China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 202 1-073
CHINA MERCHANTS PORT GROUP CO., LTD.
INTERIM REPORT 2021 (SUMMARY)
Part I Important Notes
This Summary is based on the full text of the 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 text 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 text of the 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
Stock name CM Port Group/ Stock code 001872/
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
CM Port Group B 201872
Stock exchange for stock listing Shenzhen Stock Exchange
Contact information Board Secretary Securities Representative
Name Li Yubin Hu Jingjing
24/F, China Merchants Port Plaza, 1 Gongye 24/F, China Merchants Port Plaza, 1 Gongye
Office address 3rd Road, Zhaoshang Street, Nanshan, 3rd Road, Zhaoshang Street, Nanshan,
Shenzhen, PRC 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: Business combination under common control. For details, please refer to the "Changes to
the Scope of Consolidated Financial Statements Compared to the Last Accounting Period" in Part
III of this summary.
H1 2020 Change (%)
H1 2021
Original Restated Restated
Operating revenue (RMB) 7,339,942,862.26 5,922,497,158.48 5,962,497,716.96 23.10%
Net profit attributable to the listed
1,677,035,346.17 632,798,585.83 632,292,086.16 165.23%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before 1,644,696,060.97 544,591,914.54 544,085,414.87 202.29%
exceptional gains and losses (RMB)
Net cash generated from/used in operating
2,934,960,407.96 2,071,426,144.92 2,057,741,203.08 42.63%
activities (RMB)
Basic earnings per share (RMB/share) 0.87 0.33 0.33 163.64%
Diluted earnings per share (RMB/share) 0.87 0.33 0.33 163.64%
Weighted average return on equity (%) 4.43% 1.77% 1.76% 2.67%
31 December 2020 Change (%)
30 June 2021
Original Restated Restated
Total assets (RMB) 168,701,333,012.06 168,543,611,777.21 168,728,326,345.77 -0.02%
Equity attributable to the listed company’s
38,143,327,362.51 37,117,806,052.18 37,165,277,744.78 2.63%
shareholders (RMB)
3. Shareholders and Their Holdings as at the End of the Reporting Period
Unit: share
Number of preferred
Number of ordinary shareholders shareholders with
31,810 0
resumed voting rights (if
any)
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
Top 10 shareholders
Nature of Shareholding Shares in pledge
Name of shareholder Number of shares Restricted shares
shareholder percentage or frozen
CHINA MERCHANTS PORT
Foreign
INVESTMENT DEVELOPMENT 59.75% 1,148,648,648 1,148,648,648 0
legal person
COMPANY LIMITED
CHINA MERCHANTS GANGTONG
State-owned
DEVELOPMENT (SHENZHEN) CO., 19.29% 370,878,000 0 0
legal person
LTD.
SHENZHEN INFRASTRUCTURE Funds,
INVESTMENT FUND-SHENZHEN wealth
INFRASTRUCTURE INVESTMENT management 3.37% 64,850,182 0 0
FUND PARTNERSHIP (LIMITED products,
PARTNERSHIP) etc.
State-owned
CHINA-AFRICA DEVELOPMENT FUND 3.33% 64,102,564 0 0
legal person
State-owned
BROADFORD GLOBAL LIMITED 2.88% 55,314,208 0 0
legal person
HONG KONG SECURITIES CLEARING Foreign
COMPANY LTD. legal person
0.24% 4,523,430 0 未知
CHINA MERCHANTS SECURITIES State-owned
(HK) CO., LTD. legal person
0.14% 2,693,355 0 未知
ARROWSTREET EMERGING MARKET Foreign
ALPHA EXTENSION TRUST FUND legal person
0.12% 2,247,991 0 未知
Domestic
MAI SHUQING natural 0.11% 2,129,247 0 未知
person
Domestic
ZHU HUI natural 0.09% 1,807,526 0 未知
person
China Merchants Gangtong Development (Shenzhen) Co., Ltd. is a
majority-owned subsidiary of Broadford Global Limited, and Broadford
Related or acting-in-concert parties among the Global Limited is the controlling shareholder of China Merchants Port
shareholders above Investment Development Company Limited. The Company does not
know whether the other unrestricted shareholders are related parties or
not.
Shareholders involved in securities margin trading (if
N/A
any)
Note: China Merchants Port Investment Development Company Limited (CMPID) was renamed from “China Merchants Investment
Development Company Limited” (CMID) on 8 July 2020.
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
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
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?
