Tianjin Port (SH:600717) Zheng Quan Shi Bao Wang·2025-11-10 13:33Core Viewpoint - Tianjin Port is divesting 60% of its stake in China Railway Storage and Transportation Co., Ltd. to optimize its asset structure and focus on core business operations [1][2] Group 1: Transaction Details - The stake is being offered at a price of 22.5243 million yuan, with the total assessed value of the shareholder equity at 37.5405 million yuan, reflecting a 0.06% increase [2] - The transaction will be conducted through a public bidding process, with the buyer assuming all existing debts and obligations of the target company [2] - The transaction has been approved by Tianjin Port's board and will not constitute a major asset restructuring [2] Group 2: Financial Performance - For the first three quarters of 2025, Tianjin Port reported revenues of 9.372 billion yuan and a net profit of 780 million yuan [1] - China Railway Storage and Transportation generated revenues of 2.548 billion yuan in 2024, accounting for 21.11% of Tianjin Port's total revenue, but its profit was only 30,840 yuan, representing 0.02% of Tianjin Port's total profit [1][2] - As of September 30, 2025, China Railway Storage and Transportation had total assets valued at 187 million yuan and liabilities of 149 million yuan [1] Group 3: Strategic Objectives - The divestiture aims to reduce the company's engagement in low-yield businesses and enhance operational efficiency and competitiveness [2] - The move is intended to mitigate investment risks associated with the coal trade sector due to energy transition [2] - Proceeds from the sale will be used for upgrading equipment and facilities, improving cash flow and the asset-liability structure, with an expected increase in gross margin by approximately 7.57 percentage points [2]