香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （H股股份代碼：00317） 2025年第一季度報告 重要內容提示 中船海洋與防務裝備股份有限公司（「本公司」或「公司」）董事（「董事」）會（「董事會」）、監 事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、完整，不存在虛假 記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）保證本季度報告中 財務信息的真實、準確、完整。 本報告期比 上年同期增減 | 項目 | 本報告期 | 上年同期 | 變動幅度(%) | | --- | --- | --- | --- | | 營業收入 | 3,641,442,907.15 | 2,806,869,058.01 | 29.73 | | 歸屬於上市公司股東的 | | | | | 淨利潤 | 184,464,01 ...

H股股份代號 A股股份代號 2024 年報 目錄 | 第一節 | 釋義 | 3 | | --- | --- | --- | | 第二節 | 公司簡介和主要財務指標 | 4 | | 第三節 | 董事會報告 | 10 | | 第四節 | 公司治理 | 35 | | 第五節 | 環境與社會責任 | 66 | | 第六節 | 重要事項 | 71 | | 第七節 | 股份變動及股東情況 | 88 | | 第八節 | 財務報告 | 93 | | 第九節 | 五年財務摘要 | 268 | 1 中船海洋與防務裝備股份有限公司 2024 年年度報告 重要提示 公司擬向全體股東每10股派發現金紅利人民幣0.70元（含稅），截至2024年12月31日，公司總股本為1,413,506,378股， 以此計算合計擬派發現金紅利人民幣98,945,446.46元（含稅）。本年度公司現金分紅（包括中期已分配的現金紅利）金額合 計為人民幣115,907,523.00元（含稅），佔本年度歸屬於上市公司股東淨利潤的比例為30.72% ，剩餘未分配利潤人民幣 1,137,201,178.63元結轉至以後期間分配。公司2024年度不實施資本公積金轉增 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （H股股份代碼：00317） 截至2024年12月31日止年度業績公告 （財務摘要） 營業額： 人民幣19,402,390,859.63元 歸屬於本公司的權益持有者盈利： 人民幣377,262,684.20元 歸屬於本公司的權益持有者之每股盈利： 人民幣0.2669元 中船海洋與防務裝備股份有限公司（「本公司」或「公司」）之董事（「董事」）會（「董事會」）宣 佈本公司及其附屬公司（統稱「本集團」）截至2024年12月31日止年度（「報告期」或「本年 度」）按照中華人民共和國（「中國」）企業會計準則編製之經審核業績，以及2023年同期的 比較數字如下： 股息 根據《中船海洋與防務裝備股份有限公司章程》（「《公司章程》」）第一百七十八條，本公司 的利潤分配政策為： （一）利潤分配原則 公司實行連續、穩定的利潤分配政策，公司的利潤 ...

Investment Rating - The report assigns an "Outperform" rating to CSSC Offshore & Marine Engineering with a target price of HKD 14.00, indicating a potential upside of approximately 53% from the current price of HKD 9.11 [5][9]. Core Insights - CSSC Offshore & Marine Engineering is positioned to enter a profit explosion period due to the shipbuilding industry's cyclical recovery, rising new ship prices, and a strong order backlog of RMB 60 billion, with projected net profits of RMB 800 million and RMB 1.15 billion for 2025 and 2026, respectively [1][2]. - The company benefits from a robust order book, with subsidiaries holding around 4 million deadweight tons of orders sufficient to meet demand until 2028, supported by China's cost advantages and currency strength [2][9]. - The stock price has seen a significant correction since Q4 2024 due to issues related to the parent company's restructuring, but the fundamentals remain strong, and the report anticipates a recovery in stock price as earnings improve [2][9]. Financial Forecasts and Valuation - Revenue projections for CSSC Offshore & Marine Engineering are as follows: RMB 12.8 billion in 2022, RMB 16.1 billion in 2023, RMB 21.2 billion in 2024, RMB 24.8 billion in 2025, and RMB 28.1 billion in 2026, reflecting a compound annual growth rate (CAGR) of 16.9% from 2025 to 2026 [3]. - Net profit forecasts show a dramatic increase from RMB 688 million in 2022 to RMB 1.15 billion in 2026, with a notable recovery from a low of RMB 48 million in 2023 [3]. - The report suggests a price-to-book ratio of 1.0 times for valuation, aligning with historical trends from 2001 to 2010, and indicates that the stock is currently undervalued [2][9].

