China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2026-008
CHINAMERCHANTS PORT GROUPCO. LTD.ANNUALREPORT 2025 (SUMMARY)
Part I Important Notes
This Summary is based on the full Annual 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 text on the media designated by the China Securities Regulatory Commission (the
“CSRC”).This Summary is prepared in both Chinese and English. Should there be any discrepancy between
the two versions the Chinese version shall prevail.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 final dividend and/or bonus issue plans for the Reporting Period:
√ Applicable□ Not applicable
Bonus issue from capital reserves:
□ Yes √ No
The Board has approved a final dividend plan as follows: based on the Company’s total share
capital at the record date of the dividend payout a cash dividend of RMB7.99 (tax inclusive) per 10
shares is to be distributed to shareholders with no bonus issue from either profit or capital reserves.Board-approved final dividend plan for preferred shareholders for the Reporting Period :
□ Applicable √ Not applicable
Please refer to the full Annual Report for the definitions of the abbreviations mentioned in this
Summary.
1China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
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 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
Fax +86 755 26886666 +86 755 26886666
Tel. +86 755 26828888 +86 755 26828888
Email address Cmpir@cmhk.com Cmpir@cmhk.com
2. Main business of the Company during the Reporting Period
(1) Principal Activities of the Company during the Reporting Period
The Company’s core business includes port investment port operation port logistics and smart
technology.The Company has established a comprehensive port network across the hub locations along coastal
China and the terminals which the Company invested in or invested in and managed are located in
hub locations across Hong Kong Taiwan Shenzhen Ningbo Shanghai Qingdao Tianjin Dalian
Zhangzhou Zhanjiang and Shantou as well as in Asia Africa Europe Oceania South and North
America amongst others. Port investment includes oversea and domestic port investments. The
Company puts emphasis on its presence in global major hub locations gateway ports and regions
with huge market potential rapid economic growth and promising development in order to capture
investment opportunities in ports logistics and related infrastructure and further improve the global
port network. Port operation mainly includes containers and bulk cargo handling and warehousing
services. The Company focuses on the construction and management of leading port and the
improvement of service so as to provide clients with higher-quality port services.In terms of port logistics the Company leverages innovative park business models and services to
deeply explore the synergistic value between ports and parks. It provides customers with diversified
value-added services within key zones such as the Shenzhen Qianhai Comprehensive Bonded Zone
Qingdao Qianwan Comprehensive Bonded Zone Tianjin Dongjiang Comprehensive Bonded Zone
2China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
Djibouti International Free Trade Zone Hambantota Industrial Park. These services include
warehousing leasing customs clearance division or merger of cargoes documentation services and
more. The Company is driving growth in port tugboat service tallying operations and engineering
supervision and management business. It also focuses on port-related business innovation and
supply chain logistics. By integrating port ecosystem service resources and fostering collaboration
across the upstream and downstream of the port logistics value chain the Company prioritizes
resource openness and sharing. This integrated approach facilitates smoother trade flows and
enhances the efficiency of logistics information and capital flows within the port service chain
ultimately helping customers reduce costs and improve efficiency.The smart technology business focuses on the application of new generation of informationtechnology such as big data Internet of Things (IoT) and artificial intelligence promotes “digitalintelligence” and “green” upgrades and continues to empower the core businesses such as the
production management services and ecology of the port. Smart technology injects new
momentum into the development of the port enterprises.The main business segments of the Company are as follows:
Business content
The Company puts emphasis on its presence in global major hub locations gateway
Port investmentports and regions with huge market potential rapid economic growth and promisingdevelopment in order to capture investment opportunities in ports logistics and
related infrastructure and further improve the global port network.Containers: The Company provides ship berthing loading and unloading services to
ship companies offers container storage service to ship companies and cargo
owners and provides overhead box services to tractor companies. The Company
also engages in the businesses of division or merger of cargoes in containers
Port operation container leasing and container maintenance;
Bulk cargoes: The Company is engaged in bulk cargo handling and transportation
in port zones as well as storage services in yards. The major types of cargoes
handled include ores grain forage oil and coal.The Company provides various services including warehouse/yard leasing loading
and unloading in warehouses/yards customs clearance and division or merger of
cargoes at terminals intermodal transportation logistics transportation and
value-added warehousing services for clients (including logistics companies
Port logistics trading companies or cargo owners). Relying on the port-surrounding landresources the Company conducts the comprehensive development to enhance the
land value. The Company enhances the value of commercial properties and
provides its customers with quality property leasing and other related services. The
Company provides port tugboat service tallying engineering supervision and
management business.Smart The Company focuses on the application of a new generation of information
technology technologies such as big data Internet of Things (IoT) and artificial intelligence. It
3China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
drives “digital and intelligent transformation” and “greening initiatives” continuing
to empower the port’s core businesses such as the production management
services and ecology of the port. Smart technology injects new momentum into the
development of the port enterprises.
