Group 1 - The core viewpoint of the articles highlights the financial performance of COSCO SHIPPING Ports, with a significant increase in revenue and profit for the first half of 2025 compared to the previous year [1][2] - The company's revenue rose by 13.6% to $806 million, while gross profit increased by 10.3% to $219 million [1] - Profit attributable to equity holders surged by 30.6% to approximately $182 million, with basic earnings per share at 4.82 cents [1] Group 2 - The total throughput increased by 6.4% to 74,295,971 TEUs, with controlled terminals seeing a 3.6% rise to 16,482,018 TEUs [2] - Non-controlled terminals experienced a 7.2% increase in throughput, reaching 57,813,953 TEUs [2] - Equity throughput rose by 3.8% to 22,879,575 TEUs, with controlled terminals' equity throughput increasing by 0.4% to 9,691,543 TEUs [2]

Core Viewpoint - China COSCO Shipping Ports (01199.HK) reported a 13.6% year-on-year increase in revenue for the first half of 2025, reaching $806 million, indicating strong operational performance in the port industry [1] Financial Performance - Revenue increased by 13.6% to $806 million [1] - Gross profit rose by 10.3% to $219 million [1] - Profit attributable to shareholders increased by 30.6% to $182 million [1] - Profit from joint ventures and associates grew by 13.1% to $176 million [1] - The company declared an interim dividend of 15.1 HK cents per share [1] Operational Metrics - Total throughput increased by 6.4% to 74,295,971 TEUs (Twenty-foot Equivalent Units) [1] - Throughput at controlled terminals rose by 3.6% to 16,482,018 TEUs [1] - Throughput at non-controlled terminals increased by 7.2% to 57,813,953 TEUs [1] - Equity throughput grew by 3.8% to 22,879,575 TEUs [1] - Equity throughput at controlled terminals increased by 0.4% to 9,691,543 TEUs [1] - Equity throughput at non-controlled terminals rose by 6.4% to 13,188,032 TEUs [1]

EF003 免責聲明 第 1 頁 共 2 頁 v 1.1.1 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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 | 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。 | | --- | --- | | | 股票發行人現金股息（可選擇以股份代替）公告 | | 發行人名稱 | 中遠海運港口有限公司 (於百慕達註冊成立之有限公司) | | 股份代號 | 01199 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 宣派截至2025年12月31日止年度第一次中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.151 HKD | | 股東批准日期 | 不適用 | | 預設選項 | 現金 | | 代息股份信 ...

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。 於百慕達註冊成立之有限公司 ) (股份代號：1199) 2025年中期業績公佈 公佈截至2025年6月30日止六個月業績 ● 本公司股權持有人應佔利潤同比上升 30.6%至 181,796,000 美元 財務摘要 百萬美元 | | 2025 年 | 2024 年 | | 變動 | | --- | --- | --- | --- | --- | | | 上半年 | 上半年 | | (%) | | 收入 | 806.0 | 709.8 | | +13.6 | | 銷售成本 | 586.9 | 511.2 | | +14.8 | | 毛利 | 219.1 | 198.6 | | +10.3 | | 毛利率 (%) | 27.2 | 28.0 | -0.8 | 百分點 | | 應佔合營公司及聯營公司利潤 | 175.8 | 155.4 | | +13.1 | | 本公司股權持有人應佔利潤 | 181.8 | 13 ...

Investment Rating - The report assigns an "Add" rating for the company [2] Core Views - The company leverages shipping resources from its major shareholder to enhance port and shipping synergy, while expanding its global asset layout, particularly moving from the Northern Hemisphere to the Southern Hemisphere [1][6] - The company operates and manages 375 berths across 39 ports globally, with a total throughput of 140 million TEU in 2024, representing a year-on-year increase of 6.1% [6][19] - The company has a strong focus on high-margin mature assets in domestic markets, contributing over 80% of total profits [30][61] Summary by Sections 1. Global Layout and Asset Acquisition - The company is a core platform for global port operations under the COSCO Shipping Group, focusing on building a comprehensive network of coastal and overseas hub ports [12] - The company has established long-term partnerships in key domestic regions and is expanding its overseas strategic layout in Europe, Southeast Asia, the Middle East, and Latin America [12][19] 2. Domestic High-Margin Asset Focus - The company’s domestic operations are concentrated in the Bohai Rim and Pearl River Delta regions, with significant contributions from investments in Qingdao International and Tianjin Container Terminal [58][61] - The domestic port assets maintain a higher gross margin compared to overseas assets, with the gross margin for domestic terminals at 35.8% in Q1 2025 [39][61] 3. Global Expansion and Shipping Resource Empowerment - The company has rich experience in overseas acquisitions, primarily focusing on European hub ports and greenfield projects in the Middle East, with plans to expand into emerging markets in South America and Southeast Asia [6][22] - The proportion of container volume from Ocean Alliance customers has increased from 51.8% in 2017 to 54.6% in 2024, indicating a strengthening of global partnerships [6][22] 4. Financial Forecast and Investment Recommendations - The company’s revenue is projected to grow steadily, with total revenue expected to reach 11.36 billion RMB in 2025, reflecting a year-on-year growth of 5% [7] - The report forecasts net profits for 2025-2027 to be 2.44 billion, 2.64 billion, and 2.83 billion RMB respectively, with a corresponding PE ratio of 8.9x for 2025 [7][6]

