Core Viewpoint - Shenzhen International (00152) announced that its associate company, Shenzhen Airlines, plans to raise a total of RMB 16 billion through a phased capital increase, in which the group will not participate [1] Group 1: Capital Increase Details - The capital increase will be implemented in two phases. In the first phase, Shenzhen Airlines intends to introduce a new investor through a public listing, with its controlling shareholder, China International Airlines (601111), and the new investor contributing approximately RMB 4.082 billion [1] - Upon completion of the first phase, the group's stake in Shenzhen Airlines is expected to be diluted from 49% to approximately 28.09%, while China International Airlines will maintain a 51% stake, and the new investor will hold no more than 20.91% [1] - The subsequent phase of capital increase will depend on Shenzhen Airlines' funding needs and resolutions from its shareholders' meeting [1] Group 2: Strategic Implications - The group believes that not participating in the capital increase will help concentrate resources on its core business, enhancing focus and management of main operations, and effectively optimizing overall resource allocation efficiency [1] - The decision not to participate in this capital increase is not expected to have any significant impact on the group's normal operations and financial condition [1] - Shenzhen Airlines will continue to be classified as an associate company of the group [1]

Core Viewpoint - Shenzhen International (00152) announced that its associate company, Shenzhen Airlines, plans to raise a total of RMB 16 billion through a phased capital increase, in which the group will not participate [1] Group 1: Capital Increase Details - The capital increase will be implemented in two phases. In the first phase, Shenzhen Airlines intends to introduce a new investor through a public listing, with the controlling shareholder, China International Airlines (China National Aviation), and the new investor contributing approximately RMB 4.082 billion [1] - Upon completion of the first phase, the group's stake in Shenzhen Airlines is expected to be diluted from 49% to approximately 28.09%, while China National Aviation will maintain a 51% stake, and the new investor will hold no more than 20.91% [1] - The subsequent phase of capital increase will depend on Shenzhen Airlines' funding needs and resolutions from its shareholders' meeting [1] Group 2: Strategic Implications - The group believes that not participating in this capital increase will help concentrate resources on its core business, enhancing focus and management of main operations, and effectively optimizing overall resource allocation efficiency [1] - The decision not to participate in the capital increase will not have any significant impact on the group's normal operations and financial status [1] - Shenzhen Airlines will continue to be classified as an associate company of the group [1]

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之內容概不負責， 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之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00152） 自願性公告 聯營公司增資擴股 深圳國際控股有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）作出此自願公告，以知會本公司股東及潛在投資者有關本集團 近期發展之最新消息。 本公司的聯營公司深圳航空有限責任公司（「深圳航空」）擬分階段 進行增資擴股合共人民幣 160 億元（「本次增資」），本集團將不參與 本次增資。 本次增資擬分兩階段實施。第一階段，深圳航空擬通過公開掛牌方式 引入一名新投資者，由其控股股東中國國際航空股份有限公司(「中國 國航」)及新投資者合共增資約人民幣 40.82 億元。若第一階段增資完 成，預計本集團所持深圳航空的股權將由 49%攤薄至約 28.09%，中國 國航持有深圳航空的股權將維持 51%，新投資者持有深圳航空的股權 將不高於 20.91%。後續階段，中國國航及新投資者將根據深圳航空的 資金需求及其股東會決議情況進 ...

Investment Rating - The report maintains a "Buy" rating for Shenzhen International [2][19] Core Views - The company reported a half-year revenue of HKD 6.67 billion, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of HKD 490 million, a decrease of 24.9% year-on-year. The decline in profit is primarily due to the absence of tax income from the REITs in the first half of 2025, which was recorded in the first half of 2024 [9] - The logistics park transformation project is expected to provide significant profit elasticity, with estimated after-tax income contributions exceeding HKD 156.58 billion over the project's lifespan [9] - The company has optimized its debt structure, reducing financial costs, and continues to focus on enhancing operational efficiency and risk management [9] Financial Data and Profit Forecast - Revenue projections for Shenzhen International are as follows: - 2023: HKD 20,524 million - 2024: HKD 15,571 million - 2025E: HKD 16,007 million - 2026E: HKD 16,488 million - 2027E: HKD 17,159 million - Net profit attributable to shareholders is projected to grow from HKD 1,902 million in 2023 to HKD 3,925 million by 2027, reflecting a compound annual growth rate [6][10] - The earnings per share (EPS) is expected to increase from HKD 0.80 in 2023 to HKD 1.60 in 2027, indicating a positive trend in profitability [6][10]

