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。 Qingdao Port International Co., Ltd. 青島港國際股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：06198） 海外監管公告 本公告乃青島港國際股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 以下為本公司於上海證券交易所網站（www.sse.com.cn）刊發之《青島港國際股 份有限公司2025年年度報告》，僅供參閱。 承董事會命 青島港國際股份有限公司 董事長 蘇建光 中國·青島，2026年3月30日 於本公告日期，本公司執行董事為蘇建光先生及張保華先生；本公司非執行董事為李武成先 生、吳宇女士、崔亮先生及王芙玲女士；及本公司獨立非執行董事為鄒國強先生、李曉慧女 士及姜省路先生。 青岛港国际股份有限公司 2025 年年度报告 公司代码：601298 公司简称：青岛港 一、本公司董事会及董事、高级管理人员保证年 ...

Investment Rating - The report maintains a "Recommendation" rating for Xiamen Port Authority (000905), indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][25]. Core Insights - The overall performance for 2025 is stable, with a focus on the progress of significant asset restructuring [2]. - The company achieved total revenue of 22.128 billion yuan in 2025, a slight decrease of 0.08% year-on-year, while the net profit attributable to shareholders was 206 million yuan, reflecting a growth of 3.02% year-on-year [8]. - The company is actively expanding its port services, with notable growth in emerging business areas such as sea-rail intermodal services and cross-border e-commerce, which saw increases of 19.2% and 78.2% respectively [8]. - A major breakthrough in capital operations was achieved with the acquisition of 70% of Xiamen Container Terminal Group, which is expected to significantly enhance the company's profitability and asset scale [8]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 22.128 billion yuan in 2025 to 23.684 billion yuan by 2028, with annual growth rates of -0.1%, 3.3%, 2.3%, and 1.2% respectively [4]. - Net profit attributable to shareholders is expected to increase from 206 million yuan in 2025 to 265 million yuan by 2028, with growth rates of 3.0%, 5.9%, 12.0%, and 8.7% respectively [4]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.28 yuan in 2025 to 0.36 yuan by 2028, with corresponding price-to-earnings (P/E) ratios decreasing from 42 to 33 [4]. - **Market Performance**: - The company's stock price closed at 11.70 yuan on March 13, 2026, with a total market capitalization of 86.79 billion yuan [5]. Business Segments - The company operates primarily in three business areas: bulk cargo handling and storage, port ancillary services, and comprehensive supply chain services, with the latter accounting for 89.79% of total revenue [8]. - The cargo throughput reached 41.0331 million tons in 2025, marking a year-on-year increase of 7.14%, driven by demand for various cargo types [8].

Investment Rating - The report maintains a "Recommendation" rating for Xiamen Port Authority (000905) [2] Core Viewpoints - The overall performance in 2025 is stable, with a focus on the progress of significant asset restructuring [2] - The company achieved a total revenue of 22,128 million yuan in 2025, a slight decrease of 0.08% year-on-year, while the net profit attributable to shareholders increased by 3.02% to 206 million yuan [8] - The company is expanding its port services, with a notable increase in emerging business areas, such as a 19.2% growth in sea-rail intermodal transport and a 78.2% increase in cross-border e-commerce operations [8] - A major breakthrough in capital operations is highlighted, with the acquisition of 70% of Xiamen Container Terminal Group, which is expected to significantly enhance the company's profitability and asset scale [8] Financial Summary - **Revenue Forecasts**: - 2025: 22,128 million yuan - 2026: 22,869 million yuan (3.3% growth) - 2027: 23,399 million yuan (2.3% growth) - 2028: 23,684 million yuan (1.2% growth) [4] - **Net Profit Forecasts**: - 2025: 206 million yuan - 2026: 218 million yuan (5.9% growth) - 2027: 244 million yuan (12.0% growth) - 2028: 265 million yuan (8.7% growth) [4] - **Earnings Per Share (EPS)**: - 2025: 0.28 yuan - 2026: 0.29 yuan - 2027: 0.33 yuan - 2028: 0.36 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2026: 40 times - Price-to-Book (P/B) ratio for 2026: 1.7 times [4] Business Performance - The company reported a cargo throughput of 41,033,100 tons in 2025, reflecting a year-on-year increase of 7.14% [8] - The main business segments include: - Terminal handling and storage: 9.22 billion yuan (6.38% decrease) - Port ancillary services: 12.69 billion yuan (0.65% increase) - Comprehensive supply chain business: 198.68 billion yuan (0.11% increase) [8]

