China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2026-008
CHINA MERCHANTS PORT GROUP CO., LTD.
ANNUAL REPORT 2025 (SUMMARY)
Part I Important Notes
This Summary is based on the full Annual 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”).
This Summary is prepared in both Chinese and English. Should there be any discrepancy between
the two versions, the Chinese version shall prevail.
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 final dividend and/or bonus issue plans for the Reporting Period:
√ Applicable ? Not applicable
Bonus issue from capital reserves:
? Yes √ No
The Board has approved a final dividend plan as follows: based on the Company’s total share
capital at the record date of the dividend payout, a cash dividend of RMB7.99 (tax inclusive) per 10
shares is to be distributed to shareholders, with no bonus issue from either profit or capital reserves.
Board-approved final dividend plan for preferred shareholders for the Reporting Period :
? Applicable √ Not applicable
Please refer to the full Annual Report for the definitions of the abbreviations mentioned in this
Summary.
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
Part II Key Corporate Information
CM Port Group/ 001872/
Stock name Stock code
CM Port Group B 201872
Stock exchange for stock
Shenzhen Stock Exchange
listing
Contact information Board Secretary Securities Representative
Name Liu Libing Hu Jingjing
Plaza, 1 Gongye 3rd Road, Plaza, 1 Gongye 3rd Road,
Address
Zhaoshang Street, Nanshan, Zhaoshang Street, Nanshan,
Shenzhen, PRC Shenzhen, PRC
Fax +86 755 26886666 +86 755 26886666
Tel. +86 755 26828888 +86 755 26828888
Email address Cmpir@cmhk.com Cmpir@cmhk.com
(1) Principal Activities of the Company during the Reporting Period
The Company’s core business includes port investment, port operation, port logistics and smart
technology.
The Company has established a comprehensive port network across the hub locations along coastal
China, and the terminals which the Company invested in or invested in and managed are located in
hub locations across Hong Kong, Taiwan, Shenzhen, Ningbo, Shanghai, Qingdao, Tianjin, Dalian,
Zhangzhou, Zhanjiang, and Shantou, as well as in Asia, Africa, Europe, Oceania, South and North
America, amongst others. Port investment includes oversea and domestic port investments. The
Company puts emphasis on its presence in global major hub locations, gateway ports and regions
with huge market potential, rapid economic growth and promising development, in order to capture
investment opportunities in ports, logistics and related infrastructure and further improve the global
port network. Port operation mainly includes containers and bulk cargo handling and warehousing
services. The Company focuses on the construction and management of leading port and the
improvement of service, so as to provide clients with higher-quality port services.
In terms of port logistics, the Company leverages innovative park business models and services to
deeply explore the synergistic value between ports and parks. It provides customers with diversified
value-added services within key zones such as the Shenzhen Qianhai Comprehensive Bonded Zone,
Qingdao Qianwan Comprehensive Bonded Zone, Tianjin Dongjiang Comprehensive Bonded Zone,
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
Djibouti International Free Trade Zone, Hambantota Industrial Park. These services include
warehousing leasing, customs clearance, division or merger of cargoes, documentation services, and
more. The Company is driving growth in port tugboat service, tallying operations, and engineering
supervision and management business. It also focuses on port-related business innovation and
supply chain logistics. By integrating port ecosystem service resources and fostering collaboration
across the upstream and downstream of the port logistics value chain, the Company prioritizes
resource openness and sharing. This integrated approach facilitates smoother trade flows and
enhances the efficiency of logistics, information, and capital flows within the port service chain,
ultimately helping customers reduce costs and improve efficiency.
The smart technology business focuses on the application of new generation of information
technology, such as big data, Internet of Things (IoT) and artificial intelligence, promotes “digital
intelligence” and “green” upgrades, and continues to empower the core businesses, such as the
production, management, services and ecology of the port. Smart technology injects new
momentum into the development of the port enterprises.
The main business segments of the Company are as follows:
Business content
The Company puts emphasis on its presence in global major hub locations, gateway
ports and regions with huge market potential, rapid economic growth and promising
Port investment
development, in order to capture investment opportunities in ports, logistics and
related infrastructure, and further improve the global port network.
