CSICL(SH:601989) Sou Hu Cai Jing·2025-09-04 12:00Core Viewpoint - China Shipbuilding Industry Company is set to absorb China Shipbuilding Heavy Industry Company through a share exchange merger, with the exchange ratio established at 1:0.1339, effective from September 4, 2025 [2][4][10] Group 1: Merger Details - The share exchange will result in the termination of China Shipbuilding Heavy Industry's A-share listing on September 5, 2025, with all assets and liabilities being transferred to China Shipbuilding [4][6] - The merger has received approval from the China Securities Regulatory Commission on July 18, 2025, and the termination of listing was formally accepted by the Shanghai Stock Exchange [6][10] - The total value of the merger is reported to be 115.15 billion yuan, marking it as the largest restructuring project in A-share market history and the largest in the global shipbuilding industry [10] Group 2: Financial Performance - In the first half of the year, China Shipbuilding reported a revenue of 40.33 billion yuan, a year-on-year increase of 11.96%, with a net profit of 2.95 billion yuan, up 108.59% [12] - China Shipbuilding Heavy Industry achieved a revenue of 32.62 billion yuan, a significant increase of 47.56%, with a net profit of 1.75 billion yuan, up 227.07% [12] Group 3: Order Book and Market Position - As of June 30, 2025, China Shipbuilding held a total of 333 civil ship orders, amounting to 233.49 billion yuan, while China Shipbuilding Heavy Industry had 229 orders, reflecting a 15.3% increase in deadweight tonnage compared to the previous year [13] - The merger is expected to eliminate competition between the two companies and enhance their core competencies, positioning the combined entity as the largest listed shipbuilding company globally, with total assets exceeding 400 billion yuan and annual revenue surpassing 130 billion yuan [14]