重庆港股份有限公司2025 年半年度报告 公司代码：600279 公司简称：重庆港 重庆港股份有限公司 重庆港股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人屈宏、主管会计工作负责人刘世斌及会计机构负责人（会计主管人员）刘红伟 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划以及为达到计划拟采取的措施等前瞻性陈述不构成公 司对投资者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 无 十一、 其他 □适用 √不适用 ...

Group 1 - Company signed a strategic cooperation framework agreement with Jiangsu Taihu Water Resources Planning and Design Institute to collaborate in transportation, municipal, water transport, and water conservancy engineering [1] - As of now, no projects have been launched under this cooperation, but the company will continue to actively promote the strategic partnership [1] - The company recently passed the evaluation for Class B qualification in water transport engineering materials, marking a significant breakthrough in the water transport engineering testing field [1] Group 2 - Company is one of the few engineering design consulting service enterprises in China with cross-industry and full business chain Class A qualifications, focusing on infrastructure construction in urban and transportation sectors [2] - The company aims to provide comprehensive solutions and technical support for livable city construction and integrated transportation system development, covering various fields including highways, bridges, tunnels, ports, urban roads, public transport, and environmental engineering [2] - The company has established a nationwide operational service network, with six major operational regions and 18 subsidiaries across China, while actively engaging with national strategic initiatives such as the Belt and Road Initiative and regional economic zones [2]

Summary of Conference Call Notes Company Overview - Ningbo Port operates as the main port operator in Zhejiang Province, managing several ports including Ningbo-Zhoushan, Wenzhou, Jiaxing, Taizhou, and Yiwulu [1][2] - The company focuses on terminal operations, port logistics, and capital management, with a diverse range of cargo handling including containers, iron ore, crude oil, coal, liquid chemicals, and food [1][2] 2024 Performance Highlights - In 2024, Ningbo Port achieved a revenue of 28.702 billion yuan, a year-on-year increase of 10.4% [4] - The operating profit was 4.898 billion yuan, up 4.91%, while the net profit after deductions was 3.915 billion yuan, reflecting a growth of 4.94% [4] - Total assets reached 112.9 billion yuan [4] - The revenue composition included container-related services (34.78%), comprehensive logistics and other services (34.05%), and other cargo handling services (10.62%) [4][5] Operational Achievements - Cargo throughput reached 1.135 billion tons, a 3.4% increase, while container throughput was 47.642 million TEUs, up 10.4% [5][6] - Significant growth was noted in Wenzhou Port (11.6%), Taizhou Port (12.6%), and Jiaxing Port (10.1%) [6] - The company improved operational efficiency, with an 8.1% increase in average shipping efficiency and a 6.7% reduction in average waiting time [6] ESG Initiatives - The company has been enhancing its ESG management since the release of its first ESG report in 2023, establishing a comprehensive ESG management system [9] - The second ESG report covers governance, environmental, social aspects, service, and future plans [9] - Environmental investments exceeded 520 million yuan, focusing on achieving carbon neutrality and biodiversity protection [11] Future Development Outlook - The company aims to diversify its services beyond traditional cargo handling to include full logistics, supply chain finance, and LNG refueling [13][14] - Plans to enhance operational intelligence through automation and digital technologies are underway, aiming to improve efficiency and reduce costs [14] - The strategic goal for 2025 includes achieving a cargo throughput of 1.18 billion tons and a revenue of 29.5 billion yuan [16] Additional Insights - The company emphasizes a strong governance structure with a diverse board and compliance management [10] - Continuous improvement in safety management and environmental practices is a priority, with numerous training sessions conducted [12] - The company is committed to supporting national strategies such as the Belt and Road Initiative and enhancing its role as a logistics hub [15]

Core Viewpoint - Wuhan Yangluo Port has become a leading hub for iron-water intermodal transport, achieving significant growth in container throughput and efficiency, driven by its strategic location and advanced technology [3][5][10]. Group 1: Performance Metrics - In 2024, Wuhan Port completed an iron-water intermodal transport volume of 231,600 TEUs, marking a 44% year-on-year increase, making it the national champion for two consecutive years in both total volume and growth rate among inland ports [3]. - The port's annual container throughput capacity has surpassed 4 million TEUs, with an annual cargo throughput reaching 150 million tons [10]. Group 2: Strategic Advantages - Wuhan serves as a central city in the midwest, a core city in the Yangtze River Economic Belt, and an important node in the Belt and Road Initiative, enhancing its role as a dual-circulation hub for domestic and international trade [5][15]. - The port has established over 50 iron-water intermodal routes, facilitating seamless transfers between maritime and rail transport, significantly reducing time and costs compared to traditional segmented transport methods [5][10]. Group 3: Technological Innovations - The Yangluo Port features a fully automated container terminal, operating 24/7 with smart systems that enhance cargo turnover speed, reduce costs, and improve safety [8][10]. - The implementation of intelligent gate systems has achieved 100% coverage in the city, allowing for 24-hour unmanned automatic clearance, streamlining cross-border trade processes [8]. Group 4: Future Development Plans - The "Three-Year Action Plan for High-Quality Development of the Yangtze River Midstream Shipping Center (2025-2027)" aims to enhance the port's influence and connectivity, targeting improvements in port infrastructure and the establishment of new international intermodal routes [14]. - By 2027, the plan includes goals for improving 42 kilometers of third-level waterways, increasing the annual addition of international intermodal routes by three or more, and achieving over 50% of container transshipment through water [14].

