Shenzhen Yan Tian Port Holdings Co Ltd

Yantian Port released its semi-annual report, achieving operating revenue of 437 million yuan in the first half, up 12.38 percent year on year, and net profit attributable to the parent of 697 million yuan, up 6.63 percent. Revenue from its self-operated port cargo handling and transport business rose 13.37 percent year on year, while revenue from expressway toll operations increased 18.31 percent. Its associate Yantian International Container Terminals Phases One and Two posted net profit of 574 million yuan, up 9.4 percent, and the West Port Area terminal recorded net profit of 368 million yuan, up 11.7 percent. In the first half, the company completed its 2025 dividend distribution, paying 556 million yuan to shareholders, bringing cumulative cash dividends since listing to more than 8 billion yuan.

The A-share port sector is being reassessed by the market from a traditional defensive core holding into an allocation option that combines cash flow stability with long-term strategic value. In 2025, national port container throughput reached 354 million TEUs, up 6.8 percent year on year, and in the first half of 2026 it rose 5.9 percent year on year, with the industry's counter-cyclical resilience continuing to show. Wind data shows that in 2025, the dividend payout ratios of 16 Shenwan port constituents all exceeded 30 percent, among which Yantian Port, Xiamen Port, Tangshan Port, Liaoning Port and China Merchants Port paid out more than 50 percent, and the sector's overall dividend yield was in the range of 2 to 4 percent. As a scarce globalised A-share target, China Merchants Port has invested in and operates 51 ports in 26 countries and regions around the world. In 2025, overseas terminal revenue was 6.51 billion yuan, up 18.2 percent year on year, with a gross margin of 57.4 percent. Its payout ratio including buybacks reached 50.3 percent, and its dividend yield was about 3.6 percent. As of August 18, its share price had risen more than 20 percent cumulatively since the start of the year.