Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* ʮ̡ (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1138) 2026 INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 FINANCIAL HIGHLIGHTS • Revenues of the Group for the Reporting Period amounted to approximately RMB15.079 billion, representing an increase of about 30.3% as compared with the corresponding period in 2025 (as restated) • Profit for the Reporting Period attributable to equity holders of the Company amounted to approximately RM B4.56 billion, representing an increase of about 140.6% as compared with the corresponding period in 2025 (as restated) • The basic and diluted earnings per share for the Reporting Period were RMB83.34 cents and RMB83.22 cents, respectively and the basic and diluted earnings per share for the corresponding period in 2025 (as restated) were RM B39.69 c ents and RM B39.69 cents, respectively • Pursuant to the authorization by the annual general meeting, the Board has decided to proceed with an interim profit distribution of RMB0.28 per share (inclusive of tax) for the six months ended 30 June 2026. The board (the “ Board ”) of directors of COSCO SHIPPING Energy Transportation Co., Ltd. (the “ Company ”) is pleased to announce the unaudited interim results of the Company and its subsidiaries (together referred to as the “ Group ”) for the six months ended 30 June 2026 (the “Reporting Period ”), together with the comparative figures for the corresponding period in 2025 (as restated).
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– 2 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 Six months ended 30 June Notes 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited and restated) Revenues 4 15,079,434 11,575,618 Operating costs (8,843,066) (8,908,294) Gross profit 6,236,368 2,667,324 Other income and other gains, net 5 282,095 397,529 Marketing expenses (42,992) (36,140) Administrative expenses (554,770) (508,037) Provision for impairment losses on financial and contract assets (8,363) (5,549) Other expenses (53,913) (41,383) Share of profits of associates 305,058 266,678 Share of profits of joint ventures 387,551 365,843 Finance costs 6 (635,435) (707,149) Profit before tax 5,915,599 2,399,116 Income tax expense 7 (1,123,994) (306,492) Profit for the period 4,791,605 2,092,624 Other comprehensive (loss)/income Items that will not be reclassified subsequently to profit or loss, net of tax: Changes in the fair value of equity investments at fair value through other comprehensive income (“FVOCI”) (53,947) 56,215 Exchange differences from translation of financial statements of subsidiaries (50,756) (6,729) Items that may be reclassified subsequently to profit or loss, net of tax: Exchange differences from translation of financial statements of subsidiaries, joint ventures and associates (560,632) (125,412) Net profit/(loss) on cash flow hedges 91,328 (97,058) Hedging profit reclassified to profit or loss (8,145) (25,738) Share of other comprehensive (loss)/income of associates (74,224) 13,175 Share of other comprehensive (loss)/income of joint ventures (250,236) 53,017 Other comprehensive loss for the period (906,612) (132,530) Total comprehensive income for the period 3,884,993 1,960,094
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– 3 – Six months ended 30 June Note 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited and restated) Profit for the period attributable to: Equity holders of the Company 4,555,557 1,893,562 Non-controlling interests 236,048 199,062 Profit for the period 4,791,605 2,092,624 Total comprehensive income for the period attributable to: Equity holders of the Company 3,688,451 1,792,872 Non-controlling interests 196,542 167,222 3,884,993 1,960,094 Earnings per share 8 – Basic (RMB cents/share) 83.34 39.69 – Diluted (RMB cents/share) 83.22 39.69
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– 4 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 30 June 2026 31 December 2025 RMB’000 RMB’000 (Unaudited) (Unaudited and restated) NON-CURRENT ASSETS Investment properties 103,131 103,131 Property, plant and equipment 55,951,683 55,821,356 Right-of-use assets 1,055,797 626,005 Goodwill 85,850 85,850 Investments in associates 6,066,610 6,124,293 Investments in joint ventures 8,213,261 7,185,500 Loan receivables 1,186,763 1,243,079 Financial assets at FVOCI 375,112 438,579 Deferred tax assets 34,386 35,354 Derivative financial instruments 144,571 81,038 Other non-current assets 3,230,052 1,906,298 76,447,216 73,650,483 CURRENT ASSETS Current portion of loan receivables 29,704 23,618 Inventories 1,261,107 978,118 Contract assets 1,858,449 1,947,578 Trade and bills receivables 1,645,629 664,345 Prepayments, deposits and other receivables 1,260,615 1,089,356 Taxes recoverable 50,191 45,680 Restricted bank deposits 938 937 Cash and bank 18,190,925 15,454,372 24,297,558 20,204,004 Assets classified as held for sale – 139,516 24,297,558 20,343,520 TOTAL ASSETS 100,744,774 93,994,003
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– 5 – 30 June 2026 31 December 2025 RMB’000 RMB’000 (Unaudited) (Unaudited and restated) NON-CURRENT LIABILITIES Provision and other liabilities 72,226 78,824 Derivative financial instruments – 16,524 Interest-bearing bank and other borrowings 23,261,728 22,629,820 Other loans 1,901,018 2,025,414 Bond payable 2,500,000 – Defined benefit plan payable 119,295 127,117 Lease liabilities 454,111 217,053 Deferred tax liabilities 2,347,089 1,884,598 30,655,467 26,979,350 CURRENT LIABILITIES Trade payables 2,503,063 2,074,416 Other payables and accruals 5,262,268 2,477,185 Contract liabilities 47,238 99,102 Current portion of interest-bearing bank and other borrowings 9,762,539 10,164,017 Current portion of other loans 216,396 215,079 Current portion of bond payable 5,362 – Current portion of defined benefit plan payable 10,607 11,130 Current portion of lease liabilities 592,506 483,079 Tax payable 354,814 264,105 18,754,793 15,788,113 TOTAL LIABILITIES 49,410,260 42,767,463 EQUITY Equity attributable to equity holders of the Company Share capital 5,471,207 5,465,221 Reserves 42,632,923 42,518,524 48,104,130 47,983,745 Non-controlling interests 3,230,384 3,242,795 TOTAL EQUITY 51,334,514 51,226,540
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– 6 – Notes: 1. CORPORATE INFORMATION The Company is a joint stock company with limited liability established in the People’s Republic of China (the “PRC”). The registered office of the Company is Room A-1015, No.188 Ye Sheng Road, China (Shanghai) Pilot Free Trade Zone Lingang Special Area, the PRC and the principal place of business is 670 Dongdaming Road, Hongkou District, Shanghai, the PRC. During the period, the Group was involved in the following principal activities: (1) investment holding; (2) oil shipment along the PRC coast and international shipment; (3) vessel chartering; (4) liquefied natural gas (“ LNG”) shipping; (5) liquefied petroleum gas (“ LPG”) transportation; and/or (6) chemical transportation. The Board regards China COSCO SHIPPING Corporation Limited (“ COSCO SHIPPING ”), a state-owned enterprise established in the PRC, as being the Company’s ultimate parent company. The Board regards China Shipping Group Company Limited (“ China Shipping ”), a state-owned enterprise established in the PRC, as the immediate parent company. The A Shares (“ A Shares ”) and H Shares (“ H Shares ”) of the Company are listed on the Main Board of the Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) respectively. This condensed consolidated interim financial information for the six months ended 30 June 2026 (the “ Interim Financial Information ”) is presented in Renminbi (“ RMB”), which is the functional currency of the Company, and all values are rounded to the nearest thousand except where otherwise indicated. The Interim Financial Information was approved for issue by the Board on 28 August 2026. The Interim Financial Information has not been audited.
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– 7 – 2. BASIS OF PREPARATION OF HALF-YEAR REPORT AND ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF HALF-YEAR REPORT The Interim Financial Information of the Group for the six months ended 30 June 2026 has been prepared in accordance with Hong Kong Accounting Standard (“ HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Merger accounting for business combination involving entities under common control (a) Acquisition during the six months ended 30 June 2026 On 30 June 2026, the Group completed the acquisitions from COSCO SHIPPING of 100% equity interests in COSCO SHIPPING Dalian Investment Co., Ltd.* (“ ʕჃऎ༶ɽஹҳ༟Ϟ ʮ̡ ” or “ COSCO SHIPPING Investment Dalian ”) for considerations of approximately RMB1,584,718,000. The principle activity of COSCO SHIPPING Investment Dalian is LPG transportation. As the COSCO SHIPPING Investment Dalian is ultimately controlled by COSCO SHIPPING, the aforesaid transaction was regarded as business combination under common control. The comparative information in these consolidated financial statements has been restated accordingly under merger accounting. The net assets of the COSCO SHIPPING Investment Dalian are consolidated using the existing book values from the controlling party’s perspective. No amount is recognised in respect of goodwill or excess of acquirer’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over cost at the time of common control combination, to the extent of the continuation of the controlling party’s interest. The adjustments to eliminate share/ registered capital of the combining entity or business against the related investment costs have been made to merger reserve in the consolidated statement of changes in equity. The condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the prior periods have been restated to include the operating results of the COSCO SHIPPING Investment Dalian as if those acquisitions had been completed on the date when the COSCO SHIPPING Investment Dalian were initially brought under the control of COSCO SHIPPING. (b) Acquisition during year ended 31 December 2025 On 28 October 2025 and as disclosed in the announcement of the Company published on the same date, the Board approved the acquisition of 100% equity interest in COSCO SHIPPING LPG Transportation (Shanghai) Co., Ltd.* (“ʮ̡ ” or “ Shanghai Liquefied Gas ”) held by COSCO SHIPPING Investment Dalian, which focus on LPG transportation, by a wholly-owned subsidiary of the Company, Dalian COSCO SHIPPING Energy Supply Chain Co., Ltd.* (“ʮ̡ ” or “ Dalian COSCO Energy ”), in order to achieve unified operation and development of the LPG transportation business. The aggregate consideration for the acquisition of Shanghai Liquefied Gas is approximately RMB598,290,000. The above-mentioned acquisition was completed on 31 December 2025. As COSCO SHIPPING Investment Dalian is ultimately controlled by COSCO SHIPPING, the acquisition of Shanghai Liquefied Gas was regarded as business combination under common control.
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– 8 – The net assets of Shanghai Liquefied Gas are consolidated using the existing book values from the controlling party’s perspective. No amount is recognised in respect of goodwill or excess of acquirer’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over cost at the time of common control combination, to the extent of the continuation of the controlling party’s interest. The adjustments to eliminate share/registered capital of the combining entity or business against the related investment costs have been made to merger reserve in the consolidated statement of changes in equity. The condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the prior periods have been restated to include the operating results of Shanghai Liquefied Gas as if the acquisition had been completed on the date when Shanghai Liquefied Gas was initially brought under the control of COSCO SHIPPING. 2.2 ACCOUNTING POLICIES The Interim Financial Information have been prepared on the historical cost basis except for certain financial assets and liabilities (including derivative instruments) and investment property measured at fair value or revalued amount. The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2025 and any public announcements made by the Group during the interim reporting period. The accounting policies used in the Interim Financial Information are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025, except as described below. Application of amendments to HKFRS Accounting Standards In the current interim period, the Group has applied, for the first time, the following amendments to HKFRS Accounting Standards issued by the HKICPA which are effective for the Group’s financial year beginning 1 January 2026: Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to HKFRS Accounting Standards Annual Improvements to HKFRS Accounting Standards – Volume 11 The application of the amendments to HKFRS Accounting Standards in the current interim period has had no material impact on the Group’s financial performance and positions for the current and prior periods and/or on the disclosures set out in the Interim Financial Information.
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– 9 – 3. ESTIMATES The preparation of Interim Financial Information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The Group’s major operating assets represent vessels. Management determines the estimated useful lives, residual values and related depreciation expenses for vessels. Management estimates useful lives of vessels by reference to the Group’s business model, its assets management policy, the industry practice, expected usage of the vessels, expected repair and maintenance, and technical or commercial obsolescence arising from changes or improvements in the vessel market. Management determines the estimated residual value for its vessels by reference to all relevant factors (including the use of the current scrap values of steels in an active market) at each measurement date. The depreciation expense will change where the useful lives or residual value of vessels are different from the previous estimate. In addition to the above, in preparing this Interim Financial Information, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2025. 4. REVENUES AND SEGMENT INFORMATION Segment information is presented by way of two segment formats: (i) on a primary segment reporting basis, by business segment; and (ii) on a secondary segment reporting basis, by geographical segment. The Group’s business segments are categorised as follows: (1) Oil transportation – oil shipment – vessel chartering (2) LNG shipping (3) LPG transportation (4) Chemical transportation The Group’s operating businesses are structured and managed separately, according to the nature of their operations and the services they provide. Each of the Group’s business segments represents a strategic business unit that offers services which are subject to risks and returns that are different from those of the other business segments.
