COSCO SHIPPING (1919) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 20.1% year-over-year to $8.1bn (RMB 57.96 billion), with net profit attributable to equity holders up 73.12% to $1.6bn (RMB 11.69 billion), and EBITDA up 42.9% to $3.0bn.

• EBIT for the quarter was RMB 16.58 billion, a 66.17% increase compared to Q1 2024.

• Total throughput reached 35.75 million TEUs, a 7.2% increase year-over-year, reflecting strong operational performance.

• Basic earnings per share increased 76.2% to RMB 0.74 compared to Q1 2024.

• Container shipping volume grew 7.53% year-over-year to 6.48 million TEUs, with strong growth in Trans-Pacific and Mainland China routes.

Financial highlights

• Operating profit surged 73.1% year-over-year to RMB 15,855mn, with gross profit margin up 7.7 percentage points to 27.1%.

• Net cash flows from operating activities more than doubled to RMB 15.06 billion, up 69.49% year-over-year.

• Debt to asset ratio improved to 42.0% from 42.7% at year-end 2024.

• Container shipping segment revenue grew 20% year-over-year to RMB 55.88 billion, and terminal business revenue increased 16.1%.

• Owners' equity attributable to equity holders increased to RMB 244.13 billion.

Outlook and guidance

• The company expects continued growth, focusing on dual-brand fleet development, digital intelligence, and green transformation.

• Industry faces challenges from geopolitical tensions and Red Sea uncertainties, but opportunities exist in emerging markets and regional integration.

• Continued focus on share repurchases, with new plans to buy back 50–100 million A shares and additional H shares.

• Ongoing capital structure optimization and governance reforms, including proposed reduction of registered capital and abolition of the supervisory committee.