前三季度营业收入1675.99亿元，同比减少4.09%。归属于上市公司股东的净利润270.70亿元，同比减少 29%。 格隆汇10月30日丨中远海控(01919.HK)发布2025年第三季度业绩报告。第三季度营业收入584.99亿元， 同比减少20.42；归属于上市公司股东的净利润95.33亿元，同比减少55.14%。基本每股收益为0.62元。 ...

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） 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 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。 以中文隨附之海外監管公告乃本公司於二零二五年十月三十日在上海證券交易所 的網站( www.sse.com.cn )上以中文發佈。 1 中遠海運控股股份有限公司第七屆董事會第二十三次會議決議公告 2 中遠海運控股股份有限公司關於維持公司A股股份回購價格上限的公告 3 中遠海運控股股份有限公司關於召開2025年第三季度業績說明會的公告 承董事會命 一、董事会会议召开情况 二零二五年十月三十日 於本公告日期，本公司董事為萬敏先生（董事長）、張峰先生 1 （副董事長）、 1 陶衛東先生 1 、朱濤 ...

Financial Performance - Total revenue for Q3 2025 was RMB 58.50 billion, a decrease of 20.42% compared to the same period last year[10] - Net profit attributable to shareholders was RMB 9.53 billion, down 55.14% year-on-year[10] - The total profit for the period was RMB 12.89 billion, reflecting a decline of 55.56% year-on-year[10] - Basic and diluted earnings per share were both RMB 0.62, a decrease of 53.38% compared to the same period last year[10] - The net profit for Q3 2025 is RMB 10.578 billion, with EBIT of RMB 13.670 billion[27] - Net profit for the first three quarters of 2025 was RMB 30.79 billion, down 29.0% from RMB 43.35 billion in the first three quarters of 2024[50] - Total comprehensive income for the first three quarters of 2025 was RMB 29.97 billion, down 29.6% from RMB 42.59 billion in the same period of 2024[52] - Basic and diluted earnings per share for the first three quarters of 2025 were both RMB 1.74, compared to RMB 2.38 in the same period of 2024[52] Revenue and Volume Trends - The average container shipping market price index (CCFI) decreased by 39.49% in Q3 2025 compared to the previous year[17] - The container shipping business's cargo volume for the first three quarters of 2025 is 20.184 million TEUs, an increase of 6.01% year-on-year[28] - In Q3 2025, the cargo volume for the Trans-Pacific route decreased by 4.24% year-on-year, while the cargo volume for the China mainland route increased by 17.23%[29] - The cargo volume for the Asia-Europe route increased by 3.03% year-on-year in Q3 2025[29] - The total container shipping volume for the group in Q3 2025 was 4,956,226 TEUs, representing a year-on-year increase of 6.65% compared to 4,647,317 TEUs in Q3 2024[30] - Revenue from the group's container shipping business in Q3 2025 was RMB 51,783,060 thousand, a decrease of 23.13% from RMB 67,361,507 thousand in Q3 2024[31] - The total container shipping revenue for the group in the first nine months of 2025 was RMB 161,031,015 thousand, a decrease of 4.63% from RMB 168,840,292 thousand in the same period of 2024[33] Assets and Liabilities - Total assets at the end of the reporting period were RMB 500.03 billion, an increase of 0.51% from the end of the previous year[12] - Current assets decreased to RMB 195.49 billion as of September 30, 2025, from RMB 206.12 billion at the end of 2024[41] - The company's total liabilities increased to RMB 217.33 billion as of September 30, 2025, compared to RMB 212.41 billion at the end of 2024[44] - The total equity of the company decreased to approximately ¥77.70 billion as of September 30, 2025, from ¥98.30 billion at the end of December 2024[64] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 425,262[20] - The top ten shareholders hold a total of 7,009,619,897 shares, accounting for approximately 45.25% of the total share capital as of September 30, 2025[23] - The top shareholder, China Ocean Shipping Company, holds 5,924,873,037 shares, representing 38.25% of the total shares[21] Operational Efficiency and Strategy - The decline in operating efficiency is attributed to changes in the supply-demand relationship in the container shipping market[19] - The company is focusing on enhancing customer service levels and global supply chain resilience through digital intelligence and green low-carbon initiatives[17] - The company is actively optimizing its global network layout and marketing strategies in response to external uncertainties[17] - The company plans to expand its market presence through strategic acquisitions and new technology developments in the coming quarters[36] Cash Flow and Expenses - Cash flow from operating activities for the first three quarters of 2025 was RMB 39.98 billion, a decrease of 