Yangzijiang Shipbuilding (BS6) H2 2025 earnings summary

Executive summary

• Achieved record high revenue of RMB28.5 billion and PATMI/net profit of RMB8.6 billion in FY2025, up 7.4% and 30.2% year-over-year, respectively.

• Delivered 56 vessels, meeting the annual target, and secured USD2.5 billion in new orders, mostly in 2H2025.

• Raised dividend payout to 50%, with a dividend yield of 5.7%.

• Maintained a robust orderbook of USD22.4 billion for 245 vessels, providing revenue visibility through 2029/2030.

• Gross profit margin expanded by 5.5 percentage points to 34.2% due to stronger newbuild pricing and lower raw material costs.

Financial highlights

• Revenue grew at a 17% CAGR over five years, with gross and net profit margins both exceeding 30% in FY2025.

• Gross profit grew 28.3% year-over-year to RMB9.8 billion.

• EBIT and EBITDA margins reached record highs of 37.9% and 39.7%, respectively.

• Net cash position maintained, with cash & equivalents at RMB26.1 billion and total borrowings reduced to RMB5.5 billion.

• Share of results from associates and joint ventures increased 54.0% to RMB860.9 million.

Outlook and guidance

• FY2026 order-win target set at USD4.5 billion/RMB4.5 billion, focusing on filling 2029 delivery slots and opening 2030 positions.

• FY2026 vessel delivery target set at 58, with lower deliveries due to the termination of Project Runze.

• Capacity expansion and LNG terminal projects underway, with completion expected by end-2026 and 1H-2027, respectively.

• Project Hongyuan progressing toward completion by 2026, with steel fabrication underway.

• Global newbuild orders rose 27% year-over-year in January 2026, driven by fleet replacement needs.