Group 1 - The shipping and port stocks are experiencing a strong upward trend, with notable increases in companies such as COSCO Shipping Development (中远海发) rising over 8% and Pacific Shipping (太平洋航运) increasing by 4.6% [1][2] - Container shipping booking volumes from China to the U.S. have surged nearly 300% following a trade "truce" between China and the U.S., indicating a significant rebound in freight volumes [2][3] - Analysts predict a substantial increase in Chinese exports over the next three months, driven by a clear window for reduced import costs for U.S. importers, leading to a rush in shipments [3]

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

Financial Performance - Revenue for the first quarter of 2025 increased by 14.7% to $381.5 million compared to $332.7 million in 2024[5] - Gross profit rose by 20.2% to $105.2 million, up from $87.6 million year-on-year[5] - Profit attributable to equity holders surged by 33.5% to $83.9 million, compared to $62.9 million in the previous year[5] - The company's operating profit for the first quarter was $67.3 million, up from $50.7 million in the same period last year[9] - The basic earnings per share increased by 26.7% to 2.23 cents, compared to 1.76 cents in the previous year[10] Throughput and Operations - Total throughput increased by 7.5% to 35,748,931 TEUs, with equity throughput rising by 5.3% to 11,059,655 TEUs[6] - Total throughput for Q1 2025 reached 35,748,931 TEUs, an increase of 7.5% compared to Q1 2024's 33,262,222 TEUs[12] - In China, total throughput rose by 7.7% to 27,172,274 TEUs, accounting for 76.0% of the group's total throughput[13] - The equity throughput in China increased by 3.8% to 7,792,315 TEUs, representing 70.5% of the group's equity throughput[13] - The Bohai Rim region's total throughput grew by 6.7% to 12,393,067 TEUs, making up 34.7% of the group's total throughput[14] - The Yangtze River Delta region saw a total throughput increase of 6.9% to 4,098,231 TEUs, contributing 11.4% to the group's total throughput[15] - The Pearl River Delta region's total throughput surged by 10.2% to 7,099,753 TEUs, accounting for 19.9% of the group's total throughput[18] - The overseas region's total throughput increased by 6.7% to 8,576,657 TEUs, representing 24.0% of the group's total throughput[20] - The total bulk cargo throughput for the three months ended March 31, 2025, was 112,166,691 tons, down 3.0% from 115,693,626 tons in the same period of 2024[24] - The total automobile throughput decreased by 23.7% to 120,999 units from 158,620 units year-on-year[24] - The total refrigerated pallet throughput at Reefer Terminal S.p.A. fell by 20.3% to 71,382 pallets from 89,588 pallets in the previous year[24] Assets and Liabilities - Total assets as of March 31, 2025, reached $12.35 billion, an increase from $12.02 billion at the end of 2024[7] - Total liabilities increased to $5.28 billion from $4.98 billion year-on-year[8] - Cash and cash equivalents rose to $1.16 billion, up from $1.01 billion in the previous year[7] Strategic Plans - The company plans to continue disclosing quarterly financial and business performance to enhance transparency and accountability[3] - The company plans to optimize global resource allocation and enhance service capabilities at key hub ports to build a more resilient global terminal network[22] - The company aims to deepen lean innovation operations to improve service quality and customer satisfaction while controlling costs through technological innovation[22] - The company is focused on accelerating the cultivation of new port productivity, emphasizing "digital intelligence" and "green low-carbon" initiatives for high-quality development[22]

Group 1 - China Merchants Port plans to expand its overseas terminal acquisitions, focusing on investments in South America, Africa, and Southeast Asia [1] - The total throughput of the company's controlled terminals increased by 6.2% to 32.655 million TEUs, while non-controlled terminals saw a 6% rise to 111 million TEUs [1] - The group's equity throughput rose by 4.5% to 45.318 million TEUs last year [1] Group 2 - CK Hutchison has reached a preliminary agreement with a consortium led by BlackRock to sell its entire stake in Hutchison Port Holdings and Hutchison Port Group, which together control 80% of Hutchison Port Group's global interests [2] - The transaction involves assets covering 43 ports across 23 countries in Asia, Europe, and the Americas, including 199 berths and associated smart terminal management systems [2] - The total asset value of the sale is approximately $22.765 billion [2] Group 3 - Legal experts suggest that the agreement is difficult to overturn, as it does not involve mainland and Hong Kong ports, indicating prior consideration of potential impacts [3] - The timing of the agreement coincides with Trump's announcement of global tariffs, making it challenging to halt the sale [3] Group 4 - Recent commentary in Hong Kong media has criticized CK Hutchison's decision, questioning the motivations behind the rapid agreement with BlackRock [4] - The ports generated HKD 45.282 billion in revenue last year, reflecting an 11% increase compared to 2023, suggesting potential for higher sale prices through competitive bidding [4] Group 5 - China Merchants, as the world's second-largest shipping company, appears poised to acquire CK Hutchison's ports to enhance China's influence in global shipping [5] - The Trump administration is expected to take measures to prevent Chinese companies from acquiring strategic assets [5]

