# COSCO SHIPPING Holdings (601919.SHG)

Canonical: https://gigainvestors.com/s/601919.SHG

Analysis as of: 2026-10-16T07:34:07.071Z. Financial observations: FY2002–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 16.93 per share; close as of 2026-10-15.

Estimated value: low CNY 36.51 per share, central CNY 40.38 per share, high CNY 45.52 per share. Buy at or below the central value CNY 40.38 per share. Valuation as of 2026-10-16T07:34:07.071Z; scenarios are not confidence intervals.

Expected annual return: 31.1% at the stated quote. About 31.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 1.02×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.11×

- FY2017: 0.05×

- FY2018: 0.03×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.38×

- FY2022: 0.43×

- FY2023: 0.19×

- FY2024: 0.29×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.2%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: -4.4 pp

- Typical gross margin (annual median): 15.3%

- Recent gross margin (lower of latest and 3-year median): 19.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.2%

- ROIC including acquisitions, ten-year median: 8.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -14.6%

- FY2017: 7.4%

- FY2018: 2.3%

- FY2019: 8.0%

- FY2020: 10.5%

- FY2021: >100%

- FY2022: >100%

- FY2023: 31.0%

- FY2024: 46.2%

- FY2025: 17.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 257B

- Net income, five-year total: CNY 303B

- Return on incremental invested capital: 182.2%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -8.4 pp

- Working capital / revenue, final three-year average: -8.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.91×

- FY2022: 0.94×

- FY2023: 0.44×

- FY2024: 0.85×

- FY2025: 0.64×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.3% vs 31.0%

- Per-share earnings: 0.04 to 2.02 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.6%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: CNY 177B

- Cumulative retained earnings: CNY 193B

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 65.4%

- Per-share value change: CNY 1.98

- Per-share value, starting three-year median: CNY 0.04

- Per-share value, ending three-year median: CNY 2.02

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 1.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 13B

- Cumulative net income, 10 years: CNY 314B

- ROIC, first three-year median: 2.3%

- ROIC, last three-year median: 31.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY -0.72

- FY2017: CNY 0.21

- FY2018: CNY 0.09

- FY2019: CNY 0.47

- FY2020: CNY 0.62

- FY2021: CNY 5.57

- FY2022: CNY 6.78

- FY2023: CNY 1.48

- FY2024: CNY 3.13

- FY2025: CNY 2.02

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.5%

- FY2017: -3.3%

- FY2018: -3.0%

- FY2019: -5.5%

- FY2020: -12.9%

- FY2021: -19.7%

- FY2022: -17.0%

- FY2023: 0.3%

- FY2024: -4.1%

- FY2025: -3.7%

## Holders

## Price story

Price needs cash profits to shrink 16.2% a year for ten years · "Cosco Shipping Reports 50% Profit Drop as Freight Rates Fall" (finance.yahoo.com, Apr 2026) · sales -6.6%

Story as of 2026-10-16T09:59:59.258Z; price observation 2026-10-15.

Price needs cash profits to shrink 16.2% a year for ten years

- 2026-04-29: Cosco Shipping Reports 50% Profit Drop as Freight Rates Fall ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cosco-shipping-reports-50-profit-161001899.html))

### Sales · FY2024–2025

sales -6.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 71B 

- FY2017: CNY 90B 

- FY2018: CNY 121B 

- FY2019: CNY 151B 

- FY2020: CNY 171B 

- FY2021: CNY 334B 

- FY2022: CNY 391B 

- FY2023: CNY 175B 

- FY2024: CNY 234B 

- FY2025: CNY 218B 

### Gross margin · FY2025

gross margin 19.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 8.7% 

- FY2018: 8.5% 

- FY2019: 10.7% 

- FY2020: 14.2% 

- FY2021: 42.3% 

- FY2022: 44.2% 

- FY2023: 16.3% 

- FY2024: 29.5% 

- FY2025: 19.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are CNY 218.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2025: revenue 218475378000; grossProfit 42976667000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601919.SHG: COSCO SHIPPING Holdings Co., Ltd., an investment holding company, engages in the container shipping business in the United States, Europe, the Asia Pacific, Mainland China, and internationally. It operates through Container Shipping Business, Terminal Business, and Other Businesses segments. The company offers routes and maritime container transportation services, logistics and port service, and digital supply chain service for enterprises in cross-border e-commerce, home appliances, photovoltaic, automobile, and other industries. It also provides management and financing services; freight forwarding and transportation; property lease; shipping agency; vessel chartering; marine; document services; vessel management and manning; cargo and liner agency; asset management; technical services, container maintenance, container yard warehousing services; multimodal transport; terminal operations; and supply chain management services. In addition, the company engages in the operation of rail terminals. As of December 31, 2025, it operated container fleet of 590 ships with a total capacity of approximately 3.60 million TEUs. The company was formerly known as China COSCO Holdings Company Limited and changed its name to COSCO SHIPPING Holdings Co., Ltd. in November 2016. COSCO SHIPPING Holdings Co., Ltd. was incorporated in 2005 and is based in Tianjin, China.

