StockCode:001872/201872StockName:CMPortGroup/CMPortGroupBAnnouncementNo.2025-054
CHINAMERCHANTSPORTGROUPCO.,LTD.INTERIMREPORT2025(SUMMARY)
PartIImportantNotes
ThisSummaryisbasedonthefullInterimReportofChinaMerchantsPortGroupCo.,Ltd.(hereinafterreferredtoasthe“Company”).InorderforafullunderstandingoftheCompany’soperatingresults,financialpositionandfuturedevelopmentplans,investorsshouldcarefullyreadtheaforesaidfullreportonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission(the“CSRC”).AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary.Independentauditor’smodifiedopinion:
□Applicable√NotapplicableBoard-approvedinterimcashand/orstockdividendplanforordinaryshareholders:
□Applicable√NotapplicableTheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.Board-approvedinterimcashand/orstockdividendplanforpreferredshareholders:
□Applicable√NotapplicableNote:ForthemeaningsoftheabbreviationsinthisSummary,pleaserefertotheinformationundertheheading“Definitions”inthefullInterimReport.ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail.PartIIKeyCorporateInformation
1.StockProfile
| Stockname | CMPortGroup/CMPortGroupB | Stockcode | 001872/201872 |
| Stockexchangeforstocklisting | ShenzhenStockExchange | ||
| Contactinformation | BoardSecretary | SecuritiesRepresentative | |
| Name | LiuLibing | HuJingjing | |
| Officeaddress | 24/F,ChinaMerchantsPortPlaza,1Gongye3rdRoad,ZhaoshangStreet,Nanshan,Shenzhen,PRC | 24/F,ChinaMerchantsPortPlaza,1Gongye3rdRoad,ZhaoshangStreet,Nanshan,Shenzhen,PRC | |
| Tel. | +8675526828888 | +8675526828888 | |
| E-mailaddress | Cmpir@cmhk.com | Cmpir@cmhk.com |
2.KeyFinancialInformationIndicatebytickmarkwhetherthereisanyretrospectiveadjustmentsorrestatementstoprior-yearfinancialstatements.
□Yes√No
| H12025 | H12024 | Change(%) | |
| Totaloperatingincome(RMB) | 8,468,491,376.08 | 7,975,193,083.64 | 6.19% |
| NetprofitattributabletoshareholdersoftheCompany(RMB) | 2,626,638,199.47 | 2,546,828,456.08 | 3.13% |
| NetprofitattributabletoshareholdersoftheCompanyafterdeductingnon-recurringgainsandlosses(RMB) | 2,518,686,036.20 | 2,164,145,793.00 | 16.38% |
| Netcashinflowfromoperatingactivities(RMB) | 3,008,693,316.79 | 3,122,383,705.03 | -3.64% |
| Basicearningspershare(RMB/share) | 1.05 | 1.02 | 2.94% |
| Dilutedearningspershare(RMB/share) | 1.05 | 1.02 | 2.94% |
| Weightedaveragereturnonequity(%) | 4.19% | 4.25% | -0.06% |
| 30June2025 | 31December2024 | Change(%) | |
| Totalassets(RMB) | 203,144,053,161.15 | 201,517,851,881.45 | 0.81% |
| EquityattributabletoshareholdersoftheCompany(RMB) | 62,548,448,959.45 | 61,502,739,842.96 | 1.70% |
3.ShareholdersandTheirHoldingsasattheEndoftheReportingPeriod
Unit:share
| Numberofordinaryshareholdersattheperiod-end | 30,927(20,922A-shareholdersand10,005B-shareholders) | Numberofpreferredshareholderswithresumedvotingrightsattheperiod-end(ifany) | 0 | |||
| Top10shareholders(exclusiveofshareslentinrefinancing) | ||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Numberofshares | Restrictedshares | Sharesinpledgeorfrozen | |
| ChinaMerchantsPortInvestmentDevelopmentCompanyLimited | Foreignlegalperson | 45.92% | 1,148,648,648 | 0 | 0 |
| ZhejiangProvincialSeaportInvestment&OperationGroupCo.,Ltd. | State-ownedlegalperson | 23.05% | 576,709,537 | 576,709,537 | 0 |
| ChinaMerchantsGangtongDevelopment(Shenzhen)Co.,Ltd. | State-ownedlegalperson | 14.83% | 370,878,000 | 0 | 0 |
| ShenzhenInfrastructureInvestmentFund-ShenzhenInfrastructureInvestmentFundPartnership(LimitedPartnership) | Fundandwealthmanagementproductsetc. | 2.59% | 64,850,182 | 0 | 0 |