Investment Rating - The report assigns an "Outperform" rating to CSSC Offshore & Marine Engineering with a target price of HKD 14.00, indicating a potential upside of approximately 53% from the current price of HKD 9.11 [5][9]. Core Insights - CSSC Offshore & Marine Engineering is positioned for a profit explosion due to the shipbuilding industry's cyclical recovery, rising new ship prices, and a strong order backlog of RMB 60 billion, with projected net profits of RMB 800 million and RMB 1.15 billion for 2025 and 2026, respectively [1][2]. - The company benefits from a robust order book, with subsidiaries holding around 4 million deadweight tons of orders sufficient to meet demand until 2028, supported by China's cost advantages and currency strength [2][9]. - The stock price has seen a significant correction since Q4 2024 due to issues related to the parent company's restructuring, but the fundamentals remain strong, and the report anticipates a recovery in stock price as earnings improve [2][9]. Financial Projections - Revenue projections for CSSC Offshore & Marine Engineering are as follows: - 2022: RMB 12,795 million - 2023: RMB 16,146 million (up 26.2%) - 2024: RMB 21,249 million (up 31.6%) - 2025: RMB 24,832 million (up 16.9%) - 2026: RMB 28,065 million (up 13.0%) [3] - Net profit forecasts are: - 2022: RMB 688 million - 2023: RMB 48 million (down 93.0%) - 2024: RMB 420 million (up 774.3%) - 2025: RMB 804 million (up 91.3%) - 2026: RMB 1,152 million (up 43.3%) [3] - The report highlights a projected diluted earnings per share of RMB 0.57 for 2025 and RMB 0.82 for 2026, with corresponding price-to-earnings ratios of 14.6 and 10.2 [3].

Financial Performance - Operating revenue for the third quarter reached CNY 3,958,458,677.67, an increase of 4.44% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 40,416,105.20, representing a significant increase of 250.41% year-on-year[2]. - Basic earnings per share for the quarter were CNY 0.0286, up 248.78% from the previous year[2]. - Total revenue for the first three quarters of 2024 reached ¥12,686,994,741.32, a significant increase from ¥9,772,350,156.63 in the same period of 2023, representing a growth of approximately 30.5%[22]. - The net profit for the first three quarters of 2024 reached ¥250,228,686.82, a significant increase from ¥34,160,134.30 in the same period of 2023, representing a growth of approximately 632.5%[24]. - Operating profit for the first three quarters of 2024 was ¥200,732,804.67, compared to ¥22,887,219.52 in 2023, indicating an increase of about 775.5%[24]. - Total profit for the first three quarters of 2024 amounted to ¥201,548,132.71, up from ¥25,000,827.72 in 2023, reflecting an increase of approximately 706.0%[24]. - The total comprehensive income for the first three quarters of 2024 was ¥2,246,797,921.93, compared to ¥956,337,923.30 in 2023, marking an increase of around 135.2%[25]. - Basic and diluted earnings per share for the first three quarters of 2024 were both ¥0.1325, a substantial rise from ¥0.0171 in 2023, representing an increase of approximately 674.3%[25]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 51,660,709,270.83, reflecting a 1.57% increase from the end of the previous year[3]. - Non-current assets totaled ¥22,495,464,633.31 as of September 30, 2024, compared to ¥21,035,892,161.50 at the end of 2023, indicating an increase of about 6.9%[19]. - The company's total liabilities increased by 35.10% to ¥1.44 billion from ¥1.06 billion[18]. - Total liabilities decreased to ¥29,774,404,156.89 from ¥31,255,464,283.95, reflecting a reduction of approximately 4.8%[20]. - The company reported a significant reduction in short-term borrowings, decreasing from ¥780,514,316.67 to ¥288,162,291.67, a decline of about 63.1%[19]. - The company's long-term borrowings rose to ¥4,073,038,960.00 from ¥3,314,314,701.47, an increase of about 22.9%[20]. - The total current liabilities decreased to ¥23,310,978,000.25 from ¥26,485,601,048.27, a decline of approximately 11.8%[20]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -4,898,287,705.31, a decline of 1,601.02% compared to the previous year[2]. - Cash