[中报]招港B(201872):2023年半年度报告（英文版）
原标题:招港B:2023年半年度报告（英文版） CHINA MERCHANTS PORT GROUP CO., LTD. INTERIM REPORT 2023 Date of Disclosure: 31 August 2023 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior managers of China Merchants Port Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Xu Song, the Company’s legal representative, Tu Xiaoping, the Company’s Chief Financial Officer, and Hu Shaode, the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in this Report are factual, accurate and complete. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Any forward-looking statements such as future plans or development strategies mentioned herein shall not be considered as the Company’s promises to investors. And investors are reminded to exercise caution when making investment decisions. Risks faced by the Company and counter measures have been explained in Item X in “Part III Management Discussion and Analysis” herein, which investors are kindly reminded to pay attention to. Securities Times, China Securities Journal, Shanghai Securities News, Ta Kung Pao (HK) and www.cninfo.com.cn have been designated by the Company for information disclosure. And all information about the Company shall be subject to what’s disclosed on the aforesaid media. Investors are kindly reminded to pay attention to these media. The Company is not subject to any industry-specific disclosure requirements. The Company has no interim dividend plan, either in the form of cash or stock. This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail. Table of Contents Part I Important Notes, Table of Contents and Definitions .................................... 1 Part II Corporate Information and Key Financial Information ............................ 6 Part III Management Discussion and Analysis ...................................................... 11 Part IV Corporate Governance ............................................................................... 37 Part V Environmental and Social Responsibility ................................................... 39 Part VI Significant Events ........................................................................................ 45 Part VII Share Changes and Shareholder Information ........................................ 61 Part VIII Preference Shares ..................................................................................... 66 Part IX Bonds ............................................................................................................ 68 Part X Financial Statements ..................................................................................... 72 Documents Available for Reference I. Financial Statements carrying the signatures and stamps of the Company Principal, the Chief Financial Officer and the person in charge of accounting firm; II. Original copies of all documents and the announcements thereof disclosed in the reporting period on “Securities Times”, “China Securities Journal”, “Shanghai Securities News” and “Ta Kung Pao”. Definitions
Part II Corporate Information and Key Financial Information I Corporate Information
1. Contact Information of the Company Indicate by tick mark whether any change occurred to the registered address, office address and their zip codes, website address, email address and other contact information of the Company in the Reporting Period. □ Applicable √ Not applicable No change occurred to the said information in the Reporting Period, which can be found in the 2022 Annual Report. 2. Media for Information Disclosure and Place where this Report is Lodged Indicate by tick mark whether any change occurred to the information disclosure media and the place for lodging the Company’s periodic reports in the Reporting Period. □ Applicable √ Not applicable The website of the stock exchange, media and other websites where the Company’s periodic reports are disclosed, as well as the place for lodging such reports did not change in the Reporting Period. The said information can be found in the 2022 Annual Report. 3. Other Relevant Information Indicate by tick mark whether any change occurred to the other relevant information in the Reporting Period. □ Applicable √ Not applicable IV Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below. √ Yes □ No Reason for retrospective restatements: Change to accounting policies The Ministry of Finance issued Interpretation No. 16 for the Accounting Standards for Business Enterprises (C.K. [2022] No. 31) on 30 November 2022, which stipulates that the “accounting treatments for deferred income taxes associated with assets and liabilities arising from a single transaction to which the initial recognition exemption does not apply” shall take effect since 1 January 2023. In accordance with the aforesaid standard and regulations of the Ministry of Finance, the Company has adopted Interpretation No. 16 for the Accounting Standards for Business Enterprises since 1 January 2023.
