Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][21]. Core Insights - The company achieved a revenue growth of 3.1% in the first half of 2025, with overseas ports becoming the core growth engine, highlighting the strategic asset value of overseas ports [1]. - The report emphasizes the importance of the company's overseas port strategy, which is expected to enhance its long-term performance and stability [6]. Financial Performance Summary - Total revenue for 2025 is projected at 16,146 million yuan, with a slight increase of 0.1% compared to 2024 [2]. - The net profit attributable to shareholders is forecasted to reach 4,606 million yuan in 2025, reflecting a growth of 2.0% year-on-year [2]. - Earnings per share (EPS) are expected to be 1.84 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 times [2]. - The company’s total assets are estimated to be 204,191 million yuan by 2025, with a debt-to-equity ratio of 47.1% [11]. Operational Highlights - In the first half of 2025, the company reported a container throughput of 10,120.7 million TEU, marking a year-on-year increase of 5.7% [9]. - The overseas container business showed significant growth, with LCT, TICT, and Kumport container throughput increasing by 19.3%, 24.6%, and 16.9% respectively [6]. - The gross margin for the first half of 2025 was 45.73%, an increase of 0.78 percentage points year-on-year, while the expense ratio decreased by 3.58 percentage points [6]. Investment Recommendations - The report maintains profit forecasts of 4,606 million yuan for 2025, 4,865 million yuan for 2026, and 5,116 million yuan for 2027, with corresponding EPS of 1.84, 1.94, and 2.05 yuan [6]. - A target price of 25.69 yuan is set for 2025, indicating a potential upside of 25% from the current price of 20.52 yuan [2][6].

Core Viewpoint - The report highlights that China Merchants Port Group Co., Ltd. (referred to as "the company") achieved a revenue of 8.468 billion yuan in the first half of 2025, marking a year-on-year increase of 6.19%, and a net profit attributable to shareholders of 2.627 billion yuan, up 3.13% year-on-year [1] Group 1: Financial Performance - The company's revenue for the first half of 2025 reached 8.468 billion yuan, reflecting a 6.19% increase compared to the previous year [1] - The net profit attributable to shareholders was 2.627 billion yuan, which represents a year-on-year growth of 3.13% [1] Group 2: Industry Context - Global trade uncertainties have led cargo owners to adopt an "early shipment" strategy, which has temporarily boosted container transportation demand [1] - This industry trend has positively impacted the overall business volume of major hub ports [1] Group 3: Container Business Performance - The company's container throughput exceeded 10 million TEU in the first half of 2025, with domestic port projects handling 7.9189 million TEU, a year-on-year increase of 6.2%, and overseas port projects achieving 1.9209 million TEU, up 5.0% year-on-year [1] - Both domestic and international projects demonstrated resilient growth [1] Group 4: Overseas Strategy - Under the guidance of its "overseas strategy," the company is steadily advancing its global layout, focusing on both increasing new business and optimizing existing operations [1] - Revenue from overseas operations reached 3.075 billion yuan, with a year-on-year growth rate of 15.4%, and the overseas revenue proportion increased by 2.9 percentage points to 36.3%, becoming a major driver of performance growth [1]

Core Viewpoint - The company held a board meeting where multiple resolutions were passed, including financial assessments, adjustments to stock option plans, and various governance updates, indicating a proactive approach to corporate governance and financial management [1][2][3][4][5][6][7]. Group 1: Financial Assessments and Approvals - The board approved the risk assessment report for the company's financial subsidiary, indicating a focus on risk management [1]. - A resolution was passed to extend financial assistance to a controlling subsidiary, demonstrating ongoing support for its operations [1]. - The board also approved the internal audit report for the second quarter of 2025, reflecting a commitment to internal controls and transparency [1]. Group 2: Stock Option Plan Adjustments - The company adjusted the exercise price of its stock option incentive plan, reducing the price from 15.50 CNY to 14.76 CNY for the first batch and from 13.25 CNY to 12.51 CNY for the reserved portion, aligning with the recent profit distribution plan [3][4][5]. Group 3: Governance and Compliance Updates - The board approved several governance-related resolutions, including updates to the company's articles of association and various internal management rules, which are essential for maintaining compliance and operational efficiency [9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43].

（四）最后交易日：2025 年 8 月 29 日 四、债券兑付兑息对象 本次兑付兑息对象为：截止 2025 年 8 月 29 日（债权登记日）下午深圳证券 交易所收市后，在中国结算深圳分公司登记在册的全体"22 招港 01"持有人。 股票代码：001872/201872 股票简称：招商港口/招港 B 公告编号：2025-051 债券简称：22 招港 01 债券代码：148052 招商局港口集团股份有限公司 兑付暨摘牌公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 债券简称：22 招港 01 债券代码：148052.SZ 债权登记日：2025 年 8 月 29 日 最后交易日：2025 年 8 月 29 日 兑付日：2025 年 9 月 1 日 摘牌日：2025 年 9 月 1 日 计息期间：2024 年 8 月 30 日-2025 年 8 月 29 日 特别提示： 招商局港口集团股份有限公司（以下简称"公司"）2022 年面向专业投资 者公开发行公司债券（第一期）将于 2025 年 9 月 1 日支付自 2024 年 8 月 30 日 至 20 ...

