Financial Performance - The operating revenue for the first quarter reached CNY 57.96 billion, representing a year-on-year increase of 20.05% compared to CNY 48.27 billion in the same period last year[9]. - Net profit attributable to shareholders of the listed company was CNY 11.69 billion, a significant increase of 73.12% from CNY 6.76 billion in the previous year[9]. - The net cash flow generated from operating activities was CNY 15.06 billion, reflecting a 69.49% increase from CNY 8.86 billion year-on-year[9]. - Basic earnings per share rose to CNY 0.74, marking a 76.19% increase compared to CNY 0.42 in the same period last year[9]. - The company reported a net profit from non-recurring gains and losses of CNY 11.64 billion, reflecting a 73.14% increase from CNY 6.72 billion in the previous year[9]. - Total operating revenue for Q1 2025 reached ¥57.96 billion, a significant increase from ¥48.28 billion in Q1 2024, representing a growth of approximately 20.5%[43]. - Net profit for Q1 2025 was ¥13.23 billion, compared to ¥7.68 billion in Q1 2024, reflecting a growth of approximately 72.5%[44]. - Total comprehensive income for Q1 2025 reached CNY 13.24 billion, compared to CNY 7.78 billion in Q1 2024, representing a 70.5% increase[46]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 509.61 billion, an increase of 2.44% from CNY 497.47 billion at the end of the previous year[9]. - Total liabilities as of March 31, 2025, were ¥213.87 billion, slightly up from ¥212.41 billion at the end of 2024, indicating a marginal increase of 0.7%[39]. - The total non-current assets increased to ¥298.70 billion as of March 31, 2025, from ¥291.36 billion at the end of 2024, marking a growth of approximately 2.5%[37]. - The total assets as of March 31, 2025, amounted to ¥509.61 billion, an increase from ¥497.47 billion as of December 31, 2024, showing a growth of about 2.3%[40]. Shareholder Information - Equity attributable to shareholders of the listed company increased to CNY 244.13 billion, up 4.03% from CNY 234.67 billion at the end of the previous year[9]. - The total shareholding of China Ocean Shipping Group, including direct and indirect holdings, is approximately 44.84% of the total share capital as of March 31, 2025[21]. - The company plans to repurchase between 50 million to 100 million A-shares at a price not exceeding RMB 14.83 per share[22]. - The company has completed the cancellation of 99,999,943 A-shares and 227,960,500 H-shares that were repurchased[22]. Operational Metrics - The container shipping business experienced growth in both cargo volume and revenue per container compared to the previous year[17]. - The total cargo volume for Q1 2025 was 6.4815 million TEUs, up 7.53% compared to the same period last year[26]. - The cargo volume on the Trans-Pacific route increased by 16.20% year-on-year, reaching 1,254,671 TEUs[26]. - The cargo volume on the Asia-Europe route decreased by 3.09% year-on-year, totaling 929,700 TEUs[26]. - The cargo volume within Asia, including Australia, increased by 4.25% year-on-year, amounting to 2,205,341 TEUs[26]. - The cargo volume from mainland China rose by 12.85% year-on-year, reaching 1,321,764 TEUs[26]. - The total container shipping volume for the group reached 4,518,055 TEUs, representing a year-on-year increase of 6.81%[27]. - Revenue from the group's container shipping business amounted to RMB 55,882,731,000, an increase of 9,339,222,000 compared to the previous year[30]. - The total throughput of the group's ports reached 35,748,931 TEUs, up 7.48% year-on-year[34]. Cash Flow and Expenses - The company's EBIT for Q1 2025 was RMB 16.578 billion, an increase of RMB 6.602 billion, representing a growth of 66.17% year-on-year[24]. - The company reported a financial expense of -¥1.24 billion in Q1 2025, compared to -¥909 million in Q1 2024, indicating an increase in financial costs[43]. - Net cash flow from investing activities for Q1 2025 was -CNY 6.86 billion, worsening from -CNY 3.92 billion in Q1 2024[52]. - Net cash flow from financing activities for Q1 2025 was -CNY 5.69 billion, compared to -CNY 13.11 billion in Q1 2024, showing an improvement[53]. - The company reported a net increase in cash and cash equivalents of CNY 2.51 billion for Q1 2025, contrasting with a decrease of CNY 8.04 billion in Q1 2024[53]. - Cash received from sales of goods and services in Q1 2025 was CNY 56.55 billion, compared to CNY 47.26 billion in Q1 2024, marking a 19.6% increase[49]. - Cash paid for goods and services in Q1 2025 was CNY 35.96 billion, up from CNY 33.43 billion in Q1 2024, a 7.5% increase[51].

