CHINA MERCHANTS PORT GROUP CO., LTD. FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2025 CHINA MERCHANTS PORT GROUP CO., LTD. FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2025 | CONTENTS | PAGE(S) | | --- | --- | | CONSOLIDATED BALANCE SHEET | 1- 3 | | BALANCE SHEET OF THE COMPANY | 4 - 6 | | CONSOLIDATED INCOME STATEMENT | 7 – 8 | | INCOME STATEMENT OF THE COMPANY | 9 | | CONSOLIDATED CASH FLOW STATEMENT | 10 | | CASH FLOW STATEMENT OF THE COMPANY | 11 | | CONSOLIDATED STATE ...

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） 自願公告 股東及潛在投資者務請注意，CMPG中報乃按照中國註冊會計師審計準則編製，有 關準則與本公司編製及呈列其財務資料所採納的會計準則有所不同。謹此提醒公眾 投資者不恰當倚賴相關資料可能帶來風險。持有本公司所發行證券的人士及公眾投 資者於買賣本公司證券時務請審慎行事。 代表 招商局港口控股有限公司 主席 馮波鳴 主要股東招商局港口集團股份有限公司 截 至 2025 年 6 月 30 日止六個月的半年度報告 本公告乃由招商局港口控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出。 招商局港口集團股份有限公司（「CMPG」）為本公司的主要股東，其A股及B股在深 圳證券交易所上市（股份代號：001872/201872 ...

Summary of China Merchants Port Conference Call Company Overview - **Company**: China Merchants Port - **Industry**: Port and Logistics - **Global Presence**: Covers 25 countries and regions across six continents with a total of 50 ports, enhancing strategic position and profitability [2][7] Key Points and Arguments Growth and Performance - **2024 Overseas Port Throughput**: Expected to reach 9.254 million tons, a year-on-year increase of 33.8% [2][9] - **Overseas Business Gross Margin**: Stands at 55.83%, significantly higher than the domestic margin of 34.28%, attributed to flexible pricing mechanisms and high market demand [2][9] - **Revenue Growth**: Projected revenue for 2024 is 16.13 billion yuan, a 2.4% increase year-on-year, with net profit expected to reach 4.516 billion yuan, up 26.4% [6] Strategic Initiatives - **Acquisitions**: Recent acquisitions include a 51% stake in Indonesia's MPH Group and a 70% stake in Brazil's VAST oil terminal, enhancing Southeast Asia and Brazil operations [5][10] - **Integration of Assets**: Actively participates in the integration of domestic and international assets to support the "Belt and Road" initiative, aiming for further global market influence [2][7] Financial Health and Dividends - **Dividend Policy**: Dividend payout ratio increased from 30% to 41%, with free cash flow growing at a compound annual growth rate (CAGR) of over 20% [4][13] - **Cash Flow and Returns**: Strong cash flow supports improved dividend capabilities, with a notable increase in per-share dividend yield [4][14] Market Resilience - **Cyclical Nature**: Port operations are closely tied to foreign trade cycles; however, leading companies like China Merchants Port demonstrate strong resilience against cyclical fluctuations [11] - **Long-term Asset Advantages**: Port assets are characterized by long durations and perpetual advantages, with no expiration issues due to high entry barriers [12] Future Outlook - **Potential for Overseas Revenue Growth**: Currently, overseas revenue accounts for about 30%, with significant room for growth, positioning it as a key driver for future expansion [10] - **Valuation Recovery**: Anticipated recovery in price-to-book ratio due to increased quality of overseas assets, stable performance, and improved cash flow [15] Additional Important Insights - **Key Projects**: Notable projects include the Colombo South International Container Terminal in Sri Lanka and the Djibouti Port, which is strategically located on major shipping routes [3][6] - **Market Dynamics**: The company has maintained a compound growth rate of 5% in container throughput over the past decade, showcasing resilience even during trade tensions and the pandemic [11]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the announcement content, ensuring there are no false records, misleading statements, or significant omissions [1] - The data provided is preliminary, with some estimates for the business volume of certain joint-venture terminals [2] - The company completed the acquisition of 51% equity in PT Nusantara Pelabuhan Handal TBK (NPH) on June 28, 2024, and will include NPH's business volume in its statistics starting July 2024 [2]

