(Incorporated in Hong Kong with limited liability under the Companies Ordinance) （根據公司條例於香港註冊成立之有限公司） (Stock Code 股份代號: 00144) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s) (Note 1 ) , 招商局港口控股有限公司（「本公司」） - 有關 2025 年中期報告（「本次公司通訊」）之登載通知及以電子方式發布公司通訊( 附 註 2)之安排 Should you have any queries in relation to this letter, please call the enquiry hotline of the Share Registrar at (852) 2862 8688 during business hours from 9:00 a.m. to 6:00 p.m. (Hong Kong time), Mondays to Fridays, excl ...

(Incorporated in Hong Kong with limited liability under the Companies Ordinance) （根據公司條例於香港註冊成立之有限公司） (Stock Code 股份代號: 00144) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear registered shareholder(s) (Note 1) , China Merchants Port Holdings Company Limited (the "Company") - Notification of publication of 2025 Interim Report (the "Current Corporate Communication") and Arrangement of Electronic Dissemination of Corporate Communications(Note 2) The Current Corporate Communication of the Company (in English an ...

Financial Performance - Revenue for the first half of 2025 reached HKD 6,457 million, an increase of 11.4% compared to HKD 5,795 million in 2024[6] - Profit attributable to equity holders decreased by 19.5% to HKD 3,584 million from HKD 4,452 million in the previous year[6] - EBITDA for the port business rose by 10.2% to HKD 3,925 million, while the bonded logistics business saw a slight decrease of 0.7% to HKD 150 million[7] - The total revenue for the group was HKD 6.457 billion for the six months ending June 30, 2025, an increase of 11.4% year-on-year, mainly driven by growth in business volume[30] - The net profit attributable to equity holders of the company was HKD 3.584 billion, a decrease of 19.5% year-on-year, impacted by reduced profits from joint ventures and fair value losses on financial assets[30] - Gross profit for the same period was HKD 3,290 million, up 18.3% from HKD 2,782 million in 2024[72] - Net profit for the period was HKD 4,214 million, a decrease of 14.2% from HKD 4,914 million in 2024[72] - Basic earnings per share attributable to equity holders of the company was HKD 0.854, down from HKD 1.061 in 2024[72] Assets and Liabilities - Total assets increased by 4.3% to HKD 176,721 million from HKD 169,474 million at the end of 2024[6] - The group’s total liabilities increased by 5.6% to HKD 50.716 billion as of June 30, 2025, compared to HKD 48.042 billion at the end of 2024[32] - The group’s total segment assets, excluding interests in associates and joint ventures, were HKD 139,932 million as of June 30, 2025[97] - The group’s total segment assets, excluding interests in associates and joint ventures, reached HKD 133,928 million, with significant contributions from the port business and bonded logistics[98] - The company’s total assets less current liabilities stood at HKD 151,410 million as of June 30, 2025, up from HKD 145,413 million in December 31, 2024, reflecting a growth of 4.5%[75] Cash Flow and Financing - The net cash generated from operating activities was HKD 3,539 million, down 16.7% from HKD 4,251 million in 2024[6] - Cash flow from operating activities was HKD 3,539 million for the six months ended June 30, 2025, down from HKD 4,251 million in 2024, representing a decline of 16.7%[78] - The company reported a net financing cost of HKD 631 million for the six months ended June 30, 2025, compared to HKD 691 million for the same period in 2024, indicating a decrease of about 8.7%[95] - The group’s current liabilities exceeded current assets by HKD 5.61 billion as of June 30, 2025, but management believes it can continue as a going concern for at least the next twelve months[82] - The company has unutilized bank loan and other debt financing facilities amounting to HKD 27,123 million as of June 30, 2025, compared to HKD 13,744 million as