Shenzhen Yan Tian Port Holdings Co., Ltd.
000088 · SZSE · China
yantian-port.comFinancials as of FY2025
Operates fixed port, warehouse and toll-road infrastructure across South and Central China, earning usage-based fees each time cargo or vehicles move through it rather than owning the goods or vehicles.
- Earnings significantly exceed cash generation
- Depends onMidstream position: 6 outgoing, 6 incoming connections
- ScaleLevered free cash flow is -$342.81M, lower than 95% of all stocks globally
- PositionOperating margin is 0.2%, lower than 95% of its Marine Shipping peers (median 17.7%)
- Interpretations3 currently firing — 1 · 2
What this company is and how it runs — written from structure, not news.
It sits between upstream parties that generate cargo, shipping companies, export enterprises, power-plant operators and vehicle manufacturers, and the onward transport network, coordinating the physical movement of that cargo through its own ports, warehouses and expressway and through a connected network of inland and feeder ports and sea-rail routes. Its own account describes this network as lowering exporters' logistics costs by linking their cargo to routes across the Greater Bay Area and into southwest and central China.
It earns revenue through three separate charging mechanisms: a usage fee charged each time a vehicle passes through its toll road, service-contract fees for handling, moving and storing cargo at its ports that are charged against confirmed work performed, and contracted fees for warehousing space and related services. Of the three, port cargo handling is the largest source, tolls the second largest, and warehousing the smallest.
New capacity is added in discrete, multi-year construction projects, such as new berths, toll-road sections or warehouse space, so its scale grows in steps tied to project completion rather than continuously, and each step is then filled by additional cargo or traffic up to a physical ceiling. Recent financial patterns, including consistently positive net income, show it returning a large share of earnings to shareholders as dividends while free cash flow stays positive and a smaller-than-typical share of operating cash goes to capital spending, consistent with a business financing new capacity from an equity-heavy base rather than through aggressive reinvestment.
Several of the port and shipping assets it holds, including container terminals associated with its core hub-port position, are structured as minority-owned associates rather than wholly owned subsidiaries, meaning governance of those assets is shared with other investors rather than held outright. Separately, its own disclosures show a supplier base concentrated among a small number of named counterparties spanning energy supply, rail-freight logistics and port-services management.
Its customers include shipping companies and export enterprises that route cargo through its ports, power-plant operators that receive coal cargo at a dedicated terminal, and vehicle manufacturers, alongside the vehicles that use its toll road. Its own disclosures also show that a single toll-related customer accounts for a disproportionately large share of total revenue, concentrating dependence on that one counterparty.
It operates within a broad category of companies that CompanyGraph sees as running the same kind of fixed-infrastructure, throughput-based system, so this economic shape by itself is common rather than rare. In its own filings, the company attributes its position to a natural deep-water harbor, established terminal facilities and a long-standing port brand, and describes itself as operating the world's largest single port area by container throughput; these are the company's own claims about what sets it apart, not claims CompanyGraph has independently verified.
In one part of its business, the company describes co-investing with power-plant customers in shared, jointly built cargo-testing equipment at one terminal, which its own filings say increases the stickiness of that customer relationship. Elsewhere, for its toll road, the company's own risk disclosures point the other way, naming diversion of traffic to competing roads as a risk, which implies toll users can and do switch away.
Its own disclosures describe throughput-type limits only at the level of individual sites: a construction-cargo terminal held back by soft demand, and a sand-production site held back by a restricted raw-material supply, together with a separately stated shortage of specialized talent. It does not describe the business as a whole as capacity- or demand-constrained, which is worth noting because CompanyGraph's broader classification for this kind of company treats fixed-facility throughput as the general limiting factor, a category-level pattern rather than something measured for this company specifically.
Its own disclosures show revenue concentrated in a small number of geographic regions and in a single named customer that accounts for a large share of total revenue, so weakness in that region or a problem at that one counterparty would affect a large share of results at once. Consistent with this, the company's own risk disclosures list credit risk, the possibility that a counterparty fails to pay amounts owed on cash, receivables and contract assets, ahead of liquidity risk and market risk.
Its own filings describe exposure to world trade cycles, which affect the volume of cargo moving through its ports, and to regional economic conditions and transport policy, which affect toll traffic and the rate and time period it is permitted to charge on its expressway. They also name pressure on its warehousing business from export manufacturers relocating away and from rising costs, alongside oversight from national securities regulators and provincial transport authorities that approve its toll terms.
Read from the company's own filings and public materials (gathered August 2026) together with figures CompanyGraph recomputed from its statements. Written August 2026. A question with no evidence behind it is left out rather than answered.
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Sign inWhat the company actually pays, and whether its own cash supports it.
Screen for this company's dividend patterns
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1 interpretation currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsHow does this company return capital?
High Dividend Payout With FCF And Equity Ratio
It pays out most of its earnings, on three years of positive free cash flow.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
The reported statements, read against the company's own industry.
- Earnings significantly exceed cash generation
2 interpretations currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsHow does this company use capital?
Cash-Flow Ratios Elevated
More of its sales turn into cash than in its industry, and less of that cash is consumed by reinvestment than at most of its peers.
Minimal Tax and Interest Drag
Almost nothing is lost between its operating profit and its net income.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Peer Positioning
Structural Tensions
Financial Health
Supply Chain
Scale
Companies that share the same coordination system — how they create, deliver, or capture value.
Companies that share active interpretations — structural patterns currently present in both stocks.