COSCO SHIPPING Development (601866) investor relations material

Executive summary

• Revenue for Q3 2025 was RMB 7.31 billion, down 9.92% year-over-year; year-to-date revenue was RMB 19.57 billion, down 1.54% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 420 million, down 13.42% year-over-year; year-to-date net profit was RMB 1.39 billion, up 0.71% year-over-year.

• Operating cash flow for Q3 was RMB 1.35 billion, down 65.76% year-over-year; year-to-date operating cash flow was RMB 2.63 billion, down 38.96% year-over-year, mainly due to increased raw material purchases for container business orders.

Financial highlights

• Total assets at Q3-end were RMB 131.79 billion, up 4.29% from the previous year-end.

• Shareholders’ equity attributable to listed company shareholders was RMB 30.71 billion, up 1.38% from the previous year-end.

• Basic and diluted EPS for Q3 was RMB 0.0316, down 11.73% year-over-year; year-to-date EPS was RMB 0.1045, up 2.55% year-over-year.

• Gross margin for the first nine months was 18.4%, slightly up from 18.1% in the prior year.

• Weighted average return on net assets was 4.53%, down 0.08 percentage points year-over-year.

Outlook and guidance

• Cash flow from operations declined due to increased raw material reserves in the container segment, reflecting higher order volumes and expectations of further growth.