Core Viewpoint - Qingdao Port experienced a decline of 2.26% in stock price, with a trading volume of 298 million yuan and a market capitalization of 61.665 billion yuan [1] Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6] - The company primarily engages in the loading and unloading of various goods, including containers, metal ores, coal, and crude oil, as well as logistics and port value-added services [6] - The revenue composition of the company includes 56.72% from loading and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6] Group 2: Financial Performance - For the period from January to September 2025, Qingdao Port achieved an operating income of 14.238 billion yuan, representing a year-on-year growth of 1.86%, and a net profit attributable to shareholders of 4.180 billion yuan, with a growth of 6.33% [6] - The company has distributed a total of 13.77 billion yuan in dividends since its A-share listing, with 6.638 billion yuan distributed over the past three years [7] Group 3: Market Position and Strategic Initiatives - Qingdao Port is strategically positioned in the center of the Bohai Sea and Yangtze River Delta port clusters, benefiting from the China-South Korea Free Trade Agreement and the Belt and Road Initiative [2] - The company has signed a cooperation agreement with Huawei to accelerate the development of smart port operations in major domestic ports [3] Group 4: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders of Qingdao Port increased to 38,300, reflecting a growth of 7.23% [6] - The top ten circulating shareholders include various institutional investors, with notable increases in holdings from Southern S&P China A-share Large Cap Dividend Low Volatility ETF and Hong Kong Central Clearing Limited [8]

Core Viewpoint - Qingdao Port is positioned favorably due to its strategic location and recent developments, including a cooperation agreement with Huawei to enhance smart port operations, which may lead to growth opportunities in the shipping and logistics sectors [2][3]. Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6]. - The company primarily engages in the handling of containers, metal ores, coal, crude oil, and provides logistics and port value-added services, with the revenue composition being 56.72% from handling and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6]. - As of September 30, 2025, Qingdao Port achieved an operating revenue of 14.238 billion yuan, representing a year-on-year growth of 1.86%, and a net profit attributable to shareholders of 4.180 billion yuan, with a growth of 6.33% [6]. Group 2: Market Performance - On February 4, Qingdao Port's stock rose by 0.51%, with a trading volume of 281 million yuan and a turnover rate of 0.53%, leading to a total market capitalization of 63.548 billion yuan [1]. - The stock has seen a net outflow of 26.8367 million yuan from major investors today, with a ranking of 34 out of 35 in its industry, indicating a trend of reduced holdings by major funds over the past three days [3][4]. - The average trading cost of the stock is 8.18 yuan, and it is approaching a resistance level of 9.93 yuan, suggesting potential for upward movement if this level is surpassed [5]. Group 3: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders of Qingdao Port include notable funds such as the Southern S&P China A-share Large Cap Dividend Low Volatility ETF, which increased its holdings by 2.584 million shares, and the Hong Kong Central Clearing Limited, which also raised its stake by 3.0728 million shares [8].

Core Viewpoint - Qingdao Port is positioned favorably due to its strategic location and recent developments, including a partnership with Huawei to enhance smart port operations, which may lead to growth opportunities in the shipping and logistics sector [2][3]. Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Shandong Province and was established on November 15, 2013, with its listing date on January 21, 2019 [6]. - The company primarily engages in the handling of containers, metal ores, coal, crude oil, and provides logistics and port value-added services, with revenue composition as follows: 56.72% from handling and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6]. - As of September 30, 2025, Qingdao Port achieved operating revenue of 14.238 billion yuan, a year-on-year increase of 1.86%, and a net profit attributable to shareholders of 4.180 billion yuan, up 6.33% year-on-year [6]. Group 2: Financial Performance - The company has maintained a dividend payout of 13.77 billion yuan since its A-share listing, with a cumulative payout of 6.638 billion yuan over the past three years [7]. - The recent dividend yields for the past three years were 4.80%, 4.74%, and 3.45% respectively, indicating a consistent return to shareholders [2]. Group 3: Market Position and Trends - Qingdao Port is strategically located in the center of the Bohai Sea and Yangtze River Delta port clusters, benefiting from the China-South Korea Free Trade Agreement [2]. - The port is recognized as a key node in the Belt and Road Initiative and is the only comprehensive operator of the world’s seventh-largest port, contributing to its strong operational performance [2]. Group 4: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for Qingdao Port was 38,300, reflecting an increase of 7.23% from the previous period [6]. - Notable institutional shareholders include the Southern S&P China A-share Large Cap Dividend Low Volatility ETF and Hong Kong Central Clearing Limited, both of which have increased their holdings [8].

