Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever fo r any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Qingdao Port International Co., Ltd. 青島港國際股份有限公司 (A joint stock company established in the People’s Republic of China with limited liability) (Stock Code: 06198) INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 FINANCIAL HIGHLIGHTS For the six months ended 30 June 2026: • Revenue of the Company was RMB 10,456 million, representing an increase of 10.8% as compared to the same period in the prior year; • Total profit of the Company was RMB 3,924 million, representing an increase of 0.1% as compared to the same period in the prior year; • Net profit attributable to the shareholders of the Company was RMB 2,762 million, representing a decrease of 2.8% as compared to the same period in the prior year; • Net profit attributable to the shareholders of the Company excluding non-recurring gains and losses was RMB2, 745 million, representing a n increase of 2.1% as compared to the same period in the prior year; and • Gross profit margin of the Company was 41.28%, representing a n in crease of 1.96 percentage points as compared to the same period in the prior year. The Board is pleased to announce the unaudited interim consolidated results of the Group for the six months ended 30 June 202 6. The interim results have been reviewed by the Audit Committee. The Group’s unaudited interim consolidated balance sheet, unaudited interim consolidated income statement and the notes 1 to 11 as presented below are extracted from the Group’s unaudited interim consolidated financial information for the six months ended 30 June 202 6.
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2 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2026 (All amounts in RMB Yuan unless otherwise stated) ASSETS Note 30 June 2026 31 December 2025 (Unaudited) Current assets Cash at bank and on hand 15,353,260,420 14,486,405,958 Financial assets held for trading 105,103,548 7,139,277 Notes receivable 35,681,194 37,440,164 Accounts receivable 4 2,708,784,517 1,960,784,025 Financing receivables 195,264,436 119,318,404 Advances to suppliers 293,322,125 189,185,855 Other receivables 1,378,990,948 1,177,392,549 Inventories 70,277,787 56,791,574 Contract assets 121,192,880 139,939,213 Held for sale assets - - Non-current assets due within one year 1,831,104 1,803,007 Other current assets 193,938,352 532,326,174 Total current assets 20,457,647,311 18,708,526,200 Non-current assets Long-term receivables 28,848,113 28,848,113 Long-term equity investments 15,672,626,973 15,588,269,337 Other non-current financial assets 344,054,651 344,054,651 Investment properties 707,245,822 130,142,532 Fixed assets 25,107,180,418 25,108,593,338 Construction in progress 2,104,245,567 1,351,133,593 Right-of-use assets 653,558,872 313,098,355 Intangible assets 4,036,643,638 3,120,269,011 Development costs 104,276,941 111,337,591 Goodwill 28,014,688 28,014,688 Long-term prepaid expenses 63,464,681 57,534,035 Deferred tax assets 1,007,383,268 948,435,160 Other non-current assets 656,783,561 740,510,541 Total non-current assets 50,514,327,193 47,870,240,945 TOTAL ASSETS 70,971,974,504 66,578,767,145
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3 CONSOLIDATED BALANCE SHEET (CONT’D) AS AT 30 JUNE 2026 (All amounts in RMB Yuan unless otherwise stated) LIABILITIES AND SHAREHOLDERS’ EQUITY Note 30 June 2026 (Unaudited) 31 December 2025 Current liabilities Short-term borrowings 203,384,707 99,836,576 Notes payable 259,845,483 258,794,437 Accounts payable 5 1,881,363,453 1,536,214,860 Advances from customers 35,833,703 455,901 Contract liabilities 753,488,854 563,880,381 Employee benefits payable 703,295,485 766,604,904 Taxes payable 503,758,886 377,044,527 Other payables 5,429,739,103 3,931,882,854 Non-current liabilities due within one year 754,736,225 569,728,091 Other current liabilities 52,157,571 43,482,891 Total current liabilities 10,577,603,470 8,147,925,422 Non-current liabilities Long-term borrowings 3,281,172,773 3,140,172,638 Lease liabilities 399,470,880 179,673,327 Long-term payables 226,424,839 346,424,839 Long-term employee benefits payable 2,441,794,081 2,452,100,000 Deferred income 546,957,863 461,722,149 Deferred tax liabilities 51,552,701 51,621,388 Other non-current liabilities 1,577,513,807 1,682,633,930 Total non-current liabilities 8,524,886,944 8,314,348,271 Total liabilities 19,102,490,414 16,462,273,693 Shareholders’ equity Share capital 6,491,100,000 6,491,100,000 Capital surplus 11,725,070,153 11,716,522,337 Other comprehensive income (348,972,991) (350,458,967) Specific reserve 23,788,087 18,393,719 Surplus reserve 3,245,550,000 3,245,550,000 Undistributed profits 26,063,743,214 24,591,762,352 Total equity attributable to the shareholders of the Company 47,200,278,463 45,712,869,441 Minority interests 4,669,205,627 4,403,624,011 Total shareholders’ equity 51,869,484,090 50,116,493,452 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 70,971,974,504 66,578,767,145
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4 CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 (All amounts in RMB Yuan unless otherwise stated) Item Note For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) 1. Revenue 7 10,456,245,338 9,433,543,341 Less: Cost of sales 7 (6,140,276,326) (5,724,512,180) Taxes and surcharges 8 (91,139,253) (90,360,083) Selling and distribution expenses (29,463,486) (29,042,936) General and administrative expenses (548,715,155) (544,928,490) Research and development expenses (87,344,064) (70,425,278) Financial expenses (47,840,786) (22,166,385) Including: Interest expenses (65,844,195) (63,449,255) Interest income 65,114,062 66,466,960 Add: Other income 30,714,097 58,785,470 Investment income 434,771,979 769,758,649 Including: Investment income from associates and joint ventures 436,713,087 769,164,806 Gains on changes in fair value (2,035,729) 140,600,516 Credit impairment losses (54,057,675) (20,380,080) Asset impairment losses 2,236,437 983,029 Gains on disposal of assets 16,176,268 19,452,347 2. Operating profit 3,939,271,645 3,921,307,920 Add: Non-operating income 8,949,463 4,530,594 Less: Non-operating expenses (24,010,778) (6,991,112) 3. Total profit 3,924,210,330 3,918,847,402 Less: Income tax expenses 9 (882,072,019) (784,580,913) 4. Net profit 3,042,138,311 3,134,266,489 Classified by continuity of operations Net profit from continuing operations 3,042,138,311 3,134,266,489 Net profit from discontinued operations - - Classified by ownership of the equity Attributable to the shareholders of the Company 2,762,411,542 2,841,930,077 Minority interests income/losses 279,726,769 292,336,412
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5 CONSOLIDATED INCOME STATEMENT (CONT’D) FOR THE SIX MONTHS ENDED 30 JUNE 2026 (All amounts in RMB Yuan unless otherwise stated) Item Note For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) 5. Other comprehensive income, net of tax 1,485,976 (1,137,945) Attributable to the shareholders of the Company, net of tax 1,485,976 (1,137,945) Other comprehensive income items which will not be subsequently reclassified to profit or loss - - Changes in remeasurement of defined benefit plan obligations - - Other comprehensive income that will not be transferred subsequently to profit or loss under the equity method - - Other comprehensive income items which will be subsequently reclassified to profit or loss 1,485,976 (1,137,945) Other comprehensive income that will be transferred subsequently to profit or loss under the equity methods 1,485,976 (1,137,945) Changes in fair value of other debt investments - - Other comprehensive income, net of tax , attributable to minority shareholders - - 6. Total comprehensive income 3,043,624,287 3,133,128,544 Attributable to the shareholders of the Company 2,763,897,518 2,840,792,132 Attributable to minority interests 279,726,769 292,336,412 7. Earnings per share 10 Basic earnings per share (RMB) 0.43 0.44 Diluted earnings per share (RMB) 0.43 0.44
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6 Notes 1 General information of the Company The Company is a joint stock limited company incorporated in Qingdao of Shandong Province of PRC on 15 November 2013 (the “Company’s Date of Incorporation ”) by Qingdao Port Group, as the leading promoter, together with Malai Storage (Shenzhen) Co., Ltd. (now renamed as China Merchants Port Modern Logistics Technology (Shenzhen) Co., Ltd.* (招商 局 港 口 現 代 物 流 科 技 （ 深 圳 ） 有 限 公 司)), Qingdao Ocean Shipping Co., Ltd. (now renamed as COSCO Shipping (Qingdao) Co., Ltd.* ( 中遠海運（青島）有限公司)), China Shipping Terminal Development, Everbrig ht (Qingdao) Financial Leasing Co., Ltd. (now renamed as Qingdao Guangsheng Investment Co., Ltd.* ( 青島光晟投資有限公司 )) and Qingdao International Investment Co., Ltd., with its current registered address at No. 12 Jingba Road, Huangdao District, Qingdao, Shandong Province, PRC. The H shares of the Company were listed on the main board of the Hong Kong Stock Exchange on 6 June 2014. The completion of the placing of 243,000,000 new H shares of the Company took place on 18 May 2017 at the placing price of HKD4.32 per H share (equivalent to approximately RMB3.81). The total share capital of the Company increased to 5,021,204,000 shares as a result of the completion of the share placement. The Company made a private placement of 1,015,520,000 domestic shares to Shanghai China Shipping Terminal on 22 May 2017 at a subscription price of RMB5.71 per share. After the completion of the private placement of the domestic shares, the total share cap ital of the Company increased to 6,036,724,000 shares. The Company completed the initial public offering of 454,376,000 ordinary shares (A shares) and was listed on the main board of the Shanghai Stock Exchange on 21 January 2019, with a par value of RMB1.00 per share at the issuing price of RMB4.61 per share. After the completion of the A Sha re Offering, the total share capital of the Company increased to 6,491,100,000 shares.
