证券代码：601880 证券简称：辽港股份 公告编号：临 2025-045 辽宁港口股份有限公司 关于股份回购实施结果暨股份变动的公告 一、 回购审批情况和回购方案内容 辽宁港口股份有限公司（以下简称"公司"）于 2024 年 9 月 6 日召开第七届 董事会 2024 年第 9 次临时会议，并于 2024 年 9 月 24 日召开 2024 年第二次临时 股东大会审议通过了《关于辽宁港口股份有限公司以集中竞价方式第二次回购股 份的议案》，同意公司以集中竞价交易方式回购公司股份，回购的股份将全部用于 注销并减少公司注册资本。回购股份的资金总额为不低于人民币 4.2 亿元（含）， 不超过人民币 8.4 亿元（含），回购价格为不超过人民币 1.87 元/股（含），回购 期限为自公司股东大会审议通过本次回购股份方案之日起不超过 12 个月，即从 2024 年 9 月 24 日至 2025 年 9 月 23 日。 具体内容详见公司分别于 2024 年 9 月 6 日和 2024 年 9 月 24 日在上海证券交 易所网站（www.sse.com.cn）披露的《辽宁港口股份有限公司关于以集中竞价交 易方式第二次回购股份 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02880 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,158,715,999 | RMB | | 1 | RMB | | 5,158,715,999 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 5,158,715,999 | RMB | | | 1 RMB | | 5,158,715,999 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 遼寧港口股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02880 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,158,715,999 | RMB | | 1 | RMB | | 5,158,715,999 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 5,158,715,999 | RMB | | | 1 RMB | | 5,158,715,999 | | 2. 股 ...

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 13.39 yuan, with 35 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 1.08 yuan [1][2] Group 1: Market Performance - As of August 28, the Shanghai Composite Index closed at 3843.60 points, with a notable presence of low-priced stocks in the market [1] - Among the low-priced stocks, 7 out of 35 increased in price today, with Liao Port Co., He Bang Bio, and Mei Bang Apparel leading with increases of 1.86%, 1.04%, and 1.02% respectively [1] - Conversely, 20 stocks declined, with *ST Gao Hong, *ST Hui Feng, and *ST Su Wu experiencing the largest drops of 5.26%, 1.81%, and 1.71% respectively [1] Group 2: Low-Priced Stocks Overview - The list of low-priced stocks includes 13 ST stocks, accounting for 37.14% of those priced below 2 yuan [1] - The lowest priced stocks are as follows: - *ST Gao Hong: 1.08 yuan, -5.26% daily change, 0.30% turnover rate, 2.11 P/B ratio [1] - *ST Su Wu: 1.15 yuan, -1.71% daily change, 14.02% turnover rate, 0.47 P/B ratio [1] - *ST Jin Ke: 1.34 yuan, no change, 1.97% turnover rate [1] - Other notable low-priced stocks include: - Rongsheng Development: 1.44 yuan, -0.69% daily change [1] - Chongqing Steel: 1.46 yuan, +0.69% daily change [1] - Yung Tai Energy: 1.47 yuan, -0.68% daily change [1]

Group 1 - The core point of the article is the appointment of Mr. Li Shuibo as the Vice General Manager of Liaoport Co., Ltd. (02880), effective from August 28, 2025, until the end of the seventh board of directors' term [1]

辽港股份（601880）(02880)发布公告，李水波先生(李先生)已获委任为本公司副总经理，任期自2025年 8月28日起至第七届董事会任期届满止。 ...

Core Viewpoint - Liao Port Co., Ltd. reported strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by core business segments and effective management strategies [1][2]. Financial Performance - The company achieved operating revenue of 5.693 billion yuan, a year-on-year increase of 5.93% [1][2]. - Net profit attributable to shareholders reached 956 million yuan, a substantial increase of 110.78% year-on-year, with a similar growth rate of 113.82% for net profit after excluding non-recurring gains and losses [1][2]. - Basic earnings per share rose from 0.02 yuan to 0.04 yuan, reflecting an increase of 111.74% [2]. Business Segments - The oil products segment experienced explosive growth, with revenue increasing by 112.5%, contributing 19.3% to total revenue, up from 9.6% the previous year [3]. - The gross margin for the oil products segment surged from 3.5% to 52.5%, becoming a core profit driver [3]. - The total throughput of oil reached 21.669 million tons, a 14.2% increase year-on-year, driven by active trading and logistics operations [3]. - The bulk grain segment also performed well, with total throughput of 9.306 million tons, a 17.4% increase, and corn throughput reaching 6.982 million tons, up 73.4% [3]. - Container throughput grew by 4.0% to 5.475 million TEU, with an improved gross margin [3]. Strategic Execution and Optimization - The company reduced its debt-to-asset ratio from 27.4% at the end of 2024 to 24.2% [5]. - Cash and cash equivalents reached 5.223 billion yuan, with unused bank credit of 20.89 billion yuan, indicating strong liquidity [5]. - The company maintained an AAA credit rating, supporting future financing [5]. - Strategic mergers and business optimizations were implemented, including the consolidation of two long-term companies and the establishment of new entities [5]. - The company enhanced asset efficiency through the transfer of certain port facilities, generating significant revenue [5].

遼寧港口股份有限公司 董事會審計委員會工作規則 第一章 總 則 第二章 人員組成 第四條 審 計 委 員 會 成 員 須 全 部 是 非 執 行 董 事，委 員 會 成 員 應 當 是 不 在 公 司 擔 任 高 級 管 理 人 員 的 董 事，且 至 少 有 三 名 成 員，其 中 至 少 一 名 獨 立 非 執 行 董 事 應 是 會 計 或 財 務 管 理 專 業 人 士。 – 1 – 第一條 為 進 一 步 促 進 遼 寧 港 口 股 份 有 限 公 司（以 下 簡 稱「公 司」）規 範 運 作，提 高 公 司 治 理 水 平，充 分 發 揮 獨 立 董 事 在 上 市 公 司 治 理 中 的 作 用，根 據《中 華 人 民 共 和 國 公 司 法》（以 下 簡 稱「《公 司 法》」）、《上 海 證 券 交 易 所 股 票 上 市 規 則》（以 下 簡 稱「上交所上市規則」或「上市規 則」）及《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》（以 下 簡 稱「聯交所上市規則」或「上市規則」）、《上 市 公 司 獨 立 董 事 管 理 辦 法》、《上 市 公 司 治 理 準 則》、《 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 * 委任副總經理 遼 寧 港 口 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）宣 佈，李 水 波 先 生 （「李先生」）已 獲 委 任 為 本 公 司 副 總 經 理，任 期 自2025年8月28日起至第七 屆 董 事 會 任 期 屆 滿 止。 李 先 生 的 履 歷 詳 情 載 列 如 下： 李 水 波 先 生，1972年 出 生，中 國 國 籍，曾 任 大 連 港 口 建 設 管 理 有 限 公 司 總 工 程 師、大 連 港 集 團 有 限 公 司 技 術 工 程 部 副 部 長、大 連 港 大 窯 灣 北 岸 開 發 建 設 公 司 副 總 經 理、大 連 港 口 建 設 監 理 諮 詢 有 限 公 司 副 總 經 理、大 連 港 口 建 設 監 理 諮 詢 有 限 公 司 總 經 理。李 水 波 先 生 獲 得 ...

[Operating Results](index=2&type=section&id=經營業績) [Consolidated Balance Sheet](index=2&type=section&id=合併資產負債表) As of June 30, 2025, the Group's total consolidated assets were **RMB 57.73 billion**, a **3.44% decrease** from year-end 2024, with total liabilities at **RMB 13.97 billion** and total shareholders' equity at **RMB 43.76 billion**, decreasing by **14.72%** and increasing by **0.82%** respectively Consolidated Balance Sheet Key Data (As of June 30, 2025) | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 57,731,364,852.63 | 59,786,931,555.09 | -3.44 | | Total Liabilities | 13,972,838,848.43 | 16,383,834,665.08 | -14.72 | | Total Shareholders' Equity | 43,758,526,004.20 | 43,403,096,890.01 | 0.82 | [Consolidated Income Statement](index=6&type=section&id=合併利潤表) In H1 2025, the Group achieved operating revenue of **RMB 5.69 billion**, a **5.93% year-on-year increase**, with net profit reaching **RMB 1.08 billion**, up **99.42%**, and net profit attributable to parent company shareholders at **RMB 956 million**, up **110.8%**, resulting in basic earnings per share of **RMB 0.04**, a **100% increase** Consolidated Income Statement Key Data (For the six months ended June 30, 2025) | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,692,674,662.40 | 5,373,882,294.43 | 5.93 | | Operating Costs | 3,898,924,882.48 | 4,136,210,127.54 | -5.74 | | Net Profit | 1,081,371,691.61 | 542,214,946.26 | 99.42 | | Net Profit Attributable to Parent Company Shareholders | 955,747,258.23 | 453,443,345.42 | 110.80 | | Basic Earnings Per Share (RMB) | 0.04 | 0.02 | 100.00 | [Notes to Financial Statements](index=8&type=section&id=財務報表附註) [General Information](index=8&type=section&id=一.%20基本情況) This section outlines Liaoning Port Co., Ltd.'s establishment, history, changes in equity structure (including the change of ultimate controlling party to China Merchants Group), major asset restructuring (absorption merger of Yingkou Port Group), and share repurchase status, with the company's main business covering port loading, unloading, transportation, warehousing, and logistics services - The company's ultimate controlling party has changed to **China Merchants Group Co., Ltd**[12](index=12&type=chunk)[17](index=17&type=chunk) - The company completed a share-swap absorption merger of Yingkou Port Group Co., Ltd. in 2021, increasing its total share capital to **23,987,065,816 shares**[13](index=13&type=chunk) - As of June 30, 2025, the company had cumulatively repurchased **415,298,603 shares**, of which **81,591,147 shares** were cancelled in 2024[15](index=15&type=chunk) - The Group primarily operates international and domestic cargo handling, transportation, transshipment, warehousing, and other port and logistics services[16](index=16&type=chunk) [Basis of Financial Statement Preparation](index=10&type=section&id=二.%20財務報表的編製基礎) The Group's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance of China and relevant regulations, presented on a going concern basis - Financial statements are prepared in accordance with Chinese Accounting Standards for Business Enterprises and presented on a going concern basis[18](index=18&type=chunk)[19](index=19&type=chunk) [Taxation](index=11&type=section&id=三.%20稅項) This section details the Group's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharges, property tax, and corporate income tax, also disclosing various tax incentives enjoyed by the Group and its subsidiaries, such as land use tax exemptions for port land, high-tech enterprise income tax benefits, small and micro-profit enterprise income tax benefits, and R&D expense super deduction Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (Port operations, goods sales, transportation, interest, construction, real estate leasing) | 6%, 13%, 9%, 6%, 9%, 5% | | Urban Maintenance and Construction Tax | 7% (Turnover Tax) | | Education Surcharge | 5% (Turnover Tax) | | Property Tax (Original Value) | 1.2% (70% of original property value) | | Property Tax (Rent) | 12% (Rental Income) | | Corporate Income Tax | 25% (Some subsidiaries enjoy preferential rates of 15% or 20%) | - The Group's dock land and reclaimed land are exempt from land use tax, and land for bulk commodity warehousing facilities enjoys a **50% reduction** in urban land use tax[23](index=23&type=chunk)[24](index=24&type=chunk) - Some subsidiaries, having obtained high-tech enterprise certificates, are subject to a **15% corporate income tax rate**[25](index=25&type=chunk) - Some small and micro-profit enterprise subsidiaries are eligible for a preferential policy to calculate taxable income at **25%** and pay corporate income tax at a **20% rate**[26](index=26&type=chunk) - Dalian Container Terminal Co., Ltd. applies tax incentives for R&D expenses, allowing for **100% super deduction or 200% amortization**[27](index=27&type=chunk) [Notes to Major Items in Consolidated Financial Statements](index=14&type=section&id=四.%20合併財務報表主要項目註釋) This section provides detailed notes on major asset, liability, and profit/loss items in the consolidated financial statements, including their composition, aging analysis, changes, and related accounting treatments and risk assessments [Notes Receivable](index=14&type=section&id=1.