Core Viewpoint - UBS indicates that the recent unexpected announcement by China and the U.S. to suspend mutual port service fees for one year is expected to lead to a complete cancellation of these fees, providing a slight positive impact on COSCO Shipping Holdings [1] Group 1: Financial Performance - UBS has raised its earnings per share (EPS) forecasts for COSCO Shipping Holdings for the years 2025 to 2027 by 5% to 66% due to better-than-expected freight volumes and rates in the first three quarters of this year [1] - The improvement in U.S. tariff policies is expected to support freight volumes for the fourth quarter of this year and next year [1] Group 2: Cost and Valuation - The suspension of port service fees by the U.S. is anticipated to reduce operating costs for COSCO Shipping Holdings [1] - UBS has upgraded the rating for COSCO Shipping Holdings A-shares to "Neutral" and increased the target price from 11.2 yuan to 15.4 yuan [1] Group 3: Market Conditions - The reopening of the Red Sea may pose a downside risk to freight rates; however, the company's strong cash position, which is equivalent to 70% of its market value, and a stable dividend payout ratio are expected to support its stock price [1]

Core Insights - China COSCO Shipping Holdings Co., Ltd. has been actively repurchasing its shares, with a total of 1.178 million shares bought back on November 6 at prices ranging from HKD 13.570 to HKD 13.840, amounting to HKD 20.9869 million [2] - The stock price increased by 1.77% on the same day, closing at HKD 13.830, with a total trading volume of HKD 364 million [2] - Since October 31, the company has conducted share repurchases for five consecutive days, totaling 11.78 million shares and HKD 161 million in total repurchase amount, with a cumulative stock price increase of 3.36% during this period [2] Repurchase Details - The company has executed a total of 93 share repurchase transactions this year, amounting to 358 million shares and a total expenditure of HKD 4.658 billion [2] - Detailed repurchase data includes: - November 6: 153,000 shares at a maximum price of HKD 13.840 and a minimum price of HKD 13.570, totaling HKD 20.9869 million [2] - November 5: 125,000 shares at a maximum price of HKD 13.590 and a minimum price of HKD 13.320, totaling HKD 16.7922 million [3] - November 4: 450,000 shares at a maximum price of HKD 13.960 and a minimum price of HKD 13.600, totaling HKD 61.7050 million [3]

Investment Rating - The investment rating for the company is Neutral [4][16]. Core Views - The company's Q3 performance exceeded expectations, but there was a year-on-year decline in revenue and net profit. For the first three quarters of 2025, the company reported revenue of 167.6 billion RMB, a decrease of 4.1% year-on-year, and a net profit of 27.07 billion RMB, down 29.0% year-on-year. In Q3 alone, revenue was 58.5 billion RMB, down 20.4% year-on-year, and net profit was 9.53 billion RMB, down 55.1% year-on-year [1][7]. - The company's container shipping volume showed positive growth year-on-year, with a total of 6.9 million TEUs shipped in Q3, an increase of 4.9%. However, the supply-demand imbalance led to a significant decline in shipping rates, with the average CCFI down 39.5% year-on-year [1][10]. - The port business demonstrated steady growth, achieving a throughput of 113.28 million TEUs in the first three quarters of 2025, up 5.6% year-on-year. The throughput from controlled terminals was 25.04 million TEUs, an increase of 2.0% [2][10]. - The company is focused on shareholder returns, having distributed a mid-term dividend of 0.56 RMB per share, representing 50% of its net profit for the first half of the year. Additionally, a new share buyback plan has been announced, aiming to repurchase between 50 million to 100 million shares at a price not exceeding 14.98 RMB per share, with an expected total amount of 749 million to 1.498 billion RMB [2][12]. Financial Forecasts - The company forecasts revenue for 2025 to be 218.66 billion RMB, a decrease of 6.5% year-on-year, with net profit expected to be 31.08 billion RMB, down 36.7% year-on-year. The earnings per share (EPS) is projected to be 2.01 RMB [3][14]. - The EBIT margin is expected to be 15.6% in 2025, with a return on equity (ROE) of 12.4% [3][14]. - The company anticipates a gradual recovery in net profit for 2026 and 2027, with estimates of 23.29 billion RMB and 22.07 billion RMB respectively [13].

公司名稱： 中遠海運控股股份有限公司 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 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 。 | 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 ...

Group 1 - The company, COSCO Shipping Holdings (01919.HK), announced a share buyback on November 6, 2023, spending HKD 20.9869 million to repurchase 1.53 million shares at a price range of HKD 13.57 to HKD 13.84 per share [1] - Daiwa Capital Markets upgraded the target price for COSCO Shipping Holdings to HKD 14.54 and raised its rating to "Hold" [1]

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]

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]