| | | 公司代码：600279 公司简称：重庆港 重庆港股份有限公司 重庆港股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 http://www.sse.com.cn/网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 | | | | | | | 持有有限 | | | | --- | --- | --- | --- | --- | --- | | | 持股比 | 持股 | | | 质押、标记或冻 | | 股东名称 | 股东性质 | | | 售条件的 | | | | 例(%) | 数量 | | | 结的股份数量 | | | | | 股份数量 | | | | 重庆港务物流集团有限公司 | 国有法人 | 48.69 | 577,934,762 | | 0 无 | | 国投交通控股有限公司 | 国有法人 | 14.91 | 176,965,618 | | 0 无 | | 重庆市万州港口（集团）有 | | | | | | | 国有法人 | 1.84 | 21,826,900 | 0 | 无 | | | 限责任公司 | | | ...

重庆港公告，2025年上半年营业收入22.55亿元，同比增长3.31%；归属于上市公司股东的净利润568.53 万元，同比下降90.35%。 (本文来自第一财经) ...

Core Viewpoint - Chongqing Port (600279.SH) reported a revenue of 2.255 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.31% [1] - The net profit attributable to shareholders of the listed company was 5.6853 million yuan, showing a significant decline of 90.35% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.0323 million yuan, down 96.68% year-on-year [1] - The basic earnings per share were 0.0048 yuan [1]

[Important Notice](index=2&type=section&id=Important%20Notice) This report ensures the truthfulness, accuracy, and completeness of its content, with all directors attending board meetings and no audit conducted. The financial report is declared true, accurate, and complete by key personnel, with forward-looking statements not constituting substantial commitments. There are no non-operating fund occupations by controlling shareholders or related parties, no irregular external guarantees, and no significant risk warnings in this reporting period - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report content and assume legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited, but the company's head, chief accountant, and head of accounting department declare the financial report to be **true, accurate, and complete**[4](index=4&type=chunk)[5](index=5&type=chunk) - There are no profit distribution or capital reserve capitalization plans for the reporting period, nor are there any non-operating fund occupations by controlling shareholders or related parties, or external guarantees provided in violation of decision-making procedures[6](index=6&type=chunk)[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, specifies the reporting period as January to June 2025, and clarifies monetary units like Yuan, Ten Thousand Yuan, and Hundred Million Yuan. It also lists full names and abbreviations for the company, regulatory bodies, and key subsidiaries and affiliates to ensure accurate understanding - The reporting period is defined as **January to June 2025**[11](index=11&type=chunk) - It is clarified that "the Company," "Company," and "Chongqing Port" all refer to **Chongqing Port Co., Ltd**[11](index=11&type=chunk) - Definitions are provided for regulatory bodies including the **China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), Chongqing State-owned Assets Supervision and Administration Commission (SASAC)**, and key subsidiaries and affiliates such as Guoyuan Port and Luohuang Port[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines Chongqing Port Co., Ltd.'s basic information, contact details, history, disclosure channels, and stock overview, highlighting a slight revenue increase but significant profit decline in H1 2025 due to rising operating costs, and detailing non-recurring gains and losses [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides Chongqing Port Co., Ltd.'s Chinese name, abbreviation, English name, and abbreviation, confirming Qu Hong as the legal representative - The company's Chinese name is Chongqing Port Co., Ltd., abbreviated as **Chongqing Port**, with the English abbreviation **CQP**[13](index=13&type=chunk) - The company's legal representative is **Qu Hong**[13](index=13&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists the names, addresses, phone numbers, and email addresses of the company's Board Secretary Liu Hongwei and Securities Affairs Representative Zhao Xin for stakeholder communication - The Board Secretary is **Liu Hongwei**, and the Securities Affairs Representative is **Zhao Xin**, both with the contact address at **No. 298, Haier Road, Jiangbei District, Chongqing**[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details the historical changes in the company's registered address, which underwent two modifications between 2000 and 2021, finally settling at No. 1, Fuguang Avenue, Yuzui Town, Jiangbei District, Chongqing - The company's registered address changed on **October 16, 2000, and November 12, 2021**, finally becoming **No. 1, Fuguang Avenue, Yuzui Town, Jiangbei District, Chongqing**[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's chosen newspapers for information disclosure, the website for semi-annual reports, and the location where the reports are kept - The company's information disclosure newspapers are **Shanghai Securities News, Securities Times, and China Securities Journal**, with reports published on the **Shanghai Stock Exchange website**[16](index=16&type=chunk) - The company's semi-annual report is available at the **Company's Asset Securities Department**[16](index=16&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides basic information about the company's stock, including its type, listing exchange, current and former abbreviations, and stock code - The company's stock is **A-shares**, listed on the **Shanghai Stock Exchange**, with stock abbreviation "**Chongqing Port**" and code **600279**, previously "**Chongqing Gangjiu**"[17](index=17&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue grew by 3.31%, but total profit and net profit attributable to shareholders significantly decreased by 54.76% and 90.35% respectively, primarily due to increased operating costs from fixed asset depreciation, labor, and interest expenses, while net cash flow from operating activities surged by 372.88% 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Adjusted) (Yuan) | Change from Prior Year Period (%) | | :----------------------------------------------- | :------------------------------- | :---------------------------------- | :-------------------------------- | | Operating Revenue | 2,254,940,216.32 | 2,182,698,219.32 | 3.31 | | Total Profit | 58,315,558.57 | 128,900,644.69 | -54.76 | | Net Profit Attributable to Shareholders of Listed Company | 5,685,292.71 | 58,935,929.07 | -90.35 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 1,032,272.91 | 31,129,842.08 | -96.68 | | Net Cash Flow from Operating Activities | 238,537,456.71 | -87,415,265.74 | 372.88 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 6,741,029,442.52 | 6,734,610,979.67 | 0.10 | | Total Assets (Period-end) | 14,303,288,920.63 | 14,023,860,248.71 | 1.99 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period (Adjusted) | Change from Prior Year Period (%) | | :------------------------------------------------------- | :----------------------- | :--------------------------- | :-------------------------------- | | Basic