%20應收票據) The Group's notes receivable primarily consist of bank acceptance bills, totaling **RMB 82.38 million** as of June 30, 2025, a **9.91% decrease** from year-end 2024, with the Group assessing bank acceptance bills as having low credit risk, thus no credit loss provisions were made, and no notes are pledged Notes Receivable (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Acceptance Bills | 82,376,253.20 | 91,552,251.26 | | Total | 82,376,253.20 | 91,552,251.26 | - The Group has no pledged notes receivable and has not made any credit loss provisions[29](index=29&type=chunk)[30](index=30&type=chunk) [Accounts Receivable](index=15&type=section&id=2.%20應收賬款) As of June 30, 2025, total accounts receivable amounted to **RMB 2.44 billion**, a **18.78% decrease** from year-end 2024, with a significant increase in accounts receivable aged within one year, and a **RMB 84.45 million reduction** in bad debt provisions for accounts receivable this period Accounts Receivable and Bad Debt Provisions (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Accounts Receivable | 2,441,659,448.96 | 3,006,265,639.15 | | Accounts Receivable Bad Debt Provisions | 165,720,929.93 | 250,175,936.26 | | Bad Debt Provisions Accrued This Period | -84,455,006.33 | -380,064,168.69 | - As of June 30, 2025, accounts receivable aged within one year significantly increased to **50.66%**[32](index=32&type=chunk) [Receivables Financing](index=17&type=section&id=3.%20應收款項融資) The Group's receivables financing primarily consists of bank acceptance bills measured at fair value, totaling **RMB 206 million** as of June 30, 2025, a **29.33% decrease** from year-end 2024, with **RMB 36.09 million** in bank acceptance bills endorsed or discounted but not derecognized this period Receivables Financing (RMB) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Acceptance Bills Measured at Fair Value | 205,630,157.60 | 290,981,075.87 | | Bank Acceptance Bills Endorsed or Discounted but Not Derecognized | 36,092,635.48 | 106,303,296.04 | - As of June 30, 2025, the Group had no pledged receivables financing[34](index=34&type=chunk) [Other Receivables](index=17&type=section&id=4.%20其他應收款) As of June 30, 2025, total other receivables amounted to **RMB 603 million**, a **38.07% increase** from year-end 2024, primarily comprising dividends receivable and other receivable items, which grew by **20.85%** and **43.09%** respectively Total Other Receivables (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Dividends Receivable | 116,376,869.06 | 96,297,124.26 | | Other Receivable Items | 486,991,591.20 | 340,717,344.32 | | Total | 603,368,460.26 | 437,014,468.58 | [Interest Receivable](index=18&type=section&id=應收利息) As of June 30, 2025, the Group had no significant overdue interest and no bad debt provisions were made for interest receivable this period - As of June 30, 2025, the Group had no significant overdue interest[36](index=36&type=chunk) - No bad debt provisions were made for interest receivable from January to June 2025[37](index=37&type=chunk) [Dividends Receivable](index=18&type=section&id=應收股利) As of June 30, 2025, the book value of dividends receivable was **RMB 116 million**, primarily from Dalian Port Yidu Cold Chain Co., Ltd. and Dalian PetroChina International Storage & Transportation Co., Ltd., with a **RMB 64,200 reduction** in credit loss provisions for dividends receivable this period Major Dividends Receivable (RMB) | Investee | June 30, 2025 | | :--- | :--- | | Dalian Port Yidu Cold Chain Co., Ltd. | 71,917,796.35 | | Dalian PetroChina International Storage & Transportation Co., Ltd. | 26,483,802.40 | | Dalian Jilong Logistics Co., Ltd. | 22,507,539.23 | | Total Book Value of Dividends Receivable | 116,376,869.06 | - Significant dividends receivable aged over one year are primarily due to deferred payments, with total credit loss provisions amounting to **RMB 26.95 million**[39](index=39&type=chunk) [Other Receivables (Items)](index=20&type=section&id=其他應收款項) As of June 30, 2025, total other receivable items amounted to **RMB 487 million**, primarily comprising government subsidies receivable and settlement funds to be transferred, with **RMB 5.26 million** in bad debt provisions made this period Analysis of Other Receivables by Nature (RMB) | Nature of Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Government Subsidies Receivable | 347,383,939.47 | 307,413,298.21 | | Settlement Funds to be Transferred | 41,489,317.66 | 1,592,090.17 | | Total Other Receivable Items | 486,991,591.20 | 340,717,344.32 | - Bad debt provisions of **RMB 5.26 million** were made from January to June 2025[41](index=41&type=chunk) [Inventories](index=22&type=section&id=5.%20存貨) As of June 30, 2025, the book value of inventories was **RMB 128 million**, a slight increase from year-end 2024, primarily composed of raw materials, finished goods, and revolving materials, with a **RMB 1.44 million reduction** in inventory impairment provisions this period Book Value of Inventories (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw Materials | 83,593,451.73 | 83,640,693.64 | | Finished Goods | 12,097,016.42 | 10,071,281.92 | | Revolving Materials | 20,743,591.41 | 20,367,206.30 | | Contract Fulfillment Costs | 11,109,080.50 | 11,199,758.08 | | Total Inventories | 127,543,140.06 | 125,278,939.94 | - Inventory impairment provisions decreased by **RMB 1.44 million** this period, mainly due to reversals or write-offs of raw material impairment provisions[43](index=43&type=chunk) - Contract fulfillment costs amortized this period amounted to **RMB 37.60 million**[43](index=43&type=chunk) [Investments in Other Equity Instruments](index=23&type=section&id=6.%20其他權益工具投資) As of June 30, 2025, the book value of investments in other equity instruments was **RMB 195 million**, a **10.53% decrease** from year-end 2024, primarily invested in Jinzhou New Era Container Terminal Co., Ltd. and others, with dividend income of **RMB 13.50 million** this period Investments in Other Equity Instruments (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Jinzhou New Era Container Terminal Co., Ltd. | 136,658,436.19 | 156,890,738.14 | | Qinhuangdao Port Xingangwan Container Terminal Co., Ltd. | 33,861,382.15 | 37,122,267.41 | | Total Investments in Other Equity Instruments | 194,597,395.96 | 217,510,342.27 | | Dividend Income (Current Period) | 13,501,819.38 | 9,286,637.67 | - These investments are designated as non-trading equity instruments and are not expected to be sold in the foreseeable future[44](index=44&type=chunk) [Accounts Payable](index=23&type=section&id=7.