COSCO SHIPPING Specialized(SH:600428)2025-03-27 13:15Financial Performance - The company's operating revenue for 2024 reached ¥16,780,240,067.58, representing a 37.57% increase compared to ¥12,197,427,338.32 in 2023[23]. - Net profit attributable to shareholders for 2024 was ¥1,530,587,671.58, a 43.82% increase from ¥1,064,255,173.13 in 2023[23]. - The basic earnings per share for 2024 was ¥0.713, up 43.82% from ¥0.496 in 2023[24]. - The company reported a net cash flow from operating activities of ¥3,615,976,920.78 in 2024, a 23.74% increase from ¥2,922,249,623.96 in 2023[23]. - Total assets at the end of 2024 were ¥34,928,645,469.66, a 26.43% increase from ¥27,626,368,247.84 at the end of 2023[23]. - The total profit reached 1.977 billion RMB, also a record high, with a net asset return rate of 12.74%, an increase of 3.11 percentage points year-on-year[47]. - The company achieved a revenue of ¥16,780,240,067.58 in 2024, representing a year-on-year increase of 37.57%[66]. - Net profit attributable to the parent company reached ¥1,530,587,671.58, marking a 43.82% increase compared to the previous year[66]. Dividend and Profit Distribution - The company plans to distribute cash dividends of RMB 2.79 per 10 shares, totaling RMB 765,553,790.21 based on a total share capital of 2,743,920,395 shares after the issuance on March 17, 2025[6]. - The board of directors has approved the profit distribution plan, pending shareholder meeting approval[6]. - The proposed cash dividend is RMB 2.79 per 10 shares, totaling RMB 765,553,790.21, which represents 50.02% of the net profit attributable to ordinary shareholders[160][163]. - The cumulative cash dividend over the last three accounting years amounts to RMB 1,641,387,304.78, with a cash dividend ratio of 144.17% based on the average net profit[165]. Audit and Compliance - The company received a standard unqualified audit report from Tianzhi International Accounting Firm[5]. - The internal control audit report received a standard unqualified opinion, indicating effective internal control systems[172]. - The company has not disclosed any significant internal control deficiencies during the reporting period[170]. - The company has not faced any penalties from securities regulatory agencies in the past three years[146]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[194]. Operational Developments - The company completed an increase in capital for Shanghai Nanhua International Logistics Co., Ltd. in January 2024, consolidating control and including it in the consolidated financial statements[23]. - The company expanded its fleet to 151 vessels, with a total deadweight tonnage of 6.146 million tons, setting a new record since its establishment[47]. - The company has established long-term strategic partnerships with major Chinese automotive manufacturers, enhancing its logistics service offerings[49]. - The company has established a fully digital platform to enhance operational efficiency and customer experience in the shipping industry, leveraging blockchain technology for paperless bill management[97]. Market and Strategic Outlook - The global shipping market is projected to grow, with the Clarkson Shipping Index averaging $24,964 per day in 2024, a 6% increase from 2023, and global ton-mile trade expected to grow by 6.5%[53]. - The company is focused on transforming into a "provider of overall solutions" and enhancing its supply chain service capabilities[47]. - The company plans to enhance research and development investments to meet carbon reduction targets and improve vessel CII ratings, focusing on data collection and compliance with new regulations[126]. - The company will actively pursue diversified market strategies to reduce reliance on single markets and enhance development in overseas markets, particularly along the Belt and Road Initiative[127]. Environmental and Social Responsibility - The company has made significant progress in green shipping, with a strong trend in the development of alternative fuel vessels, primarily methanol and liquefied natural gas (LNG)[98]. - The company has committed to using clean energy and enhancing energy efficiency through various technological applications[178]. - The total investment in poverty alleviation and rural revitalization projects amounted to 997.45 million yuan, with 730 million yuan directed towards targeted assistance projects[183]. - Approximately 30 million people benefited from the company's social responsibility initiatives, including education and poverty alleviation efforts[181]. Governance and Management - The company has conducted three shareholder meetings and twelve board meetings in 2024, ensuring compliance with regulatory requirements and enhancing governance structures[130]. - The company is committed to improving its governance structure and has revised multiple internal regulations to align with the latest legal requirements[130]. - The total annual compensation for the chairman Zhang Wei is CNY 780,000[134]. - The total annual compensation for the general manager Huang Nan is CNY 2,794,400[134]. Legal Matters - The company is involved in a significant lawsuit with a ruling requiring it to pay the plaintiff, OKI, a compensation amount of $147,470,227 USD or 2,143,642,987,632 Indonesian Rupiah[199]. - The company has incurred litigation costs of 150,000 Indonesian Rupiah related to the lawsuit[199]. - The company has coordinated with the West Insurance Association to file a counterclaim in the ongoing lawsuit[199].