Core Viewpoint - Shenzhen Yantian Port Co., Ltd. is actively expanding its multi-modal transport network and focusing on professional port cluster development to enhance long-term growth and shareholder returns [2][3]. Group 1: Multi-Modal Transport Network - The company has achieved continuous positive growth in sea-rail intermodal transport for six consecutive years, leveraging its unique railway access to the port [2]. - As of now, Yantian Port has established a network comprising "26 inland ports + 34 sea-rail intermodal routes," extending its service network to South China, Central China, and Southwest China [2]. - The regional linkage system includes "15 Greater Bay Area combination ports + 17 feeder routes," creating an efficient multi-modal transport framework to support the export of "China Intelligent Manufacturing" goods and the establishment of Shenzhen as a global logistics hub [2]. Group 2: Future Growth and Strategic Planning - The company plans to deepen its presence in Shenzhen, focus on the Guangdong-Hong Kong-Macao Greater Bay Area, and collaborate with the Yangtze River Economic Belt, emphasizing three core group layouts: East Guangdong, West Shenzhen, and the Yangtze River Economic Belt [3]. - Key areas of focus for revenue expansion include containers, coal, iron ore, and new energy vehicles, aiming to build specialized capabilities through strategic port or intermodal project layouts [3]. - The company is also seeking overseas quality port projects to enhance its project reserve and establish a port service system that integrates river-sea, trunk-branch, and sea-rail linkages for sustainable development [3]. Group 3: Fund and Naming Plans - The Shenzhen Port Hongsheng Marine Technology Investment Fund is currently in the preparatory stage and requires registration with the Asset Management Association of China before implementation [4]. - The company has clarified that there are no plans for a name change regarding its listing on the Shenzhen Stock Exchange at this time [4].

Group 1: Infrastructure and Network Expansion - Yantian Port has established a solid foundation in "sea-rail intermodal" and "inland port" network construction, with a continuous positive growth in sea-rail intermodal volume for six consecutive years [2][3] - The port has added 9 inland ports this year, expanding its service network to South China, Central China, and Southwest regions, effectively achieving "ports at your doorstep" [2][3] - Currently, Yantian Port has built a network of "26 inland ports + 34 sea-rail intermodal lines" and a regional linkage system of "15 Greater Bay Area combination ports + 17 barge feeder lines" [3] Group 2: Revenue and Investment Strategies - The company has gained stable income through investments in terminals and highways, and is exploring mergers, strategic partnerships, or new project investments to expand revenue sources [3] - Yantian Port aims to deepen its layout in three core groups: East Guangdong, West Shenzhen, and the Yangtze River Economic Belt, focusing on container, coal, iron ore, and new energy vehicles [3] - The company is actively seeking overseas quality port projects to enhance its project reserve and promote a networked port layout [3] Group 3: Fund and Corporate Structure - The Shenzhen Port Hongsheng Marine Technology Investment Fund is currently in the preparatory stage and requires registration with the Asset Management Association of China before implementation [4] - There are no current plans to change the trading name on the Shenzhen Stock Exchange, despite the parent company being renamed [4][5] - The East Port area is expected to transfer its equity or assets to Yantian Port or a third party within 36 months of obtaining port operation permits, as per commitments made by the controlling shareholder [5] Group 4: Investor Relations and Transparency - The investor relations activity did not involve any undisclosed significant information [5] - The company is committed to maintaining transparency and will fulfill information disclosure obligations in accordance with relevant regulations [4]

