回购注销部分限制性股票和注销部分股票期权 事项 之 证券代码：603162 公司简称：海通发展 上海荣正企业咨询服务（集团）股份有限公司 关于 福建海通发展股份有限公司 2025 年 10 月 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 海通发展、本公司、公司、上市公 | 指 | 福建海通发展股份有限公司（含分公司及控股子公 | | --- | --- | --- | | 司 | | 司） | | 2023 年激励计划 | 指 | 福建海通发展股份有限公司 年限制性股票激 2023 | | | | 励计划 | | 2024 年激励计划 | 指 | 福建海通发展股份有限公司 年股票期权与限 2024 | | | | 制性股票激励计划 | | 2025 年激励计划 | 指 | 福建海通发展股份有限公司 年股票期权与限 2025 | | | | 制性股票激励计划 | | 股票期权、期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的 | | | | 价格和条件购买本公司一定数量股票的权利 | | | | 公司根据本激励计划规定的条件和价格，授予激励 对象一定数量的公司股票，该 ...

证券代码：603162 证券简称：海通发展 公告编号：2025-110 福建海通发展股份有限公司 第四届董事会第三十一次会议决议公告 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。 一、董事会会议召开情况 福建海通发展股份有限公司（以下简称"公司"）于 2025 年 10 月 9 日以书 面或通讯方式发出召开第四届董事会第三十一次会议的通知，并于 2025 年 10 月 10 日在公司会议室以现场会议结合通讯方式召开。本次会议由董事长曾而斌 先生召集并主持，应出席董事 7 名，实际出席董事 7 名，公司高级管理人员列席 会议。本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》的 规定，会议形成的决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于回购注销部分限制性股票和注销部分股票期权的议案》 公司 2023 年限制性股票激励计划预留授予中的 2 名激励对象、公司 2024 年股票期权与限制性股票激励计划首次授予中的 2 名激励对象、公司 2025 年股 票期权与限制性股票激励计划首次授予中的 3 名激励对 ...

证券代码：603162 证券简称：海通发展 公告编号：2025-113 福建海通发展股份有限公司 关于 2024 年股票期权与限制性股票激励计划 预留授予第一个解除限售期解除限售条件成就 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： 1、福建海通发展股份有限公司（以下简称"公司"）2024 年股票期权与限 制性股票激励计划（以下简称"本激励计划"）限制性股票预留授予第一个解除 限售期解除限售条件成就，符合解除限售条件成就的激励对象共 14 名，可解除 限售的限制性股票数量为 42.60 万股，约占目前公司总股本的 0.05%。 2、本次限制性股票在相关部门办理完解除限售手续后、上市流通前，公司 将发布相关提示性公告，敬请投资者注意。 2025 年 10 月 10 日，福建海通发展股份有限公司召开第四届董事会第三十一 次会议，审议通过了《关于 2024 年股票期权与限制性股票激励计划预留授予第 一个解除限售期解除限售条件成就的议案》，现就相关事项说明如下： 一、2024 年股票期权与限制性股票激励计划批 ...

鉴于公司 2023年限制性股票激励计划预留授予中的2名激励对象、公司 2024 年股票期权与限制性股票激励计划首次授予中的2 名激励对象、公司 2025 年股票期权与限制性股票激励计划首次授予中的3 名激励对象因个人原因离职 不再具备激励对象资格,公司拟对上述涉及的部分限制性股票进行回购注销,及 对上述涉及的部分股票期权进行注销;公司本次回购注销部分限制性股票和注销 部分股票期权的审议程序合法、合规,不会对公司的经营业绩产生重大影响,不 存在损害公司及全体股东特别是中小股东利益的情形。我们同意本次回购注销 40.9220 万股限制性股票及注销 24.8500 万份股票期权的相关安排。 薪酬与考核委员会同意将本议案提交公司董事会审议。 二、关于《关于 2024年股票期权与限制性股票激励计划预留授予第一个解 除限售期解除限售条件成就的议案》的核查意见 根据公司《2024年股票期权与限制性股票激励计划(草案)》《2024年股票 期权与限制性股票激励计划实施考核管理办法》的相关规定,公司董事会薪酬与 考核委员会经过认真审议核查,认为公司 2024年股票期权与限制性股票激励计 划预留授予第一个解除限售期解除限售条件已经 ...

证券代码：603162 证券简称：海通发展 公告编号：2025-109 福建海通发展股份有限公司 关于 2024 年股票期权与限制性股票激励计划 2025 年第三季度自主行权结果暨股份变动公告 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： 本次行权数量： 福建海通发展股份有限公司（以下简称"公司"）2024 年股票期权与限制 性股票激励计划首次授予第一个行权期可行权数量为 188.85 万份，行权期为 2025 年 6 月 6 日-2026 年 6 月 5 日（行权日须为交易日）。2025 年第三季度首次 授予第一个行权期累计行权并完成股份登记数量为 710,700 股，占该行权期可 行权总量的 37.63%；截至 2025 年 9 月 30 日，累计行权并完成登记数量为 949,000 股，占该行权期可行权总量的 50.25%。 公司 2024 年股票期权与限制性股票激励计划预留授予第一个行权期可行权 数量为 34.50 万份，行权期为 2025 年 9 月 15 日-2026 年 9 月 12 日（行权日 ...