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7 As at 30 J une 2026, the total share capital of the Company was 6,491,100,000 shares with a par value of RMB1.00 per share, including 5,392,075,000 A shares and 1,099,025,000 H shares, accounting for 83.07% and 16.93% of the total share capital of the Company, respectively , among which, Qingdao Port Group held approximately 55. 56% equity interests of the Company. The Company’s controlling shareholder is Qingdao Port Group, the Company’s ultimate parent company is Shandong Port Group, and the Company’s de fac to controller is Shandong SASAC. The scope of business of the Group mainly includes port and port -related business such as stevedoring, stacking, logistics of all kinds of import and export goods, including containers, metal ores, coal, crude oil, grains and break bulk cargo , and port ancillary business such as supplying electricity power, fuel, etc. in the port area. 2 Preparation basis of financial statements The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises - Basic Standard, and the specific accounting standards and relevant regulations issued by the Ministry of Finance on 15 February 2006 and in subsequent periods (hereinafter collectively referred to as the “ Accounting Standards for Business Enterprises ”); and are also prepared in accordance with the Compilation Rules for Information Disclosure by Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reports issued by CSRC. The financial statements are prepared on a going concern basis. The new Hong Kong Companies Ordinance came into effect on 3 March 2014. Certain disclosures in the financial statements have been disclosed in accordance with the requirements therein. (a) Preparation basis of consolidated financial statements Prior to the establishment of the Company, Qingdao Port Group was reorganized under the plan approved by Qingdao SASAC and transferred certain business into the Company; therefore, the matter was deemed as the business combination involving enterprises under
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8 common control. Pursuant to the Accounting Standards for Business Enterprises, at preparation of the consolidated financial statements of the Group, the assets and liabilities contributed by Qingdao Port Group at the Company’s Date of Incorporation remain presented at their original carrying amounts rather than at the appraisal values approved by the competent state -owned assets management authorities in the reorganization. The difference between the appraisal values and the carrying amounts is charged against the shareholders’ equity in the consolidated financial statements. However, certain subsidiaries of the Company appraised their assets and liabilities in the process of transformation from state-owned enterprises into limited liability companies. In the light of Interpretation No. 1 to the Accounting Standards for Business Enterprises , the assets and liabilities of such reorganized companies shall, on the incorporation dates, be consolidated into the consolidated financial statements of the Group based on the appraisal values approved by the competent state-owned assets management authorities. (b) Preparation basis of the Company’s financial statements At the preparation of the Company’s financial statements, the assets and liabilities of Qingdao Port Group that were contributed to the Company are recognized based on the appraisal values approved by the state-owned assets management authorities, stated on the Company’s balance sheet. 3 Significant changes in accounting policies On 5 December 2025, the Ministry of Finance released the Interpretation No. 19 of the Accounting Standards for Business Enterprises (Cai Kuai [2025] No. 32), which sets out, among other things : (i) Accounting Treatment of Compensatory Assets in a Non -common Control Business Combination; (ii) Accounting Treatment of Relevant Capital Reserve Related to the Disposal of a Subsidiary Previously Acquired in a Business Combination Under Common Control; (iii) Derecognition of Financial Liabilities Settled Using Ele ctronic Payment Systems; (iv) Assessment and Related Disclosures of the Contractual Cash Flow Characteristics of Financial Assets; and (v) Disclosure for Equity Instruments Designated as Measured at Fair Value Through Other Comprehensive Income. This interpretation became effective from 1 January 2026.
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9 On 4 June 2026, the Ministry of Finance released Interpretation of Accounting Standards for Business Enterprises No. 20 (Cai Kuai〔2026〕No. 7), which sets out, among other things: (i) Assessment and Accounting Treatment of the Contractual Cash Flow Characteristics of Financial Assets, including financial assets without recourse and contract-linked instruments; and (ii) Accounting Treatment and Relevant Disclosures when a Currency Lacks Convertibility. This interpretation became effective from the date of its publication. For new engagements within the scope of this interpretation from 1 January 2026 to the effective date of the interpretation, adjustments shall be made accordingly by the corporate. Pursuant to the above requirements, the Company hereby makes corresponding changes to its accounting policies, with effect from 1 January 2026. This change in accounting policy is made by the Company in accordance with the relevant provisions promulgated by the Ministry of Finance. No retrospective restatement of prior periods is required. The adoption of these changes does not have a material impact on the financial position, operating results and cash flows of the Company. 4 Accounts receivable 30 June 2026 31 December 2025 (Unaudited) Accounts receivable 2,915,386,897 2,118,813,598 Less: Bad debt provision (206,602,380) (158,029,573) Total 2,708,784,517 1,960,784,025 The Group’s certain businesses are settled in the form of cash, advances from customers, bank acceptance notes or trade acceptance notes. The remaining businesses are settled with credit terms between 30 and 90 days.
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10 The aging of accounts receivables based on their recording dates is analyzed as follows: 30 June 2026 31 December 2025 (Unaudited) Within 1 year 2,583,520,653 1,790,723,870 1 to 2 years 181,573,819 201,503,758 2 to 3 years 45,958,621 52,023,043 Over 3 years 104,333,804 74,562,927 Total 2,915,386,897 2,118,813,598 Accounts receivable is mainly recorded based on the date of the transaction. The aging of accounts receivable represented based on their recording dates, is basically the same as the aging represented based on the dates of the invoice. 5 Accounts payable 30 June 2026 31 December 2025 (Unaudited) Subcontract handling expenses payable 746,132,964 510,323,537 Subcontract agency fee payable 269,281,692 194,033,816 Transportation expenses payable 232,992,165 123,949,743 Repair expenses payable 206,401,840 231,969,765 Material expenditure payable 201,390,660 238,524,685 Subcontract costs payable 55,188,124 106,328,993 Rental expenses payable 36,551,096 34,070,457 Warehousing expenses payable 14,353,959 7,504,633 Others 119,070,953 89,509,231 Total 1,881,363,453 1,536,214,860
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11 The aging of accounts payable based on their recording dates is analyzed as follows: 30 June 2026 31 December 2025 (Unaudited) Within 1 year 1,593,145,033 1,310,920,219 Over 1 year 288,218,420 225,294,641 Total 1,881,363,453 1,536,214,860 As at 30 June 202 6, accounts payable with an aging of over one year amounted to RMB288,218,420 (31 December 202 5: RMB 225,294,641), which were mainly the subcontract handling expenses and subcontract costs for works, owing to the fact that the amount has not reached the agreed payment period or the final settlement of the works has not yet been carried out. Accounts payable is mainly recorded based on the date of the transaction. The aging of accounts payable represented based on their recording dates is basically the same as that represented based on the dates of the invoice. 6 Dividends The Board has considered and approved the distribution of 35% of the Company’s Distributable Profit for the first half of 2026 as the interim dividend, with the total interim dividend of RMB907.9015 million (tax inclusive), representing approximately 33% of the net profit attributable to the shareholders of the Company in the consolidated financial statements of the Company for the first half of 2026. As at 30 June 2026, based on the total share capital of 6,491,100,000 shares of the Company, the Company will distribute an interim dividend of RMB1.399 per 10 shares (tax inclusive) to all Shareholders. The above interim dividend will be paid within two months (no later than 28 October 2026) after the consideration and approval by the Board.
