股票简称：招商港口 股票代码：001872.SZ 债券简称：24 招港 K1 债券代码：148877.SZ 关于招商局港口集团股份有限公司 2024 年面向专业投资者公开发行科技创新公司债券（第一期） 2024 年第一次债券持有人会议结果的公告 基于对招商局港口集团股份有限公司（以下简称公司）未来持续发展的信 心和对公司价值的认可，为了维护广大投资者利益、增强投资者对公司的投资 信心、稳定及提升公司价值，公司拟通过深圳证券交易所交易系统以集中竞价 交易方式进行股份回购，本次回购的股份将全部予以注销并减少公司注册资本。 公司已于 2024 年 10 月 14 日披露《招商局港口集团股份有限公司关于公司 董事长提议回购公司股份的提示性公告》。 公司已于 2024 年 10 月 20 日披露《招商局港口集团股份有限公司第十一届 董事会 2024 年度第七次临时会议决议公告》，会议审议通过了《关于以集中竞 价交易方式回购公司股份方案的议案》，同意公司通过深圳证券交易所交易系 统以集中竞价交易方式进行股份回购，本次回购的股份将全部予以注销并减少 公司注册资本。 公司已于 2024 年 10 月 20 日披露《招商局港口 ...

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][13]. Core Insights - The company reported a slight decline in net profit for Q3, with a year-on-year decrease of 4.6%, attributed to reduced investment income from Shanghai Port [1]. - Revenue for the first three quarters of 2024 reached 12.17 billion yuan, a year-on-year increase of 3.5%, while Q3 revenue was 4.19 billion yuan, up 5.8% year-on-year [1]. - The company has a unique overseas port layout capability, positioning it as a leader in the "Belt and Road" initiative, with a compound annual growth rate (CAGR) of over 30% in net profit from 2019 to 2023, the highest among major listed port companies [1]. - The company has reduced capital expenditures, with a CAGR of -14% from 2019 to 2023, and is expected to generate increasing free cash flow as it enters a mature phase [1]. - The company emphasizes shareholder returns, with a cash dividend payout ratio of 41% in 2023, an increase of 7 percentage points year-on-year, and a 29% increase in dividends per share [1]. Financial Summary - For the first three quarters of 2024, the company achieved a net profit of 3.74 billion yuan, a year-on-year increase of 18.6%, while Q3 net profit was 1.19 billion yuan, down 4.6% [1]. - The company’s container throughput for the first three quarters of 2024 was 14.69 million TEUs, a year-on-year increase of 9.2%, with Q3 throughput at 5.13 million TEUs, up 8.1% year-on-year [1]. - The company’s total revenue projections for 2024-2026 are 4.19 billion yuan, 4.4 billion yuan, and 4.75 billion yuan, respectively, with corresponding earnings per share (EPS) of 1.68 yuan, 1.76 yuan, and 1.90 yuan [2][5].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥4,191,147,919.01, an increase of 5.84% compared to the same period last year[3]. - Net profit attributable to shareholders decreased by 4.63% to ¥1,189,284,910.16, while the net profit excluding non-recurring items was ¥1,191,951,524.77, down by 0.77%[3]. - Total operating revenue for Q3 2024 reached CNY 12,166,341,002.65, an increase of 3.5% compared to CNY 11,755,307,434.70 in the same period last year[17]. - Operating profit for the period was CNY 8,409,191,454.33, an increase of 12.1% from CNY 7,502,750,560.55 year-on-year[17]. - Net profit attributable to shareholders increased to CNY 21,331,147,395.01, up from CNY 19,045,313,519.75, representing a growth of 11.98%[16]. - The net profit for Q3 2024 was CNY 7.31 billion, an increase of 11.97% compared to CNY 6.53 billion in Q3 2023[18]. - Total revenue from sales of goods and services reached CNY 11.87 billion, a rise of 9.69% from CNY 10.82 billion in Q3 2023[19]. - The company reported a basic earnings per share of CNY 1.49, compared to CNY 1.26 in the previous year, reflecting a growth of 18.25%[18]. - The total comprehensive income attributable to the parent company was CNY 3.42 billion, slightly up from CNY 3.36 billion in Q3 2023[18]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥199,960,847,212.29, reflecting a 0.71% increase from the end of the previous year[4]. - Total assets amounted to CNY 199,960,847,212.29, a slight increase from CNY 198,557,296,667.26[16]. - Total liabilities decreased to CNY 71,433,694,991.07 from CNY 72,987,362,238.45, indicating a reduction of approximately 2.1%[16]. - The equity attributable to shareholders increased by 3.84% to ¥61,107,844,741.72 compared to the end of the previous year[4]. - The total equity attributable to shareholders increased to CNY 61,107,844,741.72 from CNY 58,847,592,947.55, marking a growth of 3.6%[16]. Cash Flow - Cash received from operating activities increased by 44.30% to ¥968,472,321.45, mainly due to operational compensation received from minority shareholders[8]. - The company's cash and cash equivalents decreased from 16,079,646,178.24 RMB at the beginning of the period to 15,516,640,683.90 RMB at the end[14]. - The company's cash and cash equivalents were reported at CNY 12,872,579,860.25, down from CNY 15,714,045,288.97, a decrease of 18.4%[16]. - Cash and cash equivalents at the end of the period totaled CNY 15.44 billion, a decrease from CNY 14.54 billion year-on-year[20]. - Investment activities generated a net cash inflow of CNY 1.31 billion, down from CNY 3.33 billion in the previous year[20]. - The company experienced a net cash outflow from financing activities of CNY 7.19 billion, compared to a net outflow of CNY 6.46 billion in Q3 2023[20]. - The total cash inflow from financing activities was CNY 22.00 billion, while cash outflow was CNY 29.19 billion[20]. Accounts and Inventory - Accounts receivable increased by 77.25% to ¥1,956,694,872.69, primarily due to seasonal collection cycles[8]. - Accounts receivable increased significantly from 1,103,901,466.25 RMB to 1,956,694,872.69 RMB, indicating a growth of approximately 77.5%[14]. - Inventory rose by 42.70% to ¥312,365,338.66, mainly influenced by changes in the scope of consolidation[8]. - The company reported a significant increase in inventory from 218,898,192.87 RMB to 312,365,338.66 RMB, which is an increase of about 42.5%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,727, with the top ten shareholders holding a combined 45.93% of shares[10]. - China Merchants Port Investment Development Company Limited holds 1,148,648,648 shares, representing 45.93% of total shares[11]. - The top ten shareholders accounted for 10.16% of the total share capital, with no significant changes reported in their participation in margin trading[12]. Research and Development - Research and development expenses for the quarter were CNY 129,428,104.22, down from CNY 159,294,326.98, a reduction of 18.8%[17]. - The company has not disclosed any new product or technology developments in this reporting period[13]. Other Information - The company has implemented a "Quality Return Dual Improvement" action plan to enhance company quality and investor returns[13]. - The company did not undergo an audit for the Q3 report[21].

