Core Viewpoint - The significant fluctuation in gross margin of Haitong Development (603162.SH) has drawn attention, with a drop from 40.06% in 2022 to 15.01% in 2023, followed by a recovery to 20.05% in 2024, and a further decline to 11.65% in the first half of 2025 [1][2] Group 1: Gross Margin Fluctuations - The gross margin changes are primarily influenced by the cyclical fluctuations in the global dry bulk shipping market [1] - The Baltic Dry Index (BDI) averaged a 28.72% year-on-year decline in 2023 due to macroeconomic weakness and geopolitical factors, leading to a significant drop in the company's freight revenue [1] - In 2024, the BDI index increased by 27.36% year-on-year, and the company expanded its capacity by acquiring 17 new vessels, which helped to rebound the gross margin [1] - However, in the first half of 2025, the BDI average declined by 30% year-on-year, coupled with increased vessel maintenance costs and incomplete benefits from new ships, further pressuring the gross margin [1] Group 2: Business Structure Changes - The company actively expanded its external chartering business, with its revenue share increasing from 32.85% to 49.29%, but this segment has a gross margin of less than 10%, significantly lower than the self-operated shipping business [2] - The self-operated shipping business is the core source of gross margin, with its margin fluctuations closely aligned with market freight trends [2] - In 2023, the domestic charter business saw a 32.19% year-on-year decline in unit price, resulting in a gross margin drop to 3.10% [2] - The overseas time charter business experienced a more than 50% decline in daily rental rates in 2023, leading to a gross margin decrease of 28.31 percentage points, although improvements are expected in 2024 as rental rates recover [2]

Core Points - Fujian Haitong Development Co., Ltd. has completed its response to the Shanghai Stock Exchange regarding the inquiry letter about its application for a specific object issuance of stocks [1] - The company received the inquiry letter on October 13, 2025, and has since worked with relevant intermediaries to address the questions raised [1] - The issuance of A-shares to specific objects still requires necessary review procedures, including approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission [1] Summary by Sections - **Company Announcement** - The company announced the completion of its response to the inquiry from the Shanghai Stock Exchange [1] - The response was disclosed on the same day it was completed [1] - **Regulatory Process** - The issuance of stocks is subject to further review and approval processes [1] - There is uncertainty regarding the final approval and specific timeline for the issuance [1] - **Investor Advisory** - The company will fulfill its information disclosure obligations based on the progress of the matter [1] - Investors are advised to pay attention to investment risks associated with this process [1]

Core Viewpoint - Fujian Haitong Development Co., Ltd. plans to raise no more than 210 million yuan for the purchase of dry bulk carriers, with the issuance directed towards companies controlled by the actual controller Zeng Erbin [1][2] Group 1: Issuance Plan Compliance - The issuance targets two companies, Dayunming Investment and Dalan Investment, both controlled by Zeng Erbin, who holds 51% of their shares [2] - The funding will come from shareholder contributions and stock pledge loans, with Zeng Erbin's family having over 70 million yuan in self-owned funds and a stock pledge financing of 140 to 210 million yuan [2] Group 2: Fundraising Project Focus - The fundraising aims to acquire three ultra-flexible dry bulk carriers, adding approximately 170,000 deadweight tons of capacity, with an internal rate of return of 11.27% and a static investment payback period of 6.32 years [3] - The project aligns with the "Hundred Ships Plan" strategy, targeting a fleet of 100 self-owned vessels by 2028-2029 [3] - The company currently operates 45 self-owned vessels with a total capacity of 3.1412 million deadweight tons, ranking seventh among domestic shipping companies [3] Group 3: Financial Performance - From 2022 to 2024, the company's revenue grew from 2.046 billion yuan to 3.659 billion yuan, with a compound annual growth rate of 33.72% [4] - The gross margin fluctuated significantly due to market price volatility, dropping from 40.06% to 20.05% during the same period [4] - In the first half of 2025, despite a 30% year-on-year decline in the BDI index affecting net profit, revenue increased by 6.74% to 1.8 billion yuan due to fleet expansion [4] - Accounts receivable reached 219 million yuan by the end of 2024, with a 100% collection rate from major clients in the energy and steel industries [4]

