CHINAMERCHANTS PORT GROUPCO. LTD.INTERIM REPORT 2026
Date of Disclosure: 29 August 2026China Merchants Port Group Co. Ltd. Interim Report 2026
Part I Important Notes Table of Contents and Definitions
The Board of Directors (or the “Board”) as well as the directors and senior management 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 shall be individually as
well as jointly and severally liable for any misrepresentations misleading statements or material
omissions therein.Xu Song Legal Representative Huang Zhenzhou Chief Financial Officer and Liu Shixia Head of
Accounting Department 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.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.Risks exposed to the Company and countermeasures have been explained in Item X in “Part IIIManagement 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 is disclosed on the aforesaid media.The Company is not subject to any industry-specific disclosure requirements.The Board has approved an interim dividend plan as follows: based on the Company’s total share
capital at the record date of the dividend payout a cash dividend of RMB2.00 (tax inclusive) per 10
shares is to be distributed to shareholders with no bonus issue from either profit or capital reserves.This Report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions the Chinese version shall prevail.
1China Merchants Port Group Co. Ltd. Interim Report 2026
Table of Contents
Part I Important Notes Table of Contents and Defin... 1
Part II Corporate Information and Key Financial In....6
Part III Management Discussion and Analysis..........10
Part IV Governance Environmental and Social Inform.. 41
Part V Significant Events............................48
Part VI Share Changes and Shareholder Information... 63
Part VII Bonds.......................................68
Part VIII Financial Statements...................... 73
2China Merchants Port Group Co. Ltd. Interim Report 2026
Documents Available for Reference
1. Financial Statements carrying the signatures and stamps of the Legal Representative the
Chief Financial Officer and the Head of Accounting Department; and
2. Original copies of all documents and announcements disclosed by the Company on the
website designated by the CSRC during the Reporting Period.
3China Merchants Port Group Co. Ltd. Interim Report 2026
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)
CSRC China Securities Regulatory Commission
SZSE Shenzhen Stock Exchange
Abbreviation of Twenty-foot Equivalent Unit an international
TEU unit of measurement based on a container measuring 20 feetlong 8 feet wide and 8.5 feet high also known as the
international standard container unit
WTO World Trade Organization
ESG Environmental Social and Governance
COE Center of Excellence a lean operation mechanism
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 Co Ltd; 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
4China Merchants Port Group Co. Ltd. Interim Report 2026
Kao Ming Terminal Kao Ming Container Terminal Corp.CICT Colombo International Container Terminals Limited
HIPG Hambantota International Port Group (Private) Limited
TCP TCP Participa??es S.A.LCT Lome Container Terminal S.A.NPH PT Nusantara Pelabuhan Handal Tbk
Somaport Somaport SA
BTOS Bulk-and-general-cargo Terminal Operating System
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
Qianhaiwan Real Estate Shenzhen Merchants Qianhaiwan Real Estate Co. Ltd.RMB Expressed in the Chinese currency of Renminbi
RMB’0000 Expressed in tens of thousands of RenminbiExpressed in hundreds of millions of Renminbi
RMB’00000000 (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 rounding-off.
5China Merchants Port Group Co. Ltd. Interim Report 2026
Part II Corporate Information and Key Financial Information
I Corporate Information
Stock name CM Port Group/CM Port Group B Stock code 001872/201872
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. (if any) 招商港口
Company name in English (if
any) China Merchants Port Group Co. Ltd.Abbr. (if any) CMPort
Legal representative Xu Song
II Contact Information
Board Secretary Securities Representative
Name Liu Libing Hu Jingjing
24/F China Merchants Port 24/F China Merchants Port
Address Plaza 1 Gongye 3rd Road Plaza 1 Gongye 3rd RoadZhaoshang Street Nanshan Zhaoshang Street Nanshan
Shenzhen PRC Shenzhen PRC
Tel. +86 755 26828888 +86 755 26828888
Fax +86 755 26886666 +86 755 26886666
Email address Cmpir@cmhk.com Cmpir@cmhk.com
III Other Information
1. Contact Information of the Company
Indicate by tick mark whether any change occurred to the registered address office address and
their zip codes website address email address and other contact information of the Company in the
Reporting Period.□Applicable √ Not applicable
No change occurred to the said information in the Reporting Period which can be found in the 2025
Annual Report.
6China Merchants Port Group Co. Ltd. Interim Report 2026
2. Media for Information Disclosure and Place where this Report is Lodged
Indicate by tick mark whether any change occurred to the information disclosure media and the
place for lodging the Company’s periodic reports in the Reporting Period.□Applicable √ Not applicable
The website of the stock exchange media and other websites where the Company’s periodic reports
are disclosed as well as the place for lodging such reports did not change in the Reporting Period.The said information can be found in the 2025 Annual Report.
3. Other Relevant Information
Indicate by tick mark whether any change occurred to the other relevant information in the
Reporting Period.□Applicable √ Not applicable
IV Key Financial Information
Indicate by tick mark whether there is any retrospective adjustment or restatement to prior-year
financial statements.□Yes √ No
H1 2026 H1 2025 Change
Total operating
income (RMB) 8948462047.19 8468491376.08 5.67%
Net profit attributable
to shareholders of the 2781107015.26 2626638199.47 5.88%
Company (RMB)
Net profit attributable
to shareholders of the
Company after
deducting 2722938614.94 2518686036.20 8.11%
non-recurring profit or
loss (RMB)
Net cash inflow from
operating activities 3348074613.14 3008693316.79 11.28%
(RMB)
Basic earnings per
share (RMB/share) 1.12 1.05 6.67%
Diluted earnings per
share (RMB/share) 1.12 1.05 6.67%
Weighted average Up by 0.06
return on equity (%) 4.25% 4.19% percentage point
7China Merchants Port Group Co. Ltd. Interim Report 2026
30 June 2026 31 December 2025 Change (%)
Total assets (RMB) 207632748002.65 205014697494.68 1.28%
Equity attributable to
shareholders of the 65280492556.50 64365829932.20 1.42%
Company (RMB)
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) 2482148285
Fully 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) 1.1204
V 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 Overseas Accounting
Principle
□Applicable √ Not applicable
VI Non-recurring Profit or Loss
Unit: RMB
Item Amount Note
Gains or losses on disposal of non-current
assets including those charged off for which
provision for impairment of assets has been -3141493.33 -
made
8China Merchants Port Group Co. Ltd. Interim Report 2026
Government grants recognized in profit or loss
(other than grants which are closely to the
Company’s normal business in line with the
national regulations enjoyed under established 26760846.24 -
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
on disposal of financial assets and financial 76205723.67 -
liabilities other than effective hedging
operations relating to the Company’s normal
business operations
Income earned from lending funds to
non-financial institutions and recognized in 50235134.46 -
profit or loss
Reversal of provision for accounts receivable
that are tested for impairment individually 3042887.28 -
Lump- sum costs incurred by the enterprises as
a result of the discontinuation of relevant
business activities such as employee severance -39861941.00 -
expenditures
Other non-operating income or expenses other
than above items 4544236.98 -
Less: Income tax effects 24110197.41 -
Effects of non-controlling interests (after
tax) 35506796.57 -
Total 58168400.32 -
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
Interpretative Announcement No. 1 of Companies Issuing Publicly Traded Securities -
Non-Recurring Gains and Losses as a recurring gain or loss item.
9China Merchants Port Group Co. Ltd. Interim Report 2026
Part III Management Discussion and Analysis
I Principal Activities of the Company during the Reporting Period
1. Main businesses and business models
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 and 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
supervision and management business. It also focuses on port-related business innovation and
10China Merchants Port Group Co. Ltd. Interim Report 2026
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 a new generation of information
technology such as big data Internet of Things (IoT) and artificial intelligence (AI) promotes
“digital intelligence” 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 ports and regions with huge market potential rapid economic growth
Port investment and promising development 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 shipping companies offers container storage service to shipping
companies and cargo owners and provides container lifting services to trucking
Port operation companies. The Company also engages in the businesses of cargo consolidationand deconsolidation in containers 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 coal and more.The Company provides various services including warehouse/yard leasing
loading and unloading in warehouses/yards customs clearance and cargo
consolidation and deconsolidation at terminals intermodal transportation
logistics transportation and value-added warehousing services for clients
Port logistics (including logistics companies trading companies cargo owners and more).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.
11China Merchants Port Group Co. Ltd. Interim Report 2026
The Company focuses on the application of a new generation of informationtechnologies such as big data IoT and AI. It drives “digital and intelligentSmart transformation” and “greening initiatives” continuing to empower the port’s
technology 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.
2. During the Reporting Period the development trajectory and periodicity of as well as the
position in the industry in which the Company operates
(1) The macro-economic and trade environment
In the first half of 2026 the global economic growth remained stable and stronger than expected
although growth was uneven across regions. Supply shocks triggered by the war in the Middle East
and the technology benefits driven by artificial intelligence constituted two opposing forces
exerting an asymmetric dual impact on national economies. Geopolitical shocks were weighing on
energy-importing nations and vulnerable economies while AI-driven demand has boosted
economic growth in countries integrated into global technology value chains. Driven by factors
including the restructuring of global industrial and supply chains inflationary pressures and the rise
of AI growth in developed and emerging economies continued to diverge. Among developed
economies growth was uneven. The momentum of the US economic recovery has strengthened
significantly while the momentum of economic growth in Europe has slowed down. According to
data from the US Department of Commerce the US’s GDP growth for the first quarter of 2026 was
revised upwards to 2.1% quarter-on-quarter. Data from Eurostat indicated that the EU ’ s GDP
contracted by 0.1% quarter-on-quarter during the same period. Emerging economies demonstrated
greater growth resilience with Southeast Asian markets performing particularly well. In the first
quarter of 2026 the GDP of Vietnam Indonesia and Malaysia grew by 7.8% 5.6% and 5.4%
year-on-year respectively. With respect to trade global trade maintained moderate growth driven
by the expansion of trade activities spurred by advancements in AI structural demand growth
resulting from the restructuring of global production and supply chains and the trade front-loading
effect which has partially offset the disruptions caused by US tariff policies. According to data
12China Merchants Port Group Co. Ltd. Interim Report 2026
from WTO the volume of global merchandise trade rose by 3.2% year-on-year in the first quarter
of 2026.In the first half of 2026 faced with a complex international environment characterized by
heightened uncertainty in global trade policies and ongoing geopolitical conflicts China adhered to
the general principle of seeking progress while maintaining stability and effectively implemented
proactive and effective macroeconomic policies. The national economy forged ahead against
headwinds and operated within a reasonable range. According to data from the National Bureau of
Statistics of China China’s GDP grew by 4.7% year-on-year in the first half of 2026 continuing to
demonstrate the resilience of its economic development. In terms of trade China’s foreign trade
maintained a positive trend with notable achievements in stabilizing scale and optimizing structure.The export structure continued to improve with the share of exports of mechanical and electrical
products and high-tech products increasing and a diversified market structure taking further shape.According to data from the General Administration of Customs of China the total value of import
and export goods reached RMB25.47 trillion in the first half of 2026 surpassing the historical level
for the corresponding period once again with a year-on-year increase of 16.9% firmly maintaining
China’s position as the world’s largest goods trading nation. Of this the total value of exports was
RMB14.73 trillion up by 13.4% year-on-year; total imports stood at RMB10.74 trillion up by
22.1% year-on-year with the growth rate of imports exceeding that of exports by 8.7 percentage
points. Total value of import and export volume with “Belt and Road Initiative” partner countries
amounted to RMB12.97 trillion up by 14.8% year-on-year accounting for 50.9% of total foreign
trade.Looking ahead to the second half of 2026 trade shifts or imbalances may prompt more economies
to raise tariffs or impose additional non-tariff restrictions leading to a renewed escalation of trade
tensions which in turn could weigh on global economic growth. The IMF forecasts global
economic growth of 3.0% for 2026. Among which the developed economies are projected to see
slow growth in 2026 falling from 1.9% in 2025 to 1.7% in 2026 with growth in the Eurozone
13China Merchants Port Group Co. Ltd. Interim Report 2026
declining from 1.4% in 2025 to 0.9% in 2026. However US growth is expected to rise from 2.1%
in 2025 to 2.3% in 2026. The economic growth of emerging markets and developing economies is
projected to be 3.8% in 2026 down by 0.7 percentage points year-on-year of which the growth of
emerging market and developing economies in Asia is expected to be 5.0% down by 0.6 percentage
points year-on-year. Global trade growth is set to slow affected by persistent geopolitical
uncertainty inflationary pressures and rising trade costs. The IMF forecasts that global trade
volume (goods and services) will grow by 3.5% in 2026 a decrease of 1.5 percentage points
year-on-year.In the second half of 2026 the effects of China’s macroeconomic policies are expected to continue
to unfold and take effect. China will introduce more proactive and targeted measures in response to
evolving circumstances. New growth drivers are expected to make an increasing contribution to
economic growth while maintaining strong momentum and the economic structure is expected to
continue to be optimized. However it should also be noted that there are numerous external sources
of instability and uncertainty the contradiction between strong domestic supply and weak demand
remains prominent and the foundation for economic recovery still needs to be consolidated. Going
forward macroeconomic policies will adhere to the principle of seeking progress while maintaining
stability and improving quality and efficiency. Efforts will be intensified to strengthen
counter-cyclical and cross-cyclical adjustments while continuing to expand domestic demand and
optimize supply with a focus on stabilizing employment enterprises markets and expectations.
(2) Analysis of development trajectory of port and shipping industry
In the first half of 2026 the global container shipping market was affected by multiple factors
including geopolitical conflicts trade policies and structural changes in supply and demand
resulting in international freight rates following a volatile upward trend. On the supply side
according to the maritime consultancy Alphaliner the global operational container vessel capacity
in aggregate reached approximately 34.32 million TEUs as at the end of June 2026. During the first
half of the year the global container fleet saw a capacity increase of around 2.0% due to new vessel
14China Merchants Port Group Co. Ltd. Interim Report 2026
deliveries with the annual growth rate in container vessel capacity projected to be approximately
4.2%. On the demand side according to forecasts by the maritime consultancy Clarksons the global
container shipping volume in 2026 is expected to grow by approximately 2.4% year-on-year. While
capacity growth continued to outpace demand growth effective capacity tightened temporarily in
the first half of the year due to the need to reroute vessels around the Red Sea and the Middle East
leading to a fluctuating upward trend in freight rates on ocean-going routes. In the second half of
the year freight rates are likely to face downward pressure as demand momentum weakens
following the dissipation of the trade front-loading effect coupled with supply-side pressures
arising from new vessel deliveries. However geopolitical uncertainties will continue to provide
underlying support for freight rates. Furthermore to meet customers’ increasingly diverse service
requirements leading liner companies are actively adjusting their business strategies. They are
focusing on building end-to-end logistics capabilities covering the entire supply chain accelerating
the deep integration of digital and intelligent technologies with shipping operations and speeding
up the deployment of new-energy vessels and the decarbonization of their fleets thereby
comprehensively enhancing the quality of shipping services.Container throughput at major global hub ports showed positive growth with emerging markets
such as Southeast Asia and Latin America recording an outstanding performance. However the
Middle East container market has seen a significant decline in volumes due to the impact of
geopolitical conflicts. According to forecasts by the maritime consultancy Drewry the ports in Asia
handled a throughput of 280 million TEUs in the first half of 2026 representing an increase of 5.0%
year-on-year. Among which the ports in Southeast Asia handled a throughput of 75.80 million
TEUs representing an increase of 7.2% year-on-year. The ports in the Middle East handled a
throughput of 14.88 million TEUs representing a decrease of 34.9% year-on-year. The ports in
Europe and North America handled a throughput of 78.73 million TEUs and 39.86 million TEUs
respectively representing increases of 4.5% and 1.7%. The ports in Africa and Latin America
handled a throughput of 22.97 million TEUs and 33.62 million TEUs respectively representing
15China Merchants Port Group Co. Ltd. Interim Report 2026
increases of 0.5% and 7.7%. Thanks to the steady growth of China’s foreign trade scale the
container throughput growth rate of the ports in China maintained at a relatively high level.According to data published by the Ministry of Transport of China the accumulated container
throughput handled by ports in Chinese Mainland achieved 182.92 million TEUs in the first half of
2026 representing an increase of 5.9% year-on-year. Of which the accumulated container
throughput handled by coastal ports achieved 161.05 million TEUs representing an increase of
5.9% year-on-year.
(3) The Company’s industry position
The Company ranks among the global leading public port operators and is committed to developing
as a world-class comprehensive port service provider. In terms of scale 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 the shipping consulting agency Drewry in 2025 the
Company ’ s equity throughput of containers reached 66.00 million TEUs ranking among the top
global port operators. In terms of quality the major terminals controlled by the Company have
occupied various market and regional leading positions. The Company continued to promote ESG
development and strived to create an ESG port benchmark in the industry. In addition leveraging
the strong foundation in port technology and based on the TOS system self-developed by CMPort
the Company has developed the world's first full-scenario full-time all-condition and multi-factor
traditional container terminal 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 35 terminals in the Greater Bay Area to help enhance the trade facilitation level in the
Greater Bay Area. 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 Analysis of Core Competitiveness
16China Merchants Port Group Co. Ltd. Interim Report 2026
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 (SOE) 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 and
upgrading traditional industries cultivating and expanding emerging industries while building a
“Smile Curve” that climbs toward the higher end of the industrial chain and a sustainable “MalikCurve”. Through these initiatives the Group is comprehensively accelerating its “thirdentrepreneurship” 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.
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.
17China Merchants Port Group Co. Ltd. Interim Report 2026
As an important platform for domestic and overseas port investment and operation under China
Merchants Group China Merchants Port has accumulated more than 30 years of experience in port
investment and operations of which over 15 years of experience is in overseas investment and
operations. 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 with a shared future. 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 unforeseen 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.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
18China Merchants Port Group Co. Ltd. Interim Report 2026
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.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
19China Merchants Port Group Co. Ltd. Interim Report 2026
service platform providing one-stop comprehensive port services for the port shipping and
logistics industries. With the arrival of the AI era the Company has launched the “Piercep ” AI
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 isthe region’s first 5G-enabled smart port and has been awarded the designation of “China Five-StarSmart Port ” demonstrating the Company ’ s outstanding achievements in digitalization and
intelligentization.
6. Continuous improvement in ESG sustainability
The Company continues to focus on the vision of becoming a world-leading green and smart
comprehensive port service provider implements the ESG concept and enhances its sustainable
development capabilities.The Company set up a comprehensive and well-established ESG management system by
incorporating the ESG concept into operational management. This aims to make more tangible
achievements in various material issues such as “Environmental Social and Governance” making
ESG practices a new engine of the Company’s growth and facilitating the sustainability of the
Company. In respect of governance board building systems refinement and risk control are
integrated into the Company’s ESG governance framework which mainly strengthens overseas
compliance risk management and embeds ESG risks into its comprehensive risk management
system. In respect of the environment the Company continuously optimizes its energy structure
accelerates the electrification of equipment promotes the application of low-carbon technologies
and strengthens port-shipping synergistic carbon reduction. Meanwhile it deepens full-process
environmental management emphasizing waste reduction at the source and resource recycling
while safeguarding local natural ecosystems and advancing biodiversity conservation. Regarding
social responsibility internally the Company prioritizes employee development and is committed
to fostering a diverse equitable inclusive and safe work environment. Externally it actively
promotes the integrated development of its terminals with surrounding communities driving local
20China Merchants Port Group Co. Ltd. Interim Report 2026
employment environmental protection support for vulnerable groups children’s education and
cultural harmony to achieve win-win cooperation.III Analysis of Principal Businesses
1. Review of port business
(1) Overall overview of port business
During the first half of 2026 the container business of the Company showed growth momentum
and its bulk cargo business maintained a stable foundation. The Company’s ports handled a total
container throughput of 106.78 million TEUs representing a year-on-year increase of 5.5%; bulk
cargo volume reached 622.03 million tonnes representing a year-on-year decrease of 1.5%. For the
container business ports in Mainland China handled 84.69 million TEUs representing a
year-on-year increase of 6.9%. Ports in Hong Kong and Taiwan recorded a combined throughput of
2.40 million TEUs representing a year-on-year decrease of 14.7%. Overseas ports handled 19.69
million TEUs representing a year-on-year increase of 2.5%. For the bulk cargo business ports in
Mainland China handled 616.34 million tonnes representing a year-on-year decrease of 1.6%
while overseas ports handled 5.70 million tonnes representing a year-on-year increase of 18.6%.Table 3-1 Company Throughput and Changes in the First Half of 2026
Item In the first half of In the first half of2026 2025 Change
Container throughput (0000 TEUs) 10677.5 10120.7 5.5%
of which: Chinese Mainland 8468.6 7918.9 6.9%
Hong Kong and Taiwan 239.7 280.9 -14.7%
Overseas 1969.2 1920.9 2.5%
Bulk cargo throughput (0000 tonnes) 62203.3 63124.2 -1.5%
of which: Chinese Mainland 61633.8 62644.0 -1.6%
Overseas 569.5 480.2 18.6%
Note: The above statistics represent the total throughput of the Company’s subsidiaries associates and joint
ventures.
(2) Regional operating performance of port business
21China Merchants Port Group Co. Ltd. Interim Report 2026
Table 3-2 Company Container Throughput and Changes in the First Half of 2026 (0000
TEUs)
Region and Port Company In the first In the first Change
half of 2026 half of 2025
West Shenzhen Port
Controlle
Pearl River Zone
874.0839.04.2%
d
Delta Shunde New Port 20.1 18.6 8.1%
Associate CKRTT 37.5 39.1 -4.1%
Yangtze River Associate SIPG 2873.7 2701.3 6.4%
Delta Associate Ningbo Port 2769.1 2545.0 8.8%
Liaoning Port 576.2 547.5 5.2%
Bohai Rim Associate QQCTU 690.2 635.1 8.7%
Tianjin Port 460.4 430.5 6.9%
Container Terminal
Southeast Shantou Port 82.0 84.5 -3.0%
Region of Controlle
Chinese d Zhangzhou Port 23.7 20.7 14.5%
Mainland
Southwest
Region of Controlle
Chinese d Zhanjiang Port 61.7 57.6 7.1%
Mainland
Controlle
Hong Kong d / CMCS/MTL 186.1 209.5 -11.2%
and Taiwan Associate
Associate KMCT 53.6 71.4 -24.9%
CICT 164.3 167.7 -2.0%
HIPG 32.5 18.0 80.6%
Controlle
d NPH 38.5 38.7 -0.5%
LCT 83.5 95.7 -12.7%
Overseas TCP 83.5 80.3 4.0%
Kumport 83.1 72.5 14.6%
PDSA 60.6 57.3 5.8%
Associate
TICT 17.4 17.2 1.2%
Terminal Link 1405.8 1373.5 2.4%
Total 10677.5 10120.7 5.5%
22China Merchants Port Group Co. Ltd. Interim Report 2026
Table 3-3 Company Bulk Cargo Throughput and Changes in the First Half of 2026 (0000
tonnes)
Region and Port Company In the first In the firsthalf of 2026 half of 2025 Change
West Shenzhen
Port Zone 712.4 749.9 -5.0%
Pearl River Controlled Dongguan
Delta Mayong
867.8867.90.0%
Shunde New Port 302.1 247.3 22.2%
Associate CKRTT 175.3 217.5 -19.4%
Yangtze River Associate SIPG 3913.7 3957.0 -1.1%
Delta Associate Ningbo Port 33038.7 34574.0 -4.4%
Liaoning Port 12121.3 11661.3 3.9%
Laizhou Port 837.7 797.8 5.0%
Bohai Rim Associate QQTU 625.0 640.5 -2.4%
Qingdao
Dongjiakou 4392.3 4138.7 6.1%
Southeast Shantou Port 253.9 207.5 22.4%
Region of Controlled Zhangzhou Port 501.8 561.3 -10.6%Chinese Xia Men Bay
Mainland Terminals 196.4 265.1 -25.9%
Southwest
Region of
Chinese Controlled Zhanjiang Port 3695.4 3758.2 -1.7%
Mainland
Controlled HIPG 177.9 121.6 46.3%
Kumport 0 14.8 -100.0%
Overseas
Associate PDSA 313.4 244.9 28.0%
Terminal Link 78.2 98.9 -20.9%
Total 62203.3 63124.2 -1.5%
Pearl River Delta region
The West Shenzhen Port Zone handled a container throughput of 8.74 million TEUs up by 4.2%
year-on-year which was mainly benefitted from the growth of foreign trade; and handled a bulk
cargo volume of 7.12 million tonnes down by 5.0% year-on-year mainly due to adjustments in
business structure. Shunde New Port handled a container throughput of 0.20 million TEUs up by
8.1% year-on-year; and handled a bulk cargo volume of 3.02 million tonnes up by 22.2%
23China Merchants Port Group Co. Ltd. Interim Report 2026
year-on-year which was mainly benefitted from the business expansion in the hinterland.Dongguan Mayong handled a bulk cargo volume of 8.68 million tonnes remaining year-on-year
stable. CKRTT handled a total container throughput of 0.38 million TEUs down by 4.1%
year-on-year; and handled a bulk cargo volume of 1.75 million tonnes down by 19.4%
year-on-year mainly due to a decline in demand for construction materials.Yangtze River Delta region
SIPG handled a container throughput of 28.74 million TEUs up by 6.4% year-on-year; and handled
a bulk cargo volume of 39.14 million tonnes down by 1.1% year-on-year. Ningbo Port handled a
container throughput of 27.69 million TEUs up by 8.8% year-on-year; and handled a bulk cargo
volume of 330.39 million tonnes down by 4.4% year-on-year.Bohai Rim region
Liaoning Port handled a container throughput of 5.76 million TEUs up by 5.2% year-on-year; and
handled a bulk cargo volume of 121.21 million tonnes up by 3.9% year-on-year. Laizhou Port
handled a bulk cargo volume of 8.38 million tonnes up by 5.0% year-on-year. QQCTU handled a
container throughput of 6.90 million TEUs up by 8.7% year-on-year which was mainly due to the
optimization of shipping routes adjustment. QQTU handled a bulk cargo volume of 6.25 million
tonnes down by 2.4% year-on-year. Qingdao Dongjiakou handled a bulk cargo volume of 43.92
million tonnes up by 6.1% year-on-year which was mainly benefitted from the increase in the
cargo volume of ore. Tianjin Port Container Terminal handled a container throughput of 4.60
million TEUs up by 6.9% year-on-year which was mainly attributable to the shipping routes
optimization.South-East region
Shantou Port handled a container throughput of 0.82 million TEUs down by 3.0% year-on-year;
and handled a bulk cargo volume of 2.54 million tonnes up by 22.4% year-on-year which was
mainly benefitted from growing demand for cement in the hinterland. Zhangzhou Port handled a
24China Merchants Port Group Co. Ltd. Interim Report 2026
container throughput of 0.24 million TEUs up by 14.5% year-on-year which was mainly benefitted
from the development of new shipping routes; and handled a bulk cargo volume of 5.02 million
tonnes down by 10.6% year-on-year mainly due to the decline in demand for coal and iron ore.Xia Men Bay Terminals handled a bulk cargo volume of 1.96 million tonnes down by 25.9%
year-on-year mainly due to the decline in demand for sandstone.South-West region
Zhanjiang Port handled a container throughput of 0.62 million TEUs up by 7.1% year-on-year
which was mainly benefitted from the business expansion in the hinterland and the optimization of
the route network; and handled a bulk cargo volume of 36.95 million tonnes down by 1.7%
year-on-year.Hong Kong and Taiwan
CMCS and MTL in Hong Kong handled a total container throughput of 1.86 million TEUs down
by 11.2% year-on-year mainly due to market factors. KMCT in Taiwan handled a total container
throughput of 0.54 million TEUs down by 24.9% year-on-year mainly due to route adjustments of
shipping alliances.Overseas region
CICT in Sri Lanka handled a container throughput of 1.64 million TEUs down by 2.0%
year-on-year. HIPG in Sri Lanka handled a container throughput of 0.33 million TEUs up by
80.6% year-on-year which was mainly benefitted from the capacity enhancement and market
expansion; and handled a bulk cargo volume of 1.78 million tonnes up by 46.3% year-on-year
which was mainly benefitted from the rising demand in the local building materials market and the
growth of RoRo business volume. NPH in Indonesia handled a container throughput of 0.39 million
TEUs down by 0.5% year-on-year. LCT in Togo handled a container throughput of 0.84 million
TEUs down by 12.7% year-on-year mainly due to the congestion in neighboring ports. TCP in
Brazil handled a container throughput of 0.84 million TEUs up by 4.0% year-on-year which was
25China Merchants Port Group Co. Ltd. Interim Report 2026
mainly benefitted from the volume growth of reefer containers. Kumport in Turkey handled a
container throughput of 0.83 million TEUs up by 14.6% year-on-year which was mainly benefitted
from shipping routes optimization. PDSA in Djibouti handled a container throughput of 0.61
million TEUs up by 5.8% year-on-year; and handled a bulk cargo volume of 3.13 million tonnes
up by 28.0% year-on-year which was mainly benefitted from economic growth in the hinterland.TICT in Nigeria handled a container throughput of 0.17 million TEUs up by 1.2% year-on-year.Terminal Link handled a container throughput of 14.06 million TEUs up by 2.4% year-on-year;
and handled a bulk cargo volume of 0.78 million tonnes down by 20.9% year-on-year.
2. Implementation of operating plan during the Reporting Period
During the Reporting Period the Company committed to its strategic goal of becoming a
“world-leading comprehensive port service provider” upholding the three-driver model of “GlobalPresence” “Lean Management” and “Innovative Transformation”. It achieved results in areas such
as homebase port development overseas expansion operational management technological
innovation and ESG initiatives with key operational performance indicators securing sound
growth.
(1) As for homebase port construction the Company consolidated its regional foundations
and enhanced competitive advantages. The West Shenzhen Port Zone maintained an upward
trend in its container business. Efforts to integrate container business resources and optimize the
deployment in the West Shenzhen Port Zone were undertaken in an orderly manner and steady
progress was made on the construction of the Dachan Bay Phase II project. In overseas homebase
ports CICT in Sri Lanka maintained its leading market share in container throughput within the
port area and continued to strengthen cooperation with key customers. HIPG in Sri Lanka leveraged
its regional strength to continuously enhance capacity and streamline its business structure. With
coordinated growth across the container and RoRo business segments the Company's operations
showed positive momentum.
26China Merchants Port Group Co. Ltd. Interim Report 2026
(2) Regarding overseas expansion the Company focused on key regions and intensified its
strategic deployment. Focusing on structural investment opportunities in growth markets such as
Southeast Asia Latin America and Africa the Company steadily and methodically expanded its
portfolio of overseas controlled terminals. Concurrently the Company continued to promote
integrated synergy between CICT and HIPG in Sri Lanka strengthening port capacity and
achieving efficient resource sharing and complementary advantages. TCP in Brazil has accelerated
projects such as yard expansion berth refurbishment and gantry crane upgrades. Meanwhile NPH
in Indonesia has proceeded with management integration to maintain smooth business operations.
(3) In respect of operations management the Company deepened its lean management and
strengthened top-down empowerment. The Company has laid a solid foundation for value
creation through lean management and empowered high-quality development through top-down
control and management. On the one hand the Company continued to deepen the philosophy of
lean management optimize the end-to-end operational system establish commercial control
mechanisms promote meticulous management and coordinated business expansion achieve cost
control and operation efficiency enhancement and improve the financing structure to enhance asset
operational efficiency. On the other hand the Company has strengthened governance across its
global operations by establishing localized decision-making rules clarifying governance
responsibilities and improving overseas risk identification and process control systems. By
leveraging digital systems to advance the integration of financial management both domestically
and overseas the Company supported its long-term steady development through high-standard
global resource allocation and enhanced governance efficiency.
(4) As regards technological innovation the Company advanced digital and intelligent
empowerment to build green ports. The Company remained committed to technology-driven
development actively exploring applications of cutting-edge technologies such as artificial
intelligence and focusing on leveraging technology to empower industrial upgrading. Firstly the
Company sustained its efforts to strengthen system research and development. A new foundational
27China Merchants Port Group Co. Ltd. Interim Report 2026
version of the CTOS system has been released which features capabilities to support the operations
of small medium and micro-scale container terminals. Regarding the BTOS product for bulk and
general cargo a contract has been signed for the Somaport terminal in Morocco. Secondly the
Company spared no effort to promote smart applications. Shekou Container Terminal has rolled out
a smart yard plan effectively reducing the rate of container overturns while Mawan Smart Port has
continuously optimized port operations with the operation efficiency of autonomous vehicles
improving steadily. Thirdly green transformation was actively pursued with Mawan Smart Port
having completed the first ship-to-ship LNG bunkering operation.
(5) In terms of ESG construction the Company explored cutting-edge issues and achieved
excellent results in rating improvements. The Company continuously reinforced the integration
of ESG into its operations and promoted the routine management of ESG issues. On the
environmental front the Company published its first Nature-related Financial Impact Report in
April 2026 systematically assessing the impact on nature across its value chain and formulating
corresponding biodiversity conservation strategies. On the social front the Company was
recognized as an outstanding model of volunteer service in Guangdong Province for 2025. In terms
of governance the Company has advanced the development of the boards of directors for the
Company and its subsidiaries continuously enhancing governance standards. During the period the
Company maintained its Wind ESG rating at AAA ranking first in the transportation infrastructure
industry and being selected for Fortune China's ESG Impact List. The MSCI ESG rating of its
subsidiary China Merchants Port was upgraded from BBB to A in March.
3. Year-on-year Changes in Key Financial Data
Unit: RMB
H1 2026 H1 2025 Change Main reason for change
Operating income 8948462047.19 8468491376.08 5.67% -
Operating costs 4752291707.16 4596264092.50 3.39% -
General and
administrative 763945984.07 759073109.44 0.64% -
expenses
28China Merchants Port Group Co. Ltd. Interim Report 2026
Financial expenses 702394205.91 836571986.58 -16.04% -
Income tax expenses 876426240.35 728408809.32 20.32% -
Research and
development 96878463.20 119104880.47 -18.66% -
investments
Net cash inflow from 3348074613.14 3008693316.79 11.28% -
operating activities
Net cash inflow from 178571194.42 1270833149.04 -85.95% Effects of changes in
investing activities structured deposits
Combined effects of
reduced debt
repayments and interest
Net cash outflow from -2774521341.00 -5941464208.42 53.30% payments together
financing activities
with dividend
distributions and other
factors
Combined effects of
Net increase in cash 604639259.75 -1610511448.16 137.54% cash flows from
and cash equivalents operating investing
and financing activities
Significant changes to the profit structure or sources of the Company in the Reporting Period:
□Applicable √ Not applicable
No such changes in the Reporting Period.Breakdown of operating income:
Unit: RMB
H1 2026 H1 2025
As % of total As % of total Change
Operating income Operating income
operating income operating income
Total 8948462047.19 100% 8468491376.08 100% 5.67%
By operating division
Ports operation 8541138249.78 95.45% 8077516582.75 95.38% 5.74%
Bonded logistics
323836096.083.62%305195700.043.61%6.11%
operation
Property
development and 83487701.33 0.93% 85779093.29 1.01% -2.67%
investment
By operating segment
Mainland China
Hong Kong and 5445729773.81 60.86% 5393865378.88 63.69% 0.96%
Taiwan
Other countries
3502732273.3839.14%3074625997.2036.31%13.92%
and regions
Operating division product category or operating segment contributing 10% or more of operating
income or operating profit:
Unit: RMB
29China Merchants Port Group Co. Ltd. Interim Report 2026
YoY change in
Gross YoY change in
YoY change in gross profit
Operating income Operating costs profit operating
operating costs margin(percentage
margin income
point)
By operating division
Ports operation 8541138249.78 4463425346.70 47.74% 5.74% 3.51% 1.13
By operating segment
Mainland China
Hong Kong and 5445729773.81 3355656975.22 38.38% 0.96% 0.89% 0.04
Taiwan
Other countries
3502732273.381396634731.9460.13%13.92%9.95%1.44
and regions
Core business data restated according to the changed methods of measurement that occurred in the
Reporting Period:
□Applicable √ Not applicable
IVAnalysis of Non-Core Businesses
Unit: RMB
As % of
profit
Amount before Source/Reason Recurrent
income or not
tax
Share of the profit of joint ventures
Investment income 3750165351.14 60.01% and associates mainly from SIPG Yes
and Ningbo Port
Gains or losses from
changes in fair 24450827.42 0.39% - No
value
Non-operating
income 11160829.16 0.18% - No
Non-operating
expenses 10392892.40 0.17% - No
Mainly due to government grants
Other income 52290043.56 0.84% No
obtained
VAnalysis of Assets and Liabilities
1. Significant Changes in Asset Composition
Unit: RMB
30 June 2026 31 December 2025 Reason for any
Change in
As % of As % of significant
Amount Amount proportion
total assets total assets change
Mainly due to
Cash and bank 15931449539.20 7.67% 15374846360.79 7.50% 0.17% changes in
balances
expenditures on
30China Merchants Port Group Co. Ltd. Interim Report 2026
operating
investing and
financing
activities
Mainly due to
the effects of
increased
Accounts 2211972986.10 1.07% 1297166857.70 0.63% 0.44% income and
receivable cyclical
variations in
collection
patterns
Mainly due to
increased
Inventories 298274145.09 0.14% 307216425.15 0.15% -0.01%
consumption of
spare parts by
overseas
subsidiaries
Investment 3094241385.73 1.49% 3157951323.78 1.54% -0.05% -
properties
Long-term
equity 104461636494.18 50.31% 103073100064.87 50.28% 0.03% -
investments
Fixed assets 29503749018.28 14.21% 30442884297.82 14.85% -0.64% -
Mainly due to
the effects of
Construction in 3914637944.57 1.89% 3403583431.48 1.66% 0.23% increased
progress
construction
investments
Right-of-use 8581524684.60 4.13% 8965304928.17 4.37% -0.24% -
assets
Mainly due to
Short-term 17833999783.41 8.59% 19775820831.32 9.65% -1.06% the effects of
borrowings borrowing
repayments
Contract 467332338.33 0.23% 446822948.79 0.22% 0.01% -
liabilities
Mainly due to
the effects of
borrowing
repayments and
reclassification
Long-term 5334589680.46 2.57% 7439956123.50 3.63% -1.06% of long?term
borrowings borrowings due
within one year
into
non?current
liabilities due
within one year
Mainly due to
Lease liabilities 1620470269.87 0.78% 1690860832.08 0.82% -0.04% the effects of
leases
Mainly due to
Other payables 5141501344.76 2.48% 2034923078.95 0.99% 1.49%
the increase in
dividends
payable
31China Merchants Port Group Co. Ltd. Interim Report 2026
Mainly due to
the increase in
Non-current bonds payable
liabilities due 10511185806.73 5.06% 6042522685.33 2.95% 2.11% due within one
within one year year and
long-term
borrowings
Mainly due to
Other current 3165837420.28 1.52% 2199301417.02 1.07% 0.45% the increase in
liabilities short?term
bonds payable
2. Major Assets Overseas
Return As % of Material
Asset value Locat Operation Control measures to generated the impairme
Asset Source
(RMB’0000) ion s protect asset safety (RMB’000 Company’s nt risk
0) equity (yes/no)
Appointing director
supervisor and senior
management
Acquired /According to the
Port
by issuing political economic
Equity Hong investmen
shares as 15598933.76 and legal environment 449458.61 83.30% No
assets Kong t and
considerati of different countries
operations
on and regions establish
a targeted internal
control system and
early warning system.Other
informa N/A
tion
3. Assets and Liabilities at Fair Value
Unit: RMB
Cumulative Impairment
Gains or losses from fair-value allowance
Purchased in the Sold in the
Item Beginning amount changes in fair value in changes made in the Other changes Ending amount
Reporting Period Reporting Period
the Reporting Period through Reporting
equity Period
Financial
assets
Financial
Assets held
for trading
(exclusive of 7578824365.75 24450827.42 - - 30910000000.00 30712037365.76 - 7801237827.41
derivative
financial
assets)
Investments
in other 141766365.15 - - - - - - 141766365.15
equity
instruments
32China Merchants Port Group Co. Ltd. Interim Report 2026
Other
non-current 28768810.95 - - - - - - 28768810.95
financial
assets
Subtotal of
financial 7749359541.85 24450827.42 - - 30910000000.00 30712037365.76 - 7971773003.51
assets
Receivables
under 114680738.25 - - - - - -47117413.05 67563325.20
financing
Total of the 7864040280.10 24450827.42 - - 30910000000.00 30712037365.76 -47117413.05 8039336328.71
above
Financial
--------
liabilities
Other changes:
None.Significant changes to the measurement attributes of the major assets in the Reporting Period:
□Yes √ No
4. Restricted Asset Rights as at the Period-End
The restricted cash and bank balances were RMB82452617.41 in total including accrued interest
performance bond frozen funds etc.The carrying value of fixed assets as collateral for bank loans was RMB1096793866.99.The carrying value of intangible assets as collateral for bank loans was RMB591085146.25.VI Investments Made
1. Total Investment Amount
Total investment amount in Total investment amount in
the Reporting Period (RMB) the same period of last year Change(RMB)
737575344.321070228744.32-31.08%
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
33China Merchants Port Group Co. Ltd. Interim Report 2026
4. Financial Investments
(1) Securities Investments
Unit: RMB
Gains or
Accumulated
losses from Purchased Sold in Gain/loss
Variety Accounting fair value
Code of Initial investment Beginning changes in in the the in the Ending carrying Accounting Funding
of Name of security measurement changes
security cost carrying amount fair value in ReportingReporting Reporting amount title source
security method recorded in
the Reporting Period Period Period
equity
Period
Investments
4000 Fair value in other Self-fund
Stock PetrochemicalA1 3500000.00 382200.00 - - - - - 382200.00
32 method equity ed
instruments
Investments
4000 Fair value in other Self-fund
Stock GuangJian1 27500.00 17000.00 - - - - - 17000.00
09 method equity ed
instruments
Total 3527500.00 -- 399200.00 - - - - - -- --
399200.00
(2) Investments in Derivative Financial Instruments
□Applicable √ Not applicable
No such cases in the Reporting Period.
