Core Viewpoint - Shenzhen International reported a decline in its 2025 H1 performance, with revenue of HKD 6.67 billion, up 0.9% year-on-year, and a net profit of HKD 490 million, down 24.9% year-on-year, primarily due to the absence of tax income from REITs compared to the previous year [1][2]. Financial Performance - The company's 2025 H1 revenue was HKD 6.67 billion, reflecting a slight increase of 0.9% year-on-year [1]. - The net profit attributable to shareholders was HKD 490 million, showing a significant decline of 24.9% year-on-year [1]. - The logistics park business generated revenue of HKD 785 million in 2025 H1, an increase of 5.4% year-on-year, but the profit attributable to shareholders dropped by 90% to HKD 56 million [2]. - The company’s toll road and environmental protection business revenue was HKD 4.22 billion, up 4% year-on-year, with attributable profit of approximately HKD 484 million, up 12% [3]. Business Development - The logistics park transformation and upgrade projects are expected to enhance profit elasticity, with projected after-tax income exceeding HKD 156.58 billion from the South China logistics park transformation [2]. - As of June 2025, the company has established a presence in 41 cities, managing 53 logistics port projects with a total operational area of approximately 6.71 million square meters, achieving a comprehensive rental rate of about 87% in mature logistics parks [2]. Future Outlook - The company maintains its profit forecast for 2025-2027, estimating net profits attributable to shareholders at HKD 3.08 billion, HKD 3.43 billion, and HKD 3.93 billion respectively, with corresponding dividend yields of 8.3%, 9.3%, and 10.6% based on a 50% payout ratio [3]. - The company is expected to continue benefiting from land appreciation and the advancement of logistics port asset securitization, which may enhance capital efficiency and sustain dividends [3].
深圳国际(00152.HK)：关注物流园转型升级项目进展 高股息具备吸引力