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. ʮ̡ COSCO SHIPPING Holdings Co., Ltd.* (a joint stock limited company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 1919) FIRST QUARTERLY REPORT FOR 2025 Pursuant to the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange, COSCO SHIPPING Holdings Co., Ltd.* (the “Company ” or “COSCO SHIPPING Holdings ”, together with its subsidiaries, the “Group”) is required to publish a quarterly report for each of the first and third quarters of a financial year. All financial information of the Group set out in this quarterly report for the three months ended 31 March 2025 (the “Reporting Period ”) is unaudited and prepared in accordance with the Accounting Standards for Enterprises. This announcement is made pursuant to Rule 13.09 (2) and Rule 13.10B of the Rules Governing the Listing of Securities (the “Listing Rules ”) on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange ”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The Board (the “Board”) of Directors (the “Directors ”) of the Company and all Directors warrant that there are no false information, misleading statements or material omissions in this announcement, and accept legal responsibility for the truthfulness, accuracy and completeness of the contents contained herein. IMPORTANT NOTICE The Board, the supervisory committee, the Directors, supervisors and senior management members of the Company warrant that there are no false information, misleading statements or material omissions in the quarterly report, and severally and jointly accept legal responsibility for the truthfulness, accuracy and completeness of the contents contained herein.
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2 Mr. Wan Min (chairman of the Company), Mr. Tao Weidong (executive Director and general manager), Mr. Pan Zhigang (chief financial officer) and Mr. Xu Hongwei (person-in-charge of the accounting department) warrant the truthfulness, accuracy and completeness of the financial information contained in the quarterly report. Have the first quarterly financial statements been audited? ½Yes √ No DEFINITIONS Unless the context requires otherwise, the following terms shall have the following meanings in his report: Definitions of Common Terms “Company ”, “COSCO SHIPPING Holdings ” COSCO SHIPPING Holdings Co., Ltd.* (ʮ̡ ) “Group ” COSCO SHIPPING Holdings and its subsidiaries “China COSCO SHIPPING ” China COSCO SHIPPING Corporation Limited* (ऎ༶ණྠϞ ʮ̡) “China COSCO SHIPPING Group ” China COSCO SHIPPING and its subsidiaries “COSCO SHIPPING Lines ” COSCO SHIPPING Lines Co., Ltd. (ʮ̡ ), a wholly-owned subsidiary of the Company “COSCO SHIPPING Ports” COSCO SHIPPING Ports Limited, an indirect holding subsidiary of the Company, and a company listed on the Hong Kong Stock Exchange (Stock Code: 01199) “TEU” twenty-foot containers conforming to the standards adopted by the International Organization for Standardization “dual-brand ” two container shipping service brands, namely “COSCO SHIPPING Lines” and “OOCL”
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3 I. MAJOR FINANCIAL DATA 1. Major accounting data and financial indicators Unit: Yuan Currency: Renminbi ( “RMB”) Items The Reporting Period The same period of last year Increase/decrease for the Reporting Period as compared with the same period of last year (%) Before adjustment After adjustment After adjustment Operating revenue 57,960,419,102.55 48,269,963,140.26 48,280,064,086.60 20.05 Net profits attributable to equity holders of the Company 11,694,538,845.82 6,755,000,227.75 6,755,000,227.75 73.12 Net profits attributable to equity holders of the Company, net of non-recurring profit or loss 11,641,970,790.03 6,724,195,276.79 6,724,147,979.25 73.14 Net cash flows generated from operating activities 15,062,211,717.65 8,864,882,203.76 8,887,033,794.17 69.49 Basic earnings per share (RMB/share) 0.74 0.42 0.42 76.19 Diluted earnings per share (RMB/share) 0.74 0.42 0.42 76.19 Weighted average return on net assets (%) 4.88 3.39 3.39 Increased by 1.49 percentage points Items As at the end of the Reporting Period As at the end of last year Increase/decrease as at the end of the Reporting Period as compared with the end of last year (%) Before adjustment After adjustment After adjustment Total assets 509,613,942,590.04 497,472,213,736.26 497,472,213,736.26 2.44 Owners ’ equity attributable to equity holders of the Company 244,134,392,950.05 234,668,062,562.89 234,668,062,562.89 4.03 Explanations about reasons of retroactive adjustment or restatement Due to the business combinations under common control, the comparable statements were restated.
