Core Viewpoint - The company plans to invest in the construction of five automated container berths at the Dalanping South Operation Area of the Qinzhou Port, with a total investment of 941 million yuan [1] Investment Details - The project involves the construction of five 5,000-ton automated container berths, with a total shoreline length of 695 meters and a designed water depth of -7.8 meters [1] - The annual designed throughput capacity of the terminal is 650,000 TEUs [1] - The construction period is approximately 18 months, with funding sourced from 25% self-funding and 75% bank loans at an interest rate of 3.0% [1] Financial Projections - The project is expected to generate an average annual operating income of 111 million yuan upon reaching full capacity [1] - The financial internal rate of return on the project's capital is projected to be 8.04%, with a payback period of 14.18 years [1] - The project is anticipated to yield good economic benefits and provide substantial returns for the company [1]

北部湾港公告，第三季度营收为19.8亿元，同比增长15.55%；净利润为2.58亿元，下降9.92%。前三季 度营收为55.35亿元，同比增长12.92%；净利润为7.89亿元，下降13.89%。 ...

华泰联合证券有限责任公司 | 序 | 募集资金投资项 | 募集资金计 | 募集资金累 | 募集资金使 | 募集资金账 | 其中：存款 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 目 | 划投资净额 | 计投入金额 | 用进度 | 户存储余额 | 利息（扣除 手续费） | 备注 | | 1 | 防城港 402#泊位 | 8,837.00 | 8,395.47 | 95.00% | 613.77 | 135.73 | 本次结项 | | | 后续建设 | | | | | | | | 2 | 防城港 406#- 407#泊位后续建 | 14,106.44 | 14,106.44 | 100.00% | 209.47 | 209.47 | 本次结项 | | | 设 | | | | | | | | 3 | 钦州大榄坪 7#- | 5,557.78 | 5,557.78 | 100.00% | - | - | 已变更 | | | 8#泊位后续建设 | | | | | | | | 4 | 钦 州 勒 沟 13#- 泊位 后续 建 14# | 5,81 ...

Revenue and Profit - Revenue for Q3 2025 reached CNY 1,979,514,309.66, an increase of 15.55% year-over-year, while year-to-date revenue was CNY 5,535,299,448.28, up 12.92% compared to the same period last year[4] - Net profit attributable to shareholders decreased by 9.92% in Q3 2025 to CNY 257,831,003.07, and year-to-date net profit fell by 13.89% to CNY 788,714,267.39[4] - The net profit excluding non-recurring items for Q3 2025 was CNY 253,283,569.96, reflecting a 12.67% increase year-over-year, while year-to-date it rose by 22.63% to CNY 725,194,970.39[4] - The company's net profit margin decreased, with a reported investment loss of ¥7,738,689.35 compared to a gain of ¥211,780,115.53 in the previous period[23] - The net profit for the current period is ¥902,066,567.30, a decrease of 10.8% compared to ¥1,011,054,140.71 in the previous period[24] - The total profit for the current period is ¥1,090,414,476.08, down from ¥1,201,249,048.67, a decrease of 9.2%[24] - Basic earnings per share decreased to ¥0.340 from ¥0.447, reflecting a decline of 24.1%[24] Cash Flow and Operating Activities - The company reported a net cash flow from operating activities of CNY 2,227,794,220.00 for the year-to-date period, representing a 45.51% increase[4] - The company’s cash flow from operating activities showed a strong performance, with a year-to-date increase of 45.51%[4] - Cash flow from operating activities increased to ¥2,227,794,220.00, compared to ¥1,531,020,029.93 in the previous period, representing a growth of 45.5%[26] - Cash received from operating activities decreased by CNY 19,809.40 million, representing a decline of 31.84% due to reduced government subsidies[14] - The net cash flow from financing activities was ¥168,419,255.71, a decrease of 82.7% compared to ¥972,300,154.93 in the previous period[26] Assets and Liabilities - Total assets as of the end of Q3 2025 were CNY 37,603,276,719.62, a 4.79% increase from the end of the previous year[4] - Current assets increased to ¥5,949,113,493.10 from ¥5,109,769,026.53, marking a growth of 16.38%[20] - Non-current assets totaled ¥31,654,163,226.52, up from ¥30,773,677,758.96, indicating a rise of 2.86%[21] - Total liabilities increased to ¥16,452,763,687.51 from ¥16,002,438,506.55, reflecting a growth of 2.80%[22] - Shareholders' equity attributable to the parent company increased by 7.52% year-over-year to CNY 18,946,305,937.90[4] - The company's equity attributable to shareholders rose to ¥18,946,305,937.90 from ¥17,621,736,791.95, an increase of 7.51%[22] Investments and Expenses - Research and development expenses for the year-to-date period were CNY 2,932.48 million, a 51.00% increase compared to the previous year[11] - The company reported a significant decrease in investment income, reporting a loss of CNY 773.87 million, down 103.65% year-over-year[11] - The company reported a significant increase in research and development expenses, which rose to ¥29,324,756.24 from ¥19,419,938.72, a growth of 51.06%[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 59,370[16] - The largest shareholder, Guangxi Beibu Gulf International Port Group Co., Ltd., holds 54.87% of the shares, totaling 1,300,340,832 shares[16] Corporate Changes - The company has canceled its supervisory board, transferring its responsibilities to the audit committee of the board of directors[18] Financing Activities - Cash inflow from financing activities decreased by CNY 263,270.96 million, a drop of 52.57% primarily due to last year's fundraising through stock issuance[14] - Cash outflow for debt repayment decreased by CNY 152,904.27 million, down 47.38% compared to the previous year[14] - The company obtained bank loans totaling CNY 237,536.24 million, an increase of 65.42% compared to the previous year[14] Cash and Cash Equivalents - Cash and cash equivalents decreased by CNY 88,884.22 million, a decline of 53.50% due to last year's stock fundraising[14] - Cash and cash equivalents at the end of the period amounted to ¥4,068,144,592.34, an increase from ¥3,794,361,550.20[26]

