Guangzhou Port Company Limited (601228)

Stock Analysis Report | Industry: Port Operations and Integrated Logistics | Report Date: September 13, 2026 | As of close on September 11, 2026; September 13, 2026 is a Sunday, and September 11 was the most recent trading day.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

The core decision-making facts for Guangzhou Port are: for the first half of 2026, operating revenue was RMB 6.564 billion, down 4.99% year-on-year, but net profit attributable to shareholders was RMB 556 million, up 0.76% year-on-year, and net profit attributable to shareholders excluding non-recurring items increased 5.17% year-on-year; the revenue decline mainly came from a reduction in the trading business, while loading/unloading and logistics businesses maintained growth, with gross margin rising from 22.51% to 24.18%. As of September 11, 2026, the company's share price was RMB 3.12, with a dynamic PE of approximately 28.5x–28.6x, at a historically elevated range and significantly higher than the valuation levels of some listed port companies.

The company's fundamentals exhibit the characteristics of "throughput growth, revenue under pressure, improved earnings quality but limited profit elasticity." In the first half of 2026, cargo throughput increased 2.5% year-on-year, container throughput increased 3.9%, and foreign trade container throughput increased 13.5%, accounting for 56.2% of container throughput; loading/unloading business revenue increased 5.62%, logistics and port auxiliary services revenue increased 8.93%, but logistics business costs increased 13.58% and gross margin decreased 3.48 percentage points. In 2025, net profit attributable to shareholders decreased 15.57% year-on-year, indicating that depreciation, transportation, financing costs, and changes in business structure continue to constrain profits.

Guangzhou Port's long-term growth foundation comes from deep-water shoreline, the Pearl River Delta hinterland, foreign trade routes, automobile RoRo, and multimodal transport networks. In 2025, the company's container throughput was 27.145 million TEU, of which foreign trade containers increased 19.9% year-on-year; in the first half of 2026, it added 4 net foreign trade liner routes, bringing the total number of liner routes to 231. The company plans to invest nearly RMB 15 billion during the "15th Five-Year Plan" period to advance new terminal construction and digital-intelligent renovation of existing terminals, but such construction may also bring capital expenditure, depreciation, and financing pressure.

On the technical front, the share price experienced an uptrend in late August, a spike in early September, and then a pullback, remaining above MA20 of approximately RMB 3.09 but below MA5 of approximately RMB 3.14, with short-term momentum weakening somewhat. RMB 3.16–3.19 is the recent resistance zone, and RMB 3.09–3.12 is the first support area; turnover rate is approximately 0.35% and trading value approximately RMB 67.14 million, with overall trading activity moderate, and no breakout signal yet formed with simultaneous strengthening of price, volume, and capital flows.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Loading/unloading and related businesses: 2025 operating revenue of RMB 7.135 billion, accounting for approximately 51.3% of operating revenue, gross margin 33.49%, the core revenue and profit source; affected by increased depreciation of fixed assets, gross margin decreased 1.16 percentage points year-on-year
• Logistics and port auxiliary services: 2025 operating revenue of RMB 3.350 billion, accounting for approximately 24.1%, gross margin 20.37%; revenue increased 17.61% year-on-year, mainly driven by transportation business growth, gross margin increased 2.81 percentage points year-on-year
• Trading business: 2025 operating revenue of RMB 2.982 billion, accounting for approximately 21.4%, gross margin 0.99%; mainly involving automobiles, coal, grain, etc., serving functions of cargo source organization, customer maintenance, and synergy with the core port business
• Other businesses: 2025 operating revenue of RMB 309 million, accounting for approximately 2.2%, gross margin 19.20%; revenue decreased 13.41% year-on-year, mainly related to a decrease in engineering business

2.3 Industry Chain Position and Cost-Profit Structure

Guangzhou Port is positioned at the core of the midstream in the port logistics industry chain, relying on deep-water shoreline, terminal berths, route networks, port area land, collection and distribution channels, and customer resources in the Pearl River Delta hinterland to provide loading/unloading, warehousing, transportation, agency, and integrated logistics services to shipping companies, cargo owners, manufacturing enterprises, and traders. It is necessary to distinguish between the listed company consolidated basis and the Guangzhou Port Group or Guangzhou Port overall basis; throughput data cannot be directly mixed.

