Core Viewpoint - Haitong Development (603162) has seen a stock price increase of 3.32% this week, closing at 9.03 yuan as of September 5, 2025, with a total market capitalization of 8.359 billion yuan [1] Company Announcements - Haitong Development plans to acquire two multi-purpose cargo ships, PACIFIC HONOUR and PACIFIC HERO, with an assessed value of USD 32,040,000, equivalent to approximately 229.07 million yuan [1] - The market value assessment was conducted by Fuzhou Hedao Asset Appraisal Co., Ltd. as of July 31, 2025, using the market approach [1] - The assessment report is valid from July 31, 2025, to July 0, 2026, and is intended solely for the client's asset acquisition reference [1]

Summary of Haitong Development Conference Call Company Overview - Haitong Development is a leading private shipping company in China, ranked 7th in terms of carrying capacity, with 4.84 million deadweight tons as of the end of May 2025 [2][3] - The founder, Zeng Erbin, directly and indirectly controls nearly 70% of the company's shares [2] Core Business Insights - The company has experienced rapid growth in carrying capacity, with a compound annual growth rate (CAGR) of 30% from 2019 to 2024 [2][4] - Haitong Development is expanding its fleet to include Panamax and Capesize bulk carriers, which now account for approximately 30% of its capacity [2][4] - The company's route network covers domestic routes in the Bohai Sea and Yangtze River Delta, as well as over 300 ports in more than 180 countries globally [2][5] - In 2024, overseas business revenue accounted for 65% of total revenue, with a gross profit margin of 92.5% [2][5] Financial Performance - The company's performance is highly correlated with the dry bulk market's conditions, achieving a peak profit of 670 million yuan in 2022 [2][6] - In the first half of 2025, profits significantly declined due to a 30% drop in the Baltic Dry Index (BDI) and costs associated with concentrated maintenance [2][6] - The company implements equity incentive plans and shareholder return plans, distributing at least 30% of distributable profits in cash over the next three years [6] Market Trends - The dry bulk market is transitioning from a recession to a recovery phase, with the average BDI from 2020 to the first half of 2025 increasing by 38% compared to the 2010-2019 average [2][7] - Supply growth is limited, with a significant decline in order volume since 2014, and only 10.4% of orders currently on hand [7] - Demand is closely linked to macroeconomic conditions, with potential growth driven by global mining capacity expansion and factors such as the Federal Reserve's interest rate cuts [8] Future Outlook - The dry bulk market is expected to recover, and Haitong Development's capacity expansion positions it for higher profit elasticity [9] - The company is projected to achieve net profits of 330 million yuan, 600 million yuan, and 750 million yuan from 2025 to 2027 [9] - Risks include macroeconomic downturns and supply excess, which could negatively impact performance [9]

Core Viewpoint - The shipping and port sector experienced a slight increase of 0.14% on September 4, with China Merchants South Oil leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 1.25% and 2.83% respectively [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3765.88, down 1.25% [1]. - The Shenzhen Component Index closed at 12118.7, down 2.83% [1]. - The shipping and port sector stocks showed mixed performance, with notable gainers including: - China Merchants South Oil (601975) up 3.38% to 3.06 [1]. - Haitong Development (603162) up 2.84% to 9.05 [1]. - China Merchants Shipping (601872) up 2.25% to 6.82 [1]. Group 2: Trading Volume and Capital Flow - The trading volume for China Merchants South Oil reached 3.2613 million shares, with a transaction value of 984 million yuan [1]. - The shipping and port sector saw a net outflow of 97.51 million yuan from institutional investors and 138 million yuan from speculative funds, while retail investors contributed a net inflow of 235 million yuan [2][3]. - The individual stock capital flows indicated that: - China Merchants South Oil had a net inflow of 73.06 million yuan from institutional investors [3]. - China Merchants Shipping experienced a net outflow of 32.94 million yuan from speculative funds [3].

