Fixed Income - The overall price level remains low, with CPI and PPI both in negative territory. In August, CPI decreased by 0.4% year-on-year, while PPI's decline narrowed to 2.9%, marking the first contraction since February this year [3][8][10] Pharmaceutical Industry - The pharmaceutical industry is expected to stabilize in the second half of 2024 and H1 2025, with a focus on innovative drugs. In 2024, 453 pharmaceutical companies achieved revenue of 2.46 trillion yuan, a year-on-year decline of 0.55%, and a net profit of 148.65 billion yuan, down 8.8% [12][13][14] - Innovative drug companies reported a revenue of 26.964 billion yuan in H1 2025, up 11.78% year-on-year, indicating a strong growth momentum [14] - The medical device sector faced challenges, with H1 2025 revenue down 5.32% year-on-year, while the biopharmaceutical sector showed mixed results, with blood products revenue down 1.4% and vaccine revenue down 45.3% [15][16][20] Real Estate - The real estate sector saw a decline of 1.5% this week, with new home sales in 42 key cities dropping by 15.3% week-on-week. The government is implementing policies to support housing, including adjustments to mortgage rates and public housing fund policies [22][23][24] - The Ministry of Housing and Urban-Rural Development emphasized high-level legislation to promote quality development in housing and urban construction [24][25] Public Utilities and Environmental Protection - Huadian International reported a revenue of 60 billion yuan in H1 2025, a decrease of 8.98% year-on-year, while net profit increased by 13.15% to 3.904 billion yuan. The company benefited from lower coal prices and stable electricity prices [26][27][28] Transportation - China Ship Leasing achieved a revenue of 2.018 billion HKD in H1 2025, a year-on-year increase of 2.7%. However, net profit decreased by 16.7% due to tax adjustments and reduced rental income from joint ventures [31][32][33] - The shipping market is expected to see increased demand for leasing due to environmental policies and aging fleets, which may benefit the company in the long term [33] Electronics - Seiyun Circuit, a leading PCB manufacturer, reported a revenue of 5.022 billion yuan in 2024, up 11.13% year-on-year, with a net profit of 675 million yuan, marking a 36.17% increase [36][37] - The demand for AI servers is rapidly expanding, with the global AI server market projected to grow significantly, benefiting PCB manufacturers [37][38] Food Industry - Gais Food, a leader in the prepared vegetable market, aims to issue convertible bonds to expand production capacity. The prepared vegetable market in China is expected to exceed 600 billion yuan by 2025, driven by both B2B and B2C demand [40][41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that tax system adjustments have impacted short-term performance but do not alter the long-term growth outlook for the company [5][7] - The shipping market is experiencing a recovery in demand, although short-term performance is affected by tax changes and international conflicts [7] - The company is expected to benefit from environmental policies and a potential interest rate cut in the U.S., which may stimulate financing willingness among shipowners [7] Financial Summary - The company achieved revenue of HKD 20.18 billion in the first half of 2025, a year-on-year increase of 2.7% [7] - Operating profit for the same period was HKD 11.67 billion, up 5.61% year-on-year [7] - Net profit attributable to shareholders was HKD 11.06 billion, a decrease of 16.7% year-on-year, primarily due to changes in tax calculation and reduced rental income from joint ventures [7] - The company’s revenue projections for 2025-2027 are HKD 44.77 billion, HKD 48.96 billion, and HKD 54.39 billion, respectively, with corresponding net profit estimates of HKD 21.44 billion, HKD 24.16 billion, and HKD 27.20 billion [7][8] - The projected P/E ratios for 2025-2027 are 5.58, 4.94, and 4.39, respectively, indicating favorable valuation metrics [7]

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) | 03877 | 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 | | | 6,199,224,404 | | | 0 | | 6,199,224,404 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | 6,199,224,404 | | | 0 | | 6,199,224,404 | 第 2 頁 共 10 頁 v 1.1.1 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 ...

Core Viewpoint - China Shipbuilding Group (Hong Kong) Shipping Leasing Co., Ltd. reported a stable operational performance in the first half of 2025, with a slight increase in revenue but a decline in net profit primarily due to tax policy changes [1] Financial Performance - The company achieved a revenue of HKD 2.018 billion, up 2.7% year-on-year, while net profit was HKD 1.151 billion, down 16.7% [1] - As of June 30, 2025, the average return on equity was 15.4%, and the average return on assets was 5.4%, both showing a growth of 0.3 percentage points compared to the end of 2024 [1] - Total assets amounted to HKD 42.201 billion, with net assets of HKD 14.704 billion, reflecting a 2.8% increase from the end of 2024 [1] - The debt-to-asset ratio was maintained at 65.2%, a decrease of 2.3 percentage points from the end of 2024 [1] - Earnings per share were HKD 0.179, and an interim dividend of HKD 0.05 per share was declared [1] Fleet Management - The company maintained a stable fleet size, with a total of 143 vessels as of June 30, 2025, including 121 operational vessels and 22 under construction [2] - The average age of operational vessels is approximately 4.13 years, with an average remaining lease term of 7.64 years for contracts longer than one year [2] - The company signed new orders for six vessels worth USD 308 million, all of which are mid-to-high-end types, including four MR tankers and two methanol dual-fuel MR tankers [2] Financial Strategy - The company implemented a cross-currency financing strategy to manage funding costs, achieving a financing