Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. (中远海控) announced a share buyback plan, indicating a commitment to enhancing shareholder value through the repurchase of shares [1] Group 1 - The company plans to spend approximately HKD 20.9869 million to repurchase 1.53 million shares [1]

公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年11月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a significant drop in Q3 performance, while also announcing a share buyback plan to enhance shareholder value [1][5]. Financial Performance - Revenue for the first three quarters of 2025 was 167.6 billion yuan, down 4.1% year-on-year; Q3 revenue was 58.5 billion yuan, down 20.4% year-on-year but up 14.4% quarter-on-quarter [1]. - Net profit attributable to shareholders for the first three quarters was 27.07 billion yuan, down 29% year-on-year; Q3 net profit was 9.53 billion yuan, down 55.1% year-on-year but up 63.2% quarter-on-quarter [1]. - Excluding non-recurring items, net profit for the first three quarters was 26.97 billion yuan, down 29.1% year-on-year; Q3 was 9.50 billion yuan, down 55.3% year-on-year but up 63.1% quarter-on-quarter [1]. Business Segments - In Q3, the estimated revenue from container shipping was approximately 56.23 billion yuan, down 21.2% year-on-year, while supply chain revenue (excluding shipping) was 11.31 billion yuan, up 4.8% year-on-year [3]. - Container shipping line revenue was 51.78 billion yuan, down 23% year-on-year but up 15% quarter-on-quarter; performance varied across routes, with significant declines in trans-Pacific and Asia-Europe routes [3]. - Q3 container volume was 6.903 million TEU, up 4.9% year-on-year and 1.5% quarter-on-quarter [3]. Pricing and Cost Analysis - The average revenue per container in Q3 was 1,052 USD/TEU, down 27% year-on-year but up 14% quarter-on-quarter; foreign trade container revenue was 1,276 USD/TEU, down 26% year-on-year but up 16% quarter-on-quarter [3]. - Estimated cost per container in Q3 was approximately 879 USD/TEU, down 2.3% year-on-year, resulting in a gross profit of 263.9 USD/TEU, down 57.7% year-on-year [3]. Profitability Metrics - Q3 EBIT margin for container shipping was approximately 20.9%, down 18.4 percentage points year-on-year but up 7.1 percentage points quarter-on-quarter; net profit margin was 16.2%, down 15.7 percentage points year-on-year but up 5.6 percentage points quarter-on-quarter [4]. - Terminal business revenue in Q3 was 3.08 billion yuan, up 8.1% year-on-year, with a gross margin of 26.0%, down 2.9 percentage points year-on-year [4]. Market Outlook - For Q4, expectations are for price support in main shipping routes due to reduced capacity and upcoming contract renewals, despite concerns over geopolitical events affecting shipping routes [4]. - The company maintains a positive outlook on the value of leading container shipping networks, supported by a strong balance sheet and stable shareholder returns [5]. Valuation and Investment Recommendations - The company is projected to have net profits of 31.04 billion, 20.23 billion, and 21.78 billion yuan for 2025-2027, with corresponding PE ratios of 7, 11, and 11 times [5]. - Current valuations for H and A shares are seen as having a safety margin, with significant pessimistic expectations already priced in [6].

Core Viewpoint - COSCO Shipping Holdings reported a 55% year-on-year decline in net profit for Q3, amounting to 9.5 billion yuan, but the performance exceeded expectations due to resilient freight rates and increased cargo volume [1] Group 1: Financial Performance - Q3 net profit decreased by 55% to 9.5 billion yuan compared to the previous year [1] - The performance was better than the bank's expectations, supported by resilient freight rates and growth in cargo volume [1] Group 2: Future Outlook - Recent recovery in freight indices and the suspension of port fees between China and the U.S. are expected to support profitability in Q4 2025 [1] - Despite the risk of oversupply in 2026, the strong net cash position (63% of market value) will allow COSCO Shipping Holdings to navigate downturns effectively [1] Group 3: Rating and Target Price - The bank upgraded the rating to "Hold" and raised the target price from 12 HKD to 14.54 HKD [1]

