第四届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 公司董事长李桃元先生因工作原因无法现场出席主持会议，通过通讯方式参 会，经公司半数以上董事共同推举，由董事李凌云女士主持本次会议。本次董事 会应出席会议的董事 8 人，实际出席董事 8 人（其中 6 名董事以通讯方式出席）。 公司董事会秘书、全体监事和部分高级管理人员列席了董事会会议。会议召开符 合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 | 证券代码：001205 | 证券简称：盛航股份 | 公告编号：2024-133 | | --- | --- | --- | | 债券代码：127099 | 债券简称：盛航转债 | | 南京盛航海运股份有限公司 南京盛航海运股份有限公司（以下简称"公司"）第四届董事会第十八次会议 通知已于 2024 年 8 月 21 日以电子邮件的方式送达全体董事，根据《公司章程》 的规定，经全体董事一致同意豁免会议通知期限，会议于 2024 年 8 月 22 日在公 司会议室通过现场结合通讯会议的方 ...

| 证券代码：001205 | 证券简称：盛航股份 | 公告编号：2024-135 | | --- | --- | --- | | 债券代码：127099 | 债券简称：盛航转债 | | 南京盛航海运股份有限公司关于召开 2024年第五次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 根据《公司法》和《公司章程》的有关规定，经南京盛航海运股份有限公司 （以下简称"公司"）第四届董事会第十八次会议审议通过，公司董事会决定于 2024 年 9 月 9 日（星期一）下午 14:30 召开公司 2024 年第五次临时股东大会， 本次股东大会采取现场投票和网络投票相结合的方式进行，现将具体事项公告如 下： 一、召开会议的基本情况 3、会议召开的合法、合规性：经公司第四届董事会第十八次会议审议通过， 决定召开公司 2024 年第五次临时股东大会。本次会议召集程序符合《公司法》 《深圳证券交易所股票上市规则》等相关法律法规、规范性文件以及《公司章程》 的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 9 月 9 日（星期一）下午 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6][9] Core Views - The company has achieved a revenue of 708 million yuan in H1 2024, representing a year-on-year increase of 22.36%, with a net profit attributable to shareholders of 97 million yuan, up 10.48% year-on-year [2][3] - The company is actively balancing its capacity layout through a strategy of both domestic and foreign trade, with foreign trade becoming a strong driver of growth [3][4] - The acquisition of Haichanghua has been completed, continuing the dual expansion strategy in both domestic and foreign trade [3][4] Summary by Sections Financial Performance - In H1 2024, the company's revenue from domestic chemical products, domestic refined oil, and foreign chemical products was 373 million yuan, 43 million yuan, and 293 million yuan, respectively, with year-on-year changes of -11.08%, -13.20%, and +165.80% [3] - The gross profit margins for these segments were 31.79%, 19.85%, and 31.12%, showing year-on-year changes of -4.40 percentage points, +14.95 percentage points, and +31.12 percentage points [3] Growth Projections - The company is projected to achieve revenues of 1.478 billion yuan, 1.924 billion yuan, and 2.119 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17%, 30%, and 10% [6][7] - The net profit attributable to shareholders is expected to be 207 million yuan, 269 million yuan, and 320 million yuan for the same years, with growth rates of 14%, 30%, and 19% [6][7] Valuation Metrics - The report indicates a projected P/E ratio of 12.02, 9.27, and 7.78 for the years 2024, 2025, and 2026, respectively [6][7] - The projected ROE is expected to remain stable at 11% for 2024 and 2025, increasing to 13% in 2026 [6][7]

