中国国际金融股份有限公司、招商证券股份有限公司 2 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 9.其他业务类别重要事项（包括 | | | | 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10．发行人或者其聘请的中介机 | 无 | 不适用 | | 构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务发 | | | | 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 关于招商局港口集团股份有限公司 2023 年度保荐工作报告 | 保荐人名称：中国国际金融股份有限公司、 | 被保荐公司简称：招商港口 | | --- | --- | | 招商证券股份有限公司 | | | 保荐代表人姓名：吴嘉青 | 联系电话：010-65051166 | | 保荐代表人姓名：彭妍喆 | 联系电话：010-65051166 | | 保荐代表人姓名：王大为 | 联系电话：0755-82943666 | | 保荐代表人姓名：李明泽 | 联系电话：0755-82943666 ...

| 业务指标 | 2024 年 3 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | 1,588.2 | 9.8% | 4,572.7 | 11.1% | | 内地码头 | 1,223.1 | 8.5% | 3,533.2 | 10.9% | | 其中：珠三角 | 130.1 | 15.5% | 373.1 | 17.2% | | 长三角 | 789.4 | 5.7% | 2,332.6 | 9.7% | | 环渤海 | 277.7 | 15.5% | 753.9 | 12.9% | | 东南地区 | 16.2 | -0.5% | 45.3 | 5.7% | | 西南地区 | 9.7 | -16.8% | 28.3 | -1.0% | | 港澳台码头 | 47.6 | -3.4% | 141.0 | 4.9% | | 海外码头 | 317.5 | 17.9% | 898.5 | 12.9% | | 散杂货总计（万吨） | 11,030.1 | 0.2% | 31,560.0 | 1.9% | | 内地码头 | 1 ...

[Table_Stock] 招商港口（001872） 证 公司业绩符合预期，2023 年分红比例达 券 40.58% 研 究 ——招商港口 2023年业绩点评 报 告 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 事件概述 [行Ta业bl:e _Indu交st通ry]运 输 4月1日，公司发布公告称，2023年公司实现营业收入157.50亿元， 日期: s 20h2z4q年da0t4e月m1a1r日k 同比下滑2.96%；归母净利润35.72亿元，同比增长6.98%；扣非归母 净利润33.39亿元，同比下滑0.77%。此外，公司公告了2023年度利润 [T分ab析le师_A: utho王r]亚 琪 分配预案，拟每股分配现金股利0.58元（含税），合计派发现金股利 Tel: 021- 53686472 14.50亿元。 E-mail: wangyaqi@shzq.com SAC编号: S0870523060007 分析与判断 公司是全球领先的港口投资、开发和运营商，具备建设世界一流港 [基Ta本bl数e_据Ba seInfo] 口综合服务商的资源禀赋和独特优势 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-030 招商局港口集团股份有限公司 关于 2024 年度第一期中期票据发行结果的公告 | 中期票据名称 | 招商局港口集团股份 有限公司 2024 年度 | 中期票据简称 | 24 招商局港 | | --- | --- | --- | --- | | | 第一期中期票据(品 | | MTN001B | | | 种二) | | | | 债券代码 | 102481315 | 债券期限 | 10 年 | | 计息方式 | 到期还本，按年付息 | 发行日 | 2024 年 4 月 1 日 | | 起息日期 | 2024 年 4 月 3 日 | 兑付日期 | 2034 年 4 月 3 日 0-20 亿元，可与品 | | | | | 种一双向回拨，回 | | 实际发行总额 | 15 亿元 | 计划发行总额 | 拨比例不受限制， | | | | | 2 个品种合计不超 | | | | | 20 亿元 | | 发行价格 | 100 元/百元面值 | 发行利率（%） | 2.80% | 2 公司及董事会全体成员保证公告内容真实、准确和完整， ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 港口 ＃ investSuggestion＃ ＃ ＃d 招yCo 商mpa 港ny＃口 （ 001872 ） investSug 增持 ( 维gest持ion C） h 000009 业 绩稳健增 长＃ ，title＃ 分 红 逐步提升 ange＃ ＃ createTime1＃ 2024 年 4 月 7 日 投资要点 公 ＃市m场a数rk据etD ata＃ ＃ 事s 件um ：m 招ar 商y＃ 港 口发布2023年年报。2023年，公司实现营业收入157.5亿元，同比下滑2.96%； 司 日期 2024/4/3 归母净利润35.72亿元，同比上升6.98%，2023年基本EPS为1.43元；扣非后归母净利润 点 收盘价（元） 18.08 33.39亿元，同比下滑0.77%。2023年，公司拟每10股派发现金红利5.80元（含税），分 红比例为40.56%，对应2024年4月3日收盘价，股息率为3.21%。 评 总股本（百万股） 2499 报 流通股本（百万股） 1743 点评： 告 净资产（百万元） 58848 ⚫ 集装箱吞吐量 ...