1. Net Profit and Equity under CAS and IFRS □ Applicable √ Not applicable No difference for the Reporting Period. 2. Net Profit and Equity under CAS and Foreign Accounting Standards □ Applicable √ Not applicable No difference for the Reporting Period. 3. Reasons for Accounting Data Differences between Domestics and Foreign Accounting Principle □ Applicable √ Not applicable VI Exceptional Gains and Losses Unit: RMB
No such cases for the Reporting Period. Explanation of why the Company reclassifies recurrent gain/loss as an exceptional gain/loss item listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items: □ Applicable √ Not applicable No such cases for the Reporting Period. Part III Management Discussion and Analysis I. Principal activities of the Company during the reporting period 1、Principal activities and business models The Company is principally engaged in port investment and operation, comprehensive development, smart technology and port ecosystem businesses. The port investment and operation business includes containers and bulk cargo handling and warehousing services. 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. In terms of port investment, 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. In terms of the comprehensive development business, leveraging on the innovative park business models and services, the Company conducts in-depth exploration of synergy value between ports and parks, and provides customers with diversified value-added services, including warehousing leasing, customs clearance, division or merger of cargoes, documentation services, in Shenzhen Qianhaiwan Bonded Port Zone, Qingdao Qianwan Bonded Port Zone, Tianjin Dongjiang Bonded Port Zone, Djibouti International Free Trade Zone, Hambantota Industrial Park, amongst others. In terms of the smart technology business, the Company utilizes cutting-edge digital technology, gives full play to its advantages of big data and rich application scenarios, drives its industrial digitalization and digital industrialization, and provides customers with premium port services through smart port solutions, an open platform for smart ports and smart port technology operation. In terms of the port ecosystem business, which is based on ports as the core and includes port tugboat service, tallying business and engineering supervision and management business, the Company integrates the port ecological service resources, promotes the collaboration and cooperation between the upstream and downstream of the port logistics value chain and lays a key focus on the openness and sharing of resources, to advance the smooth trade development as well as the efficient operation of the logistics, information flow and capital flow of the port service chain and further help customers reduce costs and increase efficiency. The main business segments of the Company are as follows:
(1) Macro economic and trade landscape In the first half of 2023, uncertainties in the global economy have increased, with a sluggish economic recovery. In particular, there remained the ongoing geopolitical friction, high inflation and large stockpiles inhibiting consumer demand in developed countries, interest rate hikes in Europe and the United States slowing down the investment growth in emerging markets, and China and the United States have launched a new round of wrestling in the high-tech field. According to the “World Economic Outlook” published by the International Monetary Fund (“IMF”) in July 2023, the global economy in 2023 was expected to increase by 3.0%, representing a decrease of 0.5 percentage points year-on-year. Specifically, developed economies were expected to grow by 1.5%, representing a decrease of 1.2 percentage points year-on-year, while emerging markets and developing economies were expected to grow by 4.0%, keeping flat year-on-year. According to the report published by U.S. quarter. According to statistics of Eurostat, in the second quarter of 2023, the Eurozone GDP grew by 0.3% quarter-on-quarter, among which German GDP was flat and France grew by 0.5% quarter-on-quarter. The economic situation in Japan was relatively complex, despite in June certain indicators such as value of industrial output rebounded more than expected, its economic and fiscal situation was still uncertain; while the economy of the South Korea grew better than expected in the second quarter, with GDP up 0.9% year-on-year, unchanged from the first quarter. In terms of global trade, the volume of global trade was expected to grow by 2.0% in 2023, representing a decrease of 3.2% year-on-year. Amidst weak consumption of goods, rising uncertainty about the future geoeconomic conditions, sluggish productivity growth and more challenging financial conditions, companies have scaled back investment in capacity. In the first half of 2023, China adhered to the general principle of seeking progress while maintaining stability under the complex and severe external environment, and China's overall economy gradually recovered with a positive momentum, and foreign trade kept stable with its improved quality as expected. According to the statistics of National Bureau of Statistics of China, China’s GDP was RMB59.30 trillion in the first half of 2023, representing an increase of 5.5% year-on-year at constant prices. However, special attention shall also be paid to the weak recovery of the world economic, slowing global trade and investment, increasing unilateralism, protectionism and geopolitical risks, as well as the lasting impact of declining external demand on China's foreign trade. According to the statistics published by the General Administration of Customs of China, the total value of imports and exports of trade in goods in China amounted to RMB20.1 trillion in the first half of 2023, representing an increase of 2.1% year-on-year, among which the export value was