Investment Rating - The investment rating for Shenghang Co., Ltd. is "Buy" (maintained) [1]. Core Views - The company achieved a revenue of 710 million RMB in H1 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to shareholders of 100 million RMB, up 10.5% year-on-year [1]. - The growth in revenue is primarily driven by the expansion of foreign trade transportation business, with overseas revenue increasing significantly by 165.8% to 290 million RMB, while domestic revenue decreased by 11.3% to 416 million RMB [1]. - The acquisition of Haichanghua, which now holds a 53.06% stake, enhances the company's competitiveness in domestic refined oil waterway transportation [1]. Summary by Sections Performance - In Q2 2024, the company reported a revenue of 330 million RMB, a 15.3% increase year-on-year, and a net profit of 50 million RMB, growing by 17.3% year-on-year [1]. - The total number of vessels controlled by the company reached 52, with a total capacity of 399,000 deadweight tons, including 15 vessels engaged in foreign trade transportation [1]. Market Analysis - The domestic market demand is weak, leading to a decline in gross margin for domestic operations, which fell by 2.34 percentage points to 30.56% [1]. - Conversely, the gross margin for overseas operations increased by 8.89 percentage points to 31.12% [1]. Financial Forecast - The company maintains its net profit forecasts for 2024-2026 at 240 million RMB, 310 million RMB, and 360 million RMB respectively [1].