Containers: The Company provides ship berthing, loading and unloading services to
ship companies, offers container storage service to ship companies and cargo
owners and provides overhead box services to tractor companies. The Company
also engages in the businesses of division or merger of cargoes in containers,
Port operation container leasing and container maintenance;
Bulk cargoes: The Company is engaged in bulk cargo handling and transportation
in port zones, as well as storage services in yards. The major types of cargoes
handled include ores, grain forage, oil and coal.
The Company provides various services, including warehouse/yard leasing, loading
and unloading in warehouses/yards, customs clearance and division or merger of
cargoes at terminals, intermodal transportation, logistics, transportation and
value-added warehousing services for clients (including logistics companies,
trading companies or cargo owners). Relying on the port-surrounding land
Port logistics
resources, the Company conducts the comprehensive development to enhance the
land value. The Company enhances the value of commercial properties and
provides its customers with quality property leasing and other related services. The
Company provides port tugboat service, tallying, engineering supervision and
management business.
Smart The Company focuses on the application of a new generation of information
technology technologies, such as big data, Internet of Things (IoT) and artificial intelligence. It
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
drives “digital and intelligent transformation” and “greening initiatives”, continuing
to empower the port’s core businesses such as the production, management,
services and ecology of the port. Smart technology injects new momentum into the
development of the port enterprises.
(2) Development stage and cyclical characteristic of the industry in which the Company
operates and its industry position during the Reporting Period
The Company ranks among the global leading public port operators and is committed to developing
as a world-leading port service provider. In terms of scale, as at the end of the reporting period, the
Company has established a relatively complete port network at major hub locations along coastal
China, with its presence in 51 ports in 26 countries and regions including Asia, Africa, Europe,
Oceania, South and North America. According to the statistics of Drewry, in 2024, the Company’s
equity throughput of containers reached 61.20 million TEUs, ranking among the top global port
operators. In terms of quality, the master terminals controlled by the Company have occupied
various market and regional leading positions. Leveraging on the good ground of port technology
and based on the CTOS system self-developed by CMPort, the Company has worked out the
worldwide first full-case, full-time, all-regime and multifactor traditional container terminal
upgrading solution, and has built the trade facilitation platform for the Guangdong-Hong
Kong-Macao Greater Bay Area through blockchain technology, which has been extended to 34
terminals to help enhance the trade facilitation level in the Greater Bay Area. In addition, the
Company continued to promote ESG construction, and strived to create an ESG port benchmark in
the industry. In terms of performance, the Company has continually promoted high-quality
development and has been an industry leader in terms of net profit margin and overall labour
productivity and other indicators.
(1) Key Financial Information of the Past Three Years
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
? Yes √ No
change
Total operating
income (RMB)
Net profit attributable
to shareholders of the 4,611,352,247.98 4,516,301,317.16 2.10% 3,571,800,762.16
Company (RMB)
Net profit attributable 4,437,547,391.42 4,047,031,601.71 9.65% 3,339,226,783.73
to shareholders of the
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
Company after
deducting
non-recurring gains
and losses (RMB)
Net cash inflow from
operating activities 8,174,432,389.05 8,013,212,824.40 2.01% 6,579,606,635.17
(RMB)
Basic earnings per
share (RMB/share)
Diluted earnings per
share (RMB/share)
Weighted average
return on equity (%)
Change of
December
December
Total assets (RMB) 205,014,697,494.68 201,517,851,881.45 1.74% 198,557,296,667.26
Equity attributable to
shareholders of the 64,365,829,932.20 61,502,739,842.96 4.66% 58,847,592,947.55
Company (RMB)
(2) Key Financial Information by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Total operating income 4,214,355,369.19 4,254,136,006.89 4,293,227,201.61 4,484,663,950.16
Net profit attributable to
shareholders of the 1,090,726,175.19 1,535,912,024.28 1,179,988,081.33 804,725,967.18
Company
Net profit attributable to
shareholders of the
Company after deducting 1,059,858,307.79 1,458,827,728.41 1,156,020,137.95 762,841,217.27
non-recurring gains and
losses
Net cash inflow from
operating activities
Indicate by tick mark whether any of the quarterly financial data in the table above or their
summations differs materially from what have been disclosed in the Company’s quarterly or
semiyearly reports.