• Actual inputs and procurement mainly include port shoreline, land, terminals and yards and other infrastructure, port machinery, automation equipment, intelligent gates and information systems, electricity, fuel, LNG and other energy, engineering construction, equipment maintenance and outsourcing services, as well as container trucks, barges, railways and other collection and distribution services; loading/unloading business costs are mainly affected by depreciation of fixed assets, labor costs, and equipment operating costs, logistics and port auxiliary services costs are mainly affected by transportation costs, and trading business costs are mainly commodity procurement costs.
• In 2025, loading/unloading and related business costs were RMB 4.745 billion, up 3.09% year-on-year, mainly due to increased depreciation of fixed assets; logistics and port auxiliary services costs were RMB 2.668 billion, up 13.60% year-on-year, mainly due to increased transportation costs; trading business costs were RMB 2.953 billion, down 21.84% year-on-year.
• The company generally lacks full control over prices of fuel, electricity, equipment, engineering construction, and transportation services, and overall has the characteristics of a price taker on costs; however, the natural monopoly attribute of ports, scarcity of shoreline, and regional hub function enable the company to improve unit costs through throughput scale, loading/unloading efficiency, automation renovation, and equipment utilization.
• As of end-September 2024, the company owned 164 productive berths with designed throughput capacity of 354.74 million tonnes/year; as of end-December 2025, it owned 227 container liner routes, of which 182 are foreign trade routes. Some expansion and upgrade projects are still in the construction or renovation stage, and actual effective capacity will change with project commissioning and equipment renovation.
• In 2025, shore power coverage across all ports reached 100%, with over 1,100 new energy port machinery and equipment, accounting for approximately 50%; Nansha Port Area Phase IV is a fully automated river-sea-rail multimodal terminal. Related investments increase depreciation and capital expenditure in the short term, but in the long term help reduce labor, energy, and operational risk costs.
• Top five suppliers' procurement amount was RMB 1,415,034,100, accounting for 11.27% of total annual procurement; there is no situation where a single supplier's procurement proportion exceeds 50%. This data is on a 2025 annual report basis, and specific supplier names and business attributes are not fully disclosed in the main disclosure tables.
• Downstream customers mainly include international and domestic liner companies, bulk cargo owners of coal, steel, grain, ore, and oil products, automobile manufacturers and exporters, import and export traders, logistics enterprises, freight forwarders, inland dry ports, and manufacturing enterprises in the Pearl River Delta and South China.
• In 2025, the company's top five customers' sales totaled RMB 1,949,438,200, accounting for 14.02% of total annual sales; of which related-party sales were RMB 477,012,400, accounting for 3.43% of total annual sales. This data comes from the 2025 annual report; customer names and business attributes are not fully disclosed in the main tables, and specific customer quality and bargaining power cannot be judged based on this.
• The company does not have severe dependence on a single customer, but there is strong bargaining between liner companies, large cargo owners, and ports; the container business is susceptible to route layout, port tariff rates, overlap of hinterland cargo sources, and adjustments by shipping company alliances.
• Guangzhou Port has regional scarcity and customer stickiness formed by deep-water berths, route density, collection and distribution efficiency, and service quality; at the same time, Guangzhou Port and Shenzhen Port have a high degree of hinterland overlap, and container business competition is relatively intense.
• In 2025, the company had 182 foreign trade routes, launched routes such as the "North America E-commerce Express" and "South America Direct Express," and established cooperative relationships with the world's top ten liner companies, with a route network covering more than 100 countries and regions and more than 400 ports.
• In 2025, Guangzhou Port's automobile throughput was 1,503,200 vehicles, of which 553,000 were foreign trade exports; the Shazai Island automobile RoRo terminal cluster has an annual throughput capacity of over 3 million vehicles.
• As of December 31, 2025, the company's consolidated accounts receivable book balance was RMB 1.757 billion, compared with RMB 1.172 billion at end-2024; based on 2025 operating revenue of RMB 13.908 billion, accounts receivable accounted for approximately 12.6% of operating revenue, and based on net profit attributable to shareholders of RMB 822 million, approximately 2.1x net profit attributable to shareholders. Accounts receivable increased by approximately RMB 585 million year-on-year, with growth rate significantly higher than revenue growth, indicating increased working capital occupation; however, the port business has monthly settlement, payment terms, and related-party settlements, so it cannot be determined solely based on this ratio that customer bargaining power is weak. The company is promoting the reduction of "two funds" and the buyer-interest-bearing bill discounting model.
• The top five customers' sales proportion disclosed in the 2025 annual report was 14.02%, and the top five suppliers' procurement proportion was 11.27%; the data source is a single-year annual report, and customer and supplier names are not fully disclosed in the main disclosure tables, so it is not possible to cross-judge the bargaining power of specific customers or suppliers based on this; please refer to the latest annual report for specifics.

Guangzhou Port is positioned in the industry chain as "scarce port resources + midstream terminal operations + downstream integrated logistics services": upstream shoreline and infrastructure resources have regional scarcity, midstream loading/unloading and port operations are the high-margin core segment, logistics services are the value-added segment extending downstream, and the trading business is in the low-margin commodity circulation segment. Future profit improvement mainly depends on increasing the proportion of foreign trade containers, automobile RoRo, and integrated logistics, cost reduction through automation and green initiatives, and scale and risk control of the low-margin trading business, rather than simple expansion of traditional bulk cargo throughput.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

First half of 2026 data as of the semi-annual report disclosed on August 25, 2026; second quarter of 2026 data is back-calculated from the semi-annual report and first quarter report, and is not the company's separately disclosed quarterly financial statements, and there may be rounding errors. Full year 2025 data comes from the company's annual report, which has been audited by ShineWing with a standard unqualified audit report.

