China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2023-070
CHINA MERCHANTS PORT GROUP CO., LTD.
INTERIM REPORT 2023 (SUMMARY)
Part I Important Notes
This Summary is based on the full Interim Report of China Merchants Port Group Co., Ltd.
(hereinafter referred to as the “Company”). In order for a full understanding of the Company’s
operating results, financial position and future development plans, investors should carefully read
the aforesaid full report on the media designated by the China Securities Regulatory Commission
(the “CSRC”).
All the Company’s directors have attended the Board meeting for the review of this Report and its
summary.
Independent auditor’s modified opinion:
□ Applicable √ Not applicable
Board-approved interim cash and/or stock dividend plan for ordinary shareholders:
□ Applicable √ Not applicable
The Company has no interim dividend plan, either in the form of cash or stock.
Board-approved interim cash and/or stock dividend plan for preferred shareholders:
□ Applicable √ Not applicable
Note: For the meanings of the abbreviations in this Summary, please refer to the information under
the heading “Definitions” in the full Interim Report.
This Report and its summary have been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail.
Part II Key Corporate Information
1. Stock Profile
CM Port Group/ 001872/
Stock name Stock code
CM Port Group B 201872
Stock exchange for stock listing Shenzhen Stock Exchange
Contact information Board Secretary Securities Representative
Name Li Yubin Hu Jingjing
Office address 24/F, China Merchants Port Plaza, 24/F, China Merchants Port Plaza, 1
1 Gongye 3rd Road, Zhaoshang Gongye 3rd Road, Zhaoshang Street,
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China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
Street, Nanshan, Shenzhen, PRC Nanshan, Shenzhen, PRC
Tel. +86 755 26828888 +86 755 26828888
E-mail address Cmpir@cmhk.com Cmpir@cmhk.com
2. Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
√ Yes No
Reason for retrospective restatements: Change to accounting policies
The Ministry of Finance issued Interpretation No. 16 for the Accounting Standards for Business
Enterprises (C.K. [2022] No. 31) on 30 November 2022, which stipulates that the “accounting
treatments for deferred income taxes associated with assets and liabilities arising from a single
transaction to which the initial recognition exemption does not apply” shall take effect since 1
January 2023. In accordance with the aforesaid standard and regulations of the Ministry of Finance,
the Company has adopted Interpretation No. 16 for the Accounting Standards for Business
Enterprises since 1 January 2023.
H1 2022 Change (%)
H1 2023
Before Restated Restated
Operating revenue
7,795,261,570.99 8,150,462,367.19 8,150,462,367.19 -4.36%
(RMB)
Net profit
attributable to the
listed company’s 1,902,334,759.43 1,981,861,324.62 1,988,560,957.83 -4.34%
shareholders
(RMB)
Net profit
attributable to the
listed company’s
shareholders 1,801,393,373.15 1,920,549,245.60 1,927,248,878.81 -6.53%
before exceptional
gains and losses
(RMB)
Net cash
generated
from/used in 2,310,845,305.96 3,221,251,177.09 3,221,251,177.09 -28.26%
operating
activities (RMB)
Basic earnings per
share 0.76 1.03 1.03 -26.21%
(RMB/share)
Diluted earnings
per share 0.76 1.03 1.03 -26.21%
(RMB/share)
Weighted average
return on equity 3.43% 4.88% 4.88% -1.45%
(%)
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China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
31 December 2022 Change (%)
30 June 2023
Before Restated Restated
Total assets
204,928,889,409.33 197,525,530,887.76 197,587,102,447.31 3.72%
(RMB)
Equity
attributable to the
listed company’s 55,744,255,220.13 54,267,143,304.02 54,291,425,886.65 2.68%
shareholders
(RMB)
3. Shareholders and Their Holdings as at the End of the Reporting Period
Unit: share
Number of preferred
29,583 (18,479
Number of ordinary shareholders shareholders with
A-shareholders and 0
resumed voting
11,104 B-shareholders)
rights (if any)
Top 10 shareholders
Nature of Shares in
Shareholdin Number of Restricted
Name of shareholder shareholde pledge or
g percentage shares shares
r frozen
CHINA MERCHANTS PORT Foreign
INVESTMENT DEVELOPMENT legal 45.96% 1,148,648,648 0 0
COMPANY LIMITED person
ZHEJIANG PROVINCIAL State-own
SEAPORT INVESTMENT & ed legal 23.08% 576,709,537 576,709,537 0
OPERATION GROUP CO., LTD. person
CHINA MERCHANTS State-own
GANGTONG DEVELOPMENT ed legal 14.84% 370,878,000 0 0
(SHENZHEN) CO., LTD. person
SHENZHEN INFRASTRUCTURE Funds,
INVESTMENT FUND-SHENZHEN wealth
INFRASTRUCTURE manageme
2.59% 64,850,182 0 0
INVESTMENT FUND nt
PARTNERSHIP (LIMITED products,
PARTNERSHIP) etc.