招商局港口集团股份有限公司 关于回购注销并减少注册资本暨通知债权人的公告 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。 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-085 一、通知债权人的原因 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第七次临时会议及 2024 年度第 三次临时股东大会，逐项审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，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：2024-078）、《关于以集中竞价交易方式回购公司股份 方案的公告》（公告编号：2024-079）、《关于 2024 年度第三次临时股东大会 增加临时提案暨股东大会补充通知的公告》（公告编号：2024-080），公司于 2024 年 10 月 30 日在巨潮资讯网（www.cninfo.com.cn ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-086 招商局港口集团股份有限公司 第十一届董事会 2024 年度第八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、误导性陈述 或重大遗漏。 一、董事会会议召开情况 会议以 12 票同意、0 票反对、0 票弃权审议通过《关于<2024 年第三季度内 部审计工作报告>的议案》。该议案已经本公司第十一届董事会审计委员会 2024 年度第七次会议审议通过。 1 三、备查文件 （一）经与会董事签字的第十一届董事会 2024 年度第八次临时会议决议； （二）第十一届董事会审计委员会 2024 年度第七次会议决议。 特此公告。 招商局港口集团股份有限公司（下称"本公司"）于 2024 年 10 月 18 日以 电子邮件和专人送达的方式发出第十一届董事会 2024 年度第八次临时会议的书 面通知。会议于 2024 年 10 月 29 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 12 名，其中，董事吴昌攀 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-084 招商局港口集团股份有限公司 2024 年度第三次临时股东大会决议公告 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：2024 年 10 月 29 日（星期二）16:30； （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 2024 年 10 月 29 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 2024 年 10 月 29 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。 2.A 股股东出席情况： A 股股东及股东授权委托代表共计 134 人，代表股份数为 2,184,101,213 股，占 本公司有表决权 A 股股份总数的 94.1005%。 6.会议的召开符合相关法律、行政 ...