The decline in operating revenue in the first half of 2026 was mainly due to a decrease in trading business revenue; operating costs decreased 7.05% year-on-year, a larger decline than revenue, driving gross margin improvement. In the same period, gross margin was approximately 24.18%, net margin approximately 10.81%, net assets attributable to shareholders approximately RMB 21.602 billion, and the debt-to-asset ratio approximately 53.31%. In the first half of 2026, net profit attributable to shareholders excluding non-recurring gains and losses was RMB 503 million, up 5.17% year-on-year, net cash flow from operating activities was RMB 1.828 billion, down 4.65% year-on-year, and basic earnings per share was RMB 0.074. In the first quarter of 2026, net profit attributable to shareholders excluding non-recurring items was RMB 221 million, up 6.33% year-on-year, net cash flow from operating activities was RMB 446 million, down 48.30% year-on-year, and basic earnings per share was RMB 0.031. In 2025, net profit attributable to shareholders excluding non-recurring items was RMB 706 million, down 19.44% year-on-year, basic earnings per share was RMB 0.109, net cash flow from operating activities was approximately RMB 2.363 billion, down 6.63% year-on-year; net profit attributable to shareholders included certain non-recurring gains, and earnings quality was weaker than apparent profit.

3.2 Profit Forecast

As of September 13, 2026, no multi-institutional consensus profit forecast data with clear timeliness for Guangzhou Port was found in publicly searchable materials, especially the lack of cross-verifiable 2026–2028 consensus forecasts for operating revenue, net profit attributable to shareholders, and EPS. Tonghuashun individual stock institutional information shows that as of around August 23, 2026, Guangzhou Port temporarily had no institutional forecast for 2026 earnings, and institutional attention over the past 60 trading days was low. Forecast materials appearing during the research process for 2025–2027 revenue of approximately RMB 7.8–8.2 billion and net profit attributable to shareholders of approximately RMB 735–879 million correspond to Oriental Pearl, not Guangzhou Port, and have been excluded.

3.3 Valuation Level and Institutional Ratings

As of close on September 11, 2026, Guangzhou Port's share price was RMB 3.12, down 1.27% from the previous trading day, with a daily high of RMB 3.16 and low of RMB 3.09, and trading volume of approximately 21.58 million shares. As of September 10, 2026, total market capitalization was approximately RMB 23.841 billion, total share capital approximately 7.545 billion shares, dynamic PE-TTM approximately 28.87x, PB approximately 1.10x, PS-TTM approximately 1.76x, and dividend yield approximately 1.52%. Based on a simple calculation using the September 11 closing price of RMB 3.12 and total share capital of 7.545 billion shares, total market capitalization is approximately RMB 23.54 billion; because the valuation website uses a September 10 valuation date and a closing price of RMB 3.16, there is a small difference between the two. PE-TTM of approximately 28.87x is at approximately the 84.30th percentile over the past five years, above the five-year median of 25.75x, and also slightly above the 80th percentile of 28.56x, with the current PE in a historically elevated range. Compared with some listed companies in the port industry, Guangzhou Port's PE-TTM is significantly higher than Shanghai International Port Group's approximately 9.15x, Qingdao Port's approximately 11.89x, Ningbo Port's approximately 13.47x, Tianjin Port's approximately 11.08x, and China Merchants Port's approximately 12.26x; PB of approximately 1.10x is at a mid-range level in the industry. The current relatively high PE is mainly related to the decline in net profit attributable to shareholders and a low profit base. Due to the lack of valid 2026–2028 institutional consensus profit forecasts and recent target prices, it is not possible to make a reliable judgment on the current valuation through forward PE. If future profits cannot resume growth, the current approximately 29x PE is relatively high compared with the industry; if port throughput growth, foreign trade container business expansion, and new project commissioning drive net profit attributable to shareholders to resume growth, the high valuation will need to be digested through future earnings improvement.

4. Recent News and Announcements

4.1 August 2026 Production and Operation Data (Announcement No. 2026-041, disclosed 2026-09-01)

August single month: container throughput 2.414 million TEU (+0.7% year-on-year); cargo throughput 51.319 million tonnes (+3.0% year-on-year). January–August cumulative: containers 18.674 million TEU (+3.1% year-on-year); cargo 395.643 million tonnes (+2.5% year-on-year). The company noted it is "rapid statistical data, which may differ from final actual data." Source: Sina Finance.

