福建海通发展股份有限公司 2025 年第五次临时股东会 会议资料 $$\exists{0}\exists{\bigwedge}\nexists\exists{\bigwedge}$$ | 年第五次临时股东会会议须知 2025 1 | | --- | | 年第五次临时股东会议程安排 2025 3 | | 议案一：《关于公司符合向特定对象发行 股股票条件的议案》 6 A | | 议案二：《关于公司 年度向特定对象发行 股股票方案的议案》 7 2025 A | | 议案三：《关于〈公司 年度向特定对象发行 股股票预案〉的议案》 10 2025 A | | 议案四：《关于〈公司 2025 年度向特定对象发行 A 股股票方案论证分析报告〉的议案》.11 | | 议案五：《关于〈公司 2025 年度向特定对象发行 A 股股票募集资金运用可行性分析报告〉 | | 的议案》 12 | | 议案六：《关于公司与认购对象签署〈附条件生效的股份认购协议〉暨关联交易的议案》13 | | 议案七：《关于公司 2025 年度向特定对象发行 A 股股票摊薄即期回报、采取填补措施及相 | | 关主体承诺的议案》 14 | | 议案八：《关于 ...

Core Viewpoint - Despite facing a decline in profitability, the company continues to expand its shipping capacity through a planned capital increase to fund the purchase of dry bulk vessels [1][8]. Financial Performance - In the first half of 2025, the company reported revenue of 1.8 billion yuan, a year-on-year increase of 6.74%, while net profit fell to 86.87 million yuan, a decline of 64.14% [1][3]. - The company's net profit margin has significantly decreased, with a non-recurring net profit of 85.83 million yuan, down 58.31% year-on-year [3][5]. - The gross profit margin further declined to 10.59% in the first half of 2025, continuing a downward trend from previous years [5][4]. Operational Strategy - The company plans to raise up to 210 million yuan through a private placement to purchase three dry bulk vessels, aiming to enhance its fleet structure and global route layout [1][8]. - As of June 2025, the company had added 12 vessels through new purchases and chartering, with a total controlled capacity of 4.84 million deadweight tons, ranking among the top in the domestic dry bulk transportation sector [6][7]. Shareholder Involvement - The controlling shareholder, the family of Zeng Erbin, intends to fully subscribe to the capital increase, indicating confidence in the company's future prospects [2][9]. - The subscription will be funded entirely by the family's own and self-raised funds, reflecting a strong commitment to the company's strategic direction [9][8].

Summary of Haitong Development Conference Call Company Overview - **Company**: Haitong Development - **Period**: First half of 2025 - **Key Financials**: - Net assets increased by 1.15% to 4.167 billion CNY - Total assets grew by 6.73% to 6.23 billion CNY - Debt-to-asset ratio stands at 33% [2][3] Core Insights and Arguments - **Performance Decline**: - Revenue for the first half of 2025 was 1.8 billion CNY, a year-on-year increase of 6.74% - Net profit attributable to shareholders was 87 million CNY, down 64% year-on-year - Non-recurring net profit was 86 million CNY, down 58% year-on-year - Decline attributed to low market rates, with BDI and freight indices down over 30% due to weak terminal demand, high inventory, and tariff policies [2][3][5] - **Fleet Expansion**: - Added 12 vessels in the first half, with 8 delivered, bringing the total self-owned fleet to 58 vessels - Total controlled capacity reached 4.84 million deadweight tons, comprising 4 Cape, 11 Panamax, and 43 Supramax vessels [2][6] - **Market Outlook**: - Optimistic about the second half of 2025, expecting better price trends - The Ximangdu project may add 2 million tons of shipping volume in Q4, positively impacting the market - Long-term impacts from disaster recovery and geopolitical factors are expected to provide additional shipping opportunities [2][13][14] - **Strategic Initiatives**: - Plans to diversify vessel types while maintaining a ratio of Supramax, Panamax, and Cape vessels at approximately 7:2:1 - Aiming for a fleet of 100 vessels by 2028-2029, with an annual increase of about 15 vessels [2][7] - **Investment in Heavy Lift Vessels**: - Purchase of heavy lift vessels to meet demand for transporting large items, complementing existing construction materials [2][8] - **Environmental Considerations**: - Focus on acquiring second-hand vessels and enhancing environmental ratings through retrofitting - Plans to begin new vessel orders post-2028 to meet environmental standards [4][18][21] Additional Important Insights - **Domestic Market Strategy**: - Maintained market share in domestic trade while introducing non-coal cargo segments like steel, cement, and pulp - The domestic market is showing signs of recovery, with rising freight rates and increased cargo volumes [4][20][22] - **Impact of Policies and Commodity Prices**: - Domestic anti-competition policies and rising commodity prices have positively influenced bulk shipping rates [15] - **Future Plans for New Fuel Types**: - Monitoring trends in new eco-friendly fuels, with plans to research this market starting next year [21] - **Operational Flexibility**: - The company employs flexible decision-making in vessel purchases and management to ensure profitability above industry averages [4][16] - **External Chartering**: - The ratio of externally chartered vessels to self-owned vessels is approximately 1:2, with a significant reliance on self-owned vessels for foreign trade [23] - **Overall Business Outlook**: - Despite challenges in the first half of 2025, the company is positioned for a turnaround in the second half, driven by fleet expansion and improved market conditions [24]