RMB11.46 trillion, representing an increase of 3.7% year-on-year, and the import value was RMB8.64 trillion, representing a decrease of 0.1% year-on-year. The trade surplus was RMB2.82 trillion, up 17.4%. The total value of imports and exports in China denominated in US dollar amounted to USD 2.92 trillion, representing a decrease of 4.7%. The regionalization trend of global industrial and supply chain was obvious and the implementation of RCEP has injected impetus into the integrated development of regional economy. The imports and exports between China and ASEAN denominated in RMB increased by 5.4% year-on-year in the first half of 2023. Under the trend of diversification and fragmentation of demand, cross-border e-commerce was booming, with the cross-border e-commerce imports and exports amounting to RMB 1.1 trillion in the first half of 2023, representing an increase of 16% year-on-year, according to the statistics published by the General Administration of Customs of China. The development of digital intelligence technologies such as big data, artificial intelligence, cloud computing, Internet of Things, and blockchain has exerted a profound impact on trade patterns, structures and landscape. An interdependent industrial Internet platform ecology will be built to further strengthen the flow of production factors and commodities and improve the overall efficiency. Looking ahead to the second half of 2023, the risks to global growth remain skewed to the downside, with inflation likely to remain high or even rise in the event of further shocks, including those caused by the intensifying Russia-Ukraine conflict and extreme weather, triggering further tightening of monetary policy. However, the likelihood of a more favourable outcome for global growth is also rising, and core inflation may fall faster than expected, reducing the need for tighter monetary policy. The IMF expects the global economy to grow by 3.0% in 2023. In advanced economies, growth will continue to slow significantly in 2023, from 2.7% in 2022 to 1.5% in 2023 and 1.4% in 2024. Growth in emerging market and developing economies is expected to remain broadly stable at 4.0% in 2023 and 4.1% in 2024. Total world trade (including goods and services) is expected to grow by 2.0% in 2023, rising to 3.7% in 2024. In the second half of 2023, China's real estate sector may contract more than expected, weak confidence leads to weaker-than-expected consumption, and possible fiscal tightening in response to lower local government tax revenues, these uncertainties will put some pressure on China's economic growth. The international market demand may be better than expected, consumption growth may further release potential, the trend of digital and green economy continues to strengthen, and scientific and technological innovation will become an important driving force for China's economic development. In the coming stage, the Chinese government will continue to adhere to the general principle of seeking progress while maintaining stability, work hard to smooth the economic cycle, make greater efforts to change the growth model, adjust the structure and increase the growth momentum, and strive to achieve effective qualitative improvement and reasonable quantitative growth of the economy. （2）Trend analysis of the port and shipping industry The international shipping industry has been deeply affected by the reshaping of the global industrial and supply chain, which has led to significant adjustments in shipping route layout. According to the report of Alphaliner, a shipping consultancy, as at the end of July 2023, the capacity deployed by liner companies on Asia-Europe routes grew by 3.4% year-on-year, and a decrease of 19.1% year-on-year on trans-Pacific routes. In terms of port of calls, the number of liner calls from China at U.S. ports plummeted, and more container cargoes arrived in the United States from Vietnam, Mexico and other regions. According to the report of Lloyd's List, the number of goods shipped from China to the United States fell 17% in 2022; the number of liner calls from China to Vietnam increased by 23%; the number of liner calls from Vietnam to the United States increased from 44 to 62, representing an increase of 41%; the number of liner calls from China to Mexico increased by 14% year-on-year; and the number of direct flights between China and Russia increased to 342, representing an increase of 88% year-on-year. In 2023, uncertainties in the container transport market increased, and the fundamental of supply and demand was cautiously optimistic. The international freight rates fell sharply and hovered at low levels. On the supply side, the shipping market entered a new round of delivery capacity and the average port time continued to shorten, and the idle capacity of container ships accounted for approximately 4.4%; while on the demand side, Drewry, a shipping consultancy, expected that the global port throughput would rise by approximately 1% in 2023. Due to the decline in freight rate, shipping companies have accordingly focused on cost control and business diversification to ensure profitability, including optimizing fleet capacity, reducing charter costs and slow sailing, extending both ends of the shipping logistics chain and investing in the field of zero carbon. in the growth of the global port industry, the container business volume handled in major hub locations decreased to varying degrees. Drewry, a shipping consultancy, expected global port throughput growth of 1% in 2023 and 3% between 2024 and 2027. According to the statistics of Alphaliner, the total container throughput of the world's top 20 ports amounted to 83.43 million TEUs for the first quarter of 2023, representing a decrease of 11.7% year-on-year. In addition to the Middle East (Dubai Port) and Northeast Asia (Busan Port), the container throughput