In this round of global shipbuilding boom cycle, Yangzijiang Shipbuilding Industry has always been an unavoidable name.
From a local shipyard to an important force in the global mainstream shipbuilding market, the rise of the Yangtze River Shipbuilding Industry is itself a microcosm of China's private shipbuilding industry breaking through, growing and going global. As the founder of this enterprise and one of the most representative figures of China's private shipbuilding industry, Ren Yuanlin's judgment, experience and thinking have always attracted the attention of the industry.
Recently, "Daily Economic News" conducted a rare in-depth interview with Ren Yuanlin. Faced with the current complex and changing international situation, the risk of the Strait of Hormuz, the global shipbuilding and shipping cycle, the competitive advantages of China's shipbuilding industry, and the future layout of the Yangtze River System in shipbuilding, finance, maritime services and other sectors, Ren Yuanlin gave a relatively complete response. In the interview, he provided not only his judgment on the general trend of the industry, but also on corporate operations. A frank expression of succession and the long-term competitiveness of China's shipbuilding industry.
From the perspective of Xinde Maritime Network, the value of this exclusive interview lies not only in presenting the latest thinking of the helmsman of a leading private shipbuilding company, but also in that it provides an important sample for observing the current position and future direction of China's shipbuilding industry.
Source: Daily Economic News
Reporter of Every Journal | Huang Hai Editor of Every Journal | Liao Dan
In early March, Jiangyin was suddenly warm and then cold. In the shipyard park on the banks of the Yangtze River, people were walking in groups of twos and threes. The river breeze was slightly cool, and the distant river was filled with mist. From time to time, large ships passed by, looming.
This was the former site of the "Jiangyin Yangzijiang Shipyard". In 2012, "Old Yangzi" responded to the call of the Jiangyin Municipal Government and relocated the entire factory. The then head of the shipyard, Ren Yuanlin, only made one request - to retain the two old office buildings at the foot of the mountain. He wanted to use this place as the headquarters of the Yangzijiang Group.
Photo source of the old office building of the Yangtze River Shipyard next to the Shipyard Park: Photo by Daily reporter Huang Hai
Today, Yangzijiang Shipbuilding has become an internationally renowned shipyard. The entire group has established a three-tier structure of shipbuilding + finance + maritime services, and its business touches almost the entire industry chain of global shipping. In mainstream rankings, Yangzijiang Shipyard ranks among the top five in the world in terms of total orders on hand, ranking first among Chinese private enterprises. It was once evaluated by the outside world as the most profitable shipbuilding company in China. Ren Yuanlin is also known as the "Private Shipping King" by the outside world.
In 2020, Ren Yuanlin officially announced his retirement, and his son Ren Letian officially took charge. The performance of Yangzijiang Shipbuilding also continued to rise along with the industry cycle. In 2025, Yangzijiang Shipbuilding achieved revenue of 28.5 billion yuan, a year-on-year increase of 7%; the corresponding net profit reached 8.6 billion yuan, a year-on-year increase of 30%. As of the end of last year, Yangzijiang Shipbuilding had a total of 245 ships, with a total of more than 150 ships. Billion yuan of orders on hand, scheduled to 2030.
On the other side, since 2022, the long-retired Ren Yuanlin has successively promoted the listing of two companies, Yangzijiang Financial Holdings and Yangzijiang Maritime, on the SGX. During this period, Ren Yuanlin, who was in his seventies, was still working in the old Yangtze office, from 7:30 to 11:30 every morning, without moving.
The conflict between the United States, Israel and Iran continues, and the global economy has once again been cast into a layer of uncertainty and turmoil. Recently, a reporter from the "Daily Economic News" (hereinafter referred to as NBD) met Ren Yuanlin in this slightly plain old office.
"Private Shipping King" Ren Yuanlin Picture source: Photo provided by interviewee
After his retirement, Ren Yuanlin rarely gave interviews to the media. This time, at a long table filled with working documents, Ren Yuanlin chatted with reporters for more than an hour. He talked about everything he knew about the international situation, shipping development, corporate planning and even personal topics.
The following is part of the conversation, the content has been organized.
NBD: The world is currently undergoing profound changes unseen in a century. Can you sum up 2025 in one sentence? In one sentence, look forward to the remaining nine months of 2026?
