公司船舶交付加速，带动收入利润稳定增长 公司25H1 公司交付设计建造总承包业务14 艘、设计业务39 艘、监理业务9 艘（对比24H1 的12 艘、9 艘、8 艘），交付速度有所加快。船海工程设计建造总承包业务收入达16.97 亿元，同比+32.33%，实现 快速稳定增长。 公司盈利能力持续增强，归母净利实现高速增长25H1 公司毛利率19.67%（同比+2.80pp），净利率 6.85%（同比+2.59pp），盈利能力持续增强。期间费用率方面，25H1 合计期间费用率11.17%，同比 +0.55pp；其中销售费用率、管理费用率、研发费用率、财务费用率分别为2.14%、6.21%、1.31%、 1.50%（同比+1.07pp、-0.67pp、-0.54pp、+0.69pp）。销售费用率上升主要系公司海外业务快速增长， 导致销售代理费用随之上升；而财务费用率上升主要系公司短期借款规模扩大带来的利息费用增加。考 虑公司在手订单中系列化的运输船产品占比提升形成规模效应，相关订单逐步释放有望使公司毛利率维 持高位，盈利能力进一步加强。 同时公司通过强化统筹协调机制、优化项目组织架构、推行新工艺等措施提升整体生产效 ...

Summary of Key Points Core Viewpoint - China Haicheng (002116) reported a total of new signed engineering contracting orders amounting to 2.454 billion yuan in the second quarter of 2025, indicating a strong performance in securing new projects [1] Group 1: New Signed Orders - The company secured new engineering contracting orders of 1.919 billion yuan, design business orders of 315 million yuan, supervision business orders of 119 million yuan, and consulting business orders of 102 million yuan, totaling 2.454 billion yuan [1] - By industry classification, the orders included 1.255 billion yuan in pulp and paper, 444 million yuan in food fermentation, 39.78 million yuan in daily chemicals, 224 million yuan in civil and public construction, 38.58 million yuan in municipal projects, 18.1 million yuan in environmental protection, 32.36 million yuan in new energy materials, 13 million yuan in pharmaceuticals, and 110 million yuan in other orders [1] Group 2: Domestic and International Orders - The company received 1.678 billion yuan in new signed domestic orders and 776 million yuan in new signed overseas orders [1] Group 3: Ongoing and Upcoming Projects - As of the end of the second quarter of 2025, the company had a total of 143 signed but uncompleted engineering contracting projects, amounting to approximately 8.083 billion yuan [1] - In the second quarter of 2025, the company had 3 projects that were won but not yet signed, with a total value of 486 million yuan [1]