证券代码：601919 证券简称：中远海控 公告编号：2025-031 中远海运控股股份有限公司 关于以集中竞价交易方式回购 A 股股份的进展公告 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。 一、回购股份的基本情况 2025 年 4 月 8 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十六次会议，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 2024 年 4 月 9 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：2025-020）。 二、回购股份的进展情况 截至 2025 年 4 月 30 日，公司依据本轮回购方案通过集中竞价交易方式已累 计回购 A 股股份 47,244,350 股，占公司截至 2025 年 4 月 30 日总股本的比例为 0.30%，购买的最高价为 14.59 元/股、最低价为 13.06 元/股，已支付的总金额为 人民币 666,782,630 元（不含交易费用）。 本次回购符合相关法律法规的规定及 ...

东大会及 2025 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 证券代码：601919 证券简称：中远海控 公告编号：2025-030 中远海运控股股份有限公司 关于召开2024年年度股东大会暨 2025 年第一次 A 股类别股 至2025 年 5 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (一)股东大会类型和届次 2024年年度股东大会暨 2025 年第一次 A 股类别股东大会及 2025 年第一次 H 股 类别股东大会 (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 召开的日期时间：2025 年 5 月 28 日 14 点 30 分 ...

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5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 ...

证券研究报告 交通运输 | 航运港口 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 06 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | 月 | | 04 | 2025 | 年 | | | 日 | | | | 30 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 14.36 | | | | | | | | 一 年 内 最 | | 最 | | | | 17.58/11.47 | | | | 高 | 低 | | / | | （元） | | | | | | | ...

公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年4月30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（不包括庫存股 份 ...

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 公司名稱： 中遠海運控股股份有限公司 FF305 呈交日期： 2025年5月2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 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][15]. Core Views - The company's Q1 performance showed significant growth, with revenue reaching 58 billion yuan, a 20% year-on-year increase, and net profit of 11.7 billion yuan, up 73% year-on-year, primarily driven by the container shipping business [1]. - The increase in container shipping revenue is attributed to rising freight rates, with a 12% year-on-year increase in revenue per container on international routes [1]. - The impact of U.S. tariffs is expected to suppress freight demand and affect pricing, with a noted 7% decline in the China Container Freight Index (CCFI) in April [1][2]. - The company is adjusting its capacity in response to declining demand, with an estimated 18% of capacity expected to be idle in May [2]. - The terminal business showed resilience, with Q1 revenue of 2.8 billion yuan, a 16.1% increase, supported by stable foreign trade performance in China [3]. Financial Summary - The company has revised its profit forecasts upward for 2025-2026, projecting net profits of 27.7 billion yuan and 20.3 billion yuan respectively, compared to previous estimates of 20.9 billion yuan and 13.7 billion yuan [4]. - Key financial metrics include: - Revenue for 2025E is projected at 200.36 billion yuan, with a growth rate of -14.32% [4]. - Net profit for 2025E is estimated at 27.7 billion yuan, reflecting a decrease of 43.58% [4]. - Earnings per share (EPS) for 2025E is expected to be 1.77 yuan [4]. - The company maintains a healthy balance sheet with a debt-to-equity ratio of 41.97% and a current price of 14.36 yuan per share [5].

Core Viewpoint - The company reported a strong start in Q1 2025, achieving significant revenue and profit growth despite a complex international environment affecting the global container shipping market [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 57.96 billion RMB, a year-on-year increase of 20.05% [1]. - The net profit for the quarter was 13.23 billion RMB, reflecting a year-on-year growth of 72.21% [1]. - The net profit attributable to shareholders was 11.70 billion RMB, up 73.12% year-on-year [1]. Business Development - The company launched new shipping routes including WSA3 and WSA5 from China to South America, and resumed the AEU7 route from Far East to Northwest Europe, enhancing its global route network [1]. - The container shipping and terminal businesses both experienced steady growth during the reporting period [1]. Supply Chain Solutions - The company has significantly improved its global resource integration capabilities, offering tailored solutions for various customer segments, including "direct train + sea-rail connection" for industry clients and "customized LCL" for small and medium-sized clients [2]. - Supply chain revenue outside of shipping reached 10.85 billion RMB, a 14.39% increase year-on-year [2]. Digital and Green Transformation - The company has implemented AI technology across multiple business scenarios, improving vehicle entry and exit efficiency by 60% through smart yard renovations [2]. - The first methanol dual-fuel container ship, "Zhongyuan Shipping Yangpu," has been successfully named, marking a step in the green low-carbon transition [2]. - The Qian Kai terminal achieved 100% green electricity operation in Q1 and received an internationally recognized green electricity certificate [2]. Share Buyback and Future Outlook - As of April 29, 2025, the company has repurchased 43.24 million A-shares, spending approximately 600 million RMB, demonstrating its commitment to aligning market price with intrinsic value [3]. - The company aims to focus on its positioning as a global digital supply chain operation and investment platform centered on container shipping, while continuously optimizing global resource allocation and enhancing operational efficiency [3].

