YZJ Shipbldg SGD BS6
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Financials
Yangzijiang Shipbuilding (Holdings) Ltd. Annual Report 2025
Explore the statements
9 tablesConsolidated Statement of Comprehensive Income
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| RevenueRMB’000 | 28,504,820 | 26,541,716 | PDF p. 66 |
| Cost of salesRMB’000 | (18,743,847) | (18,933,569) | PDF p. 66 |
| Gross profitRMB’000 | 9,760,973 | 7,608,147 | PDF p. 66 |
| Other income | |||
| – InterestRMB’000 | 850,482 | 735,144 | PDF p. 66 |
| – OthersRMB’000 | 102,672 | 59,034 | PDF p. 66 |
| Other gains – netRMB’000 | 51,652 | 161,490 | PDF p. 66 |
| Administrative expenses | |||
| – Reversal of impairment loss on financial assets – netRMB’000 | 39,989 | 42,175 | PDF p. 66 |
| – Impairment loss on investment propertyRMB’000 | – | (180,865) | PDF p. 66 |
| – OthersRMB’000 | (874,643) | (681,977) | PDF p. 66 |
| Administrative expenses subtotal | |||
| SubtotalRMB’000 | (834,654) | (820,667) | PDF p. 66 |
| Expenses | |||
| – FinanceRMB’000 | (115,420) | (118,772) | PDF p. 66 |
| Share of profits of associated companies and joint venturesRMB’000 | 860,867 | 558,975 | PDF p. 66 |
| Profit before income taxRMB’000 | 10,676,572 | 8,183,351 | PDF p. 66 |
| Income tax expenseRMB’000 | (2,044,680) | (1,549,088) | PDF p. 66 |
| Profit for the yearRMB’000 | 8,631,892 | 6,634,263 | PDF p. 66 |
| Profit attributable to | |||
| Equity holders of the CompanyRMB’000 | 8,637,076 | 6,633,616 | PDF p. 66 |
| Non-controlling interestsRMB’000 | (5,184) | 647 | PDF p. 66 |
| Profit attributable subtotal | |||
| SubtotalRMB’000 | 8,631,892 | 6,634,263 | PDF p. 66 |
| Other comprehensive income | |||
| Profit for the yearRMB’000 | 8,631,892 | 6,634,263 | PDF p. 67 |
| Cash flow hedges | |||
| – Fair value gainsRMB’000 | 187,755 | 21,949 | PDF p. 67 |
| – ReclassificationRMB’000 | (154,589) | 94,903 | PDF p. 67 |
| Share of other comprehensive income from associate and JV | |||
| – Currency translation gains – netRMB’000 | 3,091 | 2,137 | PDF p. 67 |
| Currency translation differences arising from consolidation | |||
| – (Losses)/gainsRMB’000 | (20,677) | 9,981 | PDF p. 67 |
| – ReclassificationRMB’000 | (22,649) | (56,701) | PDF p. 67 |
| Items not subsequently reclassified to profit or loss | |||
| Currency translation losses attributable to non-controlling interestsRMB’000 | (585) | (2,393) | PDF p. 67 |
| Other comprehensive (loss)/income, net of taxRMB’000 | (7,654) | 69,876 | PDF p. 67 |
| Total comprehensive incomeRMB’000 | 8,624,238 | 6,704,139 | PDF p. 67 |
| Total comprehensive income attributable to | |||
| Equity holders of the CompanyRMB’000 | 8,630,007 | 6,705,885 | PDF p. 67 |
| Non-controlling interestsRMB’000 | (5,769) | (1,746) | PDF p. 67 |
| Total comprehensive income attributable subtotal | |||
| SubtotalRMB’000 | 8,624,238 | 6,704,139 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 66 ↗ PDF p. 67 ↗
Earnings per share attributable to equity holders of the Company
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share (RMB cents per share) | |||
| – Basic and dilutedRMB cents per share | 219.23 | 167.91 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Balance Sheets – Group
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsRMB’000 | 20,075,701 | 28,119,740 | PDF p. 68 |
| Restricted cashRMB’000 | 6,068,489 | 19,997 | PDF p. 68 |
| Derivative financial instrumentsRMB’000 | 57,113 | – | PDF p. 68 |
| Financial assets, at fair value through profit or lossRMB’000 | 12,529 | 16,022 | PDF p. 68 |
| Trade and other receivablesRMB’000 | 7,923,067 | 6,270,165 | PDF p. 68 |
| InventoriesRMB’000 | 3,557,854 | 1,876,400 | PDF p. 68 |
| Contract assetsRMB’000 | 5,580,827 | 5,843,093 | PDF p. 68 |
| Current assets subtotal | |||
| SubtotalRMB’000 | 43,275,580 | 42,145,417 | PDF p. 68 |
| Non-current assets | |||
| Financial assets, at fair value through profit or lossRMB’000 | 300 | 2,300 | PDF p. 68 |
| Trade and other receivablesRMB’000 | 963,846 | 1,351,567 | PDF p. 68 |
| Investments in joint venturesRMB’000 | 1,447,388 | 908,115 | PDF p. 68 |
