南方财经首席评论员 张立伟 当前，海洋经济已成为广东高质量发展的关键领域和新动力，并在构建新发展格局中发挥双重作用：一 方面，广东深耕海洋制造与海洋科技，加速培育深海开发、绿色低碳、智能装备等新增长点，为全省创 新驱动发展注入持续"蓝色动力"；另一方面，通过强化陆海统筹、山海互济，构建海洋经济新格局，助 力"百县千镇万村高质量发展工程"，推动区域协调发展。 在海洋科技创新方面，广东大力推动海洋装备制造和新兴产业发展。自2018年起，省级财政持续支持海 洋电子信息、海上风电、海洋工程装备、海洋生物、天然气水合物和海洋公共服务等六大产业，累计实 施创新项目315项，攻克关键技术281项，其中25项填补国内空白，20项达到国际领先水平，形成自主知 识产权新产品与新装置215项，带动产业产值约252亿元。 目前，广东已初步形成海工装备、海上风电等千亿级产业集群，涌现出一批具有全球影响力的科技成 果：全球首台兆瓦级电解海水制氢装置成功试运行，"梦想"号大洋钻探船在广州建成入列，云洲智能无 人船艇实现产业化。此外，全球首艘远程遥控自主航行科考船"珠海云"、全球首个2000吨级自升自航式 风电安装平台"白鹤滩"号、领先世界 ...

Core Viewpoint - The company held its Q3 2025 earnings presentation, highlighting a focus on enhancing core capabilities and addressing market challenges, while maintaining a commitment to shareholder value and sustainable growth [1][5]. Financial Performance - In Q3 2025, the company reported revenue of 11.35 billion, a year-on-year decrease of 5.75% due to international oil price fluctuations and operational disruptions caused by typhoons and maintenance [5][7]. - The net profit attributable to shareholders for Q3 2025 was 1.023 billion, down 4.51% year-on-year, influenced by similar factors affecting revenue [6][7]. - For the first three quarters of 2025, the company achieved a net profit of 2.85 billion, a year-on-year increase of 6.1%, with a non-recurring net profit of 2.86 billion, up 14.5% [8][13]. Strategic Initiatives - The company is advancing its global first megawatt-level seawater electrolysis hydrogen production project, which has successfully operated for over 1,500 hours, producing hydrogen at a rate of 200 cubic meters per hour with a purity of 99.999% [2]. - The company is committed to enhancing its low-carbon and digital business sectors, aligning with its development plans [4]. ESG and Sustainability Efforts - The company has been focusing on ESG governance, continuously improving its ESG reporting and practices, and has implemented a carbon footprint management system [9]. - The company has undertaken significant energy-saving projects, achieving a reduction of 1,634 tons of standard coal through various initiatives [9]. Market Expansion and Future Outlook - The company is expanding its overseas business, focusing on key markets such as the Middle East, Africa, North America, and Asia-Pacific, with services including oilfield operation, engineering EPC, and technical consulting [12]. - The company anticipates a positive trend in Q4 2025, aiming for steady growth throughout the year [13].

Core Insights - The "China Marine Economy Development Report 2025" indicates that the national marine GDP is projected to reach 10.5 trillion yuan in 2024, with Guangdong's marine economy contributing over 2 trillion yuan, accounting for 19% of the national total [1][3]. Marine Economic Development - Guangdong's marine economy has shown robust growth, with traditional industries increasing by 7.5% year-on-year, contributing over 680 billion yuan in added value in 2024 [3]. - The province has established 624 gravity-type deep-water net cages and 7 truss-type net cages, leading the nation in deep-water net cage aquaculture [3]. - New marine industries in Guangdong achieved an added value of 41.1 billion yuan, reflecting an 8.3% year-on-year growth [3]. Infrastructure and Innovation - The completion of the Shenzhen-Zhongshan Link and the successful trial operation of the world's first megawatt-level seawater electrolysis hydrogen production facility highlight Guangdong's advancements in marine infrastructure [1][3]. - Since 2018, Guangdong has allocated 2 billion yuan in fiscal funds to support six major marine industries, resulting in 315 innovative projects and the development of 215 new products and devices with independent intellectual property rights [5]. Environmental Protection - Guangdong has designated 50,800 square kilometers for ecological protection and has implemented five major marine ecological restoration projects [5]. - The province has restored over 200 kilometers of coastline and established 124 marine protected areas, covering 390,000 hectares [5].