| BroadfordGlobalLimited | State-ownedlegalperson | 2.21% | 55,314,208 | 0 | 0 |
| China-AfricaDevelopmentFund | State-ownedlegalperson | 0.62% | 15,610,368 | 0 | 0 |
| HongKongSecuritiesClearingCompanyLtd. | Foreignlegalperson | 0.42% | 10,608,537 | 0 | 0 |
| ZouYanmin | Domesticnaturalperson | 0.21% | 5,330,060 | 0 | 0 |
| TheChinesePeople'sPropertyInsuranceCo.,Ltd.－Traditional-GeneralInsuranceProduct | Fundandwealthmanagementproductsetc. | 0.20% | 4,907,421 | 0 | 0 |
| PICCLifeInsuranceCompanyLimited－Traditional-GeneralInsuranceProduct | Fundandwealthmanagementproductsetc. | 0.18% | 4,460,900 | 0 | 0 |
| Relatedoracting-in-concertpartiesamongtheshareholdersabove | 1.BroadfordGlobalLimitedisentrustedtomanagethe74.66%sharesofRainbowReflectionLimitedheldbyChinaMerchantsHoldings(HongKong)CompanyLimited,andChinaMerchantsPortInvestmentDevelopmentCompanyLimitedisthewholly-ownedsubsidiaryofRainbowReflectionLimited.2.BroadfordGlobalLimitedisthecontrollingshareholderofChinaMerchantsGangtongDevelopment(Shenzhen)Co.,Ltd.TheCompanydoesnotknowwhethertheotherunrestrictedshareholdersarerelatedpartiesornot. | ||||
| Shareholdersinvolvedinsecuritiesmargintrading(ifany) | N/A | ||||
5%orgreatershareholders,top10shareholdersandTop10unrestrictedshareholdersinvolvedinrefinancingshareslending
□Applicable√NotapplicableChangesintop10shareholdersandtop10unrestrictedshareholdersduetorefinancingshareslending/returncomparedwiththepriorperiod
□Applicable√Notapplicable
4.ChangeoftheControllingShareholderortheActualControllerintheReportingPeriodChangeofthecontrollingshareholderintheReportingPeriod:
□Applicable√NotapplicableThecontrollingshareholderremainedthesameintheReportingPeriod.ChangeoftheactualcontrollerintheReportingPeriod:
□Applicable√NotapplicableTheactualcontrollerremainedthesameintheReportingPeriod.
5.NumberofPreferredShareholdersandShareholdingsofTop10ofThem
□Applicable√NotapplicableNopreferredshareholdersintheReportingPeriod.
6.OutstandingBondsattheDatewhenthisReportWasAuthorizedforIssue
(1)BondProfile
| Bondname | Abbr. | Bondcode | Issuedate | Maturity | Outstandingbalance(RMB’0,000) | Couponrate |
| 2022PublicOfferingofCorporateBondsofChinaMerchantsPortGroupCo.,Ltd.(forprofessionalinvestors)(PhaseI) | 22CMPort01 | 148052 | 29August2022to30August2022 | 30August2025 | 300,000.00 | 2.69% |
| 2024PublicOfferingofSci-TechInnovationCorporateBondsofChinaMerchantsPortGroupCo.,Ltd.(forprofessionalinvestors)(PhaseI) | 24CMPortK1 | 148877 | 22August2024to23August2024 | 23August2029 | 200,000.00 | 2.18% |
| Medium-termNotesofChinaMerchantsPortGroupCo.,Ltd.(PhaseI2024)(VarietyA) | 24CMPortMTN001A | 102481314 | 1April2024 | 3April2029 | 50,000.00 | 2.68% |
| Medium-termNotesofChinaMerchantsPortGroupCo.,Ltd.(PhaseI2024)(VarietyB) | 24CMPortMTN001B | 102481315 | 1April2024 | 3April2034 | 150,000.00 | 2.80% |
| Medium-termNotesofChinaMerchantsPortGroupCo.,Ltd.(PhaseII2024)(VarietyA) | 24CMPortMTN002A | 102482957 | 10July2024 | 12July2027 | 80,000.00 | 2.10% |
| Medium-termNotesofChinaMerchantsPortGroupCo.,Ltd.(PhaseII2024)(VarietyB) | 24CMPortMTN002B | 102482958 | 10July2024 | 12July2029 | 120,000.00 | 2.30% |
| Medium-termNotesofChinaMerchantsPortHoldingsCo.,Ltd.(PhaseI2025) | 25CMPortHoldingsMTN001 | 102581356.IB | 24March2025 | 25March2028 | 200,000.00 | 1.98% |
| Super-short-termCommercialPapersofChinaMerchantsPortGroupCo.,Ltd.(PhaseI2025) | 25CMPortSCP001 | 012581169 | 19May2025 | 16November2025 | 200,000.00 | 1.51% |
