Corporate Governance Changes - The company has revised its articles of association and officially abolished the supervisory board, transferring its functions to the audit committee, with the termination of supervisory board members' positions [1] - Mr. Jin Feng has been appointed as a non-executive director and a member of the remuneration committee, while Mr. Chen Zhou has been elected as an employee representative director, completing the board structure adjustment [1] - These changes may impact the company's governance efficiency and supervisory mechanisms, warranting investor attention on subsequent execution [1] Business and Technological Development - In 2025, the company launched a fully automated grain continuous unloading machine with an operational efficiency of 1,500 tons per hour and a fully automated bulk grain loading system [1] - The company has enhanced unloading efficiency by 30% through the use of laser radar technology, aimed at strengthening its competitive edge in bulk cargo handling [1] - The actual impact of these technological upgrades on the company's throughput and costs in 2026 remains to be observed [1] Financial Performance - The company's net profit for the first half of 2025 was 82.79 million yuan, representing a year-on-year decline of 31.3%, primarily due to a contraction in business volume caused by adjustments in customer demand [2] - In October 2025, shareholders transferred their holdings from Standard Chartered Bank to Bank of China International Securities, with the transfer representing 5.46% of market value, indicating a potential change in shareholder structure [2] - Future financial reports, such as the 2025 annual report, may provide further insights into the progress of business recovery [2]

Group 1 - Fixed asset investment is a key indicator of economic vitality and urban development potential, with Shandong's Rizhao City focusing on project support to optimize investment structure for high-quality economic development by 2025 [1] - Rizhao's industrial investment grew by 28.2% year-on-year in 2025, with significant increases in industrial technological transformation investment by 15.8% and equipment purchases by 45.3%, indicating a strong shift towards high-end, intelligent, and green transformation [2] - The city has implemented measures such as leadership accountability and full-cycle service to enhance project investment, resulting in fixed asset investment growth exceeding the provincial average by 9.1 percentage points [2] Group 2 - Infrastructure construction is accelerating, with key projects like the Weishui High-speed Railway and expansion of the Shenhai Expressway improving regional connectivity and laying a solid foundation for future industrial layout and economic growth [3] - The city plans to continue focusing on major projects, with investments of 215 billion in the Rizhao Port transformation and 188 billion in Century Sunshine Paper, aiming to maintain investment growth at the forefront of the province [3] - The private investment in Rizhao increased by 9.4%, surpassing the provincial average by 16.1 percentage points, reflecting confidence in development prospects and an improved business environment [2]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

Investment Rating - The report indicates a stable outlook for the port industry, with a focus on infrastructure and domestic demand supporting the industry fundamentals [7][8]. Core Insights - The growth rate of cargo and container throughput in Chinese ports is slowing down, influenced by GDP and import-export growth deceleration. Coastal ports dominate in terms of throughput, with significant differentiation in growth rates among major ports [8][9]. - Since 2018, investment in inland waterway transportation has consistently exceeded that of coastal ports, leading to structural overcapacity in coastal ports. However, there remains a demand for terminal upgrades, optimization of port layouts, and channel construction, with a clear trend towards larger and more specialized port berths [8][9]. - The overall revenue of sampled port enterprises is steadily increasing, with strong operational cash flow capabilities. Future capital expenditures are expected to remain substantial due to increased financing driven by port-related project investments [8][9]. - The report anticipates that global economic growth will remain low, with uncertainties surrounding trade policies potentially impacting China's foreign trade. However, domestic demand is expected to expand, providing some support for port throughput [8][9]. Industry Overview Macroeconomic Environment - In 2025, China's economy is projected to stabilize, with domestic demand expected to support cargo throughput at ports. The economic policies are characterized by a multi-dimensional collaborative approach, focusing on stabilizing growth and enhancing domestic consumption [9][10]. - The port industry is highly sensitive to macroeconomic cycles, with the performance of cargo and container throughput closely linked to economic conditions and foreign trade developments [10][11]. Industry Policies and Regulatory Environment - The government has introduced various policies to guide the development of smart, green, safe, and efficient ports, aiming to enhance the competitive capabilities of ports through a market-oriented pricing system [11][12]. - Recent policies emphasize the integration of rail-water transport and the construction of a modern comprehensive transportation system, with significant investments expected in port infrastructure [11][12]. Industry Operating Conditions - The throughput growth of Chinese ports has shown signs of slowing down, with a notable differentiation in growth rates among major coastal ports. In 2024, the total cargo throughput reached 1,759.5 million tons, growing by 3.7% [16][20]. - Container throughput growth has also slowed, with a total of 33.2 million TEUs in 2024, reflecting a 7.0% increase [17][20]. Financial Performance - Sampled port enterprises have shown steady revenue growth, with total revenue reaching 643.36 billion yuan in the first nine months of 2025, maintaining a stable operational performance [34][36]. - The cash flow from operating activities has been strong, with a cash income ratio exceeding 100%, indicating that cash flow can meet capital expenditure needs [36][39]. Debt Levels - The total debt of sampled port enterprises has increased, with a total debt of 1,162.86 billion yuan by September 2025, primarily for new terminal construction and upgrades [41][43]. - The short-term debt ratio is moderate, with a significant portion of financing coming from bank loans and bond issuances [41][43]. Debt Repayment Capacity - Most sampled port enterprises face manageable short-term repayment pressures, with strong long-term repayment capabilities. However, some enterprises have heavier debt burdens and historical personnel liabilities that require attention [44][45]. Bond Market Performance - The report notes a decrease in bond issuance rates for port enterprises, with a total of 180 bonds issued in 2025, reflecting a 7.57% increase in issuance scale [48][49].

