Core Viewpoint - The company, Guohang Yuanyang (920571.BJ), is planning to issue H-shares and list on the Hong Kong Stock Exchange to support its internationalization strategy and enhance its green and digital shipping capabilities [2][3]. Group 1: Company Strategy - Guohang Yuanyang aims to align with the national "14th Five-Year Plan" focusing on green shipping and transportation development [2]. - The company seeks to enhance its international brand recognition and meet financing needs through the H-share issuance [2]. Group 2: Company Background - Established in 2001, Guohang Yuanyang is a major player in dry bulk shipping, operating internationally and along domestic coastal routes [3]. - The company possesses various shipping rights and operates a fleet that includes Panamax and Handymax bulk carriers, effectively integrating key transportation resources [3]. - As of December 2, 2025, the company's total market capitalization is approximately 5.632 billion RMB [3].

Core Viewpoint - The event highlighted the strategic importance of Guohang Ocean Transportation (Group) Co., Ltd. as a key player in ensuring national supply chain security under the "National Goods, National Transport" strategy, emphasizing its historical opportunities and core advantages as the first shipping stock on the Beijing Stock Exchange [1][4]. Company Overview - Guohang Ocean has evolved from a regional shipping company to a national backbone enterprise, playing a crucial role in the safe transportation of major commodities in China [3][8]. - The company operates a fleet that ranks among the top in China and has established long-term partnerships with major state-owned enterprises, participating in critical logistics for coal, grain, and minerals [3][8]. Strategic Positioning - The "National Goods, National Transport" strategy presents significant growth opportunities for the company, as the demand for domestic shipping of essential goods increases [4][6]. - The company employs a flexible strategy that combines domestic and foreign trade, allowing it to mitigate industry cycle fluctuations while supporting national transport needs [4][6]. Technological Advancements - Guohang Ocean has developed a proprietary visualized Management Operating System (MOS) for real-time monitoring and intelligent scheduling of vessels, showcasing its modern management capabilities [3][8]. - The company is investing in green and intelligent new vessels, such as methanol dual-fuel ships, which not only comply with international environmental regulations but also enhance competitiveness and reduce long-term operational costs [4][6]. Industry Context - The global dry bulk shipping industry faces challenges such as aging fleets and insufficient new orders, creating supply constraints [5][6]. - As the largest importer of bulk commodities, China’s demand for safe and efficient shipping solutions is expected to grow, benefiting leading shipping companies like Guohang Ocean [5][6]. Risk Mitigation - The company’s focus on domestic demand and its low exposure to U.S. trade issues provide a strong buffer against external uncertainties, reinforcing its business stability [7]. - The alignment with national supply chain security strategies positions Guohang Ocean as a critical participant and beneficiary in the evolving market landscape [7][8].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

Group 1: Dividend Announcements - Wireless Media will distribute a cash dividend of RMB 3.75 per 10 shares (including tax), with the record date on November 21, 2025, and the ex-dividend date on November 24, 2025 [1] - Air China Ocean will distribute a cash dividend of RMB 1.00 per 10 shares (including tax), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [1] - Balanshi will distribute a cash dividend of RMB 5.00 per 10 shares (including tax), with the record date on November 25, 2025, and the ex-dividend date on November 26, 2025 [1] Group 2: Additional Dividend Announcements - OmniVision Technologies will distribute a cash dividend of RMB 4.00 per 10 shares (including tax), with the record date on November 21, 2025, and the ex-dividend date on November 24, 2025 [2] - *ST Kaixin will distribute a cash dividend of RMB 3.90 per 10 shares (including tax), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [2] - Guoguang Co., Ltd. will distribute a cash dividend of RMB 3.00 per 10 shares (including tax), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [2] Group 3: Further Dividend Announcements - Focus Media will distribute a cash dividend of RMB 0.50 per 10 shares (including tax), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [3] - Jidian Co., Ltd. will distribute a cash dividend of RMB 0.21 per 10 shares (including tax), with the record date on November 24, 2025, and the ex-dividend date on November 25, 2025 [3]

Core Viewpoint - Fujian Guohang Ocean Transportation (Group) Co., Ltd. announced the establishment of a joint venture with Zhejiang Free Trade Zone Xiashi Men Maritime Service Co., Ltd. to provide comprehensive solutions in the "low-altitude economy + maritime services" sector [1][2] Group 1 - The joint venture will focus on services such as maritime drone transportation, vessel supply, vessel inspection, government flights, digital platform development, and blockchain finance, with a registered capital of 10 million yuan [1] - Guohang Technology Company will hold a 60% stake in the joint venture, while Zhejiang Maritime Service Company will hold 40% [1] - The establishment of the joint venture is part of the group's long-term development strategy, aimed at enhancing overall strength and competitiveness [2] Group 2 - Guohang Ocean's core business is dry bulk transportation, covering international ocean, domestic coastal, and inland transportation, making it one of the largest companies in coastal electric coal transportation in China [2] - The company also expands into multi-category cargo transportation, including coal, grain, ore, and steel, as well as diversified fields such as ship management, financial leasing, and shipping consulting [2] - As of the end of September, the company reported revenue of approximately 693 million yuan, a year-on-year increase of 1.83%, but a net profit attributable to shareholders of approximately 205,100 yuan, a year-on-year decrease of 99.75% due to vessel impairment and increased financial expenses [2]

