On July 14th, China Cssc Holdings Limited (SSE: 600150), also known as China CSSC, released a preliminary estimate for its first-half 2026 performance, forecasting a significant increase.
According to the announcement, based on preliminary financial calculations, the company expects to achieve a net profit attributable to shareholders of the parent company ranging from 9.2 billion to 11.0 billion yuan for the period from January to June 2026. Compared to the restated figures for the same period last year following the merger with China Shipbuilding & Offshore International Co., Ltd. (CSIC), this represents a year-on-year increase of 143.56% to 191.21%. The estimated net profit after deducting non-recurring gains or losses is between 9.0 billion and 10.8 billion yuan, indicating a growth rate of 211.34% to 273.61%. This marks a substantial rise in operating performance for the first half of the year.
Background on the Major Restructuring
In September 2025, China Cssc Holdings Limited completed the share swap and absorption merger with CSIC, a transaction hailed as the largest merger and restructuring in the history of China's A-share shipbuilding sector. CSIC's financials have been consolidated since Q3 2025. In accordance with accounting standards for business combinations under common control, the company has restated its financial data for the first half of 2025. Prior to the restructuring, the company's total profit for the first half of 2025 was 3.518 billion yuan, with net profit attributable to shareholders at 2.946 billion yuan and a net profit after non-recurring items of 2.891 billion yuan. After the retrospective adjustment, the restated figures for H1 2025 show a total profit of 5.382 billion yuan, net profit attributable to shareholders of 3.777 billion yuan, while the net profit after non-recurring items remained unchanged at 2.891 billion yuan.
Analyzing the Growth Figures
Using the restated data as the baseline, the net profit attributable to shareholders for the first half of 2026 increased by 5.423 billion to 7.223 billion yuan, a growth of 143.56% to 191.21%. Even when compared to the original, unadjusted H1 2025 data, the increase in net profit attributable to shareholders is even more pronounced, ranging from 212.29% to 273.39%, demonstrating remarkable growth elasticity.
Key Drivers of the Performance Surge
The company attributed this substantial forecasted growth to a robust order backlog and the continuous optimization of its product portfolio. Current production schedules are fully saturated. Leveraging its established integrated construction system and advantages in batch and rhythm-based production lines, operations across its shipyards are running smoothly and efficiently. During the reporting period, the company remained focused on its core shipbuilding business, centering efforts on the key objectives of "ensuring delivery, accelerating delivery, and delivering high-quality vessels." It simultaneously emphasized securing new orders and ensuring on-time deliveries, while deepening profit potential through lean management and comprehensive cost control throughout the entire process.
In terms of delivery structure, all three key metrics—total completed civilian vessels, the proportion of mid-to-high-end ship types, and the average price per vessel—showed year-on-year improvement in the first half, indicating sustained enhancement in order quality. The company's order book covers a full range of high-end vessels, including LPG carriers, container ships, bulk carriers, car carriers, and semi-submersible vessels, with its order scale in several market segments ranking among the global industry leaders.
Post-Merger Scale and Order Backlog
Following the completion of the merger and integration, China Cssc Holdings Limited has established a leading global listed shipbuilding platform. It controls seven major shipyards, including Jiangnan Shipyard, Waigaoqiao Shipbuilding, Dalian Shipbuilding, Guangzhou Shipyard International, Wuchang Shipbuilding, Chengxi Shipyard, and Beihai Shipbuilding. It also incorporates 15 leading marine equipment companies, such as Chongqing Equipment, Wuhan Heavy Industry, and Qingdao Shuangrui, possessing comprehensive capabilities in R&D, design, and construction across the entire ship spectrum.
As of the end of 2025, the company's order backlog for civilian and offshore vessels totaled 652 ships, with a combined deadweight tonnage of 79.973 million and a contract value of 467.451 billion yuan. Its repair order book stood at 189 ships, valued at 839 million yuan, while orders for marine equipment and other businesses amounted to 12.963 billion yuan. This substantial order reserve provides stable support for medium to long-term performance.
Outlook and Targets
The accompanying business plan outlines that China Cssc Holdings Limited has set a target for full-year 2026 revenue exceeding 165 billion yuan. For shipbuilding, the annual plan is to complete 168 civilian vessels, totaling 16.5 million deadweight tons. The target for annual output value in ship equipment and mechanical/electrical equipment businesses is to surpass 17 billion yuan. With the ongoing release of integration synergies and the batch delivery of high-value-added vessels, the company has a solid foundation for sustained profit growth throughout the year.
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