Total throughput at COSCO SHIPPING Ports Limited (stock code 01199.HK) expanded 6.2% year on year to 152.99 million TEU in 2025, underpinning an 11.0% rise in revenue to US$1.67 billion. Equity-adjusted throughput climbed 3.4% to 46.85 million TEU.

Gross profit held broadly flat at US$415.53 million (-0.3%), as cost of sales increased faster than revenue (+15.4% to US$1.25 billion), compressing the gross margin to 24.9% from 27.7% a year earlier. Operating profit fell 15.9% to US$224.83 million, while a 7.3% lift in contributions from joint ventures and associates (US$343.40 million) supported bottom-line stability. Profit attributable to equity holders edged up 1.1% to US$312.14 million, translating into basic earnings of 8.14 US cents per share (-4.2%).

The Board maintained a 40% payout ratio. A first interim dividend of 1.928 US cents per share was paid (+23.6%), while the second interim dividend fell 27.8% to 1.328 US cents per share, payable on 30 June 2026, subject to shareholder approval of an authorised share‐capital increase enabling a scrip option.

Balance-sheet metrics strengthened: total assets rose to US$12.78 billion, equity to US$7.54 billion, and the net debt-to-equity ratio improved to 25.1% (2024: 29.6%). Year-end cash and cash equivalents increased to US$1.33 billion, while total borrowings stood at US$3.24 billion, 51.8% denominated in US dollars. Unutilised banking facilities amounted to US$851.72 million.

Operating cash flow surged 49.7% to US$611.63 million, aided by higher throughput and working-capital inflows. Capital expenditure was trimmed to US$198.29 million, and loan repayments (US$333.05 million) broadly matched new borrowings (US$374.82 million).

Performance by asset type diverged. Profit from controlled terminals slipped 4.6% to US$98.36 million, while non-controlling terminals delivered a 7.5% increase to US$345.34 million. Key contributors included Piraeus Container Terminal (profit up US$11.75 million to US$40.75 million) and Guangzhou South China Oceangate Terminal (profit up US$8.34 million to US$27.83 million). Losses widened at CSP Zeebrugge Terminal (-US$10.15 million) and newly commissioned CSP Chancay Terminal (-US$10.79 million).

Geographically, China operations produced 114.84 million TEU (+4.6%), representing 75.1% of group throughput. Overseas volume advanced 11.5% to 38.16 million TEU, buoyed by strong performances at Suez Canal Container Terminal (+41.3%) and CSP Zeebrugge (+33.1%), offsetting a 6.0% decline at Piraeus.

Looking ahead to 2026, management plans to accelerate global network expansion, deepen operational synergies, and advance digital and low-carbon initiatives amid an IMF-projected 3.3% global GDP growth and Drewry’s 1.8% expected rise in worldwide container throughput.