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之內容概不負責，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 賴該等內容而引致之任何損失承擔任何責任。 本公告及隨附的上市文件乃按香港聯合交易所有限公司證券上市規則（「上市規則」）規定 僅供參考之用，並不構成收購、購買或認購任何證券的邀請或要約。本公告及本文所述任何 內容（包括隨附的上市文件）並非任何合同或承諾的依據。為免生疑，刊發本公告及隨附的上 市文件不應被視為就香港法例第 32 章公司（清盤及雜項條文）條例而言由發行人（定義見下文） 或擔保人（定義見下文）或其代表刊發的招股章程提出的證券發售要約，亦不屬於香港法例第 571 章證券及期貨條例所指其中載有向公眾人士發出邀請以訂立或發出要約以訂立有關購買、 出售、認購或承銷證券的協議的廣告、邀請或文件。 本公告及隨附的上市文件並不構成在美國或任何其他司法權區提呈出售要約或招攬購買任何證 券之要約，倘未根據任何該等司法權區之證券法辦理登記或未獲批准而於該等司法權區進行上 述要約、招攬或出售即屬違法。本公告所述證券尚未且不會根據 1933 年美國證券法（經修 ...

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之內容概不負責，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 賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成提呈收購、購買或認購證券之邀請或要約。 本公告並不構成在美國或任何其他司法權區提呈出售要約或招攬購買任何證券之要約，倘未根 據任何該等司法權區之證券法辦理登記或未獲批准而於該等司法權區進行上述要約、招攬或出 售即屬違法。 本公告所述證券尚未且不會根據 1933 年美國證券法（經修訂）（「證券法」）或美國任何州 或美國其他司法權區的證券法登記，不得在美國發售或出售或向美國人士（其定義見證券法項 下S規例）或為美國人士的利益發售或出售，惟獲豁免遵守證券法登記規定或屬不在證券法登 記規定規限的交易除外。因此，證券僅會根據證券法 S 規例在美國境外作離岸交易發售及出售。 於香港聯合交易所有限公司 上市的通告 於2028年到期的人民幣1,000,000,000元1.95厘的擔保票據 （「票據」） （股份代號：85090） 根據3,000,000,000美元有擔保中期票據計劃（「計劃」）發行 ...

Group 1 - Wall Street analysts indicate that the tightness in the money market may persist until November due to high financing costs, pressuring the Federal Reserve to act before halting balance sheet reduction next month [2] - The overnight secured financing rate surged by 18 basis points last Friday, marking the largest single-day fluctuation since the Fed's rate hike cycle began in March 2020 [2] - Despite a decrease in SOFR on Monday after month-end pressures eased, it remains above the Fed's key policy benchmark rates, including the federal funds rate [2] Group 2 - Bank of America previously anticipated that the Fed would end quantitative tightening (QT) at the end of October and immediately begin asset purchases to expand its balance sheet [2] - Fed Chair Jerome Powell stated that the Fed would eventually start to gradually increase reserve levels to keep pace with the banking system and economic developments, but did not specify a timeline [2] - Other Fed officials, including Vice Chair for Supervision Michael Barr, believe the central bank should maintain the smallest possible balance sheet [2] Group 3 - The Chinese Ministry of Finance plans to issue up to $4 billion in senior bonds, with three companies participating in the issuance [4] - The current yield for China's two-year government bonds is 1.42%, while the ten-year yield is 1.80% [8] - The U.S. two-year government bond yield has decreased by 2 basis points to 3.58%, and the ten-year yield has decreased by 3 basis points to 4.10% [8]

| 截至月份: | 2025年10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: | 中國船舶集團 ( 香港 ) 航運租賃有限公司 | | | | 呈交日期: | 2025年11月3日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | 中國船舶集團 ( 香港 ) 航運租賃有限公司並無法定股本，及其股本並無股份面值。 | | | | FF301 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 第 1 頁 共 10 頁 v 1.1.1 (A). 股份期權（根據發行人的股份期權計劃） 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) 03877 說明 股份期權計劃詳情 上月底結存的股份期權數 目 本月內變動 本月底結存的股份期權數 目 本月內因此發行的新股數 目 (A1) 本月内因此自庫存轉讓的 庫存股份數目 (A2) 本月底因此可能發行或自 庫存轉讓的股份數目 本月底可於所有根據計劃 ...

Shipping Market - The Ministry of Transport announced a special port fee for various types of US-related vessels, which is expected to reduce shipping efficiency and raise freight rates [1] - High port fees in China may hinder affected vessels from offsetting costs through freight rates, leading to potential trade disputes and unloading difficulties [1] - A decrease in available vessels and efficiency in the medium term is anticipated, which could elevate the freight rate baseline [1] Shipbuilding Market - Chinese shipbuilding is exempt from the new port fee policy, benefiting the domestic shipbuilding industry [1] - The new port fee measures are more stringent than previous US policies, which may lead to a continued influx of shipbuilding orders back to China [1] - If port fees in China and the US are reduced or eliminated in the future, it could remove significant downward pressure on ship prices and new orders [1] Company Fleet Structure - The company has a high-quality fleet structure, having signed six new shipbuilding contracts worth $308 million in the first half of 2025, with a 100% share of mid-to-high-end ship types [2] - As of June 30, 2025, the company operates 121 vessels with an average age of approximately 4.13 years, indicating a competitive and young fleet [2] - The average remaining lease term for contracts over one year is 7.64 years, enhancing the stability of the company's earnings [2] Cost Control and Financial Structure - The company has effectively controlled financing costs, achieving a comprehensive financing cost of 3.1%, a reduction of 40 basis points since the beginning of the year [3] - The asset-liability ratio stands at 65.2%, down 2.3% from the end of the previous year, with a diversified borrowing structure to mitigate high interest expenses [3] - The company maintained a high dividend payout, with an interim dividend of HKD 0.05 per share, up from HKD 0.03 in previous years, leading to an estimated annual dividend yield of approximately 7.7% [3] Profit Forecast and Rating - The profit forecast has been adjusted downward due to changes in OECD tax policies, with expected net profits of HKD 2 billion, 2.2 billion, and 2.4 billion for 2025-2027 [3] - The company maintains a "buy" rating based on its strong fleet structure, effective cost control, and high dividend payout [3]

