中信建投证券股份有限公司 关于中远海运特种运输股份有限公司全资子公司 公司全资子公司沥青公司及其下属公司作为租赁主体，光租租入 4 艘 9,000 吨级特种液货船（2 艘五星旗普通船和 2 艘非五星旗冰级船），出租人为中远海 运发展股份有限公司（以下简称"中远海发"）下属公司，租期自船舶交付日起 约 15 年；2 艘五星旗普通船的光租租金约为 40,250 元人民币/天/艘（含税），2 艘 非五星旗冰级船的光租租金约为 40,250 元人民币/天/艘（不含税），上述 4 艘特 种液货船在交付后每年支付光租租金约为 1,469 万元人民币/艘。 （二）本次交易的目的和原因 本次关联交易将进一步推进沥青公司转型升级、服务核心客户，打造一支多 船型、多货种、绿色低碳且具有良好全球竞争力的特种液货船队，实现公司可持 续发展。 （三）公司董事会审议本次交易相关议案的表决情况 1 本次交易议案已经公司第八届董事会第二十八次会议审议通过，关联董事对 该议案回避表决，其他非关联董事全票同意。 （四）交易生效尚需履行的审批及其他程序 光租 4 艘 9,000 吨特种液货船暨关联交易的核查意见 中信建投证券股份有限公司（以下简称 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - The construction of the Yarlung Zangbo River hydropower station is expected to boost transportation demand in the western region [2][21] - Volant Aviation secured a significant order worth $1.75 billion for 500 eVTOL aircraft [2][14] - Oil transportation rates have declined, with the U.S. shipping rates also showing a downward trend [2][12] Summary by Sections 1. Industry Hot Events - Oil transportation rates have decreased, with the China Import Crude Oil Index dropping by 10.4% to 944.92 points [2][12] - Volant Aviation signed a tripartite agreement to deliver 500 VE25-100 eVTOLs, totaling $1.75 billion [2][14] - The Yarlung Zangbo River hydropower project, with a total investment of 1.2 trillion yuan, is expected to enhance transportation demand in the western region [2][21] 2. Industry High-Frequency Data Tracking - In June 2025, the domestic cargo flight volume increased by 9.42% year-on-year, while international flights rose by 32.87% [23][33] - The express delivery business volume in June 2025 reached 16.87 billion pieces, a year-on-year increase of 15.78% [2][52] - The Baltic Dry Index (BDI) rose by 9.99% week-on-week, indicating a recovery in dry bulk shipping rates [2][43] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy Shipping [3] - Pay attention to the transportation demand increase driven by the Yarlung Zangbo River hydropower project, with a focus on companies like Sichuan Chengyu and Chongqing Port [3] - Explore investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [3]

四、累计对外担保数量及逾期担保的数量 截至 2025 年 6 月 30 日，公司对外担保余额为 309,061.10 万 元人民币，占公司 2024 年末净资产的比例为 22.41%。上述对外 担 保 余 额 在 公 司 2024 年 度 对 外 担 保 额 度 范 围 （ 公 告 编 号 ： 告编号：2024-038）内。 | 证券代码：600428 证券简称：中远海特 | | 公告编号：2025-031 | | | --- | --- | --- | --- | | 中远海运特种运输股份有限公司 | | | | | 关于 2025 年第二季度提供对外担保的公告 | | | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 | | | | | 重要内容提示： | | | | | ? 担保对象及基本情况 | | | | | 被担保人名称 洋浦中远海运特种运输有限公司 | | | | | 本次担保金额 17,533.45 万元 | | | | | 担保 | | | | | 70,048.93 实际为其提 ...

担保对象及基本情况 | | 被担保人名称 | 洋浦中远海运特种运输有限公司 | | | --- | --- | --- | --- | | 担保 对象 | 本次担保金额 | 17,533.45 | 万元 | | | 实际为其提供的担保余额 | 70,048.93 | 万元 | | | 是否在前期预计额度内 | 是 □否 | □不适用 | | | 本次担保是否有反担保 | □是 否 | □不适用 | 证券代码：600428 证券简称：中远海特 公告编号：2025-031 中远海运特种运输股份有限公司 关于 2025 年第二季度提供对外担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子 | 309,061.10 | | 公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 22.41% | | 100% 特别风险提示 | □对外担保总 ...

