On April 29, China State Shipbuilding Corporation Limited (CSSC), the core listed platform of China CSSC Holdings Limited, released its 2025 annual report and 2026 first-quarter report. In 2025, the company achieved operating revenue of RMB 151.978 billion (approximately US$22.250 billion), representing a year-over-year increase of 13.97%; Net profit attributable to shareholders reached RMB 7.848 billion (approximately US$1.149 billion), an increase of 86.00% year-over-year. In the first quarter of 2026, the company reported operating revenue of RMB 43.312 billion (approximately US$6.341 billion), a year-over-year increase of 54.90%; net profit attributable to shareholders was RMB 4.832 billion (approximately US$6.341 billion), a year-over-year increase of 251.64%.
In 2025, CSSC and China Shipbuilding Industry Corporation (CSIC) completed “the largest absorption merger in the history of the A-share market.” Following the restructuring and integration, CSSC became a leading listed shipbuilding company, holding stakes in seven core shipyards and 15 supporting enterprises, and leading the global industry in terms of asset size, revenue scale, and order backlog.
According to the annual report, in 2025, CSSC achieved operating revenue of RMB 151.978 billion (approximately US$22.250 billion), exceeding the annual target by 8.17% and representing a year-on-year increase of 13.97%. Of this total, the shipbuilding, ship repair, and offshore engineering business generated operating revenue of RMB 131.279 billion (approximately US$19.219 billion), while the marine equipment, electromechanical equipment, and other businesses generated operating revenue of RMB 18.617 billion (approximately US$2.726 billion); Net profit attributable to the parent company reached RMB 7.848 billion (approximately US$1.149 billion), an increase of 86.00% year-on-year, with a return on equity of 7.36%.
By 2025, the seven shipyards under CSSC had secured orders for commercial and offshore engineering vessels, amounting to 30.5067 million deadweight tons and RMB 175.836 billion yuan (calculated at the exchange rate at the end of 2025). Among these, mid-to-high-end vessel types accounted for over 80%, and green vessel types accounted for nearly 50%. The 50-billion-yuan newbuilding project between key shipyards and COSCO Group became the largest single domestic cooperation contract ever signed by a Chinese shipbuilding enterprise. The bulk signing of representative vessel types—including the world’s largest-capacity Mark III membrane-type ethane carriers, LNG dual-fuel container ships, VLCCs, ultra-large ore carriers, and MR tankers—fully demonstrated the company’s construction capabilities in mid-to-high-end vessel types.
In 2025, CSSC secured orders totaling 820 vessels and RMB 5.515 billion in the ship repair and conversion sector. The company undertook high-tech, high-value-added projects such as the repair of LNG carriers and luxury cruise ships, the repair of LNG fuel tanks, the conversion of dual-fuel vessels, and the repair and conversion of offshore engineering equipment. CSSC holds a leading position in the industry in areas such as the repair of mid-to-high-end vessel types, large-scale conversions, and green conversions.
CSSC’s marine equipment, electromechanical equipment, and other businesses secured contracts totaling RMB 16.773 billion for the year. CSSC Chengxi Shipyard has deepened its involvement in the wind power equipment business, securing orders worth RMB 1.06 billion for wind towers throughout the year; Qingdao SunRui Marine Environment Engineering Co., Ltd. (SunRui) has focused on the clean energy supply industry, securing bulk orders for 65 sets of gas supply systems; Chongqing Hongjiang has focused on breakthroughs in low-carbon and zero-carbon fuel technologies, successfully applying its ammonia fuel injection valves to the world’s first pure ammonia-powered vessel; and Dalian Marine Propseller has maintained a leading position in the propeller market for various ship types.
As of the end of 2025, CSSC’s seven shipyards had a combined order backlog of 652 commercial and offshore engineering vessels, totaling 79.973 million deadweight tons and RMB 467.451 billion (approximately US$68.435 billion). By vessel type, oil tankers accounted for nearly 30% of the order book, container ships for nearly 20%, bulk carriers for nearly 20%, liquefied gas carriers for over 10%, and special-purpose vessels and other types for nearly 20%. Four of the group’s shipyards held ship repair orders totaling 189 vessels and 839 million yuan. Contracts for ship equipment, electromechanical equipment, and other businesses totaled RMB 12.963 billion (approximately US$1.898 billion).