Core Viewpoint - The company Shanghai Port Construction (Group) Co., Ltd. is actively involved in various sectors including soil remediation, flexible perovskite solar cells, and commercial aerospace, benefiting from the Belt and Road Initiative and the depreciation of the RMB. Group 1: Company Operations and Strategies - The company has implemented its technologies in multiple coastal provinces and cities in China, as well as in Southeast Asian countries along the Belt and Road, completing over 20 soft soil foundation treatment projects [2][4] - The company focuses on the flexible perovskite solar cell sector, achieving a certification efficiency of 18.06% for its 30×30 cm modules, placing it among the industry leaders [3] - The company has adopted a "going out" strategy, participating in soil remediation and foundation treatment projects in Belt and Road countries, providing green solutions and contributing to local sustainable development [4] Group 2: Financial Performance - For the first half of 2025, the company reported a revenue of 816 million yuan, representing a year-on-year growth of 29.34%, while the net profit attributable to shareholders decreased by 9.35% to 66.91 million yuan [9] - As of the 2024 annual report, overseas revenue accounted for 83.01% of total revenue, benefiting from the depreciation of the RMB [5] Group 3: Market Position and Shareholder Information - The company is listed on the A-share main board and has a market capitalization of 6.154 billion yuan, with a trading volume of 116 million yuan and a turnover rate of 1.87% on September 18 [1] - The company has a diverse shareholder base, with significant holdings from various mutual funds, indicating institutional interest [10]

Meeting Overview - The first extraordinary general meeting of shareholders was held on September 17, 2025, at a designated location in Shanghai [2] - The meeting was convened by the board of directors and conducted through a combination of on-site and online voting, presided over by Chairman Xu Shilong [2][3] Attendance - All 8 current directors attended the meeting, with some participating via telecommunication due to work commitments [3] - All 3 current supervisors attended, with one participating via telecommunication [3] Resolutions Passed - The proposal to abolish the supervisory board and amend the company's articles of association was approved [4] - Several governance system amendments were also approved, including revisions to the rules for shareholder meetings, board meetings, independent director work systems, external investment management, fundraising management, related party transaction management, and external guarantee management [5] Legal Verification - The meeting was witnessed by Beijing Zhonglun Law Firm, confirming that the procedures and resolutions complied with legal and regulatory requirements [6] Director Resignation and Election - Non-independent director Liu Yu resigned from his position due to work adjustments but will continue in other roles within the company [9] - Liu Yu was subsequently elected as the employee representative director during the same meeting, ensuring compliance with legal requirements regarding board composition [11] Impact of Changes - Liu Yu's resignation will not reduce the board's membership below the legal minimum and will not adversely affect the company's operations [10]

Core Points - Liu Yu, a non-independent director of the company, has submitted his resignation due to work adjustments, but will continue to hold other positions within the company [2] - The company will hold an employee representative meeting on September 17, 2025, to elect Liu Yu as an employee representative director for the third board, with his term lasting until the current board's term ends [2]

重要内容提示： 上海港湾基础建设（集团）股份有限公司（以下简称"公司"或"上海港湾"） 董事会于近日收到非独立董事刘瑜先生的书面辞任报告，因工作调整，刘瑜先生 申请辞去公司第三届董事会非独立董事职务，辞任后仍在公司担任其他职务。 公司于 2025 年 9 月 17 日召开 2025 年第一次临时股东大会，审议通过了《关 于取消监事会并修订<公司章程>的议案》。根据修订后的《公司章程》规定，公 司设职工代表董事 1 名，由公司职工代表大会等方式选举产生。公司于同日召开 职工代表大会并做出决议，选举刘瑜先生为公司第三届董事会职工代表董事。 证券代码：605598 证券简称：上海港湾 公告编号：2025-044 上海港湾基础建设（集团）股份有限公司 关于非独立董事离任暨选举职工代表董事的公告 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。 根据《中华人民共和国公司法》等法律、行政法规、规范性文件及《公司章 程》等相关规定，董事会中设置职工代表董事，由公司职工代表大会、职工大会 或者其他形式民主选举产生。公司于 2025 年 9 月 ...

