As a non-registered shareholder, if you wish to receive corporate communications from the Company pursuant to the Listing Rules, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your Shares are held (collectively, the "Intermediaries") and provide your email address to your Intermediaries. (Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock code 股份代號：2510) Dear non-registered shareholder(s), September 5, 2025 - Notice of Pu ...

各位登記股東： – 中期報告（「本次公司通訊文件」）及以電子方式發布公司通訊之安排 本次公司通訊文件備有中、英文版本，並已上載於本公司網站（www.tslines.com）及香港聯合交易所有限公司（「香港交易所」）網站 （www.hkexnews.hk），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於本公司網址上的本次公司通訊文件出現困難， 閣下可將要 求（註明 閣下的姓名、地址及要求）以電郵方式發送到本公司之電郵地址 tslines.ecom@computershare.com.hk 或以書面方式郵寄致本公司的 股份過戶登記處（「股份過戶處」）香港中央證券登記有限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓。 以電子方式發布公司通訊之安排 根據香港聯合交易所有限公司證券上市規則第 2.07 條已於 2023 年 12 月 31 日起生效的擴大無紙化制度及以電子方式發布公司通訊規定下，德翔海運有 限公司（「本公司」）的組織章程細則、公司條例以及《2025 年公司（修訂）條例》（香港法例第 622 章(包括於 2025 年 4 月 17 日起實施的《2025 年 公司（修訂）條例》）），本公 ...

Revenue and Profitability - Total revenue for the first half of 2025 reached approximately $641.4 million, an increase of 18.7% compared to $540.5 million in the same period of 2024[12]. - Revenue from container shipping services reached $585.62 million for the six months ended June 30, 2025, up from $505.88 million in 2024, reflecting a growth of 15.7%[67]. - The group's gross profit increased by approximately 170.1% from about $47.1 million for the six months ended June 30, 2024, to about $127.1 million for the six months ended June 30, 2025, with the gross margin rising from 8.7% to 19.8%[14]. - Profit attributable to equity shareholders surged by approximately 222.0% from about $58.6 million for the six months ended June 30, 2024, to about $188.7 million for the six months ended June 30, 2025[18]. - Net profit for the period was $188.818 million, compared to $59.045 million in the previous year, representing a year-over-year increase of 219.5%[57]. - Basic and diluted earnings per share rose to $0.113 from $0.042, showcasing strong earnings growth[57]. - Total comprehensive income for the period was $188.584 million, significantly higher than $59.449 million in the prior year[57]. Shipping Operations - Container shipping service revenue rose from approximately $505.9 million in the first half of 2024 to about $585.6 million in the first half of 2025, reflecting a growth of 15.8%[12]. - Average freight rate per TEU increased from approximately $608 in the first half of 2024 to about $715 in the first half of 2025, marking a rise of 17.6%[12]. - Total shipping volume for the first half of 2025 was 818,480 TEU, slightly down from the previous year, primarily due to adjustments in short-haul routes[9]. - Revenue from the Asia-Pacific region accounted for 83.4% of total container shipping service revenue, approximately $488.2 million[8]. - The newly launched Asia-Mexico route began operations in April 2025, contributing to a total of 36,270 TEU transported in the trans-Pacific market, generating revenue of about $53.8 million[10]. - The company is actively expanding long-haul routes, with significant revenue growth observed in the Asia-India subcontinent route[9]. Financial Position - As of June 30, 2025, the group's net current assets were approximately $324.6 million, with cash and cash equivalents around $585.8 million[20]. - The group's current ratio decreased from 2.5 times as of December 31, 2024, to 1.8 times as of June 30, 2025, while the quick ratio fell from 2.4 times to 1.7 times[19]. - The company's total equity increased to $1.98 billion as of June 30, 2025, compared to $1.97 billion at the end of 2024, showing a slight increase of 0.06%[59]. - Cash and cash equivalents at the end of June 30, 2025, were $585.80 million, up from $466.39 million at the end of June 30, 2024, representing an increase of 25.5%[61]. - Non-current assets as of June 30, 2025, totaled $1.779 billion, a slight increase from $1.737 billion at the end of 2024[58]. Costs and Expenditures - Sales costs increased by approximately 4.2% to about $514.3 million, driven by higher container leasing and terminal fees[13]. - The total capital expenditure for the six months ended June 30, 2025, was approximately $71.8 million, primarily related to shipbuilding and container purchases[25]. - The company has committed to capital expenditures of USD 578,084,000 for ships that have been contracted but not yet recognized as liabilities as of June 30, 2025[90]. Shareholder Information - As of June 30, 2025, the company’s major shareholders include Maritime Legacy Limited, which holds 618,902,420 shares, representing 37.17% of total equity[36]. - Prevalence holds 176,829,400 shares, accounting for 10.62% of total equity, while TS Investment holds 162,073,020 shares, representing 9.73%[36]. - The total number of shares held by Chen Mr. and his family members collectively amounts to 618,902,420 shares, reinforcing their significant control over the company[35]. - Chen Mr. and Chen Mrs. each hold 37.17% of the company through controlled corporations, indicating a strong family influence in ownership[35]. Governance and Management - The board of directors remains unchanged since the last annual report, except for the appointment of Ms. Zhuang Zhuangli as a member of the nomination committee on August 25, 2025[41]. - The company’s directors and senior management have disclosed no other interests in shares or related securities as of June 30, 2025[34]. - The total compensation for key management personnel was USD 310,000 for the six months ending June 30, 2025, slightly up from USD 306,000 in the same period of 2024[88]. Other Income and Expenses - Other income rose from approximately $29.1 million for the six months ended June 30, 2024, to about $68.6 million for the six months ended June 30, 2025, primarily due to an increase in charter income from about $14.2 million to approximately $58.9 million[15]. - The net other income recorded for the six months ended June 30, 2025, was $12.3 million, compared to a net loss of $1.2 million for the same period in 2024, mainly due to foreign exchange gains of $12.2 million[16]. - The company recorded a depreciation expense of $25,020,000 for right-of-use assets, down from $51,022,000 in the previous year, indicating a reduction in asset usage costs[74]. Market and Strategic Developments - The company plans to enhance operational efficiency and unit revenue performance while closely monitoring global trade trends and geopolitical risks[11]. - The company continues to focus on its core business of providing container shipping and related services, with no significant changes in operational strategy reported[66]. - The company has not reported any new product developments or technological advancements in the recent period[39]. - The company did not declare any interim dividends for the six months ended June 30, 2025[51]. - There were no issued debt securities or share buybacks during the reporting period[45][47]. - The company has assessed the risks related to the OECD's Pillar Two tax regulations and determined that the impact is not significant[78].