(2) Development stage and cyclical characteristic of the industry in which the Company
operates and its industry position during the Reporting Period
The Company ranks among the global leading public port operators and is committed to developing
as a world-leading port service provider. In terms of scale as at the end of the reporting period the
Company has established a relatively complete port network at major hub locations along coastal
China with its presence in 51 ports in 26 countries and regions including Asia Africa Europe
Oceania South and North America. According to the statistics of Drewry in 2024 the Company’s
equity throughput of containers reached 61.20 million TEUs ranking among the top global port
operators. In terms of quality the master terminals controlled by the Company have occupied
various market and regional leading positions. Leveraging on the good ground of port technology
and based on the CTOS system self-developed by CMPort the Company has worked out the
worldwide first full-case full-time all-regime and multifactor traditional container terminal
upgrading solution and has built the trade facilitation platform for the Guangdong-Hong
Kong-Macao Greater Bay Area through blockchain technology which has been extended to 34
terminals to help enhance the trade facilitation level in the Greater Bay Area. In addition the
Company continued to promote ESG construction and strived to create an ESG port benchmark in
the industry. In terms of performance the Company has continually promoted high-quality
development and has been an industry leader in terms of net profit margin and overall labour
productivity and other indicators.
3. Key Financial Information
(1) Key Financial Information of the Past Three Years
Indicate by tick mark whether there is any retrospectively restated datum in the table below.□Yes √ No
2025-on-
2025202420242023
change
Total operating
income (RMB) 17246382527.85 16130778028.24 6.92% 15750475780.22
Net profit attributable
to shareholders of the 4611352247.98 4516301317.16 2.10% 3571800762.16
Company (RMB)
Net profit attributable 4437547391.42 4047031601.71 9.65% 3339226783.73
to shareholders of the
4China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
Company after
deducting
non-recurring gains
and losses (RMB)
Net cash inflow from
operating activities 8174432389.05 8013212824.40 2.01% 6579606635.17
(RMB)
Basic earnings per
share (RMB/share) 1.85 1.81 2.21% 1.43
Diluted earnings per
share (RMB/share) 1.85 1.81 2.21% 1.43
Weighted average
return on equity (%) 7.35% 7.51% -0.16% 6.35%
Change of
31
31 December 2025 31 December 2024 December2025 on 31 31 December 2023
December
2024(%)
Total assets (RMB) 205014697494.68 201517851881.45 1.74% 198557296667.26
Equity attributable to
shareholders of the 64365829932.20 61502739842.96 4.66% 58847592947.55
Company (RMB)
(2) Key Financial Information by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Total operating income 4214355369.19 4254136006.89 4293227201.61 4484663950.16
Net profit attributable to
shareholders of the 1090726175.19 1535912024.28 1179988081.33 804725967.18
Company
Net profit attributable to
shareholders of the
Company after deducting 1059858307.79 1458827728.41 1156020137.95 762841217.27
non-recurring gains and
losses
Net cash inflow from
operating activities 1172302133.44 1836391183.35 2324751317.95 2840987754.31
Indicate by tick mark whether any of the quarterly financial data in the table above or their
summations differs materially from what have been disclosed in the Company’s quarterly or
semiyearly reports.□Yes √ No
4. Share Capital and Shareholder Information at the Period-End
(1) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting
Rights as well as Holdings of Top 10 Shareholders
Unit: share
Number of 29864 (20110 Number of 27189 Number of preferred 0 Number of 0
5China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
ordinary A-shareholders ordinary (17534 shareholders with preferred
shareholders at and 9754 shareholders at A-shareholder resumed voting rights shareholders
the period-end B-shareholders the month-end s and 9655 at the period-end (if with resumed
) prior to the B-shareholders any) voting rights at
disclosure of ) the month-end
this Report prior to the
disclosure of
this Report (if
any)
