中国外运(601598)_公司公告_中国外运：2025年年度报告_公司公告

股票代码：00598HK 601598SH

年度报告

2025 年度报告中国外运股份有限公司

2025

2025102020250.1451,041,040,240.89

2025

0.1557,173,751,2271,111,931,440.19

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1.2.3.4.

20253

2025

3%7%1.3%

2025

55%

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20242025

2024

12.31

2025

12.31

21.38%

20.39%

0.56

0.54

968.09

40.22

2.66%

10%

20242025

65%

55%

45.54%

43.78%

2024

12.31

2025

12.31

A1.00

60.20%

51%49%

H1.00

2025

C320251120251231

36.69%

SINOTRANS LIMITEDSINOTRANS

B8610 522957218610 522957218610 522965198610 52296519ir@ sinotrans.com ir@ sinotrans.com

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B100029www.sinotrans.comir@ sinotrans.com

( www.zqrb.cn ) ( www.stcn.com )www.sse.com.cn www.hkexnews.hk

B10

2025

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A9 158

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171712-1716

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20252024(%)202320222021

96,808.66105,620.77-8.34101,764.65109,293.50124,348.395,114.295,017.851.925,500.735,243.494,732.404,021.803,917.652.664,214.794,079.193,713.52

1,678.333,163.41-46.953,456.643,534.753,389.243,085.514,111.26-24.953,832.945,245.414,164.56

20252024(%)202320222021

41,289.5639,567.594.3537,803.8134,804.4333,101.2278,347.8777,195.501.4975,906.7978,502.4474,306.3634,303.4235,154.82-2.4235,785.4341,572.7339,256.06

2025

20252024(%)202320222021

0.5598

0.53963.740.58170.55490.5018

0.5598

0.53863.940.58120.55490.5018

0.2336

0.4357-46.390.47710.48090.4580

(%)

9.92

10.050.1311.5711.9911.69 (%)

4.14

8.113.979.4710.3610.67

2025968.098.34%

40.222.66%

16.7846.95%

2025

1-34-67-910-12

23,771,708,199.4626,750,793,032.0624,515,087,883.3721,771,074,722.31

644,994,648.831,301,954,078.37732,347,717.521,342,501,051.07

570,512,742.83827,215,377.46685,536,530.09-404,929,787.00-1,353,505,269.841,521,228,131.66414,587,328.412,503,195,953.05

2025

202520242023

2,177,634,228.09239,580,647.47201,831,564.08327,671,265.08448,607,261.18457,354,478.82107,039,424.94244,562,022.92336,641,169.45

1,536,236.082,165,495.368,131,382.1123,972,817.9619,756,232.63

303,038.5923,266,992.79-59,492,020.7667,575,958.809,713,577.164,435,505.257,769,875.6682,062,043.30110,556,823.41106,399,075.15213,467,777.82111,400,328.89173,262,747.20161,176,623.652,343,462,632.41754,246,036.31758,147,152.12

20252024(%)2023

4,040,882,915.713,903,385,070.423.524,184,739,667.17

1574,374.321,031,653.86457,279.54458,499.8321,215,266,140.981,317,219,473.76101,953,332.78107,046,420.783416,867,662.271,351,795,493.97934,927,831.701,632,708,177.572,670,046,621.591,037,338,444.02107,504,920.61

2 China MerchantsLogistics Synergy Limited Partnership3 3.98%13%

2,884,597

2025

2025“”“”“”

“”“”

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2025721202510202024(0.14520250.14520.7920263302025

0.15520250.30

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20252025

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2025

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2025

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2025

45.473.8%926.99

6.1%18.480.5%

2025368.2

5.1%19.53.0%

GDP

13.9%14%

20259%13.5%

2025

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1,166

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1,1091,277

1,305

1,192

1,121

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1000150020002500

1月2月3月4月5月6月7月8月9月10月11月12月

CCFI月均指数

2023年2024年2025年2026年

2025CTK3.4%4.2%

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2025

20253.43179.8%7.6%

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开行量(列)增长率

2025

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2025

968.0940.22

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2025

2025293.70279.515.08%

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2025570.10671.7015.13%

18.5722.4917.41%

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570.1018.57

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2025

968.0924.36

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218.81

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20255,054.220244,989.7671.12024655.5

461.62024422.3

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269.98.320248.5

2025

1,400480240114,40045

“”“”

2025

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2025

(%)

96,808,663,837.20105,620,773,355.43-8.3491,304,872,884.98100,077,475,111.46-8.771,006,187,522.881,000,310,718.120.593,177,830,613.473,328,915,531.87-4.54237,408,762.29247,162,446.05-3.95178,977,991.16120,658,190.7348.333,085,506,143.284,111,259,814.70-24.954,826,458,422.76207,387,715.782,227.26-4,399,849,653.68-4,739,201,328.55

(1).

(%)(%)(%)(%)

96,808,663,837.2091,304,872,884.985.69-8.34-8.77

0.44

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29,370,187,737.4227,264,729,304.677.175.085.550.4257,009,837,078.4653,750,913,513.475.72-15.13-15.550.4710,428,639,021.3210,289,230,066.841.34-0.68-2.932.29

(2).

(3).

2025

(4).

(%)(%)(%)

82,426,327,516.3290.2890,409,395,542.4290.34-8.834,269,586,271.494.684,708,216,382.814.70-9.321,943,919,176.292.132,128,143,823.052.13-8.66136,250,680.230.15150,286,843.790.15-9.34419,450,987.330.46460,682,217.790.46-8.95667,416,258.320.73734,088,035.240.73-9.08

97,342,939.460.11106,115,541.690.11-8.271,344,579,055.541.471,380,546,724.671.38-2.6191,304,872,884.98100100,077,475,111.46100-8.77

(5).

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622,640.286.43%00%

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1,498,947.0516.42%00%

1329,474.773.61%2329,316.743.61%3309,051.583.38%4296,730.813.25%5234,373.152.57%

1,498,947.0516.42%

2025

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2025

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303014130-40304030640-50405015950-60506034

(3).

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2025

20252024

3,085.514,111.264,826.46

207.39

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2025123130.8541.11

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0.581.502025123148.2646.19

25.527.79

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11.9416.53

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2025123144.00

3.39

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20251231“”

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2025123124.658.16

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202512311.85(11)

2025123174.32(12)

2025123143.78%2024123145.54%

20251231(13)

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2025123118.05“”

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202512312.4020242.49

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KLG EUROPE EERSEL B.V.

IMF發佈

WACCWACC

2025

KLG EUROPE EERSEL B.V.7

6,090.16-49,074.49

7,046.81-7,046.81(2)

8,236.512,222.681,066.14

(%)(%)(%)

1,031,653.86

0.00574,374.320.0079.611,351,795,493.97

1.73416,867,662.270.54224.27974,087,781.92

1.24656,542,638.700.8548.37371,856,139.08

0.47266,352,514.140.3539.611,345,531,402.61

1.723,294,191,564.224.27-59.15177,621,130.11

0.23288,628,327.100.37-38.463,999,104,347.06

5.102,018,912,428.802.6298.0867,593,194.84

0.0923,339,731.150.03189.61

2025

“25K1”

(1).

21,238,725,041.8527.11%

(2).

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15.39REIT2.6220%13.80

10.5025%16.96

“”“”

2025

141,924,656.59-9,873,808.17338,699,190.24599,916,717.178,742,384.001,061,924,371.831,921,674,260.46117,378,728.7861,851,725.682,100,904,714.922,063,598,917.05107,504,920.61338,699,190.24599,916,717.178,742,384.0061,851,725.683,162,829,086.75

SH6011118,076,871.6022,817,162.274,211,511.6227,028,673.89HK02618184,647,154.48118,533,120.00-19,074,692.003,689,296.00103,147,724.00SH600179600,694,401.37470,371.47447,102.21330,799,602.91599,916,717.17931,633,793.76

HK0014415,570.0744,754.858,306.42-1,220.2951,840.98SZ002766121,222.6559,248.003,091.2062,339.20SZ0012670.000.008,742,384.008,742,384.000.00

793,555,220.17141,924,656.59-9,873,808.17338,699,190.24599,916,717.178,742,384.000.001,061,924,371.83

2025

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40,00030.0072,321.0963,189.7213,922.712,167.87

2025

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620,113,761,356.5719,717,302,059.82

930,716,320.08

1,910,435,699.531,918,936,299.53

8,192,190.528,674,408.91

11,892,813.1418,187,612.90

120,164,952.71129,881,752.08

108,277,533.17111,694,139.18

36,163,899.7722,719,347.54

401,590,478.75427,275,810.84

116,346,406.33174,645,530.64

313,788,307.68206,043,329.64

3,393,030.694,332,582.74

26,305,182,300.6024,737,748,237.47

48,120,915,978.6245,890,225,038.10

2025 12 31

2025123120241231

7375,846,936.261,981,557,305.56

432,041,715.44791,795,819.59

96,065,249.7862,882,087.50

132,959,279.02134,866,935.74

118,322,529.18119,094,635.83

2,829,383.011,298,899.18

2,804,469.191,273,985.36

14,696,622,542.5212,911,672,741.26

85,489,893.2531,666,287.67

15,821,854,999.2815,915,740,076.50

867,000,000.0067,000,000.00 93,999,104,347.062,018,912,428.80

461,792,337.40482,189,902.91

1,731,676.33 9,000,000.00

82,699,900.73

4,610,596,585.192,578,834,008.04

20,432,451,584.4718,494,574,084.54

2025

2025 12 31

2025123120241231

7,173,751,227.007,294,216,875.00

1010,259,644,388.3310,716,935,076.39 174,944,256.65

192,475,374.13-55,624,328.05

6,895,342.305,442,533.15

2,624,104,346.202,371,553,765.05

117,431,593,716.197,238,071,288.67

27,688,464,394.1527,395,650,953.56

48,120,915,978.6245,890,225,038.10

2025 12 31

96,808,663,837.20105,620,773,355.43 4796,808,663,837.20105,620,773,355.4396,242,992,109.72105,104,119,142.05 4791,304,872,884.98100,077,475,111.46 48337,714,334.94329,597,143.82 491,006,187,522.881,000,310,718.12 503,177,830,613.473,328,915,531.87 51178,977,991.16120,658,190.73 52237,408,762.29247,162,446.05 52330,856,180.02400,003,767.71 52158,463,510.85141,358,846.67

“-”

19,840,991.63-60,460,451.13 531,819,136,451.102,184,538,427.04

“-”

3,694,689,069.442,036,437,928.31

3,178,572,679.911,878,846,814.41

-5,897,705.22-13,628,250.16

“-”

107,504,920.61244,560,022.30

“-”

-378,209,553.34-85,141,884.39

“-”

-676,466,301.16-25,669,890.95

“-”

25,281,017.2068,434,678.00“-”5,157,607,331.334,939,813,493.69 5977,840,965.3179,975,520.37 6013,068,587.525,948,218.75 61121,154,306.781,939,119.48“-”5,114,293,989.865,017,849,894.58 62831,041,188.90838,203,294.38“-”4,283,252,800.964,179,646,600.20

1.“-”4,021,797,495.793,917,651,361.38 2.“-”261,455,305.17261,995,238.82

1.“-”4,283,252,800.964,179,646,600.20 2.“-”

2025

2025 12 31

197,893,279.14-104,660,230.64 43180,370,480.12-92,560,829.94 43251,258,335.901,233,165.22 1. 2. 3.43251,258,335.901,233,165.22 4. 5. 43-70,887,855.78-93,793,995.16 1.4334,983,425.37-142,960,895.95 2. 3. 4. 5. 6.43-105,871,281.1549,166,900.79 7. 4317,522,799.02-12,099,400.704,481,146,080.104,074,986,369.56

4,202,167,975.913,825,090,531.44

278,978,104.19249,895,838.12 63

0.5598

0.5396

0.5598

0.5386

2025 12 31

4,704,492,987.835,814,417,821.22 124,574,315,833.485,697,448,935.12

775,125.481,046,413.29

70,271,363.4458,425,229.62

288,455,438.13334,832,269.49

38,732,149.4341,914,707.45 1343,441,489.01103,027,848.05 13164,627,841.53308,219,263.11 13140,259,391.83219,342,662.31

“-”

16,103,106.8710,396,331.28

663,126.14769,125.72

“-”

2,754,279,047.873,139,192,676.82 141,180,841,405.301,399,708,966.07

“-”

“-”119,149,400.00224,854,011.86

“-”-33,752,204.6810,335,601.12

“-”

“-”11,716.37209,334.66“-”2,528,852,674.562,953,083,168.38

-1,512,442.161,049,032.44

1,803,424.332,166,798.91“-”2,525,536,808.072,951,965,401.91

30,996.621,382,506.80“-”2,525,505,811.452,950,582,895.11

“-”2,525,505,811.452,950,582,895.11

“-”

2025

2025 12 31

248,099,702.18-41,564,648.33

1. 2. 3. 4. 5.

248,099,702.18-41,564,648.33 1.248,099,702.18-41,564,648.33 2. 3. 4. 5. 6. 7.

2,773,605,513.632,909,018,246.78

2025 12 31

101,537,275,716.17111,336,318,583.57

230,799,627.87339,502,222.29 652,444,257,189.892,594,420,072.61 104,212,332,533.93114,270,240,878.47

89,397,528,188.8598,575,831,209.11

7,871,437,556.547,813,679,525.52

2,394,640,430.252,271,414,491.98 651,463,220,215.011,498,055,837.16 101,126,826,390.65110,158,981,063.77

3,085,506,143.284,111,259,814.70 653,445,521,230.583,908,191.25 652,552,357,880.921,773,417,776.09

110,566,609.34152,809,149.49 651,223,132,611.9729,388,630.63 6586,899,805.69139,548,475.48 7,418,478,138.502,099,072,222.94 651,652,518,918.571,554,692,154.69 65939,500,797.17336,992,352.47 65

2,592,019,715.741,891,684,507.16 4,826,458,422.76207,387,715.78

2025

2025 12 31

26,825,000.0027,850,000.00

4,155,754,976.878,440,403,579.52 6572,838,814.0083,894,927.00 4,255,418,790.878,552,148,506.52

4,556,950,788.839,349,685,904.37 652,517,648,717.072,726,819,481.09 65277,410,216.48323,830,187.89 651,580,668,938.651,214,844,449.61 8,655,268,444.5513,291,349,835.07 -4,399,849,653.68-4,739,201,328.55-63,166,966.1834,629,481.993,448,947,946.18-385,924,316.08 6613,440,376,824.3713,826,301,140.45

16,889,324,770.5513,440,376,824.37

2025 12 31

4,863,983,130.245,662,145,326.47

205,112,721.86555,555,927.70 5,069,095,852.106,217,701,254.17

4,914,869,939.775,510,691,123.27

282,318,268.83291,972,029.56

2,885,428.703,504,812.77

417,769,989.61566,228,192.37 5,617,843,626.916,372,396,157.97

-548,747,774.81-154,694,903.80

261,174,149.29

2,792,582,755.823,358,514,468.65

4,608,690.59188,115.76

1,026,871,540.121,017,215,068.48 4,085,237,135.824,375,917,652.89

128,445,771.22142,260,495.64

1,138,493,533.54578,258,090.77

304,374,796.292,418,083,779.13 1,571,314,101.053,138,602,365.54 2,513,923,034.771,237,315,287.35

2025

2025 12 31

2,374,620,000.005,979,900,000.00

1,986,677,765.41295,049,475.97 4,361,297,765.416,274,949,475.97

1,980,000,000.005,980,000,000.00

2,128,117,122.932,271,474,976.05

558,132,542.70286,419,134.44 4,666,249,665.638,537,894,110.49 -304,951,900.22-2,262,944,634.52-29,889,480.857,803,527.991,630,333,878.89-1,172,520,722.98

5,506,139,347.796,678,660,070.777,136,473,226.685,506,139,347.79

2025 12 31

7,294,216,875.006,633,448,432.77174,944,256.65-124,006,478.09-211,520,552.91143,045,162.872,371,553,765.0523,424,281,261.3539,567,594,762.302,473,083,456.1942,040,678,218.49

“-”-120,465,648.00-497,108,717.73-174,944,256.65180,370,480.12-105,871,281.1541,864,024.12252,550,581.151,689,814,111.861,721,969,088.17281,801,294.692,003,770,382.86

180,370,480.12-105,871,281.154,021,797,495.794,202,167,975.91278,978,104.194,481,146,080.10

-46,111,737.44396,518,371.64-442,630,109.08218,730,157.59-223,899,951.49

16,707,466.9416,707,466.9478,947,355.0095,654,821.94

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41,864,024.1241,864,024.12194,359.5942,058,383.71

129,961,696.26129,961,696.264,318,376.13134,280,072.39

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2025

2025 12 31

252,550,581.15-2,331,983,383.93-2,079,432,802.78-216,101,326.68-2,295,534,129.46

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-120,465,648.00-450,996,980.29-571,462,628.29

1. 2. 3.4.

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2025 12 31

7,294,216,875.006,637,791,041.06193,951,597.00-30,890,925.81-260,132,731.36129,860,229.972,076,495,475.5421,888,204,114.3637,801,725,213.122,317,555,598.6840,119,280,811.80

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7,294,216,875.006,638,004,801.06193,951,597.00-31,445,648.15-260,687,453.70129,860,229.972,076,495,475.5421,890,625,834.2537,803,805,970.672,317,555,598.6840,121,361,569.35

“-”

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3. -14,225,805.77-14,225,805.77-84,357.72-14,310,163.49 4.-14,520,041.60-19,007,340.354,487,298.75201,249,897.69205,737,196.44 13,184,932.9013,184,932.90796,774.3413,981,707.24 1.105,481,667.59105,481,667.595,024,511.29110,506,178.88 2.-92,296,734.69-92,296,734.69-4,227,736.95-96,524,471.64

2025

2025 12 31

295,058,289.51-2,383,995,934.28-2,088,937,644.77-324,180,294.92-2,413,117,939.69 1.295,058,289.51-295,058,289.51 295,058,289.51-295,058,289.51

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1. 2. 3.4.

5. 6.