证券代码：603162 证券简称：海通发展 公告编号：2025-108 福建海通发展股份有限公司 关于对外担保进展的公告 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 本次担保金额 | 大台北海运有限公司 （以下简称"大台北海运"） 不超过 1,450 万美元。 | | | --- | --- | --- | --- | | 担保 | 实际为其提供的担保 | 截至 年 月 2025 9 30 | 日，公司及子公司暂未对大台 | | 对象 | 余额 | 北海运提供过担保。 | | | | 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：_________ | | 一、担保情况概述 （一）担保的基本情况 公司全资子公司大台北海运与厦门金融租赁有限公司下属子公司厦金租贰 号（天津）航运租赁有限公司开展干散货船舶的经营性租赁业务。为支持全资子 公司的业务发展，2025 年 10 月 9 日 ...

Core Insights - The shipping industry is undergoing a digital transformation driven by technologies such as big data, cloud computing, and the Internet of Things, leading to the emergence of smart shipping as a key driver for industry upgrade [1][11] - China's smart shipping market is projected to grow from 48.41 billion yuan in 2018 to 68.78 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.03% [1][12] - The development of smart shipping in China is supported by various government policies aimed at promoting innovation and high-quality growth in the shipping sector [6][7] Smart Shipping Industry Overview - Smart shipping integrates modern information and artificial intelligence technologies with shipping elements to enhance operational efficiency, reduce costs, and improve service quality [4][11] - The main components of smart shipping include intelligent vessels, smart ports, shipping assurance, regulatory services, and smart shipping services [4] Government Policies - Recent policies emphasize the importance of smart shipping as a key engine for high-quality development in the shipping industry, including initiatives for green and intelligent transformation [6][7] - The government is promoting pilot applications of autonomous navigation and smart shipping technologies [6] Industry Chain - The smart shipping industry chain consists of upstream technologies such as autonomous navigation and environmental sensing, midstream operations focusing on intelligent vessels and ports, and downstream applications in various transportation sectors [8] Market Growth - The smart port market in China is expected to grow from 1.334 billion yuan in 2018 to 5.3 billion yuan in 2024, with a CAGR of 25.85% [15][16] - The intelligent vessel market is projected to increase from 38.99 billion yuan in 2018 to 52.02 billion yuan in 2024, with a CAGR of 4.92% [13][14] Competitive Landscape - The smart shipping industry in China features a multi-layered competitive landscape with participation from state-owned enterprises, local companies, and private firms, focusing on intelligent technology applications and digital platform development [17] - Key players include COSCO Shipping Holdings, COSCO Shipping Energy Transportation, and others, each specializing in various segments of the shipping industry [17][18][19] Development Trends - The smart shipping industry is moving towards enhanced efficiency through digitalization and automation, aiming to improve operational efficiency and international competitiveness [20] - Green initiatives are being adopted, promoting the use of low-carbon fuels and technologies to reduce emissions [21] - Safety is a fundamental aspect of sustainable development, with the industry leveraging IoT and AI for comprehensive monitoring and risk management [22][23]

Core Viewpoint - The company, Haitong Development, is a leading player in the domestic private dry bulk shipping sector, benefiting from the depreciation of the Renminbi and expanding its operations in both domestic and international markets [2][3]. Company Overview - Haitong Development is primarily engaged in domestic coastal and international ocean dry bulk transportation, with a significant focus on coal transportation in the Bohai Sea to Yangtze River route [2][7]. - The company was established on March 19, 2009, and went public on March 29, 2023, with its main revenue sources being shipping income (90.84%) and other income (9.16%) [7]. - As of June 30, 2023, the company reported a revenue of 1.8 billion yuan, a year-on-year increase of 6.74%, while the net profit attributable to shareholders decreased by 64.14% to 86.87 million yuan [7]. Financial Performance - The company’s overseas revenue accounted for 65.04% of total revenue, benefiting from the depreciation of the Renminbi [3]. - The company has distributed a total of 266 million yuan in dividends since its A-share listing [8]. Market Activity - On September 30, the stock price of Haitong Development increased by 1.69%, with a trading volume of 109 million yuan and a turnover rate of 4.39%, bringing the total market capitalization to 8.37 billion yuan [1]. - The stock has shown no significant trend in major capital inflows, with a net outflow of 313,700 yuan on the day [4][5]. Technical Analysis - The average trading cost of the stock is 8.88 yuan, with the current price approaching a resistance level of 9.09 yuan, indicating potential for a price correction if this level is not surpassed [6].

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 shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...