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4 2. Non-recurring profit or loss items and amounts √ Applicable ½ Not applicable Unit: Yuan Currency: RMB Items Amount for the Reporting Period Explanation Gains or losses on disposal of non-current assets, including write-off of provision for impairment of assets 50,579,117.13 Subsidies recorded in the current profit or loss (excluding subsidies which are closely related to the normal operations of businesses of the Company, in line with national policies and in accordance with established standards, and have a sustainable impact on the Company ’s profit or loss) 14,590,103.07 Gains and losses arising from changes in the fair value of financial assets and financial liabilities held by non-financial corporations and gains and losses arising from the disposal of financial assets and financial liabilities, other than effective hedging business relevant to the normal operations of businesses of the Company 12,590,519.79 Other non-operating income and expenses other than the aforesaid items 302,716.78 Less: Effect of income tax 5,046,274.67 Effect of minority shareholders ’ interests after tax 20,448,126.31 Total 52,568,055.79 Reasons shall be explained for those defining items not listed in the “Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public – Non- recurring Profit or Loss Items ” as non-recurring profit or loss items of significant amount and the non-recurring profit or loss items listed in the “Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public – Non-recurring Profit or Loss Items ” as recurring profit or loss items. ½ Applicable √ Not applicable
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5 3. Particulars of and reasons for changes of major accounting data and financial indicators √ Applicable ½ Not applicable Items Change (%) Major reason(s) Net profits attributable to equity holders of the Company 73.12 Container shipping business volume and revenue per TEU of the Group increased as compared to the same period of last year. Net profits attributable to equity holders of the Company, net of non- recurring profit or loss 73.14 Container shipping business volume and revenue per TEU of the Group increased as compared to the same period of last year. Net cash flows generated from operating activities 69.49 Container shipping business volume and revenue per TEU of the Group increased as compared to the same period of last year. Basic earnings per share (RMB/share) 76.19 Container shipping business volume and revenue per TEU of the Group increased as compared to the same period of last year. Diluted earnings per share (RMB/share) 76.19 Container shipping business volume and revenue per TEU of the Group increased as compared to the same period of last year. II. INFORMATION OF SHAREHOLDERS 1. Table indicating the total number of ordinary shareholders and number of preferential shareholders with restoration of voting rights and shareholdings of the top ten shareholders Unit: Share Total number of ordinary shareholders as at the end of the Reporting Period 368,466 Total number of preferential shareholders with restoration of voting rights as at the end of the Reporting Period (if any) Nil Shareholding of the top ten shareholders (excluding shares lent through securities lending and refinancing) Name of shareholder Nature of shareholder Number of shares held Shareholding percentage (%) Number of shares subject to selling restrictions Pledged, labelled or frozen status Status of shares Number China Ocean Shipping Company Limited (ʮ̡ ) State-owned legal person 5,924,873,037 37.12 0 Nil – HKSCC Nominees Limited Overseas legal person 3,190,839,173 19.99 0 Nil – Shanghai Automotive Industry Corporation (Group)* (ɪऎӛԓʈุ (ණྠ)ʮ̡ ) State-owned legal person 804,700,000 5.04 0 Nil – China COSCO SHIPPING Corporation Limited (ऎ༶ණྠ ʮ̡ ) State-owned legal person 704,746,860 4.42 0 Nil –
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6 Shareholding of the top ten shareholders (excluding shares lent through securities lending and refinancing) Name of shareholder Nature of shareholder Number of shares held Shareholding percentage (%) Number of shares subject to selling restrictions Pledged, labelled or frozen status Status of shares Number China Securities Finance Corporation Limited (ʮ̡) State-owned legal person 373,927,475 2.34 0 Nil – ʮ̡ Hong Kong Securities Clearing Company Limited Overseas legal person 354,253,106 2.22 0 Nil – China Reform Investment Co., Ltd. ( ʮ̡ ) State-owned legal person 230,454,271 1.44 0 Nil – Industrial and Commercial Bank of China -SSE 50 ETF ( ʕʈਠვБ Ñ ɪᗇ 50 ᅰᗇՎҳ༟ ږ) Other 116,788,010 0.73 0 Nil – Industrial and Commercial Bank of China Limited Huatai-PineBridge CSI 300 ETF (ʮ လଉ 300 ׳ ږ) Other 104,466,627 0.65 0 Nil – Special securities account for repurchase by COSCO SHIPPING Holdings Co., Ltd.* State-owned legal person 92,307,742 0.58 0 Nil – Shareholding of the top ten shareholders not subject to selling restrictions (excluding shares lent through securities lending and refinancing) Name of shareholder Number of circulating shares not subject to selling restrictions Type and number of shares Type Number China Ocean Shipping Company Limited (ʮ̡ ) 5,924,873,037 RMB ordinary shares 5,924,873,037 HKSCC Nominees Limited 3,190,839,173 Overseas listed foreign shares 3,190,839,173 Shanghai Automotive Industry Corporation (Group)* (ɪऎӛԓʈุ (ණྠ)ʮ̡ ) 804,700,000 RMB ordinary shares 804,700,000 China COSCO SHIPPING Corporation Limited (ʮ̡ ) 704,746,860 RMB ordinary shares 704,746,860 China Securities Finance Corporation Limited (ʮ̡ ) 373,927,475 RMB ordinary shares 373,927,475 Hong Kong Securities Clearing Company Limited (ʮ̡ ) 354,253,106 RMB ordinary shares 354,253,106 China Reform Investment Co., Ltd. (ʮ̡ ) 230,454,271 RMB ordinary shares 230,454,271 Industrial and Commercial Bank of China -SSE 50 ETF (ʕʈਠვБ Ñ ɪᗇ 50 ږ) 116,788,010 RMB ordinary shares 116,788,010 Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 ETF (΅ လଉ 300 ᅰᗇՎ ږ) 104,466,627 RMB ordinary shares 104,466,627 Special securities account for repurchase by COSCO SHIPPING Holdings Co., Ltd.* 92,307,742 RMB ordinary shares 92,307,742
