Dalian Port (601,880.CH/RMB 2.89; 2880.HK/HK$1.58, holding) achieved operating income of RMB 2,048 billion in the first half of 2012, an increase of 19.5% over the previous year, and a net profit attributable to the owners of the parent company of RMB 300 million, a year-on-year decrease of 11.1%, and earnings per share of RMB 0.068. The performance was slightly lower than our expectations. The company achieved net profit of 130 million yuan and earnings of 0.029 yuan per share in the second quarter, a year-on-year decrease of 28.2%. The main reason for the decline in the company's performance was due to a sharp increase of 369% in financial expenses, while the gross profit of the main business increased 25.3% year on year, maintaining a relatively rapid growth rate. By business, all business segments of the company performed well in the first half of 2012. (1) Oil and liquefied chemicals business: In the first half of the year, it completed a throughput of 19.267 million tons, a slight increase of 0.2% year on year, but the structure was clearly optimized. The volume of crude oil imported from foreign trade increased 16.1% year on year, while the volume of transit crude oil fell markedly, while the gross profit of the oil and liquid chemical business increased 19.2% year on year; (2) The container business performed well, with the support of local governments and groups, the company completed a container throughput of 4,095 million TEU in the first half of the year, a year-on-year increase of 18.8%; Largely It is higher than the national average. Among them, domestic trade container throughput increased sharply by 111.8%, while foreign trade container throughput fell slightly by 1.1% year on year due to poor peripheral economies. (3) The gross profit of the company's ore terminal business and bulk grain terminal business increased by 55.3% and 39.8% year-on-year respectively. Driven by the increase in handling fees and the increase in the throughput of efficient goods, the profitability of the ore and bulk grain business increased markedly.