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– 10 – Business segments An analysis of the Group’s revenues and contribution by principal activity and geographical area of operations for the period is set out as follows: Six months ended 30 June 2026 2025 Revenues Contribution Revenues Contribution RMB’000 RMB’000 RMB’000 RMB’000 (Restated) (Restated) By principal activity: Oil transportation – Oil shipment 12,012,747 4,871,829 9,034,034 1,630,651 – Vessel chartering 1,169,309 566,061 994,741 342,513 13,182,056 5,437,890 10,028,775 1,973,164 LNG shipping 1,520,146 711,462 1,244,020 617,159 LPG transportation 178,552 55,156 142,909 34,312 Chemical transportation 198,680 31,860 159,914 42,689 15,079,434 6,236,368 11,575,618 2,667,324 Other income and other gains, net 282,095 397,529 Marketing expenses (42,992) (36,140) Administrative expenses (554,770) (508,037) Provision for impairment losses on financial and contract assets (8,363) (5,549) Other expenses (53,913) (41,383) Share of profits of associates 305,058 266,678 Share of profits of joint ventures 387,551 365,843 Finance costs (635,435) (707,149) Profit before tax 5,915,599 2,399,116 The Group’s revenues for the period are recognised over time. The Group’s revenues are mainly with contract period of less than one year. So, the Group takes the expedient not to disclose the unsatisfied performance obligation under HKFRS 15. Segment contribution represents gross profit incurred by each segment without allocation of administrative expenses (including emoluments of directors and senior managements), marketing expenses, provision for impairment losses on financial and contract assets, other expenses, share of profits of associates, share of profits of joint ventures, other income and other gains, net and finance costs. This is the supporting information reported to the Group’s chief operating decision makers for the purposes of resource allocation and performance assessment.
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– 11 – The Group’s business segments are presented based on revenue and contribution after elimination. Inter segment transactions are charged at prevailing market price. 30 June 2026 31 December 2025 RMB’000 RMB’000 (Restated) Total segment assets Oil transportation 57,128,763 52,022,691 LNG shipping 35,297,460 33,858,776 LPG transportation 2,938,852 2,566,298 Chemical transportation 1,111,891 1,103,360 Others 4,267,808 4,442,878 100,744,774 93,994,003 Total segment liabilities Oil transportation 25,445,246 21,197,583 LNG shipping 18,178,816 17,945,949 LPG transportation 3,095,124 1,418,467 Chemical transportation 315,014 283,899 Others 2,376,060 1,921,565 49,410,260 42,767,463 As at 30 June 2026, the total net carrying amounts of the Group’s oil tankers, LNG vessels, LPG tankers and chemical tankers were approximately RM B26,761,058,000 (31 December 2025: approximately RMB27,526,331,000), RMB20,573,564,000 (31 December 2025: approximately RM B19,768,572,000), RMB1,419,758,000 (31 December 2025: approximately RMB1,153,927,000) and RMB933,640,000 (31 December 2025: approximately RMB966,016,000) respectively. Geographical segments Six months ended 30 June 2026 2025 Revenues Contribution Revenues Contribution RMB’000 RMB’000 RMB’000 RMB’000 (Restated) (Restated) By geographical area: Domestic 2,857,376 796,386 2,892,229 700,640 International 12,222,058 5,439,982 8,683,389 1,966,684 15,079,434 6,236,368 11,575,618 2,667,324 Geographical segments information is not presented by country, as the Group’s main business are shipping with routes all over the world, precluding a meaningful allocation of operating profit to specific country segments.
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– 12 – Other information Oil transportation LNG shipping LPG transportation Chemical transportation Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Six months ended 30 June 2026 Additions to non-current assets 1,956,979 1,169,547 652,225 35,048 6,420 3,820,219 Depreciation and amortisation 1,653,148 389,124 40,616 22,536 3,936 2,109,360 Gains/(losses) on disposal of property, plant and equipment, net 131,82 9––– ( 6 ) 131,823 Interest income 70,393 12,762 2,274 586 6,994 93,009 Six months ended 30 June 2025 (Restated) Additions to non-current assets 751,216 707,396 364,724 34,412 26,527 1,884,275 Depreciation and amortisation 1,611,233 297,901 27,849 14,910 4,596 1,956,489 Gains on disposal of property, plant and equipment, net 74,19 1–––– 74,191 Interest income 71,529 8,536 2,128 703 5,274 88,170 The principal assets employed by the Group are located in the PRC and, accordingly, no geographical segment analysis of assets and expenditure has been prepared for the six months ended 30 June 2026 and 2025. 5. OTHER INCOME AND OTHER GAINS, NET Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Restated) Other income Interest income from loan receivables 34,090 40,935 Bank interest income 58,919 47,235 Dividends income from financial assets at FVOCI 10,253 – Rental income from investment properties 6,020 2,692 Subsidies 126,600 176,606 Others 14,718 28,711 250,600 296,179 Other gains, net Exchange (losses)/gains, net (100,328) 26,471 Gains on disposal of property, plant and equipment, net 131,823 74,191 Others – 688 31,495 101,350 282,095 397,529
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– 13 – 6. FINANCE COSTS Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Restated) Interest expenses on: – bank and other borrowings and other loans 621,794 715,537 – bonds 5,362 – – interest rate swaps: cash flow hedges, reclassified from other comprehensive income (8,145) (25,738) – lease liabilities 18,553 21,523 – exchange losses, net 14,756 25,072 652,320 736,394 Less: interest capitalised (16,885) (29,245) 635,435 707,149 During the period, the capitalisation rates applied to funds borrowed and utilised for the vessels under construction were at rates of 0.78% to 2.78% (six months ended 30 June 2025: 2.25% to 6.19%) per annum. 7. INCOME TAX EXPENSE Six months ended 30 June Notes 2026 2025 RMB’000 RMB’000 (Restated) Current income tax PRC – provision for the period (i) 632,089 209,448 – adjustments for current tax of prior years 17,686 6,611 Hong Kong – provision for the period 1,750 595 Other districts – provision for the period (ii) 1,735 481 653,260 217,135 Deferred income tax Increase in deferred tax assets (146,155) (33,508) Increase in deferred tax liabilities 616,889 122,865 470,734 89,357 Total income tax expense 1,123,994 306,492
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– 14 – Notes: (i) PRC Corporate Income Tax Under the Law of the PRC on Corporate Income Tax Law (the “ CIT Law ”) and Implementation Regulation of the CIT Law, the tax rate of the entities within the Group established in the PRC is 25% (six months ended 30 June 2025: 25%) except for those entities with tax concession. (ii) Taxes or profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries or jurisdictions in which the entities within the Group operate. The Group is subject to the global minimum top-up tax under the Global Anti-base Erosion Rules (the “ Pillar Two Rules ”). The Group has applied the temporary exception from the accounting requirements for deferred taxes in HKAS 12. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. The Pillar Two Rules have become effective in the United Kingdom, Hong Kong and Singapore, where certain group entities are incorporated. The Group has assessed its exposure to Pillar Two income taxes and concluded that no top-up tax is expected to arise. The estimated effective tax rates in the jurisdictions in which the Group operates are generally above the 15 per cent minimum rate, while certain income, including qualifying international shipping income, is excluded from the scope of the GloBE Rules. Accordingly, the Board considers that the Group has no material exposure to top-up tax under the Pillar Two Rules. 8. EARNINGS PER SHARE (1) Basic Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Restated) Profit attributable to equity holders of the Company (RMB’000) 4,555,557 1,893,562 Weighted average number of ordinary shares in issue (thousand) 5,466,171 4,770,776 Basic earnings per share (RMB cents/share) 83.34 39.69 Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
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– 15 – (2) Diluted Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. The Company’s potentially dilutive ordinary shares comprised of share options. Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Restated) Profit attributable to equity holders of the Company (RMB’000) 4,555,557 1,893,562 Weighted average number of ordinary shares in issue (thousand) 5,466,171 4,770,776 Effect of dilutive potential ordinary shares: – Share options (thousand) 7,876 – Weighted average number of ordinary shares for the purpose of diluted earnings per share (thousand) 5,474,047 4,770,776 Diluted earnings per share (RMB cents/share) (Note) 83.22 39.69 Note: For the six months ended 30 June 2026, the share options granted by the Company had a dilutive effect on earnings per share. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption that all potential dilutive ordinary shares arising from the Company’s share options have been converted into ordinary shares. 9. DIVIDENDS Six months ended 30 June 2026 2025 RMB’000 RMB’000 Ordinary shares Final dividend for 2025 – RMB0.38 per share (Final dividend for 2024 – RMB0.21 per share) 2,079,059 1,001,863 Final dividend of RM B0.38 per share in respect of the year ended 31 December 2025 was approved by shareholders at the annual general meeting held on 26 June 2026 and no payment was paid during the reporting period. The Company has decided to proceed with an interim profit distribution of RM B0.28 per share (inclusive of applicable tax) for the six months ended 30 June 2026 (six months ended 30 June 2025: Nil).
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– 16 – MANAGEMENT DISCUSSION AND ANALYSIS I. The main businesses, operating model of the Company and conditions of the industry during the Reporting Period 1. Industry and characteristics The Group is mainly engaged in the shipping of crude oil, product oil, LNG, LPG, chemicals and other bulk liquid hazardous cargo. With oil tanker and LNG transportation as its two core businesses, the Group possesses extensive management experience and strong brand recognition, maintaining a solid corporate image within the industry. Oil, natural gas, and chemicals fall under the category of bulk commodities and serve as core materials for global economic activities. They provide a crucial foundation for industrial production, equipment manufacturing, and consumer consumption while also playing an essential role in international trade. Due to the imbalance between the distribution and consumption regions of energy resource, global trade flows have consequently emerged. Serving as a bridge connecting producing and consuming countries, the shipping industry undertakes the majority of oil, natural gas and chemical transportation. It not only drives global economic growth but also strengthens the resilience and long-term stability of the global supply chain. The shipping industry is characterized by the following key features: (1) High cyclicality: The shipping industry is highly dependent on trade development, which is closely linked to economic conditions. As a result, transportation demand in the shipping industry is easily influenced by economic cycles. (2) High volatility: The supply of transportation capacity in the market is difficult to perfectly align with transportation demand at all times and in all locations. On the one hand, as transportation demand fluctuates, adjusting global shipping capacity cannot be accomplished instantly. On the other hand, the addition and removal of vessels from the market require a certain amount of time. As a result, the imbalance between the supply of transportation capacity and transportation demand often leads to significant uncertainty and volatility in freight rates. (3) High capital intensity: The shipping industry is a capital-intensive sector. The construction, maintenance and operation of vessels require substantial investment. Furthermore, the long lifespan of vessels often results in prolonged investment return periods for the industry.
