机构：中金公司 YoY in 1H25. Container throughput at controlled terminals rose 11.3% YoY, and overall container throughput at controlled ports grew 4.3% YoY. By region, container cargo volume at controlled terminals in the Pearl River Delta region, the Yangtze River Delta region, the Bohai Rim, and overseas terminals in 1H25 increased 7.8%, 5.9%, 0.1%, and 5.0% YoY. Specifically, container throughput of controlled terminals in the Pearl River Delta region and overseas terminals increased 10.2% and 20.1% YoY. Thanks ...

Core Viewpoint - The company's 1H25 performance was below expectations, primarily due to reduced investment income from its associate, Shanghai Port Group, following a dilution of shareholding in Postal Savings Bank of China. This one-time impact does not affect cash flow, and the core port business showed better-than-expected revenue and profit growth [1][2]. Financial Performance - The company reported a revenue of HKD 6.457 billion for 1H25, representing a year-on-year increase of 11.4%. The net profit attributable to shareholders was HKD 3.584 billion, with basic earnings per share of HKD 0.854, down 19.5% year-on-year [1]. - The operating cash flow declined year-on-year due to timing differences in dividend receipts from associates, but excluding this factor, cash flow remained robust [1]. Port Operations - Domestic and overseas port throughput and profitability increased year-on-year. The company's controlled terminal container throughput rose by 11.3%, while the overall throughput of associate-controlled ports increased by 4.3% [2]. - By region, container throughput in the Pearl River Delta, Yangtze River Delta, Bohai Rim, and overseas terminals grew by 7.8%, 5.9%, 0.1%, and 5.0% respectively. Notably, throughput at the company's Pearl River Delta and overseas terminals increased by 10.2% and 20.1% respectively [2]. Cost Management - The company achieved significant cost reductions through optimized port operations, increased automation, and effective expense management. The cost-to-revenue ratio decreased, resulting in a gross margin of 51%, up 2.9 percentage points year-on-year [2]. Growth Outlook - The company is optimistic about long-term growth potential from overseas terminal volumes. The throughput at major overseas terminals showed impressive growth, with the Sri Lanka HIPG terminal's throughput increasing by 542.9% year-on-year. Upgrades at certain overseas terminals also contributed to volume growth, such as a 24.6% increase at the West Africa TCP terminal [2]. Profit Forecast and Valuation - The company maintains its net profit forecast for 2025 and introduces a net profit estimate of HKD 7.7 billion for 2026. The current stock price corresponds to 8.2 times the 2025 P/E ratio and 8.0 times the 2026 P/E ratio. The target price has been raised by 13.8% to HKD 16.5 per share, reflecting a potential upside of 12.8% from the current price [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 港口控股有限公司 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED （根據公司條例於香港註冊成立之有限公司） （股份代號：00144） 持續關連交易 前海灣花園租賃協議 － 修 訂 2025 年年度上限及 釐 定 2026 年年度上限 前海灣花園租賃協議 茲提述本公司於2024年3月22日及2024年9月27日作出的公告，內容有關前海 灣置業分別與(i)友聯蛇口、(ii)CMPG、(iii)赤灣集裝箱碼頭、(iv)赤灣港口、(v) 招商保稅、(vi)招商國科、(vii)招港創融、(viii)深圳港騰及(ix)招商物管訂立的 現有前海灣花園租賃協議（內容有關租賃位於前海灣花園的多個住宅單位用作其各 自員工宿舍）。 於2025年9月4日，鑒於部份現有前海灣花園租賃協議期限屆滿以及為迎合僱員 住房及倉儲的新增需求，前海灣置業分別與(i)招商物管、(ii)赤灣集裝箱碼頭 ...

中金发布研报称，维持招商局港口(00144)2025年净利润基本不变，首次引入2026年净利润77亿港元， 当前股价对应8.2倍2025年市盈率和8.0倍2026年市盈率。维持跑赢行业评级，由于2025年存在较大非经 常亏损，该行基于2026年盈利进行估值，上调目标价13.8%至16.5港元/股，目标价对应9.3倍2025年市盈 率和9.0倍2026年市盈率，较当前股价持有12.8%的上行空间，公司当前股价对应2025/2026年5.4%/5.9% 股息率，具有一定吸引力。 中金主要观点如下： 1H25业绩低于该行预期 公司公布1H25业绩：收入64.57亿港元，同比+11.4%，归母净利润35.84亿港元，对应每股基本盈利 0.854港元，同比-19.5%，公司业绩低于该行预期，主要由于来自参股公司上港集团（600018）贡献投 资收益减少，因上港集团联营公司邮储银行（601658）上半年增发股份后上港集团持股比例稀释，在港 股会计准则下导致投资收益减少，但该影响为一次性影响且不影响公司现金流，若不考虑该一次性非经 营亏损，公司港口主业收入及利润增速好于该行预期，主要因公司港口主业吞吐量超预期。上半年公司 ...

