长江商报消息 ●长江商报记者 江楚雅 聚焦港口主业、拓展LNG业务布局的恒通股份，业绩增长态势显著。 虽然港口业务板块将在恒通股份挑起大梁，但LNG业务目前仍是公司核心板块。在业务模式上，公司 的LNG业务逐步实行轻资产模式运营，减少运贸一体业务，向承运业务转变，以规避LNG贸易市场波 动带来的风险。在LNG销售方面，恒通股份通过与上游供应商建立长期稳定的合作关系，确保气源稳 定供应。同时，积极拓展下游客户群体，涵盖工业、民用、交通等多个领域。 新建码头投运推动利润增长 恒通股份发布的2025年三季报显示，公司第三季度营业收入3.81亿元，同比下降26.83%；净利润7656.8 万元，同比增长182.55%。前三季度，公司营业收入10.5亿元，同比下降39.29%；净利润1.76亿元，同 比增长78.33%。 对于业绩变化，公司解释称，受市场环境影响，公司LNG业务进行了战略调整，自2024年下半年起处 置LNG车辆，并对LNG运贸业务结构进行调整，大幅减少运贸一体业务，向承运业务转变，这直接导 致了营业收入的减少。而净利润的同比增长，主要得益于主营业务中裕龙港务新建码头的投入运营，作 业量逐步增加，进而推 ...

每经AI快讯，恒通股份（SH 603223，收盘价：9.83元）10月10日晚间发布公告称，近日，公司收到刘 振东先生出具的《股份减持结果告知函》，截至2025年10月10日，本次减持计划已实施完毕。刘振东先 生通过集中竞价方式累计减持公司股份7,141,800股，占公司总股本的1%，通过大宗交易方式累计减持 公司股份14,283,500股，占公司总股本的2%。 截至发稿，恒通股份市值为70亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 曾健辉） 2024年1至12月份，恒通股份的营业收入构成为：LNG（LPG）气体销售占比63.7%，货物运输占比 20.95%，港口业务占比10.87%，其他业务占比4.48%。 ...

Group 1 - The core point of the article is that China Merchants Port has announced a share buyback plan, repurchasing approximately 19.82 million shares, which accounts for 0.79% of the total share capital as of September 19, 2025 [1] - The share buyback was conducted through a centralized bidding method from December 4, 2024, to September 19, 2025 [1] - As of the report, the market capitalization of China Merchants Port is 50.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of China Merchants Port is as follows: port business accounts for 95.38%, bonded logistics business accounts for 3.6%, and property development and investment accounts for 1.01% [1]

Group 1 - The company has successfully established its port business across six continents, including Asia, Africa, Europe, Oceania, South America, and North America [1] - The company will continue to advance its "overseas strategy," focusing on regions with strong economic development and growth potential, such as Southeast Asia (RCEP region), Europe, the Middle East, and Latin America [1] - The company aims to steadily optimize its global network layout [1]

Core Viewpoint - The report from CICC highlights that China Merchants Port's performance in the first half of the year was strong, with revenue of HKD 6.457 billion, a year-on-year increase of 11.4%, while net profit attributable to shareholders was HKD 3.584 billion, corresponding to basic earnings per share of HKD 0.854, a year-on-year decline of 19.5% [1] Group 1 - The overseas port business is expected to achieve long-term high growth due to the economic growth in overseas port hinterlands and the company's continuous operational empowerment [1] - CICC maintains the net profit forecast for 2025 and introduces a new net profit estimate of HKD 7.7 billion for 2026, with the current stock price corresponding to 8.2 times the 2025 price-to-earnings ratio and 8.0 times the 2026 price-to-earnings ratio [1] - The target price has been raised by 13.8% to HKD 16.5, based on the 2026 earnings valuation due to significant non-recurring losses expected in 2025 [1]

