COSCO SHIPPING (1919) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB219.50 billion, down 6.14% year-over-year due to declining freight rates and macroeconomic headwinds.

• Net profit attributable to equity holders fell 37.24% to RMB30.86 billion, with basic EPS at RMB1.99.

• The Board proposes a final dividend of RMB0.44 per share, totaling RMB15.41 billion for the year (about 50% payout ratio).

• The company maintained a stable financial structure, reduced its asset-liability ratio to 41.42%, and continued strategic investments in fleet and green transformation.

Financial highlights

• Operating profit dropped 41.5% to RMB34.52 billion; EBIT was RMB45.00 billion.

• Gross profit margin declined as cost of services rose 6.4% to RMB176.80 billion.

• Net cash from operating activities decreased 34.3% to RMB45.55 billion; cash and cash equivalents fell 18.1% to RMB150.88 billion.

• Total assets decreased 2.76% to RMB483.76 billion; total liabilities fell 5.68% to RMB200.35 billion.

• Net cash (debt) to equity ratio improved to 26.22%.

Outlook and guidance

• The company expects continued market volatility in 2026 due to geopolitical tensions and supply-demand imbalances.

• Container shipping market growth is forecast at 2.5% for 2026, with fleet capacity growth slowing to 3.8%.

• Strategic focus remains on global expansion, digitalization, green transformation, and supply chain integration.