Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report highlights that Qingdao Port's first-quarter performance in 2025 shows a 6.51% year-on-year increase in net profit attributable to shareholders, indicating stable operations and a positive outlook for future dividend capabilities [2][4] - The company's cargo throughput reached 177 million tons in the first quarter of 2025, reflecting a 2.9% year-on-year growth, outperforming the industry due to resilient demand from the hinterland [3][4] - The report emphasizes the strong growth in container throughput, which increased by 7.2% year-on-year to 8.22 million TEUs, supported by robust export demand from Shandong Province [4] - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 4.0% based on a 40% payout ratio of distributable profits [4] Financial Performance Summary - In Q1 2025, Qingdao Port achieved an operating revenue of 4.807 billion yuan, a year-on-year increase of 8.51% [4] - The net profit attributable to shareholders for Q1 2025 was 1.402 billion yuan, reflecting a 6.51% increase compared to the previous year [4] - The report forecasts that from 2025 to 2027, the company will achieve operating revenues of 19.475 billion, 19.998 billion, and 20.542 billion yuan, with year-on-year growth rates of 2.82%, 2.69%, and 2.72% respectively [4][6] - The projected net profit attributable to shareholders for the same period is expected to be 5.517 billion, 5.804 billion, and 6.095 billion yuan, with growth rates of 5.38%, 5.21%, and 5.02% respectively [4][6]

Core Viewpoint - The draft regulation for promoting the marine economy in Qingdao emphasizes the need for the development of high-end, intelligent, unmanned, and green marine vessels and engineering equipment, aiming to enhance the overall capabilities in design, manufacturing, and system integration [1] Group 1: Industry Development - The government is encouraged to promote the high-end, intelligent, unmanned, and green development of marine vessels and engineering equipment [1] - There is a focus on improving the design, manufacturing, system integration, and general contracting capabilities of marine vessels and engineering equipment [1] - The regulation aims to enhance the construction capabilities for deep-sea oil and gas development equipment [1] Group 2: Port and Infrastructure - Support for integrated port development is highlighted, with an emphasis on optimizing port infrastructure [1] - The regulation aims to expand the maritime route network and improve the comprehensive transportation system [1] - The transformation of Qingdao Port into a hub port, trade port, and financial port is promoted, along with the construction of an international shipping center [1]

Investment Rating - The report maintains a "Buy" rating for Qingdao Port, indicating an expected relative return of over 20% within the next six months [4][6][27]. Core Views - Qingdao Port is positioned as the largest foreign trade port in northern China, with a strong growth trajectory in cargo throughput and a robust dividend policy [1][3]. - The company is expected to benefit from the adjustment of its restructuring plan, which involves a cash acquisition of high-quality oil product assets, enhancing its earnings per share (EPS) by 6.07% [2][4]. - The financial metrics indicate a low price-to-earnings (P/E) ratio of 10.7, coupled with a high return on equity (ROE) of 13%, suggesting significant long-term investment value [3][4]. Financial Performance and Projections - Revenue is projected to grow from 18,173.13 million yuan in 2023 to 21,259.96 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 3.02% [5][21]. - The net profit attributable to the parent company is expected to increase from 4,923.32 million yuan in 2023 to 5,915.14 million yuan in 2027, reflecting a steady growth trend [5][21]. - The report anticipates a stable growth in cargo and container throughput by 2025, driven by the company's strategic initiatives and external demand resilience [1][2]. Valuation Metrics - The report highlights that Qingdao Port's P/B ratio is projected to decrease from 1.38 in 2023 to 1.05 in 2027, indicating a favorable valuation compared to its peers [5][21]. - The company maintains a high dividend payout ratio, averaging 44% from 2018 to 2024, which supports its investment attractiveness [3][4].

Investment Rating - The report maintains a "Buy" rating for Qingdao Port, indicating a positive outlook for the stock over the next six months [4][6][28]. Core Views - Qingdao Port is positioned as the largest foreign trade port in Northern China, with a strong growth trajectory in cargo throughput and a robust dividend policy. The company is expected to benefit from the construction of a Northeast Asia international shipping hub and resilient external demand [1][3]. - The adjusted restructuring plan involves a cash acquisition of high-quality oil product assets, which is projected to enhance the company's earnings per share (EPS) by 6.07% despite a slight dilution in return on equity (ROE) [2][4]. - The company exhibits a low price-to-earnings (P/E) ratio of 10.7, which is below many peers, combined with a high ROE of 13% and a consistent dividend payout ratio averaging 44% from 2018 to 2024, highlighting its long-term investment value [3][4]. Financial Data and Valuation - Revenue is projected to grow from 18,173.13 million yuan in 2023 to 21,259.96 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3.02% [5][21]. - The net profit attributable to the parent company is expected to increase from 4,923.32 million yuan in 2023 to 5,915.14 million yuan in 2027, reflecting a steady growth trend [5][21]. - The company's P/E ratio is forecasted to decrease from 11.33 in 2023 to 9.43 in 2027, indicating improving valuation metrics over time [5][21]. Market Position and Performance - Qingdao Port's cargo and container throughput is anticipated to maintain stable growth through 2025, supported by ongoing port integration and a favorable cargo structure [1][2]. - The company has a strong financial position with a low debt-to-asset ratio of 26.03%, indicating a solid balance sheet and capacity for future growth [6][21].

