# Shanghai International Port Group (600018.SHG)

Canonical: https://gigainvestors.com/s/600018.SHG

Analysis as of: 2026-10-16T07:34:48.033Z. Financial observations: FY2003–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 5.47 per share; close as of 2026-10-15.

Estimated value: low CNY 8.48 per share, central CNY 9.86 per share, high CNY 11.23 per share. Buy at or below the central value CNY 9.86 per share. Valuation as of 2026-10-16T07:34:48.033Z; scenarios are not confidence intervals.

Expected annual return: 18.1% at the stated quote. About 18.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.35×

- FY2018: 0.37×

- FY2019: 0.33×

- FY2020: 0.41×

- FY2021: 0.26×

- FY2022: 0.55×

- FY2023: 0.43×

- FY2024: 0.47×

- FY2025: 0.27×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.2%

- ROIC, second-lowest year: 6.7%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 35.3%

- Recent gross margin (lower of latest and 3-year median): 36.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.0%

- ROIC including acquisitions, ten-year median: 9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.5%

- FY2017: 11.1%

- FY2018: 11.9%

- FY2019: 9.7%

- FY2020: 8.3%

- FY2021: 6.7%

- FY2022: 14.4%

- FY2023: 10.8%

- FY2024: 11.1%

- FY2025: 6.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 66B

- Net income, five-year total: CNY 73B

- Return on incremental invested capital: 24.6%

- Working capital / revenue, annual change: -3.4 pp

- Working capital / revenue, change between three-year averages: -23.9 pp

- Working capital / revenue, final three-year average: 15.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.67×

- FY2024: 0.86×

- FY2025: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.1% vs 10.8%

- Per-share earnings: 0.30 to 0.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: CNY 7.3B

- Cumulative retained earnings: CNY 70B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.7%

- Per-share value change: CNY 0.28

- Per-share value, starting three-year median: CNY 0.30

- Per-share value, ending three-year median: CNY 0.58

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.9B

- Cumulative net income, 10 years: CNY 120B

- ROIC, first three-year median: 11.1%

- ROIC, last three-year median: 10.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.30

- FY2017: CNY 0.50

- FY2018: CNY 0.44

- FY2019: CNY 0.39

- FY2020: CNY 0.36

- FY2021: CNY 0.51

- FY2022: CNY 0.74

- FY2023: CNY 0.57

- FY2024: CNY 0.64

- FY2025: CNY 0.58

### accounting: pass

- Sloan accruals: 0.8%

- Receivables to sales index (DSRI): 0.70×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.2%

- FY2017: 1.4%

- FY2018: 3.2%

- FY2019: 2.0%

- FY2020: -1.8%

- FY2021: 0.6%

- FY2022: 1.9%

- FY2023: -0.1%

- FY2024: 2.7%

- FY2025: 0.8%

## Holders

## Price story

Price needs cash profits to shrink 7.3% a year for ten years · sales +3.9%

Story as of 2026-10-16T10:00:02.550Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.3% a year for ten years

### Sales · FY2024–2025

sales +3.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 31B 

- FY2017: CNY 37B 

- FY2018: CNY 38B 

- FY2019: CNY 36B 

- FY2020: CNY 26B 

- FY2021: CNY 34B 

- FY2022: CNY 37B 

- FY2023: CNY 38B 

- FY2024: CNY 38B 

- FY2025: CNY 40B 

### Gross margin · FY2025

gross margin 36.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.1% 

- FY2017: 33.7% 

- FY2018: 31.7% 

- FY2019: 30.6% 

- FY2020: 36.1% 

- FY2021: 40.1% 

- FY2022: 35.1% 

- FY2023: 37.3% 

- FY2024: 35.4% 

- FY2025: 36.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are CNY 39.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2025: revenue 39611497351.53; grossProfit 14308636857.39; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600018.SHG: Shanghai International Port (Group) Co., Ltd. engages in the operation and management of ports in China. The company operates through container, bulk cargo, port logistics, and port services segment. It offers loading and unloading, storage, transit, land and water transportation of domestic and foreign goods. It also provides container unpacking, cleaning, repairing, manufacturing and leasing services; engages in the distribution and logistic information management. In addition, it offers facilities and services for international passengers, ship piloting, towing, shipping agency, freight forwarding; ship and port services, such as supply of fuel materials and daily necessities; port facility leasing; port information and technical consulting services; port wharf construction; operates port terminals; wholesale, import and export of port lifting equipment, handling machinery, electromechanical equipment and accessories. The company was formerly known as Shanghai Port Authority and changed its name to Shanghai International Port (Group) Co., Ltd. in 2003. The company was founded in 1988 and is based in Shanghai, China.