Core Viewpoint - 中远海运 reported strong financial performance for Q1 2025, with significant increases in revenue and net profit, indicating robust growth in the container shipping sector [1][2]. Financial Performance - The company achieved operating revenue of 57.96 billion yuan, a year-on-year increase of 20.05% [1]. - Net profit attributable to shareholders was 11.695 billion yuan, reflecting a 73.12% year-on-year growth [1]. - Earnings per share rose to 0.74 yuan, up 76.19% compared to the previous year [1]. - The asset-liability ratio decreased to 41.97% as of March 31, 2025 [1]. - Net cash flow from operating activities was 15.062 billion yuan, an increase of 69.49% year-on-year [1]. - Cash and cash equivalents reached 186.699 billion yuan [1]. Shipping and Terminal Operations - Container shipping business completed a total of 6.4815 million TEUs, a year-on-year increase of 7.53% [1]. - Revenue from shipping operations was 55.883 billion yuan, up 20.07% year-on-year [1]. - Terminal operations achieved a total throughput of 35.7489 million TEUs, reflecting a 7.48% increase [1]. - Revenue from terminal operations was 2.767 billion yuan, a year-on-year growth of 16.06% [1]. Share Buyback - In April 2025, 中远海控 announced a new round of share repurchase, having repurchased 43.2444 million A-shares at a cost of approximately 600 million yuan [1]. - From October 2024 to April 2025, the company repurchased A and H shares totaling about 3.894 billion yuan, with all repurchased shares being canceled [1]. Industry Outlook - The container shipping industry is expected to face a complex and changing market environment due to geopolitical factors, the situation in the Red Sea, and uncertainties in U.S. trade policies [2]. - New environmental regulations will also impact the shipping industry [2]. - The company aims to focus on global digital supply chain operations and investment platforms, optimizing resource allocation and enhancing service quality to create greater value for shareholders [2].

中远海控（601919）公告，2025年第一季度营业收入为579.6亿元，同比增长20.05%；净利润为116.95 亿元，同比增长73.12%。 ...

金融界4月29日消息，上证指数低开震荡，中证中国内地企业全球工业综合指数 (CN工业综合， H30377)报2294.50点。 数据统计显示，中证中国内地企业全球工业综合指数近一个月下跌6.62%，近三个月下跌1.10%，年至 今下跌4.09%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当中证中国内地企业全球综合指数调整样本时，指数样本 将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相应调整。当样 本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆、停牌等情形的处理，参照计算与 维护细则处理。 从指数持仓来看，中证中国内地企业全球工业综合指数十大权重分别为：宁德时代（6.24%）、京沪高 铁（1.71%）、汇川技术（1.4%）、中国建筑（1.15%）、三一重工（1.13%）、顺丰控股（1.04%）、 国电南瑞（0.92%）、中远海控（0.92%）、隆基绿能（0.9%）、满帮集团（0.85%）。 从中证中国内地企业全球工业综合指数持仓的市场板块来看，深圳证券交易所占比47.02% ...