Core Points - The company announced the maturity and repayment of its third phase of ultra-short-term financing bonds for 2024, which occurred on May 25, 2025 [2] - The company issued the bonds on November 25, 2024, with a total scale of 2 billion yuan and a maturity period of 180 days at a coupon rate of 1.96% [1] Summary by Sections - **Bond Issuance**: The company received approval for debt financing tools from the China Interbank Market Dealers Association, with a registration validity of 2 years from the date of the notice [1] - **Repayment Details**: The company successfully repaid the principal and interest of the ultra-short-term financing bonds on the due date [2] - **Official Announcement**: The announcement was made by the company's board of directors on May 27, 2025 [4]

Core Viewpoint - The company has initiated a share repurchase program to enhance shareholder value and reduce registered capital by repurchasing shares through the Shenzhen Stock Exchange at a maximum price of 31.50 CNY per share [2]. Group 1: Share Repurchase Plan - The company approved a share repurchase plan with a total funding amount between 195 million CNY and 389 million CNY, with a duration of 12 months from the approval date [2]. - The repurchased shares will be used for cancellation and reduction of registered capital [2]. Group 2: Repurchase Progress - As of April 30, 2025, the company has repurchased a total of 14,347,174 shares, accounting for 0.574% of the total share capital, with a total expenditure of approximately 278 million CNY [3]. - The highest transaction price during the repurchase was 20.99 CNY per share, while the lowest was 17.95 CNY per share [3]. Group 3: Compliance and Regulations - The company has established a dedicated securities account for the share repurchase, in compliance with relevant regulations [3]. - The repurchase activities are conducted in accordance with the Shenzhen Stock Exchange's self-regulatory guidelines and do not occur during periods that could significantly impact the stock price [4][5].

Group 1: Business Performance - The company achieved a container throughput of 19,515.9 million TEUs in 2024, representing a year-on-year growth of 8.3% [2] - Domestic port projects contributed 15,230.1 million TEUs, with a growth of 8.5%, while Hong Kong and Taiwan regions recorded 602.3 million TEUs, growing by 3.4% [2] - The bulk cargo business reached a throughput of 1.26 billion tons, with a slight increase of 0.6% [2] Group 2: Financial Performance - The company reported a revenue of 16.131 billion yuan, marking a 2.4% increase year-on-year [3] - Overseas revenue amounted to 5.51 billion yuan, up by 15.0%, accounting for 34.2% of total revenue, an increase of nearly 4 percentage points [3] - The net profit attributable to shareholders reached 4.516 billion yuan, a significant increase of 26.4%, setting a historical record [3] Group 3: Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 7.4 yuan per ten shares, reflecting a year-on-year increase of 27.6% [3] - Total cash dividends for 2024 are projected at 1.843 billion yuan, with share buybacks amounting to 51 million yuan, representing 41.92% of the net profit [3] - The dividend payout ratio has been increasing over the past four years, indicating a commitment to enhancing shareholder returns [3] Group 4: Overseas Business Development - The company operates 51 ports across 26 countries and regions, achieving an overseas container throughput of 3,683.5 million TEUs, up by 8.1% [4] - The overseas business now constitutes a significant revenue source, with a focus on expanding in key global hub ports and regions with high economic growth potential [5] - Future plans include enhancing operational efficiency and risk management for existing overseas projects, particularly in Sri Lanka [5] Group 5: Competitive Advantages of Shenzhen West Port Area - In 2024, the Shenzhen West Port Area achieved a throughput of 15.991 million TEUs, a growth of 17.7%, surpassing the overall performance of Shenzhen Port [6][7] - The port benefits from geographical advantages, dense shipping routes, and a combination port model that enhances service efficiency [7] - Future developments will focus on strengthening the port's competitive edge in the Guangdong-Hong Kong-Macao Greater Bay Area [7] Group 6: Digital Transformation and Innovation - The company is advancing towards a smart port model through the integration of new information technologies, enhancing operational and management capabilities [8] - Key initiatives include the development of core systems like CTOS and smart management platforms, aimed at improving production efficiency and customer service [8] - Plans for 2024 include promoting core digital products internationally, with contracts signed for the CTOS project in Italy [8]