7,294,216,875.006,633,448,432.77174,944,256.65-124,006,478.09-211,520,552.91143,045,162.872,371,553,765.0523,424,281,261.3539,567,594,762.302,473,083,456.1942,040,678,218.49

2025 12 31

7,294,216,875.0010,716,935,076.39174,944,256.65-55,624,328.055,442,533.152,371,553,765.057,238,071,288.6727,395,650,953.56

“-”-120,465,648.00-457,290,688.06-174,944,256.65248,099,702.181,452,809.15252,550,581.15193,522,427.52292,813,440.59

248,099,702.182,525,505,811.452,773,605,513.63

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1,452,809.151,452,809.15

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2025

2025 12 31

252,550,581.15-2,331,983,383.93-2,079,432,802.78

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7,173,751,227.0010,259,644,388.33192,475,374.136,895,342.302,624,104,346.207,431,593,716.1927,688,464,394.15

2025 12 31

7,294,216,875.0010,713,308,264.02193,951,597.00-14,059,679.726,336,078.002,076,495,475.546,686,280,777.8426,568,626,193.68

“-”

3,626,812.37-19,007,340.35-41,564,648.33-893,544.85295,058,289.51551,790,510.83827,024,759.88

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2025

2025 12 31

295,058,289.51-2,398,792,384.28-2,103,734,094.77 1.295,058,289.51-295,058,289.51 295,058,289.51-295,058,289.51

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20251231

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(1) [2016]36

(2) 20164

305%

5%(3)

20251231

2.3

(1)20231220231120271231

(2)

2023520231120271231

50%(3)

202350

20271231

2025

20251231

(%)(%)(%)

11 1,349,668,931.90100.00100.00100.001,357,000,272.00121 1,120,503,439.18100.00100.00100.001,125,351,942.12131905,481,720.00100.00100.00100.005,857,687,626.31141969,665,712.0089.0089.0089.001,005,055,831.24151 1,000,000,000.00100.00100.00100.001,012,201,545.72161339,554,483.6659.2059.2059.20200,483,231.42171 223,257,965.92100.00100.00100.00223,439,062.43183171,374,160.00100.00100.00100.00341,057,315.76191140,193,047.50100.00100.00100.00142,440,174.061101120,000,000.00100.00100.00100.00121,293,756.851111103,600,000.00100.00100.00100.00134,970,549.35312379,287,945.35100.00100.00100.00430,372,292.052131150,000,000.00100.00100.00100.00152,454,479.67114130,000,000.00100.00100.00100.0030,826,351.49115160,869,000.00100.00100.00100.0082,970,583.091

20251231

(%)(%)(%)

1632,065,554.43100.00100.00100.002,048,791.821173530,557.66100.00100.00100.00–2183292,842.00100.00100.00100.00282,680.2511911,346,761,911.29100.00100.00100.004,739,916,352.122201100,000,000.00100.00100.00100.00100,438,555.101211216,000,000.00100.00100.00100.00217,614,987.47122 1701,410,000.0042.0042.00100.00294,993,173.331231433,110,000.00100.00100.00100.00747,599,486.54224SE LOGISTICS HOLDING B.V.37,780.50100.00100.00100.001,114,884,640.36325310,611.78100.00100.00100.003,980,986.341261280,000,000.00100.00100.00100.00280,000,000.00127 1100,000,000.00100.00100.00100.00100,036,504.041

(1) 12345

(2) 1234

2025

20251231

“”“”“”58%42%

58%

2.(1)

(%)

2025531121,071,604.644,302,143.144,639,191.1220259302235,949,602.141,519,980.0817,405,899.36

20251231

2.(1)

“”

54.29%

102025527

20255312025

“”“”55%45%102025923

20259302025930(2)

––––––148,878,559.9669,497,439.91148,878,559.9669,497,439.91138,266,584.3162,111,879.8510,611,975.657,385,560.06

2.(4)

2.(3)

2025

20251231

(3)

290,303,846.65212,116,514.53217,981,969.34164,268,805.28

44,844,890.5544,844,890.5538,964,538.7038,964,538.702,551,851.142,551,851.1489,781,936.5389,781,936.53317,748.81317,748.81595,487.70595,487.7025,722.6125,722.613,271,662.613,271,662.61

––43,391.8343,391.83––216,614.66216,614.66––200,000.00200,000.00––45,665,486.1313,572,846.73145,256,816.09133,998,072.9116,495,369.8712,299,103.1796,286,299.1329,357,710.1921,704,357.953,581,315.101,020,518.321,020,518.32158,152.09856,936.98

––884,971.27884,971.2735,622,350.4016,075,517.37105,051,278.7191,622,987.69

––44,790,150.0044,790,150.00569,640.84569,640.8438,929,934.5438,929,934.54973,197.63973,197.631,149,890.821,149,890.82913,592.73913,592.731,455,799.951,455,799.957,891,782.267,891,782.26––5,727,303.915,727,303.91582,182.09582,182.09

––4,715,030.294,715,030.2919,546,833.03–13,428,291.02–254,681,496.25196,040,997.16112,930,690.6372,645,817.59

––––254,681,496.25196,040,997.16112,930,690.6372,645,817.59

(2024)2670(2025)3209

20251231

2.(4)

(%)

200531554.2995,000,000.00106,430,657.36148,878,559.9642,447,902.60–

199276 19983 2004917

40.00

10.00

5.00

17,372,235.9041,953,296.2269,497,439.9127,544,143.69–

100%

(2024)2670(2025)3209

(5)

2025

20251231

(%)

2025630293,351,550.43100.00175,218,002.99–2025630192,077,547.82100.0057,880,015.47–2025630148,814,401.08100.00122,793,144.30–2025630223,824,149.29100.00175,268,177.09–2025630179,850,564.88100.00133,784,093.34–2025630266,894,933.49100.00118,099,458.39–2025630236.94100.0034.88–2025630600.23100.00141.09–2025630143.14100.0029.23–2025630621.98100.00224.00–2025630678.38100.00223.99–2025630143.14100.0029.23–

20255REIT

20251231

2025624REIT13.108REIT20%262,160,000REIT20256306

6SPVREITREIT

REIT

(1)

(2)(3)

343,717,243.68

2025

20251231

12CAMEL INTERNATIONAL LOGISTICS LIMITEDLIABILITY COMPANY 1

5.(1)

(%)(%)

51.0051.0017,5009,789.83

51.0051.001,000510

(2)

20251231

(1)

2025

(%)

11.0028,615,675.40–223,201,175.64

202371“”100%89%REITs

100%

6.(2)

2024

(%)

111.0030,587,411.08-22,670,704.29194,358,407.99

2025

20251231

(2)

4,067,822,819.593,569,646,601.44

714,582,799.88661,423,985.814,782,405,619.474,231,070,587.252,208,715,978.072,296,590,841.65208,374,775.3061,310,826.202,417,090,753.372,357,901,667.858,372,321,823.829,391,137,485.01

470,909,940.33278,067,373.45

19,138,265.5321,193,397.67

470,939,955.39278,154,354.8819,138,265.5321,193,397.67

326,216,623.93446,618,388.17

20251231

7.(1)

20%39,804,543.77

100%“”25%975,100.00

100%

56.67%

(2)

39,804,543.77975,100.0039,804,543.77975,100.00 24,471,525.94251,043.57146,382.31

15,333,017.83724,056.43-146,382.3115,333,017.83724,056.43-146,382.31

2025

20251231

“”202511“”20251231“”2025111231“”20241112311.

3,953,365.502,716,190.6111,052,340,230.887,653,777,122.65120,299,628.1627,287,681.61114,970,850.4224,141,912.31

5,328,777.743,145,769.305,833,031,174.175,783,883,511.1117,009,624,398.7113,467,664,505.984,493,004,661.801,824,275,763.74

(1)

81,846,846.539,508,096.5715,259,031.875,387,499.317,461,753.423,893,142.5015,731,996.348,498,943.23

120,299,628.1627,287,681.61

“”45,239,255.4415,401,202.12

20251231

1,031,653.86574,374.32

3.(1)

145,998,568.41164,294,636.42

(2)

2025

20251231

(3)

–138,602,609.18

(4)(5)

(%)(%)(%)(%)

145,998,568.41100.00––145,998,568.41164,294,636.42100.00––164,294,636.42

145,998,568.41100.00–145,998,568.41164,294,636.42100.00–164,294,636.42

(%)

145,998,568.41––

145,998,568.41–

20251231

20241231

20251231

(6) 5%5%

(7) 360

(1)

13,844,714,248.6313,596,988,655.30776,400,389.92545,188,204.76

13,068,313,858.7113,051,800,450.54

(2)

(%)(%)

13,111,232,476.0794.70213,144,900.6313,204,048,190.8897.11237,522,256.08

454,417,786.383.28292,517,772.77148,667,387.381.0972,148,041.28

60,351,631.190.4456,737,490.7789,899,189.070.6681,912,146.28

218,712,354.991.58214,000,225.75154,373,887.971.14153,605,761.12

13,844,714,248.63100.00776,400,389.9213,596,988,655.30100.00545,188,204.76

2025

20251231

4.(3)

(%)(%)(%)(%)

391,871,423.432.83372,677,876.9095.1019,193,546.53321,323,472.572.36249,598,412.2377.6871,725,060.3413,452,842,825.2097.17403,722,513.023.0013,049,120,312.1813,275,665,182.7397.64295,589,792.532.2312,980,075,390.20201,361,202.581.45––201,361,202.58161,353,739.991.19––161,353,739.9913,251,481,622.6295.72403,722,513.023.0512,847,759,109.6013,114,311,442.7496.45295,589,792.532.2512,818,721,650.21

13,844,714,248.63100.00776,400,389.9213,068,313,858.7113,596,988,655.30100.00545,188,204.7613,051,800,450.54

20251231

(3)

(%)

42,313,551.1533,850,840.9280.00

39,964,263.0739,964,263.07100.00

29,448,872.9728,753,115.4297.64

28,492,345.1728,492,345.17100.00

25,467,016.3325,467,016.33100.00

23,703,683.3523,703,683.35100.00

14,006,677.2114,006,677.21100.00

13,914,786.129,970,783.7271.66

10,311,525.3710,311,525.37100.00

9,577,095.809,577,095.80100.00

8,835,366.008,835,366.00100.00

7,509,254.607,509,254.60100.00

7,494,356.917,494,356.91100.00

7,362,241.467,362,241.46100.00

7,281,926.097,281,926.09100.00

6,805,207.546,805,207.54100.00

6,752,274.696,752,274.69100.00

6,706,283.626,706,283.62100.00

6,204,569.756,204,569.75100.00

5,986,773.355,986,773.35100.00

5,714,343.085,714,343.08100.00

5,598,547.355,598,547.35100.00

5,524,320.225,524,320.22100.0066,896,142.2360,805,065.8890.89

391,871,423.43372,677,876.90

2025

20251231

(4)

(%)

201,361,202.58––

201,361,202.58–

(5)

(%)

12,879,640,266.231.45186,754,783.87

259,476,007.2741.68108,149,599.83

30,214,819.3888.2626,667,599.58

82,150,529.74100.0082,150,529.74

13,251,481,622.62403,722,513.02

(6)

545,188,204.76255,504,133.558,068,982.1119,861,624.513,638,658.23776,400,389.92548,601,373.9968,033,571.2722,556,607.9148,477,521.65-412,610.94545,188,204.76

20251231

4.(7)

12,976,547.622,665,022.2521,920,638.451,920,638.45

30,292,345.171,800,000.0043,027,309.591,407,635.30

39,506,218.40275,686.11

87,723,059.238,068,982.11

2025

20251231

(8)

13,623,278.7922,067,598.73

31,572,493.30

41,396,778.375906,230.006885,834.007787,747.208720,499.169699,159.7210670,045.75

11641,120.3312503,400.00

5,387,439.16

19,861,624.51

20251231

(9) 5%5%(10)

(%)

1189,367,496.1812,745,828.691.372148,321,860.08112234,293,493.641.073118,794,473.4711,722,519.840.864106,605,978.491121,581,913.700.775104,703,529.1611,518,201.180.76

667,793,337.3811,861,957.054.83

(11)5.

492,782,465.16430,890,739.48

(1)

(2)

2025

20251231

5.(3)

1,182,829,790.72–

(4)(5)

(%)(%)(%)(%)

492,782,465.16100.00––492,782,465.16430,890,739.48100.00––430,890,739.48

492,782,465.16100.00–492,782,465.16430,890,739.48100.00–430,890,739.48

20251231

(5)1)

(%)

492,782,465.16––

492,782,465.16–

2025123120241231

(6)

(7) 5%5%

(8) 360

2025

20251231

(1)

(%)(%)

4,815,229,758.7996.76–4,998,060,598.5596.14–

91,462,816.691.84–151,502,358.712.91–

35,656,762.120.72–23,894,344.560.46–

33,743,266.170.68–25,133,701.130.49–

4,976,092,603.77100.00–5,198,591,002.95100.00–

(2)

18,049,050.00

8,661,799.88

6,206,122.561223

32,916,972.44

20251231

6.(3)

(%)

1331,399,760.876.67–2323,623,930.276.50–3155,322,529.233.12–4151,908,938.443.05–5142,045,905.972.85–

1,104,301,064.7822.19–

(4) 5%5%

2025

20251231

1,216,659.761,243,805.8225,933,308.509,080,009.802,688,967,225.942,788,861,039.98

2,716,117,194.202,799,184,855.60

(1)1)

1,216,659.761,243,805.821,216,659.761,243,805.82––

1,216,659.761,243,805.82

20251231

7.(2)

6,967,000.00––2,568,258,472.052,551,153,147.2724,072,324.78– –––12,722,278.70–12,722,278.70– 6,000,000.00––6,112,000.006,000,000.006,112,000.00– –––5,038,046.08–5,038,046.08– 508,000.00––320,000.00628,000.00200,000.00– 459,000.00–––459,000.00–– –––1,379,574,990.631,379,574,990.63–– –––1,049,764,000.001,049,764,000.00–– –––32,253,300.0032,253,300.00–– –––21,937,500.0021,937,500.00–– –––10,115,415.2910,115,415.29–– –––7,929,834.397,929,834.39–– –––7,350,000.007,350,000.00–– –––5,906,154.875,906,154.87––

2025

20251231

–––5,707,772.525,707,772.52–– –––4,451,275.004,451,275.00–– –––2,241,874.092,241,874.09–– –––2,100,000.002,100,000.00–– –––14,734,030.4814,734,030.48––

2,113,009.80–––252,026.081,860,983.72–SINOTRANSALMAJDOUIEMIDDLE EAST CO., LTD.

1,860,983.72––––1,860,983.72

5–

252,026.08–––252,026.08––

9,080,009.80––2,568,258,472.052,551,405,173.3525,933,308.50–

(2)

20251231

7.(3)

(%)(%)

2,155,417,891.7572.06124,252,676.722,147,188,765.5072.494,605,750.21

244,929,744.638.1910,176,630.47393,777,026.6613.2940,025,630.93

257,680,937.018.6140,040,422.58107,743,739.763.643,091,765.22

333,190,766.0611.14127,782,383.74313,327,963.1410.58125,453,308.72

2,991,219,339.45100.00302,252,113.512,962,037,495.06100.00173,176,455.08

(%)(%)(%)(%)

383,619,769.3312.82220,074,340.1457.37163,545,429.19132,320,006.844.4787,873,975.3466.4144,446,031.502,607,599,570.1287.1882,177,773.373.152,525,421,796.752,829,717,488.2295.5385,302,479.743.012,744,415,008.482,432,725,172.6081.33––2,432,725,172.602,671,334,384.8790.18––2,671,334,384.87

88,233,473.452.953,441,105.463.9084,792,367.9966,814,108.062.262,605,750.213.9064,208,357.85

86,640,924.072.9078,736,667.9190.887,904,256.1691,568,995.293.0982,696,729.5390.318,872,265.76

2,991,219,339.45100.00302,252,113.512,688,967,225.942,962,037,495.06100.00173,176,455.082,788,861,039.98

2025

20251231

7.(3)2)

(%)

1233,430,000.00116,715,000.0050.0060.(1)272,892,063.0036,446,031.5050.0060.(1)316,660,000.0016,660,000.00100.0049,639,407.999,639,407.99100.0057,124,069.907,124,069.90100.0067,000,000.007,000,000.00100.00714,710,000.004,710,000.0032.0283,878,519.153,878,519.15100.00

2,680,000.002,680,000.00100.0092,500,000.002,500,000.00100.00

2,143,511.372,143,511.37100.00101,385,250.001,385,250.00100.00111,242,000.001,242,000.00100.00121,000,000.001,000,000.00100.00131,000,000.001,000,000.00100.00

6,334,947.925,950,550.2393.93

383,619,769.33220,074,340.14

20251231

7.(3)3)

(%)

1,097,996,443.30––

861,891,897.69––271,674,564.73––

92,711,490.21––108,450,776.67––

2,432,725,172.60–

(%)

1188,233,473.453.903,441,105.461228,254,343.8132.512,683,487.172335,477,463.6757.403,144,064.15372,909,116.59100.0072,909,116.59

174,874,397.5282,177,773.37

1,193,759,190.4492,755,409.891,101,003,780.551,456,381,194.5378,128,944.561,378,252,249.971,182,923,960.69157,871,031.501,025,052,929.19997,759,542.4836,446,031.50961,313,510.98331,595,679.1913,901,358.10317,694,321.09207,327,220.0911,458,572.96195,868,647.1397,535,001.584,823,511.3792,711,490.2187,280,530.544,823,511.3782,457,019.17–––95,230,000.00–95,230,000.00185,405,507.5532,900,802.65152,504,704.90118,059,007.4242,319,394.6975,739,612.73

2,991,219,339.45302,252,113.512,688,967,225.942,962,037,495.06173,176,455.082,788,861,039.98

2025

20251231

7.(3)6)

2,605,750.2182,696,729.5387,873,975.34173,176,455.08-321,919.41321,919.41––

–-432,921.23432,921.23–––––––––1,168,076.00-3,051,912.16132,720,638.06130,836,801.90

––-62,400.00-62,400.00–––––-550,000.00-200,000.00-750,000.00-10,801.34-247,147.64-690,794.49-948,743.47

3,441,105.4678,736,667.91220,074,340.14302,252,113.51

329,000.0062,400.00

20251231

7.(3)8)

750,000.00

9) 5%5%

234,157.81–2,493.20–

2025

20251231

7.(3)10)

(%)

306,397,980.00110.24116,715,000.00255,015,826.7818.53–188,723,862.2616.31–120,583,191.2614.03–

