中船科技：频繁出售旗下资产难掩业绩颓势，5000万合同纠纷再审落幕

Group 1 - In August 2023, China Shipbuilding Technology (600072.SH) acquired 100% of China Haizhuang and 88.58% of China Ship Wind Power through a combination of share issuance and cash payment, aiming to enhance its renewable energy business [1] - The acquisition has drawn attention due to ongoing litigation involving a 50 million yuan contract dispute between Zhonghai Xinyuan and China Ship Wind Power Beijing, which could impact the company's profits significantly [1] - China Shipbuilding Technology's major shareholder is China Shipbuilding Group, with the State-owned Assets Supervision and Administration Commission as the actual controller, and wind power is projected to account for 56.04% of its revenue in 2024 [1] Group 2 - In 2024, after the restructuring of its wind power industry, the company reported total revenue of 8.423 billion yuan, a year-on-year decline of 41.85%, and a net profit of 146 million yuan, down 9.51%, indicating a continuous decline in performance [2] - The company has been actively selling assets to focus on its core business, with 16 announcements related to asset sales in 2024 alone, but these efforts have not reversed the downward trend in performance [2] - In Q1 2025, the company's net profit loss reached 310 million yuan, with a sales gross margin of 3.14%, the lowest since 2017, and total liabilities of 35.933 billion yuan, significantly exceeding net assets [2] Group 3 - The company's stock performance has weakened alongside its declining earnings, with a share price drop of 57.71% from its peak in July 2023 to around 13 yuan per share [5] - Institutional interest in the company has diminished, with no research reports published in the last two years, reflecting a lack of confidence in its future development [5] - Overall, the company faces multiple challenges, including potential impacts from ongoing litigation, continuous performance decline, low asset operational efficiency, and insufficient market confidence, leading to an uncertain future [5]