China Merchants Port Group Co., Ltd. (CM Port Group), the substantial shareholder of China Merchants Port Holdings, released its unaudited first-quarter 2026 results. Key take-aways are as follows:

1. Operating Performance • Total operating income rose 4.58% year-on-year (YoY) to RMB 4.41 billion, supported by higher port-related revenue. • Net profit attributable to shareholders increased 3.78% YoY to RMB 1.13 billion, while net profit after non-recurring items grew 2.91% to RMB 1.09 billion. • Investment income contributed RMB 1.30 billion, reflecting continued earnings strength from associates and joint ventures (mainly overseas port projects). • Other income surged 155.85% to RMB 38.36 million on larger government grants. • Financial expenses fell to RMB 322.67 million, down 26.45% YoY, easing the pressure from interest costs.

2. Profitability and Returns • Basic and diluted EPS both came in at RMB 0.46. • Weighted average ROE was 1.74%, marginally lower than the 1.77% recorded a year earlier.

3. Cash Flow Highlights • Net operating cash inflow declined 8.67% YoY to RMB 1.07 billion as tax payments increased and one-off collections of marine-area usage fees normalized. • Net investing cash inflow turned positive at RMB 0.47 billion (Q1 2025: outflow of RMB 2.57 billion), driven by RMB 15.97 billion of matured structured-deposit redemptions. • Financing activities recorded a net cash outflow of RMB 1.88 billion amid a 36.60% YoY drop in new borrowings and higher debt repayments.

4. Balance-Sheet Position (31 Mar 2026) • Total assets stood at RMB 205.11 billion, largely unchanged from year-end 2025. • Equity attributable to shareholders expanded 1.93% to RMB 65.61 billion. • Accounts receivable jumped 64.44% to RMB 2.13 billion due to cyclical collection patterns, while non-current liabilities maturing within one year increased 36.55% to RMB 8.25 billion, reflecting upcoming debt obligations. • Cash and bank balances amounted to RMB 14.91 billion.

5. Share Capital and Ownership • Total share capital totaled 2.48 billion shares. • China Merchants Port Investment Development Company Limited remained the largest shareholder with a 46.28% stake; Zhejiang Provincial Seaport Investment & Operation Group held 23.24%.

6. Accounting Standards and Investor Reminder The quarterly figures are prepared under Chinese accounting standards, which may differ from those applied by China Merchants Port Holdings in Hong Kong. Investors should consider these differences when assessing the Group’s consolidated performance.