智通财经APP获悉，中金发布研报称，维持招商局港口(00144)2025年净利润基本不变，首次引入2026年 净利润77亿港元，当前股价对应8.2倍2025年市盈率和8.0倍2026年市盈率。维持跑赢行业评级，由于 2025年存在较大非经常亏损，该行基于2026年盈利进行估值，上调目标价13.8%至16.5港元/股，目标价 对应9.3倍2025年市盈率和9.0倍2026年市盈率，较当前股价持有12.8%的上行空间，公司当前股价对应 2025/2026年5.4%/5.9%股息率，具有一定吸引力。 上半年公司主要控股海外码头集装箱吞吐量增速亮眼，公司通过开发引入新集装箱航线，斯里兰卡 HIPG码头集装箱吞吐量同比+542.9%，此外公司通过对部分海外码头进行设备升级带来业务量增长，如 西非TCP码头上半年集装箱货量同比+24.6%。向后看该行认为随着海外港口腹地经济增长及公司持续赋 能运营，海外港口业务量有望实现长期较高增长。 中金主要观点如下： 1H25业绩低于该行预期 公司精益化运营效果显著，1H25成本费用同比下降 公司通过优化港口作业流程、提升自动化比例及费用管控，上半年成本费用率同比下降，1H25毛利率 ...

该行维持2025年净利润基本不变，首次引入2026年净利润77亿港元，当前股价对应8.2倍2025年市盈率 和8.0倍2026年市盈率，维持"跑赢行业"评级；由于2025年存在较大非经常亏损，中金基于2026年盈利 进行估值，上调目标价13.8%至16.5港元。 中金发表研究报告指，招商局港口上半年港口主业表现亮眼，收入64.57亿港元，按年增11.4%；归母净 利润35.84亿港元，对应每股基本盈利85.4港仙，按年跌19.5%。向后看，中金认为随着海外港口腹地经 济增长及公司持续赋能营运，海外港口业务量有望实现长期较高增长。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 招商局港口控股有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00144 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 4,198,009,186 | | 0 | | 4,198,009,186 | | 增加 / 減 ...

Core Viewpoint - UBS reports that China Merchants Port (00144) experienced a 5% year-on-year decline in recurring net profit for the first half, which was below expectations, primarily due to a drop in profit contributions from Shanghai International Port Group, although it still reached approximately 51% of the full-year forecast [1] Group 1 - The management anticipates a low single-digit growth in port throughput for the full year [1] - Overseas port throughput is expected to continue to improve [1] - UBS maintains a "Buy" rating for China Merchants Port, slightly lowering the target price from HKD 17.5 to HKD 17.4 [1] Group 2 - The recurring net profit forecast for the year has been adjusted downwards by 1% [1]

Core Viewpoint - UBS reported that China Merchants Port (00144) experienced a 5% year-on-year decline in recurring net profit, which was below their expectations, primarily due to a decrease in profit contribution from Shanghai International Port Group, although it still reached approximately 51% of the annual forecast [1] Group 1: Financial Performance - The recurring net profit of China Merchants Port fell by 5% year-on-year [1] - The performance was lower than UBS's expectations, attributed to reduced profit contributions from Shanghai International Port Group [1] - Despite the decline, the profit still met about 51% of the annual forecast [1] Group 2: Future Outlook - Management anticipates low single-digit growth in port throughput for the year [1] - Overseas port throughput is expected to continue increasing [1] Group 3: Analyst Recommendations - UBS maintains a "Buy" rating for China Merchants Port [1] - The target price has been slightly reduced from HKD 17.5 to HKD 17.4 [1] - The forecast for recurring net profit for the year has been adjusted downwards by 1% [1]

Core Viewpoint - Huatai Securities reported that China Merchants Port's revenue for the first half of the year was HKD 6.46 billion, an increase of 11.4% year-on-year, while net profit was HKD 3.58 billion, a decrease of 19.5% year-on-year [1] Group 1: Financial Performance - Revenue for the first half of the year reached HKD 6.46 billion, reflecting an 11.4% year-on-year growth [1] - Net profit for the same period was HKD 3.58 billion, showing a year-on-year decline of 19.5% [1] Group 2: Future Outlook - Despite macroeconomic uncertainties, the company is expected to maintain stable performance in its core port operations in the second half of the year [1] - The long-term outlook remains positive due to the company's overseas terminal layout, which is anticipated to benefit from industry restructuring and drive steady growth in overall throughput [1] Group 3: Profit Forecast Adjustments - The company’s net profit forecasts for 2025 to 2027 have been revised down by 5%, 4%, and 4% respectively, to HKD 7.3 billion, HKD 7.86 billion, and HKD 8.51 billion [1] - The target price has been raised from HKD 15.6 to HKD 17.4 based on a 10 times price-to-earnings ratio for the fiscal year 2025, considering the growth potential from the overseas terminal layout [1]