证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-072 招商局港口集团股份有限公司 关于公司股票期权激励计划（第一期）部分股票期权注销完成的公告 特此公告。 1 招商局港口集团股份有限公司 董 事 会 2025 年 11 月 5 日 2 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 2025 年 10 月 28 日召开第十一届董事会提名、薪酬与考核委员会 2025 年度第四次会议，并于 2025 年 10 月 29 日召开第十一届董事会 2025 年度第四次临时会议，会议分别审 议通过了《关于注销公司股票期权激励计划（第一期）部分股票期权的议案》。 根据相关法律法规及本公司《股票期权激励计划》的相关规定，鉴于股票期权激 励计划（第一期）首批授予部分的 1 名激励对象已丧失参与本公司激励计划的资 格，本公司董事会决定注销该等人员已获准行权但尚未行权的股票期权共计 13,500 份 。 具 体 内 容 详 见 本 公 司 于 2025 年 10 月 31 日 在 巨 潮 资 讯 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The report highlights continuous growth in throughput and emphasizes the expansion of overseas business [5][7] - The company achieved a revenue of 4.293 billion yuan in Q3 2025, representing a year-on-year increase of 2.44%, while the net profit attributable to shareholders was 1.180 billion yuan, a decrease of 0.78% year-on-year [7] - The company has established an investment network in 51 ports across 26 countries and regions, enhancing its global port asset layout [7] Financial Performance Summary - Revenue projections for the company are as follows: 15,750 million yuan in 2023, 16,131 million yuan in 2024, and 17,184 million yuan in 2025, with a year-on-year growth rate of 6.53% in 2025 [6][8] - The net profit attributable to shareholders is forecasted to be 3,572 million yuan in 2023, 4,516 million yuan in 2024, and 4,799 million yuan in 2025, with a growth rate of 6.26% in 2025 [6][8] - The earnings per share (EPS) are expected to be 1.44 yuan in 2023, increasing to 1.93 yuan in 2025 [6][8] Operational Highlights - The company reported a container throughput of 53.215 million TEU in Q3 2025, a year-on-year increase of 4.5% [7] - The company is focusing on optimizing the operational efficiency of its core port in Shenzhen and enhancing its comprehensive service competitiveness [7] - The acquisition of the Vast oil terminal in Brazil is expected to further expand the company's port business in Latin America, potentially driving long-term growth in overseas port project performance [7]

Core Insights - The company reported a total operating revenue of 12.762 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.89% [2] - The net profit attributable to the parent company reached 3.807 billion yuan, showing a year-on-year growth of 1.89% [2] - The net profit after deducting non-recurring gains and losses was 3.675 billion yuan, which reflects a year-on-year increase of 9.49% [2]

Core Viewpoint - China Merchants Port is a leading global port developer and operator, with significant investment value due to its unique full industry chain service capabilities [1] Group 1: Business Performance - In Q3 2025, China Merchants Port reported revenue of 12.762 billion, ranking 5th among 16 companies in the industry, above the industry average of 9.528 billion and median of 7.044 billion, but below the top two companies, Shanghai Port Group at 29.949 billion and Ningbo Port at 22.882 billion [2] - The main business revenue composition includes port operations at 8.078 billion (95.38%), bonded logistics at 305 million (3.60%), and property development and investment at 85.779 million (1.01%) [2] - The net profit for the same period was 7.463 billion, ranking 2nd in the industry, with the top company, Shanghai Port Group, at 12.398 billion, exceeding the industry average of 2.415 billion and median of 1.14 billion [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of China Merchants Port was 35.02%, slightly above the industry average of 34.25%, but down from 35.72% in the same period last year [3] - The gross profit margin for the same period was 44.95%, significantly higher than the industry average of 30.73%, and slightly up from 44.73% year-on-year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.73% to 19,500, while the average number of circulating A-shares held per shareholder increased by 7.22% to 89,400 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the sixth largest, holding 8.889 million shares, a decrease of 1.7195 million shares from the previous period [5] Group 4: Management Compensation - The total compensation for General Manager Lu Yongxin was 2.46 million, an increase of 230,000 from the previous year [4] Group 5: Future Outlook - Guolian Minsheng Securities noted that the H1 2025 performance of China Merchants Port met expectations, with a 3% increase in net profit attributable to shareholders [5] - Key business highlights include a 5.7% year-on-year growth in container throughput and a 15.5% increase in investment income from Ningbo Port [5] - Zheshang Securities highlighted a 16% growth in net profit excluding non-recurring items for H1 2025, with significant contributions from overseas business and core operations [6]