%20應付賬款) As of June 30, 2025, total accounts payable amounted to **RMB 293 million**, a **26.13% decrease** from year-end 2024, primarily comprising vessel charter fees, ocean freight, and auxiliary material purchases, with **87.92%** of accounts payable aged within one year Analysis of Accounts Payable by Nature (RMB) | Nature | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Vessel Charter Fees and Ocean Freight | 125,195,183.97 | 145,451,732.60 | | Auxiliary Material Purchases | 158,821,791.75 | 236,527,220.81 | | Total Accounts Payable | 292,788,569.74 | 396,352,402.61 | - As of June 30, 2025, the Group had no significant accounts payable aged over one year[46](index=46&type=chunk) [Contract Liabilities](index=24&type=section&id=8.%20合同負債) As of June 30, 2025, total contract liabilities amounted to **RMB 262 million**, an **8.01% decrease** from year-end 2024, primarily consisting of port miscellaneous fees and freight, with **RMB 232 million** of revenue recognized from the opening balance of contract liabilities this period Contract Liabilities (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Port Miscellaneous Fees | 233,777,453.07 | 257,767,870.44 | | Freight | 1,780,732.55 | 2,229,517.80 | | Total Contract Liabilities | 262,194,400.58 | 285,023,142.74 | - Revenue recognized this period from the opening balance of contract liabilities amounted to **RMB 232 million**[47](index=47&type=chunk) - The decrease in contract liabilities at period-end was primarily due to a reduction in advance receipts from the grain terminal and related logistics business segments[48](index=48&type=chunk) [Other Payables](index=25&type=section&id=9.%20其他應付款) As of June 30, 2025, total other payables amounted to **RMB 1.54 billion**, a **26.78% increase** from year-end 2024, primarily including interest payable, dividends payable, and other payable items, with dividends payable significantly increasing by **211.69%** Other Payables (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Interest Payable | 275,191,356.55 | 270,456,396.55 | | Dividends Payable | 583,760,774.15 | 187,293,731.99 | | Other Payable Items | 682,307,054.22 | 757,944,537.88 | | Total | 1,541,259,184.92 | 1,215,694,666.42 | - As of June 30, 2025, significant other payables aged over one year totaled **RMB 165 million**, primarily due to unfulfilled payment conditions[51](index=51&type=chunk)[52](index=52&type=chunk) [Operating Revenue and Operating Costs](index=27&type=section&id=10.%20營業收入和營業成本) In H1 2025, the Group's operating revenue was **RMB 5.69 billion** and operating costs were **RMB 3.90 billion**, with main business revenue increasing by **7.62%** year-on-year and other business revenue decreasing by **31.48%**, making port operations the primary source of revenue Operating Revenue and Operating Costs (For the six months ended June 30, 2025, RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 5,692,674,662.40 | 5,373,882,294.43 | | Main Business Revenue | 5,533,429,725.85 | 5,141,776,803.89 | | Other Business Revenue | 159,244,936.55 | 232,105,490.54 | | Operating Costs | 3,898,924,882.48 | 4,136,210,127.54 | | Main Business Costs | 3,694,636,823.95 | 3,855,722,086.36 | | Other Business Costs | 204,288,058.53 | 280,488,041.18 | - Port operations are the Group's primary revenue source, with **RMB 4.37 billion** in revenue recognized in H1 2025[54](index=54&type=chunk) [Administrative Expenses](index=30&type=section&id=11.%20管理費用) In H1 2025, administrative expenses were **RMB 329 million**, a **7.7% year-on-year decrease**, primarily due to reductions in staff remuneration and labor costs Administrative Expenses (For the six months ended June 30, 2025, RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Staff Remuneration | 238,034,049.48 | 273,894,482.70 | | Labor Costs | 9,041,697.04 | 11,017,694.02 | | Total Administrative Expenses | 328,761,969.65 | 356,164,073.44 | - Administrative expenses decreased by **7.7%** year-on-year, primarily due to reduced labor and service costs[56](index=56&type=chunk)[82](index=82&type=chunk) [Finance Costs](index=31&type=section&id=12.%20財務費用) In H1 2025, finance costs were **RMB 209 million**, a **13.7% year-on-year increase**, primarily due to the combined effect of increased interest expenses from consolidated entities and repayment of some interest-bearing debt to the parent company Finance Costs (For the six months ended June 30, 2025, RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Expense | 236,729,910.64 | 222,131,998.56 | | Less: Interest Income | 28,592,728.68 | 37,221,396.23 | | Total Finance Costs | 208,859,900.27 | 183,669,463.70 | - Finance costs increased by **13.7%** year-on-year, primarily influenced by increased interest expenses from consolidated entities and the repayment of some interest-bearing debt to the parent company[57](index=57&type=chunk)[82](index=82&type=chunk) [Credit Impairment Losses](index=31&type=section&id=13.%20信用減值損失) In H1 2025, credit impairment losses were **RMB 79.26 million**, a **489.0% year-on-year decrease**, primarily due to factors such as reduced accounts receivable Credit Impairment Losses (For the six months ended June 30, 2025, RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Accounts Receivable Impairment Losses | 84,455,006.33 | -30,707,560.98 | | Other Receivables Impairment Losses | -5,191,563.24 | 44,165,431.75 | | Total | 79,263,443.09 | 13,457,870.77 | - Credit impairment losses decreased by **489.0%** year-on-year, primarily due to lower accounts receivable[82](index=82&type=chunk) [Other Income](index=32&type=section&id=14.%20其他收益) In H1 2025, other income was **RMB 69.58 million**, a **39.3% year-on-year decrease**, primarily due to reduced subsidy income from China-Europe transit trains Other Income (For the six months ended June 30, 2025, RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Government Subsidies Related to Daily Activities | 68,850,189.58 | 111,850,751.12 | | Handling Fee Rebates for Withholding Individual Income Tax | 732,554.34 | 1,031,949.87 | | Total | 69,582,743.92 | 114,586,039.94 | - Other income decreased by **39.3%** year-on-year, primarily due to reduced subsidy income from China-Europe transit trains[82](index=82&type=chunk) [Investment Income](index=33&type=section&id=15.