Financial Performance - Company reported total revenue of 10.775 billion yuan for the first half of 2025, a year-on-year increase of 44.05% [1] - Net profit attributable to shareholders reached 825 million yuan, up 13.08% year-on-year [1] - In Q2 2025, total revenue was 5.579 billion yuan, reflecting a 37.76% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 480 million yuan, a 23.15% increase year-on-year [1] - Gross margin improved to 20.5%, up 10.08% year-on-year, while net margin decreased to 10.27%, down 2.93% [1] Balance Sheet and Cash Flow - Cash and cash equivalents increased significantly to 6.011 billion yuan, a 188.42% rise year-on-year [1] - Accounts receivable grew to 1.128 billion yuan, up 41.82% year-on-year, representing 73.67% of the latest annual net profit [1] - Total liabilities with interest reached 8.022 billion yuan, an 8.75% increase from the previous year [1] - Operating cash flow per share was 0.96 yuan, a substantial increase of 72.11% year-on-year [1] Investment and Market Outlook - Company has a Return on Invested Capital (ROIC) of 8.51%, indicating average capital returns [3] - The company is focused on the renewable energy sector, including the transportation of wind power and photovoltaic equipment, which are among its top three cargo types [4] - The outlook for China's wind power equipment exports remains positive, driven by overseas energy transition demands and domestic companies expanding into international markets [4]

Meeting Overview - The 29th meeting of the 8th Board of Directors of China COSCO Shipping Specialized Carriers Co., Ltd. was held on August 18, 2025, with 8 participants present and one director represented by proxy [1] - The meeting was chaired by Chairman Zhang Wei and was attended by all supervisors and some senior executives [1] Resolutions Passed - The board approved the 2025 semi-annual report, which had been reviewed by the audit committee prior to the meeting [2] - The board approved the risk assessment report for the first half of 2025 from COSCO Shipping Group Finance Co., Ltd., also reviewed by the audit committee [2] - The board approved a special report on the storage and use of raised funds for the first half of 2025, which was reviewed by the audit committee [2] - The board approved the appointment of the accounting firm for 2025, pending approval from the shareholders' meeting [3] - The board approved the financing guarantee limit for 2025, also pending approval from the shareholders' meeting [3] - The board approved the proposal to cancel the supervisory board and amend the company's articles of association, pending approval from the shareholders' meeting [4] - The board approved the nomination of candidates for the 9th Board of Directors, pending approval from the shareholders' meeting [4] - The board approved the convening of the first extraordinary shareholders' meeting of 2025, with notifications to be issued in accordance with regulations [4][5]

Meeting Overview - The 17th meeting of the 8th Supervisory Board of COSCO Shipping Specialized Carriers Co., Ltd. was held, with a notification sent on August 18, 2025, and attended by 4 members, while one member participated by proxy [1][2]. Resolutions Passed - The Supervisory Board unanimously approved the 2025 semi-annual report, confirming it accurately reflects the company's operational and financial status without any false statements or omissions [1][2]. - The risk assessment report for the first half of 2025 from COSCO Shipping Group Finance Co., Ltd. was also approved unanimously [2]. - A special report on the storage and use of raised funds for the first half of 2025 was approved unanimously [2]. - The appointment of the accounting firm for 2025 was approved unanimously [2]. - The proposal for the financing guarantee limit for 2025 was approved unanimously [2]. - A proposal to abolish the Supervisory Board was passed, pending approval from the shareholders' meeting, while the Supervisory Board will continue to fulfill its duties until then [2].

Summary of Key Points Core Viewpoint - The company plans to provide a total financing guarantee of up to 314,600 million RMB (or equivalent in other currencies) for 15 subsidiaries in 2025, with specific allocations based on their debt ratios [1][3][8]. Group 1: Guarantee Details - The financing guarantee includes up to 64,600 million RMB for 13 subsidiaries with a debt ratio not exceeding 70% [1][3]. - For 2 subsidiaries with a debt ratio exceeding 70%, the company plans to provide a guarantee of up to 250,000 million RMB [1][3]. - The total amount of external guarantees does not exceed the company's latest audited net assets [1][5]. Group 2: Financial Health of Subsidiaries - The total amount of overdue external guarantees is 0 million RMB, indicating no current financial distress [1][3]. - The financial metrics of the subsidiaries show varying levels of asset totals, liabilities, and net profits, with some subsidiaries having significant revenue and profit figures [10][11][12][15]. Group 3: Approval Process - The proposed guarantees require approval from the company's shareholders' meeting, ensuring corporate governance and oversight [3][8]. - The decision was made during the 29th meeting of the 8th Board of Directors held on August 28, 2025 [8].

