Xiangyu(SH:600057) Hua Xia Shi Bao·2025-08-30 13:18Core Viewpoint - Xiamen Xiangyu Co., Ltd. is preparing to list its subsidiary, Nantong Xiangyu Marine Equipment Co., Ltd. (Xiangyu Marine), on the New Third Board, following key preparatory steps including a name change and capital increase from 241 million to 360 million yuan [2][3] Group 1: Company Developments - Xiangyu Marine has completed its capital increase and is set to apply for listing on the New Third Board, with plans to enhance its financing strategy based on industry trends and operational needs [2][3] - The company has experienced a decline in shipbuilding revenue, reporting 3.192 billion yuan, a decrease of 4.97% year-on-year, primarily due to order transfers to the new production facility in Qidong [6][7] - The new Qidong facility officially commenced operations on August 1, 2024, and has already received orders for 16 vessels, with an expected annual output value exceeding 3 billion yuan [6][7] Group 2: Financial Performance - Xiangyu Marine's total assets are projected to reach 3.529 billion yuan in 2023 and 6.516 billion yuan in 2024, with revenues of 4.750 billion yuan and 5.932 billion yuan respectively, and net profits of 694 million yuan and 544 million yuan [5] - The company has seen a significant increase in order intake, with new orders of 26, 35, and 37 vessels from 2021 to 2023, leading to a backlog of 89 vessels scheduled for production until 2029 [5][6] - Despite a decrease in gross profit and margin in the first half of the year, the company has implemented financial tools to hedge against foreign exchange risks, resulting in an improved effective gross margin [6][7] Group 3: Market Position and Future Outlook - Xiangyu Marine has established itself as a leading player in the market, with its "Jixiang" series bulk carriers achieving a cumulative order of 127 vessels and a nearly 40% repeat purchase rate from existing customers [7] - The company is optimistic about future growth, with multiple research institutions projecting enhanced production capacity and profitability following the full operation of the Qidong facility [7]