Macro Economic Overview - In the first half of 2025, China's exports increased by 5.9% year-on-year, while imports decreased by 3.9%, resulting in a trade surplus of 585.96 billion USD [6][7][9] - In June 2025, exports grew by 5.8% year-on-year, with a trade surplus of 114.77 billion USD, indicating resilience in export performance [6][8] - ASEAN and EU continued to support China's export growth, contributing 2.7 and 1.1 percentage points to the June export growth, respectively [7][8] Social Services and Consumption - In June 2025, the total retail sales reached 4.2 trillion CNY, growing by 4.8% year-on-year, while catering revenue was 470.8 billion CNY, up by 0.9% [10][11] - The GDP for the first half of 2025 was 66.05 trillion CNY, reflecting a year-on-year growth of 5.3% [10][11] - The per capita disposable income reached 21,840 CNY, with a real growth of 5.4%, while per capita consumption expenditure also grew by 5.3% [12] Transportation Industry - Zhongyuan Shipping reported a significant increase in revenue, achieving 10.775 billion CNY in the first half of 2025, a year-on-year increase of 44.05%, and a net profit of 825 million CNY, up by 13.08% [14][15] - The company improved its cargo structure by increasing the proportion of high-value-added goods, such as wind power equipment and engineering machinery [15][16] - The fleet expansion and optimization of capacity structure are expected to enhance operational resilience amid market fluctuations [16] Electronics Industry - Huadian Co. is projected to see a significant increase in revenue and net profit in the first half of 2025, driven by sustained demand in AI and HPC sectors [18][19] - The company anticipates a net profit of 1.65 to 1.75 billion CNY, representing a year-on-year increase of 44.63% to 53.40% [18][19] - Investment in high-end production capacity is expected to continue, enhancing the company's competitive edge in the market [19]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 6.60 and a sector rating of "Outperform" [1][3]. Core Views - The company reported a significant increase in its H1 2025 performance, with operating revenue reaching RMB 10.775 billion, a year-on-year increase of 44.05%. The net profit attributable to the parent company was RMB 825 million, up 13.08%, while the net profit excluding non-recurring items surged by 52.77% to RMB 835 million. This growth is attributed to enhanced marketing of core cargo sources and improved collaboration with leading industry clients, particularly in high-value cargo segments such as wind power equipment and automotive transportation [3][8]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of RMB 10.775 billion, a 44.05% increase year-on-year. The net profit attributable to the parent company was RMB 825 million, reflecting a 13.08% growth. The net profit excluding non-recurring items increased by 52.77% to RMB 835 million, indicating a substantial improvement in core business profitability [3][8]. Growth Drivers - The company has focused on expanding its fleet and optimizing its capacity structure, which has led to an increase in the proportion of high-value cargo. The strategy includes strengthening marketing efforts for core cargo sources and enhancing cooperation with top-tier clients, resulting in a higher volume of wind power equipment, energy storage cabinets, engineering machinery, and automobiles [8]. Future Outlook - The report projects continued growth in net profit for 2025-2027, estimating RMB 1.937 billion, RMB 2.361 billion, and RMB 2.670 billion respectively, with year-on-year growth rates of 26.6%, 21.9%, and 13.1%. The earnings per share (EPS) are expected to be RMB 0.71, RMB 0.86, and RMB 0.97, corresponding to price-to-earnings (PE) ratios of 9.3, 7.7, and 6.8 times [5][7].

