Investment Rating - Buy (First Coverage) with a target price of 15.4 RMB (6 months) [1] Core Views - The container shipping market is returning to normal, and the company has demonstrated operational resilience [2] - The company's effective capacity growth is slower than the actual delivery of new ships, and market capacity is controllable [3] - The company is expected to achieve net profits of 24.57 billion, 23.96 billion, and 25.05 billion RMB in 2024, 2025, and 2026, respectively, with EPS of 1.54, 1.50, and 1.57 RMB [3] Financial Performance - In 2023, the company achieved revenue of 175.45 billion RMB, a year-on-year decrease of 55.1%, and net profit attributable to shareholders of 23.86 billion RMB, with a net profit margin of 13.6% [2] - In Q1 2024, the company achieved revenue of 48.27 billion RMB, a year-on-year increase of 1.9%, and net profit attributable to shareholders of 6.76 billion RMB, with a net profit margin of 14% [2] - The company's operating cost in 2023 decreased by 32.7% year-on-year, and the gross profit margin was 16.4%, a decrease of 27.9 percentage points compared to 2022 [14] Operational Highlights - The company's self-operated fleet size reached 510 ships/31.06 million TEUs as of March 31, 2024, an increase of 2.1% from the beginning of the year, maintaining its position in the industry's first tier [2] - The average age of the fleet is 13.1 years, and the average capacity per ship is 6,090 TEUs, an increase of 0.5% from the beginning of the year [2] - The company operates 283 international routes, 53 domestic coastal routes, and 84 Pearl River Delta and Yangtze River branch routes, serving 599 ports in 144 countries and regions [12] Shareholder Returns - The company plans to distribute a cash dividend of 0.23 RMB per share for the 2023 final dividend, totaling approximately 3.67 billion RMB [2] - Including the interim dividend of 8.2 billion RMB, the total cash dividend for 2023 is approximately 11.87 billion RMB, accounting for 50% of the net profit attributable to shareholders [2] Industry and Market Analysis - The Red Sea incident has increased transportation distances, leading to higher demand for container shipping [2] - Stricter environmental policies will affect the speed of older and non-environmentally friendly ships, resulting in slower growth of effective capacity compared to actual capacity [2] - The company's container shipping business accounted for 94.2% of total revenue in 2023, with a gross profit of 25.56 billion RMB and a gross profit margin of 15.2% [8] Valuation and Forecast - The company's PE ratio for 2024/25/26 is estimated at 8x, with a target PE of 10x for 2024, corresponding to a target price of 15.4 RMB [3] - The company's revenue is expected to grow by 13.5% in 2024, decrease by 0.9% in 2025, and increase by 1.4% in 2026 [17] - The gross profit margin is expected to be 18%, 17.7%, and 18.3% in 2024, 2025, and 2026, respectively [17]

此乃要件 請即處理 閣下如對本通函任何方面內容或應採取的行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有中遠海運控股股份有限公司的股份，應立即將本通函連同隨附代表委任表格 送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代理人，以便轉交予買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因依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） (1) 二零二三年末期利潤分配方案 (2) 建議授權董事會決定二零二四年中期利潤分配具體方案 (3) 建議提供擔保授權 (4) 建議聘任境外核數師及境內核數師 (5) 建議授予回購A股的一般授權 (6) 建議授予回購H股的一般授權 (7) 建議減少公司註冊資本、修訂公司章程、股東大會議事規則及 董事會議事規則 及 ...

中 远 海 运 控 股 股 份 有 限 公 司 二○二三年年度股东大会暨 二○二四年第一次 A 股类别股东大会及 二○二四年第一次 H 股类别股东大会 会议资料 二○二四年五月二十九日 | 目 录 | | --- | | 一、会议时间、地点、审议事项--------------------------------2 | | 二、会议须知----------------------------------------------------4 | | 三、会议资料 | | （一）2023 年年度股东大会 | | 1、审议《中远海控 2023 年度董事会报告》------------------------------5 | | 2、审议《中远海控 2023 年度监事会报告》------------------------------6 | | 3、审议以企业会计准则及香港财务报告准则分别编制的中远海控 2023 年度财务 | | 报告及审计报告------------------------------------------------------9 | | 4、审议中远海控2023年末期利润分配方案及提请股 ...

