China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2025-068
CHINAMERCHANTS PORTGROUPCO. LTD.THE REPORT FOR THE THIRD QUARTER OF 2025
China Merchants Port Group Co. Ltd. (hereinafter referred to as the “Company”)
and all the members of the Company’s Board of Directors hereby guarantee that the
contents of this Report are factual accurate and complete and free of any
misrepresentations misleading statements or material omissions.Important Notes:
1. The Board of Directors (or the “Board”) as well as the directors and senior management of the Company hereby
guarantee the factuality accuracy and completeness of the contents of this Report and shall be jointly and
severally liable for any misrepresentations misleading statements or material omissions therein.
2. Xu Song the Company’s legal representative Huang Zhenzhou the Company’s Chief Financial Officer and
Liu Shixia the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in
this Report are factual accurate and complete.
3. Indicate by tick mark whether the financial statements herein have been audited by an independent auditor.
□Yes √ No
4. Matters with modified audit opinions issued by independent auditors
□ Applicable √ Not applicable
5. Securities Times China Securities Journal Shanghai Securities News and http://www.cninfo.com.cn have been
designated by the Company for information disclosure. And all information about the Company shall be subject to
what’s disclosed on the aforesaid media.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.I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below.□ Yes √ No
Q3 2025 YoY change (%) Q1-Q3 2025 YoY change (%)
Total operating
income (RMB) 4293227201.61 2.44% 12761718577.69 4.89%
Net profit
attributable to
shareholders of the 1179988081.33 -0.78% 3806626280.80 1.89%
Company (RMB)
Net profit 1156020137.95 -3.01% 3674706174.15 9.49%
1China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
attributable to
shareholders of the
Company after
deducting
non-recurring gains
and losses (RMB)
Net cash inflow
from operating — — 5333444634.74 -1.24%
activities (RMB)
Basic earnings per
share (RMB/share) 0.47 -0.81% 1.53 2.68%
Diluted earnings
per share 0.47 -0.81% 1.53 2.68%
(RMB/share)
Weighted average
return on equity (%) 1.87% -0.10% 6.08% -0.15%
30 September 2025 31 December 2024 Change (%)
Total assets (RMB) 203240253667.06 201517851881.45 0.85%
Equity attributable
to shareholders of
the Company 63638032018.71 61502739842.96 3.47%
(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
2481747585
the disclosure of this Report (share)
Diluted earnings per share based on the latest total share capital above:
Diluted earnings per share based on the latest total share
1.5338
capital above (RMB/share)
(II) Non-recurring gains and Losses
Unit: RMB
Item Q3 2025 Q1-Q3 2025 Note
Gains or losses on disposal of non-current
assets including those charged off for which -13531556.70 -4812754.26 -
provision for impairment of assets has been
made
Government grants recognized in profit or
loss (other than grants which are closely
related to the Company's business in line 3365895.57 101848706.46 -
with the national regulations enjoyed under
established standards and have a continuous
impact on the Company's profit or loss)
Gains or losses from changes in fair value of
financial assets and financial liabilities held
by non-financial enterprises other than
effective hedging operation relating to the 25258624.77 88646654.19 -
Company's normal operations and gains or
losses from disposal of financial assets and
financial liabilities
2China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Income earned from lending funds to
non-financial institutions and recognized in 24851655.85 69881733.55 -
profit or loss
Reversal of provision for accounts
receivable that are tested for impairment 91456.57 6648126.40 -
individually
Other non-operating income or expenses 14181691.36 20790976.27 -
other than above
Less: Income tax effects 4135217.90 29237365.19 -
Effects of non-controlling interests 26114606.14 121845970.77 -
(after tax)
Total 23967943.38 131920106.65 --
Other items that meet the definition of exceptional 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 defined as recurring
gains and losses items:
□ Applicable √ Not applicable
No such cases.(III) Changes in Key Financial Statement Line Items and Their Explanation
Unit: RMB
Balance sheet items 30 September 2025 31 December 2024 Change Explanation of changes
Mainly due to the collection of
Bills receivable 72700623.06 270127883.63 -73.09%
bills receivable upon maturity
Mainly due to the cyclical
Accounts receivable 2322587270.36 1193408383.78 94.62%
influence of payment collection
Mainly due to the receipt of
Other receivables 747247654.64 1166499343.90 -35.94%
dividends from investees
