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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][8]. Core Insights - In 2024, the company reported a revenue of 1.515 billion RMB, a year-on-year increase of 22.43%, and a net profit attributable to shareholders of 350 million RMB, up 38.95% [1]. - The growth in revenue was primarily driven by foreign trade chemical transportation, which saw a revenue increase of 92% to 600 million RMB [1]. - The company's gross margin improved to 36%, an increase of 2.76 percentage points, attributed to rising shipping rates due to geopolitical factors [2]. - The company has consistently secured new shipping capacity, ranking first in the 2024 capacity review, which enhances its market position [2]. Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted, with net profit estimates of 410 million RMB for 2025, 510 million RMB for 2026, and 580 million RMB for 2027 [3][6]. - The company’s return on equity (ROE) is projected to improve, reaching 15.17% by 2027 [6]. - The price-to-earnings (P/E) ratio is expected to decrease from 12.77 in 2024 to 8.06 in 2027, indicating potential undervaluation [6]. Market Demand and Capacity - The report highlights that domestic chemical transportation revenue declined by 1%, with a notable 8% drop in chemical transportation revenue, while refined oil and LPG transportation revenues grew by 10% and 27%, respectively [1]. - The company is expected to increase its shipping capacity by 36% with six chemical ships under construction, totaling 129,600 deadweight tons [2].

Summary of Key Points Core Viewpoint The report outlines the fundraising activities and the actual usage of funds by Xingtong Shipping Co., Ltd. for the year 2024, highlighting the total amount raised, expenses incurred, and the management of the funds. Fundraising Basic Information - The company raised a total of RMB 1,076 million by issuing 50 million shares at RMB 21.52 per share, with a net amount of RMB 990.27 million after deducting various fees [1]. - The funds were fully received by March 21, 2022, and have been managed in a dedicated account [1]. Fund Usage and Surplus Situation - As of December 31, 2024, the total amount of funds raised was RMB 1,076 million, with a net amount of RMB 990.27 million after deducting issuance costs of RMB 85.73 million [2]. - The cumulative amount invested from the raised funds was RMB 846.74 million, with an additional interest income of RMB 11.34 million [2]. - The company has not used any idle funds to temporarily supplement working capital during the year [3]. Fund Management Situation - The company has established a management system for the raised funds, ensuring compliance with relevant regulations and maintaining transparency [2]. - The company signed tripartite supervision agreements with several banks to ensure proper management of the funds [2]. Actual Use of Funds - The actual investment from the raised funds amounted to RMB 846.74 million, with no prior investments or replacements reported for the year [2][3]. - The company has not reported any idle funds being used for cash management during the year [3]. Changes in Fund Investment Projects - The company has made changes to the investment projects, including reallocating surplus funds from completed projects to enhance operational efficiency [6][10]. - The "Digital Shipping R&D Center Project" has been delayed until 2026 due to challenges in finding suitable office space and recruiting personnel [9]. Surplus Fund Usage - Surplus funds from completed projects have been permanently supplemented into working capital, totaling RMB 43.81 million, which includes bank interest [9][10]. - The company has not reported any over-raised funds or their use for repaying bank loans [5][9]. Compliance and Verification - The company has adhered to all legal and regulatory requirements regarding the use of raised funds, with no violations reported [8]. - The sponsor has issued verification opinions confirming that the company's fund management practices comply with relevant regulations [8].

兴通股份: 关于兴通海运股份有限公司非经营性资金占用 及其他关联资金往来情况汇总表的专项审计报告 | 关于兴通海运股份有限公司 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用及其他关联资金往来情况 | | | | | | | | | | | | 汇总表的专项审计报告 | | | | | | | | | | | | 委托单位：兴通海运股份有限公司 | | | | | | | | | | | | 审计单位：容诚会计师事务所（特殊普通合伙） | | | | | | | | | | | | 联系电话：0595-87777879 | | | | | | | | | | | | 附表 2 | | | | | | | | | | | | | | | | 关于兴通海运股份有限公司 | | | | | | | | | | | | | | | | | | 单 | | 位：万元 | | | | | | | | | | | | 占用方与上市 | | | | 上市公司 | 2024 ...

Core Viewpoint - The announcement details the transfer of a shipbuilding contract and the change of the guarantor for the subsidiary of Xingtong Shipping Co., Ltd, which is part of the company's strategic development plan to enhance its international shipping capabilities and market competitiveness [1][4]. Summary by Sections 1. Overview of External Investment and Guarantees - The company plans to invest up to RMB 1.4 billion to build two stainless steel chemical tankers and provide guarantees of up to RMB 660 million for the shipbuilding contracts [1][4]. 2. Contractual Developments - The company signed two shipbuilding contracts with Wuhan Shipbuilding Industry Group and will issue irrevocable payment guarantees for the progress payments within seven working days after the contracts become effective [2]. 3. Establishment of Joint Venture - A joint venture with Xiamen Jianfa Supply Chain Logistics Technology Co., Ltd was established to engage in international transportation of liquid hazardous goods [2]. 4. Transfer of Shipbuilding Contract - The company intends to transfer the shipbuilding contract from its wholly-owned subsidiary Xingtong Kaicheng to facilitate cooperation with the joint venture [4]. 5. Impact of Contract Changes - The change in the shipbuilding contract is expected to promote cooperation with Jianfa Supply Chain and aligns with the company's strategic development plan without adversely affecting its financial status or operations [5][6]. 6. Necessity and Reasonableness of Guarantee Changes - The change in the guarantor is deemed necessary to support the subsidiary's operational needs and is expected to enhance the company's international shipping business [5]. 7. Cumulative External Guarantees - As of the announcement date, the company has provided a total of RMB 1.376 billion in external guarantees, all to its subsidiaries, which represents 54.04% of the audited net assets as of December 31, 2024 [6]. 8. Basic Information of the Guarantor - The new guarantor, Shanghai Xingtong Chainfa Shipping Co., Ltd, has a registered capital of RMB 256 million and is 51% owned by Xingtong Shipping [7].

