Core Viewpoint - Han Sheng (Shanghai) Marine Equipment Technology Co., Ltd. has received approval for its IPO application on the Beijing Stock Exchange, with a focus on marine equipment manufacturing and a significant portion of revenue derived from shipbuilding projects [1] Group 1: Company Overview - Han Sheng is a national high-tech enterprise specializing in the research and production of marine vessels and marine engineering environmental protection equipment, with over 65% of its revenue coming from shipbuilding projects [1] - The company generates more than 60% of its main business revenue from exports [1] Group 2: Financial Performance - The company aims to raise 369 million yuan, primarily for the construction of its production base, R&D center, and global marketing network [1] - Revenue projections for 2022 to 2024 are 132 million yuan, 195 million yuan, and 298 million yuan, respectively, reflecting an average annual growth rate of approximately 40% [1] - Net profit for the same period is projected to be 31.43 million yuan, 44.30 million yuan, and 82.12 million yuan, with a year-on-year growth of 85.37% in 2024 [1] Group 3: Profitability and Efficiency - The company has shown a rapid growth trend in performance, benefiting from the global shipbuilding industry's upturn and supportive national policies for the marine equipment industry [1] - The gross profit margins from 2022 to 2024 are 39.8%, 45.56%, and 48.29%, indicating a higher margin than the industry average [3] - However, the company's inventory turnover rate is below the industry average, suggesting inefficiencies in converting inventory into revenue [3][4] Group 4: Research and Development - R&D expenses as a percentage of revenue have been declining, with figures of 0.1 billion yuan, 0.1 billion yuan, and 0.2 billion yuan from 2022 to 2024, and corresponding ratios of 7.69%, 6.75%, and 5.60% [4][3] Group 5: Customer Concentration - The company has a high customer concentration, with the top five clients accounting for 42% of total revenue, which poses a risk if any major client reduces orders [5]

Core Viewpoint - Shandong Province is advancing its "Marine Strong Province" strategy, leveraging its extensive coastline and marine resources to enhance its marine economy and develop high-tech shipbuilding and advanced marine equipment industries [1] Group 1: High-Tech Shipbuilding - Shandong is transforming its shipbuilding industry towards high-end, intelligent, and green manufacturing, marking a shift from a "manufacturing base" to a "smart manufacturing high ground" [2] - The delivery of the world's first 150,000-ton smart fishery large breeding vessel "Guoxin 1" and China's first semi-fixed offshore rocket launch platform "Dongfang Aerospace Port No. 1" exemplifies Shandong's advancements in high-tech shipbuilding [2] - Major companies like China Shipbuilding Industry Corporation and China Merchants Industry Group are collaborating to enhance Shandong's competitive edge in the global high-end shipbuilding and marine equipment sectors [2] Group 2: Advanced Marine Equipment - Shandong focuses on marine resource development, producing advanced marine oil and gas equipment and offshore wind power equipment, which are essential for deep-sea exploration [3] - Milestones include the delivery of the first fully submerged large net cage "Deep Blue 1" and the completion of Asia's first cylindrical offshore oil and gas processing plant "Haitian 1" [3] - Shandong's achievements in high-end marine equipment manufacturing are setting new industry standards and enhancing China's capabilities in this sector [3] Group 3: Industry Ecosystem and Policy Support - Shandong is fostering a collaborative marine equipment industry ecosystem, moving beyond isolated efforts to a model of "full-chain collaboration and cluster symbiosis" [6] - The province is cultivating modern marine industry clusters and leading enterprises, with 13 specialized marine industry zones and 12 "formation" industry clusters emerging [6] - Policy initiatives are crucial for supporting the development of high-end, clustered, and intelligent marine equipment industries, ensuring a robust foundation for Shandong's marine economy [5][7] Group 4: Future Outlook - With ongoing policy benefits and deepening collaboration between industry, academia, and research, Shandong is poised to contribute significantly to the global marine industry's high-quality development [7]

