On the evening of October 30, COSCO SHIPPING Development (601866.SH/02866.HK) disclosed its 2024 third-quarter report. The report shows that the company realized operating revenue of RMB19.872 billion in the first three quarters of 2024, an increase of 88.76% year-on-year, net profit attributable to shareholders of the listed company of RMB1.381 billion, an increase of 14.66% year-on-year, and achieved basic earnings per share of RMB0.1019.
Since 2024, in the face of the shipping market where both opportunities and challenges coexist, the Company has been focusing on deepening reform and innovation, expanding its core business, enhancing its resource allocation capacity, strengthening its digital intelligence and low-carbon empowerment, and striving to build a competitive advantage in industry-financing synergy.
Strengthening the combination of production and financing to enhance the potential for steady development
Focusing on the main business of shipping and logistics, the Company is based on the combination of production and financing, and has continuously improved its core competence of “production, financing and investment”.In terms of the ship leasing business, the company continues to promote the investment, construction and leasing project of 42 bulk carriers to further consolidate the leading position of industrial ship leasing company in China, realize the steady growth of high-quality ship assets, and enhance the overall financial stability, and at the same time, innovate the use of RMB pricing and settlement to promote the application of the RMB in the international shipping field. on October 24, the project was successfully passed through the consideration of the shareholders' meeting, the largest shipbuilding and leasing transaction since its transformation into a shipping production and financing operator in 2016 has since opened a new prologue. In terms of the container manufacturing business, the Company actively grasped the opportunity of market stabilization and rebound to achieve a year-on-year increase in production and sales, and continuously improved production efficiency through intelligent transformation, with full orders for new containers, while continuing to improve customized service capabilities, further demonstrating the strength of the brand. In terms of the container leasing business, the Company gave full play to its unique leasing and manufacturing synergies to enhance its market influence, continued to strengthen its major customer strategy, enriched its product mix and diversified leasing services in close conjunction with the market situation, realized further expansion of cooperation in global yards, and made an effort to transform into a digital and intelligent company to enhance its service efficiency.
Deep plowing green intelligence, leading the industry's innovative development
The company actively adheres to the green and intelligent trend of the shipping industry, focuses on scientific and technological innovation to drive value creation, and continues to build new productivity and new momentum. Ningbo Containers Factory, a subsidiary of the company, successfully passed the maturity assessment of intelligent manufacturing capability and was awarded the certificate of conformity to Level 3 standards, becoming the first enterprise in the container manufacturing industry to pass the assessment of national standards; “The most beautiful armor”quality tackle group of Qidong Containers factory, by virtue of comprehensive and systematic promotion of energy storage container product quality improvement results, won the seventh central enterprise quality control group results published race third prize;Qidong Containers factory led the drafting of the container industry group standard “2024 Finite element analysis guide on rack container structure”formally released and implemented,realizing another achievement in the field of container industry standards; iFlorens container trade platform was selected as the finalist of the 4th SASAC Yixing Innovation and Entrepreneurship Competition, and was successfully selected as the innovation case of the year in 2024 by State-owned Enterprises Management Magazine.
The company is committed to promoting industrial chain cooperation in the field of green and low-carbon, and has signed a cooperation agreement with Ouyeel, a subsidiary of China Baowu Steel, to jointly promote synergistic cooperation in the supply chain aspects of Carbon Footprinting (CFP) and Environmental Product Declarations (EPD), and the research, development and application of containerized steel.
During the same period, the Company was honored to be listed on the “2024 Wind Top 100 China Listed Companies ESG Best Practice”list for its excellent ESG governance and outstanding performance in the field of sustainable development, and ranked among the top 1.52% of the sample of Chinese listed companies with AA rating.
Promoting diversification initiatives, speeding up the progress of value realization
As a listed company held by the central government, the Company adheres to the market value management concept centered on value creation, and shares the dividends of long-term corporate development with shareholders while maintaining sustainable development capability. Based on the confidence in the future sound and sustainable development, and to further enrich the way of investors return, the Company released a share repurchase plan on October 20, which plans to implement the repurchase of 40 million to 80 million A-share shares, and will implement the repurchase of H-share shares under the framework of general authorization approved by the shareholders' general meeting, and the repurchased shares will be fully canceled and the registered capital will be reduced, further boosting the confidence of the investors. Meanwhile, the Company paid an interim dividend of RMB0.19 per 10 shares for the year 2024 on October 28, totaling approximately RMB257 million,to practically create greater value for shareholders while practicing sustainable development.
Moving into the future, the company will continue to firmly focus on high-quality development goals to the “new”trend, with the combination of production and financing to promote the new strength of the advancement of green digital intelligence to accumulate new development potential, to forge ahead to create a new pattern of development, concerted efforts to continue to create more value for shareholders.