Core Viewpoint - The report evaluates the financial status and risk management of China COSCO Shipping Financial Co., Ltd., highlighting its compliance with regulatory requirements and its stable financial performance as of June 2025 [1][26]. Group 1: Company Overview - China COSCO Shipping Financial Co., Ltd. was established in December 2009 with an initial registered capital of 300 million RMB, which was later increased to 1.2 billion RMB [1][2]. - The company underwent a merger in July 2018, resulting in a new registered capital of 2.8 billion RMB, which was subsequently increased to 6 billion RMB in June 2020 and 19.5 billion RMB in November 2022 [3][5]. Group 2: Financial Performance - As of June 30, 2025, the total assets of the financial company amounted to 197.85 billion RMB, with total liabilities of 173.33 billion RMB, resulting in owner’s equity of 24.52 billion RMB [26]. - The company reported total operating income of 2.639 billion RMB and a net profit of 618 million RMB for the same period [26]. Group 3: Risk Management - The financial company has established a comprehensive risk management strategy that aligns with its business development, ensuring that risks are within acceptable limits [8][9]. - The company maintains a capital adequacy ratio of 24.12%, significantly above the regulatory requirement of 10.5%, and has a non-performing asset ratio of 0% [26]. Group 4: Regulatory Compliance - The financial company adheres to various regulatory frameworks, including the "Enterprise Group Financial Company Management Measures" and has not encountered any significant compliance issues since its establishment [26][28]. - The company has implemented a robust internal control system, ensuring effective governance and risk management practices [25][26]. Group 5: Business Operations - The financial company primarily serves members of the COSCO Shipping Group, providing services such as deposit acceptance, loans, and financial consulting [7][9]. - The company has established a clear organizational structure with defined roles and responsibilities to enhance operational efficiency and risk oversight [6][10].

Core Points - The company has decided to abolish the supervisory board and amend its articles of association to enhance its corporate governance structure [1][2] - The board of directors will assume the responsibilities previously held by the supervisory board, specifically through the audit committee [1][2] - The amendments to the articles of association and related regulations will require approval from the shareholders' meeting [2] Group 1: Abolishment of Supervisory Board - The company will no longer have a supervisory board, and the rules governing the supervisory board's meetings will be abolished [1] - The audit committee of the board of directors will exercise the powers previously held by the supervisory board as stipulated by the Company Law [1][2] - The supervisory board and its members will continue to perform their duties until the shareholders' meeting approves the changes [1] Group 2: Amendments to Articles of Association - The company has revised its articles of association and related documents, including the rules for shareholders' meetings and board meetings [2] - The amendments are aimed at aligning with the company's operational needs and improving governance [2] - The revised articles of association and related rules will take effect simultaneously with the approval from the shareholders' meeting [2]

Core Viewpoint - The company is changing its accounting firm from Tianzhi International to Lixin Accounting Firm for the 2025 annual audit due to the expiration of the previous firm's term and the need for new auditing services [1][6]. Group 1: Accounting Firm Information - The new accounting firm, Lixin Accounting Firm, was established in 1927 in Shanghai and is a member of the international accounting network BDO [1]. - Lixin has 296 partners, 2,498 registered accountants, and a total of 10,021 employees as of the end of 2024 [2]. - Lixin's audited business revenue for 2024 was 4.748 billion yuan, with audit revenue of 3.672 billion yuan and securities business revenue of 1.505 billion yuan [2]. Group 2: Reasons for Change - The change is due to the expiration of the term of the previous accounting firm, Tianzhi International, which has been the auditor for the company since 2018 [6]. - The company conducted a thorough evaluation and communication with both Tianzhi International and Lixin, leading to the decision to appoint Lixin [6][7]. Group 3: Audit Fees and Financial Implications - The audit fee for the 2025 annual report and internal control audit is set at 2.87 million yuan, which is a decrease of 590,000 yuan or 17% compared to the previous year's audit fee [5]. - The audit fee includes 2.32 million yuan for the annual report audit and 550,000 yuan for the internal control audit [5]. Group 4: Communication and Approval Process - The company has communicated with both the outgoing and incoming accounting firms regarding the change, and both parties are aware and have no objections [6][7]. - The decision to appoint Lixin will be submitted for approval at the company's shareholder meeting and will take effect upon approval [7].

