CORPORATE INFORMATION REGISTERED OFFICE 1 Harbourfront Avenue #14-07, Keppel Bay Tower Singapore 098632 Telephone: (65) 6536 5355 Fax: (65) 6536 1360 COMPANY SECRETARY Ms. WONG Yoen Har UNIT REGISTRAR AND UNIT TRANSFER OFFICE Boardroom Corporate & Advisory Services Pte. Ltd. 1 Harbourfront Avenue #14-07, Keppel Bay Tower Singapore 098632 Telephone: (65) 6536 5355 Fax: (65) 6536 1360 AUDITOR PricewaterhouseCoopers LLP 7 Straits View Level 12, Marina One, East Tower Singapore 018936 Telephone: (65) 6236 3388 Fax: (65) 6236 3300 Partner-in-charge: Ms. Debra Ann KER Date of appointment of Partner-in-charge: 25 April 2023 PRINCIPAL BANKERS DBS Bank Ltd Bank of China Ltd Industrial and Commercial Bank of China Ltd Standard Chartered Bank (Hong Kong) Ltd The Hongkong and Shanghai Banking Corporation Ltd CORPORATE DIRECTORY Company Registration No.: 201100749W Website: https://www.hphtrust.com TRUSTEE-MANAGER Hutchison Port Holdings Management Pte. Limited (incorporated in the Republic of Singapore with limited liability) BOARD OF DIRECTORS Chairman and Non-executive Director Mr. LAI Kai Ming, Dominic, BSc, MBA Executive Director Mr. IP Sing Chi, BA Non-executive Directors Ms. Edith SHIH, BSE, MA, MA, EdM, Solicitor, FCG, HKFCG Ms. LEE Tung Wan, Diana, BCom, ACA (ANZ) Independent Non-executive Director and Lead Independent Director Dr. FONG Chi Wai, Alex, BSS, MTM, MSGF, DBA, PhD, FCILT, FHKIOD Independent Non-executive Directors Professor CHAN Fan-cheong, Tony, BS, MS, PhD Ms. IM Man Ieng, BCom, MBus (Acc), CPA Mr. LEE Kah Lup, B.Sc., MBA Ms. SEAH Bee Eng (alias Jennifer LOH), B Acc, FCA (Singapore), CA (Australia) AUDIT COMMITTEE Ms. SEAH Bee Eng (alias Jennifer LOH) (Chairperson) Professor CHAN Fan-cheong, Tony Ms. IM Man Ieng NOMINATING COMMITTEE Dr. FONG Chi Wai, Alex (Chairman) Professor CHAN Fan-cheong, Tony Ms. Edith SHIH REMUNERATION COMMITTEE Mr. LEE Kah Lup (Chairman) Ms. IM Man Ieng Ms. LEE Tung Wan, Diana SUSTAINABILITY COMMITTEE Ms. Edith SHIH (Chairperson) Dr. FONG Chi Wai, Alex Mr. LEE Kah Lup Ms. LEE Tung Wan, Diana Ms. SEAH Bee Eng (alias Jennifer LOH)
CORPORATE HIGHLIGHTS 01 ANNUAL REPORT 2025 Corporate Information Contents 01 Trust Profile 02 Corporate Structure 03 Portfolio Overview 04 Letter to Unitholders 06 Corporate Highlights 08 Corporate Milestones 14 Operational Review 16 Financial Review 19 Board of Directors 20 Senior Management 25 Sustainability Report 26 Investor Relations 93 Corporate Governance Report 94 Financial Contents 125 Five-Year Financial Summary 190 Statistics of Unitholdings 191 Notice of Annual General Meeting 193 Proxy Form 197 Glossary 199 CONTENTS
HUTCHISON PORT HOLDINGS TRUST 02 CORPORATE HIGHLIGHTS TRUST PROFILE HPH TRUST Hutchison Port Holdings Trust (“HPH Trust” or the “Trust”) is the first publicly traded container port business trust in the world. It was listed on the Mainboard of the Singapore Exchange (“SGX”) in March 2011. In early 2012, it became the first entity to launch dual-currency trading for its units on the SGX. THE TRUSTEE-MANAGER The Trust is managed by Hutchison Port Holdings Management Pte. Limited (the “Trustee-Manager”), an indirect wholly owned subsidiary of CK Hutchison Holdings Limited (“CKHH”). The Trustee-Manager has the dual responsibilities of safeguarding the interests of unitholders as a whole and managing HPH Trust’s businesses. The Board of Directors of the Trustee-Manager consists of individuals with a broad range of commercial experience and expertise in the port industry. The mandate of the Trust is principally to invest in, develop, operate and manage deep-water container ports in Guangdong Province, Hong Kong and Macau in China. HPH Trust operates Hongkong International Terminals (“HIT”), COSCO-HIT Terminals (“COSCO-HIT”) and Asia Container Terminals (“ACT”) in Hong Kong, and Yantian International Container Terminals (“YANTIAN”) and Huizhou International Container Terminals (“HICT”) in Chinese Mainland. HPH Trust operates 381 berths across 6471,2 hectares of land. In 2025, the Trust delivered a combined throughput of approximately 23.0 million twenty-foot equivalent units (“TEU”). The core port operations of the Trust are complemented by river port facilities and ancillary services, which aim to provide customers with seamless logistics supply chain solutions for imports and exports. HPH Trust holds economic benefits in two river ports in Chinese Mainland (“River Ports Economic Benefits”3): Jiangmen International Container Terminals (“Jiangmen Terminal”) and Nanhai International Container Terminals (“Nanhai Terminal”). Collectively, they are known as the “River Ports”. HPH Trust also operates ancillary services including container depots, trucking, feeder and shipping agencies via Asia Port Services Limited (“APS”); HPH E.Commerce Limited (“Hutchison Logistics”), a provider of supply chain solutions across air, sea and land networks; and Shenzhen Hutchison Inland Container Depots Co., Limited (“SHICD”), operator of an inland container depot and warehouse in Shenzhen. 1 Excludes East Port Phase I, which is under development. 2 Includes 2 hectares of land to be expropriated by the relevant local authority (“YTLAC”) designated by the City Renewal and Land Development Bureau of the Yantian District People’s Government of Shenzhen of the PRC pursuant to the two expropriation and compensation agreements signed by YANTIAN Phases I and II and YTLAC in July 2024 and December 2025. 