Core Viewpoint - Qingdao Port's stock experienced a decline of 1.24% on November 13, with a trading volume of 189 million yuan, indicating a low financing balance and activity in the market [1][2]. Financing Summary - On November 13, Qingdao Port had a financing buy-in amount of 16.90 million yuan and a financing repayment of 13.00 million yuan, resulting in a net financing buy of 3.90 million yuan [1]. - The total financing and securities balance for Qingdao Port reached 92.76 million yuan, with the financing balance accounting for 0.20% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low position [1]. Securities Lending Summary - On November 13, Qingdao Port repaid 2,000 shares in securities lending, with no shares sold, resulting in a selling amount of 0.00 yuan [1]. - The remaining securities lending volume was 3,200 shares, with a balance of 28,100 yuan, which is below the 10th percentile level over the past year, also indicating a low position [1]. Company Overview - Qingdao Port International Co., Ltd. was established on November 15, 2013, and listed on January 21, 2019. Its main business includes loading and unloading various goods such as containers, metal ores, coal, and crude oil, along with logistics and port value-added services [2]. - As of September 30, the company had 38,300 shareholders, an increase of 7.23% from the previous period, with an average of 0 circulating shares per shareholder [2]. - For the period from January to September 2025, Qingdao Port achieved an operating income of 14.24 billion yuan, a year-on-year increase of 1.86%, and a net profit attributable to shareholders of 4.18 billion yuan, a year-on-year increase of 6.33% [2]. Dividend Summary - Since its A-share listing, Qingdao Port has distributed a total of 12.82 billion yuan in dividends, with 5.69 billion yuan distributed over the past three years [3]. Institutional Holdings Summary - As of September 30, 2025, the top ten circulating shareholders of Qingdao Port included the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF, which increased its holdings by 2.88 million shares [3]. - Hong Kong Central Clearing Limited also increased its holdings by 3.07 million shares, while ICBC Dividend Preferred Mixed A Fund entered as a new shareholder with 2.01 million shares [3].

Core Viewpoint - The 2025 High-Quality Development Forum for Listed Companies and the 27th Golden Bull Award Ceremony took place in Nantong, Jiangsu, highlighting the achievements of listed companies, with Qingdao Port's chairman receiving a prestigious award [1][4]. Group 1: Event Overview - The forum's theme was "Moving Towards New Horizons, Achieving Practical Goals, and Igniting the Future" [1]. - The Golden Bull Award is a significant recognition in China's capital market, established in 1999, focusing on transparency and professionalism [4][5]. Group 2: Company Profile - Qingdao Port was listed on the Hong Kong Stock Exchange on June 6, 2014, and on the Shanghai Stock Exchange on January 21, 2019 [4]. - The company operates major port areas including Qingdao Qianwan, Huangdao Oil Port, Dongjiakou, Dagang, and Weihai, providing services for various cargo types such as containers, metal ores, coal, and crude oil [4]. - Qingdao Port boasts advanced terminal facilities capable of accommodating the world's largest container ships and fully automated container terminals, maintaining a leading global unloading efficiency [4]. Group 3: Award Details - The Golden Bull Award includes nine categories, such as "Most Investment Value Award," "Golden Bull Entrepreneur Achievement Award," and "Golden Bull Secretary Award" [5]. - The "Golden Bull Entrepreneur Achievement Award" recognizes outstanding leaders in terms of leadership, industry influence, social responsibility, and corporate governance [5].

Group 1 - Qingdao Port announced the convening of its fifth board meeting on October 28, 2025, to discuss the election of the chairman of the board [1] - For the first half of 2025, Qingdao Port's revenue composition is as follows: logistics and port value-added services accounted for 36.96%, metal ores and coal handling and related services accounted for 24.62%, liquid bulk cargo handling and related services accounted for 17.11%, container handling and related services accounted for 14.99%, and port supporting services accounted for 6.32% [1] - As of the report date, Qingdao Port's market capitalization is 57.6 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after ten years of stagnation, with technology leading the market and a new "slow bull" pattern emerging [1]

Core Viewpoint - Qingdao Port has shown a positive performance with a stock price increase of 1.14% and a trading volume of 199 million yuan, reflecting its strong market position and growth potential [1] Group 1: Financial Performance - Qingdao Port's dividend yields over the past three years were 4.80%, 4.74%, and 3.45%, indicating a consistent return to shareholders [2] - For the first half of 2025, Qingdao Port achieved a revenue of 9.434 billion yuan, representing a year-on-year growth of 4.04%, and a net profit attributable to shareholders of 2.842 billion yuan, up 7.58% year-on-year [6] - Since its A-share listing, Qingdao Port has distributed a total of 12.818 billion yuan in dividends, with 5.687 billion yuan distributed over the last three years [7] Group 2: Strategic Positioning - Qingdao Port is strategically located in the center of the Bohai Rim and Yangtze River Delta port clusters, benefiting from the proximity to South Korea and the signing of the China-South Korea Free Trade Agreement [2] - The company operates as a comprehensive operator of the Qingdao Port, which is a key node in the Belt and Road Initiative and ranks as the seventh largest port in the world [2] Group 3: Business Operations - The main business activities of Qingdao Port include the loading and unloading of containers, metal ores, coal, crude oil, and various logistics and value-added port services [2][6] - The revenue composition of Qingdao Port is as follows: 56.72% from loading and related services, 36.96% from logistics and port value-added services, and smaller percentages from other port-related services [6] Group 4: Market Activity - The stock has seen a net outflow of 13.7123 million yuan from main funds today, with a ranking of 30 out of 35 in its industry, indicating a lack of strong buying interest [3][4] - The average trading cost of the stock is 8.08 yuan, with the current price fluctuating between resistance at 8.93 yuan and support at 8.81 yuan, suggesting potential for short-term trading strategies [5]