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].

Core Viewpoint - The recent financial report of Shanghai Port Group (600018) indicates a decline in net profit and revenue for the first half of 2025 compared to the previous year, reflecting challenges in the company's financial performance [1] Financial Performance Summary - The total operating revenue for the first half of 2025 was 19.569 billion yuan, a decrease of 1.35% year-on-year [1] - The net profit attributable to shareholders was 8.04 billion yuan, down 4.47% year-on-year [1] - In Q2 2025, the operating revenue was 10.051 billion yuan, a decline of 7.68% year-on-year, while the net profit was 4.132 billion yuan, down 12.44% year-on-year [1] - The gross profit margin was 38.27%, a decrease of 2.69% year-on-year, and the net profit margin was 44.69%, down 1.8% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 1.942 billion yuan, accounting for 9.92% of revenue, an increase of 0.41% year-on-year [1] - Earnings per share were 0.35 yuan, a decrease of 4.55% year-on-year, while operating cash flow per share increased by 46.76% to 0.27 yuan [1] Debt and Asset Management - The company reported a healthy cash position with monetary funds amounting to 38.796 billion yuan, an increase of 8.97% year-on-year [1] - The interest-bearing debt was 52.354 billion yuan, reflecting a 3.52% increase year-on-year, with an interest-bearing asset-liability ratio of 23.27% [2] Investment Insights - The company's return on invested capital (ROIC) was 8.69%, indicating average capital returns, with a historical median ROIC of 9.38% over the past decade [1] - The highest holding fund for Shanghai Port Group is Huashang 300 Smart Mixed A, with a current scale of 0.76 billion yuan and a recent net value increase of 0.57% [2]

Core Viewpoint - China Cosco Shipping Holdings Co., Ltd. (hereinafter referred to as "the Company") has entered into a series of daily related transaction agreements with its indirect controlling shareholder, China Cosco Shipping Group Co., Ltd., and other related parties, which will expire on December 31, 2025. The Company signed new agreements on August 28, 2025, to continue similar transactions for the years 2026-2028, establishing annual transaction limits for these agreements [1][2][4]. Group 1: Daily Related Transactions - The Company has signed several agreements including the Comprehensive Service Agreement, Shipping Service Agreement, Terminal Service Agreement, Vessel and Container Asset Service Agreement, and Trademark License Agreement with China Cosco Shipping [1][2]. - The financial services agreement with the financial company and the shipping and terminal service framework agreement with Shanghai International Port Group have also been established, with annual transaction limits set for 2026-2028 [1][2][4]. - The agreements are conducted under general commercial terms without additional conditions, contributing to the development of the Company without creating dependency on related parties [4]. Group 2: Approval and Procedures - The related transaction proposals were reviewed and approved by the Company's board of directors, with certain related directors abstaining from voting [2][3]. - The agreements and their annual limits require approval from the shareholders' meeting, with related shareholders abstaining from voting on relevant proposals [3][4]. Group 3: Financial Services and Limits - The financial services provided by the financial company include deposit services, credit services, clearing services, and foreign exchange trading, with a validity period from January 1, 2026, to December 31, 2028 [24][25]. - The maximum daily deposit balance for the Company and its subsidiaries is set at RMB 150 billion, while the maximum outstanding loan balance is capped at RMB 26 billion for the same period [28]. - The total fees for clearing services and other services are limited to RMB 80 million per year [28]. Group 4: Previous Transaction Performance - The actual amounts of previous related transactions have varied from the expected limits due to fluctuations in market demand and prices, particularly in shipping and fuel supply [6][8][11]. - The Company has reported specific figures for previous years, indicating a need for adjustments in future transaction limits based on market conditions [6][9]. Group 5: Related Parties Overview - The related parties include China Cosco Shipping and its subsidiaries, as well as Shanghai International Port Group, which are recognized as related entities under the relevant stock exchange rules [15][19]. - The Company holds a significant stake in the financial company, which is also a related party, further establishing the interconnectedness of these entities [16][21].

Core Points - The board of directors of Shanghai International Port (Group) Co., Ltd. held its 59th meeting on August 28, 2025, and approved several key proposals [1] - The company proposed a cash dividend distribution plan for the first half of 2025, distributing RMB 0.5 per 10 shares to all shareholders [2] - The board also approved the evaluation report of the "Quality Improvement and Efficiency Enhancement Return Action Plan" for the first half of 2025 [3] - The company agreed to sign a three-year framework agreement with COSCO Shipping Holdings for shipping and terminal services, with transaction limits set for the years 2026 to 2028 [4][5] Dividend Distribution - The proposed cash dividend is based on a total share capital of 23,281,365,262 shares as of June 30, 2025, with adjustments to be made if there are changes in share capital before the record date [2] - The proposal received unanimous support from the board with 10 votes in favor [2] Quality Improvement Plan - The board unanimously approved the evaluation report of the "Quality Improvement and Efficiency Enhancement Return Action Plan" for the first half of 2025, also receiving 10 votes in favor [3] Framework Agreement with COSCO - The framework agreement with COSCO Shipping Holdings includes a service limit of RMB 35 billion for each of the years 2026, 2027, and 2028 for services provided by the company [4] - The company will have a service limit of RMB 5 billion for each of the same years for services received from COSCO [5] - The proposal was supported by independent directors and received 9 votes in favor, with one related party abstaining from the vote [5]

Core Points - The third meeting of the supervisory board of Shanghai International Port Group was held on August 28, 2025, via communication methods, with all four supervisors present [1][2] - The supervisory board unanimously approved the 2025 semi-annual report and summary, confirming that the report's preparation and review procedures complied with relevant laws and regulations [1] - The supervisory board also approved the 2025 semi-annual profit distribution plan, with all votes in favor [2] Summary by Sections - **Meeting Details** - The meeting was conducted in accordance with the Company Law and the company's articles of association, with all four supervisors present [1] - **2025 Semi-Annual Report** - The supervisory board reviewed the report and confirmed that it accurately reflects the company's financial status, operating results, and cash flow [1] - The report's content and format comply with the regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1] - **Profit Distribution Plan** - The profit distribution plan for the first half of 2025 was unanimously approved by the supervisory board [2]