Core Viewpoint - China's port construction is advancing according to a clear three-phase strategic plan, aiming to achieve "world-class" standards for major ports by 2035 and to establish world-class port clusters by 2050 [5][7][8]. Group 1: Strategic Planning and Investment - The strategic planning for China's port development is systematic and forward-looking, with clear phased goals set by the Ministry of Transport and other departments [7][9]. - The investment scale for coastal ports is expected to reach an annual average of 108.3-132 billion yuan over the next three years, while inland ports may exceed 120 billion yuan annually over the next five years [30][32]. - The investment in green upgrades is projected to average around 20.9 billion yuan annually over the next five years, focusing on shore power facilities and clean energy vehicles [31][41]. Group 2: Smart Transformation - Smart transformation is a key direction for port development, emphasizing automation and digitalization in port operations [5][11]. - The construction and renovation of automated terminals are prioritized, with examples like Xiamen Port achieving full automation in traditional container terminals [12][15]. - The development of intelligent management systems, such as the ATOS system at Qingdao Port, enhances operational efficiency and resource management [15][16]. Group 3: Green Transformation - Green port construction aims to establish a comprehensive pollution prevention system by 2025, significantly improving resource recycling and utilization [16][18]. - Key measures include promoting shore power usage, transitioning port machinery to clean energy, and controlling pollutant emissions [16][18]. - The green transformation is expected to bring about significant investment opportunities, with an estimated annual demand of around 20.9 billion yuan for green upgrades [31][52]. Group 4: Inland Port Containerization - Inland ports are undergoing a wave of containerization, which can significantly enhance loading and unloading efficiency by approximately 75% compared to traditional ports [19][23]. - Container ports offer advantages such as lower transportation costs, better multi-modal transport capabilities, and improved environmental performance [24][25]. Group 5: Railway Port Integration - The integration of railways into port operations is crucial for optimizing logistics and enhancing multi-modal transport [25][27]. - Current challenges include the lack of standardization in container specifications between rail and sea transport, which increases operational costs and delays [27][28]. - Future investments in railway port projects are projected to average around 42.2 billion yuan annually over the next five years, focusing on key regions like the Grand Canal and Pearl River system [31][54].

一组数据印证了我国物流业从"量的增长"跨越到"质的提升"："十四五"前四年，我国社会物流总费用与 GDP的比率下降0.6个百分点；2024年，全国全社会物流成本共降低约4000亿元，其中运输成本降低 2800亿元；重点枢纽货物换装次数缩短1至2次，多式联运1小时换装率超过85%。 成绩背后，是行业转型的深层逻辑，也为"十五五"时期的发展指明了方向。近日，交通运输部党组成 员、副部长李扬在全国交通物流降本提质增效现场推进会上表示，要准确把握"十五五"时期新形势新要 求，着力推动交通物流由聚焦物流环节自身整合向主动融入和服务现代化产业体系转变，由传统要素驱 动向智慧化绿色化赋能转变，由聚焦干线环节向畅通城市群都市圈城乡物流配送体系转变，由聚焦畅通 国内循环向促进内外高效连通转变。"通过四个转变，在交通强国体系下，聚焦基础设施网络、物流运 输服务、技术装备应用、数据赋能治理等四个方面加快建设现代化交通物流体系。" 李扬进一步指出，切实做好"十五五"交通物流发展规划编制，推动交通物流与产业深度融合，推进多式 联运创新发展，加快培育综合物流集成商，持续健全国际物流供应链体系，培育壮大交通物流领域新质 生产力，持续完善城 ...

