[Huachuang Transportation * Performance Review] Shanghai Port Group: Significant Growth in Container Throughput, Core Port Business Demonstrates Resilience

(Source: Huachuang Transportation)

Company Announcement for the 2025 Annual Report:

1. In 2025, the company achieved operating revenue of 39.611 billion yuan, up 3.92% year-on-year; net profit attributable to the parent company was 13.565 billion yuan, down 9.29% year-on-year; net profit attributable to the parent company after deducting non-recurring gains and losses was 12.201 billion yuan, down 8.1% year-on-year; investment income was 7.853 billion yuan, down 2.59% year-on-year. Excluding investment income, core business profit maintained growth, and the company maintained resilient profitability despite pressure.

2. By quarter: In 2025 Q1-Q4, the company recorded operating revenues of 9.518, 10.051, 10.38, and 9.663 billion yuan, respectively, with year-on-year changes of +6.34%, -7.68%, +12.96%, and +6.29%; net profits attributable to the parent company were 3.907, 4.132, 3.233, and 2.292 billion yuan, respectively, with year-on-year changes of +5.71%, -12.44%, -4.77%, and -27.09%; net profits attributable to the parent company after deducting non-recurring gains and losses were 3.796, 3.573, 3.124, and 1.708 billion yuan, respectively, with year-on-year changes of +15.32%, -8.99%, -6.54%, and -37.13%.

3. Profitability: In 2025, the company’s gross profit margin was 36.12%, up 0.62 percentage points year-on-year; net profit margin was 37.75%, down 4.39 percentage points year-on-year; the period expense ratio was 10.41%, down 0.15 percentage points year-on-year.

4. Dividend: For FY2025, the company plans to distribute a cash dividend of 0.195 yuan per share to all shareholders (tax included, including an interim cash dividend of 0.05 yuan per share), with a total proposed cash dividend amount of 4.54 billion yuan (tax included). The dividend payout ratio is 33.47%, and the implied dividend yield as of 2026/4/1 is 3.9%.

Steady growth in core port business, with a significant improvement in profitability.

In 2025, the company’s port core business continued to demonstrate strong operational resilience. The container throughput at the home port reached 55.063 million TEUs, up 6.9% year-on-year, maintaining the world’s No. 1 position for sixteen consecutive years. The container segment generated revenue of 17.335 billion yuan, up 10.24% year-on-year, with gross profit margin increasing by 2.55 percentage points year-on-year to 44.25%. For the bulk and general cargo segment, the home port’s bulk and general cargo throughput reached 81.607 million tons, down 6.5% year-on-year. The company’s cost control and management benefits improved, and gross profit margin increased against the trend by 5.1 percentage points to 31.32%, while operating revenue increased by 2.13% year-on-year to 1.635 billion yuan.

Accelerating the cultivation of new growth momentum, with notable results from the diversification strategy.

While consolidating its core business, the company actively cultivates new business formats and builds a second growth curve. The automotive roll-on/roll-off business became a major highlight: Shanghai Haitong brand vehicle RoRo business volume ranked No. 1 in the world for the second consecutive year. The company completed 3.98 million vehicles over the full year, up 9.6%. The construction of the multimodal transport system continued to advance: the sea-rail intermodal transport container volume reached 1.05 million TEUs, up 16%, effectively expanding the port’s hinterland. In addition, the company proactively planned the green energy refueling segment. LNG refueling volume increased by 54% year-on-year, and green methanol refueling operations achieved normalized, routine operations. This put the company in an advantageous position ahead of the green transformation wave in the shipping industry.

Asset impairment dragged down overall profit, while investment income remained an important pillar.

In 2025, the company’s performance decline was mainly attributable to non-operating factors. The company recorded asset impairment losses of as much as 1.05 billion yuan (only 31 million yuan in the same period last year), with the impairments concentrated in the second half, causing a significant hit to the profits of the current period. Meanwhile, as an important component of the company’s profits, investment income from associates and joint ventures was 7.675 billion yuan, down 4.62% year-on-year, accounting for 42.15% of total profit.

Investment recommendation:

We expect the company’s earnings forecasts for 2026-2028 to be 14.13, 14.81, and 15.45 billion yuan, corresponding to the current PE of 8, 8, and 8 times. Maintain the “Recommended” rating.

Risk warning: A decline in overseas demand impacts port industry throughput beyond expectations; actual increases in loading and unloading fees fall short of expectations; and costs rise significantly, etc.

For details of the investment recommendations and other specific content, please refer to the report titled “Shanghai Port Group (600018) 2025 Annual Report Review: Container Throughput Growth Is High, Core Port Business Demonstrates Resilience” released by Huachuang Securities Research Institute on April 2, 2026.

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