Group 1 - The core point of the article is that Haitong Development (603162) is planning to acquire two multi-purpose cargo ships, PACIFIC HONOUR and PACIFIC HERO, with a market value assessed at 229,066,800.00 RMB [2][3] - As of September 1, 2025, Haitong Development's stock closed at 8.79 RMB, reflecting a 0.57% increase, with a turnover rate of 2.14% and a trading volume of 59,000 hands, resulting in a transaction amount of 51,861,200 RMB [1] - On September 1, the net inflow of main funds was 252.17 million RMB, accounting for 4.86% of the total transaction amount, while retail investors saw a net inflow of 339.23 million RMB, representing 6.54% of the total transaction amount [2][3] Group 2 - The market value of the two ships was assessed using the market method, with the evaluation report being valid from July 31, 2025, to July 30, 2026 [2] - The report emphasizes that it is not a statutory evaluation and is intended solely for the client's asset acquisition value reference [2]

本资产评估报告依据中国资产评估准则编制 福建海通发展股份有限公司拟资产收购涉及的PACIFIC HONOUR、 PACIFIC HERO两艘多用途杂货船市场价值 资产评估报告 和道评估评报字[2025]资0206号 第一册(共一册) 八司 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3535220001202500148 | | --- | --- | | 合同编号: | 和道评估合字 [2025]资0169号 | | 报告类型: | 非法定评估业务资产评估报告 | | 报告文号: | 和道评估评报字[2025]资0206号 | | 报告名称: | 福建海通发展股份有限公司拟资产收购涉及的PACIFIC HONOUR、 PACIFIC HERO两艘多用途杂货船市场价值资产评估报告 | | 评估结论: | 229,066,800.00元 | | 评估报告日: | 2025年08月28日 | | 评估机构名称: | 福州和道资产评估有限公司 | | 签名人员: | 蔡勇红 (资产评估师) 正式会员 编号:39160004 | | | 游加荣 (资产评估师) 正式会员 编号:39130008 | ...

证券代码：603162 证券简称：海通发展 公告编号：2025-101 本次交易已经公司第四届董事会第二十七次会议，2025 年第四次临时股 东会审议通过。 一、交易概述 福建海通发展股份有限公司 关于全资子公司购置两艘船舶的进展公告 本公司董事会、全体董事及相关股东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： 福建海通发展股份有限公司（以下简称"公司"）全资子公司大南宁海 运有限公司（以下简称"大南宁海运"）向 Schiffahrtsgesellschaft MS "Helene Braren" GmbH & Company KG（以下简称"Helene Braren"）、大重庆海运有限 公司（以下简称"大重庆海运"）向 Schiffahrtsgesellschaft MS "Simon Braren" GmbH & Company KG（以下简称"Simon Braren"）分别购置一艘多用途杂货 船。本次交易合同总金额为 3,200 万美元，购船资金来源为自有（含自筹）资金。 本次交易不构成关联交易。 （一）本次交易的基本情 ...

Core Viewpoint - The company, Haitong Development, is expanding its operational capacity by acquiring two multi-purpose cargo ships through its wholly-owned subsidiaries, with a total contract value of $32 million [1] Group 1: Company Actions - Haitong Development's wholly-owned subsidiary, Dannaning Shipping, has signed a Memorandum of Agreement (MOA) to purchase a multi-purpose cargo ship from Helene Braren [1] - Another subsidiary, Daqing Shipping, has also signed an MOA to acquire a multi-purpose cargo ship from Simon Braren [1] - The total contract amount for both transactions is $32 million [1]

