上港集团(600018) - 2025 Q2 - 季度财报

Important Notice This section includes statements on report accuracy, discloses the unaudited financial report, announces the 2025 half-year profit distribution plan, and addresses forward-looking statement risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the half-year report, with no false records, misleading statements, or major omissions[3] - This half-year report is unaudited[5] 2025 Half-Year Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Distribution or Capitalization | Yes | | Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan, tax incl.) | 0.5 | | Capitalization Shares per 10 Shares (shares) | 0 | - Based on the company's total share capital of 23,281,365,262 shares as of June 30, 2025, the total proposed cash dividend is 1.164 billion yuan (tax incl.)[6][78] - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[7] - There is no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures[8] Section I Definitions This section defines key terms used throughout the report, including company names, regulatory bodies, industry-specific terminology, and the company's strategic framework - "Company", "the Company", and "SIPG" all refer to Shanghai International Port Group Co., Ltd[13] - The "1+3" strategic system aims to build a world-class shipping hub, achieving new breakthroughs in technology, regional development, and business formats, ensuring steady core business growth and moderate diversification for high-quality development[13] - "Reporting Period" refers to January 1, 2025, to June 30, 2025[13] Section II Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, changes in registered address, and stock overview, along with key accounting data and financial indicators for the reporting period - The company's Chinese name is Shanghai International Port Group Co., Ltd., abbreviated as SIPG, with stock code 600018, listed on the Shanghai Stock Exchange[15][19] 2025 Half-Year Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 19,569,225,716.54 yuan | 19,837,572,517.98 yuan | -1.35 | | Total Profit | 10,350,808,660.52 yuan | 10,508,398,614.95 yuan | -1.50 | | Net Profit Attributable to Shareholders of Listed Company | 8,039,559,323.21 yuan | 8,415,622,120.68 yuan | -4.47 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 7,368,852,354.80 yuan | 7,217,576,377.73 yuan | 2.10 | | Net Cash Flow from Operating Activities | 6,285,383,281.96 yuan | 4,283,143,187.07 yuan | 46.75 | | Period-End Data | Current Period-End | Prior Year-End | Change from Prior Year-End (%) | | Net Assets Attributable to Shareholders of Listed Company | 136,608,147,910.02 yuan | 133,306,892,061.01 yuan | 2.48 | | Total Assets | 222,525,699,554.44 yuan | 212,055,541,073.03 yuan | 4.94 | 2025 Half-Year Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.3459 | 0.3624 | -4.55 | | Diluted Earnings Per Share (yuan/share) | 0.3458 | 0.3624 | -4.58 | | Basic EPS After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.3170 | 0.3107 | 2.03 | | Weighted Average Return on Net Assets (%) | 5.8804 | 6.6746 | Decrease of 0.7942 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 5.3898 | 5.7244 | Decrease of 0.3346 percentage points | - Net cash flow from operating activities increased by 46.75% year-on-year, primarily due to increased cash received from sales of goods and services and decreased tax payments in the current period[22] - Net profit after deducting the impact of share-based payments was 8.767 billion yuan, a year-on-year decrease of 3.34%[28] Section III Management Discussion and Analysis This section reviews the company's operations in the first half of 2025, analyzing industry developments, main business, market position, and core competitiveness, while discussing operating results, strategic initiatives, and future outlook I. Industry and Main Business Overview for the Reporting Period In the first half of 2025, despite complex global trade and ongoing geopolitical conflicts, China's imports and exports stabilized, leading to continued growth in port throughput, with Shanghai Port maintaining its world-leading container throughput - In the first half of 2025, national ports completed 8.903 billion tons of cargo throughput, a year-on-year increase of 4.0%; national ports completed 173 million TEUs of container throughput, a year-on-year increase of 6.9%[31] - Shanghai Port's container throughput has ranked first globally for fifteen consecutive years since 2010, reaching 27.065 million TEUs in the first half of 2025, maintaining its world-leading position[36] - The company primarily engages in port-related businesses, with main operations divided into container, bulk cargo, port logistics, and port services segments[35] - The company aims to be a world-class shipping hub, focusing on "smart, green, technological, and efficient" port development, and pursuing breakthroughs in "new technology, new regions, and new business formats" based on its "1+3" strategic system[37] II. Discussion and Analysis of Operations In the first half of 2025, the company achieved its half-year targets amidst a complex external environment by enhancing operational efficiency, improving service levels, advancing logistics system construction, progressing major engineering projects, promoting green port initiatives, and strengthening technological innovation - The company's business showed overall steady growth in the first half, with better-than-expected operating performance, achieving half-year targets for key business and financial indicators[39] - The company continued to deepen its Yangtze River strategy and promote "Yangtze River Delta integration" development, with intermodal rail-sea transport business completing 0.51 million TEUs in the first half, a year-on-year increase of 19.4%[40] - The second phase of the Luojing Port Area transformation project commenced construction, while the West I phase of the Xiaoyangshan North project completed bidding, and the West II phase is progressing orderly[40] - The