证 券 研 究 报 告 招商港口（001872）2025 年中报点评 强推（维持） 2025H1 业绩+3.1%，海外港口成为核心增长 引擎，重视海外港口战略资产价值 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 16,131 | 16,146 | 17,129 | 18,176 | | 同比增速(%) | 2.4% | 0.1% | 6.1% | 6.1% | | 归母净利润(百万) | 4,516 | 4,606 | 4,865 | 5,116 | | 同比增速(%) | 26.4% | 2.0% | 5.6% | 5.2% | | 每股盈利(元) | 1.81 | 1.84 | 1.94 | 2.05 | | 市盈率(倍) | 11 | 11 | 11 | 10 | | 市净率(倍) | 0.8 | 0.8 | 0.8 | 0.7 | 注：股价为 2025 年 8 月 29 日收盘价 公司研究 港口 2025 年 09 月 01 ...

Group 1 - The company Tangshan Port (SH 601000) announced the convening of its eighth board meeting on August 28, 2025, to review the 2025 semi-annual report and related documents [1] - For the year 2024, the revenue composition of Tangshan Port is as follows: bulk cargo accounts for 93.81%, merchandise sales for 3.47%, logistics and services for 1.97%, and other businesses for 0.75% [1]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-049 招商局港口集团股份有限公司 关于 2025 年 7 月业务量数据的自愿性信息披露公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 | 业务指标 | 2025 年 | 7 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | --- | | TEU） 集装箱总计（万 | | 1,728.7 | -0.9% | 11,849.6 | 4.7% | | 内地码头 | 1,364.7 | | 0.4% | 9,283.7 | 5.3% | | 其中：珠三角 | | 148.9 | -7.9% | 1,045.7 | 6.4% | | 长三角 | 897.8 | | 1.0% | 6,144.1 | 6.8% | | 环渤海 | 289.9 | | 4.2% | 1,902.9 | 0.7% | | 东南地区 | | 18.9 | -0.9% | 124.1 | 6.3% | | 西南地区 | | 9.2 | -17. ...

Core Viewpoint - The company, Liaoning Port Co., Ltd., is set to reappoint Xinyong Zhonghe Accounting Firm as its auditor for the fiscal year 2025, following the approval of the board and supervisory committee [8][38]. Financial Data - The first quarter financial report for 2025 has not been audited [3]. - The company reported significant operational changes in various segments, including an increase in container throughput due to new ocean routes and stable port occupancy [5]. - The oil and chemical segment saw increased throughput driven by futures oil outflows and rising demand for crude oil [5]. - The bulk cargo segment experienced a decline in overall business volume due to various market factors, including price discrepancies in steel materials [5]. Shareholder Information - The company has a total of 9 board members present at the recent board meeting, with all voting in favor of the proposals [23][26]. - The proposals include the appointment of the accounting firm and revisions to the company’s articles of association, which will be submitted for shareholder approval [25][38]. Audit Firm Information - Xinyong Zhonghe Accounting Firm has a long history, established in 2012, with a significant number of partners and registered accountants [8][9]. - The firm reported a revenue of 4.046 billion yuan for 2023, with audit services contributing 3.015 billion yuan [9]. - The proposed audit fee for 2025 is set at 4.66 million yuan, remaining consistent with the previous year [15]. Governance Changes - The company is revising its articles of association to reflect recent legal changes, including the elimination of the supervisory board and the establishment of an audit committee [43][44]. - Key revisions aim to enhance the rights of minority shareholders and clarify the responsibilities of controlling shareholders [44].