Core Viewpoint - The company has announced a profit distribution plan for the fiscal year 2024, which was approved at the annual shareholders' meeting on April 10, 2025 [1]. Distribution Plan - The distribution year is set for 2024 [2]. - The distribution target includes all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch, excluding 4,348,000 shares held in the company's repurchase account [2]. - The differentiated dividend plan proposes a cash dividend of 2.50 RMB per 10 shares (including tax), with no stock dividends or capital reserve transfers [2]. - The total share capital is 281,719,277 shares, and the actual participating shares for distribution amount to 277,371,277 shares after excluding repurchased shares [2]. Dividend Calculation - The cash dividend per share is calculated as approximately 0.2461 RMB, based on the formula provided [3]. - The reference price for ex-dividend is calculated as the previous closing price minus the cash dividend [3]. Payment Method - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation's clearing system to shareholders registered by the end of the trading day [5]. - Specific shareholders will receive dividends directly from the company [5]. Taxation Details - For individual shareholders and securities investment funds, the actual cash dividend is 0.25 RMB per share, with tax implications based on holding periods [6]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax, resulting in a net dividend of 0.225 RMB per share [7]. - Hong Kong investors will also face a 10% withholding tax, leading to a net dividend of 0.225 RMB per share [7]. - Non-resident corporate shareholders will be subject to a 10% withholding tax, resulting in a net dividend of 0.225 RMB per share [8]. - Other institutional investors are responsible for their own tax payments, receiving a net dividend of 0.25 RMB per share [8].

Core Points - The company announced a cash dividend distribution of 0.25 RMB per share for A shares [1][3] - The dividend distribution plan was approved at the annual shareholders' meeting on April 10, 2025 [1][2] - The total share capital is 281,719,277 shares, with 4,348,000 shares held in the company's repurchase account, resulting in 277,371,277 shares eligible for distribution [2][3] Dividend Distribution Details - The company will distribute a cash dividend of 2.50 RMB for every 10 shares held, with no stock dividends or capital reserve transfers [1][2] - The ex-dividend date is set for May 23, 2025, with the record date on May 22, 2025 [1][2] - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [2][3] Taxation Information - For individual shareholders and securities investment funds, the actual cash dividend after tax is 0.25 RMB per share, with tax withheld based on holding periods [3][4] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.225 RMB per share [4][5] - Non-resident corporate shareholders will also face a 10% withholding tax, leading to a net dividend of 0.225 RMB per share [5]

Core Viewpoint - The Zhanjiang Lingang Economic Zone aims to achieve high-quality development by leveraging its geographical advantages and strategic location to attract industrial transfer and investment, particularly from the Pearl River Delta region [3][5][7]. Group 1: Development Plans and Objectives - The total planned area of the Zhanjiang Lingang Economic Zone is 148.81 square kilometers, including the 68.99 square kilometers of the Fen Yong Leizhou area and 79.82 square kilometers of the Wushi area [3]. - The economic zone is strategically located near the ASEAN market, with the Leizhou Wushi Port being only 158 nautical miles from Haiphong, Vietnam, and facing the Hainan Free Trade Port across the sea [3][5]. - The development plan includes a "1+4" work system, which consists of one implementation plan and four lists detailing key tasks, responsibilities, policies, and projects [7]. Group 2: Key Tasks and Focus Areas - Six key tasks have been identified to support high-quality development, including accelerating the development of the Wushi Port area, constructing a unique industrial cluster, optimizing the business environment, promoting innovation, facilitating orderly industrial transfer, and aligning with supportive policies [7][8]. - The first task focuses on the development of the Wushi Port area, which aims to become a major modern port connecting to ASEAN and the Hainan Free Trade Port [7]. - The second task emphasizes the establishment of a unique industrial cluster targeting industries such as electronic information, new materials, light textiles, and agricultural product processing, while also developing supporting industries like renewable energy and logistics [8]. Group 3: Strategic Advantages - Zhanjiang's geographical advantages include its location at the intersection of the Guangdong-Hong Kong-Macao Greater Bay Area, Hainan Free Trade Port, and the Western Land-Sea New Corridor, providing a strong foundation for industrial development [5]. - The region has abundant land resources with lower land costs compared to the Pearl River Delta, offering significant development cost advantages [5]. - The surrounding population provides a substantial labor resource for industrial development, enhancing the region's attractiveness for businesses [5].