关于福建海通发展股份有限公司 向特定对象发行股票申请文件的 审核问询函中 致同会计师事务所（特殊普通合伙） 有关财务会计问题的回复 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话+861085665588 传真+861085665120 www.grantthornton.cn 关于福建海通发展股份有限公司 向特定对象发行股票申请文件的审核问询函中 有关财务会计问题的回复 致同专字（2025）第 351A021559 号 上海证券交易所： 福建海通发展股份有限公司（以下简称"发行人"、"公司"或"海通发展"） 于 2025 年 10 月 13 日收到上海证券交易所（以下简称"上交所"）出具的《关于福 建海通发展股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上审 （再融资）〔2025〕295 号）（以下简称"问询函"），致同会计师事务所（特殊普通 合伙）（以下简称"我们"或"申报会计师"）本着勤勉尽责、诚实守信的原则， 就问询函所列问题逐项进行了核查、落实和认真讨论，现回复如下，请予审核。 本回复中 2025 年 1-6 月或 202 ...

福建天衡联合律师事务所 关于福建海通发展股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书 | | | 福建天衡联合律师事务所 关于福建海通发展股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书 〔2025〕天衡福非字 0108-12 号 引 言 一、释义 在本补充法律意见书中，除非明确表述或上下文另有定义，下列各项用语具有 如下特定的含义 致：福建海通发展股份有限公司 福建天衡联合律师事务所接受福建海通发展股份有限公司的委托，指派林晖律 师、陈韵律师和陈张达律师，担任福建海通发展股份有限公司 2025 年度向特定对 象发行 A 股股票事项的专项法律顾问，并出具〔2025〕天衡福非字 0108-06 号《关 于福建海通发展股份有限公司 2025 年度向特定对象发行 A 股股票的法律意见书》 和〔2025〕天衡福非字 0108-07 号《关于为福建海通发展股份有限公司 2025 年度向 特定对象发行 A 股股票事项出具法律意见书的律师工作报告》。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发行 注册管理办法》《律师事务所从事证券法律业务管理办法 ...

关于福建海通发展股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复报告 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 上海证券交易所： 福建海通发展股份有限公司（以下简称"发行人"、"公司"或"海通发展"） 于2025年10月13日收到上海证券交易所（以下简称"上交所"）出具的《关于福 建海通发展股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上 审（再融资）〔2025〕295号）（以下简称"问询函"），中信证券股份有限公 司（以下简称"保荐人"）作为公司本次向特定对象发行股票的保荐人（主承销 商），会同发行人及发行人律师福建天衡联合律师事务所（以下简称"发行人律 师"）、申报会计师致同会计师事务所（特殊普通合伙）（以下简称"申报会计 师"）等相关方，本着勤勉尽责、诚实守信的原则，就问询函所列问题逐项进行 了核查、落实和认真讨论，现回复如下，请予审核。 说明： 一、如无特别说明，本回复报告中的简称或名词的释义与募集说明书中的相 同。 二、本回复报告的字体代表以下含义： | 黑体（不加粗） | 问询函所列问题 | | --- | --- | ...

福建海通发展股份有限公司（以下简称"公司"）收到上海证券交易所于 2025 年 10 月 13 日出具的《关于福建海通发展股份有限公司向特定对象发行股 票申请文件的审核问询函》（上证上审（再融资）〔2025〕295 号）（以下简称 "《审核问询函》"），上海证券交易所审核机构对公司 2025 年度向特定对象 发行 A 股股票申请文件进行了审核，并形成了审核问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，并逐项做了说明和回复。具体内容详见 公司于同日在上海证券交易所网站（www.sse.com.cn）披露的相关公告文件。 证券代码：603162 证券简称：海通发展 公告编号：2025-119 福建海通发展股份有限公司 关于向特定对象发行股票申请文件的 审核问询函回复的提示性公告 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。 公司本次向特定对象发行 A 股股票事项尚需通过上海证券交易所审核，并 获得中国证券监督管理委员会（以下简称"中国证监会"）做出同意注册的决 ...

