Tianjin Port Development (3382) H2 2025 earnings summary

Executive summary

• Revenue from continuing operations rose 7.0% year-over-year to HK$11,689 million.

• Profit attributable to equity holders declined 3.4% to HK$667 million, mainly due to a one-off asset disposal loss.

• Total cargo throughput reached 457 million tonnes, up 0.9%, and container throughput was 20.81 million TEUs, up 1.7% year-over-year.

• Proposed final dividend of HK4.33 cents per share, with a payout ratio of 40%.

• Disposed of main sales business segment, reclassifying it as a discontinued operation.

Financial highlights

• Gross profit margin decreased by 1.5ppt to 34.6% in 2025; gross profit from continuing operations was HK$4,045 million, up 2.4% year-over-year.

• Net cash inflow from operating activities was HK$2,757 million, down 12.8% from the previous year.

• Total assets increased 1.2% to HK$41,170 million; total borrowings decreased 8.9% to HK$4,426 million, all denominated in RMB.

• Basic earnings per share was HK10.8 cents, down from HK11.2 cents in 2024.

• Cost of sales increased 9.6% to HK$7,636 million, mainly due to higher ancillary services costs.

Outlook and guidance

• Forward-looking statements highlight risks and uncertainties that may cause actual results to differ materially from expectations.

• Global economic outlook for 2026 remains uncertain, with IMF projecting 3.3% growth.

• China’s economy expected to maintain stable growth, supporting port industry development.

• Focus remains on core business, digital transformation, automation, and green initiatives to drive quality and efficiency.