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– 17 – (4) Stringent regulatory environment: The shipping industry is highly regulated, encompassing vessel safety, environmental protection, crew rights, and navigation rules. The IMO has established regulations such as the International Convention for the Safety of Life at Sea (SOLAS), the International Convention for the Prevention of Pollution from Ships (MARPOL), and the Maritime Labour Convention (MLC). Although these regulations enhance industry safety and environmental protection, they also add to the operational costs and complexity in the shipping industry. As a result, the shipping industry requires a high level of technical expertise. The Group, with vessels as its core assets and high-quality crew teams, safety management capabilities, and global operational coordination as its core competencies, provides maritime energy transportation services to global clients. The shipping industry segment in which the Group operates has the following characteristics: (1) Oil transportation: Crude oil is unprocessed natural petroleum extracted directly from underground or seabed deposits, with maritime transportation serving as the primary method for global oil transportation. Cross-regional seaborne crude oil shipments offer high volume and low cost but remain highly dependent on critical maritime routes, making them susceptible to geopolitical tensions and changes in natural conditions; the major trade flows are from production regions in the Middle East, West Africa, the Americas and Russia to core consumption regions in Asia and Europe. Product oil, including gasoline, diesel and naphtha, is derived from crude oil through refining and processing. The trade pattern is dominated by “intra-regional circulation, supplemented by cross-regional complementarity”. Core exporters include the Middle East and Asian countries such as Singapore, while regions with limited refining capacity, such as Europe and the Americas are major importers. Overall, trade flows are influenced by factors including refining capacity distribution, geopolitics and shipping costs. The principal vessel types include VLCC, Suezmax, Aframax/LR2, Panamax/LR1 and MR. (2) LNG transportation: LNG is natural gas liquefied at an ultra-low temperature of -162°C, shrinking its volume to approximately 1/600 of its original gaseous volume. During transportation, it must be maintained at low temperatures, requiring exceptionally high insulation performance for transportation equipment. Additionally, LNG transportation requires stringent safety measures to prevent leaks, fires, and other accidents. As a result, LNG carriers have been recognised internationally as “three high” products with high technology, high difficulty and high added value. In the current global LNG fleet, most shipowners enter into long-term time charters with charterers, which brings stable freight and investment returns for shipping enterprises while ensuring reliable energy supply to energy traders.
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– 18 – (3) LPG transportation: LPG is a by-product of petroleum extraction, refining and natural gas production, primarily composed of propane and butane, and may also include petrochemical products such as ethylene, propylene, and butylene, with trade flows primarily from regions such as the Middle East and the United States to consumption markets such as Asia and Europe. Based on different liquefaction conditions during transportation, LPG carriers are mainly classified into fully pressurized, semi-refrigerated and fully refrigerated types. (4) Chemical transportation: Chemicals are generally classified into organic chemicals, inorganic chemicals and vegetable oils, which have diverse production sources, subcategories and end uses. The maritime trade of chemicals is primarily concentrated in three major regions, namely Europe, Asia and North America, which include key trade flows such as intra-Northeast Asia routes, European continental routes, and Southeast Asia-Northeast Asia routes. Chemical tankers are generally classified into IMO1, 2, and 3 types based on the level of environmental and safety hazards posed by the chemicals, with IMO 1 being the most hazardous and IMO 3 the least. 2. The competitive position and operating model of the Group in the industry The two core businesses of the Group are oil transportation and LNG shipping, and relying on China’s huge demand for oil and gas import, abundant international and domestic large-scale customer resources and the advantages of comprehensive industrial chain resources of the controlling shareholder, the Group has maintained its leading position in the oil and gas import transportation sector in China, exerting a good market influence and brand reputation by virtue of its excellent management expertise and leading fleet size. In terms of fleet size, the Group ranks among the world’s top tier with a complete type of vessels. As of 30 June 2026, the Group owned and controlled 153 oil tankers with a total capacity of 21.9 million Dead Weight Tonnage (DWT); 38 oil tankers with a total capacity of 4.28 million DWT are under construction; and had 6 VLCCs with a total capacity of 1.842 million DWT to be delivered under bareboat charters. As the tanker owner with the most comprehensive vessel portfolio, the Group executes oil transportation business through diversified operational models including spot market chartering, time chartering, signing contracts of affreightment (COA) with cargo owners, and entering associated operating entities (POOL) using its self-owned and controlled tankers. By the multi-dimensional linkage of domestic and international trade, large and small vessels, and black and white oil, the Group fully unleashes the synergistic advantages of its vessel types and shipping route networks to provide customers with whole-process logistics solutions involving materials import in international trade, transshipment, and lightering in domestic trade, product oil transport and export, and downstream chemicals transportation, etc., to help customers reduce logistics costs and therefore realize win-win cooperation.
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– 19 – The Group continues to provide quality energy transportation services for domestic and international customers with its global marketing and service network, solid vessel safety-management expertise, and “customer-centric” business philosophy. Leveraging China’s position as the world’s leading oil and gas import market, the Group taps into vast opportunities in the domestic market and accumulates deep industry resources; while actively expanding overseas markets, it engages in in-depth cooperation with oil and gas companies and traders from multiple countries around the world. Through dedicated efforts over a long period, the Group has established solid strategic partnerships with leading domestic and international oil giants, overseas trading companies, and domestic independent refineries, laying a solid foundation for long-term business expansion and sustained growth in corporate value. As a leader in China’s LNG shipping business, the Group participates in global LNG shipping. COSCO SHIPPING LNG Investment (Shanghai) Co., Ltd. (“ ɪऎLNG”), a wholly-owned subsidiary of the Group, and China LNG Shipping (Holdings) Limited (“CLNG”), in which the Company holds 50% equity, are the leading large-scale LNG transportation companies in China. As of 30 June 2026, the Group had participated in the investment and construction of a total of 97 LNG carriers. Among them, 66 LNG carriers with a total capacity of 11.18 million cubic meters have been put into operation and 31 LNG carriers with a total capacity of 6.18 million cubic meters are under construction. In addition, the Group bareboat chartered-in and operates 1 LNG carrier with a capacity of 0.17 million cubic meters; 5 large scale gas carriers chartered-in under bareboat charter are under construction with a total capacity of approximately 0.50 million cubic meters. The commissioned vessels are all engaged in long-term charters, providing relatively stable income. In recent years, as the LNG carriers, for which the Group is involved in investment and construction, are put into operation, the Group’s LNG transportation business has entered the harvest period. The Group’s LPG transportation business is operated by Dalian COSCO SHIPPING Energy Supply Chain Co., Ltd.* (ʮ̡ ) (“ Dalian COSCO Energy ”), a wholly-owned subsidiary of the Group, which is primarily engaged in domestic coastal and international LPG shipping. The cargoes transported include LPG, propylene, butadiene, ethylene, and liquid ammonia and business activities are driven by diverse operational strategies including spot charters and time charters. As of 30 June 2026, the Group owned and controlled 14 LPG carriers with a total capacity of 140 thousand cubic meters; and had 5 LPG carriers with a total capacity of 360 thousand cubic meters under construction. The Group’s chemical transportation business is primarily operated by Shanghai COSCO SHIPPING Chemical Carrier Co., Ltd.* (“ Shanghai COSCO Chemical Carrier ”), a wholly-owned subsidiary of the Group, which is primarily engaged in international and domestic bulk chemical shipping. It specializes in foreign trade routes in Southeast Asia and Northeast Asia, as well as domestic coastal shipping, with extensive experience in managing chemical tankers. As of 30 June 2026, the Group owned 9 chemical tankers with a total capacity of 80 thousand DWT; and 1 chemical tanker with a total capacity of 10 thousand DWT is under construction.
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– 20 – China COSCO SHIPPING Corporation Limited, the controlling shareholder of the Group, has formed a relatively complete industrial structure system in the upstream and downstream industrial chains of shipping, ports, logistics, shipping finance, ship repair and building, and digital innovation. Relying on the solid resource background and brand advantages of COSCO SHIPPING Group, the Group is enabled to implement refined and centralized procurement of bunker fuel, sign preferential port usage agreements, enrich its customer base and route resources, and actively explore coordinated development with outstanding companies under the controlling shareholder, so as to provide better integrated energy transportation solutions and value-added services for all parties, and continues to move towards the goal of “resource integrator” and “solution provider”. In the overall business structure of the Group, the international (foreign trade) oil transportation business provides cyclical elasticity in the Group’s operating results. As a leading player in the coastal crude oil and product oil transportation industry in the PRC, the Group’s coastal (domestic trade) oil transportation business, together with its LNG transportation business, collectively serve as a vital “safety cushion” for the Group’s operating results. The LPG and chemical transportation segments have expanded the Group’s business footprint in the energy transportation sector, driving the continuous extension of its core business from maritime energy transportation to the energy and chemical logistics supply chain. II. A nalysis of the international and domestic energy transportation market during the Reporting Period 1. International oil shipping market In the first half of 2026, the global oil market was significantly influenced by geopolitical events. According to data from the International Energy Agency (IEA), on the supply side, impacted by restricted navigation through the Strait of Hormuz, global crude oil production in June was approximately 98.8 million barrels per day, still about 9.4 million barrels per day lower than before the US-Iran conflict. Oil demand was suppressed by high oil prices, with the IEA estimating a global demand reduction of approximately 1.0 million barrels per day for the year; China’s crude oil imports from January to June decreased by 11.4% year-on-year, with June imports falling to approximately 29 million tonnes, a near-decade low. International crude oil shipping market: In the first half of 2026, the crude oil tanker shipping market experienced significant volatility due to the geopolitical situation in the Middle East, with freight rates reaching historically high levels. During the Reporting Period, according to data from the Baltic Exchange, for the highly active VLCC routes, the average market TCE for the TD15 route (West Africa-China) was USD117,773 per day, an increase of approximately 180% compared to the corresponding period last year; the average market TCE for the TD22 route (US Gulf-China) was US D111,083 per day, an increase of approximately 170% compared to the corresponding period last year.
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– 21 – At the shipping demand level, the VLCC shipping market showed significant phased differences, clearly demarcated by the outbreak of the US-Iran conflict: (1) From January to February, the VLCC market was driven by multiple factors, including persistently tight compliant capacity, compact crude oil import schedules in China, effectively increased shipowner concentration, and rising geopolitical risk premiums in the region, leading to strong upward momentum in transportation demand; (2) After the outbreak of the US-Iran conflict, geopolitical security risks in the Strait of Hormuz rapidly escalated, causing a significant decline in commercial vessel traffic. Approximately 15 million barrels per day of crude oil exports flowing through the strait were disrupted. Although Saudi Arabia diverted approximately 7.2 million barrels per day of cargo through its East-West crude oil pipeline to Yanbu port, and ship-to-ship transfers in the Gulf of Oman peaked at 1.8 million barrels per day, these alternative routes still could not fully compensate for the supply gap. Asian importers turned to sourcing crude oil from more distant regions such as the US Gulf, West Africa, and South America, driving an increase of approximately 3.5 million barrels per day in crude oil exports from the Atlantic Basin to markets east of the Suez Canal. VLCC cargo flow structure shifted towards long- haul routes. From May onwards, the fundamental market tightness in supply did not fundamentally change, but the freight rate boosting effect from longer haul distances gradually diminished, and freight rates steadily declined from their highs. The Aframax tanker market showed a significant divergence between East and West: Markets west of the Suez Canal benefited from the release of transportation demand driven by the temporary waiver of the US Jones Act, combined with increased crude oil arbitrage trading between the US Gulf and the Mediterranean, generating substantial new short-to-medium haul cargoes, resulting in an overall robust market. Markets east of the Suez Canal continued to face pressure, with a large number of LR2s washing and converting to carry crude oil, introducing incremental capacity and weakening market sentiment significantly compared to the western market. In terms of capacity supply, according to Clarksons data, in the first half of 2026, 106 Panamax-sized and above tankers were delivered. This included 19 VLCCs, 26 Suezmax, and 47 Aframax/LR2s; during the corresponding period, 6 vessels were scrapped, including 2 VLCCs. From a book data perspective, global VLCC capacity showed net growth, but non-compliant capacity accounted for nearly 20% of the global tanker fleet. Therefore, the supply of capacity in the compliant market remained persistently tight during the Reporting Period. International product oil shipping market: In the first half of 2026, the product oil tanker market experienced phased divergences. In the early period, freight rates for product oil tankers moved up periodically, driven by cross-regional supply and demand gaps and the premium impact of crude oil tanker freight rates. From the second quarter onwards, as oil flows through the Strait of Hormuz were disrupted, global refinery utilization rates declined, product oil trade volumes contracted, and freight rates generally retreated amidst fluctuations.
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– 22 – In terms of shipping demand, increased navigation risks in the Strait of Hormuz suppressed Middle Eastern product oil exports; additionally, China tightened product oil export policies starting in March, further constraining global product oil supply. Consumer regions like Europe turned to the US Gulf and West Africa for alternative product oil supplies. Meanwhile, impacted by tight feedstock supply, Asian refineries lowered their operating rates, driving a year-on-year decline of 4.7 million barrels per day in global refinery throughput to 78.5 million barrels per day in the second quarter. In terms of capacity supply, according to Clarksons data, in the first half of 2026, 41 LR2s and 56 MRs were delivered; no LR2s and 5 MRs were scrapped; new orders placed were 62 LR2s and 86 MRs. As of the end of the Reporting Period, global newbuilding orders for LR2 and MR vessels stood at 199 and 303, respectively. 2. Domestic oil shipping market Crude oil shipping market: In the first half of 2026, the total domestic crude oil transportation volume (MR and above) was approximately 52 million tons, an increase of approximately 6 million tons year-on-year. By cargo source structure, offshore crude oil production remained high, with corresponding volume increasing by approximately 1 million tons year-on-year. Transshipment oil contributed an increase of approximately 5 million tons, primarily from the first quarter; in the second quarter, affected by the Middle East geopolitical situation, China’s crude oil imports declined rapidly, leading to a certain degree of decline in transshipment crude oil transportation volume on a quarter-on-quarter basis. Product oil shipping market: Changes in the Middle East geopolitical situation caused short-term supply-demand mismatches in the product oil market, leading to a decline in trade volumes. Coupled with weakening end-user demand and tight crude oil feedstock supply, some refineries proactively adjusted their operating rates, resulting in an overall contraction in product oil output, and correspondingly lower MR tanker demand for product oil transportation. 3. LNG shipping market In the first half of 2026, impacted by the geopolitical turmoil in the Middle East, the LNG trade and shipping market experienced heightened volatility. The spot shipping market moved lower initially before rising. At the beginning of the year, market capacity was ample, and spot charter rates were low. In March, due to restricted navigation through the Strait of Hormuz and hampered Qatari shipments, global LNG trade routes adjusted rapidly, increasing haul distances, and available LNG vessel capacity tightened. Concurrently, the startup of the US Golden Pass LNG export project drove up charter
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– 23 – rates. In June, following a temporary ceasefire agreement between the US and Iran, geopolitical risk sentiment subsided, causing market charter rates to retreat from their highs. In the medium-to-long-term time charter market, newbuilding prices remained high, coupled with expectations of demand from new export projects concentrated after 2028, long-term charter rates generally remained resilient. In terms of capacity supply, accelerated new vessel deliveries drove fleet growth. According to Clarksons data, 42 LNG carriers were delivered globally in the first half of the year, a year-on-year increase of approximately 17%. At the same time, significant increases in voyage costs such as fuel prices, and operating costs, put pressure on older vessels, accelerating capacity removal, with 6 steam turbine vessels scrapped in the first half, a higher level for the corresponding period in recent years. As of the end of June 2026, the global fleet of LNG carriers over 100,000 cubic metres reached 796 vessels, with 291 vessels on order. 4. LPG shipping market International shipping market: In the first half of 2026, the VLGC spot market freight rates were impacted by escalating geopolitical conflicts in the Middle East and restricted navigation through the Strait of Hormuz. Global trade patterns adjusted, leading to a restructuring of trade flows that redirected source cargoes towards the US Gulf region. This significantly increased tonne-mile demand, tightening market capacity supply. Freight rates initially fell then rose, showing an overall upward trend amidst fluctuations. In terms of capacity supply, 20 VLGCs were delivered globally in the first half of 2026, while only 1 older vessel was scrapped. A total of 38 new vessels are expected to be delivered for the full year. Domestic shipping market: In the first half of 2026, dominated by the dual factors of the Middle East geopolitical situation and supply-demand fundamentals, high international LPG prices combined with supply chain instability drove up domestic import costs. On the demand side, civil combustion entered a traditional off-season, leading to sluggish end-consumption; in the chemical sector, due to rising raw material costs, downstream plants generally reduced production and lowered operating rates. Trade activity also declined in parallel, reducing the demand for domestic vessel turnaround. In the first half, the combined domestic shipping volume for LPG, butadiene, and propylene was 2.3147 million tons, a decrease of 15% compared to the corresponding period last year.
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– 24 – As of June 2026, there were 86 domestic coastal inter-provincial LPG carriers. In terms of vessel type trends, high-value-added vessels capable of transporting both ethylene and liquid ammonia are becoming a hotspot in the market layout. Currently, orders under construction include 6 ethylene carriers and 2 liquid ammonia carriers. 5. Chemical shipping market International shipping market: In the first half of 2026, the global chemical shipping market experienced significant fluctuations. Early in the year, the market faced the dual pressures of slowing trade growth and increasing capacity supply. The escalation of geopolitical conflicts in the Middle East, leading to continued restrictions on navigation through the Strait of Hormuz, further exacerbated market uncertainty. According to Drewry data, the global seaborne chemical/vegetable oil trade volume is forecasted to be 312 million tons in 2026, a contraction of 1.6% year-on-year; the global chemical tanker fleet is projected to reach 143.5 million DWT in 2026, a year-on-year expansion of 3.7%. Domestic shipping market: In the first half of 2026, overall market demand in the petrochemical industry remained weak. Starting in March, affected by the Middle East geopolitical conflict, fuel prices surged, causing a spike in freight rates driven by costs. However, with the ongoing conflict, petrochemical companies reduced exports of finished products due to insufficient raw materials, and the domestic chemical shipping market continued to face pressure. III. Review of Operating Results during the Reporting Period As of 30 June 2026, the Group o wned and controlled 153 oil tan kers with a total capacity of 21.90 million DWT. Among the 97 LNG vessels in which the Group has invested and is constructing, 66 LNG vessels with a total capacit y of 11.18 million cubic metres have been put into operation; in addition, one bareboat-chartered LNG vessel with a capacity of 0.17 million cubic metres has also been put into operation. The Group also owned and controlled 14 LPG carriers with a total capacity of 0.14 million cubic metres; and owned 9 chemical tankers with a total capacity of 0.08 million DWT.
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– 25 – In the first half of 2026, the Group achieved a transportation volume (excluding time charter) of 82.39 million tons, representing a year-on-year decrease of 12.79%; a transportation turnover (excluding time charter) of 267.2 billion tonne-miles, a year-on-year decrease of 22.05%; revenue from principal operations of RM B15.079 billion, a year-on-year increase of 30.26%; cost of principal operations of RM B8.843 billion, a year-on-year decrease of 0.73%; and a year-on-year increase of 18.4 percentage points in gross profit margin. Net profit attributable to shareholders of the listed company was RM B4.556 billion, a year-on-year increase of 140.58%; EBITDA was RMB8.660 billion, a year-on-year increase of 69.14%. In the first half of 2026, the global energy shipping market experienced significant fluctuations driven by escalating geopolitical conflicts, leading to a continuous reshaping of the energy trade landscape. The Group focused on enhancing its customer service capabilities and the resilience of the global energy supply chain. Through the following key measures, the Group achieved solid operating results: First, we continuously optimized the global oil tanker capacity and route network, flexibly responded to geopolitical risks, and coordinated efforts in both domestic and international trade businesses to enhance the Group’s oil tanker operating income. Second, the LNG shipping business operated steadily, with orderly progress on key projects and continuous extension of the industrial chain layout. Third, the energy and chemical logistics system was continuously improved, establishing a cross-border full-chain service model, with sustained release of supply chain synergies. Fourth, we deepened lean management and implemented multiple cost-reduction measures, achieving significant savings in fuel procurement and innovatively implementing several major financing projects to continuously optimize the financing structure. Fifth, we accelerated digital and green transformation, with several digital platforms built and put into use, and continued to advance energy-saving technical upgrades and environmental compliance construction. Sixth, we strictly adhered to safety and compliance standards, efficiently handled international navigation safety risks, and established a comprehensive full-process compliance risk control system. Seventh, we deeply promoted reforms and capital operations, successfully completing equity acquisitions of subsidiaries and major project financing. ESG governance performance was significant, with rating levels steadily improving at authoritative institutions.
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– 26 – 1. Revenue from principal operations For the six months ended 30 June 2026, o verall conditions of the Group’s principal operations classified by products transported and geographical regions were as follows: Principal operations by products transported Industry or product Revenue Operating costs Gross profit margin Increase/ (decrease) in revenue as compared with the same period in 2025 (as restated) Increase/ (decrease) in operating costs as compared with the same period in 2025 (as restated) Increase/ (decrease) in gross profit margin as compared with the same period in 2025 (as restated) (RMB’000) (RMB’000) (%) (%) (%) (percentage points) Domestic crude oil 1,648,659 1,086,890 34.1 4.4 (3.1) 5.1 Domestic product oil 961,995 763,621 20.6 (12.6) (14.5) 1.7 Domestic oil tanker chartering 78,412 77,178 1.6 26.2 31.4 (3.8) Domestic Oil Shipping Sub-Total 2,689,066 1,927,689 28.3 (2.0) (7.0) 3.9 International crude oil 8,256,254 4,536,434 45.1 58.5 (0.1) 32.3 International product oil 1,145,839 753,973 34.2 0.1 (11.0) 8.2 International oil tanker chartering 1,090,897 526,070 51.8 17.0 (11.4) 15.4 International Oil Shipping Sub-Total 10,492,990 5,816,477 44.6 44.0 (2.8) 26.7 Oil Shipping Sub-Total 13,182,056 7,744,166 41.3 31.4 (3.9) 21.6 LNG Shipping 1,520,146 808,684 46.8 22.2 29.0 (2.8) LPG Shipping 178,552 123,396 30.9 24.9 13.6 6.9 Chemical Shipping 198,680 166,820 16.0 24.2 42.3 (10.7) Total 15,079,434 8,843,066 41.4 30.3 (0.7) 18.4
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– 27 – Principal operations by geographical regions Regions Revenue Operating costs Gross profit margin Increase/ (decrease) in revenue as compared with the same period in 2025 (as restated) Increase/ (decrease) in operating costs as compared with the same period in 2025 (as restated) Increase/ (decrease) in gross profit margin as compared with the same period in 2025 (as restated) (RMB’000) (RMB’000) (%) (%) (%) (percentage points) Domestic shipping 2,857,376 2,060,990 27.9 (1.2) (6.0) 3.7 International shipping 12,222,058 6,782,076 44.5 40.8 1.0 21.9 Total 15,079,434 8,843,066 41.4 30.3 (0.7) 18.4 2. Shipping business – Oil, gas and chemical shipping (1) International oil shipment business In the first half of 2026, the Group’s international oil tanker fleet completed international oil shipping revenue of RMB10.493 billion, a year-on-year increase of 44.0%; shipping gross profit of RM B4.677 billion, a year-on-year increase of 258.8%; and a gross profit margin of 44.6%, an increase of 26.7 percentage points year-on-year. Key operational highlights include: In the face of the complex situation characterized by intertwined changes in the international shipping market and ongoing geopolitical risks, the Group focused on securing safety, strengthening refined fleet operations, actively expanding high- quality customers, and seizing market fluctuation windows to enhance overall operational efficiency. Key measures include:
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– 28 – VLCC fleet: 1) In response to the sudden security risks in the Strait of Hormuz, we swiftly implemented emergency measures, closely communicated with customers, and timely adjusted the voyage arrangements for 14 VLCCs already fixed outside the Gulf, ensuring continuous production and operational stability, and striving to safeguard operational results. 2) In response to oil price fluctuations caused by geopolitical events, we conducted multiple procurement batches following prudent market analysis, effectively reducing fuel costs. During the Reporting Period, the weighted average procurement price of high and low sulfur fuel oil in Singapore for the VLCC fleet was 6.23% lower than the average Platt’s price for the same period, significantly saving fuel procurement costs. 3) We continued to deepen route cooperation with leading international oil companies and traders, renewed global route COA contracts, and successfully developed new customers and cargo sources, further enhancing overall commercial resilience. International small and medium-sized fleet: 1) The global deployment of the Aframax fleet achieved significant results, focusing on high-value cargoes on the Atlantic US Gulf-Europe and Mediterranean routes, as well as Pacific Canadian exports. At the same time, we successfully opened a new route to Argentina and operated a large triangular route Australia – South America – US West Coast – Far East. 2) We keenly seized windows created by market supply-demand mismatches and enhanced the overall fleet earnings through refined operations. In response to weakening demand in the product oil market triggered by the Middle East geopolitical situation, we effectively mitigated the pressure of product oil tanker capacity surplus by flexibly converting between crude and product oil tankers; simultaneously, we capitalized on opportunities during international vessels’ return windows to seamlessly transition international capacity to domestic trade voyages, hedging the risk of temporary domestic capacity surplus.