Earnings Per Share (Yuan/share) | 0.0048 | 0.0497 | -90.35 | | Diluted Earnings Per Share (Yuan/share) | 0.0048 | 0.0497 | -90.35 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.0006 | 0.0262 | -97.87 | | Weighted Average Return on Net Assets (%) | 0.08 | 0.94 | Decrease of 0.86 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 0.02 | 0.50 | Decrease of 0.48 percentage points | - The significant decline in total profit and net profit attributable to the parent company is primarily due to the capitalization of some construction-in-progress projects into fixed assets in H2 2024, leading to increased depreciation, amortization, labor costs, and interest expenses, resulting in a **substantial rise in operating costs**[22](index=22&type=chunk) [IX. Non-recurring Gains and Losses and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the company's non-recurring gains and losses for H1 2025, totaling 4,653,019.80 Yuan, with government subsidies being the primary positive contributor, offset by non-current asset disposal losses and tax impacts 2025 H1 Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (Yuan) | | :-------------------------------- | :------------ | | Gains or losses from disposal of non-current assets | -121,095.04 | | Government subsidies recognized in current profit or loss | 4,703,110.26 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 10,714.27 | | Other non-operating income and expenses apart from the above | 584,109.14 | | Less: Income tax impact | 397,378.42 | | Minority interest impact (after tax) | 126,440.41 | | Total | 4,653,019.80 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes Chongqing Port's H1 2025 operations, covering industry overview, business development, production targets, key initiatives, and core competencies, highlighting significant growth in cargo and container throughput, progress in modern logistics, new quality productive forces, corporate governance, and green safety, while acknowledging financial challenges from rising costs and risks from macroeconomic and regional economic fluctuations [I. Description of the Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section explains the port industry's close ties to the macroeconomy, noting global economic recovery challenges but China's stable growth in H1 2025, leading to increased port cargo and container throughput, with the company's main business being port cargo transit and integrated logistics as a key inland river hub - In H1 2025, major national ports handled **8.9 billion tons of cargo**, a **4.0% year-on-year increase**, and **170 million TEUs of containers**, a **6.9% year-on-year increase**[28](index=28&type=chunk) - The company's core businesses include cargo handling, warehousing, and transit at port terminals, forming specialized terminal clusters for containers, general cargo, bulk cargo, commercial vehicles, and chemicals, with an annual cargo throughput capacity of approximately **81.76 million tons** and container throughput capacity of **2.67 million TEUs**[29](index=29&type=chunk) - The company is gradually transitioning from a traditional single port handling model to a **full-process logistics model**, expanding into trade logistics and supply chain logistics businesses[29](index=29&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, Chongqing Port navigated complex market conditions, achieving significant growth in cargo throughput (12.2%) and container throughput (25.2%) by advancing a modern multimodal transport system, deepening road-port cooperation, optimizing logistics routes, expanding inland port layouts, and enhancing digital and green operations 2025 H1 Company Production Indicators Completion | Indicator | Completion Volume | Annual Plan Completion Rate | Year-on-Year Growth (%) | | :----------------- | :---------------- | :-------------------------- | :---------------------- | | Cargo Throughput | 34.923 million tons | 50.6% | 12.2 | | Handling Natural Tons | 33.270 million tons | 49.7% | 8.9 | | Container Throughput | 0.702 million TEU | - | 25.2 | | Passenger Volume | 0.110 million person-times | - | -11.3 | - The company deepened road-port cooperation, with **railway freight volume increasing by 23.3%** year-on-year in H1, and optimized the "**Shanghai-Chongqing Direct Express Line**," operating **750 voyages**[31](index=31&type=chunk) - Guoji Company passed the on-site review for "**Four-Star Smart Port**," becoming the first green and smart "dual four-star" port in the upper Yangtze River, and deepened the application of its production business settlement and charging system, **reducing settlement time from 30 minutes to within 5 minutes**[34](index=34&type=chunk) - The company's **ESG Wind comprehensive rating improved from BBB to A**, with a **15.4% increase in overall score** and an **18.2% increase in total market capitalization** compared to the end of 2024[36](index=36&type=chunk) - In H1, the company completed **7,750 vessel pollutant receptions**, provided **7,700 shore power services** with approximately **2.36 million kWh of electricity consumption**, and invested approximately **8 million Yuan in environmental protection special funds**[38](index=38&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Chongqing Port's core competitiveness stems from its strategic location, robust hub functions, significant rail-water intermodal advantages, and prominent container handling capabilities, positioning it as a crucial node in national strategies with the largest and most advanced container hub in the upper Yangtze River - The company is located in the upper Yangtze River, a crucial node for interconnectivity in the national "**Belt and Road**" and "**Yangtze River Economic Belt**" strategies, with **Guoyuan Port being the largest container hub in the upper Yangtze River**[41](index=41&type=chunk) - The company's logistics network is smooth and efficient, connecting to the Pacific via the **Yangtze River Golden Waterway**, Central Asia and Europe via the **China-Europe Railway Express**, ASEAN countries via the **International Land-Sea Trade Corridor**, and Mongolia and Russia via the **Chongqing-Manzhouli-Russia International Railway Express**[41](index=41&type=chunk) - The company operates **four rail-water intermodal port areas**: Guoyuan Port, Wanzhou Hongxigou, Jiangjin Lanjia Tuo, and Luohuang Port, holding an **absolute advantage in rail-water intermodal capacity, coordination mechanisms, and service efficiency**[42](index=42&type=chunk) - The company's annual container throughput accounts for **over 90% of Chongqing's waterway container throughput**, possessing the **largest, most technologically advanced, and highest-quality container hub port** in the upper Yangtze River and Southwest region[42](index=42&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=11&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in