COSCO SHIP HOLD(SH:601919) 中国基金报·2025-10-13 14:36Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. (中远海控) plans to repurchase between 50 million to 100 million A-shares and subsequently cancel them, aiming to enhance shareholder value and restore investor confidence as the stock price is below its net asset value per share [2][5][10]. Repurchase Plan - The repurchase will be conducted through centralized bidding, with a maximum price of CNY 14.98 per share, estimating a total repurchase amount between CNY 749 million to CNY 1.498 billion [2][9]. - The shares repurchased will be fully canceled, reducing the registered capital of the company [9][10]. - The repurchase is expected to occur within three months from the board's approval date [8][9]. Financial Context - As of June 30, 2025, the company reported total assets of CNY 498.497 billion and net assets attributable to shareholders of CNY 232.062 billion, with cash and cash equivalents amounting to CNY 169.143 billion [10]. - The planned repurchase amount represents approximately 0.30% of total assets, 0.65% of net assets, and 0.89% of cash and cash equivalents [10]. Recent Performance - In the first half of 2025, the company achieved revenue of CNY 1,090.99 billion, a year-on-year increase of 7.78%, and a net profit attributable to shareholders of CNY 175.36 billion, up 3.95% [16]. - However, the second quarter saw a decline in revenue and net profit, attributed to fluctuating global shipping demand and geopolitical tensions affecting the market [16]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.56 per share (before tax) to all shareholders, totaling CNY 8.674 billion, maintaining a dividend payout ratio of around 50% [16].