22.6% compared to RMB 51.69 billion in 2024[56] - Total operating costs for the first three quarters of 2025 were RMB 136.26 billion, an increase of 7.6% from RMB 126.61 billion in 2024[47] - Other income increased significantly to RMB 1.02 billion in 2025 from RMB 235.84 million in 2024, marking a growth of 331.5%[50] - The company reported a decrease in interest expenses to RMB 2.27 billion in 2025 from RMB 2.35 billion in 2024, a reduction of 2.9%[47] Investment and Research - Research and development expenses increased to RMB 796.89 million in 2025 from RMB 768.77 million in 2024, reflecting a growth of 3.5%[47] - The company’s investment income for the first three quarters of 2025 was 8,136,374,454.51 RMB, compared to 4,995,058,265.40 RMB in 2024, showing an increase of about 63.0%[68]

Major Events - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 2.2 billion yuan to the company for repaying bond principal and interest, with a term of no more than 3 years and an interest rate reduced by 66 basis points from the 1-year LPR [2] - ST Chuangxing's chairman, Liu Peng, has been arrested on criminal charges, but the company states that this matter is unrelated to its operations, and the board is functioning normally [2] - Shannon Chip's chairman, Fan Yongwu, resigned for personal reasons, and Huang Zewei has been elected as the new chairman, holding over 10% of the company's shares [3] - China Coal Energy has invested 1 billion yuan in a state-owned strategic emerging industry fund, which has a total size of 51 billion yuan, aimed at expanding its industrial cooperation ecosystem [4] - Da'an Gene's board has authorized management to sell part of its stock assets, with a limit of 1% through centralized bidding and 2% through block trading [5][6] - Kaineng Health plans to acquire several subsidiaries from Yuaneng Group to strengthen its investment in the cell industry [6] - David Medical's subsidiary has received a medical device registration certificate for a disposable lung nodule positioning puncture needle [7] Financial Performance - Sairus reported a Q3 net profit of 2.371 billion yuan, a decrease of 1.74% year-on-year, with a revenue of 48.133 billion yuan, up 15.75% [8] - Upwind New Materials achieved a Q3 net profit of 30.6473 million yuan, a 49.66% increase year-on-year, with revenue of 496 million yuan, up 23.73% [9] - Youzu Network's Q3 net profit surged by 4466.74% to 26.1999 million yuan, with revenue of 331 million yuan, up 11.99% [10] - Zhongji Xuchuang's Q3 net profit increased by 124.98% to 3.137 billion yuan, with revenue of 10.216 billion yuan, up 56.83% [11] - SAIC Group's Q3 net profit reached 2.083 billion yuan, a 644.88% increase, with revenue of 169.403 billion yuan, up 16.19% [12] - China Life's Q3 net profit was 126.873 billion yuan, a 91.5% increase, with revenue of 298.66 billion yuan, up 54.8% [13] - Pingtan Development's Q3 net profit grew by 1970.63% to 16.1449 million yuan, with revenue of 287 million yuan, up 11.78% [14] - Huatai Securities reported a Q3 net profit of 5.183 billion yuan, a decrease of 28.11%, with revenue of 10.909 billion yuan, down 6.94% [15] - Yanzhou Coal's Q3 net profit was 2.288 billion yuan, down 36.60%, with revenue of 38.259 billion yuan, down 0.26% [16] - Dongwu Securities' Q3 net profit increased by 50.56% to 1.003 billion yuan, with revenue of 2.846 billion yuan, up 38.39% [17] - Dongxing Securities' Q3 net profit surged by 112.67% to 780 million yuan, with revenue of 1.361 billion yuan, up 35.79% [18] - CMB Securities reported a Q3 net profit of 3.686 billion yuan, a 53.45% increase, with revenue of 7.723 billion yuan, up 64.89% [19] - Agricultural Bank's Q3 net profit was 81.349 billion yuan, up 3.66%, with revenue of 1809.81 billion yuan, up 4.30% [20] - Industrial and Commercial Bank's Q3 net profit reached 101.805 billion yuan, up 3.29%, with revenue of 2018.86 billion yuan, up 2.42% [21] - Shenghe Resources reported a Q3 net profit increase of 748.07% [22] - Ingrity Media's Q3 net profit was 442.85 million yuan, up 167.91%, with revenue of 1.919 billion yuan, up 29.70% [23] - China Duty Free's Q3 net profit decreased by 28.94% to 452 million yuan, with revenue of 11.711 billion yuan, down 0.38% [24] - Luzhou Laojiao's Q3 net profit was 3.099 billion yuan, down 13.07%, with revenue of 6.674 billion