秦港股份(601326)停牌,拟收购四家码头股权 | 港口圈

📅 2026年10月21日 行业动态 原文(微信公众号)↗
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秦港股份(601326)停牌,拟收购四家码头股权 | 港口圈

10月20日晚,秦皇岛港股份有限公司(简称“秦港股份”,601326)发布《关于筹划发行股份及支付现金购买资产并募集配套资金暨关联交易事项的停牌公告》。

秦港股份正在筹划以发行A股股份及支付现金的方式,购买河北港口集团持有的唐山曹妃甸实业港务有限公司25%股权、国投曹妃甸港口有限公司24%股权、华能曹妃甸港口有限公司28.23%股权、唐山曹妃甸煤炭港务有限公司6%股权,并于A股募集配套资金。

视频号
今天,秦港股份(601326)A股停牌,原因是要从自己的股东河北港口集团手里,买下曹妃甸港区四家港务公司的一部分股权。为啥要这么操作?#上市公司#消除同业竞争
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双方已签署了《股权收购意向协议》,本次交易构成关联交易,预计不构成重大资产重组,也不构成重组上市。

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四家码头股权结构

四家码头,家底不同。秦港股份是曹妃甸实业港务第一大股东,该公司拥有4个25万吨级(兼顾30万吨)专业化矿石泊位、2个5-15万吨级散杂货泊位,设计年通过能力6550万吨。2026年1-6月,公司为净资产81亿元,实现营收10.55亿元,净利润4.33亿元。

国投曹妃甸由国投交通控股,拥有10个5-15万吨级煤炭专业化泊位,年煤炭下水能力1亿吨,是北煤南运的主力码头之一。

华能曹妃甸由华能集团控股,运营5个煤炭装船泊位,设计吞吐量5000万吨,在建的6号泊位为10万吨级专业化煤炭卸船泊位。

曹妃甸煤炭港务由秦港股份控股,运营曹妃甸港煤炭港区煤二期码头,拥有2个10万吨级、2个7万吨级、1个5万吨级煤炭装船泊位。2026年1-6月,公司净资产为13.92亿元,实现营收3.57亿元,净利润5944.88万元。

振华Terminexus全球港口摄影大赛获奖作品© 作者:魏伟(资料图)


港口圈(ID:gangkouquan)认为,本次交易或是为了解决同业竞争问题,说白了,就是控股股东和上市公司不能在同一个港区抢生意。

时间回到2022年,当年7月,河北港口集团实施港口资源整合,先后与相关划出方签署无偿划转协议,受让唐港实业100%股权,曹妃甸港集团100%股权,曹妃甸实业港务25%股权、国投曹妃甸24%股权、华能曹妃甸25%股权、曹妃甸煤炭6%股权。(详见“新的河北港口集团成立,走完整合第一步!”)

这些企业与秦港股份主营业务存在一定重合,带来了同业竞争问题。据秦港股份公告,河北港口集团出具承诺,在本次河北港口资源整合的股权划转完成后5年内,力争用更短的时间,综合运用包括但不限于资产重组、资产置换、股权置换、业务调整、委托管理等多种措施或整合方式稳妥推进相关业务整合以解决同业竞争问题。

5年期限将在2027年左右到期,此时购买相关资产与承诺兑现时间吻合。此前,2023年,秦港股份已与曹妃甸港集团签署了《股权托管协议》,受托管理河北华电曹妃甸储运有限公司40%股权、华能曹妃甸19.77%股权、曹妃甸煤炭港务21%股权。公告明确指出,托管是为解决及避免同业竞争问题。该协议托管期限三年,到期后,若双方均无书面异议,则自动顺延3年。

本次交易后,河北港口集团在唐山港曹妃甸港区的码头权益将集中至秦港股份,也有利于做大秦港股份的业绩。秦港股份在秦皇岛港、唐山港曹妃甸港区、黄骅港均有码头业务,近年来,随着钢铁行业去产能、优结构,港口铁矿石业务由增量扩张转向存量竞争阶段,在“碳达峰、碳中和”目标驱动下,港口煤炭业务的增长空间也受到制约,秦港股份作为干散货码头大户,业绩承压。