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: | 德翔海運有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02510 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,665,031,000 | | 0 | | 1,665,031,000 | | 增加 / 減少 ( ...

Group 1: Company Performance - In the first half of 2025, the company reported revenue of $641 million, a year-on-year increase of 18.67% [1] - The company's net profit attributable to shareholders reached $189 million, reflecting a significant year-on-year growth of 221.96% [1] - The increase in performance is attributed to higher market demand due to the detour around the Red Sea and an increase in freight rates [1] Group 2: Revenue Breakdown - Shipping freight income amounted to $586 million, up 15.8% year-on-year, while other shipping income rose by 61.3% to $56 million [1] - Rental income from chartering ships surged by 316% to $58.92 million, driven by the addition of two owned vessels for lease and tight supply of smaller ships [1][2] - The average charter rate for 2000 TEU container ships increased by 21% to $28,950 per day as of early August [1] Group 3: Shipping Volume and Rates - The company completed a shipping volume of 81,800 TEU in the first half of 2025, a decline of 1.6% year-on-year [2] - The shipping revenue per container was $715 per TEU, reflecting a year-on-year increase of 17.6% [2] - The CCFI Southeast Asia route index averaged 1016 points, up 28.45% year-on-year, while the SCFI China-Southeast Asia route increased by 20.50% [2] Group 4: Industry Outlook - The demand for shipping is expected to remain stable due to ongoing industrial transfer and trade fragmentation in Southeast Asia [3] - The supply side is constrained by limited new orders and an aging fleet, with 26% of vessels over 20 years old [3] - The company has a strong order book with 11 vessels totaling 87,800 TEU, representing about 74% of its owned capacity [3] Group 5: Profit Forecast and Valuation - The company maintains profit forecasts with net profits projected at $378 million, $334 million, and $449 million for 2025-2027 [4] - The company’s PE ratio is currently at 5.2 times, significantly lower than comparable companies, supporting a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for 德翔海运 (02510) [2][8][20] Core Views - The company reported a revenue of USD 641 million for the first half of 2025, representing a year-on-year growth of 18.67%. The net profit attributable to shareholders was USD 189 million, a significant increase of 221.96% year-on-year. This growth is attributed to increased market demand and higher freight rates due to changes in shipping routes [7][8] - The company is expanding its fleet rapidly, with 11 vessels on order, which will enhance its operational capacity significantly. The new vessels are expected to be delivered between 2024 and 2027 [7][8] - The report highlights a favorable market outlook due to limited new ship orders and an aging fleet, which is expected to constrain supply and support freight rates in the medium to long term [7][8] Financial Summary - Revenue projections for 德翔海运 are as follows: - 2023: 875 million - 2024: 1,340 million - 2025E: 1,351 million - 2026E: 1,299 million - 2027E: 1,539 million - Net profit attributable to shareholders is projected to be: - 2023: 21 million - 2024: 366 million - 2025E: 378 million - 2026E: 334 million - 2027E: 449 million - The report maintains profit forecasts for 2025-2027, with net profits expected to be USD 378 million, USD 334 million, and USD 449 million respectively [6][11][7]

Core Viewpoint - The company,德翔海运, experienced a significant stock price drop of 10.12% on August 26, trading at 9.24 yuan per share with a transaction volume of 24.608 million yuan [1]. Group 1: Company Performance - As of the mid-year report for 2025,德翔海运 reported total revenue of 4.592 billion yuan and a net profit of 1.351 billion yuan [2]. - For the fiscal year 2025 mid-year report, the attributable profit to shareholders was 188.7 million USD, representing a year-on-year increase of 221.96%, with basic earnings per share of 0.113 USD [3]. Group 2: Market Position - The company holds a 0.3% market share globally in the container shipping market and a 2.3% market share among container shipping companies in the Asia-Pacific region [1].

Core Viewpoint - 德翔海运 (02510) reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved revenue of $641 million, representing an 18.67% year-on-year increase [1] - The profit attributable to equity shareholders was $189 million, showing a substantial increase of 221.96% compared to the previous year [1] - Basic earnings per share were reported at $0.113 [1]

Group 1 - The company,德翔海运, reported revenue of $641 million for the six months ending June 30, 2025, representing an increase of 18.67% year-on-year [1] - The profit attributable to equity shareholders reached $189 million, marking a significant increase of 221.96% compared to the previous year [1] - The basic earnings per share were reported at $0.113 [1]

Core Viewpoint - The company reported significant financial growth for the six months ending June 30, 2025, with notable increases in revenue, gross profit, and net profit attributable to shareholders [1] Financial Performance - Revenue for the six months was approximately $641.4 million, representing an increase of about 18.7% [1] - Gross profit for the same period was approximately $127.1 million, showing a substantial increase of about 170.1% [1] - Profit attributable to equity shareholders was approximately $188.7 million, reflecting an increase of about 222.0% [1]