中信证券股份有限公司 关于 兴通海运股份有限公司 重大资产购买 之 2024 年度持续督导意见暨 持续督导总结报告 独立财务顾问 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年四月 兴通海运股份有限公司 2024 年度持续督导意见暨持续督导总结报告 独立财务顾问声明 中信证券股份有限公司接受兴通海运股份有限公司委托，担任其 2022 年重 大资产购买的独立财务顾问。根据《上市公司重大资产重组管理办法》《上市公 司并购重组财务顾问业务管理办法》等有关规定，按照证券行业公认的业务标准、 道德规范，本着诚实信用、勤勉尽责的态度，结合兴通海运股份有限公司 2024 年 度报告等资料，本独立财务顾问经过审慎核查，出具关于本次重组的 2024 年度 持续督导意见暨持续督导总结报告（以下简称"本报告"）。 本报告所依据的文件、材料由交易各方提供，交易各方保证所提供的相关信 息真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 本报告不构成对上市公司的任何投资建议，投资者根据本报告所做出的任何 投资决策而产生的相应风险，本独立财务顾问不承担任何责任。 本独立财务顾问未委托或授权任何机构和个人提供 ...

兴通海运股份有限公司 2024 年年度股东大会会议资料 股票代码：603209 中国●泉州 二 Ο 二五年四月 | 2024 年年度股东大会会议须知 1 | | --- | | 2024 年年度股东大会会议议程 3 | | 年年度股东大会会议议案 7 2024 | | 议案一：兴通海运股份有限公司关于《2024 年度董事会工作报告》的议案 7 | | 议案二：兴通海运股份有限公司关于《2024 年度监事会工作报告》的议案 8 | | 议案三：兴通海运股份有限公司关于 2024 年年度报告全文及摘要的议案 9 | | 议案四：兴通海运股份有限公司关于《2024 年度财务决算报告》的议案 10 | | 议案五：兴通海运股份有限公司关于公司 2024 年度利润分配预案的议案 11 | | 议案六：兴通海运股份有限公司关于提请股东大会授权董事会决定公司 2025 年中期现金分 | | 红方案的议案 13 | | 议案七：兴通海运股份有限公司关于 2025 年度公司及所属子公司申请综合授信及提供担保 | | 的议案 14 | | 议案八：兴通海运股份有限公司关于变更部分募集资金投资项目的议案 16 | | 议案九：兴通 ...

兴通海运股份有限公司（以下简称"公司"）于 2025 年 4 月 1 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： 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。 证券代码：603209 证券简称：兴通股份 公告编号：2025-031 一、调研基本情况 调研时间：2025 年 4 月 1 日 参与单位及人员：线上参与公司 2024 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 2024 年经营情况 1、运力规模 截至 2024 年 12 月 31 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 37 艘，总运力达 42.95 万载重吨。其中，内贸船舶 29 艘，合计 31.38 万载重吨；外贸船舶 8 艘，合计 11.57 万载重吨。 调研方式：线上业绩说明会 2、货运量情况 2024 年度，公司完成散装液体危险货物运输量为 1,31 ...

中信证券股份有限公司关于 兴通海运股份有限公司持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 3 月 1 三、保荐工作概述 根据相关规定，保荐人对发行人的持续督导期间至 2024 年 12 月 31 日止。 本持续督导期间内，保荐人及其保荐代表人严格按照《证券发行上市保荐业务管 理办法》《上海证券交易所上市公司自律监管指引第 11 号—持续督导》等相关规 定，持续督导发行人履行规范运作、信守承诺、信息披露等义务，具体包括： 1、督导发行人有效执行并完善防止大股东、其他关联方违规占用发行人资 源的制度； 2、督导发行人有效执行并完善防止高管人员利用职务之便损害发行人利益 的内控制度； 一、发行人基本情况 | 发行人名称 | 兴通海运股份有限公司 | | | | | --- | --- | --- | --- | --- | | 发行人英文名称 | Xingtong Ltd. | Shipping | | Co., | | 成立日期 | 1997 年 18 | 12 月 | 日 | | | 法定代表人 | 陈兴明 | | | | | 注册资本 | 万元 28,000.00 | | ...