3 The River Ports Economic Benefits represent the economic interest and benefits of the River Ports – including all dividends and any other distributions or other monies payable to Hutchison Port Holdings Limited (“HPH”) or any of its subsidiaries in its capacity as a shareholder of the relevant holding company of the River Ports arising from the profits attributable to the business of the River Ports, and all sale or disposal proceeds derived from such businesses, assets, rights and/or liabilities constituting any part of the business of the River Ports as agreed with HPH and any of its subsidiaries. NANHAI JIANGMEN • Nanhai Terminal • Jiangmen Terminal SHENZHEN HUIZHOU HONG KONG • YANTIAN Phases I and II • YANTIAN Phase III and Phase III Expansion • West Port Phases I and II • East Port Phase I (under development) • HIT • COSCO-HIT • ACT • HICT
ANNUAL REPORT 2025 03 CORPORATE HIGHLIGHTS STRUCTURE Distributions Holding of units Fees UNITHOLDERS Acting on behalf of unitholders and providing management services TRUSTEEMANAGER HPH TRUST YANTIAN Phases I and II YANTIAN Phase III and Phase III Expansion West Port Phases I and II HICT East Port Phase I2 YANTIAN and HICT 51.6% 51.6% 41.3% 39.7% 56.4% Jiangmen Terminal Nanhai Terminal River Ports1 50.0% 50.0% APS Hutchison Logistics SHICD Portfolio Ancillary Services 100.0% 86.5% 100.0% HIT (Terminals 4, 6, 7 and 9 North) COSCO-HIT (Terminal 8 East) ACT (Terminal 8 West) HIT, COSCO-HIT and ACT 100.0% 50.0% 40.0% 1 HPH Trust holds River Ports Economic Benefits, but not the shares of the River Ports’ holding companies. 2 Under development.
HUTCHISON PORT HOLDINGS TRUST 04 PORTFOLIO OVERVIEW HONG KONG HIT, COSCO-HIT and ACT Strategically located on the south-east coast of China, Hong Kong is regarded as the gateway to the GBA and its vast mainland hinterland. Its deep-water port and modern, well-equipped facilities, coupled with a free, open and multilateral trading system, enable Hong Kong to maintain its status as one of the world’s most renowned port cities and a major transshipment hub in the region. On 8 January 2019, Hongkong International Terminals Limited, COSCO-HIT Terminals (Hong Kong) Limited, Asia Container Terminals Limited and Modern Terminals Limited established the Hong Kong Seaport Alliance (“HKSPA”), through which they collaborate to ensure the efficient management and operation of the 23 berths in Kwai Tsing Port. Tsing Yi Island TERMINAL 9 SOUTH TERMINAL 9 NORTH TERMINAL 5 TERMINAL 1 TERMINAL 2 TERMINAL 3 Kwai Chung TERMINAL 4 TERMINAL 6 TERMINAL 7 TERMINAL 8 EAST TERMINAL 8 WEST Figures as at 31 December 2025 1 HIT Terminals 4, 6, 7 and 9 North have combined land area of 111 hectares, COSCO-HIT has combined land area of 30 hectares and ACT has combined land area of 29 hectares. 2 Represents the allocated throughput from HKSPA. HIT • 12 container berths across Terminals 4, 6, 7 and 9 North • 100% ownership COSCO-HIT • 2 container berths at Terminal 8 East • 50/50 joint venture with COSCO SHIPPING Ports Limited (“COSCO SHIPPING Ports”) ACT • 2 container berths at Terminal 8 West • Strategic partnership between HPH Trust and COSCO SHIPPING Ports, with stakes of 40% and 60% respectively 16 CONTAINER BERTHS 1701 HECTARES OF LAND 1,300 EMPLOYEES AROUND 66 QUAY CRANES 6.642 MILLION TEU HANDLED IN 2025 2,000 EXTERNAL CONTRACTOR WORKERS ON-SITE DAILY AROUND
ANNUAL REPORT 2025 05 PORTFOLIO OVERVIEW SHENZHEN AND HUIZHOU YANTIAN YANTIAN is one of the busiest container terminals in China. As South China has developed into a prosperous and dynamic economy, the port has become the premier gateway for foreign trade. As the sole terminal operator in eastern Shenzhen, YANTIAN is regularly visited by mega-vessels. Its natural deep-water berths and excellent mega-vessel handling capabilities secure its reputation as a key trading hub. WEST PORT PHASES I AND II PHASE III EXPANSION EAST P PHASE I ORT To Shenzhen To Huizhou and Dongguan To Dameisha and Xiaomeisha Bonded Logistics Park YANTIAN PHASES I AND II YANTIAN PHASE III YANTIAN HICT • 2 container berths • Effective interests: 41.3% YANTIAN Phases I and II • 5 container berths • Effective interests: 56.4% YANTIAN Phase III and Phase III Expansion • 11 container berths • Effective interests: 51.6% West Port Phases I and II • 4 container berths • Effective interests: 51.6% East Port Phase I (under development) • Proposed to be 3 container berths • Effective interests: 39.7% Figures as at 31 December 2025 3 Excludes East Port Phase I, which is under development. 4 YANTIAN Phases I and II have combined land area of 130 hectares, YANTIAN Phase III and Phase III Expansion have combined land area of 226 hectares, West Port Phases I and II have combined land area of 61 hectares and HICT has combined land area of 60 hectares. 223 CONTAINER BERTHS 4773,4 HECTARES OF LAND 2,3003 EMPLOYEES AROUND 923 QUAY CRANES 16.343 MILLION TEU HANDLED IN 2025 7,3003 EXTERNAL CONTRACTOR WORKERS ON-SITE DAILY HICT The port of Huizhou is a natural coastal port in Guangdong. It is located near the manufacturing hinterland in eastern Guangdong, immediately east of Hong Kong and Shenzhen. The Trust aims to develop it as a key player in the GBA shipping hub. Situated in the Quanwan Port Zone in the Daya Bay Economic and Technological Development Zone, HICT is one of the dedicated container terminals in Huizhou. HICT AROUND
