Core Viewpoint - The company has decided to exercise its right for early redemption of the "Beigang Convertible Bonds" due to current market conditions and internal considerations, with the redemption process outlined in detail [3][4]. Group 1: Redemption Details - The last trading day for "Beigang Convertible Bonds" is February 9, 2026, after which trading will cease [2]. - The final conversion date is February 12, 2026, and any bonds not converted by this date will be forcibly redeemed [2]. - The redemption price is set at 101.13 CNY per bond, which includes interest and tax [16][21]. Group 2: Issuance and Trading Information - The company issued 30 million convertible bonds on June 29, 2021, with a total value of 3 billion CNY and a maturity of six years [5]. - The bonds were listed on the Shenzhen Stock Exchange on July 23, 2021, under the name "Beigang Convertible Bonds" [6]. Group 3: Conversion Terms and Adjustments - The conversion period for the bonds started on January 5, 2022, and will end on June 28, 2027 [7]. - The initial conversion price was set at 8.35 CNY per share, which has been adjusted multiple times due to profit distribution [8][9][10][11][12]. Group 4: Conditional Redemption Clauses - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period or if the remaining balance of unconverted bonds is less than 30 million CNY [13][15]. Group 5: Redemption Process and Timeline - The redemption registration date is February 12, 2026, and the redemption will be executed on February 13, 2026 [20][21]. - Funds from the redemption will be credited to bondholders' accounts by March 2, 2026 [21]. Group 6: Other Important Information - Bondholders must process conversion requests through their respective securities companies, and the minimum conversion unit is one bond [22]. - New shares from conversions will be listed the next trading day and will enjoy the same rights as existing shares [23].

证券代码：000582 证券简称：北部湾港 公告编号：2026026 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于提前赎回"北港转债"暨即将停止转股的 重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1．最后交易日：2026 年 2 月 9 日 2026 年 2 月 9 日收市后"北港转债"已停止交易； 2．最后转股日：2026 年 2 月 12 日 4．风险提示： 根据安排，截至 2026 年 2 月 12 日收市后仍未转股的"北 - 1 - 港转债"将被强制赎回，特提醒"北港转债"持券人注意在限 期内转股。本次赎回完成后，"北港转债"将在深圳证券交易 所摘牌。"北港转债"持有人持有的"北港转债"存在被质押 或被冻结的，建议在停止转股日前解除质押或冻结，以免出现 因无法转股而被强制赎回的情形； 根据赎回安排，截至 2026 年 2 月 12 日收市后尚未实施转 股的"北港转债"将按照 101.13 元/张的价格强制赎回，因目前 二级市场价格与赎回价格差异较大，投资者如未及时转股，可 能面临损失，敬请投资者 ...

北部湾港股份有限公司 关于提前赎回"北港转债"暨即将停止转股的 重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1．最后交易日：2026 年 2 月 9 日 证券代码：000582 证券简称：北部湾港 公告编号：2026025 债券代码：127039 债券简称：北港转债 - 1 - 4．风险提示： 根据安排，截至 2026 年 2 月 12 日收市后仍未转股的"北 港转债"将被强制赎回，特提醒"北港转债"持券人注意在限 期内转股。本次赎回完成后，"北港转债"将在深圳证券交易 所摘牌。"北港转债"持有人持有的"北港转债"存在被质押 或被冻结的，建议在停止转股日前解除质押或冻结，以免出现 因无法转股而被强制赎回的情形； 根据赎回安排，截至 2026 年 2 月 12 日收市后尚未实施转 股的"北港转债"将按照 101.13 元/张的价格强制赎回，因目前 二级市场价格与赎回价格差异较大，投资者如未及时转股，可 能面临损失，敬请投资者注意风险； 5．可转债赎回条件满足日：2026 年 1 月 22 日； 6．可转债赎回登记日：2026 年 ...

Core Viewpoint - The company, Beibu Gulf Port, is positioned as a key logistics hub in the western land-sea trade corridor, benefiting from policies related to the Hainan Free Trade Port and the Belt and Road Initiative, which enhance its operational capabilities and market reach [2][3]. Group 1: Company Operations - Beibu Gulf Port is the only state-owned public terminal operator in the Guangxi Beibu Gulf region, playing a crucial role in the southwest coastal port group and serving as a significant gateway for international trade with ASEAN [3]. - The company reported a cargo throughput of 31,039.78 million tons in 2023, a year-on-year increase of 10.81%, and a container throughput of 802.20 million TEUs, up 14.26% year-on-year, indicating its strong market position [3]. - The main business activities include the loading, storage, and port services for containers and bulk cargo, with a revenue composition of 94.59% from loading and storage, 3.55% from tugboat services, and 1.16% from cargo surveying [8]. Group 2: Strategic Initiatives - The company emphasizes the importance of capital operations centered around its port business, aiming to expand its logistics services and enhance cooperation with clients and partners [2]. - Beibu Gulf Port has established several specialized services, including cold chain logistics for imported fruits, wines, and meats, and has opened multiple shipping routes for Thai and Vietnamese fruits [3]. Group 3: Financial Performance - For the period from January to September 2025, Beibu Gulf Port achieved a revenue of 5.535 billion yuan, reflecting a year-on-year growth of 12.92%, while the net profit attributable to shareholders decreased by 13.89% to 789 million yuan [8]. - The company has distributed a total of 3.034 billion yuan in dividends since its A-share listing, with 1.396 billion yuan distributed over the past three years [8].

