证券代码：000582 证券简称：北部湾港 公告编号：2026026 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于提前赎回"北港转债"暨即将停止转股的 重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1．最后交易日：2026 年 2 月 9 日 2026 年 2 月 9 日收市后"北港转债"已停止交易； 2．最后转股日：2026 年 2 月 12 日 4．风险提示： 根据安排，截至 2026 年 2 月 12 日收市后仍未转股的"北 - 1 - 港转债"将被强制赎回，特提醒"北港转债"持券人注意在限 期内转股。本次赎回完成后，"北港转债"将在深圳证券交易 所摘牌。"北港转债"持有人持有的"北港转债"存在被质押 或被冻结的，建议在停止转股日前解除质押或冻结，以免出现 因无法转股而被强制赎回的情形； 根据赎回安排，截至 2026 年 2 月 12 日收市后尚未实施转 股的"北港转债"将按照 101.13 元/张的价格强制赎回，因目前 二级市场价格与赎回价格差异较大，投资者如未及时转股，可 能面临损失，敬请投资者 ...

Group 1: Industry Dynamics Tracking - The SCFI composite freight index decreased by 3.8% week-on-week to 1267 points, with specific routes showing varied changes: Shanghai-Europe/Med prices changed by -1.1%/-5.5%, Shanghai-West Coast/East Coast US prices changed by -3.5%/-2.9%, and Shanghai-Southeast Asia prices fell by 4.6% [1][6] - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%, driven by a 13.3% increase in package volume to 38.52 billion pieces [2] - The global air passenger volume is expected to reach 10.2 billion by 2026, with a compound annual growth rate of 3.4% driven by growth in emerging markets [4] Group 2: Financial Instruments and Corporate Actions - ZTO Express plans to issue $1.5 billion in convertible preferred notes, with net proceeds of approximately $1.404 billion, to refinance and repurchase shares, indicating a strategy to enhance shareholder returns [3] - Hongchuan Smart announced a downward revision of the conversion price for its bonds from 14.00 yuan/share to 12.65 yuan/share, effective from February 9, 2026 [3] Group 3: Shipping and Port Operations - The BCTI index increased by 1.6% week-on-week to 903 points, with specific route changes: LR1 Middle East-Japan down by 6.0%, MR-Pacific/Singapore-Australia/Atlantic down by 5.0%/-7.5% and up by 48.8% respectively [8] - China's port cargo throughput increased by 9.63% week-on-week to 281.6 million tons, with container throughput rising by 12.41% to 7.41 million TEU [9] Group 4: Logistics and Transportation - National logistics operations were orderly from January 26 to February 1, with rail freight increasing by 2.27% to 76.11 million tons and highway freight traffic up by 4.75% to 56.83 million vehicles [10] - The demand for express delivery in the e-commerce sector remains resilient, with a positive outlook for companies like SF Express and JD Logistics due to cost control and cyclical recovery [11]

北部湾港股份有限公司 关于提前赎回"北港转债"暨即将停止转股的 重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1．最后交易日：2026 年 2 月 9 日 证券代码：000582 证券简称：北部湾港 公告编号：2026025 债券代码：127039 债券简称：北港转债 - 1 - 4．风险提示： 根据安排，截至 2026 年 2 月 12 日收市后仍未转股的"北 港转债"将被强制赎回，特提醒"北港转债"持券人注意在限 期内转股。本次赎回完成后，"北港转债"将在深圳证券交易 所摘牌。"北港转债"持有人持有的"北港转债"存在被质押 或被冻结的，建议在停止转股日前解除质押或冻结，以免出现 因无法转股而被强制赎回的情形； 根据赎回安排，截至 2026 年 2 月 12 日收市后尚未实施转 股的"北港转债"将按照 101.13 元/张的价格强制赎回，因目前 二级市场价格与赎回价格差异较大，投资者如未及时转股，可 能面临损失，敬请投资者注意风险； 5．可转债赎回条件满足日：2026 年 1 月 22 日； 6．可转债赎回登记日：2026 年 ...

