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Operator of Ningbo-Zhoushan, the world's busiest port by cargo throughput, handling containers, bulk and oil cargo.
Operator of Ningbo-Zhoushan, the world's busiest port by cargo throughput, handling containers, bulk and oil cargo.
Charges handling fees per container or per ton for loading, unloading and storing cargo, with iron ore, crude oil, coal and containers the main cargoes, so earnings follow throughput. The ports of Ningbo and Zhoushan were combined under one provincial state-owned group in 2015.
In one line: A Chinese port operator akin to a giant Port of Los Angeles.
Moat: wide (scale, installed base, regulatory licence). World's largest cargo-throughput port with irreplaceable deep-water terminal infrastructure.
Headquarters: Ningbo, Zhejiang, China · Founded: 2015 · Employees: 17,901
Size Ningbo Zhoushan Port (601018.SS) is a China Industrials company (Marine Shipping) with a market value of $10.4B, the 239th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.56 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against +15.0% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median -1.6%); the operating margin is 15.6% (peer median 13.5%).
Valuation It trades at 2.8× enterprise value to sales against a peer median of 1.6× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥33.3B | CN¥31.0B | CN¥28.9B | CN¥25.8B | CN¥25.8B |
| Revenue growth | — | +7% | +12% | 0% | — |
| Gross profit | CN¥12.3B | CN¥8.46B | CN¥7.98B | CN¥7.12B | CN¥7.40B |
| EBITDA | n/a | CN¥9.51B | CN¥9.25B | CN¥8.32B | CN¥8.36B |
| Net income | CN¥4.90B | CN¥5.17B | CN¥4.89B | CN¥4.67B | CN¥4.23B |
| Free cash flow | CN¥11.1B | CN¥6.37B | CN¥2.14B | -CN¥1.27B | CN¥57.2M |
| Capital expenditure | CN¥6.44B | CN¥7.62B | CN¥5.26B | CN¥8.90B | CN¥6.36B |
| Total debt | CN¥19.9B | CN¥24.3B | CN¥18.1B | CN¥19.4B | CN¥19.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ningbo Zhoushan Port 601018.SS | $10.4B | -4% | +12% | 16% | 2.8× | -7.3% |
| Shanghai International Port (Group) 600018.SS | $19.7B | +14% | +9% | 23% | 3.9× | -3.6% |
| Qingdao Port International 601298.SS | $8.98B | +10% | +4% | 31% | 2.6× | -12.0% |
| China Merchants Port 001872.SZ | $9.20B | +14% | +8% | 32% | 8.6× | 2.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601018.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | -6.0% | 5th highest of 21 |
| 6-month return | -3.8% | +15.0% | 5th lowest of 21 |
| Distance from 52-week high | -18.2% | -14.8% | 8th lowest of 21 |
| Revenue growth (TTM) | +12.0% | -1.6% | 5th highest of 21 |
| Operating margin | 15.6% | 13.5% | 8th highest of 21 |
| EV / Sales | 2.8× | 1.6× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.3% | -0.1% | 5th least demanding of 18 |
| Growth delivered (Del g) | +7.6% | +10.2% | 6th lowest of 18 |
| Hurdle (Req g minus delivered) | -14.8 pp | -8.9 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | +0.8 pp | +1.8 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Zhoushan Port 601018.SS | China | $10.4B | -4% | +12% | 16% | 2.8× | -7.3% | +7.6% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 1.6× | 7.3% | +10.2% |
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 1.6× | -12.0% | +11.4% |
| COSCO SHIPPING Energy Transportation 1138.HK | Hong Kong | $12.8B | -22% | +22% | 31% | 4.2× | 0.5% | +7.1% |
| OOIL 0316.HK | Hong Kong | $12.8B | +10% | -8% | 10% | 0.8× | -2.3% | +3.6% |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 1.8× | -6.6% | +21.0% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 2.3× | n/a | n/a |
| HMM 011200.KS | South Korea | $15.3B | +8% | -5% | 11% | 1.2× | -1.8% | +11.2% |
| SITC International 1308.HK | Hong Kong | $15.8B | +34% | +5% | 34% | 4.2× | -0.4% | +15.3% |
| Evergreen Marine Corp(taiwan) 2603.TW | Taiwan | $16.1B | +28% | -20% | 15% | 1.5× | -9.1% | +12.9% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 1.5× | 7.8% | +8.5% |
| Kirby KEX | United States | $6.39B | -15% | +8% | 14% | 2.1× | 6.2% | +9.2% |
| Matson MATX | United States | $6.34B | +16% | 0% | 14% | 1.9× | 11.8% | +7.0% |
| Yang Ming Marine Transport 2609.TW | Taiwan | $6.03B | +14% | -22% | 6% | 0.2× | n/a | n/a |
| China Merchants Energy Shipping 601872.SS | China | $19.6B | -8% | +60% | 39% | 3.9× | -9.5% | +5.4% |
| COSCO Shipping Specialized Carriers 600428.SS | China | $4.40B | +25% | +37% | 19% | 1.4× | -17.9% | +27.0% |
| Hapag-Lloyd HLAG.DE | Germany | $25.1B | +11% | -9% | 2% | 1.4× | 34.4% | +7.8% |
| COSCO SHIPPING Development 601866.SS | China | $3.87B | -10% | -3% | 13% | 4.4× | n/a | n/a |
| Hoegh Autoliners HAUTO.OL | Norway | $3.64B | +20% | -4% | 30% | 2.9× | -0.1% | +16.4% |
| ZIM Integrated Shipping Services ZIM | United States | $3.37B | +5% | -25% | 6% | 1.1× | 2.7% | +11.6% |
| Kuehne & Nagel International KNIN.SW | Switzerland | $34.3B | +35% | +1% | 5% | 1.2× | 3.2% | +3.7% |