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– 29 – (2) Domestic oil shipping business In the first half of 2026, the Group’s domestic oil tanker fleet completed domestic oil shipping revenue of RM B2.689 billion, a year-on-year decrease of 2.0%; shipping gross profit of RMB0.761 billion, a year-on-year increase of 13.6%; and a gross profit margin of 28.3%, an increase of 3.9 percentage points year-on-year. Key operational highlights include: 1) Leveraging the advantages of fleet size and vessel type structure, and relying on high-quality and efficient transportation services, we deepened the integration of direct-sourced cargoes from core domestic transshipment oil customers. In the first half of 2026, despite a year-on-year decline in the national total crude oil import volume, the crude oil volume of the Company’s domestic self-operated vessels grew against the trend. 2) We continued to deepen business synergies with joint venture and associated enterprises, coordinated cargo sourcing by combining the strengths of each party’s fleet and route resources, intensified the development of high- value-added cargoes such as offshore oil, continuously optimized cargo mix to increase the proportion of high-quality cargoes, and comprehensively improved the fleet’s overall operational efficiency. (3) LNG shipping business In the first half of 2026, the G roup’s LNG transportation segment achieved operating revenue of RM B1.520 billion, a year-on-year increase of 22.2%; LNG transportation investment income of RM B0.463 billion, a year-on-year increase of 17.81%; and c ontributed net profit attributable to shareholders of the listed company of RMB0.512 billion, a year-on-year increase of 20.75%. Key operational highlights include: 1) We independently expanded international LNG shipping business, ordering 4 LNG carriers of 175,000 cubic metres each to increase medium-to-long-term charter business scale, steadily expand international cooperation, and solidify the foundation for globalized business development. 2) Following strategic customer needs, we bareboat chartered in 5 newly built 100,000 cubic metre large gas carriers with long-term charters attached, achieving a breakthrough in the Company’s industrial chain extension business.
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– 30 – (4) LPG shipping business In the first half of 2026, the Group’s LPG fleet achieved shipping revenue of RMB0.179 billion, a year-on-year increase of 24.9%; shipping gross profit of RMB0.055 billion, a year-on-year increase of 60.8%; and a gross profit margin of 30.9%, an increase of 6.9 percentage points year-on-year. Key operational highlights: 1) We expanded into the international market through multi-dimensional efforts, maintaining close cooperation with international large-scale traders and energy companies, and actively explored diversified business models such as long-term time charters for newbuilding VLGCs; 2) We actively explored the ethylene and liquid ammonia markets, reaching the letter of intent for long-term charter with multiple domestic and foreign charterers, aiming to lock in stable returns. 3) By operating a short-haul triangular route in South China, we enhanced vessel operational efficiency, ensured high-standard service for time-chartered vessels, and successfully completed multiple time charter renewals and COA implementations, stabilizing returns from existing business. (5) Chemical shipping business In the first half of 2026, the Group’s chemical tanker fleet achieved shipping revenue of RMB0.199 billion, a year-on-year increase of 24.2%; shipping gross profit of RMB0.032 billion, a year-on-year decrease of 25.4%; and a gross profit margin of 16.0%, a decrease of 10.7 percentage points year-on-year. Key operational highlights include: 1) In response to market changes, we dynamically optimized route layouts, capitalizing on cyclical market highs in Southeast Asian palm oil transportation; meanwhile, we continued to consolidate cooperation with high-quality customers, successfully renewing several COA contracts, relying on stable long-term business to withstand market impacts and ensure stable international trade earnings. 2) The customized supply chain project “Yuanhai Huanyang” completed its maiden voyage successfully, establishing an integrated full-chain service system covering warehousing, terminals, and cross-border shipping, laying a solid foundation for subsequent scaled promotion.
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– 31 – IV. Costs and Expenses Analysis For the six months ended 30 June 2026, the composition of the operating costs of the Group’s main businesses is as follows: For the six months ended 30 June 2026 For the six months ended 30 June 2025 Increase/ (decrease) Composition ratio in the six months ended 30 June 2026 (RMB’000) (RMB’000) (%) (%) (Restated) Oil shipping costs Items Fuel costs 2,177,632 2,604,758 (16.4) 28.1 Port costs 456,895 519,737 (12.1) 5.9 Sea crew costs 1,007,678 1,089,565 (7.5) 13.0 Lubricants expenses 133,287 144,981 (8.1) 1.7 Depreciation 1,618,855 1,576,937 2.7 20.9 Insurance expenses 81,175 90,157 (10.0) 1.0 Repair expenses 117,789 82,768 42.3 1.5 Charter costs 1,798,253 1,751,291 2.7 23.2 Others 352,602 195,417 80.4 4.7 Sub-total 7,744,166 8,055,611 (3.9) 100.0 LNG shipping costs Items Sea crew costs 159,714 128,123 24.7 19.8 Lubricants expenses 25,927 14,242 82.0 3.2 Depreciation 382,820 294,346 30.1 47.3 Insurance expenses 27,279 19,407 40.6 3.4 Repair expenses 182,680 133,727 36.6 22.6 Others 30,264 37,016 (18.2) 3.7 Sub-total 808,684 626,861 29.0 100.0 LPG shipping costs 123,396 108,597 13.6 100.0 Chemical shipping costs 166,820 117,225 42.3 100.0 Total 8,843,066 8,908,294 (0.7) 100.0
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– 32 – V. Operating results of the joint ventures and the associates In the first half of 2026, the two major joint venture and associated shipping companies of the Group realized a total operating revenue of approximately RMB1,864 million and a total net profit attributed to the parent of approximately RMB938 million with a year-on-year increase of 0.75%. The Group recognized investment income from the joint ventures and the associates of approximately RMB420 million with remaining unchanged year-on-year. 1. The operating results achieved by a major joint venture shipping company of the Group during the Reporting Period are as follows: Company name Interest held by the Group Shipping volume Operating revenue Net profit (attributed to the parent) (billion tonne-miles) (RMB’000) (RMB’000) CLNG 50% 41.43 530,468 476,559 2. The operating results achieved by an associated shipping company of the Group during the Reporting Period are as follows: Company name Interest held by the Group Shipping volume Operating revenue Net profit (attributed to the parent) (billion tonne-miles) (RMB’000) (RMB’000) Shanghai Beihai Shipping Company Limited 40% 9.13 1,333,493 461,896
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– 33 – VI. Financial analysis 1. Net cash generated from operating activities The net cash generated from operating activities of the Group for the Reporting Period was approximately RM B6,961,636,000, representing an increase of approximately 128.5% as compared to approximately RMB3,046,197,000 (restated) for the six months ended 30 June 2025. 2. Capital Commitments 30 June 2026 31 December 2025 Notes RMB’000 RMB’000 (Restated) Authorised and contracted but not provided for: Construction and purchases of vessels (i) 29,670,386 18,537,065 Construction of park property (ii) 12,463 18,796 29,682,849 18,555,861 Notes: (i) According to the construction and purchase agreements entered by the Group, these capital commitments will fall due in 2026 to 2030. (ii) Included in capital commitments for park property construction payables are commitments for contracted construction projects. 3. Capital structure To continuously optimise the Company’s capital structure, maintain its comprehensive financing cost advantage, and align with its capital needs for development, the Group continues to coordinate its equity and debt financing strategies. In terms of equity financing, the Group takes advantage of the window periods in the A Shares and H Shares capital markets to optimise its share capital and investor structure through methods such as issuing shares to specific subscribers and share repurchases. This approach aims to strengthen long-term capital support and stabilise shareholder return expectations. In terms of debt financing, the Group dynamically adjusts the ratio of short-term and long-term debt, the structure of floating-rate and fixed-rate debt, and the currency composition of its debt.
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– 34 – Based on the premise of maintaining stable dividend return expectations, the Group reduces its debt by reasonably managing the amount and method of dividend payments, as well as through the monetization of asset operations. The Group controls its overall debt level within a reasonable range. Management monitors the Group’s capital structure on the basis of a net debt-to equity ratio. For this purpose, the Group defines net debt as total debts which includes interest- bearing bank and other borrowings, other loans, bond payable and lease liabilities less cash and bank. The Group’s net debt-to-equity ratio as at 30 June 2026 and 31 December 2025 is as follows: 30 June 2026 31 December 2025 RMB’000 RMB’000 (Restated) Total debts 38,693,660 35,734,462 Less: cash and bank (18,190,925) (15,454,372) Net debt 20,502,735 20,280,090 Total equity 51,334,514 51,226,540 Net debt-to-equity ratio 40% 40% As at 30 June 2026, the balance of cash and bank amounted to approximately RMB18,190,925,000, representing an increase of approximately RMB2,736,553,000 and by 17.71% as compared to the end of last year. The Group’s cash and bank are mainly denominated in RMB and USD, the remainder are denominated in Euro, Hong Kong dollar and other currencies. As at 30 June 2026, the Group’s net gearing ratio (i.e. net debts over total equity) was 40%, which was almost the same as at 31 December 2025.