Core Points - The opening of the Wuhan Jin控长贸 Railway Dedicated Line marks a significant milestone in the city's logistics infrastructure, enhancing its role as a core hub for grain logistics in the Yangtze River Economic Belt [1][2] - The dedicated line is part of a broader initiative to promote multi-modal transport and improve the efficiency of grain logistics, with a total investment exceeding 960 million yuan [1] - The project connects key railway lines and strengthens collaboration with other cities, facilitating the movement of grain across major regions in China [1] Summary by Sections Project Overview - The Wuhan Jin控长贸 Railway Dedicated Line officially commenced operations on November 16, 2023, with a focus on grain transport [1] - The project covers an area of 356 acres and has a total length of approximately 5.4 kilometers, featuring three unloading lines [1] Transportation Efficiency - The first batch of goods transported via this line consists of 21,200 tons of corn sourced from Liaoning and Jilin provinces, utilizing a public-rail intermodal transport method [2] - Compared to single road transport, the intermodal approach improves delivery efficiency by approximately 80% [2] - The logistics cost per ton is reduced by nearly 10 yuan, resulting in total savings exceeding 200,000 yuan for this batch of grain [2] Operational Capacity - The dedicated line, in conjunction with automated systems, can handle a daily grain intake capacity of 5,000 tons, significantly enhancing operational efficiency by over four times compared to traditional storage methods [2] - The line's integration with the Wuhan North Classification Station provides robust transport capacity and an efficient emergency response mechanism, solidifying the grain emergency guarantee in the central China region [2]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $7.7 million, representing a 24% year-over-year increase [13] - Platform revenue was $2.6 million, up 15% year-over-year, while solutions revenue reached $5.1 million, up 30% year-over-year [13] - Gross margin improved from 65% a year ago to 69.1% in Q3 2025, with non-IFRS gross margin rising from 72.7% to 74.8% [16] - Adjusted EBITDA improved to negative $2.6 million in Q3 2025 compared to negative $2.8 million in Q3 2024 [17] - Cash and short-term bank deposits at the end of the quarter were $30.6 million, supporting continued investments [18] Business Line Data and Key Metrics Changes - The company processed 429,000 transactions in Q3, a 27% increase year-on-year, marking the 23rd consecutive quarter of record transactions [4] - Unique buyer users were approximately 20,600, and the number of carriers with more than five bookings increased to 77 [4] - Solutions revenue growth was anticipated to be stronger than the 30% year-on-year growth delivered, impacted by longer sales cycles due to tariffs and macroeconomic conditions [9] Market Data and Key Metrics Changes - Air cargo volumes increased by 4% compared to Q3 2024, despite challenges in trans-Pacific e-commerce volumes [5] - Average global air cargo rates decreased by 6% compared to Q3 last year, reflecting market volatility [5] - The overall global trade is up on the year, but trade with the U.S. has seen a slight decline [30] Company Strategy and Development Direction - The company is focused on expanding airline coverage in Asia and enhancing multimodal capabilities [4][6] - A strategic partnership with Visa and TransCard was announced to provide modern financing solutions for freight forwarders and importers/exporters [6][7] - The launch of the new multimodal rate management and quoting SaaS product, WebCargo Rate & Quote Ocean, aims to unify air and ocean quoting [8] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is less uncertainty than earlier in the year, tariffs and macroeconomic conditions still create friction for imports to the U.S. [28] - The company anticipates meaningful revenue contributions from ocean bookings in the midterm, with significant growth expected by 2028 [44][45] - The focus remains on achieving adjusted EBITDA break-even by Q4 2026, with continued revenue growth and disciplined cost management [18][20] Other Important Information - The company closed the quarter with a cash burn of about $10 million for 2025, down from $15 million in 2024 [20] - The company expects to end the year with cash and equivalents of approximately $27 million [20] Q&A Session Summary Question: Can you discuss the contribution margin and growth opportunities? - Management acknowledged the balance between growth and achieving break-even EBITDA, emphasizing efficiency improvements and potential AI-driven efficiencies [25][26] Question: How is tariff volatility impacting shipping volumes? - Management indicated that while there is some stabilization, uncertainty and higher tariffs still create friction for imports, affecting the ability to secure large contracts [29][31] Question: What is the current penetration of the platform in various markets? - Management stated that penetration varies by geography, with high penetration in Europe, moderate in the U.S., and low in Asia [35] Question: How will the Visa partnership impact opportunities? - The partnership is expected to enhance payment solutions, potentially increasing average take rates with airlines [40] Question: When will ocean bookings start contributing significantly to revenue? - Significant revenue from ocean bookings is not expected until 2028, with minor contributions anticipated in 2027 [44][45] Question: What is the proportion of recurring versus non-recurring revenue in solutions? - Management indicated that a very large majority of solutions revenue is recurring, with non-recurring revenue not exceeding 5% [59][60]

Core Insights - The China-Europe Railway Express (Xi'an) has achieved a record of over 5,000 trips in the first ten months of the year, marking a 16.3% year-on-year increase, with a total of 5,063 trips [1] - The railway has transported a total of 5.564 million tons of goods, reflecting a 12.9% increase, and sent 505,000 TEUs, which is a 10.5% rise compared to the previous year [1] - The cargo structure has been upgraded, with high-value products such as electronic components, auto parts, and machinery increasingly dominating the shipments [1] Group 1 - The railway has opened 18 international transport main lines and 26 "+West Europe" routes, achieving full coverage of major cargo sources in Asia and Europe [1] - The logistics model between China and Kazakhstan has improved, reducing the cargo transfer time at the border from two to three days to just three hours [1] Group 2 - The development of the China-Europe Railway Express (Xi'an) is reshaping the regional industrial landscape, with companies like Shaanxi Automobile Group and BYD utilizing the service for international expansion [2] - The establishment of logistics parks in Xi'an, such as the Zhonglin Timber Logistics Park and the Wukuang Metal Smart Logistics Park, is facilitating the aggregation of upstream and downstream enterprises, creating the largest timber reserve base and construction material distribution center in Northwest China [2]

0:00 央广网大连11月14日消息（记者刘培俊 见习记者易博闻 丁一）晨曦映照下的渤海湾，一艘巨型渡轮静静停靠在 旅顺西站港口。这不是普通客轮，腹舱内，一列货运火车已拆分完毕，正由牵引机车缓缓推入特制船舱。这 幕"火车上船"的奇观，每天都在这里上演，成为我国东北至华东陆海铁路大通道上独特的风景。 "干这行十几年，每次看到火车稳稳开进船舱，我依然觉得震撼。"中铁渤海铁路轮渡公司调车长柳国臣，望着正 在绑扎作业的车厢说道。 烟大铁路轮渡是亚洲最长的铁路轮渡航线，北起大连旅顺口区长岭子站，南至烟台珠玑站，纵贯渤海海峡。它的 出现，让辽东与山东半岛间的铁路运输距离缩短1600多公里，运输时间也从过去绕行山海关的30多小时，压缩至 海上航行约6.5小时。 "这等于省了1000多公里的油钱和过路费啊！"常年往返辽鲁两地的货车司机郭俊岐算着经济账，"现在连车带货直 接开上船，睡一觉就到对岸，方便多了。" "一对五"滑动道岔技术（央广网记者 刘培俊 摄） 这艘能同时装载火车、汽车和旅客的"海上巨无霸"，是我国首次采用综合全电力推进系统的客滚船，也是世界上 首次采用第三代吊舱式电力推进系统的火车滚装渡船。自2006年11月投 ...

（原标题：前10月广东航空口岸人货两旺，均创历史同期新高） 在货物通关方面，广州白云机场口岸实行全天候电子放行、卡口自动核放，对需要查验的"鲜活、特 殊、急需"货物，实施24小时"随到随查"。深圳海关在全国率先落地进口冰鲜水产品监管模式改革试 点，推出"提前申报+机坪直提"等精准服务措施，支持企业对符合条件的货物运抵后直接提货，压缩通 关时间约50%。 为支持跨境电商等业务集聚发展，广州海关首创"跨境电商全球调拨中心"，推动海关监管与安检作业协 同，缩短跨境电商出口货物等待时长50%，日均最大处理货量达200吨。汕头海关建成启用揭阳潮汕国 际机场航空口岸汕头邮政跨境快件清关中心，助力粤东地区跨境电商业务发展。 广东加快推进多式联运业务发展，盘活国内国际航班舱位资源，提升航空货运效率。广州海关推动省内 首票空空国际转运换单新业务在白云国际机场落地，实现国际转运货物跨运单、跨航司、跨货站高效流 转，节省企业运输成本超10%。深圳海关创新推出"空侧直通"、国际中转"换单"等业务监管模式，大幅 提升国际转运效率。 南方财经见习记者郭莎 广州报道 11月14日，南方财经记者从海关总署广东分署获悉，1-10月，广东省内航 ...

Core Insights - The 2025 Super Hub Expo in Hong Kong marks a significant step in consolidating the city's position as an Asian transportation hub, showcasing the latest technologies and innovations in the transport and logistics sector [1] - The event aims to promote multimodal transport development and deepen regional cooperation, creating a favorable environment for Hong Kong's future role in the transport sector [1] Group 1: Event Overview - The expo features a three-day program that includes professional exchanges, business matching, and award ceremonies, effectively promoting cross-sector collaboration and sustainable development in the transport ecosystem [1] - Key figures from the industry, including representatives from the Civil Aviation Administration of China and the Hong Kong government, participated in the event, emphasizing its importance [1] Group 2: Government Support - The Chairman of the Hong Kong Airport Authority highlighted the necessity of continuous infrastructure investment for the future of the aviation industry, mentioning the three-runway system as a major project [7] - The event received strong support from various government departments, showcasing its significance in the industry and making the "Air Silk Road Forum" a focal point of the expo [7] Group 3: Industry Participation - The expo expanded its coverage to include air cargo, rail transport, and the emerging low-altitude economy, attracting over 100 leading brands such as ARUP, AECOM, and NEC [8] - More than 200 major airports, ground service companies, airlines, and civil aviation authorities participated, marking the initiation of numerous professional exchanges and business opportunities [9] Group 4: Business Networking - The expo aims to create a vibrant business ecosystem in the Asian multimodal transport sector, featuring various activities and high-quality networking opportunities [10] - Specific initiatives include GAD Asia for practical financing and sustainable airport business growth, closed-door airport dialogues for senior executives, and structured one-on-one business matching sessions [10] Group 5: Thematic Discussions - The expo includes over 100 thematic seminars covering topics such as sustainable transport, digital transformation, and green aviation technology, providing valuable learning and networking opportunities [12][13] - The "Low Altitude Economy Forum" emerged as a key highlight, supported by the Hong Kong government's regulatory sandbox policy, showcasing innovations in urban air mobility [14]