2023-08-29 16:00Financial Performance - The company's operating revenue for the first half of 2023 was approximately ¥91.84 billion, a decrease of 56.43% compared to the same period last year[16]. - Net profit attributable to shareholders was approximately ¥16.56 billion, down 74.46% year-on-year[16]. - Basic earnings per share decreased to ¥1.03, a decline of 74.57% compared to the previous year[17]. - The weighted average return on equity dropped to 7.85%, a decrease of 30.85 percentage points year-on-year[17]. - The gross margin for the container shipping business was 21.49%, a decrease of 25.83 percentage points compared to the previous year[36]. - The total revenue from container shipping business was approximately ¥88.29 billion, representing a year-on-year decrease of 57.39%[37]. - The company reported a total operating revenue of approximately ¥91.84 billion, down 56.43% year-on-year[37]. - The company’s net profit for the first half of 2023 was CNY 16.78 billion, a decline of CNY 61.00 billion or 78.23% year-on-year[49]. - The total comprehensive income for the first half of 2023 was approximately ¥24.18 billion, down 70.0% from ¥80.64 billion in the first half of 2022[131]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.51 per share, totaling approximately RMB 8.247 billion, which represents 50% of the net profit attributable to shareholders for the first half of 2023[4]. - The board of directors approved all proposals at the annual general meeting held on May 25, 2023, including the dividend distribution plan[71]. Market Conditions - The global container shipping market is experiencing an oversupply, with the China Export Container Freight Index (CCFI) average down 69.3% year-on-year[24]. - The average China Export Container Freight Index (CCFI) was 1,009 points, down 69.3% year-on-year, indicating weakened transportation demand due to inventory destocking and supply chain improvements[32]. - The company is focusing on market expansion and new strategies to recover from the significant revenue decline experienced in the first half of the year[44]. Operational Developments - The company operates under two brands: "COSCO SHIPPING" and "OOCL" for container transportation services[10]. - The company is involved in the Global Shipping Business Network (GSBN), which aims to facilitate trusted transactions and digital transformation in global trade[10]. - The company has developed a paperless delivery solution based on blockchain technology, significantly reducing document processing time from days to hours for over 10,000 customers[10]. - The company is actively pursuing green development by ordering a new batch of green energy vessels to optimize its fleet structure[29]. - The company is focusing on digital supply chain solutions, with the launch of a one-stop customer login portal and various digital products to enhance customer experience[34]. Risk Management - The report includes a risk statement advising investors to pay attention to potential risks outlined in the management discussion and analysis section[6]. - The company is facing risks from global economic fluctuations, which may impact freight demand and operational performance[67]. - Political risks from changes in investment and trade policies in certain countries could adversely affect the company's global operations[69]. - The company has implemented strategies to monitor macroeconomic trends and improve market sensitivity to mitigate risks[67]. Asset and Liability Management - The company's asset-liability ratio decreased to 48.6% by the end of the reporting period, supporting sustainable development and shareholder returns[32]. - The company's net assets attributable to shareholders at the end of the reporting period were approximately ¥198.68 billion, a decrease of 0.95% from the previous year[16]. - The company's total assets amounted to CNY 482.93 billion, a decrease from CNY 511.93 billion as of December 31, 2022, reflecting a decline of approximately 5.67%[124]. Environmental and Sustainability Initiatives - The company strictly adheres to international regulations, successfully meeting the IMO2020 sulfur emission cap by using low-sulfur fuel and installing scrubbers[82]. - The company promotes the use of green methanol fuel in its fleet, which has lower emissions compared to traditional fuels, positioning it as the preferred choice for future new energy container ships[82]. - The company is committed to sustainable development and reducing greenhouse gas emissions through the optimization of port energy consumption[83]. - The company has established a comprehensive environmental and energy management system guided by ISO14001 and ISO50001 standards[82]. Corporate Governance - The board of directors has confirmed that all members attended the meeting and guarantee the report's authenticity and completeness[3]. - The company maintains independence from its controlling shareholder, ensuring no interference in operational decisions that could harm shareholder interests[86]. - The company has established a comprehensive corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board[153]. Shareholder Information - As of June 30, 2023, the total share capital of the company is 16,170,253,938 shares[4]. - The top shareholder, China Ocean Shipping Company, holds 5,924,873,037 shares, representing 36.64% of the total shares[116]. - The total number of ordinary shareholders reached 533,412 by the end of the reporting period[115].