CHINAMERCHANTS PORT GROUPCO. LTD.ANNUALREPORT 2025
Date of disclosure: 3 April 2026China Merchants Port Group Co. Ltd. Annual Report 2025
Chairman’s Statement
Dear Shareholders:
I hereby present you the annual report of China Merchants Port Group Co. Ltd. (the “Company” or
“CMPort”) and its subsidiaries for the year ended 31 December 2025. On behalf of the Board I
would like to express my sincere gratitude to all of you for your long-term support to the Company.The Company for China Merchants Group is a core enterprise of the transportation and logistics
sector and also a key player in the goal of building a world-class enterprise. It has invested in and
operated 51 ports across 26 countries and regions worldwide playing a positive role in ensuring the
smoothness of the international and domestic logistics supply chain and is stepping toward the goal
of becoming a “world-leading port service provider”.Based on the new development stage CM Port implemented the new development concept with the
construction of a new development pattern to drive high-quality development with the aim of
becoming a “world-leading port service provider”. While accelerating the transition towards
intelligent and green operations the Company has established a modern integrated port servicesystem characterised by “smart empowerment green and low-carbon practices chain-basedservices and ecological synergy” continuously enhancing the service depth and value creation
capabilities of the global port network driving dynamic alignment between resource allocation and
corporate strategic positioning market demand and profitability to achieve lean resource allocation.CM Port persistently focused on strategic port acquisition opportunities at key nodes advancing the
global network layout of ports strengthening external and internal linked interaction with efforts to
provide customers with more economical high-quality and efficient service solutions as well as
deeper strategic cooperation. More value and returns were brought to the Company and its
Shareholders coupled with a material contribution to ensuring safety steadiness and smoothness of
the supply chain.During the “14th Five-Year” Plan period under the background of a complex external environment
characterized by the profound adjustment of the global trade landscape the Company committed to
1China Merchants Port Group Co. Ltd. Annual Report 2025
its goal of achieving “world-class” unwaveringly promoted the three major drivers of “GlobalPresence” “Lean Management” and “Innovative Transformation” to coordinate development and
security and deepen reform and innovation. Various key tasks were progressed steadily and rapidly
with operating results repeatedly reaching new highs and comprehensive strength achieving a
leapfrog enhancement. Looking back at the past 5 years of hard work the Company has delivered ahigh-quality development performance characterized by “synergy between scale and efficiencybalance between quality and speed and simultaneous progress in domestic and overseas markets”.Firstly the scale of core business has reached a new level. The total container throughput surged
from 122 million TEUs to more than 206 million TEUs at a compound annual growth rate (CAGR)
of 11.1%. The bulk cargo volume increased from 454 million tonnes to 1266 million tonnes with
CAGR of 22.8%. With the resource aggregation and hub capacity significantly enhancing and
global competitiveness continuously leaping CM Port was ranked among the global leading public
port operators. Secondly the overseas layout has been expanded in depth. CM Port successfully
invested in the NPH in Indonesia entered into a share purchase agreement for the Vast project in
Brazil. HIPG in Sri Lanka commenced container business and achieved a capacity of one million
TEUs. The quality and efficiency of the operation of existing projects were improved and the
implementation of new projects was accelerated. The proportion of overseas revenue steadily
increased to more than half and global operational capabilities continued to strengthen. Thirdly
lean management has yielded significant results. CM Port has deepened the construction of the
COE system synergistically promoted the PMO and cost leadership strategies and achieved
outstanding results in cost reduction and efficiency enhancement across the entire chain. The total
annual profit leapt to over RMB10 billion. Fourthly the capital operation achieved remarkable
results. The Company has brought in Zhejiang Seaport Group as a strategic shareholder. It
participated in the non-public issuance of the shares of Ningbo Port and increased its shareholding
of SPIG when appropriate so as to further solidify its strategic presence in the Yangtze River Delta.The Company also completed its first share buyback and cancellation thereby enhancing earnings
per share and bolstering market confidence. Fifthly the technological innovation demonstrated
strong momentum. The Company successfully completed the pilot scheme of building a strong
transportation network in China and the inspection and acceptance of the self-developed TOS
2China Merchants Port Group Co. Ltd. Annual Report 2025
system. Mawan Smart Port was rated as the first batch of “Five-Star China’s Smart Ports”. The
“CMCore” digital solutions were successfully implemented in overseas markets such as Africa andEurope materializing the goal of “technology going global’’. Sixthly the sustainable developmentand system have been optimized continuously. The Company’s ESG rating has improved
significantly with the rating assigned by Wind (萬得 ) from BBB to AAA. The rating for the
Company ranked first in the transportation infrastructure industry.Review for the year
In 2025 global economic development has demonstrated significant resilience. Driven by the
accumulation of inventories of traded goods increased risk appetite expansion of artificial
intelligence-related investments and supply chain optimization and adjustments coupled with the
strong support of steady consumer spending and the continuous easing of inflationary pressures the
global economy exhibited better-than-expected resistance to external shocks particularly the
substantial tariff hikes by the US. In addition the continued sluggishness of investment activities
and limited fiscal space have exerted persistent pressure on economic momentum and the global
economy may enter a more prolonged period of low-speed growth. Under the ever-changingexternal environment the Company steadfastly upheld the strategic goal of becoming a “world-leading port service provider”. Driven by “Global Presence Lean Management InnovativeTransformation” CM Port has reached all the performance indicators with steadily improving itsmanagement efficiency. These efforts have laid a solid foundation for a good start to the “15th Five-Year” Plan.Financial performance: In 2025 the Company achieved operating income of RMB17.246 billion
up by 6.92% year-on-year. The net profit attributable to the parent company was RMB4.611 billion
up by 2.10% year-on-year.Business performance: In terms of container business the Company handled a total container
throughput of 206.112 million TEUs in 2025 up by 5.6% year-on-year of which the container
throughput handled by mainland port projects was 161.929 million TEUs up by 6.3% year-on-year;
the container throughput handled by port projects in Hong Kong and Taiwan regions was 5.245
million TEUs down by 12.9% year-on-year; the container throughput handled by overseas port
3China Merchants Port Group Co. Ltd. Annual Report 2025
projects was 38.938 million TEUs up by 5.7% year-on-year. In terms of bulk cargo business the
Company handled a bulk cargo volume of 1.27 billion tonnes in 2025 up by 0.3% year-on-year.The Company focused on the following major aspects: Firstly the construction of homebase ports
was accelerated in an all-round way. The capacity enhancement of the West Shenzhen Port Zone
has achieved phased results with container throughput exceeding 16 million TEUs throughout the
year continuing to reach new highs and maintaining a leading market share of foreign trade
containers in Shenzhen. The overseas homebase port in Sri Lanka deepened integrated operations
with CICT being awarded the title of “Best Container Terminal in Asia” for the ninth consecutive
year. HIPG achieved capacity building for one million TEUs with container throughput reaching
428 thousand TEUs during the year and RORO business volume hitting a record high. Secondly
overseas operations were improved in quality and efficiency. Business volume of TCP in Brazil
LCT in Togo and Kumport in Turkey all reached record highs demonstrating excellent
international operation capabilities. CMPort a subsidiary of the Company has entered into a share
purchase agreement for the Vast project in Brazil to continue its global presence to deepen. Thirdly
the performance of lean management was remarkable. Utilizing business coordination the COE
mechanism financial control and synergistic empowerment as key levers to enhance profitability
and management quality the Company established an innovative and integrated working
mechanism to realize value empowerment. Fourthly empowerment was driven through innovation
and upgrading. The Group established the “Piercep” artificial intelligence brand leading theconstruction of artificial intelligence in ports. Mawan Smart Port was awarded the “Five-StarChina’s Smart Port” accreditation. The total solution of CMCore CTOS + “CM ePort” was
implemented at Kumport in Turkey. Fifthly the green and low-carbon transformation accelerated.The West Shenzhen Port Zone completed the first ship-to-ship LNG bunkering operation added
new distributed photovoltaic and electrification equipment constructed intelligent battery swap
stations and charging piles and deepened the application of green and low-carbon technologies.Sixthly as for the ESG construction outstanding achievements were made again. The Company
continued to improve its ESG management system and promoted the implementation of new
regulatory measures. Its ESG rating was assigned by Wind from AA to AAA. The rating for the
Company ranked first among the transportation infrastructure industry; and the Company's
4China Merchants Port Group Co. Ltd. Annual Report 2025
controlled subsidiary China Merchants Port has received a further upgrade in its MSCI ESG rating
from BBB to A according to the latest rating released by MSCI in March 2026 the highest rating
among Hong Kong-listed industry peers.Outlook
Looking ahead to 2026 the global economy is expected to maintain a moderate growth trend.Although the easing of certain trade tensions constitutes a positive factor the cumulative effect of
tariff hike and intensified macroeconomic uncertainties is expected to become more pronounced.
2026 marks the commencement of the “15th Five-Year” Plan. With the deepened implementation of
a new round of high-level opening-up measures the effectiveness of regional and bilateral
economic and trade cooperation mechanisms is increasingly becoming apparent and the accelerated
implementation of digital economy and green trade rules will further promote the efficient
connectivity of cross-border logistics capital flows and information flows stimulate the import and
export vitality of high value-added products and emerging business formats thus promoting the
effective improvement in the quality of economy and trade through structural optimization while
driving the steady development of the port industry.Building on solid achievements to compose a new chapter the Company will forge ahead to embark
on a new journey. Looking forward to the “15th Five-Year”Plan the Group will accelerate
strengthen and intensify the strategic drivers of “Global Presence” “Lean Management”
“Innovative Transformation” respectively taking the deepening of reform and innovation as the
fundamental path actively cultivating and developing new quality productivity and making every
effort to promote high-quality development to a new level. Firstly while capturing new
opportunities for enhancing core competitiveness comprehensively the Group shall steadfastly
promote the overseas development strategy with global deployment strengthened so as to optimize
and enhance its controlled terminals consolidate and upgrade the core hub functions as well as
steadily extend the comprehensive port services chain. Secondly the Group will stimulate new
efficiency and fully tap into endogenous driving forces. Deepening the lean operation management
mechanism the Group will systematically tap into internal potential and improve resource
allocation efficiency and operation quality.
5China Merchants Port Group Co. Ltd. Annual Report 2025
Appreciation
In 2025 CMPort focused on its primary responsibility and core business achieving phased results
in expanding its “Global Presence” reaching new heights in “Lean Management” and making
progress in “Innovative Transformation” successfully concluding the “14th Five-Year” Plan with
high-quality development. All could not be accomplished without the dedication of all employees
and the support from the Shareholders and investors business partners and those in society who
have taken to heart the Company’s interest. For this I would like to express my sincere gratitude
and high respect to all employees who have devoted their hearts and efforts to the development of
the Group as well as to the Shareholders and investors business partners and those in society who
have supported us for a long term.Chairman
Feng Boming
6China Merchants Port Group Co. Ltd. Annual Report 2025
Part I Important Notes Table of Contents and Definitions
The Board of Directors (or the “Board”) as well as the directors and senior managers of China
Merchants Port Group Co. Ltd. (hereinafter referred to as the “Company”) hereby guarantee the
factuality accuracy and completeness of the contents of this Report and its summary and shall be
jointly and severally liable for any misrepresentations misleading statements or material omissions
therein.Xu Song the Company’s legal representative Huang Zhenzhou the Company’s Chief Financial
Officer and Liu Shixia the person-in-charge of the accounting organ hereby guarantee that the
financial statements carried in this Report are factual accurate and complete.All the Company’s directors have attended the Board meeting for the review of this Report and its
summary.Any forward-looking statements such as future plans or development strategies mentioned herein
shall not be considered as the Company’s promises to investors. And investors are reminded to
exercise caution when making investment decisions. Possible risks faced by the Company and
countermeasures have been explained in “Part III Management Discussion and Analysis” herein
which investors are kindly reminded to pay attention to.Securities Times China Securities Journal Shanghai Securities News and www.cninfo.com.cn
have been designated by the Company for information disclosure. And all information about the
Company shall be subject to what’s disclosed on the aforesaid media. Investors are kindly reminded
to pay attention to these media.The Board has approved a final dividend plan as follows: based on the Company’s total share
capital at the record date of the dividend payout a cash dividend of RMB7.99 (tax inclusive) per 10
shares is to be distributed to shareholders with no bonus issue from either profit or capital reserves.This Report and its summary have been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions the Chinese version shall prevail.
7China Merchants Port Group Co. Ltd. Annual Report 2025
Table of Contents
Chairman’s Statement................................. 1
Part I Important Notes Table of Contents and Defin... 7
Documents Available for Reference.....................9
Part II Corporate Information and Key Financial In...12
Part III Management Discussion and Analysis..........20
Part IV Environmental Social and Governance Inform.. 68
Part V Significant Events...........................112
Part VI Share Changes and Shareholder Information.. 141
Part VII Bonds......................................153
Part VIII Financial Statements..................... 169
8China Merchants Port Group Co. Ltd. Annual Report 2025
Documents Available for Reference
1. Financial Statements carrying the signatures and stamps of the Company Principal the
Chief Financial Officer and the person in charge of accounting firm;
2. The 2025 Auditor's Report stamped by the accounting firm and signed and stamped by
registered accountants; and
3. Original copies of all documents and the announcements thereof disclosed in the Reporting
Period on Securities Times China Securities Journal Shanghai Securities News Ta Kung Pao
(HK) and www.cninfo.com.cn.
9China Merchants Port Group Co. Ltd. Annual Report 2025
Definitions
Term Definition
The “Company” “CMPort” or China Merchants Port Group Co. Ltd. formerly known as
“we” “Shenzhen Chiwan Wharf Holdings Limited”
CMG China Merchants Group Limited
CMPort Holdings China Merchants Port Holdings Company Limited (00144.HK)
CMPID China Merchants Port Investment Development CompanyLimited
Broadford Global Broadford Global Limited a wholly-owned subsidiary of CMGHong Kong
CSRC China Securities Regulation Commission
TEU Twenty Foot Equivalent Unit
Alphaliner A shipping consultancy
ESG Environmental Social and Governance
SMP Smart Management Platform
COE Center of Excellence
CMIT China Merchants International Technology Company Limited
CTOS Container Terminal Operation System
CM ePort CMPort’s homegrown unified customer service platform
Including Mega Shekou Container Terminals Limited; Chiwan
Container Terminal Co. Ltd.;Shenzhen Mawan Terminals Co.West Shenzhen Port Zone Ltd.; Shenzhen Mawan Wharf Co. Ltd.;Shenzhen HaixingHarbor Development Company Ltd.;China Merchants Port
Services(Shenzhen) Company Limited; Shenzhen Chiwan
Harbor Container Co. Ltd. etc.Shunde New Port Guangdong Yide Port Limited
Chu Kong River Terminal Chu Kong River Trade Terminal Co. Limited
Dongguan Machong Dongguan Chiwan Port Service Co. Ltd.SIPG Shanghai International Port (Group) Co. Ltd.Ningbo Port Ningbo Zhoushan Port Company Limited
Liaoning Port Liaoning Port Co. Ltd.Laizhou Port Yantai Port Group Laizhou Port Co. LTD
QQCTU Qingdao Qianwan United Container Terminal Co. Ltd.QQTU Qingdao Qianwan United Terminal Co. Ltd.Qingdao Dongjiakou Qingdao Port Dongjiakou Ore Terminal Co. Ltd.Tianjin Port Container Terminal Tianjin Port Container Terminal Co. Ltd.Shantou Port Shantou China Merchants Port Group Co. Ltd.Zhangzhou Port Zhangzhou China Merchants Port Co. Ltd.Xia Men Bay Terminals Xia Men Bay China Merchants Terminals Co. Ltd.Zhanjiang Port Zhanjiang Port (Group) Co. Ltd.CMCS China Merchants Container Services Limited
MTL Modern Terminals Limited
Kao Ming Terminal Kao Ming Container Terminal Corp.CICT Colombo International Container Terminals Limited
HIPG Hambantota International Port Group (Private) Limited
10China Merchants Port Group Co. Ltd. Annual Report 2025
TCP TCP Participa??es S.A.LCT Lome Container Terminal S.A.TICT Tin-Can Island Container Terminal Ltd.Kumport Kumport Liman Hizmetleri ve Lojistik Sanayi ve Ticaret AnonimSirketi
PDSA Port de Djibouti S.A.Terminal Link Terminal Link SAS
NPH PT Nusantara Pelabuhan Handal TBK
Vast Vast Infraestrutura S.A.The cninfo website www.cninfo.com.cn
SZSE Shenzhen Stock Exchange
The “Articles of Association” The Articles of Association of China Merchants Port Group Co.Ltd.KPMG Huazhen KPMG Huazhen LLP
RMB Expressed in the Chinese currency of Renminbi
RMB’0000 Expressed in tens of thousands of Renminbi
RMB’00000000 Expressed in hundreds of millions of Renminbi(unless otherwise specified)
Note: In this Report certain total numbers may not be exactly equal to the summation of their sub-
item numbers as a result of roundoff.
11China Merchants Port Group Co. Ltd. Annual Report 2025
Part II Corporate Information and Key Financial Information
I Corporate Information
Stock name CM Port Group/ Stock code 001872/201872
CM Port Group B
Stock exchange for stock
listing Shenzhen Stock Exchange
Company name in Chinese 招商局港口集团股份有限公司
Abbr. 招商港口
Company name in English China Merchants Port Group Co. Ltd.Abbr. CMPort
Legal representative Xu Song
Registered address 23-25/F China Merchants Port Plaza 1 Gongye 3rd RoadZhaoshang Street Nanshan Shenzhen PRC
Zip code 518067
On 14 December 2018 the Company completed the formalities
with the competent industrial and commercial administration to
Changes of registered address change its registered address from “8/F Chiwan Petroleum PlazaZhaoshang Street Nanshan Shenzhen PRC” to “23-25/F ChinaMerchants Port Plaza 1 Gongye 3rd Road Zhaoshang StreetNanshan Shenzhen PRC”.Office address 23-25/F China Merchants Port Plaza 1 Gongye 3rd RoadZhaoshang Street Nanshan Shenzhen PRC
Zip code 518067
Company website http://www.cmp1872.com
Email address Cmpir@cmhk.com
II Contact Information
Board Secretary Securities Representative
Name Liu Libing Hu Jingjing
24/F China Merchants Port Plaza 24/F China Merchants Port
Address 1 Gongye 3rd Road Zhaoshang Plaza 1 Gongye 3rd Road
Street Nanshan Shenzhen PRC Zhaoshang Street NanshanShenzhen PRC
Tel. +86 755 26828888 +86 755 26828888
Fax +86 755 26828888 +86 755 26828888
Email address Cmpir@cmhk.com Cmpir@cmhk.com
III Media for Information Disclosure and Place where this Report Is Lodged
Stock exchange website where this Report is
disclosed http://www.szse.cn
12China Merchants Port Group Co. Ltd. Annual Report 2025
Media and website where this Report is Securities Times China Securities Journal
disclosed Shanghai Securities News andwww.cninfo.com.cn
Place where this Report is lodged Board Office
IV Change to Company Registered Information
Unified social credit
code 91440300618832968J
On 14 December 2018 the Company changed its business scope
registered with the industrial and commercial administration. The new
business scope includes: construction management and operation of ports
and wharves; bonded warehousing of various goods for import and
export; development construction and operation of supporting parks in
ports; loading unloading transhipment warehousing and transportation
of international and domestic goods and processing of goods; devanning
and LCL operations cleaning repairing manufacturing and leasing of
containers; international freight forwarding; vehicle and ship leasing; the
Change to principal provision of ship and port services including the provision of fuels
activity of the supplies and daily necessities for ships; ship towing (no operation using
Company since going foreign ships); leasing and repair services of port facilities equipment and
public (if any) machinery; import and export of various goods and technologies on a
self-operation or agency basis excluding the goods and technologies
restricted or forbidden for import and export by the state; port logistics
and port information technology consulting services; technical
development and services in respect of modern logistics information
systems; supply chain management and related services; design of
logistics plans; engineering project management; development research
and consulting services in respect of port engineering technologies. (In
respect of any operations that require approval according to law the
approval must be obtained before operation).
1. On 8 June 2018 as the ownership of 209687067 Chiwan Wharf
shares formerly held by CND Group and 161190933 Chiwan Wharf
shares formerly held by Malai Storage was officially transferred to
CMGD CMGD holding 57.52% of the Company’s outstanding share
capital became the controlling shareholder of the Company. Meanwhile
CMG remains the actual controller of the Company.Every change of 2. On 26 December 2018 the Company issued RMB-denominated
controlling shareholder ordinary shares (A-shares) at RMB21.46/share to CMPID for the
since incorporation (if acquisition of the 1313541560 CMPort Holdings ordinary shares that it
any) held. Upon the Acquisition the Company’s total share capital has become
1793412378 shares. Meanwhile as Broadford Global controls an
87.81% aggregated voting right in the Company (direct interests and
interests through CMPID and CMGD) it is the direct controlling
shareholder of the Company. Meanwhile CMG remains the actual
controller of the Company.
3. Zhejiang Provincial Seaport Investment & Operation Group Co. Ltd.
subscribed for 576709537 shares of the Company offered in a non-
13China Merchants Port Group Co. Ltd. Annual Report 2025
public manner at RMB18.50 per share. The subscribed shares were
floated on Shenzhen Stock Exchange on 12 October 2022. Upon the
Acquisition Broadford Global directly holds the Company’s equity and
controls an 63.02% aggregated voting right in the Company through
controlling CMPID and CMGD. Broadford Global is the direct
controlling shareholder of the Company. Meanwhile CMG remains the
actual controller of the Company.
4. On 12 December 2024 China Merchants Holdings (Hong Kong)
Company Limited (hereinafter referred to as "China Merchants Hong
Kong") and Broadford Global signed an agreement that Broadford Global
would transfer its 74.66% shares in Rainbow Reflection Limited
(hereinafter referred to as "Rainbow Reflection") to China Merchants
Hong Kong and China Merchants Hong Kong would entrust all the
74.66% shares in Rainbow Reflection to Broadford Global for
management. The above-mentioned share transfer and share custody were
completed in January 2025 which did not result in any change of the
controlling shareholder and the actual controller of the Company. The
controlling shareholder of the Company remains Broadford Global and
the actual controller of the Company remains China Merchants Group
Limited.V Other Information
The independent audit firm hired by the Company:
Name KPMG Huazhen LLP
Office address 8th Floor KPMG Tower Oriental Plaza 1 East Chang An AvenueBeijing China
Accountants writing
signatures Wu Huihuang Li Dan
The independent sponsor hired by the Company to exercise constant supervision over the Company
in the Reporting Period:
□Applicable √ Not applicable
The independent financial advisor hired by the Company to exercise constant supervision over the
Company in the Reporting Period:
□Applicable √ Not applicable
VI Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
14China Merchants Port Group Co. Ltd. Annual Report 2025
□ Yes √ No
2025-on-
2025 2024 2024 change 2023
Total operating
income (RMB) 17246382527.85 16130778028.24 6.92% 15750475780.22
Net profit attributable
to shareholders of the 4611352247.98 4516301317.16 2.10% 3571800762.16
Company (RMB)
Net profit attributable
to shareholders of the
Company after
deducting non- 4437547391.42 4047031601.71 9.65% 3339226783.73
recurring gains and
losses (RMB)
Net cash inflow from
operating activities 8174432389.05 8013212824.40 2.01% 6579606635.17
(RMB)
Basic earnings per
share (RMB/share) 1.85 1.81 2.21% 1.43
Diluted earnings per
share (RMB/share) 1.85 1.81 2.21% 1.43
Weighted average
return on equity (%) 7.35% 7.51% -0.16% 6.35%
Change of 31
December 2025
31 December 2025 31 December 2024 on 31 31 December 2023
December 2024
(%)
Total assets (RMB) 205014697494.68 201517851881.45 1.74% 198557296667.26
Equity attributable to
shareholders of the 64365829932.20 61502739842.96 4.66% 58847592947.55
Company (RMB)
Indicate by tick mark whether the lower of the net profit attributable to shareholders of the
Company before and after deducting non-recurring gains and losses was negative for the last three
accounting years and the latest independent auditor’s report indicated that there was uncertainty
about the Company’s ability to continue as a going concern.□Yes √ No
Indicate by tick mark whether the lower of the net profit attributable to shareholders of the
Company before and after deducting non-recurring gains and losses was negative.□Yes √ No
The total share capital at the end of the last trading session before the disclosure of this Report:
Total share capital at the end of the last trading
session before the disclosure of this Report (share) 2481897185
15China Merchants Port Group Co. Ltd. Annual Report 2025
Diluted earnings per share based on the latest total share capital above:
Diluted earnings per share based on the latest total
share capital above (RMB/share) 1.8580
VII Accounting Data Differences under China’s Accounting Standards for Business
Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign
Accounting Standards
1. Net Profit and Equity under CAS and IFRS
□Applicable √ Not applicable
No difference for the Reporting Period.
2. Net Profit and Equity under CAS and Foreign Accounting Standards
□Applicable √ Not applicable
No difference for the Reporting Period.
3. Reasons for Accounting Data Differences between Domestics and Foreign Accounting
Standards
□Applicable √ Not applicable
VIII Key Financial Information by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Total operating income 4214355369.19 4254136006.89 4293227201.61 4484663950.16
Net profit attributable to
shareholders of the 1090726175.19 1535912024.28 1179988081.33 804725967.18
Company
Net profit attributable to
shareholders of the
Company after deducting 1059858307.79 1458827728.41 1156020137.95 762841217.27
non-recurring gains and
losses
Net cash inflow from
operating activities 1172302133.44 1836391183.35 2324751317.95 2840987754.31
Indicate by tick mark whether any of the quarterly financial data in the table above or their
summations differs materially from what have been disclosed in the Company’s quarterly or semi-
yearly reports.
16China Merchants Port Group Co. Ltd. Annual Report 2025
□Yes √ No
IX Non-recurring Gains and Losses
Unit: RMB
Item 2025 2024 2023 Note
Gains or losses on
disposal of non-
current assets
including those
charged off for -18117060.19 20221030.12 231205985.85 -
which provision for
impairment of
assets has been
made
Government grants
recognized in profit
or loss (excluding
those closely
related to the
Company's ordinary
business operations
in line with the 118986220.93 131947787.92 149238503.34 -
national
regulations enjoyed
under established
standards and have
a continuous impact
on the Company's
profit or loss)
Gains or losses
from changes in fair
value of financial
assets and financial
liabilities held by
non-financial
enterprises and
gains or losses from
disposal of financial 126067007.70 449311363.27 73352800.52 -
assets and financial
liabilities other
than effective
hedging operation
relating to the
Company's ordinary
business operations
Income earned from
lending funds to
non-financial
institutions and 94696529.90 88262169.90 194897544.80 -
recognized in profit
or loss
17China Merchants Port Group Co. Ltd. Annual Report 2025
Reversal of
provision for
accounts receivable
that are tested for 11455120.96 380331461.37 52962785.14 -
impairment
individually
Gains or losses on
non-monetary asset 3320297.91 - - -
swaps
One-off costs
incurred by the
Company as a result
of discontinued
operations such as -14869617.41 - - -
expenses for
employee
arrangements
Other non-operating
income or expenses
excluding the above 37794746.74 2607919.22 12810280.19 -
items
Other gains and
losses that meet the
definition of non- 3856538.50 - - -
recurring gains and
losses
Less: Income tax
effects 41848650.46 125198868.45 145340260.29 -
Effects of non-
controlling interests 147536278.02 478213147.90 336553661.12 -
(after tax)
Total 173804856.56 469269715.45 232573978.43 --
Other gains and losses that meet the definition of non-recurring gain/loss:
□Applicable √ Not applicable
No such cases.Explanation of the situation where the non-recurring gains and losses items listed in Interpretative
Announcement No. 1 of Companies Issuing Publicly Traded Securities - Non-Recurring Gains and
Losses are classified as recurring gains and losses items:
□Applicable √ Not applicable
During the Reporting Period the Company did not classify any gain or loss item listed in
18China Merchants Port Group Co. Ltd. Annual Report 2025
Interpretative Announcement No. 1 of Companies Issuing Publicly Traded Securities - Non-
Recurring Gains and Losses as a recurring gain or loss item.
19China Merchants Port Group Co. Ltd. Annual Report 2025
Part III Management Discussion and Analysis
I. Industry Overview of the Company during the reporting period
1. External environment analysis
(1) Macroeconomic environment
In 2025 the global economy continued to show adaptability and resilience exhibiting unexpectedly
strong resistance against multiple headwinds including volatile trade policies geopolitical tensions
and fiscal pressures. Economies and businesses worldwide have gradually adjusted to the somewhat
relaxed U.S. tariffs while the surge in artificial intelligence investments has boosted asset wealth
and fueled rising productivity expectations. According to the “World Economic Outlook” report
published by the International Monetary Fund (IMF) in January 2026 the global economy was
expected to increase by 3.3% year-on-year in 2025 representing a flat year-on-year growth. Among
them the developed economies were expected to grow by 1.7% down by 0.1 percentage point
year-on-year. Of which the US was projected to grow by 2.1% down by 0.7 percentage point year-
on-year and the European Union was expected to grow by 1.5% up by 0.3 percentage point year-
on-year. The emerging and developing economies were expected to grow by 4.4% up by 0.1
percentage point year-on-year. Of which the Southeast Asian markets showed particularly strong
growth with Vietnam Indonesia and Malaysia projected to grow by 6.5% 5.0% and 4.6%
respectively. In terms of trade the IMF forecasted that global trade volume grew by 4.1% year-on-
year in 2025 the developed economies’ trade volume grew by 3.0% and the emerging and
developing economies grew by 5.7%.
2025 was the concluding year of the “14th Five-year” Plan. According to data from the National
Bureau of Statistics of the People's Republic of China China’s GDP grew by 5.0% year-on-year
and the main development goals and tasks were successfully achieved and successfully completed.Facing the complex internal and external situations China has taken the promotion of high-quality
development as its theme adhered to the principle of seeking progress while maintaining stability
and improving quality and efficiency and implemented more proactive and promising macro
policies to stabilize employment businesses the market and expectations thereby stabilizing the
20China Merchants Port Group Co. Ltd. Annual Report 2025
economic fundamentals. By adopting multiple measures to stabilize foreign trade and commencing
new progress in opening up the economy has consistently operated within a reasonable range.China’s economy has demonstrated a commendable certainty of high-quality development
continuing to be a major contributor and a stabilizing anchor for world economic growth.According to the statistics of the General Administration of Customs of the People's Republic of
China the total value of import and export trade for 2025 amounted to RMB45.47 trillion up by
3.8% year-on-year marking another record high in terms of scale. Among which the value of total
exports grew by 6.1% year-on-year to RMB26.99 trillion while the value of total imports grew by
0.5% year-on-year to RMB18.48 trillion. In the same year China’s total value of import and export
volume with “Belt and Road Initiative” partner countries reached RMB23.60 trillion representing a
year-on-year increase of 6.3% which was 2.5 percentage points higher than the overall growth rate
of China’s foreign trade. The proportion of “Belt and Road Initiative” partner countries accounted
for more than half of China’s overall foreign trade with the proportion reaching 51.9% in 2025.Global industrial chains were characterized by friendshoring regionalization and nearshoring with
strategic deployment shifting from a singular “efficiency-first” principle to the principle of
“emphasis on both efficiency and safety”. China’s proactive development of regional economic
cooperation has yielded significant results. Since its entry into force four years ago the Regional
Comprehensive Economic Partnership (RCEP) has effectively invigorated regional collaboration
injecting sustained momentum into Asia-Pacific economic recovery and global free trade.According to the data of the General Administration of Customs of the People's Republic of China
import and export trade value in RMB denominated between China and member countries including
Singapore Thailand and Indonesia recorded an increase of 8.1% 15.1% and 14.0% year-on-year in
2025 respectively. Technological innovation and industrial integration have been driving industrial
upgrading. Technologies such as the internet big data cloud computing artificial intelligence and
blockchain were accelerating innovation. The digital economy was developing at an unprecedented
pace with an unparalleled scope of influence and impact. It was emerging as a key force in
restructuring global resources reshaping the global economic landscape and altering the global
competitive environment. The gradual advancement and improvement of the platform-based trade
21China Merchants Port Group Co. Ltd. Annual Report 2025
ecosystem would further improve the utilization rate of production factors and trade operation
efficiency.Looking ahead to 2026 the global economy is expected to maintain its moderate growth trend.Even though the easing of certain trade tensions constitutes a positive factor macroeconomic
uncertainties and tariff hike trigger certain negative factors. IMF expects the global economy to
grow by 3.3% in 2026 remaining flat with 2025. As the front-loading effect of trade weakens
global trade in goods and services is expected to grow by 2.6% in 2026 down by 1.5 percentage
points compared with 2025. Global inflationary pressure continues to decline with the global
Consumer Price Index (CPI) expected to be approximately 3.8% in 2026 down by 0.3 percentage
point compared with 2025.In 2026 the profound changes in the external environment will continue to bring impacts and
opportunities. Adhering to the principle of seeking progress while maintaining stability improving
quality and enhancing efficiency China will further expand high-level opening-up to the outside
world deepen cooperation with various countries in trade investment finance and other areas
implement more proactive and effective macro policies continuously expand domestic demand and
optimize supply improve incremental quality and revitalize existing stock develop new quality
productive forces according to local conditions and further advance the construction of a unified
national market in a bid to allow both qualitative improvements and reasonable quantitative growth
for its economy.
(2) Market environment of the port and shipping industry
The international port and shipping market environment underwent significant new changes due to
multi-interwoven factors. Firstly under the impact of the global economy and international trade
trade frictions and geopolitical conflicts continuously exposed the vulnerability of the global
industrial chain and supply chain prompting the developed countries to intervene strongly with the
aim of transforming the industrial chain and supply chain towards friendshoring regionalization
and nearshoring. Secondly changes in the situation at key maritime transport nodes also posed
serious challenges to the global supply chain. The Red Sea route’s detour around Africa’s Cape of
Good Hope has become routine with most vessels continuing to choose this route while only a few
22China Merchants Port Group Co. Ltd. Annual Report 2025
shipping companies conduct tentative resumption of direct voyages. This detour has driven
adjustments to the global maritime network causing congestion at key hubs in certain regions.Thirdly under the influence of the shipping alliance pattern the restructuring of shipping alliances
has significantly altered port calling patterns. Differentiated strategies among alliances have
compelled ports to adjust their facilities triggering localized short-term fluctuations in freight rates.Competition along global trade routes has intensified increasing instability in global shipping and
supply chain.In 2025 due to fluctuations in supply and demand freight rates in the global container shipping
market exhibited an overall “W-shaped” volatility. This volatility was driven by the overlapping
resonance of four major factors: the pace of U.S. tariff policies the global supply and demand
landscape seasonal demand and shipping companies’ capacity regulation among which tariff
expectations and the pace of implementation were particularly critical significantly amplifying the
magnitude of market fluctuations. On the demand side the container shipping market continued its
high-speed growth. According to the forecast of Drewry global container throughput would grow
by 5.5% in 2025. On the supply side the data from Alphaliner showed that the global container
fleet capacity grew by 7.2% in 2025 with additional shipping capacity of 2.19 million TEUs
bringing the total global capacity to 33.69 million TEUs as of 2025. Based on the structure of
supply and demand the shipping capacity continued to expand while the supply continued to
exceed demand. However due to the re-routing around the Suez Canal and congestion at major
ports in Asia and Europe effective capacity has tightened in the short term driving an upward trend
in container freight rates. Shipping companies have accelerated the integration and transformation
of greening and intelligence. Leading shipping companies have intensively placed orders for new
energy vessels such as LNG dual-fueled vessels and have laid out technical reserves for
ammonia/methanol fuels to adapt to new global environmental regulations. The application of
technologies such as artificial intelligence and blockchain were deepened to bridge the intelligent
interconnection between ships and shore optimizing capacity deployment and operational processes
as well as enhancing the operation efficiency of the entire chain through digitalization and
intelligence.
23China Merchants Port Group Co. Ltd. Annual Report 2025
Driven by the recovery of the global economy and trade as well as the upward trend in the
international maritime market throughput at major global hub ports increased to varying degrees.According to the forecast of Drewry the container throughput of ports across regions showed
varying degrees of growth in 2025. Among which the ports in Asia handled a container throughput
of 548 million TEUs representing an increase of 5.5% year-on-year; the ports in South Asia
handled a container throughput of 42.10 million TEUs representing an increase of 8.6% year-on-
year; the ports in Europe and North America handled a container throughput of 151 million TEUs
and 79.40 million TEUs respectively representing increases of 6.3% and 2.5% year-on-year; the
ports in Africa and Latin America handled a container throughput of 43.10 million TEUs and 62.30
million TEUs respectively representing increases of 6.2% and 5.7% year-on-year; and the ports in
the Middle East handled a container throughput of 46.10 million TEUs representing an increase of
6.6% year-on-year. Thanks to the overall upturn in China’s economic performance and the
continuous economy-driven trade effect foreign trade imports and exports was steadily improved
and the port business in Mainland China maintained its leading position in global growth.According to the data published by the Ministry of Transport of the People's Republic of China the
accumulated container throughput handled by ports in Mainland China achieved 354 million TEUs
representing an increase of 6.8% year-on-year. Of which the accumulated container throughput
handled by coastal ports achieved 312 million TEUs representing a year-on-year increase of 7.0%.
(3) The Company’s industry position
The Company ranks among the global leading public port operators and is committed to developing
as a worldclass comprehensive port service provider. In terms of scale as at the end of the reporting
period the Company has established a relatively complete port network at major hub locations
along coastal China with its presence in 51 ports in 26 countries and regions including Asia Africa
Europe Oceania South and North America. According to the statistics of Drewry in 2024 the
Company’s equity throughput of containers reached 61.20 million TEUs ranking among the top
global port operators. In terms of quality the master terminals controlled by the Company have
occupied various market and regional leading positions. Leveraging on the good ground of port
technology and based on the CTOS system self-developed by CMPort the Company has worked
out the worldwide first full-case full-time all-regime and multifactor traditional container terminal
24China Merchants Port Group Co. Ltd. Annual Report 2025
upgrading solution and has built the trade facilitation platform for the Guangdong-Hong Kong-
Macao Greater Bay Area through blockchain technology which has been extended to 34 terminals
to help enhance the trade facilitation level in the Greater Bay Area. In addition the Company
continued to promote ESG construction and strived to create an ESG port benchmark in the
industry. In terms of performance the Company has continually promoted high-quality
development and has been an industry leader in terms of net profit margin and overall labour
productivity and other indicators.II Principal Activities of the Company during the Reporting Period
The Company’s core business includes port investment port operation port logistics and smart
technology.The Company has established a comprehensive port network across the hub locations along coastal
China and the terminals which the Company invested in or invested in and managed are located in
hub locations across Hong Kong Taiwan Shenzhen Ningbo Shanghai Qingdao Tianjin Dalian
Zhangzhou Zhanjiang and Shantou as well as in Asia Africa Europe Oceania South and North
America amongst others. Port investment includes oversea and domestic port investments. The
Company puts emphasis on its presence in global major hub locations gateway ports and regions
with huge market potential rapid economic growth and promising development in order to capture
investment opportunities in ports logistics and related infrastructure and further improve the global
port network. Port operation mainly includes containers and bulk cargo handling and warehousing
services. The Company focuses on the construction and management of leading port and the
improvement of service so as to provide clients with higher-quality port services.In terms of port logistics the Company leverages innovative park business models and services to
deeply explore the synergistic value between ports and parks. It provides customers with diversified
value-added services within key zones such as the Shenzhen Qianhai Comprehensive Bonded Zone
Qingdao Qianwan Comprehensive Bonded Zone Tianjin Dongjiang Comprehensive Bonded Zone
Djibouti International Free Trade Zone Hambantota Industrial Park. These services include
warehousing leasing customs clearance division or merger of cargoes documentation services and
more. The Company is driving growth in port tugboat service tallying operations and engineering
25China Merchants Port Group Co. Ltd. Annual Report 2025
supervision and management business. It also focuses on port-related business innovation and
supply chain logistics. By integrating port ecosystem service resources and fostering collaboration
across the upstream and downstream of the port logistics value chain the Company prioritizes
resource openness and sharing. This integrated approach facilitates smoother trade flows and
enhances the efficiency of logistics information and capital flows within the port service chain
ultimately helping customers reduce costs and improve efficiency.The smart technology business focuses on the application of new generation of informationtechnology such as big data Internet of Things (IoT) and artificial intelligence promotes “digitalintelligence” and “green” upgrades and continues to empower the core businesses such as the
production management services and ecology of the port. Smart technology injects new
momentum into the development of the port enterprises.The main business segments of the Company are as follows:
Business content
The Company puts emphasis on its presence in global major hub locations gateway
Port investmentports and regions with huge market potential rapid economic growth and promisingdevelopment in order to capture investment opportunities in ports logistics and
related infrastructure and further improve the global port network.Containers: The Company provides ship berthing loading and unloading services to
ship companies offers container storage service to ship companies and cargo
owners and provides overhead box services to tractor companies. The Company
also engages in the businesses of division or merger of cargoes in containers
Port operation container leasing and container maintenance;
Bulk cargoes: The Company is engaged in bulk cargo handling and transportation
in port zones as well as storage services in yards. The major types of cargoes
handled include ores grain forage oil and coal.The Company provides various services including warehouse/yard leasing loading
and unloading in warehouses/yards customs clearance and division or merger of
cargoes at terminals intermodal transportation logistics transportation and value-
added warehousing services for clients (including logistics companies trading
Port logistics companies or cargo owners). Relying on the port-surrounding land resources the
Company conducts the comprehensive development to enhance the land value. The
Company enhances the value of commercial properties and provides its customers
with quality property leasing and other related services. The Company provides
port tugboat service tallying engineering supervision and management business.Smart The Company focuses on the application of a new generation of information
technology technologies such as big data Internet of Things (IoT) and artificial intelligence. Itdrives “digital and intelligent transformation” and “greening initiatives” continuing
26China Merchants Port Group Co. Ltd. Annual Report 2025
to empower the port’s core businesses such as the production management
services and ecology of the port. Smart technology injects new momentum into the
development of the port enterprises.III Analysis of Core Competitiveness
1. Strong shareholder background and resource integration capability
The Company’s ultimate controlling shareholder China Merchants Group is a century-old centrally
administered state-owned enterprise that originated from the port and shipping logistics sector and
enjoys an outstanding industry reputation together with extensive business resources.Founded in 1872 China Merchants Group is a key state-owned backbone enterprise directly
administered by the central government. It is also one of the earliest Chinese-funded enterprises
established and operated in Hong Kong. As a century-old SOE a comprehensive central enterprise
and a central enterprise based in Hong Kong China Merchants Group primarily focuses on four
major business segments: transportation and logistics integrated finance property and industrial
parks and technology and innovation industries. At present the Group is committed to becoming
an innovation-driven international and comprehensive world-class enterprise. It is advancing both
the transformation and upgrading of traditional industries and the cultivation and expansion of
strategic emerging industries while building a “Smile Curve” that climbs toward the higher end of
the industrial chain and a sustainable “Malik Curve”. Through these initiatives the Group is
comprehensively accelerating its “third entrepreneurship” strategy and leading high-quality
development to a new level.The transportation and logistics segment of China Merchants Group covers ports shipping logistics
shipbuilding and ship repair as well as highways providing extensive opportunities for coordinated
services across the industrial chain. As the Group continues to accelerate its international expansion
and improve its global logistics network it effectively supports China Merchants Port in developing
into a port investment and operation platform with an international perspective and global
expansion capability as well as an interconnected international port integrated service system.
27China Merchants Port Group Co. Ltd. Annual Report 2025
2. Professional and efficient global port investment capability
The Company focuses on port investment capturing global industrial trends and local market
opportunities while achieving full-process and full-cycle management throughout the investment
lifecycle.As an important platform for domestic and overseas port investment and operation under China
Merchants Group China Merchants Port has accumulated more than 25 years of experience in port
investment and over 15 years of experience in overseas investment. The Company has established a
scientific and professional investment management system and built a specialized global investment
research team with extensive experience in policy research industry analysis risk control capital
raising and post-investment management. The Company continuously conducts in-depth research
on the development trends of global industrial and supply chains focusing resources on its global
footprint. By closely aligning with major national strategic opportunities and dynamic overseas
investment prospects the Company makes well-planned investments in strategically significant hub
ports and gateway ports around the world.The Company strives to maintain a balanced distribution of its port investment portfolio across both
regions and lifecycle stages. In its overseas operations the Company adheres to the principle of
“extensive consultation joint contribution and shared benefits” embedding itself in local
communities and actively fostering a community of shared interests. Building upon strengthened
connectivity and cooperation the Company continues to expand new avenues for international
collaboration significantly enhancing its resilience in responding to industry fluctuations trade
frictions and unexpected events.
3. Increasingly sophisticated integrated port management capability
The Company has developed deep expertise in port operations and continues to enhance its
integrated management capability through digitalization and platform-based management.
28China Merchants Port Group Co. Ltd. Annual Report 2025
Leveraging its self-developed SMP platform the Company is comprehensively advancing the
digital transformation of business processes and implementing holistic management and control
across its operations. While balancing safety and development the Company adheres to lean
operations and maintains a strong focus on its core business thereby establishing an industry-
leading management system. Through the implementation of cost leadership and the COE operating
mechanism the Company continues to deepen the integration of business and finance optimize
resource allocation and effectively promote cost reduction and efficiency improvement. At the
same time by focusing on quality and efficiency enhancement the Company institutionalizes best
practices and continuously strengthens its profitability. The Company’s long-standing accumulation
of integrated port management expertise has earned widespread recognition and a strong reputation
within the industry.
4. Continuously optimized value chain integrated service capability
The Company is committed to creating value along the regional and logistics chains centered on
ports and is advancing toward its vision of becoming a “world-leading port service provider”.In response to the shipping industry’s increasing demand for network efficiency and collaborative
resilience the Company actively promotes the integration of port assets both domestically and
internationally. Relying on its well-established global port network the Company works in close
synergy with the resource strengths of China Merchants Group in maritime transport land transport
warehousing logistics and trade. It is dedicated to providing customers with integrated port
logistics service solutions continuously enhancing corporate value and reinforcing its distinctive
competitive advantage in the market.
5. Independent innovation capability in smart port development
The Company undertakes its industry responsibility by promoting the upgrading of traditional
industries and leading the development of smart ports.
29China Merchants Port Group Co. Ltd. Annual Report 2025
The Company is accelerating its digital and intelligent transformation promoting the integrated
development of technological innovation and industrial innovation and introducing distinctive
integrated smart port solutions within the industry. In terms of core port production operating
systems CMIT a technology enterprise under the Company has independently developed a new-
generation CTOS product with strong global market competitiveness. In the construction of
industrial internet platforms the Company has upgraded and developed the “CM ePort” integrated
service platform providing one-stop comprehensive port services for the port shipping and
logistics industries. With the arrival of the artificial intelligence era the Company has launched the
“Piercep” artificial intelligence brand to lead the development of intelligent port ecosystem agents
and related products. The Company’s Mawan Smart Port located in the Guangdong-Hong Kong-
Macao Greater Bay Area is the region’s first 5G-enabled smart port and has been awarded the
designation of “China Five-Star Smart Port” demonstrating the Company’s outstanding
achievements in digitalization intelligentization and green development.IV Analysis of Principal Businesses
1. Review of port business
(1) Overall overview of port business
In 2025 the container business maintained a steady growth momentum and delivered solid
performance overall. The bulk cargo business stabilized its core operations amid a downward
market environment maintaining stable cargo volumes. The Company’s port projects handled a
total container throughput of 206.112 million TEUs representing a year-on-year increase of 5.6%;
bulk cargo throughput reached 1.27 billion tonnes representing a year-on-year increase of 0.3%.For the container business port projects in Mainland China handled 161.929 million TEUs
representing a year-on-year increase of 6.3%. Ports in Hong Kong and Taiwan recorded a combined
throughput of 5.245 million TEUs representing a year-on-year decrease of 12.9%. Overseas port
projects handled 38.938 million TEUs representing a year-on-year increase of 5.7%. For the bulk
30China Merchants Port Group Co. Ltd. Annual Report 2025
cargo business port projects in Mainland China handled 1.26 billion tonnes representing a year-on-
year increase of 0.2% while overseas ports handled 10.264 million tonnes representing a year-on-
year increase of 10.9%.Table 3-1 Company Throughput and Changes in 2025
Item 2025 2024 Change
Container throughput (0000
TEUs) 20611.2 19515.9 5.6%
of which: Mainland China 16192.9 15230.1 6.3%
Hong Kong and Taiwan 524.5 602.3 -12.9%
Overseas 3893.8 3683.5 5.7%
Bulk cargo throughput (0000
TEUs) 126620.0 126223.0 0.3%
of which: Mainland China 125593.6 125297.6 0.2%
Overseas 1026.4 925.4 10.9%
Note: 1. The above statistics represent the total throughput of the Company’s subsidiaries
associates and joint ventures.
(2) Regional operating performance of port business
Table 3-2 Company Container Throughput and Changes in 2025 (0000 TEUs)
Region and Port Company 2025 2024 Change
West Shenzhen 1663.1 1599.1 4.0%
Pearl River Controlled Port Zone
Delta Shunde New Port 38.6 46.8 -17.5%
Associate CKRTT 80.3 80.8 -0.6%
Yangtze Associate SIPG 5506.3 5150.6 6.9%
River Delta Associate Ningbo Port 5298.0 4764.0 11.2%
Liaoning Port 1126.4 1231.5 -8.5%
Bohai Rim Associate QQCTU 1285.9 1171.3 9.8%
Tianjin Port
Container Terminal 855.9 844.2 1.4%
Shantou Port 170.2 167.9 1.4%
Southeast
Region Controlled Zhangzhou Port 45.9 41.9 9.5%
31China Merchants Port Group Co. Ltd. Annual Report 2025
Southwest
Region Controlled Zhanjiang Port 122.3 132.0 -7.3%
Hong Kong Controlled/Associate CMCS/MTL 394.3 428.9 -8.1%
and Taiwan
Associate KMCT 130.2 173.4 -24.9%
CICT 329.3 339.4 -3.0%
HIPG 42.8 5.3 707.5%
Controlled NPH 78.8 41.7 89.0%
LCT 196.1 166.3 17.9%
Overseas TCP 166.2 155.8 6.7%
Kumport 154.7 126.0 22.8%
PDSA 113.4 131.2 -13.6%
Associate
TICT 36.7 28.5 28.8%
Terminal Link 2775.8 2689.3 3.2%
Total 20611.2 19515.9 5.6%
Note: The Company’s controlled subsidiary completed the acquisition of 51% equity interest in the
NPH project in Indonesia and since July 2024 the throughput of NPH has been included in the
Company’s statistical scope.Table 3-3 Company Bulk Cargo Throughput and Changes in 2025 (0000 tonnes)
Region and Port Company 2025 2024 Change
West Shenzhen Port
Zone 1573.1 1674.3 -6.0%
Pearl River Controlled
Delta Dongguan Mayong 1756.9 1678.2 4.7%Shunde New Port 532.5 564.1 -5.6%
Associate CKRTT 456.8 471.9 -3.2%
Yangtze River Associate SIPG 8051.0 8552.0 -5.9%
Delta Associate Ningbo Port 69020.0 65741.0 5.0%
Liaoning Port 23363.2 25154.0 -7.1%
Bohai Rim Associate Laizhou Port 1510.3 1485.5 1.7%QQTU 1303.5 1499.4 -13.1%
Qingdao Dongjiakou 8277.0 7756.5 6.7%
Shantou Port 416.8 405.9 2.7%
Southeast Controlled Zhangzhou Port 1205.6 942.0 28.0%Region Xia Men Bay
Terminals 497.4 545.9 -8.9%
32China Merchants Port Group Co. Ltd. Annual Report 2025
Southwest
Region Controlled Zhanjiang Port 7629.5 8826.9 -13.6%
Controlled HIPG 280.8 229.8 22.2%
Overseas Kumport 14.8 47.2 -68.6%Associate PDSA 541.2 457.7 18.2%
Terminal Link 189.6 190.7 -0.6%
Total 126620.0 126223.0 0.3%
Pearl River Delta region
West Shenzhen Port Zone handled a total container throughput of 16.631 million TEUs
representing a year-on-year increase of 4.0% mainly benefiting from increased cargo volumes from
emerging markets such as Southeast Asia. Bulk cargo throughput reached 15.731 million tonnes
representing a year-on-year decrease of 6.0% primarily due to market factors. Shunde New Port
handled container throughput of 0.386 million TEUs representing a year-on-year decrease of
17.5% mainly due to a reduction in empty container volumes. Bulk cargo throughput amounted to
5.325 million tonnes representing a year-on-year decrease of 5.6% also mainly affected by market
factors. Dongguan Mayong handled bulk cargo throughput of 17.569 million tonnes representing a
year-on-year increase of 4.7%. CKRTT handled container throughput of 0.803 million TEUs
representing a year-on-year decrease of 0.6% while bulk cargo throughput reached 4.568 million
tonnes representing a year-on-year decrease of 3.2%.Yangtze River Delta region
SIPG handled container throughput of 55.063 million TEUs representing a year-on-year increase of
6.9% while bulk cargo throughput reached 80.510 million tonnes representing a year-on-year
decrease of 5.9%. Ningbo Port handled container throughput of 52.980 million TEUs representing
a year-on-year increase of 11.2% while bulk cargo throughput reached 690.200 million tonnes
representing a year-on-year increase of 5.0%.Bohai Rim region
Liaoning Port handled container throughput of 11.264 million TEUs representing a year-on-year
decrease of 8.5% while bulk cargo throughput reached 233.632 million tonnes representing a year-
on-year decrease of 7.1%. Laizhou Port handled bulk cargo throughput of 15.103 million tonnes
representing a year-on-year increase of 1.7%. Owing to the addition of new foreign trade routes and
33China Merchants Port Group Co. Ltd. Annual Report 2025
the growth of laden containers business QQCTU handled container throughput of 12.859 million
TEUs representing a year-on-year increase of 9.8%. QQTU handled bulk cargo throughput of
13.035 million tonnes representing a year-on-year decrease of 13.1% primarily due to market
factors. Qingdao Dongjiakou handled bulk cargo throughput of 82.770 million tonnes representing
a year-on-year increase of 6.7% mainly benefiting from market expansion. Tianjin Port Container
Terminal handled container throughput of 8.559 million TEUs representing a year-on-year increase
of 1.4%.Southeast region
Shantou Port handled container throughput of 1.702 million TEUs representing a year-on-year
increase of 1.4% while bulk cargo throughput reached 4.168 million tonnes representing a year-
on-year increase of 2.7%. Zhangzhou Port handled container throughput of 0.459 million TEUs
representing a year-on-year increase of 9.5% mainly benefiting from the development of new
shipping routes. Bulk cargo throughput reached 12.056 million tonnes representing a year-on-year
increase of 28% which was mainly attributable to the market expansion and the optimization of
cargo category structure. Xiamen Bay Terminals handled bulk cargo throughput of 4.974 million
tonnes representing a year-on-year decrease of 8.9% mainly due to a decline in the cargo volume
of sandstone.Southwest region
Zhanjiang Port handled container throughput of 1.223 million TEUs representing a year-on-year
decrease of 7.3% while bulk cargo throughput reached 76.295 million tonnes representing a year-
on-year decrease of 13.6% mainly affected by a decline in local cargo sources.Hong Kong and Taiwan region
CMCS and MTL in Hong Kong handled a combined container throughput of 3.943 million TEUs
representing a year-on-year decrease of 8.1% mainly due to market factors. KMCT in Taiwan
handled container throughput of 1.302 million TEUs representing a year-on-year decrease of
24.9% also mainly affected by market factors.
Overseas region
34China Merchants Port Group Co. Ltd. Annual Report 2025
In 2025 the Company’s overseas port projects generally recorded a growth trend. CICT in Sri
Lanka handled container throughput of 3.293 million TEUs representing a year-on-year decrease of
3.0%. HIPG in Sri Lanka commenced its container business in the first half of 2024 and handled
container throughput of 0.428 million TEUs in 2025 representing a year-on-year increase of
707.5%. Its bulk cargo throughput reached 2.808 million tonnes representing a year-on-year
increase of 22.2% which was mainly benefitted from the volume increase in RORO business. NPH
in Indonesia completed its acquisition in the first half of 2024 and handled container throughput of
0.788 million TEUs in 2025 representing a year-on-year increase of 89.0%. LCT in Togo handled
container throughput of 1.961 million TEUs which was mainly benefitted from the enhancement of
port capacity and the increase of international transshipment volumes. TCP in Brazil handled
container throughput of 1.662 million TEUs representing a year-on-year increase of 6.7% which
was mainly benefitted from the increase in reefer container business volume. Kumport in Türkiye
handled container throughput of 1.547 million TEUs representing a year-on-year increase of 22.8%
which was mainly benefitted from successfully securing long-term service contracts with shipping
lines. Its bulk cargo throughput reached 0.148 million tonnes representing a year-on-year decrease
of 68.6% which was mainly due to actively pursuing business transformation. PDSA in Djibouti
handled container throughput of 1.134 million TEUs representing a year-on-year decrease of
13.6% which was mainly due to a decline in international transshipment cargoes. Its bulk cargo
throughput reached 5.412 million tonnes representing a year-on-year increase of 18.2% which was
mainly due to the increase in import demand in economic hinterland. Terminal Link a portfolio of
ports investment handled container throughput of 27.758 million TEUs representing a year-on-
year increase of 3.2%.
2. Implementation of operating plan during the reporting period
During the reporting period the Company adhered to the general principle of seeking progress
while maintaining stability. Aiming at the goal of becoming a “world-leading port service provider”
the Company made every effort to grasp reform foster innovation and promote development. The
overall operational performance demonstrated a robust momentum characterized by progressing
while maintaining stability improving quality while advancing.
35China Merchants Port Group Co. Ltd. Annual Report 2025
(1) Consolidated the homebase port infrastructure and focused on strengthening core
advantages. The container throughput of the West Shenzhen Port Zone exceeded 16 million TEUs
hitting a record high again and its foreign trade market share continued to lead in the Guangdong-
Hong Kong-Macao Greater Bay Area. The bulk cargo business actively expanded into new
commodity categories to secure its cargo volume foundation while maintaining market-leading
positions in its core commodity segments. CICT in Sri Lanka persistently strengthened its local
market position achieving steady improvement in profitability. HIPG’s container business
capabilities were significantly enhanced as its volume has experienced leapfrog growth and its
RORO business volume achieved record high. With steady improvement in operational indicators
the Group achieved milestone results in the progress of building world-leading port.
(2) Overseas expansion progressed steadily and the performance of existing projects was
outstanding. The China Merchants Port the Company's controlled subsidiary signed the share
purchase agreement for the Vast project in Brazil to expand its presence in the Latin America.Container throughput of several overseas projects reached record high among which TCP in Brazil
improved efficiency to break through capacity bottlenecks with container throughput exceeding
1.66 million TEUs. LCT in Togo became the first terminal in Africa to normalize the handling of
24000 TEU container vessels further consolidating its position as a transshipment hub in West
Africa with container throughput increasing by 17.9% year-on-year. Kumport in Turkey
successfully secured long-term service contracts with container throughput increasing by 22.8%
year-on-year fully demonstrating the synergistic advantages of the Company’s global layout and its
high-level international operation and management capabilities.
(3) Lean management continued to deepen with significant results achieved in enhancing
quality and efficiency. The Company systematically promoted lean management enhancing
resource efficiency and operating effectiveness through mechanism optimization and process
control. By deepening the COE mechanism and promoting optimization experience the engineering
management system is improved to save costs and drive project progress. Commercial coordination
and centralized procurement were strengthened to enhance value creation capabilities and the
refined cost control system was continuously improved. The said initiatives have achieved solid
36China Merchants Port Group Co. Ltd. Annual Report 2025
results in areas such as process optimization cost control and asset returns laying a solid
foundation for the improvement of overall operational quality and efficiency.
(4) The construction of digital and intelligent ports has accelerated empowering the core
business to improve quality and efficiency. The “CMCore” CTOS terminal operating system was
successfully implemented in key overseas projects in countries such as Brazil Italy and Turkey.The West Shenzhen Port Zone steadily promoted the pilot application of SMP achieving data-
driven empowerment for lean cost analysis and supporting refined operational decision-making.The operational service model of the “CM ePort” service platform was reconstructed to develop
value-added services for the logistics supply chain. The Company officially launched the “Piercept”
artificial intelligence brand and rolled out intelligent agents for six high-value scenarios including
equipment operation and maintenance promoting the deep application of artificial intelligence
technology in core production stages.
(5) The green and low-carbon transition has accelerated and carbon efficiency levels have
improved significantly.We achieved a breakthrough in its clean energy bunkering service capacity
with the first ship-to-ship LNG bunkering operation completed in the West Shenzhen Port Zone.The Group has consolidated its green energy supply foundation by adding distributed photovoltaic
and electrified equipment to reduce fuel consumption and exhaust emissions; improved green
infrastructure supporting facilities by constructing intelligent battery swapping stations and
charging piles and initially establishing an integrated “swapping + charging” energy replenishment
network; and deepened the application of green and low-carbon technologies by researching
developing and promoting hoisting potential energy recovery and permanent magnet motor
technologies among others.
(6) Consolidated achievements as a "Double Hundred" benchmark enterprise systematically
unlocking reform efficiencies. Having secured top-tier "Double Hundred Action" benchmark
status with reform outcomes receiving authoritative recognition the Company advanced
comprehensive reforms downward to the grassroots level throughout the year. At the governance
level the modern corporate governance system was continuously refined with the Board's
functions in "setting strategy making decisions and preventing risks" comprehensively
37China Merchants Port Group Co. Ltd. Annual Report 2025
strengthened and the authorization mechanism with clear powers and responsibilities and
standardized processes as well as the whole-process closed loop supervision operating efficiently.At the mechanism level core systems including market-oriented talent selection and differentiated
compensation incentives have permeated to the grassroots level resulting in a comprehensive
enhancement of organizational vitality and operational efficiency.
(7) Advanced the implementation of new ESG regulations achieving renewed rating
excellence. Closely aligning with ESG policy requirements promulgated by national and local
authorities in recent years the Company continuously deepened ESG management integration
tightly coupling new ESG regulations with our daily operation and management. During the year
the Company focused on promoting the implementation and deepening of material issues such as
climate change biodiversity and supply chain management and continued to develop ESG
information systems to ensure information security. In terms of ratings the Company's Wind ESG
rating was upgraded from AA to AAA ranking first in the industry. The Company received honors
including "Wind 2025 Best ESG Practice Top 100 Chinese Listed Companies" and "CMG China
ESG Pioneer 100 Central SOEs." The Company's controlled subsidiary China Merchants Port has
seen its MSCI ESG rating upgraded from BBB to A the highest rating among Hong Kong-listed
industry peers.
3. Income and Cost Analysis
(1) Breakdown of Operating Income
Unit: RMB
20252024
As % of total As % of Change
Operating income operating Operating income total (%)
income (%) operatingincome (%)
Total 17246382527.85 100% 16130778028.24 100% 6.92%
By operating division
Ports operation 16427245729.85 95.25% 15362612360.49 95.24% 6.93%
Bonded
logistics 644652943.44 3.74% 581135985.94 3.60% 10.93%
operation
Property
development 174483854.56 1.01% 187029681.81 1.16% -6.71%
and investment
38China Merchants Port Group Co. Ltd. Annual Report 2025
By operating segment
Mainland
China Hong
Kong and 10736243512.23 62.25% 10621214882.76 65.84% 1.08%
Taiwan
Other countries
and regions 6510139015.62 37.75% 5509563145.48 34.16% 18.16%
(2) Operating Division Product Category Operating Segment or Sales Model Contributing
over 10% of Operating Income or Operating Profit
Unit: RMB
YoY YoY
Gross change in YoY change in
Operating income Operating costs profit operating change in gross
margin income operating profit
(%) costs (%) margin(%)
By operating division
Ports
operation 16427245729.85 9098935746.48 44.61% 6.93% 5.19% 0.92%
By operating segment
Mainland
China Hong
Kong and 10736243512.23 6881253410.57 35.91% 1.08% 2.32% -0.77%
Taiwan
Other
countries and 6510139015.62 2774933837.71 57.38% 18.16% 12.32% 2.22%
regions
Core business data of the prior year restated according to the changed statistical caliber for the
Reporting Period:
□Applicable √ Not applicable
(3) Whether Revenue from Physical Sales Is Higher than Service Revenue
□Yes √ No
(4) Execution Progress of Major Signed Sales and Purchase Contracts in the Reporting Period
□Applicable √ Not applicable
(5) Breakdown of Operating costs
Unit: RMB
Operating Item 2025 2024 Change
39China Merchants Port Group Co. Ltd. Annual Report 2025
division
As % of As % of
(%)
Operating costs total
total
operating Operating costs operatin
costs (%) g costs(%)
Loading
Ports operation andunloading 9098935746.48 94.23% 8650328835.34 94.07% 5.19%
services
Bonded
logistics Logisticsservice 367307647.16 3.80% 321819100.85 3.50% 14.13%operation
Other Properties 189943854.64 1.97% 223868756.16 2.43% -15.15%
(6) Changes in the Scope of Consolidated Financial Statements for the Reporting Period
√ Yes□ No
In January 2025 China United Tally Co. Ltd. Shantou (hereinafter referred to as 'China Tally') an
associate of the Company’s subsidiary Shantou Port absorbed Shantou Zhongli Wailun tally Co.Ltd. (hereinafter referred to as 'Shantou Zhongli') a subsidiary of Shantou Port. After the
transaction Shantou Port holds 62.50% shares of China Tally which contributs to business
combination not involving enterprises under common control. Consequently China Tally has been
in the scope of consolidation for the current year. Shantou Zhongli was deregistered on 14 February
2025 after the transaction.
(7) Major Changes to the Business Scope or Product or Service Range in the Reporting Period
□Applicable √ Not applicable
(8) Major Customers and Suppliers
Major customers:
Total sales to top five customers (RMB) 6214186018.61
Total sales to top five customers as % of total sales of the
Reporting Period (%) 36.03%
Total sales to related parties among top five customers as % of
total sales of the Reporting Period (%) 0.00%
Top five customers:
Sales revenue
No. Customer contributed for the As % of total sales revenue
Reporting Period (RMB) (%)
40China Merchants Port Group Co. Ltd. Annual Report 2025
1 Customer A 2909072284.64 16.87%
2 Customer B 1333177695.77 7.73%
3 Customer C 987894660.38 5.73%
4 Customer D 494526454.90 2.87%
5 Customer E 489514922.92 2.84%
Total -- 6214186018.61 36.04%
Other information about major customers:
□Applicable √ Not applicable
Major suppliers:
Total purchases from top five suppliers (RMB) 1932480485.09
Total purchases from top five suppliers as % of total
purchases of the Reporting Period (%) 25.66%
Total purchases from related parties among top five suppliers
as % of total purchases of the Reporting Period (%) 0.00%
Top five suppliers:
No. Supplier Purchase in the Reporting As % of total purchasesPeriod (RMB) (%)
1 Supplier A 1318581000.00 17.50%
2 Supplier B 228166280.73 3.03%
3 Supplier C 160859380.87 2.14%
4 Supplier D 122761566.00 1.63%
5 Supplier E 102112257.49 1.36%
Total -- 1932480485.09 25.66%
Other information about major suppliers:
□Applicable √ Not applicable
4. Expense
Unit: RMB
Reason for any
2025 2024 Change (%) significant
change
General and
administrative 1533391292.39 1821544282.18 -15.82% -
expenses
Financial
expenses 1504840912.09 1857365636.87 -18.98% -
Research and
development 177750273.52 201755066.36 -11.90% -
expenses
5. Research and Development (R&D) Investments
41China Merchants Port Group Co. Ltd. Annual Report 2025
Main R&D
project Project purpose Project progress
Objective to be Expected impact on the
achieved Company
Develop a new
generation of
automated
production
management
system for
container terminal
that is controlled in
an integrated The acceptance
intelligent and work by the Resolve challenges
coordinated Ministry of across cross-platform
manner applicable Transportation multi-database and
to traditional has been diversified business
container terminals. completed (the
1. Support decoupling scenarios. Build a new
of software and
Project for Adopt multi- acceptance letter generation of CTOS
from the hardware based on adeveloping the platform with the threecloud-native
core distributed and Ministry of characteristics ofarchitecture;technology in microservice Transportation “autonomyTOS for architecture driven was received in 2. Fully upgrade and replicability and strongautomated by big data and January 2026). build a new generation compatibility” via
container develop core A railway of CTOS products
research and
terminal algorithms and driven by big data and development to meetvisualization
make based on a microservice customer needs whilefunction module
breakthroughs expanding andwas added in the architecture.based on AI enhancing theBrazil project
technology and comprehensive businessexpanding the
operations functions of theCTOS standard
optimisation terminal.product map.technology to
reshape the
intelligent
integrated operation
and control mode
and technology
system of container
terminals.The project aims to Completed the
promote the project Its objective is to
Under the continuous
empowerment of core
implementation of construction and progressively eliminateinformation silos across scenarios such asthe digital final acceptance intelligent O&M of
intelligence of Mawan Port systems transform on-
planning of Area in site O&M into
equipment and
Project of IoT intelligent O&M and facilities security
application CMPort forming a September management energy
scenarios and unified IoT digital 2025. The IoT
enhance the precision
management data collection of engineering
management and
fully digital equipment production intelligence
infrastructure system. By in the platform management. operational costs will
for CMPort leveraging the system is
supporting role of accurate the Traditional manual
be significantly
reduced resource
the IoT it connects platform statistics will be shifted
all elements of operates stably to automated system-
utilization efficiency
will be improved and a
production and the scenario based aggregation and
operations applications analysis enabling data-
new business
ecosystem with data as
enabling data- have achieved driven decision- the core
42China Merchants Port Group Co. Ltd. Annual Report 2025
driven production the making. competitiveness will be
decision-making corresponding established. This will
and innovation results as per the lay a solid foundation
thereby fully planning for the Company’s
empowering the requirements. future continuous
digital and innovation and high-
intelligent quality development in
development of the the fields of intelligence
port. and digitalization.
1. Achieve the online
process of revenue
1. Completed factor analysis
the construction automatic report
of a data generation flexible
warehouse multidimensional data
including drill-down and
themes such as autonomous model“container building andrevenue and configuration enabling
outsourcing in-depth analysis andcost”; exploration of revenue The objective is to
Steadily advance analysis scenarios to
the SMP 2. Completed
accumulate the
enhance the efficiency
application in the the construction
Company’s business
and accuracy of
Shenzhen Western of a public
scenario data assets
revenue analysis;
Port Area build an framework
build a leanPhase I of including “PC 2. Achieve data management platformCOE/SMP efficient datamanagement terminal mobile penetration of total
covering production
system platform and terminal and costs to the business
and operations promote
construction on-the-go level attributing cost enterprise data-drivenimprove theCompany's pending tasks”; changes to the
decision-making and
operational dimensions of volume
enhance its operational
3. Completed
efficiency and variance rate and
management
the construction
service quality. structure with business
capabilities and
of core online and quantifying cost business decision-
operation changes; making efficiency.scenarios such
as DMR (Duty 3. Achieve the
Manager application of scenarios
Report) such as DMR shipping
shipping company efficiency
company and indicator
efficiency and management
indicator strengthening data-
management. driven business
decision-making
capabilities.Construct a The system covers five Through real-time
Autonomous monitoring and The system was major monitoring monitoring and rapid
driving operating system launched and objects namely response across the
comprehensive covering the entire completed servers databases entire chain of
monitoring chain of preliminary application service autonomous driving
system autonomous driving acceptance in programs equipment operations downtime
operations. December 2025. and facilities and caused by system
vehicle terminal failures can be
43China Merchants Port Group Co. Ltd. Annual Report 2025
network status. It is significantly reduced
equipped with a enhancing the
hierarchical and continuity and
categorized alert reliability of
management autonomous vehicles
mechanism to promptly and related equipment
notify O&M personnel operations thereby
of any software and improving the overall
hardware issues related operational efficiency
to the system. and throughput capacity
of the port.Phase I of the
project was Three core technology
launched in platforms have been 1. Improve operational
2021 completed established namely an efficiency: Optimize oil
acceptance in industrial IoT platform turnover rates andThe digital a spatio-temporal terminal utilization and
petrochemical November2022 and computing engine and achieve full-processterminal (Phase II) finished post- a digital twin platform. online collaboration;project aims to
build a complete evaluation in Five major application 2. Enhance safety
digital twin system 2023. The scenarios have been assurance: Reduceof “1 Base + 2 ProMACE realized namely accident rates throughEngines + 5 industrial intelligent production intelligent monitoring
Intelligent Internet intelligent safety and electronic workapplications” based platform has emergency response permits and emergency
on the been established intelligent operations linkage mechanisms;
achievements of and has been and digital insights.Phase I. This will operating stably 3. Support high-tech
comprehensively for three years. Achieved management enterprise recognition:
enhance the and control capabilities Accumulate intellectualPhase II of the
intelligent characterized by multi- property andDigital project wasmanagement level data support technologicalpetrochemical officiallyof Zhanjiang Port controllable processes achievements toterminal launched inPetrochemical visible regions maintain high-tech(Phase II) December 2024.Terminal in transparent domains enterprise status andRequirements
production safety and multifactor early enjoy tax incentives;research and
emergency warning.detailed design 4. Establish industry
response and have been The system has benchmarks: Develop
operations completed and obtained Level 3 replicable digital
establishing a system certification under the solutions to support
digital benchmark development national cybersecurity intelligent upgrades
for hazardous was fully classified protection across CMPort and peer
chemical terminals initiated in June scheme and meets terminals;
under CMPort and 2025 under a requirements forpromoting the “micro- domestic innovation 5. Expand servicedigital and iteration” and secure reliable models: Enhance
intelligent model. The technologies. customer experience
transformation and project is and market
upgrading of the currently in the At least two intellectual competitiveness
enterprise. stages of property rights have through smart operation
application been applied for functions such as
system forming replicable and Online Petrochemical
development scalable technological Services.IoT integration achievements.and system
44China Merchants Port Group Co. Ltd. Annual Report 2025
integration and
will enter the
UAT testing
phase by the end
of 2025.With the goals of
higher system stability
faster performance
Absorb more than stronger functionality
300 new practical 1. Clear product easier implementation
functions from both positioning; better user experience
domestic and more intelligent
AI-based international 2. Fully productized collaboration enhanced
CTOS product sources and form a characteristics; information security
R&D project stable and It’s in the R&D 3. Interconnectivity and more advanced
for replicable and testing within the product architecture we
polymorphic “CMCore” version phase. ecosystem; develop a productized
terminal on the basis of version tailored for both
business meeting the 4. Compliance with large-scale and small-
requirements for digital infrastructure and medium-sized
data lake entry and strengthening terminals
digital foundation requirements. reconstructing a stable
strengthening. and reliable CTOS
product to deliver a
superior customer
experience.The successful
implementation of the
TOS project made TCP
the first port in South
America to complete a
shareholder-developed
TOS (Terminal
Operating System)
modernization upgrade.This not only
The project aims to significantly enhanced
replace foreign CMPort’s global digital
TCP CTOS systems with China Launched on 1 Complete the competitiveness but
project Merchants’ June 2025. replacement of the also greatly
proprietary production system. strengthened CTOS’
operating system. technical influence in
the international
market. The project set
an industry benchmark
with high-quality
delivery characterizedby “zero downtimeearly launch and over
1200 deeplycustomized items”
providing a replicable
and verifiable
45China Merchants Port Group Co. Ltd. Annual Report 2025
implementation path for
overseas ports.The project achieved
the world’s first
“trinity” comprehensive
application of CTOS
integrating container
operations railway
operations and
warehouse operations
on a single platform. It
filled the functional gap
of traditional CTOS in
railway dispatching and
warehouse
management providing
a powerful
demonstration case for
the global promotion of
CTOS. It holds
profound strategic
significance for
CMPort’s future
overseas expansion
enhancement of
industry influence and
the export of
independent core
technologies.The project aims to
integrate four
existing billing
systems (one each
for foreign trade
and CIC and two The Xinghan
By the end of 2026
integration BOS 3.0 will be fullyfor domestic trade) implemented achieving Comprehensively
BOS (Business into a single system
module and CIC unified billing enhance the digital and
(BOS 3.0) enabling billing module management across intelligent managementOperating have been level of the billing and
System) 3.0 unified multiple financialmanagement of launched while entities and both charging business in the
billing operations other modules domestic and foreign Shenzhen Western Port
across multiple are progressing trade in the Shenzhen Area.financial entities as planned. Western Port Area.and both domestic
and foreign trade in
the Shenzhen
Western Port Area.Autonomous Before the The overall A basic version will be The autonomous
driving completion of the technical released by the end of driving dispatch
dispatch infrastructure at solution design August 2026 enabling simulation system
simulation Dachan Bay Phase has been autonomous driving enables continuous
system II Terminal an completed and dispatch simulation optimization of system
(including autonomous driving development functions and algorithms anddispatch simulation work is algorithms across functions in a simulated
46China Merchants Port Group Co. Ltd. Annual Report 2025
Phase II) system will be progressing as various scenarios such environment
constructed in planned. as quay and yard significantly shortening
advance to support operations in Dachan on-site commissioning
the core functions Bay Phase II. cycles after equipment
of horizontal Subsequent iterations arrival and supporting
transportation will support fleet rapid deployment of the
scheduling and dispatch simulations system in Dachan Bay
algorithm under different Phase II.development with operational conditions
continuous iterative and continuous
optimization optimization of the
through simulation. dispatch system based
on test results.Details about R&D personnel:
2025 2024 Change (%)
Number of R&D
personnel 832 827 0.60%
R&D personnel as %
of total employees 5.54% 5.46% 0.08%
Education background
Bachelor’s degree 532 588 -9.52%
Master’s degree 52 56 -7.14%
Doctoral degree 2 2 0.00%
Others 246 181 35.91%
Age structure
Below 30 167 179 -6.70%
30~4031727216.54%
Over 40 348 376 -7.45%
Details about R&D investments:
2025 2024 Change (%)
R&D investments
(RMB) 212534890.83 250109688.37 -15.02%
R&D investments
as % of operating 1.23% 1.55% -0.32%
income
Capitalized R&D
investments (RMB) 34784617.31 48354622.01 -28.06%
Capitalized R&D
investments as % of
total R&D 16.37% 19.33% -2.96%
investments
Reasons for any significant change to the composition of the R&D personnel and the impact:
The Company actively carried out digital upgrades and the R&D projects of its subsidiaries shifted
from equipment upgrades and renovations to digital system development. Also the R&D personnel
47China Merchants Port Group Co. Ltd. Annual Report 2025
shifted to be mainly information technology personnel. The changes in structure had no significant
impact.Reasons for any significant YoY change in the percentage of R&D investments in operating income:
□Applicable √ Not applicable
Reason for any sharp variation in the percentage of capitalized R&D investments and rationale:
□Applicable √ Not applicable
6. Cash Flows
Unit: RMB
Item 2025 2024 Change (%)
Sub-total of cash inflows
from operating activities 18607202471.29 18182449597.82 2.34%
Sub-total of cash
outflows from operating 10432770082.24 10169236773.42 2.59%
activities
Net cash inflow from
operating activities 8174432389.05 8013212824.40 2.01%
Sub-total of cash inflows
from investing activities 51892517216.85 30588744503.01 69.65%
Sub-total of cash
outflows from investing 52560803164.93 30110416048.42 74.56%
activities
Net cash outflow/inflow
from investing activities -668285948.08 478328454.59 -239.71%
Sub-total of cash inflows
from financing activities 34853199507.54 26897465759.38 29.58%
Sub-total of cash
outflows from financing 43625022997.30 34803604782.03 25.35%
activities
Net cash outflow from
financing activities -8771823489.76 -7906139022.65 -10.95%
Net increase in cash and
cash equivalents -1270711892.87 496455923.81 -355.96%
Explanation of why any of the data above varies significantly on a year-on-year basis:
Cash inflows from investing activities increased by 69.65% year-on-year mainly due to the impact
of the increased recovery of structured deposits on a year-on-year basis.Cash outflows from investing activities increased by 74.56% year-on-year mainly due to the impact
48China Merchants Port Group Co. Ltd. Annual Report 2025
of the increased purchases of structured deposits on a year-on-year basis.Net cash inflow from investing activities decreased by 239.71% year-on-year mainly due to the
combined impact of changes in structured deposits.Net increase in cash and cash equivalents decreased by 355.96% year-on-year mainly due to the
combined impact of investing and financing cash flows.Explanation of why net cash inflow from operating activities varies significantly from net profit of
the Reporting Period:
□ Applicable √ Not applicable
V Analysis of Non-Core Businesses
Unit: RMB
As % of
Amount profit Source/Reason Recurrentbefore or not
income tax
Investment Share of the profit of joint
income 6421520127.75 61.89% ventures and associates mainly Yesfrom Shanghai Port
Gains or
losses from
changes in 42374127.06 0.41% - No
fair value
Asset
impairment -10072860.74 -0.10%
Mainly due to the provision for
asset impairment losses No
Non-
operating 83919649.43 0.81% - No
income
Non-
operating 57795398.52 0.56% - No
expenses
Other
income 172426753.42 1.66%
Mainly due to government
grants obtained No
Gains from
assets 7391759.06 0.07% - No
disposals
Credit Mainly due to the provision for
impairment -290616620.93 -2.80% credit impairment losses of No
losses receivables
VI Analysis of Assets and Liabilities
49China Merchants Port Group Co. Ltd. Annual Report 2025
1. Significant Changes in Asset Composition
Unit: RMB
31 December 2025 1 January 2025 Change Main reason
As % of As % in for any
Amount total Amount of total percenta significant
assets assets ge (%) change
Cash and
bank 15374846360.79 7.50% 16630400701.13 8.25% -0.75% -
balances
Accounts
receivable 1297166857.70 0.63% 1193408383.78 0.59% 0.04% -
Inventories 307216425.15 0.15% 269958020.34 0.13% 0.02% -
Investment
properties 3157951323.78 1.54% 3288690070.60 1.63% -0.09% -
Long-term
equity 103073100064.87 50.28% 100018029894.96 49.63% 0.65% -
investments
Fixed assets 30442884297.82 14.85% 30689217791.45 15.23% -0.38% -
Construction
in progress 3403583431.48 1.66% 3311109996.59 1.64% 0.02% -
Right-of-use
assets 8965304928.17 4.37% 8957352063.54 4.44% -0.07% -
Short-term
borrowings 19775820831.32 9.65% 12791242141.69 6.35% 3.30% -
Contract
liabilities 446822948.79 0.22% 267888272.62 0.13% 0.09% -
Long-term
borrowings 7439956123.50 3.63% 15582593255.65 7.73% -4.10% -
Lease
liabilities 1690860832.08 0.82% 1387206990.51 0.69% 0.13% -
Indicate whether overseas assets account for a high proportion of total assets.√ Applicable□ Not applicable
Mater
Ope Control
As % ial
of the impai
Asset Source Asset value Location ratio measures to Return
ns protect asset generated
Compa rment
safety ny’s riskequity (yes/
no)
50China Merchants Port Group Co. Ltd. Annual Report 2025
Appointing
director
supervisor
and senior
management
/According to
Port the political
inve economic and
Equity Acquired
stm legal
RMB154006.5 Hong ent environment RMB7443.assets via shareoffering 813 million Kong and of different
7899 82.86% No
oper countries and million
atio regions
ns establish a
targeted
internal
control
system and
early warning
system.Other
informati N/A
on
2. Assets and Liabilities at Fair Value
Unit: RMB
Impa
irme
nt
Gains or losses Cumulative allow
Item Beginning
from changes in
fair value in the fair-value
ance Purchased in the Sold in the
amount Reporting changes
made Other changes Ending amount
through equity in the
Reporting Period Reporting Period
Period Repo
rting
Perio
d
Financial
assets
Financial
assets
held for
trading
(exclusiv 5685135472.01 42129916.42 - - 50085000000.00 48233441022.68 - 7578824365.75
e of
derivative
financial
assets)
Other
non-
current 28524600.31 244210.64 - - - - - 28768810.95
financial
assets
51China Merchants Port Group Co. Ltd. Annual Report 2025
Investme
nts in
other
equity 139451887.05 - 2314478.10 - - - - 141766365.15
instrumen
ts
Subtotal
of
financial 5853111959.37 42374127.06 2314478.10 - 50085000000.00 48233441022.68 - 7749359541.85
assets
Receivabl
es under - - - - - - 114680738.25 114680738.25
financing
Total of
the above 5853111959.37 42374127.06 2314478.10 - 50085000000.00 48233441022.68 114680738.25 7864040280.10
Financial
liabilities - - - - - - - 0.00
Other changes:
Other changes in receivables under financing are primarily attributable to changes in receivables
under financing.Significant changes to the measurement attributes of the major assets in the Reporting Period:
□Yes √ No
3. Restricted Asset Rights as at the Period-End
The restricted cash and bank balances were RMB100488698.75 in total including security
deposits accrued interest that had not yet been received etc.The carrying value of fixed assets as collateral for bank loans was RMB1124374793.46.VII Investments Made
1. Total Investment Amount
Investment amount in 2025 Investment amount in 2024
(RMB) (RMB) Change (%)
2203383624.162547551911.17-13.51%
2. Major Equity Investments Made in the Reporting Period
□Applicable √ Not applicable
3. Major Non-Equity Investments Ongoing in the Reporting Period
□Applicable √ Not applicable
52China Merchants Port Group Co. Ltd. Annual Report 2025
4. Financial Investments
(1) Securities Investments
Unit: RMB
Acco
untin Gains or losses Accumulate Purchas FuVarie Name g
ty of Code of Initial meas Beginning from changes in d fair value
ed in
the Sold in the Gain/loss in Ending Accou
ndi
secur of
ng
security securi
investment
cost urem carrying amount
fair value in the changes
Reporting recorded in Reporti Reporting Period
the Reporting carrying nting
ity ty ent Period amount title
so
meth Period equity
ng urc
Period e
od
Invest
Dom R ments Sel
Fair
estic/ Petro in f-
value
overs 400032 chem 3500000.00 382200.00 - - - - - 382200.00 other fun
meth
eas ical equity de
od
stock A1 instru d
ments
Invest
Dom ments Sel
R Fair
estic/ in f-
Guan value
overs 400009 27500.00 17000.00 - - - - - 17000.00 other fun
g Jian meth
eas equity de
1 od
stock instru d
ments
Total 3527500.00 -- 399200.00 - - - - - 399200.00 -- --
(2) Investments in Derivative Financial Instruments
□Applicable √ Not applicable
VIII Sale of Major Assets and Equity Investments
1. Sale of Major Assets
□Applicable √ Not applicable
No such cases in the Reporting Period.