company continued to implement energy conservation and emission reduction, promoting green port construction, with steady growth in LNG bunkering and normalized operation of methanol bunkering, including bulk domestic green methanol bunkering[40] - The company comprehensively strengthened technological innovation, leading major national and Shanghai R&D tasks, and advancing projects such as traditional terminal automation upgrades and Yangshan intelligent heavy truck demonstration operations[41] 2025 Half-Year Key Operating Data | Indicator | Amount | | :--- | :--- | | Parent Port Cargo Throughput | 297 million tons (up 1.2% year-on-year) | | Parent Port Container Throughput | 27.065 million TEUs (up 6.1% year-on-year) | | Operating Revenue | 19.569 billion yuan | | Net Profit Attributable to Shareholders of Listed Company | 8.040 billion yuan | III. Analysis of Core Competencies for the Reporting Period The company's core competitiveness stems from its advantageous geographical location, the developed economic hinterland of the Yangtze River basin, a favorable environment for building Shanghai as an international shipping center, leading smart and green port technology, and efficient operational management - Shanghai Port is strategically located at the "T" junction of China's coastline and the Yangtze River "golden waterway," boasting a unique geographical position and extensive collection and distribution networks[43] - The Yangtze River basin, Shanghai Port's core cargo hinterland, is China's largest economic zone by volume, characterized by immense vitality and development potential[43] - Shanghai International Shipping Center has ranked third globally for six consecutive years, with its international status increasingly solidifying, while Pudong's "Leading Area" and "Five Centers" construction accelerate, continuously optimizing the business environment[43] - The company comprehensively promotes efficient empowerment through new technologies, accelerates digital transformation, commissioned the first phase of the Luojing Port Area project, and exported smart port technology to Chancay Port in Peru, offering a "Chinese solution"[44] - The company continuously deepens its "1+3" strategic system, aiming to build a world-class shipping hub, focusing on achieving new breakthroughs in technology, regional development, and business formats, and continuously strengthening its core business competitive advantages[44] IV. Key Operating Performance for the Reporting Period This section details the company's financial statement item changes, asset and liability status, and investment activities for the reporting period, showing a slight decrease in operating revenue but a significant increase in operating cash flow (I) Analysis of Main Business During the reporting period, the company's operating revenue decreased by 1.35% year-on-year, primarily due to reduced real estate sales, despite increased container throughput at the parent port and higher shipping company carriage volumes Financial Statement Related Item Fluctuation Analysis Table (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 19,569,225,716.54 | 19,837,572,517.98 | -1.35 | | Operating Cost | 12,080,675,340.35 | 12,036,609,568.60 | 0.37 | | Selling Expenses | 45,658,553.12 | 60,455,830.83 | -24.48 | | Administrative Expenses | 1,535,381,249.05 | 1,571,905,907.20 | -2.32 | | Financial Expenses | 361,119,419.10 | 328,341,463.17 | 9.98 | | R&D Expenses | 41,439,750.98 | 44,582,548.04 | -7.05 | | Net Cash Flow from Operating Activities | 6,285,383,281.96 | 4,283,143,187.07 | 46.75 | | Net Cash Flow from Investing Activities | -1,630,629,015.02 | -1,215,322,043.55 | -34.17 | | Net Cash Flow from Financing Activities | 1,281,916,627.23 | -2,995,857,639.62 | 142.79 | - The change in operating revenue was primarily due to increased container throughput at the company's parent port and higher total container carriage volume by its shipping subsidiaries, offset by reduced real estate sales revenue due to fewer delivered properties by its real estate subsidiaries[45] - Net cash flow from operating activities increased by 46.75% year-on-year, mainly due to increased cash received from sales of goods and services and decreased tax payments in the current period[46] (II) Explanation of Significant Profit Changes Due to Non-Core Business During the reporting period, the company did not experience any significant profit changes due to non-core business activities - There were no significant changes in the company's business type, profit structure, or profit sources during the reporting period[47] (III) Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets increased by 4.94% year-on-year, with significant changes in various asset and liability accounts, and overseas assets constituting 21.82% of total assets Asset and Liability Status Changes (June 30, 2025 vs December 31, 2024) | Item Name | Current Period-End Amount (yuan) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Contract Assets | 38,691,171.05 | 52.30 | Mainly due to increased estimated receivables | | Contract Liabilities | 295,071,871.79 | -39.97 | Mainly due to partial delivery of Shanghai Changtan properties, reducing contract liabilities from year-start | | Notes Receivable | 120,222,835.72 | 73.84 | Mainly due to increased notes receivable | | Dividends Receivable | 314,497,412.23 | -48.29 | Received dividends from associate companies | | Other Non-Current Assets | 1,177,546,696.46 | -63.02 | Mainly due to prepaid equity and equity transaction deposits at year-end, with equity transfer completed in current period | | Short-Term Borrowings | 166,497,994.77 | 87.68 | Mainly due to increased credit borrowings | | Advances from Customers | 248,803,330.36 | 31.94 | Mainly due to increased advances for asset disposals | | Employee Benefits Payable | 1,289,329,258.09 | 31.22 | Mainly due to increased accrued employee benefits | | Other Payables | 6,784,626,578.14 | 112.41 | Mainly due to declared dividend distribution