Financial Performance - The company reported a basic earnings per share of 1.81 yuan for 2024, an increase of 26.57% compared to 1.43 yuan in 2023 [1] - Net profit for 2024 reached 4.516 billion yuan, up 26.43% from 3.572 billion yuan in 2023 [1] - Operating revenue for 2024 was 16.131 billion yuan, reflecting a 2.42% increase from 15.75 billion yuan in 2023 [1] - The return on equity (ROE) improved to 7.51% in 2024, compared to 6.35% in 2023, marking an 18.27% increase [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 167.814 million shares, accounting for 87.18% of the circulating shares, with a change of 3.6074 million shares from the previous period [2] - China Merchants Port Investment Development Company Limited remains the largest shareholder with 1.1486486 billion shares, representing 59.68% of total share capital [2] - New entrants to the top ten shareholders include China Construction Bank's fund with 407.83 thousand shares and Morgan Stanley's fund with 291.20 thousand shares [2] Dividend Distribution - The company announced a dividend distribution of 7.4 yuan per share (including tax) [3]

CHINA MERCHANTS PORT GROUP CO., LTD. FINANCIAL STATEMENTS AND AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 To all the shareholders of China Merchants Port Group Co., Ltd., I. Audit Opinion We have audited the accompanying financial statements of China Merchants Port Group Co., Ltd. ("China Merchants Port Group"), which comprise the consolidated and company balance sheets as at 31 December 2024, the consolidated and company income statements, the consolidated and company cash flow statements, the con ...