2. Sale of Major Equity Investments
□Applicable √ Not applicable
No such cases in the Reporting Period.IX Principal Subsidiaries and Joint Stock Companies
Principal subsidiaries and joint stock companies with an over 10% effect on the Company’s net
53China Merchants Port Group Co. Ltd. Annual Report 2025
profit:
Unit: RMB
Relati
onship
Name with Principalthe activity Registered capital Total assets Equity Operating income Operating profit Net profit
Comp
any
Business
Shanghai
Joint related to
Internation
stock port
al Port 23279960504.00 221735642992.73 155931607711.03 39611497351.53 17667666648.38 14953696046.09
compa container
(Group)
ny and
Co. Ltd.terminal
Port
China
business
Merchants
bonded
Port Subsi 48730938830.02
logistics 154006581310.59 108801023496.92 12441209669.47 7532000993.52 7443789947.75
Holdings diary (HKD)
and
Company
property
Limited
investment
Business
Ningbo related to
Joint
Zhoushan port
stock
Port integrated 19454388399.00 123419543000.00 90109033000.00 31020365000.00 7223540000.00 5667764000.00
compa
Company logistics
ny
Limited and trade
sales
Subsidiaries obtained or disposed of in the Reporting Period:
Subsidiary How subsidiary was obtained or Effects on overall operations anddisposed in the Reporting Period operating performance
China United Tally Co. Ltd. Business combination not
Shantou involving entities under common No significant impactcontrol
Shantou Zhongli Wailun Tally Co.Ltd. Deregistered No significant impact
Other information on principal subsidiaries and joint stock companies:
There is no other information related to the Company’s principal subsidiaries and joint stock
companies in the Reporting Period that is required to be disclosed.X Structured Entities Controlled by the Company
□Applicable √ Not applicable
XI Outlook for the Company’s Future Development
1. Industry Landscape and Trends
54China Merchants Port Group Co. Ltd. Annual Report 2025
In terms of international trade and economic environment the global economic landscape is
undergoing accelerated restructuring. Amid uncertainties such as geopolitical conflicts security
concerns and inflationary pressures global economic growth momentum has slowed. Against the
backdrop of supply chain reorganization international trade is exhibiting several notable trends:
cross-regional trade is partly giving way to regional trade; multilateral trade is partly giving way to
bilateral trade; facilitation-oriented trade is partly giving way to security-oriented trade; and cost-
performance-driven trade is partly giving way to green trade. Under these circumstances trade
flows investment decisions and the structure of global value chains are being rapidly reshaped with
developing economies facing both multiple risks and strategic opportunities.In terms of domestic economic and trade environment China’s economy remains supported by
solid fundamentals numerous advantages strong resilience and substantial potential. The long-term
positive outlook and underlying fundamentals remain unchanged while the advantages of a super-
large market a comprehensive industrial system and abundant talent resources continue to become
more prominent. China remains committed to placing the focus of economic development on the
real economy and promoting transformation toward intelligence green development and integration.It is seizing the historic opportunities arising from a new round of technological revolution and
industrial transformation comprehensively enhancing independent innovation capabilities striving
to occupy the commanding heights of technological development and accelerating the cultivation
and development of new quality productive forces. China will continue to expand domestic demand
using new demand to drive new supply and new supply to create new demand thereby promoting a
virtuous cycle between consumption and investment as well as between supply and demand and
continuously strengthening the endogenous momentum and reliability of the domestic economic
circulation. At the same time China will steadily advance institutional opening-up safeguard the
multilateral trading system expand the space for international economic circulation and promote
reform and development through a higher level of opening-up.In recent years profound changes unseen in a century have accelerated worldwide with significant
adjustments in the geopolitical landscape. Global industrial and supply chains are increasingly
evolving toward diversified deployment regional cooperation green transformation and digital
upgrading. As key hubs and critical nodes of international trade flows ports are assuming an
55China Merchants Port Group Co. Ltd. Annual Report 2025
increasingly prominent strategic role in the global trading system and integrated logistics networks.Global port operators are actively seizing emerging opportunities continuously enhancing port
service quality expanding the economic reach of their hinterlands and strengthening synergies with
other logistics participants to provide customers with more comprehensive and high-quality
logistics solutions. Competition among international ports in terms of shipping route resources
cargo organization and service capabilities is becoming increasingly intense bringing both new
opportunities and challenges to the port industry. Looking ahead the port industry is expected to
develop along the following trends:
(1) Globalization of Port Networks. Against the backdrop of deepening global economic integration
and increasingly internationalized competition in the port market port transformation and
upgrading have shifted from a sole focus on throughput and short-term economic returns to greater
emphasis on long-term value creation. Continuous advancement of global port deployment and the
development of integrated port service systems with stronger innovation capability and higher
value-added services will further enhance corporate competitiveness influence and driving power.
(2) Integrated Port Services. As the restructuring of global supply chains continues to deepen trends
such as friend-shoring regionalization and near-shoring across industrial chains are becoming more
pronounced accelerating the transformation of ports from traditional cargo-handling hubs into
integrated logistics service nodes. By systematically expanding high value-added extended services
around core port operations ports are exploring premium shipping routes multimodal transport
digital and intelligent technologies and green and low-carbon services based on port scenarios. This
enables ports to provide professional and customized logistics solutions and deliver more flexible
secure and efficient logistics services to customers.
(3) Digital and Intelligent Port Operations. The level of port digitalization now plays a greater role
in improving port productivity than upgrades to physical infrastructure. Breakthroughs and
innovations in artificial intelligence technologies will accelerate the industry’s transition from
“process digitalization” to “intelligent decision-making” continuously empowering core port
functions including production management services and ecosystem development and enabling
the delivery of smarter more efficient and more personalized services.
56China Merchants Port Group Co. Ltd. Annual Report 2025
(4) Green and Low-Carbon Development of Ports. The port industry is systematically advancing the
transition toward green and low-carbon development. This includes the wider application of clean
energy the construction and upgrading of environmental protection facilities and the development
of green industrial chains. Such initiatives not only align with national strategic objectives but also
make important contributions to global environmental protection and sustainable development.
2. Corporate Development Strategy
The Company is committed to becoming a “world-leading port service provider.” Standing at a new
stage of development it will fully and accurately implement the new development philosophy take
high-quality development as its core objective and accelerate technology leadership and
innovation-driven growth. Through scientifically planned global deployment and balanced
development the Company aims to provide first-class integrated port service solutions create
greater value for shareholders actively empower local economic and industrial development and
promote the sustainable development of the port industry.First the Overseas Strategy. The Company will accurately recognize and seize strategic
opportunities arising from the restructuring of shipping alliances and the evolution of logistics
corridors. Focusing on its core business while expanding internationally the Company will
prioritize deployment in major global hub ports gateway ports and regions with strong market
potential rapid economic growth and promising development prospects. It will actively capture
investment opportunities in ports logistics and related infrastructure further enhance its global port
network and strengthen its capability in international resource allocation and the resilience of its
global service network.Second the Lean Operations Strategy. Guided by the principles of refining resource allocation
strengthening resource efficiency and optimizing operational evaluation the Company aims to
enhance asset returns and gross margin levels. Focusing on lifecycle management of resources the
Company will strengthen demand analysis and dynamic assessment scientifically optimize the
allocation of resources and production factors and streamline production processes to
comprehensively improve resource utilization efficiency and operational quality thereby achieving
sustainable development. At the same time it will establish a comprehensive operational evaluation
57China Merchants Port Group Co. Ltd. Annual Report 2025
system based on quantitative indicators improve risk management mechanisms and coordinate the
implementation of strategic objectives providing sustained momentum for the Company’s high-
quality development.Third the Technology Innovation Strategy. The Company will proactively promote the upgrade oftraditional industries facilitating the realization of the overall strategic target of becoming a “world-leading port service provider”. The Company will seize the dual opportunities of “industrialdigitalization” and “digital industrialization” comprehensively promoting the deep integration of
digital and intelligent technologies with its core port business. This will empower the Company’s
production and operations market expansion operational management and capital operations
reshape new development models and enhance the scientific and refined nature of production
operations customer services operational management and decision-making thereby completing
industrial upgrading and the transformation of growth drivers.Fourth the Home Port Strategy. The Company will prioritize key initiatives and advance the high-
quality development of both domestic and overseas home ports in a coordinated manner. Centered
on the development of West Shenzhen Port Zone the Company will actively align with the
industrial and logistics demands of the Pearl River Basin optimize the collection and distribution
system guide cargo flows and innovate in providing efficient customized and highly competitive
end-to-end logistics solutions. These efforts will comprehensively enhance the aggregation effect
and regional influence of West Shenzhen Port Zone across the Pearl River Basin enabling
sustainable development. At the same time focusing on the development of the Sri Lanka home
port the Company will build a well-functioning and highly coordinated port and shipping
ecosystem service cluster significantly enhancing international shipping service capability and
regional influence while extending its reach across the South Asian subcontinent and surrounding
regions.Fifth the Green and Low-carbon Strategy. The Company will seize the opportunities presented by
the green transformation of industries thoroughly implement the concept of green development
and actively fulfil its social responsibilities. It will systematically optimize the port energy structure
improve modern green port management systems and mechanisms expand scenarios for green
58China Merchants Port Group Co. Ltd. Annual Report 2025
energy supply widely promote green investment principles and strive to build a new generation
benchmark for green and intelligent ports characterized by low energy consumption and low
emissions.Sixth the Talent Strategy. The Company will drawing on the Mangrove ecosystem stay focused
on the direction of “supporting corporate strategy and leading talent development” establish a talentdevelopment environment with “openness and inclusiveness dynamic balance synergy andsymbiosis and sustained prosperity” and create a “talent habitat” and “source of innovation”
possessing global competitiveness. These enable individuals with diverse expertise to find theirrightful place and realize their potential ultimately fostering a virtuous ecosystem of “sustainabletalent cultivation and vibrant innovation” thereby providing enduring impetus for the Company’s
strategy of becoming a world-leading port service provider.
3. 2026 Operation PlanIn 2026 the Company will accelerate strengthen and intensify the three-drivers model of “GlobalPresence” “Lean Management” and “Innovative Transformation” respectively and spares no
effort to further strengthen strategic confidence maintain strategic focus and tackle key challenges
to achieve breakthroughs in deepening reforms. The Company continues to exert efforts in
innovation-driven development and implement precise measures in high-quality development to
coordinately promote various tasks including expanding space stabilizing growth adjusting
structure improving driving forces and consolidating foundations so as to lay a solid foundation
for a good start of the “15th Five-Year” Plan. The tactics of “Five Insistences” will be firmly
implemented.
(1) Insistence on Long-termism to Explore Room for Development
The Company will strengthen its strategic leadership and control capabilities and firm up its global
deployment to align with the overall national development and comprehensively enhance its
sustainable development capabilities. Firstly it will systematically promote the construction of the
strategic management system fully implement the “15th Five-Year” strategic plan formulate
strategic management regulations and define the corporate strategic positioning development
objectives and key initiatives through a clear hierarchical classification. Secondly the Company
59China Merchants Port Group Co. Ltd. Annual Report 2025
will deepen the overseas strategic presence accelerate the pace of internationalization and proceed
with the closing of the Vast project in Brazil in an orderly manner.
(2) Insistence on the Main Responsibility and Core Business to Improve the Quality of
Development
The Company will focus on its core business of ports optimize and strengthen the controlled
terminals promote the high-quality development through quality and efficiency enhancement and
steadily extend the comprehensive port service chain to build an integrated port ecosystem. Firstly
the Company will undertake the integration of container business resources and the optimization of
deployment in the West Shenzhen Port Zone and push forward the construction of the Dachan Bay
Phase II project in an orderly manner. Secondly the strategic synergy of CICT and HIPG in Sri
Lanka will be deepened to enhance regional synergy levels and customer service capabilities and
actively expand the market. Meanwhile TCP in Brazil will keeping on upgrading its cargo handling
capacity to consolidate competitive advantages and maintain market share. Thirdly the Company
will improve the quality and capacity of the bonded logistics business strengthening the
collaboration with port operators so as to increase the value creation capabilities.
(3) Insistence on Lean Management to Drive Endogenous Growth
The Company will continue to deepen lean management at a high standard strengthen synergies
and cooperation at a high grade and promote ESG construction at a high level so as to add impetus
to its endogenous growth. Firstly the Company will strengthen penetrating control and
comprehensively enhance the capabilities of its operational management asset management
financial control engineering construction management and commercial marketing coordination.Secondly the Company will deepen the collaboration with business partners expand the depth and
breadth of cooperation intensify the efforts to market development and precision marketing deepen
the strategic cooperation with key shipping company customers and enhance market share and
service stickiness. Thirdly the Company will continue to optimize the ESG management system
implement the ESG information disclosure at a high-quality manner strengthen the sustainable
development and brand building and enhance the Company’s social image and brand influence.
(4) Insistence on Reform and Innovation to Create Growth Advantages
60China Merchants Port Group Co. Ltd. Annual Report 2025
The Company will adhere to reform-led and innovation-driven development continue to optimize
mechanisms and systems and accelerate the promotion of synergy between technological
innovation and green and lowcarbon transformation. Firstly the Company will deepen and expand
the benchmark achievements of the “Double Hundred Action” reform initiative and refine a number
of replicable and scalable best practices. Secondly the Company will continuously enhance
corporate governance standards and promote the establishment of boards of directors of the
Company and its subsidiaries. Thirdly the Company will promote the application of artificial
intelligence technology across the entire system facilitate the deepening and concrete
implementation of digital and intelligent transformation accelerate the construction of a new
generation of fully automated terminal solutions and promote the evolution towards production
intelligence and unmanned operations. Fourthly the Company will systematically undertake the
transformation of green and low-carbon development strengthen the green energy supply capacity
promote the construction of photovoltaic power generation optimize the configuration of clean
energy and accelerate the process of equipment electrification so as to build a low-carbon and
efficient green port ecosystem.
(5) Insistence on Foundation Reinforcement to Consolidate the Basis for Development
The Company will uphold Party leadership and closely align with the overall agenda of corporate
reform and development deepen the integration of Party building with business operations enhance
the value of the “Tongxin Tonglian” brand and support the Company’s high-quality development.The Company focuses on the effective implementation of its talent strategy and systematically
promotes the construction of the “Mangrove” talent ecosystem centering on the development of
four core talent teams in business management overseas operations practical skills and scientific
and technological innovation so as to consolidate the talent foundation for the corporate’s
sustainable development. Embracing the “Efficiency Enhancement Year” mission of its three-year
campaign to tackle the root causes of production safety the Company anchors its efforts on
proactive risk prevention and control as well as achieving zero hidden dangers through closed-loop
management. It deepens the specialized investigation and rectification of major accident hazards
intensifies the full-chain “single issue” rectification in key industries continuously strengthens
61China Merchants Port Group Co. Ltd. Annual Report 2025
resilience in major safety risk prevention and control and elevates intrinsic safety levels so as to
reinforce the safety foundation for high-quality development.
4. Potential Risks and Countermeasures
(1) Risk of Macroeconomic Fluctuations
Global economic growth momentum remains relatively weak. Factors such as geopolitical conflicts
changes in the international trade environment and the restructuring of global supply chains
continue to introduce uncertainty into global trade and port operations. Unexpected events
including the Red Sea crisis have further highlighted challenges related to supply chain stability
driving adjustments in global shipping routes and cargo flows. This may result in regional
fluctuations in port throughput and pose potential impacts on the Company’s business development.The Company adheres to top-level strategic planning with a global perspective and actively
responds to changes in the external environment. First it will continue to monitor macroeconomic
and geopolitical developments promote the transformation and upgrading of port operations and
the optimization of its global network and adjust business strategies in a timely manner to enhance
development resilience. Second the Company will improve internal coordination mechanisms and
expand its service chain and the reach of its economic hinterland. Third it will strengthen core
technology research and development leveraging innovation to improve operational efficiency and
service capability while systematically mitigating external risks.
(2) Policy Change Risk
Globally the continued evolution of trade policies and environmental regulations as well as
increasingly stringent regulations in areas such as industrial support and carbon emission reduction
in various countries may bring structural impacts on port investment footprint and business models
while increasing compliance costs. At the same time domestic policies promoting high-quality
development and encouraging cost reduction and efficiency improvement across the industry have
also placed higher demands on the operational efficiency and service capabilities of port enterprises.To effectively address the challenges arising from policy changes the Company has established a
multi-level and forward-looking response framework. First it will strengthen risk assessment and
62China Merchants Port Group Co. Ltd. Annual Report 2025
build a comprehensive macro-policy analysis system to dynamically adjust investment and
operational planning. Second the Company will optimize its global footprint and investment
portfolio to diversify the impact of policy-related risks. Third it will enhance ESG management and
improve corporate governance standards to strengthen sustainable development capabilities and
maintain compliant operations amid changes in the global policy environment. Fourth the
Company will strengthen project governance to ensure compliance with investment approval
procedures establish internal control and compliance processes covering all business activities and
enhance oversight in key overseas compliance areas. Fifth the Company will improve risk hedging
mechanisms by utilizing tools such as commercial political risk insurance to enhance risk mitigation
capacity.
(3) Operational and Management Risk
As the Company continues to expand its global network differences in business environments and
cultural contexts across countries and regions may present challenges for cross-regional
coordination operational efficiency improvement and the realization of investment returns.Meanwhile the restructuring of global supply chains and market fluctuations require port
operations to possess stronger resource integration capabilities and faster response speeds thereby
increasing management complexity.To address the management challenges associated with global operations the Company will
continue to enhance its systematic management capabilities. First it will deepen management
coordination and resource integration across its global terminal network improving overall
efficiency and service quality through standardized and lean operations. Second the Company will
strengthen full-lifecycle management of investment projects optimize its asset portfolio and
enhance post-investment evaluation and value improvement mechanisms. Third it will continue to
advance the digital and intelligent transformation of management leveraging data platforms and
intelligent systems to improve operational analysis and decision-support capabilities. Fourth the
Company will further refine a comprehensive risk management framework commensurate with the
scale of its operations strengthening internal control mechanisms in areas such as finance
operations and cross-cultural management to ensure sustained and healthy business development.
63China Merchants Port Group Co. Ltd. Annual Report 2025
XII Communications with the Investment Community such as Researches Inquiries and
Interviews
Way of Type of Main topicscommu of discussion Index to basicDate Place communi nicatio Object of communication and materials information ofcation n party provided researches
Changjiang Securities China
Merchants Securities Huatai
Securities Shenwan
Hongyuan Securities
Tianfeng Securities Cinda
Securities CICC Fund
Boyuan Fund Tongtai Fund
China Tianhong Asset Management Investor
3 April 2025 Merchant Conferen Instituti
BOCOM Schroders Relations
s Port ce call on FountainCap Tibet Activity Log
Building Eastmoney Fund BOSC Sheet (No.:Asset Golden Trust Sinopac 2025-01)
Fund JTAsset Management
Yuancheng Investment
Duohemei Investment Beiyin
Fund Guoxin Investment
Orient Securities Proprietary
Sun Life Everbright and
Greatwall Wealth Main
discussions:
the basic
China Online Instituti Investor
Merchant communi
condition of
on+ Relations
7 April 2025 s Port cation on All investors
operations Activity Log
network Individ investmentsBuilding Sheet (No.:platform ual made and the 2025-02)
financial
Hua Chuang Securities Cinda condition of
Securities Shenwan the Company;
Hongyuan Securities Guotai Materials
Haitong Securities Founder provided:
Securities China Merchants None
Shenzhe Securities Industrial
n Stock Securities Changjiang
Investor
23 April 2025 Exchang Other Instituti Securities Huatai Securities
Relations
e Listing on CITIC Securities Pacific
Activity Log
Hall Securities Securities Times
Sheet (No.:
Shanghai Securities News 2025-03)
China Securities Journal
China Water Transport News
Southern Daily Shenzhen
Economic Daily and
Shenzhen Special Zone Daily
Changjiang Securities China
China Merchants Securities InvestorZheshang Securities CITIC Relations
1 September 2025 Merchant Conferen Institutis Port ce call on Securities Cinda Securities Activity Log
Building Tianfeng Securities Shenwan Sheet (No.:Hongyuan Securities Huatai 2025-04)
Securities Huachuang
64China Merchants Port Group Co. Ltd. Annual Report 2025
Securities Golden Sun
Securities Guotai Junan
Securities Orient Securities
Proprietary Trading
Eastmoney Fund Hazel
Investment Leying
Investment Taikang Asset
Management (Hong Kong)
Generali China Asset
Management
China Online Instituti Investor
Merchant communi on+ Relations5 September 2025 s Port cation on All investors Activity Lognetwork IndividBuilding Sheet (No.:platform ual 2025-05)
China Online Instituti Investor
Merchant communi on+ Relations20 November 2025 s Port cation on All investors Activity LogIndivid
Building network Sheet (No.:platform ual 2025-06)
PICCAsset Management
Penghua Fund First Seafront
Visione Pinpoint Asset
Management Fullgoal Fund
Zheshang Fund Broad Asset
Management CCB Pension
China Ping An Insurance JPMorgan Investor
26 November 2025 Merchant
One-on-
one Instituti Chase CMBWealth
Relations
s Port meeting on Management Zheshang
Activity Log
Building Securities Guosen Securities Sheet (No.:
Huachuang Securities CITIC 2025-07)
Securities Changjiang
Securities China Merchants
Securities Huatai Securities
Cinda Securities Huafu
Securities
By
phone or
China written
1 January 2025 to Merchant inquiry(https://ir Individ31 December 2025 s Port ual Individual investors /
Building m.cninfo.com.cn/i
rcs/index
or email)
XIII Implementation of the Market Value Management System and Valuation Enhancement
Plan
Indicate whether the Company has a market value management system.√ Yes□ No
65China Merchants Port Group Co. Ltd. Annual Report 2025
Indicate whether the Company has disclosed a valuation enhancement plan.√ Yes□ No
To effectively promote the enhancement of the listed company's investment value increase investor
returns and protect the legitimate rights and interests of the Company investors and other
stakeholders the Company actively responds to and implements regulatory requirements. Based on
the Company’s specific situation a valuation enhancement plan has been developed. The Company
will focus on improving the quality of the listed company enhancing operational efficiency and
profitability and legally and compliantly using methods such as share repurchases and cash
dividends to promote the increase of the Company’s investment value.In accordance with relevant provisions such as the Company Law of the People's Republic of China
the Securities Law of the People's Republic of China the Several Opinions of the State Council on
Strengthening Supervision Preventing Risks and Promoting the High-Quality Development of the
Capital Market the Administrative Measures for Information Disclosure of Listed Companies the
Guidance No. 10 on Market Value Management for Listed Companies the Articles of Association
etc. the Company held the First Extraordinary Meeting of the 11th Board of Directors in 2025 on
27 February 2025 and passed the proposal on the Valuation Enhancement Plan. For specific details
please refer to the Valuation Enhancement Plan disclosed on www.cninfo.com.cn on 28 February
2025 (Announcement No.: 2025-007). On 1 April 2026 the Company held the Sixth Meeting of the
11th Board of Directors and passed the proposal on the Assessment Report on the Implementation
of the 2025 Valuation Enhancement Plan. For specific details please refer to the Assessment Report
on the Implementation of the 2025 Valuation Enhancement Plan disclosed on www.cninfo.com.cn
on 3 April 2026 (Announcement No.: 2026-017).XIV Implementation of the Action Plan for "Dual Enhancement of Development Quality and
Investor Returns"Indicate whether the Company has disclosed its Action Plan for “Dual Enhancement ofDevelopment Quality and Investor Returns”.
66China Merchants Port Group Co. Ltd. Annual Report 2025
√ Yes□ No
In order to implement the requirements of the State Council’s Opinions on Strengthening
Supervision and Preventing Risks and Promoting High-Quality Development of the Capital Market
and Opinions on Further Improving the Quality of Listed Companies the Company has formulated
the Action Plan for “Dual Enhancement of Development Quality and Investor Returns” with a view
to continuously improving the quality of the Company enhancing the returns to investors ensuring
that relevant stakeholders share the fruits of the Company’s development and achieving sustainable
development. For details please refer to the Announcement on the Initiation of the Action Plan for
“Dual Enhancement of Development Quality and Investor Returns” (Announcement No.: 2024-068)
disclosed on www.cninfo.com.cn. During the Reporting Period the Company operated in a stable
manner adhered to standardized operations and ensured proper information disclosure insider
information management and investor relations management. It deepened communication with
investors engaging with a total of 572 investors throughout the year. The Company established a
good corporate image and maintained a stable dividend policy while deeply implementing ESG
principles. The Action Plan for “Dual Enhancement of Development Quality and Investor Returns”
has been effectively implemented.
67China Merchants Port Group Co. Ltd. Annual Report 2025
Part IV Environmental Social and Governance Information
I General Information of Corporate Governance
Ever since its establishment the Company has been in strict compliance with the Company Law
and Securities Law as well as relevant laws and regulations issued by CSRC. And it has timely
formulated and amended its relevant management rules according to the Code of Corporate
Governance for Listed Companies which are conscientiously and carefully executed. An effective
system of internal control has thus taken shape in the Company. Details about corporate governance
are set out as below:
1. Establishment of systems: During the Reporting Period up to the date of this Report in
accordance with the applicable laws and regulations of the China Securities Regulatory
Commission and the Shenzhen Stock Exchange the Company has revised 33 rules and established
five new rules. Corporate governance mechanisms and rules that the Company has already
established are as follows: Articles of Association of the Company Rules of Procedure for
Shareholders’ Meetings Rules of Procedure for the Board of Directors Working Articles of Audit
Committee of the Board of Directors Working Rules of Annual Report for Audit Committee of the
Board of Directors Working Articles for Nomination Remuneration and Appraisal Committee of
the Board of Directors; Working Articles of Strategy and Sustainability Committee of the Board of
Directors Working System for Independent Directors Working Rules of Annual Report for
Independent Directors Working Articles of Chief Executive Officer Working Articles of Board
Secretary Management System for Company Shares held by Directors and Senior Management and
Their Changes Management Rules on Information Disclosure Management System on Inside
Information and Insiders Rules of Accountability for Significant Mistakes in Annual Report
Information Disclosure Information Disclosure Management Rules for the Inter-bank Debt
Financing Instrument Management System of Related-party Transactions Management System of
Fund-raising Management System of Outward Investment Management System of Securities
Investments Specific System for Engaging Accountants Management System on Person in Charge
of Finance and CFO Management Method of Financial Tools Management System of External
Guarantees Management System of Subsidiaries Internal Audit System Management Method of
68China Merchants Port Group Co. Ltd. Annual Report 2025
Donations Management System of Investors’ Relations Rules of Procedures for Office Meeting
Management System on the Authorization of the Board of Directors Performance Appraisal
Methods for Managers Management Methods of Total Wages Management Methods for the
Remunerations of Managers Management Methods for Professional Managers Methods for
Tenure-Based and Contractual Management Liabilities Management System Management
Methods for Supporting Independent Directors in Performing Their Duties Board Resolution
Tracking Implementation and Post-Implementation Evaluation System Market Value Management
System Management System for the Departure of Directors and Senior Management Management
System for the Deferral and Exemption of Information Disclosure Risk Management and Internal
Control Management System Management Methods for Board Meeting Proposals etc. There isn’t
difference between the actual circumstances of the Company and all established systems
demonstrating sound and effective systems.
2. Shareholders and shareholders’ meeting: the Company ensures that all the shareholders
especially minority shareholders are equal and could enjoy their full rights. The Company called
and held shareholders’ meetings strictly in compliance with the Rules for Shareholders’Meeting.
3. Relationship between the controlling shareholder and the Company: controlling shareholder of
the Company acted in line with rules during the Reporting Period did not intervened the decisions
productions or operations of the Company directly or indirectly in exceeding the authority of the
shareholders’ meeting and did not occupy any funds of the Company.
4. Directors and the Board of Directors: the Company elected directors in strict accordance with the
Articles of Association. Number and composition of members of the Board were in compliance
with relevant laws and regulations. During the Reporting Period the Board of Directors
implemented six powers including rights to make decisions on medium- and long-term
development select and engage Management members evaluate performance of Management
members manage the remuneration of Management members manage the distribution of
employees and manage major financial affairs in accordance with the Implementation of the
Functions and Powers of the Board of Directors strengthening the ability of the Board of Directors
to exercise their rights and fulfil their responsibilities. All directors of the Company fulfilled their
69China Merchants Port Group Co. Ltd. Annual Report 2025
responsibilities loyally and diligently actively attending Board meetings and the shareholders’
meetings expressing views and discussing on proposals submitted to and deliberated by the Board
during the Reporting Period. Proposals deliberated by the Board were all agreed. The Board of
Directors of the Company has set up the Audit Committee the Nomination Remuneration and
Appraisal Committee and the Strategy and Sustainability Committee. During the Reporting Period
each committee gave full play to its professional functions researched each professional affairs
offered views and advice assisted the Board in carrying out works and actively came up with ideas
providing strong guarantee for the scientific and efficient decision-making of the Board.
5. Stakeholders: the Company fully respected and safeguarded the legal rights and interests of the
banks and other creditors staff clients and other stakeholders so as to develop the Company in a
consistent and healthy way.
6. Information disclosure and transparency: As the primary responsible entity for information
disclosure the Board of Directors of the Company is responsible for managing the information
disclosure matters of the Company. Chairman of the Board assumes a central role in managing the
information disclosure matters of the Company while the Board Secretary is responsible for
organizing and coordinating such matters. The Board Secretary of the Company is responsible for
the management of investor relationships. Unless expressly authorized and trained other directors
senior management members and staff members of the Company should avoid speaking on behalf
of the Company in investor relationship activities. The Company disclosed relevant information in a
true accurate complete and timely way in strict accordance with the requirements of laws
regulations and the Articles of Association formulated the Management Rules on Information
Disclosure the Management System on Inside Information and Insiders and the Rules on the
Management of Investors Relations and designated Securities Times China Securities Journal
Shanghai Securities News and http://www.cninfo.com.cn as its newspaper and website for
information disclosure so as to ensure all shareholders have equal opportunity to obtain the
information.Since the foundation the Company was consistently in strict accordance with Company Law and
relevant laws and regulations to make a standard operation continued business-running in line with
70China Merchants Port Group Co. Ltd. Annual Report 2025
relevant requirements of Corporate Governance Principle for Listed Companies and earnestly made
effort to protect profit and interests of shareholders and stakeholders.Indicate by tick market whether there is any material incompliance with the laws administrative
regulations and regulations issued by the CSRC governing the governance of listed companies.□Yes √ No
No such cases in the Reporting Period.II The Company’s Independence from Its Controlling Shareholder and Actual Controller in
Asset Personnel Financial Affairs Organization and Business
The Company is absolutely independent in business personnel assets finance and organization
from its controlling shareholder and actual controller. Details are set out as follows.Separation in business: The Company has its own assets personnel qualifications and ability to
carry out operating activities and is able to operate independently in the market. Separation in
personnel: The Company has basically separated its staff from its controlling shareholder. No senior
management staff of the Company holds positions at controlling shareholder of the Company.Separation in assets: The Company possesses its own self-governed assets and domicile. Separation
in organization: The Company has established and improved the corporate governance structure
according to law and has an independent and complete organizational structure. Separation in
finance: The Company has set up its own financial department as well as normative accounting
system and the financial management system on its subsidiaries. The Company has its own bank
accounts and does not share the same bank account with its controlling shareholder. The Company
has been paying tax in accordance with the laws and regulations on its own behalf.III Horizontal Competition
□Applicable √ Not applicable
IV Directors and Senior Management
1. General Information
71China Merchants Port Group Co. Ltd. Annual Report 2025
Incre Decre Othase in
Beginnin the ase in
er
the incrIncum g Repo eas EndingGende Report shareho Reason forName r Age Office title bent/F Start of tenure End of tenure sharehol rting ing e/de lding shareormer ding Perio Period crea(share) d se (share)
change
(shar (share
e) )
(sha
re)
Feng Male 56 Chairman of the IncumBoming Board bent July 2023 May 2026 0 0 0 0 0 None
Xu Song Male 54 Vice Chairman of the IncumBoard and CEO bent July 2023 May 2026 22200 0 0 0 22200 None
Yan Male 53 Vice Chairman of the IncumGang Board bent May 2022 May 2026 0 0 0 0 0 None
Director Chief
Lu Male 56 Operation Officer IncumYongxin and General bent July 2023 May 2026 0 0 0 0 0 None
Manager
Li
Zhangli Male 59 Director Incumbent January 2024 May 2026 0 0 0 0 0 Nonen
Li Qing Male 56 Director Incumbent January 2024 May 2026 0 0 0 0 0 None
Wu
Changpa Male 56 Director Incumbent December 2022 May 2026 0 0 0 0 0 Nonen
Lyu Male 49 Director IncumYiqiang bent December 2022 May 2026 0 0 0 0 0 None
Gao
Ping Male 70 Independent director
Incum
bent May 2020 May 2026 0 0 0 0 0 None
Li Qi Femal Incume 55 Independent director bent May 2020 May 2026 0 0 0 0 0 None
Zheng
Yongkua Male 48 Independent director Incumbent May 2021 May 2026 0 0 0 0 0 Nonen
Chai Incum
Yueting Male 62 Independent director bent December 2022 May 2026 0 0 0 0 0 None
Huang
Zhenzho Male 48 Chief Financial Incum MayOfficer bent October 2024 2026? ? ? 0 0 0 0 0 Noneu
Zhu Male 57 Deputy General IncumWeida Manager bent April 2023
May
2026? ? ? 0 0 0 0 0 None
Li
Wenbo Male 46
Deputy General Incum May
Manager bent August 2023 2026? ? ? 0 0 0 0 0 None
Qi Yue Male 54 Deputy General IncumManager bent August 2025
May
2026? ? ? 0 0 0 0 0 None
Hu Male 48 Deputy General Incum MayShaode Manager bent August 2025 2026? ? ? 0 0 0 0 0 None
Former General
Counsel
Former August 2020? December
Liu Male (Chief Compliance 2025? ? ? None
Libing Male 52 Officer) 0 0 0 0 0 None
Board Secretary Incum May Maybent 2024? ? ? 2026? ? ?
Li General Counsel
Xiaofen Male 43 Incum December May(Chief Compliance
g bent 2025? ? ? 2026? ? ?
0 0 0 0 0 None
Officer)
72China Merchants Port Group Co. Ltd. Annual Report 2025
Liu
Bin Male 57
Former Deputy September August
General Manager Former 2022? ? ? 2025? ? ? 0 0 0 0 0 None
Total -- -- -- -- -- -- 22200 0 0 0 22200 --
Indicate by tick mark whether any directors or senior management departed their jobs during the
Reporting Period
√ Yes□ No
During the Reporting Period senior management of the Company departed their jobs mainly for job
change. For more details please see the table below.Change of Directors and Senior Management
Name Office title Type ofchange Date of change Reason for change
Liu Bin Deputy General Manager Dismissed 8 August 2025 Job change
Qi Yue Deputy General Manager Appointed 11 August 2025 Appointed
Hu Shaode Deputy General Manager Appointed 11 August 2025 Appointed
Liu Libing General Counsel Dismisse(Chief Compliance Officer) d 30 December 2025 Job change
Li Xiaofeng General Counsel Appointe(Chief Compliance Officer) d 30 December 2025 Appointed
2. Biographical Information
Professional backgrounds major work experience and current duties in the Company of the
incumbent directors and senior management:
Feng Boming Chairman of the Board graduated from the University of Hong Kong with a
master’s degree in business administration. He is currently Chairman of the Board Convenor of the
Strategy and Sustainability Committee a member of the Nomination Remuneration and Appraisal
Committee of the Company Deputy General Manager of China Merchants Group Limited
Chairman of Liaoning Port Group Co. Ltd. Chairman of the Board a non-executive director and
Chairman of the ESG Committee of China Merchants Port Holdings Company Limited Chairman
and a member of the Strategy and Sustainability Committee of China Merchants Energy Shipping
Co. Ltd. Chairman of Sinotrans Limited and Chairman of China Changjiang Shipping Group Co.Ltd. He served as General Manager of COSCO Shipping Lines (Wuhan) Co. Ltd./COSCO
Logistics (Wuhan) Co. Ltd. Director of the Strategic Management Implementation Office of China
73China Merchants Port Group Co. Ltd. Annual Report 2025
COSCO Shipping (Group) Company General Manager of the Strategic and Enterprise Management
Department of COSCO Shipping Corporation Limited executive director and Chairman of the
Board of Directors of COSCO Shipping Ports Ltd. executive director of COSCO Shipping
Holdings Co. Ltd. and Oriental Overseas (International) Limited non-executive director of
COSCO Shipping Energy Transportation Co. Ltd. Qingdao Port International Co. Ltd. and
Piraeus Port Authority S.A. as well as director of Hainan Harbor & Shipping Holding Co. Ltd. and
COSCO Shipping Bulk Co. Ltd. Chairman and non-executive director of Sinotrans Limited. Mr.Feng has been the Chairman of the Board of the Company since July 2023.Xu Song Vice Chairman of the Board and CEO a Senior Economist holds a bachelor's degree
in Material Management of the Huazhong University of Science and Technology Master of
Business Administration (MBA) of the Dongbei University of Finance & Economics Master of
International Business (MIB) of the Coventry University and Ph.D. in Transportation Planning and
Management of the Dalian Maritime University. Currently he serves as the Vice Chairman of the
Board CEO and a member of the Strategy and Sustainability Committee of the Company the Vice
Chairman CEO a member of the Nomination Committee and the ESG Committee of China
Merchants Port Holdings Company Limited and the Vice Chairman of the Board and a member of
the Strategy Committee of Shanghai International Port (Group) Co. Ltd. He used to work as
Deputy General Manager at Dalian Port Container Co. Ltd.; Deputy General Manager and General
Manager at Dalian Port Jifa Logistics Co. Ltd.; General Manager at Dalian Port Container Co. Ltd.;
General Manager at Dalian Port Northern Huanghai Sea Port Cooperative Management Company;
General Manager at Dalian Port (PDA) Company Limited; Deputy General Manager director and
General Manager of Dalian Port; Deputy General Manager of Liaoning Port Group Co. Ltd.;
Deputy General Manager General Manager and COO of the Company; Director of Liaoning Port
Co. Ltd. He has been Director of the Company since September 2022 Vice Chairman of the Board
and CEO of the Company since July 2023.Yan Gang Vice Chairman of the Board graduated from Xiamen University with a bachelor’s in
international trade and completed an MBA program co-created by the Maastricht School of
Management (Maastricht the Netherlands) and Shanghai Maritime University. He now serves as
Vice Chairman of the Board and a member of the Strategy and Sustainability Committee of the
74China Merchants Port Group Co. Ltd. Annual Report 2025
Company non-executive director of China Merchants Port Holdings Company Limited member of
Commercial (Third) Functional Constituency of the Legislative Council of the Hong Kong Special
Administrative Region of the People’s Republic of China Chairman of Panel on Economic
Development of the Legislative Council of the Hong Kong Special Administrative Region of the
People’s Republic of China member of the Maritime and Port Development Committee of Hong
Kong Maritime and Port Board Director of the Hong Kong Chinese Enterprises Association
Director of the Chinese General Chamber of Commerce Hong Kong and a member of the Board of
Trustees of Hong Kong Chu Hai College. He served as the senior logistic manager in Neptune
Orient Lines Limited and Hong Kong Swire Group Chief Commercial Supervisor Deputy General
Manager Executive Deputy General Manager and General Manager of Shekou Container
Terminals Limited Deputy General Manager Chief Commercial Officer and Managing Director of
China Merchants Port Holdings Company Limited Chief Representative of the Representative
Office of China Merchants Group Limited in the Baltic Sea General Manager of Great Stone
Industrial Park Deputy General Manager Chief Operating Officer and General Manager of China
Merchants Port Group Co. Ltd. and the member of the Pilotage Advisory Committee of Marine
Department of the Government of the Hong Kong Special Administrative Region and the Logistic
Service Advisory Committee of Hong Kong Trade Development Council. He has served as a
Director of the Company since April 2022 and Vice Chairman of the Board of the Company since
May 2022.Lu Yongxin Director COO and General Manager graduated from Dalian University of
Technology and obtained bachelor’s degree in English for science and technology. Later he
graduated from Curtin University and obtained master’s degree in project management. He now
serves as Director COO General Manager and a member of the Strategy and Sustainability
Committee of the Company as well as Executive Director and Managing Director of China
Merchants Port Holdings Company Limited. He has successively held the posts of Assistant
General Manager of Zhenhua Construction Co. Ltd. Deputy Director of General Manager’s Office
of China Harbour Engineering Company Limited (Presiding) Deputy General Manager of Research
& Development Department of China Merchants Port Holdings Company Limited General
Manager of Overseas Business Department Assistant General Manager and Deputy General
75China Merchants Port Group Co. Ltd. Annual Report 2025
Manager of the company Deputy General Manager of the Company. He has been dispatched to
Terminal Link in France to act as CFO and Senior Vice President. He has been as the Director COO
and General Manager of the Company since July 2023.Li Zhanglin Director and senior economist graduated from the School of Statistics of Renmin
University of China with a master’s degree in economics. He is currently a director of and a
member of the Strategy and Sustainability Committee of the Company and a full-time external
director sent by China Merchants Group Corporation Limited. He served as Assistant General
Manager of the Enterprise Planning Department Deputy Director of the Comprehensive
Transportation Department/Overseas Business Department and Deputy Director of the
Transportation and Logistics Department of China Merchants Group Corporation Limited and
Deputy General Manager of Sinotrans Limited and worked at the Planning Department of the
Ministry of Transportation and the Securities Management Department of China Merchants
Expressway Network & Technology Holdings Co. Ltd.. Mr. Li has been Chairman of the Board of
Directors of the Company since January 2024.Li Qing Director graduated from Sichuan Normal College majoring in Political Economy with a
bachelor’s degree in Philosophy. He is currently a director and a member of the Strategy and
Sustainability Committee of the Company a full-time external director sent by China Merchants
Group Corporation Limited and a supervisor of China Merchants Hainan Development &
Investment Co. Ltd. He served as Assistant General Manager of the Business Development
Department of China Merchants Group Corporation Limited and Deputy Director of Major Project
Office and Director of Qianhai Office Assistant Director of Capital Operation Department of China
Merchants Group Corporation Limited and Deputy Director of Major Office and Director of
Qianhai Office Assistant Director and Deputy Director of Regional Development Department of
China Merchants Group Corporation Limited and Assistant Director and Deputy Director of
Qianhai Shekou FTZ Office as well as Deputy Director of Industrial Development
Department/Business Collaboration Department of China Merchants Group Corporation Limited.Mr. Li has been Chairman of the Board of Directors of the Company since January 2024.Wu Changpan Director graduated from the Power Plant and Power System major of Hangzhou
76China Merchants Port Group Co. Ltd. Annual Report 2025
Electric Power College and Human Resource major of Central China Normal University. He now
serves as a Director of the Company and a Deputy General Manager of Ningbo Zhoushan Port
Company Limited. Mr. Wu has served as Deputy Director and Director of Comprehensive Office of
Zhejiang Electric Power Construction Company Deputy Director and Director of Comprehensive
Office of Zhejiang Electric Power Construction Co. Ltd. Deputy Director and Director of
Investment and Development Department of Ningbo Zhoushan Port Group Co. Ltd. He has served
as a Director of the Company since December 2022.Lyu Yiqiang Director graduated from the Management School of Wuhan University of
Transportation and Technology with bachelor’s degree in management engineering and the School
of Economics & Management in Shanghai Maritime University with master’s degree in business
administration. He now serves as a Director of the Company and the Director of Production Safety
Department in Zhejiang Provincial Seaport Investment & Operation Co. Ltd. and Ningbo Zhoushan
Port Group Co. Ltd. Mr. Lyu has served in the warehouse yard team and as a staff member of
Material Division of Beilun Container Company of Ningbo Port Authority a Market Director of
Commerce Department and Duty Manager of Operations Department of Ningbo Beilun
International Container Terminals Deputy Head and then Head of Container Division of Business
Department of Ningbo Port Company Limited General Manager of Ningbo Xinggang International
Shipping Agency Co. Ltd. Deputy General Manager of Zhejiang Yiwu Port Co. Ltd. and General
Manager of Suzhou Modern Terminals Co. Ltd. He has served as a Director of the Company since
December 2022.Gao Ping Independent Director obtained Executive Master of Business Administration from the
University of International Business and Economics (UIBE). He is also a senior engineer and senior
political worker. Currently he serves as an Independent Director and the Convenor of the
Nomination Remuneration and Appraisal Committee in the Company. His former titles included
first mate Management Section Chief and HR Manager at Shanghai Ocean Shipping Co. Ltd. HR
General Manager at COSCO Container Lines Co. Ltd. General Manager at the Crew Department
of COSCO (H.K.) Shipping Co. Ltd. Deputy General Manager at COSCO (H.K.) Shipping Co.Ltd. Deputy General Manager at Shenzhen Ocean Shipping Co. Ltd. under COSCO (H.K.)
Shipping Co. Ltd. General Manager at the Organization Department/HR Department of China
77China Merchants Port Group Co. Ltd. Annual Report 2025
COSCO SHIPPING Corporation Limited (COSCO SHIPPING Group) Deputy General Manager at
COSCO Shipping Lines Co. Ltd. member of 11th and 12th Shanghai Committees of the Chinese
People's Political Consultative Conference (CPPCC) and Deputy Director of the Committee for
Economic Affairs of the Shanghai Committee of the CPPCC. He has served as an Independent
Director of the Company since May 2020.Li Qi Independent Director graduated from Guanghua School of Management Peking
University with a PhD degree in Business Administration. Currently she serves as an Independent
Director the Convenor of the Audit Committee and a member of the Strategy and Sustainability
Committee in the Company as well as an associate professor at the Department of Accounting of
the Guanghua School of Management Peking University. She worked as a teaching assistant and
lecturer at the Department of Accounting of the Guanghua School of Management Peking
University Assistant to the Dean and Deputy Secretary of CPC of the Guanghua School of
Management Peking University. She has been an independent director of the Company since May
2020.
Zheng Yongkuan Independent Director graduated from China University of Political Science
and Law with bachelor's degree master’s degree and doctor degree in law. He is now an
Independent Director and a member of the Audit Committee and the Nomination Remuneration
and Appraisal Committee in the Company as well as the Vice Dean and a professor of Law School
Head of Civil and Commercial Law Teaching and Research Section and Director of Tort Law
Research Center in Xiamen University. He is also a director of Civil Law Research Institute of
China Law Society Vice President of Civil and Commercial Law Research Institute of Fujian Law
Society arbitrator of Xiamen Arbitration Commission arbitrator of Quanzhou Arbitration
Commission a lawyer of Fidelity Law Firm and an Independent Director of Fujian Deer
Technology Corp. He has been an assistant professor and associate professor in Law School
Xiamen University. He has served as an independent director of the Company since May 2021.Chai Yueting Independent Director graduated from the Department of Automation of Tsinghua
University with a master’s degree and a doctoral degree in engineering. He now serves as an
Independent Director and a member of the Audit Committee and the Strategy and Sustainability
78China Merchants Port Group Co. Ltd. Annual Report 2025
Committee in the Company doctoral mentor in automation in Tsinghua University Director of
National Engineering Laboratory for E-Commerce Technologies Leader of the Expert Team for
Modern Services of the Ministry of Science and Technology of the People’s Republic of China E-
Commerce Standardization Team of the Standardization Administration and Expert Team of Expert
Advisory Committee for Development of National E-Commerce Demonstration Cities and Editor-
in-Chief of the international academic journal International Journal of Crowd Science. Mr. Chai
used to serve as a member of the 2nd and 3rd Expert Advisory Committee of State Informatization
as well as an Independent Director of Xinfangsheng Digital Intelligence Technology Co. Ltd. He
has been an Independent Director of the Company since December 2022.Huang Zhenzhou Chief Financial Officer senior accountant graduated from the Department of
Accounting of Xiamen University with a bachelor's degree in management and later graduated
from the School of Transportation of Wuhan University of Technology with a master's degree in
engineering majoring in the field of transportation engineering. He is currently the Chief Financial
Officer of the Company the Chief Financial Officer of China Merchants Port Holdings Company
Limited and a director and member of the Strategy and Sustainability Committee of Liaoning Port
Co. Ltd. He successively served as accountant and assistant manager of Finance Department of
Shenzhen Chiwan Port Container Co. Ltd. assistant manager of Finance Department of Chiwan
Container Terminal Co. Ltd. financial manager of Shenzhen Mawan Wharf Co. Ltd./Shenzhen
Mawan Terminals Co. Ltd. senior manager of Finance Department of China Merchants
International Co. Ltd. Chief Financial Officer of Zhanjiang Port (Group) Co. Ltd. Assistant
Director of Capital Operation Department of China Merchants Group Limited Chief Financial
Officer of Liaoning Port Group Co. Ltd. Chief Financial Officer of China Merchants Industry
Holdings Company Limited. He has served as the Chief Financial Officer of the Company since
October 2024.Zhu Weida Deputy General Manager holds a bachelor degree in engineering in Electrical
Automation from the Department of Computer and Automation of Wuhan Institute of Water
Transportation Engineering and a master degree in engineering in mechanical engineering from the
School of Automation Wuhan University of Technology. Currently he is Deputy General Manager
of the Company. He served as Deputy General Manager of Beilun Ore Terminal under Ningbo
79China Merchants Port Group Co. Ltd. Annual Report 2025
Zhoushan Port Company Limited General Manager of Zhoushan Quhuang Port Development and
Construction Co. Ltd General Manager of Zhoushan Shulanghu Terminal Co. Ltd Director of
Corporate Management (Audit) Department and Comprehensive Supervision Department of
Zhejiang Provincial Seaport Investment & Operation Group Co. Ltd and Ningbo Zhoushan Port
Group Co. Ltd. He has been Deputy General Manager of the Company since April 2023.Li Wenbo Deputy General Manager Intermediate Economist Engineer graduated from the
School of Mechanical Engineering Hefei University of Technology majoring in Mechanical
Design and Manufacturing. He now serves as Deputy General Manager of the Company Deputy
General Manager of China Merchants Port Holdings Company Limited Director of Tianjin Port
Container Terminal Co. Ltd. and Director of Ningbo Zhoushan Port Company Limited. He served
as the Assistant to the General Manager/Director of the Human Resources Department of Sinotrans
Limited the Deputy Director Director Assistant to the Head of the Personnel Department under
the Human Resources Department of China Merchants Group Corporation Limited and Director of
Personnel Department/Cadre Supervision Department Assistant to the Director of the Human
Resources Department and Director of Cadre Department Deputy Director of the Human
Resources Department and Director of Cadre Department. He has been the Deputy General
Manager of the Company since August 2023.Qi Yue Deputy General Manager Senior Engineer holds a bachelor’s degree in Port and
Waterway Engineering from the Department of Civil Engineering at Dalian University of
Technology. He currently serves as Deputy General Manager of the Company Deputy General
Manager of China Merchants Port Holdings Company Limited Director of Qingdao Qianwan
United Container Terminal Co. Ltd. Director of Qingdao Qianwan United Advance Container
Terminal Co. Ltd. and Chairman of Zhanjiang Merchants Port City Investment Co. Ltd. He has
successively held positions as Manager of the Engineering Management Department Manager of
the Administration Department Senior Manager of the Administration Department Deputy General
Manager of the Engineering Management Department and Deputy General Manager of the
Investment Development Department at China Merchants Holdings; Assistant General Manager and
Deputy General Manager of Shenzhen Haiqin Engineering Management Co. Ltd.; General
Manager of the Investment Development Department at China Merchants Port Holdings Company
80China Merchants Port Group Co. Ltd. Annual Report 2025
Limited; Supervisor Deputy General Manager Executive Director and Vice Chairman of Liaoning
Port Co. Ltd.; Assistant General Manager and General Manager of the Investment Development
Department at China Merchants Port Group Co. Ltd.; and Director of Modern Terminals Limited.He has been Deputy General Manager of the Company since August 2025.Hu Shaode Deputy General Manager Certified Public Accountant Intermediate Accountant
graduated from the Accounting Department of Xiamen University with a Master’s degree in
Management. He currently serves as Deputy General Manager of the Company Director of Ningbo
Zhoushan Port Company Limited Director of Port of Newcastle Australia and Vice Chairman of
Port de Djibouti S.A. He has previously served as Functional Manager of the Corporate Planning
Department and Senior Project Manager of the Planning and Business Department at China
Merchants Holdings; Deputy Chief Financial Officer and Executive Chief Financial Officer of Port
de Djibouti S.A.; Deputy General Manager and Chief Financial Officer of China Merchants
Holdings (Djibouti) Co. Ltd.; Deputy Chief Financial Officer of Djibouti Doraleh Multipurpose
Port Co. Ltd.; Director of Terminal Link SAS in France; Deputy General Manager and General
Manager of the Financial Management Department/Capital Operation Department General
Manager of Shenzhen Branch General Manager of the Financial Shared Service Center General
Manager of the Operations Management Department (Engineering Management Center) and
General Manager of the Operations Management Department/Market and Business Department at
China Merchants Port Group Co. Ltd. He has been Deputy General Manager of the Company since
August 2025.Liu Libing Board Secretary graduated from the Department of Philosophy School of Philosophy
Wuhan University with a Bachelor in Philosophy. Later he pursued further study at Sun Yat-sen
University School of Law and obtained a Master of Laws. Currently he serves as Board Secretary
of the Company. He used to work as Publicity Secretary of the Political Work Department of China
Construction Third Engineering Bureau Deputy Secretary of Party Branch (deputy section level)
and Deputy Director of Party Committee Office of Shenzhen Decoration Design Engineering Co.Ltd. of China Construction Third Bureau Production Supervisor of Shenzhen Foxconn (Group)
Company lawyer assistant and full-time lawyer at Shenzhen Office of Shanghai City Development
Law Firm and full-time lawyer at Guangdong Sun Law Firm. Manager at the Legal Affairs
81China Merchants Port Group Co. Ltd. Annual Report 2025
Department and Senior Manager of China Merchants Property Development Co. Ltd. Manager at
the Legal Affairs Department of China Merchants Group Limited Senior Manager at the Risk
Management Department of China Merchants Group Limited Senior Manager of the General
Office and head of the Secretariat of the Board of Directors at China Merchants Group Limited and
General Counsel (Chief Compliance Officer) of China Merchants Port Group Co. Ltd. He has been
Board Secretary of the Company since May 2024.Li Xiaofeng General Counsel (Chief Compliance Officer) graduated from the School of Law
Dalian Maritime University majoring in International Law and holds a Master’s degree and a
Doctorate in Law. He currently serves as General Counsel (Chief Compliance Officer) of the
Company and Director of Port of Newcastle Australia. He has previously served as an assistant
judge at Ningbo Maritime Court project manager of the Legal and Risk Control Department at
China National Chartering Corporation Manager and Senior Manager of the Legal Department at
Sinotrans & CSC Holdings Co. Ltd. Manager of the Risk Management Department at China
Merchants Group Limited Deputy General Manager of the Board and Legal Affairs Department at
China Merchants Port Holdings Company Limited and Deputy General Manager and General
Manager of the Legal Affairs Department as well as Executive General Manager of the Risk
Control Audit Department/Legal Compliance Department at China Merchants Port Group Co. Ltd.Since December 2025 he has served as the Company’s General Counsel (Chief Compliance
Officer).Indicate whether the controlling shareholder or actual controller concurrently serves as the
Chairman of the Board or General Manager of the Company.□Applicable √ Not applicable
Offices held concurrently in shareholding entities:
□Applicable √ Not applicable
Offices held concurrently in other entities:
82China Merchants Port Group Co. Ltd. Annual Report 2025
Remune
ration or
Name Other entity Office held inthe entity Start of tenure End of tenure
allowan
ce from
the
entity
Feng Deputy
Boming China Merchants Group Limited General March 2022 YesManager
Feng Liaoning Port Group Co. Ltd. Chairman ofBoming the Board August 2022 No
Feng China Merchants Energy Shipping Co. Chairman of
Boming Ltd the Board July 2023 No
Feng
Boming SINOTRANS&CSC Holdings Co. Ltd.Chairman of
the Board December 2023 No
Feng China Changjiang Shipping Group Co. Chairman of
Boming Ltd. the Board April 2025 No
Xu Song China Merchants Taiping BayDevelopment Investment Co. Ltd. Director July 2023 No
Xu Song China Nanshan Development (Group)Incorporation Director September 2023 January 2025 No
Xu Song Shenzhen Chiwan Industrial DevelopmentCo. Ltd. Director September 2023 No
Xu Song Shanghai International Port (Group) Co.Vice
Ltd. Chairman of April 2024 Nothe Board
Xu Song China Merchants Northeast AsiaDevelopment & Investment Co. Ltd. Director July 2024 No
Yan
Gang Modern Terminals Limited Director October 2024 No
Lu Vice
Yongxin Tin-can Island Container Terminal Ltd Chairman of July 2019 Nothe Board
Lu
Yongxin Terminal Link SAS Director March 2020 No
Full-time
Li China Merchants Group Limited outsideZhanglin directors December 2023 Yes
assigned
Full-time
Li Qing China Merchants Group Limited outsidedirectors December 2023 Yes
assigned
Li Qing China Merchants Hainan Development &Investment Co. Ltd. Director June 2023 No
Wu Director of
Changpa Zhejiang Provincial Seaport Investment &Operation Group Co. Ltd. Investment September 2022 January 2026 Yesn Development
Wu Director of
Changpa Ningbo Zhoushan Port Group Co. Ltd. Investment September 2022 January 2026 No
n Development
Wu
Changpa East Harbor Investment Development
n Group Co. Ltd.Director June 2017 No
83China Merchants Port Group Co. Ltd. Annual Report 2025
Wu
Changpa Zhejiang Zhongao Modern Industrial ParkCo. Ltd. Director April 2016 Non
Wu
Changpa Zhejiang Zhidi Holdings Co. Ltd. Director August 2019 No
n
Wu
Changpa Zhejiang Aozhou Cattle Industry Co. Ltd Director September 2016 No
n
Wu Deputy
Changpa Ningbo Zhoushan Port Company Limited General February 2026 Yes
n Manager
Director of
Lyu Zhejiang Provincial Seaport Investment & Production
Yiqiang Operation Group Co. Ltd. Safety December 2021 No
Department
Director of
Lyu Production
Yiqiang Ningbo Zhoushan Port Group Co. Ltd. Safety December 2021 Yes
Department
Lyu
Yiqiang Hangzhou Port Group Co. Ltd. Director June 2022 No
Lyu Ningbo Electronic Port Co. Ltd. Chairman ofYiqiang the Board February 2023 No
Li Qi Peking University AssociateProfessor August 2005 Yes
Li Qi Guangdong Nanyue Bank Co.Ltd. IndependentDirector November 2020 February 2025 Yes
Li Qi Shanghai Nagamori Machinery Co. Ltd. IndependentDirector July 2023 Yes
Li Qi CIMC Vehicles (Group) Co. Ltd. IndependentDirector September 2024 Yes
Zheng
Yongku Xiamen University Vice Dean of
an Law School
July 2024 Yes
Zheng
Yongku Xiamen University Professor August 2019 Yes
an
Zheng
Yongku Civil Law Research Institute of China
an Law Society
Director June 2017 No
Zheng
Yongku Civil and Commercial Law Research Vice
an Institute of Fujian Law Society President
November 2020 No
Zheng
Yongku Xiamen Arbitration Commission Arbitrator April 2008 No
an
Zheng
Yongku Quanzhou Arbitration Commission Arbitrator January 2019 No
an
Zheng
Yongku Fidelity Law Firm Lawyer December 2017 No
an
Zheng
Yongku Fujian Deer Technology Corp. Independent
an Director
April 2022 Yes
84China Merchants Port Group Co. Ltd. Annual Report 2025
Chai
Yueting Tsinghua University
Doctoral
Advisor August 2001 Yes
Chai General Expert Group of Modern Service
Yueting Industry Ministry of Science and Group Leader May 2018 NoTechnology
Chai E-Commerce Standardization Work
Yueting Group of Standardization Administration Group Leader August 2016 No
Chai Expert Group of National E-Commerce
Yueting Model City Creation Work Expert Group Leader January 2015 NoAdvisory Committee
Chai
Yueting Beijing Block Chain Expert Group Member June 2020 No
Chai
Yueting International Journal of Crowd Science Editor January 2017 No
Chai Xinfang Shengshuzhi Technology Co. Independent
Yueting Ltd. Director November 2022 June 2025 Yes
Huang
Zhenzho China Merchants Hainan Development &Investment Co. Ltd. Director June 2024 Nou
Huang Vice
Zhenzho Asia Airfreight Terminal CompanyLimited Chairman of October 2024 September 2025 Nou the Board
Huang
Zhenzho Liaoning Port Co. Ltd. Director February 2025 No
u
Huang
Zhenzho Shenzhen China Merchants Qianhai
u Industrial Development Co. Ltd.Director March 2025 No
Huang
Zhenzho International Djibouti Industrial Parks Chairman of
u Operation FZCo the Board
July 2025 No
Huang Vice
Zhenzho Khor Ambado FZCo Chairman of July 2025 No
u the Board
Li
Wenbo Tianjin Port Container Terminal Co. Ltd. Director August 2023 No
Li
Wenbo Ningbo Zhoushan Port Company Limited Director April 2024 No
Qi Yue Qingdao Qianwan United ContainerTerminal Co. Ltd. Director January 2016 No
Qi Yue Qingdao Qianwan United AdvanceContainer Terminal Co. Ltd. Director March 2016 No
Qi Yue Modern Terminals Limited Director October 2024 September 2025 No
Qi Yue Zhanjiang Merchants Port City Investment Chairman ofCo. Ltd. the Board March 2022 No
Hu
Shaode Ningbo Zhoushan Port Company Limited Director June 2023 No
Hu
Shaode Modern Terminals Limited Director August 2023 September 2025 No
Hu
Shaode Port of Newcastle Australia Director March 2023 No
Hu Vice
Shaode Port de Djibouti S.A. Chairman of August 2023 No
the Board
Hu
Shaode Djibouti RED SEA WORLD S.A. Director August 2023 No
85China Merchants Port Group Co. Ltd. Annual Report 2025
Hu
Shaode Djibouti RED SEA GLOBAL S.A. Director August 2023 No
Li
Xiaofen Port of Newcastle Australia Director April 2023 No
g
Note Offices of directors and senior management held concurrently in other entities exclude offices held inthe Company and subsidiaries within the consolidation scope.Punishments imposed in the recent three years by the securities regulator on the incumbent directors
and senior management as well as those who left in the Reporting Period:
□Applicable √ Not applicable
3. Remuneration of Directors and Senior Management
Decision-making procedure determination basis and actual payments of remuneration for directors
and senior management:
Decision-making procedure for the remuneration of directors and senior management: The
remuneration plans for directors and senior management are formulated by the Nomination
Remuneration and Appraisal Committee of the Board of Directors. The remuneration plan for
directors is submitted to the Board of Directors and the Shareholders’ Meeting for review while the
remuneration plan for senior management is submitted to the Board of Directors for review.Determining basis for the remuneration of directors and senior management: The modes and
amounts of the remuneration for directors and senior management are determined according to the
market levels with the post value responsibilities etc. taken into account.Actual payment for the remuneration of directors and senior management: Salaries and independent
director allowances were paid to directors and senior executives on a monthly basis. And the other
bonuses were paid all at one time according to the performance of each of them.Remuneration of directors and senior management for the Reporting Period
Unit: RMB’0000
Total before- Any
Incumbent/For tax remuneratiName Gender Age Office title mer remuneration on fromfrom the related
Company party
Feng Male 56 Chairman of the Board Incumbent 0 Yes
86China Merchants Port Group Co. Ltd. Annual Report 2025
Boming
Xu Male 54 Vice Chairman of the BoardSong and CEO Incumbent 315 No
Yan
Gang Male 53 Vice Chairman of the Board Incumbent 259 No
Lu
Yongxi Male 56 Director Chief Operation
n Officer and General Manager
Incumbent 315 No
Li
Zhangli Male 59 Director Incumbent 0 Yes
n
Li Qing Male 56 Director Incumbent 0 Yes
Wu
Changp Male 56 Director Incumbent 0 Yes
an
Lyu
Yiqiang Male 49 Director Incumbent 0 Yes
Gao
Ping Male 70 Independent Director Incumbent 15 No
Li Qi Female 55 Independent Director Incumbent 15 No
Zheng
Yongku Male 48 Independent Director Incumbent 15 No
an
Chai
Yueting Male 62 Independent Director Incumbent 15 No
Huang
Zhenzh Male 48 CFO Incumbent 206 No
ou
Zhu
Weida Male 57 Deputy General Manager Incumbent 0 Yes
Li
Wenbo Male 46 Deputy General Manager Incumbent 219 No
Qi Yue Male 54 Deputy General Manager Incumbent 62 No
Hu
Shaode Male 48 Deputy General Manager Incumbent 64 No
Liu Board Secretary and former
Libing Male 52 General Counsel (Chief Incumbent 171 NoCompliance Officer)
Li
Xiaofen Male 43 General Counsel (Chief
g Compliance Officer)
Incumbent 0 No
Liu Bin Male 57 Former Deputy GeneralManager Former 164 No
Total -- -- -- -- 1835 --
Note: Li Xiaofeng has served as the Company’s General Counsel (Chief Compliance Officer) since
30 December 2025.
Performance appraisal basis for the actual According to the relevant contracts and
remuneration received by all directors and agreements regarding the tenure system and
senior management at the end of the Reporting contractual management of management team
Period members
Performance appraisal for the actual Completed
87China Merchants Port Group Co. Ltd. Annual Report 2025
remuneration received by all directors and
senior management at the end of the Reporting
Period
Deferred payment arrangements for the actual Deferred payments have been arranged
remuneration received by all directors and according to the relevant contracts and
senior management at the end of the Reporting agreements regarding the tenure system and
Period contractual management of management teammembers.Payment termination and recovery of the actual
remuneration received by all directors and
senior management at the end of the Reporting Not involved
Period
Other notes
□Applicable √ Not applicable
V Performance of Duty by Directors in the Reporting Period
1. Attendance of Directors at Board Meetings and Shareholders’ Meetings
Attendance of directors at board meetings and shareholders’ meetings
Total
number of The
board Board Board Board director
meetings Board meetings meetings failed to Shareholde
Director the meetings attended
meetings
attended the attend two rs’
director attended by through a director consecutiv meetings
was on site telecommu proxy failed to e board attended
eligible to nication attend meetings
attend (yes/no)
Feng Boming 7 4 3 0 0 No 3
Xu Song 7 4 3 0 0 No 3
Yan Gang 7 4 3 0 0 No 3
Lu Yongxin 7 4 3 0 0 No 3
Li Zhanglin 7 4 3 0 0 No 3
Li Qing 7 4 3 0 0 No 3
Wu Changpan 7 4 3 0 0 No 3
Lyu Yiqiang 7 4 3 0 0 No 3
Gao Ping 7 4 3 0 0 No 3
Li Qi 7 4 3 0 0 No 3
Zheng
Yongkuan 7 4 3 0 0 No 3
Chai Yueting 7 4 3 0 0 No 3
Why any director failed to attend two consecutive board meetings:
88China Merchants Port Group Co. Ltd. Annual Report 2025
None
2. Objections Raised by Directors on Matters of the Company
Indicate by tick mark whether any directors raised any objections on any matter of the Company.□Yes √ No
No such cases in the Reporting Period.
3. Other Information about the Performance of Duty by Directors
Indicate by tick mark whether any suggestions from directors were adopted by the Company.√ Yes□ No
Specification of whether suggestions from directors are adopted or not adopted by the Company
During the Reporting Period all the directors of the Company carried out their work
conscientiously and responsibly in strict accordance with the Company Law Securities Law Listed
Company Governance Standards Self-Regulatory Guidelines No. 1 for Companies Listed on
Shenzhen Stock Exchange - Standard Operation of Listed Companies on the Main Board Articles
of Association and Rules of Procedure of the Board of Directors. Based on the Company's reality
they put forward relevant opinions on the Company's major governance and operation decisions
and reached consensus through full communication and discussion. They resolutely supervised and
promoted the implementation of the resolutions of the Board of Directors to ensure scientific
timely and efficient decision-making and fully safeguard the legitimate rights and interests of the
Company and all shareholders.VI Performance of Duty by Specialized Committees under the Board in the Reporting Period
Profile of Specialized Committee under the Board as of the disclosure date of this Report
No. Specialized Committee Member Convener
Strategy and
1 Sustainability Feng Boming Xu Song Yan Gang Lu Yongxin Li Feng
Committee Zhanglin Li Qing Gao Ping Li Qi Chai Yueting Boming
2 Audit Committee Li Qi Chai Yueting Zheng Yongkuan Li Qi
89China Merchants Port Group Co. Ltd. Annual Report 2025
Nomination
3 Remuneration and Gao Ping Feng Boming Zheng Yongkuan Gao Ping
Appraisal Committee
Other Details
Numb informa about
er of tion matter
Committee Member meetin Date of thegs meeting Meeting
Content about s with
s the objecti
conve perfor ons
ned mance (if
of duty any)
The First
Meeting of the
Strategy and Unanim
Sustainability
Committee of 27 February 2025
Reviewed and approved: ously
Proposal on the 2025 Investment Plan approve N/A N/A
the 11th Board d
of Directors in
2025
Reviewed and approved:
1. Proposal on the Report on Performance of Duty
The Second Feng Boming by the Strategy and Sustainability Committee of
Meeting of the Xu Song Yan the Board of Directors in 2024
Strategy and Gang Lu 2. Proposal on the 2024 Sustainability Report
Sustainability Yongxin Li 3. Proposal on ESG Priorities for 2024 and ESG
Unanim
Committee of Zhanglin Li 3 1 April 2025 Work Plan for 2025
ously
4. Proposal on Revising the ESG Work approve
N/A N/A
the 11th Board Qing Gao Ping
of Directors in Li Qi Chai Management Manual
d
2025 Yueting 5. Proposal on Formulating and Revising the ESG-Related Policy Statement Documents
6. Proposal on the Company’s Five-Year Strategic
Plan for 2025-2029
The Third
Meeting of the
Strategy and Reviewed and approved: Unanim
Sustainability
Committee of 27 August 2025
Proposal on the Company’s Three-Year ously
Environmental Management Objectives Plan for approve N/A N/A
the 11th Board 2025-2027 d
of Directors in
2025
Reviewed and approved:
1. Proposal on the Report on Performance of Duty
by the Audit Committee of the Board of Directors
in 2024
2. Proposal on Work Report of Accounting Firm
for 2024
3. Proposal on the Company’s Assessment Report
The First on the Performance of the Accounting Firm in
Meeting of the 2024
Audit Li Qi Zheng 4. Proposal on Report of the Audit Committee of Unanim
Committee of Yongkuan Chai 5 1 April 2025 the Board of Directors on the Supervision of the ously N/A N/A
the 11th Board Yueting Accounting Firm's Performance of Duties in 2024
approve
of Directors in 5. Proposal on the 2024 Report on Financial d
2025 Accounts
6. Proposal on the Annual Report 2024 and
Summary
7. Proposal on the Re-appointment of Accounting
Firm for 2025
8. Proposal on Internal Control Assessment Report
for 2024
9. Proposal on Anti-fraud Risk Assessment Report
90China Merchants Port Group Co. Ltd. Annual Report 2025
for 2024
10. Proposal on Internal Audit Report for 2024
11. Proposal on Internal Audit Plan for 2025
12. Proposal on Inspection Report on the Provision
of Guarantees Related-Party Transactions
Securities Investment and Derivatives
Transactions and the Provision of Financial
Assistance for 2024
13. Proposal on the 2024 Law-Based Development
Report (including the Report on the Development
of the Compliance Management System)
14. Proposal on Report on Forecast and
Assessment of Significant Business Risks for 2025
The Second
Meeting of the Reviewed and approved:
Audit 1. Proposal on the Report for the First Quarter of Unanim
Committee of 28 April 2025 2025 ously
the 11th Board 2. Proposal on Internal Audit Report for the First approve
N/A N/A
of Directors in Quarter of 2025 d
2025
Reviewed and approved:
The Third 1. Proposal on the Interim Report 2025 and
Meeting of the Summary
Audit 2. Proposal on Internal Audit Report for the Unanim
Committee of 28 August 2025 Second Quarter of 2025 ously
the 11th Board 3. Proposal on Inspection Report on the Provision approve
N/A N/A
of Directors in of Guarantees Related-Party Transactions d
2025 Securities Investment and DerivativesTransactions and the Provision of Financial
Assistance for H1 2025
The Fourth
Meeting of the Reviewed and approved:
Audit 1. Proposal on the Report for the Third Quarter of Unanim
Committee of 28 October 2025 2025 ously N/A N/A
the 11th Board 2. Proposal on Internal Audit Report for the Third approve
of Directors in Quarter of 2025 d
2025
The Fifth
Meeting of the
Audit Unanim
Committee of 22 December Meeting with accountants to negotiate the schedule ously
the 11th Board 2025 for the audit of the 2025 Annual Financial Report approve
N/A N/A
of Directors in d
2025
The First
Meeting of the
Nomination Reviewed and approved:
Remuneration 1. Proposal on Report on Performance of Duty by Unanim
and Appraisal 1 April 2025 the Nomination Remuneration and Appraisal ously
Committee of Committee of the Board of Directors in 2024 approve
N/A N/A
the 11th Board 2. Proposal on the Remuneration of Directors d
of Directors in Supervisors and Senior Management in 2024
2025
The Second
Meeting of the Gao Ping Feng
Nomination Boming Zheng 5 Reviewed and approved:
Remuneration Yongkuan 1. Proposal on the Appointment of Mr. Qi Yue as Unanim
and Appraisal 11 August 2025 Deputy General Manager ouslyapprove N/A N/ACommittee of 2. Proposal on the Appointment of Mr. Hu Shaode
the 11th Board as Deputy General Manager d
of Directors in
2025
The Third Reviewed and approved: Unanim
Meeting of the 1. Proposal on Adjusting the Exercise Price of the ously
Nomination 27 August 2025 Stock Option Incentive Plan (Phase I) of the approve N/A N/A
Remuneration Company d
91China Merchants Port Group Co. Ltd. Annual Report 2025
and Appraisal 2. Proposal on the 2024 Performance Appraisal
Committee of Results of Management Team Members
the 11th Board 3. Proposal on the 2022-2024 Performance
of Directors in Appraisal Results of Management Team Members
2025
The Fourth
Meeting of the
Nomination
Remuneration Reviewed and approved: Unanim
and Appraisal 28 October 2025 Proposal on Cancelling Some Stock Options under ously
Committee of the Company’s Stock Option Incentive Plan approve
N/A N/A
the 11th Board (Phase I) d
of Directors in
2025
Reviewed and approved:
The Fifth 1. Proposal on Appointment Agreements and
Meeting of the Remuneration Encashment Plan of Management
Nomination Team Members
Remuneration 2. Proposal on 2025 Performance Appraisal Unanim
and Appraisal 30 December Indicators and Criteria for Management Team ously
Committee of 2025 Members approve
N/A N/A
the 11th Board 3. Proposal on 2025-2027 Performance Appraisal d
of Directors in Indicators and Criteria for Management Team
2025 Members4. Proposal on the Appointment of General
Counsel (Chief Compliance Officer)
VII Performance of Duty by the Audit Committee
Indicate by tick mark whether the Audit Committee found any risk to the Company during its
supervision in the Reporting Period.□Yes √ No
The Audit Committee raised no objections in the Reporting Period.VIII Employees
1. Number Functions and Educational Backgrounds of Employees
Number of in-service employees of the
Company as at the end of the period 256
Number of in-service employees of major
subsidiaries as at the end of the period 14757
Total number of in-service employees 15013
Total number of paid employees in the
Reporting Period 15075
Number of retirees to whom the Company or its
major subsidiaries need to pay retirement 9770
pensions
Functions
Function Employees
Production 7989
92China Merchants Port Group Co. Ltd. Annual Report 2025
Sales 637
Technical 3237
Financial 528
Administrative 2622
Total 15013
Educational backgrounds
Educational background Employees
Master’s degree and above 651
Bachelor’s degree 4667
Junior college 3385
Technical secondary school and below 6310
Total 15013
2. Employee Remuneration Policy
The Company focuses on high-quality development strategic goals adhering to the fundamentalprinciples of “value creation efficiency first balanced incentives and constraints and sharedinterests and risks”. We have established and implemented an international diversified
remuneration incentive system that combines short medium and long-term approaches. It helps us
comprehensively carry out dual benchmarking of performance and remuneration and improve the
remuneration incentive and constraint mechanism that aligns with the market matches the industry
links with efficiency and corresponds with performance. The Company explores and advances the
implementation of medium- and long-term incentive systems for management personnel such as
deferred bonuses and tenure incentives to guide management personnel to focus on the Company’s
long-term development and achieve a deep alignment of personal interests with the Company’s
long-term value. It highlights the remuneration incentive orientation towards scientific and technical
talent frontline grassroots employees and core business backbones continuously enhancing the
value creation vitality of key groups. In addition it optimizes the remuneration incentive system for
overseas dispatched talent to meet the needs of global layout providing a solid mechanism
guarantee for the Company to become a world-leading port service provider
3. Employee Training Plans
The Company conducts forward-looking talent planning systematically building a “mangrove”
93China Merchants Port Group Co. Ltd. Annual Report 2025talent ecosystem characterized by “openness and inclusiveness dynamic balance collaborativesymbiosis and sustainable prosperity”. We focus on creating a world-class talent team with top-
notch quality reasonable structure and continuous supply laying a solid talent foundation for the
Company’s high-quality development. We’ve improved mechanisms for identifying and developing
high-potential talent advanced the “Hundred Seedlings Program” increased recruitment of
outstanding university graduates and strengthened reserves of high-quality young talent. We also
put more efforts to implement the Talent Circulation Program promoting regular two-way talent
exchange between headquarters and subsidiaries and internal recruitment accelerating talent
pipeline development to support high-quality business growth. The Company focuses on building
an international talent pool aligned with overseas business development needs. It launched the
International Elite Talent Recruitment Program to expand talent sourcing channels globally and
attract high-quality overseas professionals with international perspectives. It also introduced the
Seagull Plan to provide specialized training for overseas local talents enhancing professional
capabilities and building a talent pipeline aligned with international development.
4. Labor Outsourcing
Total man-hours (hour) N/A
Total remuneration paid (RMB) 1653695934.23
IX Final Dividend Plan of the Company for the Reporting Period
1. Formulation execution or adjustments of profit distribution policy for shareholders
especially cash dividend policy in the Reporting Period
Pursuant to the CSRC Guideline for Listed Companies No.3-Cash Dividends of Listed Companies
the Articles of Association clarifies the specific profit distribution policy decision-making
procedures and mechanism adjustment of profit distribution policy implementation of profit
distribution plan and profit distribution for foreign shares. During the Reporting Period the
Company executed the profit distribution policy in strict compliance with the Articles of
Association.
94China Merchants Port Group Co. Ltd. Annual Report 2025
Special statement about the cash dividend policy
In compliance with the Company’s Articles of
Association and resolution of shareholders’ meeting Yes
Specific and clear dividend standard and ratio Yes
Complete decision-making procedure and mechanism Yes
Independent directors faithfully performed their
duties and played their due role Yes
Specific reasons and the next steps it intends to take
to enhance the investor return level if the Company N/A
has not made cash dividend:
Non-controlling interests are able to fully express
their opinion and desire and their legal rights and Yes
interests are fully protected
In case of adjusting or changing the cash dividend
policy the conditions and procedures involved are in
compliance with applicable regulations and N/A
transparent
2. The Company was profitable in the Reporting period and the positive profits of the
Company attributable to shareholders while the distribution plan of cash dividend for
shareholders was not proposed.□Applicable √ Not applicable
3. Indicate whether the Board of Directors has reviewed the final dividend plan (including the
plan of no dividend or bonus issue).√ Yes□ No
4. Final Dividend Plan for the Reporting Period
Bonus shares/10shares (share) 0
Cash dividend/10 shares (RMB) (tax inclusive) 7.99
Bonus issue from capital reserves (share/10 shares) 0
Share base (share) 2481897185
Total cash dividends (RMB) (tax inclusive) 1983035850.82
Cash dividends in other forms (such as share
repurchase) (RMB) 338359406.89
Total cash dividends (including other forms)
(RMB) 2321395257.71
Distributable profits (RMB) 2507514725.89
Cash dividends (including other forms) as % of 100%
total profits to be distributed (%)
Details of the cash dividends
95China Merchants Port Group Co. Ltd. Annual Report 2025
As the Company is in the mature stage of development with significant capital expenditures arrangement when distributing profits
the proportion of cash dividends in this profit distribution shall be 40% at least.Details of final dividend plan for the Reporting Period
As audited by KPMG Huazhen LLP the consolidated net profit attributable to the Company for 2025 stood at
RMB4611352247.98 and the net profit of the Company at RMB2061635965.96.
(1) According to the Company Law and the Articles of Association of the Company when distributing the current year's after-tax
profits the Company shall draw 10% of the profits for the Company's statutory reserve. The Company’s statutory surplus reserve
has cumulatively reached 50% of its registered capital and is no longer accrued. The accumulative retained earnings of the
Company at the end of 2025 were RMB2507514725.89.
(2) Based on the total 2481897185 shares a cash dividend of RMB7.99 (tax included) is to be distributed for every 10 shares
totalling RMB1983035850.82 with no bonus issue from either profit or capital reserves.After the above-mentioned distribution the retained earnings of the Company will be RMB524478875.07.The total amount of cash dividends of the Company in 2025 is RMB1983035850.82 and the amount of all shares repurchased in
2025 with cash as consideration and through centralized bidding is RMB338359406.89 (excluding handing fees). The total
amount of cash dividends and share repurchase is RMB2321395257.71 accounting for 50.34% of the net profit attributable to
shareholders of the Company in 2025.If there is a change in the total share capital of the company during the period from the disclosure of the distribution plan to its
implementation due to the listing of new shares the grant and exercise of equity incentives convertible bonds to shares conversion
share repurchases etc. the total distribution amount for the year 2025 will be adjusted accordingly based on the principle that the
distribution amount per share remains unchanged.The above profit distribution plan still needs to be submitted to the 2025 Annual Meeting of Shareholders for approval.X Equity Incentive Plans Employee Stock Ownership Plans or Other Incentive Measures for
Employees
1. Equity incentive
The Stock Option Incentive Plan (Phase I):
On 6 February 2024 the Company disclosed the Reminder Announcement on the Adoption of
Independent Exercise Mode for the Third Exercise Schedule of the Stock Options (First Batch to be
Granted) under the Stock Option Incentive Plan (Phase I) of the Company (Announcement No.
2024-013) and the Reminder Announcement on the Adoption of an Independent Exercise Mode for
the Second Exercise Schedule of the Stock Options (Reserved Batch to be Granted) under the Stock
Option Incentive Plan (Phase I) of the Company (Announcement No. 2024-014). Upon the review
and confirmation of Shenzhen Branch of China Securities Depository and Clearing Corporation
Limited the exercise conditions were met for the third exercise schedule of the stock options (first
batch to be granted) and the second exercise schedule of the stock options (reserved batch to be
granted) under the Stock Option Incentive Plan (Phase I).As of the end of the Reporting Period the cumulative number of stock options exercised under the
Company’s Stock Option Incentive Plan (Phase I) was 2585220 shares; and during the Reporting
96China Merchants Port Group Co. Ltd. Annual Report 2025
Period the number of stock options exercised under the Company’s Stock Option Incentive Plan
(Phase I) was 351400 shares.Equity Incentives for Directors and Senior Management
Exerc Num
ise Nu Nu ber Nu
price mbe mber of mbShar of r of restri The er
e of
optio Shares Shares
exerc Mark restr rele cted grant of
Share feasible exercis ised Share et icte ase share price rest
options ns to ed share options price d d s of rict
Office held at grant exercise during s held at at the shar shar newl restri edName title the ed inthe during the
durin
g the the
perio es es y cted sha
period- the Reporti period- d-end heldRepo Repo (RM at for
grant share res
begin rting Reportin ng
ed s hel
rting end B/sha the the durin (RM d at
Perio g Period Period Perio re) peri Reporti g the B/sha thed d od- ng Repo re) peri(RM begi Peri rting od-B/sha n Perio end
re) od d
Vice
Chairm
Xu an of
Song the 120000 - 120000 - - 120000 - - - - - -Board
and
CEO
Vice
Yan Chairm
Gang an of 51000 - 51000 - - 51000 - - - - - -the
Board
Directo
r
Chief
Operati
Lu on
Yongxi Officer 72000 - 72000 - - 72000 - - - - - -
n and
Genera
l
Manag
er
Liu Board
Libing Secreta 25000 - 25000 - - 25000 - - - - - -ry
Former
Deputy
Liu Genera
Bin l 30000 - 30000 - - 30000 - - - - - -
Manag
er
Total -- 298000 - 298000 - -- 298000 -- - - - -- -
Remark (if any) N/A
Appraisal of and Incentive for Senior Management
97China Merchants Port Group Co. Ltd. Annual Report 2025
The Company carried out the tenure system and contractual management realized comprehensive
coverage and adhered to rigid remuneration realization. The Company has a mature assessment
mechanism and system covering all senior management personnel. The annual comprehensive
assessment combines qualitative and quantitative methods with the dimensions including
performance competence self-discipline etc. The assessment results of senior management serve
as an important basis for appointment and motivation. The Company adjusts and determines the
remuneration of senior management based on the factors including operation status position served
and appraisal results.The Company adhered to a market-oriented remuneration philosophy of “paying for performanceresults” and implemented distinctive principle of “outperforming the market and the peers” through
the vertical self-comparison and horizontal comparison with industry peers as well as the
complementation of short-term KPI appraisal and medium- and long-term strategic appraisal. That
ensured the Company’s business performance was strongly linked to the performance bonus of
Senior Management members giving full play to the incentive and guiding role of remuneration. To
promote the implementation of the Company’s medium- and long-term incentive plan it
encouraged senior management to focus on the short-term performance and the development of its
medium- and long-term performance.