Core Viewpoint - The company reported a revenue of 12.76 billion yuan for the first three quarters, reflecting a year-on-year growth of 4.89% [1] - The net profit attributable to shareholders reached 3.8 billion yuan, with a year-on-year increase of 1.89% [1] - The net profit excluding non-recurring gains and losses was 3.67 billion yuan, showing a year-on-year growth of 9.49% [1] Financial Performance - Revenue for the first three quarters: 12.76 billion yuan, up 4.89% year-on-year [1] - Net profit attributable to shareholders: 3.8 billion yuan, up 1.89% year-on-year [1] - Net profit excluding non-recurring items: 3.67 billion yuan, up 9.49% year-on-year [1]

Core Viewpoint - China Merchants Port (00144) reported the performance of its major shareholder, China Merchants Port (001872), for the first three quarters of 2025, indicating a stable growth in revenue and profit [1] Financial Performance - The operating revenue for the first three quarters reached 12.762 billion yuan, representing a year-on-year increase of 4.89% [1] - The net profit attributable to shareholders of the listed company was 3.807 billion yuan, showing a year-on-year growth of 1.89% [1] - The basic earnings per share stood at 1.53 yuan [1]

Core Viewpoint - China Merchants Port (00144) reported its major shareholder, China Merchants Port (001872.SZ), performance for the first three quarters of 2025, indicating a stable growth trajectory in revenue and net profit [1] Financial Performance - Revenue for the first three quarters reached 12.762 billion yuan, representing a year-on-year increase of 4.89% [1] - Net profit attributable to shareholders was 3.807 billion yuan, showing a year-on-year growth of 1.89% [1] - Basic earnings per share stood at 1.53 yuan [1]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-069 招商局港口集团股份有限公司 关于控股子公司对其参股子公司提供财务资助 暨关联交易的公告 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。 重要内容提示： 1.资助对象：Terminal Link SAS（以下简称"TL"）； 2.资助方式：股东借款； 3.资助额度：19,600,000.00 美元； 4.资助期限：10 年或协议双方书面确定的其他期限； 5.资助利率：8.25%； 6.履行的审议程序：本事项已经本公司 2025 年第三次独立董事专门会议、 第十一届董事会 2025 年度第四次临时会议分别审议通过，尚须提交本公司 2025 年度第二次临时股东会审议。 一、本次财务资助概述 招商局港口集团股份有限公司（以下简称"本公司"）控股子公司招商局港 口控股有限公司（香港联交所代码：00144.HK，以下简称"招商局港口"）拟以 自有资金通过股东借款的方式向其参股子公司 TL 提供 19,600,000.00 美元的财 务资助（以下简称"本次财务资助"或"本次交易"），T ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-071 招商局港口集团股份有限公司 关于召开 2025 年度第二次临时股东会的通知 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）股东会届次：2025 年度第二次临时股东会。 （二）股东会的召集人：本次股东会由董事会召集。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 年度第四次临时会议于 2025 年 10 月 29 日召开，审议通过《关于 2025 年度第二次临时股东会会期及议 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： B 股股东应在 2025 年 11 月 3 日（即 B 股股东能参会的最后交易日）或更早 买入本公司股票方可参会。 （七）出席对象： 1.于股权登记日 2025 年 11 月 6 日（星期四）下午收市时在中国证券登记结 算有限责任公司深圳分公司登记在册的本公司全体普 ...