招港B：2025年年度报告（英文版）

ANNUALREPORT2025 Chairman’sStatement DearShareholders: IherebypresentyoutheannualreportofChinaMerchantsPortGroupCo.,Ltd.(the“Company”or“CMPort”)anditssubsidiariesfortheyearended31December2025.OnbehalfoftheBoard,Iwouldliketoexpressmysinceregratitudetoallofyouforyourlong-termsupporttotheCompany.TheCompany,forChinaMerchantsGroup,isacoreenterpriseofthetransportationandlogisticssector,andalsoakeyplayerinthegoalofbuildingaworld-classenterprise.Ithasinvestedinandoperated51portsacross26countriesandregionsworldwide,playingapositiveroleinensuringthesmoothnessoftheinternationalanddomesticlogisticssupplychain,andissteppingtowardthegoalofbecominga“world-leadingportserviceprovider”. Basedonthenewdevelopmentstage,CMPortimplementedthenewdevelopmentconceptwiththeconstructionofanewdevelopmentpatterntodrivehigh-qualitydevelopment,withtheaimofbecominga“world-leading port service provider”.While accelerating the transition towardsintelligentandgreenoperations,theCompanyhasestablishedamodernintegratedportservicesystemcharacterised by“smart empowerment,green and low-carbon practices,chain-basedservices,andecologicalsynergy”,continuouslyenhancingtheservicedepthandvaluecreationcapabilitiesoftheglobalportnetwork,drivingdynamicalignmentbetweenresourceallocationandcorporatestrategicpositioning,marketdemand,andprofitabilitytoachieveleanresourceallocation.CMPortpersistentlyfocusedonstrategicportacquisitionopportunitiesatkeynodes,advancingtheglobalnetworklayoutofports,strengtheningexternalandinternallinkedinteractionwitheffortstoprovidecustomerswithmoreeconomical,high-qualityandefficientservicesolutionsaswellasdeeperstrategic cooperation.More value and returns were brought to the Company and itsShareholders,coupledwithamaterialcontributiontoensuringsafety,steadinessandsmoothnessofthesupplychain. Duringthe“14thFive-Year”Planperiod,underthebackgroundofacomplexexternalenvironmentcharacterizedbytheprofoundadjustmentoftheglobaltradelandscape,theCompanycommittedto itsgoalofachieving“world-class”,unwaveringlypromotedthethreemajordriversof“GlobalPresence”,“LeanManagement”,and“InnovativeTransformation”tocoordinatedevelopmentandsecurity,anddeepenreformandinnovation.Variouskeytaskswereprogressedsteadilyandrapidlywithoperatingresultsrepeatedlyreachingnewhighs,andcomprehensivestrengthachievingaleapfrogenhancement.Lookingbackatthepast5yearsofhardwork,theCompanyhasdeliveredahigh-qualitydevelopmentperformancecharacterizedby“synergybetweenscaleandefficiency,balancebetweenqualityandspeed,andsimultaneousprogressindomesticandoverseasmarkets”.Firstly,thescaleofcorebusinesshasreachedanewlevel.Thetotalcontainerthroughputsurgedfrom122millionTEUstomorethan206millionTEUsatacompoundannualgrowthrate(CAGR)of11.1%.Thebulkcargovolumeincreasedfrom454milliontonnesto1,266milliontonneswithCAGRof22.8%.Withtheresourceaggregationandhubcapacitysignificantlyenhancing,andglobalcompetitivenesscontinuouslyleaping,CMPortwasrankedamongthegloballeadingpublicportoperators.Secondly,theoverseaslayouthasbeenexpandedindepth.CMPortsuccessfullyinvestedintheNPHinIndonesia,enteredintoasharepurchaseagreementfortheVastprojectinBrazil.HIPGinSriLankacommencedcontainerbusinessandachievedacapacityofonemillionTEUs.Thequalityandefficiencyoftheoperationofexistingprojectswereimprovedandtheimplementationof new projects was accelerated.The proportion of overseas revenue steadilyincreasedtomorethanhalf,andglobaloperationalcapabilitiescontinuedtostrengthen.Thirdly,leanmanagementhasyieldedsignificantresults.CMPorthasdeepenedtheconstructionoftheCOEsystem,synergistically promoted the PMO and cost leadership strategies,and achievedoutstandingresultsincostreductionandefficiencyenhancementacrosstheentirechain.ThetotalannualprofitleapttooverRMB10billion.Fourthly,thecapitaloperationachievedremarkableresults.The Company has brought in Zhejiang Seaport Group as a strategic shareholder.Itparticipatedinthenon-publicissuanceofthesharesofNingboPortandincreaseditsshareholdingofSPIGwhenappropriate,soastofurthersolidifyitsstrategicpresenceintheYangtzeRiverDelta.TheCompanyalsocompleteditsfirstsharebuybackandcancellation,therebyenhancingearningspershareandbolsteringmarketconfidence.Fifthly,thetechnologicalinnovationdemonstratedstrongmomentum.TheCompanysuccessfullycompletedthepilotschemeofbuildingastrongtransportationnetworkinChinaandtheinspectionandacceptanceoftheself-developedTOS system.MawanSmartPortwasratedasthefirstbatchof“Five-StarChina’sSmartPorts”.The“CMCore”digitalsolutionsweresuccessfullyimplementedinoverseasmarketssuchasAfricaandEurope,materializingthegoalof“technologygoingglobal’’.Sixthly,thesustainabledevelopmentandsystem have been optimized continuously.The Company’s ESG rating has improvedsignificantly,withtheratingassignedbyWind(萬 得)fromBBBtoAAA.TheratingfortheCompanyrankedfirstinthetransportationinfrastructureindustry. Reviewfortheyear In2025,globaleconomic development has demonstratedsignificant resilience.Driven bytheaccumulationof inventories of traded goods,increased risk appetite,expansion of a