5. Use of Funds Raised
□Applicable √ Not applicable
No such cases in the Reporting Period.VII 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
34China Merchants Port Group Co. Ltd. Interim Report 2026
VIII Principal Subsidiaries and Associates
Principal subsidiaries and associates with a 10% or more effect on the Company’s net profit:
Unit: RMB
Relations
hip with Principal
Name Registered capital Total assets Equity Operating income Operating profit Net profit
the activity
Company
Shanghai Port and
International container
Associate 23279960504.00 238734638100.97 163450825165.38 21428784311.86 11154110265.41 9439013192.47
Port (Group) terminal
Co. Ltd. operations
Port
China
business
Merchants
bonded
Port 48730938830.02
Subsidiary logistics 155989337642.26 110942130880.14 6564651544.80 5239847881.77 4494586093.94
Holdings (HKD)
and
Company
property
Limited
investment
Business
Ningbo related to
Zhoushan port
Port Associate integrated 19454388399.00 124347802000.00 91045048000.00 16873123000.00 3595765000.00 2818976000.00
Company logistics
Limited and trade
sales
Note: Ningbo Zhoushan Port financial data accurate to RMB'000.Subsidiaries obtained or disposed of in the Reporting Period:
□Applicable √ Not applicable
Other information on principal subsidiaries and associates:
There is no other information related to the Company’s principal subsidiaries and associates in the
Reporting Period that is required to be disclosed.IX Structured Entities Controlled by the Company
□Applicable √ Not applicable
X Risks Exposed to the Company and Countermeasures
1. Market uncertainty risks
Affected by macroeconomic and environmental factors such as global economic trends geopolitical
dynamics and trade protectionist policies market conditions may shift demand may soften and
industry competition could intensify potentially leading to the loss of existing business
unsuccessful expansion into new market segments and adverse impacts on investment and
35China Merchants Port Group Co. Ltd. Interim Report 2026
operational performance. International geopolitical instability for example the conflict involving
the US Israel and Iran poses a risk of closing the Strait of Hormuz exerts severe pressure on the
global supply chain and the container shipping industry.To mitigate these market risks the Company upholds its three-driver model of “Global Presence”
“Lean Management” and “Innovative Transformation” striving for substantive breakthroughs and
high-quality development. Driven by global presence: the Company aims to elevate its global
resource allocation capabilities by enhancing supply chain resilience and building a diversified
international shipping network. Driven by lean management: the Company establishes a
full-lifecycle management system and a risk early-warning system amid slowed industry growth
and frequent risk-event impacts. The systems are used to strengthen agile responses to emergencies
deepen cost reduction and efficiency enhancement and bolster resilience against cyclical
fluctuations and sudden risks. Driven by innovative transformation: the Company actively responds
to international green and low-carbon regulations while accelerating the digital intelligent and
green transformation of ports. By advancing clean energy applications and deepening the
scenario-based integration of emerging technologies such as big data and AI across port operations
and logistics supply chains the Company effectively transforms “Smart + Green” capabilities into
the core competitiveness and driving force for upgrading its primary port business.
2. Policy risk
Internationally global political and economic volatility rising protectionism ongoing geopolitical
conflicts and regulatory adjustments across nations pose challenges including shifting investment
environments foreign exchange controls and operational cost fluctuations all of which may affect
the execution pace of the Company’s overseas projects investment return stability and supply chain
continuity. Domestically ongoing economic structural realignments policy mandates for cost
reduction and efficiency enhancement in the logistics industry and trade policy shifts may influence
port operational costs business models and investment planning.
36China Merchants Port Group Co. Ltd. Interim Report 2026
To mitigate these policy risks the Company builds a comprehensive macroeconomic policy
analysis mechanism leverages digital tools to improve early-warning accuracy and dynamically
adjusts its strategic planning accordingly; hedges against the impacts of unilateralism and
policy-related risks through regional synergy and diversified asset allocation thereby mitigating
single-market exposure risks; strengthens ESG governance and refines penetrative compliance risk
identification capabilities across all business segments and throughout the industry chain ensuring
regulatory compliance and sustainable development amid changing global policy environments; and
systematically deploys tools including commercial political risk insurance and multilateral
investment guarantee mechanisms to cover key risk exposures associated with its overseas assets.
3. Operational and management risks
The Company takes the initiative to explore port investment opportunities globally expanding its
network footprint across multiple regions and countries through M&A and investments to provide
comprehensive services to global clients. As globalization deepens alongside adverse
macroeconomic shifts ports in certain regions face challenges such as rising local compliance costs
lower-than-expected investment returns and underperforming operational efficiency.To address operational and management risks in the first the Company deepens full-chain businesssynergies to solidify the market foundation. Through focusing on the three key elements of “MarketResources and Services” it enhances its market competitiveness by advancing initiatives such as
joint marketing for key accounts within the system business model innovation and service upgrades
on the ePort3.0 platform thereby boosting retention of existing clients and achieving breakthroughs
in incremental business. In addition the Company fortifies risk control and compliance defences
while empowering foreign-related rule of law. It refines risk monitoring metrics improves
early-warning and handling procedures for major risks and digitally enhances risk management
capabilities to eliminate hidden risks through penetrative tracking. Furthermore the Company
enforces full-lifecycle control to drive post-investment value creation. It explores a closed-loop
“Invest – Build – Manage – Exit” process control model to ensure internal control requirements
37China Merchants Port Group Co. Ltd. Interim Report 2026
fully cover all operating projects. By routinely conducting audits and post-investment evaluations
establishing asset classification revitalization and dynamic optimization mechanisms the Company
promotes quality and efficiency for underperforming assets while continuously improving
operational management.XI Implementation of the Market Value Management System and Valuation Enhancement
Plan
Indicate whether the Company has a market value management system.√ Yes□ No
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
Regulatory Guideline No. 10 for Listed Companies—Market Value Management 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
38China Merchants Port Group Co. Ltd. Interim Report 2026
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).XII Implementation of the Action Plan for “Dual Enhancement of Development Quality andInvestor Returns”Indicate whether the Company has disclosed an announcement on the Action Plan for “DualEnhancement of Development Quality and Investor Returns”.√ 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 enabling
relevant stakeholders to share the fruits of the Company’s development and achieving sustainabledevelopment. For details please refer to the Announcement on the Action Plan for “DualEnhancement of Development Quality and Investor Returns” (Announcement No.: 2024-068)
disclosed by the Company on www.cninfo.com.cn on 31 August 2024.The Company convened the Second Meeting of the 12th Board of Directors on 27?August?2026 andreviewed and approved the Proposal on the Progress Report of the Action Plan for “DualEnhancement of Development Quality and Investor Returns”. For details please refer to theAnnouncement on the Progress of the Action Plan for “Dual Enhancement of Development Quality
39China Merchants Port Group Co. Ltd. Interim Report 2026and Investor Returns” (Announcement No. 2026?045) disclosed by the Company on
www.cninfo.com.cn on 29?August?2026.
40China Merchants Port Group Co. Ltd. Interim Report 2026
Part IV Governance Environmental and Social Information
I Changes of Directors and Senior Management
Name Office title Type of change Date of change Reason for change
Departure upon
Wu
Director expiration of 21?May?2026 Board rotation
Changpan
term
Departure upon
Independent
Gao Ping expiration of 21?May?2026 Board rotation
Director
term
Departure upon
Independent
Li Qi expiration of 21?May?2026 Board rotation
Director
term
Mao
Director Elected 21?May?2026 Board rotation
Dongbo
Independent
Liu Hanbo Elected 21?May?2026 Board rotation
Director
Independent
Zheng Qi Elected 21?May?2026 Board rotation
Director
II Interim Dividend Plan
Bonus shares/10shares (share) 0
Cash dividend/10 shares (RMB) (tax inclusive) 2.00
Bonus issue from capital reserves (share/10 shares) 0
Share base (share) 2482148285
Total cash dividends (RMB) (tax inclusive) 496429657.00
Cash dividends in other forms (such as share repurchase)
0
(RMB)
Total cash dividends (including other forms) (RMB) 496429657.00
Distributable profits (RMB) 1411502981.28
Cash dividends (including other forms) as % of total profits to
100%
be distributed (%)
Details of the cash dividends
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 dividend plan for the Reporting Period
41China Merchants Port Group Co. Ltd. Interim Report 2026
Pursuant to the Company’s unaudited 2026 Interim Financial Statements for the six months ended 30 June 2026 the consolidated
net profit attributable to the Company stood at RMB2781107015.26 and the net profit of the Company at RMB887224735.10.
(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 June 2026 were RMB1411502981.28.
(2) Based on the total 2482148285 shares a cash dividend of RMB2.00 (tax included) is to be distributed for every 10 shares
totalling RMB496429657.00 with no bonus issue from either profit or capital reserves.After the above-mentioned distribution the retained earnings of the Company will be RMB915073324.28.The above profit distribution plan still needs to be submitted to the First Extraordinary Meeting of Shareholders in 2026 for
approval.III 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 Period of the Stock Options (Initial Grant) 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 Period of the Stock Options (Reserved Grant) 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 period of the stock options (initial grant) and the second
exercise period of the stock options (reserved grant) 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 2891320 shares; and during the Reporting
Period the number of stock options exercised under the Company’s Stock Option Incentive Plan
(Phase I) was 306100 shares.
2. Employee Stock Ownership Plans
□Applicable √ Not applicable
42China Merchants Port Group Co. Ltd. Interim Report 2026
3. Other Incentive Measures for Employees
□Applicable √ Not applicable
IV 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
Please refer to the relevant environmental
information of Bulk Cargo Branch of Zhanjiang Port
1 Bulk Cargo Branch of Zhanjiang Port (Group) (Group) Co. Ltd. (Operation Area 1) as disclosedCo. Ltd. (Operation Area 1) on the Enterprise Statutory Environmental
Information Disclosure System of the Department of
Ecology and Environment of Guangdong Province.Please refer to the relevant environmental
information of Zhanjiang Port Petrochemical
2 Zhanjiang Port Petrochemical Terminal Co. Terminal Co. Ltd. as disclosed on the EnterpriseLtd. Statutory Environmental Information Disclosure
System of the Department of Ecology and
Environment of Guangdong Province.Please refer to the relevant environmental
information of Bulk Cargo Branch of Zhanjiang Port
3 Bulk Cargo Branch of Zhanjiang Port (Group) (Group) Co. Ltd. (Operation Area 3) as disclosedCo. Ltd. (Operation Area 3) on the Enterprise Statutory Environmental
Information Disclosure System of the Department of
Ecology and Environment of Guangdong Province.V Corporate Social Responsibility (CSR)
In the first half of 2026 the Company coordinated its domestic and overseas public welfare
initiatives across such areas as ecological protection educational support and community
development. These social responsibility efforts delivered tangible and wide-ranging results.i. Ecological Environmental Protection
The Company remained firmly committed to green development and integrated ecological
protection biodiversity management and green community development into its port operations
and local development.
43China Merchants Port Group Co. Ltd. Interim Report 2026
Ecological conservation was further advanced in Sri Lanka. HIPG in Sri Lanka implemented
multiple ecological initiatives completed habitat surveys for sea turtles wild elephants and coastal
birds and advanced the greening development of the port area. CICT continued to implement
coastal ecological conservation initiatives deeply participated in industry exchanges for World
Oceans Day and strengthened nearshore environmental improvement and biodiversity restoration.Outstanding achievements were achieved in wildlife protection. HIPG continued the “SaveElephant Calves” public welfare project collaborating with local environmental protection
organizations to introduce specialized milk powder for baby elephants ensuring the year-round
dietary supply for 25 baby elephants at a local elephant transit home.Domestic green volunteer activities were carried out in an orderly manner. Zhanjiang Port
proactively supported the development of green and beautiful villages by planting 100 tall coconut
trees along the Hongkanjiao shoreline improving the rural landscape. Xia Men Bay Terminals
organized environmental improvement volunteer activities including litter removal to improve the
local living environment.ii. Educational Support and Youth Development
Leveraging its strengths in the port and shipping industry public welfare platforms and employee
volunteer teams the Company provided educational support at different levels and continued to
improve its innovative and sustainable operating framework for public welfare programs. The
CMPort Volunteer Service Team was named a 2025 Guangdong Outstanding Volunteer Service
Model (Volunteer Service Organization Category).Science and technology innovation education in rural areas was further improved. The
Company continued to explore new approaches to science and technology innovation education
through the “C ME FLY: Harbor for Future” public welfare program to support rural education. It
established a science and technology innovation space for young people and organized innovation
camps career awareness activities and student exchanges between Shenzhen and Shunde. It also
44China Merchants Port Group Co. Ltd. Interim Report 2026held growth camps in Wuhua and Zhanjiang and continued to improve its “Summer camp - Growthcamp - Support camp “ three-in-one care system. The program reached 3716 students at 6 schoolsin Shenzhen Zhanjiang Wuhua County in Meizhou and Shunde District in Foshan providing
hands-on science and technology training developmental mentoring and overall competency
development services. Leveraging port technologies the program extended access to high-quality
science and technology innovation education resources to communities surrounding the ports.The C Blue Training Program was further deepened. The 17th session of the study and training
program was conducted in Beijing and Shenzhen in March with seven participants from Benin
Brazil Italy and Togo taking part in seminars and field visits to smart terminals. The 18th session
was held in June bringing together 36 participants from 18 countries for visits to the four port cities
of Nanjing Hangzhou Quanzhou and Shenzhen and providing a platform for industry and cultural
exchanges.Support for local schools overseas continued on a regular basis. NPH in Indonesia continued to
operate several community reading centers. In the first half of the year it invested IDR16.89 million
in a range of activities to improve literacy and overall competencies among children in surroundingcommunities. In cooperation with a local university NPH also implemented the “KnowledgeSharing on Campus” program providing hands-on professional training to 43 students. HIPG
steadily advanced its industry-academia cooperation under the “China Merchants Scholarship”
program by providing nutritional assistance donating supplies and establishing libraries and
language learning centers thereby improving educational conditions in nearby villages.Preparations proceeded for the implementation of a youth vocational skills training program in
Paranaguá with a view to developing it into a model overseas public welfare brand for youth
development.iii. Community Development and Livelihood Support
45China Merchants Port Group Co. Ltd. Interim Report 2026
Guided by its philosophy of mutual growth with local communities worldwide the Company
implemented a wide range of community welfare and livelihood support initiatives tailored to local
development needs.Progress was made in disability sports in Sri Lanka. The Company continued to support the
development of wheelchair tennis in Sri Lanka helping the Sri Lankan wheelchair tennis team
finish as runner-up in the Asian qualifier for the World Cup and secure a place in the 2026
Wheelchair Tennis World Team Cup in Paris. It also assisted in hosting three international
tournaments promoting the social inclusion of people with disabilities and enhancing the influence
of local sports.Phase III of the “Love Villages” project in Sri Lanka progressed steadily. Focusing on villagers’
difficulties in accessing water the project completed a small-scale farmland irrigation system to
increase agricultural productivity. It also completed and commissioned the installation of household
water supply pipelines for 60 farming households in need and procured water purification
equipment for two public areas to ensure access to safe drinking water.Post-disaster emergency assistance was provided overseas through multiple channels. In
response to flooding in Indonesia NPH promptly activated its emergency response mechanism and
distributed emergency supplies to 10 affected employee households to meet their basic living needs.TCP in Brazil launched a post-disaster restoration project for a local historic school contributing to
the preservation of cultural heritage and the sustainable development of the community.Community outreach activities were conducted on a regular basis. NPH in Indonesia invested
IDR72.70 million in festival outreach activities across 5 communities surrounding the Port of
Tanjung Priok helping maintain good relations between the port and neighboring communities.HIPG continued to sponsor folk cultural activities in surrounding communities assisted in
organizing a coastal culture and tourism carnival and completed the installation of streetlights
46China Merchants Port Group Co. Ltd. Interim Report 2026
around the port area. These initiatives supported community harmony and tourism development
while improving the safety of villagers traveling at night.Targeted public welfare donations were made in China. Shantou Port donated a total of
RMB250000 in the first half of the year to support outreach to people in need rural civility
initiatives and other programs. It also partnered with Guang’ao School to organize a series of
public welfare activities on campus extending care and support. Qianhaiwan Real Estate partnered
with Tencent Charity to conduct the “Books Build Dreams” book donation campaign further
enhancing the influence of its public welfare reading brand.
47China Merchants Port Group Co. Ltd. Interim Report 2026
Part V Significant Events
I 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 Overdue at the Period-End
□Applicable √ Not applicable
No such cases in the Reporting Period.II Occupation of the Company’s Capital by the Controlling Shareholder or any of other
Related Parties for Non-Operating Purposes
□Applicable √ Not applicable
No such cases in the Reporting Period.III Irregularities in the Provision of Guarantees
□Applicable √ Not applicable
No such cases in the Reporting Period.IV Engagement and Disengagement of Independent Auditor
Are the interim financial statements audited
□Yes √ No
The interim financial statements are unaudited.V Explanations Given by the Board of Directors Regarding the Independent Auditor’s
“Non-standard Opinion” on the Financial Statements of the Reporting Period
□Applicable √ Not applicable
VI Explanations Given by the Board of Directors Regarding the Independent Auditor’s
“Non-standard Opinion” on the Financial Statements of Last Year
□Applicable √ Not applicable
VII Bankruptcy Reorganization
□Applicable √ Not applicable
No such cases in the Reporting Period.
48China Merchants Port Group Co. Ltd. Interim Report 2026
VIII Litigation and Arbitration Matters
Major lawsuits and arbitrations:
□Applicable √ Not applicable
No such cases in the Reporting Period.Other legal matters:
The results and
Amount Provision Index to
influence of Execution of Disclosure
Basic information involved incurred Progress disclosed
lawsuits judgment date
(RMB’0000) or not information
(arbitrations)
The summary of No significant
101578.72 Partly yes Unsettled - - -
Brazil TCP cases influence
The summary of
other matters not
met disclosure No significant
38534.23 Not Unsettled - - -
standards of major influence
lawsuits
(arbitrations)
IX Punishments and Rectifications
□Applicable √ Not applicable
No such cases in the Reporting Period.X Integrity and Credibility of the Company as well as Its Controlling Shareholder and Actual
Controller
□Applicable √ Not applicable
XI Major Related-Party Transactions
1. Continuing Related-Party Transactions
As % of the Obtainable
Approved
Relationship Transaction total value Over the market price Index to
Type of Specific Pricing Total value transaction Way of Disclosure
Related party with the price of all the approved for same-type disclosed
transaction transaction principle (RMB’0000) line settlement date
Company (RMB’0000) same-type line or not transactions information
(RMB’0000)
transactions (RMB’0000)
Render
service and
lease to
Under the www.cninfo.related
control of the Service fees com.cn
Sinotrans Limited party Market Settled 3?April?
same ultimate storage fees 8138.63 8138.63 35.16% 16077.72 No 8138.63 (Announcem
and its subsidiaries receive price monthly 2026
controlling leasing etc. ent No.service and
shareholder 2026-010)
lease from
related
party
49China Merchants Port Group Co. Ltd. Interim Report 2026
Render
service and
lease to
China Merchants Under the
related Service fees
Shekou Industrial control of the
party lease expense of Market Settled
Zone Holdings Co.same ultimate 6786.06 6786.06 29.32% 11728.71 No 6786.06
receive land and price monthly
Ltd. and its controlling
service and buildings
subsidiaries shareholder
lease from
related
party
Render
service and
lease to
Other related related Service fees Market Settled
Note 8222.29 8222.29 35.52% 21485.74 No 8222.29
parties party leasing etc. price monthly
receive
service and
lease
Total -- -- 23146.98 -- 49292.17 -- -- -- -- --
Large-amount sales return in detail None
The Proposal on Recognition of 2025 Continuing Related-party Transactions and the Forecast of 2026 Continuing
Give the actual situation in the Reporting Period (if any)
Related-party Transactions was reviewed and approved on the 2025 Annual General Meeting on 21 May 2026. The
where an estimate had been made for the total value of
continuing business transactions of the Company are mainly providing or receiving leasing providing and receiving labor
continuing related-party transactions by type to occur in the
services. The amount of continuing related-party transactions in 2026 is estimated to be RMB493 million. During the
Reporting Period
Reporting Period there was no significant difference between the actual amount and the estimated amount.Reason for any significant difference between the transaction
N/A
price and the market reference price (if applicable)
Note: The small aggregate amount of other related parties mentioned above mainly covers the labor and leasing
services etc. provided by China Merchants Hoi Tung Trading Company Limited China Merchants Energy
Shipping Co. Ltd. China Merchants Industry Holdings Company Limited etc. to the Company or received by
the said companies from the Company. The above single related parties do not have transaction amounts
exceeding 0.5% of the Company’s audited equity for the most recent period and are presented on an aggregated
basis given their individual immaterial amounts and large number of counterparties.
2. Related-Party Transactions Regarding Purchase or Sales of Assets or Equity Interests
□Applicable √ Not applicable
No such cases in the Reporting Period.
3. Related Transactions Regarding Joint Investments in Third Parties
□Applicable √ Not applicable
No such cases in the Reporting Period.
4. Credits and Liabilities with Related Parties
Credits receivable with related parties:
50China Merchants Port Group Co. Ltd. Interim Report 2026
Whether there
Increased in Recovered in Interest in the
is occupation Beginning Ending
Related Related Forming the Reporting the Reporting Interest Reporting
on balance balance
party relationship reason Period Period rate Period
non-operating (RMB’0000) (RMB’0000)
(RMB’0000) (RMB’0000) (RMB’0000)
capital or not
The ultimate
controlling Bank
China
shareholder deposits/ 0.10%-
Merchant No 185950.43 2074563.21 2111309.10 1198.45 149204.54
has major Structure
s Bank 1.60%
influence on d deposit
it
Effects of credits with
related parties on the
The above credits receivable with related parties were mainly deposits in financial institutions which has no major influence
Company’s operating
on the Company’s operating results and financial conditions.results and financial
conditions
Liabilities payable with related parties:
Amount
Increased in Interest in the
Beginning Repaid in the Ending
Related Related Forming the Reporting Interest Reporting
balance Reporting balance
party relationship reason Period rate Period
(RMB’0000) Period (RMB’0000)
(RMB’0000) (RMB’0000)
(RMB’0000)
The ultimate
controlling
China
shareholder 1.85%-
Merchants Borrowing 231408.44 42368.27 119618.72 2902.35 154157.99
has major
Bank 3.17%
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 no major
Company’s operating results influence on the Company’s operating results and financial conditions.and financial conditions
5. Transactions with Related Finance Companies
Deposit business
Actual amount
Daily Beginning
Related maximum Interest rate balance Total Total
Ending
Related party
relationship limits range (RMB’000 deposited withdrawn
balance
(RMB’0000) 0) amount amount
(RMB’0000)
(RMB’0000) (RMB’0000)
Other
China
company
Merchants
under the
Group 800000.00 0.30%-1.55% 473318.85 1902166.60 2064852.85 310632.60
same control
Finance Co.of controlling
Ltd.shareholder
Loan business
Beginning Actual amount
Ending
Related Loan limit Interest rate balance
Related party Total loan Total repaid balance
relationship (RMB’0000) range (RMB’000 amount amount (RMB’0000)
0) (RMB’0000) (RMB’0000)
51China Merchants Port Group Co. Ltd. Interim Report 2026
Other
China
company
Merchants
under the
Group 1000000.00 2.11%-2.85% 122410.05 30830.80 38335.83 114905.02
same control
Finance Co.of controlling
Ltd.shareholder
Credit facilities or other financial services
Total amount Actual amount
Related party Related relationship Type
(RMB’0000) (RMB’0000)
China Merchants Other company under
Group Finance Co. the same control of Credit facilities 1000000.00 114905.02
Ltd. controlling shareholder
6. Transactions with Related Parties by Finance Company Controlled by the Company
□Applicable √ Not applicable
No such cases in the Reporting Period.
7. Other Major Related-Party Transactions
(1) The Company held the 6th Meeting of the 11th Board of Directors on 1?April?2026 and
reviewed and approved the Proposal on the 2026 Annual Donation Budget or Possible
Related?Party Transaction Constituted Thereby. For details please refer to the Announcement on
the 2026 Annual Donation Budget or Possible Related?Party Transaction Constituted Thereby
(Announcement No.?2026?012) disclosed by the Company on 3?April?2026.
(2) The Company held the 6th Meeting of the 11th Board of Directors on 1?April?2026 and
reviewed and approved the Proposal on the Related-Party Transactions Regarding Making Deposits
in and Obtaining Loans from China Merchants Bank in 2026 which was submitted to the 2025
Annual General Meeting of the Company for deliberation. The Company held the 2025 Annual
General Meeting on 21 May 2026 and deliberated and approved the Proposal on the Related-Party
Transactions Regarding Making Deposits in and Obtaining Loans from China Merchants Bank in
2026 agreeing the Company and its subsidiaries in the scope of consolidated financial statements to
open bank accounts with China Merchants Bank. In 2026 the maximum deposit balance of the
Company and its subsidiaries in the scope of consolidated financial statements with China
Merchants Bank shall not exceed RMB10 billion and the maximum credit balance shall not exceed
52China Merchants Port Group Co. Ltd. Interim Report 2026
RMB15 billion. For details please refer to the Announcement on the Related-Party Transactions
Regarding Making Deposits in and Obtaining Loans from China Merchants Bank in 2026
(Announcement No. 2026-013) disclosed by the Company on 3 April 2026 the Announcement on
the Resolutions of the 2025 Annual General Meeting (Announcement No. 2026-026) disclosed by
the Company on 22 May 2026 and other relevant announcements.
(3) The Company held the 6th Meeting of the 11th Board of Directors on 1?April?2026 and
reviewed and approved the Proposal on Conducting Financial Leasing Business and Related-Party
Transactions with Related Parties in 2026 which was submitted to the 2025 Annual General
Meeting of the Company for deliberation. The Company held its 2025 Annual General Meeting on
21 May 2026 and reviewed and approved the Proposal on Conducting Financial Leasing Business
and Related-Party Transactions with Related Parties in 2026. For details please refer to the
Announcement on Conducting Financial Leasing Business and Related-Party Transactions with
Related Parties in 2026 (Announcement No. 2026-014) disclosed by the Company on 3 April 2026
the Announcement on the Resolutions of the 2025 Annual General Meeting (Announcement No.
2026-026) disclosed by the Company on 22 May 2026 and other relevant announcements.
(4) The Company held the 2nd Extraordinary Meeting of the 11th Board of Directors in 2026 on 28
April 2026 and reviewed and approved the Proposal on Entering into the Financial Services
Agreement and Related-Party Transaction with China Merchants International Finance Company
Limited which was submitted to the 2025 Annual General Meeting of the Company for deliberation.The Company held its 2025 Annual General Meeting on 21 May 2026 and reviewed and approved
the Proposal on Entering into the Financial Services Agreement and Related-Party Transaction with
China Merchants International Finance Company Limited. For details please refer to the
Announcement on Entering into the Financial Services Agreement and Related-Party Transaction
with China Merchants International Finance Company Limited (Announcement No. 2026-021)
disclosed by the Company on 30 April 2026 the Announcement on the Resolutions of the 2025
Annual General Meeting (Announcement No. 2026-026) disclosed by the Company on 22 May
53China Merchants Port Group Co. Ltd. Interim Report 2026
2026 and other relevant announcements.
Information on the disclosure website for current announcements on significant related-party
transactions:
Name of provisional reports Disclosure date Website
Announcement on the 2026 Annual
Donation Budget or Possible Related?Party 3 April 2026 www.cninfo.com.cn
Transaction Constituted Thereby (Announcement No. 2026-012)
Announcement on the Related-Party
Transactions Regarding Making Deposits in www.cninfo.com.cn
and Obtaining Loans from China Merchants 3 April 2026 (Announcement No. 2026-013)
Bank in 2026
Announcement on Conducting Financial
Leasing Business and Related-Party 3 April 2026 www.cninfo.com.cn
Transactions with Related Parties in 2026 (Announcement No. 2026-014)
Announcement on Entering into the
Financial Services Agreement and
Related-Party Transaction with China 30 April 2026 www.cninfo.com.cn
Merchants International Finance Company (Announcement No. 2026-021)
Limited
XII Major Contracts and Execution thereof
1. Entrustment Contracting and Leases
(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
Unit: RMB’0000
54China Merchants Port Group Co. Ltd. Interim Report 2026
Guarantees provided by the Company and its subsidiaries for external parties (exclusive of those for subsidiaries)
Guarant
Disclosure
Actual Actual Counter Having ee for a
Guarantee-rec date of the Line of Type of Collateral Term of
occurrence guarantee guarantee expired related
eiving entity guarantee line guarantee guarantee (if any) guarantee
date amount (if any) or not party or
announcement
not
Terminal Link 5039.59 11?June?201N/A 5039.59
General About 20
No No No Yes
SAS 3 guarantee years
Joint and
Terminal Link 25?January? About 7
31?March?2022 11013.23 11013.23 several No No No Yes
SAS 2023 years
guarantee
Terminal Link
3?April?2025 13621.80 - - - - - - -
SAS (note 1)
Terminal Link
3?April?2026 40865.40 - - - - - - -
SAS (note 2)
KHOR Joint and
19615.39 24?May?201AMBADO 30?March?2019 15319.47
About 13
several No No No Yes
9 years
FZCO guarantee
Total actual amount of
Total approved line for such
40865.40 such guarantees incurredguarantees in the Reporting 0.00
in the Reporting Period
Period (A1)
(A2)
Total actual balance of
Total approved line for such
such guarantees at the
guarantees at the end of the 76533.61 31372.29
end of the Reporting
Reporting Period (A3)
Period (A4)
Guarantee between the Company to its subsidiaries
Guarant
Disclosure
Actual Actual Counter Having ee for a
Guarantee-rec date of the Line of Type of Collateral Term of
occurrence guarantee guarantee expired related
eiving entity guarantee line guarantee guarantee (if any) guarantee
date amount (if any) or not party or
announcement
not
-----------
Total actual amount of
Total approved line for such
such guarantees incurred
guarantees in the Reporting 0.00 0.00
in the Reporting Period
Period (B1)
(B2)
Total actual balance of
Total approved line for such
such guarantees at the
guarantees at the end of the 0.00 0.00
end of the Reporting
Reporting Period (B3)
Period (B4)
Guarantees provided between subsidiaries
Guarant
Disclosure
Actual Actual Counter Having ee for a
Guarantee-rec date of the Line of Type of Collateral Term of
occurrence guarantee guarantee expired related
eiving entity guarantee line guarantee guarantee (if any) guarantee
date amount (if any) or not party or
announcement
not
55China Merchants Port Group Co. Ltd. Interim Report 2026
China
Merchants
Joint and
International
4 April 2023 50000.00
8?January?2 4004.42 About 4several No Yes No No
Terminal 024 years
guarantee
(Qingdao)
Co. LTD
CMHI
6 August
Finance (BVI) 6 August 2018 408654.00 408654.00
General About 10
No No No No
2018 guarantee years
Co. Ltd
CMHI
31 March 340545.00 340545.00 General About 5Finance (BVI) 1?June?2022 No Yes No No
2022 guarantee years
Co. Ltd
COLOMBO
INTERNATI
ONAL
N/A 4767.63 - - - - - - - -
CONTAINER
TERMINALS
LIMITED
COLOMBO
INTERNATI
ONAL 17027.25 16?Septemb 17027.25 GeneralN/A No No Infinite No No
CONTAINER er?2012 guarantee
TERMINALS
LIMITED
Shenzhen
Haixing Joint and
30 March 219090.00 26?June?201Harbor 80278.42
About 18
several No No No No
2019 9 years
Development guarantee
Company Ltd.CMHI
Finance (BVI)
3?April?2025 340545.00
Co. Ltd - - - - - - - -
(note 1)
Shenzhen
Haixing
Harbor
3?April?2025 132000.00
Development - - - - - - - -
Company Ltd.(note 1)
Ansujie
Terminal
Storage
Service 3?April?2025 465000.00 - - - - - - - -
(Shenzhen)
Co. Ltd.(note 1)
HAMBANTO
TA
INTERNATI
ONAL PORT
GROUP 3?April?2026 144000.00 - - - - - - - -
(PRIVATE)
LIMITED/HI
PG Container
Joint Venture
56China Merchants Port Group Co. Ltd. Interim Report 2026
Company
(note 2)
Shenzhen
Haixing
Harbor
3?April?2026 183000.00
Development - - - - - - - -
Company Ltd.(note 2)
China
Merchants
Port Services
(Shenzhen) 3?April?2026 36000.00 - - - - - - - -
Company
Limited (note
2)
Ansujie
Terminal
Storage
Service 3?April?2026 465000.00 - - - - - - - -
(Shenzhen)
Co. Ltd.(note 2)
Guangdong
Shunkong
Lingang
Development
and
Construction 3?April?2026 42000.00 - - - - - - - -
Co. Ltd./
Guangdong
Yide Port
Limited (note
2)
PT PIP
3?April?2026 360.00
(note 2) - - - - - - - -
Zhanjiang
Port
Petrochemical 3?April?2026 60000.00 - - - - - - - -
Terminal Co.Ltd. (note 2)
Total actual amount of
Total approved line for such
such guarantees incurred
guarantees in the Reporting 930360.00 0.00
in the Reporting Period
Period (C1)
(C2)
Total actual balance of
Total approved line for such
1970443.88 such guarantees at theguarantees at the end of the 850509.09
end of the Reporting
Reporting Period (C3)
Period (C4)
Total guarantee amount (total of the three kinds of guarantees above)
Total actual guarantee
Total guarantee line approved in
971225.40 amount incurred in thethe Reporting Period -
Reporting Period
(A1+B1+C1)
(A2+B2+C2)
Total guarantee balance
Total approved guarantee line at
at the end of the
the end of the Reporting Period 2046977.49 881881.38
Reporting Period
(A3+B3+C3)
(A4+B4+C4)
57China Merchants Port Group Co. Ltd. Interim Report 2026
Total guarantee balance (A4+B4+C4) as % of the Company’s 13.51%
equity
Of which:
Balance of guarantees provided for shareholders actual 31372.29
controller and their related parties (D)
Balance of debt guarantees provided directly or indirectly for 764518.47
obligors with an over 70% debt/asset ratio (E)
Amount by which the total guarantee amount exceeds 50% of 0
the Company’s equity (F)
Total of the three amounts above (D+E+F) 795890.76
Explanation of any guarantee liability incurred during the
Reporting Period under unexpired guarantee contracts or None
evidence indicating possible joint and several repayment
liability (if any)
Provision of external guarantees in breach of the prescribed None
procedures (if any)
Note 1: 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. As of the date of this Report no such guarantee has actually been
incurred.Note 2: The Company convened a Board meeting on 1 April 2026 and approved the Proposal on the External Guarantee Progress of
the Company in 2025 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 2025 and the Expected New External Guarantee Line in the
Next 12 Months (Announcement No. 2026-011) disclosed on http://www.cninfo.com.cn dated 3 April 2026. This proposal was
approved at the Company’s 2025 Annual General Meeting. As of the date of this Report no such guarantee has actually been
incurred.