? Yes √ No
(1) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting
Rights as well as Holdings of Top 10 Shareholders
Unit: share
Number of 29,864 (20,110 Number of 27,189 Number of preferred 0 Number of 0
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
ordinary A-shareholders ordinary (17,534 shareholders with preferred
shareholders at and 9,754 shareholders at A-shareholder resumed voting rights shareholders
the period-end B-shareholders the month-end s and 9,655 at the period-end (if with resumed
) prior to the B-shareholders any) voting rights at
disclosure of ) the month-end
this Report prior to the
disclosure of
this Report (if
any)
Sharehold Increase/dec
Total shares
Name of Nature of ing rease in the Restricted Unrestricted
held at the Shares in pledge or frozen
shareholder shareholder percentag Reporting shares held shares held
period-end
e Period
China Merchants
Overseas
Port Investment
legal 46.28% 1,148,648,648 0 0 1,148,648,648 0
Development
person
Company Limited
Zhejiang
Provincial Seaport State-owne
Investment & d legal 23.24% 576,709,537 0 0 576,709,537 0
Operation Group person
Co., Ltd.
China Merchants
Gangtong State-owne
Development d legal 14.94% 370,878,000 0 0 370,878,000 0
(Shenzhen) Co., person
Ltd.
Shenzhen
Infrastructure
Investment Fund and
Fund-Shenzhen wealth
Infrastructure managemen 2.61% 64,850,182 0 0 64,850,182 0
Investment Fund t products
Partnership etc.
(Limited
Partnership)
State-owne
Broadford Global
d legal 2.23% 55,314,208 0 0 55,314,208 0
Limited
person
State-owne
China-Africa
d legal 0.63% 15,610,368 0 0 15,610,368 0
Development Fund
person
Domestic
Zou Yanmin natural 0.29% 7,262,075 2,381,666 0 7,262,075 0
person
Domestic
Li Runrong natural 0.25% 6,164,175 6,164,175 0 6,164,175 0
person
Hong Kong Overseas
Securities Clearing legal 0.20% 5,023,375 -3,452,766 0 5,023,375 0
Company Ltd. person
PICC Life
Insurance Fund and
wealth
Company Limited
managemen 0.20% 4,941,900 4,941,900 0 4,941,900 0
－Traditional-
t products
General Insurance etc.
Product
Strategic investors or general Among the foregoing shareholders, Shenzhen Infrastructure Investment Fund-Shenzhen
legal person becoming top-ten Infrastructure Investment Fund Partnership (Limited Partnership) subscribed for 64,850,182
ordinary shareholders due to shares of the Company offered in a non-public manner in 2019 for raising supporting funds at
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
placing of new shares (if any) RMB17.16 per share. The subscribed shares were floated on Shenzhen Stock Exchange on 4
November 2019, and the lock-in period lasted until 4 November 2020. China-Africa Development
Fund subscribed for 64,102,564 shares of the Company offered in a non-public manner in 2019
for raising supporting funds at RMB17.16 per share. The subscribed shares were floated on
Shenzhen Stock Exchange on 4 November 2019, and the lock-in period lasted until 4 November
subscribed shares were floated on Shenzhen Stock Exchange on 12 October 2022, and the lock-in
period lasts until 12 October 2025.
Limited held by China Merchants Holdings (Hong Kong) Company Limited, and China
Related or acting-in-concert Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of
parties among the shareholders Rainbow Reflection Limited.
above 2. Broadford Global Limited is the controlling shareholder of China Merchants Gangtong
Development (Shenzhen) Co., Ltd.
The Company does not know whether the other unrestricted shareholders are related parties or not.
Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow Reflection
Above shareholders involved in
Limited held by China Merchants Holdings (Hong Kong) Company Limited, and China
entrusting/being entrusted and
Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of
giving up voting rights
Rainbow Reflection Limited.
Special account for share
repurchases (if any) among the None
top 10 shareholders
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing or locked-up shares of senior management)
Shares by type
Name of shareholder Unrestricted shares held at the period-end
Type Shares
China Merchants Port RMB
Investment Development 1,148,648,648 ordinary 1,148,648,648
Company Limited share
Zhejiang Provincial Seaport RMB
Investment & Operation Group 576,709,537 ordinary 576,709,537
Co., Ltd. share
China Merchants Gangtong RMB
Development (Shenzhen) Co., 370,878,000 ordinary 370,878,000
Ltd. share
Shenzhen Infrastructure
Investment Fund-Shenzhen RMB
Infrastructure Investment Fund 64,850,182 ordinary 64,850,182
Partnership (Limited share
Partnership)
Domestical
ly listed
Broadford Global Limited 55,314,208 55,314,208
foreign
share
RMB
China-Africa Development
Fund
share
Domestical
ly listed
Zou Yanmin 7,262,075 7,262,075
foreign
share
RMB
Li Runrong 6,164,175 ordinary 6,164,175
share
RMB
Hong Kong Securities Clearing
Company Ltd.
share
PICC Life Insurance Company RMB
Limited－Traditional- General 4,941,900 ordinary 4,941,900
Insurance Product share
Limited held by China Merchants Holdings (Hong Kong) Company Limited, and China
Related or acting-in-concert Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of
parties among the shareholders Rainbow Reflection Limited.
above 2. Broadford Global Limited is the controlling shareholder of China Merchants Gangtong
Development (Shenzhen) Co., Ltd.
The Company does not know whether the other unrestricted shareholders are related parties or not.
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
Top 10 ordinary shareholders
involved in securities margin N/A
trading (if any)
refinancing shares lending
? Applicable √ Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares
lending/return compared with the prior period
? Applicable √ Not applicable
(2) Number of Preferred Shareholders and Shareholdings of Top 10 of Them
? Applicable √ Not applicable
No preferred shareholders in the Reporting Period.
(3) Ownership and Control Relations between the Actual Controller and the Company
Note: The Company disclosed the Announcement on the Proposed Change in Shareholding Structure of the
Controlling Shareholder on 14 December 2024, in which Broadford Global Limited, the controlling shareholder of
the Company, transferred 74.66% of the shares of Rainbow Reflection Limited held by China Merchants Holdings
(Hong Kong) Company Limited, and at the same time, all the aforesaid transferred shares were entrusted to
Broadford Global Limited for management by China Merchants Holdings (Hong Kong) Company Limited.
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
On 24 January 2025, the Company received the updated registers of members of Rainbow Reflection Limited and
Broadford Global Limited, and was informed that China Merchants Holdings (Hong Kong) Company Limited
was registered as a shareholder of Rainbow Reflection Limited (holding 21,120,986,262 ordinary shares in the
share capital of Rainbow Reflection Limited, representing 74.66% of the total share capital of Rainbow Reflection
Limited), and Broadford Global Limited had completed the share cancellation procedures. Since then, the transfer
and trusteeship of shares were completed and the change in the shareholding structure of the controlling
shareholder was completed. For specific details, please refer to the announcement released by our company on
January 25, 2025 regarding the completion of changes in the shareholding structure of the controlling shareholder.
(1) Bond Profile
Outstanding balance Interest
Bond name Abbr. Bond code Issue date Maturity
(RMB’0,000) rate
Offering of
Sci-Tech
Innovation
Corporate
Bonds of
China 148877 23 August 2029 200,000.00 2.18%
K1 23 August 2024
Merchants
Port Group
Co., Ltd. (for
professional
investors)
(Phase I)
Offering of
Sci-Tech
Innovation
Corporate
Bonds of
China 524409 25 August 2028 300,000.00 1.82%
K1 25 August 2025
Merchants
Port Group
Co., Ltd. (for
professional
investors)
(Phase I)
During the Reporting Period, interest on “24 CMPort K1” for the period from 23 August 2024 to
Bond redemption and interest
payment during the
CMPort 01” for the period from 30 August 2024 to 29 August 2025 were paid on 1 September
Reporting Period
(2) Latest Rating and Rating Change
On 29 May 2025, China Chengxin International Credit Rating Co., Ltd. (CCXI) issued the 2025
Follow-up Rating Report (XPWHZ [2025] No. 0274). CCXI granted the corporate credit rating of
AAA to the Company with a rating outlook of Stable.
