Group 1: Aviation Industry - The aviation sector is expected to enter a super cycle, driven by high passenger load factors and low ticket prices, with demand growth anticipated to boost profitability by 2026 [1] - Recent public and business demand has shown recovery, with ticket prices increasing year-on-year due to the release of suppressed demand from the summer season [1] - The State-owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to resist "involution" competition, which may enhance revenue management and profitability in the aviation sector [1] Group 2: Oil Transportation - Oil transportation rates remain high, with the VLCC TCE maintaining around $120,000, driven by increased global oil production and limited effective supply due to aging tankers [2] - The outlook for oil transportation is positive, with expectations of demand growth exceeding forecasts, despite potential short-term impacts from seasonal fluctuations [2] - The U.S. has intensified sanctions on shadow fleets, which may further support the upward trend in oil transportation rates [2] Group 3: Airport Duty-Free - Shanghai Airport has announced a new duty-free contract model, shifting to a fixed fee plus actual sales commission, which may stabilize or enhance duty-free revenue [3] - The introduction of competition between domestic and international duty-free operators is expected to drive sales growth and improve pricing competitiveness [3] - The new contract structure and competitive environment are likely to incentivize duty-free operators, potentially leading to increased operational enthusiasm [3]

Core Viewpoint - China Ship Leasing (03877) has a significant shareholder investment, with 73.85% of its stock valued at HKD 9.66 billion deposited in China International Financial Hong Kong Securities [1] Group 1: Company Performance - In the first half of 2025, China Ship Leasing signed 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 size of the company reached 143 vessels as of June 30, 2025, with 121 vessels in operation and 22 vessels under construction [1] - The average age of the operating fleet is approximately 4.13 years, indicating a young and competitive fleet [1] - The average remaining lease term for contracts longer than one year is 7.64 years, which enhances the stability of the company's performance [1]

Group 1 - The latest data from the Hong Kong Stock Exchange shows that on December 3, China Ship Leasing (03877) shareholders deposited stocks into China International Capital Corporation Hong Kong Securities, with a market value of HKD 9.66 billion, accounting for 73.85% [1] - In the first half of 2025, China Ship Leasing completed new orders for 6 newbuild vessels, with a contract value of USD 308 million, all of which are mid-to-high-end ship types, including 4 MR tankers and 2 methanol dual-fuel MR tankers [1] - As of June 30, 2025, the company has a fleet size of 143 vessels, with 121 vessels in operation and 22 vessels under construction, indicating a young and competitive fleet with an average age of approximately 4.13 years [1] Group 2 - The average remaining lease term for contracts over one year is 7.64 years, suggesting a longer duration that can enhance the stability of the company's performance [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11月30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12月2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 ...

Core Viewpoint - The Hong Kong port and shipping stocks experienced a general increase, driven by a rise in the European shipping index, indicating a potential recovery in demand and a shift in market sentiment towards optimism in the shipping industry [1]. Group 1: Market Performance - Cosco Shipping Energy rose over 5%, while Cosco Shipping Ports and China Ship Leasing increased by 2.5% [1]. - Other companies such as China Merchants Port, Cosco Shipping Holdings, Orient Overseas International, Cosco Shipping Development, and Seaspan Corporation also saw gains [1]. Group 2: Shipping Index and Market Sentiment - The European shipping index futures rose by 5%, reaching 1521.80 yuan, which is viewed as a positive short-term signal for shipping stocks [1]. - Analysts suggest that the increase in European freight rates may indicate a recovery in market demand, possibly due to inventory replenishment cycles or renewed supply chain tensions [1]. - This shift in perception may alter the previously pessimistic view of the industry characterized by oversupply, moving towards a more optimistic outlook [1].