yuan, down 9.80% [25] - Longi Green Energy reported a Q3 net loss of 834 million yuan, with revenue of 18.101 billion yuan, down 9.78% [26] - New Hope's Q3 net profit was 512.55 million yuan, down 99.63%, with revenue of 28.879 billion yuan, up 4.51% [27] - Wealth Trend's Q3 net profit increased by 76.93% to 77.1855 million yuan, with revenue of 65.3534 million yuan, up 4.31% [28] - Hunan Silver's Q3 net profit was 96.3611 million yuan, up 47.51%, with revenue of 4.065 billion yuan, up 98.68% [29] - Spring Airlines' Q3 net profit decreased by 6.17% to 1.167 billion yuan, with revenue of 6.469 billion yuan, up 6.01% [30] - Litong Electronics reported a Q3 net profit of 165 million yuan, up 1432.90%, with revenue of 946 million yuan, up 57.09% [31] - Baosteel's Q3 net profit increased by 130.31% to 3.081 billion yuan, with revenue of 81.064 billion yuan, up 1.83% [32] - Giant Star Technology's Q3 net profit was 882 million yuan, up 18.96%, with revenue of 4.129 billion yuan, down 5.80% [33] - Wanda Film's Q3 net profit increased by 319.92% year-on-year [34] - COSCO Shipping's Q3 net profit decreased by 29% [35] - PetroChina's Q3 net profit was 42.29 billion yuan, down 3.9%, with revenue of 719.16 billion yuan, up 2.3% [36] - JA Solar reported a Q3 net loss of 3.553 billion yuan [37] - BOE Technology's Q3 net profit was 1.355 billion yuan, up 32.07%, with revenue of 53.270 billion yuan, up 5.81% [38] - BYD's Q3 net profit was 7.823 billion yuan, down 32.60%, with revenue of 194.985 billion yuan, down 3.05% [39] - Guotai Junan's Q3 net profit increased by 40.60% to 6.337 billion yuan, with revenue of 22.019 billion yuan, up 136.00% [40] - Jianghuai Automobile reported a Q3 net loss of 661 million yuan, with revenue of 11.513 billion yuan, up 5.54% [41] - Zhezhong Co. reported a Q3 net profit of 206 million yuan, up 5282.88%, with revenue of 232 million yuan, down 21.33% [42] - Yonghui Supermarket reported a Q3 net loss of 469 million yuan, with revenue of 12.486 billion yuan, down 25.55% [43] Shareholding Changes - Ruisheng Intelligent's shareholder plans to reduce its stake by up to 3% [44] - SF Holding adjusted its share repurchase plan to a total amount of not less than 1.5 billion yuan and not more than 3 billion yuan [45] - Changying Precision adjusted its share repurchase price limit to 50 yuan per share [46] Major Contracts - Trina Solar signed a sales contract for over 1 GWh of energy storage products with a European customer [47]

Major Events - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 2.2 billion yuan to the company for repaying bond principal and interest, with a term of no more than 3 years and an interest rate reduced by 66 basis points from the 1-year LPR [4] - *ST Chuangxing's chairman, Liu Peng, has been arrested for suspected criminal activities, but the company's operations remain normal under the management of the executive team [5] - Shannon Chip's chairman, Huang Zewei, has been elected following the resignation of the previous chairman, Fan Yongwu [6][7] - China Coal Energy has invested 1 billion yuan in a state-owned strategic emerging industry fund, which has a total size of 51 billion yuan, aimed at expanding its industrial cooperation ecosystem [8] - Da'an Gene's board has authorized management to sell part of its stock assets, with a limit of 1% through centralized bidding and 2% through block trading [9] - Kaineng Health plans to acquire several subsidiaries of Yuaneng Group to strengthen its investment in the cell industry, aiming to create a second growth curve [10] - David Medical's subsidiary has received a medical device registration certificate for a disposable lung nodule positioning puncture needle [11] Performance Overview - Saisir reported a Q3 net profit of 2.371 billion yuan, a year-on-year decrease of 1.74%, with a revenue of 48.133 billion yuan, up 15.75% [12][13] - Upwind New Materials achieved a Q3 net profit of 30.6473 million yuan, a year-on-year increase of 49.66% [14] - Youzu Network's Q3 net profit surged by 4466.74% to 26.1999 million yuan [15] - Zhongji Xuchuang's Q3 net profit increased by 124.98% to 3.137 billion yuan [16] - SAIC Motor's Q3 net profit reached 2.083 billion yuan, up 644.88% [17] - China Life's Q3 net profit was 126.873 billion yuan, a year-on-year increase of 91.5% [18] - Pingtan Development's