94,915,000.0013.17–

965,635,860.3032.28116,715,000.00

20251231

7.(3)11)

1306,397,980.0012026

2255,015,826.781202624,790

202683188,723,862.261202623,685

202664120,583,191.26120264

1,14620266

4,266202612594,905,000.00120269

2025

20251231

677,521,872.001232026

727,660,675.011202621,945

20265112,115,553.38112

1,182,923,960.69

(3)11)

20251231

(1)

36,390,507.993,102,248.4733,288,259.5234,335,731.293,102,248.4731,233,482.829,937,198.65875,980.249,061,218.418,435,938.24875,980.247,559,958.0017,641,222.80–17,641,222.8017,465,968.82–17,465,968.82

63,968,929.443,978,228.7159,990,700.7360,237,638.353,978,228.7156,259,409.64

(2)

3,102,248.47––––3,102,248.47875,980.24––––875,980.24

3,978,228.71––––3,978,228.71

(3)

2025

20251231

369,326,645.01322,821,726.49169,084,237.28139,176,090.22–3,739,850.11538,410,882.29465,737,666.82––

538,410,882.29465,737,666.82

10.(1)

“-”

3,833,829,974.42200,000.00–149,508,126.80-221,945,995.53-4,335,748.703,458,240,103.395,418,970,813.15–337,134,080.001,695,976,868.91-757,376,860.29-16,200,721.453,286,550,442.50

9,252,800,787.57200,000.00337,134,080.001,845,484,995.71-979,322,855.82-20,536,470.156,744,790,545.89

12,913,596.50–––10,661,400.00-219,154.2923,355,842.219,239,887,191.07200,000.00337,134,080.001,845,484,995.71-989,984,255.82-20,317,315.866,721,434,703.68

20251231

10.(2)

1,846,907,657.943,833,829,974.42200,000.00–149,508,126.801,207,376,395.94–-41,604.271,429,280,787.2010,661,400.00-4,335,748.70–

3,458,240,103.3914,681,673.14

69,144,505.071,693,470,760.02–––1,169,351,492.88––1,379,574,990.63–––

1,483,247,262.27–

376,633,333.00334,317,053.65–––-5,576,015.16––––––

328,741,038.49–

132,585,575.46220,753,743.58–––12,924,830.76––12,722,278.70–-3,230,800.06–

217,725,495.58–

147,000,000.00147,005,699.62–––154,013.13––––––

147,159,712.75–

82,570,000.00138,734,251.88–––6,175,901.44––––––

144,910,153.32–

55,518,961.25130,515,940.24–––12,074,055.12––7,350,000.00–––

135,239,995.36–

97,898,300.00110,555,639.02–––2,642,211.89––––––

113,197,850.91–

100,000,000.0099,082,477.89–––-1,899,991.01––––––

97,182,486.88–

100,000,000.0085,979,870.76–––-2,559,303.17––––––

83,420,567.59–

49,855,251.0061,186,896.48–––6,145,177.38––5,906,154.87–––

61,425,918.99–

51,000,000.0054,614,261.27–––303,845.29––306,000.00–––

54,612,106.56–

49,000,000.0048,955,086.76–––617,425.85––––––

49,572,512.61–

40,000,000.0042,316,570.26–––2,381,654.48––––––

44,698,224.74–

90,000,000.0044,691,807.42–––-17,699.41––––––

44,674,108.01–

56,268,343.2544,342,840.75–––-1,177,797.29––––––

43,165,043.46–

30,000,000.0044,151,700.70–––805,420.80––7,929,834.39–––

37,027,287.11–

MAXX LOGISTICS FZCO.31,170,670.0427,617,559.39–––5,488,195.85––––-796,277.50–

32,309,477.74–

16,419,924.6825,831,208.63––––––––––

25,831,208.63–

19,815,780.2823,598,714.11–––2,218,719.41––1,712,687.80–––

24,104,745.72–

14,700,000.0020,673,903.35–––2,193,303.44––––––

22,867,206.79–

19,911,240.0030,911,645.99–––-9,317,502.25––––––

21,594,143.74–

19,600,000.0020,594,177.80–––659,444.94––735,000.00–––

20,518,622.74–

32,500,000.0024,155,433.04–––-4,196,812.08–––10,661,400.00––

19,958,620.9610,661,400.00

30,055,864.0027,175,336.04–––-8,150,874.59––––––

19,024,461.45–

–105,318,462.65––106,430,657.361,149,780.01–-37,585.30––––

––

–40,832,993.22––41,953,296.221,120,303.00––

––––

––

135,259,909.91186,445,939.90200,000.00–1,124,173.2213,866,615.23–-4,018.9713,043,840.81–-308,671.14–

186,031,850.994,020,273.14

2025

20251231

3,120,496,057.215,418,970,813.15–337,134,080.001,695,976,868.91331,271,541.4634,983,425.37-1,147,808.591,122,484,018.53–-16,200,721.45–

3,286,550,442.508,674,169.07

442,358,642.42454,546,778.03–––57,678,382.16––––––

512,225,160.19–

59,319,000.00448,725,118.58–––64,420,354.01––21,937,500.00–––

491,207,972.59–

351,328,381.51438,368,313.07–––5,617,995.95––––-9,064,232.53–

434,922,076.49–

206,722,602.90334,654,605.56–––49,523,776.78––32,253,300.00–––

351,925,082.34–

1894,231,724.402,860,031,098.90––1,695,703,766.01150,909,963.8034,983,425.37–1,049,764,000.00–-6,224,075.20–

294,232,646.86–

2262,160,000.00––262,160,000.00–-14,634,733.53––––––

247,525,266.47–

129,465,960.38194,046,370.65–––6,624,998.65–216,257.216,112,000.00–-3,148,586.99–

191,627,039.52–

80,000,000.0080,082,066.82–––34,338.96––––––

80,116,405.78–

78,173,640.0082,302,033.69–––-5,585,730.09––––––

76,716,303.60–

75,360,000.0040,075,800.76–35,180,000.00–-1,063,833.08––––––

74,191,967.68–

56,100,000.0058,494,237.31–––-84,890.04––150,000.00–––

58,259,347.27–

69,496,379.6736,757,620.23–13,000,000.00–2,635,638.90––––––

52,393,259.13–

21,000,000.0032,939,046.57–––1,381,722.12––700,000.00–––

33,620,768.69–

49,000,000.0037,414,633.55–––-7,647,039.39––––––

29,767,594.16–

30,000,000.0029,598,669.93–––-837,603.48––––––

28,761,066.45–

24,500,000.0027,049,766.66–––2,202,154.29––1,973,960.46–––

27,277,960.49–

EURASIAN RAIL GATEWAY CLOSED

JOINT-STOCK COMPANY19,090,978.8120,077,153.52–––3,087,721.22––––2,474,764.68–

25,639,639.42–

20,000,000.0020,612,468.86–––1,150,485.76––920,695.07–––

20,842,259.55–

252,188,747.12223,195,030.46–26,794,080.00273,102.9015,857,838.47–-1,364,065.808,672,563.00–-238,591.41–

255,298,625.828,674,169.07

4,967,403,715.159,252,800,787.57200,000.00337,134,080.001,845,484,995.711,538,647,937.4034,983,425.37-1,189,412.862,551,764,805.7310,661,400.00-20,536,470.15–

6,744,790,545.8923,355,842.21

MIC Industrial Investments 4 RSC LTD25%4.72

1.4820%

REIT3

10.

(2)

20251231

10.

(3)

––10,661,400.00–––10,661,400.005,959,067.40––––-146,846.705,812,220.704,020,273.14–––––4,020,273.141,516,853.52––––-37,379.161,479,474.361,417,402.44––––-34,928.431,382,474.01

12,913,596.50–10,661,400.00––-219,154.2923,355,842.21

20251231(4)

(%)

1,45050.00–50.00

2025

20251231

10.

(5)

4,098,137,830.855,302,267,271.612,237,293,627.203,094,523,323.301,416,740,907.041,463,344,514.645,514,878,737.896,765,611,786.252,003,840,460.492,777,886,978.60544,543,752.86600,783,287.622,548,384,213.353,378,670,266.222,966,494,524.543,386,941,520.03––2,966,494,524.543,386,941,520.031,483,247,262.271,693,470,760.02––––––––1,483,247,262.271,693,470,760.02

1.89%

2.19%

––17,364,787,900.1521,044,658,061.7327,642,515.908,682,387.04783,024,804.74934,629,867.112,338,702,985.772,770,273,105.152,338,702,985.772,770,273,105.15––––2,338,702,985.772,770,273,105.151,379,574,990.631,565,377,052.60

20251231

10.(6)

1,960,311,167.982,136,338,941.2638,024,903.0676,433,494.52–-41,564,758.1538,024,903.0634,868,736.373,277,876,273.435,410,077,489.79331,271,541.46417,276,767.3134,983,425.37-95,104,811.15366,254,966.83322,171,956.16

(7) 20251231

(8)

(9) 20251231

(10) 202512314.(6)

2025

20251231

11.

–599,916,717.17–330,799,602.91––930,716,320.08–330,799,602.91–––394,050,500.00–––––394,050,500.00–––––22,817,162.27––4,211,511.62––27,028,673.89–18,951,802.29–––

416,867,662.27599,916,717.17–335,011,114.53––1,351,795,493.97–349,751,405.20–––

12.

1,317,219,473.761,215,266,140.98

3.(4)20251231“”939,821,679.60135,545,804.83

“”103,147,724.00“”93,373,963.62

20251231

13.(1)

3,225,826,276.67293,529,654.573,519,355,931.24 -75,092,806.7116,723,735.86-58,369,070.85 3,079,300.73–3,079,300.73 38,362,828.70–38,362,828.70 7,204,553.00–7,204,553.00 36,862,320.90–36,862,320.90 –7,846,744.867,846,744.86 -57,315,906.48–-57,315,906.48 3,090,792,819.01302,406,645.573,393,199,464.58 654,599,004.4268,327,231.09722,926,235.51 -33,978,216.14-6,912,833.90-40,891,050.04 112,271,223.127,117,368.55119,388,591.67 7,330,678.07–7,330,678.07 6,844,325.35–6,844,325.35 14,591,373.36–14,591,373.36 –1,855,499.701,855,499.70 -10,559,307.11–-10,559,307.11 708,227,683.6566,676,266.04774,903,949.69 3,197,637.31–3,197,637.31 22,226,773.22–22,226,773.22 -42,400.17–-42,400.17 25,382,010.36–25,382,010.36 2,568,029,634.94225,202,423.482,793,232,058.42 2,357,183,125.00235,730,379.532,592,913,504.53

2025

20251231

13.(2)

339C310

18,433,687.43

3,606,162.73983,427,770.16

25,467,620.32

(3) 20251231

14.

14,943,681,597.2215,492,823,606.265,393.641,273.61

14,943,686,990.8615,492,824,879.87

20251231

14.

(1)1)

16,156,291,759.731,968,547,273.772,016,962,131.527,158,120,717.8927,299,921,882.91 -423,357,724.42–838,750.83-17,614,242.55-440,133,216.14 85,015,557.153,389,757.19178,965,727.53270,625,571.99537,996,613.86 341,835,315.7721,105,106.3937,168.1450,846,061.09413,823,651.39 36,862,320.90–––36,862,320.90 207,391,452.798,123,012.72-3,999,621.66-211,514,843.85– -8,610,139.84-4,861,734.74324,941.6110,341,800.52-2,805,132.45 18,990,910.9997,195.43218,355,943.61208,244,703.13445,688,753.16 38,362,828.70–––38,362,828.70 25,963,337.78–27,036,999.492,975,200.7655,975,538.03 16,364,038,140.171,996,206,219.902,001,810,153.857,055,535,562.7227,417,590,076.64 5,514,341,456.13702,980,958.381,249,603,700.303,985,328,075.2511,452,254,190.06 -273,242,822.48––-22,136,267.16-295,379,089.64 592,935,009.2156,309,080.65150,777,214.55436,890,542.651,236,911,847.06 14,591,373.36–––14,591,373.36 16,906,090.923,483,746.39-1,361,331.50-19,028,505.81– -3,013,569.22––4,954,764.621,941,195.40 12,430,332.8592,335.91164,208,496.16182,001,858.44358,733,023.36 7,330,678.07–––7,330,678.07 3,444,553.18–8,254,528.12-16,935,830.20-5,236,748.90 5,846,201,080.18762,681,449.511,243,065,615.314,187,070,920.9112,039,019,065.91

2025

20251231

243,652,568.44–110,951,266.55240,251.60354,844,086.59 82,365,124.91–––82,365,124.91 351,183.88–5,968,108.97–6,319,292.85 3,999,494.86–––3,999,494.86 329,666,004.33–104,983,157.58240,251.60434,889,413.51 10,398,297,735.161,265,566,315.39656,407,164.673,172,552,391.0415,492,823,606.26 10,188,171,055.661,233,524,770.39653,761,380.962,868,224,390.2114,943,681,597.22 435,128,458.03596,858.55–80,086,150.80515,811,467.38

8,575,329.787,307,514.50–1,267,815.28192,782,093.06117,063,720.3836,378,833.5939,339,539.0912,407,349.0911,514,281.00–893,068.09

213,764,771.93135,885,515.8836,378,833.5941,500,422.46

13,911,137.50703,729,602.86

717,640,740.36

14.

(1)

20251231

14.(1)4)

190,102,781.54197,376,735.32146,785,277.01–129,502,944.20133,902,861.7067,464,255.3070,949,167.6766,553,071.0070,136,575.9648,242,347.61–38,717,663.3443,451,306.1231,415,426.3333,041,270.33

29,588,809.8630,901,168.47

29,338,949.3334,417,035.777-1127,424,456.7128,955,917.30

27,145,753.8928,344,829.42

25,209,527.7826,276,488.0926,119,475.0126,913,239.31339C1122,770,988.8421,748,271.01

22,048,309.5523,010,223.3721,825,783.6922,265,451.84

2025

20251231

20,682,631.8421,521,605.60

19,264,992.1120,128,281.83

18,564,383.1519,345,548.5816,708,301.4317,507,479.91

14,134,736.2214,902,055.7813,363,329.1214,230,633.13

12,079,252.0812,503,129.91

11,893,758.1813,765,798.40

11,015,826.1811,899,828.86

10,922,173.8011,384,795.28

10,860,061.7111,732,737.83

10,123,793.2210,552,598.34

8,964,687.119,877,979.63

8,073,211.349,340,805.33

7,564,908.288,335,595.965,941,082.636,197,593.555,938,877.036,330,814.6327,286,518.5832,744,798.61

1,183,638,345.001,043,992,622.84

14.

(1)4)

20251231

14.

(1)5)

20251231

(2026)020112

16,870.4217,255.88–

0.65-0.66

1%20%6%

CPI

2025

2025?12?31?????????????

14.

(1)5)

(2026)3-0003

4,662.652,999.261,663.395

18.59

5.21

10%-0%3,500㎡

7,020㎡8%

7.80%

3,500㎡

8,843.18㎡

7.80%

20251231

14.(2)

5,393.641,273.61

15.(1)

974,087,781.92656,542,638.70––

974,087,781.92656,542,638.70

2025

20251231

15.(2)

390,732,238.91–390,732,238.91228,973,162.82–228,973,162.82192,432,877.55–192,432,877.5550,160,910.64–50,160,910.64179,169,931.94–179,169,931.944,905,259.38–4,905,259.3865,451,685.86–65,451,685.868,959,578.70–8,959,578.7031,358,925.52–31,358,925.523,100,745.68–3,100,745.6821,346,024.88–21,346,024.8821,346,024.88–21,346,024.8821,149,066.85–21,149,066.8521,149,066.85–21,149,066.8512,924,262.59–12,924,262.59–––12,574,749.89–12,574,749.8912,574,749.89–12,574,749.89863,219.86–863,219.8647,522,088.66–47,522,088.66–––77,179,229.24–77,179,229.24–––50,848,565.98–50,848,565.98–––31,730,310.91–31,730,310.91–––13,445,374.15–13,445,374.15–––12,389,016.08–12,389,016.08SHEIN–––10,716,636.77–10,716,636.77–––7,780,052.16–7,780,052.16–––7,550,594.97–7,550,594.9746,184,798.07100,000.0046,084,798.0746,311,270.94100,000.0046,211,270.94

974,187,781.92100,000.00974,087,781.92656,642,638.70100,000.00656,542,638.70

20251231

15.

(3)

(%)(%)(%)

757,305,300.00228,973,162.82161,759,076.09–––

390,732,238.91

51.6051.605,114,163.103,847,290.502.21

374,070,997.3150,160,910.64142,271,966.91–––

192,432,877.55

51.4451.441,699,806.851,695,254.632.31

465,444,804.004,905,259.38174,264,672.56–––

179,169,931.94

38.4938.495,850,339.755,850,339.753.99

189,940,000.0077,179,229.2469,606,047.77–146,785,277.01–

–

77.28100.00–––

1,786,761,101.31361,218,562.08547,901,763.33–146,785,277.01–762,335,048.4012,664,309.7011,392,884.88

(4) 20251231

2025

20251231

16.

(1)

4,460,262,663.5937,968,092.953,082,091.0212,019,635.7513,012,950.8930,306,369.774,556,651,803.97 ––––––– 778,071,596.25143,394,795.78–4,575,646.6010,656,919.4811,482,151.61948,181,109.72 804,199,491.0318,247,942.84–9,703,231.518,680,754.5421,817,064.41862,648,484.33 44,648,012.84-2,280,212.47––––42,367,800.37 4,478,782,781.65160,834,733.423,082,091.026,892,050.8414,989,115.8319,971,456.974,684,552,229.73 1,961,025,815.3611,280,190.611,946,863.312,377,519.297,306,839.6212,582,329.571,996,519,557.76 ––––––– 893,719,662.8919,977,650.801,027,363.661,672,958.254,359,821.3210,046,702.15930,804,159.07 706,386,166.899,193,021.70–4,131,180.077,143,205.0512,525,883.26739,379,456.97 13,535,546.69-167,215.58––––13,368,331.11 2,161,894,858.0521,897,604.132,974,226.97-80,702.534,523,455.8910,103,148.462,201,312,590.97 ––––––– ––––––– 2,499,236,848.2326,687,902.341,135,227.719,642,116.465,706,111.2717,724,040.202,560,132,246.21 2,316,887,923.60138,937,129.29107,864.056,972,753.3710,465,659.949,868,308.512,483,239,638.76

20251231

16.(1)

1-28

783,905,958.74731,137,726.4021,855,970.7725,635,185.20

1,819,698,951.671,717,884,554.73

(2) 20251231

2025

20251231

17.

