(二)股东大会召开的地点：福建省泉州市泉港区驿峰东路 295 号兴通海运大厦七 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 | 146 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 180,094,150 | | 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 | 65.2988 | | 份总数的比例（%） | | 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： 证券代码：603209 证券简称：兴通股份 公告编号：2025-033 本次会议是否有否决议案：无 一、 会议召开和出席情况 兴通海运股份有限公司 2024 年年度股东大会决议公告 (一)股东大会召开的时间：2025 年 4 月 14 日 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长陈兴明先生主持，会议采用现场投 票与网络投票相结合的表决方式，会议的召集、召开及表决方式符 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 382,339,548.48, a decrease of 0.84% compared to CNY 385,589,429.03 in the same period last year[7] - Net profit attributable to shareholders was CNY 73,769,295.75, down 4.75% from CNY 77,448,329.50 year-on-year[7] - Basic and diluted earnings per share were both CNY 0.26, reflecting a decline of 7.14% from CNY 0.28 in the previous year[7] - Total operating revenue for Q1 2025 was ¥382,339,548.48, a decrease of 0.65% compared to ¥385,589,429.03 in Q1 2024[20] - Net profit for Q1 2025 was ¥74,754,750.40, down 5.6% from ¥79,154,705.68 in Q1 2024[21] - Earnings per share for Q1 2025 was ¥0.26, compared to ¥0.28 in Q1 2024[22] Cash Flow - The net cash flow from operating activities decreased by 46.84%, amounting to CNY 71,985,392.36, primarily due to reduced sales receipts and increased operating expenses such as fuel and port fees[7][10] - Cash flow from operating activities for Q1 2025 was ¥71,985,392.36, a decrease of 46.8% from ¥135,411,977.18 in Q1 2024[24] - Cash inflow from investment activities was ¥210,677,199.48, compared to ¥100,529,394.88 in Q1 2024[24] - Cash outflow from investment activities increased to ¥326,739,743.83, up from ¥221,262,634.31 in the previous year[24] - Net cash flow from investment activities was -¥116,062,544.35, slightly improved from -¥120,733,239.43 in Q1 2024[24] Assets and Liabilities - Total assets increased by 6.88% to CNY 4,660,475,133.60 compared to CNY 4,360,442,483.42 at the end of the previous year[8] - The company's total assets reached RMB 4,660,475,133.60, an increase from RMB 4,360,442,483.42 as of December 31, 2024, reflecting a growth of approximately 6.9%[15] - The company's total liabilities amounted to RMB 1,795,861,726.03, compared to RMB 1,578,103,315.08, marking an increase of around 13.8%[17] - The long-term borrowings rose to RMB 929,802,588.01 from RMB 831,633,560.10, which is an increase of about 11.8%[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,297[11] - The top three shareholders held a combined 45.06% of the shares, with the largest shareholder, Chen Xingming, owning 28.26%[12] - Shareholders' equity attributable to shareholders rose by 3.17% to CNY 2,627,404,619.61 from CNY 2,546,604,097.92 at the end of the previous year[8] Other Financial Metrics - The weighted average return on equity decreased to 2.85%, down 0.61 percentage points from 3.46% at the end of the previous year[8] - Non-recurring gains and losses amounted to CNY 2,990,474.43 after tax, with government subsidies contributing CNY 4,071,549.00[9] - The company reported an increase in undistributed profits to ¥1,014,969,319.26 from ¥941,200,023.51 in the previous year[18] Cash Management - The cash and cash equivalents stood at RMB 488,484,312.54, up from RMB 442,533,988.78, reflecting an increase of about 10.4%[15] - The ending balance of cash and cash equivalents was $476.75 million, slightly down from $477.52 million[26] - Cash paid for debt repayment was $136.60 million, up from $126.97 million[26] - Cash paid for dividends and interest was $11.24 million, down from $13.36 million[26] Accounting Standards - The company will not apply new accounting standards starting from 2025[26]

兴通股份（603209）公告，2025年第一季度营收为3.82亿元，同比下降0.84%；净利润为7376.93万元， 同比下降4.75%。 ...