招商局港口集团股份有限公司 财务报表及审计报告 2023 年 12 月 31 日止年度 招商局港口集团股份有限公司 财务报表及审计报告 2023 年 12 月 31 日止年度 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 5 | | 合并资产负债表 | 6 - 7 | | 母公司资产负债表 | 8 - 9 | | 合并利润表 | 10 | | 母公司利润表 | 11 | | 合并现金流量表 | 12 | | 母公司现金流量表 | 13 | | 合并股东权益变动表 | 14 - 15 | | 母公司股东权益变动表 | 16 - 17 | | 财务报表附注 | 18 - 175 | 审计报告 德师报（审）字（24）第 P03112 号 （第 1 页，共 5 页） 招商局港口集团股份有限公司全体股东： 一、审计意见 我们审计了招商局港口集团股份有限公司（以下简称"招商港口集团"）的财务报表，包 括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及 母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, emphasizing its undervalued overseas strategic assets and commitment to shareholder returns [1][3]. Core Views - The company reported a revenue of 15.75 billion yuan and a total profit of 8.8 billion yuan for 2023, with a year-on-year increase in net profit attributable to shareholders of 6.98% [1]. - The company plans to increase its dividend payout ratio to 41%, with a proposed cash dividend of 0.58 yuan per share, reflecting a significant commitment to shareholder returns [1]. - The report highlights the strategic value of overseas port assets, emphasizing the importance of securing key trade nodes and supply chain stability in a complex international environment [1]. Financial Performance - The company achieved a total revenue of 15.75 billion yuan in 2023, with a year-on-year growth rate of -3.0% [8]. - The net profit attributable to shareholders for 2023 was 3.572 billion yuan, with a year-on-year growth rate of 7.0% [8]. - The report forecasts net profits of 3.96 billion yuan, 4.31 billion yuan, and 4.65 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.58, 1.72, and 1.86 yuan [1][8]. Operational Highlights - Container throughput reached 18.02 million TEUs, representing a year-on-year increase of 23.5% [1]. - The port's bulk cargo throughput was 1.25 billion tons, with a significant year-on-year growth of 69.6%, largely due to the inclusion of Ningbo Port's business volume in the statistics [1]. Strategic Insights - The report emphasizes the non-renewable nature of port resources and the strategic advantage of acquiring high-quality overseas projects [1]. - The company’s overseas revenue accounted for 30.4% of total revenue, with an overseas business gross margin of 55.8%, significantly higher than the domestic margin of 34% [1]. Valuation - The target price for the company is set at 25.1 yuan, indicating a potential upside of 38% from the current price of 18.17 yuan [3][4]. - The report suggests a price-to-earnings ratio (P/E) of 11 for 2024 and a price-to-book ratio (P/B) of 1 for the same year [1][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, emphasizing its undervalued overseas strategic assets and commitment to shareholder returns [1][3]. Core Views - The company reported a revenue of 15.75 billion yuan and a total profit of 8.8 billion yuan for 2023, with a net profit attributable to shareholders of 3.57 billion yuan, reflecting a year-on-year growth of 6.98% [1][3]. - The company plans to increase its dividend payout ratio to 41%, with a proposed cash dividend of 0.58 yuan per share, which is a 0.13 yuan increase from the previous year [1][3]. - The report highlights the strategic value of overseas port assets, noting that the company has a significant presence in key international trade nodes, which enhances its competitive advantage [1][3]. Financial Summary - Total revenue for 2023 was 15,750 million yuan, with a year-on-year decrease of 3.0%. Projected revenues for 2024, 2025, and 2026 are 17,013 million yuan, 18,085 million yuan, and 19,199 million yuan, respectively, with expected growth rates of 8.0%, 6.3%, and 6.2% [8]. - The net profit attributable to shareholders for 2023 was 3,572 million yuan, with projected profits of 3,959 million yuan, 4,308 million yuan, and 4,650 million yuan for the following years, reflecting growth rates of 10.8%, 8.8%, and 8.0% [8]. - The earnings per share (EPS) for 2023 was 1.43 yuan, with projections of 1.58 yuan, 1.72 yuan, and 1.86 yuan for the next three years [8]. Operational Data - Container throughput reached 18,019.5 million TEU, a year-on-year increase of 23.5%, while bulk cargo throughput was 1.25 billion tons, up 69.6% [1][3]. - The company’s overseas revenue accounted for 30.4% of total revenue, with an overseas gross profit margin of 55.8%, significantly higher than the domestic margin of 34% [1][3]. Investment Recommendations - The report suggests a target price of 25.1 yuan per share, indicating a potential upside of 38% from the current price of 18.17 yuan [3][4]. - The expected dividend yield for 2024 and 2025 is projected to be 3.6% and 3.9%, respectively, based on the proposed dividend payout ratio [1][3].