来源：公司年报、国金证券研究所 盛航股份 (001205.SZ) 买入(维持评级) 证券研究报告 业绩 2024 年 8 月 19 日，盛航股份发布 2024 年半年度报告。2024H1 公 司实现营收 7.1 亿元，同比增长 22.4%；实现归母净利润 1.0 亿元， 同比增长 10.5%。2024Q2 公司实现营收 3.3 亿元，同比增长 15.3%； 实现归母净利润 0.5 亿元，同比增长 17.3%。 分析 外贸运输业务规模扩大，上半年营收同比增长。2024H1 公司营业 收入同比增长 22.4%，主要系公司外贸业务规模扩大所致，2024H1 公司境内收入为 4.16 亿元，同比下降 11.3%，境外收入为 2.9 亿 元，同比大幅增长 165.8%。外贸市场高景气，公司抓住机会积极 开拓外贸运输业务，截至 2024H1 公司控制的内外贸船舶数量达已 52 艘，总运力 39.9 万载重吨，其中已有 15 艘船舶从事外贸运输 （不含 3 艘外租外贸船舶）。相应地，2024H1 公司内贸液体化学品 水路运量为 260.42 万吨，同比增长 4.66%；外贸液货危险品运量 为 125.50 万吨，同比大幅增 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 708,499,287.97, representing a 22.36% increase compared to CNY 579,042,167.16 in the same period last year[12]. - Net profit attributable to shareholders was CNY 97,098,917.68, up 10.48% from CNY 87,886,394.85 year-on-year[12]. - The net cash flow from operating activities increased by 9.83% to CNY 244,180,492.40, compared to CNY 222,330,937.54 in the previous year[12]. - Basic earnings per share rose to CNY 0.5726, an increase of 11.79% from CNY 0.5122 in the same period last year[12]. - Total assets at the end of the reporting period reached CNY 5,004,816,367.09, a 15.99% increase from CNY 4,314,804,959.98 at the end of the previous year[12]. - The net assets attributable to shareholders increased by 2.59% to CNY 1,765,111,332.66, compared to CNY 1,720,544,010.83 at the end of the last year[12]. - The weighted average return on equity was 5.54%, slightly down from 5.75% in the previous year[12]. - The company reported a total of CNY 100,520,608.53 in trading financial assets at the end of the period, a decrease of 6.44% from the previous year[46]. - The company's cash and cash equivalents decreased to CNY 347,717,441.31, representing 6.95% of total assets, down from 9.72% at the end of the previous year[46]. - The total operating revenue for the first half of 2024 reached CNY 708,499,287.97, representing a year-on-year increase of 22.36% compared to CNY 579,042,167.16 in the same period last year[42]. Investment and Acquisitions - The company acquired a 44.8679% stake in Haichanghua, increasing its total shareholding to 53.0555%, making Haichanghua a subsidiary, which enhances its market position in the domestic hazardous goods transportation sector[21]. - The company invested CNY 23,617,611.53 in the construction of a 3,720-ton stainless steel chemical/oil tanker, with a cumulative investment of CNY 72,975,957.84, achieving a project progress of 96.83%[55]. - The company has established Jiangsu Andefu Energy Technology Co., Ltd. with an investment of CNY 184,116,528.00, holding a 48.55% stake, and all parties have completed their capital contributions[51]. - The company acquired a 2% stake in Jiangsu Andefu Energy Development Co., Ltd. for CNY 5,000,000, with the investment completed and the share transfer payment made[51]. - The company is constructing a 13,500DWT dual-phase stainless steel foreign trade chemical/product oil vessel, which is currently under construction to meet foreign trade transportation needs[23]. - The company has successfully delivered a new 5,500m³ semi-cold semi-pressure LPG/NH3/VCM transport vessel, "Shenghang Yongle," which will commence operations after necessary technical tests and certifications[23]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, Northeast Asia, and India through strategic partnerships and service enhancements[20]. - The company is actively expanding its international hazardous chemical waterway transportation market, establishing partnerships with global petrochemical companies[30]. - The company plans to optimize its fleet structure and enhance competitiveness by building new vessels and integrating existing resources[23]. - The company aims to enhance its service capabilities and market share in the South China waterway transportation market through this acquisition[73]. - The company is focusing on technology development with a budget of 204.13 million allocated for January 29, 2024[62]. - The company is actively pursuing market expansion strategies, targeting a 20% increase in market share within the next fiscal year[1]. Risk Management - The report includes a detailed risk analysis in section ten, highlighting potential challenges the company may face[2]. - The company emphasizes the importance of understanding the difference between plans, forecasts, and commitments, urging investors to recognize associated risks[2]. - The company faces risks from fluctuations in the chemical industry, which could impact performance due to its reliance on petrochemical production and sales[76]. - Rising operational costs, particularly fuel and labor, pose a risk to profitability, with strategies in place to enhance operational efficiency and negotiate freight rates[80]. - The company is committed to enhancing safety management and environmental protection measures to address risks associated with hazardous materials transportation[78]. Governance and Compliance - The company reported a commitment to ensure the accuracy and completeness of the semi-annual report, with all board members present for the meeting[1]. - The financial report is signed and stamped by the legal representative and accounting heads, ensuring its validity[4]. - The semi-annual report is part of the company's ongoing commitment to transparency and regulatory compliance[3]. - The company is focused on maintaining a strong governance structure as detailed in the governance section of the report[3]. - The company has established a robust internal control system to protect the rights of shareholders, particularly minority shareholders, and has implemented a dual voting system for significant matters affecting their interests[100]. Environmental Responsibility - The company has established a comprehensive environmental management system to prevent pollution from its operations, ensuring compliance with national and international regulations[93]. - The company aims to reduce carbon emissions through optimized navigation management, including route design and speed management to minimize fuel consumption[96]. - The company has implemented measures to enhance cargo management, including optimizing loading and unloading operations to reduce waste and emissions[97]. - The company emphasizes the use of green, low-carbon, and environmentally friendly materials in new ship construction to enhance energy efficiency[100]. - The company has received safety management certificates for its vessels, ensuring compliance with pollution prevention regulations[93]. Shareholder Engagement - The company held four temporary shareholder meetings and one annual shareholder meeting in 2024, with investor participation rates of 39.76%, 39.74%, 44.70%, and 43.32% respectively[83]. - The company has committed to maintaining transparency and timely information disclosure to ensure equal access to information for all shareholders[100]. - The company reported a total shareholding commitment of 25% for executives, with restrictions on share transfers for six months post-resignation[106]. - The company has committed to long-term shareholding intentions, indicating a positive outlook on the industry and a willingness to maintain control[109]. Legal Matters - The company reported a significant lawsuit involving Siam City Cement (Vietnam) Limited, with a claim amounting to CNY 161.05 million, which is currently under trial and is not expected to adversely affect the company's profits[121]. - Another lawsuit involving Hainan Lian Investment Co., with a claim amount of CNY 65.67 million, has been resolved with a settlement of CNY 30 million, and it will not impact the company's financial status[121]. - The company has maintained a stable operational environment with no significant adverse legal impacts reported[121]. Financial Management - The company has entrusted financial management with a total amount of 72,475 million CNY, with an overdue balance of 0[154]. - The company has authorized financing applications and related guarantees from the date of the 2022 annual shareholders' meeting until the 2023 annual shareholders' meeting[143]. - The company plans to increase its financing limit by up to RMB 600 million to support business operations and development needs[143]. - The company has secured financing guarantees amounting to 4,440.40 million CNY, ensuring liquidity for ongoing projects[139].

