招港B：2025年年度报告（英文版）

CHINA MERCHANTS PORT GROUP CO., LTD.

ANNUAL REPORT 2025

Date of disclosure: 3 April 2026

Chairman’s Statement

Dear Shareholders:

I hereby present you the annual report of China Merchants Port Group Co., Ltd. (the “Company” or “CMPort”) and its subsidiaries for the year ended 31 December 2025. On behalf of the Board, I would like to express my sincere gratitude to all of you for your long-term support to the Company.

The Company, for China Merchants Group, is a core enterprise of the transportation and logistics sector, and also a key player in the goal of building a world-class enterprise. It has invested in and operated 51 ports across 26 countries and regions worldwide, playing a positive role in ensuring the smoothness of the international and domestic logistics supply chain, and is stepping toward the goal of becoming a “world-leading port service provider”.

Based on the new development stage, CM Port implemented the new development concept with the construction of a new development pattern to drive high-quality development, with the aim of becoming a “world-leading port service provider”. While accelerating the transition towards intelligent and green operations, the Company has established a modern integrated port service system characterised by “smart empowerment, green and low-carbon practices, chain-based services, and ecological synergy”, continuously enhancing the service depth and value creation capabilities of the global port network, driving dynamic alignment between resource allocation and corporate strategic positioning, market demand, and profitability to achieve lean resource allocation. CM Port persistently focused on strategic port acquisition opportunities at key nodes, advancing the global network layout of ports, strengthening external and internal linked interaction with efforts to provide customers with more economical, high-quality and efficient service solutions as well as deeper strategic cooperation. More value and returns were brought to the Company and its Shareholders, coupled with a material contribution to ensuring safety, steadiness and smoothness of the supply chain.

During the “14th Five-Year” Plan period, under the background of a complex external environment characterized by the profound adjustment of the global trade landscape, the Company committed to its goal of achieving “world-class”, unwaveringly promoted the three major drivers of “Global Presence”, “Lean Management”, and “Innovative Transformation” to coordinate development and security, and deepen reform and innovation. Various key tasks were progressed steadily and rapidly with operating results repeatedly reaching new highs, and comprehensive strength achieving a leapfrog enhancement. Looking back at the past 5 years of hard work, the Company has delivered a high-quality development performance characterized by “synergy between scale and efficiency, balance between quality and speed, and simultaneous progress in domestic and overseas markets”. Firstly, the scale of core business has reached a new level. The total container throughput surged from 122 million TEUs to more than 206 million TEUs at a compound annual growth rate (CAGR) of 11.1%. The bulk cargo volume increased from 454 million tonnes to 1,266 million tonnes with CAGR of 22.8%. With the resource aggregation and hub capacity significantly enhancing, and global competitiveness continuously leaping, CM Port was ranked among the global leading public port operators. Secondly, the overseas layout has been expanded in depth. CM Port successfully invested in the NPH in Indonesia, entered into a share purchase agreement for the Vast project in Brazil. HIPG in Sri Lanka commenced container business and achieved a capacity of one million TEUs. The quality and efficiency of the operation of existing projects were improved and the implementation of new projects was accelerated. The proportion of overseas revenue steadily increased to more than half, and global operational capabilities continued to strengthen. Thirdly, lean management has yielded significant results. CM Port has deepened the construction of the COE system, synergistically promoted the PMO and cost leadership strategies, and achieved outstanding results in cost reduction and efficiency enhancement across the entire chain. The total annual profit leapt to over RMB10 billion. Fourthly, the capital operation achieved remarkable results. The Company has brought in Zhejiang Seaport Group as a strategic shareholder. It participated in the non-public issuance of the shares of Ningbo Port and increased its shareholding of SPIG when appropriate, so as to further solidify its strategic presence in the Yangtze River Delta. The Company also completed its first share buyback and cancellation, thereby enhancing earnings per share and bolstering market confidence. Fifthly, the technological innovation demonstrated strong momentum. The Company successfully completed the pilot scheme of building a strong transportation network in China and the inspection and acceptance of the self-developed TOS system. Mawan Smart Port was rated as the first batch of “Five-Star China’s Smart Ports”. The “CMCore” digital solutions were successfully implemented in overseas markets such as Africa and Europe, materializing the goal of “technology going global’’. Sixthly, the sustainable development and system have been optimized continuously. The Company’s ESG rating has improved significantly, with the rating assigned by Wind ( 萬 得 ) from BBB to AAA. The rating for the Company ranked first in the transportation infrastructure industry.

Review for the year

In 2025, global economic development has demonstrated significant resilience. Driven by the accumulation of inventories of traded goods, increased risk appetite, expansion of artificial intelligence-related investments, and supply chain optimization and adjustments, coupled with the strong support of steady consumer spending and the continuous easing of inflationary pressures, the global economy exhibited better-than-expected resistance to external shocks, particularly the substantial tariff hikes by the US. In addition, the continued sluggishness of investment activities and limited fiscal space have exerted persistent pressure on economic momentum, and the global economy may enter a more prolonged period of low-speed growth. Under the ever-changing external environment, the Company steadfastly upheld the strategic goal of becoming a “worldleading port service provider”. Driven by “Global Presence, Lean Management, Innovative Transformation”, CM Port has reached all the performance indicators with steadily improving its management efficiency. These efforts have laid a solid foundation for a good start to the “15th Five-Year” Plan.

Financial performance: In 2025, the Company achieved operating income of RMB17.246 billion, up by 6.92% year-on-year. The net profit attributable to the parent company was RMB4.611 billion, up by 2.10% year-on-year.

Business performance: In terms of container business, the Company handled a total container throughput of 206.112 million TEUs in 2025, up by 5.6% year-on-year, of which the container throughput handled by mainland port projects was 161.929 million TEUs, up by 6.3% year-on-year; the container throughput handled by port projects in Hong Kong and Taiwan regions was 5.245 million TEUs, down by 12.9% year-on-year; the container throughput handled by overseas port projects was 38.938 million TEUs, up by 5.7% year-on-year. In terms of bulk cargo business, the Company handled a bulk cargo volume of 1.27 billion tonnes in 2025, up by 0.3% year-on-year.

The Company focused on the following major aspects: Firstly, the construction of homebase ports was accelerated in an all-round way. The capacity enhancement of the West Shenzhen Port Zone has achieved phased results, with container throughput exceeding 16 million TEUs throughout the year, continuing to reach new highs and maintaining a leading market share of foreign trade containers in Shenzhen. The overseas homebase port in Sri Lanka deepened integrated operations, with CICT being awarded the title of “Best Container Terminal in Asia” for the ninth consecutive year. HIPG achieved capacity building for one million TEUs, with container throughput reaching 428 thousand TEUs during the year and RORO business volume hitting a record high. Secondly, overseas operations were improved in quality and efficiency. Business volume of TCP in Brazil, LCT in Togo, and Kumport in Turkey all reached record highs, demonstrating excellent international operation capabilities. CMPort, a subsidiary of the Company, has entered into a share purchase agreement for the Vast project in Brazil to continue its global presence to deepen. Thirdly, the performance of lean management was remarkable. Utilizing business coordination, the COE mechanism, financial control, and synergistic empowerment as key levers to enhance profitability and management quality, the Company established an innovative and integrated working mechanism to realize value empowerment. Fourthly, empowerment was driven through innovation and upgrading. The Group established the “Piercep” artificial intelligence brand, leading the construction of artificial intelligence in ports. Mawan Smart Port was awarded the “Five-Star China’s Smart Port” accreditation. The total solution of CMCore CTOS + “CM ePort” was implemented at Kumport in Turkey. Fifthly, the green and low-carbon transformation accelerated. The West Shenzhen Port Zone completed the first ship-to-ship LNG bunkering operation, added new distributed photovoltaic and electrification equipment, constructed intelligent battery swap stations and charging piles, and deepened the application of green and low-carbon technologies. Sixthly, as for the ESG construction, outstanding achievements were made again. The Company continued to improve its ESG management system and promoted the implementation of new regulatory measures. Its ESG rating was assigned by Wind from AA to AAA. The rating for the Company ranked first among the transportation infrastructure industry; and the Company's controlled subsidiary, China Merchants Port, has received a further upgrade in its MSCI ESG rating, from BBB to A according to the latest rating released by MSCI in March 2026, the highest rating among Hong Kong-listed industry peers.

Outlook

Looking ahead to 2026, the global economy is expected to maintain a moderate growth trend. Although the easing of certain trade tensions constitutes a positive factor, the cumulative effect of tariff hike and intensified macroeconomic uncertainties is expected to become more pronounced. 2026 marks the commencement of the “15th Five-Year” Plan. With the deepened implementation of a new round of high-level opening-up measures, the effectiveness of regional and bilateral economic and trade cooperation mechanisms is increasingly becoming apparent, and the accelerated implementation of digital economy and green trade rules will further promote the efficient connectivity of cross-border logistics, capital flows, and information flows, stimulate the import and export vitality of high value-added products and emerging business formats, thus promoting the effective improvement in the quality of economy and trade through structural optimization, while driving the steady development of the port industry.

Building on solid achievements to compose a new chapter, the Company will forge ahead to embark on a new journey. Looking forward to the “15th Five-Year”Plan, the Group will accelerate, strengthen and intensify the strategic drivers of “Global Presence”, “Lean Management”, “Innovative Transformation”, respectively, taking the deepening of reform and innovation as the fundamental path, actively cultivating and developing new quality productivity, and making every effort to promote high-quality development to a new level. Firstly, while capturing new opportunities for enhancing core competitiveness comprehensively, the Group shall steadfastly promote the overseas development strategy with global deployment strengthened so as to optimize and enhance its controlled terminals, consolidate and upgrade the core hub functions, as well as steadily extend the comprehensive port services chain. Secondly, the Group will stimulate new efficiency and fully tap into endogenous driving forces. Deepening the lean operation management mechanism, the Group will systematically tap into internal potential, and improve resource allocation efficiency and operation quality.

Appreciation

In 2025, CMPort focused on its primary responsibility and core business, achieving phased results in expanding its “Global Presence”, reaching new heights in “Lean Management”, and making progress in “Innovative Transformation”, successfully concluding the “14th Five-Year” Plan with high-quality development. All could not be accomplished without the dedication of all employees and the support from the Shareholders and investors, business partners, and those in society who have taken to heart the Company’s interest. For this, I would like to express my sincere gratitude and high respect to all employees who have devoted their hearts and efforts to the development of the Group, as well as to the Shareholders and investors, business partners, and those in society who have supported us for a long term.

Chairman

Feng Boming

Part I Important Notes, Table of Contents and Definitions

The Board of Directors (or the “Board”) as well as the directors and senior managers of China Merchants Port Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein.

Xu Song, the Company’s legal representative, Huang Zhenzhou, the Company’s Chief Financial Officer, and Liu Shixia, the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in this Report are factual, accurate and complete.

All the Company’s directors have attended the Board meeting for the review of this Report and its summary.

Any forward-looking statements such as future plans or development strategies mentioned herein shall not be considered as the Company’s promises to investors. And investors are reminded to exercise caution when making investment decisions. Possible risks faced by the Company and countermeasures have been explained in “Part III Management Discussion and Analysis” herein, which investors are kindly reminded to pay attention to.

Securities Times, China Securities Journal, Shanghai Securities News, and www.cninfo.com.cn have been designated by the Company for information disclosure. And all information about the Company shall be subject to what’s disclosed on the aforesaid media. Investors are kindly reminded to pay attention to these media.

The Board has approved a final dividend plan as follows: based on the Company’s total share capital at the record date of the dividend payout, a cash dividend of RMB7.99 (tax inclusive) per 10 shares is to be distributed to shareholders, with no bonus issue from either profit or capital reserves.

This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.

Table of Contents

Chairman's Statement......1

Part I Important Notes, Table of Contents and Definitions......7

Documents Available for Reference......9

Part II Corporate Information and Key Financial Information......12

Part III Management Discussion and Analysis......20

Part IV Environmental, Social and Governance Information......68

Part V Significant Events......112

Part VI Share Changes and Shareholder Information......141

Part VII Bonds......153

Part VIII Financial Statements......169

Documents Available for Reference

1. Financial Statements carrying the signatures and stamps of the Company Principal, the Chief Financial Officer and the person in charge of accounting firm;

2. The 2025 Auditor's Report stamped by the accounting firm and signed and stamped by registered accountants; and

3. Original copies of all documents and the announcements thereof disclosed in the Reporting Period on Securities Times, China Securities Journal, Shanghai Securities News, Ta Kung Pao (HK) and www.cninfo.com.cn.

Definitions

Note: In this Report, certain total numbers may not be exactly equal to the summation of their subitem numbers as a result of roundoff.

Part II Corporate Information and Key Financial Information

I Corporate Information

II Contact Information

III Media for Information Disclosure and Place where this Report Is Lodged

IV Change to Company Registered Information

V Other Information

The independent audit firm hired by the Company:

The independent sponsor hired by the Company to exercise constant supervision over the Company in the Reporting Period:

 Applicable √ Not applicable

The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting Period:

 Applicable √ Not applicable

VI Key Financial Information

Indicate by tick mark whether there is any retrospectively restated datum in the table below.

 Yes √ No

Indicate by tick mark whether the lower of the net profit attributable to shareholders of the Company before and after deducting non-recurring gains and losses was negative for the last three accounting years, and the latest independent auditor’s report indicated that there was uncertainty about the Company’s ability to continue as a going concern.

 Yes √ No

Indicate by tick mark whether the lower of the net profit attributable to shareholders of the Company before and after deducting non-recurring gains and losses was negative.

 Yes √ No

The total share capital at the end of the last trading session before the disclosure of this Report:

Diluted earnings per share based on the latest total share capital above:

VII Accounting Data Differences under China’s Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards

1. Net Profit and Equity under CAS and IFRS

 Applicable √ Not applicable

No difference for the Reporting Period.

2. Net Profit and Equity under CAS and Foreign Accounting Standards

 Applicable √ Not applicable

No difference for the Reporting Period.

3. Reasons for Accounting Data Differences between Domestics and Foreign Accounting Standards

 Applicable √ Not applicable

VIII Key Financial Information by Quarter

Unit: RMB

Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from what have been disclosed in the Company’s quarterly or semiyearly reports.

 Yes √ No

IX Non-recurring Gains and Losses

Unit: RMB

Other gains and losses that meet the definition of non-recurring gain/loss:

 Applicable √ Not applicable

No such cases.

Explanation of the situation where the non-recurring gains and losses items listed in Interpretative Announcement No. 1 of Companies Issuing Publicly Traded Securities - Non-Recurring Gains and Losses are classified as recurring gains and losses items:

 Applicable √ Not applicable

During the Reporting Period, the Company did not classify any gain or loss item listed in

Part III Management Discussion and Analysis

I. Industry Overview of the Company during the reporting period

1. External environment analysis

(1) Macroeconomic environment

In 2025, the global economy continued to show adaptability and resilience, exhibiting unexpectedly strong resistance against multiple headwinds including volatile trade policies, geopolitical tensions, and fiscal pressures. Economies and businesses worldwide have gradually adjusted to the somewhat relaxed U.S. tariffs, while the surge in artificial intelligence investments has boosted asset wealth and fueled rising productivity expectations. According to the “World Economic Outlook” report published by the International Monetary Fund (IMF) in January 2026, the global economy was expected to increase by 3.3% year-on-year in 2025, representing a flat year-on-year growth. Among them, the developed economies were expected to grow by 1.7%, down by 0.1 percentage point year-on-year. Of which, the US was projected to grow by 2.1%, down by 0.7 percentage point yearon-year, and the European Union was expected to grow by 1.5%, up by 0.3 percentage point yearon-year. The emerging and developing economies were expected to grow by 4.4%, up by 0.1 percentage point year-on-year. Of which, the Southeast Asian markets showed particularly strong growth, with Vietnam, Indonesia, and Malaysia projected to grow by 6.5%, 5.0%, and 4.6%, respectively. In terms of trade, the IMF forecasted that global trade volume grew by 4.1% year-onyear in 2025, the developed economies’ trade volume grew by 3.0%, and the emerging and developing economies grew by 5.7%.

2025 was the concluding year of the “14th Five-year” Plan. According to data from the National Bureau of Statistics of the People's Republic of China, China’s GDP grew by 5.0% year-on-year, and the main development goals and tasks were successfully achieved and successfully completed. Facing the complex internal and external situations, China has taken the promotion of high-quality development as its theme, adhered to the principle of seeking progress while maintaining stability and improving quality and efficiency, and implemented more proactive and promising macro policies to stabilize employment, businesses, the market, and expectations, thereby stabilizing the economic fundamentals. By adopting multiple measures to stabilize foreign trade and commencing new progress in opening up, the economy has consistently operated within a reasonable range. China’s economy has demonstrated a commendable certainty of high-quality development, continuing to be a major contributor and a stabilizing anchor for world economic growth. According to the statistics of the General Administration of Customs of the People's Republic of China, the total value of import and export trade for 2025 amounted to RMB45.47 trillion, up by 3.8% year-on-year, marking another record high in terms of scale. Among which, the value of total exports grew by 6.1% year-on-year to RMB26.99 trillion, while the value of total imports grew by 0.5% year-on-year to RMB18.48 trillion. In the same year, China’s total value of import and export volume with “Belt and Road Initiative” partner countries reached RMB23.60 trillion, representing a year-on-year increase of 6.3%, which was 2.5 percentage points higher than the overall growth rate of China’s foreign trade. The proportion of “Belt and Road Initiative” partner countries accounted for more than half of China’s overall foreign trade, with the proportion reaching 51.9% in 2025.

Global industrial chains were characterized by friendshoring, regionalization, and nearshoring, with strategic deployment shifting from a singular “efficiency-first” principle to the principle of “emphasis on both efficiency and safety”. China’s proactive development of regional economic cooperation has yielded significant results. Since its entry into force four years ago, the Regional Comprehensive Economic Partnership (RCEP) has effectively invigorated regional collaboration, injecting sustained momentum into Asia-Pacific economic recovery and global free trade. According to the data of the General Administration of Customs of the People's Republic of China, import and export trade value in RMB denominated between China and member countries including Singapore, Thailand, and Indonesia recorded an increase of 8.1%, 15.1% and 14.0% year-on-year in 2025 respectively. Technological innovation and industrial integration have been driving industrial upgrading. Technologies such as the internet, big data, cloud computing, artificial intelligence, and blockchain were accelerating innovation. The digital economy was developing at an unprecedented pace, with an unparalleled scope of influence and impact. It was emerging as a key force in restructuring global resources, reshaping the global economic landscape, and altering the global competitive environment. The gradual advancement and improvement of the platform-based trade ecosystem would further improve the utilization rate of production factors and trade operation efficiency.

