智通财经网·2025-08-27 04:14Core Viewpoint - Shenzhen International (00152) reported a slight increase in revenue for the first half of 2025, but a significant decline in net profit attributable to shareholders, primarily due to the absence of one-time gains from previous logistics projects [1][2]. Financial Performance - Revenue for the first half of 2025 reached HKD 6.67 billion, a year-on-year increase of 0.9% [1]. - Net profit attributable to shareholders was HKD 490 million, a decrease of 24.9% compared to the previous year [1]. - Basic earnings per share were HKD 0.2 [1]. Logistics Business - The logistics segment generated revenue of approximately HKD 987 million, reflecting a 12% increase year-on-year due to the operational contributions from several logistics port projects [1]. - The absence of income from the "investment, construction, and management" model led to a 98% drop in net profit attributable to shareholders in this segment, amounting to approximately HKD 7.93 million [1][2]. Project Development - The company has been focusing on strengthening its logistics core business with a prudent investment strategy, emphasizing high operational efficiency and strong risk resilience [2]. - As of June 30, 2025, the company managed and operated 53 logistics port projects across 41 cities, with a total operational area of approximately 6.71 million square meters and an occupancy rate of about 87% for mature logistics parks [2]. Port and Related Services - Revenue from port and related services decreased by 13% year-on-year to approximately HKD 1.39 billion, attributed to reduced income from the port supply chain due to falling coal prices and overall market demand slowdown [3]. - Net profit attributable to shareholders in this segment fell by 72% to approximately HKD 12.04 million, impacted by increased depreciation and amortization costs from new project launches and intensified competition in the domestic port industry [3]. Toll Road and Environmental Business - The toll road and environmental business, managed by Shenzhen Expressway Group, reported total revenue of approximately HKD 4.22 billion, a 4% increase year-on-year [3]. - Net profit for Shenzhen Expressway increased by 21% year-on-year to approximately HKD 1.11 billion, benefiting from changes in the fair value of financial assets and significantly reduced financial costs [3]. - The company's share of profits from Shenzhen Expressway rose by 12% year-on-year to approximately HKD 484 million [3].