### Why customers stay

Margins ranged from 35.4% to 37.3% during 2023–25; it earns 10.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2023: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2024: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2025: grossProfit / revenue = 36.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); 10-year return on capital observations [[2016,0.08501747808179268],[2017,0.11141120275776185],[2018,0.11913276346587313],[2019,0.09683781982458314],[2020,0.08267353229324956],[2021,0.06671737898702104],[2022,0.1435917579560914],[2023,0.10796028913639298],[2024,0.11110124107295763],[2025,0.06169053500496703]]; median 0.10239905448048806. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 13.3% of cash earnings on expansion; earns 24.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2016: growth capex 0; upkeep 1888539000; owner earnings 8116986000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2017: growth capex 0; upkeep 2039536000; owner earnings 12754754000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2018: growth capex 0; upkeep 1434905000; owner earnings 12164586000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2019: growth capex 0; upkeep 2575696000; owner earnings 9773447000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2020: growth capex 0; upkeep 4127477000; owner earnings 7604640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2021: growth capex 1031400000; upkeep 3294582000; owner earnings 14378000000. Growth capex / owner earnings = 0.07173459451940464.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2022: growth capex 2458591000; upkeep 3286979000; owner earnings 17101728228.196. Growth capex / owner earnings = 0.143762721942129.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2023: growth capex 295846500.0339947; upkeep 7706528499.966005; owner earnings 8910340755.471994. Growth capex / owner earnings = 0.03320260225203062.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2024: growth capex 651886593.659955; upkeep 5597555406.340045; owner earnings 12867076608.503956. Growth capex / owner earnings = 0.05066314699868328.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); FY2025: growth capex 1717967653.184988; upkeep 5154358401.725012; owner earnings 12936381430.78899. Growth capex / owner earnings = 0.13280125221850458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); Incremental return on capital 0.24566338534410626, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); Dividend observations: [[2016,4411794000],[2017,4595663000],[2018,5436883000],[2019,4748923000],[2020,4439976000],[2021,4025702000],[2022,5639437000],[2023,4433595000],[2024,5981863000],[2025,4803074241.2]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 88.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600018.SHG SharesStats.PercentInsiders = 88.051 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 7.3% yearly over ten years; actual growth was 4.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.033Z); Ten-year compound average after fade. Initial solved rate -0.11533899090417615. Price 5.47; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3528628775982324 → FY2025 0.5563813860838821. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 5.18 per share

