厦门港务回复深交所问询函 详解标的资产经营及关联交易情况

Core Viewpoint - Xiamen Port Development Co., Ltd. has provided a detailed response regarding the operational and financial status of its assets, highlighting resilience against international trade tensions and a stable financial performance despite high related-party transaction ratios [1][2][3][4][5][6][7]. Group 1: Operational Performance - The main assets are engaged in container terminal loading and storage, maintaining a comprehensive gross margin above 35% during the reporting period [1]. - Foreign trade revenue accounts for approximately 70% of total income, with a 6.96% overall growth despite a 24.40% decline in North American throughput due to U.S. tariff adjustments [2]. - The top five customers' transaction amounts remained stable, with a 6.63% year-on-year increase in transaction amounts from January to August 2025 [2]. Group 2: Related Party Transactions - The proportion of related-party transactions is high, with purchases from related parties accounting for over 61% of total procurement from 2023 to August 2025 [3]. - Pricing for related-party transactions is based on market principles, ensuring no significant difference from non-related third-party prices [3]. Group 3: Profitability and Margins - The comprehensive gross margins for the reporting period were 35.56%, 35.23%, and 39.24%, exceeding the industry average [4]. - The high gross margin is attributed to a focus on high-margin container business, which constitutes 97.10% of operations [4]. Group 4: Government Subsidies - Government subsidies received during the reporting period totaled 127 million, 190 million, and 104 million yuan, primarily for container development support [5]. - Over 95% of these subsidies are regular operational support, with a low dependency on non-recurring subsidies [5]. Group 5: Valuation and Assessment - The asset-based valuation method used for the transaction has been recognized as reasonable by independent financial advisors, reflecting the high proportion of fixed assets [6]. - The assessed value increase of 17.78% is below the industry average, indicating a fair valuation [6]. Group 6: Compliance and Stability - As of the announcement date, the company has completed fund collection and compliance procedures for related-party transactions, ensuring operational stability [7].