Core Viewpoint - Tianhai Defense (300008) announced that its transportation ship orders primarily come from overseas European market shipowners, with some orders from domestic shipowners [1] Group 1: Order Sources - The company’s transportation ship orders are mainly sourced from overseas European market shipowners [1] - A portion of the orders comes from domestic shipowners, but large state-owned domestic shipowners typically have their own shipbuilding bases [1] Group 2: Current Orders and Focus - The current orders for the company mainly consist of medium-sized multi-purpose transportation ships and flexible bulk carriers suitable for European routes [1] - The company is focusing on developing offshore engineering and special ships for the domestic market [1]

证券代码：300008 证券简称：天海防务 天海融合防务装备技术股份有限公司 投资者关系活动记录表 编号：2025-006 2、公司在机器人这块有布局吗？有水下机器人吗？ 答：关于机器人方面，我们目前主要聚焦于设备的应用与 系统集成。"水下机器人"本身是一个涵盖范围很广的概念， 具体定义因作业水深、功能用途等因素而异。公司围绕现有船 舶与海洋工程及特种无人船艇业务，在具体应用场景中发挥水 下机器人集成与配套应用。如我们设计的船舶平台、饱和潜水 船、特种无人船艇等产品中，会根据需要搭载或推荐使用 ROV 设备，协助船东完成各类水下作业。因此，我们具备 ROV 相 关的应用场景和实践基础，但业务模式以系统集成和设备应用 为主，目前暂不涉及 ROV 产品的直接研发与生产。 3、公司现在的运输船订单主要来自欧洲市场吗，对国内 的市场是否有考虑布局？ 答：公司运输船订单有部分来源于国内船东业务，但主要 的运输船订单来源于海外欧洲市场船东。目前国内市场的大型 国有船东，他们通常拥有自己的造船基地。基于公司目前现有 船厂规模及船台情况，目前公司主要运输船在手订单为适用于 欧洲航线的中小型多用途运输船及灵便型散货船；对于国内 ...

Core Viewpoint - The report highlights the financial performance and operational developments of Tianhai Fusion Defense Equipment Technology Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and net profit while outlining the company's diverse business segments in shipbuilding, defense equipment, and energy services [1][4][6]. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 1.84 billion yuan, representing a year-on-year increase of 22.00% compared to 1.51 billion yuan in the same period last year [4][7]. - The net profit attributable to shareholders was approximately 124.55 million yuan, a substantial increase of 109.21% from 59.53 million yuan in the previous year [4][7]. - The basic earnings per share rose to 0.0726 yuan, up 106.84% from 0.0351 yuan [4][7]. - The total assets at the end of the reporting period were approximately 4.95 billion yuan, reflecting a 6.03% increase from the previous year [4][7]. Business Segments Shipbuilding and Marine Engineering - The company operates in shipbuilding and marine engineering, providing comprehensive solutions including design, construction, and technical consulting for various types of vessels such as offshore construction platforms and specialized ships [6][7]. - The shipbuilding segment has shown robust growth, with significant orders for marine engineering vessels and transport ships [7][8]. Defense Equipment - The defense equipment segment has developed capabilities in designing and manufacturing specialized vessels and emergency rescue equipment, with a focus on products like life-saving boats and underwater monitoring systems [12][14]. - The company has established partnerships with several universities and research institutions to enhance its research and development capabilities in defense equipment [12][14]. Energy Services - The energy segment includes operations in natural gas and renewable energy, focusing on the development of LNG refueling stations and energy trading [15][16]. - The company aims to expand its energy services by integrating renewable energy solutions into its operations, targeting the growing demand for green technologies in maritime applications [15][16]. Competitive Advantages - The company is recognized as a "specialized, refined, distinctive, and innovative" enterprise, with a strong emphasis on technological innovation and a comprehensive service model that integrates design, manufacturing, and supervision [20][22]. - It has a well-established customer network and a robust marketing strategy that leverages its technical expertise to meet client needs effectively [11][20]. - The company has received numerous awards for its technological advancements and has a significant portfolio of patents, enhancing its competitive position in the industry [20][22].