### Why customers stay

Margins ranged from 16.3% to 29.5% during 2023–25; it earns 14.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2023: grossProfit / revenue = 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2024: grossProfit / revenue = 29.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2025: grossProfit / revenue = 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); 10-year return on capital observations [[2016,-0.14562088404094423],[2017,0.07409689200789508],[2018,0.02332888873654351],[2019,0.0801965709068611],[2020,0.10537613228336597],[2021,1.4245129608999678],[2022,2.563802413288803],[2023,0.3100704513984095],[2024,0.46162943443725907],[2025,0.17898960016665802]]; median 0.142182866225012. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 6.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2017: growth capex 8810982486.11; upkeep 2335002000; owner earnings 2661936000. Growth capex / owner earnings = 3.309990355181342.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2018: growth capex 15687410140.25; upkeep 4200109000; owner earnings 1230026000. Growth capex / owner earnings = 12.753722393063237.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2019: growth capex 5752434000; upkeep 5330315000; owner earnings 6764105000. Growth capex / owner earnings = 0.8504353495399614.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2020: growth capex 861666000; upkeep 5807109000; owner earnings 9927098000. Growth capex / owner earnings = 0.08679938487562025.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2021: growth capex 3544383000; upkeep 6005533000; owner earnings 81254703743.474. Growth capex / owner earnings = 0.043620650088022364.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2022: growth capex 2953959000; upkeep 7537511000; owner earnings 103349963243.97922. Growth capex / owner earnings = 0.02858210015059765.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2023: growth capex 0; upkeep 15322623000; owner earnings 10453949083.653269. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2024: growth capex 18078270000; upkeep 7920849000; owner earnings 41761549059.30759. Growth capex / owner earnings = 0.43289270650200684.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2025: growth capex 0; upkeep 25015552000; owner earnings 19710374341.630287. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); Dividend observations: [[2016,2399361181.85],[2017,1978175103],[2018,3266538838],[2019,4570064000],[2020,3381008000],[2021,2072231000],[2022,47907688000],[2023,30867888000],[2024,12050398000],[2025,24628710000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); FY2025: cash repurchases 6560757000 CNY.

### Are managers owners

Insiders own 62.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601919.SHG SharesStats.PercentInsiders = 62.379 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 16.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.071Z); Ten-year compound average after fade. Initial solved rate -0.23723792644986413. Price 16.93; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.13544741748821387 → FY2025 1.2872971486896816. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-11: CNY 4.60 per share