| Investments in associated companiesRMB’000 | 1,097,666 | 58,594 | PDF p. 68 |
| Investment propertyRMB’000 | 2,249,316 | 1,983,500 | PDF p. 68 |
| Property, plant and equipmentRMB’000 | 9,084,541 | 7,863,368 | PDF p. 68 |
| Intangible assetsRMB’000 | 20,841 | 21,249 | PDF p. 68 |
| Deferred income tax assetsRMB’000 | 194,369 | 222,215 | PDF p. 68 |
| Non-current assets subtotal | |||
| SubtotalRMB’000 | 15,058,267 | 12,410,908 | PDF p. 68 |
| Total assetsRMB’000 | 58,333,847 | 54,556,325 | PDF p. 68 |
| Current liabilities | |||
| Trade and other payablesRMB’000 | 3,791,579 | 4,319,720 | PDF p. 68 |
| Contract liabilitiesRMB’000 | 13,140,238 | 14,320,166 | PDF p. 68 |
| Derivative financial instrumentsRMB’000 | 65,304 | 219,094 | PDF p. 68 |
| BorrowingsRMB’000 | 5,500,000 | 4,500,000 | PDF p. 68 |
| Current income tax liabilitiesRMB’000 | 1,293,083 | 872,134 | PDF p. 68 |
| ProvisionsRMB’000 | 750,205 | 653,271 | PDF p. 68 |
| Current liabilities subtotal | |||
| SubtotalRMB’000 | 24,540,409 | 24,884,385 | PDF p. 68 |
| Non-current liabilities | |||
| Other payablesRMB’000 | 318,468 | – | PDF p. 68 |
| Derivative financial instrumentsRMB’000 | – | 11,350 | PDF p. 68 |
| BorrowingsRMB’000 | – | 2,300,000 | PDF p. 68 |
| Deferred income tax liabilitiesRMB’000 | 1,217,148 | 983,461 | PDF p. 68 |
| Non-current liabilities subtotal | |||
| SubtotalRMB’000 | 1,535,616 | 3,294,811 | PDF p. 68 |
| Total liabilitiesRMB’000 | 26,076,025 | 28,179,196 | PDF p. 68 |
| NET ASSETSRMB’000 | 32,257,822 | 26,377,129 | PDF p. 68 |
| Equity attributable to equity holders | |||
| Share capitalRMB’000 | 7,361,990 | 7,361,990 | PDF p. 68 |
| Treasury sharesRMB’000 | (285,966) | (127,753) | PDF p. 68 |
| Other reservesRMB’000 | 1,739,531 | 1,417,238 | PDF p. 68 |
| Retained earningsRMB’000 | 23,326,359 | 17,626,477 | PDF p. 68 |
| Equity attributable to equity holders subtotal | |||
| SubtotalRMB’000 | 32,141,914 | 26,277,952 | PDF p. 68 |
| Non-controlling interestsRMB’000 | 115,908 | 99,177 | PDF p. 68 |
| Total equityRMB’000 | 32,257,822 | 26,377,129 | PDF p. 68 |
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Definitions & sources
Original report: PDF p. 68 ↗
Balance Sheets – Company
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsRMB’000 | 47,074 | 115,443 | PDF p. 69 |
| Trade and other receivablesRMB’000 | 11,355,510 | 7,013,554 | PDF p. 69 |
| Current assets subtotal | |||
| SubtotalRMB’000 | 11,402,584 | 7,128,997 | PDF p. 69 |
| Non-current assets | |||
| Trade and other receivablesRMB’000 | 4,803,977 | 5,607,691 | PDF p. 69 |
| Investments in subsidiariesRMB’000 | 10,029,470 | 9,510,713 | PDF p. 69 |
| Investments in joint venturesRMB’000 | 303,011 | 309,327 | PDF p. 69 |
| Investments in associated companiesRMB’000 | 855,172 | 134,062 | PDF p. 69 |
| Non-current assets subtotal | |||
| SubtotalRMB’000 | 15,991,630 | 15,561,793 | PDF p. 69 |
| Total assetsRMB’000 | 27,394,214 | 22,690,790 | PDF p. 69 |
| Current liabilities | |||
| Other payablesRMB’000 | 308,394 | 1,174,468 | PDF p. 69 |
| Current income tax liabilitiesRMB’000 | 60,502 | 5,584 | PDF p. 69 |
| Current liabilities subtotal | |||
| SubtotalRMB’000 | 368,896 | 1,180,052 | PDF p. 69 |
| Non-current liabilities | |||
| Other payablesRMB’000 | 36,731 | – | PDF p. 69 |
| Deferred income tax liabilitiesRMB’000 | 144,315 | 76,058 | PDF p. 69 |
| Non-current liabilities subtotal | |||
| SubtotalRMB’000 | 181,046 | 76,058 | PDF p. 69 |
| Total liabilitiesRMB’000 | 549,942 | 1,256,110 | PDF p. 69 |
| NET ASSETSRMB’000 | 26,844,272 | 21,434,680 | PDF p. 69 |
| Equity | |||
| Share capitalRMB’000 | 7,326,773 | 7,326,773 | PDF p. 69 |
| Treasury sharesRMB’000 | (285,966) | (127,753) | PDF p. 69 |
| Other reservesRMB’000 | 180,637 | 180,637 | PDF p. 69 |
| Retained earningsRMB’000 | 19,622,828 | 14,055,023 | PDF p. 69 |
| Total equityRMB’000 | 26,844,272 | 21,434,680 | PDF p. 69 |
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Definitions & sources
Original report: PDF p. 69 ↗
Consolidated Statement of Changes in Equity – 2025