key financial statement items, noting increased operating revenue and costs due to commodity trade, higher administrative expenses from capitalized construction-in-progress labor costs, and reduced financial expenses from optimized fund management. Operating cash flow significantly improved due to lower income tax, while investment cash flow decreased from reduced compensation, and financing cash flow surged from lower bank loan repayments Financial Statement Related Item Variation Analysis | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :----------------------------------------------- | :------------------------------- | :------------------------------- | :------------ | | Operating Revenue | 2,254,940,216.32 | 2,182,698,219.32 | 3.31 | | Operating Cost | 2,018,403,527.80 | 1,901,198,282.80 | 6.16 | | Administrative Expenses | 115,995,812.08 | 104,374,111.60 | 11.13 | | Financial Expenses | 46,511,299.07 | 54,439,754.31 | -14.56 | | Net Cash Flow from Operating Activities | 238,537,456.71 | -87,415,265.74 | 372.88 | | Net Cash Flow from Investing Activities | -98,645,310.54 | 115,217,757.66 | -185.62 | | Net Cash Flow from Financing Activities | -60,132,575.37 | -901,570,415.37 | 93.33 | - The increase in operating revenue and operating costs is primarily due to **commodity trading companies acquiring new customers**[44](index=44&type=chunk)[45](index=45&type=chunk) - The increase in administrative expenses is mainly due to the **reclassification of labor costs from capitalization to expensing** after construction-in-progress projects were transferred to fixed assets[45](index=45&type=chunk) Asset and Liability Status Changes | Item Name | Current Period End Amount (Yuan) | Current Period End % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | | :------------------------- | :------------------------------- | :--------------------------------- | :------------------------------- | :--------------------------------- | :--------------------------------- | | Monetary Funds | 1,782,598,412.01 | 12.46 | 1,694,911,047.16 | 12.09 | 5.17 | | Accounts Receivable | 242,015,359.41 | 1.69 | 169,039,517.40 | 1.21 | 43.17 | | Inventories | 600,087,313.52 | 4.20 | 346,758,493.81 | 2.47 | 73.06 | | Construction in Progress | 21,248,373.11 | 0.15 | 201,460,033.49 | 1.44 | -89.45 | | Short-term Borrowings | 60,000,000.00 | 0.42 | 14,293,526.33 | 0.10 | 319.77 | - Restricted monetary funds at period-end totaled **110,332,618.61 Yuan**, primarily for **bank acceptance bill deposits and frozen funds**; fixed assets of **1,184,062,504.66 Yuan** are pledged for sale-leaseback and operating fixed asset loans[48](index=48&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=13&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the business nature, registered capital, asset scale, and net profit of the company's major holding and participating companies, showing Chongqing Guoyuan Container Terminal Co., Ltd. as the largest in assets and highest in net profit, while Chongqing Guoyuan Port Co., Ltd. and Chongqing Luohuang Port Co., Ltd. incurred losses Financial Overview of Major Holding and Participating Companies | Company Name | Business Nature | Registered Capital (Million Yuan) | Asset Scale (Million Yuan) | Net Profit (Million Yuan) | | :--------------------------------- | :-------------- | :-------------------------------- | :------------------------- | :------------------------ | | Chongqing Guoyuan Port Co., Ltd. | Port Services | 1,162.20 | 2,469.42 | -16.96 | | Chongqing Guoyuan Container Terminal Co., Ltd. | Port Services | 1,999.62 | 5,140.84 | 41.84 | | Chongqing Luohuang Port Co., Ltd. | Port Services | 1,102.17 | 2,514.00 | -19.37 | | Chongqing Gangjiu Wanzhou Port Co., Ltd. | Port Services | 240.86 | 1,238.58 | 53.37 | | Chongqing Gangjiu Liangjiang Logistics Co., Ltd. | Logistics Services | 220.00 | 856.94 | 0.34 | | Chongqing Jiujiu Logistics Co., Ltd. | Logistics Services | 300.00 | 516.72 | 0.46 | | Chongqing Chemical Terminal Co., Ltd. | Port Services | 478.38 | 409.61 | 0.28 | | Chongqing Yuwu Civil Explosives Co., Ltd. | Sales Services | 48.25 | 263.08 | 3.48 | | Chongqing Jihai Shipping Co., Ltd. | Logistics Services | 71.43 | 102.72 | 0.84 | | Chongqing Zhongli Foreign Ship Tally Co., Ltd. | Tally Services | 7.50 | 19.53 | 1.89 | | Chongqing Jiangjin Port Co., Ltd. | Port Services | 150.00 | 314.44 | 0.51 | [V. Other Disclosure Matters](index=15&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks from macroeconomic and regional economic fluctuations, along with increased operating costs from new port operations. It also details the progress of the land and building expropriation for the controlling subsidiary Guoji Company's Cuntan Port, with 2,563.56 million Yuan in compensation received to date - The company faces **macroeconomic fluctuations, regional economic fluctuations**, and increased fixed costs and operational pressure from the commissioning of new ports[53](index=53&type=chunk) - The assets of controlling subsidiary Guoji Company's Cuntan Port were expropriated, with a compensation price of **4,871,654,920 Yuan**. As of the end of the reporting period, Guoji Company has cumulatively received **2,563,557,063 Yuan** in compensation[54](index=54&type=chunk)[55](index=55&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section reports on corporate governance, environmental, and social responsibilities, noting the departure of supervisor Wen Yumei, no interim profit distribution or capital reserve capitalization plans, the inclusion of Chongqing Sushang Port Logistics Co., Ltd. in the environmental information disclosure list, and the company's active participation in rural revitalization through industrial, consumption, and educational assistance [I. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) This section discloses the departure of company supervisor Wen Yumei during the reporting period, with no other changes in directors, supervisors, or senior management mentioned - During the reporting period, company supervisor **Wen Yumei resigned**[57](index=57&type=chunk) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=17&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) This section explicitly states that the company's proposed interim profit distribution or capital reserve capitalization plan is "No," meaning no such actions will be taken during this reporting period - The company's proposed interim profit distribution or capital reserve capitalization plan is "**No**"[57](index=57&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section indicates that Chongqing Sushang Port Logistics Co., Ltd., a subsidiary, is on the list of enterprises required to disclose environmental information by law, with an index provided for further details - **Chongqing Sushang Port Logistics Co., Ltd.