Core Viewpoint - CICC maintains the profit forecast for Shenzhen International (00152) for 2025 and 2026, with a target price of HKD 9.38, indicating a potential upside of 23.8% from the current stock price [1] Group 1: Financial Performance - The company's 1H25 performance met expectations, with revenue of HKD 6.67 billion, a year-on-year increase of 0.9%, and a net profit of HKD 490 million, down 24.9% year-on-year, primarily due to a one-time tax benefit from the previous year [2] - Revenue from the toll road and environmental protection business remained stable, with toll road revenue at HKD 2.64 billion, essentially flat year-on-year, while the environmental protection business saw a 2% increase to HKD 810 million, achieving a net profit of HKD 95.32 million [3] Group 2: Business Segments - The logistics and port business faced challenges, with logistics park revenue up 5% to HKD 790 million, but net profit down 90% to HKD 55.91 million due to high base effects from the previous year [3] - Port revenue decreased by 13% to HKD 1.39 billion, with net profit down 72% to HKD 1.204 million, attributed to slowing market demand and increased competition [3] Group 3: Future Outlook - The logistics park's closed-loop model is expected to continue contributing to performance, with projected tax-adjusted gains of HKD 2.367 billion from the first phase of the South China logistics park [4] - The company aims to enhance cash flow through public REIT expansions and private fund issuances, leveraging asset appreciation [4] Group 4: Dividend Policy - The company has a stable dividend policy, with an average payout ratio of 51% over the past five years, leading to an attractive dividend yield of 9.7% for 2025/2026 based on profit forecasts [5]

Core Viewpoint - CICC maintains the profit forecast for Shenzhen International (00152) for 2025 and 2026, with a target price of HKD 9.38, indicating a potential upside of 23.8% from the current stock price [1] Financial Performance - The company reported 1H25 revenue of HKD 6.67 billion, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of HKD 490 million, down 24.9%, aligning with CICC's expectations [2] - The decline in net profit is primarily due to a one-time tax benefit of approximately HKD 587 million recognized in the same period last year [2] Business Segment Analysis - **Toll Roads and Environmental Protection**: - 1H25 toll road revenue was HKD 2.64 billion, roughly flat year-on-year, but up 4% after excluding one-off impacts, driven by revenue growth from Jiangjiang Expressway and Jihe Expressway [3] - Environmental protection revenue increased by 2% to HKD 810 million, achieving a net profit of HKD 95.32 million [3] - **Logistics and Port Operations**: - Logistics park revenue rose by 5% to HKD 790 million, but net profit attributable to shareholders fell by 90% to HKD 55.91 million due to high base effects from last year's public REIT issuance [3] - Logistics services revenue surged by 47% to HKD 200 million, with a loss of HKD 47.98 million attributed to structural adjustments and rising operational costs [3] - Port revenue decreased by 13% to HKD 1.39 billion, with net profit down 72% to HKD 1.204 million, impacted by slowing market demand and increased depreciation costs from the Jingjiang Port project [3] - Logistics park transformation generated revenue of HKD 68.74 million, with a profit of HKD 200 million, benefiting from property sales in the Qianhai residential project [3] Future Outlook - The logistics park's large closed-loop model is expected to continue contributing to performance, with anticipated tax-adjusted gains of HKD 2.367 billion from the first phase of the South China logistics park [4] - The transformation of the South China logistics park is projected to gradually release land appreciation and development gains over the next 6-8 years [4] - The company plans to continue promoting public REIT expansions and private fund issuances to achieve cash flow and value appreciation [4] Dividend Policy - The company maintains a stable dividend policy, with an average payout ratio of 51% over the past five years, leading to an attractive dividend yield of 9.7% for 2025/2026 based on a 50% payout assumption [5]

