Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. reported a mid-year performance for 2025, showing a revenue increase of 7.78% year-on-year, reaching 109.099 billion RMB, and a net profit attributable to shareholders of 17.528 billion RMB, up 3.9% year-on-year [1] Financial Performance - Revenue for the reporting period was 109.099 billion RMB, reflecting a year-on-year increase of 7.78% [1] - Net profit attributable to shareholders was 17.528 billion RMB, representing a year-on-year growth of 3.9% [1] - Basic earnings per share were reported at 1.12 RMB, with an interim dividend proposed at 0.56 RMB per share [1] Business Operations - The container shipping business completed a total of 13.2809 million TEUs (Twenty-foot Equivalent Units), marking a year-on-year increase of 6.59% [1] - The terminal business achieved a total throughput of 74.296 million TEUs, which is a year-on-year increase of 6.35% [1] Fleet Development - The company is advancing its fleet's scale, structure, and modernization in line with global development trends, with a self-operated container fleet now comprising 557 vessels and a total capacity exceeding 3.4 million TEUs [1] - The company holds new ship orders with a capacity of 910,000 TEUs, maintaining a leading position in the industry [1] Green Initiatives - The company is accelerating the structural upgrade of its green fleet through new ship construction and technological retrofitting, having ordered 42 new methanol dual-fuel vessels with a capacity of 780,000 TEUs [1] - The first domestic methanol dual-fuel container ship, "COSCO Shipping Yangpu," has successfully completed its maiden voyage, marking a significant step in the full supply chain of methanol fuel from production to transportation and refueling [1]

Core Viewpoint - COSCO Shipping Holdings (中远海控) reported a mid-year performance for 2025, showing a revenue increase of 7.78% year-on-year, reaching 109.099 billion RMB, and a net profit attributable to shareholders of 17.528 billion RMB, up 3.9% year-on-year [1] Financial Performance - Revenue for the period was 109.099 billion RMB, reflecting a year-on-year growth of 7.78% [1] - Net profit attributable to shareholders was 17.528 billion RMB, representing a 3.9% increase compared to the previous year [1] - Basic earnings per share were reported at 1.12 RMB, with an interim dividend proposed at 0.56 RMB per share [1] Business Operations - The container shipping business achieved a total of 13.2809 million TEUs (Twenty-foot Equivalent Units) in bill of lading volume, marking a year-on-year increase of 6.59% [1] - The terminal business recorded a total throughput of 74.296 million TEUs, which is a 6.35% increase year-on-year [1] Fleet Development - The company is advancing its fleet's scale, structure, and modernization in line with global development trends, with a self-operated container fleet now comprising 557 vessels and a total capacity exceeding 3.4 million TEUs [1] - The company holds new ship orders with a capacity of 910,000 TEUs, maintaining a leading position in the industry [1] Green Initiatives - The company is accelerating the structural upgrade of its green fleet through both new ship construction and technological retrofitting, having ordered 42 new methanol dual-fuel vessels with a total capacity of 780,000 TEUs [1] - The first domestic methanol dual-fuel container ship, "COSCO Shipping Yangpu," has successfully completed its maiden voyage, marking a significant step in establishing a complete supply chain for methanol fuel from production to transportation and refueling [1]

Core Insights - COSCO Shipping Holdings Co., Ltd. reported a revenue of 109.10 billion RMB for the first half of 2025, reflecting a year-on-year growth of 7.78% [1] - The company's EBIT reached 25.49 billion RMB, with a growth of 3.40%, and a corresponding EBIT margin of 23.37% [1] - Net profit for the period was 20.21 billion RMB, marking a 4.95% increase, while the net profit attributable to shareholders was 17.54 billion RMB, up by 3.95% [1] Financial Performance - Revenue from container shipping business was 104.80 billion RMB, a year-on-year increase of 7.49% [1] - Terminal business revenue reached 5.84 billion RMB, growing by 14.75% [1] - The company reported a net cash inflow from operating activities of 25.78 billion RMB and a net financial income of 2.10 billion RMB [1] Dividend and Share Buyback - The board announced an interim cash dividend of 0.56 RMB per share, totaling approximately 8.67 billion RMB, which represents 50% of the net profit attributable to shareholders [2] - The company has repurchased approximately 102 million A-shares and 237 million H-shares during the reporting period, with all repurchased shares being canceled [2] Operational Strategy - COSCO Shipping is focusing on an integrated and intelligent supply chain system combining "container shipping + ports + related logistics" [2] - The company aims to enhance its global market presence by innovating business models and improving operational efficiency [2] Fleet and Capacity - The self-operated container fleet consists of 557 vessels with a total capacity exceeding 3.4 million TEU, maintaining a leading position in the industry [3] - The company has new ship orders amounting to a capacity of 910,000 TEU, indicating ongoing fleet expansion [3] Market Expansion - The company is actively expanding its market reach by enhancing service capabilities on major routes and exploring emerging markets [3] - Cargo volume for container shipping reached 13.28 million TEU, a year-on-year increase of 6.59%, with significant growth in various international routes [3] Future Outlook - The container shipping industry faces a complex and changing market environment influenced by trade policies, geopolitical factors, and technological advancements [4] - COSCO Shipping plans to strengthen its core competitiveness and adapt to market changes while focusing on digital supply chain operations and green transformation [4]