(1)

9,074,422,033.22-12,380,447.92276,871,093.6726,058,890.48–20,022,561.659,332,876,350.14 7,371,734,074.87-12,386,615.51225,698,225.026,313,213.11–-24,483,761.327,554,248,709.95 5,007,651.46–––––5,007,651.46 1,088,445,988.086,167.5950,156,987.2318,740,061.40–1,983,031.991,121,852,113.49 526,693,346.37––––42,536,252.74569,229,599.11 82,540,972.44–1,015,881.421,005,615.97–-12,961.7682,538,276.132,753,069,200.40-35,777,613.11329,368,896.8521,433,735.15–22,130,947.873,047,357,696.86 1,661,069,815.68-35,777,613.11159,529,518.512,731,123.83–-4,256,595.481,777,834,001.77 7,651.46–––––7,651.46 791,515,460.88–107,354,715.0717,709,598.39–1,580,568.46882,741,146.02 271,369,358.97–61,224,726.56––24,813,147.03357,407,232.56 29,106,913.41–1,259,936.71993,012.93–-6,172.1429,367,665.0558,913,956.77–––––58,913,956.77 3,887,400.00–––––3,887,400.00 5,000,000.00–––––5,000,000.00 ––––––– ––––––– 50,026,556.77–––––50,026,556.776,262,438,876.056,226,604,696.51 5,706,776,859.195,772,527,308.18 –– 296,930,527.20239,110,967.47 255,323,987.40211,822,366.55 3,407,502.263,144,054.31

20251231

17.(2)

19,384,835.26

5,416,382.18

24,801,217.44

(3)

202512311418

2025

20251231

18.(1)

KLG EUROPE EERSEL

B.V.7

2,025,363,645.40––––191,025,833.542,216,389,478.94

215,048,533.68–––––215,048,533.68170,927,814.49–––––170,927,814.49

134,843,091.03–––––134,843,091.0344,442,093.80–––––44,442,093.80

29,621,440.67–––––29,621,440.67

24,297,900.54–––––24,297,900.54–10,611,975.65––––10,611,975.65

–7,385,560.06––––7,385,560.067,166,615.77–––––7,166,615.7742,196,922.13–––––42,196,922.13

2,693,908,057.5117,997,535.71–––191,025,833.542,902,931,426.76

728,338,556.551,330,661,450.641,965,569,500.961,572,269,976.12

20251231

18.(2)

KLG EUROPE EERSEL B.V.7321,256,218.93–490,744,930.0041,109,891.06–853,111,039.99215,048,533.68––––215,048,533.68134,843,091.03––––134,843,091.0325,332,524.09–70,468,073.03––95,800,597.1229,621,440.67––––29,621,440.672,236,748.15––––2,236,748.15

728,338,556.55–561,213,003.0341,109,891.06–1,330,661,450.64

2025

20251231

18.(3)

KLG EUROPE EERSEL B.V.

KLG EUROPE EERSEL B.V.7

202512319,564.10

20251231

18.(4)

KLG EUROPE EERSELB.V.7 CON102565123-BV

36,476.7326,117.794,268.796,090.16

KLG EUROPE EERSEL B.V.

5.50%-2.50%7.48%-7.76%20312.56%7.72%12.92%

7.00%-3.50%9.76%-10.41%20312.54%10.41%13.00%

“2025”

2.38-2.690.00-1.00

2025

20251231

18.

(4)

KLG EUROPE EERSEL B.V.7

IMF5

WACC

WACC CAPM

AswathDamodaranBetaBloomberg Ticker

Duff & Phelps

2.00%

Bloomberg Ticker

20251231

18.

(4)2025

KLG EUROPE EERSEL B.V.77.00%7.18%9.76%7.67%2,963.402,332.21

(5)

-379.23

-4,652.73

-2,958.86

(6)

19.

217,537,010.41-1,290,710.9373,605,124.8584,501,335.20-817,647.90–204,532,441.233,681,429.10–966,109.671,009,195.23––3,638,343.54

221,218,439.51-1,290,710.9374,571,234.5285,510,530.43-817,647.90–208,170,784.77

2025

20251231

20.(1)

688,221,360.992,996,140,755.58652,394,178.802,712,393,289.38199,203,316.43800,315,206.99152,266,176.80612,434,237.57129,793,991.57521,079,097.90114,550,366.15458,304,202.83107,978,840.48445,055,894.6877,916,692.74320,981,329.5412,280,102.9474,424,866.3310,481,768.6663,525,870.663,769,213.1915,101,427.493,374,000.2413,496,000.607,685,045.3730,740,181.462,398,820.479,595,281.87638,601.632,554,406.50638,601.632,554,406.5060,719,816.32258,371,749.4364,728,896.18273,787,333.28

1,210,290,288.925,143,783,586.361,078,749,501.674,467,071,952.23

1,615,107,677.661,235,124,903.792,425,311,990.872,533,598,777.95

4,040,419,668.533,768,723,681.74

20251231

20.

(1)2)

2025–204,695,169.99202659,580,367.16145,066,961.672027218,242,598.62560,957,722.602028458,811,587.33612,875,531.692029714,169,921.02768,638,863.312030734,610,362.03–2031––2032––2033––2034––2035––239,897,154.71241,364,528.69

2,425,311,990.872,533,598,777.95

(2)

598,699,872.412,483,239,638.76615,797,491.482,560,132,246.21253,303,588.081,091,842,799.55239,944,274.061,048,548,109.02179,046,328.53716,185,314.10143,434,553.53573,738,214.1087,437,851.30349,751,405.203,685,072.6714,740,290.6734,194,500.28137,552,326.3336,789,191.18147,887,907.621,795,611.398,600,276.412,446,970.3110,863,192.98

1,154,477,751.994,787,171,760.351,042,097,553.234,355,909,960.60

2025

20251231

20.(3)

-818,558,085.99391,732,202.93-758,364,445.37320,385,056.30-818,558,085.99335,919,666.00-758,364,445.37283,733,107.86

21.

127,125,660.47–127,125,660.4785,821,373.17–85,821,373.1736,211,345.02–36,211,345.0250,698,868.18–50,698,868.1821,158,735.27–21,158,735.2713,265,050.27–13,265,050.27

184,495,740.76–184,495,740.76149,785,291.62–149,785,291.62

20251231

22.

120,299,628.16120,299,628.16127,287,681.6127,287,681.61114,573,563.6513,189,075.17214,573,563.6513,480,546.442603,250,331.80515,811,467.383533,756,941.31478,374,584.883696,712,348.18634,277,755.064652,384,823.19612,158,813.584192,432,877.55192,432,877.55531,730,310.9131,730,310.915

1,627,268,749.341,476,010,803.321,259,733,320.671,163,031,937.42

“”13,189,075.1713,480,546.44

“”243,362,057.33200,222,309.63

147,601,268.86157,920,050.76

114,077,244.74118,713,357.30“”1,436,334.521,518,867.199,334,561.93

200,439,578.41204,637,265.91186,101,346.18190,214,083.10“”103,293,630.61105,468,233.35

49,942,930.9551,028,646.8431,609,428.8032,327,824.9027,698,830.3228,482,759.4835,192,009.79

192,432,877.55

2025

20251231

23.

545,188,204.76-265.01255,504,133.558,068,982.1119,861,624.51–2,331,828.78–1,307,094.46

776,400,389.92

173,176,455.08-383.11130,836,801.9062,400.00750,000.00–129,864.88–-1,078,225.24

302,252,113.51

3,978,228.71––––––––

3,978,228.71

12,913,596.50–10,661,400.00–––––-219,154.29

23,355,842.21

3,197,637.31–22,226,773.22–––––-42,400.17

25,382,010.36

354,844,086.59–82,365,124.91––6,319,292.85––3,999,494.86

434,889,413.51

100,000.00––––––––

100,000.00

58,913,956.77––––––––

58,913,956.77

728,338,556.55–561,213,003.03–––––41,109,891.06

1,330,661,450.64

1,880,650,722.27-648.121,062,807,236.618,131,382.1120,611,624.516,319,292.852,461,693.66–45,076,700.68

2,955,933,405.63

20251231

24.(1)

1,312,665,927.803,194,097,147.55–100,094,416.6732,865,474.81–

1,345,531,402.613,294,191,564.22

3,500,000

(2)25.

213,825,864.89183,554,323.76

26.

(1)

(%)(%)

12,471,578,947.9397.8412,534,281,476.5698.25

199,021,755.031.56147,329,084.591.15

32,790,762.480.2636,028,801.730.28

42,848,435.790.3439,255,509.020.32

12,746,239,901.23100.0012,756,894,871.90100.00

2025

20251231

26.

(2)

114,107,068.4829,854,906.9439,323,074.2348,794,438.06

7,717,333.6256,524,280.5066,194,006.8775,489,509.54

5,375,290.8585,081,396.34

78,461,305.43

(3) 5%5%27.

(1)

3,637,285,315.043,605,801,389.22738,708,777.89682,547,510.90118,716,648.30297,617,079.974,494,710,741.234,585,965,980.09––

4,494,710,741.234,585,965,980.09

(2) 4,585,965,980.09

3,605,801,389.22682,547,510.90297,617,079.97

20251231

27.

(3)

20251231

4,494,710,741.232025114,585,965,980.09

4,494,710,741.23(4)28.(1)

2,198,119,907.326,624,570,350.636,833,495,477.541,989,194,780.4181,519,912.18959,031,503.25990,956,912.0049,594,503.4313,374,048.0144,346,961.6840,221,278.8217,499,730.87––––3,930,138.42810,210.551,532,004.703,208,344.27

2,296,944,005.937,628,759,026.117,866,205,673.062,059,497,358.98

2025

20251231

28.(2)

2,122,559,108.605,062,798,787.775,272,151,732.181,913,206,164.19229,429.43231,144,560.70231,292,552.0781,438.068,166,595.15387,884,398.01388,470,902.157,580,091.017,088,782.99335,441,767.84 335,991,342.756,539,208.08 508,894.8831,646,970.2131,655,113.06500,752.03 420,395.6120,705,379.7020,730,696.99395,078.32148,521.6790,280.2693,749.35145,052.585,446,940.21452,417,454.94452,282,807.815,581,587.3436,972,720.7598,164,327.3197,783,611.7537,353,436.31––––––––24,745,113.18392,160,821.90391,513,871.5825,392,063.50

2,198,119,907.326,624,570,350.636,833,495,477.541,989,194,780.41

(3)

18,959,260.20689,239,740.72695,241,358.5212,957,642.401,397,244.9329,396,250.0629,522,851.331,270,643.6661,163,407.05240,395,512.47 266,192,702.1535,366,217.37

81,519,912.18959,031,503.25 990,956,912.0049,594,503.43

20251231

28.

(3)

12%-24%0.48%-2%

8%8%

25%

929,415,253.1929,396,250.06912,231,834.2728,806,579.372025123148,103,859.771,270,643.6620251180,122,667.251,397,244.9329.

252,893,858.26309,349,414.28149,514,970.16167,822,098.3036,580,697.1941,734,092.4032,818,199.3328,681,319.8818,539,117.4110,697,889.562,975,687.544,174,337.202,403,311.954,383,312.472,308,093.904,135,438.5021,454,935.4612,613,538.27

519,488,871.20583,591,440.86

2025

20251231

30.

––12,950,281.8873,788,729.281,782,903,165.381,922,469,671.63

1,795,853,447.261,996,258,400.91

(1)

12,950,281.8873,788,729.28

20251231

30.(2)1)

790,792,721.55711,208,348.51415,959,184.65425,607,867.36159,730,816.36224,412,509.52231,458,567.74192,140,911.6437,808,230.44150,372,007.54147,153,644.64218,728,027.06

1,782,903,165.381,922,469,671.63

(%)(%)

1,106,255,953.3062.051,211,034,951.0862.99

239,933,090.8013.46308,417,847.9216.05

135,180,976.347.5890,041,743.284.68

301,533,144.9416.91312,975,129.3516.28

1,782,903,165.38100.001,922,469,671.63100.00

2025

20251231

30.(2)3)

139,905,978.23220,168,547.32

15,500,000.00313,028,220.70412,469,150.8359,653,383.9969,352,060.50

9,000,000.0077,446,241.9786,800,000.0096,619,731.41106,482,462.71

6,397,949.02115,966,089.71125,377,743.74

5,351,077.47135,000,000.00

184,518,637.60

20251231

30.

(2)

4) 5%5%

16,124,890.7924,051,000.00

31.

461,363,307.29229,462,538.87273,167,952.5659,196,990.63

146,045,097.48121,735,930.93

42,150,257.2548,529,617.31

––560,371,361.38647,299,805.3664,932,788.2211,495,307.76–46,162,020.008,596,108.076,847,709.94

1,095,263,564.96941,267,381.93

32.

166,927,789.37284,650,650.1010,693,340.743,977,677.00

177,621,130.11288,628,327.10

2025

20251231

33.

(%)

1,237,791,631.071,380,733,232.781.272.776978,367,342.07950,744,247.662.21-2.85307,380,405.87936,813,956.681.00-3.989

2,523,539,379.013,268,291,437.12

SE LOGISTICS HOLDING B.V.

4.(6)

(1)

(2) 5

(%)

2020-12-082027-12-081.2791,969,077.00757,411,333.6396,835,055.00728,751,573.412020-12-082027-12-072.77691,500,000.00753,548,250.0094,500,000.00711,178,650.002019-01-022029-01-022.75–275,354,605.89–352,029,758.492024-05-272034-04-182.212.31–200,111,396.83––2023-07-132038-07-132.85–163,088,511.84–161,814,680.92

(3)(4)

20251231

33.

(5)

1,460,049,531.651,098,784,776.92

530,144,274.641,764,981,599.41

533,345,572.72404,525,060.79

2,523,539,379.013,268,291,437.12

34.(1)

20242,010,733,607.302,010,133,607.3025K12,033,026,995.43–202120,276,532.5520,274,129.2664,932,788.2211,495,307.76

3,999,104,347.062,018,912,428.80

2021726100202021

53.15%

2021“”20246282021202420212

3.15%2.15%2024726

19.80202472620251231202120,276,532.552024918[2024]MTN747100

20202424MTN0013

2.08%

[2024]150940402025121“202525K1”2031.79%

2025

20251231

34.

(2)

1,999,470,958.9519,998,638.85

1,999,633,388.111,998,913,789.95

3,999,104,347.062,018,912,428.80

20251231

34.

(3)

(%)

20242,000,000,000.002.082024-09-1832,000,000,000.002,010,133,607.30––41,600,000.00600,000.0041,600,000.00–

2,010,733,607.30

25K12,000,000,000.001.792025-01-2132,000,000,000.00––1,998,960,000.0033,740,273.99326,721.44––

2,033,026,995.43

20212,000,000,000.002.152021-07-2652,000,000,000.0020,274,129.26––430,000.002,403.29430,000.00–

20,276,532.55

6,000,000,000.006,000,000,000.002,030,407,736.56–1,998,960,000.0075,770,273.99929,124.7342,030,000.00–

4,064,037,135.28

11,495,307.76

64,932,788.22

2,018,912,428.80

3,999,104,347.06

2025

20251231

35.(1)

3,892,034,059.073,537,938,150.30862,220,316.32806,189,669.96

3,029,813,742.752,731,748,480.34560,371,361.38647,299,805.362,469,442,381.372,084,448,674.98

3.04%-4.90%(2)

678,932,604.80

446,126,102.58

349,797,292.732,417,178,058.96

3,892,034,059.07

36.

20,000,000.0020,000,000.004,715,030.2946,162,020.00

24,715,030.2966,162,020.00–46,162,020.0024,715,030.2920,000,000.00

20251231

36.

(1) 5

20,000,000.0020,000,000.00

4,715,030.29––46,162,020.00

24,715,030.2966,162,020.00

20162,00018

1.20%

(2)

––

24,715,030.2920,000,000.00

2025

20251231

37.

1,414,921.19–78,488.271,336,432.92834,280.22––834,280.221,314,905.76––1,314,905.76

3,564,107.17–78,488.273,485,618.90

(1)

1,414,921.192,227,916.98–19,867.30

–19,867.30––-78,488.27-832,863.09

-78,488.27-79,402.091,336,432.921,414,921.19

20251231135

20251231

38.

25,826,958.20–47,241,095.9615,240,828.08–57,827,226.08

14,500,000.00––––14,500,000.00––13,531,288.14––13,531,288.14––10,794,928.18800,000.00–9,994,928.18––14,141,833.10––14,141,833.102,554,406.50––––2,554,406.501,658,444.32––––1,658,444.32147,632.07––136,601.13-3,638.037,392.9130,187,441.09–61,382,929.0615,377,429.21-3,638.0376,189,302.916,847,709.948,596,108.0723,339,731.1567,593,194.84

2025

20251231

39.

525,236,135.58-2,866,737.1868,921,994.38159,702,440.58431,588,952.20

1.37

40.

+-(%)(%)

A5,255,916,875.0072.06–––-98,446,648.005,157,470,227.0071.89H2,038,300,000.0027.94–––-22,019,000.002,016,281,000.0028.11

7,294,216,875.00100.00–––-120,465,648.007,173,751,227.00100.00

AH142

20251231

41.2025

6,573,228,337.6726,633,614.02476,833,819.326,123,028,132.37 1.

3,011,377,649.6526,633,614.02460,923,127.372,577,088,136.30 2.

2,156,035,950.96–15,910,691.952,140,125,259.01 3.1,405,814,737.06––1,405,814,737.0660,220,095.10-19,085,419.9227,823,092.5113,311,582.67 1. 14,501,061.16–1,189,478.4913,311,582.67 2.

