Liaoning Port Co., Ltd. (Liaoning Port) (601880)

Equity Research Report　|　Industry: Regional Deepwater Ports and Integrated Logistics Operations　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; complete cross-checkable data for MACD and RSI are available through September 2, 2026, and the relevant indicators are subject to timing lags and uncertainty.

This report was automatically compiled by AI based on publicly available information and is for reference only; it does not constitute investment advice.

1. Executive Summary

Liaoning Port's operating performance softened in the first half of 2026: operating revenue was RMB 5.3496 billion, down 6.0% year on year; net profit attributable to shareholders was RMB 884.9 million, down 7.4%; and recurring net profit attributable to shareholders was approximately RMB 780 million, down approximately 17.3%. Declines in bulk grain, oil products and ro-ro passenger businesses weighed on core operations. Growth in containers and certain general cargo businesses, including steel, provided some offset, while increased investment income, lower finance expenses and reversals of credit impairment losses supported profit; some of these factors do not represent sustained improvement in the core business.

For 2025, the company reported revenue of RMB 11.3589 billion, up 2.64% year on year; net profit attributable to shareholders of RMB 1.3068 billion, up 14.23%; recurring net profit attributable to shareholders of RMB 1.2902 billion, up 43.01%; and net cash flow from operating activities of RMB 5.6781 billion, up 32.44%. This indicates that lower costs, improved gross margin and changes in impairment factors had previously driven earnings recovery. However, the gross margin of the oil-products business fell from 36.7% to 3.1% in 2024, while the gross margins of the general cargo and container businesses also declined. Profitability remains sensitive to cargo mix, throughput and the absorption of fixed costs.

The company's core strengths include coordination between the ports of Dalian and Yingkou, access to the northeastern hinterland and Northeast Asian trade routes, deepwater specialized berths, and a sea-rail intermodal network. Its businesses cover oil products, containers, automobiles, general cargo, bulk grain, passenger ro-ro and port value-added services. Compared with ports in the Yangtze River Delta and Shandong, the company has a relatively less active hinterland economy and fewer international container resources, and overlaps in cargo sources with Tianjin Port, Qingdao Port, Tangshan Port, Rizhao Port and other Bohai Rim ports.

As of September 11, 2026, the share price was RMB 1.47, with a price-to-book ratio of approximately 0.86x. The stock was trading in a narrow range around RMB 1.43–1.50, with RMB 1.50–1.52 representing a short-term resistance zone and RMB 1.43–1.45 the main support zone. The company also faces governance and compliance matters, including an insufficient H-share public float and a temporarily non-compliant proportion of independent directors under listing rules. Progress on the relevant solutions and by-election remains a key item to monitor.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Oil-products and liquid-chemicals terminals and related logistics services
• Container terminals and related logistics services
• Automobile terminals and related logistics services
• General-cargo terminals and related logistics services
• Bulk-grain terminals and related logistics services
• Passenger ro-ro terminals and related logistics services
• Port value-added and support services, including tugboats, railway loading/unloading and transportation, engineering projects, information services, port logistics, bonded warehousing, blending and processing, and port-adjacent trading

2.3 Position in the Upstream and Downstream Industry Chain and Cost-Profit Structure

Liaoning Port operates in the midstream infrastructure segment of the port logistics industry. In essence, it is a regional integrated port operator centered on Dalian Port and Yingkou Port. Through deepwater berths, shorelines, yards, storage tanks, railways and collection/distribution systems, cargo-handling equipment and port operating qualifications, the company provides loading and unloading, warehousing, transshipment, transportation, port management and value-added port logistics services. It also extends into sea-rail intermodal transport, bonded warehousing, blending and processing, port-adjacent trading, end-to-end logistics and port information services.

