( 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 中期報告 2025 目錄 2 釋義 6 公司資料 8 公司概覽 9 管理層討論與分析 25 其他信息 31 合併資產負債表（未經審計） 33 公司資產負債表（未經審計） 35 合併利潤表（未經審計） 37 公司利潤表（未經審計） 38 合併現金流量表（未經審計） 40 公司現金流量表（未經審計） 42 合併股東權益變動表（未經審計） 44 公司股東權益變動表（未經審計） 46 財務報表附註（未經審計） 259 財務報表補充資料 釋義 除文義另有所指外，下列詞彙具有下文所載的涵義： 「董事會」 本公司董事會 「場站」 集裝箱貨運站，其中位於裝運港口的集裝箱貨運站是指由承運人用作收取貨物以便承運人 將貨物裝載到集裝箱的指定地點，位於卸貨或目的地港口的集裝箱貨運站是指承運人用作 為集裝箱貨物拆箱的指定地點 「中海碼頭發展」 中海碼頭發展有限公司，一家於2001年3月在中國成立的有限責任公司，為中遠海運港口 發展有限公司之全資附屬公司 「本公司」、「公司」、「青島港」 青島港國際股份有限公司，一家於2013年11月在中國成 ...

Core Insights - Qingdao Port's stock price decreased by 0.81% on September 24, with a trading volume of 166 million yuan [1] - The company reported a net financing purchase of 3.06 million yuan on the same day, with total financing and securities balance at 112 million yuan [1] - Qingdao Port's main business revenue composition includes 56.72% from loading and related services, and 36.96% from logistics and port value-added services [2] Financing and Trading Activity - On September 24, Qingdao Port had a financing buy amount of 14.06 million yuan and a financing repayment of 10.10 million yuan, resulting in a net financing purchase of 3.06 million yuan [1] - The current financing balance is 111 million yuan, representing 0.24% of the circulating market value, which is below the 50th percentile level over the past year [1] - The securities lending activity showed a repayment of 100 shares with no shares sold, and a securities lending balance of 460,500 yuan, which is above the 60th percentile level over the past year [1] Company Performance - As of June 30, Qingdao Port reported a total revenue of 9.43 billion yuan for the first half of 2025, reflecting a year-on-year growth of 4.04% [2] - The net profit attributable to shareholders for the same period was 2.84 billion yuan, marking a year-on-year increase of 7.58% [2] - The company has distributed a total of 12.82 billion yuan in dividends since its A-share listing, with 5.69 billion yuan distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 14.46% to 35,700 [2] - Notable shareholders include the Southern S&P China A-Share Large Cap Dividend Low Volatility 50 ETF, which is the eighth largest shareholder with 22.62 million shares [3] - Hong Kong Central Clearing Limited is the tenth largest shareholder, holding 19.28 million shares, an increase of 20,100 shares from the previous period [3]

Core Viewpoint - Qingdao Port is positioned favorably due to its strategic location and recent developments, including a partnership with Huawei to enhance smart port operations, which may lead to growth opportunities in the shipping and logistics sector [2][3]. Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6]. - The company primarily engages in the handling of various goods, including containers, metal ores, coal, and crude oil, along with logistics and port value-added services [6]. - The revenue composition of the company includes 56.72% from handling and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6]. Group 2: Financial Performance - As of June 30, 2025, Qingdao Port achieved a revenue of 9.434 billion yuan, representing a year-on-year growth of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, with a growth of 7.58% [6]. - The company has distributed a total of 12.818 billion yuan in dividends since its A-share listing, with 5.687 billion yuan distributed over the past three years [7]. Group 3: Market Position and Trends - Qingdao Port is recognized as a significant node in the "Belt and Road" initiative and is the only comprehensive operator of the world’s seventh-largest port [2]. - The port's stock has shown a dividend yield of 4.80%, 4.74%, and 3.45% over the past three years, indicating a consistent return to shareholders [2]. - The stock's average trading cost is 8.03 yuan, with the current price near a support level of 8.49 yuan, suggesting potential for price movement [5]. Group 4: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased by 14.46% to 35,700, indicating growing interest in the stock [6]. - Notable institutional shareholders include the Southern S&P China A-share Large Cap Dividend Low Volatility ETF and Hong Kong Central Clearing Limited, reflecting institutional confidence in the company [8].

