Group 1 - The company announced a correction to its previously disclosed 2025 semi-annual report due to misclassification of minority shareholders as related parties [1][2] - The correction affects the classification of transactions between the company’s acquisition target and its minority shareholders, which were incorrectly reported as related party transactions [1][2] - The company confirmed that the correction does not involve adjustments to financial statements and does not impact the financial condition, operating results, or cash flow of the company for the reported periods [3][4] Group 2 - The company also identified similar misclassifications in its 2024 semi-annual and annual reports, which will be corrected simultaneously [2] - The corrected reports will be disclosed on the Shanghai Stock Exchange website [4]

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-024 | | | | | | | | | | | 单位:元中种:人民币← | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东或关联方 | 关联关系( | 占用时间~ | 友生 原因 | 期初金额。 | 报告期新增 | 报告期偿 | 期末余额( | 截至半年报披 | 预计偿 | 预计偿还金额ap | 1011号论 | | 名标 | | | | | 占用金额 | 还总金额 | | 露日余额( | 还方式。 | | 时间: | | 威海畅通船舶 | 其他关联 | 2014年4月 | 股权 | 92,021,026.274 | | | + 92,021,026.27+ 92,021,026.27+ | | 分红抵 | 92,021,026.274 | 授头 尔力 | | 用品有限公司(2 | 方 | | 收购。 | | | | | | 欠款。 | | 红时间 | | 合计 | 10 | 143 | 143 | 92.021.026.274 ...

2024 年半年度报告 公司代码：603167 公司简称：渤海轮渡 渤海轮渡集团股份有限公司 2024 年半年度报告 1 / 158 2024 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、公司负责人吕大强、主管会计工作负责人薛锋及会计机构负责人（会计主管人员）王光辉 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司第六届董事会第十二次会议审议通过了《关于2024年半年度利润分配方案的议案》。2024 年半年度利润分配方案为：以公司2024年半年度利润分配方案实施时股权登记日的总股本为基数 ，向全体股东按每10股派发现金红利人民币2.7元（含税）。该利润分配方案已经公司2023年年度 股东大会批准并授权董事会实施。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承 ...

[Important Notice and Risk Statement](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E5%8F%8A%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report, with an unqualified audit opinion from Da Hua Certified Public Accountants - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report[3](index=3&type=chunk) - Da Hua Certified Public Accountants (Special General Partnership) issued a **standard unqualified audit opinion** for the company[5](index=5&type=chunk) - Company head Lü Daqiang, chief accountant Xue Feng, and head of accounting department Wang Guanghui declare that the financial report in the annual report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The board approved a 2024 profit distribution of **4.00 yuan per 10 shares** (including tax), totaling **8.90 yuan** for the year, and proposed **4.00 yuan per 10 shares** for mid-2025 - 2024 annual profit distribution plan: based on the total share capital on the record date, a cash dividend of **4.00 yuan per 10 shares** (including tax) will be distributed to all shareholders[6](index=6&type=chunk) - 2024 cumulative cash dividend: including semi-annual and special dividends, a total of **8.90 yuan per 10 shares**[6](index=6&type=chunk) - 2025 interim profit distribution plan: based on the total share capital on the record date, a cash dividend of **4.00 yuan per 10 shares** (including tax) is proposed to be implemented before October 31, 2025[6](index=6&type=chunk) [Forward-Looking Statement Risk Disclosure](index=2&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantial commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute a substantial commitment by the company to investors, who are advised to be aware of investment risks[7](index=7&type=chunk) [Significant Risk Warning](index=3&type=section&id=%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential risks in Section III 'Management Discussion and Analysis', advising investors to review it - The company has detailed existing risk matters in this report, please refer to 'Risks that may be faced' in 'Discussion and Analysis of the Company's Future Development' under Section III 'Management Discussion and Analysis'[9](index=9&type=chunk) [Section I Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [I. Definitions](index=5&type=section&id=%E4%B8%80%E3%80%81%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including CSRC, the Company, Liaoyu Group, Reporting Period, and currency units Common Terms and Meanings | Common Term | Meaning | | :--- | :--- | | 中国证监会 | China Securities Regulatory Commission (CSRC) | | 本公司、公司、渤海轮渡 | The Company, Bohai Ferry Group Co., Ltd. | | 辽渔集团 | Liaoyu Group Co., Ltd. | | 报告期 | Reporting Period (2024) | | 元、万元、亿元 | RMB yuan, RMB ten thousand yuan, RMB hundred million yuan, China's legal tender | | 辽宁省国资委 | Liaoning Provincial State-owned Assets Supervision and Administration Commission | [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration details, including its Chinese name, abbreviation, English name, and legal representative Company Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | 渤海轮渡集团股份有限公司 | | Company's Chinese Abbreviation | 渤海轮渡 | | Company's English Name | Bohai Ferry Group Co., Ltd. | | Company's Legal Representative | 吕大强 | [II. Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the names, addresses, phone numbers, faxes, and email addresses of the company's board secretary and securities affairs representative for investor contact Contact Persons and Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 宁武 | 烟台市芝罘区环海路2号 | 0535-6291223 | 0535-6291223 | zqb@bhferry.com | | Securities Affairs Representative | 杜春华 | 烟台市芝罘区环海路2号 | 0535-6291223 | 0535-6291223 | zqb@bhferry.com | [III. Brief Introduction to Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section provides the company's registered address, office address, postal code, website, and email address Basic Information | Indicator | Content | | :--- | :--- | | Company's Registered Address | 山东省烟台市芝罘区环海路2号 | | Company's Office Address | 山东省烟台市芝罘区环海路2号 | | Postal Code of Company's Office Address | 264000 | | Company Website | http://www.bhferry.com/ | | Email | zqb@bhferry.com | [IV. Information Disclosure and Document Availability](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9) This section specifies the media for the company's annual report disclosure, the stock exchange website, and the report's availability location Information Disclosure and Document Availability | Disclosure Media and Website | Securities Times | | :--- | :--- | | Stock Exchange Website | www.sse.com.cn | | Annual Report Availability Location | Bohai Ferry Group Co., Ltd. Securities Investment Department | [V. Company Stock Profile](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's stock type, listing exchange, stock abbreviation, and stock code Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 渤海轮渡 | 603167 | [VI. Other Related Information](index=6&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%B5%84%E6%96%99) This section discloses information about the accounting firm appointed by the company, including its name, office address, and names of signing accountants Accounting Firm Information | Institution Type | Name | Office Address | Signing Accountant Names | | :--- | :--- | :--- | :--- | | Domestic Accounting Firm | Da Hua Certified Public Accountants (Special General Partnership) | Room 1101, Building 7, No. 16, West Fourth Ring Middle Road, Beijing | Cao Rong, Liu Guowei | [VII. Key Accounting Data and Financial Indicators for the Past Three Years](index=6&type=section&id=%E4%B8%83%E3%80%81%E8%BF%91%E4%B8%89%E5%B9%B4%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the past three years, including operating revenue, net profit, and EPS, along with year-on-year changes Key Accounting Data for the Past Three Years (Unit: yuan) | Key Accounting Data | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,819,328,134.44 | 1,839,849,242.63 | -1.12 | 1,306,961,774.82 | | Net Profit Attributable to Shareholders of Listed Company | 274,279,394.61 | 250,399,239.17 | 9.54 | 162,148,481.54 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 216,569,024.20 | 216,808,264.03 | -0.11 | -78,938,282.59 | | Net Cash Flow from Operating Activities | 268,337,784.18 | 458,241,228.75 | -41.44 | 449,613,453.55 | | Net Assets Attributable to Shareholders of Listed Company (Year-end) | 3,606,126,649.93 | 3,806,109,182.46 | -5.25 | 3,636,161,901.74 | | Total Assets (Year-end) | 4,464,345,129.00 | 4,474,137,370.43 | -0.22 | 5,122,275,370.24 | Key Financial Indicators for the Past Three Years | Key Financial Indicators | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.58 | 0.53 | 9.43 | 0.35 | | Diluted Earnings Per Share (yuan/share) | 0.58 | 0.53 | 9.43 | 0.35 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.46 | 0.46 | 0.00 | -0.17 | | Weighted Average Return on Net Assets (%) | 7.30 | 6.74 | Increase 0.56 percentage points | 4.52 | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 5.76 | 5.84 | Decrease 0.08 percentage points | -2.20 | [IX. Key Quarterly Financial Data for 2024](index=7&type=section&id=%E4%B9%9D%E3%80%812024%E5%B9%B4%E5%88%86%E5%AD%A3%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) This section provides the company's quarterly operating revenue, net profit, non-recurring net profit, and net cash flow from operating activities for 2024 Key Quarterly Financial Data for 2024 (Unit: yuan) | Indicator | Q1 (Jan-Mar) | Q2 (Apr-Jun) | Q3 (Jul-Sep) | Q4 (Oct-Dec) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 346,916,232.68 | 419,741,973.15 | 646,299,690.89 | 406,370,237.72 | | Net Profit Attributable to Shareholders of Listed Company | 66,709,694.73 | 37,966,291.35 | 152,517,684.48 | 17,085,724.05 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 6,401,712.16 | 36,439,678.45 | 149,101,472.50 | 24,626,161.09 | | Net Cash Flow from Operating Activities | 16,058,512.86 | 71,780,036.29 | 172,746,221.77 | 7,753,013.26 | [X. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%8D%81%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section lists the company's non-recurring gains and losses items and their amounts for 2024, 2023, and 2022, primarily including government subsidies, fair value changes, and asset disposal gains/losses Non-Recurring Gains and Losses Items and Amounts (Unit: yuan) | Non-Recurring Gains and Losses Item | 2024 Amount | 2023 Amount | 2022 Amount | | :--- | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 13,368.61 | 55,681,276.82 | 38,380,736.84 | | Government Subsidies Included in Current Profit and Loss | 114,992,696.07 | 25,291,176.70 | 221,962,201.23 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | -40,087,311.39 | -13,297,168.33 | 48,415,089.94 | | Gains and Losses from Entrusted Investment or Asset Management | 9,092,424.48 | 8,390,418.40 | 2,159,559.90 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 500.00 | 0.00 | 23,621,968.50 | | Other Non-Operating Income and Expenses Apart from the Above | 2,760,734.45 | 82,998.87 | -2,183,702.89 | | Less: Income Tax Impact | 21,676,710.78 | 40,945,446.79 | 72,320,207.58 | | Impact on Minority Interests (After Tax) | 7,385,331.03 | 1,612,280.53 | 18,948,881.81 | | Total | 57,710,370.41 | 33,590,975.14 | 241,086,764.13 | [XI. Items Measured at Fair Value](index=8&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%87%E7%94%A8%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%A1%B9%E7%9B%AE) This section discloses items measured at fair value, primarily the investment in Panmao (Shanghai) Investment Center (Limited Partnership), with a year-end balance of **189.19 million yuan** and a current period change of **-59.45 million yuan**, impacting current profit by **-30.99 million yuan** Items Measured at Fair Value (Unit: yuan) | Project Name | Beginning Balance | Ending Balance | Current Period Change | Impact on Current Profit | | :--- | :--- | :--- | :--- | :--- | | Panmao (Shanghai) Investment Center (Limited Partnership) | 2

