Following successful runs in Florence, New York City, and Miami, Panerai is pleased to announce its historical exhibition “The Depths of Time” will be open to the public at the Tianhou Palace in Shanghai from November 21st to November 30th, 2025.

继佛罗伦萨、纽约和迈阿密三城巡展成功举办后，沛纳海欣然宣布，“时光深处”(The Depths of Time)品牌历史主题展览于2025年11月21日在上海天后宫正式开幕，并于11月22日至30日面向公众开放。”

“The Depths of Time” offers a unique opportunity to discover Panerai’s distinctive heritage, tracing its evolution from a supplier to the Royal Italian Navy to its emergence as a name in public watchmaking in 1993. The exhibition showcases a curated collection of vintage instruments – such as depth gauges and compasses – along with iconic watches, and never-seen archival materials, providing an unprecedented look at Panerai’s legacy and documenting its groundbreaking work in underwater readability and instrument design.

“时光深处”主题展览为公众提供了一个宝贵契机，探索沛纳海的独特传承，追溯其从意大利皇家海军的供应商至1993年在民用腕表领域崭露头角的演变历程。本次展览精心呈现了一系列甄选古董仪器——如深度计和指南针、标志性时计作品以及首次披露的档案资料，以前所未有的视角回溯沛纳海传奇历史，完整记录沛纳海在水下可读性与仪器设计领域的开创性成就。

The Tianhou Palace, historically a place of reverence for those who navigated the seas, provides a fitting backdrop for a brand that has in the maritime world its native playground. Inside its stunning interiors, visitors can discover the origins of Panerai’s distinctive technical features – remarkable luminescence, advanced water resistance, extended power reserve, and robust construction – which have become hallmarks of the brand’s globally recognized design.

天后宫，历史上曾是航海者的祈福圣地，其深厚底蕴与沛纳海的海洋渊源相得益彰。在天后宫的恢弘殿宇中，观众可探索沛纳海标志性技术的起源——超强夜光、出色防水性能、长动力储存和坚固构造，这些特色已成为沛纳海享誉全球的设计风格。

“We are proud to bring “The Depths of Time” to Shanghai, offering a rare opportunity to explore our legendary past through the lens of Panerai’s heritage. This exhibition reflects our deep commitment to all the passionate collectors and watch enthusiasts in China. We believe this unique perspective will resonate with an audience that continues to show a strong appreciation for Panerai’s commitment to innovation, strongly rooted in its timeless legacy.” says Emmanuel Perrin, CEO of Panerai.

沛纳海首席执行官Emmanuel Perrin表示：“我们满怀自豪地将 ‘时光深处’(The Depths of Time)主题展览带到上海，提供一次透过沛纳海历史视角探索品牌传奇历程的宝贵契机。本次展览也彰显了我们对中国全体充满热情的收藏家与腕表爱好者的坚定承诺。我们相信，这一独特视角将引起观众的共鸣——他们始终欣赏沛纳海根植于隽永传承中的创新精神。”

Reflecting Panerai’s innovative spirit, the exhibition adopts an instrumental approach rather than a simple chronological order, with each stop revealing a new facet of the brand’s legacy and its distinctive technical features. The journey begins with authentic photographs of the Panerai family and its Florentine roots, exploring the brand’s origins and early relationship with the Italian Royal Navy. Visitors then uncover the secrets behind Panerai’s exceptional luminescence, achieved through the innovative use of Radiomir and Luminor compounds, along with its renowned water-resistance, ensured by the iconic crown-protecting bridge historically patented in 1956. The evolution of cases, as well as the legendary power-reserve function, is another remarkable chapter of the exhibition path. A curated selection of iconic watches demonstrates how Panerai’s enduring appeal lies in its ability to create military-grade professional tool watches, born out of military necessity. The exhibition culminates with the celebration of September 10th, 1993, when Panerai emerged from military secrecy and became available to the public.