Core Viewpoint - The report maintains a "Buy" rating for China Ship Leasing (03877), highlighting its strong fleet structure, cost control, and high dividend yield as competitive advantages [1] Group 1: Financial Performance - The effective income tax rate for the company is projected to increase to 15% for the years 2025-2027, leading to revised net profit estimates of HKD 2.0 billion, HKD 2.2 billion, and HKD 2.4 billion for those years, respectively [1] - The company reported a comprehensive financing cost of 3.1% as of June 30, 2025, a reduction of 40 basis points from the beginning of the year [2] - The company's debt-to-asset ratio stands at 65.2%, down 2.3% from the end of the previous year [2] Group 2: Fleet and Operations - As of June 30, 2025, the company has completed six new ship orders with a contract value of USD 308 million, all of which are mid-to-high-end vessels [1] - The fleet consists of 143 vessels, with 121 in operation and 22 under construction, and an average age of approximately 4.13 years, indicating a competitive and young fleet [1] - The average remaining lease term for contracts exceeding one year is 7.64 years, enhancing the stability of the company's performance [1] Group 3: Dividend Policy - The company declared an interim dividend of HKD 0.05 per share, an increase from HKD 0.03 per share in the previous year [2] - The projected dividend payout ratio for the end of 2024 is 30%, and if maintained, the total annual dividend yield for 2025 could reach approximately 7.7% [2]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for China Ship Leasing (03877), highlighting the company's strong fleet structure, cost control, and high dividend yield as competitive advantages [1] Group 1: Financial Performance - The effective income tax rate for the company is projected to increase to 15% from 2025 to 2027, leading to revised net profit estimates of HKD 2 billion, 2.2 billion, and 2.4 billion for those years, down from previous estimates of HKD 2.3 billion, 2.6 billion, and 2.8 billion [1] - As of June 30, 2025, the company's comprehensive financing cost is controlled at 3.1%, a reduction of 40 basis points from the beginning of the year [2] - The company's debt-to-asset ratio stands at 65.2%, a decrease of 2.3% from the end of the previous year [2] Group 2: Fleet and Operations - By mid-2025, the company completed new contracts for 6 new vessels with a total contract value of USD 308 million, all of which are mid-to-high-end ship types [1] - The fleet consists of 143 vessels, with 121 in operation and 22 under construction, and an average age of approximately 4.13 years, indicating a competitive and young fleet [1] - The average remaining lease term for contracts exceeding one year is 7.64 years, enhancing the stability of the company's performance [1] Group 3: Dividend Policy - The company declared an interim dividend of HKD 0.05 per share for 2025, an increase from HKD 0.03 per share in the previous year [2] - The dividend payout ratio for the end of 2024 is expected to be 30%, and if maintained, the total dividend yield for 2025 could reach approximately 7.7% [2]

Investment Rating - The report maintains a "Buy" rating for China Ship Leasing (03877) [7] Core Views - The shipping market is expected to see an increase in freight rates due to the implementation of special port fees for U.S. vessels, which may reduce shipping efficiency [7] - The shipbuilding market in China benefits from exemptions in the new port fee policy, likely leading to a return of shipbuilding orders to Chinese shipyards [7] - The company's fleet structure is strong, with a young average fleet age of approximately 4.13 years, enhancing its competitive position in the market [7] - The company has effectively controlled costs, with a financing cost of 3.1% as of mid-2025, down 40 basis points from the beginning of the year [7] - The company has maintained a high dividend payout, with a mid-2025 dividend of 0.05 HKD per share, resulting in an estimated annual dividend yield of about 7.7% [7] - The profit forecast has been adjusted downward due to changes in OECD tax policies, with expected net profits for 2025-2027 revised to 20, 22, and 24 billion HKD [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 3,745 million HKD in 2023 to 5,021 million HKD in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [6][8] - Net profit is expected to increase from 1,902 million HKD in 2023 to 2,378 million HKD in 2027, reflecting a CAGR of about 5.8% [6][8] - Earnings per share (EPS) is forecasted to rise from 0.31 HKD in 2023 to 0.38 HKD in 2027 [6][8] - The company's price-to-earnings (P/E) ratio is projected to decrease from 6.3 in 2023 to 5.0 in 2027, indicating potential undervaluation [6][8]

CCS3502 SSCH THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件 請即處理 If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. 閣下如對本文件任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 CSSC (Hong Kong) Shipping Company Limited 中國船舶集團（香港）航運租賃有限公司 (Incorporated in Hong Kong with limited liabilit ...

第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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，概不對因 | 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。 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 中國船舶集團（香港）航運租賃有限公司 | | 股份代號 | 03877 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息(更新） | | 公告日期 | 2025年10月6日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新匯率 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.05 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | ...