In the first half of 2025, the Group recorded a total revenue of approximately HK$6,670 million, remaining flat compared to the same period last year.

Profit attributable to shareholders decreased by 25% to approximately HK$490 million, mainly due to the recognition of profit after tax of approximately HK$587 million in the same period last year from the transfer of the Group's two logistics hub projects to the ChinaAMC-Shenzhen International Warehousing & Logistics Close-end Infrastructure Securities Investment Fund, which was absent in the first half of 2025.

As at 30 June 2025, the Group has established presence in 41 cities in the PRC, managing and operating a total of 53 logistics hub projects with an operating area of approximately 6.71 million square meters. The overall occupancy rate of its mature logistics parks was approximately 87%. The Group has implemented its "One City, Multiple Logistics Parks" strategy in several core cities, currently including Shenzhen, Foshan and Shanghai, thereby achieving both economies of scale and operational cost efficiencies.

For the second half of 2025, with the objective of enhancing quality while maintaining stable operations in its core logistics business, firstly, the Group is focusing on operational optimization and efficiency enhancement by prudently managing existing assets to unlock their potential value while strengthening cooperation with strategic customers to precisely capture emerging demand from cross-border e-commerce and smart manufacturing. Concurrent efforts are also made on improving business promotion effectiveness and customer retention, accelerating development of critical logistics network nodes and operational capabilities, pioneering innovative applications in low-altitude economy and integrated photovoltaic-energy storage-charging (PV-ESC) systems within its logistics parks to expand high-value-added services, collectively enhancing profitability through these diversified measures. Secondly, the Group maintains prudent investment practices and upholds "prioritizing excellence" strategy by selectively investing in projects with strong cash flow potential and strategic synergies. Priority initiatives include ensuring timely completion of the Shenzhen International Integrated Logistics Hub Center in high-quality, piloting innovative "Bus/Metro + Logistics" models as industry benchmarks for integrated logistics services, continuously optimizing operational efficiencies and services capacity of mature projects, such as Foshan Project and Zhongshan Project, and orderly advancing the developments of Beijing Fangshan Project and Shunyi Project through rigorous feasibility studies. Thirdly, the Group is accelerating technological advancement and green development through digitalization of its logistics business by utilizing the internet of things and big data technologies to optimize intelligent park management systems and resource allocation efficiency. The Group will also proactively promote the application of integrated PV-ESC technologies and actively pursue green, low-carbon development. By continuously optimizing its operations, the Group aims to establish benchmark-setting demonstration parks that embody intelligent systems, green practices, and low-carbon solutions.

The transformation and upgrading of SZI South China Logistics Park has made significant progress. In July 2025, the Group successfully signed a land use rights transfer agreement in relation to the phase I of the reserved land, marking another significant breakthrough in the long closed-loop "Investment, Construction, Operation and Transformation" business model. The Group will endeavour to expedite the development and construction of the phase I of the reserved land and is committed to creating a high-quality flagship residential project to facilitate timely recovery of sales proceeds and cash flows.

The Group will actively expedite the confirmation and acquisition of the land use rights for the remaining reserved land, while proceeding with the orderly development and construction of the reserved land. It will gradually unleash the potential of the land value appreciation, so as to realize the closed-loop "Investment, Construction, Operation and Transformation" business model, with the goal of providing strong momentum to the Group's long-term sustainable development.

The Group's capital expenditures for the first half of 2025 amounted to approximately RMB4,700 million (equivalent to HK$5,200 million), primarily comprising investments of approximately RMB1,360 million in the logistics park projects, investments of approximately RMB1,970 million in Shenzhen Expressway's projects and investments of approximately RMB1,040 million in the Pinghunan Project.

The Group expects that capital expenditures for the second half of 2025 will amount to approximately RMB7,700 million (equivalent to HK$8,400 million), including approximately RMB2,100 million for the logistics park projects, approximately RMB3,700 million for Shenzhen Expressway's projects, approximately RMB1,500 million for the Pinghunan Project and approximately RMB300 million for the SZI South China Logistics Park transformation and upgrading projects.

In the first half of 2025, the port and related services business recorded revenue of approximately HK$1,394 million, representing a decrease of 13% as compared to the same period last year, mainly due to the decrease in revenue from the port supply chain business amid declining coal prices and overall slowdown in market demand. Profit attributable to shareholders in the first half of 2025 was approximately HK$12.04 million, representing a decrease of 72% as compared to the same period last year, primarily due to the higher depreciation and amortization costs from newly operational projects, coupled with a reduced gross profit margin caused by intensified competition in the domestic port sector.

For the second half of 2025, in line with its long-term development strategy, the Group is expediting the capacity expansion and reconstruction of Nanjing Xiba Port to strengthen and empower its Port Business, while ensuring the full operational efficiency of the main terminal of Jiangsu Jingjiang Port to unlock the Phase II capacity and drive higher throughput and revenue contribution. Preparatory work for Foshan Fuwan Port, including regulatory approvals and construction planning, is progressing on schedule. The Group is concurrently evaluating strategic investment opportunities in the Greater Bay Area and the Yangtze River Economic Belt under rigorous risk controls to identify potential projects that enhance network synergies and overall competitiveness.

The Group's toll road business and general-environmental protection business are managed and operated by Shenzhen Expressway, a non-wholly owned subsidiary of the Group.

In the first half of 2025, the overall revenue of Shenzhen Expressway was approximately HK$4,220 million, representing an increase of 4% as compared to the same period last year. Benefiting from the fair value gains on financial assets and significant reduction in finance costs, Shenzhen Expressway recorded a net profit of approximately HK$1,114 million, representing an increase of 21% as compared to the same period last year. In the first half of 2025, the Group's share of profit from Shenzhen Expressway was approximately HK$484 million, representing an increase of 12% as compared to the same period last year.

As at 30 June 2025, the Group's operating cold storage area was 251,000 square meters (including approximately 28,000 square meters of intelligent cold storage). A further 242,000 square meters of cold and intelligent facilities are currently under construction, planned, or in the proposed phase. The Group is poised to significantly strengthen its leading position in the cold chain storage and intelligent logistics sectors upon all these projects commencing operations.

Moving forward, the Group will continue to expand and develop its cold storage and intelligent warehouse business.