Group 1 - The company, COSCO Shipping Ports (01199.HK), announced a board meeting scheduled for August 28, 2025, at its headquarters in Hong Kong [1] - The board will approve the interim results for the six months ending June 30, 2025, and consider the distribution of an interim dividend [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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。 ( 於百慕達註冊成立之有限公司 ) (股份代號：1199) 香港，2025 年 8 月 14 日 於本公告日期，董事會成員包括朱濤先生1 (主席)、吳宇女士1 (董事總經理)、 馬向輝先生2、陳帥先生2、李民橋先生3、林耀堅先生3、陳家樂教授3、楊良宜先生3及 譚贛蘭教授3。 1 執行董事 中遠海運港口有限公司(「本公司」)董事會(「董事會」)宣佈，本公司將在 2025年8月28日(星期四)在香港皇后大道中183號中遠大廈49樓舉行董事會 會議，董事會將於會上通過議案(其中包括)批准本公司及其附屬公司截至 2025年6月30日止六個月之中期業績及其發佈，並考慮派發中期股息。 代表 中遠海運港口有限公司 總法律顧問、董事會秘書 洪雯 召開董事會會議日期 2 非執行董事 3 獨立非執行董事 ...

致：香港交易及結算所有限公司 公司名稱: 中遠海運港口有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01199 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,000,000 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截 ...

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]

Summary of COSCO SHIPPING Ports (1199.HK) Conference Call Company Overview - **Company**: COSCO SHIPPING Ports (CSP) - **Ticker**: 1199.HK - **Market Cap**: HK$17,979 million (US$2,313 million) [3] Financial Performance - **FY24 Core Profit**: US$60 million, down 31% YoY and 27% QoQ [1] - **Total Gross Throughput**: Increased by 3.2% YoY but decreased by 2% QoQ [1] - **Consolidated Throughput**: Decreased by 5% QoQ [1] - **Average Revenue per Gross TEU**: Decreased by 6% YoY and increased by 1% QoQ [1] - **ASP Decline**: Chinese subsidiaries saw a 2.5% YoY decline, while European subsidiaries experienced a 3% YoY decline [1] - **Gross Profits**: Declined by 2% QoQ, with notable changes in key ports: Tianjin -22%, Spain +16%, Piraeus +10% [1] - **Total Costs per Gross TEU**: Increased by 1% YoY and 7% QoQ [1] - **Core Profit Margins**: Declined by 6 percentage points to 15% [1] - **Net Gearing (ex lease)**: Stood at 0.3x as of Dec 2024 [1] - **Dividend**: Declared a second interim dividend of HK$0.142 per share, going ex-dividend on April 3, 2025 [1] Future Guidance - **Throughput Growth Guidance for 2025E**: Low-single-digits growth expected [2] - **Investment Rating**: Maintained a Buy rating despite FY24 core earnings being 8% below consensus due to attractive valuation [2] Valuation Metrics - **Current Price (as of March 21, 2025)**: HK$4.78 [3] - **Target Price**: HK$5.90, implying a potential share price return of 23.4% and an expected dividend yield of 7.1% [3] - **Expected Total Return**: 30.5% [3] Risks and Considerations - **Downside Risks**: - Potentially aggressive capital expenditures that could erode free cash flow [20] - Disappointing actual deliveries compared to targets and consensus [20] - Suboptimal acquisitions and divestments leading to ROEs below capital costs [20] - Longer-than-expected downturns in global container demand [20] - Elevated inflation affecting earnings yield spread [20] - **Upside Risks**: - Capacity discipline among liners to avoid price wars [20] - Stronger-than-expected demand and effective cost controls [20] - Decline in bond yields [20] Key Financial Metrics (Summary) - **Net Profit**: - 2022A: US$304 million - 2023A: US$321 million - 2024E: US$295 million - 2025E: US$323 million - 2026E: US$342 million [5] - **Diluted EPS**: - 2024E: US$0.08 - 2025E: US$0.09 - 2026E: US$0.10 [5] - **P/E Ratio**: - 2024E: 7.4x - 2025E: 6.8x - 2026E: 6.4x [5] Conclusion CSP is navigating a challenging environment with declining core profits and throughput but maintains a positive outlook for future growth. The company's valuation remains attractive, supporting a Buy rating despite recent performance setbacks. Investors should be aware of both the risks and potential upside factors as they consider their investment strategies.