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
ANNUAL REPORT 2025 07 LETTER TO UNITHOLDERS remote control quay cranes. In addition, six quay cranes at YANTIAN were heightened to strengthen its capability as a pivotal logistics hub and serve the growing trend in mega vessels deployment. These upgrades positioned HPH Trust to capture new business opportunities and deliver another year of strong operational performance. Following a record-breaking 2024, YANTIAN set a new annual throughput record for the second consecutive year. Throughout 2025, monthly throughput surpassed the corresponding month’s historical record 10 times, with the highest monthly throughput in YANTIAN’s history achieved in August. These results are particularly noteworthy given that the port faced a record 10 typhoons during the year. Vessel and barge handling productivity remained strong, underpinning sustained growth in cargo volumes. Meanwhile, in Hong Kong, Kwai Tsing Container Terminals set a new productivity record in April during a large-scale transshipment operation. The operation deployed 10 quay cranes to handle 12,000 containers across the 399-metre OOCL Scandinavia and the 366-metre OOCL Egypt within 70 hours. This achievement highlighted Hong Kong’s competitive advantage as an international transshipment hub and a key catch-up port, enabling vessels to maintain schedule reliability at subsequent ports. Regarding capacity enhancement, construction of East Port Phase I at YANTIAN continued to progress, with three fully automated berths designed with 3 million TEU annual handling capacity to handle vessels exceeding 200,000 tons in displacement – equivalent to a capacity of more than 24,000 TEU, and scalable to 32,000 TEU. PIONEERING AI AND SMART OPERATIONS HPH Trust continued to invest in smart port operations in 2025, with the adoption of advanced automation, 5G-enabled technology and AI solutions. In Hong Kong, following a series of proof-of-concept trials and real-world safety testing of eco-friendly electric-powered autonomous trucks (“ATs”), HIT committed to integrating ATs into operations in 2026 by ordering six trucks and commencing civil work upgrades in 2025. These trucks are equipped with built-in AI, multidimensional sensors, high-definition cameras and GPS guidance. Moreover, they can operate alongside conventional traffic, running on the same roads as other vehicles. This mixed-mode operation will enhance efficiency and safety while bringing decarbonisation to the port. In addition, both Kwai Tsing Container Terminals and YANTIAN leveraged AI technology to enhance gatehouse efficiency and safety management. HIT improved drivers’ and workers’ experiences at gates by enabling contactless entry and exit flows using 5G and optical character recognition, eliminating manual processes and cardbased systems, while YANTIAN applied AI to automate container seal detection in gate inspection procedures. For yard and safety management, HIT introduced drones with AI capability to conduct inspections in dangerous cargo zones, while YANTIAN is progressing the development of real-time AI-based compliance monitoring and tracking across the container yard which is expected to be implemented in 2026. Together, these advancements demonstrate HPH Trust’s technological leadership and commitment to innovation, positioning its terminals at the forefront of smart, safe and efficient port operations. DRIVING THE LOW-CARBON TRANSITION HPH Trust continued to advance its decarbonisation journey in 2025. With the dedication and support of its colleagues, the Trust achieved a 29% reduction in carbon emissions intensity compared to 2021, close to its target of a 30% reduction by 2030 set in 2023. Today, the Trust’s terminals collectively operate more than 1,000 units of equipment powered by electricity or LNG. At Kwai Tsing Container Terminals, sustainability initiatives in recent years have included converting hybrid yard cranes to electric models, installing solar photovoltaic systems and transitioning from fossil‑fuel‑powered vehicles to electric fleets. In 2025, HIT further upgraded 13 yard cranes from hybrid to electric, launched a sustainability awareness workshop engaging over 500 participants, including around 100 key vendors to align suppliers with its environmental commitments. It also became a founding sponsor of The Mariners, a club facility launched by the Sailors Home and Mission to Seafarers, reaffirming its support for the maritime community and seafarer services. YANTIAN also made parallel strides in decarbonisation. Its electric truck fleet expanded from 83 vehicles in 2024 to 256 vehicles in 2025. Shore power infrastructure now covers all berths, with total capacity increasing from 24 MVA to 29 MVA. During the year, YANTIAN set a new annual record, supplying over 29 million kWh of shore power across more than 1,200 vessel connections – representing year-on-year increases of 17% and 18%, respectively. LNG bunkering volume also rose by more than 78% compared with 2024. These achievements underscore