[Chairman's Address](index=1&type=section&id=%E8%91%A3%E4%BA%8B%E9%95%BF%E8%87%B4%E8%BE%9E) [2023 Full Year Review](index=2&type=section&id=%E5%85%A8%E5%B9%B4%E5%9B%9E%E9%A1%BE) In 2023, the company achieved stable operating performance with **15.75 billion yuan** revenue and **6.98%** net profit growth, significantly boosting throughput by including Ningbo Port's volume 2023 Financial Performance Summary | Metric | Amount (Billion RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 15.75 | - | | Total Profit | 8.80 | - | | Net Profit Attributable to Parent | 3.57 | +6.98% | 2023 Business Performance Summary | Business Category | Throughput (Million TEU/Billion Tons) | YoY Growth | | :--- | :--- | :--- | | Container | 180.195 million TEU | +23.5% | | - Of which: Mainland Ports | 140.306 million TEU | +33.4% | | Bulk Cargo | 1.25 billion tons | +69.6% | - The significant increase in business volume was primarily due to the inclusion of Ningbo Port's operations since October 2022, contributing an additional **31.374 million TEU** of container throughput and **0.49 billion tons** of bulk cargo in 2023[4](index=4&type=chunk) - The company achieved several key breakthroughs in 2023: - **Overseas Expansion**: Invested in the South Asia Trade and Logistics Center and signed an agreement to acquire shares in Indonesia's NPH company, deepening its Southeast Asian presence - **Hub Port Status**: Increased market share in both domestic and overseas hub ports - **Cost Control**: Implemented multi-dimensional cost optimization to effectively boost profits - **Smart Technology**: CTOS iterated to version 5.0, and "CM ePort" achieved full coverage of domestic controlled ports - **ESG Development**: Included in multiple ESG indices, with MSCI rating rising two levels to "BB"[5](index=5&type=chunk) [2024 Outlook](index=3&type=section&id=%E5%89%8D%E6%99%AF%E5%B1%95%E6%9C%9B) Looking to 2024, the company anticipates slow global economic recovery but new opportunities in the port industry from China's stable growth and policy support, focusing on digital and green technologies to enhance core competitiveness - Global economic recovery in 2024 is expected to be slow and uneven, with geopolitical conflicts (e.g., Russia-Ukraine, Israel-Palestine, Red Sea crisis) and major global elections introducing more uncertainties[6](index=6&type=chunk) - China will maintain steady progress, consolidating its economic recovery, with various stabilizing policies and trade agreements (e.g., RCEP) providing new growth opportunities for the port industry, further boosted by digital and green transformations[7](index=7&type=chunk) - The company's four core tasks for 2024 include: 1. **Building Strategic Strength**: Strengthening headquarters capabilities and enhancing overseas expansion capacity 2. **Building Leading Strength**: Developing differentiated competitive advantages in digital and green technologies 3. **Building Professional Strength**: Focusing on quality and efficiency improvement, fully implementing lean management, and strengthening cost control 4. **Building Supporting Strength**: Coordinating strong port construction, key projects, party building, and safe production[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=10&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Key Accounting Data and Financial Indicators](index=12&type=section&id=%E5%85%AD%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2023, the company reported **15.75 billion yuan** in revenue (down 2.96%) and **3.57 billion yuan** in net profit attributable to shareholders (up 6.98%), with total assets reaching **198.56 billion yuan** Key Accounting Data (Past Three Years) | Metric | 2023 | 2022 (Adjusted) | 2021 (Adjusted) | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 15.75 billion | 16.23 billion | 15.28 billion | | **Net Profit Attributable to Parent (Yuan)** | 3.57 billion | 3.34 billion | 2.69 billion | | **Net Profit Attributable to Parent (Excl. Non-recurring) (Yuan)** | 3.34 billion | 3.37 billion | 2.37 billion | | **Net Cash Flow from Operating Activities (Yuan)** | 6.58 billion | 6.92 billion | 6.51 billion | | **Basic EPS (Yuan/Share)** | 1.43 | 1.61 | 1.40 | | **Weighted Average ROE** | 6.35% | 7.54% | 6.99% | | **Total Assets (Yuan)** | 198.56 billion | 197.59 billion | 176.04 billion | | **Net Assets Attributable to Parent (Yuan)** | 58.85 billion | 54.29 billion | 39.82 billion | 2023 Quarterly Key Financial Indicators (Yuan) | Metric | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 3.69 billion | 4.10 billion | 3.96 billion | 4.00 billion | | **Net Profit Attributable to Parent** | 0.85 billion | 1.05 billion | 1.25 billion | 0.42 billion | | **Net Profit Attributable to Parent (Excl. Non-recurring)** | 0.72 billion | 1.08 billion | 1.20 billion | 0.34 billion | | **Net Cash Flow from Operating Activities** | 