Core Insights - The company reported a revenue of 1.8 billion yuan for the first half of 2025, a year-on-year increase of 6.74%, while the net profit attributable to shareholders was 87 million yuan, a year-on-year decrease of 64.14% [1] - The decline in performance is primarily due to a significant drop in dry bulk shipping market rates and increased costs from ship maintenance and environmental upgrades [1][2] - Despite short-term pressures, the company is expanding capacity and optimizing fleet structure, which is expected to improve performance as the market recovers in the second half of the year [1] Revenue and Profit Performance - In the first half of 2025, the global dry bulk shipping market faced multiple pressures, with key indices (BDI, BCI, BPI, BSI) declining by 30% to 33% year-on-year [2] - The company undertook maintenance and upgrades on 12 vessels during a low market period, leading to increased repair and material costs [2] - The financial burden from increased leasing costs also contributed to the pressure on profit margins [2] Operational Efficiency - The company demonstrated strong operational resilience by selecting high-margin routes and flexible global vessel scheduling, achieving an average TCE of $12,258 per day for its ultra-flexible vessels, which is approximately 33% above the market average [3] - This performance is attributed to the company's deep expertise in vessel management, route allocation, and cost control [3] Capacity Expansion and Fleet Optimization - The company is strategically expanding its capacity by acquiring 12 new vessels during a period of relatively low ship prices, aiming to reach a total dry bulk shipping capacity of 4.84 million deadweight tons [4] - In addition to reinforcing its core ultra-flexible vessel advantage, the company is diversifying into Panamax and Capesize operations and has acquired a heavy-lift multipurpose vessel to enter the high-end equipment and project cargo transport market [4] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 360 million yuan, 790 million yuan, and 1.14 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.39 yuan, 0.87 yuan, and 1.24 yuan [5] - The company's strong operational capabilities and cost advantages, along with synchronized capacity expansion and market recovery, are expected to release higher profit elasticity [5]

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a revenue of 1.8 billion yuan for the first half of 2025, representing a year-on-year increase of 6.74%, while the net profit attributable to shareholders was 87 million yuan, down 64.14% year-on-year. The decline in performance is primarily due to a significant drop in dry bulk shipping market rates and increased costs from ship maintenance and environmental upgrades [1][2] - Despite short-term performance pressures, the company is expected to improve its performance in the second half of the year as the market recovers and the benefits of new capacity come into play [1][5] - The company has shown strong operational resilience by selecting high-margin shipping routes and flexible global vessel scheduling, achieving an average TCE of 12,258 USD per day for its self-operated ultra-flexible vessels, which is approximately 33% higher than the market average [3] - The company is expanding its capacity against the market trend, having added 12 vessels in the first half of 2025, bringing its total controlled capacity to 4.84 million deadweight tons [4] Financial Summary - The company expects net profits for 2025-2027 to be 360 million, 790 million, and 1.14 billion yuan, respectively, with corresponding EPS of 0.39, 0.87, and 1.24 yuan [5][7] - The projected revenue for 2025 is 4.129 billion yuan, reflecting a 13% increase from the previous year [7] - The company maintains a strong cost advantage and operational capability, which is expected to release higher profit elasticity as capacity expansion aligns with market recovery [5]

Group 1: Haitong Development - Haitong Development achieved revenue of 1.8 billion in the first half of 2025, a year-on-year increase of 6.74%, but net profit attributable to shareholders dropped by 64% to 87 million, primarily due to declining market rates and ship repair impacts [1] - The company plans to expand its fleet to 100 vessels by 2028-2029, adding approximately 15 vessels annually, covering various ship types [1] - Haitong Development maintains an optimistic outlook for the dry bulk market in the second half of the year and the coming years, supported by favorable supply and demand factors [1] Group 2: Tianfu Communication - Tianfu Communication reported revenue of 2.456 billion in the first half of 2025, a year-on-year growth of 57.84%, with net profit reaching 899 million, up 37.46% [2] - The growth in active business is mainly driven by the increased delivery of high-speed active products, with the company continuously expanding its customer base [2] - The company is investing heavily in R&D to support new product development in collaboration with clients, while also managing production capacity to meet demand [2] Group 3: Ruifeng Fund - Ruifeng Fund, established in 2018, has an asset management scale of 46.215 billion, ranking 87th out of 210 in total public funds [3] - The fund's best-performing product over the past year is Ruifeng Growth Value Mixed A, with a latest unit net value of 1.69 and a growth of 65.71% in the past year [3]