Core Insights - The launch of the "Beibu Gulf Port - Jebel Ali Port" roll-on/roll-off route marks the first operation of "railway car + roll-on transport" sea-rail intermodal transport in the Western Land-Sea New Corridor, enhancing logistics efficiency in the region [2][6] - Guangxi is leveraging its geographical advantages to build a comprehensive and efficient customs clearance network, significantly improving trade facilitation and supporting high-quality foreign trade development [2][5] Customs Clearance Innovations - The "Smart Friendship Pass" app allows for real-time tracking of customs clearance, reducing the need for physical presence and paperwork, thus streamlining the process [3][4] - The Friendship Pass customs has optimized the clearance process by increasing the number of steps from 15 to 21, enhancing real-time monitoring and ensuring smooth vehicle dispatch [4][5] - The implementation of a one-stop customs clearance system at the Friendship Pass has reduced vehicle waiting times from 5-7 days to 1-2 days, significantly improving efficiency [3][5] Trade Volume Growth - In the first four months of this year, the Friendship Pass customs processed 269,000 vehicles, a year-on-year increase of 20.3%, indicating a robust growth in cross-border trade [5][9] - The Western Land-Sea New Corridor's sea-rail intermodal transport has seen a 72.3% increase in cargo volume, with 549,600 TEUs transported this year, showcasing the growing importance of this logistics route [7][9] Air Cargo Efficiency - The introduction of a "virtual customs clearance" system at Nanning Wuxu International Airport has streamlined air cargo operations, reducing handling times and costs significantly [8][9] - From January to April, the air cargo transfer center managed 462 shipments, a 23.8% increase, demonstrating the effectiveness of the new logistics model [8][9] Economic Impact - The total value of goods cleared through Guangxi ports reached 303.96 billion yuan in the first quarter, with a year-on-year growth of 15.17%, reflecting the region's expanding trade capabilities [9]

北部湾港股份有限公司 证券代码：000582 证券简称：北部湾港 公告编号：2025031 债券代码：127039 债券简称：北港转债 根据相关规定，"北港转债"将在本次权益分派股权登记日后 的第一个交易日，即 2025 年 5 月 28 日起恢复转股。 敬请公司可转换公司债券持有人注意。 特此公告 北部湾港股份有限公司董事会 2025 年 5 月 27 日 关于"北港转债"恢复转股的提示性公告 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．债券代码：127039 债券简称：北港转债 2．恢复转股时间：自 2025 年 5 月 28 日起恢复转股 北部湾港股份有限公司（以下简称"公司"）因实施 2024 年度 权益分派，根据《北部湾港股份有限公司公开发行可转换公司债 券募集说明书》及相关规定，公司可转换公司债券（债券简称： 北港转债，债券代码：127039）于 2025 年 5 月 20 日起暂停转股。 具体内容详见 2025 年 5 月 20 日刊登于《中国证券报》《证券时 报》及巨潮资讯网（www.cninfo.com.cn）上的《关于实 ...

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Group 1: Company Value Management - The company emphasizes value management and has implemented various investor communication activities in 2024, including high dividend ratios and assisting major shareholders in increasing their stakes [1] - The company has a commitment to maintain a cash dividend ratio of no less than 40% of the distributable profits for the years 2024-2026 [4] Group 2: Shareholder Engagement and Market Performance - The major shareholder, Guangxi Beibu Gulf International Port Group, has increased its stake by 200 million, reflecting confidence in the company's future [2] - The company denies any malicious actions to suppress stock prices and aims to enhance profitability and core competitiveness [2] Group 3: Business Operations and Future Growth - The establishment of Guangxi Far Sea Land-Sea New Channel Supply Chain Co., Ltd. involves a 60% stake by China COSCO Shipping and a 40% stake by Beibu Gulf Port Group, with the company not participating in this investment [1] - The company expects a significant increase in cargo volume due to the opening of the Pinglu Canal, which will shorten shipping routes and reduce logistics costs [3] Group 4: Strategic Initiatives and Partnerships - The company is collaborating with domestic advanced manufacturers on digital transformation and 5G infrastructure to support the development of a smart port [4] - The ASEAN Summit is anticipated to positively impact the company's business by promoting economic exchanges between China and ASEAN countries [4]

Core Viewpoint - The announcement details the adjustments to the conversion price of the "Beigang Convertible Bonds" issued by Beibu Gulf Port Co., Ltd. due to various corporate actions such as profit distribution and capital increases [1][2][3]. Summary by Sections 1. Adjustment Regulations - The company outlines the formula for adjusting the conversion price based on stock dividends, capital increases, new share issuances, and cash dividends [1][2]. 2. Historical Adjustment Records - Initial conversion price was set at 8.35 CNY/share, with adjustments made on the following dates: - May 20, 2022: Adjusted to 8.17 CNY/share after a cash dividend of 1.84 CNY per 10 shares [2]. - May 17, 2023: Adjusted to 8.00 CNY/share after a cash dividend of 1.73 CNY per 10 shares [3]. - May 13, 2024: Adjusted to 7.80 CNY/share following a new share issuance at 7.12 CNY/share [4]. - June 6, 2024: Adjusted to 7.60 CNY/share after a cash dividend distribution [4]. - November 15, 2024: Adjusted to 7.59 CNY/share due to share buybacks [5]. - November 22, 2024: Adjusted to 7.44 CNY/share after a cash dividend of 1.510004 CNY per 10 shares [5]. 3. Current Adjustment Reason and Result - The company plans to distribute a cash dividend of 0.469999 CNY per 10 shares based on a total share capital of 2,326,137,868 shares, leading to an adjustment of the conversion price from 7.44 CNY/share to 7.39 CNY/share effective from May 28, 2025 [6].