证券代码：601919 证券简称：中远海控 公告编号：2024-018 中远海运控股股份有限公司 关于召开 2023 年年度股东大会暨 2024 年第一次 A 股类别 股东大会及 2024 年第一次 H 股类别股东大会的通知 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： 一、 召开会议的基本情况 召开的日期时间：2024 年 5 月 29 日 10 点 00 分 股东大会召开日期：2024年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开地点：上海市东大名路 1171 号上海远洋宾馆 5 楼远洋厅、香港皇后大 道中 183 号中远大厦 47 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 29 日 至 2024 年 5 ...

FF301 呈交日期: 2024年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 01919 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,354,780,000 | RMB | | 1 RMB | | 3,354,780,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 3,354,780,000 | RMB | | 1 RMB | | 3,354,780,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 601919 ...

2024 年 05 月 01 日 公司研究 评级：增持 (维持 ) 研究所： [Table_Title] 红海事件利润初步兑现，淡季涨价或将增厚分红 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张付哲 S0350123060017 ——中远海控（ ） 年一季报点评 601919 2024 zhangfz@ghzq.com.cn 最近一年走势 事件 : 2024年4月30日，中远海控发布2024年一季报：公司2024年第一季 度营业收入482.69亿元人民币，同比增加1.9%；归属于母公司净利润 67.55亿元人民币，同比减少5.2%；归属于母公司扣非净利润67.24亿 元人民币，同比减少5.2%；集装箱航运业务货运量为602.7万标准箱， 同比增加10.5%。 投资要点 : 相对沪深300表现 2024/04/30  红海事件提振运价，公司业绩初步兑现 去年底以来的红海绕行 表现 1M 3M 12M 大幅改善了集运市场基本面，大幅提振了集运运价。根据克拉克森 中远海控 13.7% 17.5% 27.6% 数据，2024Q1中国出口集装箱运价综合指 ...

Investment Rating - Buy rating maintained for COSCO Shipping Holdings (601919 SH) [1][4] Core Views - Q1 2024 results show significant sequential growth, with Q2 expected to see further elasticity release [1] - COSCO Shipping Holdings achieved Q1 2024 revenue of RMB 48 27 billion, up 1 94% YoY and 18 05% QoQ Net profit attributable to shareholders was RMB 6 755 billion, down 5 23% YoY but up 277 59% QoQ [1][5] - Freight volume remained stable in Q1, with international route revenue per TEU at USD 1,172 06, down USD 99 45 YoY, likely due to long-term contract execution during the Red Sea crisis [1][7] - Red Sea tensions and potential restocking in Europe and the US could reverse industry supply-demand dynamics, potentially boosting annual freight rates [1][10] Financial Performance - Q1 2024 freight volume reached 6 0273 million TEU, up 10 53% YoY, with growth across most routes except Asia-Europe due to Red Sea disruptions [1][7] - CCFI and SCFI indices showed significant YoY growth in Q1 2024, at 18 76% and 107 45% respectively, despite COSCO's underperformance in international route revenue per TEU [1][7] - 2024-2026 net profit forecasts are RMB 29 1 billion, RMB 29 58 billion, and RMB 30 73 billion respectively, with PE ratios of 6 2X, 6 1X, and 5 9X [1][12] Industry Outlook - Red Sea tensions since November 2023 have tightened supply, with potential for a 9% increase in demand if the situation persists, as 30% of global capacity is deployed on Europe routes [1][10] - European and US consumer goods inventories are at low levels, with potential restocking expected to further drive freight rate increases [1][10] Financial Projections - 2024E revenue forecast at RMB 194 747 billion, up 11% YoY, with net profit expected to grow 22% YoY to RMB 29 099 billion [2] - ROE projected at 13 9% for 2024E, with EBIT margin expected to improve to 19 5% [2] - EPS forecast for 2024E is RMB 1 82, with a dividend yield of 8 8% [2][12]

Financial Performance - The net profit attributable to shareholders for Q1 2024 was CNY 48,269,963,140.26, representing a decrease of 5.23% compared to the same period last year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 6,724,195,276.79, down by 5.20% year-on-year[3]. - The basic earnings per share for Q1 2024 was CNY 0.42, down by 4.55% compared to the same period last year[3]. - In Q1 2024, the company's EBIT was RMB 9.977 billion, a decrease of RMB 750 million, representing a decline of 6.99% year-on-year[13]. - The net profit for the group was RMB 6,278,291 thousand, a decrease of 17.24% compared to the previous year[21]. - Net profit for Q1 2024 was RMB 7.68 billion, a decrease of 10.47% compared to RMB 8.58 billion in Q1 2023[34]. - Comprehensive income for Q1 2024 totaled RMB 7.78 billion, compared to RMB 6.91 billion in Q1 2023, reflecting a growth of 12.66%[37]. Cash