Qinhuangdao Port Co., Ltd. (QHD PORT) released its unaudited interim results for the six months ended 30 June 2026.

Financial Highlights • Operating revenue rose to RMB 3.64 billion, a 5.42 % increase year-on-year. • Net profit attributable to shareholders reached RMB 1.02 billion, up 2.85 %. Basic EPS remained RMB 0.18. • Gross profit improved 9.40 % to RMB 1.57 billion, lifting gross margin 1.58 ppts to 43.28 %. • Operating cash inflow strengthened 33.87 % to RMB 1.36 billion, while net cash used in investing activities widened to RMB 0.77 billion, mainly due to higher long-term deposits and capex. • Total assets rose 1.51 % to RMB 28.21 billion; net assets attributable to shareholders increased 1.82 % to RMB 20.80 billion. • The gearing ratio edged down to 22.66 % (-0.31 ppt versus end-2025) after full repayment of short-term borrowings.

Operational Performance • Aggregate cargo throughput grew 7.69 % to 224.41 million tonnes.  – Qinhuangdao Port: 101.72 million tonnes (+13.76 %).  – Caofeidian Port: 68.65 million tonnes (+0.90 %).  – Huanghua Port: 54.04 million tonnes (+6.13 %). • By cargo type:  – Coal: 114.47 million tonnes (+7.52 %).  – Metal ore: 82.34 million tonnes (+7.73 %).  – Containers: 945,859 TEU (+23.74 %) or 10.45 million tonnes.  – Oil & chemicals: 1.16 million tonnes (+33.33 %). • Container growth was driven by the “bulk-to-box” initiative and expanded hinterland coverage.

Cost & Expense Trends • Operating costs rose 2.58 % to RMB 2.06 billion, slower than revenue growth. • Administrative expenses increased 9.12 %, reflecting early-retirement scheme costs. • Financial costs fell 76.62 % to RMB 2.58 million due to reduced borrowings and lower interest rates. • R&D spending decreased 5.34 % to RMB 52.62 million.

Cash & Liquidity • Cash and bank balances stood at RMB 2.44 billion; time deposits (maturity > 1 year) reached RMB 3.80 billion. • Net cash used in financing was RMB 0.53 billion after repaying borrowings and paying interest.

Capital Expenditure & Commitments • Construction in progress totaled RMB 1.98 billion, with the multi-functional berth upgrade accounting for RMB 1.78 billion. • Outstanding capital commitments and investment commitments amounted to RMB 0.98 billion and RMB 0.67 billion, respectively.

Dividend • A cash dividend of RMB 0.115 per share for FY 2025 (RMB 642.55 million) was approved in June 2026 and is recorded as payable; no interim dividend was proposed.

Risk Notes Management highlighted risks from volatile coal demand, potential iron-ore shipment pressures, geopolitical uncertainties affecting energy flows, and increased weather-related disruptions.

Outlook The company will target coal stocking peaks, deepen marketing of ores and general cargo, and expand containerized bulk services while pursuing integrated operations across Qinhuangdao, Caofeidian and Huanghua ports.