Financial Performance - Revenue for the year ended December 31, 2024, increased by 3.3% to $1,502.99 million compared to $1,454.35 million in 2023[5] - Profit attributable to equity holders of the company decreased by 4.8% to $308.82 million from $324.56 million in the previous year[11] - The company’s basic earnings per share decreased by 8.9% to 8.50 cents from 9.33 cents in 2023[11] - Operating profit for the year was $267.12 million, a decrease from $274.82 million in 2023[11] - The total comprehensive income for the year was $288.57 million, down from $366.20 million in 2023[13] - The profit attributable to the company's equity holders for 2024 was $308,816,000, a decrease of 4.8% compared to $324,557,000 in 2023[55] - Total profit from both controlling and non-controlling terminals in 2024 was $424,426,000, down 1.7% from $431,601,000 in 2023[56] - Profit from controlling terminals was $103,137,000 in 2024, a significant decline of 22.4% from $132,871,000 in 2023[56] - The profit from Xiamen Yuanhai Container Terminal decreased to $36,109,000 in 2024 from $40,408,000 in 2023, a reduction of $4,299,000[56] - The profit from Piraeus Container Terminal fell to $29,002,000 in 2024, down 38.5% from $47,165,000 in 2023[56] Revenue and Throughput - Total throughput increased by 6.1% year-on-year to 144,032,722 TEUs, with equity throughput rising by 4.5% to 45,318,318 TEUs[5] - The total throughput for the company in 2024 is projected to reach 144,032,722 TEUs, representing a 6.1% increase from 2023[89] - The total throughput in the China region increased by 6.5% to 109,808,199 TEUs, accounting for 76.2% of the group's total throughput[77] - The Yangtze River Delta region saw a significant increase in total throughput by 13.1% to 16,484,202 TEUs, representing 11.4% of the group's total[79] - The overseas region's total throughput rose by 4.5% to 34,224,523 TEUs, making up 23.8% of the group's total[83] - The Bohai Rim region's total throughput increased by 6.4% to 49,550,213 TEUs, accounting for 34.4% of the group's total[78] - The total throughput in the Southwest Coast region increased by 12.4% to 9,015,200 TEUs, representing 6.2% of the group's total[82] Assets and Equity - Total assets as of December 31, 2024, amounted to $12,021.39 million, up from $11,931.88 million in 2023[9] - The company’s total equity increased to $7,045.25 million from $6,842.53 million in the previous year[9] - The total segment assets as of December 31, 2024, were $12,021,386,000, an increase from $11,931,881,000 as of December 31, 2023[23] Expenses and Financial Management - The company’s financial expenses decreased to $152.45 million from $171.19 million in the previous year[11] - The group's total sales cost for 2024 was $1,086,164,000, reflecting a 5.1% increase from $1,033,491,000 in 2023[59] - Administrative expenses rose slightly by 2.5% to $168,776,000 in 2024 from $164,596,000 in 2023[60] - The group's financial expenses decreased by 10.9% to $152,451,000 in 2024, down from $171,189,000 in 2023[62] - Net financial expenses decreased to $123,248 thousand in 2024 from $143,191 thousand in 2023, a reduction of 13.91%[40] Dividends - The company declared an interim dividend of 1.560 cents, down 10.6% from 1.744 cents in 2023[4] - The second interim dividend for 2024 is set at 14.2 HK cents per share, compared to 15.5 HK cents in 2023[50] Taxation - The company reported a tax expense of $73,057,000 for the year ended December 31, 2024, compared to a tax expense of $35,206,000 in the previous year[26] - The total tax expense for 2024 was $(73,057,000), significantly higher than $(35,206,000) in 2023[8] Strategic Initiatives - The company aims to enhance its global network service efficiency and invest in emerging markets and regional markets[85] - The company is focusing on "digital intelligence" and "green low-carbon" initiatives to foster new productivity in ports[87] - The company plans to strengthen its supply chain resources through investments or acquisitions in the global industry chain[85] - The company is committed to building smart green ports and expanding clean energy applications[87] Sustainability and Governance - The company is committed to sustainable development, focusing on energy-saving measures and achieving carbon neutrality, as part of its "GRAND" sustainability framework[104] - The company has established a cybersecurity committee and a data management committee to enhance overall protection capabilities and accelerate data governance, aiming to realize the value of data assets[105] - The company has launched the world's first "Port Digital Twin Integrated Energy Management Platform," integrating energy management with digital twin technology to promote green low-carbon development strategies[107] - The company completed a qualitative analysis of climate scenarios and a carbon emission inventory for Scope 3, aiming to enhance climate resilience and adaptability[106] - The company is committed to sustainable procurement principles, implementing strict screening processes for suppliers and gradually strengthening ESG requirements to ensure long-term sustainability of the supply chain[106] - The company actively participates in ecological environment protection and promotes the recycling of wastewater and waste[108] - The company aims for a "zero harm" health and safety goal, providing diverse training and development opportunities to create a safe and harmonious work environment[110] - The company has been recognized as one of the national near-zero carbon terminal pilot projects, reflecting its commitment to environmental protection[106] - The company emphasizes the importance of biodiversity protection, with employees participating in coral exploration activities organized by the World Wildlife Fund[108] Awards and Recognition - The company received multiple awards in 2024, including "Best Port Operator" and "Best Investor Relations Company" from International Business magazine, highlighting its operational excellence and governance practices[101] - The company engaged with 274 institutions and 348 investors and analysts throughout the year, enhancing its investor relations and diversifying its shareholder base[103] Future Outlook - The company forecasts a GDP growth of 5.0% in 2024, significantly higher than the global estimate of around 3.0%[84]

