Core Viewpoint - China Merchants Port (00144) experienced a decline of over 3%, with a current price of HKD 14.47 and a trading volume of HKD 57.29 million [1] Financial Performance - The company reported a revenue of HKD 6.457 billion for the first half of 2025, representing a year-on-year increase of 11.42% [1] - Shareholder profit attributable to the company was HKD 3.584 billion, showing a year-on-year decrease of 19.5% [1] - The interim dividend declared is HKD 0.25 per share [1] Business Operations - The container business of the group showed growth, with a total container throughput of 74.85 million TEU, an increase of 4.3% year-on-year [1] - Container throughput from mainland China, Hong Kong, and Taiwan ports reached 55.64 million TEU, up 4.0% year-on-year, driven mainly by the Pearl River Delta and Yangtze River Delta regions [1] - Overseas port projects achieved a container throughput of 19.21 million TEU, reflecting a year-on-year growth of 5.0% [1]

Core Insights - The company reported a total revenue of 4.214 billion yuan in Q1 2025, representing a year-on-year increase of 9% [1] - The net profit attributable to shareholders reached 1.091 billion yuan, up 5.2% year-on-year, while the net profit excluding non-recurring items was 1.06 billion yuan, showing a significant growth of 30.4% [1] Container Business Performance - The company achieved a container throughput of 48.957 million TEU in Q1 2025, marking a 7.1% increase year-on-year [1] - Domestic port projects contributed 38.1 million TEU, up 7.8% year-on-year, while throughput from Hong Kong and Taiwan reached 1.523 million TEU, increasing by 8.1% [1] - Overseas port projects recorded a throughput of 9.334 million TEU, reflecting a growth of 3.9% [1] Bulk Cargo Business Performance - The bulk cargo throughput from domestic ports was 300 million tons, down 3.1% year-on-year, while overseas ports handled 2.469 million tons, which is a 3.9% increase [1] Overseas Expansion - The company completed the 51% equity transfer of the NPH project in Indonesia, marking its entry into the Indonesian market and expanding its Southeast Asian port network [2] - Other overseas projects, including Sri Lanka's CICT, Brazil's TCP, and Togo's LCT, achieved record-high business volumes, showcasing the company's global layout advantages [2] Cost Control and Shareholder Returns - The company's operating expenses for Q1 2025 were 0.853 billion yuan, a decrease of 0.146 billion yuan year-on-year, with an expense ratio of 20.2%, down 5.6 percentage points [2] - Management expenses decreased by 9.1%, and financial expenses dropped by 21.1%, while R&D expenses increased by 20.5%, indicating a balance between cost control and strategic investment [2] - The company announced a shareholder return plan for 2024-2026, committing to distribute at least 40% of the annual distributable profit in cash [2] Profit Forecast and Investment Outlook - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.81 billion, 5.07 billion, and 5.29 billion yuan, respectively, with EPS projected at 1.92 yuan, 2.03 yuan, and 2.11 yuan [3]