证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-067 招商局港口集团股份有限公司 第十一届董事会 2025 年度第四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 招商局港口集团股份有限公司（下称"本公司"）于 2025 年 10 月 24 日以 电子邮件和专人送达的方式发出第十一届董事会 2025 年度第四次临时会议的书 面通知。会议于 2025 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，董事长冯波鸣先生、董事吴昌攀先生、吕以强先生以通讯 方式出席会议。会议由全体董事推举徐颂副董事长主持，本公司高级管理人员列 席会议。会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司 章程》的规定。会议决议如下： （四）审议通过《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》 会议以 12 票同意、0 票反对、0 票弃权审议通过《关于注销 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-070 招商局港口集团股份有限公司 关于注销公司股票期权激励计划（第一期）部分股票期权的公告 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 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《招商局港口集团股份有限公司股票期权激励计划（第一期）》（以下简 称"《股票期权激励计划》"）的相关规定和本公司 2020 年度第一次临时股东 大会的授权，董事会注销股票期权激励计划（第一期）部分股票期权。现将有 关事项说明如下： 一、本次激励计划已履行的相关审批程序 （一）2019 年 10 月 10 日，本公司第九届董事会提名、薪酬与考核委员会 2019 年度第二次会议审议通过了《招商局港口集团股份有限公司股票期权 ...

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 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于招商局港口集团股份有限公司股票期权激励计划（第一期） 注销事项的法律意见书 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法律执业 资格的律师事务所。根据招商局港口集团股份有限公司（以下简称"招商港口" 或"公司"）的委托，本所担任招商港口股票期权激励计划（第一期）（以下简称 "激励计划"或"本次计划"）的特聘专项法律顾问，就公司本次计划所涉及的 注销部分已获准行权但尚未行权的股票期权（以下简称"本次注销"）的相关事 项出具本法律意见书。 ...

