Core Insights - The company reported a revenue of 4.214 billion yuan for Q1 2025, representing a year-on-year growth of 8.99% and a net profit attributable to shareholders of 1.091 billion yuan, up 5.21% year-on-year [1][2] Revenue and Profitability - The company's revenue for Q1 2025 was 4.214 billion yuan, with a gross margin of 46.71%, an increase of 2.74 percentage points year-on-year [2] - Management and financial expense ratios were 8.72% and 10.41%, showing a decrease of 1.73 and 3.96 percentage points year-on-year respectively [2] - Investment income for Q1 was 1.421 billion yuan, reflecting a year-on-year increase of 7.33% [2] Container and Cargo Throughput - The total container throughput for the company's port projects reached 48.957 million TEU in Q1 2025, a year-on-year increase of 7.1% [1] - Domestic terminal container throughput was 38.100 million TEU, up 7.8% year-on-year, with the Pearl River Delta region experiencing a growth rate of 15.7% [1] - The throughput for bulk cargo at domestic terminals was 300 million tons, down 3.1% year-on-year [1] Future Outlook - Revenue projections for 2025-2027 are estimated at 16.573 billion, 17.109 billion, and 17.663 billion yuan, with year-on-year growth rates of 2.74%, 3.23%, and 3.24% respectively [3] - Net profit forecasts for the same period are 4.607 billion, 4.813 billion, and 5.001 billion yuan, with growth rates of 2.00%, 4.48%, and 3.89% respectively [3] - Earnings per share (EPS) are projected to be 1.84, 1.92, and 2.00 yuan for 2025, 2026, and 2027 respectively [3]

Core Viewpoint - The company has initiated a share repurchase program to enhance shareholder value and reduce registered capital by repurchasing shares through the Shenzhen Stock Exchange at a maximum price of 31.50 CNY per share [2]. Group 1: Share Repurchase Plan - The company approved a share repurchase plan with a total funding amount between 195 million CNY and 389 million CNY, with a duration of 12 months from the approval date [2]. - The repurchased shares will be used for cancellation and reduction of registered capital [2]. Group 2: Repurchase Progress - As of April 30, 2025, the company has repurchased a total of 14,347,174 shares, accounting for 0.574% of the total share capital, with a total expenditure of approximately 278 million CNY [3]. - The highest transaction price during the repurchase was 20.99 CNY per share, while the lowest was 17.95 CNY per share [3]. Group 3: Compliance and Regulations - The company has established a dedicated securities account for the share repurchase, in compliance with relevant regulations [3]. - The repurchase activities are conducted in accordance with the Shenzhen Stock Exchange's self-regulatory guidelines and do not occur during periods that could significantly impact the stock price [4][5].

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-035 招商局港口集团股份有限公司 关于回购公司股份的进展公告 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"公司"）分别于 2024 年 10 月 18 日、2024 年 10 月 29 日召开第十一届董事会 2024 年度第七次临时会议及 2024 年 度第三次临时股东大会，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司以自有资金或自筹资金通过深圳证券交易所以集中竞 价交易方式回购公司股份，回购的股份全部用于注销并减少注册资本，回购价 格不超过 31.50 元/股。回购的资金总额不低于人民币 19,500 万元（含）且不超 过人民币 38,900 万元（含），回购实施期限为自公司股东大会审议通过本次回 购股份方案之日起 12 个月内。具体内容详见公司于 2024 年 10 月 20 日在巨潮资 讯网（www.cninfo.com.cn）披露的《第十一届董事会 2024 年度第七次临时会议 决议公告》（公告编号：2 ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Core Insights - The company reported a total revenue of 4.214 billion yuan in Q1 2025, representing a year-on-year increase of 9% [1] - The net profit attributable to shareholders reached 1.091 billion yuan, up 5.2% year-on-year, while the net profit excluding non-recurring items was 1.06 billion yuan, showing a significant growth of 30.4% [1] Container Business Performance - The company achieved a container throughput of 48.957 million TEU in Q1 2025, marking a 7.1% increase year-on-year [1] - Domestic port projects contributed 38.1 million TEU, up 7.8% year-on-year, while throughput from Hong Kong and Taiwan reached 1.523 million TEU, increasing by 8.1% [1] - Overseas port projects recorded a throughput of 9.334 million