Dividend and Profit Distribution - The company plans to distribute a final dividend of RMB 1.03 per share for the fiscal year 2024, subject to shareholder approval[4] - The company plans to distribute a final cash dividend of RMB 1.03 per share, which, combined with the interim dividend, represents 50% of the net profit attributable to shareholders[71] - The proposed cash dividend for the fiscal year 2024 is RMB 1.03 per share, totaling approximately RMB 16.131 billion, which represents about 50% of the net profit attributable to shareholders for the fiscal year 2024[176] - For the fiscal year 2023, the total cash dividend distributed was approximately RMB 11.867 billion, also around 50% of the net profit attributable to shareholders for that year[177] - The company declared a total annual dividend of RMB 1.55 per share, compared to RMB 0.74 per share in the previous year, marking an increase of 109.46%[83] Financial Performance - The company achieved a revenue of RMB 233.86 billion, a year-on-year increase of 33.29%[70] - EBIT reached RMB 70.15 billion, reflecting a year-on-year growth of 91.27%[70] - Net profit amounted to RMB 55.59 billion, up 95.77% year-on-year[70] - The net profit attributable to shareholders was RMB 49.17 billion, representing a 106.09% increase compared to the previous year[70] - The return on equity (ROE) improved to 22.63%, an increase of 10.83 percentage points year-on-year[70] - Basic earnings per share rose to RMB 3.08, marking an increase of 108.11% year-on-year[70] - The profit attributable to equity holders of the company was RMB 49,172,465 thousand, an increase of RMB 25,312,296 thousand from the previous year[86] - The gross profit margin improved to 28.94%, an increase of 13.21 percentage points compared to the previous year[83] - Operating profit for the year was RMB 59,023,154 thousand, an increase of RMB 34,372,608 thousand, representing a growth of 139.48%[85] - The net cash flow from operating activities was RMB 69,312,919 thousand, a significant increase of 206.91% from RMB 22,583,829 thousand in the previous year[88] Fleet and Operational Expansion - The company signed contracts for the dual-fuel retrofitting of four existing container ships, marking a global first for simultaneous MAN and WARTSILA dual-fuel retrofitting projects[21] - The company signed contracts for the construction of 12 methanol dual-fuel container ships, enhancing its fleet capabilities[65] - The company received 12 new vessels with a total capacity of 230,000 TEU, including several next-generation eco-friendly ships, bringing its self-operated fleet capacity to over 3.3 million TEU[73] - The self-operated container fleet consists of 538 vessels with a capacity of about 3.32 million TEUs, maintaining a leading position in the industry[147] - The company has ordered a total of 43 new vessels, with a combined capacity of nearly 750,000 TEUs[147] Digital and Green Initiatives - The company introduced three new digital supply chain products: "Flexible Distribution," "Sea-Rail Link," and "Global Easy," along with solutions for the automotive export and cross-border e-commerce logistics sectors[25] - The company collaborated with GSBN to launch the Hi-ECO green blockchain shipping product, completing a pilot program for issuing traceable and verifiable green certificates[27] - The company is committed to green and low-carbon development, exploring new energy fuel supply chains, including green methanol, to support its transition[186] - The company is actively developing green digital supply chain products to meet the growing demand for sustainability from customers[135] - The company aims to enhance operational efficiency and customer satisfaction through lean management and technological innovation, focusing on "digital intelligence" and "green low-carbon" initiatives[188] Market and Strategic Outlook - The global container shipping market is expected to see a demand growth of approximately 5%-7% in 2024, driven by improved global production activities and active service trade[134] - The company plans to accelerate globalization and digital transformation while focusing on high-quality development to address uncertainties in the container shipping industry[81] - The company aims to enhance global supply chain resilience through digital innovation and green low-carbon development strategies[140] - The company is focused