Financial Performance - The company's operating revenue for Q1 2025 was ¥1,192,621,946.44, a decrease of 10.89% compared to ¥1,338,325,462.46 in the same period last year[5] - Net profit attributable to shareholders increased by 36.92% to ¥78,243,568.74 from ¥57,144,813.69 year-on-year[5] - Basic and diluted earnings per share rose by 51.91% to ¥0.0714 from ¥0.047 in the same period last year[5] - Total operating revenue decreased to ¥1,192,621,946.44 from ¥1,338,325,462.46, representing a decline of approximately 10.9% year-over-year[22] - Net profit increased to ¥150,786,140.89 from ¥120,498,996.21, reflecting a growth of approximately 25.1% year-over-year[23] - The net profit attributable to the parent company was 60,361,110.90 yuan, compared to a loss of 16,985,555.15 yuan in the previous period, indicating a significant recovery[24] - The total comprehensive income attributable to the parent company was 60,361,110.90 yuan, a recovery from a loss of 16,985,555.15 yuan in the previous period[24] Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 71.09% to ¥128,858,854.75 from ¥445,733,330.11 in the previous year[5] - The company reported a net cash outflow from investment activities of ¥521,386,830.28, a significant decrease compared to the previous year's inflow of ¥30,801,106.58[11] - The company's cash and cash equivalents decreased to ¥2,126,846,826.49 from ¥2,844,422,669.00, representing a decline of approximately 25.2%[18] - Total cash inflow from operating activities was 1,191,691,671.03 yuan, while cash outflow was 1,062,832,816.28 yuan, resulting in a net cash flow from operating activities of 128,858,854.75 yuan[26] - Investment activities resulted in a net cash outflow of 521,386,830.28 yuan, a significant decline compared to a net inflow of 30,801,106.58 yuan in the previous period[26] - Cash and cash equivalents decreased by 726,595,921.24 yuan, ending the period at 2,057,745,918.14 yuan compared to 1,688,043,532.73 yuan in the previous period[27] - The company received 508,129,093.17 yuan from borrowings, down from 1,312,238,133.64 yuan in the previous period, indicating reduced financing activity[26] - The company reported a total cash inflow from financing activities of 2,507,675,377.42 yuan, slightly down from 2,510,214,900.76 yuan in the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥20,138,877,975.78, a decrease of 1.02% from ¥20,347,247,556.70 at the end of the previous year[5] - Current liabilities increased to ¥4,733,057,801.96 from ¥4,158,687,462.75, an increase of approximately 13.8%[20] - Non-current liabilities decreased to ¥6,340,922,185.16 from ¥6,637,097,762.58, a reduction of about 4.5%[20] - The total equity attributable to shareholders decreased to ¥6,064,003,586.28 from ¥6,623,910,165.05, a decline of approximately 8.4%[20] Expenses and Income - Sales expenses decreased by 60.34% to ¥15,612,886.72, primarily due to the exclusion of Zhuhai Coca-Cola from consolidation[9] - Other income increased by 58.48% to ¥9,525,346.48, mainly from government subsidies received during the reporting period[9] - Research and development expenses remained stable at ¥11,840,893.48 compared to ¥11,934,670.74, indicating a slight decrease of about 0.8%[23] - The company reported an increase in investment income to ¥26,097,110.37 from ¥27,175,668.20, a decrease of approximately 4.0%[23] Shareholder Information - The company repurchased 14,130,000 shares, accounting for 1.54% of the total share capital as of March 31, 2025[14] - The largest shareholder, Zhuhai Port Holdings Group Co., Ltd., holds 275,747,150 shares, representing a significant portion of the company's equity[14] - Shareholder Liu Zhengping participated in margin trading with 2,784,981 shares, while shareholder Zhou Weicheng participated with 1,509,000 shares[14] Strategic Initiatives - The company successfully issued three phases of short-term financing bonds, enhancing its liquidity position[16] - The company has plans for market expansion and new product development, although specific details were not disclosed in the call[16] - The company is exploring new strategies for growth, including potential mergers and acquisitions, to strengthen its market position[16] Financial Ratios - The company's weighted average return on equity increased to 1.28% from 0.96% year-on-year[5] - Trading financial assets increased significantly to ¥470,299,190.21 from ¥3,005,785.45, indicating a growth of over 15,600%[18] - Accounts receivable rose to ¥1,441,570,280.81 from ¥1,384,169,911.70, reflecting an increase of about 4.1%[18]

