On February 26, Yangzijiang Shipbuilding (Holdings) Ltd. reported its financial results for the six months (“2H2024”) and twelve months (“FY2024”) ended 31 December 2024.. The data shows that the annual operating income and net profit have achieved significant growth and hit a record high.
According to the data in the annual report, Yangzijiang Shipbuilding realized operating revenue of RMB26.5 billion in 2024, up 10.1% year-on-year, while net profit reached RMB6.6 billion, up 61.7% year-on-year, with a profit margin of nearly 25%.
In 2024, the shipping market entered a new growth cycle. Yangzijiang Shipbuilding focused on high-technology and high-value-added orders, securing a total of 126 new orders for the year, valued at approximately
14.6
In 2024, the shipping market ushered in a new growth cycle. Yangzijiang Shipbuilding focused on high-tech and high value-added orders, and achieved new orders for 126 vessels valued at about US$14.6 billion (approximately RMB 106 billion at current exchange rates) for the year, accomplishing 324% of the annual target. As of December 31, 2024, Yangzijiang Shipbuilding holds orders for 245 vessels valued at about US$24.4 billion (Approximately RMB177.1 billion at current exchange rates), of which the value of orders for clean energy vessels accounts for about 74% of the total value, and the production scheduling of the orders in hand has been up to 2030 at the farthest.
In addition to the favorable factors of the market environment, Yangzijiang Shipbuilding has also continued to increase investment in R&D, promote the transformation of product structure, and actively promote the R&D and construction of green ships and intelligent vessels.
In 2024, the company successfully delivered 64 newbuildings, exceeding the annual vessel delivery target. Among them, a number of clean energy vessels in line with the new trend of international environmental protection, represented by 7,000 TEU dual-fuel container ships, 40,000m³ dual-fuel LPG/liquid ammonia carriers, 1,260 TEU methanol dual-fuel container ships, 16,000 TEU dual-fuel container ships, etc., have won wide recognition from customers.
The company has optimized the production process and improved the production efficiency through digital transformation. The application of intelligent shipbuilding technology not only shortens the shipbuilding cycle, but also effectively reduces the production cost and further improves the profitability.
It is worth mentioning that on February 19, there was a groundbreaking ceremony held on February 19 for the Yangzi Hongyuan Green High-tech Clean Energy Ship Manufacturing Base Project (hereinafter referred to as the “Yangzi Hongyuan Project”) under the Yangzijiang Shipbuilding, marking the official start of construction. After the completion of the project, it will become the main base for the construction of green and clean energy vessel orders in hand of Yangzijiang Shipbuilding Group.
According to statistics, Yangzijiang Shipbuilding currently holds order book including 175,000 cubic meters of LNG carriers, 99,000 cubic meters of ultra-large ethane carriers (VLEC) and other green high-value-added vessels. After Yangzi Hongyuan project is put into operation, it will promote the transformation and upgrading of China’s largest private shipbuilding enterprise and move towards the green, high-tech and clean-energy shipbuilding industry.