COSCO SHIPPING Development Announces 2023 Interim Results

Focus on Value Creation and Promote Sustainable Development

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

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

Focused on the shipping industry chain to take advantage of synergies

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