• The company's main inputs are not raw materials for direct resale, but fixed assets such as port shorelines, berths, yards and storage tanks, together with quay cranes, gantry cranes, cargo-handling machinery, tugboats and transport equipment.
• Other major cost inputs include electricity, fuel, repair materials and auxiliary materials; outsourced loading, tallying, transportation and labor services; railway transportation, vessel leasing and related port logistics services; as well as port operating personnel and safety and environmental-protection expenditures.
• In 2024, depreciation and amortization and labor costs for selected businesses were as follows: RMB 404 million and RMB 256 million, respectively, for oil products; RMB 549 million and RMB 323 million for containers; RMB 638 million and RMB 616 million for general cargo; RMB 152 million and RMB 95 million for bulk grain; and RMB 260 million and RMB 631 million for value-added services. This reflects the company's capital-intensive and labor-intensive characteristics.
• In 2024, purchases from the five largest suppliers amounted to RMB 818 million, accounting for approximately 9% of total annual purchases. Purchases from related parties amounted to approximately RMB 50 million, accounting for approximately 1% of total purchases. The annual report did not indicate that purchases from any single supplier exceeded 50%, and the concentration of the five largest suppliers was not high.
• The company's bargaining power over ordinary procurement and general labor-service suppliers is relatively strong, but it lacks full control over labor costs, railway transportation, vessel leasing, energy prices and the maintenance of large port machinery. Depreciation, leasing and maintenance costs are relatively rigid, and operating leverage may increase when throughput declines.
• Downstream customers include refining and petrochemical companies; steel companies, ore traders and coal traders; container liner companies and freight forwarders; automobile manufacturers, automobile traders and roll-on/roll-off shipping companies; grain traders, grain and oil processors and feed companies; as well as railway transportation companies, logistics companies and integrated port-service customers.
• Sales to the five largest customers in 2024 amounted to RMB 1.611 billion, accounting for approximately 15% of total annual sales. Sales to related parties amounted to RMB 199 million, accounting for approximately 2% of total annual sales. The company did not disclose any single customer accounting for more than 50% of sales, and overall customer concentration by sales was not high. These figures follow the 2024 annual-report methodology.
• Charges and operating prices for standardized port loading and unloading services are affected by regional competition, port charging policies, bargaining by shipping companies and cargo volumes. The company is not a price setter in the full sense.
• Deepwater specialized berths, specific storage tanks, ore blending, bonded grain warehousing and sea-rail intermodal nodes in the northeastern hinterland have a certain degree of irreplaceability. The company's bargaining power in these businesses is stronger than in ordinary port operations.
• As of December 31, 2024, the largest customer accounted for approximately 80% of accounts receivable and the five largest customers accounted for approximately 84%. Accounts receivable related to storage fees from Dalian NSK International Trading Co., Ltd. amounted to approximately RMB 2.602 billion and represented a high proportion of the accounts receivable balance. The relevant cargo was stipulated not to be transshipped until outstanding fees were settled. The above accounts-receivable concentration data come from the 2024 annual report, but the situation involving one large storage-fee customer cannot be extrapolated to the general credit quality of all customers.
• As of December 31, 2024, the book balance of accounts receivable was approximately RMB 3.256 billion, equivalent to approximately 29.4% of 2024 operating revenue and approximately 2.85x net profit attributable to shareholders. Guaranteed accounts receivable amounted to approximately RMB 2.602 billion. Accounts payable amounted to approximately RMB 396 million, and contract liabilities amounted to approximately RMB 285 million, mainly customer prepayments for bundled operating fees, miscellaneous port charges and freight. The data indicate that certain ordinary port operations involve prepayments or collection according to contractual milestones, while oil-products warehousing and other businesses have substantial long-term receivables, potentially resulting in working-capital usage and credit-impairment risk.
• On the supply side, purchases from the five largest suppliers in 2024 accounted for approximately 9% of total annual purchases, while related-party purchases accounted for approximately 1%; concentration was not high, and the annual report did not indicate purchases from any single supplier exceeding 50%. On the sales side, sales to the five largest customers accounted for approximately 15% of total annual sales, indicating relatively low overall customer concentration by revenue. However, as of December 31, 2024, the five largest customers accounted for approximately 84% of accounts receivable and the largest customer accounted for approximately 80%, meaning accounts-receivable concentration was materially higher than sales-revenue concentration. The above concentration data mainly come from the company's 2024 annual report; the research notes did not provide customer-concentration data for other years that could be cross-checked, and the latest annual report should be taken as authoritative.

The company operates in the midstream infrastructure segment of the port logistics industry and is a “regional deepwater port + integrated logistics services” company. It is neither an upstream resources company nor a downstream business with strong brand premiums. Profit improvement mainly depends on the recovery of high-margin oil-products warehousing and container businesses, optimization of specialized cargo mix, higher berth utilization, growth in sea-rail intermodal transport and port value-added services, and effective absorption of fixed costs such as labor, depreciation and leasing.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Recurring net profit attributable to shareholders in H1 2026 was approximately RMB 780 million, down approximately 17.3% year on year. This figure comes from China Merchants Securities' interpretation of the company's interim report; the formal financial statements should be taken as authoritative for the precise methodology. Basic EPS in H1 2026 was approximately RMB 0.04. Gross profit was RMB 1.6261 billion, down 9.3% year on year, with a gross margin of 30.4%, down 1.1 percentage points from H1 2025. Administrative expenses were RMB 359.3 million, up 9.3%; finance expenses were RMB 163.7 million, down 21.6%; investment income was RMB 148.5 million, up 40.2%; and reversals/income from credit impairment losses were approximately RMB 119.7 million. Recurring net profit attributable to shareholders for 2025 was RMB 1.2902 billion, up 43.01% year on year; basic EPS was RMB 0.0548, up 14.81%; gross margin was 28.6%; and net cash flow from operating activities was RMB 5.6781 billion, up 32.44% year on year.

