On the evening of August 29, China CSSC Corporation Limited released its 2025 semi-annual report, showing a year-on-year net profit growth of 109% for the first half of the year.
The announcement shows that in the first half of 2025, CSSC achieved operating revenue of 40.325 billion yuan, a year-on-year increase of 11.96%. Of this, revenue from shipbuilding and repair and offshore engineering business was 38.669 billion yuan, a year-on-year increase of 12.26%; total profit was 3.518 billion yuan, a year-on-year increase of 129.50%; net profit attributable to the parent company was 2.946 billion yuan, a year-on-year increase of 108.59%; and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 2.891 billion yuan, a year-on-year increase of 141.23%.
During the reporting period, the year-on-year growth in CSSC’s total profit, net profit attributable to shareholders of the listed company, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was mainly due to: the shipbuilding industry maintaining a favorable development trend overall, with the company’s order book structure being upgraded and optimized; the prices of civilian ships delivered during the reporting period increasing year-on-year, effective control of construction costs, and a year-on-year increase in operating gross profit; and the continued improvement in the operating performance of the company’s equity-accounted joint ventures and associates, leading to a year-on-year increase in investment income from long-term equity investments under the equity method.
During the reporting period, the net cash flow from operating activities of CSSC was 2.355 billion yuan, compared to -3.814 billion yuan in the same period last year, primarily due to the increase in cash received from sales of goods and services as operating revenue grew.
CSSC is the core listed company for the principal military and civilian businesses of China State Shipbuilding Corporation Limited (CSSC Group). Its main businesses include shipbuilding (military and civilian), ship repair, offshore engineering, and electromechanical equipment. As a partner to the global shipping industry, the company focuses on value creation, adheres to innovation-driven development, and continuously promotes the transformation and upgrading of its businesses towards high-end, green, and intelligent operations. The main business entities of CSSC are four subsidiaries: Jiangnan Shipyard, Waigaoqiao Shipbuilding, CSSC Chengxi, and Guangzhou Shipyard International, making it the largest shipbuilding flagship listed company in China with the most advanced technology and the most comprehensive product structure.
In the first half of the year, CSSC secured orders for 59 civilian ships / 5.4398 million deadweight tons (DWT) / 48.905 billion yuan in value. For ship repair, it secured orders for 130 ships / 1.117 billion yuan. For offshore equipment, it secured orders for 2 vessels / 410,000 DWT / 2.956 billion yuan. For applied industries, it secured contracts worth 1.569 billion yuan. Among the new ship orders, mid-to-high-end vessels accounted for over 90%, and green vessels accounted for over 50%.
As of June 30, 2025, CSSC’s cumulative order book for civilian ships stood at 333 ships / 26.4911 million DWT / 233.487 billion yuan in value; ship repair orders were 74 ships / 766 million yuan; offshore equipment contract orders were worth 3.699 billion yuan; and applied industry contract orders were worth 2.110 billion yuan.
Focusing on its annual production targets and tasks, CSSC, while ensuring production safety, vigorously pursued production to guarantee deliveries, deeply implemented lean management, and promoted quality and efficiency improvements, leading to a steady increase in production efficiency. In the first half of the year, the company completed and delivered 48 civilian ships / 3.5522 million DWT, completing 56.00% of the annual plan in tonnage terms; completed repairs on 125 ships / 1.517 billion yuan, completing 78.40% of the annual plan in value terms; and delivered applied industry equipment with an output value of 952 million yuan.
During the reporting period, CSSC, based on the new development stage and adhering to the concept of green development, accelerated the optimization and iteration of its brand ship types, vigorously carried out research on core technologies for self-developed ship types, and continuously strengthened digital and intelligent transformation. In the first half of the year, the company completed 748 patent applications, including 711 invention patents; obtained 286 patent grants; and received 38 science and technology awards. The company achieved related results in areas such as low-temperature containment systems, AI-based automatic structural disassembly and modeling, paperless shipbuilding platforms, ship production resource management and control platforms, and the application of rotor wind tube energy-saving technology, accelerating the optimization and transformation of its products towards high-end, green, and intelligent directions.
CSSC closely followed the deep-sea technology strategic layout proposed in the “Government Work Report,”深耕 the high-end ship领域 such as deep-sea ship equipment, and made every effort to enhance its deep-sea equipment development capabilities and master core construction technologies. In the first half of the year, Waigaoqiao Shipbuilding secured an order for a 300,000-ton FPSO, and Guangzhou Shipyard International secured an order for a 70,000-ton semi-submersible ship, further enhancing the company’s competitiveness in deep-sea development technology and equipment markets, and building a highland for the deep-sea technology industry. The company conducted special studies on related advantageous products and core technology reserves, explored the intelligent development direction of the ship and ocean industry, analyzed the current development situation of the ship market and the development direction, future trends, and technological innovation of deep-sea technology, to increase capital market recognition of the company’s strategic value.
To implement the guiding principles of the CPC Central Committee and the State Council on deepening the reform of state-owned enterprises and the major decisions and deployments of CSSC Group, since initiating the major asset reorganization of the share swap absorption merger of China Shipbuilding Industry Corporation (CSIC) in September last year, CSSC has taken proactive actions and gone all out to promote various work nodes. During the reporting period, guided by reorganization policies, the company standardly fulfilled the deliberation process for the reorganization project. Relevant proposals and report documents were reviewed and approved by the company’s board of directors and shareholders’ meeting, and顺利 obtained approvals from competent authorities such as the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), passed the review by the M&A and Reorganization Committee of the Shanghai Stock Exchange, and obtained registration approval from the China Securities Regulatory Commission (CSRC). As of now, the company is accelerating the implementation of relevant work such as the share swap.