%20投資收益) In H1 2025, investment income was **RMB 106 million**, a substantial **2,107.2% year-on-year increase**, primarily due to the combined effect of profit growth from joint ventures and associates operating passenger ro-ro business and a significant profit decline from those operating bulk and general cargo business in the prior year Investment Income (For the six months ended June 30, 2025, RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Investment Income from Long-Term Equity Investments Accounted for Using Equity Method | 92,263,809.83 | -15,753,917.08 | | Dividend Income from Other Equity Instruments Still Held | 13,501,819.38 | 9,286,637.67 | | Total | 105,939,046.91 | -5,278,069.66 | - Investment income increased by **2,107.2%** year-on-year, primarily influenced by profit growth from joint ventures and associates in passenger ro-ro business and profit decline from those in bulk and general cargo business[83](index=83&type=chunk) [Income Tax Expense](index=33&type=section&id=16.%20所得稅費用) In H1 2025, income tax expense was **RMB 363 million**, a **71.9% year-on-year increase**, primarily due to an increase in taxable income resulting from changes in operating profit Income Tax Expense (For the six months ended June 30, 2025, RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current Income Tax Expense | 363,775,513.89 | 229,163,204.60 | | Deferred Income Tax Expense | -647,410.65 | -17,877,613.52 | | Total | 363,128,103.24 | 211,285,591.08 | - Income tax expense increased by **71.9%** year-on-year, primarily due to changes in operating profit leading to increased taxable income[83](index=83&type=chunk) [Earnings Per Share](index=34&type=section&id=17.%20每股收益) In H1 2025, the Group's basic earnings per share increased to **RMB 0.04** from **RMB 0.02** in the prior year, with no dilutive potential ordinary shares outstanding this period Earnings Per Share (For the six months ended June 30, 2025, RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Ordinary Shareholders | 955,747,258.23 | 453,443,345.42 | | Weighted Average Number of Ordinary Shares Outstanding | 23,877,588,055.67 | 23,987,065,816.00 | | Basic Earnings Per Share | 0.04 | 0.02 | - The company has no dilutive potential ordinary shares outstanding[63](index=63&type=chunk) [Segment Information](index=35&type=section&id=18.%20分部信息) The Group is divided into seven reporting segments based on products and services: oil/liquid chemicals, containers, bulk and general cargo, grain, passenger ro-ro, port value-added and support, and automobile terminal businesses, with management allocating resources and assessing performance based on the operating results of each business unit - The Group has seven reporting segments: **oil/liquid chemicals, containers, bulk and general cargo, grain, passenger ro-ro, port value-added and support, and automobile terminal businesses**[64](index=64&type=chunk)[66](index=66&type=chunk) - Segment performance is assessed based on adjusted total profit, and segment assets and liabilities do not include headquarters' assets and liabilities[64](index=64&type=chunk) [Events After the Balance Sheet Date](index=40&type=section&id=19.%20資產負債表日後事項) As of the report date, the company's second phase share repurchase plan, approved in September 2024, is ongoing, with a cumulative repurchase of **333.71 million A-shares** - As of June 30, 2025, the company had cumulatively repurchased **333.71 million A-shares**, and the share repurchase is ongoing[74](index=74&type=chunk) [Management Discussion and Analysis](index=41&type=section&id=管理層討論與分析) [Overview](index=41&type=section&id=概%20述) In H1 2025, the global economy faced multiple challenges, while the domestic economy continued its recovery, with national port cargo throughput increasing by **4.0%** year-on-year; the Group's main businesses, including oil/liquid chemicals, containers, automobiles, bulk and general cargo, grain, passenger ro-ro, and port value-added and support services, each faced distinct macroeconomic and industry influences - In H1 2025, the global macroeconomic environment faced multiple challenges including geopolitical conflicts and trade protectionism, while the domestic economy continued to recover but still encountered difficulties[75](index=75&type=chunk) - In H1 2025, national ports completed a cargo throughput of **8.90 billion tons**, a **4.0% year-on-year increase**[75](index=75&type=chunk) - The oil products segment faced intense market competition due to tax policy adjustments and the completion of domestic refined oil pipelines; the container segment's business development faced challenges from the Red Sea situation and geopolitical influences[76](index=76&type=chunk) - The automobile segment benefited from increased national and new energy vehicle sales, but the bulk and general cargo segment experienced declining demand due to reduced steel mill operating rates[77](index=77&type=chunk) [Overall Performance Review](index=42&type=section&id=整體業績回顧) In H1 2025, the Group's net profit attributable to parent company shareholders increased by **110.8%** year-on-year, with basic earnings per share up **111.7%**, driven by increased revenue from oil storage, grain, and container businesses, enhanced cost control, reversal of credit impairment losses, and higher investment income, including some one-off profit factors Key Financial Indicators Change in H1 2025 (Year-on-Year) | Indicator | Change (%) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 110.8 | | Basic Earnings Per Share | 111.7 | | Operating Revenue | 5.9 | | Operating Costs | -5.7 | | Gross Profit | 44.9 | | Gross Profit Margin | Increased by 8.5 percentage points | | Administrative Expenses | -7.7 | | Research and Development Expenses | -49.3 | | Finance Costs | 13.7 | | Credit Impairment Losses | -489.0 | | Other Income | -39.3 | | Investment Income | 2,107.2 | | Income Tax Expense | 71.9 | - Significant net profit growth is primarily attributed to increased revenue from **oil storage, grain, and container businesses**, enhanced cost control, reversal of credit impairment losses, and higher investment income from joint ventures and associates[79](index=79&type=chunk) - Operating revenue increased by **5.9%**, mainly driven by increased revenue from **oil storage, grain, and container businesses** and an expanded consolidation scope, though the decline in high-margin bulk and general cargo volume and reduced China-Europe freight train business constrained