Core Viewpoint - Rizhao Port is actively pursuing green and low-carbon energy transformation in alignment with China's "dual carbon" goals through various innovative strategies and collaborative efforts [1] Group 1: Energy Transition Strategies - Rizhao Port has formed joint ventures with professional energy companies to integrate technology and financial resources, accelerating project approvals and construction [1] - The port employs diverse models such as contract energy management and joint construction, utilizing differentiated electricity pricing mechanisms to balance investment and returns [1] - The port is focusing on digital platforms like smart energy management and virtual power plants to enhance resource coordination and energy efficiency [1] Group 2: Wind Power Projects - The port plans to construct 18 wind turbines with a total capacity of 64.75 MW, expecting an annual electricity generation of approximately 15,448 million kWh [2] - The first phase of the wind power project in Lanshan Port is set to connect to the grid by July 2025, while the second phase is expected to be completed by January 2026 [2] - The Shijiu Port project has received approval and is currently advancing environmental assessments and other necessary procedures [2] Group 3: Solar Power Projects - Rizhao Port's distributed solar photovoltaic project covers 201,000 square meters with a total capacity of 30.16 MWp, aiming for an electricity generation of 14 million kWh by 2025 [2] - The project involves partnerships with companies like Huaneng Power Plant and Shandong Yongjin Electric, with plans to expand total capacity to 35 MW by 2026 [2] Group 4: Energy Storage Initiatives - The wind power projects are complemented by energy storage systems, with a total capacity of 7.815 MW/15.63 MWh planned for the Lanshan and Shijiu Port areas [3] - User-side energy storage projects are scheduled for completion in 2026 and 2027, with each station having a capacity of 5 MW/10 MWh [3] - A key technology research project for integrated source-network-load-storage systems has been initiated, focusing on real-time monitoring and management of energy resources [3] Group 5: Virtual Power Plant Development - Rizhao Port has developed a unique integrated virtual power plant solution tailored for port energy needs, aggregating 43.22 MW of resources with a dispatchable capacity of 15.22 MW [4] - The virtual power plant aims to enhance energy security, efficiency, and green transformation through advanced technologies [4]

Core Insights - The launch of the Ceres-1 rocket marks a significant milestone for China's commercial space sector and symbolizes the strategic transformation of Rizhao, a port city, from a "port-driven" economy to a more integrated urban development model [1][7] Group 1: Urban Development Strategy - Rizhao is addressing the "port city decline" dilemma by relocating coal operations southward, thereby freeing up coastal space and implementing the country's first "port retreat for sea restoration" project, which has transformed industrial shorelines into ecological spaces [3][4] - The city has successfully shifted its development logic by prioritizing ecological restoration over industrial expansion, enhancing urban quality and reconnecting citizens with coastal environments [3][6] Group 2: Industrial Transformation - Rizhao is leveraging technology to transition its port operations from traditional methods to a "smart port" model, significantly improving efficiency and positioning the port as a supply chain organizer rather than just a loading and unloading facility [4][5] - The establishment of five major industrial chains, including steel and grain, has attracted various industries to the port area, with the port's industrial output accounting for over 80% of the city's total industrial output, profits, and taxes as of November 2025 [4][5] Group 3: Green Economy and New Industries - The green transformation has led to the emergence of new industries such as commercial aerospace, marine ranching, and new energy materials, contributing to a comprehensive blue economy [5][6] Group 4: Community and Quality of Life - The development strategy emphasizes the importance of people, with improvements in the environment leading to better job opportunities and enhanced quality of life for residents, fostering a sense of community pride and identity [6][7]