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7 Shareholding of the top ten shareholders not subject to selling restrictions (excluding shares lent through securities lending and refinancing) Name of shareholder Number of circulating shares not subject to selling restrictions Type and number of shares Type Number Description of the connected relationship or parties acting in concert among the aforesaid shareholders China Ocean Shipping Company Limited (ʮ̡ ) is a wholly-owned subsidiary of China COSCO SHIPPING Corporation Limited (ऎ༶ණྠϞ ʮ̡), and the rest is unknown. Description of participation in securities margin trading and refinancing business of the top ten shareholders and the top ten shareholders not subject to selling restrictions (if any) See the table below for details Notes: 1. As at the end of the Reporting Period, China COSCO SHIPPING directly held 704,746,860 A shares; indirectly held 5,924,873,037 A shares through its wholly-owned subsidiary, China Ocean Shipping Company Limited; indirectly held 221,672,000 H shares through its wholly-owned subsidiary, Peaktrade Investments Limited; and indirectly held 158,328,000 H shares through its wholly-owned subsidiary, COSCO SHIPPING (Hong Kong) Co., Limited. A total of 7,009,619,897 shares of the Company were directly or indirectly held by China COSCO SHIPPING Group, representing approximately 43.92% of the total share capital of the Company as at 31 March 2025. On 8 April 2025, 99,999,943 A shares repurchased by the Company was cancelled; on 9 April 2025, 227,960,500 H shares repurchased by the Company were cancelled; after the completion of the cancellation of such A shares and H shares repurchased by the Company, the total share capital of the Company comprised 15,633,725,723 shares, and the aforesaid shares held directly and indirectly by China COSCO SHIPPING represented approximately 44.84% of total share capital of the Company. 2. The shares held in the “Special Securities Account for Repurchase by COSCO SHIPPING Holdings Co., Ltd.* ” set out in the above table represent the A shares repurchased by the Company but not yet cancelled as at 31 March 2025. For details of the Company ’s share repurchases and cancellations, please refer to “Other Reminders ”. Lending of shares through securities lending and refinancing by shareholders interested in more than 5% of the shares, top 10 shareholders and top 10 shareholders not subject to selling restrictions ½Applicable √ Not applicable Changes in the top 10 shareholders and top 10 non-restricted shareholders because of Share lending and share return under refinancing business ½Applicable √ Not applicable
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8 III. OTHER REMINDERS Other important information about the Company ’s operating conditions during the Reporting Period that investors need to be reminded of and pay attention to √ Applicable ½ Not applicable (1) On 18 October 2024, the Resolution on the Shares Repurchase Plan of COSCO SHIPPING Holdings with Special Loans Provided by Bank(s) and Own Funds (ʕჃऎછ˸ვБ ) was considered and approved at the ninth meeting of the seventh session of the Board of the Company, and the Plan on Repurchase of A Shares through Centralized Price Bidding (˙όΫᒅ A ˙ ) was submitted to the 2024 first extraordinary general meeting for voting and approval, pursuant to which the Company repurchased 99,999,943 A shares during the period from 14 November 2024 to 3 April 2025 and completed the cancellation thereof on 8 April 2025. For further details, please refer to the overseas regulatory announcements of the Company dated 20 October 2024 and 7 April 2025. The Company implemented the repurchase of H shares under the general mandate to repurchase H shares as approved at the 2023 annual general meeting, the 2024 first A Share class meeting and the 2024 first H Share class meeting of the Company, repurchasing a total of 227,960,500 H shares and completed the cancellation thereof on 9 April 2025. (2) On 8 April 2025, the Resolution on the Shares Repurchase of COSCO SHIPPING Holdings ( ) was considered and approved at the sixteenth meeting of the seventh session of the Board of the Company, pursuant to which it is proposed to use the Company ’s own funds to repurchase 50 million to 100 million A shares through the trading system of the Shanghai Stock Exchange by way of centralized bidding transactions, with the repurchase prices not exceeding RMB14.83 per share (inclusive). The repurchase period is from the date of approval of this share repurchase plan by the Board of Directors to the conclusion of the 2024 annual general meeting of the Company. As at the date of this announcement, the Company has repurchased 43,244,350 A shares during the period from 9 April to 22 April 2025, and all such repurchased A shares will be cancelled. In addition to the repurchase of A shares, the Company proposes to simultaneously implement the repurchase of H shares under the general mandate to repurchase H shares granted at the 2023 annual general meeting, the 2024 first A Share class meeting and the 2024 first H Share class meeting of the Company in accordance with the requirements of the Listing Rules, the Articles of Association and other applicable laws and regulations. For further details, please refer to the overseas regulatory announcement of the Company dated 8 April 2025.
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9 (3) The resolutions on the reduction of the registered capital of the Company, the abolition of the supervisory committee and the amendments to the Articles of Association (including the appendixes), and the operation rules for each of the Board committees were considered and approved at the eighteenth meeting of the seventh session of the Board of the Company. Among them, the resolutions on the reduction of the registered capital of the Company and the abolition of the supervisory committee and the amendments to the Articles of Association and its appendixes shall also be submitted to a general meeting of the Company for further consideration, and be subject to registration with the market entity registration authority in order to take effect; The operation rules for each of the Board committees and the amended Articles of Association and its appendixes shall take effect simultaneously. For further details, please refer to the overseas regulatory announcement of the Company dated 29 April 2025. (4) Information relating to container shipping business and terminal business during the Reporting Period For the first quarter of 2025, earnings before interest and tax (EBIT) of the Group was RMB16.578 billion, representing an increase of RMB6.602 billion or 66.17% as compared to the same period of last year. 1. Container shipping business As at the end of March 2025, the Group operated a fleet of 554 container vessels with a shipping capacity of 3.3738 million TEUs. In the first quarter of 2025, the shipping volume of the Group ’s container shipping business reached 6.4815 million TEUs, representing an increase of 7.53% as compared to that of the same period of last year. (1) Shipping volume Shipping volume of the Group (TEU) Routes January to March 2025 January to March 2024 Percentage of change (%) Trans-Pacific 1,254,671 1,079,761 16.20 Asia and Europe (including Mediterranean) 929,700 959,372 -3.09 Asia Region (including Australia) 2,205,341 2,115,486 4.25 Other international regions (including the Atlantic) 770,008 701,431 9.78 Mainland China 1,321,764 1,171,280 12.85 Total 6,481,484 6,027,330 7.53 Of which: shipping volume of COSCO SHIPPING Lines (a subsidiary of the Group) (TEU)
