China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2025-054
CHINAMERCHANTS PORT GROUPCO. LTD.INTERIM REPORT 2025 (SUMMARY)
Part I Important Notes
This Summary is based on the full Interim Report of China Merchants Port Group Co. Ltd.(hereinafter referred to as the “Company”). In order for a full understanding of the Company’s
operating results financial position and future development plans investors should carefully read
the aforesaid full report on the media designated by the China Securities Regulatory Commission
(the “CSRC”).All the Company’s directors have attended the Board meeting for the review of this Report and its
summary.Independent auditor’s modified opinion:
□ Applicable √ Not applicable
Board-approved interim cash and/or stock dividend plan for ordinary shareholders:
□ Applicable √ Not applicable
The Company has no interim dividend plan either in the form of cash or stock.Board-approved interim cash and/or stock dividend plan for preferred shareholders:
□ Applicable √ Not applicable
Note: For the meanings of the abbreviations in this Summary please refer to the information under
the heading “Definitions” in the full Interim Report.This Report and its summary have been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions the Chinese versions shall prevail.Part II Key Corporate Information
1. Stock Profile
CM Port Group/ 001872/
Stock name Stock code
CM Port Group B 201872
Stock exchange for stock listing Shenzhen Stock Exchange
Contact information Board Secretary Securities Representative
Name Liu Libing Hu Jingjing
24/F China Merchants Port Plaza 24/F China Merchants Port Plaza 1
Office address 1 Gongye 3rd Road Zhaoshang Gongye 3rd Road Zhaoshang Street
Street Nanshan Shenzhen PRC Nanshan Shenzhen PRC
Tel. +86 755 26828888 +86 755 26828888
1China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
E-mail address Cmpir@cmhk.com Cmpir@cmhk.com
2. Key Financial Information
Indicate by tick mark whether there is any retrospective adjustments or restatements to prior-year
financial statements.□ Yes √ No
H1 2025 H1 2024 Change (%)
Total operating income
(RMB) 8468491376.08 7975193083.64 6.19%
Net profit attributable to
shareholders of the 2626638199.47 2546828456.08 3.13%
Company (RMB)
Net profit attributable to
shareholders of the
Company after deducting 2518686036.20 2164145793.00 16.38%
non-recurring gains and
losses (RMB)
Net cash inflow from
operating activities 3008693316.79 3122383705.03 -3.64%
(RMB)
Basic earnings per share
(RMB/share) 1.05 1.02 2.94%
Diluted earnings per
share (RMB/share) 1.05 1.02 2.94%
Weighted average return
on equity (%) 4.19% 4.25% -0.06%
30 June 2025 31 December 2024 Change (%)
Total assets (RMB) 203144053161.15 201517851881.45 0.81%
Equity attributable to
shareholders of the 62548448959.45 61502739842.96 1.70%
Company (RMB)
3. Shareholders and Their Holdings as at the End of the Reporting Period
Unit: share
Number of
Number of ordinary shareholders at 30927 (20922
preferred
A-shareholders and 10005 shareholders withthe period-end 0B-shareholders) resumed votingrights at the
period-end (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Shares in
Name of shareholder Nature of Shareholding Number of Restrictedshareholder percentage shares shares pledge orfrozen
2China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
China Merchants Port Investment Foreign legal
Development Company Limited person 45.92% 1148648648 0 0
Zhejiang Provincial Seaport
Investment & Operation Group State-ownedlegal person 23.05% 576709537 576709537 0Co. Ltd.China Merchants Gangtong State-owned
Development (Shenzhen) Co. Ltd. legal person 14.83% 370878000 0 0
Shenzhen Infrastructure Investment Fund and
Fund-Shenzhen Infrastructure wealth
Investment Fund Partnership management 2.59% 64850182 0 0
(Limited Partnership) products etc.Broadford Global Limited State-ownedlegal person 2.21% 55314208 0 0
China-Africa Development Fund State-ownedlegal person 0.62% 15610368 0 0
Hong Kong Securities Clearing Foreign legal
Company Ltd. person 0.42% 10608537 0 0
Domestic
Zou Yanmin natural 0.21% 5330060 0 0
person
The Chinese People's Property Fund and
Insurance Co. Ltd.－Traditional- wealthmanagement 0.20% 4907421 0 0General Insurance Product products etc.PICC Life Insurance Company Fund and
Limited－Traditional- General wealth
Insurance Product management
0.18%446090000
products etc.
