Investment Rating - The report maintains a "Buy" rating for Qingdao Port, indicating an expected relative return of over 20% within the next six months [4][6][27]. Core Views - Qingdao Port is positioned as the largest foreign trade port in northern China, with a strong growth trajectory in cargo throughput and a robust dividend policy [1][3]. - The company is expected to benefit from the adjustment of its restructuring plan, which involves a cash acquisition of high-quality oil product assets, enhancing its earnings per share (EPS) by 6.07% [2][4]. - The financial metrics indicate a low price-to-earnings (P/E) ratio of 10.7, coupled with a high return on equity (ROE) of 13%, suggesting significant long-term investment value [3][4]. Financial Performance and Projections - Revenue is projected to grow from 18,173.13 million yuan in 2023 to 21,259.96 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 3.02% [5][21]. - The net profit attributable to the parent company is expected to increase from 4,923.32 million yuan in 2023 to 5,915.14 million yuan in 2027, reflecting a steady growth trend [5][21]. - The report anticipates a stable growth in cargo and container throughput by 2025, driven by the company's strategic initiatives and external demand resilience [1][2]. Valuation Metrics - The report highlights that Qingdao Port's P/B ratio is projected to decrease from 1.38 in 2023 to 1.05 in 2027, indicating a favorable valuation compared to its peers [5][21]. - The company maintains a high dividend payout ratio, averaging 44% from 2018 to 2024, which supports its investment attractiveness [3][4].

Investment Rating - The report maintains a "Buy" rating for Qingdao Port, indicating a positive outlook for the stock over the next six months [4][6][28]. Core Views - Qingdao Port is positioned as the largest foreign trade port in Northern China, with a strong growth trajectory in cargo throughput and a robust dividend policy. The company is expected to benefit from the construction of a Northeast Asia international shipping hub and resilient external demand [1][3]. - The adjusted restructuring plan involves a cash acquisition of high-quality oil product assets, which is projected to enhance the company's earnings per share (EPS) by 6.07% despite a slight dilution in return on equity (ROE) [2][4]. - The company exhibits a low price-to-earnings (P/E) ratio of 10.7, which is below many peers, combined with a high ROE of 13% and a consistent dividend payout ratio averaging 44% from 2018 to 2024, highlighting its long-term investment value [3][4]. Financial Data and Valuation - Revenue is projected to grow from 18,173.13 million yuan in 2023 to 21,259.96 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3.02% [5][21]. - The net profit attributable to the parent company is expected to increase from 4,923.32 million yuan in 2023 to 5,915.14 million yuan in 2027, reflecting a steady growth trend [5][21]. - The company's P/E ratio is forecasted to decrease from 11.33 in 2023 to 9.43 in 2027, indicating improving valuation metrics over time [5][21]. Market Position and Performance - Qingdao Port's cargo and container throughput is anticipated to maintain stable growth through 2025, supported by ongoing port integration and a favorable cargo structure [1][2]. - The company has a strong financial position with a low debt-to-asset ratio of 26.03%, indicating a solid balance sheet and capacity for future growth [6][21].

证券简称：青岛港 证券代码：601298 公告编号：临 2025-021 青岛港国际股份有限公司 关于变更证券事务代表的公告 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。 因个人原因，杜金儒女士于 2025 年 4 月 29 日向青岛港国际股份有限公司（以 下简称"公司"）董事会递交书面辞任报告，提出辞去公司证券事务代表职务， 其辞任自辞任报告送达公司董事会时生效。辞任后，杜金儒女士仍在公司担任其 他职务。 2025 年 4 月 29 日，公司第四届董事会第二十七次会议以通讯表决书面议案 的方式，通过了《关于变更青岛港国际股份有限公司证券事务代表的议案》，同 意聘任娄盈盈女士为公司证券事务代表，其任期自董事会通过之日至第四届董事 会任期届满。娄盈盈的履历请详见本公告附件。 公司证券事务代表娄盈盈女士的联系方式如下： 联系地址：山东省青岛市市北区港极路 7 号山东港口大厦 联系电话：0532-82983087 传 真：0532-82822878 电子邮箱：louyy.db@qdport.com 特此公告。 青岛港国际股份有限公 ...