Core Viewpoint - The construction of the Chuanwen Expressway is a significant project facing multiple challenges, including complex geological conditions and strict environmental regulations, while also serving as a vital transportation link for regional development and disaster response [1][2][3]. Group 1: Project Overview - The Chuanwen Expressway, officially started in October 2024, is part of the National Highway Network Plan and aims to connect the Chengdu Plain to key tourist areas like Jiuzhaigou and Huanglong [1]. - The estimated investment for the project is 56.5 billion [1]. - Upon completion, the expressway is expected to enhance regional logistics capabilities and support national development strategies such as the Belt and Road Initiative [1][2]. Group 2: Engineering Challenges - The expressway spans 198.73 kilometers, with a bridge-tunnel ratio of 93.7%, making it the highest in Sichuan province for similar projects [2]. - The project faces significant geological challenges, including 788 identified geological hazards such as landslides and rockfalls along nearly 170 kilometers of the route [2][3]. - The elevation difference between the starting and ending points is 1,871 meters, which is higher than Mount Tai [2]. Group 3: Safety and Environmental Management - The construction is subject to strict environmental regulations due to its proximity to sensitive ecological areas, including the Minjiang River and national parks [3]. - A "safety steward" team, consisting of experienced engineers and safety experts, has been established to enhance safety management and risk control during construction [5]. - Innovative surveying techniques, including aerial and drone technologies, are employed to better understand geological conditions and mitigate risks [4].

Core Viewpoint - The recent launch of the "2025 High-Quality Development Look at Customs" research activity in Chengdu highlights the growing significance of Chongqing as a logistics hub, particularly in the context of the Belt and Road Initiative and the Western Land-Sea New Corridor [1][3]. Group 1: Logistics Hub Development - Chongqing has evolved into a multi-type national logistics hub, featuring port, land port, air port, production service, and trade service capabilities [3]. - The Chongqing International Logistics Hub Park serves as a key land port hub, facilitating international trade and connectivity [3]. - As of Q1 this year, the Western Land-Sea New Corridor has expanded its logistics services to 127 countries and regions, covering 563 ports, marking it as a crucial node for China's high-level opening up to the south and west [3][4]. Group 2: Historical Context and Growth - The first China-Europe Railway Express "Yuxinou" departed from Chongqing in 2011, followed by the first train of the Western Land-Sea New Corridor in 2017, indicating the city's long-standing commitment to enhancing its logistics capabilities [4]. - From January to May this year, the Chongqing Customs reported handling 109,000 TEUs of import and export goods via the China-Europe Railway Express, reflecting a 3% year-on-year increase [4]. Group 3: Future Initiatives - Chongqing is planning to build a "Digital Land-Sea New Corridor" to address challenges in logistics coordination and improve service levels [4]. - The city aims to leverage the Western Land-Sea New Corridor to create a comprehensive industrial chain map, promoting the integration of trade and industry along the corridor [6].

Core Viewpoint - Zhejiang Jiaokao has secured significant contracts, indicating a strong position in the infrastructure sector and a stable revenue stream supported by its parent company, Zhejiang Transportation Group [1][8]. Group 1: Recent Contracts and Orders - On June 20, Zhejiang Jiaokao announced it became the first candidate for a major project on the 638 National Road, with a proposed bid of 1.897 billion yuan [1][3]. - In Q1 2025, the company secured 334 new orders amounting to 18.575 billion yuan, with 318 projects signed and 16 projects pending [6]. - The company has a total of 1.32516 billion yuan in uncompleted contracts as of the end of Q1 2025 [6]. Group 2: Financial Performance - In 2024, the company reported revenue of 47.772 billion yuan, a year-on-year increase of 3.75%, while net profit slightly decreased by 2.78% to 1.31 billion yuan [2][9]. - For Q1 2025, revenue reached 8.171 billion yuan, up 5.74% year-on-year, and net profit increased by 18.82% to 221 million yuan [2][9]. - The total assets of the company exceeded 73.85 billion yuan by the end of Q1 2025, reflecting a 14.06% year-on-year growth [2][9]. Group 3: Market Position and Strategy - Since refocusing on infrastructure in 2021, the company has seen a significant increase in contract signings, with a record high of 95.212 billion yuan in new contracts in 2023 [5]. - The company is actively expanding its market presence both domestically and internationally, with operations in over 20 countries and across more than 30 provinces in China [10]. - The parent company, Zhejiang Transportation Group, plays a crucial role in stabilizing the company's profitability and supporting its growth in the infrastructure sector [8][9].