** has been included in the list of enterprises required to disclose environmental information by law[58](index=58&type=chunk) [V. Specifics of Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization Efforts](index=18&type=section&id=V.%20Specifics%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) The company actively supports rural revitalization by assigning a first secretary to Zhanggu Village, Zhutuo Town, Yongchuan District, where oilseed rape cultivation generated 112,000 Yuan for the village collective and 1.2 million Yuan for farmers, alongside 27,000 Yuan in consumption assistance for impoverished households and 42,000 Yuan in educational subsidies for vocational students, effectively consolidating poverty alleviation achievements - The company dispatched a first secretary to assist **Zhanggu Village, Zhutuo Town, Yongchuan District**, in its rural revitalization efforts[59](index=59&type=chunk) - By planting over **2,000 mu of oilseed rape**, the company helped the village collective increase income by **112,000 Yuan** and farmers generate **1.2 million Yuan**[59](index=59&type=chunk) - The company cumulatively assisted impoverished households and monitoring households in selling agricultural products worth approximately **27,000 Yuan**, with the village agricultural service company assisting in sales of over **300,000 Yuan**; it also guided **15 vocational education students** in applying for educational subsidies totaling **42,000 Yuan**[59](index=59&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section details the company's and its related parties' fulfillment of commitments regarding independence, avoiding competition, and regulating related-party transactions, all strictly adhered to. It also confirms no non-operating fund occupation or irregular guarantees by controlling shareholders, discloses an estimated 420 million Yuan in annual related-party transactions for 2025, and reports total guarantees to subsidiaries of 998.7554 million Yuan, representing 14.82% of net assets [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the strict fulfillment of various commitments by the company's actual controllers, shareholders, related parties, and the company itself during or continuing into the reporting period, including ensuring independence, avoiding horizontal competition, and regulating related-party transactions, with no unfulfilled commitments - Chongqing Logistics Group committed to maintaining **independence from the listed company** in assets, personnel, finance, organization, and business, not occupying the listed company's funds, and continuously fulfilling these commitments effectively[61](index=61&type=chunk) - Chongqing Logistics Group committed to resolving horizontal competition issues within **60 months** after the transfer through asset restructuring, business adjustments, and other measures, strictly adhering to laws and regulations, and not seeking improper benefits[61](index=61&type=chunk)[62](index=62&type=chunk) - Gangwu Logistics Group and Wanzhou Port committed to avoiding horizontal competition, including actively improving the operating conditions of entrusted assets, reporting net asset returns, and **injecting entrusted assets into the listed company when conditions are met**[63](index=63&type=chunk)[64](index=64&type=chunk) [X. Significant Related-Party Transactions](index=23&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's estimated annual routine related-party transactions for 2025, which are projected to be 420 million Yuan and have been approved by the 2024 Annual General Meeting of Shareholders - The company's 2025 annual routine related-party transactions are estimated at **420 million Yuan**, approved by the shareholders' meeting[66](index=66&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=25&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant guarantees, both fulfilled and ongoing, during the reporting period. While no external guarantees were made, guarantees to subsidiaries totaled 3.9834 million Yuan in the period, with an outstanding balance of 998.7554 million Yuan at period-end, representing 14.82% of the company's net assets Company Guarantee Total Situation | Indicator | Amount (Million Yuan) | | :--------------------------------- | :-------------------- | | Total guarantees to subsidiaries incurred during the reporting period | 3.9834 | | Total outstanding guarantees to subsidiaries at period-end (B) | 998.7554 | | Total Guarantees (A+B) | 998.7554 | | Percentage of total guarantees to company's net assets (%) | 14.82 | - The company has not provided guarantees to shareholders, actual controllers, or their related parties, nor has it directly or indirectly provided debt guarantees for guaranteed entities with a **debt-to-asset ratio exceeding 70%**[70](index=70&type=chunk) [Section VI Share Changes and Shareholder Information](index=27&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share changes and shareholder information for the reporting period, confirming no changes in total shares or capital structure. As of the period-end, there were 44,094 common shareholders, with Chongqing Port Logistics Group Co., Ltd. holding the largest stake at 48.69% and acting in concert with Chongqing Wanzhou Port (Group) Co., Ltd [I. Changes in Share Capital](index=27&type=section&id=I.%20Changes%20in%20Share%20Capital) This section explicitly states that there were no changes in the company's total shares or share capital structure during the reporting period - During the reporting period, there were **no changes in the company's total shares or share capital structure**[73](index=73&type=chunk) [II. Shareholder Information](index=27&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 44,094 common shareholders. Among the top ten, Chongqing Port Logistics Group Co., Ltd. held 48.69% as the largest shareholder, with SDIC Communications Holding Co., Ltd. holding 14.91%, and Chongqing Wanzhou Port (Group) Co., Ltd. identified as an acting-in-concert party with the largest shareholder - As of the end of the reporting period, the company had a total of **44,094 common shareholders**[74](index=74&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name (Full Name) | Shares Held at Period-End | Percentage (%) | Shareholder Nature | | :--------------------------------- | :------------------------ | :------------- | :----------------- | | Chongqing Port Logistics Group Co., Ltd. | 577,934,762 | 48.69 | State-owned Legal Person | | SDIC Communications Holding Co., Ltd. | 176,965,618 | 14.91 | State-owned Legal Person | | Chongqing Wanzhou Port (Group) Co., Ltd. | 21,826,900 | 1.84 | State-owned Legal Person | | Zhao Bo | 15,610,038 | 1.32 | Domestic Natural Person | | HKSCC Nominees Limited | 10,342,376 | 0.87 | Unknown | | Xu Kaidong | 8,858,000 | 0.75 | Domestic Natural Person | | Zhao Xuebin | 4,793,503 | 0.40 | Domestic Natural Person | | Ding Zhanglei | 4,470,000 | 0.38 | Domestic Natural Person | | Mao Shunhua | 4,300,700 | 0.36 | Domestic Natural Person | | Gao Xueping | 3,500,022 | 0.29 | Domestic Natural Person | - **Chongqing Wanzhou Port (Group) Co., Ltd.