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 Rainbow
Related or acting-in-concert parties among the Reflection Limited.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.Shareholders involved in securities margin
trading (if any) N/A
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
3China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
4. Change of the Controlling Shareholder or the Actual Controller in the Reporting Period
Change of the controlling shareholder in the Reporting Period:
□ Applicable √ Not applicable
The controlling shareholder remained the same in the Reporting Period.Change of the actual controller in the Reporting Period:
□ Applicable √ Not applicable
The actual controller remained the same in the Reporting Period.
5. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□Applicable √ Not applicable
No preferred shareholders in the Reporting Period.
6. Outstanding Bonds at the Date when this Report Was Authorized for Issue
(1) Bond Profile
Outstanding
Bond name Abbr. Bond code Issue date Maturity balance Coupon
(RMB’0000) rate
2022 Public Offering of
Corporate Bonds of 29 August
China Merchants Port 22 CMPort 2022 to 30 August
Group Co. Ltd. (for 01 148052 30 August 2025 300000.00 2.69%
professional investors) 2022
(Phase I)
2024 Public Offering of
Sci-Tech Innovation
Corporate Bonds of 22 August
China Merchants Port 24 CMPort 148877 2024 to 23 AugustK1 23 August 2029 200000.00 2.18%Group Co. Ltd. (for
professional investors) 2024
(Phase I)
Medium-term Notes of
China Merchants Port
Group Co. Ltd. 24 CMPort 102481314 1 April 3 AprilMTN001A 2024 2029 50000.00 2.68%(Phase I 2024) (Variety
A)
Medium-term Notes of
China Merchants Port
Group Co. Ltd. 24 CMPort 102481315 1 April 3 April 150000.00 2.80%
(Phase I 2024) (Variety MTN001B 2024 2034
B)
4China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
Medium-term Notes of
China Merchants Port
Group Co. Ltd. 24 CMPortMTN002A 102482957
10 July 12 July 80000.00 2.10%
(Phase II 2024) (Variety 2024 2027
A)
Medium-term Notes of
China Merchants Port
Group Co. Ltd. 24 CMPort 102482958 10 July 12 July
(Phase II 2024) (Variety MTN002B 2024 2029
120000.002.30%
B)
Medium-term Notes of
China Merchants Port 25 CMPort 102581356. 24 March 25 March
Holdings Co. Ltd. HoldingsMTN001 IB 2025 2028
200000.001.98%
(Phase I 2025)
Super-short-term
Commercial Papers of
China Merchants Port 25 CMPort 012581169 19 May
16
November 200000.00 1.51%
Group Co. Ltd. (Phase SCP001 2025 2025
I 2025)
(2) Financial Information as at the End of the Reporting Period
Item 30 June 2025 31 December 2024 Increase/decrease
Current ratio 78.20% 79.27% -1.35%
Debt/asset ratio 35.72% 36.40% -0.68%
Quick ratio 76.06% 77.36% -1.68%
H1 2025 H1 2024 Increase/decrease
Net profit after deducting non-recurring
gains and losses (RMB’0000) 251868.60 216414.58 16.38%
EBITDA to total debt ratio 11.64% 11.65% -0.01%
Interest coverage ratio 5.60 5.00 12.00%
Cash interest coverage ratio 4.49 4.40 2.05%
EBITDA interest coverage ratio 8.15 7.35 10.88%
Loan repayment ratio 100.00% 100.00% -
Interest payment ratio 100.00% 100.00% -
Part III Significant Events
1. Business Overview of the Reporting Period
(1) Overview of port business
In the first half of 2025 the Company’s container business continued to grow while its bulk cargo
business maintained stable performance despite the headwinds of subdued market demand. The
Company’s ports handled a total container throughput of 101.207 million TEUs up by 5.7%
5China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
year-on-year. Bulk cargo volume handled by the Company’s ports decreased by 0.7% year-on-year
to 630 million tonnes.