Flow - The net cash flow from operating activities increased by 44.07% to CNY 8,864,882,203.76, primarily due to reduced tax payments compared to the previous quarter[6]. - Cash inflow from operating activities in Q1 2024 was RMB 49.51 billion, a decrease of 6.67% from RMB 52.78 billion in Q1 2023[38]. - Cash outflow from operating activities totaled 40,646,517,397.61 CNY in Q1 2024, down 12.8% from 46,623,906,549.18 CNY in Q1 2023[39]. - The net cash flow from investing activities was -3,916,887,210.70 CNY in Q1 2024, an improvement from -10,085,093,358.51 CNY in Q1 2023[40]. - Cash inflow from financing activities was 1,166,266,843.11 CNY in Q1 2024, a decrease of 54.9% compared to 2,587,424,377.24 CNY in Q1 2023[41]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 459,426,464,135.63, a decrease of 0.65% from the end of the previous year[3]. - Total current assets amounted to RMB 196.56 billion, a decrease of 2.3% from RMB 202.48 billion on December 31, 2023[28]. - Total liabilities decreased to RMB 209.38 billion from RMB 219.21 billion, a reduction of 4.5%[31]. - The company's long-term borrowings decreased to RMB 27.21 billion from RMB 32.74 billion, a decline of 17.0%[31]. - The total equity attributable to shareholders increased to RMB 202.85 billion, up 3.8% from RMB 196.12 billion[32]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 421,264[7]. - The largest shareholder, China Ocean Shipping Company, held 5,924,873,037 shares, representing 37.13% of the total shares[8]. - As of the report date, China Ocean Shipping Group directly and indirectly held a total of 7,009,619,897 shares, accounting for approximately 43.93% of the company's total share capital[10]. - The company's cash dividend proposal for the end of 2023 is set at RMB 0.23 per share, amounting to approximately RMB 3.67 billion based on the total share capital of 15,957,586,817 shares[12]. Operational Performance - The total cargo volume for the company's container shipping business in Q1 2024 was 6,027,330 TEUs, an increase of 10.53% compared to the same period last year[15]. - The cargo volume for the Trans-Pacific route was 1,079,761 TEUs, up 9.67% year-on-year, while the Asia-Europe route saw a decline of 9.16% to 959,372 TEUs[15]. - The company's fleet consisted of 510 container ships with a total capacity of 3.1056 million TEUs as of March 2024[14]. - The group's total revenue from shipping routes reached RMB 43,166,049 thousand, a year-on-year increase of 2.04%[17]. - The revenue from the Trans-Pacific route was RMB 12,530,271 thousand, up 21.16% compared to the same period last year[17]. Research and Development - Research and development expenses for Q1 2024 amounted to RMB 256.54 million, an increase of 22.24% from RMB 209.78 million in Q1 2023[33]. Other Comprehensive Income - Other comprehensive income after tax for Q1 2024 was RMB 97.18 million, a significant recovery from a loss of RMB 1.67 billion in Q1 2023[35]. - Other comprehensive income after tax for Q1 2024 was ¥67,651,235.42, compared to a loss of ¥12,938,160.79 in Q1 2023, showing a positive turnaround[47].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 48,269,963,140.26, representing a year-on-year increase of 1.94%[5] - The net profit attributable to shareholders for Q1 2024 was CNY 6,755,000,227.75, showing a decrease of 5.23% compared to the same period last year[5] - The basic and diluted earnings per share for Q1 2024 were both CNY 0.42, down by 4.55% year-on-year[5] - The EBIT for the group in Q1 2024 was RMB 9.977 billion, a decrease of RMB 0.750 billion, representing a decline of 6.99% compared to the previous year[12] - Net profit for the group was RMB 7,586,247,000, a decrease of RMB 1,307,956,000 compared to the previous year[20] - The total revenue for the group reached RMB 43,166,049,000, representing a year-on-year increase of 2.04%[17] - The revenue from the container shipping business was RMB 30,948,005,000, an increase of RMB 1,689,321,000 year-on-year[20] - The average international container revenue per TEU was USD 1,271.51, down USD 99.45 from the previous year[20] - The