2026年上半年,秦港股份实现货物总吞吐量2.24亿吨,同比增长7.69%,其中在秦皇岛港完成1.02亿吨,同比增长13.76%;在曹妃甸港区完成6865万吨,同比增长0.9%;在黄骅港完成5404万吨,同比增长6.13%,曹妃甸港区增速不及其他两大港区。本次交易后,曹妃甸实业港务将成为秦港股份的并表子公司,进一步提升秦港股份的营收与利润水平。

此外,近年来,国资委不断推动资产证券化,鼓励将优质资产注入现有平台,这也加快了央国企解决同业竞争问题的步伐。如中国神华就收购控股股东国家能源集团旗下12家企业股权,其中包括港口公司与航运公司100%股权。今年6月,天津港股份拟向天津港集团发行股份,购买天津港第二集装箱码头与天津港汇盛码头。

上市公司一般会采取增发A股股份或向控股股东发行股份的方式,收购控股股东的资产,既能收入优质资产,又不需要掏出大量资金,同时还能加强港口集团对上市公司的控制力,一举多得。不过,对中国众多省级港口集团来说,在解决同业竞争的实际操作过程中,往往面临多方博弈,不得不延期履行承诺,解决同业竞争,仍然任重而道远。

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English

Qin Gang Shares (601326) suspended trading, plans to acquire equity in four ports | Port Circle

10moon20On the evening of that day, Qinhuangdao Port Co., Ltd. (referred to as "Qinhuangdao Port Co., Ltd."),601326)Announcement on the suspension of trading in relation to the planning of issuing shares, paying cash to purchase assets, raising matching funds, and related party transactions.

Qin Gang Shares is planning to issueAPurchase of shares and payment in cash from Hebei Port GroupTangshan Caofeidian Industrial Port Co., Ltd25%Equity, Guotou Caofeidian Port Co., Ltd24%Equity, Huaneng Caofeidian Port Co., Ltd28.23%Equity, Tangshan Caofeidian Coal Port Co., Ltd6%equityAnd inARaising matching funds through stock issuance.

Video Account
Today, Qingang Holdings (601326) suspended trading of its A-shares due to the acquisition of a portion of the equity of four port companies in Caofeidian Port Area from its shareholder Hebei Port Group. Why do we have to operate like this? #Listed Company # Eliminating Interbank Competition
Port CircleThe content of the video account needs to be viewed on WeChatWatch on WeChat

Both parties have signed the 'Equity Acquisition Intention Agreement', and this transaction constitutes a related party transaction. It is not expected to constitute a major asset restructuring or a restructuring listing.

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Equity structure of four ports

Four docks with different backgrounds. Qingang Corporation isCaofeidian Industrial PortThe largest shareholder, the company owns4individual2510000 ton class (considering both3010000 ton specialized ore berth2individual5-15A 10000 ton bulk cargo berth with a designed annual throughput capacity6550Ten thousand tons.2026year1-6Month, the company's net assets81Billion yuan, achieving revenue10.55Billion yuan, net profit4.33RMB100mn

Guotou CaofeidianOwned by Guotou Transportation Holdings10individual5-15Specialized coal berth with an annual coal discharge capacity of 10000 tons1Billion tons, it is one of the main terminals for transporting coal from the north to the south.

Huaneng CaofeidianControlled and operated by Huaneng Group5A coal loading berth with designed throughput5000Ten thousand tons, under construction6The berth number is10A specialized coal unloading berth with a capacity of 10000 tons.

Caofeidian Coal PortControlled by Qingang Holdings, operating the coal phase II terminal of Caofeidian Port Coal Port Area, with2individual1010000 ton level2individual710000 ton level1individual5Ten thousand ton coal loading berth.2026year1-6In the month, the company's net assets are13.92Billion yuan, achieving revenue3.57Billion yuan, net profit5944.88Ten thousand yuan.

