China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2024-064
CHINA MERCHANTS PORT GROUP CO., LTD.
INTERIM REPORT 2024 (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 Liu Libing Hu Jingjing
24/F, China Merchants Port Plaza, 24/F, China Merchants Port Plaza, 1
Office address 1 Gongye 3rd Road, Zhaoshang Gongye 3rd Road, Zhaoshang Street,
Street, Nanshan, Shenzhen, PRC Nanshan, Shenzhen, PRC
Tel. +86 755 26828888 +86 755 26828888
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China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
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
H1 2024 H1 2023 Change (%)
Operating revenue
7,975,193,083.64 7,795,261,570.99 2.31%
(RMB)
Net profit attributable to
the listed company’s 2,546,828,456.08 1,902,334,759.43 33.88%
shareholders (RMB)
Net profit attributable to
the listed company’s
shareholders before 2,164,145,793.00 1,801,393,373.15 20.14%
exceptional gains and
losses (RMB)
Net cash generated
from/used in operating 3,122,383,705.03 2,310,845,305.96 35.12%
activities (RMB)
Basic earnings per share
1.02 0.76 34.21%
(RMB/share)
Diluted earnings per
1.02 0.76 34.21%
share (RMB/share)
Weighted average return
4.25% 3.43% 0.82%
on equity (%)
30 June 2024 31 December 2023 Change (%)
Total assets (RMB) 200,745,131,615.31 198,557,296,667.26 1.10%
Equity attributable to the
listed company’s 59,913,613,858.14 58,847,592,947.55 1.81%
shareholders (RMB)
3. Shareholders and Their Holdings as at the End of the Reporting Period
Unit: share
Number of preferred
29,237 (18,591
shareholders with
Number of ordinary shareholders A-shareholders and 0
resumed voting
10,646 B-shareholders)
rights (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
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 45.94% 1,148,648,648 0 0
COMPANY LIMITED person
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China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
ZHEJIANG PROVINCIAL State-own
SEAPORT INVESTMENT & ed legal 23.07% 576,709,537 576,709,537 0
OPERATION GROUP CO., LTD. person
CHINA MERCHANTS State-own
GANGTONG DEVELOPMENT ed legal 14.83% 370,878,000 0 0
(SHENZHEN) CO., LTD. person
Funds,
SHENZHEN INFRASTRUCTURE wealth
INVESTMENT FUND manageme
2.59% 64,850,182 0 0
PARTNERSHIP (LIMITED nt
PARTNERSHIP) products,
etc.
State-own
BROADFORD GLOBAL LIMITED ed legal 2.21% 55,314,208 0 0
person
State-own
CHINA-AFRICA DEVELOPMENT
ed legal 0.74% 18,626,268 0 0
FUND
person
Foreign
HONG KONG SECURITIES
legal 0.24% 5,878,974 0 0
CLEARING COMPANY LTD.
person
Funds,
CHINA LIFE INSURANCE
wealth
COMPANY
manageme
LIMITED-TRADITION- GENERAL 0.21% 5,141,322 0 0
nt
INSURANCE PRODUCTS-005L-
products,
CT001 HU
etc.
Funds,
AGRICULTURAL BANK OF
wealth
CHINA CO., LTD.- FRANKLIN
manageme
TEMPLETON SEALAND 0.16% 3,944,500 0 0
nt
DEEPENING VALUE MIXED
products,
SECURITIES INVESTMENT FUND
etc.
Funds,
AGRICULTURAL BANK OF wealth
CHINA CO., LTD.- CHINA manageme
0.12% 2,944,633 0 0
SECURITIES 500 EXCHANGE nt
TRADED FUND products,
etc.