Group 1 - Institutional signals indicate a shift from high-volatility growth stocks to undervalued, high-dividend value stocks [1] - As of November 5, the average increase of large-cap value stocks this year is 8.93%, underperforming the Shanghai Composite Index [1] - Transsion Holdings has seen a cumulative decline of 24% this year, ranking first in terms of drop [1] Group 2 - The average dividend yield of large-cap value stocks is 4.05%, significantly higher than the overall A-share market [2] - 13 stocks have a dividend yield exceeding 5%, with China Merchants Energy holding the highest at 10.59% [2] - 53 large-cap value stocks have a rolling P/E ratio below the industry average, indicating potential undervaluation [2] Group 3 - Among the 53 stocks with a P/E ratio below the industry level, 34 stocks have an upside potential exceeding 20% based on institutional target prices [3] - China Pacific Insurance has the highest upside potential at 42.44%, with a net profit of 457 billion yuan in the first three quarters, a 19.29% increase year-on-year [3] - China Everbright Bank has an upside potential of 40.65%, supported by solid fundamentals and a focus on specialized operations [3] Group 4 - Other companies with significant upside potential include China Merchants Shekou, China State Construction, China Communications Construction, China Unicom, and China Telecom [4]

Core Points - China COSCO Shipping Holdings Co., Ltd. has been actively repurchasing its shares, with a total of 1,025,000 shares repurchased over four consecutive days starting from October 31, 2025, amounting to HKD 14 million [2] - The stock price on November 5, 2025, ranged from HKD 13.320 to HKD 13.590, with a closing price of HKD 13.590, reflecting a decrease of 0.59% for the day [2] - Year-to-date, the company has conducted 92 repurchase transactions, totaling 356 million shares and an aggregate repurchase amount of HKD 4.637 billion [2] Repurchase Details - On November 5, 2025, the company repurchased 125,000 shares at a maximum price of HKD 13.590 and a minimum price of HKD 13.320, with a total expenditure of HKD 16.79 million [2] - The repurchase activity included significant transactions on previous days, such as 450,000 shares on November 4, 2025, for HKD 61.70 million, and 300,000 shares on October 31, 2025, for HKD 40.71 million [2][3] - The highest repurchase price recorded this year was HKD 15.040 on May 26, 2025, while the lowest was HKD 11.440 on February 4, 2025 [3]

Core Points - Company announced the repurchase of A-shares on November 5, 2025, through the Shanghai Stock Exchange [2] - A total of 6,059,095 shares were repurchased, representing 0.0391% of the company's total share capital as of October 31, 2025 [2]

Core Viewpoint - The company, COSCO Shipping Holdings (01919.HK), has initiated its first A-share buyback, indicating a strategic move to enhance shareholder value and confidence in the company's stock performance [1] Group 1: Buyback Details - The company repurchased 6.06 million A-shares, which represents 0.0391% of the total share capital as of October 31, 2025 [1] - The buyback was conducted through the Shanghai Stock Exchange's centralized bidding system [1] - The highest purchase price was RMB 14.98 per share, while the lowest was RMB 14.86 per share, with a total expenditure of RMB 90.6 million (excluding transaction fees) [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年11月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | H 股份類別 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | ...

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倚 賴該等內容而引致的任何損失承擔任何責任。 中遠海運控股股份有限公司 COSCO SHIPPING Holdings Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1919） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 1 執行董事 2 非執行董事 3 獨立非執行董事 * 僅供識別 证券代码：601919 证券简称：中远海控 公告编号：2025-058 中远海运控股股份有限公司 关于以集中竞价交易方式首次回购公司 A 股股份的 公告 以中文隨附之海外監管公告乃本公司於二零二五年十一月五日在上海證券交易所 的網站( www.sse.com.cn )上以中文發佈的《中遠海運控股股份有限公司關於以集中 競價交易方式首次回購公司A股股份的公告》。 承董事會命 中遠海運控股股份有限公司 公司秘書 肖俊光 中華人民共和國，上海 二零二五年十一月五日 於本公告日期，本公司董事為萬敏先 ...