In 2025, revenue, net profit attributable to shareholders and recurring net profit all increased. Gross margin and operating cash flow also improved. Profit growth exceeded revenue growth mainly because of lower operating costs, higher gross margin and reduced credit impairment losses. Performance softened in H1 2026, with operating revenue and net profit attributable to shareholders down 6.0% and 7.4%, respectively, while recurring net profit declined more sharply, mainly because of lower volumes in bulk grain, oil products and passenger ro-ro. Growth in containers and steel-related general cargo provided some offset. Lower finance expenses, higher investment income and reversals of credit impairment losses supported profit, but some of these factors do not represent sustainable growth in the core business.

3.2 Earnings Forecasts

As of September 1, 2026, the Tonghuashun earnings-forecast page showed that only one institution had issued an earnings forecast for Liaoning Port during the preceding six months, indicating low forecast coverage and not a sufficiently broad multi-institution consensus. Forecast EPS was rounded to RMB 0.06 in each year, and actual annual EPS may differ at the decimal level. China Merchants Securities' 2026 research report forecasts net profit attributable to shareholders of RMB 1.41 billion, RMB 1.49 billion and RMB 1.52 billion for 2026–2028, respectively.

3.3 Valuation and Institutional Ratings

Valuation data are mainly as of the September 11, 2026 close. Using RMB 1.47 as the closing-price reference, the implied total market capitalization was approximately RMB 34.650 billion, with a TTM PE of approximately 28.05x, forward PE of 19.60x, trailing PE of 26.82x and PB of 0.86x. Another market-data source showed a share price of approximately RMB 1.50 and PB of approximately 0.87x; the difference may reflect data-refresh timing and adjustment methodology. Based on forecast EPS, forecast PE for 2026–2028 is approximately 24.5x in each year. Based on 2025 basic EPS of RMB 0.0548, trailing PE is approximately 26.8x. Using shareholders' equity attributable to the listed company of approximately RMB 40.05 billion at the end of H1 2026 and total shares of approximately 23 billion, estimated book value per share is approximately RMB 1.74. At a share price of RMB 1.47, implied PB is approximately 0.85x, broadly consistent with the market-indicated range of 0.86–0.87x. As a capital-intensive port operator, Liaoning Port's PB below 1x has some industry-specific characteristics, but its PE is not particularly low. The current valuation reflects asset discounts, stable cash flow and potential expectations for state-owned-enterprise reform or asset integration more than high-growth expectations. Key valuation risks include continued declines in port cargo throughput, weak demand related to steel and bulk commodities, changes in port charging policies, deterioration in the international trade environment, and reliance on non-core factors such as investment income and impairment reversals for profit growth.

4. Recent News and Announcements

4.1 Jiao Guangjun Resigns; Independent-Director Ratio Temporarily Fails to Meet Listing-Rule Requirements

On September 11, 2026, the company received the written resignation submitted by Jiao Guangjun. Jiao previously served as an independent non-executive director and chairman of the board's Nomination and Remuneration Committee. He resigned because of management requirements at his former employer regarding external positions held by retired personnel. His resignation will take effect on the date on which the shareholders' meeting elects a new independent non-executive director. Until the new independent director is elected, Jiao will continue to perform relevant duties. Following his departure, only two independent non-executive directors remain on the company's eighth board of directors, and the proportion of independent directors and the composition of the Nomination and Remuneration Committee temporarily fail to meet A-share and H-share listing-rule requirements. The company stated that it would complete the by-election of an independent director within 60 days of receiving the resignation. This is a corporate-governance and compliance matter, with the near-term focus on progress in the by-election. The announcement was dated September 12, 2026.