Profit Distribution Plan - The profit distribution plan for the fiscal year 2024 was approved at the shareholders' meeting, with a total cash dividend of 109,328,397.73 yuan, and no bonus shares issued [1] - The cash dividend per share is set at 0.469999 yuan (including tax) based on the current total share capital of 2,326,137,868 shares [1] Adjustment of Dividend Distribution - The cash dividend total remains fixed, and adjustments will be made to the per-share distribution if the total share capital changes due to convertible bond conversions, share buybacks, or other reasons [1] - The adjusted cash dividend per share will be distributed to all shareholders as per the established principles [1] Taxation on Dividends - Different tax rates will apply to various categories of shareholders, with specific provisions for Hong Kong investors and other entities regarding the withholding of personal income tax [2] - The tax implications for shareholders will depend on their holding period, with specific amounts outlined for different durations [2] Dividend Payment Dates - The record date for the dividend distribution is set for May 27, 2025, and the ex-dividend date is May 28, 2025 [2] Method of Distribution - Dividends will be directly credited to shareholders' accounts through their custodial securities companies or other custodial institutions [3] Adjustment of Convertible Bond Conversion Price - Following the distribution of dividends, the conversion price of the company's convertible bonds will be adjusted from 7.44 yuan per share to 7.39 yuan per share [4]

证券代码：000582 证券简称：北部湾港 公告编号：2025030 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于调整"北港转债"转股价格的公告 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.本次调整前，"北港转债"转股价格为：7.44 元/股； 2.本次调整后，"北港转债"转股价格为：7.39 元/股； 3.转股价格调整生效日期：2025 年 5 月 28 日。 一、关于"北港转债"转股价格调整的相关规定 北部湾港股份有限公司（以下简称"公司"）于 2021 年 6 月 29 日公开发行 3,000 万张可转换公司债券（债券简称：北港转债， 债券代码：127039），根据《北部湾港股份有限公司公开发行可 转换公司债券募集说明书》发行条款以及中国证监会关于可转换 公司债券发行的有关规定，在本次可转债发行之后，当公司因派 送股票股利、转增股本、增发新股（不包括因本次可转债转股而 增加的股本）、配股使公司股份发生变化及派送现金股利等情况 - 1 - 时，将按下述公式进行转股价格的调整（保留小数点后两位，最 后一位四舍五入 ...

北部湾港股份有限公司 一、股东大会审议通过的利润分配方案情况 1．公司 2024 年度利润分配方案已经 2025 年 5 月 15 日召开 的 2024 年度股东大会审议通过，2024 年度利润分配方案为：以 利润分配预案提交董事会审议前一交易日的公司总股本 2,326,136,122 股为基数，向全体股东每 10 股派发现金红利 0.47 元（含税），现金红利总额为 109,328,397.73 元，送红股 0 股（含 税），不以公积金转增股本。自预案披露后至实施利润分配方案 的股权登记日期间，公司总股本由于可转债转股、股份回购、股 权激励行权、再融资新增股份上市等原因发生变动的，公司将按 照"现金分红总额"固定不变的原则，对每股分配比例进行调整。 2．自 2024 年度利润分配方案披露起至实施期间，因公司可 转换公司债券转股，公司总股本增加 1,746 股。按照股东大会审 议确定的"现金分红总额"固定不变的原则，本公司现将权益分派 - 1 - 方案调整如下：以公司现有总股本 2,326,137,868 股为基数，向 全体股东每 10 股派发现金红利 0.469999 元（含税），送红股 0 股（含税），不 ...

Core Viewpoint - The company announced its profit distribution plan for the year 2024, detailing a cash dividend of 0.469999 yuan per 10 shares based on a total share capital of 2.326 billion shares [1] Summary by Relevant Sections - **Profit Distribution Plan** - The profit distribution plan involves a cash dividend of 0.469999 yuan (including tax) for every 10 shares held [1] - The total share capital considered for this distribution is 2.326 billion shares [1] - **Key Dates** - The record date for shareholders to be eligible for the dividend is May 27, 2025 [1] - The ex-dividend date is set for May 28, 2025 [1] - **Dividend Payment Process** - The cash dividends will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [1] - The dividends will be directly credited to the shareholders' accounts through their securities companies or other custodial institutions on the ex-dividend date [1]

Group 1 - The closing price of Beibu Gulf Port on May 20 was 8.77 yuan, down 2.77%, with a rolling PE ratio of 19.92 times and a total market value of 20.4 billion yuan [1] - In terms of industry PE ratio rankings, the average PE ratio for the shipping and port industry is 14.09 times, with a median of 14.98 times, placing Beibu Gulf Port at the 25th position [1] - On May 20, the net outflow of main funds for Beibu Gulf Port was 29.72 million yuan, with a total outflow of 196.55 million yuan over the past five days [1] Group 2 - Beibu Gulf Port Co., Ltd. specializes in container and bulk cargo handling, storage, port value-added services, and supporting port services [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 1.643 billion yuan, a year-on-year increase of 6.73%, and a net profit of 196 million yuan, a year-on-year decrease of 49.87%, with a gross profit margin of 29.74% [1]