Looking ahead to 2026, the global economy is expected to maintain its moderate growth trend. Even though the easing of certain trade tensions constitutes a positive factor, macroeconomic uncertainties and tariff hike trigger certain negative factors. IMF expects the global economy to grow by 3.3% in 2026, remaining flat with 2025. As the front-loading effect of trade weakens, global trade in goods and services is expected to grow by 2.6% in 2026, down by 1.5 percentage points compared with 2025. Global inflationary pressure continues to decline, with the global Consumer Price Index (CPI) expected to be approximately 3.8% in 2026, down by 0.3 percentage point compared with 2025.

In 2026, the profound changes in the external environment will continue to bring impacts and opportunities. Adhering to the principle of seeking progress while maintaining stability, improving quality and enhancing efficiency, China will further expand high-level opening-up to the outside world, deepen cooperation with various countries in trade, investment, finance and other areas, implement more proactive and effective macro policies, continuously expand domestic demand and optimize supply, improve incremental quality and revitalize existing stock, develop new quality productive forces according to local conditions, and further advance the construction of a unified national market, in a bid to allow both qualitative improvements and reasonable quantitative growth for its economy.

(2) Market environment of the port and shipping industry

The international port and shipping market environment underwent significant new changes due to multi-interwoven factors. Firstly, under the impact of the global economy and international trade, trade frictions and geopolitical conflicts continuously exposed the vulnerability of the global industrial chain and supply chain, prompting the developed countries to intervene strongly with the aim of transforming the industrial chain and supply chain towards friendshoring, regionalization and nearshoring. Secondly, changes in the situation at key maritime transport nodes also posed serious challenges to the global supply chain. The Red Sea route’s detour around Africa’s Cape of Good Hope has become routine, with most vessels continuing to choose this route while only a few shipping companies conduct tentative resumption of direct voyages. This detour has driven adjustments to the global maritime network, causing congestion at key hubs in certain regions. Thirdly, under the influence of the shipping alliance pattern, the restructuring of shipping alliances has significantly altered port calling patterns. Differentiated strategies among alliances have compelled ports to adjust their facilities, triggering localized short-term fluctuations in freight rates. Competition along global trade routes has intensified, increasing instability in global shipping and supply chain.

In 2025, due to fluctuations in supply and demand, freight rates in the global container shipping market exhibited an overall “W-shaped” volatility. This volatility was driven by the overlapping resonance of four major factors: the pace of U.S. tariff policies, the global supply and demand landscape, seasonal demand, and shipping companies’ capacity regulation, among which tariff expectations and the pace of implementation were particularly critical, significantly amplifying the magnitude of market fluctuations. On the demand side, the container shipping market continued its high-speed growth. According to the forecast of Drewry, global container throughput would grow by 5.5% in 2025. On the supply side, the data from Alphaliner showed that the global container fleet capacity grew by 7.2% in 2025 with additional shipping capacity of 2.19 million TEUs, bringing the total global capacity to 33.69 million TEUs as of 2025. Based on the structure of supply and demand, the shipping capacity continued to expand, while the supply continued to exceed demand. However, due to the re-routing around the Suez Canal and congestion at major ports in Asia and Europe, effective capacity has tightened in the short term, driving an upward trend in container freight rates. Shipping companies have accelerated the integration and transformation of greening and intelligence. Leading shipping companies have intensively placed orders for new energy vessels such as LNG dual-fueled vessels, and have laid out technical reserves for ammonia/methanol fuels to adapt to new global environmental regulations. The application of technologies such as artificial intelligence and blockchain were deepened to bridge the intelligent interconnection between ships and shore, optimizing capacity deployment and operational processes, as well as enhancing the operation efficiency of the entire chain through digitalization and intelligence.

Driven by the recovery of the global economy and trade, as well as the upward trend in the international maritime market, throughput at major global hub ports increased to varying degrees. According to the forecast of Drewry, the container throughput of ports across regions showed varying degrees of growth in 2025. Among which, the ports in Asia handled a container throughput of 548 million TEUs, representing an increase of 5.5% year-on-year; the ports in South Asia handled a container throughput of 42.10 million TEUs, representing an increase of 8.6% year-onyear; the ports in Europe and North America handled a container throughput of 151 million TEUs and 79.40 million TEUs respectively, representing increases of 6.3% and 2.5% year-on-year; the ports in Africa and Latin America handled a container throughput of 43.10 million TEUs and 62.30 million TEUs respectively, representing increases of 6.2% and 5.7% year-on-year; and the ports in the Middle East handled a container throughput of 46.10 million TEUs, representing an increase of 6.6% year-on-year. Thanks to the overall upturn in China’s economic performance and the continuous economy-driven trade effect, foreign trade imports and exports was steadily improved and the port business in Mainland China maintained its leading position in global growth. According to the data published by the Ministry of Transport of the People's Republic of China, the accumulated container throughput handled by ports in Mainland China achieved 354 million TEUs, representing an increase of 6.8% year-on-year. Of which, the accumulated container throughput handled by coastal ports achieved 312 million TEUs, representing a year-on-year increase of 7.0%.

(3) The Company’s industry position

The Company ranks among the global leading public port operators and is committed to developing as a worldclass comprehensive port service provider. In terms of scale, as at the end of the reporting period, the Company has established a relatively complete port network at major hub locations along coastal China, with its presence in 51 ports in 26 countries and regions including Asia, Africa, Europe, Oceania, South and North America. According to the statistics of Drewry, in 2024, the Company’s equity throughput of containers reached 61.20 million TEUs, ranking among the top global port operators. In terms of quality, the master terminals controlled by the Company have occupied various market and regional leading positions. Leveraging on the good ground of port technology and based on the CTOS system self-developed by CMPort, the Company has worked out the worldwide first full-case, full-time, all-regime and multifactor traditional container terminal upgrading solution, and has built the trade facilitation platform for the Guangdong-Hong Kong-Macao Greater Bay Area through blockchain technology, which has been extended to 34 terminals to help enhance the trade facilitation level in the Greater Bay Area. In addition, the Company continued to promote ESG construction, and strived to create an ESG port benchmark in the industry. In terms of performance, the Company has continually promoted high-quality development and has been an industry leader in terms of net profit margin and overall labour productivity and other indicators.

II Principal Activities of the Company during the Reporting Period

The Company’s core business includes port investment, port operation, port logistics and smart technology.

The Company has established a comprehensive port network across the hub locations along coastal China, and the terminals which the Company invested in or invested in and managed are located in hub locations across Hong Kong, Taiwan, Shenzhen, Ningbo, Shanghai, Qingdao, Tianjin, Dalian, Zhangzhou, Zhanjiang, and Shantou, as well as in Asia, Africa, Europe, Oceania, South and North America, amongst others. Port investment includes oversea and domestic port investments. The Company puts emphasis on its presence in global major hub locations, gateway ports and regions with huge market potential, rapid economic growth and promising development, in order to capture investment opportunities in ports, logistics and related infrastructure and further improve the global port network. Port operation mainly includes containers and bulk cargo handling and warehousing services. The Company focuses on the construction and management of leading port and the improvement of service, so as to provide clients with higher-quality port services.

In terms of port logistics, the Company leverages innovative park business models and services to deeply explore the synergistic value between ports and parks. It provides customers with diversified value-added services within key zones such as the Shenzhen Qianhai Comprehensive Bonded Zone, Qingdao Qianwan Comprehensive Bonded Zone, Tianjin Dongjiang Comprehensive Bonded Zone, Djibouti International Free Trade Zone, Hambantota Industrial Park. These services include warehousing leasing, customs clearance, division or merger of cargoes, documentation services, and more. The Company is driving growth in port tugboat service, tallying operations, and engineering supervision and management business. It also focuses on port-related business innovation and supply chain logistics. By integrating port ecosystem service resources and fostering collaboration across the upstream and downstream of the port logistics value chain, the Company prioritizes resource openness and sharing. This integrated approach facilitates smoother trade flows and enhances the efficiency of logistics, information, and capital flows within the port service chain, ultimately helping customers reduce costs and improve efficiency.

The smart technology business focuses on the application of new generation of information technology, such as big data, Internet of Things (IoT) and artificial intelligence, promotes “digital intelligence” and “green” upgrades, and continues to empower the core businesses, such as the production, management, services and ecology of the port. Smart technology injects new momentum into the development of the port enterprises.

The main business segments of the Company are as follows:

III Analysis of Core Competitiveness

1. Strong shareholder background and resource integration capability

The Company’s ultimate controlling shareholder, China Merchants Group, is a century-old centrally administered state-owned enterprise that originated from the port and shipping logistics sector, and enjoys an outstanding industry reputation together with extensive business resources.

Founded in 1872, China Merchants Group is a key state-owned backbone enterprise directly administered by the central government. It is also one of the earliest Chinese-funded enterprises established and operated in Hong Kong. As a century-old SOE, a comprehensive central enterprise, and a central enterprise based in Hong Kong, China Merchants Group primarily focuses on four major business segments: transportation and logistics, integrated finance, property and industrial parks, and technology and innovation industries. At present, the Group is committed to becoming an innovation-driven, international and comprehensive world-class enterprise. It is advancing both the transformation and upgrading of traditional industries and the cultivation and expansion of strategic emerging industries, while building a “Smile Curve” that climbs toward the higher end of the industrial chain and a sustainable “Malik Curve”. Through these initiatives, the Group is comprehensively accelerating its “third entrepreneurship” strategy and leading high-quality development to a new level.

The transportation and logistics segment of China Merchants Group covers ports, shipping, logistics, shipbuilding and ship repair, as well as highways, providing extensive opportunities for coordinated services across the industrial chain. As the Group continues to accelerate its international expansion and improve its global logistics network, it effectively supports China Merchants Port in developing into a port investment and operation platform with an international perspective and global expansion capability, as well as an interconnected international port integrated service system.

2. Professional and efficient global port investment capability

The Company focuses on port investment, capturing global industrial trends and local market opportunities, while achieving full-process and full-cycle management throughout the investment lifecycle.

As an important platform for domestic and overseas port investment and operation under China Merchants Group, China Merchants Port has accumulated more than 25 years of experience in port investment and over 15 years of experience in overseas investment. The Company has established a scientific and professional investment management system and built a specialized global investment research team with extensive experience in policy research, industry analysis, risk control, capital raising and post-investment management. The Company continuously conducts in-depth research on the development trends of global industrial and supply chains, focusing resources on its global footprint. By closely aligning with major national strategic opportunities and dynamic overseas investment prospects, the Company makes well-planned investments in strategically significant hub ports and gateway ports around the world.

The Company strives to maintain a balanced distribution of its port investment portfolio across both regions and lifecycle stages. In its overseas operations, the Company adheres to the principle of “extensive consultation, joint contribution and shared benefits,” embedding itself in local communities and actively fostering a community of shared interests. Building upon strengthened connectivity and cooperation, the Company continues to expand new avenues for international collaboration, significantly enhancing its resilience in responding to industry fluctuations, trade frictions and unexpected events.

3. Increasingly sophisticated integrated port management capability

The Company has developed deep expertise in port operations and continues to enhance its integrated management capability through digitalization and platform-based management.

Leveraging its self-developed SMP platform, the Company is comprehensively advancing the digital transformation of business processes and implementing holistic management and control across its operations. While balancing safety and development, the Company adheres to lean operations and maintains a strong focus on its core business, thereby establishing an industryleading management system. Through the implementation of cost leadership and the COE operating mechanism, the Company continues to deepen the integration of business and finance, optimize resource allocation, and effectively promote cost reduction and efficiency improvement. At the same time, by focusing on quality and efficiency enhancement, the Company institutionalizes best practices and continuously strengthens its profitability. The Company’s long-standing accumulation of integrated port management expertise has earned widespread recognition and a strong reputation within the industry.

4. Continuously optimized value chain integrated service capability

The Company is committed to creating value along the regional and logistics chains centered on ports and is advancing toward its vision of becoming a “world-leading port service provider”.

In response to the shipping industry’s increasing demand for network efficiency and collaborative resilience, the Company actively promotes the integration of port assets both domestically and internationally. Relying on its well-established global port network, the Company works in close synergy with the resource strengths of China Merchants Group in maritime transport, land transport, warehousing, logistics and trade. It is dedicated to providing customers with integrated port logistics service solutions, continuously enhancing corporate value and reinforcing its distinctive competitive advantage in the market.

5. Independent innovation capability in smart port development

The Company undertakes its industry responsibility by promoting the upgrading of traditional industries and leading the development of smart ports.

The Company is accelerating its digital and intelligent transformation, promoting the integrated development of technological innovation and industrial innovation, and introducing distinctive integrated smart port solutions within the industry. In terms of core port production operating systems, CMIT, a technology enterprise under the Company, has independently developed a newgeneration CTOS product with strong global market competitiveness. In the construction of industrial internet platforms, the Company has upgraded and developed the “CM ePort” integrated service platform, providing one-stop comprehensive port services for the port, shipping and logistics industries. With the arrival of the artificial intelligence era, the Company has launched the “Piercep” artificial intelligence brand to lead the development of intelligent port ecosystem agents and related products. The Company’s Mawan Smart Port, located in the Guangdong-Hong Kong-Macao Greater Bay Area, is the region’s first 5G-enabled smart port and has been awarded the designation of “China Five-Star Smart Port”, demonstrating the Company’s outstanding achievements in digitalization, intelligentization and green development.

IV Analysis of Principal Businesses

1. Review of port business

(1) Overall overview of port business

In 2025, the container business maintained a steady growth momentum and delivered solid performance overall. The bulk cargo business stabilized its core operations amid a downward market environment, maintaining stable cargo volumes. The Company’s port projects handled a total container throughput of 206.112 million TEUs, representing a year-on-year increase of 5.6%; bulk cargo throughput reached 1.27 billion tonnes, representing a year-on-year increase of 0.3%. For the container business, port projects in Mainland China handled 161.929 million TEUs, representing a year-on-year increase of 6.3%. Ports in Hong Kong and Taiwan recorded a combined throughput of 5.245 million TEUs, representing a year-on-year decrease of 12.9%. Overseas port projects handled 38.938 million TEUs, representing a year-on-year increase of 5.7%. For the bulk cargo business, port projects in Mainland China handled 1.26 billion tonnes, representing a year-onyear increase of 0.2%, while overseas ports handled 10.264 million tonnes, representing a year-onyear increase of 10.9%.

Table 3-1 Company Throughput and Changes in 2025 Note: 1. The above statistics represent the total throughput of the Company’s subsidiaries, associates and joint ventures.

(2) Regional operating performance of port business

Table 3-2 Company Container Throughput and Changes in 2025 (0,000 TEUs)

Note: The Company’s controlled subsidiary completed the acquisition of 51% equity interest in the NPH project in Indonesia, and since July 2024 the throughput of NPH has been included in the Company’s statistical scope.

Table 3-3 Company Bulk Cargo Throughput and Changes in 2025 (0,000 tonnes)

Pearl River Delta region

West Shenzhen Port Zone handled a total container throughput of 16.631 million TEUs, representing a year-on-year increase of 4.0%, mainly benefiting from increased cargo volumes from emerging markets such as Southeast Asia. Bulk cargo throughput reached 15.731 million tonnes, representing a year-on-year decrease of 6.0%, primarily due to market factors. Shunde New Port handled container throughput of 0.386 million TEUs, representing a year-on-year decrease of 17.5%, mainly due to a reduction in empty container volumes. Bulk cargo throughput amounted to 5.325 million tonnes, representing a year-on-year decrease of 5.6%, also mainly affected by market factors. Dongguan Mayong handled bulk cargo throughput of 17.569 million tonnes, representing a year-on-year increase of 4.7%. CKRTT handled container throughput of 0.803 million TEUs, representing a year-on-year decrease of 0.6%, while bulk cargo throughput reached 4.568 million tonnes, representing a year-on-year decrease of 3.2%.

Yangtze River Delta region

SIPG handled container throughput of 55.063 million TEUs, representing a year-on-year increase of 6.9%, while bulk cargo throughput reached 80.510 million tonnes, representing a year-on-year decrease of 5.9%. Ningbo Port handled container throughput of 52.980 million TEUs, representing a year-on-year increase of 11.2%, while bulk cargo throughput reached 690.200 million tonnes, representing a year-on-year increase of 5.0%.

Bohai Rim region

Liaoning Port handled container throughput of 11.264 million TEUs, representing a year-on-year decrease of 8.5%, while bulk cargo throughput reached 233.632 million tonnes, representing a yearon-year decrease of 7.1%. Laizhou Port handled bulk cargo throughput of 15.103 million tonnes, representing a year-on-year increase of 1.7%. Owing to the addition of new foreign trade routes and the growth of laden containers business, QQCTU handled container throughput of 12.859 million TEUs, representing a year-on-year increase of 9.8%. QQTU handled bulk cargo throughput of 13.035 million tonnes, representing a year-on-year decrease of 13.1%, primarily due to market factors. Qingdao Dongjiakou handled bulk cargo throughput of 82.770 million tonnes, representing a year-on-year increase of 6.7%, mainly benefiting from market expansion. Tianjin Port Container Terminal handled container throughput of 8.559 million TEUs, representing a year-on-year increase of 1.4%.

Southeast region

Shantou Port handled container throughput of 1.702 million TEUs, representing a year-on-year increase of 1.4%, while bulk cargo throughput reached 4.168 million tonnes, representing a yearon-year increase of 2.7%. Zhangzhou Port handled container throughput of 0.459 million TEUs, representing a year-on-year increase of 9.5%, mainly benefiting from the development of new shipping routes. Bulk cargo throughput reached 12.056 million tonnes, representing a year-on-year increase of 28%, which was mainly attributable to the market expansion and the optimization of cargo category structure. Xiamen Bay Terminals handled bulk cargo throughput of 4.974 million tonnes, representing a year-on-year decrease of 8.9%, mainly due to a decline in the cargo volume of sandstone.