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group: Share capital | 2025Group: Treasury shares | 2025Group: Statutory reserve | 2025Group: Hedging reserve | 2025Group: Currency translation reserve | 2025Group: Other reserves | 2025Group: Retained earnings | 2025Group: Equity holders’ total | 2025Group: Non-controlling interests | 2025Group: Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening equity | |||||||||||
| As at 1 January 2025RMB’000 | 7,361,990 | (127,753) | 4,028,378 | (33,166) | 130,531 | (2,708,505) | 17,626,477 | 26,277,952 | 99,177 | 26,377,129 | PDF p. 70 |
| Comprehensive income | |||||||||||
| Profit/(loss) for the yearRMB’000 | – | – | – | – | – | – | 8,637,076 | 8,637,076 | (5,184) | 8,631,892 | PDF p. 70 |
| Other comprehensive income/(loss) for the yearRMB’000 | – | – | – | 33,166 | (40,235) | – | – | (7,069) | (585) | (7,654) | PDF p. 70 |
| Total comprehensive income/(loss) for the yearRMB’000 | – | – | – | 33,166 | (40,235) | – | 8,637,076 | 8,630,007 | (5,769) | 8,624,238 | PDF p. 70 |
| Transactions with owners | |||||||||||
| DividendsRMB’000 | – | – | – | – | – | – | (2,607,832) | (2,607,832) | – | (2,607,832) | PDF p. 70 |
| Purchase of treasury sharesRMB’000 | – | (158,213) | – | – | – | – | – | (158,213) | – | (158,213) | PDF p. 70 |
| Capital injection by non-controlling interest of a subsidiaryRMB’000 | – | – | – | – | – | – | – | – | 22,500 | 22,500 | PDF p. 70 |
| TransferRMB’000 | – | – | 329,362 | – | – | – | (329,362) | – | – | – | PDF p. 70 |
| Total transactions with owners, recognised directly in equityRMB’000 | – | (158,213) | 329,362 | – | – | – | (2,937,194) | (2,766,045) | 22,500 | (2,743,545) | PDF p. 70 |
| Closing equity | |||||||||||
| As at 31 December 2025RMB’000 | 7,361,990 | (285,966) | 4,357,740 | – | 90,296 | (2,708,505) | 23,326,359 | 32,141,914 | 115,908 | 32,257,822 | PDF p. 70 |
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Definitions & sources
Original report: PDF p. 70 ↗
Consolidated Statement of Changes in Equity – 2024
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group: Share capital | 2024Group: Treasury shares | 2024Group: Statutory reserve | 2024Group: Hedging reserve | 2024Group: Currency translation reserve | 2024Group: Other reserves | 2024Group: Retained earnings | 2024Group: Equity holders’ total | 2024Group: Non-controlling interests | 2024Group: Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening equity | |||||||||||
| As at 1 January 2024RMB’000 | 7,361,990 | (127,753) | 3,782,985 | (150,018) | 175,114 | (2,685,846) | 12,584,081 | 20,940,553 | 202,397 | 21,142,950 | PDF p. 71 |
| Comprehensive income | |||||||||||
| Profit for the yearRMB’000 | – | – | – | – | – | – | 6,633,616 | 6,633,616 | 647 | 6,634,263 | PDF p. 71 |
| Other comprehensive income/(loss) for the yearRMB’000 | – | – | – | 116,852 | (44,583) | – | – | 72,269 | (2,393) | 69,876 | PDF p. 71 |
| Total comprehensive income/(loss) for the yearRMB’000 | – | – | – | 116,852 | (44,583) | – | 6,633,616 | 6,705,885 | (1,746) | 6,704,139 | PDF p. 71 |
| Transactions with owners | |||||||||||
| DividendsRMB’000 | – | – | – | – | – | – | (1,345,827) | (1,345,827) | – | (1,345,827) | PDF p. 71 |
| Acquisition of the non-controlling interests of a subsidiaryRMB’000 | – | – | – | – | – | (22,659) | – | (22,659) | (116,880) | (139,539) | PDF p. 71 |
| Dissolution of subsidiaryRMB’000 | – | – | – | – | – | – | – | – | (31,594) | (31,594) | PDF p. 71 |
| Capital injection by non-controlling interest of a subsidiaryRMB’000 | – | – | – | – | – | – | – | – | 47,000 | 47,000 | PDF p. 71 |
| TransferRMB’000 | – | – | 245,393 | – | – | – | (245,393) | – | – | – | PDF p. 71 |
| Total transactions with owners, recognised directly in equityRMB’000 | – | – | 245,393 | – | – | (22,659) | (1,591,220) | (1,368,486) | (101,474) | (1,469,960) | PDF p. 71 |
| Closing equity | |||||||||||
| As at 31 December 2024RMB’000 | 7,361,990 | (127,753) | 4,028,378 | (33,166) | 130,531 | (2,708,505) | 17,626,477 | 26,277,952 | 99,177 | 26,377,129 | PDF p. 71 |
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Definitions & sources
Original report: PDF p. 71 ↗
Consolidated Statement of Cash Flows