cost of 3.1%, down 40 basis points from the beginning of the year [3] - The company’s interest-bearing debt was approximately HKD 25.55 billion, a decrease of 7.4% from the end of 2024 [3] - The company is actively engaging with financial institutions to expand financing channels and has made progress on a RMB 10 billion credit framework agreement with China Shipbuilding Finance [3] Risk Management and ESG - The company is enhancing its risk management framework, focusing on identifying and mitigating risks across various categories [4] - It has been recognized in the S&P Global "Sustainable Development Yearbook (China Edition) 2025," highlighting its commitment to ESG principles [4] - The company has been listed on Fortune's China ESG Influence List for three consecutive years, indicating effective ESG governance [4] Future Outlook - The company plans to continue expanding its ship leasing business and manage asset risks effectively in the second half of 2025 [5][6] - It aims to control financing costs further and has set a framework for a USD 3 billion medium-term note program [6]

Core Viewpoint - China Shipbuilding Group (Hong Kong) Shipping Leasing Co., Ltd. reported a stable operational performance in the first half of 2025, with a slight increase in revenue but a decline in net profit primarily due to tax policy changes [1] Financial Performance - The company achieved a revenue of HKD 2.018 billion, up 2.7% year-on-year, while net profit was HKD 1.151 billion, down 16.7% [1] - As of June 30, 2025, the average return on equity was 15.4%, and the average return on assets was 5.4%, both showing a growth of 0.3 percentage points compared to the end of 2024 [1] - Total assets amounted to HKD 42.201 billion, with net assets of HKD 14.704 billion, reflecting a 2.8% increase from the end of 2024 [1] - The debt-to-asset ratio was maintained at 65.2%, a decrease of 2.3 percentage points from the end of 2024 [1] - Earnings per share were HKD 0.179, and an interim dividend of HKD 0.05 per share was declared [1] Fleet Management - The company maintained a stable fleet size, with a total of 143 vessels as of June 30, 2025, including 121 operational vessels and 22 under construction [2] - The average age of operational vessels was approximately 4.13 years, with an average remaining lease term of 7.64 years for contracts longer than one year [2] - The fleet structure is shifting towards high-value, younger vessels, with 100% of new orders being mid-to-high-end ship types, including MR tankers and methanol dual-fuel MR tankers [2] Financial Management - The company implemented a cross-currency financing strategy, reducing the overall financing cost to 3.1%, down 40 basis points from the beginning of the year [3] - As of June 30, 2025, interest-bearing liabilities were approximately HKD 25.55 billion, a decrease of 7.4% from the end of 2024 [3] - The company is actively engaging with financial institutions to expand financing channels and has initiated a RMB 10 billion credit framework agreement with China Ship Financial [3] Risk Management and ESG - The company is enhancing its risk management framework, focusing on identifying and mitigating risks associated with asset management and compliance [4] - It has been recognized in the S&P Global "Sustainable Development Yearbook (China Edition) 2025," highlighting its commitment to ESG principles [4] Future Outlook - The company plans to continue expanding its ship leasing business and manage asset risks effectively in the second half of 2025 [5][6] - Key initiatives include securing new ship orders, enhancing asset risk management, and controlling financing costs through various strategies [6]

Core Viewpoint - China Ship Leasing (03877) reported a mid-year performance for 2025, showing a revenue of HKD 2.018 billion, which represents a year-on-year increase of 2.7%. However, the profit attributable to equity holders decreased by 16.7% to HKD 1.106 billion, with basic earnings per share at HKD 0.179 [1]. Financial Performance - Revenue for the period reached HKD 2.018 billion, marking a 2.7% increase compared to the previous year [1]. - Profit attributable to equity holders was HKD 1.106 billion, reflecting a decline of 16.7% year-on-year [1]. - Basic earnings per share were reported at HKD 0.179 [1]. Factors Influencing Performance - The decline in profit was attributed to several factors, including: - Increased tax costs [1]. - Performance of revenue [1]. - Income and expenses from non-recurring items, such as one-time fees from financing lease projects due to buybacks, gains from ship sales, and impairment provisions for receivables and lease payments [1]. - Performance of joint ventures [1].

Core Viewpoint - China Shipbuilding Leasing (03877) reported a mid-year performance for 2025, showing a revenue of HKD 2.018 billion, representing a year-on-year increase of 2.7%. However, the profit attributable to equity holders decreased by 16.7% to HKD 1.106 billion, with basic earnings per share at HKD 0.179 [1] Financial Performance - Revenue for the period reached HKD 2.018 billion, marking a 2.7% increase compared to the previous year [1] - Profit attributable to equity holders was HKD 1.106 billion, reflecting a decline of 16.7% year-on-year [1] - Basic earnings per share stood at HKD 0.179 [1] Factors Influencing Performance - The decline in profit was attributed to several factors, including: - Increased tax costs [1] - Performance of revenue [1] - Income and expenses from non-recurring items, such as one-time fee income from financing lease projects due to repurchase, gains from ship sales, and impairment provisions for receivables and lease payments [1] - Performance of joint ventures [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 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 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 | | | 派息金額及公司預設派發貨幣 | 每 股 0.05 HKD | | 匯率 | 1 HKD ...

