Group 1 - The core viewpoint of the article is that Xingtong Co., Ltd. (603209) addressed investor concerns regarding institutional sell-offs, attributing them to market-driven factors such as funding planning and investment cycles [1] - The company emphasizes its stable operations and focus on core business to enhance value, while maintaining compliance and a reasonable return mechanism to protect investor interests [1]

（编辑 楚丽君） 证券日报网讯 1月6日，兴通股份在互动平台回答投资者提问时表示，公司主要从事全球散装液体危险 货物的水上运输业务。国内沿海省际散装液体危险货物船舶运输市场受国家严格监管，运输经营资质与 新增船舶运力需经交通运输部严格审批，2019年至2025年，公司连续7年8次12个项目均以第一名成绩获 得新增运力。公司始终将安全合规作为经营发展的核心原则，持续推动船舶设备升级与安全监控体系建 设，在设计、适装及安全规范方面均符合国家现行要求。新的《危险化学品安全法》施行有助于行业规 范运行和健康发展，具有安全、品牌、船队优势的头部企业将获得更大的竞争优势。公司坚持 以"1+2+1"战略为引领，持续优化运力结构、深化与大型石化企业合作，以安全管理体系升级和技术创 新巩固竞争优势，积极应对市场变化，实现高质量可持续发展。 ...

证券日报网讯1月6日，兴通股份（603209）在互动平台回答投资者提问时表示，截至目前，公司未收到 持股5%以上股东拟减持的相关通知。如后续有相关安排，公司将严格按照法律法规及监管要求履行信 息披露义务。 ...

兴通海运股份有限公司 2026 年第一次临时股东会会议资料 股票代码：603209 兴通海运股份有限公司 2026 年第一次临时股东会会议须知 中国●泉州 二Ο二六年一月 | | | | 兴通海运股份有限公司 2026 年第一次临时股东会会议须知 1 | | --- | | 兴通海运股份有限公司 2026 年第一次临时股东会会议议程 3 | | 兴通海运股份有限公司 2026 年第一次临时股东会会议议案 6 | | 议案一：兴通海运股份有限公司关于修订《公司章程》和相关制度暨办理工商变 | | 更登记的议案 6 | | 议案二：兴通海运股份有限公司关于选举第三届董事会非独立董事的议案 8 | | 议案三：兴通海运股份有限公司关于选举第三届董事会独立董事的议案 11 | 兴通股份 2026 年第一次临时股东会会议资料 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，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》、中国证监会《上市公司股东会规则》以及《兴通海运股份 有限公司章程》（以下简称"《公司章程》"）、《兴通海运股份有限公司股东会议事 规 ...

Core Viewpoint - The establishment of a joint venture for crew management by Xingtong Shipping and Shanghai Xingyang Shipping marks a significant step in Xingtong's international chemical shipping strategy, focusing on the critical and often underestimated capability of crew supply and safety operation systems [1][4]. Group 1: Company Developments - Xingtong Shipping has accelerated its fleet expansion, currently operating a total of 49 vessels with a combined capacity of approximately 670,000 deadweight tons, and plans to add at least 10 new stainless steel chemical tankers by 2027, increasing capacity by about 190,000 deadweight tons [3]. - The joint venture aims to build a high-quality, self-controlled crew supply system, which is essential for the successful expansion of Xingtong's fleet and international operations [3][8]. - The partnership with Shanghai Xingyang Shipping integrates specialized operational systems with crew training and management capabilities, enhancing resource allocation efficiency and safety management [4]. Group 2: Strategic Partnerships - Xingtong Shipping has recently partnered with Xiamen Xiangyu to enter the international market, acquiring a 51% stake in Hong Kong Xingyao Shipping, which includes a core asset of a 13,000 deadweight ton stainless steel chemical tanker [5][7]. - This collaboration enhances Xingtong's operational capabilities and safety management systems while leveraging Xiangyu's supply chain resources to expand its international chemical shipping footprint [7]. - The simultaneous establishment of the crew management company and the partnership with Xiangyu reflects a comprehensive strategy to enhance both platform expansion and foundational capabilities in the chemical shipping sector [8].

Summary of Xingtong Co., Ltd. Conference Call Company Overview - Xingtong Co., Ltd. is a leading player in the coastal bulk liquid chemical transportation sector in China, expanding into international markets since 2022. The company operates 40 vessels with a total capacity of 498,000 deadweight tons, including 34 chemical tankers with a capacity of 437,000 deadweight tons [3][4] Financial Performance - Revenue has grown significantly from 292 million CNY in 2019 to an expected 1.515 billion CNY in 2024, with the fleet size increasing from 11 to 40 vessels during the same period [2][5] - Financial metrics show strong performance, with profit margins slightly higher than competitors. The company has a return on equity (ROE) and return on assets (ROA) that are slightly above those of Shenghang Co. [2][6] - As of mid-2025, current assets are approximately 1.4 billion CNY, with cash and trading financial assets accounting for 1 billion CNY. Non-current assets total 4.037 billion CNY, primarily in fixed assets and construction in progress [7] Industry Dynamics - The hazardous chemical shipping sector has high entry barriers due to stringent safety and environmental regulations. The growth of domestic chemical vessels has been slow, but total carrying capacity has increased due to rising refining capabilities and a trend towards larger, environmentally friendly vessels [8] - The liquid chemical transportation industry is cyclical, with freight rates closely tied to refined oil prices. A decline in freight rates is expected in 2025, impacting net profit margins, although a rebound in downstream operating rates is anticipated in the fourth quarter [14][15] Competitive Advantages - Xingtong Co., Ltd. has maintained a competitive edge by consistently securing new capacity indicators through strong operational capabilities and safety management. The company has achieved first-place results in capacity approvals from the Ministry of Transport multiple times since 2019 [9][10] - The fleet's average age is under 8 years, with over 90% of vessels being over 5,000 tons, aligning with industry demands [11] Future Development Plans - The company has 49 vessels and orders, with 40 currently in operation and 9 under construction, expected to be delivered between 2026 and 2027. Future growth will focus on international markets due to strict domestic capacity controls [11][13] - New vessels are equipped with stainless steel cargo holds, enhancing cargo compatibility and market competitiveness [12] Supply and Demand Outlook - Supply growth is expected to slow, with a recovery in downstream demand anticipated. The liquid hazardous waste transportation business's supply-demand relationship is expected to improve, with the company poised for a rebound in performance as demand recovers [16] Profit Forecast and Rating - Projected net profits for 2025, 2026, and 2027 are 285 million CNY, 351 million CNY, and 429 million CNY, respectively, with corresponding price-to-earnings (PE) ratios of 15.7, 12.7, and 10.4. The company is rated as a "buy" due to its growth potential, though risks related to demand recovery, navigation safety, and fuel costs should be monitored [17]

