中远海运特种运输股份有限公司 2025 年第一次临时股东大会会议资料 广州远洋大厦 20 楼公司会议室 会 议 方 式 ：现场记名投票与网络投票（上海证券交易所股东大会 网络投票系统）相结合方式 现场会议议程： 四、由董事会秘书宣读会议议案 1.关于全资子公司光租4艘9000吨特种液货船暨关联交易的议案 2.关于公司聘任 2025 年度审计师的议案 二○二五年九月 1 中远海运特种运输股份有限公司 2025 年第一次临时股东大会会议议程 现场会议时间：2025 年 9 月 25 日下午 16:00 2 网络投票时间：通过交易系统投票平台的投票时间为 2025 年 9 月 25 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为 9 月 25 日 9:15-15:00。 现场会议地点：广东省广州市天河区珠江新城花城大道 20 号 15:45 股东签到 16:00 会议开始 一、主持人致辞并宣布出席现场会议情况 二、主持人请大会推荐监票人 三、主持人宣布会议开始 6.关于选举公司第九届董事会董事的议案 7.关于选举公司第九届董事会独立董事的议案 五、公司董事、监 ...

Group 1 - Shipping concept stocks showed strong performance in early trading [1] - China Merchants Energy (招商南油) and China Merchants Industry (招商轮船) reached the daily limit up [1] - COSCO Shipping Energy (中远海能) increased by over 8% [1] - COSCO Shipping Special (中远海特) also experienced a rise [1]

Core Insights - The shipping and port sector experienced a rise of 0.55% on September 5, with China Merchants Energy leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Sector Performance - The top performers in the shipping and port sector included: - China Merchants Tire (601872) with a closing price of 7.22, up 5.87%, and a trading volume of 1.6672 million shares, totaling 1.193 billion yuan [1] - COSCO Shipping Energy (600026) closed at 11.08, up 4.73%, with a trading volume of 1.1022 million shares, totaling 1.206 billion yuan [1] - HNA Technology (600751) closed at 4.26, up 3.90%, with a trading volume of 535,300 shares, totaling 224 million yuan [1] Market Capital Flow - The shipping and port sector saw a net inflow of 186 million yuan from main funds, while retail investors experienced a net outflow of 89.98 million yuan [2] - The sector's overall trading activity indicated a mixed sentiment among different investor types, with institutional investors showing a positive trend [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 6.77 and a sector rating of "Outperform" [1] Core Views - The company's performance in the first half of 2025 shows significant growth, with operating revenue reaching RMB 10.775 billion, a year-on-year increase of 44.05%, and net profit attributable to shareholders of RMB 825 million, up 13.08%. The non-recurring net profit attributable to shareholders surged by 52.77% to RMB 835 million [3][8] - The growth is primarily driven by substantial increases in revenue from car carriers and heavy-lift vessels, indicating a positive outlook for future performance due to multi-vessel synergy and increasing capacity [3][5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of RMB 10.775 billion, a 44.05% increase year-on-year, and a net profit of RMB 825 million, reflecting a 13.08% growth. The non-recurring net profit reached RMB 835 million, marking a 52.77% increase [3][8] - The revenue from car carriers saw a remarkable increase of 439.87% to RMB 1.854 billion, with charter rates reaching USD 53,049.58 per day, up 67.29% [8] Revenue Projections - The report maintains previous profit forecasts, expecting net profits attributable to shareholders to be RMB 1.937 billion, RMB 2.361 billion, and RMB 2.670 billion for 2025, 2026, and 2027 respectively, with growth rates of 26.6%, 21.9%, and 13.1% [5][7] Market Outlook - The special vessel segment is expected to maintain a favorable market condition, with strong demand for project cargo transport, particularly in wind power equipment, and stable supply chains for pulp carriers [8] - The report highlights that the Chinese automotive export market remains robust, with exports reaching 3.083 million vehicles in the first half of 2025, a 10.4% increase year-on-year, indicating sustained demand for car carriers [8]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights a mixed performance in shipping rates, with a decline in European routes and a rebound in American routes. The overall trend in oil shipping rates has shown a recent correction [3][16] - EHang has deepened its cooperation with the Hefei government, and a significant order of 120 aircraft has been signed between Agricultural Bank of China Financial Leasing and Volant Aviation [3][17] - Yunda's revenue increased by 6.8% year-on-year in the first half of 2025, while J&T Express's market share in Southeast Asia rose to 32.8% [3][24] Summary by Sections Industry Hot Events - Oil shipping rates have corrected, with European routes declining and American routes rebounding. The China Import Oil Comprehensive Index (CTFI) was reported at 1273.82 points, up 10.3% from the previous week [3][15] - EHang signed an investment cooperation agreement with the Hefei government, establishing a headquarters for its VT35 eVTOL series in Hefei, with a total order value of 3 billion yuan for 120 aircraft [3][17][18] - Yunda's revenue reached 24.833 billion yuan in the first half of 2025, a 6.8% increase year-on-year, while J&T Express reported a total revenue of 5.5 billion USD, a 13.1% increase [3][24][26] Industry High-Frequency Data Tracking - In August 2025, the air cargo price index for routes from China to the Asia-Pacific region remained stable, with the Shanghai outbound air cargo price index at 4392.00 points, down 8.3% year-on-year [27][28] - The domestic freight volume for July 2025 increased by 15.04% year-on-year, with total express business volume reaching 164 billion pieces [54] - The shipping container index (SCFI) was reported at 1445.06 points, with a week-on-week increase of 2.10% but a year-on-year decrease of 51.24% [42] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - It also highlights investment opportunities in the low-altitude economy, public transportation, and express delivery sectors, recommending companies like SF Express, J&T Express, and Yunda [5]

