Group 1 - The resignation of Vice General Manager Yin Kaiyang is effective immediately upon delivery to the board, and it will not affect the company's operations or development [2] - Yin Kaiyang confirmed that there are no disagreements with the board or management regarding his departure [2][3] Group 2 - The company held a Q3 2025 performance briefing on November 10, 2025, with key executives present to discuss business and financial conditions [5] - The Q3 net profit showed significant growth, with the second quarter net profit exceeding 700 million, attributed to the recovery of long-term receivables and increased investment income [6][7] Group 3 - For the first three quarters of 2025, the company achieved a 5.99% year-on-year increase in revenue, driven by growth in core business segments such as container, grain, and oil products [7][8] - The company reported a 37.51% year-on-year increase in net profit, reaching 1.3 billion [14] Group 4 - Container throughput reached 8.323 million TEU, an increase of 4.7%, while oil products throughput increased by 8.6% to 47.048 million tons [10][11] - The company aims to become a leading port enterprise in Northeast Asia during the 14th Five-Year Plan, focusing on core business development and innovation [12][13] Group 5 - The company has implemented cash dividends totaling 563 million this year, with cumulative dividends of 1.438 billion over the past three years [14]

Core Viewpoint - Liaoning Port Co., Ltd. aims to become a leading port enterprise in Northeast Asia, focusing on enhancing its core business and driving innovative development [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 8.426 billion yuan, a year-on-year increase of 5.99% - The net profit attributable to shareholders reached 1.3 billion yuan, up 37.51% year-on-year - The net profit excluding non-recurring gains and losses was 1.285 billion yuan, a significant increase of 65.18% year-on-year [1] Revenue and Profit Drivers - The strong performance in core profitability is attributed to the synergy of "increasing revenue" and "cost-saving efficiency" - The port business strategy focuses on stabilizing the core market, competing for new markets, and seeking innovative opportunities, leading to structural growth in key cargo types - Container business saw steady growth in throughput through enhanced market development - Grain business benefited from increased demand for grain transportation and a recovery in the breeding industry, leading to growth in both volume and added value - The oil and chemical products segment expanded revenue through trade oil storage and crude oil transshipment [2] Cost Management and Efficiency - The company optimized its revenue structure, with growth in container and grain businesses compensating for underperformance in other cargo types - Cost control measures, including lean operations and comprehensive benchmarking, led to a decrease in operating costs despite revenue growth - Various costs, such as outsourcing, energy, and facility maintenance, were reduced, resulting in a 7.6 percentage point increase in gross margin year-on-year [2] Strategic Development Initiatives - The company possesses a unique geographical advantage as a key maritime gateway in Northeast Asia, facilitating access to the Pacific and global markets - Post-merger integration has shown continuous improvement in development efficiency - Key initiatives include refining core port operations, promoting innovation through green, digital, and high-end services, and enhancing collaboration with local governments to build a comprehensive supply chain service network [3]

Core Insights - Liaoport Co., Ltd. reported a revenue of 8.426 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.99% [1] - The net profit attributable to shareholders reached 1.3 billion yuan, marking a year-on-year increase of 37.51% [1] - The company's net profit excluding non-recurring items was 1.285 billion yuan, reflecting a significant year-on-year growth of 65.18% [1] Revenue Growth Factors - The increase in total profit was primarily driven by growth in the company's grain and container business volumes, as well as increased revenue from oil storage, which effectively compensated for the decline in bulk cargo business such as ores [1] - The company has optimized its revenue structure to solidify its profit base, focusing on stabilizing its core business, competing for new market share, and innovating to drive growth in container, grain, and oil products [1] Cost Management Strategies - The company implemented cost reduction and efficiency enhancement measures, leading to a decrease in operating costs despite the increase in revenue, which in turn drove a year-on-year increase in gross margin [1] - Liaoport Co., Ltd. adopted lean operations to deepen cost control, utilizing a comprehensive management system to continuously optimize its cost structure [1]

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].