of December 31, 2024, an increase of 97.5%[114] Market and Economic Outlook - The total import and export volume for China in the first half of 2025 was RMB 21.79 trillion, a year-on-year increase of 2.9%[11] - Exports from China totaled RMB 13.00 trillion, reflecting a growth of 7.2% year-on-year, while imports decreased by 2.7% to RMB 8.79 trillion[11] - The global economic growth is projected to slow down, with the IMF estimating a growth rate of 3.0% for 2025, down from 4.1% in emerging markets and developing economies[50] - The company recognizes the importance of consumer spending as a stabilizing factor for economic growth in China, despite ongoing external uncertainties[51] Strategic Initiatives - The company plans to focus on market expansion and new product development in response to the evolving economic landscape[10] - The management highlighted the importance of adapting to trade policy uncertainties and global economic challenges to maintain growth momentum[10] - The company aims to enhance its global network layout and stimulate growth by focusing on regions such as Southeast Asia, Europe, and Latin America, particularly through investments in port projects[53] - The company is committed to sustainable development and aims to drive green and low-carbon transformation through technological innovation[49] - The company plans to deepen lean operations and focus on efficiency improvement while implementing six major strategies, including overseas strategy and innovation strategy[52] Operational Efficiency - The company is focusing on enhancing operational efficiency through systematic diagnosis and optimization of subsidiary operations[16] - The average warehouse utilization rate for the group’s bonded logistics business in Shenzhen was 96%[29] - The company launched the CTOS system in Brazil and Turkey, replacing foreign systems and improving operational efficiency[17] - The company is focused on developing three leading products: "招商芯," "招商ePort," and "SMP," to drive technological integration within its operations[54] ESG and Sustainability - The company's ESG rating remains at BBB, maintaining a leading position in the industry according to MSCI[18] - The group aims to become a world-class green and intelligent port service provider, integrating sustainability into its investment and operational strategies[46] - The group has set waste reduction targets and is implementing measures to minimize waste generation and optimize resource utilization[47] - The company emphasizes the integration of ESG principles into daily operations to promote sustainable development and enhance management efficiency[55] Shareholder Information - The company will pay an interim dividend of HKD 0.25 per share, totaling HKD 1.05 billion for the six months ending June 30, 2025[56] - The company will suspend share transfer registration from September 30 to October 6, 2025, to facilitate the interim dividend payment[57] - As of June 30, 2025, the company’s major shareholder CMG holds 3,029,009,132 shares, representing 72.15% of the total issued shares[61] - The company’s major shareholder, China Merchants Jinling Shipyard, holds 3,002,405,132 shares, representing 71.52% of the total issued shares[61] Employee and Management - The group employed 8,792 full-time employees, with total salaries paid amounting to HKD 1.141 billion, representing 29.7% of total operating expenses[44] - The remuneration for key management personnel increased to HKD 12 million, up from HKD 9 million in the previous year[136] - The audit committee is now composed of four independent non-executive directors, ensuring compliance with accounting principles and risk management[67] - The board is committed to maintaining high standards of corporate governance to enhance investor confidence and shareholder returns[64]

