2026 Semi-Annual Report(Excerpts)

I. Key Accounting Data and Financial Indicators

 (I) Key Accounting Data

Unit: RMB Currency: RMB

(II) Key Financial Indicators

II. Management Discussion and Analysis

2026 marks the opening year of China’s 15th Five-Year Plan period (2026-2030), and more importantly, a pivotal year for building on the achievements of the concluding 14th Five-Year Plan period (2020-2025) and launching a new round of high-quality port development. In line with the business objectives and targets set at the beginning of the year, the Company has firmly adhered to the work guideline of "pursuing progress while ensuring stability, tackling difficulties, improving quality and efficiency, and maintaining advantages." It has forged ahead with determination and overcome challenges, making continuous efforts to consolidate its position as a shipping hub, taking proactive steps to expand strategic room for development while remaining steadfast in safeguarding safety and stability. The Company has vigorously developed the modern shipping service industry, accelerated the pace of digital, intelligent, and green transformation, and strived to achieve reasonable growth in quantity and effective improvement in quality, so as to continuously enhance its standing as a globally connected shipping hub port. Operations in the first half of the year made steady progress, delivering a sound start to the 15th Five-Year Plan.

First, production and operations made steady progress. In the first half of the year, the Company's home port cargo throughput reached 305 million tonnes, up 2.7% year on year, of which bulk and general cargo throughput reached 39.137 million tonnes, down 2.6% year on year. The Company's home port container throughput reached 28.737 million TEUs, up 6.2% year on year, of which the Yangshan Port Area handled 15.194 million TEUs, up 8.1% year on year and accounting for 52.9% of the port's total container throughput. In January, container throughput reached 5.063 million TEUs, up 1.3%, hitting a record high in monthly container throughput. On June 9, the Port of Shanghai achieved a daily (24-hour) container throughput of 187,312 TEUs and a per-shift container volume of 68,088 TEUs, breaking the records for daily throughput and per-shift volume respectively. In the first half of the year, the Company achieved operating revenue of RMB 21.429 billion, up 9.50%, and net profit attributable to shareholders of the listed company of RMB 8.519 billion, up 5.97%.

Second, shipping hub functions were continuously enhanced. Focusing on coordinated shoreline resource management, production organization, and the elevation of shipping hub functions, the Company steadily improved the port-wide coordination mechanism for vessel schedules, berths, and container yard resources, advanced smart vessel scheduling, and deepened business coordination between the Collection and Distribution Center and Yangshan terminals. It dynamically adjusted the route network layout and continuously optimized berthing arrangements for key routes to meet market and client demands. Value-added services were actively expanded, further lifting the Company's international hub capacity, with international transshipment, port-side international consolidation, and cross-border e-commerce all registering steady growth.

The Company continuously optimized shuttle barge transfers and in-port transshipment connections, expanded mainline feeder services, and steadily improved transshipment service efficiency. It also strengthened service support for the "Twin Star" alliance routes and the domestic "Three Ports, One Route" premium routes, maintaining stable operation scale and production efficiency across its route network. Domestic trade cooperation was further deepened: the Shanghai-Liaoning domestic premium route was successfully launched, and the Nanjing domestic feeder route became increasingly mature, emerging as an important channel for the regional transshipment hub and client cargo delivery.

Third, integrated logistics service capabilities were strengthened. Focusing on key industries including photovoltaics, home appliances, and automobiles, the Company continuously optimized full-chain logistics solutions spanning domestic transportation, international ocean freight, and overseas services, actively supported enterprises in going global, and steadily expanded overseas supply chain projects as well as joint ventures and cooperation. The Yangtze Alliance routes developed steadily, with the Wuhan Express and the Jiujiang-Yangshan Alliance successively launched. Leveraging the New Energy Vehicle (NEV) premium route, the Company deepened cooperation with key automobile manufacturers. It accelerated the building of the Yangtze River Economic Belt Multimodal Transport Center and established a cross-regional coordination mechanism along the Yangtze River.

