Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, growing by 26.44% year-on-year in 2024, with a total of 4.516 billion yuan [3] - The company is expected to continue expanding its overseas port resources, anticipating the release of synergistic effects from recent acquisitions [3] Financial Performance Summary - **Revenue**: In 2024, the company reported total revenue of 16.131 billion yuan, a year-on-year increase of 2.41%. The fourth quarter revenue was 3.964 billion yuan, showing a slight decline of 0.77% [3] - **Net Profit**: The net profit attributable to shareholders for 2024 was 4.516 billion yuan, reflecting a growth of 26.44%. In Q4 2024, net profit reached 780 million yuan, marking an impressive increase of 84.67% year-on-year [3] - **Container Throughput**: The company reported a 16.31% increase in container throughput in the Pearl River Delta region, totaling 17.267 million TEUs in 2024. Overseas container throughput also grew by 9.68%, reaching 37.363 million TEUs [3] - **Investment Income**: Investment income from core holdings showed strong growth, with Shanghai Port Group contributing 4.182 billion yuan (up 13.00%) and Ningbo Port contributing 1.134 billion yuan (up 7.99%) in 2024 [3] - **Dividends**: The company announced a total dividend of 1.843 billion yuan for 2024, with a payout ratio of 41%. The planned dividend payout for 2025-2027 is set to be no less than 40% of distributable profits, an increase of 10 percentage points from previous years [3] Earnings Forecast - The company is projected to achieve revenues of 16.751 billion yuan, 17.329 billion yuan, and 17.911 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3.85%, 3.45%, and 3.36% [5] - The net profit attributable to shareholders is expected to be 4.457 billion yuan, 4.691 billion yuan, and 4.919 billion yuan for the same years, with growth rates of -1.30%, 5.24%, and 4.86% respectively [5] - The earnings per share (EPS) are forecasted to be 1.78 yuan, 1.88 yuan, and 1.97 yuan for 2025, 2026, and 2027 respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, growing by 26.44% year-on-year in 2024, with a total of 4.516 billion yuan [3] - The company is expected to continue expanding its overseas port resources, anticipating the release of synergistic effects from recent acquisitions [3] Financial Performance Summary - Revenue for 2024 reached 16.131 billion yuan, a year-on-year increase of 2.41%, while the fourth quarter saw a slight decline of 0.77% [3] - The net profit attributable to shareholders for 2024 was 4.516 billion yuan, reflecting a growth of 26.44%, with the fourth quarter showing a remarkable increase of 84.67% year-on-year [3] - Container throughput in the Pearl River Delta region increased by 16.31% year-on-year, totaling 17.267 million TEUs in 2024 [3] - Overseas container throughput also saw a growth of 9.68%, reaching 37.363 million TEUs in 2024 [3] - Investment income from core holdings, such as Shanghai Port Group and Ningbo Port, increased by 13.00% and 7.99% respectively [3] - The company plans to maintain a cash dividend ratio of no less than 40% of distributable profits from 2025 to 2027, an increase of 10 percentage points from previous years [3] Earnings Forecast - The company is projected to achieve revenues of 16.751 billion, 17.329 billion, and 17.911 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3.85%, 3.45%, and 3.36% [5] - The net profit attributable to shareholders is expected to be 4.457 billion, 4.691 billion, and 4.919 billion yuan for the same years, with growth rates of -1.30%, 5.24%, and 4.86% respectively [5] - The earnings per share (EPS) is forecasted to be 1.78, 1.88, and 1.97 yuan for 2025, 2026, and 2027 respectively [5]

Core Viewpoint - The company achieved record high performance in 2024, driven by a focus on "high-quality development" and a global strategy, resulting in significant growth in revenue and net profit [1][2]. Financial Performance - The company reported a revenue of 16.13 billion yuan, an increase of 2.4% year-on-year, and a net profit attributable to shareholders of 4.52 billion yuan, up 26.4% [1]. - A cash dividend of 7.4 yuan per 10 shares (including tax) was proposed, totaling 1.853 billion yuan, reflecting a year-on-year increase of 27.1% [1]. Port Operations - In 2024, China's total cargo throughput reached 17.6 billion tons, growing by 3.7%, while container throughput was 33.2 million TEU, up 7.0% [2]. - The company's core container business achieved a throughput of 19.5159 million TEU, marking an 8.3% increase [2]. - The Shenzhen Western Port area saw a record throughput of 1.5991 million TEU, a growth of 17.7%, significantly outperforming the industry average [3]. Global Strategy and Overseas Expansion - The company has established a collaborative network across 51 ports in 26 countries, contributing to a 15.0% year-on-year increase in overseas revenue, which reached 5.51 billion yuan [4][5]. - The overseas business accounted for 34.2% of total revenue, with a gross margin of 55.2%, enhancing overall profitability [4]. - Notable growth was observed in emerging markets, with Sri Lanka's CICT and Brazil's TCP achieving container throughput increases of 4.5% and 24.3%, respectively [5]. Shareholder Returns and Valuation Enhancement - The company announced a valuation enhancement plan, aiming for a dividend payout ratio of no less than 40% from 2024 to 2026, indicating a commitment to shareholder returns [6]. - Since the start of the buyback program, the company has repurchased 11.155 million shares, representing 0.446% of total shares, with a total expenditure of 218 million yuan [6]. Market Position and Investment Outlook - The stock price adjustment in the transportation sector has improved the company's dividend yield, enhancing its investment appeal [7]. - Analysts recommend buying or increasing holdings in the company, citing its high dividend assets, global growth potential, and valuation recovery prospects [7].

