Group 1 - The company, COSCO Shipping Holdings (01919), announced a share buyback on March 24, 2026, costing HKD 33.49 million for 2.2 million shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2026年3月24日 第 2 頁 共 7 頁 v 1.3.0 FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of RMB 18.80 and HKD 18.00 [7]. Core Views - The company reported a revenue of RMB 219.5 billion for 2025, a year-on-year decrease of 6.1%, and a net profit of RMB 30.87 billion, down 37.1% year-on-year, primarily due to increased new ship supply and weak cargo demand leading to a significant drop in freight rates [1][2]. - The outlook for 2026 suggests a potential rebound in freight rates due to disruptions in global trade supply chains caused by the current Middle East situation, which may significantly boost the company's profitability [1][3]. - The company announced a dividend of RMB 0.44 per share, corresponding to an annual payout ratio of 50% [1]. Summary by Sections Financial Performance - In 2025, the company handled a total of 27.43 million TEUs, representing a year-on-year growth of 5.8%. However, freight rates across various routes saw significant declines, with the Pacific route down 17.8% and the European route down 22.7% [2]. - The company expects a rebound in freight rates in 2026 due to increased risks in the Red Sea and Middle East routes, which have led to longer shipping times and decreased vessel turnover efficiency [3]. Market Conditions - The global supply of new container ships is projected to grow by 3.8% in 2026, indicating relatively low supply pressure. This is expected to create a tight market for effective shipping capacity, potentially driving up freight rates [4]. - As of March 20, 2026, the Shanghai Export Container Freight Index (SCFI) has increased by 28.0% compared to February 27, indicating a positive trend in freight rates [3]. Profit Forecasts - The profit forecast for 2026 has been revised upward by 85% to RMB 28.87 billion, with net profit estimates for 2027 and 2028 set at RMB 23.65 billion and RMB 26.02 billion, respectively [5]. - The target price has been adjusted upwards by 6% to RMB 18.80 and by 16% to HKD 18.00, reflecting the anticipated recovery in freight rates and the impact of geopolitical events on the market [5].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2026年3月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存 ...

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "underperform" rating for China COSCO Shipping Holdings (1919.HK) while adjusting the target price based on a price-to-book ratio increase from 0.65x to 0.75x, keeping the target price at HKD 13.5 [1] - The earnings per share forecast for China COSCO Shipping Holdings for 2026 to 2028 has been slightly adjusted upwards by less than 1% to reflect the performance in the second half of 2025 [1] - The net profit forecast for 2026 is set at RMB 17 billion [1]

Group 1 - The company, COSCO Shipping Holdings (01919), repurchased 730,000 shares at a cost of approximately HKD 10.94 million on March 23, 2026 [1]

Core Viewpoint - The company, COSCO Shipping Holdings, announced a share buyback of 730,000 shares on March 23, 2026, representing 0.0265% of the existing issued shares prior to the event [1] Group 1: Share Buyback Details - The buyback price ranged from 14.83 HKD to 15.14 HKD per share [1] - The total amount paid for the buyback was 10,940,065 HKD, approximately 10.94 million HKD [1] - The company received authorization on May 28, 2025, to repurchase a total of 287,981,950 shares [1] Group 2: Future Actions - Following this buyback, the company will temporarily halt the issuance of new shares or the sale of treasury shares until April 22, 2026 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of RMB 18.80 and HKD 18.00 [7]. Core Views - The company reported a revenue of RMB 219.5 billion for 2025, a year-on-year decrease of 6.1%, and a net profit of RMB 30.87 billion, down 37.1% year-on-year, primarily due to increased new ship supply and weak cargo demand leading to a significant drop in freight rates [1][2]. - The outlook for 2026 suggests a potential rebound in freight rates due to disruptions in global trade supply chains caused by the current Middle East situation, which may significantly boost the company's profitability [1][3]. - The company announced a year-end dividend of RMB 0.44 per share, corresponding to an annual payout ratio of 50% [1]. Summary by Sections Financial Performance - In 2025, the company handled a total container volume of 27.43 million TEUs, representing a year-on-year increase of 5.8% [2]. - Freight rates for major routes saw significant declines: Trans-Pacific rates dropped by 17.8%, European rates by 22.7%, and intra-Asia rates by 3.5% [2]. Market Outlook - The escalation of the Middle East situation has increased risks in the Red Sea and surrounding areas, leading to longer shipping routes and decreased vessel turnover efficiency [3]. - As of March 20, 2026, the Shanghai Containerized Freight Index (SCFI) and other indices have shown increases of 28.0% and 7.3% respectively compared to February 27, 2026, indicating a potential recovery in freight rates [3]. Supply and Demand Dynamics - Global new ship supply is expected to grow by 3.8% in 2026, with the effective capacity potentially tightening due to the current geopolitical situation, which may support freight rate increases [4]. - The report anticipates a rebound in freight rates for Middle East, India-Pakistan, and European routes, with a chain reaction expected across other global routes [5]. Earnings Forecast - The net profit forecast for 2026 has been raised by 85% to RMB 28.87 billion, with estimates for 2027 and 2028 set at RMB 23.65 billion and RMB 26.02 billion respectively [5]. - The target price has been adjusted upwards by 6% to RMB 18.80 and by 16% to HKD 18.00, reflecting a valuation premium due to current market conditions [5].

格隆汇3月23日丨中远海控(01919.HK)发布公告，2025年3月23日耗资1094万港元回购73万股，回购价格 每股14.83-15.14港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2026年3月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存 ...