Core Viewpoint - The Ministry of Transport, National Railway Administration, and China National Railway Group have issued an action plan for the deep integration of container rail-water intermodal transport from 2025 to 2027, emphasizing the promotion of intermodal operation and collaboration among transportation enterprises [1] Group 1: Intermodal Operation Enhancement - The plan aims to strengthen the coordination of port-rail operations at qualified ports like Qingdao, supporting integrated management of railway and port operations [1] - It encourages the use of digital and intelligent methods to achieve rapid customs clearance and efficient loading and unloading, thereby reducing "short-distance" transport [1] - The quality and efficiency of intermodal products will be enhanced, with a focus on quality assessment of intermodal trains [1] Group 2: Development of Intermodal Products - The action plan includes the establishment of fixed train routes and the promotion of passenger train-like operations to create a "train + ship" intermodal network [1] - By 2027, the goal is to have a nationwide network of container rail-water intermodal fast lines covering major intermodal ports [1] - Key coastal regions and the Yangtze River trunk line will cultivate premium long-distance and short-distance intermodal products [1] Group 3: Support for "Road to Rail" and "Bulk to Container" Transport - The plan promotes collaboration between various ports and railways to expand the transportation of goods such as grain, fertilizers, and cement through "road to rail" initiatives [1] - It encourages innovation in unloading operations and facilities at inland stations and qualified factories to increase the scale of "bulk to container" transport [1] - The development of automobile transport via intermodal rail-water services is also highlighted [1] Group 4: Optimization of International Intermodal Connections - Ports like Dalian, Tianjin, and Guangzhou are tasked with enhancing the integration of sea routes with international rail services such as the China-Europe Railway Express [1] - The plan aims to improve customs inspection processes and enhance the timeliness of international container rail-water intermodal transport [1]

Core Viewpoint - Qingdao Port is positioned favorably due to its strategic location and recent developments, including a partnership with Huawei to enhance smart port operations, which may lead to growth opportunities in the shipping and logistics sector [2][3]. Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6]. - The company primarily engages in the handling of various goods, including containers, metal ores, coal, and crude oil, along with logistics and port value-added services [6]. - The revenue composition of the company includes 56.72% from handling and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6]. Group 2: Financial Performance - As of June 30, 2025, Qingdao Port achieved a revenue of 9.434 billion yuan, representing a year-on-year growth of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, with a growth of 7.58% [6]. - The company has distributed a total of 12.818 billion yuan in dividends since its A-share listing, with 5.687 billion yuan distributed over the past three years [7]. Group 3: Market Position and Trends - Qingdao Port's stock price increased by 0.82% on September 23, with a trading volume of 208 million yuan and a market capitalization of 56.018 billion yuan [1]. - The stock has shown a dividend yield of 4.80%, 4.74%, and 3.45% over the past three years, indicating a consistent return to shareholders [2]. - The company is recognized as a key node in the "Belt and Road" initiative and is the only comprehensive operator of the Qingdao Port, which is the seventh largest port in the world [2]. Group 4: Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include the Southern S&P China A-share Large Cap Dividend Low Volatility ETF, which holds 22.6229 million shares, marking it as a new shareholder [8]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 19.2839 million shares, with a slight increase from the previous period [8].

世界第四大港青岛港，曾有块"心病"——全自动化码头80%软硬件靠进口！采购等半年起，软件一年才 升级，效率被死死卡住。但青岛港偏不服！2021年组建12个攻坚组，联动科研院所死磕两年多，28000 多个配件逐个国产替代。2023年，纯国产三期码头横空出世！投产运行第4天，桥吊平均单机作业效率 直接刷新世界纪录！从80%依赖进口到100%自主可控，国产不仅"平替"，更是超越！（央视） ...

Core Viewpoint - Shandong Port Qingdao Port has achieved significant recognition in the field of artificial intelligence applications in transportation, winning two awards at the first "AI Navigation Cup" national competition, highlighting its leading capabilities in smart port construction and innovation [1][2]. Group 1: Award Achievements - The project "Research and Application of Safety Protection Technology for Gantry Crane Grab Operation Based on CV Large Model" won the first prize, focusing on enhancing safety in large port machinery operations through intelligent perception and risk identification [2]. - The project "Research and Demonstration of L4 Level Unmanned Driving Container Transport System Based on Multi-source Fusion Positioning" received the third prize, addressing automation challenges in port horizontal transportation with high-precision positioning technology [2]. Group 2: Technological Innovations - The gantry crane project effectively improves the safety and efficiency of bulk cargo operations, representing a breakthrough in the application of artificial intelligence in port safety production [2]. - The unmanned driving project successfully enables safe, efficient, and stable operation of unmanned vehicles in complex port environments, providing a practical example for scalable and replicable container transfer solutions [2]. Group 3: Future Development Plans - Shandong Port Qingdao Port plans to increase investment in technological research and development, promoting broader innovation and application of new information technologies such as artificial intelligence, big data, and the Internet of Things in the maritime sector [2]. - The goal is to establish a more influential benchmark for smart green ports, contributing significantly to the construction of a strong transportation and maritime nation [2].