5% or greater shareholders or top 10 shareholders (exclusive of shares lent in refinancing)
Sharehold Increase/dec
Name of Nature of ing Total shares
shareholder shareholder percentag held at the
rease in the Restricted Unrestricted
period-end Reporting shares held shares held
Shares in pledge or frozen
e Period
China Merchants
Port Investment Overseas
Development legal 46.28% 1148648648 0 0 1148648648 0
Company Limited person
Zhejiang
Provincial Seaport State-owne
Investment & d legal 23.24% 576709537 0 0 576709537 0
Operation Group person
Co. Ltd.China Merchants
Gangtong State-owne
Development d legal 14.94% 370878000 0 0 370878000 0
(Shenzhen) Co. person
Ltd.Shenzhen
Infrastructure
Investment Fund and
Fund-Shenzhen wealth
Infrastructure managemen 2.61% 64850182 0 0 64850182 0
Investment Fund t products
Partnership etc.(Limited
Partnership)
Broadford Global State-owne
Limited d legal 2.23% 55314208 0 0 55314208 0person
China-Africa State-owne
Development Fund d legal 0.63% 15610368 0 0 15610368 0person
Domestic
Zou Yanmin natural 0.29% 7262075 2381666 0 7262075 0
person
Domestic
Li Runrong natural 0.25% 6164175 6164175 0 6164175 0
person
Hong Kong Overseas
Securities Clearing legal 0.20% 5023375 -3452766 0 5023375 0
Company Ltd. person
PICC Life
Insurance Fund and
Company Limited wealth
Traditional- managemen 0.20% 4941900 4941900 0 4941900 0－
General Insurance t productsetc.Product
Strategic investors or general Among the foregoing shareholders Shenzhen Infrastructure Investment Fund-Shenzhen
legal person becoming top-ten Infrastructure Investment Fund Partnership (Limited Partnership) subscribed for 64850182
ordinary shareholders due to shares of the Company offered in a non-public manner in 2019 for raising supporting funds at
6China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
placing of new shares (if any) 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. 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
Related or acting-in-concert Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of
parties among the shareholders Rainbow Reflection Limited.above 2. Broadford Global Limited is the controlling shareholder of China Merchants Gangtong
Development (Shenzhen) Co. Ltd.The Company does not know whether the other unrestricted shareholders are related parties or not.Above shareholders involved in Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow Reflection
entrusting/being entrusted and Limited held by China Merchants Holdings (Hong Kong) Company Limited and China
giving up voting rights Merchants Port Investment Development Company Limited is the wholly-owned subsidiary ofRainbow Reflection Limited.Special account for share
repurchases (if any) among the None
top 10 shareholders
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing or locked-up shares of senior management)
Name of shareholder Unrestricted shares held at the period-end Shares by typeType Shares
China Merchants Port RMB
Investment Development 1148648648 ordinary 1148648648
Company Limited share
Zhejiang Provincial Seaport RMB
Investment & Operation Group 576709537 ordinary 576709537
Co. Ltd. share
China Merchants Gangtong RMB
Development (Shenzhen) Co. 370878000 ordinary 370878000
Ltd. share
Shenzhen Infrastructure
Investment Fund-Shenzhen RMB
Infrastructure Investment Fund 64850182 ordinary 64850182
Partnership (Limited share
Partnership)
Domestical
Broadford Global Limited 55314208 ly listedforeign 55314208
share
China-Africa Development RMB
Fund 15610368 ordinary 15610368share
Domestical
Zou Yanmin 7262075 ly listedforeign 7262075
share
RMB
Li Runrong 6164175 ordinary 6164175
share
Hong Kong Securities Clearing RMB
Company Ltd. 5023375 ordinary 5023375share
PICC Life Insurance Company RMB
Limited－Traditional- General 4941900 ordinary 4941900
Insurance Product share
1. Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow Reflection
Limited held by China Merchants Holdings (Hong Kong) Company Limited and China
Related or acting-in-concert Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of
parties among the shareholders Rainbow Reflection Limited.above 2. Broadford Global Limited is the controlling shareholder of China Merchants Gangtong
Development (Shenzhen) Co. Ltd.The Company does not know whether the other unrestricted shareholders are related parties or not.