** is a controlled subsidiary of Gangwu Logistics Group, the company's largest shareholder, and is an **acting-in-concert party**[77](index=77&type=chunk) [Section VII Bond-Related Information](index=30&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds, during the reporting period - During the reporting period, the company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[81](index=81&type=chunk) - During the reporting period, the company had **no convertible corporate bonds**[81](index=81&type=chunk) [Section VIII Financial Report](index=31&type=section&id=Section%20VIII%20Financial%20Report) This core financial section of Chongqing Port Co., Ltd.'s H1 2025 report includes unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on company basics, accounting policies, taxes, financial statement items, equity in other entities, government grants, financial instrument risks, fair value disclosures, related parties, commitments, subsequent events, other significant matters, and supplementary information, reflecting increased revenue but reduced profit due to higher costs, and significantly improved operating cash flow [II. Financial Statements](index=31&type=section&id=II.%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company balance sheets as of June 30, 2025, income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025, reflecting the financial position, operating results, and cash flows for the period - The consolidated balance sheet shows that as of June 30, 2025, the company's **total assets were 14,303,288,920.63 Yuan**, **total liabilities were 5,546,190,610.60 Yuan**, and **total owners' equity was 8,757,098,310.03 Yuan**[85](index=85&type=chunk) - The consolidated income statement shows that for H1 2025, **total operating revenue was 2,254,940,216.32 Yuan**, **net profit was 37,059,007.64 Yuan**, and **net profit attributable to parent company shareholders was 5,685,292.71 Yuan**[90](index=90&type=chunk)[91](index=91&type=chunk) - The consolidated cash flow statement shows that for H1 2025, **net cash flow from operating activities was 238,537,456.71 Yuan**, **net cash flow from investing activities was -98,645,310.54 Yuan**, and **net cash flow from financing activities was -60,132,575.37 Yuan**[95](index=95&type=chunk)[96](index=96&type=chunk) [III. Company Profile](index=48&type=section&id=III.%20Company%20Profile) This section outlines Chongqing Port Co., Ltd.'s registration, history, business nature, and main operations, established in 1999 and listed on the SSE in 2000, primarily engaged in the port industry, offering cargo transit and integrated logistics services, including handling, warehousing, and commodity trade - The company was established on **January 8, 1999**, and listed on the **Shanghai Stock Exchange on July 31, 2000**, becoming the **first inland river port listed company on the Yangtze River** in China[109](index=109&type=chunk) - The company's main business is in the **port industry within transportation**, with a primary scope including inter-provincial general cargo ship transportation on the Yangtze River main stream and its tributaries, terminal services, cargo handling, warehousing, logistics services, and container handling[109](index=109&type=chunk) - The main products or services provided are **handling and integrated logistics, commodity trade**, and others[109](index=109&type=chunk) [IV. Basis of Financial Statement Preparation](index=48&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, and an assessment of its ability to continue as a going concern for the next 12 months from the reporting period end revealed no significant doubts - The company's financial statements are prepared on a **going concern basis**[110](index=110&type=chunk) - The company assessed its ability to continue as a going concern for the next 12 months and found **no significant doubts**[111](index=111&type=chunk) [V. Significant Accounting Policies and Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, reporting period, operating cycle, functional currency, and materiality criteria for financial statement preparation. It highlights key accounting policies and estimates, including business combinations, consolidated financial statements, financial instrument classification and measurement, fixed asset recognition and depreciation, revenue recognition principles, and government grant accounting - The company's financial statements comply with **Enterprise Accounting Standards**, accurately and completely reflecting its financial position[112](index=112&type=chunk) - Financial assets are classified into three categories: measured at **amortized cost**, measured at **fair value through other comprehensive income**, and measured at **fair value through profit or loss**[127](index=127&type=chunk)[128](index=128&type=chunk) - Fixed asset depreciation uses the **straight-line method**, with depreciation periods of **8-30 years for handling machinery and equipment**, **20-50 years for port facilities**, and **20-40 years for buildings and structures**[155](index=155&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to the performance obligation, with specific recognition points detailed based on business types (sale of goods, provision of services)[171](index=171&type=chunk)[172](index=172&type=chunk) [VI. Taxation](index=61&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge. Some subsidiaries benefit from a reduced corporate income tax rate of 15% under the Western Development policy, while others are taxed at 25% Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :------------------------- | :--------------------------------------------------------------------------------- | :--------- | | Value-Added Tax (VAT) | Commodity trade revenue, handling services, passenger and cargo agency services, integrated logistics, rental income | 13%, 6%, 9% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 15% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - Six subsidiaries, including **Chongqing Zhongli Foreign Ship Tally Co., Ltd. and Chongqing Gangjiu Wanzhou Port Co., Ltd.