QHD PORT (Stock Code: 03369) released its unaudited 2026 interim results, highlighting modest top-line growth and resilient margins amid mixed cost dynamics.

Key Financials (1H26 vs. 1H25) • Revenue: RMB 3.64 billion, +5.42% year-on-year (YoY). • Gross profit: RMB 1.57 billion, +9.40% YoY; gross margin expanded 1.58 ppts to 43.28%. • Net profit: RMB 1.05 billion, +0.36% YoY; net profit attributable to shareholders up 2.85% to RMB 1.02 billion. • Basic EPS: RMB 0.18, unchanged YoY. • Operating cash flow: RMB 1.36 billion, +33.87% YoY. • Capex outflow (investing cash flow): –RMB 0.77 billion (vs. –RMB 0.24 billion). • Total assets: RMB 28.21 billion (+1.5% YTD); total liabilities: RMB 6.39 billion (–0.0% YTD); gearing ratio at 22.66% (–0.31 ppt vs. end-2025). • No interim dividend proposed.

Operational Highlights • Total cargo throughput rose 7.69% to 224.41 million tonnes. – Coal: 114.47 million t (+7.52%) – Metal ore: 82.34 million t (+7.73%) – Containers: 945,859 TEUs (+23.74%), equivalent to 10.45 million t • Port-wise throughput: – Qinhuangdao Port: 101.72 million t (+13.76%) – Caofeidian Port: 68.65 million t (+0.90%) – Huanghua Port: 54.04 million t (+6.13%)

Cost & Expense Trends • Operating costs grew 2.58% to RMB 2.06 billion, below revenue growth. • Administrative expenses increased 9.12% to RMB 0.36 billion, driven by early-retirement charges. • Financial costs dropped 76.62% to RMB 2.58 million, reflecting lower borrowings and interest rates.

Balance Sheet & Liquidity • Cash and bank balances stood at RMB 2.44 billion; cash and cash equivalents at RMB 1.53 billion (+4.37% vs. end-2025). • Current ratio at 1.22 and quick ratio at 1.15, both lower YoY yet within management’s “reasonable range.” • Short-term borrowings were fully repaid; long-term borrowings trimmed to RMB 3.21 billion (–6.8% YTD); average interest 2.05–2.20%.

Management Commentary & Outlook The board cited stronger coal demand, improved yard turnover and continued “bulk-to-container” conversion as key drivers in 1H26. For 2H26, focus areas include: 1) capitalising on seasonal coal demand peaks; 2) deepening ties with steel mills to sustain ore volumes; 3) expanding value-added services for grain and heavy-lift cargoes.

No material post-balance-sheet events or major acquisitions were noted. The company reiterated its commitment to maintaining prudent leverage and enhancing service capabilities to support steady earnings growth in the remainder of 2026.