7China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
Top 10 ordinary shareholders
involved in securities margin N/A
trading (if any)
5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in
refinancing shares lending
□Applicable √ Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares
lending/return compared with the prior period
□Applicable √ Not applicable
(2) Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□Applicable √ Not applicable
No preferred shareholders in the Reporting Period.
(3) Ownership and Control Relations between the Actual Controller and the Company
Note: The Company disclosed the Announcement on the Proposed Change in Shareholding Structure of the
Controlling Shareholder on 14 December 2024 in which Broadford Global Limited the controlling shareholder of
the Company transferred 74.66% of the shares of Rainbow Reflection Limited held by China Merchants Holdings
(Hong Kong) Company Limited and at the same time all the aforesaid transferred shares were entrusted to
Broadford Global Limited for management by China Merchants Holdings (Hong Kong) Company Limited.
8China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
On 24 January 2025 the Company received the updated registers of members of Rainbow Reflection Limited and
Broadford Global Limited and was informed that China Merchants Holdings (Hong Kong) Company Limited
was registered as a shareholder of Rainbow Reflection Limited (holding 21120986262 ordinary shares in the
share capital of Rainbow Reflection Limited representing 74.66% of the total share capital of Rainbow Reflection
Limited) and Broadford Global Limited had completed the share cancellation procedures. Since then the transfer
and trusteeship of shares were completed and the change in the shareholding structure of the controlling
shareholder was completed. For specific details please refer to the announcement released by our company on
January 25 2025 regarding the completion of changes in the shareholding structure of the controlling shareholder.
5. Outstanding Bonds at the Date when this Report Was Authorized for Issue
(1) Bond Profile
Bond name Abbr. Bond code Issue date Maturity Outstanding balance Interest(RMB’0000) rate
2024 Public
Offering of
Sci-Tech
Innovation
Corporate
Bonds of
China 24 CMPort 22 August 2024 toK1 148877 23 August 2024 23 August 2029 200000.00 2.18%Merchants
Port Group
Co. Ltd. (for
professional
investors)
(Phase I)
2025 Public
Offering of
Sci-Tech
Innovation
Corporate
Bonds of
China 25 CMPort 22 August 2025 toK1 524409 25 August 2025 25 August 2028 300000.00 1.82%Merchants
Port Group
Co. Ltd. (for
professional
investors)
(Phase I)
Bond redemption and interest During the Reporting Period interest on “24 CMPort K1” for the period from 23 August 2024 topayment during the 22 August 2025 was paid on 25 August 2025; and the principals and interest regarding “22Reporting Period CMPort 01” for the period from 30 August 2024 to 29 August 2025 were paid on 1 September2025.
(2) Latest Rating and Rating Change
On 29 May 2025 China Chengxin International Credit Rating Co. Ltd. (CCXI) issued the 2025
Follow-up Rating Report (XPWHZ [2025] No. 0274). CCXI granted the corporate credit rating of
AAA to the Company with a rating outlook of Stable.During the Reporting Period there is no rating difference in the main ratings of other bonds and
debt financing instruments issued by the Company in China.