total comprehensive income for Q1 2024 was CNY 7,779,284,634.63, an increase from CNY 6,910,123,442.68 in Q1 2023, reflecting a growth of 12.6%[31] Cash Flow and Liquidity - The net cash flow from operating activities increased by 44.07% to CNY 8,864,882,203.76, primarily due to a significant reduction in tax payments compared to Q4 2023[7] - The cash flow from operating activities included CNY 47,227,089,006.59 from sales, down from CNY 49,733,753,849.52 in Q1 2023, a decline of 5.1%[32] - The total cash outflow from operating activities was CNY 40,646,517,397.61, down 12.1% from CNY 46,623,906,549.18 in the same period last year[33] - The net cash flow from investing activities was -CNY 3,916,887,210.70, an improvement from -CNY 10,085,093,358.51 in Q1 2023[33] - The cash inflow from financing activities was CNY 1,166,266,843.11, down 54.9% from CNY 2,587,424,377.24 in Q1 2023[33] - The ending cash and cash equivalents balance for Q1 2024 is CNY 942,883,161.43, down from CNY 13,942,505,286.97 in Q1 2023[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 421,264[8] - The largest shareholder, China Ocean Shipping Company, held 37.13% of the shares, totaling 5,924,873,037 shares[8] - The total shareholding of China Ocean Shipping Group, directly and indirectly, is 7,009,619,897 shares, accounting for approximately 43.93% of the total share capital[9] - The cash dividend proposed for the year-end 2023 is RMB 0.23 per share, amounting to approximately RMB 3.67 billion based on the total share capital[12] Operational Metrics - The company's fleet includes 510 container ships with a total capacity of 3.1056 million TEUs as of March 2024[13] - In Q1 2024, the total cargo volume for the container shipping business was 6.0273 million TEUs, an increase of 10.53% year-on-year[13][15] - The cargo volume for the Trans-Pacific route in Q1 2024 was 1,079,761 TEUs, up 9.67% from the same period last year[14] - The cargo volume for the Asia-Europe route (including the Mediterranean) decreased by 9.16% year-on-year, totaling 959,372 TEUs[15] - The cargo volume for the China mainland route increased by 24.92% year-on-year, reaching 1,171,280 TEUs in Q1 2024[15] - The total container throughput reached 33,262,222 TEUs, reflecting a year-on-year growth of 9.76%[24] Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 459,426,464,135.63, a decrease of 0.65% from the end of the previous year[5] - The total liabilities decreased to CNY 209,375,850,882.66 from CNY 219,209,908,310.07, a reduction of 4.00%[28] - The company's equity increased to ¥250,050,613,252.97 from ¥243,219,472,286.04, marking a growth of 2.99%[28] - The cash and cash equivalents at the end of Q1 2024 were CNY 173,051,523,629.82, down from CNY 222,307,022,595.06 at the end of Q1 2023[33] Expenses and Investments - Research and development expenses increased to CNY 256,538,465.62, up from CNY 209,780,701.37, marking a rise of 22.3% year-over-year[30] - The company reported a decrease in financial expenses, with interest expenses at CNY 817,609,989.78 compared to CNY 870,237,409.98 in the previous year, a reduction of 6.0%[30] - Management expenses increased significantly to CNY 19,399,853.23 in Q1 2024 from CNY 9,114,370.68 in Q1 2023[37] - Financial expenses decreased to CNY 1,064,617.96 in Q1 2024 from CNY 147,342,428.00 in Q1 2023[37] - Investment income for Q1 2024 is CNY 651,795,880.17, compared to CNY 595,393,448.48 in Q1 2023, reflecting a growth of 9.5%[37]

Financial Performance and Dividends - COSCO SHIPPING Holdings proposed a final dividend of RMB 0.23 per share for 2023, subject to shareholder approval[2] - COSCO SHIPPING Holdings achieved a revenue of RMB 1,754.48 billion, with an EBIT of RMB 366.69 billion and a net profit of RMB 283.96 billion[27] - The company's debt-to-asset ratio decreased by 3.02 percentage points to 47.40%, with cash and cash equivalents totaling RMB 1,811.13 billion[27] - COSCO SHIPPING Holdings repurchased approximately 215 million A and H shares by the end of February 2024, all of which were canceled[27] - The company declared a final cash dividend of RMB 