Xin Lang Cai Jing·2026-01-13 11:35Core Viewpoint - China Shipbuilding Industry Corporation (CSIC) subsidiary China Shipbuilding Defense Equipment Co., Ltd. (stock code: 600685) has announced a significant increase in expected net profit for 2025, projecting a rise of 149.61% to 196.88% year-on-year [3][6]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 940 million yuan and 1.12 billion yuan for 2025 [3][6]. - The expected net profit after deducting non-recurring items is projected to be between 850 million yuan and 1.02 billion yuan, reflecting a year-on-year growth of 153.27% to 203.93% [3][6]. Growth Drivers - The growth in performance is attributed to two main drivers: 1. Steady improvement in ship product revenue and production efficiency, leading to enhanced gross margins [3][6]. 2. Significant improvement in the operating performance of joint ventures, with increased dividend income from associated companies contributing to a substantial rise in investment income [3][6]. Company Background - China Shipbuilding Defense Equipment Co., Ltd. is a major shipbuilding enterprise under the China Shipbuilding Group, listed in both Shanghai and Hong Kong since 1993, and is the first A+H share listed shipbuilding company in China [4][7]. - The company has integrated high-quality shipbuilding assets in South China through acquisitions in 2014 and 2015, becoming a comprehensive marine and defense equipment enterprise encompassing four major categories: marine defense equipment, marine transportation equipment, marine development equipment, and marine scientific research equipment [4][7].