南京盛航海运股份有限公司 第四届董事会独立董事第十二次专门会议审核意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》《深圳证券交易所股票上市规则》等有关 法律、行政法规和规范性文件的有关规定，南京盛航海运股份有限公司（以下简 称"公司"）于 2024 年 8 月 19 日以现场结合通讯方式召开第四届董事会独立董事 第十二次专门会议。全体独立董事对提交公司第四届董事会第十七次会议审议的 相关议案发表审核意见如下： 一、《2024 年半年度募集资金存放与使用情况专项报告》的审核意见 经审核，我们一致认为： 2 （以下无正文） 1 （以下无正文，为《南京盛航海运股份有限公司第四届董事会独立董事第十二次 专门会议审核意见》之签字页） 独立董事签字： 乔 久 华 沈 义 刘 畅 2024 年 8 月 19 日 在对公司 2024 年半年度募集资金使用情况进行充分调查的基础上，基于独 立判断，我们作为公司独立董事一致认为：2024 年半年度公司募集资金的管理 和使用符合中国证监会、深圳证券交易所关于上市公司募集资金使用和管理的相 关规定，不存在募集资金管理和使 ...

| 证券代码：001205 | 证券简称：盛航股份 | 公告编号：2024-129 | | --- | --- | --- | | 债券代码：127099 | 债券简称：盛航转债 | | 一、监事会会议召开情况 南京盛航海运股份有限公司（以下简称"公司"）第四届监事会第十四次会议 通知已于 2024 年 8 月 8 日以电子邮件的方式送达全体监事。会议于 2024 年 8 月 19 日在公司会议室通过现场结合通讯会议的方式召开。 南京盛航海运股份有限公司 第四届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 会议由公司监事会主席吴树民先生主持，本次监事会应出席会议的监事 3 人，实际出席监事 3 人（其中 1 名监事以通讯方式出席）。公司董事会秘书列席 了本次会议，会议召开符合《中华人民共和国公司法》和《公司章程》的有关规 定。 二、监事会会议审议情况 经与会监事认真审议，形成决议如下： （一）审议通过《2024 年半年度报告全文及摘要》。 经审核，监事会认为： 公司 2024 年半年度募集资金存放与实际使用情况符合中国证监会《上市 ...

2024年半年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 | 证券代码：001205 | 证券简称：盛航股份 公告编号：2024-132 | | --- | --- | | 债券代码：127099 | 债券简称：盛航转债 | 南京盛航海运股份有限公司 根据《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》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》等有关法律法规和规范性文件的规定，南京 盛航海运股份有限公司（以下简称"公司"）将 2024 年半年度募集资金存放与使 用情况作如下专项报告： 一、募集资金基本情况 （一）首次公开发行股票募集资金 1、实际募集资金金额和资金到账时间 （二）2023 年向不特定对象发行可转换公司债券募集资金 1、实际募集资金金额和资金到账时间 经中国证监会《关于同意南京盛航海运股份有限公司向不特定对象发行可转 换公司债券注册的批复》（证监许可〔2023〕2344 号）同意注册，公司向不特 定对象发行面值总额为 74, ...

| 证券代码：001205 | 证券简称：盛航股份 公告编号：2024-128 | | --- | --- | | 债券代码：127099 | 债券简称：盛航转债 | 南京盛航海运股份有限公司 第四届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 南京盛航海运股份有限公司（以下简称"公司"）第四届董事会第十七次会议 通知已于 2024 年 8 月 8 日以电子邮件的方式送达全体董事。会议于 2024 年 8 月 19 日在公司会议室通过现场结合通讯会议的方式召开。 公司董事长李桃元先生因工作原因无法现场出席主持会议，通过通讯方式参 会，经公司半数以上董事共同推举，由董事李凌云女士主持本次会议。本次董事 会应出席会议的董事 8 人，实际出席董事 8 人（其中 4 名董事以通讯方式出席）。 公司董事会秘书、全体监事、全体高级管理人员列席了董事会会议。会议召开符 合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议审议并通过了以下议案： （一）审议通过《2024 年 ...