Core Viewpoint - The company is facing pressure on its performance in the first half of 2025, but there is potential for improvement in the second half due to the upcoming peak season for refined oil transportation. The dividend yield is expected to increase, supporting a positive outlook for shareholders [1][3]. Financial Performance - In the first half of 2025, the company's net profit was HKD 1.15 billion, a year-on-year decrease of 14%, primarily due to the impact of the Hong Kong international corporate tax reform [1][2]. - Excluding the impact of income tax, the company's pre-tax profit only slightly decreased by 5% [2]. - The net profit forecast for 2025-2027 has been revised down to HKD 2.2 billion, HKD 2.4 billion, and HKD 2.5 billion respectively [1]. Business Operations - The company operates a fleet of 143 vessels, including 121 operational ships, with 86 long-term leased vessels providing stable earnings [2]. - The short-term leasing segment, which includes 35 vessels, is subject to fluctuations in shipping market conditions. The earnings from the refined oil tanker joint ventures halved in the first half of the year [2]. Market Outlook - The refined oil transportation sector is expected to see a seasonal peak, which may drive performance improvements in the second half of 2025. The demand for refined oil transportation is anticipated to grow due to the global shift of refineries [2]. - The company is expected to benefit from rising refined oil imports in Europe and increasing freight rates in the westward market, which will positively impact the fourth quarter of 2025 [2]. Dividend Policy - The company has increased its interim dividend for 2025 to HKD 0.05 per share, up from HKD 0.03 per share, reflecting a commitment to enhancing shareholder returns [3]. - The current PE ratio is 5.5 times, with a dividend yield of 7.3%. If the dividend payout ratio increases to 50%, the yield could rise to 9% [3].

国泰海通发布研报称，维持中国船舶租赁(03877)"增持"评级。公司2025上半年业绩同比承压，剔除中 国香港国际企业税制改革影响，税前利润仅略降5%。考虑到所得税影响，下调2025-27年净利预测至 22/24/25亿港元。目前PE估值仅5.5倍，股息率7.3%;若未来分红率提升至50%，股息率将升至9%。考虑 行业平均PB估值1.16x，上调目标价至2.72港元。 国泰海通主要观点如下： 中国香港国际企业税制改革影响业绩，税前利润仍保持平稳 违约风险、经济波动、利率汇率风险、地缘局势等。 成品油运旺季可期，有望驱动下半年业绩改善 公司盈利弹性来自于短期租赁业务，其中成品油轮MR船队有望驱动公司下半年业绩改善。成品油运受 益全球炼厂东移。2024下半年受地缘油价与原油轮过剩产能外溢，景气回落至低位。2025年以来成品油 运景气稳步回升。短期而言，过去数月欧洲成品油进口持续回暖，西向市场运价飙升并带动东向市场， 有望助力2025Q4旺季表现。中期而言，炼厂东移将继续驱动成品油运需求增长，成品油轮盈利有望稳 中有升。 2025年中期分红提升，股东回报有望继续改善 公司2024年分红率40%，考虑未来资本开支回落 ...

Core Viewpoint - Cathay Securities maintains an "overweight" rating for China Ship Leasing (03877), projecting a slight decline in pre-tax profit for the first half of 2025, with net profit estimates adjusted downwards for 2025-2027 to HKD 22/24/25 billion, respectively. The current PE valuation is 5.5 times, with a dividend yield of 7.3%, which could rise to 9% if the dividend payout ratio increases to 50% [1][2]. Group 1 - The impact of Hong Kong's international corporate tax reform has affected the company's performance, with pre-tax profit remaining stable. The company recorded a net profit of HKD 11.5 billion for the first half of 2025, a 14% year-on-year decline, primarily due to the tax reform leading to a significant increase in income tax [2]. - The company operates a fleet of 143 vessels, including 121 operational ships, with long-term leasing vessels estimated at 86, providing stable earnings, while short-term leasing vessels are subject to market fluctuations [2][3]. Group 2 - The peak season for product oil transportation is expected to drive performance improvement in the second half of the year, with the MR fleet likely to enhance earnings. The demand for product oil transportation is anticipated to grow due to the global shift of refineries [3]. - The company plans to increase its mid-year dividend to HKD 0.05 per share in 2025, up from HKD 0.03, reflecting a commitment to improving shareholder returns. The potential increase in the dividend payout ratio could elevate the dividend yield to 9% [4].

