Key Takeaways • Revenue from continuing operations rose 7.0% year-on-year to HK$11.69 billion. • Profit attributable to shareholders slipped 3.4% to HK$666.74 million; basic EPS at HK10.8 cents. • Final dividend of HK4.33 cents per share proposed, maintaining a 40% payout ratio. • Net debt position improved: borrowings fell 8.9% to HK$4.43 billion; gearing eased to 14.0% from 15.9%. • Operating cash flow remained solid at HK$2.76 billion; capex reached HK$1.18 billion.

Financial Performance Tianjin Port Development (the “Group”) generated HK$11.69 billion in revenue from continuing operations for the year ended 31 December 2025, up 7.0% versus 2024, driven by higher throughput and stronger pricing, particularly in container handling. Gross profit edged up 2.4% to HK$4.04 billion, though gross margin softened to 34.6% (2024: 36.1%) as cost of sales expanded 9.6% to HK$7.64 billion.

Operating profit before tax from continuing operations improved 6.4% to HK$2.32 billion. However, a one-off HK$77.44 million loss on asset disposal and lower contributions from associates clipped bottom-line growth, resulting in a 3.4% decline in profit attributable to equity holders to HK$666.74 million. Finance costs decreased 32.2% to HK$168.40 million on reduced borrowings and lower average rates.

Segment Review Cargo handling revenue climbed 5.6% to HK$8.52 billion. – Non-containerised: HK$6.00 billion (+2.5%); throughput 257.45 million tonnes (+1.0%). – Container: HK$2.52 billion (+13.9%); throughput 20.81 million TEUs (+1.7%); blended unit price lifted 11.8% to HK$205.70 per TEU.

Other port-ancillary services delivered HK$3.17 billion in revenue (+10.8%), while the former sales segment (fuel supply) was classified as discontinued following the December 2025 disposal of a 60% stake in Tianjin Zhongtie Storage & Transportation.

Cash Flow and Balance Sheet Operating activities generated HK$2.76 billion in net cash. Investment outflows totalled HK$756 million, mainly for HK$1.18 billion in capital expenditure and HK$343 million for land-use rights, partly offset by HK$361 million in dividends received. Financing activities consumed HK$2.41 billion, reflecting HK$889 million dividends, HK$922 million spent on additional stakes in subsidiaries, and a HK$557 million net loan repayment.

As at 31 December 2025, cash and deposits stood at HK$6.65 billion, while total borrowings declined to HK$4.43 billion. The current ratio improved slightly to 1.6, and net assets attributable to shareholders increased to HK$14.52 billion (HK$2.40 per share).

Corporate Actions • Acquired an additional 40% in Tianjin Port Alliance International Container Terminal (RMB723.31 million) and 5% in Tianjin Port Euroasia International Container Terminal (RMB95.40 million), bringing holdings to 100% and 75% respectively. • Purchased port-area land use rights for RMB303 million to support future development. • Disposed of non-core fuel-supply subsidiary Zhongtie Storage & Transportation for RMB22.52 million; classified as discontinued operation. • Transferred non-core assets of CNAF Terminal for RMB161.62 million, incurring a HK$77.44 million disposal loss.

Dividend A final dividend of HK4.33 cents per share is proposed, matching last year’s 40% payout ratio. Subject to approval at the 16 June 2026 AGM, payment is scheduled for 21 July 2026.

Operational Context and Outlook In 2025, China’s port sector expanded, with national cargo throughput up 4.2% and container volumes up 6.8%. Tianjin Port Development handled 457 million tonnes of cargo (+0.9%) amid rising automation and green-port initiatives, including deployment of a new JTOS system and the commissioning of an autonomous tugboat.

Entering 2026, management signals continued focus on core handling and logistics, digitalisation, and environmental upgrades, while maintaining prudent capital management to support stable, quality growth.