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– 35 – 4. Trade and Bills Receivables and Contract Assets 30 June 2026 31 December 2025 RMB’000 RMB’000 (Restated) Trade and bills receivables from third parties 1,498,670 673,988 Trade receivables from fellow subsidiaries 87 127 Trade receivables from an associate 8,502 – Trade receivables from related companies (Note) 160,745 2,828 1,668,004 676,943 Less: allowance (22,375) (12,598) 1,645,629 664,345 Contract assets 1,870,652 1,960,468 Less: allowance (12,203) (12,890) Total contract assets 1,858,449 1,947,578 Note: Related companies are entities that the fellow subsidiaries of the Company either have joint control or significant influence. Trade receivables from fellow subsidiaries, an associate and related companies are unsecured, non-interest-bearing and under normal credit terms as other trade receivables. An ageing analysis of trade and bills receivables at the end of the period, based on the invoice date and net of allowance for credit losses, is as follows: 30 June 2026 31 December 2025 RMB’000 RMB’000 (Restated) Within 1 year 1,627,826 650,821 1–2 years 9,088 6,697 Over 2 years 8,715 6,827 1,645,629 664,345
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– 36 – 5. Trade Payables 30 June 2026 31 December 2025 RMB’000 RMB’000 (Restated) Trade payables to third parties 1,526,748 1,193,417 Trade payables to fellow subsidiaries 938,283 866,058 Trade payables to an associate 20,738 1,825 Trade payables to related companies (Note) 17,294 13,116 2,503,063 2,074,416 Note: Related companies are entities that the fellow subsidiaries of the Company either have joint control or significant influence. Trade payables due to fellow subsidiaries, an associate and related companies are unsecured, non-interest-bearing and under normal credit terms as other trade payables. An ageing analysis of trade payables at the end of the period, based on the invoice date, is as follows: 30 June 2026 31 December 2025 RMB’000 RMB’000 (Restated) Within 1 year 2,241,830 1,887,760 1–2 years 117,545 124,716 Over 2 years 143,688 61,940 2,503,063 2,074,416
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– 37 – 6. Derivative Financial Instruments As at 30 June 2026, the Group had interest rate swap agreements with total notional principal amount of approximately US D613,828,000 (equivalent to approximately RMB4,180,721,000) (31 December 2025: approximately US D632,678,000 (equivalent to approximately RMB4,446,967,000)) which will mature in 2031, 2032, 2033, 2034 and 2035 (31 December 2025: 2031, 2032, 2033, 2034 and 2035). These interest rate swap agreements are designated as cash flow hedges in respect of the Group’s certain portion of bank borrowings with floating interest rates. During the period, the floating interest rates of the bank borrowings were 3-month SOFR plus 1.66% and 3 -month SOFR plus 2.45% (31 December 2025: 3 -month SOFR plus 1.66% and 3-month SOFR plus 2.45%). As at 30 June 2026 and 31 December 2025, the Group has the following derivative financial instruments: 30 June 2026 31 December 2025 RMB’000 RMB’000 Non-current assets Interest rate swaps – cash flow hedges 144,571 81,038 Total derivative financial instrument assets 144,571 81,038 Non-current liabilities Interest rate swaps – cash flow hedges – 16,524 Total derivative financial instrument liabilities – 16,524
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– 38 – 7. Interest-Bearing Bank and Other Borrowings As at 30 June 2026 and 31 December 2025, details of the interest-bearing bank and other borrowings are as follows: Maturity 30 June 2026 31 December 2025 RMB’000 RMB’000 (Restated) Current liabilities (i) Bank borrowings Secured 2026 to 2027 2,517,673 2,354,573 Unsecured 2026 to 2027 4,437,567 4,905,984 6,955,240 7,260,557 (ii) Other borrowings Secured 2026 to 2027 127,829 114,877 Unsecured 2026 to 2027 2,679,470 2,788,583 2,807,299 2,903,460 Interest-bearing bank and other borrowings – current portion 9,762,539 10,164,017 Non-current liabilities (i) Bank borrowings Secured 2027 to 2040 15,223,960 15,698,914 Unsecured 2027 to 2036 2,719,999 1,440,770 17,943,959 17,139,684 (ii) Other borrowings Secured 2040 to 2042 3,297,897 2,265,844 Unsecured 2027 to 2032 2,019,872 3,224,292 5,317,769 5,490,136 Interest-bearing bank and other borrowings – non-current portion 23,261,728 22,629,820
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– 39 – As at 30 June 2026, the Group’s interest-bearing bank borrowings were secured by pledges of the Group’s 40 (31 December 2025: 39) v essels and 2 (31 December 2025: 3) vessels under construction with approximate total net carrying amount of RMB28,483,679,000 (31 December 2025: approximately RMB28,136, 648,000) and RMB1,608,513,000 (31 December 2025: approximately RM B2,233,780,000) respectively. As at 30 June 2026, secured bank borrowings of approximately RMB16,176,287,000 (31 December 2025: approximately RMB16,423,381,000), unsecured bank borrowings of nil (31 December 2025: approximately RM B1,955,412,000), secured other borrowings of approximately RMB793,402,000 (31 December 2025: approximately RMB491,271,000) are denominated in USD. 8. Bond Payable 30 June 2026 31 December 2025 RMB’000 RMB’000 At the beginning of the period – – Bond issued 2,500,000 – Interest charge 5,362 – 2,505,362 – Less: current portion (5,362) – Non-current portion 2,500,000 – 9. Contingent Liabilities and Guarantee (1) Four associates of East China LNG Shipping Investment Co., Limited and North China LNG Shipping Investment Co., Limited, two non-wholly-owned subsidiaries of the Company, entered into a ship building contract for one LNG vessel each. After the completion of their LNG vessels, the four associates would lease the vessels to the lessors in accordance with the signed leasing contracts. In July 2011, the Company provided guarantees to the four associates for their obligations under the leasing contracts, with the guarantee amount not exceeding USD8,200,000 (equivalent to approximately RMB55,849,000). The guarantee period is limited to the lease period.
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– 40 – (2) The joint ventures of COSCO SHIPPING LNG Investment (Shanghai) Co., Ltd., a wholly-owned subsidiary of the Company, signed several ship building contracts and leasing contracts with certain third parties. According to those contracts, the Company would provide guarantees to the joint ventures for their obligations under those contracts based on the subsidiary’s percentage of shareholdings in the joint ventures from 2014 to 2021. As at 30 June 2026, the amount of the guarantees provided to the shipbuilders was US D276,120,000 (equivalent to approximately RMB1,880,626,000) and the aggregate amount of the guarantees provided to the lessees was US D6,400,000 (equivalent to approximately RM B43,590,000) and EUR4,500,000 (e quivalent to approximately RM B34,952,000). The guarantee periods are limited to the lease periods. (3) In June 2017, the Company provided financial guarantees to three joint ventures of COSCO SHIPPING LNG Investment (Shanghai) Co., Ltd., a wholly-owned subsidiary of the Company to the extent of the contract amount of USD377,500,000 (equivalent to approximately RM B2,571,115,000) in respect of the bank borrowings provided by two banks. The guarantee period is limited to 12 years after the vessel construction project of each of the joint ventures is completed. As at 30 June 2026, the balance of the guarantees was USD224,854,000 (equivalent to approximately RMB1,531,461,000). 10. Foreign exchange risk management The Group operates internationally and is exposed to foreign currency risk arising from various currency exposures, primarily with respect to United States Dollar (“ USD ”) and Hong Kong Dollar (“ HKD”) against RMB. Foreign currency risk arises from future commercial transactions, recognised assets and liabilities. Management monitors foreign exchange exposure and will consider hedging certain foreign currency exposure by using foreign exchange forward contracts when the need arises.
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– 41 – 11. Interest rate risk management Other than the deposits placed with banks and financial institutions and loan receivables, the Group has no other significant interest-bearing assets. As the average interest rates applied to the deposits are relatively low, the Directors are of the opinion that the Group is not exposed to any significant interest rate risk for these assets held as at 30 June 2026 and 31 December 2025. The Group’s exposures to interest rate risk also arises from its borrowings. Loan receivables and borrowings issued at variable rates expose the Group to cash flow interest rate risk. Management monitors the capital market conditions and certain interest rate swap agreements with banks have been used to achieve an optimal ratio between fixed and floating rates borrowings. VII. Fleet development In the first half of 2026, the Group’s cash expenditure for the construction and purchase of new vessels, was approximately RMB5,421 million. As at 30 June 2026, the specific composition of the Group’s, and joint ventures’ and associates’ fleet was as follows: Tankers in operation Tankers under construction Oil tanker fleet Number ’0000 DWT Average age Number ’0000 DWT Group-owned 140 1,914 13.9 38 428 Group-chartered 13 276 10.5 – – Associate-owned 17 114 12.1 – – Total 170 2,304 13.46 38 428
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– 42 – Vessels in operation Vessels under construction LNG carrier fleet Number ’0000 cubic meters Average age Number ’0000 cubic meters Group-owned 16 279 4.5 9 158 Group-chartered 1 17 5.7 – – JVs/associates-owned 50 839 6.6 22 460 Total 67 1,136 6.1 31 618 Vessels in operation Vessels under construction LPG carrier fleet Number ’0000 cubic meters Average age Number ’0000 cubic meters Group-owned 14 14 10.9 5 36 Total 14 14 10.9 5 36 Tankers in operation Tankers under construction Chemical tanker fleet Number ’0000 DWT Average age Number ’0000 DWT Group-owned 9 8 5.3 1 1 Total 9 8 5.3 1 1
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– 43 – VIII. Outlook and highlights for the second half of 2026 1. Landscape and trends in the industry (1) International oil shipping market In the second half of 2026, the core contradiction of the international oil shipping market will still revolve around the geopolitical situation in the Middle East, and the navigation of the Strait of Hormuz and the Bab el-Mandeb Strait will directly affect the global oil prices and trade flow, thus leading to violent fluctuations in short-term freight rates. In terms of oil supply and demand, IEA predicts that global oil demand will decrease by 1 million bpd year-on-year to 103.5 million bpd in 2026. In 2026, the global oil supply will reduce by 3.7 million bpd to 102.6 million bpd due to the impact of geopolitical conflicts in the Middle East. The oil supply gap in the Middle East will be mainly supplemented by other oil-producing areas such as the Atlantic Basin. Cross-regional procurement will push up the average shipping distance of crude oil shipping, reshape the global oil trade pattern, and boost the demand for long-distance shipping. In terms of shipping demand, if the situation of navigation blockage in the Strait of Hormuz and the Bab el-Mandeb Strait continues, the total trade volume of crude oil and product oil will be narrowed in stages, which will restrict the upward space of freight rates to some extent. However, for the VLCC market, geopolitical conflicts continue to disrupt the global crude oil shipping supply chains, the ship turnover efficiency drops significantly, the number of long-distance bypass routes increases, the waiting time for ships to berth increases, and the effective shipping capacity that the market can actually put into operation passively shrinks, which will support the freight rates. The small and medium tonnage tanker market will maintain a significant regional differentiation pattern: the west of the Suez Canal relies on the production capacity gap of European refineries, and the crude oil arbitrage trade in the Atlantic region remains strong, which will continue to stimulate the demand for short- and medium-haul shipping, and the regional market prosperity has solid support; although the crude oil trade to the east of Suez Canal relies on Canadian TMX exports to form a certain supply support, the transformation of white oil tankers into black oil tankers may further intensify the involution of supply of regional shipping capacity due to the weakening product oil demand, and the overall market performance is expected to continue to be weaker than that of the West Suez market.
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– 44 – In the medium and long term, this round of geopolitical conflict in the Middle East has caused the global crude oil inventories to be greatly depleted, laying a foundation for the subsequent inventory repair cycle. At the same time, oil- consuming countries may readjust their structures of crude oil import and purchase, pay more attention to the safety of energy supply chains, and have the potential appeal for preventive storage increase and replenishment of strategic stocks, which will form a strong support for the medium and long-term boom cycle of the oil shipping industry. In terms of tanker supply, a certain number of new ships will be delivered for all types of oil tankers in the second half of the year. Among them, it is expected that 18 VLCC tankers will be delivered, accounting for 1.9% of the existing fleet; while approximately 22, 37 and 57 Suezmax, Aframax/LR2 and MR tankers will be delivered, accounting for 3.4%, 3% and 3.1% of the total number of their respective tanker types, respectively. Looking forward to the market outlook, the current freight rate center has shown strong fundamental resilience. During the period of phased contraction in shipment volume caused by the disturbance of the situation between the United States and Iran, the daily charter rate of VLCC core routes such as TD15 can still stand steady at more than USD80,000 per day, which fully proves that the industry has entered an upward cycle. The tone of sanctions policies of Europe and the United States has not changed, the operation of non-compliant tonnage will continue to be limited, and the global compliant available tonnage will further tighten, which will continue to consolidate the fundamentals of the industry. At the same time, the improvement of VLCC industry concentration will continuously optimize the competition pattern, the market influence and bargaining power of leading shipowners will be steadily enhanced, and the asset value and profitability of compliant tankers will have room for long-term improvement. (2) Domestic oil shipping market In terms of crude oil shipping, with the ongoing implementation of CNOOC’s strategy to increase reserves and production, the offshore oil transportation demand is expected to maintain steady growth, providing stable supply support for the domestic oil shipping market. The transshipment oil business is affected by the continuous disturbance of the geopolitical situation in the Middle East, the total domestic crude oil import volume and procurement rhythm has a strong uncertainty, and the market pallets will also fluctuate accordingly.