Core Viewpoint - Fujian Guohang Ocean Transportation (Group) Co., Ltd. has decided to terminate its previously planned $5 million capital increase for its wholly-owned subsidiary, Guodian Shipping (Hong Kong) Co., Ltd., maintaining its registered capital at $5.33 million [1][2]. Background of Capital Increase and Adjustment Reasons - The initial plan was approved on August 22, 2025, to convert $5 million in dividends receivable from Guodian Shipping into an investment in Guodian Shipping (Hong Kong), increasing its registered capital from $5.33 million to $10.33 million [2]. - The decision to terminate the capital increase was made on October 22, 2025, based on two main considerations: the current registered capital of $5.33 million is sufficient for the subsidiary's operational needs, and increasing the capital could elevate operational risks, which contradicts the company's risk management and resource optimization principles [2]. Adjusted Arrangements and Impact on the Company - Following the termination of the capital increase, the registered capital of Guodian Shipping (Hong Kong) will remain at $5.33 million. The company will reassess the capital adjustment plan based on future business development, market demand, and overall strategic layout [3]. - The company emphasized that this adjustment aligns with its strategic development plan and will not significantly impact the financial status of the company or its subsidiaries, nor will it harm the interests of the company and its shareholders, particularly minority shareholders [3].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]

Core Points - The Beijing Stock Exchange has decided to terminate the review of Fujian Guohang Ocean Transportation (Group) Co., Ltd.'s application for a specific object stock issuance [1][2] - The company submitted its application on January 6, 2025, and later withdrew it on September 26, 2025 [2] - The total amount of funds intended to be raised from the issuance was not to exceed 460 million RMB, aimed at supplementing working capital and low-carbon smart ship acquisition projects [2][3] Company Information - Fujian Guohang Ocean Transportation (Group) Co., Ltd. was established in 2001 and is primarily engaged in maritime transportation [5] - The company has a registered capital of 5,554.07453 million RMB and a paid-in capital of 180.6 million RMB [5] - As of the date of the fundraising prospectus, the controlling shareholder is Wang Yanping, who directly holds 31.72% of the company's shares, with family members also holding significant stakes [4]

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 福建国航远洋运输（集团）股份有限公司（以下简称"公司"、"国航远洋"） 于2025年9月25日召开第九届董事会第二次会议，审议通过了《关于终止向特定 对象发行股票的议案》，同意公司终止向特定对象发行股票事项并撤回申请材料。 现向北京证券交易所（以下简称"北交所"）申请撤回相关申请材料，具体信息 如下： 证券代码：833171 证券简称：国航远洋 公告编号：2025-194 福建国航远洋运输（集团）股份有限公司 关于终止向特定对象发行股票事项并撤回申请材料的公告 一、基本情况 国航远洋于 2024 年 11 月 5 日召开第八届董事会第二十八次临时会议、第八 届监事会第十七次临时会议，于 2024 年 11 月 21 日召开 2024 年第四次临时股东 大会，审议通过了《关于公司符合向特定对象发行股票条件的议案》等相关议案， 并授权董事会全权办理本次向特定对象发行股票事宜。 公司于 2025 年 1 月 22 日收到北交所出具的《关于福建国航远洋运输（集团） ...

兴业证券股份有限公司关于 福建国航远洋运输（集团）股份有限公司 调整 2025 年度预计担保额度的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为福建 国航远洋运输（集团）股份有限公司（以下简称"国航远洋"或"公司"）向不 特定合格投资者公开发行股票并在北京证券交易所上市的保荐机构，根据《证券 发行上市保荐业务管理办法》《北京证券交易所上市公司持续监管办法（试行）》 《北京证券交易所证券发行上市保荐业务管理细则》《北京证券交易所股票上市 规则》等相关法律、法规和规范性文件的规定，对国航远洋调整 2025 年度预计担 保额度事项进行了审慎核查，核查情况如下： 一、基本情况概述 福建国航远洋运输（集团）股份有限公司（简称"公司"、"国航远洋"） 于 2025 年 1 月 15 日召开 2025 年第一次临时股东大会，审议通过《关于预计 2025 年度为开展融资工作提供担保额度的议案》，同意国航远洋及其子公司担保额度 总计不超过人民币 28.9948 亿元，包括公司为子公司提供担保、子公司之间相互 担保及子公司为公司担保。 截至 2025 年 9 月 25 日公司担保余额为 19.30 亿元 ...