Southwest region

Zhanjiang Port handled container throughput of 1.223 million TEUs, representing a year-on-year decrease of 7.3%, while bulk cargo throughput reached 76.295 million tonnes, representing a yearon-year decrease of 13.6%, mainly affected by a decline in local cargo sources.

Hong Kong and Taiwan region

CMCS and MTL in Hong Kong handled a combined container throughput of 3.943 million TEUs, representing a year-on-year decrease of 8.1%, mainly due to market factors. KMCT in Taiwan handled container throughput of 1.302 million TEUs, representing a year-on-year decrease of 24.9%, also mainly affected by market factors.

Overseas region

In 2025, the Company’s overseas port projects generally recorded a growth trend. CICT in Sri Lanka handled container throughput of 3.293 million TEUs, representing a year-on-year decrease of 3.0%. HIPG in Sri Lanka commenced its container business in the first half of 2024 and handled container throughput of 0.428 million TEUs in 2025, representing a year-on-year increase of 707.5%. Its bulk cargo throughput reached 2.808 million tonnes, representing a year-on-year increase of 22.2%, which was mainly benefitted from the volume increase in RORO business. NPH in Indonesia completed its acquisition in the first half of 2024 and handled container throughput of 0.788 million TEUs in 2025, representing a year-on-year increase of 89.0%. LCT in Togo handled container throughput of 1.961 million TEUs, which was mainly benefitted from the enhancement of port capacity and the increase of international transshipment volumes. TCP in Brazil handled container throughput of 1.662 million TEUs, representing a year-on-year increase of 6.7%, which was mainly benefitted from the increase in reefer container business volume. Kumport in Türkiye handled container throughput of 1.547 million TEUs, representing a year-on-year increase of 22.8%, which was mainly benefitted from successfully securing long-term service contracts with shipping lines. Its bulk cargo throughput reached 0.148 million tonnes, representing a year-on-year decrease of 68.6%, which was mainly due to actively pursuing business transformation. PDSA in Djibouti handled container throughput of 1.134 million TEUs, representing a year-on-year decrease of 13.6%, which was mainly due to a decline in international transshipment cargoes. Its bulk cargo throughput reached 5.412 million tonnes, representing a year-on-year increase of 18.2%, which was mainly due to the increase in import demand in economic hinterland. Terminal Link, a portfolio of ports investment, handled container throughput of 27.758 million TEUs, representing a year-onyear increase of 3.2%.

2. Implementation of operating plan during the reporting period

During the reporting period, the Company adhered to the general principle of seeking progress while maintaining stability. Aiming at the goal of becoming a “world-leading port service provider”, the Company made every effort to grasp reform, foster innovation, and promote development. The overall operational performance demonstrated a robust momentum characterized by progressing while maintaining stability, improving quality while advancing.

(1) Consolidated the homebase port infrastructure and focused on strengthening core advantages. The container throughput of the West Shenzhen Port Zone exceeded 16 million TEUs, hitting a record high again, and its foreign trade market share continued to lead in the Guangdong-Hong Kong-Macao Greater Bay Area. The bulk cargo business actively expanded into new commodity categories to secure its cargo volume foundation, while maintaining market-leading positions in its core commodity segments. CICT in Sri Lanka persistently strengthened its local market position, achieving steady improvement in profitability. HIPG’s container business capabilities were significantly enhanced as its volume has experienced leapfrog growth and its RORO business volume achieved record high. With steady improvement in operational indicators, the Group achieved milestone results in the progress of building world-leading port.

(2) Overseas expansion progressed steadily, and the performance of existing projects was outstanding. The China Merchants Port, the Company's controlled subsidiary, signed the share purchase agreement for the Vast project in Brazil to expand its presence in the Latin America. Container throughput of several overseas projects reached record high, among which TCP in Brazil improved efficiency to break through capacity bottlenecks, with container throughput exceeding 1.66 million TEUs. LCT in Togo became the first terminal in Africa to normalize the handling of 24,000 TEU container vessels, further consolidating its position as a transshipment hub in West Africa, with container throughput increasing by 17.9% year-on-year. Kumport in Turkey successfully secured long-term service contracts, with container throughput increasing by 22.8% year-on-year, fully demonstrating the synergistic advantages of the Company’s global layout and its high-level international operation and management capabilities.

(3) Lean management continued to deepen, with significant results achieved in enhancing quality and efficiency. The Company systematically promoted lean management, enhancing resource efficiency and operating effectiveness through mechanism optimization and process control. By deepening the COE mechanism and promoting optimization experience, the engineering management system is improved to save costs and drive project progress. Commercial coordination and centralized procurement were strengthened to enhance value creation capabilities, and the refined cost control system was continuously improved. The said initiatives have achieved solid results in areas such as process optimization, cost control, and asset returns, laying a solid foundation for the improvement of overall operational quality and efficiency.

(4) The construction of digital and intelligent ports has accelerated, empowering the core business to improve quality and efficiency. The “CMCore” CTOS terminal operating system was successfully implemented in key overseas projects in countries such as Brazil, Italy, and Turkey. The West Shenzhen Port Zone steadily promoted the pilot application of SMP, achieving datadriven empowerment for lean cost analysis and supporting refined operational decision-making. The operational service model of the “CM ePort” service platform was reconstructed to develop value-added services for the logistics supply chain. The Company officially launched the “Piercept” artificial intelligence brand and rolled out intelligent agents for six high-value scenarios, including equipment operation and maintenance, promoting the deep application of artificial intelligence technology in core production stages.

(5) The green and low-carbon transition has accelerated, and carbon efficiency levels have improved significantly. We achieved a breakthrough in its clean energy bunkering service capacity, with the first ship-to-ship LNG bunkering operation completed in the West Shenzhen Port Zone. The Group has consolidated its green energy supply foundation by adding distributed photovoltaic and electrified equipment to reduce fuel consumption and exhaust emissions; improved green infrastructure supporting facilities by constructing intelligent battery swapping stations and charging piles and initially establishing an integrated “swapping + charging” energy replenishment network; and deepened the application of green and low-carbon technologies by researching, developing, and promoting hoisting potential energy recovery and permanent magnet motor technologies, among others.

(6) Consolidated achievements as a "Double Hundred" benchmark enterprise, systematically unlocking reform efficiencies. Having secured top-tier "Double Hundred Action" benchmark status with reform outcomes receiving authoritative recognition, the Company advanced comprehensive reforms downward to the grassroots level throughout the year. At the governance level, the modern corporate governance system was continuously refined, with the Board's functions in "setting strategy, making decisions, and preventing risks" comprehensively strengthened, and the authorization mechanism with clear powers and responsibilities and standardized processes, as well as the whole-process closed loop supervision, operating efficiently. At the mechanism level, core systems including market-oriented talent selection and differentiated compensation incentives have permeated to the grassroots level, resulting in a comprehensive enhancement of organizational vitality and operational efficiency.

(7) Advanced the implementation of new ESG regulations, achieving renewed rating excellence. Closely aligning with ESG policy requirements promulgated by national and local authorities in recent years, the Company continuously deepened ESG management integration, tightly coupling new ESG regulations with our daily operation and management. During the year, the Company focused on promoting the implementation and deepening of material issues such as climate change, biodiversity and supply chain management, and continued to develop ESG information systems to ensure information security. In terms of ratings, the Company's Wind ESG rating was upgraded from AA to AAA, ranking first in the industry. The Company received honors including "Wind 2025 Best ESG Practice Top 100 Chinese Listed Companies" and "CMG China ESG Pioneer 100 Central SOEs." The Company's controlled subsidiary, China Merchants Port, has seen its MSCI ESG rating upgraded from BBB to A, the highest rating among Hong Kong-listed industry peers.

3. Income and Cost Analysis

(1) Breakdown of Operating Income

Unit: RMB

(2) Operating Division, Product Category, Operating Segment or Sales Model Contributing over 10% of Operating Income or Operating Profit

Unit: RMB

Core business data of the prior year restated according to the changed statistical caliber for the Reporting Period:

 Applicable √ Not applicable

(3) Whether Revenue from Physical Sales Is Higher than Service Revenue

 Yes √ No

(4) Execution Progress of Major Signed Sales and Purchase Contracts in the Reporting Period

 Applicable √ Not applicable

(5) Breakdown of Operating costs

Unit: RMB

(6) Changes in the Scope of Consolidated Financial Statements for the Reporting Period

√ Yes  No

In January 2025, China United Tally Co., Ltd. Shantou (hereinafter referred to as 'China Tally'), an associate of the Company’s subsidiary Shantou Port, absorbed Shantou Zhongli Wailun tally Co., Ltd. (hereinafter referred to as 'Shantou Zhongli'), a subsidiary of Shantou Port. After the transaction, Shantou Port holds 62.50% shares of China Tally, which contributs to business combination not involving enterprises under common control. Consequently, China Tally has been in the scope of consolidation for the current year. Shantou Zhongli was deregistered on 14 February 2025 after the transaction.

(7) Major Changes to the Business Scope or Product or Service Range in the Reporting Period

 Applicable √ Not applicable

(8) Major Customers and Suppliers

Major customers:

Top five customers:

Other information about major customers:

 Applicable √ Not applicable

Major suppliers:

Top five suppliers:

Other information about major suppliers:

 Applicable √ Not applicable

4. Expense

Unit: RMB

5. Research and Development (R&D) Investments

Details about R&D personnel:

Details about R&D investments:

Reasons for any significant change to the composition of the R&D personnel and the impact: The Company actively carried out digital upgrades, and the R&D projects of its subsidiaries shifted from equipment upgrades and renovations to digital system development. Also, the R&D personnel shifted to be mainly information technology personnel. The changes in structure had no significant impact.

Reasons for any significant YoY change in the percentage of R&D investments in operating income:

 Applicable √ Not applicable

Reason for any sharp variation in the percentage of capitalized R&D investments and rationale:

 Applicable √ Not applicable

6. Cash Flows

Unit: RMB

Explanation of why any of the data above varies significantly on a year-on-year basis:

Cash inflows from investing activities increased by 69.65% year-on-year, mainly due to the impact of the increased recovery of structured deposits on a year-on-year basis.

Cash outflows from investing activities increased by 74.56% year-on-year, mainly due to the impact

of the increased purchases of structured deposits on a year-on-year basis.

Net cash inflow from investing activities decreased by 239.71% year-on-year, mainly due to the combined impact of changes in structured deposits.

Net increase in cash and cash equivalents decreased by 355.96% year-on-year, mainly due to the combined impact of investing and financing cash flows.

Explanation of why net cash inflow from operating activities varies significantly from net profit of the Reporting Period:

 Applicable √ Not applicable

V Analysis of Non-Core Businesses

Unit: RMB

VI Analysis of Assets and Liabilities

Indicate whether overseas assets account for a high proportion of total assets.

1. Significant Changes in Asset Composition

Unit: RMB

√ Applicable  Not applicable

2. Assets and Liabilities at Fair Value

Unit: RMB

Other changes:

Other changes in receivables under financing are primarily attributable to changes in receivables under financing.

Significant changes to the measurement attributes of the major assets in the Reporting Period:  Yes √ No

3. Restricted Asset Rights as at the Period-End

The restricted cash and bank balances were RMB100,488,698.75 in total, including security deposits, accrued interest that had not yet been received, etc.

The carrying value of fixed assets as collateral for bank loans was RMB1,124,374,793.46.

VII Investments Made

1. Total Investment Amount

2. Major Equity Investments Made in the Reporting Period

 Applicable √ Not applicable

3. Major Non-Equity Investments Ongoing in the Reporting Period

 Applicable √ Not applicable

4. Financial Investments

(1) Securities Investments

Unit: RMB

(2) Investments in Derivative Financial Instruments

 Applicable √ Not applicable

VIII Sale of Major Assets and Equity Investments

1. Sale of Major Assets

 Applicable √ Not applicable

No such cases in the Reporting Period.

2. Sale of Major Equity Investments

 Applicable √ Not applicable

No such cases in the Reporting Period.

IX Principal Subsidiaries and Joint Stock Companies

Principal subsidiaries and joint stock companies with an over 10% effect on the Company’s net

profit:

Unit: RMB

Subsidiaries obtained or disposed of in the Reporting Period:

Other information on principal subsidiaries and joint stock companies:

There is no other information related to the Company’s principal subsidiaries and joint stock companies in the Reporting Period that is required to be disclosed.

X Structured Entities Controlled by the Company

 Applicable √ Not applicable

XI Outlook for the Company’s Future Development

1. Industry Landscape and Trends

In terms of international trade and economic environment, the global economic landscape is undergoing accelerated restructuring. Amid uncertainties such as geopolitical conflicts, security concerns and inflationary pressures, global economic growth momentum has slowed. Against the backdrop of supply chain reorganization, international trade is exhibiting several notable trends: cross-regional trade is partly giving way to regional trade; multilateral trade is partly giving way to bilateral trade; facilitation-oriented trade is partly giving way to security-oriented trade; and costperformance-driven trade is partly giving way to green trade. Under these circumstances, trade flows, investment decisions and the structure of global value chains are being rapidly reshaped, with developing economies facing both multiple risks and strategic opportunities.

In terms of domestic economic and trade environment, China’s economy remains supported by solid fundamentals, numerous advantages, strong resilience and substantial potential. The long-term positive outlook and underlying fundamentals remain unchanged, while the advantages of a superlarge market, a comprehensive industrial system and abundant talent resources continue to become more prominent. China remains committed to placing the focus of economic development on the real economy and promoting transformation toward intelligence, green development and integration. It is seizing the historic opportunities arising from a new round of technological revolution and industrial transformation, comprehensively enhancing independent innovation capabilities, striving to occupy the commanding heights of technological development, and accelerating the cultivation and development of new quality productive forces. China will continue to expand domestic demand, using new demand to drive new supply and new supply to create new demand, thereby promoting a virtuous cycle between consumption and investment as well as between supply and demand, and continuously strengthening the endogenous momentum and reliability of the domestic economic circulation. At the same time, China will steadily advance institutional opening-up, safeguard the multilateral trading system, expand the space for international economic circulation, and promote reform and development through a higher level of opening-up.

In recent years, profound changes unseen in a century have accelerated worldwide, with significant adjustments in the geopolitical landscape. Global industrial and supply chains are increasingly evolving toward diversified deployment, regional cooperation, green transformation and digital upgrading. As key hubs and critical nodes of international trade flows, ports are assuming an increasingly prominent strategic role in the global trading system and integrated logistics networks. Global port operators are actively seizing emerging opportunities, continuously enhancing port service quality, expanding the economic reach of their hinterlands, and strengthening synergies with other logistics participants to provide customers with more comprehensive and high-quality logistics solutions. Competition among international ports in terms of shipping route resources, cargo organization and service capabilities is becoming increasingly intense, bringing both new opportunities and challenges to the port industry. Looking ahead, the port industry is expected to develop along the following trends:

(1) Globalization of Port Networks. Against the backdrop of deepening global economic integration and increasingly internationalized competition in the port market, port transformation and upgrading have shifted from a sole focus on throughput and short-term economic returns to greater emphasis on long-term value creation. Continuous advancement of global port deployment and the development of integrated port service systems with stronger innovation capability and higher value-added services will further enhance corporate competitiveness, influence and driving power.

(2) Integrated Port Services. As the restructuring of global supply chains continues to deepen, trends such as friend-shoring, regionalization and near-shoring across industrial chains are becoming more pronounced, accelerating the transformation of ports from traditional cargo-handling hubs into integrated logistics service nodes. By systematically expanding high value-added extended services around core port operations, ports are exploring premium shipping routes, multimodal transport, digital and intelligent technologies, and green and low-carbon services based on port scenarios. This enables ports to provide professional and customized logistics solutions and deliver more flexible, secure and efficient logistics services to customers.

(3) Digital and Intelligent Port Operations. The level of port digitalization now plays a greater role in improving port productivity than upgrades to physical infrastructure. Breakthroughs and innovations in artificial intelligence technologies will accelerate the industry’s transition from “process digitalization” to “intelligent decision-making,” continuously empowering core port functions including production, management, services and ecosystem development, and enabling the delivery of smarter, more efficient and more personalized services.

(4) Green and Low-Carbon Development of Ports. The port industry is systematically advancing the transition toward green and low-carbon development. This includes the wider application of clean energy, the construction and upgrading of environmental protection facilities, and the development of green industrial chains. Such initiatives not only align with national strategic objectives but also make important contributions to global environmental protection and sustainable development.

2. Corporate Development Strategy

The Company is committed to becoming a “world-leading port service provider.” Standing at a new stage of development, it will fully and accurately implement the new development philosophy, take high-quality development as its core objective, and accelerate technology leadership and innovation-driven growth. Through scientifically planned global deployment and balanced development, the Company aims to provide first-class integrated port service solutions, create greater value for shareholders, actively empower local economic and industrial development, and promote the sustainable development of the port industry.

First, the Overseas Strategy. The Company will accurately recognize and seize strategic opportunities arising from the restructuring of shipping alliances and the evolution of logistics corridors. Focusing on its core business while expanding internationally, the Company will prioritize deployment in major global hub ports, gateway ports, and regions with strong market potential, rapid economic growth and promising development prospects. It will actively capture investment opportunities in ports, logistics and related infrastructure, further enhance its global port network, and strengthen its capability in international resource allocation and the resilience of its global service network.

Second, the Lean Operations Strategy. Guided by the principles of refining resource allocation, strengthening resource efficiency and optimizing operational evaluation, the Company aims to enhance asset returns and gross margin levels. Focusing on lifecycle management of resources, the Company will strengthen demand analysis and dynamic assessment, scientifically optimize the allocation of resources and production factors, and streamline production processes to comprehensively improve resource utilization efficiency and operational quality, thereby achieving sustainable development. At the same time, it will establish a comprehensive operational evaluation system based on quantitative indicators, improve risk management mechanisms, and coordinate the implementation of strategic objectives, providing sustained momentum for the Company’s highquality development.

