2025年的香港资本市场，以一场创纪录的IPO热潮强势重返全球舞台中央。港交所全年新股集资额突破2858亿港元大关，更成功超越纽约证券交易所与纳 斯达克，夺得全球股票市场IPO集资额榜首第一，让港股成为中国活跃企业对接国际资本的核心枢纽。近年来，中国内地活跃的造船、航运、机器人、低 空、人工智能、高端制造等企业也积极布局香港股票市场。为应对活跃企业投融资需求，总部上海的国际船舶海工网将在第十二届中国（上海）国际技术 进出口交易会支持下在2026年6月举办科技金融与高端产业投融资上海国际论坛。咨询报名：china@ishipoffshore.com 或 chinabobli@126.com 2026年中国造船厂地图成功发布后继续赠送，德国和新加坡海事版开始编辑。 迎国庆中秋，700家精锐中国船厂上榜造船厂地图最新版在上海交付，导弹式快递 2025年12月2日，来自福建福州的A股上市公司国航远洋(920571.BJ)发布公告称，为锚定国际化战略发展，构建公司"绿色数智化"的远洋运力规模，增强 新能源船舶技术引领优势，深度融入"走向深蓝"海洋强国战略，精准对接国家"十五五"规划中绿色航运、交通强国建设的核心要求，提 ...

Core Viewpoint - China Ship Leasing (03877) has a significant shareholder investment, with 73.85% of its stock valued at HKD 9.66 billion deposited in China International Financial Hong Kong Securities [1] Group 1: Company Performance - In the first half of 2025, China Ship Leasing signed new contracts for 6 new vessels, with a total contract value of USD 308 million, all of which are mid-to-high-end ship types [1] - The fleet size of the company reached 143 vessels as of June 30, 2025, with 121 vessels in operation and 22 vessels under construction [1] - The average age of the operating fleet is approximately 4.13 years, indicating a young and competitive fleet [1] - The average remaining lease term for contracts longer than one year is 7.64 years, which enhances the stability of the company's performance [1]

Group 1 - The latest data from the Hong Kong Stock Exchange shows that on December 3, China Ship Leasing (03877) shareholders deposited stocks into China International Capital Corporation Hong Kong Securities, with a market value of HKD 9.66 billion, accounting for 73.85% [1] - In the first half of 2025, China Ship Leasing completed new orders for 6 newbuild vessels, with a contract value of USD 308 million, all of which are mid-to-high-end ship types, including 4 MR tankers and 2 methanol dual-fuel MR tankers [1] - As of June 30, 2025, the company has a fleet size of 143 vessels, with 121 vessels in operation and 22 vessels under construction, indicating a young and competitive fleet with an average age of approximately 4.13 years [1] Group 2 - The average remaining lease term for contracts over one year is 7.64 years, suggesting a longer duration that can enhance the stability of the company's performance [1]

Core Viewpoint - China Shipbuilding Leasing (03877) announced the resignation of its auditor, Crowe (Hong Kong) CPA Limited, due to a failure to reach an agreement on the audit fees for the fiscal year ending December 31, 2025 [1] Group 1 - The resignation of Crowe (Hong Kong) CPA Limited will take effect from November 27, 2025 [1] - The company's audit committee recommended the appointment of a new auditor, BDO Limited, effective from November 27, 2025, until the conclusion of the next annual general meeting [1]

Core Viewpoint - China Shipbuilding Leasing (03877.HK) announced the resignation of its auditor, Crowe (Hong Kong) CPA Limited, due to a failure to reach an agreement on the audit fees for the fiscal year ending December 31, 2025 [1] Group 1 - The resignation of Crowe is effective from November 27, 2025 [1] - The company's audit committee recommended the appointment of Tien Chi Hong Kong CPA Limited as the new auditor following Crowe's resignation [1] - The term of the new auditor will last until the conclusion of the next annual general meeting of the company [1]

Core Viewpoint - China Ship Leasing successfully issued its first offshore RMB bond, marking a significant step in its international capital market financing and supporting the internationalization of the RMB [2][3]. Group 1: Bond Issuance Details - On November 5, 2025, China Ship Leasing issued a three-year offshore senior unsecured fixed-rate bond worth 1 billion RMB, under its 3 billion USD medium-term note program [2]. - The issuance attracted a peak order size of 3.8 times the issuance amount, with the final coupon rate set at 1.95%, reflecting a 50 basis points narrowing from the initial price guidance [2]. Group 2: Financial Strategy and Efficiency - The company capitalized on the historical low rates of offshore RMB bonds amidst high USD interest rates, achieving significant cost savings compared to USD bonds and optimizing its debt structure [2][3]. - This strategic decision demonstrates the company's foresight in capital structure management and its ability to navigate global financial market trends [3]. Group 3: Utilization of Funds - The raised funds will primarily support RMB projects within the shipbuilding and maritime equipment industry, enhancing the integration of ship leasing business with the RMB settlement system [3]. - By creating a closed-loop system for RMB financing and business operations, the company actively participates in the internationalization of the RMB and promotes the global competitiveness of China's shipbuilding and shipping industries [3]. Group 4: Future Outlook - The successful issuance of the first offshore RMB bond enhances the company's financing channels in overseas markets and strengthens its diversified financing system [3]. - As the global shipping industry undergoes green transformation and supply chain restructuring, China Ship Leasing aims to deepen its presence in international capital markets, enhancing the influence of China's shipping and shipbuilding industries in the global value chain [3].

