海洋产品 2024年度报告

(Mark One) ☒Annual report pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934FOR THE FISCALYEAR ENDEDDECEMBER 31, 2024☐Transition report pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934FOR THE TRANSITION PERIOD FROM_____TO _____ Commission File No.1-16263 MARINE PRODUCTS CORPORATION (Exact name of registrant as specified in its charter) Delaware(State of Incorporation)58-2572419(I.R.S. Employer Identification No.) 2801 BUFORD HIGHWAY NE, SUITE300ATLANTA,GEORGIA30329(404)321-7910 (Address of principal executive offices and registrant’s telephone number) Securities registered pursuant to Section12(b)of the Act: Title of each classCOMMON STOCK, $0.10 PAR VALUETrading SymbolMPXName of each exchange on whichregisteredNEW YORK STOCK EXCHANGE Securities registered pursuant to section 12(g)of the Act: NONE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.◻Yes☒No Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.◻Yes☒No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days.⌧Yes◻No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period thatthe registrant was required to submit such files).⌧Yes◻No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. (Check one): Large accelerated filer◻Accelerated filer☒Non-accelerated filer◻Smaller reporting company☐Emerginggrowth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to section 13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ The aggregate market value of Marine Products Corporation common stock held by non-affiliates on June30, 2024, the lastbusiness day of the registrant’s most recent second fiscal quarter, was $85,817,287based on the closing price on the New YorkStock Exchange on June30, 2024 of $10.10 per share. Marine Products Corporation had34,961,460shares of common stock outstanding as of February14, 2025. Documents Incorporated by Reference Portions of the Proxy Statement for the 2025 Annual Meeting of Stockholders of Marine Products Corporation areincorporated by reference into PartIII, Items 10 through 14 of this report. Marine Products Corporation Table of ContentsPageNo.Part IItem 1.Business6Item1A.Risk Factors15Item1B.Unresolved Staff Comments20Item1C.Cybersecurity20Item 2.Properties21Item 3.Legal Proceedings21Item 4.Mine Safety Disclosures21Part IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities21Item 6.Reserved22Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations22Item7A.Quantitative and Qualitative Disclosures About Market Risk29Item 8.Financial Statements and Supplementary Data30Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure57Item9A.Controls and Procedures57Item9B.Other Information57Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections57Part IIIItem10.Directors, Executive Officers and Corporate Governance58Item11.Executive Compensation58Item12.Securi