Core Viewpoint - Hai Feng International (01308) shares rose nearly 5%, reaching a new high of HKD 30.48, following the announcement of strong half-year results, indicating robust demand and effective cost control in the shipping industry [1] Financial Performance - Revenue for the first half was approximately USD 1.6645 billion, a year-on-year increase of 28.0% [1] - Gross profit was about USD 669.4 million, up 66.3% year-on-year, with gross margin increasing from 31.0% to 40.2% [1] - Profit reached USD 633.4 million, reflecting a 79.5% year-on-year growth, with basic earnings per share at USD 0.24 [1] Operational Insights - Revenue growth was primarily driven by a 7.3% increase in container volume and a 22.8% rise in average freight rates [1] - Strong demand in the Asian region coupled with limited supply led to significant year-on-year increases in freight rates, benefiting the company [1] Cost Management - Despite an increase in chartered vessel numbers leading to higher rental costs, effective cost control in cargo transportation and voyage expenses kept per-container costs stable [1] Dividend Policy - The company proposed an interim dividend of USD 0.17 per share, with a payout ratio of 71%, resulting in an annualized dividend yield of 9.7% [1] Future Outlook - The current issue of aging feeder vessels and low order backlog suggests long-term supply constraints [1] - Potential implementation of the proposed US 301 measures in October could tighten feeder vessel supply further by exempting charges for vessels under 4000 TEU [1]

Group 1 - Company reported a revenue of approximately $1.6645 billion for the first half of the year, representing a year-on-year increase of 28.0% [1] - Gross profit was about $669.4 million, up 66.3% year-on-year, with gross margin rising from 31.0% to 40.2% [1] - Profit reached $633.4 million, marking a 79.5% increase year-on-year, with basic earnings per share at $0.24 [1] Group 2 - Revenue growth was primarily driven by a 7.3% increase in container volume and a 22.8% rise in average freight rates [1] - Strong demand in the Asian region coupled with limited supply led to significant year-on-year increases in freight rates, benefiting the company [1] - Despite increased chartering costs due to a rise in the number of chartered vessels, effective cost control in cargo transportation and voyage expenses kept per-container costs stable [1] Group 3 - The company announced an interim dividend of $0.17 per share, with a payout ratio of 71% and an annualized dividend yield of 9.7% [1] - Looking ahead, the company faces challenges with aging feeder vessels and low order backlog, indicating long-term supply constraints [1] - Potential implementation of the proposed measures under the US 301 Act in October could further tighten the supply of feeder vessels under 4000 TEU [1]