Ren: To sum up 2025, we have this sentence - focus on the main business, make steady progress, and pioneer and innovate. To put it more simply, we will build ships well, manage money well, and order new ships. Looking forward to 2026, we will grasp the certainty, such as the orders in our hands, our goals and plans are certain content. At the same time, we have to deal with "uncertainty", especially in recent days, many things have brought new challenges and new problems. It turned out to be the Russia-Ukraine conflict, We have made progress; now the situation in Iran and the issue of the Strait of Hormuz still bring us great uncertainty.
NBD: What do you think of these uncertainties? What impact will it have on Yangtze River-based companies?
Ren: We now hope to take the uncertain factors into consideration and turn them into certainty. Regarding the Strait of Hormuz, my personal opinion is that driven by the interests between countries, this matter will be a period of difficulty, but it will not turn into a disaster.
For Iran, if the Strait of Hormuz is really blocked for a long time, it will also be a devastating blow. This is a matter of "hurting a thousand enemies and damaging oneself". So I think that the current Hormuz issue will be solved relatively quickly, and hundreds of ships will not be allowed to pass there. Of course, there are currently some other options, such as detouring from Oman or other places, but the cost is huge.
Frankly speaking, the uncertainty of the international situation will indeed bring certain fluctuations to the industry, but the substantive impact on the Yangtze River shipping industry will be limited. There are three core reasons: First, our 150 billion yuan in-hand orders are mainly high-quality long-term orders, and the shipowners are mostly the world's leading shipping companies. The cooperation foundation is solid, and the performance of orders is guaranteed; second, our order structure is mainly green and high value-added ship types, which is in line with the general trend of global shipping transformation. The market demand for this type of ship type is inherently rigid and is less affected by short-term market fluctuations; thirdly, Yangzijiang Shipbuilding has established a complete risk control system after decades of industry cycle testing, and has made adequate plans in order acceptance, production and manufacturing, capital management, etc., and can effectively respond to changes in the international situation.
NBD: How long will this shipping cycle last? What are the main reasons supporting this round of rising prices?
Ren: Judging from the performance of various traditional industries, shipbuilding, shipping and maritime affairs seem to be "outstanding" now. Generally speaking, the cycle of the shipbuilding industry is 5 years to 8 years.
I have been engaged in shipbuilding for nearly 50 years, and the cycle we are in now is the most prosperous, although the BDI index (Baltic Dry Index) is not high, only about 2,000. Now it is different from the situation in 2008 when the BDI index soared to 12,000 points. Although the BDI index is not "crazy" in terms of dimensions, I think it is still the summer of shipbuilding from the perspective of geopolitics, aging ships, new energy green shipping and the trend of larger ships.
As for when the shipbuilding winter will come, it’s hard to say. Judging from the orders we have in hand, they have almost been scheduled until 2030, and many places are still hard to find orders. The orders from mainstream shipyards are very full, so we have recently expanded to a new factory - Yangzi Hongyuan. The front production workshop has started and is currently being built and put into production. More will be focused on clean energy. 70% of the orders we have now are for new energy and dual fuel, which is also an obvious trend.
I am also optimistic about the tanker market. In the future, AI will become the main theme of development, which consumes a lot of energy. An important component of energy is crude oil. Whoever controls energy will control the future world.
NBD: Since 2023, China's shipbuilding industry has overtaken Japan and South Korea. What advantages do we have compared with the established Japanese and South Korean shipyards?
Ren: Ten years ago, the shipbuilding technology of Japan and South Korea far surpassed that of China, but now it can be said that Japan has nothing to fear. We have joint ventures with Japanese companies and know them very well. From all aspects, Japan can no longer compete with China and South Korea. Of course, after Sanae Takaichi came to power this time, he also proposed to revitalize Japanese shipbuilding, but the Japanese shipbuilding industry has natural weaknesses, and it is not so easy to get up again.
Due to geographical, labor and other reasons, the gap between China and South Korea will become smaller and smaller. First of all, the gap between China and South Korea will become smaller and smaller in terms of high-performance ships, especially LNG (liquefied natural gas) carriers. Dalian built them, Hudong built them, and we also built them. Once this technology breaks through, it will keep up. After all, these ships are niche ships among the mainstream ship types, and they are "snowy"; while we are more bulk carriers and oil tankers. The subject is "Lower Riba people".
I think China's shipbuilding industry has surpassed South Korea in terms of quantity, and it is not difficult to tie it in terms of quality, and the time required will become shorter and shorter.
NBD: Why did China’s shipbuilding industry stand up?
Ren: In my personal opinion, first, shipbuilding is a very comprehensive industry. To build a ship, there are 70 supporting industries. China can do this. I have visited Vietnam and India, and I don’t think they have this advantage.
