Company Overview - Liaoning Port Co., Ltd. (辽港股份) has a market capitalization of 42.7 billion yuan [2] - The company held an investor meeting on September 19, 2025, attended by Vice General Manager Yin Kaiyang and other executives [1] Revenue Composition - For the year 2024, the revenue breakdown is as follows: - Container terminal and related logistics business: 34.59% - General cargo terminal and related logistics business: 33.52% - Port value-added and support services: 11.06% - Oil and liquid chemical terminal and related logistics business: 10.08% - Bulk grain terminal and related logistics business: 6.23% [1]

证券代码：601880 证券简称：辽港股份 辽宁港口股份有限公司投资者关系活动记录表 编号：临2025-049 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类别 | □媒体采访 业绩说明会 | | | 新闻发布会 □路演活动 | | | ☑现场参观 □其他 申万宏源、中信证券、长江证券、招商证券、财通资 | | | 管、华创证券、东北证券、超扬天辰、方正证券、信 | | 参与单位名称 | 达证券、兴业证券、广发证券、中银证券、中信建投 | | | 资管、东证资管、天弘基金、国信资产、星石投资、 | | | 工银瑞信等。 | | 时间 | 2025年9月19日 | | 地点 | 大连保税区大窑湾 | | 上市公司接待人员姓名 | 部长王劲松先生、业务部商务中心主任段明峰先生、业 | | | 副总经理尹凯阳先生、董事会秘书王慧颖女士、财务部 | | | 务部油化品中心主任王志成先生。 | | | 一、公司董事会秘书王慧颖女士介绍了公司概况，以及公 | | 司 | 2025 年上半年经营及业绩情况。 | | | 二、投资者提出的问题及公司回复情况 | | | 1、公司 ...

Core Viewpoint - Dalian Changgang Tugboat Service Co., Ltd. has been established with a registered capital of 50 million RMB, focusing on domestic ship management, ship repair, and port operations [1] Company Information - The legal representative of Dalian Changgang Tugboat Service Co., Ltd. is Leng Bingshu, and the company was founded on September 17, 2025 [2] - The company is registered under the unified social credit code 91210202MAEUFY1869 and is classified as a limited liability company in the water transportation industry [2] - The business scope includes domestic ship management, ship repair, and port operations, along with other services such as ship towing, ship leasing, and labor services [2] Shareholder Structure - The company is jointly owned by three shareholders: Liaoning Port Co., Ltd. (40% stake), Dalian Hengsheng International Shipping Co., Ltd. (30% stake), and COSCO Shipping Logistics Supply Chain Co., Ltd. (30% stake) [2]

Core Viewpoint - The company, Liaoning Port Co., Ltd., is positioned as a leading logistics platform in Dalian, leveraging its strategic location and operational advantages to enhance its role in the Northeast Asia International Shipping Center and the development of the Liaoning Coastal Economic Belt [2][3]. Group 1: Company Overview - Liaoning Port Co., Ltd. operates a unified logistics platform for port operations in Dalian, with a focus on various types of cargo including oil, containers, automobiles, and bulk goods [2][3][8]. - The company is the largest comprehensive terminal operator in Northeast China, with nearly 70 coastal routes, and plays a significant role in the implementation of the China-South Korea Free Trade Agreement [2][3]. Group 2: Business Operations - The main business segments include oil and liquid chemical products, container logistics, automobile logistics, bulk cargo logistics, grain logistics, and passenger roll-on/roll-off services [3][9]. - The company has a well-established transportation network and is a key player in sea-rail intermodal transport and maritime transshipment in China [3]. Group 3: Recent Developments - A wholly-owned subsidiary has received approval for a blockchain project, indicating the company's commitment to technological advancements [4]. - The company plans to enhance its container terminal operations by adding 10 new routes, focusing on Southeast Asia and the Russian Far East, aligning with national strategies such as the Belt and Road Initiative [4]. Group 4: Financial Performance - For the first half of 2025, the company reported revenue of 5.693 billion yuan, a year-on-year increase of 5.93%, and a net profit of 956 million yuan, up 110.78% [9][10]. - The company has distributed a total of 5.342 billion yuan in dividends since its A-share listing, with 1.439 billion yuan in the last three years [10].

Group 1 - A new company, Dalian Changgang Tugboat Service Co., Ltd., has been established with a registered capital of 50 million yuan [1] - The company's business scope includes tugboat services, port services, ship leasing, and transportation equipment leasing services [1] - The company is jointly held by Liaogang Co., Ltd. and COSCO Shipping Logistics Supply Chain Co., Ltd. [1]

Group 1 - The average stock price of A-shares is 13.49 yuan, with 24 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.51 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 50% of the total [1] - The Shanghai Composite Index closed at 3831.66 points as of September 18 [1] Group 2 - Among the low-priced stocks, 11 increased in price today, with the highest gainers being Yongtai Energy (up 10.32%), Liao Port Co. (up 2.75%), and *ST Su Wu (up 2.15%) [1] - Conversely, 11 stocks decreased in price, with the largest declines seen in Rongsheng Development (down 8.54%), *ST Gao Hong (down 5.56%), and Zhitian Tui (down 5.36%) [1] - The stock price performance of low-priced stocks shows a mixed trend, indicating volatility in this segment [1]

