Shenzhen Int'l (00152) announced its interim results for 2025, recording revenue of HK$6.67 billion, representing a year-on-year increase of 0.9%. Shareholders' attributable profit reached HK$490 million, down 24.9% compared to the same period last year. Basic earnings per share stood at HK$0.2.
According to the announcement, the 25% decline in shareholders' attributable profit to approximately HK$490 million was primarily due to the fact that in the corresponding period last year, the group injected two logistics port projects into the China AMC Shenzhen International Warehousing and Logistics Infrastructure Securities Investment Fund (China AMC Shenzhen International REIT), generating after-tax gains of approximately HK$587 million, while no such gains were recorded in the current period.
In the logistics business segment, revenue reached approximately HK$987 million during the period, up 12% year-on-year, mainly due to revenue contributions from several logistics port projects that commenced operations. However, as the period did not benefit from gains obtained through the "invest-build-finance-manage" model for logistics port project injections into the fund, shareholders' attributable profit declined 98% year-on-year to approximately HK$7.93 million.
In recent years, the group has continued to strengthen its core logistics business development, maintaining a prudent and steady investment strategy, selecting only the best opportunities, and focusing on core regions with good operational efficiency and strong risk resistance capabilities to further consolidate competitive advantages. In the first half of 2025, all construction projects progressed orderly according to plan, with logistics port projects in Foshan Shunde, Nanjing Jiangning, and Nanchang Changbei successively commencing operations, continuously expanding the scale of logistics business.
As of June 30, 2025, the group has established presence in 41 cities nationwide, managing and operating 53 logistics port projects with a total operating area of approximately 6.71 million square meters. The comprehensive occupancy rate of mature logistics parks reached approximately 87%.
For the logistics park transformation and upgrading business, revenue reached approximately HK$68.74 million during the period, up 9% year-on-year, mainly due to continued improvement in occupancy rates of the industrial office portion of Shenzhen International South China Digital Valley since its full operation commenced.
Shareholders' attributable profit reached approximately HK$203 million, primarily benefiting from the group's associate company - Shenzhen International Qianhai Commercial Development (Shenzhen) Co., Ltd. - recognizing property sales gains from the Qianhai residential project during the period, increasing the group's share of its profit by approximately HK$290 million.
In the port and related services business segment, revenue declined 13% year-on-year to approximately HK$1.394 billion, mainly due to reduced revenue from port supply chain business caused by declining coal prices and overall market demand slowdown. Shareholders' attributable profit fell 72% year-on-year to approximately HK$12.04 million, primarily due to increased depreciation and amortization costs from new project commissioning and margin pressure caused by intensified competition in the domestic port industry.
The group's toll road business and environmental protection business are coordinated and operated by the group's non-wholly-owned subsidiary, Shenzhen Expressway Company Limited (Shenzhen Expressway). During the period, Shenzhen Expressway's overall revenue reached approximately HK$4.22 billion, up 4% year-on-year. Benefiting from gains on fair value changes of financial assets and significantly reduced financial costs, net profit increased 21% year-on-year to approximately HK$1.114 billion. During the period, the group's share of Shenzhen Expressway's profit increased 12% year-on-year to approximately HK$484 million.