China Merchants Group's Top Ten Reform and Development Achievements in 2025
In 2025, the Group thoroughly studied and implemented the spirit of General Secretary Xi Jinping's important instructions and directives, fully implemented the spirit of the 20th National Congress of the Communist Party of China and its subsequent plenary sessions, focused on reform, innovation, and development, concentrated on enhancing "five values," strengthening core functions and competitiveness, and better leveraging its roles in technological innovation, industrial control, and security support. It successfully completed the goals and tasks of the 14th Five-Year Plan, laying a solid foundation for a good start to the 15th Five-Year Plan. The Group's operating performance defied the trend, with core indicators showing steady progress. By the end of 2025, total assets exceeded RMB 15 trillion, and total profits firmly established themselves above RMB 220 billion, reaching a new high. The Group has been rated A-level in the performance evaluation of central enterprise leaders for 21 consecutive years and has been recognized as an "Outstanding Enterprise" for seven consecutive terms, with various indicators ranking among the top central enterprises.
The Group initiated and implemented long-term major scientific research projects for the first time, and for the first time, it led a central enterprise in undertaking key chain research tasks. Sixteen scientific and technological tasks were selected for the National High-Level Scientific and Technological Research Project. The Group's R&D intensity exceeded 2% for the first time, and the revenue share of emerging industries reached 15.48%, a record high. China Merchants Innovation Technology has made significant progress in the biomanufacturing field, driving the construction of an industrial ecosystem encompassing technological innovation and production operations. Cathay Biotech and China Merchants Shipbuilding Nanjing Jinling were approved as National Manufacturing Single Champion Enterprises, while Humanwell Healthcare and China Merchants Shipbuilding Jiangsu Heavy Industry were approved as National "Excellent" Intelligent Manufacturing Enterprises. The joint R&D achievements of the China Merchants Advanced Technology Research Institute in micro-nano surgical instruments won first prize in the "Maker China" competition. The China Merchants Lion Mountain Artificial Intelligence Laboratory, focusing on the data-driven "Robot X Agent" R&D system, has achieved a series of substantial breakthroughs in embodied intelligence frontier exploration and product innovation. The Tianjin Institute of Pharmaceutical Research's application scenario of "Animal-Human Data Conversion AI Model Accelerating New Drug Evaluation" was selected as one of the first batch of strategic high-value scenarios for artificial intelligence by central enterprises. China Merchants Transportation Technology created the world's first "mechanical gecko," achieving a new breakthrough in intelligent maintenance of bridge cables. China Merchants Testing promoted "AI + Testing" technological innovation, developing an intelligent driving testing robot and successfully commercializing the results.
"Mechanical Gecko" Intelligent Repair Robot for Cable-stayed Bridges
The group has been rated A-level in the central enterprise reform assessment for four consecutive years, accelerating its development into a world-class enterprise during its "third entrepreneurial endeavor." The group firmly grasps the requirements of enhancing core functions and improving core competitiveness, accelerates reform and innovation based on its positioning as a state-owned capital investment company, focuses on the three main lines of reform work—mechanism, organization, and function—and has successfully completed 106 key tasks of the state-owned enterprise reform deepening and upgrading action plan. It has reshaped its industrial sector layout, implemented a restructuring and integration on a scale of hundreds of billions of yuan, strengthened comprehensive innovation leadership, achieved deep integration of technological and industrial innovation, deepened the construction of institutional mechanisms, continuously improved the modern enterprise system, achieved a comprehensive upgrade of its industrial system, continuously enhanced innovation efficiency, made corporate governance more modern, and continuously strengthened its core function of serving the overall situation.
In June 2025, the second thematic promotion meeting (on-site promotion meeting) of the 2025 State-owned Enterprise Reform Deepening and Enhancement Action was held in Mazhou Island, Shenzhen.
In 2025, the Group restructured and acquired a stake in Renfu Pharmaceutical, a leading domestic anesthetic drug company. The restructuring investment agreement was officially signed on January 15th, and the handover and board reshuffle were completed in July. Leveraging Renfu's comprehensive R&D and sales system, a life science and technology industry platform will be built. In April, a strategic investment in Kaisai Biotechnology was completed. Through technological innovation and industrial synergy, the Group will accelerate the industrialization and commercialization process, creating a new engine for the bio-economy and a model of central enterprise practice. China Merchants Testing accelerated its layout in the testing and inspection industry. The East China (Hefei) testing base achieved operation, revenue generation, and profitability within the same year, completing the strategic layout of vehicle testing and technical services in East China.
Yichang Renfu Building
On September 28, 2025, the "Gang Rong," the world's first 9300-vehicle methanol dual-fuel roll-on/roll-off vessel ordered by China Merchants Shipping and built by China Merchants Shipbuilding, made its maiden voyage to Hong Kong. This vessel supports flexible switching between fuel oil and methanol, reducing emissions by over 70% when using green methanol. It is designed to accommodate 9,300 standard vehicles, with a total loading area equivalent to approximately 11 standard football fields. In 2025, China Merchants Shipbuilding strategically acquired Qingdao Shipyard and restructured Nanjing Shipyard, increasing its shipbuilding and repair bases to 10, thus expanding and optimizing its layout. It also signed a series of high-tech, high-value-added shipbuilding contracts with companies such as Italy's Grimaldi Group, including luxury high-end passenger ro-ro ships. The company signed over 90 new shipbuilding orders throughout the year, continuously enhancing its ability to lead green transformation and climb the high end of the global shipbuilding value chain.
