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主席致词

Dear Shareholders,

STAYING THE COURSE IN TURBULENT WATERS

2025 was a challenging year for the global maritime economy, where heightened geopolitical uncertainties, evolving trade policies, and regulatory pressures tested the resilience of the industry worldwide. Notwithstanding these headwinds, Yangzijiang Shipbuilding delivered a solid financial performance, achieving record high revenue and profitability. This strong performance is a testament to our disciplined execution and commitment to quality production, positioning Yangzijiang Shipbuilding to further strengthen our orderbook visibility.

RECORD HIGH REVENUE AND PROFITABILITY

During the year, our total outstanding orderbook stood at US$22.4 billion, comprising 245 vessels scheduled for delivery between 2026 to 2030. Notably, green vessels accounted for 71% of the total orderbook value, underscoring our strategic focus on energy efficiency vessels in support of the industry’s transition to maritime decarbonisation. At the same time, we delivered a total of 56 vessels, including 11 vessels delivered by our joint venture company, Jiangsu Yangzi-Mitsui Shipbuilding Co. Ltd ("YAMIC"), achieving our FY2025 delivery target through timely and quality execution.

Revenue for the year reached an all-time high of RMB28.5 billion, recording a 7.4% year-on-year ("yoy") increase, driven by notable growth in our core shipbuilding business. Gross profit grew by 28.3% yoy to RMB9.8 billion, with gross profit margin expanding by 5.5 percentage points ("ppts") to 34.2%, supported primarily by stronger newbuild pricing and lower raw material costs. In addition, higher contributions from YAMIC and our strategic investment in Tsuneishi Zhoushan Shipbuilding further bolstered overall profitability.

STRENGTHENING OUR CORE

The global maritime industry continues to navigate an environment marked by volatility and uncertainty. In the first half of the year, tariff measures introduced renewed headwinds to global trade flows, delaying shipowners' ordering decisions. Despite these near-term disruptions, market sentiment gradually improved in the second half of 2025 with order momentum picking up. This positive momentum is expected to continue into 2026, supported by ongoing fleet renewal needs and growing demand for green vessels amid the global decarbonisation push.

Against this backdrop, Yangzijiang Shipbuilding remains focused on strengthening our core capabilities and investing in long-term capacity expansion. Construction of the Hongyuan yard remains on track for completion by end 2026, with preliminary shipbuilding activities such as steel fabrication having already commenced in early 2026. The first vessel delivery from the yard is expected to be in 2027.

With shipyard capacity largely committed after the second half of 2029, we will continue to pursue new orders on a disciplined, market-oriented basis. We have set a 2026 order-win target of US$4.5 billion, focusing on securing the remaining delivery slots in 2029 while progressively opening delivery positions for 2030.

REMAINING AGILE AMID MARKET VOLATILITY

The Baltic Exchange Dry Index ("BDI") remained volatile in 2025, averaging 1,681 points for the full year, reflecting evolving trade patterns and shifting supply demand dynamics. Despite these challenges, we remain focused on maintaining our fleet scale. Through selective acquisitions and disposals, we continue to strengthen asset quality and ensure alignment with evolving market requirements.

Operationally, we maintained a flexible deployment strategy, prioritising spot charters to preserve fleet agility during periods of market volatility, while remaining ready to secure attractive time charters when opportunities arise.

In tandem, the construction of our LNG Terminal Project is progressing steadily and is expected to commence operations in the first half of 2027. The facility will comprise wharf slots for LNG vessels as well as onshore LNG storage tanks. Once operational, this facility is expected to support the diversification of our revenue streams and strengthen the pipeline of potential order inflows for our core shipbuilding business.

DELIVERING VALUE TO SHAREHOLDERS

In recognition of our strong performance, robust orderbook backlog which enhances cash flow visibility, the Board has decided to raise the dividend payout for FY2025 to 50% and is proposing a final dividend of 20.0 Singapore cents per ordinary share, subject to shareholders' approval in the upcoming Annual General Meeting. This is a 66.7% increase from our FY2024 dividend of 12.0 Singapore cents

ACKNOWLEDGEMENTS

On behalf of the Board, I extend our sincere appreciation to our employees, customers, business partners, and shareholders for their continued trust and support. The team's relentless efforts have been instrumental in strengthening the Group's performance and positioning us for the future.

As we turn the page to the next chapter, we remain steadfast in our commitment to sharpening our competitive edge. Our strategic priorities remain centered on expanding our capabilities and advancing innovation in energy efficiency vessels, paving the way toward a low-carbon future. Backed by a robust orderbook and a clear vision, we will navigate the evolving maritime landscape with confidence and continue delivering sustainable value to our shareholders.

Thank you for your continued support and confidence in Yangzijiang Shipbuilding.

REN LETIAN
Executive Chairman and Chief Executive Officer
Yangzijiang Shipbuilding (Holdings) Ltd.