State-own
BROADFORD GLOBAL LIMITED ed legal 2.21% 55,314,208 0 0
person
State-own
CHINA-AFRICA DEVELOPMENT
ed legal 1.69% 42,190,151 0 Unknown
FUND
person
CHINA CITIC BANK Funds,
CORPORATION wealth
LIMITED-BOCOM SCHRODERS manageme 0.27% 6,774,663 0 Unknown
NEW VITALITY DYNAMIC nt
ASSET ALLOCATION MIXED products,
SECURITIES INVESTMENT etc.
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China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
FUND
Funds,
CHINA LIFE INSURANCE
wealth
COMPANY
manageme
LIMITED-TRADITION- GENERAL 0.18% 4,534,022 0 Unknown
nt
INSURANCE PRODUCTS-005L-
products,
CT001 HU
etc.
Foreign
HONG KONG SECURITIES
legal 0.18% 4,400,007 0 Unknown
CLEARING COMPANY LTD.
person
Funds,
BANK OF CHINA LIMITED- GF wealth
MID-CAP AND SMALL-CAP manageme
0.13% 3,356,800 0 Unknown
SELECTED MIXED SECURITIES nt
INVESTMENT FUND products,
etc.
Broadford Global Limited is the controlling shareholder of
Related or acting-in-concert parties among the China Merchants Port Investment Development Company
Limited and China Merchants Gangtong Development
shareholders above
(Shenzhen) Co., Ltd. The Company does not know whether
the other unrestricted shareholders are related parties or not.
Shareholders involved in securities margin
N/A
trading (if any)
4. Change of the Controlling Shareholder or the Actual Controller in the Reporting Period
Change of the controlling shareholder in the Reporting Period:
□ Applicable √ Not applicable
The controlling shareholder remained the same in the Reporting Period.
Change of the actual controller in the Reporting Period:
□ Applicable √ Not applicable
The actual controller remained the same in the Reporting Period.
5. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
No preferred shareholders in the Reporting Period.
6. Outstanding Bonds at the Date when this Report Was Authorized for Issue
Does the Company have any corporate bonds publicly offered on the stock exchange, which were
outstanding before the date of this Report’s approval or were due but could not be redeemed in full?