the growth rate[80](index=80&type=chunk) - Gross profit margin increased by **8.5 percentage points to 31.5%**, primarily benefiting from revenue growth in **oil storage, grain, and container businesses**[81](index=81&type=chunk) [Assets and Liabilities](index=44&type=section&id=資產負債情況) As of June 30, 2025, the Group's total assets were **RMB 57.73 billion** and net assets were **RMB 43.76 billion**, with net assets per share at **RMB 1.68**, a slight increase from year-end 2024, and the asset-liability ratio at **24.2%**, a **3.2 percentage point decrease** from year-end 2024, primarily due to repayment of interest-bearing debt Key Balance Sheet Data (As of June 30, 2025) | Indicator | Amount (RMB) | Change from Year-End 2024 | | :--- | :--- | :--- | | Total Assets | 57,731,364,852.63 | Decreased by 3.44% | | Net Assets | 43,758,526,004.20 | Increased by 0.82% | | Net Assets Per Share | 1.68 | Slightly increased (vs 1.66) | | Total Liabilities | 13,972,838,848.43 | Decreased by 14.72% | | Asset-Liability Ratio | 24.2% | Decreased by 3.2 percentage points (vs 27.4%) | - The decrease in the asset-liability ratio is primarily attributed to the repayment of interest-bearing debt[85](index=85&type=chunk) [Financial Resources and Liquidity](index=45&type=section&id=財務資源及流動性) As of June 30, 2025, the Group's cash and cash equivalents balance was **RMB 5.22 billion**, with net cash inflow from operating activities of **RMB 2.84 billion**, net cash outflow from investing activities of **RMB 66 million**, and net cash outflow from financing activities of **RMB 2.80 billion**; the Group maintains a sound financial position with a net debt-to-equity ratio of **12.2%**, unused bank credit lines totaling **RMB 20.89 billion**, and an **AAA credit rating** Cash Flow and Debt Situation (As of June 30, 2025) | Indicator | Amount (RMB) | Change from Year-End 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents Balance | 5,223,372,080.46 | Decreased by 25.19 million | | Net Cash Inflow from Operating Activities | 2,841,071,834.72 | - | | Net Cash Outflow from Investing Activities | 66,495,121.56 | - | | Net Cash Outflow from Financing Activities | 2,800,433,712.16 | - | | Total Outstanding Borrowings | 5,773,079,813.06 | - | | Net Debt-to-Equity Ratio | 12.2% | Decreased by 5.7 percentage points (vs 17.9%) | - The Group has **RMB 20.89 billion** in unused bank credit lines and an **AAA credit rating**, indicating strong qualifications for capital market financing[88](index=88&type=chunk) - The Group closely monitors interest rate and exchange rate risks, having not entered into any foreign exchange hedging contracts as of June 30, 2025[88](index=88&type=chunk) [Capital Expenditures](index=46&type=section&id=資本性開支) In H1 2025, the Group's capital investment completion amounted to **RMB 76.37 million**, primarily funded by accumulated operating capital and external financing Capital Expenditures (As of June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Capital Investment Completion | 76,366,736.75 | - Capital expenditure funding primarily originates from accumulated operating capital and other external financing sources[89](index=89&type=chunk) [Contingent Matters](index=46&type=section&id=或有事項) The Group's subsidiary, Dalian Container Terminal Logistics Co., Ltd., is involved in multiple pending lawsuits and arbitrations with total claims amounting to **RMB 1.06 billion**; some cases have initial judgments involving compensation for cargo losses and interest, while others are under retrial or enforcement, and the Group has accrued **RMB 148 million** in provisions for these cases, emphasizing that the parent company and other subsidiaries do not bear guarantee or joint liability - The subsidiary Terminal Logistics Company is involved in multiple pending lawsuits, with total claims amounting to **RMB 1.06 billion**[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - Some cases have ruled that Terminal Logistics Company must pay compensation, for example, the Qingdao Kaitou Company case ordered compensation for cargo losses of **RMB 319 million** plus interest[96](index=96&type=chunk) - As of June 30, 2025, the Group had accrued total provisions of **RMB 148 million** for these litigation cases[103](index=103&type=chunk) - The company and its other subsidiaries do not bear guarantee or joint liability for any related responsibilities of Terminal Logistics Company[103](index=103&type=chunk) [Analysis of Business Segment Performance](index=51&type=section&id=各項業務的表現分析) This section provides a detailed analysis of the Group's major business segments' operating performance in H1 2025, including year-on-year changes in throughput, operating revenue, gross profit, and gross profit margin, and explains the key drivers for growth or decline in each business [Oil Products Segment](index=51&type=section&id=油品部分) In H1 2025, oil and chemical product throughput increased by **6.9%** year-on-year to **30.84 million tons**, with crude oil throughput up **14.2%**; operating revenue surged by **112.5%** to **RMB 1.10 billion**, gross profit grew by **3,134.9%**, and gross profit margin increased by **49.0 percentage points to 52.5%**, primarily driven by increased crude oil storage revenue Oil Products Segment Throughput and Performance (H1 2025) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Oil and Chemical Product Throughput (million tons) | 30.84 | 28.85 | 6.9 | | Crude Oil Throughput (million tons) | 21.67 | 18.97 | 14.2 | | Operating Revenue (RMB) | 1,100,769,232.96 | 517,936,021.32 | 112.5 | | Gross Profit (RMB) | 578,248,993.00 | 17,875,240.83 | 3,134.9 | | Gross Profit Margin | 52.5% | 3.5% | Increased by 49.0 percentage points | - Crude oil throughput growth primarily benefited from the development of trade oil, futures oil storage, transshipment businesses, and the transshipment and direct unloading of imported crude oil for portside refineries[105](index=105&type=chunk) - Refined oil throughput decreased by **4.4%**, affected by the commissioning of the Fujin-Zhengzhou pipeline and adjustments to national refined oil export tax rebate policies[105](index=105&type=chunk) [Container Segment](index=53&type=section&id=集裝箱部分) In H1 2025, container throughput increased by **4.0%** year-on-year to **5.48 million TEU**; operating revenue decreased by **8.7%** to **RMB 1.78 billion**, mainly due to reduced China-Europe