Core Viewpoint - Xiamen Port Development Co., Ltd. has responded to the Shenzhen Stock Exchange regarding the acquisition of assets and fundraising, highlighting the resilience of its operations despite external challenges such as international trade friction [1] Group 1: Business Performance - The main business of the target asset, Xiamen Container Terminal Group, focuses on container loading and storage, with over 70% of foreign trade revenue covering routes to Southeast Asia, North America, and Europe [2] - From January to August 2025, North American throughput decreased by 24.40% and revenue dropped by 16.75% due to tariffs and other factors, but revenue from Southeast Asia and Europe increased by 5.31% and 31.22% respectively, leading to an overall foreign trade revenue growth of 6.96% [2] - The top five customers maintained stable transaction growth, with a total transaction amount of 784 million yuan, a year-on-year increase of 6.63%, accounting for 42.02% of total revenue [2] Group 2: Related Transactions - The proportion of related party purchases was high at 61.72%, 57.82%, and 61.73% over the reporting periods, primarily from the controlling shareholder, Fujian Port Group, for port services [3] - Related sales accounted for 2.57%, 2.76%, and 2.33%, mainly for terminal leasing and management services, with pricing following market principles and showing no significant differences from non-related parties [3] Group 3: Profitability and Government Support - The comprehensive gross profit margin for the target asset was 35.56%, 35.23%, and 39.24%, which is higher than the average of comparable companies in the industry [4] - Government subsidies received were 127 million yuan, 190 million yuan, and 104 million yuan, with over 95% being regular subsidies related to the main business, indicating sustainability and no significant dependency [4] Group 4: Valuation and Financial Performance - The asset valuation method used was the asset-based approach, with a value of 8.826 billion yuan and a value-added rate of 17.78%, lower than the industry average of 28.40% [5] - As of August 2025, the target asset achieved operating revenue of 1.866 billion yuan, a year-on-year increase of 4.74%, and a net profit of 465 million yuan, meeting 72.06% of the annual forecast [5]

Core Viewpoint - Xiamen Port Development Co., Ltd. has provided a detailed response regarding the operational and financial status of its assets, highlighting resilience against international trade tensions and a stable financial performance despite high related-party transaction ratios [1][2][3][4][5][6][7]. Group 1: Operational Performance - The main assets are engaged in container terminal loading and storage, maintaining a comprehensive gross margin above 35% during the reporting period [1]. - Foreign trade revenue accounts for approximately 70% of total income, with a 6.96% overall growth despite a 24.40% decline in North American throughput due to U.S. tariff adjustments [2]. - The top five customers' transaction amounts remained stable, with a 6.63% year-on-year increase in transaction amounts from January to August 2025 [2]. Group 2: Related Party Transactions - The proportion of related-party transactions is high, with purchases from related parties accounting for over 61% of total procurement from 2023 to August 2025 [3]. - Pricing for related-party transactions is based on market principles, ensuring no significant difference from non-related third-party prices [3]. Group 3: Profitability and Margins - The comprehensive gross margins for the reporting period were 35.56%, 35.23%, and 39.24%, exceeding the industry average [4]. - The high gross margin is attributed to a focus on high-margin container business, which constitutes 97.10% of operations [4]. Group 4: Government Subsidies - Government subsidies received during the reporting period totaled 127 million, 190 million, and 104 million yuan, primarily for container development support [5]. - Over 95% of these subsidies are regular operational support, with a low dependency on non-recurring subsidies [5]. Group 5: Valuation and Assessment - The asset-based valuation method used for the transaction has been recognized as reasonable by independent financial advisors, reflecting the high proportion of fixed assets [6]. - The assessed value increase of 17.78% is below the industry average, indicating a fair valuation [6]. Group 6: Compliance and Stability - As of the announcement date, the company has completed fund collection and compliance procedures for related-party transactions, ensuring operational stability [7].