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China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
√ Yes □ No
(1) Bond Profile
Outstanding
Coupon
Bond name Abbr. Bond code Issue date Maturity balance
rate
(RMB’0,000)
2020 Public Offering of
Corporate Bonds of
China Merchants Port 20 CMPort
149170 7 July 2020 8 July 2023 200,000.00 3.36%
Group Co., Ltd. (for 01
qualified investors)
(Phase I)
2022 Public Offering of
29 August
Corporate Bonds of China
22 CMPort 2022 to 30 30 August
Merchants Port Group 148052 300,000.00 2.69%
01 August 2025
Co., Ltd. (for professional
2022
investors) (Phase I)
2022 Public Offering of 5
Corporate Bonds of China September
22 CMPort 6 September
Merchants Port Group 148058 2022 to 6 300,000.00 2.45%
02 2024
Co., Ltd. (for professional September
investors) (Phase II) 2022
(2) Relevant Financial Information as at the End of the Reporting Period
Item 30 June 2023 31 December 2022 Increase/decrease
Current ratio 95.23% 76.93% 23.79%
Debt/asset ratio 36.20% 35.07% 1.13%
Quick ratio 94.39% 76.08% 24.07%
H1 2023 H1 2022 Increase/decrease
Net profit before exceptional gains
180,139.34 192,054.92 -6.20%
and losses (RMB’0,000)
EBITDA/debt ratio 10.07% 11.93% -1.86%
Interest cover (times) 4.12 4.76 -13.45%
Cash-to-interest cover (times) 3.52 5.20 -32.31%
EBITDA-to-interest cover (times) 6.58 7.15 -7.97%
Loan repayment ratio 100.00% 100.00% -
Interest payment ratio 100.00% 100.00% -
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China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
Part III Significant Events
1. Business Overview of the Reporting Period
Is the Company subject to any industry-specific disclosure requirements?
The Company is not subject to any industry-specific disclosure requirements.
(1) Overview of port business
In the first half of 2023, port businesses coincided with industry mainstream trend which scaled up
share of key region market, and the Company’s investment on Ningbo Port also increased its
business volume. The Company’s ports handled a total container throughput of 87.075 million
TEUs, up 30.4% year-on-year. Bulk cargo volume handled by the Company’s ports increased by
115.3% year-on-year to 630 million tonnes, which was mainly thanks to the business volume of
Ningbo Port included in the Company since October 2022, contributing business increment of the
Company with container throughput of 19.74 million TEUs and bulk cargo throughput of 333
million TEUs in the first half of the year. For container business, the Company’s ports in Mainland
China handled a container throughput of 67.747 million TEUs, representing a year-on-year increase
of 46.4%, ports in Hong Kong and Taiwan regions contributed a total container throughput of 2.791
million TEUs, representing a year-on-year decrease of 22.4%, and the total container throughput
handled by the Company’s overseas ports grew by 116.7% year-on-year to 16.537 million TEUs. In
terms of bulk cargo business, the Company’s ports in Mainland China handled a bulk cargo volume
of 627 million tonnes, up 116.7% year-on-year, and overseas ports handled a bulk cargo volume of
2.797 million tonnes, down 12.8% year-on-year.
(2) Implementation of business plan during the reporting period
During the Reporting Period, the Company sticked to its fundamental working principle of making
advancement while maintaining stable. It proactively coped with the global economic downturn and
shrink of demand, continued to focus on endogenous growth and innovation upgrading and captured
opportunities under the complex economic and trade situation to fully implement various
development measures. In respect of construction of homebase port, technological innovation,
market expansion, operation management, deepening reform, comprehensive development, ESG
and other aspects, the Company has achieved new accomplishment and made a solid step for high
quality development.
① As for the construction of home base ports, strengthening regional position and extending
value chain. Under the situation that the overall container throughput in the Guangdong-Hong
Kong-Macao Greater Bay Area declines, the West Shenzhen homebase port, by adjusting
competitive strategy, consolidated and further enhanced its market share in foreign trade.
Meanwhile, it further advanced the upgrade of the hardware of collection and transportation
infrastructures of West Shenzhen homebase port, enabling ships of 200,000 tonnes to sail at night in
Tonggu channel. For homebase port in Sri Lanka, the Company continued to advance the
construction of the international shipping center in South Asia. CICT continued to optimize route
layout and steadily improved its market share in Colombo Market, maintaining its dominant
position; besides, it steadily advanced the trade and logistics project in South Asia, to cultivate the
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China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
competitiveness with comprehensive service features, building up new development momentum of
“port + logistics center”. HIPG strengthened market expansion and its transfer business of RO-RO,
liquefied petroleum gas, and fuel oil all recorded relatively high growth.
