2025 年 8 月 29 日，中国重工收到上交所出具的自律监管决定书《关于中国 船舶重工股份有限公司股票终止上市的决定》（〔2025〕201 号），上交所决定对 中国重工 A 股股票予以终止上市，中国重工 A 股股票将于 2025 年 9 月 5 日终 止上市。因属于主动终止上市情形，中国重工 A 股股票不进入退市整理期交易。 2025 年 9 月 5 日中国重工股票终止上市后，中国重工 A 股股东的股票账户 中即不再显示中国重工 A 股股票，相对应的股票市值将无法在投资者账户总市 值中体现，直至中国重工 A 股股票转换为中国船舶 A 股股票并完成新增 A 股 股份上市的相关手续后，中国重工原 A 股股东的股票账户中将自新增股份上市 日起显示中国船舶 A 股股票，相对应的股票市值将会在投资者账户总市值中体 现。 1 证券代码：601989 证券简称：中国重工 公告编号：临 2025-064 中国船舶重工股份有限公司 关于公司股东参与换股相关事项提示性公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国船舶工业股份有限公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown continuous profit realization, with a focus on cyclical trends. The second quarter of 2025 saw significant growth in net profit, attributed to a robust order backlog and the release of high-value orders. The company’s performance is expected to remain strong over the next three years due to these factors [7][5] - The merger with China Shipbuilding Heavy Industry Group is anticipated to enhance synergies and improve market competitiveness and profitability [7] - Despite a short-term adjustment in ship prices, the long-term upward cycle remains intact, with expectations of improved market conditions in the second half of 2025 [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 74,839 million RMB - 2024: 78,584 million RMB (5.01% growth) - 2025: 82,942 million RMB (5.55% growth) - 2026: 97,651 million RMB (17.73% growth) - 2027: 120,423 million RMB (23.32% growth) [6] - Net profit forecasts are: - 2023: 2,957 million RMB - 2024: 3,614 million RMB (22.21% growth) - 2025: 7,207 million RMB (99.40% growth) - 2026: 11,595 million RMB (60.89% growth) - 2027: 16,212 million RMB (39.82% growth) [6] - The company’s earnings per share (EPS) are projected to increase from 0.81 RMB in 2024 to 3.62 RMB in 2027 [6] Market Performance - As of September 1, 2025, the closing price of the company's stock is 38.92 RMB, with a market capitalization of approximately 174,066.93 million RMB [3]

Core Viewpoint - China Shipbuilding Industry Company (China Shipbuilding) will terminate the listing of its A-shares on September 5, 2025, due to a voluntary delisting, and will not enter a delisting transition period [1] Group 1: Company Overview - China Shipbuilding will issue A-shares at a price of 37.84 yuan per share to China Heavy Industry shareholders, with a swap ratio of 1 share of China Heavy Industry for 0.1339 shares of China Shipbuilding, totaling a transaction value of 115.15 billion yuan [3] - China Heavy Industry, established in 2008 and listed in December 2009, focuses on marine defense equipment, marine development equipment, marine transportation equipment, deep-sea equipment, and ship repair and modification [3] - China Shipbuilding, as the core listed company of China Shipbuilding Group, engages in military and civilian shipbuilding, ship repair, marine engineering, and electromechanical equipment [4] Group 2: Financial Performance - For the first half of 2025, China Heavy Industry reported revenue of 32.62 billion yuan, a year-on-year increase of 47.56%, and a net profit of 1.75 billion yuan, up 227.07% [4] - In the same period, China Shipbuilding achieved revenue of 40.33 billion yuan, a year-on-year increase of 11.96%, and a net profit of 2.95 billion yuan, up 108.59% [4] - The total assets of China Heavy Industry reached 221.47 billion yuan, while China Shipbuilding's total assets were 181.98 billion yuan [4] Group 3: Merger and Acquisition Details - The merger will create a new company with total assets exceeding 400 billion yuan, making it the largest publicly listed shipbuilding company globally [5] - The merger process began with the initial announcement in September of the previous year, receiving approval from the State-owned Assets Supervision and Administration Commission in January [6][7] - The merger was approved by the Shanghai Stock Exchange's M&A Committee on July 4, and the delisting application was submitted on August 14, with the final decision made on August 29 [9]