[Important Notice](index=2&type=section&id=Important%20Notice) The board and management guarantee report accuracy, disclose the 2025 interim profit distribution plan, and warn of forward-looking statement investment risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The 2025 semi-annual profit distribution plan is a cash dividend of **4 Yuan per 10 shares** (including tax)[6](index=6&type=chunk) - Forward-looking statements regarding future plans and development strategies in the report do not constitute a substantive commitment to investors, warning of investment risks[7](index=7&type=chunk) - No non-operating funds occupied by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures[8](index=8&type=chunk) [Definitions](index=4&type=section&id=Definitions) [Common Terms Definitions](index=4&type=section&id=Common%20Terms%20Definitions) This section defines key terms like CSRC, the Company, and the reporting period, ensuring clear understanding of the report content - The reporting period refers to **January to June 2025**[18](index=18&type=chunk) - Currency units Yuan, Ten Thousand Yuan, and Hundred Million Yuan refer to Renminbi[18](index=18&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=Company%20Information) This section provides Bohai Ferry Group Co., Ltd.'s official names and legal representative, Lu Daqiang - The company's Chinese name is Bohai Ferry Group Co., Ltd., abbreviated as **Bohai Ferry**[14](index=14&type=chunk) - The legal representative is **Lu Daqiang**[14](index=14&type=chunk) [Contact Person and Information](index=4&type=section&id=Contact%20Person%20and%20Information) Discloses the contact address, telephone number, and email address for the company's Board Secretary Ning Wu and Securities Affairs Representative Du Chunhua - The Board Secretary is **Ning Wu**, and the Securities Affairs Representative is **Du Chunhua**[15](index=15&type=chunk) - Contact address is No. 2 Huanhai Road, Zhifu District, Yantai City, telephone **0535-6291223**, email **zqb@bhferry.com**[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both No. 2 Huanhai Road, Zhifu District, Yantai City, Shandong Province, with no historical changes during the reporting period - The company's registered and office addresses are both **No. 2 Huanhai Road, Zhifu District, Yantai City, Shandong Province**[16](index=16&type=chunk) - There were no historical changes to the company's registered address during the reporting period[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company's designated information disclosure newspaper is Securities Times, the website for semi-annual reports is www.sse.com.cn, and the report custody location is the company's Securities Investment Department, with no changes during the reporting period - Information disclosure newspaper is **Securities Times**, website is **www.sse.com.cn**[17](index=17&type=chunk) - No changes in information disclosure and document custody locations during the reporting period[17](index=17&type=chunk) [Company Stock Summary](index=5&type=section&id=Company%20Stock%20Summary) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Bohai Ferry and stock code 603167 - The company's stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[19](index=19&type=chunk) - Stock abbreviation is **Bohai Ferry**, stock code is **603167**[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 5.02% year-on-year, net profit attributable to parent decreased by 2.95%, non-recurring net profit decreased by 32.56%, and net cash flow from operating activities increased by 201.81% - 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 728,185,226.03 | 766,658,205.83 | -5.02 | | Total Profit (Yuan) | 173,832,915.32 | 174,956,934.88 | -0.64 | | Net Profit Attributable to Shareholders (Yuan) | 101,583,369.16 | 104,675,986.08 | -2.95 | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan) | 28,892,947.46 | 42,841,390.61 | -32.56 | | Net Cash Flow from Operating Activities (Yuan) | 265,108,805.04 | 87,838,549.15 | 201.81 | - 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.22 | 0.22 | 0.00 | | Diluted Earnings Per Share (Yuan/share) | 0.22 | 0.22 | 0.00 | | Basic EPS Excluding Non-Recurring Items (Yuan/share) | 0.06 | 0.09 | -33.33 | | Weighted Average Return on Net Assets (%) | 2.78 | 2.74 | Increased by 0.04 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Items (%) | 0.79 | 1.12 | Decreased by 0.33 percentage points | - The decrease in net profit excluding non-recurring items was primarily due to a year-on-year decline in demand in the **Bohai Bay roll-on/roll-off vehicle transportation market**[21](index=21&type=chunk) - The significant increase in net cash flow from operating activities was mainly due to the receipt of accounts receivable from transportation revenue at the end of last year and a year-on-year decrease in fuel purchase expenditures in the current period[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the reporting period were 72.69 million Yuan, primarily comprising government subsidies, fair value change gains/losses, and entrusted investment gains/losses - 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit/loss | 96,390,295.96 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 1,725,915.31 | | Gains/losses from entrusted investments or asset management | 2,663,798.81 | | Other non-operating income and expenses apart from the above | 4,640,005.22 | | Less: Income tax impact | 26,342,281.24 | | Impact on minority interests (after tax) | 6,370,512.84 | | **Total** | **72,690,421.70** | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Company's Industry and Main Business Operations](index=7&type=section&id=Company%27s%20Industry%20and%20Main%20Business%20Operations) The company's main businesses include passenger and cargo roll-on/roll-off transportation, financial leasing, cruise operations, and marine fuel sales - The company is a backbone enterprise in Bohai Bay passenger and cargo roll-on/roll-off transportation, operating **9 large passenger and cargo roll-on/roll-off vessels** with a total tonnage of **275,900 tons**[25](index=25&type=chunk) - In 2025, the company upgraded and renamed "Bohai Yinzhu" and "Bohai Jinzhu" vessels to "Lü'antong" and "Lü'anda" for Bohai Bay cargo roll-on/roll-off and new energy vehicle transportation[25](index=25&type=chunk) - The cruise business "Zhonghua Taishan" cruise was suspended during the reporting period[27](index=27&type=chunk) - Marine fuel sales business, operated by Dalian Bohai Ferry Fuel Co., Ltd., aims to reduce the company's fuel costs and generate revenue[27](index=27&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company faced market challenges, leading to decreased revenue and net profit, but maintained its leading position through operational optimization and market development - In the first half of 2025, the company achieved operating revenue of **728.1852 million Yuan**, a year-on-year decrease of **5.02%**; net profit attributable to parent company shareholders was **101.5834 million Yuan**, a year-on-year decrease of **2.95%**[28](index=28&type=chunk) - The company optimized its