45,719,033.94-19,085,419.9226,633,614.02– 3.––––

6,633,448,432.777,548,194.10504,656,911.836,136,339,715.04

21,008,957

9,926,147.0826,005,834.60

504,200627,779.42

19,085,419.92450,996,980.294269

2025

20251231

41.2024

6,558,131,499.1629,343,487.7414,246,649.236,573,228,337.67 1.2,987,188,170.5728,408,970.534,219,491.453,011,377,649.65 2.2,155,101,433.75934,517.21–2,156,035,950.96 3.1,415,841,894.84–10,027,157.781,405,814,737.0679,873,301.9015,887,373.1535,540,579.9560,220,095.10 1. 19,928,462.191,704,208.397,131,609.4214,501,061.16 2.59,944,839.7114,183,164.7628,408,970.5345,719,033.94 3.––––

6,638,004,801.0645,230,860.8949,787,229.186,633,448,432.77

20251231

42.

A38,272,657.00165,708,249.1681,182,948.00414,632,948.35119,455,605.00580,341,197.51––

26,891,535.00105,837,178.55-5,882,578.00-23,072,217.4721,008,957.0082,764,961.08––

––5,882,578.0023,072,217.475,882,578.0023,072,217.47––

11,381,122.0059,871,070.6181,182,948.00414,632,948.3592,564,070.00474,504,018.96––H

3,055,000.009,236,007.4918,964,000.0064,650,384.3722,019,000.0073,886,391.86––

41,327,657.00174,944,256.65100,146,948.00479,283,332.72141,474,605.00654,227,589.37––

202512421,008,9576982,764,961.08

20251252025122920252025

H2025A

5,882,578A“”“”A20251231

2024111520242024A2024H

AA27,10054,200

7.4312

A81,182,948414,632,948.35A20251118

20246720232024H2024A

HHHH2,038,300,00010%H

(1)

(2)12(3)

H18,964,00069,915,390.60H2025729

2025

20251231

43.

18,936,390.64335,011,114.53––83,752,778.63251,258,335.90–270,194,726.54 1.1,790,169.90––––––1,790,169.90 2.17,146,220.74335,011,114.53––83,752,778.63251,258,335.90–268,404,556.64-142,942,868.73-53,365,056.76–––-70,887,855.7817,522,799.02-213,830,724.51 1.68,577,684.1834,983,425.37–––34,983,425.37–103,561,109.55 2.-211,520,552.91-88,348,482.13–––-105,871,281.1517,522,799.02-317,391,834.06

-124,006,478.09281,646,057.77––83,752,778.63180,370,480.1217,522,799.0256,364,002.03

44.

143,045,162.87129,961,696.2688,097,672.14184,909,186.99

20251231

45.2025

2,371,553,765.05252,550,581.15–2,624,104,346.20

2024

2,076,495,475.54295,058,289.51–2,371,553,765.05

10%50%

2025

20251231

46.

23,424,281,261.3521,888,204,114.36–2,421,719.89––

–2,421,719.8923,424,281,261.3521,890,625,834.254,021,797,495.793,932,447,811.384,021,797,495.793,917,651,361.38

–14,796,450.002,331,983,383.932,398,792,384.28252,550,581.15295,058,289.51

2,079,432,802.782,103,734,094.77

––25,114,095,373.2123,424,281,261.35

202565202420242025

A20240.1452025

2025202520241,038,392,561.8920251,041,040,240.89

0.145

20251231

47.

57,009,837,078.4653,750,913,513.4767,170,242,886.8663,646,189,305.5229,370,187,737.4227,264,729,304.6727,950,844,234.4225,831,014,404.5010,428,639,021.3210,289,230,066.8410,499,686,234.1510,600,271,401.44

96,808,663,837.2091,304,872,884.98105,620,773,355.43100,077,475,111.46

(1)2025

57,009,837,078.4629,370,187,737.4210,155,081,974.96

–––

––273,557,046.36

57,009,837,078.4629,370,187,737.4210,428,639,021.32

2025

20251231

47.

(1)

2024

67,170,242,886.8627,950,844,234.4210,191,379,552.24 ––– ––308,306,681.91

67,170,242,886.8627,950,844,234.4210,499,686,234.15

20251231

47.(1)

(2)

(3)48.

147,371,668.44141,874,900.0756,025,043.8047,432,462.4045,330,117.4747,742,142.1539,854,819.9241,012,411.8838,317,156.5341,986,805.2510,815,528.789,548,422.07

337,714,334.94329,597,143.82

2025

20251231

49.

816,613,874.55807,952,994.9145,426,327.9240,611,772.2432,924,579.9238,949,106.4826,724,725.0128,434,894.6119,498,769.0915,751,060.2815,326,978.2314,078,155.9610,707,482.7410,854,601.069,900,486.0313,280,386.067,174,204.7510,319,391.0521,890,094.6420,078,355.47

1,006,187,522.881,000,310,718.12

50.

2,354,542,143.152,428,286,490.32318,298,706.56336,874,075.96102,176,237.1985,347,828.4172,844,372.2570,712,838.6769,719,306.6280,503,026.2039,688,250.4641,752,500.1038,997,514.0541,086,801.8138,299,756.7140,461,464.5328,840,591.7342,284,094.5426,841,738.6731,424,168.1725,933,692.5625,674,106.4822,936,616.7729,513,184.83-19,085,419.9214,266,290.9611,692,997.7112,185,861.2446,104,108.9648,542,799.65

3,177,830,613.473,328,915,531.87

20251231

51.

118,228,901.8358,054,698.7758,133,569.8060,951,191.54626,222.64277,823.091,989,296.891,374,477.33

178,977,991.16120,658,190.73

52.

342,322,250.33406,198,794.37118,142,970.80169,517,375.66

76,699,398.7279,775,900.91

144,102,866.28140,646,927.24

3,377,014.5316,258,590.5611,466,070.316,195,026.66158,463,510.85141,358,846.67“-”19,840,991.63-60,460,451.1345,175,101.4948,977,976.14

237,408,762.29247,162,446.05

53.

1,620,897,788.141,902,256,168.06180,930,598.37266,210,858.2117,308,064.5916,071,400.77

1,819,136,451.102,184,538,427.041,814,700,945.852,176,768,551.38

2025

20251231

54.

1,639,924,742.5153,218,672.601,538,647,937.401,878,846,814.41439,326,330.32–69,992,046.29113,415,073.5315,885,149.6710,001,447.58608,516.65

134.79

-465,495.672,000.62-520,057.07–-2,812,395.44-5,417,965.06-5,897,705.22-13,628,250.16

3,694,689,069.442,036,437,928.31

55.

458,499.8372,440.77107,046,420.78244,487,581.53

107,504,920.61244,560,022.30

14,244.712,329.7756.

-247,435,151.44-45,476,963.36-130,774,401.90-39,664,921.03

-378,209,553.34-85,141,884.39

20251231

57.

-561,213,003.03-25,332,524.09-82,365,124.91–-22,226,773.22–-10,661,400.00––-337,366.86

-676,466,301.16-25,669,890.95

1858.

25,281,017.2068,434,678.0025,281,017.2019,681,666.4335,962,352.6219,681,666.43

322,532.4717,071,279.03322,532.47

5,276,818.3015,401,046.355,276,818.30

25,281,017.2068,434,678.0025,281,017.20

59.

20,106,998.8114,557,113.9520,106,998.8115,895,577.4624,430,570.0815,895,577.4613,068,587.525,948,218.7513,068,587.5210,051,979.308,301,539.2910,051,979.3018,717,822.2226,738,078.3018,717,822.22

77,840,965.3179,975,520.3777,840,965.31

2025

20251231

60.(1)

202512311,182,923,960.69202511997,759,542.487

72,892,06320246202436,446,031.50

233,430,0002026

50%116,715,000(2)

378,616,956.3863,101,994.381,686,411.7214,524,098.67-137,000,000.00288,508,440.3764,708,749.43–145,734.96962,435.40–63,600,579.0748,605,386.44––2,079,493.56–46,525,892.8833,305,043.335,820,000.00267,333.323,036,932.95-2,866,737.1832,954,039.88

525,236,135.5868,921,994.382,099,480.0020,602,960.58-139,866,737.18431,588,952.20

20251231

60.

(3)

62,782,460.41145,450,901.585,820,000.00–

68,602,460.41145,450,901.58

1,606,693,223.441,886,520,997.84180,930,598.37266,210,858.2117,762,804.953,583,115.82

1,805,386,626.762,156,314,971.87

1,873,989,087.172,301,765,873.4568,921,994.38146,040,801.5822,702,440.5826,991,698.26––1,827,769,533.372,182,716,770.131,814,700,945.852,176,768,551.38

13,068,587.525,948,218.75

2025

20251231

61.

54,552,873.99-4,373,764.7254,552,873.9941,526,304.39-15,299,566.9341,526,304.3910,000,000.009,042,224.6710,000,000.006,941,887.533,789,315.956,941,887.538,133,240.878,780,910.518,133,240.87

121,154,306.781,939,119.48121,154,306.78

62.(1)

970,564,279.99881,620,198.94-139,523,091.09-43,416,904.56

831,041,188.90838,203,294.38

20251231

62.(2)

5,114,293,989.8625%25%1,278,573,497.4752,188,953.82-4,123,416.58278,281,440.48-72,896,428.16-48,215,314.31

2,303,738.47-9,643,209.05

–-384,661,984.35

6,169,232.81140,303,250.76-397,437,299.827,696,738.93-17,498,011.57831,041,188.90

2025

20251231

63.

4,021,797,495.793,917,651,361.384,021,797,495.793,917,651,361.387,184,647,377.547,260,473,118.96

0.5598

0.5396

0.5598

0.5386

64.

(1)

273,557,046.36308,306,681.91

––488,330,813.55603,853,639.28 1174,599,778.39215,462,921.04 2103,661,967.59124,327,224.66 382,664,737.0788,300,308.56 454,192,930.1772,090,763.81 546,818,854.0056,007,672.81 526,392,546.3347,664,748.40

1) 1-92)

20251231

64.

(2)(3)

144,102,866.28140,646,927.24783,905,958.74731,137,726.40

21,855,970.7725,635,185.20

––––2,505,002.803,570,364.031,819,698,951.671,717,884,554.73226,486,499.66–958,000,000.00–47,616,951.51–

364.(4)

1,304,815,570.80

2025

20251231

64.(4)3REIT

REIT

7-8

REITREIT“”

7-87-8

4.90%

343,717,243.68

20251231

65.(1)

1,459,066,812.161,706,887,247.16519,939,275.28281,143,773.99273,557,046.36308,306,681.91148,591,978.29147,227,509.66–84,996,389.3943,102,077.8065,858,470.50

2,444,257,189.892,594,420,072.61

495,942,758.41603,172,494.49168,199,494.93154,393,667.6092,483,329.4751,112,118.5683,551,854.9981,567,439.7372,338,749.96–69,731,908.9080,503,026.2066,412,975.4770,187,394.7161,765,171.6581,233,201.0258,496,283.1456,837,862.0945,473,961.4650,780,855.5845,175,101.4948,977,976.1442,168,716.9045,502,324.1332,837,102.8042,793,570.8929,723,403.9629,174,606.0698,919,401.48101,819,299.96

1,463,220,215.011,498,055,837.16

2025

20251231

65.(2)1)

25%3,338,964,312.50–1,379,574,990.631,565,377,052.601,050,758,604.46–

5,769,297,907.591,565,377,052.60

599,916,717.17–262,160,000.00–170,062,918.62–150,782,878.13231,310,207.85148,737,323.27–113,955,971.51––153,657,901.53–147,000,000.00–124,594,686.80

1,445,615,808.70656,562,796.18

20251231

65.(2)

83,809,429.25117,950,326.19MAXX LOGISTICS FZCO.3,090,376.444,443,348.98–11,120,000.00–4,000,000.00–2,034,800.31

86,899,805.69139,548,475.48

(3)1)

72,838,814.0083,894,927.00

2025

20251231

65.

(3)2)

1,013,937,022.16961,111,643.13479,283,332.7269,107,078.1046,668,940.002,016,660.0040,779,643.77–RED BRAVES FINANCE LIMITED–120,286,240.55–47,552,398.38–5,825,119.48–3,634,997.13OCEAN LIFTER I LIMITED–3,385,620.62–1,924,692.22

1,580,668,938.651,214,844,449.61

2,919,951,042.251,960,478,531.1748,764,664.873,782,733,047.45-29,537,208.471,175,998,399.3173,788,729.28–2,295,534,129.462,352,910,062.993,462,513.8712,950,281.883,497,753,975.99195,276,445.7069,378,305.93896,926,395.46-119,420,354.142,984,902,686.302,030,407,736.562,000,000,000.0076,699,398.7242,030,000.001,040,000.004,064,037,135.28 2,760,753,520.54–1,436,001,219.681,013,937,022.16137,019,996.833,045,797,721.2366,162,020.00–506,920.0046,668,940.00-4,715,030.2924,715,030.29

11,348,817,024.624,155,754,976.873,926,884,638.668,135,205,468.06-12,150,082.2011,308,401,254.29

65.(6)

20251231

65.

(4)

(5)

2025

20251231

65.

(6)1)

169,533,003.30374,240,521.97169,533,003.30374,240,521.97

1,732,019,660.08

20251231

65.

(7)

4,283,252,800.964,179,646,600.20

676,466,301.1625,669,890.95

378,209,553.3485,141,884.39

1,356,300,438.731,304,778,847.91

930,804,159.07844,467,542.62

329,368,896.85325,216,797.78

85,510,530.4387,756,570.46

“-”-25,281,017.20-68,434,678.00

“-”-3,110,091.77-4,512,223.34

“-”-107,504,920.61-244,560,022.30

“-”394,023,146.20365,374,285.72

“-”-3,694,689,069.44-2,036,437,928.31

“-”-71,347,146.63-48,234,787.66

“-”-68,175,944.464,817,883.10

“-”-3,731,291.092,085,417.67

“-”-289,493,674.48-1,506,286,304.57

“-”-1,085,096,527.78794,770,038.08

–– 3,085,506,143.284,111,259,814.702.

––

––3.

16,889,324,770.5513,440,376,824.37

13,440,376,824.3713,826,301,140.45

3,448,947,946.18-385,924,316.08

2025

20251231

65.(8)

1.218,375,999.87 2.–

83,809,429.25

– 3.-83,809,429.25 4.367,612,186.88

180,613,845.14

327,671,970.85

102,983,474.77

37,690,154.34 1.1,304,815,570.80 2.1,304,815,570.80

81,682,958.83

– 3.1,223,132,611.97 4.521,771,996.80

82,045,909.20

539,212,692.62

24,119,867.84

75,366,737.18

20251231

65.

(9)

2,075,499,846.512,105,440,176.05277,410,216.48323,830,187.89164,738,654.08297,549,117.15

2,517,648,717.072,726,819,481.09

66.

16,889,324,770.5513,440,376,824.37

3,953,365.502,716,190.61

16,885,371,405.0513,437,660,633.76

––––16,889,324,770.5513,440,376,824.37

2025

20251231

67.(1)

7,291,676,906.88879,583,331.977.02886,182,415,323.75 514,876,645.490.9032465,036,586.21 29,818,645.178.2355245,571,452.30 1,622,584,769.000.044872,691,797.65 325,961,746.97

5,433,781,643.82533,639,384.507.02883,750,844,505.77 570,225,222.690.9032515,027,421.13 47,371,635.648.2355390,129,105.31 1,995,179,967.000.044889,384,062.52 688,396,549.09

4,511,759,198.30453,500,923.187.02883,187,567,288.85 440,203,787.610.9032397,592,060.97 30,670,272.288.2355252,585,027.36 3,231,387,879.510.0448144,766,177.00 529,248,644.12

446,293,653.185,892,451.977.028841,416,866.41 40,047,312.570.903236,170,732.71 41,626,838.158.2355342,817,825.58 25,888,228.48

1,413,500,116.7420,115,366.167.0288141,386,885.67 38,000,000.000.903234,321,600.00 150,299,512.008.23551,237,791,631.07

471,362,480.512,612,848.910.90322,359,925.14 41,394,238.588.2355340,902,251.83 128,100,303.54

20251231

67.(2)

SE LOGISTICS HOLDING B.V.

68.(1)

201,517,674.17221,489,994.33120,748,203.4765,627,742.24626,222.64277,823.097,536,701.742,534,745.36

330,428,802.02289,930,305.02178,977,991.16120,658,190.73

151,450,810.86169,272,114.29

2025

20251231

68.

(2)

32,130,608.59597,168.48––––32,727,777.07

10,254,716.83–7,169,811.32–––17,424,528.15GTS3,658,373.7010,770,344.21–3,577,358.50––10,851,359.41i-SCP4,075,471.704,335,132.092,176,320.75–––10,586,924.544,488,906.60–5,229,056.60–––9,717,963.20––9,433,962.28–––9,433,962.2815,008,577.083,373,082.37–9,395,035.91––8,986,623.548,379,583.94–––––8,379,583.948,227,572.14–––––8,227,572.14––7,437,641.51–––7,437,641.516,933,691.66–––––6,933,691.664,273,584.91–2,547,169.82–––6,820,754.736,486,839.55–––––6,486,839.55“AI”5,207,547.16–547,169.81–––5,754,716.97CRM5,599,999.98–––––5,599,999.984,358,490.56–679,245.28–––5,037,735.842,196,226.40–2,522,641.51–––4,718,867.913,396,226.42–1,018,867.92–––4,415,094.34––4,387,169.81–––4,387,169.81

1,226,415.09–3,066,037.73–––4,292,452.82@21,188,679.25–2,858,490.58–––4,047,169.833,973,990.14–––––3,973,990.14BMS3,890,452.60–––––3,890,452.603,845,628.04–––––3,845,628.04

3,396,226.41–377,358.49–––3,773,584.903,676,735.87–––––3,676,735.8720231,641,509.43–2,465,566.04785,094.33––3,321,981.14––3,320,754.71–––3,320,754.711,582,075.47–1,635,849.06–––3,217,924.533,192,452.82–––––3,192,452.823,001,198.03–––––3,001,198.031,875,471.70–1,125,283.02–––3,000,754.724,361,700.00––––4,361,700.00–3,782,240.002,616,084.91–6,398,324.91–––101,041,322.076,975,008.4164,785,594.1516,148,021.84–5,281,650.43151,372,252.36

266,352,514.1428,666,820.47122,783,990.3936,303,835.49–9,643,350.43371,856,139.08

45.83%

20251231

68.

(3)

(4) 20251231

(5) 20251231

69.