freight train and sea-rail intermodal volumes; gross profit increased by **14.5%** to **RMB 602 million**, and gross profit margin rose by **6.8 percentage points to 33.9%**, primarily benefiting from increased foreign trade container volume and rates Container Segment Throughput and Performance (H1 2025) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Container Throughput (million TEU) | 5.48 | 5.27 | 4.0 | | Operating Revenue (RMB) | 1,774,570,081.89 | 1,944,243,926.16 | -8.7 | | Gross Profit (RMB) | 602,242,205.81 | 525,944,457.65 | 14.5 | | Gross Profit Margin | 33.9% | 27.1% | Increased by 6.8 percentage points | - Throughput growth was primarily achieved by strengthening route market development, expanding direct shipping route capacity at ports, and developing incremental business[109](index=109&type=chunk) - Operating revenue decreased mainly due to reduced volumes from China-Europe freight trains, sea-rail intermodal transport, and lower transportation income[110](index=110&type=chunk) [Automobile Segment](index=54&type=section&id=汽車部分) In H1 2025, the automobile segment's complete vehicle handling volume decreased by **0.9%** year-on-year to **347,000 vehicles**, with foreign trade volume down **11.4%**; operating revenue increased by **9.8%** to **RMB 30.66 million**, gross profit grew by **52.1%**, and gross profit margin rose by **8.0 percentage points to 29.0%**, primarily driven by increased Haiga Automobile business volume Automobile Segment Throughput and Performance (H1 2025) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Complete Vehicle Handling Volume (million vehicles) | 0.35 | 0.35 | -0.9 | | Foreign Trade Automobiles (million vehicles) | 0.03 | 0.04 | -11.4 | | Operating Revenue (RMB) | 30,658,482.53 | 27,916,045.31 | 9.8 | | Gross Profit (RMB) | 8,901,574.91 | 5,852,089.56 | 52.1 | | Gross Profit Margin | 29.0% | 21.0% | Increased by 8.0 percentage points | - The decrease in complete vehicle handling volume was primarily due to changes in import tax policies by importing countries, leading to a decline in foreign trade commercial vehicle throughput[112](index=112&type=chunk) - Operating revenue and gross profit growth were mainly driven by increased business volume from Haiga Automobile[113](index=113&type=chunk) [Bulk and General Cargo Segment](index=55&type=section&id=散雜貨部分) In H1 2025, bulk and general cargo throughput decreased by **1.9%** year-on-year to **72.78 million tons**, with steel and ore throughput down **6.1%** and **7.5%** respectively; operating revenue decreased by **3.4%** to **RMB 1.72 billion**, gross profit fell by **20.3%** to **RMB 370 million**, and gross profit margin declined by **4.6 percentage points to 21.5%**, primarily due to the combined impact of reduced high-rate ore and steel volumes and increased depreciation Bulk and General Cargo Segment Throughput and Performance (H1 2025) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Bulk and General Cargo Throughput (million tons) | 72.78 | 74.19 | -1.9 | | Steel Throughput (million tons) | 10.49 | 11.17 | -6.1 | | Ore Throughput (million tons) | 25.10 | 27.13 | -7.5 | | Operating Revenue (RMB) | 1,718,809,609.60 | 1,779,239,482.92 | -3.4 | | Gross Profit (RMB) | 369,814,025.96 | 464,140,994.08 | -20.3 | | Gross Profit Margin | 21.5% | 26.1% | Decreased by 4.6 percentage points | - Steel throughput decreased due to weak market supply and demand and slow release of end-use steel demand; ore throughput decreased due to reduced demand for imported ore and steel mills adjusting their blending ratios[115](index=115&type=chunk) - The decline in gross profit and gross profit margin was primarily due to the combined effect of reduced high-rate ore and steel volumes and increased depreciation[117](index=117&type=chunk) [Grain Segment](index=56&type=section&id=散糧部分) In H1 2025, grain terminal throughput increased by **17.4%** year-on-year to **9.31 million tons**, with corn throughput surging by **73.4%**; operating revenue grew by **17.3%** to **RMB 418 million**, gross profit increased by **62.0%**, and gross profit margin rose by **7.7 percentage points to 28.1%**, primarily influenced by increased corn throughput Grain Segment Throughput and Performance (H1 2025) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Grain Throughput (million tons) | 9.31 | 7.93 | 17.4 | | Corn Throughput (million tons) | 6.98 | 4.03 | 73.4 | | Soybean Throughput (million tons) | 1.56 | 1.97 | -21.1 | | Operating Revenue (RMB) | 417,850,244.99 | 356,336,204.77 | 17.3 | | Gross Profit (RMB) | 117,552,942.61 | 72,541,721.71 | 62.0 | | Gross Profit Margin | 28.1% | 20.4% | Increased by 7.7 percentage points | - Corn throughput growth primarily benefited from tighter imported grain supply and the turnaround in hog farming profitability driving increased domestic corn demand[119](index=119&type=chunk) - Soybean throughput decreased due to delayed Brazilian soybean harvest leading to supply tightness, and US tariffs impacting American soybean imports[119](index=119&type=chunk) [Passenger Ro-Ro Segment](index=58&type=section&id=客運滾裝部分) In H1 2025, passenger ro-ro terminal passenger throughput increased by **9.1%** year-on-year to **1.38 million passengers**, but ro-ro throughput decreased by **5.7%** to **379,000 vehicles**; operating revenue declined by **9.6%** to **RMB 87.46 million**, gross profit fell by **34.3%**, and gross profit margin decreased by **5.5 percentage points to 14.5%**, primarily due to reduced ro-ro capacity Passenger Ro-Ro Segment Throughput and Performance (H1 2025) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Passenger Throughput (million passengers) | 1.38 | 1.27 | 9.1 | | Ro-Ro Throughput (million vehicles) | 0.38 | 0.40 | -5.7 | | Operating Revenue (RMB) | 87,461,769.49 | 96,744,497.69 | -9.6 | | Gross Profit (RMB) | 12,706,707.54 | 19,331,980.07 | -34.3 | | Gross Profit Margin | 14.5% | 20.0% | Decreased by 5.5 percentage points | - The decline in ro-ro throughput, operating revenue, and gross profit was primarily influenced by factors such as passenger ro-ro vessel dry-dock maintenance and partial capacity transfers, leading to fewer outbound voyages[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [Value-Added Services Segment](index=59&type=section&id=增值服務部分) In H1 2025, the value-added services segment's operating revenue decreased by **11.7%** year-on-year to **RMB 480 