54 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit for the yearRMB’000 | 8,631,892 | 6,634,263 | PDF p. 72 |
| Adjustments | |||
| – Income tax expenseRMB’000 | 2,044,680 | 1,549,088 | PDF p. 72 |
| – Depreciation of property, plant and equipmentRMB’000 | 525,358 | 433,202 | PDF p. 72 |
| – Depreciation of investment propertyRMB’000 | 105 | 23,463 | PDF p. 72 |
| – Amortisation of intangible assetsRMB’000 | 4,421 | 4,602 | PDF p. 72 |
| – Finance expensesRMB’000 | 115,420 | 118,772 | PDF p. 72 |
| – Gain on disposal of property, plant and equipmentRMB’000 | (86,700) | (28,302) | PDF p. 72 |
| Adjustments — Fair value change on | |||
| • derivative financial instrumentsRMB’000 | (1,364) | – | PDF p. 72 |
| • financial assets at fair value, through profit or lossRMB’000 | (2,687) | 23,252 | PDF p. 72 |
| Adjustments | |||
| – Impairment loss on Investment propertyRMB’000 | – | 180,865 | PDF p. 72 |
| – Interest incomeRMB’000 | (850,482) | (735,144) | PDF p. 72 |
| – Dividend incomeRMB’000 | (296) | (539) | PDF p. 72 |
| – Share of profits of associated companies and joint venturesRMB’000 | (860,867) | (558,975) | PDF p. 72 |
| Operating activities subtotal | |||
| SubtotalRMB’000 | 9,519,480 | 7,644,547 | PDF p. 72 |
| Changes in working capital | |||
| – InventoriesRMB’000 | (1,660,876) | (911,701) | PDF p. 72 |
| – Contract balancesRMB’000 | (1,099,531) | 7,519,588 | PDF p. 72 |
| – Trade and other receivablesRMB’000 | (1,426,851) | (1,250,599) | PDF p. 72 |
| – Trade and other payablesRMB’000 | (351,524) | 300,494 | PDF p. 72 |
| – ProvisionsRMB’000 | 96,934 | 209,496 | PDF p. 72 |
| – Restricted cashRMB’000 | 19,908 | (11,472) | PDF p. 72 |
| Operating activities | |||
| Cash generated from operationsRMB’000 | 5,097,540 | 13,500,353 | PDF p. 72 |
| Interest paidRMB’000 | (115,420) | (118,772) | PDF p. 72 |
| Interest receivedRMB’000 | 850,482 | 735,144 | PDF p. 72 |
| Income tax paidRMB’000 | (1,368,052) | (1,155,654) | PDF p. 72 |
| Net cash provided by operating activitiesRMB’000 | 4,464,550 | 12,961,071 | PDF p. 72 |
| Investing activities | |||
| Proceeds from sales of property, plant and equipmentRMB’000 | 272,032 | 99,747 | PDF p. 73 |
| Proceeds from partial disposal of investment in a joint ventureRMB’000 | 100,774 | – | PDF p. 73 |
| Proceeds from sales of financial assets at fair value through profit or lossRMB’000 | 8,180 | 4,020 | PDF p. 73 |
| Dividend received from financial assets at fair value through profit or lossRMB’000 | 296 | 539 | PDF p. 73 |
| Dividend received from a joint ventureRMB’000 | 158,528 | 315,315 | PDF p. 73 |
| Dividend received from an associated companyRMB’000 | 10,360 | – | PDF p. 73 |
| Additions to property, plant and equipmentRMB’000 | (1,952,959) | (1,056,461) | PDF p. 73 |
| Additions to investment propertyRMB’000 | (181,105) | (40,829) | PDF p. 73 |
| Acquisition of a subsidiary, net of cash acquiredRMB’000 | – | (19,388) | PDF p. 73 |
| Acquisition of intangible assetsRMB’000 | (4,013) | (4,672) | PDF p. 73 |
| Investment in an associated companyRMB’000 | (833,051) | – | PDF p. 73 |
| Return of capital by an associated companyRMB’000 | 5,814 | – | PDF p. 73 |
| Loan to non-related partiesRMB’000 | (22,500) | (447,000) | PDF p. 73 |
| Repayment of loan by/(loan to) an associated company – netRMB’000 | 20,000 | (20,000) | PDF p. 73 |
| Repayment of loan by a non-related partyRMB’000 | 4,000 | – | PDF p. 73 |
| Increase in restricted cashRMB’000 | (6,068,400) | – | PDF p. 73 |
| Net cash used in investing activitiesRMB’000 | (8,482,044) | (1,168,729) | PDF p. 73 |
| Financing activities | |||
| Purchase of treasury sharesRMB’000 | (158,213) | – | PDF p. 73 |
| Proceeds from bank borrowingsRMB’000 | 2,250,000 | 5,550,000 | PDF p. 73 |
| Repayments of bank borrowingsRMB’000 | (3,550,000) | (4,344,571) | PDF p. 73 |
| Capital injection by non-controlling interestsRMB’000 | 22,500 | 47,000 | PDF p. 73 |
| Acquisition of non-controlling interestsRMB’000 | – | (139,539) | PDF p. 73 |
| Principal payment of lease liabilitiesRMB’000 | – | (350) | PDF p. 73 |
| Dividends paid to equity holdersRMB’000 | (2,607,832) | (1,345,827) | PDF p. 73 |
