HUTCHISON PORT HOLDINGS TRUST 06 LETTER TO UNITHOLDERS HPH Trust navigated the unprecedented global trade headwinds in 2025 with focus and determination. Escalating US-China tensions – including import tariffs of up to 145% announced by the United States government in April, and China’s subsequent retaliatory measures – caused sustained volatility before the parties reached a one-year trade truce effective since November. Meanwhile, congestion at European ports, continued conflict in Ukraine, geopolitical risks in the Middle East and shifting consumer sentiment in Western markets further complicated global supply chains. Despite these challenges, China’s trade remained resilient, even as the risk of renewed tariffs persisted. HPH Trust demonstrated perseverance throughout a dynamic year, maintaining its commitment to operational excellence, enhancing connectivity and reinforcing its position as South China’s preferred port operator. LEADING WITH RESILIENCE AMID UNCERTAINTY During the year under review, HPH Trust recorded a throughput increase of 3% over the previous year, for a total of 23.0 million TEU. YANTIAN achieved record-breaking throughput for the second consecutive year, handling over 16.1 million TEU and surpassing its 2024 record by 7%. YANTIAN’s strong performance was driven by a 14% increase in exports to Europe and the Mediterranean, along with higher inbound empty and transshipment volumes, despite a 10% decrease in exports to the United States. Cargo volumes at Kwai Tsing Container Terminals, however, have yet to show any sustained signs of recovery amid the global trade headwinds and the changing shipper preferences, recording a 6% drop in year‑on‑year throughput. Financially, HPH Trust recorded modest growth. Revenue increased 3% year-on-year to HK$11,863.0 million, and net profit after tax (“NPAT”) reached HK$2,453.8 million – a 13% increase from HK$2,173.2 million in 2024. At the same time, NPAT attributable to unitholders grew 15% to HK$748.3 million. The Trust continued its debt repayment programme, reducing total borrowings to HK$24.3 billion, down from HK$25.2 billion in 2024. Distribution per unit to unitholders (“DPU”) was 11.5 HK cents in 2025. Despite the higher profit, DPU was down by 0.7 HK cent compared to 2024, mainly due to the increase in statutory reserve set aside in 2025 for YANTIAN pursuant to the revised Company Law of the People’s Republic of China. STRENGTHENING REGIONAL COMPETITIVE ADVANTAGE Kwai Tsing Container Terminals and YANTIAN strengthened their competitive positions in South China and the GBA through enhanced connectivity, deeper collaboration and by capturing opportunities in high-growth markets. YANTIAN reaffirmed its role as a pivotal national logistics hub, chosen as the preferred port of call by multiple shipping lines, including the newly formed Gemini Cooperation. Throughout 2025, YANTIAN remained agile in satisfying customers’ needs, ensuring shipping schedule reliability and supporting growing demand, particularly in transshipment cargoes. Kwai Tsing Container Terminals, supported by its “free port” status, continued to maintain its edge as an international transshipment hub. It remains a cornerstone in Hong Kong’s port industry, aligning closely with the Hong Kong government’s positioning of the city as a regional maritime hub. Ongoing strategic investments in smart and green port infrastructure, together with increased collaboration across the GBA, will further reinforce its competitiveness, long-term sustainability and market relevance. HPH Trust continues to actively pursue new opportunities in high growth markets including cold chain and e-commerce. HPH Trust showcased its advanced cold chain capabilities – featuring more than 8,000 refrigerated container reefer points and associated services – at the 2025 Asia Fruit Logistica exhibition. In June, China’s National Development and Reform Commission designated YANTIAN as a national key cold chain logistics hub – the only one in Shenzhen. This strengthened YANTIAN’s position as a major gateway for frozen meat imports in South China. In e-commerce, HPH Trust serviced more than 10 dedicated e-commerce lines in 2025, with YANTIAN maintaining its position as the preferred port for cross-border e-commerce in South China. YANTIAN earned widespread recognition from both customers and industries, for instance, it was the only Chinese port showcased for e-commerce at the World Internet Conference for two consecutive years since 2024. DEEPENING SHENZHEN-HONG KONG INTEGRATION AND INTERMODAL NETWORK Since the launch of the Shenzhen-Hong Kong Connect (“SZ-HK Connect”) port cluster in 2024, HPH Trust has continued to advance the integration between Kwai Tsing Container Terminals and YANTIAN. In 2025, the Trust established a container barge services joint venture with Shenzhen Port Group to provide dedicated and seamless barge services between the two ports. This new joint venture also seeks to extend the reach of SZ-HK Connect to Beibu Gulf Port and other GBA cities. Moreover, scheduled services along rail-sea corridors to hinterland cities within Chinese Mainland expanded further westward in 2025 – from Chongqing to Chengdu – with the launch of a new twice-weekly Chengdu-Shenzhen-Hong Kong scheduled rail-sea route. This service reduces transit times by more than half, offering businesses in Chengdu a stable, efficient and internationally connected export channel. YANTIAN continued to strategically develop its multimodal network across the hinterland in 2025, adding 13 inland ports in Sichuan, Hunan, Jiangxi and Guangdong. This expansion brings the total network to 30 inland ports, 36 rail service routes and 15 port alliances. YANTIAN’s remarkable multimodal network development was recognised by the Chinese government in 2025, when the Ministry of Transport selected the Liling-YANTIAN scheduled rail-sea service as one of 15 national rail-sea intermodal case studies – the only one in Shenzhen. By deepening the SZ-HK Connect integration and expanding its intermodal network, HPH Trust continues to connect inland regions with global markets, consolidating its position as a leading intermodal logistics gateway. INVESTING STRATEGICALLY TO DRIVE PERFORMANCE HPH Trust strengthened its commitment to operational excellence through deliberated infrastructure investments and continuous innovation. In 2025, its remote control fleet continued to expand to enhance efficiency. Kwai Tsing Container Terminals completed upgrading six yard cranes with remote control functions across four yard blocks, while YANTIAN installed 12 remote control yard cranes with a six-containers high stacking configuration and ordered seven
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