为体现沛纳海的创新精神，展览并未采用简单的时间叙事，而是从功能性层面，令每个展区，无论在品牌历史还是专有技术方面，都展现品牌叙事的新维度。探索之旅始于沛纳海家族与其发源地佛罗伦萨，珍贵的历史照片追溯品牌起源以及与意大利皇家海军的早期渊源；随后，观众将探索沛纳海卓越夜光技术背后的奥秘——这一成就得益于Radiomir和Luminor发光物料的创新应用；然后是品牌享誉已久的防水性能——其关键是1956年获得专利的标志性表冠护桥装置；壳型的演进历程以及传奇的动力储存功能，构成展览叙事中另一非凡篇章；一系列精选的标志性表款诠释着沛纳海历久弥新的魅力，其核心源于为满足军用需求而打造专业工具腕表的卓越能力。展览高潮定格于1993年9月10日的发布会，这一天，沛纳海工具腕表首次告别军事机密，正式亮相民用腕表市场。

To celebrate this momentous anniversary, Panerai dedicates the new Luminor Marina Militare PAM05218, a faithful reinterpretation of the Luminor ref. 5218-202/A created exclusively for the Italian Navy personnel and introduced in 1993 after the presentation of the first Luminor ref. 5218-201/A and Mare Nostrum 5218-301/A to the civilian public.

为致敬这一里程碑式的纪念日，沛纳海特别推出全新Luminor庐米诺系列44毫米手动上链Marina Militare腕表PAM05218，这款全新腕表是对Luminor庐米诺系列Marina Militare腕表ref.5218-202/A的忠实复刻，该腕表曾专为意大利海军打造，并于1993年Luminor庐米诺系列腕表ref.5218-201/A与 Mare Nostrum计时码表ref.5218-301/A首次亮相民用市场后正式推出。

Luminor Marina Militare PAM05218

沛纳海Luminor庐米诺系列44毫米手动上链Marina Militare腕表PAM05218

Luminor Marina Militare PAM05218 revisits one of the most significant milestones in the Maison’s modern history, paying tribute to Luminor Marina Militare ref. 5218-202/A, which debuted alongside Luminor ref. 5218-201/A and Mare Nostrum ref. 5218-301/A in 1993.

全新沛纳海Luminor庐米诺系列44毫米Marina Militare手动上链腕表PAM05218回顾了品牌现代史的关键节点，致敬1993年首次亮相的沛纳海Luminor庐米诺系列Marina  Militare腕表ref.5218-202/A，同年发布的还有Luminor庐米诺系列腕表ref.5218-201/A与Mare Nostrum计时码表ref.5218-301/A。

The Luminor Marina Militare ref. 5218-202/A was a timepiece exclusively offered to Marina Militare personnel, while Luminor ref. 5218-201/A and Mare Nostrum ref. 5218-301/A were the first two references available to the Civil Market and unveiled on 10th September 1993, aboard the Italian destroyer ship Durand de la Penne (D560) in the presence of Duke Amedeo d’Aosta, son of Duke Aimone di Savoia founder of the Assault Craft of the Italian Royal Navy.

沛纳海Luminor庐米诺系列Marina Militare腕表ref.5218-202/A曾是专为意大利海军人员打造的作品，而Luminor庐米诺系列腕表ref.5218-201/A与Mare Nostrum计时腕表ref.5218-301/A则是首批面向民用市场的腕表，于1993年9月10日在意大利Luigi Durand de la Penne号（舷号D560）驱逐舰上正式发布，意大利皇家海军突击舰队创始人艾蒙迪萨伏依公爵(Duke Aimone di Savoia)的儿子阿梅迪欧(Amedeo of Savoia Aosta)出席了揭幕仪式。

“With “The Depths of Time” exhibition, we invite enthusiasts and newcomers alike to discover the captivating evolution of Panerai, from our historical role as a supplier to the Royal Italian Navy to our rise as a brand in luxury watchmaking. The new Luminor Marina Militare PAM05218 celebrates a milestone: the unveiling of secrets and the birth of the Panerai legend” says Alessandro Ficarelli, Chief Marketing and Product Officer of Panerai.