4.2 2026 Semi-Annual Report (disclosed 2026-08-24/25, officially released August 25)

Revenue RMB 6.564 billion, -4.99% year-on-year; net profit attributable to shareholders RMB 556 million, +0.76% year-on-year; net profit attributable to shareholders excluding non-recurring items RMB 503 million, +5.17% year-on-year; basic EPS RMB 0.074; net cash flow from operating activities RMB 1.828 billion, -4.65% year-on-year; weighted ROE 2.58%. Interim distribution plan: cash dividend of RMB 0.15 per 10 shares (tax included), totaling approximately RMB 113 million, with no bonus shares and no capital reserve conversion. Business volume: cargo throughput 294 million tonnes (+2.5%), containers 13.923 million TEU (+3.9%); foreign trade containers 7.826 million TEU (+13.5%, accounting for 56.2%). Structural highlights: trading business revenue RMB 847 million, -44.92% year-on-year (the company explained this as the main reason for revenue decline); loading/unloading business revenue RMB 3.670 billion (+5.62%); logistics and port auxiliary services RMB 1.799 billion (+8.93%, but costs +13.58%, gross margin down 3.48pct); gross margin rose from 22.51% to 24.18% (+1.67pct). Sources: Stockstar financial report express, China Securities Journal CSI Web, East Money, Securities Times, Jiemian News, China Fund News (multi-source consistent, high credibility).

4.3 Earnings Briefing Arrangement (Announcement No. 2026-042, disclosed 2026-09-01)

2026 semi-annual earnings briefing, September 9, 2026 (Wednesday) 14:00–15:00, online interaction via SSE Roadshow Center. Attendees: Director and General Manager Zheng Lingtang, Board Secretary Liang Jing, CFO He Sheng, Independent Director Jiao Guangjun. Sources: Shanghai Securities News e-edition, Zhongcai Web, Tonghuashun, Stockstar, Sina Finance.

4.4 Participation in Guangdong Jurisdiction Investor Collective Reception Day and Interim Report Earnings Briefing (Announcement No. 2026-043, disclosed 2026-09-10/11)

Participation in the "2026 Guangdong Jurisdiction Investor Collective Reception Day and Jurisdiction Listed Companies Interim Report Earnings Briefing," scheduled for September 15, 2026 (Tuesday) 15:30–17:00, via online remote format (Panorama Roadshow). Sources: Shanghai Securities News e-edition, Zhongcai Web, Tonghuashun, Stockstar, Sina Finance.

4.5 2026 Semi-Annual Earnings Briefing Content (2026-09-09)

General Manager Zheng Lingtang: foreign trade container growth mainly benefited from route drivers in Southeast Asia, Africa, India-Pakistan, and Australia-New Zealand regions; in the first half, 4 net foreign trade liner routes were added, bringing the total number of liner routes to 231. Board Secretary Liang Jing: during the "15th Five-Year Plan" period, new terminal construction + digital-intelligent renovation of existing terminals, with planned investment of nearly RMB 15 billion, advancing key projects such as the Nansha Port Area International General Terminal and Nansha Port Area Phase V Project. CFO He Sheng: the company has issued RMB 2 billion in corporate bonds this year, used to bridge maturing debt or replace existing debt, with interest rates significantly reduced. Source: East Money (reposted from Securities Times Web).

4.6 Winning Bid for Guangzhou Nansha Smart Cloud Port Logistics Co., Ltd. Procurement Project (2026-09-04)

Won the bid for Guangzhou Nansha Smart Cloud Port Logistics Co., Ltd. procurement project, with a winning bid amount of RMB 1,990,200 (small amount, routine operations). Source: Tongbi Finance/NetEase.

4.7 2025 Annual Equity Distribution Implementation Announcement (announced 2026-07-08)

Based on total share capital of 7.545 billion shares, cash dividend of RMB 0.033 per share (tax included), totaling RMB 249 million; record date July 15, 2026, ex-rights (ex-dividend) date and cash dividend payment date both July 16, 2026. Source: China Fund News.

4.8 July 2026 Production and Operation Data (disclosed 2026-08-03)

Containers 2.337 million TEU (+1.0%), cargo 50.740 million tonnes (+3.0%). Source: Announcement search results referenced above in the research notes.

4.9 June 2026 Production and Operation Data (disclosed 2026-07-01)

Containers 2.377 million TEU (+2.8%), cargo 51.513 million tonnes (+3.8%); January–June containers 13.891 million TEU (+3.6%), cargo 293.991 million tonnes (+2.5%). Source: Announcement search results referenced above in the research notes.

4.10 2025 Third Extraordinary General Meeting Resolution Announcement (2025-12-30)

2025 Third Extraordinary General Meeting Resolution Announcement (English disclosure page). Source: SSE English disclosure page english.sse.com.cn.