2. Employee Stock Ownership Plans
□Applicable √ Not applicable
3. Other Incentive Measures for Employees
□Applicable √ Not applicable
XI Establishment and Implementation of Internal Control System in the Reporting Period
1. Establishment and Implementation of Internal Control System
During the Reporting Period to boost operational efficiency and results the Company continuously
improved and optimized its existing internal control system in strict compliance with laws
regulations and external regulatory requirements and taking into consideration its actual status. In
the process it was guided by risk management based itself on procedure streamlining and focused
on critical control activities.
98China Merchants Port Group Co. Ltd. Annual Report 2025
During the Reporting Period the Company supervised and inspected the internal control systems of
eight subordinate companies and completed the two-year coverage target achieving the full
coverage of internal control management. Concurrently all subordinate companies conducted
internal control self-assessments on a quarterly basis and prepared the internal control weakness
checklist in accordance with the annual internal control plan of CMPort and focusing on internal
control elements including corporate governance authorization management job responsibilities
and process activities. By the end of 2025 all internal control weaknesses are rated as general
weaknesses and no material weaknesses were identified. For the general weaknesses the Company
designated the person responsible for the remediation developed a remediation plan and followed
up on the remediation progress regularly.The Company prepared the 2025 Internal Control Assessment Report in accordance with the Basic
Rules for Enterprise Internal Control and its supporting guidelines other regulatory requirements
for internal control and the Company’s internal control policies and assessment methods. The
conclusion of the report is as follows: By the identification of material weaknesses in the internal
control over the Company’s financial reporting as at the base day of the internal control assessment
report (31 December 2025) no material weaknesses were identified in the internal control over the
Company’s financial reporting. Therefore the Board of Directors believed that the Company had
maintained effective internal control over financial reporting in all material respects as per the Basic
Rules for Enterprise Internal Control and relevant regulations. According to the identification of
material weaknesses in the Company’s internal control over non-financial reporting there were no
material weaknesses in the internal control over non-financial reporting as at the base day of the
internal control assessment report. Between the base day and the issuance day of the internal control
assessment report there were no factors that affected the assessment conclusion about the
effectiveness of the internal control.
2. Material Internal Control Weaknesses Identified for the Reporting Period
□Yes √ No
XII Management and Control over Subsidiaries for the Reporting Period
99China Merchants Port Group Co. Ltd. Annual Report 2025
The Company guided by “empowerment professionalism and value” established an operation
management system with sustainable value creation gradually formulated standards for all
functional modules and managed to build a world-class value-oriented headquarters. Taking into
account the strategic positioning of its subsidiaries the Company adhering to the principles of
differentiation and controllable risks and pushing forward full-cycle asset management
procurement management and performance evaluation mechanism continuously promoted the
healthy development of its subsidiaries. Besides focusing on execution quality the Company
intensified the tasks on quality and efficiency improvement and strived to implement related
measures to achieve in-depth integration between quality and efficiency improvement and strategic
objectives.Anomalies found in the management and control of subsidiaries:
□Yes √ No
XIII Internal Control Evaluation Report and Independent Auditor’s Report on Internal
Control
Disclosure date of the internal control self-evaluation report 3 April 2026
Index to the disclosed internal control self-evaluation report For details seewww.cninfo.com.cn
Evaluated entities’ combined assets as % of consolidated total assets 100.00%
Evaluated entities’ combined operating income as % of consolidated operating income 100.00%
Identification standards for internal control weaknesses
Weaknesses in internal
Type control over financial Weaknesses in internal control not related to financial reporting
reporting
If a weakness or weakness Material weakness Serious weakness General weakness
group give rise to the
following events which Development direction Development direction Development direction
cannot be prevented or substantially deviates partly deviates from the slightly deviates from
found and made from the strategic goals strategic goals and the strategic goals andNature rectification the weakness and investment investment direction investment directionstandard or weakness group are direction business business structure and business structure and
recognized as a material structure and business business model are business model are
weakness: model are completely unable to support the unable to fully support
(1) Any director or senior unable to support the realization of strategic the realization of
management engages in realization of strategic goals at a larger extent strategic goalsgoals
100China Merchants Port Group Co. Ltd. Annual Report 2025
fraudulent activities or Strategy Strategy Strategy implementation
any significant fraud or implementation is implementation is is blocked part of
risk event occurs that blocked almost all blocked most of indicators of strategy
causes a substantial loss indicators of strategy indicators of strategy implementation cannot
and a serious negative implementation cannot implementation cannot be completed as planned
impact; be completed as be completed as
(2) An enterprise makes planned planned
correction to the financial The Company’s
report issued; Severe deficiency in the systems and internal Weaknesses in company
(3) A certified public system systemic failureof internal control control mechanisms
systems or internal
accountant finds that there have significant control mechanisms
is a significant error in the leading to significant such as gaps or
financial report but the deviation of the
weaknesses resulting in
the Company’s incomplete processes
internal control does not Company’s operationsand management operations and
may lead to minor
discover it when management activities deviations from control
conducting internal actions from control deviating considerably objectives in operations
control; objectives from control objectives. and management.
(4) The Audit Committee Failure of democratic
and the internal audit decision-making Errors in democratic The losses caused by
organ's supervision over procedures significant decision-making democratic decision-
the internal control is decision-making errors procedures or making procedures or
invalid. or ineffective execution inadequate execution of inadequate decision
(5) Other standards may result in decisions resulting in execution are not
determined by each substantial losses. significant losses significant.enterprise based on The turnover rate of
industry characteristics Senior and middle
and business operation management personnel
middle and senior
and key technical management personnel General employeecharacteristics.If a weakness or personnel experience
and key technical staff turnover has little
significant turnover is relatively high impact on thecombination of
severely impacting the significantly impacting Company’s operationsweaknesses results in the
Company’s operations the Company’s and development.inability to prevent or operations and
detect and correct the and development. development.following To a large extent it
behaviors/issues or if the undermines the overall
weakness or combination Severe damage to employees’ work
of weaknesses can directly overall employee
motivation may trigger enthusiasm leading to
Reduced employee
lead to the occurrence of motivation and
the following large-scale group
negativity laziness and
incidents or a significant reduction
efficiency may have
behaviors/issues the in work efficiency adverse impacts on
weakness or combination significantly undermine
corporate culture and which has an important
corporate culture and
of weaknesses is identified adverse impact on cohesion.as a significant weakness: cohesion. corporate culture and
(1) Fraud or risk events cohesion.
occur causing substantial
losses and negative
impacts;
(2) Failure to select and Employees’ Employees’
apply accounting policies management management Employees’
in accordance with capabilities and capabilities and management capabilities
generally accepted professional skills fall professional skills lag and professional skills
accounting principles; significantly behind significantly behind lag behind business
(3) Failure to establish business development business development development needs in
anti-fraud procedures and needs across the board. needs in certain key certain areas.control measures; areas.
(4) Failure to establish or
implement corresponding
101China Merchants Port Group Co. Ltd. Annual Report 2025
control mechanisms for
the accounting treatment
of non-routine or special
transactions and lack of
corresponding
compensatory controls;
(5) One or more
weaknesses exist in the
control of the year-end
financial reporting
process and there is no
reasonable assurance that
the prepared financial
statements achieve the
objectives of being true
and accurate.General weaknesses refer
to the control weaknesses
other than material and
serious weaknesses
mentioned above. If the
same weakness occurs
multiple times within a
short period in the same
unit or business causing
economic losses
consideration should be
given to upgrading the
level of internal control
weakness identification.The misstatement in The judging standard was the net profit attributable to the Company's
financial statements or shareholders in the consolidated financial statements audited in last year.loss caused by the defect
or combination of defects Material weakness Serious weakness General weakness
may exceed the
materiality level of the
financial statements: A
misstatement greater than
RMB50 million of Non-financial reporting Non-financial reporting Non-financial reporting
Quantitati operating revenue is weaknesses such as
ve considered a material major investment
weaknesses such as weaknesses such as
mistakes legal serious investment investment mistakesstandard weakness a misstatement
greater than RMB20 disputes and serious
mistakes legal disputes legal disputes and
violations of laws and and violations of laws violations of laws andmillion of operating and regulations have regulations have caused
revenue is considered a regulations have caused
serious weakness and a losses exceeding
caused losses exceeding losses not exceeding
RMB20 million of the RMB20 million of the
misstatement not RMB50 million of theoperating revenue. operating revenue. operating revenue.exceeding RMB20 million
of operating revenue is
considered a general
weakness.Number of material weaknesses in internal control over financial reporting 0
Number of material weaknesses in internal control not related to financial reporting 0
Number of serious weaknesses in internal control over financial reporting 0
102China Merchants Port Group Co. Ltd. Annual Report 2025
Number of serious weaknesses in internal control not related to financial reporting 0
Note: The percentages of evaluated entities’ combined assets and operating income to consolidated
total assets and operating income have been deducted the corresponding financial data of the
merged company.Opinion paragraph in the independent auditor’s report on internal control
We believe that China Merchants Port Group Co. Ltd. has maintained effective internal control over financial
reporting in all material respects as of 31 December 2025 as per the Basic Rules for Enterprise Internal Control
and relevant regulations.Independent auditor’s report on internal control
disclosed or not Disclosed
Disclosure date 3 April 2026
Index to such report disclosed For details see www.cninfo.com.cn
Type of the auditor’s opinion Unmodified unqualified opinion
Material weaknesses in internal control not related to
financial reporting None
Indicate by tick mark whether any modified opinion is expressed in the independent auditor’s report
on the Company’s internal control.□Yes √ No
Indicate by tick mark whether the independent auditor’s report on the Company’s internal control is
consistent with the internal control self-evaluation report issued by the Company’s Board.√ Yes□ No
Indicate by tick mark whether the Company was issued any modified opinion by the independent
auditor on its internal control for the Reporting Period or last year.□Yes √ No
XIV Rectifications of Problems Identified by Self-inspection in the Special Action for Listed
Company Governance
Upon a comprehensive self-inspection the Company has adhered to the combination of the
leadership of the Communist Party of China and corporate governance throughout operations and
complied with relevant laws regulations and normative documents such as improving the internal
103China Merchants Port Group Co. Ltd. Annual Report 2025
governance mechanism refining the governance system and disclosing information in an open and
transparent manner.XV Environmental Information Disclosure
Indicate whether the listed company or any of its major subsidiaries is included in the list of
companies that are required by law to disclose environmental information.√ Yes□ No
Number of companies included in the list of companies
that are required by law to disclose environmental 3
information
No. Company Index to the report on required environmentalinformation
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XVI Corporate Social Responsibility (CSR)
In 2025 CMPort deeply implemented the concept of sustainable development systematically
104China Merchants Port Group Co. Ltd. Annual Report 2025
advancing social responsibility work around core areas such as ecological protection educational
support overseas responsibility and rural revitalization achieving fruitful results.
1. Ecological Environmental Protection
The Company actively supports the protection of the ecological environment and the maintenance
of biodiversity in the areas where we operate. Each subsidiary collaborates closely with professional
research institutions to systematically carry out ecological protection work.Significant achievements are achieved in coral reef conservation in Sri Lanka. HIPG and the
Ocean University of Sri Lanka jointly completed a coral reef baseline study. The research results
released in August 2025 show that the artificial reef formed under the breakwater of Hambantota
Port has become one of the most biodiverse coral reefs in southern Sri Lanka with a live coral
coverage rate of 35% far exceeding the local average of less than 20% for other coral reefs. It is
home to more than eight species of fish unique to the area proving that proper ecological
management can lead to the thriving development of “artificial habitats.” The relevant
achievements were reported by mainstream Sri Lankan media and Xinhua News Agency. HIPG
simultaneously conducted a beach cleaning campaign to continuously protect the marine ecological
environment.Wildlife protection and harmonious coexistence between humans and elephants are promoted.HIPG in collaboration with the Sri Lanka Wildlife and Nature Protection Society the Elephant
Transit Home of the Department of Wildlife Conservation and other organizations continuously
carries out the “Save Alipanch” project providing annual support for the care of 50 orphaned young
elephants to promote harmonious coexistence between humans and elephants.The ecological and environmental monitoring system in Brazil is well-developed. TCP carried
out 19 environmental monitoring programs focusing on the protection of endangered species such
as the gray dolphin and green turtle while simultaneously monitoring physical environmental
indicators such as water quality noise and air quality. In 2025 TCP organized an environmental
kayaking initiative where 73 volunteers removed approximately one ton of waste from the Itiberê
River. TCP also collaborated with the Federal University of Paraná to complete a port logistics
decarbonization report and partnered with the municipal environmental authority to plant over 600
105China Merchants Port Group Co. Ltd. Annual Report 2025
native trees.Domestic ecological restoration has been remarkably effective. Under the guidance of the
Zhanjiang Marine and Fisheries Bureau Zhanjiang Port carried out the first phase of the container
terminal expansion project in the Baoman Port Area between May and July 2025. During the
project six rounds of marine stock enhancement activities were conducted. A total of 33400000
black sea bream 84670000 Penaeus monodon 49110000 Tegillarca granosa 80960000
Meretrix meretrix and 260000 Chinese horseshoe crabs were released into the sea. These efforts
have effectively improved the local marine ecological environment and helped conserve aquatic
biodiversity. Shantou China Merchants Port organized 43 party members to participate in the
improvement of the living environment. Before the implementation of the project a marine
biological ecological survey was conducted to provide a scientific basis for green construction.Environmental public welfare activities are diverse and colorful. Qianhaiwan Property in
collaboration with Shekou Community Foundation organized the green public welfare initiative
themed Ecological Light Ushering in Green Shekou conducting sustainable development public
welfare lectures. The South China Operations Center under the theme Let Nature Be More at Ease
educated residents on waste classification standards and advocated for the concept of green living.
2. Educational Support and Youth Development
The Rural Education Charity Programme celebrates its tenth anniversary with a revitalized
upgrade. Since 2015 the Company has initiated the Rural Education Charity Programme
establishing a “Summer camp - Growth camp - Support camp” three-in-one child care service
system. This system covers 25 rural schools benefiting nearly 30000 children and creating
opportunities for parent-child reunions for 260 port families. In May 2025 the volunteer team
visited primary schools in Wuhua County Lianping County Zhanjiang City and other locations to
hold four public welfare growth camp activities bringing care to nearly 800 rural children. In
December the tenth-anniversary themed event of the project was successfully held in Shunde
Foshan. The first “China Merchants C Me Fly Sci-Tech Innovation Space” was officially unveiled
and the project brand “Harbor for Future” was newly launched. This marks the project’s renewal
and upgrade from rural education assistance to focusing on the co-development of science and
106China Merchants Port Group Co. Ltd. Annual Report 2025
technology innovation for youth in port and surrounding communities. The project was awarded the
Three-star Quality Project at the 2025 Shenzhen Public Welfare and Charity Project Competitionand was selected as a typical case of Guangdong International Volunteer Service under the “YueZhi Si Hai” Initiative.Advancement of campus public welfare are continued. Shantou Port carried out the “Hand inHand Painting the Blueprint of Dreams” series of activities. The South China Breakbulk
Operations Center organized a visit for students from Dongwan Primary School in Nanshan District
to the port and donated reclining desks and chairs to improve students’ lunchtime rest conditions.Science education reaches youth. During the National Science Popularization Month in
September 2025 the South China Operations Center transformed Mawan Smart Port into a
“National Smart Port Science Popularization Demonstration Base.” Youth took the opportunity to
observe advanced technologies such as unmanned container truck intelligent dispatching up close
building a bridge between transportation technology and the public. In December led by CMPort
and co-organized by Shunde New Port Xingtan Leung Kau Kui Junior High School and the
Chinese University of Hong Kong Shenzhen jointly conducted a collaborative innovation activity
in science and technology education. Through advanced technology lectures and interactive science
and innovation booths the event provided students with a science popularization education
experience broadened their technological horizons and offered practical references for the
integration of science and technology education in primary and secondary schools with university
resources.
3. Overseas Responsibility and International Exchange
Implementation of the C Blue Training Program is deepened. In 2025 CMPort successfully
held three sessions of the C Blue Training Program establishing an international youth exchange
system covering both spring and autumn seasons and targeting groups from different countries. InMay the 14th Launch Class themed “National Prosperity through Ports and Shipping and a DeepCommitment to Ecological Civilization” welcomed 28 participants from 19 countries who visited
Chongqing Yichang and Shenzhen to conduct an in-depth study of the development achievements
of the Three Gorges on the Yangtze River and the construction of smart ports. In July to promote
107China Merchants Port Group Co. Ltd. Annual Report 2025
the practical application of C Blue training we innovatively organized a C Blue Sri Lanka special
class inviting 16 Sri Lankan university students to China for study and exchange. We precisely
selected ten outstanding students for internships in key positions at CICT among whom seven
successfully gained employment due to their outstanding overall performance thereby establishing
a sustainable talent pipeline for the local talent team of overseas projects. In October the 16th FarSailing Class themed “Exploring the Origins and Future Drivers of Port and ShippingDevelopment” involved 18 participants from 11 countries engaging in in-depth study and research
in Beijing Shanghai and Shenzhen. A total of 62 international youths were invited to China for
exchanges throughout the year.Rapid response to Sri Lanka flood relief was made. In 2025 Sri Lanka was hit by the intense
tropical cyclone Ditwah and suffered the most severe natural disaster in recent years. The Company
promptly initiated multi-level public welfare assistance assisting the China Merchants Foundation
in donating USD150000 to the Sri Lanka Red Cross Society specifically for emergency relief for
disaster victims procurement of basic living materials and post-disaster reconstruction support. At
the same time HIPG arranged for the canteen to urgently prepare 1000 meals to be delivered to the
disaster area. CICT distributed relief supplies to 28 affected employees’ families and urgently
procured food medicine and agricultural tools for donation to disaster areas around Colombo and
Hambantota helping disaster victims quickly resume normal production and life.After a decade of cultivation the wheelchair tennis program has yielded fruitful results. With
the support of the China Merchants Foundation CICT has been funding the Sri Lanka Wheelchair
Tennis Program since 2015 helping local disabled youth participate in tennis. After nearly ten years
of development the athlete’s world ranking has risen to 44th place becoming an important link in
sports exchanges between China and Sri Lanka. In 2025 the project organized three domestic open
competitions and arrange participation in international competitions in Malaysia and France.The “China Merchants Silk Road Love Villages” program is deeply integrated into
international exchanges. Under the support of the China Merchants Foundation HIPG continues
to carry out the “China Merchants Silk Road Love Villages” program focusing on Kendagasman
Village benefiting over 2200 residents. In September 2025 representatives of the beneficiary
108China Merchants Port Group Co. Ltd. Annual Report 2025
groups were invited to China to attend the Second International Exchange Conference on the Joint
Implementation of the Global Development Initiative by International Civil Society and to
participate in project showcases.The Brazil TCP Multi-dimensional Community Welfare Program has been widely recognized.The Public Welfare Project “Claws of Kaikala” addresses the actual difficulties faced by the
residents of Pia?aguera Island such as inconvenient travel and the lack of standardized veterinary
care for pets. It dispatches a modified pet medical treatment boat to deliver professional medical
services right to the residents’ “doorsteps” providing blood parasite testing vaccinations and
health guidance thereby considering both pet health and community public health. This project wasfeatured in a special report by People’s Daily. In terms of youth development the “BuildingStronger Five-a-Side Football” project provides free services to approximately 600 participants
establishing training centers in multiple schools. Ninety percent of the adult team players come
from the project and four players have been sent to the national league making it a cradle for sports
talent. The “Islands Art and Vaudeville” project conducted 34 environmental-themed
performances in ten island communities integrating ecological awareness into cultural arts. In
addition TCP raised BRL20000 through the sale of commemorative books and donated the
proceeds to the Paranaguá Women’s Cancer Support Association. It also conducted community
tourism training programs to encourage local participation in festivals. With these achievements
TCP received the SESI SDG 2025 Seal the Paraná Climate Seal and the Ministry of Ports and
Airports Sustainable Development Bronze Seal. The Mutual Support Project was also selected for
inclusion in the National Confederation of Industry’s COP30 Sustainable Business Casebook.The HIPG Community Public Welfare Program achieves multi-dimensional coverage. In 2025
HIPG continued to deepen the friendship between China and Sri Lanka by integrating local actual
needs through livelihood assistance and cultural integration. In the cultural and religious domain it
supported the Vesak Festival lamp-lighting ceremony at Seetharamaya Temple organized ice cream
donation activities and enriched community cultural life. It also provided weekly refreshments to
students at Sri Seelawimala Samudraramaya Buddhist College to support their nutritional needs. In
terms of social welfare it assisted the Guangdong Buddhist Association in donating living supplies
to 600 impoverished households in the Kenda “Hope Village” conveying the friendship between
109China Merchants Port Group Co. Ltd. Annual Report 2025
China and Sri Lanka. Through a series of livelihood assistance and cultural exchanges HIPG has
established a deep emotional bond with the local community.Community welfare and youth development in Indonesia are promoted. NPH supports the
regular operation of three community reading centers and the Cahaya Ilmu holiday event has
attracted 35 children to participate. The Internship Program for Fresh Graduates admitted 25participants among whom 12 successfully obtained employment and the “University KnowledgeSharing Program” cooperated with three universities to hold seven activities covering 62 students.Scholarships totaling IDR135500000 were awarded to 67 children of outstanding employees.IDR5000000 was monthly donated to the Annas Foundation supporting 380 families of former
dockworkers. The annual disaster relief investment was IDR20640000.Togo LCT continues to deepen ecological protection. Since 2012 LCT has annually allocated
special funds for turtle protection and rescue systematically conducting juvenile turtle breeding and
release habitat ecological monitoring and adult turtle rescue activities. At the same time it
implemented a “remove one replant two” double compensation planting plan for the mangroves
removed during the project. It collaborated with local environmental organizations to cultivate
seedlings and protect the biodiversity of the Togo coastline. The newly planted mangroves have
now gradually formed forests and are growing well becoming a vivid practice of ecological co-
construction between the Company and the community.Moving forward the Company will continue to deepen international exchanges and social
responsibility practices actively fulfilling the mission of a central enterprise. We aim to integrate
social responsibility with corporate development more profoundly contributing more to the
sustainable development of the economy and society.Please refer to the 2025 Sustainability Report of China Merchants Port Group Co. Ltd. for the
fulfilment of social responsibilities in the Reporting Period for details.XVII Poverty Alleviation and Rural Revitalization Efforts
Zhanjiang Port a subsidiary of CMPort thoroughly implements the strategic deployment of the
Central Committee for comprehensively advancing rural revitalization. It has established a
110China Merchants Port Group Co. Ltd. Annual Report 2025responsibility system where “main leaders take charge leaders in charge focus on key areas andspecial working groups implement tasks.” The Company continuously assigns two key personnel to
be stationed in Haian Town Xuwen County dedicated to advancing various tasks related to rural
revitalization. In 2025 Zhanjiang Port made a targeted donation of RMB1 million to relevant
charitable organizations in Zhanjiang City for rural revitalization projects with a cumulative
investment exceeding RMB1.5 million to improve infrastructure in the assisted areas.Significant achievements in key projects. The Baoxi Village Cultural Square built with aninvestment of RMB420000 as a key project of the “Project of Promoting the High-qualityDevelopment of Villages Towns and Counties” has become a cultural and tourism check-in
landmark in Nanji Village and was recommended by Xuwen County as a typical case of rural
construction in Zhanjiang City. An investment of RMB520000 was used to upgrade and renovate
the Macheng Village Farmer’s Market in Haian Town which not only expanded the village-level
collective economy but also completely solved the “messy dirty and poor” problems of the
traditional market effectively facilitating the lives of villagers. In recent years Zhanjiang Port has
cumulatively completed infrastructure projects such as the repair and reinforcement of the Macheng
Village Committee’s water tower road upgrades water pipeline renewal and the installation of
solar street lights effectively improving the rural living environment.Precise coverage of livelihood assistance. The village working group in collaboration with village
committee cadres regularly visits households that have been lifted out of poverty and those
receiving minimum living allowances. They dynamically update the system data for over 30
households that have been lifted out of poverty and develop a “one household one policy”
assistance plan for farmers at risk of returning to poverty. During the Spring Festival and Mid-
autumn Festival in 2025 we extended our regards to a total of 54 individuals including households
under poverty monitoring veteran Party members and children in difficult circumstances. We
distributed RMB27000 in consolation funds allowing the rural community to deeply feel the care
and warmth of the Party organization. The staff stationed in the town actively engaged in tasks such
as improving the living environment and promoting cultural and health initiatives. They focused
precisely on environmental improvement enhancement of rural appearance optimization of public
services and strengthening of grassroots governance leading to a significant improvement in the
111China Merchants Port Group Co. Ltd. Annual Report 2025
overall appearance of the countryside.
112China Merchants Port Group Co. Ltd. Annual Report 2025
Part V Significant Events
I Fulfilment of Commitments
1. Commitments of the Company’s Actual Controller Shareholders Related Parties and
Acquirers as well as the Company Itself and other Entities Fulfilled in the Reporting Period
or Ongoing at the Period-end
Commitm Promiso Type of Date of Term of
ent r commitme Details of commitment commitment commitme
Fulfil
nt making nt ment
The
commitme
nt on
safeguardi
ng
independe
nce of
CMPort is
effective
for a long
time; the
Commitm commitme
ents on nt on
CMGD horizontal Commitment on safeguarding independence of CMPort made
regulating
and competitio by CMGD and its person acting in concert Broadford Global: to
related-
Broadfor n related- safeguard the independence of finance institutions business
15 March party Ongoi
party and personnel of CMPort as well as independence and integrity 2018 transaction ngd Global transaction of assets of CMPort. s is
Commitm and capital
effective
ents made occupation
during the
period
in when
acquisitio CMGD
n and its
document persons
s or acting in
shareholdi concert
ng possess
alteration control
document power
s over the
Company
Commitment on regulating related-party transaction made by The
CMGD and corresponding persons acting in concert- Broadford commitme
Global: 1. CMGD/Broadford Global will make a great effort to nt on
reduce related-party transaction between CMGD/Broadford safeguardi
Commitm Global and its related parties as well as CMPort. Inevitable ng
ents on business dealings or transactions shall be conducted as per independe
CMGD horizontal marketization principle and fair price and the obligation of nce of
and competitio information disclosure shall be fulfilled pursuant to provisions; 15 March CMPort is Ongoi
Broadfor n related- 2. CMGD/Broadford Global and its related parties ensure they effective
d Global party
2018 ng
will strictly observe related stipulations of laws regulations for a long
transaction normative documents and Articles of Association of CMPort time; the
and capital and equally execute shareholders' rights and fulfil shareholders' commitme
occupation obligations together with other shareholders in line with legal nt on
program as well as won't seek improper interest with actual regulating
controller's status or damage legitimate interest of CMPort and related-
other shareholders; 3. The above commitment is continuously party
effective during the period when CMGD/Broadford Global has transaction
113China Merchants Port Group Co. Ltd. Annual Report 2025
the right to control CMPort. In case of losses incurred by s is
CMGD/Broadford Global failing to fulfil the above effective
commitment to CMPort CMGD will bear corresponding during the
compensation responsibility. period
when
CMGD
and its
persons
acting in
concert
possess
control
power
over the
Company
Commitment on regulating related-party transaction: 1. China
Merchants Group will try its best to reduce related-party
transaction between it and its related parties and CMPort.Inevitable business dealings or transactions shall be conducted
as per marketization principle and fair price and the obligation
Commitm of information disclosure shall be fulfilled pursuant to
ents on provisions; 2. China Merchants Group ensure they will strictly Effective
horizontal observe related stipulations of laws regulations normative until no-
competitio documents and Articles of Association of CMPort and equally longer to
CMG n related- execute shareholders' rights and fulfil shareholders' obligations 15 March be the Ongoi
party together with other shareholders in line with legal program as 2018 actual ng
transaction well as won't seek improper interest with actual controller's controller
and capital status or damage legitimate interest of CMPort and other of the
occupation shareholders; 3. The above commitment is continuously Company
effective during the period when China Merchants Group has
the right to control CMPort. In case of losses incurred by China
Merchants Group failing to fulfil the above commitment to
CMPort China Merchants Group will bear corresponding
compensation responsibility.Commitment on avoiding horizontal competition: 1. CMPID
and other enterprise controlled by CMPID fail to engage in or
participate in business or activity which is similar with and
constitutes or likely constitutes competitive relation with main
business conducted by CMPort and the enterprise controlled by
it now; 2. CMPID will try its best to promote CMPID and other
enterprise controlled by CMPID not to directly or indirectly
engage in or participate in or assist to engage in or participate
in any business or activity which constitutes or likely
constitutes competitive relation with main business conducted
by CMPort and the enterprise controlled by it now and in the
Commitm future independently or together with others; 3. In case of
ents on discovering any new business opportunity which constitutes or EffectiveCommitm horizontal likely constitutes direct or indirect competitive relation with until no-ents made competitio main business of CMPort or the enterprise controlled by it longer toin time of
asset CMPID n related-
CMPID or CMPID and other enterprise controlled by it will 26 July 2018 be the Ongoi
party immediately notify CMPort in written as well as make a great largest ngrestructuri transaction effort to promote such business opportunity to be provided to shareholdeng and capital CMPort or the enterprise controlled by it firstly according to r of the
occupation reasonable and fair terms and conditions; 4. In case of CMPort Company
or the enterprise controlled by it waiving such competitive new
business opportunity and CMPID or/and other enterprise
controlled by it engaging in such competitive business CMPort
or the enterprise controlled by it will have the right to purchase
any stock rights assets or other rights and interests in the above
competitive business from CMPID or/and other enterprise
controlled by it once or several times at any moment or
CMPort will select entrusted operation leasing or contract
operation of assets or businesses of CMPID or/and other
enterprise controlled by it in the above competitive business as
per the mode permitted by national laws and regulations; 5.When CMPID and other enterprise controlled by it plans to
114China Merchants Port Group Co. Ltd. Annual Report 2025
transfer sell rent out conduct licensed use of or transfer or
allow to use assets and businesses which constitutes or likely
constitutes direct or indirect competitive relationship with main
business of CMPort or the enterprise controlled by it in other
way CMPID and other enterprise controlled by it will provide
the right of priority assignment to CMPort or the enterprise
controlled by it and promise to make a great effort to promote
other enterprise controlled by CMPID provide CMPort or the
enterprise controlled by it with the right of priority assignment
under the above situation; 6. As of the date when the
commitment letter is provided CMPID promises to compensate
all actual losses damages and expenses arising from violation
of any clause in the commitment letter by CMPID or the
enterprise controlled by it to CMPort or the enterprise
controlled by it.Commitment on regulating related-party transaction: 1. CMPID
and other enterprise controlled by it will make a great effort to
avoid and reduce related-party transaction between CMPort and
economic entity controlled by it; 2. CMPID and other
enterprise controlled by it will exercise stockholder's rights in
accordance with related provisions of relevant laws and
regulations as well as Articles of Association of CMPort and
fulfil the obligation of vote avoidance at the moment of voting
for related-party transactions involved by CMPID and other
Commitm enterprise controlled by it at the stockholders' meeting; 3. As
ents on for related-party transaction which is inevitable or occurs due to Effective
horizontal reasonable reason CMPID will carry out transaction pursuant until no-
competitio to the principle of openness fairness and justice for market longer to
CMPID n related- transaction and based on fair and reasonable market price 26 July 2018 be the Ongoi
party perform related-party transaction decision-making process and largest ng
transaction legally fulfil information disclosure obligation to safeguard shareholde
and capital benefits of CMPort and other shareholders of CMPort in line r of the
occupation with provisions of laws regulations normative documents and Company
Articles of Association of CMPort; 4. It's ensured that no
legitimate interest of CMPort and other shareholders of CMPort
is damaged by related-party transaction based on status and
influence of CMPort; 5. CMPID will promote other enterprise
controlled by it to observe the commitment of Subparagraph 1-
4; 6. In case of CMPID and other enterprise controlled by it
violating the above commitment causing rights and interests of
CMPort and its shareholders are damaged CMPID will take
corresponding compensation responsibility according to law.Commitment about keeping independence of CMPort: 1. After
the transaction is completed CMPID will strictly observe
related provisions regarding independence of listed Companies
from CSRC and won't violate standard operating procedures of
CMPort based on the first majority shareholder conduct
excessive intervention of operation and management activities
Commitm of CMPort and its subsidiary embezzle benefits of CMPort and
ents on its subsidiary or damage legitimate interest of CMPort and Effective
horizontal other shareholders; 2. CMPID will ensure CMPort is until no-
competitio independent from CMPID and related parties in the aspects of longer to
CMPID n related- business asset finance personnel and institution; 3. CMPID be the Ongoi
party ensures independence of CMPort CMPID and other enterprise
26 July 2018 largest ng
transaction controlled by it fail to occupy capitals and resources of CMPort shareholde
and capital based on violation in any way and will strictly observe r of the
occupation provisions of rules and regulations for avoiding occupation of Companyrelated party funds from CMPort as well as related laws
regulations and normative documents; 4. The commitment
letter takes effect as of the signature date of CMPID as well as
is legally binding upon CMPID. CMPID ensures it will strictly
fulfil various commitments in the commitment letter and will
take corresponding legal responsibility for losses incurred to
CMPort due to violation of related commitment.CMG Commitm Commitment on avoiding horizontal competition: 1. China Effectiveents on 26 July 2018Merchants Group and the enterprise controlled by it (excluding until no- Ongoi
115China Merchants Port Group Co. Ltd. Annual Report 2025
horizontal CMPort Holdings and the enterprise controlled it) fail to engage longer to ng
competitio in or participate in any business or activity which is similar be the
n related- with and constitutes or likely constitute direct or indirect actual
party competitive relationship with main business conducted by controller
transaction CMPort and the enterprise controlled by it now; 2. China of the
and capital Merchants Group will try its best to promote enterprises Company
occupation controlled by it(except for CMPort and the enterprise controlled
by it) not to directly or indirectly engage in or participate in or
assist to engage in or participate in any business or activity
which constitutes or likely constitutes competitive relation with
main business conducted by CMPort and the enterprise
controlled by it now and in the future independently or together
with others; 3. In case of discovering any new business
opportunity which constitutes and likely constitutes direct or
indirect competitive relation with main business of CMPort or
the enterprise controlled by it China Merchants Group or
enterprise controlled by it(except for CMPort and the enterprise
controlled by it) will immediately notify CMPort in written as
well as make a great effort to promote such business
opportunity to be provided to CMPort or the enterprise
controlled by it firstly according to reasonable and fair terms
and conditions; 4. In case of CMPort or the enterprise
controlled by it waives such competitive new business
opportunity and China Merchants Group or the enterprise
controlled by it (except for CMPort and the enterprise
controlled by it) engaging in such competitive business
CMPort or the enterprise controlled by it will be entitled to
purchase any equities assets and other rights and interests in
the above competitive business from China Merchants Group
or the enterprise controlled by it (except for CMPort and the
enterprise controlled by it) once or several times at any moment
or CMPort will select entrusted operation leasing or contract
operation of assets or businesses of China Merchants Group or
the enterprise controlled by it (except for CMPort and the
enterprise controlled by it) in the above competitive business
according to the mode permitted by national laws and
regulations; 5. When China Merchants Group and the enterprise
controlled by it (except for CMPort and the enterprise
controlled by it) plans to transfer sell lease allow to use or
transfer or allow to use asset and business which constitutes or
likely constitutes direct or indirect competitive relationship
with main business of CMPort or the enterprise controlled by it
in other way China Merchants Group and the enterprise
controlled by it (except for CMPort and the enterprise
controlled by it) will provide the right of priority assignment
for CMPort or the enterprise controlled by it and promise to
make a great effort to promote the enterprise controlled by
China Merchants Group to provide the of priority assignment
for CMPort or the enterprise controlled by it under the above
situation; 6. As of the date when the commitment letter is
provided China Merchants Group promises to compensate all
actual losses damages and expenses arising from violation of
any clause in the commitment letter by China Merchants Group
or the enterprise controlled by it to CMPort or the enterprise
controlled by it.Commitment on regulating related-party transaction: 1. China
Commitm Merchants Group and other enterprise controlled by it will
ents on Effectivemake a great effort to avoid and reduce related-party
horizontal until no-transaction between CMPort and economic entity controlled by
competitio longer toit; 2. China Merchants Group and other enterprise controlled by
CMG n related- be the Ongoiit will exercise stockholder's rights in accordance with related 26 July 2018
party actual ngprovisions of relevant laws and regulations as well as Articles
transaction controllerof Association of CMPort and fulfil the obligation of vote
and capital of theavoidance at the moment of voting for related-party
occupation Companytransactions involved by China Merchants Group and other
enterprise controlled by it at the stockholders' meeting; 3. As
116China Merchants Port Group Co. Ltd. Annual Report 2025
for related transaction which is inevitable or occurs due to
reasonable reason China Merchants Group will carry out
transaction pursuant to the principle of openness fairness and
justice for market transaction and based on fair and reasonable
market price perform related-party transaction decision-
making process and legally fulfil information disclosure
obligation to safeguard benefits of CMPort and other
shareholders of CMPort in line with provisions of laws
regulations normative documents and Articles of Association
of CMPort; 4. It's ensured that no legitimate interest of CMPort
and other shareholders of CMPort is damaged by related-party
transaction based on status and influence of CMPort; 5. China
Merchants Group promotes other enterprise controlled by it to
observe the commitment set forth in Subparagraph 1-4 above;
6. In case of China Merchants Group and other enterprise
controlled by it violating the above commitment causing rights
and interests of CMPort and its shareholders are damaged
China Merchants Group will take corresponding compensation
responsibility according to law.Commitment about keeping independence of CMPort: 1. After
the transaction is completed China Merchants Group will
strictly observe related provisions regarding independence of
listed companies from CSRC and won't violate standard
operating procedures of CMPort based on actual controller's
status conduct excessive intervention of operation and
management activities of CMPort and its subsidiary embezzle
benefits of CMPort and its subsidiary or damage legitimate
Commitm interest of CMPort and other shareholders; 2. China Merchants
ents on Group will ensure CMPort is independent from China Effective
horizontal Merchants Group and related parties in the aspects of business until no-
competitio asset finance personnel and institution; 3. China Merchants longer to
CMG n related- Group ensures independence of CMPort China Merchants 26 July 2018 be the Ongoi
party Group and other enterprise controlled by it fail to occupy actual ng
transaction capitals and resources of CMPort based on violation in any way controller
and capital and will strictly observe provisions of rules and regulations for of the
occupation avoiding occupation of related party funds from CMPort as Company
well as related laws regulations and normative documents; 4.The commitment letter takes effect as of the signature date of
China Merchants Group as well is legally binding upon China
Merchants Group. China Merchants Group ensures it will
strictly fulfil various commitments in the commitment letter
and will take corresponding legal responsibility for losses
incurred to listed Company due to violation of related
commitment.Commitment letter about perfecting the property ownership
certificate for land and house property of CMPort Holdings and
the enterprise subordinate to it: 1. China Merchants Group will
spare no effort to assist promote and drive CMPort Holdings
and the enterprise subordinate to it to standardize perfect and
solve ownership defects of properties such as land and house
property; 2. The following situations happen to CMPort
Holdings and the enterprise subordinate to it before completion Effective
of the transaction: (1) Land use right of ownership certificate until no-
Other which is being handled the house property failing to be timely longer to
CMG commitme handled (except for results incurred by force majeure law 26 July 2018 be the Ongoi
nt policy government administration behavior and change in actual ng
planned use of the land instead of CMPort Holdings and the controller
enterprise subordinate to it); Or (2) Land use right of ownership of the
certificate the property ownership certificate failing to be Company
handled (except for results incurred by force majeure law
policy government administration behavior and change in
planned use of the land of CMPort Holdings and the enterprise
subordinate to it); Or (3) In case of nonstandard other land use
right and house property (except for results incurred by force
majeure law policy government administration behavior and
change in planned use of the land instead of CMPort Holdings
117China Merchants Port Group Co. Ltd. Annual Report 2025
and the enterprise subordinate to it) and encountering actual
losses (including but not limited to compensation fine
expenditure and benefit lost) China Merchants Group will
timely and fully compensate CMPort.Commitment letter about real estate leased by CMPort
Holdings and the enterprise subordinate to it: In case of
nonstandard situation of the leased property significantly
influencing use of CMPort Holdings and the Company
subordinate to it to engage in operation of normal business
China Merchants Group will actively take effective measures
(including but not limited to arranging to provide the property
with identical or similar conditions to be used for operation of Effective
related Company) to promote business operation of related until no-
Other Company to be conducted normally and alleviate or eliminate longer to
CMG commitme adverse effect; In case of nonstandard of the leased property be the Ongoi
nt causing CMPort Holdings and the enterprise subordinate to it
26 July 2018 actual ng
produce actual additional expenditures or losses (such as third- controller
party compensation) China Merchants Group will actively of the
coordinate and negotiate with other related party to support Company
normal operation of CMPort Holdings and the enterprise
subordinate to it to the great extent and avoid or control
continuous enlargement of the damage; At the same time China
Merchants Group agrees compensate CMPort Holdings and the
enterprise subordinate to it in cash for actual losses incurred to
CMPort Holdings and the enterprise subordinate to it for this
reason to relieve or eliminate adverse effect.Commitment letter about allotted land of the enterprise
subordinate to China Merchants Port Holdings Company
Limited from China Merchants Group: In case that the above
allotted land is withdrawn or needs to be translated into
assignment land due to policy adjustment in the future after the
transaction is completed China Merchants Group will actively Effective
coordinate with CMPort and related companies such as China until no-
Other Merchants Group International Port (Qingdao) Co. Ltd. and longer to
CMG commitme Shantou China Merchants Port Group Co. Ltd. to handle the be the Ongoi
nt transfer procedure or take other feasible countermeasures. In
26 July 2018 actual ng
case of any actual loss (excluding land-transferring fees or rent controller
fees paid for taking rural land ownership registration fees of the
taxes and dues and other related expenses to be paid by Chiwan Company
Wharf or above-mentioned related companies according to
provisions of laws and regulations) incurred to CMPort or
above-mentioned related companies for this reason China
Merchants Group will timely and fully compensate actual loss
incurred to CMPort or above-mentioned related companies.Commitment letter about undertaking the accreditation fees of
property ownership certificate for the perfection of the land and
house property of CMPort Holdings and the enterprise
subordinate to it: In case of defective land use right and house Effective
property involved by the Company subordinate to CMPort until no-
Other Holdings on account of operation (namely land use right and longer to
CMG commitme house property of the Company subordinate to CMPort 14 September be the Ongoi
nt Holdings without complete ownership certificate existing 2018 actual ngbefore the transaction is completed) incurring registration fees controller
such as taxes and dues compensation and fine in the process of of the
perfecting legal procedures of defective land use right and Company
house property by the subordinate to CMPort Holdings China
Merchants Group will timely and fully compensate to the
Company subordinate to CMPort Holdings for undertaking.Commitment letter about related matters of CMPort after the Before 3
transaction is completed: After the transaction is completed November
Other Chiwan Wharf will become port business asset management 2029 and
CMG commitme 30 September Ongoiheadquarters and domestic capital operation platform of China
nt 2018
CMG is ng
Merchants Group deeply participate in integration of domestic the actual
regional port assets and enlarge the scale of domestic listed controller
assets to make net profit of CMPort Holdings (00144.HK) of the
118China Merchants Port Group Co. Ltd. Annual Report 2025
enjoyed as per the rights and interests in the consolidated Company
statement of listed Company in recent one fiscal year fail to
exceed 50% net profit of consolidated statement of the listed
Company and net asset of CMPort Holdings (00144.HK)
enjoyed in light of rights and interests in the consolidated
statement of listed Company in recent one fiscal year fail to
exceed 30% net asset in the consolidated statement of the listed
Company within 3-5 years after the transaction is completed.China Merchants Group and all its directors supervisors and
administrative officers ensure the transaction report its
abstract other information provided for the transaction and
application document are true accurate and complete without
false record misleading statement or important omission as
well as take individual and joint legal liability for false record
misleading statement or important omission. If the information
provided or disclosed by this transaction is suspected of false
records misleading statements or major omissions and is
investigated by the judicial authorities or investigated by the
China Securities Regulatory Commission (CSRC) the
directors supervisors or senior managers of China Merchants
Group do not transfer the shares that have interests in listed
Company and submit the written application and stock account
of the suspension of the transfer to the Board of Directors of the
CMPort within two trading days after receiving the filing
Other inspection notice and the Board of Directors shall apply for Effective
CMG commitme lock-up on behalf of the CMG Hong Kong to the Stock 26 July 2018 continuous Ongoi
nt Exchange and Registration and Settlement Company. In case ly ng
of failing to file a locking application within two transaction
days and after the Board of Directors is authorized for
verification identity information and account information on
directors supervisors or administrative officers of China
Merchants Group will be directly submitted to Stock Exchange
and Registration and Settlement Company with locking
applied; In case of Board of Directors failing to submit identity
information and account information on directors supervisors
or administrative officers of China Merchants Group to Stock
Exchange and Registration and Settlement Company Stock
Exchange and Registration and Settlement Company will be
authorized to directly lock related shares. In case that the
situation of violating laws and rules is found upon investigation
conclusion directors supervisors or administrative officers of
China Merchants Group promise locked shares are voluntarily
used for compensating related investors.
1. CMG Hong Kong ensures related information provided for
the transaction is true accurate and complete without false
record misleading statement or important omission; 2. CMG
Hong Kong ensures the data provided to CMPort and all
intermediary organs participating in the transaction is true
accurate and complete original written data or data copy. Data
copy is consistent with original data and signature and seal of
all the documents are true. The signatory of such documents is
legally authorized and effectively signs such documents
without any false record misleading statement or important
CMG Other omission; 3. CMG Hong Kong ensures descriptions and Effective
Hong commitme Ongoiconfirmations issued for the transaction is true accurate and 26 July 2018 continuous
Kong nt ngcomplete without false record misleading statement or ly
important omission; 4. CMG Hong Kong ensures that statutory
disclosure and report obligation has been performed and no
contracts agreements arrangements or miscellaneous that
should have been disclosed exists; 5. The CMG Hong Kong
made the commitment that if the information provided or
disclosed by this transaction is suspected of false records
misleading statements or major omissions and is investigated
by the judicial authorities or investigated by the China
Securities Regulatory Commission (CSRC) it does not transfer
the shares that have interests in listed Company and submit the
119China Merchants Port Group Co. Ltd. Annual Report 2025
written application and stock account of the suspension of the
transfer to the Board of Directors of the CMPort within two
trading days after receiving the filing inspection notice and the
Board of Directors shall apply for lock-up on behalf of the
CMG Hong Kong to the Stock Exchange and Registration and
Settlement Company. In case of failing to file a locking
application within two transaction days and after the Board of
Directors is authorized for verification identity information and
account information on CMG Hong Kong will be directly
submitted to Stock Exchange and Registration and Settlement
Company with locking applied; In case of Board of Directors
failing to submit identity information and account information
on CMG Hong Kong to Stock Exchange and Registration and
Settlement Company Stock Exchange and Registration and
Settlement Company will be authorized to directly lock related
shares. If the investigation finds that there is a violation of the
law CMG Hong Kong committed to lock the shares voluntarily
for the relevant investor compensation; 6. If CMG Hong Kong
promises to related document data and information provided in
the reorganization process aren't true accurate or complete or
are with false record misleading statement or important
omission CMG Hong Kong is willing to legally bear
corresponding legal responsibility; 7. In case of CMG Hong
Kong violating the above promise incurring losses to CMPort
CMG Hong Kong will take corresponding compensation
responsibility.
1. CMPID ensures related information provided for the
transaction is true accurate and complete without false record
misleading statement or important omission; 2. CMPID ensures
the data provided to CMPort and all intermediary organs
participating in the transaction is true accurate and complete
original written data or data copy. Data copy is consistent with
original data and signature and seal of all the documents are
true. The signatory of such documents is legally authorized and
effectively signs such documents without any false record
misleading statement or important omission; 3. CMPID ensures
description and confirmation provided for the transaction are
true accurate and complete without any false record
misleading statement or important omission; 4. CMPID ensures
that statutory disclosure and report obligation has been
performed and no contracts agreements arrangements or
miscellaneous that should have been disclosed exists; 5. The
CMPID made the commitment that if the information provided
or disclosed by this transaction is suspected of false records
Other misleading statements or major omissions and is investigated Effective
CMPID commitme by the judicial authorities or investigated by the China 26 July 2018 continuous Ongoi
nt Securities Regulatory Commission (CSRC) it does not transfer ly ng
the shares that have interests in CMPort and submit the written
application and stock account of the suspension of the transfer
to the Board of Directors of the CMPort within two trading
days after receiving the filing inspection notice and the Board
of Directors shall apply for lock-up on behalf of the CMG
Hong Kong to the Stock Exchange and Registration and
Settlement Company. If the application for lock-up is not
submitted within two transaction days the Board of Directors is
authorized to verify and submit the identity information and
account information of CMPID directly to the Stock Exchange
and Registration and Settlement Company and apply for lock-
up; If the Board of Directors fails to submit the identity
information and account information of the CMPID to the
Stock Exchange and Registration and Settlement Company
then the Stock Exchange and Registration and Settlement
Company shall be authorized to directly lock the relevant
shares. If the investigation finds that there is a violation of the
law CMPID committed to lock the shares voluntarily for the
relevant investor compensation; 6. If CMPID promises to
120China Merchants Port Group Co. Ltd. Annual Report 2025
related document data and information provided in the
reorganization process aren't true accurate or complete or are
with false record misleading statement or important omission
CMPID is willing to legally bear corresponding legal
responsibility; 7. In case of CMPID violating the above
commitment incurring losses to CMPort CMPID will take
corresponding compensation responsibility.
1. CMPort Holdings ensures related information provided for
the transaction is true accurate and complete without false
record misleading statement or important omission; 2. CMPort
Holdings ensures the data provided to CMPort and all
intermediary organs participating in the transaction is true
accurate and complete original written data or data copy. Data
copy is consistent with original data and signature and seal of
all the documents are true. The signatory of such documents is
legally authorized and effectively signs such documents
without any false record misleading statement or important
omission; 3. CMPort Holdings ensures description and
CMPort Other confirmation provided for the transaction are true accurate and Effective
Holding commitme complete without any false record misleading statement or 26 July 2018 continuous Ongoi
s nt important omission; 4. CMPort Holdings ensures that statutory ly ng
disclosure and report obligation has been performed and no
contracts agreements arrangements or miscellaneous that
should have been disclosed exists; 5. CMPort Holdings made
the commitment that if the information provided or disclosed
by this transaction is suspected of false records misleading
statements or major omissions and is investigated by the
judicial authorities or investigated by the China Securities
Regulatory Commission (CSRC); CMPort Holdings committed
that if CMPort Holdings violated the above promise incurring
losses to CMPort CMPort Holdings will take corresponding
compensation responsibility.
1. China Merchants Group ensures related information
provided for the transaction is true accurate and complete
without false record misleading statement or important
omission; 2. China Merchants Group ensures the data provided
to CMPort and all intermediary organs participating in the
transaction is true accurate and complete original written data
or data copy. Data copy is consistent with original data and
signature and seal of all the documents are true. The signatory
of such documents is legally authorized and effectively signs
such documents without any false record misleading statement
or important omission; 3. China Merchants Group ensures
descriptions and confirmations issued for the transaction is true
accurate and complete without false record misleading
statement or important omission; 4. China Merchants Group
ensures that statutory disclosure and report obligation has been
Other performed and no contracts agreements arrangements or Effective
CMG commitme miscellaneous that should have been disclosed exists; 5. China 26 July 2018 continuous Ongoi
nt Merchants Group made the commitment that if the information ly ng
provided or disclosed by this transaction is suspected of false
records misleading statements or major omissions and is
investigated by the judicial authorities or investigated by the
China Securities Regulatory Commission (CSRC) it does not
transfer the shares that have interests in CMPort and submit the
written application and stock account of the suspension of the
transfer to the Board of Directors of the CMPort within two
trading days after receiving the filing inspection notice and the
Board of Directors shall apply for lock-up on behalf of China
Merchants Group to the Stock Exchange and Registration and
Settlement Company. In case of failing to file a locking
application within two transaction days and after the Board of
Directors is authorized for verification identity information and
account information of China Merchants Group will be directly
submitted to Stock Exchange and Registration and Settlement
Company with locking applied; In case of Board of Directors
121China Merchants Port Group Co. Ltd. Annual Report 2025
failing to submit identity information and account information
of China Merchants Group to Stock Exchange and Registration
and Settlement Company Stock Exchange and Registration and
Settlement Company will be authorized to directly lock related
shares. If the investigation finds that there is a violation of the
law China Merchants Group committed to lock the shares
voluntarily for the relevant investor compensation; 6. If China
Merchants Group promises to related document data and
information provided in the reorganization process aren't true
accurate or complete or are with false record misleading
statement or important omission China Merchants Group is
willing to legally bear corresponding legal responsibility; In
case of China Merchants Group violating the above promise
incurring losses to CMPort China Merchants Group will take
corresponding compensation responsibility.Chiwan Wharf and all its directors supervisors and
administrative officers ensure the transaction report its
abstract other information provided for the transaction and
application document are true accurate and complete without
false record misleading statement or important omission as
well as take individual and joint legal liability for false record
misleading statement or important omission. If the information
provided or disclosed by this transaction is suspected of false
records misleading statements or major omissions and is
investigated by the judicial authorities or investigated by the
China Securities Regulatory Commission (CSRC) the
directors supervisors or senior managers of Chiwan Wharf do
Chiwan not transfer the shares that have interests in CMPort and
Wharf submit the written application and stock account of the
and all suspension of the transfer to the Board of Directors of the
directors Other CMPort within two trading days after receiving the filing commitme inspection notice and the Board of Directors shall apply for
Effective Ongoi
supervis nt lock-up on behalf of them to the Stock Exchange and
26 July 2018 continuous ng
ors and Registration and Settlement Company. In case of failing to file ly
senior a locking application within two transaction days and after the
manage Board of Directors is authorized for verification identity
ment information and account information on directors supervisors
or administrative officers of Chiwan Wharf will be directly
submitted to Stock Exchange and Registration and Settlement
Company with locking applied; In case of Board of Directors
failing to submit identity information and account information
on directors supervisors or administrative officers of Chiwan
Wharf to Stock Exchange and Registration and Settlement
Company Stock Exchange and Registration and Settlement
Company will be authorized to directly lock related shares. In
case that the situation of violating laws and rules is found upon
investigation conclusion directors supervisors or
administrative officers of Chiwan Wharf promise locked shares
are voluntarily used for compensating related investors.CND Group will irrevocably and unconditionally agrees it will
China ensure transferee of such land use right and its successor and
Nanshan assignee will be fully exempted from responsibility for the 20 March
Develop Other above matters in case of CMPort encountering losses needing 2001; 18 June Effective
ment commitme to bear expenses and liabilities undergoing claim for 2003; 29 continuous
Ongoi
Other
(Group) nt compensation or needing to file a lawsuit due to any actual or September ly
ng
commitm
Inc. potential illegal and unenforceable issues incurred by land use 2004ents made agreement and relevant documents signed and to be signed by
to it.minority
sharehold China In order to properly solve the issue regarding the ownership of
ers Nanshan the land of 270692 square meters transferred to CMPort by
Develop Other CND Group as a contribution CND Group hereby irrevocably Effective
ment commitme undertakes as follows: 2 July 2020 continuous
Ongoi
(Group) nt
ng
1. CND Group affirms the historical fact that it contributed to ly
Inc. the restructuring and listing of Chiwan Wharf with the right to
use 270692 square meters of land in 1993. Besides it affirms
122China Merchants Port Group Co. Ltd. Annual Report 2025
that the 270692 square meters of land has been transferred to
CMPort (formerly known as Chiwan Wharf) and the right to
use the land is owned by CMPort. 2. CND Group will continue
keeping the original undertaking and ensure that the signing of
the relevant agreement will not damage CMPort's rights and
interests of 148119 square meters of land transferred in 1993 to
CMPort (formerly Chiwan Wharf) as a contribution. 3. CND
Group will continue giving full play to its advantages to fully
support land-related authorities in Shenzhen City to secure
CMPort's right to use the 270692 square meters of land.Moreover CND Group will continue to actively assist CMPort
in going through the corresponding procedures for the change
of ownership of property rights and perfect legal procedures
related to the right to use the land (e.g. defining the boundary
line of land land surveying and claiming for the certificate of
land). In addition CND Group undertakes to cover all costs
incurred accordingly (including the land premium). 4. All
consequent losses to CMPort shall be borne by CND Group
should the latter break the above undertaking. Furthermore
CND Group will shoulder all liabilities for damage if the asset
integrity of the listed company CMPort is damaged.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner and the fund raised in
this non-public offering is RMB10917111500. In order to
ensure that the compensation measures for the dilution of
immediate returns in this non-public offering can be effectively
implemented in accordance with the Opinions of the General
Office of the State Council on Further Strengthening the Work
of Protection of the Legitimate Rights and Interests of Minority
Investors in the Capital Markets (G.B.F. [2013 No. 110) the
Guiding Opinions on Matters concerning the Dilution of
Immediate Return in Initial Public Offering Refinancing and
Material Asset Restructuring (Announcement of the China
Commitm Securities Regulatory Commission [2015] No. 31) and other
ents when laws regulations and normative documents as the controlling EffectiveCMG refinancin shareholder and actual controller of the issuer of the non-public 13 July 2021 continuous
Fulfill
g offering I hereby make a commitment as follows concerning ly
ed
the dilution of immediate returns and compensation measures
in connection with the non-public offering:
1. I will not interfere in the operation and management
activities of the Company beyond its authority and will not
Commitm encroach on its interests.ents made 2. From the date of issuance of this commitment to the
in IPO or completion of the non-public offering of the Company if the
refinancin regulatory authority has other requirements on the measures to
g compensate the returns and the relevant provisions of thecommitment and the commitment cannot meet the relevant
requirements of the regulatory authority I will make a
supplementary commitment in accordance with relevant
regulations.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner and the fund raised by
this non-public offering is RMB10917111500 which will be
Commitm subscribed by Seaport Group in a lump sum in cash. As the
CMG ents when actual controller of CMPort the company hereby make a 16 November
Effective
refinancin commitment as follows: 2021 continuous
Fulfill
ed
g In connection with this non-public offering the company does ly
not provide financial assistance compensation promise of
benefits or other similar arrangements to Seaport Group
directly or through its stakeholders.CMPort issued 576709537 RMB ordinary shares (A shares) to
Commitm specific targets in a non-public manner and the fund raised in
Broadfor ents when this non-public offering is RMB10917111500. In order to Effective
d Global refinancin ensure that the compensation measures for the dilution of 13 July 2021 continuous
Fulfill
g immediate returns in this non-public offering can be effectively ly
ed
implemented in accordance with the Opinions of the General
Office of the State Council on Further Strengthening the Work
123China Merchants Port Group Co. Ltd. Annual Report 2025
of Protection of the Legitimate Rights and Interests of Minority
Investors in the Capital Markets (G.B.F. [2013 No. 110) the
Guiding Opinions on Matters concerning the Dilution of
Immediate Return in Initial Public Offering Refinancing and
Material Asset Restructuring (Announcement of the China
Securities Regulatory Commission [2015] No. 31) and other
laws regulations and normative documents as the controlling
shareholder and actual controller of the issuer of the non-public
offering I hereby make a commitment as follows concerning
the dilution of immediate returns and compensation measures
in connection with the non-public offering:
1. I will not interfere in the operation and management
activities of the Company beyond its authority and will not
encroach on its interests.
2. From the date of issuance of this commitment to the
completion of the non-public offering of the Company if the
regulatory authority has other requirements on the measures to
compensate the returns and the relevant provisions of the
commitment and the commitment cannot meet the relevant
requirements of the regulatory authority I will make a
supplementary commitment in accordance with relevant
regulations.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner and the fund raised by
this non-public offering is RMB10917111500 which will be
Commitm subscribed by Seaport Group in a lump sum in cash. As the
Broadfor ents when controlling shareholder of CMPort the company hereby make a 16 November Effective Fulfill
d Global refinancin commitment as follows: 2021 continuous ed
g In connection with this non-public offering the company does ly
not provide financial assistance compensation promise of
benefits or other similar arrangements to Seaport Group
directly or through its stakeholders.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner and the fund raised in
this non-public offering is RMB10917111500. In order to
ensure that the compensation measures for the dilution of
immediate returns in this non-public offering can be effectively
implemented in accordance with the Opinions of the General
Office of the State Council on Further Strengthening the Work
of Protection of the Legitimate Rights and Interests of Minority
Investors in the Capital Markets (G.B.F. [2013 No. 110) the
Guiding Opinions on Matters concerning the Dilution of
Immediate Return in Initial Public Offering Refinancing and
Material Asset Restructuring (Announcement of the China
Securities Regulatory Commission [2015] No. 31) and other
laws regulations and normative documents as a director and
Director senior management member of the issuer of the non-public
s and Commitm offering I hereby make a commitment as follows concerning
senior ents when the dilution of immediate returns and compensation measures Effective
manage refinancin in connection with the non-public offering: 13 July 2021 continuous
Fulfill
ment of g 1. I will not transfer benefits to other units or individuals for ly
ed
CMPort free or under unfair conditions nor will I damage the interestsof the Company in other ways.
2. I will regulate my personal business consumption behavior.
3. I will not use the Company's assets to engage in investment
and consumption activities unrelated to the performance of my
duties.
4. The salary system formulated by the board of directors or the
remuneration committee is linked to the implementation of the
Company's return compensation measures.
5. If the Company intends to implement equity incentives the
exercise conditions of such equity incentive are linked to the
implementation of the Company's return compensation
measures.
6. From the date of issuance of this commitment to the
completion of the non-public offering of the Company if the
regulatory authority has other requirements on the measures to
124China Merchants Port Group Co. Ltd. Annual Report 2025
compensate the returns and the relevant provisions of the
commitment and the commitment cannot meet the relevant
requirements of the regulatory authority I will make
supplementary commitments in accordance with relevant
regulations.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner the fund raised in this
non-public offering is RMB10917111500. In order to further
Commitm ensure the use of the funds raised in this non-public offering
ents when the Company makes statements as follows: EffectiveCMPort refinancin 1. The Company intends to use the proceeds of this non-public
29 September continuous Fulfill
g share offering to supplement working capital and repay debts
2021 ly ed
and it does not involve real estate development projects.
2. The fund raised by the Company in this non-public offering
shall not be used for real estate development or in a disguised
form.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner and the fund raised by
this non-public offering is RMB10917111500 which will be
Commitm subscribed by Seaport Group in a lump sum in cash. The
ents when Company hereby makes commitments as follows: EffectiveCMPort refinancin In connection with this non-public offering the Company does
29 September continuous Fulfill
g not make a commitment on guarantee income or disguised
2021 ly ed
guarantee income to Seaport Group nor does it provide
financial assistance compensation promise of benefits or other
similar arrangements to Seaport Group directly or through its
stakeholders.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner and the fund raised by
this non-public offering is RMB10917111500. The Company
hereby makes the following commitments regarding the
Qualification Certificate of Real Estate Development Enterprise
of the People's Republic of China (Number: SH.F.K.Z. (2017)
No. 879) obtained by Shenzhen Jinyu Rongtai Investment
Development Co. Ltd (hereinafter referred to as "Jinyu
Rongtai") a wholly-owned subsidiary of the Company:
Commitm The Company will actively coordinate Jinyu Rongtai to handle
CMPort ents when the cancellation of the aforesaid real estate development 19 November
Effective Ongoi
refinancin qualification certificate. Within 30 days after approval of 2021 continuous ng
g relevant laws and regulations regulatory regulations and ly
competent housing authorities Jinyu Rongtai will apply to the
competent housing department for the cancellation of real
estate development qualification registration. Before the
cancellation or expiration of the qualification the Company and
Jinyu Rongtai will not use the qualification to engage in real
estate development and operation and other related businesses.After qualification cancellation or invalidity qualification
renewal or new real estate development qualification will not
be handled.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner and the fund raised by
this non-public offering is RMB10917111500 which will be
Commitm subscribed by Zhejiang Provincial Seaport Investment &
CMPort ents when Operation Group Co. Ltd. in a lump sum in cash. The 16 December
Effective Fulfill
refinancin Company makes commitments in connection with the fund 2021 continuous
g raised in this non-public offering as follows: ly
ed
The proceeds from this non-public offering of shares will not
flow into China Nanshan Development (Group) Co. Ltd.through any direct or indirect means.CMPort issued 576709537 RMB ordinary shares (A shares) to
specific targets in a non-public manner and the fund raised by
Commitm this non-public offering is RMB10917111500 which will be
CMPort ents when subscribed by Zhejiang Provincial Seaport Investment & 7 January
Effective Fulfill
refinancin Operation Group Co. Ltd. in a lump sum in cash. The 2022 continuous ed
g Company hereby makes commitments as follows: ly
Prior to the completion of the use of the fund raised in this non-
public offering or within 36 months after the fund is raised no
125China Merchants Port Group Co. Ltd. Annual Report 2025
additional investment (including capital increase loan
guarantee and capital investment in other forms) shall be made
in industrial funds and M&A funds that do not conform to the
Company's upstream and downstream industrial chain or the
Company's main business and strategic development direction.Ningbo Port issued A shares to CMPort in a non-public
manner. As the subscription target of Ningbo Port's 2021 non-
public offering of A-shares CMPort irrevocably makes the
following statements and commitments:
Ningbo Port's 2021 non-public offering of A-shares is Ningbo
Port's non-public offering of A-shares to CMPort. After the
completion of Ningbo Port's non-public offering of A-shares to
CMPort the business relationship and management relationship
between Ningbo Zhoushan Port Group Seaport Group and the
subordinate enterprises controlled by them and Ningbo Port
will not change substantially and it will not lead to new or
potential competition in the same industry between Ningbo Port
and Ningbo Zhoushan Port Group Seaport Group and the
subordinate enterprises controlled by them. Assuming that
Commitm 3646971029 shares are issued (i.e. 23.07% of the total share
ents when capital prior to issuance) after the completion of Ningbo Port's
subscribin non-public offering of A-shares to CMPort CMPort holds EffectiveCMPort g shares of 20.98% shares of Ningbo Port and 2.10% shares of Ningbo Port 13 July 2021 continuous
Ongoi
Ningbo through China Merchants Ningbo. Thus CMPort holds 23.08% ly
ng
Port shares of Ningbo Port in total. It will not lead to changes in thecontrolling shareholder and actual controller of Ningbo Port so
it will not lead to new or potential competition between Ningbo
Port and CMPort and its controlling shareholder and actual
controller.CMPort warrants that it has the right to enter into this Letter of
Statements and Commitments and once this Letter of
Statements and Commitments is entered into by CMPort it will
constitute an effective legal and binding responsibility upon
the CMPort and this Letter of Statements and Commitments
Other will remain valid and irrevocable during the period when
commitm CMPort is as a shareholder of Ningbo Port. CMPort warrants
ents that it will strictly fulfil all commitments in this Letter ofStatements and Commitments. In case of any loss caused to
Ningbo Port due to its violation of this Letter of Statements and
Commitments CMPort will bear relevant legal responsibilities.CMPort fully subscribed the shares issued through non-public
offering by Ningbo Port with cash. It is expected that after the
issuance CMPort and its subsidiary China Merchants Ningbo
will hold about 23.08% of shares of Ningbo Port in total.CMPort and Ningbo Port continue to be independent from each
other in assets personnel finance organization and business.The A-shares issued by Ningbo Port to CMPort through non-
public offering will not affect the independent operation ability
of Ningbo Port. The statements on the independent operation of
Ningbo Port after the completion of its non-public offering of
Commitm A-shares to CMPort are as follows:
ents when i. Independent assets
subscribin After the non-public offering of A-shares by Ningbo Port to EffectiveCMPort g shares of CMPort Ningbo Port still has complete and independent 13 July 2021 continuous
Ongoi
Ningbo ownership of all its assets which are strictly separated from the ly
ng
Port assets of CMPort and completely operated independently.There is no mixed operation unclear assets or fund or assets
occupied by CMPort.ii. Independent personnel
After the non-public offering of A-shares by Ningbo Port to
CMPort Ningbo Port will continue to have an independent and
complete labor and personnel management system which is
completely independent from CMPort. The selection of
directors supervisors managers and other senior management
personnel recommended by CMPort to Ningbo Port shall be
carried out through legal procedures. CMPort shall not interfere
with the personnel appointment and removal decisions made by
126China Merchants Port Group Co. Ltd. Annual Report 2025
the board of directors and the general meeting of Ningbo Port.iii. Independent finance
After the non-public offering of A-shares by Ningbo Port to
CMPort Ningbo Port will continue to maintain an independent
financial accounting department operate an independent
accounting system and independent a financial management
system. It will keep its independent bank account and will not
share the bank account with CMPort. It will pay taxes
independently and make independent financial decisions and
CMPort will not interfere in the use of funds of Ningbo Port.CMPort will not interfere with the use of funds of Ningbo Port
in any illegal or rule-violating way and Ningbo Port will not
provide guarantee for other enterprises controlled by CMPort.No Ningbo Port's financial employee will work part-time in
CMPort.iv. Independent organizations
Ningbo Port will continue to maintain a sound corporate
governance structure of joint-stock company. It has an
independent and complete organizational structure. Its general
meeting board of directors independent directors board of
supervisors and senior management exercise their functions and
powers independently in accordance with laws regulations and
articles of association. It is in no subordinate or controlling
relationship with the functional departments of other enterprises
controlled by CMPort.v. Independent business
Ningbo Port has an independent management system assets
personnel venues and brands to carry out business
independently and the ability to operate independently and
continuously in the market. CMPort will not intervene in
Ningbo Port's business activities other than the exercise of its
rights as a shareholder.Ningbo Port issued A-shares to CMPort in a non-public
manner. As the subscription target of Ningbo Port's 2021 non-
public offering of A-shares CMPort makes the following
commitments:
The fund used by CMPort to subscribe for the 2021 non-public
Commitm offering of A-shares by Ningbo Port in accordance with the
ents when Share Subscription Agreement between Ningbo Zhoushan Port
CMPort subscribin Company Limited and China Merchants Port Group Co. Ltd.Effective Fulfill
g shares of is self-owned fund or self-raised fund. There is no external fund 13 July 2021 continuous ed
Ningbo raising proxy holding structural arrangement or direct or ly
Port indirect use of funds of Ningbo Zhoushan Port Company
Limited and its related parties for this subscription. There is no
financial support compensation promise of income or other
arrangements by Ningbo Zhoushan Port Company Limited or
its controlling shareholder or actual controller to CMPort
directly or through its stakeholders.CMPort fully subscribed the shares issued through non-public
offering by Ningbo Port with cash. It is expected that after the
issuance CMPort and its subsidiary China Merchants Ningbo
will hold about 23.08% of shares of Ningbo Port in total.Commitm CMPort's statements on non-transfer within 36 months after
ents when completion of subscription are as follows:
CMPort subscribin The shares non-publicly offered by Ningbo Port that CMPort
Effective Fulfill
g shares of subscribes shall not be transferred within 36 months from the 13 July 2021 continuous ed
Ningbo date of the end of the non-public offering of A-shares by ly
Port Ningbo Port to CMPort. The shares derived from the company's
distribution of stock dividends and the conversion of capital
reserve fund into equity regarding the shares subscribed for by
CMPort through this non-public offering shall also comply with
the above lock-in arrangement.Commitm CMPort makes the following commitments regarding the
ents when reduction of shares involved in the 2021 non-public offering of Effective
CMPort subscribin A-shares by Ningbo Port: 18 November continuous Fulfill
g shares of 1. CMPort its persons acting in concert and related parties 2021 ly ed
Ningbo controlled by CMPort have not reduced their holdings of shares
127China Merchants Port Group Co. Ltd. Annual Report 2025
Port of Ningbo Port from the six months prior to benchmark pricing
date of Ningbo Port's 2021 non-public offering of A-shares to
the date of issuance of this Letter of Commitment.
2. CMPort its persons acting in concert and related parties
controlled by CMPort will not have the plan to reduce their
holdings of shares of Ningbo Port from the date of issuance of
this Letter of Commitment to the six months after the
completion of Ningbo Port's 2021 non-public offering of A-
shares.
3. CMPort its persons acting in concert and related parties
controlled by CMPort will not violate Article 44 of the
Securities Law of the People's Republic of China.
4. In case of any violation of the above commitments the
income from the reduction in holdings of shares of Ningbo Port
obtained by CMPort its persons acting in concert and related
parties controlled by CMPort will all be owned by Ningbo Port
and they bear the legal liabilities arising therefrom according to
law.Ningbo Port intends to offer 3646971029 RMB-denominated
ordinary shares (A shares) to CMPort in a non-public manner
Commitm and the Company intends to participate in the subscription as a
ents when strategic investor and undertakes as follows:
subscribin In addition to becoming a strategic investor of Ningbo Port via EffectiveCMPort g shares of subscribing for the shares offered in a non-public manner this 28 July 2022 continuous
Fulfill
Ningbo time the Company does not subscribe for the shares offered in ly
ed
Port a non-public manner by any listed company in the sameindustry as Ningbo Port as a strategic investor and will not do
so within 36 months upon obtaining the shares offered by
Ningbo Port in a non-public manner this time.Whether
fulfilled Yes
on time
Specific
reasons
for failing
to fulfil
commitm
ents on N/A
time and
plans for
next step
(if any)
2. Where there Had Been an Earnings Forecast for an Asset or Project and the Reporting
Period Was still within the Forecast Period Explain why the Forecast Has Been Reached for
the Reporting Period.□Applicable √ Not applicable
3. Performance Commitments Involved by the Company
□Applicable √ Not applicable
II Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Parties
for Non-Operating Purposes
□Applicable √ Not applicable
128China Merchants Port Group Co. Ltd. Annual Report 2025
During the Reporting Period the controlling shareholder or its related parties did not occupy capital
or repay for non-operating purposes. KPMG Huazhen LLP issued the Special Report on Occupation
of the Company’s Capital by the Controlling Shareholder the Actual Controller and Other Related
Parties and please refer to www.cninfo.com.cn for details.III Irregularities in the Provision of Guarantees
□Applicable √ Not applicable
No such cases in the Reporting Period.IV Explanations Given by the Board of Directors Regarding the Independent Auditor’s
“Modified Opinion” on the Financial Statements of the Latest Period
□Applicable √ Not applicable
V Explanations Given by the Board of Directors and Independent Directors (if any)
Regarding the Independent Auditor’s “Modified Opinion” on the Financial Statements of the
Reporting Period
□Applicable √ Not applicable
VI YoY Changes to Accounting Policies Estimates or Correction of Material Accounting
Errors
□Applicable √ Not applicable
VII YoY Changes to the Scope of the Consolidated Financial Statements
In January 2025 China United Tally Co. Ltd. Shantou (hereinafter referred to as 'China Tally') an
associate of the Company’s subsidiary Shantou Port absorbed Shantou Zhongli Wailun tally Co.Ltd. (hereinafter referred to as 'Shantou Zhongli') a subsidiary of Shantou Port. After the
transaction Shantou Port holds 62.50% shares of China Tally which contributs to business
combination not involving enterprises under common control. Consequently China Tally has been
in the scope of consolidation for the current year. Shantou Zhongli was deregistered on 14 February
129China Merchants Port Group Co. Ltd. Annual Report 2025
2025 after the transaction.
VIII Engagement and Disengagement of Independent Auditor
Current independent auditor
Name of the domestic independent auditor KPMG Huazhen LLP
The Company’s payment to the domestic
independent auditor (RMB’0000) 722.45
How many consecutive years the domestic
independent auditor has provided audit service for 2
the Company
Names of the certified public accountants from the
domestic independent auditor writing signatures on Wu Huihuang Li Dan
the auditor’s report
How many consecutive years the certified public
accountants have provided audit service for the 2
Company
Name of the overseas independent auditor (if any) KPMG
The Company’s payment to the overseas
independent auditor (RMB’0000) (if any) 388.13
How many consecutive years the overseas
independent auditor has provided audit service for 2
the Company (if any)
Names of the certified public accountants from the
overseas independent auditor writing signatures on Li Lingde
the auditor’s report (if any)
How many consecutive years the certified public
accountants have provided audit service for the 2
Company (if any)
Indicate by tick mark whether the independent auditor was changed for the Reporting Period.□Yes √ No
Independent auditor financial advisor or sponsor engaged for the audit of internal controls:
Approved by the 4th Meeting of the 11th Board of Directors and the 2024 Annual General Meeting
of Shareholders the Company was approved to engage KPMG Huazhen LLP as the 2025
independent auditor for the audit of annual financial statements and internal control in the year. The
audit price for 2025 annual financial statements was RMB10.7658 million and the audit price for
internal control was RMB340000. The total expense was RMB11.1058 million.IX Possibility of Delisting after Disclosure of this Report
□Applicable √ Not applicable
130China Merchants Port Group Co. Ltd. Annual Report 2025
X Insolvency and Reorganization
□Applicable √ Not applicable
No such cases in the Reporting Period.XI Major Legal Matters
□Applicable √ Not applicable
No such cases in the Reporting Period.Other legal matters
Whether Trial results and Situation of
Basic situation of Lawsuit amount form into Process of influences of execution of Disclo Disclo
lawsuit (arbitration) (RMB’0000) estimated lawsuit lawsuit judgment of sure sure
liabilities (arbitration) (arbitration) lawsuit date index(arbitration)
Summary of Brazil
TCP Case 96071.01 Partly In progress
No significant
influence - - -
Summary of other
matters not meeting
the disclosure
standards for major 8235.78 No In progress
No significant
influence - - -
lawsuits
(arbitrations)
XII Punishments and Rectifications
□Applicable √ Not applicable
No such cases in the Reporting Period.XIII Credit Quality of the Company as well as Its Controlling Shareholder and Actual
Controller
□Applicable √ Not applicable
XIV Major Related-Party Transactions
1. Continuing Related-Party Transactions
Relat As % of Obtainable
ionsh Type Transactio the total Approved Over market
Related ip of Specific Pricing n price Total value value of transaction the Way of price for Index to
party with transac transactio principle (RMB’00 (RMB’000 all the line approv settlemen same-type
Disclosur disclosed
the tion n 00) 0) same-type (RMB’0000 ed line t transactions
e date information
Com transactio ) or not (RMB’000
pany ns 0)
131China Merchants Port Group Co. Ltd. Annual Report 2025
Rende
r
service
Unde and
r the lease
Sinotrans contr torelated Labor www.cninfoLimited ol of
and its ultim party
cost Market Settled 3 April .com.cn
receiv demurrag price 14542.12 14542.12 24.25% 15025.28 No monthly 14542.12 2025 (Announcesubsidiar ate e e lease ment No.ies share
holde service
etc. 2025-020)
r andlease
from
related
party
Rende
r
service
China and
Nanshan lease
Develop Affili to Leaserelated labor www.cninfoment ated
(Group) legal party cost Market Settled 3 April.com.cn
Co. Ltd. perso receiv service price
13453.17 13453.17 22.44% 13251.8 Yes monthly 13453.17 2025 (Announce
and its n e revenue
ment No.service etc. 2025-020)subsidiar
ies andlease
from
related
party
Rende
r
service
China and
Merchant Under the leases Shekou to Labor
Industrial contr related cost www.cninfo
Zone ol of leaseultim party expense Market Settled 3 April.com.cn
Holdings receiv price 12060.11 12060.11 20.11% 11556.81 Yesate of land monthly
12060.11 2025 (Announce
Co. Ltd. e ment No.and its share service and 2025-020)
subsidiar holde and houses
ies r lease
from
related
party
Rende
r
service
and
lease
to
related Labor www.cninfoOther party and Market .com.cnrelated Note receiv lease price 19902.91 19902.91 33.20% 17276.94 Yes
Settled 19902.91 3 April
party monthly 2025
(Announce
e etc. ment No.service 2025-020)
and
lease
from
related
party
Total -- -- 59958.31 -- 57110.83 -- -- -- -- --
Large-amount sales return in
detail None
132China Merchants Port Group Co. Ltd. Annual Report 2025
The Proposal on Recognition of 2024 Continuing Related-party Transactions and the Forecast of 2025
Continuing Related-party Transactions was reviewed and approved on the 2024 Annual General
Give the actual situation in the Meeting of Shareholders on 23 May 2025 which allowed the Company and subsidiaries to conduct
Reporting Period (if any) continuing business transactions including providing or receiving leases and labor services. The amount
where an estimate had been of continuing related-party transactions in 2025 is estimated to be RMB571 million.The significant
made for the total value of difference between the actual occurrence and the forecast of the Company's continuing related-party
continuing related-party transactions in 2025 is due to the actual market demand and business development needs of the
transactions by type to occur Company. It belongs to the normal operation adjustment of the Company and has not had a great impact
in the Reporting Period on the daily operation and performance of the Company. The transaction prices are determined in
accordance with market principles and the pricing is fair fair and just without harming the interests of
the Company and minority shareholders.Reason for any significant
difference between the
transaction price and the N/A
market reference price (if
applicable)
Note: Other related parties are the current directors and senior managers of the company or the directors
supervisors and senior managers of the company who have left the office for less than 12 months as legal persons
or other organizations (except the company and the holding company) or the subsidiaries of the company's actual
controller China Merchants Group Co. LTD. (except the company and the holding company).
2. Related-Party Transactions Regarding Purchase or Sales of Assets or Equity Interests
□Applicable √ Not applicable
3. Related Transactions Regarding Joint Investments in Third Parties
□Applicable √ Not applicable
4. Credits and Liabilities with Related Parties
Whether there are credits and liabilities with non-operating related parties
√ Yes□ No
Credits receivable with related parties
Whether Interest in
Related there is
Related relationship Formin occupation Beginning
Increased in the Recovered in the Ending
g on non- balance Reporting the Reporting Interest Reporting balanceparty with the reason operating (RMB’0000) Period Period rate Period (RMB’0000Company capital or (RMB’0000) (RMB’0000) (RMB’000 )
not 0)
The
ultimate
controlling Bank
China shareholder deposit
Merchants of the s/Struct No 340400.24 5676975.99 5831425.80 0.10%-1.95% 3904.74 185950.43Bank Company ured
has major deposit
influence
on it
Effects of credits with The above credits receivable with related parties were mainly deposits in financial institutions which has
133China Merchants Port Group Co. Ltd. Annual Report 2025
related parties on the no major influence on the Company’s operating results and financial conditions.Company’s operating
results and financial
conditions
Liabilities payable with related parties
Interest in
Related
relationship Forming Beginning
Increased in the Recovered in the
Related party balance Reporting the Reporting Interest Reporting
Ending
with the reason balance
Company (RMB’0000)
Period Period rate Period
(RMB’0000) (RMB’0000) (RMB’00 (RMB’0000)
00)
The ultimate
controlling
China shareholder
Merchants of the Borrowing 272939.58 248919.21 290450.35 1.85%- 6065.83 231408.44
Bank Company 3.17%has major
influence on
it
Effects of liabilities with
related parties on the The above liabilities payable with related parties were mainly financial institution loans which had
Company’s operating results no major influence on the Company’s operating results and financial conditions.and financial conditions
5. Transactions with Related Finance Companies
Deposit business
Related Daily Beginning Actual amount Ending
Related relationship maximum Interest rate balance Total Total balance
party with the limits range (RMB’0000 deposited withdrawnamount amount (RMB’0000Company (RMB’0000) ) (RMB’0000) (RMB’0000) )
China
Merchants Same
Group ultimatecontrolling 500000.00
0.35%-
1.85% 474599.16 2997323.37 2998603.69 473318.85Finance
Co. Ltd. shareholder
Loan business
Related Beginning Actual amount
Related relationship Loan limit Interest balance Total loan Total repaid Ending
party with the (RMB’0000) rate range (RMB’0000 amount amount balance
Company ) (RMB’0000) (RMB’0000) (RMB’0000)
China
Merchants Same
Group ultimate 1000000.00 2.02%-
Finance controlling 3.30%
99208.5569851.6946650.19122410.05
Co. Ltd. shareholder
Credit or other finance business
Type Actual
Related party Related relationship with the Company of Total amount amountbusine (RMB’0000) (RMB’0000
ss )
China Merchants Group Finance
Co. Ltd. Same ultimate controlling shareholder Credit 1000000.00 122410.05
134China Merchants Port Group Co. Ltd. Annual Report 2025
6. Transactions with Related Parties by Finance Company Controlled by the Company
□Applicable √ Not applicable
7. Other Major Related-Party Transactions
(1) On 12 March 2025 the Company disclosed the Announcement on Progress of the Related-Party
Transactions regarding Establishing Joint Venture via Investment and Selling Assets by the Wholly-
owned Subsidiary (Announcement No.: 2025-010).
(2) The Company held the 4th Meeting of the 11th Board of Directors on 1 April 2025 and
reviewed and approved the Proposal on the Related-Party Transactions Regarding Making Deposits
in and Obtaining Loans from China Merchants Bank in 2025 which was submitted to the 2024
Annual General Meeting of Shareholders of the Company for deliberation. The Company held the
2024 Annual General Meeting of Shareholders on 23 May 2025 and deliberated and approved the
Proposal on the Related-Party Transactions Regarding Making Deposits in and Obtaining Loans
from China Merchants Bank in 2025. In 2025 the maximum deposit balance of the Company and
its subsidiaries with China Merchants Bank shall not exceed RMB10 billion and the maximum
credit balance shall not exceed RMB15 billion. And the Company and its subsidiaries were
approved to use temporarily idle funds to purchase structured deposits and low-risk wealth
management products from China Merchants Bank within the maximum deposit balance. For
details please refer to the Announcement on the Related-Party Transactions Regarding Making
Deposits in and Obtaining Loans from China Merchants Bank in 2025 (Announcement No. 2025-
021) disclosed by the Company on 3 April 2025 and the Announcement on the Resolutions of the
2024 Annual General Meeting of Shareholders (Announcement No. 2025-039) disclosed by the
Company on 24 May 2025.
(3) The Company held the 4th Meeting of the 11th Board of Directors on 1 April 2025 and
reviewed and approved the Proposal for Development of Financial Leasing Business and Related-
Party Transactions with Related Parties in 2025 which was submitted to the 2024 Annual General
Meeting of Shareholders of the Company for deliberation. The Company held its 2024 Annual
General Meeting of Shareholders on 23 May 2025 and reviewed and approved the Proposal on
135China Merchants Port Group Co. Ltd. Annual Report 2025
Development of Financial Leasing Business and Related-Party Transactions with Related Parties in
2025. For details please refer to the Announcement on Development of Financial Leasing Business
and Related-Party Transactions with Related Parties in 2025 (Announcement No. 2025-022)
disclosed by the Company on 3 April 2025 and the Announcement on the Resolutions of the 2024
Annual General Meeting (Announcement No. 2025-039) disclosed by the Company on 24 May
2025.