as per shareholders' meeting resolution | | Dividends Payable | 3,453,181,599.11 | 757.80 | Mainly due to declared dividend distribution as per shareholders' meeting resolution | | Other Current Liabilities | 8,311,022.46 | -62.57 | Mainly due to decreased "deferred output VAT" | | Specific Reserves | 8,356,667.18 | -40.05 | Decreased unused specific reserves accrued based on revenue proportion | | Total Assets | 222,525,699,554.44 | 4.94 | / | - Overseas assets amounted to 48.545 billion yuan, accounting for 21.82% of total assets, primarily including SIPG (Hong Kong) Co., Ltd. and certain overseas assets owned by Shanghai Jinjiang Shipping (Group) Co., Ltd[49][50] Period-End Major Asset Restriction Status (June 30, 2025) | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 16,487,610.63 | Deposits, frozen funds | | Fixed Assets | 487,398,844.44 | Mortgage | | Intangible Assets | 53,828,613.62 | Mortgage | | Other Non-Current Assets | 3,000,000.00 | Deposits | | Total | 560,715,068.69 | / | (IV) Analysis of Investment Status During the reporting period, the company's investment amounted to 2.506 billion yuan, a year-on-year decrease of 4.57%, with major equity investments including capital increases and share acquisitions, and significant non-equity projects progressing as planned Investment Amount During the Reporting Period | Indicator | Amount (billion yuan) | | :--- | :--- | | Investment Amount During Reporting Period | 2.506 | | Change in Investment Amount | -0.120 | | Investment Amount in Prior Year Period | 2.626 | | Change Rate of Investment Amount | -4.57% | - Capital increase in SIPG Energy (Shanghai) Co., Ltd., with registered capital increasing from 0.4 billion yuan to 0.5625 billion yuan, and 0.2365 billion yuan contributed in the current period[53] - Acquired 18% equity of Jiangsu Lianyungang Port Co., Ltd. for 0.744 billion yuan via agreement, with transfer registration completed[53] - Increased holdings of Postal Savings Bank of China H-shares by 244 million shares via Shanghai-Hong Kong Stock Connect, totaling 1.111 billion yuan, with a total shareholding of 3.61%[53] - Shanghai Changtan project has a cumulative investment of 20.699 billion yuan, completing 93.88% of the plan, and generated 0.025 billion yuan in revenue during the reporting period[56] - Xiaoyangshan North Operating Area Container Terminal and Supporting Facilities project has a total investment of approximately 51.3 billion yuan, with a cumulative investment of 7.256 billion yuan, completing 14.14% of the plan[59] - Shanghai Port Luojing Port Area Container Terminal Phase II Transformation project has a total investment not exceeding 4.8 billion yuan, with a cumulative investment of 0.84 billion yuan, completing 17.50% of the plan[60] Financial Assets Measured at Fair Value (Jan-Jun 2025) | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 82,814,917.12 | -52,322,754.28 | 0 | 0 | 222,443,519.32 | | Private Equity Funds | 3,763,718,974.35 | -21,603,141.51 | 162,000,000.00 | 53,160,794.12 | 3,850,955,038.72 | | Others | 558,859,899.28 | 0 | 0 | 0 | 366,881,589.21 | | Total | 4,405,393,790.75 | -73,925,895.79 | 162,000,000.00 | 53,160,794.12 | 4,440,280,147.25 | (V) Significant Asset and Equity Disposals During the reporting period, the company did not engage in any significant asset or equity disposal transactions - There were no significant asset or equity disposal matters for the company during the reporting period[65] (VI) Analysis of Major Holding and Associate Companies The company's major holding and associate companies performed well during the reporting period, with Shanghai Jinjiang Shipping (Group) Co., Ltd. showing significant net profit growth due to market share gains and strong performance in Southeast Asia Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit (Jan-Jun 2025) | Company Name | Company Type | Registered Capital (10k yuan) | Total Assets (10k yuan) | Net Assets (10k yuan) | Operating Revenue (10k yuan) | Operating Profit (10k yuan) | Net Profit (10k yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shengdong International Container Terminal Co., Ltd. | Subsidiary | 1,251,250.00 | 2,271,296.19 | 1,699,409.26 | 155,761.94 | 68,915.58 | 51,192.42 | | Shanghai Guandong International Container Terminal Co., Ltd. | Subsidiary | 650,000.00 | 1,111,689.49 | 1,027,683.39 | 134,371.49 | 51,428.65 | 38,270.79 | | Shanghai Mingdong Container Terminal Co., Ltd. | Subsidiary | 400,000.00 | 649,288.78 | 452,754.46 | 109,108.75 | 32,479.66 | 24,162.06 | | Shanghai Jinjiang Shipping (Group) Co., Ltd. | Subsidiary | 129,412.00 | 1,101,355.42 | 899,559.44 | 337,839.98 | 103,095.99 | 79,448.66 | | SIPG Logistics Co., Ltd. | Subsidiary | 250,000.00 | 904,308.35 | 462,351.07 | 223,052.54 | 68,220.66 | 56,505.66 | | SIPG (Hong Kong) Co., Ltd. | Subsidiary | USD 511 million | 4,988,401.13 | 3,500,761.92 | 61,636.93 | 203,696.84 | 191,724.46 | - Shanghai Jinjiang Shipping (Group) Co., Ltd. achieved a net profit attributable to parent company of 0.794 billion yuan, a year-on-year increase of 150.43%, primarily due to maintaining market share leadership in traditional advantageous routes like Shanghai-Japan and Shanghai Cross-Strait, and achieving both volume and price increases in the Southeast Asian region[71] Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal of Subsidiaries During Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Shanghai Xingang Container Logistics Co., Ltd. | Step-by-step purchase achieving non-same-control business combination | No significant impact | | Jinjiang Shipping Logistics (Vietnam) Co., Ltd. | Investment and establishment | No significant impact | | SUPER CONCERTO SHIPPING (HONG KONG) LIMITED | Investment and establishment | No significant impact | (VII) Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - There were no structured entities controlled by the company during the reporting period[72] V. Other Disclosures This section discloses potential risks such as macroeconomic