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10 Routes January to March 2025 January to March 2024 Percentage of change (%) Trans-Pacific 698,396 630,431 10.78 Asia and Europe (including Mediterranean) 585,443 600,415 -2.49 Asia Region (including Australia) 1,278,138 1,252,067 2.08 Other international regions (including the Atlantic) 634,314 575,955 10.13 Mainland China 1,321,764 1,171,280 12.85 Total 4,518,055 4,230,148 6.81 (2) Revenue from routes Revenue from routes by the Group (RMB ’000) Routes January to March 2025 January to March 2024 Percentage of change (%) Trans-Pacific 15,825,483 12,530,271 26.30 Asia and Europe (including Mediterranean) 10,881,453 10,356,294 5.07 Asia Region (including Australia) 13,404,255 11,168,469 20.02 Other international regions (including the Atlantic) 8,444,176 6,333,981 33.32 Mainland China 3,152,590 2,777,034 13.52 Total 51,707,957 43,166,049 19.79
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11 Of which: revenue from routes by COSCO SHIPPING Lines (a subsidiary of the Group) (RMB ’000) Routes January to March 2025 January to March 2024 Percentage of change (%) Trans-Pacific 9,469,420 7,322,989 29.31 Asia and Europe (including Mediterranean) 7,311,023 7,123,965 2.63 Asia Region (including Australia) 8,240,664 7,087,208 16.28 Other international regions (including the Atlantic) 7,507,175 5,471,886 37.20 Mainland China 3,192,889 2,816,342 13.37 Total 35,721,171 29,822,390 19.78 Revenue from routes by the Group (equivalent to US$ ’000) Routes January to March 2025 January to March 2024 Percentage of change (%) Trans-Pacific 2,204,843 1,765,747 24.87 Asia and Europe (including Mediterranean) 1,516,030 1,459,394 3.88 Asia Region (including Australia) 1,867,512 1,573,844 18.66 Other international regions (including the Atlantic) 1,176,462 892,575 31.81 Mainland China 439,226 391,335 12.24 Total 7,204,073 6,082,895 18.43
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12 Of which: revenue from routes by COSCO SHIPPING Lines (a subsidiary of the Group) (equivalent to US$ ’000) Routes January to March 2025 January to March 2024 Percentage of change (%) Trans-Pacific 1,319,302 1,031,945 27.85 Asia and Europe (including Mediterranean) 1,018,589 1,003,899 1.46 Asia Region (including Australia) 1,148,109 998,719 14.96 Other international regions (including the Atlantic) 1,045,917 771,090 35.64 Mainland China 444,840 396,874 12.09 Total 4,976,757 4,202,527 18.42 (3) Major performance indicators Major performance indicators of the container shipping business of the Group (RMB’000) Items January to March 2025 January to March 2024 Change as compared to the same period of last year Revenue from container shipping business 55,882,731 46,543,509 9,339,222 Including: Supply chain revenue other than ocean shipping 10,853,760 9,488,162 1,365,598 EBIT 14,763,638 8,170,572 6,593,066 EBIT margin 26.42% 17.55% Increased by 8.87 percentage points Net profit 11,757,732 6,278,402 5,479,330
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13 Of which: major performance indicators of the container shipping business of COSCO SHIPPING Lines (a subsidiary of the Group) (RMB ’000) Items January to March 2025 January to March 2024 Change as compared to the same period of last year Revenue from container shipping business 39,258,078 32,647,427 6,610,651 Including: Supply chain revenue other than ocean shipping 7,494,225 6,286,588 1,207,637 EBIT 10,322,453 5,874,988 4,447,465 EBIT margin 26.29% 18.00% Increased by 8.29 percentage points Net profit 7,389,503 4,058,837 3,330,666 Major performance indicators of the container shipping business of the Group (US$’000 equivalent) Items January to March 2025 January to March 2024 Change as compared to the same period of last year Revenue from container shipping business 7,785,713 6,558,842 1,226,871 Including: Supply chain revenue other than ocean shipping 1,512,171 1,337,058 175,113 Revenue per TEU from international routes (USD/TEU) 1,311.09 1,172.06 139.03 EBIT 2,056,905 1,151,385 905,520 Net profit 1,638,115 884,743 753,372
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14 Of which: major performance indicators of the container shipping business of COSCO SHIPPING Lines (a subsidiary of the Group) (US$ ’000 equivalent) Items January to March 2025 January to March 2024 Change as compared to the same period of last year Revenue from container shipping business 5,469,527 4,600,627 868,900 Including: Supply chain revenue other than ocean shipping 1,044,113 885,897 158,216 Revenue per TEU from international routes (USD/TEU) 1,417.87 1,244.14 173.73 EBIT 1,438,148 827,895 610,253 Net profit 1,029,523 571,965 457,558 Notes: 1. “Supply chain revenue other than ocean shipping ” refers to container shipping-related supply chain revenue excluding dual-brand ocean shipping revenue, which includes non- ocean shipping revenue as set out in the terms of dual-brand bills of lading. 2. The revenue by routes and major performance indicators above were translated into US$ at an average exchange rate of 7.1776 yuan per US dollar in the first quarter of 2025 and 7.0963 yuan per US dollar in the first quarter of 2024.
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15 2. Terminal business For the first quarter of 2025, the total throughput of COSCO SHIPPING Ports (a subsidiary of the Group) amounted to 35.7489 million TEUs, representing an increase of 7.48% as compared to the same period of last year, of which, the throughput of controlled terminals amounted to 7.9577 million TEUs, representing an increase of 7.20% as compared to the same period of last year; the throughput of non-controlled terminals amounted to 27.7913 million TEUs, representing an increase of 7.55% as compared to the same period of last year. Location of terminal January to March 2025 (TEU) January to March 2024 (TEU) Percentage of change (%) Bohai Rim Region 12,393,067 11,610,844 6.74 Yangtze River Delta Region 4,098,231 3,833,054 6.92 Southeast Coast and others 1,407,323 1,400,623 0.48 Pearl River Delta Region 7,099,753 6,441,520 10.22 Southwest Coast 2,173,900 1,939,800 12.07 Overseas 8,576,657 8,036,381 6.72 Total 35,748,931 33,262,222 7.48 Of which: Controlled terminals 7,957,660 7,423,080 7.20 Non-controlled terminals 27,791,271 25,839,142 7.55
