Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The new business model of land-sea intermodal transport has significantly improved profitability [2] - The company has optimized its industrial layout, shifting from LNG trading to transportation services, which has directly impacted sales volume [2] - The port business is expected to benefit from the upcoming Yulong Petrochemical project, which has a planned annual capacity of 40 million tons and a total investment of several hundred billion [3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.21 billion yuan, a year-on-year decrease of 37%, while net profit attributable to shareholders was 72 million yuan, an increase of 7.7% [1] - The second quarter of 2024 saw revenue of 550 million yuan, a year-on-year decrease of 47% and a quarter-on-quarter decrease of 18%, with net profit attributable to shareholders of 43 million yuan, a year-on-year increase of 14.7% and a quarter-on-quarter increase of 55% [1] Profitability - The gross profit margin for the first half of 2024 was 9.7%, and the net profit margin was 6.0%, representing increases of 4.4 and 2.6 percentage points year-on-year, respectively [2] - The subsidiary Yulong Port achieved revenue of 58.88 million yuan and a net profit of 33.16 million yuan in the first half of 2024, with a net profit margin of 56% [2] Future Projections - The company is projected to achieve net profits of 160 million, 240 million, and 400 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 33%, 51%, and 69% [4] - The compound annual growth rate from 2023 to 2026 is expected to be 50% [4] Valuation - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 39, 26, and 15, respectively [4]

恒通物流股份有限公司 2024年第二次独立董事专门会议决议 独立董事：孙德坤、王建波、高建军 2024 年 8 月 28 日 审议通过《恒通物流股份有限公司关于在南山集团财务有限公司办理金融 业务的风险持续评估报告》 南山集团财务有限公司（简称"财务公司"）作为非银行金融机构，其业务 范围、业务内容和流程、内部的风险控制制度等措施都受到国家金融监督管理总 局的严格监管。报告期内，我们及公司未发现财务公司存在违反《企业集团财务 公司管理办法》等相关金融法规的情形，未发现财务公司财务报表相关的资金、 信贷、稽核、信息管理等方面存在重大缺陷。财务公司运营合规，内部控制制度 健全，公司与财务公司之间发生关联存、贷款等金融业务的风险可控，不存在损 害公司和股东，特别是中小股东利益的情形。因此，我们同意将《恒通物流股份 有限公司关于在南山集团财务有限公司办理金融业务的风险持续评估报告》提交 董事会审议。 本项议案同意3票，反对0票，弃权0票。 恒通物流股份有限公司（简称"公司"）2024年第二次独立董事专门会议于 2024年8月28日以现场和通讯结合的方式召开。本次会议应出席独立董事3人，实 际出席独立董事3人，会议由独 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,208,754,302.48, a decrease of 36.51% compared to CNY 1,903,993,780.92 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was CNY 71,555,919.90, representing an increase of 7.74% from CNY 66,412,603.44 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 70,439,525.75, up by 9.50% from CNY 64,326,235.58 year-on-year[12]. - The net cash flow from operating activities was negative at CNY -49,035,343.72, a decline of 120.57% compared to CNY 238,402,582.08 in the same period last year[12]. - Basic earnings per share increased by 11.11% to CNY 0.10 compared to the same period last year[14]. - The average return on equity rose by 0.12 percentage points to 1.91%[14]. - The company reported a net profit of CNY 72,655,502.31 for the first half of 2024, compared to CNY 65,343,020.17 in the same period of 2023, indicating a growth of 11.1%[100]. Assets and Liabilities - Total assets increased by 3.58% to CNY 5,255,419,038.75 from CNY 5,073,632,006.26 at the end of the previous year[12]. - The net assets attributable to shareholders at the end of the reporting period were CNY 3,725,133,032.67, down by 1.07% from CNY 3,765,412,842.25 at the end of the previous year[12]. - The company's total liabilities reached RMB 1,466,508,252.18, compared to RMB 1,245,540,992.52 at the end of 2023, indicating an increase of about 17.7%[95]. - The total current assets decreased slightly to RMB 2,486,911,549.88 from RMB 2,510,282,354.15, a decline of approximately 0.9%[93]. - The company's inventory surged to RMB 196,494,345.06, a significant increase from RMB 6,938,444.69, indicating a growth of approximately 2,831.5%[92]. - Long-term borrowings increased significantly to RMB 679,815,358.30 from RMB 402,510,384.13, representing a growth of about 68.8%[94]. Operational Efficiency - The company reported a decrease in net cash flow from operating activities due to reduced collection of receivables and increased inventory[15]. - The company's operating costs decreased due to a decline in LNG procurement prices and improved internal cost control measures, leading to reduced transportation costs[35]. - Sales expenses were optimized through restructuring the sales team, resulting in a reduction in total salary expenses[35]. - The company has implemented a resource integration strategy to mitigate the impact of price fluctuations on profitability[25]. Market Conditions - LNG market prices in China decreased by 14% year-on-year, with an average transaction price of CNY 4,346 per ton in the first half of 2024[19]. - LNG supply volume increased by approximately 381,000 tons, a growth of 25% year-on-year, totaling 19.16 million tons[19]. - Total logistics costs in China rose by 2.0% year-on-year, amounting to CNY 8.8 trillion[20]. - The total operating income of the logistics industry grew by 3.7% year-on-year, reaching CNY 6.3 trillion[20]. Risk Management - The company has outlined potential risks and countermeasures in its management discussion and analysis section[1]. - The company faces risks from macroeconomic fluctuations that could impact LNG sales and logistics revenue due to reduced industrial demand[46]. - Energy price volatility poses a risk, as rising LNG prices may lead customers to switch to alternative energy sources, affecting market demand[46]. - The company is exposed to significant safety risks during transportation, which could result in severe operational impacts if accidents occur[47]. - Natural disasters and unforeseen events could disrupt transportation operations, leading to delays and potential customer loss[48]. Shareholder and Governance - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[1]. - The company held its annual shareholders' meeting on May 8, 2024, where several key reports and proposals were approved[51]. - The company reported a commitment to maintain independence in management, assets, personnel, and financial operations, ensuring no substantial competition with its parent group[56]. - The company guarantees that any changes in equity will not affect its operational independence or financial integrity[56]. Related Party Transactions - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[1]. - The company has committed to avoiding unnecessary related-party transactions and will adhere to fair market principles in any necessary transactions[57]. - The company has not engaged in any loan business with related parties during the reporting period[71]. - The company has not disclosed any significant related party transactions beyond those already reported[72]. Investment and Capital Management - The company made total external investments of ¥5,512,855, a decrease of 97.64% compared to the same period last year[42]. - The Yulong Port project received an investment of ¥191,778,800, with cumulative investments reaching ¥2,134,460,300[44]. - The company has a project credit of RMB 4,800.00 million and a comprehensive credit of RMB 100,000.00 million from its controlling shareholder's subsidiary, with actual amounts utilized being RMB 1,580.74 million and RMB 870.48 million respectively[72]. Financial Reporting and Compliance - The report period covers January to June 2024, and the financial report has not been audited[1]. - The company adheres to the enterprise accounting standards, ensuring that its financial statements accurately reflect its financial status and operating results[124]. - The company has established significant thresholds for recognizing important financial items, such as a single bad debt provision exceeding RMB 5 million[128]. - The company follows a control-based approach for determining the scope of consolidated financial statements, ensuring it has power over the investee and can influence returns[132].

