天津港：优化资产结构 子公司拟挂牌转让中铁储运60%股权

Core Viewpoint - The transfer of 60% equity in China Railway Storage and Transportation (中铁储运) is valued at a minimum price of 22.52 million yuan, with the total equity assessed at 37.54 million yuan, indicating a strategic shift for Tianjin Port to focus on its core logistics operations and mitigate risks associated with the coal trading industry [1] Financial Summary - China Railway Storage and Transportation is projected to achieve a revenue of 2.548 billion yuan and a total profit of 308,400 yuan in 2024, contributing 21.11% and 0.02% to Tianjin Port's revenue and total profit respectively [1] - Following the completion of the equity transfer, Tianjin Port will no longer consolidate China Railway Storage and Transportation's financials, leading to a corresponding decrease in both revenue and total profit [1] Strategic Implications - The equity transfer is aimed at enhancing Tianjin Port's operational efficiency and competitiveness by focusing on its core port loading and unloading logistics business [1] - The transaction is expected to help the company avoid investment risks associated with the energy transition in the coal trading sector, thereby strengthening operational resilience [1] - Funds recovered from the transaction will be utilized for upgrading equipment and facilities, improving cash flow and asset-liability structure, which could lead to an approximate 7.57 percentage point increase in gross profit margin, ultimately enhancing overall operational quality [1]