Core Viewpoint - The company has demonstrated stable revenue growth and significant profit acceleration in the first half of 2025, driven by strong performance in its marine products and effective cost control [1][2][3]. Revenue and Profit Performance - In the first half of 2025, the company achieved revenue of 27.651 billion, a year-on-year increase of 11.22%, and a net profit attributable to shareholders of 919 million, up 93.35% year-on-year [1]. - For Q2 2025, revenue reached 15.339 billion, reflecting a year-on-year growth of 13.97%, while net profit attributable to shareholders was 524 million, an increase of 35.20% year-on-year [1][2]. Segment Performance - The company's main business revenue for H1 2025 was 27.479 billion, with a year-on-year growth of 11.42%. The diesel power segment generated 13.968 billion, up 27.25%, while the chemical power segment reached 3.998 billion, growing by 3.92% [2]. - The marine platform and ship machinery segment reported revenue of 3.535 billion, a year-on-year increase of 10.48% [2]. Profitability Improvement - The company's gross margin for H1 2025 was 16.37%, a significant increase of 4.80 percentage points year-on-year, with Q2 gross margin at 16.74%, up 0.56 percentage points from Q1 [3]. - Cost control measures have led to reductions in various expense ratios, contributing to improved profitability [3]. Order and Delivery Structure - The company signed new contracts worth 33.919 billion in H1 2025, a year-on-year increase of 25.42%, with a backlog of contracts totaling 62.794 billion as of June 2025, up 7.24% from the end of 2024 [4]. - The delivery of low-speed diesel engines increased by 18% year-on-year, with new orders up 47%, indicating strong demand [4]. Green Transition and Future Outlook - The company has made significant progress in its green transition, delivering products such as high-power methanol dual-fuel low-speed engines [4]. - The company is well-positioned to benefit from the ongoing marine industry boom and green trends, with expectations of continued profit growth in the coming years [5].

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 27.651 billion yuan, a year-on-year growth of 11.22%, and net profit attributable to shareholders increasing by 93.35% to 919 million yuan [1][2]. Business Performance - The marine power business has become a key growth driver, with the delivery of low-speed diesel engines increasing by 18% year-on-year and new orders rising by 47%. The medium-speed diesel engine segment also saw a 35% increase in deliveries and a 32% rise in new orders [2]. - The company achieved double-digit growth in its marine machinery segment, with crane deliveries surging by 375% and marine gearboxes increasing by 78% [2]. - As of June 30, 2025, the company held contracts worth 62.794 billion yuan, a 7.24% increase from the end of 2024, supporting future performance growth [2]. Technological Innovation - The company invested 1.379 billion yuan in R&D during the first half of 2025, marking a 41.74% increase. It made significant advancements in green power technology, including the delivery of new dual-fuel engines and the launch of 118 new battery products for overseas markets [3]. - The company plans to continue increasing R&D investment, focusing on low-carbon and zero-carbon power technologies to meet the challenges of the global shipping industry's green transition [3]. Shareholder Returns - The company announced a cash dividend of 0.8161 yuan per share, totaling 184 million yuan, in addition to a previously completed distribution of 419 million yuan for the 2024 fiscal year, bringing total dividends to over 600 million yuan [3]. Financial Health - The net cash flow from operating activities reached 5.288 billion yuan, a year-on-year increase of 10.91%. The company's cash balance stood at 41.605 billion yuan, up 10.20% from the beginning of the year, providing ample support for future business expansion and R&D [4]. - The global shipping market is recovering, with increasing demand for green and intelligent vessels, positioning the company favorably in the low-carbon and zero-carbon power technology sectors [4].