Tangshan Port Group Co Ltd

Tangshan Port disclosed its 2026 semi-annual report on August 27. In the first half of the year, it achieved total operating revenue of 2.987 billion yuan, up 15.18% year-on-year; net profit attributable to the parent company was 1.008 billion yuan, up 13.97% year-on-year; net profit after deducting non-recurring items was 1.006 billion yuan, up 15.20% year-on-year; and net cash flow from operating activities was 1.105 billion yuan, up 25.49% year-on-year. Basic earnings per share were 0.1702 yuan, and the weighted average return on equity was 4.63%, up 0.42 percentage points year-on-year. As of the end of the first half, the company's current ratio was 5.85 and its quick ratio was 5.77.

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.