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深圳国际绩后跌超7% 上半年纯利同比下滑25% 不派中期息

Core Viewpoint - Shenzhen International's stock dropped over 7% following the release of its interim results, reflecting market concerns over its profitability and dividend sustainability [1] Financial Performance - The company reported a revenue of HKD 6.67 billion for the first half of the year, remaining flat compared to the same period last year [1] - Shareholder profit decreased by 25% year-on-year to approximately HKD 490 million, primarily due to the absence of tax income from two logistics port projects that contributed HKD 587 million in the previous year [1] - The company did not declare an interim dividend [1] Market Outlook - Shenwan Hongyuan previously indicated that the transformation and upgrade of logistics parks in South China will continue to enhance performance over the next 6-8 years [1] - The successful securitization of logistics port assets is expected to improve capital recovery, supporting stable growth in company performance [1] - Concerns over the sustainability of dividends have led to a downward adjustment in the company's valuation, but with stable dividends, land appreciation, and successful asset securitization, there is potential for valuation recovery to historical averages [1]