[Financial Summary](index=1&type=section&id=%E4%B8%80%E3%80%81%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Summary of Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=1.%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8%E6%91%98%E8%A6%81) For H1 2025, revenue grew 2.7% YoY to HKD 2.02 billion, while profit for the period declined 14.1% to HKD 1.15 billion due to increased tax expenses Summary of Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,017,965 | 1,965,771 | 2.7% | | Total Expenses | (833,297) | (1,095,844) | (24.0%) | | Operating Profit | 1,167,050 | 1,105,081 | 5.6% | | Profit for the Period | 1,151,157 | 1,339,860 | (14.1%) | | Basic Earnings Per Share | 0.179 | 0.216 | (17.1%) | | Diluted Earnings Per Share | 0.178 | 0.216 | (17.6%) | [Summary of Condensed Consolidated Statement of Financial Position](index=2&type=section&id=2.%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E6%91%98%E8%A6%81) As of June 30, 2025, the company's balance sheet strengthened with total assets at HKD 42.2 billion and an improved debt-to-asset ratio Summary of Condensed Consolidated Statement of Financial Position (As of) | Metric | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 42,200,612 | 43,920,995 | (3.9%) | | Total Liabilities | 27,496,286 | 29,622,959 | (7.2%) | | Total Equity | 14,704,326 | 14,298,036 | 2.8% | [Selected Financial Ratios](index=2&type=section&id=3.%20%E7%AF%A9%E9%81%B8%E8%B2%A1%E5%8B%99%E6%AF%94%E7%8E%87) Profitability metrics such as ROA and net profit margin improved, while liquidity indicators showed a healthier balance sheet and lower leverage Selected Financial Ratios | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Return on Average Assets (ROA) | 5.4% | 4.8% | +0.6% | | Return on Average Equity (ROE) | 15.4% | 15.7% | -0.3% | | Average Cost of Interest-bearing Debt | 3.1% | 3.5% | -0.4% | | Net Profit Margin | 57.0% | 53.4% | +3.6% | | Debt-to-Asset Ratio | 65.2% | 67.5% | -2.3% | | Gearing Ratio | 1.7 times | 1.9 times | -0.2 times | - **S&P Global Ratings and Fitch Ratings** were both downgraded from A to A-, while Dagong Global Credit Rating maintained its **AAA rating**[5](index=5&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=%E4%BA%8C%E3%80%81%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Industry Environment](index=4&type=section&id=1.%20%E8%A1%8C%E6%A5%AD%E7%92%B0%E5%A2%83) The international shipping market experienced an upward trend in H1 2025, though uncertainty looms for H2 amid expanding fleet capacity - In H1 2025, the international shipping market showed an upward trend, with the **Clarkson Sea Index rising 17.7%** from 21,621 USD/day in January to 25,453 USD/day in June[7](index=7&type=chunk) - The oil tanker market saw a slow rise, with the average **Baltic Dirty Tanker Index (BDTI) for H1 decreasing by 21.3%** year-over-year[7](index=7&type=chunk) - The bulk carrier market saw the average **Baltic Dry Index (BDI) for H1 at 1,290 points**, a year-over-year decrease of 29.7%[9](index=9&type=chunk) - LNG carrier freight rates were exceptionally weak, with the average spot freight for a 145,000 cubic meter LNG carrier **declining by 86.2%** year-over-year in H1[11](index=11&type=chunk) - Looking ahead to H2, global seaborne trade volume and turnover are projected to grow by **0.1% and 0.3%** respectively, while fleet capacity is expected to **increase by 4.3%**[14](index=14&type=chunk) - The International Maritime Organization (IMO) has introduced the first mandatory "dual-track" emission reduction agreement to achieve **net-zero emissions by 2050**[16](index=16&type=chunk) - The Maritime Autonomous Surface Ships (MASS) Code will enter a voluntary implementation phase in 2025 and is scheduled to become **mandatory in 2028**[17](index=17&type=chunk) [Review of Operations for the First Half of the Year](index=10&type=section&id=2.%20%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%B7%A5%E4%BD%9C%E7%B8%BD%E7%B5%90) The company adhered to its counter-cyclical strategy, achieving revenue growth but saw a profit decline due to new tax rules under OECD Pillar Two - The company adhered to its cross-cycle strategy of "investing counter-cyclically and operating pro-cyclically" to enhance the operational efficiency of its shipping business[18](index=18&type=chunk) - The decline in net profit was primarily due to the retrospective application of the OECD Pillar Two model rules, resulting in a **tax expense of HKD 137.7 million**[18](index=18&type=chunk) Key Financial Performance for H1 2025 | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | HKD 2.018 billion | HKD 1.966 billion | +2.7% | | Net Profit | HKD 1.151 billion | HKD 1.340 billion | -14.1% | | Annualized ROE | 15.4% | 15.7% | -0.3% | | Annualized ROA | 5.4% | 4.8% | +0.6% | [Maintaining Overall Fleet Size Stability and Enhancing Operational Attributes and High Value-Added Features](index=10&type=section&id=2.1%20%E4%BF%9D%E6%8C%81%E8%88%B9%E9%9A%8A%E8%A6%8F%E6%A8%A1%E7%B8%BD%E9%AB%94%E7%A9%A9%E5%AE%9A%EF%BC%8C%E8%88%B9%E9%9A%8A%E7%B6%93%E7%87%9F%E5%B1%AC%E6%80%A7%E5%8F%8A%E9%AB%98%E9%99%84%E5%8A%A0%E5%80%BC%E7%89%B9%E5%BE%B5%E9%80%B2%E4%B8%80%E6%AD%A5%E5%A2%9E%E5%BC%B7) - In H1, new shipbuilding orders for **6 vessels** were signed with a contract value of **USD 308 million**, with 100% being mid-to-high-end models[19](index=19&type=chunk) - As of June 30, 2025, the fleet size was **143 vessels** (121 in operation, 22 under construction), with an average age of approximately **4.13 years** for operating vessels[20](index=20&type=chunk) - The average remaining lease term for charters of one year or more was **7.64 years**, indicating a shift towards a higher-value, younger fleet structure[20](index=20&type=chunk) [Further Strengthening Capital Management to Maintain Favorable Funding Costs and Balance Sheet