Core Viewpoint - Shanghai Port Bay has shown a positive market performance with a 1.87% increase in stock price and a total market capitalization of 5.599 billion yuan, indicating investor confidence in the company's growth potential [1] Group 1: Company Performance and Strategy - The company has successfully implemented its technology in various coastal provinces and cities in China, as well as in Southeast Asian countries along the "Belt and Road" initiative, completing over 20 projects related to ultra-soft soil foundation treatment [2] - In the 2023 annual report, the company emphasized its "going out" strategy, participating in soil improvement and foundation treatment projects in "Belt and Road" countries, providing green solutions that significantly enhance local ecological and living environments [2] - The company's core technology system offers differentiated geotechnical engineering solutions, reducing project costs and construction time while achieving social and economic benefits [2][3] Group 2: Financial Performance - As of the 2024 annual report, overseas revenue accounted for 83.01% of the company's total revenue, benefiting from the depreciation of the yuan [3] - For the first quarter of 2025, the company reported revenue of 372 million yuan, a year-on-year increase of 29.25%, and a net profit attributable to shareholders of 35.697 million yuan, up 18.59% year-on-year [8] Group 3: Shareholder and Market Activity - The company has distributed a total of 102 million yuan in dividends since its A-share listing [9] - As of March 31, 2025, the number of shareholders increased to 11,500, with a slight decrease in the average circulating shares per person [8][9]

Core Viewpoint - The company Shanghai Port Construction (Group) Co., Ltd. is actively involved in geotechnical engineering and has expanded its operations internationally, particularly in countries along the Belt and Road Initiative, leveraging its advanced technology for soil remediation and foundation treatment [2][3]. Group 1: Company Operations - The company has implemented its technology in various coastal provinces in China and has completed over 20 projects related to ultra-soft soil foundation treatment, supporting construction along the Belt and Road [2]. - In its 2023 annual report, the company emphasized its "going out" strategy, participating in soil improvement and foundation treatment projects in Belt and Road countries, providing green solutions that enhance local ecological and living conditions [2][3]. - The company’s core technology offers differentiated geotechnical engineering solutions, reducing costs and construction time while promoting environmental sustainability [2][3]. Group 2: Financial Performance - As of the 2024 annual report, overseas revenue accounted for 83.01% of the company's total revenue, benefiting from the depreciation of the Renminbi [3]. - For the first quarter of 2025, the company reported revenue of 372 million yuan, a year-on-year increase of 29.25%, and a net profit attributable to shareholders of 35.7 million yuan, up 18.59% year-on-year [8]. - The company has distributed a total of 102 million yuan in dividends since its A-share listing [9]. Group 3: Market Position and Shareholder Information - The company operates in the construction and decoration sector, specifically in specialized engineering, with its main business segments being foundation treatment (63.55%) and pile foundation engineering (33.20%) [7]. - As of March 31, 2025, the company had 11,500 shareholders, with an average of 21,155 shares held per shareholder, reflecting a slight decrease [8]. - Notable institutional shareholders include Guangfa Small and Medium Cap Selected Mixed Fund and E Fund Emerging Growth Mixed Fund, indicating strong institutional interest [9].

Core Viewpoint - Shanghai Port Construction (Group) Co., Ltd. has decided to cancel 32 shares from its repurchase special securities account, reducing its total share capital from 244,584,841 shares to 244,584,809 shares [1][5][6] Group 1: Repurchase Overview - The company approved a share repurchase plan on March 8, 2023, with a total expenditure of 67.3847 million yuan, repurchasing 1.27% of its total share capital at an average price of 30.74 yuan per share [2][3] - A total of 2,192,000 shares were transferred to the employee stock ownership plan at a price of 15.73 yuan per share, leaving 32 shares remaining in the repurchase account [2][3] Group 2: Decision Process for Cancellation - The decision to cancel the remaining 32 shares was made during the board and supervisory meetings held on April 28, 2025, and was approved at the annual general meeting on May 30, 2025 [3][4] - The company has complied with legal requirements regarding creditor notification, and no objections were raised during the 45-day notice period [3][4] Group 3: Cancellation Details - The cancellation of the 32 shares is due to the expiration of the three-year holding period, which will end on April 6, 2026 [5] - The cancellation process is scheduled to be completed by July 22, 2025, with necessary changes to the company's registration to follow [5] Group 4: Impact of Cancellation - The cancellation of the repurchased shares will not materially affect the company's operational or financial status, nor will it alter the control or listing status of the company [6]

关于注销公司回购专用证券账户库存股的实施公告 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： 根据《中华人民共和国公司法》《上市公司股份回购规则》和《上海证 券交易所上市公司自律监管指引第 7 号——回购股份》等有关法律法规，股票 回购专用证券账户中的库存股应当在三年内按照依法披露的用途进行转让，未按 照披露用途转让的，应当在期限届满前注销。基于上述原因，上海港湾基础建设 （集团）股份有限公司（以下简称"公司"、"上海港湾"）于 2025 年 4 月 28 日 召开第三届董事会第十二次会议和第三届监事会第十一次会议，并于 2025 年 5 月 30 日召开 2024 年年度股东大会，审议通过了《关于注销公司回购专用证券账 户库存股的议案》，同意注销公司回购专用证券账户中剩余股份 32 股。本次注销 完成后，公司总股本将由 244,584,841 股变更为 244,584,809 股。 证券代码：605598 证券简称：上海港湾 公告编号：2025-029 上海港湾基础建设（集团）股份有限公司 本次注销的相关情况 ...