Summary of COSCO SHIPPING Specialized Carriers Conference Call Company Overview - COSCO SHIPPING Specialized Carriers plans to integrate nearly 50 new vessels over three years, increasing total deadweight tonnage to approximately 7.6 million, with targets of over 9 million by the end of 2025 and over 10 million by 2026, significantly enhancing capacity and market competitiveness [2][3] Core Insights and Arguments - **Diverse Fleet Composition**: The company utilizes a diverse fleet including multipurpose heavy-lift vessels, pulp carriers, semi-submersible vessels, and roll-on/roll-off ships, along with innovative models like port-to-port loading and unloading to improve service quality and operational efficiency [2][4] - **Strategic Alliances**: COSCO has established strategic alliances with over 40 leading clients, achieving a direct customer ratio of nearly 80%, which positions the company to capitalize on opportunities in advanced manufacturing and new energy vehicle exports [2][6] - **Full-Chain Logistics Development**: The company aims to transition from a supply chain operator to a comprehensive solution provider, offering ground services to major clients like SANY Heavy Industry and launching innovative products such as the Zijiang Express [7][24] - **Revenue Growth**: The AC segment revenue has increased nearly 200% year-on-year, contributing approximately 10% to total revenue [7] Financial Performance - **2025 H1 Performance**: The company expects to exceed 10 billion yuan in revenue for the first half of 2025, with rapid growth in net profit attributable to shareholders and net profit excluding non-recurring items, driven by capacity expansion and innovative business models [3][10] - **Vessel Rental Rates**: In H1 2025, rental rates for various vessel types are projected as follows: multipurpose vessels at $16,000/day, heavy-lift vessels at $21,000/day, pulp carriers at $23,000/day, asphalt carriers at $10,000/day, and specialized car carriers at $50,000/day, with pulp carrier rates declining by approximately 10% year-on-year [8][9] Market Dynamics - **Container Market Trends**: The container market in Q1 2025 experienced a decline of about 10% due to the end of a shipping rush related to Brazilian tariffs, while other vessel types like heavy-lift and semi-submersible vessels saw increases [9][12] - **Wind Power Sector Impact**: The wind power sector has positively influenced the company's performance, with heavy-lift vessels being crucial for transporting wind power equipment, contributing significantly to overall growth [14][15] Future Outlook - **Long-Term Strategy**: COSCO SHIPPING Specialized Carriers focuses on a counter-cyclical development strategy, emphasizing partnerships with advanced manufacturing sectors and aiming for steady market share and profit growth [16][21] - **Capital Expenditure Plans**: Future capital expenditures will focus on team structure optimization and new project advancements, while maintaining a dividend policy of at least 30% [20][19] - **Market Positioning**: The company anticipates that high-quality resources will dominate the market in the long term, with a focus on high-value, flexible small vessels to meet growing demand [21][22] Additional Insights - **Changes in Cargo Structure**: There has been a notable shift in cargo structure, with traditional categories like steel declining and high-end manufacturing categories such as engineering machinery and new energy vehicles rising [23] - **International Market Strategies**: COSCO aims to become a comprehensive solution provider for international projects, enhancing core capabilities through multimodal transport and digital integration [24][25] - **Optimistic Growth Prospects**: The company is well-positioned to benefit from the increasing demand for Chinese equipment overseas, particularly in regions like South America and the Belt and Road Initiative [25][26]

Core Viewpoint - The successful unloading of the "Nanhai No. 8" semi-submersible drilling platform by COSCO Shipping Specialized Carriers marks a significant advancement in Sino-Brazilian cooperation in the marine engineering sector [1] Group 1: Company Operations - COSCO Shipping Specialized Carriers has completed the unloading operation of the "Nanhai No. 8" platform, which will serve Petrobras for nearly four years in offshore oil and gas tasks [1] - The "Xiang'an Kou" vessel, equipped with intelligent systems, is the first of its kind in China, capable of submerging to a maximum depth of 26 meters, representing a technological flagship for the company [1] - The company has established itself as a key partner for Chinese enterprises going global, providing customized services for various cargo types including engineering machinery and new energy vehicles [2] Group 2: Market Growth and Strategy - COSCO Shipping Specialized Carriers has seen rapid growth in the South American market, with Brazil becoming its largest single market for specialized transportation, handling over 8 million tons of cargo annually between China and Brazil [1] - The company is planning to launch customized shipping routes, including a direct service from Taicang to Victoria for electric vehicles, addressing issues of capacity and delivery times [3] - The company aims to establish a direct shipping route from Zhuhai to Manaus, enhancing logistics reliability and reducing transportation costs and risks [3] Group 3: Environmental Initiatives - The company is exploring green shipping solutions, such as shore power connections at ports, to reduce carbon emissions in shipping operations [4] - COSCO Shipping Specialized Carriers has significantly increased the volume of pulp transported from Brazil to China, growing from 300,000 tons to nearly 5 million tons over five years, reflecting a commitment to sustainable practices [3]

