Liaoning Port Co Ltd

The A-share port sector is being reassessed by the market from a traditional defensive core holding into an allocation option that combines cash flow stability with long-term strategic value. In 2025, national port container throughput reached 354 million TEUs, up 6.8 percent year on year, and in the first half of 2026 it rose 5.9 percent year on year, with the industry's counter-cyclical resilience continuing to show. Wind data shows that in 2025, the dividend payout ratios of 16 Shenwan port constituents all exceeded 30 percent, among which Yantian Port, Xiamen Port, Tangshan Port, Liaoning Port and China Merchants Port paid out more than 50 percent, and the sector's overall dividend yield was in the range of 2 to 4 percent. As a scarce globalised A-share target, China Merchants Port has invested in and operates 51 ports in 26 countries and regions around the world. In 2025, overseas terminal revenue was 6.51 billion yuan, up 18.2 percent year on year, with a gross margin of 57.4 percent. Its payout ratio including buybacks reached 50.3 percent, and its dividend yield was about 3.6 percent. As of August 18, its share price had risen more than 20 percent cumulatively since the start of the year.

C&D Inc. and Liaoning Port signed a strategic cooperation framework agreement in Xiamen. The two parties will deepen cooperation in port logistics, multimodal transport, and information technology collaboration, focusing on core commodities such as grain, copper concentrate, iron ore, and coal. They will build a full-process logistics service platform and establish a regular coordination mechanism for joint marketing to major clients and customized solutions. At the same time, the two sides will advance the construction of empty container dispatch and trading centers, and explore innovative models such as the integration of big data with commodity trade, in order to enhance the comprehensive service capabilities of the logistics supply chain.