On April 29, COSCO SHIPPING Development (601866.SH / 02866.HK) released its First-Quarter 2025 report. In the first quarter, the company achieved operating revenue of RMB 5.418 billion, a year-on-year increase of 9.68%; net profit attributable to shareholders of the listed company was RMB 480 million, a year-on-year increase of 7.56% and a sequential increase of 57.55%; net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was RMB 473 million, a year-on-year increase of 105.52% and a sequential increase of 77.04%, demonstrating a continuous enhancement of core business profitability; basic earnings per share were RMB 0.0360, laying a solid foundation for the full-year performance.

Significant Achievements in Core Business Deepening,

Steady Improvement in Operational Quality

In the face of the current global economic situation, COSCO SHIPPING Development has remained focused on its core responsibilities and main business. By fully leveraging its shipping industry advantages, deepening the integration of industry and finance, strengthening lean management, and enhancing service capabilities, the company has achieved a new high-quality development landscape across all business segments. The container manufacturing business actively seized market opportunities. The innovative "rental and manufacturing synergy" marketing model has helped expand the customer base and achieved significant success in developing emerging markets such as Southeast Asia, further consolidating its industry position. The container leasing business has reached a fleet size of 4.1 million TEUs, with continued growth in asset scale. In the first quarter, four new container yards were opened, and the global service network layout was continuously improved. The company also made new progress in RMB-based container leasing business, further consolidating and enhancing its differentiated competitive advantages. The ship leasing business has seized the opportunities of industrial chain upgrading. Projects in various niche fields are being advanced, the ship type structure is continuously optimized, and the company's professional operation capabilities have significantly improved. The total tonnage of managed and operated ships continues to lead the domestic shipping leasing industry.

Accelerated Digital and Intelligence Transformation and

Innovation Drive Deliver Significant Results

Accelerated R&D Progress: In the first quarter, the company saw a year-on-year increase of over 30% in both applied-for and authorized utility model patents and invention patents. Digital and Intelligence Transformation Gains Momentum: The container manufacturing business is fully advancing the construction of smart factories, empowering production operations with a combination of hardware and software technologies such as robots and AI, thereby enhancing production efficiency. There have been new breakthroughs in the R&D and innovation of special container products like energy storage containers. In the container leasing business, the construction of the iFlorens platform is accelerating, achieving data interconnectivity with multiple container yards. Abundant Digital and Intelligence Innovation Achievements: Ningbo Container Factory has been awarded the title of "Zhejiang Province 5G Fully Connected Factory"; Qidong Container Factory has been honored as an "Outstanding Supplier of Supporting Products for China's Energy Storage Industry in 2025"; and Florens has won the third prize in the Fourth Central Enterprises Yixing Innovation and Creativity Competition.

Green and Low-Carbon Transformation and Development:

Commitment to ESG Excellence

The company actively responds to the dual-carbon goals and has made substantial progress in green and low-carbon development. The construction of the CFP&EPD platform is steadily advancing, and by the end of the first quarter, over 46,000 green and low-carbon labeled containers have been promoted to the market. Two green technologies from Qidong Containers Factory were awarded as "Outstanding Green Technology Projects" by the China Container Industry Association in 2024. The energy storage container smart manufacturing workshop has received the four-star Zero-Carbon Factory certification from the China Classification Society. The company has also successfully issued the first low-carbon transition corporate bond in the shipping industry, setting a new benchmark for green financial innovation in the sector.

Repurchase Plan Boosts Confidence,

and Shareholder Returns Continue to Strengthen

To safeguard the company's value and shareholders' rights and interests, and to enhance market confidence, COSCO SHIPPING Development launched a new round of A+H share repurchase plan on April 8, 2025. The plan aims to repurchase 40 million to 80 million A-shares and to implement H-share repurchases under the general authorization framework granted by the shareholders' meeting. Previously, the company had successfully completed the previous round of repurchases, with a total of 219 million shares repurchased for an aggregate amount of approximately RMB 323 million. The repurchased shares have been fully canceled, which fully demonstrates the management's confidence in the company's development prospects and its emphasis on shareholder returns.

Looking ahead, COSCO SHIPPING Development will continue to seize market opportunities with a global perspective, leverage its shipping heritage, deepen its focus on the "industry-finance-investment" functions, continuously develop new quality productivity, enhance its core competitiveness, and explore new pathways for value growth. The company is committed to creating continuous and stable investment returns for its shareholders.