沛纳海首席营销及产品官Alessandro Ficarelli表示：“通过‘时光深处’展览，我们诚邀广大腕表爱好者与品牌新朋友一同探索沛纳海从意大利皇家海军供应商转变为奢华制表品牌的传奇转变。全新沛纳海Luminor庐米诺系列44毫米Marina Militare手动上链腕表PAM05218致敬这一重要里程碑：机密的揭晓，亦是沛纳海传奇的开端。”

For the first time, Panerai reinterprets the original reference in this configuration, remaining faithful to its historic codes while subtly enhancing the construction. The 44mm diameter of the case is maintained, recalling how the original ref. 5218-202/A marked a departure from the standard 47mm cases typically supplied to the Marina Militare.

沛纳海首次以原始配置重新诠释原版腕表，既忠实于经典设计元素，又巧妙优化了构造。表壳直径延续44毫米的尺寸，呼应了原型ref.5218-202/A腕表的创新之举：突破了当时为意大利海军提供47毫米表壳直径的传统。

This change reflected Panerai’s mission to create a watch that retained the essence of larger cases while incorporating a minimalist and modern aesthetic, resulting in a clean and linear design. This daring design choice set a new benchmark for the watch industry, cementing Panerai’s status as a leading player and trend setter in the world of horology.

此次变革彰显了沛纳海的使命：在保留大表径设计精髓的同时，融入极简现代美学，呈现干练利落的线性设计。这一大胆的设计选择为腕表行业树立了新标杆，奠定了沛纳海作为制表业领导者与潮流引领者的地位。

The 44mm steel case of PAM05218 is now coated in DLC (Diamond-Like Carbon), offering a color finish visually consistent with the original PVD treatment of the 5218- 202/A. This results in a striking all-black case, preserving the appealing aesthetic of the original ref. 5218-202/A, which stood out among the other steel references presented in 1993. DLC is a carbon-based coating applied to metal surfaces that offers hardness, resistance to wear, and corrosion protection—while giving the case its distinct black appearance.

PAM05218腕表的44毫米精钢表壳采用DLC（类钻碳）涂层，实现了与采用PVD涂层的原版腕表ref.5218-202/A一致的色泽效果。由此打造出的表壳呈现醒目的全黑外观，保留了原版腕表在1993年从一众精钢表款中脱颖而出的独特美学。DLC涂层是一种应用于金属表面的碳基涂层，具有高硬度、耐磨性和抗腐蚀性特征，同时赋予表壳独特的黑色外观。

The watch is powered by the P.6000 calibre—a hand-wound movement with a three-day power reserve. It measures 15½ lignes in diameter and features a balance wheel that oscillates at 21,600 vibrations per hour. A traversing balance bridge that securely positions the oscillator enhances the movement’s stability and precision.

腕表搭载P.6000手动上链机芯，提供三日动力储存。机芯直径仅15½法分，配备每小时振动21,600次的摆轮，并通过横跨式摆轮夹板提升稳定性与精准度。

The dial bears the ‘Marina Militare’ inscription, a tribute to Panerai’s long-standing historical partnership with the Marina Militare, one that began in the 1910s and has spanned over a century. In addition, the font used for the numerals and letters has been specially redrawn to reflect the original typography of the 1993 reference. Unlike Panerai’s signature sandwich construction, this is a monolayer hollowed dial: engraved and filled with Super-LumiNova®, with a subtly concave finish that gives the numerals a three-dimensional appearance. A defining visual trait of the 1993 model has been carefully revived: the “non matching” dial and hands. Originally caused by a chemical reaction between tritium and varnish, the early production pieces developed orange-brown numerals while the hands remained greenish—a contrast that later became highly collectible. This unintentional anomaly was corrected in later batches, but only few “non matching” pieces were produced, making them especially rare.