Q3 net profit grew by 1970.63% to 16.1449 million yuan [19] - Huatai Securities reported a Q3 net profit of 5.183 billion yuan, down 28.11% [20] - Yanzhou Coal's Q3 net profit decreased by 36.60% to 2.288 billion yuan [21] - Dongwu Securities' Q3 net profit increased by 50.56% to 1.003 billion yuan [22] - Dongxing Securities' Q3 net profit surged by 112.67% to 780 million yuan [23] -招商证券's Q3 net profit increased by 53.45% to 3.686 billion yuan [24] - Agricultural Bank's Q3 net profit was 81.349 billion yuan, up 3.66% [25] - Industrial and Commercial Bank's Q3 net profit reached 101.805 billion yuan, a year-on-year increase of 3.29% [26] - Shenghe Resources reported a Q3 net profit growth of 748.07% [28] -引力传媒's Q3 net profit increased by 167.91% to 442.85 million yuan [29] - China Duty Free's Q3 net profit decreased by 28.94% to 452 million yuan [30] - Luzhou Laojiao's Q3 net profit decreased by 13.07% to 3.099 billion yuan [31] - Everbright Securities' Q3 net profit increased by 65.88% to 999.5 million yuan [32] - Gujing Gongjiu's Q3 net profit decreased by 74.56% to 299 million yuan [33] - Longi Green Energy reported a Q3 net loss of 834 million yuan [34] - New Hope's Q3 net profit decreased by 99.63% to 512.55 million yuan [35] - Wealth Trend's Q3 net profit increased by 76.93% to 77.1855 million yuan [36] - Hunan Silver's Q3 net profit increased by 47.51% to 96.3611 million yuan [37] - Spring Airlines' Q3 net profit decreased by 6.17% to 1.167 billion yuan [38] - Litong Electronics' Q3 net profit surged by 1432.90% to 165 million yuan [39] - Baosteel's Q3 net profit increased by 130.31% to 3.081 billion yuan [40] - Juxing Technology's Q3 net profit increased by 18.96% to 882 million yuan [42] - Wanda Film's Q3 net profit increased by 319.92% [43] - COSCO Shipping's Q3 net profit decreased by 29% [44] - China Petroleum's Q3 net profit was 42.29 billion yuan, down 3.9% [45] - JA Solar reported a Q3 net loss of 3.553 billion yuan [46] - BOE Technology's Q3 net profit increased by 32.07% to 1.355 billion yuan [47] - BYD's Q3 net profit decreased by 32.60% to 7.823 billion yuan [48] - Guotai Junan's Q3 net profit increased by 40.60% to 6.337 billion yuan [50] - Jianghuai Automobile reported a Q3 net loss of 661 million yuan [51] - Zhezhong Co.'s Q3 net profit increased by 5282.88% to 206 million yuan [52] - Yonghui Supermarket reported a Q3 net loss of 469 million yuan [53] Shareholding Changes - Ruisheng Intelligent's shareholder plans to reduce its stake by up to 3% [54] Share Buybacks - SF Holding has adjusted its share buyback plan to a total amount of not less than 1.5 billion yuan and not more than 3 billion yuan [55][56] - Changying Precision has raised its share buyback price limit to 50 yuan per share [57] Major Contracts - Trina Solar signed a sales contract for over 1 GWh of energy storage products with a European customer [58]

Core Insights - China COSCO Shipping Holdings announced a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year [1] Financial Performance - In the third quarter, the company achieved a revenue of 58.499 billion yuan, representing a year-on-year decrease of 20.42% [1] - The net profit attributable to shareholders for the third quarter was 9.533 billion yuan, down 55.14% year-on-year [1] - For the first three quarters, the total revenue reached 167.6 billion yuan, reflecting a year-on-year decline of 4.09% [1] - The net profit attributable to shareholders for the first three quarters was 27.070 billion yuan, which is a decrease of 29.00% compared to the previous year [1]

Core Insights - The company reported a net profit of RMB 270.70 billion for the first three quarters of 2025, with a significant increase of 63.20% in net profit for Q3 compared to Q2 [1] - The company is actively pursuing integrated operations in "container shipping + ports + related logistics," achieving breakthroughs in global layout and digital supply chain services [2][3] - The company is committed to green and low-carbon transformation, with successful launches of methanol dual-fuel container ships and recognition of several ports as green ports [5] Financial Performance - Total revenue for the first three quarters reached RMB 1675.99 billion, with an EBIT of RMB 391.64 billion and a total profit of RMB 368.95 billion [1] - Container shipping business