Core Viewpoint - In 2024, the global shipping industry faces dual challenges of geopolitical turmoil and supply chain restructuring, yet China Merchants Port Holdings Company Limited (招商局港口) reported a net profit growth of over 30% [1] Financial Performance - For the fiscal year 2024, China Merchants Port achieved a revenue of HKD 11.842 billion, a year-on-year increase of 3.14%, with attributable profit rising to HKD 7.919 billion, up 27.05%, resulting in basic earnings per share of HKD 1.886 [1] - The port business accounted for 92.82% of total revenue, with significant contributions from both container and bulk cargo operations [1] Container Throughput - In 2024, the total container throughput reached 14.575 million TEUs, reflecting a growth of 6.0% year-on-year, with domestic ports in mainland China, Hong Kong, and Taiwan contributing 10.891 million TEUs, up 5.3% [2] - Overseas projects achieved a throughput of 3.684 million TEUs, marking an 8.1% increase, driven by growth in Sri Lanka, Brazil, Togo, Djibouti, and Terminal Link [4] Strategic Investments - The company made a strategic acquisition in Brazil, purchasing 70% of the VAST oil terminal project for a total consideration of USD 448 million, plus potential future payments based on performance [4] - In June 2024, the company completed the acquisition of 51% equity in the NPH project in Indonesia, expanding its presence in Southeast Asia [5] Revenue Shift - In 2024, revenue from domestic ports in mainland China, Hong Kong, and Taiwan totaled HKD 5.219 billion, down from HKD 5.591 billion in 2023, while overseas revenue increased to HKD 5.773 billion from HKD 5.089 billion [5] Bulk Cargo Performance - The bulk cargo throughput was 559 million tons, showing a slight increase of 0.3%, with mainland China ports reporting a minor decline of 0.1% [5] Geopolitical Context - The geopolitical significance of ports has been highlighted, especially in light of recent controversies surrounding the Panama Canal and the operations of key ports [6][7] - The company acknowledged the changing international shipping market, emphasizing the need for strategic control and global expansion to enhance core competitiveness [7] Global Presence - China Merchants Port operates in 26 countries and regions, with a network of 51 ports or terminals, including major hubs in Asia, Africa, Europe, and the Americas [8] Capital Market Activity - The company has been authorized to issue various debt financing instruments starting from February 2025, with the first issuance of medium-term notes totaling RMB 2 billion at an interest rate of 1.98% [9]