Core Viewpoint - The Hong Kong port and shipping stocks experienced a general increase, driven by a rise in the European shipping index, indicating a potential recovery in demand and a shift in market sentiment towards optimism in the industry [1]. Group 1: Stock Performance - COSCO Shipping Energy (中远海能) rose over 5%, closing at 10.890 with a market capitalization of 59.516 billion [2]. - COSCO Shipping Ports (中远海运港口) increased by 2.5%, closing at 5.740 with a market capitalization of 227.3 billion [2]. - China Ship Leasing (中国船舶租赁) saw a rise of 2.4%, closing at 2.130 with a market capitalization of 13.204 billion [2]. - China Merchants Port (招商局港口) increased by 2.04%, closing at 15.990 with a market capitalization of 671.26 billion [2]. - COSCO Shipping Holdings (中远海控) rose by 1.43%, closing at 13.440 with a market capitalization of 2081.82 billion [2]. - Liaoning Port (辽港股份) increased by 1.20%, closing at 0.840 with a market capitalization of 19.8 billion [2]. - Orient Overseas International (东方海外国际) rose by 1.19%, closing at 127.900 with a market capitalization of 844.62 billion [2]. - COSCO Shipping Development (中远海发) increased by 0.87%, closing at 1.160 with a market capitalization of 15.309 billion [2]. - Seaspan Corporation (海丰国际) rose by 0.82%, closing at 26.960 with a market capitalization of 727.92 billion [2]. Group 2: Market Dynamics - The early morning European shipping index futures rose by 5%, reaching 1521.80 yuan, which is seen as a positive short-term signal for shipping stocks [1]. - Analysts suggest that the increase in European freight rates may indicate a recovery in demand, possibly due to inventory replenishment cycles or renewed supply chain tensions [1]. - This shift in market perception may alter the previously pessimistic view of "oversupply" in the industry to a more optimistic outlook [1].

Core Viewpoint - China Ship Leasing (03877) announced the resignation of its auditor, Crowe (Hong Kong) CPA Limited, due to a failure to reach an agreement on the audit fees for the fiscal year ending December 31, 2025 [1] Group 1 - The resignation of Crowe will take effect from November 27, 2025 [1] - The board has decided to appoint BDO Limited as the new auditor following Crowe's resignation, effective from November 27, 2025 [1] - The term of the new auditor will last until the conclusion of the next annual general meeting of the company [1]

Core Viewpoint - China Shipbuilding Leasing (03877) announced the resignation of its auditor, Crowe (Hong Kong) CPA Limited, due to a failure to reach an agreement on the audit fees for the fiscal year ending December 31, 2025 [1] Group 1 - The resignation of Crowe (Hong Kong) CPA Limited will take effect from November 27, 2025 [1] - The company's audit committee recommended the appointment of a new auditor, BDO Limited, effective from November 27, 2025, until the conclusion of the next annual general meeting [1]

Core Viewpoint - China Shipbuilding Leasing (03877.HK) announced the resignation of its auditor, Crowe (Hong Kong) CPA Limited, due to a failure to reach an agreement on the audit fees for the fiscal year ending December 31, 2025 [1] Group 1 - The resignation of Crowe is effective from November 27, 2025 [1] - The company's audit committee recommended the appointment of Tien Chi Hong Kong CPA Limited as the new auditor following Crowe's resignation [1] - The term of the new auditor will last until the conclusion of the next annual general meeting of the company [1]

本公告乃由中國船舶集團（香港）航運租賃有限公司（「本公司」）董事（「董 事」）會（「董事會」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則第 13.51(4)條作出。 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。 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） 更換核數師 董事會宣佈，由於本公司與致同（香港）會計師事務所有限公司（「致同」）未 能就截至二零二五年十二月三十一日止財政年度的本公司年度審核（「二零 二五年審核」）的審核費用達成共識，致同已辭任本公司核數師，自二零二五年 十一月二十七日起生效。根據本公司審核委員會（「審核委員會」）的推薦建議， 董事會已議決委聘天職香港會計師事務所有限公司（「天職」）為致同辭任後本 公司的新任核數師，自二零二五年十一月二十七日起生效，任期至本公司下 屆股東週年大會結束為止 ...