Structure](index=11&type=section&id=2.2%20%E9%80%B2%E4%B8%80%E6%AD%A5%E5%BC%B7%E5%8C%96%E8%B3%87%E9%87%91%E7%AE%A1%E7%90%86%EF%BC%8C%E4%BF%9D%E6%8C%81%E8%89%AF%E5%A5%BD%E7%9A%84%E8%B3%87%E9%87%91%E6%88%90%E6%9C%AC%E5%92%8C%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E7%B5%90%E6%A7%8B) - As of the end of June 2025, the company's comprehensive financing cost was controlled at **3.1%**, a reduction of 40 basis points from the beginning of the year[21](index=21&type=chunk) - As of June 30, 2025, the **debt-to-asset ratio was 65.2%**, a decrease of 2.3% from the end of last year[21](index=21&type=chunk) - The scale of interest-bearing borrowings was approximately **HKD 25.55 billion**, a decrease of 7.4% from the end of 2024[21](index=21&type=chunk) - Actively promoted the **RMB 10 billion credit framework agreement** with CSSC Finance Company Limited[22](index=22&type=chunk) [Driving Quality and Efficiency Improvements Through Lean Management](index=12&type=section&id=2.3%20%E4%BB%A5%E7%B2%BE%E7%9B%8A%E7%AE%A1%E7%90%86%E7%82%BA%E5%B0%8E%E5%90%91%EF%BC%8C%E6%89%8E%E5%AF%A6%E6%8E%A8%E5%8B%95%E4%BC%81%E6%A5%AD%E6%8F%90%E8%B3%AA%E5%A2%9E%E6%95%88) - Further improved the comprehensive risk management system by re-evaluating, refining, and expanding the three categories of risks[23](index=23&type=chunk) - Successfully selected for the **S&P Global Sustainability Yearbook (China Edition) 2025** and listed on the **Fortune China ESG Influence List** for the third consecutive year[23](index=23&type=chunk) [Outlook for the Second Half of the Year](index=13&type=section&id=3.%20%E4%B8%8B%E5%8D%8A%E5%B9%B4%E5%B7%A5%E4%BD%9C%E5%B1%95%E6%9C%9B) The company will focus on expanding its ship leasing business, managing asset risks, and controlling financing costs through new funding initiatives - The focus for H2 will be on expanding the ship leasing business, securing new ship orders, and enlarging the high-quality vessel asset portfolio[24](index=24&type=chunk) - Strengthen vessel asset monitoring, strictly control incremental risks, and proactively develop risk response plans[24](index=24&type=chunk) - Complete the establishment of a **USD 3 billion Medium Term Note program** and implement the **RMB 10 billion credit agreement** with CSSC Finance[24](index=24&type=chunk) - Continue to implement cross-currency financing and reduce comprehensive financing costs through measures like replacing high-interest loans and optimizing cash management[24](index=24&type=chunk) [Seizing Opportunities to Continue Expanding the Ship Leasing Business](index=13&type=section&id=3.1%20%E5%AF%A9%E6%99%82%E5%BA%A6%E5%8B%A2%EF%BC%8C%E7%B9%BC%E7%BA%8C%E6%8B%93%E5%B1%95%E8%88%B9%E8%88%B6%E7%A7%9F%E8%B3%83%E6%A5%AD%E5%8B%99%E3%80%82) - Continue to strive for new ship orders to expand the company's high-quality vessel asset portfolio, in line with market trends and company strategy[24](index=24&type=chunk) [Strengthening Asset Risk Disposal Efforts](index=13&type=section&id=3.2%20%E6%8A%93%E5%AF%A6%E8%B3%87%E7%94%A2%E9%A2%A8%E9%9A%AA%E8%99%95%E7%BD%AE%E5%B7%A5%E4%BD%9C%E3%80%82) - Prioritize risk control, enhance vessel asset monitoring, manage incremental risks, and prepare response plans for policy-related risks[24](index=24&type=chunk) [Enhancing Control Over Comprehensive Financing Costs](index=13&type=section&id=3.3%20%E5%8A%A0%E5%BC%B7%E7%B6%9C%E5%90%88%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC%E6%8E%A7%E5%88%B6%E3%80%82) - Complete the establishment of a **USD 3 billion Medium Term Note program** and implement the **RMB 10 billion credit agreement** with CSSC Finance to secure project funding[24](index=24&type=chunk) - Continue to implement cross-currency financing and reduce comprehensive financing costs through various measures like replacing high-interest loans and optimizing cash management[24](index=24&type=chunk) [Financial Review](index=14&type=section&id=4.%20%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section details the H1 2025 financial performance, explaining the decline in profit for the period while highlighting the stability of core business operations - The **14.1% year-over-year decline in profit** for H1 2025 to HKD 1.15 billion was due to a combination of increased tax costs, non-recurring items, and lower results from joint ventures[38](index=38&type=chunk)[39](index=39&type=chunk) - **Operating profit excluding non-recurring items remained stable**, at HKD 1.01 billion in 2025 compared to HKD 1.00 billion in 2024[38](index=38&type=chunk) [Analysis of the Condensed Consolidated Statement of Profit or Loss](index=14&type=section&id=4.1%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8%E7%9A%84%E5%88%86%E6%9E%90) - Total revenue increased by **2.7% year-over-year to HKD 2.02 billion**, primarily driven by higher income from operating lease services[25](index=25&type=chunk) - Total expenses decreased by **24.0% year-over-year to HKD 833 million**, mainly due to a 19.3% reduction in finance costs and bank charges[31](index=31&type=chunk) [Revenue](index=14&type=section&id=4.1.1%20%E6%94%B6%E7%9B%8A) Revenue Breakdown (For the six months ended June 30) | Revenue Source | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Shipping Integrated Services | 1,231,338 | 1,069,465 | 15.1% | | - Operating Lease Services | 1,208,824 | 1,047,123 | 15.4% | | - Ship Broking Services | 22,514 | 22,342 | 0.8% | | Financial Services | 786,627 | 896,306 | (12.2%) | | - Finance Lease Services | 549,995 | 619,906 | (11.3%) | | - Loan and Borrowing Services | 236,632 | 276,400 | (14.4%) | | Total | 2,017,965 | 1,965,771 | 2.7% | - **Operating lease service revenue grew by 15.4%**, mainly due to income generated from three new container ships added in H2 2024[27](index=27&type=chunk) - **Financial services revenue decreased by 12.2%**, primarily because finance lease and loan projects concluded in H2 2024 and H1 2025[28](index=28&type=chunk) [Other Income and Other Net (Losses)/Gains](index=15&type=section&id=4.1.2%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E5%85%B6%E4%BB%96%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E2%95%B1%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) - In H1 2025, other net losses amounted to **HKD 17.6 million**, mainly due to net foreign exchange losses[29](index=29&type=chunk) - In the same period of 2024, other net income was **HKD 235.2 million**, primarily from a HKD 150.7 million fee for early termination of a finance lease project and a HKD 56.4 million gain on the sale of vessels[29](index=29&type=chunk) [Expenses](index=16&type=section&id=4.1.3%20%E9%96%8B%E6%94%AF) Expense Breakdown (For the six months ended June 30) | Expense Item | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs and Bank Charges | 416,021 | 515,642 | (19.3%) | | Depreciation | 297,993 | 280,936 | 6.1% | | Vessel Operating Costs | 188,209 | 136,582 | 37.8% | | Employee Benefit Expenses | 28,669 | 31,022 | (7.6%) | | Other Operating Expenses | 34,728 | 25,998 | 33.6% | | Impairment (Reversal)/Provision for Loans and Lease Receivables, net | (132,323) | 105,664 | (225.2%) | | Total | 833,297 | 1,095,844 | (24.0%) | - **Finance costs and bank charges decreased by 19.3%** year-over-year, with the average cost of interest-bearing debt dropping from 3.5% to 3.1%, reflecting an efficient financing strategy[32](index=32&type=chunk) - **Vessel operating costs increased by 37.8%**, mainly due to higher vessel repair and maintenance costs[34](index=34&type=chunk) - A **net impairment reversal of HKD 132.3 million** for loans and lease receivables was recorded, mainly from the reversal of provisions recognized in previous years upon project completion or early termination[36](index=36&type=chunk) [Share of Results of Joint Ventures](index=19&type=section&id=4.1.4%20%E6%87%89%E4%BD%94%E5%90%88%E7%87%9F%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE) - The share of results of joint ventures **decreased by 50.2%**, from HKD 264 million to HKD 131 million[36](index=36&type=chunk) - The decrease was mainly due to the sale of two chemical MR tankers in H2 2024 and lower daily charter rates for product oil and chemical tankers[36](index=36&type=chunk) [Income Tax Expense](index=19&type=section&id=4.1.5%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) - Income tax expense **increased from HKD 20.2 million to HKD 137.7 million**[36](index=36&type=chunk) - The increase was primarily due to the retrospective application of the OECD Pillar Two model rules (GloBE rules) from January 1, 2025, which led to higher Hong Kong profits tax[37](index=37&type=chunk) [Analysis of the Condensed Consolidated Statement of Financial Position](index=21&type=section&id=4.2%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E7%9A%84%E5%88%86%E6%9E%90) - **Total assets decreased by 3.9% to HKD 42.20 billion**, mainly due to a reduction in loans and lease receivables[40](index=40&type=chunk) - **Total liabilities decreased by 7.2% to HKD 27.50 billion**, primarily due to the repayment of a matured USD bond[40](index=40&type=chunk) - **Total equity increased by 2.8% to HKD 14.70 billion**, and the debt-to-asset ratio improved by 2.3 percentage points to 65.2%[40](index=40&type=chunk) [Loans and Lease Receivables](index=22&type=section&id=4.2.1%20%E6%87%89%E6%94%B6%E8%B2%B8%E6%AC%BE%E5%8F%8A%E7%A7%9F%E8%B3%83%E6%AC%BE) Loans and Lease Receivables (As of) | Receivable Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Lease Receivables | 14,002,469 | 14,331,654 | (2.3%) | | Loan Borrowings | 5,982,268 | 6,118,321 | (2.2%) | | Loans to Joint Ventures | 216,631 | 264,858 | (18.2%) | | Total | 20,201,368 | 20,714,833 | (2.5%) | - **Lease receivables decreased by 2.3%**, mainly because some finance lease projects were completed according to their lease terms during the period[45](index=45&type=chunk) [Property, Plant and Equipment](index=23&type=section&id=4.2.2%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) - **Property, plant and equipment decreased by 1.8%**, mainly due to the sale of two bulk carriers in H2 2024 and depreciation of leased vessels[46](index=46&type=chunk) [Financial Assets at Fair Value](index=24&type=section&id=4.2.3%20%E6%8C%89%E5%85%AC%E5%85%81%E5%80%BC%E8%A8%88%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) - The total value of financial assets at fair value was **HKD 2.16 billion**, with the company continuing to diversify risks by investing in a portfolio of listed bonds and wealth management products[47](index=47&type=chunk) [Liabilities](index=24&type=section&id=4.2.4%20%E8%B2%A0%E5%82%B5) Total Liabilities (As of) | Liability Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Borrowings - Bank Loans | 13,889,083 | 12,829,276 | 8.3% | | Borrowings - Bonds | 10,369,790 | 13,432,257 | (22.8%) | | Borrowings - Others | 1,289,195 | 1,325,622 | (2.7%) | | Other Liabilities | 1,948,218 | 2,035,804 | (4.3%) | | Total | 27,496,286 | 29,622,959 | (7.2%) | - **Bank borrowings increased by 8.3%**, mainly by using new low-cost bank loans to repay matured USD guaranteed bonds[50](index=50&type=chunk) [Borrowings - Bonds](index=25&type=section&id=4.2.5%20%E5%80%9F%E6%AC%BE%EF%BC%8D%E5%82%B5%E5%88%B8) - The company holds two USD guaranteed bonds of **USD 400 million and USD 500 million**, maturing in 2030 and 2026, respectively[51](index=51&type=chunk) - The full issuance of the **RMB 3 billion "Panda Bond"** framework in the domestic inter-bank market has been completed to support domestic equipment upgrades and green ship development[51](index=51&type=chunk) [Asset Quality](index=26&type=section&id=5.%20%E8%B3%87%E7%94%A2%E8%B3%AA%E9%87%8F) The company did not write off any loans and lease receivables during H1 2025, indicating stable asset quality - For the six months ended June 30, 2025, the Group did not write off any loans and lease receivables[52](index=52&type=chunk) [Liquidity and Working Capital](index=26&type=section&id=6.