cyclical fluctuations, competition for international container hub port status, and natural conditions affecting port operations, which the company will actively monitor and address - The company faces risks from macroeconomic cyclical fluctuations impacting the port industry[73] - The company faces competition risks for its international container hub port status, as major competing ports in Northeast Asia actively expand capacity[73] - The company faces risks from natural conditions (such as typhoons and tropical storms) affecting normal port operations[73] - The company has disclosed the "SIPG Quality Improvement, Efficiency Enhancement, and Return Action Plan 2025 Half-Year Assessment Report"[74] Section IV Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, announces the 2025 half-year profit distribution plan, updates on equity incentive plans, and highlights the company's social responsibility efforts in poverty alleviation and rural revitalization I. Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced changes in its senior management, including the appointment of Mr. Yang Haifeng as Chief Auditor, Mr. Gu Jinshan's resignation as Chairman, and Mr. Ding Xiangming's departure from several roles - On January 16, 2025, the board of directors approved the appointment of Mr. Yang Haifeng as the company's Chief Auditor[76] - On July 10, 2025, Mr. Gu Jinshan resigned as the company's Chairman and Director, with Mr. Song Xiaodong, Director and President, temporarily performing the duties of Chairman[77] - On August 8, 2025, Mr. Ding Xiangming ceased to serve as the company's Vice President, Board Secretary, and Chief Legal Counsel, with Mr. Yang Zhiyong, Vice President, temporarily performing the duties of Board Secretary[77] II. Profit Distribution or Capital Reserve Conversion Plan The board of directors approved the 2025 half-year profit distribution plan, proposing a cash dividend of 0.5 yuan (tax incl.) per 10 shares, totaling 1.164 billion yuan, subject to shareholder approval Half-Year Proposed Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Distribution or Capitalization | Yes | | Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan, tax incl.) | 0.5 | | Capitalization Shares per 10 Shares (shares) | 0 | - Based on the company's total share capital of 23,281,365,262 shares as of June 30, 2025, the total proposed cash dividend is 1.164 billion yuan (tax incl.)[78] - The 2025 half-year profit distribution plan is subject to approval by the company's general meeting of shareholders before implementation[78] III. Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact The company's A-share restricted stock incentive plan completed initial and reserved grants in 2021 and 2022, with the first restricted period for initial grants lifted in August 2024, and certain restricted shares repurchased and cancelled - The company's A-share restricted stock incentive plan completed its initial grant on July 30, 2021, granting 105.0051 million shares to 209 incentive recipients[80] - The reserved grant was completed on July 18, 2022, granting 5.465 million shares to 28 incentive recipients[80] - On August 26, 2024, the conditions for lifting the first restricted period of the initial grant were met, and 40,903,104 shares became tradable on September 11, 2024[80] - The company repurchased and cancelled 2,779,488 restricted shares from 11 incentive recipients, with the cancellation date being October 31, 2024[81] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law During the reporting period, the company did not disclose environmental information for itself or its major subsidiaries included in the list of enterprises required to disclose environmental information by law - During the reporting period, the company did not disclose environmental information for itself or its major subsidiaries included in the list of enterprises required to disclose environmental information by law[82] V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization The company continues to invest in poverty alleviation and rural revitalization, providing financial support for education and contributing to "blood-generating" projects in Chongming District - The company continued to implement poverty alleviation and education support for three primary schools in Guizhou and Yunnan, investing a cumulative 0.4846 million yuan in the first half of 2025, benefiting approximately 430 people[82] - As a supporting party, the company annually donates 5 million yuan to Chongming District for "blood-generating" projects, contributing to rural revitalization[83] - The company's subsidiaries participated in the "Pairing with a Hundred Towns and a Thousand Villages to Promote Rural Revitalization" initiative, involving 30,000 yuan in poverty relief and慰问 in the first half[83] Section V Significant Matters This section details the fulfillment of company commitments, including those from major shareholders regarding independence and related party transactions, and reports on significant related party transactions, entrusted operations, and major guarantees I. Fulfillment of Commitments The company and its largest shareholder, Shanghai Guotou Company, have promptly and strictly fulfilled commitments regarding independence, avoiding horizontal competition, and reducing related party transactions, while also adhering to equity incentive and spin-off listing commitments - The company's largest shareholder, Shanghai Guotou Company, made commitments regarding SIPG's personnel independence, asset integrity, financial independence, institutional independence, and business independence, which have been promptly and strictly fulfilled[85] - Shanghai Guotou Company made commitments to avoid horizontal competition and avoid or reduce related party transactions with SIPG, which have been promptly and strictly fulfilled[85] - The company committed not to provide loans or any other form of financial assistance to incentive recipients for acquiring restricted shares under the equity incentive plan, and guaranteed that information disclosure documents contain no false records, misleading statements, or major omissions[86] - Regarding the spin-off listing of its subsidiary, Shanghai Jinjiang Shipping (Group) Co., Ltd., on the main board of the Shanghai Stock Exchange, the company and its subsidiary Jinjiang Shipping made commitments regarding avoiding horizontal competition, ensuring independence, share circulation restrictions, voluntary lock-up, and stabilizing share prices, which have been promptly and strictly fulfilled[86][87] - The company committed to a profit distribution policy: annually distributing no less than 50% of the distributable profit to shareholders, with cash dividends prioritized over stock dividends[86] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[88] III. Irregular Guarantees During the reporting period, the company did not have any irregular guarantees - There were no irregular guarantees by the company during the reporting period[88] IV. Half-Year Report Audit Status This half-year report is unaudited - This half-year report is unaudited[5] V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Annual Report During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the company's previous annual report - During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the company's previous annual report[89] VI. Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy or reorganization matters - During the reporting period, the company had no bankruptcy or reorganization matters[89] VII. Significant Litigation and Arbitration Matters During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[89] VIII. Alleged Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller During the reporting period, the company, its directors, supervisors, senior management, controlling shareholder, and actual controller were not involved in any alleged violations, penalties, or rectification situations - During the reporting period, the company, its directors, supervisors, senior management, controlling shareholder, and actual controller were not involved in any alleged violations, penalties, or rectification situations[89] IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no significant breaches of trust - During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no significant breaches of trust[89] X. Significant Related Party Transactions The company engaged in multiple significant related party transactions during the reporting period, including framework agreements with COSCO SHIPPING Holdings, deposit and loan activities with related banks, and joint investments in funds (I) Related Party Transactions Related to Daily Operations The company signed a three-year shipping and terminal services framework agreement with COSCO SHIPPING Holdings, with annual service provision and acceptance limits, and conducted deposit and loan business with associated banks within approved limits - The company signed a three-year (January 1, 2026, to December 31, 2028) "Shipping and Terminal Services Framework Agreement" with COSCO SHIPPING Holdings[89] - For 2026-2028, the company's annual service provision to COSCO SHIPPING Holdings will not exceed 3.5 billion yuan, and service acceptance from COSCO SHIPPING Holdings will not exceed 0.5 billion yuan[89] - In 2025, the company (including consolidated subsidiaries) provided services totaling 1.045 billion yuan to COSCO SHIPPING Holdings and accepted services totaling 0.045 billion yuan from COSCO SHIPPING Holdings, both within the annual limits[91] - For 2025, the company's (including consolidated subsidiaries) estimated daily deposit balance at associated Shanghai Bank will not exceed 12 billion yuan, with a maximum credit line not exceeding 6 billion yuan; at Postal Savings Bank, the daily deposit balance will not exceed 6 billion yuan, with a maximum credit line not exceeding 10 billion yuan[92] - During the reporting period, the company's maximum daily deposit balance at Shanghai Bank was 11.864 billion yuan, and at Postal Savings Bank was 0.1 billion yuan, both within the estimated limits[93] (II) Related Party Transactions Involving Asset or Equity Acquisitions/Disposals During the reporting period, the company did not engage in any significant related party transactions involving asset or equity acquisitions or disposals - During the reporting period, the company had no significant related party transactions involving asset or equity acquisitions or disposals[94] (III) Significant Related Party Transactions for Joint External Investments The company participated in the establishment of Shanghai International Group Sci-Tech Phase III Venture Capital Partnership (Limited Partnership) with a subscribed capital of 0.48 billion yuan, and also invested in Shanghai State-owned Capital Investment Mother Fund Co., Ltd. with a subscribed capital of 1.6 billion yuan - The company, as a limited partner, invested 0.48 billion yuan of its own funds in Shanghai International Group Sci-Tech Phase III Venture Capital Partnership (Limited Partnership), representing 15% of the partnership's initial scale[95] - As of the end of the reporting period, the company's capital contribution to Shanghai International Group Sci-Tech Phase III Venture Capital Partnership (Limited Partnership) was 96 million yuan[96] - The company participated in the establishment of Shanghai State-owned Capital Investment Mother Fund Co., Ltd., with a subscribed capital of 1.6 billion yuan, holding a 7.8011% stake[97][99] - As of the end of the reporting period, the company's capital contribution to Shanghai State-owned Capital Investment Mother Fund Co., Ltd. was 1.28 billion yuan[100] (IV) Related Party Debts and Credits The company has outstanding debts and credits with related parties, primarily involving a 0.5 billion yuan performance bond provided to Tongsheng Group for the Yangshan Deepwater Port Phase IV terminal, and other payables to Shanghai SASAC and Tongsheng Group Related