4.2 Board Appoints Liu Cheng as General Manager

The company held the third extraordinary meeting of the eighth board of directors in 2026 on September 10, 2026, and disclosed the board-resolution announcement on September 11, 2026. The board approved the appointment of Mr. Liu Cheng as general manager, effective from the date of approval of the board resolution. Born in 1972, Liu has management experience in the port industry and previously held positions at Panjin Port, Yingkou Port, Liaogang Holdings (Yingkou) Co., Ltd. and Dandong Port Group Co., Ltd., among others. He previously served as general manager of Dandong Port Group Co., Ltd. As of the announcement date, Liu held no shares in the company and had no related-party relationship with the company's directors, senior executives, actual controller or shareholders holding more than 5%. He was also not subject to any circumstance prohibiting him from serving as a senior executive of a listed company. The appointment represents a normal adjustment to the operating-management team, and there is currently no evidence directly linking it to a major change in operating strategy or an asset restructuring.

4.3 Company Plans to Hold H1 2026 Results Presentation

On September 11, 2026, the company disclosed the Announcement on Holding the 2026 Interim Results Presentation. It plans to hold the presentation from 10:00 to 11:00 on September 21, 2026, to discuss H1 2026 operating results, financial condition and issues of investor interest. The company disclosed its H1 2026 report on August 31, 2026. H1 2026 operating revenue was approximately RMB 5.35 billion, down approximately 6.0% year on year; net profit attributable to shareholders was approximately RMB 890 million, down approximately 7.4%; and recurring net profit attributable to shareholders was approximately RMB 780 million, down approximately 17.3%. The presentation does not constitute a new earnings forecast. The market may subsequently focus on the decline in oil and chemical products, container growth, throughput changes and operating arrangements for the second half.

4.4 Insufficient H-Share Public Float; Compliance Solution Has Not Yet Been Determined

On September 3, 2026, the company disclosed the Latest Information on Public Float and the Monthly Return of Movements in Securities. As of the announcement date, the market value of H shares listed on the Hong Kong Stock Exchange and held by the public was approximately HKD 734 million, representing approximately 3.67% of the total issued shares in the H-share class, below the minimum public-float requirement under the Hong Kong Listing Rules. The company stated that it was communicating with, assessing and demonstrating feasible solutions together with relevant parties, and would make timely disclosures under the listing regulations of both markets if material progress were made. As of September 13, 2026, no announcement had been identified confirming that possible measures such as sales of part of the H-share holdings by major shareholders, an H-share issuance or the repurchase and cancellation of A shares had been formally implemented.

4.5 No New Third-Quarter Earnings Forecast or Warning Identified

As of September 13, 2026, no new third-quarter 2026 earnings forecast or earnings warning was identified among the company's September announcements reviewed. The latest earnings information is mainly the interim report disclosed on August 31, 2026, and the company has scheduled an H1 2026 results presentation for September 21, 2026. The interim report showed that net profit attributable to shareholders declined approximately 7.4% year on year, but no separate announcement of an expected decline in interim results was identified. This assessment is based on a review of the current announcement list and does not exclude the possibility of subsequent announcements.

4.6 No New Share-Repurchase Plan or Repurchase Progress Identified in September 2026

As of September 13, 2026, no new share-repurchase plan, repurchase progress update or repurchase-cancellation announcement disclosed by the company in September 2026 was identified. In an investor-interaction response on September 2, 2026, the company stated that it had implemented multiple rounds of share repurchases and cancellations, cash dividends and controlling-shareholder purchases in recent years as market-value management measures, and would continue to study various market-value management tools. This response does not mean that the company has launched a new repurchase plan. The latest historical repurchase with clearly disclosed amounts and share numbers involved the actual repurchase of 333,707,456 shares for approximately RMB 544.8 million, with the repurchased shares used for cancellation.

4.7 No New Purchase or Sale Plans by Major Shareholders Identified

As of September 13, 2026, no newly disclosed purchase or sale plans or implementation announcements by the controlling shareholder or major shareholders were identified. The Monthly Return of Movements in Securities disclosed on September 3, 2026, mainly reflected share numbers and public-float information and did not indicate any change in the number of issued A or H shares. References to controlling-shareholder purchases in September investor-interaction responses mainly summarized historical market-value management measures and did not represent a new purchase in September.

4.8 Iron-Ore Designated Delivery Warehouse Project Remains at the Application Stage

On August 31, 2026, the company disclosed the Announcement on Applying to the Dalian Commodity Exchange to Establish an Iron-Ore Designated Delivery Warehouse and an Iron-Ore Designated Bonded Delivery Warehouse. As of September 13, 2026, the matter remained an application to the Dalian Commodity Exchange to establish the relevant warehouses and should not be viewed as approval having been obtained or the project having officially commenced operations. In an investor-interaction response on September 8, 2026, the company stated that project revenue could mainly come from iron-ore warehousing fees, delivery-service fees for futures inbound and outbound deliveries, and incremental spot-business revenue from ore loading and unloading and storage generated by delivery qualifications. Project revenue, the operating start date and its contribution to results remain uncertain.