- 2016-12: CNY 4.03 per share

- 2017-01: CNY 4.17 per share

- 2017-02: CNY 4.70 per share

- 2017-03: CNY 4.55 per share

- 2017-04: CNY 4.23 per share

- 2017-05: CNY 4.12 per share

- 2017-06: CNY 4.12 per share

- 2017-07: CNY 5.59 per share

- 2017-08: CNY 5.99 per share

- 2017-09: CNY 5.30 per share

- 2017-10: CNY 5.33 per share

- 2017-11: CNY 4.84 per share

- 2017-12: CNY 5.21 per share

- 2018-01: CNY 5.57 per share

- 2018-02: CNY 4.64 per share

- 2018-03: CNY 4.53 per share

- 2018-04: CNY 4.34 per share

- 2018-05: CNY 4.71 per share

- 2018-06: CNY 3.78 per share

- 2018-07: CNY 3.47 per share

- 2018-08: CNY 3.15 per share

- 2018-09: CNY 3.14 per share

- 2018-10: CNY 2.92 per share

- 2018-11: CNY 3.15 per share

- 2018-12: CNY 3.11 per share

- 2019-01: CNY 3.23 per share

- 2019-02: CNY 3.85 per share

- 2019-03: CNY 4.06 per share

- 2019-04: CNY 4.41 per share

- 2019-05: CNY 3.68 per share

- 2019-06: CNY 3.86 per share

- 2019-07: CNY 3.61 per share

- 2019-08: CNY 3.53 per share

- 2019-09: CNY 3.66 per share

- 2019-10: CNY 3.55 per share

- 2019-11: CNY 3.64 per share

- 2019-12: CNY 4.05 per share

- 2020-01: CNY 3.65 per share

- 2020-02: CNY 3.11 per share

- 2020-03: CNY 3.16 per share

- 2020-04: CNY 2.77 per share

- 2020-05: CNY 2.43 per share

- 2020-06: CNY 2.67 per share

- 2020-07: CNY 3.33 per share

- 2020-08: CNY 4.18 per share

- 2020-09: CNY 4.41 per share

- 2020-10: CNY 5.03 per share

- 2020-11: CNY 7.63 per share

- 2020-12: CNY 9.39 per share

- 2021-01: CNY 9.55 per share

- 2021-02: CNY 9.72 per share

- 2021-03: CNY 10.40 per share

- 2021-04: CNY 14.06 per share

- 2021-05: CNY 16.44 per share

- 2021-06: CNY 23.49 per share

- 2021-07: CNY 17.66 per share

- 2021-08: CNY 20.74 per share

- 2021-09: CNY 17.28 per share

- 2021-10: CNY 16.53 per share

- 2021-11: CNY 17.37 per share

- 2021-12: CNY 18.69 per share

- 2022-01: CNY 16.12 per share

- 2022-02: CNY 17.52 per share

- 2022-03: CNY 15.50 per share

- 2022-04: CNY 14.43 per share

- 2022-05: CNY 15.35 per share

- 2022-06: CNY 13.90 per share

- 2022-07: CNY 13.72 per share

- 2022-08: CNY 14.20 per share

- 2022-09: CNY 11.02 per share

- 2022-10: CNY 11.23 per share

- 2022-11: CNY 12.63 per share

- 2022-12: CNY 10.29 per share

- 2023-01: CNY 10.63 per share

- 2023-02: CNY 10.78 per share

- 2023-03: CNY 11.03 per share

- 2023-04: CNY 11.11 per share

- 2023-05: CNY 10.44 per share

- 2023-06: CNY 9.40 per share

- 2023-07: CNY 10.12 per share

- 2023-08: CNY 9.80 per share

- 2023-09: CNY 9.81 per share

- 2023-10: CNY 9.77 per share

- 2023-11: CNY 10.01 per share

- 2023-12: CNY 9.58 per share

- 2024-01: CNY 9.95 per share

- 2024-02: CNY 10.50 per share

- 2024-03: CNY 10.35 per share

- 2024-04: CNY 11.77 per share

- 2024-05: CNY 15.04 per share

- 2024-06: CNY 15.49 per share

- 2024-07: CNY 13.15 per share

- 2024-08: CNY 12.52 per share

- 2024-09: CNY 15.71 per share

- 2024-10: CNY 14.58 per share

- 2024-11: CNY 13.59 per share

- 2024-12: CNY 15.50 per share

- 2025-01: CNY 14.27 per share

- 2025-02: CNY 13.62 per share

- 2025-03: CNY 14.55 per share

- 2025-04: CNY 14.36 per share

- 2025-05: CNY 16.39 per share

- 2025-06: CNY 15.04 per share

- 2025-07: CNY 15.64 per share

- 2025-08: CNY 15.28 per share

- 2025-09: CNY 14.34 per share

- 2025-10: CNY 15.01 per share

- 2025-11: CNY 14.61 per share

- 2025-12: CNY 15.18 per share

- 2026-01: CNY 14.39 per share

- 2026-02: CNY 15.01 per share

- 2026-03: CNY 15.01 per share

- 2026-04: CNY 14.12 per share

- 2026-05: CNY 14.14 per share

- 2026-06: CNY 13.26 per share

- 2026-07: CNY 15.63 per share

- 2026-08: CNY 17.00 per share

- 2026-09: CNY 16.37 per share

- 2026-10: CNY 17.39 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 2.90 per share, central CNY 2.95 per share, high CNY 3.02 per share

- FY2019: low CNY 4.85 per share, central CNY 5.48 per share, high CNY 5.84 per share

- FY2020: low CNY 6.76 per share, central CNY 7.54 per share, high CNY 8.27 per share

- FY2021: low CNY 23.40 per share, central CNY 28.82 per share, high CNY 31.99 per share

- FY2022: low CNY 30.85 per share, central CNY 39.00 per share, high CNY 43.75 per share

- FY2023: low CNY 18.20 per share, central CNY 21.99 per share, high CNY 24.20 per share

- FY2024: low CNY 39.15 per share, central CNY 43.16 per share, high CNY 48.49 per share

- FY2025: low CNY 36.29 per share, central CNY 40.13 per share, high CNY 45.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:53.630Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations