中国国际金融股份有限公司(以下简称"中金公司"或"保荐机构")作为广州港股份 有限公司(以下简称"广州港股份"或"公司")的保荐机构,根据《证券发行上市保荐业 务管理办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第1号 -- 规范运作》等有关法律、行政法规、部门 规章及业务规则的要求,对广州港股份部分募投项目延期的事项进行了认真、审慎核查, 具体情况如下: 一、募集资金基本情况 中国国际金融股份有限公司 关于广州港股份有限公司 部分募投项目延期事项的核查意见 经中国证券监督管理委员会《关于核准广州港股份有限公司非公开发行股票的批复》 (证监许可(2022)958号)核准,通过保荐机构(主承销商)中金公司,公司向十六 名发行对象非公开发行人民币普通股(A 股)股票 1,351,351,351股(以下简称"本次非 公开发行"或"本次发行"),发行价为每股人民币 2.96元,共计募集资金人民币 3.999.999.998.96元,扣除保荐承销费 5.188.679.25元及对应增值税 311,320.75 元后的余 款 3,994,499,998.96元,在此 ...

广州港股份有限公司 2025 年第三季度报告 证券代码：601228 证券简称：广州港 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | 减变动幅度 | | 增减变动幅度 | | | (%) | | (%) | | 营业收入 4,253,446,191.10 | 31.44 | 11,162,605,392.91 | 11.06 | | 利润总额 334,370,968.72 | -9.45 | 1,187,333,551.26 | -11.38 | | 196,078,265.30 净利润 归属于上市公司股东的 扣除非经常性损益的净 202,961,173.26 | -9.41 4.66 | 747,803,806.60 681,600,303.66 | -9.20 -17.07 | | 项目 归属于上市公司股东的 利润 | | | | 广州港股份有限公司 2025 年 ...

广州港公告，第三季度营收为42.53亿元，增长31.44%；净利润为1.96亿元，下降9.41%。前三季度营收 为111.63亿元，增长11.06%；净利润为7.48亿元，下降9.20%。 ...

Core Insights - The shipping and port sector experienced a rise of 0.58% on October 27, with Bohai Ferry leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance Summary - Bohai Ferry (603167) closed at 10.37, up 4.85%, with a trading volume of 203,300 shares and a turnover of 209 million yuan [1] - China Ocean Shipping (601083) closed at 12.39, up 1.56%, with a trading volume of 143,800 shares and a turnover of 178 million yuan [1] - The overall performance of the shipping and port sector stocks showed mixed results, with some stocks experiencing declines [2] Capital Flow Analysis - The shipping and port sector saw a net outflow of 363 million yuan from institutional investors, while retail investors contributed a net inflow of 336 million yuan [2] - The data indicates that retail investors were more active in the market compared to institutional investors on that day [2] Individual Stock Capital Flow - China Ocean Shipping (601919) had a net inflow of 2.32 billion yuan from institutional investors, while it faced a net outflow of 1.78 billion yuan from speculative funds [3] - China Ocean Energy (600026) saw a net inflow of 30.53 million yuan from institutional investors, with a net outflow of 64.80 million yuan from retail investors [3] - The capital flow data highlights the varying levels of interest from different types of investors across the sector [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Core Viewpoint - The implementation of China's special port service fee for U.S. vessels has led to significant changes in the shipping and logistics landscape, with companies adapting through rerouting and restructuring to maintain operational stability despite the absence of U.S.-flagged vessels in Chinese ports [1][3]. Port Operations - Major ports are operating smoothly, with no U.S.-owned shipping companies conducting business in Chinese ports since the policy took effect [3]. - The Guangzhou Port, a key gateway in South China, continues to maintain stable cargo and container throughput, ranking among the world's top ports [3]. Shipping Company Responses - Shipping companies have quickly adapted to the new regulations, with Maersk and other firms implementing rerouting measures to avoid U.S. flagged vessels docking at Chinese ports [6]. - Pacific Shipping is restructuring its operations by relocating part of its fleet to Singapore and changing the flag of its vessels to avoid the special port service fee [6][7]. Market Dynamics - The shipping market, particularly for bulk commodities, is expected to require time to adjust, but signs of stabilization are emerging [10]. - The overall supply of vessels remains sufficient, and there is no structural shortage, with charterers managing their shipping schedules to avoid market volatility [10]. Future Outlook - The recent discussions between China and the U.S. regarding maritime logistics and shipbuilding measures indicate a potential for constructive dialogue and resolution of trade issues [11]. - The adjustments made by shipping companies may lead to a more favorable market environment in the long term, as they seek clarity on regulatory changes and aim to minimize operational costs [10].