**, are subject to a **reduced corporate income tax rate of 15%** due to qualifying for the Western Development policy[182](index=182&type=chunk)[183](index=183&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=61&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for key consolidated financial statement items, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, long-term equity investments, deferred tax assets/liabilities, short-term and long-term borrowings, employee compensation, operating revenue and costs, various expenses, investment income, credit impairment losses, asset impairment losses, non-operating income/expenses, and cash flow items. These notes explain period-end balances, beginning balances, current period changes and their reasons, and disclose restricted assets, bad debt provisions, and related-party transactions - Monetary funds at period-end totaled **1,782,598,412.01 Yuan**, of which **110,332,618.60 Yuan were restricted**, primarily for bank acceptance bill deposits and litigation-frozen funds[185](index=185&type=chunk)[186](index=186&type=chunk) - Accounts receivable at period-end totaled **242,015,359.41 Yuan**, an increase of **43.17%** from the beginning of the period, mainly due to increased receivables from subsidiaries Luohuang Port and Gangjiu Wanzhou[47](index=47&type=chunk)[199](index=199&type=chunk) - Construction in progress at period-end totaled **21,248,373.11 Yuan**, a decrease of **89.45%** from the beginning of the period, mainly due to the transfer of construction in progress to fixed assets[47](index=47&type=chunk)[248](index=248&type=chunk) - Operating revenue for the current period was **2,254,940,216.32 Yuan**, and operating cost was **2,018,403,527.80 Yuan**, primarily due to revenue and cost growth from commodity trading companies acquiring new customers[317](index=317&type=chunk)[44](index=44&type=chunk) - Net cash flow from operating activities for the current period was **238,537,456.71 Yuan**, compared to -87,415,265.74 Yuan in the prior period, a significant improvement mainly due to **reduced corporate income tax paid** in the current period compared to the same period last year[96](index=96&type=chunk)[45](index=45&type=chunk) [X. Equity in Other Entities](index=114&type=section&id=X.%20Equity%20in%20Other%20Entities) This section details the company's equity in subsidiaries, joint ventures, and associates, including 14 major controlled subsidiaries, with Chongqing Guoyuan Container Terminal Co., Ltd. being a significant non-wholly-owned subsidiary where minority shareholders hold 35% and were attributed 14.645 million Yuan in profit this period. Important associates like Shanmei Chongqing Port Logistics Co., Ltd. and Yibin Port International Container Terminal Co., Ltd. are also noted Composition of Enterprise Group's Major Subsidiaries | Company Name | Business Nature | Shareholding Ratio (%) | | :--------------------------------- | :-------------- | :--------------------- | | Chongqing Guoyuan Port Co., Ltd. | Port Services | 100 | | Chongqing Guoyuan Container Terminal Co., Ltd. | Port Services | 65 | | Chongqing Luohuang Port Co., Ltd. | Port Services | 100 | | Chongqing Gangjiu Wanzhou Port Co., Ltd. | Port Services | 100 | | Chongqing Gangjiu Liangjiang Logistics Co., Ltd. | Logistics Services, Commodity Trade | 100 | | Chongqing Jiujiu Logistics Co., Ltd. | Logistics Services, Commodity Trade | 100 | | Chongqing Chemical Terminal Co., Ltd. | Port Services | 65 | | Chongqing Yuwu Civil Explosives Co., Ltd. | Logistics Services, Commodity Trade | 67.17 | | Chongqing Jihai Shipping Co., Ltd. | Logistics Services | 65 | | Chongqing Zhongli Foreign Ship Tally Co., Ltd. | Tally Services | 84 | | Chongqing Jiangjin Port Co., Ltd. | Port Services | 60 | | Chongqing Kaidong Logistics Co., Ltd. | Logistics Transportation | 51 | | Chongqing Sushang Port Logistics Co., Ltd. | Handling and Warehousing Industry | 68 | | Chongqing Wanzhou District Hongxigou Logistics Co., Ltd. | Resident Services Industry | 51 | Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit Attributable to Minority Shareholders (Yuan) | Dividends Declared to Minority Shareholders in Current Period (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--------------------------------- | :------------------------------ | :------------------------------------------------- | :------------------------------------------------- | :--------------------------------- | | Chongqing Guoyuan Container Terminal Co., Ltd. | 35.00% | 14,645,043.23 | 35,000,000.00 | 1,659,231,341.89 | | Chongqing Chemical Terminal Co., Ltd. | 35.00% | 98,474.25 | - | 101,656,125.56 | Financial Information of Significant Associates | Associate Name | Operating Revenue (Million Yuan) | Net Profit (Million Yuan) | | :--------------------------------- | :------------------------------- | :------------------------ | | Shanmei Chongqing Port Logistics Co., Ltd. | 540.75 | 1.14 | | Yibin Port International Container Terminal Co., Ltd. | 38.35 | 0 | [XI. Government Grants](index=119&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grants recognized in current profit or loss during the reporting period, totaling 2,475,552.12 Yuan, primarily consisting of income-related government subsidies Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :----------- | :--------------------------- | :--------------------------- | | Income-related | 2,475,552.12 | 18,813,261.72 | | Total | 2,475,552.12 | 18,813,261.72 | - New government grants for the current period totaled **19,169,198.26 Yuan**, with **2,475,552.12 Yuan transferred to other income** this period, and the deferred income balance at period-end was **264,029,492.94 Yuan**[369](index=369&type=chunk) [XII. Risks Related to Financial Instruments](index=120&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section describes the company's exposure to credit, liquidity, and market risks (including exchange rate, interest rate, and other price risks) in its operations. The company manages these risks by transacting with reputable banks and third parties, continuously monitoring accounts receivable, and utilizing bank borrowings and a combination of long-term and short-term financing to ensure continuous and flexible funding - The company faces **credit risk, liquidity risk, and market risk** (including exchange rate risk, interest rate risk, and other price risks)[370](index=370&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, other receivables, etc., which the company manages by transacting with **reputable banks and third parties** and **continuously monitoring accounts receivable**[370](index=370&type=chunk) - Liquidity risk is controlled by utilizing **bank borrowings** and a suitable combination of long-term and short-term financing, with credit lines obtained from multiple commercial banks[371](index=371&type=chunk) [XIII. Disclosure of Fair Value](index=121&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the company's assets and liabilities measured at fair value at period-end, specifically noting that accounts receivable financing of 63,098,983.45 Yuan is continuously measured at fair value and classified as a Level 1 fair value measurement item Fair Value Measurement Items at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :----------- | | Accounts Receivable Financing | 63,098,983.45 | - | - | 63,098,983.45 | - The total assets continuously measured at fair value amounted to **63,098,983.45 Yuan**, primarily consisting of **accounts receivable financing**[379](index=379&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=123&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and transactions, identifying Chongqing Port Logistics Group Co., Ltd. as the parent company with 48.69% ownership and 50.53% voting rights through its controlled subsidiaries, ultimately controlled by Chongqing SASAC. The company engages in routine related-party transactions with its parent, subsidiaries, associates, and other entities under common control, including purchases, sales, service provision, entrusted management, leasing, guarantees, and receivables/payables, all commitments strictly fulfilled - **Chongqing Port Logistics Group Co., Ltd.