Yangzijiang Shipbuilding (BS6) H1 2025 earnings summary

Executive summary

• Net profit for 1H2025 rose 37% year-over-year to RMB4,177 million, with EPS up 37% to 106.02 RMB cents per share.

• Gross profit margin improved to 35% from 28% in 1H2024, driven by lower steel costs and better contract pricing.

• Revenue was RMB12,878 million, down 1% year-over-year, with shipbuilding stable, shipping down 15%, and other segments up significantly.

• Cash and cash equivalents decreased to RMB24,355 million due to investing and financing outflows.

Financial highlights

• Net profit: RMB4,177 million, up 37% year-over-year.

• Revenue: RMB12,878 million, down 1% year-over-year.

• Gross profit: RMB4,447 million, up from RMB3,484 million in 1H2024.

• Administrative expenses increased to RMB358 million, mainly due to higher R&D costs.

• Finance costs rose to RMB65 million, reflecting higher borrowings.

• Dividend of RMB2,608 million paid for FY2024.

Outlook and guidance

• Orderbook remains robust at US$23.21 billion, with deliveries scheduled through 2029.

• Cautiously optimistic outlook for 2H2025 as tariff clarity improves and shipping indices rebound.

• Focus on filling remaining delivery slots for 2028–2029, mainly small to mid-sized vessels.