(1)

688,800.001,496,866.0041,403,244.0043,588,910.00

––––299,600.00714,001.0019,995,356.0021,008,957.00

89,600.0068,867.00908,400.001,066,867.00299,600.00713,998.0020,499,488.0021,513,086.00

––––––––

––––

-265,791.33-633,426.17-18,186,202.42-19,085,419.92

202566

2025

20251231

69.(1)

2022

2022125

20221251867,392.58A1%

2436364848

20251231

69.

(1)

10.25%

10.5%

10.75%

2020

11%

11.25%

11.5%

(EVA)

EVA150,000EVA160,000

EVA170,000

2025

20251231

69.(1)

100%80%

1A4.1820A4.29A1

4.29

A4.03

4.293.185

22,951,132202434311202410281030

3.7653.47522,388,465562,667

202512420243.747

5.87

20251231

69.

(1)

21,513,157202534311202511171119

3.4753.18521,008,957504,200

20251253.47

5.08

21,513,0862025123143,397,4221,066,86729,461,511

2025

20251231

69.

(2)

Black-Scholes

1.24513.5

2.3%

A38.97%

3.50%

55,042,584.55-19,085,419.92

19,085,419.92

20251231

69.(3)(4)70.

2025

20251231

70.2025

57,009,837,078.4629,370,187,737.4210,428,639,021.32––96,808,663,837.209,536,434,206.291,374,658,017.632,183,082,739.13–-13,094,174,963.05–66,546,271,284.7530,744,845,755.0512,611,721,760.45–-13,094,174,963.0596,808,663,837.2056,576,752,458.1528,714,999,367.8810,522,430,760.78428,809,522.91–96,242,992,109.72“-”–––-676,466,301.16–-676,466,301.16“-”-114,208,958.65-117,642,669.45-144,417,935.53-1,939,989.71–-378,209,553.34“-”–––107,504,920.61–107,504,920.61“-”38,705,330.816,352,179.031,162,318,886.102,487,312,673.50–3,694,689,069.44

38,705,330.816,352,179.031,162,318,886.10331,271,541.46–1,538,647,937.40“-”–––25,281,017.20–25,281,017.201,539,546,002.9421,700,961.06257,889,487.10––1,819,136,451.101,897,126,995.41565,598,840.181,181,998,698.211,512,882,797.53–5,157,607,331.33

54,681,684.4823,964,867.791,095,570.45-1,901,157.41–77,840,965.31

89,141,037.9325,074,094.485,562,391.771,376,782.60–121,154,306.781,862,667,641.96564,489,613.491,177,531,876.891,509,604,857.52–5,114,293,989.86

537,579,840.07239,658,981.5497,843,229.27-44,040,861.98–831,041,188.901,325,087,801.89324,830,631.951,079,688,647.621,553,645,719.50–4,283,252,800.9639,076,277,259.7226,474,830,939.504,324,355,198.858,472,406,055.42–78,347,869,453.4914,924,441,365.396,649,123,028.58852,311,591.2611,877,544,866.91–34,303,420,852.141,374,407,414.521,081,710,543.74144,378,641.30101,487,425.52–2,701,984,025.081,698,448,463.62624,314,359.5994,725,939.93248,967,177.59–2,666,455,940.73

114,208,958.65117,642,669.45144,417,935.53678,406,290.87–1,054,675,854.50

-164,290,270.15-5,656,463.01-225,535,938.93-2,122,969,815.30–-2,518,452,487.39

20251231

70.

2024

67,170,242,886.8627,950,844,234.4210,499,686,234.15––105,620,773,355.436,165,489,652.07750,244,559.291,760,817,846.60–-8,676,552,057.96–73,335,732,538.9328,701,088,793.7112,260,504,080.75–-8,676,552,057.96105,620,773,355.4366,529,464,422.8227,262,050,923.6710,798,014,921.71514,588,873.85–105,104,119,142.05“-”–––-25,669,890.95–-25,669,890.95“-”-30,966,584.31-13,273,463.60-39,547,451.91-1,354,384.57–-85,141,884.39“-”–––244,560,022.30–244,560,022.30“-”64,781,397.808,239,178.971,388,549,470.33574,867,881.21–2,036,437,928.31

64,781,397.808,239,178.971,388,549,470.33417,276,767.31–1,878,846,814.41“-”–––68,434,678.00–68,434,678.001,639,007,166.8643,253,632.01502,277,628.17––2,184,538,427.042,313,600,444.39727,012,658.131,552,950,959.03346,249,432.14–4,939,813,493.69

51,546,038.6725,935,890.672,342,061.56151,529.47–79,975,520.37

-1,434,434.3210,835,740.03-7,480,927.6018,741.37–1,939,119.482,366,580,917.38742,112,808.771,562,773,948.19346,382,220.24–5,017,849,894.58

533,476,970.28201,610,055.71102,032,405.241,083,863.15–838,203,294.381,833,103,947.10540,502,753.061,460,741,542.95345,298,357.09–4,179,646,600.2036,392,156,331.4425,897,599,291.275,151,117,043.469,754,627,471.68–77,195,500,137.8514,296,173,011.517,255,876,387.481,591,235,357.8612,011,537,162.51–35,154,821,919.361,370,132,450.301,051,168,274.0225,130,593.67115,788,440.78–2,562,219,758.771,616,732,259.49593,024,136.3016,240,669.31289,806,732.72–2,515,803,797.82

30,966,584.3113,273,463.6039,547,451.9127,024,275.52–110,811,775.34

-78,525,913.4617,504,160.16-188,614,536.43352,058,136.95–102,421,847.22

2025

20251231

(%)(%)

1,690,000

2.3.

CHINA MERCHANTS HOLDINGS (DJIBOUTI) FZEMING WAH (SINGAPORE) AGENCY PTE LTD.YANGTZE NAVIGATION (SINGAPORE) PTE. LTD.

20251231

2025

20251231

2025

20251231

MAXX LOGISTICS FZCO.SINOTRANS ALMAJDOUIE MIDDLE EAST CO., LTD.

2025

20251231

2025

20251231

4.(1)

2 20231026202411

20261231

202425202532.50202642.25

2024352025

45.50202659.15

20231026

20241120261231

2024

6.6820257.6920268.83

20242.4020252.7620263.18

20251231

(1)

3 20231026“”20241120261231

1002,0004 2023121520232024-2026

“”20242025202660202420252026

5 202332720231120251231

20231.202024

1.4420251.728

2025

20251231

(1)6 2023518“”“”14A.1620231120251231

2023620246.6020257.26

2023920249.90202510.897 2023518“”“”14A.1620231120251231

2023

0.8020240.8820250.968

20230.5020240.5520250.6058 2023518202311

20251231

20230.4020240.502025

0.625

20251231

(1)9 20231026“”14A.16202411202612312024829

2024

0.2020250.4020260.60

202421202527202635

20242420252920263410 20231026“”14A.162025117

20241120261231

202432025

3.45202432025

3.45

11 2025325“”14A.1620251120271231

20250.4520260.5020270.552025

0.3020260.3520270.40

2025

20251231

(2)

657,920,181.471,009,747,958.37183,206,278.87176,821,944.3379,387,912.9580,912,765.6968,728,996.1955,101,837.9647,795,846.9379,932,474.2246,645,059.9237,938,042.4736,868,198.8824,220,234.5132,479,881.15349,791,086.3528,462,949.8229,807,048.3210,644,951.634,961,525.6510,514,011.848,260,167.3210,138,013.277,509,859.957,207,469.946,891,460.036,992,490.95–6,777,534.074,649,835.396,386,827.975,905,092.565,852,599.3112,501,233.315,311,979.934,576,795.115,292,670.918,132,523.93YANGTZE NAVIGATION (SINGAPORE) PTE. LTD.

5,003,587.5114,039,687.204,069,950.663,185,125.663,905,660.363,905,660.36

20251231

3,455,893.203,615,944.403,372,740.427,474,031.922,853,817.684,210,900.03

2,831,132.082,831,132.082,766,482.742,387,976.54CHINA MERCHANTS HOLDINGS (DJIBOUTI) FZE

2,496,145.15829,936.142,410,377.362,603,773.672,305,755.001,333,505.882,008,694.47–1,844,388.30–1,451,711.201,526,646.501,237,163.006,223,554.831,106,172.555,219,661.931,077,312.88236,280.111,066,825.432,690,593.081,000,000.00–502,539.741,463,922.02375,943.401,405,660.35333,170.741,091,120.96328,301.891,969,811.32

(2)

2025

20251231

158,246.123,886,983.95

91.74

2,599,776.42–6,425,435.40–4,047,169.81–4,047,169.81–3,572,964.96–1,440,490.58–1,435,700.01–1,339,622.64–1,311,014.52–1,219,680.5911,264,403.3212,263,097.60610,367,148.96902,360,573.81189,119,017.90185,310,164.5999,083,752.83119,952,370.6760,768,748.90201,864,264.5044,383,915.0648,449,611.5427,264,616.15102,211,958.6026,059,234.9534,055,887.69

25,815,014.5849,637,513.00SINOTRANS ALMAJDOUIE MIDDLE EASTCO.,LTD.

22,764,479.713,160,588.2115,215,614.0348,293,479.3312,869,004.3921,827,074.7512,796,821.1411,655,828.06

(2)

20251231

11,118,548.7710,059,681.968,308,076.46–MAXX LOGISTICS FZCO.8,093,590.0564,957.256,698,047.675,871,951.235,572,931.26289,409.33

5,260,281.673,808,447.395,129,867.967,779,012.794,682,778.1022,513,959.552,458,768.158,577,235.152,440,222.71467,839.522,376,665.585,019,830.752,236,559.43–2,187,639.102,096,436.32?1,522,453.811,475,363.75

1,325,205.811,207,794.11901,270.301,492,181.2466,298.001,084,891.8441,731.311,766,330.973,805,993.182,366,509.72209,836,777.21126,789,116.8572,776,860.543,463,352.6435,555,147.772,219,965.6825,746,705.3128,054,323.08

(2)

2025

20251231

(2)

17,547,198.1420,829,756.6215,302,441.2313,224,691.0412,241,491.4212,710,340.638,095,238.128,095,238.125,545,188.153,635,779.035,478,427.594,449,384.182,122,128.451,310,263.251,918,617.69–1,763,595.8518,204,033.411,273,415.80734,523.62819,960.562,127,584.35535,940.313,713,709.91–1,471,278.833,114,420.282,544,892.46503,858.50875,530.10378,004.73484,702.83125,853.77372,902.74–17,924.535,738,344.835,664,636.995,738,344.835,664,636.991,484,366,310.972,045,437,816.12

20251231

4.(2)

1,718,489,600.902,007,209,021.20250,205,175.71232,596,820.05240,295,894.44309,769,068.97235,006,608.96124,511,386.88106,334,636.99353,429,169.7373,323,953.1273,287,873.0560,328,351.62–58,792,504.3243,822,674.4446,580,676.4230,658,631.3241,448,506.7956,212,641.10YANGTZE NAVIGATION (SINGAPORE) PTE. LTD.

35,232,356.4728,076,065.9729,374,244.29–29,207,287.726,696,001.1728,070,055.2519,628,034.9127,807,853.2125,748,710.4423,129,969.4419,411,963.2018,954,769.90–16,575,802.835,529,414.7115,759,958.68282,715.9015,730,276.8219,249,525.5415,354,438.2215,295,749.4215,334,915.2018,380,061.5915,215,200.107,918,868.7614,573,564.147,890,096.1014,365,322.1715,242,514.13

2025

20251231

13,072,985.5655,742,733.8712,412,396.7013,271,014.2312,235,917.271,866,099.2012,044,304.0411,253,298.0710,447,578.4111,367,011.449,798,490.369,911,064.648,337,163.999,730,105.257,824,016.097,968,539.187,773,253.116,012,074.237,555,361.792,751,977.667,522,051.687,612,627.167,237,272.948,768,472.076,457,382.478,343,959.135,878,268.675,968,125.445,654,675.635,057,884.725,634,583.322,765,313.165,622,571.795,971,804.585,398,661.866,789,169.575,139,921.69–5,073,207.631,076,981.634,960,507.3341,254,849.274,782,339.764,918,347.27

4,508,505.461,723,732.464,494,097.834,163,957.284,489,174.442,680,564.91

(2)

20251231

4,280,887.87265,345.594,166,641.393,613,772.454,050,660.094,725,471.323,610,088.685,279,153.793,475,914.445,019,947.343,424,414.461,267,388.633,337,699.542,794,902.853,274,905.533,428,259.283,063,456.753,026,504.862,828,163.092,268,583.812,696,076.052,895,338.452,549,755.175,794,508.462,535,994.813,049,459.442,483,816.302,518,150.79MING WAH (SINGAPORE) AGENCY PTE LTD.

2,423,052.901,038,967.932,331,576.813,832,050.662,220,452.1843,807,653.652,051,513.271,981,901.181,902,063.023,383,534.901,880,677.493,013,093.141,851,710.871,300,748.291,740,748.691,910,286.111,693,183.811,242,388.83

(2)

2025

20251231

1,631,037.721,905,377.381,610,198.84779,462.331,596,368.44240,033.821,499,701.221,499,701.201,471,495.171,404,957.041,437,808.153,947,903.051,391,938.05–1,377,301.113,485,955.111,348,794.98862,993.431,345,007.06–1,308,986.621,308,357.941,288,826.471,288,826.521,259,555.461,780,969.101,250,271.25–1,146,591.15–1,055,747.84412,425.461,044,667.787,286,545.041,038,341.521,255,663.101,024,138.663,787,671.33978,018.541,435,135.51830,112.691,144,166.98563,614.602,332,429.20488,724.511,661,194.95

414,318.191,733,214.14360,469.171,123,204.42322,223.221,835,110.47

(2)

20251231

320,220.673,555,821.8347,196.9339,368,213.4224,591.732,091,228.85–78,584,538.82–38,545,965.15–19,231,138.20–3,348,072.31–1,081,432.9413,782,867.3220,826,206.61893,607,961.691,197,247,934.65322,781,876.56356,353,265.2067,461,075.3672,828,252.1564,151,310.2147,175,584.7548,525,983.1658,988,167.11SINOTRANS ALMAJDOUIE MIDDLE EAST CO., LTD.

48,307,934.988,371,822.2547,653,111.9382,792,992.7938,924,236.4525,194,922.5833,321,427.1727,109,219.9529,743,488.4229,062,802.8727,128,221.9735,554,659.6725,387,959.0117,861,193.0324,286,821.1643,436,094.5323,514,476.0312,079,216.5713,708,830.0712,041,334.38

(2)

2025

20251231

MAXX LOGISTICS FZCO.10,615,874.01–9,769,815.336,189,449.889,452,909.71364,292.456,952,212.43130,099,237.335,889,192.76176,447,491.315,517,125.983,650,889.634,811,076.5711,611,860.534,510,928.833,026,878.593,432,716.82–2,637,298.191,205,317.472,470,255.374,534,626.252,104,150.80943,964.392,083,052.141,795,098.311,724,737.533,125,376.011,694,648.151,281,272.251,623,111.261,531,448.391,046,875.716,847,982.20258,164.307,847,118.5332,788.742,525,111.23–3,292,377.602,084,274.582,078,614.47904,323,001.30634,183,364.52

4.(2)

20251231

4.(2)

237,826,897.7082,329,397.01128,125,970.97130,303,039.9394,328,024.74–93,815,952.41112,499,198.9785,416,854.4740,523,972.3083,969,481.3070,650,716.8746,682,192.5445,043,295.7430,591,890.4330,554,334.4918,301,016.3513,393,590.6314,487,065.7418,497,849.4313,415,913.2213,137,044.0811,282,105.3724,636,042.8510,281,647.8917,305,999.6310,167,608.0711,439,085.596,649,031.506,966,225.034,894,672.225,718,750.134,000,696.431,193,126.58

2025

20251231

4.(2)

2,213,796.98334,853.272,080,086.801,128,016.992,014,317.473,193,214.681,913,862.382,202,535.09640,495.011,407,677.781,223,421.311,725,397.4512,801,044.2722,085,571.169,037,144.5520,887,169.983,763,899.721,198,401.1814,232,747.3013,809,493.2714,232,747.3013,809,493.273,543,454,355.463,874,535,384.80

2024113020255312025930“”

4.(1)

20251231

(3)

5,838,359,951.915,787,029,280.415,838,359,951.915,787,029,280.411,295,366,236.98537,861,794.001,295,366,236.98537,861,794.007,133,726,188.896,324,891,074.4174,113,380.0171,330,306.6522,459,438.0012,105,994.8618,861,629.8623,233,902.894,572,062.879,278,389.574,496,374.91432,610.653,771,791.671,796,182.042,088,587.49641,424.901,960,204.412,883,040.431,497,602.57440,432.801,411,383.89953,859.911,365,539.54182,113.62CHINA MERCHANTS HOLDINGS (DJIBOUTI) FZE1,251,907.30–1,162,710.411,335,272.331,006,266.671,464,096.101,000,000.00–841,508.323,105,991.36218,964.033,595,190.69183,149.671,982,769.64–1,034,999.995,964,258.406,864,034.87127,202,412.5790,023,433.34SINOTRANS ALMAJDOUIE MIDDLE EAST CO.,LTD.21,706,150.252,779,954.3019,157,064.2817,320,497.5715,551,914.21102,000.0014,075,457.844,784,305.588,710,438.456,896,947.628,253,782.17–6,356,787.411,206,917.894,248,754.104,425,131.653,870,559.631,312,445.163,018,200.417,649,273.07

2025

20251231

2,652,867.823,272,568.852,410,707.881,650,791.052,378,407.351,367,737.402,010,639.54716,261.341,596,636.331,338,049.541,429,681.4233,680.961,252,907.841,651,241.761,133,506.32–841,136.799,471,440.48–10,698,735.086,546,812.5313,345,454.0445,410.00–45,410.00–201,361,202.58161,353,739.9941,354,330.9435,216,045.95

9,570,312.336,569,312.335,545,859.003,773,584.853,228,478.923,140,072.403,107,082.061,457,250.003,025,046.741,115,895.002,902,568.243,509,095.482,040,416.542,564,741.301,220,000.001,490,000.001,120,363.511,513,929.57–1,204,790.209,594,203.608,877,374.8256,180,670.6452,064,484.5920,228,749.6820,249,247.888,304,375.835,609,779.66MAXX LOGISTICS FZCO.5,333,787.738,307,926.023,685,000.003,458,000.00