on building a world-class digital supply chain enterprise centered on container shipping, integrating investment, construction, and operation[183] - The company anticipates that the global trade landscape will shift towards more resilient and diversified supply chain strategies[180] Risk Management - The company faces risks from geopolitical changes and international trade dynamics, which could impact its global operational goals[189][191] - Strategies to mitigate geopolitical risks include enhancing dynamic management and risk assessment mechanisms for key regions and clients[192] - Economic fluctuations pose a risk to trade demand in operational regions, influenced by global supply chain restructuring and inflation[195] Investment and Partnerships - The company strategically invested in Midea Group and Anji Logistics, increasing its stake in the logistics supply chain to 19%, enhancing strategic cooperation across the industry chain[80] - The company is actively pursuing investment opportunities in emerging markets and third-country markets to enhance its comprehensive service capabilities[144] - The company will continue to invest in and acquire resources along the supply chain to enhance its global service capabilities and operational efficiency[187]

Core Viewpoint - China's service trade is experiencing significant growth, with a total service trade volume projected to reach 7.10 trillion yuan in 2024, reflecting a year-on-year increase of 16.38% [1][10]. Industry Overview - Service trade involves the cross-border flow of services as trade goods, categorized by delivery method and production factor intensity [2][4]. - The industry has evolved through four main stages: initial exploration (1978-1992), rapid growth (1992-2001), accelerated development (2001-2012), and high-quality development (2012-present) [4][5][6]. Industry Development History - From 1978 to 1992, service trade began to develop but lagged behind manufacturing, with total service trade imports and exports increasing from 4.4 billion USD to 10.8 billion USD [4]. - The period from 1992 to 2001 saw a significant increase in service trade, with the share of global service trade rising from 1% to 2.3% [5]. - Following China's accession to the WTO in 2001, service trade grew rapidly, with total imports and exports increasing from 71.9 billion USD in 2001 to 713 billion USD in 2015 [5]. - Since 2012, the focus has shifted to high-quality development, with policies promoting service trade transformation and an increase in knowledge-intensive service trade [6]. Industry Chain - The service trade industry chain includes upstream components like infrastructure and technology support, midstream service trade activities, and downstream demand from consumers, businesses, and government [8]. Current Industry Status - In 2024, the service trade deficit is projected to be -1.63 trillion yuan, a decrease of 10.78% year-on-year, primarily due to increased outbound travel demand driven by rising household incomes [10]. - Key segments driving growth include travel services, which are expected to reach 2.07 trillion yuan, a 33.67% increase, and transportation services, projected at 2.00 trillion yuan, a 15.18% increase [12][13]. Key Companies' Performance - Major companies in the service trade sector include COSCO Shipping Holdings, which reported a revenue of 233.9 billion yuan in 2024, a 33.35% increase, and a gross profit of 67.7 billion yuan, a 145.35% increase [17]. - Boyuan Technology, a global IT service provider, reported a revenue of 5.098 billion yuan in the first three quarters of 2024, a 4.64% increase, but a net profit decline of 20.39% [19]. Industry Development Trends - Digital transformation is a key trend, with advancements in AI, blockchain, and cloud computing expected to enhance service delivery and efficiency [21]. - The demand for knowledge-intensive services is anticipated to rise, particularly in finance and IT, driving the industry towards higher value chains [22]. - Green service trade is emerging as a significant trend, with increasing focus on sustainability and environmental protection [23].