flow from operating activities for the first three quarters of 2024 showed a net outflow of ¥4,898,287,705.31, compared to a net inflow of ¥326,330,796.17 in 2023[28]. - Cash flow from investing activities for the first three quarters of 2024 was a net inflow of ¥680,587,253.26, contrasting with a net outflow of ¥3,222,960,178.21 in 2023[29]. - The cash inflow from sales of goods and services for the first three quarters of 2024 was ¥10,897,094,972.29, compared to ¥10,206,961,823.77 in 2023, indicating a growth of about 6.7%[28]. - The company recorded a cash inflow from investment activities of ¥1,572,233,813.31 in 2024, down from ¥4,040,341,538.33 in 2023, reflecting a decrease of approximately 61.1%[29]. - The net increase in cash and cash equivalents for the first three quarters of 2024 is -3,744,359,271.80, compared to -3,981,432,221.05 in the same period of 2023, indicating an improvement[31]. - The cash and cash equivalents at the beginning of the period for 2024 were 9,701,160,074.84, down from 11,069,985,285.84 in 2023[31]. - The ending cash and cash equivalents for 2024 stand at 5,956,800,803.04, a decrease from 7,088,553,064.79 in 2023[31]. - The impact of exchange rate fluctuations on cash and cash equivalents for the first three quarters of 2024 was -8,954,418.18, contrasting with a positive impact of 63,868,414.56 in 2023[31]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 71,835[9]. - The top 10 shareholders hold a combined 82.56% of the total shares, with HKSCC NOMINEES LIMITED holding 41.73% and China Shipbuilding Industry Group Co., Ltd. holding 34.05%[9]. - The number of shares held by the top 10 unrestricted shareholders includes HKSCC NOMINEES LIMITED with 589,866,607 shares and China Shipbuilding Industry Group Co., Ltd. with 481,337,700 shares[11]. - The top shareholder, HKSCC NOMINEES LIMITED, is an overseas entity, while the second largest, China Shipbuilding Industry Group Co., Ltd., is a state-owned entity[11]. - The total number of shares held by the top 10 shareholders does not include any shares lent through margin trading[10]. - The company has no pledged, marked, or frozen shares among the top 10 shareholders[9]. - The report indicates no participation in margin trading or securities lending by the top shareholders[12]. Operational Insights - The company benefited from the completion and delivery of ship products, contributing to the significant rise in net profit[7]. - The company plans to enhance production efficiency and cost management to sustain growth in profitability[7]. - The company's financial performance shows significant growth in both prepayments and contract assets, indicating strong operational momentum[13]. - Prepayments increased by 31.78% year-on-year, reaching RMB 3,607,142,352.80 due to increased orders for construction materials[13]. - Contract assets rose by 40.19% year-on-year, totaling RMB 3,242,599,101.94, attributed to the progress of shipbuilding contracts exceeding the settlement amounts[13]. Research and Development - Research and development expenses increased by 67.49% year-over-year, reaching ¥694.51 million compared to ¥414.66 million[15]. Other Financial Metrics - The weighted average return on equity for the quarter was 0.25%, an increase of 0.17 percentage points year-on-year[2]. - Non-recurring gains and losses for the year-to-date totaled CNY 11,714,114.84, with a tax impact of CNY 4,319,880.48[6]. - The company's sales expenses surged by 96.31% to ¥39.73 million, primarily due to increased insurance costs[15]. - The company reported a significant increase in other comprehensive income, rising by 76.81% to ¥4.61 billion, attributed to the fair value increase of held stocks[18]. - The company reported a net loss from fair value changes of ¥87,780,681.11 for the first three quarters of 2024, compared to a loss of ¥101,383,218.31 in the same period of 2023[22]. - The company's deferred income tax liabilities rose by 72.92% to ¥1.58 billion, influenced by the fair value increase of held stocks[18]. - The company's cash and cash equivalents decreased to ¥12.29 billion from ¥16.42 billion, a decline of 25.88%[18].