0.70 billion | 1.61 billion | 1.58 billion | 2.69 billion | - 2023 non-recurring gains and losses totaled **0.233 billion yuan**, primarily from disposal gains on non-current assets (**0.231 billion yuan**), including **0.205 billion yuan** from the transfer of a 45% equity stake in Ningbo Daxie by a subsidiary[27](index=27&type=chunk)[28](index=28&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry Overview](index=16&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In 2023, global trade growth was weak, but China's economy grew by **5.2%**, with its ports maintaining leading throughput growth amidst container market oversupply, positioning the company as a top global port operator - In 2023, global economic growth was **3.1%**, but trade volume increased by only **0.8%**, while China's GDP grew by **5.2%** and total goods trade by **0.2%**[30](index=30&type=chunk)[31](index=31&type=chunk) - The container shipping market experienced supply-demand imbalance, with **2.2 million TEU** of new capacity delivered globally in 2023, a record high, far exceeding demand growth and limiting freight rate increases[34](index=34&type=chunk) - Mainland Chinese ports maintained a global leading growth trend, with cumulative container throughput reaching **310 million TEU** (up **4.9%**) and cargo throughput **17 billion tons** (up **8.2%**) in 2023[35](index=35&type=chunk) - The company is a leading global port operator, with a network covering **51 ports** in **26 countries**, ranking third globally in container equity throughput, and leading the industry in net profit margin and labor productivity[36](index=36&type=chunk)[37](index=37&type=chunk) [Principal Businesses](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core businesses include port operations (container and bulk cargo handling) and integrated development, complemented by emerging smart technology and ecological extension services to build a comprehensive port service ecosystem Company Business Segments | Business Category | Business Segment | Business Content | | :--- | :--- | :--- | | **Core Business** | Port Operations | Port investment and operation (container, bulk cargo handling and storage services) | | | Integrated Development | Providing value-added services such as warehouse/yard leasing, customs declaration, container devanning/stuffing, logistics transportation, and integrated port-side land development | | **Cultivation Business** | Smart Technology | Focusing on smart port solutions, open platforms, and technology operations to promote digital and intelligent upgrades in the industry | | | Ecological Extension | Integrating port tugboat, tally, and other ecological service resources to enhance port service chain efficiency | [Core Competitiveness Analysis](index=20&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include strong shareholder backing, extensive global port investment experience, advanced digital and cost control management, integrated value chain services, and innovative smart port development capabilities - Leveraging the century-old state-owned enterprise China Merchants Group, the company boasts an excellent industry reputation and extensive synergy potential across the industrial chain[41](index=41&type=chunk)[42](index=42&type=chunk) - Possessing over **two decades** of port investment experience and a professional global investment team, strategically investing in hub and gateway ports worldwide[43](index=43&type=chunk) - Achieving comprehensive digital management of business processes through its self-developed "Smart Management Platform (SMP)" and establishing a robust cost control system[44](index=44&type=chunk)[45](index=45&type=chunk) - Deeply exploring the "Port-Park-City" integrated port development model and leveraging group resources to provide comprehensive port logistics solutions[46](index=46&type=chunk) - Committed to digital transformation, its self-developed CTOS system broke foreign monopolies, and Mawan Smart Port became the first 5G smart port in the Guangdong-Hong Kong-Macao Greater Bay Area[47](index=47&type=chunk) [Main Business Analysis](index=23&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In 2023, the company's port business volume significantly increased by **23.5%** for containers and **69.6%** for bulk cargo, primarily due to Ningbo Port's inclusion, with overseas revenue growing by **16.16%** [Port Business Review](index=23&type=section&id=4.1%20%E6%B8%AF%E5%8F%A3%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) In 2023, the company's container throughput reached **180.195 million TEU** (up 23.5%) and bulk cargo **1.25 billion tons** (up 69.6%), primarily driven by the inclusion of Ningbo Port's volume 2023 Company Overall Throughput | Item | 2023 | 2022 | Change Rate | | :--- | :--- | :--- | :--- | | **Container Throughput (Million TEU/Billion