Mainly due to the increase in
Contract liabilities 402914216.96 267888272.62 50.40%
customer prepayments
Non-current liabilities due Mainly due to the repayment of
6166197695.5310506682795.60-41.31%
within one year mature debts
Mainly due to the repayment of
Other current liabilities 2234131418.59 4061201760.72 -44.99%short-term commercial papers
payable
Mainly due to the repayment of
Long-term borrowings 10024961705.77 15582593255.65 -35.67%
long-term borrowings
Mainly due to the new issuance
Bonds payable 18798535363.45 13875559119.52 35.48%
of bonds payable
3China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Mainly due to the increase in
Treasury shares 388952994.18 50559789.14 669.29%
repurchased shares
Income statement items Q1-Q3 2025 Q1-Q3 2024 Change Explanation of changes
Mainly due to the decreased
gains from changes in the fair
Gains from changes in fair
29806324.64 420480709.83 -92.91%value of other non-current
value
financial assets held in the
current period
Mainly because a subsidiary
received an operating
compensation from its minority
shareholders in the same period
Reversal of credit of last year and the relevant
5339696.89323301702.32-98.35%
impairment impairment provision
established in the prior period
was reversed while there were
no comparable matters in the
current period
Cash flow statement items Q1-Q3 2025 Q1-Q3 2024 Change Explanation of changes
Mainly because a subsidiary
received an operating
compensation from its minority
Proceeds from other
582892459.80 968472321.45 -39.81%shareholders in the same period
operating activities
of last year while there were no
comparable matters in the
current period
Mainly due to the increased
Proceeds from disposals of
32059800000.00 18169723017.67 76.45%redemption of structured
investments
deposits upon maturity
Mainly because subsidiaries
Proceeds from other collected sea area usage fees for
236053508.8216265719.241351.23%
investing activities the government in the current
period
Mainly due to the increased
Payment for acquisition of
payment for acquisition of fixed
fixed assets intangible
1758375692.67 1267417530.70 38.74%assets intangible assets and
assets and other long-term
other long-term assets in the
assets
current period
Mainly due to the increased
Payment for acquisition of
31206806292.72 17330609480.14 80.07%purchase of structured deposits
investments
in the current period
4China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Mainly due to the payment in
the same period of last year of
Payment for other investing taxes in relation to land
168789076.73260956940.52-35.32%
activities expropriation in prior years
with no comparable matters in
the current period
Mainly due to the increase in
advance payment received by
Proceeds from other subsidiaries from minority
258621517.5448811913.01429.83%
financing activities shareholders and receipts under
finance leases in the current
period
Mainly due to the increased
Payment for other
649854745.80 344306811.06 88.74%payment for share repurchases
financing activities
in the current period
II Use of Raised Funds
□ Applicable √ Not applicable
No such cases in the Reporting Period.III Shareholder Information
(I) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting
Rights as well as Holdings of Top 10 Shareholders
Unit: share
29439
Number of ordinary Number of preferred shareholders with resumed
(19514 A-shareholders 0
shareholders at the period-end voting rights at the period-end (if any)
and 9925 B-shareholders)
Top 10 shareholders (exclusive of shares lent in refinancing)
Shareh Shares in pledge marked or
Nature of
olding Total shares Restricted frozen
Name of shareholder sharehold
percent held shares held
er Status Shares
age
Overseas
China Merchants Port Investment
legal 45.92% 1148648648 0 - 0
Development Company Limited
person
Zhejiang Provincial Seaport State-own
Investment & Operation Group Co. ed legal 23.05% 576709537 576709537 - 0
Ltd. person
China Merchants Gangtong State-own 14.83% 370878000 0 - 0
5China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Development (Shenzhen) Co. Ltd. ed legal
person
Fund and
Shenzhen Infrastructure Investment wealth
Fund-Shenzhen Infrastructure managem
2.59%648501820-0
Investment Fund Partnership ent
(Limited Partnership) products
etc.State-own
Broadford Global Limited ed legal 2.21% 55314208 0 - 0
person
State-own
China-Africa Development Fund ed legal 0.62% 15610368 0 - 0
person
Overseas
Hong Kong Securities Clearing
legal 0.36% 8889006 0 - 0
Company Ltd.person
Domestic
Zou Yanmin natural 0.28% 6896061 0 - 0
person
Fund and
wealth
The Chinese People's Property
managem
Insurance Co. Ltd.－Traditional- 0.19% 4712900 0 - 0
ent
General Insurance Product
products
etc.Fund and
wealth
PICC Life Insurance Company
managem