Broadford Global Limited is a controlling shareholder of
China Merchants Port Investment Development Company
Related or acting-in-concert parties among the
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)
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in
refinancing shares lending
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
Shares in the common Shares lent in refinancing Shares in the common Shares lent in refinancing
Full name
account and credit account and not yet returned at the account and credit account and not yet returned at the
of
at the period-begin period-begin at the period-end period-end
shareholder
Total As % of Total As % of Total As % of Total As % of
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China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
shares total share shares total share shares total share shares total share
capital capital capital capital
AGRICUL
TURAL
BANK OF
CHINA
CO., LTD.-
CHINA
1,291,033 0.05% 374,400 0.01% 2,944,633 0.12% 107,100 0.004%
SECURITI
ES 500
EXCHAN
GE
TRADED
FUND
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares
lending/return compared with the prior period
□ Applicable √ Not applicable
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
(1) Bond Profile
Outstanding
Coupon
Bond name Abbr. Bond code Issue date Maturity balance
rate
(RMB’0,000)
2022 Public Offering of 22 CMPort 29 August 30 August
Corporate Bonds of China 01 148052 2022 to 30 2025 300,000.00 2.69%
Merchants Port Group August
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China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
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
Medium-term Notes of
China Merchants Port 24 CMPort 1 April
102481314 3 April 2029 50,000.00 2.68%
Group Co., Ltd. (Phase MTN001A 2024
I 2024) (Variety I)
Medium-term Notes of
China Merchants Port 24 CMPort 1 April
102481315 3 April 2034 150,000.00 2.80%
Group Co., Ltd. (Phase MTN001B 2024
I 2024) (Variety II)
Medium-term Notes of
China Merchants Port 24 CMPort 10 July 12 July
102482957 80,000.00 2.10%
Group Co., Ltd. (Phase MTN002A 2024 2027
II 2024) (Variety I)
Medium-term Notes of
China Merchants Port 24 CMPort 10 July 12 July
102482958 120,000.00 2.30%
Group Co., Ltd. (Phase MTN002B 2024 2029
II 2024) (Variety II)
Super-short-term
Commercial Papers of
24 CMPort 31 July 28 April
China Merchants Port 012482326 200,000.00 1.95%
SCP002 2024 2025
Group Co., Ltd. (Phase II
2024)
2024 Public Offering of
Technological Innovation 22 August
Corporate Bonds of China 24 CMPort 2024-23 23 August
148877 200,000.00 2.18%
Merchants Port Group K1 August 2029
Co., Ltd. (for professional 2024
investors) (Phase I)
(2) Relevant Financial Information as at the End of the Reporting Period
31 December
Item 30 June 2024 Increase/decrease
2023
Current ratio 91.72% 80.71% 13.64%
Debt/asset ratio 36.75% 36.76% -0.01%
Quick ratio 89.61% 79.96% 12.07%
H1 2024 H1 2023 Increase/decrease
Net profit before exceptional gains
216,414.58 180,139.34 20.14%
and losses (RMB’0,000)
EBITDA/debt ratio 11.65% 10.07% 1.58%
Interest cover (times) 5.00 4.12 21.36%
Cash-to-interest cover (times) 4.40 3.52 25.00%
EBITDA-to-interest cover (times) 7.35 6.58 11.70%
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China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
Loan repayment ratio 100.00% 100.00% -
Interest payment ratio 100.00% 100.00% -
Part III Significant Events
1. Business Overview of the Reporting Period
(1) Overview of port business
In the first half of 2024, both domestic and overseas port markets showed relatively faster growth.
The Company’s port business outperformed the industry as a whole and increased its market share
in major regions. The Company’s ports handled a total container throughput of 95.786 million
TEUs, up by 10.0% year-on-year. Bulk cargo volume handled by the Company’s ports increased by
1.0% year-on-year to 636 million tonnes.
(2) Implementation Situation of Operation Scheme During the Reporting Period
During the reporting period, the Company continued to follow the working direction of “seeking
progress while maintaining stability, stable yet progressive growth, and breakthrough after
revitalization”, capturing the opportunities of global economic and trade recovery and the rebound
of the international shipping market. The Group focused on endogenous growth and innovation and
upgrade. Through reform-driven development, the Company achieved significant results in global
layout, advanced the development of the homebase port to a new level, and made substantial
progress in lean operations. The Company’s key performance indicators showed better growth,
taking solid steps towards high quality development.
