On April 30, China Shipbuilding Industry Corporation (hereinafter referred to as “CSIC”) released the “2024 Annual Report”.
The report disclosed that CSIC’s operating income in 2024 was 55.44 billion yuan (approximately US$7.62 billion), an increase of 18.7% year-on-year; the net profit attributable to the parent company successfully turned from a loss of 782 million yuan in the same period last year to a net profit attributable to the parent company of 1.31 billion yuan; the net profit attributable to the parent company excluding non-recurring items successfully turned from a loss of 1.06 billion yuan in the same period last year to a net profit attributable to the parent company excluding non-recurring items of 613 million yuan; the net operating cash flow was 9.491 billion yuan, an increase of 111.1% year-on-year; earnings per share was 0.0575 yuan.
According to the report, CSIC’s operating income in the fourth quarter was 20.17 billion yuan (about 2.77 billion US dollars), up 23.0% year-on-year; the net profit attributable to the parent company successfully turned from a loss of 671 million yuan in the same period last year to a net profit of 377 million yuan; the net profit attributable to the parent company after deducting non-recurring items turned from a loss of 817 million yuan in the same period last year to a loss of 160 million yuan, and the loss amount decreased; earnings per share was 0.0165 yuan. As of the end of the fourth quarter, the company’s total assets were 222.138 billion yuan, an increase of 12.4% from the end of the previous year; the net assets attributable to the parent company were 83.772 billion yuan, an increase of 0.7% from the end of the previous year.
CSIC mentioned in its 2024 annual report that the overall operating environment is complex and changeable, and the shipping market faces challenges and opportunities. The global shipbuilding market performed well, with all three indicators reaching new highs, and CSIC’s civil ship business achieved comprehensive growth. During the reporting period, civil ships received 103 new ship orders, totaling 15.8995 million deadweight tons, a year-on-year increase of 90.4%; 62 ships were completed and delivered, totaling 5.4858 million deadweight tons, a year-on-year increase of 13.4%. As of the end of December 2024, there were 216 orders on hand, totaling 30.3097 million deadweight tons, a year-on-year increase of 53.2%.
In the military industry, CSIC completed the equipment research and production tasks with high quality, strengthened the organization and management of scientific research and production, and quality control. CSIC continued to promote the construction of core military capabilities and improved its comprehensive support capabilities. During the reporting period, the military production and operation tasks were carried out in an orderly manner, and the overall performance improved significantly. In addition, CSIC strengthened innovation-driven development and focused on the research and development of high-end green and intelligent ship types to adapt to the development trend of the industry.
On the same day, CSIC also released the “2025 First Quarter Report”, with operating income of 12.216 billion yuan in the first quarter of 2025, a year-on-year increase of 20.12%; net profit attributable to shareholders of listed companies was 519 million yuan, a year-on-year increase of 281.99%. The company continues to deepen lean management and strive to enhance its value creation capabilities.
CSIC stated that during the reporting period, the company’s civil ship construction cycle was further shortened, production efficiency was steadily improved, product delivery volume increased by more than 20% year-on-year, and operating income and product gross profit both increased year-on-year.