On April 29, China State Shipbuilding Corporation Limited (CSSC) released the “2024 Annual Report”.
The report disclosed that CSSC’s operating income in 2024 was 78.58 billion yuan (approximately US$10.805 billion), a year-on-year increase of 5.0%; net profit attributable to shareholders was 3.61 billion yuan (approximately US$496 million), a year-on-year increase of 22.2%; net profit attributable to shareholders after deducting non-recurring items successfully turned losses into profits of 3.07 billion yuan (approximately US$422 million) from a loss of 291 million yuan (approximately US$40 million) in the same period last year; net operating cash flow was 5.235 billion yuan (approximately US$7.20), a year-on-year decrease of 71.3%; Earnings per share (EPS) was 0.8081 yuan.
According to the report, CSSC’s fourth quarter operating income was 22.42 billion yuan (about US$ 3.083 billion), a year-on-year decrease of 11.0%; net profit attributable to the parent company was 1.34 billion yuan (about US$ 184 million), a year-on-year increase of 239.2%; net profit attributable to the parent company after deducting non-recurring items was 1.1 billion yuan (about US$ 151 million), a year-on-year increase of 701.3%; EPS was 0.3004 yuan. As of the end of the fourth quarter, the company’s total assets were 181.977 billion yuan, an increase of 2.3% from the end of the previous year; net assets attributable to the parent company were 50.90 billion yuan, an increase of 5.3% from the end of the previous year.
CSSC mentioned in its annual report 2024 that the overall business performance was good and exceeded the annual production and operation targets. The Company’s revenue and deliveries in shipbuilding, repairing and offshore business were significantly improved. For the whole year, it took orders for 154 civil vessels and 296 vessels in shipbuilding and repairing business. At the end of the reporting period, 322 civil ship orders were in hand, further optimizing the order structure.
In terms of technological innovation, CSSC has strengthened the research and development of core technologies and promoted the design and construction of new ship types, especially in the fields of LNG carriers and cruise ships. In addition, the report pointed out that CSSC is also continuously advancing in intelligent manufacturing and green development, forming a virtuous circle and promoting high-quality development. The management said that it will continue to be committed to improving market competitiveness and operational efficiency to cope with future market uncertainties.
On the same day, CSSC also released the “2025 First Quarter Report”, with operating income of 15.858 billion yuan (approximately US$2.180 billion) in the first quarter of 2025, a year-on-year increase of 3.85%; net profit attributable to shareholders of listed companies was 1.127 billion yuan (approximately US$155 million), a year-on-year increase of 180.99%.
CSSC stated that the main reasons for the earnings included improved production efficiency, increased gross profit from civil ships and improved operating performance of associates.