Tons)** | 180.195 million TEU | 145.948 million TEU | 23.5% | | Of which: Mainland | 140.306 million TEU | 105.174 million TEU | 33.4% | | HK & Taiwan | 5.825 million TEU | 6.897 million TEU | -15.5% | | Overseas | 34.064 million TEU | 33.877 million TEU | 0.6% | | **Bulk Cargo Throughput (Million TEU/Billion Tons)** | 1.25 billion tons | 739.534 million tons | 69.6% | | Of which: Mainland | 1.25 billion tons | 734.008 million tons | 70.0% | | Overseas | 6.915 million tons | 5.526 million tons | 25.2% | - Ningbo Zhoushan Port, included since October 2022, contributed an additional **42.72 million TEU** of container throughput and **645.33 million tons** of bulk cargo in 2023, significantly boosting the company's overall volume[51](index=51&type=chunk)[52](index=52&type=chunk)[55](index=55&type=chunk) [Operating Plan Implementation](index=26&type=section&id=4.2%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%BB%8F%E8%90%A5%E8%AE%A1%E5%88%92%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company achieved significant progress in 2023 across seven key areas, including consolidating hub port status, advancing technological innovation, expanding overseas, and enhancing operational management and ESG initiatives - Significant breakthroughs in overseas expansion include signing the South Asia Trade and Logistics Center project agreement (total investment **392 million USD**) and acquiring a **51%** stake in NPH, operator of Jakarta Port, Indonesia's largest container port[62](index=62&type=chunk)[63](index=63&type=chunk) - Notable achievements in technological innovation include major breakthroughs in the self-developed Container Terminal Operating System (CTOS), full coverage of domestic controlled port areas by the "CM ePort" integrated service platform, and multiple awards for the Smart Management Platform (SMP)[62](index=62&type=chunk) - Deepening the "Double Hundred Action" reform, achieving full coverage of tenure-based and contractual management, and being rated "Excellent" in the SASAC's 2022 special assessment for "Double Hundred Enterprises"[65](index=65&type=chunk) - ESG development reached new heights, with the company listed on multiple top 100 ESG rankings, and its controlled subsidiary China Merchants Port's MSCI rating improving two levels from "CCC" to "BB"[66](index=66&type=chunk) [Revenue and Cost Analysis](index=29&type=section&id=4.3%20%E6%94%B6%E5%85%A5%E4%B8%8E%E6%88%90%E6%9C%AC) In 2023, the company's operating revenue was **15.75 billion yuan** (down 2.96%), with port business accounting for **95.47%** of revenue and overseas revenue growing by **16.16%** 2023 Operating Revenue Composition | Category | Amount (Yuan) | Share of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Port Business | 15.04 billion | 95.47% | -3.78% | | Bonded Logistics Business | 0.53 billion | 3.38% | 19.54% | | **By Region** | | | | | Mainland China, HK & Taiwan | 10.96 billion | 69.58% | -9.47% | | Other Countries | 4.79 billion | 30.42% | 16.16% | Main Business Gross Margin | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Port Business** | 15.04 billion | 8.80 billion | 41.50% | +0.08% | | **Mainland China, HK & Taiwan** | 10.96 billion | 7.20 billion | 34.28% | -1.60% | | **Other Countries** | 4.79 billion | 2.12 billion | 55.83% | +1.60% | [R&D Investment](index=32&type=section&id=4.5%20%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5) The company continued R&D investment in 2023, focusing on smart port upgrades like TOS and "CM ePort" development, with total R&D expenditure of **0.244 billion yuan** (down 17.49%) - Key R&D projects focus on Terminal Operating Systems (TOS), Smart Management Platform (CM ePort), energy and carbon management platforms, and autonomous driving dispatch systems, aiming for digital and intelligent upgrades in port production, management, and services[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) 2023 R&D Investment | Metric | 2023 | 2022 | Change Percentage | | :--- | :--- | :--- | :--- | | **R&D Investment (Yuan)** | 0.24 billion | 0.30 billion | -17.49% | | **R&D as % of Operating Revenue** | 1.55% | 1.82% | -0.27% | | **R&D Personnel (FTE)** | 758 | 1,028 | -26.26% | [Cash Flow Analysis](index=35&type=section&id=4.6%20%E7%8E%B0%E9%87%91%E6%B5%81) In 2023, operating cash flow was **6.58 billion yuan** (down 4.92%), while investment cash flow turned positive due to reduced outflows, and financing cash flow turned negative, resulting in a **191.84%** increase in net cash and cash equivalents Cash Flow Statement Key Items (Yuan) | Item | 2023 | 2022 | YoY Change | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 6.58 billion | 6.92 billion | -4.92% | | **Net Cash Flow from Investing Activities** | 3.77 billion | -13.96 billion | 126.98% | | **Net Cash Flow from Financing Activities** | -7.98 billion | 7.52 billion | -206.23% | | **Net