3. Cash Entrusted for Wealth Management
□Applicable √ Not applicable
No such cases in the Reporting Period.
4. Other Major Contracts
□Applicable √ Not applicable
No such cases in the Reporting Period.XIII Communications with the Investment Community such as Researches Inquiries and
Interviews
Index to
Type of Main topics
Way of basic
commu of discussion
Date Place communi Object of communication information
nicatio and materials
cation of
n party provided
researches
58China Merchants Port Group Co. Ltd. Interim Report 2026
Shenwan Hongyuan Securities
China Reform Securities Yingda
Securities Huayuan Securities
China Dragon Securities
Changjiang Securities Industrial
Securities Everbright Securities
Guosheng Securities CITIC
Securities Northeast Securities
China Merchants Securities
Tianfeng Securities Sealand
Securities Hua Chuang Securities
Pacific Securities Guolian
Minsheng Securities UBS SDIC
Fund Management Broad Fund
First Seafront Fund TruValue Investor
China
Asset Management Dongxing Relations
Merchant Conferen Instituti
8?April?2026 Asset Management Harfor Funds Main Activity Log
s Port ce call on
Tongtai AMC Zheshang Fund discussions: Sheet (No.:
Building
Rui Insurance Dacheng Fund the basic 2026-01)
Jyah Asset Management Western condition of
Leadbank FMC Shanghai operations
Tourmaline Asset Management investments
KS Fund Shanghai Junde’an made and the
Private Equity Fund Shanghai financial
Chongyang Investment Beijing condition of
Win Integrity Investment HC the Company;
Capital Giant Redwood Materials
(Shanghai) Asset Management provided:
Jingan Investment CCB Life None
Asset Management Sun Life
Everbright Asset Management
Principal Global Investors (Hong
Kong) Hwabao Trust
Online Investor
China Instituti
communi Relations
Merchant on+
9?April?2026 cation on All investors Activity Log
s Port Individ
network Sheet (No.:
Building ual
platform 2026-02)
By
China phone or
1 January 2026 to Merchant written Individ
Individual investors /
30 June 2026 s Port inquiry ual
Building (https://ir
m.cninfo.
59China Merchants Port Group Co. Ltd. Interim Report 2026
com.cn/ir
cs/index
or email)
XIV Other Significant Events
1. Index to Disclosed Information
The significant events disclosed by the Company on Securities Times China Securities Journal
Shanghai Securities News and www.cninfo.com.cn during the Reporting Period are as follows:
Announcem Date of the
Title of the announcement
ent No. announcement
Announcement on the Voluntary Information Disclosure of Business Volume
2026-001 15 January 2026
Data of December 2025
Announcement on the Resolutions of the 1st Extraordinary Meeting of the 11th
2026-002 7 February 2026
Board of Directors in 2026
Announcement on the Voluntary Information Disclosure of Business Volume
2026-003 14 February 2026
Data of January 2026
Announcement on the Voluntary Information Disclosure of Business Volume
2026-004 14 March 2026
Data of February 2026
2026-005 1 April 2026 Announcement on the Online Investor Meeting on the 2025 Annual Results
Announcement on the Voluntary Information Disclosure of the 2025 Annual
2026-006 1 April 2026
Results by a Controlled Subsidiary
Announcement on the Resolutions of the 6th Meeting of the 11th Board of
2026-007 3 April 2026
Directors
2026-008 3 April 2026 Annual Report 2025 (Summary) (Chinese and English Versions)
2026-009 3 April 2026 Announcement on Plan of Profit Distribution for 2025
Announcement on the Recognition of 2025 Continuing Related-party
2026-010 3 April 2026
Transactions and the Forecast of 2026 Continuing Related-party Transactions
Announcement on the External Guarantee Progress of the Company in 2025
2026-011 3 April 2026
and the Expected New External Guarantee Line in the Next 12 Months
Announcement on the 2026 Annual Donation Budget or Possible Related?Party
2026-012 3 April 2026
Transaction Constituted Thereby
Announcement on the Related-Party Transactions Regarding Making Deposits
2026-013 3 April 2026
in and Obtaining Loans from China Merchants Bank in 2026
Announcement on Conducting Financial Leasing Business and Related-Party
2026-014 3 April 2026
Transactions with Related Parties in 2026
2026-015 3 April 2026 Announcement on Re-appointment of Accounting Firm for 2026
Announcement on the Change of the Company’s Registered Capital and
2026-016 3 April 2026
Amendments to the Articles of Association
2026-017 3 April 2026 Assessment Report on the Implementation of the 2025 Valuation Enhancement
60China Merchants Port Group Co. Ltd. Interim Report 2026
Plan
Announcement on the Voluntary Information Disclosure of Business Volume
2026-018 15 April 2026
Data of March 2026
Announcement on the Resolutions of the 2nd Extraordinary Meeting of the
2026-019 30 April 2026
11th Board of Directors in 2026
2026-020 30 April 2026 The Report for the First Quarter of 2026 (Chinese and English Versions)
Announcement on Entering into the Financial Services Agreement and
2026-021 30 April 2026 Related-Party Transaction with China Merchants International Finance
Company Limited
Announcement on the 2026 Remuneration Plan for Directors and Senior
2026-022 30 April 2026
Management
2026-023 30 April 2026 Notice on Convening 2025 Annual General Meeting
2026-024 30 April 2026 Announcement on Accounting Policy Changes
Announcement on the Voluntary Information Disclosure of Business Volume
2026-025 15 May 2026
Data of April 2026
2026-026 22 May 2026 Announcement on the Resolutions of the 2025 Annual General Meeting
Announcement on the Resolutions of the 1st Meeting of the 12th Board of
2026-027 22 May 2026
Directors
Announcement on Completion of the Board of Directors’ Re?election and
2026-028 22 May 2026
Appointment of Senior Management and Securities Representative
Announcement on the Voluntary Information Disclosure of Business Volume
2026-029 13 June 2026
Data of May 2026
2. Progress of the Internal Control Work
In accordance with the Enterprise Internal Control Standards and the accompanying guidelines the
internal control work carried out by the Company during the Reporting Period is as follows:
(1) The development of the internal control system. The Company completed the full coverage of
the development of the internal control system by standards of control entity and legal entity and
carried out internal control system evaluation and internal control authority list review as planned.The Company’s headquarters and subordinate units improved their own business procedures in a
timely manner and a quarterly notification mechanism was established to promote the improvement
in the internal control system. The Company carried out a second round of internal control
supervision and inspection featuring “full coverage in two years”. The on-site supervision and
inspection of internal control has been completed for Zhangzhou Port and NPH in Indonesia and
the lists of issues and the preparation of reports are currently underway.
61China Merchants Port Group Co. Ltd. Interim Report 2026
(2) Comprehensive risk management. The Company adhered to the integrated and coordinated
“six-in-one” risk control system continuously developing risk control systems and management
process standards optimizing risk management and work appraisal plans and regularly
implementing closed-loop risk management throughout the entire process. Through the annual
major risk assessment monitoring and early warning of key risk indicators and tracking and
managing operational risk events including follow-up on special risk work related to governmentcooperation the Company strictly managed all risk exposures through “eliminating existing risksand controlling incremental risks”.XV Significant Events of Subsidiaries
□Applicable √ Not applicable
62China Merchants Port Group Co. Ltd. Interim Report 2026
Part VI Share Changes and Shareholder Information
I Share Changes
1. Share Changes
Unit: share
Before Increase/decrease in the Reporting Period (+/-) After
Shares as
Shares as dividend
Percentage New dividend converted Percentage
Shares Other Subtotal Shares
(%) issues converted from (%)
from profit capital
reserves
I. Restricted 0 0.0000% 0 0 0 0 0 0 0.0000%
shares
1. Shares held by 0 0.0000% 0 0 0 0 0 0 0.0000%
state
2. Shares held by
state-owned 0 0.0000% 0 0 0 0 0 0 0.0000%
legal person
3. Shares held by
other domestic 0 0.0000% 0 0 0 0 0 0 0.0000%
investors
Including:
Shares held by 0 0.0000% 0 0 0 0 0 0 0.0000%
domestic legal
person
Shares held by
domestic natural 0 0.0000% 0 0 0 0 0 0 0.0000%
person
4. Shares held by 0 0.0000% 0 0 0 0 0 0 0.0000%
foreign investors
Including:
Shares held by 0 0.0000% 0 0 0 0 0 0 0.0000%
foreign legal
person
Shares held by
foreign natural 0 0.0000% 0 0 0 0 0 0 0.0000%
person
II. Unrestricted 2481842185 100.0000% 0 0 0 306100 306100 2482148285 100.0000%
shares
1. RMB ordinary 2301946755 92.7515% 0 0 0 306100 306100 2302252855 92.7524%
shares
2. Domestically
listed foreign 179895430 7.2485% 0 0 0 0 0 179895430 7.2476%
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 2481842185 100.0000% 0 0 0 306100 306100 2482148285 100.0000%
63China Merchants Port Group Co. Ltd. Interim Report 2026
Reasons for the share changes:
During the Reporting Period the Company increased its share capital by a total of 306100 shares as
a result of the independent exercise of options under the Stock Option Incentive Plan and the total
share capital of the Company increased from 2481842185 shares to 2482148285 shares.Approval of the share changes:
□Applicable √ Not applicable
Transfer of share ownership:
□Applicable √ Not applicable
Progress on any share repurchase:
□Applicable √ Not applicable
Progress on the disposal of repurchased shares by means of centralized bidding:
□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:
The Company reported basic earnings per share of RMB1.12 and diluted earnings per share of
RMB1.12 for the first half of 2026 and equity per share attributable to the Company’s ordinary
shareholders of RMB26.30. During the Reporting Period the Company increased its share capital
by a total of 306100 shares as a result of the independent exercise of options under the Stock
Option Incentive Plan and the total share capital of the Company increased from 2481842185
shares to 2482148285 shares. By the measurement of the Company’s total share capital as at the
end of 2025 irrespective of the effect of the independent exercise of the Stock Option Incentive
Plan the Company’s basic earnings per share in H1 2026 was RMB1.12 the diluted earnings per
share was RMB1.12 and the equity per share attributable to the Company’s ordinary shareholders
was RMB26.30.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
□Applicable √ Not applicable
64China Merchants Port Group Co. Ltd. Interim Report 2026
II Issuance and Listing of Securities
□Applicable √ Not applicable
III Shareholders and Their Holdings as at the Period-End
Unit: share
27228(17618
Number of ordinary Number of preferred shareholders with resumed
A-shareholders and 9610 0
shareholders at the period-end voting rights at the period-end (if any)
B-shareholders)
5% or greater ordinary shareholders or top 10 ordinary shareholders (exclusive of shares lent in refinancing)
Shares
Shareho Increase/decr in
Total shares
Nature of lding ease in the Restricted Unrestricted pledge
Name of shareholder held at the
shareholder percenta Reporting shares held shares held marked
period-end
ge Period or
frozen
China Merchants Port
Foreign
Investment Development 46.28% 1148648648 0 0 1148648648
legal person 0
Company Limited
Zhejiang Provincial
State-owned
Seaport Investment & 23.23% 576709537 0 0 576709537
legal person 0
Operation Group Co. Ltd.China Merchants
State-owned
Gangtong Development 14.94% 370878000 0 0 370878000
legal person 0
(Shenzhen) Co. Ltd.Shenzhen Infrastructure
Investment Fund
Fund and
Management Co.wealth
Ltd.-Shenzhen 2.61% 64850182 0 0 64850182
management 0
Infrastructure Investment
products etc.Fund Partnership (Limited
Partnership)
State-owned
Broadford Global Limited 2.23% 55314208 0 0 55314208
legal person 0
China-Africa State-owned
0.63%156103680015610368
Development Fund legal person 0
Hong Kong Securities Overseas
0.55%136094048586029013609404
Clearing Company Ltd. legal person 0
Domestic
Zou Yanmin natural 0.33% 8080028 817953 0 8080028 0
person
PICC Property And Fund and
Casualty Company wealth
0.26%6480601176770106480601
Limited Traditional- management 0－
General Insurance Product products etc.Domestic
Li Runrong natural 0.24% 6005375 -158800 0 6005375 0
person
Among the foregoing shareholders Shenzhen Infrastructure Investment Fund-Shenzhen
Strategic investors or general legal person
Infrastructure Investment Fund Partnership (Limited Partnership) subscribed for
becoming top-ten ordinary shareholders
64850182 shares of the Company offered in a non-public manner in 2019 for raising
due to placing of new shares (if any)
supporting funds at RMB17.16 per share. The subscribed shares were floated on
65China Merchants Port Group Co. Ltd. Interim Report 2026
Shenzhen Stock Exchange on 4 November 2019 and the lock-in period lasted until 4
November 2020. China-Africa Development Fund subscribed for 64102564 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 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 Merchants Port Investment Development Company Limited is the
Related or acting-in-concert parties among wholly-owned subsidiary of Rainbow Reflection Limited.the shareholders 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.Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow
Above shareholders involved in
Reflection Limited held by China Merchants Holdings (Hong Kong) Company Limited
entrusting/being entrusted and giving up
and China Merchants Port Investment Development Company Limited is the
voting rights
wholly-owned subsidiary of Rainbow Reflection Limited.Special account for share repurchases (if
N/A
any) among the top 10 shareholders
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing or locked-up shares of senior management)
Shares by type
Name of shareholder Unrestricted shares held at the period-end
Type Shares
China Merchants Port Investment
1148648648 RMB ordinary share 1148648648
Development Company Limited
Zhejiang Provincial Seaport Investment &
576709537 RMB ordinary share 576709537
Operation Group Co. Ltd.China Merchants Gangtong Development
370878000 RMB ordinary share 370878000
(Shenzhen) Co. Ltd.Shenzhen Infrastructure Investment Fund
Management Co. Ltd.-Shenzhen
64850182 RMB ordinary share 64850182
Infrastructure Investment Fund
Partnership (Limited Partnership)
Domestically listed
Broadford Global Limited 55314208 55314208
foreign share
China-Africa Development Fund 15610368 RMB ordinary share 15610368
Hong Kong Securities Clearing Company
13609404 RMB ordinary share 13609404
Ltd.Domestically listed
Zou Yanmin 8080028 8080028
foreign share
PICC Property And Casualty Company
Limited－Traditional- General Insurance 6480601 RMB ordinary share 6480601
Product
Li Runrong 6005375 RMB ordinary share 6005375
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
Related or acting-in-concert parties among and China Merchants Port Investment Development Company Limited is the
top 10 unrestricted shareholders as well wholly-owned subsidiary of Rainbow Reflection Limited.as between top 10 unrestricted 2. Broadford Global Limited is the controlling shareholder of China Merchants
shareholders and top 10 shareholders 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
N/A
securities margin trading (if any)
66China Merchants Port Group Co. Ltd. Interim Report 2026
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 agreed repurchase transaction during the
Reporting Period.□Yes √ No
No such cases in the Reporting Period.IV Change in Shareholdings of Directors and Senior Management
Restricted Restricted Restricted
Beginnin Increase Decrease shares shares shares
Ending
g in the in the granted at granted in granted at
Incumbent/ sharehold
Name Office title sharehold Reporting Reporting the the the
Former ing
ing Period Period period-be Reporting period-en
(share)
(share) (share) (share) ginning Period d
(share) (share) (share)
Liu Board
Incumbent 0 25000 0 25000 0 0 0
Libing Secretary
Total -- -- 0 25000 0 25000 0 0 0
V Change of the Controlling Shareholder or the De Facto Controller
Change of the controlling shareholder in the Reporting Period
□Applicable √ Not applicable
No such cases in the Reporting Period.Change of the de facto controller in the Reporting Period
□Applicable √ Not applicable
No such cases in the Reporting Period.VI Preference Shares
□Applicable √ Not applicable
No preference shares in the Reporting Period.
67China Merchants Port Group Co. Ltd. Interim Report 2026
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
Interest Principal and
Outstandin
Date of commenc Maturity Interest interest Trading
Name Abbr. Code g bond
issuance ement date rate payment place
balance
date method
Simple interest
is adopted and
calculated by
2024 Public
year. No
Offering of
compound
Sci-Tech
interest is
Innovation
calculated.Corporate
Interest is
Bonds of
24 22 August payable once Shenzhen
China 23 August 23 August
CMPort 148877 2024 to 23 200000.00 2.18% every year and Stock
Merchants 2024 2029
K1 August 2024 principal paid Exchange
Port Group
in a lump sum
Co. Ltd.at maturity. In
(for
the last
professional
instalment the
investors)
interest is
(Phase I)
payable
together with
the principal.
2025 Public Simple interest
Offering of 22 August is adopted and
25 Shenzhen
Sci-Tech 2025 to 25 25 August 25 August calculated by
CMPort 524409 300000.00 1.82% Stock
Innovation August 2025 2028 year. No
K1 Exchange
Corporate 2025 compound
Bonds of interest is
68China Merchants Port Group Co. Ltd. Interim Report 2026
China calculated.Merchants Interest is
Port Group payable once
Co. Ltd. every year and
(for principal paid
professional in a lump sum
investors) at maturity. In
(Phase I) the last
instalment the
interest is
payable
together with
the principal.Simple interest
is adopted and
calculated by
2026 Public year. No
Offering of compound
Short-term interest is
Corporate calculated.Bonds of Interest is
China 26 payable once Shenzhen
26?May?202 26?May?2 2?Decemb
Merchants CMPort 524813 100000.00 1.32% every year and Stock
6 026 er?2026
Port Group D1 principal paid Exchange
Co. Ltd. in a lump sum
(for at maturity. In
professional the last
investors) instalment the
(Phase I) interest is
payable
together with
the principal.Investor suitability arrangements (if
The Company’s bonds are publicly issued to professional institutional investors
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
69China Merchants Port Group Co. Ltd. Interim Report 2026
2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the
Investor Protection Clause
□Applicable √ Not applicable
3. Adjustment of Credit Rating Results during the Reporting Period
□Applicable √ Not applicable
4. Execution and Changes of Guarantee Repayment Plan and Other Repayment Guarantee
Measures as well as Influence on Rights and Interests 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
Name Abbr. Code Date of Value date Maturity Bonds Interest Way of Tradingissuance balance rate redemption place
Interest
Medium-term payable once
Notes of China every year
Merchants Port 24 CMPort 1 April 3 April 3 April and principal Interbank
Group Co. Ltd. MTN001A 102481314 2024 2024 2029 50000.00 2.68% payable in a bond
(Phase I 2024) lump sum on market
(Variety A) theredemption
date
Interest
Medium-term payable once
Notes of China every year
Merchants Port 24 CMPort 102481315 1 April 3 April 3 April
and principal Interbank
Group Co. Ltd. MTN001B 2024 2024 2034 150000.00 2.80% payable in a bond
(Phase I 2024) lump sum on market
(Variety B) theredemption
date
Interest
Medium-term payable once
Notes of China every year
Merchants Port 24 CMPort 10 July 12 July 12 July and principal Interbank
Group Co. Ltd. MTN002A 102482957 2024 2024 2027 80000.00 2.10% payable in a bond
(Phase II 2024) lump sum on market
(Variety A) theredemption
date
Medium-term Interest
Notes of China payable once
Merchants Port 24 CMPort every year Interbank
Group Co. Ltd. MTN002B 102482958
10 July 12 July 12 July
2024 2024 2029 120000.00 2.30% and principal bond
(Phase II 2024) payable in a market
(Variety B) lump sum onthe
70China Merchants Port Group Co. Ltd. Interim Report 2026
redemption
date
Interest
Medium-term payable once
Notes of China every year
Merchants Port 25 CMPort
Holdings Holdings 102581356 24 March 25 March 25 March
and principal Interbank.IB 2025 2025 2028 200000.00 1.98% payable in a bondCompany MTN001 lump sum on market
Limited the
(Phase I 2025) redemption
date
Interest
payable once
Medium-term every year
Notes of China 7 10 10 and principal Interbank
Merchants Port 25 CMPortMTN001 102584687 November November Novembe 200000.00 1.76% payable in a bondGroup Co. Ltd. 2025 2025 r 2028 lump sum on market
(Phase I 2025) the
redemption
date
Super-short-ter
m Commercial Principal and
Papers of China 25 CMPort 12 13 7 August interest Interbank
Merchants Port SCP002 012581169 November November 2026 200000.00 1.58% payable in a bond
Group Co. Ltd. 2025 2025 lump sum at market
(Phase II 2025) maturity
Appropriate
arrangement of
the investors (if N/A
any)
Applicable
trading Inquiry
mechanism
Risk of
termination of
listing
transactions (if None
any) and
countermeasure
s
Overdue bonds
□Applicable √ Not applicable
2. Triggering and Implementation of Issuer or Investor Option Clauses and Investor
Protection Clauses
□Applicable √ Not applicable
3. Credit Rating Adjustments during the Reporting Period
□Applicable √ Not applicable
4. Implementation and Changes of Guarantees Repayment Plan and Other Repayment
Guarantee Measures during the Reporting Period and their Impact on the Rights and
Interests of Bond Investors
□Applicable √ Not applicable
71China Merchants Port Group Co. Ltd. Interim Report 2026
IV Convertible Corporate Bonds
□Applicable √ Not applicable
No such cases in the Reporting Period.V Losses within the Scope of the Consolidated Financial Statements during the Reporting
Period Exceeding 10% of Equity at the End of Last Year
□Applicable √ Not applicable
VI The Major Accounting Data and the Financial Indicators of the Recent 2 Years of the
Company up the Period-end
Item 30 June 2026 31 December 2025 Increase/decrease
Current ratio 70.98% 77.93% -8.92%
Debt/asset ratio 35.85% 35.96% -0.11%
Quick ratio 69.32% 76.29% -9.14%
H1 2026 H1 2025 Increase/decrease
Net profit after deducting non-recurring
272293.86251868.608.11%
gains and losses (RMB’0000)
EBITDA to total debt ratio 11.83% 11.64% 0.19%
Interest coverage ratio 6.79 5.60 21.25%
Cash interest coverage ratio 5.46 4.49 21.60%
EBITDA interest coverage ratio 9.56 8.15 17.30%
Loan repayment ratio 100.00% 100.00% -
Interest payment ratio 100.00% 100.00% -
72China Merchants Port Group Co. Ltd. Interim Report 2026
Part VIII Financial Statements
I Independent Auditor’s Report
These interim financial statements have not been audited by an independent auditor.II Financial Statements
See attached.China Merchants Port Group Co. Ltd.Board of Directors
Dated 29 August 2026
73CHINA MERCHANTS PORT GROUP CO. LTD.
FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026CHINA MERCHANTS PORT GROUP CO. LTD.FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
CONTENTS PAGE(S)
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 - 195CHINA MERCHANTS PORT GROUP CO. LTD.AT 30 JUNE 2026
Consolidated Balance Sheet
RMB
Item Notes 30/06/2026 31/12/2025
Current Assets:
Cash and bank balances (VIII)1 15931449539.20 15374846360.79
Including: Cash deposited in the finance company (XV)6(1) 3106325950.09 4733188415.27
Financial assets held for trading (VIII)2 7801237827.41 7578824365.75
Derivative financial assets - -
Bills receivable (VIII)3 74258926.74 151029884.15
Accounts receivable (VIII)4 2211972986.10 1297166857.70
Receivables under financing (VIII)5 67563325.20 114680738.25
Prepayments (VIII)6 112683131.34 82819198.95
Funds receivable under centralised management - -
Other receivables (VIII)7 1687761121.55 1012655278.64
Including: Dividends receivable (VIII)7 1296598929.03 576943449.36
Inventories (VIII)8 298274145.09 307216425.15
Including: Raw materials 277448402.90 288311631.73
Goods in stock (finished products) 11339790.91 9419494.95
Data resources - -
Contract assets - -
Assets held for sale - -
Non-current assets due within one year 539722.23 -
Other current assets (VIII)9 254227724.10 158947975.17
Total current assets 28439968448.96 26078187084.55
Non-current Assets:
Debt investments - -
Other debt investments - -
Long-term receivables (VIII)10 4020774854.85 3874516647.46
Long-term equity investments (VIII)11 104461636494.18 103073100064.87
Investments in other equity instruments (VIII)12 141766365.15 141766365.15
Other non-current financial assets (VIII)13 28768810.95 28768810.95
Investment properties (VIII)14 3094241385.73 3157951323.78
Fixed assets (VIII)15 29503749018.28 30442884297.82
Including: Cost of fixed assets 57301941871.46 57478268295.87
Accumulated depreciation 27586065563.77 26823319777.57
Provision for impairment of fixed assets 212280683.43 212280683.43
Construction in progress (VIII)16 3914637944.57 3403583431.48
Right-of-use assets (VIII)17 8581524684.60 8965304928.17
Intangible assets (VIII)18 17178383201.23 17643855579.95
Including: Data resources 5299292.77 5616273.79
Development costs (IX)2 24789747.46 34234599.73
Including: Data resources - -
Goodwill (VIII)19 6238999205.88 6176416050.77
Long-term deferred expenses (VIII)20 879576256.34 919719245.18
Deferred tax assets (VIII)21 347334760.56 355487521.84
Other non-current assets (VIII)22 776596823.91 718921542.98
Total non-current assets 179192779553.69 178936510410.13
TOTAL ASSETS 207632748002.65 205014697494.68
The accompanying notes form part of the financial statements.- 1 -CHINA MERCHANTS PORT GROUP CO. LTD.AT 30 JUNE 2026
Consolidated Balance Sheet - continued
RMB
Item Notes 30/06/2026 31/12/2025
Current liabilities:
Short-term borrowings (VIII)23 17833999783.41 19775820831.32
Financial liabilities held for trading - -
Derivative financial liabilities - -
Bills payable - -
Accounts payable (VIII)24 731884896.96 739900492.35
Advance payments received (VIII)25 13233982.45 12191454.52
Contract liabilities (VIII)26 467332338.33 446822948.79
Employee benefits payable (VIII)27 1145330939.94 1297834679.20
Including: Payroll payable 1103301785.50 1252447318.40
Welfare payable 1858128.31 -
Taxes payable (VIII)28 1055563894.95 913284472.54
Including: Taxes payable 1051899986.37 904515326.51
Other payables (VIII)29 5141501344.76 2034923078.95
Including: Dividends payable (VIII)29 3082819731.15 135169470.79
Liabilities held for sale - -
Non-current liabilities due within one year (VIII)30 10511185806.73 6042522685.33
Other current liabilities (VIII)31 3165837420.28 2199301417.02
Total current liabilities 40065870407.81 33462602060.02
Non-current Liabilities:
Long-term borrowings (VIII)32 5334589680.46 7439956123.50
Bonds payable (VIII)33 17078267745.12 20709787532.29
Including: Preference shares - -
Perpetual bonds - -
Lease liabilities (VIII)34 1620470269.87 1690860832.08
Long-term payables (VIII)35 3646949075.01 3721605292.07
Long-term employee benefits payable (VIII)36 529966480.72 546386377.62
Provisions (VIII)37 188067420.35 185493182.45
Deferred income (VIII)38 890659028.85 923349449.41
Deferred tax liabilities (VIII)21 4926513388.18 4869165969.03
Other non-current liabilities (VIII)39 159772264.45 164442477.36
Total non-current liabilities 34375255353.01 40251047235.81
TOTAL LIABILITIES 74441125760.82 73713649295.83
The accompanying notes form part of the financial statements.- 2 -CHINA MERCHANTS PORT GROUP CO. LTD.AT 30 JUNE 2026
Consolidated Balance Sheet - continued
RMB
Item Notes 30/06/2026 31/12/2025
Shareholders' equity:
Share capital (VIII)40 2482148285.00 2481842185.00
Including: State capital - -
State-owned corporate capital 2235341406.00 2235944258.00
Collective capital - -
Private capital 215830683.00 227577129.00
Foreign capital 30976196.00 18320798.00
Other equity instruments - -
Including: Preference shares - -
Perpetual bonds - -
Capital reserve (VIII)41 36907299986.91 36816586615.98
Less: Treasury shares - -
Other comprehensive income (VIII)42 -962440797.25 -969163426.51
Including: Translation difference of financial statements
-657829888.31-708485813.50
denominated in foreign currencies
Specific reserve (VIII)43 76328638.95 57278650.39
Surplus reserve (VIII)44 1249537330.50 1249537330.50
Including: Legal reserve 1249537330.50 1249537330.50
Arbitrary accumulation fund - -
Retained earnings (VIII)45 25527619112.39 24729748576.84
Total equity attributable to shareholders of the Company 65280492556.50 64365829932.20
Non-controlling interests 67911129685.33 66935218266.65
TOTAL SHAREHOLDERS' EQUITY 133191622241.83 131301048198.85
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 207632748002.65 205014697494.68
The accompanying notes form part of the financial statements.The financial statements were signed by the following:
Xu Song Huang Zhenzhou Liu Shixia
_________________________________________________________________________
Legal Representative Chief Financial Officer Head of Accounting Department
- 3 -CHINA MERCHANTS PORT GROUP CO. LTD.AT 30 JUNE 2026
Balance Sheet of the Company
RMB
Item Notes 30/06/2026 31/12/2025
Current Assets:
Cash and bank balances 3136397685.03 2754342020.39
Including: Cash deposited in the finance company 1252044742.50 1739063279.42
Financial assets held for trading 3605291136.98 3253363657.53
Derivative financial assets - -
Bills receivable - -
Accounts receivable - -
Receivables under financing - -
Prepayments 299000.00 339344.00
Funds receivable under centralised management - -
Other receivables (XX)1 1050198084.69 1176102035.60
Including: Dividends receivable (XX)1 175455861.95 148813646.87
Inventories - -
Including: Raw materials - -
Goods in stock (finished products) - -
Data resources - -
Contract assets - -
Assets held for sale - -
Non-current assets due within one year 135602.50 155510.11
Other current assets 9525040.24 10184446.02
Total current assets 7801846549.44 7194487013.65
Non-current Assets:
Debt investments - -
Other debt investments - -
Long-term receivables 216769806.22 217060862.62
Long-term equity investments (XX)2 56698592437.41 56471842754.45
Investments in other equity instruments 130399200.00 130399200.00
Other non-current financial assets - -
Investment properties - -
Fixed assets 23312823.24 24431510.36
Including: Fixed assets – cost 34230604.85 34337104.85
Accumulated depreciation 10917781.61 9905594.49
Provision for impairment of fixed assets - -
Construction in progress 1014339.62 1014339.62
Right-of-use assets - -
Intangible assets 81374817.63 87413564.25
Including: Data resources - -
Development costs 9629737.65 9629737.65
Including: Data resources - -
Goodwill - -
Long-term deferred expenses 483127.00 554450.68
Deferred tax assets - -
Other non-current assets - -
Total non-current assets 57161576288.77 56942346419.63
TOTAL ASSETS 64963422838.21 64136833433.28
The accompanying notes form part of the financial statements.- 4 -CHINA MERCHANTS PORT GROUP CO. LTD.AT 30 JUNE 2026
Balance Sheet of the Company - continued
RMB
Item Notes 30/06/2026 31/12/2025
Current Liabilities:
Short-term borrowings - -
Financial liabilities held for trading - -
Derivative financial liabilities - -
Bills payable - -
Accounts payable - -
Advance payments received - -
Contract liabilities - -
Employee benefits payable 62845723.77 68938370.19
Including: Payroll payable 62757904.29 68787532.24
Welfare payable - -
Taxes payable 260724.94 4410347.86
Including: Taxes payable 260724.94 4410347.86
Other payables 2717493420.82 864340142.41
Including: Dividends payable 2017814057.83 34577578.12
Liabilities held for sale - -
Non-current liabilities due within one year 5137356838.27 4107494323.34
Other current liabilities 3039463242.56 2037223115.04
Total current liabilities 10957419950.36 7082406298.84
Non-current Liabilities:
Long-term borrowings 266804000.00 2242804000.00
Bonds payable 11000000000.00 11000000000.00
Including: Preference shares - -
Perpetual bonds - -
Lease liabilities - -
Long-term payables - -
Long-term employee benefits payable - -
Provisions - -
Deferred income - -
Deferred tax liabilities 37790938.06 37309068.19
Other non-current liabilities - -
Total non-current liabilities 11304594938.06 13280113068.19
TOTAL LIABILITIES 22262014888.42 20362519367.03
The accompanying notes form part of the financial statements.- 5 -CHINA MERCHANTS PORT GROUP CO. LTD.AT 30 JUNE 2026
Balance Sheet of the Company - continued
RMB
Item Notes 30/06/2026 31/12/2025
Shareholders’ equity
Share capital 2482148285.00 2481842185.00
Including: State capital - -
State-owned corporate capital 2235341406.00 2235944258.00
Collective capital - -
Private capital 215830683.00 227577129.00
Foreign capital 30976196.00 18320798.00
Other equity instruments - -
Including: Preference shares - -
Perpetual bonds - -
Capital reserve 37443761393.57 37426664891.68
Less: Treasury shares - -
Other comprehensive income 114457959.44 108754933.18
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 1411502981.28 2507514725.89
Total shareholders’ equity 42701407949.79 43774314066.25
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 64963422838.21 64136833433.28
The accompanying notes form part of the financial statements.- 6 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
Consolidated Income Statement
RMB
For the six months ended 30 June
Item Notes
20262025
I. Total operating income (VIII)46 8948462047.19 8468491376.08
Including: Operating income 8948462047.19 8468491376.08
II. Total operating costs 6524030341.04 6475255491.56
Less: Operating costs (VIII)46 4752291707.16 4596264092.50
Taxes and surcharges (VIII)47 209360736.24 176215156.49
Selling and distribution expenses - -
General and administrative expenses (VIII)48 763945984.07 759073109.44
Research and development expenses (VIII)49 96037707.66 107131146.55
Financial expenses (VIII)50 702394205.91 836571986.58
Including: Interest expenses 900438848.43 1015802958.42
Interest income 175792695.79 200788693.82
Net exchange losses (“-” for gains) -26618683.08 16212019.97
Add: Other income (VIII)51 52290043.56 125162556.03
Investment income (“-” for losses) (VIII)52 3750165351.14 3652835333.37
Including: Income from investments in associates
(VIII)52 3698410454.89 3606506212.05
and joint ventures
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)53 24450827.42 21035446.60
Credit impairment losses (“-” for gains) (VIII)54 -2992581.38 4693801.77
Asset impairment losses (“-” for losses) - 1621.20
Gains from asset disposals (“-” for losses) (VIII)55 623174.49 6688854.69
The accompanying notes form part of the financial statements.- 7 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
Consolidated Income Statement - continued
RMB
For the six months ended 30 June
Item Notes
20262025
III. Operating profit 6248968521.38 5803653498.18
Add: Non-operating income (VIII)56 11160829.16 17571993.99
Including: Government grants - -
Less: Non-operating expenses (VIII)57 10392892.40 12789299.83
IV. Profit before income tax 6249736458.14 5808436192.34
Less: Income tax expenses (VIII)60 876426240.35 728408809.32
V. Net profit 5373310217.79 5080027383.02
(I) Net profit classified by continuity of operations
1. Net profit from continuing operation 5373310217.79 5080027383.02
2. Net profit from discontinued operation - -
(II) Net profit classified by ownership
1. Attributable to shareholders of the Company 2781107015.26 2626638199.47
2. Non-controlling interests 2592203202.53 2453389183.55
VI. Other comprehensive income net of tax (VIII)42 -301797058.40 1602339066.79
(I) Other comprehensive income (net of tax) attributable to
6722629.26645540659.01
shareholders of the Company
1. Items that will not be reclassified to profit or loss -12238105.89 3712517.74
(1) Remeasurement of defined benefit plan - -
(2) Other comprehensive income recognised under the equity
-12238105.893712517.74
method
(3) Changes in fair value of investments in other equity
--
instruments
(4) Changes in fair value of entity’s own credit risk - -
(5) Others - -
2. Item that reclassified to profit or loss 18960735.15 641828141.27
(1) Other comprehensive income recognised under the equity
-31695190.04229359310.24
method
(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
50655925.19412468831.03
currency financial statements
(7) Others - -
(II) Other comprehensive income (net of tax) attributable to
-308519687.66956798407.78
non-controlling interests
VII. Total comprehensive income for the period 5071513159.39 6682366449.81
(I) Attributable to shareholders of the Company 2787829644.52 3272178858.48
(II) Attributable to non-controlling interests 2283683514.87 3410187591.33
VIII. Earnings per share
(I) Basic earnings per share (RMB/share) 1.12 1.05
(II) Diluted earnings per share (RMB/share) 1.12 1.05
The accompanying notes form part of the financial statements.- 8 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
Income Statement of the Company
RMB
For the six months ended 30 June
Item Notes
20262025
I. Total operating income (XX)3 11339529.35 10468785.48
Including: Operating costs (XX)3 1869721.92 1869721.92
Taxes and surcharges 1439.00 40139.06
Selling and distribution expenses - -
General and administrative expenses 66219364.57 68889403.19
Research and development expenses 2769843.83 4901396.85
Financial expenses 174139702.58 202419199.24
Including: Interest expenses 193862087.91 230132141.74
Interest income 19208909.32 31430097.06
Net exchange loss (“-” for gain) -667774.20 3423695.95
Add: Other income 225023.79 1308142.76
Investment income (“-” for losses) (XX)4 1115849700.35 1407966977.76
Including: Income from investments in associates
(XX)4 620440971.34 616975745.63
and joint ventures
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) 5291136.98 419178.08
Reversal of credit impairment (“-” for losses) - -
Impairment losses (“-” for losses) - -
Gains from asset disposals (“-” for losses) -2581.64 -
II. Operating profit 887702736.93 1142043223.82
Add: Non-operating income 3868.04 0.01
Including: Government grants - -
Less: Non-operating expenses - -
III. Profit before income tax 887706604.97 1142043223.83
Less: Income tax expenses 481869.87 -495856.17
IV. Net profit 887224735.10 1142539080.00
Net profit from continuing operations (“-” for net loss) 887224735.10 1142539080.00
Net profit from discontinued operations (“-” for net loss) - -
V. Other comprehensive income net of tax 5703026.26 -9233634.93
(I) Items that will not be reclassified to profit or loss - -
1. Remeasurement of the defined benefit plan - -
2. Other comprehensive income recognised under the equity method - -
3. Changes in fair value of investments in other equity
--
instruments
4. Changes in fair value of entity’s own credit risk - -
5. Others - -
(II) Items that may be reclassified to profit or loss 5703026.26 -9233634.93
1. Other comprehensive income recognised
5703026.26-9233634.93
under the equity method
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 period 892927761.36 1133305445.07
The accompanying notes form part of the financial statements.- 9 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
Consolidated Cash Flow Statement
RMB
For the six months ended 30 June
Item Notes
20262025
I. Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 8434591075.26 7857539602.92
Refund of taxes 32045469.96 22625702.07
Proceeds from other operating activities (VIII)63(1) 311684094.58 434331435.71
Sub-total of cash inflows 8778320639.80 8314496740.70
Payment for goods and services 2137017250.47 2213195912.82
Payment to and for employees 1967381800.45 1920159455.08
Payment of various taxes 992059574.55 779324979.56
Payment for other operating activities (VIII)63(1) 333787401.19 393123076.45
Sub-total of cash outflows 5430246026.66 5305803423.91
Net cash inflow from operating activities (VIII)64(1) 3348074613.14 3008693316.79
II. Cash flows from investing activities:
Proceeds from disposal of investments 30711436354.57 22390000000.00
Investment returns received 1215179100.26 1400094606.45
Net proceeds from disposal of fixed assets intangible assets and
4348482.4192000595.10
other long-term assets
Net proceeds from disposal of subsidiaries and other business
--
units
Proceeds from other investing activities (VIII)63(2) 30609211.91 193281858.34
Sub-total of cash inflows 31961573149.15 24075377059.89
Payment for acquisition of fixed assets intangible assets and
737575344.321057042867.97
other long-term assets
Payment for acquisition of investments 30910000000.00 21608606292.72
Net payment for acquisition of subsidiaries and other business
-13185876.35
units
Payment for other investing activities (VIII)63(2) 135426610.41 125708873.81
Sub-total of cash outflows 31783001954.73 22804543910.85
Net cash inflow from investing activities 178571194.42 1270833149.04
III. Cash flows from financing activities:
Proceeds from investors 2659907.81 4628001.40
Including: Proceeds from non-controlling shareholders of
--
subsidiaries
Proceeds from borrowings 6027920203.19 9304432954.50
Proceeds from other financing activities (VIII)63(3) 671645.19 255592133.41
Sub-total of cash inflows 6031251756.19 9564653089.31
Repayments of borrowings 7448443990.90 11894107127.58
Payment for dividends profit distributions or interests (VIII)64(3) 1030285223.95 3230960884.51
Including: Dividends and profits paid to
378623401.71572192997.59
non-controlling shareholders of subsidiaries
Payment for other financing activities (VIII)63(3) 327043882.34 381049285.64
Sub-total of cash outflows 8805773097.19 15506117297.73
Net cash outflow from financing activities -2774521341.00 -5941464208.42
IV. Effect of foreign exchange rate changes on cash
-147485206.8151426294.43
and cash equivalents
V. Net increase in cash and cash equivalents (“-” for net
604639259.75-1610511448.16
decrease)
Add: Cash and cash equivalents at the beginning of the period (VIII)64(1) 15244357662.04 16515069554.91
VI. Cash and cash equivalents at the end of the period (VIII)64(2) 15848996921.79 14904558106.75
The accompanying notes form part of the financial statements.- 10 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
Cash Flow Statement of the Company
RMB
For the six months ended 30 June
Item Notes
20262025
I. Cash flows from operating activities:
Proceeds from sale of goods and rendering of services - -
Refunds of taxes 238525.21 220631.35
Proceeds from other operating activities 45805012.74 129026795.99
Sub-total of cash inflows 46043537.95 129247427.34
Payment for goods and services 1696325.92 3450000.00
Payment to and for employees 61176740.15 53334144.19
Payment of various taxes 48579.96 176611.04
Payment for other operating activities 29316186.49 16200899.11
Sub-total of cash outflows 92237832.52 73161654.34
Net cash (outflow)/inflow from operating activities -46194294.57 56085773.00
II. Cash flows from investing activities:
Proceeds from disposal of investments 15050000000.00 12900000000.00
Investment returns received 884450466.01 1615238889.61
Net proceeds from disposal of fixed assets intangible assets and
3100.00-
other long-term assets
Net proceeds from disposals of subsidiaries and
--
other business units
Proceeds from other investing activities 762518455.89 1455335973.18
Sub-total of cash inflows 16696972021.90 15970574862.79
Payment for acquisition of fixed assets intangible assets and
4692.151390143.47
other long-term assets
Payment for acquisition of investments 15400000000.00 11700000000.00
Net payment for acquisition of subsidiaries and other
--
business units
Payment for other investing activities 600008527.34 1645739266.80
Sub-total of cash outflows 16000013219.49 13347129410.27
Net cash inflow from investing activities 696958802.41 2623445452.52
III. Cash flows from financing activities:
Proceeds from investors 2659907.81 4628001.40
Proceeds from borrowings 1100000000.00 2152406452.28
Proceeds from other financing activities 521902.61 7586443.41
Sub-total of cash inflows 1103181810.42 2164620897.09
Repayments of borrowings 1229590395.76 4008000000.00
Payment for dividends profit distributions or interests 117509435.99 2031554308.07
Payment for other financing activities 3029767.96 272507639.18
Sub-total of cash outflows 1350129599.71 6312061947.25
Net cash outflow from financing activities -246947789.29 -4147441050.16
IV. Effect of foreign exchange rate changes on cash
-8968.48-267786.56
and cash equivalents
V. Net increase in cash and cash equivalents
403807750.07-1468177611.20
(“-” for net decrease)
