当天，由中远海运特运、苏州港管理委员会和江苏省港口集团联合主办的中远海运特运南美西直达快航 （张家港—钱凯）班轮首航活动在张家港举行。 苏州市委常委、副市长，苏州港管理委员会副主任唐晓东；张家港市委书记韩卫；苏州港管理委员会副 主任、太仓港口管委会主任邵建林；徐州工程机械集团有限公司副总裁蒋明忠；三一物流有限责任公司 总经理李浩；阳光电源股份有限公司销售运营中心总经理代成宏；中国重汽集团国际有限公司常务副总 经理杨文强；江苏省港口集团总经理王洪涛；苏州港集团、张家港港务集团党委书记吴红；中远海运特 运党委书记、董事长张炜，以及来自相关口岸单位的领导、嘉宾和客户代表等参加了活动。 作为中远海运特运服务"一带一路"系列产品的又一力作，南美西直达快航班轮服务不仅承继不久前开通 的姊妹航线——南美东金砖快航周班"高效、稳定、绿色"的优良基因，更将以"时效性强、货种适配度 高、区域服务规模效应显著"为三大核心亮点，搭建起一条链接钱凯这一"新时代印加古道"的"海上快速 通道"，全力满足客户在南美西方向货物运输的迫切需求，与南美东金砖快航周班形成功能与优势互 补，在南美地区构建起更加系统、完善的服务网络，践行"所造皆能运， ...

以8月27日收盘价计算，中远海运国际目前市盈率（TTM）约11.39倍，市净率（TTM）约1.13倍，市销率（TTM）约2.42倍。 市净率(LF)历史分位(%) 001 900 80 70 60 50 40 30 20 14:22 14o29 13:22 9.68 443 10 3 ද 544 0 2019-12-37 | " 2021-72-37 2021-06-30 2-12-37 20-12-37 -30 2-06-30 1 2n- 制图数据来自恒生聚源数据库 真5不多 0.018 般贸易 0.059 船舶贸易代理 0.978 保险顾问 1.196 船舶设备及备 8.862 8.229 船舶贸易代理 船舶设备及备件 涂料 保险顾问 一般贸易 其它业务 制图数据来自恒生聚源数据库 中远海运国际2025上半年营业收入构成(亿港元) 公司主要从事船舶相关业务，通过六个部门运营业务：船舶设备及备件分部船舶设备及备件贸易及供应业务；涂料分部生产及销售涂料业务；一般贸易分部 沥青及其他产品的贸易、仓储、加工及供应业务；保险顾问分部提供保险顾问服务业务；船舶贸易代理分部提供有关船舶建造、船舶买卖及光租船业务的代 理 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中遠海運國際(香港)有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00517 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | 第 1 頁 共 10 頁 v 1.1.1 ...

Core Insights - The paint industry is experiencing a significant adjustment characterized by overall slowdown and increasing differentiation among companies, with market demand weakening and overcapacity leading to supply-demand imbalances [1][5] Revenue Performance - 29 companies reported year-on-year revenue growth, with the highest increase at 48.77%, while 18 companies saw declines, with the largest drop at 74.18% [3] - Notable companies like Sanke Tree, BASF Shanghai, and Aiside China maintained stable growth, with Sanke Tree's revenue increasing by 8.43% despite a decline in engineering business [4][3] - Companies such as Jia Baoli and Mai Jia Xin Cai showed strong revenue growth, significantly outperforming the market average [3] Profitability Analysis - 25 companies achieved year-on-year net profit growth, with the highest increase at 931.25%, while 23 companies reported declines, with the largest drop at 409.98% [3] - Seven companies reported losses, with the highest loss amounting to 191.6 million yuan [3] - Companies like Sanke Tree, Jia Baoli, and Mai Jia Xin Cai demonstrated strong resilience and risk management, maintaining growth in both revenue and profit [3] Market Challenges - The architectural paint market faces severe challenges, with Nippon Paint's architectural paint sales revenue declining by 14.3% year-on-year [4] - Companies reliant on real estate, such as Yashi Chuangneng, experienced significant revenue drops, with a 74.18% decline and a net loss of 196 million yuan [4] - The industrial paint sector showed more stability, with several companies achieving both revenue and profit growth, although some experienced profit declines despite revenue increases [4] Company-Specific Performance - Sanke Tree reported revenue of 5.816 billion yuan with a 0.97% increase and a net profit growth of 107.53% [6] - BASF Shanghai's revenue was 2.298 billion yuan, with a 3.10% increase, but a net profit decline of 17.38% [6] - Aiside China's revenue reached 2.052 billion yuan, reflecting a 9.03% increase [6] - Jia Baoli achieved a revenue of 1.825 billion yuan, with a significant growth of 38.66% [6] - Mai Jia Xin Cai reported revenue of 0.8878 billion yuan, with a 17.09% increase and a net profit growth of 48.83% [6]

