<p><strong>该造船商表示订单势头已 “从高峰回落”。</strong></p>
<p>扬子江船业（控股）有限公司对新加坡证券投资者协会的详细回复揭示了造船周期放缓的早期迹象，尽管该集团努力为备受关注的收购及其董事会做法辩护。</p>
<p>在 4 月 25 日的交易所公告中，该造船商表示订单势头已 “从高峰回落”，尽管其船厂的订单基本上已排满至 2029 年，提供了近期的盈利可见性。</p>
<p>该公司补充说，如果市场条件恶化，它准备闲置部分生产能力。</p>
<p>随着新船价格下滑和投入成本正常化，利润率也预计将面临压力，这表明即使在订单量下降之前，盈利能力可能会减弱。</p>
<p>关于拟议收购 Poseidon Corp.的问题，特别是其估值和时机，也引起了关注。</p>
<p>扬子江表示，该交易将加深与其主要客户之一 Seaspan 的关系，提高订单可见性，并允许更大程度地参与船队更新决策，包括替代燃料的采用。</p>
<p>董事会表示，它依赖于独立的估值方法，包括折现现金流分析，并指出该交易是在与其他买家以一致价格进行的。</p>
<p>此外，该集团表示，迄今为止尚未看到中东冲突对订单或交付的直接干扰，尽管正在监测对油轮需求和原材料成本的潜在连锁反应。</p>
<p>与 SIAS 的交流还突显了治理问题，包括提议增加董事费用。</p>
<p>扬子江表示，未为 2025 财年聘请外部薪酬顾问，而是依赖于使用公开可用数据进行的内部基准测试。</p>
<p>它还保持了长期以来对非执行董事支付统一费用的做法，认为责任是共享的，并在董事会之间定期轮换。</p>

扬子江船业

<p>扬子江船业（控股）有限公司报告了订单动能的放缓，尽管其船厂的订单已排到 2029 年，确保了短期收益的可见性。公司准备在市场条件恶化时暂时停产，预计利润率将受到新船价格下滑的压力。拟议收购 Poseidon Corp.旨在加强与 Seaspan 的联系并提升订单可见性。扬子江未受到中东冲突的干扰，但正在监测潜在影响。关于董事薪酬提出了治理问题，公司依赖内部基准进行 2025 财年的评估</p>

<p><strong>The shipbuilder said order momentum has “moderated from its peak.”</strong></p>
<div class="lb-trans"><p><strong>该造船商表示订单势头已 “从高峰回落”。</strong></p>
</div><p>Yangzijiang Shipbuilding (Holdings) Ltd.’s detailed replies to the Securities Investors Association (Singapore) have revealed early signs of a moderating shipbuilding cycle, even as the group moved to justify a closely watched acquisition and its board practices.</p>
<div class="lb-trans"><p>扬子江船业（控股）有限公司对新加坡证券投资者协会的详细回复揭示了造船周期放缓的早期迹象，尽管该集团努力为备受关注的收购及其董事会做法辩护。</p>
</div><p>In a bourse filing on 25 April, the shipbuilder said order momentum has “moderated from its peak,” although its yards remain largely booked through 2029, providing near-term earnings visibility.</p>
<div class="lb-trans"><p>在 4 月 25 日的交易所公告中，该造船商表示订单势头已 “从高峰回落”，尽管其船厂的订单基本上已排满至 2029 年，提供了近期的盈利可见性。</p>
</div><p>The company added that it is prepared to idle selected production capacity if market conditions weaken.</p>
<div class="lb-trans"><p>该公司补充说，如果市场条件恶化，它准备闲置部分生产能力。</p>
</div><p>Margins are also expected to come under pressure as newbuild prices soften and input costs normalise, suggesting profitability could ease even before order volumes decline.</p>
<div class="lb-trans"><p>随着新船价格下滑和投入成本正常化，利润率也预计将面临压力，这表明即使在订单量下降之前，盈利能力可能会减弱。</p>
</div><p>Questions on the proposed acquisition of Poseidon Corp., particularly its valuation and timing, have also been asked.</p>
<div class="lb-trans"><p>关于拟议收购 Poseidon Corp.的问题，特别是其估值和时机，也引起了关注。</p>
</div><p>Yangzijiang said the deal would deepen ties with Seaspan, one of its key customers, improving order visibility and allowing greater participation in fleet renewal decisions, including alternative fuel adoption.</p>
<div class="lb-trans"><p>扬子江表示，该交易将加深与其主要客户之一 Seaspan 的关系，提高订单可见性，并允许更大程度地参与船队更新决策，包括替代燃料的采用。</p>
</div><p>The board said it relied on independent valuation methods, including discounted cash flow analysis, and noted that the transaction was conducted alongside other buyers at a consistent price.</p>
<div class="lb-trans"><p>董事会表示，它依赖于独立的估值方法，包括折现现金流分析，并指出该交易是在与其他买家以一致价格进行的。</p>
</div><p>Moreover, the group said it has not seen direct disruption from the ongoing Middle East conflict on orders or deliveries so far, although it is monitoring potential knock-on effects on tanker demand and raw material costs.</p>
<div class="lb-trans"><p>此外，该集团表示，迄今为止尚未看到中东冲突对订单或交付的直接干扰，尽管正在监测对油轮需求和原材料成本的潜在连锁反应。</p>
</div><p>The exchange with SIAS also highlighted governance issues, including a proposed increase in directors’ fees.</p>
<div class="lb-trans"><p>与 SIAS 的交流还突显了治理问题，包括提议增加董事费用。</p>
</div><p>Yangzijiang said it did not appoint an external remuneration consultant for FY2025, instead relying on internal benchmarking using publicly available data.</p>
<div class="lb-trans"><p>扬子江表示，未为 2025 财年聘请外部薪酬顾问，而是依赖于使用公开可用数据进行的内部基准测试。</p>
</div><p>It also maintained its long-standing approach of paying uniform fees to non-executive directors, arguing that responsibilities are shared and periodically rotated across the board.</p>
<div class="lb-trans"><p>它还保持了长期以来对非执行董事支付统一费用的做法，认为责任是共享的，并在董事会之间定期轮换。</p>
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扬子江船业的周期性变化，波塞冬交易成为焦点