Core Viewpoint - The company announced the completion of a transfer of state-owned shares from Shanghai International Group to Shanghai Jiushi Group, which does not change the major shareholder or actual controller of the company [1][4]. Group 1: Share Transfer Details - On May 6, 2025, the company received a notice regarding the transfer of state-owned shares from its shareholder Shanghai International Group and a major shareholder Shanghai Jiushi Group [1][3]. - A total of 339,000,000 shares, representing 1.46% of the company's total share capital, were transferred without compensation from Shanghai International Group to Shanghai Jiushi Group [1][3]. - The transfer agreement was signed on June 27, 2025, and received approval from the Shanghai State-owned Assets Supervision and Administration Commission [3]. Group 2: Completion of Share Transfer - The share transfer was officially completed on September 3, 2025, with the confirmation of the share transfer registration by China Securities Depository and Clearing Corporation [2][3]. - Following the completion of the share transfer, Shanghai Jiushi Group committed to not reducing its stake in the company for 12 months from the date of registration [2][4]. Group 3: Shareholder Structure - The first major shareholder remains Shanghai State-owned Capital Investment Co., Ltd., and the actual controller continues to be the Shanghai State-owned Assets Supervision and Administration Commission [1][4].

Core Viewpoint - The announcement details the completion of a non-compensatory transfer of state-owned shares in Shanghai International Port Group, with no change in the major shareholder or actual controller of the company [2][5]. Group 1: Share Transfer Details - On May 6, 2025, Shanghai International Port Group received notifications regarding the non-compensatory transfer of state-owned shares from its shareholder Shanghai International Group and major shareholder Shanghai Jiushi Group [2][4]. - A total of 339,000,000 shares, representing 1.46% of the company's total share capital, were transferred from Shanghai International Group to Shanghai Jiushi Group [2][4]. - The transfer was approved by the Shanghai State-owned Assets Supervision and Administration Commission [4]. Group 2: Completion of Share Transfer - The share transfer was officially completed on September 3, 2025, with confirmation from China Securities Depository and Clearing Corporation [2][4][6]. - Following the transfer, Shanghai Jiushi Group committed to not reducing its stake in the company for 12 months from the completion date [3][6]. Group 3: Shareholder Structure - The first major shareholder remains Shanghai State-owned Capital Investment Company, with the actual controller still being the Shanghai State-owned Assets Supervision and Administration Commission [5][6].

Core Viewpoint - The announcement details the completion of a non-compensatory transfer of state-owned shares in Shanghai International Port Group, with no change in the major shareholder or actual controller of the company [1][2]. Group 1: Share Transfer Details - On May 6, 2025, the company received a notification from its shareholder, Shanghai International Group, and a major shareholder, Shanghai Jiushi Group, regarding the non-compensatory transfer of shares [2]. - A total of 339,000,000 shares, representing 1.46% of the company's total share capital, were transferred from Shanghai International Group to Shanghai Jiushi Group [2][3]. - The share transfer was completed on September 3, 2025, with the confirmation from China Securities Depository and Clearing Corporation [3][4]. Group 2: Shareholder Structure - Following the transfer, the major shareholder remains Shanghai State-owned Capital Investment Co., Ltd., and the actual controller continues to be the Shanghai State-owned Assets Supervision and Administration Commission [2][5]. - Jiushi Group has committed not to reduce its holdings of the transferred shares for 12 months following the completion of the transfer [3][5].

证券代码：600018 证券简称：上港集团 公告编号：2025-041 一、无偿划转前期基本情况 上海国际港务（集团）股份有限公司 关于持股 5%以上股东国有股权无偿划转股份过户完成的公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 于 2025 年 5 月 6 日分别收到公司股东上海国际集团有限公司（以下简称："国际 集团"）和持股 5%以上股东上海久事（集团）有限公司（以下简称："久事集团"） 《关于无偿划转上海国际港务（集团）股份有限公司国有股份的告知函》。2025 年 6 月 27 日，国际集团与久事集团签署了《上海国际集团有限公司与上海久事 （集团）有限公司关于上海国际港务（集团）股份有限公司之部分国有股无偿划 转协议》（以下简称："《部分国有股无偿划转协议》"），国际集团拟将其持有的上 港集团 339,000,000 股股份（占上港集团目前总股本的 1.46%）无偿划转至久事 集团（以下简称："本次国有股权无偿划转" ...

Core Viewpoint - The transfer of state-owned shares from International Group to Jiushi Group has been completed, which will affect the ownership structure of Shanghai Port Group without changing its major shareholder or actual controller [1] Group 1: Share Transfer Details - On September 4, 2025, Shanghai Port Group received a notification from Jiushi Group regarding the completion of the transfer of state-owned shares from International Group [1] - The share transfer agreement was signed on June 27, with International Group transferring 339 million shares (1.46% of total equity) to Jiushi Group [1] - The transfer has been approved by the Shanghai State-owned Assets Supervision and Administration Commission [1] Group 2: Ownership Changes - Following the transfer, Jiushi Group's shareholding will increase to 6.69%, while International Group's shareholding will decrease to 1.08% [1] - Jiushi Group has committed to not reducing its shareholding within 12 months after the transfer [1]