Summary of Conference Call on Port Assets Industry Overview - The conference call discusses the impact of Li Ka-shing's CK Hutchison Group selling its port assets, which has garnered significant market attention. The deal, valued at $22.81 billion, involves the sale of core global port operations across 23 countries, including key ports at both ends of the Panama Canal, which are strategically important for global shipping networks [2][3]. Key Points and Arguments - **CK Hutchison Group's Sale**: The sale includes 43 ports and associated smart terminal management systems and global logistics networks, highlighting the strategic importance of these assets for trade, especially for China, which is the second-largest customer of the Panama Canal [2]. - **China Merchants Port's Overseas Investments**: China Merchants Port has invested in nine overseas port companies along the Belt and Road Initiative, with significant assets in Sri Lanka, Togo, Indonesia, and Brazil. In 2024, the container throughput for China Merchants Group's overseas terminals is projected to reach 37.363 million TEUs, a year-on-year increase of 9.7% [2][4]. - **COSCO Shipping Ports' Global Presence**: COSCO Shipping Ports controls 15 terminals globally, with significant operations in Europe, the Mediterranean, the Middle East, Southeast Asia, South America, and Africa. The Piraeus F4 terminal in Greece is noted as the largest container terminal in Greece and a major transshipment hub in the Eastern Mediterranean. In the first half of 2024, overseas business revenue accounted for 50.3% of COSCO's total revenue [2][5]. - **Recent Acquisitions**: In March 2025, China Merchants Group acquired a 51% stake in Indonesia's NPH Company for $6.122 million, which operates the largest container terminals in Jakarta. Additionally, a 70% stake in Brazil's Vistabay was acquired, which handles 560,000 barrels of crude oil daily [2][6]. - **Valuation and Dividend Potential**: The port sector is currently undervalued but shows high dividend potential. China Merchants is expected to have a dividend yield of 3.1% in 2024, while Shanghai Port is projected at 3.3%. H-shares for China Merchants and COSCO are expected to yield 5% and 5.8%, respectively. As capital expenditures decrease, companies are likely to increase their dividend payouts [2][7]. - **Market Response**: Following the announcement of the asset sale, shares of companies with overseas port assets, such as China Merchants Port, have seen significant increases, including a trading halt due to price surges, indicating market recognition of the value of port assets [2][3]. Other Important Insights - **Regional Performance Variability**: The Piraeus F4 terminal experienced a 12.9% year-on-year decline in total throughput in the first half of 2024 due to regional events, while other terminals in regions like Zeebrugge and Spain showed significant growth, indicating a mixed performance landscape across different geographical areas [2][5]. - **Strategic Resource Value**: The conference emphasized the increasing value of strategic resources in the context of global competition, suggesting that investors should pay attention to opportunities in companies like China Merchants and COSCO [2][7].

Financial Performance - Revenue for Q3 2024 rose by 11.2% to $398,958,000 compared to Q3 2023[2] - Profit attributable to equity holders decreased by 1.7% year-on-year to $81,859,000 in Q3 2024[2] - Revenue for the first nine months of 2024 increased by 5.8% to $1,108,769,000[3] - Profit attributable to equity holders for the first nine months decreased by 5.4% to $221,074,000[3] - Basic earnings per share for Q3 2024 decreased by 6.3% to 2.23 cents[2] Throughput Statistics - Total throughput increased by 5.1% year-on-year to 37,408,836 TEUs in Q3 2024[1] - Total throughput for the first nine months of 2024 increased by 7.1% to 107,267,337 TEUs[1] - The total throughput for the group as of September 30, 2024, was 37,408,836 TEUs, representing a 5.1% increase compared to 35,603,127 TEUs in the same period of 2023[18] - Total throughput in overseas regions increased by 4.0% year-on-year to 8,805,524 TEUs for the three months ending September 30, 2024, accounting for 23.5% of the group's total throughput[16] - Total throughput for the group for the nine months ending September 30, 2024, was 107,267,337 TEUs, up 7.1% from 100,175,999 TEUs in the same period of 2023[18] Regional Performance - In the Yangtze River Delta region, total throughput surged by 13.3% to 4,272,419 TEUs for the three months ended September 30, 2024, compared to 3,770,354 TEUs in the same period of 2023[12] - The total throughput in the Bohai Rim region increased by 5.1% to 12,889,080 TEUs for the three months ended September 30, 2024, compared to 12,261,670 TEUs in the same period of 2023[11] - The total throughput in the Pearl River Delta region rose by 4.4% to 7,712,337 TEUs for the three months ended September 30, 2024, compared to 7,390,310 TEUs in the same period of 2023[14] - The total throughput in the Southeast Coast and other regions decreased by 5.6% to 1,480,876 TEUs for the three months ended September 30, 2024, compared to 1,569,452 TEUs in the same period of 2023[13] - The total throughput for the Bohai Rim region reached 12,889,080 TEUs for the three months ending September 30, 2024, up 5.1% from 12,261,670 TEUs in the same period of 2023[18] Equity Throughput - The equity throughput for the three months ended September 30, 2024, was 11,736,527 TEUs, reflecting a 2.9% increase from 11,407,984 TEUs in the same period of 2023[9] - Equity throughput in overseas regions rose by 4.3% year-on-year to 3,423,585 TEUs, representing 29.2% of the group's equity throughput[16] - The equity throughput in the Yangtze River Delta region increased by 17.2% to 1,243,783 TEUs for the three months ended September 30, 2024, compared to 1,061,308 TEUs in the same period of 2023[12] - The equity throughput in the Bohai Rim region rose by 3.8% to 3,490,715 TEUs for the three months ended September 30, 2024, compared to 3,362,406 TEUs in the same period of 2023[11] Terminal Performance - Piraeus Container Terminal's total throughput decreased by 3.8% year-on-year to 1,149,158 TEUs due to route diversions around the Cape of Good Hope[16] - CSP Abu Dhabi Terminal's total throughput increased by 41.9% year-on-year to 475,604 TEUs, driven by the introduction of new shipping routes[16] - Qingdao Port International Co., Ltd. reported a throughput of 8,300,000 TEUs for