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Performance Bulletin
April 29, 2021

Performance Bulletin: First Quarter Revenue of 28.9 Billion, Net Profit of 1.5 Billion, CIMC Gets the Best Start in History

On the evening of April 27th, CIMC Group (hereinafter referred to as CIMC, stock code: 000039.SZ\2039.HK) officially released the company's performance report for the first quarter of 2021.

According to the report, CIMC achieved operating income of RMB 28.864 billion in the first quarter, a year-on-year increase of 82.08%; the net profit attributable to shareholders of the parent firm and other equity holders is RMB 1.507 billion. It achieved a year-on-year turnaround from losses to profits, an increase of 334.99% year-on-year, marking the best start in CIMC's history.

Behind this set of data are the helplessness during the sudden outbreak of the epidemic last spring, the decision of some companies to announce that they have entered a special period, CIMC's stable business capabilities spanning 40 years, and CIMC's resilience that is getting stronger and stronger and of course, also the joy of today's harvest.

All these achievements have benefited from the national success in fighting the epidemic and the continuous stable prevention and control of the epidemic. CIMC's good performance is also a microcosm and representative of Chinese enterprises.

CIMC's container yard

The economic recovery pushes up the demand for international trade, driving the quantity and price of containers to rise together.

In the first quarter of 2021, although the epidemic is still spreading around the world, with the support of the vaccination plan and the European and American economic relief plans, the global economy has accelerated its recovery trend, international trade has maintained a high degree of prosperity, and China's economy has a good start. The high demand for containers continues. The IMF released the latest World Economic Outlook Report, which predicts that the global GDP growth rate in 2021 will be 6%. Data released by the National Bureau of Statistics on April 16 showed that China's GDP in the first quarter increased by 18.3% year-on-year.

Recently, the China Export Container Freight Index CCFI and China Import Container Freight Index CICFI have both set new records. Among them, the slope of the CCFI's rising curve year-to-date can be described as ‘steep’.

In the first quarter, the cumulative sales of CIMC dry cargo containers were 450,800 TEU, saw year-on-year rises of approximately 174.04%; the cumulative sales of reefer containers were 45,900 TEU, an year-on-year increase of approximately 82.14%. The huge trade demand has driven the sales and revenue of CIMC's container manufacturing business to rise sharply.

Some analytical institutions believe that under the the current background of global trade recovery and economic recovery, a new round of shipping cycle may start. From the perspective of the supply and demand of containers, no matter from the short, medium and long term perspective, it shows that the container boom cycle has come, which will prompt the cyclical stock characteristics of CIMC to quickly reveal. The performance expectations for the first quarter indicate that the cyclical container industry and container price fluctuations have great flexibility in improving CIMC’s performance.

The report shows that in the first quarter of 2021, not only will CIMC's container business have grown substantially, but the company's road transport vehicle business, energy/chemical/liquid food business, etc. have a full order on hand, and all businesses have been carried out smoothly.

CIMC Enric signed new orders of 3.9 billion RMB in the first quarter, a year-on-year increase of 39%.

In the energy industry, in the first quarter of 2021, CIMC Enric (the main business entity of CIMC's energy, chemical and liquid food business)'s clean energy, chemical environment and liquid food businesses achieved significant year-on-year growth, and overseas business revenues saw a year-on-year great growth. In the first quarter of 2021, new orders were signed at RMB 3.9 billion, a year-on-year increase of 39%. At the end of March 2021, CIMC Enric's overall orders in hand were approximately RMB 11.6 billion, a year-on-year increase of 17%.

In terms of offshore engineering business, in the first quarter of 2021, CIMC's offshore engineering business has signed new orders totaling 320 million U.S. dollars, and the accumulated holding orders are 1 billion U.S. dollars. Among these orders, non-oil and gas orders accounted for more than 82%, including the signing of a charter contract with Huadian Heavy Industries Co., Ltd. on the use of semi-submersible lifting life support platforms for offshore wind power installations, and the use of jack-up drilling platforms for transformation as well as the signing of a cooperation agreement for the wind power installation platform.

In the first quarter of 2021, CIMC Finance Co., Ltd.'s total new financial investment exceeded RMB 2.25 billion.

In the first quarter, CIMC's cold chain business deployed a total of 23,000 square meters in 65 cities across the country.

CIMC Architecture completed the first phase of the 1.5-level corporate port project in Haikou Jiangdong New District in only 70 days, which once again refreshed the conversion and construction speed of CIMC. The efficient and high-quality delivery of these projects has won high praise and recognition from the local government and citizens.

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