珠江船务(00560) - 2025 - 中期财报

Chairman's Report Review In the first half of 2025, global trade frictions, geopolitical conflicts, and a sluggish Mainland China property market significantly impacted the Group's freight logistics and cross-border water passenger transport businesses, prompting proactive strategies to maintain operations and enhance market share - Escalating global trade tariff frictions, geopolitical conflicts, and increased world economic uncertainty hindered global trade recovery. Hong Kong's shipping industry remained sluggish with container throughput at multi-year lows. The persistent downturn in Mainland China's property market worsened the sand and gravel bulk cargo market. The opening of the Shenzhen-Zhongshan Link diverted cross-border water passenger traffic in the Greater Bay Area[4] - The Group actively responded to external challenges, deeply explored market potential, and strived for stable business operations. In port, shipping, and logistics, it leveraged its full-chain network advantages in terminals, freight forwarding, warehousing, and trucking, strengthened engagement with major regional manufacturing clients, developed engineering logistics, optimized port terminal layouts in Shaoguan, Guangdong, and accelerated the cultivation of 'Belt and Road' freight forwarding outlets in Vietnam[5] - For passenger transport, the Group launched bundled products for cross-border water passenger transport, Hong Kong local ferries, and Victoria Harbour tours, enhancing promotion and sales on platforms like Douyin, Meituan, WeChat, and Ctrip, perfecting its 'online + offline' marketing system, and actively boosting cross-border passenger market share and marine tourism brand influence[5] Key Indicators for Port, Shipping and Logistics Business (Year-on-Year Change) | Indicator | Year-on-Year Change | | :--- | :--- | | Container throughput | increased by 7.1% | | Bulk cargo throughput | increased by 2.7% | - The Group actively enhanced service capabilities and strengthened the competitiveness of its passenger transport segment, including Chu Kong Passenger Transport leveraging its integrated platform management advantages to launch bundled cultural tourism products through joint marketing; Oriental Pearl strengthening cooperation with e-commerce platforms and conducting live broadcasts with airlines to promote themed flights; and New World First Ferry continuously improving service capabilities, perfecting its online and offline marketing system, and systematically advancing vessel renewal, with green new energy vessels 'Xin Ming Zhu 11' and 'Xin Ming Zhu 12' to be successively put into operation[7] - Sun Kong Petroleum's newly built lubricant tanker 'Xinhu' successfully commenced operations, intensifying efforts to develop its marine lubricant supply chain business, while also acquiring three diesel tankers from competitors to upgrade capacity, further enhancing its influence in the Hong Kong local market. The Hong Kong-Zhuhai-Macao Bridge Shuttle Bus project also achieved good results[7] - The Group remains committed to enhancing internal control capabilities, optimizing business processes, strengthening standardized risk management, accelerating digitalization and informatization, deepening cost control, implementing cost reduction and efficiency improvement measures, and ensuring stable business operations[8] Outlook For the second half, the Group will focus on stability, expansion, innovation, and overseas extension, driven by projects, capital, and innovation, aiming to secure logistics, transform passenger transport, and advance corporate reforms - The second half's work strategy focuses on 'seeking progress while maintaining stability, expanding scale, innovation-driven, and overseas extension,' with a development strategy of 'project-driven, capital-driven, and innovation-driven,' emphasizing breakthroughs in Hong Kong, Macau, and overseas markets to cultivate new growth points[9] - Accelerate integrated operational integration, establish a contract logistics business unit to create a modern comprehensive logistics service platform with high resource concentration, high business coordination, and strong market competitiveness. Deepen the integrated reform of cross-border water passenger transport business, exploring an operating model of 'one control center, multiple port operation points'[9] - Intensify logistics business development, deeply cultivate Hong Kong International Airport engineering projects and Macau reclamation expansion projects, vigorously develop Modular Integrated Construction (MIC) transport projects, and proactively plan for the Northern Metropolis and Kau Yi Chau Artificial Islands projects. Strategically deploy duty-free logistics, e-commerce logistics, and air freight logistics, improve the 'Belt and Road' network business layout, accelerate investment and construction of Sanbu New Port Terminal and Longtouzhai Terminal, continuously strengthen digital terminal