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 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 年度第三次临时股东大会（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》《中华人民共和国证券法》《上 市公司股东大会规则》及其他相关中华人民共和国境内已公开颁布并生效的法律、 法规、规章及规范性文件（以下合称"中国法律法规"，仅为本法律意见书说明之 目的，不包括中国香港特别行政区、中国澳门特别行政区和台湾地区的法律、 ...

Investment Rating - The report assigns a "Buy" rating for the company,招商港口 (001872), as a first-time coverage [5]. Core Insights - The global economic stabilization and recovery in external demand create favorable conditions for China's exports. The company's main controlled port, 深西港区, benefits from resource advantages and a favorable shipping route structure, with container throughput growth exceeding that of the overall Shenzhen port [3][9]. - The company is the second-largest shareholder of domestic hub ports, 上港集团 and 宁波港, contributing investment income to enhance profits. It has a broad port asset layout in rapidly growing regions such as Southeast Asia, the Middle East, and Latin America, benefiting from the Belt and Road Initiative [3][9]. - The company has a stable profit growth, with a compound annual growth rate (CAGR) of 5.4% in net profit from 2019 to 2023 [7]. Summary by Sections Company Overview - 招商港口 is a core enterprise under 招商局集团, focusing on global port asset capital operation and management. The company has a well-established port network across major coastal hubs in China and has expanded its overseas presence [16][18]. Industry Overview - The port industry is undergoing continuous integration, with market-oriented pricing gradually deepening. The "one port per province" policy has led to the establishment of provincial-level port groups, improving the competitive landscape and allowing for potential increases in port handling fees [7][9]. Business Structure - The company's revenue primarily comes from port handling services, accounting for approximately 95% of total revenue. The company has maintained a stable gross margin of around 40% since its restructuring and listing in 2018 [23][27]. Financial Data and Valuation - The company is projected to achieve revenues of 174.47 billion, 184.81 billion, and 194.00 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.77%, 5.93%, and 4.97% [11]. - The net profit attributable to shareholders is expected to be 40.77 billion, 42.66 billion, and 44.65 billion yuan for the same years, with growth rates of 14.14%, 4.63%, and 4.67% [11]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 15.9 in 2022 to 11.9 by 2026, indicating potential valuation recovery [8][11].

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-083 招商局港口集团股份有限公司 关于回购股份事项前十名股东及前十名无限售条件 股东持股情况的公告 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 2024 年 10 月 18 日召开第十一届董事会 2024 年度第七次临时会议审议通过了《关于以集中竞价 交易方式回购公司股份方案的议案》，同意本公司通过深圳证券交易所交易系 统以集中竞价交易方式进行股份回购，本次回购的股份将全部予以注销并减少 本公司注册资本，并同意将《关于以集中竞价交易方式回购公司股份方案的议 案》提交本公司 2024 年度第三次临时股东大会审议，具体内容详见本公司于 2024 年 10 月 20 日在巨潮资讯网 http://www.cninfo.com.cn 刊登的《关于以集 中竞价交易方式回购公司股份方案的公告》（公告编号 2024-079）、《关于 2024 年度第三次临时股东大会增加临时提案暨股东大会补充通知的公告》（公 告编号 2024-080）。 ...

1 证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-082 招商局港口集团股份有限公司 关于回购股份事项前十名股东及前十名无限售条件 股东持股情况的公告 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 2024 年 10 月 18 日召开第十一届董事会 2024 年度第七次临时会议审议通过了《关于以集中竞价 交易方式回购公司股份方案的议案》，具体内容详见本公司于 2024 年 10 月 20 日在巨潮资讯网 http://www.cninfo.com.cn 刊登的《关于以集中竞价交易方式 回购公司股份方案的公告》（公告编号 2024-079）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引 第 9 号——回购股份》等相关规定，现将本公司披露董事会公告回购股份决议 的前一个交易日（即 2024 年 10 月 18 日）登记在册的前十名股东和前十名无限 售条件股东的名称、持股数量和持股比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占总股份 ...