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通告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本通告全部或任何部 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。 CSSC (Hong Kong) Shipping Company Limited 中國船舶集團（香港）航運租賃有限公司 （於香港註冊成立的有限公司） （股份代號：3877） 股東特別大會通告 茲通告中國船舶集團（香港）航運租賃有限公司（「本公司」）謹訂於二零二五年九月二 十五日（星期四）下午三時三十分假座香港德輔道中19號環球大廈18樓1801室舉行股 東特別大會（「股東特別大會」），以考慮並酌情通過（無論有否修訂）下列決議案為普 通決議案。除本文另有所指外，本通告所用詞彙與本公司日期為二零二五年八月二 十八日致股東的通函（「通函」）所界定者具有相同涵義。 普通決議案 「動議： 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；及 1 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 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取行動有任何疑問，應諮詢 閣下的持牌證券交易商、註冊證券機構、 銀行經理、律師、專業會計師或其他專業顧問尋求獨立意見。 閣下如已售出或轉讓所有名下的中國船舶集團（香港）航運租賃有限公司股份，應立即將本通函連同代 表委任表格送交買主或承讓人或經手買賣的銀行經理、持牌證券交易商或其他註冊證券機構或其他代 理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本通函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。 CSSC (Hong Kong) Shipping Company Limited 中國船舶集團（香港）航運租賃有限公司 （於香港註冊成立的有限公司） （股份代號：3877） 須予披露及關連交易 有關船舶建造 獨立董事委員會及獨立股東之 獨立財務顧問 除文義另有規定外，本通函所使用詞彙與本通函「釋義」一節所界定者具有相同涵義。 董事會函件載於本通函第5至12頁。獨立董事委員會函件（當中載有其致獨立股東的推薦建議）載於本通 函第13 ...

CSSC (Hong Kong) Shipping Company Limited 中國船舶（香港）航運租賃有限公司 (the "Company") （「本公司」） (Stock Code: 03877) （股份代號：03877） Terms of reference of the Nomination Committee (the "Committee") of the Board (the "Board") of Directors (the "Directors") of the Company 本公司董事（「董事」）會（「董事會」）提名委員會（「委員會」） 職權範圍 1. Constitution 1.1 The Committee is established pursuant to a resolution passed by the Board at its meeting held on 6 May 2019. 2. Membership （中文本為翻譯稿，僅供參考用） 組成 成員 委員會成員由董事會從本公司董事中挑選， 委員會人數最少三名，其中至少有一名委員 會成員為不同性別，而大部份之成員 ...

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，概不對因本公告 全部或任何部份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。 CSSC (Hong Kong) Shipping Company Limited 中國船舶集團（香港）航運租賃有限公司 （於香港註冊成立的有限公司） （股份代號：3877） 承董事會命 中國船舶集團（香港）航運租賃有限公司 主席 李洪濤 香港，二零二五年八月十八日 於本公告日期，董事會包括執行董事李洪濤先生，非執行董事張啟鵬先生及 遲本斌先生，及獨立非執行董事盛慕嫻女士 BBS, JP 、李洪積先生及王德銀先 生。 董事會會議日期 中國船舶集團（香港）航運租賃有限公司（「本公司」）董事會（「董事會」）謹此宣 佈，本公司將於二零二五年八月二十八日（星期四）舉行董事會會議，藉以（其 中包括）考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個 月的中期業績及其發佈，並考慮派付中期股息。 ...

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7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8月5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 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) | 03877 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 ...

香港联交所最新资料显示，7月29日，Central Huijin Investment Ltd.减持中国船舶租赁(03877)403.2万 股，每股作价2.2537港元，总金额约为908.69184万港元。减持后最新持股数目为3.703亿股，最新持股 比例为5.97%。 本交易涉及其他关联方：China Re Asset Management(Hong Kong)Company Limited；中国再保险(集团) 股份有限公司。 ...

智通财经APP获悉，香港联交所最新资料显示，7月29日，Central Huijin Investment Ltd.减持中国船舶租 赁(03877)403.2万股，每股作价2.2537港元，总金额约为908.69184万港元。减持后最新持股数目为3.703 亿股，最新持股比例为5.97%。 本交易涉及其他关联方：China Re Asset Management(Hong Kong) Company Limited；中国再保险（集 团）股份有限公司。 ...