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - After Trump's re - election, his actions such as claiming sovereignty over Greenland and the Panama Canal, mediating the Russia - Ukraine war, imposing wide - range tariffs, and conducting a 301 investigation on China's maritime, logistics, and shipbuilding industries have brought many uncertainties to the shipping industry. This report focuses on the implementation measures of the US 301 ship investigation and its potential impact on the costs of US - bound routes [3]. - The report analyzes three types of fees proposed by USTR, discusses the optimal fee - payment plans for different operators, calculates the cost increase for operators, and suggests potential countermeasures and their impacts [3][4][9][23]. 3. Summary by Relevant Catalogs 3.1 First - Class Fees: For Chinese Operators - The main affected operator is COSCO Shipping (including its subsidiary Orient Overseas). Considering the average scale of container ships and net tonnage, it is more beneficial for them to choose to pay a maximum fee of $1 million per entry into US ports [7]. - The charging scenario is that when any ship of a Chinese operator enters a US port, it can choose either to pay a maximum fee of $1 million or to pay based on the ship's net tonnage at a maximum rate of $1,000 per net ton [8]. 3.2 Second - Class Fees: For Operators with Chinese - Built Ships - Charging scenario: If an operator's fleet has Chinese - built ships and its operating routes involve US ports, all of its Chinese - built or non - Chinese - built ships will be subject to fees. It is unclear whether Chinese operators need to pay both "as a Chinese operator" and "for holding Chinese - built ships" fees [10]. - There are three charging schemes. Operators can choose the most favorable one. For example, COSCO Shipping (including Orient Overseas) and CMA CGM find Scheme (a) more favorable; Maersk, Hapag - Lloyd, and Mediterranean Shipping choose Scheme (c) currently as they have less than 25% Chinese - built ships in their current fleets; ONE selects Scheme (a) and may switch to Scheme (c) if the proportion of Chinese - built ships drops below 25%; Evergreen, HMM, and Yang Ming choose Scheme (c) as their proportion of Chinese - built ships is low and unlikely to exceed 25% in the future [10][20][22]. 3.3 Third - Class Fees: For Operators Ordering Ships from Chinese Shipyards - Charging scenario: For operators that have ordered ships from Chinese shipyards, their ships will be charged when docking at US ports [26]. - Different operators have different optimal fee - payment schemes and fee levels based on the proportion of ships ordered from Chinese shipyards and the expected delivery proportion in the next 24 months. For example, COSCO Shipping, Orient Overseas, CMA CGM, Hapag - Lloyd, ONE, and Mediterranean Shipping are in the $1 million fee level; HMM and Yang Ming are exempt from fees; Evergreen may be in the exempt or $750,000 fee level depending on the measurement method; Maersk may be in the $750,000 or $1 million fee level depending on the measurement method [27][28]. 3.4 Fee Reduction Scenario - Operators using US - built ships can apply for a refund on a calendar - year basis. Each entry of a US - built ship into a US port allows the operator to get a maximum refund of $1 million. However, due to the extremely low proportion of US - built ships (less than 1%), only a few operators will benefit [35]. 3.5 Operator Cost Calculation and Potential Countermeasures - Cost calculation: HMM and Yang Ming are not affected by the proposed fees. COSCO Shipping (including Orient Overseas) is the most affected, with a theoretical high - value cost of up to $2.69 million per ship per entry into US ports if paying all relevant fees. CMA CGM and ONE need to pay between $1.2 million and $1.54 million. Evergreen, Maersk, Hapag - Lloyd, and Mediterranean Shipping need to pay between $750,000 and $1 million [40][43]. - Potential countermeasures and impacts: Operators can reduce the number of US port calls, which may lead to congestion at large ports and a decline in traffic at small ports; increase transshipment through Canada or Mexico, but need to consider high inland transportation costs and limited facilities; replace small ships with large ones on US - bound routes, but face limitations such as port efficiency and canal passage; transfer Chinese - built ships out of US - bound routes and move non - Chinese - built ships in [44].