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.

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]

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]