Group 1 - The company reported a revenue of 109.1 billion RMB for the first half of 2025, representing a year-on-year growth of 7.78% [1] - The net profit for the same period was 17.536 billion RMB, showing a year-on-year increase of 3.95% [1] - The company plans to distribute a cash dividend of 0.56 RMB per share (before tax), totaling approximately 8.674 billion RMB (before tax) to all shareholders [1]

Core Viewpoint - The company, China Merchants Energy Transportation Co., Ltd., will hold a joint performance briefing with China Merchants Nanjing Tanker Corporation on September 4, 2025, to discuss the 2025 semi-annual operating results and financial status, enhancing investor understanding of the shipping sector under China Merchants Group [1][2]. Group 1: Meeting Details - The performance briefing is scheduled for September 4, 2025, from 15:00 to 16:00 [2][3]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website: http://roadshow.sseinfo.com/ [2][3]. - The format of the meeting will be an online text interaction, allowing for real-time communication with investors [2]. Group 2: Participation Information - Investors can log in to the Shanghai Stock Exchange Roadshow Center on September 4, 2025, to participate and ask questions [3]. - Questions can be submitted via email to ir@cmhk.com from August 28, 2025, until September 3, 2025, at 12:00 [3]. Group 3: Company Representatives - The meeting will feature key personnel including the company's General Manager Wang Yongxin, Independent Director Deng Huangjun, Chief Financial Officer Lou Dongyang, and Secretary of the Board Kong Kang [2].

Group 1: Real Estate Policy - Shanghai has introduced a new real estate policy allowing eligible families to purchase unlimited properties outside the city limits, and single adults will be subject to the same housing purchase restrictions as families [1][6] - The public housing fund loan limit has been increased by 15%, and the "increase and loan" policy for public housing funds has been implemented [1][6] - Mortgage rates will no longer differentiate between first and second homes, and there will be adjustments in property tax collection policies to align local and non-local household regulations [1][6] Group 2: Financial Market Overview - The US stock indices experienced a decline, while the previous trading day saw significant gains, particularly in the telecommunications and non-ferrous metal sectors, with a market turnover of 3.18 trillion yuan [2][9] - As of August 22, the financing balance increased by 8.174 billion yuan to 2.140126 trillion yuan, indicating a continuation of loose domestic liquidity [2][9] - The market is currently in a "policy bottom + liquidity bottom + valuation bottom" phase, suggesting a high probability of continued market performance, although sector rotation and structural differentiation are expected [2][9] Group 3: Precious Metals - Gold and silver prices rebounded following a dovish stance from Federal Reserve Chairman Powell at the Jackson Hole meeting, which increased expectations for a rate cut in September [3][17] - US inflation data for July showed a rebound, and positive signals from US-Russia negotiations have eased geopolitical risks, although trade conditions remain challenging [3][17] - The long-term drivers for gold remain supportive, with the People's Bank of China continuing to increase its gold reserves [3][17] Group 4: Commodity Market Insights - Copper prices fell in the overnight market, with tight concentrate supply and high smelting output, while various factors are expected to lead to price fluctuations [3][18] - The energy sector saw a rise in crude oil prices, influenced by geopolitical events and potential OPEC production adjustments [3][11] - The agricultural sector is experiencing mixed signals, with soybean prices supported by optimistic yield forecasts despite lower planting area estimates [3][24]

