证券代码：300008 证券简称：天海防务 公告编号：2025-075 天海融合防务装备技术股份有限公司 关于向江苏金海运科技有限公司原股东提起诉讼的进展公告 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。 重要内容提示： 1、目前案件所处的诉讼阶段：已开庭审理，尚未出具判决书。 2、上市公司所处的当事人地位、涉案金额、对上市公司损益产生的影响均无变化。 一、概述 2024 年 1 月，天海融合防务装备技术股份有限公司（以下简称"公司"）作为原告就江 苏金海运科技有限公司（以下简称"金海运"）原股东李露女士未完成金海运的业绩承诺，造 成公司的巨额商誉损失事项，向上海市第一中级人民法院（以下简称"一中院"）提起诉讼（以 下简称"本案"）。2024 年 3 月，公司收到了一中院出具的《受理通知书》（案号：(2024) 沪 01 民初 97 号）。关于本案的基本情况、诉讼各方当事人、案件事实与理由、诉讼请求等具 体内容，详见公司于 2024 年 3 月 13 日披露的《关于向泰州市金海运船用设备有限责任公司原 股东提起诉讼的公告》（公告编号：2024-017）。 因 ...

Group 1 - A new company named Yumin Tianhai Innovation Investment (Sanya) Co., Ltd. has been established, with Huang Yuzhu as the legal representative [1] - The company's business scope includes investment activities with its own funds, enterprise management, financial consulting, information technology consulting services, and supply chain management services [1] - The company is jointly held by Longhai Lingchuang (Shanghai) Enterprise Management Co., Ltd., a wholly-owned subsidiary of Tianhai Defense [1]

Market Overview - The marine equipment sector experienced a decline of 1.31% on September 2, with Zhongke Haixun leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the marine equipment sector showed the following closing prices and percentage changes: - China Shipbuilding (600150): 38.45, -1.21% - Yaxing Chain (601890): 10.08, -1.95% - China Marine Defense (600764): 34.45, -1.96% - China Ship Defense (600685): 29.24, -2.47% - Jianglong Shipbuilding (300589): 14.14, -3.02% - Tianhai Defense (300008): 7.17, -3.24% - Guorui Technology (300600): 18.45, -4.16% - Hailanxin (300065): 20.09, -4.74% - Zhonggui Haixun (300810): 52.21, -5.25% [1] Capital Flow - The marine equipment sector saw a net outflow of 605 million yuan from institutional investors, while retail investors contributed a net inflow of 508 million yuan [1] - The following table summarizes the capital flow for key stocks: - Zhongke Haixun (300810): Institutional -15.99 million, Retail +26.18 million - Jianglong Shipbuilding (300589): Institutional -20.29 million, Retail +18.36 million - China Ship Defense (600685): Institutional -28.92 million, Retail +33.69 million - Guorui Technology (300600): Institutional -30.66 million, Retail +30.70 million - China Marine Defense (600764): Institutional -41.68 million, Retail +27.36 million - Yaxing Chain (601890): Institutional -52.12 million, Retail +44.98 million - Tianhai Defense (300008): Institutional -129 million, Retail +108 million - Hailanxin (300065): Institutional -135 million, Retail +129 million - China Shipbuilding (600150): Institutional -151 million, Retail +89.23 million [2]

