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Public company info - Xiamen International Port Co. Ltd. - H Shares , 03378.HK
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Xiamen International Port Co. Ltd. - H Shares, 03378.HK - Company Profile
Chairman Cai Liqun
Share Issued (share) 987,000,000
Par Currency Renminbi
Par Value 1.0
Industry Marine & Harbour Services
Corporate Profile Business Summary: The Company and its subsidiaries (together, the “Group”) are principally engaged through the relevant terminals in Dongdu port area and Haicang port area of Xiamen, Qingzhou operating area in Fuzhou and Quanzhou port, in container, bulk and general cargo loading and unloading and storage businesses; comprehensive port logistic services, including port-related logistics, shipping agency, tugboat berthing and unberthing services, tallying; building materials manufacturing, processing and selling; the trading of merchandise and investment holding. Performance for the year: Revenues amounted to approximately RMB13,933,106,000, representing an increase of approximately 7.9% over approximately RMB12,916,756,000 in 2018, mainly due to the increase in revenue from the merchandise trading business of the Group. Profit attributable to owners of the Company amounted to approximately RMB279,684,000, representing an increase of approximately 14.3% over approximately RMB244,750,000 in 2018. Earnings per share for profit attributable to owners of the Company (basic and diluted) amounted to approximately RMB10.26 cents, representing an increase of approximately 14.3% over approximately RMB8.98 cents in 2018. Business Review During the Year, the Group was principally engaged in port terminal businesses at relevant terminals in the Dongdu port area and Haicang port area of Xiamen, Qingzhou operating area of Fuzhou, and Quanzhou port, including container port operations, bulk/general cargo port operations and comprehensive port logistic services. In addition, the Group was also engaged in the manufacturing, processing and sales of building materials, as well as in merchandise trading business (e.g. steel and chemical raw materials). Business Scale During the Year, the Group owned and operated a total of 33 berths designated for containers and bulk/general cargoes in both international and domestic trade, with a water depth of wharf apron ranging from 9.9 metres to 17.5 metres for accommodating container vessels up to 200,000 tonnage. The Group has also reserved sizeable space for storage facilities (depots/warehouses) and relevant auxiliary facilities both within and outside the terminal areas. The Group operated the container loading and unloading business mainly at the following six terminals, namely (1) Haitian Terminal in Dongdu port area (Dongdu berths No. 5 to No. 16); and (2) Songyu Terminal (Songyu berths No. 1 to No. 3), XHICT (Haicang berth No. 1) and XICT (Haicang berths No. 2 to No. 3, Haicang berths No. 1 to No. 3 were under unified operation), as well as Hairun Terminal (Haicang berths No. 4, No. 5 and No. 6) and Xinhaida Terminal (Haicang berths No. 18 and No. 19) in Haicang port area. In addition, the Group also operated ITG Terminal (Dongdu berths No. 20 and No. 21), Haiyi Terminal (Dongdu berth No. 18) and Shihushan Terminal (Dongdu berth No. 19) in Dongdu port area, Haiyu Terminal (Haicang berth No. 7) and Hailong Terminal (Haicang berths No. 20 and No. 21) in Haicang port area, as well as Huajin Terminal (berths No. 1 to No. 3 of Huajin Terminal) in Quanzhou port for bulk/general cargo loading and unloading operations of international and domestic trade. Apart from the aforesaid 33 berths owned by the Group, during the Year, the Group also leased and operated berth No. 8 in Haicang port area (Mingda Terminal) from Mingda Terminal (Xiamen) Limited (明達碼頭(廈門)有限公司), Songyu berths No. 4 to No. 6 (Haitong Terminal) from Xiamen Port Haitong Terminal Co., Ltd. (廈門港務海通碼頭有限公司) (“Haitong Terminal Company”) and berths No. 6 to No. 8 in the south port area of Liuwudian of Xiamen (Haixiang Terminal) from Xiamen Port Haixiang Terminal Co., Ltd. (廈門港務海翔碼頭有限公司) (“Haixiang Terminal Company”). In addition, the Group has also leased and operated berth No. 8 in Qingzhou operating area of Fuzhou (Fuzhou Zhongying Terminal) from Fuzhou Zhongying Gangwu Co., Ltd. (福州中盈港務有限公司) (“Zhongying Gangwu”) for operation of the container and general cargo loading and unloading business and the port-related comprehensive logistic business since 20 November 2012. Container Port Business In 2019, the container port business of the Group increased by approximately 5.3% over the previous year, among which the container port business in Xiamen increased by approximately 4.5% over the previous year, mainly because (1) the global shipping routes layout was further promoted, the container transfer business was expanded, and the water to water transfer business has completed a total throughput of approximately 