SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
2015 Semi-annual Report
Date of disclosure: 27 August 2015
2015 Semi-annual Report
Section I. Important Reminders, Contents & Definition
The Board of Directors, the Supervisory Committee as well as all directors, supervisors and senior
management staff of Shenzhen Chiwan Wharf Holdings Limited (hereinafter referred to as “the
Company”) warrant that this report is factual, accurate and complete without any false record,
misleading statement or material omission. And they shall be jointly and severally liable for that.
This report has been reviewed and approved at the Fourth Meeting of the Eighth Board of Directors.
Director Ma Yong was unable to attend the Meeting for his own reason, but he had expressed his
consent to all proposals for the Meeting and authorized Deputy Chairman Wang Zhixian to attend
the Meeting, express opinions and sign relevant meeting documents on behalf of him.Independent
Director Su Qiyun was unable to attend the Meeting for his own reason, but he had expressed his
consent to all proposals for the Meeting and authorized Independent Director Li Changqing to
attend the Meeting, express opinions and sign relevant meeting documents on behalf of him.
The Company plans not to distribute cash dividends or bonus shares or turn capital reserve into
share capital.
Mr. Zheng Shaoping, chairman of the Board of Directors, Mr. Zhang Fang, CFO, and Ms. Ma
Zhihong, financial manager, hereby confirm that the Financial Report enclosed in this report is
factual, accurate and complete.
The future plans, development strategies and some other forward-looking statements mentioned in
this report shall not be considered as virtual promises of the Company to investors. And investors
are kindly reminded to pay attention to possible risks.
This report is prepared in both Chinese and English. Should there be any discrepancy between the
two versions, the Chinese version shall prevail.
2015 Semi-annual Report
Contents
Section I. Important Reminders, Contents & Definition .............................................. 1
Section II. Company Profile .......................................................................................... 4
Section III. Highlights of Accounting Data & Financial Indicators ............................. 6
Section IV. Report of the Board of Directors ................................................................ 7
Section V. Significant Events ...................................................................................... 14
Section VI. Changes in Shares & Particulars about Shareholders .............................. 24
Section VII. Directors, Supervisors & Senior Management Staff .............................. 27
Section VIII. Financial Report .................................................................................... 29
Section IX. Documents Available for Reference ........................................................ 29
2015 Semi-annual Report
Definition
Term Refers to Definition
Company, the Company or Chiwan
Refers to Shenzhen Chiwan Wharf Holdings Limited
Wharf
China Merchants Holdings (International) Company
CMHI Refers to
Limited
CND Group Refers to China Nanshan Development (Group) Inc.
Malai Storage Refers to Shenzhen Malai Storage Co., Ltd.
Keen Field Enterprises Limited, a wholly-funded
KFEL Refers to
subsidiary of China Merchants Holdings (International)
“the Company Law” Refers to “the Company Law of the People’s Republic of China”
“the Securities Law” Refers to “the Securities Law of the People’s Republic of China”
“the Articles of Association of Shenzhen Chiwan
“the Articles of Association” Refers to
Wharf Holdings Limited”
2015 Semi-annual Report
Section II. Company Profile
I. Basic information of the Company
Stock abbreviation SCWA, SCWB Stock code 000022, 200022
Stock exchange listed with Shenzhen Stock Exchange
Chinese name of the Company 深圳赤湾港航股份有限公司
Abbr. of the Chinese name of
深赤湾
the Company
English name of the Company Shenzhen Chiwan Wharf Holdings Limited
Abbr. of the English name of
Chiwan Wharf
the Company
Legal representative of the
Mr. Zheng Shaoping, chairman
Company
II. Contact information
Company Secretary Securities Affairs Representative
Name Mr. Wang Yongli Ms. Hu Jingjing
8/F, Chiwan Petroleum Building, 8/F, Chiwan Petroleum Building,
Contact address
Shenzhen, PRC Shenzhen, PRC
Tel. +86 755 26694222 +86 755 26694222
Fax +86 755 26684117 +86 755 26684117
E-mail cwh@cndi.com cwh@cndi.com
III. Other information
1. Ways to contact the Company
The registered address, office address and their postal codes, website address and email address of
the Company did not change during the reporting period.