Second, shipbuilding is a labor-intensive industry, and the work is relatively hard. The degree of mechanization of shipbuilding cannot be as high as that of the automobile assembly line. Most of them are single-piece, niche components. In the long run, the nature of relying on manpower and handwork will not change. Based on this situation, although Vietnam and India have many human resources, the climatic conditions, workers' lifestyles and awareness of inheritance in these countries are incomparable with China's labor force. In the past, Our labor force advantage is concentrated in the construction industry and shipbuilding and other large equipment manufacturing. Nowadays, with the adjustment of industrial structure, many labor forces in the construction industry have actually flowed to the shipbuilding industry.
Third, climate conditions. Both southern and northern China are suitable for shipbuilding, but countries such as India, Vietnam, Malaysia, and Indonesia are not as endowed as China.
China's share of the world's shipbuilding field will become larger and larger, and I think it will even account for more than 70% in the future. Of course, there are a few products such as luxury cruise ships, which are not our strengths. China's advantages are mainly in mainstream ship types, because China itself is a shipping power.
NBD: New technologies and new industries have emerged in recent years, and most young people are more willing to pursue new technologies and make quick money. Is the current shipbuilding industry a good industry for young people?
Ren: Nowadays, young people have more employment options. The shipbuilding industry is a manufacturing industry. The working environment of front-line technical positions is relatively difficult, the work cycle is long, and the short-term returns are not as good as some emerging industries. Therefore, many young people are unwilling to take off their "long gown" to work as technical workers, and are more inclined to pursue emerging industries that seem to "make quick money." This is an objective reality.
But the current shipbuilding industry has many opportunities for young people, even more than when our generation started their business. Because the shipbuilding industry is no longer a traditional labor-intensive industry, but is developing towards green, intelligent, high-end, and comprehensive. New tracks such as new energy ships, intelligent manufacturing, maritime finance, ship modification, and international maritime services are all developing rapidly, and these new tracks require a large number of young talents.
Workers in the shipbuilding industry are divided into three categories. The first type is engaged in design and research and development. Now that shipbuilding is so popular, they will be put to use immediately. The second type is skilled workers and managers. Skilled craftsmen in our shipyard can also get very high annual salaries. The third type is handymen and porters with high mobility. The salary may not be that high, but the salary is more stable. Employees who have worked in our factory for more than three years basically do not want to move, and we give them many benefits that are not available outside, such as technician allowances. Employee motivation, etc.
NBD: The outside world is very curious, why do all the companies under the Yangtze River Group choose to be listed in Singapore?
Ren: There are many considerations when choosing to list on the SGX. The core is Singapore's core positioning in the global shipping and maritime finance field, which is a key factor. Singapore is an important global shipping center and financial center, bringing together a large number of shipowners, shipping companies, financial institutions and industry resources around the world. The shipping industry chain is very complete, and international investors have a higher awareness and recognition of maritime and shipping-related companies.
In addition, under the conditions at that time, Singapore was actually the most suitable choice. Before Yangzijiang Shipbuilding was listed, we considered A-shares, Hong Kong stocks, Nasdaq and SGX. Due to various reasons such as the nature of the company, financial reporting requirements and geographical location, the company was not suitable for listing on A-shares, Hong Kong stocks and Nasdaq. Finally, Singapore offered an olive branch and said that it could use the simulated financial statements of the past three years to achieve listing within one year.
Objectively speaking, Singapore's capital market is very small and its shares are not active. But our purpose is not to make money in Singapore, so we are not afraid of these shortcomings. In 2007, the year we went public in Singapore, we raised more than 10 billion yuan in comprehensive funds, setting a record at the time. The amount of dividends we have paid out over the years has far exceeded this amount.
NBD: After officially announcing your retirement, you successively promoted the listing of two companies, Yangzijiang Financial Holdings and Yangzijiang Maritime. What was your original intention? Why does it have to be you?
Ren: Promoting financial holdings and maritime listings is a key step in Yangzijiang's transformation from shipbuilding to "shipbuilding + finance + maritime services". This strategic layout requires a deep understanding of industry trends, capital markets and the company's own situation. I have been in the shipbuilding industry for 50 years and am very familiar with the industry chain of shipping, shipbuilding and maritime finance. I have also accumulated rich experience in international resources and capital markets. With me personally taking the lead, I can better grasp the direction and integrate resources. Promote the implementation of this strategy and ensure the smooth progress of the listing work.