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company has experienced pressure on freight rates leading to a decline in profits, with a focus on waiting for seasonal demand to release elasticity [1] - In the first half of 2025, the company achieved revenue of 1.8 billion yuan, a year-on-year increase of 6.7%, despite a significant drop in the dry bulk shipping market [8] - The company is expanding its fleet and enhancing its profitability, with a total of 12 new vessels added, ranking among the top in domestic dry bulk transportation capacity [8][9] Financial Summary - Revenue projections for the company are as follows: 2024A: 3,658.77 million yuan, 2025E: 3,668.59 million yuan, 2026E: 4,262.58 million yuan, 2027E: 4,857.25 million yuan, with growth rates of 114.55%, 0.27%, 16.19%, and 13.95% respectively [2] - Net profit attributable to the parent company is projected to be 549.02 million yuan in 2024A, dropping to 263.66 million yuan in 2025E, then recovering to 515.07 million yuan in 2026E and 737.20 million yuan in 2027E [2] - Earnings per share (EPS) are expected to be 0.59 yuan in 2024A, 0.28 yuan in 2025E, 0.56 yuan in 2026E, and 0.80 yuan in 2027E [2] Market Performance - The average daily TCE for the company's foreign trade self-operated super flexible vessels was 12,258 USD, outperforming the market by approximately 33% [8] - The domestic coastal dry bulk transportation market is showing signs of recovery, with a year-on-year increase of 3.9% in cargo volume for the company's coastal charter business [8] Profitability Outlook - The company is expected to see net profits of 2.6 billion yuan, 5.2 billion yuan, and 7.4 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 30x, 15x, and 11x [9][10]

证券代码：603162 证券简称：海通发展 公告编号：2025-090 福建海通发展股份有限公司 关于举办2025年半年度业绩说明会的公告 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： 一、说明会类型 福建海通发展股份有限公司（以下简称"公司"）已于 2025 年 7 月 22 日在 上海证券交易所网站（www.sse.com.cn）披露了《福建海通发展股份有限公司 2025 年半年度报告》及《福建海通发展股份有限公司 2025 年半年度报告摘要》。为 便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 会议召开时间：2025 年 7 月 31 日（星期四）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 7 月 31 日 前 访 问 网 址 https://eseb.cn/1q5LMBgN1ni 或使用微信扫描下方小程序码进行会前提问， 公司将通过本次业绩说明会，在 ...

Core Insights - As of July 22, 9 companies have released their semi-annual reports for 2025, with 6 reporting year-on-year profit growth and 8 showing revenue growth [1] - Notably, WoHua Pharmaceutical achieved the highest profit growth rate of 303.16% [1] Company Performance Summary - **WoHua Pharmaceutical (002107)**: - Earnings per share: 0.0800 - Net profit: 44.68 million - Net profit growth: 303.16% - Revenue: 425.36 million - Revenue growth: 7.64% [1] - **Shentong Technology (605228)**: - Earnings per share: 0.1500 - Net profit: 64.28 million - Net profit growth: 111.09% - Revenue: 815.73 million - Revenue growth: 22.46% [1] - **Changchuan Technology (300604)**: - Earnings per share: 0.6800 - Net profit: 427.02 million - Net profit growth: 98.73% - Revenue: 2166.85 million - Revenue growth: 41.80% [1] - **Ruihu Mould (002997)**: - Earnings per share: 1.0800 - Net profit: 226.96 million - Net profit growth: 40.33% - Revenue: 1662.38 million - Revenue growth: 48.30% [1] - **ST Lingda (300125)**: - Earnings per share: -0.3917 - Net profit: -104.83 million - Net profit growth: 37.56% - Revenue: 59.93 million - Revenue growth: 72.39% [1] - **Jucan Optoelectronics (300708)**: - Earnings per share: 0.1700 - Net profit: 116.97 million - Net profit growth: 3.43% - Revenue: 1594.04 million - Revenue growth: 19.51% [1] - **Haitong Development (603162)**: - Earnings per share: 0.1000 - Net profit: 86.87 million - Net profit growth: -64.14% - Revenue: 1800.31 million - Revenue growth: 6.74% [1] - **ST Sitong (603838)**: - Earnings per share: -0.0506 - Net profit: -16.20 million - Net profit growth: -78.33% - Revenue: 173.73 million - Revenue growth: 75.88% [1] - **Zhongyan Chemical (600328)**: - Earnings per share: 0.0359 - Net profit: 52.72 million - Net profit growth: -88.04% - Revenue: 5997.72 million - Revenue growth: -5.76% [1]

