COSCO SHIPPING Development Q1 2026: Revenue Up 10.49%, Net Profit Down 14.01% Amid Softer Container Prices

Hong Kong, 29 Apr 2026 — COSCO SHIPPING Development Co., Ltd. reported a mixed first-quarter performance, with top-line growth offset by weaker profitability as container manufacturing margins narrowed.

Key Financial Highlights (RMB): • Revenue reached 5.99 billion, up 10.49% year-on-year (YoY). • Net profit attributable to shareholders fell 14.01% YoY to 413.16 million. • Total profit declined 27.60% YoY to 446.81 million. • Basic and diluted EPS slipped to RMB 0.0314, down 12.78% YoY. • Weighted average ROE eased to 1.33%, a 0.25-percentage-point contraction.

Operating Performance Management attributed the profit contraction primarily to lower container prices versus the elevated base in Q1 2025. Operating cost rose 18.51% YoY to 5.13 billion, outpacing revenue growth, while finance costs remained high at 868.37 million. Excluding RMB 9.94 million of extraordinary gains, underlying net profit dropped 14.68% YoY.

Cash Flow and Liquidity • Net cash from operating activities edged down 1.92% YoY to 492.32 million. • Free cash flow turned negative as investment cash outflow of 2.10 billion eclipsed operating inflow. • Financing activities provided 4.51 billion of net inflow, driven by 16.44 billion in new borrowings versus 11.02 billion in repayments. • Quarter-end cash and cash equivalents stood at 14.02 billion, up from 10.25 billion at FY2025 year-end.

Balance Sheet Total assets expanded 3.21% since December 2025 to 135.82 billion, supported by higher cash balances and long-term equity investments. Owner’s equity rose 1.09% to 31.12 billion, while total liabilities increased 3.86% to 104.25 billion. The company continued to access short-term funding, with current borrowings climbing to 20.06 billion (up 49.30% quarter-on-quarter).

Shareholder Structure As of 31 March 2026 the company had 275,149 shareholders. Parent China COSCO SHIPPING Corporation Limited held 47.16% of total share capital through direct and indirect holdings.

Management Actions To enhance shareholder returns, COSCO SHIPPING Development is executing an A+H share buyback programme. As of 29 April 2026 the company had repurchased 31.38 million A-shares and 18.64 million H-shares across three rounds.

Outlook Statement Management indicated ongoing focus on digitalisation, intelligent operations and low-carbon initiatives to drive efficiency, while maintaining a prudent stance in a volatile container market environment.

(The figures are unaudited and prepared under PRC Accounting Standards; investors are advised to interpret the data with caution.)