Core Viewpoint - The company proposes a profit distribution plan for the year 2024, emphasizing stable operations and good cash flow, aiming to reward shareholders and share the company's development achievements [1]. Summary by Sections 1. Profit Distribution Plan Overview - The company plans to distribute profits based on a net profit of CNY 4,516,301,317.16 for the year 2024, with a proposal to allocate 10% of the after-tax profit to the statutory reserve fund, reaching 50% of the registered capital [1]. - The remaining undistributed profit at the end of 2024 is projected to be CNY 2,285,715,457.11 [1]. - The total number of shares is 2,501,384,781, and the company will not issue bonus shares or convert capital reserves into share capital, with a total cash dividend distribution amounting to CNY 1,893,318,218.05, representing 41.92% of the net profit attributable to shareholders [1]. 2. Cash Dividend Plan Specifics - The cash dividend total for the current year is CNY 1,893,318,218.05, with the net profit attributable to shareholders being CNY 4,516,301,317.16, compared to CNY 3,571,800,762.16 in the previous year [2]. - The cumulative undistributed profit at the end of the current year is CNY 21,957,778,579.11 for the consolidated statements and CNY 2,285,715,457.11 for the parent company [2]. - The average net profit over the last three years is CNY 3,808,516,100.71, with no share buybacks recorded in the last three years [3]. 3. Reasonableness of Cash Dividend Plan - The profit distribution plan complies with relevant laws and regulations, considering the company's overall situation and aligning with the interests of the company and all shareholders [3]. - The cash dividend level is consistent with the average level of listed companies in the same industry, indicating no significant discrepancies [3].

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-017 招商局港口集团股份有限公司 第十一届监事会第四次会议决议公告 本公司及监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）审议通过《关于<2024 年度监事会工作报告>的议案》 会议以 4 票同意、0 票反对、0 票弃权审议通过《关于<2024 年度监事会工作 报告>的议案》，并同意将《关于<2024 年度监事会工作报告>的议案》提交本公 司 2024 年度股东大会审议。报告具体内容详见附件。 （二）审议通过《关于<2024 年年度报告及摘要>的议案》 会议以 4 票同意、0 票反对、0 票弃权审议通过《关于<2024 年年度报告及摘 要>的议案》，并同意将《关于<2024 年年度报告及摘要>的议案》提交本公司 2024 年度股东大会审议。监事会发表独立书面审核意见如下： 根据有关规定，我们对本公司《2024 年年度报告及摘要》进行了认真审核， 经审核，监事会认为董事会编制和审议 2024 年年度报告的程序符合法律、行政 法规及中国证监会和深圳证券交易所的规定，报告内容真实、准 ...

招商局港口集团股份有限公司 涉及财务公司关联交易的 存款、贷款等金融业务的专项说明 2024 年 12 月 31 日止年度 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于招商局港口集团股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务汇总表的专项说明 毕马威华振专字第 2501683 号 招商局港口集团股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了招商局港口集团股份有限公司（以下 简称"贵公司"）2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债 表，2024 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，并于 2025 年 4 月 1 日签发了无保留意见的审计报告。 根据深圳证券交易所发布的《深圳证券交易所上市公司自律监管指引第 7 号——交易与关 联交易》的要求，贵公司编制了本专项 ...

2024 年 12 月 31 日 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于招商局港口集团股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 毕马威华振专字第 2501663 号 关于招商局港口集团股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 招商局港口集团股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了招商局港口集团股份有限公司（以下 简称"贵公司"）2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 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，并于 2025 年 4 月 1 日签发了无保留意见的审计报告。 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督管理委员会 和中国银行保险监督管理委员会发布的《上市公 ...

招商局港口集团股份有限公司 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会的责任。 内部控制审计报告 2024 年 12 月 31 日 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2508403 号 招商局港口集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，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"）2024 年 12 月 31 日的财务报告内部 控制的有效性。 毕马威华振会计师事务所 (特殊普通合伙) 中国注册会计师 王洁 三、 内部控制 ...

招商局港口集团股份有限公司 财务报表及审计报告 2024 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 2024 年 12 月 31 日止年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | | | | 合并资产负债表 | 1 - | 3 | | 母公司资产负债表 | 4 - | 6 | | 合并利润表 | 7 - | 8 | | 母公司利润表 | 9 | | | 合并现金流量表 | 10 | | | 母公司现金流量表 | 11 | | | 合并股东权益变动表 | 12 - | 13 | | 母公司股东权益变动表 | 14 - | 15 | | 财务报表附注 | 16 - | 186 | 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2507318 号 招商局港口集团股份有限公司全体股东： 一、审计意见 我们审计了后附的招 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 招商局港口集团股份有限公司 2024 年度独立董事述职报告 本人作为招商局港口集团股份有限公司（以下简称"本公司"） 的独立董事，在 2024 年度任职期间严格按照《公司法》《上市公司 治理准则》《上市公司独立董事管理办法》《深圳证券交易所上市公 司自律监管指南第 1 号——业务办理》及本公司《公司章程》《独立 董事年报工作制度》《独立董事工作制度》的有关规定和要求，认真 勤勉、忠实履行职责。在 2024 年度工作中，本人廉洁自律，恪尽职 守，依靠自身的专业知识和经验，充分发挥独立董事的独立作用，维 护了本公司和股东的合法权益。现将 2024 年度本人履行独立董事职 责情况汇报如下： 一、独立董事的基本情况 （一）基本情况 高平 独立董事，毕业于对外经济贸易大学高级管理人员工商管 理专业，硕士，高级工程师、高级政工师。现任本公司独立董事。历 任上海远洋运输公司大副，管理科科长，人事部经理，中远集装箱运 输公司人事部总经理，中远（香港）航运有限公司船员部总经理，中 远（香港）航运有限公司副总经理，中远（香港）航运有限公司深圳 远洋运输公司副总经 ...