Revenue and Profit Growth - Revenue for the first half of 2024 increased to RMB 101.20 billion, up by RMB 9.36 billion (10.2%) compared to RMB 91.84 billion in the same period of 2023[2] - Net profit attributable to equity holders of the company rose to RMB 16.87 billion, a slight increase of RMB 309.44 million (1.9%) from RMB 16.56 billion in 2023[2] - Revenue for the first half of 2024 reached RMB 101.201 billion, a year-on-year increase of 10.19%[42][43] - Net profit attributable to equity holders of the company was RMB 16.87 billion, an increase of RMB 309.443 million compared to the same period last year[42][43] - Revenue for the first half of 2024 reached RMB 101,201,055 thousand, a 10.19% increase year-over-year[48][50] - Net profit attributable to equity holders for the first half of 2024 was RMB 16,870,080 thousand, a 1.87% increase year-over-year[48] Earnings Per Share and Dividends - Basic earnings per share (EPS) increased to RMB 1.05, up by RMB 0.02 from RMB 1.03 in the previous year[2] - The company declared an interim dividend of RMB 0.52 per share for the first half of 2024[2] - Basic earnings per share increased to RMB 1.05 in 2024 from RMB 1.03 in 2023, driven by a net profit attributable to equity holders of RMB 16.87 billion, up from RMB 16.56 billion in 2023[30] - The company declared an interim dividend of RMB 0.52 per share, totaling approximately RMB 8.3 billion, representing 49.20% of the net profit attributable to shareholders for the first half of 2024[29] - The company proposed an interim dividend of RMB 0.52 per share, payable on August 29, 2024[41] - The company will distribute an interim dividend of RMB 0.52 per share (tax inclusive), totaling approximately RMB 8.3 billion, which is 49.20% of the net profit attributable to shareholders in the first half of 2024[103] - The interim dividend for H shares will be HKD 0.569128 per share (tax inclusive), calculated based on the average exchange rate of RMB 1 to HKD 1.094477 during the week before August 29, 2024[103] - The ex-dividend date for the interim dividend is expected to be October 8, 2024, with the dividend for H shares to be distributed and paid on October 25, 2024[103] Gross and Operating Profit - Gross profit for the first half of 2024 was RMB 23.16 billion, compared to RMB 19.78 billion in 2023, reflecting a growth of RMB 3.38 billion (17.1%)[4] - Operating profit for the period reached RMB 19.05 billion, up from RMB 18.13 billion in 2023, an increase of RMB 921.99 million (5.1%)[4] Comprehensive Income and Assets - Total comprehensive income for the first half of 2024 was RMB 19.77 billion, a decrease from RMB 24.18 billion in 2023, primarily due to lower other comprehensive income[5] - Total assets as of June 30, 2024, stood at RMB 467.12 billion, up from RMB 462.43 billion at the end of 2023, reflecting a growth of RMB 4.69 billion (1.0%)[6] - Total equity as of June 30, 2024, was RMB 257,430,297 thousand, an increase from RMB 243,219,472 thousand as of December 31, 2023[7] - Total liabilities as of June 30, 2024, were RMB 209,687,682 thousand, a decrease from RMB 219,209,909 thousand as of December 31, 2023[7] - Total assets increased by RMB 4,688,598 thousand (1.01%) to RMB 467,117,979 thousand as of June 30, 2024[67] - Total liabilities decreased by RMB 9,522,227 thousand (4.34%) to RMB 209,687,682 thousand as of June 30, 2024[67] Cash and Cash Equivalents - Cash and cash equivalents decreased to RMB 172.35 billion as of June 30, 2024, from RMB 181.11 billion at the end of 2023, a reduction of RMB 8.76 billion (4.8%)[6] - Cash and cash equivalents decreased by RMB 8,763,175 thousand (4.84%) to RMB 172,350,141 thousand as of June 30, 2024[62] - Net cash inflow from operating activities increased by RMB 9,376,890 thousand (70.71%) to RMB 22,638,496 thousand in the first half of 2024[63] - Net cash outflow from investing activities decreased by RMB 1,917,051 thousand to RMB 10,356,232 thousand in the first half of 2024[64] - Net cash outflow from financing activities decreased by RMB 19,698,925 thousand to RMB 21,498,052 thousand in the first half of 2024[65] - Net cash position increased by RMB 1,059,731 thousand to RMB 97,787,563 thousand as of June 30, 2024[67] Container Shipping Business - Total revenue for the six months ended June 30, 2024, was RMB 101,201,055 thousand, with container shipping business contributing RMB 97,477,271 thousand and terminal business contributing RMB 5,091,135 thousand[14] - Net profit for the period was RMB 19,255,367 thousand, with the container shipping business contributing RMB 16,330,539 thousand and the terminal business contributing RMB 1,185,027 thousand[14] - The company's container shipping business generated external revenue of RMB 97,436,656 thousand, while the terminal business generated external revenue of RMB 3,764,399 thousand[14] - Total revenue for the container shipping business reached RMB 88,287,136 thousand, with external revenue accounting for RMB 88,243,258 thousand[15] - The company's total profit for the period was RMB 19,675,781 thousand, with the container shipping business contributing RMB 16,779,621 thousand[15] - Container shipping revenue for the first half of 2024 was RMB 97,477,271 thousand, up 10.41% year-over-year[51] - Container shipping costs for the first half of 2024 rose by 8.39% to RMB 75,741,625 thousand[54] - The company's container shipping segment achieved a cargo volume of 12.4595 million TEUs, a year-on-year increase of 9.34%[43] - The company's self-operated container fleet capacity reached 3.24 million TEUs, an increase of 6.5% compared to the beginning of the period[44] - Container shipping business revenue increased by 9,190,135 thousand RMB, reaching 97,477,271 thousand RMB, with a year-on-year growth of 10.4%[88] - EBIT for container shipping business was 20,851,364 thousand RMB, with an EBIT margin of 21.39%, a decrease of 2.14 percentage points compared to the previous year[88] - Net profit for container shipping