4.9 No New Major Acquisition, Asset Restructuring or Jinzhou Port Bankruptcy-Restructuring Announcement Identified

As of September 13, 2026, no new announcement was identified regarding a major asset restructuring, acquisition transaction or participation in the bankruptcy restructuring of Jinzhou Port disclosed by the company in September 2026. In previous investor-interaction responses, the company stated that it would disclose major matters such as asset restructurings in accordance with applicable rules at the earliest opportunity.

4.10 No New Regulatory Penalties or Disciplinary Actions Identified

As of September 13, 2026, no new announcement of administrative penalties, disciplinary actions or regulatory measures against Liaoning Port by the China Securities Regulatory Commission, the Shanghai Stock Exchange or the Hong Kong Stock Exchange was identified. Recent compliance matters directly related to the company mainly concern insufficient H-share public float and the temporarily non-compliant proportion of independent directors following Jiao Guangjun's departure.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Liaoning Port has recently been trading within a narrow range. The September 11, 2026 closing price of RMB 1.47 was slightly above MA10 and MA20 but below the previous trading day's close of RMB 1.50. The Bollinger Bands were relatively narrow, with the price above the middle band. MACD was near the zero axis with limited directionality, while RSI was approximately 47 and based on lagged data. No clear one-way trend had yet been confirmed. RMB 1.50–1.52 was the near-term resistance area, and RMB 1.43–1.45 the main support area.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content is a subjective scenario analysis based on closing data as of September 11, 2026, historical prices and technical indicators. It does not constitute investment advice or a definitive forecast of future prices.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weighting, approximately 60%; this weighting is a subjective, heuristic judgment based on the current technical pattern, trading activity and fund flows, not a statistical probability): The price range is approximately RMB 1.45–1.51. Trigger conditions are continued trading around MA10 and MA20, turnover value remaining around RMB 100–150 million, neither a decisive break above RMB 1.52 nor a decisive break below RMB 1.43–1.45, with MACD continuing to hover near the zero axis and RSI remaining neutral.
• Weak downside move (medium weighting; a subjective judgment based on current technical and fund-flow conditions, not a statistical probability): The price range is approximately RMB 1.40–1.45. Trigger conditions are a close below RMB 1.45, daily turnover value clearly above the recent average, continued net outflows of major funds or simultaneous weakness in the port and shipping sector. If RMB 1.42–1.44 is also broken on higher volume, the price may further test RMB 1.36–1.40.
• Strengthening rebound (low-to-medium weighting; a subjective judgment based on current technical and fund-flow conditions, not a statistical probability): The price range is approximately RMB 1.50–1.55. Trigger conditions are a high-volume break above RMB 1.50–1.52 and at least one trading-day close above RMB 1.52, together with turnover value clearly above the recent five-day average, continuously expanding MACD bars and RSI returning above 50. Only if these conditions are met would the short-term technical confirmation for an extension toward RMB 1.55 be stronger.

③ Fund-Flow and Liquidity Background

As of September 11, 2026, turnover values for the most recent five trading days were RMB 154 million on September 11, RMB 158 million on September 10, RMB 182 million on September 9, RMB 97 million on September 8 and RMB 71 million on September 7. The five-day average turnover value was approximately RMB 132 million and the average turnover ratio approximately 0.44%. The September 11 turnover ratio was 0.57%, with turnover value slightly above the recent average, but the stock fell 2% that day, which was more consistent with increased turnover than confirmed trend-based inflows. The latest clearly identifiable major-fund data available were as of September 10, 2026, showing net outflows of approximately RMB 1.4876 million from major funds and net margin-financing purchases of approximately RMB 1.8294 million. Complete cross-checkable closing data for major fund flows as of September 11 had not yet been located. At the end of the H1 2026 reporting period on June 30, the company had 204,895 shareholders, and the ten largest shareholders collectively held approximately 18.962 billion shares, equivalent to approximately 80.43% of total shares. The ten largest shareholders mainly comprised the controlling shareholder, state-owned legal entities within the actual-controller system, industrial shareholders and H-share shareholders. ChinaAMC CSI Free Cash Flow ETF held approximately 0.26%, while Shanghai-Hong Kong Stock Connect A-share holdings accounted for approximately 0.41%; public funds and index funds represented a relatively low proportion of the ten largest shareholders. The above shareholder-structure data are as of June 30, 2026, more than two months before the current closing date, and may have changed in the interim; they should not be regarded as the real-time ownership structure as of September 11, 2026. The combination of low turnover and relatively high shareholder concentration indicates that daily trading activity and market depth may be limited, reducing the ability of short-term funds to drive the price. The stock is therefore more likely to exhibit small fluctuations and range-bound trading. If concentrated fund inflows emerge, the share price could approach resistance relatively quickly; without incremental funds, it may return to trading around RMB 1.45.

