证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-061 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 二、其他说明 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》（ ...

Core Viewpoint - The company, China Merchants Port (001872), reported a significant increase in terminal capacity utilization due to the early shipment phenomenon influenced by the US-China tariff war, which is expected to continue [1] Group 1: Operational Strategy - The company will focus on building core competitiveness and enhancing quality and efficiency [1] - Strategies include optimizing route structures and business organization [1] - Continuous improvement of operational efficiency to provide better services to shipping companies [1] Group 2: Future Outlook - The company holds a cautiously optimistic view on rate increases by 2026 [1] - The company's advantageous layout is highlighted, with terminal capacity being in short supply, which is beneficial for rate increases in 2026 [1]

Financial Performance - The company achieved operating revenue of CNY 8.468 billion, a year-on-year increase of 6.2% [2] - The net profit attributable to shareholders reached CNY 2.627 billion, marking a historical high with a growth of 3.1% [2] - The net profit excluding non-recurring items was CNY 2.519 billion, up 16.4% year-on-year, indicating improved economic efficiency [2] Business Operations - Container throughput reached 101.207 million TEUs, an increase of 5.7% year-on-year [2] - Bulk cargo throughput was 630 million tons, slightly down by 0.7% [2] - Domestic port projects achieved container throughput of 79.189 million TEUs, up 6.2% [2] - Overseas port projects completed container throughput of 19.209 million TEUs, a growth of 5.0% [2] Strategic Initiatives - The company aims to become a world-class comprehensive port service provider, focusing on global expansion, lean operations, and innovation [2] - The company operates 51 ports across 26 countries on six continents, actively seeking acquisition opportunities in fast-growing regions [3] Market Trends and Challenges - The international shipping rates fluctuated in the first half of 2025, with a cautious outlook for rate increases in 2026 [3] - The company is focusing on enhancing core competencies and operational efficiency to adapt to market changes [3] - The impact of U.S. tariffs on goods transiting through Southeast Asia is being monitored, with a strategy to mitigate risks through diversified market engagement [4] Digital Transformation - The company is advancing its digital transformation with the launch of three major service platforms, enhancing operational efficiency and customer service capabilities [5] - Automation and smart technologies are being integrated, with significant improvements in operational efficiency, achieving over 80% efficiency in automated operations [5] Shareholder Value Enhancement - The company has initiated a share buyback plan, aiming to repurchase shares worth between CNY 195 million and CNY 389 million by October 28, 2025 [7] - A commitment to distribute at least 40% of profits as dividends annually from 2024 to 2026 has been established [7]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a 3.73% increase in net profit attributable to shareholders for the first half of 2025, with a total of 2.627 billion yuan [3] - The company is expected to achieve revenue growth of 3.85%, 3.45%, and 3.36% for the years 2025 to 2027, with net profit growth of -1.30%, 5.24%, and 4.86% respectively [3] - The company is actively expanding its overseas port resources, anticipating the release of synergies from recent acquisitions [3] Financial Performance - For the first half of 2025, total revenue reached 8.468 billion yuan, a year-on-year increase of 6.19% [3] - The net profit attributable to shareholders for the second quarter of 2025 was 1.536 billion yuan, reflecting a year-on-year growth of 1.71% [3] - The gross profit margin is projected to be 43.1% in 2025, with a return on equity (ROE) of 7.0% [4] Operational Highlights - Container throughput in the Pearl River Delta region increased by 9.21% year-on-year in the first half of 2025, totaling 8.97 million TEUs [3] - The company’s investment income from Ningbo Port grew by 15.52% year-on-year in the first half of 2025, amounting to 599 million yuan [3] - The company completed the acquisition of a 51% stake in Indonesia's NPH in June 2024 and plans to acquire a Brazilian oil terminal for 448 million USD [3] Earnings Forecast - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 1.78 yuan, 1.88 yuan, and 1.97 yuan respectively [4] - The price-to-earnings (P/E) ratios for the same years are projected to be 11.52, 10.92, and 10.42 times [4]

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][21]. Core Insights - The company achieved a revenue growth of 3.1% in the first half of 2025, with overseas ports becoming the core growth engine, highlighting the strategic asset value of overseas ports [1]. - The report emphasizes the importance of the company's overseas port strategy, which is expected to enhance its long-term performance and stability [6]. Financial Performance Summary - Total revenue for 2025 is projected at 16,146 million yuan, with a slight increase of 0.1% compared to 2024 [2]. - The net profit attributable to shareholders is forecasted to reach 4,606 million yuan in 2025, reflecting a growth of 2.0% year-on-year [2]. - Earnings per share (EPS) are expected to be 1.84 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 times [2]. - The company’s total assets are estimated to be 204,191 million yuan by 2025, with a debt-to-equity ratio of 47.1% [11]. Operational Highlights - In the first half of 2025, the company reported a container throughput of 10,120.7 million TEU, marking a year-on-year increase of 5.7% [9]. - The overseas container business showed significant growth, with LCT, TICT, and Kumport container throughput increasing by 19.3%, 24.6%, and 16.9% respectively [6]. - The gross margin for the first half of 2025 was 45.73%, an increase of 0.78 percentage points year-on-year, while the expense ratio decreased by 3.58 percentage points [6]. Investment Recommendations - The report maintains profit forecasts of 4,606 million yuan for 2025, 4,865 million yuan for 2026, and 5,116 million yuan for 2027, with corresponding EPS of 1.84, 1.94, and 2.05 yuan [6]. - A target price of 25.69 yuan is set for 2025, indicating a potential upside of 25% from the current price of 20.52 yuan [2][6].