Group 1: Company News - China Shipbuilding announced that the A-shares of China Heavy Industry will be delisted on September 5, 2023, due to voluntary termination of listing, and will not enter the delisting transition period [4] - Guizhou Moutai's controlling shareholder increased its stake by 67,821 shares on September 1, 2023, representing 0.0054% of the total share capital, with an investment amount of 100 million yuan [4] - BYD reported August sales of 373,600 new energy vehicles, slightly up from 373,100 units in the same month last year [3] - SAIC Motor's August vehicle sales reached 363,400 units, a year-on-year increase of 41.04% [3] - Great Wall Motors sold 115,600 vehicles in August, marking a year-on-year growth of 22.33% [3] - China FAW sold 277,800 vehicles in August, up 3.7% year-on-year [4] - Beijing Electric Vehicle Co., a subsidiary of BAIC Blue Valley, reported sales of 13,500 vehicles in August, a year-on-year increase of 3.47% [4] - Industrial Fulian announced a share buyback of 7.6974 million shares, accounting for 0.04% of the total share capital, with a total expenditure of 147 million yuan [4] - Su Dawei plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co., with an estimated total valuation of the target company not exceeding 1 billion yuan [5] - Tianqi Co. signed a strategic cooperation framework agreement with EVE Energy to build a closed-loop system for lithium battery lifecycle management [5] - Yonghui Supermarket adjusted its fundraising plan for 2025, reducing the total amount from 3.992 billion yuan to 3.114 billion yuan [5] Group 2: Industry News - The Shanghai Futures Exchange will expand the trading scope for qualified foreign institutional investors starting September 10, 2023, adding several commodity futures and options contracts [1] - The China Banking Association reported that by the end of 2024, there will be 67 financial leasing companies with total assets and leasing assets reaching 4.58 trillion yuan and 4.38 trillion yuan, respectively, reflecting year-on-year growth of 9.65% and 10.24% [1][2] - The biopharmaceutical market in China has become the second largest globally, with approximately 30% of the world's innovative drugs under research [2]

Core Viewpoint - China Shipbuilding Industry Co., Ltd. plans to absorb and merge China Shipbuilding Heavy Industry Co., Ltd. through a share exchange, with the merger approved by the China Securities Regulatory Commission on July 18, 2025 [1] Group 1 - The merger involves China Shipbuilding as the absorbing party and China Heavy Industry as the absorbed party [1] - China Heavy Industry has submitted an application for voluntary delisting to the Shanghai Stock Exchange on August 14, 2025, which was accepted on August 18, 2025 [1][2] - The delisting of China Heavy Industry's A-shares is set for September 5, 2025, and will not enter a delisting transition period due to the voluntary nature of the delisting [2] Group 2 - Shareholders of China Heavy Industry will exchange their shares for A-shares of China Shipbuilding based on the exchange ratio specified in the merger report published on July 19, 2025 [3] - The shares obtained by shareholders will be whole numbers, and any fractional shares will be allocated based on a systematic random distribution method [3] - Investors are advised to pay attention to subsequent announcements from China Shipbuilding regarding the details of the share exchange after the delisting [3]

Group 1: Guizhou Moutai and Shareholder Actions - Guizhou Moutai's controlling shareholder, Moutai Group, increased its stake by 67,821 shares on September 1, 2025, representing 0.0054% of the total share capital, with a planned investment of no less than 30 billion yuan and no more than 33 billion yuan over six months [2] Group 2: BYD and Automotive Sales Data - BYD reported August 2025 sales of 373,626 new energy vehicles, a slight increase from 373,083 units in the same month last year, with a cumulative sales figure of 2,863,876 units for the year, reflecting a 23% year-on-year growth [3] - BAIC BluePark's subsidiary sold 13,530 units in August, up 3.47% year-on-year, with a cumulative total of 90,962 units for the year, marking a 74.7% increase [3] - SAIC Motor's August vehicle sales reached 363,371 units, a 41.04% increase year-on-year, with a cumulative total of 2,753,493 units for the year, up 17.87% [3] Group 3: Regulatory Actions and Company Listings - Sierte has been placed under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [4] - China Shipbuilding Industry Corporation announced that China Shipbuilding Heavy Industry's A-shares will be delisted on September 5, 2025, due to voluntary termination of listing [6] - ST Gaohong's stock closed at 0.98 yuan per share on September 1, 2025, falling below 1 yuan, which poses a risk of delisting [6] Group 4: Corporate Investments and Projects - Dongtu Technology has established a joint venture, Beijing Dongtu Semiconductor Technology Co., Ltd., with a registered capital of 10 million yuan, in which it holds a 70% stake [7] - Tianqi Co. signed a strategic cooperation framework agreement with Yiwei Lithium Energy to create a closed-loop system for lithium battery manufacturing and recycling [8] - Guangdong Construction's subsidiary has completed a 90MW solar-storage integrated project in Tibet, contributing to a total installed capacity of 4,662.89MW across various clean energy projects [9] - Gujia Home intends to invest approximately 112.37 million yuan in building a manufacturing base in Indonesia to enhance production efficiency and market competitiveness [10]