Financial Performance - Company reported total revenue of 10.775 billion yuan for the first half of 2025, a year-on-year increase of 44.05% [1] - Net profit attributable to shareholders reached 825 million yuan, up 13.08% year-on-year [1] - In Q2 2025, total revenue was 5.579 billion yuan, reflecting a 37.76% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 480 million yuan, a 23.15% increase year-on-year [1] - Gross margin improved to 20.5%, up 10.08% year-on-year, while net margin decreased to 10.27%, down 2.93% [1] Balance Sheet and Cash Flow - Cash and cash equivalents increased significantly to 6.011 billion yuan, a 188.42% rise year-on-year [1] - Accounts receivable grew to 1.128 billion yuan, up 41.82% year-on-year, representing 73.67% of the latest annual net profit [1] - Total liabilities with interest reached 8.022 billion yuan, an 8.75% increase from the previous year [1] - Operating cash flow per share was 0.96 yuan, a substantial increase of 72.11% year-on-year [1] Investment and Market Outlook - Company has a Return on Invested Capital (ROIC) of 8.51%, indicating average capital returns [3] - The company is focused on the renewable energy sector, including the transportation of wind power and photovoltaic equipment, which are among its top three cargo types [4] - The outlook for China's wind power equipment exports remains positive, driven by overseas energy transition demands and domestic companies expanding into international markets [4]

Meeting Overview - The 29th meeting of the 8th Board of Directors of China COSCO Shipping Specialized Carriers Co., Ltd. was held on August 18, 2025, with 8 participants present and one director represented by proxy [1] - The meeting was chaired by Chairman Zhang Wei and was attended by all supervisors and some senior executives [1] Resolutions Passed - The board approved the 2025 semi-annual report, which had been reviewed by the audit committee prior to the meeting [2] - The board approved the risk assessment report for the first half of 2025 from COSCO Shipping Group Finance Co., Ltd., also reviewed by the audit committee [2] - The board approved a special report on the storage and use of raised funds for the first half of 2025, which was reviewed by the audit committee [2] - The board approved the appointment of the accounting firm for 2025, pending approval from the shareholders' meeting [3] - The board approved the financing guarantee limit for 2025, also pending approval from the shareholders' meeting [3] - The board approved the proposal to cancel the supervisory board and amend the company's articles of association, pending approval from the shareholders' meeting [4] - The board approved the nomination of candidates for the 9th Board of Directors, pending approval from the shareholders' meeting [4] - The board approved the convening of the first extraordinary shareholders' meeting of 2025, with notifications to be issued in accordance with regulations [4][5]

