Market Overview - On November 12, the Tianjin state-owned enterprise reform sector declined by 0.36% compared to the previous trading day, with Baili Electric leading the decline [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with T-712 rising by 1.98% to close at 20.56, and Baili Electric falling by 3.54% to close at 7.08 [1][2] - The trading volume and turnover for T-712 were 302,000 shares and 636 million yuan, respectively [1] Capital Flow - The Tianjin state-owned enterprise reform sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 168 million yuan [2] - The capital flow data indicates that while institutional and speculative funds withdrew, retail investors were actively buying into the sector [2][3] Individual Stock Analysis - T-712 had a net inflow of 78.32 million yuan from institutional investors, while Baili Electric saw a significant outflow of 78.51 million yuan [3] - The stock of Tianjin Port closed at 4.89, down 0.41%, with a trading volume of 209,600 shares [2][3]

Group 1 - The company held its 11th third temporary board meeting on November 10, 2025, via communication voting, with all 9 directors present, ensuring the meeting's legality and effectiveness [2][5] - The board approved the proposal for Tianjin Port Logistics Development Co., Ltd. to transfer 60% of its equity in Tianjin China Railway Storage and Transportation Co., Ltd. to optimize asset structure and integrate resources, with the assessed value of the equity at 37.54 million yuan and the transfer price set at 22.52 million yuan [3][12][13] - The transaction will be conducted through public listing, with uncertainties regarding the counterparty and whether it constitutes a related party transaction, and it does not qualify as a major asset restructuring under relevant regulations [3][12][22] Group 2 - The board also approved the performance assessment and salary determination results for the company's professional managers for the year 2024, based on the completion of various performance indicators [6][8] - The transaction is expected to enhance the company's focus on its core port logistics business, improve operational efficiency, mitigate risks associated with the coal trade industry, and recover funds for equipment upgrades, potentially increasing the company's gross margin by approximately 7.57 percentage points [23]

Core Viewpoint - Tianjin Port is divesting 60% of its stake in China Railway Storage and Transportation Co., Ltd. to optimize its asset structure and focus on core business operations, with a transfer price set at 22.5243 million yuan [2][3] Group 1: Company Overview - Tianjin Port is a significant modern comprehensive port in China, engaged in loading, sales, logistics, and integrated port services [2] - For the first three quarters of 2025, Tianjin Port reported a revenue of 9.372 billion yuan and a net profit attributable to shareholders of 780 million yuan [2] Group 2: Details of the Divestment - The divestment involves transferring 60% of the shares of China Railway Storage and Transportation, which was established in 2004 and primarily engages in warehousing and transportation services [2] - The assessed value of the total equity of China Railway Storage is 37.5405 million yuan, with a value increase rate of 0.06% [3] - The transaction will not include performance guarantees, and the transfer price will be settled in a lump sum [3] Group 3: Strategic Rationale - The divestment aims to shed non-core businesses, reduce low-yield operations, and enhance operational efficiency and competitiveness [3] - The company anticipates that this move will mitigate investment risks associated with the coal trade sector due to energy transition and improve cash flow and asset-liability structure, potentially increasing gross margin by approximately 7.57 percentage points [3] Group 4: Port Operations and Performance - Tianjin Port has a diverse range of berths for various cargo types and is actively expanding its port functions to enhance risk resilience [4] - The port maintains trade relations with over 500 ports in more than 180 countries and regions, with 147 container shipping routes [4] - As of the first half of 2025, Tianjin Port ranked 7th in cargo throughput and 6th in container throughput among coastal ports in China [4]

Core Viewpoint - Tianjin Port is divesting 60% of its stake in China Railway Storage and Transportation Co., Ltd. to optimize its asset structure and focus on core business operations, with a transfer price of 22.5243 million yuan [1][2] Group 1: Company Overview - Tianjin Port is a significant modern comprehensive port in China, engaged in loading, sales, logistics, and port-related services [1] - The company reported a revenue of 9.372 billion yuan and a net profit of 780 million yuan for the first three quarters of 2025 [1] Group 2: Details of the Divestment - The divestment involves transferring 60% of the shares of China Railway Storage and Transportation, which was established in 2004 and primarily engages in warehousing and transportation services [1] - The assessed value of the total equity of China Railway Storage is 37.5405 million yuan, with a value increase rate of 0.06% [2] - The transaction will not include performance guarantees, and the transfer price will be settled in a lump sum [2] Group 3: Strategic Rationale - The divestment aims to shed non-core businesses, reduce low-yield operations, and enhance operational efficiency and competitiveness [2] - The company anticipates that this move will improve its gross margin by approximately 7.57 percentage points [2] Group 4: Port Operations and Performance - Tianjin Port has a diverse range of berths for various cargo types and maintains trade relations with over 500 ports globally [3] - The port's container shipping routes total 147, with a hinterland area of nearly 5 million square kilometers, accounting for 52% of the national total [3] - In the first half of 2025, Tianjin Port ranked 7th in cargo throughput and 6th in container throughput among coastal ports in China [3]

