China CSSC (600150) H1 2025 earnings summary

Executive summary

• Achieved revenue of ¥40.33 billion for H1 2025, up 11.96% year-over-year; net profit attributable to shareholders rose 108.59% to ¥2.95 billion.

• Shipbuilding, repair, and offshore engineering revenue reached ¥38.67 billion, up 12.26% year-over-year; gross margin improved by 4.13 percentage points to 12.07%.

• Cash flow from operating activities turned positive at ¥2.35 billion, compared to a negative ¥3.81 billion in H1 2024.

• Significant progress in high-end, green, and intelligent shipbuilding; over 90% of new orders were mid-to-high-end vessels, with green ships exceeding 50%.

• Major asset restructuring: progressing with the absorption merger of China Shipbuilding Industry Company (中国重工), with regulatory approvals obtained.

Financial highlights

• Revenue: ¥40.33 billion, up 11.96% year-over-year.

• Net profit attributable to shareholders: ¥2.95 billion, up 108.59% year-over-year.

• Operating cash flow: ¥2.35 billion, a significant improvement from negative in prior year.

• Gross margin: 12.07%, up 4.13 percentage points year-over-year.

• Basic and diluted EPS: ¥0.659, up 108.54% year-over-year.

Outlook and guidance

• Focus on completing the merger with China Shipbuilding Industry Company and leveraging synergies.

• Emphasis on high-quality development, green and intelligent shipbuilding, and market expansion.

• Targeting further improvements in production efficiency, cost control, and profitability.