Core Viewpoint - Liaoport Co., Ltd. has shown fluctuations in its stock performance and financing activities, with a notable increase in net profit despite a slight decrease in shareholder numbers [1][2]. Financing Activities - On September 17, Liaoport's stock price fell by 1.09%, with a trading volume of 477 million yuan. The financing buy-in amount was 58.23 million yuan, while the financing repayment was 67.11 million yuan, resulting in a net financing outflow of 8.88 million yuan [1]. - As of September 17, the total financing and securities balance for Liaoport was 246 million yuan, with the current financing balance at 243 million yuan, accounting for 0.72% of the circulating market value, which is below the 50th percentile level over the past year [1]. - On the same day, Liaoport repaid 1.88 million shares in securities lending and sold 24,500 shares, with a selling amount of 44,600 yuan. The remaining securities lending volume was 2.14 million shares, with a balance of 3.89 million yuan, exceeding the 80th percentile level over the past year [1]. Company Overview - Liaoport Co., Ltd., established on November 16, 2005, and listed on December 6, 2010, operates in various logistics sectors, including oil, container, automobile, bulk cargo, and passenger roll-on/roll-off services [2]. - The company's main business revenue composition is as follows: 96.37% from services, 3.06% from other sources, and 0.57% from goods [2]. - As of June 30, 2025, Liaoport reported a revenue of 5.693 billion yuan, representing a year-on-year growth of 5.93%, and a net profit attributable to shareholders of 956 million yuan, marking a significant increase of 110.78% [2]. Shareholder Information - Since its A-share listing, Liaoport has distributed a total of 5.342 billion yuan in dividends, with 1.439 billion yuan distributed over the past three years [3]. - As of June 30, 2025, the number of shareholders decreased to 224,300, a reduction of 2.21%, while the average circulating shares per person remained unchanged at zero [2][3]. - Among the top ten circulating shareholders, the Southern CSI 500 ETF ranked as the seventh largest, holding 111 million shares, an increase of 14.946 million shares compared to the previous period [3].

Group 1 - The average stock price of A-shares is 13.65 yuan, with 24 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.54 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 50% of the total [1] - The Shanghai Composite Index closed at 3876.34 points as of September 17 [1] Group 2 - Among the low-priced stocks, three increased in price today, with *ST Yuan Cheng leading at a rise of 4.97% [1] - The majority of low-priced stocks, 17 in total, experienced declines, with Rongsheng Development falling by 6.13% [2][1] - The trading volume and turnover rates vary significantly among low-priced stocks, with *ST Gao Hong having a turnover rate of 0.24% [1]

Group 1 - The concept of the China-South Korea Free Trade Zone has seen a rise of 2.90%, ranking 6th among concept sectors, with 13 stocks increasing in value, including Xinhua Jin which hit the daily limit [1] - Notable gainers in the China-South Korea Free Trade Zone sector include Huaguang Yuanhai, Liaogang Co., and Rizhao Port, which rose by 14.29%, 3.95%, and 2.19% respectively [1] - The sector attracted a net inflow of 118 million yuan from main funds, with Xinhua Jin leading the inflow at 55.74 million yuan [2][3] Group 2 - The net inflow ratios for Xinhua Jin, Lianyungang, and Rizhao Port were 24.01%, 9.72%, and 7.34% respectively, indicating strong investor interest [3] - The trading volume and turnover rates for key stocks in the sector were highlighted, with Xinhua Jin showing a turnover rate of 9.36% [3] - Other stocks in the sector also experienced varying degrees of net inflow, contributing to the overall positive performance of the China-South Korea Free Trade Zone concept [2][3]

Core Insights - The shipping and port sector experienced a 0.59% increase on September 16, with Haixia Co. leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Sector Performance - Haixia Co. (002320) saw a closing price of 9.17, with a significant increase of 9.17% and a trading volume of 1.0914 million shares, amounting to a transaction value of 967 million yuan [1] - HNA Technology (600751) closed at 4.80, up 8.11%, with a trading volume of 1.3201 million shares and a transaction value of 610 million yuan [1] - Antong Holdings (600179) closed at 3.64, increasing by 4.30%, with a trading volume of 1.0249 million shares and a transaction value of 370 million yuan [1] - Liaoning Port Co. (601880) closed at 1.84, up 3.95%, with a trading volume of 3.4223 million shares and a transaction value of 620 million yuan [1] - Nanjing Port (002040) closed at 9.96, increasing by 3.64%, with a trading volume of 346,300 shares and a transaction value of 344 million yuan [1] - Other notable performances include Guokai Ocean (833171) up 2.88%, Ningbo Ocean (601022) up 2.49%, Rizhao Port (600017) up 2.19%, Lianyungang (601008) up 2.09%, and Chongqing Port (600279) up 1.86% [1] Fund Flow Analysis - The shipping and port sector saw a net outflow of 74.6053 million yuan from main funds, while retail funds experienced a net inflow of 116 million yuan [3] - Speculative funds recorded a net outflow of 41.3359 million yuan [3]