Core Viewpoint - The company, Beibu Gulf Port, is positioned as a key logistics hub in the western land-sea trade corridor, benefiting from policies related to the Hainan Free Trade Port and the Belt and Road Initiative, which enhance its operational capabilities and market reach [2][3]. Group 1: Company Operations - Beibu Gulf Port is the only state-owned public terminal operator in the Guangxi Beibu Gulf region, playing a crucial role in the southwest coastal port group and serving as a significant gateway for international trade with ASEAN [3]. - The company reported a cargo throughput of 31,039.78 million tons in 2023, a year-on-year increase of 10.81%, and a container throughput of 802.20 million TEUs, up 14.26% year-on-year, indicating its strong market position [3]. - The main business activities include the loading, storage, and port services for containers and bulk cargo, with a revenue composition of 94.59% from loading and storage, 3.55% from tugboat services, and 1.16% from cargo surveying [8]. Group 2: Strategic Initiatives - The company emphasizes the importance of capital operations centered around its port business, aiming to expand its logistics services and enhance cooperation with clients and partners [2]. - Beibu Gulf Port has established several specialized services, including cold chain logistics for imported fruits, wines, and meats, and has opened multiple shipping routes for Thai and Vietnamese fruits [3]. Group 3: Financial Performance - For the period from January to September 2025, Beibu Gulf Port achieved a revenue of 5.535 billion yuan, reflecting a year-on-year growth of 12.92%, while the net profit attributable to shareholders decreased by 13.89% to 789 million yuan [8]. - The company has distributed a total of 3.034 billion yuan in dividends since its A-share listing, with 1.396 billion yuan distributed over the past three years [8].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition in the e-commerce express delivery market is expected to improve [12] - The aviation sector is anticipated to benefit from the upcoming Spring Festival travel peak and performance forecast periods, with a sustainable recovery in demand and a tightening supply situation [12] - The shipping market is expected to see a positive outlook due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [12] Summary by Sections Express Logistics - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%. The company expects a package volume of 38.52 billion pieces, a 13.3% increase year-on-year [5] - The company plans to issue $1.5 billion in convertible preferred notes, with a net amount of approximately $1.404 billion, to refinance and repurchase shares [6] - The express delivery market is characterized by significant growth opportunities for companies like YTO Express and SF Express, driven by market share increases and operational stability [12] Aviation - Global air passenger traffic is projected to reach 10.2 billion in 2026, a 3.9% year-on-year increase, with strong demand expected to continue [7] - The Spring Festival travel volume is expected to reach 95 million passengers, a year-on-year increase of approximately 5.3% [8] - The International Air Transport Association (IATA) indicates a strong demand for air travel in 2025, with a 5.3% increase in global passenger demand [8] Shipping and Ports - The shipping market is expected to benefit from geopolitical developments and trade agreements, particularly with India ceasing oil purchases from Russia [9] - The BDI index increased by 1.1% to 2011 points, indicating a positive trend in the dry bulk shipping market [11] - China's port cargo throughput increased by 9.63% week-on-week, with container throughput rising by 12.41% [12] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.27% and highway freight vehicle traffic up by 4.75% [12] - The road passenger volume decreased by 2.60% year-on-year, while rail passenger volume increased by 8.52% [12] Supply Chain Logistics - The logistics sector in South China is undergoing transformation, providing performance elasticity and potential for value reassessment [12] - The chemical logistics market is expanding, with significant growth opportunities for leading companies [12] Ports - The port sector is stabilizing, with strong cash flow and a focus on hub growth potential [12]