the three months ending September 30, 2024, reflecting a 6.0% increase from 7,830,000 TEUs in the same period of 2023[18] - Dalian Container Terminal Co., Ltd. achieved a throughput of 1,357,989 TEUs for the three months ending September 30, 2024, marking a 12.9% increase from 1,202,732 TEUs in the same period of 2023[18] Strategic Initiatives - The overall throughput for the first three quarters increased by 7.1% year-on-year, supported by the integration strategy with the parent company[17] - Global trade is expected to continue its recovery, with increasing trade relations with emerging markets in ASEAN and Latin America[17] - The company plans to enhance service capabilities at key hub ports, including CSP Wuhan, Piraeus, and CSP Abu Dhabi[17] - Focus on innovation and digital transformation to improve core competitiveness and promote high-quality development[17] - Commitment to green port construction and upgrading energy structures to build a green port ecosystem[17] Miscellaneous - The financial data presented is unaudited and should not be relied upon for investment decisions as of September 30, 2024[21] - The board of directors includes a mix of executive and independent non-executive members, ensuring diverse oversight[21] - Investors are advised to consult professional advisors regarding their personal investment situations[21]

[Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) In H1 2024, the company's revenue increased by 3.0% to $709.8 million, but profit attributable to equity holders decreased by 7.4% to $139.2 million, with basic earnings per share down 10.6%; gross margin remained stable, slightly decreasing by 0.1 percentage points to 28.0% H1 2024 Financial Highlights | Metric | H1 2024 (USD Million) | H1 2023 (USD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 709.8 | 688.9 | +3.0 | | Gross Profit | 198.6 | 193.8 | +2.5 | | Gross Margin (%) | 28.0 | 28.1 | –0.1 percentage points | | Share of Profits from Joint Ventures and Associates | 155.4 | 153.6 | +1.1 | | Profit Attributable to Equity Holders of the Company | 139.2 | 150.3 | –7.4 | | Basic Earnings Per Share (US Cents) | 3.90 | 4.36 | –10.6 | [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) [Overall Business Performance](index=6&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E5%8B%99%E8%A1%A8%E7%8F%BE) In H1 2024, the Group's total throughput increased by 8.2% to 69.86 million TEUs, driven by global trade recovery and China's foreign trade policies, with both controlled and non-controlled terminals achieving approximately 8% growth, and equity throughput growing by 6.3% H1 2024 Throughput Overview | Throughput Type | H1 2024 (TEU) | H1 2023 (TEU) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Throughput** | **69,858,501** | **64,572,872** | **+8.2** | | Total Throughput of Controlled Terminals | 15,914,213 | 14,731,490 | +8.0 | | Total Throughput of Non-Controlled Terminals | 53,944,288 | 49,841,382 | +8.2 | | **Equity Throughput** | **22,049,306** | **20,751,365** | **+6.3** | | Equity Throughput of Controlled Terminals | 9,653,624 | 9,074,454 | +6.4 | | Equity Throughput of Non-Controlled Terminals | 12,395,682 | 11,676,911 | +6.2 | - Business growth benefited from improved external demand and domestic foreign trade stabilization policies, with China's total goods trade import and export value increasing by **6.1%** year-on-year in the first half[9](index=9&type=chunk) [Regional Business Review](index=7&type=section&id=%E5%88%86%E5%9C%B0%E5%8D%80%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) China's terminal business showed strong performance with total throughput increasing by 9.5%, notably in the Yangtze River Delta and Southwest Coastal regions; overseas total throughput grew by 4.1%, with the company effectively mitigating the Red Sea incident's impact on Piraeus Terminal by coordinating transshipments to other European terminals, while CSP Abu Dhabi Terminal saw rapid growth [China Region](index=7&type=section&id=%E4%B8%AD%E5%9C%8B%E5%9C%B0%E5%8D%80) Total throughput in the China region increased by 9.5%, accounting for 76.3% of the Group's total, with all major port clusters growing, most strongly in the Yangtze River Delta (+14.1%) and Southwest Coastal regions (+19.8%), driven by foreign trade route recovery and RCEP policy benefits - Total throughput in the China region increased by **9.5%** year-on-year to **53.34 million TEUs**, accounting for **76.3%** of the Group's total throughput[13](index=13&type=chunk) - Total throughput in the Yangtze River Delta region increased by **14.1%** year-on-year, with Nantong Tonghai Terminal (+**46.8%**) and CSP Wuhan Terminal (+**38.8%**) showing significant growth[15](index=15&type=chunk) - Total throughput in the Southwest Coastal region increased by **19.8%** year-on-year, primarily benefiting from RCEP policy dividends and increased economic and trade cooperation with ASEAN[18](index=18&type=chunk) [Overseas Region](index=7&type=section&id=%E6%B5%B7%E5%A4%96%E5%9C%B0%E5%8D%80) Total throughput in the overseas region increased by 4.1%; despite a 12.9% decline at Piraeus Terminal due to the Red Sea incident, the company effectively offset this by diverting cargo to CSP Zeebrugge Terminal (+8.7%) and CSP Spain-related companies (+13.2%), while CSP Abu Dhabi Terminal saw a significant 35.7% increase due to new routes - Total throughput in the overseas region increased by **4.1%** year-on-year to **16.52 million TEUs**, accounting for **23.7%** of the Group's total throughput[19](index=19&type=chunk) - Due to the Red Sea incident, Piraeus Terminal's total throughput decreased by **12.9%** year-on-year; the company mitigated this by coordinating cargo transshipment to CSP Zeebrugge Terminal and CSP Spain-related companies, driving their throughput growth by **8.7%** and **13.2%** respectively[19](index=19&type=chunk) - CSP Abu Dhabi Terminal's total throughput significantly increased by **35.7%** year-on-year to **0.86 million TEUs** by introducing new shipping routes[19](index=19&type=chunk) [Financial Review](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) [Financial