Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of 2025 exceeded expectations, driven by the growth of core assets [5] - The company achieved a revenue of 8.468 billion yuan in the first half of 2025, representing a year-on-year growth of 6.19% [7] - The net profit attributable to shareholders reached 2.627 billion yuan, with a year-on-year increase of 3.13% [7] - The company is expanding its global port network, having established investments in 51 ports across 26 countries and regions by the end of 2024 [7] - The acquisition of the Brazilian Vast oil terminal is expected to enhance the company's port business in Latin America [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 15.75 billion yuan (2023), 16.131 billion yuan (2024), 17.184 billion yuan (2025E), 18.15 billion yuan (2026E), and 19.178 billion yuan (2027E) [6] - The net profit attributable to shareholders is projected to be 3.572 billion yuan (2023), 4.516 billion yuan (2024), 4.799 billion yuan (2025E), 5.214 billion yuan (2026E), and 5.623 billion yuan (2027E) [6] - The earnings per share (EPS) are expected to grow from 1.43 yuan in 2023 to 2.25 yuan in 2027 [6] - The company’s return on equity (ROE) is projected to increase from 6.07% in 2023 to 7.93% in 2027 [6]