Core Viewpoint - Shandong Port Rizhao Port Railway Company has been rated as an AAA-level standardized good behavior enterprise, marking a significant improvement in its refined and standardized management level, which injects new momentum into the port's high-quality development [1] Group 1: Standardization and Management - The company adheres to the core concept of "standardization leading to service quality improvement," using standardization as a key driver for enterprise transformation and high-quality development [1] - The company has deepened its "three basics and six standardizations" initiative, making standardization construction a key annual project, and has established a leadership group for standardization work to ensure solid progress [4] - A comprehensive review of 96 laws and regulations, 281 national industry standards, and 455 internal documents has been conducted to establish a matching mechanism for legal regulations and external standards [9] Group 2: Talent Development and Training - The company has built a talent cultivation mechanism for standardization that includes various forms of training, covering over 200 participants and enabling 13 personnel to obtain qualifications for standardization work evaluation [13] - A three-level promotion and precise delivery training system has been established, with 214 standards converted into electronic manuals, resulting in over 3000 online learning sessions [13] Group 3: Innovation and Integration - The company promotes the deep integration of standardization with production operations, safety management, and technological innovation, establishing a closed-loop management model to ensure rigid execution of standard documents [15] - The company has led the compilation of a group standard for "Special Railway Safety Production Standardization Construction," filling a gap in the domestic field and enhancing its industry influence [15] Group 4: Future Directions - The company will continue to adhere to the principle of "standardization leading to innovation-driven quality improvement," aiming to enhance its core competitiveness and write a new chapter in high-quality development through standardization [16]

Core Insights - Shandong has entered the 10 trillion yuan province club, attracting national attention for its high-quality economic and social development [1] - The "Re-Starting New Journey - Phoenix Observes Qilu 2025" initiative aims to decode the underlying logic of Shandong's economic leap and showcase its practices [1] Group 1: Port Development - Shandong Port, specifically Rizhao Port, is transforming into a world-class marine port through smart, green, and efficient upgrades [3] - Rizhao Port has implemented automation technologies, including 12 domestic automated cranes and 50 intelligent guided vehicles, significantly enhancing operational efficiency [3] - The port's soybean throughput reached a historical high in September 2025, aided by the introduction of a fully automated grain unloading machine, which has a maximum unloading capacity of 1,500 tons per hour, 20% higher than similar foreign equipment [3][4] Group 2: Industrial Growth - Rizhao is developing a comprehensive salmon industry chain, from breeding to processing, establishing itself as a "blue granary" [7] - The city has created eight national-level marine ranch demonstration zones, leveraging unique cold water resources to overcome previous challenges in salmon farming [7] - Rizhao aims to produce 6,000 tons of salmon annually, becoming the largest bottom-style farming cluster in the country [7][8] Group 3: Urban and Ecological Development - Rizhao has constructed a 28-kilometer green coastal corridor, enhancing ecological restoration and providing recreational spaces for citizens and tourists [11][12] - The city has been recognized as one of the top 100 healthy cities in China, reflecting improvements in ecological environment and healthcare resources [13] - Rizhao has been awarded the title of "National Civilized City" again in 2025, emphasizing the dual enhancement of urban civilization and citizen quality [14]

Group 1 - The company held its first extraordinary general meeting of shareholders for 2026 on January 30, 2026, chaired by Chairman Miao Wei [2][3] - All 11 current directors attended the meeting, along with 8 other senior management personnel [3] - The meeting approved three non-cumulative voting proposals related to expected daily operational related transactions for 2026, including transactions with Shandong Port Group Financial Co., Ltd. and Shandong Port Construction Group Co., Ltd. [2][4] Group 2 - There were no rejected proposals during the meeting [2] - The voting process adhered to the requirements of the Company Law and the company's articles of association, with related shareholders abstaining from voting [4] - The meeting was witnessed by lawyers from Beijing Zhonglun (Qingdao) Law Firm, confirming the legality and validity of the meeting's procedures and results [4]

北京市中伦（青岛）律师事务所 关于日照港股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年一月 北京市中伦（青岛）律师事务所 关于日照港股份有限公司 法律意见书 2026 年第一次临时股东会的 法律意见书 致：日照港股份有限公司 北京市中伦（青岛）律师事务所（以下简称"本所"）接受日照港股份有限 公司（以下简称"公司"）的委托，根据本法律意见书出具日前已经发生或存在 的事实和《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股东会规则》《律师事务所从事证 券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》）等中华人 民共和国（以下简称"中国"，为本法律意见书之目的，不包括中华人民共和国 拥有主权的香港特别行政区、澳门特别行政区和台湾地区）现行有效的法律、法 规和规范性文件以及《日照港股份有限公司章程》（以下简称"《公司章程》"）等 有关规定，指派律师出席公司于 2026 年 1 月 30 日召开的 2026 年第一次临时股 东会（以下简称"本次股东会"），并就本次股东会的相关事项出具本法律意见书。 为出具本法律意见 ...