Market Overview - The Shanghai Composite Index closed at 3968.84 points, with a slight increase of 0.09% [1] - The total trading volume of A-shares reached 2461.743 billion yuan [1] Technical Analysis - A total of 167 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Sanfu New Science (三孚新科) with a difference of -1.68% [1] - Tianjian Technology (天箭科技) with a difference of -1.66% [1] - Zhongmin Energy (中闽能源) with a difference of -1.30% [1] Individual Stock Performance - Sanfu New Science (688359) decreased by 0.25% with a trading turnover of 1.57% [1] - Tianjian Technology (002977) saw a significant drop of 9.99% with a trading turnover of 2.27% [1] - Zhongmin Energy (600163) declined by 2.17% with a trading turnover of 1.33% [1] - Other notable stocks include: - Hainan Ruize (002596) increased by 0.94% [1] - Weidao Nano (688147) decreased by 1.54% [1] - Eighty Billion (688181) increased by 0.31% [1] Additional Stock Movements - Stocks such as Xiling Information (300588) and Zhaolong Interconnect (300913) also showed minor declines of 0.11% and 1.55% respectively [1] - The performance of ST stocks included: - ST Huaxi (002630) with a decrease of 0.40% [1] - ST Meicheng (300237) with a decline of 1.90% [1]

Core Viewpoint - The company anticipates significant growth opportunities in the shipping of chemical and petroleum products due to the implementation of the Hainan Free Trade Port policies, which will enhance trade facilitation and stimulate demand for maritime transport [1] Group 1: Hainan Free Trade Port Policies - The Hainan Free Trade Port's closure operation is a major national strategic deployment, expected to introduce a series of policy benefits such as tax exemptions on processed goods for domestic sales and upgraded trade facilitation [1] - The policies are projected to activate the agglomeration effect of Hainan's petrochemical new materials industry, expanding the production, processing, and import-export trade scale of petrochemical products [1] Group 2: Shipping Business Alignment - The increase in maritime transport demand for related goods aligns well with the company's core business in the shipping of chemicals and petroleum products [1] - The company has established a core platform for internationalization through the establishment of Xingtong Shipping (Hainan) Co., Ltd. in June 2022, which supports its strategic goals [1] Group 3: Fleet and Operational Capacity - As of now, the company operates 7 chemical tankers with a total capacity of 118,700 deadweight tons, covering major international shipping routes including Northeast Asia, Southeast Asia, the Middle East, the Mediterranean, Northwest Europe, the Indian Ocean, and South America [1] - The company has formed stable long-term partnerships with key regional clients, enabling it to quickly respond to the anticipated increase in transportation demand following the Free Trade Port's closure [1] Group 4: Future Strategy - The company plans to closely monitor the implementation of Hainan Free Trade Port policies and market demand changes, leveraging its advantages in capacity, customer resources, route layout, and safe operations to expand its business in Hainan and related international routes [1] - The goal is to continuously enhance market share and business scale, ultimately creating greater value for shareholders [1]

Core Viewpoint - The company emphasizes its commitment to transparency and compliance with information disclosure regulations, asserting that all disclosed information is truthful and complete, with no significant issues or inaccuracies in performance [2] Group 1: Company Operations - The company is focused on its core business in hazardous chemical maritime transportation and aims to seize policy opportunities to expand its operations and enhance core competitiveness [2] - The company plans to strictly implement its dividend policy and is considering share buybacks as part of its market value management tools [2] Group 2: Investor Relations - The company is committed to improving communication with investors and enhancing information transparency [2] - The company aims to maintain long-term interests of both the company and its shareholders through solid operational performance and proactive shareholder return mechanisms [2]

格隆汇12月29日｜东兴证券研报指出，兴通股份在沿海散装液体化学品运输领域深耕多年，是沿海液体 化学品运输行业龙头企业，并致力于成为国际一流、国内领先的化工供应链综合服务商。截至报告发布 日，公司拥有各类散装液体危险货物船舶40艘，其中化学品船34艘，成品油船3艘，LPG船3艘。公司25 年业绩短期承压，但该行认为随着下游需求端触底回暖及供给端增速回落，内贸市场景气度有望持续改 善；外贸方面，公司抓住全球化工品船老龄化严重的市场机遇，以高端节能环保的年轻船队快速抢占市 场，打造公司新的增长点。首次覆盖公司，并给予"推荐"评级。 ...