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16 IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinion ½ Applicable √ Not applicable
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17 (II) Financial Statements Consolidated Balance Sheet 31 March 2025 Prepared by: COSCO SHIPPING Holdings Co., Ltd.* Unit: Yuan Currency: RMB Audit type: Unaudited Items 31 March 2025 31 December 2024 Current assets: Cash and cash equivalents 187,910,767,671.26 185,062,615,962.84 Settlement reserve Placements with banks and non-bank financial institutions Financial assets held for trading 73,427,264.33 65,948,171.22 Derivative financial assets Notes receivables 157,539,380.21 149,858,120.03 Accounts receivables 10,290,229,914.88 8,758,797,272.44 Receivable financing Prepayments 1,220,095,384.10 1,291,909,125.73 Insurance premium receivables Reinsurance premium receivables Reserves for reinsurance contract receivables Other receivables 3,045,267,803.06 2,915,996,769.60 Including: Interests receivables Dividends receivables 114,878,679.98 87,648,700.97 Financial assets purchased under agreements to resell Inventories 6,571,491,362.00 6,332,468,560.86 Including: Data resources Contract assets 264,594,421.14 239,795,346.60 Assets held-for-sale Non-current assets due within one year 135,164,565.57 42,185,304.00 Other current assets 1,243,423,208.14 1,257,402,213.72 Total current assets 210,912,000,974.69 206,116,976,847.04
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18 Items 31 March 2025 31 December 2024 Non-current assets: Loans and advances granted Debt investments 250,211,891.45 344,248,127.02 Other debt investments Long-term receivables 871,190,681.78 840,964,082.96 Long-term equity investments 74,664,349,411.66 72,501,399,080.78 Other equity instruments investments 4,950,675,017.88 4,916,681,913.46 Other non-current financial assets 451,321,197.32 444,760,865.00 Investment properties 3,351,768,250.04 3,415,218,901.73 Fixed assets 128,154,948,634.22 124,632,646,283.47 Construction in progress 26,054,288,818.71 26,027,732,311.71 Productive biological assets Oil and gas assets Right-of-use assets 43,895,673,974.76 41,235,822,881.61 Intangible assets 7,358,120,774.96 7,376,956,400.07 Including: Data resources Development expenses Including: Data resources Goodwill 6,422,872,535.63 6,400,679,967.80 Long-term deferred expenses 521,941,771.47 543,672,465.19 Deferred income tax assets 1,088,314,635.94 1,045,988,136.77 Other non-current assets 666,264,019.53 1,628,465,471.65 Total non-current assets 298,701,941,615.35 291,355,236,889.22 Total assets 509,613,942,590.04 497,472,213,736.26
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19 Items 31 March 2025 31 December 2024 Current liabilities: Short-term borrowings 2,446,322,232.15 1,703,637,725.48 Loans from central bank Placements from banks and non-bank financial institutions Financial liabilities held for trading Derivative financial liabilities Notes payables 48,432,751.28 48,432,751.28 Accounts payables 85,598,222,401.90 85,990,519,521.08 Receipts in advance 91,442,096.38 36,746,117.12 Contract liabilities 474,853,702.37 610,306,111.95 Securities sold under agreements to repurchase Deposits from customers and other banks Brokerage for securities trading Brokerage for underwriting securities Payroll and employee benefits payables 6,005,420,849.71 5,580,868,337.28 Taxes payables 4,013,796,120.97 3,945,477,709.53 Other payables 9,272,236,514.94 11,089,184,022.16 Including: Interests payables Dividends payables 237,439,086.31 56,397,694.81 Fee and commission payables Reinsured accounts payables Liabilities held for sale Non-current liabilities due within one year 13,319,199,404.58 11,965,498,671.52 Other current liabilities 1,830,562,139.81 1,820,031,554.83 Total current liabilities 123,100,488,214.09 122,790,702,522.23
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20 Items 31 March 2025 31 December 2024 Non-current liabilities: Reserves for insurance contracts Long-term borrowings 30,112,692,221.14 30,527,176,509.46 Bonds payable Including: Preference shares Perpetual bonds Lease liabilities 33,251,719,433.31 31,607,129,620.82 Long-term payable 384,219,948.11 418,827,688.47 Long-term payroll and employee benefits payable 386,352,997.26 371,266,716.89 Provisions 6,492,471,823.45 6,501,735,363.23 Deferred income 371,381,739.52 374,960,950.74 Deferred income tax liabilities 19,773,510,196.20 19,820,586,942.93 Other non-current liabilities 1,088,880.68 1,051,102.98 Total non-current liabilities 90,773,437,239.67 89,622,734,895.52 Total liabilities 213,873,925,453.76 212,413,437,417.75
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21 Items 31 March 2025 31 December 2024 Owners ’ equity (or shareholders ’ equity): Paid in capital (or share capital) 15,961,686,166.00 15,960,826,685.00 Other equity instruments Including: Preference shares Perpetual bonds Capital reserves 31,985,563,946.36 32,030,611,092.57 Less: Treasury shares 3,784,596,116.16 1,598,186,980.19 Other comprehensive income 4,797,411,594.23 4,785,641,370.41 Special reserves Surplus reserves 14,007,241,390.02 14,007,241,390.02 Provision for ordinary risks Undistributed profits 181,167,085,969.60 169,481,929,005.08 Total equity attributable to owners (or shareholders) of the parent company 244,134,392,950.05 234,668,062,562.89 Non-controlling interests 51,605,624,186.23 50,390,713,755.62 Total owners ’ equity (or shareholders ’ equity) 295,740,017,136.28 285,058,776,318.51 Total liabilities and owners ’ equity (or shareholders ’ equity) 509,613,942,590.04 497,472,213,736.26 Person-in-charge of the Company: Chief financial officer: Person-in-charge of the accounting department: Wan Min Pan Zhigang Xu Hongwei
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22 Consolidated Income Statement January to March 2025 Prepared by: COSCO SHIPPING Holdings Co., Ltd.* Unit: Yuan Currency: RMB Audit type: Unaudited Items First quarter of 2025 First quarter of 2024 (Adjusted) 1. Total operating revenue 57,960,419,102.55 48,280,064,086.60 Including: Operating revenue 57,960,419,102.55 48,280,064,086.60 Interest income Premium earned Handling fee and commission income 2. Total operating costs 43,608,968,367.77 40,463,632,647.21 Including: Operating costs 42,283,387,548.17 38,913,343,655.89 Interest expenses Handling fees and commission expenses Surrenders Net claims expenses Net provisions for insurance contracts reserve Insurance policy dividend paid Reinsurance costs Tax and surcharges 320,922,043.73 274,714,083.64 Selling expenses 214,658,197.21 232,808,016.93 Administration expenses 1,788,662,418.28 1,695,376,526.48 Research & development expenses 242,569,019.79 256,538,465.62 Finance costs -1,241,230,859.41 -909,148,101.35 Including: Interest expenses 725,000,811.28 817,645,114.09 Interest income 1,493,618,414.12 1,550,315,460.19