Financial Performance - The company achieved operating revenue of RMB 8.73 billion in the reporting period, representing a year-on-year increase of 45.91%[12] - Net profit attributable to shareholders reached RMB 146.85 million, a significant increase of 1,059.43% compared to the same period last year[13] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 131.05 million, up 746.64% year-on-year[13] - Basic earnings per share for the reporting period were RMB 0.1039, reflecting an increase of 1,054.44% year-on-year[12] - The company reported a total comprehensive income of RMB 1,982,940,568.53 for the first half of 2024, reflecting a strong performance compared to the previous year[119] - The total operating revenue for the first half of 2024 reached RMB 8,728,536,063.65, a significant increase of 45.9% compared to RMB 5,982,333,803.04 in the same period of 2023[111] - Net profit for the first half of 2024 was RMB 184,627,201.32, compared to RMB 18,206,095.77 in the first half of 2023, marking an increase of 914.5%[111] Cash Flow and Assets - The net cash flow from operating activities was RMB -5.56 billion, worsening from RMB -2.60 billion in the same period last year, primarily due to increased production scale and material orders[13] - The company's total assets amounted to RMB 50.11 billion, a decrease of 1.49% from the previous year[12] - The company's cash and cash equivalents decreased to RMB 11.65 billion as of June 30, 2024, from RMB 16.42 billion as of December 31, 2023, a drop of 29.4%[105] - Total current assets as of June 30, 2024, are RMB 27.69 billion, a decrease of 6.8% from RMB 29.83 billion as of December 31, 2023[105] - The total amount of contract liabilities decreased to RMB 13.29 billion as of June 30, 2024, from RMB 15.37 billion as of December 31, 2023, a decrease of 13.5%[106] Dividends and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.12 per 10 shares, totaling RMB 16,962,076.54, which represents 11.55% of the net profit attributable to shareholders for the first half of 2024[3] - As of June 30, 2024, the company has an undistributed profit of RMB 1,082,067,327.18, which will be carried forward for future distribution[3] - The company is preparing to submit the profit distribution proposal for approval at the second extraordinary general meeting of 2024[55] Risk Management - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report[3] - The company faced financial risks including exchange rate fluctuations, particularly related to USD-denominated export orders, and plans to implement risk prevention strategies[47] - The company is monitoring supply chain risks due to trade protectionism and geopolitical conflicts, and is preparing for potential delays in equipment delivery[50] Environmental and Social Responsibility - The company has implemented 6 sets of organic waste gas purification devices and 5 sets of dust treatment facilities at Huangpu Wenchong, achieving a treatment efficiency of over 96% after upgrading the purification process[58] - The company emphasizes green shipbuilding and ecological protection, integrating environmental considerations into decision-making processes[65] - The company actively participated in poverty alleviation and rural revitalization efforts, purchasing agricultural products from designated assistance counties totaling RMB 6,650 during the reporting period[67] Corporate Governance - The board of directors confirmed that the financial data in the semi-annual report is true, accurate, and complete, with no significant omissions or misleading statements[3] - The company has conducted two shareholder meetings in the reporting period, with all proposed resolutions passed without any rejections[52] - The company has complied with corporate governance regulations and has not encountered significant discrepancies with the Company Law and relevant regulations[83] Research and Development - R&D expenses surged by 82.78% to CNY 423,009,220.26, indicating a significant increase in investment in research and development[21] - The company has established 13 provincial and national-level technology innovation platforms, enhancing its R&D capabilities[19] Market Position and Strategy - The company secured new shipbuilding orders worth RMB 13.343 billion, an increase of 82.13% year-on-year, completing 88.36% of the annual plan[20] - The company is focusing on technological innovation and green ship types, with an increasing proportion of alternative fuel vessel orders in the new contracts[20] - The company is focused on building high-quality marine equipment and aims to enhance its international competitiveness[87] Shareholder Information - HKSCC NOMINEES LIMITED holds 589,489,007 shares, representing 41.70% of the total shares[97] - 中國船舶工業集團有限公司 owns 481,337,700 shares, accounting for 34.05% of the total shares[97] - The company experienced a change in its board of directors, with new members elected on February 2, 2024[101]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.12 per 10 shares, totaling RMB 16,962,076.54 (tax included) for the six-month period ending June 30, 2024[1] - The proposed dividend distribution is subject to approval at the company's extraordinary general meeting[1] - The previous period's dividend was RMB 0, indicating a shift to a positive dividend payout this period[1]

