Core Viewpoint - The West Sand Islands are becoming a significant destination for educational tourism in China, with a focus on marine culture and ecological protection, aiming to establish a new benchmark for marine tourism in the country [1][3]. Group 1: Development of West Sand Islands Ecological Tourism - The West Sand Islands ecological tourism route has created a multi-layered product matrix to meet diverse tourist needs, having successfully completed 183 voyages and welcomed 58,563 visitors since its inaugural sailing in December 2023 [3]. - The cruise ship Xianglong Island has traveled a total of 65,100 nautical miles, becoming a "national business card" for China's marine tourism, integrating ecological protection, national defense education, and cultural experiences [3][8]. Group 2: Educational and Cultural Activities - The recent four-day educational tour included activities such as a sailing reading club themed "Beautiful China in Books, Charming Xisha in My Eyes," which involved sharing stories of South China Sea culture and national defense [5][6]. - Participants engaged in hands-on activities like planting coconut seedlings and raising the national flag on the islands, emphasizing patriotism and environmental awareness [6][9]. Group 3: Future Prospects and Strategic Goals - The initiative aims to transform the West Sand Islands from a niche exploration destination into a widely shared marine cultural feast, integrating marine science education, ecological research, and historical cultural experiences [8][9]. - The West Sand Islands educational tourism is recognized for its marine characteristics, with plans to elevate the site to a national-level educational demonstration point, contributing to the "Marine Power" strategic goals [9][11].

Core Points - The company has approved the first exercise period of the 2022 stock option incentive plan, allowing 94 incentive targets to exercise 7,177,500 stock options at a price of 5.119 yuan per share [1][2][4] - The stock option incentive plan has undergone necessary approvals, including from the State-owned Assets Supervision and Administration Commission [2][3] - The first exercise period for the stock options is set from May 30, 2025, to May 29, 2026, with a total of 33% of the granted options eligible for exercise during this period [4][5] Approval Process - The company held several board and supervisory meetings to review and approve the stock option incentive plan and its related documents [1][2][3] - The independent directors provided opinions on the plan's benefits for the company's sustainable development [1][2][3] Conditions for Exercise - The exercise of stock options is contingent upon meeting specific performance conditions, including financial report approvals and no adverse audit opinions [5][6] - The company must achieve certain performance metrics, such as a return on equity (ROE) of 10.5% and a compound annual growth rate (CAGR) in revenue of at least 10.5% [7][8] Adjustments and Impact - The exercise price of the stock options was adjusted from 5.32 yuan to 5.119 yuan due to dividend distributions [12] - The total number of incentive targets was reduced from 97 to 94 due to retirements and resignations, resulting in a decrease in the total number of options from 22,975,000 to 21,750,000 [12][17] Financial Implications - If all options are exercised, the company's net assets will increase by approximately 36.74 million yuan, with a corresponding increase in capital reserves [17][18] - The exercise of stock options is not expected to significantly impact the company's financial condition or operating results [18][19] Future Disclosures - The company will disclose changes in incentive targets, adjustments to stock option parameters, and the status of stock option exercises in regular and interim reports [19]

股票简称：海峡股份 股票代码：002320 公告编号：2025-52 关于2022年股票期权激励计划首次授予股票期权 第一个行权期自主行权的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要内容提示： 1.期权简称：海峡 JLC1，期权代码：037373 2.本次可行权的股票期权数量为：7,177,500 份 3.行权价格：5.119 元/股 4.行权模式：自主行权 5.实际可行权期限：2025 年 7 月 21 日至 2026 年 5 月 29 日 6.本次可行权股票期权若全部行权，公司股份仍具备上市条件。 海南海峡航运股份有限公司（以下简称"公司"或"本公司"）根据《2022 年股票期权激励计划（草案修订稿）》（以下简称"本激励计划"或"《激励计 划》"），于 2025 年 6 月 19 日召开第八届董事会第九次临时会议和第八届监事 会第七次临时会议，审议通过了《关于 2022 年股票期权激励计划首次授予股票 期权第一个行权期行权条件成就的议案》，同意满足行权条件的 94 名激励对象 持有的 7,177,500 份股票期权在第一个行权 ...

