Xiamen Port Development Co Ltd

The A-share port sector is being reassessed by the market from a traditional defensive core holding into an allocation option that combines cash flow stability with long-term strategic value. In 2025, national port container throughput reached 354 million TEUs, up 6.8 percent year on year, and in the first half of 2026 it rose 5.9 percent year on year, with the industry's counter-cyclical resilience continuing to show. Wind data shows that in 2025, the dividend payout ratios of 16 Shenwan port constituents all exceeded 30 percent, among which Yantian Port, Xiamen Port, Tangshan Port, Liaoning Port and China Merchants Port paid out more than 50 percent, and the sector's overall dividend yield was in the range of 2 to 4 percent. As a scarce globalised A-share target, China Merchants Port has invested in and operates 51 ports in 26 countries and regions around the world. In 2025, overseas terminal revenue was 6.51 billion yuan, up 18.2 percent year on year, with a gross margin of 57.4 percent. Its payout ratio including buybacks reached 50.3 percent, and its dividend yield was about 3.6 percent. As of August 18, its share price had risen more than 20 percent cumulatively since the start of the year.

Xiamen Port Development disclosed its earnings forecast, expecting net profit attributable to the parent of 338 million to 378 million yuan in the first half of 2026, compared with a profit of 370 million yuan in the same period last year. Deducted non-recurring net profit is expected to be 243 million to 271 million yuan, compared with 114 million yuan a year earlier. The earnings growth is mainly due to the completion of a major asset restructuring during the reporting period, with the 70% equity stake in Terminal Group transferred and consolidated into the financial statements on February 27, 2026. The company's main business structure has been optimized and its scale expanded, making it a comprehensive port logistics service provider covering container terminals, bulk and general cargo terminals, and integrated supply chain services.