Core Insights - The ship leasing industry is experiencing a dual empowerment from technological innovation and policy support during the critical transition towards digitalization and greening in the global shipping sector [1] - The integration of technologies such as artificial intelligence and the Internet of Things, along with targeted green finance and industrial support policies, is reshaping operational models and service value in ship leasing [1] Industry Development Trends - The core competitiveness of the ship leasing industry lies in resources, technology, and management, with future development focusing on greening, intelligence, and globalization [3] - A diverse range of ship types, including container ships, bulk carriers, tankers, and specialized vessels, is essential to meet varying customer transportation needs [3] - The application of digital and intelligent technologies, such as self-developed ship asset risk management platforms, is becoming increasingly important for enhancing operational efficiency and risk management [3] Operational Efficiency - Efficient ship management and operational capabilities, including proper scheduling, maintenance planning, and crew management, are crucial for ensuring normal operations and reducing costs [3] - A broad service network that covers more ports and regions enhances customer service convenience, while effective customer relationship management increases satisfaction and loyalty [4] Financial and Environmental Considerations - Strong financing capabilities are necessary to lower capital costs and support business development, alongside effective cost control measures [4] - With the growing emphasis on carbon neutrality, green ships will be a focal point for future development, leading to increased leasing of LNG-powered and electric vessels [4] Technological Integration - The continued deepening of digital transformation will see broader applications of big data, artificial intelligence, and blockchain technology across various aspects of ship leasing [4] - Technologies such as IoT will enable real-time monitoring and predictive maintenance of vessels, while blockchain will enhance smart leasing contract management [4] Market Expansion - The "Belt and Road" initiative and sustained economic growth in Asia are expected to expand international shipping demand, prompting ship leasing companies to explore overseas markets [4] - Collaboration with international shipping companies and financial institutions will enhance market share and influence [4] Industry Collaboration - The ship leasing industry may integrate deeply with logistics, finance, and insurance sectors to create comprehensive service platforms, expanding business areas and profit margins [5] - The industry association will continue to play a bridging role in resource integration and collaborative development, establishing standardized systems to enhance competitiveness [5]

Core Viewpoint - Dayang Intelligent (大烨智能) announced on November 2 that its wholly-owned subsidiaries, Jinhua Zero One and Jinhua Zero Two, plan to sign a bareboat charter agreement with OOS International B.V. to lease two vessels for offshore oil and gas projects in Brazil, generating significant revenue from the contracts [1] Group 1: Contract Details - The vessels Jinhua 01 and Jinhua 02 will be leased at a rate of $22,250 per day each [1] - The total rental income from the bareboat charter contracts over the lease period is estimated to be $48.7275 million, calculated based on a daily rate and an operational period of 1,095 days [1] - The calculation does not include any potential extension options for the lease [1]

Core Viewpoint - The report maintains a "Buy" rating for China Ship Leasing (03877), highlighting its strong fleet structure, cost control, and high dividend yield as competitive advantages [1] Group 1: Financial Performance - The effective income tax rate for the company is projected to increase to 15% for the years 2025-2027, leading to revised net profit estimates of HKD 2.0 billion, HKD 2.2 billion, and HKD 2.4 billion for those years, respectively [1] - The company reported a comprehensive financing cost of 3.1% as of June 30, 2025, a reduction of 40 basis points from the beginning of the year [2] - The company's debt-to-asset ratio stands at 65.2%, down 2.3% from the end of the previous year [2] Group 2: Fleet and Operations - As of June 30, 2025, the company has completed six new ship orders with a contract value of USD 308 million, all of which are mid-to-high-end vessels [1] - The fleet consists of 143 vessels, with 121 in operation and 22 under construction, and an average age of approximately 4.13 years, indicating a competitive and young fleet [1] - The average remaining lease term for contracts exceeding one year is 7.64 years, enhancing the stability of the company's performance [1] Group 3: Dividend Policy - The company declared an interim dividend of HKD 0.05 per share, an increase from HKD 0.03 per share in the previous year [2] - The projected dividend payout ratio for the end of 2024 is 30%, and if maintained, the total annual dividend yield for 2025 could reach approximately 7.7% [2]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for China Ship Leasing (03877), highlighting the company's strong fleet structure, cost control, and high dividend yield as competitive advantages [1] Group 1: Financial Performance - The effective income tax rate for the company is projected to increase to 15% from 2025 to 2027, leading to revised net profit estimates of HKD 2 billion, 2.2 billion, and 2.4 billion for those years, down from previous estimates of HKD 2.3 billion, 2.6 billion, and 2.8 billion [1] - As of June 30, 2025, the company's comprehensive financing cost is controlled at 3.1%, a reduction of 40 basis points from the beginning of the year [2] - The company's debt-to-asset ratio stands at 65.2%, a decrease of 2.3% from the end of the previous year [2] Group 2: Fleet and Operations - By mid-2025, the company completed new contracts for 6 new vessels with a total contract value of USD 308 million, all of which are mid-to-high-end ship types [1] - The fleet consists of 143 vessels, with 121 in operation and 22 under construction, and an average age of approximately 4.13 years, indicating a competitive and young fleet [1] - The average remaining lease term for contracts exceeding one year is 7.64 years, enhancing the stability of the company's performance [1] Group 3: Dividend Policy - The company declared an interim dividend of HKD 0.05 per share for 2025, an increase from HKD 0.03 per share in the previous year [2] - The dividend payout ratio for the end of 2024 is expected to be 30%, and if maintained, the total dividend yield for 2025 could reach approximately 7.7% [2]