Group 1 - The company held a performance briefing on September 19, 2025, to discuss its half-year results, development strategies, and financial indicators with investors [1] - Key executives, including the General Manager and independent directors, participated in the meeting to address investor concerns within the scope of information disclosure [1] Group 2 - The company plans to integrate its research and development efforts post-merger with China Shipbuilding Industry Corporation, aiming to enhance technological capabilities and reduce operational costs [2][3] - The "Quality Improvement and Efficiency Enhancement Return Action Plan" has been developed for 2024 and 2025, focusing on increasing shareholder returns and market value management [3] Group 3 - Following the merger with China Shipbuilding Industry Corporation, the company aims to strengthen its high-end ship manufacturing capabilities and enhance overall operational performance [4] - The company is actively developing the domestic luxury cruise market, with the second large cruise ship, "Aida Huacheng," currently under construction [4] Group 4 - As of June 30, 2025, the company held a total of 333 civil ship orders, amounting to 26.49 million deadweight tons and 233.49 billion yuan [5] - The company reported a gross profit margin of 12.21% for the first half of 2025, showing an upward trend from previous years [5] Group 5 - The company is focusing on the LNG ship market, with a market share of 46% for LNG transport ship orders in 2024, indicating a competitive position against South Korean shipbuilders [6] - The company is committed to enhancing its market competitiveness through resource integration and collaborative synergies post-merger [6]

Core Viewpoint - China Shipbuilding Industry Company (China Shipbuilding) reported a successful turnaround in 2024, achieving a net profit of 30.72 billion yuan, compared to a loss of 2.91 billion yuan in the previous year, driven by improved order structure and market conditions [1][2][3] Financial Performance - In 2024, China Shipbuilding achieved revenue of 78.584 billion yuan, a year-on-year increase of 5.01% [2] - The company's main business revenue reached 77.667 billion yuan, up 5.60% year-on-year, with a gross margin of 9.94%, an increase of 0.43 percentage points [2] - The net profit attributable to shareholders was 36.14 billion yuan, compared to 29.57 billion yuan in the previous year, with a net profit of 30.72 billion yuan after excluding non-recurring gains and losses [2][3] Order and Delivery Status - As of the end of 2024, China Shipbuilding had a robust order backlog, with 322 civil ship orders totaling 216.962 billion yuan [3][4] - The company delivered 93 civil ships with a total deadweight tonnage of 721.34 thousand tons, exceeding the annual plan by 112.74% [4] - The company is also progressing with a share swap merger with China Shipbuilding Industry Corporation, pending regulatory approvals [4] Market Outlook - China Shipbuilding has set a revenue target of 80.5 billion yuan for 2025, with expectations to complete 89 civil ships and 270 repair ships [5] - The global shipbuilding market is entering a new development cycle, with China maintaining a leading position in international market share [6] - The company acknowledges potential external risks due to increasing global trade protectionism and economic instability, but sees opportunities in green ship development and technological advancements [6]