Yangzijiang Shipbuilding posts 24.6% rise in H2 profit to 4.5 billion yuan

[SINGAPORE] Yangzijiang (YZJ) Shipbuilding on Wednesday (Feb 25) reported a net profit of 4.5 billion yuan (S$827.4 million) for the second half ended Dec 31, 2025 – 24.6 per cent higher than the 3.6 billion yuan recorded in the corresponding year-ago period.

H2 revenue stood at 15.6 billion yuan, a 15.8 per cent year-on-year increase from 13.5 billion yuan. The shipbuilder attributed the improvement partly to a greater number of vessel deliveries and steady progress in construction activities, supported by higher newbuild pricing.

The revenue growth was also driven by significantly higher contributions from other business segments – particularly the sale of raw materials to Tsuneishi Group (Zhoushan) Shipbuilding, a 34 per cent-owned associate of the company.

However, this was offset by the absence of revenue from terminal services and investment property. Their contributions were suspended following the commencement of a liquefied natural gas terminal conversion project and renovation works at YZJ Shipbuilding’s Singapore office building.

The H2 revenue expansion was also tempered by softer charter rates at the shipping business.

“Resilient” global demand

For the full year, the company reported a net profit of 8.6 billion yuan, a 30.2 per cent increase from 6.6 billion yuan in FY2024.

Revenue stood at 28.5 billion yuan, 7.4 per cent higher than the 26.5 billion yuan recorded the previous year. The full-year growth was driven by the progressive construction of vessels secured at higher newbuild prices.

The group declared a final dividend of S$0.20 per share for FY2025, up from S$0.12 a share in FY2024.

YZJ Shipbuilding noted that as at January 2026, global newbuild orders were up 27 per cent year on year, “driven primarily by fleet replacement needs”.

This is also keeping global shipbuilding demand “resilient”, the company added, even as industry demand continues to shift from large container ships towards smaller segments such as mid-sized container ships and oil tankers.

In FY2025, the group secured contracts amounting to about US$2.5 billion for 60 vessels.

It also noted that the construction of Hongyuan Yard “remains on track”, with preliminary shipbuilding activities already commencing in the first quarter of this year.

With its expansion plan under way, the group has set an order-win target of 4.5 billion yuan for FY2026.

Ren Letian, executive chairman and chief executive officer of YZJ Shipbuilding, said: “We expect the momentum to carry into 2026 and will continue to pursue new orders on a disciplined and market-oriented basis, focusing on securing the remaining delivery slots for 2029 while progressively opening positions for 2030.”

Shares of YZJ Shipbuilding closed Wednesday down 2.8 per cent or S$0.011 at S$3.85.