Investment Rating - The report maintains a "Buy" rating for Bohai Ferry [4][6][18] Core Views - The passenger and vehicle transport volumes for Bohai Ferry are expected to increase due to a significant reduction in air transport capacity on the Yantai-Dalian route, which is likely to divert travelers to ferry services [1][2] - The introduction of new roll-on/roll-off ships capable of transporting electric vehicles is anticipated to boost vehicle transport demand, reversing the downward trend in vehicle transport volumes [2] - The company is projected to maintain high dividend payouts, with a dividend ratio of 99% for 2023 and 152% for 2024, supported by strong operating cash flow and low debt levels [3] Financial Data and Forecasts - Revenue is forecasted to be CNY 1,839.85 million in 2023, slightly declining to CNY 1,819.33 million in 2024, and then increasing to CNY 1,851.31 million in 2025 [5][10] - The net profit attributable to the parent company is expected to rise from CNY 250.40 million in 2023 to CNY 314.31 million in 2025, reflecting a growth rate of 14.60% [5][10] - Earnings per share (EPS) is projected to increase from CNY 0.53 in 2023 to CNY 0.67 in 2025 [5][10] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 19.43 in 2023 to 15.48 in 2025, indicating a more attractive valuation over time [5][10] - The price-to-book (P/B) ratio is projected to remain stable at around 1.35 from 2025 onwards [5][10] - The enterprise value to EBITDA (EV/EBITDA) ratio is expected to decline from 6.91 in 2023 to 6.44 in 2027, suggesting improving operational efficiency [5][10]

Meeting Details - The shareholders' meeting was held on June 12, 2025, at the company's conference room [1] - The meeting was chaired by Director Yang Hao due to the absence of Chairman Lü Daqiang [1] - The voting method combined both on-site and online participation, complying with legal and company regulations [1] Attendance and Voting Results - All resolutions presented at the meeting were approved with significant majority votes, indicating strong shareholder support [3] - For the first resolution, 224,101,214 votes (99.8263%) were in favor, with only 254,901 votes (0.1135%) against [1] - The voting results for subsequent resolutions showed similar trends, with approval rates consistently above 99% [2][3] Legal Compliance - The meeting's procedures and voting methods were confirmed to be in accordance with relevant laws and the company's articles of association by the attending lawyers [3][4] - The legal opinions provided by the lawyers affirmed the legitimacy of the meeting and the validity of the voting results [3]

山东滨海正大律师事务所 ZHENG DA LAW FIRM CORPORATION 中国烟台市环山路 3 号润利大厦 7 楼（邮政编码：264000） 7 th Floor, Run Li Building, 3 Huan Shan Road, Yantai 264000, China 电话 (Tel): (+86 535) 670 0528 传真 (Fax): (+86 535) 670 0529 Email(电子信箱): zdlawfirm @ 163.com 山东滨海正大律师事务所 关于渤海轮渡集团股份有限公司 2024 年年度股东大会 的法律意见书 致:渤海轮渡集团股份有限公司 山东滨海正大律师事务所 (以下简称"本所")接受渤海轮 渡集团股份有限公司(以下简称"渤海轮渡"或"公司")的委托， 就渤海轮渡召开 2024 年年度股东大会（以下简称"本次股东大 会"）的有关事宜，根据《中华人民共和国公司法》(以下简称 "《公司法》")《中华人民共和国证券法》（以下简称"《证券 法》"）《上市公司股东大会规则》等法律、法规和其他规范性 文件以及渤海轮渡集团股份有限公司章程（以下简称"《公司章 程》"）的有关 ...