NBD: What is the future strategy of Yangzijiang Financial Holdings and Yangzijiang Maritime?
Ren: In principle, Yangzijiang Financial Holdings will no longer engage in lending business in the future. The existing funds will mainly focus on two things: The first is to invest 30 to 40% of the funds in the short term in blue chip stocks with a dividend rate of more than 4.5%. This is just to maximize the yield rate of idle funds before finding high-quality investment opportunities. It is only a short-term investment direction; the second is to actively participate in the restructuring of listed companies. We believe that 2026 is the "year of opportunity" for restructuring. We can be both financial investors and strategic investors. We don’t even rule out being an industrial investor. We have proposed three work goals for Yangzijiang Financial Holdings in 2026: continue to resolve non-performing assets, actively revitalize existing stocks, and strive to innovate and increment.
As for Yangzijiang Maritime, we hope to build it into a comprehensive maritime service company with outstanding professionalism and distinctive characteristics that can provide comprehensive solutions in 3 to 5 years. In the future, Yangzijiang Maritime will no longer be a business segment dependent on the group, but an independent and internationally competitive maritime financial service platform, focusing on the five core businesses of maritime investment, ship financing, ship leasing, ship modification, ship agency and intermediary.
We position ourselves as a financial shipowner. In practice, we usually target a certain ship type and find a European shipowner. The two parties provide 15% and 85% of the funds respectively, and place orders with second- and third-tier shipyards in China at a price that is about 10% lower than the market. We use the technology of Yangzijiang Shipbuilding Industry and a group of retired managers to help the second- and third-tier shipyards build ships. Many small factories have stopped production for a long time. Some large manufacturers and shipowners are afraid to hand over orders to them, but relying on Yangzijiang's previous experience and talent accumulation, we are confident that we can deliver goods with quality and quantity. Many second- and third-tier shipyards can also profit from this.
We are currently cooperating with outside parties on about 50 ships. The ship types we order can basically be sold, and the drawings are all ready-made. After the ship is built, if it can be sold, we will share the capital with the European shipowners in proportion to the investment; if it cannot be sold, the shipowner can also take the ship back and operate it himself.
NBD: How would you rate Ren Letian’s performance in recent years?
Ren: About 80 points. With my support now, he has done very well. But for the long-term development of a company, he still has a lot of room for growth.
I often tell people that one of the more successful things I have done in my life is effective inheritance. Starting in 2020, I completely handed over the entire shipbuilding business to my son. In fact, it has been proved that he has passed on the inheritance very well. You have to know that shipbuilding is a very hard industry, and there are not many second generations who can be so honest and work in the factory for eight hours a day with peace of mind. There are not many people who are so conscientious.
NBD: Judging from the roles you and your son Ren Letian play in the group, Ren Letian is the one who keeps the business, but you are the one who charges outside.
Ren: I think this has something to do with the way I raised my son. I gave him a rule: start from the grassroots level and don’t touch finance. Ren Letian came to work in our shipyard after graduating from graduate school. He started from the grassroots level in the workshop. I gave him 2,500 yuan in the first month’s salary. He worked his way up from translator to construction worker, workshop director, production management director, subsidiary general manager...
In fact, these years of grassroots experience have been of many benefits to him: first, he understands the business, and others cannot deceive him; second, he gathers people's hearts, and he now has many capable assistants around him, all of whom he met and trained in the workshop. Let him start a business, and it also allows him to combine his computer knowledge with on-site production. For example, once, he used the Internet of Things to coordinate the use of forklifts, which immediately improved efficiency and saved costs.
Many of today's second-generation people don't go to factories, but first make financial investments. In finance, 1 million yuan can be said in a blink of an eye, while in factory work, 1 yuan can add up to a lot. The difficulty of making money is different. Not touching finance makes them more pragmatic. Of course, they also have shortcomings. For example, if tens of billions of yuan in cash are now in the shipyard's account, they just "just put it on the account."
He is successful in shipbuilding and maintenance, so someone has to pioneer and innovate, so I will use the remaining energy. The older generation is engaged in industry, and the younger generation is engaged in innovation. We are just the opposite.
NBD: You have a famous saying, "If the sea does not dry up, we will continue to build ships." In the latest Hurun Rich List, you and your family have ranked among the top 1,200 in the world. Wealth may be just a number. What keeps you motivated to "throw around"?
