Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The energy and offshore engineering sectors are experiencing an upward trend, and the company is actively cultivating a second growth curve through modular data centers, energy storage, and cold chain logistics. The focus is on logistics equipment and services needed for commodity supply chains, equipment and services for energy supply chains, and three core tracks in digital infrastructure, indicating strong growth potential in the future [2][6]. Financial Performance Summary - In 2025, the company achieved operating revenue of 156.61 billion yuan, a year-on-year decrease of 11.85%. The net profit attributable to shareholders was 221 million yuan, down 92.57% year-on-year. In Q4 2025, the operating revenue was 39.55 billion yuan, with a net loss of 1.345 billion yuan [6]. - The container manufacturing business generated operating revenue of 43.01 billion yuan, a decline of 30.86%, with a net profit of 1.882 billion yuan, down 53.97%. The total sales volume of dry cargo containers was 2.2249 million TEU, and refrigerated containers were 208,200 TEU, maintaining industry leadership [6]. - The offshore engineering business saw operating revenue of 17.938 billion yuan, an increase of 8.35%, with net profit rising significantly by 371.79% to 1.057 billion yuan, indicating a substantial improvement in profitability [6]. - The energy, chemical, and liquid food equipment business achieved operating revenue of 27.192 billion yuan, up 6.31%, with net profit increasing by 42.15% to 1.04 billion yuan [6]. Business Segment Insights - The offshore engineering segment has strong growth elasticity, with the company continuously investing in front-end design capabilities and possessing full-process capabilities from design to delivery and supply chain management for large FPSOs. As of the end of 2025, the company held a backlog of orders valued at 5.09 billion USD, with a planned capacity expansion in the offshore sector expected to further enhance profitability and scale [6]. - The modular data center business is ramping up, with the company providing prefabricated data center technology and manufacturing services for over 300 MW of industry clients. The company is also actively expanding capacity and strengthening its talent and technology R&D teams [6].

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [8]. Core Views - The company reported a revenue of 156.61 billion RMB for 2025, a decrease of 11.85% year-on-year, with a net profit attributable to shareholders of 2.21 billion RMB, down 92.57% year-on-year. The fourth quarter of 2025 saw revenues of 39.55 billion RMB, reflecting a year-on-year decline of 18.78% and a quarter-on-quarter decline of 3.47% [1]. - The marine engineering segment is expected to benefit from the rising demand for deepwater oil and gas development, with a significant increase in profitability, achieving a revenue of 17.94 billion RMB in 2025, up 8.35% year-on-year, and a net profit of 1.06 billion RMB, up 371.79% year-on-year [3]. - The modular AIDC business is experiencing rapid growth, with the company providing prefabricated data center solutions that reduce project delivery time by over 50% [5]. - The company has adjusted its net profit forecasts for 2026 and 2027 upwards by 11% and 24% respectively, predicting net profits of 4.02 billion RMB and 4.99 billion RMB [6]. Financial Summary - The gross margin for 2025 was 12.45%, a slight decrease of 0.07 percentage points year-on-year, primarily due to increased competition and exchange rate impacts in the container business, although profitability in the energy sector helped offset this decline [2]. - The company’s financial expenses increased due to higher exchange losses, with a financial expense ratio of 1.30%, up 0.53 percentage points year-on-year [2]. - The company’s total orders on hand reached a value of 5.09 billion USD by the end of 2025, with a focus on high-value oil and gas orders [3]. - The average daily rate for semi-submersible and jack-up drilling platforms increased year-on-year, with new contracts expected to significantly contribute to performance elasticity [4].

订单方面，我们目前的核心产品线聚焦 FPSO、FLNG、FPU 等深远 海大型油气加工装备，同时也会接一些风电船、集装箱船等非核 心产品，用于部分基地产能富余时的补充。当前海工高端装备行 业处于景气上行周期，公司截至 2025 年末累计在手订单价值 50.9 亿美元，订单较为饱满，公司也正在规划海工产能扩展，预期未 来几年海工板块的盈利和规模将得到进一步释放。 2、过去一年，集团在钻井平台方面也取得了不错的减亏进展， 能否介绍一下相关项目的运营情况？2026 年及中长期在钻井平 台的经营规划和盈利预期方面有哪些指引？ 答：钻井平台产业目前也处于景气度回升的阶段。2025 年，我们 持续发挥现有项目经验和业务能力，提高资产上租率，同时，上 租半潜钻井平台及自升式钻井平台的平均日费率均实现同比增 长。 证券代码：000039、299901 证券简称：中集集团、中集 H 代 中国国际海运集装箱（集团）股份有限公司 投资者关系活动记录表 编号：2026-05 投 资 者 关 系 活 动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） ...