Core Viewpoint - The article discusses the transformation of Shandong Port from a "single port operator" to a "comprehensive port service provider," reflecting China's evolving role in the global supply chain from a participant to a driver and leader [1][3][24]. Group 1: Shandong Port's Role and Performance - Shandong Port is the largest port group globally, with a cargo throughput expected to exceed 1.8 billion tons in 2024 [2]. - The port handles over 44 million TEUs of container throughput, ranking second globally, and accounts for significant shares of various imports, including over one-third of China's crude oil imports [2][3]. - The port's diverse cargo throughput serves as a mirror for the macroeconomic conditions in China, with fluctuations in different cargo types reflecting changes in domestic economic activities [2][10][22]. Group 2: Growth in Specific Cargo Types - The throughput of general cargo at Shandong Port has seen a significant increase, with a 77% year-on-year growth in the first eight months of 2025, reaching nearly 20 million tons [5]. - The port has expanded its general cargo routes, opening nine new routes and enhancing six existing ones, primarily targeting markets in Africa, North America, and Europe [5][6]. - China's foreign direct investment reached $192.2 billion in 2024, marking an 8.4% increase, indicating a strong trend of Chinese enterprises investing abroad [5][6]. Group 3: Crude Oil and Economic Relations - Shandong Port's crude oil imports account for over one-third of China's total, with a processing capacity of over 237 million tons annually [10][11]. - The port's crude oil throughput has been affected by global geopolitical events, leading to fluctuations in demand and pricing, with a 2.9% year-on-year decline in crude oil imports in the first eight months of 2025 [11][12]. - The transition to renewable energy sources is impacting crude oil demand, with a significant increase in new energy vehicle exports from the port [12][22]. Group 4: Steel Exports and Infrastructure Development - Shandong Port's iron ore imports constitute nearly one-fourth of China's total, but the demand is facing pressure due to slowing domestic infrastructure investment [14][16]. - Conversely, steel exports from Shandong Port have surged, with a 19.2% increase in steel exports in the first half of the year, driven by infrastructure projects in emerging markets [17][18][19]. - The port's strategic location and capabilities are facilitating the export of steel to regions with growing infrastructure needs, such as Africa and Southeast Asia [17][19]. Group 5: Future Directions and Strategic Shifts - Shandong Port is evolving into a comprehensive service provider, offering integrated logistics solutions and financial services to enhance competitiveness in the global market [24][25]. - The port is actively participating in the global supply chain by designing logistics solutions for overseas projects and collaborating with various enterprises to optimize supply chain efficiency [24][25]. - The ongoing transformation aligns with national strategies to enhance China's competitive edge in international trade and logistics [25][26].

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]

Core Viewpoint - Qingdao Port has shown positive performance due to its strategic location, recent agreements, and stable financial growth, making it an attractive investment opportunity in the shipping and logistics sector [2][3][6]. Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6]. - The company primarily engages in the handling of containers, metal ores, coal, crude oil, and provides logistics and port value-added services [6]. - Revenue composition includes 56.72% from handling and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6]. Group 2: Financial Performance - As of June 30, 2025, Qingdao Port achieved a revenue of 9.434 billion yuan, representing a year-on-year growth of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, up 7.58% year-on-year [6]. - The company has distributed a total of 12.818 billion yuan in dividends since its A-share listing, with 5.687 billion yuan distributed over the past three years [7]. Group 3: Market Position and Strategic Initiatives - Qingdao Port is positioned as a key node in the "Belt and Road" initiative and is recognized as the seventh largest port globally, contributing to its strong operational performance [2][6]. - A recent partnership with Huawei aims to accelerate the development of smart port operations across major domestic ports [3]. Group 4: Stock Performance and Investor Sentiment - On September 19, Qingdao Port's stock rose by 1.76%, with a trading volume of 149 million yuan and a market capitalization of 56.278 billion yuan [1]. - The stock has a historical dividend yield of 4.80%, 4.74%, and 3.45% over the past three years, indicating a consistent return to shareholders [2].