Ren: Indeed, as you said, at this stage, wealth is no longer the core motivation for my work. What supports me to keep moving forward and constantly laying out new tracks is first of all my feelings and responsibility for the shipbuilding industry. I have been building ships for 50 years and have watched China's shipbuilding industry grow from weak to strong. Yangzijiang Shipbuilding has grown from a local shipyard to an internationally competitive enterprise. This feeling cannot be let go.
Secondly, it is a long-term thinking about the development of the enterprise. I used my major shares to establish several trusts, some of which are family trusts and some of which are employee trusts, which are used for employee incentives, public welfare and talent introduction. Seventy or eighty percent of the backbone of the shipyard, in addition to the basic annual salary, can receive my dividends as excess income. This actually plays a cornerstone role in stabilizing the development of the shipyard, promoting fine management, and family culture. I think people's hearts are selfish, and people are all profit-seeking. Without this foundation, people's hearts will often be scattered.
There is also the excitement of seeing opportunities in the industry. For me, making money is a hobby, an opportunity to learn, and an exciting experience. There are still many market opportunities in maritime finance and green shipbuilding. The global advantages of China's shipbuilding industry can be further developed. If we can seize these opportunities and make the Yangtze River System bigger and stronger, this sense of accomplishment is incomparable to anything else.
On the eve of his 70th birthday, Ren Yuanlin wrote an autobiography at the suggestion of a friend, using hundreds of thousands of words to record how he and Yangtze River Shipbuilding Industry have risen to the forefront of the world's shipbuilding industry step by step over the past few decades.
The story begins with a child who likes to play by the river. "At that time, the boats in the Yangtze River were relatively small, but they made loud noises. There would be a loud 'puff-puff' sound in the distance... Occasionally, a big ship would sail on the river, which looked very majestic. At this time, I would wave my arms and shout loudly: 'The big ship is coming, the big ship is coming. '"
Ren Yuanlin didn't know why he was so excited at that time. "Perhaps, there is God's will in the dark." He thought.
“For Yangzijiang Shipbuilding Industry, crisis and vigilance, reform and innovation, survival and test, learning and growth are always on the road. ”
This biography will be completed in 2024. In the postscript, Ren Yuanlin details every detail along the way: honors and criticisms, successes and failures, experiences and lessons are vivid in his mind, and the ups and downs are intertwined. "Good things make you happy, difficult things make you strong, and bad things make you open-minded... There is a saying that goes well: Everyone has his own ferry in life, and everyone has his own boat." Ren Yuanlin said.
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Attached: Key data and sources (Added by the organizer, not the original content)
Note: The following data are taken from the main text of this article. The third-party reference quoted in the article is marked as "recitation", and the organizer has not traced back to the original release. The reference date is 2026-11-03.
1. Group Operations (2025, in-text version)
· Operating income was 28.5 billion yuan, +7% year-on-year; net profit was 8.6 billion yuan, +30% year-on-year.
· As of the end of 2025, there are 245 orders on hand, totaling more than 150 billion yuan, and the order is scheduled to 2030.
· About 70% of the orders on hand are new energy dual-fuel ship types.
· Group structure: Shipbuilding (Yangzijiang Shipbuilding, listed on SGX) + Finance (Yangzijiang Financial Holdings, listed on SGX in 2022) + Maritime Services (Yangzijiang Maritime).
· Mainstream ranking: The total number of orders on hand ranks among the top five in the world all year round, and ranks first in China's private sector.
2. Cycle and market judgment (dictated by Ren Yuanlin)
· The normal cycle of the shipbuilding industry is 5-8 years; Ren Yuanlin judged that it is currently in the "summer of shipbuilding", and it is difficult to judge the time of winter.
· The current BDI is about 2,000 points, compared to the 2008 high of about 12,000 points - "There is no madness in the BDI dimension".
· Four factors support this round of prosperity: geopolitics, aging of ships, green shipping transformation, and larger ships.
· Judgment of China’s shipbuilding share: It is expected to account for more than 70% of the world in the future; a few luxury cruise ships are still not its strong point.
3. Industrial competitiveness (dictated by Ren Yuanlin)
· Shipbuilding supporting equipment covers 70 industry categories.
· Four factors restricting industrial transfer: comprehensive industrial supporting facilities, labor intensity and worker quality, climatic conditions, and awareness of inheritance; Vietnam, India, Malaysia, and Indonesia are not satisfied.
· Judgment: China has surpassed South Korea in quantity, and is tied in terms of quality. "It is not difficult, and the time will become shorter and shorter"; Japan "is no longer something to be afraid of".