%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E7%87%9F%E9%81%8B%E8%B3%87%E9%87%91) The company maintains robust liquidity through operating cash flow, bank loans, and bond issuance, ensuring sufficient resources for operations and debt servicing - The company ensures sufficient funding for debt repayment and business development through a reasonable level of liquid assets and adequate funding sources[53](index=53&type=chunk) - Maintained a **AAA rating from Dagong Global Credit Rating**, and international ratings of **A- from S&P and A- from Fitch**[55](index=55&type=chunk) - Net cash generated from operating activities was **HKD 1.32 billion**, mainly from receipts from concluded finance lease projects and operating profit[57](index=57&type=chunk) - Net cash generated from investing activities was **HKD 287 million**, primarily from dividends received from joint ventures[57](index=57&type=chunk) - Net cash used in financing activities was **HKD 2.35 billion**, mainly for the repayment of matured bonds[57](index=57&type=chunk) Summary of Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Cash Flow Item | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 1,320,276 | 4,273,137 | | Net cash generated from/(used in) investing activities | 286,880 | (997,327) | | Net cash used in financing activities | (2,345,639) | (2,812,250) | | Net (decrease)/increase in cash and cash equivalents | (738,483) | 463,560 | | Cash and cash equivalents at end of period | 1,052,669 | 1,401,173 | [Capital Management](index=28&type=section&id=7.%20%E8%B3%87%E9%87%91%E7%AE%A1%E7%90%86) The company effectively managed financing costs through a cross-currency strategy and expanded its funding channels while hedging interest and currency risks - The **comprehensive financing cost decreased from 3.5%** at the end of 2024 to **3.1%** in H1 2025[59](index=59&type=chunk) - Signed a financial services framework agreement with CSSC Finance to obtain a **RMB 10 billion loan facility**, valid until December 31, 2027[60](index=60&type=chunk) - As of June 30, 2025, unused bank loan facilities amounted to approximately **HKD 19.66 billion** (about USD 2.53 billion), ensuring sufficient credit availability[61](index=61&type=chunk) [Bank Loans and Capital Structure](index=28&type=section&id=7.1%20%E9%8A%80%E8%A1%8C%E8%B2%B8%E6%AC%BE%E5%92%8C%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E6%83%85%E6%B3%81) - Opportunistically used low-interest RMB and HKD borrowings to replace some high-interest USD borrowings, effectively controlling the rapid growth of financing costs[58](index=58&type=chunk)[59](index=59&type=chunk) - As of June 30, 2025, the **gearing ratio was 1.7 times**, maintaining a healthy balance sheet[61](index=61&type=chunk) [Interest Rate Risk](index=30&type=section&id=7.2%20%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) - Used financial instruments such as interest rate swaps to hedge interest rate risk exposure, with a notional principal of approximately **HKD 3.34 billion** as of June 30, 2025[62](index=62&type=chunk) - The locked-in average long-term fixed USD interest rate was approximately **1.58%**, effectively mitigating the negative impact of high USD interest rates[62](index=62&type=chunk) - Continuously improved the matching of interest rate structures between assets and liabilities by issuing fixed-rate bonds, securing fixed-rate loans, and using interest rate swaps[64](index=64&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=7.3%20%E5%8C%AF%E7%8E%87%E9%A2%A8%E9%9A%AA) - Vessels under finance and operating leases are purchased in USD, with corresponding receivables and fixed assets also denominated in USD, mitigating significant currency risk exposure[65](index=65&type=chunk) - For existing RMB exchange rate exposure, the company effectively hedged risks by using foreign exchange swaps, cross-currency swaps, and replacing RMB financing with HKD financing[65](index=65&type=chunk) [Risk Management](index=32&type=section&id=8.%20%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The company employs a comprehensive risk management system with a prudent risk appetite, focusing on mature business models and high-quality clients - Established a comprehensive risk management system with a prudent risk appetite, favoring industries with mature business models, scale effects, and excellent asset quality[66](index=66&type=chunk) - In client selection, the company prefers large enterprises, industry leaders, or high-quality listed companies[66](index=66&type=chunk) - Continuously improved the risk management system, processes, tools, internal controls, and compliance to enhance the company's risk management capabilities[69](index=69&type=chunk) [Human Resources](index=33&type=section&id=9.%20%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the company had 79 employees, with a highly educated workforce and a total compensation of HKD 28.7 million for H1 - As of June 30, 2025, the Group had a total of **79 employees**, a decrease from 84 on December 31, 2024[35](index=35&type=chunk)[70](index=70&type=chunk) - Approximately **94.9% of employees hold a bachelor's degree or higher**, indicating a high-quality talent pool[70](index=70&type=chunk) - For the six months ended June 30, 2025, total employee compensation was approximately **HKD 28.7 million**[70](index=70&type=chunk) [Pledge of Assets](index=33&type=section&id=10.