Winning works of Zhenhua Terminex Global Port Photography Competition © Author: Wei Wei (Data Image)


Port Circle(ID:gangkouquan)It is believed that,This transaction is aimed at solving the problem of inter industry competition, in other words, the controlling shareholder and the listed company cannot compete for business in the same port area。

Time Returns2022Year, year7In September, Hebei Port Group implemented port resource integration and signed free transfer agreements with relevant transferors, acquiring Tanggang Industrial100%Equity, Caofeidian Port Group100%Equity, Caofeidian Industrial Port25%Equity, Guotou Caofeidian24%Equity, Huaneng Caofeidian25%Equity, Caofeidian Coal6%Equity. (See details)The new Hebei Port Group is established, taking the first step towards complete cooperation)

These enterprises have a certain overlap with the main business of Qingang Group, which has brought about competition issues in the industry. According to the announcement of Qingang Corporation,Hebei Port Group has issued a commitment to complete the equity transfer for the integration of Hebei Port resources5Within the year, we strive to use a variety of measures or integration methods, including but not limited to asset restructuring, asset replacement, equity replacement, business adjustment, and entrusted management, to steadily promote the integration of relevant businesses in a shorter period of time to solve the problem of industry competition。

5The annual deadline will be2027The maturity date is around one year, at which point the purchase of relevant assets coincides with the promised fulfillment time. Previously,2023In the year, Qingang Group has signed a "Equity Custody Agreement" with Caofeidian Port Group, entrusted to manage Hebei Huadian Caofeidian Storage and Transportation Co., Ltd40%Equity, Huaneng Caofeidian19.77%Equity, Caofeidian Coal Port21%Equity. The announcement clearly states that custody is to address and avoid competition issues within the industry. The custody period of this agreement is three years. Upon expiration, if both parties have no written objections, it will be automatically extended3Year.

After this transaction,Hebei Port Group's dock rights in Caofeidian Port Area of Tangshan Port will be concentrated in Qingang Shares, which is also conducive to the performance of Qingang SharesQinhuangdao Port, Caofeidian Port Area of Tangshan Port, and Huanghua Port all have terminal businesses. In recent years, with the reduction of production capacity and optimization of structure in the steel industry, the port iron ore business has shifted from incremental expansion to stock competition. Driven by the goal of "carbon peak and carbon neutrality", the growth space of the port coal business has also been constrained. As a major dry bulk terminal, Qinhuangdao Port's performance is under pressure.

2026In the first half of the year, Qingang Group achieved a total cargo throughput of2.24Billion tons, year-on-year growth7.69%Among them, it was completed at Qinhuangdao Port1.02Billion tons, year-on-year growth13.76%Completed in Caofeidian Port Area686510000 tons, year-on-year growth0.9%Completed at Huanghua Port540410000 tons, year-on-year growth6.13%The growth rate of Caofeidian Port Area is lower than that of the other two major port areas. After this transaction, Caofeidian Industrial Port will become a consolidated subsidiary of Qinhuangdao Port, further enhancing Qinhuangdao Port's revenue and profit levels.

In addition, in recent years, the State owned Assets Supervision and Administration Commission has continuously promoted asset securitization, encouraging the injection of high-quality assets into existing platforms, which has also accelerated the pace of central state-owned enterprises in solving the problem of inter industry competition. If China Shenhua acquires the controlling shareholder, State Energy Group12Equity of domestic enterprises, including port companies and shipping companies100%Equity. this year6In September, Tianjin Port Corporation plans to issue shares to Tianjin Port Group to purchase Tianjin Port Second Container Terminal and Tianjin Port Huisheng Terminal.

Listed companies generally adopt the method of issuing additional sharesAThe acquisition of assets from controlling shareholders through the issuance of shares or stocks can generate high-quality assets without the need to invest a large amount of funds, while also strengthening the port group's control over themThe control power of listed companies achieves multiple benefits in one fell swoop. However, for many provincial-level port groups in China,In the actual operation process of solving industry competition, there are often multi-party games, and it is necessary to postpone the fulfillment of commitments, solve industry competition, and still continue to do soHeavy and the road is long.

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