( 於中華人民共和國成立的股份有限公司 ) 股份代號 : 06198.HK 601298.SH 中期報告 2025 目錄 2 釋義 6 公司資料 8 公司概覽 9 管理層討論與分析 25 其他信息 31 合併資產負債表（未經審計） 33 公司資產負債表（未經審計） 35 合併利潤表（未經審計） 37 公司利潤表（未經審計） 38 合併現金流量表（未經審計） 40 公司現金流量表（未經審計） 42 合併股東權益變動表（未經審計） 44 公司股東權益變動表（未經審計） 46 財務報表附註（未經審計） 259 財務報表補充資料 釋義 除文義另有所指外，下列詞彙具有下文所載的涵義： 「董事會」 本公司董事會 「場站」 集裝箱貨運站，其中位於裝運港口的集裝箱貨運站是指由承運人用作收取貨物以便承運人 將貨物裝載到集裝箱的指定地點，位於卸貨或目的地港口的集裝箱貨運站是指承運人用作 為集裝箱貨物拆箱的指定地點 「中海碼頭發展」 中海碼頭發展有限公司，一家於2001年3月在中國成立的有限責任公司，為中遠海運港口 發展有限公司之全資附屬公司 「本公司」、「公司」、「青島港」 青島港國際股份有限公司，一家於2013年11月在中國成 ...

Group 1 - The core viewpoint of the news is that the China-South Korea Free Trade Zone concept has experienced a decline of 1.87%, ranking among the top declines in concept sectors [1][2] - Within the China-South Korea Free Trade Zone concept, stocks such as Xinhua Jin, Lianyungang, and Liaogang shares have seen significant declines [1][2] - The main funds have net outflows of 85 million yuan from the China-South Korea Free Trade Zone concept today, with 12 stocks experiencing net outflows [2] Group 2 - The stock with the highest net outflow is Liaogang shares, with a net outflow of 41.15 million yuan, followed by Rizhao Port and Qingdao Port with net outflows of 11.37 million yuan and 9.51 million yuan respectively [2] - The detailed outflow data shows that Lianyungang shares had the largest decline at 3.85%, while Xinhua Jin had the most significant drop at 6.05% [2]

融券方面，青岛港9月24日融券偿还100.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量5.38万股，融券余额46.05万元，超过近一年60%分位水平，处于较高位。 资料显示，青岛港国际股份有限公司位于山东省青岛市市北区港极路7号，成立日期2013年11月15日， 上市日期2019年1月21日，公司主营业务涉及集装箱、金属矿石、煤炭、原油等各类货物的装卸及配套 服务、物流及港口增值服务、港口配套服务、金融服务等。主营业务收入构成为：装卸及相关业务 56.72%，物流及港口增值服务36.96%，港口配套服务-销售油、电及其他3.25%，港口配套服务-租金收 入1.95%，港口配套服务-工程等劳务1.13%。 截至6月30日，青岛港股东户数3.57万，较上期增加14.46%；人均流通股0股，较上期增加0.00%。2025 年1月-6月，青岛港实现营业收入94.34亿元，同比增长4.04%；归母净利润28.42亿元，同比增长7.58%。 来源：新浪证券-红岸工作室 9月24日，青岛港跌0.81%，成交额1.66亿元。两融数据显示，当日青岛港获融资买入额1406.04万元， 融资偿还10 ...

Core Viewpoint - Qingdao Port is positioned favorably due to its strategic location and recent developments, including a partnership with Huawei to enhance smart port operations, which may lead to growth opportunities in the shipping and logistics sector [2][3]. Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6]. - The company primarily engages in the handling of various goods, including containers, metal ores, coal, and crude oil, along with logistics and port value-added services [6]. - The revenue composition of the company includes 56.72% from handling and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6]. Group 2: Financial Performance - As of June 30, 2025, Qingdao Port achieved a revenue of 9.434 billion yuan, representing a year-on-year growth of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, with a growth of 7.58% [6]. - The company has distributed a total of 12.818 billion yuan in dividends since its A-share listing, with 5.687 billion yuan distributed over the past three years [7]. Group 3: Market Position and Trends - Qingdao Port is recognized as a significant node in the "Belt and Road" initiative and is the only comprehensive operator of the world’s seventh-largest port [2]. - The port's stock has shown a dividend yield of 4.80%, 4.74%, and 3.45% over the past three years, indicating a consistent return to shareholders [2]. - The stock's average trading cost is 8.03 yuan, with the current price near a support level of 8.49 yuan, suggesting potential for price movement [5]. Group 4: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased by 14.46% to 35,700, indicating growing interest in the stock [6]. - Notable institutional shareholders include the Southern S&P China A-share Large Cap Dividend Low Volatility ETF and Hong Kong Central Clearing Limited, reflecting institutional confidence in the company [8].

Core Viewpoint - The Ministry of Transport, National Railway Administration, and China National Railway Group have issued an action plan for the deep integration of container rail-water intermodal transport from 2025 to 2027, emphasizing the promotion of intermodal operation and collaboration among transportation enterprises [1] Group 1: Intermodal Operation Enhancement - The plan aims to strengthen the coordination of port-rail operations at qualified ports like Qingdao, supporting integrated management of railway and port operations [1] - It encourages the use of digital and intelligent methods to achieve rapid customs clearance and efficient loading and unloading, thereby reducing "short-distance" transport [1] - The quality and efficiency of intermodal products will be enhanced, with a focus on quality assessment of intermodal trains [1] Group 2: Development of Intermodal Products - The action plan includes the establishment of fixed train routes and the promotion of passenger train-like operations to create a "train + ship" intermodal network [1] - By 2027, the goal is to have a nationwide network of container rail-water intermodal fast lines covering major intermodal ports [1] - Key coastal regions and the Yangtze River trunk line will cultivate premium long-distance and short-distance intermodal products [1] Group 3: Support for "Road to Rail" and "Bulk to Container" Transport - The plan promotes collaboration between various ports and railways to expand the transportation of goods such as grain, fertilizers, and cement through "road to rail" initiatives [1] - It encourages innovation in unloading operations and facilities at inland stations and qualified factories to increase the scale of "bulk to container" transport [1] - The development of automobile transport via intermodal rail-water services is also highlighted [1] Group 4: Optimization of International Intermodal Connections - Ports like Dalian, Tianjin, and Guangzhou are tasked with enhancing the integration of sea routes with international rail services such as the China-Europe Railway Express [1] - The plan aims to improve customs inspection processes and enhance the timeliness of international container rail-water intermodal transport [1]