(3)

20251231

3,134,986.95–2,680,000.002,680,000.002,473,120.652,143,511.371,754,517.011,506,339.031,080,670.89–1,078,646.671,103,139.06997,437.541,188,827.693,600.001,591,300.005,425,777.694,226,413.8897,535,001.5887,280,530.5425,933,308.509,080,009.8012,722,278.70–6,112,000.006,000,000.005,038,046.08–SINOTRANS ALMAJDOUIE MIDDLE EAST CO.,LTD.1,860,983.721,860,983.72200,000.001,219,026.081,216,659.761,243,805.82MAXX LOGISTICS FZCO.1,216,659.761,243,805.8210,804,054.5719,143,919.462,526,837.956,318,992.971,955,825.92776,054.521,407,060.00330,789.631,369,395.96––5,905,615.96–2,013,500.003,544,934.743,798,966.3847,213,873.81177,518,629.2828,453,559.73–4,650,744.552,050,000.003,955,039.0077,926,763.84SINOTRANS ALMAJDOUIE MIDDLE EAST CO., LTD.3,770,292.581,874,824.022,325,201.5115,915,271.891,945,213.8140,800.00205,832.761,428,295.27–65,000,000.00–10,400,000.00

(3)

2025

20251231

–1,065,000.001,907,989.871,817,674.26–1,226,440.00–1,226,440.0058,017,928.38197,888,988.74305,938,441.83446,192,616.30108,464,518.19196,722,103.7661,651,013.94119,235,318.4232,281,851.2230,077,698.4321,704,056.4321,522,963.3813,332,300.894,241,150.44YANGTZE NAVIGATION (SINGAPORE) PTE. LTD.12,990,747.381,162,157.337,274,279.651,662,579.345,382,802.6810,828,768.065,158,147.783,766,209.734,686,508.64811,277.202,451,716.002,539,759.002,145,917.503,132,022.502,074,042.13765,410.402,002,168.00149,178.001,703,426.50–1,652,505.234,786,486.731,301,398.33187,664.14MING WAH (SINGAPORE) AGENCY PTE LTD.1,258,949.341,273,822.041,256,049.724,466,452.101,236,300.00590,490.001,101,526.7210,559,639.691,097,547.581,051,138.53809,592.002,262,294.86732,138.001,726,373.50548,585.304,581,658.1890,035.894,036,257.42–3,000,002.5011,550,316.7911,053,740.62319,706,546.55326,983,131.90

(3)

20251231

84,554,604.2656,045,142.9421,040,236.7216,523,614.4919,969,484.5610,489,267.6719,860,422.64–18,745,333.8223,489,283.9014,888,047.9026,759,611.0813,240,830.8910,467,716.9513,030,096.0121,601,940.6412,605,897.0816,873,998.99SINOTRANS ALMAJDOUIE MIDDLE EAST CO., LTD.12,025,973.771,680,658.5611,448,237.9321,660,311.647,698,439.5576,685.007,020,270.526,651,523.496,322,736.607,462,966.435,878,169.069,205,029.755,819,451.224,444,306.125,182,927.361,652,313.534,162,821.022,220,494.503,835,612.555,132,287.983,575,471.702,582,147.633,217,545.376,346,761.192,758,432.727,548,128.652,008,817.432,209,877.091,690,698.81865,743.501,642,733.21777,716.021,545,835.14312,449.331,398,410.691,652,659.471,320,506.442,745,258.091,258,972.38554,049.241,219,280.862,127,386.531,177,590.92223,966.801,132,869.84168,215.76

(3)

2025

20251231

1,041,695.671,563,020.14618,490.496,817,300.78262,083.621,733,806.61147,977.921,702,368.5271,226.012,914,581.35–31,530,279.57–1,103,174.326,288,313.879,067,087.652,467,503.223,795,748.331,596,000.002,597,347.15871,503.221,198,401.18628,112,491.60776,971,496.53137,000,000.00–137,000,000.00–63,619,873.51166,476,916.1716,124,890.7924,051,000.008,910,429.273,251,439.056,397,949.048,630,107.015,873,356.537,909,161.585,351,077.475,351,077.474,593,750.006,290,279.223,930,499.935,295,822.221,559,594.922,499,297.021,526,300.09–1,433,264.871,006,836.03901,214.562,775,238.69772,630.641,428,750.55501,872.701,543,209.27–82,048,121.66–5,368,914.37–1,981,651.36–1,846,000.005,743,042.705,200,010.6730,835,194.2325,663,995.4710,500,000.009,000,000.004,748,008.831,687,959.413,044,882.942,041,550.00

(3)

20251231

2,854,479.15–2,029,460.212,079,460.211,096,615.23635,056.831,076,761.801,076,761.801,000,000.001,000,000.00670,540.311,156,791.36–2,450,000.003,814,445.764,536,415.863,500.00–3,500.00–231,458,567.74192,140,911.64–23,216,588.92–10,575,000.00–10,575,000.00–2,045,981.32–20,607.6036,878,394.8332,596,838.4614,732,247.9121,608,604.5410,370,754.715,599,056.607,508,827.092,556,006.73YANGTZE NAVIGATION (SINGAPORE) PTE. LTD.2,280,996.25–35,795.531,459,117.771,949,773.341,374,052.8216,377,818.0723,620,622.165,034,051.053,497,051.054,250,000.004,250,000.001,583,059.514,190,740.341,574,617.701,056,628.481,276,907.61761,172.151,138,512.24624,507.90–3,854,338.78–2,378,243.80

(3)

2025

20251231

–1,608,844.05–1,180,000.001,520,669.96219,095.6153,256,212.9056,217,460.6220,000,000.0020,000,000.0020,000,000.0020,000,000.002,500,000.00150,137,284.742,500,000.00150,137,284.74164,033,611.10322,055,335.24164,033,611.10322,055,335.24166,533,611.10472,192,619.98206,058,045.87221,585,956.68184,058,045.87197,585,956.6822,000,000.0024,000,000.00120,520,231.19133,959,537.54120,520,231.19133,959,537.54326,578,277.06355,545,494.2242,150,257.2548,101,457.2041,131,985.0346,075,637.761,018,272.222,025,819.4413,551,869.5610,975,669.3413,551,869.5610,975,669.3455,702,126.8159,077,126.54

(4)

4.(3)

20251231

4.(5)

27,439,505.989,609,081.3219,864,334.6741,163,592.078,095,238.128,095,238.125,319,693.837,895,287.214,773,795.944,849,644.98848,684.00998,569.32

66,341,252.5472,611,413.02

2025

20251231

(5)

643,264.513,969,734.4060,477,881.0855,461,283.7125,445,414.3626,170,293.66421,469,686.22444,492,910.24501,750,760.24518,434,089.3661,089.05453,690.4821,559,829.8417,949,455.51401,526.611,197,908.60–20,631,635.23–21,043,450.37––17,499,999.9616,041,666.65295,666.141,054,021.51–16,825,156.14–15,746,000.49––16,383,866.6915,149,723.80277,357.351,100,495.78–15,679,418.34–14,741,187.053,186,533.693,499,848.0011,710,065.607,826,157.80234,467.09613,284.044,736,974.139,362,655.375,050,013.129,346,745.22

–1,416,048.7511,640,916.268,411,761.85179,227.16599,630.33–10,113,870.92–9,984,609.44––10,725,315.70–2,690,950.81–47,584,024.05–103,712,811.32–––10,671,203.20–2,472,450.84–26,062,440.37–95,824,181.55–––9,908,256.875,944,954.14129,385.66441,104.15–7,509,797.39–7,797,219.85––9,620,898.07–4,324,462.75–91,439,898.29–168,301,894.90–––8,935,508.20–2,864,047.47–45,109,575.28–104,862,152.72–––8,761,635.919,165,061.6860,642.07681,556.62–9,438,135.57–8,873,669.47190,476.20200,000.008,632,684.5612,047,548.82367,380.251,066,123.273,870,020.1813,167,206.764,076,055.5014,782,684.42

––7,664,026.34–2,055,177.56–24,016,431.11–79,651,811.12–––7,623,853.207,623,853.20150,225.08448,845.91–7,179,220.68–7,473,628.165,697,643.366,644,514.607,027,776.007,027,776.00382,992.75199,644.807,858,772.511,122,740.817,993,549.961,166,151.801,041,188.531,235,360.694,709,698.805,542,014.85504,970.55691,070.556,820,235.6611,688,948.137,660,973.1812,681,562.135,060,028.0411,005,808.123,741,063.754,750,557.121,211,688.411,563,226.7722,167,789.8826,452,876.3825,479,711.3128,674,447.60–344,289.383,638,828.833,481,957.5572,852.61212,167.68–3,274,905.53–3,286,066.31–135,979.793,267,789.482,801,042.5264,309.34183,293.14–2,425,446.30–3,203,480.14––3,133,684.684,943,753.85–8,286.88232,843.62–3,711,031.02–3,877,000.92–15,000.002,752,869.562,805,369.1269,176.7355,203.99398,007.8079,690.36404,172.4977,767.79

20251231

(5)

–329,754.082,587,489.454,440,770.4052,981.50209,895.23–2,469,477.86–2,477,893.762,400.00–2,311,371.122,311,371.1245,544.69136,079.42–2,176,569.02–2,265,826.43

––1,686,857.161,440,000.0032,942.6294,512.12–1,499,701.22–1,653,914.54

––1,626,984.142,051,379.6227,891.6829,576.06–640,189.03–485,857.43

––1,560,808.441,560,808.4432,048.8892,987.86–1,476,531.20–1,528,759.56

––1,455,612.442,375,589.8418,083.49103,851.22–1,357,435.83–1,125,924.85

––1,380,103.681,384,624.7629,913.9583,248.93–1,325,821.20–1,350,189.73

––1,366,128.68796,613.36151,592.66131,509.402,707,997.271,996,595.103,102,895.592,410,907.77

––1,333,164.681,333,164.6817,957.96––1,288,826.47–1,315,206.72

––1,272,085.771,333,583.8654,301.5093,547.86772,672.151,972,475.81801,772.801,893,985.69

––1,165,752.31873,337.13277,946.28323,101.974,823,625.086,018,854.455,083,099.746,100,181.02

––1,020,702.421,157,099.6445,356.25121,851.37–2,758,635.57–2,954,643.8340,086,318.8732,241,295.58––––––––33,057,774.3429,649,837.09––––––––14,561,783.3514,724,738.09––––––––9,813,190.4411,253,298.07––––––––2,657,142.962,895,338.45––––––––1,332,065.73–––––––––1,072,081.18298,206.24––––––––

5,525,042.2911,336,233.438,103,325.5813,704,614.95485,389.07790,296.628,724,873.946,036,487.239,942,412.018,117,900.99

123,988,022.54131,648,975.24276,958,038.45221,736,895.9745,518,035.2438,721,172.48718,563,023.92634,173,245.161,123,698,267.55714,870,952.84

2025

20251231

(6)

SE LOGISTICS HOLDING B.V.753,548,250.00728,751,573.412020-12-082027-12-07SE LOGISTICS HOLDING B.V.757,411,333.63711,178,650.002020-12-082027-12-08409,522,640.59437,765,581.312019-07-012037-07-01–100,094,416.672024-03-112025-01-19

20251231550,000,000202511700,000,000

“”202512267532.83

202612

20251231

(6)

202422024311

2.70

20251231

256.58202511350,000,000

“”

2025

20251231

(7)

243,661,594.44–4,489,174.445,797,272.96-17,163,465.02225,190,030.901.002.70150,137,284.7480,000,000.00289,687.46230,426,972.20––2.08

–2,500,000.004,633.334,633.33–2,500,000.002.4026,025,819.44–690,880.563,698,427.78–23,018,272.222.6022,055,335.24115,000,000.001,041,093.9588,062,818.09–50,033,611.102.20

–114,000,000.001,861,050.011,861,050.01–114,000,000.002.20300,000,000.00–3,823,333.35303,823,333.35––2.60

–82,168,200.00798,842.1082,716,842.10-250,200.00–2.70144,935,206.88–4,033,136.3214,896,242.45–134,072,100.752.7520,000,000.00––––20,000,000.001.2020,000,000.00––––20,000,000.00–MAXX LOGISTICS FZCO.9,551,731.84––3,090,376.4489,092.096,550,447.49–

2,500,000.00––––2,500,000.00–

20251231

4.(8)

1,304,815,570.80–

25%

975,100.00––11,120,000.00

1,305,790,670.8011,120,000.00

364(9)

664,800.00664,800.00

1,349,673.71933,800.70

923,060.33470,601.00

364,348.59234,407.04

-646,320.95329,731.67172,518.97 1,380,477.40 312,365.00 320,615.52 –

664,800.00664,800

2025

20251231

4.(9)

–491,190.36336,700.00130,807.79958,698.15–958,698.15 –126,701.4287,020.5539,290.56253,012.53-380,529.62-127,517.09 –731,781.93499,339.78194,250.241,425,371.95-265,791.331,159,580.62 ––––––– ––––––– ––––––– ––––––– ––––––– ––––––– 166,200.00–––166,200.00–166,200.00 166,200.00–––166,200.00–166,200.00 166,200.00–––166,200.00–166,200.00 166,200.00–––166,200.00–166,200.00 ––––––– ––––––– –933,800.70470,601.00234,407.041,638,808.74329,731.671,968,540.41 ––––––– ––––––– ––––––– ––––––– 72,712.50–––72,712.50–72,712.50 72,712.50–––72,712.50–72,712.50 72,712.50–––72,712.50–72,712.50 72,712.50–––72,712.50–72,712.50 93,487.50–––93,487.50–93,487.50 93,487.50–––93,487.50–93,487.50 93,487.50–––93,487.50–93,487.50 93,487.50–––93,487.50–93,487.50 –807,800.70107,834.00209,207.041,124,841.74–1,124,841.74 ––––––– 65,118.97–––65,118.97–65,118.97 107,400.00–––107,400.00–107,400.00 –572,676.70204,531.00111,408.48888,616.18–888,616.18

20251231

4.(9)

1101

2,553,807.761,978,023.881,703,625.00999,060.97838,537.84520,934.40-633,426.17633,787.92

1,000,000––1,000,0011,500,000

1,500,0012,000,000––2,000,0012,500,000––

2025

20251231

4.(9)

4,821,358.427,264,278.322,924,008.422,750,553.561,502,499.321,791,703.02-1,526,910.881,520,076.30

7,720,955.2813,326,611.20

(10)

2025757,504,442.982024341,484,889.6820255,738,344.8320245,664,636.99202551,330,671.5020241,563,632,175.23202568,728,996.19202455,101,837.96

(11)

20153202311

779072“SINOTRANS”20153120261114

20251231

(12) 14A.16

692,189,704.32626,021,469.76647,392,469.28698,550,357.1917,520,113.2912,268,581.5337,142,817.7452,158,253.1611,011,770.6925,018,828.0021,832.082,940,849.071,008,293,408.521,331,003,304.521,377,613,173.661,364,972,177.25141,014,664.23157,166,698.6667,220,684.0091,579,418.7915,339,372.849,180,815.7411,496,776.2717,656,244.08

4,026,256,786.924,388,516,997.75

14A.164.(1)

2025

20251231

(12) 14A.16

2022615

1,2602022-20241%

2025123160,134,923.1220245

2023

1,455.30

52.7%

20251231102,933,719.932025652024

51%3,48652%

20251231

(13)20241223

“”“”20251620,720

10,424.4750%

95,950.745,212.2425%5,212.2425%4,397.27

79,869.162025731

“”15%362025123116,860.803.98%599,916,717.17

2025

20251231

(1)

202512

9,933,259,829.526,878,006,990.303,370,371,040.933,646,120,693.32980,064,007.341,168,853,093.21470,444,318.821,155,924,292.45635,700,557.61319,325,447.012,174,096,735.841,939,247,749.88

11,549,024,394.478,366,185,530.526,014,912,095.596,741,292,735.65

20251231

1.(1)1)

5%328,144,439.43328,144,439.43161,594,314.85161,594,314.855%-328,144,439.43-328,144,439.43-161,594,314.85-161,594,314.855%25,480,984.4325,480,984.43646,440.04646,440.045%-25,480,984.43-25,480,984.43-646,440.04-646,440.045%-76,919,808.91-76,919,808.91-80,996,115.14-80,996,115.145%76,919,808.9176,919,808.9180,996,115.1480,996,115.14

???

2025

20251231

1.(1)2)

0.5%

-9,500,417.84-9,500,417.84-12,720,040.61-12,720,040.61

0.5%

9,500,417.849,500,417.8412,720,040.6112,720,040.61

10%103,165.39–103,165.3957,437.43–57,437.4310,314,772.40–10,314,772.4011,853,312.00–11,853,312.00–95,774,499.4095,774,499.40–2,281,716.232,281,716.2310%-103,165.39–-103,165.39-57,437.43–-57,437.43-10,314,772.40–-10,314,772.40-11,853,312.00–-11,853,312.00–-95,774,499.40-95,774,499.40–-2,281,716.23-2,281,716.23

20251231

1.(2)

20251231

384.(6)

11.247

2025

20251231

(2)

20251231

(%)

111.4512,879,640,266.23186,754,783.8712241.68259,476,007.27108,149,599.8323388.2630,214,819.3826,667,599.583100.0082,150,529.7482,150,529.74

13,251,481,622.62403,722,513.02

2025112025123120251231409,522,640.59

4.(6)20251231

20251120251231

20251231

1.(3)

226.53202511188.94

1155

1,345,531,402.611,355,042,253.93––1,355,042,253.932,523,539,379.0150,480,142.732,089,228,536.02614,350,646.782,754,059,325.5312,746,239,901.2312,746,239,901.23––12,746,239,901.23213,825,864.89213,825,864.89––213,825,864.891,795,853,447.261,795,853,447.26––1,795,853,447.261,095,263,564.961,221,226,661.60––1,221,226,661.603,999,104,347.0632,743,744.334,112,262,831.01–4,145,006,575.342,469,442,381.37–1,591,846,790.621,621,254,663.653,213,101,454.2767,593,194.84–63,380,344.024,212,850.8267,593,194.8424,715,030.29––24,715,030.2924,715,030.29

2025

20251231

(1)

641,496,062.28113,628,573,202.9622306,174,783.5433

4,576,244,048.78

20251231

2.(2)

641,496,062.28-5,897,705.223,628,573,202.96-2,812,395.44

4,270,069,265.24-8,710,100.66

(3) 20251231

2025

20251231

(1)

1,031,653.86––1,031,653.861.