(2)FinancialInformationasattheEndoftheReportingPeriod
| Item | 30June2025 | 31December2024 | Increase/decrease |
| Currentratio | 78.20% | 79.27% | -1.35% |
| Debt/assetratio | 35.72% | 36.40% | -0.68% |
| Quickratio | 76.06% | 77.36% | -1.68% |
| H12025 | H12024 | Increase/decrease | |
| Netprofitafterdeductingnon-recurringgainsandlosses(RMB’0,000) | 251,868.60 | 216,414.58 | 16.38% |
| EBITDAtototaldebtratio | 11.64% | 11.65% | -0.01% |
| Interestcoverageratio | 5.60 | 5.00 | 12.00% |
| Cashinterestcoverageratio | 4.49 | 4.40 | 2.05% |
| EBITDAinterestcoverageratio | 8.15 | 7.35 | 10.88% |
| Loanrepaymentratio | 100.00% | 100.00% | - |
| Interestpaymentratio | 100.00% | 100.00% | - |
PartIIISignificantEvents
1.BusinessOverviewoftheReportingPeriod
(1)OverviewofportbusinessInthefirsthalfof2025,theCompany’scontainerbusinesscontinuedtogrow,whileitsbulkcargobusinessmaintainedstableperformancedespitetheheadwindsofsubduedmarketdemand.TheCompany’sportshandledatotalcontainerthroughputof101.207millionTEUs,upby5.7%
year-on-year.BulkcargovolumehandledbytheCompany’sportsdecreasedby0.7%year-on-yearto630milliontonnes.
(2)ImplementationSituationofOperationSchemeDuringtheReportingPeriodDuringthereportingperiod,theCompanycommittedtoitsstrategicgoalofbecominga"world-leadingportserviceprovider",firmlypromotingthethree-drivermodelof“GlobalPresence”,“LeanManagement”and“InnovativeTransformation”.Significantprogresswasachievedinvariousareas,includinghomebaseportdevelopment,operationalmanagement,technologicalinnovation,overseasexpansion,state-ownedenterprisesreformandESGinitiatives,withkeyoperationalandfinancialindicatorssecuringsoundgrowth.
①Asforhomebaseportconstruction,theCompanymaintaineditsregionalstrengthandenhanceditscorecompetitiveness.TheWestShenzhenPortZonemaintainedanupwardtrendinthecontainerbusiness,withitsmarketshareofcontainerbusinessintheforeigntrademarketofShenzhenPortexceeding50%.Itsbulkcargobusinesscontinuedtomaintainanadvantageouspositionwithmultipletypesofcargo.Inoverseashomebaseports,CICTinSriLankaactivelyrespondedtoregionalcompetitionbyconsistentlyoptimizingshippingroutes,expandingitscustomerbase,andcapitalizingonmarketopportunitiestostabilizeitscorebusinesses.HIPGcontinuedtoenhanceitsbusinessstructure,withcoordinatedgrowthacrossthecontainerandRORObusinesssegments.Itscontainerbusinessmadebreakthroughsanddeliveredincrementalvalue,whileclosercollaborationwithshippingcompanieshelpedsecurekeyroutes.Additionally,itsinfrastructureupgradesfurtherimprovednavigationcapacity.②Inrespectofoperationsmanagement,theCompanydeepeneditsleanmanagementtoenhanceoperationalefficiency.TheCompanysustaineditseffortstostrengthentheCOEmechanism,implementedacostleadershipstrategyandleveragedcostanalysistoconductsystematicdiagnosistotheoperationsofprimarilycontrolledentities.TheCompanydevelopedoperationaloptimizationplans,improvedresourceallocation,refinedproductionprocesses,elevated
operationalindicatorimprovements,andtrackedimplementationofoptimizationmeasures,thusestablishingaclosed-loopmanagementsystemandboostingoveralloperationalefficiency.