0.23 per share for 2023, totaling RMB 3.67 billion, with a total annual cash dividend of RMB 11.866 billion, representing about 50% of the net profit attributable to shareholders[27] - Revenue for 2023 decreased by RMB 215,610,750 thousand (55.14%) compared to 2022, totaling RMB 175,447,747 thousand[36][38] - Net profit attributable to equity holders of the company decreased by RMB 85,932,195 thousand, reaching RMB 23,860,258 thousand in 2023[36] - Gross profit margin dropped significantly from 43.59% in 2022 to 15.72% in 2023, a decrease of 27.87 percentage points[34] - Container shipping revenue decreased by RMB 215,909,781 thousand (56.22%) to RMB 168,125,772 thousand in 2023[39] - Terminal business revenue increased by RMB 598,029 thousand (6.10%) to RMB 10,396,162 thousand in 2023[40] - Financial income increased by RMB 1,768,142 thousand (30.99%) to RMB 7,473,850 thousand in 2023 due to higher deposit interest rates[45] - Sales, management, and general expenses decreased by RMB 3,564,089 thousand (30.22%) to RMB 8,231,638 thousand in 2023[44] - Net cash flow from operating activities decreased by RMB 174,186,750 thousand (88.51%) to RMB 22,612,055 thousand in 2023[37] - Total assets decreased by RMB 49,500,696 thousand to RMB 462,429,381 thousand in 2023[34] - Net cash (liability) to equity ratio decreased by 16.14 percentage points to 39.77% in 2023[34] - Total operating costs for 2023 were RMB 147,860,433 thousand, a decrease of RMB 72,720,115 thousand (32.97%) compared to the previous year[46] - Container shipping business costs for 2023 were RMB 143,615,013 thousand, a decrease of RMB 72,990,512 thousand (33.70%) compared to the previous year[46] - Terminal business costs for 2023 were RMB 7,244,619 thousand, an increase of RMB 500,058 thousand (7.41%) compared to the previous year[47] - Financial expenses for 2023 were RMB 3,735,448 thousand, a decrease of RMB 105,189 thousand (2.74%) compared to the previous year[48] - Profit from joint ventures and associates for 2023 was RMB 4,697,824 thousand, an increase of RMB 2,385,759 thousand compared to the previous year[49] - Cash and cash equivalents as of December 31, 2023, were RMB 181,113,316 thousand, a decrease of RMB 54,500,607 thousand (23.13%) compared to the previous year[50] - Net cash inflow from operating activities for 2023 was RMB 22,612,055 thousand, a decrease of RMB 174,186,750 thousand (88.51%) compared to the previous year[51] - Net cash outflow from investing activities for 2023 was RMB 18,350,697 thousand, a decrease of RMB 14,626,090 thousand compared to the previous year[52] - Net cash outflow from financing activities for 2023 was RMB 60,021,698 thousand, a decrease of RMB 55,355,936 thousand compared to the previous year[53] - Total assets as of December 31, 2023, were RMB 462,429,381 thousand, a decrease of RMB 49,500,696 thousand (9.67%) compared to the previous year[55] - The company's total cash dividends for 2022 amounted to RMB 54.827 billion, also representing 50% of the net profit attributable to shareholders[119] - The company plans to pay a final dividend of RMB 0.23 per share for 2023, totaling approximately RMB 3.67 billion, with the total cash dividends for the year reaching RMB 11.866 billion, representing 50% of the net profit attributable to shareholders[119] Fleet and Infrastructure Development - COSCO SHIPPING Holdings received six new 24,188 TEU container ships in 2023, optimizing the fleet structure[15] - COSCO SHIPPING Holdings received 6 eco-friendly container ships with 24,000 TEU capacity and 1 ship with 14,000 TEU capacity, adding nearly 160,000 TEU to its fleet[28] - The company signed contracts for the methanol dual-fuel conversion of 2 ships with 13,800 TEU capacity and 2 ships with 20,000 TEU capacity, marking a global first for dual-fuel conversion projects[32] - The company's domestic container berths achieved 100% shore power coverage, with a total of 4,060 ship connections and a 214% year-on-year increase in power usage[32] - Distributed photovoltaic projects at ports reached a total installed capacity of 10 MW by the end of 2023, with