(4) The Company held the 4th Meeting of the 11th Board of Directors on 1 April 2025 and
reviewed and approved the Proposal on Renewal of the Financial Services Agreement and Related-
Party Transaction with China Merchants Group Finance Co. Ltd. which was submitted to the 2024
Annual General Meeting of Shareholders of the Company for deliberation. The Company held its
2024 Annual General Meeting of Shareholders on 23 May 2025 and reviewed and approved the
Proposal on Renewal of the Financial Services Agreement and Related-Party Transaction with
China Merchants Group Finance Co. Ltd. For details please refer to the Announcement on
Renewal of the Financial Services Agreement and Related-Party Transaction with China Merchants
Group Finance Co. Ltd. (Announcement No. 2025-023) disclosed by the Company on 3 April 2025
and the Announcement on the Resolutions of the 2024 Annual General Meeting of Shareholders
(Announcement No. 2025-039) disclosed by the Company on 24 May 2025.
(5) The Company held the 4th Meeting of the 11th Board of Directors on 1 April 2025 and
reviewed and approved the Proposal on Related-Party Transactions Possibly Incurred in Financial
Derivatives Trading in 2025 which was submitted to the 2024 Annual General Meeting of
Shareholders of the Company for deliberation. The Company held its 2024 Annual General Meeting
of Shareholders on 23 May 2025 and reviewed and approved the Proposal on Related-Party
Transactions Possibly Incurred in Financial Derivatives Trading in 2025. For details please refer to
the Announcement on Related-Party Transactions Possibly Incurred in Financial Derivatives
Trading in 2025 (Announcement No. 2025-026) disclosed by the Company on 3 April 2025 and the
Announcement on the Resolutions of the 2024 Annual General Meeting of Shareholders
(Announcement No. 2025-039) disclosed by the Company on 24 May 2025.
(6) The Company held the 4th Extraordinary Meeting of the 11th Board of Directors in 2025 dated
29 October 2025 and reviewed and approved the Proposal on a Majority-Owned Subsidiary
136China Merchants Port Group Co. Ltd. Annual Report 2025
Providing Financial Assistance to its Minority-Owned Subsidiary and Related-Party Transaction
which was submitted to the Second Extraordinary Meeting of Shareholders of the Company in 2025
for deliberation. The Company held its Second Extraordinary Meeting of Shareholders in 2025
dated 17 November 2025 and reviewed and approved the Proposal on a Majority-Owned
Subsidiary Providing Financial Assistance to its Minority-Owned Subsidiary and Related-Party
Transaction. For details please refer to the Announcement on a Majority-Owned Subsidiary
Providing Financial Assistance to its Minority-Owned Subsidiary and Related-Party Transaction
(Announcement No. 2025-069) disclosed by the Company on 31 October 2025 and the
Announcement on the Resolutions of the Second Extraordinary Meeting of Shareholders in 2025
(Announcement No. 2025-081) disclosed by the Company on 18 November 2025.
Information on the disclosure website for current announcements on significant related-party
transactions:
Name of provisional reports Disclosure date Website
Announcement on Progress of the Related-
Party Transactions regarding Establishing www.cninfo.com.cn
Joint Venture via Investment and Selling 12 March 2025 (Announcement No. 2025-010)
Assets by the Wholly-owned Subsidiary
Announcement on the Related-Party
Transactions Regarding Making Deposits in
and Obtaining Loans from China Merchants 3 April 2025
www.cninfo.com.cn
(Announcement No. 2025-021)
Bank in 2025
Announcement on Development of
Financial Leasing Business and Related- www.cninfo.com.cn
Party Transactions with Related Parties in 3 April 2025 (Announcement No. 2025-022)
2025
Announcement on Renewal of the Financial
Services Agreement and Related-Party www.cninfo.com.cn
Transaction with China Merchants Group 3 April 2025 (Announcement No. 2025-023)
Finance Co. Ltd.Announcement on Related-Party
Transactions Possibly Incurred in Financial 3 April 2025 www.cninfo.com.cn
Derivatives Trading in 2025 (Announcement No. 2025-026)
Announcement on a Majority-Owned
Subsidiary Providing Financial Assistance www.cninfo.com.cn
to its Minority-Owned Subsidiary and 31 October 2025 (Announcement No. 2025-069)
Related-Party Transaction
XV Major Contracts and Execution thereof
1. Entrustment Contracting and Leases
137China Merchants Port Group Co. Ltd. Annual Report 2025
(1) Entrustment
□Applicable √ Not applicable
No such cases in the Reporting Period.
(2) Contracting
□Applicable √ Not applicable
No such cases in the Reporting Period.
(3) Leases
□Applicable √ Not applicable
No such cases in the Reporting Period.
2. Major guarantees
(1) Guarantees
Unit: RMB’0000
Guarantees provided by the Company and its subsidiaries for external parties (exclusive of those for subsidiaries)
Guarantee
Guarantee- Disclosuredate of the Line of Actual Actual Type of Collateral Counter Having for areceiving guarantee line guarantee occurrence guarantee
Term of
entity date amount guarantee (if any)
guarantee guarantee expired related
announcement (if any) or not party ornot
Terminal N/A 5724.71 11 June 5724.71 General No No About 20Link SAS 2013 guarantee years No Yes
Terminal 31 March 11365.5 25 January
Link SAS 2022 7 2023 11365.57
Joint-
liability No No
About 7
years No Yes
Terminal
Link SAS 3 April 2025 14057.60 - - - - - - - -(note 1)
KHOR
AMBADO 30 March 20242.9 24 May2019 4 2019 15809.59
Joint-
liability No No
About 13
years No YesFZCO
Total approved line for such Total actual balance of
guarantees in the Reporting 14057.60 such guarantees in the 0.00
Period (A1) Reporting Period (A2)
Total approved line for such Total actual balance of
guarantees at the end of the 51390.82 such guarantees at the 32899.86
Reporting Period (A3) end of the ReportingPeriod (A4)
Guarantee between the Company to its subsidiaries
Disclosure GuaranteeGuarantee- date of the Line of Actual Actualreceiving occurrence guarantee Type of Collateral
Counter Term of Having for a
entity guarantee line guarantee date amount guarantee (if any)
guarantee expired related
announcement (if any)
guarantee or not party or
not
-----------
138China Merchants Port Group Co. Ltd. Annual Report 2025
Total approved line for such Total actual amount of
guarantees in the Reporting 0.00 such guarantees in the 0.00
Period (B1) Reporting Period (B2)
Total approved line for such Total actual balance of
guarantees at the end of the 0.00 such guarantees at the
Reporting Period (B3) end of the Reporting
0.00
Period (B4)
Guarantees provided between subsidiaries
Guarantee
Guarantee- Disclosure
receiving date of the Line of
Actual Actual Counter Having for a
guarantee line guarantee occurrence guarantee
Type of Collateral Term of
entity date amount guarantee (if any)
guarantee guarantee expired related
announcement (if any) or not party ornot
China
Merchants
International 4 April 2023 50000.0 8 January 13237.05 Joint- About 4Terminal 2024 liability No Yes years No No
(Qingdao) 0
Co. LTD
China
Merchants
Finance 3 August 2015 - 3 August - General About 10
Company 2015 guarantee
No No years Yes No
Limited
CMHI
Finance 6 August 2018 421728. 6 August 421728.00 General About 10(BVI) Co. 00 2018 guarantee No No years No No
Ltd
CMHI
Finance 26 September - 9 October General About 5(BVI) Co. 2020 2020 - guarantee No No years Yes No
Ltd
CMHI
Finance 31 March
(BVI) Co. 2022 351440. 1 June 2022
General About 5
00 351440.00 guarantee
No Yes years No No
Ltd
COLOMBO
INTERNATI
ONAL
CONTAINE N/A 4920.16 - - - - - - - -
R
TERMINAL
S LIMITED
COLOMBO
INTERNATI
ONAL 16
CONTAINE N/A 17572.0 September 17572.00 Generalguarantee No No Infinite No NoR 0 2012
TERMINAL
S LIMITED
Shenzhen
Haixing
Harbor 30 March 219090. 26 June Joint- About 18
Developmen 2019 00 2019 83145.51 liability No No years No No
t Company
Ltd.PT PBM 24
Adipurusa N/A - September -
General About 5
2021 guarantee
No No years No No
CMHI
Finance 357930.
(BVI) Co. 3 April 2025 00 - - - - - - - -
Ltd (note 1)
Shenzhen
Haixing 3 April 2025 132000. - - - - - - - -
Harbor 00
139China Merchants Port Group Co. Ltd. Annual Report 2025
Developmen
t Company
Ltd. (note 1)
Ansujie
Terminal
Storage
Service 3 April 2025 465000.00 - - - - - - - -(Shenzhen)
Co. Ltd.(note 1)
Total approved line for such Total actual amount of
guarantees in the Reporting 954930.00 such guarantees in the 0.00
Period (C1) Reporting Period (C2)
Total approved line for such Total actual balance of
guarantees at the end of the 2019680.16 such guarantees at the
Reporting Period (C3) end of the Reporting
887122.56
Period (C4)
Total guarantee amount (total of the three kinds of guarantees above)
Total guarantee line approved Total actual guarantee
in the Reporting Period 968987.60 amount in the Reporting -
(A1+B1+C1) Period (A2+B2+C2)
Total approved guarantee line Total actual guarantee
at the end of the Reporting 2071070.98 balance at the end of the 920022.42
Period (A3+B3+C3) Reporting Period(A4+B4+C4)
Total guarantee balance (A4+B4+C4) as % of the
Company’s equity 14.29%
Of which:
Balance of guarantees provided for shareholders actual
controller and their related parties (D) 32899.86
Balance of debt guarantees provided directly or indirectly
for obligors with an over 70% debt/asset ratio (E) 788977.59
Amount by which the total guarantee amount exceeds 50%
of the Company’s equity (F) -
Total of the three amounts above (D+E+F) 821877.45
Joint responsibilities possibly borne in the Reporting
Period for undue guarantees (if any) None
Provision of external guarantees in breach of the
prescribed procedures (if any) None
Note 1: To meet the external investment and daily operation and management needs of the Company and its majority- and minority-
owned subsidiaries the Company convened a Board meeting on 1 April 2025 and approved the Proposal on the External Guarantee
Progress of the Company in 2024 and the Expected New External Guarantee Line in the Next 12 Months. For details please refer to
the Announcement on the External Guarantee Progress of the Company in 2024 and the Expected New External Guarantee Line in
the Next 12 Months (Announcement No. 2025-024) disclosed on http://www.cninfo.com.cn dated 3 April 2025. This proposal was
approved at the Company’s 2024 Annual General Meeting of Shareholders. As of the date of this Report no such guarantee has
actually been incurred.Particulars of guarantees adopting complex methods
□Applicable √ Not applicable
3. Cash Entrusted to Other Entities for Management
(1) Cash Entrusted for Wealth Management
□Applicable √ Not applicable
140China Merchants Port Group Co. Ltd. Annual Report 2025
No such cases in the Reporting Period.
(2) Entrusted Loans
Overview of entrusted loans in the Reporting Period
□Applicable √ Not applicable
No such cases in the Reporting Period.
4. Other Major Contracts
□Applicable √ Not applicable
No such cases in the Reporting Period.XVI Use of Raised Funds
□Applicable √ Not applicable
No such cases in the Reporting Period.XVII Other Significant Events
□Applicable √ Not applicable
There were no other significant events requiring explanation during the Reporting Period.XVIII Significant Events of Subsidiaries
□Applicable √ Not applicable
141China Merchants Port Group Co. Ltd. Annual Report 2025
Part VI Share Changes and Shareholder Information
I Share Changes
1. Share Changes
Unit: share
Before Increase/decrease in the Reporting Period (+/-) After
Sh
are
s Shar
as es as
div divid
Ne ide endnd conv
Shares Percentage w(%) issu co erted Other Subtotal Shares
Percentage
(%)
es nv fromert capit
ed al
fro reser
m ves
pro
fit
I. Restricted
shares 576709537 23.0563% 0 0 0 -576709537 -576709537 0 0.0000%
1. Shares
held by state 0 0.0000% 0 0 0 0 0 0 0.0000%
2. Shares
held by
state-owned 576709537 23.0563% 0 0 0 -576709537 -576709537 0 0.0000%
legal person
3. Shares
held by
other 0 0.0000% 0 0 0 0 0 0 0.0000%
domestic
investors
Including:
Shares held
by domestic 0 0.0000% 0 0 0 0 0 0 0.0000%
legal person
Shares held
by domestic
natural 0 0.0000% 0 0 0 0 0 0 0.0000%
person
4. Shares
held by
foreign 0 0.0000% 0 0 0 0 0 0 0.0000%
investors
Including:
Shares held
by foreign 0 0.0000% 0 0 0 0 0 0 0.0000%
legal person
Shares held
by foreign 0 0.0000% 0 0 0 0 0 0 0.0000%
natural
142China Merchants Port Group Co. Ltd. Annual Report 2025
person
II.Unrestricted 1924598944 76.9437% 0 0 0 557243241 557243241 2481842185 100.0000%
shares
1. RMB
ordinary 1744703514 69.7516% 0 0 0 557243241 557243241 2301946755 92.7515%
shares
2.
Domesticall
y listed 179895430 7.1921% 0 0 0 0 0 179895430 7.2485%
foreign
shares
3. Overseas
listed
foreign 0 0.0000% 0 0 0 0 0 0 0.0000%
shares
4. Other 0 0.0000% 0 0 0 0 0 0 0.0000%
III. Total
shares 2501308481 100.0000% 0 0 0 -19466296 -19466296 2481842185 100.0000%
Reasons for the share changes:
During the Reporting Period the Company increased its share capital by a total of 351400 shares as
a result of the independent exercise of options under the Stock Option Incentive Plan. On 10
October 2025 the Company completed the retirement procedures for 19817696 A-stock shares
repurchased at the Shenzhen Branch of China Securities Depository and Clearing Corporation
Limited. As such the total share capital of the Company changed from 2501308481 shares to
2481842185 shares.
Approval of the share changes:
□Applicable √ Not applicable
Transfer of share ownership:
□Applicable √ Not applicable
Effects of the share changes on the basic and diluted earnings per share equity per share
attributable to the Company’s ordinary shareholders and other financial indicators of the prior year
and the prior accounting period respectively:
In 2025 the Company reported basic earnings per share of RMB1.85 and diluted earnings per share
of RMB1.85 and equity per share attributable to the Company's ordinary shareholders of
RMB25.93. During the Reporting Period the Company increased its share capital by a total of
143China Merchants Port Group Co. Ltd. Annual Report 2025
351400 shares as a result of the independent exercise of options under the Stock Option Incentive
Plan. On 10 October 2025 the Company completed the retirement procedures for 19817696 A-
stock shares repurchased at the Shenzhen Branch of China Securities Depository and Clearing
Corporation Limited. As such the total share capital of the Company changed from 2501308481
shares to 2481842185 shares. By the measurement of the Company's total share capital as at the
beginning of 2025 irrespective of the effects of the independent exercise of the Stock Option
Incentive Plan and the retirement of the repurchased shares the basic earnings per share diluted
earnings per share and equity per share attributable to the Company's ordinary shareholders were
RMB1.85 RMB1.85 and RMB25.73 respectively for 2025.Other information that the Company considers necessary or is required by the securities regulator to
be disclosed:
□Applicable √ Not applicable
2. Changes in Restricted Shares
Increase in Restricted
Name of Opening restricted restricted shares Closingunlocked restricted Reason for Date ofshareholder shares shares during during the shares restriction unlockingthe period period
Zhejiang
Provincial According to
Seaport applicable laws
Investment & 576709537 0 576709537 0 and regulations 14 November
Operation and the 2025
Group Co. shareholder's
Ltd. commitment
Total 576709537 0 576709537 0 -- --
II Issuance and Listing of Securities
□Applicable √ Not applicable
III Shareholders and Actual Controller
1. Shareholders and Their Shareholdings at the Period-End
Unit: share
144China Merchants Port Group Co. Ltd. Annual Report 2025
Number of
Number of preferred
Number of 29864 (20110 ordinary 27189 Number of preferred
shareholders
with resumed
ordinary A-shareholders shareholders at (17534 A- shareholders with
shareholders at and 9754 B- the month-end shareholders resumed voting rights 0
voting rights at 0
the period-end shareholders) prior to the and 9655 B- at the period-end (if
the month-end
disclosure of shareholders) any) prior to the
this Report disclosure ofthis Report (if
any)
5% or greater shareholders or top 10 shareholders (exclusive of shares lent in refinancing)
Sharehold Increase/dec
Name of Nature of ing Total shares rease in the Restricted Unrestricted
shareholder shareholder percentag held at the Shares in pledge or frozen
e period-end
Reporting shares held shares held
Period
China Merchants
Port Investment Overseas
Development legal 46.28% 1148648648 0 0 1148648648 0
Company Limited person
Zhejiang
Provincial Seaport State-
Investment & ownedlegal 23.24% 576709537 0 0 576709537 0Operation Group
Co. Ltd. person
China Merchants
Gangtong State-
Development owned 14.94% 370878000 0 0 370878000 0
(Shenzhen) Co. legal
Ltd. person
Shenzhen
Infrastructure
Investment Fund- Fund and
Shenzhen wealth
Infrastructure managemen 2.61% 64850182 0 0 64850182 0
Investment Fund t products
Partnership etc.(Limited
Partnership)
State-
Broadford Global owned
Limited legal 2.23% 55314208 0 0 55314208 0
person
State-
China-Africa owned
Development Fund legal 0.63% 15610368 0 0 15610368 0
person
Domestic
Zou Yanmin natural 0.29% 7262075 2381666 0 7262075 0
person
Domestic
Li Runrong natural 0.25% 6164175 6164175 0 6164175 0
person
Hong Kong Overseas
Securities Clearing legal 0.20% 5023375 -3452766 0 5023375 0
Company Ltd. person
145China Merchants Port Group Co. Ltd. Annual Report 2025
PICC Life
Insurance Fund and
Company Limited wealth
Traditional- managemen 0.20% 4941900 4941900 0 4941900 0－ t products
General Insurance
Product etc.Among the foregoing shareholders Shenzhen Infrastructure Investment Fund-Shenzhen
Infrastructure Investment Fund Partnership (Limited Partnership) subscribed for 64850182
shares of the Company offered in a non-public manner in 2019 for raising supporting funds at
RMB17.16 per share. The subscribed shares were floated on Shenzhen Stock Exchange on 4
Strategic investors or general November 2019 and the lock-in period lasted until 4 November 2020. China-Africa Development
legal person becoming top-ten Fund subscribed for 64102564 shares of the Company offered in a non-public manner in 2019
ordinary shareholders due to for raising supporting funds at RMB17.16 per share. The subscribed shares were floated on
placing of new shares (if any) Shenzhen Stock Exchange on 4 November 2019 and the lock-in period lasted until 4 November
2020. Zhejiang Provincial Seaport Investment & Operation Group Co. Ltd. subscribed for
576709537 shares of the Company offered in a non-public manner at RMB18.50 per share. The
subscribed shares were floated on Shenzhen Stock Exchange on 12 October 2022 and the lock-in
period lasts until 12 October 2025.
1. Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow Reflection
Limited held by China Merchants Holdings (Hong Kong) Company Limited and China
Related or acting-in-concert Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of
parties among the shareholders Rainbow Reflection Limited.above 2. Broadford Global Limited is the controlling shareholder of China Merchants Gangtong
Development (Shenzhen) Co. Ltd.The Company does not know whether the other unrestricted shareholders are related parties or not.Above shareholders involved in Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow Reflection
entrusting/being entrusted and Limited held by China Merchants Holdings (Hong Kong) Company Limited and China
giving up voting rights Merchants Port Investment Development Company Limited is the wholly-owned subsidiary ofRainbow Reflection Limited.Special account for share
repurchases (if any) among the None
top 10 shareholders
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing or locked-up shares of senior management)
Name of shareholder Unrestricted shares held at the period-end Shares by typeType Shares
China Merchants Port RMB
Investment Development 1148648648 ordinary 1148648648
Company Limited share
Zhejiang Provincial Seaport RMB
Investment & Operation Group 576709537 ordinary 576709537
Co. Ltd. share
China Merchants Gangtong RMB
Development (Shenzhen) Co. 370878000 ordinary 370878000
Ltd. share
Shenzhen Infrastructure
Investment Fund-Shenzhen RMB
Infrastructure Investment Fund 64850182 ordinary 64850182
Partnership (Limited share
Partnership)
Domestical
Broadford Global Limited 55314208 ly listedforeign 55314208
share
China-Africa Development RMB
Fund 15610368 ordinary 15610368share
Domestical
Zou Yanmin 7262075 ly listedforeign 7262075
share
RMB
Li Runrong 6164175 ordinary 6164175
share
Hong Kong Securities Clearing RMB
Company Ltd. 5023375 ordinary 5023375share
146China Merchants Port Group Co. Ltd. Annual Report 2025
PICC Life Insurance Company RMB
Limited－Traditional- General 4941900 ordinary 4941900
Insurance Product share
1. Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow Reflection
Limited held by China Merchants Holdings (Hong Kong) Company Limited and China
Related or acting-in-concert Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of
parties among the shareholders Rainbow Reflection Limited.above 2. Broadford Global Limited is the controlling shareholder of China Merchants Gangtong
Development (Shenzhen) Co. Ltd.The Company does not know whether the other unrestricted shareholders are related parties or not.Top 10 ordinary shareholders
involved in securities margin N/A
trading (if any)
5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in
refinancing shares lending
□Applicable √ Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares
lending/return compared with the prior period
□Applicable √ Not applicable
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted
ordinary shareholders of the Company conducted any promissory repo during the Reporting Period.□Yes √ No
No such cases in the Reporting Period.
2. Controlling Shareholder
Nature of the controlling shareholder: Controlled by a central state-owned legal person
Type of the controlling shareholder: legal person
Legal
Name of controlling representativ
shareholder e/person in Date of establishment
Business registration
number Principal activity
charge
Port services
Yu Zhiliang bonded logistic
Broadford Global Limited Chen and cold chainChengdi 27 November 2017 68550019 services property
Liang Jian development and
investment
Shareholdings of the
controlling shareholder in
other listed companies at N/A
home or abroad in this
Reporting Period
147China Merchants Port Group Co. Ltd. Annual Report 2025
Change of the controlling shareholder in the Reporting Period:
□Applicable √ Not applicable
No such cases in the Reporting Period.
3. Actual Controller and Its Acting-in-Concert Parties
Nature of the actual controller: Central institution for state-owned assets management
Type of the actual controller: legal person
Name of Legal
actual representativ Unified social
controller e/person in
Date of establishment credit code Principal activity
charge
Lease and agency of water/land passenger-cargo
transportation water/land conveyance and facilities;
investment and management of port and storage business;
salvage refloatation and tugboat; industrial production;
construction repairing checking and marketing of shipping
offshore petroleum drilling equipment; repairing and
checking of drilling platform and drilling container; overall
contracting of water/land construction projects and the
related offshore petroleum development projects and their
construction organization and logistic services;
procurement supply and sale of water/land communication
and transportation equipment; export and import business of
China transportation; investment and management of finance
Merchants Miao 14 October 1986 9111000010000 insurance trust securities futures business; investment and
Group Jianmin 5220B management of tourism hotels catering services andrelevant service; real estate development management and
consultancy of property; investment and management of
petroleum and chemical industry; investment and operation
of infrastructure of communication; overseas assets
management. Development and management of Shenzhen
Shekou Industrial Zone and Fujian Zhangzhou Development
Zone. (The market body shall independently choose
business items and carry out business activities according to
law. For items requiring approval according to law the
market body must obtain approval from related authorities
before carrying out the business activities. The market body
shall not engage in business activities that are banned and
restricted in the national and municipal industrial policies.)
China Merchants Group holds:
Sharehold 74.35% shares of China Merchants Land Limited;
ings of the 72.15% share of China Merchants Port Holdings Company Limited;
actual 71.00% shares of Liaoning Port Co. Ltd.;
controller 62.42% shares of China Merchants Expressway Network &Technology Holdings Co. Ltd;
in other 60.20% shares of Sinotrans Limited;
listed 58.76% shares of China Merchants Shekou Industrial Zone Holdings Co. Ltd.;
companie 54.48% shares of China Merchants Energy Shipping Co. Ltd;
s at home 51.48% shares of China Merchants Property Operation & Service Co. Ltd.;
or abroad 51.00% of shares of PT Nusantara Pelabuhan Handal Tbk;
in this 44.17% shares of China Merchants Securities Co. Ltd.;
Reporting 30.77% shares of Nanjing Tanker Corporation;
Period 29.97% shares of China Merchants Bank Co. Ltd;28.30% shares of Humanwell Healthcare (Group) Co. Ltd.;
27.59% shares of China Merchants China Direct Investments Limited.
148China Merchants Port Group Co. Ltd. Annual Report 2025
Change of the actual controller during the Reporting Period:
□Applicable √ Not applicable
No such cases in the Reporting Period.Ownership and control relations between the actual controller and the Company:
Note: The Company disclosed the Announcement on the Proposed Change in Shareholding Structure of the
Controlling Shareholder on 14 December 2024 in which Broadford Global Limited the controlling shareholder of
the Company transferred 74.66% of the shares of Rainbow Reflection Limited held by China Merchants Holdings
(Hong Kong) Company Limited and at the same time all the aforesaid transferred shares were entrusted to
Broadford Global Limited for management by China Merchants Holdings (Hong Kong) Company Limited.On 24 January 2025 the Company received the updated registers of members of Rainbow Reflection Limited and
Broadford Global Limited and was informed that China Merchants Holdings (Hong Kong) Company Limited
was registered as a shareholder of Rainbow Reflection Limited (holding 21120986262 ordinary shares in the
share capital of Rainbow Reflection Limited representing 74.66% of the total share capital of Rainbow Reflection
Limited) and Broadford Global Limited had completed the share cancellation procedures. Since then the transfer
and trusteeship of shares were completed and the change in the shareholding structure of the controlling
149China Merchants Port Group Co. Ltd. Annual Report 2025
shareholder was completed. For specific details please refer to the announcement released by our company on
January 25 2025 regarding the completion of changes in the shareholding structure of the controlling shareholder.Indicate by tick mark whether the actual controller controls the Company via trust or other ways of
asset management.□Applicable √ Not applicable
4. Number of Accumulative Pledged Shares held by the Company’s Controlling Shareholder
or the Largest Shareholder as well as Its Acting-in-Concert Parties Accounts for 80% of all
shares of the Company held by Them
□Applicable √ Not applicable
5. Other 10% or Greater Corporate Shareholders
Name of Legal
corporate representati Date ofve/person establishment Registered capital Business scope or management activitiesshareholders in charge
China
Merchants Yu
Port Zhiliang
Investment Chen 15 November HKD28287989241 Investment management of equities and
Development Chengdi 2013 others
Company Liang Jian
Limited
The exploration and utilization of marine
resources marine industry investment the
management of marine and port resources
Zhejiang and capital operations port investment
Provincial construction and operations shipping
Seaport Tao services commodity reserves trading andInvestment & Chengbo 30 July 2014 RMB50 billion processing (excluding hazardousOperation chemicals) marine engineering
Group Co. construction and port engineering design
Ltd. and supervision. (Business activities that
require approval in accordance with laws
shall be subject to approval by relevant
authorities.)
150China Merchants Port Group Co. Ltd. Annual Report 2025
Provision of management services for ports
(without involving special administrative
measures on the access of foreign
investment); port information inquiries
economic information consultation
corporate management consultation
business information consultation brand
management consultation and logistics
information consultation (excluding
restricted items in each case); technical
development and sales of ship machinery
and equipment; technical services in respect
of port loading and unloading equipment;
supporting businesses in respect of the
design sales import and export of loading
and unloading tools mechanical and
China electrical products and non-ferrous metal
Merchants products (excluding precious metals)
Gangtong Zhang Ya 16 January 2018 RMB13495525700 (Commodities that involve state tradingDevelopment quota license and special administrative
(Shenzhen) regulations shall be operated through the
Co. Ltd. application pursuant to related state
regulations); technical development and
technical services in respect of modern
logistics information systems; supply chain
management and related supporting
services; design of logistics plans; planning
of corporate image; planning of cultural
exchange activities (without involving
special administrative measures on the
access of foreign investment); marketing
planning; and planning of brand image. (In
each case any item forbidden by laws
administrative regulations and the State
Council shall be excluded and restricted
items shall be operated upon the attainment
of the permission) licensed business item:
none
6. Limitations on Shareholding Decrease by the Company’s Controlling Shareholder Actual
Controller Reorganizer and Other Commitment Makers
□Applicable √ Not applicable
IV Specific Implementation of Share Repurchases in the Reporting Period
Progress on any share repurchases
The number
Number of Amount to Number of
Proposed of
Disclosure shares to be % of total be Repurchase shares
repurchase repurchased
time of plan repurchased share capital repurchased usage repurchased
period shares as %
(share) (RMB’0.000) (Share) of the
underlying
151China Merchants Port Group Co. Ltd. Annual Report 2025
shares
covered by
the Equity
Incentive
Plan (if any)
All
repurchased
shares will
be cancelled
29 October with
20 October 6190500 to 0.25% to 19500-
2024 to 28 correspondin 19817696 N/A
2024123492000.49%38900
October 2025 g reduction
of the
registered
capital of the
Company.The Company held the 7th Extraordinary Meeting of the 11th Board of Directors in 2024 and the 3rd
Extraordinary General Meeting of Shareholders in 2024 respectively on 18 October 2024 and 29
October 2024 at which the Proposal on Repurchase of the Company’s Shares via Centralized
Bidding Trading was reviewed and approved and the Company was allowed to repurchased shares
of it via centralized bidding trading on the Shenzhen Stock Exchange with its own funds or self-
financing funds. All repurchased shares shall be cancelled with the corresponding reduction of the
registered capital. The repurchase price shall not exceed RMB31.50/share; the total amount fund for
repurchase shall not be less than RMB195 million (inclusive) and not more than RMB389 million
(inclusive); and the period for the implementation of the repurchase shall be 12 months from the
date on which this share repurchase plan was approved by the general meeting of shareholders of
the Company. For details please refer to the Announcement on the Resolutions of the 7th
Extraordinary Meeting of the 11th Board of Directors in 2024(Announcement No. 2024-078) and
the Announcement on Repurchase of the Company’s Shares via Centralized Bidding
Trading(Announcement No. 2024-079)disclosed by the Company on www.cninfo.com.cn on 20
October 2024 and the Announcement on the Resolutions of the 3rd Extraordinary General Meeting
of Shareholders in 2024 (Announcement No. 2024-084) disclosed by the Company on
www.cninfo.com.cn on 30 October 2024.In accordance with the Guidelines for Self-Regulation of Listed Companies of Shenzhen Stock
Exchange No. 9 -Share Repurchase and other relevant regulations the Company has opened a
special securities account for share repurchase with Shenzhen Branch of China Securities
Depository and Clearing Corporation Limited which is solely for the purpose of repurchasing the
152China Merchants Port Group Co. Ltd. Annual Report 2025
Company’s shares. For details please refer to the Repurchase Report(Announcement No. 2024-
092)disclosed by the Company on 5 December 2024 on www.cninfo.com.cn.
The above-mentioned share repurchase has been completed with 19817696 shares retired. The
number of shares retired is consistent with the number of shares actually repurchased. The
Company completed the retirement procedures for the aforementioned shares at the Shenzhen
Branch of China Securities Depository and Clearing Corporation Limited on 10 October 2025.Progress on reducing the repurchased shares by means of centralized bidding:
□Applicable √ Not applicable
V Preference Shares
□Applicable √ Not applicable
No preference shares in the Reporting Period.
153China Merchants Port Group Co. Ltd. Annual Report 2025
Part VII Bonds
I Enterprise Bonds
□Applicable √ Not applicable
No enterprise bonds in the Reporting Period.II Corporate Bonds
1. Basic Information of the Corporate Bonds
Unit: RMB’0000
Date of Value Bonds Interest Way of Trading
Name Abbr. Code Maturity
issuance date balance rate redemption place
Simple interest
is adopted and
calculated by
2022 Public year. No
Offering of compound
Corporate interest is
Bonds of calculated.China Interests are
Merchants 22 29 August 30 August 30 August paid once Shenzhen
Port Group CMPort 148052 2022 to 30 2022 2025 0.00 2.69% every year and Stock
Co. Ltd. 01 August 2022 principals paid Exchange
(for in lump sum at
professional maturity. In
investors) the last
(Phase I) instalment theinterests are
paid together
with principal
repayment.Simple interest
is adopted and
2024 Public calculated by
Offering of year. No
Sci-Tech compound
Innovation interest is
Corporate calculated.Bonds of Interests are
China 24 22 August paid once Shenzhen
Merchants CMPort 148877 2024 to 23
23 August 23 August
K1 August 2024 2024 2029
200000.00 2.18% every year and Stock
Port Group principals paid Exchange
Co. Ltd. in lump sum at
(for maturity. In
professional the last
investors) instalment the
(Phase I) interests arepaid together
with principal
repayment.
2025 Public 25 524409 22 August 25 August 25 August Simple interest ShenzhenOffering of CMPort 2025 to 25 2025 2028 300000.00 1.82% is adopted and Stock
154China Merchants Port Group Co. Ltd. Annual Report 2025
Sci-Tech K1 August calculated by Exchange
Innovation 2025 year. No
Corporate compound
Bonds of interest is
China calculated.Merchants Interests are
Port Group paid once
Co. Ltd. every year and
(for principals paid
professional in lump sum at
investors) maturity. In
(Phase I) the last
instalment the
interests are
paid together
with principal
repayment.Appropriate arrangement of the
The Company's bonds are publicly issued to professional institutional investors
investors (if any)
Applicable trading mechanism Match-and-deal negotiate-and-deal click-and-deal inquire-and-deal bid-and-deal
Risk of termination of listing
transactions (if any) and None
countermeasures
Overdue bonds
□Applicable √ Not applicable
2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the
Investor Protection Clause
□Applicable √ Not applicable
3. Intermediaries
Bond Intermediary Office address Signature Contact personaccountant of intermediary Contact number
Lead 18F CITIC
Underwriter Securities
and Trustee: Tower No.8
CITIC Zhongxin 3rd Not applicable Feng Yuan 0755-23835062
2022 Public Securities Co. Road Futian
Offering of Ltd. District
Corporate Shenzhen
Bonds of China 20th Floor
Merchants Port China
Group Co. Ltd. Law firm: Resources
(for Beijing Junhe Building No. 8 Not applicable Liu Yongzhao
professional Law Firm Jianguomen Chen Shanshan
010-85191300
investors) North Street
(Phase I) DongchengDistrict Beijing
Credit rating Room 60101
agency: China Building 1 No. Zhong Ting
Chengxin 2 Nanzhugan Not applicable Liang Ziqiu 027-87339288
International Hutong
155China Merchants Port Group Co. Ltd. Annual Report 2025
Credit Rating Dongcheng
Co. Ltd. District Beijing
Auditor:
Deloitte Touche 30th Floor
Tohmatsu Bund Center Li Weihua
Certified Public No. 222 East Wang Hongmei Wang Hongmei 021-61418888
Accountants Yan’an Road
LLP Shanghai
Lead 18F CITIC
Underwriter Securities
and Trustee: Tower No.8
CITIC Zhongxin 3rd Not applicable Feng Yuan 0755-23835062
Securities Co. Road Futian
Ltd. DistrictShenzhen
2024 Public 20th Floor
Offering of Sci- China
Tech Law firm: Resources
Innovation Beijing Junhe Building No. 8 Not applicable Liu Yongzhao 010-85191300
Corporate Law Firm Jianguomen Chen Shanshan
Bonds of China North Street
Merchants Port Dongcheng
Group Co. Ltd. District Beijing
(for Credit rating Room 60101
professional agency: China Building 1 No.investors) Chengxin 2 Nanzhugan Not applicable Zhong Ting
(Phase I) International Hutong Liang Ziqiu
027-87339288
Credit Rating Dongcheng
Co. Ltd. District Beijing
Auditor:
Deloitte Touche 30th Floor
Tohmatsu Bund Center
Certified Public No. 222 East
Li Weihua
Wang Hongmei Wang Hongmei 021-61418888
Accountants Yan’an Road
LLP Shanghai
Lead 18F CITIC
Underwriter Securities
and Trustee: Tower No.8
CITIC Zhongxin 3rd Not applicable Feng Yuan 0755-23835062
Securities Co. Road Futian2025 Public District
Offering of Sci- Ltd. Shenzhen
Tech 20th Floor
Innovation China
Corporate Resources
Bonds of China Law firm: Building No. 8 Liu Yongzhao
Merchants Port Beijing Junhe Jianguomen Not applicable Chen Shanshan 010-85191300
Group Co. Ltd. Law Firm North Street
(for Dongcheng
professional District Beijing
investors) Credit rating Room 60101
(Phase I) agency: China Building 1 No.Chengxin 2 Nanzhugan Shi Peng
International Hutong Not applicable Junxian 027-87339288
Credit Rating Dongcheng
Co. Ltd. District Beijing
Auditor: 30th Floor Xu Xiangzhao Li Weihua 021-61418888
156China Merchants Port Group Co. Ltd. Annual Report 2025
Deloitte Touche Bund Center Li Weihua
Tohmatsu No. 222 East
Certified Public Yan’an Road
Accountants Shanghai
LLP
8th Floor East
Tower 2
Auditor: KPMG Oriental Plaza
Huazhen LLP 1 East Chang
Wang Jie Wu Wu Huihuang 010-85085000
An Avenue Huihuang
Dongcheng
District Beijing
Indicate by tick mark whether above intermediary changed in the Reporting Period
□Yes √ No
4. Use of Raised Funds
Unit: RMB’0000
Whether
Oper isActual
use of ation Rectif
consiste
raised of icatio
nt with
the
funds (by Actual speci n of usage
Agreed usage use of Unu al raised
usage of Amount excluding funds sed acco funds
using
Code Abbr. Total amount the raised spent temporaril in each amo unt for
plan and
funds y categor unt for violati
other
agreeme
suppleme y raise ond operat ntsnting funds ion (if stipulateworking
capital) (if any)
d in the
any) raisingspecifica
tion
22 Equity Equity Equity
148052 CMPort 300000.00 investmen 300000.00 investmen invest 0.00 None None Yes
01 t t ment
Repay
24 Repaymen Repayme ment
148877 CMPort 200000.00 t ofcorporate 200000.00
nt of of 0.00 None None Yes
K1 corporate corporbonds bonds ate
bonds
Repay
25 Repaymen Repayme ment
524409 CMPort 300000.00 t of 300000.00 nt of of
K1 corporate corporate corpor
0.00 None None Yes
bonds bonds ate
bonds
The raised funds were used for project construction
□Applicable √ Not applicable
The Company changed the usage of above funds raised from bonds during the Reporting Period.
157China Merchants Port Group Co. Ltd. Annual Report 2025
□Applicable √ Not applicable
5. Adjustment of Credit Rating Results during the Reporting Period
□Applicable √ Not applicable
6. Execution and Changes of Guarantee Repayment Plan and Other Repayment Guarantee
Measures as well as Influence on Equity of Bond Investors during the Reporting Period
□Applicable √ Not applicable
III Debt Financing Instruments of Non-financial Enterprises
1. Basic Information of Debt Financing Instruments of a Non-financial Enterprise
Unit: RMB’0000
Tra
Name Abbr. Code Date of Value date Maturity Bonds Interest
Way of din
issuance balance rate redemptio gn plac
e
Medium- Interests
term Notes paid once
of China every year Inte
Merchants and rba
Port Group 24 CMPort 1 April 3 April 3 April nk
Co. Ltd. MTN001A 102481314 2024 2024 2029 50000.00 2.68%
principals
paid in bon
(Phase I lump sum d
2024) on the mar
(Variety redemptio ket
A) n date
Medium- Interests
term Notes paid once
of China every year Inte
Merchants and rba
Port Group 24 CMPort 1 April 3 April 3 April principals nk
Co. Ltd. MTN001B 102481315 2024 2024 2034 150000.00 2.80% paid in bon
(Phase I lump sum d
2024) on the mar
(Variety redemptio ket
B) n date
Super-
short-term
Commerci Principals Inte
al Papers and rba
of China 24 CMPort 31 July 1 August 28 April interest nk
Merchants SCP002 012482326 2024 2024 2025 0.00 1.95% paid in bon
Port Group lump sum d
Co. Ltd. at mar
(Phase II maturity ket
2024)
Super- Principals Inte
short-term 24 CMPort 25 26 and rbaCommerci SCP003 012483722 November November
25 May 0.00 1.96% interest nk
al Papers 2024 2024 2025 paid in bon
of China lump sum d
158China Merchants Port Group Co. Ltd. Annual Report 2025
Merchants at mar
Port Group maturity ket
Co. Ltd.(Phase III
2024)
Medium- Interests
term Notes paid once
of China every year Inte
Merchants and rba
Port Group 24 CMPort 10 July 12 July 12 July principals nk
Co. Ltd. MTN002A 102482957 2024 2024 2027 80000.00 2.10% paid in bon
(Phase II lump sum d
2024) on the mar
(Variety redemptio ket
A) n date
Medium- Interests
term Notes paid once
of China every year Inte
Merchants and rba
Port Group 24 CMPort 102482958 10 July 12 July 12 July
nk
Co. Ltd. MTN002B 2024 2024 2029 120000.00 2.30%
principals
paid in bon
(Phase II lump sum d
2024) on the mar
(Variety redemptio ket
B) n date
Medium- Interests
term Notes paid once
of China every year Inte
Merchants rba
Port 25 CMPort
and
Holdings 102581356 24 March 25 March 25 March principals
nk
Holdings MTN001 .IB 2025 2025 2028
200000.00 1.98% paid in bon
Company lump sum d
Limited on the mar
(Phase I redemptio ket
2025) n date
Super-
short-term
Commerci Principals Inte
al Papers and rba
of China 25 CMPort 19 May 20 May 16 interest nk
Merchants SCP001 012581169 2025 2025 Novembe 0.00 1.51% paid in bon
Port Group r 2025 lump sum d
Co. Ltd. at mar
(Phase I maturity ket
2025)
Interests
Medium- paid once
term Notes every year Inte
of China and rba
Merchants 25 CMPort 7 10 10 principals nk
Port Group MTN001 102584687 November November Novembe 200000.00 1.76%2025 2025 r 2028 paid in
bon
Co. Ltd. lump sum d
(Phase I on the mar
2025) redemptio ket
n date
Super-
short-term
Commerci Principals Inte
al Papers and rba
of China 25 CMPort 12 13 7 August interest nk
Merchants SCP002 012581169 November November2025 2025 2026
200000.00 1.58% paid in bon
Port Group lump sum d
Co. Ltd. at mar
(Phase II maturity ket
2025)
Appropriat N/A
159China Merchants Port Group Co. Ltd. Annual Report 2025
e
arrangeme
nt of the
investors
(if any)
Applicable
trading
mechanis Inquiry
m
Risk of
terminatio
n of listing
transaction
s (if any) None
and
counterme
asures
Matured bonds unredeemed
□Applicable √ Not applicable
2. Triggering and Implementation of Issuer or Investor Option Clauses and Investor
Protection Clauses
□Applicable √ Not applicable
3. Intermediaries
Bond Intermediary Office address Signature Contact personaccountant of intermediary Contact number
China
Merchants
Lead Bank Shenzhen
Underwriter: Branch
China Building No. Luo Yingying
Merchants Bank 2016 Shennan Gan Yawen
0755-88023712
Co. Ltd. AvenueShenzhen
Guangdong
Province
Medium-term 33th Floor
Notes of China Co-lead Building 2
Merchants Port Underwriter: China World Uninvolved
Group Co. Ltd. China Offices No. 1
(Phase I 2024) International Jianguomen Qiu Suofu 010-65051166
Capital Outer Street
Corporation Dongcheng
Limited District
Beijing
20th Floor
Law firm: China
Beijing Junhe Resources Liu Yongzhao 010-8519 1300
Law Firm Building No. 8 Chen ShanshanJianguomen
North Street
160China Merchants Port Group Co. Ltd. Annual Report 2025
Dongcheng
District
Beijing
Credit rating Room 60101
agency: China Building 1 No.Chengxin 2 Nanzhugan Zhong Ting
International HutongDongcheng Liang Ziqiu
027-87339288
Credit Rating
Co. Ltd. DistrictBeijing
China
Merchants
Lead Bank Shenzhen
Underwriter: Branch
China Building No. Luo Yingying2016 Shennan Gan Yawen 0755-88023712Merchants Bank
Co. Ltd. AvenueShenzhen
Guangdong
Province
15th Floor
Industrial Bank
Co-lead Building No.20
Super-short- Underwriter: Chaoyangmen Zhang Hao 010-89926629、
term Industrial Bank North Street Wu Dan 0755-82049629
Commercial Co. Ltd. Chaoyang
Papers of China District Uninvolved
Merchants Port Beijing
Group Co. Ltd. 20th Floor
(Phase II 2024) China
Resources
Law firm: Building No. 8
Beijing Junhe Jianguomen Liu Yongzhao 010-85191300
Law Firm North Street Chen Shanshan
Dongcheng
District
Beijing
Credit rating Room 60101
agency: China Building 1 No.Chengxin 2 Nanzhugan Zhong Ting
International Hutong Liang Ziqiu 027-87339288
Credit Rating Dongcheng
Co. Ltd. DistrictBeijing
No. 1
Lead Fuxingmen
Super-short- Underwriter: Inner StreetBank of China Xicheng Li Xintong 010-66595024term
Commercial Limited District
Papers of China Beijing ChinaChina UninvolvedMerchants Port Co-lead
Group Co. Ltd. Underwriter: Merchants
(Phase III 2024) China Bank Shenzhen Luo Yingying 0755-88023712
Merchants Bank Branch Gan Yawen
Co. Ltd. Building No.2016 Shennan
161China Merchants Port Group Co. Ltd. Annual Report 2025
Avenue
Shenzhen
Guangdong
Province
20th Floor
China
Resources
Law firm: Building No. 8
Beijing Junhe Jianguomen Liu Yongzhao 010-85191300
Law Firm North Street Chen Shanshan
Dongcheng
District
Beijing
Credit rating Room 60101
agency: China Building 1 No.Chengxin 2 Nanzhugan Zhong Ting
International HutongDongcheng Liang Ziqiu
027-87339288
Credit Rating
Co. Ltd. DistrictBeijing
China
Merchants
Lead Bank Shenzhen
Underwriter: Branch
China Building No. Luo Yingying
Merchants Bank 2016 Shennan Gan Yawen
0755-88023712
Co. Ltd. AvenueShenzhen
Guangdong
Province
Guangfa Bank
Building No.Co-lead 713 Dongfeng
Underwriter: East Road
China Guangfa Yuexiu Zhong Shaohao 020-38321066Medium-term District
Notes of China Bank Co. Ltd. Guangzhou
Merchants Port Guangdong Uninvolved
Group Co. Ltd. Province
(Phase II 2024) 20th Floor
China
Resources
Law firm: Building No. 8
Beijing Junhe Jianguomen Liu YongzhaoChen Shanshan 010-8519 1300Law Firm North Street
Dongcheng
District
Beijing
Credit rating Room 60101
agency: China Building 1 No.Chengxin 2 Nanzhugan Zhong Ting
International Hutong 027-87339288
Credit Rating Dongcheng
Liang Ziqiu
Co. Ltd. DistrictBeijing
Medium-term Lead China Luo Yingying
Notes of China Underwriter: Merchants Uninvolved Gan Yawen 0755-88023712
162China Merchants Port Group Co. Ltd. Annual Report 2025
Merchants Port China Bank Shenzhen
Holdings Merchants Bank Branch
Company Co. Ltd. Building No.Limited (Phase 2016 Shennan
I 2025) Avenue
Shenzhen
Guangdong
Province
Co-lead No. 55
Underwriter: Fuxingmen
Industrial and Inner Street
Commercial Xicheng
He Shiyue 010-81011218
Bank of China DistrictBeijing China
Tower 1
Co-lead Chang'an
Underwriter: Xingrong
China Center No. 1
Construction Naoshikou Zhou Peng 010-67596478
Bank Avenue
Corporation XichengDistrict
Beijing
Co-lead No. 69
Underwriter: Jianguomen
Agricultural Inner Street
Bank of China Dongcheng
Wang Ran 010-85106324
Limited DistrictBeijing
No. 1
Co-lead Fuxingmen
Underwriter: Inner Street
Bank of China Xicheng Zhang Shun 010-66595482
Limited District
Beijing China
20th Floor
China
Resources
Law firm: Building No. 8
Beijing Junhe Jianguomen Liu Yongzhao 010-8519 1300
Law Firm North Street Chen Shanshan
Dongcheng
District
Beijing
Law firm: 4th Floor
Zhong Lun Law Jardine House
Firm Limited One Connaught Xu Jianhui 852-22987689
Liability Place Central
Partnership Hong Kong
Credit rating Room 60101
agency: China Building 1 No.Chengxin 2 Nanzhugan
International Hutong
Shi Shi Peng 027-87339288
Credit Rating Dongcheng
Junxian
Co. Ltd. DistrictBeijing
163China Merchants Port Group Co. Ltd. Annual Report 2025
China
Merchants
Lead Bank Shenzhen
Underwriter: Branch
China Building No. Luo Yingying 0755-88023712
Merchants Bank 2016 Shennan Gan Yawen
Co. Ltd. AvenueShenzhen
Guangdong
Province
Tower 1
Co-lead Chang'an
Underwriter: XingrongCenter No. 1
Super-short- ChinaConstruction Naoshikou Zhou Peng 010-67596478term Bank AvenueCommercial Corporation XichengPapers of China District Uninvolved
Merchants Port Beijing
Group Co. Ltd. 20th Floor
(Phase I 2025) China
Resources
Law firm: Building No. 8
Beijing Junhe Jianguomen Liu Yongzhao
Law Firm North Street Chen Shanshan
010-85191300
Dongcheng
District
Beijing
Credit rating Room 60101
agency: China Building 1 No.Chengxin 2 NanzhuganHutong Shi Shi PengInternational Junxian 027-87339288
Credit Rating Dongcheng
Co. Ltd. DistrictBeijing
Tower 1
Lead Chang'an
Underwriter: Xingrong
China Center No. 1
Construction Naoshikou Gao Guangxi 010-67594972
Bank Avenue
Corporation XichengDistrict
Medium-term Beijing
Notes of China Co-lead No. 55
Merchants Port Underwriter: Fuxingmen Uninvolved
Group Co. Ltd. Industrial and Inner Street Tu Zihao 010-81012568
(Phase I 2025) Commercial Xicheng
Bank of China DistrictBeijing China
China
Co-lead Merchants
Underwriter: Bank Shenzhen
China Branch Cao Chong 0755-88026130
Merchants Bank Building No. Gan Yawen
Co. Ltd. 2016 Shennan
Avenue
164China Merchants Port Group Co. Ltd. Annual Report 2025
Shenzhen
Guangdong
Province
20th Floor
China
Resources
Law firm: Building No. 8
Beijing Junhe Jianguomen Liu Yongzhao 010-8519 1300
Law Firm North Street Chen Shanshan
Dongcheng
District
Beijing
Credit rating Room 60101
agency: China Building 1 No.Chengxin 2 Nanzhugan Shi Shi Peng
International Hutong Junxian 027-87339288
Credit Rating Dongcheng
Co. Ltd. DistrictBeijing
China
Merchants
Lead Bank Shenzhen
Underwriter: Branch
China Building No. Cao Chong
Merchants Bank 2016 Shennan Gan Yawen
0755-88026130
Co. Ltd. AvenueShenzhen
Guangdong
Province
Tower 1
Co-lead Chang'an
Underwriter: Xingrong
China Center No. 1
Construction Naoshikou Gao Guangxi 010-67594972
Super-short- Bank Avenue
term Corporation Xicheng
Commercial District
Papers of China BeijingNo. 55 UninvolvedMerchants Port Co-lead
Group Co. Ltd. Underwriter: Fuxingmen
(Phase II 2025) Industrial and Inner Street
Commercial Xicheng
Tu Zihao 010-81012568
Bank of China DistrictBeijing China
20th Floor
China
Resources
Law firm: Building No. 8
Beijing Junhe Jianguomen Liu Yongzhao 010-8519 1300
Law Firm North Street Chen Shanshan
Dongcheng
District
Beijing
Credit rating Room 60101
agency: China Building 1 No. Shi Shi Peng
Chengxin 2 Nanzhugan Junxian 027-87339288
International Hutong
165China Merchants Port Group Co. Ltd. Annual Report 2025
Credit Rating Dongcheng
Co. Ltd. District
Beijing
Indicate by tick mark whether above intermediary changed in the Reporting Period
□Yes √ No
4. Use of Raised Funds
Unit: RMB’0000
Whether is
consistent
Operation Rectification with the
Agreed usage of special of raised usage using
Abbr. Total amount of the raised Amount spent Unused account funds for plan and
funds amount for raised violation otherfunds (if operation (if agreements
any) any) stipulated in
the raising
specification
Supplementing
the working
24 CMPort capital of the
MTN001A 50000.00 Company and 50000.00 0.00 None None Yesits subsidiaries
and repaying
matured debts
Supplementing
the working
24 CMPort capital of the
MTN001B 150000.00 Company and 150000.00 0.00 None None Yesits subsidiaries
and repaying
matured debts
Supplementing
the working
24 CMPort capital of the
SCP002 200000.00 Company and 200000.00 0.00 None None Yesits subsidiaries
and repaying
matured debts
Supplementing
the working
24 CMPort capital of the
SCP003 200000.00 Company and 200000.00 0.00 None None Yesits subsidiaries
and repaying
matured debts
Supplementing
the working
24 CMPort capital of the
MTN002A 80000.00 Company and 80000.00 0.00 None None Yesits subsidiaries
and repaying
matured debts
Supplementing
the working
24 CMPort capital of the
MTN002B 120000.00 Company and 120000.00 0.00 None None Yesits subsidiaries
and repaying
matured debts
166China Merchants Port Group Co. Ltd. Annual Report 2025
Supplementing
the working
24 capital of the
CMPort 200000.00 Company and 200000.00 0.00 None None Yes
SCP001 its subsidiaries
and repaying
matured debts
Supplementing
25 the working
CMPort capital of the
Holdings 200000.00 Company and 200000.00 0.00 None None Yes
MTN001 its subsidiariesand repaying
matured debts
Supplementing
the working
25 capital of the
CMPort 200000.00 Company and 200000.00 0.00 None None Yes
SCP001 its subsidiaries
and repaying
matured debts
Supplementing
the working
25 capital of the
CMPort 200000.00 Company and 200000.00 0.00 None None Yes
MTN001 its subsidiaries
and repaying
matured debts
Supplementing
the working
25 capital of the
CMPort 200000.00 Company and 200000.00 0.00 None None Yes
SCP002 its subsidiaries
and repaying
matured debts
The raised funds were used for project construction
□Applicable √ Not applicable
The Company changed the usage of above funds raised from bonds during the Reporting Period.□Applicable √ Not applicable
5. Adjustment of Credit Rating Results during the Reporting Period
□Applicable √ Not applicable
6. Execution and Changes of Guarantee Repayment Plan and Other Repayment Guarantee
Measures as well as Influence on Equity of Bond Investors during the Reporting Period
□Applicable √ Not applicable
IV Convertible Corporate Bonds
167China Merchants Port Group Co. Ltd. Annual Report 2025
□Applicable √ Not applicable
No such cases in the Reporting Period.V Losses of Scope of Consolidated Financial Statements during the Reporting Period
Exceeding 10% of Net Assets up the Period-end of Last Year
□Applicable √ Not applicable
VI Matured Interest-bearing Debt excluding Bonds up the Period-end
□Applicable √ Not applicable
VII Whether there was any Violation of Rules and Regulations during the Reporting Period
□Yes √ No
VIII The Major Accounting Data and the Financial Indicators of the Recent 2 Years of the
Company up the Period-end
Item 31 December 2025 31 December 2024 Change
Current ratio 77.93% 79.27% -1.69%
Debt/asset ratio 35.96% 36.40% -0.44%
Quick ratio 76.29% 77.36% -1.38%
2025 2024 Change
Net profit after deducting non-
recurring gains and losses 443754.74 404703.16 9.65%
(RMB’0000)
EBITDA/debt ratio 21.20% 21.28% -0.08%
Interest cover (times) 5.30 4.49 18.04%
Cash-to-interest cover (times) 5.80 5.05 14.85%
EBITDA-to-interest cover
(times) 7.99 6.92 15.46%
Loan repayment ratio 100.00% 100.00% -
Interest payment ratio 100.00% 100.00% -
168China Merchants Port Group Co. Ltd. Annual Report 2025
Part VIII Financial Statements
I Independent Auditor’s Report
Type of the independent auditor’s opinion Standard and unqualified auditor's report
Date of signing this report 1 April 2026
Name of the independent auditor KPMG Huazhen LLP
Reference number of Audit Report KPMG (Shen) Zi No. 2607559
Name of the certified public accountants Wu Huihuang Li Dan
II Financial Statements
See attached.China Merchants Port Group Co. Ltd.Board of Directors
Dated 3 April 2026
169CHINA MERCHANTS PORT GROUP CO. LTD.
FINANCIAL STATEMENTS
FOR THE YEAR FROM 1 JANUARY TO 31 DECEMBER 2025CHINA MERCHANTS PORT GROUP CO. LTD.FINANCIAL STATEMENTS AND AUDITOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
CONTENTS PAGE(S)
AUDITOR'S REPORT
CONSOLIDATED BALANCE SHEET 1- 3
BALANCE SHEET OF THE COMPANY 4 - 6
CONSOLIDATED INCOME STATEMENT 7 - 8
INCOME STATEMENT OF THE COMPANY 9
CONSOLIDATED CASH FLOW STATEMENT 10
CASH FLOW STATEMENT OF THE COMPANY 11
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY 12 - 13
THE COMPANY'S STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY 14 - 15
NOTES TO THE FINANCIAL STATEMENTS 16 - 200AUDITOR'S REPORT毕马威华振审字第2607559号
To all the shareholders of China Merchants Port Group Co. Ltd.I. Audit Opinion
We have audited the accompanying financial statements of China Merchants Port Group Co. Ltd.("China Merchants Port Group") which comprise the consolidated and company balance sheets as at
31 December 2025 the consolidated and company income statements the consolidated and company
cash flow statements the consolidated and company statements of changes in shareholders' equity for
the year then ended and notes to the financial statements.In our opinion the accompanying financial statements present fairly in all material respects the
consolidated and company financial position of China Merchants Port Group as at 31 December 2025
and the consolidated and company financial performance and cash flows of China Merchants Port
Group for the year then ended in accordance with Accounting Standards for Business Enterprises
issued by the Ministry of Finance of the People’s Republic of China.II. Basis for the Opinion
We conducted our audit in accordance with China Standards on Auditing for Certified Public
Accountants (“CSAs”). Our responsibilities under those standards are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of China Merchants Port Group in accordance with the Independence Standards for
Chinese Certified Public Accountants No. 1 – Independence Requirements for Audit and Review
Engagements as applicable to audits of financial statements of public interest entities and the China
Code of Ethics for Certified Public Accountants (“the Code”) and we have fulfilled our other ethical
responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.- 1 -AUDITOR'S REPORT - continued毕马威华振审字第2607559号
III. Key Audit Matters
Key audit matters are those matters that in our professional judgement were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the context
of our audit of the financial statements as a whole and in forming our opinion thereon and we do not
provide a separate opinion on these matters.Subsequent measurement of long-term equity investments in associates
Refer to Note (IV) 14 accounting policy to the financial statements Note (VIII) 12 to the consolidated financial
statements and Note (XX) 2 to China Merchants Port Group's financial statements.The Key Audit Matter How the matter was addressed in ouraudit
As at 31 December 2025 the carrying amount of China Our audit procedures to the key audit matter included
Merchants Port Group's long-term equity investments in the following:
associates amounts to RMB 93811201555.24
accounting for 71.45% of the total shareholder's equity. Understand and evaluate the design and operation
For the year ended 31 December 2025 the investment effectiveness of internal control over key
income from associates recognised under the equity financial statements related to the subsequent
method amounts to RMB 6035646183.31 accounting measurement of long-term equity investments of
for 67.77% of the consolidated net profit. associated enterprises;
Since the amount of income from investments in Evaluate the independence and professional
associates recognised by China Merchants Port Group for competence of auditors of important joint
the year is significant we determine the above-mentioned ventures;
subsequent measurement of the long-term equity Participate in the risk assessment process of
investments in associates as a key audit matter of the important joint venture auditors based on the
consolidated financial statements. purpose of group audit and evaluate whether the
audit evidence obtained by the risk assessment
procedures implemented by them can provide an
appropriate basis for identifying and evaluating
the risk of material misstatement (RMM) of the
group's financial statements;
Communicate with important joint venture
auditors on matters related to the assessment of
risk of material misstatement (RMM) of the
Group's financial statements and evaluate the
appropriateness of further audit procedures they
have implemented to address risk of material
misstatement (RMM) of the Group's financial
statements;
- 2 -AUDITOR'S REPORT - continued毕马威华振审字第2607559号
III. Key Audit Matters - continued
The Key Audit Matter How the matter was addressed in ouraudit
Communicate with the auditors of important joint
ventures about the important matters that may
affect the consolidated financial statements found
during the audit the procedures implemented and
the conclusions reached;
Evaluate the appropriateness of the management's
consolidated adjustment to the financial
information of the joint venture based on the
accounting policies of China Merchants Port
Group including checking the supporting
documents of the relevant difference adjustment
and the accuracy of the subsequent measurement
of the long-term equity investments of the joint
venture based on the adjustment.Goodwill impairment
Refer to Note (IV) 7 accounting policy to the financial statements Note (VIII) 20 to the consolidated financial
statements.The Key Audit Matter How the matter was addressed in ouraudit
As at 31 December 2025 the carrying amount of the Our audit procedures to the key audit matter included
goodwill presented in the consolidated financial the following:
statements of China Merchants Port Group is RMB
6176416050.77. Understand and evaluate the design and operation
effectiveness of internal control over key
financial statements related to goodwill
impairment;
Evaluate whether the management's identification
of assets groups the method of allocating
goodwill to assets groups or assets group
portfolios and the method used to determine the
recoverable amount meet the requirements of the
Accounting Standards for Business Enterprises;
- 3 -AUDITOR'S REPORT - continued毕马威华振审字第2607559号
III. Key Audit Matters - continued
The Key Audit Matter How the matter was addressed in ouraudit
The management of China Merchants Port Group Based on our understanding of the Based on our
conducts impairment testing on goodwill at the end of understanding of the industry in which China
each year. Management compares the book value of the Merchants Port Group is located and taking into
assets group or assets group combination containing the account the historical operation of relevant asset
apportioned goodwill with its recoverable amount to groups and other external information evaluate
determine whether it is necessary to withdraw the the rationality of the revenue growth rate adopted
impairment. The recoverable amount is the higher of the by management in determining the present value
net amount of the fair value of the assets group or the of the expected future cash flow;
combination of assets groups minus the disposal expenses
and the present value of the estimated future cash flow. Use the work of our valuation experts to evaluate
The determination of the present value of expected future the appropriateness of the valuation method and
cash flows involves significant management judgments the reasonableness of the discount rate used by
especially the estimation of key assumptions such as the management to determine the present value of
revenue growth rate and discount rate. the estimated future cash flow of the relevant
asset group;
Since the book value of goodwill is materiality to the
financial statements and the impairment testing of Carry out sensitivity analysis on the key
goodwill involves management's major judgments and assumptions of revenue growth rate and discount
estimates these judgments are inherently uncertain and rate adopted by management evaluate the
may be affected by management bias's bias we recognise possible impact of changes in key assumptions on
the impairment of goodwill as a key audit matter. the evaluation results of goodwill impairment
and whether there is any sign of management
bias;
Compare the key assumptions adopted by
management when preparing the present value of
estimated cash flow in the previous year with the
actual situation of the current year to evaluate
whether there is any sign of management bias;
Evaluate whether the disclosure of goodwill
impairment and key assumptions adopted in the
financial statements meet the requirements of the
Accounting Standards for Business Enterprises.- 4 -AUDITOR'S REPORT - continued毕马威华振审字第2607559号
IV. Other Information
China Merchants Port Group’s management is responsible for the other information. The other
information comprises all the information included in 2025 annual report of China Merchants Port
Group other than the financial statements and our auditor's report thereon.Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read the other
information and in doing so consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.If based on the work we have performed we conclude that there is a material misstatement of this
other information we are required to report that fact. We have nothing to report in this regard.V. Responsibilities of the Management and Those Charged with Governance for the
Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with the Accounting Standards for Business Enterprises and for the design
implementation and maintenance of such internal control necessary to enable that the financial
statements are free from material misstatement whether due to fraud or error.In preparing the financial statements management is responsible for assessing China Merchants Port
Group’s ability to continue as a going concern disclosing as applicable matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate
China Merchants Port Group or to cease operations or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing China Merchants Port Group’s
financial reporting process.- 5 -AUDITOR'S REPORT - continued毕马威华振审字第2607559号
VI. Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement whether due to fraud or error and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with CSAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individually or in the
aggregate they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.As part of an audit in accordance with CSAs we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
* Identify and assess the risks of material misstatement of the financial statements whether due to
fraud or error design and perform audit procedures responsive to those risks and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error as fraud may
involve collusion forgery intentional omissions misrepresentations or the override of internal control.* Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.* Conclude on the appropriateness of management’s use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or
conditions that may cast significant doubt on China Merchants Port Group’s ability to continue as a
going concern. If we conclude that a material uncertainty exists we are required to draw attention in
our auditor’s report to the related disclosures in the financial statements or if such disclosures are
inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However future events or conditions may cause China Merchants Port
Group to cease to continue as a going concern.* Evaluate the overall presentation structure and content of the financial statements including the
disclosures and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.* Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within China Merchants Port Group to express an opinion on the financial
statements. We are responsible for the direction supervision and performance of the group audit. We
remain solely responsible for our audit opinion.- 6 -AUDITOR'S REPORT - continued毕马威华振审字第2607559号
VI. Auditor's Responsibilities for the Audit of the Financial Statements - continued
We communicate with those charged with governance regarding among other matters the planned
scope and timing of the audit and significant audit findings including any significant deficiencies in
internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence and communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence and where applicable related
safeguards.From the matters communicated with those charged with governance we determine those matters that
were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when in extremely rare circumstances we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.KPMG Huazhen LLP Certified Public Accountants
Registered in the People’s
Republic of China
吴惠煌(Engagement Partner)
Beijing China 李丹
1 April 2026
- 7 -CHINA MERCHANTS PORT GROUP CO. LTD.As at 31 DECEMBER 2025
Consolidated Balance Sheet
RMB
Item Notes Closing Balance Opening Balance
Current Assets:
Cash and bank balances (VIII)1 15374846360.79 16630400701.13
Including: Cash deposited in the finance company (XV)6(1) 4733188415.27 4745991554.35
Financial assets held for trading (VIII)2 7578824365.75 5685135472.01
Derivative financial assets - -
Bills receivable (VIII)3 151029884.15 270127883.63
Accounts receivable (VIII)4 1297166857.70 1193408383.78
Receivables under financing (VIII)5 114680738.25 -
Prepayments (VIII)6 82819198.95 59177117.22
Funds receivable under centralised management - -
Other receivables (VIII)7 1012655278.64 1166499343.90
Including: Dividends receivable (VIII)7 576943449.36 554387723.94
Inventories (VIII)8 307216425.15 269958020.34
Including: Raw materials 288311631.73 260819412.56
Goods in stock (finished products) 9419494.95 4683965.30
Data resources - -
Contract assets - -
Assets held for sale - -
Non-current assets due within one year (VIII)9 - 34997992.08
Other current assets (VIII)10 158947975.17 251697812.77
Total current assets 26078187084.55 25561402726.86
Non-current Assets:
Debt investments - -
Other debt investments - -
Long-term receivables (VIII)11 3874516647.46 3777373574.70
Long-term equity investments (VIII)12 103073100064.87 100018029894.96
Investments in other equity instruments (VIII)13 141766365.15 139451887.05
Other non-current financial assets (VIII)14 28768810.95 28524600.31
Investment properties (VIII)15 3157951323.78 3288690070.60
Fixed assets (VIII)16 30442884297.82 30689217791.45
Including: Cost of fixed assets 57478268295.87 55832500023.64
Accumulated depreciation 26823319777.57 24930618296.33
Provision for impairment of fixed assets 212280683.43 213290383.06
Construction in progress (VIII)17 3403583431.48 3311109996.59
Right-of-use assets (VIII)18 8965304928.17 8957352063.54
Intangible assets (VIII)19 17643855579.95 17335082422.84
Including: Data resources 5616273.79 6251120.27
Development costs (IX)2 34234599.73 63395053.69
Including: Data resources - -
Goodwill (VIII)20 6176416050.77 5933310929.34
Long-term deferred expenses (VIII)21 919719245.18 940404479.94
Deferred tax assets (VIII)22 355487521.84 365481207.77
Other non-current assets (VIII)23 718921542.98 1109025181.81
Total non-current assets 178936510410.13 175956449154.59
TOTALASSETS 205014697494.68 201517851881.45
The accompanying notes form part of the financial statements.- 1 -CHINA MERCHANTS PORT GROUP CO. LTD.As at 31 DECEMBER 2025
Consolidated Balance Sheet - continued
RMB
Item Notes Closing Balance Opening Balance
Current liabilities:
Short-term borrowings (VIII)24 19775820831.32 12791242141.69
Financial liabilities held for trading - -
Derivative financial liabilities - -
Bills payable (VIII)25 - 1536194.00
Accounts payable (VIII)26 739900492.35 785830532.33
Advance payments received (VIII)27 12191454.52 14576237.84
Contract liabilities (VIII)28 446822948.79 267888272.62
Employee benefits payable (VIII)29 1297834679.20 1168592349.15
Including: Payroll payable 1252447318.40 1126682376.20
Welfare payable - -
Taxes payable (VIII)30 913284472.54 725165726.32
Including: Taxes payable 904515326.51 714248068.55
Other payables (VIII)31 2034923078.95 1923980312.98
Including: Dividends payable (VIII)31 135169470.79 132334744.28
Liabilities held for sale - -
Non-current liabilities due within one year (VIII)32 6042522685.33 10506682795.60
Other current liabilities (VIII)33 2199301417.02 4061201760.72
Total current liabilities 33462602060.02 32246696323.25
Non-current Liabilities:
Long-term borrowings (VIII)34 7439956123.50 15582593255.65
Bonds payable (VIII)35 20709787532.29 13875559119.52
Including: Preference shares - -
Perpetual bonds - -
Lease liabilities (VIII)36 1690860832.08 1387206990.51
Long-term payables (VIII)37 3721605292.07 3204582672.75
Long-term employee benefits payable (VIII)38 546386377.62 655658044.98
Provisions (VIII)39 185493182.45 159435795.50
Deferred income (VIII)40 923349449.41 1268975316.61
Deferred tax liabilities (VIII)22 4869165969.03 4795985333.59
Other non-current liabilities (VIII)41 164442477.36 182720254.84
Total non-current liabilities 40251047235.81 41112716783.95
TOTALLIABILITIES 73713649295.83 73359413107.20
The accompanying notes form part of the financial statements.- 2 -CHINA MERCHANTS PORT GROUP CO. LTD.As at 31 DECEMBER 2025
Consolidated Balance Sheet - continued
RMB
Item Notes Closing Balance Opening Balance
Shareholders' equity:
Share capital (VIII)42 2481842185.00 2501308481.00
Including: State capital - -
State-owned corporate capital 2235944258.00 2236269506.00
Collective capital - -
Private capital 227577129.00 240947591.00
Foreign capital 18320798.00 24091384.00
Other equity instruments - -
Including: Preference shares - -
Perpetual bonds - -
Capital reserve (VIII)44 36816586615.98 37362981831.67
Less: Treasury shares (VIII)43 - 50559789.14
Other comprehensive income (VIII)45 -969163426.51 -1558381237.45
Including: Translation difference of financial statements
denominated in foreign currencies -708485813.50 -1030995258.63
Specific reserve (VIII)46 57278650.39 40074647.27
Surplus reserve (VIII)47 1249537330.50 1249537330.50
Including: Legal reserve 1249537330.50 1249537330.50
Arbitrary accumulation fund - -
Retained earnings (VIII)48 24729748576.84 21957778579.11
Total equity attributable to shareholders of the Company 64365829932.20 61502739842.96
Non-controlling interests 66935218266.65 66655698931.29
TOTAL SHAREHOLDERS' EQUITY 131301048198.85 128158438774.25
TOTALLIABILITIES AND SHAREHOLDERS' EQUITY 205014697494.68 201517851881.45
The accompanying notes form part of the financial statements.The financial statements were signed by the following:
________X__u_S__o_n_g________ _____H__u_an_g__Z_h_e_n_z_h_o_u_____ __________L_i_u_S_h_i_x_ia__________
Legal Representative Chief Financial Officer Head of Accounting Department
- 3 -CHINA MERCHANTS PORT GROUP CO. LTD.As at 31 DECEMBER 2025
Balance Sheet of the Company
RMB
Item Notes Closing Balance Opening Balance
Current Assets:
Cash and bank balances 2754342020.39 4051544937.38
Including: Cash deposited in the finance company 1739063279.42 2738121884.17
Financial assets held for trading 3253363657.53 2902402602.73
Derivative financial assets - -
Bills receivable - -
Accounts receivable - -
Receivables under financing - -
Prepayments 339344.00 879205.65
Funds receivable under centralised management - -
Other receivables (XX)1 1176102035.60 2413442661.68
Including: Dividends receivable (XX)1 148813646.87 965690879.89
Inventories - -
Including: Raw materials - -
Goods in stock (finished products) - -
Data resources - -
Contract assets - -
Assets held for sale - -
Non-current assets due within one year 155510.11 -
Other current assets 10184446.02 8783543.80
Total current assets 7194487013.65 9377052951.24
Non-current Assets:
Debt investments - -
Other debt investments - -
Long-term receivables 217060862.62 9546673.32
Long-term equity investments (XX)2 56471842754.45 56009282172.30
Investments in other equity instruments 130399200.00 130125719.67
Other non-current financial assets - -
Investment properties - -
Fixed assets 24431510.36 25785696.83
Including: Fixed assets - cost 34337104.85 33196561.49
Accumulated depreciation 9905594.49 7410864.66
Provision for impairment of fixed assets - -
Construction in progress 1014339.62 607774.34
Right-of-use assets - -
Intangible assets 87413564.25 55685403.63
Including: Data resources - -
Development costs 9629737.65 53435391.51
Including: Data resources - -
Goodwill - -
Long-term deferred expenses 554450.68 287141.10
Deferred tax assets - -
Other non-current assets - -
Total non-current assets 56942346419.63 56284755972.70
TOTAL ASSETS 64136833433.28 65661808923.94
The accompanying notes form part of the financial statements.- 4 -CHINA MERCHANTS PORT GROUP CO. LTD.As at 31 DECEMBER 2025
Balance Sheet of the Company - continued
RMB
Item Notes Closing Balance Opening Balance
Current Liabilities:
Short-term borrowings - 136552893.75
Financial liabilities held for trading - -
Derivative financial liabilities - -
Bills payable - -
Accounts payable - -
Advance payments received - -
Contract liabilities - -
Employee benefits payable 68938370.19 57295154.90
Including: Payroll payable 68787532.24 57135815.24
Welfare payable - -
Taxes payable 4410347.86 2967430.48
Including: Taxes payable 4410347.86 2967430.48
Other payables 864340142.41 413758779.36
Including: Dividends payable 34577578.12 34577578.12
Liabilities held for sale - -
Non-current liabilities due within one year 4107494323.34 3126770180.31
Other current liabilities 2037223115.04 4020214246.58
Total current liabilities 7082406298.84 7757558685.38
Non-current Liabilities:
Long-term borrowings 2242804000.00 7966000000.00
Bonds payable 11000000000.00 6000000000.00
Including: Preference shares - -
Perpetual bonds - -
Lease liabilities - -
Long-term payables - -
Long-term employee benefits payable - -
Provisions - -
Deferred income - 11000000.00
Deferred tax liabilities 37309068.19 37000434.40
Other non-current liabilities - -
Total non-current liabilities 13280113068.19 14014000434.40
TOTAL LIABILITIES 20362519367.03 21771559119.78
The accompanying notes form part of the financial statements.- 5 -CHINA MERCHANTS PORT GROUP CO. LTD.As at 31 DECEMBER 2025
Balance Sheet of the Company - continued
RMB
Item Notes Closing Balance Opening Balance
Shareholders’ equity
Share capital 2481842185.00 2501308481.00
Including: State capital - -
State-owned corporate capital 2235944258.00 2236269506.00
Collective capital - -
Private capital 227577129.00 240947591.00
Foreign capital 18320798.00 24091384.00
Other equity instruments - -
Including: Preference shares - -
Perpetual bonds - -
Capital reserve 37426664891.68 37773833882.62
Less: Treasury shares - 50559789.14
Other comprehensive income 108754933.18 130414442.07
Including: Translation difference of financial statements
denominated in foreign currencies - -
Specific reserve - -
Surplus reserve 1249537330.50 1249537330.50
Including: Legal reserve 1249537330.50 1249537330.50
Arbitrary accumulation fund - -
Retained earnings 2507514725.89 2285715457.11
Total shareholders’ equity 43774314066.25 43890249804.16
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 64136833433.28 65661808923.94
The accompanying notes form part of the financial statements.- 6 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
Consolidated Income Statement
RMB
Item Notes For the year ended 31 DecemberCurrent Year Prior Year
I. Total operating income (VIII)49 17246382527.85 16130778028.24
Including: Operating income 17246382527.85 16130778028.24
II. Total operating costs 13239243126.94 13409015440.91
Less: Operating costs (VIII)49 9656187248.28 9196016692.35
Taxes and surcharges (VIII)50 367073400.66 332333763.15
Selling and distribution expenses - -
General and administrative expenses (VIII)51 1533391292.39 1821544282.18
Research and development expenses (VIII)52 177750273.52 201755066.36
Financial expenses (VIII)53 1504840912.09 1857365636.87
Including: Interest expenses 1910007525.81 2215219118.52
Interest income 379520826.85 477430320.41
Net exchange loss (“-” for gains) -44557295.34 109256513.08
Add: Other income (VIII)54 172426753.42 185410303.29
Investment income (“-” for losses) (VIII)55 6421520127.75 6546996531.50
Including: Income from investments in associates
and joint ventures (VIII)55 6324208650.73 6441005613.25
Income arising from derecognition of
financial assets measured at amortised cost - -
Net exposure hedging income (“-” for losses) - -
Gains from changes in fair value (“-” for losses) (VIII)56 42374127.06 390232365.15
Reversal of credit impairment (VIII)57 -290616620.93 272994309.08
Impairment losses (“-” for losses) (VIII)58 -10072860.74 -8880788.88
Gains from asset disposals (“-” for losses) (VIII)59 7391759.06 34062395.75
The accompanying notes form part of the financial statements.- 7 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
Consolidated Income Statement - continued
RMB
Item Notes For the year ended 31 DecemberCurrent Year Prior Year
III. Operating profit 10350162686.53 10142577703.22
Add: Non-operating income (VIII)60 83919649.43 59018655.32
Including: Government grants - -
Less: Non-operating expenses (VIII)61 57795398.52 70252101.73
IV. Profit before income tax 10376286937.44 10131344256.81
Less: Income tax expenses (VIII)64 1470295014.95 1252837946.90
V. Net profit for the year 8905991922.49 8878506309.91
(I) Net profit classified by continuity of operations
1. Net profit from continuing operation 8905991922.49 8878506309.91
2. Net profit from discontinued operation - -
(II) Net profit classified by ownership
1. Attributable to shareholders of the Company 4611352247.98 4516301317.16
2. Non-controlling interests 4294639674.51 4362204992.75
VI. Other comprehensive income net of tax (VIII)45 1426044252.93 -1529342680.40
(I) Other comprehensive income (net of tax) attributable to
shareholders of the Company 589008913.80 -654754643.10
1. Items that will not be reclassified to profit or loss 35827407.85 -102848966.14
(1) Remeasurement of defined benefit plan 23088562.44 -24453072.38
(2) Other comprehensive income recognised under the equity
method 11925433.55 -64909867.66
(3) Changes in fair value of investments in other equity
instruments 813411.86 -13486026.10
(4) Changes in fair value of entity’s own credit risk - -
(5) Others - -
2. Item that reclassified to profit or loss 553181505.95 -551905676.96
(1) Other comprehensive income recognised under the equity
method 230672060.82 25113263.42
(2) Changes in fair value of other debt investments - -
(3) Amount of financial assets reclassified into other
comprehensive income - -
(4) Credit losses of other debt investments - -
(5) Cash flow hedge reserve (effective part of cash flow
hedging profit and loss) - -
(6) Translation differences arising from translation of foreign
currency financial statements 322509445.13 -577018940.38
(7) Others - -
(II) Other comprehensive income (net of tax) attributable to
non-controlling interests 837035339.13 -874588037.30
VII. Total comprehensive income for the year 10332036175.42 7349163629.51
(I) Attributable to shareholders of the Company 5200361161.78 3861546674.06
(II) Attributable to non-controlling interests 5131675013.64 3487616955.45
VIII. Earnings per share
(I) Basic earnings per share (RMB/share) 1.85 1.81
(II) Diluted earnings per share (RMB/share) 1.85 1.81
The accompanying notes form part of the financial statements.- 8 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
Income Statement of the Company
RMB
Item Notes For the year ended 31 DecemberCurrent Year Prior Year
I. Total operating income (XX)3 21190068.20 18456183.80
Including: Operating costs (XX)3 3739443.84 3739443.84
Taxes and surcharges 1195169.13 1304373.74
Selling and distribution expenses - -
General and administrative expenses 185237799.33 157158232.51
Research and development expenses 8137624.92 17042748.71
Financial expenses 393541343.52 406958438.88
Including: Interest expenses 435895067.88 483982034.35
Interest income 54998360.11 85684756.27
Net exchange loss (“-” for losses) 8468483.63 2351741.58
Add: Other income 302422.78 397379.05
Investment income (“-” for losses) (XX)4 2626531594.62 2453196389.65
Including: Income from investments in associates
and joint ventures (XX)4 1227350189.01 1154581593.08
Income arising from derecognition of
financial assets measured at amortised cost - -
Net exposure hedging income (“-” for losses) - -
Gains from changes in fair value (“-” for losses) 3782835.61 4999863.00
Reversal of credit impairment (“-” for losses) - -
Impairment losses (“-” for losses) - -
Gains from asset disposals (“-” for losses) - -9551.52
II. Operating profit 2059955540.47 1890837026.30
Add: Non-operating income 1920689.20 185319.67
Including: Government grants -
Less: Non-operating expenses - -
III. Profit before income tax 2061876229.67 1891022345.97
Less: Income tax expenses 240263.71 471198.63
IV. Net profit for the year 2061635965.96 1890551147.34
Net profit from continuing operations (“-” for net loss) 2061635965.96 1890551147.34
Net profit from discontinued operations (“-” for net loss) - -
V. Other comprehensive income net of tax -21659508.89 9893609.24
(I) Items that will not be reclassified to profit or loss 427516.47 -14557437.08
1. Remeasurement of the defined benefit plan - -
2. Other comprehensive income recognised
under the equity method 222406.22 -1085453.65
3. Changes in fair value of investments in other equity
instruments 205110.25 -13471983.43
4. Changes in fair value of entity’s own credit risk - -
5. Others - -
(II) Items that may be reclassified to profit or loss -22087025.36 24451046.32
1. Other comprehensive income recognised
under the equity method -22087025.36 24451046.32
2. Changes in fair value of other debt investments - -
3. Amount of financial assets reclassified into other
comprehensive income - -
4. Credit losses of other debt investments - -
5. Cash flow hedge reserve (effective part of cash flow hedging
profit and loss) - -
6. Translation differences arising from translation of foreign
currency financial statements - -
7. Others - -
VI. Total comprehensive income for the year 2039976457.07 1900444756.58
The accompanying notes form part of the financial statements.- 9 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
Consolidated Cash Flow Statement
RMB
For the year ended 31 December
Item Notes Current Year Prior Year
I. Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 17599258943.33 16589207291.70
Refund of taxes 28876015.22 180073212.01
Proceeds from other operating activities (VIII)67(1) 979067512.74 1413169094.11
Sub-total of cash inflows 18607202471.29 18182449597.82
Payment for goods and services 4540007962.94 4334345500.75
Payment to and for employees 3655492281.56 3464632790.50
Payment of various taxes 1615413653.01 1594215474.70
Payment for other operating activities (VIII)67(1) 621856184.73 776043007.47
Sub-total of cash outflows 10432770082.24 10169236773.42
Net cash inflow from operating activities (VIII)68(1) 8174432389.05 8013212824.40
II. Cash flows from investing activities:
Proceeds from disposal of investments 48319800000.00 27563331868.18
Investment returns received 3124782018.71 2945983531.55
Net proceeds from disposal of fixed assets intangible assets and
other long-term assets 204058464.74 63168477.18
Net proceeds from disposal of subsidiaries and other business
units - -
Proceeds from other investing activities (VIII)67(2) 243876733.40 16260626.10
Sub-total of cash inflows 51892517216.85 30588744503.01
Payment for acquisition of fixed assets intangible assets and
other long-term assets 2177197094.25 1945061261.66
Payment for acquisition of investments 50171806292.72 27610855675.82
Net payment for acquisition of subsidiaries and other business
units 12986529.91 293358563.60
Payment for other investing activities (VIII)67(2) 198813248.05 261140547.34
Sub-total of cash outflows 52560803164.93 30110416048.42
Net cash inflow from investing activities -668285948.08 478328454.59
III. Cash flows from financing activities:
Proceeds from investors 7225165.59 76758234.49
Including: Proceeds from non-controlling shareholders of
subsidiaries - 43561800.00
Proceeds from borrowings 34549428532.14 26764844974.84
Proceeds from other financing activities (VIII)67(3) 296545809.81 55862550.05
Sub-total of cash inflows 34853199507.54 26897465759.38
Repayments of borrowings 34753648649.24 27301766289.39
Payment for dividends profit distributions or interest (VIII)68(3) 6676591884.69 6961913964.29
Including: Dividends and profits paid to
non-controlling shareholders of subsidiaries 3163208603.63 3553580816.50
Payment for other financing activities (VIII)67(3) 2194782463.37 539924528.35
Sub-total of cash outflows 43625022997.30 34803604782.03
Net cash outflow from financing activities -8771823489.76 -7906139022.65
IV. Effect of foreign exchange rate changes on cash
and cash equivalents -5034844.08 -88946332.53
V. Net increase in cash and cash equivalents (VIII)68(1) -1270711892.87 496455923.81
Add: Cash and cash equivalents at the beginning of the year 16515069554.91 16018613631.10
VI. Cash and cash equivalents at the end of the year (VIII)68(2) 15244357662.04 16515069554.91
The accompanying notes form part of the financial statements.- 10 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
Cash Flow Statement of the Company
RMB
Item Notes For the year ended 31 DecemberCurrent Year Prior Year
I. Cash flows from operating activities:
Proceeds from sale of goods and rendering of services - -
Refunds of taxes 220631.35 4722220.72
Proceeds from other operating activities 157346724.18 465774682.36
Sub-total of cash inflows 157567355.53 470496903.08
Payment for goods and services 3418230.00 105600.00
Payment to and for employees 106957419.23 99220574.59
Payment of various taxes 580390.65 548632.16
Payment for other operating activities 137691009.08 420429917.05
Sub-total of cash outflows 248647048.96 520304723.80
Net cash outflow from operating activities -91079693.43 -49807820.72
II. Cash flows from investing activities:
Proceeds from disposal of investments 21124800000.00 10500000000.00
Investment returns received 2845845933.27 922093300.17
Net proceeds from disposal of fixed assets intangible assets and
other long-term assets - 4620.00
Net proceeds from disposals of subsidiaries and
other business units - -
Proceeds from other investing activities 2157923095.86 2105669483.62
Sub-total of cash inflows 26128569029.13 13527767403.79
Payment for acquisition of fixed assets intangible assets and
other long-term assets 1838704.87 18200422.44
Payment for acquisition of investments 21350000000.00 11945339800.00
Net payment for acquisition of subsidiaries and other
business units - -
Payment for other investing activities 1645853857.02 1990013432.08
Sub-total of cash outflows 22997692561.89 13953553654.52
Net cash inflow/(outflow) from investing activities 3130876467.24 -425786250.73
III. Cash flows from financing activities:
Proceeds from investors 7225165.59 33196434.49
Proceeds from borrowings 9453406452.28 14361983943.48
Proceeds from other financing activities 11831089.81 11034623.06
Sub-total of cash inflows 9472462707.68 14406215001.03
Repayments of borrowings 11160273000.00 11207000000.00
Payment for dividends profit distributions or interests 2296327290.40 1920172028.00
Payment for other financing activities 354268537.81 68463301.09
Sub-total of cash outflows 13810868828.21 13195635329.09
Net cash (outflow)/inflow from financing activities -4338406120.53 1210579671.94
IV. Effect of foreign exchange rate changes on cash
and cash equivalents -614028.81 312670.57
V. Net (decrease)/increase in cash and cash equivalents
(“-” for net decrease) -1299223375.53 735298271.06
Add: Cash and cash equivalents at the beginning of the year 4016283989.90 3280985718.84
VI. Cash and cash equivalents at the end of the year 2717060614.37 4016283989.90
The accompanying notes form part of the financial statements.- 11 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
Consolidated Statement of Changes in Shareholders' Equity
RMB
Current Year
Equity attributable to shareholders of the Company
Including:
Other equity instruments Translation
Item Less: Other difference of Non-controlling
Share capital Capital reserve Treasury comprehensive financialstatements Specific reserve Surplus reserve Retained earnings Subtotal interests
Total
Preference Perpetual shares income denominated in
shares bonds Others foreign
currencies
I. Balance at the end of the previous year 2501308481.00 - - - 37362981831.67 50559789.14 -1558381237.45 -1030995258.63 40074647.27 1249537330.50 21957778579.11 61502739842.96 66655698931.29 128158438774.25
Add: Changes in accounting policies - - - - - - - - - - - - - -
Corrections of prior period errors - - - - - - - - - - - - - -
Business combination involving entities
under common control - - - - - - - - - - - - - -
Others - - - - - - - - - - - - - -
II. Balance at the beginning of the year 2501308481.00 - - - 37362981831.67 50559789.14 -1558381237.45 -1030995258.63 40074647.27 1249537330.50 21957778579.11 61502739842.96 66655698931.29 128158438774.25
III. Changes in equity during the year -19466296.00 - - - -546395215.69 -50559789.14 589217810.94 322509445.13 17204003.12 - 2771969997.73 2863090089.24 279519335.36 3142609424.60
(I) Total comprehensive income - - - - - - 589008913.80 322509445.13 - - 4611352247.98 5200361161.78 5131675013.64 10332036175.42
(II) Shareholders’ contributions of capital -19466296.00 - - - -546395215.69 -50559789.14 208897.14 - 33514.20 - 454446.93 -514604864.28 -1661668210.63 -2176273074.91
1. Contribution by ordinary shareholders 351400.00 - - - 5489164.28 - - - - - - 5840564.28 - 5840564.28
2. Contribution by holders of other equity
instruments - - - - - - - - - - - - - -
3. Equity-settled share-based payments - - - - -506305.80 - - - - - - -506305.80 -359394.37 -865700.17
4. Others -19817696.00 - - - -551378074.17 -50559789.14 208897.14 - 33514.20 - 454446.93 -519939122.76 -1661308816.26 -2181247939.02
(III) Appropriation of profits - - - - - - - - - - -1839836697.18 -1839836697.18 -3202040013.42 -5041876710.60
1. Appropriation for surplus reserve - - - - - - - - - - - - - -
Including: Legal reserve - - - - - - - - - - - - - -
Arbitrary accumulation fund - - - - - - - - - - - - - -
2. Distribution to shareholders - - - - - - - - - - -1839836697.18 -1839836697.18 -3146813250.95 -4986649948.13
3. Others - - - - - - - - - - - - -55226762.47 -55226762.47
(IV) Transfers within equity - - - - - - - - - - - - - -
1. Share capital increased by capital reserve
transfer - - - - - - - - - - - - - -
2. Share capital increased by surplus reserve
transfer - - - - - - - - - - - - - -
3. Transfer of surplus reserve to offset losses - - - - - - - - - - - - - -
4. Changes arising from defined benefit plan
transferred to retained earnings - - - - - - - - - - - - - -
5. Transfer of other comprehensive income
to retained earnings - - - - - - - - - - - - - -
6. Others - - - - - - - - - - - - - -
(V) Specific reserve - - - - - - - - 17170488.92 - - 17170488.92 11552545.77 28723034.69
1. Appropriation during the year - - - - - - - - 64383426.24 - - 64383426.24 63217592.53 127601018.77
2. Utilisation during the year - - - - - - - - -47212937.32 - - -47212937.32 -51665046.76 -98877984.08
(VI) Others - - - - - - - - - - - - - -
IV. Balance at the end of the year 2481842185.00 - - - 36816586615.98 - -969163426.51 -708485813.50 57278650.39 1249537330.50 24729748576.84 64365829932.20 66935218266.65 131301048198.85
- 12 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
Consolidated Statement of Changes in Shareholders' Equity - continued
RMB
Prior Year
Equity attributable to shareholders of the Company
Including:
Other equity instruments Translation
Item Less: Other difference of Non-controlling
Share capital Capital reserve Treasury comprehensive financialstatements Specific reserve Surplus reserve
Retained
earnings Subtotal interests
Total
Preference perpetual shares income denominated in
shares bonds others foreign
currencies
I. Balance at the end of the previous year 2499074661.00 - - - 37076846803.06 - -903626594.35 -453976318.25 34003994.41 1095980563.68 19045313519.75 58847592947.55 66722341481.26 125569934428.81
Add: Changes in accounting policies - - - - - - - - - - - - - -
Corrections of prior period errors - - - - - - - - - - - - - -
Business combination involving entities
under common control - - - - - - - - - - - - - -
Others - - - - - - - - - - - - - -
II. Balance at the beginning of the year 2499074661.00 - - - 37076846803.06 - -903626594.35 -453976318.25 34003994.41 1095980563.68 19045313519.75 58847592947.55 66722341481.26 125569934428.81
III. Changes in equity during the year 2233820.00 - - - 286135028.61 50559789.14 -654754643.10 -577018940.38 6070652.86 153556766.82 2912465059.36 2655146895.41 -66642549.97 2588504345.44
(I) Total comprehensive income - - - - - - -654754643.10 -577018940.38 - - 4516301317.16 3861546674.06 3487616955.45 7349163629.51
(II) Shareholders’ contributions of capital 2233820.00 - - - 286135028.61 50559789.14 - - - - - 237809059.47 56472428.06 294281487.53
1. Contribution by ordinary shareholders 2233820.00 - - - 39515503.24 - - - - - - 41749323.24 43561800.00 85311123.24
2. Contribution by holders of
other equity instruments - - - - - - - - - - - - - -
3. Equity-settled share-based payments - - - - -6138284.56 - - - - - - -6138284.56 -1909854.96 -8048139.52
4. Others - - - - 252757809.93 50559789.14 - - - - - 202198020.79 14820483.02 217018503.81
(III) Appropriation of profits - - - - - - - - - 153556766.82 -1603836257.80 -1450279490.98 -3609778395.68 -5060057886.66
1. Appropriation for surplus reserve - - - - - - - - - 153556766.82 -153556766.82 - - -
Including: Legal reserve - - - - - - - - - 153556766.82 -153556766.82 - - -
Arbitrary accumulation fund - - - - - - - - - - - - - -
2. Distribution to shareholders - - - - - - - - - - -1450279490.98 -1450279490.98 -3554586317.66 -5004865808.64
3. Others - - - - - - - - - - - - -55192078.02 -55192078.02
(IV) Transfers within equity - - - - - - - - - - - - - -
1. Share capital increased by
capital reserve transfer - - - - - - - - - - - - - -
2. Share capital increased by surplus reserve
transfer - - - - - - - - - - - - - -
3. Transfer of surplus reserve to offset losses - - - - - - - - - - - - - -
4. Changes arising from defined benefit plan
transferred to retained earnings - - - - - - - - - - - - - -
5. Transfer of other comprehensive income to
retained earnings - - - - - - - - - - - - - -
6. Others - - - - - - - - - - - - - -
(V) Specific reserve - - - - - - - - 6070652.86 - - 6070652.86 -953537.80 5117115.06
1. Appropriation during the year - - - - - - - - 59210779.71 - - 59210779.71 58293123.14 117503902.85
2. Utilisation during the year - - - - - - - - -53140126.85 - - -53140126.85 -59246660.94 -112386787.79
(VI) Others - - - - - - - - - - - - - -
IV. Balance at the end of the year 2501308481.00 - - - 37362981831.67 50559789.14 -1558381237.45 -1030995258.63 40074647.27 1249537330.50 21957778579.11 61502739842.96 66655698931.29 128158438774.25
The accompanying notes form part of the financial statements.- 13 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's Statement of Changes in Shareholders' Equity
RMB
For the year ended 31 December 2025
Other equity instruments Including: Translation
Item Other comprehensive difference of financialShare capital Preference perpetual Capital reserve Less: Treasury shares income statements Specific reserve Surplus reserve Retained earnings Total
shares bonds others denominated in foreigncurrencies
I. Balance at the end of the previous year 2501308481.00 - - - 37773833882.62 50559789.14 130414442.07 - - 1249537330.50 2285715457.11 43890249804.16
Add: Changes in accounting policies - - - - - - - - - - - -
Corrections of prior period errors - - - - - - - - - - - -
Others - - - - - - - - - - - -
II. Balance at the beginning of the year 2501308481.00 - - - 37773833882.62 50559789.14 130414442.07 - - 1249537330.50 2285715457.11 43890249804.16
III. Changes in equity during the year -19466296.00 - - - -347168990.94 -50559789.14 -21659508.89 - - - 221799268.78 -115935737.91
(I) Total comprehensive income - - - - - - -21659508.89 - - - 2061635965.96 2039976457.07
(II) Shareholders’ contributions of capital -19466296.00 - - - -347168990.94 -50559789.14 - - - - - -316075497.80
1. Contribution by ordinary shareholders 351400.00 - - - 5860358.48 - - - - - - 6211758.48
2. Contribution by holders of other equity instruments - - - - - - - - - - - -
3. Equity-settled share-based payments - - - - -877500.00 - - - - - - -877500.00
4. Others -19817696.00 - - - -352151849.42 -50559789.14 - - - - - -321409756.28
(III) Appropriation of profits - - - - - - - - - - -1839836697.18 -1839836697.18
1. Appropriation for surplus reserve - - - - - - - - - - -
Including: Legal reserve - - - - - - - - - - - -
Arbitrary accumulation fund - - - - - - - - - - - -
2. Distribution to shareholders - - - - - - - - - -1839836697.18 -1839836697.18
3. Others - - - - - - - - - - -
(IV) Transfers within equity - - - - - - - - - - -
1. Share capital increased by capital reserve transfer - - - - - - - - - - -
2. Share capital increased by surplus reserve transfer - - - - - - - - - - -
3. Transfer of surplus reserve to offset losses - - - - - - - - - - -
4. Changes arising from defined benefit plan
transferred to retained earnings - - - - - - - - - - - -
5. Transfer of other comprehensive income
to retained earnings - - - - - - - - - - -
6. Others - - - - - - - - - - -
(V) Specific reserve - - - - - - - - - - -
1. Appropriation during the year - - - - - - - - - - -
2. Utilisation during the year - - - - - - - - - - -
(VI) Others - - - - - - - - - - -
IV. Balance at the end of the year 2481842185.00 - - - 37426664891.68 - 108754933.18 - - 1249537330.50 2507514725.89 43774314066.25
- 14 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's Statement of Changes in Shareholders' Equity - continued
RMB
Prior Year
Other equity instruments Including: Translation
Item difference of financialShare capital Preference perpetual Capital reserve Less: Treasury shares
Other comprehensive
income statements Specific reserve Surplus reserve Retained earnings Total
shares bonds others denominated in foreigncurrencies
I. Balance at the end of the previous year 2499074661.00 - - - 37704543586.11 - 120520832.83 - - 1095980563.68 1999000567.57 43419120211.19
Add: Changes in accounting policies - - - - - - - - - - - -
Corrections of prior period errors - - - - - - - - - - - -
Others - - - - - - - - - - - -
II. Balance at the beginning of the year 2499074661.00 - - - 37704543586.11 - 120520832.83 - - 1095980563.68 1999000567.57 43419120211.19
III. Changes in equity during the year 2233820.00 - - - 69290296.51 50559789.14 9893609.24 - - 153556766.82 286714889.54 471129592.97
(I) Total comprehensive income - - - - - - 9893609.24 - - - 1890551147.34 1900444756.58
(II) Shareholders’ contributions of capital 2233820.00 - - - 69290296.51 50559789.14 - - - - - 20964327.37
1. Contribution by ordinary shareholders 2233820.00 - - - 39515503.24 - - - - - - 41749323.24
2. Contribution by holders of other equity instruments - - - - - - - - - - - -
3. Equity-settled share-based payments - - - - -6172572.05 - - - - - - -6172572.05
4. Others - - - - 35947365.32 50559789.14 - - - - - -14612423.82
(III) Appropriation of profits - - - - - - - - - 153556766.82 -1603836257.80 -1450279490.98
1. Appropriation for surplus reserve - - - - - - - - - 153556766.82 -153556766.82 -
Including: Legal reserve - - - - - - - - - 153556766.82 -153556766.82 -
Arbitrary accumulation fund - - - - - - - - - - - -
2. Distribution to shareholders - - - - - - - - - - -1450279490.98 -1450279490.98
3. Others - - - - - - - - - - - -
(IV) Transfers within equity - - - - - - - - - - - -
1. Share capital increased by capital reserve transfer - - - - - - - - - - - -
2. Share capital increased by surplus reserve transfer - - - - - - - - - - - -
3. Transfer of surplus reserve to offset losses - - - - - - - - - - - -
4. Changes arising from defined benefit plan
transferred to retained earnings - - - - - - - - - - - -
5. Transfer of other comprehensive income to
retained earnings - - - - - - - - - - - -
6. Others - - - - - - - - - - - -
(V) Specific reserve - - - - - - - - - - - -
1. Appropriation during the year - - - - - - - - - - - -
2. Utilisation during the year - - - - - - - - - - - -
(VI) Others - - - - - - - - - - - -
IV. Balance at the end of the year 2501308481.00 - - - 37773833882.62 50559789.14 130414442.07 - - 1249537330.50 2285715457.11 43890249804.16
The accompanying notes form part of the financial statements.- 15 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(I) GENERAL INFORMATION OF THE COMPANY
China Merchants Port Group Co. Ltd. (hereinafter referred to as the "Company") is a joint-stock
company incorporated in Shenzhen Guangdong Province on 16 January 1993.The headquarters of the Company is located in Shenzhen Guangdong Province. The Company
and its subsidiaries (collectively the "Group") are actually engaged in the principal operating
activities of port services bonded logistics services and other businesses such as property
development and investment.The Company's and consolidated financial statements were approved by the Board of Directors on