兴通股份: 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公告 证券代码：603209 证券简称：兴通股份 公告编号：2025-021 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 ? 对外担保逾期的累计数量：无 ? 该事项尚需提交股东大会审议 会第二十一次会议，审议通过《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》，并提请股东大会批准董事会授权公 司或子公司经营管理层根据实际经营情况的需要，在下述范围内办理银行、融资 租赁等机构授信及提供担保事宜，签署授信、担保协议、资产抵押等相关法律文 件。 一、授信及担保情况概述 及提供担保的公告 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： ? 被担保方名称：兴通海运股份有限公司（以下简称"公司"）合并报表 范围内子公司（包括授权期限内新设立、收购等方式取得的全资子公司、控股子 公司，以下简称"子公司"） ? 本次担保金额及已实际为其提供的担保余额：本次担保金额不超过 ...

证券代码：603209 证券简称：兴通股份 公告编号：2025-026 兴通海运股份有限公司 关于提请股东大会授权董事会办理以简易程序向特 定对象发行股票的公告 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。 为扩大公司经营规模，提升核心竞争力，满足公司发展对资金的需求，依照 《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发行上市审 核规则》《上海证券交易所上市公司证券发行与承销业务实施细则》及《兴通海 运股份有限公司章程》（以下简称"《公司章程》"）等相关规定，兴通海运股 份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开第二届董事会第二十 五次会议，审议通过了《兴通海运股份有限公司关于提请股东大会授权董事会办 理以简易程序向特定对象发行股票的议案》，拟提请股东大会授权董事会办理以 简易程序向特定对象发行融资总额不超过人民币 3 亿元且不超过最近一年末净 资产 20%的人民币普通股（A 股）股票事宜（以下简称"本次发行"），授权期 限为本次授权相关议案经公司2024年度股东大会审议通过之日起至 ...

审计报告 兴通海运股份有限公司 容诚审字[2025]361Z0024 号 RSM 容诚 容诚会 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.nof.gov.cn）"进行查 " 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9-108 | 审计报告 容诚审字[2025]361Z0024 号 兴通海运股份有限公司全体股东: 一、审计意见 我们审计了兴通海运股份有限公司(以下简称兴通股份公司)财务报表,包 括 2024年12月31日的合并及母公司资产负债表,2024年度的合并及母公司利润 表、合并及母 ...

中信证券股份有限公司 关于兴通海运股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司（以下简称"保荐人"或"中信证券"）作为兴通海 运股份有限公司（以下简称"兴通股份"或"公司"）首次公开发行股票并上市 持续督导工作的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》等规定，对兴通股份 2024 年度募集资金存放与使用情况进行了 审慎核查，核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准兴通海运股份有限公司首次公开发行 股票的批复》（证监许可[2022]303 号）核准，公司向社会公众公开发行人民币普 通股股票（A 股）5,000 万股，发行价格为每股 21.52 元。本次发行募集资金总 额为 107,600.00 万元，扣除保荐承销费用、审计验资费用、律师费用、用于本次 发行的信息披露费用、发行上市手续费用及其他费用 8,573.33 万元（不含税）后， 实际募集资金净额为 99,026.67 万元。上述募集资金已 ...

中信证券股份有限公司（以下简称"中信证券""保荐人"）作为兴通海运 股份有限公司（以下简称"兴通股份""公司"）首次公开发行股票并上市的保 荐人。根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号—上 市公司募集资金管理和使用的监管要求》《上海证券交易所股票上市规则》及《上 海证券交易所上市公司自律监管指引第 11 号—持续督导》等相关法律法规及规 范性文件的规定，对兴通股份继续使用暂时闲置募集资金进行现金管理事项进行 了核查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准兴通海运股份有限公司首次公开发行 股票的批复》（证监许可[2022]303 号）核准，公司向社会公众公开发行人民币 普通股股票（A 股）5,000 万股，发行价格为每股 21.52 元，募集资金总额为 1,076,000,000.00 元，扣除保荐承销费用、审计验资费用、律师费用、用于本次 发行的信息披露费用、发行上市手续费用及其他费用 85,733,300.00 元（不含税） 后，实际募集资金净额为 990,266,700.00 元。 中信证券股份有限公司 关于兴通海运股份有限公司使用 暂 ...