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12 7 Revenue and cost of sales For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) Revenue from main operations 9,877,511,720 8,943,543,218 Revenue from other operations 578,733,618 490,000,123 10,456,245,338 9,433,543,341 For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) Cost of sales from main operations (5,758,235,202) (5,438,465,341) Cost of sales from other operations (382,041,124) (286,046,839) (6,140,276,326) (5,724,512,180) 8 Taxes and surcharges For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) Land use tax 36,539,599 35,439,611 City maintenance and construction tax 17,249,278 16,508,245 Educational surcharge 12,322,342 11,791,558 Property tax 13,364,486 10,964,809 Stamp duty 5,299,025 9,428,940 Other tax charges 6,364,523 6,226,920 91,139,253 90,360,083
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13 9 Income tax expenses For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) Current income tax 941,394,360 761,940,297 Deferred income tax (59,322,341) 22,640,616 882,072,019 784,580,913 The reconciliation from income tax calculated based on the applicable tax rates and total profit presented in the consolidated income statements to the income tax expenses is listed below: For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) Total consolidated profit of the period 3,924,210,330 3,918,847,402 Income tax expenses calculated at the statutory/applicable tax rate 981,052,582 979,711,850 The effect of preferential tax rates (17,290,593) (10,994,753) Effect of adjusting income taxes of prior periods 15,677,684 (17,282,621) Effect of non-taxable income (109,178,272) (193,589,072) Effect of non-deductible costs, expenses, and losses 11,026,567 25,512,130 Effect of using deductible losses not recognized as deferred tax assets in prior periods (3,562,998) (3,133,813)
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14 For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) Effect of deductible losses not recognized as deferred tax assets in the current period 4,347,049 4,357,192 Income tax expenses 882,072,019 784,580,913 10 Earnings per share (1) Basic earnings per share Basic earnings per share are calculated by dividing consolidated net profit attributable to ordinary shareholders of the parent company by the weighted average number of ordinary shares issued by the parent company: For the six months ended 30 June 2026 For the six months ended 30 June 2025 (Unaudited) (Unaudited) Consolidated net profit attributable to ordinary shareholders of the parent company 2,762,411,542 2,841,930,077 Weighted average number of ordinary shares issued by the parent company 6,491,100,000 6,491,100,000 Basic earnings per share 0.43 0.44 Including: - Basic earnings per share from continuing operations 0.43 0.44 - Basic earnings per share from discontinued operations - -
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15 (2) Diluted earnings per share Diluted earnings per share are calculated by dividing consolidated net profit attributable to ordinary shareholders of the Company adjusted based on the dilutive potential ordinary shares by the adjusted weighted average number of ordinary shares issued by the Company. As the Company had no dilutive potential ordinary shares for the six months ended 30 June 202 6 (for the six months ended 30 June 202 5: nil), the diluted earnings per share w ere equal to basic earnings per share. 11 Segment information The Group’s management assesses the Group’s performance and determines reportable segments by service category. As different businesses require different technologies and marketing strategies, the Group, therefore, separately manages the production and ope ration of each reportable segment and evaluates their operating results respectively, in order to make decisions on resource allocation to these segments and to assess their performance. The Group identified five reportable segments as follows: - Container handling and ancillary services: engaged in stevedoring and storage of containers, port management and other businesses; - Dry and break bulk cargo handling and ancillary services: engaged in stevedoring and storage of metal ore, coal, grains, break bulk cargo and other cargoes, port management and other businesses; - Liquid bulk handling and ancillary services: engaged in stevedoring, storage, transportation of crude oil and other liquid bulk, port management and other businesses; - Logistics and port value -added services: engaged in CFS business, logistics and transportation, freight forwarding, towing, tallying and other businesses; and - Port ancillary services: engaged in supplying electricity power, fuel and other businesses in port areas. The Group’s major operational activities are carried out in mainland China. The Group’s management does not separately manage the production and operation by regions. Therefore, the Group’s segment performance is not separately presented by regions. Inter-segment transfer prices are mutually agreed with reference to the market price. The assets are allocated based on the operations of the segment and the physical location of the asset. The liabilities are allocated based on the operations of the segment.
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16 11 Segment information (Cont’d) (1) Segment information for the six months ended 30 June 2026 and as at 30 June 2026 is listed as follows (Unaudited): Container handling and ancillary services Dry and break bulk cargo handling and ancillary services Liquid bulk handling and ancillary services Logistics and port value-added services Port ancillary services Unallocated Elimination among segments Total Revenue from external transactions 2,230,047,052 2,010,778,825 1,660,856,198 3,955,774,415 598,788,848 - - 10,456,245,338 Inter-segment revenue 121,146,071 87,231,847 42,300,747 24,764,148 510,006,478 - (785,449,291) - Cost of sales for external transactions (552,421,802) (1,661,929,268) (603,073,218) (2,923,961,886) (398,890,152) - - (6,140,276,326) Inter-segment cost of sales (115,241,867) (111,211,452) (58,653,537) (33,882,340) (406,629,394) - 725,618,590 - Interest income 4,360,241 2,616,346 5,023,808 14,860,134 2,545,334 35,708,199 - 65,114,062 Interest expenses (2,757,327) (20,889,109) (3,670,550) (10,316,670) (589,210) (4,513,688) (23,107,641) (65,844,195) Investment income from associates and joint ventures 302,437,238 (31,350,684) 43,551,537 51,423,303 66,484,865 - 4,166,828 436,713,087 Asset impairment losses - - - 121,087 2,115,350 - - 2,236,437 Credit impairment losses (23,683,666) 1,317,330 (7,031,142) (16,380,349) (8,279,848) - - (54,057,675) Depreciation and amortization (39,144,057) (212,669,106) (287,313,244) (162,553,348) (130,053,664) (53,348,467) - (885,081,886) Total Profit 1,888,086,818 160,692,120 1,001,093,151 874,599,961 244,595,441 (214,295,206) (30,561,955) 3,924,210,330 Income tax expenses (390,836,068) (27,691,629) (220,717,322) (212,502,008) (22,745,253) (7,579,739) - (882,072,019) Net Profit 1,497,250,750 133,000,491 780,375,829 662,097,953 221,850,188 (221,874,945) (30,561,955) 3,042,138,311 Total assets 14,245,850,976 12,468,771,569 16,799,887,250 9,374,664,793 7,484,734,397 11,407,963,324 (809,897,805) 70,971,974,504 Total liabilities 860,883,338 3,168,849,601 4,208,131,751 3,354,895,413 4,834,865,878 3,671,979,332 (997,114,899) 19,102,490,414 Non-cash expenses other than depreciation and amortization 890,868 19,708,455 5,131,902 13,627,863 6,331,626 4,616,910 - 50,307,624 Long-term equity investments in associates and joint ventures 9,558,618,023 1,029,689,446 1,848,025,511 669,758,663 2,566,535,330 - - 15,672,626,973 Additions of non-current assets (i) 671,035,478 1,354,673,976 16,895,108 975,957,651 519,546,029 36,578,743 - 3,574,686,985 (i) Non-current assets do not include financial assets, long-term equity investments and deferred tax assets.