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Trump's tariff policy has an impact on market expectations, and investors are advised to focus on Maersk's WEEK17 weekly quotes [1] - The geopolitical situation shows that the US and Iran may conduct direct negotiations, which adds uncertainty to the market [2] - In April, the shipping capacity is relatively abundant, while in May, it is currently relatively scarce. Investors need to pay attention to the possible release of more blank sailings in May [2] - Major shipping companies are trying to raise prices in the second half of April, and CMA has officially announced the May quotation from Tianjin Xingang to Rotterdam, indicating that shipping companies are trying to create a price - increasing atmosphere during the off - peak to peak season transition [3] - With the approach of the peak season, shipping companies are expected to issue price - increase letters every month before July, which may lead to a strong short - term trend of the 06 and 08 forward contracts. However, the height of the peak - season prices should be expected to be lower [4] - In May, the price - holding effect is expected to be better than that in March and April. The 06 and 08 contracts are relatively safe for short - term long positions, but investors need to pay attention to the upward height. Due to the uncertainty of Trump's tariff policy and the predicted pressure on US container imports in the second half of the year, if US - bound ships are redeployed to European routes, it will have a negative impact on European route freight rates. It is recommended to conduct arbitrage operations, such as going long on the 06 contract and short on the 10 contract [5] - The main strategy is that the main contract fluctuates, and the arbitrage strategy is to go long on the 06 contract and short on the 10 contract [7] 3. Summary According to the Directory 3.1 Futures Prices - As of April 8, 2025, the total open interest of all container shipping index European route futures contracts is 81,272.00 lots, and the single - day trading volume is 120,506.00 lots. The closing prices of EC2602, EC2504, EC2506, EC2508, EC2510, and EC2512 contracts are 1441.50, 1517.70, 1885.00, 1980.10, 1388.80, and 1609.80 respectively [5] 3.2 Spot Prices - On April 4, the SCFI (Shanghai - Europe route) price was 1336.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2313.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3306.00 US dollars/FEU. On April 7, the SCFIS (Shanghai - Europe) was 1422.42 points, and the SCFIS (Shanghai - US West) was 1129.45 points [6] 3.3 Container Ship Capacity Supply - 2025 is still a big year for container ship deliveries. As of March 31, 2025, 23 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 345,000 TEU, and 2 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 47,000 TEU [6] 3.4 Supply Chain - The geopolitical situation between the US and Iran may affect the shipping market. The shipping capacity in April is relatively high, and in May, it is relatively low. There are currently blank sailings in WEEK15, 18, 19, 20, and 21, and attention should be paid to whether more blank sailings will be released in May [2] 3.5 Demand and European Economy - No specific content directly related to demand and European economy analysis is provided other than the potential impact of the above - mentioned factors on the shipping market.

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue of COSCO SHIPPING Holdings was RMB 233,859,079,000, representing an increase of RMB 58,406,104,000 or 33.29% compared to the previous year[5]. - The profit attributable to equity holders of the company for the fiscal year was RMB 49,172,465,000, an increase of RMB 25,312,296,000 or 106.09% year-over-year[5]. - Basic and diluted earnings per share for the fiscal year were both RMB 3.08, compared to RMB 1.48 in the previous year[6]. - The total comprehensive income for the year was RMB 58,309,842,000, compared to RMB 30,810,001,000 in the previous year[7]. - Total revenue for the year ended December 31, 2024, was RMB 233,859,079, with container shipping contributing RMB 225,971,372 and terminal operations contributing RMB 10,809,999[22]. - The annual profit before tax amounted to RMB 67,086,756, with a net annual profit of RMB 55,592,667 after tax expenses of RMB 11,494,089[22]. - Total revenue for the year ended December 31, 2023, was RMB 175,452,975, with external revenue from container shipping at RMB 168,044,636[24]. - Operating profit for 2024 was RMB 59.02 billion, up from RMB 24.65 