Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% over the next six months [18]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of approximately 7.95 billion yuan for the first half of 2025, representing a year-on-year increase of 151% [1]. - The second quarter of 2025 is expected to see a net profit of around 4.38 billion yuan, reflecting a year-on-year growth of 127% [1]. - The company continues to strengthen its market position in traditional routes such as Shanghai-Japan and Shanghai-Taiwan, while also expanding its operations in Southeast Asia, contributing to significant profit growth [7]. Financial Performance - For 2025, the total revenue is estimated at 6.773 billion yuan, with a year-on-year growth rate of 13.5% [3]. - The net profit attributable to shareholders for 2025 is projected to be 1.243 billion yuan, with a growth rate of 21.8% compared to 2024 [3]. - The earnings per share (EPS) for 2025 is expected to be 0.96 yuan, with a price-to-earnings (P/E) ratio of 12 [3]. Market Performance - The China Container Freight Index (CCFI) for Japan and Southeast Asia showed a year-on-year increase of 29% in the first half of 2025, while the Taiwan Freight Index (TWFI) increased by 26% [2]. - In the second quarter of 2025, CCFI for Japan rose by 33%, and TWFI for Taiwan increased by 30% [2]. Investment Recommendations - The report suggests an upward revision of the company's net profit forecasts for 2025-2027, now estimated at 12.4 billion, 10.5 billion, and 10.5 billion yuan respectively [7]. - The target price for the company's stock is set at 14.4 yuan, indicating a potential upside of 25% from the current price of 11.50 yuan [3][7].

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company expects its 2025 first-half net profit attributable to shareholders to reach RMB 780 million to RMB 810 million, a year-over-year increase of 145.86% to 155.32% 2025 H1 Performance Forecast | Metric | 2025 H1 Forecast (RMB million) | 2024 H1 Actual (RMB million) | YoY Growth | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | 780 - 810 | 317 | +145.86% to +155.32% | | **Non-recurring Net Profit Attributable to Shareholders** | 760 - 790 | 292 | +160.25% to +170.53% | - The projected performance has not been audited by an accounting firm[2](index=2&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) The company reviewed its 2024 first-half financial performance, reporting a net profit attributable to owners of the parent company of RMB 317 million, non-recurring net profit of RMB 292 million, and earnings per share of RMB 0.25 2024 H1 Financial Performance | Metric | 2024 H1 Amount | | :--- | :--- | | **Total Profit (RMB million)** | 398.94 | | **Net Profit Attributable to Shareholders (RMB million)** | 317.25 | | **Non-recurring Net Profit Attributable to Shareholders (RMB million)** | 292.02 | | **Earnings Per Share (RMB)** | 0.25 | [Analysis of Performance Forecast Increase](index=1&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Forecast%20Increase) Significant performance growth is primarily attributed to increased container shipping volume and prices driven by heightened intra-Asia trade activity, with the company maintaining market leadership in traditional routes while successfully expanding into Southeast Asia as a new growth area - Favorable macroeconomic environment: Intra-Asia trade activity increased in the first half of 2025, with steady growth in container shipping volume and relatively stable supply[4](index=4&type=chunk) - Freight rate increase: According to Clarkson data, the intra-Asia shipping route freight rate index increased by **11.43%** year-over-year in the first half of 2025[4](index=4&type=chunk)[5](index=5&type=chunk) - Solid core business: The company maintained its **number one market share** in traditional advantageous routes such as Shanghai-Japan and Shanghai-Cross-Strait, enhancing profitability[5](index=5&type=chunk) - New growth drivers: The company continued to develop Southeast Asia as its second growth pole, achieving both volume and price increases in the region during the reporting period, boosting current performance[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company states there are no significant uncertainties affecting the accuracy of this performance forecast and advises investors to be aware of stock price volatility risks in the secondary market, recommending rational investment - The company confirms there are no significant uncertainties affecting the accuracy of this performance forecast[6](index=6&type=chunk) - Investors are reminded that secondary market stock prices are influenced by multiple factors and are subject to uncertainty; therefore, rational investment and risk awareness are advised[6](index=6&type=chunk) [Other Explanations](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) The company emphasizes that the disclosed data are preliminary, and the final accurate financial figures will be based on the officially released 2025 semi-annual report - The above forecast data are preliminary, and the specific accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[7](index=7&type=chunk)