| Loan from an associated companyRMB’000 | 17,000 | – | PDF p. 73 |
| Net cash used in financing activitiesRMB’000 | (4,026,545) | (233,287) | PDF p. 73 |
| Cash reconciliation | |||
| Net (decrease)/increase in cash and cash equivalentsRMB’000 | (8,044,039) | 11,559,055 | PDF p. 73 |
| Cash and cash equivalents at beginning of financial yearRMB’000 | 28,119,740 | 16,560,685 | PDF p. 73 |
| Cash and cash equivalents at end of financial yearRMB’000 | 20,075,701 | 28,119,740 | PDF p. 73 |
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Original report: PDF p. 72 ↗ PDF p. 73 ↗
Five-year Financial Highlights
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Results | ||||||
| RevenueRMB’000 | 28,504,820 | 26,541,716 | 24,112,330 | 20,705,076 | 15,137,154 | PDF p. 5 |
| Gross profitRMB’000 | 9,760,973 | 7,608,147 | 5,410,253 | 3,197,198 | 2,084,327 | PDF p. 5 |
| Other incomeRMB’000 | 953,154 | 794,178 | 577,891 | 454,626 | 436,344 | PDF p. 5 |
| Other gains/(losses)RMB’000 | 51,652 | 161,490 | (328,184) | 233,110 | 958,719 | PDF p. 5 |
| Net profit from continuing operationsRMB’000 | 8,637,076 | 6,633,616 | 4,101,548 | 2,612,904 | 1,971,192 | PDF p. 5 |
| Net profit from discontinued operationsRMB’000 | – | – | – | 194,576 | 1,727,440 | PDF p. 5 |
| Net profit attributable to shareholdersRMB’000 | 8,637,076 | 6,633,616 | 4,101,548 | 2,807,480 | 3,698,632 | PDF p. 5 |
| Basic EPS (RMB cents)RMB cents per share | 219.23 | 167.91 | 103.82 | 71.25 | 95.79 | PDF p. 5 |
| Financial position | ||||||
| Total assetsRMB’000 | 58,333,847 | 54,556,325 | 40,864,327 | 32,967,103 | 51,612,264 | PDF p. 5 |
| Shareholders’ equityRMB’000 | 32,141,914 | 26,277,952 | 20,940,553 | 17,573,131 | 35,923,416 | PDF p. 5 |
| Cash and cash equivalentsRMB’000 | 20,075,701 | 28,119,740 | 16,560,685 | 10,778,393 | 12,363,193 | PDF p. 5 |
| Net asset value per ordinary shares (RMB cents)RMB cents per share | 816.70 | 665.17 | 530.06 | 444.82 | 915.62 | PDF p. 5 |
| Market highlights | ||||||
| Dividends (Singapore dollar)Singapore dollars per share | 0.200 | 0.120 | 0.065 | 0.05 | 0.05 | PDF p. 5 |
| Share price at Period End (Singapore dollar)Singapore dollars per share | 3.480 | 2.990 | 1.490 | 1.360 | 1.340 | PDF p. 5 |
| Payout ratio% | 50 | 38 | 34 | 36 | 25 | PDF p. 5 |
| P/Etimes | 8.66 | 9.48 | 7.72 | 9.89 | 6.71 | PDF p. 5 |
| P/Btimes | 2.33 | 2.39 | 1.51 | 1.58 | 0.69 | PDF p. 5 |
| Dividend yield% | 5.75 | 4.01 | 4.36 | 3.68 | 3.73 | PDF p. 5 |
| No. of shares (’000)’000 shares | 3,935,589 | 3,950,589 | 3,950,589 | 3,950,589 | 3,923,414 | PDF p. 5 |
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Definitions & sources
Original report: PDF p. 5 ↗
The table lists years 2025, 2024, 2023, 2022, 2021 in that order. The market-data metrics on this page use their separately printed units.
Twelve-year Financial Highlights Charts
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2014Group financial highlights | 2015Group financial highlights | 2016Group financial highlights | 2017Group financial highlights | 2018Group financial highlights | 2019Group financial highlights | 2020Group financial highlights | 2021Group financial highlights | 2022Group financial highlights | 2023Group financial highlights | 2024Group financial highlights | 2025Group financial highlights | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial highlights | |||||||||||||
| RevenueRMB million | 15,354 | 16,014 | 15,089 | 19,206 | 23,238 | 23,597 | 14,841 | 15,137 | 20,705 | 24,112 | 26,542 | 28,505 | PDF p. 4 |
| Net profit attributable to shareholdersRMB million | 3,727 | 2,662 | 1,999 | 2,848 | 3,070 | 3,105 | 2,516 | 3,699 | 2,807 | 4,102 | 6,634 | 8,637 | PDF p. 4 |
| Dividend chart | |||||||||||||
| Dividend per shareSingapore cents per share | 5.5 | 4.5 | 4.0 | 4.5 | 5.0 | 4.5 | 4.5 | 5.0 | 5.0 | 6.5 | 12.0 | 20.0 | PDF p. 4 |
| Dividend payout ratio% | 28 | 30 | 37 | 30 | 32 | 29 | 34 | 25 | 36 | 34 | 38 | 50 | PDF p. 4 |
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Definitions & sources
Original report: PDF p. 4 ↗
Revenue from FY2021 onwards relates to continuing operations only.
