Yangzijiang Shipbuilding (BS6) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB28.5 billion in FY2025, up 7.4% year-over-year, and net profit of RMB8.6 billion, up 30.2% year-over-year, driven by strong shipbuilding performance and operational excellence.

• Orderbook reached US$22.4 billion with 245 vessels, 71% of which are green vessels, supporting the industry's decarbonisation transition.

• Delivered 56 vessels, including 11 from the YAMIC joint venture, meeting delivery targets.

• Dividend payout ratio increased to 50%, with a proposed final dividend of 20 Singapore cents per share, a 66.7% increase from FY2024.

Financial highlights

• Revenue: RMB28.5 billion (+7.4% YoY); Gross profit: RMB9.8 billion (+28.3% YoY); Gross margin: 34.2% (+5.5 ppts YoY).

• Net profit attributable to shareholders: RMB8.6 billion (+30.2% YoY); Basic EPS: 219.23 RMB cents.

• Total assets: RMB58.3 billion; Shareholders’ equity: RMB32.1 billion; Net cash position: RMB26.1 billion.

• Dividend yield: 5.75%; P/E: 8.66; P/B: 2.33.

Outlook and guidance

• Order momentum expected to continue into 2026, driven by fleet renewal and demand for green vessels.

• 2026 order-win target set at US$4.5 billion, focusing on 2029 and 2030 delivery slots.

• Hongyuan yard construction on track for completion by end-2026, with first vessel delivery in 2027.

• LNG terminal project progressing, expected to commence operations in 1H 2027, supporting revenue diversification.