growing adoption of cleaner, shore‑based energy among visiting vessels and reaffirm HPH Trust’s commitment to leading the industry’s low‑carbon transition and supporting our customers’ sustainability goals. TARGETING SUSTAINABLE GROWTH The global market outlook remains complex and volatile, with ongoing uncertainties in trade flows, tariff negotiations and consumer sentiment. Financially, interest expenses are expected to increase, as the last of maturing debts drawn at the low end of interest rate cycles five years ago will be refinanced in 2026 and additional cashflow is expected to be directed towards interest servicing. Looking ahead, HPH Trust remains focused on maintaining stability, enhancing operational efficiency and driving sustainable growth in a dynamic environment. Continued investments in strategic infrastructure and innovation have well positioned the Trust to adapt effectively to changing market conditions, while our commitment to excellence and collaboration underpins long‑term resilience and stakeholder confidence. The Trust will continue to monitor overall macroeconomic developments closely and remain disciplined in execution, innovative in operations and proactive in partnership. While trade patterns may remain erratic in the near term, our core strengths will support sustained value creation and strengthen HPH Trust’s position as a trusted and leading gateway for global trade. Mr. LAI Kai Ming, Dominic Chairman
HUTCHISON PORT HOLDINGS TRUST 08 CORPORATE HIGHLIGHTS VESSEL OPERATIONS HIGHLIGHT YANTIAN efficiently managed ROME EXPRESS on the Gemini schedule with the vessel starting its rotation at YANTIAN and heading via the Cape of Good Hope to the US East Coast. Terminal 8 of Kwai Tsing Container Terminals set a new productivity record by deploying ten quay cranes to handle the 366-metre OOCL Egypt in an extensive transshipment operation that also included the 399-metre OOCL Scandinavia. Over the course of 70 hours, Terminal 8 efficiently handled nearly 12,000 containers, amounting to more than 20,500 TEU. TECHNOLOGICAL ADVANCEMENTS AT EAST PORT PHASE 1 The first phase of the East Port Project in YANTIAN reached a key milestone during its inauguration ceremony in January with the introduction of the first batch of major equipment, highlighting the terminal’s advanced technological infrastructure and transition into a smart port. By the end of 2025, the terminal welcomed 14 double-trolley quay cranes and 18 automated rail-mounted gantry cranes. East Port Phase 1 will comprise three automated container berths designed for 200,000-ton vessels. The arrival of the first batch of equipment for East Port Phase I. YANTIAN SETS NEW THROUGHPUT RECORD IN 2025 In 2025, YANTIAN achieved record-breaking throughput for the second consecutive year, handling over 16.1 million TEU and surpassing its 2024 throughput by seven percent. Furthermore, vessel and barge handling productivity remained consistently strong throughout this period. These remarkable accomplishments have further cemented YANTIAN’s reputation as a pivotal national logistics hub, making it the port of choice for a wide range of shipping lines and customers.
ANNUAL REPORT 2025 09 CORPORATE HIGHLIGHTS EXPANSION OF RAIL-SEA CORRIDOR SERVICES • Building on last year’s success with rail-sea services for the Shenzhen-Hong Kong Connect, including the ChongqingShenzhen-Hong Kong scheduled rail-sea service and the Guangxi-Kwai Tsing-Yantian rail-sea intermodal channel, a new Chengdu-Shenzhen-Hong Kong scheduled rail-sea corridor was established through a strategic partnership among YANTIAN, HIT and Chengdu International Railway Port Investment Development Co., Ltd. This new rail-sea service has cut transit times between Chengdu, Yantian and Hong Kong from six days to just three, giving exporters an additional route to access markets in the US, Europe, Asia and South America. Furthermore, feeder services connecting to Kwai Tsing Container Terminals make it easier to distribute goods within Intra-Asia and beyond, strengthening Hong Kong’s position as a major logistics gateway and connector within the GBA. • To mark the launch of the Chengdu-Shenzhen-Hong Kong scheduled rail-sea corridor, HIT and YANTIAN hosted an event in Chengdu to showcase their enhanced service networks and promote their global reach. Attendees included representatives from the Hong Kong Trade Development Council (Chengdu), Chengdu International Railway Port, shipping firms, third-party logistics providers, and manufacturers from both South China and Sichuan. • HIT also signed a Memorandum of Understanding (“MoU”) to explore a premium rail-sea service linking Sichuan, Chongqing, Guangxi and Hong Kong. This new offering aims to cut down transit times and enhance cargo connectivity for inland cities, efficiently connecting them to global markets via Hong Kong’s extensive shipping network. The inauguration ceremony of the Chengdu-Shenzhen-Hong Kong scheduled rail-sea corridor. A promotional event held at Chengdu to showcase the service networks and global connectivity of the new rail-sea connection. HIT signs an MoU with New Land-Sea Corridor Operation and Beibu Gulf Port Group at the Hong Kong Maritime Week. The first Chengdu-Shenzhen-Hong Kong scheduled train departs from Chengdu.
