The total profits of large-scale shipbuilding enterprises in Zhoushan, Zhejiang province reached 800 million yuan ($111.12 million) in 2023, according to authorities.

This achievement marked the first annual profit since 2012, while the losses incurred by unprofitable enterprises decreased by 77.1 percent compared to the previous year.

As of the end of 2023, the city’s large-scale shipbuilding enterprises had secured new orders totaling 5.33 million deadweight tons, representing a 173 percent year-on-year increase. Among these orders, high-end vessels accounted for 28.8%, marking a nearly 20-percentage-point increase from the same period last year.

The operating income of large-scale shipbuilding enterprises reached 22.54 billion yuan, reflecting a 57.2 percent year-on-year growth. More than 70 percent of the enterprises experienced a growth rate in operating income that exceeded double that of the previous year. The catalyst behind the remarkable achievements lies in authorities' efforts to facilitate independent innovation research and development, the strengthening of distinctive high-quality products, and anchoring in high value-added areas.

Zhoushan has been increasing investment in independent innovation research and development, strengthening cooperation with major research institutes and renowned domestic shipbuilding enterprises, and continuously expanding its high-end product portfolio.

The R&D expenses of large-scale shipbuilding enterprises reached 490 million yuan in 2023, showing a 48.9 percent year-on-year increase and a growth rate that was 27.6 percentage points higher than the previous year.

Authorities have also rolled out a raft of favorable policies to accelerate the intelligent upgrading and digital transformation of its shipbuilding industry, as well as advance the green ship repair sector.