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17 11 Segment information (Cont’d) (2) Segment information for the six months ended 30 June 2025 and as at 31 December 2025 is listed as follows (Unaudited): Container handling and ancillary services Dry and break bulk cargo handling and ancillary services Liquid bulk handling and ancillary services Logistics and port value- added services Port ancillary services Unallocated Elimination among segments Total Revenue from external transactions 1,413,847,329 2,322,751,665 1,614,176,597 3,486,368,707 596,399,043 - - 9,433,543,341 Inter-segment revenue 121,051,552 105,381,856 25,740,620 26,060,119 466,784,909 - (745,019,056) - Cost of sales for external transactions (288,262,519) (1,842,900,332) (655,063,497) (2,550,887,324) (387,398,508) - - (5,724,512,180) Inter-segment cost of sales (125,562,831) (131,338,221) (41,053,160) (28,805,486) (360,124,772) - 686,884,470 - Interest income 5,567,079 2,146,599 4,187,788 15,108,621 2,186,428 37,270,445 - 66,466,960 Interest expenses (7,329,100) (21,361,051) (44,463,292) (4,798,454) (1,041,712) (3,112,753) 18,657,107 (63,449,255) Investment income from associates and joint ventures 560,485,461 (18,288,460) 53,853,538 69,842,207 98,745,117 - 4,526,943 769,164,806 Asset impairment losses - - - 475,396 507,633 - - 983,029 Credit impairment losses (367,963) (601,013) 5,220,999 (5,190,116) (19,441,987) - - (20,380,080) Depreciation and amortization (32,539,246) (162,549,750) (279,025,227) (110,361,121) (127,237,583) (48,166,556) - (759,879,483) Total Profit 1,623,325,485 303,022,419 1,068,535,205 873,023,050 280,897,988 (176,175,364) (53,781,381) 3,918,847,402 Income tax expenses (250,671,591) 21,473,651 (170,949,319) (200,695,268) (21,518,378) (162,220,008) - (784,580,913) Net Profit 1,372,653,894 324,496,070 897,585,886 672,327,782 259,379,610 (338,395,372) (53,781,381) 3,134,266,489 Total assets 13,606,128,720 11,144,023,850 16,766,165,225 7,961,602,977 7,872,115,136 9,951,432,917 (722,701,680) 66,578,767,145 Total liabilities 601,727,955 2,676,735,741 4,265,110,754 2,500,580,633 4,860,542,965 2,294,533,308 (736,957,663) 16,462,273,693 Non-cash expenses other than depreciation and amortisation 193,220 960,000 31,411,587 9,266,734 8,880,963 19,444,998 - 70,157,502 Long-term equity investment to associates and joint ventures 9,246,690,873 1,060,414,044 1,967,476,114 762,177,257 2,297,189,631 254,321,418 - 15,588,269,337 Additions of non-current assets (i) 451,647,480 352,826,142 255,987,310 414,020,779 210,996,677 644,163,643 (9,478,712) 2,320,163,319 (i) Non-current assets do not include financial assets, long-term equity investments and deferred tax assets.
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18 MANAGEMENT DISCUSSION AND ANALYSIS I. INTERNATIONAL AND DOMESTIC SITUATION 1. General Situation The port industry is an important fundamental industry of national economic and social development. The development level of the port industry is closely related to the development of global and domestic econom ies, and especially to the development of international and domestic trade. So far this year, facing many unstable and uncertain external factors, China has effectively implemented more proactive and impactful macro policies. Foreign trade has maintained good growth momentum, new drivers of growth are experiencing rapid expansion, and the resilience of its development continues to be demonstrated. In the first half of 2026, the gross domestic product (GDP) of the PRC increased by 4.7% as compared to the same period in the prior year, the total value of imports and exports of cargo increased by 16.9% as compared to the same period in the prior year, of which exports increased by 13.4% as compared to the same period in the prior year, and imports increased by 22.1% as compared to the same period in the prior year (source: National Bureau of Statistics). 2. Operation of the Port Industry In the first half of 2026, the cargo throughput of the coastal ports in China increased by 2.0% as compared to the same period in the prior year, among which, the container throughput increased by 5.9% as compared to the same period in the prior year (sour ce: Ministry of Transport of the PRC). In the first half of 2026, the cargo throughput and container throughput of the port of Qingdao both ranked fourth among the coastal ports in China, and continued to rank second among the coastal ports in China and fi rst among the ports in northern China in terms of foreign trade throughput (source: Ministry of Transport of the PRC).
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19 II. REVIEW OF BUSINESS AND FINANCIAL RESULTS OF THE GROUP 1. Overall Review Since 2026 , facing a complex and volatile external environment featured by profound adjustments in the global landscape and escalating geopolitical conflicts, the Group has focused on the goal of building a world-class maritime port, seized opportunities arising from policy empowerment, established new trade corridors, developed new clients, expanded new projects, cultivated new business, accelerated to become a world-class integrated supply chain service provider, maintained steady growth in cargo throughput and further improved the port’s radiation capacity, and its position as the “estuary” of the Yellow River basin and a “bridgehead” in opening up has been further cemented and its hub status has been further enhanced. For the six months ended 30 June 2026, the cargo throughput of the Group (without taking into account the respective shareholding percentages held by the Company in its relevant joint ventures and associated companies) reached 373.14 million tons, representing an increase of 3.2% as compared to the same period in the prior year; among which, the throughput of the container reached 18.22 million TEUs, representing an increase of 7.0% as compared to the same period in the prior year; the throughput of the dry bulk cargo and break bulk cargo reached 118 million tons, representing a decrease of 7.5% as compared to the same period in the prior year; the throughput of the liquid bulk cargo reached 54 million tons, representing an increase of 8.4% as compared to the same period in the prior year. The details of major operating indicators were as follows：
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20 Comparison of Major Operating Results Indicators Unit: RMB’000 For the six months ended 30 June 2026, the Group recorded a revenue of RMB10,456 million, representing an increase of RMB1,023 million, or 10.8%, as compared to the same period in the prior year, mainly due to the fact that the container handling and ancillary services business experienced an increase of revenue as compared to the same period in the prior year resulting from the increased business volume and optimization of the commercial policies, and the logistics and port value-added services business experienced an increase of revenue resulting from the increase in logistics business benefiting from the increase in container business. For the six months ended 30 June 2026, the Group recorded a total profit of RMB3,924 million, representing an increase of RMB5 million, or 0.1%, as compared to the same period in the prior year, mainly due to an increase in profit of the container handling and ancillary services business. For the six months ended 30 June, 2026, the Group recorded a net profit attributable to the shareholders of the Company of RMB2,762 million, representing a decrease of RMB80 million, or 2.8%, as compared to the same period in the prior year, mainly due to the significant gains generated from changes in the fair value of equity investments without significant influence recognized in the same period of the prior year.