Third, the Technology Innovation Strategy. The Company will proactively promote the upgrade of traditional industries, facilitating the realization of the overall strategic target of becoming a “worldleading port service provider”. The Company will seize the dual opportunities of “industrial digitalization” and “digital industrialization,” comprehensively promoting the deep integration of digital and intelligent technologies with its core port business. This will empower the Company’s production and operations, market expansion, operational management and capital operations, reshape new development models, and enhance the scientific and refined nature of production operations, customer services, operational management and decision-making, thereby completing industrial upgrading and the transformation of growth drivers.

Fourth, the Home Port Strategy. The Company will prioritize key initiatives and advance the highquality development of both domestic and overseas home ports in a coordinated manner. Centered on the development of West Shenzhen Port Zone, the Company will actively align with the industrial and logistics demands of the Pearl River Basin, optimize the collection and distribution system, guide cargo flows, and innovate in providing efficient, customized and highly competitive end-to-end logistics solutions. These efforts will comprehensively enhance the aggregation effect and regional influence of West Shenzhen Port Zone across the Pearl River Basin, enabling sustainable development. At the same time, focusing on the development of the Sri Lanka home port, the Company will build a well-functioning and highly coordinated port and shipping ecosystem service cluster, significantly enhancing international shipping service capability and regional influence while extending its reach across the South Asian subcontinent and surrounding regions.

Fifth, the Green and Low-carbon Strategy. The Company will seize the opportunities presented by the green transformation of industries, thoroughly implement the concept of green development, and actively fulfil its social responsibilities. It will systematically optimize the port energy structure, improve modern green port management systems and mechanisms, expand scenarios for green energy supply, widely promote green investment principles, and strive to build a new generation benchmark for green and intelligent ports characterized by low energy consumption and low emissions.

Sixth, the Talent Strategy. The Company will, drawing on the Mangrove ecosystem, stay focused on the direction of “supporting corporate strategy and leading talent development”, establish a talent development environment with “openness and inclusiveness, dynamic balance, synergy and symbiosis, and sustained prosperity”, and create a “talent habitat” and “source of innovation” possessing global competitiveness. These enable individuals with diverse expertise to find their rightful place and realize their potential, ultimately fostering a virtuous ecosystem of “sustainable talent cultivation and vibrant innovation”, thereby providing enduring impetus for the Company’s strategy of becoming a world-leading port service provider.

3. 2026 Operation Plan

In 2026, the Company will accelerate, strengthen and intensify the three-drivers model of “Global Presence”, “Lean Management”, and “Innovative Transformation”, respectively, and spares no effort to further strengthen strategic confidence, maintain strategic focus, and tackle key challenges to achieve breakthroughs in deepening reforms. The Company continues to exert efforts in innovation-driven development, and implement precise measures in high-quality development to coordinately promote various tasks including expanding space, stabilizing growth, adjusting structure, improving driving forces, and consolidating foundations, so as to lay a solid foundation for a good start of the “15th Five-Year” Plan. The tactics of “Five Insistences” will be firmly implemented.

(1) Insistence on Long-termism to Explore Room for Development

The Company will strengthen its strategic leadership and control capabilities and firm up its global deployment to align with the overall national development, and comprehensively enhance its sustainable development capabilities. Firstly, it will systematically promote the construction of the strategic management system, fully implement the “15th Five-Year” strategic plan, formulate strategic management regulations, and define the corporate strategic positioning, development objectives, and key initiatives through a clear hierarchical classification. Secondly, the Company will deepen the overseas strategic presence, accelerate the pace of internationalization, and proceed with the closing of the Vast project in Brazil in an orderly manner.

(2) Insistence on the Main Responsibility and Core Business to Improve the Quality of Development

The Company will focus on its core business of ports, optimize and strengthen the controlled terminals, promote the high-quality development through quality and efficiency enhancement, and steadily extend the comprehensive port service chain to build an integrated port ecosystem. Firstly, the Company will undertake the integration of container business resources and the optimization of deployment in the West Shenzhen Port Zone, and push forward the construction of the Dachan Bay Phase II project in an orderly manner. Secondly, the strategic synergy of CICT and HIPG in Sri Lanka will be deepened to enhance regional synergy levels and customer service capabilities, and actively expand the market. Meanwhile, TCP in Brazil will keeping on upgrading its cargo handling capacity to consolidate competitive advantages, and maintain market share. Thirdly, the Company will improve the quality and capacity of the bonded logistics business, strengthening the collaboration with port operators so as to increase the value creation capabilities.

(3) Insistence on Lean Management to Drive Endogenous Growth

The Company will continue to deepen lean management at a high standard, strengthen synergies and cooperation at a high grade, and promote ESG construction at a high level, so as to add impetus to its endogenous growth. Firstly, the Company will strengthen penetrating control and comprehensively enhance the capabilities of its operational management, asset management, financial control, engineering construction management, and commercial marketing coordination. Secondly, the Company will deepen the collaboration with business partners, expand the depth and breadth of cooperation, intensify the efforts to market development and precision marketing, deepen the strategic cooperation with key shipping company customers, and enhance market share and service stickiness. Thirdly, the Company will continue to optimize the ESG management system, implement the ESG information disclosure at a high-quality manner, strengthen the sustainable development and brand building, and enhance the Company’s social image and brand influence.

(4) Insistence on Reform and Innovation to Create Growth Advantages

The Company will adhere to reform-led and innovation-driven development, continue to optimize mechanisms and systems, and accelerate the promotion of synergy between technological innovation and green and lowcarbon transformation. Firstly, the Company will deepen and expand the benchmark achievements of the “Double Hundred Action” reform initiative and refine a number of replicable and scalable best practices. Secondly, the Company will continuously enhance corporate governance standards and promote the establishment of boards of directors of the Company and its subsidiaries. Thirdly, the Company will promote the application of artificial intelligence technology across the entire system, facilitate the deepening and concrete implementation of digital and intelligent transformation, accelerate the construction of a new generation of fully automated terminal solutions, and promote the evolution towards production intelligence and unmanned operations. Fourthly, the Company will systematically undertake the transformation of green and low-carbon development, strengthen the green energy supply capacity, promote the construction of photovoltaic power generation, optimize the configuration of clean energy, and accelerate the process of equipment electrification so as to build a low-carbon and efficient green port ecosystem.

(5) Insistence on Foundation Reinforcement to Consolidate the Basis for Development

The Company will uphold Party leadership and closely align with the overall agenda of corporate reform and development, deepen the integration of Party building with business operations, enhance the value of the “Tongxin Tonglian” brand, and support the Company’s high-quality development. The Company focuses on the effective implementation of its talent strategy and systematically promotes the construction of the “Mangrove” talent ecosystem, centering on the development of four core talent teams in business management, overseas operations, practical skills, and scientific and technological innovation, so as to consolidate the talent foundation for the corporate’s sustainable development. Embracing the “Efficiency Enhancement Year” mission of its three-year campaign to tackle the root causes of production safety, the Company anchors its efforts on proactive risk prevention and control, as well as achieving zero hidden dangers through closed-loop management. It deepens the specialized investigation and rectification of major accident hazards, intensifies the full-chain “single issue” rectification in key industries, continuously strengthens resilience in major safety risk prevention and control, and elevates intrinsic safety levels so as to reinforce the safety foundation for high-quality development.

4. Potential Risks and Countermeasures

(1) Risk of Macroeconomic Fluctuations

Global economic growth momentum remains relatively weak. Factors such as geopolitical conflicts, changes in the international trade environment and the restructuring of global supply chains continue to introduce uncertainty into global trade and port operations. Unexpected events, including the Red Sea crisis, have further highlighted challenges related to supply chain stability, driving adjustments in global shipping routes and cargo flows. This may result in regional fluctuations in port throughput and pose potential impacts on the Company’s business development.

The Company adheres to top-level strategic planning with a global perspective and actively responds to changes in the external environment. First, it will continue to monitor macroeconomic and geopolitical developments, promote the transformation and upgrading of port operations and the optimization of its global network, and adjust business strategies in a timely manner to enhance development resilience. Second, the Company will improve internal coordination mechanisms and expand its service chain and the reach of its economic hinterland. Third, it will strengthen core technology research and development, leveraging innovation to improve operational efficiency and service capability while systematically mitigating external risks.

(2) Policy Change Risk

Globally, the continued evolution of trade policies and environmental regulations, as well as increasingly stringent regulations in areas such as industrial support and carbon emission reduction in various countries, may bring structural impacts on port investment footprint and business models, while increasing compliance costs. At the same time, domestic policies promoting high-quality development and encouraging cost reduction and efficiency improvement across the industry have also placed higher demands on the operational efficiency and service capabilities of port enterprises.

To effectively address the challenges arising from policy changes, the Company has established a multi-level and forward-looking response framework. First, it will strengthen risk assessment and build a comprehensive macro-policy analysis system to dynamically adjust investment and operational planning. Second, the Company will optimize its global footprint and investment portfolio to diversify the impact of policy-related risks. Third, it will enhance ESG management and improve corporate governance standards to strengthen sustainable development capabilities and maintain compliant operations amid changes in the global policy environment. Fourth, the Company will strengthen project governance to ensure compliance with investment approval procedures, establish internal control and compliance processes covering all business activities, and enhance oversight in key overseas compliance areas. Fifth, the Company will improve risk hedging mechanisms by utilizing tools such as commercial political risk insurance to enhance risk mitigation capacity.

(3) Operational and Management Risk

As the Company continues to expand its global network, differences in business environments and cultural contexts across countries and regions may present challenges for cross-regional coordination, operational efficiency improvement and the realization of investment returns. Meanwhile, the restructuring of global supply chains and market fluctuations require port operations to possess stronger resource integration capabilities and faster response speeds, thereby increasing management complexity.

To address the management challenges associated with global operations, the Company will continue to enhance its systematic management capabilities. First, it will deepen management coordination and resource integration across its global terminal network, improving overall efficiency and service quality through standardized and lean operations. Second, the Company will strengthen full-lifecycle management of investment projects, optimize its asset portfolio, and enhance post-investment evaluation and value improvement mechanisms. Third, it will continue to advance the digital and intelligent transformation of management, leveraging data platforms and intelligent systems to improve operational analysis and decision-support capabilities. Fourth, the Company will further refine a comprehensive risk management framework commensurate with the scale of its operations, strengthening internal control mechanisms in areas such as finance, operations and cross-cultural management to ensure sustained and healthy business development.

XII Communications with the Investment Community such as Researches, Inquiries and Interviews

XIII Implementation of the Market Value Management System and Valuation Enhancement Plan

Indicate whether the Company has a market value management system.

√ Yes  No

Indicate whether the Company has disclosed a valuation enhancement plan.

√ Yes  No

To effectively promote the enhancement of the listed company's investment value, increase investor returns, and protect the legitimate rights and interests of the Company, investors, and other stakeholders, the Company actively responds to and implements regulatory requirements. Based on the Company’s specific situation, a valuation enhancement plan has been developed. The Company will focus on improving the quality of the listed company, enhancing operational efficiency and profitability, and legally and compliantly using methods such as share repurchases and cash dividends to promote the increase of the Company’s investment value.

In accordance with relevant provisions such as the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Several Opinions of the State Council on Strengthening Supervision, Preventing Risks, and Promoting the High-Quality Development of the Capital Market, the Administrative Measures for Information Disclosure of Listed Companies, the Guidance No. 10 on Market Value Management for Listed Companies, the Articles of Association, etc., the Company held the First Extraordinary Meeting of the 11th Board of Directors in 2025 on 27 February 2025, and passed the proposal on the Valuation Enhancement Plan. For specific details, please refer to the Valuation Enhancement Plan disclosed on www.cninfo.com.cn on 28 February 2025 (Announcement No.: 2025-007). On 1 April 2026, the Company held the Sixth Meeting of the 11th Board of Directors, and passed the proposal on the Assessment Report on the Implementation of the 2025 Valuation Enhancement Plan. For specific details, please refer to the Assessment Report on the Implementation of the 2025 Valuation Enhancement Plan disclosed on www.cninfo.com.cn on 3 April 2026 (Announcement No.: 2026-017).

XIV Implementation of the Action Plan for "Dual Enhancement of Development Quality and Investor Returns"

Indicate whether the Company has disclosed its Action Plan for “Dual Enhancement of Development Quality and Investor Returns”.

√ Yes  No

In order to implement the requirements of the State Council’s Opinions on Strengthening Supervision and Preventing Risks and Promoting High-Quality Development of the Capital Market and Opinions on Further Improving the Quality of Listed Companies, the Company has formulated the Action Plan for “Dual Enhancement of Development Quality and Investor Returns”, with a view to continuously improving the quality of the Company, enhancing the returns to investors, ensuring that relevant stakeholders share the fruits of the Company’s development, and achieving sustainable development. For details, please refer to the Announcement on the Initiation of the Action Plan for “Dual Enhancement of Development Quality and Investor Returns” (Announcement No.: 2024-068) disclosed on www.cninfo.com.cn. During the Reporting Period, the Company operated in a stable manner, adhered to standardized operations, and ensured proper information disclosure, insider information management, and investor relations management. It deepened communication with investors, engaging with a total of 572 investors throughout the year. The Company established a good corporate image and maintained a stable dividend policy while deeply implementing ESG principles. The Action Plan for “Dual Enhancement of Development Quality and Investor Returns” has been effectively implemented.

Part IV Environmental, Social and Governance Information

I General Information of Corporate Governance

Ever since its establishment, the Company has been in strict compliance with the Company Law and Securities Law, as well as relevant laws and regulations issued by CSRC. And it has timely formulated and amended its relevant management rules according to the Code of Corporate Governance for Listed Companies, which are conscientiously and carefully executed. An effective system of internal control has thus taken shape in the Company. Details about corporate governance are set out as below:

1. Establishment of systems: During the Reporting Period up to the date of this Report, in accordance with the applicable laws and regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, the Company has revised 33 rules and established five new rules. Corporate governance mechanisms and rules that the Company has already established are as follows: Articles of Association of the Company, Rules of Procedure for Shareholders’ Meetings, Rules of Procedure for the Board of Directors, Working Articles of Audit Committee of the Board of Directors, Working Rules of Annual Report for Audit Committee of the Board of Directors, Working Articles for Nomination, Remuneration and Appraisal Committee of the Board of Directors; Working Articles of Strategy and Sustainability Committee of the Board of Directors, Working System for Independent Directors, Working Rules of Annual Report for Independent Directors, Working Articles of Chief Executive Officer, Working Articles of Board Secretary, Management System for Company Shares held by Directors and Senior Management and Their Changes, Management Rules on Information Disclosure, Management System on Inside Information and Insiders, Rules of Accountability for Significant Mistakes in Annual Report Information Disclosure, Information Disclosure Management Rules for the Inter-bank Debt Financing Instrument, Management System of Related-party Transactions, Management System of Fund-raising, Management System of Outward Investment, Management System of Securities Investments, Specific System for Engaging Accountants, Management System on Person in Charge of Finance and CFO, Management Method of Financial Tools, Management System of External Guarantees, Management System of Subsidiaries, Internal Audit System, Management Method of

Donations, Management System of Investors’ Relations, Rules of Procedures for Office Meeting, Management System on the Authorization of the Board of Directors, Performance Appraisal Methods for Managers, Management Methods of Total Wages, Management Methods for the Remunerations of Managers, Management Methods for Professional Managers, Methods for Tenure-Based and Contractual Management, Liabilities Management System, Management Methods for Supporting Independent Directors in Performing Their Duties, Board Resolution Tracking, Implementation, and Post-Implementation Evaluation System, Market Value Management System, Management System for the Departure of Directors and Senior Management, Management System for the Deferral and Exemption of Information Disclosure, Risk Management and Internal Control Management System, Management Methods for Board Meeting Proposals, etc. There isn’t difference between the actual circumstances of the Company and all established systems, demonstrating sound and effective systems.

2. Shareholders and shareholders’ meeting: the Company ensures that all the shareholders, especially minority shareholders, are equal and could enjoy their full rights. The Company called and held shareholders’ meetings strictly in compliance with the Rules for Shareholders’ Meeting.

3. Relationship between the controlling shareholder and the Company: controlling shareholder of the Company acted in line with rules during the Reporting Period, did not intervened the decisions, productions or operations of the Company directly or indirectly in exceeding the authority of the shareholders’ meeting, and did not occupy any funds of the Company.

4. Directors and the Board of Directors: the Company elected directors in strict accordance with the Articles of Association. Number and composition of members of the Board were in compliance with relevant laws and regulations. During the Reporting Period, the Board of Directors implemented six powers including rights to make decisions on medium- and long-term development, select and engage Management members, evaluate performance of Management members, manage the remuneration of Management members, manage the distribution of employees and manage major financial affairs in accordance with the Implementation of the Functions and Powers of the Board of Directors, strengthening the ability of the Board of Directors to exercise their rights and fulfil their responsibilities. All directors of the Company fulfilled their responsibilities loyally and diligently, actively attending Board meetings and the shareholders’ meetings, expressing views and discussing on proposals submitted to and deliberated by the Board during the Reporting Period. Proposals deliberated by the Board were all agreed. The Board of Directors of the Company has set up the Audit Committee, the Nomination, Remuneration and Appraisal Committee, and the Strategy and Sustainability Committee. During the Reporting Period, each committee gave full play to its professional functions, researched each professional affairs, offered views and advice, assisted the Board in carrying out works, and actively came up with ideas, providing strong guarantee for the scientific and efficient decision-making of the Board.

5. Stakeholders: the Company fully respected and safeguarded the legal rights and interests of the banks and other creditors, staff, clients and other stakeholders so as to develop the Company in a consistent and healthy way.

6. Information disclosure and transparency: As the primary responsible entity for information disclosure, the Board of Directors of the Company is responsible for managing the information disclosure matters of the Company. Chairman of the Board assumes a central role in managing the information disclosure matters of the Company while the Board Secretary is responsible for organizing and coordinating such matters. The Board Secretary of the Company is responsible for the management of investor relationships. Unless expressly authorized and trained, other directors, senior management members and staff members of the Company should avoid speaking on behalf of the Company in investor relationship activities. The Company disclosed relevant information in a true, accurate, complete and timely way in strict accordance with the requirements of laws, regulations and the Articles of Association, formulated the Management Rules on Information Disclosure, the Management System on Inside Information and Insiders and the Rules on the Management of Investors Relations, and designated Securities Times, China Securities Journal, Shanghai Securities News, and http://www.cninfo.com.cn as its newspaper and website for information disclosure, so as to ensure all shareholders have equal opportunity to obtain the information.

