Shenzhen International (00152) announced its interim results, with a net profit attributable to shareholders of HK$490 million, a decrease of 24.9% year-on-year.

Shenzhen International (00152) announced its interim performance for the year 2025, with revenue of 6.67 billion Hong Kong dollars, a year-on-year increase of 0.9%; attributable net profit to shareholders at 490 million Hong Kong dollars, a decrease of 24.9% year-on-year; basic earnings per share of 0.2 Hong Kong dollars. The announcement stated that attributable net profit to shareholders decreased by 25% compared to the same period last year to approximately HK$4.90 billion. This was mainly due to the inclusion of two logistics port projects in the Hua Xia Shenguo International Warehouse and Logistics Closed-End Infrastructure Securities Investment Fund (Hua Xia Shenguo REIT) in the same period last year, resulting in a net income of approximately HK$587 million after tax, which was not present in the current period. In terms of logistics business, revenue of approximately HK$987 million was achieved in this period, a 12% increase compared to the same period last year, mainly due to the revenue contribution from several logistics port projects that started operation. However, due to the absence of income from the inclusion of logistics port projects in the fund under the "investment-construction-management" model in this period, attributable net profit to shareholders decreased by 98% compared to the same period last year to approximately HK$7.93 million. In recent years, the group has continued to strengthen the development of its logistics core business, adhering to a prudent and stable investment strategy, focusing on operating in core regions with good operating efficiency and strong risk resistance to further consolidate its competitive advantage. In the first half of 2025, the group's ongoing projects progressed as planned, with logistics port projects in Foshan Shunde, Nanjing Jiangning, and Nanchang Changbei being put into operation successively, expanding the scale of its logistics business. As of June 30, 2025, the group has a presence in 41 cities nationwide, managing and operating 53 logistics port projects with a total operating area of approximately 6.71 million square meters and a comprehensive rental rate of mature logistics parks of approximately 87%. In terms of the transformation and upgrade of logistics park businesses, revenue of approximately HK$68.74 million was achieved in this period, a 9% increase compared to the same period last year, mainly due to the continuous improvement in rental conditions since the partial operation of the Shenguo International South China Digital Valley industrial office. Attributable net profit to shareholders was approximately HK$203 million, mainly benefited from the group's equity joint venture - Shenguo International Qianhai Commercial Development (Shenzhen) Co., Ltd., which recognized sales revenue from the Qianhai residential project in this period, increasing the group's attributable profit by approximately HK$290 million. In terms of port and related services business, revenue in this period decreased by 13% compared to the same period last year to approximately HK$1.394 billion, mainly due to the decrease in revenue from port supply chain business due to a decline in coal prices and a slowdown in overall market demand. Attributable net profit to shareholders decreased by 72% compared to the same period last year to approximately HK$12.04 million, mainly due to increased depreciation and amortization costs caused by the commissioning of new projects, as well as pressure on gross profit margins due to intensified competition in the domestic port industry. The group's toll road business and environmental protection business are managed by the group's non-wholly owned subsidiary, Shenzhen Expressway Co., Ltd. In this period, Shenzhen Expressway's total revenue was approximately HK$4.22 billion, a 4% increase compared to the same period last year. Benefiting from gains from fair value changes in financial assets and significantly reduced financial costs, net profit increased by 21% to approximately HK$1.114 billion compared to the same period last year. In this period, the group's attributable profit from Shenzhen Expressway increased by 12% to approximately HK$484 million compared to the same period last year.