China CSSC (600150) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached ¥107.40 billion, up 17.96% year-over-year, with net profit attributable to shareholders at ¥5.85 billion, up 115.41% year-over-year.

• Significant improvement in profitability driven by optimized order structure, higher delivery volumes and prices, and effective cost control.

• Completion of a major merger with China Shipbuilding Industry Company, expanding the consolidated scope and boosting financial results.

Financial highlights

• Q3 revenue was ¥34.76 billion, up 4.76% compared to the same quarter last year.

• Q3 net profit attributable to shareholders was ¥2.07 billion, up 97.56% year-over-year.

• Basic and diluted EPS for Q3 were both ¥0.350, up 97.74% year-over-year; for the first nine months, EPS was ¥0.987, up 115.50%.

• Gross margin and operating profit improved due to higher ship prices and better cost management.

• Net cash flow from operating activities for the first nine months was ¥3.09 billion, down 59.76% year-over-year due to increased production and procurement outflows.

Outlook and guidance

• The shipbuilding industry continues to show strong growth momentum, with the company benefiting from an upgraded order structure and improved profitability.