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21 For the six months ended 30 June 2026, the Group recorded a net profit attributable to the shareholders of the Company excluding non -recurring gains and losses of RMB 2,745 million, representing an increase of RMB56 million, or 2.1%, as compared to the same period in the prior year, mainly due to an increase in profit of the container handling and ancillary services business. 2. Segment Review Table of Each Segment Results Unit: RMB’000 Business Segments For the six months ended 30 June 2026 2025 Percentage Amount Proportion Amount Proportion Changed Container handling and ancillary services 1,888,087 45.3% 1,623,325 39.1% 16.3% Dry and break bulk cargo handling and ancillary services 160,692 3.9% 303,022 7.3% -47.0% Liquid bulk handling and ancillary services 1,001,093 24.0% 1,068,535 25.8% -6.3% Logistics and port value- added services 874,600 21.0% 873,023 21.0% 0.2% Port ancillary services 244,595 5.8% 280,898 6.8% -12.9% Total results before inter- segment elimination 4,169,067 100.0% 4,148,803 100.0% 0.5%
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22 Comparison of Each Segment Results Unit: RMB’000 Breakdown of Each Segment Results for the Six Months Ended 30 June 2026
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23 The business segment results were specifically as follows: (1) Container handling and ancillary services For the six months ended 30 June 2026, the Group adhered to the land -sea linkage, accelerating the construction of “International Shipping Hub in Northeast Asia” with full efforts. The new results were mainly achieved as follows: a. the Group continued to promote the expansion of the seaward market and cooperated with shipping companies to expand the shipping lines network and open new transshipment channels. In the first half of 2026, the Group newly added 15 container shipping lines, and the volume of international transshipment containers increased by 13% as compared to the same period in the prior year, further enhancing its status as the hub port; and b. the Group leveraged the advantages of land-sea linkage, made more efforts to expand landward market. In the first half of 2026, the Group newly added one inland port and one sea-rail intermodal train route, further strengthening its radiating influence on the inland areas. For the six months ended 30 June 2026, the revenue of container handling and ancillary services amounted to RMB2,230 million, representing an increase of RMB 816 million, or 57.7%, as compared to the same period in the prior year; the cost of sales amounted to RMB552 million, representing an increase of RMB 264 million, or 91.6%, as compared to the same period in the prior year, mainly due to the increase in the volume of container business bringing an increase in both revenue and costs; the segment results amounted to RMB1,888 million, representing an increase of RMB265 million, or 16.3%, as compared to the same period in the prior year , mainly due to an increase of container business volume and optimization of the commercial policies.
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24 (2) Dry and break bulk cargo handling and ancillary services For the six months ended 30 June 2026, affected by the combined impact of multiple factors, including supply chain disruptions, weak downstream demand and intensified market competition, the Group’s dry and break bulk cargo handling and ancillary services business declined as compared to the same period in the prior year. The Group actively responded to changes in the situation, deepened strategic cooperation with custo mers, expanded new hinterland markets and conducted value -added services. The new breakthroughs were mainly achieved as follows: a. the Group made more efforts in targeted marketing to expand the customer group of dry and break bulk cargo, and developed 6 new customers of dry bulk cargo and 18 new customers of break bulk cargo in the first half of 2026 , resulting in an increase of 0.56 million tons and an increase of 1.78 million tons in cargo source, respectively; b. aiming at the customized ore needs of end customers, such as steel mills and aluminum plants, the Group made more efforts to cooperate with top -tier traders, bringing an increase of approximately 4 million tons in cargo source from traders in the first half of 2026 as compared to the same period in the prior year; and c. the Group vigorously developed value -added services such as ore blending and beneficiation, which drove the growth of cargo source. In the first half of 2026, portside processing projects such as ore blending and beneficiation recorded an increase of 2.05 million tons as compared to the same period in the prior year. For the six months ended 30 June 2026, the revenue of dry and break bulk cargo handling and ancillary services amounted to RMB2,011 million, representing a decrease of RMB312 million, or 13.4%, as compared to the same period in the prior year ; the cost of sales amounted to RMB1,662 million, representing a decrease of RMB181 million, or 9.8%, as compared to the same period in the prior year; the segment results amounted to RMB161 million, representing a decrease of RMB142 million, or 47.0%, as compared to the same period in the prior year , mainly due to the decrease in the business volume of iron ore, bauxite, coal and other cargoes.
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25 (3) Liquid bulk handling and ancillary services For the six months ended 30 June 2026, the Group fully leveraged its core competitive advantages, such as specialized deep -water terminals and oil tank storage facilities. The main breakthroughs were achieved as follows: a. leveraging the comprehensive advantages of the port’s large terminals and large oil tanks, the Group carried out targeted marketing. In the first half of 2026, the Group developed 3 new customers and added approximately 0.85 million tons of new cargo source; and b. the Group seized the favorable opportunities brought by the policy and the acceleration in refinery capacity to optimize and improve the organization and efficiency of the distribution. In the first half of 2026, the distribution volume of crude oil increased by 8.7% as compared to the same period in the prior year. For the six months ended 30 June 2026, the revenue of liquid bulk handling and ancillary services amounted to RMB1,661 million, representing an increase of RMB47 million, or 2.9%, as compared to the same period in the prior year, mainly due to the fact that the revenue from the stevedoring and warehousing services of oil product recorded an increase due to supply staying relatively stable and production capacity recovering at certain regional refineries; the cost of sales amounted to RMB603 million, representing a decrease of RMB52 million, or 7.9%, as compared to the same period in the prior year; the segment results amounted to RMB1,001 million, representing a decrease of RMB67 million, or 6.3%, as compared to the same period in the prior year, mainly due to the significant gains generated from changes in the fair value of equity investments without significant influence recognized in the same period of the prior year, excluding the impact of the above factor, the segment results increased by 8.2% as compared to the same period in the prior year.
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26 (4) Logistics and port value-added services For the six months ended 30 June 2026, the Group adhered to the development direction of improving the comprehensive service system for the industrial chain and supply chain and achieved new progress in market expansion, project breakthrough, business innovation and other aspects: a. the Group expanded CFS business and enhanced cooperation with shipping companies and agency companies to boost the volume of CFS business. In the first half of 2026, the CFS business increased by 12.5% as compared to the same period in the prior year; b. the Group expanded the booking business and deeply involved in ocean freight booking business, further enlarging the scale of its agency business. In the first half of 2026, the ocean freight booking business increased by 31.4% as compared to the same period in the prior year; and c. the Group expanded the tally business, strengthened port service functions and improved service quality . In the first half of 2026, the container tally business increased by 10.9% as compared to the same period in the prior year. For the six months ended 30 June 2026, the revenue of logistics and port value -added services amounted to RMB3,956 million, representing an increase of RMB469 million, or 13.5%, as compared to the same period in the prior year; the cost of sales amounted to RMB2,924 million, representing an increase of RMB373 million, or 14.6%, as compared to the same period in the prior year, mainly due to the increase in the container business bringing an increase in the revenue and cost s of logistics business. The segment results amounted to RMB875 million, representing an increase of RMB2 million, or 0.2%, as compared to the same period in the prior year , mainly due to the increase in profit from CFS and tally business, but the exchange rate fluctuation of the US dollar resulted in higher exchange losses and newly added external expenses resulted in profit reduction.
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27 (5) Port ancillary services For the six months ended 30 June 2026, the revenue of port ancillary services amounted to RMB599 million, representing an increase of RMB2 million, or 0.4%, as compared to the same period in the prior year; the cost of sales amounted to RMB399 million, representing an increase of RMB11 million, or 3.0%, as compared to the same period in the prior year; the segment results recorded RMB245 million, representing a decrease of RMB36 million, or 12.9%, as compared to the same period in the prior year, mainly due to the decrease in investment income related to the port machinery manufacturing business. 3. Financial Position Analysis Unit: RMB’000 Item As at 30 June 2026 As at 31 December 2025 Amount Changed Percentage Changed Accounts receivable 2,708,785 1,960,784 748,001 38.1% Other current assets 193,938 532,326 -338,388 -63.6% Investment properties 707,246 130,143 577,103 443.4% Construction in progress 2,104,246 1,351,134 753,112 55.7% Right-of-use assets 653,559 313,098 340,461 108.7% Short-term borrowings 203,385 99,837 103,548 103.7% Taxes payable 503,759 377,045 126,714 33.6% Other payables 5,429,739 3,931,883 1,497,856 38.1% As at 30 June 2026, the Group’s accounts receivable increased by RMB748 million, or 38.1%, as compared to the beginning of this year, mainly due to an increase in the handling charges receivable. As at 30 June 2026, the Group’s other current assets decreased by RMB338 million, or 63.6%, as compared to the beginning of this year, mainly due to a decrease in prepaid corporate income tax.