4.11 Uncertainties/Limitations to Be Noted (Summary)

1. No clear special announcements on share buybacks, major shareholder increases/decreases, equity incentives, or major mergers and acquisitions were retrieved for 2026 (or within 2025). Simply Wall St shows "buyback yield approximately 0.2%," but this source is a third-party estimate and could not be cross-verified in exchange announcements, for reference only, and should not be cited as a confirmed fact. 2. The company itself describes August and monthly production data as "rapid statistical data," which may differ from actual figures in subsequent periodic reports (for example, January–June flash report containers 13.891 million TEU vs. semi-annual report actual 13.923 million TEU, a small difference, which is a normal basis/timing difference). 3. 2026Q1 financial data (revenue RMB 3.013 billion, net profit RMB 233 million) comes from a single source, Tongbi Finance, and has not been cross-checked with other sources; citation should be cautious. 4. Some announcement texts come from third-party reposts (Stockstar, Tonghuashun, Zhongcai Web, NetEase); core facts have been mutually corroborated with Shanghai Securities News/China Securities Journal/exchange disclosure pages; key figures such as equity distribution, semi-annual report, and production data are multi-source consistent with high credibility. 5. The search did not obtain the full post-meeting Q&A transcript for the September 15 collective reception day and the September 9 earnings briefing; if details of investor concerns are needed, it is recommended to subsequently check records at SSE Roadshow Center (roadshow.sseinfo.com) and Panorama Roadshow (rs.p5w.net). 6. Time basis: information in these notes is as of approximately September 11, 2026; if there are subsequent new announcements in mid-to-late September, separate updates are needed.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Guangzhou Port's share price experienced an uptrend in late August, a spike in early September, and then a pullback, with a closing price of RMB 3.12, still above MA20 of approximately RMB 3.09, but below MA5 of approximately RMB 3.14 and near MA10 of approximately RMB 3.13. MA5, MA10, and MA20 are still in a bullish alignment, but the moving average spacing is small, and trend strength is limited. The share price faces pressure from the recent high and the Bollinger upper band near RMB 3.16–3.19, while RMB 3.09–3.12 is the first support where MA10, MA20, recent lows, and the dense trading area converge. Main capital had a net inflow of approximately RMB 7.0619 million that day, but the share price still fell, and no breakout signal has yet formed with simultaneous strengthening of price, volume, and capital flows. Turnover rate is approximately 0.35%, trading value is in the recent normal range, overall a low-turnover port stock with moderate trading activity. The latest valid MACD reading is missing, so no definitive judgment is made on DIF, DEA, and histogram.

5.3 Short-Term Trend Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario projection based on closing data as of September 11, 2026, historical prices, and technical indicators. It does not constitute investment advice and does not represent a deterministic forecast of future prices.

① Key Technical Levels

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

• Oscillating consolidation (subjective heuristic weight relatively high, approximately 50%–60%; not a statistical probability): price range approximately RMB 3.09–3.18. Trigger conditions include the share price continuing to trade above RMB 3.09, trading value maintaining the recent normal level of approximately RMB 58 million to RMB 80 million, and inability to effectively break above the RMB 3.16–3.19 resistance zone. In this scenario, the share price may fluctuate repeatedly around MA10 and MA20.
• Weaker downside (subjective heuristic weight medium, approximately 20%–30%; not a statistical probability): price range approximately RMB 3.00–3.09. Trigger conditions include an effective close below RMB 3.09, with a clear increase in trading value, main capital turning back to continuous net outflow, or overall weakness in the port and cyclical sectors. If it further breaks below the strong support zone of RMB 3.00–3.05, short-term downside pressure may increase significantly.
• Rebound strengthening (subjective heuristic weight low-to-medium, approximately 20%; not a statistical probability): price range approximately RMB 3.16–3.22. Trigger conditions include a volume recovery above RMB 3.16 and further breakout above the recent high of RMB 3.19, while trading value is clearly above the recent average, main capital shows continuous net inflow, and the broader market and port shipping sectors strengthen in sync. If there is only price increase but no volume expansion, the validity of the breakout still needs observation.

③ Capital and Liquidity Background

As of September 11, 2026, the single-day turnover rate is estimated at approximately 0.35%, trading value approximately RMB 67.14 million, and the average trading volume over the past 20 trading days approximately 18.90 million shares; recent trading value is roughly RMB 57 million to RMB 100 million. Converted at a share price of around RMB 3.1, normal trading value is approximately RMB 58 million to RMB 65 million. Shareholder concentration data as of June 30, 2026 shows the top ten circulating shareholders held approximately 86.25%, of which 6 "other institutions" held approximately 85.75%, and funds held approximately 0.18%; this indicates that chip concentration mainly comes from the controlling shareholder, state-owned shareholders, or other long-term institutional shareholders, rather than broad public fund participation. Shareholder account data as of August 20, 2026 shows approximately 60,782 accounts, down 1.97% from the previous period. The above shareholder data lags relative to the September 11 market data, and the actual chip structure may have changed. At the trading level, low turnover and a relatively high proportion of long-term institutional holdings mean short-term chip exchange is relatively limited; without incremental capital, the sustainability of breaking through resistance levels may be weak, and when volume expands it is also necessary to distinguish active buying from high-level turnover.