招商局港口集团股份有限公司 在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，招商局港口集团股份有限公司 （品种一）符合深 圳证券交易所债券上市条件，将于 2025 年 8 月 29 日起在深圳证券交易所上市， 并面向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成交、询 价成交、竞买成交和协商成交。债券相关要素如下： 招商局港口集团股份有限公司 2025 年面向专业投资者公开发行科技创 债券名称 新公司债券（第一期）（品种一） 证券简称 25 招港 K1 债券代码 524409.SZ 信用评级 AAA/- 评级机构 中诚信国际信用评级有限责任公司 发行总额（亿元） 30 债券期限 3 本期债券到期日为 2028 年 8 月 25 日。如遇法定节假日或休息日，则 到期日 顺延至其后的第 1 个交易日，顺延期间兑付款项不另计利息 债券面值 100 元 年 月 日 票面年利率（％） 1.82 利率形式 固定利率 付息频率 按年付息 发行日 2025 年 8 月 22 日-2025 年 8 月 25 日 起息日 2025 年 8 月 25 日 上市日 2025 年 8 月 29 日 开盘参 ...

Group 1 - The company, China Merchants Port, announced the convening of its 11th fifth board meeting on August 28, 2025, in Shenzhen, discussing the revision of the "Board Audit Committee Annual Work Regulations" [1] - For the first half of 2025, the revenue composition of China Merchants Port was as follows: port business accounted for 95.38%, bonded logistics business accounted for 3.6%, and property development and investment accounted for 1.01% [1]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, achieving a record net profit and demonstrating resilience in its core port operations despite global economic challenges [2][8]. Financial Performance - The company achieved operating revenue of 8.468 billion yuan, a year-on-year increase of 6.2% [2]. - The net profit attributable to shareholders reached 2.627 billion yuan, marking a historical high with a growth of 3.1% [2]. - The net profit excluding non-recurring items was 2.519 billion yuan, showing a significant increase of 16.4% year-on-year [2]. Port Operations Growth - The company's container throughput exceeded 10 million TEUs in the first half of the year, with domestic ports handling 7.919 million TEUs (up 6.2%) and overseas ports handling 1.920 million TEUs (up 5.0%) [3]. - The Shenzhen Western Mother Port achieved a container throughput of 839,000 TEUs, a substantial increase of 11.0% year-on-year, capturing over 50% of Shenzhen's foreign trade market share [3]. Global Expansion Strategy - The company's overseas business generated revenue of 3.075 billion yuan, reflecting a year-on-year growth of 15.4%, with overseas revenue accounting for 36.3% of total revenue [4]. - The acquisition of the Brazilian oil terminal project is expected to enhance the company's presence in the Latin American market [4]. Operational Efficiency - The company's port business gross margin reached 46.6%, an increase of 0.9 percentage points year-on-year, while management and financial expenses decreased by 6.1% and 16.0%, respectively [7]. Innovation and Sustainability - The company made significant progress in digital and green transformation, with the new CTOS system successfully launched in Brazil and ongoing projects in Turkey and Shantou [8]. - The company received an "AAA" ESG rating from WIND, ranking first in the industry for sustainable development [8]. Strategic Outlook - The company aims to maintain its strategic focus and leverage its global network, technological innovation, and operational efficiency to achieve its goal of becoming a world-class comprehensive port service provider [8].

1 及其摘要、《股票期权激励计划管理办法》《股票期权激励计划实施考核办法》， 同时对《股票期权激励计划（第一期）激励对象名单》进行核查并发表意见。具 体详见本公司披露于巨潮资讯网的相关公告（公告编号：2019-069、2019-070）。 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-056 招商局港口集团股份有限公司 关于调整公司股票期权激励计划（第一期）行权价格的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 招商局港口集团股份有限公司（以下简称"本公司"）于 2025 年 8 月 28 日 召开第十一届董事会第五次会议和第十一届监事会第五次会议，会议分别审议通 过了《关于调整公司股票期权激励计划（第一期）行权价格的议案》。根据《招 商局港口集团股份有限公司股票期权激励计划（第一期）》（以下简称"《股票 期权激励计划》"）的相关规定和本公司 2020 年度第一次临时股东大会的授权， 董事会对股票期权激励计划（第一期）行权价格进行调整。现将有关事项说明如 下： 一、本次激励计划已履行的相关审批程序 （一）2019 年 ...

FANGDA PARTNERS http://www.fangdalaw.com 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于招商局港口集团股份有限公司股票期权激励计划（第一期） 调整事项的法律意见书 致：招商局港口集团股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国法律执业 资格的律师事务所。根据招商局港口集团股份有限公司（以下简称"招商港口" 或"公司"）的委托，本所担任招商港口股票期权激励计划（第一期）（以下简称 "激励计划"或"本次计划"）的特聘专项法律顾问，就公司本次计划所涉及的 调整行权价格（以下简称"本次调整"）的相关事项出具本法律意见书。 本所依据《中华人民共和国证券 ...

招商局港口集团股份有限公司 财务报表 2025 年 1 月 1 日至 6 月 30 日止期间 招商局港口集团股份有限公司 财务报表 | | | | 内容 | 页码 | | --- | --- | | 合并资产负债表 | 1 - 3 | | 母公司资产负债表 | 4 - 6 | | 合并利润表 | 7 - 8 | | 母公司利润表 | 9 | | 合并现金流量表 | 10 | | 母公司现金流量表 | 11 | | 合并股东权益变动表 | 12 - 13 | | 母公司股东权益变动表 | 14 - 15 | | 财务报表附注 | 16 - 180 | 招商局港口集团股份有限公司 2025 年 6 月 30 日 合并资产负债表 单位：人民币元 | 项目 | 附注 | 本期期末余额 | 上年年末余额 | | --- | --- | --- | --- | | 流动资产： | | | | | 货币资金 | 八、1 | 14,996,290,255.16 | 16,630,400,701.13 | | 其中：存放财务公司款项 | 十五、6（1） | 2,904,541,481.79 | 4,745,991,554.35 ...