A transaction-confirmation signal to monitor is that if daily turnover value expands consistently to approximately RMB 200 million or more and the price breaks above and stabilizes at RMB 1.52, this could indicate that the breakout is supported by trading volume. If turnover value falls below RMB 100 million and the price breaks below RMB 1.45, the pattern would be more consistent with a weak pullback or a test of the lower end of the range.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether RMB 1.50–1.52 can be broken and held on higher volume; this area represents short-term resistance and a concentration zone around the 20-day high.
• Observe whether RMB 1.45–1.47 can hold; if it fails, further monitor the strong-support area of RMB 1.42–1.44.
• Observe whether turnover value can consistently reach approximately RMB 200 million or more while breaking above RMB 1.52.
• Observe whether MACD turns from near the zero axis to consecutive red bars and whether RSI returns above 50. Complete, up-to-date cross-checkable data for both indicators as of the September 11, 2026 close are currently unavailable. These are observation points only, not trading instructions.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices will also be affected by news, fund flows, broader market conditions and other factors. Technical indicators themselves have lags and limitations. This analysis does not guarantee future actual performance and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear their own investment risks.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

China's port industry is regional, capital-intensive and infrastructure-oriented. Port resources are constrained by shorelines, waterways, water depth, land availability and environmental approvals. Business activity is closely linked to the hinterland economy, industrial structure and foreign trade. Competition is shifting from standalone cargo-handling capabilities toward port clusters, route networks, sea-rail intermodal transport and end-to-end supply-chain services. Specialized cargoes such as containers, automobile ro-ro, grain, oil products and ore require dedicated terminals, storage and transportation facilities and customer networks, creating certain barriers to entry. Ports in the Bohai Rim, where Liaoning Port operates, are densely distributed. Competitors include Tianjin Port, Qingdao Port, Tangshan Port, Rizhao Port, Qinhuangdao Port and other ports in Shandong and Hebei.

6.2 Competitive Landscape

• Port resources are relatively scarce, and the addition of high-quality deepwater ports is constrained by shorelines, waterways, water depth, land and environmental approvals.
• Large ports face clear regional competition. The integration of provincial port resources continues, and competition is gradually shifting from individual ports toward port clusters, trade corridors and collection/distribution systems.
• Specialized cargoes such as containers, automobile ro-ro, grain, oil products and ore depend on dedicated terminals, storage and transportation facilities and customer networks, creating certain barriers to entry.
• Depreciation, labor, leasing and maintenance costs are relatively high within port operating costs, and profits are materially affected by changes in throughput and tariffs.
• National port cargo throughput and container throughput continued to increase in 2024. The research notes stated that overall container-business conditions were better than those of certain traditional general-cargo categories.
• Liaoning Port's relative advantages include Dalian Port's advantages in Northeast Asian foreign-trade trunk routes and deepwater port areas, Yingkou Port's coverage of central Liaoning and parts of Jilin and Heilongjiang, coordination between the Dalian and Yingkou ports, specialized facilities for multiple cargo categories, and sea-rail intermodal and Bohai Rim feeder networks.
• Relative disadvantages include the lower economic scale and industrial activity of the northeastern hinterland compared with the Yangtze River Delta, Pearl River Delta and parts of the Beijing-Tianjin-Hebei region; relatively high dependence of the hinterland industrial structure on steel, petrochemicals, grain and bulk commodities; and overlap in cargo sources with Tianjin, Qingdao, Tangshan and Rizhao ports.
• Public company materials indicate that the company operates 217 modern specialized production berths, including 174 berths of 10,000 tonnes or more, with designed port capacity exceeding 500 million tonnes. It also has a 450,000-tonne crude-oil terminal, a 400,000-tonne ore terminal, a 200,000-tonne container terminal and a 70,000-tonne automobile ro-ro terminal. These figures mainly come from company promotional materials and publicly available research and may include managed enterprises or use different asset definitions. They do not necessarily correspond to the consolidated financial-statement scope of the listed company and should be verified against the latest annual report and port operating data.