9China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
(3) The Major Accounting Data and the Financial Indicators of the Recent 2 Years of the
Company up the Period-end
Item 31 December 2025 31 December 2024 Change
Current ratio 77.93% 79.27% -1.69%
Debt/asset ratio 35.96% 36.40% -0.44%
Quick ratio 76.29% 77.36% -1.38%
2025 2024 Change
Net profit after deducting
non-recurring gains and losses 443754.74 404703.16 9.65%
(RMB’0000)
EBITDA/debt ratio 21.20% 21.28% -0.08%
Interest cover (times) 5.30 4.49 18.04%
Cash-to-interest cover (times) 5.80 5.05 14.85%
EBITDA-to-interest cover
(times) 7.99 6.92 15.46%
Loan repayment ratio 100.00% 100.00% -
Interest payment ratio 100.00% 100.00% -
Part III Significant Events
1. Implementation of Operating Plan during the Reporting Period
During the reporting period the Company adhered to the general principle of seeking progress
while maintaining stability. Aiming at the goal of becoming a “world-leading port service provider”
the Company made every effort to grasp reform foster innovation and promote development. The
overall operational performance demonstrated a robust momentum characterized by progressing
while maintaining stability improving quality while advancing.
(1) Consolidated the homebase port infrastructure and focused on strengthening core
advantages. The container throughput of the West Shenzhen Port Zone exceeded 16 million TEUs
hitting a record high again and its foreign trade market share continued to lead in the
Guangdong-Hong Kong-Macao Greater Bay Area. The bulk cargo business actively expanded into
new commodity categories to secure its cargo volume foundation while maintaining market-leading
positions in its core commodity segments. CICT in Sri Lanka persistently strengthened its local
market position achieving steady improvement in profitability. HIPG’s container business
capabilities were significantly enhanced as its volume has experienced leapfrog growth and its
RORO business volume achieved record high. With steady improvement in operational indicators
the Group achieved milestone results in the progress of building world-leading port.
10China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
(2) Overseas expansion progressed steadily and the performance of existing projects was
outstanding. The China Merchants Port the Company's controlled subsidiary signed the share
purchase agreement for the Vast project in Brazil to expand its presence in the Latin America.Container throughput of several overseas projects reached record high among which TCP in Brazil
improved efficiency to break through capacity bottlenecks with container throughput exceeding
1.66 million TEUs. LCT in Togo became the first terminal in Africa to normalize the handling of
24000 TEU container vessels further consolidating its position as a transshipment hub in West
Africa with container throughput increasing by 17.9% year-on-year. Kumport in Turkey
successfully secured long-term service contracts with container throughput increasing by 22.8%
year-on-year fully demonstrating the synergistic advantages of the Company’s global layout and its
high-level international operation and management capabilities.
(3) Lean management continued to deepen with significant results achieved in enhancing
quality and efficiency. The Company systematically promoted lean management enhancing
resource efficiency and operating effectiveness through mechanism optimization and process
control. By deepening the COE mechanism and promoting optimization experience the engineering
management system is improved to save costs and drive project progress. Commercial coordination
and centralized procurement were strengthened to enhance value creation capabilities and the
refined cost control system was continuously improved. The said initiatives have achieved solid
results in areas such as process optimization cost control and asset returns laying a solid
foundation for the improvement of overall operational quality and efficiency.
(4) The construction of digital and intelligent ports has accelerated empowering the core
business to improve quality and efficiency. The “CMCore” CTOS terminal operating system was
successfully implemented in key overseas projects in countries such as Brazil Italy and Turkey.The West Shenzhen Port Zone steadily promoted the pilot application of SMP achieving
data-driven empowerment for lean cost analysis and supporting refined operational decision-making.The operational service model of the “CM ePort” service platform was reconstructed to develop
value-added services for the logistics supply chain. The Company officially launched the “Piercept”
artificial intelligence brand and rolled out intelligent agents for six high-value scenarios including
equipment operation and maintenance promoting the deep application of artificial intelligence
technology in core production stages.
