On July 14, CSSC Offshore & Marine Engineering (Group) Company Limited released its preliminary earnings forecast for the first half of 2025.
The announcement indicates that, based on preliminary financial estimates, CSSC is expected to achieve a net profit attributable to shareholders of the parent company ranging from 460 million yuan to 540 million yuan in the first half of 2025. This represents an increase of approximately 310 million yuan to 390 million yuan compared to the same period last year (statutory disclosure data), marking a year-on-year growth of 213.25% to 267.73%.
Additionally, the company expects its non-GAAP net profit attributable to shareholders of the parent company for the first half of 2025 to be between 430 million yuan and 510 million yuan, an increase of about 290 million yuan to 380 million yuan compared to the same period last year, reflecting a year-on-year rise of 228.12% to 289.16%.
In the same period last year, CSSC reported a total profit of approximately 151 million yuan, with a net profit attributable to shareholders of the parent company of about 147 million yuan. The non-GAAP net profit attributable to shareholders of the parent company was around 131 million yuan, with earnings per share of 0.1039 yuan.
CSSC noted that during the reporting period, the company focused on its annual targets, deepened lean management, and steadily improved revenue and production efficiency in its shipbuilding business, leading to a year-on-year enhancement in product gross margins. Furthermore, the operating performance of its joint ventures improved, dividends from equity investments increased, and recognized investment income rose significantly compared to the previous year.
It is understood that CSSC is a large comprehensive marine and defense equipment enterprise under China State Shipbuilding Corporation (CSSC), integrating four major marine equipment sectors: marine defense, marine transportation, marine development, and marine technology applications. Its main products include defense equipment such as military vessels, coast guard ships, and official vessels; marine engineering products such as feeder container ships, bulk carriers, small and medium-sized gas carriers, dredgers, offshore platforms, and wind turbine installation platforms; and emerging business products such as energy equipment, high-end steel structures, construction machinery, and industrial internet platforms.
In the first quarter of this year, CSSC secured new orders worth 12.502 billion yuan, achieving 71.64% of its annual target of 17.45 billion yuan. These orders primarily included contracts for 9,200 TEU container ships, 1,900 TEU container ships, and 20,000 cubic meter LNG bunkering vessels secured by its subsidiary Huangpu Wenchong Shipbuilding, as well as a contract for a 70,000-ton semi-submersible ship secured by its equity-affiliated company Guangzhou Shipyard International.
In 2024, CSSC secured orders for 56 new vessels across 12 types, achieving total contract awards of 25 billion yuan, surpassing its annual target by 165.56%.