Core Viewpoint - The optimization and new routes of Hainan Strait Shipping Co., Ltd. have significantly enhanced tourism connectivity between Hainan and Guangxi, attracting more visitors and promoting the integration of cultural and tourism markets [1][2]. Group 1: Route Optimization and Impact - The "Haikou-Beihai" route has been upgraded, and a new "Haikou-Fangchenggang" route has been established, creating a more efficient transportation network that reduces travel time compared to land routes [1]. - As of the end of June, passenger volume on the "Haikou-Beihai" route increased by 61.8% year-on-year, indicating a strong demand for the new travel options [1]. Group 2: Tourism Promotion and Incentives - Hainan plans to issue 40 million yuan in summer tourism consumption subsidies from July 1 to September 30, covering various expenses such as transportation, accommodation, and entrance fees to attractions [1]. - Tourists can apply for these subsidies by uploading valid receipts, aiming to stimulate tourism spending and encourage more visitors to explore the Hainan-Guangxi maritime journey [1]. Group 3: Future Plans and Developments - The company intends to continue upgrading its services, including the introduction of sea-view observation decks, cultural experience areas, and other tourism-related activities to enhance the travel experience [2]. - The goal is to transform the routes into "mobile cultural and tourism complexes," contributing to the high-quality development of coastal tourism in South China and the broader regional economy [2].

Core Viewpoint - The optimization and expansion of maritime routes by Hainan Strait Shipping Co., Ltd. is reshaping regional economic geography, enhancing connectivity between Hainan Free Trade Port and the Beibu Gulf Economic Zone [2][3]. Group 1: Strategic Layout Reshaping Transportation Map - The company has upgraded the "Haikou-Beihai" route and launched the "Haikou-Fangchenggang" route, establishing a dual-line operation that improves efficiency and reduces travel time [3]. - The "Chang Le Gong Zhu" ship is equipped with advanced navigation systems and emergency response mechanisms to ensure safe operations [3]. - As of June, the "Haikou-Beihai" route saw a 61.8% increase in passenger volume and a 265.6% increase in vehicle transport, indicating strong market demand for efficient sea-land intermodal transport [3]. Group 2: Economic Vitality Activating Regional Collaboration - The new routes facilitate direct transportation of products such as Hainan tropical agricultural products and Beihai electronic goods, creating a logistics channel that integrates "Beibu Gulf manufacturing + Hainan exports" [4]. - The routes enable cross-regional flow of economic elements, allowing for the export of machinery and components from Yunnan, Guizhou, and Sichuan to Hainan, while steel and chemicals from Guangxi can enter the Hainan market [4]. - The upgrade of the maritime routes is a key initiative for collaborative development between Hainan and Guangxi, transforming Hainan from an "island economy" to a "bay area collaboration" [4]. Group 3: Integration of Livelihood and Cultural Tourism - The new routes are significantly changing residents' lifestyles and cultural experiences, with lower travel costs compared to flights, enhancing accessibility for families [5]. - The routes are equipped with facilities for accessibility and family needs, and plans for educational activities related to marine culture are in place [6]. - The optimization of routes is driving deeper integration of cultural tourism, linking various attractions across Hainan and Guangxi, and promoting tourism through initiatives like the issuance of tourism consumption vouchers [6].

Group 1: Port Capacity and Operations - The annual design capacity of Haikou New Port passenger hub is 35 million passengers and 5.6 million vehicles [2] - The combined throughput capacity of Haikou New Port and Xiuying Port has significant room for growth compared to current operational volumes [2] - The company plans to increase capacity by adding flat-deck barges and new roll-on/roll-off vessels, as well as opening new routes to alleviate pressure on the Haikou to Hai'an route [2] Group 2: Pricing and Revenue Strategies - The ticket price for the Haikou to Hai'an route has remained unchanged in recent years [3] - Future revenue enhancement will focus on providing port and route value-added services and strengthening commercial operations at the new passenger hub [3] Group 3: Strategic Acquisitions and Synergies - The acquisition of Xuwen Port will enable unified scheduling and management of ports on both sides of the Qiongzhou Strait, improving vessel turnaround and operational efficiency [4] - The integration of shipping resources in the Qiongzhou Strait increased the fleet from 15 to 47 vessels by the end of 2021 [5] Group 4: Future Opportunities and Market Position - The implementation of the Hainan Free Trade Port policy is expected to lower operational costs and attract more investors, leading to increased passenger and vehicle traffic [6][7] - The company holds approximately 80% market share in the Qiongzhou Strait roll-on/roll-off transport market and about 40% in the Bohai Bay market [7] Group 5: Capital Expenditure and Competitiveness - The company plans to invest in the construction of two new roll-on/roll-off vessels to replace aging ships [7] - Compared to competitors, the company has a higher average vessel age and lower operational efficiency, but aims to improve profitability through capacity upgrades and enhanced management practices [7]

