ContiOcean Environment Tech Group Co., Ltd. (ContiOcean, 02613) released its audited results for the year ended 31 December 2025.
Revenue and Profitability • Revenue declined 37.6% year on year to RMB 383.18 million. • Net profit attributable to shareholders contracted 96.5% to RMB 5.64 million, dragging basic earnings per share down to RMB 0.14 from RMB 4.03. • Gross profit fell 52.0% to RMB 118.03 million; gross margin narrowed to 30.8% from 40.0% on steeper pricing pressure in key product lines. • The Board will not recommend a final dividend (2024: RMB 1.5 per share).
Segment Performance • Marine exhaust gas cleaning systems revenue sank 59.6% to RMB 116.23 million on delayed long-cycle newbuild orders and postponed retrofit projects. • Marine energy-saving devices tumbled 77.2% to RMB 14.67 million, hit by shipping market volatility and project deferrals. • Marine clean-energy supply systems rose 25.6% to RMB 84.24 million, supported by stronger demand for LNG and methanol fuel solutions and lower costs from higher R&D investment. • Maritime services slipped 13.9% to RMB 168.05 million amid slower newbuild delivery schedules.
Geographical Mix • Mainland China contributed 57.9% of revenue but fell 28.8% to RMB 221.84 million. • Overseas sales contracted 46.7% to RMB 161.34 million, reflecting extended newbuild cycles and softer retrofit demand due to geopolitical and tariff uncertainties.
Cost and Expenses • Distribution and selling expenses declined 26.8% to RMB 29.27 million, tracking lower sales. • Administrative expenses were broadly flat at RMB 44.52 million. • R&D spend decreased 35.3% to RMB 17.59 million. • One-off listing expenses of RMB 21.51 million linked to the January 2025 Hong Kong IPO weighed on earnings. • Finance costs tripled to RMB 3.32 million on higher average bank borrowings.
Balance Sheet and Liquidity • Cash and cash equivalents rose 61.5% to RMB 215.42 million, supported by IPO proceeds. • Bank borrowings surged to RMB 147.95 million (2024: RMB 39.95 million short-term, RMB 30 million long-term), lifting total indebtedness to RMB 151.50 million (2024: RMB 41.90 million). • Inventories doubled to RMB 57.88 million, reflecting parts delivered to shipyards for impending installations. • Financial assets at fair value through profit or loss increased to RMB 136.77 million, mainly short-term USD-denominated money-market funds.
Operational Metrics • Order backlog at year-end comprised: – Marine exhaust gas cleaning systems: 226 orders worth RMB 328.0 million. – Marine energy-saving devices: 55 orders worth RMB 48.9 million. – Marine clean-energy supply systems: 90 orders worth RMB 123.6 million. – Maritime services: 518 orders worth RMB 382.4 million.
Capital Commitments and Post-Balance-Sheet Events • Contracted vessel acquisitions total US$28.75 million (approximately RMB 202.08 million), with US$5.75 million deposits paid in January 2026. • The supervisory committee was abolished on 6 January 2026. No other material post-period events were reported.
Public Float Status • Public float stood at 22.73%, below the 25% minimum due to H-shares held by the Share Award Scheme trustee. The company targets compliance by August 2027 and will provide monthly progress updates.
AGM and Register Closure • The Annual General Meeting is set for 22 May 2026; the H-share register will close from 19 May to 22 May 2026.
Auditor Confirmation • Fan, Chan & Co. Limited audited the 2025 financial statements and agreed the figures disclosed in this announcement.