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28 As at 30 June 2026, the Group’s investment properties increased by RMB577 million, or 443.4%, as compared to the beginning of this year, mainly due to the newly -added warehouse and yard facilities for external lease. As at 30 June 2026, the Group’s construction in progress increased by RMB753 million, or 55.7%, as compared to the beginning of this year, mainly due to an increase in terminal construction investment. As at 30 June 2026, the Group’s right -of-use assets increased by RMB340 million, or 108.7%, as compared to the beginning of this year, mainly due to the newly -added leased warehouse and yard facilities. As at 30 June 2026, the Group’s short -term borrowings increased by RMB104 million, or 103.7%, as compared to the beginning of this year, mainly due to the newly -added short- term borrowings raised by subsidiaries for the production and operation. As at 30 June 2026, the Group’s taxes payable increased by RMB127 million, or 33.6%, as compared to the beginning of this year, mainly due to an increase in the corporate income tax payable. As at 30 June 2026, the Group’s other payables increased by RMB1,498 million, or 38.1%, as compared to the beginning of this year, mainly due to the increase in payables for dividends, engineering equipment and agency business. 4. Cash Flow Analysis For the six months ended 30 June 202 6, the Group’s net cash inflow amounted to RMB1,292 million, among which: (1) the net cash inflow from operating activities amounted to RMB3,295 million, representing an increase of RMB536 million as compared to the same period in the prior year, mainly due to the increase in cash received from sales of goods and rendering of services in the current period as compared to the same period in the prior year;
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29 (2) the net cash outflow from investing activities amounted to RMB1,560 million, representing an increase of RMB860 million as compared to the same period in the prior year, mainly due to the net inflow of RMB563 million from the maturity of time deposits with maturity over three months in the current period, and the net outflow of RMB6 million for purchasing such deposits in the same period of the prior year . Dividends received in the current period were RMB302 million, representing an increase of RMB177 m illion as compared to the same period in the prior year . The payment for purchase and construction of fixed assets and intangible assets in the current period amounted to RMB2,583 million , representing an increase of RMB1,645 million as compared to the same period in the prior year; and (3) the net cash outflow from financing activities amounted to RMB425 million while the net inflow in the same period of the prior year amounted to RMB1,171 million , mainly due to the net outflow of RMB109 million from borrowing activities in the current period, as compared with a net inflow of RMB1,303 million from borrowing activities in the same period of the prior year. Dividends paid by subsidiaries in the current period amounted to RMB114 million, representing an increase of RMB43 million as compared to the same period in the prior year. Lease liability repayments paid in the curren t period amounted to RMB149 million, representing an increase of RMB100 million as compared to the same period in the prior year. 5. Working Capital and Financial Resources As at 30 June 2026, the Group’s cash at bank and on hand amounted to RMB15,353 million. The Group’s total interest -bearing liabilities amounted to RMB4,171 million, among which, liabilities bearing interest with floating rates amounted to RMB3,297 million.
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30 6. Capital Structure As at 30 June 2026, the total shareholders’ equity of the Group amounted to RMB51,869 million, representing an increase of RMB1,753 million as compared to the beginning of this year, among which, the equity interests attributable to the shareholders of the Company increased by RMB1,487 million and the equity interests of minority shareholders increased by RMB266 million. The increase in the equity interests attributable to the shareholders of the Company was mainly due to the increase of RMB2,762 million in operating profit and the dividends declared by the Company for the second half of 2025 decreased by RMB1,290 million; and the increase in the equity interests of minority shareholders was mainly due to the increase of RMB280 million in operating profit, the increase of RMB98 million in combination of subsidiaries not under common control, and the decrease of RMB114 million of dividends declared by the subsidiaries of the Company for the year of 2025. As at 30 June 2026, the Company had issued 6,491,100,000 shares, comprising of 5,392,075,000 A shares and 1,099,025,000 H shares, representing 83.07% and 16.93% of the total issued shares of the Company, respectively. The A share market capitalization and H share market capitalization of the Company were approximately RMB43,406 million and HKD6,924 million, respectively (which were calculated based on the closing price of RMB8.05 per share on the Shanghai Stock Exchange and the closing price of HKD6.30 per share on the Hong Kong Stock Exchange as at 30 June 2026). 7. Gearing Ratio As at 30 June 202 6, the Group ’s cash at bank and on hand exceeded interest -bearing liabilities.
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31 8. Interest Rate and Exchange Rate Risks As at 30 June 2026, the Group did not have cash at bank and on hand and receivables with floating interest rate s, the payable s with floating interest rates w ere RMB3,297 million. The Group has assessed the interest rate risk and anticipated that changes in interest rate would have no material impact on the Group. The Group’s main business activities are operated in the PRC and settled mainly in RMB. Therefore, changes in exchange rates do not have material impact on the Group. The Group will continue to closely monitor interest rate and exchange rate risks. The Group did not enter into any hedging arrangement with respect to interest rate and exchange rate risks for the six months ended 30 June 2026 . 9. Main Financial Indicators Indicators At the end of 30 June /For the six months ended 30 June Change (+/-) 2026 2025 Return on total assets 4.42% 4.85% –0.43 percentage point Weighted average return on net assets 5.86% 6.47% – 0.61 percentage point Basic earnings per share RMB0.43 per share RMB0.44 per share – RMB0.01 per share Basic earnings per share excluding non-recurring gains and losses RMB0.42 per share RMB0.41 per share +RMB0.01 per share Gross profit margin 41.28% 39.32% +1.96 percentage point s Interest coverage ratio 60.60 times 61.95 times –1.35 times Asset-liability ratio 26.92% 26.82% +0.10 percentage point Current ratio 1.93 times 1.99 times –0.06 time
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32 For the six months ended 30 June 2026, the return on total assets of the Group was 4.42%, representing a decrease of 0.43 percentage point as compared to the same period in the prior year, mainly due to the increase of average total assets and the decrease of net profit in the current period . For the six months ended 30 June 2026, the weighted average return on net assets of the Group was 5.86%, representing a decrease of 0.61 percentage point as compared to the same period in the prior year, mainly due to the increase of weighted average net assets and the decrease of net profit att ributable to the shareholders of the Company in the current period . For the six months ended 30 June 2026, the basic earnings per share of the Group were RMB0.43 per share, representing a decrease of RMB0.01 per share as compared to the same period in the prior year, mainly due to the decrease in net profit attributable to the shareholders of the Company. For the six months ended 30 June 2026, t he basic earnings per share excluding non - recurring gains and losses of the Group w ere RMB0.42 per share, representing an increase of RMB0.01 per share as compared to the same period in the prior year, mainly due to increase in net profit attributable to the shareholders of the Company excluding non -recurring gains and losses. For the six months ended 30 June 2026, the gross profit margin of the Group was 41.28%, representing an increase of 1.96 percentage points as compared to the same period in the prior year, mainly due to the increase in the gross profit of the container handling and ancillary services business . For the six months ended 30 June 2026, the interest coverage ratio of the Group was 60.60 times, representing a decrease of 1.35 times as compared to the same period in the prior year, mainly due to the higher non-recurring profits in the prior year, which resulted in a higher ratio in the prior year than in the current year . At the end of 30 June 2026, the asset -liability ratio of the Group was 26.92%, representing an increase of 0.10 percentage point as compared to the same end date in the prior year, mainly due to the increase of accounts payable, contract liabilities and other current liabilities. At the end of 30 June 2026, the current ratio of the Group was 1.93 times, representing a decrease of 0.06 time as compared to the same end date in the prior year, mainly due to the increase of accounts payable, contract liabilities and other current liabilities.
