On the evening of August 24, Songfa Shares released its semi-annual report for 2026, with its core shipbuilding asset Hengli Heavy Industry delivering results that exceeded expectations. In the first half of the year, the company achieved operating revenue of RMB 23.504 billion, a year-on-year increase of 251.87%; net profit attributable to shareholders of the listed company reached RMB 3.609 billion, up 457.67% year-on-year; and non-recurring net profit stood at RMB 3.514 billion, a massive year-on-year surge of 2,935.31%.

On a single-quarter basis, the second quarter posted a profit of RMB 2.515 billion, a quarter-on-quarter increase of 130.02%; the net profit margin rose to 17.21%, up 4.91 percentage points from the previous quarter, demonstrating strengthening profitability quarter by quarter.

In 2025, Songfa Shares underwent a major asset restructuring, exiting the domestic ceramics industry and fully incorporating Hengli Heavy Industry's shipbuilding and high-end equipment manufacturing assets, achieving a transformative leap from "traditional light industry" to "pillar of national strength." The restructuring results have far exceeded market expectations: in 2025, Hengli Heavy Industry contributed RMB 2.579 billion in non-recurring net profit, completing over half of the three-year profit commitment in the very first year; by the end of June 2026, just one and a half years after the restructuring, cumulative non-recurring net profit had surpassed RMB 6 billion.

207 new orders signed in half a year, setting a global record

Thanks to sustained repeat orders from existing clients and active new contracts from first-time customers, Hengli Heavy Industry secured 207 new shipbuilding orders in the first half of the year, setting both global single-yard order volume and ship type diversification records in one go. This figure has already surpassed the total of 115 orders booked for the full year of 2025.

The order book achieved a balanced breakthrough across the full spectrum of "container, bulk, oil, and gas" vessel types：

- 94 oil tankers

- 56 container ships

- 49 bulk carriers

- 8 Very Large Ammonia Carriers (VLAC)

Among these, container ships and oil tankers together accounted for over 70%, with high-value-added vessel types firmly occupying the dominant position in the order book. The inclusion of VLACs in the company's order matrix for the first time, with batch orders secured, marks a strategic breakthrough for Hengli Heavy Industry in the high-end gas carrier segment.

Delivery schedules are currently booked through 2030, with the order backlog ranking among the industry's top tier. Notably, the number of VLCC very large crude carrier orders on hand ranks first among single-yard shipbuilders globally. Entering the third quarter, Hengli Heavy Industry secured another 46 new shipbuilding orders in July alone, with order momentum remaining exceptionally strong.

Hengli Heavy Industry has moved beyond the traditional "single-ship customization" model to establish an efficient production system featuring parallel construction and concentrated docking of multiple vessel types. Early this year, four VLCCs were simultaneously docked and undocked, and six giant vessels were undocked on the same day, setting two global industry records in just three days; in April, seven vessels were launched within a single week, culminating in a "three vessels in one day" delivery surge at month-end; in June, two VLCCs were named and delivered simultaneously. By the end of June, the company had delivered 40 vessels with high quality, and plans to deliver 82 vessels for the full year. Rhythm-based production and batch deliveries have become the new normal.