Group 1 - The legal opinion letter is issued by Beijing Dacheng (Haikou) Law Firm regarding the 2025 Fourth Extraordinary General Meeting of Hainan Strait Shipping Co., Ltd. [1][2] - The meeting was proposed and convened by the Board of Directors, with a resolution passed on June 23, 2025, to hold the meeting [2][3]. - The notice and proposal content for the meeting were announced on June 20 and June 24, 2025, through various platforms including the Shenzhen Stock Exchange [3][4]. Group 2 - The meeting was held using a combination of on-site and online voting, with the on-site meeting taking place at the Port and Shipping Building [3][4]. - The meeting was attended by a total of 426 shareholders and representatives, representing 1,628,000,061 shares, which is 73.04% of the total shares [4][5]. - Online voting was conducted with 423 shareholders participating, representing 23,234,931 shares, which is 1.04% of the total shares [5]. Group 3 - The proposals for the meeting included significant matters affecting minority investors, with separate counting of votes for minority shareholders [6][7]. - The voting process was conducted through a registered voting method and online voting, with results announced immediately after the voting [6][7]. - The total votes for the proposals showed that the resolutions were passed, with a combined total of 1,648,112,491 shares in favor [7][8]. Group 4 - The legal opinion concludes that the convening and holding procedures of the meeting comply with relevant laws, regulations, and the company's articles of association [8]. - The qualifications of the attendees and the convenor were deemed valid, and the voting procedures and results were confirmed as legal and effective [8].

关 于 海 南 海 峡 航 运 股 份 有 限 公 司 2025 年 第 四 次 临 时 股 东 大 会 的 法 律 意 见 书 大成 is Dentons'Preferred Law Firm in China. 北京大成（海口）律师事务所 www.dacheng.com 海口市国兴大道 57 号海口中交国际中心 1 号楼 23A 层（570203） 23A/F, THE CCCC HAIKOU INTERNATIONAL CENTER , No.57, Guoxing Avenue 570203,Haikou,Hainan,China Tel: +86 898-66982281 Fax: +86 898-66501969 北 京 大 成 （ 海 口 ） 律 师 事 务 所 北京大成（海口）律师事务所 关于海南海峡航运股份有限公司 2025 年第四次临时股东大会 的法律意见书 致：海南海峡航运股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）和中国证券监督管理委员会《上市公司股东 大会规则（2022 年修订）》（以下简称《股东大会规则》）等法律 ...

2025 年第四次临时股东大会决议公告 本公司及全体董事会成员保证公告内容真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 重要提示： 1.本次股东大会无否决、修改、增加提案的情况。 2.本次股东大会以现场结合网络投票方式召开。 一、会议召开和出席情况 海南海峡航运股份有限公司（以下简称"海峡股份"或"公司"）2025 年 第四次临时股东大会于 2025 年 7 月 9 日在海南省海口市滨海大道 157 号港航大 厦 14 楼会议室召开，会议采取现场结合网络投票方式举行。参加本次会议的股 东及股东代表共计 426 人，代表有表决权的股份 1,651,234,992 股，占公司总股 本的 74.08%。其中，出席现场会议的股东代表 3 人，代表有表决权的股份 1,628,000,061 股，占公司总股本的 73.04%；通过网络投票出席会议的股东 423 人，代表有表决权的股份 23,234,931 股，占公司总股本的 1.04%。本次会议由 公司董事会召集，由副董事长张婷女士主持。公司部分董事、监事及见证律师出 席了本次会议，公司部分高级管理人员列席了本次会议。公司董事会秘书蔡泞检 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]