Tianjin Port 2025 Annual Report Analysis: Net Investing Cash Flow Drops by 160.27%, Financial Expenses Decrease by 52.11%

Operating Revenue: Unloading and Handling as the Core, Overall Steady Growth

In 2025, Tianjin Port achieved operating revenue of RMB 12.792 billion, up 5.98% year over year. The growth was mainly driven by higher revenue from unloading and handling and port logistics services. Breaking it down by business segment:

As the core pillar, the unloading and handling business accounts for more than 60% of revenue. Its gross margin also increased by 0.87 percentage points year over year to 34.06%, highlighting strong earnings resilience. Meanwhile, the port logistics business saw the fastest revenue growth, mainly due to business scale expansion. However, its gross margin fell significantly by 10.11 percentage points year over year; cost control should be monitored.

Profit Indicators: Parent-Company Net Profit Slightly Down, Non-recurring Profit Up Against the Trend

2. Net Profit: In 2025, net profit was RMB 1.536 billion, up 2.18% year over year, mainly due to additional non-recurring gains such as investment income and government subsidies.
3. Net Profit Attributable to Shareholders of the Listed Company: Net profit attributable to shareholders of the listed company was RMB 981 million, down slightly by 1.30% year over year, mainly due to drag from non-recurring gains and losses.
4. Net Profit Excluding Non-recurring Gains and Losses: Net profit after excluding non-recurring gains and losses was RMB 1.009 billion, up 3.49% year over year, reflecting that the company’s core operating business continues to maintain steady growth in profitability.
5. Earnings per Share: Basic earnings per share were RMB 0.34 per share, unchanged from the prior year; earnings per share excluding non-recurring items were RMB 0.35 per share, up 2.94% year over year, consistent with the growth trend of non-recurring net profit.

Expense Analysis: Financial Expenses Plunge, R&D Investment Steady and Slightly Up

2. Total Expenses: Total period expenses in 2025 were RMB 1.796 billion, down 3.68% year over year, mainly driven by a sharp reduction in financial expenses.
3. Selling Expenses: No relevant data disclosed.
4. Administrative Expenses: Full-year administrative expenses were RMB 1.625 billion, down 1.42% year over year, mainly due to lower expenses for items such as employee compensation.
5. Financial Expenses: Full-year financial expenses were RMB 74 million, down significantly by 52.11% year over year. The main reasons were lower interest expense and higher interest income. Specifically, interest expense decreased from RMB 225 million to RMB 153 million, while interest income increased from RMB 69 million to RMB 89 million.
6. R&D Expenses: Full-year R&D expenses were RMB 97 million, up 2.40% year over year. The company continues to invest in R&D to improve port operating efficiency.

R&D Personnel Profile: Stable Team, Optimized Structure

The company has 584 R&D personnel, accounting for 11.84% of its total workforce. In terms of educational background, there are 129 master’s degree holders and above and 406 bachelor’s degree holders, totaling 91.61% of all R&D personnel—indicating an increasing proportion of high-educated talent. In terms of age structure, there are 316 R&D personnel aged 40–50, representing 54.11%, becoming the core force for R&D. Overall, the R&D team has strong capabilities for technical problem-solving and breakthroughs.

Cash Flow Analysis: Large Outflow from Investing Cash Flow, Funding Pressure Eased Somewhat

2. Cash Flow from Operating Activities: In 2025, net cash flow from operating activities fell by 9.14% year over year, mainly because cash paid for purchases of goods and receipt of labor services increased. This reflects higher working capital occupation brought by business expansion, but overall it still maintained a net inflow, and the company’s ability to generate cash from operations remained stable.
3. Cash Flow from Investing Activities: Net cash flow from investing activities dropped sharply by 160.27% year over year, mainly due to an increase in cash paid for investments. During the year, the company completed equity acquisitions of Alliance International, Eurasia International, and Ore Logistics, among others, and increased its布局 for core port assets.
4. Cash Flow from Financing Activities: Net cash flow from financing activities narrowed by 24.58% year over year, mainly because cash received from loans increased, while the scale of cash paid to repay debts decreased, easing funding pressure to some extent.

Potential Risks

2. Risk of Macroeconomic Fluctuations: The port industry is highly related to the macroeconomy and trade conditions. Factors such as insufficient momentum for global economic growth and weak recovery in domestic demand may affect cargo throughput and thereby pressure the company’s performance.
3. Risk of Changes in National Industrial Policies: Port transportation is greatly affected by policies including national transportation network construction, logistics cost reduction and efficiency improvement, and green low-carbon transition. Policy adjustments may lead to higher operating costs or pressure to transform business models.
4. Risk of Competition in the Port Hub Position: Each port in the Bohai Rim port cluster actively expands production capacity, intensifying competition for the container hub port status. The company needs to continuously enhance its service capabilities and optimize route planning to consolidate market share.

Compensation for the Executives and Board Members

During the reporting period, Chairman Liu Qingshun, Vice Chairman Chen Xuejian, and Director Lou Zhanshan received compensation from the company’s related parties and did not receive pre-tax compensation directly from the company. The President, Chen Tao, had pre-tax compensation of RMB 1.405 million; Vice President and Chief Financial Officer Fang Sheng had pre-tax compensation of RMB 1.1188 million. Other Vice Presidents—Wu Qiang, Chen Donghui, and Yan Wu—had pre-tax compensation of RMB 1.1225 million, RMB 1.1269 million, and RMB 1.1654 million, respectively. Independent Directors Hou Xin yi and Cao Qiang both had pre-tax compensation of RMB 0.583 million; Zhang Yuli and Wu Jinze both had pre-tax compensation of RMB 1.0 million. Overall, the compensation level matches the industry and the company’s operating scale. The compensation of professional managers is linked to performance appraisal, and it carries a certain degree of incentive.

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Responsible editor: Xiao Lang Express