兴通海运股份有限公司（以下简称"公司"）于 2025 年 8 月 29 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 证券代码：603209 证券简称：兴通股份 公告编号：2025-066 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。 调研时间：2025 年 8 月 29 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 年半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 2025 年半年度经营情况 1、运力规模 截至 2025 年 6 月 30 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 38 艘，总运力达 44.26 万载重吨。其中，内贸船舶 29 艘，合计 31.38 万载重吨；外贸船舶 9 艘，合计 12.88 万载重吨。 截至目前，公司有 12 艘在建船舶，合计运力达 23.50 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is under short-term pressure, awaiting the launch of new capacity and a recovery in demand [6] - The company is a leader in domestic chemical shipping, with a clear business model, and is expected to maintain rapid growth in performance from 2025 to 2027 due to continuous investment in foreign trade capacity [8] Summary by Sections Market Performance - As of August 25, 2025, the closing price is 15.42 CNY, with a total market value of 5,011.50 million CNY and a circulating market value of 4,317.60 million CNY [4] Financial Data - The company reported a revenue of 787 million CNY in the first half of 2025, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of 136 million CNY, a decrease of 24.80% year-on-year [8] - In Q2 2025, the company achieved a revenue of 405 million CNY, a year-on-year increase of 4.82%, while the net profit attributable to shareholders was 62 million CNY, down 39.90% year-on-year [8] Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 are 1,548 million CNY, 1,979 million CNY, and 2,339 million CNY, respectively, with growth rates of 2.22%, 27.78%, and 18.21% [7] - Net profit forecasts for the same period are 294 million CNY, 374 million CNY, and 448 million CNY, with growth rates of -16.17%, 27.33%, and 19.68% [7] - The current price-to-earnings ratio (P/E) for 2025-2027 is projected to be 17.06, 13.40, and 11.19, indicating a favorable valuation [7] Operational Insights - The company is accelerating its capacity construction, with 12 chemical tankers under construction, expected to contribute to incremental revenue from 2025 to 2027 [8] - The gross margin in Q2 2025 was approximately 26.82%, a decrease of 14.11 percentage points year-on-year, primarily due to weak domestic demand and falling freight rates [8]

Core Viewpoint - Xingtong Co., Ltd. (兴通股份) has shown a mixed financial performance with a slight increase in revenue but a significant decrease in net profit, indicating potential challenges ahead for the company [1]. Financial Performance - As of the latest interim report for 2025, the company reported total revenue of 787 million yuan, representing a year-on-year growth of 1.99% [1]. - The net profit attributable to shareholders was 136 million yuan, reflecting a year-on-year decrease of 24.80% [1]. - The non-recurring net profit was 132 million yuan, down 26.35% year-on-year [1]. - The company's liquidity ratios are as follows: current ratio at 1.734 and quick ratio at 1.673, with a debt-to-asset ratio of 34.84% [1]. Market Activity - On August 25, 2025, Xingtong Co., Ltd. closed at 15.42 yuan, down 0.58%, with a turnover rate of 2.32% and a trading volume of 65,000 hands, amounting to a transaction value of 100 million yuan [1]. - The net outflow of main funds was 15.39 million yuan, accounting for 15.35% of the transaction value, with significant outflows from large orders [1]. Company Background - Xingtong Co., Ltd. was established in 1997 and is primarily engaged in the maritime transportation industry, located in Quanzhou [2]. - The company has a registered capital of 325 million yuan and a paid-in capital of 101.52 million yuan [2]. - The legal representative of the company is Chen Xingming [1]. Investment and Intellectual Property - The company has made investments in five enterprises and participated in 42 bidding projects [2]. - Xingtong Co., Ltd. holds 18 trademark registrations and 29 patents, along with 87 administrative licenses [2].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [5] Core Views - The express logistics sector is experiencing a price recovery trend, supported by regulatory measures against unhealthy competition, particularly in Zhejiang province, which accounted for 16.9% of national express business volume in H1 2025 [5] - Zhongtong Express reported a 26.8% year-on-year decline in adjusted net profit for Q2 2025, influenced by price competition, despite a revenue increase of 10.3% to 11.83 billion yuan [6] - The air transport sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring price increases, while short-term booking data shows signs of improvement [17] - The shipping industry is projected to see a boost in oil transportation due to OPEC+ production increases and a favorable interest rate environment, with specific companies recommended for investment [18] Summary by Sections Express Logistics - The express logistics sector is seeing a robust demand, with a total of 164 billion packages delivered in July 2025, marking a 15.1% year-on-year increase [27] - Major express companies like YTO Express and SF Express are showing significant growth in business volume, with SF Express achieving a 33.69% increase in July [7][27] Air Transport - In July 2025, civil aviation achieved a passenger transport volume of 71.82 million, a 3.9% increase year-on-year, and a cargo volume of 86.7 thousand tons, up 15.3% [11][57] - The overall seat occupancy rate for major airlines was 83.06%, slightly down from the previous month [60] Shipping and Ports - The shipping sector is experiencing fluctuations, with the BDTI index for oil transportation showing resilience amid geopolitical uncertainties [13][18] - China's port cargo throughput decreased by 2.82% to 26.135 million tons in the week of August 11-17, 2025 [81] Road and Rail - In July 2025, road freight volume increased by 3.28% to 36.99 billion tons, while rail freight volume rose by 3.35% to 4.52 billion tons [47]