表盘上刻有“Marina Militare”字样，致敬沛纳海自1910年代起与意大利海军(Marina Militare)逾一个世纪的深厚渊源。此外，表盘上的数字和字母所采用的字体经过特别重绘，忠实还原1993年原作的字体风格。与沛纳海标志性的三明治式表盘不同，新作采用单层镂空表盘：表盘经雕刻并填充Super-LumiNova®夜光涂料，微凹的表面处理赋予数字立体视觉效果。全新腕表精心重现了1993年表款的标志性视觉特征：“色差式”的表盘和指针。因氚与清漆产生的化学反应，令早期生产的腕表表盘上的数字时标呈现为橙褐色，而指针依然为绿色，这一对比后来成为备受藏家追捧的经典元素。这一意外现象在后续批次中得到修正，因此“色差式”腕表的产量极少，格外稀有。

The PAM05218 recreates this effect intentionally using caramel Super-LumiNova® on the engraved monolayer matte black dial, paired with hands in a lighter tone—an exacting nod to one of the most cherished details in Panerai’s civilian debut. The case features a closed, screw-down caseback with a water resistance up to 30 bar (~300 meters). On the caseback, the Officine Panerai Firenze signature, historic OP logo and watch features appear just as they did on the original. Completing the tribute is a straight, vintage shaped golden brown calf leather strap with a black steel DLC trapezoidal buckle, sewn-in by construction, as on the 1993 model, imbuing the timepiece with a captivating vintage allure. The watch also features a second black rubber strap, paired with an additional buckle.

PAM05218腕表重现了这一效果：在哑光黑色单层镂空表盘上专门采用了焦糖色Super-LumiNova®夜光涂料，搭配浅色指针，精准复刻了沛纳海首款民用腕表中的珍贵细节之一。新作采用旋入式封闭底盖，防水深度高达30巴（约300米）。底盖表面镌刻“Officine Panerai Firenze”字样、历史悠久的OP标志和编号信息，忠实复刻原版设计。致敬之作的点睛之笔为直线型复古金棕色小牛皮表带，搭配黑色DLC涂层梯形精钢表扣，并采用与1993年表款相同的缝制工艺，为腕表注入迷人的复古魅力。另附一条黑色橡胶表带及配套表扣，以满足不同场合的搭配需求。

Debuting in boutiques in September 2025, the PAM05218 is available upon request, making it a coveted acquisition for discerning clients.

2025年9月起，沛纳海Luminor庐米诺系列44毫米Marina Militare手动上链腕表PAM05218于沛纳海专卖店独家发售，仅接受预约订购，为高品味收藏家打造梦寐以求的珍藏之选。

Luminor

Marina Militare

沛纳海Luminor庐米诺系列44毫米 Marina Militare 手动上链腕表

PAM05218

Movement: Hand-wound mechanical, P.6000 calibre,

15½ lignes, 4.5 mm thick, 19 jewels, 21,600 alternations/hours.

Incabloc® anti-shock device. One barrel. 110 components.

机芯：P.6000手动上链机械机芯，

直径15½法分，厚4.5毫米，19石，每小时振动21,600次。Incabloc®防震装置。单个发条盒。110个零件。

Functions: Hours, minutes.

功能：时、分。

Power Reserve: 3 days.

动力储存：3日。

Case: 44mm, steel DLC case and bezel. Screwed steel closed

case-back with Officine Panerai signature, OP logo and watch

features engraved.

表壳：DLC涂层精钢表壳及表圈，直径44毫米。旋入式封闭表背， 刻有Officine Panerai字样、OP标志和编号信息。

Dial: Monolayer hollowed matte black with caramel color

Super-LumiNova® and Marina Militare inscription at 6 o’clock.

表盘：哑光黑色单层镂空表盘，涂覆焦糖色Super-LumiNova夜光涂层，6点钟位置刻有“Marina Militare”字样。

Strap: Gold brown calf leather with T/T stitching strap,

trapezoidal sandblasted black steel DLC sewn-in buckle.

Additional black rubber strap and additional buckle.

表带：金棕色小牛皮表带，同色缝线。缝制喷砂黑色DLC涂层梯形精钢表扣。另附一条黑色橡胶材质表带与一个配套表扣。

Water resistance: 30 bar (~300 meters).

防水性能：30巴（约300米）。