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– 45 – In terms of product oil transportation, the growth momentum of market transportation demand is weak due to the double constraints of domestic economic recovery rhythm and product oil export control policies, and the supply of transportation capacity of the industry is relatively loose, so it is expected that the overall product oil transportation market will remain weak in the second half of the year. (3) LNG shipping market In terms of the spot charter market, geopolitical risks in the Gulf persist, the risk premium is difficult to completely subside, and charter rates are easily disturbed and fluctuate greatly. At the same time, seasonal demand forms a strong support, and replenishing inventories due to summer refrigeration and winter heating brings staged freight increment. The demand for energy inventory replenishment and security in Europe is firm, and the demand in Asia is steadily expanding, making it difficult for the spot charter rates to fall sharply. In terms of the time chartering market, the long-term growth of LNG trade is sufficiently certain. From 2026 to 2031, the global LNG trade volume will grow at a compound annual rate of 6.4%, and the liquefaction capacity will increase from 524 million tons per year to 878 million tons per year. New liquefaction projects in North America and Africa continue to be implemented (promoted by FID), and the long-term transportation demand increases clearly, supporting the medium and long-term time chartering market. In terms of tonnage supply, new vessel deliveries will increase significantly in the second half of the year. According to Clarksons data, it is forecast that 59 LNG carriers will be delivered, representing a year-on-year increase of 28%, and there is overall pressure of staged excess tonnage. However, many new vessels are bound to long-term project charters, and the new pressure on the spot charter market is limited; with the tightening of environmental protection policies and the continuous elimination of old steam ships, the pressure of excess tonnage has been structurally alleviated. (4) LPG shipping market VLGC vessels: In the second half of 2026, the VLGC market will show an overall trend of continuous reshaping of trade structure, steady growth of tonne-mile demand and fluctuating operation of freight rates at medium and high levels. In terms of demand, the annual growth rate of LPG tonne-mile demand is expected to increase by approximately 5%. The expansion of long-distance export trade in the United States and the ship detour caused by the restricted passage of the Panama Canal are the core support for the demand growth. In terms of freight rates, the VLGC spot freight rates are expected to fluctuate in the middle and high levels
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– 46 – in the second half of the year, and the just-needed demand in the traditional peak seasons of “Golden September and Silver October” will lay a solid foundation for freight rates. The geopolitical situation in the Middle East and the navigation state in the Straits bring uncertainties to the industry, which, together with El Niño and the low water level in the Panama Canal, will affect the ship turnover efficiency, aggravate the mismatch between tonnage supply and demand, and further amplify the periodic fluctuation of freight rates. Small LPG pressure vessels: Affected by the conflict between the United States and Iran and the rise of international crude oil prices, the domestic and foreign trade markets of small pressure vessels may be under pressure simultaneously. If the conflict continues, the domestic import cargo supply will continue to shrink, the domestic LPG price will rise, and the consumption demand in South China will be curbed. At the same time, the cargo supply in Japan, South Korea and Southeast Asia is in short supply, the circulation of petrochemical products such as propylene will decline, the trade flow will be adjusted, and the overall water transport capacity will continue to decline. In terms of demand, with the recovery of civil gas demand after September, the release of downstream inventory replenishment demand will drive the coastal cargo volume to rebound, and the transportation demand is expected to be restored simultaneously. (5) Chemical shipping market According to Drewry’s forecast, in 2026, the global chemical seaborne trade is expected to shrink by 1.6%, with tonne-mile demand decreasing by 2.6%, and the chemical fleet size is expected to expand by 3.7%. The market fundamentals show a pattern of “weak demand and strong supply”. At the same time, however, geopolitical conflicts are pushing forward the reconstruction of global chemical supply chains. The tonne-mile increment caused by route adjustment and the efficiency loss in the process of ship redeployment will provide additional tonnage demand support for the market. The integration and complementarity of the petrochemical industry chains within Asia will also drive growth in intra-regional trade volumes. In particular, India demonstrates strong import growth potential in sectors such as styrene and ethylene glycol. In addition, the trade in commodities such as ethanol has remained active and the potential of the chemical transportation market has also been improved by expanding global demand for biofuels. Looking forward to the market outlook, the chemical shipping market is expected to remain volatile in the second half of 2026 due to disturbance of geographical events. In the medium and long term, the tonne-mile increase brought by route reconstruction, the import growth of emerging markets such as India and the expansion of biofuel trade will provide structural support for the market.
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– 47 – 2. Highlights for the second half of 2026 In the second half of 2026, amid the profound restructuring of the global energy industry and supply chains, and against a backdrop of intensifying escalation of geopolitical tensions and the continuous advancement of green and low-carbon shipping, opportunities and challenges are still intertwined. The Group will maintain strategic resolve, focus on enhancing core functions and improving core competitiveness, and take more solid strides in accelerating to become an outstanding leader in global energy and chemicals supply chain. The Group will give priority to the highlights as follows: 1) Optimize the global network layout to enhance the global energy transportation security capabilities The Group will closely monitor the development of external situation and industry trends, flexibly adjust shipping capacity and route plan, and fully commit itself to ensuring the smooth operation of global energy transportation channels. Focusing on key regions such as the Middle East, Southeast Asia, West Africa, the Americas and Australia, the Group will optimize the global hub network by leveraging geographical advantages and customer distribution, and improve the overall coordination of overseas satellite offices and local service system, thereby enhancing capabilities in global resource planning, acquisition and operation. The Group will build a premium global logistics network across all business segments, and continue to upgrade towards “network-based globalized operations”. 2) Strengthen the profitability of main businesses to solidify the foundation for high- quality development With respect to the oil tanker shipping segment: The VLCC fleet will fully seize the opportunities of the upward cycle of the industry, focus on the core profitability, and enhance the market influence of the core fleet. Aframax and international product oil fleets will focus on the global shipping route layout, intensify efforts to expand quality routes of Mediterranean and Australia, and continue to optimize cargo sources and route structures. With respect to the domestic tanker transportation, the Group will continuously deepen cooperation with core customers, strengthen the foundation of long-term cooperation, and take multiple measures to maintain its existing market share. With respect to the LNG shipping segment: The Group will make an active plan for the development of fleet capacity, accelerate the layout and the extensions of LNG industry chain, enhance LNG vessel management capabilities and sustainable operational levels, deepen compliance management system construction, improve compliance management system, conduct compliance investigation and special rectification on a regular basis, thereby solidify the bottom line for the compliance operation and safe operation of LNG business.
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– 48 – With respect to the LPG transportation segment: The Group will strive to improve operational efficiency of the VLGC fleet, strengthen the scale and professionalization of the small and medium LPG fleet and the liquid ammonia fleet, optimize ship matching and route scheduling, and consolidate its dominant position in the market segments. With respect to the chemical shipping segment: The Group will continue to deepen the long-term cooperation with strategic customers, rely on long-term contracted cargo sources to stabilize the basic operations, lock in high-quality and stable cargo sources, and enhance the support of profitability of main businesses. 3) Accelerate the construction of the digital supply chain to shape core competitive advantages The Group will iterate the digital supply chain collaboration platform, upgrade the “Yuanhai Jincheng” series of digital service products, and optimize integrated digital services of “oil, gas, chemicals, storage”. The Group will focus on the development and construction of “vessel, cargo, human, platform”, advance the autonomous navigation and intelligent operation and maintenance of vessels, and promote the large-scale application of intelligent navigation safety system. The Group will upgrade and iterate digital intelligent application platform, further strengthen the front-end, middle-end, and back-end linkage, and provide customers with customized digital and intelligent supply chain resolutions. The Group will focus on breakthroughs in and implementation of the integrated platform for comprehensive appraisal of human resources, accelerate the construction of a standardized training system for crews, steadily expand the number of its own crews, and enhance the talent reserves for crews in each fleet. 4) Promote scientific and technological innovation and industrial integration to foster new quality productive forces Guided by green and low-carbon research projects, the Group will vigorously advance technological and managerial energy-saving initiatives, steadily implement energy-saving retrofits of vessels, and promote the demonstration and application research of technologies (including wind-assisted propulsion, ship carbon capture and LNG dual-fuel retrofits) on vessels. The Group will improve the ship energy mix, scientifically advance the selection of green alternative fuels for new vessels, promote the use of bio-fuel and explore application pathways for new energies like green methanol and ammonia fuel. The Group will enhance the digital carbon management system to ensure an overall good rating for the carbon emission of the fleet, and further refine the low-carbon layout of the fleet.
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– 49 – 5) Conduct targeted benchmarking analysis and strengthen the cost management. The Group will deeply carry out targeted benchmarking and operating cost benchmarking against world-class enterprises to continuously enhance the efficiency of operating cost control and management. The Group will implement comprehensive budgeting management, carry out fuel price locking when appropriate to reduce fuel expenses, and optimize procurement channels for materials to comprehensively reduce operating costs of vessels. The Group will flexibly adjust vessel maintenance plans and closely monitor costs in key areas such as vessel speed and repairs. At the same time, the Group will make flexible use of various financing instruments and adopt multiple measures to reduce finance costs. 6) Adhere to the “major safety” philosophy in production and systematically reinforce the risk prevention and control system Firstly, the Group will strictly adhere to the safety bottom line and consolidate the intrinsic safety foundation. The Group will precisely respond to navigation risks on international shipping routes and strictly implement the vessel security mechanism of “one discussion for one vessel”. The Group will strengthen seasonal safety management and control, including the “five prevention” measures for vessels and typhoon preparedness during flood seasons. The Group will deepen the implementation of differentiated vessel maintenance plans of “one strategy for one vessel”, enhance vessel-shore safety training and emergency response, unify and standardize the safety management of outsourced onshore operations and remedy weakness in the safety management system. Secondly, the Group will strengthen compliance management and control, and enhance the enterprise-wide risk control capabilities. The Group will strictly adhere to the mandatory rules of compliant operations, conduct regular compliance risk inspection, and focus on key areas such as international sanctions, anti- monopoly and environmental protection to enhance global compliance governance capabilities. The Group will dynamically analyze and assess policy changes in overseas jurisdictions and proactively deploy risk response plans.
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– 50 – OTHER MATTERS I. Share option incentive scheme On 26 October 2023, the Co mpany convened the Eighth Meeting of the Board of 2023 and the Sixth Meeting of the Supervisory Committee of 2023, at which the relevant proposals, including considering and approving the Proposal on the “2023 Share Option Incentive Scheme (Draft) of COSCO SHIPPING Energy Transportation Co., Ltd.” and its summary. The Board agreed to the implementation of the 2023 Share Option Incentive Scheme (the “Incentive Scheme ”) by the Company and agreed to submit the proposals to the General Meeting and Class Meeting of the Company for consideration. The connected directors, who are the Participants of the Incentive Scheme, abstained from voting on the proposals. On 10 May 2024, the Company convened the Second Extraordinary General Meeting of 2024, the First A Shares Class Meeting of 2024 and the First H Shares Class Meeting of 2024, considering and approving the Proposal on the “2023 Share Option Incentive Scheme (Draft) of COSCO SHIPPING Energy Transportation Co., Ltd.” and its summary, the Proposal on the “Administrative Measures (Draft) for the 2023 Share Option Incentive Scheme of COSCO SHIPPING Energy Transportation Co., Ltd.”, the Proposal on the “Administrative Measures for the Implementation and Appraisal (Draft) of the 2023 Share Option Incentive Scheme of COSCO SHIPPING Energy Transportation Co., Ltd.”, and the Resolution to propose the General Meeting of the Company to authorize the Board to deal with matters related to the 2023 Share Option Incentive Scheme of the Company. Shareholders who are both the Participants and who are connected with the Participants of the Incentive Scheme of the Company disqualified themselves from voting. On 10 May 2024, the Company convened the Fourth Meeting of the Board of 2024 and the Third Meeting of the Supervisory Committee of 2024, considering and approving the Proposal on Adjustment of the Number of the Initial Grant of the 2023 Share Option Incentive Scheme and the Proposal on Initial Grant of Share Options under the 2023 Share Option Incentive Scheme. Given the internal adjustment of some Participants proposed to be granted Share Options under the Incentive Scheme, the Board has adjusted the number of Share Options granted under the Incentive Scheme according to the authorization of the general meeting, and there was no adjustment to the number of and the list of Participants. After the adjustment, the total number of Share Options of the Initial Grant is reduced from 22,465,500 to 22,309,600. The Board is of the view that all conditions of the Initial Grant have been satisfied and has determined 10 May 2024 as the Date of Initial Grant and agreed to grant 22,309,600 shares of Share Options to 107 Participants who met the conditions for Grant at an Exercise Price of RM B13.00 per share. The connected directors, who are the Participants of the Incentive Scheme, abstained from voting on the above two Proposals. On 30 December 2024, the Company convened the Fifteenth Meeting of the Board of 2024 and the Ninth Meeting of the Supervisory Committee of 2024, considering and approving the Proposal on the Grant of Reserved Options to the Participants of the 2023 Share Option Incentive Scheme. Pursuant to the authorization given by the general meeting, the Board is of
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– 51 – the view that all conditions of the Reserved Grant have been satisfied and has determined 30 December 2024 as the Date of Grant and agreed to grant 4,635,800 shares of Share Options to 24 Participants who met the conditions for Reserved Grant at an Exercise Price of RMB12.09 per share. The Initial Grant of 22,309,600 Share Options and the Reserved Grant of 4,635,800 Share Options under the Incentive Scheme were registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch on 28 June 2024 and 14 February 2025 respectively. On 15 April 2026, the Company convened the Fifth Meeting of the Board of 2026, considering and approving the Proposal of the fulfillment of the conditions of exercise for the first exercise period of initial grant of options under the 2023 share option incentive scheme and the adjustment of the number and the exercise price of the options of the 2023 share option incentive scheme. The Conditions of Exercise of 100 Participants for the First Exercise Period under the Initial Grant have been fulfilled and the Independent Exercise started from 11 May 2026. In view of the fact that some Participants of the Initial Grant and the Reserved Grant of Share Options under the 2023 Share Option Incentive Scheme no longer met the incentive conditions due to the termination of employment and retirement or failure to meet the individual comprehensive assessment requirements, pursuant to the authorization of the general meeting, the Board has adjusted and cancelled (i) 1,639,480 Share Options under the Initial Grant that were granted but not exercised; and (ii) 157,900 Share Options under the Reserved Grant that were granted but not exercised, under the 2023 Share Option Incentive Scheme. After such adjustment and cancellation, the total number of Share Options under the Initial Grant has been reduced from 22,309,600 to 20,670,120 accordingly, and the total number of Share Options under the Reserved Grant has been reduced from 4,635,800 to 4,477,900 accordingly. The Company’s annual profit distribution plan for 2023, the interim profit distribution plan for 2024 and the final profit distribution plan for 2024 have been approved by Shareholders at the general meetings held by the Company on 28 June 2024, 14 October 2024 and 30 June 2025, respectively, with the payment of cash dividends of RMB0.35 (tax inclusive), RMB0.22 (tax inclusive) and RMB0.21 (tax inclusive) per share, respectively. The Company’s annual profit distribution plan for 2023, the interim profit distribution plan for 2024 and the final profit distribution plan for 2024 have been implemented. In light of the Company’s interim profit distribution for 2024 and the final profit distribution for 2023 and 2024, the Board adjusted the Exercise Price of the Share Options granted under the Incentive Scheme according to the authorization of the general meeting. After the adjustment, the Exercise Price of the Share Options under the Initial Grant shall be adjusted from RMB13.00 per Share to RMB12.22 per Share and the Exercise Price of the Share Options under the Reserved Grant shall be adjusted from RMB12.09 per Share to RMB11.88 per Share.