(2) Implementation Situation of Operation Scheme During the Reporting Period
During the reporting period the Company committed to its strategic goal of becoming a"world-leading port service provider" firmly promoting the three-driver model of “GlobalPresence” “Lean Management” and “Innovative Transformation”. Significant progress was
achieved in various areas including homebase port development operational management
technological innovation overseas expansion state-owned enterprises reform and ESG initiatives
with key operational and financial indicators securing sound growth.* As for homebase port construction the Company maintained its regional strength and
enhanced its core competitiveness. The West Shenzhen Port Zone maintained an upward trend in
the container business with its market share of container business in the foreign trade market of
Shenzhen Port exceeding 50%. Its bulk cargo business continued to maintain an advantageous
position with multiple types of cargo. In overseas homebase ports CICT in Sri Lanka actively
responded to regional competition by consistently optimizing shipping routes expanding its
customer base and capitalizing on market opportunities to stabilize its core businesses. HIPG
continued to enhance its business structure with coordinated growth across the container and
RORO business segments. Its container business made breakthroughs and delivered incremental
value while closer collaboration with shipping companies helped secure key routes. Additionally
its infrastructure upgrades further improved navigation capacity.* In respect of operations management the Company deepened its lean management to
enhance operational efficiency. The Company sustained its efforts to strengthen the COE
mechanism implemented a cost leadership strategy and leveraged cost analysis to conduct
systematic diagnosis to the operations of primarily controlled entities. The Company developed
operational optimization plans improved resource allocation refined production processes elevated
6China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
operational indicator improvements and tracked implementation of optimization measures thus
establishing a closed-loop management system and boosting overall operational efficiency.* As regards technological innovation the Company advanced its smart port development
and green transformation. Focusing on tech-driven innovation the Company explored
applications of artificial intelligence and other technologies to enable industrial upgrading. In the
first half of 2025 the Company successfully deployed its self-developed CTOS system at TCP in
Brazil and delivered a test version of the CTOS system at Kumport in Turkey replacing foreign
systems. The key project of the Ministry of Transport was completed on schedule while thenext-generation CTOS platform was also implemented at Shantou Port. The pilot task of “ContainerTerminal Intelligence Upgrading” undertaken by the Company as part of the national initiative to
build a strong transportation network in China has passed the on-site acceptance inspection
organized by the Ministry of Transport. Endeavoring to promote artificial intelligence innovation
applications the Company achieved significant results in various scenarios including smart yard
and multimodal large language models while launching its "Piercept " artificial intelligence model
and intelligent agent brand. At the same time the Company committed to advancing green port
construction 2 new power swap stations went into operation and over 270 electric trailers and
electric-retrofitted trailers were newly added.* Regarding overseas expansion the Company expanded quality projects and unlocked
existing potential. By prioritizing both incremental expansion and optimization of existing
advantages the Company actively advanced its global strategy to enhance its worldwide footprint.On 28 February 2025 China Merchants Port a holding subsidiary of the Company signed an
agreement to acquire equity interest in Vast a crude oil terminal in Brazil which helped the
Company continue expanding the market in Latin America. Concurrently the Company drove
integrated operations at its overseas homebase ports in Sri Lanka promoting port capabilities to
achieve efficient resource sharing and complementary advantages. In Brazil by enhancing
navigation capacity boosting operational efficiency and optimizing container mix TCP ranked
7China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
among the region’s top performers in vessel wait times and other efficiency metrics. LCT in Togo
increased its capacity and efficiency to continuously improve its core customer’s satisfaction. In the
first half of the year LCT successfully handled the world’s largest 24000 TEU vessel driving
economic growth. Meanwhile NPH in Indonesia completed a smooth transition gradually aligned
management systems and steadily improved operating performance.* With regard to the reform of state-owned enterprises the Company continued to deepen
the reform and enhance its core competitiveness. The Company has continued to diligently
advance the "Double Hundred Actions" to further deepen and implement reform efforts. In terms of
talent selection and appointment the Company expanded its innovative operation responsibility
system and promoted youth leadership to unleash organizational vitality. In terms of corporate
governance the Company promoted the oversight and evaluation of dispatched directors to further
emphasize the Board’s function in subsidiary governance. In terms of institutional innovation the
Company established platforms and improved mechanisms to deepen integration between
technological innovation and industrial upgrading helping develop new quality productive forces.In the first half of 2025 the Company achieved the highest rating of "Benchmark" in the 2024
SASAC performance evaluation signifying recognition for its reform work by the competent
authorities.* In terms of ESG construction the Company implemented sustainable development
principles and took the lead in ESG rating. By consistently integrating ESG concepts into daily
operations the Company actively monitored evolving ESG regulations strengthened exchanges
with excellent enterprises and continuously enhanced its ESG management framework to optimize
management practices. The Company sustained distinctive port-themed community initiatives such
as international port talent cultivation programs and advanced the implementation of "small yet
beautiful" livelihood initiatives in overseas projects to build localized and accountable ESG brand
recognition conveying the power of a central state-owned enterprise fulfilling its duties towards
8China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
shared prosperity. On 18 August 2025 the Company received an "AAA" ESG rating from WIND in
the Transportation Infrastructure category the highest rating industrywide.
