经核查公司独立董事的任职经历及其签署的相关自查文件，上述人员未在公 司担任除独立董事以外的任何职务，亦未在公司的主要股东担任任何职务，与公 司以及主要股东之间不存在利害关系或其他可能影响其进行独立客观判断的关 系，不存在影响独立董事独立性的情况。综上，公司独立董事符合《上市公司独 立董事管理办法》和《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》中对独立董事独立性的相关要求。 上海港湾基础建设（集团）股份有限公司董事会 关于对 2024 年度独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》的相关规定，并结合上海港湾基础建设（集团）股份有 限公司(以下简称"公司")独立董事出具的独立性自查报告，公司董事会就 2024 年度在任独立董事李仁青先生、陈振楼先生的独立性情况进行评估，并出 具如下专项意见： 上海港湾基础建设（集团）股份有限公司董事会 2025 年 4 月 28 日 ...

证券代码：605598 证券简称：上海港湾 公告编号：2025-019 上海港湾基础建设（集团）股份有限公司 关于变更注册资本、增加董事会席位并修订《公司章程》《董 事会议事规则》相关事项的公告 2、同时，公司拟对回购专用证券账户中的 32 股库存股予以注销，并相应减 少 公 司 注 册 资 本 。 具 体 内 容 详 见 公 司 于 同 日 披 露 在 上 海 证 券 交 易 所 （www.sse.com.cn）及指定媒体的《关于注销公司回购专用证券账户库存股的公 告》（公告编号：2025-017）。 上述注销完成后，公司股份总数由 245,760,841 股变更为 244,584,809 股， 注册资本由 24,576.0841 万元变更为 24,458.4809 万元。 二、增加董事会席位情况 公司为进一步完善和优化公司治理结构，提高董事会决策的科学性和有效性， 公司拟将董事会席位由 5 名增加至 8 名，其中独立董事由 2 名增加至 3 名，非独 立董事由 3 名增加至 5 名。 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 ...

上海港湾基础建设（集团）股份有限公司 2024 年度独立董事述职报告 独立董事：李仁青 一、独立董事的基本情况 （一） 个人工作履历、专业背景及兼职情况 本人李仁青，男，1967 年出生，中国国籍，本科学历，中共党员，中国注 册会计师、注册税务师、注册资产评估师、国际注册内部审计师。曾任上海佳华 会计师事务所有限公司项目经理，上海均富潘陈张佳华会计师事务所有限公司经 理，上海新嘉华会计师事务所有限公司高级经理等职务；现任上海新嘉华会计师 事务所有限公司高级合伙人、安科瑞电气股份有限公司独立董事。报告期内，本 人担任公司第三届董事会独立董事、第三届董事会审计委员会召集人、第三届董 事会薪酬与考核委员会委员、第三届董事会提名委员会委员职务。 （二） 独立性情况说明 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情形。 二、独立董事年度履职概况 （一） 出席会议情况 作为上海港湾基础建设（集团）股份有限公司（以下简称"公司"或"上海 港湾"）的独立董事，本人严格按照《公司法》《证券法》《上市公司独立董事 管理办法》等法律法规的要求和《公司章程》《独立董事工作制度》的规 ...

上海港湾（605598）公告，2025年第一季度营收为3.72亿元，同比增长29.25%；净利润为3569.67万 元，同比增长18.59%。 ...

上海港湾（605598）公告，公司拟对境外全资孙公司Geoharbour Middle East Ground Engineering Services L.L.C增加投资1000万美元，用于投标大项目的战略备用金。港湾迪拜工程成立于2023年8月19日，注册 资本370万迪拉姆，2024年营业收入为4102.69万人民币，净利润为572.5万人民币。公司将根据投标项目 的进度和资金需求等情况，分期向港湾迪拜工程支付投资款。本次增加投资旨在抢抓中东能源转型带来 的基础设施改造与新建机遇，持续拓展海外市场版图，进一步提升市场占有率，增强公司的竞争实力。 ...