Add: Cash and cash equivalents at the beginning of the period 2717060614.37 4016283989.90
VI. Cash and cash equivalents at the end of the period 3120868364.44 2548106378.70
The accompanying notes form part of the financial statements.- 11 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
Consolidated Statement of Changes in Shareholders' Equity
RMB
For the six months ended 30 June 2026
Equity attributable to shareholders of the Company
Other equity instruments Including: Translation
Item difference of financial Non-controlling
Other comprehensive Subtotal Total
Share capital Capital reserve Less: Treasury shares statements Specific reserve Surplus reserve Retained earnings interests
income
denominated in
Preference Perpetual
others foreign currencies
shares bonds
I. Balance at the end of the previous year 2481842185.00 - - - 36816586615.98 - -969163426.51 -708485813.50 57278650.39 1249537330.50 24729748576.84 64365829932.20 66935218266.65 131301048198.85
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 period 2481842185.00 - - - 36816586615.98 - -969163426.51 -708485813.50 57278650.39 1249537330.50 24729748576.84 64365829932.20 66935218266.65 131301048198.85
III. Changes in equity during the period 306100.00 - - - 90713370.93 - 6722629.26 50655925.19 19049988.56 - 797870535.55 914662624.30 975911418.68 1890574042.98
(I) Total comprehensive income - - - - - - 6722629.26 50655925.19 - - 2781107015.26 2787829644.52 2283683514.87 5071513159.39
(II) Shareholders’ contributions of capital 306100.00 - - - 90713370.93 - - - - - - 91019470.93 73168003.78 164187474.71
1. Contribution by ordinary shareholders 306100.00 - - - 5155967.24 - - - - - - 5462067.24 - 5462067.24
2. Contribution by holders of other equity
--------------
instruments
3. Equity-settled share-based payments - - - - -1000570.00 - - - - - - -1000570.00 - -1000570.00
4. Others - - - - 86557973.69 - - - - - - 86557973.69 73168003.78 159725977.47
(III) Appropriation of profits - - - - - - - - - - -1983236479.71 -1983236479.71 -1397121334.50 -3380357814.21
1. Appropriation for surplus reserve - - - - - - - - - - - - - -
Including: Legal reserve - - - - - - - - - - - - - -
Arbitrary accumulation fund - - - - - - - - - - - - - -
2. Distribution to shareholders - - - - - - - - - - -1983236479.71 -1983236479.71 -1397121334.50 -3380357814.21
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 - - - - - - - - 19049988.56 - - 19049988.56 16181234.53 35231223.09
1. Appropriation during the period - - - - - - - - 32455476.95 - - 32455476.95 30347491.36 62802968.31
2. Utilisation during the period - - - - - - - - -13405488.39 - - -13405488.39 -14166256.83 -27571745.22
(VI) Others - - - - - - - - - - - - - -
IV. Balance at the end of the period 2482148285.00 - - - 36907299986.91 - -962440797.25 -657829888.31 76328638.95 1249537330.50 25527619112.39 65280492556.50 67911129685.33 133191622241.83
- 12 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
Consolidated Statement of Changes in Shareholders' Equity - continued
RMB
For the six months ended 30 June 2025
Equity attributable to shareholders of the Company
Other equity instruments Including: Translation
Item difference of financial Non-controlling
Other comprehensive Subtotal Total
Share capital Capital reserve Less: Treasury shares statements Specific reserve Surplus reserve Retained earnings interests
income
denominated in
Preference Perpetual
others foreign currencies
shares bonds
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 period 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 period 199900.00 - - - -137139310.02 269263918.22 645749556.15 412468831.03 18906939.36 - 787255949.22 1045709116.49 1383524623.49 2429233739.98
(I) Total comprehensive income - - - - - - 645540659.01 412468831.03 - - 2626638199.47 3272178858.48 3410187591.33 6682366449.81
(II) Shareholders’ contributions of capital 199900.00 - - - -137139310.02 269263918.22 208897.14 - 33514.19 - 454446.93 -405506469.98 -197643127.49 -603149597.47
1. Contribution by ordinary shareholders 199900.00 - - - 3341011.41 - - - - - - 3540911.41 - 3540911.41
2. Contribution by holders of other equity
--------------
instruments
3. Equity-settled share-based payments - - - - -442650.00 - - - - - - -442650.00 -211470.30 -654120.30
4. Others - - - - -140037671.43 269263918.22 208897.14 - 33514.19 - 454446.93 -408604731.39 -197431657.19 -606036388.58
(III) Appropriation of profits - - - - - - - - - - -1839836697.18 -1839836697.18 -1845390388.42 -3685227085.60
1. Appropriation for surplus reserve - - - - - - - - - - - - - -
Including: Legal reserve - - - - - - - - - - - - - -
Arbitrary accumulation fund - - - - - - - - - - - - - -
2. Distribution to shareholders - - - - - - - - - - -1839836697.18 -1839836697.18 -1873154898.22 -3712991595.40
3. Others - - - - - - - - - - - - 27764509.80 27764509.80
(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 - - - - - - - - 18873425.17 - - 18873425.17 16370548.07 35243973.24
1. Appropriation during the period - - - - - - - - 29389276.80 - - 29389276.80 28395051.01 57784327.81
2. Utilisation during the period - - - - - - - - -10515851.63 - - -10515851.63 -12024502.94 -22540354.57
(VI) Others - - - - - - - - - - - - - -
IV. Balance at the end of the period 2501508381.00 - - - 37225842521.65 319823707.36 -912631681.30 -618526427.60 58981586.63 1249537330.50 22745034528.33 62548448959.45 68039223554.78 130587672514.23
The accompanying notes form part of the financial statements.- 13 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
The Company's Statement of Changes in Shareholders' Equity
RMB
For the six months ended 30 June 2026
Other equity instruments Including: Translation
Item difference of financial
Share capital Capital reserve Less: Treasury shares Other comprehensive income Specific reserve Surplus reserve Retained earnings Total
Preference perpetual statements denominated in
others
shares bonds foreign currencies
I. Balance at the end of the previous year 2481842185.00 - - - 37426664891.68 - 108754933.18 - - 1249537330.50 2507514725.89 43774314066.25
Add: Changes in accounting policies - - - - - - - - - - - -
Corrections of prior period errors - - - - - - - - - - - -
Others - - - - - - - - - - - -
II Balance at the beginning of the period 2481842185.00 - - - 37426664891.68 - 108754933.18 - - 1249537330.50 2507514725.89 43774314066.25
III. Changes in equity during the period 306100.00 - - - 17096501.89 - 5703026.26 - - - -1096011744.61 -1072906116.46
(I) Total comprehensive income - - - - - - 5703026.26 - - - 887224735.10 892927761.36
(II) Shareholders’ contributions of capital 306100.00 - - - 17096501.89 - - - - - - 17402601.89
1. Contribution by ordinary shareholders 306100.00 - - - 5155967.24 - - - - - - 5462067.24
2. Contribution by holders of other equity instruments - - - - - - - - - - - -
3. Equity-settled share-based payments - - - - -1000570.00 - - - - - - -1000570.00
4. Others - - - - 12941104.65 - - - - - - 12941104.65
(III) Appropriation of profits - - - - - - - - - - -1983236479.71 -1983236479.71
1. Appropriation for surplus reserve - - - - - - - - - - - -
Including: Legal reserve - - - - - - - - - - - -
Arbitrary accumulation fund - - - - - - - - - - - -
2. Distribution to shareholders - - - - - - - - - - -1983236479.71 -1983236479.71
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 period - - - - - - - - - - - -
2. Utilisation during the period - - - - - - - - - - - -
(VI) Others - - - - - - - - - - - -
IV. Balance at the end of the period 2482148285.00 - - - 37443761393.57 - 114457959.44 - - 1249537330.50 1411502981.28 42701407949.79
- 14 -CHINA MERCHANTS PORT GROUP CO. LTD.FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
The Company's Statement of Changes in Shareholders' Equity - continued
RMB
For the six months ended 30 June 2025
Other equity instruments Including: Translation
Item difference of financial
Share capital Capital reserve Less: Treasury shares Other comprehensive income Specific reserve Surplus reserve Retained earnings Total
Preference perpetual statements denominated in
others
shares bonds foreign currencies
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 period 2501308481.00 - - - 37773833882.62 50559789.14 130414442.07 - - 1249537330.50 2285715457.11 43890249804.16
III. Changes in equity during the period 199900.00 - - - 56375517.89 269263918.22 -9233634.93 - - - -697297617.18 -919219752.44
(I) Total comprehensive income - - - - - - -9233634.93 - - - 1142539080.00 1133305445.07
(II) Shareholders’ contributions of capital 199900.00 - - - 56375517.89 269263918.22 - - - - - -212688500.33
1. Contribution by ordinary shareholders 199900.00 - - - 3341011.41 - - - - - - 3540911.41
2. Contribution by holders of other equity instruments - - - - - - - - - - - -
3. Equity-settled share-based payments - - - - -442650.00 - - - - - - -442650.00
4. Others - - - - 53477156.48 269263918.22 - - - - - -215786761.74
(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 period - - - - - - - - - - - -
2. Utilisation during the period - - - - - - - - - - - -
(VI) Others - - - - - - - - - - - -
IV. Balance at the end of the period 2501508381.00 - - - 37830209400.51 319823707.36 121180807.14 - - 1249537330.50 1588417839.93 42971030051.72
The accompanying notes form part of the financial statements.- 15 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
27 August 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 30 June 2026 the Group had total current liabilities in excess of total current assets by RMB
11625901958.85. As at 30 June 2026 the Group had available and unused credit facilities and
bonds amounting to RMB 68671064184.07 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 30 June 2026 and the consolidated and Company's operating
results consolidated and Company's shareholders' equity and consolidated and Company's cash
flow for the period from 1 January to 30 June 2026.(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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 engaged in the principal operating activities of port services
bonded logistics services and other businesses such as property development and investment. The
operating cycle is typically one year.
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.- 17 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
4. Basis of accounting and principle of measurement - continued
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.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
The amount exceeds RMB 10 million individually
provision is assessed on an individual basis
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≥
investments 2% of the amount of total assets
The period-end carrying amount of an individual construction in
Significant construction in progress
progress ranges top ten
Impairment testing of significant construction in The carrying amount of an individual construction in progress ≥20%
progress of 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
The amount exceeds RMB 10 million individually
more than 1 year
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
The amount of total revenue or total assets of subsidiaries exceeds
Significant non-wholly owned subsidiaries 15% of the amount of total consolidated revenue or total consolidated
assets
Joint ventures or associates in which the carrying amount of a long-
term equity investment accounts for ≥10% of the amount of total
Significant joint ventures or associates consolidated assets 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 shareholders'
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's
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's shares held
before acquisition date involve changes in other comprehensive income and other changes in
shareholders' equity under equity method shall be reclassified to profit or loss of the period to
which the acquisition date belongs.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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 arrangements 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 technique 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 expense 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 carrying amount 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 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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
or 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 carrying
amount 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 carrying amount
of the financial asset.
11.1.2 Financial assets at FVTOCI
For financial assets classified as 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 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 FVTOCI is recognised as impairment loss or gain and included in profit or loss for the
period. For financial assets classified as 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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;
- 29 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.2 Impairment of financial instruments - continued
11.2.1 Significant increase of credit risk - continued
(12) Expected changes to loan contracts 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;
(13) Significant change in the expected performance and repayment of the debtor;
(14) Changes 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 one or more events that are expected to have an adverse impact on the future cash flows of
the financial assets have occurred the financial assets become credit-impaired. The evidence 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) A creditor grants a concession to the debtor that it would not otherwise consider driven by
economic or contractual considerations relating to the debtor's financial difficulty.
(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
collateral held by the Group).- 30 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 lease 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 carrying amount 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 range of possible outcomes; time
value of money; reasonable and supportable information related to historical events current
condition and forecast of future economic condition 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 carrying amount 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 are
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 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 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 the transfer of the assets 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 rather than solely on their 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 FVTPL. Except for derivative financial
liabilities presented separately the financial liabilities at FVTPL are presented as financial
liabilities held for trading.- 33 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 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 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.A financial liability may be designated as 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 financial instrument is a
hybrid instrument containing one or more 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.- 34 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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
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.
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 in accordance with the
revenue standards.- 35 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 shareholders' equity at the actual issue price and the relevant
transaction costs are deducted from the shareholders' 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 shareholders' 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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.For hybrid contracts comprising an embedded derivative and a host contract where the host contract
is a financial asset the Group does not separate the embedded derivative from such hybrid contracts.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 is 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 realise 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.- 37 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
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.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 remains
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 costs 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.- 38 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
11. Financial instruments - continued
11.8 Reclassification of financial instruments - continued
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.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 carrying amount.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 determines 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.- 39 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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
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.The Group assigns internal credit ratings to customers and determines expected loss rate of
receivables. The bases for determining ratings and the expected loss rates are as follows:
Internal credit Expected average
Basis for determining portfolio
rating loss rate (%)
Customers are able to settle payments within the credit period with good
repayment records based on historical experience. The probability of
A 0.00-0.10
default on payment of due amounts is extremely low in the foreseeable
future.The customers may have overdue payment based on historical experience
B 0.10-0.30
but they can make repayments.The evidence indicates that the overdue credit risks of the customers are
C 0.30-50.00
significantly increased and there is probability of default on payment.
12.3 Determination criteria for provision for bad debts on an individual basis
Internal credit Expected average
Basis to determine the provision for bad debts on an individual basis
ratings loss ratio (%)
There is evidence showing that the receivables from customers are
impaired or that the customers are experiencing significant financial
D 50.00-100.00
difficulties and thus the receivables will be irrecoverable in the
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 weighted average method at the end of the
month and first-in-first-out method.
13.1.3 Inventory count system
The inventory system adopted is the 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 the amount of its returns. 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 exercisable 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 shareholders' 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 shareholders'
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 acquisition cost.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 in whole or in
part 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.- 43 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 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 carrying amount of the long-
term equity investment is adjusted accordingly.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
shareholders' equity of the investee other than net profit or loss other comprehensive income 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 unrealised 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 unrealised 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 consideration received
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; shareholders' equity recognised due to other changes in shareholders' 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 the acquisition of 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 shareholders' equity in the investee's
net assets recognised under the equity method (other than net profit or loss other comprehensive
income and profit distribution) are 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 if the equity method had been applied 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 shareholders' 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 shareholders' 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 shareholders' equity are all transferred.- 45 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 due to the
disposal of part of its equity investment 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 shareholders' 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 are assessed as a "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:
Estimated useful lives Annual depreciation rate
Category Residual value rate (%)
(year) (%)
Land use rights 21.25-50.00 - 2.00-4.71
Buildings and structures 10.00-43.17 5.00 2.20-9.50
- 46 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
15. Investment properties - continued
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.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 estimated abandonment
costs. 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:
Estimated useful lives Residual value Annual
Category
(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
3-205.004.75-31.67
and fixture and other equipment
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.- 47 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
16. Fixed assets and depreciation - continued
When a fixed asset is disposed 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.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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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.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.
18.2 Expenditure 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.(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
18. Intangible assets - continued
- 49 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
18.2 Expenditure on research and development - continued
(4) The availability of adequate technical financial and other resources to complete the
development of the intangible asset and the ability to use or sell the intangible asset.
(5) The expenditure attributable to the intangible asset during its development phase can be
measured reliably.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 period. 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.
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.- 50 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
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 useful 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 loss and is recognised in profit or loss.Once the impairment losses of above-mentioned assets are 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) the 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 are
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 that the obligation settlement will result in an outflow of economic benefits 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 refer 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 trade union funds 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.
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.- 53 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
22. Employee benefits - continued
22.2 Post-employment benefits - continued
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 contributions 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 unit credit 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
plan 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.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 plan 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.- 54 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
22. Employee benefits - continued
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 termination benefits; Provided that 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.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.- 55 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
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.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 cancellations etc. are treated as changes in equity and related transaction costs are
deducted from equity.- 56 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
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 shareholders' equity and has nothing to do with the capital invested
by shareholders. 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 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 cumulative revenue recognized that is
highly probable not being 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 no alternative use 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.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.- 57 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
26. Revenue recognition - continued
26.1 Disclosure of accounting policies adopted for revenue recognition and measurement by type
of business - continued
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 to 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
likely amount. The transaction price including variable consideration shall not exceed the amount
of the cumulatively recognised revenue which is highly probable not being 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.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.- 58 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
26. Revenue recognition - continued
26.1 Disclosure of accounting policies adopted for revenue recognition and measurement by type
of business - continued
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 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 dose not consider the significant financing 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.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.- 59 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
26. Revenue recognition - continued
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 are 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.
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.- 60 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
27. Government grants - continued
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 remaining balance of 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.
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 of borrowing costs 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.- 61 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
28. Borrowing costs - continued
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.
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 tax assets and liabilities 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.- 62 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 realised 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 realise 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 realise 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.- 63 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 substantially constitute 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.- 64 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 rate 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 shareholders’ 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 of the equity interests 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.- 65 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
31. Leases
A lease is a contract under which a lessor conveys the right to use an asset to a lessee for a specified
period in exchange for consideration.At the inception of a contract 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 dose 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.The Group depreciates right-of-use assets in accordance with the depreciation requirements set out
in Accounting Standard for ASBE No.4 -- Fixed Assets. If it is reasonably certain that the Group
will obtain ownership of the underlying asset by the end of the lease term the right-of-use asset is
depreciated over the remaining useful life of the underlying asset. If it is not reasonably certain that
the Group will obtain ownership of the underlying asset by the end of the lease term the right-of-
use asset is depreciated over the shorter of the lease term and the remaining useful life of the
underlying asset.- 66 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING 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 expense 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.- 67 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
31. Leases - continued
31.1 The Group as lessee - continued
31.1.3 Lease liabilities - continued
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.
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 purchase option. A lease of low-value assets is a lease of an underlying asset that even if
new would have a low value. 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.- 68 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
31. Leases - continued
31.1 The Group as lessee - continued
31.1.5 Lease modifications - continued
For a lease modification 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.
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 arise.- 69 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
31. Leases - 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 derecognised. The net investment in the
lease is the sum of the present value of the unguaranteed residual value and the lease payments
receivable at the commencement date discounted using the lease’s implicit interest rate.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;
* guaranteed residual values 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 payments not included in the measurement of the net investment in the lease are
recognised in profit or loss in the period in which they occur.Interest income for each period over the lease term is calculated and recognised by the Group at a
fixed periodic rate.- 70 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
31. Leases - continued
31.2 The Group as lessor - continued
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
arising from the original lease rather than the underlying assets of the original lease.
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 following conditions 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.- 71 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
31. Leases - continued
31.2.7 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.
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.- 72 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(IV) SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued
33. Exchange of non-monetary assets - continued
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 gain or loss is recognised.(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 also 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 30 June 2026 is RMB 6238999205.88. The Group will conduct
impairment testing on goodwill at least annually. For the purpose of impairment testing the
recoverable amount of each cash-generating unit and group of cash-generating units that generate
goodwill of the Group is determined by fair value less estimated cost of disposal and by the present
value of estimated future cash flows which involve management judgments.- 73 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
1.2 Recognition of deferred income tax
The Group calculates and recognises deferred tax liabilities based on 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 the corresponding deferred tax liabilities
are not recognised considering such earnings will be utilised for the investees’ daily operations and
future development. Where the actual profit distribution in future years exceeds or falls below the
expected profit distribution amount corresponding deferred tax liabilities will be recognised or
reversed in profit or loss for the period at the earlier of the date of change to the profit distribution
plan and the date of dividend declaration.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 higher or lower than the current expectations corresponding deferred tax assets
will be recognised or reversed in profit or loss in the year in which such differences arise.
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 write
down the technically obsolete fixed assets or intangible assets.- 74 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VI) CHANGES IN SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING
ESTIMATES
1. Changes in significant accounting policies
1.1 Interpretation of Accounting Standards for Business Enterprises No. 19
The Ministry of Finance of the PRC issued Interpretation of Accounting Standards for Business
Enterprises No. 19 (hereinafter referred to as "Interpretation No. 19") on December 5 2025. The
provisions concerning "Accounting Treatment for Compensatory Assets in Business Combinations
Not under Common Control" "Accounting Treatment for Capital Reserves Related to the Disposal
of Subsidiaries Originally Acquired through Business Combinations under Common Control"
"Derecognition of Financial Liabilities Settled through Electronic Payment Systems" "Assessment
of Contractual Cash Flow Characteristics of Financial Assets and Related Disclosures" and
"Disclosures for Equity Instruments Designated at Fair Value through Other Comprehensive
Income" shall be applied for annual periods beginning on or after January 1 2026.Following this accounting policy change the Group applies the relevant provisions of Interpretation
No. 19.The adoption of these provisions has had no material impact on the Group's financial position or
operating results.
1.2 Interpretation of Accounting Standards for Business Enterprises No. 20
The Ministry of Finance of the PRC issued Interpretation of Accounting Standards for Business
Enterprises No. 20 (hereinafter referred to as "Interpretation No. 20") on June 4 2026. The
provisions concerning "Assessment of Contractual Cash Flow Characteristics of Financial Assets"
and "Accounting Treatment and Related Disclosures for Transactions Involving Currencies
Lacking Exchangeability" shall be applied effective upon issuance.For transactions occurring between January 1 2026 and the effective date of Interpretation No. 20
that fall within the scope of this Interpretation enterprises shall apply retrospective adjustment in
accordance with Interpretation No. 20.Following this accounting policy change the Group applies the relevant provisions of Interpretation
No. 20.The adoption of these provisions has had no material impact on the Group's financial position or
operating results.- 75 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VII) TAXES
1. Major taxes and tax rates
Taxes Tax basis Tax rate
Taxable income 8.25%-34% (Note 1)
Enterprise income tax
Dividend income tax 5%10% (Note 2)
Income from sale of goods 9%13%
Income from transportation loading and
unloading business and part of modern 6%
Value-added tax (Note 3)
service industries
(hereinafter referred to as "VAT")
Income from sale of real estate property
3%5%9%
management lease of real estate etc.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
VAT paid 1%-7%
construction tax
Education surtax VAT paid 3%
Land use tax Land area actually occupied RMB 1-12 per square meter
Amount of pollution equivalents of the
RMB 1.2- 1.8 per pollution
Environmental protection tax taxable air pollutants converted based on the
equivalent
quantity of pollutions discharged
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% or 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%.- 76 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VII) TAXES - continued
1. Major taxes and tax rates - continued
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.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.- 77 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS
1. Cash and bank balances
Item Closing Balance Opening Balance
Cash 197280.89 191636.31
Bank deposits 12781714516.33 10403337125.34
Other cash and bank balances 43211791.89 238129183.87
Cash deposited in the finance company 3106325950.09 4733188415.27
Total 15931449539.20 15374846360.79
Including: Total amount of funds deposited overseas 6936982087.70 6289654047.38
Note 1: The interest receivable at the end of the period amounted to RMB 20122912.76 (31
December 2025 : RMB 42029709.64).Note 2: Cash deposited in the finance company included the interest receivable amounting to
RMB 19270302.43 (31 December 2025 : RMB 14222500.39).Note 3: As of the period the Group has no non-restricted term diposits exceeding three months.
(31 December 2025 : RMB 30000000.00).
Note 4: Restricted use of cash at bank and on hand at the end of the year.Item 30/06/2026 31/12/2025 Reasons for restricted use
Interest receivable 39393215.19 56252210.03 Not actually received
Performance bond 39830652.22 41023738.72 Not available for withdrawal at any time
Litigation freezing funds 3000000.00 3000000.00 Not available for withdrawal at any time
Guarantee deposit 216000.00 200000.00 Not available for withdrawal at any time
ETC card frozen funds 12750.00 12750.00 Not available for withdrawal at any time
Total 82452617.41 100488698.75
2. Financial assets held for trading
Item 30/06/2026 31/12/2025
Financial assets classified as FVTPL 7801237827.41 7578824365.75
Including: Structured deposits 7801237827.41 7578824365.75
Total 7801237827.41 7578824365.75
- 78 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
3. Bills receivable
(1) Category of bills receivable
Category 30/06/2026 31/12/2025
Bank acceptance 74258926.74 122029884.15
Commercial acceptance - 29000000.00
Total 74258926.74 151029884.15
Note: For the period from 1 January to 30 June 2026 no provision for bad debts of bills receivable
is assessed on an individual basis and the main 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 30 June 2026 the Group has no bills receivable pledged.
(3) As at 30 June 2026 bills receivable endorsed or discounted by the Group and not yet due
on the balance sheet date.Amount Unrecognised
Item derecognised at the amount at the end of
end of the period the period
Bank acceptance 54690881.53 19542230.91
(4) As at 30 June 2026 the Group has no bills transferred to accounts receivable due to the
drawer's failure to perform.
(5) For the period from 1 January to 30 June 2026 there were no notes receivable written off.
- 79 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
4. Accounts receivable
(1) Overall situation of accounts receivable
Category 30/06/2026 31/12/2025
Accounts receivable 2279779753.19 1362653229.32
Less: Provision for bad debts 67806767.09 65486371.62
Total 2211972986.10 1297166857.70
(2) Aging analysis of accounts receivable
Closing Balance Opening Balance
Aging Gross carrying Proportion Provision for Gross carrying Proportion Provision for
amount (%) bad debts amount (%) bad debts
Within 1 year
2205805577.1896.7512374216.891286427749.5694.4011648068.41
(Including 1 year)
1-2 years (Including 2
22019651.330.978660555.2520966190.641.544671448.93
years)
2-3 years (Including 3
15457690.550.6812110345.8822842354.511.6817333429.71
years)
More than 3 years 36496834.13 1.60 34661649.07 32416934.61 2.38 31833424.57
Total 2279779753.19 100.00 67806767.09 1362653229.32 100.00 65486371.62
- 80 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
Gross carrying amount Provision for bad debts Gross carrying amount Provision for bad debts
Item Net carrying Net carrying Reason for provision
Percentage Proportion amount Percentage Proportion Value Value Value Value amount
(%)(%)(%)(%)
Accrued according to the
A 1410370816.85 61.87 1230308.32 0.09 1409140508.53 816089512.92 59.89 220906.31 0.03 815868606.61
expected loss rate of each rating
Accrued according to the
B 745283228.99 32.69 487431.67 0.07 744795797.32 405297310.13 29.74 872676.19 0.22 404424633.94
expected loss rate of each rating
Accrued according to the
C 64104690.87 2.81 8355211.33 13.03 55749479.54 78476799.95 5.76 4725227.39 6.02 73751572.56
expected loss rate of each rating
D 60021016.48 2.63 57733815.77 96.19 2287200.71 62789606.32 4.61 59667561.73 95.03 3122044.59 Low probability of recovery
Total 2279779753.19 100.00 67806767.09 2.97 2211972986.10 1362653229.32 100.00 65486371.62 4.81 1297166857.70 — —
Including: Provision for bad debts at the end of the period assessed on an individual basis:
Closing Balance
Name Expected credit Reason for provision
Gross carrying amount Provision for bad debts
loss rate (%)
Client 1 14166889.98 14166889.98 100.00 Low probability of recovery
Client 2 6546597.51 6546597.51 100.00 Low probability of recovery
Client 3 5646116.02 5646116.02 100.00 Low probability of recovery
Client 4 4828983.86 4828983.86 100.00 Low probability of recovery
Client 5 3631638.08 3631638.08 100.00 Low probability of recovery
Others 25200791.03 22913590.32 90.92 — —
Total 60021016.48 57733815.77 96.19 — —
- 81 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 period from 1 January to 30 June 2026 the Group has no significant provision for
bad debts recovered or reversed this period.
(5) For the period from 1 January to 30 June 2026 the Group has no written-off of accounts
receivable in this period.
(6) The top five balances of accounts receivable at the end of the period classified by debtor
Proportion of the amount to
Name of Relationship Gross carrying Provision for bad
Aging the total accounts
entity with the Group amount debts
receivable (%)
Within 1 year 1-2 years
Client 6 Third party 519166325.62 225674.38 22.77
and 2-3 years
Within 1 year 1-2 years
Client 7 Third party 120265061.77 240443.34 5.28
and 2-3 years
Client 8 Third party 80784642.03 Within 1 year 136978.61 3.54
Client 9 Third party 61409681.97 Within 1 year - 2.69
Client 10 Third party 53152567.98 Within 1 year - 2.33
Total — — 834778279.37 — — 603096.33 36.61
5. Receivables under financing
(1) Classification of receivables under financing
Item Closing Balance Opening Balance
Bank acceptance measured at fair value 67563325.20 114680738.25
(2) As at 30 June 2026 the Group has no pledged receivables under financing.
(3) At the end of the period there is no Company's receivables under financing that have been
endorsed or discounted and have not yet matured at the balance sheet date.- 82 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
6. Prepayments
(1) Aging analysis of prepayments
30/06/202631/12/2025
Aging Gross carrying Proportion Impairment Gross carrying Proportion Impairment
amount (%) provision amount (%) provision
Within 1 year (including 1 year) 109233500.70 93.51 - 79429482.24 91.21 -
1-2 years (including 2 year) 7371598.21 6.31 4134596.39 7288415.34 8.37 4260618.26
2-3 years (including 3 year) 60583.94 0.05 - 301519.63 0.35 -
More than 3 years 152044.88 0.13 - 60400.00 0.07 -
Total 116817727.73 100.00 4134596.39 87079817.21 100.00 4260618.26
(2) As at 30 June 2026 the Group has no significant prepayments aged more than one year.
(3) The top five balances of prepayments at the end of the period classified by entities
Proportion in total Provision for
Name of entity Closing Balance
prepayments (%) bad debts
Supplier 1 12873729.25 11.02 -
Supplier 2 8491222.91 7.27 -
Supplier 3 7358988.26 6.30 -
Supplier 4 6024726.94 5.16 -
Supplier 5 4583289.04 3.92 -
Total 39331956.40 33.67 -
- 83 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 30/06/2026 31/12/2025
Dividends receivable 1296598929.03 576943449.36
Other receivables 391162192.52 435711829.28
Total 1687761121.55 1012655278.64
7.2 Dividends receivable
Whether there is
Reason for non-
Name of investee 30/06/2026 31/12/2025 impairment and
recovery
its judgment basis
Dividends receivable with an aging within 1 year 1150867381.09 467505525.56 — — — —
Including: — — — — — — — —
Shanghai International Port (Group) Co. Ltd.
947040362.53 326565642.25 — — No
(hereinafter referred to as "Shanghai Port Group")
Liaoning Port Co. Ltd. (hereinafter referred to as
77667363.38 - — — No
"Liaoning Port")
Qingdao Port Dongjiakou Ore Terminal Co. Ltd. 68175602.27 68175602.27 — — No
Modern Terminals Ltd. 46329730.83 - — — No
PORT OF NEWCASTLE INVESTMENTS
7554070.64 7264990.21 — — No
(PROPERTY HOLDINGS) PTY LIMITED
Tianjin Port Container Terminal Co. Ltd. 4100251.44 - — — No
China Nanshan Development (Group) Incorporation
- 37014000.00 — — No
(hereinafter referred to as "Nanshan Group")
Euro-Asia Oceangate S.à r.l.. - 28485290.83 — — No
Dividends receivable with an aging of
147029444.77110015444.77————
more than one year
Including: — — — — — — — —
Relevant procedures are
being handled and past
Nanshan Group 111042000.00 74028000.00 No
dividends are being paid
in succession
Zhanjiang Merchants Port City Investment Co. Ltd.
