COSCO SHIPPING Development (601866) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 12.26 billion, up 4.23% year-over-year; net profit attributable to shareholders was RMB 970 million, up 8.36% year-over-year.

• Basic EPS was RMB 0.0729, a 10.29% increase year-over-year; interim dividend of RMB 0.22 per 10 shares declared.

• Cash flow from operating activities surged 238.87% year-over-year to RMB 1.29 billion, driven by higher gross margin and inventory optimization.

• The company continued to strengthen its position in container manufacturing, leasing, and shipping, with a focus on digitalization and green transformation.

Financial highlights

• Operating income: RMB 12.26 billion (+4.23% YoY); net profit: RMB 970 million (+8.36% YoY).

• EBITDA/total debt ratio: 0.05; interest coverage ratio: 1.68; asset-liability ratio: 76.21%.

• Net cash from operating activities: RMB 1.29 billion (+238.87% YoY); net assets: RMB 30.62 billion.

• Interim dividend: RMB 0.22 per 10 shares; total share capital after buybacks: 13.20 billion shares.

• Non-recurring gains: RMB 113.85 million, mainly from government grants and asset disposals.

Outlook and guidance

• Management expects continued volatility in global trade and supply chains but remains confident in long-term growth, focusing on core shipping and logistics, digital transformation, and green initiatives.

• Plans to accelerate R&D, digitalization, and green asset investment, and to further enhance capital structure and risk management.