机构：国联民生证券 研究员：刘雨辰/陈昌涛 行业：船舶需求有较强支撑，租赁渗透率有望提升 从行业来看，1）全球经济稳步增长带动贸易量增长，从而进一步推动对新增运力的需求提升；2）当前 IMO 环保规定逐步趋严，存量船舶大多无法满足碳排放相关要求；3）同时全球船队船龄较高，当前全 球船队船龄已达17.4 年，而船舶经济使用年限通常只有20 年左右，故后续几年将进入老旧船舶更新替 换的高峰期。多方因素作用下船舶需求有较强支撑，而绿色船舶造价高、全球主要经济体处于降息周期 叠加租赁商方案更加灵活，因此预计后续船舶租赁渗透率有望进一步提升。 公司为全球领先的船厂系租赁公司 中国船舶租赁第一大股东为中国船舶集团，持股比例74.38%。而中国船舶集团为全球最大的造船集 团，2024 年中国船舶集团交付量为1638 万载重吨，占全球份额18.40%。中国船舶租赁凭借股东深厚的 产业背景与产业资源精准识别产业周期，从而帮助公司实现逆周期投资，以较低成本获取船舶资产，放 大公司利润空间。 固定+弹性收益模式增强公司成长性 公司凭借高专业度根据周期情况将部分船舶资产投入即期或短期市场运营，由此保证公司能够更好享受 到周期上行带来 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The company is a leading global ship leasing firm with five core advantages: strong backing from China Shipbuilding Group, an excellent business model combining fixed and flexible income, early green transformation with 89% of its fleet being energy-efficient vessels, good qualifications leading to low financing costs (3.56% in 2024), and a high dividend yield exceeding 7% [4][14]. Industry Overview - The ship leasing industry is expected to see strong demand supported by several factors: steady global economic growth driving trade volume, increasingly stringent environmental regulations necessitating the replacement of older vessels, and a high average age of the global fleet at 17.4 years, indicating a peak period for replacing aging ships [11][23][40]. - The penetration rate of ship leasing is anticipated to increase due to the advantages of leasing, such as lower capital requirements and flexible payment options, with the current leasing penetration for container ships at 55.37% by number and 47.69% by TEU [52][57]. Company Analysis - The company benefits from a robust industry background and resources, allowing it to identify and capitalize on industry cycles effectively [11][14]. - Its business model enhances growth potential through a mix of fixed and flexible income, allowing the company to better capture the benefits of market upturns [12][14]. - The fleet's average age is only 4.03 years, significantly younger than the global average, which reduces environmental compliance pressures [12][14]. - The company maintains a low financing cost of 3.56% in 2024, with expectations for further improvement due to global interest rate trends [12][14]. Financial Projections - The company is projected to achieve total revenues of 43.81, 46.22, and 49.68 billion HKD from 2025 to 2027, with corresponding growth rates of -1.35%, +5.51%, and +7.47% [16]. - Net profits for the same period are expected to be 22.79, 24.41, and 26.61 billion HKD, with growth rates of +8.22%, +7.10%, and +9.03% [16].

Fleet and Operations - As of the end of 2024, the fleet size reached 138 vessels, with 122 in operation and 16 under construction[9] - The average age of operational vessels was 4.03 years, indicating a relatively young fleet[62] - The company expanded its fleet by investing in eight 55,000-ton chemical tankers through a joint venture established in 2018[22] - The company signed new shipbuilding orders for 9 vessels with a contract value of USD 849 million, with 100% being mid-to-high-end ship types[47] - The company signed a financing lease project for two 174,000 cubic meter floating LNG storage and regasification units (LNG-FSRU) in 2017, marking a first in the domestic market[22] Financial Performance - In 2024, the company achieved a revenue of HKD 4.034 billion, representing a year-on-year growth of 11.3%[46] - The net profit for 2024 was HKD 2.155 billion, reflecting a year-on-year increase of 12.7%[46] - The company achieved a net profit margin of 53.4% for the year ending December 31, 2024, compared to 52.7% in 2023[39] - The average return on assets (ROA) increased to 4.8% in 2024 from 4.5% in 2023[39] - The company reported total assets of HKD 43,920,995,000 as of December 31, 2023[33] Debt and Financing - The company achieved a debt-to-asset ratio of 67.5% in 2024, down from 71.6% in 2023, indicating improved financial stability[39] - The average cost of interest-bearing liabilities was controlled at 3.5%, a decrease of 18 basis points year-on-year[63] - The company secured a 10-year ship mortgage loan totaling USD 596 million in collaboration with Standard Chartered Bank in 2021[22] - The company issued a total of RMB 800 million in "Panda Bonds," marking a historical low in financing costs and coupon rates for domestic bonds[22] - By the end of 2024, the proportion of RMB loans increased from 16.8% to 30.5%, while HKD loans rose from 5.1% to 7.0%, effectively diversifying financing currencies and lowering costs[64] Risk Management - The company aims to strengthen risk management and improve operational efficiency while ensuring transparency and shareholder returns[51] - The group has established a comprehensive risk management system to enhance its risk response capabilities and ensure stable performance amid various risks, including credit, market, and liquidity risks[130] - The group has adopted a prudent risk appetite strategy, focusing on industries with mature business models and high asset quality, while preferring large enterprises and industry leaders as clients[130] - The group plans to continue strengthening its comprehensive risk management system in 2024, optimizing its risk management strategies across major risk categories and business segments[131] Environmental and Social Governance - The company focuses on "green finance" and aims for carbon neutrality, aligning with national "dual carbon" goals[11] - The company received an ESG rating of A from Wind for 2024 and scored 45 points from S&P CSA, reflecting significant improvements in ESG governance[66] - The company aims to enhance its focus on clean energy and smart vessel market expansion, targeting collaborations with major cargo owners and energy companies[72] - The group aims to deepen its green low-carbon business model transformation while focusing on the ship and marine equipment leasing sector[109] Shareholder and Employee Information - The board proposed a final dividend of HKD 0.104 per share, bringing the total dividend for the year to HKD 0.134 per share[47] - The major shareholder, the State-owned Assets Supervision and Administration Commission, holds 4,602,046,234 shares, representing 74.38% of the company's equity[183] - The group has granted a total of 172,250,000 stock options under the stock option plan, which is 10% of the total shares issued as of the approval date[189] - Approximately 98% of the group's employees hold a bachelor's degree or higher as of December 31, 2024[179] Market Outlook - Global shipping trade volume is expected to grow by 1.4% and turnover by 0.9% in 2025, indicating potential opportunities in emerging market routes[68] - The global fleet capacity is projected to increase by 3.3% in 2025, driven by ongoing bulk order deliveries[68] - The capacity of product oil tankers is expected to grow by 5.6%, significantly outpacing the trade growth rate of 1.7%[69] - LNG vessel capacity is anticipated to rise by 9.9%, while trade volume is expected to grow by only 4.1%, indicating pressure on freight rates[69]