Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

证券代码：603209 证券简称：兴通股份 公告编号：2025-058 兴通海运股份有限公司 关于为全资子公司提供担保的公告 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： 担保对象及基本情况 | | 被担保人名称 | | | 兴通海象航运有限公司 （以下简称"兴通海象"） | | --- | --- | --- | --- | --- | | | 本次担保金额 | | | 万元 21,840 | | 担保对象 | 实际为其提供的担保余额 | | 44,925 | 万元（含本次担保） | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | 是 | ☑否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股子公 | 192,157 | | 司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期经 | 75.46 | | ...

Core Viewpoint - The company Xingtong Co., Ltd. plans to reduce its share capital by a total of 15.75 million shares, accounting for 4.85% of its total share capital, due to personal financial needs of several shareholders, with an estimated cash amount exceeding 240 million yuan based on the stock price on July 9 [1][3]. Shareholder Information - Shareholder Wang Lianghua holds 16.8 million shares, representing 5.17% of the total share capital [2]. - Shareholder Hehai Chuangtou holds 30.24 million shares, representing 9.30% of the total share capital [2]. - Shareholder Chen Qinghong holds 370,000 shares, representing 0.11% of the total share capital, while his controlled entity, Shandong Riying Investment Co., Ltd., holds 4.984 million shares, representing 1.53% of the total share capital [2]. Reduction Plan Details - Wang Lianghua plans to reduce up to 4.2 million shares, accounting for 1.29% of the total share capital [3]. - Hehai Chuangtou plans to reduce up to 6.5 million shares, accounting for 2.00% of the total share capital [3]. - Chen Qinghong and his controlled entity plan to reduce a total of up to 5.05 million shares, accounting for 1.55% of the total share capital [3]. Business Overview - Xingtong Co., Ltd. primarily engages in the maritime transportation of global bulk liquid hazardous goods, including liquid chemicals, refined oil, and liquefied petroleum gas [3]. Financial Performance - For the year 2024, the company reported revenue of 1.51 billion yuan, a year-on-year increase of 22.4%, and a net profit attributable to shareholders of 350 million yuan, a year-on-year increase of 38.9% [3]. - The company's net profit excluding non-recurring items was 338 million yuan, a year-on-year increase of 42.6%, with a net operating cash flow of 558 million yuan, a year-on-year increase of 7.0% [3]. - In the first quarter of 2025, the company reported revenue of 382 million yuan, a year-on-year decrease of 0.8%, and a net profit attributable to shareholders of 73.77 million yuan, a year-on-year decrease of 4.8% [3]. - The net profit excluding non-recurring items for the first quarter of 2025 was 70.78 million yuan, a year-on-year decrease of 8.2%, with a net operating cash flow of 71.99 million yuan, a year-on-year decrease of 46.8% [3].

Group 1 - Company Junhe Precision expects a net profit of 49.3 million to 53 million yuan for the first half of 2025, representing a year-on-year increase of 46.61% to 57.61% [1] - Company Yingtan plans to reduce its shareholding by a total of 2.79%, with specific reductions from major shareholders and executives due to funding needs [1][2] - Company EFORT W.F.C. Holding plans to sell 22% of its stake in GME Aerospace for 6 million euros, reducing its ownership from 48.99% to 19.76% [2] - Company Huada Jiutian has terminated its major asset restructuring plans due to a lack of consensus on key terms among parties involved [3] - Company Shankai Intelligent is planning a change in control, leading to a temporary suspension of its stock trading [3] Group 2 - Company TCL Technology anticipates a revenue of 82.6 billion to 90.6 billion yuan for the first half of 2025, with a net profit increase of 81% to 101% [5][6] - Company TCL Zhonghuan expects a net loss of 4 billion to 4.5 billion yuan for the first half of 2025, worsening from the previous year [6] - Company Lvtianhua forecasts a net profit decline of 62.64% to 73.85%, estimating a profit of 3.5 million to 5 million yuan [8] - Company Zhongke Jincai expects a net loss of 75 million to 105 million yuan, representing a decline of 51.43% to 112% [9] - Company AVIC Heavy Machinery anticipates a net profit decrease of approximately 33.29% for the first half of 2025 [11] Group 3 - Company Jiangbolong reports that the National Integrated Circuit Industry Investment Fund has reduced its stake to below 5% [13] - Company Erlu Si plans to reduce its shareholding by up to 1% due to personal funding needs [14] - Company Zhonghua Rock intends to reduce its shareholding by up to 0.46% for personal funding reasons [15] - Company Jiekang Equipment plans to reduce its shareholding by up to 1% due to personal funding needs [15] - Company Jianzhijia's actual controller plans to increase its shareholding by 50,000 to 100,000 shares [16] Group 4 - Company Jinshi Resources has had a lawsuit terminated after the plaintiff withdrew their case, which had sought 90 million yuan in damages [18] - Company Huaye Fragrance plans to reduce its shareholding by up to 3% due to personal financial arrangements [19] - Company Zhaobiao plans to reduce its shareholding by a total of 0.54% due to personal funding needs [20] - Company Shenkai plans a full takeover offer at 16.13 yuan per share for 8659 million shares, representing 57.73% of its issued shares [21] - Company Suqian Liansheng plans to reduce its shareholding by a total of 6.03% due to personal funding needs [22]