Increase in Cash and Cash Equivalents** | 2.45 billion | 0.84 billion | 191.84% | [Future Development Outlook](index=44&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company anticipates slow global economic growth but opportunities from China's stable development, focusing on globalized, integrated, digital, and green port trends, guided by six key strategies and a five-pronged operating plan for 2024 - The company identifies four major development trends for the future port industry: - **Globalization of Port Network**: Continuing to optimize global layout and enhance competitiveness - **Integration of Port Services**: Expanding port-related businesses and offering customized logistics solutions - **Digitalization of Port Operations**: Accelerating the upgrade from "digitalization" to "smartization" - **Green and Low-Carbon Ports**: Transitioning to green and low-carbon operations, building next-generation green smart ports[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - The company's development strategies include: domestic hub port strategy, overseas strategy, innovation strategy, digitalization strategy, lean operations strategy, and low-carbon strategy[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - Key operating plan for 2024 includes: promoting strong port construction, deepening lean management, adhering to innovation-driven development, exploring global layout, and continuously deepening reforms[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - The company faces primary risks including macroeconomic volatility, policy risks, and operational management risks, with corresponding countermeasures in place[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [Corporate Governance](index=53&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Overview of Corporate Governance](index=53&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) The company operates in strict compliance with laws and regulations, maintaining a robust internal control and corporate governance system, with no significant discrepancies in governance practices during the reporting period - The company has established a comprehensive set of governance systems, including the Articles of Association, Rules of Procedure for Shareholder Meetings, and Rules of Procedure for Board Meetings[126](index=126&type=chunk) - During the reporting period, the company's board of directors successfully completed its re-election, effectively exercised its powers, and enhanced decision-making capabilities, with all special committees (Audit, Nomination & Remuneration, Strategy & Sustainable Development) fully performing their professional functions[129](index=129&type=chunk) [Directors, Supervisors, and Senior Management](index=56&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, the company's board, supervisory board, and senior management underwent some changes due to work adjustments, with a mature multi-dimensional performance evaluation system linking executive compensation to company performance - During the reporting period, Mr. Deng Renjie was replaced by Mr. Feng Boming as Chairman, and Mr. Wang Xiufeng was replaced by Mr. Xu Song as CEO[135](index=135&type=chunk)[137](index=137&type=chunk) - Senior management compensation is determined by the Board's Nomination, Remuneration and Assessment Committee, with independent director stipends at **0.15 million yuan** per year (tax inclusive)[158](index=158&type=chunk) - The company has established a mature executive evaluation mechanism, where annual comprehensive assessment results serve as a key basis for appointment and incentives, strongly linking performance bonuses to company operating performance and individual assessment outcomes[188](index=188&type=chunk) [Internal Control System Construction and Implementation](index=81&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E5%88%B6%E5%BA%A6%E5%BB%BA%E8%AE%BE%E5%8F%8A%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company continuously improved its internal control system, maintaining effective financial reporting internal controls in all material aspects as of December 31, 2023, with no significant deficiencies found by the company or its auditors - The company conducted internal control system supervision and inspection on **9** subsidiaries, with all subsidiaries performing quarterly self-assessments, identifying only general deficiencies and no material or significant flaws[190](index=190&type=chunk) - Both the Board's self-assessment report and the auditor's internal control audit report concluded that the company maintained effective internal controls over financial reporting in all material aspects as of December 31, 2023[191](index=191&type=chunk)[197](index=197&type=chunk) [Environmental and Social Responsibility](index=87&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) [Environmental