中证报中证网讯（王珞）天津港（600717）（600717）近日发布的2025年半年度报告显示，报告期内， 公司实现营业收入61.78亿元，同比增长4.33%；实现净利润5.03亿元。 2025年上半年，公司完成货物吞吐量2.29亿吨，同比增长0.44%，完成年度计划4.56亿吨的50.22%；集 装箱吞吐量1060.40万TEU，同比增长1.58%，完成年度计划2077万TEU的51.05%。 天津港是中国北方对外开放的门户与重要的对外贸易口岸，同世界上180多个国家和地区的500多个港口 保持贸易往来，集装箱班轮航线达到147条，腹地面积近500万平方公里，占全国总面积的52％。全港 70%左右的货物吞吐量和50%以上的口岸进出口货值来自天津以外的各省、市、自治区。 据交通运输部公布的数据，2025年上半年，天津港货物吞吐量位居全国沿海港口第7位，集装箱吞吐量 位居全国沿海港口第6位，外贸吞吐量位居全国沿海港口第6位。公司表示，作为天津港装卸产业运营主 体，将抢抓"一带一路"建设、雄安新区建设和京津冀协同发展等重大国家战略机遇，加快推进产业结构 升级，加速智慧港口建设，强化天津港集装箱干线枢纽港地位，不断 ...

天津港股份有限公司2025 年半年度报告 公司代码：600717 公司简称：天津港 天津港股份有限公司 天津港股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人刘庆顺、主管会计工作负责人方胜及会计机构负责人（会计主管人 员）苏静声明：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 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实 质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异，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、 ...

8月22日晚间，天津港（600717）发布2025年半年度报告。报告期内，公司实现营业收入61.78亿元，同 比增长4.33%，完成年度预算116.00亿元的53.26%；实现归母净利润5.03亿元；实现扣非净利润5.35亿 元；实现基本每股收益0.17元。 业务方面，天津港完成货物吞吐量2.29亿吨，同比增长0.44%，完成年度计划4.56亿吨的50.22%；集装 箱吞吐量1060.40万TEU，同比增长1.58%，完成年度计划2077万TEU的51.05%。 上半年，天津港瞄准重点拼货源，通过举办客户座谈会等营销活动，分层走访精准推介天津港的最新服 务举措和物流解决方案，扩大"四千行动"成效。同时，推出精品航线、优化港内航线布局，航线总数稳 在147条。稳定大客户货源，开发新客户新货源，天津港多项业务量显著增长。 科技赋能方面，天津港大力推进全液压抓料机应用，配套研发集袋、型钢、卷钢等专用吊具，有效填补 装卸工艺技术空白，加快攻关电永磁吊具研制，提升钢板装卸作业效率，减少人机交叉作业风险。 规范运作方面，天津港动态监控防风险，及时追踪关联交易实施情况，确保关联交易依法合规；还搭建 ESG管理闭环，详尽披露 ...

Investment Rating - Investment Rating: Positive (Maintain) [5] Core Viewpoints - The construction of an efficient rail system in Xiong'an New Area is accelerating, with a focus on creating a national comprehensive transportation hub. The railway network is forming a "four vertical and two horizontal" high-speed rail system that covers the Beijing-Tianjin-Hebei core area and extends to Central China, East China, and Northwest regions [5][6][9] - The three high-speed rail lines (Xiongshan, Xionxin, and Shixiong) have a total investment of approximately 177.3 billion yuan, with significant construction progress expected between 2025 and 2027, leading to potential revenue and profit growth for related companies [5][36][39] Summary by Sections 1. Efficient Rail System Construction - Xiong'an New Area is strategically positioned to support national development, serving as a key hub for relieving Beijing's non-capital functions. The area is expected to achieve significant connectivity with major cities, including a 20-minute commute to Beijing's new airport and 30 minutes to Beijing and Tianjin [6][9] - The policy framework supporting the railway system has been established, with multiple levels of government backing the construction of high-speed rail and other transportation infrastructure [7][9] 2. High-Speed Rail Network Development - The Xiongshan High-Speed Rail connects Xiong'an to Central China, with a total length of approximately 552 kilometers and a planned completion date of 2026. The project has a total investment of 86.4 billion yuan [14][20] - The Xionxin High-Speed Rail, spanning 342.67 kilometers, is expected to enhance connectivity between Xiong'an and Shanxi, with a completion target of 2027 [21][24] - The Shixiong High-Speed Rail will connect Shijiazhuang and Xiong'an, with a total investment of approximately 33.65 billion yuan and a planned completion date of 2028 [30][33] 3. Investment Opportunities - The construction phase for the three high-speed rail lines is expected to release over 40.7 billion yuan in civil engineering funds between 2025 and 2027, creating significant opportunities for construction and equipment manufacturing companies [5][36][39] - Key construction companies involved include China Railway and China Railway Construction, which are expected to benefit from the ongoing projects [38][39] - The demand for tunnel boring machines (TBM) and related equipment is anticipated to rise due to the high proportion of tunnel construction in the projects, benefiting leading manufacturers in the sector [39][40]

