CSSC Holdings(SH:600150) Hua Xia Shi Bao·2025-09-09 09:37Core Viewpoint - The merger of China Shipbuilding Industry Corporation (China Shipbuilding) and China Shipbuilding Heavy Industry Corporation (China Heavy Industry) marks a significant milestone in the Chinese shipbuilding industry, aiming to enhance competitiveness and reshape the global shipbuilding market [2][6]. Group 1: Merger Details - On September 5, 2025, China Heavy Industry's A-shares officially ceased trading, with shareholders converting their shares to China Shipbuilding shares at a ratio of 1:0.1339 [2][5]. - Post-merger, China Shipbuilding's asset scale will exceed 400 billion yuan, making it the largest and most comprehensive listed shipbuilding company globally [2][6]. - The merger is the largest restructuring project in A-share capital market history and the largest corporate merger in the global shipbuilding industry [6]. Group 2: Financial Performance - In the first half of 2025, China Shipbuilding reported a net profit increase of 108.59%, while China Heavy Industry's net profit surged by 227.07% [3][10]. - China Shipbuilding achieved a revenue of 40.325 billion yuan, a year-on-year increase of 11.96%, with a total profit of 3.518 billion yuan, reflecting a 129.50% growth [8][9]. - China Heavy Industry's revenue reached 32.621 billion yuan, up 47.56%, with a net profit of 1.745 billion yuan [10]. Group 3: Market Impact and Future Outlook - The merger is expected to enhance China Shipbuilding's bargaining power and delivery capabilities in the high-end ship sector, positioning it as a "super aircraft carrier" in the global market [6][7]. - Analysts predict a long-term upward cycle in the global shipbuilding industry, driven by environmental regulations and the need to replace aging fleets, with potential new ship orders valued at $1.2 trillion [11].