香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 外 商 投 資 股 份 有 限 公 司 ） （股票代碼：2880） 海外監管公告 本公告乃依據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 承董事會命 遼寧港口股份有限公司 王慧穎 公司秘書 獨 立 非 執 行 董 事： 劉 春 彥、程 超 英 及 陳 維 曦 中國遼寧省大連市 二零二五年八月二十八日 於 本 公 告 日 期，董 事 會 成 員 是： 執 行 董 事： 李國鋒及魏明暉 非 執 行 董 事： 王 柱、黃 鎮 洲 及 楊 兵 * 本公司根據修改前的香港公司條例第XI部（即 已 於 二 零 一 四 年 三 月 三 日 生 效 之 公 司 條 例 第 十 六 部）登 記 為 非 香 港 公 司，英 文 名 稱 為「Liaoning Port Co., L ...

Investment Rating - The report assigns an "Accumulate" rating for Liaoport Co., Ltd. (601880.SH) [3] Core Views - Liaoport Co., Ltd. is the largest comprehensive terminal operator in Northeast China, with strong business integration. The company has enhanced its overall strength following the absorption and merger of Yingkou Port in 2021. Although the company's early performance was impacted by oil business, it is expected to recover in 2025 as it continues to expand container shipping resources and seek growth in oil business, while the grain transportation business has room for growth under the "North Grain South Transport" pattern [1][8]. Financial Data and Valuation - Total revenue for 2023 is projected at 12,220 million yuan, with a year-on-year growth of 2%. Revenue is expected to decline by 9% in 2024, followed by a recovery with a 4% increase in 2025 [2] - Operating profit for 2025 is estimated at 2,240 million yuan, reflecting a 24% year-on-year growth [2] - Net profit attributable to shareholders is expected to be 1,403 million yuan in 2025, representing a 23% increase compared to 2024 [2] - The company’s current price-to-earnings (PE) ratio is 26.2, and the price-to-book (PB) ratio is 0.9 [2] Business Overview - Liaoport Co., Ltd. operates in various segments including oil products, containers, bulk cargo, and grain, with a strong focus on container and bulk cargo contributing significantly to profits. The company has faced short-term performance pressure due to a decline in high-margin cargo volumes such as iron ore and steel [8][26] - The company has a total of 180 operational berths, with 154 being over 10,000 tons, and a throughput capacity exceeding 600 million tons [13] - Container throughput for 2024 is projected at 10.86 million TEU, with a year-on-year growth of 5.8% [22] - The grain business is expected to grow steadily, with a projected throughput of 15.63 million tons in 2024, reflecting a 2.3% increase [8][22] Industry Insights - The container business in the national port sector continues to show steady growth, with a 4.2% year-on-year increase in container throughput in the first half of 2025 [46] - The bulk cargo sector is experiencing pressure due to domestic demand, particularly in coal and iron ore, with coal throughput in northern ports declining by 5.5% in 2024 [54][58] - The ongoing integration of ports in Liaoning Province is expected to enhance operational efficiency and provide room for rate increases in port services [70][73]

Group 1 - The company, Liaoport Co., Ltd. (SH 601880), announced on August 5 that as of the end of July 2025, it has repurchased approximately 334 million A shares, accounting for 1.3959% of the total share capital as of July 31, 2025, with a total expenditure of approximately RMB 545 million [2] - The highest purchase price for the repurchased shares was RMB 1.76 per share, while the lowest was RMB 1.45 per share [2] Group 2 - For the fiscal year 2024, the revenue composition of Liaoport Co., Ltd. is as follows: container terminal and related logistics business accounted for 34.59%, bulk cargo terminal and related logistics business accounted for 33.52%, port value-added and support services accounted for 11.06%, oil and liquid chemical terminal and related logistics business accounted for 10.08%, and grain terminal and related logistics business accounted for 6.23% [2]