%20%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) A significant portion of the company's assets, including receivables and equipment, are pledged as collateral for bank loans - As of June 30, 2025, approximately **HKD 9.28 billion** of loans and lease receivables, **HKD 242 million** of floating charge deposits, and **HKD 2.82 billion** of property, plant and equipment were pledged to banks to secure bank loans[71](index=71&type=chunk) [Financial Statements and Significant Notes](index=34&type=section&id=%E4%B8%89%E3%80%81%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E5%8F%8A%E9%87%8D%E5%A4%A7%E9%99%84%E8%A8%BB) [Condensed Consolidated Statement of Profit or Loss](index=34&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the unaudited condensed consolidated statement of profit or loss for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | | :--- | :--- | :--- | | Revenue | 2,017,965 | 1,965,771 | | Other income and other net (losses)/gains | (17,618) | 235,154 | | Total expenses | (833,297) | (1,095,844) | | Operating profit | 1,167,050 | 1,105,081 | | Share of results of joint ventures | 131,328 | 263,789 | | Profit before income tax | 1,288,887 | 1,360,021 | | Income tax expense | (137,730) | (20,161) | | Profit for the period | 1,151,157 | 1,339,860 | | Profit attributable to equity holders of the Company | 1,105,585 | 1,327,318 | | Non-controlling interests | 45,572 | 12,542 | | Basic earnings per share (HKD) | 0.179 | 0.216 | | Diluted earnings per share (HKD) | 0.178 | 0.216 | [Condensed Consolidated Statement of Comprehensive Income](index=35&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) This section presents the unaudited condensed consolidated statement of comprehensive income for the six months ended June 30, 2025 Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | | :--- | :--- | :--- | | Profit for the period | 1,151,157 | 1,339,860 | | Total other comprehensive (expense)/income for the period | (97,737) | 28,212 | | Total comprehensive income for the period | 1,053,420 | 1,368,072 | | Total comprehensive income for the period attributable to equity holders of the Company | 1,007,830 | 1,355,421 | | Non-controlling interests | 45,590 | 12,651 | [Condensed Consolidated Statement of Financial Position](index=36&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This section provides the unaudited condensed consolidated statement of financial position as of June 30, 2025, reflecting the company's financial health Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Total Assets | 42,200,612 | 43,920,995 | | Property, plant and equipment | 16,099,700 | 16,394,376 | | Loans and lease receivables | 20,201,368 | 20,714,833 | | Cash and cash equivalents | 1,052,669 | 1,773,896 | | Total Liabilities | 27,496,286 | 29,622,959 | | Borrowings | 25,548,068 | 27,587,155 | | Total Equity | 14,704,326 | 14,298,036 | | Share capital | 6,713,880 | 6,695,690 | [Notes to the Interim Financial Information](index=38&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes explaining the basis of preparation, accounting policies, segment information, and other key financial statement components - The interim financial information is prepared in accordance with **HKAS 34 "Interim Financial Reporting"** and the disclosure requirements of the Hong Kong Stock Exchange Listing Rules[76](index=76&type=chunk) - The adoption of the amended HKAS 21 "Lack of Exchangeability," effective January 1, 2025, had **no material impact** on the interim financial information[79](index=79&type=chunk)[80](index=80&type=chunk) [Basis of Preparation](index=38&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the disclosure requirements of the Hong Kong Stock Exchange Listing Rules[76](index=76&type=chunk) - The interim financial information is unaudited but has been reviewed by Grant Thornton Hong Kong Limited in accordance with HKSRE 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"[76](index=76&type=chunk) [Adoption of Amended Hong Kong Financial Reporting Standards](index=39&type=section&id=2.%20%E6%8E%A1%E7%B4%8D%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87) - Adopted the amended Hong Kong Accounting Standard 21 "Lack of Exchangeability," effective from January 1, 2025[79](index=79&type=chunk) - The adoption of these amendments had no material impact on the Group's interim financial information[80](index=80&type=chunk) [Segment Information and Revenue](index=39&type=section&id=3.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99%E5%8F%8A%E6%94%B6%E7%9B%8A) - The main operating segments are Shipping Integrated Services (operating lease, ship broking) and Financial Services (finance lease, loan and borrowing)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) Segment Revenue (For the six months ended June 30) | Segment | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | | :--- | :--- | :--- | | Shipping Integrated Services | 1,231,338 | 1,069,465 | | Financial Services | 786,627 | 896,306 | | Total | 2,017,965 | 1,965,771 | [Finance Costs and Bank Charges](index=41&type=section&id=4.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC%E5%8F%8A%E9%8A%80%E8%A1%8C%E8%B2%BB%E7%94%A8) Finance Costs and Bank Charges (For the six months ended June 30) | Item | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | | :--- | :--- | :--- | | Interest and fees on bonds | 145,577 | 167,770 | | Interest and fees on bank borrowings | 220,066 | 345,114 | | Interest and fees on other borrowings | 39,593 | 17,833 | | Interest on lease liabilities | 9,686 | 519 | | Bank charges | 1,099 | 1,224 | | Total | 416,021 | 515,642 | [Operating Profit](index=41&type=section&id=5.