Group 1 - Shenzhen has been approved to establish a national-level intellectual property rapid protection center, focusing on providing services for the fashion design industry [1] - The center aims to enhance the overall management and protection of intellectual property, driving innovation and development in Shenzhen [1] Group 2 - China's first deep-water pipe-laying crane vessel, "Ocean Oil 201," has set sail for international operations in the Middle East, marking its debut in the international market [2] - This operation is significant for improving China's capabilities in the international marine engineering sector [2] Group 3 - The German TUI Group has opened its first hotel in China, TUI Sheng Shenzhen Manwan Resort, in Dapeng New District, establishing a strategic cooperation framework for tourism development [3] - This entry is expected to blend international vacation concepts with local Lingnan characteristics, enhancing the experience for global tourists [3] Group 4 - Wanglaoji Health Industry Co., Ltd. has established its headquarters in Guangzhou International Bio-Island, continuing to lead in the health sector and becoming the world's top-selling natural plant beverage brand [4] - This move aligns with national development strategies and supports the construction of the Guangdong-Hong Kong-Macao Greater Bay Area [4] Group 5 - The Shenzhen Composite Index closed at 10,126.83 points, down 0.69% on May 9 [5] Group 6 - The top gainers in the Shenzhen market included Wanshili with a price of 18.70 yuan, up 20.03%, and Yuanxin Industrial at 32.66 yuan, up 19.99% [6] - The biggest losers were Jinlong Electromechanical at 5.17 yuan, down 12.67%, and Jiuqi Co., Ltd. at 17.57 yuan, down 10.95% [6]

Group 1 - Xiaopeng Huitian's "Land Aircraft Carrier" flight vehicle production license application has been accepted, marking the beginning of the review process for mass production of flying car products [1] - Apple is developing a new chip specifically for smart glasses, aiming for mass production between 2026 and 2027, to compete directly with Meta's Ray-Ban [2] - A new 3D printing method for manufacturing nano-structured calcium phosphate has been developed at the University of Sydney, which could revolutionize ceramic bone grafting [2] Group 2 - The "Ocean Oil 201" vessel is the world's first deep-water pipe-laying crane ship with a 4000-ton heavy lifting capacity and 3000-meter deep-water pipe-laying capability, enhancing China's international operational capacity in large marine engineering [2] - The "Ocean Oil 201" ship has a range of 12,000 nautical miles and can operate in global waters except the Arctic, with its comprehensive operational capabilities and equipment technology at an industry-leading level in Asia [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a strong performance in Q1 2025, with revenue reaching 36.026 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 544 million yuan, up 550% year-on-year [6][9]. - The container segment continues to see profit release, while the offshore engineering segment is experiencing an upward cycle [2][6]. - The company is expected to benefit from the development of deep-sea technology, with a strong order backlog in various business segments [2][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 36.026 billion yuan, a year-on-year increase of 11%, and a net profit of 544 million yuan, which is a significant increase of 550% year-on-year. The net profit excluding non-recurring items was 523 million yuan, up 132% year-on-year [6][9]. - The sales volume of dry cargo containers reached 531,200 TEU, a year-on-year growth of approximately 7.44%, while refrigerated container sales surged to 36,400 TEU, a year-on-year increase of about 291.40% [11]. Business Segments - The offshore engineering segment is performing steadily, with new effective orders amounting to 60 million USD in Q1 2025, and a total order value of 6.3 billion USD, with oil and gas business orders accounting for two-thirds [11]. - The energy, chemical, and liquid food equipment business saw a revenue increase of 24.2% to 5.765 billion yuan, driven by strong delivery capabilities and a robust order backlog [11]. Future Outlook - The company is well-positioned to benefit from the growth in deep-sea oil and gas and renewable energy sectors, with a comprehensive layout in offshore engineering and special ship manufacturing [11]. - The forecast for net profit attributable to shareholders is 3.48 billion yuan and 4.47 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 12 and 9 times [11].