3.227 million TEUs, representing an increase of approximately 8.2% over the previous year, among which the international container transfer business completed approximately 608,000 TEUs, representing an increase of approximately 40.0% over the previous year. (2) the major customers plan was implemented in-depth, the domestic North-South line hub transit business was expanded, and the domestic trade container business has completed a total throughput of approximately 3.09 million TEUs, representing an increase of approximately 5.8% over the previous year. Fuzhou Zhongying Terminal actively developed the container domestic feeder line business between Xiamen and Fuzhou, introduced new customers and established new domestic feeder lines such as in Guangzhou and Shandong, with its throughput increasing by approximately 6.7% over the previous year. Benefitting from the development of the public barge route business and the business of replacing bulk cargo with container shipments, the container throughput of Quanzhou Huajin Terminal increased significantly by approximately 23.9% over the previous year. Bulk/General Cargo Port Business During the Year, the bulk/general cargo port business of the Group slightly increased by approximately 0.4% as compared to the previous year, while the bulk/general cargo port business of Xiamen region recorded an increase of 1.6% as compared to the previous year, primarily due to (1) Shihushan Terminal, Haiyi Terminal and Haiyu Terminal actively sought foreign trade coal off-site declaration quotas and successfully expanded new customers, which led to an increase of 6.9% for the coal business over the previous year; (2) the overall business of Hailong Terminal and other terminals for general cargo increased by 6.0% over the previous year due to the factors including, among others, the opening for operation of ports at Haixiang Terminal in March 2019 and the growth of foreign trade grain and barite business at Hailong Terminal. The throughput of general cargo business of Fuzhou Zhongying Terminal declined by approximately 28.7 thousand tonnes over the previous year, mainly because it was difficult for some general cargo ships to obtain timely operation window guarantee caused by the impact of the growth of berthing voyages of container ships on some general cargo ships. The bulk cargo throughput of Huajin Terminal decreased by 11.7% over the previous year, mainly due to the impact of environmental protection policies and others on the development of its businesses such as coal, powder, etc.. With regard to the above conditions, the Group has taken proactive measures to promote the continuous growth of the Group’s overall bulk/general cargo business. On one hand, the newly-built warehouse facilities of Hailong Terminal was fully utilised to actively expand the businesses of the main traditional cargo resources such as grain; on the other hand, the advantage of the opening of Haixiang Terminal ports was fully grasped to actively expand the businesses of high-quality cargo resources such as stone; meanwhile, communication with relevant customers was further strengthened, internal production organizations was actively and reasonably coordinated and production efficiency of terminals was improved to strive to meet the needs of port businesses development. Comprehensive Port Logistic Services During the Year, the Group continued to implement its overall marketing strategy, gave full play to the advantages of the overall supply chain of the port business, actively developed shipping agency, tallying, tugboat-assisted berthing and unberthing, and port-related logistic services, and promoted the interactive development between comprehensive port logistic services and terminal loading and unloading business. During the year under review, the tugboat-assisted berthing and unberthing business of the Group has steadily increased; the market layout outside Xiamen port has achieved preliminary results and the revenue from business outside Xiamen port has increased to represent one-third of the overall operating revenue; the intelligent tallying system for tallying business continued to be optimized and upgraded, the new one-stop service tally operation mode of shipside, storage yard and gate has been continuously expanded, and service level has been steadily improved. On the other hand, although the shipping agency business of the Group continued to maintain an advantageous position in the container and bulk cargo shipping agency market, its businesses development was affected by factors such as the intensification of the merger and acquisition process of major container liner companies and the tendency of ship-owners to self-ship and self-agency; port-related logistic services have actively promoted the innovation and upgrading of service of less than container load, warehousing, and bonded businesses, etc., with major business volumes increasing. Merchandise Trading