35771044.77 35771044.77 Lack of funds No
(hereinafter referred to as "Merchants Port City")
Others 216400.00 216400.00 Lack of funds No
Sub-total 1297896825.86 577520970.33 — — — —
Less: Provision for bad debts 1297896.83 577520.97 — — — —
Total 1296598929.03 576943449.36 — — — —
- 84 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
30/06/202631/12/2025
Aging Gross carrying Proportion Provision for bad Gross carrying Proportion Provision for
amount (%) debts amount (%) bad debts
Within 1 year
132547204.0613.334721366.43172587395.6616.083636376.18
(including 1 year)
1-2 years
72858071.557.333432619.1977083020.847.184185192.57
(including 2 year)
2-3 years
6929120.180.703276905.0410568270.820.983606663.48
(including 3 year)
More than 3 years 782022012.61 78.64 591763325.22 813057695.18 75.76 626156320.99
Total 994356408.40 100.00 603194215.88 1073296382.50 100.00 637584553.22
- 85 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 30/06/2026 31/12/2025
Operation compensation (Note 1) 526857964.27 560956025.90
Advance payment 181611357.94 233561792.45
Land compensation (Note 2) 58262369.00 58262369.00
Security deposit 27854028.74 33170963.31
Others 199770688.45 187345231.84
Sub-total 994356408.40 1073296382.50
Less: Provision for bad debts 603194215.88 637584553.22
Total 391162192.52 435711829.28
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 30
June 2026 the aggregate outstanding compensation receivable by the Group which is
equivalent to RMB 526857964.27. The provision for bad debts have been fully
withdrawn.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 30
June 2026 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 30 June 2026 Zhanjiang Port has recovered land
compensation of RMB 50000000.00 the remaining land compensation of RMB
57632369.00 has not yet been recovered.
- 86 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
30/06/2026 Opening Balance
Book balance Provision for bad debts Book balance Provision for bad debts
Item Net carrying Net carrying Reason for provision
Proportion Provision Proportion Provision
Amount Amount amount Amount Amount amount
（%） rate（%） （%） rate（%）
Accrued based on the
A 287588390.92 28.92 42350.01 0.01 287546040.91 328840429.56 30.64 43549.74 0.01 328796879.82 expected loss rate of
each rating
B - - - - - - - - - - — —
No specific payment
C 122569018.03 12.33 28156519.86 22.97 94412498.17 - - - - -
plan
Expected to be
D 584198999.45 58.75 574995346.01 98.42 9203653.44 744455952.94 69.36 637541003.48 85.64 106914949.46
unrecoverable
Total 994356408.40 100.00 603194215.88 60.66 391162192.52 1073296382.50 100.00 637584553.22 59.40 435711829.28 — —
Significant other receivables for which provision for bad debts is assessed on an individual basis (credit rating of D)
Name of entity 30/06/2026 Provision for bad debts ECL rate (%) Reason for provision
Customer 11 526857964.27 526857964.27 100.00 Expected to be unrecoverable (Note)
Customer 12 14000000.00 14000000.00 100.00 Expected to be unrecoverable
Total 540857964.27 540857964.27 100.00
Note: Refer to Note (VIII) 7.3(2).- 87 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
Lifetime expected Lifetime expected
Item 12-month expected Total
credit loss (not credit loss (credit-
credit loss
credit-impaired) impaired)
As at 1 January 2026 43549.74 - 637541003.48 637584553.22
Balance of other receivables
at 1 January 2026
- Transfer to Stage 2 - - - -
- Transfer to Stage 3 - - - -
- Reverse to Stage 2 - - - -
- Reverse to Stage 1 - - - -
Provision for the period - - 191074.78 191074.78
Reversal for the period - - -24590.19 -24590.19
Effect of changes in the scope of
----
consolidation
Charge-off for the period - - - -
Write-off for the period - - - -
Other changes -1199.73 - -34555622.20 -34556821.93
As at 30 June 2026 42350.01 - 603151865.87 603194215.88
(5) The Group has no other receivables actually written off this period.
(6) The top five balances of other receivables at the end of the period classified by debtor
Proportion to Provision for credit
Relationship Gross carrying
Name of entity Aging total other impairment at the Nature
with the Group amount
receivables (%) end of the period
GLOBAL TERMINAL More Operation
Non-related party 526857964.27 52.98 526857964.27
LIMITED S.A.R.L. than 3 years compensation
Committee of China Seamen's
More Reimbursable
Union Zhanjiang Port (Group) Non-related party 122569018.03 12.33 28156519.86
than 3 years Advances
Co. Ltd
Within 1-2 years
Zhanjiang Land Reserve Land
Non-related party 58262369.00 more 5.86 -
Management Center compensation
than 3 years
CHU KONG RIVER TRADE Associated More
31637563.20 3.18 - Loan
TERMINAL CO.，LTD. enterprise than 3 yearsAssociated More
PORT DE DJIBOUTI S.A. 24043672.50 2.42 - Loan
enterprise than 3 years
Total —— 763370587.00 —— 76.77 555014484.13 ——
- 88 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
8. Inventories
(1) Inventories by category
30/06/202631/12/2025
Provision for Provision for
Item Gross carrying Net carrying Gross carrying Net carrying
impairment of impairment of
amount amount amount amount
inventories inventories
Raw materials 277973037.72 524634.82 277448402.90 288836266.55 524634.82 288311631.73
Finished goods 11339790.91 - 11339790.91 9419494.95 - 9419494.95
Others 9485951.28 - 9485951.28 9485298.47 - 9485298.47
Total 298798779.91 524634.82 298274145.09 307741059.97 524634.82 307216425.15
(2) Provision for impairment of inventories
Increase Decrease Effect of
translation of
financial
Category 1/1/2026 Reversal or 30/06/2026
Provision Others Others statements
charge-off
denominated in
foreign currencies
Raw materials 524634.82 - - - - - 524634.82
Provision for decline in value of inventories is made on an item-by-item basis and no provision for
decline in value of inventories is made on a portfolio basis.
(3) As at 30 June 2026 the Group has no capitalized borrowing cost in the balance of
inventories.- 89 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
9. Other current assets
Item 30/06/2026 31/12/2025
Input VAT to be deducted and certified 127158637.96 107448766.71
Prepaid taxes 127069086.14 51499208.46
Sub-total 254227724.10 158947975.17
Less: Provision for impairment - -
Total 254227724.10 158947975.17
10. Long-term receivables
(1) Details of long-term receivables
30/06/2026 31/12/2025 Range of
Provision discount rate at
Item Gross carrying Provision for Net carrying Gross carrying Net carrying
for bad the end of
amount bad debts amount amount amount
debts period
Land
compensation
2631932000.0063130000.002568802000.002631932000.0063130000.002568802000.00
receivable
(Note 2)
Advances to
shareholders 1453257049.50 1453257.05 1451803792.45 1306312715.28 1306312.72 1305006402.56 3.00%-8.25%
(Note 1)
Others 169062.40 - 169062.40 708784.63 539.73 708244.90
Total 4085358111.90 64583257.05 4020774854.85 3938953499.91 64436852.45 3874516647.46
Note 1: It mainly represents the aggregate principal and interest receivable from Port of Newcastle
and Terminal Link SAS.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%. As at 30 June 2026 RMB 1053748023.05 has not yet
been recovered.On 31 May 2023 CM Port a subsidiary of the Company provided a long-term loan to
Terminal Link SAS to support additional capital injection to Port of Thessaloniki project
and charged interest to Terminal Link SAS at an interest rate of 6.15%. As at 30 June
2026 RMB 230600949.28 has not yet been recovered.
On 17 June 2026 CM Port a subsidiary of the Company provided a long-term loan to
Terminal Link SAS for supporting the West Yard expansion project at Kingston Port in
Jamaica and charged interest to Terminal Link SAS at an interest rate of 8.25%. As at 30
June 2026 RMB 134087860.52 has not yet been recovered.- 90 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
10. Long-term receivables - continued
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 RMB
1558032000.00. 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 30 June 2026 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 RMB250000000.00. The above land and attached buildings
have been handed over before 31 December 2020. As at 30 June 2026 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 RMB2724876000.00. 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 30 June 2026 the land compensation of RMB
1273900.000.00 has not yet been recovered.
Taking into account historical repayment records and future prospects comprehensively
the Group estimates the difference between the present value of overall expected cash
flows to be collected and the carrying amount and recognises credit impairment losses
accordingly. As at 30 June 2026 cumulative credit impairment losses recognised totalled
RMB 63130000.00.- 91 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
10. Long-term receivables - continued
(2) Long-term receivables disclosed by method of provision for bad debts
30 June 2026 31 December 2025
Gross carrying amount Provision for bad debts Gross carrying amount Provision for bad debts
Category Net carrying
Proportion Proportion Proportion Proportion Net carrying amount
Amount Amount amount Amount Amount
(%)(%)(%)(%)
Provision for bad debts
4085358111.90100.0064583257.051.584020774854.853938953499.91100.0064436852.451.643874516647.46
assessed on a portfolio basis
Total 4085358111.90 100.00 64583257.05 1.58 4020774854.85 3938953499.91 100.00 64436852.45 1.64 3874516647.46
(3) Details of provision for bad debts
Changes for the period
Effect of
Category 01/01/2026 Recovery or Charge-off or changes in the 30/06/2026
Provision
reversal write-off scope of
consolidation
Amounts due from investees 1306312.72 146944.33 - - - 1453257.05
Guarantees for finance leases 539.73 - 539.73 - - -
Land compensation
63130000.00----63130000.00
receivable
Total 64436852.45 146944.33 539.73 - - 64583257.05
(4) There are no long-term receivables written off during the period.
- 92 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
11. Long-term equity investments
(1) Classification of long-term equity investments
Effect of translation of
Other increase
Increase in Decrease in financial statements
Item 01/01/2026 (decrease expressed 30/06/2026
investments investments denominated in foreign
with "-")
currencies
Investment in joint ventures 9270011992.27 - -12436354.57 183856368.97 -93465193.43 9347966813.24
Investment in associates 94138451299.94 - -9000000.00 1685102459.56 -365606480.85 95448947278.65
Sub-total 103408463292.21 - -21436354.57 1868958828.53 -459071674.28 104796914091.89
Less: provision for impairment of
335363227.34----85629.63335277597.71
long-term equity investments
Total 103073100064.87 - -21436354.57 1868958828.53 -458986044.65 104461636494.18
- 93 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
11. Long-term equity investments - continued
(2) Details of long-term equity investments
Changes for the year
Effect of
translation of
Investment Share of other Share of other Cash dividends financial Provision for impairment at
Investees Investment cost 01/01/2026 Increase in Decrease in Provision for 30/06/2026
income under comprehensiv changes in or profits statements Other the end of the year
investments investments impairment
equity method e income equity declared denominated in
foreign
currencies
I. Joint ventures
Euro-Asia Oceangate S.à r.l. 2425579513.09 2249082300.70 - - 71500712.47 - - - - -67297353.11 - 2253285660.06 -
Port of Newcastle 2228913892.38 2058440062.60 - - 48786273.08 -5794763.95 - -7750137.78 - 3626793.86 - 2097308227.81 -
Others 3828369257.52 4954376146.33 - -12436354.57 83388433.05 -6584.58 1972239.43 -8239802.75 - -29794634.18 - 4989259442.73 8113482.64
Sub-total 8482862662.99 9261898509.63 - -12436354.57 203675418.60 -5801348.53 1972239.43 -15989940.53 - -93465193.43 - 9339853330.60 8113482.64
II. Associates
Shanghai Port Group 10907913439.36 42182508829.09 - - 2392147528.07 5105368.52 146885058.80 -947040362.53 - - - 43779606421.95 -
Ningbo Zhoushan Port Company
Limited (hereinafter referred to as 16958018515.43 19998140793.95 - - 587082137.86 6523586.24 14236279.65 -404052682.05 - - - 20201930115.65 -
"Ningbo Port")
Shenzhen China Merchants Qianhai
6846580290.617551582821.15--10489667.93------7562072489.08-
Industrial Development Co. Ltd.Terminal Link SAS 5980765880.26 6540010509.49 - - 285286982.08 -93948464.43 - -399964663.69 - -191192745.37 - 6140191618.08 -
Nanshan Group 2182780419.00 6022827152.25 - - -59704989.41 -500088.85 - - - - - 5962622073.99 -
Liaoning Port 3731548568.95 4304492463.70 - - 101913608.59 -7763595.05 3085712.66 -77641449.60 - - - 4324086740.30 324913116.66
Others 7735090626.46 7211638985.61 - -9000000.00 177520101.17 7684528.05 -96948.47 -62144855.98 - -174328105.85 - 7151273704.53 2250998.41
Sub-total 54342697740.07 93811201555.24 - -9000000.00 3494735036.29 -82898665.52 164110102.64 -1890844013.85 - -365520851.22 - 95121783163.58 327164115.07
Total 62825560403.06 103073100064.87 - -21436354.57 3698410454.89 -88700014.05 166082342.07 -1906833954.38 - -458986044.65 - 104461636494.18 335277597.71
- 94 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
11. Long-term equity investments - continued
(3) Changes in provision for impairment of long-term equity investments are as follows
Effect of Decrease Effect of translation of
changes in the financial statements
Item 01/01/2026 Increase Reasons for 30/06/2026
scope of Decrease denominated in
reduction
consolidation foreign currencies
Liaoning Port 324913116.66 - - - - - 324913116.66
Silk Road Yishang Information Technology
8113482.64-----8113482.64
Co. Ltd.HOA THUONG CORPORATION 2336628.04 - - - - -85629.63 2250998.41
Total 335363227.34 - - - - -85629.63 335277597.71
- 95 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
12. Investments in other equity instruments
(1) Details of investments in other equity instruments4
Dividend income Other comprehensive Other comprehensive Reasons for designation at fair Amount transferred from Reasons for transferring
Item 30/06/2026 31/12/2025 recognised for income during the income at the end of the value through other other comprehensive other comprehensive
the period period period comprehensive income income to retained earnings income to retained earnings
China Ocean Shipping
It is a non-trading equity
Agency Shenzhen Co. 130000000.00 130000000.00 - - 116490000.00 - — —
instrument investment
Ltd.It is a non-trading equity
Others 11766365.15 11766365.15 - - 2738865.15 - — —
instrument investment
Total 141766365.15 141766365.15 - - 119228865.15 -
(2) There are no other equity instruments derecognised for the period.
- 96 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
13. Other non-current financial assets
Item 30/06/2026 31/12/2025
Financial assets at FVTPL 28768810.95 28768810.95
Including: Investments in equity instruments 28768810.95 28768810.95
Total 28768810.95 28768810.95
14. Investment properties
(1) Investment properties measured at cost
Buildings and
Item Land use rights Total
structures
I. Cost — — — — — —
As at 1 January 2026 130253174.50 4318863937.19 4449117111.69
Increase for the period - 953421.49 953421.49
Other decreases - 3548533.09 3548533.09
As at 30 June 2026 130253174.50 4316268825.59 4446522000.09
II. Accumulated depreciation
——————
and amortization
As at 1 January 2026 50539179.69 1240626608.22 1291165787.91
Increase for the period 1207896.89 61695795.62 62903692.51
Other decreases - 1788866.06 1788866.06
As at 30 June 2026 51747076.58 1300533537.78 1352280614.36
III. Impairment provision — — — — — —
As at 1 January 2026 - - -
As at 30 June 2026 - - -
IV. Carrying amount — — — — — —
As at 1 January 2026 79713994.81 3078237328.97 3157951323.78
As at 30 June 2026 78506097.92 3015735287.81 3094241385.73
(2) Investment properties without ownership certificates
Item Book value Reasons for not obtaining certificate of title
Buildings structures
17797601.23 Some buildings and structures have not yet obtained certificates of land use rights
and land use rights
- 97 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
15. Fixed assets
15.1 Summary of fixed assets
Item 30/06/2026 31/12/2025
Fixed assets 29503595624.26 30442667834.87
Disposal of fixed assets 153394.02 216462.95
Total 29503749018.28 30442884297.82
15.2 Fixed assets
(1) Details of fixed assets
Machinery and
Port and terminal Buildings and equipment Motor vehicles and
Item Total
facilities structures furniture fixture cargo ships
and other equipment
I. Cost —— —— —— —— ——
As at 1 January 2026 33277988553.01 3709278075.43 18157238030.56 2333763636.87 57478268295.87
Purchase 15177950.33 - 107694082.40 2093344.38 124965377.11
Transfer from construction in progress 43286452.87 - 52023939.37 3520344.14 98830736.38
Decrease for the period -4813247.10 - -99251739.48 -30818603.34 -134883589.92
Reclassification -1771321.13 - 1771321.13 - -
Transfer to construction in progress - -5496432.57 -290000.00 - -5786432.57
Other decreases -12692919.33 - -1626107.58 - -14319026.91
Effect of translation of financial statements
-47664665.34-5742285.12-166105360.24-25621177.80-245133488.50
denominated in foreign currencies
As at 30 June 2026 33269510803.31 3698039357.74 18051454166.16 2282937544.25 57301941871.46
II. Accumulated depreciation —— —— —— —— ——
As at 1 January 2026 12482177493.56 1204790144.49 11815544282.41 1320807857.11 26823319777.57
Increase for the period 492949050.00 61475368.22 402568245.33 52958617.60 1009951281.15
Decrease for the period -4084784.29 - -92568801.92 -29313874.66 -125967460.87
Reclassification -174476.62 - 174476.62 - -
Transfer to construction in progress - -2948840.52 -59691.71 - -3008532.23
Other decreases -3588.43 - -40919.89 - -44508.32
Effect of translation of financial statements
-21404957.43-2696206.05-82593137.82-11490692.23-118184993.53
denominated in foreign currencies
As at 30 June 2026 12949458736.79 1260620466.14 12043024453.02 1332961907.82 27586065563.77
III. Impairment provision —— —— —— —— ——
As at 1 January 2026 196464146.22 9414527.47 6402009.74 - 212280683.43
As at 31 30 June 2026 196464146.22 9414527.47 6402009.74 - 212280683.43
IV. Carrying amount —— —— —— —— ——
As at 1 January 2026 20599346913.23 2495073403.47 6335291738.41 1012955779.76 30442667834.87
As at 30 June 2026 20123587920.30 2428004364.13 6002027703.40 949975636.43 29503595624.26
Including: Carrying amount of fixed assets
807416565.9820312910.32269064390.69-1096793866.99
pledged at the end of the period
- 98 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
15. Fixed assets - continued
15.2 Fixed assets - continued
(2) The Group has no fixed assets that are temporarily idle as at 30 June 2026.
(3) Fixed assets leased out under operating leases
Carrying amount as Carrying amount as
Item
at 30/06/2026 at 31/12/2025
Buildings and structures 169118546.71 180145890.02
Port and terminal facilities 13453944.65 30385645.46
Machinery and equipment furniture fixture and other equipment 1776017.37 1346838.39
Total 184348508.73 211878373.87
(4) Fixed assets without ownership certificates
Carrying amount as Carrying amount as
Item Remark
at 30/06/2026 at 31/12/2025
This is mainly due to the fact that certain buildings
Buildings structures
and structures have not yet obtained the land use
port and terminal 1098836955.11 1264731872.19
rights of the corresponding land and the approval
facilities
procedures have not yet been completed.
(5) The details of the Group's fixed assets with restricted ownership as at 30 June 2026 are set
out in Note (VIII) 61.
15.3 Disposal of fixed assets
Item 30/06/2026 31/12/2025
Machinery and equipment furniture fixture
153394.02216462.95
and other equipment
Total 153394.02 216462.95
- 99 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
16. Construction in progress
(1) Presentation of construction in progress
Item 30/06/2026 31/12/2025
Construction in progress 3911260282.93 3399698342.95
Materials for construction in progress 3377661.64 3885088.53
Total 3914637944.57 3403583431.48
(2) Details of construction in progress
30/06/202631/12/2025
Item Gross carrying Provision for Net carrying Gross carrying Provision for Net carrying
amount impairment amount amount impairment amount
Port and terminal
2372090068.452820449.862369269618.591996474911.842906416.741993568495.10
facilities
Infrastructure 1277608521.78 - 1277608521.78 1172459051.94 - 1172459051.94
Berths and yards 26429205.80 - 26429205.80 20857215.96 - 20857215.96
Cargo ships under
22231858.40-22231858.4016673893.80-16673893.80
construction
Others 219117845.20 3396766.84 215721078.36 199645516.48 3505830.33 196139686.15
Total 3917477499.63 6217216.70 3911260282.93 3406110590.02 6412247.07 3399698342.95
- 100 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
16. Construction in progress - continued
(3) Changes of significant construction in progress
Effect of translation Proportion of Interest
Amount of Including:
Transfer of financial accumulated capitalizatio
Increase for Construction accumulated Capitalised
Item Budget amount 01/01/2026 to fixed statements 30/06/2026 construction n rate for Capital source
the period progress (%) capitalised interest for the
assets denominated in investment in the current
interest period
foreign currencies budget (%) period (%)
Zhanjiang Port Baoman Port Area Container Terminal Own funds and
2342775800.001168118524.14101480322.43--1269598846.5754.1954.1923447996.828868230.922.60
Phase I Expansion Project loans
Reconstruction project of HIPG container oil terminal
tank area and subsequent construction in progress of 3848879925.29 820644788.78 - - -24271689.65 796373099.13 20.69 20.69 - - - Own funds
HIPG wharf
Zhanjiang Port Donghai Island Port Area Grocery Own funds and
905348400.00540542765.26---540542765.2659.7159.7144364372.49--
Wharf Project loans
Phase III Expansion Project of Bulk Grain Warehouse at 2
Own funds and
# and 3 # Berths in Xinshanan Operation Area of 1070060466.80 290669672.55 158182652.78 - - 448852325.33 42.00 42.00 1307928.03 131986.90 2.85
loans
Machong Port
Guang'ao Phase III Project 3573290000.00 55328286.82 190619818.00 - - 245948104.82 13.10 13.10 - - - Own funds
Dachanwan phase II project 6201904300.00 163681138.48 31296470.10 - - 194977608.58 3.14 3.14 - - - Own funds
The Project of Zhanjiang Port 21# Warehouse and
117110000.00 69150340.29 14204209.51 - - 83354549.80 71.18 71.18 - - - Own funds
Substation Renovation and Expansion
Back land reclamation project on Haidagan Bulk Yard and
82400000.00 65599002.20 418555.20 - - 66017557.40 80.12 80.12 - - - Own funds
Supporting Facilities and Liquid Bulk Berth
Full rotation tugboat construction project 41870000.00 16673893.80 5557964.60 - - 22231858.40 53.10 53.10 - - - Own funds
Phase II of the second phase of the wharf project in the
Own funds and
local operation area of the port area of Foshan Port is 512745400.00 2436347.70 5777708.29 - - 8214055.99 69.00 69.00 1920104.33 - -
loans
controlled in sequence
Total 18696384292.09 3192844760.02 507537700.91 - -24271689.65 3676110771.28 — — — — 71040401.67 9000217.82 — — — —
- 101 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
17. Right-of-use assets
Machinery and
Motor
equipment
Port and terminal Buildings and vehicles
Item furniture fixture Land use rights Total
facilities structures cargo ships
and other
and others
equipment
I. Cost — — — — — — — — — — — —
As at 1 January 2026 6881205316.97 128646822.13 1299625.66 3616495050.79 9292410.89 10636939226.44
Increase for the period 14699732.59 14601238.78 1167953.80 30651038.69 - 61119963.86
Decrease for the period 2682688.96 4920651.61 - 24171396.23 6177384.73 37952121.53
Effect of translation of financial
statements denominated in -185468369.75 -4142615.10 -72986.83 -134148742.55 - -323832714.23
foreign currencies
As at 30 June 2026 6707753990.85 134184794.20 2394592.63 3488825950.70 3115026.16 10336274354.54
II. Accumulated depreciation — — — — — — — — — — — —
As at 1 January 2026 1128350862.44 32566668.06 1100638.25 504103041.21 5513088.31 1671634298.27
Increase for the period 119451100.73 13036336.92 1324342.89 34138434.04 113720.62 168063935.20
Decrease for the period 2682688.96 3280434.48 - 24171396.23 5548933.13 35683452.80
Effect of translation of financial
statements denominated in -31003937.82 -1468043.86 -68920.18 -16724208.87 - -49265110.73
foreign currencies
As at 30 June 2026 1214115336.39 40854526.64 2356060.96 497345870.15 77875.80 1754749669.94
III. Impairment provision — — — — — — — — — — — —
As at 1 January 2026 - - - - - -
As at 30 June 2026 - - - - - -
IV. Carrying amount — — — — — — — — — — — —
As at 1 January 2026 5752854454.53 96080154.07 198987.41 3112392009.58 3779322.58 8965304928.17
As at 30 June 2026 5493638654.46 93330267.56 38531.67 2991480080.55 3037150.36 8581524684.60
18. Intangible assets
(1) Details of intangible assets
Effect of translation of
Increases for the Decreases for financial statements
Item Opening Balance Closing Balance
year the year denominated in foreign
currencies
I. Total cost 26161673959.77 120471795.03 35605427.66 -268603148.47 25977937178.67
Including: Land use rights 14167908297.16 32872500.00 - -8607993.42 14192172803.74
Terminal operating right 10029389779.63 65203505.49 - -266799391.94 9827793893.18
Self developed data resources 6339622.62 - - - 6339622.62
Other 1958036260.36 22395789.54 35605427.66 6804236.89 1951630859.13
II. Total accumulated amortisation 8460808109.75 387173788.86 11911298.40 -93526892.84 8742543707.37
Including: Land use rights 4913463479.86 175887173.03 - -4583001.25 5084767651.64
Terminal operating right 2830104273.73 159359436.18 - -91207548.96 2898256160.95
Self developed data resources 723348.83 316981.02 - - 1040329.85
Other 716517007.33 51610198.63 11911298.40 2263657.37 758479564.93
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 17643855579.95 —— —— —— 17178383201.23
Including: Land use rights 9210245436.06 —— —— —— 9063205770.86
Terminal operating right 7199285505.90 —— —— —— 6929537732.23
Self developed data resources 5616273.79 —— —— —— 5299292.77
Other 1228708364.20 —— —— —— 1180340405.37
- 102 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
18. Intangible assets - continued
(2) Land use rights without ownership certificates as at 30 June 2026:
Carrying amount Carrying amount
Item
as at 30/06/2026 as at 31/12/2025
Land use rights (Note) 1625795827.47 1643722609.93
(2) Land use rights without ownership certificates as at 30 June 2026: - continued
Note: As at 30 June 2026 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 30 June 2026 are
set out in Note (VIII) 61.- 103 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
19. Goodwill
(1) Details of goodwill
Effect of translation of
financial statements
Investee Sources Opening Balance Increase Decrease Closing Balance
denominated in foreign
currencies
TCP Acquisition of equity 2607638594.14 - - 65000604.11 2672639198.25
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 350503133.21 - -2417449.00 348085684.21
Sub-total — — 7147079095.10 - - 62583155.11 7209662250.21
Provision for impairment of goodwill — — 970663044.33 - - - 970663044.33
Total — — 6176416050.77 - - 62583155.11 6238999205.88
(2) Provision for impairment of goodwill
Effect of
translation of
Effect of changes
financial
Investee 31/12/2025 in the scope of Provision Decrease 30/06/2026
statements
consolidation
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
Composition of asset groups or portfolio of asset Is it consistent with that of the
Name
groups 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
- 104 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
19. Goodwill - continued
(4) Specific method for determination of recoverable amount
When conducting impairment tests on goodwill 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 parameters of key assumptions
determined by the Group's management are in line with the Group's historical experience or external
sources of information.- 105 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
20. Long-term deferred expenses
Presentation of long-term deferred expenses:
Increase for Amortization Other Reason for other
Item 01/01/2026 30/06/2026
the period in the period decreases decreases
Tonggu channel widening project (Note 1) 411742764.87 - 6739500.63 - 405003264.24
West public channel widening project at West port
223073535.76-3833984.46-219239551.30
area (Note 2)
Dredging project 49698913.35 - 11725742.39 6424.65 37966746.31 Settlement Variance
Relocation project of Nanhai Rescue Bureau 34232006.30 - 553684.20 - 33678322.10
Expenditures for the improvement of leased fixed
23536943.50-1943529.72-21593413.78
assets
Others 177435081.40 10096206.26 25308641.39 127687.66 162094958.61 Settlement Variance
Total 919719245.18 10096206.26 50105082.79 134112.31 879576256.34
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 hasincluded the expenses on deepening the channel in the item of “long-term deferredexpenses” 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.- 106 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
21. Deferred income tax
(1) Deferred tax assets before offsetting
Closing Balance Opening Balance
Deductible Deductible
Item Deferred tax Deferred tax
temporary temporary
assets assets
differences differences
Lease liabilities 267395865.47 1197787285.11 295871432.32 1367303811.47
Unrealised profit 179208961.07 732700191.30 179593057.91 734475385.57
Terminal operating right 217115374.38 723717914.61 223733018.15 745776727.15
Depreciation of fixed assets 41193253.30 196118345.39 40471835.50 191301536.12
Provision for bad debts 9199584.70 41329709.02 9161395.67 41122248.17
Accrued and unpaid wages 11862829.80 56370560.91 15275295.00 73422009.38
Estimated liabilities 28940134.53 85118042.74 28614938.41 90185667.85
Deferred income 7104722.78 29974198.79 7151504.28 30286075.45
Amortisation of computer software 2649821.86 14042260.54 2269985.97 13606231.50
Provision for impairment of assets 673227.45 3364804.44 673227.45 3364804.44
Others 67381797.89 320755281.37 57068526.53 271481000.83
Total 832725573.23 3401278594.22 859884217.19 3562325497.93
(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 3341945882.20 49517697707.12 3258707299.23 48419673418.17
Right-of-use assets 354873431.41 1488542391.93 377554058.21 1607827870.66
Terminal operating right 77899407.21 259664690.70 80273769.35 267579231.18
Fair value adjustment of assets acquired
1194880466.584676600784.451226351207.354851401238.39
from business combination
Depreciation of fixed assets 296353139.63 1058331307.65 281321320.16 1004405641.73
Changes in fair value of investments in
29122500.00116490000.0029122500.00116490000.00
other equity instruments
Valuation of financial assets held for
1843606.197374424.761182941.814731767.24
trading
Others 114985767.63 1151620158.00 119049568.27 1060609222.61
Total 5411904200.85 58276321464.61 5373562664.38 57332718389.98
(3) Deferred tax assets or liabilities that are presented at the net amount after offsetting
Balance of deferred
Offset amount of Offset amount of Balance of deferred
tax assets or
deferred tax assets deferred tax assets tax assets or
liabilities after
Item and liabilities at the and liabilities at the liabilities after
offsetting at the end
end of the current end of the prior offsetting at the end
of the current
period year of the prior year
period
Deferred tax assets -485390812.67 347334760.56 -504396695.35 355487521.84
Deferred tax liabilities -485390812.67 4926513388.18 -504396695.35 4869165969.03
- 107 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
21. Deferred income tax - continued
(4) Details of unrecognised deferred tax assets
Item 30/06/2026 31/12/2025
Deductible temporary differences 1004131924.80 1088193612.07
Deductible losses 1804700327.32 1247132283.40
Total 2808832252.12 2335325895.47
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 30/06/2026 31/12/2025
202698026114.68102128558.83
2027291656682.92205298714.50
2028712560061.98709684706.07
202947132770.2547794332.62
2030273361878.32176809471.64
2031352852612.82-
20345416499.745416499.74
203523693706.61-
Total 1804700327.32 1247132283.40
22. Other non-current assets
Item 30/06/2026 31/12/2025
Advances for the channel project (Note 1) 804718682.70 793174860.33
Prepayments for long-term assets 114847302.18 67035987.35
Prepayments for terminal operating right 30606255.98 32437050.53
Others 788694.96 637756.68
Sub-total 950960935.82 893285654.89
Less: provision for impairment (Note 2) 174364111.91 174364111.91
Total 776596823.91 718921542.98
- 108 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
22. Other non-current assets - continued
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.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 at 30 June 2026 the Group has accrued corresponding credit
impairment losses of RMB 174364111.91 (31 December 2025: RMB 174364111.91).
23. Short-term borrowings
(1) Classification of short-term borrowings
Item 30/06/2026 31/12/2025
Credit borrowings 17782969891.69 19724784577.14
Mortgage borrowings (Note 1) 51029891.72 51036254.18
Total 17833999783.41 19775820831.32
Note 1: It is obtained by Guangdong Yide Port Co. Ltd. (hereinafter referred to as "Yide Port") a
subsidiary of the Company by mortgaging the land and fixed assets held by it.
(2) As at 30 June 2026 the Group has no short-term borrowings that are overdue.
- 109 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
24. Accounts payable
Item 30/06/2026 31/12/2025
Service fee 201240177.75 238195011.65
Material purchase fee 84688410.73 125891873.15
Construction fee 69165257.66 85951478.75
Equipment payments 27841721.96 40330021.94
Others 348949328.86 249532106.86
Total 731884896.96 739900492.35
(1) Aging of accounts payable
30/06/202631/12/2025
Aging Proportion Proportion
Amount Amount
(%)(%)
Within 1 year (Including 1 year) 628893962.10 85.93 621757239.35 84.03
1-2 years (Including 2 years) 49997726.05 6.83 62740553.51 8.48
2-3 years (Including 3 years) 15277238.78 2.09 19536220.58 2.64
More than 3 years 37715970.03 5.15 35866478.91 4.85
Total 731884896.96 100.00 739900492.35 100.00
(2) Significant accounts payable aged more than 1 year
Name of entity Closing Balance Reason for outstanding
Shenzhen Nanshan District Treasury Payment Center 29910561.52 To be paid upon confirmation by both parties.Quanzhou Antong Logistics Co. Ltd. 17869057.61 To be paid upon confirmation by both parties.
25. Advance payments received
Item 30/06/2026 31/12/2025
Rental fee received in advance 13030905.77 11781611.38
Others 203076.68 409843.14
Total 13233982.45 12191454.52
(1) Aging of advance payments received
30/06/202631/12/2025
Aging Proportion Proportion
Amount Amount
(%)(%)
Within 1 year (Including 1 year) 12132914.86 91.68 11444067.35 93.87
1-2 years (Including 2 years) 483689.58 3.65 96278.62 0.79
2-3 years (Including 3 years) 101794.98 0.77 651108.55 5.34
More than 3 years 515583.03 3.90 - -
Total 13233982.45 100.00 12191454.52 100.00
- 110 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
25. Advance payments received - continued
(2) As at 30 June 2026 the Group has no significant advance payments received aged more
than one year.
(3) For the period ended 30 June 2026 the Group has no advance payments received with
significant changes in carrying amount.
26 Contract liabilities
(1) Details of contract liabilities
Item Closing Balance Opening Balance
Unused sales discounts 214195624.14 264529928.79
Port and service fees collected in advance 247146251.36 167813038.98
Storage fees collected in advance 3696741.13 2310969.36
Others 2293721.70 12169011.66
Total 467332338.33 446822948.79
(2) Revenue recognised in the current period including the book value of contract liabilities at
the beginning of the current period.At the beginning of the current period the book value of contract liabilities was RMB
175569354.54 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 30 June 2026 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 progress of satisfaction of performance obligations and contract
liabilities will be recognised as revenue after the Group fulfils its performance obligations.- 111 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
27. Employee benefits payable
(1) Employee benefits payable classification
Item 01/01/2026 Increase for the period Decrease for the period 30/06/2026
1. Short-term benefits 1287019019.77 1657071907.76 1811118572.32 1132972355.21
2. Post-employment benefits
10815659.43208246806.19206703880.8912358584.73
defined contribution plan
3. Termination benefits - 40663804.51 40663804.51 -
4. Other benefits due within 1 year - 3609.10 3609.10 -
5. Others - 4504520.82 4504520.82 -
Total 1297834679.20 1910490648.38 2062994387.64 1145330939.94
(2) Presentation of short-term benefits
Item 01/01/2026 Increase for the period Decrease for the period 30/06/2026
1. Wages and salaries bonuses
1252447318.401359811931.471508957464.371103301785.50
allowances and subsidies
2. Staff welfare - 65522931.79 63664803.48 1858128.31
3. Social insurance contributions 23162258.98 99811129.83 106877457.00 16095931.81
Including: Medical insurance and
maternity insurance 20189966.68 75790981.34 82306912.46 13674035.56
premiums
Work injury insurance - 11573452.55 11573452.55 -
Others 2972292.30 12446695.94 12997091.99 2421896.25
4. Housing provident funds - 101021763.49 100905947.25 115816.24
5. Trade union and employee
11365455.4824941858.1724802968.1311504345.52
education funds
6. Other short-term benefits 43986.91 5962293.01 5909932.09 96347.83
Total 1287019019.77 1657071907.76 1811118572.32 1132972355.21
(3) Presentation of defined benefit plans
Item 01/01/2026 Increase for the period Decrease for the period 30/06/2026
1. Basic pension 8966332.53 158029199.94 156594595.64 10400936.83
2. Unemployment insurance - 6061939.08 6061939.08 -
3. Enterprise annuity 1849326.90 44155667.17 44047346.17 1957647.90
Total 10815659.43 208246806.19 206703880.89 12358584.73
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.- 112 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
28. Taxes payable
Item 30/06/2026 31/12/2025
Enterprise income tax 888726593.01 758576333.33
VAT 24799917.45 24055651.28
Other taxes and surcharges 142037384.49 130652487.93
Total 1055563894.95 913284472.54
29. Other payables
(1) Presentation of other payables
Item 30/06/2026 31/12/2025
Dividends payable 3082819731.15 135169470.79
Other payables 2058681613.61 1899753608.16
Total 5141501344.76 2034923078.95
(2) Dividends payable
Item 30/06/2026 31/12/2025
Ordinary share dividends 3082819731.15 135169470.79
Including: China Merchants Port Investment Development
917770269.75-
Company Limited
Zhejiang Seaport Investment and Operation Group
460790920.06-
Co. Ltd.CHINA MERCHANTS UNION (BVI) LIMITED 390217789.91 -
China Merchants Gangtong Development (Shenzhen)
296331522.00-
Co. Ltd.China Merchants Zhangzhou Development Zone Co.