Core Insights - The port industry is experiencing significant growth in cargo and container throughput, driven by the recovery of foreign trade and shipping, with expectations for continued positive trends throughout the year [1][2]. Group 1: Throughput Growth - From January to July 2025, the total cargo throughput reached 10.44 billion tons, a year-on-year increase of 4.4%, while container throughput reached 20 million TEUs, up 6.2% year-on-year [2]. - Among 17 A-share listed port companies, 8 reported year-on-year increases in revenue and net profit for the first half of 2025, with Liaoning Port Co., Ltd. achieving a revenue of 5.693 billion yuan, up 5.93%, and a net profit of 956 million yuan, up 110.78% [2]. Group 2: Company Performance - Guangzhou Port expects to complete a container throughput of 18.037 million TEUs from January to August 2025, a 7.5% increase year-on-year, and a cargo throughput of 38.587 million tons, up 2.5% [3]. - Shanghai International Port Group reported a record monthly container throughput of 5.02 million TEUs in August 2025 [3]. Group 3: Green and Smart Transformation - As of August 2025, China has built 23 automated container terminals and 29 automated dry bulk terminals, with over 60% of container handling equipment in major international hub ports being environmentally friendly [4]. - The port industry is actively promoting smart and green port construction, with companies like Guangzhou Port and Shanghai International Port Group making significant advancements in automation [4]. - Shenzhen Port's Yantian Port area achieved a LNG refueling volume of over 310,000 cubic meters in the first half of 2025, surpassing the total for the previous year, and reported a container throughput of over 7.58 million TEUs, a 12.7% increase [5].

Core Viewpoint - Shanghai International Port Group has received the "Acceptance Registration Notice" from the China Interbank Market Dealers Association, allowing the company to register and issue debt financing instruments [2][3]. Group 1: Company Actions - The company held its 54th meeting of the 3rd Board of Directors on March 28, 2025, where it approved the proposal for registering and issuing debt financing instruments [1]. - The company plans to conduct debt financing tool issuance according to the requirements of the "Acceptance Registration Notice" and will fulfill its information disclosure obligations in a timely manner [3]. Group 2: Registration Details - The registration of the company's debt financing tools is valid for two years from the date of the "Acceptance Registration Notice" and can include various products such as super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed securities, and green debt financing instruments [2]. - A consortium of banks, including Shanghai Bank, China Construction Bank, and others, will act as joint lead underwriters for the issuance [2].

Core Viewpoint - Shanghai International Port Group has received the acceptance notice for debt financing tool registration from the China Interbank Market Dealers Association, allowing the company to issue various debt instruments over the next two years [1][2]. Group 1: Debt Financing Tool Registration - The registration for the debt financing tools is valid for two years from the date of the acceptance notice [2]. - The company can issue various products including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools during the registration period [2]. - A consortium of major banks, including Shanghai Bank, China Construction Bank, and Agricultural Bank of China, will act as joint lead underwriters for the debt issuance [2]. Group 2: Issuance Management - The company will conduct the issuance of debt financing tools in accordance with the requirements of the acceptance notice and relevant regulations [3]. - The company is obligated to disclose the issuance results through approved channels after each issuance [2][3].

证券代码：600018 证券简称：上港集团 公告编号：临 2025-040 上海国际港务（集团）股份有限公司 关于收到中国银行间市场交易商协会《接受注册通知书》的公告 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。 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 于 2025 年 3 月 28 日召开了第三届董事会第五十四次会议，审议通过了《上港集 团关于申请注册及发行中国银行间市场交易商协会债务融资工具的议案》，于 2025 年 5 月 30 日召开了 2024 年年度股东大会，审议通过了《关于申请注册及 发行中国银行间市场交易商协会债务融资工具的议案》。具体内容详见公司分别 于 2025 年 4 月 1 日、5 月 8 日、5 月 31 日披露的《上港集团第三届董事会第五 十四次会议决议公告》（公告编号：2025-007）、《上港集团 2024 年年度股东大会 会议资料》《上港集团 2024 年年度股东大会决议公告》（公告编号：2025-025）。 一、公司债务融资工具注册自《接受注册通知书》落款之日 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.90 RMB [7][8]. Core Views - The company's port operations have shown resilience despite global trade disruptions, with a container throughput growth of 6.1% year-on-year, maintaining its position as the world's largest for fifteen consecutive years [1][4]. - Investment income has significantly increased by 16.5% year-on-year, contributing positively to the company's profitability [3]. - The report anticipates stable performance in the port business in the second half of the year, with a focus on enhancing the Shanghai International Shipping Center's capabilities [1][5]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 19.57 billion RMB, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of 8.04 billion RMB, down 4.5% year-on-year. However, the non-recurring net profit increased by 2.1% year-on-year to 7.37 billion RMB [1]. - The container segment generated revenue of 8.58 billion RMB, up 6.3% year-on-year, while the port logistics segment saw a revenue increase of 23.9% to 6.94 billion RMB [2]. Investment Income - The company achieved total investment income of 4.43 billion RMB in the first half of 2025, representing a 16.5% increase year-on-year, with significant contributions from Postal Savings Bank, Shanghai Bank, and Orient Overseas International [3]. Long-term Development - The company is enhancing its multi-modal transport capabilities and has completed 510,000 standard containers in sea-rail intermodal transport, marking a 19.4% increase year-on-year [4]. - The report highlights the company's strategic positioning as a key hub in the "Belt and Road" initiative and the Yangtze River Economic Belt, reinforcing its global shipping status [4]. Earnings Forecast - The earnings forecasts for 2025, 2026, and 2027 have been raised by 9%, 9%, and 8% respectively, with projected net profits of 15.39 billion RMB, 15.63 billion RMB, and 16.05 billion RMB [5].