Core Viewpoint - The report highlights that China Merchants Port Group Co., Ltd. (referred to as "the company") achieved a revenue of 8.468 billion yuan in the first half of 2025, marking a year-on-year increase of 6.19%, and a net profit attributable to shareholders of 2.627 billion yuan, up 3.13% year-on-year [1] Group 1: Financial Performance - The company's revenue for the first half of 2025 reached 8.468 billion yuan, reflecting a 6.19% increase compared to the previous year [1] - The net profit attributable to shareholders was 2.627 billion yuan, which represents a year-on-year growth of 3.13% [1] Group 2: Industry Context - Global trade uncertainties have led cargo owners to adopt an "early shipment" strategy, which has temporarily boosted container transportation demand [1] - This industry trend has positively impacted the overall business volume of major hub ports [1] Group 3: Container Business Performance - The company's container throughput exceeded 10 million TEU in the first half of 2025, with domestic port projects handling 7.9189 million TEU, a year-on-year increase of 6.2%, and overseas port projects achieving 1.9209 million TEU, up 5.0% year-on-year [1] - Both domestic and international projects demonstrated resilient growth [1] Group 4: Overseas Strategy - Under the guidance of its "overseas strategy," the company is steadily advancing its global layout, focusing on both increasing new business and optimizing existing operations [1] - Revenue from overseas operations reached 3.075 billion yuan, with a year-on-year growth rate of 15.4%, and the overseas revenue proportion increased by 2.9 percentage points to 36.3%, becoming a major driver of performance growth [1]

Core Viewpoint - The company held a board meeting where multiple resolutions were passed, including financial assessments, adjustments to stock option plans, and various governance updates, indicating a proactive approach to corporate governance and financial management [1][2][3][4][5][6][7]. Group 1: Financial Assessments and Approvals - The board approved the risk assessment report for the company's financial subsidiary, indicating a focus on risk management [1]. - A resolution was passed to extend financial assistance to a controlling subsidiary, demonstrating ongoing support for its operations [1]. - The board also approved the internal audit report for the second quarter of 2025, reflecting a commitment to internal controls and transparency [1]. Group 2: Stock Option Plan Adjustments - The company adjusted the exercise price of its stock option incentive plan, reducing the price from 15.50 CNY to 14.76 CNY for the first batch and from 13.25 CNY to 12.51 CNY for the reserved portion, aligning with the recent profit distribution plan [3][4][5]. Group 3: Governance and Compliance Updates - The board approved several governance-related resolutions, including updates to the company's articles of association and various internal management rules, which are essential for maintaining compliance and operational efficiency [9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43].

（四）最后交易日：2025 年 8 月 29 日 四、债券兑付兑息对象 本次兑付兑息对象为：截止 2025 年 8 月 29 日（债权登记日）下午深圳证券 交易所收市后，在中国结算深圳分公司登记在册的全体"22 招港 01"持有人。 股票代码：001872/201872 股票简称：招商港口/招港 B 公告编号：2025-051 债券简称：22 招港 01 债券代码：148052 招商局港口集团股份有限公司 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 债券代码：148052.SZ 债权登记日：2025 年 8 月 29 日 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 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 20 ...

招商局港口集团股份有限公司 在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，招商局港口集团股份有限公司 （品种一）符合深 圳证券交易所债券上市条件，将于 2025 年 8 月 29 日起在深圳证券交易所上市， 并面向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成交、询 价成交、竞买成交和协商成交。债券相关要素如下： 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 债券名称 新公司债券（第一期）（品种一） 证券简称 25 招港 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 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 到期日 顺延至其后的第 1 个交易日，顺延期间兑付款项不另计利息 债券面值 100 元 年 月 日 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 2025 年 8 月 25 日 上市日 2025 年 8 月 29 日 开盘参 ...

Group 1 - The company, China Merchants Port, announced the convening of its 11th fifth board meeting on August 28, 2025, in Shenzhen, discussing the revision of the "Board Audit Committee Annual Work Regulations" [1] - For the first half of 2025, the revenue composition of China Merchants Port was as follows: port business accounted for 95.38%, bonded logistics business accounted for 3.6%, and property development and investment accounted for 1.01% [1]