Group 1 - The new shipbuilding market is experiencing a slowdown in 2025 after several years of strong performance, exacerbated by geopolitical uncertainties [1][2] - According to Clarkson Research, global new ship orders have decreased by 54% year-on-year, with new ship prices dropping by 1% [2] - Chinese shipyards still hold a significant share of the global new ship orders, although their market share has declined from 70% in 2024 to 52% [2][3] Group 2 - In 2024, the global new ship order volume reached its highest level in 17 years, with 2,390 new ships ordered totaling 170 million deadweight tons [3] - The shipping market is facing cautious sentiment due to geopolitical uncertainties and tightening shipyard capacities, leading to postponed fleet replacement plans by shipowners [3][4] - Domestic shipyards maintain a positive outlook, with significant backlogs ensuring stable performance in the near term [4] Group 3 - There is a clear demand for fleet renewal and the development of new ship types driven by low-carbon policies and the need for cleaner energy vessels [4][5] - The emphasis on deep-sea development and resource utilization is expected to create demand for new ship types, including traditional marine engineering vessels [5]

Overview - Tianhai Defense intends to apply for a bank comprehensive credit line for its wholly-owned subsidiary, with a limit not exceeding 400 million RMB, primarily for operational turnover needs [1] - The company will provide a joint liability guarantee of up to 440 million RMB for this credit line, which includes an additional guarantee amount of 220 million RMB [1] Approval Status - On April 25, 2025, the company’s board approved the external guarantee plan for 2025, which was submitted for shareholder approval [2] - The total external guarantee amount available for 2025 is set at 3.4 billion RMB, with the chairman and general manager authorized to adjust the guarantee limits based on operational needs [2] Subsidiary Information - The subsidiary, Jiangsu Dajin Heavy Industry Co., Ltd., was established on December 24, 2012, with a registered capital of 500 million RMB [3] - The main business includes shipbuilding, marine engineering, and related technical services [3] Financial Indicators - As of March 31, 2025, the total assets of Tianhai Defense were approximately 3.72 billion RMB, with total liabilities of about 2.61 billion RMB [4] - The net assets stood at approximately 1.10 billion RMB, with a net profit of about 66.06 million RMB for the first quarter of 2025 [4] Guarantee Contract Details - The guarantee contracts involve multiple banks, including Hengfeng Bank and Suzhou Bank, with guarantee periods typically lasting three years from the debt performance deadline [5][6] - The company assumes joint liability for any costs arising from the guarantees, including legal fees and damages [6][7] Cumulative External Guarantees - As of the announcement date, the company has provided external guarantees totaling approximately 3.03 billion RMB, which represents 144.84% of the audited net assets as of December 31, 2024 [7] - After the new guarantees take effect, the total will rise to approximately 3.28 billion RMB, equating to 156.54% of the audited net assets [7]

证券代码：300008 证券简称：天海防务 公告编号：2025-050 天海融合防务装备技术股份有限公司 关于为子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。 一、概述 （一）基本情况 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"）拟为全资子公司申请银行综合授信提供担保。具体情况如下： 1、鉴于全资子公司江苏大津重工有限公司（以下简称"大津重工"）向恒丰银行股份有 限公司扬州分行申请的综合授信即将届满，本次拟重新向恒丰银行股份有限公司扬州分行申请 额度不超过（含）40,000 万元人民币的综合授信，期限不超过（含）1 年，主要用于补充经营 周转需要，开具保函、银票、信用证、发放流贷等授信业务。公司将为上述综合授信提供最高 债权额不超过（含）44,000 万元人民币的连带责任保证，并签署《最高额保证合同》。本次申 请综合授信及签署《最高额保证合同》为对原综合授信及保证合同的更新及扩额，另新增担保 额度为 22,000 万元人民币。 2、大津重工拟向苏州银行股份有限公司镇江分行申请额度不超过（含）2,0 ...