generated revenue of RMB 1610.31 billion, with an EBIT margin of 20.65%, while terminal operations saw a revenue increase of 12.35% to RMB 89.25 billion [1] - The net cash flow from operating activities was RMB 399.82 billion, and cash and cash equivalents stood at RMB 1705.60 billion [1] Operational Developments - The company established new joint ventures and expanded its global market presence, including the launch of new shipping routes and the establishment of logistics platforms in Southeast Asia [2] - Container throughput increased by 5.6% to 113 million TEUs, while container cargo volume rose by 6.01% to 20.18 million TEUs [2] - The company introduced a dual-layer customer service system and AI technologies to enhance operational efficiency in both shipping and terminal operations [4] Digital and Supply Chain Innovations - The company is enhancing its global digital supply chain services, launching new products in trucking, rail, and warehousing, and achieving efficient integration of global transport networks [3] - Strategic partnerships with multiple clients have been established to provide resilient supply chain solutions, with non-maritime supply chain revenue reaching RMB 328.94 billion, a 7.11% increase [3] Green Initiatives - The company is advancing its decarbonization goals through the development of green fleets and clean fuel technologies, including the successful maiden voyage of the first domestically built methanol dual-fuel container ship [5] - Several ports operated by the company have been recognized as four-star green ports, reflecting its commitment to sustainable practices across the shipping value chain [5]

Core Insights - Company reported a total revenue of 167.6 billion yuan and a net profit of 27.1 billion yuan for the first three quarters of 2025 [1] - In Q3 alone, the revenue was 58.5 billion yuan with a net profit of 9.5 billion yuan [1] Business Segments - Container shipping business generated revenue of 161.0 billion yuan with a cargo volume of 20.2 million TEUs, marking a 6.0% increase year-on-year [1] - Terminal business revenue reached 8.9 billion yuan with a total throughput of 11.3 million TEUs, reflecting a 5.6% year-on-year growth [1] Strategic Initiatives - Company emphasizes a stable yet progressive approach in a complex market, driven by technological innovation [1] - In the container shipping sector, the implementation of a dual customer service system and supply chain control tower enhances global supply chain delivery [1] - AI-driven inspection systems automate the entire process from data collection to repair quotes, significantly improving efficiency compared to traditional methods [1] Terminal Operations - The port company under the group has achieved high levels of coordination among business, processes, data, and equipment through AI technology, greatly enhancing operational efficiency [2] - The "Smart Port L4 Level Autonomous Driving Application" was recognized at the World Artificial Intelligence Conference as one of the first high-value strategic scenarios for Chinese enterprises [2] Dividend and Buyback Plans - Company announced a second round of share repurchase plan for 2025, intending to buy back between 50 million to 100 million A-shares [2] - The mid-year cash dividend distribution for 2025 has been completed, amounting to 8.7 billion yuan (including tax) [2]

Core Insights - The company reported a resilient performance in Q3 2025, with a net profit attributable to shareholders of RMB 95.33 billion, a 63.20% increase from Q2 2025 [1] - The container shipping market is experiencing price volatility due to external factors such as tariff policies, geopolitical uncertainties, and slowing global trade demand [1][8] - The company is focusing on digital intelligence and green low-carbon transformation to ensure high-quality development [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of RMB 1,675.99 billion and an EBIT of RMB 391.64 billion [1] - The net profit for the first three quarters was RMB 270.70 billion, with Q3 net profit showing significant growth [1][2] - The company maintained a healthy financial status with a net cash flow from operating activities of RMB 399.82 billion and cash and cash equivalents of RMB 1,705.60 billion [2] Business Operations - The container shipping business