** is the company's parent company, holding **48.69% of shares** and a total of **50.53% of voting rights** through its controlled subsidiaries, with the ultimate controlling party being the **Chongqing State-owned Assets Supervision and Administration Commission**[382](index=382&type=chunk) Related-Party Transactions for Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (Yuan) | | :------------------------------------------ | :-------------------------- | :--------------------------- | | Chongqing Logistics Group Asset Management Co., Ltd. | Purchase of Goods | 4,476,564.78 | | Shanmei Chongqing Port Logistics Co., Ltd. | Purchase of Goods | 7,657,339.47 | | Yibin Port International Container Terminal Co., Ltd. | Acceptance of Services | 214,422.02 | | Chongqing Gangjiu Port-Rail Logistics Co., Ltd. | Acceptance of Services | 10,569,023.29 | | Chongqing Gangsheng Shipping Co., Ltd. | Acceptance of Services | 13,101,372.06 | Related-Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (Yuan) | | :------------------------------------------ | :-------------------------- | :--------------------------- | | Shanmei Chongqing Port Logistics Co., Ltd. | Sale of Goods | 6,276,240.16 | | Chongqing Wanzhou Port (Group) Co., Ltd. | Sale of Goods | 55,566,707.80 | | Chongqing (Shipping) Group Co., Ltd. | Provision of Services | 11,161,942.68 | | Chongqing Gangjiu Port-Rail Logistics Co., Ltd. | Provision of Services | 16,141,807.63 | | Chongqing Pacific International Bonded Logistics Co., Ltd. | Provision of Services | 21,067,220.13 | - The company, as the guaranteed party, received a guarantee from **Chongqing Logistics Group Co., Ltd.** for **610,870,000 Yuan**, with a start date of March 30, 2019, and an end date of March 30, 2032, which is **still outstanding**[402](index=402&type=chunk) - Key management personnel compensation for the current period amounted to **1.9295 million Yuan**[403](index=403&type=chunk) [XVI. Commitments and Contingencies](index=133&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that there are no significant contingent matters requiring disclosure by the company as of the balance sheet date - The company has **no significant contingent matters requiring disclosure**[408](index=408&type=chunk) [XVIII. Other Significant Matters](index=134&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the company's annuity plan and segment information. The company has established an enterprise annuity scheme, jointly funded by the entity and employees, operating on a fully funded and individual account basis with clear vesting rules. Segment information is determined by industry, including handling, logistics, and passenger/cargo agency operations, and commodity trade operations, with respective revenues, costs, assets, and liabilities disclosed - The company has established an **enterprise annuity scheme**, with costs jointly borne by the entity and employees, operating on a **fully funded and individual account management basis**[408](index=408&type=chunk)[409](index=409&type=chunk)[410](index=410&type=chunk) - Employee contributions and their investment returns in the enterprise annuity individual account are **vested in the employee from the outset**, while employer contributions and their investment returns are vested in stages based on years of service, with a **100% vesting ratio when N (years of service) ≥ 8 years**[411](index=411&type=chunk)[412](index=412&type=chunk) Reporting Segment Financial Information | Item | Handling, Logistics, and Passenger/Cargo Agency Operations Segment (Yuan) | Commodity Trade Operations Segment (Yuan) | Eliminations (Yuan) | Total (Yuan) | | :--------------------------------- | :------------------------------------------------------- | :--------------------------------- | :----------------- | :----------------- | | Operating Revenue | 628,221,448.34 | 1,521,079,806.37 | 105,638,961.61 | 2,254,940,216.32 | | Operating Cost | 418,326,091.69 | 1,494,961,440.62 | 105,115,995.49 | 2,018,403,527.80 | | Total Assets | 18,101,469,664.17 | 1,636,740,762.62 | 5,434,921,506.16 | 14,303,288,920.63 | | Total Liabilities | 5,058,894,657.45 | 799,678,886.63 | 312,382,933.48 | 5,546,190,610.60 | [XIX. Notes to Parent Company Financial Statement Items](index=136&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the parent company's key financial statement items, including accounts receivable (12,176,751.51 Yuan, 87.71% current), other receivables (93,503,375.09 Yuan, 87.66% intercompany, 96.18% current), long-term equity investments (5,275,515,130.63 Yuan, including 5,072,632,215.38 Yuan in subsidiaries), operating revenue (55,331,523.48 Yuan), and investment income (157,135,961.10 Yuan, mainly from long-term equity investments accounted for using the cost method) - The parent company's accounts receivable at period-end totaled **12,176,751.51 Yuan**, with **87.71%** having an aging of less than one year[418](index=418&type=chunk)[420](index=420&type=chunk) - The parent company's other receivables at period-end totaled **93,503,375.09 Yuan**, with **intercompany balances accounting for 87.66%** and **96.18% having an aging of less than one year**[432](index=432&type=chunk)[434](index=434&type=chunk) - The parent company's total long-term equity investments amounted to **5,275,515,130.63 Yuan**, including **5,072,632,215.38 Yuan in subsidiaries** and **202,882,915.25 Yuan in associates and joint ventures**[445](index=445&type=chunk) - The parent company's operating revenue for the current period was **55,331,523.48 Yuan**, and operating cost was **47,848,113.65 Yuan**[452](index=452&type=chunk) - The parent company's investment income for the current period was **157,135,961.10 Yuan**, primarily from **long-term equity investment income of 157,974,240.54 Yuan** accounted for using the cost method[454](index=454&type=chunk) [XX. Supplementary Information](index=147&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses for the current period, totaling 4,653,019.80 Yuan, primarily from government grants, and key metrics such as basic earnings per share of 0.0048 Yuan/share and a weighted average return on net assets of 0.08% Current Period Non-recurring Gains and Losses Details | Item | Amount (Yuan) | | :-------------------------------- | :------------ | | Gains or losses from disposal of non-current assets | -121,095.04 | | Government subsidies recognized in current profit or loss | 4,703,110.26 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 10,714.27 | | Other non-operating income and expenses | 584,109.14 | | Less: Income tax impact | 397,378.42 | | Minority interest impact (after tax) | 126,440.41 | | Total | 4,653,019.80 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :------------------------------------------------------- | :------------------------------------ | :----------------------- | :------------------------- | | Net profit attributable to ordinary shareholders of the company | 0.08 | 0.0048 | 0.0048 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 0.02 | 0.0006 | 0.0006 |

