Yangzijiang Shipbuilding (BS6) H1 2025 earnings summary

Executive summary

• Net profit for 1H2025 rose 37% year-over-year to RMB4,177 million, reaching a record high, 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 RMB12.9 billion, down 1.3% year-over-year, with shipbuilding stable, shipping down 15%, and other segments up significantly.

• Clean-energy vessels now account for 74% of the outstanding orderbook value, supporting long-term growth and ESG trends.

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

Financial highlights

• PATMI reached RMB4.2 billion, up 36.7% year-over-year, with PATMI margin at 32.5%.

• EBIT and EBITDA margins hit record highs at 33.0% and 42.5% respectively in 1H2025.

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

• Net cash position of RMB18.3 billion as of June 30, 2025, with gross gearing at 21.7%.

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

Outlook and guidance

• Outstanding orderbook stands at US$23.2 billion, providing revenue visibility through 2029 and beyond.

• Confident in securing new orders for remaining 2028 and 2029 delivery slots, mainly small to mid-sized vessels.

• LNG terminal business and capacity expansion projects underway, with major capex planned through 2027.

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

• Long-term demand supported by decarbonization trends and new IMO emission regulations.