Core Viewpoint - 中远海运国际's H1 2025 performance exceeded expectations, with revenue of HKD 1.93 billion, a 10% year-on-year increase, and a net profit of HKD 490 million, up 26% [1][2]. Group 1: Coating Business - The company's coating business saw significant growth, with revenue of HKD 820 million in H1 2025, a 38% increase year-on-year, and a segment profit of HKD 200 million, up 20% [1]. - Container coating sales surged by 94% year-on-year to 29,000 tons, driven by factors such as container rerouting and port congestion [1]. - The joint venture with Jotun contributed HKD 170 million in investment income, a 21% increase, with ship coatings sales rising by 19% to 70 million liters [1]. Group 2: Ship Trading Agency Business - The ship trading agency business generated revenue of HKD 100 million in H1 2025, a 97% increase year-on-year, with segment profit rising by 124% to HKD 80 million [2]. - The growth was attributed to an increase in new ship deliveries and the acquisition of new clients, leading to higher commission income [2]. Group 3: Other Businesses - The insurance business remained stable, with revenue of HKD 120 million, a 7% increase, and a profit of HKD 80 million, up 11% [2]. - Revenue from marine equipment declined by 3% to HKD 890 million, with a segment profit decrease of 5% to HKD 50 million [2]. Group 4: Strategic Initiatives and Financial Position - The company is strategically positioning itself in the green methanol sector, forming a joint venture to produce 200,000 tons of methanol annually, expected to commence production in 2026 [2]. - As of mid-2025, the company had cash and cash equivalents of HKD 5.1 billion, with a planned interim dividend of HKD 0.33 per share, maintaining a high payout ratio of around 100% over the past five years [2]. Group 5: Earnings Forecast and Rating - Due to the strong performance in the coating and ship trading businesses, the profit forecast for 2025-2027 has been raised, with expected net profits of HKD 830 million, HKD 870 million, and HKD 910 million respectively [3]. - The company maintains a "buy" rating with a projected PE ratio of 11 for 2025 and 10 for 2027 [3].

Investment Rating - The report maintains a "Buy" rating for China COSCO Shipping International (00517) [2][6][16] Core Views - The company's performance exceeded expectations, benefiting from an upturn in the shipping cycle and a high dividend payout ratio that creates a competitive advantage [2][6] - The report highlights significant growth in the company's paint business, with container paint sales increasing by 94% year-on-year, and ship paint sales rising by 19% [6] - The ship trading agency business saw a 97% increase in revenue, driven by a rise in new ship deliveries and new customer acquisitions [6] - The company is strategically positioning itself in the green methanol sector, planning to establish a production capacity of 200,000 tons annually by 2026 [6] - The company maintains a strong cash position with HKD 51 billion in liquid assets and plans to distribute a dividend of HKD 0.33 per share, resulting in an estimated dividend yield of 9% for 2025 [6] Financial Data and Earnings Forecast - Revenue is projected to grow from HKD 3,342 million in 2023 to HKD 4,207 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 16% [5][7] - Net profit attributable to shareholders is expected to increase from HKD 594 million in 2023 to HKD 827 million in 2025, with a growth rate of 17% [5][7] - Earnings per share (EPS) is forecasted to rise from HKD 0.40 in 2023 to HKD 0.56 in 2025 [5][7] - The report adjusts the profit forecast for 2025-2027, projecting net profits of HKD 8.3 billion, HKD 8.7 billion, and HKD 9.1 billion respectively [6]