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, amidst a complex global economic landscape, focusing on shipping logistics and sustainable development [1] Group 1: Financial Performance - The company achieved an operating income of 12.258 billion yuan, a year-on-year increase of 4.23% [1] - The net profit attributable to shareholders was 970 million yuan, reflecting a growth of 8.36% [1] - Basic earnings per share were reported at 0.0729 yuan [1] - The company announced an interim dividend of 0.22 yuan per 10 shares for 2025 [1] Group 2: Core Business Growth - The container manufacturing business generated an operating income of 10.963 billion yuan, up 12.07% year-on-year, with sales volume reaching 845,700 TEU, a 13.61% increase [2] - The container leasing business reported an operating income of 2.606 billion yuan, a slight increase of 1.16%, with a container fleet exceeding 4.1 million TEU [2] - The shipping leasing business generated an operating income of 1.047 billion yuan, with investments in 15 vessels, enhancing market competitiveness [3] Group 3: Innovation and Sustainability - The company made significant progress in smart transformation, with four factories recognized as "advanced-level" smart factories [4] - The company launched the world's first "Container CFP & EPD label" at the 2025 Shanghai International Carbon Expo, showcasing its commitment to sustainable development [4] - The company has been recognized for its sustainable practices, being included in the S&P Global "Sustainability Yearbook (China Edition)" for three consecutive years [5] Group 4: Shareholder Returns and Social Responsibility - The company has conducted two rounds of A+H share buybacks, totaling 350 million shares and approximately 510 million yuan, enhancing investment value [5] - The company is planning a third round of buybacks and has committed to a stable interim dividend policy [5] - The company is actively fulfilling its social responsibilities by supporting educational and infrastructure projects in Tibet [5] Group 5: Future Outlook - The company aims to embrace market changes, focusing on its core responsibilities and enhancing its competitive edge in shipping and finance [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 中 遠 海 運 發 展 股 份 有 限 公 司 COSCO SHIPPING Development Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：02866） 海外監管公告 本公告乃根據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條 規 定 而 作 出。 承董事會命 中遠海運發展股份有限公司 公司秘書 蔡 磊 2025年8月29日 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括 執 行 董 事 張 銘 文 先 生（董 事 長），非 執 行 董 事 梁 岩 峰 先 生、葉 承 智 先 生 及 張 雪 雁 女 士，以 及 獨 立 非 執 行 董 事 邵 瑞 慶 先 ...

Core Viewpoint - China Shipbuilding Group (Hong Kong) Shipping Leasing Co., Ltd. reported a stable operational performance in the first half of 2025, with a slight increase in revenue but a decline in net profit primarily due to tax policy changes [1] Financial Performance - The company achieved a revenue of HKD 2.018 billion, up 2.7% year-on-year, while net profit was HKD 1.151 billion, down 16.7% [1] - As of June 30, 2025, the average return on equity was 15.4%, and the average return on assets was 5.4%, both showing a growth of 0.3 percentage points compared to the end of 2024 [1] - Total assets amounted to HKD 42.201 billion, with net assets of HKD 14.704 billion, reflecting a 2.8% increase from the end of 2024 [1] - The debt-to-asset ratio was maintained at 65.2%, a decrease of 2.3 percentage points from the end of 2024 [1] - Earnings per share were HKD 0.179, and an interim dividend of HKD 0.05 per share was declared [1] Fleet Management - The company maintained a stable fleet size, with a total of 143 vessels as of June 30, 2025, including 121 operational vessels and 22 under construction [2] - The average age of operational vessels is approximately 4.13 years, with an average remaining lease term of 7.64 years for contracts longer than one year [2] - The company signed new orders for six vessels worth USD 308 million, all of which are mid-to-high-end types, including four MR tankers and two methanol dual-fuel MR tankers [2] Financial Strategy - The company implemented a cross-currency financing strategy to manage funding costs, achieving a financing cost of 3.1%, down 40 basis points from the beginning of the year [3] - The company’s interest-bearing debt was approximately HKD 25.55 billion, a decrease of 7.4% from the end of 2024 [3] - The company is actively engaging with financial institutions to expand financing channels and has made progress on a RMB 10 billion credit framework agreement with China Shipbuilding Finance [3] Risk Management and ESG - The company is enhancing its risk management framework, focusing on identifying and mitigating risks across various categories [4] - It has been recognized in the S&P Global "Sustainable Development Yearbook (China Edition) 2025," highlighting its commitment to ESG principles [4] - The company has been listed on Fortune's China ESG Influence List for three consecutive years, indicating effective ESG governance [4] Future Outlook - The company plans to continue expanding its ship leasing business and manage asset risks effectively in the second half of 2025 [5][6] - It aims to control financing costs further and has set a framework for a USD 3 billion medium-term note program [6]