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23 Items First quarter of 2025 First quarter of 2024 (Adjusted) Add: Other gains 139,388,507.89 106,263,782.67 Investment income (Loss denoted with “-”) 1,311,217,538.35 1,238,847,985.98 Including: Investment income from associated companies and joint ventures 1,305,175,326.63 1,234,016,313.28 Gains on derecognition of financial assets measured at amortized cost Exchange gains (Loss denoted with “-”) Income from net exposure to hedging (Loss denoted with “-”) Gains on fair value changes (Loss denoted with “-”) 12,590,519.79 6,515,291.91 Credit impairment losses (Loss denoted with “-”) -11,295,033.66 -47,787,999.21 Impairment losses on assets (Loss denoted with “-”) -940,850.82 -579,697.17 Gains on disposal of assets (Loss denoted with “-”) 52,549,773.16 39,847,181.06 3. Operating profits (Loss denoted with “-”) 15,854,961,189.49 9,159,537,984.63 Add: Non-operating income 1,799,123.03 7,542,593.89 Less: Non-operating expenses 3,423,406.00 7,888,397.75 4. Total profits (Total loss denoted with “-”) 15,853,336,906.52 9,159,192,180.77 Less: Income tax expenses 2,623,423,886.25 1,476,973,238.29 5. Net profits (Net loss denoted with “-”) 13,229,913,020.27 7,682,218,942.48 (1) Classified by sustainability 1. Net profits from continuing operations (Net loss denoted with “-”) 13,229,913,020.27 7,682,218,942.48 2. Net profits from discontinued operations (Net loss denoted with “-”) (2) Classified by ownership 1. Net profits attributable to shareholders of the parent company (Net loss denoted with “-”) 11,694,538,845.82 6,755,000,227.75 2. Minority shareholders ’ profits or losses (Net loss denoted with “-”) 1,535,374,174.45 927,218,714.73
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24 Items First quarter of 2025 First quarter of 2024 (Adjusted) 6. Other comprehensive income after tax, net 7,504,418.57 94,145,861.69 (1) Other comprehensive income after tax attributable to owners of the parent company, net 11,770,223.82 108,380,263.36 1. Other comprehensive income that may not be subsequently reclassified into profit or loss 11,421,089.56 107,639,788.66 (1) Changes arising from the remeasurement of defined benefit plans (2) Other comprehensive income that may not be subsequently reclassified into profit or loss under equity method -57,140,400.27 -26,543,646.30 (3) Changes in fair value of other equity investments 68,561,489.83 134,183,434.96 (4) Changes in fair value of the Company ’s own credit risks 2. Other comprehensive income that will be subsequently reclassified into profit or loss 349,134.26 740,474.70 (1) Other comprehensive income that will be subsequently reclassified into profit or loss under equity method 55,394,623.93 3,470,718.09 (2) Changes in fair value of other debt investments (3) Financial assets reclassified into other comprehensive income (4) Credit impairment provisions for other debt investments (5) Reserves for cash flows hedges -2,476,753.00 (6) Exchange differences on translation of financial statements in foreign currency -55,045,489.67 -253,490.39 (7) Others (2) Other comprehensive income after tax attributable to minority shareholders, net -4,265,805.25 -14,234,401.67
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25 Items First quarter of 2025 First quarter of 2024 (Adjusted) 7. Total comprehensive income 13,237,417,438.84 7,776,364,804.17 (1) Total comprehensive income attributable to shareholders of the parent company 11,706,309,069.64 6,863,380,491.11 (2) Total comprehensive income attributable to minority shareholders 1,531,108,369.20 912,984,313.06 8. Earnings per share: (1) Basic earnings per share (RMB/share) 0.74 0.42 (2) Diluted earnings per share (RMB/share) 0.74 0.42 Person-in-charge of the Company: Chief financial officer: Person-in-charge of the accounting department: Wan Min Pan Zhigang Xu Hongwei
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26 Consolidated Cash Flow Statement January to March 2025 Prepared by: COSCO SHIPPING Holdings Co., Ltd.* Unit: Yuan Currency: RMB Audit type: Unaudited Items First quarter of 2025 First quarter of 2024 (Adjusted) 1. Cash flows generated from operating activities: Cash from sale of products and provision of services 56,554,536,161.20 47,258,771,570.31 Net increase in deposits from customers and business partners Net increase in borrowings from central bank Net increase in placements from other financial institutions Cash premiums received under original insurance policies Net cash received from reinsurance business Net increase in deposit from insurance policy holders and investments Cash received for interest, handling fee and commission Net increase in placements from banks Net gain from repurchase of business Net cash received from trading securities Tax rebate received 518,216,449.90 243,612,400.02 Other cash received relating to operating activities 1,828,644,287.48 2,040,764,160.32 Cash inflows from operating activities – subtotal 58,901,396,898.58 49,543,148,130.65
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27 Items First quarter of 2025 First quarter of 2024 (Adjusted) Cash paid for purchase of products and services 35,956,869,250.09 33,429,072,044.13 Net increase in loans and advances to customers Net increase in deposits with central bank and other business partners Cash benefits paid for original insurance policies Net increase in placement with banks Cash paid for interest, handling fee and commission Cash dividends paid for insurance policies Cash paid to and for employees 3,833,976,379.33 5,163,132,193.78 Payments of various taxes 2,813,428,497.14 941,991,236.93 Other cash paid relating to operating activities 1,234,911,054.37 1,121,918,861.64 Cash outflows from operating activities – subtotal 43,839,185,180.93 40,656,114,336.48 Net cash flows generated from operating activities 15,062,211,717.65 8,887,033,794.17