Since the foundation, the Company was consistently in strict accordance with Company Law and relevant laws and regulations to make a standard operation, continued business-running in line with relevant requirements of Corporate Governance Principle for Listed Companies and earnestly made effort to protect profit and interests of shareholders and stakeholders.

Indicate by tick market whether there is any material incompliance with the laws, administrative regulations and regulations issued by the CSRC governing the governance of listed companies.

 Yes √ No

No such cases in the Reporting Period.

II The Company’s Independence from Its Controlling Shareholder and Actual Controller in Asset, Personnel, Financial Affairs, Organization and Business

The Company is absolutely independent in business, personnel, assets, finance and organization from its controlling shareholder and actual controller. Details are set out as follows.

Separation in business: The Company has its own assets, personnel, qualifications and ability to carry out operating activities and is able to operate independently in the market. Separation in personnel: The Company has basically separated its staff from its controlling shareholder. No senior management staff of the Company holds positions at controlling shareholder of the Company. Separation in assets: The Company possesses its own self-governed assets and domicile. Separation in organization: The Company has established and improved the corporate governance structure according to law and has an independent and complete organizational structure. Separation in finance: The Company has set up its own financial department as well as normative accounting system and the financial management system on its subsidiaries. The Company has its own bank accounts and does not share the same bank account with its controlling shareholder. The Company has been paying tax in accordance with the laws and regulations on its own behalf.

III Horizontal Competition

 Applicable √ Not applicable

IV Directors and Senior Management

1. General Information

Indicate by tick mark whether any directors or senior management departed their jobs during the Reporting Period

√ Yes  No

During the Reporting Period, senior management of the Company departed their jobs mainly for job change. For more details, please see the table below.

Change of Directors and Senior Management

2. Biographical Information

Professional backgrounds, major work experience and current duties in the Company of the incumbent directors and senior management:

Feng Boming, Chairman of the Board, graduated from the University of Hong Kong, with a master’s degree in business administration. He is currently Chairman of the Board, Convenor of the Strategy and Sustainability Committee, a member of the Nomination, Remuneration and Appraisal Committee of the Company, Deputy General Manager of China Merchants Group Limited, Chairman of Liaoning Port Group Co., Ltd., Chairman of the Board, a non-executive director and Chairman of the ESG Committee of China Merchants Port Holdings Company Limited, Chairman and a member of the Strategy and Sustainability Committee of China Merchants Energy Shipping Co., Ltd., Chairman of Sinotrans Limited, and Chairman of China Changjiang Shipping Group Co., Ltd. He served as General Manager of COSCO Shipping Lines (Wuhan) Co., Ltd./COSCO Logistics (Wuhan) Co., Ltd., Director of the Strategic Management Implementation Office of China

COSCO Shipping (Group) Company, General Manager of the Strategic and Enterprise Management Department of COSCO Shipping Corporation Limited, executive director and Chairman of the Board of Directors of COSCO Shipping Ports Ltd., executive director of COSCO Shipping Holdings Co., Ltd. and Oriental Overseas (International) Limited, non-executive director of COSCO Shipping Energy Transportation Co., Ltd., Qingdao Port International Co., Ltd. and Piraeus Port Authority S.A., as well as director of Hainan Harbor & Shipping Holding Co., Ltd. and COSCO Shipping Bulk Co., Ltd., Chairman and non-executive director of Sinotrans Limited. Mr. Feng has been the Chairman of the Board of the Company since July 2023.

Xu Song, Vice Chairman of the Board and CEO, a Senior Economist, holds a bachelor's degree in Material Management of the Huazhong University of Science and Technology, Master of Business Administration (MBA) of the Dongbei University of Finance & Economics, Master of International Business (MIB) of the Coventry University, and Ph.D. in Transportation Planning and Management of the Dalian Maritime University. Currently, he serves as the Vice Chairman of the Board, CEO and a member of the Strategy and Sustainability Committee of the Company, the Vice Chairman, CEO, a member of the Nomination Committee and the ESG Committee of China Merchants Port Holdings Company Limited, and the Vice Chairman of the Board and a member of the Strategy Committee of Shanghai International Port (Group) Co., Ltd. He used to work as Deputy General Manager at Dalian Port Container Co., Ltd.; Deputy General Manager and General Manager at Dalian Port Jifa Logistics Co., Ltd.; General Manager at Dalian Port Container Co., Ltd.; General Manager at Dalian Port Northern Huanghai Sea Port Cooperative Management Company; General Manager at Dalian Port (PDA) Company Limited; Deputy General Manager, director, and General Manager of Dalian Port; Deputy General Manager of Liaoning Port Group Co., Ltd.; Deputy General Manager, General Manager and COO of the Company; Director of Liaoning Port Co., Ltd. He has been Director of the Company since September 2022, Vice Chairman of the Board and CEO of the Company since July 2023.

Yan Gang, Vice Chairman of the Board, graduated from Xiamen University with a bachelor’s in international trade, and completed an MBA program co-created by the Maastricht School of Management (Maastricht, the Netherlands) and Shanghai Maritime University. He now serves as Vice Chairman of the Board and a member of the Strategy and Sustainability Committee of the

Company, non-executive director of China Merchants Port Holdings Company Limited, member of Commercial (Third) Functional Constituency of the Legislative Council of the Hong Kong Special Administrative Region of the People’s Republic of China, Chairman of Panel on Economic Development of the Legislative Council of the Hong Kong Special Administrative Region of the People’s Republic of China, member of the Maritime and Port Development Committee of Hong Kong Maritime and Port Board, Director of the Hong Kong Chinese Enterprises Association, Director of the Chinese General Chamber of Commerce, Hong Kong, and a member of the Board of Trustees of Hong Kong Chu Hai College. He served as the senior logistic manager in Neptune Orient Lines Limited and Hong Kong Swire Group, Chief Commercial Supervisor, Deputy General Manager, Executive Deputy General Manager and General Manager of Shekou Container Terminals Limited, Deputy General Manager, Chief Commercial Officer and Managing Director of China Merchants Port Holdings Company Limited, Chief Representative of the Representative Office of China Merchants Group Limited in the Baltic Sea, General Manager of Great Stone Industrial Park, Deputy General Manager, Chief Operating Officer and General Manager of China Merchants Port Group Co., Ltd., and the member of the Pilotage Advisory Committee of Marine Department of the Government of the Hong Kong Special Administrative Region and the Logistic Service Advisory Committee of Hong Kong Trade Development Council. He has served as a Director of the Company since April 2022 and Vice Chairman of the Board of the Company since May 2022.

Lu Yongxin, Director, COO and General Manager, graduated from Dalian University of Technology, and obtained bachelor’s degree in English for science and technology. Later, he graduated from Curtin University and obtained master’s degree in project management. He now serves as Director, COO, General Manager and a member of the Strategy and Sustainability Committee of the Company, as well as Executive Director and Managing Director of China Merchants Port Holdings Company Limited. He has successively held the posts of Assistant General Manager of Zhenhua Construction Co. Ltd., Deputy Director of General Manager’s Office of China Harbour Engineering Company Limited (Presiding), Deputy General Manager of Research & Development Department of China Merchants Port Holdings Company Limited, General Manager of Overseas Business Department, Assistant General Manager and Deputy General

Manager of the company, Deputy General Manager of the Company. He has been dispatched to Terminal Link in France to act as CFO and Senior Vice President. He has been as the Director, COO and General Manager of the Company since July 2023.

Li Zhanglin, Director, and senior economist, graduated from the School of Statistics of Renmin University of China, with a master’s degree in economics. He is currently a director of and a member of the Strategy and Sustainability Committee of the Company and a full-time external director sent by China Merchants Group Corporation Limited. He served as Assistant General Manager of the Enterprise Planning Department, Deputy Director of the Comprehensive Transportation Department/Overseas Business Department, and Deputy Director of the Transportation and Logistics Department of China Merchants Group Corporation Limited, and Deputy General Manager of Sinotrans Limited, and worked at the Planning Department of the Ministry of Transportation, and the Securities Management Department of China Merchants Expressway Network & Technology Holdings Co., Ltd.. Mr. Li has been Chairman of the Board of Directors of the Company since January 2024.

Li Qing, Director, graduated from Sichuan Normal College, majoring in Political Economy, with a bachelor’s degree in Philosophy. He is currently a director and a member of the Strategy and Sustainability Committee of the Company, a full-time external director sent by China Merchants Group Corporation Limited and a supervisor of China Merchants Hainan Development & Investment Co., Ltd. He served as Assistant General Manager of the Business Development Department of China Merchants Group Corporation Limited and Deputy Director of Major Project Office and Director of Qianhai Office, Assistant Director of Capital Operation Department of China Merchants Group Corporation Limited and Deputy Director of Major Office and Director of Qianhai Office, Assistant Director and Deputy Director of Regional Development Department of China Merchants Group Corporation Limited, and Assistant Director and Deputy Director of Qianhai Shekou FTZ Office, as well as Deputy Director of Industrial Development Department/Business Collaboration Department of China Merchants Group Corporation Limited. Mr. Li has been Chairman of the Board of Directors of the Company since January 2024.

Wu Changpan, Director, graduated from the Power Plant and Power System major of Hangzhou

Electric Power College and Human Resource major of Central China Normal University. He now serves as a Director of the Company and a Deputy General Manager of Ningbo Zhoushan Port Company Limited. Mr. Wu has served as Deputy Director and Director of Comprehensive Office of Zhejiang Electric Power Construction Company, Deputy Director and Director of Comprehensive Office of Zhejiang Electric Power Construction Co., Ltd., Deputy Director and Director of Investment and Development Department of Ningbo Zhoushan Port Group Co., Ltd. He has served as a Director of the Company since December 2022.

Lyu Yiqiang, Director, graduated from the Management School of Wuhan University of Transportation and Technology with bachelor’s degree in management engineering and the School of Economics & Management in Shanghai Maritime University with master’s degree in business administration. He now serves as a Director of the Company and the Director of Production Safety Department in Zhejiang Provincial Seaport Investment & Operation Co., Ltd. and Ningbo Zhoushan Port Group Co., Ltd. Mr. Lyu has served in the warehouse yard team and as a staff member of Material Division of Beilun Container Company of Ningbo Port Authority, a Market Director of Commerce Department and Duty Manager of Operations Department of Ningbo Beilun International Container Terminals, Deputy Head and then Head of Container Division of Business Department of Ningbo Port Company Limited, General Manager of Ningbo Xinggang International Shipping Agency Co., Ltd., Deputy General Manager of Zhejiang Yiwu Port Co., Ltd., and General Manager of Suzhou Modern Terminals Co., Ltd. He has served as a Director of the Company since December 2022.

Gao Ping, Independent Director, obtained Executive Master of Business Administration from the University of International Business and Economics (UIBE). He is also a senior engineer and senior political worker. Currently, he serves as an Independent Director and the Convenor of the Nomination, Remuneration and Appraisal Committee in the Company. His former titles included first mate, Management Section Chief, and HR Manager at Shanghai Ocean Shipping Co., Ltd., HR General Manager at COSCO Container Lines Co., Ltd., General Manager at the Crew Department of COSCO (H.K.) Shipping Co., Ltd., Deputy General Manager at COSCO (H.K.) Shipping Co., Ltd., Deputy General Manager at Shenzhen Ocean Shipping Co., Ltd. under COSCO (H.K.) Shipping Co., Ltd., General Manager at the Organization Department/HR Department of China

COSCO SHIPPING Corporation Limited (COSCO SHIPPING Group), Deputy General Manager at COSCO Shipping Lines Co., Ltd., member of 11th and 12th Shanghai Committees of the Chinese People's Political Consultative Conference (CPPCC), and Deputy Director of the Committee for Economic Affairs of the Shanghai Committee of the CPPCC. He has served as an Independent Director of the Company since May 2020.

Li Qi, Independent Director, graduated from Guanghua School of Management, Peking University with a PhD degree in Business Administration. Currently, she serves as an Independent Director, the Convenor of the Audit Committee, and a member of the Strategy and Sustainability Committee, in the Company, as well as an associate professor at the Department of Accounting of the Guanghua School of Management, Peking University. She worked as a teaching assistant and lecturer at the Department of Accounting of the Guanghua School of Management, Peking University, Assistant to the Dean and Deputy Secretary of CPC of the Guanghua School of Management, Peking University. She has been an independent director of the Company since May 2020.

Zheng Yongkuan, Independent Director, graduated from China University of Political Science and Law with bachelor's degree, master’s degree and doctor degree in law. He is now an Independent Director and a member of the Audit Committee and the Nomination, Remuneration and Appraisal Committee in the Company, as well as the Vice Dean and a professor of Law School, Head of Civil and Commercial Law Teaching and Research Section and Director of Tort Law Research Center in Xiamen University. He is also a director of Civil Law Research Institute of China Law Society, Vice President of Civil and Commercial Law Research Institute of Fujian Law Society, arbitrator of Xiamen Arbitration Commission, arbitrator of Quanzhou Arbitration Commission, a lawyer of Fidelity Law Firm, and an Independent Director of Fujian Deer Technology Corp. He has been an assistant professor and associate professor in Law School, Xiamen University. He has served as an independent director of the Company since May 2021.

Chai Yueting, Independent Director, graduated from the Department of Automation of Tsinghua University with a master’s degree and a doctoral degree in engineering. He now serves as an Independent Director and a member of the Audit Committee and the Strategy and Sustainability

Committee in the Company, doctoral mentor in automation in Tsinghua University, Director of National Engineering Laboratory for E-Commerce Technologies, Leader of the Expert Team for Modern Services of the Ministry of Science and Technology of the People’s Republic of China, E-Commerce Standardization Team of the Standardization Administration and Expert Team of Expert Advisory Committee for Development of National E-Commerce Demonstration Cities, and Editorin-Chief of the international, academic journal International Journal of Crowd Science. Mr. Chai used to serve as a member of the 2nd and 3rd Expert Advisory Committee of State Informatization, as well as an Independent Director of Xinfangsheng Digital Intelligence Technology Co., Ltd. He has been an Independent Director of the Company since December 2022.

Huang Zhenzhou, Chief Financial Officer, senior accountant, graduated from the Department of Accounting of Xiamen University with a bachelor's degree in management, and later graduated from the School of Transportation of Wuhan University of Technology with a master's degree in engineering, majoring in the field of transportation engineering. He is currently the Chief Financial Officer of the Company, the Chief Financial Officer of China Merchants Port Holdings Company Limited, and a director and member of the Strategy and Sustainability Committee of Liaoning Port Co., Ltd. He successively served as accountant and assistant manager of Finance Department of Shenzhen Chiwan Port Container Co., Ltd., assistant manager of Finance Department of Chiwan Container Terminal Co., Ltd., financial manager of Shenzhen Mawan Wharf Co., Ltd./Shenzhen Mawan Terminals Co., Ltd., senior manager of Finance Department of China Merchants International Co., Ltd., Chief Financial Officer of Zhanjiang Port (Group) Co., Ltd., Assistant Director of Capital Operation Department of China Merchants Group Limited, Chief Financial Officer of Liaoning Port Group Co., Ltd., Chief Financial Officer of China Merchants Industry Holdings Company Limited. He has served as the Chief Financial Officer of the Company since October 2024.

Zhu Weida, Deputy General Manager, holds a bachelor degree in engineering in Electrical Automation from the Department of Computer and Automation of Wuhan Institute of Water Transportation Engineering and a master degree in engineering in mechanical engineering from the School of Automation, Wuhan University of Technology. Currently, he is Deputy General Manager of the Company. He served as Deputy General Manager of Beilun Ore Terminal under Ningbo

Zhoushan Port Company Limited, General Manager of Zhoushan Quhuang Port Development and Construction Co., Ltd, General Manager of Zhoushan Shulanghu Terminal Co., Ltd, Director of Corporate Management (Audit) Department and Comprehensive Supervision Department of Zhejiang Provincial Seaport Investment & Operation Group Co., Ltd and Ningbo Zhoushan Port Group Co., Ltd. He has been Deputy General Manager of the Company since April 2023.

Li Wenbo, Deputy General Manager, Intermediate Economist, Engineer, graduated from the School of Mechanical Engineering, Hefei University of Technology, majoring in Mechanical Design and Manufacturing. He now serves as Deputy General Manager of the Company, Deputy General Manager of China Merchants Port Holdings Company Limited, Director of Tianjin Port Container Terminal Co., Ltd. and Director of Ningbo Zhoushan Port Company Limited. He served as the Assistant to the General Manager/Director of the Human Resources Department of Sinotrans Limited, the Deputy Director, Director, Assistant to the Head of the Personnel Department under the Human Resources Department of China Merchants Group Corporation Limited, and Director of Personnel Department/Cadre Supervision Department, Assistant to the Director of the Human Resources Department and Director of Cadre Department, Deputy Director of the Human Resources Department and Director of Cadre Department. He has been the Deputy General Manager of the Company since August 2023.

Qi Yue, Deputy General Manager, Senior Engineer, holds a bachelor’s degree in Port and Waterway Engineering from the Department of Civil Engineering at Dalian University of Technology. He currently serves as Deputy General Manager of the Company, Deputy General Manager of China Merchants Port Holdings Company Limited, Director of Qingdao Qianwan United Container Terminal Co., Ltd., Director of Qingdao Qianwan United Advance Container Terminal Co., Ltd., and Chairman of Zhanjiang Merchants Port City Investment Co., Ltd. He has successively held positions as Manager of the Engineering Management Department, Manager of the Administration Department, Senior Manager of the Administration Department, Deputy General Manager of the Engineering Management Department, and Deputy General Manager of the Investment Development Department at China Merchants Holdings; Assistant General Manager and Deputy General Manager of Shenzhen Haiqin Engineering Management Co., Ltd.; General Manager of the Investment Development Department at China Merchants Port Holdings Company

Limited; Supervisor, Deputy General Manager, Executive Director, and Vice Chairman of Liaoning Port Co., Ltd.; Assistant General Manager and General Manager of the Investment Development Department at China Merchants Port Group Co., Ltd.; and Director of Modern Terminals Limited. He has been Deputy General Manager of the Company since August 2025.

