Group 1 - Company announced a share buyback of approximately 6.06 million A-shares on November 5, 2025, representing 0.0391% of the total share capital as of October 31, 2025, with a total expenditure of approximately RMB 90.6 million [1] - The highest purchase price was RMB 14.98 per share, and the lowest was RMB 14.86 per share [1] - As of the report date, the company's market capitalization is RMB 232.7 billion [1] Group 2 - For the first half of 2025, the company's revenue composition was as follows: container shipping and related businesses accounted for 96.06%, container terminal and related businesses accounted for 5.35%, and internal offsets accounted for -1.42% [1]

证券代码：601919 证券简称：中远海控 公告编号：2025-058 一、回购股份的基本情况 2025 年 10 月 13 日，中远海运控股股份有限公司（以下简称"中远海控"、"公 司"）召开第七届董事会第二十二次会议，审议通过《关于中远海控回购公司股份 的议案》，具体内容详见公司于 2025 年 10 月 14 日披露的《中远海控关于以集中 竞价交易方式回购 A 股股份方案公告暨回购报告书》（公告编号：2025-049）。2025 年 10 月 30 日，公司召开第七届董事会第二十三次会议，审议通过了《关于维持 公司 A 股股份回购价格上限不做调整的议案》，具体内容详见公司于 2025 年 10 月 31 日披露的《关于维持公司 A 股股份回购价格上限的公告》（公告编号： 2025-54）。 二、回购股份的进展情况 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 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 年 月 2025 | 10 | 14 ...

Core Viewpoint - Goldman Sachs reports that China COSCO Shipping Holdings (601919) maintains a cautiously optimistic outlook on long-term freight rates due to over 25% of existing cargo ships being over 20 years old and needing to be scrapped between 2028 and 2030, alongside strong cargo volume growth, particularly on Southeast Asia, Europe, and Africa routes [1] Group 1: Financial Performance - The net profit forecast for 2025 to 2027 has been raised by 25% to 46%, reflecting better-than-expected third-quarter earnings and the delayed imposition of port fees between China and the U.S. [1] - The target price for H-shares has been increased from HKD 11.5 to HKD 12.5, while the target price for A-shares has been raised from RMB 14.7 to RMB 16, maintaining a "Neutral" rating [1] Group 2: Market Trends - Management noted a rebound in spot freight rates in October, driven by Black Friday and the anticipated tariffs on Chinese goods, which led to early shipments [1] - The strong performance in third-quarter earnings is attributed to excellent freight rates, particularly due to the high proportion of intra-Asia routes and better cost control compared to peers [1]

Core Viewpoint - Goldman Sachs maintains a cautiously optimistic outlook on the long-term freight performance of China COSCO Shipping Holdings Co., Ltd. (中远海控), citing the need to retire over 25% of existing cargo ships aged over 20 years between 2028 and 2030, alongside strong growth in freight volumes, particularly on Southeast Asia, Europe, and Africa routes [1] Group 1: Financial Performance - The net profit forecast for 2025 to 2027 has been raised by 25% to 46%, reflecting better-than-expected earnings in the third quarter and the delayed collection of port fees between China and the U.S. [1] - The target price for H-shares has been increased from HKD 11.5 to HKD 12.5, while the target price for A-shares has been raised from RMB 14.7 to RMB 16, maintaining a "neutral" rating [1] Group 2: Market Trends - Management noted a rebound in spot freight rates in October, driven primarily by Black Friday and the anticipated U.S. tariffs on Chinese goods, which led to early shipments [1] - The strong performance in the third quarter is attributed to excellent freight rates, particularly due to the high proportion of intra-Asia routes and better cost control compared to peers [1]

Group 1 - Company announced the repurchase of 6.0591 million A-shares on November 5, 2025, representing 0.0391% of the total share capital as of October 31, 2025 [1] - The shares were repurchased through the Shanghai Stock Exchange trading system at a maximum price of RMB 14.98 per share and a minimum price of RMB 14.86 per share [1] - The total amount paid for the repurchase was RMB 90.5995 million, excluding transaction fees [1]

