On October 28, Songfa Shares—the listed entity for Hengli Heavy Industries—released its third-quarter report for 2026. For the third quarter of 2026, the company recorded an operating revenue of 14.27 billion yuan (approximately US$2.142 billion), an increase of 180.97% year-on-year. Net profit attributable to the parent company reached 3.064 billion yuan (approximately US$460 million), up 390.87% year-on-year, while net profit after deducting non-recurring items stood at 2.731 billion yuan (approximately US$410 million), an increase of 377.32% year-on-year. For the first three quarters of 2026, the company’s operating revenue totaled 37.774 billion yuan (approximately US$5.67 billion), up 221.25% year-on-year; net profit attributable to the parent company was 6.673 billion yuan (approximately US$1.002 billion), an increase of 424.87% year-on-year; and net profit after deducting non-recurring items reached 6.246 billion yuan (approximately US$938 million), an increase of 807.82% year-on-year.
Hengli Heavy Industries has maintained a strong momentum in securing new orders, with its order mix continuing to optimize and batch deliveries becoming the new norm. Following a first half of the year that saw the company secure orders for 207 vessels—setting global records for both the total volume of orders at a single shipyard and the diversity of vessel types—the momentum continued into the third quarter. In July alone, the company won orders for 46 newbuilds, followed by further multiple batch orders for oil tankers, container ships, and gas carriers throughout August and September.
To date, Hengli Heavy Industries has secured a cumulative total of over 600 vessel orders, with delivery schedules extending through 2031—ensuring both strong order visibility and high capacity utilization. The company’s current orderbook spans a comprehensive spectrum of vessel types, including container ships, bulk carriers, tankers, and gas carriers. Notably, high-value-added vessels—such as tankers, container ships, and gas carriers—account for more than 70% of the total, reflecting a significant improvement in the overall quality and value of the orderbook.
Meanwhile, batch delivery has become the norm. Hengli Heavy Industries delivered 11 vessels in August, with a target of approximately 90 deliveries for the full year of 2026; this figure is expected to rise further to over 120 vessels by 2027. The accelerated pace of delivery drives faster turnover across the entire operational chain—from order intake and production scheduling to final delivery and cash collection. Supported by comprehensive after-sales services, these deliveries now serve as a springboard for securing new orders and fostering repeat business from clients.
Amid a global landscape characterized by tight supply-demand dynamics in new shipbuilding and a scarcity of shipyard facilities, Hengli Heavy Industries has established a core competitive advantage through its autonomous and controllable production capacity, ensuring the certainty of vessel deliveries. With the strategic goal of building a world-class, eco-friendly shipbuilding base, the company has developed an annual processing capacity of 3 million tons of steel and an annual output of 180 marine engines. It operates four ultra-large dry docks and world-class slipways, possessing a full-chain capability—from independent ship design and R&D to final assembly—that enables the simultaneous, large-scale construction of high-value-added vessels, such as Very Large Crude Carriers (VLCCs) and ultra-large container ships.
Against the backdrop of tight global supply and demand for new shipbuilding and scarce drydock and slipway resources, an independent and controllable production capacity system has become Hengli Heavy Industries’ core competitive advantage in ensuring delivery reliability. With the strategic goal of building a world-class, eco-friendly shipbuilding base, the company has developed an annual processing capacity of 3 million tons of steel and an annual output of 180 marine engines. It operates four ultra-large dry docks and world-class slipways, possessing a full-chain capability—from independent ship design and R&D to final assembly—that enables the simultaneous, large-scale construction of high-value-added vessels, such as Very Large Crude Carriers (VLCCs) and ultra-large container ships.
Hengli Heavy Industries has continued to compress dock cycles and improve berth utilization efficiency, while achieving in-house production of core components such as marine engines, ultra-large fuel tanks, and cargo tanks. Core ultra-large components—including tanks, engines, and shafts—can now all be produced in batches, which effectively controls production costs and reduces the impact of external supply chain fluctuations on delivery schedules, thereby ensuring delivery certainty.
At the industry level, the shipbuilding sector continues to show a positive trend; the Clarkson Newbuilding Price Index reached 186.59 points at the end of September, marking its sixth consecutive monthly increase. With global shipbuilding capacity under strain and shipyard schedules fully booked, companies with substantial order backlogs enjoy high revenue visibility. Hengli Heavy Industries has secured a position among the global top tier in terms of order backlog, with its order mix increasingly shifting toward high-value-added vessel types. Even if newbuild prices cease their one-way upward trajectory, the sustained delivery of high-end vessels is expected to support a steady rise in the company’s baseline profitability.