organizational structure, establishing a southern office and a new media marketing and promotion center to enhance market development and online marketing efficiency[29](index=29&type=chunk) - In the first half of 2025, **318,200 vehicle trips** and **1.0875 million passenger trips** were completed[30](index=30&type=chunk) - Financial leasing business confirmed a profit of **4.39 million Yuan** due to an increase in the valuation of equity invested through Panmao (Shanghai) Investment Center (Limited Partnership)[30](index=30&type=chunk) - Fuel supply business strengthened market analysis and procurement strategies, shifting to multi-channel small-batch procurement to control risks and optimize resource and storage efficiency[31](index=31&type=chunk) [Key Operating Performance](index=9&type=section&id=Key%20Operating%20Performance) This section analyzes the reasons for changes in key financial statement items and provides an in-depth analysis of assets, liabilities, investments, and major holding and participating companies [(I) Main Business Analysis](index=9&type=section&id=%28I%29%20Main%20Business%20Analysis) This section analyzes the reasons for changes in the company's operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, and non-operating income - 2025 Semi-Annual Key Financial Statement Item Changes | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 728,185,226.03 | 766,658,205.83 | -5.02 | | Operating Cost | 603,458,482.01 | 627,517,058.64 | -3.83 | | Selling Expenses | 17,870,828.36 | 17,535,222.33 | 1.91 | | Administrative Expenses | 33,858,192.03 | 31,876,400.50 | 6.22 | | Financial Expenses | 2,195,055.78 | 954,179.42 | 130.05 | | Other Income | 96,390,295.96 | 105,024,038.27 | -8.22 | | Investment Income | 2,750,825.07 | 2,093,429.39 | 31.40 | | Fair Value Change Gains | 1,725,915.31 | -20,551,074.19 | 108.40 | | Credit Impairment Losses | 1,102,990.50 | -70,134.32 | 1,672.68 | | Non-Operating Income | 4,643,293.72 | 3,087,994.63 | 50.37 | | Net Cash Flow from Operating Activities | 265,108,805.04 | 87,838,549.15 | 201.81 | | Net Cash Flow from Investing Activities | -11,137,703.14 | 4,805,029.88 | -331.79 | | Net Cash Flow from Financing Activities | -203,892,623.98 | -153,836,874.07 | -32.54 | - Operating revenue decreased primarily due to a decline in demand in the **Bohai Bay roll-on/roll-off vehicle transportation market**[33](index=33&type=chunk) - Financial expenses increased by **130.05%** mainly due to foreign currency borrowing exchange gains in the prior year period[33](index=33&type=chunk) - Net cash flow from investing activities decreased by **331.79%** primarily due to payments for the upgrade and renovation of "Lü'antong" and "Lü'anda" vessels[33](index=33&type=chunk) - Fair value change gains shifted from a loss in the prior year period to a gain in the current period, mainly due to an increase in the valuation of equity invested through Panmao (Shanghai) Investment Center (Limited Partnership)[34](index=34&type=chunk) [(III) Analysis of Assets and Liabilities](index=10&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to the parent both decreased, with significant changes in accounts receivable, prepayments, other receivables, contract liabilities, and short-term borrowings - 2025 Semi-Annual End Asset and Liability Status (Partial) | Project Name | Current Period End (Yuan) | Change (%) | | :--- | :--- | :--- | | Accounts Receivable | 46,836,427.45 | -71.93 | | Prepayments | 6,537,274.64 | -87.80 | | Other Receivables | 239,772,756.34 | 38.88 | | Contract Liabilities | 12,017,598.56 | 485.45 | | Other Payables | 397,123,600.27 | 223.12 | | Short-Term Borrowings | 90,000,000.00 | -52.63 | - The decrease in accounts receivable was mainly due to the receipt of transportation revenue receivables from the end of the previous year[36](index=36&type=chunk) - The increase in other receivables was mainly due to the recognition of a **large government subsidy** during the reporting period[36](index=36&type=chunk) - Overseas assets amounted to **476.6733 million Yuan**, accounting for **10.96%** of total assets[38](index=38&type=chunk) [(IV) Analysis of Investment Status](index=12&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) The company primarily invests in financial assets measured at fair value through private equity funds, with a profit of 4.39 million Yuan recognized from increased equity valuation - 2025 Semi-Annual Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Ten Thousand Yuan) | Current Period Fair Value Change Gains/Losses (Ten Thousand Yuan) | Current Period Sales/Redemptions (Ten Thousand Yuan) | Ending Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Private Equity Funds | 18,919.10 | 172.59 | 527.80 | 18,563.90 | - The valuation of equity invested through Panmao (Shanghai) Investment Center (Limited Partnership) increased, resulting in a recognized profit of **4.39 million Yuan**[43](index=43&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=14&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section discloses the financial data of the company's major holding subsidiaries, which contributed to revenue and net profit in their respective business areas, though some subsidiaries incurred losses - Major Holding Subsidiary Financial Data (H1 2025) | Company Name | Main Business | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Dalian Bohai Ferry Fuel Co., Ltd. | Fuel Sales | 24,787.89 | 1,191.40 | 902.13 | | Bohai Hentong Ferry Co., Ltd. | Cargo Roll-on/Roll-off Transportation | 9,599.56 | 1,480.47 | 1,012.75 | | Weihai Haida Passenger Transport Co., Ltd. | Passenger Roll-on/Roll-off Transportation | 13,610.54 | 4,908.80 | 4,045.84 | | Bohai Cruise Co., Ltd. | Cruise Tourism Services | 0.00 | -1,422.12 | -1,422.12 | | Tianjin Bohai Ferry Shipping Co., Ltd. | Cargo Roll-on/Roll-off Transportation | 1,352.96 | -968.49 | -968.49 | [Other Disclosures](index=15&type=section&id=Other%20Disclosures) This section discloses major risks such as maritime safety and market development, and details the progress of the company's "Quality Improvement, Efficiency Enhancement, and Return" special action - The company faces major risks including **maritime safety transportation**, **future business expansion and market development**, and **interest rate