Limited－Traditional- General 0.18% 4460900 0 - 0
ent
Insurance Product
products
etc.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
Type Shares
China Merchants Port Investment Development RMB ordinary
11486486481148648648
Company Limited share
China Merchants Gangtong Development RMB ordinary
370878000370878000
(Shenzhen) Co. Ltd. share
Shenzhen Infrastructure Investment
RMB ordinary
Fund-Shenzhen Infrastructure Investment Fund 64850182 64850182
share
Partnership (Limited Partnership)
6China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Domestically
Broadford Global Limited 55314208 listed overseas 55314208
share
RMB ordinary
China-Africa Development Fund 15610368 15610368
share
RMB ordinary
Hong Kong Securities Clearing Company Ltd. 8889006 8889006
share
Domestically
Zou Yanmin 6896061 listed overseas 6896061
share
The Chinese People's Property Insurance Co. Ltd. RMB ordinary
47129004712900
－Traditional- General Insurance Product share
PICC Life Insurance Company Limited－ RMB ordinary
44609004460900
Traditional- General Insurance Product share
RMB ordinary
Li Runrong 3591275 3591275
share
1. Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow Reflection
Limited held by China Merchants Holdings (Hong Kong) Company Limited and China
Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of
Related or acting-in-concert Rainbow Reflection Limited.parties among the shareholders
2. Broadford Global Limited is the controlling shareholder of China Merchants Gangtong
above
Development (Shenzhen) Co. Ltd.The Company does not know whether the other unrestricted shareholders are related parties or
not.Top 10 shareholders involved in
N/A
securities margin trading (if any)
5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing
shares lending
□ Applicable √ Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return
compared with the prior period
□ Applicable √ Not applicable
(II) Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
IV Other Significant Events
□ Applicable √ Not applicable
7China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
V Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by China Merchants Port Group Co. Ltd.
30 September 2025
Unit: RMB
Item 30 September 2025 1 January 2025
Current assets:
Cash and bank balances 15021153322.03 16630400701.13
Settlement reserve
Interbank loans granted
Financial assets held for trading 4881021480.82 5685135472.01
Derivative financial assets
Bills receivable 72700623.06 270127883.63
Accounts receivable 2322587270.36 1193408383.78
Receivables under financing 100682605.24
Prepayments 94988911.59 59177117.22
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 747247654.64 1166499343.90
Including: Interest receivable
Dividends receivable 201334783.65 554387723.94
Purchased and resold financial assets
Inventories 311356943.06 269958020.34
Including: Data resource
Contract assets
Assets held for sale
Non-current assets due within one year 35007491.03 34997992.08
Other current assets 263156452.97 251697812.77
Total current assets 23849902754.80 25561402726.86
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
8China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Long-term receivables 3895475737.53 3777373574.70
Long-term equity investments 102830931091.25 100018029894.96
Investments in other equity
139451887.05139451887.05
instruments
Other non-current financial assets 28524600.31 28524600.31
Investment properties 3189441516.90 3288690070.60
Fixed assets 30768996859.08 30689217791.45
Construction in progress 3115242821.19 3311109996.59
Productive living assets
Oil and gas assets
Right-of-use assets 8761380225.08 8957352063.54
Intangible assets 17966429573.54 17335082422.84
Including: Data resource 5789269.01 6251120.27
Development costs 22135111.23 63395053.69
Including: Data resource
Goodwill 6302911291.24 5933310929.34
Long-term deferred expenses 924051057.43 940404479.94
Deferred tax assets 319473049.09 365481207.77
Other non-current assets 1125906091.34 1109025181.81
Total non-current assets 179390350912.26 175956449154.59
Total assets 203240253667.06 201517851881.45
Current liabilities:
Short-term borrowings 16304482773.21 12791242141.69
Borrowings from the central bank
Interbank loans obtained
Financial liabilities held for trading
Derivative financial liabilities
Bills payable 1536194.00
Accounts payable 752395831.52 785830532.33
Advance payment received 15829207.34 14576237.84
Contract liabilities 402914216.96 267888272.62
Financial assets sold under repurchase
agreements
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of securities
Employee benefits payable 1236338995.90 1168592349.15
9China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Taxes payable 842357486.37 725165726.32
Other payables 2136398386.74 1923980312.98
Including: Interest payable