Core Insights - The Chinese government emphasizes the importance of application scenario innovation, particularly in the marine economy sector, as part of its broader economic strategy [1][2] - Zhanjiang is positioned as a key player in the development of modern marine ranching, with significant government support and strategic initiatives aimed at enhancing its marine economy [2][3] Group 1: Government Initiatives and Policies - The 2025 State Council work report calls for large-scale application demonstrations of new technologies and products [1] - Guangdong Province's action plan focuses on application scenario innovation across 20 sectors, including the marine economy [1] - The central government's support for deep-sea aquaculture and marine ranching is highlighted in the 2025 Central Document No. 1 [2] Group 2: Marine Ranching Development - Future global fishery production needs to increase by approximately 270 million tons, with China expected to contribute 148.5 million tons of this increase through deep-sea marine ranching [3] - Zhanjiang's marine ranching is projected to generate a water product output value of 3 trillion yuan if 100 million tons of the expected increase is allocated for fish farming [3] - The modern marine ranching industry could potentially create a 6 trillion yuan industry by stimulating various related sectors [3] Group 3: Zhanjiang's Marine Resources and Infrastructure - Zhanjiang has a marine area of 21,000 square kilometers and a coastline of 2,023.6 kilometers, making it a strategic location for marine economic development [3] - In 2024, Zhanjiang's fishery output is projected to be 1.316 million tons, accounting for 14% of the province's total, with a fishery output value of 29.404 billion yuan [3] - Zhanjiang is recognized as a national model city for marine economic innovation and development, with various accolades highlighting its marine resources [3] Group 4: Technological Advancements in Marine Ranching - Zhanjiang is exploring various marine farming technologies, including gravity-based deep-water cages and intelligent farming platforms [4] - The city has established 3,367 gravity-based deep-water cages, accounting for 55% of the province's total, and has developed several innovative marine farming platforms [4][10][11] Group 5: Collaborative Efforts and Future Prospects - The collaboration between Guangzhou and Zhanjiang aims to leverage their respective strengths in marine technology and resources to foster innovation and economic growth [13][14] - The establishment of the Guangzhan Industrial Transfer Cooperation Park is intended to facilitate industrial cooperation and support the development of marine ranching [11][14] - Zhanjiang's strategic location allows for the potential replication of successful marine technologies and practices in ASEAN countries, enhancing regional cooperation [14]

"大国重器"、机甲"萌兽" 产自俄罗斯远东海域的帝王蟹 长海县出口做刺身的真海鞘 还有各类海鲜美食免费品尝 …… 一场以"海洋"为主题的 "蓝色经济"盛会 正在大连世博广场举行 9月19日， 主题为"共筑海洋产业链、激发创新增长力"的第二届中国（大连）国际海洋商贸博览会在大连开幕。此次海博会设置展览面积2万平方 米，400多家海洋产业上下游企业参展， 船舶与海工展区、海洋牧场展区、深远海养殖和海洋装备展区、海洋商贸服务展区、海洋科技展区、海 洋文化美食展区等纷纷亮相，各参展商、科研机构展开交流洽谈，项目签约、投融资路演助力企业融资，共助大连海洋经济高质量发展。 "大国重器"+机甲萌兽 长兴岛的另一面 在长兴岛展区，中心位置展出的龙门吊模型颇为吸睛。 期待在磷虾捕捞船方面有一个提升，期待在今年年底达成合作意向。 鹿林说。 海鲜专区+试吃专区 这是恒力重工的2000吨龙门吊，为世界最大的龙门吊。目前恒力重工有4台，该龙门吊能够有效实现造船大工法、大总段施工，有效缩短船坞建造 周期，是高效总段建造的关键。 现场负责人介绍。 与"大国重器"相呼应， 长兴岛展区内的机甲海豹萌兽或站或卧，或威风凛凛或憨态可掬，引来参观者 ...

Group 1 - The forum focused on the development of marine economy under the "14th Five-Year Plan," emphasizing the importance of capital empowerment and asset allocation strategies [1][2] - Keynote speakers highlighted the transition of China's marine economy towards intelligence, greenness, and high-end development, with a clear trend towards the integration of production and finance [1] - The event attracted over 200 representatives from enterprises and investment institutions, indicating strong interest in marine economic development [1] Group 2 - A closed-door investment and financing matchmaking session was held to facilitate precise connections between enterprises and investment institutions, focusing on key areas such as marine equipment manufacturing and marine biomedicine [2] - The current phase of China's marine economy is characterized by a shift from scale expansion to quality enhancement, with the capital market playing a crucial role in industry integration and technological innovation [2] - The forum aligned with the national strategy for a strong marine nation, fostering collaboration between the marine industry and financial sectors [2]

Group 1 - The Shenzhen Marine Industry Cluster Conference and Underwater Robot Industry Alliance 2025 Annual Meeting was held, aiming to inject new momentum into Shenzhen's goal of becoming a global marine center city [1] - From January to July this year, Shenzhen's marine economy has shown stable overall performance and a positive development trend, with key enterprises in the marine oil service industry maintaining good operational conditions [1] - The Shenzhen Underwater Robot Application Scenario Opportunity List focuses on five major areas: marine oil and gas, deep-sea mining, offshore wind power, shipbuilding, and marine transportation, including over 20 specific demands [1] Group 2 - The Nanshan District Development and Reform Bureau introduced special support policies for the marine industry, with 18 million yuan allocated this year to support underwater intelligent equipment research and application [2] - The underwater robot industry alliance has gathered numerous quality enterprises and research institutions, covering key aspects of the industry chain such as body research and development, mechanical arms, and sensors [2] - The alliance promotes collaboration between demand and technology providers through initiatives like "project bidding" and scenario matching meetings, accelerating the application of underwater robots in innovative fields such as smart water services and marine surveying [2]