risk**[45](index=45&type=chunk) - The company completed the upgrade and renovation of **2 vessels for new energy vehicle transportation**, "Lü'antong" and "Lü'anda" vessels, which are now operating on the Yantai-Dalian route, opening a new track for new energy vehicle transportation[46](index=46&type=chunk) - The company is revising its corporate governance system, including the Articles of Association, and has established an **Environmental, Social, and Governance (ESG) Office** to improve ESG governance[47](index=47&type=chunk)[48](index=48&type=chunk) - Controlling shareholder Liaoyu Group has cumulatively increased its shareholding by **5.3264 million shares**, accounting for **1.14%** of the total share capital, with a cumulative increase amount of **45.9853 million Yuan**[49](index=49&type=chunk) - The company plans to implement a **2025 interim cash dividend** of **4 Yuan per 10 shares** (including tax), totaling an estimated **187.66 million Yuan**[50](index=50&type=chunk) - The company strengthened investor relations management through online platforms and offline activities, handling over **100 inquiries** with a **100% response rate**[51](index=51&type=chunk) [Corporate Governance, Environment, and Society](index=17&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Supervisor Cai Qian resigned - Supervisor **Cai Qian resigned**[53](index=53&type=chunk) [Profit Distribution Plan](index=17&type=section&id=Profit%20Distribution%20Plan) The company's eighteenth meeting of the Sixth Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 4 Yuan per 10 shares (including tax) to all shareholders - The 2025 semi-annual profit distribution plan is a cash dividend of **4 Yuan per 10 shares** (including tax)[53](index=53&type=chunk) [Significant Matters](index=18&type=section&id=Significant%20Matters) [Fulfillment of Commitments](index=18&type=section&id=Fulfillment%20of%20Commitments) Controlling shareholder Liaoyu Group committed not to engage in competing businesses, not to illegally occupy company funds or assets, and to minimize related-party transactions, ensuring fairness, all of which were strictly fulfilled - Liaoyu Group committed not to operate businesses that compete with the issuer and has not invested in competing enterprises[56](index=56&type=chunk) - Liaoyu Group committed to strictly exercise shareholder rights, prevent illegal occupation of issuer's funds or assets, and not provide any form of guarantee[57](index=57&type=chunk) - Liaoyu Group committed to minimize related-party transactions, and for unavoidable ones, to follow fair, equitable, and open market-based pricing principles[57](index=57&type=chunk) - All commitments were timely and strictly fulfilled during the reporting period[56](index=56&type=chunk)[57](index=57&type=chunk) [Major Litigation and Arbitration Matters](index=21&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had **no major litigation or arbitration matters** in this reporting period[59](index=59&type=chunk) [Share Changes and Shareholder Information](index=24&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Share Capital Change](index=24&type=section&id=Share%20Capital%20Change) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes** in the company's total share capital or share structure[63](index=63&type=chunk) [Shareholder Information](index=24&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 24,167 common shareholders, with Liaoyu Group as the controlling shareholder, holding 26.18% and having pledged some shares - As of the end of the reporting period, the total number of common shareholders was **24,167**[64](index=64&type=chunk) - Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Pledged, Marked, or Frozen Status (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Liaoyu Group Co., Ltd. | 122,804,875 | 26.18 | 58,739,200 (Pledged) | State-owned Legal Person | | Liaoning Communications Investment Co., Ltd. | 65,680,230 | 14.00 | None | State-owned Legal Person | | Shandong Hi-Speed Group Co., Ltd. | 21,426,302 | 4.57 | None | State-owned Legal Person | | Bank of Communications Co., Ltd. - Invesco Great Wall CSI Dividend Low Volatility 100 ETF | 6,204,767 | 1.32 | None | Other | - Controlling shareholder Liaoyu Group has cumulatively increased its shareholding by **5.3264 million shares**, accounting for **1.14%** of the total share capital, with a cumulative increase amount of **45.9853 million Yuan**[67](index=67&type=chunk) [Bond-Related Information](index=27&type=section&id=Bond-Related%20Information) [Corporate Bonds and Debt Financing Instruments](index=27&type=section&id=Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company had **no corporate bonds or non-financial enterprise debt financing instruments** during the reporting period[71](index=71&type=chunk) [Convertible Corporate Bonds](index=27&type=section&id=Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company had **no convertible corporate bonds** during the reporting period[71](index=71&type=chunk) [Financial Report](index=28&type=section&id=Financial%20Report) [Financial Statements](index=28&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[73](index=73&type=chunk)[76](index=76&type=chunk)[80](index=80&type=chunk)[84](index=84&type=chunk)[87](index=87&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk)[97](index=97&type=chunk) [Company Basic Information](index=45&type=section&id=Company%20Basic%20Information) Bohai Ferry Group Co., Ltd., established in 1998 and listed in 2012, has a registered capital of 469.14 million Yuan, with Liaoyu Group as its parent and ultimate controlling party, primarily engaged in passenger and cargo roll-on/roll-off transportation - The company was listed on the **Shanghai Stock Exchange in September 2012**[101](index=101&type=chunk) - As of June 30, 2025, the registered capital was **469.144503 million Yuan**[101](index=101&type=chunk) - The parent company and ultimate controlling party are both **Liaoyu Group Co., Ltd.