Financial Performance - The company reported a total revenue of RMB 5.2 billion for the first half of 2024, representing a year-on-year increase of 12%[10]. - The company's operating revenue for the reporting period was ¥7,975,193,083.64, an increase of 2.31% compared to ¥7,795,261,570.99 in the same period last year[15]. - Net profit attributable to shareholders was ¥2,546,828,456.08, representing a significant increase of 33.88% from ¥1,902,334,759.43 year-on-year[15]. - The net cash flow from operating activities reached ¥3,122,383,705.03, up 35.12% from ¥2,310,845,305.96 in the previous year[15]. - Basic and diluted earnings per share were both ¥1.02, reflecting a growth of 34.21% compared to ¥0.76 in the same period last year[15]. - The total comprehensive income for the first half of 2024 was RMB 4,300,714,415.91, a decrease of 21.6% from RMB 5,487,800,325.77 in the same period last year[161]. - The net profit for the first half of 2024 reached RMB 5,039,645,709.31, representing a growth of 24.1% from RMB 4,060,626,620.70 in the previous year[161]. - The operating profit increased to RMB 5,860,325,781.18, up by 26.0% from RMB 4,647,341,992.13 year-on-year[161]. Operational Efficiency and Technology - New technology initiatives include the implementation of the Smart Management Platform (SMP), expected to enhance operational efficiency by 20%[10]. - The company is focusing on smart port solutions and digital technology to enhance operational efficiency and service quality, driving the digital transformation of the port industry[21]. - The company is actively developing new technologies, including a blockchain-based trade facilitation platform, to improve operational efficiency[27]. - The company has established a Center of Excellence (COE) to promote lean operations and enhance overall resource efficiency[31]. - The company upgraded its "Smart Management Platform" to achieve comprehensive digital management of business processes, providing a unified platform for decision-making[31]. Market Expansion and Strategy - The company plans to expand its operations in Southeast Asia, targeting a 15% growth in market share by 2025[10]. - The company is exploring potential acquisitions in the logistics sector to diversify its service offerings[10]. - The company is actively pursuing investment opportunities in global key hub ports and regions with high economic growth potential to further enhance its global port network[21]. - The company aims to become a world-class comprehensive service provider centered around ports, continuously improving its service capabilities[30]. Financial Position and Assets - The total assets of the company as of June 30, 2024, amounted to RMB 25 billion, reflecting a 5% increase from the previous year[10]. - The company's total assets at the end of the reporting period were ¥200,745,131,615.31, an increase of 1.10% from ¥198,557,296,667.26 at the end of the previous year[15]. - The company's total assets reached RMB 130,751,660,567.40, showcasing growth in the asset base[167]. - The total equity attributable to shareholders increased to RMB 126,973,758,099.21 by the end of the period, up from RMB 125,569,934,428.81 at the beginning[166]. Environmental, Social, and Governance (ESG) Initiatives - The company is focusing on ESG initiatives, aiming to set industry benchmarks in environmental, social, and governance practices[27]. - The company’s ESG rating improved to AA in WIND's 2023 annual ESG rating, an upgrade from the previous year[46]. - The company invested a total of 36 million yuan in environmental protection measures during the reporting period[83]. - The company implemented 37 carbon reduction projects, achieving a total reduction of 3,300 tons of carbon emissions[87]. - The company strictly adheres to various environmental protection laws and standards during its operations[76]. Risks and Challenges - The company faces risks related to global supply chain disruptions and has outlined strategies to mitigate these risks[10]. - The company is focusing on optimizing its global layout and enhancing core technology capabilities to mitigate risks from macroeconomic fluctuations and geopolitical tensions[67]. - The macroeconomic environment shows resilience, with developed economies experiencing slow recovery and emerging markets, particularly Southeast Asia, demonstrating notable growth[22]. Shareholder and Financial Governance - The company will not distribute cash dividends or issue bonus shares for the first half of 2024[3]. - The company has no non-operating fund occupation by controlling shareholders or related parties, ensuring financial integrity[90]. - The company’s financial report for the first half of 2024 has not been audited yet, which may impact the assessment of its financial health[90]. - The company reported a receivable from related parties with a beginning balance of CNY 377,855.34 million and an ending balance of CNY 424,958.47 million[98]. Cash Flow and Financing Activities - The total cash inflow from operating activities increased to ¥8,111,194,607.94, up from ¥7,469,998,713.12, representing a growth of approximately 8.6% year-over-year[163]. - The net cash flow from investment activities improved to ¥1,813,559,009.13, compared to a negative cash flow of ¥1,225,290,440.51 in the prior period[163]. - The total cash and cash equivalents at the end of the period increased to ¥17,306,212,560.80, up from ¥14,556,330,454.28, representing a growth of approximately 18.9%[163]. Related Party Transactions - The company’s related transactions with China Foreign Transport Development Company totaled 6,629.09 million RMB, accounting for 27.10% of similar transaction amounts[94]. - The company’s related transactions with China Nanshan Development Group amounted to 5,726.57 million RMB, representing 23.41% of similar transaction amounts[94]. - The company disclosed significant related party transactions on April 2, 2024, regarding banking operations with China Merchants Bank[107]. Accounting Policies and Financial Reporting - The company's financial statements comply with the requirements of the accounting standards, ensuring a true and complete reflection of its financial status[174]. - The accounting basis is accrual accounting, with historical cost as the measurement basis, except for financial instruments measured at fair value[179]. - The company recognizes the impact of internal transactions between itself and subsidiaries in the consolidated financial statements[186].