Core Viewpoint - Xingtong Co., Ltd. (603209.SH) has demonstrated strong financial performance in 2024, with a revenue of 1.515 billion yuan, a year-on-year increase of 22.43%, and a net profit of 350 million yuan, reflecting a growth of 38.95% [1][2] Financial Performance - In 2024, the company achieved a compound annual growth rate (CAGR) of 41% in revenue and 30% in net profit over the past five years, indicating robust growth momentum [2] - The company's gross margin, net margin, and return on equity (ROE) improved to 36.00%, 23.55%, and 14.85%, respectively, with significant year-on-year increases [3] - Operating cash flow reached 558 million yuan, a 6.97% increase from the previous year, and accounts receivable turnover days improved by 5.87 days to 26 days [3] Fleet Expansion and Market Position - The total fleet size reached 37 vessels, with a total capacity exceeding 429,500 deadweight tons, an increase of 44,500 deadweight tons from the previous year [2] - The company holds nearly 16% of the domestic market share for chemical transportation and has maintained the top position in new capacity assessments for six consecutive years [2] - The international business saw significant growth, with overseas revenue nearing 600 million yuan, a year-on-year surge of 91.75% [2] Strategic Partnerships and Innovations - A strategic cooperation framework was signed with Xiamen Jianfa to leverage opportunities in the international liquid hazardous goods market and enhance the company's competitive edge [3] - The company is focusing on high-end and intelligent transformation, with over 60% of its chemical vessels made of duplex stainless steel, and an average vessel age of 8.5 years for domestic trade and 3.8 years for foreign trade [4][5] Policy and Market Opportunities - The government has identified "marine economy" as a national strategic direction, which aligns with the company's "1+2+1" strategy focusing on digital platforms and new energy transportation [6] - The establishment of the Hainan Free Trade Port is expected to create significant cross-border logistics demand, benefiting the company as it operates within this framework [6][7] - The company's current valuation is significantly below the industry average, with potential upside of over 70% if it returns to a reasonable valuation range [7]