Core Insights - Company reported strong performance in Q1 2025 with significant growth in revenue, profit, and cash flow, indicating a solid start to the year [1][3] Financial Performance - Revenue reached 57.96 billion yuan, a year-on-year increase of 20.05%, marking the highest growth rate in three years compared to 1.94% in Q1 2024 [1] - Net profit was 13.23 billion yuan, up 72.13% year-on-year, achieving the best quarterly performance in nearly three years [1] - The company’s net profit growth outpaced revenue growth, reflecting effective cost management [1] Profitability Metrics - Gross margin maintained at a high level of 27.05%, an increase of 7.66 percentage points from Q1 2024, showcasing excellent cost management [3] - Return on equity (ROE) reached 4.88%, up 1.49 percentage points year-on-year, indicating improved efficiency in utilizing shareholder equity [3] Cash Flow and Asset Quality - Operating cash flow net amount was 15.06 billion yuan, a substantial increase of 69.9% year-on-year, reducing reliance on debt financing [3] - The debt-to-asset ratio decreased to 41.97%, the lowest since the company went public, with long-term borrowings reduced to 30.11 billion yuan [3] - Cash reserves reached 187.91 billion yuan, significantly exceeding short-term borrowings, enhancing liquidity [3] Operational Metrics - Container shipping volume was 4.518 million TEUs, a 6.81% increase year-on-year, with trans-Pacific routes growing by 10.78% [5] - Port terminal throughput totaled 35.75 million TEUs, up 7.48% year-on-year, with controlled terminals increasing by 7.20% [5] Technological Advancements - The company has focused on digitalization and green low-carbon transformation, with AI technology widely applied across various business scenarios [5] - Smart yard renovations improved vehicle entry and exit efficiency by 60%, and new cleaning robots enhanced container turnover efficiency [5] - The first methanol dual-fuel container ship was successfully named, and the terminal achieved 100% green electricity operations [5] Future Outlook - The company aims to position itself as a global digital supply chain operation and investment platform centered on container shipping, amidst global inflation and geopolitical uncertainties [6] - Plans to strengthen the integrated supply chain system encompassing container shipping, ports, and related logistics [6]

Core Viewpoint - COSCO Shipping Holdings reported significant growth in both revenue and profit for Q1 2025, driven by increased shipping volume and higher revenue per container [1][2]. Revenue and Profit - Q1 revenue reached 57.96 billion yuan, a year-on-year increase of 20.05% [5]. - Net profit attributable to shareholders soared to 11.695 billion yuan, reflecting a substantial year-on-year growth of 73.12% [5]. - The net cash flow from operating activities was 15.062 billion yuan, up 69.49% year-on-year, indicating strong cash generation capabilities [2][5]. Container Shipping Business - The container shipping segment generated revenue of 55.883 billion yuan in Q1, with a year-on-year growth exceeding 20% [2]. - The total shipping volume reached 6.4815 million TEUs, marking a 7.53% increase compared to the previous year [2]. - Revenue per container for international routes increased to 1,311.09 USD, up 11.86% from 1,172.06 USD in the same period last year [2]. Performance by Route - Revenue from the Trans-Pacific route was 15.825 billion yuan, a year-on-year increase of 26.30% [3]. - Revenue from intra-Asia routes reached 13.404 billion yuan, growing by 20.02% [3]. - Other international routes, including the Atlantic, saw revenue rise to 8.444 billion yuan, with a notable increase of 33.32% [3]. Terminal Business - The terminal business showed steady growth, with a total throughput of 35.7489 million TEUs in Q1, up 7.48% year-on-year [6]. - The growth in terminal throughput was driven by a 12.07% increase in the Southwest coastal region and a 10.22% increase in the Pearl River Delta region [6]. - The company continues to optimize its fleet, operating 554 container ships with a total capacity of 3.3738 million TEUs as of the end of Q1 [6].