105526928.23105526928.23
Ltd.SINOMART KTS DEVELOPMENT LIMITED 63500000.00 -
Infrastructure Investment Fund Partnership (Limited
51815295.42-
Partnership)
Broadford International Limited 44196052.19 -
Yiu Lian Dockyards Limited 22924685.89 22924685.89
China Merchants Innovation And Technology (Hong
10043234.80-
Kong) Co. Limited
Qingdao Port (Group) Co. Ltd. 6717856.67 6717856.67
Qingdao Qingbao Investment Holding Co.Ltd. 1980000.00 -
Orienture Holdings Company Limited 1276466.04 -
Others 709728710.19 -
Note: As at 30 June 2026 The Group has a total of RMB 105526928.23 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.- 113 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
29. Other payables - continued
(3) Other payables
(a) Disclosure of other payables by nature
Item 30/06/2026 31/12/2025
Amount payable for construction and quality warranty 861501868.12 830865851.52
Guarantees and deposits 256138567.30 207608168.44
Port construction and security fee 4060637.41 22421347.69
Others 936980540.78 838858240.51
Total 2058681613.61 1899753608.16
(b) Aging analysis of other payables
30/06/202631/12/2025
Aging
Amount Proportion（%） Amount Proportion（%）
Within 1 year (including 1 year) 1449259229.91 70.40 1297912623.51 68.32
1-2 years (including 2 years) 108021144.06 5.24 130587433.84 6.87
2-3 years (including 3 years) 66267197.03 3.22 64712876.01 3.41
More than 3 years 435134042.61 21.14 406540674.80 21.40
Total 2058681613.61 100.00 1899753608.16 100.00
(c) Significant other payables aged more than one year
Company name Amount payable Aging Reason for being outstanding
Transport Bureau of Shenzhen Municipality
79691658.18 more than 3 years To be paid upon confirmation by both parties
(Ports Administration of Shenzhen Municipality)
Lac Assal Investment Holding Company Limited 77587700.91 1-2 years and 2-3 years To be paid upon confirmation by both parties
Shanghai Zhenhua Heavy Industries Co. Ltd. 37846777.91 1-2 years and more than 3 years 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
POWERCHINA Changchun Generating
16550772.53 1-2 years To be paid upon confirmation by both parties
Equipment Group Limited
Total 243035265.00 —— ——
- 114 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
30. Non-current liabilities due within one year
Item Closing Balance Opening Balance
Long-term borrowings due within one year 6396741740.60 5429113410.54
Including: Credit borrowings 6225245568.09 5305704329.05
Mortgage borrowings 56636302.75 33593973.27
Guaranteed and mortgage borrowings 114859869.76 89815108.22
Bonds payable due within one year 3674535763.59 229971569.71
Lease liabilities due within one year 147783875.70 211853235.22
Long-term payables due within one year 235848050.30 114496507.83
Long-term employee benefits payable due within one year 41226376.54 42037962.03
Other non-current liabilities due within one year 15050000.00 15050000.00
Total 10511185806.73 6042522685.33
31. Other current liabilities
(1) Details of other current liabilities
Item Closing Balance Opening Balance
Short-term bonds payable 3021232328.77 2004242191.78
Others 144605091.51 195059225.24
Total 3165837420.28 2199301417.02
- 115 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
31. Other current liabilities - continued
(2) Changes in short-term bonds payable
Interest accrued Amortization Is it in
Coupon Term of Amount issued in Repayment in the
Name of bond Face value Date of issue Amount of issue 01/01/2026 based on par of premiums 30/06/2026 breach of
rate the bond the current period current period
value or discounts contract
1.58% RMB 2 billion Super &
2000000000.00 1.58% 2025-11-13 267 days 2000000000.00 2004242191.78 - 15670136.99 - - 2019912328.77 No
Short-term Commercial Paper
1.32% RMB 1 billion Short-
1000000000.00 1.32% 2026-05-26 190 days 1000000000.00 - 1000000000.00 1320000.00 - - 1001320000.00 No
term bonds payable
Total 3000000000.00 3000000000.00 2004242191.78 1000000000.00 16990136.99 - - 3021232328.77
- 116 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
32. Long-term borrowings
Range of period-end
Category 30/06/2026 31/12/2025
interest rate
Credit borrowings 3487786503.47 5677716492.69 1.70%-3.00%
Mortgage borrowings (Note 1) 762730704.51 744516884.53 2.66%-2.76%
Guaranteed and mortgage borrowings (Note 2) 1084072472.48 1017722746.28 2.25%
Total 5334589680.46 7439956123.50
Note 1: On 30 June 2026 the Company's subsidiary Yide Port obtained long-term borrowings of
RMB 680725812.21 (31 December 2025: RMB 660846067.18) 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
Port"). 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
82004892.30 (31 December 2024: RMB 83670817.35) with its land use right and
mortgage of above ground buildings.Note 2: On 30 June 2026 Shenzhen Haixing Port Development Co. Ltd. (hereinafter referred to
as "Shenzhen Haixing") obtained a long-term loan of RMB 1084072472.48 (31
December 2025: RMB 1017722746.28) with the land holding property rights as
collateral and guaranteed by China Merchants Port Holdings and Sinotrans South China
Co. Ltd.Details of mortgage and pledged borrowings are as follows:
Company name Closing Balance Opening Balance Collateral and pledge
Bank of China Qianhai Shekou Branch 966836608.96 1017722746.28 Land use rights of Shenzhen Haixing
Bank of Communications Co. Ltd. Guangdong
Branch Shenzhen Branch of China Merchants 584725812.21 548846067.18 Land use rights of Shunkong Port
Group Finance Co. Ltd.Land use rights and fixed assets of
China Construction Bank Shunde Branch 96000000.00 112000000.00
Yide Port
Land use right and buildings on
China Merchants Group Finance Co. Ltd. 82004892.30 83670817.35
ground of Zhoushan RoRo
Total 1729567313.47 1762239630.81
Note: See Note (VIII) 61 for the above mortgages and pledges.- 117 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
33. Bonds payable
(1) Bonds payable
Item 30/06/2026 31/12/2025
5.000% USD 600 million corporate bond 4078267745.12 4199310168.54
1.820% RMB 3 billion corporate bond 3000000000.00 3000000000.00
1.980% RMB 2 billion medium term notes 2000000000.00 2000000000.00
2.180% RMB 2 billion corporate bond 2000000000.00 2000000000.00
1.760% RMB 2 billion corporate bond 2000000000.00 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
4.000% USD 500 million corporate bond - 3510477363.75
Total 17078267745.12 20709787532.29
- 118 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
33. Bonds payable - continued
(2) Details of bonds payable
Effect of
translation of
Interest accrued Amortisation
Coupon Term of Amount issued in Repayment in financial Default or
Name of bonds Face value Date of issue Amount of issue 01/01/2026 based on par of premiums 30/06/2026
rate the bond the current period current period statements not
value or discounts
denominated in
foreign currencies
5.000% USD 600 million corporate
USD 600000000.00 5.0000% 2018-08-06 10 years USD 600000000.00 4284114214.80 - 102968826.70 3200958.90 172139052.65 -126122355.56 4092022592.19 No
bond
4.000% USD 500 million corporate
USD 500000000.00 4.0000% 2022-06-01 5 years USD 500000000.00 3522609270.77 - 68302326.58 1418705.05 - -104863906.40 3487466396.00 No
bond
1.820% RMB 3 billion corporate
3000000000.00 1.8200% 2025-08-25 3 years 3000000000.00 3019296986.29 - 27075616.42 - - - 3046372602.71 No
bond
2.180% RMB 2 billion corporate
2000000000.00 2.1800% 2024-08-23 5 years 2000000000.00 2015648219.17 - 21620821.91 - - - 2037269041.08 No
bond
1.760% RMB 2 billion medium
2000000000.00 1.7600% 2025-11-07 3 years 2000000000.00 2005014794.52 - 17455342.45 - - - 2022470136.97 No
term notes
1.980% RMB 2 billion medium
2000000000.00 1.9800% 2025-03-24 3 years 2000000000.00 2030595068.49 - 19637260.27 - 39600000.00 - 2010632328.76 No
term notes
2.800% RMB 1500 million
1500000000.00 2.8000% 2024-04-01 10 years 1500000000.00 1531413698.63 - 20827397.26 - 42000000.00 - 1510241095.89 No
medium term notes
2.300% RMB 1200 million
1200000000.00 2.3000% 2024-07-10 5 years 1200000000.00 1213081643.84 - 13686575.34 - - - 1226768219.18 No
medium term notes
2.100% RMB 800 million medium
800000000.00 2.1000% 2024-07-10 3 years 800000000.00 807962739.75 - 8330958.92 - - - 816293698.67 No
term notes
2.680% RMB 500 million medium
500000000.00 2.6800% 2024-04-01 5 years 500000000.00 510022465.74 - 6644931.52 - 13400000.00 - 503267397.26 No
term notes
Total — — — — — — — — — — 20939759102.00 - 306550057.37 4619663.95 267139052.65 -230986261.96 20752803508.71 — —
Less: Bonds payable due within — — — —
——————229971569.71——————————3674535763.59——
one year
Bonds payable due after one year — — — — — — — — — — 20709787532.29 — — — — — — — — — — 17078267745.12 — —
- 119 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
34. Lease liabilities
(1) Lease liabilities
Category 30/06/2026 31/12/2025
Lease payment 3503274976.19 3748343293.15
Less: Unrecognised financing cost 1735020830.62 1845629225.85
Total 1768254145.57 1902714067.30
Less: Lease liabilities due within one year 147783875.70 211853235.22
Net leases liabilities 1620470269.87 1690860832.08
(2) Maturity of lease liabilities
Item 30/06/2026
1st year subsequent to the balance sheet date 226136935.87
2nd year subsequent to the balance sheet date 191315454.58
3rd year subsequent to the balance sheet date 188520392.16
Subsequent years 2897302193.58
Total 3503274976.19
The Group is not exposed to any significant liquidity risk associated with lease liabilities.
35. Long-term payables
Item 30/06/2026 31/12/2025
Payment for the purchase of terminal operating rights (Note) 3612410401.42 3552952940.93
Sale-lease back payment 224888354.41 237923089.53
Shareholder loans 36682429.26 36685942.36
Special payables 6798831.34 6461237.03
Others 2017108.88 2078590.05
Total 3882797125.31 3836101799.90
Less: Long-term payables due within one year 235848050.30 114496507.83
Long-term payables due after one year 3646949075.01 3721605292.07
- 120 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
35. 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 30 June 2026 the amount payable for the acquisition of terminal
management rights is RMB 863579529.15.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
30 June 2026 the amount of franchising rights payable was RMB 2748830872.27.
(1) Top five long-term payables at the end of the period
Item 30/06/2026 31/12/2025
APPA Port Authority 2748830872.27 2672990824.23
Sri Lanka Ports Authority 865596638.03 882040706.75
Ocean Offshore 2403 Limited 110749905.41 128076334.57
China Merchants Finance Leasing (Tianjin) Co. Ltd. 114138449.00 109846754.96
Yihai Kerry Arawana Holdings Co. Ltd. 36682429.26 36685942.36
Total 3875998293.97 3829640562.87
(2) Special payables
Effect of changes
Increase for Decrease for
Item 01/01/2026 in the scope of 30/06/2026 Reason
the period the period
consolidation
Employee housing fund 6461237.03 - 337594.31 - 6798831.34 Note
Total 6461237.03 - 337594.31 - 6798831.34
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
36. Long-term employee benefits payable
(1) Long-term employee benefits payable
Increase for Decrease for
Item 01/01/2026 30/06/2026
the year the year
Post-employment benefits - net liabilities of
478593850.737842087.1613602290.63472833647.26
defined benefit plans
Termination benefits 32348987.48 1519780.20 4065098.67 29803669.01
Other long-term benefit (note) 35443539.41 875082.94 8989457.90 27329164.45
Total 546386377.62 10236950.30 26656847.20 529966480.72
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
36. Long-term employee benefits payable - continued
(2) Changes in defined benefit plans
Present value of defined benefit plan obligations:
Item Current period Prior period
I. Opening balance 495694512.75 593762038.30
II. Defined benefit cost included in profit or loss for the period 9525404.51 14053403.85
1. Current service cost 4905404.49 7218603.83
2. Interest adjustment 4620000.02 6834800.02
III. Defined benefit cost included in other comprehensive income -4916527.52 1548050.47
1. Effect of exchange rate changes -4916527.52 1548050.47
IV. Other changes -10479165.94 -8056944.75
1. Benefits paid -10479165.94 -12206350.55
2. Changes in the scope of consolidation - 4149405.80
V. At the end of the period 489824223.80 601306547.87
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
37. Provisions
Effect of
translation of
Increase for Decrease for financial
Item 01/01/2026 30/06/2026 Reason
the period the period statements
denominated in
foreign currencies
Pending litigation 79405815.31 3812640.73 - 1899586.71 85118042.75 Note 1
External guarantees
106087367.14 - - -3137989.54 102949377.60 Note 2
provided
Total 185493182.45 3812640.73 - -1238402.83 188067420.35
Note1: This represents the estimated compensation amount RMB 85118042.75 that the
Company's subsidiary TCP may need to pay due to the pending litigation.Note 2: The Board of the Group assessed the default risk of related parties based on the actual
operation of the related parties which amounted to RMB 102949377.60 as of 30 June 2026
(31 December 2025: RMB 106087367.14) . Please refer to Note (XV) 5 (3) for details.
38. Deferred income
Item 01/01/2026 Increase for the period Decrease for the period 30/06/2026
Government grants 923349449.41 2770000.00 35460420.56 890659028.85
Total 923349449.41 2770000.00 35460420.56 890659028.85
(1) Government grants included in deferred income
Amount included in
Category of Amount refunded
30/06/2026 current profit and Reason for return
government grants this period
loss
Returned for non-
Government grants 890659028.85 23997820.56 11462600.00
compliance
Total 890659028.85 23997820.56 11462600.00
- 124 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
39. Other non-current liabilities
Item Opening Balance Closing Balance
Actuarial cost for the calculation of pension benefit
154286523.03159573016.67
difference for the public security bureau staff (Note 1)
Other 5485741.42 4869460.69
Total 159772264.45 164442477.36
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
40. Share capital
01/01/202630/06/2026
Increase for the Decrease for the
Name of investor Proportion Proportion
Investment amount period period Investment amount
（%）（%）
China Merchants Port Investment
1148648648.0046.28--1148648648.0046.28
Development Company Limited
Zhejiang Seaport Investment and
576709537.0023.24--576709537.0023.23
Operation Group Co. Ltd.China Merchants Gangtong
Development (Shenzhen) 370878000.00 14.94 - - 370878000.00 14.94
Co. Ltd.Infrastructure Investment Fund
Management Co. Ltd. –
infrastructure Investment Fund 64850182.00 2.61 - - 64850182.00 2.61
Partnership (Limited
Partnership)
Broadford International Limited 55314208.00 2.23 - - 55314208.00 2.23
China Africa Development Fund
15610368.000.63--15610368.000.63
Co. Ltd.Others 249831242.00 10.07 306100.00 - 250137342.00 10.08
Total 2481842185.00 100.00 306100.00 - 2482148285.00 100.00
Note1: The increased share capital this year is generated by equity incentives as detailed in Note
(XVI).
41. Capital Reserve
Amount at the
Amount at the
Item beginning of the Increase Decrease
end of the period
period
For the period from 1 January to 30 June 2026
I. Capital premium 36345882229.54 5155967.24 - 36351038196.78
Including: Capital contributed by investors 17113820944.86 5155967.24 - 17118976912.10
Differences arising from business combination
13302937205.73--13302937205.73
involving enterprises under common control
Differences arising from acquisition
4624739800.75--4624739800.75
non-controlling interests
Others 1304384278.20 - - 1304384278.20
II. Other capital reserve 470704386.44 86557973.69 1000570.00 556261790.13
Including: Transfer from capital reserve under the previous
-2781133.00---2781133.00
accounting rules
Others 473485519.44 86557973.69 1000570.00 559042923.13
Total 36816586615.98 91713940.93 1000570.00 36907299986.91
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
13302937205.73--13302937205.73
involving enterprises under common control
Differences arising from acquisition
4624739800.75--4624739800.75
non-controlling interests
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
-2781133.00---2781133.00
accounting rules
Others 656234601.23 951302.21 183700384.00 473485519.44
Total 37362981831.67 6440466.49 552835682.18 36816586615.98
- 126 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
42. Other comprehensive income
Changes for the period
Less: Amount Less: Amount
included in other included in other
comprehensive comprehensive Attributable to non-
Item 01/01/2026 Pre-tax amount for the income in the prior income in the prior Less: Income Attributable to the controlling Other changes 30/06/2026
period period 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 period the current period
For the period from 1 January to 30 June 2026
I. Other comprehensive income that will not be reclassified
-89672429.98-18512080.44----12238105.89-6273974.55--101910535.87
subsequently to profit or loss
Including: Changes arising from remeasurement of defined
-3865222.34--------3865222.34
benefit plans
Other comprehensive income that can't be
-145733832.52-18512080.44----12238105.89-6273974.55--157971938.41
reclassified to profit or loss under equity method
Changes in fair value of other equity instruments 59926624.88 - - - - - - - 59926624.88
II. Other comprehensive income that will be reclassified
-879490996.53-283284977.96---18960735.15-302245713.11--860530261.38
subsequently to profit or loss
Including: Other comprehensive income recognised under the
-171005183.03-70187933.61----31695190.04-38492743.57--202700373.07
equity method
Translation differences of financial statements
-708485813.50-213097044.35---50655925.19-263752969.54--657829888.31
denominated in foreign currencies
Total other comprehensive income -969163426.51 -301797058.40 - - - 6722629.26 -308519687.66 - -962440797.25
2025
I. Other comprehensive income that will not be reclassified
-125708734.9792020131.46--192928.3136036304.9955790898.16--89672429.98
subsequently to profit or loss
Including: Changes arising from remeasurement of defined
-27162681.9249464273.41--124558.2323297459.5826042255.60--3865222.34
benefit plans
Other comprehensive income that can't be
-157659266.0740241379.95---11925433.5528315946.40--145733832.52
reclassified to profit or loss under equity method
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
-1432672502.481334425946.92---553181505.95781244440.97--879490996.53
subsequently to profit or loss
Including: Other comprehensive income recognised under the
-401677243.85488977551.12---230672060.82258305490.30--171005183.03
equity method
Translation differences of financial statements
-1030995258.63845448395.80---322509445.13522938950.67--708485813.50
denominated in foreign currencies
Total other comprehensive income -1558381237.45 1426446078.38 - - 192928.31 589217810.94 837035339.13 - -969163426.51
- 127 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
43. Specific reserve
Item 01/01/2026 Increase Decrease 30/06/2026
Safety production cost 57278650.39 32455476.95 13405488.39 76328638.95
44. Surplus reserve
The period from 1 January to 30 June 2026
Item 01/01/2026 Increase Decrease 30/06/2026
Statutory surplus reserve 1249537330.50 - - 1249537330.50
2025
Item 01/01/2025 Increase Decrease 31/12/2025
Statutory surplus reserve 1249537330.50 - - 1249537330.50
Note: In accordance with the Company Law of the People’s Republic of China and the
Company’s articles of association the Company appropriates 10% of its annual net profit
to the statutory surplus reserve. The appropriation may cease once the accumulated
balance of the statutory surplus reserve reaches 50% of the registered capital. Subject to
approval the statutory surplus reserve may be utilised to offset accumulated losses or for
capitalisation to share capital. As at 30 June 2026 the accumulated balance of the
Company’s statutory surplus reserve had reached 50% of the registered capital.- 128 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
45. Retained earnings
Proportion of
Item Amount appropriation or
allocation
For the period from 1 January to 30 June 2026
Retained earnings at the beginning of the year before adjustment 24729748576.84
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 24729748576.84
Increase for the period 2781107015.26
Including: Net profit of the period attributable to shareholders of the
2781107015.26
Company
Retained earnings carried forward from other comprehensive
-
income
Others -
Decrease for the period 1983236479.71
Including: Transfer to discretionary surplus reserve in the current period -
Transfer to discretionary surplus reserve in the current period -
Ordinary shares' dividends payable 1983236479.71 Note
Ordinary shares' dividends converted into share capital -
Pension benefit difference -
Transfer to the National Council for Social Security Fund -
Distribution to holders of other equity instruments -
Others -
Retained earnings at the end of the period 25527619112.39
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
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
45. Retained earnings - continued
Note 1: According to the resolution of shareholders' meeting on 21 May 2026 the Company plans
to distribute cash dividends of RMB 7.99 (inclusive of tax) for every 10 shares totalling
RMB 1983035850.82 on the basis of 2481897185 shares. As of 30 June 2026 due to
the exercise of stock options granted under the equity incentive plan the total share capital
of the Company has been changed to 2482148285 shares. Based on this the company’s
cash dividend distributed has been changed to RMB 1983236479.71.
46. Operating income and operating costs
(1) Details of operating income and operating costs
Current period Prior period
Item
Income Costs Income Costs
Principal operation 8864974345.86 4656990674.68 8382712282.79 4487845467.23
Other operations 83487701.33 95301032.48 85779093.29 108418625.27
Total 8948462047.19 4752291707.16 8468491376.08 4596264092.50
- 130 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
46. Operating income and operating costs - continued
(2) Breakdown information of operating income and operating costs
Ports operation Bonded logistics operation Other operations Total
Category Operating Operating Operating Operating
Operating costs Operating costs Operating costs Operating costs
income income income income
Mainland China Hong Kong
5062994498.733091178183.49299247573.75169177759.2583487701.3395301032.485445729773.813355656975.22
and Taiwan area
- Pearl River Delta 3557969364.25 1837174300.83 219073333.26 128574041.28 83487701.33 95301032.48 3860530398.84 2061049374.59
- Yangtze River Delta 111365.05 3864728.41 - - - - 111365.05 3864728.41
- Bohai Rim 13639927.27 6661149.32 80174240.49 40603717.97 - - 93814167.76 47264867.29
- Other areas 1491273842.16 1243478004.93 - - - - 1491273842.16 1243478004.93
Other countries 3478143751.05 1372247163.21 24588522.33 24387568.73 - - 3502732273.38 1396634731.94
Total 8541138249.78 4463425346.70 323836096.08 193565327.98 83487701.33 95301032.48 8948462047.19 4752291707.16
- 131 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
46. 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 period as the business volume finally realised 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 period the variable considerations arising from sales
discount are set out in Note (VIII) 26.
(4) Descriptions on allocation to remaining performance obligations
At the end of the period 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 467332338.33 of which RMB 137914643.04 is expected to be
recognised as revenue in 2026; and RMB 329417695.29 is expected to be recognised as revenue
in 2027 and subsequent years.
47. Taxes and surcharges
Item Current period Prior period
Property tax 39377326.74 38685303.24
Land use tax 17638152.62 17434069.64
City construction and maintenance tax 5819732.97 4696513.64
Education surcharges and local education surcharges 4326805.24 3534408.66
Stamp duty 1482875.43 1572336.14
Others (Note) 140715843.24 110292525.17
Total 209360736.24 176215156.49
Note: Others mainly represent the social contribution tax and tax on services borne by TCP a
subsidiary of the Company equivalent to RMB 132981139.14 ( For the period from 1
January to 30 June 2026：equivalent to RMB 104316324.84) for the period.- 132 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
48. General and administrative expenses
Item Current period Prior period
Employee benefits 601966878.04 576990389.64
Depreciation expenses 36797940.31 37655932.96
Fees paid to agencies 13691744.13 16517711.11
Amortization of intangible assets 13948691.83 16989576.27
Others 97540729.76 110919499.46
Total 763945984.07 759073109.44
49. Research and development expenses
Item Current period Prior period
Employee benefits 90455345.41 74754807.75
Direct materials and outsourced R&D 3022669.28 22485452.99
Depreciation and amortization 2319302.52 2138974.74
Others 240390.45 7751911.07
Total 96037707.66 107131146.55
50. Financial expenses
Item Current period Prior period
Interest expenses 920982888.62 1036682027.86
Including: Bank and other borrowings 382975901.87 392666154.34
Bond interest and bill discount 328070066.14 422786996.38
Interest expenses of terminal management right 141556398.97 131215913.75
Interest expenses of lease liabilities 51775404.22 55654549.51
Other interest expenses 16605117.42 13479344.44
Less: Capitalized interest expenses 20544040.19 20879069.44
Less: Interest income 175792695.79 200788693.82
Net exchange loss (“-” for net income) -26618683.08 16212019.97
Others 4366736.35 5345702.01
Total 702394205.91 836571986.58
51. Other income
Whether it is
Item Current period Prior period
government subsidy
Business development subsidy 19359861.55 94882937.73 Yes
Transfer from deferred income
23997820.56 25333879.71 Yes
(Note VIII 38)
Others 8932361.45 4945738.59 — —
Total 52290043.56 125162556.03 — —
Including: Government grants 50758666.80 123816690.60 — —
- 133 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
52. Investment income
Item Current period Prior period
Long-term equity investments income 3698410454.89 3606506212.05
Including: Income from long-term equity investments under
3698410454.893606506212.05
equity method
Investment income from financial assets held for trading 51754896.25 42352582.82
Investment from equity remeasurement at fair value upon
-3856538.50
acquisition of control
Dividend income from investments in other equity instruments - 120000.00
Total 3750165351.14 3652835333.37
53. Gains from changes in fair value
Item Current period Prior period
Financial assets held for trading 24450827.42 21035446.60
Total 24450827.42 21035446.60
54. Provision of credit impairment (“-” for losses)
Item Current period Prior period
Credit impairment of accounts receivable -1959316.33 5740580.39
Reversal of impairment of other receivables -886860.45 -961479.46
Reversal of impairment of long-term receivables -146404.60 -85299.16
Total -2992581.38 4693801.77
- 134 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
55. Gains from asset disposals
Amount included in non-
Item Current period Prior period recurring profit or loss
for the current period
Gains from disposal of non-current assets 623174.49 6688854.69 623174.49
Including: Gains from disposal of intangible
-6084102.84-
assets
Gains from disposal of
544715.94571354.19544715.94
fixed assets
Others 78458.55 33397.66 78458.55
Total 623174.49 6688854.69 623174.49
56. Non-operating income
Amount included in
non-recurring profit or
Item Current period Prior period
loss for the current
period
Compensation received for violation of
2713143.065238732.172713143.06
contracts
Gains from retirement or damage of
403951.581760337.51403951.58
non-current assets
Including: Gains from retirement
182084.741760337.51182084.74
or damage of fixed assets
Exempted current accounts - 429567.31 -
Others 8043734.52 10143357.00 8043734.52
Total 11160829.16 17571993.99 11160829.16
- 135 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
57. Non-operating expenses
Amount included in
non-recurring profit
Item Current period Prior period
or loss for the
current period
Litigation loss 3812640.72 3589845.46 3812640.72
Losses on retirement of non-current
4168619.403586928.264168619.40
assets
Including: Losses on retirement
121965.833586928.26121965.83
or damage of fixed assets
Compensation and liquidated damages 1102083.00 242399.77 1102083.00
Expenditure on public welfare
313031.39543413.08313031.39
donations
Others 996517.89 4826713.26 996517.89
Total 10392892.40 12789299.83 10392892.40
58. Borrowing costs
Capitalisation
Item Capitalization rate
amount
Construction in progress —— ——
Zhanjiang Port Baoman Port Area Container Terminal
2.60%8868230.92
Phase I Expansion Project
Dongguan Machong Port Area Berth 2 # and 3 # Project Bulk
2.85%131986.90
Grain Warehouse Phase III Expansion Project
Other non-current assets —— ——
Advances for channels 4.35% 11543822.37
Sub-total —— 20544040.19
Interest expenses included in profit or loss for the period
(Excludes interest expense on terminal operating rights and —— 707107045.24lease liabilities）
Total —— 727651085.43
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
59. Translation of foreign currencies
Item Current period
Exchange differences included in profit or loss for the period -26618683.08
Total -26618683.08
60. Income tax expenses
Item Current period Prior period
Current income tax expenses 804157805.76 686714642.78
Deferred income tax expenses 72268434.59 41694166.54
Total 876426240.35 728408809.32
Reconciliation between income tax expense and accounting profit is as follows:
Item Current period
Total profit 6249736458.14
Income tax expenses calculated at 25% 1562434114.54
Effect of non-deductible costs expenses and losses 173821991.75
Accrued income tax 285127413.57
Effect of deductible temporary differences and deductible losses
97422968.62
for which deferred tax assets are not recognised in the period
Effect of tax-free income (Note) -782114074.36
Effect of tax incentives and changes in tax rate -372059641.55
Effect of different tax rates of subsidiaries operating in other jurisdictions -87818887.63
Effect of utilizing deductible losses for which deferred tax assets
-23118001.19
were not recognised in prior period
Effect of adjustments to income tax of prior year 10602940.77
Others 12127415.83
Income tax expenses 876426240.35
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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
61. Assets with restricted ownership and use right
30/06/202631/12/2025
Item Gross carrying Gross carrying
Net carrying amount Type of restriction Status of restriction Net carrying amount Type of restriction Status of restriction
amount amount
Restricted margin Interest receivable Restricted margin Interest receivable
Cash and bank balances
82452617.41 82452617.41 interest receivable not performance bond 100488698.75 100488698.75 interest receivable not performance bond
(Note 1)
actually received frozen funds etc actually received frozen funds etc
Fixed assets (Note 2) 1431656920.99 1096793866.99 Mortgage Mortgage borrowings 1440293745.49 1124374793.46 Mortgage Mortgage borrowings
Intangible assets
756017600.61 591085146.25 Mortgage Mortgage borrowings 756017600.61 603900037.67 Mortgage Mortgage borrowings
(Note 2)
Total 2270127139.01 1770331630.65 2296800044.85 1828763529.88 — — — —
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) 23 and Note (VIII) 32.- 138 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
62. Provision for impairment of assets and provision for bad debts
Effect of
Effect of Other Other translation of
Write-off and Transfer-out
changes in the Provision for the Reversal for the increases decreases financial
Item 01/01/2026 charge-off for due to sale in the 30/06/2026
scope of period period for the for the statements
the period current period
consolidation period period denominated in
foreign currencies
Provision for bad debts of accounts
65486371.62-4867565.80-2908249.47----361079.1467806767.09
receivable
Provision for bad debts of other receivables 638162074.19 - 934028.94 -47168.49 - - - - -34556821.93 604492112.71
Provision for impairment of prepayments 4260618.26 - - - - - - - -126021.87 4134596.39
Provision for decline in value of inventories 524634.82 - - - - - - - - 524634.82
Provision for bad debts of long-term
64436852.45-146944.33-539.73-----64583257.05
receivables
Provision for impairment of long-term
335363227.34--------85629.63335277597.71
equity investments
Provision for impairment of fixed assets 212280683.43 - - - - - - - - 212280683.43
Provision for impairment of construction in
6412247.07--------195030.376217216.70
progress
Provision for impairment of intangible
57010270.07--------57010270.07
assets
Provision for impairment of goodwill 970663044.33 - - - - - - - - 970663044.33
Provision for impairment of other
174364111.91--------174364111.91
non-current assets
Other credit impairment provision 106087367.14 - - - - - - - -3887748.11 102199619.03
Total 2635051502.63 - 5948539.07 -2955957.69 - - - - -38490172.77 2599553911.24
- 139 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
63. Items in cash flow statement
(1) Cash relating to operating activities
Proceeds from other operating activities
Item Current period Prior period
Interest income 163622313.25 187103044.10
Government grants 21436036.59 13699206.43
Guarantees and deposits 16631406.48 17300555.93
Insurance indemnities 3899355.22 36776.08
Others 106094983.04 216191853.17
Total 311684094.58 434331435.71
Payment for other operating activities
Item Current period Prior period
Payment of operating costs and management expenses and other
66783518.4386994106.72
daily operating related expenditures
Guarantees and deposits 21550935.09 18129368.75
Advance payment 16154076.82 24805804.42
Others 229298870.85 263193796.56
Total 333787401.19 393123076.45
(2) Cash relating to investing activities
Cash receipts relating to significant investing activities
Item Current period Prior period
Recovered structured deposits 30690000000.00 22390000000.00
Dividends received 1141386838.26 1340132233.83
Total 31831386838.26 23730132233.83
- 140 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
63. Items in cash flow statement - continued
(2) Cash relating to investing activities - continued
Cash payments relating to significant investing activities
Item Current period Prior period
Purchase of structured deposits 30910000000.00 21535000000.00
Purchase and construction of long-term assets 737575344.32 1057042867.97
Total 31647575344.32 22592042867.97
Proceeds from other investing activities
Item Current period Prior period
Withdrawal of Principal from a Time Deposit 30000000.00 -
Collection of marine area usage fee on behalf of other paties - 123815461.48
Collection of marine area usage fee by Dongguan
Shenchiwan Port Affairs Co.Ltd. - 60469329.00
(hereinafter referred to as "Dongguan Port Affairs")
Others 609211.91 8997067.86
Total 30609211.91 193281858.34
Payment for other investing activities
Item Current period Prior period
Loans to others 135418083.07 -
Payment on behalf for sea area use right fee - 123613360.00
Others 8527.34 2095513.81
Total 135426610.41 125708873.81
(3) Cash relating to financing activities
Proceeds from other financing activities
Item Current period Prior period
Sale and leaseback proceeds - 136505690.00
Shareholder advance - 111500000.00
Others 671645.19 7586443.41
Total 671645.19 255592133.41
- 141 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
63. Items in cash flow statement - continued
(3) Cash relating to financing activities - continued
Payment for other financing activities
Item Current period Prior period
Paid lease and royalty payments 311940809.93 106043089.61
Repurchase shares of the Company - 269263918.22
Others 15103072.41 5742277.81
Total 327043882.34 381049285.64
Changes in liabilities arising from financing activities
Increase for the period Decrease for the period
Item 01/01/2026 Non-cash Non-cash 30/06/2026
Cash changes Cash changes
changes changes
Short-term borrowings 19775820831.32 4201586900.00 230298288.67 5706534048.45 667172188.13 17833999783.41
Long-term borrowings 7439956123.50 826333303.19 1334074.95 - 2933033821.18 5334589680.46
Non-current liabilities
6042522685.33-7205675958.992705414155.2731598682.3210511185806.73
due within one year
Bonds payable 20709787532.29 - - - 3631519787.17 17078267745.12
Lease liabilities 1690860832.08 - 53647366.83 - 124037929.04 1620470269.87
Long-term payables 3721605292.07 - 121255552.91 - 195911769.97 3646949075.01
Dividends payable 135169470.79 - 3326273662.07 378623401.71 - 3082819731.15
Other current liabilities 2004242191.78 1000000000.00 16990136.99 - - 3021232328.77
Total 61519964959.16 6027920203.19 10955475041.41 8790571605.43 7583274177.81 62129514420.52
(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 period 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
64. Supplementary information to the cash flow statement
(1) Supplementary information to the cash flow statement
Supplementary information Current period Prior period
1. Reconciliation of net profit to cash flows from operating
activities:
Net profit 5373310217.79 5080027383.02
Add: Impairment losses - -1621.20
Provision of credit impairment("-" for gains) 2992581.38 -4693801.77
Depreciation of fixed assets 1009951281.15 1015024918.96
Depreciation of investment properties 62903692.51 63045293.72
Depreciation of right-of-use assets 158954873.25 132500839.22
Amortization of intangible assets 375565696.94 363088740.75
Amortization of long-term deferred expenses 50105082.79 50060940.14
Gains from disposal of fixed assets intangible assets
-623174.49-6688854.69
and other long-term assets
Losses on retirement of fixed assets intangible assets
3764667.821826590.75
and other long-term assets
Gains rising from changes in fair value ("-" for gains) -24450827.42 -21035446.60
Financial expenses 823555585.65 1026273978.91
Investment income ("-" for income) -3750165351.14 -3652835333.37
Decrease in deferred tax assets ("-" for increase) 8152761.28 -6410580.52
Increase in deferred tax liabilities 64115673.31 48104747.06
Decrease in inventories ("-" for increase) 8942280.06 -45929114.96
Decrease in operating receivables ("-" for increase) -855476285.75 -1041823983.84
Increase in operating payables ("-" for decrease) 36475858.01 8158621.21
Net cash inflow from operating activities 3348074613.14 3008693316.79
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 period 15848996921.79 14904558106.75
Less: Opening balance of cash 15244357662.04 16515069554.91
Add: Cash equivalents at the end of the period - -
Less: Opening balance of cash equivalents - -
Net (decrease)/ increase in cash and cash equivalents 604639259.75 -1610511448.16
- 143 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
64. Supplementary information to the cash flow statement - continued
(2) Cash and cash equivalents at the end of the period
Item 30/06/2026 31/12/2025
I. Cash 15848996921.79 15244357662.04
Including: Cash on hand 197280.89 191636.31
Bank deposits available for payment at any time 15847948051.23 15050273330.58
Other monetary funds available for payment at any time 851589.67 193892695.15
II. Cash equivalents - -
III. Balance of cash and cash equivalents at the end of the period 15848996921.79 15244357662.04
(3) Payment for dividends profit distributions or interest
Item Current period Prior period
Cash paid for interest repayment 651661822.24 818859469.92
Dividends and profits paid to non-controlling shareholders
378623401.71572192997.59
of subsidiaries
Profit distributions - 1839908417.00
Total 1030285223.95 3230960884.51
(4) The Group has no cash and cash equivalents subject to restricted usage that are still
presented as cash and cash equivalents.