%20%E7%B6%93%E7%87%9F%E6%BA%A2%E5%88%A9) Items Included in Operating Profit (For the six months ended June 30) | Item | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | | :--- | :--- | :--- | | Interest income from financial assets at FVTOCI | 31,880 | 9,491 | | Net gain on disposal of property, plant and equipment | – | 56,405 | | Net unrealised gain on fair value changes of financial assets at FVTPL | 16,226 | 14,189 | | Net gain on derecognition of finance lease receivables | 21,560 | 150,719 | [Income Tax Expense](index=42&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) - Income tax expense increased to **HKD 137.7 million**, mainly due to the retrospective application of the OECD Pillar Two model rules from January 1, 2025[90](index=90&type=chunk)[91](index=91&type=chunk) Income Tax Expense Breakdown (For the six months ended June 30) | Tax Item | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax | 125,444 | 5,238 | | Current tax - Overseas tax | 10,849 | 15,147 | | Under/(over) provision in prior years | 2,013 | (918) | | Deferred tax | (576) | 694 | | Income tax expense | 137,730 | 20,161 | [Earnings Per Share](index=44&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Earnings Per Share Calculation (For the six months ended June 30) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company (HKD in thousands) | 1,105,585 | 1,327,318 | | Weighted average number of ordinary shares (in thousands) | 6,191,104 | 6,142,907 | | Basic earnings per share (HKD) | 0.179 | 0.216 | | Diluted earnings per share (HKD) | 0.178 | 0.216 | [Dividends](index=45&type=section&id=8.%20%E8%82%A1%E6%81%AF) - The Board has declared an interim dividend of **HKD 0.05 per share** (2024: HKD 0.03 per share)[95](index=95&type=chunk) [Loans and Lease Receivables](index=45&type=section&id=9.%20%E6%87%89%E6%94%B6%E8%B2%B8%E6%AC%BE%E5%8F%8A%E7%A7%9F%E8%B3%83%E6%AC%BE) - Loan borrowings are secured, bear interest at annual rates ranging from **5.8% to 8.3%**, and are repayable between 2025 and 2033[101](index=101&type=chunk) - Finance lease receivables are secured and bear interest at annual rates ranging from **5.0% to 10.3%**[103](index=103&type=chunk) - Loans to joint ventures are unsecured, bear interest at an annual rate of **8.4%**, and are repayable on demand[104](index=104&type=chunk) Net Loans and Lease Receivables (As of) | Receivable Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Loan borrowings | 5,982,268 | 6,118,321 | | Lease receivables | 14,002,469 | 14,331,654 | | Loans to joint ventures | 216,631 | 264,858 | | Total | 20,201,368 | 20,714,833 | [Share Capital](index=48&type=section&id=10.%20%E8%82%A1%E6%9C%AC) - The number of issued ordinary shares increased by **11,475,995** due to the exercise of share options, with a total consideration of approximately HKD 14.70 million credited to share capital[105](index=105&type=chunk) Share Capital Movement (As of) | Item | Number of shares (in thousands) | Share Capital (HKD in thousands) | | :--- | :--- | :--- | | As at December 31, 2024 | 6,186,890 | 6,695,690 | | Shares issued under share option scheme | 11,476 | 18,190 | | As at June 30, 2025 | 6,198,366 | 6,713,880 | [Other Information](index=49&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance Practices](index=49&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The company is committed to high standards of corporate governance and complies with the Corporate Governance Code - The company has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited and has complied with all applicable code provisions[106](index=106&type=chunk) - The roles of Chairman and Chief Executive Officer are both held by Mr. Li Hongtao, which the Board believes facilitates the execution of business strategies and enhances operational efficiency[107](index=107&type=chunk) [Interim Dividend](index=50&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board declared an interim dividend of HKD 0.05 per share for H1 2025, an increase from the prior year - The Board declared an interim dividend of **HKD 0.05 per share** for the six months ended June 30, 2025 (2024: HKD 0.03 per share)[108](index=108&type=chunk) - The interim dividend will be paid on or before November 14, 2025, and shareholders may elect to receive it in RMB[108](index=108&type=chunk) [Model Code for Securities Transactions by Directors](index=50&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Model Code for securities transactions by directors and all directors have confirmed compliance - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance[110](index=110&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=50&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries engaged in any purchase, sale, or redemption of the company's listed securities during the period - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[111](index=111&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[111](index=111&type=chunk) [Review of Interim Results](index=50&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) The Audit Committee has reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2025 - The Audit Committee has reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2025, with the company's senior management and external auditors[113](index=113&type=chunk) [Events After the Reporting Period](index=51&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the company entered into shipbuilding agreements with a fellow subsidiary for approximately HKD 1.15 billion - After the reporting period, the Group entered into shipbuilding agreements with a fellow subsidiary for a total consideration of approximately **HKD 1.15 billion** (RMB 1.056 billion)[114](index=114&type=chunk) [Publication of Interim Report](index=51&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on relevant websites in due course - The interim report for the six months ended June 30, 2025, will be sent to shareholders and published on the company's website and the Hong Kong Stock Exchange's website in due course[116](index=116&type=chunk)

（於香港註冊成立的有限公司） （股份代號：3877） 代表委任表格 CSSC (Hong Kong) Shipping Company Limited 中國船舶集團（香港）航運租賃有限公司 股東全名（請用正楷填寫） 股東註冊地址 與本代表委任表格相關的股份數目 （附註4） | | 普通決議案 | （附註5） 贊成 | （附註5） 反對 | | --- | --- | --- | --- | | 1. | 批准、確認及追認造船協議（定義見通函，其註有「A」字樣的副本已呈交股東特別大會 | | | | | 並由股東特別大會主席簡簽示可，以資識別）及其下擬進行的交易。 | | | | 2. | 授權任何一位本公司董事（「董事」）作出一切行動及事宜及簽訂及簽立一切有關文件 | | | | | 及採取有關措施（以彼可能認為就落實造船協議及其下擬進行的交易之條款或與此有 | | | | | 關及使其生效而言屬必要、適宜或權宜者為準），及同意並作出相關修改、修訂或豁免 | | | | | 任何與此有關或相關的任何事項。 | | | 重要提示：如 閣下擬投票贊成決議案，請在相關的「贊成」欄內加上「 ✓ 」號。如 閣下擬投票反 ...