SHENZHEN INT'L (00152) announced its annual results for the period ending December 31, 2025. The group recorded revenue of HK$16.345 billion, representing a year-on-year increase of 4.98%. Profit attributable to shareholders was HK$2.249 billion, a decrease of 21.69% compared to the previous year. Basic earnings per share were HK$0.93, and a final dividend of HK$0.46 was declared.

For the logistics business, revenue for the year reached approximately HK$2.031 billion, an 11% increase from the prior year. This growth was primarily driven by the phased commencement of operations at several logistics port projects located in the Guangdong-Hong Kong-Macao Greater Bay Area. However, the segment reported a loss attributable to shareholders of approximately HK$55.84 million. This loss was mainly due to the absence of gains from the placement of logistics port projects into funds under the "Investment-Construction-Financing-Management" business model this year, coupled with higher initial operating costs for several new projects still in their incubation phase. As of December 31, 2025, the group has established a presence in 42 cities across China, managing and operating 59 logistics port projects with a total operating area of about 7.54 million square meters. The comprehensive occupancy rate for mature logistics parks was approximately 87%.

Regarding the logistics park transformation and upgrade business, revenue for the year was approximately HK$160 million, a 35% increase year-on-year. This improvement was largely attributable to the continuous enhancement in the leasing situation for the industrial office portion of the Shenzhen International South China Digital Valley. Profit attributable to shareholders for this segment was approximately HK$2.607 billion, an 11% increase from the previous year, primarily benefiting from a post-tax gain of about HK$2.933 billion recognized from land preparation for the Shenzhen International South China Logistics Park.

In the port and related services business, annual revenue was approximately HK$4.059 billion, marking a 13% increase compared to the prior year, mainly driven by growth in port supply chain business revenue. However, profit attributable to shareholders decreased by 35% year-on-year to approximately HK$39.35 million. This decline was primarily due to intensified competition within the port industry squeezing profit margins, the ongoing incubation phase of newly operational projects, and increased depreciation and amortization costs for fixed assets.