(5) See Note (VIII) 1 (4) 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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
65. Foreign currency monetary items
Foreign currency at the RMB at the end of the
Item Exchange rate
end of the period period
Cash and bank balances 3280111258.46
Including: HKD 6539236.81 0.8701 5689789.95
USD 298824843.29 6.8209 2038254373.60
RMB 1182123049.89 1.0000 1182123049.89
EUR 2770523.75 7.7349 21429724.15
AUD 6940398.55 4.6992 32614320.87
Accounts receivable 43177166.89
Including: USD 5989927.56 6.8209 40856696.89
EUR 300000.00 7.7349 2320470.00
Other receivables 1173065810.62
Including: HKD 465938.00 0.8701 405412.65
USD 1927141.68 6.8209 13144840.69
EUR 16727.30 7.7349 129383.99
RMB 1151832096.51 1.0000 1151832096.51
AUD 1607524.00 4.6992 7554076.78
Long-term receivables 1420496939.56
Including: HKD 2366680.97 0.8701 2059249.11
USD 19658382.40 6.8209 134087860.52
EUR 29813048.56 7.7349 230600949.28
AUD 224240058.02 4.6992 1053748880.65
Accounts payable 41230541.80
Including: HKD 4516851.12 0.8701 3930112.16
USD 5394091.38 6.8209 36792557.89
EUR 58073.01 7.7349 449188.93
RMB 58682.82 1.0000 58682.82
Other payables 239943940.87
Including: HKD 9238611.39 0.8701 8038515.77
USD 30815792.00 6.8209 210191435.65
EUR 102570.00 7.7349 793368.69
RMB 20920620.76 1.0000 20920620.76
Non-current liabilities due
3511853571.83
within one year
Including: USD 513307810.27 6.8209 3501221243.07
RMB 10632328.76 1.0000 10632328.76
Bonds payable 6078267745.10
Including: USD 597907570.13 6.8209 4078267745.10
RMB 2000000000.00 1.0000 2000000000.00
- 145 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
66. Leases
(1) Lessor under operating lease
Item Amount
I. Operating income
Lease income 155830808.43
Including: Income related to variable lease payments that are not included
-
in lease receipts
II. Undiscounted lease receipts received after the balance sheet date 495908778.75
1st year 218136454.76
2nd year 112914202.08
3rd year 68300395.90
4th year 26148613.74
5th year 12158111.80
Over 5 years 58251000.47
Note: The operating leases where the Group acts as the lessor related to port and terminal facilities
machinery and equipment vehicles land and buildings with lease terms ranging from 1
year to 38.5 years and options to renew the leases of port and terminal facilities machinery
and equipment land and buildings. The Group considers that the unguaranteed residual
value of leased assets does not constitute a significant risk to the Group as the assets are
properly used.
(2) Lessee
Item Amount
Interest expenses on lease liabilities 51775404.22
Short-term lease expenses that are accounted for using simplified approach
26766919.86
and included in cost of related assets or profit or loss for the period
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 period
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 1996904.61
Total cash outflows relating to leases 177358269.47
Losses from sale and leaseback transactions 8513682.96
Cash inflows from sale and leaseback transactions -
Cash outflows from sale and leaseback transactions 17967798.48
Others -
- 146 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(VIII) NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS - continued
66. 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 period Prior period
Employee benefits 90835449.56 77372354.87
Direct materials and outsourced R&D 3022669.28 28784861.19
Depreciation and amortisation 2359581.80 2276229.67
Others 660762.56 10671434.74
Total 96878463.20 119104880.47
Including: R&D expenditure recorded as expenses 96037707.66 107131146.55
R&D expenditure capitalised 840755.54 11973733.92
- 147 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 01/01/2026 Internal Recognised as Recognised as fixed Transferred to profit 30/06/2026
development costs intangible assets assets or loss for the period
Digital Petrochemical Terminal
13011725.1278846.28---13090571.40
(Phase II)
Other R&D projects 21222874.61 761909.26 9881989.75 403618.06 - 11699176.06
Total 34234599.73 840755.54 9881989.75 403618.06 - 24789747.46
Including: Data resources - - - - - -
- 148 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(X) CHANGES IN SCOPE OF CONSOLIDATION
1. Business combination not involving enterprises under common control
There is no business combination not involving enterprises under common control of the Group in
the current period.
2. Business combination under common control
There is no business combination under common control of the Group in the current period.
3. Reverse purchase
The Group has no reverse purchase in the current period.
4. Disposal of subsidiaries
The Group has no disposal of subsidiaries in the current period.
5. Change in consolidation scope for other reasons
The Group has not changed the consolidation scope for other reasons in the current period.- 149 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES
1. Interests in subsidiaries
(1) Composition of the Group - Major subsidiaries
Registered capital Shareholding ratio
Principal
Place of Nature of (RMB'0000 of the Company
Name of the subsidiary place of Acquisition method
incorporation business unless otherwise (%)
business
specified) Direct Indirect
Shenzhen Chiwan International Freight Agency Shenzhen Logistics support
Shenzhen China 550.00 - 100.00 Established through investment
Co. Ltd. China services
Chiwan Port and Shipping (Hong Kong) Co. Ltd.(hereinafter referred to as "Wharf Holdings HK China HK China Investment holding HKD 1000000.00 100.00 - Established through investment
Hong Kong ")
Dongguan Logistics support
Dongguan Port Affairs Dongguan China 45000.00 - 85.00 Established through investment
China services
Dongguan Shenchiwan Wharf Co. Ltd. Dongguan Logistics support
Dongguan China 40000.00 - 100.00 Established through investment
(hereinafter referred to as "Dongguan Wharf") China services
Shenzhen Logistics support Business combination involving
Shenzhen Chiwangang Container Co. Ltd. Shenzhen China 28820.00 100.00 -
China services enterprises under common control
Shenzhen Chiwan Port Development Co. Ltd.Shenzhen Logistics support Business combination involving
(hereinafter referred to as "Shenchiwan Shenzhen China 10000.00 100.00 -
China services enterprises under common control
Development")
Shenzhen Logistics support Business combination involving
Chiwan Container Terminal Co. Ltd. Shenzhen China USD 95300000.00 51.00 24.00
China services enterprises under common control
Shenzhen Chiwan Tugboat Co. Ltd. Shenzhen Logistics support Business combination involving
Shenzhen China 2400.00 - 100.00
(hereinafter referred to as "Shenchiwan Tugboat") China services enterprises under common control
Chiwan Shipping (Hong Kong) Limited Logistics support Business combination involving
HK China HK China HKD 800000.00 - 100.00
(hereinafter referred to as "Chiwan Shipping") services enterprises under common control
HKD Business combination involving
CM Port (Note 1) HK China HK China Investment holding 0.37 49.30
48730938800.00 enterprises under common control
Shenzhen Logistics support Business combination involving
China Merchants Bonded Logistics Co. Ltd. Shenzhen China 70000.00 40.00 60.00
China services enterprises under common control
China Merchants Holdings (International)
Shenzhen Business combination involving
Information Technology Co. Ltd. (hereinafter Shenzhen China IT service 8784.82 56.26 43.74
China enterprises under common control
referred to as " CM International Tech ")
China Merchants International (China) Shenzhen Business combination involving
Shenzhen China Investment holding USD 67400000.00 - 100.00
Investment Co. Ltd. China enterprises under common control
China Merchants International Container Terminal Logistics support Business combination involving
Qingdao China Qingdao China USD 206300000.00 - 100.00
(Qingdao) Co. Ltd. services enterprises under common control
Logistics support Business combination involving
China Merchants Container Services Limited HK China HK China HKD 500000.00 - 100.00
services enterprises under common control
Shenzhen Logistics support Business combination involving
China Merchants Port (Shenzhen) Co. Ltd. Shenzhen China 55000.00 - 100.00
China services enterprises under common control
Shenzhen Engineering Business combination involving
Shenzhen Haiqin Project Management Co. Ltd. Shenzhen China 1000.00 - 100.00
China supervision service enterprises under common control
Preparation for the
Antongjie Wharf Storage Service (Shenzhen) Shenzhen HKD Business combination involving
Shenzhen China warehousing - 100.00
Co. Ltd. China 100000000.00 enterprises under common control
project
Preparation for the
Shenzhen HKD Business combination involving
ASJ Shenzhen China warehousing - 100.00
China 520000000.00 enterprises under common control
project
China Merchants International Terminal Logistics support Business combination involving
Qingdao China Qingdao China USD 44000000.00 - 90.10
(Qingdao) Co. Ltd. services enterprises under common control
Logistics support Business combination involving
CICT Sri Lanka Sri Lanka USD 150000100.00 - 85.00
services enterprises under common control
Shenzhen Logistics support Business combination involving
Magang Godown & Wharf Shenzhen China 33500.00 - 100.00
China services enterprises under common control
Zhangzhou Zhangzhou Logistics support Business combination involving
Zhangzhou China Merchants Tugboat Co. Ltd. 1500.00 - 100.00
China China services enterprises under common control
Zhangzhou Zhangzhou Logistics support Business combination involving
Zhangzhou China Merchants Port Co. Ltd. 122700.00 - 60.00
China China services enterprises under common control
Zhangzhou Investment Promotion Bureau
Zhangzhou Zhangzhou Logistics support Business combination involving
Xiamenwan Port Affairs Co. Ltd. (hereinafter 44450.00 - 31.00
China China services enterprises under common control
referred to as "Xiamenwan Port Affairs") (Note 2)
Shenzhen Logistics support HKD Business combination involving
Shekou Container Terminals Co. Ltd. Shenzhen China - 100.00
China services 618201200.00 enterprises under common control
Shenzhen Logistics support Business combination involving
Shenzhen Lianyunjie Container Terminals Co. Ltd. Shenzhen China 60854.90 - 100.00
China services enterprises under common control
Anxunjie Container Terminals (Shenzhen) Shenzhen Logistics support Business combination involving
Shenzhen China 127600.00 - 100.00
Co. Ltd. China services enterprises under common control
Preparation for the
Anyunjie Port Warehousing Service (Shenzhen) Shenzhen Business combination involving
Shenzhen China warehousing 6060.00 - 100.00
Co. Ltd. China enterprises under common control
project
Shenzhen Logistics support Business combination involving
Shenzhen Haixing Shenzhen China 53072.92 - 67.00
China services enterprises under common control
Shenzhen Shenzhen Logistics support Business combination involving
Shenzhen Lianyongtong Terminal Co. Ltd. USD 7000000.00 - 100.00
China China services enterprises under common control
Logistics support Business combination involving
Yide Port Foshan China Foshan China 21600.00 51.00 -
services enterprises under common control
- 150 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
Shareholding ratio
Principal Registered capital
Place of Nature of of the Company
Name of the subsidiary place of (RMB'0000 unless Acquisition method
incorporation business (%)
business otherwise specified)
Direct Indirect
Investment Business combination involving
Mega SCT BVI BVI USD 120.00 - 80.00
holding enterprises under common control
Investment Business combination involving
Oasis King International Limited BVI BVI USD 100.00 - 100.00
holding enterprises under common control
Republic of Republic of Logistics support Business combination involving
Lome Container Terminal S.A. (Note 3) XOF 200000000.00 - 100.00
Togo Togo services enterprises under common control
Investment Business combination involving
Gainpro Resources Limited BVI BVI USD 1.00 - 76.47
holding enterprises under common control
Hambantota International Port Group (Private) Logistics support USD Business combination involving
Sri Lanka Sri Lanka - 85.00
Limited services 1145480000.00 enterprises under common control
Shantou Logistics support Business combination involving
Shantou port Shantou China 12500.00 - 60.00
China services enterprises under common control
Shenzhen Jinyu Rongtai Investment Development Shenzhen Shenzhen Property lease
80000.00 - 100.00 Asset acquisition
Co. Ltd. China China etc.Shenzhen Merchants Qianhaiwan Real Estate Shenzhen Shenzhen Property lease
20000.00 - 100.00 Asset acquisition
Co. Ltd. China China etc.Shenzhen Shenzhen Investment Business combination involving
Juzhongzhi Investment (Shenzhen) Co. Ltd. 4000.00 - 75.00
China China consulting enterprises under common control
Shantou Logistics support Business combination not involving
Shantou Zhonglian Shantou China 380.00 - 62.50
China services enterprises under common control
Shenzhen Shenzhen Logistics support Business combination involving
Shenzhen Lianda Tugboat Co. Ltd. 3000.00 - 60.29
China China services enterprises under common control
Zhangzhou Zhangzhou Logistics support Business combination involving
China Ocean Shipping Tally Zhangzhou Co. Ltd. 200.00 - 84.00
China China services enterprises under common control
Logistics support Business combination involving
China Merchants Holdings (Djibouti) FZE Djibouti Djibouti USD 38140000.00 - 100.00
services enterprises under common control
Investment Business combination involving
Xinda Resources Limited BVI BVI USD 107620000.00 - 77.45
holding enterprises under common control
Investment Business combination involving
Kong Rise Development Limited HK China HK China USD 107620000.00 - 100.00
holding enterprises under common control
Logistics support Business combination not involving
TCP Brazil Brazil BRL 68851600.00 - 100.00
services enterprises under common control
Investment Business combination involving
Direct Achieve Investments Limited HK China HK China USD 814781300.00 - 100.00
holding enterprises under common control
Zhoushan Zhoushan Logistics support
Zhoushan RoRo 17307.86 51.00 - Asset acquisition
China China services
Zhanjiang Zhanjiang Logistics support Business combination not involving
Zhanjiang Port 587420.91 30.78 27.58
China China services enterprises under common control
Zhanjiang Port International Container Terminal Zhanjiang Zhanjiang Logistics support Business combination not involving
60000.00-80.00
Co. Ltd. China China services enterprises under common control
Zhanjiang Port Petrochemical Terminal Co. Ltd. Zhanjiang Zhanjiang Logistics support Business combination not involving
18000.00-50.00
(Note 4) China China services enterprises under common control
Zhanjiang Zhanjiang Logistics support Business combination not involving
China Ocean Shipping Tally Co. Ltd. Zhanjiang 300.00 - 84.00
China China services enterprises under common control
Zhanjiang Port Donghaidao Bulk Cargo Terminal Zhanjiang Zhanjiang Logistics support Business combination not involving
5000.00-100.00
Co. Ltd. China China services enterprises under common control
Zhanjiang Zhanjiang Logistics support Business combination not involving
Zhanjiang Port Logistics 10000.00 - 100.00
China China services enterprises under common control
Guangdong Zhanjiang Port Longteng Shipping Zhanjiang Zhanjiang Logistics support Business combination not involving
9000.00-51.00
Co. Ltd. China China services enterprises under common control
Shantou Logistics support
Shantou Port Tugboat Service Co. Ltd. Shantou China 1000.00 - 100.00 Established through investment
China services
Logistics support
Sanya Merchants Port Development Co. Ltd. Sanya China Sanya China 1000.00 51.00 - Established through investment
services
China Merchants Port Modern Logistics
Technology (Shenzhen) Co. Ltd. (Original name: Shenzhen Shenzhen Owning China HKD Business combination involving
-100.00
China Division of Malai Warehousing (Shenzhen) China China Qianhai property 1600000000.00 enterprises under common control
Co. Ltd.)
Hong Kong Hong Kong Investment
Ports Development (Hong Kong) Limited 2768291.56 100.00 - Established through investment
China China holding
Logistics support
Shunkong Port Foshan China Foshan China 43379.95 51.00 - Asset acquisition
services
Logistics support USD
South Asia Commercial and Logistic Hub Limited Sri Lanka Sri Lanka - 70.00 Established through investment
services 37140000.00
Logistics support IDR Business combination not involving
PT Nusantara Pelabuhan Handal Tbk Indonesia Indonesia - 51.00
services 281394199000.00 enterprises under common control
- 151 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
30 June 2026
Proportion of Profit or loss
Dividends distributed Balance of non-
ownership interest attributable to non-
Name of the to non-controlling controlling interests
held by the non- controlling
subsidiary shareholders in the at the end of the
controlling shareholders in the
current period period
shareholders (%) current period
CM Port 50.33 2627685687.59 282957987.85 63558126044.35
Year 2025
Proportion of Profit or loss
Dividends distributed Balance of non-
ownership interest attributable to non-
Name of the to non-controlling controlling
held by the non- controlling
subsidiary shareholders in the interests at the end
controlling shareholders in the
current year of the year
shareholders (%) current year
CM Port 50.33 4353804976.08 1168378259.06 62386045963.64
- 153 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
30/06/202631/12/2025
Name of the
Non-current Current Non-current Non-current Current Non-current
subsidiary Current assets Total assets Total liabilities Current assets Total assets Total liabilities
assets liabilities liabilities assets liabilities liabilities
CM Port 19062802810.06 136926534832.20 155989337642.26 27420452849.44 17626753912.68 45047206762.12 16951536855.85 137055044454.74 154006581310.59 23735547354.21 21470010459.46 45205557813.67
Current period Prior period
Name of
Total Total
the Cash flows from Cash flows from
Operating income Net profit comprehensive Operating income Net profit comprehensive
subsidiary operating activities operating activities
income income
CM Port 6564651544.80 4494586093.94 4092322388.41 2756981672.28 6057106986.04 4239037402.68 5736186323.65 2357593864.34
2. Transactions resulting from changes in ownership interests in subsidiaries without losing control over the subsidiaries
During this period there were no changes of the Group in ownership interests in subsidiaries without losing control over the subsidiaries.- 154 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
3. Interests in joint ventures and associates
Significant joint ventures or associates
Proportion of ownership
Principal place of Place of interests held by the Group Proportion of voting Accounting treatment of
Investee Nature of business
business registration (%) rights (%) investments in associates
Direct Indirect
Associate
Port and container
SIPG Shanghai China Shanghai China - 28.06 28.06 Equity method
terminal business
Port and container
Ningbo Port Ningbo China Ningbo China 20.98 2.10 23.08 Equity method
terminal business
4. Key financial information of significant associate
SIPG
Item 30/06/2026/ 31/12/2025/
Current period Prior period
Current assets 58914047143.11 47413401186.78
Including: Cash and cash equivalents 40987084447.41 31597464469.62
Non-current assets 179820590957.86 174322241805.95
Total assets 238734638100.97 221735642992.73
Current liabilities 26510159928.28 27825518945.32
Non-current liabilities 48807707507.30 37978516336.38
Total liabilities 75317867435.58 65804035281.70
Net assets 163416770665.39 155931607711.03
Non-controlling interests 16789696042.19 14990095964.43
Net assets attributable to owners of the Company 146627074623.20 140941511746.60
Share of net assets calculated based on the proportion of
41136980914.9739541866969.29
ownership interests
Adjustments
- Goodwill 2427508397.27 2427508397.27
- Others 215117109.71 213133462.53
Carrying amount of equity investments in associates 43779606421.95 42182508829.09
Fair value of publicly quoted equity investments in associates 30827796628.40 35399715619.90
Operating income 21428784311.86 19569225716.54
Financial expenses 380663594.69 361119419.10
Income tax expenses 1740421269.82 1606295734.79
Net profit 9439013192.47 8744512925.73
Net profit attributable to owners of the company of the investee
8519408311.618039559323.21
in the current period
Other comprehensive income 39516394.43 66040994.78
Total comprehensive income 9478529586.90 8810553920.51
Dividends received from associates in the current period 947040362.53 947040362.54
- 155 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XI) EQUITY IN OTHER ENTITIES - continued
4. Key financial information of significant associate - continued
Ningbo Port
Item 30/06/2026/ 31/12/2025/
Current period Prior period
Current assets 20438102000.00 23642829000.00
Including: Cash and cash equivalents 6055541000.00 7454715000.00
Non-current assets 103909700000.00 99776714000.00
Total assets 124347802000.00 123419543000.00
Current liabilities 23184871000.00 24178804000.00
Non-current liabilities 10117883000.00 9131706000.00
Total liabilities 33302754000.00 33310510000.00
Net assets 91045048000.00 90109033000.00
Non-controlling interests 9415011000.00 9361536000.00
Net assets attributable to owners of the Company 81630037000.00 80747497000.00
Share of net assets calculated based on the proportion of
18840212539.6018636522307.60
ownership interests
Adjustments
- Goodwill 1231115756.87 1231115756.87
- Others 130601819.18 130502729.48
Carrying amount of equity investments in associates 20201930115.65 19998140793.95
Fair value of publicly quoted equity investments in associates 14141843871.75 16296791509.35
Operating income 16873123000.00 14914506000.00
Financial expenses 115789000.00 55270000.00
Income tax expenses 777242000.00 779548000.00
Net profit 2818976000.00 2911104000.00
Net profit attributable to owners of the company of the investee
2543494000.002597046000.00
in the current period
Other comprehensive income 28601000.00 -44008000.00
Total comprehensive income 2847577000.00 2867096000.00
Dividends received from associates in the current period 404052682.05 484863218.46
Note: Ningbo Port's financial data are accurate to the nearest RMB 1000.00.- 156 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
30/06/2026/31/12/2025/
Item
Current period Prior period
Joint ventures:
Total carrying amount of investments 9339853330.60 9261898509.63
Aggregate of following items calculated based on
the proportion of ownership interest
- Net profit 203675418.60 158256084.61
- Other comprehensive income -5801348.53 1925795.27
- Total comprehensive income 197874070.07 160181879.88
Associates:
Total carrying amount of investments 31140246625.98 31630551932.20
Aggregate of following items calculated based on
the proportion of ownership interest
- Net profit 515505370.36 594163234.98
- Other comprehensive Income -94527620.28 467648840.32
- Total comprehensive income 420977750.08 1061812075.30
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 period
Balance of receivables at the end of current period -
2. Liabilities involving government grants
Amount
New Amount
included in Other Related to
Item 01/01/2026 government included in 30/06/2026
non-operating changes assets/income
grants other income
income
Deferred income 923349449.41 2770000.00 - 23997820.56 -11462600.00 890659028.85 Related to assets
Total 923349449.41 2770000.00 - 23997820.56 -11462600.00 890659028.85 — —
- 157 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XII) GOVERNMENT GRANTS - continued
3. Government grants included in profit or loss
Item Current period Prior period
Business development subsidy 19359861.55 94882937.73
Earmarked funds for innovation 537000.00 2609378.80
Others 6863984.69 990494.36
Total 26760846.24 98482810.89
(XIII) RISKS ASSOCIATED WITH 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 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 and 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.- 158 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS - 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 30 June 2026 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.Assets Liabilities
Item
30/06/202631/12/202530/06/202631/12/2025
USD 2184835132.56 1468976988.54 7900518570.67 8042399763.51
RMB (Note) 2333955146.40 2370015182.02 2031611632.34 3315575001.29
AUD 1093962163.65 1032963749.64 - -
EUR 256544523.16 245253754.79 1242557.62 1408212.94
HKD 8154451.71 35333835.31 415278855.38 456993404.43
Total 5877451417.49 5152543510.30 10348651616.01 11816376382.17
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.- 159 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS - 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 effect on the profit or loss for the period and
shareholders' equity: At the end of the reporting period for the Group's various USD-denominated
financial assets and financial liabilities if the USD appreciates or depreciates by 0.5% (2025: 0.5%)
against all other foreign currencies with all other variables held constant (ceteris paribus) the
Group would record a decrease or increase in profit and equity of RMB 28578417.19 (2025:
decrease or increase in profit and equity of RMB 32867113.87).
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) 23 and Note (VIII) 33). 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.- 160 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS - 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 effect of possible
and reasonable changes in interest rate on the profit or loss for the period and shareholders' equity
are as follows:
Current period Prior period
Changes in Effect on Effect on
Item
interest rate Effect on profit shareholders' Effect on profit shareholders'
equity equity
Short-term borrowings and
1% increase -295327693.40 -295327693.40 -288393208.38 -288393208.38
long-term borrowings
Short-term borrowings and
1% decrease 295327693.40 295327693.40 288393208.38 288393208.38
long-term borrowings
- 161 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS - continued
1. Risk management objectives and policies - continued
1.2 Credit risk
As at 30 June 2026 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)
10) 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.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.- 162 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XIII) RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS - continued
1. Risk management objectives and policies - continued
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.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 17833999783.41 18352629157.03 - - 18352629157.03
Accounts payable 731884896.96 731884896.96 - - 731884896.96
Other payables 5141501344.76 5141501344.76 - - 5141501344.76
Non-current liabilities due - -
10454909430.1911270164019.6211270164019.62
within one year
Other current liabilities 3165837420.28 3169127283.29 - - 3169127283.29
Long-term borrowings 5334589680.46 - 3443148436.82 2528461088.45 5971609525.27
Bonds payable 17078267745.12 - 16299975372.11 1615873972.60 17915849344.71
Lease liabilities 1620470269.87 - 731694950.21 2545443090.11 3277138040.32
Long-term payables 3640150243.67 - 879792047.52 4619634850.52 5499426898.04
(XIV) DISCLOSURE OF FAIR VALUE
1. Assets and liabilities measured at fair value at the end of the period
Fair value as at 30/06/2026
Level 1 Level 2 Level 3
Item
Fair value Fair value Fair value Total
measurement measurement measurement
Continuously measured at fair value - - - -
Financial assets held for trading - 7801237827.41 - 7801237827.41
Investments in other equity instruments - - 141766365.15 141766365.15
Receivables under financing - - 67563325.20 67563325.20
Other non-current financial assets - - 28768810.95 28768810.95
Total assets continuously measured
-7801237827.41238098501.308039336328.71
at fair value
- 163 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XIV) DISCLOSURE OF FAIR VALUE - continued
2. Qualitative and quantitative information of valuation techniques and key parameters
adopted for items continuously measured at level 2 fair value
Fair value as at
Item Valuation techniques Inputs
30/06/2026
Financial assets held for trading 7801237827.41 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
Fair value as at
Item Valuation techniques Inputs
30/06/2026
Expected profit distribution
Investments in other equity Income approach
141766365.15 discount rate and carrying
instruments Net asset method
amount
Receivables under financing 67563325.20 Cashflow 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.
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.- 164 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS
1. Parent of the Company
Proportion of
Proportion of voting
Related party Place of ownership interests
Name of the Company Type of the entity Nature of business Issued share capital power held by the
relationship registration held by the Company
Company (%)
(%)
Broadford Parent Private limited company (share limited) Hong Kong Investment holding HKD 21120986262 2.23 63.45 (Note)
Note: Broadford directly holds 2.23% of the Company's equity and holds 14.94% 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) and Note (XI) 1.- 165 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS 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.Joint ventures or associates that have related party transactions with the Group in the current period
or formed balances of related party transactions with the Group in the prior period are as follows:
Name of joint venture or associate Relationship with the Company
Port of Newcastle and its subsidiaries Joint venture
Qingdao Qianwan United Container Terminal Co. Ltd. (hereinafter referred to as "
Joint venture
Qingdao Qianwan United ") and its subsidiaries
Qingdao Qianwan West Port United Wharf Co. Ltd. Joint venture
COSCO Logistics (Zhanjiang) Co. Ltd. Joint venture
China Ocean Shipping Agency Zhanjiang Co. Ltd. Joint venture
Hunan Xianing Inland Port 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
Modern Terminals Ltd. 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
Shenzhen Chiwan Industrial Development Co. Ltd and its subsidiaries Associate
New Land-Sea Corridor Operation (Zhanjiang) Co. Ltd. Associate
Antong Holdings Co. Ltd. (hereinafter referred to as "Antong Holdings")
Associate
and its subsidiaries
Tianjin Port Container Terminal Co. Ltd. Associate
CM Port Chuangrong (Shenzhen) Technology Co. Ltd. Associate
Associate controlled by the same
Liaoning Port and its subsidiaries
ultimate controlling shareholder
Associate controlled by the same
Zhanjiang Sinotrans Chemical International Logistics Co. Ltd.ultimate controlling shareholder
Associate controlled by the same
Lac Assal Investment Holding Company Limited
ultimate controlling shareholder
- 166 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
4. Other related parties of the Company
Name of other related parties Relationship with the Company
China Merchants Port Development (Shenzhen) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants International Shipping Agency (Shenzhen) Co. Ltd. Controlled by the same ultimate controlling shareholder
Sinotrans Container Transportation (Hainan) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Marine Shipping Agency Guangdong Co. Ltd. Controlled by the same ultimate controlling shareholder
CIAO International Limited Controlled by the same ultimate controlling shareholder
Sinotrans Container Lines Co. Ltd. Controlled by the same ultimate controlling shareholder
Yiu Lian Dockyards (Shekou) Limited Controlled by the same ultimate controlling shareholder
China Ocean Shipping Agency Shenzhen Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants International Cold Chain (Shenzhen)
Controlled by the same ultimate controlling shareholder
Company Limited
Qingdao Sinotrans Mining Technology Co. Ltd. Controlled by the same ultimate controlling shareholder
Qingdao Bonded Logistics Park Sinotrans Warehousing Logistics Co.Controlled by the same ultimate controlling shareholder
Ltd.China Marine Shipping Agency Shenzhen Co. Ltd. Controlled by the same ultimate controlling shareholder
Sinoway Shipping Ltd. Controlled by the same ultimate controlling shareholder
Sinotrans Shenzhen Qianhai Supply Chain Management Ltd. Controlled by the same ultimate controlling shareholder
South China Sinotrans Supply Chain Management Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Group Finance Company Limited Controlled by the same ultimate controlling shareholder
Shenzhen West Port Security Service Co. Ltd. Controlled by the same ultimate controlling shareholder
Shenzhen Nanyou (Holdings) Ltd and its subsidiaries Controlled by the same ultimate controlling shareholder
Shenzhen AVIC Security Services Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Surplus Property Management Co. Ltd. Controlled by the same ultimate controlling shareholder
Sinotrans (Djibouti) Bonded Logistics Co. Ltd Controlled by the same ultimate controlling shareholder
China Merchants-Logistics Shenzhen Co. Ltd. Controlled by the same ultimate controlling shareholder
Yiu Lian Dockyards Limited Controlled by the same ultimate controlling shareholder
Shenzhen Merchants to Home Technology Co. Ltd. Controlled by the same ultimate controlling shareholder
Haitong Haihui (Shanghai) Technology Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Life Insurance Company Limited Controlled by the same ultimate controlling shareholder
China Merchants Property Management (Shenzhen) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Zhangzhou Development Zone Electricity Supply
Controlled by the same ultimate controlling shareholder
Limited.China Merchants Investment Development Company Limited Controlled by the same ultimate controlling shareholder
Dalian Jingang United Auto International Trade Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Finance Lease (Tianjin) Co. Ltd. Controlled by the same ultimate controlling shareholder
Ocean Offshore 2403 Limited Controlled by the same ultimate controlling shareholder
Sinotrans (HK) Shipping Limited Controlled by the same ultimate controlling shareholder
Shenzhen Qianhai Shekou Free Trade Investment Development Controlled by the same ultimate controlling shareholder
Shenzhen Shekou Xintai Real Estate Co. Ltd. Controlled by the same ultimate controlling shareholder
EuroAsia Dockyard Enterprise and Development Limited Controlled by the same ultimate controlling shareholder
China Merchants Commercial Property Investment (Shenzhen) Controlled by the same ultimate controlling shareholder
CMHK Controlled by the same ultimate controlling shareholder
Merchants Port City Controlled by the same ultimate controlling shareholder
China Merchants New Intelligence Technology Co. Ltd. Controlled by the same ultimate controlling shareholder
Haitong Science and Technology Innovation (Shenzhen) Co. Ltd. Controlled by the same ultimate controlling shareholder
Hong Kong Haitong Co. Ltd. Controlled by the same ultimate controlling shareholder
- 167 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
4. Other related parties of the Company - continued
Name of other related parties Relationship with the Company
China Merchants Port Investment Development Company Limited Controlled by the same ultimate controlling shareholder
China Merchants Zhangzhou Development Zone Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Innovation And Technology (Hong Kong) Co.Controlled by the same ultimate controlling shareholder
Limited
ORIENTURE HOLDINGS COMPANY LIMITED Controlled by the same ultimate controlling shareholder
China Merchants Business Management (Shenzhen) Co. Ltd. Controlled by the same ultimate controlling shareholder
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Controlled by the same ultimate controlling shareholder
Haitong (Shenzhen) Trade Co. Ltd. Controlled by the same ultimate controlling shareholder
Qingdao Sinotrans Logistics 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
Qingdao Sinotrans Supply Chain Management Co. Ltd. Controlled by the same ultimate controlling shareholder
SINOTRANS SOUTH CHINA COMPANY LIMITED Controlled by the same ultimate controlling shareholder
Significantly influenced by the ultimate controlling
China Merchants Bank Co. Ltd.shareholder
Significantly influenced by the ultimate controlling
China Merchants (Shenzhen) Power Supply Co. Ltd
shareholder
Significantly influenced by the ultimate controlling
Khor Ambado FZCo
shareholder
Zhejiang Seaport Investment and Operation Group Co. Ltd. Other related parts
Yihai Kerry Arawana Holdings Co. Ltd. Other related parts
- 168 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions
(1) Rendering and receipt of services
Pricing method and
Content of decision procedures
Related party Current period Prior period
transaction of related
transactions
Rendering of services:
Antong Holdings and its subsidiaries Service revenue Negotiation 96583541.96 89840767.02
COSCO Logistics (Zhanjiang) Co. Ltd. Service revenue Negotiation 69504544.83 110228256.70
China Ocean Shipping Agency Zhanjiang Co. Ltd. Service revenue Negotiation 34934583.59 33337936.41
China Merchants International Shipping Agency (Shenzhen) Co. Ltd. Service revenue Negotiation 23680432.23 10997593.48
Sinotrans Container Transportation (Hainan) Co. Ltd. Service revenue Negotiation 14354005.49 13650615.63
Guangdong Sinotrans Shipping Agency Co. Ltd. Service revenue Negotiation 12895691.34 10306458.66
CIAO International Limited Service revenue Negotiation 11382279.45 10813742.62
Hunan Xianing Inland Port Co. Ltd. Service revenue Negotiation 11164120.00 539643.10
Sinotrans Container Lines Co. Ltd. Service revenue Negotiation 9001480.90 11537722.48
Qingdao Qianwan United and its subsidiaries Service revenue Negotiation 8108342.81 8943991.63
Yiu Lian Dockyards (Shekou) Limited Service revenue Negotiation 7513759.30 5736511.05
China Ocean Shipping Agency Shenzhen Co. Ltd. Service revenue Negotiation 4124575.15 4122229.71
China Merchants International Cold Chain (Shenzhen)
Service revenue Negotiation 3634490.22 3659918.00
Company Limited.Liaoning Port and its subsidiaries Service revenue Negotiation 2991116.35 2516207.84
Qingdao Sinotrans Mining Technology Co. Ltd. Service revenue Negotiation 2930679.22 2488783.05
Shenzhen Baohong Technology Co. Ltd. Service revenue Negotiation 2416145.46 2536064.26
Qingdao Bonded Logistics Park Sinotrans Warehousing Logistics Co.Service revenue Negotiation 2406108.88 1920054.18
Ltd.China Marine Shipping Agency Shenzhen Co. Ltd. Service revenue Negotiation 2200101.17 1537548.68
Sinoway Shipping Ltd. Service revenue Negotiation 2092629.34 2131032.52
Sinotrans Shenzhen Qianhai Supply Chain Management Ltd. Service revenue Negotiation 2037093.74 4434880.36
New Land-Sea Corridor Operation (Zhanjiang) Co. Ltd. Service revenue Negotiation 1707760.09 2236211.88
South China COSCO Shipping Supply Chain Management Co.Service revenue Negotiation 1377357.06 6691248.78
Ltd.Other related parties Service revenue Negotiation 12407624.34 10513830.29
Port of Newcastle and its subsidiaries Interest income Negotiation 43428979.21 38788955.94
China Merchants Group Finance Company Limited Interest income Negotiation 29008141.25 30809751.96
China Merchants Bank Co. Ltd. Interest income Negotiation 11984489.73 23563438.34
Terminal Link SAS Interest income Negotiation 6315384.84 5729902.57
Tianjin Haitian Bonded Logistics Co. Ltd. Interest income Negotiation 490770.41 511219.19
- 169 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(1) Rendering and receipt of services - continued
Pricing method and
Content of decision procedures
Related party Current period Prior period
transaction of related
transactions
Receipt of services:
Shenzhen Chiwan Industrial Development Co. Ltd and its
Service expenditure Negotiation 32486692.51 29247703.24
subsidiaries
Shenzhen West Port Security Service Co. Ltd. Service expenditure Negotiation 7406069.81 6474552.85
Shenzhen Nanyou (Holdings) Ltd and its subsidiaries Service expenditure Negotiation 6955090.92 18407462.46
Qingdao Qianwan West Port United Wharf Co. Ltd. Service expenditure Negotiation 6461606.00 6684470.00
Shenzhen AVIC Security Services Co. Ltd. Service expenditure Negotiation 5301507.04 -
China Merchants Surplus Property Management Co. Ltd. Service expenditure Negotiation 4782417.20 667353.40
Sinotrans (Djibouti) Bonded Logistics Co. Ltd. Service expenditure Negotiation 3397067.82 1154667.94
China Merchants-Logistics Shenzhen Co. Ltd. Service expenditure Negotiation 2961573.66 2687110.98
Yiu Lian Dockyards Limited Service expenditure Negotiation 2753322.76 3591125.69
Shenzhen Merchants to Home Technology Co. Ltd. Service expenditure Negotiation 2579814.39 1313180.36
Haitong Haihui (Shanghai) Technology Co. Ltd Service expenditure Negotiation 2374579.29 1131011.50
China Merchants (Shenzhen) Power Supply Co. Ltd Service expenditure Negotiation 2332750.80 2855653.24
China Merchants Life Insurance Company Limited Service expenditure Negotiation 2284116.53 104572.82
China Merchants Property Management (Shenzhen) Co. Ltd. Service expenditure Negotiation 2172472.49 2136619.53
China Merchants Zhangzhou Development Zone Power Supply
Service expenditure Negotiation 2101691.90 2234982.31
Co. Ltd.COSCO Logistics (Zhanjiang) Co. Ltd. Service expenditure Negotiation 1834511.77 4166843.52
Liaoning Port and its subsidiaries Service expenditure Negotiation 1372896.80 2131847.37
Other related parties Service expenditure Negotiation 15888875.79 24546052.63
Purchase of structured
China Merchants Bank Co. Ltd. Negotiation 6375000000.00 7400000000.00
deposits
China Merchants Bank Co. Ltd. Interest expense Negotiation 29023480.60 31819776.01
China Merchants Group Finance Company Limited Interest expense Negotiation 13216435.49 17363440.78
Ocean Offshore 2403 Limited Interest expense Negotiation 4282060.37 1777492.82
China Merchants Finance Lease (Tianjin) Co. Ltd. Interest expense Negotiation 4291694.04 1543321.18
(2) Leases with related parties
The Group as the lessor:
Pricing method and Lease income
Lease income
decision procedures recognised in
Name of the lessee Type of leased assets recognised in the
of related the current
prior period
transactions period
Qingdao Qianwan West Port United Wharf Co. Ltd. Port and terminal facilities Negotiation 9663209.07 8466125.94
Qingdao Bonded Logistics Park Sinotrans Warehousing Port and terminal facilities
Negotiation 2476780.96 2501982.37
Logistics Co. Ltd.Qingdao Sinotrans Mining Technology Co. Ltd. Port and terminal facilities Negotiation 2129281.53 2375278.56
Qingdao Sinotrans Supply Chain Management Co. Ltd. Port and terminal facilities Negotiation 2040756.45 2379976.01
China Traffic Import and Export Co. Ltd. Buildings and structures Negotiation 1918396.56 1918396.56
Qingdao Qianwan United and its subsidiaries Buildings and structures Negotiation 1649832.60 1661969.04
CM Port Chuangrong (Shenzhen) Technology Co. Ltd. Port and terminal facilities Negotiation 1278730.26 1203393.72
China Merchants Securities Co. Ltd. Buildings and structures Negotiation 1271239.08 1214641.35
Qingdao Sinotrans Logistics Co. Ltd. Port and terminal facilities Negotiation 1238836.84 1238853.33
Haitong (Shenzhen) Trade Co. Ltd. Buildings and structures Negotiation 1231266.30 1231266.30
Buildings and structures
Other related parties Negotiation 5215931.15 6200801.32
Port and terminal facilities
Total — — — — 30114260.80 30392684.50
- 170 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS 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
expenses on leases of low-value that are not included in Interest expenses on lease
Rental paid Addition to right-of-use assets
assets that are accounted for the measurement of liabilities
Name of the lessor Type of leased assets
using simplified approach lease liabilities
Current Current Prior Prior
Prior period Current period Prior period Current period Prior period Current period
period period period period
China Merchants Shekou Industrial Port and terminal
459336.00---21946569.1516835592.51686152.85917751.6619880296.75-
Zone Holdings Co. Ltd. facilities Land use right
EuroAsia Dockyard Enterprise and
Port and terminal facilities - - - - 6631196.96 7585747.55 216390.08 332662.65 - -
Development Limited
Shenzhen Qianhai Shekou Free Trade Port and terminal
7695904.927139140.97--8388536.403890831.83----
Investment Development Co. Ltd. facilities Land use right
China Merchants Finance Lease
Port and terminal facilities - - - - - 1569286.11 2187447.34 1543321.18 - -
(Tianjin) Co. Ltd.Buildings and structures
Nanshan Group and its subsidiaries Port and terminal 61436.70 31258610.94 - - 108138477.12 1126992.96 3343362.33 50922.08 11266324.29 294720.92
facilities Others
Buildings and structures
Port and terminal
Other related parties facilities Land use right 1181332.13 1071148.62 - - 2622714.00 2405119.45 43903.72 86991.76 - -
Mechanical equipment
Others
Total 9398009.75 39468900.53 - - 147727493.63 33413570.41 6477256.32 2931649.33 31146621.04 294720.92
- 171 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(3) Related party guarantees
The Group as the guarantor:
Guaranteed The guarantee has been
Secured party Credit line Commencement date Maturity
amount completed or not
For the period from 1 January to 30 June 2026
Terminal Link SAS (Note 1) 50395931.56 50395931.56 11 June 2013 2033 No
Khor Ambado FZCo (Note 3) 196153920.00 153194723.41 24 May 2019 2032 No
Terminal Link SAS (Note 2) 224759700.00 110132253.00 25 Jan 2023 2030 No
Total 471309551.56 313722907.97 — — — — — —
31/12/2025
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 Jan 2023 2030 No
Total 491626891.41 328998604.33 — — — — — —
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 50395931.56 as at 30 June 2026. 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 30 June 2026 is RMB 110132253.00.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 30 June 2026 is RMB 153194723.41.The Group as the guaranteed party:
The guarantee
Guaranteed Commencement
Guarantor Credit line Maturity date has been
amount date
completed or not
For the period from 1 January to 30 June 2026
SINOTRANS SOUTH CHINA
1079100000.00 395647672.94 26 June 2019 1 July 2034 No
COMPANY LIMITED (Note 4)
31/12/2025
SINOTRANS SOUTH CHINA
1079100000.00 409805329.57 26 June 2019 1 July 2034 No
COMPANY LIMITED (Note 4)
Note 5: Refer to Note (VIII) 32.- 172 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(4) Borrowings and loans with related parties
Related party Amount Commencement date Maturity date Description
For the period from 1 January to 30 June 2026
Borrowings
China Merchants Bank Co. Ltd. 35000000.00 Actual borrowing date Agreed repayment date Short-term borrowings
China Merchants Bank Co. Ltd. 388682721.72 Actual borrowing date Agreed repayment date Long-term borrowings
China Merchants Group Finance Company Limited 126552728.07 Actual borrowing date Agreed repayment date Short-term borrowings
China Merchants Group Finance Company Limited 181755271.93 Actual borrowing date Agreed repayment date Long-term borrowings
Total 731990721.72 — — — — — —
For the year ended 31 December 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 — — — — — —
Note 1: As at 30 June 2026 the total credit lines of the Group from the related parties China
Merchants Bank Co. Ltd. and China Merchants Group Finance Company Limited are
RMB 5318300000.00 and RMB 10000000000.00 respectively.