Core Insights - The report highlights significant advancements in China's marine economy, with the national marine GDP reaching 10.5 trillion yuan in 2024, indicating continuous expansion and structural adjustment in marine industries [1] Group 1: Marine Economic Circles - The northern, eastern, and southern marine economic circles are experiencing sustained growth, with marine production values of 318.99 billion yuan, 334.46 billion yuan, and 378.58 billion yuan respectively in 2024, reflecting nominal growth rates of 33.1%, 37.7%, and 33.3% compared to 2020 [2] Group 2: Marine Strong Provinces and Modern Marine Cities - Shandong has enhanced its marine technology capabilities, utilizing the world's fastest supercomputer "Shenwei·Ocean Light" [3] - Zhejiang's port integration reforms have led to significant growth, with Ningbo-Zhoushan Port achieving its highest container throughput growth in seven years [3] - Guangdong is developing billion-level industrial clusters in marine engineering and offshore wind power, with the successful operation of the world's first megawatt-level seawater electrolysis hydrogen production facility [3] Group 3: Marine Economic Development Demonstration Zones - Sixteen marine economic development demonstration zones are making notable progress in high-quality marine economic development, with achievements such as the establishment of China's first domestically produced seawater desalination production line in Tianjin [4] - The national first blue carbon auction was completed in Ningbo, and Shenzhen has over 82,000 invention patents related to marine enterprises [4]

Core Insights - The "China Marine Economy Development Report 2025" indicates significant growth in the marine economy, with the national marine production value reaching 10.5 trillion yuan last year [1] - In 2024, the northern, eastern, and southern marine economic circles are projected to have marine production values of 31,899 billion yuan, 33,446 billion yuan, and 37,858 billion yuan respectively, reflecting nominal growth of 33.1%, 37.7%, and 33.3% compared to 2020 [1] Group 1: Marine Economic Development - The report highlights breakthroughs in marine economic activities, with coastal regions actively exploring marine resource potential and enhancing economic vitality [1] - Key marine provinces such as Shandong, Zhejiang, and Guangdong have shown remarkable performance, with Shandong enhancing its marine technology capabilities and Zhejiang achieving record container throughput at its ports [1] Group 2: Modern Marine City Construction - Cities like Shanghai, Shenzhen, and Qingdao have improved their international competitiveness in marine sectors, while others like Tianjin and Dalian have focused on integrating port, industry, and city development [2] - The report notes that 16 marine economic development demonstration zones have made significant progress in high-quality marine economic development, with initiatives such as the establishment of a domestic seawater desalination production line in Tianjin and the launch of a large-scale deep-sea microorganism library in Xiamen [2]

Core Insights - The company reported a revenue of 22.597 billion yuan for the first half of 2025, representing a year-on-year growth of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [1] - The company is advancing its core capabilities and has begun to see results from its industrial renewal efforts [1] - The energy technology service sector generated a revenue of 7.993 billion yuan, growing by 2.79%, while the low-carbon environmental and digital industries achieved a revenue of 3.870 billion yuan, increasing by 11.17% [1] - The energy logistics service sector reported a revenue of 11.640 billion yuan, reflecting a growth of 5.13% [1] Industry Developments - The company is optimizing its industrial layout and accelerating the creation of new growth drivers [1] - Significant advancements in key technologies include the successful application of the first domestically developed deep-water liquid-controlled intelligent flow control valve and the deployment of the first domestically produced 1.8MW turbine unit [1] - The company has also led the establishment of three international standards for measuring the content of anti-corrosive agents in coatings [1] - The world's first megawatt-level seawater electrolysis hydrogen production device has successfully demonstrated continuous operation for over 1,000 hours, producing hydrogen at a rate of 200 cubic meters per hour with a purity of 99.999% [1] Market Expansion - The company is refining its diverse product matrix and exploring market potential [2] - A new regional market center was established in Xinjiang, China, to enhance external market development, resulting in new contracts worth 31.6 million yuan, a year-on-year increase of 141% [2] - Core products and services have successfully penetrated markets in Canada, Brunei, and Qatar [2] - The company aims to focus on industrial shaping, product quality, innovation, and value creation in the second half of 2025 to ensure high-quality completion of the "14th Five-Year Plan" goals [2]