On January 9, CSSC Offshore & Marine Engineering (Group) Company Limited (COMEC) issued its “2025 Annual Performance Forecast Announcement.”
The announcement disclosed that COMEC expects to achieve a net profit attributable to shareholders of RMB 940 million (approximately US$135 million) to RMB 1.12 billion (approximately US$160 million) in 2025, representing a year-on-year increase of 149.61% to 196.88%. The net profit attributable to shareholders after deducting non-recurring items is expected to be between RMB 850 million (approximately US$122 million) and RMB 1.02 billion (approximately US$146 million), representing a year-on-year increase of 153.27% to 203.93%.
COMEC stated that the performance growth was driven by two core factors: on the one hand, during the reporting period, the company’s revenue from ship products and production efficiency maintained steady growth, and the gross profit margin of products achieved a year-on-year improvement; on the other hand, the operating performance of joint ventures improved significantly, and the dividend amount from equity-invested companies increased, driving a substantial year-on-year growth in the investment income recognized by the company.
According to its official website, COMEC, formerly known as Guangzhou Shipyard International Company Limited, is a core enterprise under the China State Shipbuilding Corporation (CSSC). It is a major shipbuilding enterprise in South China and has been a significant player in the marine and offshore market. COMEC’s strategic capacity in the marine and offshore market is enhanced through industry consolidation and acquisitions, including CSSC Guangzhou Longxue Shipbuilding Company Limited and CSSC Huangpu Wenchong Shipbuilding Company Limited. The company went public in Shanghai and Hong Kong in 1993, becoming China’s first shipbuilding enterprise listed on both A-shares and H-shares markets.
In order to achieve the strategic capacity in the marine and offshore market, and to improve the company’s competiveness, COMEC pushed an industry consolidation, acquired CSSC Guangzhou Longxue Shipbuilding Company Limited in 2014 and CSSC Huangpu Wenchong Shipbuilding Company Limited (Huangpu Wenchong ) in 2015. Upon a series of acquisitions, COMEC successfully integrated the high-quality shipbuilding resources of CSSC in South China and becomes a large-scale comprehensive corporation specialized in offshore & marine engineering, including marine defense equipments, marine transport equipments and ocean research and development equipments.
Meanwhile, COMEC also operates 11 scientific and technological innovation platforms at or above the provincial and ministerial levels, including a National Enterprise Technology Center, a Postdoctoral Research Workstation, a National Engineering Laboratory for Offshore Engineering R&D and Design, and a Guangdong Provincial Engineering Technology Research Center. It ranks among the most competent ship product development and design centers in South China, and is the first military-civilian integration technology innovation demonstration base in Guangdong Province. COMEC has mastered and owns independent intellectual property rights to core technologies for high-tech, high-value-added products and special-purpose vessels such as feeder container ships, government vessels, research vessels, and wind power installation platforms.