Group 1 - The company, Huitong Construction Group, has won a bid for the "High-speed Railway Vocational Education Center New Construction Project" with a contract amount of 426 million yuan, covering a construction area of 53,000 square meters and expected completion by December 31, 2026 [1] - The project is supported by local government special bonds, indicating a high level of payment security for such vocational education infrastructure projects [1] - The successful bid is expected to enhance the company's business volume and performance, laying a solid foundation for stable development in its main business [1] Group 2 - The company holds multiple high-level qualifications, including being the second private enterprise in the country to obtain a special grade qualification for highway engineering construction, which reflects its comprehensive competitive strength [2] - The industry is currently in a "qualification + technology" dual-driven phase, where qualification levels serve as an "entry ticket" for participating in major projects, directly influencing project scale and profit margins [2] - The company emphasizes that its high-level and diverse business qualifications are fundamental to its sustained rapid growth [3] Group 3 - The company is strategically located in Baoding, Hebei Province, near Beijing and the Xiong'an New Area, benefiting from national strategies like the coordinated development of the Beijing-Tianjin-Hebei region and infrastructure investments [3] - The recent bid win strengthens the company's competitive position in the regional infrastructure market and provides a substantial order reserve to ensure short-term performance [3] - The company aims to leverage its proximity to the Xiong'an New Area and utilize self-developed intelligent construction systems to improve cost efficiency and profitability [3]

Group 1 - China Construction Bank (CCB) leadership, led by Chairman Zhang Jinliang, visited Xiong'an New Area for research and discussions on further cooperation [1][2] - Zhang Guohua, Secretary of the Party Committee and Director of Xiong'an New Area, expressed gratitude for CCB's support in the area's development and highlighted the progress made over the past eight years [1] - CCB aims to deepen cooperation in various sectors including project construction, high-end industries, green ecology, and public welfare to contribute to the high-quality development of Xiong'an [2] Group 2 - CCB has been actively involved in Xiong'an's development, providing financial support and services to enhance the area's infrastructure and urban functions [1][2] - The meeting included leaders from both CCB and Xiong'an, indicating a collaborative approach to future projects and investments [3]

Core Viewpoint - The credit rating agency maintains the credit rating of HuTong Construction Group Co., Ltd. at AA- with a stable outlook, indicating the company's solid financial position and operational capabilities despite facing some financial pressures [1][8]. Company Overview - HuTong Construction Group primarily engages in highway and municipal engineering construction, as well as related sales of construction materials, surveying, design, and testing services [11]. - As of March 2025, the company reported total assets of 57.24 billion yuan and total liabilities of 27.80 billion yuan, resulting in a debt-to-asset ratio of 78.87% [8][11]. Financial Performance - The company’s total revenue for 2024 was 34.58 billion yuan, with a profit margin of 13.03% [8][11]. - The operating profit margin has shown slight fluctuations, with a reported operating profit margin of 15.91% in 2022, decreasing to 13.03% by March 2025 [8][11]. - The company’s EBITDA interest coverage ratio was reported at 2.31 times, indicating a moderate ability to cover interest expenses [8]. Market Position and Competitive Advantage - The company holds high-level construction qualifications, including special-grade qualifications for highway engineering and first-grade qualifications for municipal public works, which enhance its competitive edge in the market [9][11]. - As of March 2025, the company had a backlog of contracts worth 10.271 billion yuan, providing a solid foundation for future revenue growth [9][10]. Industry Analysis - The construction industry in China is experiencing a downturn due to ongoing challenges in the real estate sector, with new contract values declining by 5.21% in 2024 [18][19]. - Despite these challenges, infrastructure investment is expected to remain a key driver of growth, supported by government policies aimed at stabilizing the economy [22][23]. Regional Economic Environment - Hebei Province, where the company operates, has shown steady economic growth, with a GDP increase of 5.4% in 2024, which bodes well for construction activities in the region [24][25]. - The provincial government has committed to significant investments in transportation infrastructure, with plans to complete 600 billion yuan in fixed asset investments during the 14th Five-Year Plan [25].

Group 1 - The Beijing University of Technology's Xiong'an campus project is progressing with the first group of buildings expected to be completed by December 2023 and ready for student use by September 2024 [1][2] - The total planned construction area for the Xiong'an campus is 1.9 million square meters, with the first phase covering approximately 941,800 square meters, aimed to accommodate around 36,000 students by 2035 [2] - The China Railway Xiong'an Innovation Center project is also advancing, with all 30 residential buildings topped out and 70% of the secondary structure completed, aiming for market entry by April 2024 [2][4] Group 2 - The China Railway Xiong'an Innovation Center is designed as a headquarters for the China Railway industry cluster in Xiong'an, covering 305 acres with a planned area of 440,600 square meters, including residential, office, and commercial facilities, expected to be fully delivered by October 2026 [4] - The Xiong'an New Area has seen significant progress in relieving non-capital functions from Beijing, with over 300 branches of central enterprises established and 59 new subsidiaries introduced in 2024 alone, indicating strong economic momentum [4]

Group 1 - The construction of the first phase of the University Town supporting project in Xiong'an is progressing rapidly, providing essential facilities for four universities: Beijing Jiaotong University, Beijing University of Science and Technology, Beijing Forestry University, and China University of Geosciences (Beijing) [1] - The total land area for the project is approximately 405,000 square meters, with a total construction area of about 1.13 million square meters, including residential, commercial, office buildings, hotels, and public transport facilities [1] - The fourth section of the project includes 30 buildings, with a total construction area of about 250,000 square meters, providing over 1,200 housing units, expected to be completed by June 30, 2025, and delivered by September 2026 [1] Group 2 - The fifth section of the project has a total construction area of 338,900 square meters, with construction starting on April 30, 2025, and expected to be completed by December 2027 [2] - The first phase of the project is divided into six sections, featuring diverse facilities including residential buildings, commercial spaces, hotels, and offices, with over 3,000 housing units to meet the needs of faculty and staff from the four universities [2] - The commercial aspect includes an 80,000 square meter commercial complex and two commercial streets, catering to the daily shopping and leisure needs of students and staff, with partial completion expected by the end of next year [2]