证券代码：603167 证券简称：渤海轮渡 公告编号：2025-017 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/7/24 | － | 2025/7/25 | 2025/7/25 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 12 日的2024年年度股东大会审议通过。 二、分配方案 （一） 发放年度：2024年年度 （二）分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 2024年年度权益分派实施公告 （三）分配方案： 本次利润分配以方案实施前的公司总股本469,144,503股为基数，每股派发 每股分配比例 A 股每股现金红利0.40元 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 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 road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, 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, Southern Airlines, and others [4]

Core Points - The announcement details the share reduction results of Yu Xinjian, a director and general manager of Bohai Ferry Group Co., Ltd, who held 1,352,000 shares, accounting for 0.2882% of the total share capital before the reduction [1][2] - The reduction plan was disclosed on February 26, 2025, with a total of 192,000 shares sold between March 19, 2025, and June 18, 2025, at a price range of 10.02 to 11.00 yuan per share, totaling 2,023,487.50 yuan [2] - After the reduction, Yu Xinjian currently holds 1,160,000 shares, representing 0.2473% of the total share capital, with 146,000 shares remaining unsold from the original plan [2] Summary of Shareholding Situation - Before the reduction, Yu Xinjian's shareholding consisted of 750,000 shares obtained prior to the IPO and 602,000 shares from a private placement [1] - The reduction was conducted in compliance with relevant laws and regulations, with no violations reported [1][2] - The original plan allowed for a maximum reduction of 0.0720%, while the actual reduction was 0.0409% [2]

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-016 减持计划的实施结果情况 截至本公告披露日，于新建先生通过集中竞价交易方式减持公司股份 192,000 股，占公司总股本的 0.0409%。本次减持计划实施过程严格遵守相关法 律法规及上海证券交易所业务规则的规定，不存在违规情形。 | 股东名称 | 于新建 | | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 □是 √否 | | | 直接持股 5%以上股东 □是 √否 | | | 董事、监事和高级管理人员 √是 □否 | | | 其他：不适用 | | 持股数量 | 1,352,000股 | | 持股比例 | 0.2882% | | IPO 当前持股股份来源 | 前取得：750,000股 | | | 非公开发行取得：602,000股 | 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： 董事、高级管理人员持股的基本情况 本次减持计划实施前，渤海轮渡集团股份有限公司（以下简称"公司"）董 事、总经理于新建先生持有 ...

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]