Core Viewpoint - The announcement details the share reduction plans of major shareholders and executives of Xingtong Shipping Co., Ltd., indicating their intent to sell a significant number of shares due to personal funding needs [1][3][5]. Shareholder and Executive Holdings - Wang Lianghua holds 16,800,000 shares, representing 5.17% of the total share capital, acquired before the IPO and through capital reserve conversion [1][4]. - Xiong'an Hehai Venture Capital holds 30,240,000 shares, accounting for 9.30% of the total share capital, with shares sourced similarly [1][4]. - Chen Qinghong holds 370,000 shares, which is 0.11% of the total share capital, with a portion acquired before the IPO [2][4]. - Shandong Riying Investment holds 4,984,000 shares, representing 1.53% of the total share capital, also sourced from pre-IPO acquisitions [2][4]. Reduction Plans - Wang Lianghua plans to reduce his holdings by up to 4,200,000 shares, not exceeding 1.29% of the total share capital, through block trading from August 1, 2025, to October 31, 2025 [3][5]. - Xiong'an Hehai Venture Capital intends to reduce its holdings by up to 6,500,000 shares, not exceeding 2.00% of the total share capital, also through block trading during the same period [5]. - Chen Qinghong plans to sell up to 73,640 shares, representing 0.02% of the total share capital, via centralized bidding [5]. - Shandong Riying Investment aims to reduce its holdings by up to 4,984,000 shares, not exceeding 1.53% of the total share capital, through block trading [5]. Reasons for Reduction - The share reductions are primarily driven by personal funding needs of the shareholders [5][9].

证券代码：603209 证券简称：兴通股份 公告编号：2025-057 兴通海运股份有限公司 股东及董监高减持股份计划公告 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： 大股东及董监高持股的基本情况 减持计划的主要内容 1、公司近日收到王良华先生出具的《关于股份减持计划的告知函》，王良华 1 1、截至本公告披露日，兴通海运股份有限公司（以下简称"公司"或"兴通股 份"）股东、董事王良华先生持有公司无限售条件流通股份 16,800,000 股， 占公司总股本的 5.17%。股份来源为公司首次公开发行前取得的股份及 上市后以资本公积转增的股份。 2、截至本公告披露日，公司股东雄安和海创业投资合伙企业（有限合伙） （以下简称"和海创投"）持有公司无限售条件流通股份 30,240,000 股， 占公司总股本的 9.30%。股份来源为公司首次公开发行前取得的股份及 上市后以资本公积转增的股份。 3、截至本公告披露日，陈庆洪先生持有公司无限售条件流通股份 370,000 股，占公司总股本的 0.11%，其中 7 ...