证券简称：青岛港 证券代码：601298 公告编号：临 2025-020 青岛港国际股份有限公司 2024 年度提质增效重回报 行动方案评估报告 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。 2024 年，公司紧跟国家战略方向，充分发挥山东港口一体化改革和融合发 展优势，抢抓"一带一路"、RCEP、山东自贸区、上合示范区等政策赋能机遇， 大力提升陆向通达度、海向辐射度，提速东北亚国际航运枢纽中心建设。优化生 产组织，提升装卸效率，在世界一流港口综合评价中进位争先，港口综合竞争力 稳步提升。 港口主业健康发展。2024 年，公司及其分子公司、合营公司、联营公司完 成货物吞吐量 6.94 亿吨，同比增长 4.5%，完成集装箱吞吐量 3217 万标准箱，同 比增长 7.2%。在集装箱业务方面，公司携手船公司拓展航线网络，深挖腹地市 场，提升业务增量，全年新增航线 18 条，航线总数及密度稳居中国北方港口第 一位；在干散杂货业务方面，公司深化与重点客户战略合作，发力铁矿石国际中 转，延伸全程物流服务，拓展混矿、破碎筛分等增值业务；在 ...

证券代码：601298 证券简称：青岛港 公告编号：临 2025-019 青岛港国际股份有限公司 关于续聘 2025 年度会计师事务所的公告 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： 拟续聘的会计师事务所名称：信永中和会计师事务所（特殊普通合伙）（以 下简称"信永中和"） 一、拟续聘会计师事务所的基本情况 青岛港国际股份有限公司（以下简称"公司"）拟续聘信永中和为公司 2025 年度审计机构，负责公司 2025 年度财务报表审计和财务报告内部控制审计工作。 信永中和的基本信息具体如下： （一）机构信息 1、基本信息 信永中和成立日期为 2012 年 3 月 2 日，其前身最早可追溯到 1987 年成立的 中信会计师事务所，至今已有 30 多年历史，是国内成立最早、存续时间最长的 会计师事务所之一，为特殊普通合伙企业。注册地址为北京市东城区朝阳门北大 街 8 号富华大厦 A 座 8 层。首席合伙人为谭小青。 截止 2024 年 12 月 31 日，信永中和合伙人（股东）为 259 人，注册会计师 为 178 ...

青岛港国际股份有限公司 青岛港国际股份有限公司董事会 关于 2025 年第一季度吞吐量的公告 2025年4月30日 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。 1 截至2025年3月31日止三个月，青岛港国际股份有限公司（以下简称"本公司"） 及其分公司、子公司、合营及联营公司合计完成货物吞吐量17,706万吨，同比增 长2.9%；完成集装箱吞吐量822万标准箱，同比增长7.2%。上述吞吐量数据未计 及本公司于相关子公司、合营及联营公司的持股比例。 本公司董事会谨此提醒投资者，上述截至 2025 年 3 月 31 日止三个月的营运 数据乃根据本公司内部统计资料初步编制，与本公司公布的年度和中期实际数字 可能存在差异，敬请投资者注意投资风险。 特此公告。 证券代码：601298 证券简称：青岛港 公告编号：临 2025-018 ...