Core Viewpoint - Jinjiang Shipping (601083.SH) expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 145.86% to 155.32% [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 780 million to 810 million yuan for the reporting period [1] - The increase in profit is driven by heightened trade activity in the Asian region, leading to a growth in container shipping volume [1] Market Dynamics - The freight rate index has risen by 11.43% year-on-year, contributing to the overall profitability [1] - Jinjiang Shipping maintains the top market share on its traditional advantageous routes, with significant operational success in Southeast Asia, resulting in both volume and price increases [1]

Core Viewpoint - The company is utilizing part of its idle raised funds for cash management through structured deposits to enhance fund efficiency and shareholder returns while ensuring no impact on project construction and normal operations [1][4][7]. Group 1: Cash Management Overview - Cash management product type is structured deposits [1]. - The cash management amount is RMB 1.3 billion [2]. - The purpose of cash management is to improve fund efficiency and increase shareholder returns due to the idle nature of raised funds during project construction [1][4]. Group 2: Investment Details - The investment amount for cash management is RMB 1.3 billion [2]. - The funds are sourced from the company's initial public offering, which raised a total of RMB 1.9412 billion [2]. - The company has established a special account for raised funds to ensure their safe usage [2]. Group 3: Investment Execution - The company purchased structured deposits from China Merchants Bank with a term of 89 days [4][5]. - The expected annualized return on the structured deposit is 2.27% [4]. - The product is categorized as a principal-protected floating return type, ensuring high safety and liquidity [4][7]. Group 4: Approval Process - The cash management proposal was approved in meetings held on June 26, 2025, by the board and supervisory committee [1][5]. - The sponsor, Guotai Junan Securities, provided a non-objection verification opinion [1][5]. Group 5: Impact on the Company - The cash management will not affect the company's future business development, financial status, operating results, or cash flow significantly [7]. - The approach is expected to enhance the efficiency of raised fund usage and generate certain investment returns, aligning with the interests of the company and all shareholders [7].

证券代码：601083 证券简称：锦江航运 公告编号：2025-026 上海锦江航运（集团）股份有限公司 关于使用部分闲置募集资金进行现金管理的 进展公告 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： 已履行的审议程序：上海锦江航运（集团）股份有限公司（以下简称 "公司"）于 2025 年 6 月 26 日召开第二届董事会第二次会议、第一届监事会第 十八次会议，审议通过了《上海锦江航运（集团）股份有限公司关于使用部分闲 置募集资金进行现金管理的议案》。保荐机构国泰海通证券股份有限公司出具了 无异议的核查意见。 特别风险提示：公司本次购买的是安全性高、流动性好、具有合法经营 资格的金融机构销售的保本型产品，但仍不排除因市场波动、宏观金融政策变化 等原因引起的影响收益的情况。提醒广大投资者注意投资风险。 本次进行现金管理的金额为人民币 130,000 万元。 （三）资金来源 1、募集资金基本情况 经中国证券监督管理委员会于 2023 年 8 月 21 日出具的《关于同意上海锦 江航运（集团）股份有限公司首次公开发 ...

Meeting Details - The first session of the Supervisory Board's 18th meeting was held on June 26, 2025, via electronic communication, with all three supervisors participating and voting [1][2] - The meeting complied with relevant laws, regulations, and the company's articles of association, ensuring the legality and validity of the resolutions made [1] Resolutions Passed - The Supervisory Board approved the proposal for using part of the idle raised funds for cash management, with a unanimous vote of 3 in favor [1][2] - The decision to use idle funds for cash management is aimed at improving the efficiency of fund utilization and will not affect the normal progress of investment projects [2] - The decision-making process for using idle funds complies with regulatory requirements, including the rules for managing raised funds and self-regulatory guidelines [2]

