招商局港口集团股份有限公司 2025 年半年度报告 公司不适用特殊行业披露要求。 披露日期：2025 年 8 月 30 日 招商局港口集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人徐颂、主管会计工作负责人黄镇洲及会计机构负责人（会计主 管人员）刘士霞声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告内涉及未来计划等前瞻性陈述不构成公司对投资者的实质承 诺，敬请投资者注意投资风险。 公司已在本半年度报告"第三节 管理层讨论与分析"中"十、公司面临的 风险和应对措施"，描述了可能面临的风险因素及应对措施，敬请投资者关注 相关内容。 《证券时报》《中国证券报》《上海证券报》和巨潮资讯网为本公司选定 的信息披露媒体，本公司所有披露信息均以在上述选定媒体刊登的信息为准。 公司计划半年度不派发现金红利，不送红股，不以公积金转增股本。 1 | | | 招商局港口集团股份 ...

债券简称：22 招港 01 债券代码：148052 股票代码：001872/201872 股票简称：招商港口/招港 B 公告编号：2025-051 债券代码：148052.SZ 债权登记日：2025 年 8 月 29 日 招商局港口集团股份有限公司 2022 年面向专业投资者公开发行公司债券（第一期） 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 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 2025 年 8 月 29 日期间的利息和本期债券的本金。 为保证还本付息工作的顺利进行，现将有关事项公告如下： 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 一、本期债券的基本情况 （一）发行人：招商局港口集团股份有限公司； （ ...

| 债券名称 | 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 新公司债券（第一期）（品种一） | | --- | --- | | 证券简称 | 招港 25 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 | | | 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 | 年 月 日 2025 8 25 | | 上市日 | 2025 年 8 月 29 日 | | 到期日 | 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 顺延至其后的第 个交易日，顺延期间兑付款项不另计利息 1 | | 债券面值 | 元 100 | | 开盘参考价 | 100 元 | （以下无正文） 1 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新公司债券（第一期） 在深圳证券交易所 ...

Summary of China Merchants Port Conference Call Company Overview - **Company**: China Merchants Port - **Industry**: Port and Logistics - **Global Presence**: Covers 25 countries and regions across six continents with a total of 50 ports, enhancing strategic position and profitability [2][7] Key Points and Arguments Growth and Performance - **2024 Overseas Port Throughput**: Expected to reach 9.254 million tons, a year-on-year increase of 33.8% [2][9] - **Overseas Business Gross Margin**: Stands at 55.83%, significantly higher than the domestic margin of 34.28%, attributed to flexible pricing mechanisms and high market demand [2][9] - **Revenue Growth**: Projected revenue for 2024 is 16.13 billion yuan, a 2.4% increase year-on-year, with net profit expected to reach 4.516 billion yuan, up 26.4% [6] Strategic Initiatives - **Acquisitions**: Recent acquisitions include a 51% stake in Indonesia's MPH Group and a 70% stake in Brazil's VAST oil terminal, enhancing Southeast Asia and Brazil operations [5][10] - **Integration of Assets**: Actively participates in the integration of domestic and international assets to support the "Belt and Road" initiative, aiming for further global market influence [2][7] Financial Health and Dividends - **Dividend Policy**: Dividend payout ratio increased from 30% to 41%, with free cash flow growing at a compound annual growth rate (CAGR) of over 20% [4][13] - **Cash Flow and Returns**: Strong cash flow supports improved dividend capabilities, with a notable increase in per-share dividend yield [4][14] Market Resilience - **Cyclical Nature**: Port operations are closely tied to foreign trade cycles; however, leading companies like China Merchants Port demonstrate strong resilience against cyclical fluctuations [11] - **Long-term Asset Advantages**: Port assets are characterized by long durations and perpetual advantages, with no expiration issues due to high entry barriers [12] Future Outlook - **Potential for Overseas Revenue Growth**: Currently, overseas revenue accounts for about 30%, with significant room for growth, positioning it as a key driver for future expansion [10] - **Valuation Recovery**: Anticipated recovery in price-to-book ratio due to increased quality of overseas assets, stable performance, and improved cash flow [15] Additional Important Insights - **Key Projects**: Notable projects include the Colombo South International Container Terminal in Sri Lanka and the Djibouti Port, which is strategically located on major shipping routes [3][6] - **Market Dynamics**: The company has maintained a compound growth rate of 5% in container throughput over the past decade, showcasing resilience even during trade tensions and the pandemic [11]

Core Insights - The shipping and port sector experienced a slight increase of 0.09% on August 26, with Bohai Ferry leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Bohai Ferry (603167) closed at 10.70, up 2.49% with a trading volume of 178,900 shares and a turnover of 190 million yuan [1] - Xiamen Port Authority (000905) closed at 8.97, up 2.28% with a trading volume of 328,500 shares and a turnover of 293 million yuan [1] - Straits Shares (002320) closed at 8.49, up 2.17% with a trading volume of 565,600 shares and a turnover of 479 million yuan [1] - Other notable performers include Zhonggu Logistics (603565) and Jinjiang Shipping (601083), with increases of 1.15% and 0.97% respectively [1] Capital Flow - The shipping and port sector saw a net outflow of 64.35 million yuan from institutional investors, while retail investors contributed a net inflow of 166.7 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Straits Shares (002320) had a net inflow of 62.51 million yuan from institutional investors, but saw outflows from both retail and speculative investors [3] - Bohai Ferry (603167) experienced a net inflow of 18 million yuan from institutional investors, with outflows from speculative investors [3] - Other stocks like Tianjin Port (600717) and Tangshan Port (601000) also showed significant net inflows from institutional investors, indicating potential interest in these stocks [3]