Registered address Chiwan, Shenzhen, PRC
Zip code for the
registered address
Office address 8/F, Chiwan Petroleum Building, Shenzhen, PRC
Zip code for the office
address
Internet website of the
http://www.szcwh.com
Company
Email address cwh@cndi.com
2015 Semi-annual Report
2. About information disclosure and where this report is placed
The newspapers designated by the Company for information disclosure, the website designated by
CSRC for disclosing this report and the location where this report is placed did not change during
the reporting period.
Newspapers designated by the Company for information
Securities Times, Ta Kung Pao (HK)
disclosure
Internet website designated by CSRC for disclosing this
http://www.cninfo.com.cn
report
Where this report is placed Company Secretary Office
3. Changes in the registered information
The registration date and place of the Company, its business license No., taxation registration No.
and organizational code did not change during the reporting period. The said information can be
found in the 2014 Annual Report.
2015 Semi-annual Report
Section III. Highlights of Accounting Data & Financial Indicators
I. Major accounting data and financial indicators
Unit: RMB Yuan
Item Jan.-Jun. 2015 Jan.-Jun. 2014 YoY +/-（％）
Operating revenues 880,788,008.78 875,981,241.59 0.55%
Net profit attributable to
241,977,372.34 235,338,598.71 2.82%
shareholders of the Company
Net profit attributable to
shareholders of the Company after 243,763,081.71 233,093,807.14 4.58%
extraordinary gains and losses
Net cash flows from operating
365,522,514.71 282,633,209.75 29.33%
activities
Basic EPS (RMB Yuan/share) 0.375 0.365 2.74%
Diluted EPS (RMB Yuan/share) 0.375 0.365 2.74%
Weighted average ROE (%) 5.76% 5.85% -0.09%
Item 30 Jun. 2015 31 Dec. 2014 +/-（％）
Total assets 6,711,610,325.63 6,935,824,199.68 -3.23%
Net assets attributable to
4,151,427,960.76 4,115,298,831.59 0.88%
shareholders of the Company
Number of the Company’s total shares in the trading day before disclosure:
Number of the Company’s total shares in the trading
644,763,730
day before disclosure
II. Differences between accounting data under domestic and overseas accounting standards
Unit: RMB Yuan
Net profit attributable to shareholders of Net assets attributable to shareholders of
the Company the Company
Jan.-Jun. 2015 Jan.-Jun. 2014 30 Jun. 2015 31 Dec. 2014
According to Chinese
241,977,372.34 235,338,598.71 4,151,427,960.76 4,115,298,831.59
accounting standards
According to international
and overseas accounting Inapplicable
standards
III. Items and amounts of extraordinary gains and losses
Unit: RMB Yuan
Item Amount
Gain/loss on the disposal of non-current assets 112,281.70
Government grants recognized in current gains and losses 338,012.74
Non-operating income and expense other than the above 466,751.63
2015 Semi-annual Report
Less: Income tax effects 763,056.12
Minority interests effects 1,939,699.32
Total (1,785,709.37)
In the reporting period, the Company did not turn any item that should be considered as an
extraordinary gain/loss item according to the definition and examples in into a recurrent gain/loss item.
Section IV. Report of the Board of Directors
I. Overview
The Company is principally engaged in the handling, warehousing and transportation of containers
and bulk cargoes, as well as the provision of related services. We have 13 container and bulk cargo
berths in Chiwan Wharf in Shenzhen, 3 container berths in Mawan Wharf in Shenzhen and 5 bulk
cargo berths in Machong Wharf in Dongguan of Guangdong Province. We also have an investment
in Laizhou Wharf in Shandong Province.
In the reporting period, the global economy continued with its modest recovery and growth in
China’s economy slowed down to 7.0%. With sluggish demand, China’s total volume of foreign
trade dropped 6.9% from the same period of last year. Growth in the wharf industry further shrank.
The cargo throughput of China’s coastal wharfs above the designated size went up 1.6% year on
year, representing a decrease of 5.1 percentage points in growth. We achieved a cargo throughput of
31.956 million tons, a year-on-year increase of 3.7%, higher than the national average.
1. Container handling business
With falling freight rates due to the growing imbalance between global container shipping capacity
supply and demand, liner companies failed to achieve fundamental improvement in profitability. In
the reporting period, the container throughput of main wharfs in South China was almost the same
with that in the same period of last year. Affected by the slow recovery of the American and
European economies as well as the liner alliances’ adjustments to their shipping routes, we saw
more fluctuations in our container handling business which mainly relies on international transit. In
the reporting period, we achieved a container throughput of 2.316 million TEU, down 3.3% on the
year-on-year basis.