(3) Year-on-year Changes in Key Financial Data
Unit: RMB
H1 2025 H1 2024 Change (%) Main reason for change
Operating income 8468491376.08 7975193083.64 6.19% -
Operating costs 4596264092.50 4390869294.96 4.68% -
General and
administrative 759073109.44 808178756.18 -6.08% -
expenses
Financial expenses 836571986.58 996212773.81 -16.02% -
Income tax expenses 728408809.32 804518878.51 -9.46% -
Effects of the stages
Research and
which research and
development 119104880.47 95110656.98 25.23%
development projects
investments
were at
Net cash flows from
3008693316.793122383705.03-3.64%-
operating activities
Effects of time
differences in dividend
Net cash flows from payouts of joint
1270833149.041813559009.13-29.93%
investing activities ventures and associates
and changes in
structured deposits
Effects of project
financings a
Net cash flows from
-5941464208.42 -3563308336.73 -66.74% year-on-year decrease
financing activities
in debt repayments
and dividend payout
Combined effects of
Net increase in cash cash flows from
-1610511448.161287598929.70-225.08%
and cash equivalents operating investing
and financing activities
2. Matters Related to Financial Reporting
(1) Changes to Accounting Policies Accounting Estimates or Measurement Methods
Compared to the Last Accounting Period
On 6 December 2024 the Ministry of Finance issued Interpretation No. 18 for the Accounting
Standards for Business Enterprises which stipulates the accounting treatment of guaranteed quality
warranties that are not individual performance obligations. The provisions are effective from the
date of issuance with early implementation permitted for companies beginning in the year of
issuance. Following this accounting policy change the Company will abide by the relevant
9China Merchants Port Group Co. Ltd. Interim Report 2025 (Summary)
provisions of Interpretation No. 18. Aside from the aforementioned policy changes the remaining
unchanged provisions will continue to be implemented in accordance with the previously
promulgated Accounting Standards for Business Enterprises - Basic Standards various specific
accounting standards application guidelines for the accounting standards interpretation circulars of
the accounting standards and other relevant regulations of the Ministry of Finance.
(2) Retrospective Restatements due to the Correction of Material Accounting Errors in the
Reporting Period
□Applicable √ Not applicable
No such cases.
(3) Changes to the Scope of Consolidated Financial Statements Compared to the Last
Accounting Period
On 1 January 2025 China United Tally Co. Ltd. Shantou (hereinafter referred to as 'China Tally')
an associate of the Company’s subsidiary Shantou Port absorbed Shantou Zhongli Wailun tally Co.Ltd. (hereinafter referred to as 'Shantou Zhongli') a subsidiary of Shantou Port. After the
transaction Shantou Port holds 62.50% shares of China Tally which contributs to business
combination not involving enterprises under common control. Consequently China Tally has been
in the scope of consolidation for the current period. Shantou Zhongli was deregistered on 14
February 2025 after the transaction.China Merchants Port Group Co. Ltd.Board of Directors
Dated 30 August 2025
10
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