COSCO SHIPPING Specialized(SH:600428)2023-03-29 16:00Financial Performance - The basic earnings per share for 2022 was CNY 0.382, representing a 173.28% increase compared to CNY 0.140 in 2021[29]. - The diluted earnings per share for 2022 was also CNY 0.382, reflecting the same percentage increase of 173.28% from the previous year[29]. - The weighted average return on equity increased to 8.08% in 2022, up by 4.95 percentage points from 3.13% in 2021[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 0.363 per share, a 177.45% increase from CNY 0.131 in 2021[29]. - The company's operating revenue for 2022 was CNY 12,207,234,782.80, an increase of 39.46% compared to CNY 8,753,429,968.02 in 2021[52]. - The net profit attributable to shareholders for 2022 reached CNY 820,741,435.87, representing a significant increase of 173.28% from CNY 300,327,167.59 in 2021[52]. - The net cash flow from operating activities for 2022 was CNY 2,374,756,246.01, up 40.88% from CNY 1,685,628,598.08 in 2021[52]. - The company's total revenue for the shipping business reached ¥11,423,226,120.62, representing a year-on-year increase of 40.01%[94]. - The revenue from non-shipping business was ¥784,008,662.18, with a year-on-year increase of 31.89%[94]. - The company reported a net cash flow from operating activities of CNY 2.37 billion, up 40.88% from CNY 1.69 billion in the previous year[92]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.60 per 10 shares, totaling CNY 343,464,123.36, pending approval at the annual shareholders' meeting[5]. Revenue Breakdown by Segment - The company's multi-purpose and heavy-lift vessels generated revenue of RMB 3.702 billion, an increase of 26.63% year-on-year, accounting for 32.41% of the total fleet revenue[39]. - The heavy-lift vessel segment achieved revenue of RMB 2.227 billion, up 39.36% year-on-year, contributing 19.49% to fleet revenue[39]. - The pulp carrier segment reported revenue of RMB 1.902 billion, a significant increase of 80.37% year-on-year, representing 16.65% of total fleet revenue[39]. - The semi-submersible vessel segment generated revenue of RMB 2.338 billion, reflecting a 71.96% year-on-year increase, accounting for 20.47% of fleet revenue[39]. - The timber carrier segment achieved revenue of RMB 509 million, a 10.82% increase year-on-year, contributing 4.46% to fleet revenue[39]. - The asphalt carrier segment reported revenue of RMB 392 million, up 25.16% year-on-year, representing 3.44% of total fleet revenue[39]. - The automotive carrier segment generated revenue of RMB 352 million, a decrease of 21.72% year-on-year, accounting for 3.08% of fleet revenue[39]. Operational Highlights - The company signed 54 logistics project contracts during the reporting period, with execution periods extending into the next two years[39]. - The company transported a total of 75,820 vehicles for export during the reporting period, ensuring a smooth supply chain for vehicle exports[39]. - The company operates a fleet of 107 vessels with a total deadweight tonnage of 3.564 million tons as of December 31, 2022[69]. - The company is expanding its logistics services from "port-to-port" to "door-to-door" supply chain logistics, enhancing service offerings[69]. Cost and Expenses - Operating costs rose by 39.21% year-on-year, primarily due to increased fuel prices and higher charter fees[69]. - Fuel costs accounted for 29.34% of total costs, amounting to CNY 2,791,756,100.97, a 75.58% increase compared to the previous year[75]. - Research and development expenses surged by 152.49%, totaling CNY 98.10 million, up from CNY 38.85 million in 2021[92]. Market and Economic Outlook - The global shipping trade volume in 2022 was 1.2 billion tons, slightly lower than the 2019 level, indicating a challenging market environment[65]. - The global economic growth forecast for 2023 has been downgraded to 1.7%, the third lowest in nearly 30 years[180]. - The company is facing risks related to economic fluctuations and changes in international trade patterns, which may impact future performance[153][154]. Strategic Initiatives - The company aims to enhance its logistics solutions and expand its market presence by developing innovative service offerings and deepening strategic partnerships[39]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[60]. - The company is focusing on market expansion, particularly in the Asia-Pacific region, aiming to increase market share by 10%[191]. - The company aims to leverage opportunities in the clean energy sector and advanced manufacturing to enhance profitability amid economic fluctuations[181]. Compliance and Governance - The company has established a governance structure that includes a balance of power among the shareholders' meeting, board of directors, supervisory board, and management team to ensure healthy and compliant operations[200]. - The company has set up four specialized committees under the board of directors: Strategic and Decision-Making Committee, Audit Committee, Compensation and Assessment Committee, and Nomination Committee, which actively conduct in-depth research on relevant issues[200]. - The company revised its articles of association and established compliance management measures to ensure legal and compliant operations during the reporting period[200].