Net profit attributable to shareholders for FY2021 and FY2022 relates to profit from continuing and discontinued operations.
The chart page is preserved in evidence-images/yangzijiang-fy2025-p4.png; corresponding bbox XML is evidence-xml/yangzijiang-fy2025-p4-p5.xml.
Where the money comes from
Segment information
By business
Segment information, year ended 31 December 26 lines
| Item / unit | 2025Shipbuilding segment, The Group | 2025Shipping segment, The Group | 2025Others segment, The Group | 2025Total, The Group | 2024Shipbuilding segment, The Group | 2024Shipping segment, The Group | 2024Others segment, The Group | 2024Total, The Group | Source |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Segment revenueRMB'000 | 26,825,617 | 1,141,452 | 537,751 | 28,504,820 | 25,215,606 | 1,242,528 | 83,582 | 26,541,716 | PDF p. 140PDF p. 141 |
| Results | |||||||||
| Segment resultRMB'000 | 9,717,553 | 510,310 | (19,778) | 10,208,085 | 6,971,299 | 659,342 | (205,925) | 7,424,716 | PDF p. 140PDF p. 141 |
| Included within segment result | |||||||||
| Raw materials and consumables usedRMB'000 | (12,754,017) | – | (315,793) | (13,069,810) | (13,413,148) | – | (15,556) | (13,428,704) | PDF p. 140PDF p. 141 |
| Subcontracting costsRMB'000 | (2,998,613) | – | (51,355) | (3,049,968) | (2,512,433) | – | – | (2,512,433) | PDF p. 140PDF p. 141 |
| Vessel operations expensesRMB'000 | – | (570,874) | – | (570,874) | – | (536,060) | – | (536,060) | PDF p. 140PDF p. 141 |
| Finance expensesRMB'000 | (115,359) | – | (61) | (115,420) | (117,998) | – | (774) | (118,772) | PDF p. 140PDF p. 141 |
| Included within segment result – Fair value gain on | |||||||||
| • Derivatives financial instrumentsRMB'000 | 1,364 | – | – | 1,364 | PDF p. 140 | ||||
| Included within segment result | |||||||||
| Depreciation of investment propertyRMB'000 | – | – | (105) | (105) | – | – | (23,463) | (23,463) | PDF p. 140PDF p. 141 |
| Dividend incomeRMB'000 | – | – | 296 | 296 | – | – | 539 | 539 | PDF p. 140PDF p. 141 |
| Share of profits/(losses) of associated companiesRMB'000 | 230,050 | – | (4,681) | 225,369 | PDF p. 140 | ||||
| Share of profits/(losses) of joint venturesRMB'000 | 635,503 | (5) | – | 635,498 | PDF p. 140 | ||||
| Sales of bunker stockRMB'000 | – | 32,050 | – | 32,050 | – | 9,257 | – | 9,257 | PDF p. 140PDF p. 141 |
| Subsidies and incentivesRMB'000 | 134,474 | 8,225 | 554 | 143,253 | PDF p. 140 | ||||
| Bad debt recoveryRMB'000 | 38,861 | 1,128 | – | 39,989 | PDF p. 140 | ||||
| Interest income – finance leaseRMB'000 | – | 65,698 | – | 65,698 | – | 86,824 | – | 86,824 | PDF p. 140PDF p. 141 |
| Assets | |||||||||
| Segment assetsRMB'000 | 47,534,759 | 5,576,560 | 5,028,159 | 58,139,478 | 44,312,102 | 6,434,421 | 3,587,587 | 54,334,110 | PDF p. 140PDF p. 141 |
| Segment assets includes | |||||||||
| Investment in associated companiesRMB'000 | 1,097,666 | – | – | 1,097,666 | 52,780 | – | 5,814 | 58,594 | PDF p. 140PDF p. 141 |
| Investments in joint venturesRMB'000 | 1,447,388 | – | – | 1,447,388 | 908,115 | – | – | 908,115 | PDF p. 140PDF p. 141 |
| Segment assets includes – Additions to property, plant and equipment (capital expenditure) | |||||||||
| equipmentRMB'000 | 1,383,341 | 259,449 | 387,025 | 2,029,815 | 199,779 | 810,133 | 89,996 | 1,099,908 | PDF p. 140PDF p. 141 |
| Segment assets includes | |||||||||
| Addition to investment propertyRMB'000 | – | – | 215,789 | 215,789 | PDF p. 140 | ||||
| Liabilities | |||||||||
| Segment liabilitiesRMB'000 | (23,042,970) | (163,041) | (359,783) | (23,565,794) | (25,952,251) | (191,431) | (179,919) | (26,323,601) | PDF p. 140PDF p. 141 |
| Included within segment result | |||||||||
| Impairment loss on investment propertyRMB'000 | – | – | (180,865) | (180,865) | PDF p. 141 | ||||
| Share of profits of associated companiesRMB'000 | – | – | 2,088 | 2,088 | PDF p. 141 | ||||
| Share of profits of joint ventureRMB'000 | 556,901 | (14) | – | 556,887 | PDF p. 141 | ||||
| Subsidy incomeRMB'000 | 136,394 | – | 295 | 136,689 | PDF p. 141 | ||||
| Bad debt recovery/(written off)RMB'000 | 43,303 | (1,128) | – | 42,175 | PDF p. 141 | ||||
Notes
Not all printed lines extracted (e.g., fair value gain on financial assets, depreciation of PPE, cash flow hedges, disposal gains split over wrapped lines). Segment result of Others includes ship design, terminal services, property investment. Certain administrative expenses and FX differences are not allocated to segments.