Core Viewpoint - The company announces the early redemption of "Beigang Convertible Bonds" with specific dates and conditions for trading and conversion [2][4]. Group 1: Redemption Announcement - The last trading day for "Beigang Convertible Bonds" is February 9, 2026, after which trading will cease [2]. - The last conversion day is February 12, 2026, where bondholders can still convert their bonds into shares until market close [2]. - The bonds will be redeemed at a price of 101.13 CNY per bond, including interest and tax [3][17]. Group 2: Redemption Conditions - The company has triggered the conditional redemption clause due to the stock price being above 130% of the conversion price for 15 out of 30 trading days [16]. - The redemption registration date is February 12, 2026, and the actual redemption will occur on February 13, 2026 [21]. - The funds from the redemption will be credited to bondholders' accounts by March 2, 2026 [3][21]. Group 3: Bond Issuance Overview - The company issued 30 million convertible bonds on June 29, 2021, with a total value of 3 billion CNY and a six-year term [5]. - The bonds were listed on the Shenzhen Stock Exchange on July 23, 2021, under the code "127039" [6]. Group 4: Conversion Price Adjustments - The initial conversion price was set at 8.35 CNY per share, which has been adjusted multiple times due to profit distribution [8][9][10]. - The latest adjustment brought the conversion price down to 7.31 CNY per share as of October 22, 2025 [12].

证券代码：000582 证券简称：北部湾港 公告编号：2026024 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 特别提示： 1．最后交易日：2026 年 2 月 9 日 截至 2026 年 2 月 6 日收市后，距离"北港转债"停止交易 仅剩 1 个交易日。2026 年 2 月 9 日是"北港转债"最后一个交 易日，当日"北港转债"简称为"Z 港转债" ；2026 年 2 月 9 日收市后"北港转债"将停止交易； 2．最后转股日：2026 年 2 月 12 日 2026 年 2 月 12 日是"北港转债"最后一个转股日，当日收 市前，持有"北港转债"的投资者仍可进行转股；2026 年 2 月 12 日收市后，未转股的"北港转债"将停止转股； 3．截至 2026 年 2 月 6 日收市后，距离"北港转债"停止 交易仅剩 1 个交易日，距离"北港转债"停止转股并赎回仅剩 - 1 - 4 个交易日。本公司特提醒投资者仔细阅读本公告内容，关注 相关风险，谨慎交易"北港转债" ； 关于提前赎回"北港转债"暨赎回前最后一个 交易日的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确 ...

Investment Rating - The report indicates a stable outlook for the port industry, with a focus on infrastructure and domestic demand supporting the industry fundamentals [7][8]. Core Insights - The growth rate of cargo and container throughput in Chinese ports is slowing down, influenced by GDP and import-export growth deceleration. Coastal ports dominate in terms of throughput, with significant differentiation in growth rates among major ports [8][9]. - Since 2018, investment in inland waterway transportation has consistently exceeded that of coastal ports, leading to structural overcapacity in coastal ports. However, there remains a demand for terminal upgrades, optimization of port layouts, and channel construction, with a clear trend towards larger and more specialized port berths [8][9]. - The overall revenue of sampled port enterprises is steadily increasing, with strong operational cash flow capabilities. Future capital expenditures are expected to remain substantial due to increased financing driven by port-related project investments [8][9]. - The report anticipates that global economic growth will remain low, with uncertainties surrounding trade policies potentially impacting China's foreign trade. However, domestic demand is expected to expand, providing some support for port throughput [8][9]. Industry Overview Macroeconomic Environment - In 2025, China's economy is projected to stabilize, with domestic demand expected to support cargo throughput at ports. The economic policies are characterized by a multi-dimensional collaborative approach, focusing on stabilizing growth and enhancing domestic consumption [9][10]. - The port industry is highly sensitive to macroeconomic cycles, with the performance of cargo and container throughput closely linked to economic conditions and foreign trade developments [10][11]. Industry Policies and Regulatory Environment - The government has introduced various policies to guide the development of smart, green, safe, and efficient ports, aiming to enhance the competitive capabilities of ports through a market-oriented pricing system [11][12]. - Recent policies emphasize the integration of rail-water transport and the construction of a modern comprehensive transportation system, with significant investments expected in port infrastructure [11][12]. Industry Operating Conditions - The throughput growth of Chinese ports has shown signs of slowing down, with a notable differentiation in growth rates among major coastal ports. In 2024, the total cargo throughput reached 1,759.5 million tons, growing by 3.7% [16][20]. - Container throughput growth has also slowed, with a total of 33.2 million TEUs in 2024, reflecting a 7.0% increase [17][20]. Financial Performance - Sampled port enterprises have shown steady revenue growth, with total revenue reaching 643.36 billion yuan in the first nine months of 2025, maintaining a stable operational performance [34][36]. - The cash flow from operating activities has been strong, with a cash income ratio exceeding 100%, indicating that cash flow can meet capital expenditure needs [36][39]. Debt Levels - The total debt of sampled port enterprises has increased, with a total debt of 1,162.86 billion yuan by September 2025, primarily for new terminal construction and upgrades [41][43]. - The short-term debt ratio is moderate, with a significant portion of financing coming from bank loans and bond issuances [41][43]. Debt Repayment Capacity - Most sampled port enterprises face manageable short-term repayment pressures, with strong long-term repayment capabilities. However, some enterprises have heavier debt burdens and historical personnel liabilities that require attention [44][45]. Bond Market Performance - The report notes a decrease in bond issuance rates for port enterprises, with a total of 180 bonds issued in 2025, reflecting a 7.57% increase in issuance scale [48][49].