an estimated annual power generation of 9 million kWh[32] - The company has 37 container ships under construction with a capital commitment of RMB 36,821,081 thousand for future construction[63] - The company's capital commitment for terminal investments totals RMB 6,370,020 thousand, including RMB 4,539,921 thousand for fixed asset procurement and RMB 1,830,099 thousand for terminal equity investments[63] - The company's self-owned container fleet consists of 502 vessels with a capacity exceeding 3.04 million TEUs, maintaining a leading position in the industry[83] - COSCO SHIPPING Holdings has 37 new ship orders with a total capacity of nearly 730,000 TEUs, focusing on green energy vessels to optimize fleet structure[83] - The company is accelerating green and digital transformation in the container shipping industry, including methanol-powered vessels and green fuel supply chain systems[73] - The company signed contracts for 5 methanol dual-fuel ships with a capacity of 24,000 TEU and announced orders for 7 methanol-compatible container ships with a capacity of 24,000 TEU, expected to be delivered starting in Q3 2026[126] - The company implemented fuel-saving measures and technical transformations on older ships, including hull biofouling removal and technical upgrades, to improve energy efficiency and reduce carbon emissions[130] - COSCO Shipping Ports achieved 100% coverage of shore power facilities at its domestic-controlled terminals, promoting green and low-carbon transformation in the industry[132] Digital and Supply Chain Innovations - COSCO SHIPPING Holdings launched the "Tai Hong" digital supply chain product, integrating "trucking, customs clearance, and shipping" on the SynCon Hub e-commerce platform[13] - COSCO SHIPPING Holdings initiated a sea-rail intermodal project in Malaysia, supporting its digital supply chain strategy[16] - COSCO SHIPPING Holdings issued its 100,000th blockchain-based electronic bill of lading, and GSBN won the Gold Award at the Global Digital Trade Expo[24] - The company launched new digital supply chain products, including "Customs Pass - China," "Customs Pass - Overseas," and "Warehouse and Distribution Pass"[24] - Supply chain revenue excluding shipping reached approximately RMB 29 billion, accounting for 17.3% of container shipping business revenue, an increase of 8.6 percentage points year-on-year[30] - The company successfully mobilized over 7,000 domestic trailers daily and utilized more than 5,000 overseas trailers, enhancing the overall supply chain system[30] - The SynCon Hub e-commerce platform saw significant growth in cargo volume for vehicle exports, lithium batteries, photovoltaic products, and cross-border e-commerce, with increases of 146%, 56%, 24%, and 75% respectively[31] - The GSBN platform issued over 100,000 blockchain bills of lading and facilitated paperless release services for more than 2 million TEUs[31] - The company plans to integrate global capacity, end-to-end service, and digital information networks to enhance its container shipping business and build a world-class container ecosystem[108] - The company will focus on supply chain systems, smart connectivity, and green low-carbon innovations in its container shipping business, aiming to become a leading global integrated port operator[108] Global Operations and Market Position - COSCO SHIPPING Holdings' North American subsidiary was awarded the "Sapphire Award" by NOAA, the highest honor[14] - COSCO SHIPPING Holdings and COSCO SHIPPING Ports were included in the Hang Seng China Central SOEs Index, highlighting their importance in the Hong Kong capital market[17] - The Ocean Alliance extended its cooperation for at least 5 years until 2032, and launched the DAY8 route product in mid-March[28] - COSCO SHIPPING Holdings launched new routes in Europe-South America East and upgraded the Far East-Africa route, while also introducing multiple RCEP member country routes[28] - The company accelerated the construction of the Chancay Port in Peru and signed a partial equity acquisition agreement for the Sokhna Port in Egypt[28] - The