Core Viewpoint - The transfer of 60% equity in China Railway Storage and Transportation (中铁储运) is valued at a minimum price of 22.52 million yuan, with the total equity assessed at 37.54 million yuan, indicating a strategic shift for Tianjin Port to focus on its core logistics operations and mitigate risks associated with the coal trading industry [1] Financial Summary - China Railway Storage and Transportation is projected to achieve a revenue of 2.548 billion yuan and a total profit of 308,400 yuan in 2024, contributing 21.11% and 0.02% to Tianjin Port's revenue and total profit respectively [1] - Following the completion of the equity transfer, Tianjin Port will no longer consolidate China Railway Storage and Transportation's financials, leading to a corresponding decrease in both revenue and total profit [1] Strategic Implications - The equity transfer is aimed at enhancing Tianjin Port's operational efficiency and competitiveness by focusing on its core port loading and unloading logistics business [1] - The transaction is expected to help the company avoid investment risks associated with the energy transition in the coal trading sector, thereby strengthening operational resilience [1] - Funds recovered from the transaction will be utilized for upgrading equipment and facilities, improving cash flow and asset-liability structure, which could lead to an approximate 7.57 percentage point increase in gross profit margin, ultimately enhancing overall operational quality [1]

Core Viewpoint - Tianjin Port is divesting 60% of its stake in China Railway Storage and Transportation Co., Ltd. to optimize its asset structure and focus on core business operations [1][2] Group 1: Transaction Details - The stake is being offered at a price of 22.5243 million yuan, with the total assessed value of the shareholder equity at 37.5405 million yuan, reflecting a 0.06% increase [2] - The transaction will be conducted through a public bidding process, with the buyer assuming all existing debts and obligations of the target company [2] - The transaction has been approved by Tianjin Port's board and will not constitute a major asset restructuring [2] Group 2: Financial Performance - For the first three quarters of 2025, Tianjin Port reported revenues of 9.372 billion yuan and a net profit of 780 million yuan [1] - China Railway Storage and Transportation generated revenues of 2.548 billion yuan in 2024, accounting for 21.11% of Tianjin Port's total revenue, but its profit was only 30,840 yuan, representing 0.02% of Tianjin Port's total profit [1][2] - As of September 30, 2025, China Railway Storage and Transportation had total assets valued at 187 million yuan and liabilities of 149 million yuan [1] Group 3: Strategic Objectives - The divestiture aims to reduce the company's engagement in low-yield businesses and enhance operational efficiency and competitiveness [2] - The move is intended to mitigate investment risks associated with the coal trade sector due to energy transition [2] - Proceeds from the sale will be used for upgrading equipment and facilities, improving cash flow and the asset-liability structure, with an expected increase in gross margin by approximately 7.57 percentage points [2]

Group 1 - Digital Zhengtong's subsidiary Baoding Jindi won a bid for a smart water project in Jinan, with a total contract value of 109 million yuan, of which Baoding Jindi's share is approximately 77 million yuan [1] - Lingzhi Software plans to acquire 100% equity of Kaimiride through a combination of cash and stock issuance, with the final transaction price yet to be determined [1] - Tianjin Port's subsidiary plans to transfer 60% equity of China Railway Storage and Transportation, with an estimated value of 37.54 million yuan for the entire equity [2] Group 2 - New Wufeng reported a 56.97% year-on-year increase in pig sales in October, selling 610,000 pigs [3] - New Peng Co. announced a joint investment of approximately 15 million USD with Jabil to build a battery storage box project in Thailand [4] - Maiwei Bio received approval for a clinical trial of its 9MW3811 injection for pathological scars [6] Group 3 - Jiangsu Sopo completed maintenance and resumed production of its methanol and acetic acid facilities [8] - Luoniushan reported a 24.65% year-on-year increase in pig sales revenue in October, totaling 116 million yuan [9][10] - Zhongbei Communication signed a 1 billion yuan comprehensive computing service framework agreement with Xiamen Hongxin Electronics [11] Group 4 - Huayang New Materials announced the resignation of its general manager, Wu Yuehua [12] - Zhongxin Co. used 50 million yuan of idle funds to purchase structured deposits with expected annual returns between 0.55% and 2.05% [14] - Huajian Group's subsidiary signed a construction engineering design contract worth 96.54 million yuan [16] Group 5 - Jianyou Co. received FDA approval for a new production site for its injectable drug [17] - Beilu Pharmaceutical obtained a drug registration certificate for its iodine mepivacaine injection, which is included in the national medical insurance catalog [19] - *ST Yuancheng's stock will be suspended due to falling below the market cap threshold for delisting [20] Group 6 - Xiantan Co. reported a 9.3% year-on-year increase in chicken product sales revenue in October, totaling 503 million yuan [21] - Huanxu Electronics reported an 8.93% year-on-year decrease in consolidated revenue for October, amounting to 5.598 billion yuan [23] - Yisheng Co. reported a 22.97% year-on-year decrease in white feather chicken seed sales revenue in October [25] Group 7 - Yuandong Bio initiated a Phase I/II clinical trial for its ADC drug YLSH003 targeting advanced solid tumors [25] - Xiaoming Co. reported a 34.89% year-on-year decrease in chicken product sales revenue in October [26] - Nanjiao Food reported a 5.27% year-on-year decrease in consolidated revenue for October, totaling 235 million yuan [28] Group 8 - Chuangye Huikang announced a potential change in control, leading to a temporary stock suspension [30] - Tangrenshen reported a 17.91% year-on-year decrease in pig sales revenue in October, totaling 828 million yuan [32][33] - Wancheng Group plans to distribute a cash dividend of 1.5 yuan per 10 shares to shareholders [34] Group 9 - Kangguan Technology plans to distribute a cash dividend of 3.6 yuan per 10 shares to shareholders [36] - Shoudu Online's executive plans to reduce holdings of up to 19,400 shares [38] - Maolai Optical received approval for the issuance of convertible bonds [40] Group 10 - Jinkai New Energy plans to distribute a cash dividend of 0.1 yuan per share to shareholders [41] - Tianchen Medical raised the upper limit for share repurchase to 70 yuan per share [42] - Tianmu Lake used 38 million yuan of idle funds to purchase structured deposits [43]

