Revenue of RMB 17.5 billion and net profit of RMB 5.4 billion both hit record highs, with hand-held orders exceeding RMB 150 billion! Against the backdrop of a globally active new shipbuilding market and sustained growth in demand for high value-added vessel types, Yangzijiang Shipbuilding Group, China’s largest private shipbuilder, has once again delivered an impressive performance report.
First-half net profit of RMB 5.4 billion hits a record high, with diversified layout continuing to contribute returns
On August 6, Yangzijiang Shipbuilding Group released its performance announcement for the first half of 2026. During the reporting period, the Group’s operating revenue and profitability both reached historic highs. In the first half of the year, Yangzijiang Shipbuilding achieved operating revenue of RMB 17.5 billion, a year-on-year increase of 36.2%; achieved gross profit of RMB 6.3 billion, a year-on-year increase of 42.8%, with gross margin reaching 36.2%, up 1.7 percentage points year-on-year; and achieved net profit attributable to shareholders of RMB 5.4 billion, a year-on-year increase of 28.4%.
Yangzijiang Shipbuilding’s revenue growth was primarily driven by the strong performance of its core shipbuilding business. In the first half of 2026, shipbuilding revenue reached RMB 16.5 billion, a year-on-year increase of 34.8%, accounting for approximately 94% of the Group’s total revenue.
Revenue growth came from two main sources: on the one hand, as new ship orders previously secured at higher prices successively entered the construction phase, order value continued to be released; on the other hand, the Company’s vessel mix continued to optimize, with the share of high value-added vessel types including ultra-large container ships and very large ethane carriers (VLEC) increasing, further improving profitability.
In addition, Yangzijiang Shipbuilding’s newly commissioned Yangzi Hongyuan base also began contributing revenue. In the second quarter of 2026, the Yangzi Hongyuan base recognized shipbuilding revenue of RMB 545 million, becoming a new growth point for the Group’s shipbuilding business.
In the first half of 2026, Yangzijiang Shipbuilding delivered a total of 27 vessels, including 10 delivered by joint venture company Yangzi Mitsui Shipbuilding. Driven by the release of high-priced orders and optimization of the vessel mix, shipbuilding gross profit reached RMB 6.1 billion, with gross margin improving from 35.2% in the same period of 2025 to 37.1%.
In addition to the shipbuilding business, Yangzijiang Shipbuilding’s shipping business also maintained growth. In the first half of 2026, shipping revenue increased by 14.5% year-on-year to RMB 585.4 million, mainly benefiting from higher charter rates. Shipping gross profit reached RMB 205.4 million, a year-on-year increase of 57.4%; gross margin reached 35.1%, up 9.6 percentage points year-on-year.
Revenue from other businesses, including terminal services, trading, ship design services, and investment properties, reached RMB 435.7 million, a significant increase from RMB 117.1 million in the same period of 2025. Among these, the growth in trading revenue was particularly notable, including RMB 238 million in revenue from selling raw materials to Zhoushan Tsuneishi Shipbuilding. In addition, the consolidation of Jiangsu Yangzi Chengkang Offshore Heavy Industry Co., Ltd. further expanded the steel pipe pile manufacturing and sales business.
Meanwhile, associates and joint ventures continued to contribute stable returns to the Group. In the first half of 2026, Yangzijiang Shipbuilding’s profit contribution from associates and joint ventures reached RMB 483 million, including a profit contribution of RMB 341.6 million from Yangzi Mitsui Shipbuilding, a profit contribution of RMB 107.8 million from Zhoushan Tsuneishi Shipbuilding, and a profit contribution of RMB 33.9 million from Poseidon Corp, in which the investment was completed at the end of May.
As of June 30, 2026, Yangzijiang Shipbuilding Group’s balance sheet remained robust, with net cash reaching RMB 12.5 billion.
In the first seven months of this year, 42 new orders were secured totaling RMB 13.2 billion, with hand-held orders covering through 2030
While operating performance continued to grow, Yangzijiang Shipbuilding’s new ship order intake remained active.
In the first half of 2026, Yangzijiang Shipbuilding secured a cumulative total of 38 new orders, with a contract value of approximately USD 1.75 billion (approximately RMB 11.813 billion). These included 25 container ships (10 of 1,100TEU, 8 of 1,900TEU, 7 of 5,900TEU), 10 oil tankers (6 MR type of 50,000 DWT, 4 LR1 type of 75,000 DWT), 2 very large ammonia carriers (88,000 cubic meters), and 1 bulk carrier (82,300 DWT).