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 4,807,056,429, representing an increase of 8.51% compared to RMB 4,430,060,683 in the same period last year[6]. - Net profit attributable to shareholders was RMB 1,402,495,573, reflecting a growth of 6.51% from RMB 1,316,828,018 year-on-year[6]. - Basic and diluted earnings per share increased by 10.00%, reaching RMB 0.22, up from RMB 0.20 in the same quarter last year[6]. - Operating profit for Q1 2025 was RMB 1,910,340,829, up from RMB 1,820,979,419 in Q1 2024, indicating a year-over-year increase of 4.9%[22]. - The company reported a total comprehensive income of RMB 1,544,033,012 for Q1 2025, compared to RMB 1,480,395,363 in Q1 2024, indicating a growth of 4.3%[23]. Cash Flow - The net cash flow from operating activities surged by 120.47%, amounting to RMB 1,236,955,398, compared to RMB 561,065,676 in the previous year[6]. - The company reported a net cash flow from operating activities of RMB 1,236,955,398 for Q1 2025, significantly higher than RMB 561,065,676 in Q1 2024[25]. - In Q1 2025, the company reported a net cash outflow from investing activities of approximately $347 million, compared to $352 million in Q1 2024[26]. - The total cash inflow from financing activities in Q1 2025 was approximately $1.465 billion, significantly higher than $276 million in Q1 2024[26]. - The net cash flow from financing activities for Q1 2025 was approximately $1.323 billion, compared to $74 million in Q1 2024[26]. - The company experienced a net increase in cash and cash equivalents of approximately $2.214 billion in Q1 2025, compared to $283 million in Q1 2024[26]. - The ending balance of cash and cash equivalents for Q1 2025 was approximately $14.422 billion, up from $10.416 billion in Q1 2024[26]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 65,356,115,628, marking a 4.15% increase from RMB 62,749,753,460 at the end of the previous year[7]. - Current assets amounted to RMB 19,083,275,841, up from RMB 16,633,470,244, indicating a growth of about 14.7%[18]. - Total liabilities were RMB 9,070,655,155, compared to RMB 8,402,717,841, showing an increase of around 7.9%[19]. - Total liabilities as of March 31, 2025, amounted to RMB 17,011,265,715, an increase from RMB 15,957,667,061 as of December 31, 2024[20]. - The company’s total non-current liabilities were RMB 7,940,610,560 as of March 31, 2025, compared to RMB 7,554,949,220 at the end of 2024[20]. Shareholder Information - Shareholders' equity attributable to the company was RMB 43,902,813,202, which is a 3.33% increase from RMB 42,487,932,456 at the end of the last fiscal year[7]. - The total number of ordinary shareholders at the end of the reporting period was 31,188[13]. - Total equity attributable to shareholders reached RMB 43,902,813,202 as of March 31, 2025, compared to RMB 42,487,932,456 at the end of 2024[20]. Research and Development - Research and development expenses for Q1 2025 were RMB 26,777,718, compared to RMB 23,079,370 in Q1 2024, reflecting a 16.5% increase[22]. - The company has not disclosed any new strategies or significant developments in product or technology research during the reporting period[17]. Other Information - The company reported non-recurring gains and losses totaling RMB 34,406,622 for the period[9]. - Short-term borrowings increased significantly by 929.68%, reaching RMB 98,162,000 due to new short-term loans[12]. - The company maintains a strong liquidity position with current liabilities totaling RMB 9,070,655,155 against current assets of RMB 19,083,275,841[19]. - There are no known related party relationships among the top shareholders beyond those controlled by China Ocean Shipping Group[16]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[17].