Investment Rating - The report assigns an "Accumulate" rating for Zhuhai Port, marking its first coverage [2][13][14]. Core Views - The company is expected to achieve stable growth in 2024, driven by its dual business model of port logistics and renewable energy [10][11]. - Despite a decline in revenue from the port logistics segment, the renewable energy business has shown robust growth, contributing significantly to the company's overall performance [7][10]. Summary by Sections Financial Performance - In 2024, Zhuhai Port reported operating revenue of 5.125 billion yuan, a year-on-year decrease of 6.07%. The net profit attributable to shareholders was 292 million yuan, an increase of 5.37% year-on-year [6][12]. - The fourth quarter of 2024 saw operating revenue of 1.091 billion yuan, down 22.02% year-on-year, while net profit increased by 7.92% to 53 million yuan [6]. Business Segments - The port logistics segment faced short-term pressure, with revenues from the port, shipping, logistics, and port services declining by 2.38%, 24.96%, 39.51%, and increasing by 5.84% respectively [7]. - The renewable energy segment achieved revenue of 2.435 billion yuan, reflecting a year-on-year growth of 3.29% [7]. Profitability and Margins - The overall gross margin for 2024 was 26.10%, an increase of 1.79 percentage points year-on-year. The gross margins for various segments varied, with the logistics segment showing a notable increase of 4.34% [9][10]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 5.302 billion yuan, 5.483 billion yuan, and 5.652 billion yuan, respectively, with a consistent growth rate of 3% [12][13]. - The net profit for the same years is projected to be 312 million yuan, 330 million yuan, and 348 million yuan, with growth rates of 7%, 6%, and 6% respectively [12][13].

Financial Performance - In 2024, Zhuhai Port achieved a revenue of CNY 5.13 billion, a decrease of 6.07% year-on-year [3][4] - The net profit attributable to shareholders was CNY 292 million, an increase of 5.37% year-on-year [4][7] - Revenue breakdown by business segments: - Port segment: CNY 780 million (15.22%) - Shipping segment: CNY 393 million (7.66%) - Logistics segment: CNY 557 million (10.86%) - Port services segment: CNY 331 million (6.46%) - New energy segment: CNY 2.43 billion (47.51%) - Investment and other segments: CNY 630 million (12.29%) [2] Strategic Development - The company released its 2025-2030 Development Strategy on April 22, 2025, focusing on becoming a leading comprehensive service provider in port logistics and new energy [3][6] - Key strategic shifts include transitioning from heavy asset investment to a combination of light and heavy assets, and from investment operations to integrated investment and operation [3][6] - The strategic goals include enhancing market competitiveness and achieving synchronized growth in operational scale and quality by 2030 [6] Debt and Financial Management - As of December 31, 2024, the company's asset-liability ratio was 53.06%, a decrease of 0.92% from the previous year, indicating improved asset quality [2] - The company has approximately CNY 2.8 billion in cash, indicating no short-term liquidity pressure [7] ESG and Governance - The company has established a comprehensive ESG management system, with 101 milestone events completed by the end of 2024 [4] - Independent directors actively participate in strategic decision-making and ensure compliance with governance standards [5][6] Market Outlook and Challenges - The port industry is expected to maintain stable growth, supported by domestic economic recovery and green initiatives [7][8] - The company faces challenges from global economic uncertainties and trade protectionism, particularly regarding U.S. tariff policies [8]