Analysis](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E5%88%86%E6%9E%90) Despite a 3.0% revenue increase driven by controlled terminal throughput growth, profit attributable to equity holders decreased by 7.4%, primarily due to reduced profits from some controlled terminals (e.g., Piraeus), initial losses from new terminals (CSP Wuhan), increased exchange losses, and decreased fair value gains on convertible bonds - In H1 2024, profit attributable to equity holders of the company decreased by **7.4%** to **$139.2 million**, primarily impacted by multiple challenges in the global port industry[26](index=26&type=chunk) - Profit from controlled terminals decreased by **18.6%** year-on-year, mainly due to an **$8.05 million** profit reduction at Piraeus Terminal affected by the Red Sea incident, and increased losses at CSP Wuhan Terminal due to high fixed costs in its initial operation[27](index=27&type=chunk) - Revenue increased by **3.0%** year-on-year, primarily driven by business growth at CSP Spain, Tianjin Container Terminal, and CSP Abu Dhabi Terminal, but partially offset by an **11.2%** revenue decrease at Piraeus Terminal[29](index=29&type=chunk) - Finance costs increased by **3.6%** year-on-year, mainly due to rising interest rates on USD and EUR loans following interest rate hikes by the Federal Reserve and the European Central Bank[34](index=34&type=chunk) [Financial Position](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) The Group's financial position remained robust; as of June 30, 2024, total assets were $11.93 billion, and the net debt-to-equity ratio (excluding lease liabilities) slightly increased to 31.0%; the Group maintained sufficient cash and unutilized bank facilities, with a diversified medium-to-long-term debt structure across multiple currencies to hedge risks - Net cash generated from operating activities during the period was **$178 million**, and the Group continued to maintain robust cash flow[38](index=38&type=chunk) Assets and Liabilities (June 30, 2024) | Metric | Amount (USD Thousand) | | :--- | :--- | | Total Assets | 11,927,245 | | Total Liabilities | 5,030,329 | | Net Assets | 6,896,916 | | Total Outstanding Borrowings | 3,160,622 | | Cash Balance | 1,020,886 | | Unutilized Bank Facilities | 754,026 | - The net debt-to-equity ratio (excluding lease liabilities) was **31.0%**, a slight increase from **29.6%** at the end of 2023; the interest coverage ratio was **4.2 times**[40](index=40&type=chunk) Debt Structure Analysis (June 30, 2024) | Category | Composition | Percentage (%) | | :--- | :--- | :--- | | **By Repayment Period** | Within One Year | 17.9 | | | Within Five Years and Thereafter | 40.2 | | **By Type** | Secured Borrowings | 30.4 | | | Unsecured Borrowings | 69.6 | | **By Currency** | USD Borrowings | 48.7 | | | RMB Borrowings | 31.6 | | | EUR Borrowings | 16.9 | [Outlook](index=14&type=section&id=%E5%B1%95%E6%9C%9B) [Outlook](index=14&type=section&id=%E5%B1%95%E6%9C%9B) The company maintains an optimistic outlook, anticipating continued global trade recovery; it will further optimize its global network, deepen lean operations, drive digital intelligence and green low-carbon initiatives, seize emerging market opportunities, enhance core hub port capabilities, and strive for high-quality development - WTO and IMF forecast global trade volume to grow by **2.6%** and **3.0%** respectively in 2024, indicating a positive market outlook[47](index=47&type=chunk) - The company will continue to leverage synergistic advantages with its parent company and the OCEAN Alliance, having already achieved an **8.2%** year-on-year increase in total throughput in the first half[47](index=47&type=chunk) - Future strategic priorities include: - **Optimizing Global Layout**: Enhancing asset structure and expanding into emerging markets and supply chain extension businesses - **Deepening Lean Innovation**: Achieving revenue growth and cost reduction through precise marketing and technological innovation - **Driving Digital Intelligence**: Focusing on smart port construction to improve operational efficiency and customer service capabilities - **Promoting Green Ports**: Accelerating energy structure transformation to build a green and low-carbon brand[47](index=47&type=chunk)[48](index=48&type=chunk) [First Interim Dividend](index=15&type=section&id=%E7%AC%AC%E4%B8%80%E6%AC%A1%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) [First Interim Dividend](index=15&type=section&id=%E7%AC%AC%E4%B8%80%E6%AC%A1%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board declared a first interim dividend for 2024 of HKD 12.2 cents per share, lower than HKD 13.6 cents in the prior period, with a scrip dividend option available, payable on November 21, 2024 Details of 2024 First Interim Dividend | Item | Details | | :--- | :--- | | Dividend Amount | HKD 12.2 cents per share (H1 2023: HKD 13.6 cents) | | Payment Method | Cash, with Scrip Dividend Scheme option | | Book Closure Period | September 13 to September 19, 2024 | | Latest Time to Lodge Transfer for Dividend Entitlement | Before 4:30 p.m. on September 12, 2024 | | Dividend Payment Date | November 21, 2024 | [Disclosure of Interests](index=16&type=section&id=%E6%AC%8A%E7%9B%8A%E6%8A%AB%E9%9C%B2) [Share Option Scheme](index=16&type=section&id=%E8%82%A1%E7%A5%A8%E6%9C%9F%E6%AC%8A%E8%A8%88%E5%8A%83) Under the company's 2018 Share Option Scheme, all granted share options have fully lapsed, and no further options can be granted according to the scheme's terms - As of the report date, all share options granted under the 2018 Share Option Scheme have fully lapsed, with no outstanding options[53](index=53&type=chunk) [Directors' Interests in Shares, Underlying Shares, and Debentures](index=16&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E7%9A%84%E6%AC%8A%E7%9B%8A) Discloses the share and share option holdings of several directors in the company and associated corporations (e.g., COSCO SHIPPING Holdings, COSCO SHIPPING Development) as of June 30, 2024, with directors like Zhu Tao, Zhang Wei, and Huang Tianyou holding company shares, and some also holding A-shares, H-shares, or