1 April 2026.
(II) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
Basis of preparation of financial statements
The Group has adopted the Accounting Standards for Business Enterprises (hereinafter referred to
as "ASBE") issued by the Ministry of Finance. In addition the Group has disclosed relevant
financial information in accordance with Information Disclosure and Presentation Rules for
Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reporting
(Revised in 2023).Going concern
As at 31 December 2025 the Group had total current liabilities in excess of total current assets by
RMB 7384414975.47. As at 31 December 2025 the Group had available and unused credit
facilities and bonds amounting to RMB 49239851263.83 which is greater than the balance of
the net current liabilities. The Group can obtain financial support from the available line of credit
and bonds when needed. Therefore the financial statements have been prepared on a going
concern basis.(III) STATEMENT OF COMPLIANCE WITH THE ASBE
The financial statements prepared by the Company comply with the requirements of the
Accounting Standards for Business Enterprises and truly and completely reflect the consolidated
and Company's financial position as at 31 December 2025 and the consolidated and Company's
operating results consolidated and Company's shareholders’ equity and consolidated and
Company's cash flow for the year ended 31 December 2025.(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
1. Accounting year
The financial year of the Group is from 1 January to 31 December of the Gregorian calendar year.- 16 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
2. Operating cycle
Business cycle refers to the period from the purchase of assets for processing to the realization of
cash or cash equivalents. The Group is actually engaged in the principal operating activities of
port services bonded logistics services and other businesses such as property development and
investment.
3. Functional currency
The Company’s functional currency is Renminbi (hereinafter referred to as "RMB") and these
financial statements are presented in RMB. The Company and its domestic subsidiaries use RMB
as their bookkeeping base currency. The Company's overseas subsidiaries determine their
functional currency according to the currency in the primary economic environment in which they
operate. The Company adopts RMB to prepare its financial statements.
4. Basis of accounting and principle of measurement
The Group has adopted the accrual basis of accounting. Except for financial instruments which
are measured at fair value the Group adopts the historical cost as the principle of measurement of
the financial statements. Upon being restructured into a stock company the fixed assets and
intangible assets initially contributed by the state-owned shareholders are recognised based on the
valuation amounts confirmed by the state-owned assets administration department. Where assets
are impaired provisions for asset impairment are made in accordance with the relevant
requirements.Where the historical cost is adopted as the measurement basis assets are recorded at the amount
of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the
time of their acquisition. Liabilities are recorded at the amount of proceeds or assets received or
the contractual amounts for assuming the present obligation or at the amounts of cash or cash
equivalents expected to be paid to settle the liabilities in the normal course of business.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date regardless of whether
that price is directly observable or estimated using valuation technique. Fair value measurement
and disclosure in the financial statements are determined according to the above basis.In the measurement of non-financial assets at fair value market participants' ability to best utilize
such assets to generate most economic benefits or the ability to sell such assets to other market
participants who are able to best utilize the assets to generate economic benefits is taken into
account.For financial assets of which transaction prices are the fair value on initial recognition and of
which valuation technique involving unobservable input is used in subsequent measurement the
valuation technique in the course of valuation is adjusted to enable the result of initial recognition
based on the valuation technique equal to the transaction price.- 17 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
4. Basis of accounting and principle of measurement - continued
Fair value measurements are categorized into Level 1 2 or 3 based on the degree to which the
inputs to the fair value measurements are observable and the significance of the inputs to the fair
value measurement in its entirety which are described as follows:
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that
the entity can access at the measurement date;
Level 2 inputs are inputs other than quoted prices included within Level 1 that are
observable for the asset or liability either directly or indirectly; and
Level 3 inputs are unobservable inputs for the asset or liability.
5. Method for determination of materiality criteria and basis for selection
Item Materiality criteria
Significant prepayments aged more than 1 year The amount exceeds RMB 10 million individually
Significant dividends receivable aged more than
1 year The amount exceeds RMB 5 million individually
Significant other receivables for which bad debt
provision is assessed on an individual basis The amount exceeds RMB 10 million individually
Reversal or recovery of significant bad debt
provision The amount exceeds RMB 10 million individually
Impairment testing of significant long-term equity The carrying amount of an individual long-term equity investment≥2%
investments of the amount of total assets
Significant construction in progress The year-end carrying amount of an individual construction in progressranges top ten
Impairment testing of significant construction The carrying amount of an individual construction in progress≥20% of
in progress the amount of construction in progress
Significant accounts payable aged more than 1 year The amount exceeds RMB 10 million individually
Significant advance payments received aged
more than 1 year The amount exceeds RMB 10 million individually
Significant contract liabilities aged more than
1 year The amount exceeds RMB 10 million individually
Significant dividends payable aged more than
1 year The amount exceeds RMB 50 million individually
Significant other payables aged more than 1 year The amount exceeds RMB 30 million individually
Cash flows from significant investing activities The amount exceeds 0.5% of the amount of total assets individually
Significant non-wholly owned subsidiaries The amount of total revenue or total assets of subsidiaries exceeds 15% ofthe amount of total consolidated revenue or total consolidated assets
Joint ventures or associates in which the carrying amount of a long-term
Significant joint ventures or associates equity investment accounts for≥10% of the amount of total consolidatedassets and in which the investment income recognised under the equity
method accounts for≥10% of the amount of total consolidated profit
The amount exceeds 0.3% of the amount of total assets individually
Significant commitments including reorganization mergers and acquisitions and building of
construction in progress etc.- 18 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
6. Business combinations
Business combinations are classified into business combinations involving enterprises under
common control and business combinations not involving enterprises under common control.
6.1 Business combinations involving enterprises under common control
A business combination involving enterprises under common control is a business combination in
which all of the combining enterprises are ultimately controlled by the same party or parties both
before and after the combination and that control is not transitory.Assets and liabilities obtained by the combining party shall be measured at their respective
carrying amounts as recorded by the final controlling party in the consolidated financial
statements at the date of the combination. The difference between share of the carrying amount of
the net assets obtained and the carrying amount of the consideration paid for the combination (or
total par value of issued shares) is adjusted to the share premium in capital reserve. If the share
premium is not sufficient to absorb the difference any excess shall be adjusted against surplus
reserve and retained earnings in turn.Costs that are directly attributable to the combination are charged to profit or loss in the period in
which they are incurred. The merger date is the date on which the combining party actually
obtains control over the combined party.
6.2 Business combinations not involving enterprises under common control
A business combination not involving enterprises under common control is a business
combination in which all of the combining enterprises are not ultimately controlled by the same
party or parties before and after the combination.The cost of combination is the aggregate of the fair values at the acquisition date of the assets
given liabilities incurred or assumed and equity securities issued by the acquirer in exchange for
control of the acquiree. The intermediary expenses (fees in respect of auditing legal services
valuation and consultancy services etc.) and other general and administrative expenses
attributable to the business combination are recognised in profit or loss in the periods when they
are incurred.The acquiree's identifiable assets liabilities and contingent liabilities acquired by the acquirer in a
business combination that meet the recognition criteria shall be measured at fair value at the
acquisition date. The acquisition date refers to the date on which the acquirer actually obtains
control over the acquiree.- 19 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
6. Business combinations - continued
6.2 Business combinations not involving enterprises under common control - continued
Where the cost of combination exceeds the acquirer's interest in the fair value of the acquiree's
identifiable net assets after considering the impact of relevant deferred income tax the difference
is treated as an asset and recognised as goodwill which is measured at cost on initial recognition.Where the cost of combination is less than the acquirer's interest in the fair value of the acquiree's
identifiable net assets the acquirer reassesses the measurement of the fair values of the acquiree's
identifiable assets liabilities and contingent liabilities and measurement of the cost of
combination. If after that reassessment the cost of combination is still less than the acquirer's
interest in the fair value of the acquiree's identifiable net assets the acquirer recognises the
remaining difference immediately in profit or loss for the current period.
7. Goodwill
Goodwill arising from a business combination is measured at cost less accumulated impairment
losses and is presented separately in the consolidated financial statements. Goodwill shall be
subject to impairment testing at least at the end of each year.The impairment testing of goodwill shall be conducted in combination with the relevant assets
group or assets group combination. That is since the purchase date the book value of goodwill is
apportioned to the assets group or combination of assets groups that can benefit from the
synergistic effect of business combination in a reasonable way. If the recoverable amount of the
assets group or combination of assets groups containing apportioned goodwill is lower than its
book value the corresponding impairment loss is recognised. The amount of impairment loss
shall first offset the book value of goodwill apportioned to the assets group or assets group
portfolio and then offset the book value of other assets in proportion to the proportion of the book
value of other assets other than goodwill in the assets group or assets group portfolio.The recoverable amount is the higher of the net amount of the fair value of the assets minus the
disposal expenses and the present value of the estimated future cash flow of the assets.The impairment loss of goodwill shall be included in the current profit and loss when it occurs
and shall not be reversed in future accounting periods.- 20 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
8. Consolidated financial statements
The consolidation scope of consolidated financial statements is determined on the basis of control.Control exists when the investor has power over the investee; is exposed or has rights to variable
returns from its involvement with the investee; and has the ability to use its power over the
investee to affect its returns. The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes in the above elements of the definition of
control.Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and
ceases when the Group loses control of the subsidiary.For a subsidiary already disposed of by the Group the operating results and cash flows before the
date of disposal (the date when control is lost) are included in the consolidated income statement
and consolidated cash flow statement as appropriate.For subsidiaries acquired through a business combination involving enterprises not under
common control when preparing the consolidated financial statements of the current period the
purchased subsidiary will be included in the consolidation scope of the Company from the
acquisition date on the basis of the fair value of the identifiable assets and liabilities of the
purchased subsidiary determined on the acquisition date. The operating results and cash flows
from the acquisition date (the date when control is obtained) are included in the consolidated
income statement and consolidated cash flow statement as appropriate.No matter when the business combination occurs in the reporting period subsidiaries acquired
through a business combination involving enterprises under common control when preparing the
consolidated financial statements of the current period the book value of each assets and liability
of the consolidated subsidiary in the final controller's financial statements is taken as the basis as
if they had been included in the scope of consolidation from the date when they first came under
the common control of the ultimate controlling party. Their operating results and cash flows from
the date when they first came under the common control of the ultimate controlling party are
included in the consolidated income statement and consolidated cash flow statement as
appropriate.The significant accounting policies and accounting periods adopted by the subsidiaries are
determined based on the uniform accounting policies and accounting periods set out by the
Company.Where the accounting policies and accounting periods adopted by subsidiaries are inconsistent
with those of the Company appropriate adjustments are made to the subsidiaries' financial
statements in accordance with the accounting policies of the Company.All significant intra-group balances and transactions are eliminated on consolidation.- 21 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
8. Consolidated financial statements - continued
The portion of subsidiaries' equity that is not attributable to the Company is treated as non-
controlling interests and presented as " non-controlling interests " in the consolidated balance
sheet under the line item of shareholders' equity. The portion of net profits or losses of
subsidiaries for the period attributable to non-controlling interests is presented as " non-
controlling interests " in the consolidated income statement under the line item of "net profit". The
portion of comprehensive income of subsidiaries for the period attributable to non-controlling
interests is presented as " attributable to non-controlling interests " in the consolidated income
statement under the line item of "total comprehensive income".When the amount of loss for the period attributable to the non-controlling shareholders of a
subsidiary exceeds the non-controlling shareholders' portion of the opening balance of owners'
equity of the subsidiary the excess amount is still allocated against non-controlling interests.Acquisition of non-controlling interests or disposal of interests in a subsidiary that does not result
in the loss of control over the subsidiary is accounted for as equity transactions. The carrying
amounts of the Company's interests and non-controlling interests are adjusted to reflect the
changes in their relative interests in the subsidiary. The difference between the amount by which
the non-controlling interests are adjusted and the fair value of the consideration paid or received is
adjusted to capital reserve. If the capital reserve is not sufficient to absorb the difference surplus
reserve and retained earnings shall be offset in turn.For the stepwise acquisition of equity interest till acquiring control after a few transactions and
leading to business combination not involving enterprises under common control it shall be dealt
with based on whether it belongs to 'package deal': if it belongs to 'package deal' it will be
accounted for as a transactions to acquire control; if it does not belong to 'package deal' it will be
accounted for as a transaction to acquire control on acquisition date and the fair value of acquiree'
shares held before acquisition date will be revalued and the difference between fair value and
carrying amount will be recognised in profit or loss of the current period; if acquiree' shares held
before acquisition date involve changes in other comprehensive income and other changes in
owners' equity under equity method it will be transferred to income of acquisition date.When the Group loses control over a subsidiary due to disposal of equity investment or other
reasons any retained interest is re-measured at its fair value at the date when control is lost. The
difference between the sum of the consideration obtained from the disposal of equity and the fair
value of the remaining equity less the share of the net assets of the parent company that should be
continuously calculated from the purchase date based on the original shareholding ratio is
included in the investment income of the current period when the control right is lost and at the
same time the goodwill is offset. Other comprehensive income associated with investment in the
former subsidiary is reclassified to investment income in the period in which control is lost.- 22 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
8. Consolidated financial statements - continued
When the Group loses control of a subsidiary in two or more arrangements (transactions) terms
and conditions of the arrangements (transactions) and their economic effects are considered. One
or more of the following indicate that the Group shall account for the multiple arrangements as a
'package deal': (i) they are entered into at the same time or in contemplation of each other; (ii)
they form a complete transaction designed to achieve an overall commercial effect; (iii) the
occurrence of one transaction is dependent on the occurrence of at least one other transaction; (iv)
one transaction alone is not economically justified but it is economically justified when
considered together with other transactions. Where the transactions of disposal of equity
investments in a subsidiary until the loss of control are assessed as a package deal these
transactions are accounted for as one transaction of disposal of a subsidiary with loss of control.Before losing control the difference of consideration received on disposal and the share of net
assets of the subsidiary continuously calculated from acquisition date is recognised as other
comprehensive income. When losing control the cumulated other comprehensive income is
transferred to profit or loss of the period of losing control. If the transactions of disposal of equity
investments in a subsidiary are not assessed as a package deal these transactions are accounted
for as unrelated transactions.
9. Joint arrangements
Joint venture arrangement refers to an arrangement jointly controlled by two or more participants.The joint venture arrangement of the Group has the following characteristics: (1) all participants
are bound by the arrangement; (2) Two or more participants exercise joint control over the
arrangement. None of the participants can control the arrangement alone and none of the
participants with joint control over the arrangement can prevent other participants or a
combination of participants from controlling the arrangement alone.Joint control refers to the common control over an arrangement according to relevant agreements
and the relevant activities of the arrangement must be agreed by the participants sharing the
control right before making decisions.There are two types of joint arrangements - joint operations and joint ventures. The classification
is based on the rights and obligations of the parties under the joint venture arrangement taking
into account factors such as the structure legal form and contractual terms of the arrangement. A
joint operation is a joint arrangement whereby the parties that have joint control of the
arrangement have rights to the assets and obligations for the liabilities relating to the
arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of
the arrangement have rights to the net assets of the arrangement.The Group accounts for investments in joint ventures using equity method. Refer to Note (IV)
14.3.2 "Long-term equity investments accounted for using the equity method" for details.
- 23 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
9. Joint arrangements - continued
When a group entity undertakes its activities under joint operations the Group as a joint operator
recognises in relation to its interest in a joint operation: - its assets including its share of any
assets held jointly; its liabilities including its share of any liabilities incurred jointly; its revenue
from the sale of its share of the output arising from the joint operation; its share of the revenue
from the sale
of the output by the joint operation and its expenses including its share of any expenses incurred
jointly. The Group accounts for the assets liabilities revenues and expenses relating to its interest
in a joint operation in accordance with the accounting standards applicable to the particular assets
liabilities revenues and expenses.
10. Cash and cash equivalents
Cash comprises cash on hand and deposits that can be readily withdrawn on demand. Cash
equivalents are the Group's short-term (generally due within 3 months since the acquisition date)
highly liquid investments that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value.
11. Financial instruments
The Group recognises a financial asset or a financial liability when it becomes a party to the
contractual provisions of the financial instrument.For financial assets purchased or sold in regular ways assets to be received and liabilities to be
assumed are recognised on the transaction date or assets sold are derecognised on that date.Financial assets and financial liabilities are initially measured at fair value (the method for
determining the fair values of the financial assets and financial liabilities is set out in related
disclosures under "basis of accounting and principle of measurement" in Note (IV) 4. For
financial assets and financial liabilities at fair value through profit or loss transaction costs are
immediately recognised in profit or loss. For other financial assets and financial liabilities
transaction costs are included in their initial recognised amounts. Upon initial recognition of
contract assets bills receivable and accounts receivable that do not contain significant financing
component or without considering the financing component included in the contract with a term
not exceeding one year under the Accounting Standards for Business Enterprises No. 14 -
Revenue (hereinafter referred to as "Revenue Standards") the Group adopts the transaction price
as defined in the Revenue Standards for initial measurement.When there is a difference between the fair value of financial assets or financial liabilities initially
recognised and the transaction price if the fair value is not determined based on the quotation of
the same assets or liabilities in the active market or based on the valuation technology only using
observable market data no gains or losses will be recognised when the financial assets or
financial liabilities are initially recognised.- 24 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
The effective interest method is a method of calculating the amortised cost of a financial asset or a
financial liability and of allocating the interest income or interest expenses over the relevant
accounting periods.The effective interest rate is the rate that exactly discounts estimated future cash flows through the
expected life of the financial asset or financial liability to the book value of the financial asset or
to the amortised cost of the financial liability. When calculating the effective interest rate the
Group estimates future cash flows considering all contractual terms of the financial asset or
financial liability (such as repayment in advance extension call option or other similar options
etc.) (without considering the expected credit losses).The amortised cost of a financial asset or a financial liability is the amount of a financial asset or a
financial liability initially recognised net of principal repaid plus or less the cumulative amortised
amount arising from amortisation of the difference between the amount initially recognised and
the amount at the maturity date using the effective interest method net of cumulative credit loss
allowance (only applicable to financial assets).
11.1 Classification recognition and measurement of financial assets
Subsequent to initial recognition the Group's financial assets of various categories are
subsequently measured at amortised cost at fair value through other comprehensive income or at
fair value through profit or loss.If the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding and the financial
asset is held within a business model whose objective is achieved by collecting contractual cash
flows the Group classifies such financial asset as financial assets at amortised cost which include
cash and bank balances bills receivable accounts receivable other receivables and long-term
receivables etc.If the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding and the financial
asset is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling the financial asset the Group classifies such financial asset as financial
assets at FVTOCI. The accounts receivable and bills receivable classified as at FVTOCI upon
acquisition are presented under receivables under financing while the remaining items due within
one year (inclusive) upon acquisition are presented under other current assets. Other financial
assets of such type are presented as other debt investments if they are due after one year since the
acquisition or presented under non-current assets due within one year if they are due within one
year (inclusive) since the balance sheet date.- 25 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.1 Classification recognition and measurement of financial assets - continued
On initial recognition the Group may irrevocably designate non-trading equity instruments other
than contingent consideration recognised through business combination not involving enterprises
under common control as financial assets at FVTOCI on an individual basis. Such financial
assets at FVTOCI are presented as investments in other equity instruments.A financial asset is classified as held for trading if one of the following conditions is satisfied:
It has been acquired principally for the purpose of selling in the near term; or
On initial recognition it is part of a portfolio of identified financial instruments that the
Group manages together and there is objective evidence that the Group has a recent actual
pattern of short-term profit-taking; or
Related financial assets are derivatives. However the derivatives meeting the definition of
financial guarantee contract and those designated as effective hedging instruments are
excluded.Financial assets measured at fair value through profit or loss (hereinafter referred to as "FVTPL")
include those classified as financial assets at FVTPL and those designated as financial assets at
FVTPL.Financial assets not satisfying the criteria of classification as financial assets at amortised
cost and financial assets at FVTOCI are classified as financial assets at FVTPL.Upon initial recognition the Group may irrevocably designate the financial assets at FVTPL
if doing so eliminates or significantly reduces accounting mismatch.Financial assets at FVTPL other than derivative financial assets are presented as financial assets
held for trading. Financial assets with a maturity over one year since the balance sheet date (or
without a fixed maturity) and expected to be held for over one year are presented under other non-
current financial assets.
11.1.1 Financial assets measured at amortised cost
Financial assets measured at amortised cost are subsequently measured at amortised cost using the
effective interest method. Gain or loss arising from impairment or derecognition is recognised in
profit or loss.- 26 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.1 Classification recognition and measurement of financial assets - continued
11.1.1 Financial assets measured at amortised cost - continued
For financial assets measured at amortised cost the Group recognises interest income using
effective interest method. The Group calculates and recognises interest income through book
value of financial assets multiplying effective interest rate except for the following circumstances:
For purchased or originated credit-impaired financial assets the Group calculates and
recognises the interest income based on amortised cost of the financial asset and the
effective interest rate through credit adjustment since initial recognition.For financial assets that have not suffered from credit impairment but have become credit
impairment in subsequent periods the Group will calculate and determine their interest
income according to the amortised cost and effective interest rate of the financial assets in
subsequent periods. If the financial instruments no longer has credit impairment due to the
improvement of its credit risk in the subsequent period and this improvement can be related
to an event that occurs after the application of the above provisions the Group will calculate
and determine interest income by multiplying the actual interest rate by the book value of
the financial asset.
11.1.2 Financial assets at FVTOCI
For financial assets classified as at FVTOCI except for the impairment losses or gains and the
interest income and exchange losses or gains calculated using the effective interest method which
are included in profit or loss for the period the changes in fair value are included in other
comprehensive income. The amounts included in profit or loss for each period are equivalent to
that as if the financial assets have been always measured at amortised cost. Upon derecognition
the accumulated gains or losses previously included in other comprehensive income are
transferred to profit or loss for the period.Changes in fair value of non-trading equity instrument investments designated as financial assets
at FVTOCI are recognised in other comprehensive income and the cumulative gains or losses
previously recognised in other comprehensive income allocated to the part derecognised are
transferred and included in retained earnings. During the period in which the Group holds the
non-trading equity instruments revenue from dividends is recognised in profit or loss for the
current period when (1) the Group has established the right of collecting dividends; (2) it is
probable that the associated economic benefits will flow to the Group; and (3) the amount of
dividends can be measured reliably.- 27 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.1 Classification recognition and measurement of financial assets - continued
11.1.3 Financial assets at FVTPL
Financial assets at FVTPL are subsequently measured at fair value. Gain or loss arising from
changes in fair value and dividends and interest related to the financial assets are recognised in
profit or loss.
11.2 Impairment of financial instruments
For financial assets at amortised cost financial assets classified as at FVTOCI lease receivables
contract assets loan commitments that are not financial liabilities at FVTPL financial liabilities
that are not at FVTPL and financial guarantee contracts that are not qualified for derecognition
due to the transfer of financial assets or financial liabilities arising from continuing involvement
of the transferred financial assets the Group accounts for the impairment and recognises the
provision for losses on the basis of expected credit loss (hereinafter referred to as "ECL").For all contract assets bills receivable and accounts receivable arising from transactions regulated
by Revenue Standards and lease receivables arising from transactions regulated by the
Accounting Standards for Business Enterprises No. 21 - Leases the Group recognises the
provision for losses at an amount equivalent to lifetime ECL.For other financial instruments (other than purchased or originated credit-impaired financial
assets) the Group assesses the changes in credit risk since initial recognition of relevant financial
instruments at each balance sheet date. If the credit risk has increased significantly since initial
recognition of the financial instruments the Group recognises the provision for losses at an
amount equivalent to lifetime ECL; if the credit risk has not increased significantly since initial
recognition of the financial instruments the Group recognises the provision for losses at an
amount equivalent to 12-month ECL. The increase or reversal of credit impairment for financial
assets other than those classified as at FVTOCI is recognised as impairment loss or gain and
included in profit or loss for the period. For financial assets classified as at FVTOCI the
provision for bad debts is recognised in other comprehensive income and the impairment loss or
gain is included in profit or loss for the period without reducing the carrying amount of the
financial assets in the balance sheet.Where the Group has measured the provision for losses at an amount equivalent to lifetime ECL
of a financial instrument in prior accounting period but the financial instrument no longer
satisfies the criteria of significant increase in credit risk since initial recognition at the current
balance sheet date the Group recognises the provision for losses of the financial instrument at an
amount equivalent to 12-month ECL at the current balance sheet date with any resulting reversal
of provision for losses recognised as impairment gains in profit or loss for the period.- 28 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.2 Impairment of financial instruments - continued
11.2.1 Significant increase of credit risk
The Group uses reasonable and supportable forward-looking information to assess whether the
credit risk has increased significantly since initial recognition by comparing the risk of a default
occurring on the financial instrument at the balance sheet date with the risk of a default occurring
on the financial instrument at the date of initial recognition. For loan commitments and financial
guarantee contracts the date on which the Group becomes a party to the irrevocable commitment
is considered to be the date of initial recognition in the application of criteria related to the
financial instrument for impairment.In particular the following information is taken into account when assessing whether credit risk
has increased significantly:
(1) Significant changes in internal price indicators resulting from changes in credit risk;
(2) Significant changes in the rates or other terms of an existing financial instrument if the
instrument was newly originated or issued at the balance sheet date (such as more
stringent covenants increased amounts of collateral or guarantees or higher rate of return
etc.);
(3) Significant changes in the external market indicators of credit risk of the same financial
instrument or similar financial instruments with the same expected duration. These
indicators include: credit spreads credit default swap prices against borrower length of
time and extent to which the fair value of financial assets is less than their amortised cost
and other market information related to the borrower (such as the borrower's debt
instruments or changes in the price of equity instruments);
(4) An actual or expected significant change in the financial instrument's external credit rating;
(5) An actual or expected decrease in the internal credit rating for the debtor;
(6) Adverse changes in business financial or economic conditions that are expected to cause a
significant decrease in the debtor's ability to meet its debt obligations;
(7) An actual or expected significant change in the operating results of the debtor;
(8) Significant increase in credit risk of other financial instruments issued by the same debtor;
(9) Significant adverse changes in the regulatory economic or technological environment of
the debtor;
(10) Significant changes in the value of the collaterals or the quality of guarantees or credit
enhancements provided by third parties which are expected to reduce the debtor's
economic motives to repay within the time limit specified in contract or affect the
probability of default;
(11) Significant change in the debtor's economic motives to repay within the time limit
specified in contract;
(12) Expected changes to loan contract including the exemption or revision of contractual
obligations the granting of interest-free periods the jump in interest rates the requirement
for additional collateral or guarantees or other changes in the contractual framework for
financial instruments that may result from the breach of contract;
- 29 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.2 Impairment of financial instruments - continued
11.2.1 Significant increase of credit risk - continued
(13) Significant change in the expected performance and repayment of the debtor;
(14) Significant change in the method used by the Group to manage the credit of financial
instruments.The Group assumes that the credit risk on a financial instrument has not increased significantly
since initial recognition if the financial instrument is determined to have lower credit risk at the
balance sheet date. A financial instrument is determined to have lower credit risk if: i) it has a
lower risk of default ii) the borrower has a strong capacity to meet its contractual cash flow
obligations in the near term and iii) adverse changes in economic and business conditions in the
longer term may but will not necessarily reduce the ability of the borrower to fulfil its
contractual cash flow obligations.
11.2.2 Credit-impaired financial assets
When an event or several events that are expected to have adverse impact on the future cash flows
of the financial assets have occurred the financial assets become credit-impaired. The evidences
of credit impairment of financial assets include the following observable information:
(1) Significant financial difficulty of the issuer or debtor.
(2) A breach of contract by the debtor such as a default or delinquency in interest or principal
payments.
(3) The creditor for economic or legal reasons relating to the debtor's financial difficulty
granting a concession to the debtor.
(4) It becomes probable that the debtor will enter bankruptcy or other financial reorganizations.
(5) The disappearance of an active market for the financial asset because of financial
difficulties of the issuer or the debtor.
(6) Purchase or origination of a financial asset with a large scale of discount which reflects
the fact of credit loss.Based on the Group's internal credit risk management the Group considers an event of default
occurs when information developed internally or obtained from external sources indicates that the
debtor is unlikely to pay its creditors including the Group in full (without taking into account any
collaterals held by the Group).- 30 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.2 Impairment of financial instruments - continued
11.2.3 Determination of expected credit loss
The Group determines the credit loss of leases receivables on the basis of single assets and
determines the credit loss of related financial instruments on the basis of combination of cash at
bank and on hand bills receivable accounts receivable other receivables long-term receivables
etc. with impairment matrix. The Group divides financial instruments into different groups based
on common risk characteristics. Common credit risk characteristics adopted by the Group include:
type of financial instruments credit risk rating type of collateral initial recognition date
remaining contract period industry of the debtor geographical location of the debtor value of
collateral relative to financial assets etc.The Group determines the ECL of relevant financial instruments using the following methods:
For financial assets the credit loss is the present value of the difference between the
contractual cash flows that are due to the Group under the contract and the cash flows that
the Group expects to receive;
For financial guarantee contracts (refer to Note (IV) 11.4.1.3 for the detail of accounting
policies) the credit loss is the present value of the expected payments to reimburse the
holder for the credit loss incurred less any amounts that the Group expects to receive from
the holder the debtor or any other party.For financial assets credit-impaired at the balance sheet date but not purchased or originated
credit-impaired the credit loss is the difference between the book value of the financial
assets and the present value of estimated future cash flows discounted at the original
effective interest rate.The factors reflected by the Group's measurement of ECL of financial instruments include:
unbiased probability weighted average amount recognised by assessing a series of possible results;
time value of money; reasonable and supportable information related to historical events current
condition and forecast of future economic position that is available without undue cost or effort at
the balance sheet date.
11.2.4 Write-off of financial assets
When the Group no longer reasonably expects that the contractual cash flows of financial assets
can be collected in aggregate or in part the Group will directly write down the book value of the
financial assets which constitutes derecognition of relevant financial assets.- 31 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.3 Transfer of financial assets
The Group will derecognise a financial asset if one of the following conditions is satisfied: (i) the
contractual rights to the cash flows from the financial asset expire; (ii) the financial asset has been
transferred and substantially all the risks and rewards of ownership of the financial asset is
transferred to the transferee; or (iii) although the financial asset has been transferred the Group
neither transfers nor retains substantially all the risks and rewards of ownership of the financial
asset but has not retained control of the financial asset.If the Group neither transfers nor retains substantially all the risks and rewards of ownership of a
financial asset and it retains control of the financial asset the Group will recognise the financial
asset to the extent of its continuing involvement in the transferred financial asset and recognise an
associated liability. The Group will measure relevant liabilities as follows:
For transferred financial assets carried at amortised cost the carrying amount of relevant
liabilities is the carrying amount of financial assets transferred with continuing involvement
less amortised cost of the Group's retained rights (if the Group retains relevant rights upon
transfer of financial assets) with addition of amortised cost of obligations assumed by the
Group (if the Group assumes relevant obligations upon transfer of financial assets). Relevant
liabilities are not designated as financial liabilities at fair value through profit or loss.For transferred financial assets carried at fair value the carrying amount of relevant
liabilities is the carrying amount of financial assets transferred with continuing involvement
less fair value of the Group's retained rights (if the Group retains relevant rights upon
transfer of financial assets) with addition of fair value of obligations assumed by the Group
(if the Group assumes relevant obligations upon transfer of financial assets). Accordingly
the fair value of relevant rights and obligations shall be measured on an individual basis.For the transfer of a financial asset in its entirety that satisfies the derecognition criteria the
difference between (1) the carrying amount of the financial asset transferred and (2) the sum of
the consideration received from the transfer and any cumulative gain or loss that has been
recognised in other comprehensive income is recognised in profit or loss. Where the transferred
assets are non-trading equity instrument investments designated as at FVTOCI cumulative gains
or losses previously recognised in other comprehensive income are transferred out and included in
retained earnings.- 32 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.3 Transfer of financial assets - continued
If a part of the transferred financial asset qualifies for derecognition the overall carrying amount
of the financial asset prior to transfer is allocated between the part that continues to be recognised
and the part that is derecognised based on the respective fair value of those parts at the date of
transfer. The difference between (1) the carrying amount allocated to the part derecognised on the
date of derecognition; and (2) the sum of the consideration received for the part derecognised and
any cumulative gain or loss allocated to the part derecognised which has been previously
recognised in other comprehensive income is recognised in profit or loss. Where the transferred
assets are non-trading equity instrument investments designated as at FVTOCI cumulative gains
or losses previously recognised in other comprehensive income are transferred out and included in
retained earnings.For a transfer of a financial asset in its entirety that does not satisfy the derecognition criteria the
Group continues to recognise the transferred financial asset in its entirety. The consideration
received from transfer of assets is recognised as a financial liability upon receipt.
11.4 Classification of financial liabilities and equity instruments
Financial instruments issued by the Group or their components are classified into financial
liabilities or equity instruments on the basis of the substance of the contractual arrangements and
the economic nature not only the legal form together with the definition of financial liability and
equity instrument on initial recognition.
11.4.1 Classification recognition and measurement of financial liabilities
On initial recognition financial liabilities are classified into financial liabilities at FVTPL and
other financial liabilities.
11.4.1.1 Financial liabilities at FVTPL
Financial liabilities at FVTPL consist of financial liabilities held for trading (including derivatives
classified as financial liabilities) and those designated as at FVTPL. Except for derivative
financial liabilities presented separately the financial liabilities at FVTPL are presented as held-
for-trading financial liabilities.A financial liability is classified as held for trading if one of the following conditions is satisfied:
It has been acquired principally for the purpose of repurchasing in the near term; or
On initial recognition it is part of a portfolio of identified financial instruments that the
Group manages together and there is objective evidence that the Group has a recent actual
pattern of short-term profit-taking; or
It is a derivative that is not a financial guarantee contract or designated and effective as a
hedging instrument.- 33 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.4 Classification of financial liabilities and equity instruments - continued
11.4.1 Classification recognition and measurement of financial liabilities - continued
11.4.1.1 Financial liabilities at FVTPL - continued
A financial liability may be designated as at FVTPL on initial recognition when one of the
following conditions is satisfied: (i) Such designation eliminates or significantly reduces
accounting mismatch; or (ii) The Group makes management and performance evaluation on a fair
value basis in accordance with the Group's formally documented risk management or investment
strategy and reports to key management personnel on that basis. (iii) The qualified hybrid
financial instrument combines financial asset with embedded derivatives.Held-for-trading financial liabilities are subsequently measured at fair value. Any gains or losses
arising from changes in fair value and any dividends or interest expenses paid on the financial
liabilities are recognised in profit or loss.For a financial liability designated as at FVTPL the amount of changes in fair value of the
financial liability that are attributable to changes in the credit risk of that liability shall be
presented in other comprehensive income while other changes in fair value are included in profit
or loss for the current period. Upon the derecognition of such financial liability the accumulated
amount of changes in fair value that are attributable to changes in the credit risk of that liability
which was recognised in other comprehensive income is transferred to retained earnings. Any
dividend or interest expense on the financial liabilities is recognised in profit or loss. If the
accounting treatment for the impact of the change in credit risk of such financial liability in the
above ways would create or enlarge an accounting mismatch in profit or loss the Group shall
present all gains or losses on that liability (including the effects of changes in the credit risk of
that liability) in profit or loss for the period.For financial liabilities arising from contingent consideration recognised by the Group as the
acquirer in the business combination not involving enterprises under common control the Group
measures such financial liabilities at fair value through profit or loss and includes the changes in
the financial liabilities in profit or loss for the period.- 34 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.4 Classification of financial liabilities and equity instruments - continued
11.4.1 Classification recognition and measurement of financial liabilities - continued
11.4.1.2 Other financial liabilities
Except for financial liabilities financial guarantee contracts and loan commitments arising from
transfer of financial assets that do not meet the derecognition criteria or those arising from
continuing involvement in the transferred financial assets other financial liabilities are
subsequently measured at amortised cost with gain or loss arising from derecognition or
amortisation recognised in profit or loss.If the modification or renegotiation for the contract by the Group and its counterparties does not
result in derecognition of a financial liability subsequently measured at amortised cost but the
changes in contractual cash flows the Group will recalculate the carrying amount of the financial
liability with relevant gain or loss recognised in profit or loss. The Group will determine the
carrying amount of the financial liability based on the present value of renegotiated or modified
contractual cash flows discounted at the original effective interest rate of the financial liability.For all costs or expenses arising from modification or renegotiation of the contract the Group will
adjust the modified carrying amount of the financial liability and make amortisation during the
remaining term of the modified financial liability.
11.4.1.3 Financial guarantee contracts
A financial guarantee contract is a contract that requires the issuer to make specified payments to
reimburse the holder of the contract for a loss it incurs because a specified debtor fails to make
payment when due in accordance with the original or modified terms of a debt instrument.Subsequent to initial recognition financial guarantee contracts that are not designated as financial
liabilities at fair value through profit or loss or financial liabilities arising from transfer of
financial assets that do not meet the derecognition criteria or those arising from continuing
involvement in the transferred financial assets are measured at the higher of amount of loss
provision; and the amount initially recognised less cumulative amortisation amount determined
based on the revenue standards.- 35 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.4 Classification of financial liabilities and equity instruments - continued
11.4.2 Derecognition of financial liabilities
The Group derecognises a financial liability (or part of it) when the underlying present obligation
(or part of it) is discharged. An agreement between the Group (the debtor) and the creditor to
replace the original financial liability with a new financial liability with substantially different
terms is accounted for as an extinguishment of the original financial liability and the recognition
of a new financial liability.When the Group derecognises a financial liability or a part of it it recognises the difference
between the carrying amount of the financial liability (or part of the financial liability)
derecognised and the consideration paid (including any non-cash assets transferred or new
financial liabilities assumed) in profit or loss.
11.4.3 Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group
after deducting all of its liabilities. Equity instruments issued (including refinanced) repurchased
sold and cancelled by the Group are recognised as changes in equity. The Group's issuance of
equity instruments is recorded in the owner's equity at the actual issue price and the relevant
transaction costs are deducted from the owner's equity (capital reserve). If the capital reserve is
insufficient to offset the surplus reserve and retained earnings are offset in turn. The
consideration and transaction costs paid for repurchasing the Company's equity instruments
reduce the owner's equity.The Group recognises the distribution to holders of the equity instruments as distribution of
profits and dividends paid do not affect total amount of shareholders' equity.- 36 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.5 Derivatives and embedded derivatives
Derivatives include forward exchange contracts currency swaps interest rate swaps and foreign
exchange options etc. Derivatives are initially measured at fair value at the date when the
derivative contracts are entered into and are subsequently measured at fair value.Derivatives embedded in hybrid contracts with a financial asset host are not separated by the
Group. The hybrid contract shall apply the relevant accounting standards regarding the
classification of financial assets as a whole.Derivatives embedded in hybrid contracts with hosts that are not financial assets are separated and
treated as separate derivatives by the Group when they meet the following conditions:
(1) the economic characteristics and risks of the embedded derivative are not closely related to
those of the host contract;
(2) a separate instrument with the same terms as the embedded derivative would meet the
definition of a derivative;
(3) the hybrid contracts are not measured at fair value through profit or loss.
For the embedded derivative separated from the host contracts the Group accounts for the host
contracts in the hybrid contracts with applicable accounting standards. When the embedded
derivatives whose fair value cannot be measured reliably by the Group according to the terms and
conditions of the embedded derivatives the fair value of such derivatives are measured at the
difference between the fair value of the hybrid contracts and the fair value of the host contracts.By adopting the above method if the embedded derivative cannot be measured on a stand-alone
basis at the time when it is acquired or at subsequent balance sheet dates the hybrid instrument is
designated as financial instruments at fair value through profit or loss as a whole.
11.6 Offsetting financial assets and financial liabilities
Where the Group has a legal right that is currently enforceable to set off the recognised financial
assets and financial liabilities and intends either to settle on a net basis or to realize the financial
asset and settle the financial liability simultaneously a financial asset and a financial liability shall
be offset and the net amount is presented in the balance sheet. Except for the above circumstances
financial assets and financial liabilities shall be presented separately in the balance sheet and shall
not be offset.
11.7 Compound instruments
For convertible bonds issued by the Group that contain both liabilities and conversion option that
may convert the liabilities to its own equity instrument upon initial recognition the bonds are
split into liabilities and conversion option which are separately recognised. Therein the
conversion option that exchanges a fixed amount of cash or other financial assets for a fixed
amount of equity instruments is accounted for as an equity instrument.- 37 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.7 Compound instruments - continued
Upon initial recognition the fair value of liability portion is determined based on the prevailing
market price of the bonds containing no conversion option. The overall issue price of the
convertible bonds net of the fair value of the liability portion is considered as the value of the
conversion option that enables the bonds holder to convert the bonds to equity instruments and is
included in other equity instruments.The liability portion of the convertible bonds is subsequently measured at amortised cost using
effective interest method; the value of the conversion option classified as equity instrument is
remained in equity instrument. The expiry or conversion of convertible bonds will not result in
loss or gain.The transaction costs incurred for issuance of the convertible bonds are allocated between the
liability portion and equity instrument portion in proportion to their respective fair values. The
transaction cost relating to the equity instrument portion is directly included in equity instrument;
while the transaction cost relating to the liability portion is included in the carrying amount of the
liability and amortised over the lifetime of the convertible bonds using effective interest method.
11.8 Reclassification of financial instruments
When the Group changes the business model to manage the financial assets the financial assets
affected will be reclassified and no financial liabilities will be reclassified.The financial assets are reclassified by the Group and are accounted for prospectively since the
date of reclassification (i.e. the first date of the initial reporting period after the business model of
which the financial assets are reclassified by the enterprise is changed).Where a financial asset at amortised cost is reclassified as a financial asset at fair value through
profit or loss by (hereinafter referred to as "FVTPL") the Group such financial asset is measured
at fair value at the date of reclassification and the difference between the original carrying amount
and the fair value is recognised in profit or loss for the period.Where a financial asset at amortised cost is reclassified as a financial asset at fair value through
other comprehensive income (hereinafter referred to as "FVTOCI") by the Group such financial
asset is measured at fair value at the date of reclassification and the difference between the
original carrying amount and the fair value is recognised in other comprehensive income.Where a financial asset at FVTOCI is reclassified as a financial asset at amortised cost by the
Group the accumulated gains or losses previously recognised in other comprehensive income are
transferred out and the fair value at the date of reclassification is adjusted. The adjusted fair value
is determined as the new carrying amount as if the financial asset has been always measured at
amortised cost. The reclassification of the financial asset shall not affect its effective interest rate
or the measurement of ECL.- 38 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.8 Reclassification of financial instruments - continued
Where a financial asset at FVTOCI is reclassified as a financial asset at FVTPL by the Group
such financial asset continues to be measured at fair value. At the same time the accumulated
gains or losses previously recognised in other comprehensive income are transferred to profit or
loss for the period.Where a financial asset at FVTPL is reclassified as a financial asset at amortised cost by the
Group the fair value at the date of reclassification is determined as the new book value.Where a financial asset at FVTPL is reclassified as a financial asset at FVTOCI by the Group
such financial asset continues to be measured at fair value.Where a financial asset at FVTPL is reclassified the effective interest rate is determined on the
basis of the fair value of the financial asset at the date of reclassification.
12. Receivables
12.1 Determination and accounting methods for expected credit losses of receivables
The Group assesses the credit risk of receivables with significantly different credit risks on an
individual basis and determine the credit losses of receivables on a portfolio basis using an
impairment matrix for other receivables. The amount of increase in or reversal of allowance for
expected credit losses on receivables is included in profit or loss for the period as credit losses or
gains.
12.2 Categories of portfolios for which provision for bad debts is assessed on a portfolio basis
according to credit risk characteristics and the basis for determination
The Group classifies receivables into groups A B and C based on common risk characteristics.The common credit risk characteristics adopted by the Group include: type of financial instrument
credit risk rating initial recognition date remaining contractual term industry of the debtor
geographical location of the debtor etc.- 39 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
12. Receivables - continued
12.2 Categories of portfolios for which provision for bad debts is assessed on a portfolio basis
according to credit risk characteristics and the basis for determination - continued
The Group makes internal credit ratings on customers and determines expected loss rate of
receivables. Basis for determining ratings and the expected loss rates are as follows:
Internal credit
rating Basis for determining portfolio
Expected average
loss rate (%)
Customers can make repayments within credit term and have good credit
A records based on historical experience. The probability of default on 0.00-0.10
payment of due amounts is extremely low in the foreseeable future.B The customers may have overdue payment based on historicalexperience but they can make repayments. 0.10-0.30
C The evidence indicates that the overdue credit risks of the customers aresignificantly increased and there is probability of default on payment. 0.30-50.00
12.3 Determination criteria for provision for bad debts on an individual basis
Internal credit
ratings Basis to determine the provision for bad debts on an individual basis
Expected average
loss ratio (%)
There is evidence showing that the receivables from customers are
D impaired or that the customers are experiencing significant financialdifficulties and thus the receivables will be irrecoverable in the 50.00-100.00
foreseeable future.
13. Inventories
13.1 Categories of inventories measurement method of cost of inventories inventory count
system amortisation method of low-value consumables and packaging materials
13.1.1 Categories of inventories
The Group's inventories mainly include raw materials merchandise and others. Inventories are
initially measured at cost. Cost of inventories comprises all costs of purchase costs of conversion
and other expenditures incurred in bringing the inventories to their present location and condition.- 40 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
13. Inventories - continued
13.1 Categories of inventories measurement method of cost of inventories inventory count
system amortisation method of low-value consumables and packaging materials -
continued
13.1.2 Measurement method of cost of inventories
Cost of inventories recognised is calculated using the first-in-first-out and weighted average
method at the end of the month.
13.1.3 Inventory count system
The perpetual inventory system is perpetual inventory system.
13.1.4 Amortisation method for low cost and low-value consumables items and packaging
materials
Packaging materials and low cost and short-lived consumable items are amortised using the
immediate write-off method.
13.2 Recognition criteria and provision method for decline in value of inventories
At the balance sheet date inventories are measured at the lower of cost and net realizable value. If
the cost of inventories is higher than the net realizable value a provision for decline in value of
inventories is made.Net realizable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion the estimated costs necessary to make the sale and relevant taxes.Net realizable value is determined on the basis of clear evidence obtained after taking into
consideration the purposes of inventories being held and effect of post balance sheet events.Provision for decline in value of inventories is made based on the excess of cost of inventory over
its net realizable value on an item-by-item basis.After the provision for decline in value of inventories is made if the circumstances that
previously caused inventories to be written down below cost no longer exist so that the net
realizable value of inventories is higher than their cost the original provision for decline in value
is reversed and the reversal is included in profit or loss for the period.- 41 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
14. Long-term equity investments
14.1 Basis for determining joint control and significant influence over investee
Control means that the investor has the power over the investee enjoys variable returns by
participating in the relevant activities of the investee and has the ability to use the power over the
investee to affect its return amount. Joint control refers to the common control over an
arrangement according to relevant agreements and the relevant activities of the arrangement must
be agreed by the participants sharing the control right before making decisions. Significant
influence refers to having the right to participate in the decision-making of the investee's financial
and operating policies but not being able to control or jointly control the formulation of these
policies with other parties. When determining whether it is possible to control or exert significant
influence on the investee the convertible corporate bonds executable warrants and other potential
voting rights of the investee held by the investor and other parties have been considered.
14.2 Determination of initial investment cost
For a long-term equity investment acquired through business combination involving enterprises
under common control share of carrying amount of owners' equity of the acquiree in the
consolidated financial statements of ultimate controlling party is recognised as initial investment
cost of long-term equity investment at the date of combination. The difference between initial
investment cost of long-term equity investment and cash paid non-cash assets transferred and
carrying amount of liabilities assumed is adjusted in capital reserve. If the balance of capital
reserve is not sufficient to absorb the difference surplus reserve and retained earnings shall be
offset in turn. If the consideration of the combination is satisfied by the issue of equity securities
the initial investment cost of the long-term equity investment is the share of carrying amount of
owners' equity of the acquiree in the consolidated financial statements of ultimate controlling
party at the date of combination. The aggregate face value of the shares issued is accounted for as
share capital. The difference between the initial investment cost and the aggregate face value of
the shares issued is adjusted to capital reserve. If the balance of capital reserve is not sufficient to
absorb the difference surplus reserve and retained earnings shall be offset in turn.- 42 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
14. Long-term equity investments - continued
14.2 Determination of initial investment cost - continued
For a long-term equity investment acquired through business combination not involving
enterprises under common control the initial investment cost of the long-term equity investment
acquired is the cost of acquisition.The expenses incurred by the acquirer in respect of auditing legal services valuation and
consultancy services and other associated general and administrative expenses attributable to the
business combination are recognised in profit or loss when they are incurred.The long-term equity investment acquired otherwise than through a business combination is
initially measured at its cost. When the entity is able to exercise significant influence or joint
control (but not control) over an investee due to additional investment the cost of long-term
equity investments is the sum of the fair value of previously - held equity investments determined
in accordance with Accounting Standards for Business Enterprises No.22 - Financial Instruments:
Recognition and Measurement (ASBE No. 22) and the additional investment cost.
14.3 Subsequent measurement and recognition of profit or loss
14.3.1 Long-term equity investments accounted for using the cost method
Long-term equity investments in subsidiaries are accounted for using the cost method in
Company's separate financial statements. A subsidiary is an investee that is controlled by the
Group.Under the cost method a long-term equity investment is measured at initial investment cost.When additional investment is made or the investment is recouped the cost of the long-term
equity investment is adjusted accordingly. Investment income is recognised in the period in
accordance with the attributable share of cash dividends or profit distributions declared by the
investee.
14.3.2 Long-term equity investments accounted for using the equity method
Except for investments in associates and joint ventures classified as held-for-sale partly or wholly
the Group accounts for investment in associates and joint ventures using the equity method. An
associate is an entity over which the Group has significant influence and a joint venture is a joint
arrangement whereby the Group only has rights to the net assets of the arrangement.Under the equity method where the initial investment cost of a long-term equity investment
exceeds the Group's share of the fair value of the investee's identifiable net assets at the time of
acquisition no adjustment is made to the initial investment cost. Where the initial investment cost
is less than the Group's share of the fair value of the investee's identifiable net assets at the time of
acquisition the difference is recognised in profit or loss for the period and the cost of the long-
term equity investment is adjusted accordingly.- 43 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
14. Long-term equity investments - continued
14.3 Subsequent measurement and recognition of profit or loss - continued
14.3.2 Long-term equity investments accounted for using the equity method - continued
Under the equity method the Group recognises its share of the net profit or loss and other
comprehensive income of the investee for the period as investment income and other
comprehensive income for the period. Meanwhile the carrying amount of long-term equity
investment is adjusted; the carrying amount of long-term equity investment is decreased in
accordance with its share of the investee's declared profit or cash dividends; other changes in
owners' equity of the investee other than net profit or loss other comprehensive incomed and
profit distribution are correspondingly adjusted to the carrying amount of the long-term equity
investment and recognised in capital reserve. The Group recognises its share of the investee's net
profit or loss based on the fair value of the investee's individual identifiable assets etc. at the
acquisition date after making adjustments. When the investee's accounting policies and
accounting period are inconsistent with those of the Group the Group recognises investment
income and other comprehensive income after making appropriate adjustments to conform to the
Group's accounting policies and accounting period. However unrealized gains or losses resulting
from the Group's transactions with its associates and joint ventures and assets invested or sold
which do not constitute a business are eliminated based on the proportion attributable to the
Group and then investment gains or losses are recognised. However unrealized losses resulting
from the Group's transactions with its associates and joint ventures which represent impairment
losses on the transferred assets are not eliminated.When recognising the net loss of the investee that should be shared the book value of the long-
term equity investments and other long-term interests that substantially constitute the net
investment in the investee should be written down to zero. In addition if the Group has incurred
obligations to assume additional losses a provision is recognised according to the obligation
expected and recorded in the investment loss for the period. Where net profits are subsequently
made by the investee the Group resumes recognising its share of those profits only after its share
of the profits exceeds the share of losses previously not recognised.- 44 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
14. Long-term equity investments - continued
14.4 Disposal of long-term equity investments
On disposal of a long-term equity investment the difference between the proceeds actually
received and receivable and the carrying amount is recognised in profit or loss for the period. For
long-term equity investments accounted for using the equity method if the remaining interest
after disposal is still accounted for using the equity method other comprehensive income
previously recognised using the equity method is accounted for on the same basis as would have
been required if the investee had directly disposed of related assets or liabilities and transferred to
profit or loss for the period on a pro rata basis; owners' equity recognised due to other changes in
owners' equity of the investee (other than net profit or loss other comprehensive income and
profit distribution) is transferred to profit or loss for the period on a pro rata basis. For long-term
equity investments accounted for using the cost method if the remaining interest after disposal is
still accounted for using the cost method other comprehensive income previously recognised
using the equity method or in accordance with the standards for the recognition and measurement
of financial instruments before obtaining the control over the investee is accounted for on the
same basis as would have been required if the investee had directly disposed of related assets or
liabilities and transferred to profit or loss for the period on a pro rata basis; other changes in
owners' equity in the investee's net assets recognised under the equity method (other than net
profit or loss other comprehensive income and profit distribution) is transferred to profit or loss
for the period on a pro rata basis.Where the Group loses control over the investee due to disposal of part of shares and in preparing
the separate financial statements remaining shares after disposal can have joint control or
significant influence over the investee the equity method shall be adopted to adjust the remaining
shares as they are accounted for under equity method since the acquisition date. If remaining
shares after disposal cannot have joint control or significant influence over the investee they are
accounted for in accordance with the standards for recognition and measurement of financial
instruments and the difference between fair value on date of losing control and carrying amount
is recognised in profit or loss for the period. Other comprehensive income recognised using the
equity method or in accordance with the standards for the recognition and measurement of
financial instruments before obtaining control over the investee is accounted for on the same
basis as would have been required if the investee had directly disposed of related assets or
liabilities when the control over the investee is lost; other changes in owners' equity in the
investee's net assets recognised under the equity method (other than net profit or loss other
comprehensive income and profit distribution) is transferred to profit or loss for the period. Where
remaining shares after disposal are accounted for under equity method other comprehensive
income and other owners' equity are transferred on a pro rata basis. Where remaining shares after
disposal are accounted for in accordance with the standards for recognition and measurement of
financial instruments other comprehensive income and other owners' equity are all transferred.- 45 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
14. Long-term equity investments - continued
14.4 Disposal of long-term equity investments - continued
Where the Group loses joint control or significant influence over the investee after part disposal of
shares remaining shares after disposal are accounted for in accordance with the standards for
recognition and measurement of financial instruments and the difference between fair value at the
date of losing joint control or significant influence and carrying amount is recognised in profit or
loss for the period. Other comprehensive income previously recognised under the equity method
is accounted for on the same basis as would have been required if the investee had directly
disposed of related assets or liabilities when the equity method is not adopted and other changes
in owners' equity other than net profit or loss other comprehensive income and profit distribution
are transferred to investment income for the period when the equity method is not adopted.The Group disposes of its equity investment in subsidiaries through multiple transactions step by
step until it loses control over the subsidiaries. If these transactions belong to "package deal" all
transactions are deemed as one transaction on disposal of equity investment in subsidiaries and
the difference between the amount of disposal and carrying amount of long-term equity
investment is recognised as other comprehensive income before the loss of control and
transferred to profit or loss for the period when the control is lost.
15. Investment properties
Investment property is the property held by the Group to earn rentals or for capital appreciation or
both. It includes a land use right that is leased out and a building that is leased out.An investment property is measured initially at cost. Subsequent expenditures incurred for such
investment property are included in the cost of the investment property if it is probable that
economic benefits associated with the investment property will flow to the Group and the
subsequent expenditures can be measured reliably. Other subsequent expenditures are recognised
in profit or loss for the period in which they are incurred.The Group uses the cost model for subsequent measurement of investment property and the
investment properties are depreciated over their useful lives using the straight-line method. The
depreciation life estimated residual value rate and annual depreciation rate of each category of
investment properties are as follows:
Category Depreciation life (year) Residual value rate (%) Annual depreciation rate(%)
Land use rights 21.25-50.00 - 2.00-4.71
Buildings and structures 10.00-43.17 5.00 2.20-9.50
An investment property is derecognised upon disposal or when the investment property is
permanently withdrawn from use and it is estimated that no economic benefits can be obtained
from its disposal the investment properties is derecognised.- 46 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
15. Investment properties - continued
When an investment property is sold transferred retired or damaged the Group recognises the
amount of any proceeds on disposal net of the carrying amount and related taxes in profit or loss
for the period.
16. Fixed assets and depreciation
Fixed assets are tangible assets that are held for use in the production or supply of goods or
services for rental to others or for administrative purposes and have useful lives of more than
one accounting year. A fixed asset is recognised only when it is probable that economic benefits
associated with the asset will flow to the Group and the cost of the asset can be measured reliably.Fixed assets are initially measured at cost taking into account the impact of abandonment cost.Upon being restructured into a stock company the fixed assets initially contributed by the state-
owned shareholders are recognised based on the valuation amounts confirmed by the state-owned
assets administration department.Subsequent expenditures incurred for the fixed asset are included in the cost of the fixed asset if it
is probable that economic benefits associated with the asset will flow to the Group and the
subsequent expenditures can be measured reliably. Meanwhile the carrying amount of the
replaced part is derecognised. Other subsequent expenditures are recognised in profit or loss for
the period in which they are incurred.A fixed asset is depreciated over its useful life using the straight-line method starting from the
month subsequent to the one in which it is ready for intended use. The depreciation life estimated
net residual value rate and annual depreciation rate of each category of fixed assets are as follows:
Category Depreciation life Residual value Annual(year) rate (%) depreciation rate (%)
Port and terminal facilities 5-50 5.00 1.90-19.00
Buildings and structures 5-30 5.00 3.17-19.00
Machinery and equipment furniture
and fixture and other equipment 3-20 5.00 4.75-31.67
Motor vehicles and cargo ships 5-25 5.00 3.80-19.00
Estimated net residual value of a fixed asset is the estimated amount that the Group would
currently obtain from disposal of the asset after deducting the estimated costs of disposal if the
asset were already of the age and in the condition expected at the end of its useful life.If a fixed asset is upon disposal or no future economic benefits are expected to be generated from
its use or disposal the fixed asset is derecognised. When a fixed asset is sold transferred retired
or damaged the amount of any proceeds on disposal of the asset net of the carrying amount and
related taxes is recognised in profit or loss for the period.- 47 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
16. Fixed assets and depreciation - continued
The Group reviews the useful life and estimated net residual value of a fixed asset and the
depreciation method applied at least once at each financial year-end and accounts for any change
as a change in accounting estimates.
17. Construction in progress
Construction in progress is measured at its actual costs. The actual costs include various
construction expenditures during the construction period borrowing costs capitalized before it is
ready for intended use and other relevant costs. Construction in progress is not depreciated.Construction in progress is accounted for by categories of projects initiated and is transferred to a
fixed asset when it is ready for intended use. The criteria for judging the intended use shall be one
of the following:
(1) The physical construction (including installation) of fixed assets has been fully or
substantially completed;
(2) The trial production or trial operation has been carried out and the results of which
indicate that the asset is capable of normal operation or producing qualified products on a
stable basis or the results of which indicate that it is capable of normal functioning or
operation;
(3) The fixed assets and intangible assets acquired and constructed have met the design or
contractual requirements or are basically in compliance with the design or contractual
requirements.- 48 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
18. Intangible assets
18.1 Intangible assets
Intangible assets include land use rights terminal operating rights data resources and others.An intangible asset is measured initially at cost. Upon being restructured into a stock company
the intangible assets initially contributed by the state-owned shareholders are recognised based on
the valuation amounts confirmed by the state-owned assets administration department. Except for
terminal operating rights when an intangible asset with a finite useful life is available for use its
original cost minus the expected net residual value and the accumulated amount of impairment
provision is amortised over its estimated useful life by using straight-line method. The terminal
operating rights under the output method are amortised over periods according to the ratio of the
estimated minimum guaranteed throughput to the estimated minimum guaranteed total throughput
during the operation period. When the estimated minimum guaranteed throughput cannot be
measured reliably the straight-line method will be used for amortisation. An intangible asset with
indefinite useful life will not be amortised.The amortisation method useful life and estimated net residual value rate of each category of
intangible assets are as follows:
Category Amortisation method Useful life (year) and recognition Residual value (%)
From the date of the land transfer it
Land use rights Straight-line method is amortised using the straight-line -
method over the land transfer period
Output method - it is amortised over
periods according to the ratio of the
estimated minimum guaranteed
throughput to the estimated
Terminal operating minimum guaranteed total
right Output/Straight-line method throughput; straight-line method - it -is amortised using the straight-line
method over the shortest of the
estimated useful life the beneficial
period specified in the contract and
the effective life as defined by law
It is amortised using the straight-
Data resources and line method over the shortest of the
others Straight-line method estimated useful life the beneficial -period specified in the contract and
the effective life as defined by law
For an intangible asset with a finite useful life the Group reviews the useful life and amortisation
method at the end of the year and makes adjustments when necessary.- 49 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
18. Intangible assets - continued
18.2 Expenditures on research and development
Expenditure during the research phase is recognised in profit or loss for the period in which it is
incurred.Expenditure during the development phase that meets all of the following conditions at the same
time is recognised as intangible asset. Expenditure during development phase that does not meet
the following conditions is recognised in profit or loss for the period:
(1) it is technically feasible to complete the intangible asset so that it will be available for use
or sale.
(2) the Group has the intention to complete the intangible asset and use or sell it.
(3) the Group can demonstrate the ways in which the intangible asset will generate economic
benefits including the evidence of the existence of a market for the output of the
intangible asset or the intangible asset itself or if it is to be used internally the usefulness
of the intangible asset.
(4) the availability of adequate technical financial and other resources to complete the
development and the ability to use or sell the intangible asset.
(5) the expenditure attributable to the intangible asset during its development phase can be
reliably measured.If the expenditures cannot be distinguished between the research phase and development phase
the Group recognises all of them in profit or loss for the year. The costs of intangible assets
generated by the internal research only include the total expenditure incurred for the period from
the time point of capitalization to the time point when the intangible assets are ready for intended
use. For the identical intangible asset the expenditures recorded as expenses before they qualify
for capitalization during the development process are not adjusted.The Group classifies the expenditures on an internal research and development project into
expenditures in the research phase and expenditures in the development phase. The scope of R&D
expenditures refer to those directly related to the R&D activities including wages salaries and
welfare expenses of personnel directly engaged in R&D activities materials directly consumed in
R&D activities depreciation expenses for instruments and equipment used in R&D activities
travel transportation and communication expenses required for research and experimental
development etc. Technical feasibility and economic viability studies are adopted as specific
criteria for classifying the research and development phases once such studies have been
evaluated and approved.- 50 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
19. Long-term deferred expenses
Long-term deferred expenses refer to various expenses that have been incurred but should be
borne in the current and subsequent periods with an apportionment period of more than one year.Long-term deferred expenses are amortised using the straight-line method over the expected
periods in which benefits are derived.
20. Impairment of non-financial assets other than goodwill
On each balance sheet date the Group checks whether there is any sign of possible impairment of
long-term equity investments investment properties measured by cost model fixed assets
construction in progress right-of-use assets long-term deferred expenses and intangible assets
whose service life is determined. If there is any indication that such assets may be impaired
recoverable amounts are estimated for such assets. Intangible assets with indefinite useful life and
intangible assets not yet available for use are tested for impairment annually irrespective of
whether there is any indication that the assets may be impaired.Recoverable amount is estimated on an individual basis. If it is not practical to estimate the
recoverable amount of an individual asset the recoverable amount of the asset group to which the
asset belongs will be estimated. The recoverable amount of an asset or assets group is the higher
of its fair value less costs of disposal and the present value of the future cash flows expected to be
derived from the asset.The present value of the estimated future cash flow of the assets is determined according to the
estimated future cash flow generated during the continuous use and final disposal of the assets
and the amount discounted which is determined by selecting an appropriate pre tax discount rate.If the recoverable amount of an asset is less than its carrying amount the deficit is accounted for
as an impairment losses and is recognised in profit or loss.Once the impairment losses of above-mentioned assets is recognised it shall not be reversed in
any subsequent period.When determining the impairment losses of assets related to contract costs first determine the
impairment losses of other assets related to contracts that are recognised in accordance with other
relevant accounting standards for business enterprises; Then if the book value of the assets
related to the contract costs is higher than the difference between the following two items the
excess part of the provision for impairment shall be recognised as impairment losses: (i) the
Group's expected remaining consideration for the transfer of goods or services related to the assets;
(ii) Estimate the cost to be incurred for the transfer of the relevant goods or services.- 51 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
20. Impairment of non-financial assets other than goodwill - continued
Except for the impairment losses related to the contract costs once the above impairment losses is
recognised it will not be reversed in future accounting periods. After the provision for
impairment of assets related to contract costs has been made if the factors of impairment in
previous periods have changed resulting in the above two differences are higher than the book
value of the assets the provision for impairment of the assets that has been made is reversed and
included in the current profits and losses but the book value of the assets after reversal does not
exceed the book value of the assets on the reversal date assuming that no provision for
impairment is made.
21. Provisions
Provisions are recognised when the Group has a present obligation related to a contingency it is
probable result in an outflow of economic benefits to settle the obligation and the amount of the
obligation can be measured reliably.The amount recognised as a provision is the best estimate of the consideration required to settle
the present obligation at the balance sheet date taking into account factors pertaining to a
contingency such as the risks uncertainties and time value of money. Where the effect of the time
value of money is material the amount of the provision is determined by discounting the related
future cash outflows.If all or part of the expenses required to settle the estimated liabilities are expected to be
compensated by a third party the compensation amount will be separately recognised as assets
when it is basically determined that it can be received and the recognised compensation amount
will not exceed the book value of the estimated liabilities.
22. Employee benefits
22.1 Short-term employee benefits
Employee benefits refers to various forms of 'remuneration' or compensation provided by the
Group for the services provided by employees or the termination of labor relations. Employee
benefits includes short-term compensation post employment benefit termination benefits and
other long-term employee benefits.Except for compensation for termination of labor relationship with employees the Group
recognises employee benefits payable as liability during the accounting period when employees
provide services.- 52 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
22. Employee benefits - continued
22.1 Short-term employee benefits - continued
The Group shall participate in the employee social security system established by government
agencies in accordance with regulations including basic endowment insurance medical insurance
housing provident fund and other social security systems and the corresponding expenses shall be
included in relevant asset costs or current 'profit and loss' when incurred.Short-term benefits refer to the employee benefits that the Group is required to make full
payments within 12 months after the annual reporting period during which relevant services are
provided by the employees except the post-employment benefits and termination benefits.Specifically the short-term benefits include: employee salaries bonuses allowances and subsidies
employee benefits social insurance contributions such as the medical insurance and the work
injury insurance housing funds trade union funds and employee education funds short-term paid
absence short-term profit sharing plan non-monetary welfare and other short-term benefits.Short-term employee benefits payable are recognised as liabilities with a corresponding charge to
profit or loss for the period or in the costs of relevant assets according to the beneficiaries of
services provided by employees in the accounting period in which employees provide services to
the Group. Staff welfare expenses incurred by the Group are recognised in profit or loss for the
period or the costs of relevant assets based on the actually occurred amounts when they actually
occurred. Non-monetary staff welfare expenses are measured at fair value.Payment made by the Group of social security contributions for employees such as premiums or
contributions on medical insurance work injury insurance and maternity insurance etc. and
payments of housing funds as well as union running costs and employee education costs provided
in accordance with relevant requirements are calculated according to prescribed bases and
percentages in determining the amount of employee benefits and recognised as relevant liabilities
with a corresponding charge to profit or loss for the period or the costs of relevant assets in the
accounting period in which employees provide services.- 53 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
22. Employee benefits - continued
22.2 Post-employment benefits
Post-employment benefits refer to the rewards and benefits of various forms provided by the
Group after the employees have retired or terminated the labor relationship with the enterprise for
the services rendered by the employees except the short-term benefits and the termination
benefits. The post-employment benefits consist of the pension insurance the annuity the
unemployment insurance and other post-employment benefits.Post-employment benefit plans are classified by the Group into defined contribution plans and
defined benefit plans. The post-employment benefit plan refers to the agreements the Group
entered into with the employees on the post-employment benefits or the regulations or measures
established by the Group for provisions of the post-employee benefits among which the defined
contribution plans refer to the post-employment benefit plan under which the Group shall no
longer undertake any obligations of payments after paying fixed expenses to independent funds;
the defined benefit plans refer to the post-employment benefit plans other than the defined
contribution plans. During the accounting period in which employees render services to the Group
the amounts payable calculated based on the defined contribution plans are recognised as
liabilities and included in profit or loss for the period or costs of related assets.For defined benefit plans the Group attributes the welfare obligations arising from the defined
benefit plans to the period in which employees provide services to the Group according to the
formula determined based on the projected cumulative benefit unit method and includes them in
profit or loss for the period or costs of related assets. Defined benefit costs are categorized as
follows:
Service cost (including current service cost past service cost as well as gains and losses on
settlements);
Net interest of net liabilities or assets of defined benefit plans (including interest income of
planned assets interest expenses of defined benefit plan liabilities and effect of asset ceiling);
and
Changes arising from remeasurement of net liabilities or net assets of defined benefit plans.- 54 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
22. Employee benefits - continued
22.2 Post-employment benefits - continued
Service costs and net interest of net liabilities and net assets of defined benefit plans are
recognised in profit or loss for the period or costs of related assets. Remeasurement of the net
defined benefit liabilities (assets) (including actuarial gains and losses the return on planned
assets excluding amounts included in net interest on net defined benefit liabilities (assets) and
any changes in the effect of the asset ceiling excluding amounts included in net interest on net
defined benefit liabilities (assets)) are recognised in other comprehensive income.The deficit or surplus resulting from the present value of the defined benefit plan obligations less
the fair value of the defined benefit plan assets is recognised as a net defined benefit plan liability
or net asset.
