兴通海运股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日通过线上 业绩说明会的形式接待了投资者调研，现将主要情况公告如下： 一、调研基本情况 证券代码：603209 证券简称：兴通股份 公告编号：2025-066 兴通海运股份有限公司 关于接待投资者调研情况的公告 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。 调研时间：2025 年 8 月 29 日 调研方式：线上业绩说明会 调研机构及人员名称：线上参与公司 2025 年半年度业绩说明会的投资者 公司接待人员：副董事长/总经理陈其龙先生，董事会秘书/财务负责人黄木 生先生，独立董事曾繁英女士 二、调研主要内容 （一）公司 2025 年半年度经营情况 1、运力规模 截至 2025 年 6 月 30 日，公司在营的散装液体化学品船、成品油船、液化石 油气船共计 38 艘，总运力达 44.26 万载重吨。其中，内贸船舶 29 艘，合计 31.38 万载重吨；外贸船舶 9 艘，合计 12.88 万载重吨。 截至目前，公司有 12 艘在建船舶，合计运力达 23.50 ...

证券研究报告 交通运输 | 航运港口 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 08 | 25 | 日 | | | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 15.42 | | | | | | | 年 内 高 最 | 最 | 一 | | | | ...

金融界消息 截至2025年8月25日收盘，兴通股份（603209）报收于15.42元，下跌0.58%，换手率 2.32%，成交量6.50万手，成交金额1.00亿元。 来源：金融界 天眼查商业履历信息显示，兴通海运股份有限公司，成立于1997年，位于泉州市，是一家以从事水上运 输业为主的企业。企业注册资本32500万人民币，实缴资本10152.5万人民币。公司法定代表人为陈兴 明。 通过天眼查大数据分析，兴通海运股份有限公司共对外投资了5家企业，参与招投标项目42次，知识产 权方面有商标信息18条，专利信息29条，此外企业还拥有行政许可87个。 资金流向方面，今日主力资金净流出1538.95万元，占比成交额15.35%。其中，超大单净流出383.47万 元、占成交额3.82%，大单净流出1155.48万元、占成交额11.53%，中单净流出流入607.67万元、占成交 额6.06%，小单净流入931.28万元、占成交额9.29%。 兴通股份最新一期业绩显示，截至2025中报，公司营业总收入7.87亿元、同比增长1.99%，归属净利润 1.36亿元，同比减少24.80%，扣非净利润1.32亿元，同比减少26.35% ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [5] Core Views - The express logistics sector is experiencing a price recovery trend, supported by regulatory measures against unhealthy competition, particularly in Zhejiang province, which accounted for 16.9% of national express business volume in H1 2025 [5] - Zhongtong Express reported a 26.8% year-on-year decline in adjusted net profit for Q2 2025, influenced by price competition, despite a revenue increase of 10.3% to 11.83 billion yuan [6] - The air transport sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring price increases, while short-term booking data shows signs of improvement [17] - The shipping industry is projected to see a boost in oil transportation due to OPEC+ production increases and a favorable interest rate environment, with specific companies recommended for investment [18] Summary by Sections Express Logistics - The express logistics sector is seeing a robust demand, with a total of 164 billion packages delivered in July 2025, marking a 15.1% year-on-year increase [27] - Major express companies like YTO Express and SF Express are showing significant growth in business volume, with SF Express achieving a 33.69% increase in July [7][27] Air Transport - In July 2025, civil aviation achieved a passenger transport volume of 71.82 million, a 3.9% increase year-on-year, and a cargo volume of 86.7 thousand tons, up 15.3% [11][57] - The overall seat occupancy rate for major airlines was 83.06%, slightly down from the previous month [60] Shipping and Ports - The shipping sector is experiencing fluctuations, with the BDTI index for oil transportation showing resilience amid geopolitical uncertainties [13][18] - China's port cargo throughput decreased by 2.82% to 26.135 million tons in the week of August 11-17, 2025 [81] Road and Rail - In July 2025, road freight volume increased by 3.28% to 36.99 billion tons, while rail freight volume rose by 3.35% to 4.52 billion tons [47]

Financial Performance - The company reported a total revenue of 787 million yuan for the first half of 2025, representing a year-on-year increase of 1.99% [1] - The net profit attributable to shareholders was 136 million yuan, showing a decline of 24.8% compared to the previous year [1] - In Q2 2025, the revenue was 405 million yuan, up 4.82% year-on-year, while the net profit for the same period was 61.83 million yuan, down 39.9% [1] Profitability Metrics - The gross margin decreased to 29.31%, down 19.9% year-on-year, and the net margin fell to 17.64%, a decline of 25.86% [1] - The total of selling, administrative, and financial expenses reached 57.54 million yuan, accounting for 7.31% of revenue, which is an increase of 10.18% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) dropped to 0.47 yuan, down 27.69% year-on-year, while the operating cash flow per share decreased to 0.71 yuan, a decline of 32.66% [1] - The company's return on invested capital (ROIC) was 10.26% last year, with a historical median ROIC of 19.13% since its listing [3] Debt and Capital Expenditure - The company’s interest-bearing debt increased to 1.466 billion yuan, up 11.23% year-on-year, with a debt-to-asset ratio of 27.01% [3] - The company relies heavily on capital expenditures for its performance, necessitating careful evaluation of the efficiency and necessity of these expenditures [3] Fund Holdings - The largest fund holding the company's shares is the Dongfanghong Yuanjian Value Mixed A fund, with a current scale of 1.289 billion yuan and a recent net value increase of 1.4% [4]