Observable volume confirmation signals: if the share price breaks upward through the RMB 3.16–3.19 resistance zone, with single-day trading volume continuously expanding to approximately 30 million shares or more, or trading value continuously reaching approximately RMB 90 million to RMB 100 million, and simultaneously with main capital net inflow, this can be regarded as a relatively strong signal that the breakout is confirmed by capital; if there is a volume decline, focus on the support absorption situation at RMB 3.09 and the RMB 3.00–3.05 support zone.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Observe whether the RMB 3.16–3.19 resistance zone can be broken with volume, focusing on trading volume, trading value, and main capital direction; the above are observation ideas, not trading instructions.
• Observe whether the RMB 3.09–3.12 first support zone can hold, and whether the closing price effectively breaks below RMB 3.09; the above are observation ideas, not trading instructions.
• If it breaks below RMB 3.00–3.05, observe whether the short-term technical structure further weakens and the downside support near the 52-week low of RMB 2.80; the above are observation ideas, not trading instructions.
• Observe whether trading value continuously reaches approximately RMB 90 million to RMB 100 million on a breakout, whether trading volume reaches approximately 30 million shares or more, and whether main capital shows synchronous net inflow; the above are observation ideas, not trading instructions.

The above scenario projection is based on September 11, 2026 closing data and historical prices and technical indicator calculations. Short-term share prices will also be disturbed by multiple factors such as news, capital, and the broader market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future trends, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

China's port industry has regional, scale, and infrastructure-heavy asset characteristics. Competition mainly revolves around natural location and deep-water shoreline, hinterland cargo sources, international routes and liner company resources, specialized cargo types, sea-rail intermodal and integrated logistics services, automation, green initiatives, and digital operating efficiency. Guangzhou Port is a comprehensive hub port in South China, focusing on connecting the Pearl River Delta and South China hinterland.

6.2 Competitive Landscape

• In 2025, ports nationwide completed cargo throughput of approximately 18.34 billion tonnes, up 4.2% year-on-year; completed container throughput of approximately 350 million TEU, up 6.8% year-on-year. Guangzhou Port's 2025 cargo throughput growth rate was lower than the overall national port growth rate, but container throughput growth was higher than the national average.
• Guangzhou Port's 2025 foreign trade container throughput increased 19.9% year-on-year, with foreign trade containers accounting for approximately 52% of container throughput, and the growth focus shifting toward foreign trade containers and integrated logistics.
• The Guangdong-Hong Kong-Macao Greater Bay Area port cluster forms a multi-level pattern with Guangzhou, Shenzhen, and Hong Kong as the main hubs and Dongguan, Foshan, and other ports as feeder and feed ports. Guangzhou, Shenzhen, and Hong Kong both have division of labor and coordination, and also compete in Pearl River Delta hinterland cargo sources and container routes.
• Guangzhou leans toward a comprehensive hub, energy materials and raw material transshipment, and domestic trade containers; Shenzhen is highly competitive in international container routes and foreign trade containers; Hong Kong maintains its function as an international shipping center and high-end shipping services.
• Industry competitors include both listed companies and unlisted port groups and specific port areas. The following companies are selected based on business model, regional hinterland, and port functions, and are not a strictly financial comparable set.

6.3 Main Competitors

Compared with China Merchants Port, Ningbo Port, and Shanghai International Port Group, Guangzhou Port is more concentrated in Guangzhou and the Pearl River Delta hinterland and is a regional comprehensive hub port operator; compared with Ningbo Port and Shanghai International Port Group, it does not have an advantage in nationwide ultra-large-scale throughput, Yangtze River Delta hinterland, or international transshipment, but it has regional characteristics in South China comprehensive cargo types, domestic trade containers, automobile RoRo, African routes, and Pearl River water system multimodal transport. Competition with Shenzhen Port is more direct, mainly in the Pearl River Delta manufacturing hinterland, foreign trade containers, and international liner routes; with Zhuhai Port, there is some competition mainly in west bank Pearl River cargo sources, inland river feeder routes, and bulk commodity logistics.