Protection](index=87&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E7%8E%AF%E4%BF%9D%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company strictly adheres to environmental regulations, investing **0.17 billion yuan** in environmental protection and reducing carbon emissions by **8,000 tons** through 57 projects, with no environmental penalties incurred during the period - The company and its key polluting subsidiaries strictly comply with the Environmental Protection Law of the People's Republic of China and other relevant laws, regulations, and industry standards[199](index=199&type=chunk) - During the reporting period, the company's total environmental protection investment was **0.17 billion yuan**, and environmental tax paid was **5.73 million yuan**[207](index=207&type=chunk) - The company actively implemented its carbon peaking and carbon neutrality action plan, achieving a carbon reduction of **8,000 tons** through **57** projects during the reporting period[208](index=208&type=chunk) - During the reporting period, the company received no administrative penalties for environmental issues[209](index=209&type=chunk) [Social Responsibility](index=90&type=section&id=%E4%BA%8C%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities through its "C Blue" public welfare brand, implementing impactful projects like the "CM Silk Road Charity Village" overseas and rural education programs domestically - The overseas "CM Silk Road Charity Village" project provided assistance to over **6,000 villagers** in Kanda Village, Sri Lanka, through infrastructure development, creating nearly **800 job opportunities**[210](index=210&type=chunk)[211](index=211&type=chunk) - Domestically, the "C Blue" public welfare brand continued to advance, implementing rural education charity projects and the "Elite Talent Program," training **63 trainees** from **30 countries**[212](index=212&type=chunk) - Subsidiary Zhanjiang Port actively participated in the rural revitalization strategy, dispatching work groups to complete and implement **11 projects** in designated villages, facilitating the effective衔接 of poverty alleviation achievements with rural revitalization[213](index=213&type=chunk)[214](index=214&type=chunk) [Significant Matters](index=93&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=93&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, all commitments made by the company's ultimate controller, shareholders, and related parties regarding avoiding competition, regulating related-party transactions, and ensuring independence were duly fulfilled - Commitments made by the controlling shareholder and ultimate controller, China Merchants Group, and other related parties regarding avoiding horizontal competition, regulating related-party transactions, and maintaining the listed company's independence remain valid and are being fulfilled[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) [Significant Related Party Transactions](index=107&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) In the reporting period, the company's routine related-party transactions totaled **0.676 billion yuan**, primarily for services and leases, alongside significant transactions including bank deposits/loans and equity transfers 2023 Routine Related Party Transactions | Related Party | Related Party Transaction Content | Transaction Amount (Million Yuan) | % of Similar Transactions | | :--- | :--- | :--- | :--- | | Liaoning Port Group Co Ltd and its subsidiaries | Leasing, labor fees, information service revenue, etc | 127.6145 million | 18.88% | | Sinotrans Limited and subsidiaries | Labor fees, storage fees, leasing, etc | 147.5038 million | 21.82% | | China Nanshan Development (Group) Co Ltd and its subsidiaries | Labor fees, labor income, etc | 141.7634 million | 20.97% | | China Merchants Shekou Industrial Zone Holdings Co Ltd and its subsidiaries | Labor fees, land and property leasing support | 130.0769 million | 19.24% | | **Total** | | **676.0037 million** | | - The company has deposit and loan business with related party China Merchants Bank, with maximum deposit balance not exceeding **10 billion yuan** and maximum credit balance not exceeding **15 billion yuan** in 2023[238](index=238&type=chunk)[242](index=242&type=chunk) - The company engaged in subsidiary equity transfers and acquisitions with related party Liaogang Co Ltd, aiming to optimize its business structure[245](index=245&type=chunk) [Share Changes and Shareholder Information](index=120&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Shareholders and Ultimate Controller](index=121&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of year-end 2023, the company had 29,064 common shareholders, with China Merchants Port Investment Development Company Limited as the largest shareholder (**45.96%**), and