Core Viewpoint - Xingtong Co., Ltd. has seen a significant increase in shareholder accounts, with a 63.5% rise from March 31, 2025, to June 30, 2025, despite a slight decline in stock price during the same period [1][2]. Group 1: Shareholder Statistics - As of June 30, 2025, the number of shareholders for Xingtong Co., Ltd. reached 26,646, an increase of 10,349 accounts [2]. - The average number of shares held per account decreased from 17,200 shares to 12,200 shares, with an average market value of 189,300 yuan per account [1][2]. - Compared to the shipping and port industry average, Xingtong's shareholder count is below the industry average of 66,200 accounts, and its average market value is also lower than the industry average of 318,500 yuan [1]. Group 2: Stock Performance - From March 31, 2025, to June 30, 2025, Xingtong Co., Ltd. experienced a stock price decline of 0.91% while simultaneously increasing its shareholder base [1][2]. - During this period, the net outflow of institutional funds was 277 million yuan, while retail investors contributed a net inflow of 211 million yuan [2]. - The stock was listed on the trading leaderboard once during this period, with participation from institutional and Shanghai Stock Connect special seats [2].

公募基金方面本期较上一季度持股减少的公募基金共计4个，包括交银新生活力灵活配置混合A、东方 红远见价值混合A、东方红远见领航混合发起A、东方红启瑞三年持有混合A，持股减少占比达0.98%。 本期较上一季度新披露的公募基金共计1个，即东方红远见精选混合A。本期较上一季未再披露的公募 基金共计4个，包括中邮研究精选混合、中邮核心竞争力灵活配置混合、中邮兴荣价值一年持有期混 合、财通福瑞混合发起(LOF)A。 2025年8月23日，兴通股份(603209.SH)发布2025年半年度报告。截至2025年8月22日，共有10个机构投 资者披露持有兴通股份A股股份，合计持股量达6747.12万股，占兴通股份总股本的20.76%。其中，前 十大机构投资者包括雄安和海创业投资合伙企业(有限合伙)、厦门建发新兴产业股权投资拾壹号合伙企 业(有限合伙)、广东恒健国际投资有限公司、国兴(厦门)投资管理有限公司-厦门国贸产业发展股权投资 基金合伙企业(有限合伙)、山东日盈投资有限公司、中信银行股份有限公司-交银施罗德新生活力灵活配 置混合型证券投资基金、东方红远见价值混合A、东方红远见领航混合发起A、东方红启瑞三年持有混 合A、东方 ...

格隆汇8月22日丨兴通股份(603209.SH)发布中报，2025上半年实现营业总收入7.87亿元，同比增长 1.99%；归属母公司股东净利润1.36亿元，同比下降24.8%；基本每股收益为0.47元。 ...

证券代码：603209 证券简称：兴通股份 公告编号：2025-063 兴通海运股份有限公司 第二届监事会第二十五次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 兴通海运股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日以邮件方 式发出召开第二届监事会第二十五次会议的通知。2025 年 8 月 22 日，第二届监 事会第二十五次会议以现场方式在公司七楼会议室召开，应出席本次会议的监事 3 人，实际出席本次会议的监事 3 人。本次会议由监事会主席吴志扬先生召集并 主持，本次监事会会议的召集、召开符合有关法律、行政法规、部门规章、规范 性文件以及《兴通海运股份有限公司章程》《兴通海运股份有限公司监事会议事 规则》的有关规定。 二、监事会会议审议情况 经与会监事认真审议和表决，通过如下决议： （一）审议通过《兴通海运股份有限公司关于 2025 年半年度报告全文及摘 要的议案》 监事会认为：《兴通海运股份有限公司 2025 年半年度报告》全文及其摘要 的编制和审核符合法律、行政法 ...

第二届董事会第二十九次会议决议公告 证券代码：603209 证券简称：兴通股份 公告编号：2025-062 兴通海运股份有限公司 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。 一、董事会会议召开情况 兴通海运股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日以邮件方 式发出召开第二届董事会第二十九次会议的通知。2025 年 8 月 22 日，第二届董 事会第二十九次会议以现场结合通讯方式在公司七楼会议室召开，应出席本次会 议的董事 11 人，实际出席本次会议的董事 11 人（其中：以通讯表决方式出席会 议的人数为 4 人），公司监事和高级管理人员列席会议。本次会议由董事长陈兴 明先生召集并主持，本次董事会会议的召集、召开符合有关法律、行政法规、部 门规章、规范性文件以及《兴通海运股份有限公司章程》有关规定。 二、董事会会议审议情况 经与会董事认真审议和表决，通过如下决议： （一）审议通过《兴通海运股份有限公司关于 2025 年半年度报告全文及摘 要的议案》 具体内容详见公司同日在上海证券交易所网站（http: ...