Core Viewpoint - The recent performance of the Hong Kong IPO market has been active, with several stocks showing significant gains, particularly Derxiang Shipping (02510.HK), which has seen a remarkable increase in its stock price since its listing on November 1, 2024, becoming a focal point in the sector [2] Group 1: Company Performance - Derxiang Shipping's stock price reached a closing price of HKD 9.13 on November 13, 2025, representing a cumulative increase of 174.8% since its listing, and an increase of 118% from its initial offering price of HKD 4.18 per share [2] - The company has a solid business layout and excellent performance, which has further consolidated its market-leading position [3] - As of June 30, 2025, Derxiang Shipping operated 49 routes, serving 22 countries and regions globally, with approximately 60 ports [3] Group 2: Market Conditions - The shipping market experienced a price surge in May and June 2025, driven by concentrated demand for exports and tight port capacity, leading to a rapid increase in global shipping prices [3] - Ongoing tensions in the Middle East have increased risks on existing shipping routes, forcing vessels to take longer alternative routes, which not only extended transit times but also raised operational costs such as fuel and labor, further supporting rising shipping prices [3] Group 3: Financial Performance - In the first half of 2025, Derxiang Shipping reported revenues of approximately USD 641 million, a year-on-year increase of 18.7%, and a net profit of USD 189 million, a substantial year-on-year growth of 222.0% [4] - The gross profit margin improved from 8.7% in the same period last year to 19.8% [4] - The significant profit increase was attributed to rising average freight rates and an increase in the number of vessels rented at higher rates [5] Group 4: Operational Efficiency - The young fleet structure of Derxiang Shipping has reduced maintenance costs and improved operational efficiency and fuel economy [5] - A high proportion of owned vessels has decreased reliance on the charter market, providing the company with greater operational flexibility and cost control capabilities, which is beneficial for further profit enhancement [5] Group 5: Resilience in Performance - Despite market fluctuations in the second half of 2025, Derxiang Shipping maintained strong performance, with revenues of USD 963 million in the first nine months, a slight year-on-year increase of 0.51% [6] - The company’s flexible market strategy, young fleet structure, and focus on the Asia-Pacific market have allowed it to sustain steady growth amid global market volatility [6]
上市以来股价累涨超1.7倍！德翔海运值得高看？