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28 Items First quarter of 2025 First quarter of 2024 (Adjusted) 2. Cash flows generated from investing activities: Cash received from recovery of investments 70,000.00 Cash received from investment income 151,724,077.66 101,829,150.29 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 112,189,474.52 101,555,555.59 Net cash received from disposal of subsidiaries and other business units Other cash received relating to investing activities 12,102,767.45 Cash inflows from investing activities – subtotal 263,983,552.18 215,487,473.33 Cash paid for acquisition and installation of fixed assets, intangible assets and other long-term assets 4,890,992,253.54 4,125,192,829.88 Cash paid for investments 2,236,305,882.32 6,800,000.00 Net increase in secured loans Net cash paid for acquiring subsidiaries and other business units Other cash paid relating to investing activities 408,275.90 Cash outflows from investing activities – subtotal 7,127,298,135.86 4,132,401,105.78 Net cash flows generated from investing activities -6,863,314,583.68 -3,916,913,632.45
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29 Items First quarter of 2025 First quarter of 2024 (Adjusted) 3. Cash flow generated from financing activities: Cash received from investments 1,991,878.50 97,581.67 Including: Cash received by subsidiaries from investments by minority shareholders 1,132,397.50 35,516.67 Cash received from borrowings 2,343,759,148.80 1,162,097,184.30 Other cash received relating to financing activities 86,095,312.00 4,072,077.14 Cash inflows from financing activities – subtotal 2,431,846,339.30 1,166,266,843.11 Cash paid for repayment of indebtedness 2,139,080,586.15 9,493,707,654.44 Cash paid for distribution of dividends, profits or repayment of interest 416,277,587.96 625,137,366.91 Including: Dividends and profits distributed to minority shareholders by subsidiaries 61,462,584.98 40,697,258.32 Other cash paid relating to financing activities 5,563,207,607.08 4,158,321,325.15 Cash outflows from financing activities – subtotal 8,118,565,781.19 14,277,166,346.50 Net cash flows generated from financing activities -5,686,719,441.89 -13,110,899,503.39 4. Effects of changes in exchange rates on cash and cash equivalents -2,546,039.55 99,586,311.48 5. Net increase in cash and cash equivalents 2,509,631,652.53 -8,041,193,030.19 Add: Balance of cash and cash equivalents as at the beginning of the period 184,189,078,030.04 181,165,439,586.88 6. Balance of cash and cash equivalents as at the end of the period 186,698,709,682.57 173,124,246,556.69 Person-in-charge of the Company: Chief financial officer: Person-in-charge of the accounting department: Wan Min Pan Zhigang Xu Hongwei
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30 Balance Sheet of the Parent Company 31 March 2025 Prepared by: COSCO SHIPPING Holdings Co., Ltd.* Unit: Yuan Currency: RMB Audit type: Unaudited Items 31 March 2025 31 December 2024 Current assets: Cash and cash equivalents 17,472,535,395.94 19,710,385,367.98 Financial assets held for trading Derivative financial assets Notes receivables Accounts receivables Receivables financing Prepayments Other receivables 3,277,147,527.47 3,277,928,394.87 Including: Interests receivables Dividends receivables 3,275,738,740.39 3,275,738,740.39 Inventories Including: Data resource Contract assets Held-for-sale assets Non-current assets due within one year 3,371,178.07 151,452.04 Other current assets 122,996,680.83 30,605,944.34 Total current assets 20,876,050,782.31 23,019,071,159.23
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31 Items 31 March 2025 31 December 2024 Non-current assets: Debt investments Other debt investments Long-term receivables 3,200,000.00 Long-term equity investments 75,623,739,003.74 73,914,644,391.02 Other equity instruments investments 781,139,008.00 827,519,136.60 Other non-current financial assets Investment properties Fixed assets 19,639.11 30,868.95 Construction in progress Productive biological assets Oil and gas assets Right-of-use assets Intangible assets Including: Data resource Development expenditure Including: Data resource Goodwill Long-term deferred expenses Deferred income tax assets Other non-current assets 1,000,943,396.23 Total non-current assets 76,404,897,650.85 75,746,337,792.80 Total assets 97,280,948,433.16 98,765,408,952.03
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32 Items 31 March 2025 31 December 2024 Current liabilities: Short-term borrowings 300,175,083.33 300,095,500.00 Financial liabilities held for trading Derivative financial liabilities Notes payables Accounts payables Receipts in advance Contract liabilities Payroll and employee benefits payables 53,543,149.06 53,516,569.06 Taxes payables 14,880.00 13,280.00 Other payables 121,635,972.00 104,162,450.90 Including: Interest payables Dividend payables 10,528.87 10,565.50 Held-for-sale liabilities Non-current liabilities due within one year Other current liabilities Total current liabilities 475,369,084.39 457,787,799.96 Non-current liabilities: Long-term borrowings Bonds payables Including: Preference shares Perpetual bonds Lease liabilities Long-term payables Long-term payroll and employee benefits payable Provisions Deferred income Deferred income tax liabilities 577,735.84 12,172,767.99 Other non-current liabilities Total non-current liabilities 577,735.84 12,172,767.99 Total liabilities 475,946,820.23 469,960,567.95
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33 Items 31 March 2025 31 December 2024 Owners ’ equity (or shareholders ’ equity): Paid in capital (or share capital) 15,961,686,166.00 15,960,826,685.00 Other equity instruments Including: Preference shares Perpetual bonds Capital reserves 40,403,917,180.37 40,421,654,441.25 Less: Treasury shares 3,784,596,116.16 1,598,186,980.19 Other comprehensive income 32,837,216.28 28,031,466.94 Special reserves Surplus reserves 14,007,077,958.37 14,007,077,958.37 Undistributed profits 30,184,079,208.07 29,476,044,812.71 Total owners ’ equity (or shareholders ’ equity) 96,805,001,612.93 98,295,448,384.08 Total liabilities and owners ’ equity (or shareholders ’ equity) 97,280,948,433.16 98,765,408,952.03 Person-in-charge of the Company: Chief financial officer: Person-in-charge of the accounting department: Wan Min Pan Zhigang Xu Hongwei
