COSCO SHIPPING (1919) H1 2025 earnings summary

Executive summary

• Revenue for 1H 2025 rose 7.78% year-over-year to RMB109.1 billion, with net profit attributable to equity holders up 3.90% to RMB17.53 billion and basic EPS at RMB1.12.

• Container shipping volume increased 6.59% to 13.28 million TEUs, and terminal throughput grew 6.35% to 74.3 million TEUs.

• Interim dividend of RMB0.56 per share (about 50% payout ratio) declared, totaling approximately RMB8.67 billion, and a new three-year shareholder return plan announced.

• Share buybacks completed in 1H 2025 totaled 339.7 million shares, valued at RMB4.19bn, with 102 million A shares and 237 million H shares repurchased and cancelled.

• Strategic focus included digital intelligence, green transformation, and global supply chain integration.

Financial highlights

• EBIT for 1H 2025 was RMB25.48 billion, up 3.35% year-over-year; EBITDA was $4.9bn, up from $4.8bn in 1H 2024.

• Basic EPS increased to RMB1.12 from RMB1.05 year-over-year.

• Net cash generated from operating activities was RMB25.78 billion, up 13.78% year-over-year.

• Cash and cash equivalents stood at RMB169.14 billion at period end, down 8.17% from year-end 2024.

• Total assets reached RMB498.5 billion, with net current assets of RMB69.92 billion.

Outlook and guidance

• Management expects continued market volatility due to economic, geopolitical, and policy uncertainties, with supply growth expected to outpace demand in 2025 and an orderbook-to-fleet ratio at 29%.

• Focus remains on digital supply chain, green transformation, and expanding global network and service capabilities.