Core Viewpoint - Haitong Development's stock price has shown significant growth this year, with a year-to-date increase of 19.23% and a notable rise of 28.71% over the past 60 days, indicating strong market interest and performance [2]. Financial Performance - For the period from January to September 2025, Haitong Development reported a revenue of 3.009 billion yuan, reflecting a year-on-year growth of 16.32%. However, the net profit attributable to shareholders decreased by 38.47% to 253 million yuan [2]. - Since its A-share listing, Haitong Development has distributed a total of 266 million yuan in dividends [3]. Stock Market Activity - On October 23, Haitong Development's stock price increased by 2.07%, reaching 10.85 yuan per share, with a trading volume of 171 million yuan and a turnover rate of 5.77%. The total market capitalization stands at 10.048 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on October 21, where it recorded a net purchase of 8.2198 million yuan [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Haitong Development is 26,400, which is a decrease of 18.54% from the previous period. The average number of circulating shares per shareholder has increased by 24.72% to 10,529 shares [2]. - Among the top ten circulating shareholders, E Fund Hong Kong Stock Connect Dividend Mixed A (005583) is a new entrant with 3.416 million shares, while Huatai-PB Fortune Mixed A (004475) has exited the top ten list [3]. Business Overview - Haitong Development, established on March 19, 2009, and listed on March 29, 2023, is primarily engaged in dry bulk shipping, with shipping revenue accounting for 90.84% of its total income [2]. - The company operates within the transportation industry, specifically in shipping and ports, and is associated with several concept sectors including the Pingtan Experimental Zone and the Belt and Road Initiative [2].

Core Viewpoint - The article discusses the recent disclosures of third-quarter reports from A-share listed companies, highlighting the trading activities of several large private equity firms, including significant reductions in holdings by some and new investments by others [1]. Group 1: High Yi Asset's Trading Activities - High Yi Asset's CIO, Deng Xiaofeng, significantly reduced holdings in Zijin Mining, exiting the shareholder list with the High Yi Xiaofeng Hongyuan Fund and reducing shares in the High Yi Xiaofeng No. 2 Fund by 18.6 million shares, bringing total holdings down to 180 million shares, valued at approximately 5.3 billion yuan [3]. - Zijin Mining's stock price has increased by 99.14% year-to-date, with reported revenues of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45% [3]. Group 2: Hikvision's Trading Activities - Feng Liu, a senior fund manager at High Yi Asset, continued to reduce holdings in Hikvision, selling 58 million shares, bringing total holdings down to 280 million shares, with a market value of 8.826 billion yuan [5]. - Hikvision's third-quarter report shows total revenue of 65.758 billion yuan, a year-on-year increase of 1.18%, and a net profit of 9.319 billion yuan, up 14.94% [6]. Group 3: New Investments by Other Private Equity Firms - Ruijun Asset's Chief Research Officer, Dong Chengfei, increased holdings in Yangjie Technology, raising total shares to 10.9598 million, with a market value of 762 million yuan [8]. - Yangjie Technology reported revenues of 5.348 billion yuan, a year-on-year increase of 20.89%, and a net profit of 974 million yuan, up 45.51%, with a stock price increase of 75.34% year-to-date [9]. - Chongyang Investment entered Haitong Development, holding 7.7919 million shares valued at 101 million yuan [10]. - Lingren Private Fund made a new investment in Zhongce Rubber, acquiring 1.1539 million shares valued at 58 million yuan [12].

Core Viewpoint - The article discusses the recent disclosures of third-quarter reports from A-share listed companies, highlighting the trading activities of major private equity firms, including significant reductions in holdings and new investments in various companies [2]. Group 1: Major Holdings Changes - Gao Yi Asset's CIO Deng Xiaofeng significantly reduced holdings in Zijin Mining, exiting the shareholder list for one fund and reducing shares by 18.6 million, leaving 180 million shares valued at approximately 5.3 billion [4]. - Feng Liu from Gao Yi Asset continued to reduce holdings in Hikvision, decreasing shares by 58 million to 280 million, with a market value of 8.83 billion [6][7]. - Rui Jun Asset's Dong Chengfei increased holdings in Yangjie Technology, raising total shares to 10.96 million, valued at 762 million [10]. Group 2: Company Performance Highlights - Zijin Mining reported a revenue of 254.2 billion, a year-on-year increase of 10.33%, and a net profit of 37.864 billion, up 55.45% [4]. - Hikvision's total revenue for the first three quarters was 65.758 billion, a growth of 1.18%, with a net profit of 9.319 billion, increasing by 14.94% [8]. - Yangjie Technology achieved a revenue of 5.348 billion, a year-on-year growth of 20.89%, and a net profit of 974 million, up 45.51% [11]. - Haitong Development, a new investment by Chongyang Investment, reported a revenue of 3.009 billion, a 16.32% increase, but a net profit decline of 38.47% to 253 million [12]. - Zhongce Rubber, newly invested by Lingren Private Fund, reported a revenue of 33.683 billion, a 14.98% increase, and a net profit of 3.513 billion, up 9.3% [15].