在这个五四青年节到来之际，青年劳动者们奋斗在忙碌的生产一线。他们在千帆竞发的经济建设中奋楫 争先，为推进中国式现代化贡献青春力量。 焊枪淬炼青春之花 5月1日，海油工程珠海基地一片繁忙景象，"95后"全国劳动模范王佳鑫与团队成员紧锣密鼓地推进法兰 管段焊接。 时间回到2015年盛夏，一辆大巴车将王佳鑫和同学从学校拉到了珠海基地。他被分到了总装车间，车间 气温经常维持在40摄氏度以上。 为确保焊接符合工程标准，有的钢材需要预热到110摄氏度才能施焊。焊工"全副武装"连续作业几个小 时，汗水一遍遍浸透工装又被烤干。"我敢打赌，他们坚持不了一个月！"几名老焊工私下议论道。 王佳鑫偏不信，他白天利用作业空隙，向老师傅请教平台结构焊接和建造工艺。晚上一个人躲在车间角 落里，有针对性进行焊接练习。 2020年，亚洲首个300米级导管架"海基一号"在珠海基地开工建设。面对一段多次返修却无法定位裂纹 的棘手焊缝，王佳鑫和同事从15毫米一路刨到45毫米，眼看就要刨穿母材了，一名老师傅喊道："快停 下来！再有5毫米就刨漏了，材料就废了。" 王佳鑫仔细观察已经气刨过的焊缝，突然一道细小的裂纹一闪而过，他加快了手上的速度。在还差3毫 ...

Financial Data and Key Metrics Changes - The company reported revenue of $189 million for Q1 2025, an increase of over 17% compared to the previous year [15][24] - Adjusted EBITDA doubled to $8.2 million, with an adjusted EBITDA margin improving by 180 basis points to 4.3% [15][18] - Consolidated gross profit margin increased to $23 million, or 12.2% of revenue, up from 9.7% in the same period last year [15][16] - Adjusted net income was $300,000, or $0.01 per diluted share, compared to an adjusted net loss of $3.6 million, or $0.11 per diluted share, in the prior year [17] Business Line Data and Key Metrics Changes - Marine revenue increased over 19%, while concrete revenue rose by 13% [15][16] - Adjusted EBITDA margin in the Marine segment was 8.6%, compared to 0.9% last year, while the Concrete segment's adjusted EBITDA margin was negative 4.4%, down from positive 5.7% in the prior year [18] - The company secured $350 million in new project wins, with $161 million in marine and $188 million in concrete [9][10] Market Data and Key Metrics Changes - The company has a backlog of $890 million, with $607 million related to the Marine segment and $232 million to the Concrete segment [20] - The company has seen no pullback in market opportunities, with strong demand in the data center market and ongoing projects [12][13] Company Strategy and Development Direction - The company is focused on building a profitable backlog from a strong pipeline of opportunities, with a goal to generate adjusted EBITDA margins in the low double digits for Marine and high single digits for Concrete [19][24] - The company is consolidating its Houston area offices to enhance operational efficiency and reduce costs [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong project wins and a favorable operating environment due to government policies supporting domestic industrial growth [9][13] - The company reiterated its guidance for full-year 2025 revenue in the range of $800 million to $850 million, with adjusted EBITDA between $42 million and $46 million [24] Other Important Information - The company reported negative cash flow from operations of $3.4 million, an improvement from negative $22.8 million in the prior year [20][21] - The company has no outstanding borrowings under its revolving credit facility and maintains a strong balance sheet to support future growth [55] Q&A Session Summary Question: Outlook on defense spending and RFPs - Management expects awards to materialize late this year or early next year, with potential project sizes around $500 million [30] Question: Outlook for concrete business - Management has not seen a slowdown in bidding activity and expects margin improvements as the year progresses [31][33] Question: Activity in private downstream energy markets - Management is optimistic about increased activity in petrochemical projects, influenced by rising global oil prices [34] Question: Marine segment margins - Management noted strong margins in the Marine segment due to successful project execution, with expectations for continued growth [41] Question: Competitive advantages in uncertain environments - The company benefits from strong supplier relationships and proactive tariff mitigation strategies [46] Question: Concrete segment profitability outlook - Management anticipates a return to profitability in the Concrete segment as seasonal factors improve [50] Question: Balance sheet and capital position for future projects - The company has sufficient capacity to support project mobilization and growth, with ongoing discussions with financing partners [55]