(5) The green and low-carbon transition has accelerated and carbon efficiency levels have
improved significantly.We achieved a breakthrough in its clean energy bunkering service capacity
with the first ship-to-ship LNG bunkering operation completed in the West Shenzhen Port Zone.
11China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
The Group has consolidated its green energy supply foundation by adding distributed photovoltaic
and electrified equipment to reduce fuel consumption and exhaust emissions; improved green
infrastructure supporting facilities by constructing intelligent battery swapping stations and
charging piles and initially establishing an integrated “swapping + charging” energy replenishment
network; and deepened the application of green and low-carbon technologies by researching
developing and promoting hoisting potential energy recovery and permanent magnet motor
technologies among others.
(6) Consolidated achievements as a "Double Hundred" benchmark enterprise systematically
unlocking reform efficiencies. Having secured top-tier "Double Hundred Action" benchmark
status with reform outcomes receiving authoritative recognition the Company advanced
comprehensive reforms downward to the grassroots level throughout the year. At the governance
level the modern corporate governance system was continuously refined with the Board's
functions in "setting strategy making decisions and preventing risks" comprehensively
strengthened and the authorization mechanism with clear powers and responsibilities and
standardized processes as well as the whole-process closed loop supervision operating efficiently.At the mechanism level core systems including market-oriented talent selection and differentiated
compensation incentives have permeated to the grassroots level resulting in a comprehensive
enhancement of organizational vitality and operational efficiency.
(7) Advanced the implementation of new ESG regulations achieving renewed rating
excellence. Closely aligning with ESG policy requirements promulgated by national and local
authorities in recent years the Company continuously deepened ESG management integration
tightly coupling new ESG regulations with our daily operation and management. During the year
the Company focused on promoting the implementation and deepening of material issues such as
climate change biodiversity and supply chain management and continued to develop ESG
information systems to ensure information security. In terms of ratings the Company's Wind ESG
rating was upgraded from AA to AAA ranking first in the industry. The Company received honors
including "Wind 2025 Best ESG Practice Top 100 Chinese Listed Companies" and "CMG China
ESG Pioneer 100 Central SOEs." The Company's controlled subsidiary China Merchants Port has
seen its MSCI ESG rating upgraded from BBB to A the highest rating among Hong Kong-listed
industry peers.
12China Merchants Port Group Co. Ltd. Annual Report 2025 (Summary)
2. Operating Division Product Category Operating Segment or Sales Model Contributing
over 10% of Operating Income or Operating Profit
Unit: RMB
YoY YoY
Gross change in YoY change in
Operating income Operating costs profit operating change in gross
margin income operating profit
(%) costs (%) margin(%)
By operating division
Ports
operation 16427245729.85 9098935746.48 44.61% 6.93% 5.19% 0.92%
By operating segment
Mainland
China Hong
Kong and 10736243512.23 6881253410.57 35.91% 1.08% 2.32% -0.77%
Taiwan
Other
countries and 6510139015.62 2774933837.71 57.38% 18.16% 12.32% 2.22%
regions
3. YoY Changes to the Scope of Consolidated Financial Statements
In January 2025 China United Tally Co. Ltd. Shantou (hereinafter referred to as 'China Tally') an
associate of the Company’s subsidiary Shantou Port absorbed Shantou Zhongli Wailun tally Co.Ltd. (hereinafter referred to as 'Shantou Zhongli') a subsidiary of Shantou Port. After the
transaction Shantou Port holds 62.50% shares of China Tally which contributs to business
combination not involving enterprises under common control. Consequently China Tally has been
in the scope of consolidation for the current year. Shantou Zhongli was deregistered on 14 February
2025 after the transaction.
China Merchants Port Group Co. Ltd.Board of Directors
Dated 3 April 2026
13
沪公网安备31011802005267号
