C STRATEGIC TEC (01725) conducted a trial sail of nine boats on the Yongjiang River Market is waiting for it to prove delivery discipline.

On June 20, above the blue waves of Nanning Port, 9 new energy intelligent vessels successively broke through the waves, and the company behind their construction is the Hong Kong-listed company C STRATEGIC TEC (01725). The head of China Shipbuilding stated that the company will be based in Guangxi, radiate to ASEAN, and go global, exporting a complete set of "Chinese technology, Chinese standards, Chinese services", precisely matching the rigid demand of the trillion-level market for green upgrades in global inland and shallow water shipping, accelerating the promotion and sales of electric intelligent ships. In a subsequent announcement, the company's tone was extremely restrained: the significance of the trial voyage is more to verify the research and development - manufacturing - quality control chain, and emphasized the promotion of green intelligent shipping solutions. However, putting it into a bigger context may immediately reveal another layer of meaning: the Pinglu Canal has just reached the "eve of potentially transitioning to a commercial reality", and the most important issue for capital is only one - who will be the first to turn "compliant shipping capacity units" into replicable mass-produced assets. As a key project of the Western Land and Sea New Channel, the national strategic project Pinglu Canal's macroscopic coordinates are already very clear: the full line was filled with water on June 3, and it has entered the water commissioning phase, with the goal of full navigation by September 2026, with plans to accommodate 5000-ton vessels. Guangxi has also incorporated the construction of a marine guarantee system for "direct access from rivers to seas via digital smart canals into its three-year action plan (2026-2028). industry language, this means that in the next two to three years, navigational conditions, hub scheduling, and shore-based support will change from "uncertain" to "predictable"; once predictable, shipowners and government customers' decision to upgrade will shift from waiting to seizing the window of opportunity. In this window of opportunity, the role of these vessels from C STRATEGIC TEC is more like a "leading edge puzzle piece": first standardizing small-scale, high-frequency, and strong-compliance niche scenarios (law enforcement patrols, scenic sightseeing, leisure/short-haul ferries, port support, etc.) with electrification and intelligence, and then running through the "delivery process" at the Nanning location. Local reports have also directly defined this trial voyage as a landmark project for the implementation of economic cooperation between the Guigang Port and trade, as well as the implementation of industrial scenarios for the Pinglu Canal Economic Belt. According to C STRATEGIC TEC's plan, it plans to open the first domestic new energy vessel 6S store on July 20 and plan to deliver 1000 vessels throughout the year; in 2027, it plans to establish no less than 50 6S stores domestically and no less than 10 overseas, delivering 10,000 vessels throughout the year; in 2028, it plans to establish 200 service points domestically and 100 service points overseas, steadily building an integrated industrial ecosystem of research, production, sales, and maintenance. As the first step towards achieving this goal, at the event, China Shipbuilding and 9 domestic and foreign companies such as Sabah Naim Trading Co., Ltd. of Malaysia, Tokan Everhill Technology of the United States, and Guangxi Tianwei Shipping Holding signed strategic cooperation agreements, setting up joint research and development, overseas manufacturing, sales channels, and regional agent operations. From a technological standpoint, unlike traditional shipbuilding companies, C STRATEGIC TEC's new energy vessel track possesses unique technological synergies: by introducing aerospace thermal control technology and integrated rotational molding technology, shipbuilding costs have been reduced by 50% and production cycles have been shortened by 70%. This cross-border innovation bringing high-end aerospace manufacturing technology into the civilian shipbuilding industry not only breaks through the bottleneck of large-scale mass production, but also establishes a cross-border industry collaboration ecosystem of "R&D in northern, central, and southern China + integration in Guangxi + application in ASEAN". Of particular note is the full-scenario matrix introduced by China Shipbuilding, covering unmanned intelligent ships, commercial operating ships, and leisure ships, tailored specifically for this golden waterway as the "green heart". Especially the unmanned ships and high-end commercial ships equipped with L2-level intelligent assisted driving developed based on aerospace-derived technology have achieved a leap from "experience-based driving" to "data-based intelligent driving". Currently, the electric ships on inland rivers are at a point of industrial outbreak, with institutions forecasting a domestic market size exceeding 36 billion yuan in 2026, with a compound annual growth rate of over 130% in the next five years. This belongs to a new emerging track with long-term growth potential, compared to traditional cyclical shipping companies, green shipping businesses can enjoy valuation premiums. Therefore, in summary, instead of seeing these nine ships as an "industrial romance", it is better to see them as a countdown test: in six months, the market does not want to know about the "success of the trial voyage", but how many have been delivered? Have the failure rate and energy consumption data stabilized? Who is paying the bill, based on what business terms, and whether the return model is valid? If you can answer these questions, then these nine ships will not just be ripples on the Yong River, but may become the leading cargo for a new waterway, and the new valuation beginning for C STRATEGIC TEC.