- 2016-11: CNY 5.31 per share

- 2016-12: CNY 5.12 per share

- 2017-01: CNY 5.34 per share

- 2017-02: CNY 5.91 per share

- 2017-03: CNY 5.90 per share

- 2017-04: CNY 6.04 per share

- 2017-05: CNY 6.30 per share

- 2017-06: CNY 6.34 per share

- 2017-07: CNY 6.79 per share

- 2017-08: CNY 6.52 per share

- 2017-09: CNY 6.69 per share

- 2017-10: CNY 8.64 per share

- 2017-11: CNY 7.45 per share

- 2017-12: CNY 6.65 per share

- 2018-01: CNY 7.24 per share

- 2018-02: CNY 7.59 per share

- 2018-03: CNY 7.05 per share

- 2018-04: CNY 6.97 per share

- 2018-05: CNY 6.51 per share

- 2018-06: CNY 5.96 per share

- 2018-07: CNY 6.06 per share

- 2018-08: CNY 5.61 per share

- 2018-09: CNY 5.41 per share

- 2018-10: CNY 5.40 per share

- 2018-11: CNY 5.57 per share

- 2018-12: CNY 5.18 per share

- 2019-01: CNY 5.37 per share

- 2019-02: CNY 5.97 per share

- 2019-03: CNY 7.27 per share

- 2019-04: CNY 7.88 per share

- 2019-05: CNY 7.57 per share

- 2019-06: CNY 6.82 per share

- 2019-07: CNY 7.28 per share

- 2019-08: CNY 5.74 per share

- 2019-09: CNY 5.69 per share

- 2019-10: CNY 5.81 per share

- 2019-11: CNY 5.57 per share

- 2019-12: CNY 5.77 per share

- 2020-01: CNY 5.20 per share

- 2020-02: CNY 4.54 per share

- 2020-03: CNY 4.48 per share

- 2020-04: CNY 4.18 per share

- 2020-05: CNY 4.05 per share

- 2020-06: CNY 4.20 per share

- 2020-07: CNY 4.51 per share

- 2020-08: CNY 4.44 per share

- 2020-09: CNY 4.18 per share

- 2020-10: CNY 4.18 per share

- 2020-11: CNY 4.63 per share

- 2020-12: CNY 4.57 per share

- 2021-01: CNY 4.41 per share

- 2021-02: CNY 4.77 per share

- 2021-03: CNY 4.78 per share

- 2021-04: CNY 4.63 per share

- 2021-05: CNY 4.69 per share

- 2021-06: CNY 4.77 per share

- 2021-07: CNY 4.93 per share

- 2021-08: CNY 5.59 per share

- 2021-09: CNY 6.09 per share

- 2021-10: CNY 5.66 per share

- 2021-11: CNY 4.79 per share

- 2021-12: CNY 5.48 per share

- 2022-01: CNY 5.67 per share

- 2022-02: CNY 5.69 per share

- 2022-03: CNY 5.47 per share

- 2022-04: CNY 5.93 per share

- 2022-05: CNY 6.25 per share

- 2022-06: CNY 5.83 per share

- 2022-07: CNY 5.48 per share

- 2022-08: CNY 5.41 per share

- 2022-09: CNY 5.56 per share

- 2022-10: CNY 5.17 per share

- 2022-11: CNY 5.45 per share

- 2022-12: CNY 5.34 per share

- 2023-01: CNY 5.33 per share

- 2023-02: CNY 5.32 per share

- 2023-03: CNY 5.54 per share

- 2023-04: CNY 5.73 per share

- 2023-05: CNY 5.27 per share

- 2023-06: CNY 5.25 per share

- 2023-07: CNY 5.42 per share

- 2023-08: CNY 5.10 per share

- 2023-09: CNY 5.15 per share

- 2023-10: CNY 5.00 per share

- 2023-11: CNY 5.03 per share

- 2023-12: CNY 4.90 per share

- 2024-01: CNY 5.52 per share

- 2024-02: CNY 5.43 per share

- 2024-03: CNY 5.37 per share

- 2024-04: CNY 5.61 per share

- 2024-05: CNY 5.69 per share

- 2024-06: CNY 5.78 per share

- 2024-07: CNY 6.04 per share

- 2024-08: CNY 5.92 per share

- 2024-09: CNY 6.50 per share

- 2024-10: CNY 5.95 per share

- 2024-11: CNY 5.80 per share

- 2024-12: CNY 6.12 per share

- 2025-01: CNY 5.92 per share

- 2025-02: CNY 5.56 per share

- 2025-03: CNY 5.80 per share

- 2025-04: CNY 5.44 per share

- 2025-05: CNY 5.84 per share

- 2025-06: CNY 5.71 per share

- 2025-07: CNY 5.63 per share

- 2025-08: CNY 5.64 per share

- 2025-09: CNY 5.45 per share

- 2025-10: CNY 5.58 per share

- 2025-11: CNY 5.47 per share

- 2025-12: CNY 5.42 per share

- 2026-01: CNY 4.99 per share

- 2026-02: CNY 5.09 per share

- 2026-03: CNY 5.09 per share

- 2026-04: CNY 5.00 per share

- 2026-05: CNY 5.13 per share

- 2026-06: CNY 4.72 per share

- 2026-07: CNY 5.29 per share

- 2026-08: CNY 5.26 per share

- 2026-09: CNY 5.45 per share

- 2026-10: CNY 5.54 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 5.05 per share, central CNY 6.70 per share, high CNY 7.77 per share

- FY2017: low CNY 6.42 per share, central CNY 8.54 per share, high CNY 9.87 per share

- FY2018: low CNY 6.21 per share, central CNY 6.90 per share, high CNY 7.81 per share

- FY2019: low CNY 5.51 per share, central CNY 6.17 per share, high CNY 7.03 per share

- FY2020: low CNY 4.46 per share, central CNY 4.96 per share, high CNY 5.62 per share

- FY2021: low CNY 5.25 per share, central CNY 5.84 per share, high CNY 6.62 per share

- FY2022: low CNY 7.14 per share, central CNY 8.48 per share, high CNY 9.70 per share

- FY2023: low CNY 7.04 per share, central CNY 8.31 per share, high CNY 9.44 per share

- FY2024: low CNY 7.88 per share, central CNY 9.35 per share, high CNY 10.67 per share

- FY2025: low CNY 7.93 per share, central CNY 9.25 per share, high CNY 10.55 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.