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： 太平洋航運集團有限公司 (僅供識別) 呈交日期： 2025年5月30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 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 02343 | 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 ...

Group 1: Aviation Industry - The aviation industry in China is expected to benefit from the easing of US-China trade tensions and improving supply-demand dynamics, leading to enhanced pricing power [2][1] - Recommended stocks include China National Aviation (00753), Eastern Airlines (00670), Southern Airlines (01055), and Spring Airlines (601021.SH) [2] - Guangzhou Baiyun Airport (600004.SH) is favored as a defensive choice due to its lower exposure to duty-free business and high dividend yield amid consumer pressure [2][1] Group 2: Shipping Industry - Geopolitical factors are impacting freight rates, but oversupply of capacity remains a primary concern for the next 12 to 24 months [3] - The oil tanker segment is expected to benefit from OPEC+ production increases and tighter regulations on "shadow fleets," with recommendations to increase holdings in China Merchants Energy (601872.SH) and COSCO Shipping Energy (01138) [3] - For dry bulk shipping, Pacific Basin Shipping (02343) is recommended for its stable shareholder returns, while container shipping stocks like COSCO Shipping Holdings (01919) and Orient Overseas International (00316) are advised to be reduced [3] Group 3: Express Delivery Industry - The express delivery sector is anticipated to face intensified price competition and ongoing industry consolidation from 2025 onwards [4] - ZTO Express (ZTO.US) is viewed as the most promising stock in the next 12 to 24 months, while SF Express (002352.SZ) shows strong profit growth potential [4] - Companies leveraging artificial intelligence, such as ZTO, SF Express, and YTO Express (600233.SH), are also highlighted for their growth prospects [4]

Financial Performance & TCE Earnings - Handysize average daily TCE earnings in 1Q25 were $10,940, down 1% year-over-year[21] - Supramax average daily TCE earnings in 1Q25 were $12,210, down 10% year-over-year[21] - Handysize outperformed the index by $2,940 or 37% per day in 1Q25[27] - Supramax outperformed the index by $4,310 or 55% per day in 1Q25[27] - Operating activity generated a margin of $820 per day in 1Q25, up 61% year-over-year[27] - The company covered 77% and 95% of committed days in 2Q25 for Handysize and Supramax core fleet at $11,390 and $12,400 respectively[21] Fleet Management & Strategy - Since 2021, the company has purchased 22 modern second-hand vessels with aggregate capacity of 1.2 million dwt[52] - In 1Q25, the company sold three older, smaller Handysize vessels with an average age of 21 years old[52] - The company has commitment to 20 long-term inward charters, including four newbuildings due to join the fleet in 2025 and 2026[55] - The combined Handysize and Supramax orderbook currently stands at 10.4% of total fleet[38] Market Outlook & Trade Volumes - Total dry bulk trade is expected to grow by 3.2% in 2024, but only 0.1% in 2025[29] - Minor bulk trade volume is expected to increase by about 1.2% in 2025[29] - Iron ore loadings into China dropped 9% in 1Q25[14] - Coal volume to China dropped by 11% in 1Q25[14] - Grain loadings into China reduced sharply by 54% year-over-year[14]