Core Insights - The development of the marine economy is a crucial support for building a maritime power, with significant achievements during the "14th Five-Year Plan" period [1] Group 1: Achievements in Marine Economy - China has become one of the countries with the most complete marine industry categories, possessing all 15 major marine industries [4] - The total output of marine products has ranked first in the world for 36 consecutive years [4] - Self-developed marine drugs account for 28% of the globally listed varieties [4] - China's shipping volume and container throughput account for one-third of the global total [4] - The marine tourism industry's added value is projected to reach 1.6 trillion yuan by 2024 [4] Group 2: Technological Advancements - The "Dream" deep-sea drilling vessel has officially entered service, featuring globally leading comprehensive drilling performance [8] - The world's first 100,000-ton oil production and storage platform, "Deep Sea No. 1," has been completed [8] - Major national equipment such as the "Striver" deep-sea submersible has been built and put into use [9] - The fully submersible deep-sea aquaculture platform "Deep Blue No. 1" has been delivered for use [9] - The world's first wave energy aquaculture platform, "Penghu No. 1," is operating steadily [9]

Group 1 - The core viewpoint is that China's marine economy has achieved significant growth during the 14th Five-Year Plan, with a national marine production value expected to exceed 10 trillion yuan in 2024, representing a 34% increase compared to the end of the 13th Five-Year Plan, and accounting for 7.8% of the national GDP [2] - China has become one of the countries with the most complete marine industry categories, possessing all 15 major marine industries, and has maintained the world's highest marine product output for 36 consecutive years [3] - The marine tourism industry is projected to reach an added value of 1.6 trillion yuan in 2024, highlighting the sector's importance in the overall marine economy [3] Group 2 - Major advancements include the commissioning of the "Dream" deep-sea drilling vessel, which has leading comprehensive drilling capabilities, and the establishment of the world's first 100,000-ton oil production and storage platform, "Deep Sea No. 1" [4] - Significant achievements also include the delivery of the "Deep Blue No. 1" for deep-sea aquaculture and the ongoing operation of the world's first wave energy aquaculture platform, "Penghu No. 1" [4]

Group 1: Marine Economy Development - Shandong is implementing the "Ten Actions" to enhance marine economic competitiveness, with Dezhou focusing on marine equipment manufacturing, marine biomedicine, and marine tourism [1] - Dezhou enterprises are actively engaging in marine sectors, with significant advancements in marine oil and gas exploration technologies [5][6] Group 2: Marine Equipment Manufacturing - Hengli Electric, a leading manufacturer of marine electric motors, has a market share exceeding 75% in China and is expanding into offshore wind power [2][3] - Baoding Heavy Industry has developed the world's largest G95 engine crankshaft component, gaining recognition from global engine giants [3][4] - Baoding Heavy Industry has established itself as a key supplier in the shipbuilding industry, delivering over 200,000 tons of heavy ship components [4] Group 3: Marine Biotechnology - Shandong Yuwang Pharmaceutical has developed advanced fish oil processing technologies, producing 20,000 tons of fish oil annually, with products exported to over 80 countries [8][9] - Weir Bio-Tech is set to launch a project producing 100 tons of polylysine, a natural biopreservative, expected to generate significant revenue [9] Group 4: Marine Tourism - Dezhou has seen growth in marine tourism, with attractions like the Ocean Polar World and the Dezhou Ocean Museum drawing significant visitor numbers [10]

Core Viewpoint - The successful departure of the wind power engineering vessel "Hua Dian Zhong Ji 01" from Shenzhen's Dapeng Bay marks a significant achievement in maritime operations, showcasing the collaboration between customs and enterprises to facilitate complex export processes [1][3][4]. Group 1: Vessel Details - "Hua Dian Zhong Ji 01" is a semi-submersible crane vessel designed and built by CIMC Raffles, measuring 138 meters in length, 81 meters in width, and 29 meters in height [1]. - The vessel is equipped with a DP-3 dynamic positioning system, which results in high daily fuel consumption, emphasizing the importance of time efficiency for operational costs [4]. Group 2: Customs Process - The vessel's export involved unique challenges due to its dual nature as both a transport vehicle and cargo, requiring specialized customs declarations [3]. - Shenzhen Customs collaborated with Tianjin Customs to develop a "ship-cargo integration" regulatory scheme, providing one-on-one guidance for the vessel's departure process [3][4]. Group 3: Future Initiatives - Shenzhen Customs plans to enhance customs efficiency through measures such as "intelligent review" and "direct installation upon arrival," aiming to support the export of marine equipment [5].