share options in associated corporations Directors' Long Positions in the Company's Shares (June 30, 2024) | Name of Director | Number of Shares Held | Percentage of Total Issued Shares | | :--- | :--- | :--- | | Mr. Zhu Tao | 8,000 | 0.0002% | | Mr. Zhang Wei | 30,000 | 0.001% | | Dr. Huang Tianyou | 1,499,601 | 0.040% | - Some directors also hold shares or share options in associated corporations, for instance, Mr. Zhang Wei holds COSCO SHIPPING Holdings A-shares, Mr. Zhu Tao holds COSCO SHIPPING Development H-shares and A-shares, and jointly holds COSCO SHIPPING Holdings share options with Mr. Zhang Wei[57](index=57&type=chunk)[58](index=58&type=chunk) [Substantial Interests in the Company's Share Capital](index=18&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9C%AC%E4%B8%AD%E7%9A%84%E4%B8%BB%E8%A6%81%E6%AC%8A%E7%9B%8A) As of June 30, 2024, China COSCO Shipping Corporation Limited, through its subsidiaries, collectively held approximately 68.90% of the company's shares, making it the ultimate controlling shareholder Major Shareholder Holdings (June 30, 2024) | Name of Corporation | Capacity | Number of Shares (Long Position) | Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | | COSCO (Hong Kong) Investment Co., Ltd. | Beneficial Owner | 250,408,951 | 6.81 | | China Ocean Shipping (Group) Company Limited | Beneficial Owner and Interest of Controlled Corporation | 2,530,229,793 | 68.90 | | COSCO SHIPPING Holdings Co., Ltd. | Interest of Controlled Corporation | 2,530,229,793 | 68.90 | | China Ocean Shipping Company Limited | Interest of Controlled Corporation | 2,530,229,793 | 68.90 | | China COSCO Shipping Corporation Limited | Interest of Controlled Corporation | 2,530,229,793 | 68.90 | - The aforementioned shares represent the same block of shares, with the layered holding structure indicating China COSCO Shipping Corporation Limited as the ultimate controlling shareholder[60](index=60&type=chunk) [Corporate Governance and Other Information](index=19&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance](index=19&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company is committed to maintaining high corporate governance standards; during the period, it largely complied with the Corporate Governance Code, with two deviations: the Chairman and CEO roles are held by the same person (Mr. Zhu Tao), and the former Chairman was unable to attend the 2024 AGM; the company believes existing internal controls provide sufficient checks and balances without affecting decision efficiency - The company complied with all code provisions of the Corporate Governance Code, with only two deviations[63](index=63&type=chunk) - Deviation one: The roles of Chairman and Chief Executive Officer are concurrently held by Mr. Zhu Tao, deviating from code provision C.2.1; the company believes its internal control system ensures checks and balances[63](index=63&type=chunk) - Deviation two: Former Chairman Mr. Yang Zhijian was unable to attend the 2024 Annual General Meeting, deviating from code provision F.2.2[64](index=64&type=chunk) [Investor Relations and Accolades](index=21&type=section&id=%E6%8A%95%E8%B3%87%E8%80%85%E9%97%9C%E4%BF%82%E8%88%87%E6%AE%8A%E6%A6%AE) The company highly values investor relations, maintaining close communication with the market through various channels like roadshows and conferences in H1 2024, engaging with over 120 investors and analysts; it received multiple international and industry awards, including "Best Port Operator" and "Best CEO in Asia," for its excellent operational management and corporate governance - The company maintained close contact with the market through various channels, engaging with over **120** investors and analysts in H1 2024, promoting a diversified shareholder base[73](index=73&type=chunk)[74](index=74&type=chunk) - In H1 2024, the company received multiple awards, including 'Best Port Operator' and 'Best Investor Relations Company' from International Business Magazine, and 'Best CEO in Asia' and 'Best Investor Relations Company Award' from Asian Corporate Governance Magazine[76](index=76&type=chunk)[77](index=77&type=chunk) [Corporate Sustainability](index=23&type=section&id=%E4%BC%81%E6%A5%AD%E5%8F%AF%E6%8C%81%E7%BA%8C%E7%99%BC%E5%B1%95) The company deeply cultivates sustainable development around five pillars: integrity and win-win, resilient future, agile innovation, caring for nature, and shared progress; key initiatives include building smart, efficient, green, and low-carbon terminals, promoting self-driven decarbonization (e.g., Lianyungang New Oriental Terminal selected as a national near-zero carbon pilot), and enhancing customer service and operational efficiency through technological innovation - The company is deeply committed to sustainable development, focusing on building smart, efficient, green, and low-carbon terminals to help construct a green shipping industry chain[79](index=79&type=chunk) - Lianyungang New Oriental Terminal was selected as one of the first batch of near-zero carbon pilot projects by China's Ministry of Transport, becoming one of five national near-zero carbon terminal pilots[81](index=81&type=chunk) - The company released the 'COSCO SHIPPING Ports Green and Low-Carbon Transformation and Development Plan' and held a technology innovation conference to accelerate digital intelligence and green low-carbon transformation[82](index=82&type=chunk) [Interim Financial Information](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) [Unaudited Condensed Consolidated Financial Statements](index=26&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) As of June 30, 2024, the Group's total assets were $11.93 billion, total liabilities $5.03 billion, and total equity $6.90 billion, indicating a generally stable financial position; H1 revenue reached $710 million, up 3.0% year-on-year, but net profit attributable to owners decreased by 7.4% to $139 million; net cash inflow from operating activities was $178 million, with cash and cash equivalents at period-end totaling $977 million Condensed Consolidated Statement of Financial Position Summary (June 30, 2024) | Item | Amount (USD Thousand) | | :--- | :--- | | Total Assets | 11,927,245 | | Total Liabilities | 5,030,329 | | Total Equity | 6,896,916 | Condensed Consolidated Statement of Profit or Loss Summary (For the Six Months Ended June 30, 2024) | Item | Amount (USD Thousand) | | :--- | :--- | | Revenue | 709,811 | | Operating Profit | 120,586 | | Profit for the Period | 168,929 | | Profit Attributable to Equity Holders of the Company | 139,215 | Condensed Consolidated Statement of Cash Flows Summary (For the Six Months Ended June 30, 2024) | Item | Amount (USD Thousand) | | :--- | :--- | | Net Cash Generated from Operating Activities | 177,565 | | Net Cash Used in Investing Activities | (149,705) | | Net Cash Used in Financing Activities | (205,688) | | Cash and Cash Equivalents at End of Period | 977,218 | [Summary of Notes to Financial Information](index=34&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB%E6%91%98%E8%A6%81) Notes to the financial statements detail key information such as accounting policies, segment information, and related party transactions; segment data shows terminal and related businesses as core revenue and profit sources, with Mainland China and Europe as primary revenue regions; related party transactions primarily involve terminal handling, leasing, and management services with fellow subsidiaries at agreed rates; post-period, the company signed an agreement to sell a 20% equity stake in Tianjin Company - Segment information indicates that terminal and related businesses contributed all revenue; geographically, Mainland China revenue was **$353 million**, and Europe revenue was **$318 million**, making them the two core markets[121](index=121&type=chunk)[125](index=125&type=chunk) - Significant related party transactions include providing terminal handling and storage services to fellow subsidiaries, generating **$199 million** in revenue, and paying **$32.37 million** in concession fees to fellow subsidiaries[156](index=156&type=chunk) - Post-balance sheet event: On August 29, 2024, the company agreed to sell a **20%** equity stake and shareholder loans in COSCO SHIPPING Ports (Tianjin) Co., Ltd. to OOCL for a total consideration of approximately **$49.29 million**; after the transaction, the company will retain an **80%** equity stake[161](index=161&type=chunk) [Review Report on Interim Financial Information](index=55&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) [Review Report on Interim Financial Information](index=55&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) Independent auditor PricewaterhouseCoopers has reviewed this interim financial information in accordance with Hong Kong Review Engagements Standards; the conclusion is that nothing has come to their attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' - Independent auditor PricewaterhouseCoopers reviewed the interim financial information[163](index=163&type=chunk) - The review concluded that nothing came to their attention indicating the interim financial information was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[165](index=165&type=chunk)

Financial Performance - Revenue for the first half of 2024 increased by 3.0% to $709.8 million compared to $688.9 million in the same period of 2023[4] - Gross profit rose by 2.5% to $198.6 million, with a gross margin of 28.0%, slightly down from 28.1% in the previous year[4] - Profit attributable to equity holders decreased by 7.4% to $139.2 million, with basic earnings per share falling by 10.6% to 3.90 cents[4] - Operating profit for the first half of 2024 was $120.6 million, down from $126.5 million in the same period last year[9] - The company reported a profit of $168,929,000 for the six months ended June 30, 2024, compared to $181,857,000 for the same period in 2023, representing a decrease of approximately 7.9%[11] - Total comprehensive income for the period was $102,839,000, a significant improvement from a loss of $30,640,000 in the prior year[11] - The profit attributable to the company’s equity holders from the operating segment was $139,215,000, compared to $150,292,000 in the previous year, reflecting a decrease of approximately 7.3%[20] - The total profit from both controlling and non-controlling terminals for the first half of 2024 was $203,083,000, a decline of 5.4% from $214,706,000 in the same period of 2023[47] Throughput and Operations - Total throughput increased by 8.2% to 69,858,501 TEUs, with controlled terminal throughput up by 8.0% to 15,914,213 TEUs[5] - Equity throughput rose by 6.3% to 22,049,306 TEUs, with controlled terminal equity throughput increasing by 6.4%[5] - The total throughput in the China region increased by 9.5% to 53,335,822 TEUs, accounting for 76.3% of the group's total throughput[70] - The Yangtze River Delta region saw a significant increase in total throughput by 14.1% to 8,054,930 TEUs, with equity throughput rising by 18.3% to 2,311,450 TEUs[72] - The Southwest Coast region experienced a total throughput increase of 19.8% to 4,320,100 TEUs, driven by the RCEP policy benefits and growing trade with ASEAN[75] - The group’s non-controlling terminals' total throughput increased by 8.2% to 53,944,288 TEUs, representing 77.2% of the total throughput[69] Financial Position - Total assets as of June 30, 2024, were $11.93 billion, slightly down from $11.93 billion at the end of 2023[8] - Total equity increased to $6.90 billion, compared to $6.84 billion at the end of 2023[8] - Total liabilities decreased to $5.03 billion from $5.09 billion at the end of 2023[8] - The company’s net current liabilities stood at $53,609,000 as of June 30, 2024, with $754,026,000 in unused bank facilities and expected cash flows from operations, ensuring sufficient resources for upcoming obligations[13] - The company’s total liabilities decreased to $588,942 thousand as of June 30, 2024, from $577,427 thousand at the end of 2023, showing a reduction of 2.6%[30] Expenses and Income - Financial income increased to $16.2 million, while financial expenses rose to $83.9 million[9] - Current tax expenses for the first half of 2024 totaled $40,009 thousand, up from $32,976 