TEU, reflecting a growth of 3.9% [1] Bulk Cargo Business Performance - The bulk cargo throughput from domestic ports was 300 million tons, down 3.1% year-on-year, while overseas ports handled 2.469 million tons, which is a 3.9% increase [1] Overseas Expansion - The company completed the 51% equity transfer of the NPH project in Indonesia, marking its entry into the Indonesian market and expanding its Southeast Asian port network [2] - Other overseas projects, including Sri Lanka's CICT, Brazil's TCP, and Togo's LCT, achieved record-high business volumes, showcasing the company's global layout advantages [2] Cost Control and Shareholder Returns - The company's operating expenses for Q1 2025 were 0.853 billion yuan, a decrease of 0.146 billion yuan year-on-year, with an expense ratio of 20.2%, down 5.6 percentage points [2] - Management expenses decreased by 9.1%, and financial expenses dropped by 21.1%, while R&D expenses increased by 20.5%, indicating a balance between cost control and strategic investment [2] - The company announced a shareholder return plan for 2024-2026, committing to distribute at least 40% of the annual distributable profit in cash [2] Profit Forecast and Investment Outlook - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.81 billion, 5.07 billion, and 5.29 billion yuan, respectively, with EPS projected at 1.92 yuan, 2.03 yuan, and 2.11 yuan [3]

Core Viewpoint - The company reported strong growth in Q1 2025, with significant increases in revenue and net profit, driven by robust performance in its core port operations and container business [1][2]. Financial Performance - The company achieved operating revenue of 4.214 billion yuan, a year-on-year increase of 8.99% [1] - Net profit attributable to shareholders reached 1.091 billion yuan, up 5.21% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.060 billion yuan, reflecting a substantial growth of 30.39% [1] Container Business Performance - The total container throughput reached 48.957 million TEU, representing a year-on-year growth of 7.1% [1] - The domestic mother port in the Shenzhen Western Port area achieved a throughput of 4.317 million TEU, up 15.7% year-on-year, continuing the double-digit growth trend from the previous year [1] - Overseas port projects contributed a throughput of 9.334 million TEU, marking a 3.9% increase [1] Strategic Initiatives - The company is actively implementing a valuation enhancement plan, including share buybacks and increasing cash dividend ratios to boost investor returns [2] - A profit distribution plan for 2024 has been disclosed, proposing a cash dividend of 7.4 yuan per 10 shares, a year-on-year increase of 27.6% [2] Market Position and Growth Strategy - As a pioneer in the "Belt and Road" initiative, the company benefits from a unique overseas port layout, enhancing the stability of its performance and opening up greater long-term growth opportunities [2] - The company aims to mitigate uncertainties from the ongoing US-China trade tensions by leveraging its Southeast Asia-focused shipping routes and global port network [2]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-031 招商局港口集团股份有限公司 关于会计政策变更的公告 特别提示： 招商局港口集团股份有限公司（以下简称"本公司"）根据中华人民共和国 财政部（以下简称"财政部"）发布的《企业会计准则解释第 18 号》（财会 〔2024〕24 号，以下简称"《准则解释第 18 号》"）的要求变更会计政策，本 次会计政策变更无需提交本公司董事会及股东大会审议，不会对本公司当期的财 务状况、经营成果和现金流量产生重大影响。 一、本次会计政策变更概述 （一）变更原因及日期 2024 年 12 月 6 日，财政部发布了《准则解释第 18 号》，其中"关于不属于 单项履约义务的保证类质量保证的会计处理"的规定自印发之日起施行，允许企 业自发布年度提前执行。 （二）变更前采用的会计政策 本次会计政策变更前，本公司执行财政部颁布的《企业会计准则——基本准 则》和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及 其他相关规定。 （三）变更后采用的会计政策 本次会计政策变更后，本公司将按照《准则解释第 18 号》的相关规定执行。 除上述 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-034 招商局港口集团股份有限公司 关于召开 2024 年度股东大会的通知 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。 一、会议的基本情况 （一）股东大会届次：2024 年度股东大会。 （二）股东大会的召集人：本次股东大会由董事会召集。招商局港口集团股 份有限公司（以下简称"本公司"）第十一届董事会 2025 年度第二次临时会议于 2025 年 4 月 28 日召开，审议通过《关于 2024 年度股东大会会期及议程安排的议 案》。 （三）会议召开的合法、合规性：会议的召开符合有关法律、行政法规、部 门规章、规范性文件、深圳证券交易所业务规则和《公司章程》的有关规定。 （四）召开会议日期、时间： 1.现场会议：2025 年 5 月 23 日（星期五）15:00； 2.网络投票：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 ...