(5) Asset transfer from related parties
Pricing method and
Related party Content of transaction decision procedures Current period Prior period
of related ransactions
Zhanjiang Sinotrans Chemical Contribution of land use
Valuation - 52122355.00
International Logistics Co. Ltd. right
Zhanjiang Sinotrans Chemical Transfer of land use
Valuation - 43972744.00
International Logistics Co. Ltd. right
Dalian United King Port Auto Trade Co. Acquisition of
Negotiation - 2541946.88
Ltd. construction in progress
Acquisition of
Ocean Offshore 2403 Limited Negotiation - 1777492.82
construction in progress
Acquisition of
Hong Kong Haitong Co. Ltd. Negotiation - 1572861.85
construction in progress
Dalian United King Port Auto Trade Co. Acquisition of fixed
Negotiation 512920.36 936637.17
Ltd. assets
Acquisition of
Other related parties Negotiation 124028.29 821594.29
construction in progress
Total — — — — 636948.65 103745632.01
- 173 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
5. Related party transactions - continued
(6) Compensation for key management personnel
Item Current period Prior period
Compensation for key management personnel 8632616.73 11171413.15
6. Amounts due from/to related parties that have not settled
(1) Amounts due from related parties
Item Related party 30/06/2026 31/12/2025
China Merchants Group Finance Company Limited 3106325950.09 4733188415.27
Cash and bank balances China Merchants Bank Co. Ltd. 1492045441.60 1859504299.96
Total 4598371391.69 6592692715.23
COSCO Logistics (Zhanjiang) Co. Ltd. 57041331.07 20909052.72
Antong Holdings and its subsidiaries 39437087.71 14331644.37
China Merchants International Shipping Agency (Shenzhen)
5095831.14754490.90
Co. Ltd.Sinotrans Container Transportation (Hainan) Co. Ltd. 5081172.74 5490141.47
Yiu Lian Dockyards (Shekou) Limited 5030079.28 1409897.20
China Marine Shipping Agency Guangdong Co. Ltd. 2989031.20 2759474.70
Hunan Xianing Inland Port Co. Ltd. 2808817.00 -
Accounts receivable
Guangdong Sinotrans Shipping Agency Co. Ltd. 2802293.42 715295.63
CIAO International Limited 2621648.73 17875.65
China Ocean Shipping Agency Shenzhen Co. Ltd. 2164237.65 2038931.07
Great Horn Development Company FZCo 2089241.67 2152921.44
China Merchants Investment Development Company Limited 1705166.04 1220166.04
Sinotrans (HK) Shipping Limited 1523636.23 4192924.81
Other related parties 9616325.84 13030301.16
Total 140005899.72 69023117.16
- 174 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
6. Amounts due from/to related parties - continued
(1) Amounts due from related parties - continued
Item Related party 30/06/2026 31/12/2025
Shanggang Group and its subsidiaries 947040362.53 326565642.25
Nanshan Group and its subsidiaries 111042000.00 111042000.00
Liaoning Port and its subsidiaries 77667363.38 -
Qingdao Port Dongjiakou Ore Terminal Co. Ltd. 68175602.27 68175602.27
Modern Terminals Ltd. 46329730.83 -
Dividends receivable
Merchants Port City 35771044.77 35771044.77
Port of Newcastle and its subsidiaries 7554070.64 7264990.21
Tianjin Port Container Terminal Co. Ltd. 4100251.44 -
Euro-Asia Oceangate S.à r.l. - 28485290.83
Total 1297680425.86 577304570.33
Chu Kong River Trade Terminal Co. Ltd. 31637563.20 32841079.20
PORT DE DJIBOUTI S.A. 24043672.50 24776520.00
Shenzhen Qianhai Shekou Free Trade Investment Development
7222330.007222330.00
Co. Ltd.Ocean Offshore 2403 Limited 6820900.00 7028800.00
Shenzhen Nanyou (Holdings) Ltd. and its subsidiaries 3096051.08 3994120.74
Shenzhen Shekou Xintai Real Estate Co. Ltd. 2062727.31 -
International Djibouti Industrial Parks Operation FZCo 1542649.05 1891143.64
Other receivables
Zhanjiang Sinotrans Chemical International Logistics Co. Ltd. 1519800.00 480000.00
EuroAsia Dockyard Enterprise and Development Limited 1470871.73 1526824.77
China Merchants Commercial Property Investment (Shenzhen)
1166408.401166408.40
Co. Ltd.New Land-Sea Corridor Operation (Zhanjiang) Co. Ltd. 1047683.44 -
China Merchants Investment Development Company Limited - 5710073.55
Other related parties 3626040.11 3248165.15
Total 85256696.82 89885465.45
China Merchants Life Insurance Company Limited 4583289.04 3126654.88
Prepayments Other related parties 1382916.08 1095819.45
Total 5966205.12 4222474.33
Non-current assets due China Merchants Finance Lease (Tianjin) Co. Ltd. 539722.23 -
within one year Total 539722.23 -
Port of Newcastle and its subsidiaries 1053748023.05 1032950257.96
Terminal Link SAS 364688809.80 239062457.32
Long-term receivables Tianjin Haitian Bonded Logistics Co. Ltd. 34820216.65 34300000.00
Other related parties 169062.40 539722.23
Total 1453426111.90 1306852437.51
- 175 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
6. Amounts due from/to related parties - continued
(2) Amounts due to related parties
Item Related party 30/06/2026 31/12/2025
China Merchants Group Finance Company Limited 147586363.47 191124984.44
Short-term borrowings China Merchants Bank Co. Ltd. 85049819.46 1093426099.97
Total 232636182.93 1284551084.41
Antong Holdings and its subsidiaries 17869057.61 17869057.61
China Merchants (Shenzhen) Power Supply Co. Ltd 8421450.76 7849882.40
Shenzhen Chiwan Industrial Development Co. Ltd and its
6137235.505883063.90
subsidiaries
COSCO Logistics (Zhanjiang) Co. Ltd. 4923533.03 3959010.47
EuroAsia Dockyard Enterprise and Development Limited 2037890.07 2275716.26
China Merchants-Logistics Shenzhen Co. Ltd. 1843929.91 1106421.35
Yiu Lian Dockyards Limited 1548087.05 2304412.28
Accounts payable China Merchants New Intelligence Technology Co. Ltd. 1336037.74 770000.00
Qingdao Qianwan West Port United Wharf Co. Ltd. 1231334.13 1709239.56
Shenzhen West Port Security Service Co. Ltd. 1194984.43 1227570.98
Sinotrans (Djibouti) Bonded Logistics Co. Ltd 1147077.57 1325308.71
Haitong Science and Technology Innovation (Shenzhen) Co. Ltd. 1146800.00 -
China Merchants Surplus Property Management Co. Ltd. 1121670.20 781081.57
Haitong Haihui (Shanghai) Technology Co. Ltd. 1098656.05 531836.99
Other related parties 8074814.15 23103625.56
Total 59132558.20 70696227.64
Qingdao Qianwan United and its subsidiaries 1600791.48 -
Advance payments
Other related parties 525777.15 641753.44
received
Total 2126568.63 641753.44
Antong Holdings and its subsidiaries 7114832.00 -
COSCO Logistics (Zhanjiang) Co. Ltd. 1115883.52 872941.52
Contract liabilities CIAO International Limited - 1500000.00
Other related parties 2918067.29 1036672.25
Total 11148782.81 3409613.77
China Merchants Port Investment Development Company
917770269.75-
Limited
Zhejiang Seaport Investment and Operation Group Co. Ltd. 460790920.06 -
China Merchants Gangtong Development (Shenzhen) Co. Ltd. 296331522.00 -
China Merchants Zhangzhou Development Zone Co. Ltd. 105526928.23 105526928.23
Dividends payable Broadford 44196052.19 -
Yiu Lian Dockyards Limited 22924685.89 22924685.89
CHINA MERCHANTS INNOVATION AND TECHNOLOGY
10043234.80-
(HONG KONG) CO. LIMITED
ORIENTURE HOLDINGS COMPANY LIMITED 1276466.04 -
Total 1858860078.96 128451614.12
- 176 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XV) RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued
6. Amounts due from/to related parties - continued
(2) Amounts due to related parties - continued
Item Related party 30/06/2026 31/12/2025
CMHK 309403306.46 309403432.24
Lac Assal Investment Holding Company Limited 77587700.91 79952643.76
Antong Holdings and its subsidiaries 6340341.84 6340341.84
China Merchants Property Management (Shenzhen) Co. Ltd. 4619688.25 236514.12
Liaoning Port and its subsidiaries 3008819.39 4050509.93
CIAO International Limited 2999920.00 2999920.00
China Merchants Business Management (Shenzhen) Co. Ltd. 2350000.02 750000.00
Other payables
Terminal Link SAS 1850339.64 1906737.71
China Merchants Shekou Industrial Zone Holdings Co. Ltd. 1819960.50 3465204.79
Shenzhen Baohong Technology Co. Ltd. 1024705.18 965979.58
China Ocean Shipping Agency Zhanjiang Co. Ltd. 1000000.00 1000000.00
Nanshan Group and its subsidiaries - 4667248.90
Other related parties 11832588.65 9807619.84
Total 423837370.84 425546152.71
China Merchants Investment Development Company Limited 12922678.94 12922678.94
Liaoning Port and its subsidiaries 224040.00 943076.91
Other current liabilities China Merchants Bank Co. Ltd. 218283.15 755883.15
Other related parties - 596666.67
Total 13365002.09 15218305.67
China Merchants Bank Co. Ltd. 434651261.00 251962126.24
China Merchants Group Finance Company Limited 152377073.92 307767555.63
China Merchants Finance Lease (Tianjin) Co. Ltd. 114138449.00 -
Nanshan Group and its subsidiaries 64452363.79 126190230.53
Non-current liabilities
Ocean Offshore 2403 Limited 27283600.00 28115200.00
due within one year
China Merchants Shekou Industrial Zone Holdings Co. Ltd. 22365571.23 32080134.08
EuroAsia Dockyard Enterprise and Development Limited 7078965.46 -
Other related parties 682813.71 1581487.09
Total 823030098.11 747696733.57
China Merchants Bank Co. Ltd. 1021878859.76 968696138.04
Long-term borrowings China Merchants Group Finance Company Limited 849086791.77 725208087.03
Total 1870965651.53 1693904225.07
Nanshan Group and its subsidiaries 233677140.25 253660100.77
China Merchants Shekou Industrial Zone Holdings Co. Ltd. 10158894.41 -
Lease liabilities China Merchants International Cold Chain (Shenzhen)
-276491.76
Company Limited
Total 243836034.66 253936592.53
Ocean Offshore 2403 Limited 83466305.41 99961134.57
Yihai Kerry Arawana Holdings Co. Ltd. 36682429.26 36658499.40
Long-term payables
China Merchants Finance Lease (Tianjin) Co. Ltd. - 109846754.96
Total 120148734.67 246466388.93
- 177 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XVI) SHARE-BASED PAYMENTS
1. Equity instruments
Granted in the current Exercised in the current Unlocked in the current Lapsed in the current
Type of targets
period period period period
granted
Qty. Amount Qty. Amount Qty. Amount Qty. Amount
Management - - 306100.00 1000570.00 - - - -
Outstanding stock option or other equity instruments at the end of current period
Outstanding stock option at the end of current period
Type of targets granted
Range of exercise prices Remaining term of contract
Management RMB 12.51 to RMB 14.76 7 months
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
estimate was made and the estimated number of exercisable
The basis for determining the number of exercisable equity
equity instruments was modified according to the latest
instruments
changes in the number of employees who can exercise the
rights and other subsequent information.Reasons for the significant difference between the estimates
Nothing
of the current period and the estimates of prior year
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.- 178 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XVI) SHARE-BASED PAYMENTS - continued
2. Equity-settled share-based payments - continued
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.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.- 179 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XVI) SHARE-BASED PAYMENTS - continued
2. Equity-settled share-based payments - continued
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).
3. Share-based payment expenses in the current period
Type of targets granted Equity-settled share-based payment expenses
Management -
(XVII) COMMITMENTS AND CONTINGENCIES
1. Significant commitments
Item 30/06/2026 31/12/2025
Commitments that have been entered into but have not
been recognised in the financial statements
- Commitment to acquire and construct long-term assets 2402854706.24 3381159873.68
- Commitment to make contributions to the investees 2395620868.68 2469326880.09
Total 4798475574.92 5850486753.77
- 180 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XVII) COMMITMENTS AND CONTINGENCIES - continued
2. Contingencies
Item 30/06/2026 31/12/2025
Contingent liabilities brought by external litigations (Note 1) 1013026896.65 963662048.81
Guarantee for borrowings of related parties (Note 2) 210773530.37 222911237.19
Total 1223800427.02 1186573286.00
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 period end. The amount involved in the
pending litigation is RMB 930669107.85. 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.Note 2: As at 30 June 2026 the guarantees provided by the Group for related parties are detailed
in Note (XV) 5.Except for the above-mentioned contingencies As at 30 June 2026 the Group had no other major
guarantees and other contingencies that need to be explained.(XVIII) EVENTS AFTER THE BALANCE SHEET
According to the profit distribution plan for the half year of 2026 passed at the 2nd meeting of the
12th Board held by the Company on 27 August 2026 the Company distributed cash dividends of
RMB 2.00 (including tax) for every 10 shares based on 2482148285 shares held in the repurchase
special account deducted from the total share capital as of 26 August 2026 totalling RMB
496429657.00. The above-mentioned profit distribution plan is yet to be reviewed and approved
by the shareholders' meeting.- 181 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(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.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.- 182 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
(b) Other locations outside of Mainland China Hong Kong and Taiwan - continued
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 1247783399.80
representing 13.94% (from 1 January to 30 June 2025: 15.46%).- 183 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 the period from 1 January to 30 June 2026 is as follows:
Ports operation
Mainland China Hong Kong and Taiwan Bonded logistics
Item Others Unallocated amount Total
Yangtze River Other locations Sub-total operation
Pearl River Delta Bohai Rim Others
Delta
Operating income 3557969364.25 111365.05 13639927.27 1491273842.16 3478143751.05 8541138249.78 323836096.08 83487701.33 - 8948462047.19
Operating costs 1837174300.83 3864728.41 6661149.32 1243478004.93 1372247163.21 4463425346.70 193565327.98 95301032.48 - 4752291707.16
Segment operating profit (“-” for
1720795063.42-3753363.366978777.95247795837.232105896587.844077712903.08130270768.10-11813331.15-4196170340.03
losses)
Taxes and surcharges 18979426.24 540395.46 784008.41 25714673.05 137948766.25 183967269.41 13126403.16 12179762.35 87301.32 209360736.24
Administrative expense 222252609.10 1540544.18 5541622.36 165763764.24 157067958.50 552166498.38 20114298.63 532924.78 191132262.28 763945984.07
R&D expenses 86419036.19 - - 9618671.47 - 96037707.66 - - - 96037707.66
Financial expenses 17616316.34 3203947.72 -2805388.07 22538925.83 14588320.80 55142122.62 8291016.88 -938406.13 639899472.54 702394205.91
Other income 37373119.41 582897.00 3323.06 13650327.45 - 51609666.92 487366.84 193009.80 - 52290043.56
Investment income (“-” for losses) 46881587.52 2979229665.93 151244683.93 28256323.57 488523552.89 3694135813.84 97813832.31 -59570429.87 17786134.86 3750165351.14
Including: Investment income from
12912826.132979229665.93151244683.9328256323.57488523552.893660167052.4597813832.31-59570429.87-3698410454.89
associates and joint ventures
Gains from changes in fair value
22367539.75----22367539.75--2083287.6724450827.42
(“-” for losses)
Reversal of/(Losses on)
-912167.33--2533513.47-4668110.36-3046764.2254182.84---2992581.38
credit impairment
Impairment losses (“-” for losses) - - - - - - - - - -
Gains from asset disposals (“-” for
-3704994.05--4447552.73-742558.68-119384.19--623174.49
losses)
Operating profit (“-” for losses) 1477532760.85 2970774312.21 154706542.24 73047519.86 2280146984.82 6956208119.98 186975047.23 -82965032.22 -811249613.61 6248968521.38
- 184 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 the period from 1 January to 30 June 2026 is as follows: - continued
Ports operation
Bonded logistics Unallocated
Item Mainland China Hong Kong and Taiwan Others Total
Other locations Sub-total operation amount
Pearl River Delta Yangtze River Delta Bohai Rim Others
Non-operating income 2650493.92 - - 2994502.10 2835237.47 8480233.49 10095.13 30267.31 2640233.23 11160829.16
Non-operating expenses 1671625.50 - - 1641437.71 7060209.27 10373272.48 19619.92 - - 10392892.40
Total profit (“-” for losses) 1478511629.27 2970774312.21 154706542.24 74400584.25 2275922013.02 6954315080.99 186965522.44 -82934764.91 -808609380.38 6249736458.14
Income tax expenses 308014974.27 99470776.13 22569808.25 18834554.54 429596506.03 878486619.22 17526463.61 -19115570.52 -471271.96 876426240.35
Net profit (“-” for losses) 1170496655.00 2871303536.08 132136733.99 55566029.71 1846325506.99 6075828461.77 169439058.83 -63819194.39 -808138108.42 5373310217.79
Segment assets 28078254551.08 66622511883.78 9185386206.29 27137123200.24 41863547219.15 172886823060.54 4632363189.95 15937040670.70 14176521081.46 207632748002.65
Total assets in the financial statements 207632748002.65
Segment liabilities 7706235967.18 1612137994.14 177651556.34 6522859528.23 7059603294.25 23078488340.14 482959220.30 376339986.15 50503338214.23 74441125760.82
Total liabilities in the financial statements 74441125760.82
Supplementary information:
Depreciation and amortization 570881971.42 3064735.91 478559.34 433693979.65 522327586.69 1530446833.01 47350837.86 61795553.72 17887402.05 1657480626.64
Interest income 17290435.16 21536.55 157112.31 5887883.53 86922070.51 110279038.06 467592.06 220092.77 64825972.90 175792695.79
Interest expense 43940052.58 5661993.99 - 27530330.57 180861389.86 257993767.00 7224143.59 2983195.88 632237741.96 900438848.43
Investment income from
long-term equity investments 12912826.13 2979229665.93 151244683.93 28256323.57 488523552.89 3660167052.45 97813832.31 -59570429.87 - 3698410454.89
under equity method
Long-term equity investments
1638098065.5563981536537.608967212454.791711651686.1012407650851.2188706149595.251810110877.0213945376021.91-104461636494.18
under equity method
Non-current assets other than
18889421426.15383806357.6512895515.8720380905644.7424418270977.2464085299921.652488035528.273097592669.48521570148.6070192498268.00
long-term equity investments
- 185 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 the period from 1 January to 30 June 2025 is as follows:
Ports operation
Mainland China Hong Kong and Taiwan Bonded logistics Unallocated
Item Others Total
Yangtze River Other locations Sub-total operation amount
Pearl River Delta Bohai Rim Others
Delta
Operating income 3519011226.80 137755.21 13986156.15 1504339421.37 3040042023.22 8077516582.75 305195700.04 85779093.29 - 8468491376.08
Operating costs 1776103190.68 4251608.20 6844764.09 1278654685.09 1246331683.03 4312185931.09 175659536.14 108418625.27 - 4596264092.50
Segment operating profit (“-” for
1742908036.12-4113852.997141392.06225684736.281793710340.193765330651.66129536163.90-22639531.98-3872227283.58
losses)
Taxes and surcharges 17442155.96 540767.29 802751.38 24536380.63 107439669.29 150761724.55 13201806.86 12127437.32 124187.76 176215156.49
Administrative expense 188686909.49 2049151.10 4386966.47 179692735.64 162792311.25 537608073.95 21269978.32 557559.24 199637497.93 759073109.44
R&D expenses 87599302.90 - - 9601570.86 - 97200873.76 - - 9930272.79 107131146.55
Financial expenses 11765190.14 -6792779.77 -302546.17 29787830.36 31834271.55 66291966.11 19346593.18 1387004.79 749546422.50 836571986.58
Other income 109044715.55 612956.50 27504.03 14871263.19 - 124556439.27 471126.18 134990.58 - 125162556.03
Investment income (“-” for losses) 44936641.43 2852058858.18 144794869.01 25160853.01 420512592.25 3487463813.88 86442141.06 71470297.69 7459080.74 3652835333.37
Including: Investment income from
14317096.322852058858.18144794869.0116910357.54420512592.253448593773.3086442141.0671470297.69-3606506212.05
associates and joint ventures
Gains from changes in fair value
20435994.54----20435994.54--599452.0621035446.60
(“-” for losses)
Losses on
-1082814.66---267318.346043934.774693801.77---4693801.77
credit impairment(“-” for losses)
Impairment losses (“-” for losses) 1621.20 - - - - 1621.20 - - - 1621.20
Gains from asset disposals (“-” for
155798.25--6123427.04436493.976715719.26-26864.57--6688854.69
losses)
Operating profit (“-” for losses) 1610906433.94 2852760823.07 147076593.42 27954443.69 1918637109.09 6557335403.21 162604188.21 34893754.94 -951179848.18 5803653498.18
- 186 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 the period from 1 January to 30 June 2025 is as follows: - continued
Ports operation
Mainland China Hong Kong and Taiwan Bonded logistics Unallocated
Item Others Total
Yangtze River Other locations Sub-total operation amount
Pearl River Delta Bohai Rim Others
Delta
Non-operating income 3105946.98 - - 3363354.49 6420131.97 12889433.44 795708.46 55846.13 3831005.96 17571993.99
Non-operating expenses 669964.79 - - 2162237.60 9920328.30 12752530.69 36000.00 324.74 444.40 12789299.83
Total profit (“-” for losses) 1613342416.13 2852760823.07 147076593.42 29155560.58 1915136912.76 6557472305.96 163363896.67 34949276.33 -947349286.62 5808436192.34
Income tax expenses 312664239.11 100224893.12 14055305.66 3610305.52 270138271.25 700693014.66 14845642.55 12223552.71 646599.40 728408809.32
Net profit (“-” for losses) 1300678177.02 2752535929.95 133021287.76 25545255.06 1644998641.51 5856779291.30 148518254.12 22725723.62 -947995886.02 5080027383.02
Segment assets 27457115682.01 63388170894.22 9227896192.70 26401352335.52 43415116836.52 169889651940.97 4460588751.28 17462132059.68 11331680409.22 203144053161.15
Total assets in the financial statements 203144053161.15
Segment liabilities 7821323407.22 1505698679.47 154366674.60 7111488954.53 6687551490.41 23280429206.23 503670780.37 406188893.23 48366091767.09 72556380646.92
Total liabilities in the financial statements 72556380646.92
Supplementary information:
Depreciation and amortisation 545355993.29 3058262.56 479621.58 445311243.17 497330751.34 1491535871.94 47469967.92 66549567.10 18165325.83 1623720732.79
Interest income 21198875.55 108734.73 101094.80 5545923.02 82917894.26 109872522.36 377103.06 739935.23 89799133.17 200788693.82
Interest expense 34185481.96 3609959.66 - 35164581.41 176627472.00 249587495.03 17770104.89 4068318.83 744377039.67 1015802958.42
Investment income from
long-term equity investments 14317096.32 2852058858.18 144794869.01 16910357.54 420512592.25 3448593773.30 86442141.06 71470297.69 - 3606506212.05
under equity method
Long-term equity investments
1776764425.4760549776968.189103163477.771690650980.2112887806822.9186008162674.541847134007.4413920076699.98-101775373381.96
under equity method
Non-current assets other than
19398049772.13389968844.8113853058.2219579109524.2426280047117.9265661028317.322347236475.393263212028.52911225359.3572182702180.58
long-term equity investments
- 187 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
2475690583.55 accounting for 27.67% 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 30/06/2026 31/12/2025
Dividends receivable 175455861.95 148813646.87
Other receivables 874742222.74 1027288388.73
Total 1050198084.69 1176102035.60
- 188 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
Reason for and the
Investee 30/06/2026 31/12/2025
outstanding determination
basis
Dividend receivable aged less than 1 year 26642215.08 707086.83 — — — —
Including: China Merchants Bonded Logistics Co.
19927755.65 - — — No
Ltd.China Merchants Port Holdings 6714459.43 - — — No
Chiwan Shipping (Hong Kong) Limited - 707086.83 — — No
Dividend receivable aged more than 1 year 148813646.87 148106560.04 — — — —
Including: Wharf Holdings Hong Kong 147680363.88 147680363.88 Lack of funds No
Chiwan Shipping (Hong Kong) Limited 916882.99 209796.16 Lack of funds No
Others 216400.00 216400.00 Lack of funds No
Sub-total 175455861.95 148813646.87 — — — —
Less: Provision for bad debts - - — — — —
Total 175455861.95 148813646.87 — — — —
- 189 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
30/06/202631/12/2025
Item Gross carrying Proportion Provision for Gross carrying Proportion Provision for
amount (%) bad debts amount (%) bad debts
Within 1 year
874399007.2799.92-1023107397.7499.56-
(including 1 year)
1 to 2 years (including
14900.00--3852675.520.37-
2 years)
2 to 3 years (including
------
3 years)
More than 3 years 711772.07 0.08 383456.60 711772.07 0.07 383456.60
Total 875125679.34 100.00 383456.60 1027671845.33 100.00 383456.60
(2) Disclosure of other receivables by nature
Item 30/06/2026 31/12/2025
Amounts due from related parties 856502800.00 1016519073.17
Lease Receivable 11410976.16 -
Advance payments 4418826.07 8755449.49
Others 2793077.11 2397322.67
Sub-total 875125679.34 1027671845.33
Less: Provision for bad debts 383456.60 383456.60
Total 874742222.74 1027288388.73
- 190 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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) Provision for bad debts of other receivables
Closing Balance Opening Balance
Credit Gross carrying amount Provision for bad debts Gross carrying amount Provision for bad debts Reason for
Net carrying Net carrying
rating Proportion Proportion provision
Amount Amount amount
Proportion Proportion
Amount Amount amount
(%)(%)(%)(%)
A 874742222.74 99.96 - - 874742222.74 1027288388.73 99.96 - - 1027288388.73 — —
B - - - - - - - - - - — —
C - - - - - - - - - - — —
Not expected
D 383456.60 0.04 383456.60 100.00 - 383456.60 0.04 383456.60 100.00 -
to be recovered
Total 875125679.34 100.00 383456.60 0.04 874742222.74 1027671845.33 100.00 383456.60 0.04 1027288388.73 — —
- 191 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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) Provision recovery and reversal of credit impairment of other receivables
Stage 1 Stage 2 Stage 3
Item Lifetime ECL Lifetime ECL Total
12-month ECL
(not credit-impaired) (credit-impaired)
As at 1 January 2026 - - 383456.60 383456.60
Balance of other receivables as at 1 January 2026
- Transfer to Stage 2 - - - -
- Transfer to Stage 3 - - - -
- Reverse to Stage 2 - - - -
- Reverse to Stage 1 - - - -
Provision for the period - - - -
Reversal for the period - - - -
Transfer out due to derecognition of
financial assets (including direct - - - -
write-down)
Other changes - - - -
As at 30 June 2026 - - 383456.60 383456.60
(5) Details of bad debt provision
Changes for the period
Effect of
Charge-off
Category 01/01/2026 Recovery or changes in Other 30/06/2026
Provision or write-
reversal the scope of changes
off
consolidation
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 period.- 192 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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 period.
(8) The top five balances of other receivables at the end of the period classified by debtor
Proportion to Provision for credit
Gross carrying
Name of entity Aging total other impairment at the Nature
amount
receivables (%) end of the year
Wharf Holdings Hong Within 1 year
562000000.00 64.22 - Loan to related parties
Kong (including 1 year)
Within 1 year
Dongguan Port Affairs 283298800.00 32.37 - Loan to related parties
(including 1 year)
Within 1 year Loan to related parties and
Shenchiwan Development 8553103.44 0.98 -
(including 1 year) lease receivables
Shekou Container Within 1 year
3227148.00 0.37 - Loan to related parties
Terminal Co. Ltd. (including 1 year)
Shenzhen Merchants
Within 1 year Lease receivables to
Qianhaiwan Real Estate 3057072.72 0.35 -
(including 1 year) related parties
Co. Ltd.Total 860136124.16 — — 98.29 - — —
- 193 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(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
Changes for the year Provision for
Investment income Other impairment
Investee Investment cost Opening Balance Other equity Cash dividends or Provision for Closing Balance
Increase Decrease under equity comprehensive Others at the closing
movements profit declared impairment
method income balance
I. Subsidiaries
Ports Development (Hong Kong)
29203045326.2329203045326.23--------29203045326.23-
Limited
Zhanjiang Port 3381825528.52 3381825528.52 - - - - - - - - 3381825528.52 -
Shenchiwan Development 598690591.94 598690591.94 - - - - - - - - 598690591.94 -
Chiwan Container Terminal Co. Ltd. 421023199.85 421023199.85 - - - - - - - - 421023199.85 -
Shenzhen Chiwangang Container Co.
250920000.00250920000.00--------250920000.00-
Ltd.Shunkong Port 240013200.00 240013200.00 - - - - - - - - 240013200.00 -
CM Port 181479422.23 181479422.23 - - - - - - - - 181479422.23 -
Yide Port 131866700.00 131866700.00 - - - - - - - - 131866700.00 -
CM International Tech 130462575.02 130462575.02 - - - - - - - - 130462575.02 -
Zhoushan RoRo 149709800.00 106104786.00 - - - - - - - - 106104786.00 43605014.00
Sanya Merchants Port Development
2040000.002040000.00--------2040000.00-
Co. Ltd.Wharf Holdings Hong Kong 740008.58 740008.58 - - - - - - - - 740008.58 -
Sub-total 34691816352.37 34648211338.37 - - - - - - - - 34648211338.37 43605014.00
II. Associates
Ningbo Port 15820766202.96 18046950572.29 - - 533668763.86 5930063.24 12941104.65 -367367860.89 - - 18232122643.15 -
China Merchants Northeast Asia
1000000000.001025117427.95--2201835.63-----1027319263.58-
Development & Investment Co. Ltd.Antong Holdings 757228291.64 897855498.65 - - 38744881.99 -227036.98 - - - - 936373343.66 -
China Merchants Bonded Logistics 304536629.73 382100187.83 - - 18812000.00 - - -36727755.65 - - 364184432.18 -
Sub-total 17882531124.33 20352023686.72 - - 593427481.48 5703026.26 12941104.65 -404095616.54 - - 20559999682.57 -
III. Joint ventures
Yantai Port Group Laizhou Port
749655300.00784787537.29--3193411.51---8239802.75--779741146.05-
Co. Ltd.Fujian Zhaohang Logistics Management
450000000.00679009149.85--24092166.41-----703101316.26-
Partnership (Limited Partnership)
Shenzhen Gangteng Internet
15000000.007811042.22---272088.06-----7538954.16-
Technology Co. Ltd.Sub-total 1214655300.00 1471607729.36 - - 27013489.86 - - -8239802.75 - - 1490381416.47 -
Total 53789002776.70 56471842754.45 - - 620440971.34 5703026.26 12941104.65 -412335419.29 - - 56698592437.41 43605014.00
- 194 -CHINA MERCHANTS PORT GROUP CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
(XX) NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
- continued
3. Operating income and operating costs
Current period Prior period
Item
Income Cost Income Cost
Principal operation - - - -
Other operations 11339529.35 1869721.92 10468785.48 1869721.92
Total 11339529.35 1869721.92 10468785.48 1869721.92
4. Investment income
Item Current Year Prior Year
Income from long-term equity investments 1086925164.15 1383081854.35
Including: Income from long-term equity investments
620440971.34616975745.63
accounted for using the equity method
Income from long-term equity investments
466484192.81766106108.72
accounted for using the cost method
Investment income from disposal of financial assets held
28924536.2024885123.41
for trading
Total 1115849700.35 1407966977.76
- 195 -CHINA MERCHANTS PORT GROUP CO. LTD.SUPPLEMENTARY INFORMATION
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
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 period ended 30 June 2026 are calculated
as follows:
Weighted average EPS
Profit in reporting period
return on net assets (%) Basic EPS Diluted EPS
Net profit attributable to ordinary shareholders 4.2470% 1.1206 1.1204
Net profit attributable to ordinary shareholders after
4.1582%1.09711.0970
deducting non-recurring profit or lossCHINA MERCHANTS PORT GROUP CO. LTD.SUPPLEMENTARY INFORMATION
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026
(Unless otherwise specified the monetary unit shall be RMB)
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 and loss for the period ended 30 June
2026 is as follows:
Item Amount Remark
Gains or losses on disposal of non-current assets including those charged off for
-3141493.33
which provision for impairment of assets has been made
Government grants recognised in profit or loss (other than grants which are
closely related to the Company's normal business in line with the national
26760846.24
regulations enjoyed under established standards and have a continuous impact
on the Company's profit or loss)
Income earned from lending funds to non-financial institutions and recognised
50235134.46
in profit or loss
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 -
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
-39861941.00
relevant business activities such as employee severance expenditures.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 and gains or losses on disposal of
76205723.67
financial assets and financial liabilities other than effective hedging operations
relating to the Company’s normal business operations.Reversal of provision for accounts receivable that are tested for
3042887.28
impairment individually
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 items 4544236.98
Other profit or loss that meets the definition of non-recurring profit or loss -
Sub-total 117785394.30
Income tax effects -24110197.41
Effects of non-controlling interests (after tax) -35506796.57
Total 58168400.32
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