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 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 4,253,446,191.10, an increase of 31.44% compared to the same period last year[5] - The total profit for the quarter was CNY 334,370,968.72, reflecting a decrease of 9.45% year-on-year[5] - Net profit attributable to shareholders was CNY 196,078,265.30, down 9.41% from the previous year[5] - Basic earnings per share for the quarter were CNY 0.026, a decrease of 7.14% compared to the same period last year[6] - The weighted average return on equity was 0.93%, a decrease of 0.11 percentage points year-on-year[6] - The net profit for the first three quarters of 2025 is CNY 908,856,489.85, a decrease of 9.1% compared to CNY 1,000,187,364.52 in the same period of 2024[18] - Operating profit for the first three quarters of 2025 is CNY 1,179,619,908.71, down from CNY 1,337,319,141.48 in 2024, reflecting a decline of approximately 11.8%[18] - Total comprehensive income for the first three quarters of 2025 is CNY 908,757,073.92, compared to CNY 987,265,311.26 in 2024, indicating a decrease of 8.0%[19] - Basic and diluted earnings per share for the first three quarters of 2025 are both CNY 0.099, down from CNY 0.108 in 2024, reflecting a decline of 8.4%[19] Cash Flow and Investments - The cash flow from operating activities for the year-to-date was CNY 2,149,248,619.98, a decline of 20.73%[6] - The cash flow from operating activities for the first three quarters of 2025 is CNY 2,149,248,619.98, down 20.7% from CNY 2,711,436,782.17 in 2024[22] - The company has reported a net cash outflow from investing activities of CNY 2,225,043,939.90 for the first three quarters of 2025, compared to CNY 2,422,402,876.73 in 2024[22] - The company’s financing activities generated a net cash inflow of CNY 42,870,836.13 in 2025, a significant improvement from a net outflow of CNY 938,450,103.78 in 2024[23] - The company reported an increase in investment income to CNY 30,040,581.87 in 2025 from CNY 14,064,388.88 in 2024, representing a growth of 113.5%[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 53,199,229,019.73, an increase of 1.39% from the end of the previous year[6] - Current assets totaled RMB 9,702,162,256.06 as of September 30, 2025, compared to RMB 9,370,288,822.54 at the end of the previous period[14] - Non-current assets amounted to RMB 43,497,066,763.67, slightly increasing from RMB 43,100,896,314.69[15] - Total liabilities were RMB 28,082,409,717.90, compared to RMB 27,852,193,902.39 in the previous period[16] - Shareholders' equity totaled RMB 25,116,819,301.83, an increase from RMB 24,618,991,234.84[16] - Short-term borrowings increased to RMB 3,071,635,079.66 from RMB 2,926,262,090.18[15] - Long-term borrowings rose to RMB 9,693,005,080.55, compared to RMB 9,222,039,956.89 in the previous period[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 62,349[10] - Guangzhou Port Group Co., Ltd. remains the largest shareholder, holding 75.59% of the shares[10] Revenue and Costs - Total operating revenue for the first three quarters of 2025 reached RMB 11,162,605,392.91, an increase of 11.06% compared to RMB 10,050,890,647.37 in the same period of 2024[17] - Total operating costs for the first three quarters of 2025 were RMB 10,374,931,001.03, up 15.58% from RMB 8,965,919,380.38 in the previous year[17] - Operating costs included RMB 8,853,847,117.31 in operating expenses, which rose from RMB 7,574,960,574.23 in the same period last year[17] - Total revenue from sales of goods and services for the first three quarters of 2025 is CNY 12,088,440,126.31, an increase of 8.7% from CNY 11,122,842,739.57 in 2024[21] Business Operations - The company reported a significant increase in logistics and port auxiliary business volume, contributing to the rise in operating revenue[9]

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].

Core Viewpoint - The implementation of China's special port service fee for U.S. vessels has led to a significant reduction in U.S.-flagged shipping operations in Chinese ports, while the overall capacity for U.S. routes remains stable through alternative measures like transshipment and restructuring [1][2]. Port Operations - Since October 14, the operational situation at major ports, such as Nansha Port, has remained stable, with no U.S.-owned shipping companies conducting business [2] - The Guangzhou Port, a key gateway in South China, continues to maintain high cargo and container throughput despite the new fee [2] - The only reported instance of a special port service fee being charged involved the U.S. Matson Navigation Company's "Manukai" container ship, which allegedly incurred a fee of 4.4584 million yuan during its stay at Ningbo [2] Shipping Response - Shipping companies have quickly adapted to the new regulations, with Maersk and other firms implementing transshipment measures to avoid docking at Chinese ports with U.S.-flagged vessels [4] - Pacific Shipping is restructuring its operations by relocating half of its bulk carrier fleet to Singapore and changing the flag of its vessels to avoid the special port service fee [4][5] Market Dynamics - The shipping market, particularly for bulk commodities, is expected to require time to adjust, but signs of stabilization are emerging [7] - As of the week of October 23, the ultra-large tanker market remains cautious, with both charterers and shipowners adopting a wait-and-see approach [7] - The overall supply of vessels remains sufficient, and there is no structural shortage, allowing charterers to control shipping schedules [7] Future Outlook - Short-term adjustments in the shipping market are anticipated, but long-term positive impacts are expected as companies seek regulatory clarifications and aim to minimize operational costs [7] - There is potential for non-U.S. shipowners to gain a premium in the mid-term, particularly those with Chinese backgrounds, due to resource supply chain security considerations [8] - Ongoing U.S.-China trade discussions in Kuala Lumpur may address maritime logistics and shipbuilding industry concerns, with preliminary agreements being formed [8]

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]