Net 8.6 billion! China's largest private shipping company has the best performance in history.

　　Annual net profit of 8.6 billion yuan reached a record high, with orders exceeding 150 billion yuan—facing a complex and volatile market environment and industry competition challenges, Yangzijiang Shipbuilding Group, China's largest private shipbuilding enterprise, demonstrated the strategic stability and operational resilience of a leading company with a high-quality growth report card.

　　On February 25, Yangzijiang Shipbuilding Group released its 2025 annual performance announcement. During the reporting period, the group's revenue and profit both reached record highs. Operating income increased by 7.4% year-on-year to 28.5 billion yuan; profitability achieved a significant leap, with net profit increasing by 30.2% year-on-year to 8.6 billion yuan, and net profit margin rising to 30.3%; gross profit increased by 28.3% year-on-year to 9.76 billion yuan, with gross profit margin rising by 5.5 percentage points to 34.2%. The solid performance showcased the company's strong development resilience and solid operational foundation.

　　Yangzijiang Shipbuilding's revenue growth was mainly driven by the strong performance of its core shipbuilding business. In 2025, the group's shipbuilding business revenue reached 26.8 billion yuan, an increase of 6.4% year-on-year, accounting for 94% of the group's total revenue in 2025. The growth in shipbuilding business revenue mainly came from the continuous construction progress of ships previously ordered at higher prices.

　　In 2025, Yangzijiang Shipbuilding delivered a total of 56 new ships, including 11 delivered by the joint venture Yangzi Mitsui Shipbuilding, completing the annual delivery target on time and with high quality. Shipbuilding business gross profit increased by 34.2% year-on-year to 9.4 billion yuan, with gross profit margin rising by 7.3 percentage points to 35.1%, mainly benefiting from the rise in new ship prices and the decline in raw material costs.

　　Meanwhile, shipping business revenue in 2025 decreased by 8.1% year-on-year to 1.1 billion yuan, with gross profit margin dropping from 43.3% last year to 28.4%. The weaker performance was mainly due to lower bulk carrier rental rates and increased maintenance expenses.

　　Revenue from other businesses, including terminal services, trade, ship design services, and investment properties, rose significantly from 83.6 million yuan in 2024 to 538 million yuan. The growth mainly came from increased trade business, especially the sale of raw materials to the associated company Zhoushan Tsuneishi Shipbuilding, in which it holds a 34% stake.

　　Profit contribution from associated and joint ventures increased by 54.0% year-on-year to 861 million yuan, mainly driven by increased profitability at Yangzi Mitsui Shipbuilding and additional profit contributions following the group's investment in Zhoushan Tsuneishi Shipbuilding in the first half of 2025.

　　In 2025, Yangzijiang Shipbuilding closely tracked market dynamics, accurately seized the opportunity of industry recovery, and adhered to a prudent business strategy, receiving a total of 60 new orders worth approximately 2.5 billion USD (approximately 17.111 billion yuan). These included 44 container ships (9 of 1100 TEU, 10 of 1700 TEU, 5 of 1800 TEU, 6 of 2900 TEU, 4 of 3000 TEU, 4 of 3100 TEU, 2 of 4300 TEU, 2 of 4488 TEU, 2 of 11800 TEU), 14 bulk carriers (8 of 71000 deadweight tons, 6 of 83000 deadweight tons), and 2 LPG ships (40000 cubic meters).

　　As of December 31, 2025, the group held orders totaling 245 ships with 8.59 million CGT, valued at approximately 22.39 billion USD (approximately 153.243 billion yuan), with the furthest delivery date scheduled for 2030. The order structure is diverse, including 130 container ships of various sizes valued at 16.06 billion USD, 49 bulk carriers valued at 1.94 billion USD, 26 gas ships (LPG/VLAC/VLEC) valued at 2.36 billion USD, and 40 oil tankers valued at 2.03 billion USD. Among these orders, green clean energy ship types account for about 71% of the total order value.

　　Meanwhile, the joint venture shipyard Yangzi Mitsui Shipbuilding holds orders for 60 ships with 1.41 million CGT, totaling 3.2 billion USD (approximately 21.902 billion yuan), including 17 LPG ships, 4 ultra-large ammonia carriers (VLAC) of 88000 cubic meters, 3 MR-type product oil tankers, 32 bulk carriers, and 4 container ships of 3100 TEU. By order value, approximately 49% are liquefied gas ships, with delivery dates scheduled until 2029.

　　Yangzijiang Shipbuilding stated that despite the impact of tariff policies and macroeconomic uncertainties in the first half of 2025, which temporarily delayed shipowner ordering decisions, market sentiment warmed in the second half, restoring order growth momentum and continuing into 2026. In January 2026, global new ship orders increased by 27% year-on-year to 5.61 million CGT, mainly driven by fleet renewal demand. Market demand is shifting from large container ships to medium-sized container ships and oil tankers.

　　Yangzijiang Shipbuilding's new base, the Yangzi Hongyuan Green High-Tech Clean Energy Ship Manufacturing Base Project, with an investment of 3 billion, is expected to be completed this year, with preliminary construction work such as steel structure processing already started in the first quarter. The project will utilize a shoreline length of approximately 1320 meters, covering an area of about 1300 acres, and will include a 300,000-ton shipbuilding dock, a 200,000-ton outfitting wharf, and a 100,000-ton harbor basin, with an annual production capacity of approximately 800,000 deadweight tons.

　　Based on the expansion plan and maintaining cautious optimism about the industry outlook, Yangzijiang Shipbuilding has set its order target for 2026 at 4.5 billion yuan.

　　Yangzijiang Shipbuilding Group's Executive Chairman and CEO Ren Letian pointed out: "In 2025, the group adhered to high-quality, on-time delivery while closely monitoring the pace of market recovery. This prudent strategy helped the group secure 2.5 billion USD in new orders throughout the year, with approximately 80% coming from the second half. This momentum is expected to continue into 2026. The group will continue to cautiously accept orders based on market orientation, focusing on locking in the remaining delivery slots for 2029 and gradually opening delivery positions for 2030. Meanwhile, the company will steadily deliver sufficient orders, converting order reserves into actual profits."