Company Overview - Beijing Zhongke Haixun Digital Technology Co., Ltd. was established in 2005 and is headquartered in the Zhongguancun Science Park, focusing on high-tech products in marine engineering and underwater acoustics [1] - The company specializes in the development of high-performance signal processing platforms, sonar systems, simulation systems, and big data applications [1] Stock Performance - Zhongke Haixun has experienced a decline for seven consecutive trading days, with a cumulative drop of -13.41% [1] - The fund "Changcheng Jiujia Innovation Growth Mixed A" has entered the top ten shareholders of Zhongke Haixun and is a new addition in the first quarter of this year [1] Fund Performance - The year-to-date return for Changcheng Jiujia Innovation Growth Mixed A is -2.36%, ranking 1401 out of 2008 in its category [2] - The fund manager, You Guoliang, has been with Changcheng Fund Management Co., Ltd. since August 2019 and has managed various funds [3][4] Fund Manager Background - You Guoliang holds a master's degree and has previously worked at several securities and asset management companies before joining Changcheng Fund [3][4] - He has managed the "Changcheng Jiujia Innovation Growth Flexible Allocation Mixed Fund" since October 2019 [4]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit for 2024, while Q1 2025 performance met expectations [1][2]. Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.94% [1]. - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37% but a quarter-on-quarter decrease of 28.99%. The net profit attributable to shareholders was 628 million yuan, a year-on-year decrease of 1.33% but a quarter-on-quarter increase of 19.06% [1]. Business Segment Performance - In 2024, the power transmission segment generated a revenue of 19.785 billion yuan, a year-on-year increase of 18.18%, with a gross margin of 15.15%, up 0.18 percentage points [1]. - The optical communication and network segment achieved a revenue of 8.094 billion yuan, a year-on-year increase of 11.19%, with a gross margin of 25.14%, down 1.98 percentage points [1]. - The new energy materials segment reported a revenue of 7.003 billion yuan, a year-on-year decrease of 2.85%, with a gross margin of 7.32%, down 4.02 percentage points [1]. - The marine series generated a revenue of 3.644 billion yuan, a year-on-year decrease of 2.59%, with a gross margin of 24.45%, down 2.21 percentage points [1]. Order Backlog and Growth - As of April 23, 2025, the company had a substantial order backlog of approximately 31.2 billion yuan in the energy network sector, including about 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [2]. - The marine international business has shown growth for three consecutive years, successfully delivering projects such as the European 66kV long-length submarine cable and signing contracts for long-length three-core submarine cables in Vietnam [2]. Research and Development - The company is actively pursuing new directions in the optical fiber communication field, including joint research on hollow-core fibers and the development of bend-insensitive four-core fibers for data centers [2]. - Innovations in the communication cable sector include the new "13/8" spread spectrum leakage cable, and the company has successfully achieved mass production of high-speed copper cables [2]. - In the computing infrastructure area, the company is conducting in-depth research on next-generation liquid cooling technology for data centers, resulting in a composite liquid cooling solution [2]. Investment Outlook - The company is expected to achieve net profits of 3.956 billion yuan, 4.641 billion yuan, and 5.029 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 39.4%, 17.3%, and 8.4% respectively. The expected EPS for these years is 1.16, 1.36, and 1.47 yuan [2].