Hu Shaode, Deputy General Manager, Certified Public Accountant, Intermediate Accountant, graduated from the Accounting Department of Xiamen University with a Master’s degree in Management. He currently serves as Deputy General Manager of the Company, Director of Ningbo Zhoushan Port Company Limited, Director of Port of Newcastle, Australia, and Vice Chairman of Port de Djibouti S.A. He has previously served as Functional Manager of the Corporate Planning Department and Senior Project Manager of the Planning and Business Department at China Merchants Holdings; Deputy Chief Financial Officer and Executive Chief Financial Officer of Port de Djibouti S.A.; Deputy General Manager and Chief Financial Officer of China Merchants Holdings (Djibouti) Co., Ltd.; Deputy Chief Financial Officer of Djibouti Doraleh Multipurpose Port Co., Ltd.; Director of Terminal Link SAS in France; Deputy General Manager and General Manager of the Financial Management Department/Capital Operation Department, General Manager of Shenzhen Branch, General Manager of the Financial Shared Service Center, General Manager of the Operations Management Department (Engineering Management Center), and General Manager of the Operations Management Department/Market and Business Department at China Merchants Port Group Co., Ltd. He has been Deputy General Manager of the Company since August 2025.

Liu Libing, Board Secretary, graduated from the Department of Philosophy, School of Philosophy, Wuhan University with a Bachelor in Philosophy. Later, he pursued further study at Sun Yat-sen University School of Law and obtained a Master of Laws. Currently, he serves as Board Secretary of the Company. He used to work as Publicity Secretary of the Political Work Department of China Construction Third Engineering Bureau, Deputy Secretary of Party Branch (deputy section level) and Deputy Director of Party Committee Office of Shenzhen Decoration Design Engineering Co., Ltd. of China Construction Third Bureau, Production Supervisor of Shenzhen Foxconn (Group) Company, lawyer assistant and full-time lawyer at Shenzhen Office of Shanghai City Development Law Firm, and full-time lawyer at Guangdong Sun Law Firm. Manager at the Legal Affairs

Department and Senior Manager of China Merchants Property Development Co., Ltd., Manager at the Legal Affairs Department of China Merchants Group Limited, Senior Manager at the Risk Management Department of China Merchants Group Limited, Senior Manager of the General Office and head of the Secretariat of the Board of Directors at China Merchants Group Limited, and General Counsel (Chief Compliance Officer) of China Merchants Port Group Co., Ltd. He has been Board Secretary of the Company since May 2024.

Li Xiaofeng, General Counsel (Chief Compliance Officer), graduated from the School of Law, Dalian Maritime University, majoring in International Law, and holds a Master’s degree and a Doctorate in Law. He currently serves as General Counsel (Chief Compliance Officer) of the Company and Director of Port of Newcastle, Australia. He has previously served as an assistant judge at Ningbo Maritime Court, project manager of the Legal and Risk Control Department at China National Chartering Corporation, Manager and Senior Manager of the Legal Department at Sinotrans & CSC Holdings Co., Ltd., Manager of the Risk Management Department at China Merchants Group Limited, Deputy General Manager of the Board and Legal Affairs Department at China Merchants Port Holdings Company Limited, and Deputy General Manager and General Manager of the Legal Affairs Department, as well as Executive General Manager of the Risk Control Audit Department/Legal Compliance Department at China Merchants Port Group Co., Ltd. Since December 2025, he has served as the Company’s General Counsel (Chief Compliance Officer).

Indicate whether the controlling shareholder or actual controller concurrently serves as the Chairman of the Board or General Manager of the Company.

 Applicable √ Not applicable

Offices held concurrently in shareholding entities:

 Applicable √ Not applicable

Offices held concurrently in other entities:

Punishments imposed in the recent three years by the securities regulator on the incumbent directors and senior management as well as those who left in the Reporting Period:

 Applicable √ Not applicable

3. Remuneration of Directors and Senior Management

Decision-making procedure, determination basis and actual payments of remuneration for directors and senior management:

Decision-making procedure for the remuneration of directors and senior management: The remuneration plans for directors and senior management are formulated by the Nomination, Remuneration and Appraisal Committee of the Board of Directors. The remuneration plan for directors is submitted to the Board of Directors and the Shareholders’ Meeting for review, while the remuneration plan for senior management is submitted to the Board of Directors for review.

Determining basis for the remuneration of directors and senior management: The modes and amounts of the remuneration for directors and senior management are determined according to the market levels with the post value, responsibilities, etc. taken into account.

Actual payment for the remuneration of directors and senior management: Salaries and independent director allowances were paid to directors and senior executives on a monthly basis. And the other bonuses were paid all at one time according to the performance of each of them.

Remuneration of directors and senior management for the Reporting Period

Unit: RMB’0,000

Note: Li Xiaofeng has served as the Company’s General Counsel (Chief Compliance Officer) since 30 December 2025.

Other notes

 Applicable √ Not applicable

V Performance of Duty by Directors in the Reporting Period

1. Attendance of Directors at Board Meetings and Shareholders’ Meetings

Why any director failed to attend two consecutive board meetings:

None

2. Objections Raised by Directors on Matters of the Company

Indicate by tick mark whether any directors raised any objections on any matter of the Company.  Yes √ No

No such cases in the Reporting Period.

3. Other Information about the Performance of Duty by Directors

Indicate by tick mark whether any suggestions from directors were adopted by the Company.

√ Yes  No

Specification of whether suggestions from directors are adopted or not adopted by the Company During the Reporting Period, all the directors of the Company carried out their work conscientiously and responsibly in strict accordance with the Company Law, Securities Law, Listed Company Governance Standards, Self-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange - Standard Operation of Listed Companies on the Main Board, Articles of Association and Rules of Procedure of the Board of Directors. Based on the Company's reality, they put forward relevant opinions on the Company's major governance and operation decisions, and reached consensus through full communication and discussion. They resolutely supervised and promoted the implementation of the resolutions of the Board of Directors to ensure scientific, timely and efficient decision-making and fully safeguard the legitimate rights and interests of the Company and all shareholders.

VI Performance of Duty by Specialized Committees under the Board in the Reporting Period

VII Performance of Duty by the Audit Committee

Indicate by tick mark whether the Audit Committee found any risk to the Company during its supervision in the Reporting Period.

 Yes √ No

The Audit Committee raised no objections in the Reporting Period.

VIII Employees

1. Number, Functions and Educational Backgrounds of Employees

2. Employee Remuneration Policy

The Company focuses on high-quality development strategic goals, adhering to the fundamental principles of “value creation, efficiency first, balanced incentives and constraints, and shared interests and risks”. We have established and implemented an international, diversified remuneration incentive system that combines short, medium, and long-term approaches. It helps us comprehensively carry out dual benchmarking of performance and remuneration, and improve the remuneration incentive and constraint mechanism that aligns with the market, matches the industry, links with efficiency, and corresponds with performance. The Company explores and advances the implementation of medium- and long-term incentive systems for management personnel, such as deferred bonuses and tenure incentives, to guide management personnel to focus on the Company’s long-term development and achieve a deep alignment of personal interests with the Company’s long-term value. It highlights the remuneration incentive orientation towards scientific and technical talent, frontline grassroots employees, and core business backbones, continuously enhancing the value creation vitality of key groups. In addition, it optimizes the remuneration incentive system for overseas dispatched talent to meet the needs of global layout, providing a solid mechanism guarantee for the Company to become a world-leading port service provider

3. Employee Training Plans

The Company conducts forward-looking talent planning, systematically building a “mangrove”

talent ecosystem characterized by “openness and inclusiveness, dynamic balance, collaborative symbiosis, and sustainable prosperity”. We focus on creating a world-class talent team with topnotch quality, reasonable structure, and continuous supply, laying a solid talent foundation for the Company’s high-quality development. We’ve improved mechanisms for identifying and developing high-potential talent, advanced the “Hundred Seedlings Program”, increased recruitment of outstanding university graduates, and strengthened reserves of high-quality young talent. We also put more efforts to implement the Talent Circulation Program, promoting regular two-way talent exchange between headquarters and subsidiaries and internal recruitment, accelerating talent pipeline development to support high-quality business growth. The Company focuses on building an international talent pool aligned with overseas business development needs. It launched the International Elite Talent Recruitment Program to expand talent sourcing channels globally and attract high-quality overseas professionals with international perspectives. It also introduced the Seagull Plan to provide specialized training for overseas local talents, enhancing professional capabilities and building a talent pipeline aligned with international development.

4. Labor Outsourcing

IX Final Dividend Plan of the Company for the Reporting Period

1. Formulation, execution or adjustments of profit distribution policy for shareholders, especially cash dividend policy, in the Reporting Period

Pursuant to the CSRC Guideline for Listed Companies No.3-Cash Dividends ofListed Companies, the Articles of Association clarifies the specific profit distribution policy, decision-making procedures and mechanism, adjustment of profit distribution policy, implementation of profit distribution plan, and profit distribution for foreign shares. During the Reporting Period, the Company executed the profit distribution policy in strict compliance with the Articles of Association.

2. The Company was profitable in the Reporting period and the positive profits of the Company attributable to shareholders while the distribution plan of cash dividend for shareholders was not proposed.

 Applicable √ Not applicable

3. Indicate whether the Board of Directors has reviewed the final dividend plan (including the plan of no dividend or bonus issue).

√ Yes  No

4. Final Dividend Plan for the Reporting Period

X Equity Incentive Plans, Employee Stock Ownership Plans or Other Incentive Measures for Employees

1. Equity incentive

The Stock Option Incentive Plan (Phase I):

On 6 February 2024, the Company disclosed the Reminder Announcement on the Adoption of Independent Exercise Mode for the Third Exercise Schedule of the Stock Options (First Batch to be Granted) under the Stock Option Incentive Plan (Phase I) of the Company (Announcement No. 2024-013) and the Reminder Announcement on the Adoption of an Independent Exercise Mode for the Second Exercise Schedule of the Stock Options (Reserved Batch to be Granted) under the Stock Option Incentive Plan (Phase I) of the Company (Announcement No. 2024-014). Upon the review and confirmation of Shenzhen Branch of China Securities Depository and Clearing Corporation Limited, the exercise conditions were met for the third exercise schedule of the stock options (first batch to be granted) and the second exercise schedule of the stock options (reserved batch to be granted) under the Stock Option Incentive Plan (Phase I).

As of the end of the Reporting Period, the cumulative number of stock options exercised under the Company’s Stock Option Incentive Plan (Phase I) was 2,585,220 shares; and during the Reporting

Period, the number of stock options exercised under the Company’s Stock Option Incentive Plan (Phase I) was 351,400 shares.

Equity Incentives for Directors and Senior Management

Appraisal of and Incentive for Senior Management

The Company carried out the tenure system and contractual management, realized comprehensive coverage and adhered to rigid remuneration realization. The Company has a mature assessment mechanism and system covering all senior management personnel. The annual comprehensive assessment combines qualitative and quantitative methods with the dimensions including performance, competence, self-discipline, etc. The assessment results of senior management serve as an important basis for appointment and motivation. The Company adjusts and determines the remuneration of senior management based on the factors including operation status, position served and appraisal results.

The Company adhered to a market-oriented remuneration philosophy of “paying for performance results” and implemented distinctive principle of “outperforming the market and the peers”, through the vertical self-comparison and horizontal comparison with industry peers as well as the complementation of short-term KPI appraisal and medium- and long-term strategic appraisal. That ensured the Company’s business performance was strongly linked to the performance bonus of Senior Management members, giving full play to the incentive and guiding role of remuneration. To promote the implementation of the Company’s medium- and long-term incentive plan, it encouraged senior management to focus on the short-term performance and the development of its medium- and long-term performance.

2. Employee Stock Ownership Plans

 Applicable √ Not applicable

3. Other Incentive Measures for Employees

 Applicable √ Not applicable

XI Establishment and Implementation of Internal Control System in the Reporting Period

1. Establishment and Implementation of Internal Control System

During the Reporting Period, to boost operational efficiency and results, the Company continuously improved and optimized its existing internal control system in strict compliance with laws, regulations, and external regulatory requirements and taking into consideration its actual status. In the process, it was guided by risk management, based itself on procedure streamlining, and focused on critical control activities.

During the Reporting Period, the Company supervised and inspected the internal control systems of eight subordinate companies, and completed the two-year coverage target, achieving the full coverage of internal control management. Concurrently, all subordinate companies conducted internal control self-assessments on a quarterly basis and prepared the internal control weakness checklist in accordance with the annual internal control plan of CMPort and focusing on internal control elements including corporate governance, authorization management, job responsibilities and process activities. By the end of 2025, all internal control weaknesses are rated as general weaknesses, and no material weaknesses were identified. For the general weaknesses, the Company designated the person responsible for the remediation, developed a remediation plan, and followed up on the remediation progress regularly.

The Company prepared the 2025 Internal Control Assessment Report in accordance with the Basic Rules for Enterprise Internal Control and its supporting guidelines, other regulatory requirements for internal control, and the Company’s internal control policies and assessment methods. The conclusion of the report is as follows: By the identification of material weaknesses in the internal control over the Company’s financial reporting, as at the base day of the internal control assessment report (31 December 2025), no material weaknesses were identified in the internal control over the Company’s financial reporting. Therefore, the Board of Directors believed that the Company had maintained effective internal control over financial reporting in all material respects as per the Basic Rules for Enterprise Internal Control and relevant regulations. According to the identification of material weaknesses in the Company’s internal control over non-financial reporting, there were no material weaknesses in the internal control over non-financial reporting as at the base day of the internal control assessment report. Between the base day and the issuance day of the internal control assessment report, there were no factors that affected the assessment conclusion about the effectiveness of the internal control.

2. Material Internal Control Weaknesses Identified for the Reporting Period

 Yes √ No

XII Management and Control over Subsidiaries for the Reporting Period

The Company, guided by “empowerment, professionalism and value”, established an operation management system with sustainable value creation, gradually formulated standards for all functional modules, and managed to build a world-class value-oriented headquarters. Taking into account the strategic positioning of its subsidiaries, the Company, adhering to the principles of differentiation and controllable risks and pushing forward full-cycle asset management, procurement management, and performance evaluation mechanism, continuously promoted the healthy development of its subsidiaries. Besides, focusing on execution quality, the Company intensified the tasks on quality and efficiency improvement and strived to implement related measures to achieve in-depth integration between quality and efficiency improvement and strategic objectives.

Anomalies found in the management and control of subsidiaries:

 Yes √ No

XIII Internal Control Evaluation Report and Independent Auditor’s Report on Internal Control

Note: The percentages of evaluated entities’ combined assets and operating income to consolidated total assets and operating income have been deducted the corresponding financial data of the merged company.

Indicate by tick mark whether any modified opinion is expressed in the independent auditor’s report on the Company’s internal control.

 Yes √ No

Indicate by tick mark whether the independent auditor’s report on the Company’s internal control is consistent with the internal control self-evaluation report issued by the Company’s Board.

√ Yes  No

Indicate by tick mark whether the Company was issued any modified opinion by the independent auditor on its internal control for the Reporting Period or last year.

 Yes √ No

XIV Rectifications of Problems Identified by Self-inspection in the Special Action for Listed Company Governance

Upon a comprehensive self-inspection, the Company has adhered to the combination of the leadership of the Communist Party of China and corporate governance throughout operations and complied with relevant laws, regulations, and normative documents, such as improving the internal governance mechanism, refining the governance system, and disclosing information in an open and transparent manner.

XV Environmental Information Disclosure

Indicate whether the listed company or any of its major subsidiaries is included in the list of companies that are required by law to disclose environmental information.

√ Yes  No

XVI Corporate Social Responsibility (CSR)

In 2025, CMPort deeply implemented the concept of sustainable development, systematically advancing social responsibility work around core areas such as ecological protection, educational support, overseas responsibility, and rural revitalization, achieving fruitful results.

1. Ecological Environmental Protection

The Company actively supports the protection of the ecological environment and the maintenance of biodiversity in the areas where we operate. Each subsidiary collaborates closely with professional research institutions to systematically carry out ecological protection work.

Significant achievements are achieved in coral reef conservation in Sri Lanka. HIPG and the Ocean University of Sri Lanka jointly completed a coral reef baseline study. The research results released in August 2025 show that the artificial reef formed under the breakwater of Hambantota Port has become one of the most biodiverse coral reefs in southern Sri Lanka, with a live coral coverage rate of 35%, far exceeding the local average of less than 20% for other coral reefs. It is home to more than eight species of fish unique to the area, proving that proper ecological management can lead to the thriving development of “artificial habitats.” The relevant achievements were reported by mainstream Sri Lankan media and Xinhua News Agency. HIPG simultaneously conducted a beach cleaning campaign to continuously protect the marine ecological environment.

Wildlife protection and harmonious coexistence between humans and elephants are promoted. HIPG, in collaboration with the Sri Lanka Wildlife and Nature Protection Society, the Elephant Transit Home of the Department of Wildlife Conservation, and other organizations, continuously carries out the “Save Alipanch” project, providing annual support for the care of 50 orphaned young elephants to promote harmonious coexistence between humans and elephants.

The ecological and environmental monitoring system in Brazil is well-developed. TCP carried out 19 environmental monitoring programs, focusing on the protection of endangered species such as the gray dolphin and green turtle, while simultaneously monitoring physical environmental indicators such as water quality, noise, and air quality. In 2025, TCP organized an environmental kayaking initiative, where 73 volunteers removed approximately one ton of waste from the Itiberê River. TCP also collaborated with the Federal University of Paraná to complete a port logistics decarbonization report and partnered with the municipal environmental authority to plant over 600

native trees.

Domestic ecological restoration has been remarkably effective. Under the guidance of the Zhanjiang Marine and Fisheries Bureau, Zhanjiang Port carried out the first phase of the container terminal expansion project in the Baoman Port Area between May and July 2025. During the project, six rounds of marine stock enhancement activities were conducted. A total of 33,400,000 black sea bream, 84,670,000 Penaeus monodon, 49,110,000 Tegillarca granosa, 80,960,000 Meretrix meretrix, and 260,000 Chinese horseshoe crabs were released into the sea. These efforts have effectively improved the local marine ecological environment and helped conserve aquatic biodiversity. Shantou China Merchants Port organized 43 party members to participate in the improvement of the living environment. Before the implementation of the project, a marine biological ecological survey was conducted to provide a scientific basis for green construction.

