On the evening of October 20, China Shipbuilding Industry Company Limited issued a voluntary performance forecast, indicating that its net profit attributable to shareholders for the first three quarters of this year is expected to increase by as much as 170.85% year-on-year, with non-recurring net profit also surging over 100%. This robust growth momentum is driven by both core business expansion and consolidation efforts. Notably, the prior-year comparable figures included both restated data post-consolidation and stand-alone results of China Shipbuilding.
According to preliminary estimates from the finance department, China Shipbuilding anticipates a net profit attributable to shareholders ranging between 5.55 billion and 6.15 billion yuan for the first three quarters of 2025. This marks an increase of 104.30% to 126.39% compared to the previous year (on a restated basis post-consolidation) and a year-on-year rise of 144.42% to 170.85% compared to previously disclosed figures.
In terms of non-recurring net profit, the expected range is between 4.08 billion and 4.68 billion yuan, representing a year-on-year increase of 106.93% to 137.36% compared to the previous year (on a restated basis). The growth is further highlighted by the stability in profit quality. The announcement also specifically mentioned that, when accounting at the consolidated level, China Shipbuilding is projected to achieve a net profit between 7.54 billion and 8.14 billion yuan in the same period. The discrepancy in these figures is attributed to consolidation accounting rules—according to the "Regulatory Rules Application Guidelines - Accounting No. 1," China Shipbuilding acquired a 47.63% stake from the former controlling shareholder and its concerted parties, only including this portion in consolidation while treating the remaining shares as minority interests.
The announcement disclosed that China Shipbuilding obtained the "Securities Change Registration Certificate" from the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. on September 11, 2025, and that the new shares started trading on September 16. Since the third quarter of 2025, China Shipbuilding has formally included China Shipbuilding Industry Corporation in its consolidation scope, with the transaction classified as a merger under common control, necessitating retrospective adjustments in prior financial statements.
The retrospective adjustments revealed significant changes in financial indicators for the same period last year (first three quarters of 2024): pre-adjustment, total profit was 2.492 billion yuan, net profit attributable to shareholders was 2.271 billion yuan, and non-recurring net profit was 1.972 billion yuan; post-adjustment, total profit increased to 3.487 billion yuan, net profit attributable to shareholders rose to 2.717 billion yuan, while non-recurring net profit remained at 1.972 billion yuan. This adjustment objectively reflects the historical performance scale of China Shipbuilding post-merger, providing investors with a more accurate financial benchmark for comparative analysis.
At a consolidated level, China Shipbuilding expects to achieve a net profit between 7.54 billion and 8.14 billion yuan for the first three quarters of 2025. According to regulatory guidelines, the company acquired a 47.63% equity stake only from the former controlling shareholder and its concerted parties, and when preparing the consolidated financial statements, only this stake is included, while other shares of the company are reported under minority interests. Regarding the significant growth in performance, China Shipbuilding attributed this to its focus on core responsibilities, prioritizing production safety, enhancing production delivery, and improving lean management levels, which led to steady improvements in production efficiency. The overall shipbuilding industry continues to maintain a positive development trend, with an optimized order structure. In the reporting period, both the quantity and price of civilian ships delivered showed year-on-year increases, with effective control over construction costs resulting in increased gross profit margins; the performance of joint ventures also showed continuous improvement.
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