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中国船舶吸并中国重工获受理 首季净利均倍增总资产超4000亿
Chang Jiang Shang Bao·2025-05-12 00:31

Core Viewpoint - The merger between China Shipbuilding (600150) and China Shipbuilding Industry Corporation (601989) marks a significant development in the global shipbuilding industry, with the combined assets exceeding 400 billion yuan, positioning the new entity as a "giant" in the sector [1][2][3]. Group 1: Merger Details - The merger application has been accepted by the Shanghai Stock Exchange, allowing China Shipbuilding to acquire China Shipbuilding Industry through a share swap [1][2]. - The transaction amount for the asset purchase is 115.15 billion yuan, making it the largest absorption merger in the A-share market in the past decade [2]. - The exchange ratio is set at 0.1335 shares of China Shipbuilding for each share of China Shipbuilding Industry, resulting in approximately 3.044 billion new shares being issued [2]. Group 2: Financial Performance - As of the end of Q1 2025, China Shipbuilding and China Shipbuilding Industry reported total assets of 181.24 billion yuan and 225.15 billion yuan, respectively, with a combined total exceeding 400 billion yuan [1][2]. - In Q1 2025, China Shipbuilding achieved an operating revenue of 15.86 billion yuan and a net profit of 1.13 billion yuan, both showing significant year-on-year growth [6]. - China Shipbuilding Industry reported an operating revenue of 12.22 billion yuan and a net profit of 519 million yuan in the same period, also reflecting substantial growth [6]. Group 3: Industry Context - The global shipbuilding industry is currently experiencing an upward cycle, with China's shipbuilding completion volume expected to reach 50.25 million deadweight tons in 2024, a year-on-year increase of 9.03% [4]. - The new order volume is projected to be 129.03 million deadweight tons, marking a 55.28% increase year-on-year, with a hand-held order volume of 242.51 million deadweight tons, up 47.42% [4]. - China's shipbuilding industry continues to hold a leading position globally, accounting for 57.01%, 76.96%, and 66.54% of the world's total in three key metrics by deadweight tonnage in 2024 [4].