6.3 Major Competitors

Liaoning Port's core competitive strengths lie in coordination between Dalian Port and Yingkou Port, its northeastern hinterland and Northeast Asian location, deepwater specialized berths, sea-rail intermodal networks and integrated multi-cargo services. Compared with Shanghai International Port, Ningbo Port and Qingdao Port, its hinterland economic activity and international container resources are relatively weaker. Compared with Tianjin Port, its differentiation is more evident in the three northeastern provinces, Northeast Asian foreign trade and Dalian–Yingkou port coordination. The company overlaps in cargo sources with Bohai Rim ports. Cross-port comparisons should also account for differences in the asset boundaries of port groups, listed companies, jointly operated terminals and equity-invested terminals; throughput, revenue and profit data should not be compared directly without adjustment.

7. Risk Factors

• Risk of decline in core cargo categories: Bulk grain, oil-products and passenger ro-ro volumes declined in H1 2026. If these businesses continue to weaken, revenue, gross margin and net profit attributable to shareholders may be affected. The gross margin of the oil-products business had already fallen from 36.7% to 3.1% in 2024, indicating particularly high earnings volatility.
• Hinterland demand and regional competition risk: The company primarily serves the three northeastern provinces, eastern Inner Mongolia and the Bohai Rim. The hinterland industrial structure is relatively dependent on steel, petrochemicals, grain and bulk commodities. It also overlaps in cargo sources with Tianjin Port, Qingdao Port, Tangshan Port and Rizhao Port. Weak demand for steel, ore or other bulk cargoes, or diversion of cargo sources, could pressure throughput and tariffs.
• Fixed-cost and operating-leverage risk: The company is capital-intensive and labor-intensive, with relatively rigid costs for depreciation, labor, leasing, maintenance, energy and railway transportation. If throughput declines or charges fall, fixed costs may not be absorbed in a timely manner, potentially magnifying the decline in profit.
• Accounts-receivable concentration and credit-impairment risk: At the end of 2024, the book balance of accounts receivable was approximately RMB 3.256 billion, equivalent to approximately 29.4% of 2024 operating revenue. The largest customer accounted for approximately 80% of accounts receivable and the five largest customers approximately 84%. Accounts receivable related to storage fees from Dalian NSK International Trading Co., Ltd. amounted to approximately RMB 2.602 billion. If collection, cargo disposal or settlement of fees falls short of expectations, working capital may be tied up and credit-impairment pressure may arise.
• Earnings-quality volatility risk: Investment income increased 40.2% year on year in H1 2026, and approximately RMB 119.7 million of credit impairment reversals/income was recognized. Lower finance expenses also supported profit. Without these non-core factors, earnings performance may be weaker than the headline growth in net profit attributable to shareholders suggests.
• Governance and listing-compliance risk: Following Jiao Guangjun's departure, only two independent directors remain on the eighth board. The proportion of independent directors and the composition of the Nomination and Remuneration Committee temporarily fail to meet A-share and H-share listing-rule requirements. The company must complete the by-election within 60 days of receiving the resignation. If the by-election is delayed, governance and compliance pressure may persist.
• H-share public-float compliance risk: As of September 3, 2026, public H-share holdings represented approximately 3.67% of the total issued shares in the H-share class, below the minimum required under the Hong Kong Listing Rules. The company has not yet determined a major solution, and uncertainty may remain regarding subsequent equity-structure adjustments and market-trading arrangements.
• Risk that project implementation falls short of expectations: The iron-ore designated delivery warehouse and iron-ore designated bonded delivery warehouse remain at the application stage and have not yet been approved or put into operation. Project revenue, the operating start date and contributions to loading and unloading, warehousing and delivery businesses remain uncertain.
• Liquidity and technical-volatility risk: The share price has recently traded in a range around RMB 1.43–1.50. Low turnover and relatively high shareholder concentration indicate limited daily trading depth. If the price breaks below RMB 1.43–1.45 on higher volume, it may further test RMB 1.36–1.40. If it breaks above RMB 1.50–1.52 without sustained volume support, a false breakout remains possible.

8. Conclusion and Outlook

Liaoning Port's medium- to long-term growth drivers mainly depend on a recovery in freight demand in the northeastern hinterland, recovery in oil-products warehousing and container businesses, optimization of the specialized cargo mix, coordination between the two ports, and growth in sea-rail intermodal transport and port value-added services. The iron-ore designated delivery warehouse project remains at the application stage. If approved and put into operation, it could generate incremental warehousing, delivery-service and spot-business revenue, but its revenue, operating start date and earnings contribution remain uncertain.