Core Viewpoint - Tianjin Port announced the transfer of 60% equity stake in Tianjin China Railway Storage and Transportation Co., Ltd. (referred to as "China Railway Storage") by its wholly-owned subsidiary Tianjin Port Logistics Development Co., Ltd. The assessed value of the total equity of China Railway Storage is 37.5405 million yuan, with the transfer price set at 22.5243 million yuan [1]. Group 1 - Tianjin Port Logistics Development Co., Ltd. plans to publicly list the 60% equity stake of China Railway Storage on the Tianjin Property Rights Exchange [1]. - The transaction has been approved by the company's 11th Board of Directors' third temporary meeting and does not require further approval from the shareholders' meeting [1]. - The assessed value of the total equity of China Railway Storage is approximately 37.5405 million yuan, while the listing price for the 60% stake is approximately 22.5243 million yuan [1].

本次交易将采用公开挂牌的转让方式，交易对方存在不确定性， 尚无法确定是否构成关联交易，最终成交价格等协议主要内容目前尚 无法确定。 一、交易概述 （一）本次交易的基本情况 1.本次交易概况 本次交易不构成《上市公司重大资产重组管理办法》规定的重 大资产重组，交易实施不存在重大法律障碍。 证券代码：600717 证券简称：天津港 公告编号：临2025- 029 天津港股份有限公司关于子公司 出售天津中铁储运有限公司股权的公告 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。 重要内容提示： 为优化资产结构，有效整合资源，天津港股份有限公司（以下 简称"公司"）全资子公司天津港物流发展有限公司（以下简称"物 流发展"）拟在天津产权交易中心挂牌转让所持有的天津中铁储运有 限公司（以下简称"中铁储运"）60%股权，天津中铁储运有限公司 的股东全部权益评估价值为 3,754.05 万元，本次转让 60%股权挂牌 价格为 2,252.43 万元。 本次交易未达到股东会审议标准，已经公司十一届三次临时董 事会会议审议通过，需履行天津产权交易中 ...

证券代码：600717 证券简称：天津港 公告编号：临 2025-028 天津港股份有限公司十一届三次临时董事会决议公告 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。 一、董事会召开情况 公司十一届三次临时董事会于2025年11月10日以通讯表决方式召 开。会议通知于2025年11月5日以直接送达、电子邮件等方式发出。会 议应出席董事9名，实际出席董事9名。会议由公司董事长刘庆顺先生 召集。会议的召集、表决程序符合法律、法规、规范性文件及《公司 章程》的规定，会议合法有效。 二、董事会审议情况 1.审议通过《天津港物流发展有限公司转让所持天津中铁储运有限 公司 60%股权的议案》。 为优化资产结构，有效整合资源，天津港股份有限公司全资子公 司天津港物流发展有限公司在天津产权交易中心挂牌转让所持有的天 津中铁储运有限公司 60%股权。根据北京中同华资产评估有限公司为本 次交易出具的评估报告，选用资产基础法评估结果作为评估结论，天 津中铁储运有限公司的股东全部权益评估价值为 3,754.05 万元，确定 本次转让 60%股权公 ...