Core Viewpoint - The company is experiencing a decline in stock price and market capitalization, while maintaining a competitive edge in the international chemical shipping market through strategic differentiation and modernization of its fleet [1][7]. Market Performance - As of April 11, 2025, the company's stock closed at 14.47 yuan, down 7.66% from the previous week [1]. - The company's total market capitalization is 4.052 billion yuan, ranking 31st in the shipping and port sector and 3168th in the A-share market [1]. International Business Strategy - The company has minimal exposure to the U.S. market, which mitigates the impact of U.S. tariffs and investigations on its foreign trade operations [3][7]. - The average age of the company's chemical tankers is 3.8 years, significantly lower than the industry average, enhancing its competitiveness in the international market [4][7]. - The company is actively building a fleet of dual-fuel chemical tankers to comply with environmental regulations, with six new vessels under construction [5][7]. Customer Acquisition and Contracts - The company has established contracts with major clients, including Shenghong Refining and BASF, and is actively seeking new customers [6][7]. - The company emphasizes safety, environmental compliance, and efficient scheduling to meet customer demands [6]. Digital Innovation - The company is investing in digitalization and has developed a "Vessel Operation Efficiency Analysis Dataset," which has been recognized for its intellectual property [8]. - The company has implemented an intelligent vessel management system to optimize scheduling and reduce operational costs [8]. Shareholder Commitment - The actual controller of the company has committed to not reducing their shareholding in the short term, supporting the company's growth and competitiveness [9].

Core Viewpoint - The domestic chemical shipping market is experiencing a decline in freight rates, while the global chemical shipping market is at historically high levels but is beginning to adjust downwards. The performance of Xingtong Co. is mixed, with strong domestic margins but potential pressure from external market conditions [1][2][4]. Group 1: Domestic Chemical Shipping Market - The demand growth for domestic chemical shipping is slowing, leading to freight rates at historically low levels. In 2024, the domestic chemical shipping market is expected to see a 5% decline in freight rates [1]. - Xingtong Co. achieved a domestic business gross margin of 40.6% in 2024, up from 36% in 2023, likely due to long-term contracts with major clients [1]. Group 2: Global Chemical Shipping Market - In 2024, global chemical shipping rates and prices for 20,000 DWT chemical tankers are at historically high levels but are starting to adjust downwards in the second half of the year [2]. - The global chemical shipping capacity is projected to grow by 4.9% and 5.7% in 2025-26, which may exert pressure on future freight rates [2]. Group 3: Xingtong Co. Performance - Xingtong Co.'s shipping capacity grew by 48% in 2023 and is expected to grow by 12% in 2024, driving revenue growth of 58% and 22%, respectively, and net profit growth of 22% and 39% [3]. - The company plans to introduce two 13,000 DWT dual-purpose stainless steel chemical tankers in 2025, with at least 12 additional foreign trade stainless steel chemical tankers expected to be operational by 2027, enhancing revenue and profit potential [3]. Group 4: Profit Forecast Adjustments - The profit forecast for Xingtong Co. has been adjusted downward due to the expected decline in domestic and foreign hazardous chemical shipping rates, with the 2025 net profit estimate revised to 406 million yuan from 524 million yuan [4]. - The company maintains a "buy" rating despite the adjustments, with net profit forecasts for 2026 and 2027 set at 482 million yuan and 529 million yuan, respectively [4].