construction, and explore overseas mergers and acquisitions[10] - Accelerate the transformation of cross-border passenger transport business, optimizing and adjusting route layouts to enhance economic efficiency. Deeply integrate into the Hong Kong International Airport ecosystem, striving to bid for more high-quality service projects, perfecting the 'sea-land-air intermodal' service chain, creating 'cross-border transport + tourism' bundled products, and exploring routes from the Pearl River Delta to Hong Kong's outlying islands[11] - Strengthen the depth of local business development, actively participate in tendering for local marine municipal projects, vigorously develop Victoria Harbour tour projects, and expand advertising sales, secondary consumption, and value-added services. Continuously tap the potential of local ferry business, expand non-ticket revenue, systematically advance vessel renewal, and promote a 'water + land' integrated fuel supply model to accelerate high-quality development of the fuel supply business[12] Acknowledgement The Chairman, on behalf of the Board, extends sincere gratitude to investors, partners, management, and staff, pledging continued efforts to create greater shareholder value - The Chairman, on behalf of the Board, extends sincere gratitude to investors, partners, management, and all employees for their hard work for the Group[13] - The Group will continue to strive to create greater value for shareholders[13] Management Discussion and Analysis Business Review For the six months ended June 30, 2025, the Group's consolidated turnover decreased by 5.3% and profit attributable to equity holders fell by 60.3%, impacted by international tariffs, geopolitical conflicts, a weak Hong Kong shipping industry, a deteriorating Mainland China property market, and diversion effects from the Shenzhen-Zhongshan Link Group's Key Financial Performance for the First Half | Indicator | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated turnover | 1,315,108 | 1,388,711 | -5.3% | | Profit Attributable to Equity Holders of the Company | 26,662 | 67,115 | -60.3% | - Repeated adjustments in international tariff policies and escalating geopolitical conflicts severely impacted global trade, compounded by a sluggish Hong Kong shipping industry and a persistent downturn in Mainland China's property market, which worsened the sand and gravel bulk cargo market, significantly affecting the Group's port, shipping, and logistics business. The opening of the Shenzhen-Zhongshan Link further increased operational pressure on cross-border water passenger transport and related auxiliary businesses[16] I. Port, Shipping and Logistics Business Port, shipping, and logistics business faced significant pressure with substantial declines in cargo transport volumes, yet terminal handling operations grew, with container throughput up 7.1% and bulk cargo throughput up 2.7% Key Indicators for Port, Shipping and Logistics Business | Indicator Name | 2025 (TEU/tonnes) | 2024 (TEU/tonnes) | Change (%) | | :--- | :--- | :--- | :--- | | Container transport volume (TEU) | 600,000 | 667,000 | -10.0% | | Bulk cargo transport volume (billing tonnes) | 145,000 | 614,000 | -76.4% | | Container land trucking volume (TEU) | 80,000 | 92,000 | -13.0% | | Container throughput (TEU) | 540,000 | 504,000 | +7.1% | | Bulk cargo throughput (billing tonnes) | 4,348,000 | 4,234,000 | +2.7% | - Chu Kong Transhipment deeply explored business opportunities amidst supply chain restructuring, accelerating transformation and upgrading to enhance core competitiveness and risk resistance. By forming professional project teams, it successfully advanced existing businesses like the University of Hong Kong MIC project, vigorously developed new businesses, won bids for multiple small and medium-sized transitional housing and resettlement projects, and expanded international transport services for new energy bus vehicles[21] - Zhaoqing region's container throughput increased by 26.7% year-on-year, and bulk cargo throughput rose by 6.1%, primarily due to coordinated port development, accelerated introduction of domestic shipping companies to expand market share, and development of bulk cargo businesses like sand, gravel, and earthwork[25] - Foshan region's bulk cargo throughput significantly increased by 72.7% year-on-year, with Gaoming Port expanding multiple MIC transport and stone material transport projects. Hong Kong region's container throughput slightly increased by 0.8%, and Chu Kong Transhipment seized opportunities in the warehousing market restructuring to expand rebar and milk powder warehousing businesses, strengthening cooperation with e-commerce platforms and logistics express companies[26][30] II. Passenger Transport Business Passenger transport business saw a decline in cross-border volume due to the Shenzhen-Zhongshan Link and Zhongshan terminal relocation, while local ferry services remained stable and marine tourism experienced significant