Guangdong Songfa Ceramics Co.,Ltd. (603268.SH) announced on April 16 that its shares will be halted for one day on April 17. Trading will resume on April 20, concurrent with the removal of the delisting risk warning. The stock's abbreviation will change from "*ST Songfa" to "Songfa Shares," while the ticker code remains 603268. The daily price fluctuation limit will be adjusted from 5% to 10%.
The company stated that the delisting risk warning was initially imposed due to its 2024 financial metrics triggering relevant regulations. Following an audit, the company reported 2025 revenue of 21.639 billion yuan, net profit of 2.655 billion yuan, and adjusted net profit of 2.033 billion yuan. The year-end net assets attributable to shareholders reached 9.452 billion yuan. As the conditions leading to the risk warning have been resolved and the accounting firm issued a standard unqualified audit opinion, the Shanghai Stock Exchange approved the application to revoke the warning.
Formerly a traditional ceramics enterprise, Guangdong Songfa Ceramics Co.,Ltd. had experienced consecutive annual losses and was once on the brink of delisting. In October 2024, the company initiated a major asset restructuring, divesting its ceramic assets and injecting a 100% equity stake in Hengli Heavy Industry, officially transitioning into high-end shipbuilding. The restructuring was completed in August 2025.
Benefiting from a strong global shipbuilding cycle, the transformed company saw explosive performance growth. In 2025, revenue reached 21.639 billion yuan, a year-on-year increase of 274.95%, while net profit attributable to shareholders surged over tenfold to 2.655 billion yuan.
On March 5, the company announced that its subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd., signed contracts with a renowned European shipowner to construct four 306,000-ton very large crude carriers. The total contract value is estimated between $400 million and $600 million, representing over 50% of the company's audited main business revenue from the most recent fiscal year.
Since the beginning of 2026, Guangdong Songfa Ceramics Co.,Ltd. has disclosed new orders for 77 vessels (including two optional ships). Among these, U.S. dollar-denominated contracts total approximately $5.84 billion to $8 billion, with additional RMB-denominated contracts for 6,000 TEU container ships valued at roughly 3.4 billion to 4 billion yuan.
Bolstered by robust performance, the company's market capitalization has soared from its 2024 low to approximately 100 billion yuan, marking a cumulative increase of over 800%.
Notably, social security funds have appeared among the top ten shareholders. As of December 31, 2025, the Social Security Fund 103 Portfolio ranked as the eighth largest shareholder, while the Bosera基金管理有限公司-Managed Social Security Fund 16012 Portfolio held the ninth position.
The remarkable turnaround has also attracted other institutional investors. Beyond the social security funds, the 2025 annual report showed that Barclays Bank PLC and BNP Paribas both became new top ten shareholders in the fourth quarter of 2025, underscoring institutional confidence in the company's post-transformation prospects.
However, analysts caution that not all Special Treatment companies achieve such phoenix-like transformations. Most ST companies still face significant issues such as deteriorating finances and internal control failures. High-market-cap ST firms like Guangdong Songfa Ceramics Co.,Ltd. remain rare exceptions within the broader ST sector.
At the market close on April 16, the share price of Guangdong Songfa Ceramics Co.,Ltd. stood at 121.22 yuan, with a total market capitalization of 117.7 billion yuan.