22.3 Termination benefits
Termination benefits refer to the compensations the Group pay to the employees for terminating
the employment relationship with employees before the expiry of the employment contracts or
encouraging employees to accept voluntary redundancy. When the Group provides termination
benefits to employees employee benefit liabilities are recognised for termination benefits with a
corresponding charge to profit or loss for the period at the earlier of: (1) when the Group cannot
unilaterally withdraw the offer of termination benefits because of the termination plan or a
curtailment proposal; and (2) when the Group has a detailed and formal restructuring plan
involving the payment of dismissal benefit; In addition the restructuring plan has been
implemented or the main contents of the plan have been notified to the affected parties so that all
parties have formed a reasonable expectation that the Group will implement the restructuring.
22.4 Other long-term employee benefits
Other long-term employee benefits refer to all employee benefits except for short-term benefits
post-employment benefits and termination benefits.Other long-term employee benefits that qualify as defined contribution plans are treated in
accordance with the relevant provisions of the defined contribution plans mentioned above except
that the net liability or net asset for other long-term employee benefits is recognised and measured
in accordance with the relevant provisions of the defined benefit plans. At the end of the reporting
period employee compensation costs arising from other long-term employee benefits are
recognised as three components: service cost net interest on net liability or net asset for other
long-term employee benefits and changes resulting from the remeasurement of the net liability or
net asset for other long-term employee benefits. The total net amount of these items is included in
profit or loss for the period or in the costs of related assets.- 55 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
22. Employee benefits - continued
22.4 Other long-term employee benefits - continued
The Group provides internal retirement benefits to employees accepting the internal retirement
arrangements. Internal retirement benefits refer to the payments of salaries and social security
contributions for employees who have not reached the retirement age regulated by the country and
are approved to quit the job voluntarily. For internal retirement benefits the internal retirement
benefits the Group is expected to pay during the period from the date when employees stop
providing services to the date of normal retirement are recognised as liabilities at the present value
and included in profit or loss for the period when relevant recognition requirements of the internal
retirement benefits are met.
23. Share-based payments
A share-based payment is a transaction which the Group grants equity instruments in return for
services rendered by employees or other parties. The Group's share-based payments include
equity-settled share-based payments.Equity-settled share-based payments in exchange for services rendered by employees are
measured at fair value of the equity instruments granted to employees at the grant date. Such
amount is recognised as related costs or expenses on a straight-line basis over the vesting period
based on the best estimate of the number of equity instruments expected to vest/ as related costs or
expenses at the grant date if the equity instruments could be vested immediately with a
corresponding increase in capital reserve.
24. Bonds payable
The Group's bonds payable are measured at fair value when initially recognised and relevant
transaction costs are included in the initially recognised amount. It is subsequently measured at
amortised cost.The difference between the bond issue price and the total face value of the bonds is regarded as
the bond premium or discount which is amortised at the time of interest accrual according to the
effective interest method during the duration of the bonds and is treated according to the principle
of handling borrowing costs.
25. Preference shares perpetual bonds and other financial instruments
The actual issue price for the issuance of equity instruments is included in shareholders' equity
after deducting relevant transaction costs from shareholders’ equity (capital reserve). If the capital
reserve is insufficient to offset surplus reserve and retained earnings will be offset in turn. The
consideration and transaction costs paid for repurchasing the Group's equity instruments reduce
shareholders’ equity.- 56 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
25. Preference shares perpetual bonds and other financial instruments - continued
The Group classifies financial instruments or their components as financial liabilities or equity
instruments at initial recognition based on the contractual terms of the issued perpetual bonds and
their reflected economic substance combined with the definitions of financial liabilities and
equity instruments.For financial instruments such as perpetual bonds classified as equity instruments interest
expense or dividend (dividend) distributions are treated as profit distributions of the Group and
their repurchases write-offs etc. are treated as changes in equity and related transaction costs
are deducted from equity.
26. Revenue recognition
26.1 Disclosure of accounting policies adopted for revenue recognition and measurement by
type of business
Revenue refers to the total inflow of economic benefits formed in the daily activities of the Group
which will lead to the increase of owner's equity and has nothing to do with the capital invested
by owners. The Group's revenue is mainly from port business bonded logistics business and other
businesses.The Group recognises revenue based on the transaction price allocated to the performance
obligation when the Group satisfies a performance obligation in the contract namely when the
customer obtains control over relevant goods or services. A performance obligation is a
commitment that the Group transfers a distinct goods or service to a customer in the contract. The
transaction price is the amount of consideration to which the Group expects to be entitled in
exchange for transferring promised goods or services to a customer excluding amounts collected
on behalf of third parties and amounts expected to be refunded to a customer. The transaction
price recognised by the Group does not exceed the amount of accumulated recognised revenue
that is unlikely to be significantly reversed when the relevant uncertainty is eliminated.The Group evaluates the contract on the contract start date identifies each individual performance
obligation contained in the contract and determines whether each individual performance
obligation is performed within a certain period or at a certain time point. It is a performance
obligation satisfied during a period of time and the Group recognises revenue during a period of
time according to the progress of performance if one of the following conditions is met: (i) the
customer obtains and consumes economic benefits at the same time of the Group's performance;
(ii) the customer is able to control goods or services in progress during the Group's performance;
(iii) goods or services generated during the Group's performance have irreplaceable utilization
and the Group is entitled to collect amounts of cumulative performance part which have been
done up to now. Otherwise revenue is recognised at a point in time when the customer obtains
control over the relevant goods or services.- 57 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
26. Revenue recognition - continued
26.1 Disclosure of accounting policies adopted for revenue recognition and measurement by
type of business - continued
The Group adopts output method i.e. the value of goods or services transferred to customers to
determine the appropriate progress of performance. Where the progress cannot be determined
reasonably the revenue is recognised based on the amount of cost that is expected to be
compensated based on the cost already incurred until the progress of performance is reasonably
determined.Contract assets refer to the right that the Group has transferred goods or services to customers and
is entitled to receive consideration and the right depends on other factors other than the passage
of time. Please refer to Note (IV) 11 for details of the accounting policies for the impairment of
contract assets. The Group's unconditional (that is only depending on the passage of time) right to
collect consideration from customers is separately listed as receivables.Contract liabilities refer to the Group's obligation to transfer goods or services to a customer for
consideration received or receivable from the customer.Contract assets and contract liabilities under the same contract are presented in net amount.If there are two or more of performance obligations included in the contract at the inception of
the contract the Group allocates the transaction price to each single performance obligation based
on the proportion of stand-alone selling price of goods or services promised in each stand-alone
performance obligation. However if there is conclusive evidence indicating that the contract
discount or variable consideration is only relative with one or more (not the whole) performance
obligations in the contract the Group will allocate the contract discount or variable consideration
to relative one or more performance obligations. Stand-alone selling price refers to the price of a
single sale of goods or services. If the stand-alone selling price cannot be observed directly the
Group estimates the stand-alone selling price through comprehensive consideration of all relative
information that can be reasonably acquired and maximum use of observable inputs.In case of the existence of variable consideration (such as sales discount) in the contract the
Group shall determine the best estimate of variable consideration based on the expected value or
the most probably occurred amount. The transaction price including variable consideration shall
not exceed the amount of the cumulatively recognised revenue which is unlikely to be
significantly reversed when relevant uncertainty is eliminated. At each balance sheet date the
Group re-estimates the amount of variable consideration which should be included in transaction
price.- 58 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
26. Revenue recognition - continued
26.1 Disclosure of accounting policies adopted for revenue recognition and measurement by
type of business - continued
If the customer pays non-cash consideration the Group determines the transaction price based on
the fair value of the non-cash consideration. If the fair value of non-cash consideration cannot be
reasonably estimated the Group shall determine the transaction price indirectly by reference to
the stand-alone selling price of the goods or services promised to transfer to the customer.For any consideration payable to a customer in a contract unless such payment is made in
exchange for a distinct good or service obtained from the customer the Group accounts for the
consideration payable as a reduction of the transaction price. The resulting reduction in revenue is
recognised at the later of when the related revenue is recognised and when the Group pays or
promises to pay the consideration.In case of the existence of a significant financing component in the contract the Group shall
determine the transaction price on the assumption that the customer has paid the amount payable
by cash when obtaining the control over the goods or services. Differences between transaction
price and contract consideration are amortised using effective interest method during the contract
life. At the inception of the contract if the period between when the Group transfers a promised
goods or service to a customer and when the customer pays for that goods or service will be one
year or less the Group would not consider the significant component in the contract.The Group assesses whether it controls each specified goods or service before that goods or
service is transferred to the customer to determine whether the Group is a principal or an agent. If
the Group controls the specified good or service before that good or service is transferred to a
customer the Group is a principal and recognises revenue in the gross amount of consideration
received or receivable. Otherwise the Group is an agent and recognises revenue in the amount of
any fee or commission to which it expects to be entitled. The fee or commission is the net amount
of consideration that the Group retains after paying the other party the consideration received in
exchange for the goods or services to be provided by that party or is determined in accordance
with the established commission amount or percentage etc.Where the Group receives receipts in advance from a customer for sales of goods or rendering of
services the amount is first recognised as a liability and then transferred to revenue when the
related performance obligation has been satisfied. When the Group's advance payments received
are not required to be refunded and it is probable that the customer will waive all or part of its
contractual rights the Group recognises the said amounts as revenue on a pro-rata basis in
accordance with the pattern of exercise of the customer's contractual rights if the Group expects
to be entitled to the amounts relating to the contractual rights waived by the customer; otherwise
the Group reverses the related balance of the said liabilities to revenue only when it is highly
unlikely that the customer will require performance of the remaining performance obligations.- 59 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
26. Revenue recognition - continued
26.1 Disclosure of accounting policies adopted for revenue recognition and measurement by
type of business - continued
For port business the revenue from the handling of containers and bulk cargos is recognised over
time based on the progress of completed services and the revenue from the storage of containers
and bulk cargos is recognised on a straight-line basis over the period of storage.For bonded logistics business the revenue is recognised based on the progress of services
rendered where the progress of completed services is determined based on the proportion of days
on services provided to the estimated total number of service days. As at the balance sheet date
the Group has re-estimated the progress of completed bonded logistics service so that it reflects
the changes in performance status.
26.2 Similar operations under different business models which involve different revenue
recognition and measurement methods
The Group has no similar operations under different business models which involve different
revenue recognition and measurement methods.
26.3 Costs of obtaining a contract
For the incremental cost of obtaining the contract (cost that will not occur if the contract is not
obtained) that is expected to be recoverable it is recognised as an asset. If the amortisation period
of such asset is less than one year it is recognised in profit or loss for the period when incurred.Other expenses incurred for obtaining the contract is included in profit or loss for the period when
incurred except for those explicitly assumed by the customer.
26.4 Costs to fulfil a contract
If the costs incurred in fulfilling a contract are not within the scope of any standards other than
Revenue Standards the Group recognises an asset only if those costs meet all of the following
criteria: (1) the costs relate directly to a contract or to an anticipated contract that the Group can
specifically identify; (2) the costs enhance resources of the Group that will be used in satisfying
performance obligations in the future; and (3) the costs are expected to be recovered. The asset
mentioned above shall be amortised on a basis that is consistent with the revenue recognition of
the goods or services to which the asset relates and recognised in profit or loss for the period.- 60 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
27. Government grants
Government grants refer to monetary assets and non-monetary assets obtained by the Group from
the government free of charge. Government grants are recognised when they can meet the
conditions attached to government grants and can be received.If a government grant is in the form of a transfer of a monetary asset it is measured at the amount
received or receivable. If a government grant is in the form of a non-monetary asset it is
measured at fair value. If the fair value cannot be reliably determined it is measured at a nominal
amount. A government grant measured at a nominal amount is recognised immediately in profit or
loss for the period.
27.1 Determination basis and accounting treatment of government grant related to assets
Government grants of the Group mainly include grants for intelligent system etc. and these
government grants relate to assets as they will form long-term assets.A government grant related to an asset is recognised as deferred income and included in profit or
loss by stages over the useful life of the related asset in a reasonable and systematic way. A
government grant measured at a nominal amount is recognised immediately in profit or loss in the
current period. Where the relevant asset is sold transferred retired or damaged prior to the end of
its useful life the related undistributed deferred income is transferred to profit or loss of the
disposal period.
27.2 Determination basis and accounting treatment of government grant related to income
Government grants of the Group mainly include grants for business development and specialized
operations etc. and these government grants relate to income as they will not form long-term
assets. The Group classifies government grants that are difficult to be distinguished as
government grants related to income aggregately.For a government grant related to income if the grant is a compensation for related expenses or
losses to be incurred in subsequent periods the grant is recognised as deferred income and
recognised in profit or loss for the period in which the related costs or losses are recognised; If the
grant is a compensation for related expenses or losses already incurred the grant is recognised
immediately in profit or loss.A government grant related to the Group's daily activities is recognised in other income; a
government grant not related to the Group's daily activities is recognised in non-operating income.- 61 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
28. Borrowing costs
Borrowing costs directly attributable to the acquisition construction or production of qualifying
asset are capitalized when expenditures for such asset and borrowing costs are incurred and
activities relating to the acquisition construction or production of the asset that are necessary to
prepare the asset for its intended use or sale have commenced. Capitalization of borrowing costs
ceases when the qualifying asset being acquired constructed or produced becomes ready for its
intended use or sale. Capitalization of borrowing costs is suspended during periods in which the
acquisition construction or production of a qualifying asset is interrupted abnormally and when
the interruption is for a continuous period of more than 3 months. Capitalization is suspended
until the acquisition construction or production of the asset is resumed. Other borrowing costs are
recognised as an expense in the period in which they are incurred.Where funds are borrowed under a specific-purpose borrowing the amount of interest to be
capitalized is the actual interest expense incurred on that borrowing for the period less any bank
interest earned from depositing the borrowed funds before being used on the asset or any
investment income on the temporary investment of those funds. Where funds are borrowed under
general-purpose borrowings the Group determines the amount of interest to be capitalized on
such borrowings by applying a capitalization rate to the weighted average of the excess of
cumulative expenditures on the asset over the amounts of specific-purpose borrowings. The
capitalization rate is the weighted average of the interest rates applicable to the general-purpose
borrowings. During the capitalization period exchange differences related to a specific-purpose
borrowing denominated in foreign currency are all capitalized. Exchange differences in
connection with general-purpose borrowings are recognised in profit or loss for the period in
which they are incurred.- 62 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
29. Income tax
The income tax expenses include current income tax and deferred income tax.
29.1 Current income tax
At the balance sheet date current income tax liabilities (or assets) for the current and prior periods
are measured at the amount expected to be paid (or recovered) according to the requirements of
tax laws.
29.2 Deferred tax assets and deferred tax liabilities
For temporary differences between the carrying amounts of certain assets or liabilities and their
tax base or between the nil carrying amount of those items that are not recognised as assets or
liabilities and their tax base that can be determined according to tax laws deferred tax assets and
liabilities are recognised using the balance sheet liability method.Deferred income tax are generally recognised for all taxable temporary differences. Deferred tax
assets for deductible temporary differences are recognised to the extent that it is probable that
taxable profits will be available against which the deductible temporary differences can be utilized.However for temporary differences associated with the initial recognition of goodwill and the
initial recognition of an asset or liability arising from a transaction which is not a business
combination that affects neither the accounting profit nor taxable profits (or deductible losses) and
will not result in taxable temporary differences and deductible temporary differences in equivalent
amounts at the time of transaction no deferred tax asset or liability is recognised.For deductible losses and tax credits that can be carried forward deferred tax assets are
recognised to the extent that it is probable that future taxable profits will be available against
which the deductible losses and tax credits can be utilized.- 63 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
29. Deferred tax assets/ deferred tax liabilities - continued
29.2 Deferred tax assets and deferred tax liabilities - continued
Deferred tax liabilities are recognised for taxable temporary differences associated with
investments in subsidiaries associates and joint ventures except where the Group is able to
control the timing of the reversal of the temporary differences and it is probable that the
temporary differences will not be reversed in the foreseeable future. Deferred tax assets arising
from deductible temporary differences associated with investments in subsidiaries associates and
joint ventures are recognised to the extent that it is probable that future taxable profits will be
available against which the deductible temporary differences can be utilized and they are expected
to be reversed in the foreseeable future.At the balance sheet date deferred tax assets and liabilities are measured at the tax rates
applicable in the period in which the asset is realized or the liability is settled according to tax
laws.Current and deferred tax expenses or income are recognised in profit or loss for the period except
when they arise from transactions or events that are directly recognised in other comprehensive
income or shareholders' equity in which case they are recognised in other comprehensive income
or shareholders' equity and when they arise from business combinations in which case they
adjust the carrying amount of goodwill.At the balance sheet date the carrying amount of deferred tax assets is reviewed and reduced if it
is no longer probable that sufficient taxable profits will be available in the future to allow the
benefit of deferred tax assets to be utilized. Any such reduction in amount is reversed when it
becomes probable that sufficient taxable profits will be available.
29.3 Income tax offsetting
When the Group has a legal right to settle on a net basis and intends either to settle on a net basis
or to realize the assets and settle the liabilities simultaneously current tax assets and current tax
liabilities are offset and presented on a net basis.When the Group has a legal right to settle current tax assets and liabilities on a net basis and
deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities which intend either to settle
current tax assets and liabilities on a net basis or to realize the assets and liabilities simultaneously
in each future period in which significant amounts of deferred tax assets or liabilities are expected
to be reversed deferred tax assets and deferred tax liabilities are offset and presented on a net
basis.- 64 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
30. Transactions denominated in foreign currencies and translation of financial
statements denominated in foreign currencies
30.1 Transactions denominated in foreign currencies
A foreign currency transaction is recorded on initial recognition by applying the spot exchange
rate on the date of the transaction.At the balance sheet date foreign currency monetary items are translated into functional currency
using the spot exchange rates at the balance sheet date. Exchange differences arising from the
differences between the spot exchange rates prevailing at the balance sheet date and those on
initial recognition or at the previous balance sheet date are recognised in profit or loss for the
period except that (1) exchange differences related to a specific-purpose borrowing denominated
in foreign currency that qualify for capitalization are capitalized as part of the cost of the
qualifying asset during the capitalization period; (2) exchange differences related to hedging
instruments for the purpose of hedging against foreign currency risks are accounted for using
hedge accounting; (3) exchange differences arising from changes in the carrying amounts (other
than the amortised cost) of monetary items at fair value through other comprehensive income are
recognised as other comprehensive income.When the consolidated financial statements include foreign operation(s) if there is foreign
currency monetary item constituting a net investment in a foreign operation exchange differences
arising from changes in exchange rates are recognised as "exchange differences arising from
translation of financial statements denominated in foreign currencies" in other comprehensive
income and in profit or loss for the period upon disposal of the foreign operation.Foreign currency non-monetary items measured at historical cost are translated to the amounts in
functional currency at the spot exchange rates on the dates of the transactions. Foreign currency
non-monetary items measured at fair value are re-translated at the spot exchange rate on the date
when the fair value is determined. Difference between the re-translated functional currency
amount and the original functional currency amount is treated as changes in fair value (including
changes in exchange rate) and is recognised in profit or loss or as other comprehensive income.- 65 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
30. Transactions denominated in foreign currencies and translation of financial
statements denominated in foreign currencies - continued
30.2 Translation of financial statements denominated in foreign currencies
For the purpose of preparing the consolidated financial statements financial statements of a
foreign operation are translated from the foreign currency into RMB using the following method:
assets and liabilities on the balance sheet are translated at the spot exchange rate prevailing at the
balance sheet date; shareholders' equity items except for translation differences arising from
translation of foreign currency financial statements items in retained earnings and other
comprehensive income are translated at the spot exchange rates at the dates on which such items
arose; all items in the income statement as well as items reflecting the distribution of profits are
translated at the average exchange rates of the accounting period of the consolidated financial
statements; retained earnings at the beginning of the year are the converted year-end retained
earnings of the previous year. The year-end retained earnings are calculated and presented in
accordance with the items of profit distribution after conversion. The difference between the
translated assets and the aggregate of liabilities and shareholders' equity items is recognised as
other comprehensive income and included in shareholders' equity.Cash flows arising from a transaction in foreign currency and the cash flows of a foreign
subsidiary are translated at average exchange rate during the accounting period of consolidated
financial statements. The effect of exchange rate changes on cash and cash equivalents is regarded
as a reconciling item and presented separately in the cash flow statement as "effect of exchange
rate changes on cash and cash equivalents".The amount at the beginning of the year and the comparative figures of previous year are
presented at the translated amounts in the previous year's financial statements.On disposal of the Group's entire interest in a foreign operation or upon a loss of control over a
foreign operation due to disposal of certain interest in it or other reasons the Group transfers the
accumulated exchange differences arising from translation of financial statements of this foreign
operation attributable to the owners' equity of the Company and presented under other
comprehensive income to profit or loss in the period in which the disposal occurs.In case of a disposal of part equity investments or other reason leading to lower interest
percentage in foreign operations but does not result in the Group losing control over a foreign
operation the exchange differences arising from the translation difference of financial statements
denominated in foreign currencies related to this disposed part are re-attributed to non-controlling
interests and are not recognised in profit or loss. For partial disposals of equity interests in foreign
operations which are associates or joint ventures the proportionate share of the accumulated
exchange differences arising from translation difference of financial statements denominated in
foreign currencies is reclassified to profit or loss.- 66 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
31. Leases
A lease is a contract in which the lessor for a certain period of time gives the lessee the right to
use the assets to obtain a consideration.On the contract start date the Group assesses whether the contract is a lease or includes a lease. If
one party in the contract transfers the right to control the use of one or more identified assets
within a certain period in exchange for consideration the contract is a lease or includes a lease.Unless the contract terms and conditions change the Group will not re-evaluate whether the
contract is a lease or includes a lease.
31.1 The Group as lessee
31.1.1 Separating components of a lease
For a contract that contains one or more lease components or non-lease components the Group
separates each individual lease and non-lease component and allocates the contract consideration
in the relative proportion of the sum of the individual price of each lease component and the
individual price of the non-lease component.
31.1.2 Right-of-use assets
Except for short-term leases and leases of low-value assets the Group recognises the right-of-use
assets of the leases at the commencement date. The commencement date of the lease is the date
from which the lessor provides the leased assets to make them available for use by the Group.Right-of-use assets are initially measured at cost. The cost includes:
the amount of the initial measurement of the lease liabilities.any lease payments made at or before the commencement date less any lease incentives.any initial direct costs incurred by the Group.an estimate of costs to be incurred by the Group in dismantling and removing the underlying
asset restoring the site on which it is located or restoring the underlying asset to the
condition required by the terms and conditions of the lease.Right-of-use assets are depreciated by the Group in accordance with the ASBE No.4 Fixed Assets.If the Group is reasonably certain that the lease will transfer ownership of the underlying asset to
the Group by the end of the lease term the right-of-use assets are depreciated from the
commencement date to the end of the useful life of the underlying asset. Otherwise the right-of-
use assets are depreciated from the commencement date to the earlier of the end of the useful life
of the right-of-use assets or the end of the lease term.- 67 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
31. Leases - continued
31.1 The Group as lessee - continued
31.1.3 Lease liabilities
Except for short-term leases and leases of low-value assets the Group initially measures lease
liabilities at the present value of the outstanding lease payments at the commencement date. In
calculating the present value of the lease payments the Group uses the implicit interest rate of the
lease as the discount rate. If it is not possible to determine the implicit interest rate of the lease
the incremental borrowing rate shall be applied.The lease payments comprise the following payments by the Group for the right to use the
underlying asset during the lease term:
fixed payments (including in-substance fixed payments) less any lease incentives.variable lease payments that depend on an index or a rate.the exercise price of a purchase option if the Group is reasonably certain to exercise that
option.payments for terminating the lease if the lease term reflects the Group exercising an option
to terminate the lease.amounts expected to be payable by the Group under residual value guarantees.Variable lease payments that depend on an index or a rate are initially measured using the index
or rate as at the commencement date. Variable lease payments not included in the measurement of
the lease liabilities are recognised in profit or loss or in the cost of relevant assets in the period
of those payments.After the commencement date interest expenses on the lease liabilities in each period during the
lease term is calculated by a constant periodic rate of interest and included in profit or loss or
charged to cost of related assets.After the commencement date the Group shall remeasure the lease liabilities and make
corresponding adjustments to the related right-of-use assets in the following circumstances. If the
carrying amount of the right-of-use assets is reduced to zero and there is a further reduction in the
measurement of the lease liabilities the Group shall recognise the difference in profit or loss:
where there is a change in the lease term or in the assessment of an option to purchase the
underlying asset the Group remeasures the lease liabilities on the basis of the revised leases
payments and the revised discount rate.where there is a change in the amounts expected to be payable under a residual value
guarantee or in future lease payments resulting from a change in an index or a rate used to
determine those payments the Group remeasures the lease liabilities on the basis of the
revised lease payments and the unchanged discount rate unless the change in the lease
payments results from a change in floating interest rates in which case the revised discount
rate is applied.- 68 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
31. Leases - continued
31.1 The Group as lessee - continued
31.1.4 Short-term leases and leases of low-value assets
The Group elects not to recognise right-of-use assets or lease liabilities for short-term leases and
leases of low-value assets i.e. port and terminal facilities buildings machinery and equipment
furniture fixture and other equipment motor vehicles and cargo ships and others. A short-term
lease is a lease that at the commencement date has a lease term of 12 months or less and does not
contain a call option. A lease of low-value assets is a lease that the value of the underlying asset
is lower when it is new. For short-term leases and leases of low-value assets the Group
recognises the lease payments in profit or loss or in the cost of related assets on a straight-line
basis over each period within the lease term.
31.1.5 Lease modifications
A lease modification should be accounted for as a separate lease if both of the following apply:
the modification increases the scope of the lease by adding the right to use one or more
underlying assets.the consideration for the lease increases by an amount commensurate with the stand-alone
price for the increase in scope and any appropriate adjustments to that stand-alone price
according to the circumstances of the particular contract.For a lease medication that is not accounted for as a separate lease at the effective date of the
lease modification the Group should allocate the consideration in the modified contract
determine the lease term of the modified lease and remeasure the lease liabilities based on the
present value of the changed lease payments and the revised discount rate.For lease modifications that decrease the scope of the lease or shorten the term of the lease the
Group should decrease the carrying amount of the right-of-use assets with any gain or loss
relating to the partial or full termination of the lease recognised in profit or loss. For re-
measurement of lease liabilities due to other lease modifications a corresponding adjustment is
made to the carrying amount of the right-of-use assets.- 69 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
31. Leases - continued
31.2 The Group as lessor
31.2.1 Separating components of a lease
For a contract that contains lease components and non-lease components the Group allocates the
contract consideration in accordance with the Revenue Standards on allocation of transaction
prices based on the respective individual prices of the lease components and the non-lease
components.
31.2.2 Classification of leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership. All other leases are classified as operating leases.
31.2.3 The Group as lessor under operating leases
The Group recognises lease receipts from operating leases as rental income using a straight-line
method over the respective periods of the lease term. The Group's initial direct costs incurred in
connection with operating leases are capitalized when the costs incurred and are allocated to
profit or loss for the period over the lease term on the same basis as the recognition of rental
income.Variable lease receipts acquired by the Group in connection with operating leases that are not
included in the lease receipts are recognised in profit or loss for the period when they are actually
incurred.- 70 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
31. Leases - continued
31.2 The Group as lessor - continued
31.2.4 The Group as lessor under finance leases
At the commencement date the Group recognises a finance lease receivable at the amount equal
to the net lease investment with assets under finance lease terminal recognised. The net lease
investment is the sum of any unguaranteed residual value and the present value of the lease
receipts over the lease term discounted at the interest rate implicit in lease.The lease receivable comprises the following payments collected by the Group from the lessee for
the transfer of the right to use the underlying assets during the lease term:
fixed payments (including in-substance fixed payments) paid by the lessee less any lease
incentives.variable lease payments that depend on an index or a rate.the exercise price of a purchase option provided that it is reasonably determined that the
lessee will exercise the option.payments for terminating the lease provided that the lease term reflects that the lessee will
exercise the option to terminate the lease;
residual value of guarantee provided to the Group by the lessee a party related to the lessee
and an independent third party with the financial ability to fulfil the guarantee obligations.Variable lease receipts not included in the net lease investment are recognised in profit or loss
when they are actually incurred.Interest income for each period over the lease term is calculated and recognised by the Group at a
fixed periodic rate.
31.2.5 Subleases
As the lessor of a sublease the Group accounts for the original lease contract and the sublease
contract on a separate basis. The Group classifies the subleases based on the right-of-use assets
generating from the original lease rather than the underlying assets of the original lease.- 71 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
31. Leases - continued
31.2 The Group as lessor - continued
31.2.6 Lease modifications
The Group accounts for a modification to an operating lease as a new lease from the effective date
of the modification considering any lease advances or receivables relating to the original lease as
the lease receipts for the new lease.A lease modification should be accounted for as a separate lease if there is a modification in a
finance lease and both of the followings apply:
the modification increases the scope of the lease by adding the right to use one or more
underlying assets; and
the consideration for the lease increases by an amount commensurate with the stand-alone
price for the increase in scope with any appropriate adjustment to that stand-alone price.For a modification to a finance lease that is not accounted for as a separate lease the Group
accounts for the modification as follows:
If the lease would have been classified as an operating lease had the modification been
effective at the commencement date the Group should account for the lease modification as
a new lease from the effective date of the modification and measure the carrying amount of
the underlying assets at the amount equal to the net lease investment before the effective
date of the modification;
If the lease would have been classified as a finance lease had the modification been effective
at the commencement date the Group should account for it in accordance with the
provisions on contract modification and renegotiation under Accounting Standards for
Business Enterprises No. 22 - Financial Instruments: Recognition and Measurement.
31.3 Sale and leaseback transactions
31.3.1 The Group as the buyer-lessor
If the transfer of an asset in a sale and leaseback transaction does not constitute a sale the Group
does not recognise the transferred asset but a financial asset at an amount equal to the transfer
proceeds and accounts for such financial asset under the Accounting Standards for Business
Enterprises No. 22 - Financial Instruments: Recognition and Measurement. If the transfer of an
asset constitutes a sale the Group accounts for the purchase of the asset in accordance with other
applicable Accounting Standards for Business Enterprises and accounts for the lease of the asset.- 72 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING ESTIMATES - continued
32. Safety production cost
According to the Administrative Measures for the Collection and Utilization of Enterprise Work
Safety Funds (Cai Zi [2022] No. 136) jointly issued by the Ministry of Finance and the
Emergency Department on 13 December 2022 safety production cost set aside by the Group is
directly included in the cost of relevant products or recognised in profit or loss for the period and
transferred to specific reserve simultaneously. When safety production cost set aside is utilized if
the costs incurred can be categorized as expenditure the costs incurred should be charged against
the specific reserve. If the costs set aside are used to build up fixed assets the costs should be
charged to construction in progress and reclassified to fixed assets when the safety projects are
ready for intended use. Meantime expenditures in building up fixed assets are directly charged
against the specific reserve with the accumulated depreciation recognised at the same amount.Depreciation will not be made in the future period on such fixed assets.
33. Exchange of non-monetary assets
When the non-monetary assets are of commercial substance and the fair value of assets received
or the assets given up can be measured reliably the non-monetary transactions are measured at
fair value. For the asset received the fair value of the asset given up and related taxes payable are
recognised as the cost at initial recognition; For the asset given up at derecognition the difference
between the fair value and the carrying amount is recognised in profit or loss for the current
period. When there is clear evidence indicating that the fair value of the received asset is more
reliable for the asset received the fair value of the asset received and related taxes payable are
recognised as the cost at initial recognition; For the asset given up at derecognition the difference
between the fair value of the asset received and the carrying amount of the asset given up is
recognised in profit or loss for the current period.When the non-monetary transactions fail to meet criteria to be measured at fair value the
transactions are measured at carrying amounts. For the asset received the carrying amount of the
asset given up and relevant taxes payable are recognised as the cost of at initial recognition. For
the asset given up at derecognition no profit or loss is recognised.- 73 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(V) CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY
ASSUMPTIONS AND UNCERTAINTIES IN ACCOUNTING ESTIMATES
In the application of accounting policies and accounting estimates as set out in Note (IV) the
Group is required to make judgments estimates and assumptions about the carrying amounts of
items in the financial statements that cannot be measured accurately due to the internal
uncertainty of the operating activities. These judgments estimates and assumptions are based on
historical experience of the Group's management as well as other factors that are considered to be
relevant. Actual results may differ from these estimates.The Group regularly reviews the judgments estimates and assumptions on a going concern basis.Changes in accounting estimates which only affect the current period should be recognised in the
current period; changes which not only affect the current but the future periods should be
recognised in the current and future periods.
1. Key assumptions and uncertainties used in important judgments and accounting
estimates
At the balance sheet date key assumptions and uncertainties in critical judgments and accounting
estimates that are likely to lead to significant adjustments to the carrying amounts of assets and
liabilities in the future are as follows:
1.1 Goodwill impairment
The book value of goodwill on 31 December 2025 is RMB 6176416050.77. The Group will
conduct impairment testing on goodwill at least annually. For the purpose of impairment testing
the recoverable amount of each assets group and combination of assets groups that generate
goodwill of the Group is determined by fair value less estimated disposal expenses and by the
present value of estimated future cash flows which involve the judgment of management.
1.2 Recognition of deferred income tax
The Group calculates and makes provision for deferred tax liabilities according to the profit
distribution plans of subsidiaries associates and joint ventures and relevant provisions of tax law.For retained earnings of the investee which are not expected to be distributed since the profits
will be used for the daily operation and future development of the investee no deferred tax
liabilities are recognised. If the profits to be actually distributed in future years are more or less
than those expected corresponding deferred tax liabilities will be recognised or reversed in profit
or loss for the period at the earlier of the date on which the profit distribution plan is changed and
the date on which the profit distribution is declared.Deferred tax assets are recognised based on the deductible temporary differences and the
corresponding tax rate to the extent that it is probable that future taxable profits will be available
against which the deductible temporary differences can be utilized. If the actual taxable income in
future years are more or less than that expected corresponding deferred tax assets will be
recognised or reversed in profit or loss for the period in which they are actually incurred.- 74 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(V) CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY
ASSUMPTIONS AND UNCERTAINTIES IN ACCOUNTING ESTIMATES - continued
1. Key assumptions and uncertainties used in important judgments and accounting
estimates - continued
1.3 Estimated useful lives and residual value of fixed assets and intangible assets
The Group assesses the estimated useful lives and residual value of fixed assets and intangible
assets. Such estimate is made by reference to the historical experience of actual useful lives and
residual value of fixed assets and intangible assets of similar nature and function and is subject to
significant changes due to technical innovation and fierce industry competition. Where the
estimated useful lives and residual value of fixed assets and intangible assets are less than the
previous estimates the Group will increase the depreciation and amortisation or write off or
eliminate the technically obsolete fixed assets or intangible assets.(VI) CHANGES IN SIGNIFICANTACCOUNTING POLICIES ANDACCOUNTING
ESTIMATES
There are no significant changes in accounting policies or accounting estimates of the Group this
year.- 75 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VII) TAXES
1. Major taxes and tax rates
Taxes Tax basis Tax rate
Enterprise income tax Taxable income 8.25%-34% (Note 1)Dividend income tax 5%10% (Note 2)
Income from sale of goods 9%13%
Income from transportation loading and
Value-added tax (Note 3) unloading business and part of modern 6%
(hereinafter referred to as service industries
"VAT") Income from sale of real estate property
management lease of real estate etc. 3% 5% 9%
Income from leases of movable properties 13%
Social contribution tax (Note 4) Income 0.65%-7.6%
Deed tax Land use right and property transfer amount 3%-5%
Property tax 70% of cost of property or rental income 1.2% or 12%
City maintenance and
construction tax VAT paid 1%-7%
Education surtax VAT paid 3%
Land use tax Land area actually occupied RMB 1-12 per square meter
Amount of pollution equivalents of the
Environmental protection tax taxable air pollutants converted based on the RMB 1.2-1.8 per pollution
quantity of pollutions discharged equivalent
- 76 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VII) TAXES - continued
1. Major taxes and tax rates - continued
Note 1: The Group's enterprise income tax is calculated based on the current tax rate stipulated
by local tax laws. Among them the Company is subject to an enterprise income tax rate
of 25% the subsidiaries set up in Hong Kong are subject to an enterprise income tax rate
of 8.25% and 16.5% the majority of subsidiaries set up in China are subject to an
enterprise income tax rate of 25% and the other overseas subsidiaries are subject to
enterprise income tax rates between 10% and 34%.The Company obtains dividends distributed by overseas subsidiaries and should pay
enterprise income tax at a rate of 25% in accordance with relevant Chinese tax laws. The
Company obtains taxable income outside of China and the amount of income tax that
has been paid abroad can be offset with the current taxable amount. The credit limit is
the taxable amount calculated in accordance with the provisions of the Enterprise
Income Tax Law.Note 2: Foreign investors who receive dividends of profits from Chinese subsidiaries in 2008
and thereafter generally shall pay withholding income tax at a rate of 10% in accordance
with the relevant provisions on the PRC enterprise income tax. For companies
incorporated in certain regions (including Hong Kong and Singapore) if the companies
meet relevant conditions they will enjoy a preferential tax rate of 5%.Note 3: The VAT amount is the balance of the output tax less the deductible input tax and the
output tax is calculated in accordance with the sales income and the corresponding tax
rate stipulated in the relevant tax laws of China.Note 4: The social contribution tax is the tax paid by TCP Participa??es S.A. (hereinafter
referred to as "TCP") an overseas subsidiary of the Group and Colombo International
Container Terminals Limited (hereinafter referred to as “CICT”) to the local government.
2. Tax preference and approval documents
Certain subsidiaries of the Group in China are recognised as high-tech enterprises or encouraged
industrial enterprises in the region and are subject to an enterprise income tax rate of 15%. Some
of Group's subsidiaries inside of China may pay corporate income tax at the rate of 15%
according to the preferential policies of Qianhai Shenzhen Hong Kong Modern Service Industry
Cooperation Zone.- 77 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VII) TAXES - continued
2. Tax preference and approval documents - continued
Certain subsidiaries of the Group in China are small and micro enterprises and are subject to a
preferential tax rate of 20%. In accordance with the Announcement on Relevant Tax and Fee
Policies for Further Supporting the Development of Micro and Small Enterprises and Individual
Industrial and Commercial Households (Announcement No. 12 of the Ministry of Finance and
the State Administration of Taxation in 2023) for small and micro enterprises the taxable income
is calculated at a reduced rate of 25% and the enterprise income tax is paid at a rate of 20% from 1
January 2023 and 31 December 2027.Some subsidiaries of the Group outside China can reduce or exempt corporate income tax
according to relevant local tax policies.From 1 January 2023 to 31 December 2027 the urban land use tax for certain domestic
subsidiaries of the Group on the land for bulk commodity storage facilities is levied at the reduced
rate of 50% of the tax amount applicable to the grade of the land.As approved by State Taxation Administration Shenzhen Qianhai Shenzhen-Hong Kong Modern
Service Industry Cooperation Zone Taxation Bureau (formerly Shekou Taxation Sub-bureau of
Shenzhen Tax Bureau) State Administration of Taxation on 12 October 2017 certain subsidiaries
of the Group are exempted from VAT for auxiliary logistics services (excluding warehousing
services and delivery services) provided to overseas enterprises.(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS
1. Cash and bank balances
Item Closing Balance Opening Balance
Cash 191636.31 457486.90
Bank deposits 10403337125.34 11769350938.86
Other cash and bank balances 238129183.87 114600721.02
Cash deposited in the finance company 4733188415.27 4745991554.35
Total 15374846360.79 16630400701.13
Including: Total amount of funds deposited overseas 6289654047.38 5449122430.53
- 78 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
1. Cash and bank balances - continued
Note 1: The interest receivable at the end of the year amounted to RMB 42029709.64 (31
December 2024 : RMB 35470534.89).Note 2: Cash deposited in the finance company included the interest receivable amounting to
RMB 14222500.39 (31 December 2024 : RMB 35221381.65).Note 3: As of the year-end other cash and bank balances included term deposits amounting to
RMB 30000000.00 that are unrestricted and have maturities exceeding three months.
(31 December 2024 : none).
Note 4: Restricted use of cash at bank and on hand at the end of the year.Item Closing Balance Opening Balance
Interest receivable 56252210.03 70691916.54
Performance bond 41023738.72 41064199.70
Litigation frozen funds 3000000.00 1826085.98
Guarantee deposit 200000.00 200000.00
ETC card frozen funds 12750.00 12750.00
Bill deposit - 1536194.00
Total 100488698.75 115331146.22
2. Financial assets held for trading
Item Closing Balance Opening Balance
Financial assets classified as at FVTPL 7578824365.75 5685135472.01
Including: Structured deposits 7578824365.75 5685135472.01
Total 7578824365.75 5685135472.01
3. Bills receivable
(1) Category of bills receivable
Category Closing Balance Opening Balance
Bank acceptance 122029884.15 263127883.63
Commercial acceptance 29000000.00 7000000.00
Total 151029884.15 270127883.63
Note: For the year ended 31 December 2025 no provision for bad debts of bills receivable is
assessed on an individual basis and the acceptor of bank acceptance and commercial
acceptance for which provision for bad debts is assessed on a portfolio basis has high
credit ratings with no significant credit risks therefore no provision for bad debts is made.
(2) As at 31 December 2025 the Group has no bills receivable pledged.
- 79 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
3. Bills receivable - continued
(3) As at 31 December 2025 bills receivable endorsed or discounted by the Group and not yet
due on the balance sheet date.Amount Unrecognised
Item derecognised at amount at the end
the end of the year of the year
Bank acceptance 21462114.63 32870944.50
(4) As at 31 December 2025 the Group has no bills transferred to accounts receivable due to
the drawer's failure to perform.
(5) The Group has no bills receivable written off for the year ended 31 December 2025.
4. Accounts receivable
(1) Overall situation of accounts receivable
Category Closing Balance Opening Balance
Accounts receivable 1362653229.32 1282371828.87
Less: Provision for bad debts 65486371.62 88963445.09
Total 1297166857.70 1193408383.78
(2) Aging analysis of accounts receivable
Closing Balance Opening Balance
Aging Book value Proportion Provision for(%) bad debts Book value
Proportion Provision for
(%) bad debts
Within 1 year
(Including 1 year) 1286427749.56 94.40 11648068.41 1184171645.45 92.34 3052874.64
1-2 years
(Including 2 years) 20966190.64 1.54 4671448.93 25773736.31 2.01 15217006.15
2-3 years
(Including 3 years) 22842354.51 1.68 17333429.71 18788751.53 1.47 17375034.32
More than 3 years 32416934.61 2.38 31833424.57 53637695.58 4.18 53318529.98
Total 1362653229.32 100.00 65486371.62 1282371828.87 100.00 88963445.09
- 80 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
4. Accounts receivable - continued
(3) Disclosure of accounts receivable by category
Closing Balance Opening Balance
Item Book value Provision for bad debts Book value Provision for bad debts Reason for provision
Value Percentage Proportion
Carrying amount
Value Value Percentage Value Proportion
Carrying amount
(%)(%)(%)(%)
Accrued according to
A 816089512.92 59.89 220906.31 0.03 815868606.61 736270226.13 57.41 384388.87 0.05 735885837.26 the expected loss rate
of each rating
Accrued according to
B 405297310.13 29.74 872676.19 0.22 404424633.94 370318170.34 28.88 631601.25 0.17 369686569.09 the expected loss rate
of each rating
Accrued according to
C 78476799.95 5.76 4725227.39 6.02 73751572.56 84232990.43 6.57 1488846.56 1.77 82744143.87 the expected loss rate
of each rating
D 62789606.32 4.61 59667561.73 95.03 3122044.59 91550441.97 7.14 86458608.41 94.44 5091833.56 Low probability ofrecovery
Total 1362653229.32 100.00 65486371.62 4.81 1297166857.70 1282371828.87 100.00 88963445.09 6.94 1193408383.78 ——
Including: Provision for bad debts assessed on an individual basis at the end of the year
Closing Balance
Name Book value Provision for bad debts Expected credit loss Reason for provisionrate (%)
Client 1 14166889.98 14166889.98 100.00 Low probability of recovery
Client 2 6387379.34 6387379.34 100.00 Low probability of recovery
Client 3 5700298.86 5700298.86 100.00 Low probability of recovery
Client 4 4828983.86 4828983.86 100.00 Low probability of recovery
Client 5 3792704.25 3790012.45 99.93 Low probability of recovery
Others 27913350.03 24793997.24 88.82 ——
Total 62789606.32 59667561.73 95.03 ——
- 81 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
4. Accounts receivable - continued
(4) For the year ended 31 December 2025 the Group has no significant provision for bad
debts recovered or reversed this year.
(5) Accounts receivable written off this year
Name of Arising from
entity Nature Amount Reason for write-off
Procedures
performed related partytransactions or not
Client 6 Service fees 24955108.44 Confirmed as irrecoverable Yes No
Client 7 Service fees 6237239.55 Confirmed as irrecoverable Yes No
Client 8 Service fees 1590646.16 Confirmed as irrecoverable Yes No
Total — — 32782994.15 —— —— ——
(6) The top five balances of accounts receivable at the end of the year classified by debtor
Name of Relationship Provision for bad Proportion of the
entity with the Book value Aging debts amount to the totalGroup accounts receivable (%)
Client 9 Third party 332580919.70 Within 1 year1-2years2-3years 2721810.79 24.41
Client 10 Third party 53575185.60 Within 1 year 1324615.32 3.93
Client 11 Third party 53374060.50 Within 1 year1-2years 37576.95 3.92
Client 12 Third party 45701172.74 Within 1 year 18877.32 3.35
Client 13 Third party 44222826.59 Within 1 year 28530.89 3.25
Total —— 529454165.13 —— 4131411.27 38.86
- 82 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
5. Receivables under financing
(1) Classification of receivables under financing
Item Closing Balance Opening Balance
Bank acceptance measured at fair value 114680738.25 -
(2) As at 31 December 2025 the Group has no pledged receivables under financing.
(3) At the end of the year there is no Company's receivables under financing that have been
endorsed or discounted and have not yet matured at the balance sheet date.
6. Prepayments
(1) Aging analysis of prepayments
Closing Balance Opening Balance
Aging Book value Impairment Book value Impairment
Value Proportion provision Value Proportion provision(%) (%)
Within 1 year (including 1 year) 79429482.24 91.21 - 58397947.01 98.69 -
1-2 years (including 2 year) 7288415.34 8.37 4260618.26 620707.85 1.05 -
2-3 years (including 3 year) 301519.63 0.35 - 8000.00 0.01 -
More than 3 years 60400.00 0.07 - 150462.36 0.25 -
Total 87079817.21 100.00 4260618.26 59177117.22 100.00 -
(2) As at 31 December 2025 the Group has no significant prepayments aged more than one
year.
(3) The top five balances of prepayments at the end of the year
Name of entity Closing Balance Proportion in total Provision forprepayments(%) bad debts
Supplier 1 12141359.50 13.94 -
Supplier 2 5778006.01 6.64 -
Supplier 3 3663263.21 4.21 -
Supplier 4 3423600.00 3.93 -
Supplier 5 3126654.88 3.59 -
Total 28132883.60 32.31 -
- 83 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
7. Other receivables
7.1 Presentation of other receivables
Item Closing Balance Opening Balance
Dividends receivable 576943449.36 554387723.94
Other receivables 435711829.28 612111619.96
Total 1012655278.64 1166499343.90
7.2 Dividends receivable
(1) Presentation of dividends receivable by aging
Name of investee Closing Balance Opening Reason for non-
Whether there is
Balance recovery impairment andits judgment basis
Dividends receivable with an aging within 1 year 467505525.56 436240220.68 — — — —
Including: — — —— — — — —
Shanghai International Port (Group) Co. Ltd.(hereinafter referred to as "Shanghai Port Group") 326565642.25 326565642.25 — — No
Qingdao Port Dongjiakou Ore Terminal Co. Ltd. 68175602.27 - — — No
China Nanshan Development (Group) Incorporation
(hereinafter referred to as "Nanshan Group") 37014000.00 74028000.00 — — No
Euro-Asia Oceangate S.à r.l. 28485290.83 23881469.17 — — No
PORT OF NEWCASTLE INVESTMENTS
(PROPERTY HOLDINGS) PTY LIMITED 7264990.21 - — — No
China Ocean Shipping Agency Shenzhen Co. Ltd. - 10575000.00 — — — —
Others - 1190109.26 — — — —
Dividends receivable with an aging of more than one
year 110015444.77 118702445.93 — — — —
Including: — — —— — — — —
Relevant procedures are
Nanshan Group 74028000.00 74028000.00 being handled and pastdividends are being paid No
in succession
Zhanjiang Merchants Port City Investment Co. Ltd.(hereinafter referred to as "Merchants Port City") 35771044.77 38809044.77 Lack of funds No
COSCO Logistics (Zhanjiang) Co. Ltd. - 5649001.16 — — No
Others 216400.00 216400.00 Lack of funds No
Sub-total 577520970.33 554942666.61 — — — —
Less: Provision for bad debts 577520.97 554942.67 — — — —
Total 576943449.36 554387723.94 — — — —
- 84 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
7. Other receivables - continued
7.3 Other receivables
(1) Aging analysis of other receivables
Closing Balance Opening Balance
Aging Book value Proportion Provision for bad(%) debts Book value
Proportion Provision for
(%) bad debts
Within 1 year
(including 1 year) 172587395.66 16.08 3636376.18 270686270.92 23.00 5873.33
1-2 years
(including 2 year) 77083020.84 7.18 4185192.57 34852514.76 2.96 1639836.84
2-3 years
(including 3 year) 10568270.82 0.98 3606663.48 254724777.74 21.64 182279617.60
More than 3 years 813057695.18 75.76 626156320.99 616886752.77 52.40 381113368.46
Total 1073296382.50 100.00 637584553.22 1177150316.19 100.00 565038696.23
- 85 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
7. Other receivables - continued
7.3 Other receivables - continued
(2) Disclosure of other receivables by nature
Item Closing Balance Opening Balance
Operation compensation (Note 1) 560956025.90 512608434.72
Advance payment 233561792.45 227885870.03
Land compensation (Note 2) 58262369.00 197262369.00
Special subsidies collected on behalf 19779450.00 19779450.00
Security deposit 33170963.31 28631566.40
Others 167565781.84 190982626.04
Sub-total 1073296382.50 1177150316.19
Less: Provision for bad debts 637584553.22 565038696.23
Total 435711829.28 612111619.96
Note 1: It is the operating compensation that the subsidiary of the Company shall collect from
the holding company of its non-controlling shareholders according to the agreement. As
at 31 December 2025 the Group has accumulated the compensation that has not been
received which is equivalent to RMB 560956025.90. The allowance for bad debts has
been fully accrued.Note 2: On 9 October 2021 Zhanjiang Port (Group) Co. Ltd. (hereinafter referred to as
"Zhanjiang Port") a subsidiary of the Company signed the Agreement on the Recovery
of State owned Land Use Rights with local government agencies which stipulates that
Zhanjiang Port will return 195.68 mu of land located in Zhanjiang Comprehensive
Bonded Zone east of Shugang Avenue to local government agencies at a price of RMB
89630000.00. The above land has been handed over before 31 December 2021. As at
31 December 2025 the above land compensation of RMB 89000000.00 has been
recovered and the remaining RMB 630000.00 of land compensation has not been
recovered.On 4 September 2024 Zhanjiang Port signed the Agreement on the Recovery of State
owned Land Use Rights with local government agencies which stipulates that Zhanjiang
Port will return 146970.20 square meters of land and assets on the ground located in the
north of Xiashan Port District of Zhanjiang to local government agencies at a price of
RMB 107632369.00. The above land and above ground assets have been transferred
before 18 September 2024. As at 31 December 2025 Zhanjiang Port has recovered land
compensation of RMB 50000000.00 the above land compensation of RMB
57632369.00 has not been recovered.
- 86 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
7. Other receivables - continued
7.3 Other receivables - continued
(3) Provision for credit loss of other receivables
Closing Balance Opening Balance Reason for provision
Book balance Provision for bad debts
Item Book balance Provision for bad debtsBook value
Amount Proportion Amount Provision Amount Proportion Amount Provision
Book value
（%） rate（%） （%） rate（%）
Accrued based on the
A 328840429.56 30.64 43549.74 0.01 328796879.82 499361668.36 42.42 13957.42 - 499347710.94 expected loss rate of
each rating
B - - - - - - - - - - ——
C - - - - - - - - - - ——
D 744455952.94 69.36 637541003.48 85.64 106914949.46 677788647.83 57.58 565024738.81 83.36 112763909.02 Expected to beunrecoverable
Total 1073296382.50 100.00 637584553.22 59.40 435711829.28 1177150316.19 100.00 565038696.23 48.00 612111619.96 ——
Including significant other receivables for which provision for bad debts is assessed on an individual basis (credit rating of D)
Name of entity Closing Balance Provision for bad debts ECL rate (%) Reason for provision
Client 14 560956025.90 560956025.90 100.00 Expected to be unrecoverable (Note)
Client 15 122569018.03 28156519.86 22.97 No specific payment plan
Client 16 14000000.00 14000000.00 100.00 Expected to be unrecoverable
Total 697525043.93 603112545.76 —— ——
Note: Refer to Note (VIII) 7.3(2).- 87 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
7. Other receivables - continued
7.3 Other receivables - continued
(4) Movements of provisions for bad and doubtful debts
Stage 1 Stage 2 Stage 3
Item 12-month expected Lifetime expected Lifetime expectedcredit loss (not credit loss (credit- Totalcredit loss credit-impaired) impaired)
As at 1 January 2025 13957.42 - 565024738.81 565038696.23
Balance of other receivables at 1 January 2025
- Transfer to Stage 2 - - - -
- Transfer to Stage 3 -5781.70 - 5781.70 -
- Reverse to Stage 2 - - - -
- Reverse to Stage 1 - - - -
Provision for the year 40572.74 - 29960339.38 30000912.12
Reversal for the year -5198.72 - -3931866.01 -3937064.73
Effect of changes in the scope of
consolidation - - - -
Charge-off for the year - - - -
Write-off for the year - - -1682741.75 -1682741.75
Other changes - - 48164751.35 48164751.35
As at 31 December 2025 43549.74 - 637541003.48 637584553.22
(5) Other receivables written off during the year
Other
Nature of Approval receivables
Name of entity other Written-off amount Reason for write-off procedures arising from
receivables performed related-party
transactions
Advance Confirming that accountsClient 17 payment 1634741.75 receivable cannot be Yes Norecovered
Confirming that accounts
Client 18 Employeeloans 48000.00 receivable cannot be Yes Norecovered
Total —— 1682741.75 —— —— ——
- 88 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
7. Other receivables - continued
7.3 Other receivables - continued
(6) The top five balances of other receivables at the end of the year classified by debtor
Relationship Proportion to Provision for credit
Name of entity with the Book value Aging total other impairment at the Nature
Group receivables (%) end of the year
GLOBAL TERMINAL
LIMITED S.A.R.L. Third party 560956025.90 More than 3 years 52.26 560956025.90
Operation
compensation
Committee of China
Seamen's Union Zhanjiang Third party 122569018.03 More than 3 years 11.42 28156519.86 Advance payment
Port (Group) Co. Ltd for transactions
Zhanjiang Land Reserve
Management Center Third party 58262369.00
1-2 years more
than 3 years 5.43 - Land compensation
CHU KONG RIVER
TRADE TERMINAL Related party 32841079.20 2-3 years more
CO. LTD. than 3 years
3.06 - Loan，
Port de Djibouti S.A. Related party 24776520.00 More than 3 years 2.31 - Loan
Total —— 799405012.13 —— 74.48 589112545.76 — —
8. Inventories
(1) Inventories by category
Closing Balance Opening Balance
Item Provision for Provision forBook value impairment of Carrying Book value impairment of Carrying
inventories amount inventories amount
Raw materials 288836266.55 524634.82 288311631.73 261972849.28 1153436.72 260819412.56
Finished goods 9419494.95 - 9419494.95 4683965.30 - 4683965.30
Others 9485298.47 - 9485298.47 4454642.48 - 4454642.48
Total 307741059.97 524634.82 307216425.15 271111457.06 1153436.72 269958020.34
(2) Provision for impairment of inventories
Increase Decrease Effect of
translation of
Category Opening Balance financialProvision Others Reversal or Closing Balancecharge-off Others statementsdenominated in
foreign currencies
Raw materials 1153436.72 - - 510114.09 113192.30 -5495.51 524634.82
- 89 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
8. Inventories - continued
(2) Provision for impairment of inventories - continued
Provision for impairment inventories is made on an item-by-item basis and no provision for
impairment of inventories is made on a portfolio basis. The reason for the write off of provision
for impairment of inventories in this year is requisition and consumption.
(3) As at 31 December 2025 the Group has no capitalised borrowing cost in the balance of
inventories.
9. Non-current assets due within one year
Item Closing Balance Opening Balance
Long-term receivables due within one year - 35033025.11
Less: Provision for bad debts - 35033.03
Carrying amount - 34997992.08
10. Other current assets
Item Closing Balance Opening Balance
Input VAT to be deducted and certified 107448766.71 110187182.64
Prepaid taxes 51499208.46 140440401.53
Others - 1070228.60
Sub-total 158947975.17 251697812.77
Less: Provision for impairment - -
Total 158947975.17 251697812.77
11. Long-term receivables
(1) Details of long-term receivables
Closing Balance Opening Balance Range of
Item discount rateBook value Provision for Carrying Provision for Carryingbad debts amount Book value bad debts amount at the end ofyear
Advances to
Shareholders 1306312715.28 1306312.72 1305006402.56 1135688750.65 1135688.75 1134553061.90 3.00%-8.36%
(Note 1)
Land
compensation
receivable 2631932000.00 63130000.00 2568802000.00 2641932000.00 - 2641932000.00
(Note 2)
Others 708784.63 539.73 708244.90 889232.97 720.17 888512.80
Total 3938953499.91 64436852.45 3874516647.46 3778509983.62 1136408.92 3777373574.70
- 90 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
11. Long-term receivables - continued
Note 1: It mainly represents the aggregate principal and interest receivable from Port of
Newcastle and Terminal Link SAS equivalent to RMB 1032950257.96 and RMB
239062457.32 respectively.
On 14 June 2018 China Merchants Port Holdings Company (hereinafter referred to as
"CM Port") a subsidiary of the Company provided a long-term loan to Port of
Newcastle which signed in 2023 and has been extended to 31 December 2034. The loan
carries interest at a rate of weighted average interest rate on debt as determined by local
authority of Port of Newcastle plus 0.5%.On 31 May 2023 CM Port a subsidiary of the Company provided a long-term loan to
Terminal Link SAS for making additional capital injection to Saigang project and
charged interest to Terminal Link SAS at an interest rate of 6.15%.Note 2: On 5 November 2019 Shantou CM Port Group Co. Ltd. (hereinafter referred to as
"Shantou Port") a subsidiary of the Company entered into the Contract for the
Acquisition of State-Owned Land Use Rights in Shantou with Shantou Land Reserve
Center. Pursuant to the contract the land and attached buildings of approximately
370.96 mu located in Zhuchi Deepwater Port on the south of Zhongshan East Road of
Shantou should be returned to Shantou Land Reserve Center by Shantou Port which is
amounting to RMB1558032000.00. Among them 183.63 mu of land and attached
buildings have been transferred in 2019 and the remaining 187.33 mu of land and
attached buildings have been transferred in 2020. As at 31 December 2025 the land
compensation of RMB 1158032000.00 has not yet been recovered.On 21 August 2020 Shantou Port and Shantou Haojiang District Land Reserve Center
signed the Shantou City State owned Land Use Right Purchase Contract which
stipulates that Shantou Port will hand back 152.34 mu of land and attached buildings
located in Wutian Farm Yushi Haojiang District Shantou City to Shantou Haojiang
District Land Reserve Center at a price of RMB 250000000.00. The above land and
attached buildings have been handed over before 31 December 2020. As at 31 December
2025 the land compensation of RMB 200000000.00 has not yet been recovered.
On 22 December 2020 Shantou Port entered into the Contract for the Acquisition of
State-Owned Land Use Rights in Shantou with Shantou Land Reserve Center. Pursuant
to the contract the land and attached buildings of approximately 648.78 mu located in
Zhuchi Deepwater Port of Shantou should be returned to Shantou Land Reserve Center
by Shantou Port which is amounting to RMB 2724876000.00. Among them 320 mu
of land and attached buildings were transferred by 31 December 2020 which is
amounting to RMB 1344000000.00 and the remaining 328.78 mu of land and attached
buildings have not been transferred. As at 31 December 2025 the land compensation of
RMB 1273900000.00 has not yet been recovered.- 91 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
11. Long-term receivables - continued
Note 2-continued: The Group taking into account the historical repayment situation and future
outlook the Group estimates the difference between the present value of the cash flows expected
to be received and the book value as a whole and accordingly makes provision for credit
impairment loss. As of 31 December 2025 the Group has accrued corresponding credit
impairment losses of RMB 63130000.00.
(2) Long-term receivables disclosed by method of provision for bad debts
Closing Balance Opening Balance
Category Book value Provision for bad debts Book value Provision for bad debts
Amount Proportion
Carrying Carrying
(%) Amount
Proportion Proportion Proportion
(%) amount Amount (%) Amount (%) amount
Provision for bad
debts assessed on 3938953499.91 100.00 64436852.45 1.64 3874516647.46 3778509983.62 100.00 1136408.92 0.03 3777373574.70
a portfolio basis
Total 3938953499.91 100.00 64436852.45 1.64 3874516647.46 3778509983.62 100.00 1136408.92 0.03 3777373574.70
(3) Details of provision for bad debts
Changes for the year
Effect of
Category OpeningBalance Provision Recovery or Charge-off or changes in the
Closing
reversal write-off scope of Balance
consolidation
Advances to shareholders 1135688.75 170623.97 - - - 1306312.72
Guarantees for finance
leases 720.17 - 180.44 - - 539.73
Land compensation
receivable - 63130000.00 - - - 63130000.00
Total 1136408.92 63300623.97 180.44 - - 64436852.45
(4) There are no long-term receivables written off during the year.
- 92 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
12. Long-term equity investments
(1) Classification of long-term equity investments
Effect of translation
Other increase of financial
Item Opening Balance Increase Decrease (decrease expressed statements Closing Balance
with "-") denominated in
foreign currencies
Investment in joint ventures 9315986527.94 - - -70925588.03 24951052.36 9270011992.27
Investment in associates 91037465629.64 65424356.69 -136244155.23 3441694812.60 -269889343.76 94138451299.94
Sub-total 100353452157.58 65424356.69 -136244155.23 3370769224.57 -244938291.40 103408463292.21
Less: provision for impairment of
long-term equity investments 335422262.62 - - - -59035.28 335363227.34
Total 100018029894.96 65424356.69 -136244155.23 3370769224.57 -244879256.12 103073100064.87
- 93 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
12. Long-term equity investments - continued
(2) Details of long-term equity investments
Changes for the year
Effect of
translation of Provision for
Investees Investment cost Opening Balance Increase in Decrease in Investment Share of other Share of other Cash dividends Provision for financial impairment at
investments investments income under comprehensiv changes in or profits impairment statements Other
Closing Balance the end of the
equity method e income equity declared denominated in year
foreign
currencies
I. Joint ventures
Euro-Asia Oceangate S.à r.l. 2425579513.09 2275132823.96 - - 119622314.51 34069994.14 - -129199356.07 - -50543475.84 - 2249082300.70 -
Port of Newcastle 2228913892.38 1939252174.56 - - 40887494.82 17051668.46 - -21886886.16 - 83135610.92 - 2058440062.60 -
Others 3840805612.09 5093488046.78 - - 138570683.60 9270900.18 1159124.17 -280471525.68 - -7641082.72 - 4954376146.33 8113482.64
Sub-total 8495299017.56 9307873045.30 - - 299080492.93 60392562.78 1159124.17 -431557767.91 - 24951052.36 - 9261898509.63 8113482.64
II. Associates
Shanghai Port Group 10907913439.36 40042373774.56 - 3803684721.55 3120383.06 -393064045.30 -1273606004.78 - - - 42182508829.09 -
Ningbo Zhoushan Port Company Limited
(hereinafter referred to as "Ningbo 16958018515.43 19421486011.70 - - 1191694841.30 -23906992.04 28414378.80 -619547445.81 - - - 19998140793.95 -
Zhoushan")
Shenzhen China Merchants Qianhai
Industrial Development Co. Ltd. 6846580290.61 7409920859.08 - - 141661962.07 - - - - - - 7551582821.15 -
Terminal Link SAS 5980765880.26 6168712893.68 - - 492759579.32 463349744.07 - -439601892.73 - -145209814.85 - 6540010509.49 -
Nanshan Group 2182780419.00 6033520232.11 - - 33928156.72 -532286.23 -7074950.35 -37014000.00 - - - 6022827152.25 -
Liaoning Port 3731548568.95 4250226314.79 - - 148400755.75 -2066959.60 -27185456.84 -64882190.40 - - - 4304492463.70 324913116.66
Others 7743563248.32 7383916763.74 65424356.69 -136244155.23 223516166.60 28862479.03 -364789.63 -226823307.68 - -124620493.63 -2028034.28 7211638985.61 2336628.04
Sub-total 54351170361.93 90710156849.66 65424356.69 -136244155.23 6035646183.31 468826368.29 -399274863.32 -2661474841.40 - -269830308.48 -2028034.28 93811201555.24 327249744.70
Total 62846469379.49 100018029894.96 65424356.69 -136244155.23 6334726676.24 529218931.07 -398115739.15 -3093032609.31 - -244879256.12 -2028034.28 103073100064.87 335363227.34
- 94 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
12. Long-term equity investments - continued
(3) Changes in provision for impairment of long-term equity investments are as follows
Decrease Effect of
translation of
Effect of changes financial
Item Opening Balance in the scope of Increase statements Closing Balance
consolidation Decrease
Reasons for
reduction denominated in
foreign
currencies
Liaoning Port 324913116.66 - - - - - 324913116.66
Silk Road Yishang Information Technology
Co. Ltd. 8113482.64 - - - - - 8113482.64
HOA THUONG CORPORATION 2395663.32 - - - - -59035.28 2336628.04
Total 335422262.62 - - - - -59035.28 335363227.34
- 95 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
13. Investments in other equity instruments
(1) Details of investments in other equity instruments4
Closing Opening Dividend income Other comprehensive Other comprehensive Amount transferred from Reasons for transferringItem Balance Balance recognised income during the year income at the end of Reasons for designation other comprehensive income other comprehensive incomeduring the year the year to retained earnings to retained earnings
China Ocean Shipping It is a non-trading equity
Agency Shenzhen Co. Ltd. 130000000.00 129726519.67 9664500.00 273480.33 116490000.00 instrument investment - — —
Others 11766365.15 9725367.38 120000.00 2040997.77 2738865.15 It is a non-trading equityinstrument investment - — —
Total 141766365.15 139451887.05 9784500.00 2314478.10 119228865.15 -
(2) There are no other equity instruments derecognised for the year.
- 96 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
14. Other non-current financial assets
Item Closing Balance Opening Balance
Financial assets at FVTPL 28768810.95 28524600.31
Including: Investments in equity instruments 28768810.95 28524600.31
Total 28768810.95 28524600.31
15. Investment properties
(1) Investment properties measured at cost
Item Land use rights Buildings andstructures Total
I. Cost — — —— ——
As at 1 January 2025 136657995.75 4319416172.19 4456074167.94
Decrease for the year - -552235.00 -552235.00
Other decreases -6404821.25 - -6404821.25
As at 31 December 2025 130253174.50 4318863937.19 4449117111.69
II. Accumulated depreciation
and amortisation —— —— ——
As at 1 January 2025 50135665.57 1117248431.77 1167384097.34
Increase for the year 2498871.95 123539464.13 126038336.08
Transfer from investment
properties to fixed assets - -161287.68 -161287.68
Other decreases -2095357.83 - -2095357.83
As at 31 December 2025 50539179.69 1240626608.22 1291165787.91
III. Impairment provision —— —— ——
As at 1 January 2025 - - -
As at 31 December 2025 - - -
IV. Carrying amount —— —— ——
As at 1 January 2025 86522330.18 3202167740.42 3288690070.60
As at 31 December 2025 79713994.81 3078237328.97 3157951323.78
- 97 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
15. Investment properties - continued
(2) Investment properties without ownership certificates
Item Book value Reasons for not obtaining certificate of title
Buildings structures
and land use rights 18684896.11 Some buildings and structures have not yet obtained certificates of land use rights
16. Fixed assets
16.1 Summary of fixed assets
Item Closing Balance Opening Balance
Fixed assets 30442667834.87 30688591344.25
Disposal of fixed assets 216462.95 626447.20
Total 30442884297.82 30689217791.45
16.2 Fixed assets
(1) Details of fixed assets
Machinery and
Item Port and terminalfacilities Buildings and structures
equipment furniture Motor vehicles and
fixture and other cargo ships Total
equipment
I. Cost —— —— —— —— ——
As at 1 January 2025 32465773556.56 3694135032.52 17385378609.69 2287212824.87 55832500023.64
Effect of changes in the scope of
consolidation - - 215249.81 516249.00 731498.81
Purchase 22456341.77 280278.30 250090443.99 30375360.77 303202424.83
Transfer from construction in progress 742467838.37 18967065.64 580239918.77 38919621.37 1380594444.15
Other increase 7786816.62 714111.14 2056584.47 - 10557512.23
Decrease for the year -44538254.20 -1289366.12 -197852670.99 -7006759.47 -250687050.78
Reclassification -18633509.76 - 18304489.76 329020.00 -
Others decreases -2143215.25 -25287.94 -1207735.94 - -3376239.13
Effect of translation of financial statements
denominated in foreign currencies 104818978.90 -3503758.11 120013141.00 -16582679.67 204745682.12
As at 31 December 2025 33277988553.01 3709278075.43 18157238030.56 2333763636.87 57478268295.87
II. Accumulated depreciation —— —— —— —— ——
As at 1 January 2025 11530007770.51 1078040229.08 11097200518.48 1225369778.26 24930618296.33
Effect of changes in the scope of
consolidation - - 215249.81 516249.00 731498.81
Increase for the year 982069480.63 128812339.20 830998991.83 107657947.53 2049538759.19
Others increase - 714111.14 - - 714111.14
Decrease for the year -39422062.24 -1086506.44 -179829413.57 -6710140.16 -227048122.41
Reclassification -3892300.23 - 3762063.23 130237.00 -
Other decreases -155801.87 -15045.48 -1166961.65 - -1337809.00
Effect of translation of financial statements
denominated in foreign currencies 13570406.76 -1674983.01 64363834.28 -6156214.52 70103043.51
As at 31 December 2025 12482177493.56 1204790144.49 11815544282.41 1320807857.11 26823319777.57
III. Impairment provision —— —— —— —— ——
As at 1 January 2025 196464146.22 9414527.47 7411709.37 - 213290383.06
As at 31 December 2025 196464146.22 9414527.47 6402009.74 - 212280683.43
IV. Carrying amount —— —— —— —— ——
As at 1 January 2025 20739301639.83 2606680275.97 6280766381.84 1061843046.61 30688591344.25
As at 31 December 2025 20599346913.23 2495073403.47 6335291738.41 1012955779.76 30442667834.87
Including: Carrying amount of fixed assets
pledged at the end of the year 821184759.38 20713857.86 282476176.22 - 1124374793.46
- 98 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
16. Fixed assets - continued
16.2 Fixed assets - continued
(2) The Group has no fixed assets that are temporarily idle as at 31 December 2025.
(3) Fixed assets leased out under operating leases
Item Carrying amount of Carrying amount ofclosing balance opening balance
Buildings and structures 180145890.02 185465560.82
Port and terminal facilities 30385645.46 41979439.95
Machinery and equipment furniture fixture and other equipment 1346838.39 10203232.09
Total 211878373.87 237648232.86
(4) Fixed assets without ownership certificates
Item Carrying amount of Carrying amount ofclosing balance opening balance Remark
Buildings structures This is mainly due to the fact that certain buildings
port and terminal 1264731872.19 1357929730.13 and structures have not yet obtained the land use
facilities rights of the corresponding land and the approvalprocedures have not yet been completed.
(5) The details of the Group's fixed assets with restricted ownership as at 31 December 2025
are set out in Note (VIII) 65.
16.3 Disposal of fixed assets
Item Closing Balance Opening Balance
Machinery and equipment furniture fixture
and other equipment 216462.95 626447.20
Total 216462.95 626447.20
17. Construction in progress
(1) Presentation of construction in progress
Item Closing Balance Opening Balance
Construction in progress 3399698342.95 3296562213.14
Materials for construction in progress 3885088.53 14547783.45
Total 3403583431.48 3311109996.59
- 99 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
17. Construction in progress - continued
(2) Details of construction in progress
Closing Balance Opening Balance
Item Book value Provision for Carrying Provision for Carryingimpairment amount Book value impairment amount
Port and terminal
facilities 1996474911.84 2906416.74 1993568495.10 1950072409.34 - 1950072409.34
Infrastructure 1172459051.94 - 1172459051.94 608560125.43 - 608560125.43
Berths and yards 20857215.96 - 20857215.96 475884349.47 - 475884349.47
Cargo ships under
construction 16673893.80 - 16673893.80 21073474.73 - 21073474.73
Others 199645516.48 3505830.33 196139686.15 241750332.70 778478.53 240971854.17
Total 3406110590.02 6412247.07 3399698342.95 3297340691.67 778478.53 3296562213.14
- 100 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
17. Construction in progress - continued
(3) Changes of significant construction in progress
Effect of
translation of Proportion of Amount of Including: Interest
Opening Increase for the Transfer to Other financial accumulated Construction accumulated Capitalised capitalizationItem Budget amount CapitalBalance year fixed assets decreases for statements Closing Balance constructionthe year denominated investment in progress (%) capitalised interest for
rate for the
interest the year current year
source
in foreign budget (%) (%)
currencies
Zhanjiang Port Baoman Port Area
Container Terminal Phase I 2342775800.00 597781190.31 577145482.11 - 6808148.28 - 1168118524.14 50.15 50.15 14579765.90 10425895.30 2.60 Own funds
Expansion Project and loans
Zhanjiang Port Donghai Island Port
Area Grocery Wharf Project 905348400.00 480001315.04 60541450.22 - - - 540542765.26 59.71 59.71 44364372.49 - -
Own funds
and loans
Reconstruction project of HIPG
container oil terminal and tank area 2843456972.52 843680056.40 - 345285718.55 - -13217143.90 485177193.95 51.10 51.10 - - - Own funds
Subsequent construction in progress of
HIPG wharf 1122736230.56 347651856.20 28632960.41 33170980.65 - -7646241.13 335467594.83 33.51 33.51 - - - Own funds
Phase III Expansion Project of Bulk
Grain Warehouse at 2 # and 3 #
Berths in Xinshanan Operation Area 1070060466.80 55590989.31 235078683.24 - - - 290669672.55 27.16 27.16 1175941.13 680800.12 2.85
Own funds
and loans
of Machong Port
Dachanwan phase II project 6201904300.00 94110621.23 69570517.25 - - - 163681138.48 2.64 2.64 - - - Own funds
The Project of Zhanjiang Port 21#
Warehouse and Substation 117110000.00 19044357.57 50105982.72 - - - 69150340.29 59.05 59.05 - - - Own funds
Renovation and Expansion and loans
Back land reclamation project on
Haidagan Bulk Yard and Supporting 82400000.00 63924781.40 1674220.80 - - - 65599002.20 79.61 79.61 - - - Own funds
Facilities and Liquid Bulk Berth
Guang'ao Phase III Project 3573290000.00 21015693.05 34358992.00 46398.23 - - 55328286.82 1.55 1.55 - - - Own funds
Full rotation tugboat construction
project 41870000.00 - 16673893.80 - - - 16673893.80 39.82 39.82 - - - Own funds
Phase II of the second phase of the
wharf project in the local operation
area of the port area of Goshan Port is 512745400.00 136728384.61 211058470.73 329646763.39 15703744.25 - 2436347.70 67.83 67.83 1920104.33 1920104.33 2.81
Own funds
and loans
controlled in sequence
Phase I of the second phase of the
wharf project in the local operation
area of Goshan Port Area is controlled 746878600.00 331708848.99 56648447.56 388357296.55 - - - 86.19 100.00 31067837.20 9592022.62 2.81
Own funds
and loans
in sequence
Phase II warehouse of Djibouti Free
Trade Zone Bonded Logistics Park 86686459.04 73109774.23 15446599.93 88093412.04 - -462962.12 - 100.00 100.00 - - - Own funds
Total 19647262628.92 3064347868.34 1356935700.77 1184600569.41 22511892.53 -21326347.15 3192844760.02 —— —— 93108021.05 22618822.37 —— ——
- 101 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
18. Right-of-use assets
（1） Details of right-of-use assets
Machinery and
Port and Buildings and equipment
Motor
Item terminal structures furniture Land use rights
vehicles cargo
facilities fixture and ships and
Total
other equipment others
I. Cost —— —— —— —— —— ——
As at 1 January 2025 6494856616.10 154067861.90 5409429.14 3718797951.13 6177384.73 10379309243.00
Increase for the year 549439446.27 159501.39 - - 5544571.44 555143519.10
Decrease for the year 21169292.10 22590971.87 4074353.01 2408655.71 2429545.28 52672817.97
Effect of translation of financial
statements denominated in foreign -141921453.30 -2989569.29 -35450.47 -99894244.63 - -244840717.69
currencies
As at 31 December 2025 6881205316.97 128646822.13 1299625.66 3616495050.79 9292410.89 10636939226.44
II. Accumulated depreciation —— —— —— —— —— ——
As at 1 January 2025 928160476.79 37043873.94 4164300.68 448828617.90 3759910.15 1421957179.46
Increase for the year 243359988.66 11539278.06 1040297.77 68752784.95 4182723.44 328875072.88
Decrease for the year 21169292.10 15153130.14 4074353.01 2306514.00 2429545.28 45132834.53
Effect of translation of financial
statements denominated in foreign -22000310.91 -863353.80 -29607.19 -11171847.64 - -34065119.54
currencies
As at 31 December 2025 1128350862.44 32566668.06 1100638.25 504103041.21 5513088.31 1671634298.27
III. Impairment provision —— —— —— —— —— ——
As at 1 January 2025 - - - - - -
As at 31 December 2025 - - - - - -
IV. Carrying amount —— —— —— —— —— ——
As at 1 January 2025 5566696139.31 117023987.96 1245128.46 3269969333.23 2417474.58 8957352063.54
As at 31 December 2025 5752854454.53 96080154.07 198987.41 3112392009.58 3779322.58 8965304928.17
- 102 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
19. Intangible assets
(1) Details of intangible assets
Effect of Effect of translation
changes in the Increases for the Decreases for of financialItem Opening Balance scope of year the year statements Closing Balance
consolidation denominated inforeign currencies
I. Total cost 24970846065.14 18846.02 570374124.84 113959773.04 734394696.81 26161673959.77
Including: Land use rights 14063421368.77 - 209593892.64 99171492.17 -5935472.08 14167908297.16
Terminal operating right 9319595026.35 - 21629345.87 - 688165407.41 10029389779.63
Self developed data
resources 6339622.62 - - - - 6339622.62
Other 1581490047.40 18846.02 339150886.33 14788280.87 52164761.48 1958036260.36
II. Total accumulated
amortisation 7578753372.23 10051.20 737947350.23 38061835.25 182159171.34
8460808109.75
Including: Land use rights 4605959694.01 - 333999630.84 23422404.94 -3073440.05 4913463479.86
Terminal operating right 2356430281.06 - 310988454.55 - 162685538.12 2830104273.73
Self developed data
resources 88502.35 - 634846.48 - - 723348.83
Other 616274894.81 10051.20 92324418.36 14639430.31 22547073.27 716517007.33
III. Total impairment provision 57010270.07 - - - - 57010270.07
Including: Land use rights 44199381.24 - - - - 44199381.24
Terminal operating right - - - - - -
Self developed data
resources - - - - - -
Other 12810888.83 - - - - 12810888.83
IV. Total carrying amount 17335082422.84 —— —— —— —— 17643855579.95
Including: Land use rights 9413262293.52 —— —— —— —— 9210245436.06
Terminal operating right 6963164745.29 —— —— —— —— 7199285505.90
Self developed data
resources 6251120.27 —— —— —— —— 5616273.79
Other 952404263.76 —— —— —— —— 1228708364.20
(2) Land use rights without ownership certificates as at 31 December 2025
Item Carrying amount Carrying amountof closing balance of opening balance
Land use rights (Note) 1643722609.93 1889916568.77
- 103 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
19. Intangible assets - continued
(2) Land use rights without ownership certificates as at 31 December 2025 - continued
Note: As at 31 December 2025 the land use rights without ownership certificates mainly
represent the land use rights for berth and storage yard within Chiwan Port area obtained
by the Group from Nanshan Group with an area of 690161.97 m2 and Dachanwan Port
area Phase II land use rights obtained by Ansujie Port Warehousing Services (Shenzhen)
Co. Ltd. (hereinafter referred to as "ASJ") the costs of which are RMB 1179538483.36
and RMB 918521317.23 respectively.The land use rights for berth and storage yard within Chiwan Port area obtained by the
Group from Nanshan Group represent the capital contribution from Nanshan Group to the
Company upon restructuring of the Company while the remaining land use rights are
obtained from Nanshan Group by way of long-term lease. Up to date Nanshan Group has
not yet obtained the land use rights in respect of the lands within Chiwan watershed
including aforementioned capital contribution and land lease to the Group therefore the
Group cannot obtain the ownership certificate for relevant land and buildings on such land.The Company's management understood that Nanshan Group is negotiating with relevant
government departments regarding the historical issues and the date when the Group can
obtain the ownership certificate of relevant land and buildings on such land cannot be
estimated reliably.The property rights certificate for the second phase land use right of Dachanwan Port Area
obtained by ASJ will be processed after the completion of sea reclamation.
(3) The details of the Group's intangible assets with restricted ownership as at 31 December
2025 are set out in Note (VIII) 65.