handled in ports in other regions declined in various degrees. In particular, ports in the Greater China region handled 51.54 million TEUs, representing a decrease of 0.25% year-on-year; ports in Southeast Asia handled 11.07 million TEUs, representing a decrease of 2.0% year-on-year; ports in Europe and North America handled 6.33 million TEUs and 5.35 million TEUs, respectively, representing a decrease of 8.8% and 29.9% year-on-year. While China's port industry performed well in the first half of 2023 in terms of the main indicators. According to the statistics published by the Ministry of Transport, the accumulated cargo volume handled by Chinese ports reached 8,188.8 million tonnes from January to June 2023, representing an increase of 8.0% year-on-year, and the accumulated container throughput handled reached 149.19 million TEUs, representing an increase of 4.8% year-on-year. Among which, coastal ports handled an accumulated cargo volume of 5,331.86 million tonnes, representing an increase of 7.3% year-on- year, while the accumulated container throughput was 130.88 million TEUs, representing an increase of 4.2% year-on-year. (3) The Company’s industry position The Company is the global leading port investor and operator, as one of the top port operators in the world, and has the resource endowment and unique advantages to build a world-class comprehensive port service provider. In terms of scale, the Company has established a relatively complete port network at major hub locations along coastal China, with its presence in 50 ports in 25 countries and regions including Asia, Africa, Europe, Oceania, South and North America. In 2022, the Company's equity throughput of containers reached 50.6 million TEUs, ranking third among the global port operators. In terms of quality, the master terminals controlled by the Company have occupied various market and regional leading positions, continued to promote ESG construction, and strived to create an ESG port benchmark in the industry. In addition, leveraging on the good ground of port technology and based on the TOS system self-developed by CMPort, the Company has worked out the worldwide first full-case, full-time, all-regime and multi-factor 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 30 terminals to help enhance the trade facilitation level in the Greater Bay Area. 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. II. Core competitiveness analysis 1. Sound shareholder background and resource integration capability CMG, the de facto controller of the Company, was the Hundred Years' central State-owned enterprises in the industry. Founded in 1872, CMG is an integrated and diversified key enterprise under the direct administration of the PRC central government, also a one of the four major Chinese enterprises in Hong Kong with two global companies counted on Fortune Global 500 list. Currently, it mainly focusses on three core industries, namely transportation & logistics, integrated finance and comprehensive development of cities and industrial zones. In recent years, CMG successively realized the transformation from these three primary industries to the three major platforms of industrial management, financial services, investment and capital operation, and also began to deploy its footprint in big health, testing and other sectors. CMG’s Transportation & Logistics Business Department includes port, highway, energy shipping, logistics, naval architecture and marine engineering businesses, and has a wide range of coordinated space for industrial chain service. Acceleration of international development and improvement on logistics network layout will effectively bolster CMPort’s capabilities related to create a world-class port investment and operation platform which can gives a global push as well as an interconnected international port comprehensive service system. 2. Professional and high-efficiency global port investment capability The Company focuses on port investment, grasps global trend and seizes opportunities in region to achieve full-process and full-cycle management on investments. As an important carrier for domestic and overseas port investment and operation of CMG, the Company has over 20 years of experience for port investment and over 10 years thereof for overseas investment. A scientific and professional investment management system has been set up with a research team specialized in investment global which owns a wealth of experience in policy research, industry analysis, risk control, fund raising, post-investment management. The Company continues to work in development of global industrial supply chain, keeps up with major strategic opportunities in domestic and dynamic investment opportunities in overseas and properly invests in hub and gateways of strategic significance around the world. The Company strives to balance its investment portfolio within the regional and life cycle of ports. Adhering to the principle of “extensive consultation, joint development and shared benefits”, its overseas business has developed local-based business operation and formed a community of shared future based on the consolidation of connectivity and cooperation and expand new international cooperation, to the greater extent that capability strengthened in cope with various risks such as industry fluctuations, trade conflicts and emergencies. 