**[101](index=101&type=chunk) - Main business is water transportation, including passenger and cargo roll-on/roll-off transportation on routes such as **Yantai to Dalian**, **Penglai to Lushun**, **Longkou to Lushun**, and **Weihai to Dalian**[101](index=101&type=chunk) [Basis of Financial Statement Preparation](index=45&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and CSRC regulations, based on a going concern assumption, with no significant doubts about the ability to continue as a going concern - Financial statements are prepared in accordance with **Enterprise Accounting Standards** and **CSRC's "Rules for Information Disclosure by Companies Issuing Securities No. 15"**[102](index=102&type=chunk) - The company evaluated its ability to continue as a going concern for **12 months** from the end of the reporting period and found no significant doubts[103](index=103&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=45&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, consolidated financial statements, financial instruments, inventories, fixed assets, intangible assets, impairment of long-term assets, employee compensation, revenue recognition, and government grants - Discloses financial assets classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[129](index=129&type=chunk) - Impairment provisions for financial assets such as accounts receivable and other receivables are recognized based on **expected credit losses**[146](index=146&type=chunk) - Fixed assets are depreciated using the **straight-line method**, with buildings depreciated over **30-40 years** and vessels over **10-30 years**[191](index=191&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[222](index=222&type=chunk) - Government grants are classified as asset-related or income-related, either reducing the carrying amount of the asset or recognized as deferred income, or recognized in current profit or loss[227](index=227&type=chunk)[229](index=229&type=chunk) [Taxation](index=83&type=section&id=Taxation) This section lists the company's main tax types and rates, including VAT, urban maintenance and construction tax, education surcharges, and corporate income tax, along with detailed explanations of tax incentives enjoyed by the company and its subsidiaries - Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 16.5% | - Bohai Cruise Co., Ltd., Bohai Ferry (Hong Kong) Leasing Co., Ltd., and Hong Kong Hengyang Shipping Co., Ltd. are subject to a **Hong Kong corporate income tax rate of 16.5%**, with some income exempt from profits tax[242](index=242&type=chunk)[243](index=243&type=chunk) - The company and some subsidiaries enjoy **small and micro enterprise corporate income tax preferential policies**, calculating taxable income at **25%** and paying corporate income tax at a rate of **20%**[244](index=244&type=chunk) - The company enjoys corporate income tax preferential policies for **employing disabled individuals** and **recruiting demobilized soldiers for self-employment**[247](index=247&type=chunk) [Notes to Consolidated Financial Statement Items](index=86&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major items in the consolidated financial statements, including cash, receivables, fixed assets, borrowings, and revenue, explaining period-end balances, changes, and reasons - Cash and bank balances at period-end were **250.19 million Yuan**, of which **1.05 million Yuan** was restricted as a tourism quality guarantee deposit[250](index=250&type=chunk)[249](index=249&type=chunk) - Accounts receivable carrying amount at period-end was **46.84 million Yuan**, a significant decrease of **71.93%** from the beginning of the period, mainly due to the receipt of transportation revenue receivables from the end of the previous year[254](index=254&type=chunk)[36](index=36&type=chunk) - Other receivables carrying amount at period-end was **239.77 million Yuan**, an increase of **38.88%** from the beginning of the period, mainly due to the recognition of a large government subsidy[271](index=271&type=chunk)[36](index=36&type=chunk) - Fixed assets carrying amount at period-end was **3.145 billion Yuan**, with vessels accounting for the vast majority[292](index=292&type=chunk) - Short-term borrowings at period-end were **90 million Yuan**, a decrease of **52.63%** from the beginning of the period, mainly due to repayment of bank loans[320](index=320&type=chunk)[36](index=36&type=chunk) - Dividends payable at period-end were **375.32 million Yuan**, a significant increase from the beginning of the period, mainly due to the accrual of declared but unpaid cash dividends at period-end[336](index=336&type=chunk)[37](index=37&type=chunk) [Research and Development Expenses](index=128&type=section&id=Research%20and%20Development%20Expenses) During the reporting period, the company had no R&D project development expenditures that met capitalization conditions, nor any significant externally acquired R&D projects - During the reporting period, the company had **no R&D project development expenditures** that met capitalization conditions[387](index=387&type=chunk) [Changes in Consolidation Scope](index=129&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control - During the reporting period, the company had **no business combinations under non-common control, common control, reverse acquisitions, or disposals of subsidiaries** leading to loss of control[387](index=387&type=chunk)[388](index=388&type=chunk) [Interests in Other Entities](index=130&type=section&id=Interests%20in%20Other%20Entities) This section details the company's equity interests in subsidiaries, joint ventures, and associates, covering various business areas and significant non-wholly owned subsidiaries - The company owns several wholly-owned or controlled subsidiaries, including Dalian Bohai Ferry Ticketing Co., Ltd., Bohai Cruise Co., Ltd., and Tianjin Bohai Ferry Shipping Co., Ltd.