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。 股票代码：603223 股票简称：恒通股份 公告编号：2025-019 恒通物流股份有限公司 第五届董事会第十次会议决议公告 特此公告。 恒通物流股份有限公司（简称"公司"）第五届董事会第十次会议于2025 年4月24日9:00时以现场和通讯相结合的方式召开，公司于2025年4月14日以书面 或通讯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。本次会议由董事长隋永峰先生主 持，表决通过了以下议案： 恒通物流股份有限公司董事会 一、审议通过《恒通物流股份有限公司2025年第一季度报告》 2025年4月25日 具体内容详见公司于同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2025年第一季度报告》。 公司2025年第一季度报告已经通过董事会审计委员会审议。 表决结果：9票同意，0票反对，0票弃权。 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 313,454,360.49, a decrease of 52.70% compared to CNY 662,649,998.99 in the same period last year[4] - Net profit attributable to shareholders increased by 51.62% to CNY 42,549,915.43 from CNY 28,063,348.77 year-on-year[4] - Basic and diluted earnings per share both increased by 50.00% to CNY 0.06 from CNY 0.04 year-on-year[4] - Net profit for Q1 2025 reached CNY 41,939,980.21, an increase of 51.3% from CNY 27,753,607.42 in Q1 2024[18] - Total operating revenue for Q1 2025 was CNY 313,454,360.49, a decrease of 52.8% compared to CNY 662,649,998.99 in Q1 2024[17] - Total operating costs for Q1 2025 were CNY 264,426,038.39, down 58.0% from CNY 630,596,555.03 in Q1 2024[17] Cash Flow and Liquidity - The net cash flow from operating activities improved by 46.35%, reaching CNY -94,542,335.09, compared to CNY -176,227,813.18 in the previous year[4] - Cash inflow from operating activities in Q1 2025 was CNY 541,899,486.69, a decrease of 30.9% from CNY 784,874,041.23 in Q1 2024[21] - The company's cash and cash equivalents decreased to RMB 1,475,885,596.42 from RMB 1,797,241,271.33, reflecting a decline of approximately 17.9%[13] - The ending balance of cash and cash equivalents was $1.34 billion, down from $1.54 billion, reflecting a net decrease of $337.53 million in cash and cash equivalents[22] - The company reported a total cash outflow from operating activities of $636.44 million, compared to $961.10 million in the previous period, showing a significant reduction[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 5,580,224,161.83, reflecting a 1.23% increase from CNY 5,512,628,611.93 at the end of the previous year[5] - Total liabilities as of the end of the reporting period were CNY 1,683,487,704.92, an increase from CNY 1,658,502,996.11 year-over-year[16] - The company's short-term borrowings rose to RMB 60,000,000.00 from RMB 26,948,789.44, marking an increase of about 122.5%[14] - The total liabilities increased, with accounts payable at RMB 430,641,326.44, down from RMB 512,707,700.40, a decrease of approximately 15.9%[14] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,562[9] - Major shareholder Nanshan Group holds 41.30% of shares, with 294,944,408 shares, of which 160,996,646 are pledged[9] - Total equity attributable to shareholders was CNY 3,836,094,413.96, up from CNY 3,792,873,637.65 in the previous year[16] Operational Highlights - The company experienced a significant decline in LNG sales volume, down approximately 60%, impacting overall revenue[7] - The increase in net profit was attributed to the operation of a new terminal at Yulong Port, contributing positively to the main business[7] Investment and Other Financial Activities - The company reported a significant increase in investment losses, reporting a loss of CNY 1,859,780.07 in Q1 2025 compared to a gain of CNY 1,318,769.50 in Q1 2024[17] - The company incurred $8.93 million in cash payments for dividends and interest, an increase from $4.17 million, reflecting higher financial obligations[22] - The cash inflow from investment activities totaled $7.11 million, slightly up from $6.02 million, indicating a stable investment recovery[22] Accounting Practices - The company will not apply new accounting standards starting from 2025, maintaining current reporting practices[23]

股票代码：603223 股票简称：恒通股份 公告编号：2025-021 ●会议召开地点：中证路演中心（https://www.cs.com.cn/roadshow/） ●会议召开方式：中证路演中心网络文字互动 ●投资者可将问题通过邮件发送至公司邮箱：htgf@lkhengtong.com 恒通物流股份有限公司（简称"公司"）于2025年4月25日在上海证券交易 所网站（http://www.sse.com.cn）披露了《恒通物流股份有限公司2025年第一 季度报告》，为便于广大投资者更全面深入地了解公司2025年第一季度经营成果、 财务状况，公司计划召开本次业绩说明会，就投资者关心的问题进行交流。 恒通物流股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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个别及连带责任。 重要内容提示： ●会议召开时间：2025年4月30日（星期三）下午15:00-16:00 一、说明会类型 四、投资者参加方式 1、投资者可于2025年4月29日17:00前，将需要了解的情况和有关问题预先 本次 ...