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34 Income Statement of the Parent Company January to March 2025 Prepared by: COSCO SHIPPING Holdings Co., Ltd.* Unit: Yuan Currency: RMB Audit type: Unaudited Items First quarter of 2025 First quarter of 2024 1. Operating revenue Less: Operating costs Tax and surcharges 15,120.34 5,105.83 Selling expenses Administration expenses 22,232,888.25 19,399,853.23 Research & development expenses Finance costs -37,891,638.22 1,064,617.96 Including: Interest expenses 1,432,500.00 Interest income 59,848,351.16 4,260,665.62 Add: Other gains 6,093,134.15 17,040,098.84 Investment income (Loss denoted with “-”) 686,297,631.58 651,795,880.17 Including: Investment income from associated companies and joint ventures 686,297,631.58 651,795,880.17 Gains on derecognition of financial assets measured at amortized cost Income from net exposure to hedging (Loss denoted with “-”) Gains on fair value changes (Loss denoted with “-”) Credit impairment losses (Loss denoted with “-”) Impairment losses on assets (Loss denoted with “-”) Gains on disposal of assets (Loss denoted with “-”)
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35 Items First quarter of 2025 First quarter of 2024 2. Operating profits (Loss denoted with “-”) 708,034,395.36 648,366,401.99 Add: Non-operating income Less: Non-operating expenses 3. Total profits (Total loss denoted with “-”) 708,034,395.36 648,366,401.99 Less: Income tax expenses 4. Net profits (Net loss denoted with “-”) 708,034,395.36 648,366,401.99 (1) Net profits from continuing operations (Net loss denoted with “-”) 708,034,395.36 648,366,401.99 (2) Net profits from discontinued operations (Net loss denoted with “-”) 5. Other comprehensive income after tax, net 4,805,749.34 67,651,235.42 (1) Other comprehensive income that may not be subsequently reclassified into profit or loss -41,764,609.23 59,847,080.40 1. Changes arising from the re-measurement of defined benefit plans 2. Other comprehensive income that may not be subsequently reclassified into profit or loss under equity method -6,979,512.78 -17,046,290.70 3. Changes in fair value of other equity investments -34,785,096.45 76,893,371.10 4. Changes in fair value of the company ’s own credit risks (2) Other comprehensive income that will be subsequently reclassified into profit or loss 46,570,358.57 7,804,155.02 1. Other comprehensive income that will be subsequently reclassified into profit or loss under equity method 46,570,358.57 7,804,155.02 2. Changes in fair value of other debt investment 3. Financial assets reclassified into other comprehensive income 4. Credit impairment provisions for other debt investments 5. Reserves for cash flows hedges 6. Exchange differences on translation of financial statements in foreign currency 7. Others
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36 Items First quarter of 2025 First quarter of 2024 6. Total comprehensive income 712,840,144.70 716,017,637.41 7. Earnings per share: (1) Basic earnings per share (RMB/share) (2) Diluted earnings per share (RMB/share) Person-in-charge of the Company: Chief financial officer: Person-in-charge of the accounting department: Wan Min Pan Zhigang Xu Hongwei
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37 Cash Flow Statement of the Parent Company January to March 2025 Prepared by: COSCO SHIPPING Holdings Co., Ltd.* Unit: Yuan Currency: RMB Audit type: Unaudited Items First quarter of 2025 First quarter of 2024 1. Cash flows generated from operating activities: Cash from sale of products and provision of services Tax rebate received Other cash received relating to operating activities 68,470,781.62 22,843,232.99 Cash inflows from operating activities – subtotal 68,470,781.62 22,843,232.99 Cash paid for purchase of products and services Cash paid to and for employees 835,978.92 638,139.15 Payments of various taxes 92,626,147.16 136,695,959.46 Other cash paid relating to operating activities 4,008,523.57 75,825,524.51 Cash outflows from operating activities – subtotal 97,470,649.65 213,159,623.12 Net cash flows generated from operating activities -28,999,868.03 -190,316,390.13
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38 Items First quarter of 2025 First quarter of 2024 2. Cash flows generated from investing activities: Cash received from recovery of investments Cash received from investment income 500,000,000.00 Net cash received from disposal of fixed assets, intangible assets and other long-term assets Net cash received from disposal of subsidiaries and other business units Other cash received relating to investing activities Cash inflows from investing activities – subtotal 500,000,000.00 Cash paid for acquisition and installation of fixed assets, intangible assets and other long-term assets Cash paid for investments Net cash paid for acquiring subsidiaries and other business units Other cash paid relating to investing activities Cash outflows from investing activities – subtotal Net cash flows generated from investing activities 500,000,000.00
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39 Items First quarter of 2025 First quarter of 2024 3. Cash flow generated from financing activities: Cash received from investments 859,481.00 62,065.00 Cash received from borrowings Other cash received relating to financing activities Cash inflows from financing activities – subtotal 859,481.00 62,065.00 Cash paid for repayment of indebtedness Cash paid for distribution of dividends, profits or repayment of interest 1,352,916.67 60,646,753.04 Other cash paid relating to financing activities 2,205,833,740.82 425,832,131.54 Cash outflows from financing activities – subtotal 2,207,186,657.49 486,478,884.58 Net cash flows generated from financing activities -2,206,327,176.49 -486,416,819.58 4. Effects of changes in exchange rates on cash and cash equivalents -1,289,152.02 120,334.84 5. Net increase in cash and cash equivalents -2,236,616,196.54 -176,612,874.87 Add: Balance of cash and cash equivalents as at the beginning of the period 19,706,304,433.85 1,119,496,036.30 6. Balance of cash and cash equivalents as at the end of the period 17,469,688,237.31 942,883,161.43 Person-in-charge of the Company: Chief financial officer: Person-in-charge of the accounting department: Wan Min Pan Zhigang Xu Hongwei
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40 (III) Adjustments to the financial statements as at the beginning of the year relating to the initial application of the new accounting standards or interpretations of standards since 2025 ½ Applicable √ Not applicable Announcement is hereby given. By Order of the Board COSCO SHIPPING Holdings Co., Ltd.* Xiao Junguang Company Secretary Shanghai, the People ’s Republic of China 29 April 2025 As at the date of this announcement, the Directors of the Company are Mr. WAN Min 1 (Chairman), Mr. TAO Weidong 1, Mr. ZHU Tao 1 , Mr. YU De 2, Prof. MA Si-hang Frederick 3, Mr. SHEN Dou 3 and Ms. HAI Chi-yuet 3. 1 Executive Director 2 Non-executive Director 3 Independent non-executive Director * For identification purpose only