证券代码：605598 证券简称：上海港湾 公告编号：2025-004 上海港湾基础建设（集团）股份有限公司 关于更换持续督导保荐代表人的公告 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。 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）近日收到公 司首次公开发行 A 股股票并在主板上市的保荐机构中原证券股份有限公司（以下 简称"中原证券"）送达的《关于更换上海港湾基础建设（集团）股份有限公司 持续督导保荐代表人的函》。中原证券原委派的持续督导保荐代表人为封江涛先 生和温晨先生，现因温晨先生工作变动不再继续担任公司持续督导期间的保荐代 表人，中原证券决定委派保荐代表人白林女士接替温晨先生担任公司持续督导期 间的保荐代表人，继续履行持续督导职责。 本次变更不影响中原证券对公司的持续督导工作。本次变更后，公司持续督 导保荐代表人为白林女士和封江涛先生。根据《证券发行上市保荐业务管理办法》 等相关规定，公司首次公开发行 A 股股票并上市的持续督导期已于 2023 年 12 月 31 日届满。截至目前，公司首次公开发行 A ...

Summary of Shanghai Port Bay Conference Call Company Overview - Shanghai Port Bay is a multinational enterprise specializing in geotechnical engineering, offering customized solutions for global clients since its inception in 2000. The company has developed proprietary high-vacuum precision technology that reduces costs by approximately 30% and construction time by about 50% compared to traditional soft foundation treatment methods. This technology is widely applied in various infrastructure projects across 17 countries, completing over 700 projects [3][4]. Core Business and Financial Performance - In the first three quarters of 2024, the company achieved new orders worth 1.874 billion, a year-on-year increase of 100%, with 83.2% of these orders coming from overseas [4]. - Despite the growth in new orders, profits declined by 24%, attributed to high initial costs for projects like Dalian Airport and new orders in the Philippines, as well as ongoing investments in the renewable energy sector [3][30]. Renewable Energy Initiatives - The company has initiated a second growth curve focusing on renewable energy, particularly in perovskite solar cells and space energy applications, collaborating with global universities [5]. - Shanghai Port Bay has developed over 30 satellite power systems and solar structures, holding more than 20 patents related to renewable energy [5]. - Perovskite materials are highlighted for their high efficiency, flexibility, radiation resistance, and lightweight characteristics, making them ideal for space energy systems [6]. Satellite Launches and Future Plans - The company successfully launched two satellites equipped with perovskite components, with plans to launch a new satellite in 2025 that will utilize high-efficiency perovskite batteries, aiming to gradually replace traditional chemical batteries [8][11]. - The first satellite launched in December 2023 is focused on testing the physical performance of perovskite batteries, while the second satellite, launched in November 2024, integrates a power control system [11][12]. Market Potential and Competitive Landscape - The market for perovskite batteries in aerospace is projected to grow significantly, with plans for over 1,000 satellite launches in 2024, potentially doubling in 2025 [13]. - The company faces competition in the perovskite battery sector but maintains a leading position in space applications, with ongoing efforts to enhance battery performance under extreme conditions [17][18]. Technical Advantages and Challenges - Shanghai Port Bay's expertise in geotechnical engineering allows it to handle complex geological conditions, which is a competitive advantage in various international markets [24]. - The company emphasizes a localized approach in foreign markets, achieving an 80% localization rate in regions like the Middle East to ensure project efficiency [25]. Future Outlook - The company remains optimistic about its order growth in 2025, particularly in Southeast Asia and the Middle East, with expectations of significant improvements in overseas business performance [28][30]. - The ongoing investments in renewable energy and the development of perovskite technology are seen as key drivers for future growth, despite current challenges in profitability [30].

证券代码：605598 证券简称：上海港湾 公告编号：2025-002 上海港湾基础建设（集团）股份有限公司 关于在 2024 年度担保预计额度内增加被担保对象的公告 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。 重要内容提示： 新增被担保人名称：Pt.Geotekindo（以下简称"港湾印尼"）,系上海 港湾基础建设（集团）股份有限公司（以下简称"公司"、"上海港湾"）合并 报表范围内子公司。 本次担保金额及已实际为其提供的担保余额：公司拟在 2024 年度预计担 保额度内（担保总额不变）增加港湾印尼为被担保对象。截至本公告披露日，公 司已实际为港湾印尼提供的担保余额为 0 元。 一、 担保情况概述 （一）本次担保基本情况 公司于 2024 年 4 月 25 日召开第三届董事会第四次会议，于 2024 年 6 月 7 日召开 2023 年年度股东大会，审议通过了《关于预计 2024 年度为合并范围内子 公司提供担保额度的议案》，同意公司对合并报表范围内子公司提供总额不超过 人民币 100,000 万元（或等值外币）的担保， ...