HUTCHISON PORT HOLDINGS TRUST 10 CORPORATE HIGHLIGHTS CUSTOMER ENGAGEMENT • YANTIAN organised a customer communication session to celebrate record barge volumes for 2024, gathering over 120 representatives from barge operators, terminals in Pearl River Delta and HPH Trust. • A commitment to regional integration was demonstrated at the Shenzhen and Hong Kong Maritime Industry Banquet 2025, held in Hong Kong and co-hosted by the Shenzhen Ports Association and the Hong Kong Container Terminal Operators Association. The banquet provided a valuable forum for advancing GBA partnerships, with senior representatives from HPH Trust, the Shenzhen Transport Bureau and the Hong Kong Transport and Logistics Bureau in attendance. • HIT, in collaboration with the Hong Kong Trade Development Council and the Hong Kong Transport and Logistics Bureau, promoted Hong Kong’s logistics sector in Chongqing, aiming to enhance cooperation and unlock future business opportunities. • YANTIAN hosted a customer event in Zhuhai to highlight its expanded service network and strengthened barge connections, and discuss recent changes to mainland tax policies. The event was designed to reinforce its relationships with Zhuhai and Xinhui, both of which are key cargo catchment areas within the GBA. YANTIAN customer communication session for barge operators. The Shenzhen and Hong Kong Maritime Industry Banquet 2025. Promoting Hong Kong’s logistics competitiveness in Chongqing. YANTIAN customer event in Zhuhai.
ANNUAL REPORT 2025 11 CORPORATE HIGHLIGHTS RELAUNCH OF KEY SERVICES YANTIAN relaunched COSCO SHIPPING’s service and product in a roadshow event, reinforcing its connections to Europe and North America. The updated service features a rotation including Yantian, Hong Kong (Kwai Tsing Container Terminals), Felixstowe and other European ports. The relaunch of the service will further strengthen YANTIAN’s status as a global logistics hub and highlight its robust handling capabilities. COMMITMENT TO SUSTAINABLE SHIPPING • Kwai Tsing Container Terminals and YANTIAN handled the first methanol dual-fuel vessel, COSCO SHIPPING YANGPU, as part of the Trust’s ongoing green shipping developments. • YANTIAN also received the methanol dual-fuel vessel BEIJING MAERSK on its initial voyage. • Kwai Tsing Container Terminals hosted the maiden call of COSCO SHIPPING’s LNG dual-fuel Roll-on/Roll-off (“RoRo”) vessel, LIAO HE KOU, which has 13 decks and a capacity for 7,500 vehicles. • HIT served LNG-powered feeder for the first time by receiving DAFENG 3031 on the Zhongshan-Hong Kong service, marking the launch of the green shipping corridor. • YANTIAN has launched the world’s first on-dock chassis battery swapping station for its fleet of 103 electric trucks, continuing its transition to alternative transport modes in daily operations. These events demonstrate the terminals’ involvement in green initiatives in the shipping industry and commitment to leading the industry’s low-carbon transition. Roadshow for the relaunch of COSCO SHIPPING’s service and product. COSCO SHIPPING YANGPU. BEIJING MAERSK. COSCO SHIPPING LIAO HE KOU. DAFENG 3031.
HUTCHISON PORT HOLDINGS TRUST 12 CORPORATE HIGHLIGHTS ADVANCES IN AUTOMATION AND USE OF THE 5G NETWORK • YANTIAN and HIT have enhanced their remote control rubber-tyred gantry crane (“RTGC”) operations. YANTIAN currently operates 40 remote control RTGCs, following the delivery of 12 units in 2025. HIT has upgraded six conventional RTGCs to remote control and planned to release for production in 2026. • The implementation of 5G technology is an important component of remote-controlled operations. YANTIAN has successfully completed the initial phase of its 5G upgrade for remote control RTGCs, equipping 16 out of 40 units with the ability to connect to the enhanced 5G network. An upgrade of the remaining units to 5G is scheduled for completion in 2026, with the objective of enhancing remote control capabilities. • Following the successful completion of a proof-of-concept for the use of autonomous trucks, HIT procured an additional six units for Terminal 4. These trucks are scheduled for deployment in 2026. The arrival of remote control RTGCs at YANTIAN. 5G network technology installed at YANTIAN. New autonomous trucks at Terminal 4 of HIT.
ANNUAL REPORT 2025 13 CORPORATE HIGHLIGHTS EQUIPMENT UPGRADES YANTIAN has increased the height of six quay cranes and plans to deliver seven new remote control quay cranes in 2026. The programme to heighten the quay cranes was initiated in 2021. When it is completed, 25 quay cranes will reach a height of 52 metres, accommodating the biggest mega-vessels. AWARDS AND INDUSTRY RECOGNITION • YANTIAN was honoured with the Global Outstanding Partner Award from the Shenzhen Cross-Border E-commerce Association, standing out as the only container port operator recognised at the ceremony. • YANTIAN was named “Best Container Terminal – Asia (Over 4 million TEUs)” at the 2025 Asian Freight, Logistics and Supply Chain Awards in Hong Kong. • HIT was honoured with the Elite Enterprise Partnership Distinguished Award 2025 by the Hong Kong Customs and Excise Department for its contribution to strengthening customs–logistics collaboration and facilitating secure and efficient trade. • HIT received the HKQAA Gold Seal for “Contribution to Sustainable Facility – Promote Environmental Protection of Green and Sustainability Contribution Awards 2025”, recognising its efforts to advance a low-carbon economy and improve green operations. Quay crane heightening at YANTIAN. Global Outstanding Partner Award. Best Container Terminal – Asia (Over 4 million TEUs) Award. Elite Enterprise Partnership Distinguished Award 2025. HIT is the first container terminal to receive the HKQAA Gold Seal for “Contribution to Sustainable Facility – Promote Environmental Protection”.
