Tianfeng's Research Reports indicate that Qingdao Port (601298.SH) is the largest foreign trade port in northern China, controlled by ShanDong state-owned assets, primarily engaged in the loading and unloading of containers, metal ores, Coal, Crude Oil Product, and related services. The throughput growth rate leads the Industry, with world-class comprehensive strength. From 2014 to 2023, Qingdao Port's revenue and Net income have grown rapidly, mainly due to the continued increase in cargo throughput. Profitability is strong, with Qingdao Port's ROE and ROA standing at 13% and 9.4% respectively in 2023, ranking first among A-shared listed ports. In addition, Qingdao Port has abundant cash flow, maintaining a high dividend ratio throughout the year. Considering the potential pressure on foreign trade and economic fluctuations, the forecast for 2025 Net income has been revised down to 5.562 billion yuan (original forecast was 5.756 billion yuan), maintaining a "Buy" rating.