来源：新浪证券-红岸工作室 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为646.8万元。该股近5个交易日累计 上涨3.08%，主力资金合计净流出4262.88万元。 10月27日，北部湾港收涨0.44%，收盘价为9.06元，发生1笔大宗交易，合计成交量77万股，成交金额 646.8万元。 第1笔成交价格为8.40元，成交77.00万股，成交金额646.80万元，溢价率为-7.28%，买方营业部为民生 证券股份有限公司北京第一分公司，卖方营业部为中泰证券股份有限公司杭州湖墅南路证券营业部。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2025-10-27 | 000582 | 北部湾港 | 8.40 | 77.00 | | 646.80 民生证券股份有限 | 中泰证券股份有限 | | | | | | | | 公司北京第一分公 | 公司杭州湖暨南路 | | | | | | | | 司 | 证券营业部 | 10月27日，北部湾港大宗交易成交77万股，成交额646.8万元，占当日总成交额的2.53%，成交价8.4 元，较市场收盘价9.06元折价7.28%。 ...

Core Viewpoint - The company, Beibu Gulf Port, is a key player in the logistics and shipping industry, focusing on container and bulk cargo handling, and is strategically positioned to benefit from the Belt and Road Initiative and the development of the Western Land-Sea New Corridor [2][3]. Business Overview - The main business activities of the company include port loading and unloading, storage, tugboat services, and agency services, with a significant focus on container and bulk cargo [2]. - The company holds a 49% stake in a subsidiary, Guangxi Fangchenggang Natural Gas Co., Ltd., which specializes in liquefied natural gas storage and sales, with a registered capital of 270 million yuan [2]. - Beibu Gulf Port is the only public terminal operator in the Guangxi Beibu Gulf region and plays a crucial role in the national strategy to connect with ASEAN and develop new strategic points for open development in Southwest and Central South China [3]. Performance Metrics - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, representing a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The container throughput reached 802.20 million TEUs, with a year-on-year growth of 14.26%, making up 100% of the total container throughput at the port [3]. - The company has established various import and export qualifications, including for fruits, alcohol, meat, and fireworks, and has opened multiple fruit shipping routes from Thailand, Vietnam, and Cambodia [3]. Financial Overview - As of June 30, 2025, the company reported an operating income of 3.556 billion yuan, reflecting a year-on-year increase of 11.50%, while the net profit attributable to shareholders was 531 million yuan, down 15.70% year-on-year [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]. Market Position - The company is positioned within the transportation sector, specifically in shipping ports, and is part of various concept sectors including port transportation, state-owned enterprises in Guangxi, and natural gas [8].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Market Overview - The shipping and port sector declined by 0.62% on October 22, with Haixia Co. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the shipping and port sector included: - Zhonggu Logistics (603565) with a closing price of 11.18, up 1.82% [1] - Tangshan Port (601000) at 4.00, up 1.01% [1] - COSCO Shipping Specialized (600428) at 7.21, up 0.84% [1] - Major decliners included: - Haixia Co. (002320) at 13.59, down 7.55% [2] - Antong Holdings (600179) at 4.29, down 6.94% [2] - Haitong Development (603162) at 10.63, down 6.01% [2] Trading Volume and Capital Flow - The shipping and port sector experienced a net outflow of 752 million yuan from institutional investors, while retail investors saw a net inflow of 708 million yuan [2][3] - The trading volume for Zhonggu Logistics was 177,100 shares, with a transaction value of 197 million yuan [1] Individual Stock Capital Flow - Zhonggu Logistics (603565) had a net inflow of 10.93 million yuan from retail investors, while institutional investors saw a net outflow of 54.53 million yuan [3] - COSCO Shipping Holdings (601866) had a net inflow of 73,040 yuan from retail investors, with a minor outflow from institutional investors [3]

Core Viewpoint - The company, Beibu Gulf Port, is a key player in the logistics and shipping industry, focusing on container and bulk cargo handling, and is positioned as a significant logistics hub in the western region of China, benefiting from national policies supporting the Belt and Road Initiative and the construction of the Western Land-Sea New Corridor [2][3]. Business Overview - The main business activities of the company include port loading and unloading, storage, tugboat services, and agency services, with a strong emphasis on container and bulk cargo operations [2]. - The company holds a 49% stake in a subsidiary, Guangxi Fangchenggang Natural Gas Co., which specializes in liquefied natural gas storage and sales, with a registered capital of 27 million yuan [2]. - Beibu Gulf Port is the only public terminal operator in the Guangxi Beibu Gulf region and plays a crucial role in the national strategy to connect with ASEAN and develop new strategic points for open development in the southwest and central-south regions [3]. Performance Metrics - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, representing a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The container throughput reached 802.20 million TEUs, with a year-on-year growth of 14.26%, making up 100% of the total container throughput at the port [3]. - The company has established various import and export qualifications, including for fruits, alcohol, and meat, and has developed multiple fruit shipping routes from Thailand, Vietnam, and Cambodia, offering comprehensive cold chain logistics services [3]. Financial Overview - As of June 30, 2025, the company reported an operating income of 3.556 billion yuan, reflecting a year-on-year growth of 11.50%, while the net profit attributable to shareholders was 531 million yuan, down 15.70% compared to the previous year [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 in the last three years [8]. Market Activity - On October 21, the stock price of Beibu Gulf Port increased by 0.45%, with a trading volume of 214 million yuan and a turnover rate of 1.30%, bringing the total market capitalization to 21.114 billion yuan [1].