北京市中伦律师事务所 北京市中伦律师事务所 关于上海港湾基础建设（集团）股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年九月 关于上海港湾基础建设（集团）股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：上海港湾基础建设（集团）股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）的规定，北京市中伦律师事务所（以下简称 "本所"）接受上海港湾基础建设（集团）股份有限公司（以下简称"公司"或 "上海港湾"）的委托，指派本所律师出席公司 2025 年第一次临时股东大会（以 下简称"本次股东大会"），对本次股东大会的相关事项进行见证并出具法律意 见。 为出具本法律意见书，本所律师审查了公司提供的相关文件，该等文件包括 但不限于： 1. 现行的公司章程； 2. 公司于 2025 年 8 月 29 日在上海证券交易所网站（www.sse.com.cn）披露 的《上海港湾基础建设（集团）股份有限公司关于召开 2025 年第一次临时股东 大会的通知》； 3. 公司本次股东大会股权登记日（2025 年 9 月 10 日）的股东名册 ...

证券代码：605598 证券简称：上海港湾 公告编号：2025-043 上海港湾基础建设（集团）股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： (二) 股东大会召开的地点：上海市静安区江场路 1228 弄 6A 栋 5 楼 9 号 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 180 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 174,281,444 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 71.2560 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 况等。 本次会议是否有否决议案：无 本次会议由董事会召集，采用现场投票与网络投票相结合的方式进行表决， 现场会议由公司董事长徐士龙先生主持，会议的召集、召开及表决方式符合《中 华人民共和国公司法》《上海证券交易所 ...

Core Viewpoint - The company Shanghai Port Bay is actively involved in various sectors including infrastructure, commercial aerospace, and green technology, benefiting from the Belt and Road Initiative and the depreciation of the RMB [2][4][5]. Group 1: Company Overview - Shanghai Port Bay was established on January 28, 2000, and listed on September 17, 2021, focusing on geotechnical engineering services such as foundation treatment and pile foundation engineering [9]. - The company's main business revenue composition includes foundation treatment (64.93%), pile foundation engineering (19.49%), and other services (15.58%) [9]. - As of June 30, 2025, the company reported a revenue of 816 million yuan, a year-on-year increase of 29.34%, while the net profit attributable to shareholders decreased by 9.35% to 66.91 million yuan [9]. Group 2: Technological Advancements - The company has developed high-efficiency flexible perovskite solar cells, achieving a certification efficiency of 18.06% for 30×30 cm modules, placing it in the leading tier of the industry [3]. - The perovskite solar cells have been tested in multiple satellites, demonstrating their stability and performance in space, which supports the company's position in the aerospace energy sector [3]. - The theoretical lifespan of the perovskite solar cells is up to 20 years, which aligns well with the operational lifespan of satellites, ensuring energy supply throughout their lifecycle [3]. Group 3: Strategic Initiatives - The company is implementing a "going out" strategy, participating in soil remediation and foundation treatment projects in Belt and Road countries, providing green solutions that improve local ecological and living conditions [4]. - The overseas revenue accounted for 83.01% of total revenue, benefiting from the depreciation of the RMB [5]. - The subsidiary Vuxi Xinkong focuses on providing lightweight, cost-effective energy systems for space applications, having successfully supported the launch of 15 satellites [5]. Group 4: Market Performance - On September 11, the stock price of Shanghai Port Bay increased by 1.01%, with a trading volume of 79.79 million yuan and a turnover rate of 1.27%, resulting in a total market capitalization of 6.347 billion yuan [1]. - The average trading cost of the stock is 26.21 yuan, with the current price approaching a resistance level of 26.36 yuan, indicating potential for upward movement if the resistance is broken [8].