Summary of Conference Call Notes Company and Industry Overview - The company is involved in the satellite battery business, specifically focusing on calcium-based solar cells for satellite applications, which was established about one to two years ago, indicating a proactive approach rather than a reaction to market trends [1][2][3]. Core Insights and Arguments - The company aims to specialize in niche applications, such as calcium-based solar cells for satellites, which aligns with its current capabilities and market size [2]. - The satellite industry, particularly low Earth orbit (LEO) satellites, is experiencing rapid growth due to military and commercial demand, with countries accelerating their satellite launch plans [3][4]. - The International Telecommunication Union (ITU) requires countries to declare their satellite launch plans 2 to 7 years in advance, leading to a competitive race for satellite resources [4][5]. - The company’s satellite batteries must meet specific requirements, including stability in extreme temperatures and high radiation environments, which are critical for space applications [6][13]. Market Potential and Demand - The demand for satellite batteries is expected to grow significantly, with projections indicating a potential market worth billions as satellite launches increase [8][11]. - The company estimates that the production space for calcium-based solar cells in the satellite sector could reach over 200 million in conservative scenarios, with optimistic projections suggesting a market size in the hundreds of billions [8][11]. Competitive Advantages - Calcium-based solar cells offer advantages over traditional solar cells, including lighter weight and significantly lower costs, potentially only one-tenth of the cost of traditional solar cells [7][8][14]. - The company’s traditional business, primarily focused on underground engineering, has shown robust growth, with new orders reaching 1.87 billion in the first three quarters of 2024, indicating a strong operational foundation [9][10]. Challenges and Considerations - Previous limitations in the development of calcium-based solar cells included thermal stability issues in extreme environments, which have been addressed by advancements in technology [16][17]. - The company’s valuation is currently based mainly on its traditional business, with significant upside potential if the satellite battery segment gains traction [11][12]. Additional Important Points - The company has a strong presence in Southeast Asia and the Middle East, where infrastructure demands are increasing, further supporting its growth prospects [10]. - The competitive landscape includes companies like Quanneng Optoelectronics, which have high average price-to-earnings ratios, indicating a potentially lucrative market for satellite batteries [11].

Investment Rating - The report gives the company an "Accumulate" rating with a target price of 29.31 RMB, based on a 28x valuation for 2025 [3][45]. Core Viewpoints - The company is positioned as a leader in soft soil foundation treatment, focusing on overseas expansion, particularly in Southeast Asia and the Middle East, where infrastructure demand is robust [1][20]. - The company has seen significant growth in overseas orders, with new contracts amounting to 1.874 billion RMB in the first three quarters of 2024, significantly exceeding the 1.062 billion RMB signed in 2023 [2][21]. - The company is expected to experience a marginal increase in performance growth starting in 2025, driven by high demand for infrastructure projects in Indonesia and Saudi Arabia [3][41]. Summary by Sections Company Overview - The company provides comprehensive geotechnical engineering services, including investigation, design, construction, and monitoring, primarily focusing on overseas markets [1][10]. - The company has a strong financial performance with high gross and net profit margins, and excellent cash flow quality compared to industry peers [1][15]. Overseas Market Expansion - The company benefits from the urbanization and industrialization processes in emerging countries, leading to high demand for geotechnical engineering services [2][20]. - Indonesia contributed 54.5% to the company's net profit in 2023, with a projected GDP growth rate of 8.8% from 2010 to 2023, indicating strong future infrastructure investment [2][27]. - Saudi Arabia accounted for approximately 20% of the company's net profit in 2023, with ongoing mega projects like Neom driving infrastructure demand [2][31]. Financial Forecast and Valuation - The company is expected to achieve net profits of 204 million RMB, 257 million RMB, and 328 million RMB for 2024, 2025, and 2026, respectively, with corresponding dynamic PE ratios of 31x, 25x, and 20x [3][44]. - The overall revenue is projected to grow from 14.69 billion RMB in 2024 to 25.62 billion RMB in 2026, with a compound annual growth rate (CAGR) of 26% [3][44]. - The company maintains a low debt ratio of 19.1%, indicating strong financial health and cash flow management [18][17].