thousand in 2023, representing an increase of 21.5%[35] - The sales cost for the first half of 2024 was $511,175,000, reflecting a 3.2% increase from $495,126,000 in the previous year[51] - Administrative expenses decreased by 2.2% to $80,345,000 in the first half of 2024, down from $82,139,000 in 2023[53] - Financial expenses rose to $83,891,000 in the first half of 2024, up 3.6% from $81,007,000 in 2023, attributed to increased interest rates[55] Strategic Initiatives - The company aims to enhance its global resource layout and optimize asset structure to support the integrated channel construction of China COSCO Shipping Group[78] - The company plans to deepen lean innovation operations and implement precise marketing to strengthen key hub port services[79] - The company is focusing on digital transformation, leveraging digital and AI technologies to improve operational efficiency and customer supply chain integration[79] - The company is advancing green port construction by upgrading energy structures and participating in green fuel supply chain development[79] - The company is committed to maintaining high corporate governance standards to enhance transparency and protect shareholder interests[83] Community and Governance - The company emphasizes community development through poverty alleviation, support for vulnerable groups, education, and environmental protection[101] - The company has established various committees, including an Audit Committee and a Remuneration Committee, to ensure effective governance and oversight[85][86] - The board of directors includes key members such as Chairman and Managing Director Zhu Tao, and other directors with diverse backgrounds[102] - The company is committed to providing diverse training and development opportunities to build a sustainable talent pipeline[101] Awards and Recognition - The company received multiple awards in 2024, including "Best Port Operator" and "Best Investor Relations" from various publications, reflecting its strong market recognition and governance standards[98] - The company actively participated in investor communication events, meeting over 120 investors and analysts from January to June 2024, enhancing relationships with existing shareholders and engaging potential investors[93]

Financial Performance - Total revenue for Q1 2024 was $332.7 million, a 1.4% increase from $328.0 million in Q1 2023[5] - Gross profit decreased by 2.6% to $87.6 million compared to $89.9 million in the same period last year[5] - Profit attributable to equity holders rose by 0.6% to $62.9 million, compared to $62.5 million in the previous year[5] - Basic earnings per share decreased by 3.3% to 1.76 cents from 1.82 cents in Q1 2023[5] - The company reported a net profit of $76.5 million for the quarter, down from $77.5 million in the same period last year[9] Throughput and Operations - Total throughput increased by 9.8% to 33,262,222 TEUs, up from 30,305,420 TEUs in Q1 2023[11] - The company’s equity throughput increased by 9.3% to 10,507,302 TEUs from 9,609,708 TEUs year-on-year[11] - Non-controlling terminal throughput increased by 9.3% to 25,839,142 TEUs, while controlling terminal throughput rose by 11.5% to 7,423,080 TEUs[12] - Total throughput in China increased by 11.4% year-on-year to 25,225,841 TEUs, accounting for 75.8% of the group's total throughput[13] - The equity throughput in the Bohai Rim region rose by 9.2% year-on-year to 3,077,242 TEUs, representing 29.3% of the group's equity throughput[14] - The Yangtze River Delta region's total throughput grew by 15.0% year-on-year to 3,833,054 TEUs, contributing 11.5% to the group's total throughput[15] - The Southeast Coast and other regions saw a significant increase in equity throughput by 27.6% year-on-year to 1,020,203 TEUs, accounting for 9.7% of the group's equity throughput[16] - The total throughput in the Pearl River Delta region increased by 9.3% year-on-year to 6,441,520 TEUs, making up 19.4% of the group's total throughput[17] - The Southwest Coast region's total throughput surged by 20.3% year-on-year to 1,939,800 TEUs, representing 5.8% of the group's total throughput[18] - Total throughput in overseas regions rose by 5.0% year-on-year to 8,036,381 TEUs, accounting for 24.2% of the group's total throughput[19] - The throughput at the Bohai Rim increased by 10.0% to 11,610,844 TEUs from 10,554,580 TEUs year-over-year[23] - Qingdao Port International Co., Ltd. reported a throughput of 7,670,000 TEUs, up 11.5% from 6,880,000 TEUs in the previous year[23] - The throughput at the Yangtze River Delta rose by 15.0% to 3,833,054 TEUs compared to 3,333,179 TEUs in the same quarter of 2023[23] - The total throughput in the Pearl River Delta was 6,441,520 TEUs, reflecting a 9.3% increase from 5,891,113 TEUs year-over-year[23] - The throughput at the South China region increased by 20.3% to 1,939,800 TEUs from 1,611,900 TEUs in the same period last year[23] - The overseas terminals reported a throughput of 8,036,381 TEUs, which is a 5.0% increase from 7,654,634 TEUs in the previous year[23] - The throughput at CSP Abu Dhabi Terminal L.L.C. surged by 52.6% to 431,217 TEUs from 282,597 TEUs year-over-year[23] Cargo and Trade - The total bulk cargo throughput for the three months ending March 31, 2024, was 115,693,626 tons, an increase of 3.3% from 111,954,353 tons in the same period of 2023[24] - The total automobile throughput decreased by 8.5% to 158,620 units from 173,430 units year-over-year[24] - In Q1 2024, China's total import and export trade value reached RMB 10.2 trillion, a year-on-year increase of 5%[20] Strategic Initiatives - The company aims to enhance global resource allocation and invest in emerging markets and key supply chain resources[21] - The company plans to accelerate the construction of the Peru Chancay Port project and strengthen marketing efforts at key hub ports like Piraeus and CSP Abu Dhabi[21] Assets and Liabilities - Total assets as of March 31, 2024, were $11.84 billion, a slight decrease from $11.93 billion at the end of 2023[7] - Total liabilities decreased to $5.03 billion from $5.09 billion year-on-year[8]