中经记者 郭阳琛 石英婧 上海报道 近年来，受大宗商品价格剧烈波动影响，国内供应链龙头企业厦门象屿股份有限公司（以下简称"厦门 象屿"，600057.SH）业绩震荡，跨界造船业务也经历了由亏损到盈利的转变。 财报数据显示，2024年，厦门象屿营业收入约3666.7亿元，同比减少20.12%；归属于上市公司股东的净 利润约14.18亿元，同比减少9.86%。其中，造船业务实现净利润5.44亿元，占比将近四成。 厦门象屿旗下造船业务始于2016年。此后的2017年1月和2024年8月，厦门象屿通过旗下控股子公司南通 象屿海洋装备股份有限公司（以下简称"象屿海装"）分别收购了江苏宏强船舶重工有限公司（以下简 称"宏强重工"）和南通明德重工有限公司（以下简称"明德重工"）两家破产船厂。 《中国经营报》记者了解到，在跨界入局造船赛道后，象屿海装曾经历了长达6年的亏损期，累计亏损 近14亿元。随着船舶行业持续复苏，象屿海装业绩最终在2023年实现扭亏为盈。截至今年6月底，象屿 海装累计签下了214艘造船订单，已交付121艘，在手订单93艘。 在今年举行的一场投资者活动中，厦门象屿管理层表示，部分产业链加快资产重组，为头部 ...

Core Viewpoint - Xiamen Xiangyu's foray into shipbuilding has transitioned from losses to profitability, with significant contributions from its shipbuilding segment amidst fluctuating commodity prices and supply chain restructuring [3][4][10]. Financial Performance - In 2024, Xiamen Xiangyu's revenue is approximately 366.67 billion yuan, a decrease of 20.12% year-on-year, with a net profit of about 1.418 billion yuan, down 9.86% [3]. - The shipbuilding business generated a net profit of 544 million yuan, accounting for nearly 40% of the total profit [3]. - In 2023, the shipbuilding segment achieved revenue of 4.737 billion yuan, a year-on-year increase of 42.62%, with a gross margin of 22.56%, up 13.56% [10]. Business Development - Xiamen Xiangyu entered the shipbuilding sector by acquiring two bankrupt shipyards: Jiangsu Hongqiang Shipbuilding and Nantong Mingde Shipbuilding, with the latter being acquired in 2024 for 440 million yuan [5][6]. - The newly established Qidong Xiangyu Marine Equipment has begun production, with a projected annual output value exceeding 3 billion yuan [6]. - The company has signed a total of 214 shipbuilding orders, with 121 delivered and 93 pending as of mid-2023 [3]. Strategic Rationale - The management indicated that the integration of supply chain operations into manufacturing presents new opportunities, allowing for a broader operational scope [4]. - The shipbuilding business serves as a hedge against cyclical fluctuations in the industry, complementing the company's core commodity supply chain operations [4][8]. Historical Context - Xiamen Xiangyu's shipbuilding division, established in 2016, faced a challenging six-year period with cumulative losses of nearly 1.4 billion yuan until it turned profitable in 2023 [9][10]. - The company has a history of acquiring distressed assets, having previously purchased Mingde Shipbuilding in 2017 for 570 million yuan, despite the assets being valued at 1.47 billion yuan [6][7].