Shanghai International Port (Group) Co Ltd (600018) H2 2025 earnings summary

Executive summary

• Maintained world-leading container throughput for 16 consecutive years, reaching 55.06 million TEUs, up 6.9% year-over-year; total cargo throughput at 600 million tons, up 3.4% year-over-year; revenue grew 3.9% to RMB 39.61 billion; net profit attributable to shareholders declined 9.3% to RMB 13.56 billion; core business profit excluding investment income increased.

• Operating resilience remained strong amid global trade volatility, with main business indicators leading the industry; logistics and multimodal transport expanded, and green, digital, and smart port initiatives advanced.

• Major projects such as the Yangshan North terminal and Luojing port phase II progressed on schedule; significant investments in technology, green energy, and international expansion continued.

Financial highlights

• Revenue: RMB 39.61 billion, up 3.92% year-over-year; net profit attributable to shareholders: RMB 13.56 billion, down 9.29% year-over-year; total profit: RMB 18.21 billion, down 2.7% year-over-year.

• Operating cash flow: RMB 11.80 billion, up 28% year-over-year; basic EPS: RMB 0.5837, down 9.36% year-over-year; gross margin: 36.23%.

• Net assets attributable to shareholders: RMB 140.94 billion, up 5.73% year-over-year; total assets: RMB 221.74 billion, up 4.56% year-over-year.

• Adjusted net profit (excluding non-recurring items): RMB 12.20 billion, down 8.10% year-over-year.

Outlook and guidance

• 2026 will focus on consolidating the port’s global leadership, expanding digital, green, and resilient logistics, and advancing major infrastructure projects.

• Emphasis on international expansion, green energy, and digital transformation; continued investment in smart port and multimodal logistics.

• Budget targets for 2026 include further growth in throughput, revenue, and profit, with a focus on high-quality, sustainable development.