营收下滑6.07%，业务结构有待优化 2024年，珠海港实现营业收入5,124,968,975.96元，相较于2023年的5,456,054,195.13元，下降了6.07%。 从业务板块来看，港口航运物流板块收入为2,060,087,420.08元，同比下降19.37%，主要源于航运和物 流业务的下滑，如航运板块收入下降24.96%，物流板块收入下降39.51%。新能源板块收入 2,434,968,715.18元，增长3.29%，成为营收的重要支撑。投资及其他板块收入629,912,840.70元，增长 15.86%。整体来看，公司业务结构需进一步优化，以应对营收下滑压力。 净利润增长5.37%，盈利能力有所提升 归属于上市公司股东的净利润为292,095,185.33元，较2023年的277,222,171.22元增长5.37%。扣除非经 常性损益的净利润为259,787,057.46元，同比增长5.23%。这表明公司核心业务的盈利能力有所增强，在 一定程度上抵御了营收下滑的影响。基本每股收益为0.2542元/股，较上年的0.2401元/股增长5.87%，显 示出公司为股东创造价值的能力有所提升。 202 ...

Core Viewpoint - Zhuhai Port has released its 2024 annual report, indicating a focus on sustainable development and efficiency improvement despite a decline in revenue, while also unveiling a strategic plan for 2025-2030 that emphasizes dual business lines in port logistics and renewable energy [1][6]. Financial Performance - In 2024, Zhuhai Port achieved an operating income of 5.125 billion yuan, a year-on-year decrease of 6.07% - The net profit attributable to shareholders was 292 million yuan, reflecting a year-on-year increase of 5.37% [1]. Business Strategy - The company has launched a development strategy for 2025-2030, with the mission "Port connects the world, green energy for all," focusing on port logistics and renewable energy as dual core businesses [1]. - The strategic initiatives include the "Dual-Engine Strategy," "West River - Yangtze River Linkage Strategy," "System Integration Strategy," and "Digital Green Strategy" [1]. Port and Logistics Operations - The port logistics segment completed a cargo throughput of 57.84 million tons in 2024, a year-on-year increase of 15.47% - Specific terminals like Ganghong and Yunfu New Port reported throughput growths of 20.58% and 4.60%, respectively, while Wuzhou Port achieved a remarkable 62.87% increase [2]. Shipping Business - The company has adjusted its internal river shipping structure to optimize capacity and enhance self-operated business, achieving a total self-owned capacity of 261,000 tons and a controlled capacity of approximately 1.5 million tons [3]. Renewable Energy Development - In 2024, Zhuhai Port expanded its renewable energy projects, including wind and solar power, with a total installed capacity of 470,000 kW in wind energy and 737,300 kW in solar energy [4]. - The company reported a 1.45% increase in electricity generation from wind power and a significant 78.01% increase in solar power generation [4]. Capital Operations and ESG Initiatives - The company issued bonds totaling 4.9 billion yuan in 2024 and received comprehensive bank credit of approximately 16.8 billion yuan [6]. - Zhuhai Port is the first state-owned listed company in Zhuhai to publish an ESG report, establishing a five-year strategic plan for ESG development with specific goals and actions [6]. Market Engagement and Shareholder Returns - The company plans to distribute 0.65 yuan per share in dividends for 2024, totaling approximately 58.86 million yuan, which represents 20.15% of the net profit attributable to shareholders [7]. - Zhuhai Port emphasizes market recognition and sustainable value creation through enhanced investor relations and information disclosure [7].