7. Risk Warning

• The decline in trading business revenue was the main reason for the revenue decline in the first half of 2026. If trading businesses such as automobiles, coal, and grain continue to shrink, it may put pressure on Guangzhou Port's overall revenue scale and cargo source organization; at the same time, the trading business gross margin is only approximately 0.99%, and changes in its revenue have limited contribution to profit but will significantly affect revenue performance.
• Guangzhou Port and Shenzhen Port compete directly in the Pearl River Delta manufacturing hinterland, foreign trade containers, and international liner routes, with a high degree of hinterland overlap; if route layout, port tariff rates, or liner company resources change adversely, it may affect the company's container throughput and bargaining power.
• Logistics and port auxiliary services revenue increased 8.93% year-on-year in the first half of 2026, but costs increased 13.58% year-on-year, and gross margin decreased 3.48 percentage points; if transportation, fuel, electricity, and outsourcing service costs continue to rise, revenue growth in the logistics business may not be converted into profit growth in sync.
• The company plans to invest nearly RMB 15 billion during the "15th Five-Year Plan" period to build new terminals and advance digital-intelligent renovation of existing terminals. There is uncertainty in project construction progress, commissioning efficiency, and cargo source introduction; before project commissioning, new depreciation, capital expenditure, and financing costs may suppress short-term profitability.
• In 2025, the company's loading/unloading and related business gross margin decreased 1.16 percentage points due to increased depreciation of fixed assets, and 2025 net profit attributable to shareholders decreased 15.57% year-on-year; if throughput growth is insufficient to cover depreciation, labor, transportation, and financing costs, the core port business profit margin may continue to be under pressure.
• As of end-2025, the accounts receivable book balance was approximately RMB 1.757 billion, an increase of approximately RMB 585 million from end-2024, with a growth rate significantly higher than revenue growth; if customer settlement cycles lengthen or accounts receivable collection falls short of expectations, it may increase working capital occupation and cash flow pressure.
• As of September 11, 2026, the company's dynamic PE was approximately 28.5x–28.6x, in a relatively high range in recent years and higher than several listed port companies; if subsequent net profit attributable to shareholders cannot resume growth, the valuation may face pressure from insufficient earnings digestion.
• The company's controlling shareholder Guangzhou Port Group holds approximately 75.59%, and the top ten circulating shareholders hold approximately 86.25%. Chip concentration is relatively high but public fund holdings are approximately 0.18%; low turnover and a relatively high proportion of long-term institutional holdings may lead to limited trading activity, and the sustainability of short-term share price breakouts still depends on incremental capital.

8. Conclusion and Outlook

Guangzhou Port's growth logic is shifting from traditional cargo throughput expansion to foreign trade containers, automobile RoRo, integrated logistics, and port digital intelligence. In the first half of 2026, foreign trade container volume growth was significantly higher than overall container growth, loading/unloading and logistics business revenue achieved growth, and after the trading business revenue contracted sharply, reliance of the revenue structure on low-margin trading decreased; if foreign trade route expansion, automobile business growth, and automation renovation can continue to improve efficiency, the company's profit quality and earnings elasticity are expected to further improve.

Short-term performance still needs attention to the balance between revenue decline and cost control. Although the logistics business revenue grew, transportation costs grew relatively fast; at the same time, the nearly RMB 15 billion "15th Five-Year Plan" investment plan will increase capital expenditure, depreciation, and financing management requirements. The company's operating cash flow in the first half of 2026 was RMB 1.828 billion, down 4.65% year-on-year, and accounts receivable increased significantly from end-2024, so working capital occupation still needs improvement.

In the absence of valid 2026–2028 institutional consensus profit forecasts and recent target prices, the current valuation of approximately 28.5x–28.6x PE places high demands on future profit recovery growth. Subsequent observation focuses include whether foreign trade container growth can continue, whether logistics business gross margin can recover, the impact of trading business contraction on the profit structure, the commissioning progress of major projects and depreciation/financing pressure, and whether the share price can break through the RMB 3.16–3.19 resistance zone with volume support.