4. Capital operation and "financial shipowner" model
· In 2007, Yangzijiang Shipbuilding was listed on SGX, and the comprehensive fund raised exceeded 10 billion yuan, setting a record at the time; the total amount of dividends over the years has far exceeded the amount of funds raised.
· Yangzijiang Financial Holdings has three goals in 2026: resolve non-performing assets, revitalize existing assets, and innovate and increment; in principle, it will no longer engage in lending business and invest 30 to 40% of its funds in blue chip stocks with dividend rates above 4.5%.
· Yangzijiang Maritime’s goal: to build a comprehensive maritime service company in 3-5 years, focusing on the five major businesses of maritime investment, ship financing, ship leasing, ship modification, ship agency and intermediary.
· Operation model of financial shipowners: 15%/85% investment with European shipowners, placing orders at domestic second- and third-tier shipyards at a price about 10% lower than the market, using Yangzijiang technology and retired management personnel to ensure delivery; it has cooperated with about 50 ships. When the ship is sold, it will be divided according to the investment ratio. If the ship cannot be sold, the shipowner will take it back and operate it for himself.
5. Inheritance and personnel
· In 2020, Ren Yuanlin officially announced his retirement and Ren Letian took over; Ren Yuanlin self-assessed his succession as "80 points".
· Ren Letian’s training path: Returned to China after graduating from the UK with a master’s degree in 2005 → Translator → Construction worker → Workshop director → Production management director → Subsidiary general manager; first month’s salary is 2,500 yuan.
· Two rules Ren Yuanlin gave his son: start from the grassroots level and don’t touch finance.
· Ren Yuanlin joined Jiangyin Shipyard as a welder in 1975 and became deputy director at the age of 29; led the restructuring during the Asian financial crisis in 1997.
· Family trust + employee trust: 70%-80% of the backbone of the shipyard can receive the founder’s dividends as excess income in addition to the basic annual salary.
· In the 2025 Hurun Rich List, Ren Yuanlin and his family ranked among the top 1,200 in the world.
References (GB/T 7714—2015)
[1] Huang Hai. Exclusive interview with "Private Shipping King" Ren Yuanlin: How did China become the most profitable private shipping company? [N/OL]. Daily Economic News, 2026-03-12[2026-11-03]. https://mp.weixin.qq.com/s/yBXK7Tm6pod0etgloh3SXg. (Reprinted by Xinde Maritime)
[2] Xinde Maritime. Exclusive interview with "Private Shipping King" Ren Yuanlin (Reprinted Editor's Note) [EB/OL]. (2026-03-12)[2026-11-03]. https://mp.weixin.qq.com/s/yBXK7Tm6pod0etgloh3SXg.
[3] Hurun Research Institute. 2025 Hurun Global Rich List[R]. Shanghai: Hurun Report, 2025. (This article is quoted, the original entry of the list has not been verified)
Example of how to write annotations in text folders
· Single sentence quote: Yangzijiang Shipbuilding’s 2025 revenue is 28.5 billion yuan, net profit is 8.6 billion yuan, and orders on hand are scheduled to 2030 (Huang Hai, 2026).
· Opinion quotes: Ren Yuanlin believes that it is currently in the "summer of shipbuilding", the BDI is about 2,000 points, and "there is no madness in the dimension" (Huang Hai, 2026).
· Secondary citation: China’s global share of shipbuilding industry is expected to exceed 70% (Ren Yuanlin, quoted from Huang Hai, 2026).
Use reminder
· This article is an exclusive interview with the media, not a corporate announcement. In 2025, the revenue is 28.5 billion yuan, and the net profit is 8.6 billion yuan. It is recommended to check with the annual report of Yangzijiang Shipbuilding Industry (BS6.SI); "245 orders on hand, exceeding 150 billion yuan" was paraphrased by the reporter. The announcement caliber may be based on contract amount or deadweight tonnage, and the two are not directly comparable.
· With the same column "Making 5.4 billion in half a year, Jiangyin's "Ship King and Son" broke a double record! 》 (Jiangsu Chamber of Commerce, 2026-08-19) Comparison shows: The net profit in the first half of 2026 is 5.4 billion yuan, which is more than two-thirds of the 8.6 billion yuan in 2025. The whole year is expected to reach a new high - the two articles can verify each other, but the gross profit margin, ship structure and other details are different, so do not mix them.
· Whether "70% new energy dual fuel" and the 2026 interim report "clean energy ships account for close to 70%" are the same statistical caliber, the article does not explain, and quantitative quotations must be reviewed.