[389](index=389&type=chunk) - The company accounts for its interests in associates such as Yantai Tongsan Ferry Terminal Co., Ltd. (**32.50% shareholding**) and Shandong Shen International Bohai Logistics Technology Development Co., Ltd. (**35.00% shareholding**) using the equity method[396](index=396&type=chunk) - Important Non-Wholly Owned Subsidiaries Minority Interests | Subsidiary Name | Minority Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders (Yuan) | Period-End Minority Interest Balance (Yuan) | | :--- | :--- | :--- | :--- | | Dalian Bohai Ferry Fuel Co., Ltd. | 64.00 | 5,916,507.89 | 56,562,924.86 | | Bohai Hentong Ferry Co., Ltd. | 49.00 | 4,962,495.03 | 101,054,819.35 | | Weihai Haida Passenger Transport Co., Ltd. | 30.0333 | 11,972,552.06 | 60,192,087.17 | [Government Grants](index=136&type=section&id=Government%20Grants) At the end of the reporting period, the company recognized 144.58 million Yuan in government grants as receivables, with deferred income of 181.11 million Yuan, and 96.27 million Yuan recognized in current profit or loss - Government grants recognized as receivables at the end of the reporting period amounted to **144.58 million Yuan**[400](index=400&type=chunk) - Deferred income related to government grants at the end of the period was **181.11 million Yuan**[401](index=401&type=chunk) - 2025 Semi-Annual Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Income-related | 91,618,791.44 | 100,624,918.29 | | Asset-related | 4,655,737.80 | 4,460,910.24 | | **Total** | **96,274,529.24** | **105,085,828.53** | [Risks Related to Financial Instruments](index=136&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks, managing credit risk through assessment and collection policies, controlling liquidity risk via cash flow forecasts, and noting no floating-rate borrowings for interest rate risk - The company faces **credit risk, liquidity risk, and market risk**[403](index=403&type=chunk) - **90.55% of accounts receivable** and **98.60% of other receivables** are from the top five customers, indicating a certain degree of credit concentration risk[404](index=404&type=chunk) - As of June 30, 2025, the company had **no floating-rate borrowings**[407](index=407&type=chunk) [Disclosure of Fair Value](index=138&type=section&id=Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at period-end, primarily other non-current financial assets (equity instrument investments) of 185.64 million Yuan, classified as Level 3 fair value measurements - Period-End Fair Value Measurement Items | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Total assets continuously measured at fair value | 185,639,001.07 | 185,639,001.07 | | Of which: Equity instrument investments | 185,639,001.07 | 185,639,001.07 | - The carrying amounts of financial assets and liabilities not measured at fair value are **very close to their fair values**[415](index=415&type=chunk) [Related Parties and Related Party Transactions](index=140&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures, associates, and other related parties, and lists related party transactions during the reporting period, including purchases, sales, leases, and fund transfers - The parent company is **Liaoyu Group Co., Ltd.**, with a shareholding of **26.18%**, and is the ultimate controlling party[418](index=418&type=chunk) - During the reporting period, the company purchased life rafts and light diesel from Liaoyu Group Co., Ltd., and paid ticket agency fees, passenger ticket agency fees, water fees, and berthing fees to Liaoyu Port Co., Ltd.[420](index=420&type=chunk) - The company leased laundry and office space, boiler rooms, and land from Liaoyu Group Co., Ltd., and leased ticket sales locations from Liaoyu Port Co., Ltd.[424](index=424&type=chunk) - The company lent **83.67 million Yuan** to Weihai Changtong Ship Supplies Co., Ltd., which has been ordered to be repaid by court judgment[426](index=426&type=chunk) - Key management personnel compensation incurred in the current period was **1.28 million Yuan**[428](index=428&type=chunk) [Commitments and Contingencies](index=147&type=section&id=Commitments%20and%20Contingencies) At the end of the reporting period, the company had significant contingencies, including outstanding guarantees and letters of credit, notably a domestic letter of credit for 40 million Yuan for subsidiary marine fuel oil payments - As of June 30, 2025, the company had issued domestic letters of credit totaling **40 million Yuan** for the payment of subsidiary marine fuel oil[433](index=433&type=chunk) [Events After the Balance Sheet Date](index=147&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) After the balance sheet date, the company plans to distribute profits or dividends totaling 375.32 million Yuan - After the balance sheet date, the company plans to distribute profits or dividends totaling **375.32 million Yuan**[434](index=434&type=chunk) [Notes to Parent Company Financial Statement Items](index=149&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, explaining period-end balances, changes, and reasons - Parent company accounts receivable carrying amount at period-end was **27.44 million Yuan**, a significant decrease from the beginning of the period[438](index=438&type=chunk)[440](index=440&type=chunk) - Parent company other receivables carrying amount at period-end was **719.18 million Yuan**, an increase from the beginning of the period, mainly including intercompany receivables within the consolidation scope and government grant receivables[446](index=446&type=chunk)[450](index=450&type=chunk) - Parent company long-term equity investments carrying amount at period-end was **1.343 billion Yuan**, primarily investments in subsidiaries[455](index=455&type=chunk) - Parent company operating revenue for the current period was **497.13 million Yuan**, and operating cost was **430.35 million Yuan**[459](index=459&type=chunk) - Parent company investment income primarily came from equity method accounting for long-term equity investments, totaling **0.087 million Yuan**[461](index=461&type=chunk) [Supplementary Information](index=158&type=section&id=Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, and net asset return and earnings per share - 2025 Semi-Annual Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit/loss | 96,390,295.96 | | Gains/losses from entrusted investments or asset management | 2,663,798.81 | | Other non-operating income and expenses apart from the above | 4,640,005.22 | | Less: Income tax impact | 26,342,281.24 | | Impact on minority interests (after tax) | 6,370,512.84 | | **Total** | **72,690,421.70** | - 2025 Semi-Annual Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.78 | 0.22 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 0.79 | 0.06 |

