SONGFA(SH:603268) Xin Lang Cai Jing·2025-08-06 13:07Core Viewpoint - The son of Jiangsu's richest man, Chen Hanlun, is proposed to be a director of *ST Songfa, a company with a market value of 40 billion yuan, at just 24 years old [1][6]. Company Overview - *ST Songfa announced a significant change in its business structure due to major asset swaps and share issuance, leading to a proposed early board election [1][6]. - The company has transitioned from manufacturing daily ceramic products to focusing on shipbuilding and high-end equipment after acquiring 100% of Hengli Heavy Industry [6][8]. Leadership and Background - Chen Hanlun, born in 2001, holds a master's degree in applied finance and has experience as a tax consultant at PwC Singapore. He is currently the Vice President of Hengli Group [3][4]. - Chen has been increasingly active in Hengli Group's management, participating in strategic partnerships and emphasizing green development in the shipbuilding sector [4][5]. Financial Performance - *ST Songfa has faced continuous losses in recent years, with net losses of 322 million yuan in 2021, 171 million yuan in 2022, 117 million yuan in 2023, and 76.64 million yuan in 2024. However, it is projected to achieve a net profit of 580 million to 700 million yuan in the first half of 2025 [8][9]. - Hengli Group, which owns *ST Songfa, reported a total revenue of 871.5 billion yuan in 2024 and ranks third among China's top 500 private enterprises [5][6]. Industry Outlook - The shipbuilding industry is expected to see significant investment demand, with a total estimated investment of 2.3 trillion USD from 2024 to 2034, including approximately 1.7 trillion USD for new shipbuilding [8]. - Leading shipbuilding companies are anticipated to maintain strong profitability, with gross margins for shipbuilding expected to exceed 20% from 2025 onwards [9].