company operates a total of 283 international routes (including international feeder lines), 53 coastal routes in China, and 84 routes in the Pearl River Delta and Yangtze River branches, covering approximately 599 ports in 144 countries and regions[84] - In 2023, the Ocean Alliance launched the DAY7 route product, deploying new 20,000 TEU-class ships on the Asia-Europe route[84] - The Ocean Alliance extended its alliance period by 5 years in 2024 and optimized its products based on customer needs and market dynamics[84] - The company's total container shipping volume in 2023 was 23,554,977 TEUs, a year-on-year decrease of 3.51%[89] - The company's total revenue from shipping routes in 2023 was RMB 154,483,140 thousand, a year-on-year decrease of 57.85%[91] - The company's total revenue from shipping routes in USD terms in 2023 was USD 21,916,233 thousand, a year-on-year decrease of 59.77%[93] - The company's subsidiary, COSCO Shipping Lines, had a total container shipping volume of 16,216,860 TEUs in 2023, a year-on-year decrease of 6.16%[90] - The company's subsidiary, COSCO Shipping Lines, generated total revenue of RMB 105,290,741 thousand from shipping routes in 2023[92] - The company's subsidiary, COSCO Shipping Lines, generated total revenue of USD 14,937,399 thousand from shipping routes in 2023, a year-on-year decrease of 59.14%[94] - Container shipping revenue decreased by RMB 215.91 billion (-56.2%) year-over-year to RMB 168.13 billion[95] - EBIT margin dropped by 25.69 percentage points to 17.15% compared to the previous year[95] - Net profit declined by RMB 114.40 billion (-83.6%) year-over-year to RMB 22.42 billion[95] - International route revenue per TEU decreased by USD 1,581.56 (-60.0%) to USD 1,055.31[97] - Total port throughput increased by 4.38% to 135.81 million TEUs, with overseas regions growing by 3.07%[99][100] - The company invested RMB 5.50 billion to acquire a 5.81% stake in COFCO Fortune[102] - Global container shipping demand grew by 0.4% in 2023, while global container shipping capacity increased by approximately 8%, leading to a shift from weak supply-demand balance to oversupply[105] - In 2024, global container shipping demand is expected to grow, with approximately 3 million TEU of new capacity to be delivered, maintaining supply-demand tensions[105] - China's automobile exports reached 5.221 million units in 2023, a year-on-year increase of 57.4%, driving growth in related upstream and downstream industries and creating new opportunities for the port industry[107] - In 2024, the company will deploy 355 vessels with approximately 4.82 million TEU capacity in the DAY8 route product, offering over 480 direct port-to-port services[109] - Economic fluctuations, geopolitical tensions, and global trade restructuring may lead to weaker-than-expected growth in cargo demand in certain regions or industries[111] - The company is focusing on improving service quality, cost control, and business optimization in its port operations, leveraging digitalization and intelligence to enhance profitability[113] - The company is expanding its global port network, particularly in Southeast Asia, Africa, and South America, to capitalize on emerging market opportunities under the RCEP framework[113] - The company is committed to building a green, low-carbon, and safe transportation model, integrating innovation into its supply chain services[113] - The company is strengthening its risk management mechanisms, including macroeconomic and geopolitical risk assessments, to mitigate potential impacts on its global operations[112][115] - The company is enhancing compliance management to address regulatory changes in key markets, ensuring adherence to international trade, investment, and environmental policies[116][117] Environmental and Social Responsibility - The company invested RMB 11.519 billion in environmental protection during the reporting period[125] - The company reduced carbon dioxide equivalent emissions by 944,435 tons through measures such as using clean energy, implementing carbon reduction technologies, and developing new