Yangzijiang Shipbuilding (Holdings) Ltd. Delivers Robust Performance with Strong Orderbook and Clean-Energy Focus

Key Highlights for Investors

• Outstanding Orderbook at Multi-Year High: As of 17 November 2025, the Group’s outstanding orderbook stands at USD 22.8 billion, providing revenue visibility through 2029 and beyond. Notably, clean-energy vessels comprise 71% of the total orderbook value, aligning with global environmental trends and ESG mandates.
• Solid Operational Performance: 82% of FY2025’s targeted vessel deliveries have been completed. The Group remains on track to deliver 56 vessels for the full year, with 46 vessels already delivered year-to-date.
• Strong Order-Win Momentum: Year-to-date (YTD) 2025 order wins reached USD 2.17 billion, a significant increase from the first half of 2025 (USD 0.54 billion, up 4.02x). Orders are predominantly for small to mid-sized vessels, with delivery slots filling up through 2029.
• Technological Advancements: The Group has successfully delivered a range of technologically advanced vessels, including the maiden batch of three 36,000m³ dual-fuel LEG carriers, the tenth 16,000TEU LNG dual-fuel containership, and the fourth 8,200TEU LNG dual-fuel containership equipped with GTT membrane tanks.
• YAMIC Yard Outperformance: The Group’s YAMIC yard, repositioned in 2024 to focus on high-end gas carriers, has doubled its net profit contribution and now accounts for roughly 48% of YAMIC’s contract value. Its current orderbook value is USD 3.3 billion for 61 vessels to be delivered by 2029.
• Fleet Optimization and Asset Monetization: The shipping segment currently operates a fleet of 32 vessels, with ongoing divestments and acquisitions to optimize returns and maintain competitiveness. Recent auctions and divestitures are expected to further enhance the fleet’s efficiency and earnings potential.
• Capacity and Infrastructure Expansion: The Group is undertaking major capacity expansion, including the Hongyuan LNG Terminal project (total capex ~RMB3.0 billion, completion by 1H2027) and LNG storage tank facilities (~RMB2.0 billion capex, also completing by 1H2027). These projects will support the Group’s long-term growth in clean energy logistics and infrastructure.

Executive Chairman and CEO Remarks

“With greater clarity in the global macroeconomic outlook, we are seeing improved customer sentiment and a modest recovery in order momentum. That said, the industry-wide order backlog remains at historical highs, with lead times stretching close to five years and limited delivery slots available for large-sized vessels in tier-1 shipyards. As a result, both shipowners and shipyards continue to adopt a prudent approach toward deliveries for 2030 and beyond. For us, the Group remains focused on executing our orderbook with high quality and on-time delivery, supporting steady profit realisation and sustainable shareholder returns. At the same time, we are working to fill our remaining 2029 delivery slots, which are largely for small to mid-sized vessels.”

– Mr. Ren Letian, Executive Chairman and CEO

Orderbook Composition and Growth Trends

• Containerships: Dominant in the orderbook with 126 vessels (USD 16.21 billion).
• Oil Tankers: 47 vessels (USD 2.40 billion).
• Gas Carriers: 26 vessels (USD 2.36 billion).
• Bulk Carriers: 46 vessels (USD 1.86 billion).
• Green (clean-energy) vessels account for approximately 71% of total orderbook value, underscoring the Group’s position as a market leader in sustainable shipping solutions.
• Orderbook trend: Total outstanding orderbook rose from 157 vessels (USD 8.5 billion) at end-2021 to 245 vessels (USD 22.8 billion) as of November 2025, reflecting strong demand and successful contract wins.

YAMIC Yard: Focus on High-Margin, Clean-Energy Vessels

• YAMIC’s orderbook comprises 61 vessels (USD 3.3 billion), with gas carriers accounting for nearly half of the contract value.
• Strategic pivot in 2024 to higher-end gas carriers has more than doubled net profit contribution, enhancing group margins.

Shipping Segment Update

• Current fleet of 32 vessels with an average age of 8.4 years, including bulk carriers, chemical tankers, containerships, and multi-purpose vessels.
• Continuous portfolio optimization through vessel divestments and auctions, positioning the Group for potential capital gains and improved operational efficiency.

Strategic Initiatives and Forward-Looking Plans

• Capacity Expansion: New projects and expanded facilities are in progress, enhancing the Group’s ability to capture future demand, particularly in clean energy and LNG transport.
• LNG Terminal and Infrastructure: Under construction with a capex of RMB 3.0 billion for the Hongyuan LNG terminal and RMB 2.0 billion for LNG storage facilities—both scheduled for completion by 1H2027.
• These investments are set to provide additional revenue streams, support the Group’s ESG credentials, and strengthen long-term growth prospects.

Potentially Price-Sensitive Information for Shareholders

• Record Orderbook Value: The outstanding orderbook of USD 22.8 billion is at a historical high, substantially improving revenue visibility and underlining the Group’s market resilience.
• Clean-Energy Vessel Focus: With 71% of the orderbook value in green vessels, the Group is well-placed to benefit from global decarbonization trends and regulatory tailwinds.
• Capacity Expansion Projects: The large-scale LNG terminal and storage tank investments are significant capex commitments but are expected to generate long-term value and reinforce the Group’s leadership in clean energy maritime logistics.
• Order-Win Acceleration: The YTD 2025 order-win surge (up 4x over 1H2025) could positively impact future revenues and margins.
• Operational Execution: Delivery pace and the absence of major order cancellations or delays (except for four 50,000 DWT MR oil tankers terminated in September 2025) point to effective risk management and execution.
• Profitability at YAMIC: The doubling of net profit contribution from YAMIC signals improving earnings quality, especially from the higher-margin gas carrier segment.

Conclusion

Yangzijiang Shipbuilding (Holdings) Ltd. is demonstrating strong operational execution, robust orderbook growth, and a clear strategic focus on clean-energy solutions. The Group’s aggressive expansion in LNG infrastructure and technological advancements in vessel construction further position it as a leader in the global shipbuilding industry. These developments are likely to be viewed positively by the market and could have a significant impact on the Group’s share price, especially given the enhanced revenue visibility, rising order wins, and alignment with global ESG trends.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell any securities. Investors should conduct their own research and consult their professional advisors before making any investment decisions. The information herein is based on the latest available data as of November 2025 and may be subject to change.

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