Core Insights - The company reported a revenue of 2.255 billion yuan for the first half of 2025, representing a year-on-year growth of 3.31% [1] - The net profit attributable to shareholders was 5.6853 million yuan, showing a significant decrease of 90.35% compared to the previous year [1] - The basic earnings per share were 0.0048 yuan, also reflecting a decline of 90.35% year-on-year [1]

Market Performance - On August 22, the Chongqing state-owned enterprise reform sector rose by 0.74% compared to the previous trading day, with Chuan Yi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Chuan Yi Co., Ltd. (603100) closed at 21.38, with a gain of 4.09% and a trading volume of 220,000 shares, amounting to a transaction value of 472 million yuan [1] - Other notable stocks included *ST Hui Cheng (002168) with a closing price of 5.08, up 3.89%, and Southwest Securities (600369) at 4.96, up 1.64% [1] Capital Flow - The Chongqing state-owned enterprise reform sector experienced a net outflow of 65.56 million yuan from institutional investors and 71.37 million yuan from speculative funds, while retail investors saw a net inflow of 137 million yuan [2] - The capital flow for individual stocks showed that Southwest Securities had a net inflow of 19.95 million yuan from institutional investors, while Chuan Yi Co., Ltd. had a net outflow of 38.78 million yuan from speculative funds [3]

金融界消息 截至2025年8月19日收盘，重庆港（600279）报收于5.64元，下跌1.05%，换手率1.05%，成 交量12.49万手，成交金额7067.42万元。 重庆港最新一期业绩显示，截至2025一季报，公司营业总收入11.10亿元、同比减少20.30%，归属净利 润871.67万元，同比减少213.98%，扣非净利润1050.17万元，同比减少3605.87%，流动比率1.953、速动 比率1.679、资产负债率39.39%。 来源：金融界 通过天眼查大数据分析，重庆港股份有限公司共对外投资了22家企业，参与招投标项目77次，知识产权 方面有商标信息10条，此外企业还拥有行政许可12个。 资金流向方面，今日主力资金净流出1468.23万元，占比成交额20.77%。其中，超大单净流出62.68万 元、占成交额0.89%，大单净流出1405.55万元、占成交额19.89%，中单净流出流入104.72万元、占成交 额1.48%，小单净流入1363.51万元、占成交额19.29%。 天眼查商业履历信息显示，重庆港股份有限公司，成立于1999年，位于重庆市，是一家以从事水上运输 业为主的企业。企业注册资本1 ...

Core Viewpoint - Chongqing Port's stock closed at 5.64 yuan, down 1.05%, with a rolling PE ratio of 13.06 times and a total market value of 6.694 billion yuan [1][2]. Company Summary - Chongqing Port's main business includes port cargo transshipment and comprehensive logistics, with key products being loading and unloading services, freight forwarding, comprehensive logistics, commodity trading, and blasting construction [1]. - The company has filed for 7 patents and obtained 26 software copyright registrations in the past year [1]. - Chongqing Port was included in the Ministry of Transport's "National Smart Port Innovation Case Collection" and has improved port efficiency by over 30% through digital empowerment [1]. - The company aims to become the first "Double Four-Star Port" in the upper reaches of the Yangtze River [1]. Financial Performance - For Q1 2025, the company reported revenue of 1.11 billion yuan, a year-on-year decrease of 20.30%, and a net loss of approximately 8.72 million yuan, a year-on-year decline of 213.98% [2]. - The sales gross margin stood at 8.88% [2]. Industry Comparison - The average PE ratio for the shipping and port industry is 15.01 times, with a median of 16.02 times, placing Chongqing Port at 12th in the industry ranking [2]. - The company's PE (TTM) is 13.06, while the static PE is 12.65, and the price-to-book ratio is 0.99 [2].

Core Viewpoint - The company operates in the port and logistics sector, focusing on multi-modal transportation and comprehensive logistics services, with a strong position in the southwestern region of China [2][7]. Company Overview - The company, Chongqing Port Co., Ltd., was established on January 8, 1999, and listed on July 31, 2000. Its main business includes port handling, warehousing, and multi-modal transportation [7]. - The revenue composition of the company is as follows: 54.28% from commodity trading, 31.90% from handling and agency services, 13.13% from comprehensive logistics, and 0.04% from blasting construction [7]. - The company is a state-owned enterprise controlled by the Chongqing State-owned Assets Supervision and Administration Commission [3]. Business Operations - The company has a strong port terminal capacity and has invested in the construction and expansion of port facilities, making it a key hub for container and bulk cargo handling in the southwestern region [2]. - It integrates various logistics resources, including warehousing, shipping, rail, and road transport, to enhance trade logistics and supply chain logistics [2]. - The subsidiary, Chongqing Yuwu Civil Explosive Materials Co., Ltd., specializes in civil explosive materials and raw materials [2]. Market Position - The company is strategically located at the intersection of major national initiatives such as the "Belt and Road" and the Yangtze River Economic Belt, enhancing its connectivity and logistics capabilities [2]. - As of March 31, the company had 37,100 shareholders, with an average of 31,982 circulating shares per person, indicating a slight decrease in shareholder numbers [7]. Financial Performance - For the first quarter of 2025, the company reported a revenue of 1.11 billion yuan, a year-on-year decrease of 19.52%, and a net profit attributable to shareholders of -8.72 million yuan, a significant decline of 2125.32% [7]. - The company has distributed a total of 799 million yuan in dividends since its A-share listing, with 148 million yuan distributed in the last three years [8].

Group 1 - The stock price of Chongqing Port closed at 5.71 yuan on August 13, 2025, down 1.55% from the previous trading day [1] - The trading volume for the day was 174,900 hands, with a transaction amount of 100 million yuan [1] - Chongqing Port primarily engages in port loading and unloading, warehousing, and transportation, belonging to the shipping port industry [1] Group 2 - The company is exploring a "logistics + industry" cooperation model and is considering promoting this model to other self-owned ports [1] - Previously, Jiangjin Port, a subsidiary of the company, introduced Jinlongyu as a strategic investor [1] Group 3 - On August 13, the net outflow of main funds was 6.6939 million yuan, accounting for 0.1% of the circulating market value [1] - Over the past five days, the cumulative net inflow of main funds was 10.5128 million yuan, representing 0.16% of the circulating market value [1]