Core Viewpoint - The company announces the early redemption of "Beigang Convertible Bonds" with specific dates and conditions for trading and conversion [2][4]. Group 1: Redemption Announcement - The last trading day for "Beigang Convertible Bonds" is February 9, 2026, after which trading will cease [2]. - The last conversion day is February 12, 2026, where bondholders can still convert their bonds into shares until market close [2]. - The bonds will be redeemed at a price of 101.13 CNY per bond, including interest and tax [3][17]. Group 2: Redemption Conditions - The company has triggered the conditional redemption clause due to the stock price being above 130% of the conversion price for 15 out of 30 trading days [16]. - The redemption registration date is February 12, 2026, and the actual redemption will occur on February 13, 2026 [21]. - The funds from the redemption will be credited to bondholders' accounts by March 2, 2026 [3][21]. Group 3: Bond Issuance Overview - The company issued 30 million convertible bonds on June 29, 2021, with a total value of 3 billion CNY and a six-year term [5]. - The bonds were listed on the Shenzhen Stock Exchange on July 23, 2021, under the code "127039" [6]. Group 4: Conversion Price Adjustments - The initial conversion price was set at 8.35 CNY per share, which has been adjusted multiple times due to profit distribution [8][9][10]. - The latest adjustment brought the conversion price down to 7.31 CNY per share as of October 22, 2025 [12].

证券代码：000582 证券简称：北部湾港 公告编号：2026024 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 特别提示： 1．最后交易日：2026 年 2 月 9 日 截至 2026 年 2 月 6 日收市后，距离"北港转债"停止交易 仅剩 1 个交易日。2026 年 2 月 9 日是"北港转债"最后一个交 易日，当日"北港转债"简称为"Z 港转债" ；2026 年 2 月 9 日收市后"北港转债"将停止交易； 2．最后转股日：2026 年 2 月 12 日 2026 年 2 月 12 日是"北港转债"最后一个转股日，当日收 市前，持有"北港转债"的投资者仍可进行转股；2026 年 2 月 12 日收市后，未转股的"北港转债"将停止转股； 3．截至 2026 年 2 月 6 日收市后，距离"北港转债"停止 交易仅剩 1 个交易日，距离"北港转债"停止转股并赎回仅剩 - 1 - 4 个交易日。本公司特提醒投资者仔细阅读本公告内容，关注 相关风险，谨慎交易"北港转债" ； 关于提前赎回"北港转债"暨赎回前最后一个 交易日的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确 ...

Investment Rating - The report indicates a stable outlook for the port industry, with a focus on infrastructure and domestic demand supporting the industry fundamentals [7][8]. Core Insights - The growth rate of cargo and container throughput in Chinese ports is slowing down, influenced by GDP and import-export growth deceleration. Coastal ports dominate in terms of throughput, with significant differentiation in growth rates among major ports [8][9]. - Since 2018, investment in inland waterway transportation has consistently exceeded that of coastal ports, leading to structural overcapacity in coastal ports. However, there remains a demand for terminal upgrades, optimization of port layouts, and channel construction, with a clear trend towards larger and more specialized port berths [8][9]. - The overall revenue of sampled port enterprises is steadily increasing, with strong operational cash flow capabilities. Future capital expenditures are expected to remain substantial due to increased financing driven by port-related project investments [8][9]. - The report anticipates that global economic growth will remain low, with uncertainties surrounding trade policies potentially impacting China's foreign trade. However, domestic demand is expected to expand, providing some support for port throughput [8][9]. Industry Overview Macroeconomic Environment - In 2025, China's economy is projected to stabilize, with domestic demand expected to support cargo throughput at ports. The economic policies are characterized by a multi-dimensional collaborative approach, focusing on stabilizing growth and enhancing domestic consumption [9][10]. - The port industry is highly sensitive to macroeconomic cycles, with the performance of cargo and container throughput closely linked to economic conditions and foreign trade developments [10][11]. Industry Policies and Regulatory Environment - The government has introduced various policies to guide the development of smart, green, safe, and efficient ports, aiming to enhance the competitive capabilities of ports through a market-oriented pricing system [11][12]. - Recent policies emphasize the integration of rail-water transport and the construction of a modern comprehensive transportation system, with significant investments expected in port infrastructure [11][12]. Industry Operating Conditions - The throughput growth of Chinese ports has shown signs of slowing down, with a notable differentiation in growth rates among major coastal ports. In 2024, the total cargo throughput reached 1,759.5 million tons, growing by 3.7% [16][20]. - Container throughput growth has also slowed, with a total of 33.2 million TEUs in 2024, reflecting a 7.0% increase [17][20]. Financial Performance - Sampled port enterprises have shown steady revenue growth, with total revenue reaching 643.36 billion yuan in the first nine months of 2025, maintaining a stable operational performance [34][36]. - The cash flow from operating activities has been strong, with a cash income ratio exceeding 100%, indicating that cash flow can meet capital expenditure needs [36][39]. Debt Levels - The total debt of sampled port enterprises has increased, with a total debt of 1,162.86 billion yuan by September 2025, primarily for new terminal construction and upgrades [41][43]. - The short-term debt ratio is moderate, with a significant portion of financing coming from bank loans and bond issuances [41][43]. Debt Repayment Capacity - Most sampled port enterprises face manageable short-term repayment pressures, with strong long-term repayment capabilities. However, some enterprises have heavier debt burdens and historical personnel liabilities that require attention [44][45]. Bond Market Performance - The report notes a decrease in bond issuance rates for port enterprises, with a total of 180 bonds issued in 2025, reflecting a 7.57% increase in issuance scale [48][49].

