On October 30, COSCO SHIPPING Development Co., Ltd. (601866.SH/02866.HK) released its third-quarter report for 2025. During the reporting period, the company demonstrated robust development, achieving operating revenue of RMB 19.566 billion. Net profit attributable to shareholders of the listed company reached RMB 1.391 billion, representing a year-on-year uptick of 0.71%. After excluding non-recurring gains and losses, the net profit attributable to shareholders of the listed company amounted to RMB 1.363 billion, showcasing a remarkable year-on-year surge of 20.99%. Basic earnings per share stood at RMB 0.1045.
Core business maintains steady growth, with industry-finance synergy fostering a thriving ecosystem.
Shipping leasing operations efficiently establish a novel paradigm for industry-finance synergy. As a leader in the industrial shipping leasing sector, the company actively seizes opportunities arising from the shipping industry's green and low-carbon transition. It drives forward-looking market positioning, continuously expands fleet scale, enriches and diversifies its vessel asset portfolios, and solidifies effective pathways for high-quality industry-finance synergy. The company has expanded its industry-finance synergy projects encompassing 23 87,000-DWT bulk carriers and 6 307,000-DWT VLCC crude oil tankers, generating long-term stable income and cash flow. This move underpins the creation of sustainable and robust value returns, fosters win-win scenarios across the industrial chain, and collectively drives fleet upgrades within the shipping industry.
The container manufacturing business focuses on building new competitive edges in products and services. The company accurately identifies customer needs, achieving steady growth in container sales volume over the first three quarters, while simultaneously elevating brand influence and customer loyalty. The special container business has sustained a positive growth momentum. We have enhanced our market competitiveness through "customization + modularization" services, delving deep into scenario-based customization and technological breakthroughs in niche sectors such as modular buildings and energy storage containers, thereby fostering distinctive strengths in the special container market. Meanwhile, by effectively leveraging industrial chain synergy, we have established a new direct container delivery channel in the Yangtze River Delta region, significantly improving our container delivery efficiency and enhancing the customer service experience.
Container leasing services persist in injecting fresh vitality into industry-finance synergy. The company actively taps into the growth potential of emerging markets and cultivates new business growth points. It taps into the collaborative potential of supply chain resources to further deepen industrial chain collaboration. By continuously enhancing its global service network and diversifying product offerings, the company actively responds to customers' varied needs. Meanwhile, we are upgrading our digital operation platform to enhance data application and sharing, further improving global resource connectivity and operational efficiency.
The acceleration of smart and green transformation continuously unleashes innovative potential.
Notable results have been made in smart transformation. The company actively advances intelligent manufacturing upgrades and has received multiple authoritative recognitions. Its Ningbo container factory has successfully been rated as a "National Excellence-Level Smart Factory”. The iFlorens container trading platform, independently developed by Florens, has won the "Pioneer Award at the Global Digital Trade Expo" for its cutting-edge digital and smart technologies.
Green and low-carbon initiatives have been consistently strengthened. The delivery volume of energy storage container business has achieved leapfrog growth for three consecutive years, driving the advancement of the green energy storage industry. The company keeps deepening the construction of its container CFP&EPD platform, with nearly 300,000 containers delivered to customers now bearing the "CFP&EPD" certification label, which has gained widespread recognition across the industry.
Technological R&D and innovation achieve breakthroughs. The company actively advances the application of new materials and technological upgrades, developing container products with enhanced safety and applicability to provide high-quality equipment support for industrial chain operations. It successfully delivered the world's first batch of bio-based refrigerated containers, redefining environmental innovation in container manufacturing with features such as high strength and lightweight design. The company has also developed reinforced containers to meet customers' demands for high-strength, high-reliability specialized boxes, creating a "steel armor" for high-density cargo transportation.
Shareholder returns continue to strengthen, and social responsibility is deeply and practically fulfilled.
The Company is committed to creating value for shareholders. Building on the efficient completion of the previous two rounds of share buybacks, it has now initiated a new round of A+H share buyback program. The plan involves repurchasing 40 million to 80 million A shares while implementing H share repurchases under the general mandate framework, fully demonstrating management's confidence in the company's future development and its determination to safeguard shareholder rights. Meanwhile, the company completed its mid-term dividend distribution for 2025, with a total payout of approximately RMB 290 million, demonstrating its commitment to delivering stable returns to shareholders.
Being dedicated to fulfilling corporate social responsibility. The company leveraged its technical strengths in specialized container manufacturing to launch the second batch of aid projects for Tibet. It donated 12 housing containers to be used as "Faculty Homes" for primary schools in Tibetan regions and constructed 4 housing containers for cultural and tourism stations along national highways. Through its sustained efforts in sustainable development, the company has been successfully selected for CCTV's "Yangtze River Delta ESG Pioneer 100" list and CCTV's "China ESG Listed Company Pioneer 100" list.
COSCO SHIPPING Development will proactively embrace market changes, focus on its core businesses, delve deep into the integration of industry and finance, drive technological innovation, and boost new-quality productivity in the shipping sector, thereby comprehensively enhancing the company's core competitiveness and industry influence. Meanwhile, the company will remain committed to an investor-return-oriented approach, continuously expanding pathways for value realization, and striving to create long-term and stable value returns for shareholders.
