On May 20, China CSSC Holdings Limited (hereinafter referred to as “CSSC”) released an announcement regarding the convening of the 2024 Annual Collective Performance Briefing and the 2025 First Quarter Performance Briefing.
The announcement disclosed that CSSC participated in the 2024 Annual Collective Performance Briefing and the 2025 First Quarter Performance Briefing for listed companies controlled by China State Shipbuilding Corporation, engaging in in-depth communication with investors on multiple aspects including the company’s existing orders, revenue targets, and merger & restructuring. It is reported that CSSC continued to steadily advance the development of its main business in 2024, achieving growth in both annual revenue and profits, laying a solid foundation for the upcoming major asset integration.
In 2024, CSSC achieved operating revenue of RMB 78.584 billion (approximately US$10.915 billion), completing 108.84% of the annual operating target, and after deducting the impact of offshore platform revenue confirmed in 2023, it increased by 14.04% year-on-year. Among them, the shipbuilding and marine engineering business achieved operating revenue of RMB 75.374 billion (approximately US$10.469 billion), and the application industry achieved operating revenue of RMB 2.293 billion (approximately US$318 million); the net profit attributable to the parent company was RMB 3.614 billion (approximately US$502 million), an increase of 22.21% year-on-year.
In 2024, the company received orders for 154 civilian ships with a total of 12.7246 million deadweight tons and RMB 103.90 billion (approximately US$14.432 billion). The ship repair business received orders for 296 ships with a total value of RMB 2.073 billion (approximately US$288 million) and the application industry received contracts worth RMB 2.29 billion (approximately US$318 million).
By the end of 2024, the company has accumulated orders for 322 civilian ships/24.6107 million deadweight tons/RMB 216.962 billion (approximately US$30.136 billion); 63 ship repair orders/RMB 918 million (approximately US$128 million), offshore engineering equipment contract orders worth RMB 743 million (approximately US$103 million), and application industry contract orders worth RMB 1.382 billion (approximately US$192 million).
In 2024, CSSC successfully delivered 93 commercial ships totaling 7.2134 million deadweight tons, achieving 112.74% of its annual tonnage target. The company also completed repairs for 277 vessels worth RMB 2.169 billion (approximately US$301 million), delivered industrial application equipment valued at RMB 1.694 billion (approximately US$235 million), and handed over one 340,000-ton FPSO (Floating Production Storage and Offloading) unit in its offshore engineering business segment.
In response to investors’ concerns about the company’s performance growth expectations, CSSC proposed that the operating target for 2025 is to achieve operating income of RMB 80.5 billion (approximately US$ 11.181 billio), complete 89 civilian shipbuilding ships/6.3431 million deadweight tons, complete 270 ship repairs/RMB 1.935 billion (approximately US$ 269 million), and achieve an application industry output value of RMB 1.61 billion (approximately US$ 224 million). At present, CSSC’s orders are scheduled until 2029.