Market Overview - The marine equipment sector increased by 0.81% on August 29, with Zhongke Haixun leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable stock performances include: - Yihard Technology (300810) rose by 4.29% to a closing price of 53.94 [1] - Guorui Technology (300600) increased by 3.71% to 19.27 [1] - China Shipbuilding (600150) saw a 1.52% rise, closing at 37.38 [1] - Hailanxin (300065) and China Ship Defense (600685) had smaller increases of 1.15% and 0.61%, respectively [1] - Tianhai Defense (300008) and Jianglong Shipbuilding (300589) experienced slight declines of 0.13% and 0.48% [1] Capital Flow - The marine equipment sector had a net inflow of 154 million yuan from institutional investors, while retail investors saw a net outflow of 144 million yuan [1] - Detailed capital flow for key stocks includes: - China Shipbuilding had a net inflow of 91.36 million yuan from institutional investors [2] - Zhongke Haixun attracted 70.05 million yuan, but retail investors withdrew 83.70 million yuan [2] - Guorui Technology had a net inflow of 19.56 million yuan from institutions, with retail investors withdrawing 18.39 million yuan [2] - China Haifang (600764) saw a net inflow of 6.61 million yuan from institutions, while retail investors withdrew 17.53 million yuan [2]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant revenue and profit growth driven by accelerated order deliveries and increased EPC construction business revenue [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.843 billion yuan, a year-on-year increase of 22.00%, and a net profit attributable to shareholders of 126 million yuan, up 106.69% year-on-year [1]. - The gross margin for H1 2025 was 19.67%, an increase of 2.80 percentage points year-on-year, while the net profit margin was 6.85%, up 2.59 percentage points year-on-year [2]. - The company’s Q2 2025 revenue reached 1.097 billion yuan, reflecting a year-on-year increase of 30.95% and a quarter-on-quarter increase of 46.88% [1]. Operational Efficiency - The company delivered 14 vessels in total for design and construction, 39 vessels for design, and 9 vessels for supervision in H1 2025, showing an increase in delivery speed compared to H1 2024 [3]. - The EPC business revenue reached 1.697 billion yuan, a year-on-year increase of 32.33%, driven by improved production efficiency through enhanced coordination and new processes [3]. Order Backlog and Market Position - As of the end of H1 2025, the company had a substantial order backlog, including 1.31 billion yuan for marine engineering design, 470 million yuan for supervision, and 14.143 billion yuan for construction, indicating a 1.3% increase compared to the end of 2024 [3][4]. - The company is positioned as a leader in the ship design and research industry, benefiting from government support for deep-sea technology and the growing demand for green ships due to international maritime organization policies [3][4]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been raised to 218 million yuan, 288 million yuan, and 334 million yuan, reflecting increases of 15%, 16%, and 17% respectively [5]. - The target price has been adjusted to 8.21 yuan, based on a projected PE ratio of 65 times for 2025, indicating confidence in the company’s ability to leverage its order backlog and operational efficiencies [5].

Market Overview - The marine equipment sector experienced a decline of 1.45% on August 27, with Guorui Technology leading the losses [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - China Shipbuilding (600150) closed at 36.54, down 0.98% with a trading volume of 983,200 shares and a turnover of 3.629 billion [1] - Tianhai Defense (300008) closed at 7.17, down 2.32% with a trading volume of 1,661,100 shares and a turnover of 1.229 billion [1] - China Marine Defense (600764) closed at 34.57, down 2.92% with a trading volume of 132,600 shares and a turnover of 469 million [1] - China Ship Defense (600685) closed at 28.43, down 3.33% with a trading volume of 174,700 shares and a turnover of 508 million [1] - Yaxing Anchor Chain (601890) closed at 10.28, down 4.90% with a trading volume of 800,900 shares and a turnover of 838 million [1] - Hailanxin (300065) closed at 20.18, down 4.95% with a trading volume of 878,100 shares and a turnover of 1.832 billion [1] - Jianglong Shipbuilding (300589) closed at 14.45, down 5.37% with a trading volume of 227,900 shares and a turnover of 341 million [1] - Zhongke Haixun (300810) closed at 50.80, down 5.59% with a trading volume of 93,300 shares and a turnover of 487 million [1] - Guorui Technology (300600) closed at 18.73, down 6.26% with a trading volume of 234,700 shares and a turnover of 450 million [1] Capital Flow Analysis - The marine equipment sector saw a net outflow of 867 million from institutional investors and 48.28 million from retail investors, while retail investors had a net inflow of 916 million [1] - Individual stock capital flows indicate significant outflows for several companies, with Guorui Technology experiencing a net outflow of 87.17 million, accounting for 19.35% of its capital [2] - Other notable outflows include China Ship Defense with 58.59 million (11.54%) and Yaxing Anchor Chain with 99.32 million (11.85%) [2]

Investment Rating - The report maintains an "Overweight" rating for the company [7]. Core Views - The company reported a significant increase in revenue and net profit for H1 2025, with revenue reaching 1.843 billion RMB, up 22.00% year-on-year, and net profit of 126 million RMB, up 106.69% year-on-year [1][2]. - The rapid growth in performance is attributed to accelerated order deliveries in Q2, a surge in revenue from the shipbuilding EPC business, and an improvement in gross margins [1][3]. - The company has a robust order backlog, particularly benefiting from government support for deep-sea technology policies, positioning it well for future growth [1][4]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 19.67%, an increase of 2.80 percentage points year-on-year, and the net profit margin was 6.85%, up 2.59 percentage points year-on-year [2]. - The total expense ratio for H1 2025 was 11.17%, a year-on-year increase of 0.55 percentage points, with sales expenses rising due to rapid growth in overseas business [2]. Operational Highlights - The company delivered 14 vessels under its design and construction contracts in H1 2025, compared to 12 vessels in H1 2024, indicating an acceleration in delivery speed [3]. - The revenue from the shipbuilding EPC business reached 1.697 billion RMB, reflecting a year-on-year increase of 32.33% [3]. Order Backlog and Future Prospects - As of the end of H1 2025, the company had a substantial order backlog, including 1.314 billion RMB in design contracts and 14.143 billion RMB in construction contracts, showing a 1.3% increase compared to the end of 2024 [4]. - The report highlights an increase in the proportion of offshore engineering orders, which is expected to benefit from the growing emphasis on deep-sea development and resource utilization [4]. Profit Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of 218 million RMB, 288 million RMB, and 334 million RMB respectively, reflecting increases of 15%, 16%, and 17% [5]. - The target price is set at 8.21 RMB, based on a PE ratio of 65 times for 2025, indicating a favorable valuation compared to the industry average [5].

Core Viewpoint - Tianhai Defense (300008.SZ) reported strong financial performance in its 2025 mid-year report, leading its peers in revenue and net profit growth, indicating a robust operational capacity and market position [1][3]. Financial Performance - The company's total operating revenue reached 1.843 billion yuan, marking an increase of 332 million yuan compared to the same period last year, representing a year-on-year growth of 22.00% [1]. - The net profit attributable to shareholders was 126 million yuan, an increase of 64.79 million yuan from the previous year, reflecting a significant year-on-year growth of 106.69% [1]. - Operating cash flow showed a net outflow of 34.86 million yuan, but this was an improvement of 266.71 million yuan compared to the same period last year [1]. Profitability and Efficiency Metrics - The latest asset-liability ratio stood at 54.73%, a decrease of 0.48 percentage points from the previous quarter [3]. - The gross profit margin was reported at 19.67%, an increase of 0.19 percentage points from the previous quarter, and a rise of 2.80 percentage points year-on-year, achieving three consecutive years of growth [3]. - Return on equity (ROE) was 5.64%, leading among peers with an increase of 2.61 percentage points year-on-year [3]. - The diluted earnings per share were 0.07 yuan, ranking second among peers, with an increase of 0.04 yuan from the previous year, reflecting a year-on-year growth of 106.84% [3]. - The total asset turnover ratio was 0.38 times, leading among peers with an increase of 0.04 times year-on-year, representing an 11.17% increase [3]. - The inventory turnover ratio was 4.10 times, also leading among peers, with an increase of 0.71 times year-on-year, indicating a growth of 20.76% [3]. Shareholder Structure - The number of shareholders was reported at 157,500, with the top ten shareholders holding 450 million shares, accounting for 26.02% of the total share capital [3]. - The largest shareholder, Xiamen Longhai Heavy Energy Investment Partnership, holds 12.50% of the shares [3].

Core Viewpoint - Tianhai Defense announced an increase in the external guarantee limit for 2025 from 34 billion RMB to 46 billion RMB due to currency fluctuations and increased funding needs [1][2] Group 1: External Guarantee Plan - The board approved an additional external guarantee amount not exceeding 1.2 billion RMB (or equivalent foreign currency) for 2025, raising the total expected external guarantee limit to 4.6 billion RMB [1] - The guarantee amount for subsidiaries with a debt-to-asset ratio greater than 70% will increase from 3.093 billion RMB to 4.293 billion RMB, while the amount for those with a debt-to-asset ratio less than 70% remains unchanged at 307 million RMB [1] Group 2: Current Guarantee Status - As of the announcement date, the company has provided guarantees totaling approximately 3.36 billion RMB, which includes 15.18 million USD and 10.23 million EUR, accounting for 160.50% of the company's audited net assets as of December 31, 2024 [2] - The company has no overdue guarantees or guarantees involving litigation, and the guarantees are provided in various forms, including mutual guarantees among subsidiaries [2]

Group 1 - Tianhai Defense (300008.SZ) released its semi-annual report for 2025, revealing that as of August 26, 2025, 15 institutional investors held a total of 389 million shares, accounting for 22.53% of the company's total share capital [1] - The top ten institutional investors collectively held 22.29% of the shares, with a decrease of 1.46 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 10 new public funds were disclosed this period, including Guotai CSI Military ETF and Southern CSI 1000 ETF, while one fund, Taixin Double Interest Bond C, was not disclosed this period [2] - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction of 1.84% [2]