1,031,653.86––1,031,653.861,031,653.86––1,031,653.86–492,782,465.16–492,782,465.16957,744,993.97–394,050,500.001,351,795,493.97103,147,724.00–1,214,071,749.761,317,219,473.761.

103,147,724.00–1,214,071,749.761,317,219,473.76103,147,724.00–1,214,071,749.761,317,219,473.761,061,924,371.83492,782,465.161,608,122,249.763,162,829,086.75

(2)

20251231

3.(3)

(4)

P/EP/BEV/EBITDAEV/Sales

(2026)0086

939,821,679.60(601156)

(002120)(600233) (603565)

P/E29.90%

93,373,963.62(300226)

(603613)(600278) (600710)

EV/Sales29.40%

2025

20251231

3.(5)

–––––––––––––394,050,500.00––––––––––394,050,500.00–1,096,733,020.98––117,378,728.78––––––-40,000.001,214,071,749.76117,378,728.78

1. 1,096,733,020.98––117,378,728.78––––––-40,000.001,214,071,749.76117,378,728.78

1,096,733,020.98––117,378,728.78––––––-40,000.001,214,071,749.76117,378,728.78

1,490,783,520.98––117,378,728.78––––––-40,000.001,608,122,249.76117,378,728.78

15,885,149.67

5%-80,406,112.49-80,406,112.495%80,406,112.4980,406,112.49

20251231

(6)

(7)

(8)202512314.

20252024

2025123120241231

1,345,531,402.613,294,191,564.221,095,263,564.96941,267,381.932,523,539,379.013,268,291,437.123,999,104,347.062,018,912,428.8024,715,030.2920,000,000.002,469,442,381.372,084,448,674.9816,889,324,770.5513,440,376,824.37-5,431,728,665.25-1,813,265,337.3244,044,448,601.3542,040,678,218.4938,612,719,936.1040,227,412,881.17-14%-5%

2025

20251231

(1)

1,510,959,583.631,540,024,640.08

409,522,640.59437,765,581.31

1,920,482,224.221,977,790,221.39

(2) 20251231

30,981.593,802.6213,896.641,450.00

5,685.70–5,531.04–2,882.70999.491,632.38–1,353.131,353.13

––

2026130

20251231

(3) 20251231

(4) 20251231

937,008,554.321,053,630,434.36

243,243,161.79252,517,036.51

46,605,626.5757,909,470.44

1,226,857,342.681,364,056,941.31

20251231CHINA HARBOUR ENGINEERING L.L.CBANDAR RIMBAYUSDN. BHD.

20251231

17,510.362,965.40SINO-BLR INDUSTRIAL INVESTMENT FUND, L.P.3,848.55

2025

20251231

20263302025

7,173,751,2270.1551,111,931,440.19

20251231

10,948.6210,533.364,166,429,594.563,735,521,605.7012,336,606.575,527,589.799,108,217.712,484,423.12

3,228,388.863,043,166.672,970,032,683.501,770,607,208.737,148,809,833.255,511,666,937.58105,920.90–

(1)

12,201,809.075,284,896.68134,797.50134,797.50–107,895.61

12,336,606.575,527,589.79

(1)

2,000,000.00–

(2)(3)(4)

2025

20251231

2.(5)

(%)(%)(%)(%)

2,000,000.00100.00––2,000,000.00–––––

2,000,000.00100.00–2,000,000.00––––

(%)

2,000,000.00––

2,000,000.00–

20251231

(6) 5%5%

(7) 360

20251231

(1)

819,738,788.33996,957,595.9259,410,592.2026,510,471.51

760,328,196.13970,447,124.41

(2)

(%)(%)

690,570,671.3784.249,530,196.50946,097,928.7394.9010,555,474.44

112,071,417.0013.6745,302,174.7937,726,262.053.7814,323,067.74

4,662,736.510.571,188,104.856,645,873.550.67608,036.06

12,433,963.451.523,390,116.066,487,531.590.651,023,893.27

819,738,788.33100.0059,410,592.20996,957,595.92100.0026,510,471.51

(3)

(%)(%)(%)(%)

175,000.000.02175,000.00100.00–216,700.120.02216,700.12100.00–819,563,788.3399.9859,235,592.207.23760,328,196.13996,740,895.8099.9826,293,771.392.64970,447,124.4149,057,160.595.98––49,057,160.59233,329,021.6923.40––233,329,021.69770,506,627.7494.0059,235,592.207.69711,271,035.54763,411,874.1176.5826,293,771.393.44737,118,102.72

819,738,788.3310059,410,592.20760,328,196.13996,957,595.92100.0026,510,471.51970,447,124.41

2025

20251231

(3)

(%)

175,000.00175,000.00100.00

175,000.00175,000.00

(4)

(%)

49,057,160.59––

49,057,160.59–

(5)

(%)

656,769,578.101.459,523,158.89

109,175,791.6841.6845,504,469.97

3,009,323.8188.262,656,029.19

1,551,934.15100.001,551,934.15

770,506,627.7459,235,592.20

20251231

(6)

26,510,471.5133,171,345.9441,700.12229,525.13–59,410,592.2042,723,391.03-10,275,816.2459,784.885,877,318.40–26,510,471.51

(7)

41,700.1241,700.12

(8)

229,525.13

2025

20251231

(9) 5%5%(10)

(%)

184,708,362.4711,228,271.2610.33250,698,528.731735,128.666.18338,979,342.90112615,495.434.76423,055,986.291123,020,522.802.81520,642,111.49112343,055.262.52

218,084,331.885,942,473.4126.60

(11)

26,487,882.948,812,734.22

20251231

(1)(2)(3)

39,879,080.14–

(4)(5)

(%)(%)(%)(%)

26,487,882.94–––8,812,734.22–––

26,487,882.94––8,812,734.22––

2025

20251231

(5)1)

(%)

26,487,882.94––

26,487,882.94–

2025123120241231

(6)

(7) 5%5%

(8) 360

––42,213,357.0725,553,731.8313,328,145,029.6414,169,160,830.41

13,370,358,386.7114,194,714,562.24

20251231

(1)

459,000.00––2,810,136,060.102,793,476,434.8617,118,625.24– –––8,932,810.28–8,932,810.28– –––9,079,494.00893,679.048,185,814.96– 459,000.00–––459,000.00––

–––1,379,574,990.631,379,574,990.63–– –––373,946,008.40373,946,008.40–– –––352,744,555.08352,744,555.08–– –––296,859,790.04296,859,790.04–– –––268,618,564.57268,618,564.57–– –––57,866,112.9257,866,112.92–– –––27,718,999.4927,718,999.49–– –––10,115,415.2910,115,415.29–– –––8,834,060.238,834,060.23––

–––7,350,000.007,350,000.00–– –––3,509,726.993,509,726.99––

–––2,844,258.212,844,258.21–– –––1,441,273.971,441,273.97–– –––700,000.00700,000.00––

25,094,731.83––––25,094,731.83– 10,904,887.09––––10,904,887.095– 8,067,261.02––––8,067,261.025– 3,241,600.00––––3,241,600.005–

1,020,000.00––––1,020,000.0012–SINOTRANS ALMAJDOUIE MIDDLE EAST CO., LTD.1,860,983.72––––1,860,983.725–

25,553,731.83––2,810,136,060.102,793,476,434.8642,213,357.07–

2025

20251231

5.(2)1)

(%)(%)

2,380,982,982.6617.87–1,908,983,474.0613.47–

1,657,351,553.4712.43–7,285,230,282.2051.42–

6,468,202,181.5948.531,046.93932,708,997.396.58–

2,822,180,870.7821.17571,511.934,042,238,076.7628.53–

13,328,717,588.50100.00572,558.8614,169,160,830.41100.00–

(%)(%)(%)(%)

572,558.86–572,558.86100.00––––––13,328,145,029.64100.00––13,328,145,029.6414,169,160,830.41100.00––14,169,160,830.4113,328,145,029.64100.00––13,328,145,029.6414,169,160,830.41100.00––14,169,160,830.41

13,328,717,588.50100.00572,558.8613,328,145,029.6414,169,160,830.41100.00–14,169,160,830.41

(%)

572,558.86572,558.86100.00

572,558.86572,558.86

20251231

(2)3)

(%)

13,211,147,146.10––69,554,671.61––28,597,775.17––18,845,436.76––

13,328,145,029.64–

13,211,147,146.10–13,211,147,146.1014,073,822,034.18–14,073,822,034.1869,554,671.61–69,554,671.6133,923,156.73–33,923,156.7328,597,775.17–28,597,775.1716,157,444.67–16,157,444.67–––5,000,000.00–5,000,000.0019,417,995.62572,558.8618,845,436.7640,258,194.83–40,258,194.83

13,328,717,588.50572,558.8613,328,145,029.6414,169,160,830.41–14,169,160,830.41

2025

20251231

5.(2)5)

––––––––––––––––––––––622,558.86622,558.86

50,000.0050,000.00

––572,558.86572,558.86

6) 5%5%

234,157.81–2,493.20–

20251231

(2)7)

(%)

5,281,745,203.92112339.63–1,589,918,706.281122311.93–1,463,764,850.00

23310.98–()1,174,654,298.65112238.81

1,000,076,663.80

2337.50–

10,510,159,722.6578.85–

10)

50,000.00

2025

20251231

(1)

“-”

17,378,127,429.47525,576,816.37–64,666,065.71–17,968,370,311.552,112,162,474.43––-196,834,147.19–1,915,328,327.24227,012,155.9213,000,000.00–-9,949,438.14–230,062,717.78

19,717,302,059.82538,576,816.37–-142,117,519.62–20,113,761,356.57––––––

19,717,302,059.82538,576,816.37–-142,117,519.62–20,113,761,356.57

20251231

(2)

443,264,788.722,112,162,474.43––1,190,090,843.44––1,386,924,990.63–––

1,915,328,327.24

–

69,144,505.071,693,470,760.02––1,169,351,492.88––1,379,574,990.63–––

1,483,247,262.27

–

55,518,961.25130,515,940.24––12,074,055.12––7,350,000.00–––

135,239,995.36

–

97,898,300.00110,555,639.02––2,642,211.89––––––

113,197,850.91

–

100,000,000.0099,082,477.89––-1,899,991.01––––––

97,182,486.88

–

90,000,000.0044,691,807.42––-17,699.41––––––

44,674,108.01

–

1,457,004.006,772,279.94––-187,681.21––––––

6,584,598.73

–

15,000,000.006,459,751.49––-67,916.75––––––

6,391,834.74

–

14,246,018.4020,613,818.41––8,196,371.93––––––

28,810,190.34

–

247,985,246.67227,012,155.9213,000,000.00–-9,249,438.14––700,000.00–––

230,062,717.78

–

78,173,640.0082,302,033.69––-5,585,730.09––––––

76,716,303.60

–

69,496,379.6736,757,620.2313,000,000.00–2,635,638.90––––––

52,393,259.13

–

21,000,000.0032,939,046.57––1,381,722.12––700,000.00–––

33,620,768.69

–

49,000,000.0037,414,633.55––-7,647,039.39––––––

29,767,594.16

–

30,000,000.0029,598,669.93––-837,603.48––––––

28,761,066.45

–

315,227.008,000,151.95––803,573.80––––––

8,803,725.75

–

691,250,035.392,339,174,630.3513,000,000.00–1,180,841,405.30––1,387,624,990.63–––

2,145,391,045.02

–

2025

20251231

6.(2)2)

5,858,496,478.11–-808,851.80–5,857,687,626.314,741,465,047.02–-1,548,694.90–4,739,916,352.121,282,008,121.43–-2,457,742.6277,449,893.191,357,000,272.001,085,827,194.48–-1,633,473.16–1,084,193,721.321,005,239,222.06–-183,390.82–1,005,055,831.24980,292,455.408,126,665.90-1,341,537.22–987,077,584.08495,887,836.81127,450,150.47-276,786.25–623,061,201.03430,372,292.05–––430,372,292.05341,057,315.76–––341,057,315.76201,172,981.50–-59,715.66–201,113,265.84140,000,000.00140,000,000.00––280,000,000.00138,272,873.32–-818,393.65–137,454,479.67137,470,295.55–-766,512.12–136,703,783.43135,149,538.56–-178,989.21–134,970,549.35121,352,393.11–-58,636.26–121,293,756.85100,583,416.92–-144,861.82–100,438,555.10–100,000,000.0036,504.04–100,036,504.0468,250,626.93150,000,000.00-635,639.46–217,614,987.47115,229,340.46–-1,907,106.57–113,322,233.89

17,378,127,429.47525,576,816.37-12,783,827.4877,449,893.1917,968,370,311.55

20251231

(3) 20251231

(4) 20251231

(5)

(6) 20251231

(1)

375,846,936.261,981,557,305.56

(2)

(%)

67,000,000.0067,000,000.001.20

67,000,000.0067,000,000.00

(1)

2025

20251231

(2) 5

(%)

2015-11-202034-11-171.20–40,000,000.00–40,000,000.002016-02-292033-02-281.20–27,000,000.00–27,000,000.00

(3)(4)(5)

––

67,000,000.0067,000,000.00

20251231

9.(1)

20242,010,733,607.302,010,133,607.3025K12,033,026,995.43–202120,276,532.5520,274,129.2664,932,788.2211,495,307.76

3,999,104,347.062,018,912,428.80

34(2)

1,999,470,958.9519,998,638.85

1,999,633,388.111,998,913,789.95

3,999,104,347.062,018,912,428.80

2025

20251231

(3)

(%)

20242,000,000,000.002.082024-09-1832,000,000,000.002,010,133,607.30––41,600,000.00600,000.0041,600,000.00–

2,010,733,607.30

25K12,000,000,000.001.792025-01-2132,000,000,000.00––1,998,960,000.0033,740,273.99326,721.44––

2,033,026,995.43

20212,000,000,000.002.152021-07-2652,000,000,000.0020,274,129.26––430,000.002,403.29430,000.00–

20,276,532.55

6,000,000,000.006,000,000,000.002,030,407,736.56–1,998,960,000.0075,770,273.99929,124.7342,030,000.00–

4,064,037,135.28

11,495,307.76

64,932,788.22

2,018,912,428.80

3,999,104,347.06

20251231

10.

2025

10,664,677,505.9649,485,924.97460,923,127.3710,253,240,303.56

1.10,753,204,807.0326,786,031.78460,923,127.3710,319,067,711.44

2.-88,527,301.0722,699,893.19–-65,827,407.8852,257,570.43-19,067,453.8826,786,031.786,404,084.771.

6,948,554.42––6,948,554.42

2.45,853,485.66-19,067,453.8826,786,031.78–

3.-544,469.65––-544,469.65

10,716,935,076.3930,418,471.09487,709,159.1510,259,644,388.33

2024

10,648,390,638.6528,576,454.4512,289,587.1410,664,677,505.96

1.10,728,847,844.0328,576,454.454,219,491.4510,753,204,807.03

2.-80,457,205.38–8,070,095.69-88,527,301.0764,917,625.3715,954,268.9628,614,323.9052,257,570.431.

5,298,445.871,687,978.0037,869.456,948,554.42

2.60,163,649.1514,266,290.9628,576,454.4545,853,485.66

3.-544,469.65––-544,469.65

10,713,308,264.0244,530,723.4140,903,911.0410,716,935,076.39

2025

20251231

11.

7,238,071,288.676,686,280,777.84––7,238,071,288.676,686,280,777.842,525,505,811.452,950,582,895.112,525,505,811.452,950,582,895.11

–2,331,983,383.932,398,792,384.28252,550,581.15295,058,289.51

2,079,432,802.782,103,734,094.777,431,593,716.197,238,071,288.67

12.

2,735,201,800.702,605,295,237.764,207,050,462.754,177,552,264.671,969,291,187.131,969,020,595.721,607,367,358.471,519,896,670.45

4,704,492,987.834,574,315,833.485,814,417,821.225,697,448,935.12

20251231

12.(1)2025

2,735,201,800.701,969,291,187.13

––

2,735,201,800.701,969,291,187.13

2024

4,207,050,462.751,607,367,358.47 ––

4,207,050,462.751,607,367,358.47

2025

20251231

12.(1)

(2)

96,065,249.781

(3)

20251231

13.

164,627,841.53308,219,263.119,094,240.4534,592,105.56

76,699,398.7279,775,900.91

24,345,707.0325,401,447.45

54,488,495.33168,449,809.19––140,259,391.83219,342,662.31“-”16,103,106.8710,396,331.282,969,932.443,754,915.97

43,441,489.01103,027,848.05

14.

1,180,841,405.301,399,708,966.071,382,705,031.461,669,256,573.25150,926,573.10–39,806,038.0153,246,697.01–17,462,572.63–-482,132.14

2,754,279,047.873,139,192,676.82

2025

20251231

15.

2,525,505,811.452,950,582,895.11

––

33,752,204.68-10,335,601.12

5,550,240.136,839,117.89

25,588,770.1326,122,790.94

58,901,666.5267,519,244.68

4,854,587.461,180,551.32

“-”-11,716.37-209,334.66

“-”1,385,219.74241,719.32

“-”-119,149,400.00-224,854,011.86

“-”194,517,322.38300,415,735.12

“-”-2,754,279,047.87-3,139,192,676.82

“-”––

“-”70,304.26-98,085.47

“-”295,172,473.17-419,629,067.12

“-”-820,606,210.49286,721,818.87

–– -548,747,774.81-154,694,903.802.

––

––3.

7,136,473,226.685,506,139,347.79

5,506,139,347.796,678,660,070.77

1,630,333,878.89-1,172,520,722.98

20251231

120232025

2,177,634,228.09239,580,647.47327,671,265.08448,607,261.18107,039,424.94244,562,022.92–1,536,236.08––––––8,131,382.1123,972,817.96–––303,038.59––––

2025

20251231

––––––––––––––––-59,492,020.7667,575,958.804,435,505.257,769,875.662,565,419,784.711,033,907,858.66-110,556,823.41-106,399,075.15-111,400,328.89-173,262,747.20

2,343,462,632.41754,246,036.31

20251231

920102025

(%)

9.92%0.55980.5598

4.14%0.23360.2336

20252026330

2026330

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