Environmental public welfare activities are diverse and colorful. Qianhaiwan Property, in collaboration with Shekou Community Foundation, organized the green public welfare initiative themed Ecological Light, Ushering in Green Shekou, conducting sustainable development public welfare lectures. The South China Operations Center, under the theme Let Nature Be More at Ease, educated residents on waste classification standards and advocated for the concept of green living.

2. Educational Support and Youth Development

The Rural Education Charity Programme celebrates its tenth anniversary with a revitalized upgrade. Since 2015, the Company has initiated the Rural Education Charity Programme, establishing a “Summer camp - Growth camp - Support camp” three-in-one child care service system. This system covers 25 rural schools, benefiting nearly 30,000 children and creating opportunities for parent-child reunions for 260 port families. In May 2025, the volunteer team visited primary schools in Wuhua County, Lianping County, Zhanjiang City, and other locations to hold four public welfare growth camp activities, bringing care to nearly 800 rural children. In December, the tenth-anniversary themed event of the project was successfully held in Shunde, Foshan. The first “China Merchants C Me Fly Sci-Tech Innovation Space” was officially unveiled, and the project brand “Harbor for Future” was newly launched. This marks the project’s renewal and upgrade from rural education assistance to focusing on the co-development of science and technology innovation for youth in port and surrounding communities. The project was awarded the Three-star Quality Project at the 2025 Shenzhen Public Welfare and Charity Project Competition, and was selected as a typical case of Guangdong International Volunteer Service under the “Yue Zhi Si Hai” Initiative.

Advancement of campus public welfare are continued. Shantou Port carried out the “Hand in Hand, Painting the Blueprint of Dreams” series of activities. The South China Breakbulk Operations Center organized a visit for students from Dongwan Primary School in Nanshan District to the port and donated reclining desks and chairs to improve students’ lunchtime rest conditions.

Science education reaches youth. During the National Science Popularization Month in September 2025, the South China Operations Center transformed Mawan Smart Port into a “National Smart Port Science Popularization Demonstration Base.” Youth took the opportunity to observe advanced technologies such as unmanned container truck intelligent dispatching up close, building a bridge between transportation technology and the public. In December, led by CMPort and co-organized by Shunde New Port, Xingtan Leung Kau Kui Junior High School and the Chinese University of Hong Kong, Shenzhen jointly conducted a collaborative innovation activity in science and technology education. Through advanced technology lectures and interactive science and innovation booths, the event provided students with a science popularization education experience, broadened their technological horizons, and offered practical references for the integration of science and technology education in primary and secondary schools with university resources.

3. Overseas Responsibility and International Exchange

Implementation of the C Blue Training Program is deepened. In 2025, CMPort successfully held three sessions of the C Blue Training Program, establishing an international youth exchange system covering both spring and autumn seasons and targeting groups from different countries. In May, the 14th Launch Class, themed “National Prosperity through Ports and Shipping, and a Deep Commitment to Ecological Civilization”, welcomed 28 participants from 19 countries who visited Chongqing, Yichang, and Shenzhen to conduct an in-depth study of the development achievements of the Three Gorges on the Yangtze River and the construction of smart ports. In July, to promote the practical application of C Blue training, we innovatively organized a C Blue Sri Lanka special class, inviting 16 Sri Lankan university students to China for study and exchange. We precisely selected ten outstanding students for internships in key positions at CICT, among whom seven successfully gained employment due to their outstanding overall performance, thereby establishing a sustainable talent pipeline for the local talent team of overseas projects. In October, the 16th Far Sailing Class, themed “Exploring the Origins and Future Drivers of Port and Shipping Development,” involved 18 participants from 11 countries engaging in in-depth study and research in Beijing, Shanghai, and Shenzhen. A total of 62 international youths were invited to China for exchanges throughout the year.

Rapid response to Sri Lanka flood relief was made. In 2025, Sri Lanka was hit by the intense tropical cyclone Ditwah and suffered the most severe natural disaster in recent years. The Company promptly initiated multi-level public welfare assistance, assisting the China Merchants Foundation in donating USD150,000 to the Sri Lanka Red Cross Society, specifically for emergency relief for disaster victims, procurement of basic living materials, and post-disaster reconstruction support. At the same time, HIPG arranged for the canteen to urgently prepare 1,000 meals to be delivered to the disaster area. CICT distributed relief supplies to 28 affected employees’ families and urgently procured food, medicine, and agricultural tools for donation to disaster areas around Colombo and Hambantota, helping disaster victims quickly resume normal production and life.

After a decade of cultivation, the wheelchair tennis program has yielded fruitful results. With the support of the China Merchants Foundation, CICT has been funding the Sri Lanka Wheelchair Tennis Program since 2015, helping local disabled youth participate in tennis. After nearly ten years of development, the athlete’s world ranking has risen to 44th place, becoming an important link in sports exchanges between China and Sri Lanka. In 2025, the project organized three domestic open competitions and arrange participation in international competitions in Malaysia and France.

The “China Merchants Silk Road Love Villages” program is deeply integrated into international exchanges. Under the support of the China Merchants Foundation, HIPG continues to carry out the “China Merchants Silk Road Love Villages” program, focusing on Kendagasman Village, benefiting over 2,200 residents. In September 2025, representatives of the beneficiary groups were invited to China to attend the Second International Exchange Conference on the Joint Implementation of the Global Development Initiative by International Civil Society and to participate in project showcases.

The Brazil TCP Multi-dimensional Community Welfare Program has been widely recognized. The Public Welfare Project “Claws of Kaikala” addresses the actual difficulties faced by the residents of Piaçaguera Island, such as inconvenient travel and the lack of standardized veterinary care for pets. It dispatches a modified pet medical treatment boat to deliver professional medical services right to the residents’ “doorsteps,” providing blood parasite testing, vaccinations, and health guidance, thereby considering both pet health and community public health. This project was featured in a special report by People’s Daily. In terms of youth development, the “Building Stronger Five-a-Side Football” project provides free services to approximately 600 participants, establishing training centers in multiple schools. Ninety percent of the adult team players come from the project, and four players have been sent to the national league, making it a cradle for sports talent. The “Islands, Art, and Vaudeville” project conducted 34 environmental-themed performances in ten island communities, integrating ecological awareness into cultural arts. In addition, TCP raised BRL20,000 through the sale of commemorative books and donated the proceeds to the Paranaguá Women’s Cancer Support Association. It also conducted community tourism training programs to encourage local participation in festivals. With these achievements, TCP received the SESI SDG 2025 Seal, the Paraná Climate Seal, and the Ministry of Ports and Airports Sustainable Development Bronze Seal. The Mutual Support Project was also selected for inclusion in the National Confederation of Industry’s COP30 Sustainable Business Casebook.

The HIPG Community Public Welfare Program achieves multi-dimensional coverage. In 2025, HIPG continued to deepen the friendship between China and Sri Lanka by integrating local actual needs through livelihood assistance and cultural integration. In the cultural and religious domain, it supported the Vesak Festival lamp-lighting ceremony at Seetharamaya Temple, organized ice cream donation activities, and enriched community cultural life. It also provided weekly refreshments to students at Sri Seelawimala Samudraramaya Buddhist College to support their nutritional needs. In terms of social welfare, it assisted the Guangdong Buddhist Association in donating living supplies to 600 impoverished households in the Kenda “Hope Village,” conveying the friendship between

China and Sri Lanka. Through a series of livelihood assistance and cultural exchanges, HIPG has established a deep emotional bond with the local community.

Community welfare and youth development in Indonesia are promoted. NPH supports the regular operation of three community reading centers, and the Cahaya Ilmu holiday event has attracted 35 children to participate. The Internship Program for Fresh Graduates admitted 25 participants, among whom 12 successfully obtained employment, and the “University Knowledge Sharing Program” cooperated with three universities to hold seven activities, covering 62 students. Scholarships totaling IDR135,500,000 were awarded to 67 children of outstanding employees. IDR5,000,000 was monthly donated to the Annas Foundation, supporting 380 families of former dockworkers. The annual disaster relief investment was IDR20,640,000.

Togo LCT continues to deepen ecological protection. Since 2012, LCT has annually allocated special funds for turtle protection and rescue, systematically conducting juvenile turtle breeding and release, habitat ecological monitoring, and adult turtle rescue activities. At the same time, it implemented a “remove one, replant two” double compensation planting plan for the mangroves removed during the project. It collaborated with local environmental organizations to cultivate seedlings and protect the biodiversity of the Togo coastline. The newly planted mangroves have now gradually formed forests and are growing well, becoming a vivid practice of ecological coconstruction between the Company and the community.

Moving forward, the Company will continue to deepen international exchanges and social responsibility practices, actively fulfilling the mission of a central enterprise. We aim to integrate social responsibility with corporate development more profoundly, contributing more to the sustainable development of the economy and society.

Please refer to the 2025 Sustainability Report of China Merchants Port Group Co., Ltd. for the fulfilment of social responsibilities in the Reporting Period for details.

XVII Poverty Alleviation and Rural Revitalization Efforts

Zhanjiang Port, a subsidiary of CMPort, thoroughly implements the strategic deployment of the Central Committee for comprehensively advancing rural revitalization. It has established a responsibility system where “main leaders take charge, leaders in charge focus on key areas, and special working groups implement tasks.” The Company continuously assigns two key personnel to be stationed in Haian Town, Xuwen County, dedicated to advancing various tasks related to rural revitalization. In 2025, Zhanjiang Port made a targeted donation of RMB1 million to relevant charitable organizations in Zhanjiang City for rural revitalization projects, with a cumulative investment exceeding RMB1.5 million to improve infrastructure in the assisted areas.

Significant achievements in key projects. The Baoxi Village Cultural Square, built with an investment of RMB420,000 as a key project of the “Project of Promoting the High-quality Development of Villages, Towns, and Counties”, has become a cultural and tourism check-in landmark in Nanji Village and was recommended by Xuwen County as a typical case of rural construction in Zhanjiang City. An investment of RMB520,000 was used to upgrade and renovate the Macheng Village Farmer’s Market in Haian Town, which not only expanded the village-level collective economy, but also completely solved the “messy, dirty and poor” problems of the traditional market, effectively facilitating the lives of villagers. In recent years, Zhanjiang Port has cumulatively completed infrastructure projects such as the repair and reinforcement of the Macheng Village Committee’s water tower, road upgrades, water pipeline renewal, and the installation of solar street lights, effectively improving the rural living environment.

Precise coverage of livelihood assistance. The village working group, in collaboration with village committee cadres, regularly visits households that have been lifted out of poverty and those receiving minimum living allowances. They dynamically update the system data for over 30 households that have been lifted out of poverty and develop a “one household, one policy” assistance plan for farmers at risk of returning to poverty. During the Spring Festival and Midautumn Festival in 2025, we extended our regards to a total of 54 individuals, including households under poverty monitoring, veteran Party members, and children in difficult circumstances. We distributed RMB27,000 in consolation funds, allowing the rural community to deeply feel the care and warmth of the Party organization. The staff stationed in the town actively engaged in tasks such as improving the living environment and promoting cultural and health initiatives. They focused precisely on environmental improvement, enhancement of rural appearance, optimization of public services, and strengthening of grassroots governance, leading to a significant improvement in the

overall appearance of the countryside.

Part V Significant Events

I Fulfilment of Commitments

1. Commitments of the Company’s Actual Controller, Shareholders, Related Parties, and Acquirers, as well as the Company Itself and other Entities Fulfilled in the Reporting Period or Ongoing at the Period-end

2. Where there Had Been an Earnings Forecast for an Asset or Project and the Reporting Period Was still within the Forecast Period, Explain why the Forecast Has Been Reached for the Reporting Period.

 Applicable √ Not applicable

3. Performance Commitments Involved by the Company

 Applicable √ Not applicable

II Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Parties for Non-Operating Purposes

 Applicable √ Not applicable

During the Reporting Period, the controlling shareholder or its related parties did not occupy capital or repay for non-operating purposes. KPMG Huazhen LLP issued the Special Report on Occupation of the Company’s Capital by the Controlling Shareholder, the Actual Controller and Other Related Parties, and please refer to www.cninfo.com.cn for details.

III Irregularities in the Provision of Guarantees

 Applicable √ Not applicable

No such cases in the Reporting Period.

IV Explanations Given by the Board of Directors Regarding the Independent Auditor’s “Modified Opinion” on the Financial Statements of the Latest Period

 Applicable √ Not applicable

V Explanations Given by the Board of Directors and Independent Directors (if any) Regarding the Independent Auditor’s “Modified Opinion” on the Financial Statements of the Reporting Period

 Applicable √ Not applicable

VI YoY Changes to Accounting Policies, Estimates or Correction of Material Accounting Errors

 Applicable √ Not applicable

VII YoY Changes to the Scope of the Consolidated Financial Statements

In January 2025, China United Tally Co., Ltd. Shantou (hereinafter referred to as 'China Tally'), an associate of the Company’s subsidiary Shantou Port, absorbed Shantou Zhongli Wailun tally Co., Ltd. (hereinafter referred to as 'Shantou Zhongli'), a subsidiary of Shantou Port. After the transaction, Shantou Port holds 62.50% shares of China Tally, which contributs to business combination not involving enterprises under common control. Consequently, China Tally has been in the scope of consolidation for the current year. Shantou Zhongli was deregistered on 14 February

2025 after the transaction.

VIII Engagement and Disengagement of Independent Auditor

Current independent auditor Indicate by tick mark whether the independent auditor was changed for the Reporting Period.

 Yes √ No

Independent auditor, financial advisor or sponsor engaged for the audit of internal controls:

Approved by the 4th Meeting of the 11th Board of Directors and the 2024 Annual General Meeting of Shareholders, the Company was approved to engage KPMG Huazhen LLP as the 2025 independent auditor for the audit of annual financial statements and internal control in the year. The audit price for 2025 annual financial statements was RMB10.7658 million and the audit price for internal control was RMB340,000. The total expense was RMB11.1058 million.

IX Possibility of Delisting after Disclosure of this Report

 Applicable √ Not applicable

X Insolvency and Reorganization

 Applicable √ Not applicable

No such cases in the Reporting Period.

XI Major Legal Matters

 Applicable √ Not applicable

No such cases in the Reporting Period.

Other legal matters

XII Punishments and Rectifications

 Applicable √ Not applicable

No such cases in the Reporting Period.

XIII Credit Quality of the Company as well as Its Controlling Shareholder and Actual Controller

 Applicable √ Not applicable

XIV Major Related-Party Transactions

1. Continuing Related-Party Transactions

Note: Other related parties are the current directors and senior managers of the company or the directors, supervisors and senior managers of the company who have left the office for less than 12 months as legal persons or other organizations (except the company and the holding company) or the subsidiaries of the company's actual controller China Merchants Group Co., LTD. (except the company and the holding company).

2. Related-Party Transactions Regarding Purchase or Sales of Assets or Equity Interests

 Applicable √ Not applicable

3. Related Transactions Regarding Joint Investments in Third Parties

 Applicable √ Not applicable

4. Credits and Liabilities with Related Parties

Whether there are credits and liabilities with non-operating related parties

√ Yes  No

Credits receivable with related parties

Liabilities payable with related parties

5. Transactions with Related Finance Companies

Deposit business

Loan business

Credit or other finance business

6. Transactions with Related Parties by Finance Company Controlled by the Company

 Applicable √ Not applicable

7. Other Major Related-Party Transactions

(1) On 12 March 2025, the Company disclosed the Announcement on Progress of the Related-Party Transactions regarding Establishing Joint Venture via Investment and Selling Assets by the Whollyowned Subsidiary (Announcement No.: 2025-010).

(2) The Company held the 4th Meeting of the 11th Board of Directors on 1 April 2025, and reviewed and approved the Proposal on the Related-Party Transactions Regarding Making Deposits in and Obtaining Loans from China Merchants Bank in 2025, which was submitted to the 2024 Annual General Meeting of Shareholders of the Company for deliberation. The Company held the 2024 Annual General Meeting of Shareholders on 23 May 2025, and deliberated and approved the Proposal on the Related-Party Transactions Regarding Making Deposits in and Obtaining Loans from China Merchants Bank in 2025. In 2025, the maximum deposit balance of the Company and its subsidiaries with China Merchants Bank shall not exceed RMB10 billion, and the maximum credit balance shall not exceed RMB15 billion. And the Company and its subsidiaries were approved to use temporarily idle funds to purchase structured deposits and low-risk wealth management products from China Merchants Bank, within the maximum deposit balance. For details, please refer to the Announcement on the Related-Party Transactions Regarding Making Deposits in and Obtaining Loans from China Merchants Bank in 2025 (Announcement No. 2025-021) disclosed by the Company on 3 April 2025, and the Announcement on the Resolutions of the 2024 Annual General Meeting of Shareholders (Announcement No. 2025-039) disclosed by the Company on 24 May 2025.

(3) The Company held the 4th Meeting of the 11th Board of Directors on 1 April 2025, and reviewed and approved the Proposal for Development of Financial Leasing Business and Related-Party Transactions with Related Parties in 2025, which was submitted to the 2024 Annual General Meeting of Shareholders of the Company for deliberation. The Company held its 2024 Annual General Meeting of Shareholders on 23 May 2025, and reviewed and approved the Proposal on

Development of Financial Leasing Business and Related-Party Transactions with Related Parties in 2025. For details, please refer to the Announcement on Development of Financial Leasing Business and Related-Party Transactions with Related Parties in 2025 (Announcement No. 2025-022) disclosed by the Company on 3 April 2025, and the Announcement on the Resolutions of the 2024 Annual General Meeting (Announcement No. 2025-039) disclosed by the Company on 24 May 2025.

(4) The Company held the 4th Meeting of the 11th Board of Directors on 1 April 2025, and reviewed and approved the Proposal on Renewal of the Financial Services Agreement and Related-Party Transaction with China Merchants Group Finance Co., Ltd., which was submitted to the 2024 Annual General Meeting of Shareholders of the Company for deliberation. The Company held its 2024 Annual General Meeting of Shareholders on 23 May 2025, and reviewed and approved the Proposal on Renewal of the Financial Services Agreement and Related-Party Transaction with China Merchants Group Finance Co., Ltd. For details, please refer to the Announcement on Renewal of the Financial Services Agreement and Related-Party Transaction with China Merchants Group Finance Co., Ltd. (Announcement No. 2025-023) disclosed by the Company on 3 April 2025, and the Announcement on the Resolutions of the 2024 Annual General Meeting of Shareholders (Announcement No. 2025-039) disclosed by the Company on 24 May 2025.

