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].

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

Core Viewpoint - CICC maintains the net profit forecast for China Merchants Port (00144) for 2025, introducing a new net profit estimate of HKD 7.7 billion for 2026, with current stock price corresponding to 8.2x and 8.0x P/E ratios for 2025 and 2026 respectively [1] Group 1: Financial Performance - The company's 1H25 performance was below expectations, with revenue of HKD 6.457 billion, up 11.4% year-on-year, and net profit attributable to shareholders of HKD 3.584 billion, down 19.5% year-on-year [2] - The decline in net profit was primarily due to reduced investment income from the associate Shanghai Port Group, which was affected by dilution from a share issuance by Postal Savings Bank [2] - Excluding this one-time non-operating loss, the company's core port business revenue and profit growth exceeded expectations, driven by higher throughput [2] Group 2: Operational Metrics - The company's domestic and overseas port throughput and profitability showed year-on-year growth, with controlled terminal container throughput up 11.3% and overall throughput for associated ports up 4.3% [3] - In specific regions, throughput growth was as follows: Pearl River Delta +10.2%, Yangtze River Delta +5.9%, Bohai Rim +0.1%, and overseas terminals +5.0% [3] - The company's port business profit increased by 11.7% year-on-year, with investment income from overseas ports rising by 38.0% [3] Group 3: Cost Management - The company achieved significant operational efficiency, with a year-on-year decrease in cost expenses due to optimized port operations and increased automation [4] - The gross profit margin for 1H25 was 51%, an increase of 2.9 percentage points year-on-year, while administrative expense ratio decreased by 0.8 percentage points [4] Group 4: Growth Potential - The company is optimistic about long-term growth potential from overseas terminal throughput, with significant increases in container throughput at overseas terminals, such as a 542.9% increase at Sri Lanka's HIPG terminal [5] - Upgrades to equipment at certain overseas terminals, like a 24.6% increase in throughput at West Africa's TCP terminal, are expected to drive business volume growth [5] - The company anticipates sustained high growth in overseas port business volume due to economic growth in port hinterlands and ongoing operational enhancements [5]

Core Viewpoint - CICC maintains the net profit forecast for China Merchants Port (00144) for 2025 while introducing a net profit estimate of HKD 7.7 billion for 2026, with the current stock price corresponding to 8.2 times the 2025 P/E ratio and 8.0 times the 2026 P/E ratio [1] Group 1: Financial Performance - The company's 1H25 performance was below expectations, with revenue of HKD 6.457 billion, a year-on-year increase of 11.4%, and a net profit of HKD 3.584 billion, corresponding to basic earnings per share of HKD 0.854, a decrease of 19.5% year-on-year [2] - The decline in net profit was primarily due to reduced investment income from the associate company Shanghai Port Group, which was affected by dilution of shareholding after a capital increase by Postal Savings Bank [2] - Excluding this one-time non-operating loss, the company's core port business revenue and profit growth exceeded expectations, driven by higher-than-expected throughput [2] Group 2: Operational Efficiency - The company achieved significant operational efficiency, with a year-on-year decrease in cost expenses, resulting in a gross profit margin of 51%, an increase of 2.9 percentage points [4] - Administrative expense ratio decreased by 0.8 percentage points, reflecting effective cost control measures [4] Group 3: Growth Potential - The company is optimistic about long-term growth potential from overseas terminal cargo volume, with significant increases in throughput at overseas terminals, such as a 542.9% increase at the Sri Lanka HIPG terminal [5] - The company is enhancing operational capabilities through the introduction of new container shipping routes and equipment upgrades at overseas terminals, contributing to business volume growth [5] - The overall container throughput for the company's controlled terminals increased by 11.3% year-on-year, with notable growth in the Pearl River Delta and overseas terminals [3]