Business The Group strictly and thoroughly implemented the operation philosophy of port and trade integration so as to actively promote the mutual development of port and trade businesses. In 2019, leveraging the advantage of the port business platform, the Group focused on the development of portside supply chain core businesses, such as coal, steel, chemical raw materials, agricultural products, silicon metal, wood pulp, etc., which contributed to the business growth of the port throughput of the Group, increasing the operating income and the economic benefits of the Group. Meanwhile, the Group actively strengthened the risks management and control of trade business, enhanced the construction of the internal control system for trade business, and strived to promote the steady operation of enterprises. Prospects: 2020 is the year in which China comprehensively completes the building of a well-off society and the “13th Five-Year Plan” ends, and is also a crucial year for laying down the foundation for a good start of the “14th Five-Year Plan”. Looking forward to 2020, the global economy will still be in a period of deep adjustment after the international financial crisis. Investment and trade are expected to gradually recover from the severe weakness in 2019, but the downside risks still exist. From an international perspective, according to the forecast by the International Monetary Fund in January 2020, the global economic growth in 2020 is expected to be about 3.3%, representing a slight increase compared to that in 2019, but the above growth will depend to a large extent on the controllability of the impact of Sino-US economic and trade tensions, Brexit, social unrest and geopolitical tensions on the economy. From a domestic perspective, the development momentum of China’s domestic economy of making progress while maintaining long-term stability has not changed. The Chinese government will implement new development ideas, continue to implement proactive fiscal policies and sound monetary policies, promote supply-side structural reform and regional coordinated development, and strive to overcome the temporary difficulties caused by the outbreak of pneumonia due to infection of the COVID-19 Outbreak, so as to promote the sustained and healthy economic development. In view of various situations, it is expected that the Chinese government will continue to promote the running of the national economy of China within a reasonable range; and the Fujian provincial government and Xiamen municipal government forecast that each of their local national economy will grow by approximately 7–7.5% and 7.5% respectively. The national economy will strive to realise sustainable and steady growth, which will lay down a foundation for the development of Xiamen port and port business. On the other hand, the Chinese government issued and implemented the “Outline of Building a Strong Country in Transportation” in September 2019, the Ministry of Transport of the PRC and other departments included Xiamen’s port-type national logistics hub in the list of national logistics hubs construction, and the continuous growing trend of shipping company alliance and vessel up-sizing will all have continuous impact on some of the Group’s businesses of the terminals within Xiamen port. Based on the above forecast on economic and trade situations in 2020, the Company anticipates that the overall port business development in 2020 will be rather complicated. Consequently, in 2020 the Company will adhere to making progress while maintaining stability, focus on its core port business, actively face challenges, strive to overcome the phased adverse effects of the COVID-19 Outbreak, seize opportunities, centre upon the enhancement of its port business volume and economic benefits, improve the quality of its port development and make efforts to push the Group forward to maintain its steady and healthy development. The Group plans to conduct the following measures in 2020: • To strengthen the prevention and control of the COVID-19 Outbreak and stabilize port production. The Company will pay close attention to the impact of COVID-19 Outbreak on global economy and trade as well as the port and shipping business development, thoroughly analyze the comprehensive risks in the market, business, finance and other aspects caused by the COVID-19 Outbreak, strengthen risk management and control, and promote the policy research on national finance, taxation, and industry support, grasp the market opportunities that may arise due to the change in the COVID-19 Outbreak, closely communicate and cooperate with shipping companies, cargo owners and other relevant customers, excavate customer needs, expand business growth points, strengthen revenue increasing and expenditures reducing, and strive to promote the stable development of port production. • To strengthen overall marketing and improve the overall marketing platform, the Company