来源：新浪证券-红岸工作室 2月5日，北部湾港跌1.01%，成交额2.51亿元。两融数据显示，当日北部湾港获融资买入额2352.71万 元，融资偿还2216.26万元，融资净买入136.45万元。截至2月5日，北部湾港融资融券余额合计4.38亿 元。 融资方面，北部湾港当日融资买入2352.71万元。当前融资余额4.33亿元，占流通市值的2.16%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，北部湾港2月5日融券偿还9.11万股，融券卖出1000.00股，按当日收盘价计算，卖出金额 9770.00元；融券余量47.18万股，融券余额460.95万元，超过近一年80%分位水平，处于高位。 资料显示，北部湾港股份有限公司位于广西壮族自治区南宁市良庆区体强路12号北部湾航运中心B座15- 19层，成立日期1996年8月7日，上市日期1995年11月2日，公司主营业务涉及港口装卸堆存业务、拖轮 及港务管理、物流代理业务和理货业务。主营业务收入构成为：装卸堆存收入94.59%，拖轮业务收入 3.55%，理货业务收入1.16%，其他(补充)0.65%，代理业务收入0.06%。 截至9月30日，北部湾港股东户 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1．最后交易日：2026 年 2 月 9 日 证券代码：000582 证券简称：北部湾港 公告编号：2026023 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于提前赎回"北港转债"暨即将停止交易的 重要提示性公告 2026 年 2 月 9 日是"北港转债"最后一个交易日，当日 "北港转债"简称为"Z 港转债" ；2026 年 2 月 9 日收市后 "北港转债"将停止交易； 2．最后转股日：2026 年 2 月 12 日 2026 年 2 月 12 日是"北港转债"最后一个转股日，当日收 市前，持有"北港转债"的投资者仍可进行转股；2026 年 2 月 12 日收市后，未转股的"北港转债"将停止转股； 3．截至 2026 年 2 月 5 日收市后，距离"北港转债"停止 交易仅剩 2 个交易日，距离"北港转债"停止转股并赎回仅剩 5 个交易日。本公司特提醒投资者仔细阅读本公告内容，关注 - 1 - 相关风险，谨慎交易"北港转债" ； 4．风险提示： 根据安排，截至 2026 年 ...

Core Viewpoint - The company has announced the early redemption of its convertible bonds, "Beigang Convertible Bonds," due to the current market conditions and the company's situation, with specific dates and procedures outlined for investors [3][4]. Group 1: Redemption Details - The last trading day for "Beigang Convertible Bonds" is February 9, 2026, after which trading will cease [2]. - The last conversion day for the bonds is February 12, 2026, and any bonds not converted by this date will be forcibly redeemed [2][3]. - The redemption price is set at 101.13 yuan per bond, which includes interest and tax [16]. Group 2: Issuance and Trading Information - The company issued 30 million convertible bonds on June 29, 2021, with a total value of 3 billion yuan and a six-year term [5]. - The bonds were listed for trading on July 23, 2021, under the name "Beigang Convertible Bonds" with the code "127039" [6]. Group 3: Conversion Terms - The conversion period for the bonds started on January 5, 2022, and will end on June 28, 2027 [7]. - The initial conversion price was set at 8.35 yuan per share, which has been adjusted multiple times due to profit distribution [8][9][10]. Group 4: Conditional Redemption Clauses - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period or if the remaining balance of unconverted bonds is less than 30 million yuan [13][15].