China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2025-033 CHINA MERCHANTS PORT GROUP CO. LTD.THE REPORT FOR THE FIRST 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”) the Supervisory Committee as well as the directors supervisors 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 Q1 2025 Q1 2024 YoY change Total operating income (RMB) 4214355369.19 3866684797.87 8.99% Net profit attributable to shareholders of the Company 1090726175.19 1036713969.25 5.21% (RMB) 1China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 Net profit attributable to shareholders of the Company 1059858307.79812854501.4630.39% after deducting non-recurring gains and losses (RMB) Net cash inflow from 1172302133.441423655572.28-17.66% operating activities (RMB) Basic earnings per share 0.440.417.32% (RMB/share) Diluted earnings per share 0.440.417.32% (RMB/share) Weighted average return on 1.77%1.75%0.02% equity (%) 31 March 2025 31 December 2024 Change Total assets (RMB) 204263241996.94 201517851881.45 1.36% Equity attributable to shareholders of the Company 62600706274.37 61502739842.96 1.79% (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 2501384781 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 0.4360 capital above (RMB/share) (II) Non-recurring gains and Losses Unit: RMB Item Q1 2025 Note Gains or losses on disposal of non-current assets including those charged off for which provision for impairment of assets has 16931453.01 - been made Government grants recognized in profit or loss (other than grants which are closely related to the Company's business in line with 1021137.89- 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 Company's normal 25722300.49 - operations and gains or losses from disposal of financial assets and financial liabilities Income earned from lending funds to non-financial institutions 22961290.08- and recognized in profit or loss Reversal of provision for accounts receivable that are tested for 6093875.03 - 2China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 impairment individually Other non-operating income or expenses other than above 1974669.42 - Less: Income tax effects 11700872.33 - Effects of non-controlling interests (after tax) 32135986.19 - Total 30867867.40 -- 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 31 December Balance sheet items 31 March 2025 Change Explanation of changes 2024 Mainly due to increase of Financial assets held 8461955103.18 5685135472.01 48.84% the net balance of for trading structured deposits Mainly due to the cyclical Accounts receivable 1987365269.32 1193408383.78 66.53% influence of payment collection Mainly due to receipt of Other receivables 777669208.86 1166499343.90 -33.33% dividends from investees Mainly due to increase in Treasury shares 218204634.17 50559789.14 331.58% repurchased shares Income statement Q1 2025 Q1 2024 Change Explanation of changes items Mainly due to decreased gains from changes in the Gains from changes 11616449.31 147051320.93 -92.10% fair value of other in fair value non-current financial assets held in the current period Mainly because a subsidiary received an Reversal of credit operating compensation 5383101.47317386566.39-98.30% impairment from its minority shareholders in the same period of last year and the 3China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 relevant impairment provision established in the prior period was reversed while there were no comparable matters in the current period Cash flow statement Q1 2025 Q1 2024 Change Explanation of changes items Mainly because Payment for other subsidiaries paid sea area 282954748.90183965871.1253.81% operating activities usage fees on behalf of others in the current period Proceeds from Mainly due to increased disposal of 8540000000.00 5080000000.00 68.11% redemption of structured investments deposits upon maturity Mainly due to increased Investment returns dividend income from joint 794287190.17422126527.1088.16% received ventures and associates in the current period Payment for acquisition of fixed Mainly due to increased assets intangible 574353180.71 372944173.58 54.01% purchase of fixed assets assets and other long-term assets Payment for Mainly due to increased acquisition of 11383606292.72 4640000000.00 145.34% purchase of structured investments deposits Mainly due to decreased Repayments of repayments of borrowings 3570274776.805453578743.45-34.53% borrowings that were due in the current period Mainly due to increased Payment for other payments for share 189188006.31132219744.3943.09% financing activities repurchases in the current period II Shareholder Information (I) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as Holdings of Top 10 Shareholders Unit: share 4China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 35996 Number of ordinary Number of preferred shareholders with resumed (25724 A-shareholders 0 shareholders voting rights (if any) 10272 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 CHINA MERCHANTS PORT Foreign INVESTMENT DEVELOPMENT legal 45.92% 1148648648 0 - 0 COMPANY LIMITED person ZHEJIANG PROVINCIAL State-own SEAPORT INVESTMENT & ed legal 23.06% 576709537 576709537 - 0 OPERATION GROUP CO. LTD. person CHINA MERCHANTS State-own GANGTONG DEVELOPMENT ed legal 14.83% 370878000 0 - 0 (SHENZHEN) CO. LTD. person SHENZHEN INFRASTRUCTURE Fund and INVESTMENT FUND-SHENZHEN wealth INFRASTRUCTURE managem 2.59%648501820-0 INVESTMENT FUND ent PARTNERSHIP (LIMITED products PARTNERSHIP) etc.State-own BROADFORD GLOBAL LIMITED ed legal 2.21% 55314208 0 - 0 person State-own CHINA-AFRICA DEVELOPMENT ed legal 0.62% 15610368 0 - 0 FUND person Foreign HONG KONG SECURITIES legal 0.24% 6011643 0 - 0 CLEARING COMPANY LTD.person Fund and THE CHINESE PEOPLE'S wealth PROPERTY INSURANCE CO.managem LTD.