Financial Performance - The company achieved operating revenue of RMB 8.73 billion for the first half of 2024, representing a year-on-year increase of 45.91%[4] - Net profit attributable to shareholders reached RMB 146.85 million, a significant increase of 1,059.43% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 131.05 million, up 746.64% year-on-year[4] - Basic earnings per share for the reporting period were RMB 0.1039, a substantial increase of 1,054.44% compared to the same period last year[5] - The company reported a total operating income of $7,572,420,369.63, reflecting growth compared to previous periods[92] - The company reported a net profit attributable to the parent company of 146,845,686.17 for the current period, compared to 12,665,284.90 in the same period last year[83] - The total operating revenue for the first half of 2024 reached RMB 8.73 billion, a significant increase of 45.9% compared to RMB 5.98 billion in the same period of 2023[52] - Operating profit for the first half of 2024 was RMB 150.40 million, up from RMB 12.91 million in the first half of 2023, representing a growth of 1,064.5%[53] Cash Flow and Liquidity - The net cash flow from operating activities was RMB -5.56 billion, worsening from RMB -2.60 billion in the previous year, primarily due to increased production scale and material orders[6] - Cash inflow from operating activities amounted to ¥6,500,012,700.99, up from ¥4,966,321,938.79 in the previous year, reflecting a growth of 30.7%[57] - Cash outflow from operating activities increased to ¥12,057,699,361.24, compared to ¥7,569,819,376.61 in the same period last year, resulting in a net cash flow from operating activities of -¥5,557,686,660.25[57] - The total cash and cash equivalents at the end of the first half of 2024 stood at ¥5,422,846,011.31, slightly down from ¥5,525,049,585.25 at the end of the first half of 2023[59] - The company’s cash and cash equivalents decreased by 38.28% compared to the previous year, reflecting changes in operational cash flow[17] Assets and Liabilities - The company's total assets at the end of the reporting period were RMB 50.11 billion, a decrease of 1.49% from the previous year[4] - The group’s asset-liability ratio decreased to 56.74% as of June 30, 2024, down from 61.45% at the beginning of the period, representing a decline of 4.71%[37] - Total liabilities decreased from CNY 31.26 billion to CNY 28.43 billion, a decline of approximately 8.9%[47] - The total amount of accounts receivable and contract assets at the end of the period was 1,700,782,163.88, with a bad debt provision of 2,920,744.07[78] - The total amount of notes payable at the end of the period was 1,256,995,566.40, significantly reduced from 3,882,643,617.93 at the beginning of the year[79] Investments and R&D - The company increased its R&D expenditure, focusing on technological innovation and green ship types[15] - The company reported investment income of RMB 122.60 million in the first half of 2024, a turnaround from a loss of RMB 20.29 million in the same period of 2023[52] - Long-term equity investments rose to RMB 5,260.92 million, a 1.06% increase compared to the beginning of the year, driven by increased investment income from joint ventures[22] - The company reported a significant increase in bank acceptance bills, with a year-end balance of approximately ¥23.37 million, up from ¥20.39 million at the beginning of the year[66] Market and Orders - The company secured new shipbuilding orders worth RMB 12.57 billion, with a total of 35 vessels, marking an 82.13% increase year-on-year[13] - As of June 30, 2024, the total value of the company's backlog contracts was approximately RMB 61.35 billion, including RMB 59.69 billion in shipbuilding orders[13] - The global shipbuilding market saw a 24.4% year-on-year increase in new ship orders, totaling 1,247 vessels and 77.25 million deadweight tons[11] - The company delivered 16 vessels in the first half of 2024, totaling 536,900 deadweight tons[13] Environmental Compliance - The company has established a rental agreement for land and equipment with Guangdong Zhongyuan Shipping Heavy Industry, effective from July 9, 2021, to July 8, 2026[24] - The total emission of toluene from Huangpu Wenchong was 11.9 kg, with a concentration of 0.04 mg/m³, compliant with pollution discharge standards[27] - The total emission of xylene from Wenchong Shipyard was 1,087 kg, with a concentration of 0.65 mg/m³, also compliant with pollution discharge standards[27] - The company has implemented a self-monitoring plan for environmental protection, with quarterly monitoring results meeting standards[35] - The group has obtained all necessary environmental permits and has complied with environmental impact assessment requirements for its projects[33] Corporate Governance - The company has complied with the corporate governance code, except for the absence of a new chairman following the resignation of the previous chairman on May 21, 2024[40] - The company held four board meetings during the reporting period, with full attendance from all directors[42] - The company has assessed its ability to continue as a going concern for the next 12 months, indicating a stable financial position[63]

2024 年 06 月 28 日 中船防务(00317.HK) 公司分析 国内军民船总装骨干企业,有望受益民船大周 期,迎量价红利 中船防务:控股黄埔文冲,国内军民船总装骨干企业 中船防务控股子公司黄埔文冲创建于 1851 年,是国内军用舰船、特 种工程船和海洋工程的主要建造基地,是中国疏浚工程船和支线集 装箱船最大最强生产基地。公司布局海洋防务装备、海洋运输装 备、海洋开发装备和海洋科技应用装备四大领域。截止 2023 年底, 公司手持订单合同总价约 557.6 亿元,其中手持造船订单合同 537.3 亿元,包括 110 艘船舶产品、2 座海工装备,共 349.87 万载 重吨,充裕在手订单为公司后续业绩增长提供重要保障。 造船大周期量价齐升,船企享"产能、价格、成本"三重红利 供给侧,船舶行业从 2008 年金融危机后历经多年供给侧出清,全球 船坞自 2009 年高峰减少一半以上;需求侧看,2000s 以来新造的船 舶将从 2020s 开始加速进入老龄化阶段,叠加绿色动力催化,民船 造船大周期开启。 船厂供给紧而造船需求旺,卖方市场下,新船订单向头部集中,船 企在手订单饱满,享受"产能红利";价格端,全球 ...