[COSCO SHIPPING Specialized Carriers Co., Ltd. 2025 Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E8%BF%9C%E6%B5%B7%E8%BF%90%E7%89%B9%E7%A7%8D%E8%BF%90%E8%BE%93%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E5%BF%AB%E6%8A%A5) [Key Financial Data and Indicators](index=1&type=section&id=%E4%B8%80%E3%80%812025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87) The company achieved strong growth in H1 2025, with operating revenue and profit up 44.05% and 51.00% YoY respectively, though net profit attributable to shareholders grew slower at 13.08% due to prior-year non-recurring items Key Financial Data and Indicators | Item | Current Period (RMB million) | Prior Year Period (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Profitability** | | | | | Operating Revenue | 10,775.15 | 7,480.38 | 44.05 | | Operating Profit | 1,329.51 | 880.49 | 51.00 | | Net Profit Attributable to Shareholders | 824.93 | 729.50 | 13.08 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 835.09 | 546.64 | 52.77 | | Basic Earnings Per Share (RMB) | 0.337 | 0.340 | -0.73 | | **Asset Position (Period-end vs. Beginning of Year)** | | | | | Total Assets | 41,807.09 | 34,928.65 | 19.69 | | Total Equity Attributable to Parent Company | 16,174.43 | 12,582.30 | 28.55 | | Share Capital (million shares) | 2,743.92 | 2,146.65 | 27.82 | [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Core business growth was driven by cargo structure optimization, while net profit growth was skewed by significant prior-year non-recurring gains and EPS was diluted by a private placement [Core Business Impact](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%BD%B1%E5%93%8D) The company achieved steady performance growth by expanding its fleet, optimizing capacity, and increasing its share of high-value cargo, demonstrating strong operational resilience - The company actively optimized its cargo mix, with the volume of high-value goods such as **wind power equipment, energy storage containers, construction machinery, and commercial vehicles increasing year-over-year**[4](index=4&type=chunk) - During the period, operating revenue reached approximately **RMB 10.78 billion**, a YoY increase of **44.05%**, and net profit excluding non-recurring items reached approximately **RMB 835 million**, a YoY increase of **52.77%**, indicating strong core business growth[4](index=4&type=chunk) [Impact of Non-recurring Items](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E5%BD%B1%E5%93%8D) The significant gap between net profit growth (13.08%) and adjusted net profit growth (52.77%) is due to a high base from prior-year non-recurring gains of approximately RMB 178 million - Reduced investment income: The prior-year period included a **RMB 120 million gain** from the reclassification of the equity investment in GZ Ocean Car Carrier, which was absent this period[4](index=4&type=chunk) - Reduced asset disposal gains: The company recognized a **RMB 58.21 million gain** from the disposal of old vessels in the prior-year period, with no similar gains this period[4](index=4&type=chunk) [Impact of Share Capital Changes](index=2&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%B6%E4%BB%96%E5%BD%B1%E5%93%8D) A private placement of A-shares in March 2025 increased total share capital by 27.82%, causing a dilution effect that led to a slight decrease in basic earnings per share - In March 2025, the company issued **597,269,624 new shares** through a private placement, increasing total share capital to **2,743,920,395 shares**[5](index=5&type=chunk) - The increase in share capital was a primary reason for the decrease in basic EPS from **RMB 0.340 to RMB 0.337**[2](index=2&type=chunk) [Risk Warning](index=2&type=section&id=%E4%B8%89%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The financial data in this announcement is preliminary and unaudited, with final figures subject to the official 2025 interim report, and investors should be aware of potential risks - The key financial data for the first half of 2025 presented in this announcement is **preliminary and has not been audited** by an accounting firm[1](index=1&type=chunk)[7](index=7&type=chunk) - Investors are advised to consider the investment risks, as the **final data will be disclosed in the company's official 2025 interim report**[1](index=1&type=chunk)[7](index=7&type=chunk)

中远海特（600428）公告，2025年上半年营业收入107.75亿元，同比增长44.05%。归属于上市公司股东 的净利润8.25亿元，同比增长13.08%。 ...