证券简称：青岛港 证券代码：601298 公告编号：临 2025-017 青岛港国际股份有限公司 第四届董事会第二十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 青岛港国际股份有限公司（以下简称"公司"）第四届董事会第二十七次会议 于 2025 年 4 月 29 日以通讯表决书面议案的方式形成决议。会议通知及会议材料 已按照《青岛港国际股份有限公司章程》（以下简称"《公司章程》"）规定以书 面方式送达全体董事。公司董事会成员 9 人，全体董事均进行了表决。本次会议 的表决符合《中华人民共和国公司法》等法律、法规及规范性文件以及《公司章 程》的规定。 表决情况：9票同意；0票反对；0票弃权。 相关内容请详见与本公告同时刊登的2025年第一季度报告。 本议案已经公司第四届董事会审计委员会第二十次会议表决通过，并同意提 交公司董事会审议。 （二）表决通过《关于聘任青岛港国际股份有限公司 2025 年度会计师事务 所的议案》 公司董事会同意续聘信永中和会计师事务所（特殊普通合伙）为公司202 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,807,056,429, representing an increase of 8.51% compared to CNY 4,430,060,683 in the same period last year[6]. - Net profit attributable to shareholders was CNY 1,402,495,573, up 6.51% from CNY 1,316,828,018 year-on-year[6]. - Basic and diluted earnings per share rose to CNY 0.22, a 10.00% increase from CNY 0.20 in the same period last year[6]. - Net profit for Q1 2025 was CNY 1,536,553,012, compared to CNY 1,475,949,353 in Q1 2024, indicating a growth of approximately 4.11%[21]. - The total comprehensive income attributable to the parent company for Q1 2025 was CNY 1,409,975,573, compared to CNY 1,321,274,028 in Q1 2024, reflecting an increase of about 6.7%[22]. Cash Flow - The net cash flow from operating activities increased significantly by 120.47%, reaching CNY 1,236,955,398 compared to CNY 561,065,676 in the previous year[6]. - Cash inflows from operating activities totaled CNY 4,808,682,752 in Q1 2025, up from CNY 4,447,417,139 in Q1 2024, indicating a growth of around 8.1%[25]. - The company reported a net cash flow from financing activities of CNY 1,323,106,812 in Q1 2025, compared to CNY 74,102,123 in Q1 2024, showing a substantial increase of approximately 1681.5%[26]. - The total cash and cash equivalents at the end of Q1 2025 reached CNY 14,421,941,451, up from CNY 10,415,544,547 at the end of Q1 2024, representing an increase of about 38.5%[26]. - The cash inflow from investment activities was CNY 365,937,441 in Q1 2025, down from CNY 423,040,661 in Q1 2024, indicating a decrease of approximately 13.5%[25]. - The cash outflow for investment activities was CNY 712,952,487 in Q1 2025, compared to CNY 774,624,753 in Q1 2024, showing a decrease of about 8%[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 65,356,115,628, reflecting a 4.15% increase from CNY 62,749,753,460 at the end of the previous year[7]. - Total liabilities as of March 31, 2025, were CNY 17,011,265,715, an increase from CNY 15,957,667,061 as of December 31, 2024, representing a rise of about 6.61%[18]. - The company's cash and cash equivalents increased to CNY 14,910,398,811 as of March 31, 2025, from CNY 12,673,129,712 as of December 31, 2024, marking a growth of approximately 18.00%[16]. - The company's long-term equity investments increased to CNY 14,855,527,081 as of March 31, 2025, from CNY 14,510,953,242 as of December 31, 2024, representing a growth of about 2.37%[16]. - The total owner's equity as of March 31, 2025, was CNY 48,344,849,913, an increase from CNY 46,792,086,399 as of December 31, 2024, indicating a growth of approximately 3.31%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,188[10]. - The largest shareholder, Shandong Port Qingdao Port Group Co., Ltd., held 54.26% of the shares, totaling 3,522,179,000 shares[11]. Expenses - Operating costs for Q1 2025 totaled CNY 3,327,269,685, compared to CNY 3,062,407,674 in Q1 2024, which is an increase of about 8.68%[21]. - Research and development expenses rose to CNY 26,777,718 in Q1 2025, up from CNY 23,079,370 in Q1 2024, reflecting an increase of approximately 16.80%[21]. Non-Recurring Items - Non-recurring gains and losses totaled CNY 34,406,622, primarily from government subsidies and asset disposal gains[8].

青岛港（601298）公告，2025年第一季度营收为48.07亿元，同比增长8.51%；净利润为14.02亿元，同 比增长6.51%。 ...

( 於中華人民共和國成立的股份有限公司 ) 股份代號 : 06198.HK 601298.SH 年度報告 2024 年度報告 目錄 | 2 | 釋義 | | --- | --- | | 12 | 公司資料 | | 14 | 公司概覽 | | 18 | 2024年大事記 | | 23 | 財務摘要 | | 25 | 董事長致辭 | | 27 | 管理層討論與分析 | | 54 | 董事、監事及高級管理人員 | | 66 | 董事會報告 | | 83 | 監事會報告 | | 87 | 企業管治報告 | | 107 | 審計報告 | | 112 | 合併及公司資產負債表 | | 116 | 合併及公司利潤表 | | 119 | 合併及公司現金流量表 | | 123 | 合併股東權益變動表 | | 125 | 公司股東權益變動表 | | 127 | 財務報表附註 | 釋義 除文義另有所指外，下列詞彙具有下文所載的涵義： 「2022全球捷運物流綜合服務 框架協議」 本公司與全球捷運物流訂立的日期為2022年6月28日的綜合服務框架協議，內容有關 本集團與全球捷運物流及╱或其附屬公司及聯繫人相互提供綜合物流服務 「202 ...