HUTCHISON PORT HOLDINGS TRUST 14 CORPORATE MILESTONES AWARDS AND RECOGNITIONS CORPORATE CORPORATE SOCIAL RESPONSIBILITY • Global Operational Efficiency Excellence Award COSCO Shipping Holdings Co., Ltd. • Fortune Southeast Asia 500 Fortune • 15th Annual Institutional Investor Awards for Corporates Top 5 in the following award categories: - Most Organised Investor Relations - Best Senior Management IR Support - Strongest Adherence to Corporate Governance - Best Strategic CSR Alpha Southeast Asia Global Operational Efficiency Excellence Award • COSCO Shipping Holdings Co., Ltd. Industry Great Leadership Contribution Award • Global Outstanding Partner Award • Shenzhen Cross-Border E-Commerce Association 2025 World Internet Conference Collection of Cross-Border • E-Commerce Practice Cases The World Internet Conference (WIC) Top 10 National Exemplary Cases for 2025 • The Ministry of Transport, the National Railway Administration, and China Railway National (Shenzhen) Excellent Enterprises with Foreign • Investment - Excellent Tax-Payment and Turnover (2024) National (Shenzhen) Excellent Enterprises with Foreign • Investment - Shenzhen Top Ten Tax-Payment Enterprises (2024) Shenzhen Association of Enterprises with Foreign Investment The South China Preferred Port for Cross-Border E-commerce • ZIM Best Container Terminal – Asia • (Over 4 million TEUs) Asia Cargo News Elite Enterprise Partnership Distinguished Award 2025 • The Hong Kong Customs and Excise Department • Manpower Developer 2018–2027 Manpower Developer Award Scheme Employees Retraining Board • CareER Disability Inclusive Employer • CareER RunnERthon Online 2025 - Most Engaging Corporate Award CareER COSCO-HIT HPH Trust HIT YANTIAN HIT
ANNUAL REPORT 2025 15 • Double Star Certificate Hong Kong Social Welfare Department of Tsuen Wan and Kwai Tsing District Caring Elders Award Scheme 2024–25 • Partner Employer Award 2025 Hong Kong General Chamber of Small and Medium Business • Heart to Heart Company 2010-2025 The Hong Kong Federation of Youth Groups • Joyful@Healthy Workplace Charter • Mental Health Friendly Organisation Department of Health, Labour Department and Occupational Safety and Health Council • Hong Kong Green Organisation • Hong Kong Green Organisation Certification - Wastewi$e Certificate – Good Level - IAQwi$e Certificate – Good Level Environmental Campaign Committee • Indoor Air Quality Certificate – Good Class Indoor Air Quality Information Centre and Environmental Protection Department • Gold Seal for Contribution to Sustainable Facility Promote Environmental Protection of Green and Sustainability Contribution Awards 2025 Hong Kong Quality Assurance Agency Caring Company Award 2025 • The Hong Kong Council of Social Service 2025 Leading Enterprise for ESG • Practice in China Logistics Industry China Shipping Gazette Intelligent and Green Partnership Award • COSCO Shipping Holdings Co., Ltd. National (Shenzhen) Excellent Enterprises with Foreign • Investment - Carbon Reduction Promotion (2024-2025) Shenzhen Association of Enterprises with Foreign Investment CORPORATE MILESTONES HIT and COSCO-HIT Hutchison Logistics COSCO-HIT HIT, COSCO-HIT, APS and Hutchison Logistics ENVIRONMENTAL AND SUSTAINABILITY • Hong Kong Green Organisation Certification -Wastewi$e Certificate – Good Level Environmental Campaign Committee HIT APS YANTIAN Good MPF Employer 10 Years with: • - e-Contribution Award - MPF Support Award Mandatory Provident Fund Schemes Authority
HUTCHISON PORT HOLDINGS TRUST 16 OPERATIONAL REVIEW In 2025, HPH Trust operated in a rapidly evolving trade landscape, including the US-China trade tension and the restructuring of shipping alliances, which caused changes in trade routes and added complexities to the port operating environment. Building on the Shenzhen-Hong Kong Connect (“SZ-HK Connect”) port cluster, both Kwai Tsing Container Terminals and YANTIAN continued to adapt swiftly to customers’ evolving needs while maintaining operational efficiency and improving productivity. These capabilities are critical especially under an industry environment increasingly defined by schedule reliability and timely delivery. Sustained investments in infrastructure and technology upgrades underpin this agility, reinforcing HPH Trust’s position as a vital gateway within South China’s port network and one of the key conduits for trade across the GBA and beyond. ANOTHER YEAR OF OPERATIONAL EXCELLENCE Strong execution is central to HPH Trust’s ability to deliver reliable and efficient logistics services in a dynamic global environment. In 2025, the Trust once again demonstrated resilience and capability, achieving notable milestones across both terminals. YANTIAN hit record throughput for the second consecutive year, despite experiencing a record 10 typhoons. During 2025, YANTIAN surpassed 10 months of their respective historical highs, with August recording the highest monthly throughput in YANTIAN’s history. Vessel and barge handling productivity remained strong throughout. Kwai Tsing Container Terminals set a new productivity benchmark in Hong Kong with a large-scale transshipment operation in April, handling approximately 12,000 containers across the 399-metre OOCL Scandinavia and the 366-metre OOCL Egypt within 70 hours using 10 quay cranes (“QCs”). This achievement showcased Kwai Tsing Container Terminals’ capabilities as an international transshipment hub and key catch-up port. These accomplishments reflect HPH Trust’s commitment to strategic operational foundations – encompassing the expansion of multimodal connectivity, continuous infrastructure upgrades, remote control crane deployments, deeper technology adoption, ongoing initiatives to improve user experience, and persistent safety and sustainability investments, as further elaborated below. EXPANDING MULTIMODAL CONNECTIVITY Connectivity underpins HPH Trust’s operations, linking hinterland Chinese Mainland with global markets, supported by the continued expansion of scheduled rail‑sea corridors and multimodal integration. During the year, the Trust advanced the integration of SZ-HK Connect, which has united its two world-class assets – YANTIAN and Kwai Tsing Container Terminals – into South China’s largest port cluster. Building on the Chongqing-Shenzhen-Hong Kong scheduled rail-sea service launched in 2024, a new Chengdu-Shenzhen-Hong Kong service was introduced in 2025, extending the Trust’s inland reach. These corridors deliver transit times of just two days from Chongqing and Chengdu to YANTIAN, providing efficient access to markets in the United States and Europe. Seamless daily barge connections between YANTIAN and Kwai Tsing Container Terminals support onward distribution to growth regions including Intra-Asia, South and Central America and Oceania, reinforcing Hong Kong’s position as a premier transshipment hub. YANTIAN further expanded its hinterland cargo coverage by adding 13 inland ports in 2025, bringing the total network to 30 inland ports, 36 rail service routes and 15 port alliances. This expansion strengthens HPH Trust’s role as a major logistics gateway, providing efficient and timely global market access for hinterland cities. INFRASTRUCTURE AND EQUIPMENT UPGRADES To sustain the capability of handling mega vessels and raise service reliability, HPH Trust continued investing in upgrading and modernising our infrastructure and introducing cutting edge equipment, enhancing cargo handling productivity and capacity across Kwai Tsing Container Terminals and YANTIAN. Kwai Tsing Container Terminals achieved substantial progress in deploying eco-friendly electric-powered autonomous trucks (“ATs”). Following successful proof-of-concept testing, real-world safety assessments and production trials, the terminal is well positioned to launch AT operations in 2026. In 2025, civil works and traffic lane modifications were completed at Terminal 4, and six ATs were purchased. Equipped with onboard AI, multi-dimensional sensors, high-definition cameras and GPS guidance, these vehicles will operate alongside conventional traffic under 5G connectivity, enhancing safety in yard movements while supporting decarbonisation. At YANTIAN, the QC heightening programme has accelerated to accommodate shipping liners’ increasing deployment of ultra-large container vessels. Currently, YANTIAN is able to handle such vessels albeit with some productivity constraints. The programme has now transitioned to its next stage, which plans to heighten 20 QCs over three years through 2027, with six completed in 2025. Upon completion, the mega berths are expected to be fully equipped with 52‑metre‑high quay cranes capable of handling mega vessels at full productivity. Yard storage capacity was also enhanced at YANTIAN to meet growing customer demand for specialised overweight cargoes, including energy storage systems (“ESS”) for which demand grew three times at YANTIAN in 2025 compared to 2024. In 2025, YANTIAN upgraded one rubbertyred gantry crane (“RTGC”) and procured three reach stackers, all with 50-tonne lifting capacity, strengthening capabilities for handling overweight containers, particularly ESS. Construction of YANTIAN East Port Phase I was progressing well. The expansion comprises three fully automated berths designed for ultramega vessels exceeding 200,000 tons in displacement, equivalent to a capacity of more than 24,000 TEU and scalable to 32,000 TEU. By year‑end 2025, the terminal had welcomed 14 double-trolley QCs and 18 automated rail‑mounted gantry cranes (“RMGCs”) and completed construction of the entire quay deck – both key milestones in readiness for the new phase. The commencement in operation of the first berth is expected to add annual handling capacity of 1 million TEU to YANTIAN. Upon full completion, YANTIAN East Port Phase 1 will provide annual capacity of 3 million TEU. ADVANCING REMOTE-CONTROLLED OPERATIONS Building on the aforementioned physical infrastructure upgrades, HPH Trust has further advanced remote-controlled operations as a core productivity and safety enabler, shifting critical crane workflows from on‑site cabins to controlled office environments. In Hong Kong, HIT progressed the conversion of RTGCs at Terminals 6 and 7 to remote-controlled operation, upgraded six units across four RTGC blocks which is expected to be operational in 2026. Beyond fleet expansion, HIT is exploring auto-landing functions for remote control RMGCs to handle containers with internal trucks, which could streamline future workflows by automating cargo discharge and loading. At YANTIAN, the remote control fleet continued to expand. In 2025, the fourth batch of 12 remote control RTGCs with six-container-high (1over-6) stacking configuration was delivered, bringing the total remote control fleet to 40 units. Moreover, 16 RTGCs were upgraded with 5G communications, enabling remote cross-block crane movements. On the quay side, seven QCs with remote control functions were ordered in 2025, including two purpose-built for barge operations.