Group 1 - The core viewpoint of the news is the successful establishment of the Jin Yuan Huaxing Leasing Zhi Yuan Phase 1 Asset-Backed Special Plan, with a total scale of 9.58 billion yuan, marking a significant achievement for Caida Securities in the asset securitization business related to the Yangtze River Economic Belt [2][3] - The special plan has three priority levels: Priority A1, A2, and B, with credit ratings of AAA, AAA, and AA+ respectively, and corresponding coupon rates of 2.63%, 3.00%, and 3.98% [2] - Jin Yuan Huaxing Leasing, established in November 2016, focuses on financing leasing services in sectors such as new energy, infrastructure, and engineering machinery manufacturing, and is a subsidiary of Shangrao Investment Holding Group [2] Group 2 - The successful issuance of this project is supported by Caida Securities' deep expertise in the financing leasing asset securitization field, with the A1 priority coupon rate of 2.63% being the lowest ever for Jin Yuan Huaxing Leasing's fixed-income products [3] - The plan's alignment with the Yangtze River Economic Belt highlights the financial capital's role in supporting national strategic initiatives, showcasing the responsibility and commitment of financial institutions [3] - Caida Securities aims to leverage this business as an opportunity to further innovate in the asset securitization sector, providing efficient and low-cost financing solutions while directing capital towards key areas and regions supported by national strategies for high-quality economic development [3]

Group 1: Dividend Policy and Financial Performance - The company plans to maintain a dividend payout ratio of 43.3% for 2024, with a cash dividend of 1.30 CNY per 10 shares, distributing a total of 675,932,834.98 CNY, which accounts for 50.09% of the net profit attributable to shareholders for 2024 [2][3] - The company aims to distribute at least 50% of the annual distributable profit as cash dividends for the years 2024-2026 [3] - In Q1 2025, the net profit attributable to shareholders was 313 million CNY, representing a year-on-year increase of 21.63% [3] Group 2: Market Position and Competitive Strategy - The company is focusing on enhancing its core competitiveness by leveraging national strategies such as the "Belt and Road Initiative" and the Guangdong-Hong Kong-Macao Greater Bay Area [3][4] - The company has opened 17 inland ports and 32 sea-rail intermodal routes, enhancing its logistics network and regional competitiveness [4] - The company has added 6 new international routes in the first four months of 2025, expanding its service coverage to major trade regions [4] Group 3: Future Growth and Industry Outlook - The company plans to explore new business models and enhance operational efficiency to boost profitability, particularly in the Greater Bay Area and the Yangtze River Economic Belt [4][5] - The overall growth of China's coastal ports is expected to remain stable in 2025, although the growth rate may slow compared to 2024 [5][6] - The demand for coal is projected to increase slightly in 2025, while the throughput of metal ores is expected to remain stable due to ongoing trade tensions and a sluggish real estate market [6][7] Group 4: Operational Innovations - The Huangshi New Port is implementing an innovative "loading + mixing + trading" model for iron ore operations to enhance throughput and profitability [7] - The port has established modern storage facilities and a comprehensive transportation network to support its operations [7]

Group 1: Financial Performance - The company's Q1 2025 revenue was 171 million yuan, with a net profit attributable to shareholders of 313 million yuan, representing a year-on-year growth of 21.63% [2] - The net profit excluding non-recurring items was also 313 million yuan, showing a growth of 21.96% compared to the previous year [2] Group 2: Port Development and Operations - The company is leveraging national strategies such as the "Belt and Road Initiative" and the Guangdong-Hong Kong-Macao Greater Bay Area to enhance its port network and collaborative development [2] - In the first four months of 2025, the company added 6 new international shipping routes, expanding its service coverage to major trade areas in Europe, America, and Asia [3] - The port currently operates nearly 100 shipping routes, with an average of 6 daily flights to the United States and 4 to Europe, along with over 10 cross-border e-commerce shipping lines [3] Group 3: Dividend Policy - The company plans to significantly increase its cash dividend payout ratio in response to the new "National Nine Articles" policy, committing to distribute at least 50% of its distributable profits as cash dividends annually from 2024 to 2026 [3] - Since its listing, the company has distributed a total of 6.324 billion yuan in dividends and will continue to actively implement its cash dividend policy to reward shareholders [3] Group 4: Disclosure Compliance - The activity did not involve any undisclosed significant information [3]