中信证券股份有限公司 关于兴通海运股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对兴通海运股份有限公司（以下简称"兴通股份""公司""上市 公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期间"） 的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 马锐、张新 （三）现场检查人员 马锐、曾文煜 （四）现场检查时间 2025 年 3 月 25 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company has demonstrated continuous growth with a revenue increase of 22% year-on-year, reaching 1.515 billion yuan in 2024, and a net profit increase of 39%, amounting to 350 million yuan [3][4]. - The foreign trade business has shown significant growth, with revenue rising by 91.8% to 600 million yuan, driven by high demand and capacity expansion [4][5]. - The company is expected to continue its growth trajectory, with projected revenues of 1.943 billion yuan, 2.495 billion yuan, and 2.991 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 28%, 28%, and 20% [7][8]. Summary by Sections Recent Performance - The company's stock performance over the past year shows an 18.4% increase compared to the Shanghai and Shenzhen 300 index, which increased by 12.3% [2]. - As of March 27, 2025, the company's stock price is 15.91 yuan, with a market capitalization of 4.4548 billion yuan [2]. Financial Highlights - In Q4 2024, the company achieved a revenue of 353 million yuan, a year-on-year increase of 6.65%, and a net profit of 72 million yuan, up 3.35% year-on-year [3]. - The gross margin for the foreign trade business improved by 4 percentage points to 29%, while the gross margin for domestic trade increased by 4.6 percentage points to 40.6% [4]. Capacity Expansion - By the end of 2024, the company operated 23 domestic chemical vessels with a total capacity of 243,600 DWT, achieving a market share increase of 1.8 percentage points to 16% [5]. - The company plans to add at least 12 stainless steel chemical vessels with a total capacity of 235,000 DWT from 2025 to 2027, indicating ongoing capacity expansion in foreign trade [5][6]. Long-term Growth Potential - The report highlights the company's position as a leading compliant player in the liquid hazardous goods transportation industry, which is expected to benefit from stricter regulations and limited supply [6]. - The anticipated recovery in domestic demand and the expansion of foreign trade capacity are expected to drive long-term growth for the company [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][13] Core Views - The company's performance in 2024 is significantly boosted by the geopolitical crisis in the Red Sea, leading to a high growth in revenue and profit. The total revenue reached 1.515 billion RMB, a year-on-year increase of 22.43%, while the net profit attributable to shareholders was 350 million RMB, up 38.95% [1][7] - The main growth driver for the company in 2024 is the increase in both volume and price in the foreign trade chemical business, with foreign trade volume exceeding 1 million tons for the year. However, domestic chemical transportation revenue decreased by 8% due to factors such as domestic oil and chemical industry operating rates [1][10] - The company is expanding its fleet and increasing domestic shipping capacity, which reflects its strong competitive position in the chemical shipping industry. By the end of 2024, the company had 23 domestic chemical ships with a total capacity of 243,600 deadweight tons, accounting for nearly 16% of the market [2][12] - The company is committed to returning value to shareholders through dividends and share buybacks, planning to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 55.946 million RMB, with a payout ratio of 15.97% [2][12] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.515 billion RMB, a 22.43% increase year-on-year. The net profit attributable to shareholders was 350 million RMB, reflecting a 38.95% growth. The fourth quarter alone saw revenue of 353 million RMB, up 6.65%, and net profit of 72 million RMB, a 3.35% increase [1][7][4] Fleet Expansion - The company added 2 stainless steel chemical ships in domestic trade in 2024, increasing its capacity by 11,400 deadweight tons. By the end of the year, the fleet consisted of 23 domestic chemical ships with a total capacity of 243,600 deadweight tons [2][12] Shareholder Returns - Despite significant capital expenditures in 2024, the company plans to distribute cash dividends and has also initiated a share buyback program, demonstrating its commitment to returning value to shareholders [2][12] Future Outlook - The company's "1+2+1" strategy is progressing steadily, with expectations for foreign trade business growth and a potential recovery in domestic trade as the economy stabilizes. Earnings forecasts for 2025 and 2026 have been adjusted to 420 million RMB and 500 million RMB, respectively, with a projected PE ratio of 10.9 for 2025 [3][13]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to accelerate its foreign trade from 2026 to 2027, aiming to transform into an international transportation enterprise [1] - The company reported a total revenue of 1.515 billion yuan for 2024, representing a year-on-year growth of 22.43%, and a net profit attributable to shareholders of 350 million yuan, up 38.95% year-on-year [7] - The company is actively exploring foreign trade markets, with foreign trade revenue increasing by 91.75% in 2024, and plans to introduce new vessels to enhance capacity [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 1.237 billion yuan - 2024: 1.515 billion yuan - 2025E: 1.676 billion yuan - 2026E: 2.500 billion yuan - 2027E: 3.155 billion yuan - The net profit attributable to shareholders is projected to be: - 2023: 252 million yuan - 2024: 350 million yuan - 2025E: 379 million yuan - 2026E: 520 million yuan - 2027E: 641 million yuan [6][9] - The company’s gross margin is expected to be 38.2% in 2025, with a return on equity (ROE) of 13.2% [6] Operational Highlights - The company’s total shipping capacity reached 37 vessels by the end of 2024, with a total deadweight tonnage of 429,500 tons, marking an 11.59% increase year-on-year [7] - The company has maintained a stable domestic trade performance despite a slight decline in domestic shipping prices, with domestic revenue decreasing by only 1.01% in 2024 [7] - The company plans to deliver new vessels in 2025-2027, which will significantly enhance its foreign trade capacity [7]