② In terms of technological innovation, promoting technological innovation and constructing
smart port. CMIT, a subsidiary of the Company, continued to increased investment in R&D of
technologies, steadily implemented the critical task to overcome the structural upgrade of t he
Container Terminal Operation System (CTOS) of Ministry of Transport, continued to optimized the
proposal of autonomous driving technology, sped up the R&D and promotion of products of
comprehensive service platform of “CM ePort” version 3.0, and constantly promoted the deepening
of management of the Smart Management Platform (SMP). In the first half, “5G Mawan Smart Port”
was included in the first batch of pioneer application excellent cases and solutions in Shenzhen. On
12 August, China Federation of Logistics & Purchasing announced that the “West Shenzhen Port
Import Electronic Order Exchange Platform Project Based on Alliance Chain and Cloud
Technology obtained the First Prize of Science and Technology Progress Award.
③ In terms of market expansion, improving service quality and promoting model innovation.
The Latin American bridgehead, TCP’s market share has further improved, and the leading position
of HIPG RoRo in the reginal market has been further strengthened. In the Guangdong-Hong
Kong-Macao Greater Bay Area, the Company actively facilitated inter-companies synergy in the
China Merchants Group, built high-quality routes with “customized port services” and proactively
expanded business along the Southeast Asian routes. With continuous progress, the coordinated port
business in the Guangdong-Hong Kong-Macao Greater Bay Area has covered every major regions
of Guangdong Province. 5 new sites and a total of 30 sites were opened in the first half of 2023,
serving nearly 6,000 import and export enterprises and completed more than 0.40 million TEUs in
aggregate since operation.
④ In terms of operation management, construction of an operation management and control
system and improving streamline operation capacity. By leverage of SMP, the Company built a
one-stop comprehensive management platform of CMPort, supporting the business analysis of all
modules, namely containers, bulk cargos, logistics park, comprehensive development and intelligent
technology. SMP takes digital technology as the key force and applies smart tools to drive the
transformation of means, modes and concepts of the operation and management of CMPort. At
present, the Company has substantially realized the classification and management of information
of lifetime of assets, the standardization and onlineization of major business processes. Besides, the
Company also optimized the engineering management system and set up an engineering
management center to carry out works; optimized its profitability and constantly developed
measures to enhance its quality and efficiency; optimized and reshaped its business and financial
analysis framework to strictly control the increase of cost and expenses; deepened cost control to
form a normalization mechanism of cost reduction and higher efficiency. The streamline operation
of the Company has achieved phased results.
⑤ In terms of deepening reform, strengthening system and mechanism reform, inspiring the
vitality of enterprises. The Company deeply implemented the “Double-Hundred Action” and
emphasized on comprehensive industrial system of ports, with an aim to serve the national
development strategy, optimize capital layout and improve industrial competitiveness. By focusing
on governance mechanism, employment mechanism and incentive mechanism, the Company has
made new progress in terms of promoting reform of equity diversification, optimizing overseas
legal person governance system, implementing a market-based selection and appointment
mechanism, and strengthening the incentive-oriented role of salary, thus further stimulated the deep
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China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
vitality of the enterprise. In May 2023, SASAC of the State Council released the special appraisal
results of “Double-Hundred Enterprises” of 2022 and the Company received “Excellent” title for its
outstanding achievements and remarkable reform results.