Not all printed lines extracted (wrapped-label rows such as fair value loss, depreciation of PPE, cash flow hedges, disposal gains omitted). Certain administrative expenses and FX differences are not allocated to segments.
Note 37(a)(i) Reconciliation of segment results to profit before tax 6 lines
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Segment profits | |||
| Segment results for reportable segmentsRMB'000 | 10,227,863 | 7,630,641 | PDF p. 142 |
| Segment results for other segmentsRMB'000 | (19,778) | (205,925) | PDF p. 142 |
| Segment profits – Unallocated | |||
| Other incomeRMB'000 | 855,110 | 697,206 | PDF p. 142 |
| Other (losses)/gains – netRMB'000 | (364,221) | 131,400 | PDF p. 142 |
| Administrative expensesRMB'000 | (22,402) | (69,971) | PDF p. 142 |
| Segment profits | |||
| Profit before taxRMB'000 | 10,676,572 | 8,183,351 | PDF p. 142 |
Note 37(a)(ii) Segment assets reconciliation 4 lines
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Segment assets | |||
| Segment assets for reportable segmentsRMB'000 | 53,111,319 | 50,746,523 | PDF p. 142 |
| Other segment assetsRMB'000 | 5,028,159 | 3,587,587 | PDF p. 142 |
| Segment assets – Unallocated | |||
| Deferred income tax assetsRMB'000 | 194,369 | 222,215 | PDF p. 142 |
| Segment assets | |||
| Total assetsRMB'000 | 58,333,847 | 54,556,325 | PDF p. 142 |
Notes
All assets are allocated to reportable segments other than deferred income tax assets.
Note 37(a)(iii) Segment liabilities reconciliation 5 lines
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Segment liabilities | |||
| Segment liabilities for reportable segmentsRMB'000 | (23,206,011) | (26,143,682) | PDF p. 142 |
| Other segment liabilitiesRMB'000 | (359,783) | (179,919) | PDF p. 142 |
| Segment liabilities – Unallocated | |||
| Current income tax liabilitiesRMB'000 | (1,293,083) | (872,134) | PDF p. 142 |
| Deferred income tax liabilitiesRMB'000 | (1,217,148) | (983,461) | PDF p. 142 |
| Segment liabilities | |||
| Total liabilitiesRMB'000 | (26,076,025) | (28,179,196) | PDF p. 142 |
Notes
All liabilities are allocated to reportable segments other than current income tax liabilities and deferred income tax liabilities.
Note 37(b) Revenue by major product and service types 12 lines
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Revenue by product | |||
| Construction of container shipsRMB'000 | 16,077,062 | 19,897,006 | PDF p. 143 |
| Construction of multiple purpose cargo shipsRMB'000 | 2,066,591 | 2,086,107 | PDF p. 143 |
| Construction of oil tankersRMB'000 | 7,997,466 | 3,003,308 | PDF p. 143 |
| Construction of gas carriersRMB'000 | 436,062 | – | PDF p. 143 |
| Sales of steel partsRMB'000 | 248,436 | 229,185 | PDF p. 143 |
| Sales of goods – materials and othersRMB'000 | 452,429 | 7,717 | PDF p. 143 |
| Sales of residential unitsRMB'000 | 63,503 | – | PDF p. 143 |
| Charter hire incomeRMB'000 | 1,141,452 | 1,242,528 | PDF p. 143 |
| Rendering of ship design servicesRMB'000 | 14,875 | 19,357 | PDF p. 143 |
| Rental incomeRMB'000 | 6,803 | 25,253 | PDF p. 143 |
| OthersRMB'000 | 141 | 31,255 | PDF p. 143 |
| Total revenueRMB'000 | 28,504,820 | 26,541,716 | PDF p. 143 |
By geography
Note 37(c) Geographical information – revenue based on customers' locations 14 lines
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Revenue by customer location | |||
| Greater ChinaRMB'000 | 981,968 | 1,046,454 | PDF p. 143 |
| CanadaRMB'000 | 122,766 | 7,962,715 | PDF p. 143 |
| JapanRMB'000 | 1,190,578 | 359,729 | PDF p. 143 |
| ItalyRMB'000 | 6,864,562 | 8,332,125 | PDF p. 143 |
| GreeceRMB'000 | 5,453,764 | 2,608,329 | PDF p. 143 |
| FranceRMB'000 | 3,922,168 | – | PDF p. 143 |
| BulgariaRMB'000 | 443,980 | 1,144,427 | PDF p. 143 |
| United KingdomRMB'000 | 1,569,550 | 1,029,333 | PDF p. 143 |
| SingaporeRMB'000 | 2,266,523 | 2,517,497 | PDF p. 143 |
| DenmarkRMB'000 | 2,166,384 | – | PDF p. 143 |
| SwitzerlandRMB'000 | 713,965 | – | PDF p. 143 |
| Other European countriesRMB'000 | 955,278 | 411,481 | PDF p. 143 |
| Other Asian countriesRMB'000 | 1,853,334 | 1,129,626 | PDF p. 143 |
| Total revenueRMB'000 | 28,504,820 | 26,541,716 | PDF p. 143 |
Notes
The Group’s non-current assets located in the PRC and Singapore amount to RMB6,927,052,000 (2024: RMB4,785,177,000) and RMB2,249,316,000 (2024: RMB1,983,500,000) respectively.
