Group 1 - The company, Hengtong Co., Ltd., reported that as of November 10, 2025, the total number of shareholders is 13,608 [2]

Market Overview - The refining and trading sector increased by 0.95% compared to the previous trading day, with Unity Co. leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable declines in individual stocks include: - Kangzhidun (603798) down 5.38% to 16.71 with a trading volume of 64,400 shares and a turnover of 110 million yuan [1] - Baomo Co. (002476) down 3.95% to 6.08 with a trading volume of 279,800 shares and a turnover of 172 million yuan [1] - Other stocks showed minor fluctuations, with Guanghui Energy (600256) and Taishan Petroleum (000554) remaining unchanged at 5.42 and 7.24 respectively [1] Capital Flow - The refining and trading sector saw a net inflow of 67.39 million yuan from main funds, while retail funds experienced a net outflow of 84.64 million yuan [1] - Retail investors contributed a net inflow of 17.25 million yuan [1] Individual Stock Capital Flow - China Petroleum (601857) had a main fund net inflow of 14.02 million yuan, while retail funds saw a net outflow of 10.08 million yuan [2] - Hengli Petrochemical (600346) reported a main fund net inflow of 10.9 million yuan, with retail funds experiencing a net outflow of 79.96 million yuan [2] - Qixiang Tengda (002408) had a main fund net inflow of 9.00 million yuan, while retail funds saw a net outflow of 12.66 million yuan [2]

Core Viewpoint - The oil and gas sector is experiencing upward movement in stock prices, driven by geopolitical tensions and supply disruptions, particularly from Russia, which has halted exports equivalent to 2% of global supply [1]. Group 1: Market Performance - As of November 17, 2025, the National Oil and Gas Index (399439) increased by 0.28%, with significant gains in constituent stocks such as Shun Oil (603353) up 9.99% and Victory Shares (000407) up 9.93% [1]. - The Oil and Gas ETF (159697) rose by 0.60%, marking its fourth consecutive increase, with the latest price at 1.18 yuan [1]. Group 2: Supply and Price Dynamics - The geopolitical situation has led to a suspension of exports from Russian Black Sea ports, impacting supply by approximately 2% of global oil production, equating to 2.2 million barrels per day [1]. - According to Huatai Securities, multiple factors including OPEC+ production increases, rising risks of Russian oil sanctions, and an increase in U.S. commercial crude oil inventories have contributed to a downward trend in oil price levels [1]. Group 3: Key Holdings - As of October 31, 2025, the top ten weighted stocks in the National Oil and Gas Index include major companies such as China National Petroleum (601857) and Sinopec (600028), collectively accounting for 65.09% of the index [2]. - The Oil and Gas ETF is closely tracking the National Oil and Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [1][2].

Market Overview - The refining and trading sector experienced a decline of 0.57% on November 11, with Hengtong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Daqing Huake (000985) saw a significant increase of 10.02%, closing at 21.42 with a trading volume of 51,700 lots and a turnover of 107 million [1] - Unified Co., Ltd. (600506) rose by 5.85%, closing at 28.60 with a trading volume of 434,800 lots and a turnover of 1.232 billion [1] - Other notable performers included Compton (603798) with a 5.12% increase and a closing price of 16.83, and Laicuo Co., Ltd. (000059) with a 1.14% increase [1] Capital Flow - The refining and trading sector saw a net outflow of 239 million from major funds, while retail investors contributed a net inflow of 253 million [2] - The capital flow data indicates that major funds were net sellers in several stocks, including Tongkun Co., Ltd. (601233) and Daqing Huake (000985) [3] Individual Stock Capital Flow - Tongkun Co., Ltd. (601233) had a net inflow of 35.6 million from major funds, but a net outflow of 52.2 million from retail investors [3] - Daqing Huake (000985) experienced a net inflow of 30.5 million from major funds, while retail investors showed a net outflow of 10.8 million [3] - China Petroleum (601857) had a net inflow of 23.5 million from major funds, with retail investors also showing a net outflow [3]

Core Viewpoint - As of October 31, 2025, the total number of shareholders for Hengtong Co., Ltd. is projected to be 13,910 [2] Summary by Categories - **Company Information** - Hengtong Co., Ltd. has responded to investor inquiries on an interactive platform regarding its shareholder count [2] - The company anticipates reaching a total of 13,910 shareholders by the end of October 2025 [2] - **Investor Engagement** - The company is actively engaging with investors through an interactive platform, indicating a commitment to transparency and communication [2]

第一创业证券承销保荐有限责任公司 关于南山集团有限公司要约收购恒通物流股份有限公司 之 2025 年第三季度持续督导意见暨持续督导总结报告 第一创业证券承销保荐有限责任公司（以下简称"一创投行"或"财务顾问"）接 受南山集团有限公司（以下简称"收购人"或"南山集团"）委托，担任南山集团要约 收购恒通物流股份有限公司（以下简称"公司"、"上市公司"或"恒通股份"）的财务 顾问，依照《中华人民共和国证券法》《上市公司收购管理办法》等有关规定，本次要 约收购持续督导期从恒通股份公告要约收购报告书之日起至要约收购完成后的12个月 止（2024 年 8 月 19 日至 2025 年 10 月 14 日）。 2025 年 10 月 22 日，恒通股份披露了 2025 年第三季度报告。结合上述定期报告及 日常沟通，本财务顾问出具上市公司持续督导期内（2025 年 7 月 1 日至 2025 年 10 月 14 日，以下简称"本持续督导期"）的持续督导意见（以下简称"本持续督导意见"）。 本持续督导意见所依据的文件、书面资料等由收购人与恒通股份提供，收购人与恒通 股份对其真实性、准确性和完整性承担全部及连带责任。具体情况如下 ...