国泰海通证券股份有限公司 关于上海锦江航运（集团）股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 上海锦江航运（集团）股份有限公司（以下简称"锦江航运"或"公司"）首次 公开发行股票并在主板上市持续督导保荐机构，根据《证券发行上市保荐业务管 理办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等有关规定，对公司使用部分闲置 募集资金进行现金管理的事项进行了核查，具体情况如下： 一、使用闲置募集资金进行现金管理的基本情况 （一）投资目的 由于募集资金投资项目存在一定建设周期，根据募集资金投资项目实施进度， 暂未投入使用的募集资金将在短期内出现部分闲置的情况。为提高资金使用效率、 增加股东回报，在确保不影响募集资金投资项目建设和公司正常经营的情况下， 合理利用部分暂时闲置募集资金进行现金管理，增加资金收益、保障公司股东的 利益。 （二）投资金额 在不影响公司募投项目正常实施进度的情况下，公司计划根据 ...

上海锦江航运（集团）股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎 回的公告 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： 到期赎回现金管理产品 证券代码：601083 证券简称：锦江航运 公告编号：2025-025 现金管理产品：招商银行定期存款、招商银行点金系列看涨两层区间 86 天 结构性存款 现金管理金额：合计人民币 160,000 万元 构性存款产品已到期赎回，收回本金 160,000 万元，实现收益 2,025.58 万元， 具体情况如下： | | | | 产品金 | | | 产 | | | 实际 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 受托方 | 产品 | 产品 | 额 | 预计年 | 产品 | 品 | 收益 | 赎回金 | 收益 | | | | | | 化收益 | 起息 | | | 额 | | | 名称 | 名称 | 类型 | （万 | | | 期 | 类型 | | (万 | | | | | ...

证券代码：601083 证券简称：锦江航运 公告编号：2025-024 上海锦江航运（集团）股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 投资种类：安全性高、流动性好、具有合法经营资格的金融机构销售的 保本型现金管理产品。 现金管理额度：不超过人民币 13 亿元，该额度在决议有效期限内可滚动 使用。 已履行的审议程序：上海锦江航运（集团）股份有限公司（以下简称 "公司"）于 2025 年 6 月 26 日召开第二届董事会第二次会议、第一届监事会第 十八次会议，审议通过了《上海锦江航运（集团）股份有限公司关于使用部分闲 置募集资金进行现金管理的议案》。保荐机构国泰海通证券股份有限公司出具了 无异议的核查意见。本事项无须提交公司股东大会审议。 特别风险提示：公司将选择安全性高、流动性好、具有合法经营资格的 金融机构销售的保本型现金管理产品，但仍不排除因市场波动、宏观金融政策变 化等原因引起的影响收益的情况。提醒广大投资者注意投资风险。 一、使用闲置募集资金 ...

证券代码：601083 证券简称：锦江航运 公告编号：2025-023 上海锦江航运（集团）股份有限公司 第一届监事会第十八次会议决议公告 一、监事会会议召开情况 上海锦江航运（集团）股份有限公司（以下简称"公司"）已于 2025 年 6 月 20 日以电子邮件方式向全体监事发出第一届监事会第十八次会议通知和材料。 会议于 2025 年 6 月 26 日以通讯方式召开。公司监事会全体 3 名监事审议了本次 会议的议案，以书面通讯方式发表了表决意见。本次会议的召开符合《公司法》 等有关法律法规及《公司章程》《公司监事会议事规则》的规定，所形成的决议 合法有效。 二、监事会会议审议情况 本次会议审议并通过了以下事项： （一）审议通过了《上海锦江航运（集团）股份有限公司关于使用部分闲 置募集资金进行现金管理的议案》 监事会认为：公司使用部分闲置募集资金进行现金管理，有利于提高募集资 金的使用效率，不会影响公司募集资金投资项目正常进行，没有变相改变募集资 金用途，不存在损害公司和股东利益的情形。公司使用部分暂时闲置募集资金进 行现金管理的决策程序符合《上市公司募集资金监管规则》《上海证券交易所股 票上市规则》《上海证 ...