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33 III. CAPITAL EXPENDITURE For the six months ended 30 June 2026, the capital expenditure of the Group was RMB2,592 million, which was mainly invested in the Phase I of the eastern container terminal at Langyatai bay operation area, the general-purpose terminal at the bottom of the bay , the north jetty III 7-8 berths at the Dongjiakou port area and other projects. IV . SIGNIFICANT ENTRUSTED WEALTH MANAGEMENT For the six months ended 30 June 2026, the details of the significant entrusted wealth management of the Group were set out as below: Unit: RMB’000 Entrustee Product type Balance Start date Expiry date Source of funding HUA XIA BANK CO., Limited Structured deposit 200,000 2026-2-6 2026-5-7 Self-owned funds Bank of Communications Co., Ltd. Structured deposit 200,000 2026-2-6 2026-5-18 Self-owned funds Note: The above listed is the entrusted wealth management with a single investment amount of more than RMB200 million. V. SIGNIFICANT ACQUISITION AND DISPOSAL The Group has conducted two significant acquisition tra nsactions, both the connected transactions, during the reporting period. (A) Connected transaction in relation to the inclusion of Ganglianhai Logistics into the consolidated financial statements On 14 January 2026, the Board approved the resolution in relation to the amendment to the articles of association of Ganglianhai Logistics. Prior to the completion of the amendment, the financial statements of Ganglianhai Logistics were not included into t he consolidated
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34 financial statements of Qingdao Port Logistics or COSCO Logistics. Upon the completion of the amendment, the voting rights of Qingdao Port Logistics in the general meeting of Ganglianhai Logistics have been further enhanced. Therefore, Qingdao Port Logisti cs gained the control over Ganglianhai Logistics and included its financial statements into the Group’s consolidated financial statements commenc ed from 1 January 2026. Ganglianhai Logistics has become a subsidiary of the Company. For further details, plea se refer to the announcement of the Company dated 14 January 2026. (B) Connected transaction in relation to the purchase of assets On 18 June 2026, the Board approved that the Company entered into the asset transfer agreement with Qingdao Port Group, pursuant to which, the Company proposed to purchase the land use rights, buildings (structures), machinery and equipment, and electronic devices from Qingdao Port Group at a consideration of RMB65,539,879.86 (tax inclusive). For further details, please refer to the announcement of the Company dated 18 June 2026. As at the date of this announcement, the transaction under the asset transfer agreement has not yet been completed. VI. MORTGAGE AND PLEDGE OF ASSETS On 30 June 2026, the Group’s collateral for secured borrowings included investment properties (storage yards and land use rights) with a carrying amount of RMB516,460,705, fixed assets (storage yard facilities) with a carrying amount of RMB110,944,923, and intangible assets (land use rights) with a carrying amount of RMB7,860,109. The above collateral was released from pledge on 28 July 2026. VII. CONTINGENT LIABILITIES As at 30 June 202 6, the Group did not have any significant contingent liabilities.
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35 VIII. EMPLOYEES As at 30 June 2026, the Company engaged 2,976 employees, and the Company and its subsidiaries engaged 9,747 employees in total . The employees’ remunerations of the Group include basic salaries and performance incentives. The growth of employees’ remunerations is determined by their working performance, economic environment, and supply and demand conditions of human resource marke t, under the “two matches” principle match ing the employees’ income growth with the growth of the Company’s operating results and the increase of production rate. Meanwhile, the Group’s remuneration policy is reviewed and adjusted on a regular basis as well. Adhering to its “people -centered” philosophy and safeguarding the legitimate rights and interests of employees, the Group contributes social insurances, enterprise annuity and supplementary medical insurance as required by the relevant regulations of the PRC to provide an extra welfare scheme to its employees. The Company provides regular training for its employees, in cluding internal training and advanced courses offered by external professional institutions, to enable employees to stay abreast of the latest developments in the market and the industry . IX. DESCRIPTION OF OTHER OPERATING MATTERS As the Dagang port area is planned to be transformed and upgraded into an international home port for cruise liners, some businesses of the Dagang port area will be gradually relocated to the Dongjiakou port area and the Qianwan port area. In March 2020, the construction of Qingdao international cruise homeport launch zone commenced, and the project has been progressing in accordance with the planned schedule. As of 30 June 2026, the construction of international home port for cruise liners had no effect on the main business of the Dagang port area. The Government of Qingdao Economic and Technological Development Zone proposed to adopt a new urban planning scheme that may relocate the port operations in the Huangdao oil port area and operations of certain clients around the Huangdao oil port area to the Dongjiakou port area . As at 30 June 2026, the Group did not receive any relocation plan or relevant notice, and did not obtain any information in relation to such relocation of clients and businesses to the Dongjiakou port area, and the operation of the Huangdao oil port area was not affected. X. SUBSEQUENT EVENTS There is no material subsequent event of the Group after 30 June 2026.
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36 XI. OUTLOOK FOR THE SECOND HALF OF 2026 In the second half of 2026, opportunities and challenges will coexist. The conditions supporting the long-term sound development of the Chinese economy and the basic trends remain unchanged. The Group will assess the situation, plan ahead, actively integrate into the integrated reform of Shandong Port, and adhere to the principles of focusing on its core business, transformation and upgrading, innovative development and perf ormance- orientation, to create greater value for the Shareholders and the society. Firstly, the Group will strengthen the capacity expansion and efficiency enhancement. The Group will increase the density of its shipping lines network, build international logistics corridors, enhance transshipment efficiency, expand the inland ports, and increase the frequency of sea -rail intermodal trains, consolidating its position as an international shipping hub in Northeast Asia. The Group will enhance infrastructure capacity, deploy additional container stevedoring equipment, accele rate the construction progress of major projects in Dongjiakou port area, bring the renovated container berths in Qianwan port area into operation, further improving the service quality and efficiency. Secondly, the Group will strengthen the transformation and development. The Group will adhere to the digital and intelligent transformation and the quality enhancement of supply chain, promote the deep integration of port resources and industrial chains, accelerate the implementation and industrial incubation of 26 artificial intelligence application scenarios in the port, and substantially complete the construction of the artificial intelligence application pilot base which is among the first batch in the country and the only one in the port industry. The Group will expand the green energy bunkering business and achieve regular bunkering of methanol, LNG and other fuels. Thirdly, the Group will strengthen the foundations and consolidate fundamentals. The Group will improve its governance system, optimi ze the decision-making procedures, standardize information disclosure, and enhance the level of governance standardi zation. The Group will improve the whole-chain compliance management system, optimi ze risk early warning and emergency response mechanisms, and strictly guard against risks. The Group will deepen the management of the “three basics”, i.e. basic units, fundamentals and basic skills, and coordinate efforts in intrinsic safety, customer service, quality improvement, cost reduction and profit growth, so as to build a model of modern corporate governance.
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37 COMPLIANCE WITH CORPORATE GOVERNANCE CODE The Company is committed to maintaining high standards of corporate governance to safeguard the interests of Shareholders and to enhance corporate value and accountability. The Company has complied with all code provisions set out in the Corporate Governance Code for the six months ended 30 June 2026. REVIEW OF FINANCIAL STATEMENTS BY THE AUDIT COMMITTEE The Audit Committee has reviewed the unaudited interim results and the interim report of the Company for the six months ended 30 June 2026. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES No purchase, sale or redemption of any listed securities of the Company was made by the Company or any of its subsidiaries for the six months ended 30 June 2026 (including sale of the treasury shares). As at 30 June 2026, there were no treasury shares held by the Company (whether held or deposited in the Central Clearing and Settlement System, or otherwise).