million**, and gross profit fell by **5.6%** to **RMB 170 million**; gross profit margin increased by **2.3 percentage points to 35.5%**, primarily because the revenue decline was less than the cost decline Value-Added Services Segment Performance (H1 2025) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 480,485,858.20 | 543,902,955.20 | -11.7 | | Gross Profit (RMB) | 170,474,369.47 | 180,500,658.84 | -5.6 | | Gross Profit Margin | 35.5% | 33.2% | Increased by 2.3 percentage points | - Operating revenue decreased mainly due to lower income from tugboats, railways, and other services[125](index=125&type=chunk) - The increase in gross profit margin was primarily because the decrease in revenue was less than the decrease in costs[126](index=126&type=chunk) [Outlook for H2 2025](index=60&type=section&id=對2025年下半年的展望) Looking ahead to H2 2025, the domestic economy is expected to continue its positive trend, with stable growth in export trade, though rising costs for raw materials, freight, and labor will increase production costs for foreign trade enterprises; the Group will formulate specific market development measures for each business segment, including solidifying oil product transshipment, advancing container hub port construction, strengthening automobile foreign trade routes, expanding domestic corn and policy grain sources, developing cargo ro-ro business, and optimizing steel, coal, and iron ore business models - In H2 2025, the domestic economy is expected to continue its positive trend, with stable growth in export trade, but rising costs will increase production expenses for foreign trade enterprises[127](index=127&type=chunk) - The oil products segment will solidify key client transshipment business, actively develop the Bohai Rim transshipment market, and strengthen cooperation with traders[128](index=128&type=chunk) - The container segment will anchor its development strategy on 'routes + transshipment + logistics,' accelerate hub port construction, and deepen its Bohai Rim strategy[129](index=129&type=chunk) - The grain segment will vigorously expand domestic corn and policy grain sources, optimize the grain shipping system, and facilitate the north-to-south grain transportation logistics channel[131](index=131&type=chunk) - The bulk and general cargo segment will enrich its steel domestic and foreign trade route network, utilize the combined port model to address unloading capacity shortcomings, and proactively plan for 'strategic reserves' and the 'Simandou iron ore' project[133](index=133&type=chunk) [Other Information](index=62&type=section&id=其他信息) [Supplementary Information to 2024 Annual Report](index=62&type=section&id=有關2024年年報補充信息) The company confirms that, apart from related party transactions disclosed in the 2024 Annual Report's Directors' Report, other related party transactions do not constitute discloseable, circular, shareholder approval, and/or reporting-required connected transactions or continuing connected transactions under the Listing Rules, and all Listing Rules requirements have been complied with - The company has complied with the requirements of Chapter 14A of the Listing Rules regarding its disclosed transactions[134](index=134&type=chunk) [Interim Dividend](index=62&type=section&id=中期股息) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for H1 2025[135](index=135&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=62&type=section&id=購買、出售或贖回本公司的上市證券) From January 1 to June 30, 2025, the company repurchased **96,357,247 A-shares** on the Shanghai Stock Exchange for a total purchase price of **RMB 144.70 million**, with prices ranging from **RMB 1.45 to RMB 1.59 per share**, and these repurchased shares have not yet been cancelled A-Share Repurchase Status in H1 2025 | Indicator | Data | | :--- | :--- | | Number of A-Shares Repurchased | 96,357,247 shares | | Highest Price Per Share (RMB) | 1.59 | | Lowest Price Per Share (RMB) | 1.45 | | Total Purchase Price (RMB) | 144,695,372.94 | - As of the announcement date, all **96,357,247 A-shares** repurchased under the second phase share repurchase plan have not yet been cancelled[136](index=136&type=chunk) - Except for the aforementioned disclosures, neither the company nor any of its subsidiaries engaged in other purchases or sales of listed securities in H1 2025[137](index=137&type=chunk) [Compliance with Corporate Governance Code](index=63&type=section&id=遵守企業管治常規守則) For the six months ended June 30, 2025, the company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules - The company has complied with all code provisions of the Corporate Governance Code[138](index=138&type=chunk) [Standard Securities Dealing Code for Directors](index=63&type=section&id=董事進行證券交易的標準守則) The company has adopted a code of conduct substantially similar to the Standard Securities Dealing Code for Directors of Listed Issuers, and all directors and supervisors have complied with this code during the reporting period - All directors and supervisors have complied with the standards set out in the Standard Code and related codes of conduct during the reporting period[139](index=139&type=chunk) [Audit Committee](index=63&type=section&id=審計委員會) The company's Audit Committee comprises Ms. Cheng Chaoying (Chairperson), an independent non-executive director, Mr. Wang Zhu, a non-executive director, and Mr. Chen Weixi, an independent non-executive director, and has reviewed the unaudited interim results for the six months ended June 30, 2025 - The Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2025[140](index=140&type=chunk) [Other Significant Changes](index=64&type=section&id=其他重大變動) As of June 30, 2025, no other significant changes requiring disclosure under paragraph 46 of Appendix D2 to the Listing Rules have occurred, other than those disclosed in this announcement - As of June 30, 2025, no other significant changes requiring disclosure under the Listing Rules have occurred[141](index=141&type=chunk) [Board of Directors](index=64&type=section&id=董事會成員) The company's Board of Directors includes executive directors Li Guofeng and Wei Minghui, non-executive directors Wang Zhu, Huang Zhenzhou, and Yang Bing, and independent non-executive directors Liu Chunyan, Cheng Chaoying, and Chen Weixi - The Board of Directors includes executive directors, non-executive directors, and independent non-executive directors[142](index=142&type=chunk)