Qin Port Co., Ltd. (3369) operates the Qinhuangdao Port and Huangqian Port Wharf, as well as the joint company Caofeidian Port Wharf, all located in the Bohai Rim region. Dry bulk goods operated by the group are mainly coal and metal ores, which accounted for 65.7% and 28% of total throughput in the first half of last year. Based on 2012 throughput, the Group is the world's largest public terminal operator for bulk dry bulk goods, and Qinhuangdao Port is the world's largest coal port. In the first half of last year, the group's operating volume increased 12.1% year-on-year to 3.39 billion yuan (RMB, same below), with a profit ratio of 35.5%. Since it received 298 million yuan in government subsidies during the period, net profit increased by 60%. If government subsidies were excluded, profit still rose 21.6% to 890 million yuan.

Qinhuangdao Port has an excellent geographical location and is an important port for the major railway line “West Coal East Transport” on the Daqin Line and the “North Coal South Transport” shipping line. Caofeidian Port passes through the Cao Line and is connected to the Daqin Line. It is expected that the construction of the Mongolian-Hebei Line this year will be directly linked to Inner Mongolia, the northern production area; while it is located in Hebei Province, which is the largest steel producer in the mainland, it is expected to benefit from increased demand for iron ore. Also, the Han Huang Line will be completed within this year, and will link Huanggang to the hinterland coal or steel production areas in the future. The group and joint companies operate a total of 62 berths, while 5 berths at Caofeidian Port and 2 ore berths at Huanggang Port are expected to be completed this year. Coupled with convenient transportation, it will help enhance the leading position in the industry.

The group provides customers with integrated integrated terminal services, and the published “Bohai Rim Power Coal Price Index” has become the basis for coal trade pricing. Not to mention, coal has always been the main type of group handling. If demand for coal falls in the mainland, it may have a negative impact on group business. The expected dividend payout ratio of the company is not less than 40%. The group went public on December 12 last year, and the listing price was 5.25 yuan per share; after the period, the stock price declined repeatedly, but the recovery in the last four trading days could be taken into account of the absorption of 4.7 yuan (Hong Kong dollars, same below), rising at 5.5 yuan, and continuing to hold it without falling below 4.2 yuan.