In September 2025, the world's first 9,300-vehicle methanol dual-fuel roll-on/roll-off ship, the "Gang Rong," made its maiden voyage to Hong Kong.
On April 8, 2025, seven listed companies under the Group—China Merchants Shekou, China Merchants Port, China Merchants Shipping, China Merchants Expressway, Sinotrans, Liaoning Port Holdings, and China Merchants Property Management—collectively issued pre-market announcements, stating that based on their strong confidence in the company's future development prospects and high recognition of its intrinsic value, they planned to accelerate share repurchases to effectively protect the rights and interests of all shareholders and enhance the investment value of the listed companies. The Group took the lead among central state-owned enterprises in expressing its strong optimism about the Chinese economy and capital market, attracting significant public attention, effectively boosting market confidence, and demonstrating the responsibility of a central state-owned enterprise. In the same month, the Group, together with its listed subsidiaries, held collective performance briefings for its Shanghai and Shenzhen listed companies under the theme of "Innovation-Driven, Creating a First-Class Enterprise," actively promoting the value enhancement and value creation of the listed companies.
Seven listed companies under China Merchants Group accelerated share buybacks.
From November 17th to 18th, 2025, the 2025 World Shipping Businesses Convention was held in Hong Kong, focusing on hot topics in the global shipping industry. The event included the unveiling ceremony of the Hong Kong Shipowners Mutual Assurance Association, the release of the "Global Shipping Companies Net Zero Path Practice Guide" and two marine fuel group standards, and the establishment of the "International Green Fuel Alliance." More than 1,500 industry authorities attended, setting a new record for scale and influence, and helping Hong Kong consolidate and enhance its status as an international shipping center. During the year, the Sham Shui Po East Community Living Room, supported by the Group, commenced operation, partnering with two community public service brands, "China Merchants Happiness Estate" and "1872 Youth Win," to help community residents solve problems and support the development of Hong Kong youth.
On November 17, 2025, CCTV's News Broadcast reported on the 2025 World Aviation Business Conference.
On December 2, 2025, the opening ceremony of CMB Financial Asset Investment Co., Ltd. was held in Shenzhen. Wholly owned by China Merchants Bank, it is one of the first batch of joint-stock bank-affiliated financial asset investment companies approved in China, with a registered capital of 15 billion yuan. This marks a new step forward for China Merchants Bank in serving the overall national strategy, supporting the real economy, and deepening its comprehensive operations. The Group's financial sector adheres to the political and people-oriented nature of its financial work, fully leveraging its functional role, and achieving good growth in key indicators of the "five major areas of development." As of the end of 2025, the outstanding balance of investment and financing in technology enterprises reached 811.1 billion yuan, a year-on-year increase of 20.0%; the outstanding balance of investment and financing in green finance reached 847 billion yuan, a year-on-year increase of 16.56%; the outstanding balance of pension financial business reached 2.73 trillion yuan, a year-on-year increase of 15.0%; the number of SMEs served reached 56,526, a year-on-year increase of 31.0%; and the cumulative number of AI application scenarios implemented reached 895, a year-on-year increase of 143.9%.
In December 2025, CMB Financial Asset Investment Co., Ltd. held its opening ceremony in Shenzhen.
In 2025, the annual scale of internal collaboration within the Group exceeded RMB 160 billion, setting a new record. During the 14th Five-Year Plan period, the Group constructed a "1+N" collaborative system, established more than 20 collaborative mechanisms, cultivated 58 best practice collaborative projects, signed 88 new strategic partners, and accumulated 125 effective strategic cooperation agreements. The "One China Merchants Group" concept has taken root, and the collaborative efficiency has been initially released, actively empowering the optimization and upgrading of traditional industries and the cultivation and expansion of emerging industries, strongly supporting the "Third Entrepreneurship," and helping the Group's high-quality development reach a new level.
China Merchants Shipping, in conjunction with Liaoning Port Group and Changjiang Shipping Group, created a full-chain crude oil transshipment service for customers, encompassing "first-leg transportation, port storage and transportation, and second-leg transshipment."
In 2025, the Group vigorously promoted brand building, enhancing core functions and improving core competitiveness through high-quality brand construction and high-value brand assets. The Group ranked 11th on the 2025 Central Enterprises Brand Value TOP60 list and 33rd on the 2025 China Enterprises Brand Value TOP100 list. Its subsidiaries, China Merchants Port and China Merchants Bank's "Golden Sunflower" service brand, were selected as part of the second batch of achievements in the Central Enterprises Brand Leading Action. Adhering to the value concept of "Business for Good, Mutual Benefit and Win-Win," the Group invested RMB 146 million in public welfare in 2025, purchasing and assisting in the sale of RMB 67.36 million worth of agricultural products from assisted regions, and has been rated as the highest-level central unit in targeted poverty alleviation work for eight consecutive years. Focusing on the "C to the M" public welfare brand, the Group continuously enriches its practical achievements in fulfilling its responsibilities. The C Star Program has been included in the Ministry of Foreign Affairs' 2026 "China-Africa Year of People-to-People Exchanges" concept document, continuously injecting momentum into China-Africa youth entrepreneurship cooperation. Many of the Group's listed companies have received the highest ratings in mainstream international and domestic ESG rating systems, maintaining industry leadership.
In September 2025, the closing ceremony of the third China Merchants Group C Star Program was held in Beijing.