Financial Data and Key Metrics Changes - In Q1 2025, market spot rates for Hetty Seizen and Supramax vessels averaged $8,000 and $7,900 net per day, respectively, representing a decrease of 24% to 36% compared to the same period in 2024 [3][4] - The average Handysize and Supramax daily time charter equivalent earnings were $10,940 and $12,210 per day, respectively, reflecting a year-on-year decrease of 11% [6][7] - The operating activity generated a daily average margin of $830 per day over $6,950 in Q1, representing an increase of 634% year on year [8][9] Business Line Data and Key Metrics Changes - Global minor bulk loadings increased by approximately 2% year on year, driven by higher loading of bauxite, cement, and clinker [4] - Global grain loadings decreased by 16% year on year, influenced by reduced Chinese demand and harvest delays in Brazil [4][5] - Global coal loadings dropped by 5% year on year, primarily due to an 11% decline in seaborne coal volumes to China [5][6] Market Data and Key Metrics Changes - Iron ore loadings declined by 7% year on year, mainly due to reduced Australian iron ore loadings caused by cyclones [6] - The Baltic Exchange Forward Freight Agreement average rates for the remainder of 2025 are projected at $9,120 for Hetty Seizen and $9,860 for Supramax vessels [3] - Global net fleet growth is projected to outpace demand growth, with dry bulk and minor bulk fleets estimated to grow by 3% to 4.5% in 2025 [12][17] Company Strategy and Development Direction - The company aims to grow and renew its fleet, maintaining a disciplined approach amidst market uncertainties [19][20] - The strategy includes purchasing larger and younger vessels while selling older ones, contributing to a 4% increase in total deadweight capacity [19][20] - The company is evaluating the impact of IMO's midterm measures on its operations and investments in dual fuel methanol newbuildings [21][63] Management's Comments on Operating Environment and Future Outlook - The near-term bulk market demand outlook is clouded by uncertainties from trade and geopolitical tensions, but potential shifts in trade flows could support tonne mile demand [10][15] - The company expects some support from ASEAN countries for coal demand, while iron ore demand may remain under pressure due to reduced Chinese domestic demand [11][15] - Management acknowledges the volatility in the market and emphasizes the importance of positioning for potential opportunities amidst uncertainties [34][58] Other Important Information - The company has covered 77% of committed vessel stays for Q2 2025 at rates higher than current market spot rates [7] - The company has a solid balance sheet that allows for growth opportunities despite market uncertainties [78] - The company is focused on optimizing short-term cargo commitments to navigate expected market volatility [22] Q&A Session Summary Question: Can you comment on the market rate expectations for the rest of the year? - Management indicated that the market has developed normally, with stable freight rates and ongoing activity despite uncertainties [30][34] Question: How is the company preparing for various scenarios regarding USTR? - Management noted that 70% of the fleet is Japanese built, which may present opportunities amidst regulatory changes, but emphasized the need for clarity on regulations [38][40] Question: What is the outlook for secondhand prices and potential buybacks? - Management acknowledged a slight improvement in secondhand prices recently and confirmed ongoing share buyback programs due to undervaluation [50][51] Question: What kind of trade shifts have been observed recently? - Management reported that there has been a general step back in trade involving the US due to tariff uncertainties, but demand remains for various commodities [72][75] Question: Can you elaborate on M&A opportunities? - Management expressed interest in M&A opportunities but emphasized a preference for organic growth while remaining open to potential acquisitions [78][79]

Core Viewpoint - Daiwa has upgraded Pacific Basin Shipping to a "Buy" rating, citing improved geopolitical conditions that are favorable for freight rates [1] Industry Summary - The Baltic Dry Index has averaged a year-on-year decline of approximately 35% year-to-date [1] - Smaller vessel types, including Supramax and Handysize bulk carriers, have experienced slower declines of 31% and 24% respectively [1] - The time charter equivalent (TCE) earnings for Pacific Basin's Supramax and Handysize vessels in April were approximately 15% and 10% lower than last year [1] Company Summary - Daiwa anticipates that the weak demand observed year-to-date will continue into the second half of the year, but the risk of further deterioration is limited [1] - Despite the expected decline in TCE, it is believed that Supramax and Handysize bulk carriers will remain profitable this year [1] - The rating for Pacific Basin Shipping has been upgraded from "Outperform" to "Buy," with a target price adjusted from HKD 2.40 to HKD 2.25 [1]

Group 1 - The recent US-China Geneva trade negotiations have led to significant progress, with both countries reducing tariff rates, resulting in a rapid response from the global shipping and logistics market [1] - There is a surge in demand for shipping services on US routes, with reports of a "rush for shipments" and "cabin space" as shipping rates have dramatically increased, with East Coast rates nearing $7000 in June [1][2] - Shipping companies have announced substantial rate hikes, with various carriers increasing fees for container shipments to the US, indicating a potential super peak season for shipping [1][2] Group 2 - Following the announcement of a 145% tariff increase by the US on China, there has been a significant withdrawal of shipping capacity from US routes, with a 40% reduction noted, complicating the return of capacity to these routes [2] - The strong demand for inventory replenishment in the US, coupled with a 90-day tariff exemption period, is expected to drive a surge in Chinese exports, with analysts predicting a "red sea moment" for shipping rates [2] - Companies in the shipping and logistics sector, such as COSCO, HMM, and Evergreen, are likely to benefit from the current market dynamics, as shipping rates are expected to remain elevated into the second half of the year [2][3]