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-015 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 12 日 (二)股东大会召开的地点：渤海轮渡集团股份有限公司一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1. | 出席会议的股东和代理人人数 | 672 | | --- | --- | --- | | 2. | 出席会议的股东所持有表决权的股份总数（股） | 224,491,115 | | 3. | 出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | 47.8511 | 渤海轮渡集团股份有限公司 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次股东大会由公司董事会召集。公司董事长吕大强先生因工作原因未能主 持本次股东大会，根据《公司章程》有关规定，过半 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

Core Viewpoint - The completion of the comprehensive technical upgrade and modification of the "Green An Tong" vessel marks a significant breakthrough in providing safe and efficient cross-sea transportation services for new energy vehicle users in the Bohai Bay area [1] Group 1 - The "Green An Tong" vessel has been put into operation on the Yantai to Dalian route, conducting two round trips daily [1] - This initiative addresses the transportation challenges faced by new energy vehicles in crossing the sea [1]

为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会和 投票，公司拟使用上证所信息网络有限公司（以下简称上证信息）提供的股东大会 提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日的股东名册主 动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议案情况等信 息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一键通服务用户 使用手册》（下载链接：https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤 直接投票，如遇拥堵等情况，仍可通过原有的交易系统投票平台和互联网投票平台 进行投票。 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方式 向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 证券代码：603167 证券简称：渤海轮渡 公告编号：2025-014 渤海轮渡集团股份有限公司 关于股东大会开设网络投票提示服务的公告 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。 渤海轮渡集团股份有限公司（以下简称"公司"）于 2025 ...

Core Viewpoint - The company reported a stable operational performance in 2024 despite facing various challenges, with a slight decrease in revenue but an increase in net profit, indicating effective cost management and strategic resilience [1][13][19]. Group 1: Company Operational Performance - The total revenue for 2024 was 1.82 billion yuan, a decrease of 1.12% compared to the previous year [13]. - The total profit reached 440 million yuan, representing a year-on-year growth of 8% [1][13]. - The net profit attributable to shareholders was 274 million yuan, an increase of 9.54% year-on-year [1][13]. Group 2: Board of Directors' Activities - The Board of Directors held 8 meetings in 2024, reviewing 40 proposals [1][3]. - The Board emphasized the importance of corporate governance and compliance with regulations to ensure sustainable development [1][3]. Group 3: Financial Indicators - The company's total assets at the end of 2024 were approximately 4.46 billion yuan, a slight decrease of 0.22% from the previous year [14][18]. - The asset-liability ratio increased to 14.85%, up from 11.60% at the end of the previous year, indicating a rise in financial leverage [14][18]. - Earnings per share rose to 0.58 yuan, a 9.43% increase from the previous year [14][18]. Group 4: Investor Relations and Governance - The company maintained active communication with investors through various channels, ensuring transparency and engagement [4][6]. - The Board plans to enhance investor relations management and protect the rights of minority shareholders [4][6]. Group 5: Future Outlook - The company anticipates challenges in the market but remains optimistic about leveraging opportunities for growth in 2025, focusing on strategic initiatives and operational efficiency [19][20].

证券代码：603167 证券简称：渤海轮渡 渤海轮渡集团股份有限公司 2024 年年度股东大会会议材料 2025 年 6 月 12 日 1 渤海轮渡 2024 年年度股东大会会议材料 渤海轮渡集团股份有限公司 2024 年年度股东大会议程 现场会议时间：2025 年 6 月 12 日 14:30 网络投票时间：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大会召开当日的交 易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互 联 网 投 票 平 台 的 投 票 时 间 为 股 东 大 会 召 开 当 日 的 9:15-15:00。 会议地点：渤海轮渡集团股份有限公司一楼会议室 会议主持人：吕大强董事长 会议参加人员：公司股东及股东代表、董事、监事、高 级管理人员、见证律师 | 序号 | 会 | | 议 | 内 | 容 | | --- | --- | --- | --- | --- | --- | | 一 | | 主持人宣布会议开始并报告会议出席情况 | | | | | 二 | | 推选现场投票监票人、计票人 | | | | | 三 | 会议审议事项 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][23] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report shows EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express reported an 87% increase in business volume during the holiday, with significant growth in various categories [3][23] 2. High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with a slight decline in some indices [4][27] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [4][36] - The SCFI index for container shipping reported a 0.32% week-on-week increase, but a 41.66% year-on-year decrease [4][40] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and the cruise and ferry sectors [5] - Recommendations for the express delivery sector include SF Holdings, Jitu Express, and Yunda Express, with a focus on the aviation industry as well [5]