Net profit reached a record high of 4.2 billion yuan, with order backlog exceeding 160 billion yuan! Amid global shipbuilding industry fluctuations, Yangzijiang Shipbuilding has demonstrated strong resilience, achieving significant growth in net profit in the first half of the year and maintaining steady improvement in overall operational performance.
On the evening of August 6, Yangzijiang Shipbuilding (Holdings) Ltd. released its financial performance report for the first half of the year. The financial data shows that in the first half of 2025, Yangzijiang Shipbuilding Group’s total revenue remained relatively stable at 12.9 billion yuan, a slight year-on-year decrease of 1.3%; net profit attributable to shareholders increased by 37% year-on-year to a record 4.2 billion yuan.
Yangzijiang Shipbuilding explained that the revenue decline in the first half was mainly due to changes in the product structure of its core shipbuilding segment, leading to a slight reduction in revenue contribution. In the first half, revenue from the core shipbuilding segment was 12.25 billion yuan. Specifically, the commencement of tanker construction projects impacted revenue, as the average unit price of this vessel type is lower than that of container ships. Notably, revenue from the construction of large dual-fuel container ships, which are more technologically advanced and competitively priced, largely offset the aforementioned decline.
In the first half, revenue from Yangzijiang Shipbuilding’s shipping segment was 510 million yuan, down 15.4% year-on-year, primarily due to weaker charter rates. Revenue from other businesses (including trade, ship design services, and investment properties) surged 153.2% year-on-year to 117.1 million yuan, mainly driven by increased trade activities related to raw material sales by its associate company, Zhoushan Tsuneishi Shipbuilding.
In contrast, Yangzijiang Shipbuilding’s gross profit grew 27.6% from 3.5 billion yuan in the first half of 2024 to 4.4 billion yuan in the first half of 2025; gross margin rose by 7.8 percentage points to 34.5%. The improvement in gross margin was primarily attributable to lower steel costs, smooth execution of the order backlog with improved pricing, and the successful delivery of large dual-fuel container ships.
In the first quarter of this year, Yangzijiang Shipbuilding completed its capital injection into Zhoushan Tsuneishi Shipbuilding, which has now officially become an associate company in which Yangzijiang holds a 34% stake. With the inclusion of Zhoushan Tsuneishi Shipbuilding, Yangzijiang’s share of profits from associates and joint ventures in the first half surged 79.0% year-on-year to 481.4 million yuan, mainly contributed by Yangzi-Mitsui Shipbuilding (320 million yuan) and Tsuneishi Zhoushan (160 million yuan).
Against this backdrop, Yangzijiang Shipbuilding’s net profit attributable to shareholders in the first half of 2025 increased by 36.7% year-on-year, from $3.1 billion in the first half of 2024 to $4.2 billion. As of June 30, 2025, the group’s balance sheet remained robust, with net cash holdings of 18.3 billion yuan.
Due to the high order base in 2024 and market sentiment, Yangzijiang Shipbuilding secured 14 new orders in the first half of 2025, valued at $540 million (approximately 3.879 billion yuan), achieving only 9% of its annual order target of $6 billion. Most of the new orders in the first half were for small and medium-sized vessels, including 12 container ships (8 x 1,700 TEU, 2 x 3,000 TEU, and 2 x 4,488 TEU) and 2 x 83,000 DWT bulk carriers. Yangzijiang Shipbuilding will flexibly adjust its operational strategies and is confident in rationally planning target vessel types for its three major shipbuilding bases while efficiently utilizing remaining dock and berth resources.
In the first half of 2025, Yangzijiang Shipbuilding delivered a total of 23 new vessels, achieving 41% of its annual target of 56 vessel deliveries. To date, the company’s new shipbuilding projects are progressing steadily according to plan, with all vessel delivery schedules on track, and it is expected to meet the annual delivery target on schedule.
As of June 30, Yangzijiang Shipbuilding’s order backlog stood at 236 vessels (8.79 million CGT), valued at $23.2 billion (approximately 166.649 billion yuan), with deliveries scheduled up to 2030. The order backlog features a diverse vessel mix, including 107 container ships ($15.97 billion), 39 bulk carriers ($1.63 billion), 26 liquefied gas carriers (LEG/LPG/VLEC, $2.38 billion), and 64 tankers ($3.23 billion). Green and clean energy vessel types account for approximately 74% of the total order backlog value.
Meanwhile, the joint venture shipyard Yangzi-Mitsui Shipbuilding holds an order backlog of 57 vessels (1.25 million CGT), with a total value of $3.11 billion (approximately 22.34 billion yuan), including 17 LPG carriers, 4 x 88,000 cubic meter very large ammonia carriers (VLAC), 6 MR product tankers, and 30 bulk carriers. By order value, liquefied gas carriers account for about 51%, with deliveries scheduled up to 2029.
Yangzijiang Shipbuilding noted that the global shipbuilding industry faces a complex short-term landscape shaped by macroeconomic uncertainty and geopolitical tensions. In the first half of 2025, global new ship orders declined by 54% year-on-year, primarily due to growing concerns over the potential impact of U.S. tariffs on global trade volumes. Additionally, the U.S. plan to impose hefty port fees on China-built vessels has prompted shipowners to explore alternatives, though limited shipbuilding capacity outside China remains a constraint.
Nevertheless, long-term newbuilding demand remains supported by structural shifts toward decarbonization in the industry. The International Maritime Organization (IMO) is advancing a net-zero emissions framework, driving mandatory emission limits and greenhouse gas (GHG) pricing mechanisms across the sector.
Ren Letian, Chairman and CEO of Yangzijiang Shipbuilding Group, stated that in the first half of 2025, amid complex challenges such as global shipping market volatility and international policy risks, the company remained focused on its core objectives of “ensuring deliveries, securing orders, and safeguarding projects.” Through measures such as optimizing production processes, strengthening supply chain collaboration, and implementing refined management, the company has continuously improved shipbuilding efficiency and quality. During this period, the company achieved a record-high shipbuilding gross margin of 35%.
In February this year, Yangzijiang Shipbuilding’s new 3-billion-yuan base—the Yangzi Hongyuan Green High-Tech Clean Energy Shipbuilding Base project—officially commenced construction. Currently, the Yangzi Hongyuan project is progressing as planned and is expected to be completed by the end of 2026, with the first newbuild vessel from the facility slated for delivery in 2027. Yangzijiang Shipbuilding is actively planning and securing new orders suitable for construction at the Yangzi Hongyuan facility, which will further consolidate and expand the company’s order competitiveness and backlog.
Moving forward, Yangzijiang Shipbuilding will continue to closely monitor market trends, dynamically optimize operational strategies, and precisely capture emerging market opportunities. Guided by prudent management principles and a robust financial structure, the company is committed to creating sustainable long-term investment returns for shareholders.