股票代码：603223 股票简称：恒通股份 公告编号：2024-044 恒通物流股份有限公司 关于 2021 年员工持股计划存续期展期的公告 截至本公告披露日，公司员工持股计划尚未减持，因公司实施2021年度、2022 年度权益分派，合计持有公司股份为1,161,720股，占公司目前总股本的0.16%。 二、员工持股计划展期的情况 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个别及连带责任。 恒通物流股份有限公司（简称"公司"）2021年员工持股计划（简称"员工 持股计划"）的存续期将于2024年9月6日届满，基于对公司未来持续稳定发展的 信心及公司股票价值的判断，根据《恒通物流股份有限公司2021年员工持股计划 （草案）》和公司2021年第三次临时股东大会的授权，拟对员工持股计划进行展 期。具体情况如下： 一、员工持股计划基本情况 2021年7月6日召开的第四届董事会第二次会议、第四届监事会第二次会议及 2021年7月22日召开的2021年第三次临时股东大会审议通过了《恒通物流股份有 限公司2021年员工持股计划(草案)及其摘要的议 ...

恒通物流股份有限公司 关于在南山集团财务有限公司办理金融业务的 风险持续评估报告 根据中国证券监督管理委员会、上海证券交易所的相关要求，恒通物流股份 有限公司（以下简称"本公司"）通过查验南山集团财务有限公司（以下简称"财 务公司"）《金融许可证》、《营业执照》等证件资料，并审阅了财务公司验资 及审计报告，对财务公司的经营资质、业务和风险状况进行了评估，现将有关风 险评估情况报告如下： 一、财务公司基本情况 （一）经营资质 南山集团财务有限公司于 2008 年 11 月取得金融许可证（2009 年 5 月、2023 年 9 月分别因迁址和经营范围调整换发新金融许可证），于 2008 年 11 月取得营 业执照，是经原中国银行保险监督管理委员会批准成立的非银行金融机构。 注册地址：山东省龙口市南山工业园南山南路 4 号 法定代表人：宋日友 财务公司已建立了较为完善的全面风险管理体系，制定了操作风险、流动性 金融许可证机构编码：L0097H337060001 统一社会信用代码：913706816817432122 注册资本：人民币 21.9 亿元（其中美元 1000 万元） 经营范围：公司按《企业集团财务公司管理 ...