generated revenue of RMB 1,610.31 billion, with an EBIT margin of 20.65% [1] - The terminal business saw a revenue increase of 12.35%, reaching RMB 89.25 billion [1] - The company is actively promoting integrated operations across container shipping, ports, and related logistics [2] Global Expansion - The company is optimizing its global layout by establishing new partnerships and enhancing its service network [3] - Key developments include the establishment of new joint ventures and the opening of new shipping routes to meet regional market demands [3] - Container throughput increased by 5.6%, with a total of 1.13 billion standard containers handled [3] Supply Chain Resilience - The company is enhancing its global digital supply chain services and solutions to improve supply chain resilience [4] - New logistics products have been launched, covering 56 countries for trucking and 24 countries for rail services [4] - Revenue from supply chain services, excluding shipping, reached RMB 328.94 billion, reflecting a 7.11% increase [4] Technological Innovation - The company is leveraging technology to optimize operations, including AI-driven systems for container inspection and smart port operations [5][6] - The implementation of electronic bill of lading services has expanded significantly, with over 680,000 bills issued [6] Green Transformation - The company is making strides in green initiatives, including the launch of methanol dual-fuel container ships and the establishment of green shipping corridors [7] - Several terminals have been recognized as four-star green ports, showcasing the company's commitment to sustainable practices [7] Future Outlook - The container shipping industry faces ongoing challenges from geopolitical instability and trade uncertainties [8] - The company aims to enhance its core competitiveness and operational resilience while advancing its digital supply chain and green transformation initiatives [8]

Core Insights - COSCO Shipping Holdings reported a strong performance in Q3 2023, with a net profit of 9.53 billion yuan, reflecting a 63.20% quarter-on-quarter increase, showcasing operational resilience amid industry freight rate fluctuations [1] - The company achieved a total revenue of 167.6 billion yuan in the first three quarters, with container shipping and terminal operations driving synergistic growth [1] Financial Performance - Total revenue for the first three quarters reached 167.6 billion yuan, with a net profit attributable to shareholders of 27.07 billion yuan [1] - Container shipping revenue was 161.03 billion yuan, with an EBITDA margin of 20.65% [1] - Terminal operations generated 8.93 billion yuan in revenue, marking a year-on-year growth of 12.35% [1] Operational Highlights - Container throughput increased by 6.01% year-on-year to 20.18 million TEUs, while terminal throughput rose by 5.6% to 11.3 million TEUs [1] - The company expanded its global network, achieving breakthroughs in Central Asia and Southeast Asia, including the delivery of the Laem Chabang terminal in Thailand and new direct shipping routes [1] Strategic Initiatives - COSCO Shipping is enhancing its digital and green transformation, leveraging technological innovation to improve efficiency [2] - The company has issued over 680,000 electronic bills of lading through the GSBN digital platform, covering over 80 countries [2] - The launch of the first domestically built methanol dual-fuel vessel and the completion of the world's first methanol dual-fuel system retrofit demonstrate the company's commitment to sustainable shipping [2] Financial Stability - The company maintains a robust financial structure with a debt-to-asset ratio of 43.46% and cash and cash equivalents amounting to 170.56 billion yuan [2] - Net cash flow from operating activities reached 39.98 billion yuan, with investment income and interest income totaling 8.70 billion yuan [2] - Recently completed a mid-term dividend payout of 8.67 billion yuan and initiated a second round of A+H share buybacks, reflecting confidence in long-term value [2] Future Outlook - COSCO Shipping aims to position itself as a global digital supply chain operation and investment platform, focusing on cost efficiency, digital upgrades, and green transformation to enhance sustainable development and global competitiveness [2]