Core Viewpoint - The report indicates a slight increase in revenue for the third quarter, but a minor decline in net profit, reflecting mixed performance for the company in the recent period [1] Financial Performance - In Q3, the company achieved an operating revenue of 4.293 billion, representing a year-on-year growth of 2.44% [1] - The net profit attributable to shareholders for Q3 was 1.180 billion, showing a year-on-year decrease of 0.78% [1] - For the first three quarters, the company reported a total operating revenue of 12.762 billion, with a year-on-year increase of 4.89% [1] - The net profit attributable to shareholders for the first three quarters was 3.807 billion, reflecting a year-on-year growth of 1.89% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 港口控股有限公司 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED （根據公司條例於香港註冊成立之有限公司） （股份代號：00144） 自願公告 主要股東招商局港口集團股份有限公司 截 至 2025 年 9 月 30 日止九個月的季度報告 本公告乃由招商局港口控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出。 招商局港口集團股份有限公司（「CMPG」）為本公司的主要股東，其A股及B股在深 圳證券交易所上市（股份代號：001872/201872）。於2025年9月30日，CMPG擁有 本公司已發行股份的約49.67%權益。 根據深圳證券交易所的相關上市規則，CMPG須發佈其截至2025年9月30日止九個 月的季度報告（「CMPG季度報告」），其載列有關本集團營運的財務資料及若干營運 數據。 於2025年10月30日，CMPG發佈CMPG季度報告， ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥4,293,227,201.61, an increase of 2.44% year-on-year, while the total revenue for the year-to-date reached ¥12,761,718,577.69, up by 4.89% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2025 was ¥1,179,988,081.33, a decrease of 0.78% year-on-year, with a year-to-date net profit of ¥3,806,626,280.80, reflecting a growth of 1.89%[4] - Operating profit for the current period was ¥8,517,862,608.21, compared to ¥8,409,191,454.33 in the previous period, indicating an increase of about 1.3%[24] - Net profit for the current period was ¥7,463,454,699.93, up from ¥7,307,540,631.04 in the previous period, reflecting a growth of approximately 2.1%[25] - The total comprehensive income for the current period was ¥9,081,799,629.36, up from ¥6,434,850,939.34 in the previous period, reflecting a growth of approximately 41.0%[25] - The company reported a basic earnings per share of 1.53, compared to 1.49 in the previous period, indicating an increase of about 2.7%[25] Assets and Liabilities - The company's total assets as of September 30, 2025, amounted to ¥203,240,253,667.06, representing a 0.85% increase from the end of the previous year[6] - Total current assets decreased from CNY 25,561,402,726.86 to CNY 23,849,902,754.80, a decline of approximately 6.7%[21] - Total assets increased from CNY 201,517,851,881.45 to CNY 203,240,253,667.06, an increase of approximately 0.9%[22] - The total liabilities decreased to ¥71,174,655,185.92 from ¥73,359,413,107.20, a reduction of about 3.0%[23] - The total equity increased to ¥132,065,598,481.14 from ¥128,158,438,774.25, showing a growth of approximately 3.0%[23] Cash Flow - The company’s cash flow from operating activities for the year-to-date was ¥5,333,444,634.74, showing a decrease of 1.24% compared to the previous year[4] - Cash flow from operating activities generated a net amount of ¥5,333,444,634.74, slightly down from ¥5,400,158,942.86 in the previous period[26] - The net cash inflow from investment activities was CNY 1,943,917,878.23, an increase from CNY 1,307,155,817.13 in the previous year[27] - The total cash inflow from financing activities was CNY 20,866,122,663.72, compared to CNY 21,996,443,348.28 in the prior year[27] - The net cash outflow from financing activities was CNY -8,885,944,966.40, worsening from CNY -7,192,019,411.12 year-over-year[27] - The cash and cash equivalents at the end of the period amounted to CNY 14,934,168,174.29, down from CNY 15,438,919,546.57 in the previous year[27] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 19,514, with 29,439 shares for type B and 9,925 shares for type A[16] - The largest shareholder, China Merchants Port Investment Development Company Limited, holds 45.92% of shares, totaling 1,148,648,648 shares[16] - The top 10 shareholders hold a combined 91.6% of the total shares, indicating a high concentration of ownership[16] - The company has no preferred shareholders as indicated in the report[19] Investments - The company’s cash paid for the purchase of fixed assets and intangible assets increased by 38.74% to ¥1,758,375,692.67, reflecting higher investments in long-term assets[13] - Investment cash inflows significantly increased to ¥32,059,800,000.00 from ¥18,169,723,017.67, marking a growth of approximately 76.3%[26] - The cash received from investment activities totaled CNY 35,090,898,197.57, an increase from CNY 20,459,343,935.15 year-over-year[27] - The cash paid for the acquisition of fixed assets and other long-term assets was CNY 1,758,375,692.67, compared to CNY 1,267,417,530.70 in the previous year[27] - The cash received from the disposal of subsidiaries and other business units was CNY 97,172,565.98, significantly higher than CNY 6,781,223.42 in the prior year[27] Other Information - The company reported a significant increase in accounts receivable, which rose by 94.62% to ¥2,322,587,270.36, primarily due to cyclical impacts on cash collection[11] - The company experienced a 50.40% increase in contract liabilities, reaching ¥402,914,216.96, mainly due to an increase in customer prepayments[11] - The weighted average return on equity for the year-to-date was 6.08%, down by 0.15% compared to the same period last year[4] - The company did not undergo an audit for the third quarter financial report[28] - The report was issued by the board of directors on October 31, 2025[29]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Core Viewpoint - The stock of China Merchants Port has shown a modest increase in price and trading activity, reflecting a stable financial performance and shareholder engagement in the first half of 2025 [1][2]. Financial Performance - As of June 30, 2025, China Merchants Port reported a revenue of 8.468 billion yuan, representing a year-on-year growth of 6.19% [2]. - The net profit attributable to shareholders for the same period was 2.627 billion yuan, showing a year-on-year increase of 3.13% [2]. Stock Performance - The stock price of China Merchants Port increased by 5.75% year-to-date, with a 2.20% rise over the last five trading days and a 0.34% increase over the last twenty days [1]. - The stock was trading at 20.87 yuan per share with a market capitalization of 51.794 billion yuan as of October 27 [1]. Shareholder Information - The number of shareholders decreased by 14.08% to 30,900 as of June 30, 2025, while the average number of circulating shares per person increased by 22.97% to 83,400 shares [2]. - The company has distributed a total of 7.061 billion yuan in dividends since its A-share listing, with 4.415 billion yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 10.6085 million shares, an increase of 4.5969 million shares from the previous period [3].

Market Overview - The shipping and port sector declined by 0.62% on October 22, with Haixia Co. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the shipping and port sector included: - Zhonggu Logistics (603565) with a closing price of 11.18, up 1.82% [1] - Tangshan Port (601000) at 4.00, up 1.01% [1] - COSCO Shipping Specialized (600428) at 7.21, up 0.84% [1] - Major decliners included: - Haixia Co. (002320) at 13.59, down 7.55% [2] - Antong Holdings (600179) at 4.29, down 6.94% [2] - Haitong Development (603162) at 10.63, down 6.01% [2] Trading Volume and Capital Flow - The shipping and port sector experienced a net outflow of 752 million yuan from institutional investors, while retail investors saw a net inflow of 708 million yuan [2][3] - The trading volume for Zhonggu Logistics was 177,100 shares, with a transaction value of 197 million yuan [1] Individual Stock Capital Flow - Zhonggu Logistics (603565) had a net inflow of 10.93 million yuan from retail investors, while institutional investors saw a net outflow of 54.53 million yuan [3] - COSCO Shipping Holdings (601866) had a net inflow of 73,040 yuan from retail investors, with a minor outflow from institutional investors [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]