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COSCO SHIPPING Development Announces 2023 Interim Results

Focus on Value Creation and Promote Sustainable Development

HONG KONG / ACCESSWIRE / August 30, 2023 / COSCO SHIPPING Development Co., Ltd. ("COSCO SHIPPING Development" or the "Company") (SSE:601866)(HKEX:2866) is pleased to announce the results for the six months ended 30 June 2023 (the "Reporting Period") today. In the first half of 2023, the Company recorded operating revenue of RMB5.707 billion, net profit attributable to owners of the parent company recorded RMB1.103 billion, with an increase in net profit in the second quarter compared to the first quarter.

In the first half of 2023, in the face of complex and changeable internal and external environments and profound changes in the shipping industry, the Company focused on the shipping industry chain, upgraded industry coordination, strengthened lean management, accelerated digital technology innovation, and continued to promote the Company's high-quality develop.

Focused on the shipping industry chain to take advantage of synergies

In the first half of 2023, the Company's shipping leasing business achieved an operating income of RMB3.664 billion, including RMB1.241 billion from the vessel leasing business. The Company was fully leveraged the synergistic advantages of the industrial chain of the integration of "leasing and manufacturing, and leasing and shipping", and continuously optimized the business model of combining industry and finance of the fleet, and achieved a steady increase in the income of the vessel leasing business. The container leasing business recorded revenue of RMB2.423 billion. The Company actively expanded its business in the field of reefer containers and special containers, achieved new breakthroughs in diversified businesses, and maintained a stable rental rate of over 99% for the container leasing business. The container manufacturing business achieved an operating income of RMB3.554 billion. The Company continued to strengthen scientific and technological innovation, fully enhanced the ability of customized R&D and manufacturing, vigorously expanded the depth and breadth of the field of special containers, and effectively deployed the fields of green environmental protection and intelligent manufacturing.

Advanced technology leadership to empower business development

The Company strengthened technology leadership, improved the level of digitalization, and continued to promote the development of digital technology innovation empowerment business. Shanghai Universal, a subsidiary of the Company, was guided by customer needs, actively researched innovative application scenarios of containers, promoted the market development of open-top containers, folding containers, and energy storage containers, and achieved breakthroughs in key projects. The folding frame container developed by the Company went off the production line smoothly, facilitating the convenient transportation of large goods such as cars; the first fully integrated energy storage container went off the production line smoothly, contributing smart solutions to global energy storage products; the first container-type test farm was officially put into use to boost the development of new agriculture.

The Company was committed to promoting the "digitalised, networked and Intelligent" transformation, and iteratived advancement of digital intelligence empowerment. In the first half of the year, the Company continued to focus on the construction of "Shanghai Universal Digital Factory" and "iFlorens Digital Operation Platform", accelerated the implementation of the Company's digital transformation plan, and improved the synergy efficiency of the industrial chain through data interconnection. The digital disposal scene of decommissioned containers of the Company's iFlorens digital operation platform won the second prize in the first "State-owned Enterprise Digital Scene Innovation Professional Competition".

Practiced green shipping to build development resilience

The Company was making every effort to promote the Yangtze River electric container vessel demonstration project, and two 700TEU electric container vessels with the largest tonnage in China had successfully started construction, marking an important breakthrough in the application of pure battery-powered vessels in the inland river field. The container-type power supply developed by the Company had obtained the overall certification of the China Classification Society and completed the first batch of battery container joint debugging and joint testing, helping the electric vessel to progress smoothly. In the future, the Company will continue to devote itself to the promotion and application of electric vessels in domestic inland and coastal waters, and provide solutions for creating green and zero-carbon shipping.

Optimized corporate governance to promote value enhancement

The Company continued to improve corporate governance and standardized operations, and was committed to creating value for every stakeholder. In the first half of 2023, with its excellent performance in information disclosure and investor relations, the Company won the "2022 Listed Company Board Secretary 5A Rating"; based on stable investor returns and capital market performance, the Company was selected into the first batch of Central-SOEs Shareholder Return Index Constituent company; the Company's ESG governance has achieved fruitful results, and was successfully selected into the first issue of S&P's global "The Sustainability Yearbook 2023 (China Edition)" and won the "Industry's Most Progressive Enterprise".

Looking forward to the future, the global economic and trade situation is still complex and changeable, and the transformation of the global shipping logistics ecology to digital intelligence and low carbonization ushers in new opportunities for the shipping industry chain. The Company will find new opportunities in the face of challenges, open a new game in the changing situation, and firmly develop the direction. The Company will focus on empowering the main business and the integration of industry and finance, and gather energy to overcome difficulties. The Company will continue to promote the Company's high-quality development to a new level and strive to build a world-class shipping industry and finance operator.

About COSCO SHIPPING Development Co., Ltd.

COSCO SHIPPING Development Company Limited (2866.HK), a company affiliated to China COSCO Shipping Corporation Limited, specializes in the provision of supply chain integrated financial services. Formerly known as China Shipping Container Lines Company Limited, it was established in 1997 with headquarters in Shanghai, the PRC, and is listed both in Hong Kong and Shanghai. With a focus on integrated logistics industry, the Company will develop container manufacturing, container leasing and shipping leasing business as the core business, with a view to pursuing industry-finance integrated development underpinned by investment. With market-oriented approaches, professional strengths and an international vision, the Company aspires to grow into an excellent world-class financial operator in the shipping industry with COSCO SHIPPING characteristics.

Investor and Media Enquiries

Jack Liu / Mei Ning
PRChina Limited
Tel: (852) 2522-1838
Email: /

File: COSCO SHIPPING Development Announces 2023 Interim Results

SOURCE: COSCO International Holdings Ltd.

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