Revenues of approximately RMB15,136,858,000 (2024: RMB18,717,822,000) are derived from four (2024: three) major customers, attributable to the shipbuilding segment.
Shipping assets are included within “Others” as the shipping business operates on international shipping routes; not allocated to geographic locations.
Debt
Borrowings
Note 35(c) Liquidity risk – contractual undiscounted maturity of bank borrowings
| Item / unit | 2025Less than 1 year | 2025Between 1 and 2 years | 2025Between 2 and 5 years | 2025Over 5 years | Source |
|---|---|---|---|---|---|
| The Group – As at 31 December 2025 | |||||
| Bank borrowingsRMB'000 | (5,532,124) | – | – | – | PDF p. 134 |
| The Group – As at 31 December 2024 | |||||
| Bank borrowingsRMB'000 | (4,591,259) | (2,310,738) | – | – | PDF p. 134 |
Notes
Contractual undiscounted cash flows. Columns apply to both 31 December 2025 and 31 December 2024 blocks; the 2024 row is the 31 December 2024 comparative. Balances due within 12 months equal carrying balances.
Borrowing notes 3 tables
Borrowings
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank borrowings (unsecured)RMB'000 | 5,500,000 | 4,500,000 | – | – | PDF p. 121 |
| Non-current | |||||
| Bank borrowings (unsecured)RMB'000 | – | 2,300,000 | – | – | PDF p. 121 |
Notes
Total borrowings: Group 5,500,000 (2025) and 6,800,000 (2024); Company – and –.
Borrowings – interest rate exposure and repricing (all fixed rate)
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Fixed rate | |||||
| – Within one yearRMB'000 | 5,500,000 | 4,500,000 | – | – | PDF p. 121 |
| – One to two yearsRMB'000 | – | 2,300,000 | – | – | PDF p. 121 |
Notes
Total fixed rate: Group 5,500,000 (2025) and 6,800,000 (2024).
Note 28(a) Fair value of non-current borrowings at fixed rate, and discount rate
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Fair value of borrowings | |||||
| – RMBRMB'000 | – | 2,199,867 | – | – | PDF p. 121 |
| Discount rates | |||||
| – RMB% | – | 3.60 | – | – | PDF p. 121 |
Notes
Fair values are within Level 2 of the fair value hierarchy. Discount rate is market borrowing rate of an equivalent instrument.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy (Provision 11.6) | The Company has adopted a dividend policy that it believes appropriately reflects its goals, strategy and risk profile while providing attractive long-term return to investors. | Company | PDF p. 53 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Board is recommending S$0.20 per ordinary share for FY2025 | S$0.20 | FY2025 first and final one-tier tax-exempt dividend, proposed | PDF p. 53 |
| A final exempt (one-tier) dividend | SGD20.0 cents per share | FY2025 final, proposed; Group | PDF p. 127 |
| Final exempt dividend paid in respect of the previous financial year | SGD12.0 cents | FY2024 final exempt dividend, paid in 2025; comparative year 2024 shown as SGD6.5 cents (FY2023 dividend) | PDF p. 127 |
| Dividends (Singapore dollar) | 0.200 SGD per share | FY2025; comparative FY2024 0.120 | PDF p. 5 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Payout ratio | 50% | FY2025; comparative FY2024 38% | PDF p. 5 |
Extracted from Yangzijiang Shipbuilding (Holdings) Ltd. Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Engagement partner | Daniel Khoo | Group | PDF p. 65 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Shipbuilding contracts | Shipbuilding contracts | Group | PDF p. 61 |
| Shipbuilding contracts | Shipbuilding revenue amounted to RMB26.826 billion | Group | PDF p. 61 |
| Liquefied natural gas (“LNG”) Terminal and LNG Storage and Distribution facility | Liquefied natural gas (“LNG”) Terminal and LNG Storage and Distribution facility | Group | PDF p. 63 |
| Liquefied natural gas (“LNG”) Terminal and LNG Storage and Distribution facility | A total investment of approximately RMB1.9 billion is | Group | PDF p. 63 |
Extracted from Yangzijiang Shipbuilding (Holdings) Ltd. Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Yangzijiang Shipbuilding (Holdings) Ltd. Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Statements retain Group and Company scope and RMB thousands; highlights retain their printed RMB millions, RMB cents and Singapore-dollar dividend units. Five-year figures cover 2021–2025; the twelve-year charts cover2014–2025.
Revenue from 2021 onward covers continuing operations only. Chart net profit in 2021/2022 includes discontinued operations; five-year highlights separate continuing and discontinued profit.
The report discloses consolidated income, equity movements and cash flow, and Group/Company balance sheets. Separate Company income, equity movements and cash flow are not presented in this source.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.