Core Viewpoint - Goldman Sachs reports that China COSCO Shipping Holdings maintains a cautiously optimistic outlook on long-term freight rates due to over 25% of existing cargo ships being over 20 years old and needing to be scrapped between 2028 and 2030 [1] Group 1: Industry Outlook - The management highlights strong growth in cargo volume, particularly on routes in Southeast Asia, Europe, and Africa [1] - There is a noted rebound in spot freight rates in October, driven by Black Friday and the anticipated tariffs on Chinese goods leading to early shipments [1] Group 2: Financial Performance - The third-quarter earnings exceeded expectations, attributed to strong freight performance, especially in Asia routes, and better cost control compared to peers [1] - Based on the performance, net profit forecasts for 2025 to 2027 have been raised by 25% to 46%, reflecting better-than-expected third-quarter earnings and delays in port fees between China and the U.S. [1] Group 3: Target Price Adjustments - The target price for H-shares has been increased from HKD 11.5 to HKD 12.5, while the target price for A-shares has been raised from CNY 14.7 to CNY 16 [1] - The rating remains at "Neutral" [1]

Core Viewpoint - COSCO Shipping Holdings (中远海控) reported a 55% year-on-year decline in net profit for Q3 2025, amounting to 9.5 billion RMB, but the performance exceeded expectations due to resilient freight rates and increased cargo volume [1] Group 1: Financial Performance - The net profit for Q3 2025 decreased by 55% to 9.5 billion RMB [1] - The recent rebound in freight indices and the suspension of port fees between China and the U.S. are expected to support profitability in Q4 2025 [1] Group 2: Future Outlook - There remains a risk of oversupply in 2026, but the company's strong net cash position, which accounts for 63% of its market value, should allow it to navigate through downturns [1] - The rating has been upgraded to "Hold," with the target price increased from 12 HKD to 14.54 HKD [1]

Core Viewpoint - COSCO Shipping Holdings (01919) reported a 55% year-on-year decline in net profit for Q3 2025, amounting to 9.5 billion RMB, but the performance exceeded expectations due to resilient freight rates and increased cargo volume [1] Financial Performance - The net profit for Q3 2025 was 9.5 billion RMB, reflecting a 55% decrease compared to the previous year [1] - The recent rebound in freight indices and the suspension of port fees between China and the U.S. are expected to support profitability in Q4 2025 [1] Market Outlook - There remains a risk of oversupply in 2026, but the company’s strong net cash position, which accounts for 63% of its market value, should enable it to navigate through the downturn [1] - The rating has been upgraded to "Hold," with the target price increased from 12 HKD to 14.54 HKD [1]

智通财经APP获悉，大和发布研报称，中远海控(01919) 2025年第三季营运表现稳健，透过回购及股息 提供丰厚的股东回报，但预期2026年盈利压力将加剧，将评级由跑赢大市下调至持有，因股价缺乏催化 剂、盈利前景疲弱且目标价上行空间有限，目标价维持14港元。该行指，中远海控2025年第三季营运表 现稳健。 该行将2025年每股盈利预测上调18%，以反映第三季业绩好过预期，但基于运费率与货运量 预测调整，2026至2027年每股盈利预测下调23至47%。 ...

Core Viewpoint - Daiwa's report indicates that China COSCO Shipping Holdings (601919)(01919) is expected to show stable operational performance in Q3 2025, providing substantial shareholder returns through buybacks and dividends. However, profit pressures are anticipated to increase in 2026, leading to a downgrade in rating from "Outperform" to "Hold" due to a lack of catalysts, weak profit outlook, and limited upside potential for the target price, which remains at HKD 14 [1] Summary by Category - **Operational Performance** - China COSCO Shipping Holdings demonstrated stable operational performance in Q3 2025 [1] - **Earnings Forecast** - The earnings per share (EPS) forecast for 2025 has been raised by 18% to reflect better-than-expected Q3 performance [1] - EPS forecasts for 2026 and 2027 have been reduced by 23% to 47% due to adjustments in freight rates and cargo volume predictions [1] - **Shareholder Returns** - The company is expected to provide substantial shareholder returns through share buybacks and dividends [1] - **Rating and Target Price** - The rating has been downgraded from "Outperform" to "Hold" due to anticipated profit pressures and limited price upside [1] - The target price remains unchanged at HKD 14 [1]