The Company continuously enhanced inland river collection and distribution channels and hub capacity, promoting integrated business development across the Yangtze River Delta region. For rail-sea intermodal transportation, 18 "daily block trains" had been established; the Nanjing NEV Special Train and the Wuxi CKD Rail-Sea Special Train were launched, and the Hefei rail-sea "single document system" was being implemented. Air-rail intermodal transportation achieved direct access to Shanghai from ten cities, and the data integration between the air-rail system and the cross-border public service platform entered a stable trial operation phase. The Company actively expanded pulp and roll-on/roll-off (ro-ro) business, advanced paperless cargo release and pulp automation upgrades, and coordinated "Two Ports, Three Locations" ro-ro resources. As a result, the throughput of foreign-trade imported pulp and ro-ro vehicles increased, further elevating the Company's integrated logistics service capabilities.

Fourth, major engineering projects were advanced in an orderly manner. The Xiaoyangshan North Operation Area Project and the Luojing Port Area Renovation Project proceeded as planned. For the Xiaoyangshan North Operation Area Project, water and land construction was accelerated, with active efforts toward the full completion of West Section I by the end of 2026. Phase II of the Luojing Port Area Renovation Project completed its handover acceptance in May 2026, and is expected to meet the conditions for final acceptance by the end of 2026. Meanwhile, the Company accelerated efforts to advance the opening of the Xiaoyangshan North Operation Area and Luojing Port Area to the public, helping bring their terminal operating capacity on stream as scheduled.

Fifth, the green and low-carbon transition was accelerated. The Company continuously deepened energy conservation and emission reduction, ensuring that total energy consumption remained stable and under control. It steadily promoted the electrification of non-road mobile machinery. Leveraging the policy support for Shanghai's development of an international shipping green fuel bunkering hub and trading center, the Company continued to enhance its clean energy bunkering capacity for LNG, green methanol, and other fuels, and construction of a new LNG bunkering vessel has commenced. In the first half of the year, the Company completed 74 vessel calls of LNG bunkering with a total volume of 388,000 cubic meters, and 17 vessel calls of methanol bunkering with a total volume of 51,200 tonnes, up 57.5% year on year, of which 14,700 tonnes was green methanol.

Sixth, smart technology was advanced to empower development. The major project "Key Technologies and Applications for Full-Domain Multi-Scenario Intelligent Terminals" under the National Science and Technology Innovation 2030 — "Next Generation Artificial Intelligence" initiative, led and undertaken by the Company, completed the comprehensive performance evaluation of all its sub-projects and prepared for the project's final comprehensive performance evaluation. The project "R&D and Application of an Intelligent Scheduling and Optimization Solver for General Cargo Terminals" under the Key Technology R&D Program of Shanghai Municipal Science and Technology Commission was implemented in an orderly manner. The Company steadily implemented its key science and technology innovation projects, advanced the automation upgrade of conventional terminals in an orderly fashion, and formulated and issued promotion guidelines. It advanced driverless demonstration operation testing of Yangshan intelligent heavy trucks and steadily enhanced technological capabilities.

The Company actively deepened the integrated application of AI technology in business and office systems, hosted a thematic forum at the 2026 World Artificial Intelligence Conference (WAIC), and launched a full-chain AI innovation product system, providing a new technology paradigm for the development of green and smart ports and helping the port achieve the "dual enhancement" of throughput capacity and core competitiveness alongside the "dual reduction" of operating costs and business risks. In the first half of the year, the Company and its subsidiaries won one Special Prize, two First Prizes, and four Second Prizes in the 2025 Science and Technology Awards of the China Ports & Harbours Association, as well as nine gold, 10 silver, and one bronze awards at the 9th Shanghai International Invention Exhibition.

In the foreseeable future, the Company is expected to continue to face multiple challenges. All staff across the Company will remain confident, face challenges head-on, seize opportunities, and work with determination and pragmatism to deliver on all annual targets and tasks. The Company will continue to consolidate the Port of Shanghai's position as the world's largest port by cargo throughput, accelerate its transformation from a port defined by scale into one distinguished by capabilities, and make greater contributions to the development of Shanghai as an international shipping center and to China’s continued opening up.