Investment Rating - The investment rating for the company is "Buy" [6][4]. Core Views - The domestic chemical shipping market is experiencing a decline in freight rates, with a projected decrease of 5% in 2024. However, the company's domestic business gross margin is expected to improve to 40.6% from 36% in 2023, attributed to long-term contracts with major clients [1][4]. - Global chemical shipping rates are at historically high levels but are expected to start declining in the second half of 2024. The company's foreign business gross margin is projected at 29% for 2024, which may be impacted by falling freight rates [2][4]. - The company's shipping capacity is expected to grow significantly, with a 48% increase in 2023 and a 12% increase in 2024, leading to revenue growth of 58% and 22% respectively, and net profit growth of 22% and 39% [3][4]. Financial Projections - The company's revenue is projected to reach 1,858.22 million yuan in 2025, with a growth rate of 22.68%. The net profit attributable to the parent company is expected to be 405.88 million yuan, reflecting a growth rate of 15.83% [5][22]. - The company's EBITDA is forecasted to be 783.00 million yuan in 2025, with a corresponding increase in net profit margins [5][22]. - The company maintains a strong financial position with a projected net profit of 4.06 billion yuan for 2025, down from an earlier estimate of 5.24 billion yuan, while introducing new profit forecasts for 2026 and 2027 [4][22]. Market Context - The domestic chemical shipping market is nearing a supply-demand inflection point, with some major shipowners shifting capacity to foreign trade routes due to declining domestic rates [1][2]. - The global chemical shipping capacity is expected to grow at rates of 4.9% and 5.7% in 2025-26, which may exert pressure on future freight rates [2][16].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The domestic chemical shipping market is experiencing a decline in freight rates, with a projected decrease of 5% in 2024. However, the company's domestic business gross margin is expected to rise to 40.6% in 2024, up from 36% in 2023, likely due to long-term contracts with major clients [1]. - Global chemical shipping rates are at historically high levels but are expected to start declining in the second half of 2024. The company's foreign business gross margin is projected to be 29% in 2024, which may be impacted by falling freight rates [2]. - The company's shipping capacity is expected to grow significantly, with a 48% increase in 2023 and a 12% increase in 2024, leading to revenue growth of 58% and 22%, respectively. Net profit is projected to grow by 22% in 2023 and 39% in 2024 [3]. - The company has adjusted its profit forecast for 2025, lowering the expected net profit to 406 million yuan from a previous estimate of 524 million yuan, while introducing profit forecasts for 2026 and 2027 at 482 million yuan and 529 million yuan, respectively [4]. Summary by Sections Financial Data and Valuation - Revenue is projected to grow from 1,237.27 million yuan in 2023 to 1,858.22 million yuan in 2025, with growth rates of 57.66%, 22.43%, and 22.68% for the respective years. The net profit attributable to the parent company is expected to increase from 252.20 million yuan in 2023 to 405.88 million yuan in 2025 [5][21]. - The company's earnings per share (EPS) is expected to rise from 0.90 yuan in 2023 to 1.45 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 15.95 to 9.91 over the same period [5][21]. - The company’s total assets are projected to grow from 3,798.79 million yuan in 2023 to 5,161.30 million yuan in 2025, with a debt-to-asset ratio of 36.19% in 2024 [21][22]. Basic Data - The total share capital of the company is 280 million shares, with a total market capitalization of 4,023.60 million yuan. The net asset per share is 9.10 yuan [7].

证券代码：603209 证券简称：兴通股份 公告编号：2025-032 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。 兴通海运股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日至 4 月 9 日通过线上/现场投资者交流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 调研时间：2025 年 4 月 7 日至 4 月 9 日 调研方式：线上/现场投资者交流会 公司接待人员：副董事长/总经理陈其龙先生，董事/副总经理柯文理先生， 董事会秘书/财务负责人黄木生先生，证券事务代表柳思颖女士 二、调研主要内容 问题 1：美国针对中国船舶征收港口费用、美国 301 调查、关税政策对公司 外贸业务的影响？ 回复：目前公司外贸业务航线主要分布在亚洲、中东、地中海、欧洲、南美 1 洲等地区，几乎没有美国市场业务（自公司进入国际航运市场只去过一次美国航 线），且公司目前外贸化学品船队体量较小，短期内不会对公司的外贸业务造成 不利影响。 公司开展外贸业务具有差异 ...

Investment Rating - The report recommends "Buy" for SF Holding and Xingtong Co., Ltd. due to their strong performance and market positioning [1][2]. Core Insights - The express delivery sector shows significant growth with a year-on-year increase of 19.6% in collection volume and 21.3% in delivery volume [1]. - The shipping industry faces challenges due to increased tariffs from the U.S., which may impact freight rates and demand in the long term [4]. - The aviation sector benefits from a drop in Brent crude oil prices, which enhances airline profitability, alongside a notable increase in passenger volume during the Qingming holiday [3]. Summary by Sections Express Delivery - The total collection volume for postal express reached approximately 3.824 billion pieces, with a month-on-month increase of 3.86% and a year-on-year increase of 19.6% [1]. - SF Holding reported a revenue of 284.4 billion yuan for 2024, a 10% increase year-on-year, with a net profit of 10.2 billion yuan, up 23.5% [1]. - The report recommends SF Holding based on valuation, operational resilience, and shareholder returns [1]. Logistics - The domestic shipping price for liquid chemicals decreased by 8.5% year-on-year, while the China Chemical Products Price Index (CCPI) fell by 7.8% [2]. - Xingtong Co., Ltd. is recommended due to its strong market position and benefits from the recovery in consumer electronics demand [2]. Aviation - The average daily flight volume increased by 4.53% year-on-year, with domestic flights up by 2.21% and international flights up by 20.71% [3]. - The passenger volume on April 4, 2025, was 1.789 million, an increase of 8.6% compared to the same day in 2024 [3]. - The report recommends China National Aviation and Southern Airlines due to expected profit growth from optimized supply and demand dynamics [3]. Shipping - The external trade container freight index (CCFI) was 1102.71 points, down 0.8% month-on-month and 7.4% year-on-year [4]. - The report highlights the potential long-term impact of U.S. tariffs on inflation and demand, leading to a downward adjustment in freight rates [4]. Road and Rail - The total truck traffic on national highways reached 54.681 million vehicles, with a month-on-month increase of 0.09% and a year-on-year increase of 1.62% [5]. - The report notes that the dividend yield of major road operators exceeds the yield of China's ten-year government bonds, indicating good investment value [5].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) to discuss various proposals, including financial reports, profit distribution, and future financing strategies. Meeting Basic Information - The AGM is scheduled for April 14, 2025, at 10:00 AM in Quanzhou, Fujian Province [5]. - The meeting will combine on-site and online voting methods [5][6]. - The record date for shareholders is April 7, 2025 [5]. Agenda Items - The agenda includes the review of the 2024 Board of Directors and Supervisory Board reports [6][9]. - A proposal for a cash dividend of 2.00 RMB per 10 shares is planned, amounting to a total of 73.26 million RMB, which is 20.91% of the net profit for 2024 [13][14]. - The company seeks authorization to determine the mid-term cash dividend plan for 2025, with a cap of 30% of the net profit for that period [15][16]. - A proposal for a comprehensive credit facility of up to 2.2 billion RMB for 2025 is also on the agenda [16][17]. - The company plans to change the use of previously raised funds from a digital shipping research project to a new chemical shipbuilding project, with an investment of 648 million RMB [19][20]. Financial Reports - The company reported a net profit of 350.42 million RMB for 2024, with retained earnings of 754.87 million RMB as of December 31, 2024 [13][14]. - The financial decision-making process will be guided by the company's operational needs and market conditions [16][19]. Share Issuance and Financing - The company proposes to authorize the board to issue up to 300 million RMB in new shares to specific investors, not exceeding 20% of the net assets [25][28]. - The issuance will be conducted under simplified procedures, targeting qualified institutional investors [25][28]. Corporate Governance - The company will appoint a new auditing firm for the 2025 fiscal year, continuing its relationship with Rongcheng Accounting Firm [23]. - The remuneration for directors and supervisors for 2025 has been proposed, with independent directors receiving a pre-tax allowance of 120,000 RMB [24][26]. Other Proposals - The company plans to extend the validity of the previous year's resolution regarding the issuance of A-shares to specific investors [36]. - A proposal to transfer shipbuilding contracts to a joint venture with Xiamen Jianfa Supply Chain Logistics Technology Co., Ltd. is also included [29][30].