business decreased by 449,082 thousand RMB to 16,330,539 thousand RMB[88] - COSCO Shipping Lines' container shipping revenue increased by 7,565,441 thousand RMB to 67,435,833 thousand RMB, with a year-on-year growth of 12.6%[89] - COSCO Shipping Lines' EBIT increased by 1,771,386 thousand RMB to 14,535,839 thousand RMB, with an EBIT margin of 21.56%, up 0.24 percentage points[89] - International route revenue per TEU increased by 51.48 USD to 1,210.70 USD[90] - COSCO Shipping Lines' net profit increased by 1,313,351 thousand RMB to 10,174,796 thousand RMB, with a year-on-year growth of 14.8%[89] - International route revenue per TEU for COSCO Shipping Lines increased by 59.95 USD to 1,273.27 USD[91] Terminal Business - The terminal business generated total revenue of RMB 4,850,964 thousand, with external revenue at RMB 3,599,539 thousand[15] - The terminal business in the Europe region generated external revenue of RMB 1,731,045 thousand[20] - The terminal business in the Asia-Pacific region contributed RMB 190,694 thousand in external revenue[20] - The terminal business in Mainland China recorded external revenue of RMB 1,823,292 thousand[20] - The total external revenue for the terminal business across all regions was RMB 3,764,399 thousand[20] - Total revenue from terminal operations was RMB 88,243,258 thousand, with Europe contributing RMB 1,627,878 thousand[21] - COSCO Shipping Ports' total throughput reached 69.86 million TEUs, a year-on-year increase of 8.19%, with overseas regions contributing 16.52 million TEUs, up 4.12%[92][93] Regional Performance - The Americas region contributed RMB 27,965,756 thousand to the container shipping business's external revenue[20] - The Europe region's external revenue from the container shipping business was RMB 21,448,120 thousand[20] - The Asia-Pacific region's external revenue from the container shipping business reached RMB 23,852,077 thousand[20] - Container shipping revenue in the Americas region reached RMB 20,731,694 thousand, accounting for a significant portion of total revenue[21] - Europe region's container shipping revenue was RMB 19,761,546 thousand, showing strong performance[21] - Asia-Pacific region's container shipping revenue stood at RMB 23,602,837 thousand, indicating robust growth[21] - China mainland's container shipping revenue was RMB 10,068,019 thousand after inter-segment adjustments[21] - The company's total revenue in USD terms grew by 8.75% to USD 12,723,879 thousand, with the Trans-Pacific route showing the highest growth at 33.96%[86] - The company's total revenue from its subsidiary COSCO Shipping Lines increased by 12.56% to RMB 61,587,583 thousand, with the Trans-Pacific route growing by 41.71%[85] - Revenue from the Trans-Pacific route surged by 36.56% to RMB 27,731,163 thousand, contributing significantly to the overall revenue growth of 10.86%[84] - The Asia-Europe (including Mediterranean) route saw a decline in freight volume by 14.87%, while revenue increased by 9.91% to RMB 20,299,731 thousand[82][84] Financial Assets and Investments - The company's financial assets measured at fair value decreased by RMB 59,891 thousand to RMB 2,353,119 thousand, with notable changes in equity investments and convertible bonds[80] - The company's investment income totaled RMB 52,109 thousand, with significant contributions from equity investments and bond investments[81] - The fair value change in financial assets resulted in a gain of RMB 5,896 thousand, primarily driven by the increase in the value of convertible bonds[80] - The company's financial assets measured at fair value through other comprehensive income amounted to RMB 1,496,598 thousand, primarily from investments in Guangzhou Port[81] Share Repurchases and Cancellations - The company has repurchased a total of 59,999,924 A shares and 155,000,000 H shares, with a total payment of approximately RMB 583,328,594 and HKD 1,201,957,510 respectively, excluding transaction fees[100] - In January 2024, the company repurchased 34,032,000 H shares at a highest price of HKD 8.44 and a lowest price of HKD 7.60, totaling HKD 271,275,105[101] - In February 2024, the company repurchased 23,019,000 H shares at a highest price of HKD 8.80 and a lowest price of HKD 7.71, totaling HKD 190,659,075[101] - The company has canceled all 59,999,924 repurchased A shares and 155,000,000 repurchased H shares as of June 30, 2024[101] Tax and Dividend Distribution - The company will withhold a 10% enterprise income tax for non-resident enterprise shareholders when distributing the interim dividend[105] - For individual investors in mainland China who invest in H shares through the Shanghai-Hong Kong Stock Connect, the company will withhold and pay personal income tax at a rate of 20%[106] - For mainland enterprise investors who invest in H shares through the Shanghai-Hong Kong Stock Connect, the company will not withhold income tax, and these investors must declare and pay the tax themselves[107] - The company will distribute interim dividends to domestic investors (including enterprises and individuals) investing in H-shares through the Shenzhen Stock Exchange via the Shenzhen-Hong Kong Stock Connect. The dividends will be paid in RMB, with a 20% withholding tax rate for individual investors and securities investment funds, while enterprise investors are required to self-report and pay the tax[108] Forward-Looking Statements and Disclosures - The company emphasizes that past performance does not guarantee future results, and any forward-looking statements are subject to risks and uncertainties, with actual results potentially differing significantly from expectations[109] - The company has disclosed the electronic version of the announcement on the Hong Kong Stock Exchange website and its own website, and will release the interim report for the six months ending June 30, 2024, containing all relevant information as required by the Listing Rules Appendix D2[110]
中远海控(01919) - 2024 - 中期业绩