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– 52 – On 26 June 2026, the Company convened the ninth Meeting of the Board of 2026, considering and approving the Proposal of the adjustment of the exercise price of the options of the 2023 share option incentive scheme. The Company’s final profit distribution plan for 2025 has been approved by Shareholders at the general meetings held by the Company on 26 June 2026 with the payment of cash dividends of RM B0.38 (tax inclusive) per share. In light of the Company’s final profit distribution for 2025, the Board a djusted the Exercise Price of the Share Options granted under the Incentive Scheme according to the authorization of the general meeting. After the adjustment, the Exercise Price of the Share Options under the Initial Grant shall be adjusted from RM B12.22 per Share to RM B11.84 per Share and the Exercise Price of the Share Options under the Reserved Grant shall be adjusted from RMB11.88 per Share to RMB11.50 per Share. On 28 August 2026, the Company convened the eleventh Meeting of the Board of 2026, considering and approving the Proposal of the adjustment of the exercise price of the options of the 2023 share option incentive scheme. Pursuant to the authorization granted to the Board by the general meeting of the Company, the Company’s interim profit distribution plan for 2026 has been approved by the Board at the board meeting held by the Company on 28 August 2026 with the payment of cash dividends of RMB0.28 (tax inclusive) per share. In light of the Company’s interim profit distribution for 2026, the Board adjusted the Exercise Price of the Share Options granted under the Incentive Scheme according to the authorization of the general meeting. After the adjustment, the Exercise Price of the Share Options under the Initial Grant shall be adjusted from RMB11.84 per Share to RMB11.56 per Share and the Ex ercise Price of the Share Options under the Reserved Grant shall be adjusted from RMB11.50 per Share to RMB11.22 per Share. II. Discloseable and Connected Transaction: Acquisition of the Entire Equity Interest in the Target Company On 2 June 2026, COSCO SHIPPING (as the Vendor) and Dalian COSCO Energy (a wholly- owned subsidiary of the Company, as the Purchaser) completed the signing of the COSCO SHIPPING Investment Dalian Equity Transfer Agreement. On 26 June 2026, the Equity Transfer Agreement and the transactions contemplated thereunder have been approved by the annual general meeting of the Company. III. Issuance of Mid-term Notes On 27 May 2026, the Company issued the first issue of mid-term note of 2026 in the interbank bond market, with an issuance scale of RMB2.5 billion, a term of 10 years, and a coupon rate of 2.06%.
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– 53 – IV. Purchase, sale or redemption of the Company’s listed securities During the Reporting Period, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities (including sale of treasury shares). As at the end of the Reporting Period, the Company did not hold any treasury shares. V. Compliance with the Corporate Governance Code The Board is committed to the principles of corporate governance for a value-driven management that is focused on enhancing shareholders’ value. In order to enhance independence, accountability and responsibility, the posts of chairman of the Board and the chief executive officer are assumed by different individuals so as to maintain independence and balanced views. In the opinion of the Directors, during the Reporting Period, the Company has complied with the code provisions set out in the Corporate Governance Code (the “ Corporate Governance Code ”) as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”). The Company has established five professional committees under the Board, including an audit committee (the “ Audit Committee ”), a remuneration and appraisal committee (the “Remuneration and Appraisal Committee ”), a nomination committee (the “ Nomination Committee ”), a strategy committee (the “ Strategy Committee ”) and a risk and compliance management committee (the “ Risk and Compliance Management Committee ”) with defined terms of reference. VI. Audit Committee The Company has established the Audit Committee to review the financial reporting procedures and internal control of the Group and to provide guidance thereto. The Audit Committee of the Company comprises two independent non-executive Directors and one non- executive Director, namely Mr. LI Kin Fai (chairman), Mr. WANG Wei and Mr. CHEN Gang. The Audit Committee has reviewed the unaudited interim condensed consolidated financial statements of the Group for the six months ended 30 June 2026 and this interim results announcement and has met with the independent auditor, SHINEWING (HK) CPA Limited (the “SHINEWING (HK) ”), who has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410. The Audit Committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and internal control with the senior management members of the Group.
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– 54 – VII. Remuneration and Appraisal Committee The Remuneration and Appraisal Committee of the Company comprises three independent non-executive Directors, namely Mr. CHEN Gang (chairman), Mr. LI Kin Fai and Ms. CHENG Yan. The Remuneration and Appraisal Committee has adopted terms of reference which are in line with the Corporate Governance Code contained in Appendix C1 of the Listing Rules. VIII. Nomination Committee The Nomination Committee of the Company comprises three independent non-executive Directors and one non-executive Director, namely Ms. CHENG Yan (chairlady), Ms. ZHOU Chongyi, Mr. LI Kin Fai and Mr. CH EN Gang. The Nomination Committee reviews the structure, the size and the composition of the Board and the policy regarding Board diversity, and identifies individuals suitably qualified to become Board members, makes recommendations to the Board and assesses the independence of all independent non- executive Directors. The Nomination Committee has adopted terms of reference which are in line with the Corporate Governance Code contained in Appendix C1 of the Listing Rules. IX. Strategy Committee The Strategy Committee of the Company comprises two executive Directors, three non-executive Directors, and two independent non-executive Directors, namely Mr. REN Yongqiang (chairman), Mr. WANG Mingfeng, Mr. WANG Shuqing, Ms. ZHOU Chongyi, Ms. MA Yuanru, Mr. CHEN Gang and Ms. CHENG Yan. It is responsible for the consideration, evaluation and review of investment project s and making recommendations to the Board on proposed major investments, acquisitions and disposals, and conducting post-investment evaluation of investment projects. It also reviews and considers the overall strategy, which covers the strategies of sustainable development, environment, social and governance and business development of the Company. X. Risk Control and Compliance Management Committee The Risk Control and Compliance Management Committee of the Company comprises one executive Director and two independent non-executive Directors, namely Mr. WANG Mingfeng (chairman), Mr. LI Kin Fai and Ms. CHENG Yan. The major terms of reference of the Risk Control and Compliance Management Committee are to consider risk control strategies and major risk control solutions, to review the effectiveness of the Company’s risk management, to consider major decisions and risk assessment report of major projects, to guide and promote the legal construction of the Company, and supervise the legal operation of the Company by the management and other risk control matters authorized by the Board.
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– 55 – XI. Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix C3 to the Listing Rules The Company has adopted the Model Code as set out in Appendix C3 to the Listing Rules as its code of conduct regarding directors’ securities transactions. Following specific enquiries made with the Directors and chief executives of the Company, the Company confirms that each of them has complied with the Model Code during the Reporting Period. XII. Employees The adjustments of employee remuneration are calculated in accordance with the Company’s turnover and profitability and is determined by assessing the correlation between the total salary paid and the operational efficiency of the Company. Under this mechanism, management of employees’ remuneration will be more efficient while employees will be motivated to work hard to bring encouraging results for the Company. Other than the aforementioned disclosed remuneration policies and the 2023 Share Option Incentive Scheme of the Company, the Company does not maintain any other share option scheme for its employees and the employees do not receive any bonus. The Company regularly provides its operational management personnel with training on various subjects, including operation management, digitalization, technological innovation, industry know-how and policies and laws. Such training may be in different forms, such as seminars, site visits and study tours. As at 30 June 2026, the Company had 7,747 employees. During the Reporting Period, the total employee costs was approximately RMB1,727 million. XIII. Profit distribution plan for the Reporting Period On 26 June 2026, the annua l general meeting of the Compa ny considered and approved the proposed authorisation to the Board to decide the 2026 Interim Profit Distribution Plan. This authorization allows the Board to decide whether to implement and formulate the interim profit distribution plan based on the Company’s performance in the first half of 2026 and its capital requirements. Pursuant to the authorization granted to the Board by the annual general meeting, the Company has approved to proceed with an interim profit distribution of RMB0.28 per share (inclusive of applicable tax) for the six months ended 30 June 2026.
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– 56 – XIV. Material acquisition and disposal of subsidiaries, associates and joint ventures During the Reporting Period, the Group did not have any material acquisition and disposal in relation to subsidiaries, associates and joint ventures. XV. Significant investments and future plans for material investments or capital assets As at 30 June 2026, the Group did not have any individual investment with a fair value of 5% or more of its total assets. Accordingly, during the Reporting Period, the Group did not hold any significant investments and did not have any immediate plans for material investments and capital assets. XVI. Events after the Reporting Period 1. Appointment of the Executive Director The appointment of Mr. WANG Mingfeng (“ Mr. WANG ”) as an Executive Director of the Company was duly approved by the Shareholders at the EGM on 20 July 2026. 2. Provision of a Charter Performance Guarantee The provision of a charter performance guarantee by the Company for the single- purpose vessel company of the Qatar Energy Phase II Project was duly approved by the Shareholders at the EGM on 20 July 2026. 3. Proposed Appointment of A Non-executive Director On 11 August 2026, the board of directors of the Company has proposed to appoint Mr. HE Bin as a non-executive Director of the Company. XVII. Supplementary Information to be Published on the Websites of the Stock Exchange and the Company In accordance with the requirements of the Listing Rules, details of the Group’s financial and related information will be published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (https://energy.coscoshipping.com).
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– 57 – The financial information set out above does not constitute the Company’s statutory financial statements for the Reporting Period, but is derived from the condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in Hong Kong and complies with accounting standards issued by the Hong Kong Institute of Certified Public Accountants (HKICPA), which have been reviewed by the Company’s independent auditor, SHINEWING (HK). Those condensed consolidated financial statements for the Reporting Period will be delivered to shareholders of the Company as well as made available for download on the Company’s website. By order of the Board COSCO SHIPPING Energy Transportation Co., Ltd. REN Yongqiang Chairman Shanghai, the PRC 28 August 2026 As at the date of this announcement, the Board comprises Mr. REN Yongqiang and Mr. WANG Mingfeng as executive Directors, Mr. WANG Shuqing, Mr. WANG Wei, Ms. ZHOU Chongyi and Ms. MA Yuanru as non-executive Directors, Mr. LI Kin Fai, Mr. CHEN Gang and Ms. CHENG Yan as independent non-executive Directors. * For identification purposes only