Core Viewpoint - Fujian Haitong Development Co., Ltd. announced the repurchase and cancellation of certain restricted stocks and stock options due to changes in incentive targets [1][2]. Group 1: Repurchase and Cancellation Details - The company will repurchase and cancel a total of 302,600 restricted stocks, which accounts for 0.03% of the company's total shares [3]. - The repurchase includes 103,600 restricted stocks from one incentive target who left the company, and 350,000 restricted stocks and stock options from three other incentive targets who also left or did not meet performance standards [2][3]. - After the cancellation, the total number of shares will decrease from 925,663,528 to 925,360,928, resulting in a reduction of registered capital by 302,600 yuan [3]. Group 2: Creditor Rights and Claims - Creditors have the right to request debt repayment or guarantees within 45 days from the announcement date, provided they present valid debt documents [4]. - Claims can be submitted from August 23, 2025, to October 7, 2025, through mail or in-person, with specific documentation required [4].

Core Viewpoint - The report discusses the completion of the second unlock period conditions for the 2023 restricted stock incentive plan of Fujian Haitong Development Co., Ltd, indicating that necessary approvals and authorizations have been obtained for the unlocking of shares [6][10]. Summary by Sections Independent Financial Advisor's Opinion - The independent financial advisor confirms that the incentive plan has followed the necessary approval procedures and that the independent directors have expressed their agreement [4][5]. - The advisor emphasizes that the plan complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [10]. Conditions for Unlocking Shares - The first unlock period for the restricted stock began on September 19, 2023, and the second unlock period will end on September 18, 2025, with a 30% unlock ratio [6][7]. - The conditions for unlocking include achieving specific performance targets related to domestic and international shipping operations [9][10]. Performance Assessment - The performance targets for unlocking shares include a minimum growth rate of 20% in domestic shipping volume and a minimum growth rate of 35% in international shipping contract operational days [9][10]. - The unlocking of shares is contingent upon both company-level performance and individual performance assessments, with specific criteria outlined for each [10][11]. Shareholder Communication - The company has communicated the details of the incentive plan and the unlocking conditions to shareholders, ensuring transparency and compliance with regulatory requirements [2][3].

| 证券代码：603162 公司简称：海通发展 | | | --- | --- | | 上海荣正企业咨询服务（集团）股份有限公司 | | | 关于福建海通发展股份有限公司 | | | 预留授予第一个行权期行权条件成就 | | | 相关事项 | | | 之 | | | 独立财务顾问报告 | | | 目 录 | | | 一、释义 | | | 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | | | 海通发展、本公司、公司、上市公 福建海通发展股份有限公司（含分公司及控股子公 | | | 指 | | | 司） | 司 | | 福建海通发展股份有限公司 2024 年股票期权与限制 | | | 激励计划、《激励计划》 指 | | | 性股票激励计划 | | | 公司授予激励对象在未来一定期限内以预先确定的 | | | 股票期权、期权 指 | | | 价格和条件购买本公司一定数量股票的权利 | | | 公司根据本激励计划规定的条件和价格，授予激励 | | | 对象一定数量的公司股票，该等股票设置一定期限 | | | 指 | 限制性股票 | | 的限售期，在达到本激励计划规定的解除限售条件 | | | 后，方 ...

Core Viewpoint - The company has announced its 2024 stock option and restricted stock incentive plan, which includes a self-exercise model for the first exercise period of the reserved stock options [1] Group 1: Incentive Plan Details - The board of directors approved the incentive plan during the 29th meeting of the fourth board on August 22, 2025 [1] - The first exercise period for the reserved stock options will adopt a self-exercise model, allowing eligible participants to declare their exercise independently [1] - The stocks obtained through the exercise can be traded on the second trading day after the exercise date (T+2) [1] Group 2: Stock Option Allocation - A total of 115,000 stock options are allocated to 13 personnel deemed necessary for motivation, representing 30% of the total granted stock options [2] - The allocation does not include one departed incentive object and one individual who failed the 2024 performance assessment, with 94,000 stock options to be canceled for these individuals [2] - The company will disclose changes in incentive objects, important parameters of stock options, and the status of self-exercise on a quarterly basis [2]