Macro Dynamics - Jinan has launched a new round of automobile consumption subsidies totaling 12 million yuan, effective from September 1 to September 30, 2025, available on a first-come, first-served basis for individuals and enterprises purchasing non-operational passenger vehicles [2] Financial Institutions - The People's Bank of China in Beijing has initiated a pilot program to transparently display the comprehensive financing costs of loans for enterprises, covering 37 major domestic banks. This initiative aims to reduce overall financing costs and improve financial services for the real economy [5] Market Data - The ChiNext Index rose by 2.29%, with significant gains in gold concept stocks, innovative pharmaceuticals, and semiconductor sectors, while total market turnover exceeded 2.7 trillion yuan [7] - As of August 29, the financing balance in the two markets increased by 17.044 billion yuan, with the Shanghai Stock Exchange reporting a balance of 1.140926 trillion yuan and the Shenzhen Stock Exchange at 1.097174 trillion yuan [8] - The Hang Seng Technology Index increased by 2.2%, with Alibaba's stock rising over 18% [9] Company Dynamics - China Shipbuilding announced that China Shipbuilding Heavy Industry's A-share stock will be delisted on September 5, 2025, due to voluntary delisting [12] - Kweichow Moutai's controlling shareholder increased its stake by 67,821 shares, amounting to 100 million yuan [13] - Industrial Fulian has repurchased 7.6974 million shares for a total of 147 million yuan [14] - Tianqi Lithium announced the commencement of a pilot project for the production of 50 tons of lithium sulfide, utilizing new technology and equipment [15] - DeepSeek has implemented content labeling for AI-generated synthetic content to ensure user awareness and prevent misuse [16] - Lens Technology confirmed that mass production for new devices began in June, with expectations for increased market share and revenue growth [17]

中国船舶（600150）9月1日晚间公告称，中国重工（601989）A股股票将于2025年9月5日终止上市。因 属于主动终止上市情形，中国重工A股股票不进入退市整理期交易。中国重工换股股东持有的中国重工 股票将按照换股比例转换为中国船舶为此次换股吸收合并所发行的A股股票。 依据中国船舶公告，公司拟以向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工，中 国船舶为吸收合并方，中国重工为被吸收合并方。此次交易已于2025年7月18日获得中国证券监督管理 委员会同意注册批复。根据相关规定，中国重工已于8月14日向上海证券交易所提交股票主动终止上市 的申请，于8月18日收到上交所出具的《关于受理中国船舶重工股份有限公司股票主动终止上市申请的 通知》，于8月29日收到上交所出具的自律监管决定书《关于中国船舶重工股份有限公司股票终止上市 的决定》，上交所决定对中国重工A股股票予以终止上市。 中国重工A股股票终止上市后，A股股东的股票账户中即不再显示中国重工A股股票，相对应的股票市 值将无法在投资者账户总市值中体现，直至中国重工A股股票转换为中国船舶A股股票并完成新增A股 股份上市的相关手续后，中国重工原A股股东 ...

中国船舶重工股份有限公司 关于公司股东参与换股相关事项提示性公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国船舶工业股份有限公司（以下简称"中国船舶"）拟通过向中国船舶重 工股份有限公司（以下简称"中国重工"或"公司"）全体换股股东发行 A 股 股票的方式换股吸收合并中国重工（以下简称"本次交易"），中国船舶为吸收 合并方，中国重工为被吸收合并方。本次交易已于 2025 年 7 月 18 日获得中国 证券监督管理委员会出具的《关于同意中国船舶工业股份有限公司吸收合并中 国船舶重工股份有限公司注册的批复》（证监许可〔2025〕1501 号）。根据相关 规定，中国重工已于 2025 年 8 月 14 日向上海证券交易所（以下简称"上交所"） 提交股票主动终止上市的申请，并于 2025 年 8 月 18 日收到上交所出具的《关 于受理中国船舶重工股份有限公司股票主动终止上市申请的通知》（上证函 〔2025〕2641 号）。 证券代码：601989 证券简称：中国重工 公告编号：临 2025-063 公司换股股东持有的中国重工 ...

中国重工(601989.SH)公告称，公司A股股票将于2025年9月5日终止上市。因属于主动终止上市情形，公 司A股股票不进入退市整理期交易。公司A股股东的股票账户中不再显示中国重工A股股票，直至中国 重工A股股票转换为中国船舶A股股票并完成新增A股股份上市的相关手续后，原A股股东的股票账户中 将显示中国船舶A股股票。 ...