20. Goodwill
(1) Details of goodwill
Effect of translation of
Investee Sources Opening Balance Increase Decrease financial statementsdenominated in foreign Closing Balance
currencies
TCP Acquisition of equity 2369714257.24 - - 237924336.90 2607638594.14
Mega Shekou Container
Terminals Limited (hereinafter Acquisition of equity 1815509322.42 - - - 1815509322.42
referred to as "Mega SCT")
CM Port Acquisition of equity 993992000.00 - - - 993992000.00
Shantou Port Acquisition of equity 552317736.65 - - - 552317736.65
Zhanjiang Port Acquisition of equity 418345307.68 - - - 418345307.68
Shenzhen Mawan Project Acquisition of equity 408773001.00 - - - 408773001.00
Others Acquisition of equity 345322348.68 6718413.80 - -1537629.27 350503133.21
Sub-total — — 6903973973.67 6718413.80 - 236386707.63 7147079095.10
Provision for impairment of goodwill — — 970663044.33 - - - 970663044.33
Total — — 5933310929.34 6718413.80 - 236386707.63 6176416050.77
- 104 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
20. Goodwill - continued
(2) Provision for impairment of goodwill
Effect of
Opening Effect of changes
translation of
Investee in the scope of Provision financialBalance consolidation statements
Decrease Closing Balance
denominated in
foreign currencies
Shantou Port 552317736.65 - - - - 552317736.65
Zhanjiang Port 418345307.68 - - - - 418345307.68
Total 970663044.33 - - - - 970663044.33
(3) Information of asset groups or portfolio of asset groups to which the goodwill belongs
Name Composition of asset groups or portfolio of asset Is it consistent with that of thegroups to which it is allocated and its basis prior year
TCP Yes
Mega SCT The Group identifies asset groups or portfolio of asset Yes
CM Port groups based on their ability to generate cash inflows Yes
Shantou Port independently the manner in which they manage their Yes
Zhanjiang Port production and operating activities and the unified Yes
Shenzhen Mawan Project decision-making on use or disposal of assets. Yes
Others Yes
When testing the goodwill for impairment the Group compares the carrying amount of related
asset groups and portfolio of asset groups (including goodwill) with the recoverable amount. If the
recoverable amount is less than the carrying amount the difference is included in profit or loss for
the period. The Group determines the recoverable amount of the asset groups and portfolio of
asset groups that generate goodwill at fair value less cost of disposal or at present value of
expected future cash flows. The fair value is determined using market approach. The present
value of cash flows is estimated based on the forecast of cash flows for the projection period
between 5 years to 23 years and steady period. The estimated future cash flows for the projection
period are based on the business plan established by the management; the expected future cash
flows for the steady period are determined in conjunction with the level of the final year of the
projection period combined with the Group's business plans industry trends and inflation rates.The growth rate adopted will not exceed the long-term average growth rate of the country where
the asset groups and portfolio of asset groups are located. The key assumptions used by the Group
in estimating the present value of future cash flows include growth rate and discount rate etc. The
pre-tax discount rate and the growth rate adopted are 9.44%-23.25% and 1.89%-2.52%
respectively. The parameters of key assumptions determined by the Group's management are in
line with the Group's historical experience or external source of information.- 105 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
20. Goodwill - continued
(4) Specific method for determination of recoverable amount
The recoverable amount is determined at the present value of expected future cash flows
Item Projection period Key parameters for projection Basis to determine the key parameters Key parameters for steady Basis to determine the key parameters for steadyperiod for projection period period period
1. Pre-tax discount rate: 10.29% 1. The discount rate is a pre-tax discount 1. Pre-tax discount rate: 10.29%
2. Average revenue growth rate for rate that reflects the specific risks of the 2. Average revenue growth rate 1. The discount rate is a pre-tax discount rate that
Mega SCT 5 years projection period: 0.01% underlying asset group or combination for steady period: 1.89% reflects the specific risks of the underlying asset
3. Average profit margin for of asset groups 3. Average profit margin for group or combination of asset groups
projection period: 41.16% 2. Average revenue growth rate for steady period: 40.17% 2. Average revenue growth rate for steady period:
projection period and average profit 1. Pre-tax discount rate: Not China's forward inflation rate published by the1. Pre-tax discount rate: 23.25% World Bank
2. Average revenue growth rate for margin for projection period: Taking applicableinto account comprehensive factors such 2. Average revenue growth rate 3. Profit margin for steady period: Taking intoTCP 23 years (Note) projection period: 5.01% as each company's business operations for steady period: Not applicable account comprehensive factors such as each3. Average profit margin for
projection period: 59.67% performance key financial indicators 3. Average profit margin for
company's business operations performance key
and market environment steady period: Not applicable financial indicators and market environment
Note: The franchise right of TCP a subsidiary of the Group to Paranagua Port will expire in October 2048. TCP predicts the future cash flow based
on the remaining years of the franchise right.- 106 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
21. Long-term deferred expenses
Presentation of long-term deferred expenses:
Item Opening Increase for Amortisation OtherBalance the year in the year decreases Closing Balance Reason for other decreases
Tonggu channel widening project
(Note 1) 426358457.19 - 14615692.32 - 411742764.87
West public channel widening
project at West port area (Note 2) 229677161.96 - 6603626.20 - 223073535.76
Dredging project 65783053.94 8380006.13 24458611.73 5534.99 49698913.35 Settlement Variance
Relocation project of Nanhai Rescue
Bureau 35339374.70 - 1107368.40 - 34232006.30
Expenditures for the improvement of
leased fixed assets 20416797.88 6986783.39 3243366.25 623271.52 23536943.50 Settlement Variance
Others 162829634.27 65638880.70 50942876.60 90556.97 177435081.40 Settlement Variance
Total 940404479.94 81005670.22 100971541.50 719363.48 919719245.18
Note 1: This represents the Group's actual expenses on Shenzhen Western Port Area Tonggu
Channel 210-270M Widening Project. According to relevant resolutions of Shenzhen
Municipal Government the enterprise and government shall bear 60% and 40% of the
expenses incurred for the 210-240M widening project and 50% and 50% of the
expenses incurred for the 240-270M widening project respectively. The Company's
subsidiary has included the expenses on deepening the channel in the item of " long-term
deferred expenses " and amortised such expenses over the expected useful lives of the
two widening projects of 35 and 40 years using straight-line method since the
completion of each project in 2008 and 2019 respectively.Note 2: This represents the Group's actual expenses on Shenzhen West Port Area Public Channel
Widening Project of which the widening of 240-270M in the first section was
completed on 1 June 2019 and the widening of 240-270M in the second and third
sections was completed on 5 November 2020. According to relevant resolutions of
Shenzhen Municipal Government the enterprise and government shall bear 50% and
50% of the expenses incurred for the project respectively. The Company's subsidiary has
included the expenses on deepening the channel in the item of " long-term deferred
expenses " and amortised such expenses over the expected useful life of 40 years using
straight-line method since the completion of each section of the channel widening
project.- 107 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
22. Deferred income tax
(1) Deferred tax assets before offsetting
Closing Balance Opening Balance
Item Deferred tax Deductibletemporary Deferred tax
Deductible
assets assets temporarydifferences differences
Lease liabilities 295871432.32 1367303811.47 163857577.86 666428741.59
Unrealized profit 179593057.91 734475385.57 181536190.45 742725529.54
Terminal operating right 223733018.15 745776727.15 217563517.06 725211723.54
Depreciation of fixed assets 40471835.50 191301536.12 38716737.33 180532470.26
Provision for bad debts 9161395.67 41122248.17 18830890.39 84382905.10
Accrued and unpaid wages 15275295.00 73422009.38 21864895.76 104332100.77
Estimated liabilities 28614938.41 90185667.85 24250379.90 72335644.41
Deductible losses 15925668.89 106171125.93 5384926.28 35370822.19
Deferred income 7151504.28 30286075.45 8571871.40 36119190.53
Amortisation of computer software 2269985.97 13606231.50 1226964.34 6236548.44
Provision for impairment of assets 673227.45 3364804.44 690206.29 3477996.67
Others 41142857.64 165309874.90 22429487.85 98150808.94
Total 859884217.19 3562325497.93 704923644.91 2755304481.98
(2) Deferred tax liabilities before offsetting
Closing Balance Opening Balance
Item Deferred tax Taxable temporary Deferred tax Taxable temporary
liabilities differences liabilities differences
Withholding dividend income tax 3258707299.23 48419673418.17 3127746150.78 45628599622.34
Right-of-use assets 377554058.21 1607827870.66 257345925.13 972527705.73
Terminal operating right 80273769.35 267579231.18 82096512.01 273655040.04
Fair value adjustment of assets acquired
from business combination 1226351207.35 4851401238.39 1254384068.52 4861662497.66
Depreciation of fixed assets 281321320.16 1004405641.73 257210035.67 934419445.82
Changes in fair value of investments in
other equity instruments 29122500.00 116490000.00 29054129.91 116216519.64
Valuation of financial assets held for
trading 1182941.81 4731767.24 754965.77 3019863.08
Others 119049568.27 1060609222.61 126835982.94 1026333384.24
Total 5373562664.38 57332718389.98 5135427770.73 53816434078.55
(3) Deferred tax assets or liabilities that are presented at the net amount after offsetting
Offset amount of Balance of deferred Offset amount of Balance of deferred
deferred tax assets tax assets or deferred tax assets tax assets or
Item and liabilities at the liabilities after and liabilities at the liabilities after
end of the current offsetting at the end end of the prior offsetting at the end
year of the current year year of the prior year
Deferred tax assets -504396695.35 355487521.84 -339442437.14 365481207.77
Deferred tax liabilities -504396695.35 4869165969.03 -339442437.14 4795985333.59
- 108 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
22. Deferred income tax - continued
(4) Details of unrecognised deferred tax assets
Item Closing Balance Opening Balance
Deductible temporary differences 1088193612.07 1126951677.30
Deductible losses 1247132283.40 1637807708.04
Total 2335325895.47 2764759385.34
The Group recognises deferred income tax assets to the extent of future taxable income that is
likely to be obtained to offset the deductible temporary differences and deductible losses. For the
excess of deductible temporary differences and deductible losses over future taxable income no
deferred tax assets are recognised.
(5) Deductible losses for which deferred tax assets are not recognised will be expired in the
following years:
Year Closing Balance Opening Balance
2025-375181018.80
2026102128558.83105089811.43
2027205298714.50332432966.78
2028709684706.07753239633.32
202947794332.6271864277.71
2030176809471.64-
20345416499.74-
Total 1247132283.40 1637807708.04
23. Other non-current assets
Item Closing Balance Opening Balance
Advances for the channel project (Note 1) 793174860.33 1037329218.89
Prepayments for fixed assets 67035987.35 117351349.97
Prepayments for terminal operating right 32437050.53 28542865.38
Others 637756.68 14325919.01
Sub-total 893285654.89 1197549353.25
Less: provision for impairment (Note 1 Note 2) 174364111.91 88524171.44
Total 718921542.98 1109025181.81
Note 1: This represents that the Company's subsidiary Zhanjiang Port upon its reorganization
into a joint stock company in 2007 signed the Channel Arrangement Agreement with
State-owned Assets Supervision and Administration Commission of Zhanjiang
(hereinafter referred to as "Zhanjiang SASAC") and China Merchants International
Terminal (Zhanjiang) Co. Ltd. According to the agreement the channel belongs to
Zhanjiang SASAC therefore the Group presented the advances of channel project that
should be repaid by Zhanjiang SASAC as other non-current assets.- 109 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
23. Other non-current assets – continued
Note 1: - continued
In 2025 Zhanjiang Port received a prepayment of RMB 267849800.00 from Zhanjiang
Port and Navigation Affairs Center for the waterway.Note 2: Zhanjiang Port a subsidiary of the Company comprehensively considers the reasonable
and reliable information related to the credit risk status of the debtor including the
payment period agreed in the contract actual settlement period the financial status of
the debtor etc. estimates the present value of the difference between the contractual
cash flows of the waterway advance payment fee and the expected cash flow collected
and makes provision for bad debts accordingly. As of 31 December 2025 the Group has
accrued corresponding credit impairment losses of RMB 174364111.91 (31 December
2024: RMB 88524171.44).
24. Short-term borrowings
(1) Classification of short-term borrowings
Item Closing Balance Opening Balance
Credit borrowings 19724784577.14 12771225106.96
Mortgage borrowings (Note) 51036254.18 20017034.73
Total 19775820831.32 12791242141.69
Note: It is obtained by Guangdong Yide Port Co. Ltd. (hereinafter referred to as "Yide Port") a
subsidiary of the Company bymortgaging the land and fixed assets held by it.
(2) As at 31 December 2025 the Group has no short-term borrowings that are overdue.
25. Bills payable
Category Closing Balance Opening Balance
Bank acceptance - 1536194.00
Total - 1536194.00
- 110 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
26. Accounts payable
Item Closing Balance Opening Balance
Service fee 238195011.65 177881786.24
Material purchase fee 125891873.15 147233743.30
Construction fee 85951478.75 97723911.20
Equipment payments 40330021.94 79246916.34
Rental fee 15440269.10 19621514.17
Others 234091837.76 264122661.08
Total 739900492.35 785830532.33
(1) Aging of accounts payable
Closing Balance Opening Balance
Aging Amount Proportion Amount Proportion(%) (%)
Within 1 year (Including 1 year) 621757239.35 84.03 694992359.27 88.44
1-2 years (Including 2 years) 62740553.51 8.48 46762212.21 5.95
2-3 years (Including 3 years) 19536220.58 2.64 11450482.24 1.46
More than 3 years 35866478.91 4.85 32625478.61 4.15
Total 739900492.35 100.00 785830532.33 100.00
(2) Significant accounts payable aged more than 1 year
Name of entity Closing Balance Reason for outstanding
Shenzhen Nanshan District Treasury Payment Center 28414768.94 To be paid upon confirmation by both parties.Quanzhou Antong Logistics Co. Ltd. 17869057.61 To be paid upon confirmation by both parties.Sinopec Group Assets Operation Management
Co. Ltd. 12566300.00 To be paid upon confirmation by both parties.
27. Advance payments received
Item Closing Balance Opening Balance
Rental fee received in advance 11781611.38 14371546.45
Others 409843.14 204691.39
Total 12191454.52 14576237.84
(1) Aging of advance payments received
Closing Balance Opening Balance
Aging Amount Proportion Amount Proportion(%) (%)
Within 1 year (Including 1 year) 11444067.35 93.87 13621118.48 93.45
1-2 years (Including 2 years) 96278.62 0.79 955119.36 6.55
2-3 years (Including 3 years) 651108.55 5.34 - -
Total 12191454.52 100.00 14576237.84 100.00
(2) As at 31 December 2025 the Group has no significant advance payments received aged
more than one year.
(3) For the year ended 31 December 2025 the Group has no advance payments received with
significant changes in carrying amount.- 111 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
28 Contract liabilities
(1) Details of contract liabilities
Item Closing Balance Opening Balance
Unused sales discounts 264529928.79 123329461.62
Port and service fees collected in advance 167813038.98 123282437.42
Storage fees collected in advance 2310969.36 5407746.76
Others 12169011.66 15868626.82
Total 446822948.79 267888272.62
(2) Revenue recognised in the current year including the book value of contract liabilities at
the beginning of the year
At the beginning of this year the book value of contract liabilities was RMB 248300041.60
which was recognised as revenue in this year including unused sales discounts advance
collection of port and service fees advance collection of warehousing fees contracts and advance
collection for other contracts that have been settled but not completed
(3) As at 31 December 2025 the Group has no significant contract liabilities aged more than
one year.
(4) Qualitative analysis of contract liabilities
Contract liabilities mainly refer to unused sales discounts and fees collected by the Group for
providing port services to customers. Unused sales discount refers to the sales discount withdrawn
by the Group on the date of financial statements for the sales contract that has fulfilled the
performance obligation and is used to deduct future service fees. Advance port and service fees
shall be collected according to the payment time agreed in the contract. The Group recognises
contract revenue according to the performance schedule and contract liabilities will be recognised
as revenue after the Group performs its performance obligations.
29. Employee benefits payable
(1) Employee benefits payable classification
Opening Effect of changesItem Balance in the scope of
Increase for the Decrease for the
year year Closing Balanceconsolidation
1. Short-term benefits 1159571782.03 888451.87 3367598242.18 3241039456.31 1287019019.77
2. Post-employment benefits
defined contribution plan 8520567.12 - 418356144.43 416061052.12 10815659.43
3. Termination benefits 500000.00 - 5800033.43 6300033.43 -
4. Other benefits due within 1 year - - - - -
5. Others - - 10638790.98 10638790.98 -
Total 1168592349.15 888451.87 3802393211.02 3674039332.84 1297834679.20
- 112 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
29. Employee benefits payable - continued
(2) Presentation of short-term benefits
Effect of
Item Opening changes in the Increase for the Decrease for theBalance scope of year year Closing Balance
consolidation
1. Wages and salaries bonuses
allowances and subsidies 1126682376.20 93380.00 2769660036.10 2643988473.90 1252447318.40
2. Staff welfare - - 152503967.42 152503967.42 -
3. Social insurance contributions 21283662.81 - 181208538.90 179329942.73 23162258.98
Including: Medical insurance and
maternity insurance 17671866.66 - 135489244.58 132971144.56 20189966.68
premiums
Work injury insurance - - 24315059.55 24315059.55 -
Others 3611796.15 - 21404234.77 22043738.62 2972292.30
4. Housing funds 0.01 - 200811566.30 200811566.31 -
5. Labour union and employee
education funds 11605743.01 795071.87 45174687.08 46210046.48 11365455.48
6. Other short-term benefits - - 18239446.38 18195459.47 43986.91
Total 1159571782.03 888451.87 3367598242.18 3241039456.31 1287019019.77
(3) Presentation of defined benefit plans
Effect of
Item Opening changes in the Increase for the Decrease for theBalance scope of year year Closing Balance
consolidation
1. Basic pension 7459654.22 - 316991768.30 315485089.99 8966332.53
2. Unemployment insurance - - 12078617.33 12078617.33 -
3. Enterprise annuity 1060912.90 - 89285758.80 88497344.80 1849326.90
Total 8520567.12 - 418356144.43 416061052.12 10815659.43
The Company and its domestic subsidiaries participate in the pension insurance and
unemployment insurance plan established by government institutions as required. According to
such plans the Group contributes in proportion to the local government. The Group has
established an enterprise annuity system accrues and pays the enterprise annuity according to the
enterprise annuity system of the Company and its domestic subsidiaries. In addition to above
contributions the Group has no further payment obligations. The corresponding expenses are
included in profit or loss for the period or the cost of related assets when incurred.
30. Taxes payable
Item Closing Balance Opening Balance
Enterprise income tax 758576333.33 576840455.26
VAT 24055651.28 33120467.83
Other taxes and surcharges 130652487.93 115204803.23
Total 913284472.54 725165726.32
- 113 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
31. Other payables
(1) Presentation of other payables
Item Closing Balance Opening Balance
Dividends payable 135169470.79 132334744.28
Other payables 1899753608.16 1791645568.70
Total 2034923078.95 1923980312.98
(2) Dividends payable
Item Closing Balance Opening Balance
Ordinary share dividends 135169470.79 132334744.28
Including: China Merchants Zhangzhou Development
Zone Co. Ltd. 105526928.23 79792513.04
Yiu Lian Dockyards Limited 22924685.89 -
Qingdao Port (Group) Co. Ltd. 6717856.67 -
Zhanjiang Infrastructure Construction Investment
Group Co. Ltd. - 52542231.24
Note: As at 31 December 2025 The Group has a total of RMB 79792513.04 of important
dividends payable with an aging of more than one year all of which are dividends payable
to China Merchants Zhangzhou Development Zone Co. Ltd. The reason for the non-
disbursement is that the funding plan has not yet been arranged.
(3) Other payables
(a) Disclosure of other payables by nature
Item Closing Balance Opening Balance
Amount payable for construction and
quality warranty 830865851.52 769762433.76
Guarantees and deposits 207608168.44 271312443.95
Port construction and security fee 22421347.69 26454133.47
Others 838858240.51 724116557.52
Total 1899753608.16 1791645568.70
- 114 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
31. Other payables - continued
(3) Other payables - continued
(b) Aging analysis of other payables
Closing Balance Opening Balance
Aging Amount Proportion（%） Amount Proportion（%）
Within 1 year
(including 1 year) 1297912623.51 68.32 1181359579.96 65.94
1-2 years (including 2 years) 130587433.84 6.87 100163555.98 5.59
2-3 years (including 3 years) 64712876.01 3.41 144116749.00 8.04
More than 3 years 406540674.80 21.40 366005683.76 20.43
Total 1899753608.16 100.00 1791645568.70 100.00
(c) Significant other payables aged more than one year
Company name Amount payable Aging Reason for being outstanding
Lac Assal Investment Holding Company Limited 79952643.76 1-2 years、2-3 years andmore than 3 years To be paid upon confirmation by both parties
Transport Bureau of Shenzhen Municipality
(Ports Administration of Shenzhen Municipality) 79689248.18 More than 3 years To be paid upon confirmation by both parties
Shanghai Zhenhua Heavy Industries Co. Ltd. 39072403.74 1-2 years and more than 3years To be paid upon confirmation by both parties
Shantou Bureau of Communications 31358355.47 More than 3 years To be paid upon confirmation by both parties
China Communications Fourth Navigation Engineering
Bureau Co. Ltd 24948480.39
1-2 years、2-3 years and
more than 3 years To be paid upon confirmation by both parties
Total 255021131.54 —— ——
32. Non-current liabilities due within one year
Item Closing Balance Opening Balance
Long-term borrowings due within one year 5429113410.54 3271899155.70
Including: Credit borrowings 5305704329.05 3083776769.64
Mortgage borrowings 33593973.27 110904933.53
Guaranteed and mortgage borrowings 89815108.22 77217452.53
Bonds payable due within one year 229971569.71 6866623467.03
Lease liabilities due within one year 211853235.22 101402045.53
Long-term payables due within one year 114496507.83 206012716.21
Long-term employee benefits payable due within one year 42037962.03 44885411.13
Other non-current liabilities due within one year 15050000.00 15860000.00
Total 6042522685.33 10506682795.60
33. Other current liabilities
(1) Details of other current liabilities
Item Closing Balance Opening Balance
Short-term bonds payable 2004242191.78 4020214246.58
Others 195059225.24 40987514.14
Total 2199301417.02 4061201760.72
- 115 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
33. Other current liabilities - continued
(2) Changes in short-term bonds payable
Name of bond Face value Coupon Term of Amount issued in
Interest accrued Amortisation Repayment in Is it in
rate Date of issue the bond Amount of issue Opening Balance the current year based on par of premiums the current year Closing Balance breach ofvalue or discounts contract
1.95% RMB 2 billion Super &
Short-term Commercial Paper 2000000000.00 1.95% 2024-07-31 270 days 2000000000.00 2016347945.21 - 12501369.86 - 2028849315.07 - No
1.96% RMB 2 billion Super &
Short-term Commercial Paper 2000000000.00 1.96% 2024-11-25 180 days 2000000000.00 2003866301.37 - 15465205.48 - 2019331506.85 - No
1.51% RMB 2 billion Super &
Short-term Commercial Paper 2000000000.00 1.51% 2025-05-19 180 days 2000000000.00 - 2000000000.00 14893150.68 - 2014893150.68 - No
1.58% RMB 2 billion Super &
Short-term Commercial Paper 2000000000.00 1.58% 2025-11-13 267 days 2000000000.00 - 2000000000.00 4242191.78 - - 2004242191.78 No
Total 8000000000.00 8000000000.00 4020214246.58 4000000000.00 47101917.80 - 6063073972.60 2004242191.78
- 116 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
34. Long-term borrowings
Category Closing Balance Opening Balance Range of year-endinterest rate
Credit borrowings 5677716492.69 13903500511.85 1.70%-3.00%
Mortgage borrowings (Note 1) 744516884.53 572319257.23 2.66%-3.50%
Guaranteed and mortgage borrowings (Note 2) 1017722746.28 1106773486.57 2.25%
Total 7439956123.50 15582593255.65
Note 1: On 31 December 2025 the Company's subsidiary Yide Port obtained long-term
borrowings of RMB 660846067.18 (31 December 2024: RMB 459116477.34)
secured by its proprietary land and fixed assets as well as the proprietary land of
Guangdong Shunkong Lingang Development and Construction Co. Ltd. (hereinafter
referred to as "Shunkong Lingang"). The Company's subsidiary China Merchants Port
(Zhoushan) RoRo Terminal Co. Ltd. (hereinafter referred to as "Zhoushan RoRo")
obtained a long-term loan of RMB 83670817.35 (31 December 2024: RMB
88919018.23) with its land use right and mortgage of above ground buildings.
Note 2: On 31 December 2025 Shenzhen Haixing Port Development Co. Ltd. (hereinafter
referred to as "Shenzhen Haixing") obtained a long-term loan of RMB 1017722746.28
(31 December 2024: RMB 1106773486.57) with the land holding property rights as
collateral and guaranteed by China Merchants Port Holdings and Sinotrans South China
Co. Ltd.Details of mortgage borrowings are as follows:
Company name Closing Balance Opening Balance Collateral and pledge
Bank of China Qianhai Shekou Branch 1017722746.28 1106773486.57 Land use rights of Shenzhen Haixing
China Construction Bank Shunde Branch 112000000.00 136000000.00 Land use rights and fixed assets ofYide Port
Bank of Communications Co. Ltd. Guangdong
Branch Shenzhen Branch of China Merchants 548846067.18 323116477.34 Land use rights of Shunkong Port
Group Finance Co. Ltd.China Merchants Group Finance Co. Ltd. 83670817.35 88919018.23 Land use right and buildings onground of Zhoushan RoRo
PT Bank Mandiri (Persero) Tbk - 24283761.66 Fixed assets of NPH
Total 1762239630.81 1679092743.80
Note: See Note (VIII) 65 for the above mortgages and pledges.- 117 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
35. Bonds payable
(1) Bonds payable
Item Closing Balance Opening Balance
5.000% USD 600 million corporate bond 4199310168.54 4288209912.95
4.000% USD 500 million corporate bond 3510477363.75 3587349206.57
1.820% RMB 3 billion corporate bond 3000000000.00 -
1.980% RMB 2 billion medium term notes 2000000000.00 -
2.180% RMB 2 billion corporate bond 2000000000.00 2000000000.00
1.760% RMB 2 billion corporate bond 2000000000.00 -
2.800% RMB 1500 million medium term notes 1500000000.00 1500000000.00
2.300% RMB 1200 million medium term notes 1200000000.00 1200000000.00
2.100% RMB 800 million medium term notes 800000000.00 800000000.00
2.680% RMB 500 million medium term notes 500000000.00 500000000.00
Total 20709787532.29 13875559119.52
- 118 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
35. Bonds payable - continued
(2) Statement of changes in bonds payable
Effect of
Interest accrued Amortisation translation of
Name of bonds Face value Couponrate Date of issue
Term of
the bond Amount of issue Opening Balance
Amount issued in
the current year based on par of premiums
Repayment in financial Default or
value or discounts current year statements
Closing Balance not
denominated in
foreign currencies
5.000% USD 600 million corporate
bond USD 600000000.00 5.0000% 2018-08-06 10 years USD 600000000.00 4374939570.06 - 214269350.00 6411040.00 214936230.51 -96569514.75 4284114214.80 No
4.750% USD 500 million corporate
bond USD 500000000.00 4.7500% 2015-08-03 10 years USD 500000000.00 3661941770.15 - 100372388.81 1960115.12 3759572002.72 -4702271.36 - No
4.000% USD 500 million corporate
bond USD 500000000.00 4.0000% 2022-06-01 5 years USD 500000000.00 3599756588.81 - 142846505.50 2821179.22 142484682.36 -80330320.40 3522609270.77 No
1.820% RMB 3 billion corporate
bond 3000000000.00 1.8200% 2025-08-25 3 years 3000000000.00 - 3000000000.00 19296986.29 - - - 3019296986.29 No
2.690% RMB 3 billion corporate
Bond 3000000000.00 2.6900% 2022-08-30 3 years 3000000000.00 3027415890.40 - 53284109.60 - 3080700000.00 - - No
1.980% RMB 2 billion medium
term notes 2000000000.00 1.9800% 2025-03-25 3 years 2000000000.00 - 2000000000.00 30595068.49 - - - 2030595068.49 No
2.180% RMB 2 billion corporate
bond 2000000000.00 2.1800% 2024-08-23 5 years 2000000000.00 2015648219.17 - 43600000.00 - 43600000.00 - 2015648219.17 No
1.760% RMB 2 billion medium
term notes 2000000000.00 1.7600% 2025-11-10 3 years 2000000000.00 - 2000000000.00 5014794.52 - - - 2005014794.52 No
2.800% RMB 1500 million
medium term notes 1500000000.00 2.8000% 2024-04-03 10 years 1500000000.00 1531413698.63 - 42000000.00 - 42000000.00 - 1531413698.63 No
2.300% RMB 1200 million
medium term notes 1200000000.00 2.3000% 2024-07-12 5 years 1200000000.00 1213081643.84 - 27600000.00 - 27600000.00 - 1213081643.84 No
2.100% RMB 800 million medium
term notes 800000000.00 2.1000% 2024-07-12 3 years 800000000.00 807962739.75 - 16800000.00 - 16800000.00 - 807962739.75 No
2.680% RMB 500 million medium
term notes 500000000.00 2.6800% 2024-04-03 5 years 500000000.00 510022465.74 - 13400000.00 - 13400000.00 - 510022465.74 No
Total —— —— —— —— —— 20742182586.55 7000000000.00 709079203.21 11192334.34 7341092915.59 -181602106.51 20939759102.00 ——
Less: Bonds payable due within
one year —— —— —— —— —— 6866623467.03 —— —— —— —— —— 229971569.71 ——
Bonds payable due after one year —— —— —— —— —— 13875559119.52 —— —— —— —— —— 20709787532.29 ——
- 119 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
36. Lease liabilities
(1) Lease liabilities
Category Closing Balance Opening Balance
Lease payment 3748343293.15 3388957333.56
Less: Unrecognised financing cost 1845629225.85 1900348297.52
Total 1902714067.30 1488609036.04
Less: Lease liabilities due within one year 211853235.22 101402045.53
Net leases liabilities 1690860832.08 1387206990.51
(2) Maturity of lease payments
Item Closing Balance
1st year subsequent to the balance sheet date 297922691.16
2nd year subsequent to the balance sheet date 187789429.53
3rd year subsequent to the balance sheet date 188820250.56
Subsequent years 3073810921.90
Total 3748343293.15
The Group is not exposed to any significant liquidity risk associated with lease liabilities.
37. Long-term payables
Item Closing Balance Opening Balance
Terminal management rights (Note) 3552952940.93 3330284743.90
Sale and leaseback payment 237923089.53 72206327.12
Shareholder loans 36685942.36 -
Special payables 6461237.03 6132944.24
Other 2078590.05 1971373.70
Total 3836101799.90 3410595388.96
Less: Long-term payables due within one year 114496507.83 206012716.21
Long-term payables due after one year 3721605292.07 3204582672.75
- 120 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
37. Long-term payables - continued
Note : Mainly from CICT and TCP terminal management rights purchased. On 12 August 2011
the Group reached a 35-year building operation and transfer agreement through the subsidiary
CICT and Sri Lanka Port Authority on the building operation management and development of
Colombo Port South Container Terminal (hereinafter referred to as "BOT"). The above-
mentioned amount payable for the acquisition of terminal management rights is determined by
discounting the amount to be paid in the future using the prevailing market interest rate
according to the BOT agreement. As at 31 December 2025 the amount payable for the
acquisition of terminal management rights is RMB 879962116.70.TCP a subsidiary of the Company entered into a franchise agreement on the Port of
Paranaguá with the Administration of the Ports of Paranaguá and Antonina- APPA
(hereinafter referred to as "APPA"). The agreement provides for an initial term of 25 years
for the franchising rights. In April 2016 TCP and APPA entered into the Supplemental
Agreement which extends the term to 50 years and will be expired in October 2048.As at
31 December 2025 the amount of franchising rights payable was RMB 2672990824.23.
(1) Top five long-term payables at the end of the year
Item Closing Balance Opening Balance
APPA 2672990824.23 2448789645.79
Sri Lanka Ports Authority 882040706.75 883466471.81
Ocean Offshore 2403 Limited 128076334.57 -
China Merchants Finance Lease (Tianjin) Co. Ltd. 109846754.96 72206327.12
Yihai Kerry Arawana Holdings Co. Ltd. 36685942.36 -
Total 3829640562.87 3404462444.72
(2) Special payables
Effect of
Item Opening changes in the Increase for Decrease for ClosingBalance scope of the year the year Balance Reason
consolidation
Employee housing fund 6132944.24 - 328292.79 - 6461237.03 Note
Total 6132944.24 - 328292.79 - 6461237.03
Note : This represents the repairing fund for public areas and public facilities and equipment
established after the Group sells the public-owned house on the collectively allocated land
to employees. The fund is contributed by all the employees having ownership of the house
according to the rules and is specially managed and used for specific purpose.- 121 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
38. Long-term employee benefits payable
(1) Long-term employee benefits payable
Item Opening Balance Increase for Decrease forthe year the year Closing Balance
Post-employment benefits - net liabilities of
defined benefit plans 576678542.68 65538179.92 163622871.87 478593850.73
Termination benefits 40614858.86 2891637.36 11157508.74 32348987.48
Other long-term benefit (note) 38364643.44 14907600.66 17828704.69 35443539.41
Total 655658044.98 83337417.94 192609085.30 546386377.62
Note : This represents the employee relocation costs of the Company's subsidiary Shantou Port in connection with land acquisition and reservation.- 122 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
38. Long-term employee benefits payable - continued
(2) Changes in defined benefit plans
Present value of defined benefit plan obligations:
Item Current Year Prior Year
I. Opening balance 593762038.30 509605071.25
II. Defined benefit cost included in profit or loss for the period -37583274.19 26128322.32
1. Current service cost 38722009.56 12161218.04
2. Past service cost -88340000.00 -
3. Interest adjustment 12034716.25 13967104.28
III. Defined benefit cost included in other comprehensive income -37489668.78 65169223.46
1. Actuarial gains -37425594.87 66185897.50
2. Effect of exchange rate changes -64073.91 -1016674.04
IV. Other changes -22994582.57 -7140578.73
1. Benefits paid -27143988.37 -23576039.76
2. Changes in the scope of consolidation 4149405.80 16435461.03
V. At the end of the year 495694512.76 593762038.30
The Company's subsidiaries provide the registered retirees and in-service staff with
supplementary post-employment benefit plans.The Group hired a third-party actuary to estimate the present value of the above-mentioned
retirement benefit plan obligations in an actuarial manner based on the expected cumulative
welfare unit method. The Group recognises the liabilities based on the actuarial results. The
relevant actuarial gains or losses are included in other comprehensive income and cannot be
reclassified into profit or loss in the future. Past service costs are recognised in profit or loss for
the period in which the plan is revised. The net interest is determined by multiplying the defined
benefit plan net debt or net assets by the appropriate discount rate.- 123 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
39. Provisions
Effect of
translation of
Item Opening Increase for Decrease for financialBalance the year the year statements Closing Balance Reason
denominated in
foreign currencies
Pending litigation 159435795.50 1800205.62 88909304.78 7079118.97 79405815.31 Note1
External guarantees
provided - 107608404.55 - -1521037.41 106087367.14 Note2
Total 159435795.50 109408610.17 88909304.78 5558081.56 185493182.45
Note 1:This represents the estimated compensation amount RMB 79405815.31 that the
Company's subsidiary TCP may need to pay due to the pending litigation.The decrease in this year is due to the compensation amount of RMB 88909304.78
transferred backed by Zhanjiang Port a subsidiary of the Company resulting from the
settlement of outstanding litigation
Note 2:As of 31 December 2025 the Board of the Group assessed the default risk of related
parties based on the actual operation of the related parties which is equivalent to RMB
107608404.55. Please refer to Note (XV) 5 (3) for details.
40. Deferred income
Effect of changes
Item Opening Balance in the scope of Increase for Decrease for
consolidation the year the year
Closing Balance
Government grants 1268975316.61 - 8876921.27 354502788.47 923349449.41
Total 1268975316.61 - 8876921.27 354502788.47 923349449.41
(1) Government grants included in deferred income
Category of Closing Balance Amount included in Amount refundedgovernment grants current profit or loss this year Reason for return
Government grants 923349449.41 51963816.21 - Not applicable
Total 923349449.41 51963816.21 - Not applicable
- 124 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
41. Other non-current liabilities
Item Opening Balance Closing Balance
Actuarial cost for the calculation of pension benefit
difference for the public security bureau staff (Note 1) 159573016.67 179019858.67
Other 4869460.69 3700396.17
Total 164442477.36 182720254.84
Note 1: It represents the transfer of Zhanjiang Port Public Security Bureau to the People's
Government of Zhanjiang Municipality by Zhanjiang Port a subsidiary of the Company
in 2020 in accordance with the Notice on the Issuance of the Program on Deepening the
Management System Reform of Ganghang Public Security Organs (Zhong Yang Bian
Ban Fa No. 327 (2017)) and the Notice on the Issuance of the Implementation Plan for
Deepening the Management System Reform of Ganghang Public Security Organs in
Guangdong Province (Yue Ji Bian Ban Fa No. 221 (2018)). The former in-service police
officers of Zhanjiang Port Public Security Bureau were transferred as civil servants in
accordance with state regulations the retired police officers were included in the scope
of pension insurance of the government departments and public institutions in Zhanjiang
and the difference between the pension benefits under the original standard and the
retirement benefits of Zhanjiang municipal police officers (hereinafter referred to as the
"pension benefit difference") was borne by Zhanjiang Port.Shantou Port a subsidiary of the Company transferred Shantou Municipal Public
Security Bureau Ganghang Branch (formerly the Shantou Port Public Security Bureau)
to Shantou Municipal Government and Shantou Municipal Public Security Bureau
Ganghang Branch was fully taken over by Shantou Municipal Public Security Bureau.The in-service police officers were transferred as civil servants in accordance with state
regulations the retired police officers were included in the scope of pension insurance of
the government departments and public institutions in Shantou and the pension benefit
difference was borne by Shantou Port.- 125 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
42. Share capital
Opening Balance Closing Balance
Name of investor Proportion Increase for the Decrease for theInvestment amount year year Investment amount Proportion
（%）（%）
China Merchants Port Investment
Development Company Limited 1148648648.00 45.92 - - 1148648648.00 46.28
Zhejiang Seaport Investment and
Operation Group Co. Ltd. 576709537.00 23.06 - - 576709537.00 23.24
China Merchants Gangtong
Development (Shenzhen) 370878000.00 14.83 - - 370878000.00 14.94
Co. Ltd.Infrastructure Investment Fund
Management Co. Ltd. –
infrastructure Investment Fund 64850182.00 2.59 - - 64850182.00 2.61
Partnership (Limited
Partnership)
Broadford International Limited
(hereinafter referred to as 55314208.00 2.21 - - 55314208.00 2.23
"Broadford")
China Africa Development Fund
Co. Ltd. 15610368.00 0.62 - - 15610368.00 0.63
Others (Note) 269297538.00 10.77 351400.00 19817696.00 249831242.00 10.07
Total 2501308481.00 100.00 351400.00 19817696.00 2481842185.00 100.00
Note1: The increased share capital this year is generated by equity incentives as detailed in
Note (XVI).Note2: During the current year the Company repurchased 17347289.00 shares (2024:
2470407.00 shares) through a dedicated securities account for share repurchases via
centralized bidding with a total of 19817696.00 shares repurchased. Payments totaling
RMB 338393205.04 were made during the year for the repurchases (2024: RMB
50559789.14) with cumulative payments amounting to RMB 388952994.18. On 10
October 2025 the Company completed the cancellation procedures for the
aforementioned 19817696.00 repurchased shares (2024: 0.00 share) with the Shenzhen
Branch of China Securities Depository and Clearing Corporation Limited.
43. Treasury shares
Item Opening Balance Increase for the year Decrease for the year Closing BalanceShare repurchase (VIII）42 50559789.14 338393205.04 388952994.18 -
Total 50559789.14 338393205.04 388952994.18 -
- 126 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
44. Capital Reserve
Item Opening Balance Increase Decrease Closing Balance
For the year of 2025
I. Capital premium 36709528363.44 5489164.28 369135298.18 36345882229.54
Including: Capital contributed by investors 17108331780.58 5489164.28 - 17113820944.86
Differences arising from business combination
involving enterprises under common control 13302937205.73 - - 13302937205.73
Differences arising from acquisition
non-controlling interests 4624739800.75 - - 4624739800.75
Others 1673519576.38 - 369135298.18 1304384278.20
II. Other capital reserve 653453468.23 951302.21 183700384.00 470704386.44
Including: Transfer from capital reserve under the previous
accounting rules -2781133.00 - - -2781133.00
Unexercised share-based payment 506305.80 - 506305.80 -
Other 655728295.43 951302.21 183194078.20 473485519.44
Total 37362981831.67 6440466.49 552835682.18 36816586615.98
For the year of 2024
I. Capital premium 36453130588.72 256397774.72 - 36709528363.44
Including: Capital contributed by investors 17068816277.34 39515503.24 - 17108331780.58
Differences arising from business combination
involving enterprises under common control 13302937205.73 - - 13302937205.73
Differences arising from acquisition
non-controlling interests 4407857529.27 216882271.48 - 4624739800.75
Others 1673519576.38 - - 1673519576.38
II. Other capital reserve 623716214.34 36140304.89 6403051.00 653453468.23
Including: Transfer from capital reserve under the previous
accounting rules -2781133.00 - - -2781133.00
Unexercised share-based payment 6644590.36 264766.44 6403051.00 506305.80
Other 619852756.98 35875538.45 - 655728295.43
Total 37076846803.06 292538079.61 6403051.00 37362981831.67
- 127 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
45. Other comprehensive income
Items of OCI and their impact on income taxes and transfer to profit or loss
2025
Less: Amount Less: Amount
included in other included in other
comprehensive comprehensive Attributable to non-
Item Opening Balance Pre-tax amount for the income in the prior income in the prior Less: Income Attributable to the controlling Other changes Closing Balance
year year but period but tax expenses Company net of tax shareholders net of
transferred to profit transferred to tax
or loss in the retained earnings in
current year the current year
For the year of 2025
I. Other comprehensive income that will not be reclassified
subsequently to profit or loss -125708734.97 92020131.46 - - 192928.31 36036304.99 55790898.16 - -89672429.98
Including: Changes arising from remeasurement of defined
benefit plans -27162681.92 49464273.41 - - 124558.23 23297459.58 26042255.60 - -3865222.34
Other comprehensive income that can't be
reclassified to profit or loss under equity method -157659266.07 40241379.95 - - - 11925433.55 28315946.40 - -145733832.52
Changes in fair value of other equity instruments 59113213.02 2314478.10 - - 68370.08 813411.86 1432696.16 - 59926624.88
II. Other comprehensive income that will be reclassified
subsequently to profit or loss -1432672502.48 1334425946.92 - - - 553181505.95 781244440.97 - -879490996.53
Including: Other comprehensive income recognised under the
equity method -401677243.85 488977551.12 - - - 230672060.82 258305490.30 - -171005183.03
Translation differences of financial statements
denominated in foreign currencies -1030995258.63 845448395.80 - - - 322509445.13 522938950.67 - -708485813.50
Total other comprehensive income -1558381237.45 1426446078.38 - - 192928.31 589217810.94 837035339.13 - -969163426.51
For the year of 2024
I. Other comprehensive income that will not be reclassified
subsequently to profit or loss -22859768.83 -221412074.80 - - -4502591.44 -102848966.14 -114060517.22 - -125708734.97
Including: Changes arising from remeasurement of defined
benefit plans -2709609.54 -70324586.90 - - -11930.28 -24453072.38 -45859584.24 - -27162681.92
Other comprehensive income that can't be
reclassified to profit or loss under equity method -92749398.41 -133077726.79 - - - -64909867.66 -68167859.13 - -157659266.07
Changes in fair value of other equity instruments 72599239.12 -18009761.11 - - -4490661.16 -13486026.10 -33073.85 - 59113213.02
II. Other comprehensive income that will be reclassified
subsequently to profit or loss -880766825.52 -1312433197.04 - - - -551905676.96 -760527520.08 - -1432672502.48
Including: Other comprehensive income recognised under the
equity method -426790507.27 23077622.64 - - - 25113263.42 -2035640.78 - -401677243.85
Translation differences of financial statements
denominated in foreign currencies -453976318.25 -1335510819.68 - - - -577018940.38 -758491879.30 - -1030995258.63
Total other comprehensive income -903626594.35 -1533845271.84 - - -4502591.44 -654754643.10 -874588037.30 - -1558381237.45
- 128 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
46. Specific reserve
Item Opening Balance Increase Decrease Closing Balance
Safety production cost 40074647.27 64416940.44 47212937.32 57278650.39
47. Surplus reserve
2025
Item Opening Balance Increase Decrease Closing Balance
Statutory surplus reserve 1249537330.50 - - 1249537330.50
2024
Item Opening Balance Increase Decrease Closing Balance
Statutory surplus reserve 1095980563.68 153556766.82 - 1249537330.50
Note 1: According to the Company Law of the People's Republic of China and the Articles of the
Company the Company withdraws the statutory surplus reserve at 10% of the annual net
profit. When the accumulated amount of the statutory surplus reserve reaches more than
50% of the registered capital it can no longer be withdrawn. The statutory surplus
reserve can be used to cover losses or increase share capital after approval. As of 31
December 2025 the cumulative amount of our company's statutory surplus reserve fund
has reached 50% of the registered capital.
48. Retained earnings
Proportion of
Item Amount appropriation or
allocation
For the year of 2025
Retained earnings at the beginning of the year before adjustment 21957778579.11
Add: Adjustment to Retained earnings at beginning of the year -
Including: Changes in accounting policies -
Retained earnings at the beginning of the year after adjustment 21957778579.11
Increase for the year 4611806694.91
Including: Net profit of the year attributable to shareholders of the Company 4611352247.98
Retained earnings carried forward from other comprehensive
income -
Other 454446.93
Decrease for the year 1839836697.18
Including: Transfer to statutory surplus reserve in the current year -
Transfer to discretionary surplus reserve in the current year -
Ordinary shares' dividends payable 1839836697.18 Note 1
Ordinary shares' dividends converted into share capital -
Pension benefit difference -
Transfer to National Council of Social Security Fund -
Distribution to holders of other equity instruments -
Others -
Retained earnings at the end of the year 24729748576.84
- 129 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
48. Retained earnings - continued
Proportion of
Item Amount appropriation or
allocation
For the year of 2024
Retained earnings at the beginning of the year before adjustment 19045313519.75
Add: Adjustment to Retained earnings at beginning of the year -
Including: Changes in accounting policies -
Retained earnings at the beginning of the year after adjustment 19045313519.75
Increase for the year 4516301317.16
Including: Net profit of the year attributable to shareholders of the Company 4516301317.16
Retained earnings carried forward from other comprehensive income -
Other -
Decrease for the year 1603836257.80
Including: Transfer to statutory surplus reserve in the current year 153556766.82
Transfer to discretionary surplus reserve in the current year -
Ordinary shares' dividends payable 1450279490.98
Ordinary shares' dividends converted into share capital -
Pension benefit difference -
Transfer to National Council of Social Security Fund -
Distribution to holders of other equity instruments -
Others -
Retained earnings at the end of the year 21957778579.11
Note 1: According to the resolution of the shareholders' meeting on 23 May 2025 the total share
capital of the company on the previous trading day (16 June 2025) prior to the
application for dividend distribution was 2501508381 shares. After excluding the
15242574 shares held in the repurchase special account the total was 2486265807
shares. Based on this the company distributed a cash dividend of RMB 7.40 (including
tax) per ten shares totaling RMB 1839836697.18.
49. Operating income and operating costs
(1) Details of operating income and operating costs
Current Year Prior Year
Item
Income Costs Income Costs
Principal operation 17071898673.29 9466243393.64 15943748346.43 8972147936.19
Other operations 174483854.56 189943854.64 187029681.81 223868756.16
Total 17246382527.85 9656187248.28 16130778028.24 9196016692.35
- 130 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
49. Operating income and operating costs - continued
(2) Breakdown information of operating income and operating costs
Ports operation Bonded logistics operation Other operations Total
Category of contracts Operating
income Operating costs
Operating Operating Operating
income Operating costs income Operating costs income Operating costs
Mainland China Hong Kong
and Taiwan area 9978435334.62 6385521967.67 583324323.05 305787588.26 174483854.56 189943854.64 10736243512.23 6881253410.57
- Pearl River Delta 6846460971.70 3759872234.74 428931723.67 229625961.36 174483854.56 189943854.64 7449876549.93 4179442050.74
- Yangtze River Delta 624606.56 8518229.88 - - - - 624606.56 8518229.88
- Bohai Rim 28724541.44 14775255.63 154392599.38 76161626.90 - - 183117140.82 90936882.53
- Other areas 3102625214.92 2602356247.42 - - - - 3102625214.92 2602356247.42
Other countries 6448810395.23 2713413778.81 61328620.39 61520058.90 - - 6510139015.62 2774933837.71
Total 16427245729.85 9098935746.48 644652943.44 367307647.16 174483854.56 189943854.64 17246382527.85 9656187248.28
- 131 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
49. Operating income and operating costs - continued
(3) Description of performance obligations
The Group provides port service bonded logistics service and other services. These services are
obligations performed over a period of time. For bonded logistics service and other services the
customers evenly obtain and consume the economic benefits from the Group's performance of
contract meanwhile the charging rules as agreed in the contract terms usually adopt
daily/monthly/yearly basis. During the process of rendering services the Group recognises
revenue using straight-line method. At the same time the Group is primarily responsible for the
above services and generally does not have any commitment to the amount of money expected to
be returned to the customer.Part of the Group's handling contracts are established with discount terms i.e. the customers
whose business volume reaches agreed level are granted with preferential charge rate or discount.At the end of the year as the business volume finally realized within the contract period is
uncertain the contract consideration is subject to variable factors. The management includes this
part of discount in contract liabilities. At the end of the year the variable considerations arising
from sales discount are set out in Note (VIII) 28.
(4) Descriptions on allocation to remaining performance obligations
At the end of the year the amount of revenue corresponding to the performance obligations which
the Group has entered into a contract for but has not fulfilled or completely fulfilled mainly
included the contract liabilities of RMB 446822948.79 of which RMB 343637873.41 is
expected to be recognised as revenue in 2026 and RMB 103185075.38 is expected to be
recognised as revenue in 2027 and subsequent years.
50. Taxes and surcharges
Item Current Year Prior Year
Property tax 83197668.69 79101136.67
Land use tax 37103559.80 36984937.58
City construction and maintenance tax 9376376.49 10881226.12
Education surcharges and local education surcharges 7088205.63 8081655.86
Stamp duty 8552973.22 3673318.12
Others (Note) 221754616.83 193611488.80
Total 367073400.66 332333763.15
Note: Others mainly represent the social contribution tax and tax on services borne by TCP a
subsidiary of the Company equivalent to RMB 208731946.30 (2024: RMB
181212315.70) for the year.
- 132 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
51. General and administrative expenses
Item Current Year Prior Year
Employee benefits 1136560493.96 1352143332.57
Depreciation expenses 82623922.67 69734482.97
Fees paid to agencies 59744373.10 76667277.58
Amortisation of intangible assets 31615270.95 57062967.74
Others 222847231.71 265936221.32
Total 1533391292.39 1821544282.18
52. Research and development expenses
Item Current Year Prior Year
Employee benefits 138539706.69 127706303.07
Direct materials and outsourced R&D 31546990.32 67418187.58
Depreciation and amortisation 4793904.80 4454711.92
Others 2869671.71 2175863.79
Total 177750273.52 201755066.36
53. Financial expenses
Item Current Year Prior Year
Interest expenses 1956321789.62 2255372593.38
Including: Bank and other borrowings 817585732.95 1084714767.25
Bond interest and bill discount 767246124.59 800626160.05
Interest expenses of terminal operation rights (note) 222936588.04 203047018.99
Interest expenses of lease liabilities 109991536.83 70660449.69
Other interest expenses 38561807.21 56170722.54
Less: Capitalized interest expenses 46314263.81 40153474.86
Less: Interest income 379520826.85 477430320.41
Net exchange loss (“-” for income) -44557295.34 109256513.08
Others 18911508.47 10320325.68
Total 1504840912.09 1857365636.87
Note: Details are set out in Note (VIII) 37.
54. Other income
Item Current Year Prior Year Whether it isgovernment subsidy
Business development subsidy 106275887.50 75662052.93 Yes
Transfer from deferred income
(Note VIII 40) 51963816.21 51502491.12 Yes
Subsidy funds for Qianhai
Comprehensive Bonded Zone - 45939617.40 Yes
Others 14187049.71 12306141.84 — —
Total 172426753.42 185410303.29 — —
Including: Government grants 170950037.14 183382851.80 — —
- 133 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
55. Investment income
(1) Details of investment income:
Item Current Year Prior Year
Long-term equity investments income 6324208650.73 6441005613.25
Including: Income from long-term equity investments under
equity method 6334726676.24 6441005613.25
Investment income generated from disposal of long-term equity
investments (loss expressed with "-") -10518025.51 -
Investment income from financial assets held for trading 83692880.64 59078998.12
Investment income from other non-current financial assets 161136.85 36181898.66
Dividend income from investments in other equity instruments 9784500.00 10815000.00
Investment from equity remeasurement at fair value upon
acquisition of control 3856538.50 -
Others -183578.97 -84978.53
Total 6421520127.75 6546996531.50
56. Gains from changes in fair value (“-” for losses)
Item Current Year Prior Year
Financial assets held for trading 42129916.42 40176493.90
Other non-current financial assets 244210.64 350055871.25
Including: Financial assets at fair value through profit or loss 244210.64 350055871.25
Total 42374127.06 390232365.15
57. Provision of credit impairment (“-” for losses)
Item Current Year Prior Year
Credit impairment of accounts receivable -7816439.72 -1772048.18
Reversal of impairment of other receivables -26086425.69 363283803.95
Reversal of impairment of long-term receivables -63300443.53 -10839.43
Impairment reversal of non-current assets due within one year 35033.03 17564.18
Credit impairment of other non-current assets -85839940.47 -88524171.44
Others (Note) -107608404.55 -
Total -290616620.93 272994309.08
Note: The Group has made provision for credit impairment loss for the provision of guarantees
to the related parties the ultimate controlling shareholder of the Group this year as
detailed in Note (VIII) 39.- 134 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
58. Impairment losses (loss expressed with "-")
Item Current Year Prior Year
Impairment loss on prepayments -4329769.64 -
Reversal of impairment losses of inventories 1610.64 -
Impairment losses of long-term equity investments - -8113482.64
Impairment losses of construction in progress -5744701.74 -767306.24
Total -10072860.74 -8880788.88
59. Gains from asset disposals (loss expressed with "-")
Amount included in non-
Item Current Year Prior Year recurring profit or loss
for the current year
Gains from disposal of non-current assets 4071461.15 34062395.75 4071461.15
Including: Gains from disposal of intangible
assets 2763804.93 18456558.06 2763804.93
Gains from disposal of
fixed assets 750456.76 15323446.42 750456.76
Others 557199.46 282391.27 557199.46
Income from non-monetary asset exchange 3320297.91 - 3320297.91
Total 7391759.06 34062395.75 7391759.06
60. Non-operating income
Amount included in
Item Current Year Prior Year non-recurring profit orloss for the current
year
Compensation received for violation of
contracts 43306048.43 25233458.06 43306048.43
Income from relocation compensation 900000.00 9072904.37 900000.00
Gains from retirement or damage of
non-current assets 4038916.72 4433441.49 4038916.72
Including: Gains from retirement
or damage of fixed assets 3263056.74 4433441.49 3263056.74
Exempted current accounts 11586548.10 2087824.66 11586548.10
Others 24088136.18 18191026.74 24088136.18
Total 83919649.43 59018655.32 83919649.43
- 135 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
61. Non-operating expenses
Amount included in
Item Current Year Prior Year non-recurring profitor loss for the
current year
Litigation loss 4866567.86 8725469.87 4866567.86
Losses on retirement of non-current
assets 15709412.55 18274807.12 15709412.55
Including: Losses on retirement
or damage of fixed assets 15709412.55 18274807.12 15709412.55
Expenditure on public welfare
donations 21513529.46 11881883.05 21513529.46
Compensation and liquidated damages 1423460.17 689548.54 1423460.17
Others 14282428.48 30680393.15 14282428.48
Total 57795398.52 70252101.73 57795398.52
62. Borrowing costs
Item Capitalisation rate Capitalisationamount
Construction in progress —— ——
Phase I and II of the second phase of the second phase of the
dock
project in the local operation area of the Lingang Liaogeshan 2.81% 11512126.95
Port Area of Shunkong Port
Zhanjiang Port Baoman Port Area Container Terminal
Phase I Expansion Project 2.60% 10425895.30
Dongguan Machong Port Area Berth 2 # and 3 # Project Bulk
Grain Warehouse Phase III Expansion Project 2.85% 680800.12
Other non-current assets —— ——
Advances for channels 4.35% 23695441.44
Sub-total —— 46314263.81
Interest expenses included in profit or loss for the year
(Excludes interest expense on terminal operating rights and —— 1577079400.94lease liabilities）
Total —— 1623393664.75
Note: The capitalization rate is calculated and determined according to the weighted average
interest rate of general borrowings.- 136 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
63. Translation of foreign currencies
Item Current Year
Exchange differences included in profit or loss for the year
(Net income is represented with "-") -44557295.34
Total -44557295.34
64. Income tax expenses
Item Current Year Prior Year
Current income tax expenses 1354611167.06 1056743121.95
Adjustment of deferred income tax expenses 115683847.89 196094824.95
Total 1470295014.95 1252837946.90
Reconciliation between income tax expense and accounting profit is as follows:
Item Current Year
Total profit 10376286937.44
Income tax expenses calculated at 25% 2594071734.36
Effect of non-deductible costs expenses and losses 267665831.62
Accrued income tax 551983778.92
Effect of deductible temporary differences and deductible losses
for which deferred tax assets are not recognised in the year 68971787.53
Effect of non-tax-free income (Note) -1035854082.87
Effect of tax incentives and changes in tax rate -767372012.47
Effect of different tax rates of subsidiaries operating in other jurisdictions -191183279.55
Effect of utilizing deductible losses for which deferred tax assets
were not recognised in prior year -57110867.98
Effect of adjustments to income tax of prior year 12555217.01
Others 26566908.38
Income tax expenses 1470295014.95
Note: This mainly represents the tax effect of income from investments in joint ventures and
associates.- 137 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
65. Assets with restricted ownership and use right
Closing Balance Opening Balance
Item
Book value Carrying amount Type of restriction Status of restriction Book value Carrying amount Type of restriction Status of restriction
Cash and bank balances Restricted margin Interest receivable Restricted margin Interest receivable
(Note 1) 100488698.75 100488698.75 interest receivable not performance bond 115331146.22 115331146.22 interest receivable not performance bondactually received frozen funds etc actually received frozen funds etc
Fixed assets (Note 2) 1440293745.49 1124374793.46 Mortgage Mortgage borrowings 551053503.71 467531821.78 Mortgage Mortgage borrowings
Intangible assets
(Note 2) 756017600.61 603900037.67 Mortgage Mortgage borrowings 624297693.92 624297693.92 Mortgage Mortgage borrowings
Total 2296800044.85 1828763529.88 1290682343.85 1207160661.92
Note 1: Details of restricted cash and bank balances are set out in Note (VIII) 1.Note 2: Details of mortgage borrowings are set out in Note (VIII) 24 and Note (VIII) 34.- 138 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
66. Provision for impairment of assets and provision for bad debts
Effect of Transfer-out Effect of translation
Item Opening Balance changes in the Provision for the Reversal for the
Write-off and due to sale in Other Other of financial
scope of year year charge-off for the current increases decreases statements Closing Balance
consolidation the year year for the year for the year denominated inforeign currencies
Provision for bad debts of accounts
receivable 88963445.09 15656769.90 -7840330.18 -32782994.15 - - - 1489480.96 65486371.62
Provision for bad debts of other receivables 565593638.90 30023490.42 -3937064.73 -1682741.75 - - - 48164751.35 638162074.19
Provision for impairment of prepayments 4329769.64 - - - - - -69151.38 4260618.26
Provision for decline in value of inventories 1153436.72 - -1610.64 -508503.45 - - -113192.30 -5495.51 524634.82
Provision for impairment of long-term
receivables 1136408.92 63300623.97 -180.44 - - - - - 64436852.45
Provision for non-current assets due
within one year 35033.03 - -35033.03 - - - - - -
Provision for impairment of long-term equity
investments 335422262.62 - - - - - - -59035.28 335363227.34
Provision for impairment of fixed assets 213290383.06 - - - -960859.00 - -42717.28 -6123.35 212280683.43
Provision for impairment of construction in
progress 778478.53 5744701.74 - - - - - -110933.20 6412247.07
Provision for impairment of intangible assets 57010270.07 - - - - - 57010270.07
Provision for impairment of goodwill 970663044.33 - - - - - - - 970663044.33
Provision for impairment of other
non-current assets 88524171.44 85839940.47 - - - - - - 174364111.91
Other credit impairment provision 107608404.55 - - - - - -1521037.41 106087367.14
Total 2322570572.71 312503700.69 -11814219.02 -34974239.35 -960859.00 - -155909.58 47882456.18 2635051502.63
- 139 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
67. Items in cash flow statement
(1) Cash relating to operating activities
Proceeds from other operating activities
Item Current Year Prior Year
Interest income 283779032.24 307426299.38
Advance payment for waterway 267849800.00 -
Government grants 125437909.69 420033639.31
Guarantees and deposits 37157549.08 49702895.76
Insurance indemnities 16600093.92 5913248.16
Operation compensation received - 337185774.00
Others 248243127.81 292907237.50
Total 979067512.74 1413169094.11
Payments for other operating activities
Item Current Year Prior Year
Payment of operating costs and management expenses and other
daily operating related expenditures 196437143.86 129352215.13
Advance payment 68588791.17 123589342.34
Guarantees and deposits 47900153.15 34887031.26
Others 308930096.55 488214418.74
Total 621856184.73 776043007.47
(2) Cash relating to investing activities
Cash receipts relating to significant investing activities
Item Current Year Prior Year
Recovered structured deposits 48195000000.00 26450000000.00
Dividends received 3002508159.17 2843360904.43
Proceeds from disposal of investments (Note 1) 124800000.00 1113331868.18
Total 51322308159.17 30406692772.61
Note1: The investment received this year mainly refers to the disposal of shares of Anton
Holdings Co. Ltd. (hereinafter referred to as "Anton Holdings"). The investment
received last year mainly consisted of disposal of shares of Qingdao Port International
Co. Ltd.- 140 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
67. Items in cash flow statement - continued
(2) Cash relating to investing activities - continued
Cash payments relating to significant investing activities
Item Current Year Prior Year
Purchase of structured deposits 50085000000.00 27450000000.00
Purchase and construction of long-term assets 2177197094.25 1945061261.66
Total 52262197094.25 29395061261.66
Proceeds from other investing activities
Item Current Year Prior Year
Collection of marine area usage fee on behalf of other parties 166565821.29 -
Collection of marine area usage fee by Dongguan
Shenchiwan Port Affairs Co.Ltd 60469329.00 -
Others 16841583.11 16260626.10
Total 243876733.40 16260626.10
Payments for other investing activities
Item Current Year Prior Year
Payment of marine area usage fee Shantou Port 166565821.29 -
Payment of taxes on land acquisition by ASJ - 259533828.27
Others 32247426.76 1606719.07
Total 198813248.05 261140547.34
Proceeds from other financing activities
Item Current Year Prior Year
Sale and leaseback proceeds 173214720.00 40000000.00
Receipts from Shantou Port shareholder’s advance payment
of marine area usage fees 111500000.00 -
Others 11831089.81 15862550.05
Total 296545809.81 55862550.05
- 141 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
67. Items in cash flow statement - continued
(3) Cash relating to financing activities - continued
Payment for other financing activities
Item Current Year Prior Year
Repayment of perpetual bonds 1432284747.07 -
Payment for lease and franchise fee 398027533.94 316100576.04
Repurchase shares of China Merchants Port Group
Co. Ltd. 338393205.04 50559789.14
Payment for the Company's acquisition of non-controlling
interests of CM Port - 148276411.09
Others 26076977.32 24987752.08
Total 2194782463.37 539924528.35
Changes in liabilities arising from financing activities
Increase for the year Decrease for the year
Item Opening Balance Cash changes Non-cash Cash changes Non-cash Closing Balancechanges changes
Short-term borrowings 12791242141.69 21573023304.86 430550682.90 14376211891.72 642783406.41 19775820831.32
Long-term borrowings 15582593255.65 1939746727.88 292778799.12 4822075965.73 5553086693.42 7439956123.50
Non-current liabilities
due within one year 10506682795.60 - 7176147143.61 11561297375.53 79009878.35 6042522685.33
Bonds payable 13875559119.52 7000000000.00 - - 165771587.23 20709787532.29
Lease liabilities 1387206990.51 - 566013255.05 - 262359413.48 1690860832.08
long-term payables 3204582672.75 209873219.40 528747976.77 2491841.67 219106735.18 3721605292.07
Dividends payable 132334744.28 - 4951478517.33 4948643790.82 - 135169470.79
Other current liabilities 4020214246.58 4000000000.00 47101917.80 6063073972.60 - 2004242191.78
Total 61500415966.58 34722643252.14 13992818292.58 41773794838.07 6922117714.07 61519964959.16
(4) The Group has no significant cash flows presented on a net basis.
(5) The Group has no significant activities that do not involve cash receipts and payment for
the current year but have an impact on the enterprise's financial position or may affect the
enterprise's cash flows in the future and their financial effects.- 142 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
68. Supplementary information to the cash flow statement
(1) Supplementary information to the cash flow statement
Supplementary information Current Year Prior Year
1. Reconciliation of net profit to cash flows from operating activities:
Net profit 8905991922.49 8878506309.91
Add: Impairment losses 10072860.74 8880788.88
Provision of credit impairment 290616620.93 -272994309.08
Depreciation of fixed assets 2049538759.19 1953338801.43
Depreciation of investment properties 126038336.08 181519507.74
Depreciation of right-of-use assets 328875072.88 343623899.63
Amortisation of intangible assets 711080186.01 688356905.31
Amortisation of long-term deferred expenses 100971541.50 100433522.79
Gains from disposal of fixed assets intangible assets
and other long-term assets -7391759.06 -34062395.75
Losses on retirement of fixed assets intangible assets
and other long-term assets 11670495.83 13841365.63
Gains rising from changes in fair value ("-" for gains) -42374127.06 -390232365.15
Financial expenses 1769754811.67 2311915401.98
Investment income ("-" for income) -6421520127.75 -6546996531.50
Decrease in deferred tax assets ("-" for increase) 9993685.93 49582269.26
Increase in deferred tax liabilities 104370111.36 146512555.69
Increase in inventories ("-" for increase) -36629602.91 -50978635.81
Decrease in operating receivables ("-" for increase) 192696.25 146070761.75
Increase in operating payables ("-" for decrease) 263180904.97 485894971.69
Net cash inflow from operating activities 8174432389.05 8013212824.40
2. Significant investing and financing activities that do not involve
cash receipts and payments:
Conversion of debt into capital - -
Convertible bonds due within one year - -
3. Net changes in cash and cash equivalents:
Cash at the end of the year 15244357662.04 16515069554.91
Less: Opening balance of cash 16515069554.91 16018613631.10
Add: Cash equivalents at the end of the year - -
Less: Opening balance of cash equivalents - -
Net (decrease)/increase in cash and cash equivalents -1270711892.87 496455923.81
(2) Cash and cash equivalents at the end of the year
Item Closing Balance Opening Balance
I. Cash 15244357662.04 16515069554.91
Including: Cash on hand 191636.31 457486.90
Bank deposits available for payment at any time 15050273330.58 16444638576.67
Other monetary funds available for payment at any time 193892695.15 69973491.34
II. Cash equivalents - -
III. Balance of cash and cash equivalents at the end of the year 15244357662.04 16515069554.91
- 143 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
68. Supplementary information to the cash flow statement - continued
(3) Payment for dividends profit distributions or interest
Item Current Year Prior Year
Dividends and profits paid to non-controlling shareholders
of subsidiaries 3163208603.63 3553580816.50
Cash paid for interest repayment 1673474864.06 1955539593.93
Profit distributions 1839908417.00 1452793553.86
Total 6676591884.69 6961913964.29
(4) The Group has no limited scope of use but is still listed as cash and cash equivalents.
(5) See Note (VIII) 1 (3) for details of cash at bank and on hand not belonging to cash and
cash equivalents.- 144 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
69. Foreign currency monetary items
Item Closing Balance ofForeign currency Exchange rate Closing Balance of RMB
Cash and bank balances 3315013093.30
Including: HKD 6950166.79 0.9032 6277390.64
USD 200558290.59 7.0288 1409684112.90
RMB 1863532961.33 1.0000 1863532961.33
EUR 2968362.12 8.2355 24445946.24
AUD 2361315.83 4.6892 11072682.19
Accounts receivable 40457946.36
Including: USD 5215880.50 7.0288 36661380.86
EUR 461000.00 8.2355 3796565.50
Other receivables 522662772.46
Including: HKD 667661.36 0.9032 603031.74
USD 2196642.72 7.0288 15439762.35
EUR 16727.30 8.2355 137757.68
RMB 506482220.69 1.0000 506482220.69
Long-term receivables 1281362958.94
Including: HKD 2366680.97 0.9032 2137586.25
USD 1023180.69 7.0288 7191732.43
EUR 29029189.56 8.2355 239069890.62
AUD 220285709.64 4.6892 1032963749.64
Short-term borrowings 1240000000.00
Including: RMB 1240000000.00 1.0000 1240000000.00
Accounts payable 18446717.71
Including: HKD 2642487.52 0.9032 2386694.73
USD 2186561.90 7.0288 15368906.28
EUR 68423.01 8.2355 563497.70
RMB 127619.00 1.0000 127619.00
Other payables 301958314.85
Including: HKD 39807256.57 0.9032 35953914.13
USD 31343525.45 7.0288 220307371.68
EUR 102570.00 8.2355 844715.24
RMB 44852313.80 1.0000 44852313.80
Non-current liabilities due
within one year 127531021.74
Including: USD 13791252.17 7.0288 96935953.25
RMB 30595068.49 1.0000 30595068.49
Bonds payable 9709787532.30
Including: USD 1096885319.30 7.0288 7709787532.30
RMB 2000000000.00 1.0000 2000000000.00
- 145 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
70. Leases
(1) Lessor under operating lease
Item Amount
I. Operating income
Lease income 327825231.69
Including: Income related to variable lease payments that are not included
in lease receipts -
II. Undiscounted lease receipts received after the balance sheet date
1st year 226527243.20
2nd year 147218460.94
3rd year 65558125.14
4th year 45625303.05
5th year 16278501.34
Over 5 years 72037928.73
Note: The operating leases where the Group acts as the lessor are related to port and terminal
facilities machinery and equipment vehicles land and buildings with lease terms ranging
from 1 years to 38.5 years and option to renew the lease of port and terminal facilities
machinery and equipment land and buildings. The Group considers that the unguaranteed
balance of leased assets does not constitute significant risk of the Group as the assets are
properly used.
(2) Lessee
Item Amount
Interest expenses on lease liabilities 109991536.83
Short-term lease expenses that are accounted for using simplified approach
and included in cost of related assets or profit or loss for the year 67625674.06
Expenses on leases of low-value assets (exclusive of expenses on short-term leases
of low-value assets) that are accounted for using simplified approach and included in -
cost of related assets or profit or loss for the year
Variable lease payments that are included in cost of related assets or profit or loss
but not included in measurement of lease liabilities -
Including: The portion arising from sale and leaseback transactions -
Income from sub-lease of right-of-use assets 5116445.28
Total cash outflows relating to leases 226981079.86
Losses from sale and leaseback transactions 10224962.17
Cash inflows from sale and leaseback transactions 173214720.00
Cash outflows from sale and leaseback transactions 21941578.19
Others -
- 146 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
71. Leases - continued
(2) Lessee - continued
Sale and leaseback transactions and basis for determination:
For the purpose of raising funds and leasing back for use the Company carries out sale and
leaseback transaction with the legally owned terminal assets as the subject of the transfer and the
leased assets for a term of 2-5 years. As the Company is entitled to repurchase at the expiry of the
lease term and the repurchase price is not lower than the original selling price it is considered as a
financing transaction and is recognised as a long-term payable when the amount is received from
the lessor and the difference between the original selling price and the repurchase price is
recognised as interest expenses.(IX) R&D EXPENDITURE
1. Disclosure by nature of expenses
Item Current Year Prior Year
Employee benefits 144725172.10 130912466.55
Direct materials and outsourced R&D 41040415.17 82743846.15
Depreciation and amortisation 5025793.67 4568822.85
Others 21743509.89 31884552.82
Total 212534890.83 250109688.37
Including: R&D expenditure recorded as expenses 177750273.52 201755066.36
R&D expenditure capitalised 34784617.31 48354622.01
- 147 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(IX) R&D EXPENDITURE - continued
2. Expenditures on R&D projects which are eligible for capitalisation
Increase Decrease
Item Opening Balance Internal Recognised as Recognised as fixed Transferred to profit Closing Balance
development costs intangible assets assets or loss for the year
Digital Petrochemical Terminal
(Phase II) 6080864.69 6930860.43 - - - 13011725.12
ePort comprehensive service
platform 43805653.86 - 43805653.86 - - -
Other R&D projects 13508535.14 42099794.03 2645976.64 17493440.77 14246037.15 21222874.61
Total 63395053.69 49030654.46 46451630.50 17493440.77 14246037.15 34234599.73
Including: Data resources - - - - - -
- 148 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(X) CHANGES IN SCOPE OF CONSOLIDATION
1. Business combination not involving enterprises under common control
In January 2025 China United Tally Co. Ltd. Shantou (hereinafter referred to as 'China Tally')
an associate of the Company’s subsidiary Shantou Port absorbed Shantou Zhongli Wailun tally
Co. Ltd. (hereinafter referred to as 'Shantou Zhongli') a subsidiary of Shantou Port. After the
transaction Shantou Port holds 62.50% shares of China Tally which contributs to business
combination not involving enterprises under common control. Consequently China Tally has
been in the scope of consolidation for the current year. Shantou Zhongli was deregistered on 14
February 2025 after the transaction.
2. Business combination under the common control
There is no business combination under the common control of the Group in the current year.
3. Reverse purchase
The Group has no reverse purchase in the current year.
4. Disposal of subsidiaries
The Group has no disposal of subsidiaries in the current year.- 149 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(X) CHANGES IN SCOPE OF CONSOLIDATION - continued
5. Change in consolidation scope for other reasons
The Group has not changed the consolidation scope for other reasons this year.(XI) EQUITY IN OTHER ENTITIES
1. Interests in subsidiaries
(1) Composition of the Group - Major subsidiaries
Principal Registered capital Shareholding ratio
Name of the subsidiary place of Place of Nature of (RMB'0000 of the Company
business incorporation business unless otherwise (%)
Acquisition method
specified) Direct Indirect
Shenzhen Chiwan International Freight Agency Shenzhen Logistics support
Co. Ltd. China Shenzhen China services 550.00 100.00 - Established through investment
Chiwan Port and Shipping (Hong Kong) Co. Ltd.(hereinafter referred to as "Wharf Holdings HK China HK China Investment holding HKD 100000.00 100.00 - Established through investment
Hong Kong ")
Dongguan Shenchiwan Port Affairs Co. Ltd. Dongguan Logistics support
(hereinafter referred to as "Dongguan Port Affairs") China Dongguan China services 45000.00 85.00 - Established through investment
Dongguan Shenchiwan Wharf Co. Ltd. Dongguan Logistics support
(hereinafter referred to as "Dongguan Wharf") China Dongguan China services 40000.00 100.00 - Established through investment
Shenzhen Chiwangang Container Co. Ltd. ShenzhenChina Shenzhen China
Logistics support
services 28820.00 100.00 -
Business combination involving
enterprises under common control
Shenzhen Chiwan Port Development Co. Ltd.(hereinafter referred to as "Shenchiwan Shenzhen Shenzhen China Logistics support 10000.00 100.00 - Business combination involving
Development") China services enterprises under common control
Chiwan Container Terminal Co. Ltd. Shenzhen Shenzhen China Logistics support USD 95300000.00 55.00 20.00 Business combination involvingChina services enterprises under common control
Shenzhen Chiwan Tugboat Co. Ltd. Shenzhen Shenzhen China Logistics support 2400.00 100.00 - Business combination involving(hereinafter referred to as "Shenchiwan Tugboat") China services enterprises under common control
Chiwan Shipping (Hong Kong) Limited Logistics support Business combination involving
(hereinafter referred to as "Chiwan Shipping") HK China HK China services HKD 800000.00 100.00 - enterprises under common control
CM Port (Note 1) HK China HK China Investment holding HKD Business combination involving48730938800.00 0.37 49.30 enterprises under common control
China Merchants Bonded Logistics Co. Ltd. ShenzhenChina Shenzhen China
Logistics support
services 70000.00 40.00 60.00
Business combination involving
enterprises under common control
China Merchants Holdings (International)
Information Technology Co. Ltd. (hereinafter ShenzhenChina Shenzhen China IT service 8784.82 56.26 43.74
Business combination involving
referred to as " CM International Tech ") enterprises under common control
China Merchants International (China) Shenzhen
Investment Co. Ltd. China Shenzhen China Investment holding USD 67400000.00 - 100.00
Business combination involving
enterprises under common control
China Merchants International Container Terminal
(Qingdao) Co. Ltd. Qingdao China Qingdao China
Logistics support Business combination involving
services USD 206300000.00 - 100.00 enterprises under common control
China Merchants Container Services Limited HK China HK China Logistics support Business combination involvingservices HKD 500000.00 - 100.00 enterprises under common control
China Merchants Port (Shenzhen) Co. Ltd. Shenzhen Shenzhen China Logistics support 55000.00 - 100.00 Business combination involvingChina services enterprises under common control
Shenzhen Haiqin Project Management Co. Ltd. ShenzhenChina Shenzhen China
Engineering
supervision service 1000.00 - 100.00
Business combination involving
enterprises under common control
Antonje Wharf Storage Service (Shenzhen) Shenzhen Preparation for the
Co. Ltd. China Shenzhen China warehousing
HKD - 100.00 Business combination involving
project 100000000.00 enterprises under common control
ASJ Shenzhen
Preparation for the
Shenzhen China warehousing HKD - 100.00 Business combination involvingChina project 520000000.00 enterprises under common control
China Merchants International Terminal
(Qingdao) Co. Ltd. Qingdao China Qingdao China
Logistics support
services USD 44000000.00 - 90.10
Business combination involving
enterprises under common control
CICT Sri Lanka Sri Lanka Logistics support USD 150000100.00 - 85.00 Business combination involvingservices enterprises under common control
Magang Godown & Wharf ShenzhenChina Shenzhen China
Logistics support
services 33500.00 - 100.00
Business combination involving
enterprises under common control
Zhangzhou China Merchants Tugboat Co. Ltd. Zhangzhou Zhangzhou Logistics support 1500.00 - 100.00 Business combination involvingChina China services enterprises under common control
Zhangzhou China Merchants Port Co. Ltd. Zhangzhou Zhangzhou Logistics support 122700.00 - 60.00 Business combination involvingChina China services enterprises under common control
Zhangzhou Investment Promotion Bureau
Xiamenwan Port Affairs Co. Ltd. (hereinafter Zhangzhou Zhangzhou Logistics support Business combination involving
referred to as "Xiamenwan Port Affairs") (Note 2) China China services
44450.00 - 31.00 enterprises under common control
Shekou Container Terminals Co. Ltd. Shenzhen Shenzhen China Logistics support HKDChina services 618201200.00 - 100.00
Business combination involving
enterprises under common control
Shenzhen Lianyunjie Container Terminals Co. Ltd. Shenzhen Shenzhen China Logistics support 60854.90 - 100.00 Business combination involvingChina services enterprises under common control
Anxunjie Container Terminals (Shenzhen) Shenzhen Shenzhen China Logistics support 127600.00 - 100.00 Business combination involvingCo. Ltd. China services enterprises under common control
Anyunjie Port Warehousing Service (Shenzhen) Shenzhen Preparation for the
Co. Ltd. China Shenzhen China warehousing 6060.00 - 100.00
Business combination involving
project enterprises under common control
- 150 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
1. Interests in subsidiaries - continued
(1) Composition of the Group - Major subsidiaries - continued
Principal Registered capital Shareholding ratio
Name of the subsidiary place of Place of Nature of of the Company
business incorporation business
(RMB'0000 unless Acquisition method
otherwise specified) (%)Direct Indirect
Shenzhen Haixing Shenzhen Shenzhen Logistics support Business combination involvingChina China services 53072.92 - 67.00 enterprises under common control
Shenzhen Lianyongtong Terminal Co. Ltd. Shenzhen Shenzhen Logistics supportChina China services USD 7000000.00 - 100.00
Business combination involving
enterprises under common control
Yide Port Foshan China Foshan China Logistics supportservices 21600.00 51.00 -
Business combination involving
enterprises under common control
Mega SCT BVI BVI Investment Business combination involvingholding USD 120.00 - 80.00 enterprises under common control
Oasis King International Limited BVI BVI Investment USD 100.00 - 100.00 Business combination involvingholding enterprises under common control
Lome Container Terminal S.A. (Note 3) Republic of Republic of Logistics supportTogo Togo services XOF 200000000.00 - 100.00
Business combination involving
enterprises under common control
Gainpro Resources Limited BVI BVI Investment USD1.00 - 76.47 Business combination involvingholding enterprises under common control
Hambantota International Port Group (Private) Sri Lanka Sri Lanka Logistics support USD - 85.00 Business combination involvingLimited services 1145480000.00 enterprises under common control
Shantou port Shantou Logistics support Business combination involvingChina Shantou China services 12500.00 - 60.00 enterprises under common control
Shenzhen Jinyu Rongtai Investment Development Shenzhen Shenzhen Property lease
Co. Ltd. China China etc. 80000.00 - 100.00 Asset acquisition
Shenzhen Merchants Qianhaiwan Real Estate Shenzhen Shenzhen Property lease
Co. Ltd. China China etc. 20000.00 - 100.00 Asset acquisition
Juzhongzhi Investment (Shenzhen) Co. Ltd. Shenzhen Shenzhen InvestmentChina China consulting 4000.00 - 75.00
Business combination involving
enterprises under common control
Shantou Zhonglian Shantou Shantou China Logistics support Business combination not involvingChina services 380.00 - 62.50 enterprises under common control
Shenzhen Lianda Tugboat Co. Ltd. Shenzhen Shenzhen Logistics supportChina China services 3000.00 - 60.29
Business combination involving
enterprises under common control
China Ocean Shipping Tally Zhangzhou Co. Ltd. Zhangzhou Zhangzhou Logistics support 200.00 - 84.00 Business combination involvingChina China services enterprises under common control
China Merchants Holdings (Djibouti) FZE Djibouti Djibouti Logistics supportservices USD 38140000.00 - 100.00
Business combination involving
enterprises under common control
Xinda Resources Limited BVI BVI Investment USD 107620000.00 - 77.45 Business combination involvingholding enterprises under common control
Kong Rise Development Limited HK China HK China Investmentholding USD 107620000.00 - 100.00
Business combination involving
enterprises under common control
TCP Brazil Brazil Logistics supportservices BRL 68851600.00 - 100.00
Business combination not involving
enterprises under common control
Direct Achieve Investments Limited HK China HK China Investment Business combination involvingholding USD 814781300.00 - 100.00 enterprises under common control
Zhoushan RoRo Zhoushan Zhoushan Logistics supportChina China services 17307.86 51.00 - Asset acquisition
Zhanjiang Port Zhanjiang Zhanjiang Logistics supportChina China services 587420.91 30.78 27.58
Business combination not involving
enterprises under common control
Zhanjiang Port International Container Terminal Zhanjiang Zhanjiang Logistics support
Co. Ltd. China China services 60000.00 - 80.00
Business combination not involving
enterprises under common control
Zhanjiang Port Petrochemical Terminal Co. Ltd. Zhanjiang Zhanjiang Logistics support
(Note 4) China China services 18000.00 - 50.00
Business combination not involving
enterprises under common control
China Ocean Shipping Tally Co. Ltd. Zhanjiang Zhanjiang Zhanjiang Logistics supportChina China services 300.00 - 84.00
Business combination not involving
enterprises under common control
Zhanjiang Port Donghaidao Bulk Cargo Terminal Zhanjiang Zhanjiang Logistics support 5000.00 - 100.00 Business combination not involvingCo. Ltd. China China services enterprises under common control
Zhanjiang Port Logistics Zhanjiang Zhanjiang Logistics supportChina China services 10000.00 - 100.00
Business combination not involving
enterprises under common control
Guangdong Zhanjiang Port Longteng Shipping Zhanjiang Zhanjiang Logistics support
Co. Ltd. China China services 9000.00 - 51.00
Business combination not involving
enterprises under common control
Shantou Port Tugboat Service Co. Ltd. Shantou Shantou China Logistics supportChina services 1000.00 - 100.00 Established through investment
Sanya Merchants Port Development Co. Ltd. Sanya China Sanya China Logistics supportservices 1000.00 51.00 - Established through investment
China Merchants Port Modern Logistics
Technology (Shenzhen) Co. Ltd. (Original name: Shenzhen Shenzhen Owning China HKD - 100.00 Business combination involvingChina Division of Malai Warehousing (Shenzhen) China China Qianhai property 1600000000.00 enterprises under common control
Co. Ltd.)
Ports Development (Hong Kong) Limited Hong Kong Hong Kong InvestmentChina China holding 2768291.56 100.00 - Established through investment
Property
Shunkong Port Foshan China Foshan China development and 43379.95 51.00 - Asset acquisition
management
South Asia Commercial and Logistic Hub Limited Sri Lanka Sri Lanka Logistics support USDservices 37140000.00 - 70.00 Established through investment
NPH Indonesia Indonesia Logistics support IDR Business combination not involvingservices 281394199000.00 51.00 - enterprises under common control
- 151 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
1. Interests in subsidiaries - continued
(1) Composition of the Group - Major subsidiaries - continued
Note 1: China Merchants Group (Hong Kong) Co. Ltd. (hereinafter referred to as "CMHK")
accounts for 21.85% of the total issued ordinary shares of China Merchants Port
Holdings. On 19 June 2018 the Company signed the Agreement on Concerted Action of
China Merchants Port Holdings Limited with CMHK. According to the agreement
CMHK has the voting right of China Merchants Port Holdings entrusted to exercise
when voting on the matters to be considered at the General Meeting of Port Holding
Shareholders of China Merchants Group they are unconditionally consistent with the
Company and the opinions of the Company shall prevail. In March 2022 the Company
transferred 43.00% of the shares held by China Merchants Group Port Holdings to its
Hong Kong wholly-owned subsidiary Port Development (Hong Kong) Co. Ltd.Therefore the Group holds 71.52% of the voting rights of China Merchants Group Port
Holdings in total and can control it.Note 2: The Group signed the Equity Custody Agreement with China Merchants Zhangzhou
Development Zone Co. Ltd. which agreed that China Merchants Zhangzhou
Development Zone Co. Ltd. entrusted its 29% equity of Xiamenwan Port Affairs to the
Group for operation and management. Therefore the Group has 60% of the voting rights
in Xiamenwan Port Affairs which can be controlled and included in the consolidation
scope of the Group's consolidated financial statements.Note 3: The Group has the right to control Lome Container Terminal S.A. by appointing most
members of the Executive Committee so the Group includes the company into the
consolidation scope of the consolidated financial statements.Note 4: The Group holds 50% equity interest in Zhanjiang Port Petrochemical Terminal Co. Ltd.According to the agreement the Group has control over Zhanjiang Port Petrochemical
Terminal Co. Ltd. and therefore includes it in the scope of consolidation of the
consolidated financial statements.- 152 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
1. Interests in subsidiaries - continued
(2) Significant non-wholly-owned subsidiaries
For the year of 2025
Proportion of Profit or loss
ownership interest attributable to non- Dividends distributed Closing balance ofName of the
subsidiary held by the non- controlling
to non-controlling non-controlling
controlling shareholders in the shareholders in the interests at the end
shareholders (%) current year current year of the year
CM Port 50.33 4353804976.08 1168378259.06 62386045963.64
For the year of 2024
Proportion of Profit or loss
ownership interest attributable to non- Dividends distributed Closing balance ofName of the held by the non- controlling to non-controlling non-controllingsubsidiary controlling shareholders in the shareholders in the interests at the end
shareholders (%) current year current year of the year
CM Port 50.33 4277480912.41 1774966740.92 61825440800.08
- 153 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
1. Interests in subsidiaries - continued
(3) Major financial information of significant non-wholly-owned subsidiaries
Name of the Closing Balance Opening Balance
subsidiary Current assets Non-current Total assets Current Non-currentassets liabilities liabilities Total liabilities Current assets
Non-current Current Non-current
assets Total assets liabilities liabilities Total liabilities
CM Port 16951536855.85 137055044454.74 154006581310.59 23735547354.21 21470010459.46 45205557813.67 15225606631.78 135382012965.53 150607619597.31 22281042457.07 21803874037.96 44084916495.03
Name of the Current Year Prior Year
subsidiary Operating income Net profit Total Cash flows fromcomprehensive income operating activities Operating income Net profit
Total Cash flows from
comprehensive income operating activities
CM Port 12441209669.47 7443789947.75 8736642698.20 6368687421.03 10990023251.60 7477357716.48 6371332629.59 5708869820.55
- 154 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
2. Transactions resulting from changes in ownership interests in subsidiaries without
losing control over the subsidiaries
During this year there were no changes of the Group in ownership interests in subsidiaries
without losing control over the subsidiaries.
