Core Viewpoint - The company Shanghai Port Bay is actively involved in various sectors including soil remediation, perovskite batteries, and commercial aerospace, benefiting from the Belt and Road Initiative and the depreciation of the RMB. Group 1: Company Operations - 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 projects related to soft soil foundation treatment [2] - The company focuses on the "going out" strategy, participating in soil improvement and foundation treatment projects in Belt and Road countries, providing green solutions that enhance local ecological environments and contribute to sustainable development [2] - The company specializes in flexible perovskite technology, achieving a certification efficiency of 18.06% for its 30×30 cm modules, placing it among the industry leaders [3] Group 2: Financial Performance - As of the 2024 annual report, the company's overseas revenue accounted for 83.01%, benefiting from the depreciation of the RMB [4] - For the first half of 2025, the company reported revenue of 816 million yuan, a year-on-year increase of 29.34%, while net profit attributable to shareholders decreased by 9.35% to 66.91 million yuan [8] Group 3: Market Position and Shareholder Information - The company is listed on the A-share main board and has a market capitalization of 6.095 billion yuan, with a trading volume of 66.01 million yuan and a turnover rate of 1.09% on September 23 [1] - As of June 30, 2025, the company had 10,300 shareholders, a decrease of 10.13% from the previous period, with an average of 23,541 circulating shares per person, an increase of 11.28% [8] - Major shareholders include Guangfa Small and Medium Cap Selected Mixed Fund and E Fund New Emerging Growth Mixed Fund, with increases in holdings compared to the previous period [9]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment growth is under pressure, with a cumulative year-on-year increase of 2.0% from January to August, slowing down by 1.2 percentage points compared to the previous month. In August, infrastructure investment saw a year-on-year decline of 5.9% [2][11] - The report highlights that while the construction and real estate sectors face challenges, there is potential for policy support to boost growth, particularly through major infrastructure projects and urban renewal initiatives [2][11] - The report recommends focusing on leading state-owned enterprises in infrastructure, such as China Communications Construction Company, China Electric Power Construction, and China Railway Group, which are expected to see valuation recovery [2][11] Summary by Sections Industry Views - From January to August, the year-on-year growth rates for various sectors are as follows: railway transportation +4.5%, road transportation -3.3%, water conservancy management +7.4%, and public facilities management -1.1%. All sectors showed a slowdown compared to the previous month [2][11] - Cement production from January to August decreased by 4.8% year-on-year, with a notable decline of 6.2% in August alone. The overall revenue and profit in the construction sector remain under pressure, although cash flow has improved [2][11][16] International Expansion - In the first half of 2025, China's overseas contracting projects saw a revenue increase of 9.3% year-on-year, with new contracts growing by 13.7%. Notably, contracts in Belt and Road Initiative countries increased by 21% [3][12] - The report suggests that the ongoing geopolitical tensions and trade frictions may lead to increased infrastructure cooperation abroad, benefiting companies involved in international engineering projects [3][12] Demand Structure and New Opportunities - The report identifies opportunities in the semiconductor cleanroom sector, driven by increased capital expenditures from international semiconductor giants and cloud service providers. Companies like Shenghui Integrated and Yaxiang Integrated are recommended for investment [3][12]

Core Insights - The company showcased strong development momentum and strategic layout in the commercial aerospace energy sector during the 2025 Shanghai-listed companies collective reception day [1] - The company reported a significant increase in revenue and new orders, particularly in overseas markets, indicating a positive growth trajectory [2] Group 1: Business Progress - The company’s subsidiary, Shanghai Fuxi Xinkong Technology Co., Ltd., has established a complete development loop from R&D innovation to engineering verification and successful delivery [1] - The core energy system products have supported the successful launch of 16 satellites, with over 40 satellite power systems and solar sails currently operating stably in orbit [1] - The company has received or authorized 19 core patents related to commercial aerospace energy systems, enhancing its technological moat [1] Group 2: Market Expansion - The company is deeply involved in several national and industry-level satellite constellation projects, including the Changguang Satellite "Jilin-1" remote sensing satellite constellation [1] - The customer base has expanded to over 20 satellite system units, including several industry benchmark enterprises [1] - The company’s market strategy focuses on both stabilizing existing partnerships and expanding into emerging regions such as Southeast Asia and the Middle East [2] Group 3: Financial Performance - In the first half of 2025, the company achieved total revenue of 816 million yuan, a substantial year-on-year increase of 29.34% [2] - The company signed new orders totaling 837 million yuan in the same period, with overseas markets contributing significantly, amounting to 591 million yuan [2] - The company’s overseas business is showing a positive upward trend as infrastructure demands in related countries continue to be released [2]

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].