－TRADITIONAL- 0.20% 5072521 0 - 0 ent GENERAL INSURANCE products PRODUCT etc.Domestic ZOU YANMIN natural 0.18% 4396000 0 - 0 person MORGAN STANLEY Foreign 0.12%29120000-0 INVESTMENT MANAGEMENT legal 5China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 COMPANY-MORGAN STANLEY person CHINA A FUND Top 10 unrestricted shareholders Shares by type Name of shareholder Unrestricted shares held Type Shares CHINA MERCHANTS PORT INVESTMENT RMB ordinary 11486486481148648648 DEVELOPMENT COMPANY LIMITED share CHINA MERCHANTS GANGTONG RMB ordinary 370878000370878000 DEVELOPMENT (SHENZHEN) CO. LTD. share SHENZHEN INFRASTRUCTURE INVESTMENT FUND-SHENZHEN RMB ordinary 6485018264850182 INFRASTRUCTURE INVESTMENT FUND share PARTNERSHIP (LIMITED PARTNERSHIP) Domestically BROADFORD GLOBAL LIMITED 55314208 listed foreign 55314208 share RMB ordinary CHINA-AFRICA DEVELOPMENT FUND 15610368 15610368 share HONG KONG SECURITIES CLEARING RMB ordinary 60116436011643 COMPANY LTD share THE CHINESE PEOPLE'S PROPERTY RMB ordinary INSURANCE CO. LTD.－TRADITIONAL- 5072521 5072521 share GENERAL INSURANCE PRODUCT Domestically ZOU YANMIN 4396000 listed foreign 4396000 share MORGAN STANLEY INVESTMENT RMB ordinary MANAGEMENT COMPANY-MORGAN 2912000 2912000 share STANLEY CHINA A FUND Domestically QIAN GUANGHAI 2768000 listed foreign 2768000 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) 6China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 Note: As of the end of the Reporting Period among the top 10 shareholders of the Company there was a "Special Securities Account for Repurchased Shares of China Merchants Port Group Co. Ltd.". There were 11155474 repurchased shares in the account accounting for 0.45% of the Company's total share capital. 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 III Other Significant Events To effectively promote the enhancement of the listed company's investment value increase investor returns and protect the legitimate rights and interests of the Company investors and other stakeholders the Company actively responds to and implements regulatory requirements. Based on the Company’s specific situation a valuation enhancement plan has been developed. The Company will focus on improving the quality of the listed company enhancing operational efficiency and profitability and legally and compliantly using methods such as share repurchases and cash dividends to promote the increase of the Company’s investment value.In accordance with relevant provisions such as the Company Law of the People's Republic of China the Securities Law of the People's Republic of China the Several Opinions of the State Council on Strengthening Supervision Preventing Risks and Promoting the High-Quality Development of the Capital Market the Administrative Measures for Information Disclosure of Listed Companies the Guidance No. 10 on Market Value Management for Listed Companies the Articles of Association etc. the Company held the First Extraordinary Meeting of the 11th Board of Directors in 2025 on 27 February 2025 and passed the proposal on the Valuation Enhancement Plan. For specific details please refer to the Valuation Enhancement Plan disclosed on www.cninfo.com.cn on 28 February 2025 (Announcement No.: 2025-007). 7China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 IV Quarterly Financial Statements (I) Financial Statements 1. Consolidated Balance Sheet Prepared by China Merchants Port Group Co. Ltd. 31 March 2025 Unit: RMB Item 31 March 2025 1 January 2025 Current assets: Cash and bank balances 14806669856.63 16630400701.13 Settlement reserve Interbank loans granted Financial assets held for trading 8461955103.18 5685135472.01 Derivative financial assets Bills receivable 197333215.20 270127883.63 Accounts receivable 1987365269.32 1193408383.78 Receivables under financing Prepayments 74667782.50 59177117.22 Premiums receivable Reinsurance receivables Receivable reinsurance contract reserve Other receivables 777669208.86 1166499343.90 Including: Interest receivable Dividend receivable 203940612.52 554387723.94 Purchased and resold financial assets Inventories 288334578.47 269958020.34 Including: Data resource Contract assets Assets held for sale Non-current assets due within one year 35007241.85 34997992.08 Other current assets 222788244.74 251697812.77 Total current assets 26851790500.75 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 