Tianhai Fusion Defense Equipment Technology Co., Ltd. (hereinafter referred to as "Tianhai Defense" or "the Company") is listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. To meet the needs of the Company's business development and enhance its profitability and market competitiveness, in accordance with the "Company Law of the People's Republic of China," "Securities Law of the People's Republic of China," "Administrative Measures for the Registration of Issuance of Shares by Listed Companies," and other relevant laws, regulations, and normative documents, the Company has compiled this analysis report on the proposed issuance of A shares to specific objects.
(Unless otherwise specified in this report, the terms used herein have the same meaning as in the "Tianhai Fusion Defense Equipment Technology Co., Ltd. 2026 Plan for Issuance of A Shares to Specific Objects")
I. Background and Objectives of the Proposed Issuance of Shares to Specific Objects
(I) Background of the Proposed Issuance to Specific Objects
- Support from National Major Strategic Industry Policies
In the field of marine engineering, the state has introduced a series of policies to encourage and support the shipbuilding industry, promoting technological advancement and sustainable development of related industries. In December 2023, the Ministry of Industry and Information Technology, the National Development and Reform Commission, and other five departments jointly issued the "Action Plan for Green Development of the Shipbuilding Industry (2024-2030)," which proposes that by 2030, a green development system for the shipbuilding industry will be basically established. Green ship products will form a complete system supply capability, green ship technology will reach an internationally advanced level, and the international market share of green ships will remain world-leading. The "15th Five-Year Plan Outline for National Economic and Social Development" issued in March 2026 lists the shipbuilding industry as one of the industries for "promoting the quality and upgrading of key industries," explicitly proposing to "strengthen and optimize the base for high-quality steel products, the first-class petrochemical base, and the high-end shipbuilding and marine engineering equipment base."
In the field of defense equipment, the state has introduced a series of policies to encourage and support the unmanned vessel industry, promoting technological advancement and sustainable development of related industries. In January 2024, the Ministry of Industry and Information Technology, the Ministry of Education, the Ministry of Science and Technology, and other seven departments issued the "Opinions on Promoting the Innovative Development of Future Industries," proposing to accelerate the implementation of major technological equipment research and development projects to meet major national strategic demands and the people's needs for a better life, breaking through in high-end equipment products such as humanoid robots, quantum computers, ultra-high-speed trains, next-generation large aircraft, green intelligent ships, and unmanned vessels. The "15th Five-Year Plan Outline for National Economic and Social Development" issued in March 2026 explicitly states to "achieve the centenary goal of the founding of the army on schedule and promote the modernization of national defense and the armed forces with high quality," requiring to "accelerate the construction of unmanned intelligent combat forces and counter-measures capabilities" and promote the deep development of military-civilian integration.
- Downstream Application Field Has Strong Demand and Broad Market Space