中国经济网北京7月22日讯海通发展（603162）(603162.SH)昨晚披露《2025年度向特定对象发行A股股 票预案》，本次发行的发行对象为大云溟投资、大岚投资，发行对象以现金方式认购。大云溟投资、大 岚投资系公司控股股东、实际控制人曾而斌控制的关联方。 | 序号 | 项目 | 投资总额 | 拟使用募集资金金额 | | --- | --- | --- | --- | | | 干散货船购置项目 | 26.940.00 | 21.000.00 | | | 合计 | 26,940.00 | 21,000.00 | 本次向特定对象发行A股股票的发行对象为大云溟投资、大岚投资，系公司控股股东、实际控制人曾而 斌控制的关联方，发行对象与公司构成关联关系，因此本次发行构成关联交易。 截至预案公告日，公司总股本为92,521.0928万股。本次发行前，公司控股股东、实际控制人曾而斌直接 持有公司58.10%的股份。按照本次向特定对象发行A股股票数量的上限计算，本次发行完成后，公司总 股本数量将由92,521.0928万股变更为95,521.0928万股，控股股东、实际控制人曾而斌及其一致行动人持 有公司股份占发行后公司 ...

Summary of Key Points Core Viewpoint - The latest fund repositioning reveals that 637 stocks have been newly added to fund holdings, with 14 stocks having a new holding ratio exceeding 3% [1] Group 1: Fund Repositioning Data - A total of 2950 stocks appeared in the fund's heavy holdings list, with 637 stocks newly entering the list, 1139 stocks being increased, 1148 stocks being reduced, and 26 stocks remaining unchanged from the previous quarter [1] - Among the newly added stocks, 351 are from the Shanghai and Shenzhen main boards, 194 from the ChiNext, 64 from the Sci-Tech Innovation Board, and 26 from the Beijing Stock Exchange [1] - The industry distribution shows a concentration in basic chemicals, machinery equipment, and electronics, with 74, 63, and 56 stocks respectively being newly added to fund holdings [1] Group 2: High Proportion New Holdings - The stocks with the highest new holding ratios include Guangxin Materials, which was newly included in 11 fund heavy holdings with a total holding of 11.90 million shares, accounting for 8.27% of circulating shares [2] - Youfang Technology was included in 21 funds with a total holding of 6.97 million shares, representing 7.59% of circulating shares [2] - Other notable stocks with high new holding ratios include Ketaobiology, Shutaishen, and Haotong Technology, with holding ratios of 7.52%, 6.99%, and 5.67% respectively [2] Group 3: Market Performance of Newly Added Stocks - The average increase of high proportion newly added stocks since the second quarter is 87.07%, with 13 stocks showing an increase [2] - The top performers include Shutaishen, with a rise of 597.35%, followed by Sifang Precision and Huicheng Shares, with increases of 166.84% and 111.92% respectively [2] - Only one stock, Haitong Development, showed a decline, with a decrease of 1.89% [2] Group 4: Performance Statistics - Among the high proportion held stocks, only one has reported semi-annual results, with Haitong Development showing a net profit decline of 64.14% year-on-year [2]

二、董事会会议审议情况 证券代码：603162 证券简称：海通发展 公告编号：2025-081 福建海通发展股份有限公司 第四届董事会第二十八次会议决议公告 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 7 月 11 日以书 面或通讯方式发出召开第四届董事会第二十八次会议的通知，并于 2025 年 7 月 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。 （一）审议通过《关于公司符合向特定对象发行 A 股股票条件的议案》 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》等法律、法规及规范性文件的规定，公司董事会经逐项自查， 认为公司符合有关法律、法规和规范性文件规定的关于上市公司向特定对象发行 股票的条件，不存在不得向特定对象发行股票的情形，具备申请向特定对象发行 股票的资 ...

证券代码：603162 证券简称：海通发展 公告编号：2025-089 关于召开2025年第五次临时股东会的通知 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： ? 股东会召开日期：2025年8月6日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 8 月 6 日 14 点 30 分 召开地点：福建省福州市台江区长汀街 23 号升龙环球大厦 42 层 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 8 月 6 日 至2025 年 8 月 6 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-1 ...