Core Points - The issuer, China Merchants Port Group Co., Ltd., has publicly issued a technology innovation corporate bond with a total scale of up to 3 billion RMB [1] - The bond issuance period is from August 22, 2025, to August 25, 2025, with a fixed price of 100 RMB per bond [1] - The final actual issuance amount reached 3 billion RMB, achieving a subscription multiple of 3.3 times [1] - The bond "25 Zhaogang K1" has a coupon rate of 1.82%, while the bond "25 Zhaogang K2" was canceled [1] - China International Capital Corporation and its affiliates participated in the subscription with a total of 960 million RMB [2] Summary by Category Issuance Details - The total issuance scale of the bond is set at 3 billion RMB, with 100% of the planned issuance being realized [1] - The bond issuance was conducted through offline inquiries and allocations to professional institutional investors [1] Investor Participation - The subscription included participation from banks, with a total allocation of 730 million RMB [1] - Other significant investors included China International Capital Corporation, which contributed 960 million RMB [2] Compliance and Regulations - All participating investors met the requirements set forth by relevant regulations, including the Company Bond Issuance and Trading Management Measures [2]

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新公司债券（第一期） 发行结果公告 招商局港口集团股份有限公司（以下简称"发行人"）公开发行不超过人民币 150 亿元公司债券已获得中国证券监督管理委员会证监许可〔2025〕322 号文注 册。根据《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 创新公司债券（第一期）发行公告》，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新公司债券（第一期）（以下简称"本期债券"）发行 规模为不超过 30 亿元（含 30 亿元），发行价格为每张 100 元，采取网下面向专 业机构投资者询价配售的方式。 3、经核查，本期债券承销机构中信证券股份有限公司、招商证券股份有限 公司、中国国际金融股份有限公司及其关联方合计参与认购 9.60 亿元，报价及 程序符合相关法律法规的规定。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》、《深圳证券 交易所公司债券上市规则》、《深圳证券交易所债券市场投资者适当性管理办法》 及《关于进一步规范债券发行业务有关事项的通知》等各项有关要求。 1 特此公告。 （以下无正文） ...

Core Viewpoint - China Merchants Port Group Co., Ltd. is issuing bonds to raise funds for technological innovation, with a total issuance scale of up to 3 billion RMB [1][2]. Group 1: Bond Issuance Details - The company plans to issue two types of bonds: Type 1 with a 3-year term and Type 2 with a 5-year term [1]. - The final coupon rate for Type 1 bonds is set at 1.82%, while Type 2 bonds have been canceled [1][2]. - The inquiry range for Type 1 bonds was between 1.40% and 2.20%, and for Type 2 bonds, it was between 1.50% and 2.30% [1]. Group 2: Subscription Information - The bonds will be offered to professional institutional investors from August 22 to August 25, 2025 [2]. - Detailed subscription methods will be published on the Shenzhen Stock Exchange and other financial information platforms [2].

Core Points - The announcement pertains to the extension of the book-building period for the issuance of corporate bonds by China Merchants Port Group Co., Ltd, with a total face value not exceeding RMB 15 billion [1] - The bond issuance has received approval from the China Securities Regulatory Commission, with registration number 〔2025〕322 [1] - The book-building process will now conclude at 19:00 on August 21, 2025, instead of the previously scheduled time of 18:00 on the same day [1] Summary by Sections - **Company Information** - China Merchants Port Group Co., Ltd is issuing corporate bonds aimed at professional investors, with a total face value of up to RMB 15 billion [1] - The bonds are categorized as technology innovation corporate bonds for the first phase of issuance [1] - **Regulatory Approval** - The bond issuance has been registered and approved by the China Securities Regulatory Commission under the registration number 〔2025〕322 [1] - **Book-Building Process** - The book-building for interest rate inquiry will take place on August 21, 2025, from 15:00 to 18:00, with the final interest rate determined based on the results [1] - Due to procedural reasons for some investors, the end time for the book-building has been extended to 19:00 on the same day [1]

发行人将按上述票面利率于 2025 年 8 月 22 日至 2025 年 8 月 25 日面向专业 机构投资者网下发行。具体认购方法请参考 2025 年 8 月 20 日刊登在深圳证券交 易所网站（http://www.szse.cn）、巨潮资讯网（http://www.cninfo.com.cn）上的 《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新公司 债券（第一期）发行公告》。 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新公司债券（第一期） 票面利率公告 招商局港口集团股份有限公司（以下简称"发行人"）发行不超过人民币 150 亿元公司债券已获得中国证券监督管理委员会证监许可〔2025〕322 号文注 册。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新公 司债券（第一期）（以下简称"本期债券"）发行规模为不超过 30 亿元（含 30 亿 元）。本期债券品种一债券期限为 3 年期，债券简称为"25 招港 K1"，债券代码 为 524409.SZ；本期债券品种二债券期限为 5 年期，债券简称为"25 招港 K2"， 债券代码为 524 ...