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 4,807,056,429, representing an increase of 8.51% compared to RMB 4,430,060,683 in the same period last year[6]. - Net profit attributable to shareholders was RMB 1,402,495,573, reflecting a growth of 6.51% from RMB 1,316,828,018 year-on-year[6]. - Basic and diluted earnings per share increased by 10.00%, reaching RMB 0.22, up from RMB 0.20 in the same quarter last year[6]. - Operating profit for Q1 2025 was RMB 1,910,340,829, up from RMB 1,820,979,419 in Q1 2024, indicating a year-over-year increase of 4.9%[22]. - The company reported a total comprehensive income of RMB 1,544,033,012 for Q1 2025, compared to RMB 1,480,395,363 in Q1 2024, indicating a growth of 4.3%[23]. Cash Flow - The net cash flow from operating activities surged by 120.47%, amounting to RMB 1,236,955,398, compared to RMB 561,065,676 in the previous year[6]. - The company reported a net cash flow from operating activities of RMB 1,236,955,398 for Q1 2025, significantly higher than RMB 561,065,676 in Q1 2024[25]. - In Q1 2025, the company reported a net cash outflow from investing activities of approximately $347 million, compared to $352 million in Q1 2024[26]. - The total cash inflow from financing activities in Q1 2025 was approximately $1.465 billion, significantly higher than $276 million in Q1 2024[26]. - The net cash flow from financing activities for Q1 2025 was approximately $1.323 billion, compared to $74 million in Q1 2024[26]. - The company experienced a net increase in cash and cash equivalents of approximately $2.214 billion in Q1 2025, compared to $283 million in Q1 2024[26]. - The ending balance of cash and cash equivalents for Q1 2025 was approximately $14.422 billion, up from $10.416 billion in Q1 2024[26]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 65,356,115,628, marking a 4.15% increase from RMB 62,749,753,460 at the end of the previous year[7]. - Current assets amounted to RMB 19,083,275,841, up from RMB 16,633,470,244, indicating a growth of about 14.7%[18]. - Total liabilities were RMB 9,070,655,155, compared to RMB 8,402,717,841, showing an increase of around 7.9%[19]. - Total liabilities as of March 31, 2025, amounted to RMB 17,011,265,715, an increase from RMB 15,957,667,061 as of December 31, 2024[20]. - The company’s total non-current liabilities were RMB 7,940,610,560 as of March 31, 2025, compared to RMB 7,554,949,220 at the end of 2024[20]. Shareholder Information - Shareholders' equity attributable to the company was RMB 43,902,813,202, which is a 3.33% increase from RMB 42,487,932,456 at the end of the last fiscal year[7]. - The total number of ordinary shareholders at the end of the reporting period was 31,188[13]. - Total equity attributable to shareholders reached RMB 43,902,813,202 as of March 31, 2025, compared to RMB 42,487,932,456 at the end of 2024[20]. Research and Development - Research and development expenses for Q1 2025 were RMB 26,777,718, compared to RMB 23,079,370 in Q1 2024, reflecting a 16.5% increase[22]. - The company has not disclosed any new strategies or significant developments in product or technology research during the reporting period[17]. Other Information - The company reported non-recurring gains and losses totaling RMB 34,406,622 for the period[9]. - Short-term borrowings increased significantly by 929.68%, reaching RMB 98,162,000 due to new short-term loans[12]. - The company maintains a strong liquidity position with current liabilities totaling RMB 9,070,655,155 against current assets of RMB 19,083,275,841[19]. - There are no known related party relationships among the top shareholders beyond those controlled by China Ocean Shipping Group[16]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[17].

