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
中远海控(01919) - 2023 - 年度财报