Financial Performance - The company reported a basic earnings per share of 0.0600 yuan for Q1 2025, a 50% increase compared to 0.0400 yuan in Q1 2024, and unchanged from Q1 2023 [1] - The company's operating revenue decreased by 52.79% to 3.13 billion yuan in Q1 2025 from 6.63 billion yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.43 billion yuan, reflecting a 53.57% increase from 0.28 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.12% in Q1 2025 from 0.75% in Q1 2024, marking a 49.33% increase [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 33,077.16 million shares, accounting for 59.79% of the circulating shares, with a decrease of 617.48 million shares compared to the previous period [1] - Major shareholders include Nanshan Group Co., Ltd. with 13,394.78 million shares (24.21%), and Liu Zhendong with 11,468.67 million shares (20.73%), both remaining unchanged [2] - New entrants to the top ten shareholders include Xia Chaojia with 350.18 million shares (0.63%) and Li Jian with 335.11 million shares (0.61%) [2] Dividend Policy - The company has decided not to distribute or transfer any dividends this time [3]

证券代码：603223 证券简称：恒通股份 公告编号：2025-018 恒通物流股份有限公司 2024 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.05 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/4/28 | － | 2025/4/29 | 2025/4/29 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2025 年 4 月 7 日的 2024 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024 年年度 2. 分派对象： （2）除权（息）参考价格 除权（息）参考价格=（前收盘价格-现金红利）÷（1+流通股份变动比例） 流通股份变动比例=（参与分配的股本总数×实际分派的送转比例）÷总股本，因本次权 益分派无送转股份，所以送转比例为 0，流通股 ...

上海泽昌律师事务所 关于 恒通物流股份有限公司 差异化分红相关事项的 法律意见书 上海泽昌律师事务所 关于 恒通物流股份有限公司 差异化分红相关事项的 法律意见书 致：恒通物流股份有限公司 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 电话：021-61913137 传真：021-61913139 邮编：200120 二零二五年四月 上海泽昌律师事务所 法律意见书 本所接受恒通物流股份有限公司（以下简称"恒通股份"、"公司"）的 委托，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》（以下简称"《证券法》"）、《上市公司股份回购规则》 （以下简称"《回购规则》"）、《上海证券交易所上市公司自律监管指引第7 号——回购股份》（以下简称"《回购指引》"）以及《恒通物流股份有限公 司章程》（以下简称"《公司章程》"）等相关法律、法规及规范性文件的规 定，就公司 2024 年度利润分配涉及的差异化分红（以下简称"本次差异化分 红"）相关事项进行了核查，并出具本法律意见书。 为出具本法律意见书，本所律师谨作如下声明： （一）本所律师已严格履行法定职责，遵循了勤勉尽责 ...

证券代码：603223 证券简称：恒通股份 公告编号：2025-017 恒通物流股份有限公司 2024 年年度股东大会决议公告 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 | 1、出席会议的股东和代理人人数 | 68 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 327,414,274 | | 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（%） | 45.8443 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，会议由公司董事长隋永峰主持，并采取现场投 票和网络投票相结合的方式召开及表决，本次股东大会的召开及表决方式符合 《公司法》及《公司章程》的规定，会议合法有效。 (一) 股东大会召开的时间：2025 年 4 月 7 日 (二) 股东大会召开的地点：恒通物流股份有限公司三楼会议室 (三) 出席会议的普通股股东和恢复表决权 ...