First Quarter of 2025 Long-term receivables 3811065261.72 3777373574.70 Long-term equity investments 100949575170.07 100018029894.96 Investments in other equity 139451887.05139451887.05 instruments Other non-current financial assets 28524600.31 28524600.31 Investment properties 3256776476.42 3288690070.60 Fixed assets 30390452143.64 30689217791.45 Construction in progress 3511967476.09 3311109996.59 Productive living assets Oil and gas assets Right-of-use assets 8982547605.04 8957352063.54 Intangible assets 17524450088.64 17335082422.84 Including: Data resource 6091745.32 6251120.27 Development costs 35979040.22 63395053.69 Including: Data resource Goodwill 6116425469.13 5933310929.34 Long-term prepaid expenses 917487725.33 940404479.94 Deferred tax assets 368079660.07 365481207.77 Other non-current assets 1378668892.46 1109025181.81 Total non-current assets 177411451496.19 175956449154.59 Total assets 204263241996.94 201517851881.45 Current liabilities: Short-term borrowings 10848619498.30 12791242141.69 Borrowings from the central bank Interbank loans obtained Held-for-trading financial liabilities Derivative financial liabilities Notes payable 1536194.00 Accounts payable 638204483.44 785830532.33 Advance payments received 15419584.79 14576237.84 Contract liabilities 312494733.22 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 920942347.83 1168592349.15 9China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 Taxes payable 733493365.38 725165726.32 Other payables 1939916208.16 1923980312.98 Including: Interest payable Dividends payable 146385736.99 132334744.28 Handling charges and commissions payable Reinsurance payables Liabilities directly associated with assets held for sale Non-current liabilities due within one 10668136258.3710506682795.60 year Other current liabilities 4090090321.20 4061201760.72 Total current liabilities 30167316800.69 32246696323.25 Non-current liabilities: Insurance contract reserve Long-term borrowings 15576449507.77 15582593255.65 Bonds payable 15867294284.76 13875559119.52 Including: Preferred shares Perpetual bonds Lease liabilities 1496994783.99 1387206990.51 Long-term payables 3435298052.16 3204582672.75 Long-term employee benefits payable 652061319.43 655658044.98 Provisions 165818602.26 159435795.50 Deferred income 1256350270.84 1268975316.61 Deferred tax liabilities 4910140522.58 4795985333.59 Other non-current liabilities 176481868.58 182720254.84 Total non-current liabilities 43536889212.37 41112716783.95 Total liabilities 73704206013.06 73359413107.20 Shareholders' equity: Share capital 2501384781.00 2501308481.00 Other equity instruments Including: Preferred shares Perpetual bonds Capital reserve 37359295965.85 37362981831.67 Less: Treasury stock 218204634.17 50559789.14 Other comprehensive income -1391291892.17 -1558381237.45 Specific reserve 50577869.10 40074647.27 Surplus reserves 1249537330.50 1249537330.50 General reserve 10China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 Retained earnings 23049406854.26 21957778579.11 Total shareholders' equity attributable to 62600706274.3761502739842.96 shareholders of the Company Non-controlling interests 67958329709.51 66655698931.29 Total shareholders' equity 130559035983.88 128158438774.25 Total liabilities and shareholders' equity 204263241996.94 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 First Quarter of 2025 2. Consolidated Income Statement Unit: RMB Item Q1 2025 Q1 2024 1. Total operating income 4214355369.19 3866684797.87 Including: Operating income 4214355369.19 3866684797.87 Interest income Premium income Handling charge and commission income 2. Total operating costs 3189038065.34 3245856053.42 Including: Operating costs 2245844139.20 2166647172.05 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 90627401.15 80797651.01 Selling and distribution expenses General and administrative expenses 367556368.59 404257134.50 Research and development expenses 46195951.47 38342010.57 Finance expenses 438814204.93 555812085.29 Including: Interest expense 544396368.32 593698496.94 Interest income 97076599.76 107481452.37 Add: Other income 14993894.21 19365152.13 Investment income (Loss is marked with "-") 1421217121.49 1324200287.75 Including: Income from investments in 1390784259.811309684765.64 associates and joint ventures Income from the derecognition of financial assets at amortized cost (Loss is marked with "-") Foreign exchange gain (Loss is marked with "-") Net gain on exposure hedges (Loss is marked with "-") Gains from changes in fair value (Loss is marked 11616449.31 147051320.93 12China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 with "-" ) Reversal of credit impairment 5383101.47 317386566.39 Impairment losses (Loss is marked with "-" ) Gains from assets disposals (Loss is marked with 581588.58569564.20 "-") 3. Operating profit (Loss is marked with "-") 2479109458.91 2429401635.85 Add: Non-operating income 7563676.87 6269913.85 Less: Non-operating expenses 5566153.52 5611201.34 4. Profit before income tax (Loss is marked with "-") 2481106982.26 2430060348.36 Less: Income tax expenses 343740895.76 339494816.71 5. Net profit (Loss is marked with "-") 2137366086.50 2090565531.65 5.1 Net profit classified by continuity of operations 5.1.1 Net profit from continuing operation (Loss is 2137366086.502090565531.65 marked with "-") 5.1.2 Net profit from discontinued operation (Loss is marked with "-") 5.2 Net profit classified by ownership 5.2.1 Net profit attributable to shareholders of the 1090726175.191036713969.25 Company 5.2.2 Net profit attributable to non-controlling 1046639911.311053851562.40 interests 6. Other comprehensive income net of tax 470386805.58 -295783519.94 Other comprehensive income attributable to 167089345.28-118098265.76 shareholders of the Company net of tax 6.1 Other comprehensive income that will not be -4571653.52 reclassified to profit or loss 6.1.1 Remeasurement of defined benefit plan -4571653.52 6.1.2 Other comprehensive income recognised 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 171660998.80-118098265.76 reclassified to profit or loss 6.2.1 Other comprehensive income recognised -1208564.98 13China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 under the equity method 6.2.2 Changes in fair value of other debt investments 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 171660998.80-116889700.78 of foreign currency financial statements 6.2.7 Others Other comprehensive income (net of tax) attributable 303297460.30-177685254.18 to non-controlling interests 7. Total comprehensive income attributable to 2607752892.08 1794782011.71 Shareholders of the Company 1257815520.47 918615703.49 Non-controlling interests 1349937371.61 876166308.22 8. Earnings per share 8.1 Basic earnings per share 0.44 0.41 8.2 Diluted earnings per share 0.44 0.41 14China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 3. Consolidated Cash Flow Statement Unit: RMB Item Q1 2025 Q1 2024 1. Cash flows from operating activities: Proceeds from sales of goods and 3684477861.563424449441.43 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 21188158.05 10772630.44 Proceeds from other operating 428603311.74610116372.00 activities Sub-total of cash inflows 4134269331.35 4045338443.87 Payments for goods and services 1220236580.43 1000139104.50 Net increase in loans and advances to customers Net increase in deposits in the central bank and in interbank loans granted Payments for claims on original insurance contracts Net increase in interbank loans granted 15China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 Interest handling charges and commissions paid Policy dividends paid Payment to and for employees 1140462905.40 1082136285.55 Payments of various taxes 318312963.18 355441610.42 Payment for other operating activities 282954748.90 183965871.12 Sub-total of cash outflows 2961967197.91 2621682871.59 Net cash flows from operating activities 1172302133.44 1423655572.28 2. Cash flows from investing activities: Proceeds from disposals of 8540000000.005080000000.00 investments Investment returns received 794287190.17 422126527.10 Net proceeds from disposal of fixed assets intangible assets and other 51104425.10 2873657.67 long-term assets Net proceeds from disposal of subsidiaries and other operating units Proceeds from other investing activities Sub-total of cash inflows 9385391615.27 5505000184.77 Payments for acquisition of fixed assets intangible assets and other 574353180.71 372944173.58 long-term assets Payments for acquisition of 11383606292.724640000000.00 investments Net increase in pledged loans granted Net cash payments for acquisitions of subsidiaries and other business units Payments for other investing activities 2079654.20 2731881.29 Sub-total of cash outflows 11960039127.63 5015676054.87 Net cash flows from investing activities -2574647512.36 489324129.90 3. Cash flows from financing activities: Proceeds from investors 3332285.00 6077019.70 Including: Proceeds from non-controlling shareholders of subsidiaries Proceeds from borrowings 3850487443.47 4132378428.59 16China Merchants Port Group Co. Ltd. The Report for the First Quarter of 2025 Proceeds from other financing 378149.5540225272.74 activities Sub-total of cash inflows 3854197878.02 4178680721.03 Repayments of borrowings 3570274776.80 5453578743.45 Payments for dividends profits 515796307.01554062895.18 distributions or interest Including: Dividends and profits paid to non-controlling shareholder 77947496.42 9330110.48 of subsidiaries Payments for other financing activities 189188006.31 132219744.39 Sub-total of cash outflows 4275259090.12 6139861383.02 Net cash flows from financing activities -421061212.10 -1961180661.99 4. Effect of foreign exchange rate 41731404.51-11751226.58 changes on cash and cash equivalents 5. Net increase in cash and cash -1781675186.51-59952186.39 equivalents Add: Cash and cash equivalents at the 16521877509.7716018613631.10 beginning of the year 6. Cash and cash equivalents at the end 14740202323.2615958661444.71 of the period 17China Merchants Port Group Co. Ltd. The Report for the First 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. 30 April 2025 18