Group 1 - The company has completed the industrial and commercial change registration and obtained a new business license on July 3, 2025 [2] - The company held its 28th meeting of the second board of directors on June 16, 2025, and the second extraordinary general meeting of shareholders on July 2, 2025, to approve the proposal for changing registered capital and amending the articles of association [1] - The company is authorized by the shareholders' meeting to handle industrial and commercial registration and articles of association filing [1] Group 2 - The updated business registration information includes operations in the transportation of ships and bulk liquid hazardous goods, as well as various general projects such as domestic cargo transportation agency and international ship management [2] - The company is allowed to independently conduct business activities as per the business license, except for projects that require approval from relevant authorities [2]

General Provisions - The company aims to protect the legal rights of Xingtong Shipping Co., Ltd., its shareholders, and creditors, while adhering to the leadership of the Communist Party of China [2] - The company was established as a joint-stock company in accordance with the Company Law and is registered in Quanzhou, Fujian Province with a unified social credit code [2][3] - The company was approved by the China Securities Regulatory Commission to issue 50 million shares of common stock to the public on February 10, 2022, and was listed on the Shanghai Stock Exchange on March 24, 2022 [2][3] Company Structure - The registered capital of the company is RMB 325 million [3] - The company is a permanent joint-stock company, with all assets divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3] - The company’s articles of association serve as a legally binding document governing the organization and behavior of the company and its stakeholders [3] Business Objectives and Scope - The company's business objective is to create value and pursue excellence by focusing on customer needs and providing safe, efficient, and reliable services [4] - The company is authorized to engage in various activities, including waterway transportation of hazardous goods, domestic ship management, and international shipping services [4] Share Issuance - The company issues shares in the form of stocks, with all shares having equal rights [5] - The total number of shares issued by the company is 325 million, all of which are common shares with a par value of RMB 1 per share [5][6] Shareholder Rights and Obligations - Shareholders have the right to receive dividends and participate in decision-making processes, including voting at shareholder meetings [10][11] - Shareholders are required to comply with laws and regulations, pay their subscribed capital, and not abuse their rights to harm the company or other shareholders [12][13] Party Organization - The company has established a grassroots organization of the Communist Party of China to promote its policies and ensure compliance with party directives [9][10] - The party organization is responsible for educating and managing party members, maintaining discipline, and promoting the rights of the masses [10] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for notifying shareholders and conducting votes [19][20] - Decisions made at shareholder meetings require a majority or two-thirds majority vote, depending on the nature of the resolution [80][82] Financial Transactions and Guarantees - The company must seek shareholder approval for significant financial transactions, including asset purchases and guarantees exceeding certain thresholds [15][17] - The company is prohibited from providing financial assistance to related parties, ensuring that transactions are conducted fairly and transparently [18]

| | | 第一章 总则 兴通海运股份有限公司章程 二〇二五年七月 | | | 第七条 公司注册资本为人民币 32,500 万元。 第八条 公司为永久存续的股份有限公司。 第一条 为维护兴通海运股份有限公司、股东和债权人的合法权益，规范公司的 组织和行为，充分发挥中国共产党的领导核心和政治核心作用，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》）、《中国共产党章程》和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下简称 公司）。 公司由泉州市泉港兴通船务有限公司整体变更设立；在泉州市市场监督管理局 注册登记，取得营业执照，统一社会信用代码为 91350505705245753B。 第三条 公司于 2022 年 2 月 10 日经中国证券监督管理委员会（以下简称中国证 监会）批准，首次向社会公众发行人民币普通股 5,000 万股，于 2022 年 3 月 24 日在 上海证券交易所上市。 第四条 公司根据《中国共产党章程》规定，设立中国共产党的组织，发挥其领 导核心和政治核心作用，并建立党的工作机构，研究方向性、 ...

证券代码：603209 证券简称：兴通股份 公告编号：2025-056 兴通海运股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 兴通海运股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日召开第二 届董事会第二十八次会议、2025 年 7 月 2 日召开 2025 年第二次临时股东大会， 审议通过了《兴通海运股份有限公司关于变更注册资本并修订<公司章程>的议 案》，并由股东大会授权公司董事会及董事会委派专人办理工商登记、章程备案 等事宜。具体内容详见公司于 2025 年 6 月 17 日、2025 年 7 月 3 日在指定信息 披露媒体及上海证券交易所网站（http://www.sse.com.cn）披露的相关公告。 公司已于 2025 年 7 月 3 日完成工商变更登记、章程备案，并取得了泉州市 市场监督管理局换发的《营业执照》。变更后的相关工商登记信息如下： 1、名称：兴通海运股份有限公司 2、统一社会信用代码：91350505705245753B 3、 ...