Dividends payable 605988244.69 132334744.28
Handling charges and commissions
payable
Reinsurance payables
Liabilities held for sale
Non-current liabilities due within one
6166197695.5310506682795.60
year
Other current liabilities 2234131418.59 4061201760.72
Total current liabilities 30091046012.16 32246696323.25
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 10024961705.77 15582593255.65
Bonds payable 18798535363.45 13875559119.52
Including: Preference shares
Perpetual bonds
Lease liabilities 1469119126.97 1387206990.51
Long-term payables 3693615905.38 3204582672.75
Long-term employee benefits payable 643362178.90 655658044.98
Provisions 82025108.36 159435795.50
Deferred income 1236682347.69 1268975316.61
Deferred tax liabilities 4956699349.97 4795985333.59
Other non-current liabilities 178608087.27 182720254.84
Total non-current liabilities 41083609173.76 41112716783.95
Total liabilities 71174655185.92 73359413107.20
Shareholders' equity:
Share capital 2501565281.00 2501308481.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 37214075386.38 37362981831.67
Less: Treasury shares 388952994.18 50559789.14
Other comprehensive income -926536769.69 -1558381237.45
Specific reserve 63321175.04 40074647.27
Surplus reserve 1249537330.50 1249537330.50
General reserve
Retained earnings 23925022609.66 21957778579.11
10China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Total equity attributable to shareholders
63638032018.7161502739842.96
of the Company
Non-controlling interests 68427566462.43 66655698931.29
Total shareholders' equity 132065598481.14 128158438774.25
Total liabilities and shareholders' equity 203240253667.06 201517851881.45
Legal Representative: Xu Song
Chief Financial Officer: Huang Zhenzhou
Head of Accounting Department: Liu Shixia
11China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
2. Consolidated Income Statement for Q1-Q3
Unit: RMB
Item Q1-Q3 2025 Q1-Q3 2024
1. Total operating income 12761718577.69 12166341002.65
Including: Operating income 12761718577.69 12166341002.65
Interest income
Premium income
Handling charge and commission income
2. Total operating costs 9651169282.99 9668622334.00
Including: Operating costs 7025113831.96 6724742007.36
Interest expense
Handling charge and commission expense
Surrenders
Net claims paid
Net amount provided as policy reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges 261910372.07 243239281.56
Selling and distribution expenses
General and administrative expenses 1131791808.52 1221499434.98
Research and development expenses 133679811.72 129428104.22
Finance expenses 1098673458.72 1349713505.88
Including: Interest expenses 1412059197.32 1670913976.25
Interest income 279493102.17 353798409.79
Add: Other income 142769198.68 121368848.38
Investment income ("-" for losses) 5222699354.59 5012672259.88
Including: Income from investments in
5170470933.554932627649.09
associates and joint ventures
Income arising from the
derecognition of financial assets at
amortized cost ("-" for losses)
Foreign exchange gain ("-" for losses)
Net exposure hedging income ("-" for losses)
Gains from changes in fair value ("-" for losses) 29806324.64 420480709.83
Reversal of credit impairment 5339696.89 323301702.32
12China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Impairment losses ("-" for losses) 1614.26 92227.23
Gains from assets disposals ("-" for losses) 6697124.45 33557038.04
3. Operating profit ("-" for losses) 8517862608.21 8409191454.33
Add: Non-operating income 36169262.72 25376308.72
Less: Non-operating expenses 20226678.15 38630602.59
4. Profit before income tax ("-" for losses) 8533805192.78 8395937160.46
Less: Income tax expenses 1070350492.85 1088396529.42
5. Net profit ("-" for losses) 7463454699.93 7307540631.04
5.1 Net profit classified by continuity of operations
5.1.1 Net profit from continuing operation ("-" for
7463454699.937307540631.04
losses)
5.1.2 Net profit from discontinued operation ("-" for
losses)
5.2 Net profit classified by ownership
5.2.1 Net profit attributable to shareholders of the
3806626280.803736113366.24
Company ("-" for losses)
5.2.2 Net profit attributable to non-controlling
3656828419.133571427264.80
interests ("-" for losses)
6. Other comprehensive income net of tax 1618344929.43 -872689691.70
Other comprehensive income (net of tax) attributable
631635570.62-316035390.55
to shareholders of the Company
6.1 Other comprehensive income that will not be
3719262.134027539.13
reclassified to profit or loss
6.1.1 Remeasurement of defined benefit plan
6.1.2 Other comprehensive income recognised
3719262.134027539.13
under the equity method
6.1.3 Changes in fair value of investments in other
equity instruments
6.1.4 Changes in fair value of entity’s own credit
risk
6.1.5 Others
6.2 Other comprehensive income that will be
