Zheng Quan Shi Bao Wang·2025-09-15 13:17Core Viewpoint - The merger between China Shipbuilding (600150) and China Shipbuilding Industry Corporation (601989) marks the largest absorption merger in A-share history, set to be completed on September 16, 2025, enhancing China's global shipbuilding industry position [1] Group 1: Merger Details - China Shipbuilding will issue 3.053 billion shares to all shareholders of China Shipbuilding Industry Corporation through a stock swap [1] - The merger is a response to national strategies for developing a strong maritime economy and aims to resolve industry competition issues [1][2] - The newly formed entity will leverage the strengths of both companies to create a more complete shipbuilding industry chain, enhancing production efficiency and resource utilization [2] Group 2: Financial Performance - In the first half of 2025, China Shipbuilding reported a net profit of 2.946 billion yuan, a year-on-year increase of 108.59%, while China Shipbuilding Industry Corporation achieved a net profit of 1.745 billion yuan, up 227.07% [3] - The combined total assets of the new China Shipbuilding are expected to exceed 400 billion yuan, with revenues surpassing 130 billion yuan and a global order share of nearly 20% [3] Group 3: Industry Outlook - The global shipbuilding industry is entering a long-term upward cycle, projected to last until 2032, driven by environmental regulations and trade growth, with an estimated new ship order value of $1.2 trillion [4] - China is positioned to benefit significantly from this new shipbuilding cycle, having become the world's largest shipbuilding nation [4][5]