① As for homebase port construction, the Company maintained its locational advantages and
extended the industrial chain. The performance of the West Shenzhen Port Zone business
surpassed the overall level of Shenzhen Port and its market share of container business in the
foreign trade market of Shenzhen Port exceeded 50% for the first time, reaching a record high in
terms of container throughput; and its bulk cargo business continued to maintain the advantageous
position with multiple types of cargos. Its market share of imported meals and compound fertilizers
ranked 1st in national single ports and its imported rapeseed, wheat and internally traded corn
ranked 1st in regional single ports, showing its stable and top position of chemical fertilizer
business. Sri Lanka homebase port continued to carry out the construction of an international
shipping center in South Asia. CICT continuously optimized its routes layout, focusing on
expanding the local cargo market and consolidating its fundamental feature, resulting in an increase
in market share of local cargo. HIPG accelerated its transformation and upgrade, continuously
improved its core competitiveness, launched the container business, consolidated the RORO
business, actively explored the value-added services for the RORO business, promoted the refining
and chemical project by Sinopec as well as strengthened the infrastructure construction. As a result,
it achieved business diversification and rapid growth.
② In respect of operation management, the Company strengthened business coordination and
intensified lean management. With regard to marketing and commerce, the Group enhanced the
service quality and strengthened business coordination. It unified the market and commerce
management system and established market information sharing and joint marketing plans, and
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China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
focused on changes in global shipping alliance routes to form agile business strategies. In terms of
lean operation, the Company leveraged on SMP to build a one-stop integrated management
platform to support the business analysis of container, bulk cargo, logistics park, comprehensive
development and smart technology. The Group made use of the smart tools to drive the reform of
China Merchant Ports’ operation and management methods, models and concepts. In the meantime,
the Company continued to implement the COE plan, aiming to serve the strategy, support the
business, and create value. By focusing on business pain points and difficulties, the Group
optimized the value tree model of lean operation, further improving the management system and
giving impetus to strategic goal achievements.
③ In respect of technological innovation, the Company was committed to building green
ports and promoting digital products. The Company has made new breakthroughs in building
green ports and promoting digital products. In the first half of the year, CICT carried out
electrification transformation for its 54 trailers, added 175 new electric trailers for the West
Shenzhen Port Zone, and green projects such as new photovoltaic installations were implemented in
an orderly manner. CMIT, which is a technical enterprise subsidiary of the Company, entered into a
cooperation agreement for the container terminal operating system (“CTOS”) with Mediterranean
Intermodal Terminal Operator, a subsidiary of Grendi Group in Italy. This project is the second one
to be launched in Europe following the Thessaloniki Container Terminal in Greece. The Company
continued to strengthen technological innovation and service upgrade, and based on the
international perspective, it explored the development of digital ports with business partners to
provide smarter and more efficient service solutions for global customers.
④ Regarding overseas expansion, the Company implemented the key projects and made new
breakthroughs in global layout. On 28 June 2024, China Merchants Port, the holding subsidiary
of the Company, completed the acquisition of 51% equity interest in NPH in Indonesia. NPH is a
company listed on the Indonesia Stock Exchange, primarily engaged in container, multi-purpose
and general terminal services in Indonesia, as well as providing port equipment engineering services.
It operates two container terminals at Jakarta Port, the largest container port in Indonesia. With this
acquisition, the Company has achieved a breakthrough from “zero” in controlling container
terminals in Southeast Asia. In the future, the Company will use NPH as a platform and leverage to
deeply develop the Indonesian port and logistics market. In addition, the Company is advancing the
South Asia Commercial and Logistics Hub Project as planned under the “Port + Logistics” model.
This project will not only significantly enhance the local logistics service level but also attract more
business to Colombo Port, further enhancing Colombo Port's position as a hub port in the South
Asia region.