In the reporting period, we materialized a unified customs clearance and business model for Chiwan
Wharf and Mawan Wharf, which has significantly increased the efficiency. We also actively
attracted new shipping routes while keeping our main profitable shipping routes steady. By the end
of June 2015, we had a total of 49 international liner routes to work with, an increase of 9 routes
from the same period of last year. In the meantime, we made full use of our information service
platform—“Smart Wharf”—to strive to develop our barge service business, resulting in a solid
growth in the TEU volume of containers in this business.
2015 Semi-annual Report
2. Bulk cargo handling business
We mainly handle imports of grain and feedstuff as well as chemical fertilizers for our bulk cargo
handling business. In the reporting period, China’s total imports of grain and feedstuff continued to
increase considerably with more diversified sources and the main increment from grain and
feedstuff varieties with no import quota limits. Meanwhile, the total imports of chemical fertilizers
witnessed a slight drop from the same period of last year.
Keeping a watchful eye on market hot trends, we achieved a remarket result in our efforts to expand
the imported grain and feedstuff handling business, with some growth in our stable share in the
imported grain and feedstuff handling market of the Pearl River Delta as well as relatively steady
rates. In the reporting period, we achieved a bulk cargo throughput of 8.758 million tons,
representing a year-on-year growth of 12.0%. To be specific, Chiwan Wharf achieved a bulk cargo
throughput of 3.356 million tons, an increase of 9.1% from the same period of last year due to the
effectively improved efficiency and business performance as a result of our great efforts for
resource optimization; and Machong Wharf achieved a bulk cargo throughput of 5.401 tons, up
13.8% year on year on the back of the strong performance of the Phase II Wharf and the
warehousing resources.
Business highlights of the Company are set out as follows:
Reporting period Same period of last year
Main business indicator YoY +/-%
(Jan.-Jun. 2015) (Jan.-Jun. 2014)
Total throughput (thousand tons) 31956 30821 3.7%
Among which:
2316 2395 -3.3%
Container throughput (thousand TEU)
Chiwan Wharf 1687 1775 -5.0%
Mawan Wharf (joint venture) 629 621 1.3%
Bulk cargo throughput (thousand tons) 8758 7823 12.0%
Chiwan Wharf 3356 3075 9.1%
Machong Wharf 5401 4748 13.8%
Hours charged for tow trucks (thousand 539 543 -0.7%
hours)
Hours charged for tugboats (hour) 15609 14581 7.1%
In the reporting period, we continued with our efforts in delicacy management, further improving
our business performance through optimizing our debt structure, introducing a contractor
competitive mechanism, the massive commercialization of our technical innovation results, the
innovation in our project management model, etc. Meanwhile, due to our effective control over the
controllable costs despite rising land rents and labor cost, our operating costs grew slower than our
business volume.
The global economy will still encounter various uncertainties in the second half of 2015. The
Chinese economy will be running steadily as a string of growth stabilization policies are unveiled,
though the situation of foreign trade is still severe. We will closely cooperate with the government
to expand the Tonggu Channel to cater for increasingly large ships. To deal with changes in the
liner market, we will vigorously seek for new shipping routes and cargo sources. We will also refine
2015 Semi-annual Report
our client service to keep stability in our main cooperating shipping routes and business. In order to
keep a balance between resource allocation and business growth, we will try to maintain the steady
growth trend in our bulk cargo handling business and continue to push forward the construction of
warehousing facilities at the back of Machong Wharf as well as the upgrading of resources at
Chiwan Wharf. We will also enhance business solicitation, adjust our competitive strategy and keep
clients and rates relatively stable. With the purpose of increasing our business performance, we will
focus on the application of delicacy management tools, the innovation in our business model and
technique and energy saving & consumption reduction.
II. Main business analysis
Unit: RMB Yuan
Item Jan.-Jun. 2015 Jan.-Jun. 2014 YoY +/-% Main reasons for movements
Operating
880,788,008.78 875,981,241.59 0.55% -
revenues
Operating costs 463,427,511.59 462,666,123.14 0.16% -
Administrative
84,201,871.92 77,865,679.19 8.14% -
expenses
Financial
34,170,800.29 37,195,762.94 -8.13% -
expenses