Group 1 - The core viewpoint of the news is that Beibu Gulf Port has shown significant trading activity, with a notable increase in financing and a mixed performance in revenue and profit [1][2]. Group 2 - On February 5, Beibu Gulf Port's stock price fell by 1.01%, with a trading volume of 251 million yuan. The financing buy-in amount was 23.53 million yuan, while the financing repayment was 22.16 million yuan, resulting in a net financing buy of 1.36 million yuan [1]. - As of February 5, the total balance of margin trading for Beibu Gulf Port was 438 million yuan, with a financing balance of 433 million yuan, accounting for 2.16% of the market capitalization, which is above the 90th percentile of the past year [1]. - The company has a significant portion of its revenue from port loading and storage services, which accounts for 94.59% of its total revenue, while tugboat services contribute 3.55%, and other services make up the remaining [1]. Group 3 - As of September 30, the number of shareholders for Beibu Gulf Port increased to 59,400, a rise of 42.47%, while the average circulating shares per person decreased by 29.81% to 31,217 shares [2]. - For the period from January to September 2025, Beibu Gulf Port reported a revenue of 5.535 billion yuan, reflecting a year-on-year growth of 12.92%, but the net profit attributable to shareholders decreased by 13.89% to 789 million yuan [2]. Group 4 - Beibu Gulf Port has distributed a total of 3.034 billion yuan in dividends since its A-share listing, with 1.396 billion yuan distributed over the last three years [3]. - As of September 30, 2025, the top ten circulating shareholders included Southern CSI 500 ETF, holding 13.49 million shares, which decreased by 296,400 shares compared to the previous period, while Hong Kong Central Clearing Limited increased its holdings by 3.009 million shares to 12.17 million shares [3].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1．最后交易日：2026 年 2 月 9 日 证券代码：000582 证券简称：北部湾港 公告编号：2026023 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 关于提前赎回"北港转债"暨即将停止交易的 重要提示性公告 2026 年 2 月 9 日是"北港转债"最后一个交易日，当日 "北港转债"简称为"Z 港转债" ；2026 年 2 月 9 日收市后 "北港转债"将停止交易； 2．最后转股日：2026 年 2 月 12 日 2026 年 2 月 12 日是"北港转债"最后一个转股日，当日收 市前，持有"北港转债"的投资者仍可进行转股；2026 年 2 月 12 日收市后，未转股的"北港转债"将停止转股； 3．截至 2026 年 2 月 5 日收市后，距离"北港转债"停止 交易仅剩 2 个交易日，距离"北港转债"停止转股并赎回仅剩 5 个交易日。本公司特提醒投资者仔细阅读本公告内容，关注 - 1 - 相关风险，谨慎交易"北港转债" ； 4．风险提示： 根据安排，截至 2026 年 ...