Group 1 - The natural gas sector experienced a decline of 1.58%, ranking among the top losers in the concept sector, with Tongyuan Petroleum hitting a 20% limit down [1][2] - Major stocks within the natural gas sector that faced significant declines include Intercontinental Oil and Gas, Taishan Petroleum, and Zhun Oil, all hitting limit down [1][2] - Conversely, stocks such as Hongtian Co., Fulin Transportation, and Weike Precision saw gains of 10.01%, 5.18%, and 4.72% respectively [1][2] Group 2 - The natural gas sector saw a net outflow of 1.747 billion yuan, with 98 stocks experiencing net outflows, and five stocks exceeding a net outflow of 100 million yuan [2][3] - Intercontinental Oil and Gas led the outflow with a net outflow of 235 million yuan, followed by Tianhai Defense and Tongyuan Petroleum with net outflows of 166 million yuan and 164 million yuan respectively [2][3] - Stocks with the highest net inflows included Hongtian Co., China Merchants Energy, and Sheneng Co., with inflows of 74.88 million yuan, 52.92 million yuan, and 31.46 million yuan respectively [2][3]

Core Points - Tianhai Defense (300008) closed at 6.41 yuan on June 13, 2025, up 4.4% from last week's 6.14 yuan [1] - The company's market capitalization is currently 11.077 billion yuan, ranking 6th in the marine equipment sector and 1421st among 5150 A-shares [1] Company Announcements - Tianhai Defense provided a guarantee of up to 11.71 million USD (approximately 84.12 million yuan) for its wholly-owned subsidiary Jiangsu Dajin Heavy Industry Co., Ltd. related to a contract for two 5900DWT multi-purpose cargo ships [1] - Additionally, the subsidiary Jiangsu Jiamei Marine Engineering Equipment Co., Ltd. plans to apply for a comprehensive credit line of up to 10 million yuan from Jiangsu Bank, with Tianhai Defense providing a joint liability guarantee [1] - The company's board approved a guarantee plan for 2025, authorizing the chairman and general manager to allocate guarantees within a total limit of 3.4 billion yuan [1] - As of the announcement date, the total amount of guarantees provided to subsidiaries is approximately 3.1005212 billion yuan, accounting for 148.11% of the company's most recent audited net assets, with no overdue guarantees or guarantees involved in litigation [1]

Industry Overview - The lifeguard equipment industry is crucial for water safety and is experiencing strong growth driven by government policy support and consumer upgrades [1][13] - The market size of China's lifeguard equipment industry is projected to grow from 13.7 billion yuan in 2018 to 20.891 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.29% [1][13] - Increasing urbanization and rising awareness of water safety are expected to further boost market growth [1][11] Industry Development History - The development of China's lifeguard equipment industry began in the 1950s, initially focusing on manual production with limited product variety [5] - The industry saw rapid growth from the 1980s to 1990s due to the rise of water recreational activities, leading to increased demand and competition [5] - Since the 21st century, the industry has matured, with improved technology and a focus on international markets [5] Industry Chain - The lifeguard equipment industry chain consists of upstream raw material suppliers, midstream manufacturers, and downstream sales and service [7] - Key raw materials include synthetic rubber, plastics, and fibers, which are essential for producing lifeguard equipment [9] Current Market Status - The lifeguard equipment market is expanding rapidly, with traditional products like life jackets and rings maintaining a dominant market position [14][16] - The life jacket market is expected to reach approximately 7.939 billion yuan by 2024, driven by increasing demand from water sports and fishing [14] - The life ring market is projected to grow to about 5.223 billion yuan by 2024, with innovations in materials and technology enhancing product features [16] Competitive Landscape - The industry features a diverse competitive landscape, including state-owned enterprises, private companies, and foreign firms [19] - Major players include China Shipbuilding Industry Corporation, Tianhai Defense Technology, and various regional manufacturers [20][21][23] Future Trends - The industry is shifting towards environmentally friendly materials, with a focus on biodegradable and recyclable products [25] - Smart technologies are being integrated into lifeguard equipment, enhancing safety features and user experience [26] - There is a growing demand for personalized and customizable lifeguard equipment to cater to specific user needs and preferences [27]

Overview - Tianhai Defense intends to provide counter-guarantees for its wholly-owned subsidiary's bank guarantees and comprehensive credit applications, involving a total guarantee amount of up to $11.71 million, approximately RMB 84.12 million [1][2]. Guarantee Details - The company will provide a counter-guarantee for Jiangsu Dajin Heavy Industry Co., Ltd. related to the construction of two 5900DWT multipurpose cargo ships, with a total guarantee amount of $11.71 million [1][5]. - The company plans to apply for a comprehensive credit line of up to RMB 10 million from Jiangsu Bank, primarily for working capital needs [2]. Financial Information - As of March 31, 2025, Jiangsu Dajin Heavy Industry Co., Ltd. reported total assets of RMB 398.48 million and total liabilities of RMB 320.28 million, with a net asset value of RMB 78.19 million [3][4]. - Tianhai Defense's total external guarantees amount to approximately RMB 3.1 billion, which is 148.11% of its audited net assets as of December 31, 2024 [7]. Approval Process - The board of directors approved the external guarantee plan for 2025, allowing a total external guarantee limit of RMB 3.4 billion, subject to shareholder approval [2].

证券代码：300008 证券简称：天海防务 公告编号：2025-049 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为子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。 一、概述 （一）基本情况 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，及为全资子公司申请银行综合授信提供 担保。具体情况如下： 第 1 页 证券代码：300008 证券简称：天海防务 公告编号：2025-049 营情况（包括但不限于列表主体），调剂使用担保额度，并签署相关业务合同及其他相关法律 文件，担保期限为自该议案经股东大会审议通过之日起至 2025 年年度股东大会召开之日止。 具体内容详见公司于 2025 年 4 月 26 日披露的《关于 2025 年度对外担保计划的公告》（公告 编号：2025-033）。 二、被担保人基本情况 1、江苏大津重工有限公司 成立日期：2012 年 12 月 24 日 注册地点：江苏省扬中市西来桥镇北胜村 606 号 1、全资子公司江苏 ...

Group 1 - The terahertz concept sector declined by 0.16%, ranking among the top declines in concept sectors, with notable declines in stocks such as Four Creation Electronics, Taihao Technology, and Haige Communication [1] - Among the terahertz concept stocks, 12 stocks experienced price increases, with Changfei Fiber, Jiuzhiyang, and Phoenix Optical leading the gains at 2.67%, 2.63%, and 1.98% respectively [1] - The terahertz concept sector saw a net outflow of 531 million yuan from main funds, with 15 stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The top net outflow stock in the terahertz concept was Haige Communication, with a net outflow of 215 million yuan, followed by Four Creation Electronics and Taihao Technology with net outflows of 122 million yuan and 102 million yuan respectively [1] - The leading stocks for net inflow included ZTE Corporation, Tianhai Defense, and Changfei Fiber, with net inflows of 105 million yuan, 1.03 million yuan, and 697,430 yuan respectively [2] - The overall market performance showed that the beer concept led with a gain of 3.85%, while the terahertz concept was among the sectors with the largest decline [1]

Overview - Tianhai Defense Equipment Technology Co., Ltd. plans to provide a guarantee for its wholly-owned subsidiary, Jiangsu Dajin Heavy Industry Co., Ltd., for the construction of a 40,400-ton bulk carrier, with a guarantee amount not exceeding 6 million USD, equivalent to approximately 43.11 million RMB [1][5]. Company and Subsidiary Information - Jiangsu Dajin Heavy Industry Co., Ltd. was established on December 24, 2012, with a registered capital of 500 million RMB and is located in Yangzhong City, Jiangsu Province [2]. - The company specializes in shipbuilding, energy-saving and environmental protection equipment, marine engineering equipment manufacturing, and related technical services [2][4]. Financial Indicators - As of March 31, 2025, Jiangsu Dajin Heavy Industry reported total assets of approximately 371.79 million RMB and total liabilities of about 261.43 million RMB, resulting in net assets of approximately 110.36 million RMB [3]. - For the first quarter of 2025, the company reported operating income of approximately 67.31 million RMB and a net profit of about 6.61 million RMB [3]. Guarantee Details - The guarantee is irrevocable and ensures that if the buyer requests a refund before the delivery of the ship, the company will refund within 40 days, provided the buyer has made the first installment payment [5][6]. - The total amount of guarantees provided by the company to its subsidiaries has reached approximately 309.64 million RMB, which is 147.91% of the company's audited net assets as of December 31, 2024 [6][7].