Meeting Overview - The 17th meeting of the 8th Supervisory Board of COSCO Shipping Specialized Carriers Co., Ltd. was held, with a notification sent on August 18, 2025, and attended by 4 members, while one member participated by proxy [1][2]. Resolutions Passed - The Supervisory Board unanimously approved the 2025 semi-annual report, confirming it accurately reflects the company's operational and financial status without any false statements or omissions [1][2]. - The risk assessment report for the first half of 2025 from COSCO Shipping Group Finance Co., Ltd. was also approved unanimously [2]. - A special report on the storage and use of raised funds for the first half of 2025 was approved unanimously [2]. - The appointment of the accounting firm for 2025 was approved unanimously [2]. - The proposal for the financing guarantee limit for 2025 was approved unanimously [2]. - A proposal to abolish the Supervisory Board was passed, pending approval from the shareholders' meeting, while the Supervisory Board will continue to fulfill its duties until then [2].

Summary of Key Points Core Viewpoint - The company plans to provide a total financing guarantee of up to 314,600 million RMB (or equivalent in other currencies) for 15 subsidiaries in 2025, with specific allocations based on their debt ratios [1][3][8]. Group 1: Guarantee Details - The financing guarantee includes up to 64,600 million RMB for 13 subsidiaries with a debt ratio not exceeding 70% [1][3]. - For 2 subsidiaries with a debt ratio exceeding 70%, the company plans to provide a guarantee of up to 250,000 million RMB [1][3]. - The total amount of external guarantees does not exceed the company's latest audited net assets [1][5]. Group 2: Financial Health of Subsidiaries - The total amount of overdue external guarantees is 0 million RMB, indicating no current financial distress [1][3]. - The financial metrics of the subsidiaries show varying levels of asset totals, liabilities, and net profits, with some subsidiaries having significant revenue and profit figures [10][11][12][15]. Group 3: Approval Process - The proposed guarantees require approval from the company's shareholders' meeting, ensuring corporate governance and oversight [3][8]. - The decision was made during the 29th meeting of the 8th Board of Directors held on August 28, 2025 [8].

Core Viewpoint - The report evaluates the financial status and risk management of China COSCO Shipping Financial Co., Ltd., highlighting its compliance with regulatory requirements and its stable financial performance as of June 2025 [1][26]. Group 1: Company Overview - China COSCO Shipping Financial Co., Ltd. was established in December 2009 with an initial registered capital of 300 million RMB, which was later increased to 1.2 billion RMB [1][2]. - The company underwent a merger in July 2018, resulting in a new registered capital of 2.8 billion RMB, which was subsequently increased to 6 billion RMB in June 2020 and 19.5 billion RMB in November 2022 [3][5]. Group 2: Financial Performance - As of June 30, 2025, the total assets of the financial company amounted to 197.85 billion RMB, with total liabilities of 173.33 billion RMB, resulting in owner’s equity of 24.52 billion RMB [26]. - The company reported total operating income of 2.639 billion RMB and a net profit of 618 million RMB for the same period [26]. Group 3: Risk Management - The financial company has established a comprehensive risk management strategy that aligns with its business development, ensuring that risks are within acceptable limits [8][9]. - The company maintains a capital adequacy ratio of 24.12%, significantly above the regulatory requirement of 10.5%, and has a non-performing asset ratio of 0% [26]. Group 4: Regulatory Compliance - The financial company adheres to various regulatory frameworks, including the "Enterprise Group Financial Company Management Measures" and has not encountered any significant compliance issues since its establishment [26][28]. - The company has implemented a robust internal control system, ensuring effective governance and risk management practices [25][26]. Group 5: Business Operations - The financial company primarily serves members of the COSCO Shipping Group, providing services such as deposit acceptance, loans, and financial consulting [7][9]. - The company has established a clear organizational structure with defined roles and responsibilities to enhance operational efficiency and risk oversight [6][10].