On the evening of June 26, Tianhai Defense released a plan for issuing A-share stocks to specific targets in 2026, intending to raise a total of no more than 1 billion yuan to further enhance the company’s high-end ship and marine equipment manufacturing capabilities.
The announcement shows that Tianhai Defense plans to issue no more than 518 million shares this time, with the issuance targets being securities investment fund management companies, securities companies, institutional insurance investors, trust investment companies, financial companies, qualified foreign institutional investors, and other qualified investors as stipulated by the China Securities Regulatory Commission. The final issuance targets will be determined by the company’s board of directors in consultation with the sponsor after this issuance is reviewed and approved by the Shenzhen Stock Exchange and receives the registration approval from the China Securities Regulatory Commission.
After deducting issuance expenses, the raised funds are intended to be used for four major projects: 270 million yuan for the high-end green ship expansion and intelligent manufacturing upgrade project, 130 million yuan for the unmanned special vessel research and development and construction equipment upgrade project, 150 million yuan for the underwater security research and development and operation and maintenance project, 200 million yuan for the new energy水上综合加注平台项目, and the remaining 250 million yuan for supplementing working capital.
High-end Green Ship Expansion and Intelligent Manufacturing Upgrade Project
The total investment for the high-end green ship expansion and intelligent manufacturing upgrade project is approximately 284 million yuan, with 270 million yuan planned to be invested from the raised funds. The funds are mainly used for introducing intelligent production and manufacturing equipment for high-end green ships.
The aging replacement of ships, green intelligent upgrades, and marine resource development bring broad market demand for ship manufacturing. The high-end green bulk carrier and offshore engineering ship industries are in a prosperous development trend. To seize the industry growth dividend and further expand the company’s main business, this project will focus on ship types such as high-end green transport ships and offshore engineering ships, completing the introduction of advanced intelligent production and manufacturing equipment, to help the company stabilize order delivery capabilities, optimize construction quality, improve quality and efficiency, cultivate new productive forces in the high-end green ship manufacturing field, and comprehensively enhance the company’s core competitiveness and sustainable operation level.
As of December 31, 2025, the total value of orders in hand for Tianhai Defense’s ship and marine engineering construction business was approximately 14.902 billion yuan, including about 2.511 billion yuan in effective RMB contracts, about 1.126 billion yuan in USD contracts, and about 314 million yuan in EUR contracts. Calculated at the exchange rate on December 31, 2025, the effective contracts are equivalent to approximately 12.971 billion yuan, and signed but pending effective contracts are equivalent to 1.931 billion yuan. Rich customer resources have brought the company sufficient new orders, helping the project smoothly digest the new production capacity.
Unmanned Special Vessel Research and Development and Construction Equipment Upgrade Project
The total investment for the unmanned special vessel research and development and construction equipment upgrade project is approximately 152 million yuan, with 130 million yuan planned to be invested from the raised funds. The funds are mainly used for purchasing research and development equipment and production equipment for unmanned special vessels.
Unmanned vessels are important equipment for smart ocean construction and offshore comprehensive management. With their multi-scenario adaptability advantages, they usher in broad market space, and the industry development prospects continue to improve. This project focuses on unmanned special vessel products. It plans to carry out renovation and modification on the existing site, purchase advanced software and hardware equipment and supporting facilities such as environmental protection, warehousing, and informatization, and carry out research and development and production manufacturing work. On the one hand, relying on the company’s existing technical accumulation, it will manufacture special prototype vessels for research and development testing; on the other hand, the project will update and upgrade existing construction equipment, build new advanced manufacturing lines, and introduce high-quality production and management personnel to further improve the company’s unmanned special vessel manufacturing capabilities.
The implementation of this project deeply lays out the emerging track of unmanned vessels, accelerates the industrialization transformation of the company’s research and development achievements, aligns with national development plans and the company’s strategic direction, can enrich the company’s product system, optimize the business structure, cultivate new profit growth points, and comprehensively enhance the company’s innovation capability, market competitiveness, and sustainable development level.
Underwater Security Research and Development and Operation and Maintenance Project
The total investment for the underwater security research and development and operation and maintenance project is approximately 155 million yuan, with 150 million yuan planned to be invested from the raised funds. The funds are mainly used for unmanned platforms, high-speed operation and maintenance vessels, underwater robots, acoustic systems, informatization and data centers, and research and development investment.
This project anchors three core tracks: offshore wind power operation and maintenance, hydropower station safety inspection, and bridge underwater inspection. It focuses on the demand for underwater inspection and anti-sabotage services for offshore wind power cables and pile foundations. By purchasing internationally leading large-depth underwater operation equipment, building an intelligent cable status monitoring data platform, and increasing investment in core technology research and development for underwater anti-sabotage, it will construct an underwater security research and development and operation and maintenance service system.
The project will focus on strengthening the company’s high-value-added service capabilities such as offshore wind power cable and pile foundation inspection, underwater anti-sabotage system integration, and emergency response, while simultaneously improving the service level for underwater structural regular inspections of large hydropower stations and underwater foundation inspections of old bridges, comprehensively consolidating the company’s competitive advantage in the underwater security field, and creating a new growth pole that meets the needs of new energy and infrastructure security.
New Energy水上综合加注平台项目
The total investment for the new energy水上综合加注平台项目 is approximately 201 million yuan, with 200 million yuan planned to be invested from the raised funds. The funds are mainly used for the construction of bunkering barges, construction of shore-based supporting facilities, and purchase and installation of software and hardware equipment. The project reserves interfaces for LNG bunkering and electric charging facility retrofitting, and the funds required for subsequent expansion of related businesses will be raised by the company itself.
This project is based on the green transformation and development needs of inland waterway shipping, with the core construction direction being new energy comprehensive bunkering in core inland river port areas such as the Yangtze River main line. At the current stage, it adopts an operation model centered on methanol bunkering barges, constructing a full-chain service system of methanol procurement-storage-bunkering, providing safe, efficient, and low-cost methanol bunkering services for inland methanol-powered vessels. After the project is completed, it will significantly enhance the company’s methanol bunkering service capability in the core port areas of the middle reaches of the Yangtze River.
Based on this project, Tianhai Defense can subsequently gradually expand LNG bunkering and electric energy storage charging services, build an inland “methanol+LNG+electricity” multi-energy comprehensive bunkering platform, and construct an inland green energy supply network. At the same time, the project has the potential to expand to coastal areas such as the Yangtze River Delta. Subsequently, relying on the operational experience of the inland bunkering network, it can gradually deploy coastal methanol and LNG bunkering stations and electric energy storage charging services, forming an “inland-coastal” integrated new energy bunkering service system, supporting the strategic layout of the company’s new energy shipping service business segment, and forming new performance growth points.
