Research Brief | CIMC Group Conducts Surveys with Shareholders and Analysts; Offshore Engineering Business Net Profit Exceeds $1 Billion; Orders on Hand Reach $5.09 Billion

On March 27, China International Marine Containers (Group) Co., Ltd. (stock codes: 000039, 299901; abbreviated as “CIMC Group”) held its 2025 annual results briefing session to exchange views with investors on topics including progress in the company’s core businesses, financial performance, and strategic plans. This results briefing session adopted a mix of online and offline formats, attracting representatives of certain shareholders, securities analysts, and media reporters. Company Chairman Mai Boliang, President Gao Xiang, and other senior executives attended and responded to concerns from the market.

Basic Information on Investor Activities

Core Business Progress: Major Improvement in Profitability in the Offshore Engineering Segment Full Order Backlog

During the business exchange session, offshore engineering business became the focus. The company stated that in 2025, profits from its offshore engineering business saw a significant increase, with core competitiveness coming from two key initiatives: first, continuous investment in front-end design capabilities; second, possessing end-to-end capabilities for large FPSOs (floating production storage and offloading units), from design, construction, commissioning, and delivery to supply-chain management—only a handful of companies globally can do so in this field.

As for orders, CIMC Group currently focuses its key product lines on large-scale deep-sea oil and gas processing equipment such as FPSOs, FLNG (floating liquefied natural gas facilities), and FPUs (floating production units). At the same time, it undertakes non-core products such as wind turbine vessels and container ships to supplement the excess capacity at its bases. By the end of 2025, the offshore engineering segment’s cumulative order backlog reached a value of USD 5.09 billion, with ample order reserves. The company is planning to expand offshore engineering capacity, and it is expected that over the coming years, profits and scale in this segment will be further released.

Regarding the jack-up drilling platform business, the company disclosed that in 2025 it achieved progress in reducing losses by improving the asset upper-leasing rate and average daily rate. Going forward, it will continue to optimize the structure, including increasing the utilization rates and rates of core platforms, upgrading, retrofitting, or disposing of old and inefficient platforms, and reducing financial costs, so as to push existing assets toward a healthy direction of development.

Synergistic Development of Emerging Businesses and Traditional Core Operations

As a new growth point, the company’s modular data center business has core advantages in high levels of integration—modules can be integrated such as servers, cooling, fire protection, standby power generation, etc. Factory completion exceeds 80%, and combined with CIMC’s scale production capability, it ensures high-quality delivery. Currently, this business is providing pre-fabricated data center technology and manufacturing delivery services for industry customers exceeding 300MW. At the same time, the company is advancing capacity expansion and building talent and R&D teams.

As a traditional core business, the container business maintains confidence in long-term demand. In the short term, demand is significantly affected by sudden events such as geopolitical conflicts and canal blockages. Since 2026, supported by geopolitical factors, demand and prices have rebounded somewhat. In the long run, with global trade growth coupled with demand for container upgrades and replacements, industry space remains stable. Since 1996, CIMC has maintained the No. 1 position globally in container production and sales volumes. It has full-category independent intellectual property rights and a well-established delivery network, and its flexible response capabilities support its ability to deal with market volatility.

In the green methanol sector, the first phase project of CIMC’s Zhanjiang green methanol has commenced production in December 2025. Before the Spring Festival, it produced 3,000 tons of green methanol, and bunkering has been successfully implemented in Hong Kong, Yantian Port in Shenzhen, and Ulsan Port in South Korea. The company’s 2026 target is a production capacity utilization rate of over 80%. At the same time, it will push forward the construction of the industrial chain, expand customers in multiple fields such as shipping companies, fuel bunkering operators, and biopharmaceuticals, and plan the Zhanjiang Phase II project and a Hainan Danzhou cooperation project to strengthen its capacity layout.

Finance and Strategy: Improved Cash Flow Supporting High-Quality Development Cultivating a Second Growth Curve

Financial data shows that in 2025, CIMC Group’s net cash flow from operating activities reached RMB 18.5 billion, up 99.9% year over year, reaching the second-highest level in history. The company said that through closed-loop optimization of accounts receivable collection, inventory control, and management of accounts payable timing, the improvement in cash flow lays a foundation for optimizing the debt structure and making capital expenditure investments, and the company will continue to manage cash flow performance going forward.

In terms of market value management, the company emphasizes that the goal is to ensure that market value fully reflects intrinsic value. Currently, the market value has not yet fully reflected the growth potential of its subsidiaries’ businesses and emerging businesses. The company is working to shift market perception from “a cyclical manufacturing enterprise” to “an industrial group with strong cash flow and multiple high-tech growth businesses.”

At the strategic level, CIMC Group will rely on a “people-oriented shared endeavor mechanism” to cultivate second growth curves such as modular data centers, energy storage, and cold chain logistics. It will focus on three major core tracks: logistics equipment and services, energy supply chain equipment and services, and digital infrastructure, and advance transformation toward high-end, data-intelligent, and green development. The company aims to upgrade from being an “equipment manufacturer” to a global leading provider of high-end equipment and comprehensive solutions.

This results briefing session comprehensively showcased CIMC Group’s positive momentum in the steady development of its traditional core businesses and accelerated breakthroughs in emerging businesses, providing a clear perspective for the market’s understanding of the company’s long-term value.

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Responsible editor: Xiao Lang Express