√ 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 Group Co., 20 CMPort 01 149170 7 July 2020 8 July 2023 200,000 3.36%
Ltd. (for qualified investors)
(Phase I)
(2) Relevant Financial Information as at the End of the Reporting Period
Unit: RMB’0,000
Item 30 June 2021 30 June 2020 Increase/decrease
Current ratio 78.89% 83.48% -4.59%
Debt/asset ratio 35.82% 37.29% -1.47%
Quick ratio 77.98% 82.56% -4.58%
H1 2021 H1 2020 Increase/decrease
Net profit after deducting
164,469.61 54,408.54 202.29%
non-recurring profit or loss
Debt/EBITDA ratio 12.09% 7.68% 4.41%
Interest cover (times) 5.24 2.25 132.89%
Cash-to-interest cover (times) 4.90 3.5 40.00%
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
EBITDA-to-interest cover
7.80 4.70 65.96%
(times)
Loan repayment rate 100.00% 100.00% -
Interest coverage 100.00% 100.00% -
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 2021, the Company’s ports handled a total container throughput of 67.23 million
TEUs, up by 21.1% year-on-year. Bulk cargo volume handled by the Company’s ports increased by
40.2% year-on-year to 308 million tonnes. With respect to container business, the container
throughput handled by the Group’s ports in Mainland China reached 46.83 million TEUs, up by
17.5% year-on-year, which is mainly due to stable domestic pandemic situation and economic
recovery. The total container throughput handled by the Group’s ports in Hong Kong and Taiwan
reached 3.77 million TEUs, up by 10.6% year-on-year. The Group’s overseas ports handled a total
container throughput of 16.63 million TEUs, representing an increase of 35.8% year-on-year, which
was mainly benefited from the inclusion of the eight terminals newly acquired by TL in the statistics.
With respect to bulk cargo business, total bulk cargo volume handled by the Group’s ports in
Mainland China increased by 40.6% year-on-year to 305 million tonnes, which is mainly due to the
inclusion of Yingkou Port business in the statistics by the Company since February and the overall
strong rebound of the bulk cargo business.
(2) Imple mentation of business plan during the Reporting Period
During the Reporting Period, The Company actively grasped the continuous upward trend of the
container shipping market, consistently adhered to the business strategy of “giving due
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
consideration and importance to both pandemic prevention and control and resumption of work and
production”, continued to strengthen operations and management, and leveraged the Company's
global port network layout to provide strong support for smoothing domestic and foreign trade
transportation channels. Various businesses have achieved rapid growth and key projects have made
significant progress and fruitful results.
① Significant growth in business volume. In the first half of 2021, the Company’s ports handled
a total container throughput of 67.23 million TEUs, up by 21.1% year-on-year, and a bulk cargo
volume of 308 million tonnes, up by 40.2% year-on-year. The Company's business volume has
achieved substantial growth, and its performance was better than the overall domestic levels.
Among them, terminals in the West Shenzhen Port Zone controlled by the Company handled a
container throughput of 6.50 million TEUs, up by 25.7% year-on-year, higher than the overall
growth rate of ports in Shenzhen, and its market share increased from 46.7% to 47.2%, representing
an increase of 0.5 percentage point.
② Giving due consideration and importance to both pandemic prevention and cont rol and
resumption of work and production. The Company has always highly concerned with pandemic
prevention and control and emphasized that it is important to “attach great attention, high standards,
efficient implementation, make constant efforts, consistent preparation, enhance pandemic
prevention plans, optimise pandemic prevention processes, refine pandemic prevention measures,
ensure compliance and make sure everything is in order” in respect of pandemic prevention and
control. The pandemic in Yantian Port in May 2021 disturbed the stability of the South China
regional supply chain. Shekou Port, Chiwan Port and Mawan Port areas of the Company's West
Shenzhen homebase port strengthened the overall coordination of production and operation and
ensured normal port operations while handling the pandemic prevention and control properly,
playing an important role in guaranteeing the logistics supply chain in the South China region.
These efforts not only demonstrate its responsibility as a central state-owned enterprise, but also
reflect the advantages of its strong operation and management ability.
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
③ Mawan Smart Port putting into operation. Mawan Smart Port under the Company was
officially put into operation in late June 2021, with the harbour area of 983,600 sq.m., the berths
coastline of 1,930 metres, and 5 berths in total, including two newly-built 200,000-ton class
specialized container dock berths which are the largest in South China. The mentioned berths are
able to moor the world’s largest container vessels, with a designed annual cargo handling capacity
of 3 million TEUs. As the number one project in the Company's smart terminal construction,
Mawan Smart Port, incorporating nine major intelligent elements, namely “CM Chip”, “CM ePort”,
artificial intelligence, 5G network application, Beidou system, automation, intelligent ports,
blockchain, and green and low-carbon development, is a model for intelligentisation upgrade of
traditional terminals at home and abroad. As compared with the traditional ports, Mawan Smart Port
has significantly increased its operation efficiency. Its operational personnel decreased by 80%;
comprehensive operational efficiency increased by 30%; potential safety hazards decreased by 50%;
carbon emissions reduced by 90%, and the import and export clearance efficiency increased over
30%. Meanwhile, the reconstruction plan reduced the construction cost by 50% compared with that
cost of a newly-built fully automatic terminal, achieving considerable economic benefits. Mawan
Smart Port is expected to have a positive impact on stabilizing the logistics supply chain in South
China, and will further enhance the competitiveness and influence of the West Shenzhen homebase
port in the regional market, thereby accelerating the construction o f “a world-class leading port”.