③Asregardstechnologicalinnovation,theCompanyadvanceditssmartportdevelopmentandgreentransformation.Focusingontech-driveninnovation,theCompanyexploredapplicationsofartificialintelligenceandothertechnologiestoenableindustrialupgrading.Inthefirsthalfof2025,theCompanysuccessfullydeployeditsself-developedCTOSsystematTCPinBrazilanddeliveredatestversionoftheCTOSsystematKumportinTurkey,replacingforeignsystems.ThekeyprojectoftheMinistryofTransportwascompletedonschedule,whilethenext-generationCTOSplatformwasalsoimplementedatShantouPort.Thepilottaskof“ContainerTerminalIntelligenceUpgrading”undertakenbytheCompanyaspartofthenationalinitiativetobuildastrongtransportationnetworkinChina,haspassedtheon-siteacceptanceinspectionorganizedbytheMinistryofTransport.Endeavoringtopromoteartificialintelligenceinnovationapplications,theCompanyachievedsignificantresultsinvariousscenarios,includingsmartyardandmultimodallargelanguagemodels,whilelaunchingits"Piercept"artificialintelligencemodelandintelligentagentbrand.Atthesametime,theCompanycommittedtoadvancinggreenportconstruction,2newpowerswapstationswentintooperationandover270electrictrailersandelectric-retrofittedtrailerswerenewlyadded.④Regardingoverseasexpansion,theCompanyexpandedqualityprojectsandunlockedexistingpotential.Byprioritizingbothincrementalexpansionandoptimizationofexistingadvantages,theCompanyactivelyadvanceditsglobalstrategytoenhanceitsworldwidefootprint.On28February2025,ChinaMerchantsPort,aholdingsubsidiaryoftheCompany,signedanagreementtoacquireequityinterestinVast,acrudeoilterminalinBrazil,whichhelpedtheCompanycontinueexpandingthemarketinLatinAmerica.Concurrently,theCompanydroveintegratedoperationsatitsoverseashomebaseportsinSriLanka,promotingportcapabilitiestoachieveefficientresourcesharingandcomplementaryadvantages.InBrazil,byenhancingnavigationcapacity,boostingoperationalefficiency,andoptimizingcontainermix,TCPranked
amongtheregion’stopperformersinvesselwaittimesandotherefficiencymetrics.LCTinTogoincreaseditscapacityandefficiencytocontinuouslyimproveitscorecustomer’ssatisfaction.Inthefirsthalfoftheyear,LCTsuccessfullyhandledtheworld’slargest24,000TEUvessel,drivingeconomicgrowth.Meanwhile,NPHinIndonesiacompletedasmoothtransition,graduallyalignedmanagementsystems,andsteadilyimprovedoperatingperformance.⑤Withregardtothereformofstate-ownedenterprises,theCompanycontinuedtodeepenthereformandenhanceitscorecompetitiveness.TheCompanyhascontinuedtodiligentlyadvancethe"DoubleHundredActions"tofurtherdeepenandimplementreformefforts.Intermsoftalentselectionandappointment,theCompanyexpandeditsinnovativeoperationresponsibilitysystemandpromotedyouthleadershiptounleashorganizationalvitality.Intermsofcorporategovernance,theCompanypromotedtheoversightandevaluationofdispatcheddirectorstofurtheremphasizetheBoard’sfunctioninsubsidiarygovernance.Intermsofinstitutionalinnovation,theCompanyestablishedplatformsandimprovedmechanismstodeepenintegrationbetweentechnologicalinnovationandindustrialupgrading,helpingdevelopnewqualityproductiveforces.Inthefirsthalfof2025,theCompanyachievedthehighestratingof"Benchmark"inthe2024SASACperformanceevaluation,signifyingrecognitionforitsreformworkbythecompetentauthorities.⑥IntermsofESGconstruction,theCompanyimplementedsustainabledevelopmentprinciplesandtooktheleadinESGrating.ByconsistentlyintegratingESGconceptsintodailyoperations,theCompanyactivelymonitoredevolvingESGregulations,strengthenedexchangeswithexcellententerprises,andcontinuouslyenhanceditsESGmanagementframeworktooptimizemanagementpractices.TheCompanysustaineddistinctiveport-themedcommunityinitiatives,suchasinternationalporttalentcultivationprogramsandadvancedtheimplementationof"smallyetbeautiful"livelihoodinitiativesinoverseasprojectstobuildlocalizedandaccountableESGbrandrecognition,conveyingthepowerofacentralstate-ownedenterprisefulfillingitsdutiestowards
sharedprosperity.On18August2025,theCompanyreceivedan"AAA"ESGratingfromWINDintheTransportationInfrastructurecategory,thehighestratingindustrywide.