3. Fleshing out the port comprehensive management capability The Company has committed to port operation and improved comprehensive management capability through application of digital intelligence technology and integrated platform. The Company endeavors to operation management of port business for years, based on digital management and cost control with aiming at improving quality and efficiency, thus forms a port operational management system leading the industry. Self-developed Smart Management Platform (“SMP”) is a united platform that runs through the whole process, connects the whole scene, and docks the whole system of the enterprise, so as to achieve comprehensive digital management of business process. It provides a one-stop operating model for the Decision-making personnel, Management and Executive to support the management decision based on the presentation and analysis of global business core data. For the same time, the Company keeps applying measures of cost control and forms a complete system thereof, and achieves cost savings and efficiency gains in practice and effectivity manner with respect of process optimization, resource conservation, technological innovation, realizing its potential according to such policy and optimized allocation. The port comprehensive management capability of the Group for years has marked a good reputation in the industry. 4. Continuously optimized supply chain comprehensive service capability The Company adhered to create values on the blockchain centered on ports as well as the logistics chain targeted on it. With the objective of becoming a high-quality and world-class comprehensive port service provider, the Company keeps enhancing corporate value. First, in respect of the advanced comprehensive development capability, taking port business as the core and leveraging the synergy of different port zones as well as city-industry integration, the Company explores the comprehensive port development model of “Port-Park-City”. Based on the traditional loading and discharging and ancillary services at ports, it established the comprehensive development model that offered high value-added services to enterprises. Currently, the Company has participated in promoting the comprehensive port development model of “Port-Park-City” in various overseas regions and has achieved remarkable results and helped foster new profit growth points for the Company. Secondly, in respect of modern comprehensive logistics service capability, both the shipping and port sectors gradually shifted to form alliances, the Company is actively integrating its domestic and overseas port assets and capitalises on its relatively complete global port network to provide customers with comprehensive port logistics service solutions, forming its unique competitive strength under the assistance of resources such as maritime logistics, land transportation, storage, logistics and trading from CMG. 5. Self-innovative intelligent port construction capability The Company rises to the call of the industry, pushing for traditional industrial upgrading and its progress set the direction of intelligent port construction. The Company sticks into the promotion of digitalization transformation, leads technologies innovation and industrial application by combining with new technology and development and releases overall solutions for smart ports featuring CMPort’s characteristics. In terms of the core production system between the port and the park, although the self-developed system of CMIT, a high-tech enterprise under the Company broke the monopoly of foreign suppliers, it still stresses the importance of intensifying related scientific research, with strengths concentrated on new structure and intelligent upgrade of CTOS system. In terms of industrial network platform construction, we have updated comprehensive service platform to 3.0 version, i.e., “CM ePort 3.0” which based on global port network of the Company to provide the port shipping logistics industry the one-stop port integrating services including intelligent logistics, intelligent port as well as intelligent finance and business. The construction of intelligent port ecology circle leverages such system for achieving innovation of port business model. In terms of the construction of intelligent port, Mawan Smart Port of the Company taking a lead from traditional bulk terminals upgraded to 5G intelligent port that integrating 5G, Beidou system, artificial intelligence, automation and other scientific and intelligence technologies. It has greatly improved productivity, green degree and management level of the port and achieved good economic and social benefits, while rewards the Science and Technology Prize of China Port and Harbors Association and plays a demonstration role in the industry. III. Core business analysis 1. Port business review (1) Overview of port business In the first half of 2023, port businesses coincided with industry mainstream trend which scaled up share of key region market, and the Company’s investment on Ningbo Port also increased its business volume. The Company’s ports handled a total container throughput of 87.075 million TEUs, up 30.4% year-on-year. Bulk cargo volume handled by the Company’s ports increased by 115.3% year-on-year to 630 million tonnes, which was mainly thanks to the business volume of Ningbo Port included in the Company since October 2022, contributing business increment of the Company with container throughput of 19.74 million TEUs and bulk cargo throughput of 333 million TEUs in the first half of the year. For container business, the Company’s ports in Mainland China handled a container throughput of 67.747 million TEUs, representing a year-on-year increase of 46.4%, ports in Hong Kong and Taiwan regions contributed a total container throughput of 2.791 million TEUs, representing a year-on-year decrease of 22.4%, and the total container throughput handled by the Company’s overseas ports grew by 116.7% year-on-year to 16.537 million TEUs. In terms of bulk cargo business, the Company’s ports in Mainland China handled a bulk cargo volume of 627 million tonnes, up 116.7% year-on-year, and overseas ports handled a bulk cargo volume of 2.797 million tonnes, down 12.8% year-on-year. Table 3-1 Throughput of the Company and changes in 1H 2023
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