现有总股本比例 1.50%）。 近日，公司收到第二大股东长城资产出具的《股份减持计划的告知函》，现将有关情况公 告如下： 4、减持期间： （1）通过集中竞价交易方式进行减持的，减持期间为本减持计划公告之日起 15 个交易日 后的 3 个月内（在规定的窗口期内不减持）； 一、股东基本情况 1、股东名称：中国长城资产管理股份有限公司 2、持股数量：截至本公告披露日，长城资产持有公司股份 106, ...

证券代码：300008 证券简称：天海防务 公告编号：2025-023 天海融合防务装备技术股份有限公司 关于控股股东部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，天海融合防务装备技术股份有限公司（以下简称"天海防务"或"公司"）接到控 股股东厦门隆海重能投资合伙企业（有限合伙）（以下简称"隆海重能"）的通知，隆海重能 将所持有的部分公司股份办理了质押及解除质押手续，具体事项如下： 一、股东股份质押及解除质押基本情况 | 1、本次股份质押基本情况 | | --- | | 股东名称 | | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | 是否 | 是否 为补 | | 质押到期 | | 质押用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | | 押数量 | 持股份 | 总股本 | 为限 | 充质 | 质押起始日 | 日 | 质权人 | 途 | | | 东及其一 | | （股） | 比例 | ...

Core Viewpoint - Tianhai Defense's subsidiary, Jiangsu Jinhaiyun Technology Co., Ltd., has had part of its bank accounts frozen due to a legal dispute stemming from a high-premium acquisition made in 2015 [1][2]. Group 1: Acquisition Details - In June 2015, Tianhai Defense acquired 100% of Jinhaiyun for a total transaction price of 1.355 billion yuan, which included issuing 50 million shares and cash payment of 657 million yuan [1]. - The acquisition price was significantly higher than Jinhaiyun's net asset fair value of 171 million yuan, resulting in a premium rate of 1659.31% [1]. - The high premium was based on trust in the original management team's forecast of Jinhaiyun's future performance, with the excess amount recognized as goodwill [2]. Group 2: Performance Issues and Legal Disputes - From 2015 to 2017, Tianhai Defense repeatedly requested actual operating data from Jinhaiyun's original management team, which was consistently denied [3]. - After the performance commitment period, Jinhaiyun's revenue plummeted, with a net profit of only 3.2875 million yuan in 2018, far below the forecast of 16.7 million yuan [3]. - Regulatory scrutiny followed, leading to a 2022 administrative penalty against Jinhaiyun for fabricating trade business to inflate profits by 39.4644 million yuan in 2017 [3]. - In January 2024, Tianhai Defense sued the original management team for 37.5611 million yuan due to compensation contract disputes, with a court ruling in February 2025 ordering the team to pay this amount [3]. - Additionally, Tianhai Defense filed another lawsuit in March 2024 for 172 million yuan in goodwill losses, claiming the original management team's actions significantly devalued the acquired assets [3].

证券代码：300008 证券简称：天海防务 公告编号：2025-022 天海融合防务装备技术股份有限公司 关于全资子公司部分银行账户被冻结的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 天海融合防务装备技术股份有限公司（以下简称"公司"或"天海防务"） 财务人员于 近日通过查询银行账户获悉，公司全资子公司江苏金海运科技有限公司（以下简称"金海运"） 部分银行账户部分资金被泰州市高港区人民法院冻结，现将相关情况公告如下： 一、银行账户被冻结情况 | 序号 | 账户名称 | 开户行 | 银行账号 | 账户性质 | 申请冻结金 额（元） | 实际冻结金 额（元） | | --- | --- | --- | --- | --- | --- | --- | | 1 | 江苏金海运科技有限公司 | 中国银行泰州分 行营业部 | 53***********18 | 基本户 | 13,708,485. | 190,691.50 | | 2 | 江苏金海运科技有限公司 | 招商银行股份有 | 52***********28 | 一般户 | 30 | 100.28 | | ...

Core Insights - The Chinese shipbuilding industry is experiencing rapid development under strong policy support, with significant growth in key metrics such as completed shipbuilding volume, new orders, and backlog orders in 2024 [1][11][21] Industry Overview - The shipbuilding industry is a strategic sector crucial for national economic development and defense security, providing essential technical equipment for marine development, transportation, and national defense [3][11] - The industry has seen a variety of ship classifications based on materials, navigation areas, power systems, propulsion methods, and purposes [4][3] Current Development Status - In 2024, the shipbuilding industry in China is projected to maintain a positive growth trend, with completed shipbuilding volume reaching 48.18 million deadweight tons, a year-on-year increase of 13.8% [11] - New orders received amounted to 113.05 million deadweight tons, marking a 58.8% increase, while the backlog of orders reached 208.72 million deadweight tons, up 49.7% [11][13] Competitive Landscape - The shipbuilding industry is characterized by a concentrated market structure, with leading enterprises like China Shipbuilding Group dominating the sector due to their technological and financial advantages [15] - The second tier includes companies like Jiangsu Yangzijiang Shipbuilding Group, which have mature shipbuilding technologies and robust supply chains [15] Industry Trends - The industry is moving towards green shipbuilding, focusing on minimizing environmental impact and promoting sustainable development [21] - There is a strong push for automation and smart technologies to enhance production efficiency and reduce reliance on manual labor, particularly in welding processes [22] - Internationalization is a key trend, with Chinese shipbuilding companies securing a significant share of global orders, indicating their competitive strength in international markets [23]

证券代码：300008 证券简称：天海防务 公告编号：2025-021 天海融合防务装备技术股份有限公司 关于为子公司保函事项提供反担保 及子公司为孙公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 因经营需要，近日，天海融合防务装备技术股份有限公司（以下简称"天海防务"或"公 司"）拟为全资子公司委外开具保函事项提供反担保，及全资子公司为孙公司申请银行综合授 信提供担保。具体情况如下： 一、概述 （一）基本情况 1、公司的全资子公司江苏大津重工有限公司（以下简称"大津重工"）与安徽国贸海畅 贸易有限公司（以下简称"国贸海畅"）签署了 2 艘 5200DWT 多用途杂货船项目（SEACON SHIPPING）建造合同及对应的《船舶出口合作协议》（以下简称"主合同"）。公司拟为大 津重工就上述主合同涉及保函向国贸海畅提供合计不超过 1,065 万美元的反担保，预计担保总 额折合人民币约为 7,644.78 万元（以 2025 年 3 月 31 日汇率折算，实际担保金额将以担保发生 时汇率进行折算），并与国贸海畅签署了《担保（保证）合同》。该反担 ...