Group 1 - The company, China Merchants Port, announced a share buyback plan, having repurchased approximately 17.6 million shares, accounting for 0.703% of its total share capital, with a total expenditure of about 343 million RMB [1][1][1] - The highest transaction price during the buyback was 20.99 RMB per share, while the lowest was 17.95 RMB per share, indicating a strategic approach to enhance shareholder value [1][1][1] - As of the report date, the market capitalization of China Merchants Port stands at 51.5 billion RMB [1][1][1] Group 2 - For the first half of 2025, the company's revenue composition shows that port operations accounted for 95.38%, bonded logistics for 3.6%, and property development and investment for 1.01%, highlighting the dominance of port operations in its business model [1][1][1]

Group 1 - The company, China Merchants Port, announced the convening of its 11th fifth board meeting on August 28, 2025, in Shenzhen, discussing the revision of the "Board Audit Committee Annual Work Regulations" [1] - For the first half of 2025, the revenue composition of China Merchants Port was as follows: port business accounted for 95.38%, bonded logistics business accounted for 3.6%, and property development and investment accounted for 1.01% [1]

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with an increase in container throughput but a significant decline in profit and cash flow from operations [1] Group 1: Performance Metrics - Container throughput reached 74.85 million TEU, representing a year-on-year increase of 4.3% compared to 71.77 million TEU in 2024 [1] - Profit attributable to equity holders was HKD 3.584 billion, a decrease of 19.5% from HKD 4.452 billion in 2024 [1] - Basic earnings per share were HKD 0.854, down 19.5% from HKD 1.061 in 2024 [1] - Interim dividend per share remained unchanged at HKD 0.25, consistent with 2024 [1] Group 2: Cash Flow and Investments - Net cash inflow from operating activities was HKD 3.539 billion, a decline of 16.7% year-on-year [1] - Cash dividends received from joint ventures and associates amounted to HKD 1.087 billion, down 41.6% compared to the previous year [1] - Capital expenditure for business acquisitions decreased compared to the same period last year, while funds allocated for structured deposits increased year-on-year [1] - Net cash outflow from investing activities rose from HKD 264 million in the previous year to HKD 634 million in the current period [1] - Net cash outflow from financing activities decreased from HKD 59.22 billion in the previous year to HKD 22.43 billion in the current period [1]

Core Viewpoint - The financial performance of Cheung Kong Group is strong, with a profit of HKD 11.32 billion and an 11% year-on-year growth for the first half of 2025, but a significant transaction involving USD 22.8 billion and 43 global ports is facing regulatory challenges [1][3]. Financial Performance - Cheung Kong's cash reserves are at HKD 137.2 billion, and the net debt to total capital ratio has decreased to 14.7% [3]. - The port business, including operations at Yantian Port and Shanghai Port, generated nearly HKD 23.6 billion in revenue, reflecting a 9% increase, with EBITDA growing by 10% [3]. Transaction Overview - The sale of global port assets is a crucial step for Cheung Kong in optimizing its asset portfolio, potentially freeing up substantial funds to improve its balance sheet [3]. - The transaction has entered a "new phase," with management inviting major mainland investors to join discussions to clear regulatory hurdles [3][6]. Regulatory Environment - The transaction has sparked public outcry, with concerns raised about national interests and the role of business in safeguarding them [4][5]. - The State Administration for Market Regulation has stated it will review the transaction to protect fair competition and public interest [4]. Strategic Adjustments - In response to regulatory pressures, Cheung Kong is adjusting its strategy by inviting significant mainland strategic investors to become key members of the consortium, aiming to introduce a "safety gene" into the transaction [6]. - The management has acknowledged that the approval process is expected to take longer than initially planned, indicating the complexity of the situation [6]. Broader Implications - The challenges faced by Cheung Kong's port transaction reflect a broader trend of recalibrating the relationship between capital flows and national interests in an era of increasing scrutiny [7]. - The ongoing negotiations and adjustments may represent a critical move in redefining the dynamics of globalization and capital in relation to national security [7][8].

Group 1 - The company Hengtong Co., Ltd. announced that as of the date of the announcement, Liu Zhendong has pledged approximately 93.17 million shares, accounting for 81.24% of his total shareholding [2] - For the fiscal year 2024, the revenue composition of Hengtong Co., Ltd. is as follows: LNG (LPG) gas sales account for 63.7%, cargo transportation accounts for 20.95%, port operations account for 10.87%, and other businesses account for 4.48% [2]