Core Viewpoint - Zhuhai Port reported a revenue of 5.125 billion yuan for 2024, a year-on-year decrease of 6.07%, while net profit attributable to shareholders increased by 5.37% to 292 million yuan, indicating a focus on core business and sustainable development [1] Group 1: Business Performance - The port logistics segment achieved a cargo throughput of 57.8435 million tons in 2024, a year-on-year increase of 15.47% [2] - Zhuhai Port's various terminals saw significant growth in cargo throughput, with Hong Kong Terminal increasing by 20.58%, Yunfu New Port by 4.60%, and Wuzhou Port by 62.87% [2] - The company is enhancing its logistics services by focusing on coal, grain, and steel, while also expanding its green and low-carbon transformation initiatives [2] Group 2: New Energy Development - Zhuhai Port is expanding its renewable energy projects, including wind and solar power, with a total installed capacity of 470,000 kW in wind power and 737,300 kW in solar power [3] - The company successfully acquired a 50MW wind farm in Heilongjiang and completed several solar power projects, achieving a 78.01% increase in solar power generation to 70.5853 million kWh [3] - The company is also enhancing its BIPV business competitiveness and has completed significant projects, including a collaboration with Jinko Solar in Dubai [3] Group 3: Strategic Planning and ESG - Zhuhai Port has launched a five-year ESG strategic plan and emphasizes market value management and information disclosure, maintaining an A-class rating for eight consecutive years from the Shenzhen Stock Exchange [4]

Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) 珠海港股份有限公司 募集资金存放与使用情况鉴证报告 德皓核字[2025]00000825 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特殊普通合伙 ) 募 集 资 金 存 放 与 使 用 情 况 鉴 证 报 告 珠海港股份有限公司 德皓核字[2025] 00000825 号 募集资金存放与使用情况鉴证报告 （2024 年度） 目 录 页 次 一、 募集资金存放与使用情况鉴证报告 1-2 二、 珠海港股份有限公司 2024 年度募集资金存放 与使用情况的专项报告 1-5 珠海港股份有限公司全体股东： 我们审核了后附的珠海港股份有限公司（以下简称珠海港）《2024 年度募集资金存放与使用情况的专项报告》（以下简称"募集资金专 项报告"）。 一、董事局的责任 珠海港董事局的责任是按照中国证券监督管理委员会《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》、深圳证券交易所发布的《深圳证券交易 ...

德皓核字[2025]00000824 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特殊普通合伙 ) Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) 珠海港股份有限公司 珠海港股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 控股股东及其他关联方资金占用情况的专项说明 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 二、 珠海港股份有限公司 2024 年度非经营性资金 占用及其他关联资金往来情况汇总表 1-4 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 德皓核字[2025] 00000824 号 珠海港股份有限公司全体股东： 我们接受委托， 依据《中国注册会计师执业准则》审计了珠海 港股份有限公司（以下简称珠海港）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公 司利润表、合并及母公司现金 ...

珠海港股份有限公司 内部控制审计报告 德皓内字[2025]00000090 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特殊普通合伙 ) Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) 内部控制审计报告 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 内部控制审计报告 1-2 珠海港股份有限公司 二、注册会计师的责任 内 部 控 制 审 计 报 告 德皓内字[2025]00000090 号 珠海港股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了珠海港股份有限公司（以下简称珠海港）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是企业董事局的责任。 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意 ...

中国银河证券股份有限公司 关于珠海港股份有限公司 2024 年度募集资金存放与实际使用情况 之 核查意见 保荐机构 ■国银河证券股份有限公司 GALAXY SECURITIES COMPANY LIMITE (住所:北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101) 2025年 04月 1/11 中国银河证券股份有限公司 关于珠海港股份有限公司 2024年度募集资金存放与 实际使用情况之核查意见 中国银河证券股份有限公司(以下简称"中国银河证券"、"保荐 机构")作为珠海港股份有限公司(以下简称"珠海港"或"公司")非 公开发行股票的保荐机构,根据《证券发行上市保荐业务管理办 法》、《深圳证券交易所股票上市规则》、《上市公司监管指引第２号 ―上市公司募集资金管理和使用的监管要求》等有关规定,经审慎 核查,就珠海港2024年度募集资金存放与实际使用情况发表核查意 见如下: · 一、募集资金基本情况 (一)实际募集资金金额、资金到位情况 经中国证券监督管理委员会出具的证监许可[2018]2098 号文《关 于核准珠海港股份有限公司非公开发行股票的批复》核准,珠海港于 2019 年 4 月非公开发行 ...