Group 1: Shanghai Portway - The company focuses on geotechnical engineering and aims for sustainable growth by seizing domestic and international market opportunities and adhering to technological innovation [1] - In the field of perovskite solar cells, the company has advantages in close cooperation between industry, academia, and research, top talent and patent advantages, differentiated technology routes, full-chain layout, and global support [1] - Perovskite materials offer high conversion efficiency and cost advantages, indicating a broad future market development space [1] - The company provides lightweight, low-cost, high-performance space energy system solutions for satellites and spacecraft, successfully applied in multiple satellites [1] - The theoretical design lifespan of the company's perovskite batteries can reach 20 years, covering the entire lifecycle power demand of satellites and other spacecraft [1] Group 2: *ST Chengchang - The company, as a front-end player in the industry chain, has sensed a significant acceleration in downstream procurement demand, with increased order volume and delivery pace [2] - The star-mounted T/R chips have achieved large-scale application in multiple satellite series, and low-orbit satellite communication chips have entered the stage of mass delivery [2] - Revenue in the airborne sector is growing rapidly, while ground projects are gradually entering mass production [2] - The company has completed the iterative research and development of satellite communication T/R chip solutions and plans for mass delivery, with optimistic market expectations [2] - Through cost reduction and efficiency enhancement measures, the company is confident in maintaining a reasonable gross margin [2] - The company plans to increase R&D investment and optimize supply chain management to ensure timely and high-quality order delivery [2]

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Core Points - The company announced a cash dividend of 0.114 CNY per share (including tax) for its A shares [1][2] - The dividend distribution plan was approved at the annual general meeting on May 30, 2025 [1] - The total cash dividend to be distributed amounts to approximately 27.88 million CNY (including tax) [2] Dividend Distribution Details - The dividend will be distributed based on a total share capital of 244,584,841 shares, excluding 32 shares held in the company's repurchase account, resulting in a base of 244,584,809 shares [2] - The relevant dates for the dividend distribution are as follows: - Record date: July 16, 2025 - Last trading day: July 17, 2025 - Ex-dividend date: July 17, 2025 [3] Tax Implications - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of 0.114 CNY per share [4] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution; tax will be calculated upon the transfer of shares [4][5] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in an actual cash dividend of 0.1026 CNY per share after tax [6]

Core Viewpoint - The legal opinion letter issued by Beijing Zhonglun Law Firm confirms that Shanghai Port Construction (Group) Co., Ltd.'s differentiated equity distribution plan for the 2024 profit distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8][9]. Group 1: Differentiated Equity Distribution Plan - The company plans to distribute a cash dividend of 1.14 yuan (including tax) for every 10 shares held, based on the total share capital minus the shares held in the repurchase account [5][6]. - The total number of shares eligible for the distribution is 244,584,809 shares after excluding 32 shares held in the repurchase account [5][6]. - The total cash dividend to be distributed amounts to approximately 27.88 million yuan [6]. Group 2: Legal Compliance and Verification - The legal opinion is based on thorough verification of documents and facts related to the differentiated equity distribution, adhering to the principles of prudence and materiality [2][4]. - The opinion confirms that the distribution plan aligns with the Company Law, Securities Law, and other relevant regulations, ensuring the legality and accuracy of the conclusions drawn [8][9]. - The impact of the repurchased shares on the ex-dividend price is negligible, with an absolute value impact of less than 1% [7][8].

证券代码：605598 证券简称：上海港湾 公告编号：2025-028 上海港湾基础建设（集团）股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.114元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/16 | － | 2025/7/17 | 2025/7/17 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经上海港湾基础建设（集团）股份有限公司（以下简称"公司"）2025 年 5 月 30 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证 ...

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 差异化权益分派事项的 法律意见书 二〇二五年六月 差异化权益分派事项的 法律意见书 致：上海港湾基础建设（集团）股份有限公司 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"上海港湾"或"公司"）委托，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》"）、《上市公司股份回购规则》（以下简称"《股份回购规则》"）、 《上海证券交易所上市公司自律监管指引第 7 号——回购股份（2025 年 3 月修 订）》（以下简称"《回购股份监管指引》"）等法律、法规、规章和其他规范 性文件以及《上海港湾基础建设（集团）股份有限公司章程》（以下简称"《公 司章程》"）的规定，就公司 2024 年度利润分配所涉及的差异化权益分派（以 下简称"本次差异化权益分派"）相关事项出具本法律意见书。 为出具本法律意见书，本所律师根据有关法律、法规、规范性文件的规定和 本所业务规则的要求，本着审慎性及重要性原则对本次差异化权益分派有关的文 件资料和事实进行了合理、必要及可能的 ...