During the Reporting Period, there is no rating difference in the main ratings of other bonds and
debt financing instruments issued by the Company in China.
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
(3) The Major Accounting Data and the Financial Indicators of the Recent 2 Years of the
Company up the Period-end
Item 31 December 2025 31 December 2024 Change
Current ratio 77.93% 79.27% -1.69%
Debt/asset ratio 35.96% 36.40% -0.44%
Quick ratio 76.29% 77.36% -1.38%
Net profit after deducting
non-recurring gains and losses 443,754.74 404,703.16 9.65%
(RMB’0,000)
EBITDA/debt ratio 21.20% 21.28% -0.08%
Interest cover (times) 5.30 4.49 18.04%
Cash-to-interest cover (times) 5.80 5.05 14.85%
EBITDA-to-interest cover
(times)
Loan repayment ratio 100.00% 100.00% -
Interest payment ratio 100.00% 100.00% -
Part III Significant Events
During the reporting period, the Company adhered to the general principle of seeking progress
while maintaining stability. Aiming at the goal of becoming a “world-leading port service provider”,
the Company made every effort to grasp reform, foster innovation, and promote development. The
overall operational performance demonstrated a robust momentum characterized by progressing
while maintaining stability, improving quality while advancing.
(1) Consolidated the homebase port infrastructure and focused on strengthening core
advantages. The container throughput of the West Shenzhen Port Zone exceeded 16 million TEUs,
hitting a record high again, and its foreign trade market share continued to lead in the
Guangdong-Hong Kong-Macao Greater Bay Area. The bulk cargo business actively expanded into
new commodity categories to secure its cargo volume foundation, while maintaining market-leading
positions in its core commodity segments. CICT in Sri Lanka persistently strengthened its local
market position, achieving steady improvement in profitability. HIPG’s container business
capabilities were significantly enhanced as its volume has experienced leapfrog growth and its
RORO business volume achieved record high. With steady improvement in operational indicators,
the Group achieved milestone results in the progress of building world-leading port.
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
(2) Overseas expansion progressed steadily, and the performance of existing projects was
outstanding. The China Merchants Port, the Company's controlled subsidiary, signed the share
purchase agreement for the Vast project in Brazil to expand its presence in the Latin America.
Container throughput of several overseas projects reached record high, among which TCP in Brazil
improved efficiency to break through capacity bottlenecks, with container throughput exceeding
Africa, with container throughput increasing by 17.9% year-on-year. Kumport in Turkey
successfully secured long-term service contracts, with container throughput increasing by 22.8%
year-on-year, fully demonstrating the synergistic advantages of the Company’s global layout and its
high-level international operation and management capabilities.
(3) Lean management continued to deepen, with significant results achieved in enhancing
quality and efficiency. The Company systematically promoted lean management, enhancing
resource efficiency and operating effectiveness through mechanism optimization and process
control. By deepening the COE mechanism and promoting optimization experience, the engineering
management system is improved to save costs and drive project progress. Commercial coordination
and centralized procurement were strengthened to enhance value creation capabilities, and the
refined cost control system was continuously improved. The said initiatives have achieved solid
results in areas such as process optimization, cost control, and asset returns, laying a solid
foundation for the improvement of overall operational quality and efficiency.
(4) The construction of digital and intelligent ports has accelerated, empowering the core
business to improve quality and efficiency. The “CMCore” CTOS terminal operating system was
successfully implemented in key overseas projects in countries such as Brazil, Italy, and Turkey.
