NZP(SH:601018) Chang Jiang Shang Bao·2025-12-24 23:17Core Viewpoint - Ningbo Port is undertaking a strategic asset integration by acquiring 100% equity of Zhoushan Comprehensive Bonded Zone Terminal Co., Ltd. for 706 million yuan, which is a key move to resolve competition issues and enhance its port layout, thereby strengthening its position as the world's largest port [1][2][3]. Group 1: Acquisition Details - The acquisition price of 706 million yuan represents a premium of 127 million yuan over the audited net asset value of 579 million yuan as of September 30, 2025, indicating a premium rate of 21.99% [2]. - Zhoushan Comprehensive Bonded Zone Terminal, established in 2014, is the only terminal in the Zhoushan area with both bonded and port attributes, featuring key assets such as one berth for 30,000 tons and one for 50,000 tons [2]. Group 2: Strategic Significance - The acquisition addresses the commitment made by the controlling shareholder to resolve competition issues by December 31, 2025, and aims to centralize port resources for better governance and compliance [3]. - The terminal's location near the Yangtze River estuary will alleviate berthing pressure on Ningbo-Zhoushan Port and enhance overall operational efficiency by improving berth structure and service capabilities [3]. Group 3: Financial Performance - For the first three quarters of 2025, Ningbo Port reported revenue of 22.88 billion yuan, a year-on-year increase of 4.68%, and an expected container throughput of 39.24 million TEUs, up 9.9% [4][5]. - The company anticipates achieving a revenue of 29.5 billion yuan for the full year of 2025, with the first three quarters accounting for 77.57% of this target [5]. Group 4: Research and Development - Ningbo Port has consistently increased its R&D investment, totaling 1.226 billion yuan over the past five years, which supports its development of smart and green port initiatives [6].