Yangzijiang Shipbuilding (BS6) H1 2026 earnings summary

Executive summary

• Achieved record high revenue and profitability in 1H2026, with strong order wins and robust vessel delivery progress.

• Outstanding orderbook of USD22.4b as of June 2026, providing revenue visibility through 2029 and beyond.

• Continued strategic repositioning toward higher-value vessels and downstream integration initiatives.

Financial highlights

• Revenue reached RMB17.5b in 1H2026, up 36.2% year-over-year.

• Gross profit margin expanded to 36.2%, up 1.7 percentage points year-over-year.

• PATMI was RMB5.4b, up 28.4% year-over-year, with PATMI margin at 30.3%.

• EBIT margin at 37.9% and EBITDA margin at 39.7% in 1H2026.

• Maintained a healthy net cash position of RMB12.5b as of June 2026.

Outlook and guidance

• Delivery progress on track to achieve FY2026 target of 58 vessels, with 27 delivered in 1H2026.

• Downstream integration and capacity expansion underway, including LNG terminal and retrofitting services.

• Revenue visibility secured through a strong orderbook extending to 2029 and beyond.