China CSSC (600150) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 151.98 billion in 2025, up 13.97% year-over-year; net profit attributable to shareholders reached RMB 7.85 billion, up 86.00% year-over-year.

• Completed the merger with China Shipbuilding Industry Company, expanding total assets to RMB 420.49 billion and net assets to RMB 149.59 billion.

• Proposed a cash dividend of RMB 3.65 per 10 shares, totaling RMB 2.75 billion, representing 35% of net profit.

• Audit report issued with an unqualified opinion.

Financial highlights

• Operating income: RMB 151.98 billion, up 13.97% year-over-year.

• Net profit attributable to shareholders: RMB 7.85 billion, up 86.00% year-over-year.

• Operating cash flow: RMB 7.77 billion, down 47.26% year-over-year due to increased inventory and procurement.

• Gross margin improved to 12.27%, up 2.21 percentage points year-over-year.

• Basic and diluted EPS: RMB 1.24, up 74.65% year-over-year.

• Net assets per share: RMB 14.34, up 55.71% year-over-year.

Outlook and guidance

• 2026 revenue target set above RMB 165 billion, with planned delivery of 168 ships and supporting business output over RMB 17 billion.

• Focus on high-end, green, and digital transformation, with continued investment in R&D and production efficiency.

• Identified risks include market volatility, order fulfillment, production safety, and exchange rate fluctuations.