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38 INTERIM DIVIDEND, WITHHOLDING OF INCOME TAX AND CLOSURE OF REGISTER The Board has considered and approved the distribution of 35% of the Company ’s Distributable Profit for the first half of 2026 as the interim dividend, with the total interim dividend of RMB907.9015 million (tax inclusive), representing approximately 33% of the net profit attributable to the shareholders of the Company in the consolidated financial statements of the Company for the first half of 2026. As at 30 June 2026, based on the total share capital of 6,491,100,000 shares of the Company, the Company will distribute an interim dividend of RMB1.399 per 10 shares (tax inclusive) to all shareholders. The above interim dividend will be paid within two months (no later than 28 October 2026) after the consideration and approval by the Board. Dividends for H shares will be denominated and declared in RMB and paid in HKD. The applicable exchange rate for the payment of the interim dividend is RMB1=HKD1.1557, being the average mid-point rate published by the People’s Bank of China on its website for the period of five working days immediately prior to the date of the declaration of the distribution of dividend. Therefore, the interim dividend for H shares will be HKD1.6168 per 10 shares (tax inclusive). The Company has appointed Computershare Hong Kong Trustees Limited as the receiving agent of the Company in Hong Kong (the “ Receiving Agent ”) and will pay to such Receiving Agent the interim dividend declared for payment to the Shareholders of H shares. The interim dividend will be paid by the Receiving Agent and relevant cheques will be despatched by the Company’s H share registrar, Computershare Hong Kong Investor Services Limited, no later than 28 October 2026 to the Shareholders of H shares entitled to receive such dividend by ordinary post at their own risk. The Company will withhold for payment of the income tax strictly in accordance with the laws or requirements of the relevant government departments on behalf of the Shareholders whose names appear on the Company’s register of members for H shares on Monday, 14 September 2026. For relevant details, please refer to the dividend announcement form for interim dividend for the six months ended 30 June 2026 of the Company published on 28 August 2026.
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39 For details of payment of dividends to the Shareholders of A shares, please refer to the announcement of the Company to be separately published on the Shanghai Stock Exchange. In order to determine the eligibility of being entitled to the interim dividend of 2026 for H shares, the H share register of the Company will be closed from Monday, 14 September 2026 to Monday, 21 September 2026 (both days inclusive), during which no H sh are transfer will be registered. The H Shareholders whose names appear on the register of members of the Company on Monday, 14 September 2026 (being the record date) are entitled to the interim dividend. Holders of the Company’s H shares who wish to receiv e the interim dividend are required to deposit the transfer documents together with the relevant share certificates at the H share registrar of the Company in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712 -1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong, no later than 4:30 p.m. Friday, 11 September 2026 for registration. PUBLICATION OF INTERIM REPORT The interim report for the six months ended 30 June 2026 of the Company will be published on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and the Company (www.qingdao-port.com). By order of the Board Qingdao Port International Co., Ltd. SU Jianguang Chairman Qingdao, the PRC, 28 August 20 26 As at the date of this announcement, the executive Directors are Mr. SU Jianguang and Mr. ZHANG Baohua ; the non-executive Directors are Mr. BI Tao , M s. WU Yu , Mr. CUI Liang and M s. WANG Fuling ; and the independent non-executive Directors are Mr. CHAU Kwok Keung , Ms. LI Xiaohui and Mr. JIANG Xinglu .
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40 Definitions The following expressions have the meanings set out below unless the context requires otherwise: “A share(s)” share(s) with a nominal value of RMB1.00 each issued by the Company, which are listed on the main board of the Shanghai Stock Exchange and traded in RMB (stock code: 601298) “A Share Offering” the Company’s public offering 454,376,000 A shares, which are listed on the main board of the Shanghai Stock Exchange “Audit Committee” the audit committee of the board of the Company “Board” the board of directors of the Company “CFS” container freight station, of which, container freight station at loading ports refers to the location designated by carriers for the receiving of cargo to be loaded into containers by the carrier, while container freight station at discharge or destination ports refers to the location designated by carriers for de-vanning of containerized cargo “China Shipping Terminal Development” China Shipping Terminal Development Co., Ltd.* (中海碼頭 發展有限公司), a company established on 21 March 2001 in the PRC with limited liability and a wholly-owned subsidiary of COSCO Shipping Ports Development Co., Ltd.* ( 中遠海 運港口發展有限公司) “Company” Qingdao Port International Co., Ltd.* (青島港國際股份有限 公司), a joint stock company established on 15 November 2013 in the PRC with limited liability
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41 “Consolidated Group Companies” the Company’s subsidiaries (including the Company’s branches), which are consolidated into the consolidated financial statements of the Company “Corporate Governance Code” the Corporate Governance Code as set out in Appendix C1 to the Hong Kong Listing Rules “COSCO Logistics” COSCO SHIPPING Logistics and Supply Chain Management Co., Ltd.* (中遠海運物流供應鏈有限公司), a company established in the PRC with limited liability on 24 April 2001, being a subsidiary of China COSCO Shipping Corporation Limited* (中國遠洋海運集團有限公司) “CSRC” China Securities Regulatory Commission* ( 中國證券監督 管理委員會) “Director(s)” the director(s) of the Company “Distributable Profit” calculated by net profit attributable to the shareholders of the Company in the scope of the consolidated financial statements prepared in the PRC Accounting Standards for Business Enterprise, deducting recovery of accumulated losses, appropriation to statutory surplus reserve and other necessary reserve by the parent company and subsidiaries as well as the impact of the appraisal value-added amount of the asset invested in the Company by Qingdao Port Group, the promoter at the establishment of the Company, on net profit for the year, etc. “Ganglianhai Logistics” Qingdao Ganglianhai International Logistics Co., Ltd.* ( 青 島港聯海國際物流有限公司), a company established in the PRC with limited liability on 2 January 2018. Qingdao Port Logistics and COSCO Logistics each holds 50% equity interests of it
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42 “Group” the Company and its branches and subsidiaries , when references are made to operational data such as throughput, including joint ventures and associated companies of the Company, but without taking into account the Company’s respective shareholding percentages in its subsidiaries, joint ventures and associated companies “H share(s)” the overseas listed foreign share(s) with a nominal value of RMB1.00 each in the share capital of the Company , which are listed on the main board of the Hong Kong Stock Exchange (stock code: 06198) and are traded in HKD “HKD” Hong Kong dollars, the lawful currency of Hong Kong “Hong Kong” the Hong Kong Special Administrative Region of the PRC “Hong Kong Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “LNG” liquefied natural gas “PRC” or “China” the People’s Republic of China, and for the purpose of this announcement, excluding Hong Kong, Macau and Taiwan “Qingdao Port Group” Shandong Port Qingdao Port Group Co., Ltd.* ( 山東港口青 島港集團有限公司), a company established on 12 August 1988 in the PRC with limited liability, the controlling shareholder of the Company, holding approximately 55.56% equity interests in the Company as at 30 June 2026 “Qingdao Port Logistics” Qingdao Port International Logistics Co., Ltd.* (青島港國際 物流有限公司 ), a company established in the PRC with limited liability on 2 February 2004 and a wholly -owned subsidiary of the Company, which is mainly engaged in the business of logistics and port value -added services, such as business of CFS, agency and warehousing services
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43 “Qingdao SASAC” the State -owned Assets Supervision & Administration Commission of Qingdao Municipal Government* (青島市人 民政府國有資產監督管理委員會) “RMB” Renminbi, the lawful currency of the PRC “Shandong Port Group” Shandong Port Group Co., Ltd.* ( 山東省港口集團有限公 司), a company established on 2 August 2019 in the PRC with limited liability, holding 100% equity interests in Qingdao Port Group, and an indirect controlling shareholder of the Company, with Shandong SASAC as the de facto controller “Shandong SASAC” State-owned Assets Supervision and Administration Commission of the People ’s Government of Shandong Province*(山東省人民政府國有資產監督管理委員會 ), which is the de facto controller of the Company “Shanghai China Shipping Terminal” Shanghai China Shipping Terminal Development Co., Ltd.* (上海中海碼頭發展有限公司 ), a company established on 18 February 2008 in the PRC with limited liability and a wholly-owned subsidiary of China Shipping Terminal Development, holding approximately 15.64% equity interests in the Company as at 30 June 2026 “Shareholder(s)” the shareholders of the Company “TEU” an abbreviation of Twenty -Foot Equivalent Unit, an international measuring unit with the standard a container with a length of 20 feet, a width of 8 feet and a height of 8 feet and 6 inches, also known as the international unit of standard container
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44 * The Chinese name(s) of the PRC entities have been translated into English in this interim results announcement for reference only. In the event of any discrepancies between the Chinese names of the PRC entities and their respective English translations, th e Chinese version shall prevail. * Certain amounts and percentage figures included in this announcement have been subject to rounding.