Yangzijiang Shipbuilding (BS6) investor relations material

Executive summary

• Revenue rose 36.2% year-over-year to RMB17.53 billion for 1H2026, driven by higher shipbuilding and shipping revenues, favorable product mix, and new yard contributions.

• Net profit increased 28.4% year-over-year to a record RMB5.4 billion, with shipbuilding margin reaching 37.1%.

• Delivered 27 vessels in 1H2026, including 10 from a joint venture, with orderbook execution and new yard integration progressing.

• Outstanding orderbook of US$22.4 billion as of June 2026, providing revenue visibility through 2029 and beyond.

• Continued strategic repositioning toward higher-value vessels and downstream integration initiatives.

Financial highlights

• Gross profit margin expanded to 36.2%, up 1.7 percentage points year-over-year; shipbuilding margin reached 37.1%.

• PATMI was RMB5.4 billion, up 28.4% year-over-year, with PATMI margin at 30.3%.

• EBIT margin at 37.9% and EBITDA margin at 39.7% in 1H2026.

• Earnings per share increased 29% to RMB136.40 cents; net asset value per share rose to RMB844.04.

• Maintained a healthy net cash position of RMB12.5 billion as of June 2026.

Outlook and guidance

• Delivery progress on track to achieve FY2026 target of 58 vessels, with 27 delivered in 1H2026.

• Downstream integration and capacity expansion underway, including LNG terminal and retrofitting services.

• Revenue visibility secured through a strong orderbook extending to 2029 and beyond.

• FY2026 order-win target set at US$4.5 billion, with US$1.96 billion in new orders secured by July 2026.

• Industry outlook stable despite geopolitical tensions; focus remains on orderbook execution and prudent capital management.