招商局港口集团股份有限公司（下称"本公司"）于 2025 年 4 月 21 日以电 子邮件和专人送达的方式发出第十一届董事会 2025 年度第二次临时会议的书面 通知。会议于 2025 年 4 月 28 日在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，以现场结合通讯的方式召开。会议应出席董事 12 名，实际出席 董事 11 名，其中，董事吴昌攀先生、吕以强先生、独立董事高平先生、李琦女 士、郑永宽先生、柴跃廷先生以通讯方式出席会议。董事长冯波鸣先生因工作原 因未能出席会议，书面授权委托本公司副董事长徐颂先生代为出席、主持会议并 表决，本公司监事会成员和部分高级管理人员列席会议。会议的召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。会议决议如下： 二、董事会会议审议情况 （一）审议通过《关于<2025 年第一季度报告>的议案》 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-032 招商局港口集团股份有限公司 第十一届董事会 2025 年度第二次临时会议决议公告 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 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,214,355,369.19, representing an increase of 8.99% compared to ¥3,866,684,797.87 in the same period last year[4] - The net profit attributable to shareholders was ¥1,090,726,175.19, up by 5.21% from ¥1,036,713,969.25 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 30.39% to ¥1,059,858,307.79 from ¥812,854,501.46 in the previous year[4] - The company’s diluted earnings per share rose by 7.32% to ¥0.44 from ¥0.41 year-on-year[4] - Net profit for Q1 2025 was CNY 2,137,366,086.50, up from CNY 2,090,565,531.65, marking an increase of 2.23%[22] - Earnings per share (EPS) for Q1 2025 was CNY 0.44, compared to CNY 0.41 in the previous year, indicating a growth of 7.32%[22] Cash Flow and Investments - The net cash flow from operating activities decreased by 17.66% to ¥1,172,302,133.44 from ¥1,423,655,572.28 in the same period last year[4] - Cash and cash equivalents decreased from 16,630,400,701.13 yuan to 14,806,669,856.63 yuan, a decline of approximately 10.96%[18] - Cash inflow from investment activities totaled CNY 9,385,391,615.27, a significant increase of 70.5% compared to CNY 5,505,000,184.77 in the previous period[24] - Net cash flow from investment activities was negative at CNY -2,574,647,512.36, contrasting with a positive CNY 489,324,129.90 in the previous period[24] - Cash inflow from financing activities decreased to CNY 3,854,197,878.02, down 7.8% from CNY 4,178,680,721.03 in the previous period[24] - The company received CNY 8,540,000,000.00 from investment recoveries, up from CNY 5,080,000,000.00 in the previous period[23] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥204,263,241,996.94, reflecting a growth of 1.36% from ¥201,517,851,881.45 at the end of the previous year[6] - Total liabilities remained relatively stable at CNY 73,704,206,013.06, slightly up from CNY 73,359,413,107.20[20] - The equity attributable to shareholders increased by 1.79% to ¥62,600,706,274.37 from ¥61,502,739,842.96 at the end of the previous year[6] Shareholder Information - The total number of common shareholders at the end of the reporting period was 35,996, with 25,724 A-share and 10,272 B-share holders[13] - The top ten shareholders hold a total of 1,148,648,648 shares, representing 45.92% of the total share capital[13] - The company has a share repurchase account holding 11,155,474 shares, accounting for 0.45% of the total share capital[14] Strategic Plans and Operational Efficiency - The company aims to enhance investment value and shareholder returns through a valuation enhancement plan approved on February 27, 2025[15] - The company is committed to improving operational efficiency and profitability through compliance with regulatory requirements[14] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[22] - The company has established a plan to utilize share repurchases and cash dividends to enhance investment value[15] Research and Development - Research and development expenses increased to CNY 46,195,951.47 from CNY 38,342,010.57, indicating a focus on innovation and product development[21] Other Financial Metrics - Total operating costs decreased to CNY 3,189,038,065.34 from CNY 3,245,856,053.42, reflecting a reduction of 1.75%[21] - The company reported an investment income of CNY 1,421,217,121.49, an increase from CNY 1,324,200,287.75, reflecting a growth of 7.35%[21] - Operating cash inflow for the current period was CNY 4,134,269,331.35, an increase of 2.2% from CNY 4,045,338,443.87 in the previous period[23] - The ending cash and cash equivalents balance was CNY 14,740,202,323.26, down from CNY 15,958,661,444.71 in the previous period[24] - Total cash outflow for investment activities was CNY 11,960,039,127.63, an increase from CNY 5,015,676,054.87 in the previous period[24] Audit Information - The company did not undergo an audit for the first quarter report[25]