(5) The Company held the 4th Meeting of the 11th Board of Directors on 1 April 2025, and reviewed and approved the Proposal on Related-Party Transactions Possibly Incurred in Financial Derivatives Trading in 2025, which was submitted to the 2024 Annual General Meeting of Shareholders of the Company for deliberation. The Company held its 2024 Annual General Meeting of Shareholders on 23 May 2025, and reviewed and approved the Proposal on Related-Party Transactions Possibly Incurred in Financial Derivatives Trading in 2025. For details, please refer to the Announcement on Related-Party Transactions Possibly Incurred in Financial Derivatives Trading in 2025 (Announcement No. 2025-026) disclosed by the Company on 3 April 2025, and the Announcement on the Resolutions of the 2024 Annual General Meeting of Shareholders (Announcement No. 2025-039) disclosed by the Company on 24 May 2025.

(6) The Company held the 4th Extraordinary Meeting of the 11th Board of Directors in 2025 dated 29 October 2025, and reviewed and approved the Proposal on a Majority-Owned Subsidiary

Providing Financial Assistance to its Minority-Owned Subsidiary and Related-Party Transaction, which was submitted to the Second Extraordinary Meeting of Shareholders of the Company in 2025 for deliberation. The Company held its Second Extraordinary Meeting of Shareholders in 2025 dated 17 November 2025, and reviewed and approved the Proposal on a Majority-Owned Subsidiary Providing Financial Assistance to its Minority-Owned Subsidiary and Related-Party Transaction. For details, please refer to the Announcement on a Majority-Owned Subsidiary Providing Financial Assistance to its Minority-Owned Subsidiary and Related-Party Transaction (Announcement No. 2025-069) disclosed by the Company on 31 October 2025, and the Announcement on the Resolutions of the Second Extraordinary Meeting of Shareholders in 2025 (Announcement No. 2025-081) disclosed by the Company on 18 November 2025.

Information on the disclosure website for current announcements on significant related-party transactions:

XV Major Contracts and Execution thereof

1. Entrustment, Contracting and Leases

(1) Entrustment

 Applicable √ Not applicable

No such cases in the Reporting Period.

(2) Contracting

 Applicable √ Not applicable

No such cases in the Reporting Period.

(3) Leases

 Applicable √ Not applicable

No such cases in the Reporting Period.

2. Major guarantees

(1) Guarantees

Unit: RMB’0,000

Note 1: To meet the external investment and daily operation and management needs of the Company and its majority- and minorityowned subsidiaries, the Company convened a Board meeting on 1 April 2025, and approved the Proposal on the External Guarantee Progress of the Company in 2024 and the Expected New External Guarantee Line in the Next 12 Months. For details, please refer to the Announcement on the External Guarantee Progress of the Company in 2024 and the Expected New External Guarantee Line in the Next 12 Months (Announcement No. 2025-024), disclosed on http://www.cninfo.com.cn dated 3 April 2025. This proposal was approved at the Company’s 2024 Annual General Meeting of Shareholders. As of the date of this Report, no such guarantee has actually been incurred.

Particulars of guarantees adopting complex methods

 Applicable √ Not applicable

3. Cash Entrusted to Other Entities for Management

(1) Cash Entrusted for Wealth Management

 Applicable √ Not applicable

No such cases in the Reporting Period.

(2) Entrusted Loans

Overview of entrusted loans in the Reporting Period

 Applicable √ Not applicable

No such cases in the Reporting Period.

4. Other Major Contracts

 Applicable √ Not applicable

No such cases in the Reporting Period.

XVI Use of Raised Funds

 Applicable √ Not applicable

No such cases in the Reporting Period.

XVII Other Significant Events

 Applicable √ Not applicable

There were no other significant events requiring explanation during the Reporting Period.

XVIII Significant Events of Subsidiaries

 Applicable √ Not applicable

Part VI Share Changes and Shareholder Information

I Share Changes

1. Share Changes

Unit: share

Reasons for the share changes:

During the Reporting Period, the Company increased its share capital by a total of 351,400 shares as a result of the independent exercise of options under the Stock Option Incentive Plan. On 10 October 2025, the Company completed the retirement procedures for 19,817,696 A-stock shares repurchased at the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited. As such, the total share capital of the Company changed from 2,501,308,481 shares to 2,481,842,185 shares.

Approval of the share changes:

 Applicable √ Not applicable

Transfer of share ownership:

 Applicable √ Not applicable

Effects of the share changes on the basic and diluted earnings per share, equity per share attributable to the Company’s ordinary shareholders and other financial indicators of the prior year and the prior accounting period, respectively:

In 2025, the Company reported basic earnings per share of RMB1.85 and diluted earnings per share of RMB1.85, and equity per share attributable to the Company's ordinary shareholders of RMB25.93. During the Reporting Period, the Company increased its share capital by a total of

351,400 shares as a result of the independent exercise of options under the Stock Option Incentive Plan. On 10 October 2025, the Company completed the retirement procedures for 19,817,696 Astock shares repurchased at the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited. As such, the total share capital of the Company changed from 2,501,308,481 shares to 2,481,842,185 shares. By the measurement of the Company's total share capital as at the beginning of 2025, irrespective of the effects of the independent exercise of the Stock Option Incentive Plan and the retirement of the repurchased shares, the basic earnings per share, diluted earnings per share and equity per share attributable to the Company's ordinary shareholders were RMB1.85, RMB1.85 and RMB25.73, respectively, for 2025.

Other information that the Company considers necessary or is required by the securities regulator to be disclosed:

 Applicable √ Not applicable

2. Changes in Restricted Shares

II Issuance and Listing of Securities

 Applicable √ Not applicable

III Shareholders and Actual Controller

1. Shareholders and Their Shareholdings at the Period-End

Unit: share

5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending

 Applicable √ Not applicable

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the prior period

 Applicable √ Not applicable

Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the Company conducted any promissory repo during the Reporting Period.

 Yes √ No

No such cases in the Reporting Period.

2. Controlling Shareholder

Nature of the controlling shareholder: Controlled by a central state-owned legal person

Type of the controlling shareholder: legal person

Change of the controlling shareholder in the Reporting Period:

 Applicable √ Not applicable

No such cases in the Reporting Period.

3. Actual Controller and Its Acting-in-Concert Parties

Nature of the actual controller: Central institution for state-owned assets management

Type of the actual controller: legal person

Change of the actual controller during the Reporting Period:

 Applicable √ Not applicable

No such cases in the Reporting Period.

Ownership and control relations between the actual controller and the Company:

Note: The Company disclosed the Announcement on the Proposed Change in Shareholding Structure of the Controlling Shareholder on 14 December 2024, in which Broadford Global Limited, the controlling shareholder of the Company, transferred 74.66% of the shares of Rainbow Reflection Limited held by China Merchants Holdings (Hong Kong) Company Limited, and at the same time, all the aforesaid transferred shares were entrusted to Broadford Global Limited for management by China Merchants Holdings (Hong Kong) Company Limited.

On 24 January 2025, the Company received the updated registers of members of Rainbow Reflection Limited and Broadford Global Limited, and was informed that China Merchants Holdings (Hong Kong) Company Limited was registered as a shareholder of Rainbow Reflection Limited (holding 21,120,986,262 ordinary shares in the share capital of Rainbow Reflection Limited, representing 74.66% of the total share capital of Rainbow Reflection Limited), and Broadford Global Limited had completed the share cancellation procedures. Since then, the transfer and trusteeship of shares were completed and the change in the shareholding structure of the controlling shareholder was completed. For specific details, please refer to the announcement released by our company on January 25, 2025 regarding the completion of changes in the shareholding structure of the controlling shareholder.

Indicate by tick mark whether the actual controller controls the Company via trust or other ways of asset management.

 Applicable √ Not applicable

4. Number of Accumulative Pledged Shares held by the Company’s Controlling Shareholder or the Largest Shareholder as well as Its Acting-in-Concert Parties Accounts for 80% of all shares of the Company held by Them

 Applicable √ Not applicable

5. Other 10% or Greater Corporate Shareholders

5. Other 10% or Greater Corporate Shareholders Name of corporate shareholders Legal representati ve/person in charge Date of establishment Registered capital Business scope or management activities China Merchants Port Investment Development Company Limited Yu Zhiliang, Chen Chengdi, Liang Jian 15 November 2013 HKD28,287,989,241 Investment management of equities and others Zhejiang Provincial Seaport Investment & Operation Group Co., Ltd. Tao Chengbo 30 July 2014 RMB50 billion The exploration and utilization of marine resources, marine industry investment, the

6. Limitations on Shareholding Decrease by the Company’s Controlling Shareholder, Actual Controller, Reorganizer and Other Commitment Makers

 Applicable √ Not applicable

IV Specific Implementation of Share Repurchases in the Reporting Period

Progress on any share repurchases

The Company held the 7 mathrm t h Extraordinary Meeting of the 11 mathrm t h Board of Directors in 2024 and the 3 mathrm r d Extraordinary General Meeting of Shareholders in 2024 respectively on 18 October 2024 and 29 October 2024, at which the Proposal on Repurchase of the Company’s Shares via Centralized Bidding Trading was reviewed and approved, and the Company was allowed to repurchased shares of it via centralized bidding trading on the Shenzhen Stock Exchange with its own funds or selffinancing funds. All repurchased shares shall be cancelled with the corresponding reduction of the registered capital. The repurchase price shall not exceed RMB31.50/share; the total amount fund for repurchase shall not be less than RMB195 million (inclusive) and not more than RMB389 million (inclusive); and the period for the implementation of the repurchase shall be 12 months from the date on which this share repurchase plan was approved by the general meeting of shareholders of the Company. For details, please refer to the Announcement on the Resolutions of the 7th Extraordinary Meeting of the 11th Board ofDirectors in 2024(Announcement No. 2024-078) and the Announcement on Repurchase of the Company’s Shares via Centralized Bidding Trading(Announcement No. 2024-079)disclosed by the Company on www.cninfo.com.cn on 20 October 2024, and the Announcement on the Resolutions ofthe 3rd Extraordinary General Meeting of Shareholders in 2024 (Announcement No. 2024-084) disclosed by the Company on www.cninfo.com.cn on 30 October 2024.

In accordance with the Guidelines for Self-Regulation of Listed Companies of Shenzhen Stock Exchange No. 9 -Share Repurchase and other relevant regulations, the Company has opened a special securities account for share repurchase with Shenzhen Branch of China Securities Depository and Clearing Corporation Limited, which is solely for the purpose of repurchasing the

Company’s shares. For details, please refer to the Repurchase Report(Announcement No. 2024-092)disclosed by the Company on 5 December 2024 on www.cninfo.com.cn.

The above-mentioned share repurchase has been completed, with 19,817,696 shares retired. The number of shares retired is consistent with the number of shares actually repurchased. The Company completed the retirement procedures for the aforementioned shares at the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited on 10 October 2025.

Progress on reducing the repurchased shares by means of centralized bidding:

 Applicable √ Not applicable

V Preference Shares

 Applicable √ Not applicable

No preference shares in the Reporting Period.

Part VII Bonds

I Enterprise Bonds

 Applicable √ Not applicable

No enterprise bonds in the Reporting Period.

II Corporate Bonds

1. Basic Information of the Corporate Bonds

Unit: RMB’0,000

Overdue bonds

 Applicable √ Not applicable

2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the Investor Protection Clause

 Applicable √ Not applicable

3. Intermediaries

Indicate by tick mark whether above intermediary changed in the Reporting Period

 Yes √ No

4. Use of Raised Funds

Unit: RMB’0,000

The raised funds were used for project construction

 Applicable √ Not applicable

The Company changed the usage of above funds raised from bonds during the Reporting Period.

 Applicable √ Not applicable

5. Adjustment of Credit Rating Results during the Reporting Period

 Applicable √ Not applicable

6. Execution and Changes of Guarantee, Repayment Plan and Other Repayment Guarantee Measures as well as Influence on Equity of Bond Investors during the Reporting Period

 Applicable √ Not applicable

III Debt Financing Instruments of Non-financial Enterprises

1. Basic Information of Debt Financing Instruments of a Non-financial Enterprise

Unit: RMB’0,000

Matured bonds unredeemed

 Applicable √ Not applicable

2. Triggering and Implementation of Issuer or Investor Option Clauses and Investor Protection Clauses

 Applicable √ Not applicable

3. Intermediaries

Indicate by tick mark whether above intermediary changed in the Reporting Period

 Yes √ No

4. Use of Raised Funds

Unit: RMB’0,000

The raised funds were used for project construction

 Applicable √ Not applicable

The Company changed the usage of above funds raised from bonds during the Reporting Period.

 Applicable √ Not applicable

5. Adjustment of Credit Rating Results during the Reporting Period

 Applicable √ Not applicable

6. Execution and Changes of Guarantee, Repayment Plan and Other Repayment Guarantee Measures as well as Influence on Equity of Bond Investors during the Reporting Period

 Applicable √ Not applicable

IV Convertible Corporate Bonds

 Applicable √ Not applicable

No such cases in the Reporting Period.

V Losses of Scope of Consolidated Financial Statements during the Reporting Period Exceeding 10% of Net Assets up the Period-end of Last Year

 Applicable √ Not applicable

VI Matured Interest-bearing Debt excluding Bonds up the Period-end

 Applicable √ Not applicable

VII Whether there was any Violation of Rules and Regulations during the Reporting Period

 Yes √ No

VIII The Major Accounting Data and the Financial Indicators of the Recent 2 Years of the Company up the Period-end

Part VIII Financial Statements

I Independent Auditor’s Report

II Financial Statements

See attached.

China Merchants Port Group Co., Ltd.

Board of Directors

Dated 3 April 2026

CHINA MERCHANTS PORT GROUP CO., LTD.

FINANCIAL STATEMENTS

FOR THE YEAR FROM 1 JANUARY TO 31 DECEMBER 2025

CONTENTS

AUDITOR'S REPORT CONSOLIDATED BALANCE SHEET 1-3 BALANCE SHEET OF THE COMPANY 4 -6 CONSOLIDATED INCOME STATEMENT 7 -8 INCOME STATEMENT OF THE COMPANY 9 CONSOLIDATED CASH FLOW STATEMENT 10 CASH FLOW STATEMENT OF THE COMPANY 11 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 12 -13 THE COMPANY'S STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 14 -15 NOTES TO THE FINANCIAL STATEMENTS 16 -200

AUDITOR'S REPORT

毕马威华振审字第 2607559号

To all the shareholders of China Merchants Port Group Co., Ltd.,

I. Audit Opinion

We have audited the accompanying financial statements of China Merchants Port Group Co., Ltd. ("China Merchants Port Group"), which comprise the consolidated and company balance sheets as at 31 December 2025, the consolidated and company income statements, the consolidated and company cash flow statements, the consolidated and company statements of changes in shareholders' equity for the year then ended, and notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated and company financial position of China Merchants Port Group as at 31 December 2025, and the consolidated and company financial performance and cash flows of China Merchants Port Group for the year then ended in accordance with Accounting Standards for Business Enterprises issued by the Ministry of Finance of the People’s Republic of China.

II. Basis for the Opinion

We conducted our audit in accordance with China Standards on Auditing for Certified Public Accountants (“CSAs”). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of China Merchants Port Group in accordance with the Independence Standards for Chinese Certified Public Accountants No. 1 – Independence Requirements for Audit and Review Engagements, as applicable to audits of financial statements of public interest entities and the China Code of Ethics for Certified Public Accountants (“the Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

毕马威华振审字第 2607559号

AUDITOR'S REPORT - continued

III. Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

IV. Other Information

China Merchants Port Group’s management is responsible for the other information. The other information comprises all the information included in 2025 annual report of China Merchants Port Group, other than the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

V. Responsibilities of the Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Accounting Standards for Business Enterprises, and for the design, implementation and maintenance of such internal control necessary to enable that the financial statements are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing China Merchants Port Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate China Merchants Port Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing China Merchants Port Group’s financial reporting process.

VI. Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with CSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with CSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on China Merchants Port Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause China Merchants Port Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within China Merchants Port Group to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

AUDITOR'S REPORT - continued

毕马威华振审字第 2607559号

VI. Auditor's Responsibilities for the Audit of the Financial Statements - continued

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

KPMG Huazhen LLP

Certified Public Accountants

Registered in the People’s

Republic of China

吴惠煌(Engagement Partner)

Beijing, China

李丹

1 April 2026

CHINA MERCHANTS PORT GROUP CO., LTD.

As at 31 DECEMBER 2025

Consolidated Balance Sheet

RMB

The accompanying notes form part of the financial statements.

As at 31 DECEMBER 2025

Consolidated Balance Sheet - continued

RMB

The accompanying notes form part of the financial statements.

As at 31 DECEMBER 2025

Consolidated Balance Sheet - continued

RMB

The accompanying notes form part of the financial statements.

The financial statements were signed by the following:

Chief Financial Officer

Liu Shixia\_\_\_\_\_\_\_\_\_

CHINA MERCHANTS PORT GROUP CO., LTD.

As at 31 DECEMBER 2025

Balance Sheet of the Company

RMB

The accompanying notes form part of the financial statements.

As at 31 DECEMBER 2025

Balance Sheet of the Company - continued

RMB

The accompanying notes form part of the financial statements.

CHINA MERCHANTS PORT GROUP CO., LTD.

As at 31 DECEMBER 2025

Balance Sheet of the Company - continued

RMB

The accompanying notes form part of the financial statements.

CHINA MERCHANTS PORT GROUP CO., LTD.

FOR THE YEAR ENDED 31 DECEMBER 2025

Consolidated Income Statement

RMB

The accompanying notes form part of the financial statements.

CHINA MERCHANTS PORT GROUP CO., LTD.

FOR THE YEAR ENDED 31 DECEMBER 2025

Consolidated Income Statement - continued RMB

The accompanying notes form part of the financial statements.

FOR THE YEAR ENDED 31 DECEMBER 2025

Income Statement of the Company

RMB