Group 1 - The company announced the maturity and repayment of its third phase of ultra-short-term financing bonds for 2024, which occurred on May 25, 2025 [2] - The total issuance scale of the ultra-short-term financing bonds was 2 billion yuan, with a registration notice received from the China Interbank Market Dealers Association [1] - The company confirmed that it has fulfilled its obligation to repay the principal and interest of the ultra-short-term financing bonds on the due date [2]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-040 本公司 2024 年度第三期超短期融资券已于 2025 年 5 月 25 日到期，本公司 已在到期日兑付了该超短期融资券本息，有关超短期融资券兑付公告详见上海 清 算 所 网 站 （ www.shclearing.com.cn ） 和 中 国 货 币 网 （www.chinamoney.com.cn）。 特此公告。 招商局港口集团股份有限公司 董 事 会 2025 年 5 月 27 日 招商局港口集团股份有限公司 关于 2024 年度第三期超短期融资券到期兑付的公告 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 2023 年 12 月 29 日发布《关于债务融资工具获准注册的公告》（公告编号：2023-092），披露 收到中国银行间市场交易商协会签发的《接受注册通知书》（中市协注〔2023〕 DFI66 号）（下称"通知书"），中国银行间市场交易商协会同意接受本公司债 务融资工具注册，有效期为自通知书落款之日起 2 年 ...

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].

Core Viewpoint - The legal opinion issued by Fangda Partners confirms that the 2024 annual general meeting of China Merchants Port Group Co., Ltd. was convened and conducted in accordance with relevant Chinese laws and regulations, as well as the company's articles of association [2][15]. Group 1: Meeting Procedures - The annual general meeting was held using a combination of on-site and online voting, with the on-site meeting taking place at the company's headquarters [4][5]. - The notice for the meeting was announced 20 days prior to the meeting date, complying with legal requirements [4][5]. Group 2: Voting Participation and Qualifications - A total of 144 shareholders (including proxies) participated in the voting, representing 2,239,380,344 shares, which is 90.0517% of the total shares with voting rights [5][6]. - The qualifications of the shareholders participating in the meeting were verified and found to be compliant with relevant laws and the company's articles of association [5][6]. Group 3: Voting Results - The resolutions presented at the meeting received overwhelming support, with the majority of votes in favor: for one resolution, 2,238,490,344 shares voted in favor (99.9603%), while only 524,200 shares opposed [6][7]. - The voting results indicate a strong consensus among shareholders, with multiple resolutions passing with over 99% approval [8][10][12].

FANGDA PARTNERS http://www.fangdalaw.com 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 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 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 2024 年度股东大会的法律意见书 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境内法律 执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席招商局港口 集团股份有限公司（以下简称"公司"）2024 年度股东大会（以下简称"本次股东 大会"），并就本次股东大会的召集和召开程序、参与表决和召集会议人员的资格、 表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-039 招商局港口集团股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 本次会议没有否决议案；本次会议不涉及变更前次股东大会决议。 一、会议召开和出席的情况 （一）召开情况 1.召开时间： （1）现场会议时间：2025 年 5 月 23 日（星期五）15:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 23 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投 票系统投票的时间为 2025 年 5 月 23 日 9:15-15:00 期间的任意时间。 2.召开地点：深圳市南山区工业三路 1 号招商局港口大厦 25 楼 A 会议室。 3.召开方式：现场表决和网络投票相结合。 4.召集人：本公司董事会。 5.主持人：严刚副董事长（本公司过半数董事共同推举其主持本次会议）。 6.会议的召开符合相关法律、行政法规、部门规章、规范性文件和 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-038 招商局港口集团股份有限公司 关于 2025 年度第一期超短期融资券发行结果的公告 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 2023 年 12 月 29 日发布《关于债务融资工具获准注册的公告》（公告编号：2023-092），披露收 到中国银行间市场交易商协会签发的《接受注册通知书》（中市协注〔2023〕 DFI66 号）（下称"通知书"），中国银行间市场交易商协会同意接受本公司债 务融资工具注册，有效期为自通知书落款之日起 2 年。 本公司于 2025 年 5 月 19 日披露了《关于发行 2025 年度第一期超短期融资 券的提示性公告》（公告编号：2025-037）。 2025 年 5 月 19 日，本公司发行了 20 亿元的 2025 年度第一期超短期融资券， 2025 年 5 月 20 日资金已全额到账。现将发行结果公告如下： | 超短期融资券名称 | 招商局港口集团股份 | 超短期融资券 | 25 | | ...