④ A new stage for market expansion. Relying on the substantial improvement of objective
conditions such as the commissioning of the new berth at Mawan Smart Port and the all -weather
navigation of the 200,000-ton waterway, the Company strengthened its marketing and business
promotion for the West Shenzhen Port Zone. In the first half of 2021, it added a number of new
routes such as North America line, Asia line and India line, further strengthened its in-depth
cooperation with CMA CGM (達飛輪船) and Mediterranean Shipping (地中海航運), and put more
efforts to maintain the existing routes and expand new routes, and the market share in South China
has increased accordingly. In addition, the Company accelerated the construction of the coor dinated
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
ports in the Guangdong-Hong Kong-Macao Greater Bay Area and officially launched the
“Shenzhen Shekou-Shunde Beijiao Combined Port (深圳蛇口-順德北滘組合港)” project in the
first half of the year, further expanding the coordinated port sites.
⑤ Comprehensive development. The Company actively explores and promotes comprehensive
development business, taking Djibouti and HIPG as overseas pilots to promote the comprehensive
development model of "Port-Park-City". In the first half of 2021, despite the adverse impac t of the
continuous spread of the global pandemic, the business and investment solicitation in overseas
parks progressed steadily. The number of contracted enterprises in the HIPG Industrial Park reached
27, and the number of contracted enterprises in the Djibouti Free Trade Zone reached 162.
Comprehensive development business has made good progress.
(3) Year-on-year Changes in Key Financial Data
Unit: RMB
Change
H1 2021 H1 2020 Main reason for change
(%)
Operating revenue 7,339,942,862.26 5,962,497,716.96 23.10% -
Operating costs 4,198,451,164.27 3,743,190,504.14 12.16% -
Administrative expense 766,369,973.37 745,721,965.45 2.77% -
Finance costs 730,109,013.88 841,408,636.18 -13.23% -
Income tax expense 643,438,595.12 513,167,463.70 25.39% -
New addition to the consolidation
R&D investments 98,344,411.25 71,988,081.92 36.61%
scope
Net cash generated
from/used in operating 2,934,960,407.96 2,057,741,203.08 42.63% Increase in business volume
activities
Payment for the Tranche 1 of
mandatory convertible bonds of TL,
Payment for the Tranche 1 loan of
Net cash generated TL and investment in China
from/used in investing 53,828,332.73 -7,869,699,226.91 100.68% Merchants Northeast Asia
activities Development and Investment Co.,
Ltd. in the same period of last year,
with no comparable payment in the
current period
Net cash generated
from/used in financing -5,513,332,001.73 5,356,254,138.54 -202.93% Increase in repayment of due loans
activities
Net increase in cash and Increase in net cash used in
-2,551,095,256.98 -487,601,731.66 -423.46%
cash equivalents financing activities
2. Matters Related to Financial Reporting
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
(1) Changes to Accounting Policies, Accounting Estimates or Measurement Methods
Compared to the Last Accounting Period
For further information, please refer to “(III) Changes in Significant Accounting Policies and
Accounting Estimates” in “Part X Financial Statements” in Interim Report 2021 for details.
(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
On 18 December 2020, the Company signed the Equity Subscription and Capital Increase
Agreement for CMHIT with the Company's subsidiaries, CMPort Holdings and CMHIT, Jifa
Logistics, DPCD, and Yingkou Port Group.
According to the Equity Subscription and Capital Increase Agreement, Jifa Logistics and DPCD
would increase the capital of CMHIT with 29.40% and 49.63% of their respective shares in DPN,
and Yingkou Port Group would increase the capital of CMHIT with 100% of its equity in YPIT.
Before and after the merger, CMHIT, DPN and YPIT are all subject to the final control of CMG, the
actual controller of the Company, and such control is not temporary.
The above capital increase was completed on 9 February 2021. Upon completion of the capital
increase, CMHIT changed its name to CMIT. The Company, CMPort Holdings, Jifa Logistics,
DPCD and Yingkou Port Group will hold 13.18%, 43.74%, 13.26%, 22.38% and 7.44% equity in
CMIT, respectively. CMIT remains a majority-owned subsidiary of the Company. CMIT holds
79.03% equity in DPN and 100% equity in YPIT respectively, and is able to exercise control over
the latter two companies. Therefore, since 9 February 2021, the Company will follow the
accounting processing method for enterprise merger under the same control and include DPN and
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China Merchants Port Group Co., Ltd. Interim Report 2021 (Summary)
YPIT in the consolidated scope of the Company's consolidated financial statements from the
beginning of the comparative financial statement period.
Wang Xiufeng
Legal representative of
China Merchants Port Group Co., Ltd.
Dated 31 August 2021
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