billion in 2023, marking an increase of 139.48%[51]. - Net profit attributable to shareholders reached RMB 49.17 billion in 2024, compared to RMB 23.86 billion in 2023, reflecting a growth of 105.73%[51]. Assets and Liabilities - Non-current assets increased to RMB 291,355,237,000 from RMB 259,991,093,000 year-over-year[10]. - Total assets amounted to RMB 497,472,214,000, up from RMB 462,570,620,000 in the previous year[10]. - The total equity attributable to equity holders of the company was RMB 234,668,063,000, compared to RMB 196,115,229,000 in the previous year[12]. - Total liabilities decreased to RMB 212,413,437,000 from RMB 219,219,595,000 year-over-year[12]. - The group's net cash position reached RMB 149,513,392 thousand after deducting total borrowings, an increase of RMB 11,624,870 thousand compared to the previous year[90]. - The total borrowings as of the end of 2024 amounted to RMB 34,675,686 thousand, down from RMB 43,276,918 thousand in 2023[92]. Cash Flow and Financial Management - The net cash flow from operating activities was RMB 69,312,919 thousand, an increase of RMB 46,729,090 thousand, representing a growth of 206.91%[86]. - The net cash outflow from investment activities was RMB 26,971,632 thousand, an increase of RMB 8,629,508 thousand compared to the previous year[87]. - The net cash outflow from financing activities was RMB 40,620,065 thousand, a decrease of RMB 19,409,105 thousand compared to the previous year[88]. - Cash and cash equivalents totaled RMB 184,189,078 thousand at the end of 2024, an increase of RMB 3,023,638 thousand, representing a growth of 1.67%[85]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 1.03 per ordinary share for the fiscal year 2024[5]. - The company plans to distribute a cash dividend of RMB 1.03 per share for 2024, totaling approximately RMB 16.13 billion, which is 50% of the net profit attributable to shareholders[39]. - A cash dividend of RMB 1.03 per share is proposed, totaling approximately RMB 161.31 billion, which represents about 50% of the net profit attributable to shareholders for 2024[125]. Operational Segments and Revenue Sources - The company's operational segments include container shipping, terminal operations, and other businesses, with the primary decision-makers being the executive directors[20]. - The operating profit for the container shipping business was RMB 57,485,633, while the terminal business reported an operating profit of RMB 1,714,476[22]. - Non-maritime supply chain revenue reached RMB 40.939 billion in 2024, representing a year-on-year growth of 18.09%[59]. - The total cargo volume of the group reached 25,939,273 TEUs in 2024, a year-on-year increase of 10.12%[110]. Strategic Initiatives and Future Outlook - The company plans to expand its operations in the Asia-Pacific region, with revenue from this area projected at RMB 55,207,874 for 2024[29]. - The company is focusing on green low-carbon transformation, with significant advancements in energy efficiency and renewable energy projects at its ports[63]. - The company aims to enhance its global network resources and optimize resource allocation to tap into emerging markets and regional opportunities[132]. - The company is actively pursuing digital transformation and innovation, leveraging big data and AI technologies to improve operational platforms[136]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance, having adopted a corporate governance code that aligns with best practices[143]. - The company has appointed Shinewing (HK) CPA Limited and Shinewing CPA (Special General Partnership) as its international and domestic auditors for the fiscal year ending December 31, 2024[155]. - The annual performance announcement contains historical data and does not guarantee future performance, with actual results potentially differing significantly from forward-looking statements[156].

长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：ArthasYe 来源：雪球 段永平指出买股票就是买垄断/护城河 。 在价值投资领域 ， " 护城河 " 是巴菲特提出的核心理念 ， 指企业抵御竞争 、 保持长期盈利能力的结构性优势 。 而垄断性优势则是护城河的最高形态 ， 表现为资源独占 、 技术壁垒或市场支配地位 。 3. 监管适应与战略调整 本文以我的持仓腾讯控股 （ 科技 ） 、 中远海控 （ 航运 ） 、 中国海洋石油 （ 能源 ） 为例 ， 解析如何通过垄断性护城河构建长期价值 ， 并探讨应如何评估这类企业的投资逻辑 。 一 、 腾讯控股 ： 从流量垄断到内容驱动的护城河重构 1. 传统护城河的瓦解与重构 腾讯曾以 " 流量+资本 " 构建垄断性护城河 ， 但反垄断政策导致其部分优势弱化 ： 无形资产削弱 ： 音乐独家版权解除 （ 如周杰伦IP ） ， 投资扩张受限 （ 减持京东 、 美团 ） ； 网络效应分流 ： 抖音 、 快手分流用户时长 ， 微信月活增速放缓至3% 。 2. 新护城河的构建 ： 内容与生态闭环 腾讯转向 " 长青战 ...