Core Viewpoint - The company, China Merchants Port, is experiencing steady operational growth and improving profitability, positioning itself as a leading global port operator [1][2]. Performance Summary - In April 2025, the total container throughput reached 17.059 million TEU, a year-on-year increase of 6%, with a cumulative total of 66.118 million TEU for the year, reflecting a 6.9% growth [1][2]. - For Q1 2025, the company reported operating revenue of 4.214 billion yuan, up 8.99% year-on-year, and a net profit attributable to shareholders of 1.091 billion yuan, an increase of 5.21% [2]. - The gross profit margin has been on the rise, with figures of 40.84% in 2023, 42.99% in 2024, and 46.71% in Q1 2025, marking a year-on-year increase of 2.74 percentage points for Q1 2025 [2]. Shareholder Returns - The company has prioritized shareholder returns, with dividend payout ratios of 30.8%, 33.7%, and 40.6% from 2021 to 2023. For 2024, it plans to distribute cash dividends of 1.843 billion yuan, maintaining a payout ratio of 40.8% [3]. Global Strategic Layout - China Merchants Port is enhancing its global strategic layout, focusing on "global layout, lean operation, and innovative upgrades" across four main business areas: port investment, operation, logistics, and smart technology [4]. - The company has made significant strides in overseas markets, with a 15% year-on-year increase in overseas revenue to 5.51 billion yuan in 2024, accounting for 34.2% of total revenue [4]. Business Growth - The overseas port projects achieved a container throughput of 36.835 million TEU in 2024, a growth of 8.1% year-on-year, with notable performances from terminals in emerging markets [5][6]. - The company has maintained a strong financial position, with total assets reaching 204.263 billion yuan and a debt-to-asset ratio of 36.08% as of Q1 2025 [6].

Core Points - The company, China Merchants Port Group Co., Ltd., has announced the issuance of its first super short-term financing bond for 2025, with a total amount of 2 billion yuan [1][2] - The bond will be publicly issued on May 19, 2025, with a maturity period of 180 days and a face value of 100 yuan per bond [2] - The funds raised from this issuance will be used to supplement the company's and its subsidiaries' working capital and to repay maturing debts [2] Summary by Sections Announcement Details - The company received a registration notice from the China Interbank Market Dealers Association, allowing the registration of its debt financing tools, valid for two years from the date of the notice [1] - The main underwriter for this bond issuance is China Merchants Bank, with China Construction Bank serving as the co-underwriter [2] Financial Implications - The total issuance amount is set at 2 billion yuan, indicating a significant move to enhance liquidity and manage debt obligations [2] - The company will provide timely updates regarding the subsequent processes related to this bond issuance as per regulatory requirements [2]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-037 招商局港口集团股份有限公司 关于发行 2025 年度第一期超短期融资券的提示性公告 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 2023 年 12 月 29 日发布《关于债务融资工具获准注册的公告》（公告编号：2023-092），披露收 到中国银行间市场交易商协会签发的《接受注册通知书》（中市协注〔2023〕 DFI66 号）（下称"通知书"），中国银行间市场交易商协会同意接受本公司债 务融资工具注册，有效期为自通知书落款之日起 2 年。 本公司 2025 年度第一期超短期融资券将于 2025 年 5 月 19 日在全国银行间 债券市场公开发行，发行金额为 20 亿元，期限为 180 天，每张面值为 100 元， 招商银行股份有限公司为主承销商，中国建设银行股份有限公司为联席主承销商。 本次发行所募集的款项将用于补充本公司及下属子公司流动资金及偿还到期债务。 本次超短期融资券发行的相关文件详见本公司于 2025 年 ...