The West Shenzhen Port Zone steadily promoted the pilot application of SMP, achieving
data-driven empowerment for lean cost analysis and supporting refined operational decision-making.
The operational service model of the “CM ePort” service platform was reconstructed to develop
value-added services for the logistics supply chain. The Company officially launched the “Piercept”
artificial intelligence brand and rolled out intelligent agents for six high-value scenarios, including
equipment operation and maintenance, promoting the deep application of artificial intelligence
technology in core production stages.
(5) The green and low-carbon transition has accelerated, and carbon efficiency levels have
improved significantly. We achieved a breakthrough in its clean energy bunkering service capacity,
with the first ship-to-ship LNG bunkering operation completed in the West Shenzhen Port Zone.
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
The Group has consolidated its green energy supply foundation by adding distributed photovoltaic
and electrified equipment to reduce fuel consumption and exhaust emissions; improved green
infrastructure supporting facilities by constructing intelligent battery swapping stations and
charging piles and initially establishing an integrated “swapping + charging” energy replenishment
network; and deepened the application of green and low-carbon technologies by researching,
developing, and promoting hoisting potential energy recovery and permanent magnet motor
technologies, among others.
(6) Consolidated achievements as a "Double Hundred" benchmark enterprise, systematically
unlocking reform efficiencies. Having secured top-tier "Double Hundred Action" benchmark
status with reform outcomes receiving authoritative recognition, the Company advanced
comprehensive reforms downward to the grassroots level throughout the year. At the governance
level, the modern corporate governance system was continuously refined, with the Board's
functions in "setting strategy, making decisions, and preventing risks" comprehensively
strengthened, and the authorization mechanism with clear powers and responsibilities and
standardized processes, as well as the whole-process closed loop supervision, operating efficiently.
At the mechanism level, core systems including market-oriented talent selection and differentiated
compensation incentives have permeated to the grassroots level, resulting in a comprehensive
enhancement of organizational vitality and operational efficiency.
(7) Advanced the implementation of new ESG regulations, achieving renewed rating
excellence. Closely aligning with ESG policy requirements promulgated by national and local
authorities in recent years, the Company continuously deepened ESG management integration,
tightly coupling new ESG regulations with our daily operation and management. During the year,
the Company focused on promoting the implementation and deepening of material issues such as
climate change, biodiversity and supply chain management, and continued to develop ESG
information systems to ensure information security. In terms of ratings, the Company's Wind ESG
rating was upgraded from AA to AAA, ranking first in the industry. The Company received honors
including "Wind 2025 Best ESG Practice Top 100 Chinese Listed Companies" and "CMG China
ESG Pioneer 100 Central SOEs." The Company's controlled subsidiary, China Merchants Port, has
seen its MSCI ESG rating upgraded from BBB to A, the highest rating among Hong Kong-listed
industry peers.
China Merchants Port Group Co., Ltd. Annual Report 2025 (Summary)
over 10% of Operating Income or Operating Profit
Unit: RMB
YoY
YoY
YoY change in
Gross change in
change in gross
Operating income Operating costs profit operating
operating profit
margin income
costs (%) margin
(%)
(%)
By operating division
Ports
operation
By operating segment
Mainland
China, Hong
Kong and
Taiwan
Other
countries and 6,510,139,015.62 2,774,933,837.71 57.38% 18.16% 12.32% 2.22%
regions
In January 2025, China United Tally Co., Ltd. Shantou (hereinafter referred to as 'China Tally'), an
associate of the Company’s subsidiary Shantou Port, absorbed Shantou Zhongli Wailun tally Co.,
Ltd. (hereinafter referred to as 'Shantou Zhongli'), a subsidiary of Shantou Port. After the
transaction, Shantou Port holds 62.50% shares of China Tally, which contributs to business
combination not involving enterprises under common control. Consequently, China Tally has been
in the scope of consolidation for the current year. Shantou Zhongli was deregistered on 14 February
China Merchants Port Group Co., Ltd.
Board of Directors
Dated 3 April 2026
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