Financial Performance - The company reported a total revenue of 787 million yuan for the first half of 2025, representing a year-on-year increase of 1.99% [1] - The net profit attributable to shareholders was 136 million yuan, showing a decline of 24.8% compared to the previous year [1] - In Q2 2025, the revenue was 405 million yuan, up 4.82% year-on-year, while the net profit for the same period was 61.83 million yuan, down 39.9% [1] Profitability Metrics - The gross margin decreased to 29.31%, down 19.9% year-on-year, and the net margin fell to 17.64%, a decline of 25.86% [1] - The total of selling, administrative, and financial expenses reached 57.54 million yuan, accounting for 7.31% of revenue, which is an increase of 10.18% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) dropped to 0.47 yuan, down 27.69% year-on-year, while the operating cash flow per share decreased to 0.71 yuan, a decline of 32.66% [1] - The company's return on invested capital (ROIC) was 10.26% last year, with a historical median ROIC of 19.13% since its listing [3] Debt and Capital Expenditure - The company’s interest-bearing debt increased to 1.466 billion yuan, up 11.23% year-on-year, with a debt-to-asset ratio of 27.01% [3] - The company relies heavily on capital expenditures for its performance, necessitating careful evaluation of the efficiency and necessity of these expenditures [3] Fund Holdings - The largest fund holding the company's shares is the Dongfanghong Yuanjian Value Mixed A fund, with a current scale of 1.289 billion yuan and a recent net value increase of 1.4% [4]

Core Viewpoint - Xingtong Co., Ltd. has seen a significant increase in shareholder accounts, with a 63.5% rise from March 31, 2025, to June 30, 2025, despite a slight decline in stock price during the same period [1][2]. Group 1: Shareholder Statistics - As of June 30, 2025, the number of shareholders for Xingtong Co., Ltd. reached 26,646, an increase of 10,349 accounts [2]. - The average number of shares held per account decreased from 17,200 shares to 12,200 shares, with an average market value of 189,300 yuan per account [1][2]. - Compared to the shipping and port industry average, Xingtong's shareholder count is below the industry average of 66,200 accounts, and its average market value is also lower than the industry average of 318,500 yuan [1]. Group 2: Stock Performance - From March 31, 2025, to June 30, 2025, Xingtong Co., Ltd. experienced a stock price decline of 0.91% while simultaneously increasing its shareholder base [1][2]. - During this period, the net outflow of institutional funds was 277 million yuan, while retail investors contributed a net inflow of 211 million yuan [2]. - The stock was listed on the trading leaderboard once during this period, with participation from institutional and Shanghai Stock Connect special seats [2].

Group 1 - Xingtong Co., Ltd. (603209.SH) released its semi-annual report for 2025 on August 23, 2025, indicating that as of August 22, 2025, 10 institutional investors disclosed holding a total of 67.4712 million shares, accounting for 20.76% of the total share capital [1] - The top ten institutional investors include Xiong'an and Hai Chuang Investment Partnership, Xiamen Jianda New Industry Equity Investment No. 11 Partnership, Guangdong Hengjian International Investment Co., Ltd., and others, with the top ten institutional investors' combined holding ratio increasing by 5.23 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.98% [2] - One new public fund was disclosed during this period, namely the Oriental Red Vision Selected Mixed A fund [2] - Four public funds that were not disclosed in this period include Zhongyou Research Selected Mixed, Zhongyou Core Competitiveness Flexible Allocation Mixed, Zhongyou Xingrong Value One-Year Holding Period Mixed, and Caitong Furu Mixed Initiation (LOF) A [2]

Group 1 - The company reported a total operating revenue of 787 million yuan for the first half of 2025, representing a year-on-year increase of 1.99% [1] - The net profit attributable to shareholders of the parent company was 136 million yuan, showing a year-on-year decline of 24.8% [1] - The basic earnings per share were 0.47 yuan [1]

证券代码：603209 证券简称：兴通股份 公告编号：2025-063 兴通海运股份有限公司 第二届监事会第二十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 兴通海运股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日以邮件方 式发出召开第二届监事会第二十五次会议的通知。2025 年 8 月 22 日，第二届监 事会第二十五次会议以现场方式在公司七楼会议室召开，应出席本次会议的监事 3 人，实际出席本次会议的监事 3 人。本次会议由监事会主席吴志扬先生召集并 主持，本次监事会会议的召集、召开符合有关法律、行政法规、部门规章、规范 性文件以及《兴通海运股份有限公司章程》《兴通海运股份有限公司监事会议事 规则》的有关规定。 二、监事会会议审议情况 经与会监事认真审议和表决，通过如下决议： （一）审议通过《兴通海运股份有限公司关于 2025 年半年度报告全文及摘 要的议案》 监事会认为：《兴通海运股份有限公司 2025 年半年度报告》全文及其摘要 的编制和审核符合法律、行政法 ...

第二届董事会第二十九次会议决议公告 证券代码：603209 证券简称：兴通股份 公告编号：2025-062 兴通海运股份有限公司 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。 一、董事会会议召开情况 兴通海运股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日以邮件方 式发出召开第二届董事会第二十九次会议的通知。2025 年 8 月 22 日，第二届董 事会第二十九次会议以现场结合通讯方式在公司七楼会议室召开，应出席本次会 议的董事 11 人，实际出席本次会议的董事 11 人（其中：以通讯表决方式出席会 议的人数为 4 人），公司监事和高级管理人员列席会议。本次会议由董事长陈兴 明先生召集并主持，本次董事会会议的召集、召开符合有关法律、行政法规、部 门规章、规范性文件以及《兴通海运股份有限公司章程》有关规定。 二、董事会会议审议情况 经与会董事认真审议和表决，通过如下决议： （一）审议通过《兴通海运股份有限公司关于 2025 年半年度报告全文及摘 要的议案》 具体内容详见公司同日在上海证券交易所网站（http: ...