Core Viewpoint - Shenzhen International's stock dropped over 7% following the release of its interim results, reflecting market concerns over its profitability and dividend sustainability [1] Financial Performance - The company reported a revenue of HKD 6.67 billion for the first half of the year, remaining flat compared to the same period last year [1] - Shareholder profit decreased by 25% year-on-year to approximately HKD 490 million, primarily due to the absence of tax income from two logistics port projects that contributed HKD 587 million in the previous year [1] - The company did not declare an interim dividend [1] Market Outlook - Shenwan Hongyuan previously indicated that the transformation and upgrade of logistics parks in South China will continue to enhance performance over the next 6-8 years [1] - The successful securitization of logistics port assets is expected to improve capital recovery, supporting stable growth in company performance [1] - Concerns over the sustainability of dividends have led to a downward adjustment in the company's valuation, but with stable dividends, land appreciation, and successful asset securitization, there is potential for valuation recovery to historical averages [1]

Core Viewpoint - Shenzhen International's stock dropped over 7% following the release of its interim results, reflecting concerns over declining profits and lack of interim dividends [1] Financial Performance - The company reported a revenue of HKD 6.67 billion for the first half of the year, remaining flat compared to the same period last year [1] - Shareholder profit decreased by 25% year-on-year to approximately HKD 490 million, primarily due to the absence of tax income from two logistics port projects that contributed HKD 587 million in the previous year [1] - The company did not declare an interim dividend for this period [1] Future Outlook - Shenwan Hongyuan previously indicated that the transformation and upgrading of logistics parks in South China will continue to drive performance over the next 6-8 years, alongside asset securitization of logistics ports to enhance capital recovery [1] - The market's previous valuation adjustments were mainly due to concerns over the sustainability of dividends; however, with stable dividends, land appreciation, and successful asset securitization, the company is expected to maintain dividends and potentially restore valuations to historical averages [1]

Group 1 - The company, Shenzhen International (00152.HK), reported total revenue of approximately HKD 6.67 billion for the six months ending June 30, 2025, which remained flat compared to the same period last year [1] - The profit attributable to shareholders decreased by 25% year-on-year to approximately HKD 490 million, primarily due to the absence of tax income from two logistics port projects that were included in a fund last year, which generated a post-tax income of about HKD 587 million [1]

Group 1: Financial Performance - Shenzhen International reported a revenue of HKD 6.67 billion for the first half of 2025, representing a year-on-year increase of 0.9% [1] - The profit attributable to shareholders was HKD 490 million, a decrease of 24.9% compared to the same period last year [1] - Basic earnings per share were HKD 0.2 [1] Group 2: Logistics Business - The logistics segment generated revenue of approximately HKD 987 million, up 12% year-on-year, due to the operational contribution from several logistics port projects [1] - The logistics park transformation and upgrade business achieved revenue of about HKD 68.74 million, a 9% increase from the previous year, primarily due to improved leasing conditions in the South China Digital Valley [2] - The profit attributable to shareholders from the logistics business decreased by 98% to approximately HKD 7.93 million due to the absence of income from the "investment, construction, and management" model [1] Group 3: Port and Related Services - Revenue from port and related services fell by 13% to approximately HKD 1.394 billion, mainly due to reduced income from the supply chain business as a result of falling coal prices and overall market demand slowdown [3] - The profit attributable to shareholders from this segment decreased by 72% to approximately HKD 12.04 million, impacted by increased depreciation and amortization costs from new project launches and intensified competition in the domestic port industry [3] Group 4: Infrastructure and Environmental Business - The overall revenue from Shenzhen Expressway Group, a non-wholly owned subsidiary, was approximately HKD 4.22 billion, a 4% increase year-on-year [3] - Net profit for Shenzhen Expressway increased by 21% to approximately HKD 1.114 billion, benefiting from changes in the fair value of financial assets and significantly reduced financial costs [3] - The profit attributable to shareholders from Shenzhen Expressway rose by 12% to approximately HKD 484 million [3]