3. Interests in joint ventures and associates
(1) Significant joint ventures or associates
Proportion of ownership
Investee Principal place Place ofof business registration Nature of business
interests held by the Proportion of voting Accounting treatment of
Group (%) rights (%) investments in associates
Direct Indirect
Associate
SIPG Shanghai China Shanghai China Port and containerterminal business - 28.06 28.06 Equity method
Ningbo Zhoushan Ningbo China Ningbo China Port and containerterminal business 20.98 2.10 23.08 Equity method
- 155 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
4. Key financial information of significant associate
SIPG
Item Closing Balance / Opening Balance /
Current Year Prior Year
Current assets 47413401186.78 48744038847.45
Including: Cash and cash equivalents 31597464469.62 32830782585.55
Non-current assets 174322241805.95 163311502225.58
Total assets 221735642992.73 212055541073.03
Current liabilities 27825518945.32 23068287468.52
Non-current liabilities 37978516336.38 41578448514.91
Total liabilities 65804035281.70 64646735983.43
Net assets 155931607711.03 147408805089.60
Non-controlling interests 14990095964.43 14101913028.59
Net assets attributable to owners of the Company 140941511746.60 133306892061.01
Share of net assets calculated based on the proportion of
ownership interests 39541866969.29 37392583223.11
Adjustments
- Goodwill 2427508397.27 2427508397.27
- Others 213133462.53 222282154.18
Carrying amount of equity investments in associates 42182508829.09 40042373774.56
Fair value of publicly quoted equity investments in associates 35399715619.90 39971634611.40
Operating income 39611497351.53 38116972285.82
Financial expenses 630411404.37 504486954.24
Income tax expenses 3257029262.19 2652365896.79
Net profit 14953696046.09 16063786892.13
Net profit attributable to the owner of the parent company of
the investee in the current year 13564589175.03 14954353821.25
Other comprehensive income 178319.65 281406740.21
Total comprehensive income 14953874365.74 16345193632.34
Dividends received from associates in the current year 1273606004.78 1449951451.59
- 156 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
4. Key financial information of significant associate - continued
Ningbo Zhoushan
Item Closing Balance / Opening Balance/
Current Year Prior Year
Current assets 23642829000.00 15453223000.00
Including: Cash and cash equivalents 7454715000.00 4586107000.00
Non-current assets 99776714000.00 97445761000.00
Total assets 123419543000.00 112898984000.00
Current liabilities 24178804000.00 17449594000.00
Non-current liabilities 9131706000.00 9899823000.00
Total liabilities 33310510000.00 27349417000.00
Net assets 90109033000.00 85549567000.00
Non-controlling interests 9361536000.00 7256126000.00
Net assets attributable to owners of the Company 80747497000.00 78293441000.00
Share of net assets calculated based on the proportion of
ownership interests 18636522307.60 18070126182.80
Adjustments
- Goodwill 1231115756.87 1231115756.87
- Others 130502729.48 120244072.03
Carrying amount of equity investments in associates 19998140793.95 19421486011.70
Fair value of publicly quoted equity investments in associates 16296791509.35 17284475843.25
Operating income 31020365000.00 28702311000.00
Financial expenses 105974000.00 203921000.00
Income tax expenses 1541350000.00 1509655000.00
Financial expenses 105974000.00 203921000.00
Income tax expenses 1541350000.00 1509655000.00
Net profit 5667764000.00 5408738000.00
Net profit attributable to the owner of the parent company of
the investee in the current year 5162938000.00 4897513000.00
Other comprehensive income -102098000.00 110866000.00
Total comprehensive income 5565666000.00 5519604000.00
Dividends received from associates in the current year 619547445.81 408578523.82
Note: Ningbo Zhoushan's financial data are accurate to the nearest RMB 1000.00.- 157 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
5. Summarized financial information of insignificant associates and joint ventures
Item Closing Balance / Opening Balance/Current Year Prior Year
Joint ventures:
Total carrying amount of investments 9261898509.63 9307873045.30
Aggregate of following items calculated based on
the proportion of ownership interest
- Net profit 299080492.93 367446997.79
- Other comprehensive income 60392562.78 161730408.57
- Total comprehensive income 359473055.71 529177406.36
Associates:
Total carrying amount of investments 31630551932.20 31246297063.40
Aggregate of following items calculated based on
the proportion of ownership interest
- Net profit 1038238586.18 757730103.41
- Other comprehensive losses (Income) ("-" for losses) 489612977.27 -375707391.94
- Total comprehensive income 1527851563.45 382022711.47
6. The investees where the Group holds long-term equity investments are not restricted
to transfer funds to the Group.(XII) GOVERNMENT GRANTS
1. Government grants recognised as receivables at the end of current year
Balance of receivables at the end of current year -
2. Liabilities involving government grants
Amount
Item Opening
New
government included in
Amount
included in Other changes Closing Balance Related toBalance grants non-operating other income assets/incomeincome
Deferred income 1268975316.61 8876921.27 - 51963816.21 -302538972.26 923349449.41 Related to assets
Total 1268975316.61 8876921.27 - 51963816.21 -302538972.26 923349449.41 ——
- 158 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XII) GOVERNMENT GRANTS - continued
3. Government grants included in profit or loss
Item Current Year Prior Year
Business development subsidy 106275887.50 75662052.93
Subsidy fund for Qianhai Comprehensive Bonded Zone - 45939617.40
Special operation subsidy 1300000.00 3184128.00
Others 11410333.43 7094562.35
Total 118986220.93 131880360.68
(XIII) RISKS ASSOCIATEDWITH FINANCIAL INSTRUMENTS
The Group's major financial instruments include cash and bank balances financial assets held for
trading bills receivable accounts receivable receivables under financing other receivables long-
term receivables other non-current financial assets borrowings bills payable accounts payable
other payables other current liabilities non-current liabilities due within one year bonds payable
long-term payables other non-current liabilities etc. Details of these financial instruments are
disclosed in Note (VIII). The risks associated with these financial instruments and the policies on
how to mitigate these risks are set out below. Management of the Group manages and monitors
these exposures to ensure the risks are monitored at a certain level.The Group adopts sensitivity analysis technique to analyse how the profit or loss for the period
and shareholders' equity would have been affected by reasonably possible changes in the relevant
risk variables. As it is unlikely that risk variables will change in an isolated manner and the
interdependence among risk variables will have significant effect on the amount ultimately
influenced by the changes in a single risk variable the following are based on the assumption that
the change in each risk variable is on a stand-alone basis.
1. Risk management objectives and policies
The Group's risk management objectives are to achieve a proper balance between risks and yield
minimise the adverse impacts of risks on the Group's operation performance and maximise the
benefits of the shareholders and other stakeholders. Based on these risk management objectives
the Group's basic risk management strategy is to identify and analyse the Group's exposure to
various risks establish an appropriate maximum tolerance to risk implement risk management
and monitors regularly and effectively these exposures to ensure the risks are monitored at a
certain level.- 159 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT - continued
1. Risk management objectives and policies - continued
1.1 Market risk
1.1.1 Currency risk
Currency risk is the risk that losses will occur because of changes in foreign exchange rates. The
Group's exposure to the currency risk is primarily associated with HKD USD EUR and AUD.Except for part of the purchases and sales the Group's other principal activities are denominated
and settled in RMB. As at 31 December 2025 the balances of the Group's assets and liabilities are
both denominated in functional currency except that the assets and liabilities set out below are
recorded using foreign currencies. Currency risk arising from the foreign currency balance of
assets and liabilities may have impact on the Group's performance.Item Assets LiabilitiesClosing Balance Opening Balance Closing Balance Opening Balance
HKD 35333835.31 506851221.94 456993404.43 36479381.62
USD 90451325.27 73334708.12 235676277.96 217821536.39
RMB (Note) 2370015182.02 1305729601.40 3315575001.29 6858128218.76
EUR 269524555.00 231125613.67 1408212.94 2008471.23
AUD 1044036431.83 922445897.97 - -
Total 3809361329.43 3039487043.10 4009652896.62 7114437608.00
Note: It refers to RMB financial assets and financial liabilities held by subsidiaries with non
RMB currency as functional currency.The Group closely monitors the effects of changes in the foreign exchange rates on the Group's
currency risk exposures. According to the current risk exposure and judgment on the exchange
rate movements the management considers it is unlikely that the exchange rate changes in the
next year will result in significant loss to the Group.- 160 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT - continued
1. Risk management objectives and policies - continued
1.1 Market risk - continued
1.1.1 Currency risk - continued
Sensitivity analysis on currency risk
The assumption for the sensitivity analysis on currency risk is that all the cash flow hedges and
hedges of a net investment in a foreign operation are highly effective. On the basis of the above
assumption where all other variables are held constant the reasonably possible changes in the
foreign exchange rate may have the following pre-tax effect on the profit or loss for the period
and shareholders' equity:
Current Year Prior Year
Item Changes in exchange rate Effect Effect onshareholders' Effect
Effect on
on profit on profit shareholders'equity equity
All foreign currencies 5% increase against RMB -47277990.96 -47277990.96 -277619930.87 -277619930.87
All foreign currencies 5% decrease against RMB 47277990.96 47277990.96 277619930.87 277619930.87
All foreign currencies 5% increase against USD -7261247.63 -7261247.63 -7224341.41 -7224341.41
All foreign currencies 5% decrease against USD 7261247.63 7261247.63 7224341.41 7224341.41
All foreign currencies 5% increase against HKD -21082978.46 -21082978.46 23518592.02 23518592.02
All foreign currencies 5% decrease against HKD 21082978.46 21082978.46 -23518592.02 -23518592.02
All foreign currencies 5% increase against EUR(including FCFA) 13405817.10 13405817.10 11455857.12 11455857.12
All foreign currencies 5% decrease against EUR(including FCFA) -13405817.10 -13405817.10 -11455857.12 -11455857.12
All foreign currencies 5% increase against AUD 52201821.59 52201821.59 46122294.90 46122294.90
All foreign currencies 5% decrease against AUD -52201821.59 -52201821.59 -46122294.90 -46122294.90
1.1.2 Interest rate risk - changes in cash flows
Risk of changes in cash flows of financial instruments arising from interest rate changes is mainly
related to bank loans with floating interest rate. (See Note (VIII) 24 and Note (VIII) 34). The
Group continuously and closely monitors the impact of interest rate changes on the Group's
interest rate risk. The Group's policy is to maintain these borrowings at floating rates. Presently
the Group has no arrangement such as interest rate swaps.- 161 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT - continued
1. Risk management objectives and policies - continued
1.1 Market risk - continued
1.1.2 Interest rate risk - changes in cash flows - continued
Sensitivity analysis on interest rate risk
Sensitivity analysis on interest rate risk is based on the following assumptions:
Fluctuations of market interest rate can affect the interest income or expense of a financial
instrument with floating interest rate;
For a financial instrument at fair value with fixed interest rate the fluctuations of market interest
rate can only affect its interest income or expense;
For a derivative financial instrument designated as hedging instrument the fluctuations of market
interest rate affect its fair value and all interest rate hedges are expected to be highly effective;
The changes in fair value of derivative financial instruments and other financial assets and
liabilities are calculated using cash flow discounting method by applying the market interest rate at
balance sheet date.On the basis of above assumptions where the other variables held constant the pre-tax effect of
possible and reasonable changes in interest rate on the profit or loss for the year and shareholders'
equity are as follows:
Current Year Prior Year
Item Changes in Effect on Effect oninterest rate Effect on profit shareholders' Effect on profit shareholders'
equity equity
Short-term borrowings and
long-term borrowings 1% increase -314120988.56 -314120988.56 -286274021.36 -286274021.36
Short-term borrowings and
long-term borrowings 1% decrease 314120988.56 314120988.56 286274021.36 286274021.36
1.2 Credit risk
As at 31 December 2025 the Group's maximum exposure to credit risk which may cause a
financial loss to the Group due to failure to discharge an obligation by the counterparties and
financial guarantees issued by the Group (without considering the available collateral or other
credit enhancements) is arising from cash and bank balances (Note (VIII) 1) bills receivable
(Note (VIII) 3) accounts receivable (Note (VIII) 4) other receivables (Note (VIII) 7) long-term
receivables (Note (VIII) 11) etc. At the balance sheet date the carrying amounts of the Group's
financial assets represent its maximum exposure to credit risk. In addition the Group's maximum
credit risk exposure to credit losses includes the amount of financial guarantee contract as
disclosed in (Note (XVII) 2) "Contingencies". For financial instruments measured at fair value
the book value reflects its risk exposure but not the maximum risk exposure and its maximum
risk exposure will change with the change of future fair value.- 162 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT - continued
1. Risk management objectives and policies - continued
1.2 Credit risk - continued
In order to minimise the credit risk the Group has delegated a department responsible for
determination of credit limits credit approvals and other monitoring procedures to ensure that
follow-up action is taken to recover overdue debts. In addition the Group reviews the recoverable
amount of financial assets at each balance sheet date to ensure that adequate provision for bad
debts is made for relevant financial assets. In this regard the management of the Group considers
that the Group's credit risk is significantly reduced.The credit risk on cash and bank balances is limited because they are deposited with financial
institutions with high credit ratings.The Group has no significant concentration of credit risk with exposure spread over a number of
counterparties and customers.The Group has adopted a policy to ensure that all sales customers have good credit records.
1.3 Liquidity risk
In the management of the liquidity risk the Group monitors and maintains a level of cash and
cash equivalents deemed adequate by the management to finance the Group's operations and
mitigate the effects of fluctuations in cash flows. The management monitors the utilisation of
bank borrowings and ensures compliance with loan covenants.As at 31 December 2025 the Group had total current liabilities in excess of total current assets of
RMB 7384414975.47. As at 31 December 2025 the Group had available and unused line of
credit and bonds amounting to RMB 49239851263.83 among which the amount available for
the Group to withdraw and use exceeds the balance of net current liabilities by more than twelve
months after the balance sheet date. The Group can obtain financial support from the available
line of credit and bonds when needed. Therefore the Group's management believes that the Group
has no significant liquidity risk.The following is the maturity analysis for financial assets and financial liabilities held by the
Group which is based on undiscounted remaining contractual obligations:
Item Carrying amount Within 1 year 1 to 5 years Over 5 years Total
Short-term borrowings 19775820831.32 20352475904.75 - - 20352475904.75
Accounts payable 739900492.35 739900492.35 739900492.35
Other payables 2034923078.95 2034923078.95 2034923078.95
Non-current liabilities due
within one year 5985434723.30 7024927664.35 - - 7024927664.35
Other current liabilities 2199301417.02 2218261417.02 - - 2218261417.02
Long-term borrowings 7439956123.50 - 5655365514.96 2343604818.11 7998970333.07
Bonds payable 20709787532.29 - 20113151565.97 1636701369.86 21749852935.83
Lease liabilities 1690860832.08 - 731079098.61 2719341503.38 3450420601.99
Long-term payables 3715144055.04 - 891844488.69 4790769972.72 5682614461.41
- 163 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIV) DISCLOSURE OF FAIR VALUE
1. Assets and liabilities measured at fair value at the end of the year
Fair value of closing balanceof closing balance
Item Level 1 Level 2 Level 3Fair value Fair value Fair value Total
measurement measurement measurement
Continuously measured at fair value - - - -
Financial assets held for trading - 7578824365.75 - 7578824365.75
Investments in other equity instruments - - 141766365.15 141766365.15
Receivables under financing - - 114680738.25 114680738.25
Other non-current financial assets - - 28768810.95 28768810.95
Total assets continuously measured
at fair value - 7578824365.75 285215914.35 7864040280.10
2. Qualitative and quantitative information of valuation techniques and key parameters
adopted for items continuously measured at level 2 fair value
Item Fair value ofclosing balance Valuation techniques Inputs
Financial assets held for trading 7578824365.75 Cash flow discounting Expected rate of return
The fair value of debt instruments at fair value through profit or loss is determined using the cash
flow discounting approach. During the valuation the Group adopts the expected return as the
input.
3. Qualitative and quantitative information of valuation techniques and key parameters
adopted for items continuously measured at level 3 fair value
Item Fair value ofclosing balance Valuation techniques Inputs
Investments in other equity Income approach expected profit distribution
instruments 141766365.15 Net asset method discount rate and carryingamount
Receivables under financing 114680738.25 Cash flow discounting expected rate of return
Other non-current financial assets 28768810.95 Net asset method carrying amount
The fair value of non-listed equity instruments included in equity instruments at fair value through
profit or loss or other comprehensive income is determined using the income approach and net
asset method. The fair value of debt investments is determined using the valuation method of the
discounted cash flow method.- 164 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIV) DISCLOSURE OF FAIR VALUE - continued
4. Fair value of financial assets and financial liabilities not measured at fair value
The financial assets and liabilities not measured at fair value mainly include bills receivable
accounts receivable other receivables non-current assets due within one year long-term
receivables short-term borrowings bills payable accounts payable other payables non-current
liabilities due within one year other current liabilities lease liabilities long-term borrowings
bonds payable and long-term payables etc.The Group's management believes that the carrying amounts of financial assets and financial
liabilities at amortised cost in the financial statements approximate their fair values.- 165 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS
1. Parent of the Company
Proportion of
Name of the Company Related party Type of the entity Place of
Proportion of voting
relationship registration Nature of business Issued share capital
ownership interests
held by the Company power held by the
(%) Company (%)
Broadford Parent Private limited company (share limited) Hong Kong Investment holding HKD 21120986262 2.21 62.96 (Note)
Note: Broadford directly holds 2.21% of the Company's equity and holds 14.83% of the Company's equity through its subsidiary China Merchants
Gangtong Development (Shenzhen) Co. Ltd. For the year ended 31 December 2024 the controlling shareholder Broadford transferred its
74.66% shares of Honghui (Hong Kong) Co. Ltd. to CMHK and CMHK entrusted the 74.66% shares of Honghui (Hong Kong) Co. Ltd.
obtained from the above transfer to Broadford for management. After the completion of this share transfer and share custody the controlling
shareholder of the company will still be Broadford The ultimate controlling shareholder of the Company is China Merchants Group Co. Ltd..
2. Subsidiaries of the Company
Details of the subsidiaries of the Company are set out in Note (X) 1and Note (XI) 1.- 166 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
3. Associates and joint ventures of the Company
Details of the Company's significant joint ventures and associates are set out in Note (XI) 3.Other joint ventures or associates that have related party transactions with the Group in the current
year or formed balances of related party transactions with the Group in the prior year are as
follows:
Name of joint venture or associate Relationship with the Company
Port of Newcastle and its subsidiaries Joint venture
Qingdao Qianwan West Port United Wharf Co. Ltd. Joint venture
Qingdao Qianwan United Container Terminal Co. Ltd. (hereinafter referred to as "
Qingdao Qianwan United ") and its subsidiaries Joint venture
COSCO Logistics (Zhanjiang) Co. Ltd. Joint venture
China Ocean Shipping Agency (Zhanjiang) Co. Ltd. Joint venture
Yantai Port Group Laizhou Port Co. Ltd. Joint venture
Qingdao Wutong Century Supply Chain Co. Ltd. Joint venture
Qingdao Port Dongjiakou Ore Terminal Co. Ltd. Joint venture
Euro-Asia Oceangate S.à r.l. Joint venture
GREAT HORN DEVELOPMENT COMPANY FZCO Associate
International Djibouti Industrial Parks Operation FZCo Associate
Port de Djibouti S.A. Associate
Terminal Link SAS Associate
Nanshan Group and its subsidiaries Associate
Shanggang Group and its subsidiaries Associate
Shenzhen Baohong Technology Co. Ltd. Associate
Tianjin Haitian Bonded Logistics Co. Ltd. Associate
Chu Kong River Trade Terminal Co. Ltd. Associate
Shantou International Container Terminals Limited Associate
Shenzhen Chiwan Industrial Development Co. Ltd and its subsidiaries Associate
CM Port Chuangrong (Shenzhen) Technology Co. Ltd. Associate
New Land-Sea Corridor Operation (Zhanjiang) Co. Ltd. Associate
Antong Holdings Associate
RED SEA WORLD S.A. Associate
Liaoning Port and its subsidiaries Associate controlled by the sameultimate controlling shareholder
Zhanjiang Sinotrans Chemical International Logistics Co. Ltd. Associate controlled by the sameultimate controlling shareholder
Lac Assal Investment Holding Company Limited Associate controlled by the sameultimate controlling shareholder
Zhanjiang Infrastructure Construction Investment Group Co. Ltd. Minority shareholders of subsidiary
Yihai Kerry Arawana Holdings Co. Ltd. Minority shareholders of subsidiary
- 167 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
4. Other related parties of the Company
Name of other related parties Relationship with the Company
China Marine Shipping Agency Guangdong Co. Ltd. Controlled by the same ultimate controlling shareholder
Hoi Tung (Shanghai) Company Limited Controlled by the same ultimate controlling shareholder
South China Sinotrans Supply Chain Management Co. Ltd. Controlled by the same ultimate controlling shareholder
EuroAsia Dockyard Enterprise and Development Limited Controlled by the same ultimate controlling shareholder
Qingdao Bonded Logistics Park Sinotrans Warehousing Logistics
Co. Ltd. Controlled by the same ultimate controlling shareholder
Qingdao Sinotrans Supply Chain Management Co. Ltd. Controlled by the same ultimate controlling shareholder
Shenzhen Foreign Forwarding International Freight Co. Ltd. Controlled by the same ultimate controlling shareholder
Shenzhen Nanyou (Holdings) Ltd. and its subsidiaries Controlled by the same ultimate controlling shareholder
Sinotrans Shenzhen Qianhai Supply Chain Management Ltd. Controlled by the same ultimate controlling shareholder
Shenzhen Qianhai Shekou Free Trade Investment Development Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants International Shipping Agency (Shenzhen) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Real Estate Co. Ltd. Controlled by the same ultimate controlling shareholder
Shenzhen Merchants to Home Technology Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Shenzhen Ro-Ro Shipping Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Commercial Property Investment (Shenzhen) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Property Management (Shenzhen) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Marine Shipping Agency Shenzhen Co. Ltd. Controlled by the same ultimate controlling shareholder
Yiu Lian Dockyards (Shekou) Limited Controlled by the same ultimate controlling shareholder
Yiu Lian Dockyards Limited Controlled by the same ultimate controlling shareholder
China Merchants International Cold Chain (Shenzhen) Company
Limited Controlled by the same ultimate controlling shareholder
China Merchants Group Finance Company Limited Controlled by the same ultimate controlling shareholder
China Merchants Investment Development Company Limited Controlled by the same ultimate controlling shareholder
China Merchants Finance Lease (Shanghai) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Finance Lease (Tianjin) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchant Food (China) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Zhangzhou Development Zone Power Supply Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Securities Co. Ltd. Controlled by the same ultimate controlling shareholder
China Traffic Import and Export Co. Ltd. Controlled by the same ultimate controlling shareholder
Sinotrans Changhang Group Limited Controlled by the same ultimate controlling shareholder
Guangdong Sinotrans Shipping Co. Ltd Controlled by the same ultimate controlling shareholder
Sinotrans Central China Co. Ltd. Controlled by the same ultimate controlling shareholder
Sinotrans (HK) Shipping Limited Controlled by the same ultimate controlling shareholder
Sinotrans (Djibouti) Bonded Logistics Co. Ltd Controlled by the same ultimate controlling shareholder
CMHK Controlled by the same ultimate controlling shareholder
- 168 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
4. Other related parties of the Company - continued
Name of other related parties Relationship with the Company
Sinoway Shipping Ltd. Controlled by the same ultimate controlling shareholder
China Merchants-Logistics Shenzhen Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Zhangzhou Development Zone Co. Ltd. Controlled by the same ultimate controlling shareholder
China Ocean Shipping Agency Shenzhen Co. Ltd. Controlled by the same ultimate controlling shareholder
Sinotrans Container Lines Co. Ltd. Controlled by the same ultimate controlling shareholder
Dalian Port Construction Supervision Consulting Co. Ltd. Controlled by the same ultimate controlling shareholder
Shenzhen West Port Security Service Co. Ltd. Controlled by the same ultimate controlling shareholder
Qingdao Sinotrans Mining Technology Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Surplus Property Management Co. Ltd. Controlled by the same ultimate controlling shareholder
Hong Kong Haitong Co. Ltd. Controlled by the same ultimate controlling shareholder
Haitong Haihui (Shanghai) Technology Co. Ltd Controlled by the same ultimate controlling shareholder
Dalian Jingang United Auto International Trade Co. Ltd. Controlled by the same ultimate controlling shareholder
Sinotrans Container Transportation (Hainan) Co. Ltd. Controlled by the same ultimate controlling shareholder
CIAO International Limited Controlled by the same ultimate controlling shareholder
China Merchants Logistics Group (Tianjin) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Life Insurance Company Limited Controlled by the same ultimate controlling shareholder
Ocean Offshore 2403 Limited Controlled by the same ultimate controlling shareholder
Zhangzhou Development Zone China Merchants Water Service Co.Ltd. Controlled by the same ultimate controlling shareholder
Qingdao Sinotrans Logistics Co. Ltd. Controlled by the same ultimate controlling shareholder
Haitong (Shenzhen) Trade Co. Ltd. Controlled by the same ultimate controlling shareholder
Khor Ambado FZCo Significantly influenced by the ultimate controllingshareholder
China Merchants Bank Co. Ltd. Significantly influenced by the ultimate controllingshareholder
China Merchants (Shenzhen) Power Supply Co. Ltd. Significantly influenced by the ultimate controllingshareholder
Merchants Port City Significantly influenced by the ultimate controllingshareholder
- 169 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions
(1) Rendering and receipt of services
Pricing method
and decision
Related party Content of transaction procedures of Current Year Prior Year
related
transactions
Rendering of services:
Antong Holdings and its subsidiaries Service income Negotiation 183425922.18 176859159.34
COSCO Logistics (Zhanjiang) Co. Ltd. Service income Negotiation 160059105.02 225947824.45
China Ocean Shipping Agency (Zhanjiang) Co.Ltd. Service income Negotiation 65253354.03 79233370.18
Sinotrans Container Transportation (Hainan) Co.Ltd. Service income Negotiation 30360054.63 6131576.11
China Merchants International Shipping Agency
(Shenzhen) Co. Ltd. Service income Negotiation 26896356.56 21010835.23
CIAO International Limited Service income Negotiation 24410550.76 8880824.63
China Marine Shipping Agency Guangdong Co.Ltd. Service income Negotiation 21188065.75 35584126.70
Sinotrans Container Lines Co. Ltd. Service income Negotiation 19881157.88 17893748.17
Qingdao Qianwan United and its subsidiaries Service income Negotiation 17532172.80 24252170.73
Yiu Lian Dockyards (Shekou) Limited Service income Negotiation 15731288.81 11901121.11
China Ocean Shipping Agency Shenzhen Co. Ltd. Service income Negotiation 8960748.62 11097445.63
South China Sinotrans Supply Chain Management
Co. Ltd. Service income Negotiation 8706595.03 1719316.58
Sinotrans Shenzhen Qianhai Supply Chain
Management Ltd. Service income Negotiation 7735941.43 10909073.38
China Merchants International Cold Chain
(Shenzhen) Company Limited Service income Negotiation 7313064.96 7292368.68
New Land-Sea Corridor Operation (Zhanjiang) Co.Ltd. Service income Negotiation 5944398.23 4288394.23
Liaoning Port and its subsidiaries Service income Negotiation 5540080.74 5172690.67
China Merchants Investment Development
Company Limited Service income Negotiation 5487311.33 6943066.05
Shenzhen Baohong Technology Co. Ltd. Service income Negotiation 5362761.39 5383991.91
Qingdao Sinotrans Mining Technology Co. Ltd. Service income Negotiation 5241046.33 1862160.41
Shenzhen Foreign Forwarding International Freight
Co. Ltd. Service income Negotiation 4976416.56 1076981.63
Sinoway Shipping Ltd. Service income Negotiation 4513120.66 3896159.47
Qingdao Bonded Logistics Park Sinotrans
Warehousing Logistics Co. Ltd. Service income Negotiation 4260105.97 3816815.84
China Marine Shipping Agency Shenzhen Co. Ltd. Service income Negotiation 2917185.25 4232109.18
Qingdao Qianwan West Port United Wharf Co.Ltd. Service income Negotiation 2431065.71 2266358.07
Shanghai Port Group Service income Negotiation 2361696.23 2265469.82
Yantai Port Group Laizhou Port Co. Ltd. Service income Negotiation 2075471.70 2075471.68
Other related parties Service income Negotiation 21108956.42 51267351.32
Port of Newcastle and its subsidiaries Interest income Negotiation 81538614.85 74581122.68
China Merchants Group Finance Company Limited Interest income Negotiation 58333565.48 50639773.00
China Merchants Bank Co. Ltd. Interest income Negotiation 35222580.54 42250797.70
Terminal Link SAS Interest income Negotiation 12136959.77 12543736.17
Tianjin Haitian Bonded Logistics Co. Ltd. Interest income Negotiation 1020955.28 1137311.05
- 170 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(1) Rendering and receipt of services - continued
Pricing method
and decision
Related party Content of transaction procedures of Current Year Prior Year
related
transactions
Receipt of services:
Shenzhen Chiwan Industrial Development Co. Ltd
and its subsidiaries Service expenditure Negotiation 63437864.16 60383382.87
Shenzhen Nanyou (Holdings) Ltd. and its subsidiaries Service expenditure Negotiation 27626951.49 36049247.11
Qingdao Qianwan West Port United Wharf Co. Ltd. Service expenditure Negotiation 14027138.61 20836557.33
China Merchants Investment Development Company
Limited Service expenditure Negotiation 13278955.07 5407766.54
Shenzhen West Port Security Service Co. Ltd. Service expenditure Negotiation 13262603.30 12075631.88
COSCO Logistics (Zhanjiang) Co. Ltd. Service expenditure Negotiation 9776026.07 3833081.95
International Djibouti Industrial Parks Operation
FZCo Service expenditure Negotiation 7017008.60 10914744.17
Yiu Lian Dockyards Limited Service expenditure Negotiation 6972981.32 7591973.82
China Merchants-Logistics Shenzhen Co. Ltd. Service expenditure Negotiation 5864244.69 2342750.95
China Merchants (Shenzhen) Power Supply Co. Ltd. Service expenditure Negotiation 5405707.68 8934659.73
China Merchants Zhangzhou Development Zone
Power Supply Co. Ltd. Service expenditure Negotiation 4773226.73 5339186.66
China Merchants Property Management (Shenzhen)
Co. Ltd. Service expenditure Negotiation 4453957.21 2668909.49
Shenzhen Merchants to Home Technology Co. Ltd. Service expenditure Negotiation 4687477.54 2380710.29
Liaoning Port and its subsidiaries Service expenditure Negotiation 4135993.38 11984893.16
China Merchants Surplus Property Management Co.Ltd. Service expenditure Negotiation 3425914.92 1349520.67
China Merchants Shenzhen Ro-Ro Shipping Co. Ltd. Service expenditure Negotiation 3115797.45 3400014.78
Sinotrans (Djibouti) Bonded Logistics Co. Ltd Service expenditure Negotiation 2760536.83 647189.51
China Merchants Life Insurance Company Limited Service expenditure Negotiation 2620060.12 -
Guangdong Sinotrans Shipping Co. Ltd Service expenditure Negotiation 2539165.13 1017209.17
China Merchant Food (China) Co. Ltd. Service expenditure Negotiation 2346484.64 2650674.80
Zhangzhou Development Zone China Merchants
Water Service Co. Ltd. Service expenditure Negotiation 2289168.30 -
China Merchants Bank Co. Ltd. Service expenditure Negotiation 2223229.30 3728413.83
Haitong Haihui (Shanghai) Technology Co. Ltd Service expenditure Negotiation 2135015.05 296918.61
Other related parties Service expenditure Negotiation 24181425.24 69599130.06
China Merchants Bank Co. Ltd. Purchase of structureddeposits Negotiation 12210000000.00 7260000000.00
China Merchants Bank Co. Ltd. Interest expense Negotiation 60658343.65 72154609.27
China Merchants Group Finance Company Limited Interest expense Negotiation 32877199.14 36451832.93
Ocean Offshore 2403 Limited Interest expense Negotiation 6747197.02 -
China Merchants Finance Lease (Tianjin) Co. Ltd. Interest expense Negotiation 3536983.75 3483279.42
China Merchants Finance Lease (Shanghai) Co. Ltd. Interest expense Negotiation - 2356009.46
- 171 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(2) Leases with related parties
The Group as the lessor:
Pricing method
and decision Lease income Lease income
Name of the lessee Type of leased assets procedures of recognised in the recognised in the
related current year prior year
transactions
Qingdao Qianwan West Port United Wharf Co. Ltd. Port and terminal facilities Negotiation 17168242.49 14351518.19
Qingdao Bonded Logistics Park Sinotrans
Warehousing Logistics Co. Ltd. Port and terminal facilities Negotiation 5088364.64 5375787.11
Qingdao Sinotrans Supply Chain Management
Co. Ltd. Buildings and structures Negotiation 4797960.58 4811101.79
China Traffic Import and Export Co. Ltd. Buildings and structures Negotiation 3869907.41 5179670.76
Qingdao Sinotrans Mining Technology Co. Ltd. Port and terminal facilities Negotiation 3562917.83 4750557.12
Qingdao Qianwan United and its subsidiaries Buildings and structures Negotiation 3499481.46 3508252.92
Qingdao Wutong Century Supply Chain Co. Ltd. Buildings and structures Negotiation 2565010.92 2713039.19
Qingdao Sinotrans Logistics Co. Ltd. Port and terminal facilities Negotiation 2477691.42 2477668.56
Haitong (Shenzhen) Trade Co. Ltd. Buildings and structures Negotiation 2462532.60 2811192.84
China Merchants Securities Co. Ltd Buildings and structures Negotiation 2458235.85 2460986.37
CM Port Chuangrong (Shenzhen) Technology
Co. Ltd. Port and terminal facilities Negotiation 2321467.98 2577426.36
Yiu Lian Dockyards (Shekou) Limited Buildings and structures Negotiation 2052603.46 2149478.11
Other related parties Buildings and structuresPort and terminal facilities Negotiation 9344668.62 10106892.93
Total — — — — 61669085.26 63273572.25
- 172 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(2) Leases with related parties - continued
The Group as the lessee:
Short-term lease expenses or Variable lease payments that
expenses on leases of low-value are not included in the Interest expenses on lease
Name of the lessor Type of leased assets assets that are accounted for using measurement of lease Rental paid liabilities Addition to right-of-use assets
simplified approach liabilities
Current Year Prior Year Current Year Prior Year Current Year Prior Year Current Year Prior Year Current Year Prior Year
China Merchants Shekou
Industrial Zone Holdings Port and terminal facilitiesLand use right 306224.00 - - - 44066799.39 33671185.02 1587229.84 2627207.77 - 6841334.09Co. Ltd
EuroAsia Dockyard
Enterprise and Port and terminal facilities - - - 15072619.95 16267717.80 383677.34 452003.87 - -
Development Limited
Shenzhen Qianhai Shekou
Free Trade Investment Land use right 14277045.89 7718862.46 - - 7780990.03 8413560.00 - - - -
Development Co. Ltd
Nanshan Group and its Buildings and structures
subsidiaries Port and terminal facilities 122873.40 458524.82 - - 4548686.64 72495152.94 9439152.47 1549113.49 373165903.84 -Land use right Others
China Merchants Finance
Lease (Tianjin) Co. Ltd. Port and terminal facilities - - - - 2491841.67 25037299.24 3536983.75 3627216.64 - -
Machinery and equipment
Others Buildings and structuresPort and terminal facilities 2142297.24 2213002.01 - - 5138359.72 90570525.17 153444.84 2707383.66 5583342.98
Land use right Others
Total 16848440.53 10390389.29 - - 79099297.40 246455440.17 15100488.24 10962925.43 373165903.84 12424677.07
- 173 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(3) Related party guarantees
The Group as the guarantor:
Secured party Credit line Guaranteed Commencement date Maturity The guarantee hasamount date been completed or not
For the year of 2025
Terminal Link SAS (Note 1) 57247051.41 57247051.41 11 June 2013 2033 No
Khor Ambado FZCo (Note 3) 202429440.00 158095856.92 24 May 2019 2032 No
Terminal Link SAS (Note 2) 231950400.00 113655696.00 25 January 2023 2030 No
Total 491626891.41 328998604.33 —— —— ——
For the year of 2024
Terminal Link SAS (Note 1) 58245642.59 58245642.59 11 June 2013 2033 No
Khor Ambado FZCo (Note 3) 207025920.00 167923750.92 24 May 2019 2032 No
Terminal Link SAS (Note 2) 237217200.00 116236428.00 25 January 2023 2030 No
Total 502488762.59 342405821.51 —— —— ——
Note 1: In previous years CMA CGM S.A. another shareholder of Terminal Link SAS an
associate of the Group provided 100% guarantee for the bank loan financing and other
liabilities of Terminal Link SAS. The Group makes a commitment to CMA CGM S.A.to provide guarantee for the bank loan financing and other liabilities to Terminal Link
SAS in accordance with the 49% equity ratio of Terminal Link SAS held by the Group.The actual guaranteed amount is RMB 57247051.41 as at 31 December 2025. If any
guarantee liability occurs the Group will compensate CMA CGM S.A..Note 2: The Group and CMA CGM S.A. provide guarantee for bank loan financing and other
liabilities of the associated company Terminal Link SAS according to their shareholding
ratio. The actual guarantee amount on 31 December 2025 is RMB 113655696.00.Note 3: Khor Ambado FZCo is a related party of the ultimate controlling shareholder of the
Group. The Group and other shareholders of Khor Ambado FZCo provide guarantees for
its bank loan financing and other liabilities in proportion to their shareholding. The
actual guarantee amount on 31 December 2025 is RMB 158095856.92.Note 4: For the related guarantees provided by the Group please refer to Note (VIII) 39 for the
details of credit impairment losses for this year.The Group as the guaranteed party:
Guarantor Credit line Guaranteed Commencement
The guarantee
amount date Maturity date has beencompleted or not
For the year of 2025
SINOTRANS SOUTH CHINA
COMPANY LIMITED (Note 5) 1079100000.00 409805329.57 26 June 2019 1 July 2034 No
For the year of 2024
SINOTRANS SOUTH CHINA
COMPANY LIMITED (Note 5) 1079100000.00 438097430.82 26 June 2019 1 July 2034 No
Note 5: Refer to Note (VIII) 34.- 174 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(4) Borrowings and loans with related parties
Related party Amount Commencement date Maturity date Description
2025
Borrowings
China Merchants Bank Co. Ltd. 1672217483.07 Actual borrowing date Agreed repayment date Short-term borrowings
China Merchants Bank Co. Ltd. 786838830.68 Actual borrowing date Agreed repayment date Long-term borrowings
China Merchants Group Finance Company Limited 276992067.79 Actual borrowing date Agreed repayment date Short-term borrowings
China Merchants Group Finance Company Limited 421567628.72 Actual borrowing date Agreed repayment date Long-term borrowings
Ocean Offshore 2403 Limited 135714720.00 Actual borrowing date Agreed repayment date Long-term payables
Yihai Kerry Arawana Holdings Co. Ltd. 36658499.40 Actual borrowing date Agreed repayment date Long-term payables
Total 3329989229.66 — — —— ——
2024
Borrowings
China Merchants Bank Co. Ltd. 1298369781.25 Actual borrowing date Agreed repayment date Short-term borrowings
China Merchants Bank Co. Ltd. 1336953012.50 Actual borrowing date Agreed repayment date Long-term borrowings
China Merchants Group Finance Company Limited 268456381.95 Actual borrowing date Agreed repayment date Short-term borrowings
China Merchants Group Finance Company Limited 59158045.05 Actual borrowing date Agreed repayment date Long-term borrowings
Total 2962937220.75 — — —— ——
Note 1: As at 31 December 2025 the total credit lines of the Group from the related parties
China Merchants Bank Co. Ltd. and China Merchants Group Finance Co. Ltd. are
RMB 5208300000.00 and RMB 10000000000.00 respectively.
(5) Asset transfer from related parties
Pricing method and
Related party Content of transaction decision procedures of Current Year Prior Year
related transactions
Sinotrans Container Lines Co. Ltd. Transfer of equityinvestment Negotiation 124800000.00 -
Zhanjiang Sinotrans Chemical Contribution of land use
International Logistics Co. Ltd. right Valuation 52122355.00 -
Zhanjiang Sinotrans Chemical
International Logistics Co. Ltd. Transfer of land use right Valuation 43972744.00 -
Shantou International Container Reduce of registered
Terminals Limited capital Registered capital - 120000000.00
RED SEAWORLD S.A. Equity investment Fair value - 160855674.82
Hoi Tung (Shanghai) Company Limited Fixed assets Negotiation 4373097.35 2876106.19
Dalian Jingang United Auto
International Trade Co. Ltd. Fixed assets Negotiation 1526353.98 2454981.76
Dalian Jingang United Auto
International Trade Co. Ltd. Construction in progress Negotiation 6368176.96 -
Dalian Jingang United Auto
International Trade Co. Ltd. and its Construction in progress Negotiation 7806951.99 1651790.19
subsidiary
Ocean Offshore 2403 Limited Construction in progress Negotiation 3437294.42 -
Hong Kong Haitong Co. Ltd. Construction in progress Negotiation 1572861.85 15893828.70
Other related parties Construction in progress Negotiation 401512.05 3518918.32
Total —— —— 246381347.60 307251299.98
- 175 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(6) Compensation for key management personnel
Item Current Year Prior Year
Compensation for key management personnel 19426155.25 17310521.40
6. Amounts due from/to related parties that have not settled
(1) Amounts due from related parties
Item Related party Closing Balance Opening Balance
China Merchants Bank Co. Ltd. 1859504299.96 3404002420.98
Cash and bank balances China Merchants Group Finance Company Limited 4733188415.27 4745991554.35
Total 6592692715.23 8149993975.33
COSCO Logistics (Zhanjiang) Co. Ltd. 20909052.72 12222891.71
Antong Holdings and its subsidiaries 14331644.37 9901450.77
Sinotrans Container Transportation (Hainan) Co. Ltd. 5490141.47 2350603.78
Sinotrans (HK) Shipping Limited 4192924.81 1188868.03
Sinotrans Container Lines Co. Ltd. 2759474.70 4496476.26
Liaoning Port and its subsidiaries 2270387.91 2358141.87
GREAT HORN DEVELOPMENT COMPANY FZCO 2152921.44 2201806.92
Accounts receivable China Ocean Shipping Agency Shenzhen Co. Ltd. 2038931.07 3778789.25
Yiu Lian Dockyards (Shekou) Limited 1409897.20 355728.00
Sinotrans Central China Co. Ltd. 1247021.25 27768.35
China Merchants Investment Development Company Limited 1220166.04 3439600.00
Nanshan Group and its subsidiaries 1288469.27 337492.97
China Merchants Logistics Group (Tianjin) Co. Ltd. - 3109502.50
Other related parties 9712084.91 13888769.02
Total 69023117.16 59657889.43
- 176 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
6. Amounts due from/to related parties - continued
(1) Amounts due from related parties - continued
Item Related party Closing Balance Opening Balance
Shanggang Group and its subsidiaries 326565642.25 326565642.25
Nanshan Group and its subsidiaries 111042000.00 148056000.00
Qingdao Port Dongjiakou Ore Terminal Co. Ltd. 68175602.27 -
Merchants Port City 35771044.77 38809044.77
Dividends receivable Euro-Asia Oceangate S.à r.l. 28485290.83 23881469.17Port of Newcastle and its subsidiaries 7264990.21 -
China Ocean Shipping Agency Shenzhen Co. Ltd. - 10575000.00
COSCO Logistics (Zhanjiang) Co. Ltd. - 5649001.16
Qingdao Wutong Century Supply Chain Co. Ltd. - 1190109.26
Total 577304570.33 554726266.61
Chu Kong River Trade Terminal Co. Ltd. 32841079.20 37374974.40
Port de Djibouti S.A. 24776520.00 -
Shenzhen Qianhai Shekou Free Trade Investment Development
Co. Ltd. 7222330.00 6310000.00
Ocean Offshore 2403 Limited 7028800.00 -
China Merchants Investment Development Company Limited 5710073.55 3837775.52
Other receivables Shenzhen Nanyou (Holdings) Ltd. and its subsidiaries 3994120.74 31299652.92International Djibouti Industrial Parks Operation FZCo 1891143.64 293452.73
EuroAsia Dockyard Enterprise and Development Limited 1526824.77 1565400.24
China Merchants Commercial Property Investment (Shenzhen)
Co. Ltd. 1166408.40 1166408.40
CMHK 1059673.20 2300860.48
Other related parties 2668491.95 3954388.97
Total 89885465.45 88102913.66
China Merchants Life Insurance Company Limited 3126654.88 -
Prepayments Other related parties 1095819.45 306332.45
Total 4222474.33 306332.45
Non-current assets due Tianjin Haitian Bonded Logistics Co. Ltd. - 34300000.00
within one year China Merchants Finance Lease (Tianjin) Co. Ltd. - 733025.11Total - 35033025.11
Port of Newcastle and its subsidiaries 1032950257.96 920674796.27
Terminal Link SAS 239062457.32 215013954.38
Long-term receivables Tianjin Haitian Bonded Logistics Co. Ltd. 34300000.00 -
Other related parties 539722.23 1058295.37
Total 1306852437.51 1136747046.02
- 177 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
6. Amounts due from/to related parties - continued
(2) Amounts due to related parties
Item Related party Closing Balance Opening Balance
China Merchants Bank Co. Ltd. 1093426099.97 1298369781.25
Short-term borrowings China Merchants Group Finance Company Limited 191124984.44 180132916.65
Total 1284551084.41 1478502697.90
Antong Holdings and its subsidiaries 17869057.61 17869057.61
Nanshan Group and its subsidiaries 9459413.49 7793894.49
China Merchants (Shenzhen) Power Supply Co. Ltd. 7849882.40 7491614.83
Shenzhen Chiwan Industrial Development Co. Ltd and its
subsidiaries 5883063.90 5886136.82
COSCO Logistics (Zhanjiang) Co. Ltd. 3959010.47 111854.40
Liaoning Port and its subsidiaries 2956796.42 5020956.61
Accounts payable Yiu Lian Dockyards Limited 2304412.28 1831651.56
EuroAsia Dockyard Enterprise and Development Limited 2275716.26 1562589.15
International Djibouti Industrial Parks Operation FZCo 2013472.16 -
Qingdao Qianwan West Port United Wharf Co. Ltd. 1709239.56 2302401.72
China Merchants Investment Development Company Limited 1603085.74 1916766.44
Shenzhen West Port Security Service Co. Ltd. 1227570.98 991318.88
Other related parties 11585506.37 27129981.41
Total 70696227.64 79908223.92
Advance payments
received Other related parties 641753.44 1020627.96
CIAO International Limited 1500000.00 -
Contract liabilities Other related parties 1909613.77 990669.32
Total 3409613.77 990669.32
China Merchants Zhangzhou Development Zone Co. Ltd. 105526928.23 79792513.04
Yiu Lian Dockyards Limited 22924685.89 -
Dividends payable Zhanjiang Infrastructure Construction Investment Group Co.Ltd. - 52542231.24
Total 128451614.12 132334744.28
CMHK 309403432.24 3518.95
Lac Assal Investment Holding Company Limited 79952643.76 81768095.74
Antong Holdings and its subsidiaries 6340341.84 4743266.37
Nanshan Group and its subsidiaries 4667248.90 1487524.53
Liaoning Port and its subsidiaries 4050509.93 1752579.27
China Merchants Shekou Industrial Zone Holdings Co. Ltd. 3465204.79 6930409.58
Other payables CIAO International Limited 2999920.00 2999920.00
Sinotrans Shenzhen Qianhai Supply Chain Management Ltd. 1220440.54 1744765.30
China Merchants Commercial Property Investment (Shenzhen)
Co. Ltd. 156779.63 2975713.65
China Merchants Investment Development Company Limited - 3559625.15
Other related parties 11382893.37 14317754.41
Total 423639415.00 122283172.95
- 178 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTYRELATIONSHIPS AND TRANSACTIONS - continued
6. Amounts due from/to related parties - continued
(2) Amounts due to related parties - continued
Item Related party Closing Balance Opening Balance
China Merchants Investment Development Company Limited 12922678.94 -
Liaoning Port and its subsidiaries 755883.15 -
Other current liabilities China Merchants Bank Co. Ltd. 596666.67
Other related parties 943076.91 -
Total 15.218.305.67 -
China Merchants Group Finance Company Limited 307767555.63 153940240.06
China Merchants Bank Co. Ltd. 251962126.24 115025994.45
Nanshan Group and its subsidiaries 126190230.53 -
Non-current liabilities China Merchants Shekou Industrial Zone Holdings Co. Ltd. 32080134.08 37080955.45
due within one year Ocean Offshore 2403 Limited 28115200.00 -China Merchants Finance Lease (Tianjin) Co. Ltd. - 40241960.67
EuroAsia Dockyard Enterprise and Development Limited - 14776413.72
Other related parties 1581487.09 2585085.02
Total 747696733.57 363650649.37
China Merchants Bank Co. Ltd. 968696138.04 1316000000.00
Long-term borrowings China Merchants Group Finance Company Limited 725208087.03 658012389.53
Total 1693904225.07 1974012389.53
Nanshan Group and its subsidiaries 253660100.77 -
China Merchants International Cold Chain (Shenzhen)
Lease liabilities Company Limited 276491.76 1182801.92
China Merchants Shekou Industrial Zone Holdings Co. Ltd. - 32067795.24
Total 253936592.53 33250597.16
China Merchants Finance Lease (Tianjin) Co. Ltd. 109846754.96 31964366.45
Long-term payables Ocean Offshore 2403 Limited 99961134.57 -Yihai Kerry Arawana Holdings Co. Ltd. 36658499.40 -
Total 246466388.93 31964366.45
- 179 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XVI) SHARE-BASED PAYMENTS
1. Equity instruments
Type of Granted in the current Exercised in the current Unlocked in the current Lapsed in the current year
targets year year year
granted Qty. Amount Qty. Amount Qty. Amount Qty. Amount
Management - - 351400.00 1142050.00 - - 13500.00 43875.00
Outstanding stock option or other equity instruments at the end of current year
Outstanding stock option at the end of current year
Type of targets granted
Range of exercise prices Remaining term of contract
Management RMB 12.51 to RMB 14.76 13 months
- 180 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XVI) SHARE-BASED PAYMENTS - continued
2. Equity-settled share-based payments
The method used to determine the fair value of equity The cost of granted stock options was estimated using the
instruments at the grant date Black Scholes Model.At each balance sheet date in the vesting period the best
The basis for determining the number of exercisable equity estimate was made and the estimated number of exercisable
instruments equity instruments was modified according to the latestchanges in the number of employees who can exercise the
rights and other subsequent information.Reasons for the significant difference between the estimates
of the current year and the estimates of prior year Nothing
The aggregate amount of equity-settled share-based payments
that is included in capital reserve -
Pursuant to the Official Reply on the Implementation of the Stock Option Incentive Plan of China
Merchants Port Group Co. Ltd. by State-owned Assets Supervision and Administration
Commission of the State Council (No. 748 [2019] SASAC) which was deliberated and approved
by the 1st Extraordinary General Meeting of the Company in 2020 on 3 February 2020 the
Company implemented a stock option plan with effect from 3 February 2020 to grant 238
incentive recipients 17198000 stock options with an exercise price of RMB17.80 per share. With
a lockup period of 24 months from the grant date the stock options are exercisable upon expiry of
the 24-month lockup period in the premise that the vesting conditions are satisfied. The stock
options are exercisable in three batches specifically 40% for the first batch (after 24 months but
within 36 months subsequent to the grant date) 30% for the second batch (after 36 months but
within 48 months subsequent to the grant date) and the remaining 30% for the third batch (after 48
months but within 84 months subsequent to the grant date). Each stock option entitles the holder
to subscribe for one ordinary share of the Company.On 5 March 2021 the granting of stock option (reserved portion) under stock option inventive
plan (phase I) was completed. The reserved portion of stock option targets to total 3 persons
granting 530000 shares of stock option with exercise price of RMB15.09 per share. The grant
date is 29 January 2021. With a lockup period of 24 months from the grant date the stock options
are exercisable upon expiry of the 24-month lockup period in the premise that the vesting
conditions are satisfied. The stock options are exercisable in two batches specifically 50% for the
first batch (after 24 months but within 36 months subsequent to the grant date) and the remaining
50% for the second batch (after 36 months but within 72 months subsequent to the grant date).
Each stock option entitles the holder to subscribe for one ordinary share of the Company.- 181 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XVI) SHARE-BASED PAYMENTS - continued
2. Equity-settled share-based payments - continued
According to Article 32 of Stock Option Incentive Plan since the grant date of the stock option if
the Company distributes dividends prior to the exercise of the option the exercise price shall be
adjusted accordingly. Therefore the Company uniformly adjusted the exercise price from
RMB17.80 per share to 17.34 per share in respect of the first batch of stock option granted under
the stock option incentive plan (phase I) on 30 January 2021; the Company uniformly adjusted the
exercise price from RMB 17.34 per share to 16.96 per share in respect of the first batch of stock
option granted under the stock option incentive plan (phase I) and the exercise price of the
reserved portion of stock option from RMB 15.09 per share to 14.71 per share on 29 January 2022;
the Company uniformly adjusted the exercise price from RMB 16.96 per share to 16.53 per share
in respect of the first batch of stock option granted under the stock option incentive plan (phase I)
and the exercise price of the reserved portion of stock option from RMB 14.71 per share to 14.28
per share on 20 January 2023. Company uniformly adjusted the exercise price from RMB 16.53
per share to 16.08 per share in respect of the first batch of stock option granted under the stock
option incentive plan (phase I) and the exercise price of the reserved portion of stock option from
RMB 14.28 per share to 13.83 per share on 16 January 2024. Company uniformly adjusted the
exercise price from RMB 16.08 per share to 15.50 per share in respect of the first batch of stock
option granted under the stock option incentive plan (phase I) and the exercise price of the
reserved portion of stock option from RMB 13.83 per share to 13.25 per share on 31 August 2024.The Company uniformly adjusted the exercise price from RMB 15.50 per share to 14.76 per share
in respect of the first batch of stock option granted under the stock option incentive plan (phase I)
and the exercise price of the reserved portion of stock option from RMB 13.25 per share to 12.51
per share on 31 August 2025.As at 31 December 2025 as 1 of the incentive targets for the first batch of stock option granted
under the stock option incentive plan (phase I) have lost the qualification to participate in the
company's incentive plan the board of directors of the Company decided to cancel in total of
13500 shares of stock option granted but not yet exercised by such persons.
As at the date on which the financial statements are issued 192 incentive targets who can exercise
the rights for the third vesting period of the stock option (1st batch) under the stock option
incentive plan (phase I) included: (1) 187 incentive targets who met the designated grades in the
performance assessment holding 100% of the stock option (totalling 3408900 shares) for the
third vesting period of the stock option (1st batch) under the stock option incentive plan (phase I)
of the Company and satisfying the criteria of exercise; and (2) 5 incentive targets who met the
designated grades in the performance assessment holding 80% of the stock option (totalling
60480 shares) for the third vesting period of the stock option (1st batch) under the stock option
incentive plan (phase I) of the Company and satisfying the criteria of exercise. The second vesting
period of the stock option (reserved portion) under the stock option incentive plan (phase I)
targets to total 3 persons who can exercise the rights. The 3 incentive targets have met the
designated grades in the performance assessment and 100% of stock option for the second
vesting period of the stock option (reserved portion) under the stock option incentive plan (phase I)
of the Company held by them have satisfied the criteria of exercise granting 265000 shares of
exercisable stock option for the second vesting period of the stock option (reserved portion) under
the stock option incentive plan (phase I).- 182 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XVI) SHARE-BASED PAYMENTS - continued
3. Share-based payment expenses in the current year
Type of targets granted Equity-settled share-based payment expenses
Management -
(XVII) COMMITMENTS AND CONTINGENCIES
1. Significant commitments
Item Closing Balance Opening Balance
Commitments that have been entered into but have not
been recognised in the financial statements
- Commitment to make contributions to the investees 2469326880.09 68882165.47
- Commitment to acquire and construct long-term assets 3381159873.68 2891660439.17
Total 5850486753.77 2960542604.64
2. Contingencies
Item Closing Balance Opening Balance
Contingent liabilities brought by external litigations (Note 1) 963662048.81 804570710.82
Guarantee for borrowings of related parties (Note 2) 222911237.19 342405821.51
Total 1186573286.00 1146976532.33
Note 1: This mainly represents the significant contingent liabilities arising from the litigations
between TCP and its subsidiaries and local tax authority employee or former employee
of TCP and its subsidiaries in Brazil at as the year end. The amount involved in the
pending litigation is RMB 881304260.01. At the same time for the pending litigation
existing before the Group's acquisition of TCP the counter compensation agreement in
favour of the Group will be executed by the original TCP shareholders who sell shares.According to the counter compensation agreement the original TCP shareholders need
to compensate the Group for contingent liabilities and the amount of compensation
should not exceed the predetermined amount and the specified period. According to the
latest estimates of the management of the Company the above pending litigation is
unlikely to lead to the outflow of economic benefits from the enterprise. Therefore the
Group has not recognised the estimated liabilities for the contingent liabilities caused by
the above pending litigation.- 183 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XVII) COMMITMENTS AND CONTINGENCIES - continued
2. Contingencies - continued
Note 2: As at 31 December 2025 the guarantees provided by the Group for related parties are
detailed in Note (XV) 5.Except for the above-mentioned contingencies as at 31 December 2025 the Group had no other
major guarantees and other contingencies that need to be explained.(XVIII) EVENTSAFTER THE BALANCE SHEET
According to the profit distribution plan for the year 2025 passed at the 6th meeting of the 11th
Board held by the Company on 31 March 2026 the Company distributed cash dividends of RMB
7.99 (including tax) for every ten shares based on 2481897185 shares held in the repurchase
special account deducted from the total share capital as of 24 March 2025 totaling RMB
1983035850.82. The above-mentioned dividends distribution plan is yet to be reviewed and
approved by the shareholders' meeting.(XIX) OTHER SIGNIFICANT EVENTS
1. Segment reporting
(1) Basis for determining reporting segments and accounting policies
The key management team of the Company is regarded as the CODM who reviews the Group's
internal reports in order to assess performance allocate resources and determine the operating
segments. The CODM considers the operation of the Group in terms of business and locations.Individual operating segments for which discrete financial information is available are identified
by the CODM and are operated by their respective management teams. These individual operating
segments are aggregated in arriving at the reporting segments of the Group.From business and location perspectives the management assesses the performance of the
Group's business operations including ports operation bonded logistics operation and other
operations.Ports operation
Ports operation includes container terminal operation bulk and general cargo terminal operation
operated by the Group and its associates and joint ventures.- 184 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIX) OTHER SIGNIFICANT EVENTS - continued
1. Segment reporting - continued
(1) Basis for determining reporting segments and accounting policies - continued
Ports operation - continued
The Group's ports operation is presented as follows:
(a) Mainland China Hong Kong and Taiwan
Pearl River Delta
Yangtze River Delta
Bohai Rim
Others
(b) Other locations outside of Mainland China Hong Kong and Taiwan
Bonded logistics operation
Bonded logistics operation includes logistics park operation ports transportation and airport cargo
handling operated by the Group and its associates and joint ventures.Other operations
Other operations mainly include property development and investment and logistics business
operated by the Group's associates property investment operated by the Group and corporate
function.Each of the segments under ports operation includes the operations of a number of ports in
various locations within one geographic location. For the purpose of segment reporting these
individual operating segments have been aggregated into reportable segments on geographic basis
in order to present a more systematic and structured segment information. To give details of each
of the operating segments in the opinion of the directors of the Company would result in
particulars of excessive length.Bonded logistics operation and other operations include a number of different operations each of
which is considered as a separate but insignificant operating segment by the CODM. For segment
reporting these individual operating segments have been aggregated according to the nature of
their operations to give rise to more meaningful presentation.There are no material sales or other transactions between the segments.The revenue from a major customer of ports operation amounts to RMB 2909072284.64
representing 16.87% (2024: 14.25%) of the Group's operating income for 2025.- 185 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIX) OTHER SIGNIFICANT EVENTS - continued
1. Segment reporting - continued
(2) Financial information of reporting segments
Segment financial information for 2025 is as follows:
Ports operation
Item Mainland China Hong Kong and Taiwan Bonded logistics
Pearl River Delta Yangtze River Bohai Rim Others Other locations Sub-total
operation Others Unallocated amount Total
Delta
Operating income 6846460971.70 624606.56 28724541.44 3102625214.92 6448810395.23 16427245729.85 644652943.44 174483854.56 - 17246382527.85
Operating costs 3759872234.74 8518229.88 14775255.63 2602356247.42 2713413778.81 9098935746.48 367307647.16 189943854.64 - 9656187248.28
Segment operating profit (“-” for
losses) 3086588736.96 -7893623.32 13949285.81 500268967.50 3735396616.42 7328309983.37 277345296.28 -15460000.08 - 7590195279.57
Taxes and surcharges 38873568.46 1075744.28 1089548.48 53520036.21 216311120.77 310870018.20 26387183.19 24342004.60 5474194.67 367073400.66
Administrative expense 390397339.80 4144076.00 10548678.67 269300696.08 345726287.70 1020117078.25 55153639.32 1124950.94 456995623.88 1533391292.39
R&D expenses 153732534.35 - - 24017739.17 - 177750273.52 - - - 177750273.52
Financial expenses 55546113.57 -6720778.10 -1179741.20 49383507.07 77987521.81 175016623.15 28646078.40 3620138.27 1297558072.27 1504840912.09
Other income 128492668.02 1225456.48 46094.81 30416158.41 - 160180377.72 12008552.31 237823.39 - 172426753.42
Investment income (“-” for losses) 88917035.64 4995379562.85 203431537.60 26182460.37 730228943.85 6044139540.31 166126606.46 188011112.87 23242868.11 6421520127.75
Including: Investment income from
associates and joint ventures 34016486.64 4995379562.85 203431537.60 17532425.97 730228943.85 5980588956.91 166126606.46 188011112.87 - 6334726676.24
Gains from changes in fair value
(“-” for losses) 40183500.98 - - 223064.44 - 40406565.42 - - 1967561.64 42374127.06
Losses on
credit impairment(“-” for losses) -502737.37 - - -170485159.21 -12559983.11 -183547879.69 -107068741.24 - - -290616620.93
Impairment losses (“-” for losses) 1610.64 - - - -4329769.64 -4328159.00 -5744701.74 - - -10072860.74
Gains from asset disposals (“-” for
losses) 710056.40 - - 6528344.28 615155.94 7853556.62 -22302.10 - -439495.46 7391759.06
Operating profit (“-” for losses) 2705841315.09 4990212353.83 206968432.27 -3088142.74 3809326033.18 11709259991.63 232457809.06 143701842.37 -1735256956.53 10350162686.53
- 186 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIX) OTHER SIGNIFICANT EVENTS - continued
1. Segment reporting - continued
(2) Financial information of reporting segments - continued
Segment financial information for 2025 is as follows: - continued
Ports operation
Item Mainland China Hong Kong and Taiwan Bonded logisticsoperation Others Unallocated amount Total
Pearl River Delta Yangtze River Other locations Sub-totalDelta Bohai Rim Others
Non-operating income 19256372.65 - 501000.72 6305235.57 48982118.65 75044727.59 2335316.32 1234449.91 5305155.61 83919649.43
Non-operating expenses 8469920.94 - 318381.18 10079391.06 25144753.70 44012446.88 39632.50 324.74 13742994.40 57795398.52
Total profit (“-” for losses) 2716627766.80 4990212353.83 207151051.81 -6862298.23 3833163398.13 11740292272.34 234753492.88 144935967.54 -1743694795.32 10376286937.44
Income tax expenses 511549622.08 171299444.75 23315315.43 19061016.86 686607741.29 1411833140.41 33376875.90 24961456.88 123541.76 1470295014.95
Net profit (“-” for losses) 2205078144.72 4818912909.08 183835736.38 -25923315.09 3146555656.84 10328459131.93 201376616.98 119974510.66 -1743818337.08 8905991922.49
Segment assets 27957368640.78 64378877385.23 9053291782.90 26858430038.04 42154538054.25 170402505901.20 4625899703.24 16104573524.32 13881718365.92 205014697494.68
Total assets in the financial statements 205014697494.68
Segment liabilities 7988185415.44 1528571908.42 153535028.20 6949241867.46 6489715269.73 23109249489.25 502211469.97 405870077.64 49696318258.97 73713649295.83
Total liabilities in the financial statements 73713649295.83
Supplementary information:
Depreciation and amortisation 1130965853.52 6156013.81 958604.59 867941806.96 1028266510.30 3034288789.18 94867041.17 154302489.89 33045575.42 3316503895.66
Interest income 37407017.36 183144.94 205273.19 12285000.71 164893257.45 214973693.65 1632212.09 951685.61 161963235.50 379520826.85
Interest expense 80502888.97 7531845.28 - 61436579.58 316813564.59 466284878.42 25465633.19 7434952.02 1410822062.18 1910007525.81
Investment income from
long-term equity investments 34016486.64 4995379562.85 203431537.60 17532425.97 730228943.85 5980588956.91 166126606.46 188011112.87 - 6334726676.24
under equity method
Long-term equity investments
under equity method 1765517195.58 62180649623.04 8921065067.61 1690443296.44 12737031194.98 87294706377.65 1762892422.67 14015501264.55 - 103073100064.87
Non-current assets other than
long-term equity investments 19301776769.54 386871093.56 13374075.21 20184101596.42 25220591656.05 65106715190.78 2555373093.56 3174056395.60 626726319.92 71462870999.86
- 187 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIX) OTHER SIGNIFICANT EVENTS - continued
1. Segment reporting - continued
(2) Financial information of reporting segments - continued
Segment financial information for 2024 is as follows:
Ports operation
Item Mainland China Hong Kong and Taiwan Bonded logistics Unallocated
Pearl River Delta Yangtze River Bohai Rim Others Other locations Sub-total operation
Others amount Total
Delta
Operating income 6431616103.24 1244488.00 35429691.48 3443761318.55 5450560759.22 15362612360.49 581135985.94 187029681.81 - 16130778028.24
Operating costs 3643704953.94 7879940.23 21554240.31 2549974747.42 2427214953.44 8650328835.34 321819100.85 223868756.16 - 9196016692.35
Segment operating profit (“-” for
losses) 2787911149.30 -6635452.23 13875451.17 893786571.13 3023345805.78 6712283525.15 259316885.09 -36839074.35 - 6934761335.89
Taxes and surcharges 36099143.56 1108732.05 1142301.89 53246818.52 188035503.59 279632499.61 26824541.00 24354678.99 1522043.55 332333763.15
Administrative expense 441642697.27 3306900.14 13422831.03 528149064.56 300139650.63 1286661143.63 75409818.29 1125717.14 458347603.12 1821544282.18
R&D expenses 175109423.61 - - 26645642.75 - 201755066.36 - - - 201755066.36
Financial expenses 37387836.75 7762806.23 -299175.51 88123829.70 254737267.23 387712564.40 -4790361.01 14653358.03 1459790075.45 1857365636.87
Other income 143256859.08 1225442.53 26641.94 29233233.29 - 173742176.84 11444551.72 223574.73 - 185410303.29
Investment income (“-” for
losses) 132466129.59 5278531361.17 344928827.95 449467610.73 592968393.40 6798362322.84 99910880.05 -374726770.23 23450098.84 6546996531.50
Including: Investment income
from associates and joint 54377294.47 5315828512.05 308915198.02 443732105.49 592968393.40 6715821503.43 99910880.05 -374726770.23 - 6441005613.25
ventures
Gains from changes in fair value
(“-” for losses) 36202805.35 - 348884984.49 1166382.24 - 386254172.08 - 2172987.58 1805205.49 390232365.15
Reversal of/(Losses on) credit
impairment -2173136.38 - - -96866918.68 309219962.77 210179907.71 63614401.37 -800000.00 - 272994309.08
Impairment losses (“-” for
losses) -767306.24 - - - - -767306.24 - -8113482.64 - -8880788.88
Gains from asset disposals (“-”
for losses) 2100085.81 - -108483.27 35115963.87 -3054695.65 34052870.76 53074.13 - -43549.14 34062395.75
Operating profit (“-” for losses) 2408757485.32 5260942913.05 693341464.87 615737487.05 3179567044.85 12158346395.14 336895794.08 -458216519.07 -1894447966.93 10142577703.22
- 188 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIX) OTHER SIGNIFICANT EVENTS - continued
1. Segment reporting - continued
(2) Financial information of reporting segments - continued
Segment financial information for 2024 is as follows: - continued
Ports operation
Item Mainland China Hong Kong and Taiwan Bonded logistics Others Unallocated Total
Pearl River Delta Yangtze RiverDelta Bohai Rim Others
Other locations Sub-total operation amount
Non-operating income 14854852.86 56603.78 494224.01 12062080.43 25247186.94 52714948.02 123746.37 958639.58 5221321.35 59018655.32
Non-operating expenses 7303147.15 8273.40 - 11096299.32 41686171.97 60093891.84 18742.91 12929.40 10126537.58 70252101.73
Total profit (“-” for losses) 2416309191.03 5260991243.43 693835688.88 616703268.16 3163128059.82 12150967451.32 337000797.54 -457270808.89 -1899353183.16 10131344256.81
Income tax expenses 365999294.40 201089604.04 93283248.35 58529808.00 498880170.41 1217782125.20 40781729.30 -5407160.82 -318746.78 1252837946.90
Net profit (“-” for losses) 2050309896.63 5059901639.39 600552440.53 558173460.16 2664247889.41 10933185326.12 296219068.24 -451863648.07 -1899034436.38 8878506309.91
Segment assets 26481857320.70 61773227599.24 9089898859.40 27215990680.75 41379476385.11 165940450845.20 4728601803.38 17454804395.36 13393994837.51 201517851881.45
Total assets in the financial statements 201517851881.45
Segment liabilities 7005450645.63 1432965514.91 155616589.06 6879752045.97 6573177512.48 22046962308.05 520327840.86 478408300.92 50313714657.37 73359413107.20
Total liabilities in the financial statements 73359413107.20
Supplementary information:
Depreciation and amortisation 1101974370.36 5227042.20 909172.37 880034559.48 953267886.64 2941413031.05 94938612.00 194188349.73 36732644.12 3267272636.90
Interest income 44376828.93 528801.58 435955.95 15351650.68 191275463.28 251968700.42 4716104.32 1208189.24 219537326.43 477430320.41
Interest expense 84380450.90 8265931.82 - 103358149.34 292588128.85 488592660.91 7626009.14 12338219.71 1706662228.76 2215219118.52
Investment income from
long-term equity investments 54377294.47 5315828512.05 308915198.02 443732105.49 592968393.40 6715821503.43 99910880.05 -374726770.23 - 6441005613.25
under equity method
Long-term equity investments
under equity method 1800864231.47 59463859786.26 9035598922.91 1625511203.46 12422348899.54 84348183043.64 1783293756.67 13886553094.65 - 100018029894.96
Non-current assets other than
long-term equity investments 19044348224.36 393057726.70 14332679.80 20423093188.66 25146123941.56 65020955761.08 2664151796.28 3292646256.39 649834176.05 71627587989.80
- 189 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XIX) OTHER SIGNIFICANT EVENTS - continued
1. Segment reporting - continued
(3) Degree of reliance on major customers
The total operating income derived from the top five customers of the Group is RMB
6214186018.61 accounting for 36.03% of the Group's operating income.
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
1. Other receivables
1.1 Summary of other receivables
Item Closing Balance Opening Balance
Dividends receivable 148813646.87 965690879.89
Other receivables 1027288388.73 1447751781.79
Total 1176102035.60 2413442661.68
- 190 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
- continued
1. Other receivables - continued
1.2 Dividends receivable
(1) Dividends receivable listed by aging
Impaired or not
Investee Closing Balance Opening Balance Reason for and theoutstanding determination
basis
Dividend receivable aged less than 1 year 707086.83 816439596.16 —— — —
Including: Port Development (Hong Kong) Co. Ltd. - 805654800.00 —— No
Chiwan Shipping (Hong Kong) Limited 707086.83 209796.16 —— No
China Ocean Shipping Agency Shenzhen
Co. Ltd. - 10575000.00 —— No
Dividend receivable aged more than 1 year 148106560.04 149251283.73 —— — —
Relevant procedures
are being handled
Including: Wharf Holdings Hong Kong 147680363.88 147680363.88 and past dividends No
are being paid in
succession
Relevant procedures
are being handled
Chiwan Shipping (Hong Kong) Limited 209796.16 1354519.85 and past dividends No
are being paid in
succession
Others 216400.00 216400.00 Lack of funds No
Sub-total 148813646.87 965690879.89 —— — —
Less: Provision for bad debts - - —— — —
Total 148813646.87 965690879.89 —— — —
- 191 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
- continued
1. Other receivables - continued
1.3 Other receivables
(1) Aging analysis of other receivables
Closing Balance Opening Balance
Item Book value Proportion Provision for Book value Proportion Provision for(%) bad debts (%) bad debts
Within 1 year
(including 1 year) 1023107397.74 99.56 - 1447405298.82 99.95 -
1 to 2 years
(including 2 years) 3852675.52 0.37 - 18167.50 - -
2 to 3 years
(including 3 years) - - - - - -
More than 3 years 711772.07 0.07 383456.60 711772.07 0.05 383456.60
Total 1027671845.33 100.00 383456.60 1448135238.39 100.00 383456.60
(2) Disclosure of other receivables by nature
Item Closing Balance Opening Balance
Amounts due from related parties 1016519073.17 1438029807.71
Advance payments 8755449.49 5779708.72
Others 2397322.67 4325721.96
Sub-total 1027671845.33 1448135238.39
Less: Provision for bad debts 383456.60 383456.60
Total 1027288388.73 1447751781.79
- 192 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS - continued
1. Other receivables - continued
1.3 Other receivables - continued
(3) Disclose by bad debt provision method
Closing Balance Opening Balance
Credit Book value Provision for bad debts Carrying Book value Provision for bad debtsrating Carrying
Reason for
Amount Proportion Amount Proportion amount
provision
(%) (%) Amount
Proportion
(%) Amount
Proportion amount
(%)
A 1027288388.73 99.96 - - 1027288388.73 1447751781.79 99.97 - - 1447751781.79 ——
B - - - - - - - - - - ——
C - - - - - - - - - - ——
D 383456.60 0.04 383456.60 100.00 - 383456.60 0.03 383456.60 100.00 - Not expectedto be recovered
Total 1027671845.33 100.00 383456.60 0.04 1027288388.73 1448135238.39 100.00 383456.60 0.03 1447751781.79 ——
- 193 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
- continued
1. Other receivables - continued
1.3 Other receivables - continued
(4) Movements of provisions for bad and doubtful debts
Stage 1 Stage 2 Stage 3
Item 12-month ECL Lifetime ECL Lifetime ECL Total(not credit-impaired) (credit-impaired)
As at 1 January 2025 - - 383456.60 383456.60
Balance of other receivables as at 1 January 2025
- Transfer to Stage 2 - - - -
- Transfer to Stage 3 - - - -
- Reverse to Stage 2 - - - -
- Reverse to Stage 1 - - - -
Provision for the year - - - -
Reversal for the year - - - -
Transfer out due to derecognition of
financial assets (including direct - - - -
write-down)
Other changes - - - -
As at 31 December 2025 - - 383456.60 383456.60
(5) Details of bad debt provision
Changes for the year
Effect of
Category Opening Recovery or changes in Charge-off Other ClosingBalance Provision reversal the scope of or write- Balance
consolidation off
changes
Provision for bad debts
assessed on an 383456.60 - - - - - 383456.60
individual basis
Provision for bad debts
assessed on a portfolio - - - - - - -
basis
Total 383456.60 - - - - - 383456.60
(6) The Company has no recovery or reversal of significant provision for bad debts in the
current year.- 194 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
- continued
1. Other receivables - continued
1.3 Other receivables - continued
(7) The Company has no other receivables written off during the year.
(8) The top five balances of other receivables at the end of the year classified by debtor
Proportion to Provision for credit
Name of entity Book value Aging total other impairment at the Nature
receivables (%) end of the year
Wharf Holdings Hong
Kong 722029073.17
Within 1 year
(including 1 year) 70.26 - Loan to related parties
Dongguan Port Affairs 283298800.00 Within 1 year(including 1 year) 27.57 - Loan to related parties
China Merchants Within 1 year
Investment Development 5710073.55 (including 1 year) 0.56 - Advance payment for
Company Limited 1-2 years transactions
Shekou Container
Terminal Co. Ltd. 3227148.00
Within 1 year
(including 1 year) 0.31 - Loan to related parties
Chiwan Container Within 1 year
Terminal Co.Ltd 1792860.00 (including 1 year) 0.17 - Loan to related parties
Total 1016057954.72 — — 98.87 - ——
- 195 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Unless otherwise specified the monetary unit shall be RMB)
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS - continued
2. Long-term equity investments
(1) Breakdown of long-term equity investments
Changes for the year Provision for
Investee Investment cost Opening Balance Investment income Other impairmentIncrease Decrease under equity comprehensive Other equity Cash dividends or Provision for Closing Balance
method income movements profit declared impairment
Others at the closing
balance
I. Subsidiaries
Shenzhen Chiwan Port Development
Co. Ltd. (Note 1) 206283811.09 206283811.09 392406780.85 - - - - - - - 598690591.94 -
Zhanjiang Port 3381825528.52 3381825528.52 - - -- -- -- -- -- -- 3381825528.52 -
Chiwan Container Terminal Co. Ltd. 421023199.85 421023199.85 - - -- - -- -- -- - 421023199.85 -
Sanya Merchants Port Development
Co. Ltd. 2040000.00 2040000.00 - - - - - - -- -- 2040000.00 -
Shenzhen Chiwan International Freight
Agency Co. Ltd. (Note 1) 5500000.00 5500000.00 - -5500000.00 - -- -- -- -- - -- -
Wharf Holdings Hong Kong (Note 1) 1070000.00 1070000.00 - -329991.42 -- -- -- -- - -- 740008.58 -
CM International Tech 130462575.02 130462575.02 - - -- -- -- -- -- - 130462575.02 -
Dongguan Shenchiwan Port Affairs
Co. Ltd. (Note 1) 186525000.00 186525000.00 - -186525000.00 -- - -- - - -- - -
Chiwan Shipping (Hong Kong) Limited
(Note 1) 1051789.43 1051789.43 - -1051789.43 -- - -- - - - - -
Shenzhen Chiwangang Container
Co. Ltd. 250920000.00 250920000.00 - - -- -- -- -- -- -- 250920000.00 -
CM Port 181479422.23 181479422.23 - - -- -- -- - -- - 181479422.23 -
Dongguan Shenchiwan Wharf
Co. Ltd.(Note 1) 175000000.00 175000000.00 - -175000000.00 -- - -- -- -- - -- -
Shenzhen Chiwan Tugboat Co.Ltd.(Note 1) 24000000.00 24000000.00 - -24000000.00 - - - - -- -- - -
Ports Development (Hong Kong)
Limited 29203045326.23 29203045326.23 - - - - - - - - 29203045326.23 -
Guangdong Yide Port Co. Ltd. 131866700.00 131866700.00 - - - - -- - - - 131866700.00 -
Zhoushan RoRo 193314814.00 106104786.00 - - - - - - -- - 106104786.00 43605014.00
Shunkong Port 240013200.00 240013200.00 - - - -- - - - -- 240013200.00 -
Sub-total 34735421366.37 34648211338.37 392406780.85 -392406780.85 -- -- -- -- -- -- 34648211338.37 43605014.00
II. Associates - - - - -- - - -- -
China Merchants Bonded Logistics
Co. Ltd. 304536629.73 393184304.83 - - 41558784.24 - - -52642901.24 - -- 382100187.83 -
China Merchants Northeast Asia
Development & Investment Co. Ltd. 1000000000.00 1021905232.79 - - 3210194.75 - 2000.41 - - -- 1025117427.95 -
Ningbo Zhoushan Port Company
Limited 15820766202.96 17532047355.93 - - 1083273143.30 -21711673.04 16639132.80 -563297386.70 - -- 18046950572.29 -
Antong Holdings 771935435.37 963996902.74 - -135217143.73 69159085.92 -83346.28 - -- - - 897855498.65 -
Sub-total 17897238268.06 19911133796.29 - -135217143.73 1197201208.21 -21795019.32 16641133.21 -615940287.94 -- - 20352023686.72 -
III. Joint ventures - - - - - -
Fujian Zhaohang Logistics Management
Partnership (Limited Partnership) 450000000.00 637858949.05 - - 41203800.62 -53599.82 - -- - - 679009149.85 --
Shenzhen Gangteng Internet
Technology Co. Ltd. 15000000.00 8225982.88 - - -1512501.65 - 1097560.99 - - -- 7811042.22 --
Yantai Port Group Laizhou Port
Co. Ltd. 749655300.00 803852105.71 - - 975707.34 -16000.00 -752919.68 -19271356.08 - - 784787537.29 -
Sub-total 1214655300.00 1449937037.64 - - 40667006.31 -69599.82 344641.31 -19271356.08 - - 1471607729.36 -
Total 53847314934.43 56009282172.30 392406780.85 -527623924.58 1237868214.52 -21864619.14 16985774.52 -635211644.02 - -- 56471842754.45 43605014.00
- 196 -CHINA MERCHANTS PORT GROUP CO. LTD.SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2025
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
- continued
2. Long-term equity investments - continued
(1) Breakdown of long-term equity investments - continued
Note 1: This year our company will transfer 90% equity of Shenchiwan Tugboat 43.75% equity
of Dongguan Wharf 41.45% equity of Dongguan Port Affairs 100% equity of Chiwan
Shipping and 100% equity of Shenchiwan Freight Agency to Shenchiwan Development
for free. The subsidiary of our company Wharf Holdings Hong Kong transferred its
43.55% equity in Dongguan Wharf 56.25% equity in Dongguan Port Affairs 10%
equity in Shenchiwan Tugboat and 4% equity in Chiwan Container Terminal Co.Ltd.To Shenchiwan Development.
3. Operating income and operating costs
Item Current Year Prior YearIncome Cost Income Cost
Principal operation - - - -
Other operations 21190068.20 3739443.84 18456183.80 3739443.84
Total 21190068.20 3739443.84 18456183.80 3739443.84
- 197 -CHINA MERCHANTS PORT GROUP CO. LTD.SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2025
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
- continued
4. Investment income
(1) Details of investment income
Item Current Year Prior Year
Income from long-term equity investments 2573422379.01 2414410688.27
Including: Income from long-term equity investments
accounted for using the equity method 1237868214.52 1154581593.08
Income from long-term equity investments
accounted for using the cost method 1346072190.00 1259829095.19
Income from disposal of equity -10518025.51 -
Investment income from disposal of financial assets held
for trading 43444715.61 28210701.38
Income from investments in other equity instruments 9664500.00 10575000.00
Total 2626531594.62 2453196389.65
- 198 -CHINA MERCHANTS PORT GROUP CO. LTD.SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2025
1. RETURN ON NET ASSETS AND EARNINGS PER SHARE ("EPS")
In accordance with Regulation on the Preparation of Information Disclosures by Companies Issuing
Securities No. 9 – Calculation and Disclosure of Return on Net Assets and Earnings Per Share (2010
revised) issued by the CSRC and relevant accounting standards the Group’s weighted average return on
net assets earnings per share and diluted earnings per share for the year of 2025 are calculated as follows:
Profit in reporting period Weighted average EPSreturn on net assets (%) Basic EPS Diluted EPS
Net profit attributable to ordinary shareholders 7.3513% 1.8540 1.8537
Net profit attributable to ordinary shareholders after
deducting non-recurring profit or loss 7.0743% 1.7841 1.7838
- 199 -CHINA MERCHANTS PORT GROUP CO. LTD.SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2025
2. BREAKDOWN OF NON-RECURRING PROFIT OR LOSS
In accordance with the provisions of China Securities Regulatory Commission's Explanatory
Announcement No. 1 on Information Disclosure for Companies Making Public Offering - Non-recurring
Profit or Loss (Revised in 2023) the Group's non-recurring profit or loss for the year ended 31 December
2025 is as follows:
Item Amount Remark
Gains or losses on disposal of non-current assets including those charged off for
which provision for impairment of assets has been made -18117060.19
Government grants recognised in profit or loss (other than grants which are
closely related to the Company's business in line with the national regulations
enjoyed under established standards and have a continuous impact 118986220.93
on the Company's profit or loss)
Income earned from lending funds to non-financial institutions and recognised
in profit or loss 94696529.90
The excess of attributable fair value of identifiable net assets over the
consideration paid for subsidiaries associates and joint ventures -
Gains or losses on exchange of non-monetary assets 3320297.91
Gains or losses on entrusted investments or asset management -
Losses on assets due to force majeure e.g. natural disasters -
Gains or losses on debt restructuring -
Lump-sum costs incurred by the enterprises as a result of the discontinuation of
relevant business activities e.g. expenditure for layoff of employees etc. -14869617.41
Gains from transactions with unfair transaction price -
Net profit or loss of subsidiaries recognised as a result of business combination of
enterprises under common control from the beginning of the year up to the -
business combination date
Gains or losses arising from contingencies other than those related
to normal operating business -
Gains or losses from changes in fair value of financial assets and financial
liabilities held by non-financial enterprises other than effective hedging operation
relating to the Company's normal operations and gains or losses from disposal of 126067007.70
financial assets and financial liabilities
Reversal of provision for accounts receivable that are tested for
impairment individually 11455120.96
Gains or losses on entrusted loans -
Gains or losses from changes in fair value of investment properties that are
subsequently measured using the fair value model -
One-time effect of adjustments in tax laws and accounting laws and regulations
on profit or loss for the period -
Custodian fees earned from entrusted operation -
Share-based payment expenses recognised once due to the cancellation or
modification of equity incentive plans -
For cash-settled share-based payments gains or losses arising from changes
in fair value of employee benefits payable after the vesting date -
Other non-operating income or expenses other than above 37794746.74
Other profit or loss that meets the definition of non-recurring profit or loss 3856538.50
Sub-total 363189785.04
Tax effects -41848650.46
Effects of non-controlling interests (after tax) -147536278.02
Total 173804856.56
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