证券代码：603209 证券简称：兴通股份 公告编号：2025-077 兴通海运股份有限公司 2025年第三次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 10 日 (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 | 160 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 169,351,083 | | 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 | | | 份总数的比例（%） | 52.7902 | 2、 公司在任监事3人，出席3人； 1 3、 董事会秘书/财务负责人黄木生先生出席会议，其他高管列席会议。 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《兴通海运股份有限公司关于 ...

上海市锦天城律师事务所 关于兴通海运股份有限公司 2025 年第三次临时股东大会 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于兴通海运股份有限公司 2025 年第三次临时股东大会 法律意见书 兴通海运股份有限公司： 上海市锦天城律师事务所（以下简称"本所"）接受兴通海运股份有限公司（以下 简称"贵司"或"公司"）委托，就贵司召开 2025 年第三次临时股东大会有关事宜， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》 等法律、法规、规章和其他规范性文件以及《兴通海运股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行了法定职责， 遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事项进行了必要的核查 和验证，核查了本所认为出具 ...

南财智讯11月10日电，兴通股份公告，公司董事会近日收到非独立董事柯文理先生提交的书面辞职报 告。因公司治理结构调整，柯文理先生申请辞去公司第二届董事会非独立董事职务，其辞职报告自送达 公司董事会之日起生效。除辞任非独立董事职务外，柯文理先生在公司担任的其他职务不变。公司于 2025年11月10日召开职工代表大会，经全体职工代表民主讨论与表决，选举柯文理先生为公司第二届董 事会职工代表董事，任期与公司第二届董事会任期一致。 ...

证券代码：603209 证券简称：兴通股份 公告编号：2025-076 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 11 月 7 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： 一、调研基本情况 调研时间：2025 年 11 月 7 日 调研方式：线上业绩说明会 调研机构及人员名称：线上参与公司 2025 年第三季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 2025 年第三季度经营情况 回复：根据目前公司在建船舶情况，2025 年第四季度至 2027 年上半年，公 司至少将有 11 艘船舶投入运营，合计 20.91 万载重吨。其中，2025 年第四季度 计划投产 3 艘化学品船舶，合计 5.19 万载重吨；2026 年计划投产 5 艘化学品船 舶，合计 9.24 万载重吨；2027 年计划 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Q3 performance is under short-term pressure, awaiting recovery in chemical demand [5] - The company reported a Q3 revenue of 396 million yuan, a year-on-year increase of 1.43%, while net profit attributable to shareholders decreased by 40.49% to 58 million yuan [7] - The decline in net profit is attributed to insufficient operating rates at downstream refineries, leading to lower freight rates, and increased operational costs due to fleet expansion and personnel expenses [7] - The company is steadily advancing its capacity construction, with 12 chemical tankers under construction expected to contribute to revenue growth from 2025 to 2027 [7] - The current stock price corresponds to a P/E ratio of 18.3 for 2025, 13.2 for 2026, and 11.1 for 2027, indicating a favorable valuation given the expected growth in 2026 and 2027 [7] Financial Summary - Revenue projections for the company are as follows: 2023: 1,237 million yuan, 2024: 1,515 million yuan, 2025E: 1,548 million yuan, 2026E: 1,979 million yuan, 2027E: 2,339 million yuan [6] - The year-on-year growth rates for revenue are projected at 57.66% for 2023, 22.43% for 2024, 2.22% for 2025, 27.78% for 2026, and 18.21% for 2027 [6] - Net profit attributable to shareholders is forecasted to be 252 million yuan in 2023, 350 million yuan in 2024, 271 million yuan in 2025, 374 million yuan in 2026, and 448 million yuan in 2027 [6] - The projected P/E ratios are 19.63 for 2023, 14.13 for 2024, 18.27 for 2025, 13.23 for 2026, and 11.06 for 2027 [6]

Core Viewpoint - The company reported a decline in net profit and gross margin for the first three quarters of 2025, indicating challenges in the chemical shipping market, but maintains a positive outlook for future growth through expansion in both domestic and international markets [1][3]. Financial Performance - For the first three quarters of 2025, the company's net profit attributable to shareholders was 194 million yuan, a year-on-year decrease of 30.3%; Q3 net profit was 58 million yuan, down 40.5% year-on-year [1]. - The company's operating revenue for the first three quarters of 2025 was 1.18 billion yuan, an increase of 1.8% year-on-year; Q3 operating revenue was 396 million yuan, up 1.4% year-on-year [1]. - The gross margin for the first three quarters of 2025 was 28.2%, a decrease of 8.7 percentage points year-on-year; Q3 gross margin was 26%, down 11.5 percentage points year-on-year [1]. - The total expense ratio (selling, administrative, and financial expenses) for the first three quarters was approximately 7.4%, an increase of 0.4 percentage points year-on-year; Q3 expense ratio was about 7.6%, a decrease of 0.1 percentage points year-on-year [1]. Market Conditions - The domestic chemical shipping market faced downward pressure due to insufficient operating rates at downstream refineries, with average shipping prices for the first three quarters of 2025 at 181 yuan/ton, down 8% year-on-year; Q3 average was 171 yuan/ton, down 4.9% year-on-year [2]. - The international market saw a significant decline in shipping prices, with average prices for the first three quarters of 2025 at 119 USD/ton, down 37.6% year-on-year; Q3 average was 125 USD/ton, down 35.2% year-on-year [2]. Business Development - The company is solidifying its domestic trade operations while expanding its international trade business, which is expected to support performance recovery as the market improves [3]. - As of mid-2025, the company operated 22 coastal chemical shipping vessels with a capacity of 238,400 deadweight tons, leading in the domestic market; it has secured contracts with BASF and Yulong Petrochemical for stable operational benefits [3]. - The company has been expanding its international shipping capacity, with 9 chemical vessels totaling 128,800 deadweight tons, and plans to introduce 12 additional vessels by 2027, increasing capacity to 235,000 deadweight tons [3]. Investment Outlook - The company is projected to achieve net profits of 270 million, 340 million, and 410 million yuan for 2025-2027, corresponding to P/E ratios of 18, 15, and 12 times [4]. - Given the company's leadership in the domestic chemical shipping market and its international expansion efforts, it is expected to exhibit strong performance elasticity with a potential target price of 19.7 yuan, representing a 30% upside from current levels [4].

兴通海运股份有限公司 2025 年第三次临时股东大会会议资料 股票代码：603209 中国●泉州 二Ο二五年十一月 | 兴通海运股份有限公司 年第三次临时股东大会会议须知 1 2025 | | --- | | 兴通海运股份有限公司 年第三次临时股东大会会议议程 3 2025 | | 兴通海运股份有限公司 2025 年第三次临时股东大会会议议案 6 | | 议案一：兴通海运股份有限公司关于取消监事会、修订《公司章程》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修订和新增相关制度的议案 7 | 目 录 兴通股份 2025 年第三次临时股东大会会议资料 兴通海运股份有限公司 2025 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《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》《兴通海 运股份有限公司股东大会议事规则》的相关规定，特制定兴通海运股份有限公司 （以下简称"公司"）2025 年第三次临时股东大会会议须知： 一、为确认出席大会的股东 ...

Core Viewpoint - Xingtong Co., Ltd. is a leading company in the coastal bulk liquid hazardous goods transportation sector in China, focusing on maritime transport of liquid chemicals, refined oil, and liquefied petroleum gas, with a full industry chain service capability [1] Group 1: Business Performance - In Q3 2025, Xingtong's revenue was 1.183 billion yuan, ranking 15th in the industry, significantly lower than the top players, COSCO Shipping Holdings at 167.599 billion yuan and COSCO Shipping Energy at 19.566 billion yuan, and below the industry average of 14.92 billion yuan [2] - The net profit for the same period was 198 million yuan, ranking 14th in the industry, again far behind COSCO Shipping Holdings at 30.786 billion yuan and China Merchants Energy at 3.343 billion yuan, and below the industry average of 2.461 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Xingtong's debt-to-asset ratio was 36.02%, slightly down from 36.67% in the previous year and lower than the industry average of 39.10%, indicating stable debt repayment capability [3] - The gross profit margin for the same period was 28.22%, down from 36.90% year-on-year but still above the industry average of 20.65%, suggesting a competitive edge in profitability [3] Group 3: Executive Compensation - The chairman, Chen Xingming, received a salary of 1.0331 million yuan in 2024, an increase of 22,000 yuan from 2023 [4] - The general manager, Chen Qilong, earned 2.444 million yuan in 2024, up by 500,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 35.34% to 17,200, while the average number of circulating A-shares held per shareholder increased by 54.66% to 16,300 [5] - The exit of a major shareholder, the Bank of Communications New Life Flexible Allocation Mixed A, from the top ten circulating shareholders was noted [5] Group 5: Future Outlook - Despite Q3 2025 performance being below expectations due to low refinery operating rates and declining international freight rates, there is potential for recovery in liquid chemical freight rates as the chemical industry approaches a cyclical turning point [5] - The company plans to flexibly expand its capacity, with 8 new vessels expected to be operational in 2026 and 2027 [5] - Analysts have adjusted the net profit forecasts for 2025 and 2026 to 270 million yuan and 320 million yuan, respectively, while maintaining a target price of 19.5 yuan per share, indicating a potential upside of 32.1% from the current stock price [5]

Group 1 - The core viewpoint of the news is that the "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" issued by multiple national ministries will create multiple strategic opportunities for the company, including increased transportation demand and expansion of high-end product transportation and international business [1][2] - The company anticipates that the implementation of the plan, along with related policies, will gradually release new production capacity in the domestic petrochemical industry, which is expected to boost the domestic chemical transportation market [1][2] - The company is positioned as a leading player in liquid chemical shipping in China and aims to establish long-term partnerships with new capacity projects to secure more transportation business [1][2] Group 2 - The emphasis on increasing the supply of high-end chemical products in the plan is viewed as a development opportunity for the company, which has a fleet characterized by "large-scale, youthfulness, greenness, and high-end" features [2] - The company has seen an increase in its foreign trade revenue, which rose to 42% in the first half of the year, despite fluctuations in international freight rates [2] - The company plans to have 11 vessels with a total deadweight tonnage of 209,100 tons operational by the end of 2027, representing a 171% increase in capacity to meet the needs of Chinese enterprises going global and international chemical trade [2] Group 3 - The company follows a "1+2+1" development strategy focused on expanding domestic coastal liquid hazardous goods transportation while also exploring new energy transportation and deepening international shipping [3] - The company locks in basic revenue through a high proportion of COA contracts and time-charter models in the domestic market, while flexibly adjusting capacity based on global freight trends and regional demand in the international market [3] - The company has implemented a data-driven and AI-smart transformation in its operations, enhancing operational efficiency and safety management through the deployment of an AI-based shipping model [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]