627916308.49-320062929.68
reclassified to profit or loss
6.2.1 Other comprehensive income recognised
228729223.96-43061557.12
under the equity method
6.2.2 Changes in fair value of other debt
investments
13China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
6.2.3 Amount of financial assets reclassified into
other comprehensive income
6.2.4 Credit losses of other debt investments
6.2.5 Cash flow hedge reserve
6.2.6 Translation differences arising from translation
399187084.53-277001372.56
of foreign currency financial statements
6.2.7 Others
Other comprehensive income (net of tax) attributable
986709358.81-556654301.15
to non-controlling interests
7. Total comprehensive income for the period 9081799629.36 6434850939.34
7.1 Shareholders of the Company 4438261851.42 3420077975.69
7.2 Non-controlling interests 4643537777.94 3014772963.65
8. Earnings per share
8.1 Basic earnings per share 1.53 1.49
8.2 Diluted earnings per share 1.53 1.49
14China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
3. Consolidated Cash Flow Statement for Q1-Q3
Unit: RMB
Item Q1-Q3 2025 Q1-Q3 2024
1. Cash flows from operating activities:
Proceeds from sales of goods and
12202004933.0811866894984.48
rendering of services
Net increase in customer deposits and
interbank deposits
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Refund of taxes 27372611.32 45834166.56
Proceeds from other operating
582892459.80968472321.45
activities
Sub-total of cash inflows 12812270004.20 12881201472.49
Payment for goods and services 3164118721.59 3239514370.35
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and in interbank loans granted
Payment for claims on original
insurance contracts
Net increase in interbank loans granted
15China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Interest handling charges and
commissions paid
Policy dividends paid
Payment to and for employees 2684716615.98 2555276771.81
Payment of various taxes 1139051249.09 1180817220.24
Payment for other operating activities 490938782.80 505434167.23
Sub-total of cash outflows 7478825369.46 7481042529.63
Net cash flows from operating activities 5333444634.74 5400158942.86
2. Cash flows from investing activities:
Proceeds from disposals of
32059800000.0018169723017.67
investments
Investment returns received 2697872122.77 2266573974.82
Net proceeds from disposal of fixed
assets intangible assets and other 97172565.98 6781223.42
long-term assets
Net proceeds from disposal of
subsidiaries and other business units
Proceeds from other investing
236053508.8216265719.24
activities
Sub-total of cash inflows 35090898197.57 20459343935.15
Payment for acquisition of fixed
assets intangible assets and other 1758375692.67 1267417530.70
long-term assets
Payment for acquisition of
31206806292.7217330609480.14
investments
Net increase in pledged loans granted
Net payment for acquisition of
13009257.22293204166.66
subsidiaries and other business units
Payment for other investing activities 168789076.73 260956940.52
Sub-total of cash outflows 33146980319.34 19152188118.02
Net cash flows from investing activities 1943917878.23 1307155817.13
3. Cash flows from financing activities:
Proceeds from investors 5247961.40 67846309.49
Including: Proceeds from
non-controlling shareholders of 43561800.00
subsidiaries
Proceeds from borrowings 20602253184.78 21879785125.78
16China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
Proceeds from other financing
258621517.5448811913.01
activities
Sub-total of cash inflows 20866122663.72 21996443348.28
Repayment of borrowings 23708226435.63 24131659774.08
Payment for dividends profit
5393986448.694712496174.26
distributions or interests
Including: Dividends and profits
paid to non-controlling shareholders 2213945514.67 1626786229.57
of subsidiaries
Payment for other financing activities 649854745.80 344306811.06
Sub-total of cash outflows 29752067630.12 29188462759.40
Net cash flows from financing activities -8885944966.40 -7192019411.12
4. Effect of foreign exchange rate
27681072.81-94989433.40
changes on cash and cash equivalents
5. Net increase in cash and cash
-1580901380.62-579694084.53
equivalents
Add: Cash and cash equivalents at the
16515069554.9116018613631.10
beginning of the year
6. Cash and cash equivalents at the end
14934168174.2915438919546.57
of the period
17China Merchants Port Group Co. Ltd. The Report for the Third Quarter of 2025
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First
Implementation of the New Accounting Standards Implemented since 2025
□ Applicable √ Not applicable
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□Yes √ No
These financial statements have not been audited by such an auditor.The Board of Directors
China Merchants Port Group Co. Ltd.
31 October 2025
18
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