Core Viewpoint - *ST Songfa has signed contracts for the construction of two Very Large Crude Carriers (VLCC) with a total contract value of approximately $200-300 million [1] Group 1: Company Developments - The contracts were signed by the company's subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd [1] - The vessels are designed to meet the latest international shipping market demands for large-scale and low-carbon transportation [1] Group 2: Industry Insights - The VLCCs have a deadweight tonnage of 306,000 tons, making them suitable for long-distance crude oil transportation [1] - The design of the vessels ensures compatibility with major global crude oil port loading and unloading equipment, enhancing operational efficiency [1]

格隆汇11月18日丨*ST松发(603268.SH)公布，公司下属公司恒力造船（大连）有限公司（称"恒力造 船"）2艘船舶建造合同于近日签约生效，合同标的为2艘30.6万吨VLCC超大型原油运输船，本次标的合 同金额合计约2-3亿美元。 ...

格隆汇11月18日丨*ST松发(603268.SH)公布，公司下属公司恒力造船（大连）有限公司（称"恒力造 船"）2艘船舶建造合同于近日签约生效，合同标的为2艘30.6万吨VLCC超大型原油运输船，本次标的合 同金额合计约2-3亿美元。 ...

经济观察网*ST松发（603268）(603268.SH)公告称，下属公司恒力造船(大连)有限公司近日签约生效2 艘30.6万吨VLCC超大型原油运输船建造合同，合同金额合计约2-3亿美元。该合同为日常经营性合同， 不构成关联交易。合同履行期较长，可能受到航运与船舶市场变化、客户需求、原材料价格波动、汇率 波动等因素影响。预计将对公司未来的业绩产生积极影响，提高中长期市场竞争力和盈利能力。 ...

南财智讯11月18日电，*ST松发公告，公司下属公司恒力造船（大连）有限公司近日签约生效2艘30.6万 吨VLCC超大型原油运输船建造合同，合同金额合计约2-3亿美元。订单预计于2028年上半年相继交付。 上述合同的履行预计将对公司未来业绩产生积极影响，但由于履约期较长，可能受到航运市场变化、原 材料价格波动、汇率波动等因素影响，敬请投资者注意投资风险。 ...

人民财讯11月18日电，*ST松发（603268）11月18日公告，公司下属公司恒力造船(大连)有限公司2艘船 舶建造合同于近日签约生效，合同标的为2艘30.6万吨VLCC超大型原油运输船，标的合同金额合计约2 亿美元—3亿美元。 ...

中国海防公告称，公司近日分别与财务公司北京分公司、财务公司签署《保证合同》，为全资子公司辽 海装备、辽海输油融资提供担保，金额分别为2500万元、500万元。截至公告披露日，公司为辽海装 备、辽海输油累计担保金额分别达1.55亿元、2950万元。公司对外担保均为对下属控股子公司担保，总 额2.44亿元，占2024年末经审计归母净资产的2.99%，无逾期担保情形。 ...

Group 1 - Recently, Hengli Heavy Industry secured orders for 2 VLCCs (30.6 million deadweight tons) and 6 LR2 product oil tankers (11.4 million deadweight tons) [2][3] - The VLCC orders, placed by a "well-known European shipowner," are expected to be delivered between Q4 2027 and Q2 2028, with a total contract value of approximately $200-300 million (RMB 1.422-2.132 billion) [2] - The LR2 orders, placed by an "internationally renowned shipowner," are scheduled for delivery in 2027, with a total contract value of approximately $400-600 million (RMB 2.843-4.265 billion) [2] Group 2 - The 30.6 million ton VLCC is designed for large oil transportation, featuring high loading capacity, strong endurance, and operational efficiency, meeting the latest international shipping market demands for large-scale and low-carbon transportation [3] - The 11.4 million ton LR2 product oil tanker is characterized by its large loading capacity and green energy efficiency, suitable for regional and transoceanic transportation needs [3] - The signing of these orders will strengthen Hengli's leading position in the high-end oil tanker market and enhance its brand recognition and influence internationally [3] Group 3 - Hengli Heavy Industry aims to continuously improve its technical capabilities and construction standards to provide high-quality and efficient vessels, striving to become a global leader in shipbuilding [4] - The company has commenced the construction of over 60 vessels and holds approximately 170 orders scheduled for production until 2029 [4] - Once all projects are fully operational, Hengli Heavy Industry is expected to achieve an annual production capacity of over 150 large vessels and 180 marine engines, becoming the largest and most comprehensive shipbuilding base globally [4]

Core Viewpoint - *ST Songfa has successfully transformed its business focus to shipbuilding and high-end equipment manufacturing, significantly improving its financial performance in 2025 due to the integration of Hengli Heavy Industry Group's assets [1][2]. Financial Performance - In the first three quarters of 2025, *ST Songfa achieved a net profit of 1.271 billion yuan, with a non-recurring net profit of 688 million yuan [1]. - The core asset, Hengli Heavy Industry, reported a cumulative revenue of 11.653 billion yuan and a net profit of 1.355 billion yuan during the same period [1]. Industry Outlook - The shipbuilding industry is experiencing a positive trend, driven by global ship aging and the demand for green and low-carbon transformation, leading to increased market demand [2]. - The company anticipates continued growth in its order backlog, which is expected to enhance its performance significantly [2]. Business Strategy - Following the major asset restructuring, *ST Songfa has exited the ceramic manufacturing business and is now focused on shipbuilding and high-end equipment [2]. - The company aims to enhance its order acquisition capabilities and expand market share with a goal of becoming a "world-class" player [2]. Inventory and Production - The company reported a significant increase in inventory, up 3350.72% year-on-year, primarily due to the previous year's uncompleted asset restructuring [3]. - There are no issues with unsold products or delayed orders, and all current orders are within production capacity [3]. Order Status - The company has a robust order book, with production schedules extending to 2029 [4]. - Recent contracts include two 30.6 million-ton ultra-large crude oil tankers and six 114,000-ton oil/product tankers, which are expected to positively impact future performance [4][5].

人民财讯11月18日电，据恒力重工集团官微消息，近日，恒力重工在国际船舶建造领域再传捷报，成功 与一家国际知名船东签署了一份涵盖6艘114000载重吨LR2型成品油轮的建造合同。 ...