Performance Summary - In H1 2025, the company reported operating revenue of 2.593 billion yuan, a year-on-year decrease of 12.93%, and a net profit attributable to shareholders of 885 million yuan, down 19.83% [1] - Q2 2025 saw operating revenue of 1.36 billion yuan, a decline of 9.24%, and a net profit of 503 million yuan, down 10.50% [1] - The decline in revenue is attributed to the transfer of tugboat company equity and changes in cargo structure leading to reduced port operation income [1] - The company achieved a throughput of 119 million tons in H1 2025, remaining stable year-on-year, with specific cargo volumes showing slight declines [1] Financial Metrics - The gross profit margin for H1 2025 was 45.18%, a decrease of 4.8 percentage points, primarily due to a decline in high-margin cargo throughput [2] - The expense ratio decreased by 1.85 percentage points, with financial expenses improving due to increased interest income from deposits [2] - Investment income fell to 227 million yuan, a decrease of 25.7%, influenced by lower dividend income and previous year's disposal gains [2] - The net profit margin for H1 2025 was 34.12%, down 2.94 percentage points year-on-year [2] Future Projects and Adjustments - The company plans to construct new bulk cargo berths, with total investment adjusted from no more than 5.4 billion yuan to 6 billion yuan [3] - New investment projects include a mineral processing project and a grain transshipment warehouse, with respective investments of 1.318 billion yuan and 719 million yuan [3] - Due to lower-than-expected throughput demand for coal and other bulk commodities, the company has revised its net profit forecasts for 2025-2027 [3]