ANNUAL REPORT 2025 17 OPERATIONAL REVIEW EMBEDDING DIGITAL TRANSFORMATION AT GATES Besides the growing adoption of remote-controlled operations at both yard and quay areas, the Trust also enhanced and further digitalised operations at gatehouse through greater application of AI, automation and user-centered technologies. At Kwai Tsing Container Terminals, contactless gate entry and exit was achieved by introducing automatic licence plate recognition with 5G and optical character recognition, eliminating manual processes and card-based systems. In addition, a second-generation AI system was implemented to enhance remote container inspection at gates, improving accuracy in container damage and seal presence identification while supporting indoor inspectors. In YANTIAN, a two-year gatehouse digitalisation programme was launched in 2025 to enhance driver experience and improve time efficiency amid high daily cargo volumes. The initiative aims to automate container seal checks using AI-powered cameras, eliminate card swiping for tractor drivers at kiosks via licence plate recognition technology, and introduce a yard navigation mobile app for drivers. The dangerous goods declaration process at gates has also been streamlined, effectively supporting growing demand for specialised cargoes, including electric vehicles, lithium batteries and ESS. ENHANCING DIGITAL PLATFORMS FOR PORT USERS Complementing operational digitalisation on the ground, HPH Trust continued strengthening its digital platforms and e‑services to improve convenience and service quality throughout 2025. Following the successful digitalisation of inbound and outbound gatehouse processes through its Electronic Booking Confirmation Note (“eBCN”) and Electronic Release Order in earlier years, Kwai Tsing Container Terminals extended eBCN services – an electronic booking process for outbound deliveries – to barge operations in 2025, enabling a paperless workflow during cargo loading and unloading. In YANTIAN, the Sea-Rail Intermodal Transport Platform and the Alliance Port Platform now connect to more than 20 inland ports and all 15 port alliances respectively. Blockchain-powered transaction platform has been successfully implemented in the Sea-Rail Intermodal Transport Platform, allowing cargo flows to be fully traceable from inland ports to YANTIAN. Furthermore, YANTIAN’s logistics e-portal for shipping lines was enhanced with self-service functions featuring shipping schedule updates and marine service requisitions. SAFE AND SECURE OPERATIONS Safety and security are paramount to HPH Trust, as port operations are both labour‑ and system‑intensive. Both ports operate under comprehensive safety and security frameworks covering physical safety, operational protection, and cybersecurity compliance, supported by internationally recognised certifications including ISO 27001, ISO 27017, and IEC 62443 standards. On safeguarding digital ecosystem, the Trust continued to strengthen cybersecurity as a top priority. Following the establishment of CyberCom governance at HIT and YANTIAN, HPH Trust intensified cross-site collaboration between the two terminals in 2025. This collaboration is anchored in regular, structured knowledge exchange, covering the latest threat intelligence, technology trends, and industry best practices across both information and operation technologies, to fortify defenses and continuously enhance cybersecurity workflow and control among the operations. Port safety and security enhancements also continued to progress in 2025. At Kwai Tsing Container Terminals, drones with AI capabilities were introduced for inspections in dangerous cargo zones, strengthening safety oversight. A remote vibration‑monitoring system with AI functions was also deployed on QCs, using sensors on critical rotating components to detect anomalies early and reduce mechanical incident risks. Staff participation in safety management was reinforced through fall‑prevention programmes, exhibitions, safety video competitions, and oil‑spill emergency drills. At YANTIAN, safety management was enhanced through expanded application of digital and AI tools. New systems were designed in 2025 which are expected to go live in 2026, aiming to automatically detect breaches of yard regulations such as drivers leaving cabins, and track realtime locations of personnel and vehicles. These measures have improved visibility over high-risk zones and enabled more consistent enforcement of safety rules, reducing exposure to human error. More details on HPH Trust’s safety and security measures can be found in the Sustainability Report on pages 63 to 68 of this Annual Report. SUSTAINABILITY IN ACTION Alongside operational resilience and innovation, HPH Trust continued to advance sustainability as a core pillar of long‑term competitiveness – supporting customers’ decarbonisation expectations while improving energy efficiency and emissions performance across both terminals. Kwai Tsing Container Terminals progressed efforts across multiple areas including converting hybrid RTGCs to electric models and installing additional solar photovoltaic systems. During the year, HIT completed testing its first battery electric truck in daily operations, with plans of deployment in 2026, and delivered a sustainability workshop for over 500 participants, including around 100 key suppliers to raise sustainability standards across the value chain. YANTIAN accelerated low-carbon transformation by expanding its electric truck fleet from 83 in 2024 to 256 vehicles in 2025, supported by three battery swapping stations to enhance charging efficiency and uptime. Shore power infrastructure was extended to cover all 20 berths, with capacity increasing from 24MVA to 29MVA. Both vessel connections and total electricity supplied reached new highs. LNG bunkering volumes reached 497,000 m3, rising more than 78% compared with 2024, reinforcing YANTIAN’s position as a clean energy marine hub. More details on HPH Trust’s sustainability target and efforts can be found in the Sustainability Report on pages 26 to 92 of this Annual Report. POSITIONING FOR SUSTAINABLE OPERATIONS Looking ahead, the operational foundation of HPH Trust has positioned both terminals to respond effectively to evolving trade patterns and customer needs. Through the dedicated efforts on strategic operational and technological investment upgrades, HPH Trust remains committed to providing reliable, efficient and sustainable port services that continue to foster trust and partnership across the global maritime community.
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