Group 1 - The concept of the China-South Korea Free Trade Zone rose by 0.28%, ranking 6th among concept sectors in terms of growth, with five stocks increasing in value [1] - Notable gainers in the China-South Korea Free Trade Zone sector included Xinhua Jin, which hit the daily limit, and Lianyungang, Qingdao Double Star, and Qingdao Port, which rose by 5.23%, 1.12%, and 0.82% respectively [1] - The sector experienced a net inflow of 0.37 billion yuan, with Xinhua Jin leading the inflow at 44.42 million yuan, followed by Lianyungang and Qingdao Port with net inflows of 26.49 million yuan and 7.94 million yuan respectively [2][3] Group 2 - Xinhua Jin had the highest net inflow ratio at 17.20%, followed by Lianyungang at 4.06% and Qingdao Port at 3.82% [3] - The overall performance of the China-South Korea Free Trade Zone concept was supported by significant trading activity, with Xinhua Jin showing a trading turnover rate of 10.40% [3] - Conversely, stocks such as Qingdao Jinwang and Zhongchuang Logistics faced declines of 4.21% and 1.75% respectively, indicating mixed performance within the sector [4]

Core Viewpoint - Qingdao Port is positioned favorably due to its strategic location and recent developments, including a partnership with Huawei to enhance smart port operations, which may lead to growth opportunities in the shipping and logistics sector [2][3]. Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6]. - The company primarily engages in the handling of various goods, including containers, metal ores, coal, and crude oil, along with logistics and port value-added services [6]. - The revenue composition of the company includes 56.72% from handling and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6]. Group 2: Financial Performance - As of June 30, 2025, Qingdao Port achieved a revenue of 9.434 billion yuan, representing a year-on-year growth of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, with a growth of 7.58% [6]. - The company has distributed a total of 12.818 billion yuan in dividends since its A-share listing, with 5.687 billion yuan distributed over the past three years [7]. Group 3: Market Position and Trends - Qingdao Port's stock price increased by 0.82% on September 23, with a trading volume of 208 million yuan and a market capitalization of 56.018 billion yuan [1]. - The stock has shown a dividend yield of 4.80%, 4.74%, and 3.45% over the past three years, indicating a consistent return to shareholders [2]. - The company is recognized as a key node in the "Belt and Road" initiative and is the only comprehensive operator of the Qingdao Port, which is the seventh largest port in the world [2]. Group 4: Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include the Southern S&P China A-share Large Cap Dividend Low Volatility ETF, which holds 22.6229 million shares, marking it as a new shareholder [8]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 19.2839 million shares, with a slight increase from the previous period [8].

Group 1 - Nanjing Port reached the daily limit increase, indicating strong market performance [1] - Ningbo Maritime increased by over 9%, reflecting positive investor sentiment [1] - Ningbo Port and Ningbo Ocean both rose by over 5%, contributing to the overall growth in the sector [1] - Lianyungang, COSCO Shipping Special, and Qingdao Port also experienced significant gains, showcasing a broad rally in the port and shipping industry [1]

世界第四大港青岛港，曾有块"心病"——全自动化码头80%软硬件靠进口！采购等半年起，软件一年才 升级，效率被死死卡住。但青岛港偏不服！2021年组建12个攻坚组，联动科研院所死磕两年多，28000 多个配件逐个国产替代。2023年，纯国产三期码头横空出世！投产运行第4天，桥吊平均单机作业效率 直接刷新世界纪录！从80%依赖进口到100%自主可控，国产不仅"平替"，更是超越！（央视） ...

Core Viewpoint - Shandong Port Qingdao Port has achieved significant recognition in the field of artificial intelligence applications in transportation, winning two awards at the first "AI Navigation Cup" national competition, highlighting its leading capabilities in smart port construction and innovation [1][2]. Group 1: Award Achievements - The project "Research and Application of Safety Protection Technology for Gantry Crane Grab Operation Based on CV Large Model" won the first prize, focusing on enhancing safety in large port machinery operations through intelligent perception and risk identification [2]. - The project "Research and Demonstration of L4 Level Unmanned Driving Container Transport System Based on Multi-source Fusion Positioning" received the third prize, addressing automation challenges in port horizontal transportation with high-precision positioning technology [2]. Group 2: Technological Innovations - The gantry crane project effectively improves the safety and efficiency of bulk cargo operations, representing a breakthrough in the application of artificial intelligence in port safety production [2]. - The unmanned driving project successfully enables safe, efficient, and stable operation of unmanned vehicles in complex port environments, providing a practical example for scalable and replicable container transfer solutions [2]. Group 3: Future Development Plans - Shandong Port Qingdao Port plans to increase investment in technological research and development, promoting broader innovation and application of new information technologies such as artificial intelligence, big data, and the Internet of Things in the maritime sector [2]. - The goal is to establish a more influential benchmark for smart green ports, contributing significantly to the construction of a strong transportation and maritime nation [2].