Yangzijiang Shipbuilding FY2025 net profit jumps 30% to record RMB8.6b on 5.5‑ppt margin expansion; proposes hefty 20‑cent final dividend with 50% payout
Summary:
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FY2025 revenue rose 7.4% year on year to RMB28.5 billion, led by core shipbuilding, which contributed about 94% of total revenue and benefited from vessels contracted at higher newbuild prices.
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Gross profit grew 28.3% to RMB9.8 billion, with gross margin expanding from 28.7% to 34.2% on stronger pricing and lower raw‑material costs, while net profit surged 30.2% to RMB8.64 billion and net margin improved to 30.3%.
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Shipbuilding revenue reached RMB26.8 billion (+6.4%), with 56 vessels delivered (including 11 from JV YAMIC), and shipbuilding gross margin widened by 7.3 percentage points to 35.1%.
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Share of profit from associates and JVs climbed 54% to RMB860.9 million on higher contributions from YAMIC and the consolidation of profits from newly acquired associate Tsuneishi Zhoushan.
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The orderbook stood at US$22.4 billion for 245 vessels as at 31 December 2025 (deliveries through 2030), and the board recommended a 20‑Singapore‑cent final dividend, implying a 50% payout ratio and 5.7% yield based on the year‑end share price.