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分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。 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 就 (1) 2025 年倉庫服務協議 及 (2) 保安服務協議 釐定年度上限 2025年倉庫服務協議 茲提述本公司日期為2022年9月29日的公告，內容有關本公司的附屬公司招商保 稅與深圳市南油就深圳市南油於深圳前海向招商保稅提供倉庫服務訂立倉庫服務 協議。 – 2 – 就本集團於截至2025年、2026年、2027年及2028年12月31日止各年度根據保 安服務協議提供場內安管業務服務及周界保安業務服務應付深圳西部保安的費用 總額而言，就上市規則第14A.53條而言，董事已決議將各自的年度上限分別設定 為人民幣875萬元（相當於約972萬港元）、人民幣3,000萬元（相當於約3,333萬 港元）、人民幣3,000 ...

Core Viewpoint - Goldman Sachs has raised the net profit forecasts for China Merchants Port (00144) and COSCO Shipping Ports (01199) for 2025 to 2027 by 2% to 6% [1] Company Summaries - COSCO Shipping Ports is favored due to strong performance at its European terminals and improved performance at Qianhai Port, with a projected dividend yield of 5% in 2025 and a target price increase from HKD 5.3 to HKD 6, rated as "Buy" [1] - China Merchants Port's target price has been raised from HKD 13.1 to HKD 14.2, rated as "Neutral" [1] Industry Insights - Despite increased US tariffs and trade uncertainties, the container throughput at mainland ports grew by 7% year-on-year in the first half of the year [1] - Future growth projections indicate year-on-year increases of 4.6%, 2.7%, and 2.5% for 2025, 2026, and 2027 respectively, suggesting a slowdown to 2% growth in the second half of 2025 [1] - China Merchants Port anticipates a 2% price increase in contract negotiations for 2026, while other operators expect no further price hikes beyond inflation adjustments [1] - Both China Merchants Port and COSCO Shipping Ports are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs [1]

Core Viewpoint - Goldman Sachs has raised the net profit forecasts for China Merchants Port (00144) and COSCO Shipping Ports (01199) for 2025 to 2027 by 2% to 6% [1] Group 1: Company Analysis - COSCO Shipping Ports is favored due to strong performance at its European terminals and improved performance at Qianhai Port, with a projected dividend yield of 5% in 2025 and a target price increase from HKD 5.3 to HKD 6, rated as "Buy" [1] - China Merchants Port's target price has been raised from HKD 13.1 to HKD 14.2, rated as "Neutral" [1] Group 2: Industry Outlook - Despite the backdrop of increased U.S. tariffs and trade uncertainties, the container throughput at mainland ports grew by 7% year-on-year in the first half of the year [1] - Future growth projections indicate year-on-year increases of 4.6%, 2.7%, and 2.5% for 2025, 2026, and 2027 respectively, suggesting a slowdown to 2% growth in the second half of 2025 [1] - China Merchants Port anticipates a 2% price increase in contract negotiations for 2026, while other operators expect no further price hikes beyond inflation adjustments [1] - Both China Merchants Port and COSCO Shipping Ports are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs [1]

Core Viewpoint - Morgan Stanley has updated its model for China Merchants Port to reflect the latest performance, management guidance, and recent operational trends, raising the target price from HKD 17 to HKD 18 while maintaining an "Overweight" rating [1] Financial Metrics - The company is considered attractive with a forecasted price-to-earnings ratio of 8.5 times for 2025 [1] - The enterprise value to adjusted EBITDA is projected at 7.4 times [1] - The expected dividend yield from 2025 to 2027 ranges from 5.5% to 6.2% [1] - The free cash flow yield is estimated to be around 11% to 12% [1] Investment Appeal - The company's robust free cash flow, solid dividend policy, and earnings situation support its defensive attractiveness [1] - A diversified investment portfolio and proactive cost management further enhance the company's appeal [1]

Core Viewpoint - Morgan Stanley has raised the target price for China Merchants Port (00144) by 5.9%, from HKD 17 to HKD 18, while maintaining an "Overweight" rating [1] Summary by Relevant Sections - **Target Price Adjustment** - The target price for China Merchants Port has been increased to HKD 18, reflecting a 5.9% rise from the previous target of HKD 17 [1] - **Performance and Management Guidance** - The update is based on the latest performance of China Merchants Port, management guidance, and recent operational trends [1] - **Investment Value and Returns** - The company continues to offer satisfactory investment value, with expected dividend yields of 5.5-6.2% for 2025-2027 and free cash flow yields of 11-12% [1] - **Financial Strength and Defensive Appeal** - Strong free cash flow, a disciplined dividend policy, and robust earnings highlight the company's defensive attractiveness [1] - **Supportive Factors** - A diversified investment portfolio and proactive cost management provide further support for the company's outlook [1]

Core Viewpoint - Morgan Stanley has raised the target price for China Merchants Port (00144) by 5.9%, from HKD 17 to HKD 18, while maintaining an "Overweight" rating, indicating a positive outlook for the company based on its recent performance and management guidance [1] Financial Performance - The company is expected to deliver a dividend yield of 5.5-6.2% from 2025 to 2027, alongside a free cash flow yield of 11-12%, showcasing its strong financial health [1] Investment Appeal - China Merchants Port's robust free cash flow, disciplined dividend policy, and strong earnings highlight its defensive attractiveness, making it a compelling investment opportunity [1] Operational Strength - The company's diversified investment portfolio and proactive cost management further support its operational strength and growth potential [1]

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].