股票代码：603223 股票简称：恒通股份 公告编号：2024-039 恒通物流股份有限公司 第五届监事会第二次会议决议公告 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个别及连带责任。 恒通物流股份有限公司（简称"公司"）第五届监事会第二次会议于2024 年8月28日10：00时以现场和通讯相结合的方式召开，公司于2024年8月18日以书 面、邮件和传真方式通知了各位参会人员。会议应到监事3人，实到监事3人。本 次会议的召开符合《公司法》和《公司章程》的相关规定，会议决议合法有效。 本次监事会由监事会主席张惠女士主持，与会监事就以下议案进行了审议： 1、半年度报告的编制和审议程序符合法律、法规、公司章程和公司内部管 理制度的各项规定。 一、审议通过《恒通物流股份有限公司2024年半年度报告及摘要》 针对《恒通物流股份有限公司 2024 年半年度报告及摘要》，监事会审核意见 如下： 表决结果：3 票同意，0 票反对，0 票弃权。 三、报告期内，监事会认真执行了《公司法》、《公司章程》所赋予的各项 职权，对公司的生产经营、规范运作、财务 ...

股票代码：603223 股票简称：恒通股份 公告编号：2024-038 恒通物流股份有限公司 第五届董事会第二次会议决议公告 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个别及连带责任。 恒通物流股份有限公司（简称"公司"）第五届董事会第二次会议于2024 年8月28日9:00时以现场和通讯相结合的方式召开，公司于2024年8月18日以书面、 邮件和传真方式通知了各位参会人员。会议应到董事9人，实到董事9人，其中独 立董事3人，公司监事和高级管理人员列席了会议。本次会议的召开符合《公司 法》、《公司章程》的相关规定，会议决议合法有效。本次董事会由公司董事长 李洪波先生主持，表决通过了以下议案： 一、审议通过《恒通物流股份有限公司2024年半年度报告及摘要》 具 体 内 容 详 见 公 司 于 2024 年 8 月 29 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《恒通物流股份有限公司2024年半年度报告及摘要》。 2024年半年度财务报告已经通过公司董事会审计委员会审议。 表决结果：9票同意，0 ...

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：603223 证券简称：恒通股份 公告编号：2024-045 恒通物流股份有限公司 关于南山集团有限公司要约收购公司股份的 第一次提示性公告 公司于2024年8月19日披露了《恒通物流股份有限公司要约收购报告书》， 公司控股股东南山集团自2024年8月21日起以要约方式收购公司股份35,709,353 股（以下简称"本次要约收购"），占公司总股本的5.00%，要约收购价格为8.72 元/股。根据相关规定，《要约收购报告书》披露后30 日内，公司将在《证券时 报》和上海证券交易所网站（http://www.sse.com.cn）发布3次要约收购提示性 公告。现就本次要约收购的有关情况做如下提示： 一、本次要约收购的基本情况 本次要约收购为南山集团向除南山集团及其一致行动人以外的恒通股份全 体持有无限售流通股的股东发出的部分要约收购。具体情况如下： 1、收购人名称：南山集团有限公司 本次公告为南山集团有限公司 （以下简称"收购人"或"南山集团"） 要约收购恒 ...

股票代码：603223 股票简称：恒通股份 公告编号：2024-040 恒通物流股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 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个别及连带责任。 根据中国证券监督管理委员会《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》、《上海证券交易所上市公司自律监管指引第1号 ——规范运作》的相关规定，恒通物流股份有限公司（简称"公司"或"恒通股 份"）董事会对2024年半年度募集资金存放与使用情况做如下专项报告： 一、募集资金基本情况 经中国证券监督管理委员会以证监许可[2022]786 号文《关于核准恒通物流 股份有限公司非公开发行股票的批复》核准，公司本次非公开发行股份 114,997,604 股，每股面值 1 元，每股发行价格为 20.87 元，共募集资金 2,399,999,995.48 元。扣除各项发行费用合计人民币 12,333,616.38 元，募集 资金净额为人民币 2,387,666,379.10 元。上述资金到位情况经和信会计师事务 所(特殊普 ...