证券简称：青岛港 证券代码：601298 公告编号：临 2025-017 青岛港国际股份有限公司 第四届董事会第二十七次会议决议公告 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、董事会会议召开情况 青岛港国际股份有限公司（以下简称"公司"）第四届董事会第二十七次会议 于 2025 年 4 月 29 日以通讯表决书面议案的方式形成决议。会议通知及会议材料 已按照《青岛港国际股份有限公司章程》（以下简称"《公司章程》"）规定以书 面方式送达全体董事。公司董事会成员 9 人，全体董事均进行了表决。本次会议 的表决符合《中华人民共和国公司法》等法律、法规及规范性文件以及《公司章 程》的规定。 表决情况：9票同意；0票反对；0票弃权。 相关内容请详见与本公告同时刊登的2025年第一季度报告。 本议案已经公司第四届董事会审计委员会第二十次会议表决通过，并同意提 交公司董事会审议。 （二）表决通过《关于聘任青岛港国际股份有限公司 2025 年度会计师事务 所的议案》 公司董事会同意续聘信永中和会计师事务所（特殊普通合伙）为公司202 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,807,056,429, representing an increase of 8.51% compared to CNY 4,430,060,683 in the same period last year[6]. - Net profit attributable to shareholders was CNY 1,402,495,573, up 6.51% from CNY 1,316,828,018 year-on-year[6]. - Basic and diluted earnings per share rose to CNY 0.22, a 10.00% increase from CNY 0.20 in the same period last year[6]. - Net profit for Q1 2025 was CNY 1,536,553,012, compared to CNY 1,475,949,353 in Q1 2024, indicating a growth of approximately 4.11%[21]. - The total comprehensive income attributable to the parent company for Q1 2025 was CNY 1,409,975,573, compared to CNY 1,321,274,028 in Q1 2024, reflecting an increase of about 6.7%[22]. Cash Flow - The net cash flow from operating activities increased significantly by 120.47%, reaching CNY 1,236,955,398 compared to CNY 561,065,676 in the previous year[6]. - Cash inflows from operating activities totaled CNY 4,808,682,752 in Q1 2025, up from CNY 4,447,417,139 in Q1 2024, indicating a growth of around 8.1%[25]. - The company reported a net cash flow from financing activities of CNY 1,323,106,812 in Q1 2025, compared to CNY 74,102,123 in Q1 2024, showing a substantial increase of approximately 1681.5%[26]. - The total cash and cash equivalents at the end of Q1 2025 reached CNY 14,421,941,451, up from CNY 10,415,544,547 at the end of Q1 2024, representing an increase of about 38.5%[26]. - The cash inflow from investment activities was CNY 365,937,441 in Q1 2025, down from CNY 423,040,661 in Q1 2024, indicating a decrease of approximately 13.5%[25]. - The cash outflow for investment activities was CNY 712,952,487 in Q1 2025, compared to CNY 774,624,753 in Q1 2024, showing a decrease of about 8%[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 65,356,115,628, reflecting a 4.15% increase from CNY 62,749,753,460 at the end of the previous year[7]. - Total liabilities as of March 31, 2025, were CNY 17,011,265,715, an increase from CNY 15,957,667,061 as of December 31, 2024, representing a rise of about 6.61%[18]. - The company's cash and cash equivalents increased to CNY 14,910,398,811 as of March 31, 2025, from CNY 12,673,129,712 as of December 31, 2024, marking a growth of approximately 18.00%[16]. - The company's long-term equity investments increased to CNY 14,855,527,081 as of March 31, 2025, from CNY 14,510,953,242 as of December 31, 2024, representing a growth of about 2.37%[16]. - The total owner's equity as of March 31, 2025, was CNY 48,344,849,913, an increase from CNY 46,792,086,399 as of December 31, 2024, indicating a growth of approximately 3.31%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,188[10]. - The largest shareholder, Shandong Port Qingdao Port Group Co., Ltd., held 54.26% of the shares, totaling 3,522,179,000 shares[11]. Expenses - Operating costs for Q1 2025 totaled CNY 3,327,269,685, compared to CNY 3,062,407,674 in Q1 2024, which is an increase of about 8.68%[21]. - Research and development expenses rose to CNY 26,777,718 in Q1 2025, up from CNY 23,079,370 in Q1 2024, reflecting an increase of approximately 16.80%[21]. Non-Recurring Items - Non-recurring gains and losses totaled CNY 34,406,622, primarily from government subsidies and asset disposal gains[8].

青岛港（601298）公告，2025年第一季度营收为48.07亿元，同比增长8.51%；净利润为14.02亿元，同 比增长6.51%。 ...