Ningbo Zhoushan Port (601018) Q2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 14.91 billion, up 3.06% year-over-year; net profit attributable to shareholders reached RMB 2.60 billion, up 16.37% year-over-year.

• Container throughput rose 9.8% year-over-year to 25.47 million TEUs; total cargo throughput increased 4.7% to 601 million tons.

• Proposed interim cash dividend of RMB 0.30 per 10 shares, totaling RMB 583.63 million, pending shareholder approval.

Financial highlights

• Operating income: RMB 14.91 billion (+3.06% YoY); operating cost: RMB 10.44 billion (+1.88% YoY).

• Net profit attributable to shareholders: RMB 2.60 billion (+16.37% YoY); basic EPS: RMB 0.13 (+18.18% YoY).

• Net cash flow from operating activities: RMB 9.59 billion (+72.88% YoY).

• Gross margin improved, with EBITDA/debt ratio at 18.58% and interest coverage at 35.66x.

Outlook and guidance

• Management expects continued growth in container and cargo throughput, leveraging regional and policy advantages.

• Focus on high-quality development, digital transformation, and green port initiatives.

• Macroeconomic and shipping industry volatility, as well as policy and competitive risks, remain key uncertainties.