德翔海運有限公司 T.S. Lines Limited 股份代號：2510 2025 中期報告 目錄 2 公司資料 3 管理層討論與分析 10 企業管治及其他資料 15 獨立核數師對未經審核中期財務報告的審閱報告 16 綜合損益及其他全面收入表 17 綜合財務狀況表 19 綜合權益變動表 20 簡明綜合現金流量表 21 未經審核中期財務報告附註 33 詞彙 德翔海運有限公司 2025年中期報告 2 公司資料 董事會 執行董事 陳德勝先生 （主席兼首席執行官） 陳劭翔先生 （副主席） 莊壯麗女士 涂鴻麟先生 周航敏先生 獨立非執行董事 吳榮貴先生 張山輝先生 楊豊彥先生 審核委員會 張山輝先生 （主席） 吳榮貴先生 楊豊彥先生 提名委員會 陳德勝先生 （主席） 莊壯麗女士 （於2025年8月25日獲委任） 吳榮貴先生 張山輝先生 楊豊彥先生 薪酬委員會 楊豊彥先生 （主席） 吳榮貴先生 張山輝先生 授權代表 周航敏先生 陳仲戟先生 公司秘書 陳仲戟先生 有關香港法律的法律顧問 安理謝爾曼思特靈律師事務所 香港 中環 交易廣場三座九樓 核數師 畢馬威會計師事務所 執業會計師及根據會計及財務匯報局條例註冊的公眾利益 ...

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]

格隆汇8月25日丨德翔海运(02510.HK)发布公告，截至2025年6月30日止六个月，公司收入约为641.4百 万美元，增加约18.7%。截至2025年6月30日止六个月的毛利约为127.1百万美元，增加约170.1%。公司 权益股东应占利润约为188.7百万美元，增加约222.0%。 ...

德翔海运(02510)发布公告，执行董事庄壮丽女士已获委任为公司提名委员会成员，自2025年8月25日起 生效。 ...

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倚賴 該等內容而引致的任何損失承擔任何責任。 T.S. Lines Limited 德翔海運有限公司 （於香港註冊成立的有限公司） （股份代號：2510） 持續關連交易 修訂德翔台灣艙位租賃總協議的年度上限 茲提述招股章程，內容有關（其中包括）本公司（為其本身及代表其附屬公司） 與德勝航運於2024年10月22日就本公司（或其附屬公司）向德勝航運提供台 灣－香港貿易航線的艙位租賃訂立的德翔台灣艙位租賃總協議，期限自2024年 11月1日起至2026年12月31日。 於2025年8月25日，鑒於自2025年年初起德勝航運對台灣－香港貿易航線的艙 位費率增加，本公司與德勝航運訂立修訂協議以修訂德翔台灣艙位租賃總協議 項下截至2025年12月31日及2026年12月31日止年度的現有年度上限。除修訂 現有年度上限外，德翔台灣艙位租賃總協議項下的所有其他條款及條件（包括 定價政策）維持不變。 上市規則的涵義 德勝航運為陳德勝先生及其家族成員（即莊壯麗女士、陳 ...