Party Debts and Credits (June 30, 2025) | Related Party | Related Relationship | Ending Balance of Funds Provided to Related Party (yuan) | Ending Balance of Funds Provided by Related Party to Listed Company (yuan) | | :--- | :--- | :--- | :--- | | Shanghai SASAC | Other | 0 | 34,381,641.45 | | Tongsheng Group | Other | 508,938,575.50 | 213,503.80 | | Total | | 508,938,575.50 | 34,595,145.25 | - The funds provided by the company to related party Tongsheng Group primarily consist of a 0.5 billion yuan performance bond for the Yangshan Deepwater Port Phase IV terminal[102] (V) Financial Business Between the Company and Related Finance Companies, or Company-Controlled Finance Companies and Related Parties During the reporting period, the company did not engage in financial business with related finance companies or company-controlled finance companies and related parties - During the reporting period, the company had no financial business with related finance companies or company-controlled finance companies and related parties[103] (VI) Other Significant Related Party Transactions The company continues to be entrusted with the operation and management of Yangshan Deepwater Port Phase IV terminal and, as of June 11, 2025, also manages Tongsheng Group, receiving an annual management fee of 3 million yuan - The company accepts the entrustment from Tongsheng Group to operate and manage Yangshan Deepwater Port Phase IV terminal, with all operating income belonging to SIPG[103][104] - The company accepted the entrustment from International Group to manage Tongsheng Group, completing the signing of the "Entrustment Management Agreement" on June 11, 2025, with an annual management fee of 3 million yuan[103] XI. Significant Contracts and Their Performance The company performed several significant contracts during the reporting period, including entrusted operation and management of Yangshan Deepwater Port Phase IV terminal and Tongsheng Group, and disclosed major guarantees provided for subsidiaries (I) Custody, Contracting, and Leasing Matters The company is entrusted with the operation and management of Yangshan Deepwater Port Phase IV terminal, which commenced operations in 2018, and also began managing Tongsheng Group on June 11, 2025, to optimize resource allocation and enhance Shanghai's international shipping center development - The company accepts the entrustment from Tongsheng Group to operate and manage Yangshan Deepwater Port Phase IV terminal, with all operating income during the entrusted management period belonging to SIPG[104][105] - Entrusted operation and management of Yangshan Deepwater Port Phase IV terminal helps alleviate the shortage of container throughput capacity at Shanghai Port and fully leverages the scale effect and overall comprehensive benefits of the Yangshan Deepwater Port Area[106] - The company signed an "Entrustment Management Agreement" with International Group on June 11, 2025, to manage Tongsheng Group, with an annual management fee of 3 million yuan[107] - Entrusted management of Tongsheng Group facilitates the further construction of the Yangshan Deepwater Port Area, optimizes the collection and distribution system, and promotes unified management and integrated business development of SIPG's port and shipping resources with Tongsheng Group's port assets[108][109] (II) Significant Guarantees Performed and Unfulfilled During the Reporting Period As of the end of the reporting period, the company's total guarantees amounted to 28.87368 billion yuan, representing 21.14% of its net assets, primarily including guarantees for associate companies' futures delivery warehouse business and for a wholly-owned subsidiary's overseas USD bonds Company's Total Guarantee Status (June 30, 2025) | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees (A+B) | 28,873,680,000.00 | | Percentage of Total Guarantees to Company's Net Assets (%) | 21.14 | | Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 7,158,600,000.00 | - The company's subsidiary, Shenggang Energy, provided guarantee letters for its associate company, Yangshan Shengang, to apply for designated delivery warehouses at Shanghai Futures Exchange and Shanghai International Energy Exchange, involving fuel oil, low-sulfur fuel oil, and crude oil futures, with a maximum contingent economic compensation liability totaling approximately 2.245 billion yuan[113][210][211] - The company provided guarantees for its wholly-owned subsidiary, SIPG BVI Development 2 Co., Ltd., for the issuance of USD bonds overseas, with a total guarantee amount equivalent to 7.1586 billion yuan based on the exchange rate as of June 30, 2025; the guaranteed party's asset-liability ratio exceeds 70%[114] - The company's subsidiaries provide phased bank mortgage guarantees for commercial housing purchasers in accordance with real estate operating practices, with an outstanding balance of 0.206 billion yuan as of the end of the reporting period[114] (III) Other Significant Contracts During the reporting period, the company did not have any other significant contracts requiring disclosure - There were no other significant contracts for the company during the reporting period[115] XII. Explanation of Progress in Use of Raised Funds During the reporting period, the company had no explanation regarding the progress of using raised funds - During the reporting period, the company had no explanation regarding the progress of using raised funds[115] XIII. Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring disclosure - During the reporting period, the company had no other significant matters to explain[115] Section VI Share Changes and Shareholder Information This section details the company's share capital structure, changes in restricted shares, and shareholder information for the reporting period, including major shareholders and changes in holdings of directors, supervisors, and senior management I. Share Capital Changes During the reporting period, the company's total share capital and capital structure remained unchanged, but there was progress in the gratuitous transfer of state-owned equity, which will not alter the company's actual controller - During the reporting period, the company's total share capital and capital structure remained unchanged[117] - 726,720,109 state-owned shares held by Tongsheng Group were gratuitously transferred to Shanghai Municipal Finance Bureau, as part of Shanghai SASAC's obligation to transfer state-owned capital to enrich the social security fund[118] - 398,551,139 state-owned shares held by Tongsheng Group were gratuitously transferred to Shanghai SASAC, with the transfer completed on July 29, 2022[119] - Shanghai International Group Co., Ltd. plans to gratuitously transfer 339,000,000 shares it holds in the company to Shanghai Jiushi (Group) Co., Ltd., which will not change the company's largest shareholder or actual controller[120][121] Period-End Restricted Share Changes (June 30, 2025) | Shareholder Name | Period-End Restricted Shares (shares) | Reason for Restriction | Date of Lifting Restriction | | :--- | :--- | :--- | :--- | | Initial Grant Incentive Recipients of SIPG A-share Restricted Stock Incentive Plan | 30,704,754 | Equity incentive restriction | From the first trading day after 48 months from the completion of grant registration | | Initial Grant Incentive Recipients of SIPG A-share Restricted Stock Incentive Plan | 30,704,754 | Equity incentive restriction | From the first trading day after 60 months from the completion of grant registration | | Reserved Grant Incentive Recipients of SIPG A-share Restricted Stock Incentive Plan | 2,151,200 | Equity incentive restriction | From the first trading day after 36 months from the completion of grant registration | | Reserved Grant Incentive Recipients of SIPG A-share Restricted Stock Incentive Plan | 1,613,400 | Equity incentive restriction | From the first trading day after 48 months from the completion of grant registration | | Reserved Grant Incentive Recipients of SIPG A-share Restricted Stock Incentive Plan | 1,613,400 | Equity incentive restriction | From the first trading day after 60 months from the completion of grant registration | | Total | 66,787,508 | / | / | II. Shareholder Information As of the end of the reporting period, the company had 143,283 common shareholders, with Shanghai State-owned Capital Investment Co., Ltd. and Yaji Investment Co., Ltd. as the top two largest shareholders, and several top ten shareholders ultimately controlled by Shanghai SASAC - As of the end of the reporting period, the total number of common shareholders was 143,283[124] Top Ten Shareholders' Shareholding (June 30, 2025) | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai State-owned Capital Investment Co., Ltd. | 6,590,134,081 | 28.31 | State-owned Legal Person | | Yaji Investment Co., Ltd. | 6,531,312,845 | 28.05 | Overseas Legal Person | | COSCO SHIPPING Holdings Co., Ltd. | 3,620,549,712 | 15.55 | State-owned Legal Person | | Shanghai Jiushi (Group) Co., Ltd. | 1,218,116,163 | 5.23 | State-owned Legal Person | | Shanghai Chengtou (Group) Co., Ltd. | 975,471,600 | 4.19 | State-owned Legal Person | | Shanghai Tongsheng Investment (Group) Co., Ltd. | 726,720,109 | 3.12 | State-owned Legal Person | | China Securities Finance Corporation Limited | 693,313,728 | 2.98 | Other | | Shanghai International Group Co., Ltd. | 590,493,723 | 2.54 | State-owned Legal Person | | Shanghai State-owned Assets Operation Co., Ltd. | 172,814,922 | 0.74 | State-owned Legal Person | | HKSCC Nominees Limited | 165,927,423 | 0.71 | Other | - Among the top 10 unrestricted shareholders, the actual controller of the 1st, 4th, 5th, 6th, 8th, and 9th circulating shareholders is the Shanghai Municipal State-owned Assets Supervision and Administration Commission[127] III. Directors, Supervisors, and Senior Management During the reporting period, the shareholdings of some directors and senior management changed due to secondary market transactions, and the number of restricted shares held by senior management was disclosed Changes in Shareholdings of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period (Jan-Jun 2025) | Name | Position | Beginning Shareholding (shares) | Ending Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ding Xiangming | Senior Management (Resigned) | 1,050,200 | 1,179,500 | 129,300 | Secondary market trading | | Yang Zhiyong | Senior Management | 1,051,890 | 1,180,490 | 128,600 | Secondary market trading | | Zhang Min | Senior Management | 1,274,190 | 1,402,890 | 128,700 | Secondary market trading | | Liu Tao | Senior Management | 0 | 64,700 | 64,700 | Secondary market trading | Equity Incentive Granted to Directors, Supervisors, and Senior Management During the Reporting Period (Jan-Jun 2025) | Name | Position | Beginning Restricted Stock Holdings (shares) | Ending Restricted Stock Holdings (shares) | | :--- | :--- | :--- | :--- | | Wang Haijian | Senior Management | 726,900 | 726,900 | | Ding Xiangming | Senior Management (Resigned) | 686,520 | 686,520 | | Yang Zhiyong | Senior Management | 652,194 | 652,194 | | Zhang Min | Senior Management | 652,194 | 652,194 | | Liu Changman | Senior Management | 435,400 | 435,400 | | Total | / | 3,153,208 | 3,153,208 | IV. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[131] V. Preferred Share Information During the reporting period, the company had no preferred share-related information - During the reporting period, the company had no preferred share-related information[131] Section VII Bond-Related Information This section details the company's non-financial enterprise debt financing instruments, including multiple tranches of medium-term notes, and analyzes key accounting data and financial indicators, showing improved cash interest coverage despite a slight increase in asset-liability ratio I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments The company issued multiple tranches of medium-term notes in 2024 and 2025, with maturities ranging from 3 to 10 years and interest rates between 1.74% and 2.32%, primarily traded in the interbank market Basic Information on Non-Financial Enterprise Debt Financing Instruments (June 30, 2025) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (billion yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SIPG 2024 First Medium-Term Note | 24SIPGMTN001 | 102481776 | 2024-04-24 | 2029-04-25 | 2.0 | 2.20 | Interbank Market | | SIPG 2024 Second Medium-Term Note | 24SIPGMTN002 | 102481777 | 2024-04-24 | 2027-04-25 | 2.0 | 2.10 | Interbank Market | | SIPG 2024 Third Medium-Term Note | 24SIPGMTN003 | 102483693 | 2024-08-21 | 2034-08-23 | 2.0 | 2.32 | Interbank Market | | SIPG 2025 First Medium-Term Note | 25SIPGMTN001 | 102581619 | 2025-04-15 | 2028-04-16 | 2.0 | 1.74 | Interbank Market | | SIPG 2025 Second Medium-Term Note | 25SIPGMTN002 | 102581669 | 2025-04-16 | 2030-04-17 | 2.0 | 1.9 | Interbank Market | | SIPG 2025 Third Medium-Term Note | 25SIPGMTN003 | 102581668 | 2025-04-16 | 2030-04-17 | 3.0 | 1.9 | Interbank Market | | SIPG 2025 Fourth Medium-Term Note | 25SIPGMTN004 | 102582095 | 2025-05-19 | 2035-05-20 | 1.0 | 2.11 | Interbank Market | | SIPG 2025 Fifth Medium-Term Note (Transition) | 25SIPGMTN005(Transition) | 102582129 | 2025-05-22 | 2035-05-23 | 2.0 | 2.08 | Interbank Market | - All corporate bonds of the company did not involve the use or rectification of raised funds during the reporting period[133] (II) Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[140] (III) Key Accounting Data and Financial Indicators As of the end of the reporting period, the company's current ratio and quick ratio decreased, while the asset-liability ratio slightly increased; net profit after deducting non-recurring gains and losses grew by 2.10%, and the cash interest coverage ratio significantly improved by 37.77%, indicating enhanced debt repayment capacity Key Accounting Data and Financial Indicators (June 30, 2025 vs December 31, 2024) | Key Indicator | Current Period-End / (Jan-Jun) | Prior Year-End / Prior Year Period | Change from Prior Year-End / Prior Year Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 1.83 | 2.11 | -13.27% | / | | Quick Ratio | 1.61 | 1.79 | -10.06% | / | | Asset-Liability Ratio (%) | 32.17 | 30.49 | Increase of 1.68 percentage points | / | | Net Profit After Deducting Non-Recurring Gains and Losses | 7,368,852,354.80 | 7,217,576,377.73 | 2.10% | / | | EBITDA to Total Debt Ratio | 0.26 | 0.27 | -3.70% | / | | Interest Coverage Ratio | 18.40 | 17.36 | 5.99% | / | | Cash Interest Coverage Ratio | 12.33 | 8.95 | 37.77% | Increased net cash flow from operating activities in current period | | EBITDA Interest Coverage Ratio | 22.39 | 20.80 | 7.64% | / | | Loan Repayment Rate (%) | 100 | 100 | 0% | / | | Interest Payment Rate (%) | 100 | 100 | 0% | / | - Cash interest coverage ratio increased by 37.77% year-on-year, primarily due to increased cash flow from operating activities in the current period[139] Section VIII Financial Report This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on various financial items, accounting policies, risks, and supplementary information I. Audit Report This half-year report is unaudited - This half-year report is unaudited[5] II. Financial Statements This section includes the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements, and cash flow statements for January-June 2025, along with consolidated and parent company statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flows for the reporting period - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 222.525 billion yuan, total liabilities were 71.583 billion yuan, and total owners' equity was 150.942 billion yuan[144][145] - The consolidated income statement shows that for January-June 2025, total operating revenue was 19.569 billion yuan, net profit was 8.744 billion yuan, and net profit attributable to parent company shareholders was 8.040 billion yuan[150][151] - The consolidated cash flow statement shows that for January-June 2025, net cash flow from operating activities was 6.285 billion yuan, net cash flow from investing activities was -1.631 billion yuan, and net cash flow from financing activities was 1.282 billion yuan[158][159] - The parent company balance sheet shows that as of June 30, 2025, the company's total assets were 147.098 billion yuan, total liabilities were 54.917 billion yuan, and total owners' equity was 92.182 billion yuan[147][148] - The parent company income statement shows that for January-June 2025, operating revenue was 4.131 billion yuan, and net profit was 4.123 billion yuan[154] III. Company Profile Established in May 2005 and listed on the Shanghai Stock Exchange in October 2006, the company is China's first wholly-listed port joint-stock enterprise and one of the largest port listed companies, primarily engaged in domestic and international cargo handling, storage, transshipment, and water/land transportation - Shanghai International Port Group Co., Ltd. was established in May 2005 and listed on the Shanghai Stock Exchange on October 26, 2006, becoming the first wholly-listed port joint-stock enterprise in China[169][170] - The company primarily engages in port-related businesses, with a scope covering domestic and international cargo (including containers) handling, storage, transshipment, water and land transportation, international shipping, warehousing, and logistics information management[187] - As of June 30, 2025, the company's total issued share capital was 23,281,365,262 shares, with a registered capital of 23,281,365,262 yuan[187] - The company's actual controller is the Shanghai Municipal State-owned Assets Supervision and Administration Commission[191] - As of June 30, 2025, the company's consolidated financial statement scope included 153 subsidiaries, with Shanghai Xingang Container Logistics Co., Ltd., Jinjiang Shipping Logistics (Vietnam) Co., Ltd., and SUPER CONCERTO SHIPPING (HONGKONG) LIMITED added during the current period[193](ind