Core Viewpoint - The company Shanghai Port Bay is actively involved in various sectors including infrastructure, commercial aerospace, and green technology, leveraging its expertise in geotechnical engineering and advanced solar energy solutions to support both domestic and international projects, particularly along the Belt and Road Initiative. Group 1: Company Performance and Financials - As of June 30, 2025, Shanghai Port Bay achieved a revenue of 816 million yuan, representing a year-on-year growth of 29.34%, while the net profit attributable to shareholders was 66.91 million yuan, a decrease of 9.35% year-on-year [9] - The company has a market capitalization of 6.234 billion yuan, with a trading volume of 80.05 million yuan and a turnover rate of 1.28% on September 9 [1] - The company has distributed a total of 102 million yuan in dividends since its A-share listing, with 95.92 million yuan distributed over the past three years [10] Group 2: Strategic Initiatives and Technological Advancements - The company has implemented its "going out" strategy, participating in soil remediation and foundation treatment projects in Belt and Road countries, providing green solutions that improve local ecological and living conditions [4] - Shanghai Port Bay's subsidiary, Fuxi Xinkong, focuses on providing lightweight, cost-effective energy systems for commercial aerospace, having successfully supported the launch of 15 satellites [5] - The company specializes in flexible perovskite solar cells, achieving a certification efficiency of 18.06% for 30×30 cm modules, placing it among the industry leaders [3] Group 3: Market Position and Industry Context - The company operates primarily in geotechnical engineering, with its main revenue sources being foundation treatment (63.55%) and pile foundation engineering (33.20%) [9] - As of 2024, overseas revenue accounted for 83.01% of the company's total revenue, benefiting from the depreciation of the yuan [5] - The company is positioned within the construction and decoration industry, specifically in specialized engineering, and is associated with concepts such as the Belt and Road Initiative and commercial aerospace [9]

上海港湾 2025 年第一次临时股东大会会议资料 上海港湾基础建设（集团）股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 9 月 1 上海港湾 2025 年第一次临时股东大会会议资料 会议资料目录 | 年第一次临时股东大会会议须知 2025 | 1 | | --- | --- | | 年第一次临时股东大会会议议程 2025 | 3 | | 关于取消监事会并修订《公司章程》的议案 | 5 | | 关于制定、修订公司部分治理制度的议案 | 6 | 1 上海港湾 2025 年第一次临时股东大会会议资料 上海港湾基础建设（集团）股份有限公司 一、董事会应以维护全体股东的合法权益、确保股东大会正常秩序和议事效 率为原则，认真履行《公司章程》中规定的职责。 二、参加本次会议的股东为截至本次股东大会股权登记日收市后在中国证券 登记结算有限责任公司上海分公司登记在册的公司股东，并可以以书面形式委托 代理人出席会议和参加表决。为保证股东大会的正常秩序，除出席会议的股东、 股东代表、公司董事、监事、高级管理人员、股东大会见证律师、股东大会工作 人员以及董事会邀请的人员外，公司有权拒绝其他人员进入会场。 三、出 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company achieved a revenue of 816 million yuan in the first half of the year, representing a year-on-year growth of 29.34%. However, the net profit attributable to shareholders decreased by 9.35% to 67 million yuan [2][6] - The decline in net profit is primarily attributed to a decrease in gross margin, which fell to 26.91%, a year-on-year decrease of 9.51 percentage points [11] - The company has successfully integrated into the "Belt and Road" initiative, securing new orders totaling 837 million yuan, with domestic orders at 246 million yuan and international orders at 591 million yuan [11] Financial Performance Summary - In Q2 alone, the company reported a revenue of 444 million yuan, a year-on-year increase of 29.41%, but the net profit attributable to shareholders dropped by 28.59% to 31 million yuan [2][6] - The company's operating cash flow turned positive with a net inflow of 7 million yuan, although the cash collection ratio decreased by 5.08 percentage points to 86.23% [11] - The asset-liability ratio increased by 3.55 percentage points to 23.01% as of the first half of 2025, with accounts receivable turnover days increasing by 12.53 days to 125.76 days [11] Business Development - The commercial aerospace segment has seen significant growth, with new orders amounting to 34.02 million yuan in the first half of 2025. The company has established a complete aerospace supply chain and has supported the launch of 16 satellites [11] - The company has engaged in several key satellite constellation projects, indicating strong market participation and customer base expansion [11]