Core Points - The Shanghai Composite Index rose by 0.55% on November 3, with 22 out of 28 sectors experiencing gains, led by the media and coal industries, which increased by 3.12% and 2.52% respectively [1] - The oil and petrochemical sector saw a rise of 2.28%, with a net inflow of 1.099 billion yuan in main funds, where 41 out of 47 stocks in this sector increased in value, and 2 stocks hit the daily limit [1] - The top three stocks in terms of net fund inflow in the oil and petrochemical sector were China Petroleum, with a net inflow of 295 million yuan, followed by Intercontinental Oil and China National Offshore Oil Corporation, with inflows of 255 million yuan and 156 million yuan respectively [1] Industry Summary - The oil and petrochemical sector had a total of 47 stocks, with 41 stocks rising and 5 stocks declining on the day [1] - The stocks with the highest net inflow included: - China Petroleum: +4.48% with a turnover rate of 0.14% and a main fund flow of 294.51 million yuan - Intercontinental Oil: +10.13% with a turnover rate of 12.21% and a main fund flow of 255.11 million yuan - China National Offshore Oil Corporation: +4.83% with a turnover rate of 2.71% and a main fund flow of 156.07 million yuan [1] - The stocks with the highest net outflow included: - Tongkun Co.: -1.05% with a net outflow of 46.51 million yuan - Zhun Oil Co.: +2.09% with a net outflow of 9.81 million yuan - Hengtong Co.: -0.61% with a net outflow of 9.77 million yuan [2]

Core Insights - The refining and trading sector saw a slight increase of 0.12% on October 31, with Heshun Petroleum leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Sector Performance - Heshun Petroleum (603353) closed at 21.58, up 5.58% with a trading volume of 97,600 shares and a transaction value of 211 million yuan [1] - Hengtong Co. (603223) closed at 9.91, up 3.77% with a trading volume of 101,000 shares and a transaction value of 98.88 million yuan [1] - International Long (000819) closed at 18.07, up 3.26% with a trading volume of 96,800 shares and a transaction value of 173 million yuan [1] - Other notable performers included Runbei Aerospace (001316) up 2.57%, Bohai Chemical (600800) up 1.86%, and Wanbangda (300055) up 1.68% [1] Fund Flow Analysis - The refining and trading sector experienced a net inflow of 176 million yuan from main funds, while retail investors saw a net outflow of 85.98 million yuan [2] - Notable stocks with significant fund flow included Guanghui Energy (600256) which saw a net outflow of 2.23% [2]

Core Viewpoint - Hengtong Co., Ltd. has shown significant profit growth despite a decline in revenue, primarily driven by strategic adjustments in its LNG business and the operational launch of new port facilities [1][2][3] Financial Performance - In Q3 2025, the company reported revenue of 381 million yuan, a year-on-year decrease of 26.83%, while net profit reached 76.568 million yuan, an increase of 182.55% [1][2] - For the first three quarters, total revenue was 1.05 billion yuan, down 39.29% year-on-year, with net profit at 176 million yuan, up 78.33% [2] Business Strategy - The company has strategically shifted its LNG business from a trading-integrated model to a transportation-focused model, resulting in reduced revenue but increased profitability [2][3] - Hengtong has established long-term partnerships with upstream suppliers to ensure stable gas supply and is expanding its customer base across various sectors [3] Port Operations - The new port facilities at Yulong Port have commenced operations, significantly enhancing service capabilities and contributing to profit growth [2][3] - In 2024, revenue from port operations increased by 120.26%, accounting for 10.87% of total revenue, with a gross margin of 58.81% [1][2] Future Outlook - The company aims to optimize its industrial layout and enhance profitability by leveraging the production capacity of the Yulong Petrochemical Industrial Park and adapting to changes in the LNG market [3][4] - Hengtong is focused on a dual strategy of securing stable upstream resources and expanding its downstream user base to increase market share [3]

Core Viewpoint - Hengtong Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and a positive outlook for future growth [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.05 billion yuan, with a net profit attributable to shareholders of 176 million yuan, representing a year-on-year increase of 78.33% [1]. - The net profit after deducting non-recurring items was 171 million yuan, up 77.10% year-on-year [1]. - Basic earnings per share reached 0.25 yuan, reflecting a growth of 78.57% [1]. - The weighted average return on equity was 4.56%, an increase of 1.92 percentage points compared to the previous year [1]. Quarterly Performance - In the third quarter of 2025, the company recorded a revenue of 381 million yuan, with a net profit attributable to shareholders of 76.57 million yuan, marking a year-on-year increase of 182.55% [1]. - The net profit after deducting non-recurring items for the third quarter was 76.05 million yuan, up 190.01% year-on-year [1]. - Basic earnings per share for the third quarter were 0.11 yuan, a growth of 175% [1]. - The weighted average return on equity for the third quarter was 1.97%, an increase of 1.24 percentage points year-on-year [1]. Business Overview - Hengtong Co., Ltd. operates in three main sectors: ports, logistics, and clean energy [2]. - The company leverages the Shandong Yulong Port to provide docking and cargo handling services for the Yulong Island refining and chemical industry park [2]. - The LNG transportation business is transitioning towards a light-asset operational model, enhancing business controllability [2]. - The clean energy segment encompasses the entire supply chain from upstream procurement to logistics and terminal services, including gas station operations [2]. Strategic Positioning - As a national-level large-scale petrochemical industrial base, the Yulong Petrochemical Industrial Park has a large planned production capacity and a complete industrial chain [2]. - Hengtong Co., Ltd. possesses a significant locational advantage as the only port facility on Yulong Island, with seven operational production berths [2]. - The ongoing capacity ramp-up of enterprises within the Yulong Industrial Park is expected to drive growth in port throughput and revenue for Hengtong Co., Ltd. [2].