Short-term performance remains characterized by pressure on the core business and structural divergence. Revenue, net profit attributable to shareholders and recurring net profit all declined year on year in H1 2026, with the decline in recurring profit being more pronounced. Institutional forecasts for net profit attributable to shareholders in 2026–2028 are RMB 1.406 billion, RMB 1.493 billion and RMB 1.523 billion, respectively, but institutional coverage is currently limited, leaving the reliability and consensus basis of the forecasts constrained. Current valuation is characterized by PB below 1x while PE is not particularly low, reflecting the company's capital-intensive profile, stable cash flow and potential integration expectations more than high-growth certainty.

Key areas to monitor include whether oil-products, bulk-grain and passenger ro-ro volumes stabilize; whether container growth continues; whether core-business gross margin and operating cash flow improve; and whether the impact of non-core factors such as impairment reversals and investment income on profit diminishes. From a technical perspective, the share price has not formed a clear trend. Confirmation of the short-term direction will still require a combined assessment of volume expansion around RMB 1.50–1.52 and changes in indicators such as MACD and RSI.

Data Sources

• [B80

Information Disclosure

Disclosure

Friday, March 27, 2026

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• Liaoning Port (601880)_Company Announcements_Liaoning Port: Full Text of the 2026 Interim Report_Sina Finance_Sina.com
• Liaoning Port (601880)_Company Announcements_Liaoning Port: Full Text of the 2025 Annual Report_Sina Finance_Sina.com
• Liaoning Port (601880) Earnings Forecast_F10_Tonghuashun Financial Services
• Liaoning Port (601880): Container Business Performs Steadily; Q2 Results Improve Sequentially_Sina Finance_Sina.com
• Liaoning Port (601880) Stock Information - Data Platform
• [2018 Annual Report

Company Code: 601880

Company Abbreviation: Dalian Port

Dalian Port Co., Ltd.

2018 Annual](https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0326/ltn20190326796_c.pdf?utm_source=openai)

• Liaoning Port (601880)_Company Announcements_Liaoning Port: Announcement on Director's Departure_Sina Finance_Sina.com
• Liaoning Port: Director Jiao Guangjun Resigns_NBD.com.cn
• Liaoning Port (601880)_Company Announcements_Liaoning Port: Board Resolution Announcement_Sina Finance_Sina.com
• Liaoning Port: Board Resolution Announcement_Eastmoney
• Liaoning Port (601880)_Company Announcements_Liaoning Port: Announcement on Holding the 2026 Interim Results Presentation_Sina Finance_Sina.com
• Liaoning Port (601880) Company Announcements_Sina Finance_Sina.com
• Stock Market Must-Read: Liaoning Port Newly Releases the “Securities Monthly Return of Movements”_Daily Must-Read_Data Analysis_Stocks_Securities Star
• Liaoning Port: H-Share Public-Float Compliance Matter Concerns Compliant Operations; Company Attaches Great Importance and Has Proactively Engaged Relevant Parties to Communicate, Assess and Conduct Special Demonstrations on Various Feasible Solutions
• Liaoning Port (02880.HK) Has Insufficient H-Share Public Float and Is Advancing a Compliance Solution - Economic Observer
• Liaoning Port: Has Implemented Multiple Rounds of Share Repurchases and Cancellations, Cash Dividends and Controlling-Shareholder Purchases to Maintain Company Value and Shareholder Interests
• Securities Code: 601880　　Securities Abbreviation: Liaoning Port　　Announcement No.: Lin 2025-045
• Liaoning Port: Revenue from the Bonded Delivery Warehouse Project Applied for by the Company Mainly Comprises Three Parts
• Securities Code: 601880
• Liaoning Port (601880)_Stock Quotes, Quote Homepage_China Financial Information
• Liaoning Port sh601880 Stock Price, Quotes, Live Broadcast, News, Financial Reports and Data - Aigupiao
• Liaoning Port (601880) PE, Valuation and Fundamentals - Lixinger
• Historical 601880.SS stock prices (quote) - Liaoning Port Co., Ltd.
• Liaoning Port (601880) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Liaoning Port (601880) Trend Interpretation | No Pattern Hit_Dingcrab Market Companion
• Liaoning Port (601880) Stock Trend and Technical Analysis_Future Forecast_Buy/Sell Operating Recommendations_Investing.com
• Liaoning Port (601880) Major Funds Sold Net RMB 1.4876 Million on September 10_Sohu.com
• Liaoning Port (601880) - Historical Trading Data | Dabanke

This report was automatically retrieved, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; complete cross-checkable data for MACD and RSI are available through September 2, 2026, and the relevant indicators are subject to timing lags and uncertainty. Information may differ in timeliness. Specific data should be verified against the company's official announcements and authoritative data terminals. This report is for information compilation and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.