⑤ In terms of intensifying reform, the Company continued to deepen reform and promote
leapfrog development. In the first half of 2024, the Company continuously carried out “Double
Hundred Actions”, took “Serving National Strategies” as its direction and focused on “improving its
core competitiveness and enhancing its core functions”. After two years of reform action, the reform
of system and mechanism has obtained initial achievement, and the case “significant risk control
system” of the Company has been elected as one of the typical reform cases of SASAC. In respect
of intensifying reform, relevant matters involving reform and innovation have been integrated by
the Company into the operational indicators of its subsidiaries. In terms of talent selection and
employment, the Company has established a hierarchical and categorized, efficient and transparent
open recruitment mechanism to ensure that the selection process was fair, impartial, and open and
the new and energetic talents were injected into the development of the Company.
⑥ In respect of the ESG construction, the Company practiced sustainable development
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China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
concept and strengthened ESG disclosure. The Company continuously improved the ESG
management system, optimized management practices and working policies, and integrated the
ESG concept into daily port operations. Meanwhile, the Company has been actively communicating
with domestic and overseas ESG rating agencies to further enhance the breadth and depth of ESG
disclosures. The Company’s ESG performance has been recognized by authoritative institutions and
market, with an ESG rating of AA by WIND in 2023, advancing one level as compared with last
year.
(3) Year-on-year Changes in Key Financial Data
Unit: RMB
H1 2024 H1 2023 Change (%) Main reason for change
Operating revenue 7,975,193,083.64 7,795,261,570.99 2.31% -
Operating costs 4,390,869,294.96 4,519,943,753.79 -2.86% -
Administrative expense 808,178,756.18 790,916,154.65 2.18% -
Finance costs 996,212,773.81 960,449,741.90 3.72% -
Effects of increased
operating profit, and
Income tax expense 804,518,878.51 613,219,852.56 31.20%
provision for dividend
income tax
Effects of changes in
the scope of entities
included in the
R&D Investments 95,110,656.98 121,041,310.72 -21.42%
consolidated financial
statements, and R&D
project cycles
Effects of increased
Net cash generated
revenue and receipt of
from/used in operating 3,122,383,705.03 2,310,845,305.96 35.12%
activities operating
compensation
Net cash generated
Effects of changes in
from/used in investing 1,813,559,009.13 -1,225,290,440.51 248.01%
activities structured deposits
Effects of changes in
project financings,
Net cash generated
dividend payout and
from/used in financing -3,563,308,336.73 -210,222,809.39 1,595.02%
expenditure on
activities
increasing holdings in
subsidiaries
Combined effects of
cash generated
Net increase in cash
1,287,598,929.70 989,020,982.66 30.19% from/used in operating,
and cash equivalents
investing and financing
activities
2. Matters Related to Financial Reporting
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China Merchants Port Group Co., Ltd. Interim Report 2024 (Summary)
(1) Changes to Accounting Policies, Accounting Estimates or Measurement Methods
Compared to the Last Accounting Period
On 25 October 2023, the Ministry of Finance issued Interpretation No. 17 for the Accounting
Standards for Business Enterprises (C.K. [2023] No.21, hereinafter referred to as “Interpretation
No. 17”), which stipulates that the provisions of “classification of current liabilities and
non-current liabilities”, “disclosure of vendor financing arrangements” and “accounting
treatments for sale-leaseback transactions” are effective from 1 January 2024 onwards. The
Company has implemented Interpretation No. 17 from 1 January 2024 in accordance with the above
relevant standards and circulars issued by the Ministry of Finance. Except for the above policy
changes, the Company still adopts the remaining unchanged contents in the Accounting Standards
for Business Enterprises—Basic Guidelines and specific accounting standards, the Guidelines for
the Application of the Accounting Standards for Business Enterprises, Interpretation Circulars for
the Accounting Standards for Business Enterprises, and other applicable regulations that were
issued by the Ministry of Finance in previous periods.
(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, CMPort Holdings, a majority-owned subsidiary of the Company,
completed the acquisition of 51% equity interest in NPH in Indonesia. Upon the completion of the
acquisition, NPH has been included in the Company’s consolidated financial statements.
China Merchants Port Group Co., Ltd.
Board of Directors
Dated 31 August 2024
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