Core Viewpoint - Bohai Ferry (603167) reported a decline in net profit by 2.95% year-on-year for the first half of 2025, with total revenue also decreasing by 5.02% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 728 million yuan, down from 767 million yuan in 2024, representing a decrease of 5.02% [1] - Net profit attributable to shareholders was 102 million yuan, a decline of 2.95% from 105 million yuan in the same period last year [1] - The gross profit margin decreased to 17.13%, down 5.62% year-on-year, while the net profit margin increased to 17.09%, up 3.74% year-on-year [1] - Operating expenses, including sales, management, and financial costs, totaled 53.92 million yuan, accounting for 7.41% of revenue, which is an increase of 12.72% year-on-year [1] - Earnings per share remained unchanged at 0.22 yuan, while operating cash flow per share increased significantly by 201.81% to 0.57 yuan [1] Key Financial Changes - Accounts receivable decreased by 42.75% to 46.84 million yuan due to the collection of previous year's transportation income [3] - Cash and cash equivalents increased by 17.86% to 250 million yuan [3] - Interest-bearing debt decreased significantly by 66.29% to 90.47 million yuan, indicating improved financial health [3] - The company experienced a 130.05% increase in financial expenses due to the absence of foreign currency borrowing exchange gains from the previous year [4] Investment Insights - The company's return on invested capital (ROIC) was reported at 8%, with a historical median of 6.72% over the past decade, indicating average capital returns [4] - Analysts project a net profit of 314 million yuan for 2025, with an average earnings per share estimate of 0.67 yuan [4] Fund Holdings - Several funds have newly entered the top ten shareholders of Bohai Ferry, with the largest being GF Balanced Growth Mixed A, holding 3.5667 million shares [5]

Core Insights - The shipping and port sector experienced a slight increase of 0.09% on August 26, with Bohai Ferry leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Bohai Ferry (603167) closed at 10.70, up 2.49% with a trading volume of 178,900 shares and a turnover of 190 million yuan [1] - Xiamen Port Authority (000905) closed at 8.97, up 2.28% with a trading volume of 328,500 shares and a turnover of 293 million yuan [1] - Straits Shares (002320) closed at 8.49, up 2.17% with a trading volume of 565,600 shares and a turnover of 479 million yuan [1] - Other notable performers include Zhonggu Logistics (603565) and Jinjiang Shipping (601083), with increases of 1.15% and 0.97% respectively [1] Capital Flow - The shipping and port sector saw a net outflow of 64.35 million yuan from institutional investors, while retail investors contributed a net inflow of 166.7 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Straits Shares (002320) had a net inflow of 62.51 million yuan from institutional investors, but saw outflows from both retail and speculative investors [3] - Bohai Ferry (603167) experienced a net inflow of 18 million yuan from institutional investors, with outflows from speculative investors [3] - Other stocks like Tianjin Port (600717) and Tangshan Port (601000) also showed significant net inflows from institutional investors, indicating potential interest in these stocks [3]

Core Viewpoint - Bohai Ferry Group Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, primarily due to decreased demand in the roll-on/roll-off vehicle transportation market, while maintaining a focus on enhancing operational efficiency and market presence [1][2]. Financial Performance - Operating revenue for the first half of 2025 was approximately RMB 728.19 million, a decrease of 5.02% compared to RMB 766.66 million in the same period last year [2]. - Total profit amounted to RMB 173.83 million, down 0.64% from RMB 174.96 million year-on-year [2]. - Net profit attributable to shareholders was RMB 101.58 million, reflecting a 2.95% decrease from RMB 104.68 million in the previous year [2]. - The net cash flow from operating activities significantly increased to RMB 265.11 million, up 201.81% from RMB 87.84 million [2]. Business Operations - The company operates nine large passenger and vehicle ferries, covering key routes in the Bohai Bay area, and has expanded its market presence by acquiring Weihai Haida Passenger Transport Co., Ltd. [3]. - The company has introduced two upgraded vessels, "Green An Tong" and "Green An Da," to facilitate the transportation of new energy vehicles across the Bohai Bay [3][7]. - Bohai Ferry has established a joint venture with logistics companies to enhance multi-modal transport services, integrating land and sea logistics [3]. Investment and Financing - The company has set up Bohai Ferry Leasing Co., Ltd. to provide financing solutions, promoting synergy between production and finance [3]. - Investment in private equity has yielded a profit of RMB 4.39 million, with a significant increase in the valuation of investments [4][5]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.40 per share for the mid-year 2025, totaling approximately RMB 187.66 million, reflecting a commitment to shareholder returns [9][10]. Market Challenges - The company faces increased competition in the roll-on/roll-off transportation market, alongside external factors such as fluctuating demand and regulatory changes [7]. - The operational environment remains challenging due to external competition and changing customer needs, prompting the company to enhance marketing and service strategies [3][4].

渤海轮渡集团股份有限公司2025 年半年度报告摘要 公司代码：603167 公司简称：渤海轮渡 渤海轮渡集团股份有限公司 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司第六届董事会第十八次会议审议通过了《关于2025年半年度利润分配方案的议案》。2025 年半年度利润分配方案为：以公司2025年半年度利润分配方案实施时股权登记日的总股本为基数 ，向全体股东按每10股派发现金红利人民币4元（含税）。该利润分配方案已经公司2024年年度股 东大会批准并授权董事会实施。 第二节 公司基本情况 | 公司股票简况 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 | | | 变更前股 | | 票简称 | | | | | | | | A股 上海证券交易所 | 渤海轮渡 | 603167 | | | | | | 联系人和联系方式 | 董事会秘书 | | | 证券事务代表 | | | ...

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-023 渤海轮渡集团股份有限公司 本公司董事会及全体董事保证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： ● 每股分配比例：每股派发现金红利人民币 0.40 元（含税）。 ● 本次利润分配以公司 2025 年半年度利润分配方案实施时股权登记日的总 股本为基数，具体日期将在权益分派实施公告中明确。在实施权益分派的股权登 记日前公司总股本发生变动的，拟维持每股分配比例不变，相应调整分配总额， 并将在相关公告中披露。 ● 公司于 2025 年 6 月 12 日召开的 2024 年年度股东大会审议通过了《关 于 2025 年中期现金分红的议案》，同意授权公司董事会全权处理 2025 年中期 现金分红的相关事宜。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于 2025 年 4 月 1 日召开第六届董事会第十五次会议，审议通过了《关 于 2025 年中期现金分红的议案》，2025 年 8 月 25 日召开第六届董事会第十八 次会议，审议通过了《关于 2025 ...