China Merchants Group Co Ltd as the ultimate controller Top Five Shareholders' Shareholding | Shareholder Name | Shareholder Type | Shareholding Percentage | Shares Held at Period End | | :--- | :--- | :--- | :--- | | China Merchants Port Investment Development Company Limited | Overseas Legal Entity | 45.96% | 1,148,648,648 | | Zhejiang Provincial Seaport Investment & Operation Group Co Ltd | State-owned Legal Entity | 23.08% | 576,709,537 | | China Merchants Port Holdings (Shenzhen) Co Ltd | State-owned Legal Entity | 14.84% | 370,878,000 | | Shenzhen Infrastructure Investment Fund Partnership (Limited Partnership) | Fund | 2.59% | 64,850,182 | | Broadford International Limited | State-owned Legal Entity | 2.21% | 55,314,208 | - The company's controlling shareholder is Broadford International Limited, and its ultimate controller is China Merchants Group Co Ltd[271](index=271&type=chunk)[272](index=272&type=chunk) [Bond-Related Information](index=129&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds](index=129&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) As of the reporting period, the company had two outstanding corporate bonds, "22 Zhaogang 01" and "22 Zhaogang 02", each with a balance of **3 billion yuan**, with all proceeds used as committed Outstanding Corporate Bonds Basic Information | Bond Abbr. | Bond Code | Maturity Date | Bond Balance (Million Yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | | 22 Zhaogang 01 | 148052 | 2025-08-30 | 3,000.00 million | 2.69% | | 22 Zhaogang 02 | 148058 | 2024-09-06 | 3,000.00 million | 2.45% | [Non-Financial Enterprise Debt Financing Instruments](index=133&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) As of the reporting period, the company had two outstanding non-financial enterprise debt financing instruments, "21 CM Port MTN001" and "23 CM Port SCP003", each with a balance of **2 billion yuan**, with all proceeds used as committed Outstanding Non-Financial Enterprise Debt Financing Instruments Basic Information | Bond Abbr. | Bond Code | Maturity Date | Bond Balance (Million Yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | | 21 CM Port MTN001 | 102100703 | 2024-04-16 | 2,000.00 million | 3.52% | | 23 CM Port SCP003 | 012384044 | 2024-02-06 | 2,000.00 million | 2.43% | [Financial Report](index=140&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=140&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Deloitte Touche Tohmatsu Certified Public Accountants issued a standard unqualified audit opinion on the company's 2023 financial statements, highlighting key audit matters related to long-term equity investments in associates and goodwill impairment - The audit opinion is a standard unqualified opinion[296](index=296&type=chunk) - Key audit matters include: 1. **Subsequent Measurement of Long-term Equity Investments in Associates**: Due to the significant carrying amount and recognized investment income 2. **Goodwill Impairment**: Due to the significant goodwill amount and the significant judgments and estimates involved in impairment testing[299](index=299&type=chunk)[301](index=301&type=chunk) [Financial Statement Summary](index=148&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of year-end 2023, the company's total assets were **198.56 billion yuan**, total liabilities **72.99 billion yuan**, and net profit attributable to parent shareholders was **3.57 billion yuan** on **15.75 billion yuan** in revenue Consolidated Balance Sheet Summary (December 31, 2023) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | 198.56 billion | | Total Current Assets | 23.48 billion | | Total Non-current Assets | 175.07 billion | | **Total Liabilities** | 72.99 billion | | Total Current Liabilities | 29.10 billion | | Total Non-current Liabilities | 43.89 billion | | **Total Shareholders' Equity** | 125.57 billion | | Total Equity Attributable to Parent Company Shareholders | 58.85 billion | | Non-controlling Interests | 66.72 billion | Consolidated Income Statement Summary (2023) | Item | Amount (Yuan) | | :--- | :--- | | **Operating Revenue** | 15.75 billion | | Operating Cost | 9.32 billion | | **Operating Profit** | 8.81 billion | | Total Profit | 8.80 billion | | **Net Profit** | 7.50 billion | | Net Profit Attributable to Parent | 3.57 billion | | Non-controlling Interests Income/Loss | 3.92 billion |

招商局港口集团股份有限公司 2023年可持续发展报告 联系地址：中国深圳市南山区招商街道工业三路一号招商局港口大厦23-25楼 邮政编码：518067 公司网址：www.cmp1872.com 电子邮箱：Cmpir@cmhk.com 电话：+86-755-26828888 传真：+86-755-26886666 本报告采用环保纸张 扫码关注更多资讯 2023 目录 15 31 43 67 91 诚信合规 筑牢企业发展基石 低碳环保 打造绿色生态港口 人本至上 精益运营 高质量发展再结硕果 深化公司治理 提升合规能力 加强风险防控 建设廉洁港口 保障数据安全 加强环境管理 应对气候变化 高效资源利用 减少污染排放 建设生态港口 内生增长提质增效 创新升级勃发生机 服务品质显著提升 携手伙伴共同成长 17 45 69 93 33 21 47 71 35 24 38 55 74 26 40 59 77 29 61 88 01 03 04 05 09 103 105 董事长致辞 报告释义 关于本报告 关于我们 可持续发展管理 环境关键绩效表 指标索引表 携手员工成长共赢 广纳优秀人才 保障员工权益 点亮人才未来 保障 ...