products that aid in carbon reduction[129] - The company established a seawater desalination system to optimize water resource usage, with most of its water supply coming from seawater desalination[126] - The company strictly adhered to international regulations and domestic laws regarding marine environmental protection, including the MARPOL Convention and the Marine Environment Protection Law of the People's Republic of China[128] - The company promoted biodiversity conservation through its ecological and environmental protection management regulations and established an ecological and environmental protection management office to oversee biodiversity protection efforts[128] - The company continued to improve its environmental and energy management systems in accordance with ISO 14001 and ISO 50001 standards, undergoing internal and external audits to enhance its environmental and energy management mechanisms[128] - COSCO Shipping conducted a biofuel pilot project on two vessels, using 2,500.5 tons of biofuel and reducing approximately 1,500 tons of CO2 emissions[131] - OOCL successfully secured a supply of customized B24 biofuel, a blend of recycled cooking oil methyl ester (UCOME) and very low sulfur fuel oil (VLSFO), for its container ships[131] - The company invested RMB 6,146.68 million in poverty alleviation and rural revitalization projects, including RMB 5,333.13 million in funds and RMB 813.55 million in material donations[124] - The company's poverty alleviation and rural revitalization efforts benefited 15,000 people through various forms of assistance such as project support, education support, and consumption support[124] Corporate Governance and Leadership - The company's parent company, China COSCO Shipping, completed a share buyback plan, acquiring 305,087,287 shares for a total of approximately RMB 2.991 billion between May 2022 and May 2023[122] - The company implemented an equity incentive plan, adding 77,663,040 unrestricted A-shares and receiving RMB 77,663,040 from the exercise of options[133] - COSCO Shipping repurchased a total of 214,999,924 shares, including 59,999,924 A-shares and 155,000,000 H-shares, with the A-shares canceled on November 29, 2023, and the H-shares canceled in two tranches on November 17, 2023, and February 29, 2024[133] - As of the end of the reporting period, the total number of ordinary shareholders was 451,743, decreasing to 422,366 by February 29, 2024[134] - China Ocean Shipping Company Limited holds 36.87% of the company's shares, making it the largest shareholder[135] - HKSCC Nominees Limited holds 20.55% of the company's shares, representing a decrease of 41,687,797 shares during the reporting period[135] - The China Ocean Shipping Group directly and indirectly holds 43.62% of the company's total shares as of December 31, 2023[137] - The Industrial and Commercial Bank of China - SSE 50 ETF increased its shareholding by 23,312,627 shares, reaching a total of 73,731,567 shares, representing 0.46% of the company's shares[135] - The total share capital at the beginning of the period was 16,094,861,636 shares, and at the end of the period, it was 16,071,057,752 shares[139] - Guoxin Investment Co., Ltd. became a new top 10 shareholder, holding 470,488,118 shares, accounting for 2.93% of the total shares[141] - China Merchants Bank Co., Ltd. holds 6.24% of the shares in the company's indirect controlling shareholder, China COSCO Shipping Corporation Limited[143] - The controlling shareholder, China Ocean Shipping (Group) Company, holds 71.07% of Orient Overseas (International) Limited and 66.13% of COSCO SHIPPING Ports Limited[142] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council, with a 36.87% ownership stake[144] - Chen Yangfan, aged 48, is currently the Vice President and Party Leadership Group Member of China COSCO Shipping Corporation Limited, and also serves as the Executive Director and Vice Chairman of the company, as well as the Executive Director and CEO of Orient Overseas (International) Limited (listed on the Hong Kong Stock Exchange, stock code: 316)[147] - Huang Xiaowen, aged