Core Viewpoint - COSCO Shipping International (Hong Kong) Limited reported a record half-year performance for the first half of 2025, with a 26% year-on-year increase in profit before tax to HKD 410.99 million [1] Financial Performance - The profit attributable to equity holders for the first half was HKD 487.22 million, with basic and diluted earnings per share of HKD 0.3324, also up 26% compared to the same period last year [1] - By business segment, the profit before tax for ship trading agency services increased by 124% to HKD 81.81 million [1] - The insurance consulting services segment saw a profit before tax rise of 11% to HKD 83.84 million [1] - The paint production and sales segment reported a profit before tax increase of 20% to HKD 204.14 million [1] - The ship equipment and spare parts supply segment experienced a slight decline of 5% in profit before tax to HKD 54.10 million [1] - The shipping service technology business incurred a loss before tax of HKD 12.90 million, as it remains in the initial investment and product development phase [1] Future Strategy - COSCO Shipping International aims to focus on the green, low-carbon, and digital transformation of shipping, emphasizing the development of a "Smart Ship Service Platform" and a "Marine New Energy Platform" [1] - The company is committed to becoming a technology-driven shipping service provider, promoting the digitalization of ship services and innovations in marine green energy [1]

Core Viewpoint - China COSCO Shipping International (00517) saw a significant increase in its stock price, rising over 7% following the announcement of its mid-year results, which showed a 25.6% year-on-year increase in net profit [1] Financial Performance - The company reported a revenue of HKD 1.934 billion, representing a year-on-year growth of 10.3% [1] - The profit attributable to equity holders reached HKD 487 million, marking a 25.6% increase compared to the previous year [1] - Basic earnings per share were HKD 0.3324, with a proposed interim dividend of HKD 0.33 per share, up from HKD 0.265 in the same period last year [1] Revenue Drivers - The revenue growth was primarily driven by increased income from the coatings and ship trading agency segments [1] - The rise in profit attributable to equity holders was mainly due to higher revenues from the shipping services sector and profits from a joint venture, China COSCO Shipping Paints (Hong Kong) Co., Ltd., as well as an increase in net foreign exchange gains [1]

Core Viewpoint - China COSCO Shipping International (00517) experienced a significant stock increase of over 7%, reaching HKD 6.22, following the release of its mid-term results for 2025, which showed strong revenue and profit growth [1] Financial Performance - The company reported a revenue of HKD 1.934 billion, representing a year-on-year increase of 10.3% [1] - Profit attributable to equity holders was HKD 487 million, reflecting a year-on-year growth of 25.6% [1] - Basic earnings per share were HKD 0.3324, with a proposed interim dividend of HKD 0.33 per share, up from HKD 0.265 in the same period last year [1] Revenue Drivers - The increase in revenue was primarily driven by higher income from the coatings and ship trading agency segments [1] - The rise in profit attributable to equity holders was mainly due to increased revenue from shipping services and profits from a joint venture, China COSCO Shipping Paint (Hong Kong) Co., Ltd., along with a net increase in foreign exchange gains [1]

Core Insights - China COSCO Shipping International (00517) reported a mid-year performance for 2025, with revenue of HKD 1.934 billion, representing a year-on-year increase of 10.3% [1] - The profit attributable to equity holders reached HKD 487 million, marking a year-on-year growth of 25.6% [1] - Basic earnings per share were HKD 0.3324, with an interim dividend proposed at HKD 0.33 per share [1] Revenue Breakdown - The increase in revenue was primarily driven by higher income from the coatings and ship trading agency segments [1] - The rise in profit attributable to equity holders was mainly due to increased revenue from shipping services and profits from a joint venture, China Coatings (Hong Kong) Limited, as well as net foreign exchange gains [1]