(3)Year-on-yearChangesinKeyFinancialData
Unit:RMB
| H12025 | H12024 | Change(%) | Mainreasonforchange | |
| Operatingincome | 8,468,491,376.08 | 7,975,193,083.64 | 6.19% | - |
| Operatingcosts | 4,596,264,092.50 | 4,390,869,294.96 | 4.68% | - |
| Generalandadministrativeexpenses | 759,073,109.44 | 808,178,756.18 | -6.08% | - |
| Financialexpenses | 836,571,986.58 | 996,212,773.81 | -16.02% | - |
| Incometaxexpenses | 728,408,809.32 | 804,518,878.51 | -9.46% | - |
| Researchanddevelopmentinvestments | 119,104,880.47 | 95,110,656.98 | 25.23% | Effectsofthestageswhichresearchanddevelopmentprojectswereat |
| Netcashflowsfromoperatingactivities | 3,008,693,316.79 | 3,122,383,705.03 | -3.64% | - |
| Netcashflowsfrominvestingactivities | 1,270,833,149.04 | 1,813,559,009.13 | -29.93% | Effectsoftimedifferencesindividendpayoutsofjointventuresandassociatesandchangesinstructureddeposits |
| Netcashflowsfromfinancingactivities | -5,941,464,208.42 | -3,563,308,336.73 | -66.74% | Effectsofprojectfinancings,ayear-on-yeardecreaseindebtrepayments,anddividendpayout |
| Netincreaseincashandcashequivalents | -1,610,511,448.16 | 1,287,598,929.70 | -225.08% | Combinedeffectsofcashflowsfromoperating,investingandfinancingactivities |
2.MattersRelatedtoFinancialReporting
(1)ChangestoAccountingPolicies,AccountingEstimatesorMeasurementMethodsComparedtotheLastAccountingPeriodOn6December2024,theMinistryofFinanceissuedInterpretationNo.18fortheAccountingStandardsforBusinessEnterprises,whichstipulatestheaccountingtreatmentofguaranteedqualitywarrantiesthatarenotindividualperformanceobligations.Theprovisionsareeffectivefromthedateofissuance,withearlyimplementationpermittedforcompaniesbeginningintheyearofissuance.Followingthisaccountingpolicychange,theCompanywillabidebytherelevant
provisionsofInterpretationNo.18.Asidefromtheaforementionedpolicychanges,theremainingunchangedprovisionswillcontinuetobeimplementedinaccordancewiththepreviouslypromulgatedAccountingStandardsforBusinessEnterprises-BasicStandards,variousspecificaccountingstandards,applicationguidelinesfortheaccountingstandards,interpretationcircularsoftheaccountingstandards,andotherrelevantregulationsoftheMinistryofFinance.
(2)RetrospectiveRestatementsduetotheCorrectionofMaterialAccountingErrorsintheReportingPeriod
□Applicable√NotapplicableNosuchcases.
(3)ChangestotheScopeofConsolidatedFinancialStatementsComparedtotheLastAccountingPeriodOn1January2025,ChinaUnitedTallyCo.,Ltd.Shantou(hereinafterreferredtoas'ChinaTally'),anassociateoftheCompany’ssubsidiaryShantouPort,absorbedShantouZhongliWailuntallyCo.,Ltd.(hereinafterreferredtoas'ShantouZhongli'),asubsidiaryofShantouPort.Afterthetransaction,ShantouPortholds62.50%sharesofChinaTally,whichcontributstobusinesscombinationnotinvolvingenterprisesundercommoncontrol.Consequently,ChinaTallyhasbeeninthescopeofconsolidationforthecurrentperiod.ShantouZhongliwasderegisteredon14February2025afterthetransaction.
ChinaMerchantsPortGroupCo.,Ltd.
BoardofDirectorsDated30August2025