上海泽昌律师事务所 关于恒通物流股份有限公司 关于 恒通物流股份有限公司 2024年年度股东大会的 法律意见书 网 泽昌律师 ZECHANG LAW FIRM 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 电话: 021-61913137 传真: 021-61913139 邮编: 200120 二〇二五年四月 上海泽昌律师事务所 法律意见书 上海泽昌律师事务所 2024 年年度股东大会的 法律意见书 泽昌证字 2025-01-02-01 致:恒通物流股份有限公司 上海泽昌律师事务所(以下简称"本所")接受恒通物流股份有限公司(以下 简称"公司")委托,就公司召开2024年年度股东大会(以下简称"本次股东大会") 的有关事宜,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》(以下简称"《证券法》")、中国证券监督管理委员会 发布的《上市公司股东会规则》（证监会公告(2025)7号)（以下简称"《股 东会规则》")等法律、法规、规章和其他规范性文件以及《恒通物流股份有限 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 ...

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating [1][2]. Core Views - Hengtong Logistics is positioned to benefit from the Yulong Petrochemical project, with its port business entering a performance delivery phase, leading to significant revenue growth [3][4][6]. - The company has optimized its business structure, with port operations becoming the main growth engine, significantly increasing its gross profit margins [4][13]. - The port's strategic location and the influx of cargo from the Yulong Petrochemical project provide a competitive advantage, ensuring sustained demand for its services [5][29]. Financial Summary - The company reported a revenue of Rmb 2,002 million in 2024, with a projected increase to Rmb 2,391 million in 2025, representing a 19.4% growth [2][41]. - Net profit for 2024 was Rmb 155 million, expected to rise to Rmb 309 million in 2025, indicating a 99.14% increase [2][41]. - The diluted EPS is projected to grow from Rmb 0.22 in 2024 to Rmb 0.43 in 2025 [2][41]. Business Structure and Growth Drivers - Hengtong Logistics operates a comprehensive logistics business, including port construction and operation, road transportation, and LNG trading, primarily serving the Yulong Petrochemical industrial park [3][9]. - The port business achieved a gross profit of Rmb 1.28 billion in 2024, a 100.9% increase year-on-year, driven by the commencement of operations at the Yulong Petrochemical project [4][24]. - The company has established a strong foothold in the logistics sector, with plans for further expansion as the Yulong Petrochemical project progresses [18][39]. Future Outlook - The report anticipates continued growth in net profit, projecting Rmb 3.09 billion in 2025, Rmb 3.76 billion in 2026, and Rmb 4.10 billion in 2027, supported by the ongoing development of the Yulong Petrochemical project [6][41]. - The port business is expected to generate significant revenue, with forecasts of Rmb 6.62 billion in 2025, Rmb 7.86 billion in 2026, and Rmb 8.42 billion in 2027 [38][39]. - The strategic adjustments in the LNG business are expected to enhance profitability, despite a reduction in revenue due to a shift towards a lighter asset model [34][35].

Core Viewpoint - Hengtong Co., Ltd. is entering a new development phase under the control of Nanshan Group, which has increased its stake in the company through various capital operations, aiming to address the market perception of the company's undervaluation [1][6] Group 1: Strategic Transition - The company is transitioning from a traditional road transport enterprise to a comprehensive port service provider, with the core asset, Shandong Yulong Port Co., Ltd., expected to drive significant revenue growth in 2024 [1][2] - The new chairman, Sui Yongfeng, emphasizes a strategy focused on leveraging the port as a key growth driver, while also optimizing resource allocation through capital operations [1][4] Group 2: Financial Performance - In 2024, Hengtong's LNG business revenue decreased by 58.18%, while port business revenue surged by 120.26%, contributing to 10.87% of total revenue with a gross margin of 58.81% [2][4] - The Yulong Port's strategic position is highlighted as it serves as the exclusive port for the Yulong Petrochemical Industrial Park, ensuring stable business and future expansion opportunities [2][3] Group 3: LNG Business Strategy - The company is shifting its LNG business model from a trade and transport integration to a pure transportation model, aiming to enhance profitability amid market volatility [4][5] - Hengtong plans to extend its LNG operations upstream and downstream, collaborating with leading domestic companies and expanding terminal user bases to improve market share [5][6] Group 4: Capital Structure Optimization - The company is focused on enhancing its market valuation through strategic capital operations, including a recent tender offer by Nanshan Group, which aims to address the perceived undervaluation of Hengtong [6][7] - Nanshan Group's increased stake, now at 41.3%, is seen as a move to stabilize governance while ensuring the interests of minority shareholders are protected [6][7]