will centre around its major port business, actively focus on and respond to the risks and opportunities brought forth by the Sino-US trade conflict, effectively develop synergy between its port business and integrated logistic business, strengthen strategic port-shipping cooperation, strengthen headquarters marketing, actively implement the major customer plan, focus on expanding container incremental businesses such as international container transshipment, domestic feeder line container transshipment, domestic trade container transshipment, businesses related to the “One Belt, One Road” initiative shipping routes, and foster new sustainable development momentum of the Group’s port business. • To enhance the implementation of the hinterland strategy and strive to expand the hinterland cargo resources, the Company will actively build and optimize the “Sea Silk Road” and “Land Silk Road” channels to enhance the density and coverage of the route network, actively set up branch ports, land ports and improve the sea-rail intermodal network, and expand high-density branch lines businesses and sea-land, sea-rail intermodal businesses. Through the construction of a perfect sea-land intermodal network and a cargo collection system, the Company will build a container port service system centered on Xiamen port, radiating out the surrounding economic hinterland and linking the world, so as to help building Xiamen into a port-type national logistics hub and an international shipping center. • To improve service levels and reform the business environment, the Company will enhance supply-side structural reforms, implement the strategy of “strengthening enterprises by providing better services”, promote the optimized port customs clearance business environment, enhance the level of trade facilitation, continuously improve operating efficiency, focus on promoting the innovation of operation and management of Haicang port area integration; speed up the construction of new terminals such as Chaozhou terminal, Gulei terminal and Huajin Berth No. 4, improve the supporting facilities for production at Berth No. 8 in Haicang port area, strive to open the ports in Chaozhou and Jinshang operation areas as soon as possible, so as to promote the high-quality development of ports. • To promote refined management and strengthen capital operations, firstly, the Company will strengthen corporate governance and improve the level of refined management. The key point is to improve the internal control and management system and strengthen various risk prevention works such as budget execution, system construction, investing and financing management, audit supervision, receivables management, and safe production, etc. Secondly, the Company will give play to the function of the capital operation platform of listed companies. The Company will take the advantages of the capital management center platform, formulate overall plans of financing instrument such as corporate bonds, short-term notes, super short-term notes, and medium-term notes, expand the coverage of overall capital operation management, improve the efficiency of capital use; continue to promote the resources integration of container and bulk cargo terminals and the integration of logistic resources, improve the efficiency of resource allocation and supports the strategic development of the main port business with capital operations. • To implement the idea of “New Development” and to build a green and smart port, the Company will continue to promote the progress of projects such as shore power for vessels, water supply for vessels, using electricity or gas instead of fossil fuel, 110KV substation for cruises and green lighting upgrades, promote the electrification of mobile machinery and transport vehicles, photovoltaic construction in port areas, so as to strengthen energy conservation, emissions reduction and pollution prevention; adhere to scientific and technological innovation-driven development, accelerate the fully intelligent transformation of container terminals, refine the functions of the container business management platform, promote the construction and promotion of the second phase of smart logistic platforms, accelerate the driverless trailer project and remote operation control technology project of terminal operation machinery and speed up the coverage of intelligent tallying to the terminals within Xiamen port. • Pursuant to the “Options and Rights of First Refusal Agreement” and “Non-Competition Agreement” entered into between the Company and Xiamen Port Holding, the Company will actively follow up on the relevant terminals assets and the progress of the terminal construction works of Xiamen Port Holding, so as to facilitate the Board and the shareholders to convene meetings to make appropriate decisions based on the management and operational circumstances in a timely manner.

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