Market Overview - Hong Kong stocks surged today, with all three major indices rising over 2%. The Hang Seng Index increased by 2.3% or 532.38 points, closing at 23640.65 points, with a total turnover of 2228.41 million HKD [1] - The positive sentiment in the market is attributed to the unexpected progress in the first round of trade negotiations between China and the US, which is expected to continue in a constructive direction [1] Blue-Chip Stocks Performance - JD Health (06618) saw a notable increase of 5.13%, closing at 39.95 HKD, contributing 3.56 points to the Hang Seng Index. The company reported Q1 2025 revenue of 16.645 billion RMB, a year-on-year growth of 25.5%, and operating profit of 1.071 billion RMB, up 119.8% [2] - Other blue-chip stocks included China Life (02628) rising by 6.55% to 16.26 HKD, AIA (01299) up 5.15% to 65.3 HKD, while Link REIT (00823) fell by 1.34% to 40.45 HKD [2] Sector Performance - Large technology stocks collectively rose, with Baidu increasing over 4% and Alibaba and JD both rising over 3% [3] - Financial stocks experienced a significant rally, with China Pacific Insurance (02601) up 6.77% to 24.45 HKD, China Life (02628) up 6.55%, and GF Securities (01776) up 6.31% to 11.46 HKD [3] Shipping Sector - The shipping sector performed well, with Pacific Basin Shipping (02343) rising by 7.78% to 1.94 HKD and Seafront International (01308) up 6.51% to 22.9 HKD. The improvement is linked to the easing of tariff conflicts and a seasonal increase in container shipping demand [4][5] Automotive Sector - The automotive sector saw widespread gains, with Li Auto (02015) rising by 4.54% to 112.8 HKD and Xpeng Motors (09868) up 3.87% to 81.8 HKD. The retail sales of new energy passenger vehicles reached 905,000 units in April, a year-on-year increase of 33.9% [6][5] Coal Sector - The coal sector showed positive movement, with China Coal Energy (01898) up 4.91% to 8.55 HKD. Despite recent price declines, analysts suggest that demand may improve as summer approaches [7] Notable Stock Movements - Tencent Music (01698) surged by 12.84% to 61.5 HKD, reporting Q1 2025 revenue of 7.36 billion RMB, with online music service revenue growing by 15.9% [8] - Smoore International (06969) reached a new high, increasing by 10.18% to 17.32 HKD, amid rising sales of new tobacco products [9] - MicroPort Scientific (02252) saw a decline of 8.12% to 16.52 HKD due to a share placement announcement [10] - Samsonite (01910) dropped by 8.58% to 14.06 HKD after reporting a 7.3% decrease in net sales for Q1 2025 [11]

Group 1 - The shipping stocks are experiencing significant gains, with Pacific Shipping up 8.33% to HKD 1.95, and other companies like Seaspan International and Orient Overseas also showing notable increases [1] - Recent high-level trade talks between China and the US have led to substantial progress, with the US canceling 91% of additional tariffs and China reciprocating with the same percentage of counter-tariffs [1] - The upcoming peak season for container shipments on trans-Pacific routes is expected to drive demand, as US supply chain inventory needs are anticipated to increase, leading to a surge in bookings from US buyers for imports from China [1] Group 2 - The surge in cargo volume on the US routes is attributed to a combination of factors, including seasonal increases, urgent shipments due to future concerns, and overall US restocking demands, resulting in a tight supply-demand situation [2] - The pressure on European routes is easing, with marginal recovery in economic demand and expectations of a peak season returning [2]

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

香港交易及結算所有限公司及香港聯合交易所有限公司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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。本 公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 PB ISSUER (NO.5) LIMITED （「發行人」） （於英屬處女群島註冊成立之有限公司） （「擔保人」） 之普通股並由擔保人無條件及不可撤回地擔保之 175,000,000 美元年票息 3%有擔保可換股債券（「債券」） （股份代號：40097） 轉換價之調整 茲提述擔保人於2019年10月31日及2019年12月10日有關發行債券的公告，及隨後於2020年4月17日、2021 年8月11日、2022年4月21日、2022年8月10日、2023年4月25日、2023年8月11日、2024年4月25日及2024年 8月21日有關調整轉換價刊發的公告。除非另有所指，本公告所用的詞彙與擔保人於2019年10月31日刊發 的公告所使用的詞彙具有相同涵義。 發行人及擔保人聯合宣布，債券轉換價將由每股1.39港元調整至每股1.35港元，於2025年 ...