Group 1: Marine Engineering Sector - The marine engineering segment has secured orders scheduled for production until 2028, focusing on high-quality, high-end equipment orders, primarily in FPSO/FLNG projects [3] - The company expects significant growth in marine engineering performance for 2025, with a substantial increase in profitability [3] - The company has won contracts for 2 semi-submersible drilling platforms and 1 semi-submersible lifting/living platform, actively seeking asset disposal and leasing opportunities [3] Group 2: Competitive Position and Advantages - The company ranks in the top tier of high-end marine engineering equipment in China, supported by a skilled workforce of nearly 4,000 employees, including about 1,200 in R&D [4] - The company has established four research centers in Yantai, Shenzhen, Sweden, and Norway, enhancing its R&D capabilities in key areas such as FPSO/FLNG and deep-sea drilling equipment [4] - The company has a strong one-stop delivery capability, leveraging its manufacturing and supply chain systems to ensure timely project delivery [5] Group 3: Container Manufacturing Outlook - The container manufacturing business is expected to see a significant decline in performance for 2025 due to a high base in 2024 and a slowdown in global trade growth [5] - Long-term demand for containers is projected to increase, potentially exceeding recent annual demand of around 4 million units, driven by global population growth and rising wealth [5] Group 4: Green Methanol Initiatives - The company’s subsidiary has launched a biomass-based green methanol project in Zhanjiang, with an annual production capacity of 50,000 tons [5] - Strategic partnerships have been established with leading shipping companies for the delivery of green methanol products, making the company a key player in southern China [5] Group 5: Modular Data Center Business - The company’s modular data center division has seen strong demand in Europe and Asia-Pacific, delivering the world's first ultra-large modular data center in Malaysia [6] - The project includes 833 modules with an IT load of approximately 60MW, completed in under 10 months, significantly faster than traditional methods [6] - The company has delivered over 1,000 MW and more than 17,000 modules across various regions, providing prefabricated data center solutions to industry clients [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit was significantly impacted by investment income and foreign exchange management, with a notable improvement in offshore engineering profitability [2] - In 2025, the company achieved total revenue of 156.6 billion yuan, a year-on-year decrease of 12%, and a net profit attributable to shareholders of 2.2 billion yuan, a year-on-year decrease of 93% [2] - The decline in net profit was attributed to asset sales by a joint venture, resulting in a reduction of investment income by 1.08 billion yuan, and significant foreign exchange losses of 1.1 billion yuan [2] - The core business segments showed varied performance, with container sales down 35% year-on-year, while the offshore engineering segment saw revenue growth of 8% and net profit growth of 372% [2][4] Revenue and Profitability - The company's gross profit margin remained stable at 12.4%, with a slight decrease in net profit margin to 0.9% [3] - The offshore engineering segment experienced a significant increase in gross margin, rising by 5.7 percentage points to 14.8% [3] - The company expects a rebound in performance in 2026, driven by trade volume growth and an increase in modular construction projects [4] Financial Forecasts - The company forecasts net profits of 3.5 billion yuan, 4.9 billion yuan, and 6.0 billion yuan for 2026, 2027, and 2028 respectively, with corresponding P/E ratios of 17, 12, and 10 [5] - The projected revenue for 2026 is 173.1 billion yuan, with a growth rate of 10.54% [10] - The company anticipates a significant recovery in profitability as non-recurring factors diminish [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： 中國國際海運集裝箱（集團）股份有限公司 呈交日期： 2026年3月27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) | 02039 | 說明 H股 | | | | | | 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 ...

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： 中國國際海運集裝箱（集團）股份有限公司 呈交日期： 2026年3月27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) | 02039 | 說明 H股 | | | | | | 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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國國際海運集裝箱（集團）股份有限公司 CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD. 本公告乃中國國際海運集裝箱（集團）股份有限公司（「本公司」，與其附屬公司合 稱「本集團」）根據《深圳證券交易所上市公司自律監管指南第1號 – 業務辦理》的 規定在中國境內刊登，並根據《香港聯合交易所有限公司證券上市規則》（「香港 上市規則」）第13.09(2)(a)條、第13.10B條及香港法例第571章《證券及期貨條例》 第XIVA部內幕消息條文（如香港上市規則定義者）在香港公佈。 一、計提減值準備的情況概述 為了客觀、公允反映本公司截止2025年年末的財務狀況和經營情況，本着 謹慎性原則，本公司根據《中國企業會計準則》及《深圳證券交易所上市公司 自律監管指南第1號 – 業務辦理》等相關規定，對合併範圍內各公司所屬資 產進行了減值測試 ...

中國國際海運集裝箱（集團）股份有限公司 CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD. 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 經董事認真審議並表決，通過以下決議： （一） 審議並通過《中集集團2025年度董事會工作報告》，同意將上述議 案提請股東會審議批准。 同時審議並批准《2025年度董事會對獨立董事獨立性自查情況的專 項報告》。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：02039） 關於第十一屆董事會二〇二六年度第四次會議決議的公告 本公告乃中國國際海運集裝箱（集團）股份有限公司（「本公司」，與其子公司合稱 「本集團」或「中集集團」）根據《深圳證券交易所股票上市規則》的規定在中國境內 刊登，並根據香港聯合交易所有限公司證券上市規則第13.10B條而在香港同步 公佈。 一、 董事會會議召開情況 本公司第十一屆董事會2026年度第4次會議通知於 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國國際海運集裝箱（集團）股份有限公司 CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD. 香港，2026 年 3 月 26 日 於本公告日期，本公司董事會成員包括：執行董事麥伯良先生（董事長），非執行董事 朱志強先生（副董事長）、梅先志先生（副董事長）、徐臘平先生、趙金濤先生及趙峰女 士，及獨立非執行董事張光華先生、王桂壎先生及謝家偉女士。 （於中華人民共和國註冊成立之股份有限公司） (股份代號：02039) 海外監管公告 本公告乃中國國際海運集裝箱（集團）股份有限公司（「公司」）根據香港聯合交易所有 限公司證券上市規則第 13.10B 條作出。 茲載列公司在公司網站（www.cimc.com）以及巨潮資訊網（www.cninfo.com.cn）刊登 的《中國國際海運集裝箱（集團）股份有限公司 2025 年度內部控制評價報告 ...