Fundraising Overview - The company raised a total of RMB 3,499,999,996.64 by issuing 597,269,624 shares at RMB 5.86 per share, with a net amount of RMB 3,476,933,798.91 after deducting issuance costs [1][2] - As of June 30, 2025, the remaining balance of the raised funds was RMB 2,892,733,673.75 after utilizing RMB 584,842,678.10 for investment projects [1][2] Fund Management - The company has established a fundraising management system in compliance with relevant regulations to ensure proper use and oversight of the funds [1][2] - Specific bank accounts for fundraising have been set up, and agreements with banks and sponsors have been signed to ensure fund security [1][2] Fund Utilization - As of June 30, 2025, the company has utilized RMB 161,636,430.00 of self-raised funds for investment projects, with RMB 58,500,000.00 being replaced by the raised funds [2][3] - The company has not used idle funds for temporary working capital and has engaged in cash management to enhance fund efficiency, generating RMB 278,000.00 in interest income [2][3] Project Investment Status - The company has not changed the intended use of the raised funds and has reported no significant issues in fund management or disclosures [2][3] - The investment projects are progressing, with specific projects achieving varying levels of completion, such as the construction of a semi-submersible vessel reaching 99.57% completion [3][4]

Core Viewpoint - The announcement details the upcoming election of the ninth board of directors for China Cosco Shipping Specialized Carriers Co., Ltd., following the expiration of the current board's term [1][2]. Board Restructuring - The current controlling shareholder, China Cosco Shipping Co., Ltd., has recommended five candidates for the ninth board: Zhang Wei, Huang Nan, Ma Xianghui, Li Man, and Wang Wei [1]. - Shenzhen Port Group Co., Ltd. has recommended one candidate, Zhong Yubin, for the board [1]. - Independent director candidates Zheng Minghui, Ye Zheng, and Li Dan have obtained independent director qualification certificates, with Ye Zheng being a professional accountant [1]. Nomination and Approval Process - The board's nomination committee reviewed the qualifications and capabilities of the nine candidates on August 28, 2025, and unanimously agreed to submit them for board approval [2]. - The eighth board expressed gratitude for the contributions of the outgoing independent directors, Tan Jinsong and Xu Lihua, during their tenure [2]. - The election will be conducted using a cumulative voting system at the shareholders' meeting, where six directors and three independent directors will be elected from the candidates [2]. Interim Board Operations - Until the shareholders' meeting approves the board restructuring, the eighth board will continue to perform its duties as per the company's regulations [3].

Core Points - The candidate, Zheng Minghui, has been nominated by China Ocean Shipping Company as an independent director for COSCO Shipping Specialized Carriers Co., Ltd. and confirms his qualifications and independence [1][4] - The candidate possesses over five years of relevant work experience and has completed training recognized by the stock exchange [1] - The candidate meets the legal and regulatory requirements for independent directors as outlined in various laws and regulations [1][2] Summary by Sections - **Qualifications**: The candidate has basic knowledge of listed company operations and relevant laws, with over five years of experience in legal, economic, accounting, finance, or management [1] - **Independence**: The candidate confirms independence by stating he does not fall under any disqualifying conditions, such as holding significant shares or having close relationships with major shareholders [2][3] - **No Negative Records**: The candidate has no adverse records, including administrative or criminal penalties from the China Securities Regulatory Commission in the last 36 months [3][4] - **Commitment to Duties**: The candidate acknowledges the responsibilities of an independent director and commits to comply with all relevant laws and regulations, ensuring sufficient time and effort to fulfill his duties [4]