Core Viewpoint - China Shipbuilding Group (Hong Kong) Shipping Leasing Co., Ltd. reported a stable operational performance in the first half of 2025, with a slight increase in revenue but a decline in net profit primarily due to tax policy changes [1] Financial Performance - The company achieved a revenue of HKD 2.018 billion, up 2.7% year-on-year, while net profit was HKD 1.151 billion, down 16.7% [1] - As of June 30, 2025, the average return on equity was 15.4%, and the average return on assets was 5.4%, both showing a growth of 0.3 percentage points compared to the end of 2024 [1] - Total assets amounted to HKD 42.201 billion, with net assets of HKD 14.704 billion, reflecting a 2.8% increase from the end of 2024 [1] - The debt-to-asset ratio was maintained at 65.2%, a decrease of 2.3 percentage points from the end of 2024 [1] - Earnings per share were HKD 0.179, and an interim dividend of HKD 0.05 per share was declared [1] Fleet Management - The company maintained a stable fleet size, with a total of 143 vessels as of June 30, 2025, including 121 operational vessels and 22 under construction [2] - The average age of operational vessels was approximately 4.13 years, with an average remaining lease term of 7.64 years for contracts longer than one year [2] - The fleet structure is shifting towards high-value, younger vessels, with 100% of new orders being mid-to-high-end ship types, including MR tankers and methanol dual-fuel MR tankers [2] Financial Management - The company implemented a cross-currency financing strategy, reducing the overall financing cost to 3.1%, down 40 basis points from the beginning of the year [3] - As of June 30, 2025, interest-bearing liabilities were approximately HKD 25.55 billion, a decrease of 7.4% from the end of 2024 [3] - The company is actively engaging with financial institutions to expand financing channels and has initiated a RMB 10 billion credit framework agreement with China Ship Financial [3] Risk Management and ESG - The company is enhancing its risk management framework, focusing on identifying and mitigating risks associated with asset management and compliance [4] - It has been recognized in the S&P Global "Sustainable Development Yearbook (China Edition) 2025," highlighting its commitment to ESG principles [4] Future Outlook - The company plans to continue expanding its ship leasing business and manage asset risks effectively in the second half of 2025 [5][6] - Key initiatives include securing new ship orders, enhancing asset risk management, and controlling financing costs through various strategies [6]

Core Viewpoint - China Ship Leasing (03877) reported a mid-year performance for 2025, showing a revenue of HKD 2.018 billion, which represents a year-on-year increase of 2.7%. However, the profit attributable to equity holders decreased by 16.7% to HKD 1.106 billion, with basic earnings per share at HKD 0.179 [1]. Financial Performance - Revenue for the period reached HKD 2.018 billion, marking a 2.7% increase compared to the previous year [1]. - Profit attributable to equity holders was HKD 1.106 billion, reflecting a decline of 16.7% year-on-year [1]. - Basic earnings per share were reported at HKD 0.179 [1]. Factors Influencing Performance - The decline in profit was attributed to several factors, including: - Increased tax costs [1]. - Performance of revenue [1]. - Income and expenses from non-recurring items, such as one-time fees from financing lease projects due to buybacks, gains from ship sales, and impairment provisions for receivables and lease payments [1]. - Performance of joint ventures [1].

Company Overview - The company is a Hong Kong-based investment holding firm engaged in oil and gas-related businesses, operating through four main segments: crude oil trading, crude oil terminal services, ship leasing services, and natural gas pipeline transportation services [9]. Financial Performance - The company's revenue and net profit growth rates have shown fluctuations over the years, with significant changes noted in the first half of 2025 [11][16]. - In the first half of 2025, the average return on equity was 3.5%, a decrease of 0.88 percentage points compared to the same period last year [21]. Revenue Composition - The revenue composition for the first half of 2025 indicates a total revenue of 3.075 billion HKD from crude oil terminal and storage services [13][14]. - The revenue growth rates for the years 2021 to 2025 show varying trends, with specific attention to the changes in revenue and net profit [11][14]. Asset and Liability Changes - As of the first half of 2025, significant changes in assets include a 2.53% decrease in long-term equity investments and a 252.74% increase in receivables [28]. - On the liabilities side, there was a 248.2% increase in payables, indicating a shift in the company's financial structure [32]. Financial Ratios - The company reported a current ratio of 15.15 and a quick ratio of 15.14 in the first half of 2025, reflecting a strong liquidity position [35]. - The historical asset-liability ratio has shown a downward trend, with the latest figure being 2.33% [34].

Financial Highlights - The company announced a dividend of $0.20 per share[5, 26], marking the 86th consecutive quarterly dividend[5] - The company reported a net income of $1 million, with earnings per share of $0.01[5] - The company's adjusted EBITDA was $112 million[5, 16] - The company's gross revenue reached $194 million[5, 16], which includes charter hire from all vessels and rigs[6] Contracted Revenue and Backlog - The company's fixed revenue backlog stands at $4.2 billion[5, 8, 26], with over two-thirds contracted to investment grade counterparties[5, 8] - The company extended three container vessels with Maersk for five years, adding approximately $225 million to the fixed backlog[5] - 71% of the company's contracted revenue is from container vessels[8] Operational Performance - The company's fleet utilization remains strong, with container vessels, car carriers, tanker vessels, and dry bulk vessels all reporting utilization rates at or near 100%[13] - The company's cash and cash equivalents at quarter end was $156 million[24, 26] Portfolio Composition - The company's portfolio includes 30 container vessels, 18 tanker vessels, 7 car carriers, 3 dry bulk vessels, and 2 energy assets[8] - The company's contracted revenue is diversified across various sectors, with container vessels accounting for 71%, tanker vessels for 11%, car carriers for 11%, and energy for 7%[8] Client Base - The company has a strong portfolio of industry-leading clients, including a world-leading chemical logistics company (29% of contracted revenue), a publicly listed investment grade shipping company (21% of contracted revenue), and other major players in the container shipping, energy, and automotive industries[11]