⑥ In terms of comprehensive development, making innovation on comme rcial mode and
conducting promotion to targeted industries. HIPG Industrial Park was occupied by 48
contracted enterprises and realized the introduction of key industries. It continuously enriches the
industrial layout and strengthens the joint development with ports. Djibouti International Free Trade
Zone was occupied by 332 contracted enterprises. Under the environment of interest rate hike and
unstable surrounding situation, the land sales of the Djibouti park made a new record, and the
overall operating results was stable and better than the same period last year. By leverage on
domestic and foreign ports and park resources, the Company promoted the constructio n of the
exhibition center platform of “Made in Liaocheng” in the Djibouti Free Trade Zone, to open up a
green channel for domestic commodities to enter and exit the port and promote the value chain to
extend upstream and downstream.
⑦ In terms of ESG construction, included in “Pioneer” list and promoting harmonious
development. The Company actively implemented the ESG concept and continued to strengthen
the ESG governance by taking initiative to disclose ESG report, aiming to be the world-class green
and intelligent comprehensive port service provider. In the first half of the year, the Company
obtained many honors from the industry and the capital market for its long-term responsibility
management and performance. On 18 May, at the 2023 Green and Safe Port Conference and the 2nd
Beibu Gulf Green Port Development Forum held by China Ports & Harbours Association, Chiwan
Container Terminal Co., Ltd. and Shenzhen Magang Godown & Wharf Co., Ltd of West Shenzhen
homebase port, both obtained a 4-star rating as “China Green Port” awarded by China Ports &
Harbours Association; on 13 June, The Company was successfully selected into the "China ESG
Listed Companies First 100" list, ranking 68th and third in the transportation industry.
(3) Year-on-year Changes in Key Financial Data
Unit: RMB
H1 2023 H1 2022 Change (%) Main reason for change
Operating revenue 7,795,261,570.99 8,150,462,367.19 -4.36% -
Operating costs 4,519,943,753.79 4,637,368,881.65 -2.53% -
Administrative expense 790,916,154.65 812,502,660.55 -2.66% -
Finance costs 960,449,741.90 1,351,945,047.67 -28.96% -
Income tax expense 613,219,852.56 619,132,978.15 -0.96% -
R&D Investments 121,041,310.72 114,833,178.50 5.41% -
Net cash generated
from/used in operating 2,310,845,305.96 3,221,251,177.09 -28.26% -
activities
Net cash generated Effects of changes in
from/used in investing -1,225,290,440.51 -1,863,650,103.30 34.25% structured deposits and
activities project investments
Effects of changes in
project financings,
Net cash generated
dividend payout and
from/used in financing -210,222,809.39 126,775,022.25 -265.82% expenditure on
activities
increasing holdings in
subsidiaries
Net increase in cash 989,020,982.66 1,396,165,516.30 -29.16% -
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China Merchants Port Group Co., Ltd. Interim Report 2023 (Summary)
and cash equivalents
Increased gains from
Gains from changes in
143,037,303.68 -38,026,112.58 476.16% changes in fair value of
fair value
shares held
2. Matters Related to Financial Reporting
(1) Changes to Accounting Policies, Accounting Estimates or Measurement Methods
Compared to the Last Accounting Period
The Ministry of Finance issued Interpretation No. 16 for the Accounting Standards for Business
Enterprises (C.K. [2022] No. 31) on 30 November 2022, which stipulates that the “accounting
treatments for deferred income taxes associated with assets and liabilities arising from a single
transaction to which the initial recognition exemption does not apply” shall take effect since 1
January 2023. In accordance with the aforesaid standard and regulations of the Ministry of Finance,
the Company has adopted Interpretation No. 16 for the Accounting Standards for Business
Enterprises since 1 January 2023.
(2) Retrospective Restatements due to the Correction of Material Accounting Errors in the
Reporting Period
□ Applicable √ Not applicable
No such cases.
(3) Changes to the Scope of Consolidated Financial Statements Compared to the Last
Accounting Period
During the reporting period, except for the establishment of new subsidiaries, the Company did not
have any changes in the scope of consolidation due to other reasons.
China Merchants Port Group Co., Ltd.
Board of Directors
Dated 31 August 2023
9