船司转运改组作应对 自中方采取反制措施、对美船舶收取船舶特别港务费政策实施已近两周，相关政策影响正逐渐显现。证 券时报记者从港口、航运相关公司了解到，虽然近期已经几乎没有美国背景船舶在我国港区开展业务， 但是各方合力通过转运、改组等方式保持美线整体运力的稳定。 各大港口运作平稳 "自10月14日起，中国对美国实施反制措施。从南沙港区运营情况看，区域内没有美资航运企业开展业 务。根据当前情况，南沙港区美线整体运力保持稳定，航线服务未受到干扰，将继续保障华南地区至美 国航线的服务连续性。"广州港（601228）相关负责人对证券时报记者表示。作为华南连接世界的门 户，广州港货物吞吐量和集装箱吞吐量稳居世界前列。 10月14日起，美国贸易代表办公室对中国公司拥有或运营的船舶、中国造船舶、中国籍船舶加收港口服 务费。作为维护中国海运企业合法权益的正当举措，我国决定将于10月14日起对涉美船舶收取船舶特别 港务费，内容和收费标准和美方政策基本一致。 与广州港情况类似，多家上市港口企业在接受记者采访时普遍表示，自船舶特别港务费政策生效以来， 没有美资背景的船舶靠港作业，相关航线服务运作正常。 唯一一个可能被收取特别港务费的 ...

Core Insights - Guangzhou Port has expanded its foreign trade container shipping routes to 180, with all top 20 global shipping companies operating there, reflecting a robust growth trend in international logistics [1] - The 138th China Import and Export Fair (Canton Fair) is currently taking place, with the Guangzhou Port Authority implementing customized waterway services to enhance the experience for international buyers [1][2] Shipping Routes and Services - The number of foreign trade shipping routes has increased by more than 10 annually, with an addition of 8 new routes this year, supporting logistics for global buyers at the Canton Fair [1] - The introduction of "Sea-Sky Intermodal" services at the Pazhou Port-Macao passenger terminal allows seamless connections between ferry and flight schedules, significantly reducing travel time for merchants [1][2] Enhanced Passenger Experience - Night ferry services have been launched from October 11 to November 10, increasing the frequency of flights from three to four in and out of the Pazhou Port-Macao passenger terminal [2] - The Guangzhou Port Authority has coordinated with various departments to create a "zero-waiting" customs experience for exhibitors and buyers, enhancing overall service efficiency [2] Cultural and Recreational Offerings - The introduction of themed Pearl River cruise routes connects key city landmarks, allowing merchants to enjoy the cultural richness of Guangzhou while traveling [2] - Discounts on night cruise tickets for Canton Fair attendees further enhance the cultural and consumer experience for international guests [2]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]

Group 1 - Multiple leading companies in various industries have announced significant earnings growth for the third quarter, indicating a positive outlook for their financial performance [1][3] - Xiaogoods City reported a total operating income of 13.061 billion yuan for the first three quarters, a year-on-year increase of 23.07%, and a net profit attributable to shareholders of 3.457 billion yuan, up 48.45% [2] - ILE Home achieved a total operating income of 1.055 billion yuan for the first three quarters, a year-on-year increase of 2.18%, with a net profit of 138 million yuan, reflecting a growth of 70.92% [2] Group 2 - Shandong Gold expects a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters, an increase of 83.9% to 98.5% year-on-year, driven by improved operational efficiency and rising gold prices [3] - Shenghe Resources anticipates a net profit of 740 million to 820 million yuan for the first three quarters, representing a year-on-year increase of 696.82% to 782.96% due to favorable market demand and rising product prices [3] - Rockchip is projected to achieve a net profit of 760 million to 800 million yuan for the first three quarters, reflecting a year-on-year growth of 116% to 127% due to strong performance in AIoT platforms [3] Group 3 - Gigabit expects a net profit of 1.032 billion to 1.223 billion yuan for the first three quarters, a year-on-year increase of 57% to 86%, attributed to new game launches contributing to incremental profits [4] - Jinjiang Shipping forecasts a net profit of approximately 1.17 billion to 1.2 billion yuan for the first three quarters, a growth of 62.72% to 66.89% year-on-year, supported by active trade in the Asian region and supply chain synergies [4] - The container shipping volume in the Asian region has steadily increased, with a year-on-year growth of 5.5% from January to August 2025, contributing to Jinjiang Shipping's positive performance [4]