Data Sources

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• Guangzhou Port cargo throughput exceeded 696 million tonnes in 2025 - Guangzhou Municipal People's Government Portal
• Guangzhou Port (601228)_Company Announcements_Guangzhou Port: 2023 Annual Report Sina Finance_Sina Web
• Guangzhou Port 2024 Visual Annual Report | Shanghai Securities News · China Securities Network
• Company Announcements_China Merchants Port: 2025 Annual Report Sina Finance_Sina Web
• Ningbo Port (601018)_Company Announcements_Ningbo Port: 2025 Annual Report Sina Finance_Sina Web
• Shanghai International Port Group (600018)_Company Announcements_Shanghai International Port Group: 2025 Annual Report Sina Finance_Sina Web
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• Guangzhou Port (601228)_Company Announcements_Guangzhou Port: 2026 Semi-Annual Report Summary Sina Finance_Sina Web
• Guangzhou Port (601228)_Company Announcements_Guangzhou Port: 2026 First Quarter Report Sina Finance_Sina Web
• Guangzhou Port (601228)_Company Announcements_Guangzhou Port: 2025 Annual Report Sina Finance_Sina Web
• Guangzhou Port 2025 revenue RMB 13.908 billion, down 1.17% year-on-year; net profit attributable to shareholders RMB 822 million, down 14.81% year-on-year; net margin down 0.65 percentage points | Guangzhou Port_Sina Finance_Sina Web
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• Guangzhou Port (601228) September 10 main capital net sell of RMB 5.4781 million - Stockstar
• Stock market express: Guangzhou Port (601228) September 11 main capital net buy of RMB 9.9972 million - Stockstar
• Guangzhou Port Co Ltd - Guangzhou Port Co Ltd
• Guangzhou Port: 3.12 -1.27% -0.04 601228 Sohu Securities
• Guangzhou Port (601228) main business_Stockstar
• About Guangzhou Port Co Ltd (601228)
• (601228) "Guangzhou Port Company Limited" Announcement on Resolutions of the 3rd Extraordinary General Meeting in 2025
• Guangzhou Port: 2025 annual dividend RMB 0.033 per share
• Guangzhou Port Company Limited presenta sus resultados financieros para el ejercicio cerrado el 31 de diciembre de 2025 - 1921117d06d619889accc43dc86e6.HOWBO4ByN8Ez_ngmwyrOm3tHcbuZd4TWJFh463gJYHg
• Guangzhou Port Company Limited publie ses résultats semestriels au 30 juin 2025 - e18bbf44ae21b98.7gk-nQe_krTSe94ZFgFkh7gpEW44NpUoPsGA-3cocYA
• Guangzhou Port Company Limited
• Guangzhou Port: Announcement of Guangzhou Port Company Limited on Participating in the 2026 Guangdong Jurisdiction Investor Collective Reception Day and Jurisdiction Listed Companies Interim Report Earnings Briefing Activity - Stockstar
• Guangzhou Port: Announcement on Participating in the 2026 Guangdong Jurisdiction Investor Collective Reception Day and Jurisdiction Listed Companies Interim Report Earnings Briefing Activity
• China Securities Journal - Announcement of Guangzhou Port Company Limited on Participating in the 2026 Guangdong Jurisdiction Investor<BR/>Collective Reception Day and Jurisdiction Listed Companies Interim Report Earnings Briefing Activity
• Guangzhou Port (601228): Announcement of Guangzhou Port Company Limited on Participating in the 2026 Guangdong Jurisdiction Investor Collective Reception Day and Jurisdiction Listed Companies Interim Report Earnings Briefing Activity
• Guangzhou Port (601228)_Company Announcements_Guangzhou Port: Announcement on Convening the 2026 Semi-Annual Earnings Briefing Sina Finance_Sina Web
• Guangzhou Port: Announcement of Guangzhou Port Company Limited on Convening the 2026 Semi-Annual Earnings Briefing
• Guangzhou Port Company Limited
• Guangzhou Port (601228): Won bid for Guangzhou Nansha Smart Cloud Port Logistics Co., Ltd. procurement project, winning bid amount RMB 1.9902 million
• Guangzhou Port: Announcement on Participating in the 2026 Guangdong Jurisdiction Investor Collective Reception Day and Jurisdiction Listed Companies Interim Report Earnings Briefing Activity
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• Guangzhou Port (SHSE:601228) Dividend distribution, history and growth - Simply Wall St - NOT FOR DISTRIBUTION
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• Financial Report Express | Guangzhou Port (601228) 2026 H1 volume up, revenue down nearly 5%, trading revenue nearly halved - Stockstar
• Guangzhou Port earnings briefing: 4 net foreign trade liner routes added in the first half
• Guangzhou Port: First half net profit up 0.76% year-on-year, plans 10 shares to pay RMB 0.15 - Economic News Rolling > Main Text
• Guangzhou Port: 2026 first half net profit RMB 556 million
• Guangzhou Port: First half net profit up 0.76% year-on-year, plans 10 shares to pay RMB 0.15
• Guangzhou Port: First half net profit up 0.76% year-on-year, plans 10 shares to pay RMB 0.15
• Guangzhou Port: 2026 first half net profit up 0.76% year-on-year, plans 10 shares to pay RMB 0.15 - Guangzhou Port: 2026 first half net profit up 0.76% year-on-year, plans 10 shares to pay RMB 0.15
• Guangzhou Port: First half net profit attributable to shareholders RMB 556 million, up 0.76% year-on-year
• Guangzhou Port: First half net profit up 0.76% year-on-year, plans 10 shares to pay RMB 0.15 - Stockstar
• Guangzhou Port (601228.SH) Trading Must-Read-PC_HSF10 Data
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• Guangzhou Port (601228) stock quote trend technical analysis_future forecast_buy and sell operation suggestions_Investing.com
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• Guangzhou Port (601228) Latest Developments_F10_Tonghuashun Financial Services Network

This report is automatically retrieved, compiled, and generated by AI based on public channel information, with information as of close on September 11, 2026; September 13, 2026 is a Sunday, and September 11 was the most recent trading day, and there may be timeliness differences. For specific data, please refer to the company's official announcements and authoritative data terminals. This report is only for information compilation and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.