Entering July, Yangzijiang Shipbuilding further secured orders for 4 oil tankers, with a contract value of approximately USD 210 million (approximately RMB 1.418 billion), including 2 MR type tankers and 2 LR1 type tankers. Since the beginning of 2026, the cumulative value of new ship orders has reached approximately USD 1.96 billion (approximately RMB 13.230 billion), completing 43.56% of the full-year order target of USD 4.5 billion.
As of June 30, 2026, the Group’s hand-held orders totaled 246 vessels of 8.67 million CGT, valued at approximately USD 22.4 billion (approximately RMB 151.200 billion), with the furthest delivery schedule extending to 2030. The hand-held order book has a rich vessel mix, including 151 container ships of various types valued at USD 16.48 billion, 37 bulk carriers valued at USD 1.41 billion, 27 liquefied gas carriers of various types (/VLEC) valued at USD 2.42 billion, and 41 oil tankers valued at USD 2.09 billion.
Meanwhile, joint venture shipyard Yangzi Mitsui Shipbuilding held hand-held orders of 55 vessels totaling 1.35 million CGT, with a total value of USD 3.12 billion (approximately RMB 21.060 billion), including 17 LPG carriers, 6 very large ammonia carriers (VLAC) of 88,000 cubic meters, 4 MR type product tankers, 24 bulk carriers, and 4 container ships of 3,100TEU. Calculated by order value, approximately 57% are liquefied gas carriers, with delivery schedules also extending to 2030.
Yangzijiang Shipbuilding stated that despite the ongoing Middle East conflict and the impact on shipping through the Strait of Hormuz, global shipbuilding demand has remained generally stable, primarily driven by fleet renewal and green low-carbon transition needs. In the first half of 2026, global new ship orders increased by 66% year-on-year to 1,481 vessels of 42.95 million CGT, of which Chinese shipyards accounted for approximately 72% of the market share calculated by CGT.
Currently, global shipbuilding demand is gradually shifting from large container ships to oil tankers, liquefied gas carriers, and small and medium-sized container ships, while dry bulk carrier demand has also begun to gradually recover. Although newbuilding prices for most vessel types have eased slightly, oil tanker prices continue to maintain an upward trend due to demand growth and geopolitical factors.
Increasing investment in the green high-tech ship industry, with 2029 delivery slots basically sold out
Yangzijiang Shipbuilding stated that construction of the Company’s new base built with an investment of RMB 3 billion — the Yangzi Hongyuan Green High-Tech Clean Energy Ship Manufacturing Base project — is progressing smoothly and has already begun contributing revenue.
At the same time, the Company has further deepened its long-term strategic cooperation with Seaspan by holding a 10% stake in Poseidon Corp (the holding company of Seaspan, the world’s largest independent container ship owner), with the Group’s Executive Chairman and Chief Executive Officer Ren Letian joining the board of directors of Poseidon Corp.
In addition, Yangzijiang Shipbuilding’s LNG terminal renovation project, as well as the preparatory work for Jiangsu Yangzi Hongda Ship Repairing & Building Co., Ltd., are also progressing as planned. In the future, the Yangzi Hongda base will focus on green high-tech ship repair, conversion, and delivery services, further improving the Group’s industrial chain layout.
With 2029 delivery slots approaching sell-out, Yangzijiang Shipbuilding remains confident in completing its full-year 2026 order target of USD 4.5 billion.
Ren Letian, Executive Chairman and Chief Executive Officer of Yangzijiang Shipbuilding, stated: “In the first half of 2026, the Company’s revenue and profitability both reached historic highs, fully reflecting the Group’s solid cost management capabilities and advanced shipbuilding technology strength. At the same time, the Company’s order intake momentum has remained healthy, with cumulative new ship orders of USD 1.96 billion secured in the first seven months of this year, and 2029 delivery berths are already near full capacity. Currently, we are actively advancing negotiations for the remaining orders this year and steadily releasing 2030 delivery slots.”
“As of the end of June, the Company’s hand-held order value reached USD 22.4 billion, providing sufficient assurance for revenue through 2029. Of this year’s full-year delivery target of 58 vessels, the Company has already completed 27 deliveries. Going forward, we will continue to ensure the on-time delivery of high-quality, high-technology vessels, accelerate the realization of order value, and create long-term value for all stakeholders.”
