Yangzijiang Shipbuilding reported a 28.4% increase in net profit for the first half of 2026, reaching 5.4 billion yuan (approximately US$800 million), up from 4.2 billion yuan a year earlier [1, 2, 3, 4]. Revenue rose 36.2% year-on-year to 17.5 billion yuan, while earnings per share increased to 136.4 fen from 106.02 fen in H1 2025 [1, 2, 3, 4].
The profit growth was driven by higher contract prices for ships under construction, a favorable product mix including ultra-large LNG dual-fuel container ships and very large ethane carriers, and the start of shipbuilding at the Hongyuan yard [1, 2, 3, 4]. Segment revenue rose across the board: shipbuilding revenue grew about 35% to 16.5 billion yuan, shipping revenue increased 14.5% to 585 million yuan, and other businesses marked a strong rise to around 435 million yuan [1, 2]. Gross profit margins also improved, with the shipbuilding margin increasing from 35.2% to 37.1%, lifting the group's overall gross margin from 34.5% to 36.2% [1, 2].
The company did not declare any dividend for H1 2026, in line with its policy to pay dividends annually [1, 2]. As of June 30, 2026, Yangzijiang's order book stood at $22.4 billion, with 27 vessels delivered out of a target of 58 for the year [1, 5, 2]. New orders during H1 totaled $17 billion, with an additional $200 million secured in July, bringing total new orders secured in the first seven months to about $19.6 billion [1, 5, 2]. The company has nearly fully booked its ship deliveries through 2029 and has begun opening slots for 2030 deliveries [1, 5].
Net cash on the balance sheet was 12.5 billion yuan as of June 30, 2026 [1]. Management said stable demand for ships continues despite geopolitical tensions in the Middle East, sustained by fleet renewal and decarbonization trends [1].
Executive Chairman and CEO Ren Letian said, “In the first half of 2026, our revenue and profitability reached historic highs, fully demonstrating our prudent cost management and excellent shipbuilding capabilities. The order growth momentum remains strong. In the first seven months this year, we secured new orders worth $1.96 billion. The delivery schedule is nearly fully booked through 2029. We will continue negotiations for the remainder of the year and steadily open delivery slots for 2030.” He added, “As of June 30, 2026, our total order value reached $22.4 billion, maintaining strong momentum and ensuring revenue visibility through 2029. We have delivered 27 vessels out of the 58 targeted for 2026, and we remain committed to on-time delivery of high-quality vessels and achieving our order goals, creating long-term value for all stakeholders.” [1]
Shares closed at 3.94 SGD on August 6, down 0.51% on the day of the earnings release but opened higher by 6.6% to 7.9% the next day before some pullback [1, 5, 2, 3, 4].
