Company Overview - Established in 2002, Hainan Strait Shipping Co., Ltd. was initiated by five shareholders including Hainan Port and Shipping Holdings Co., Ltd. and Shenzhen Yantian Port Co., Ltd. [2] - Listed on the Shenzhen Stock Exchange in 2009, the company has expanded its operations significantly since then [2] - In 2021, the company completed the integration of shipping resources in the Qiongzhou Strait, enhancing its service capabilities [2] - As of 2025, the company has acquired 100% of COSCO Shipping Passenger Transport, increasing its roll-on/roll-off vessel fleet to 64 [2] Business Operations - The company primarily operates passenger and cargo transport services in the Qiongzhou Strait and Bohai Bay, with key routes including Haikou to Hainan, Yantai to Dalian, and Sanya to Xisha [2] - Revenue model relies on freight charges from shipping and port service fees, with additional income from tourism products on the Xisha route [2] New Route Launch - The newly opened Haikou to Fangchenggang route covers 157 nautical miles with a travel time of approximately 12 hours [3] - The "Chess Bay" vessel, measuring 129.9 meters in length and 20.4 meters in width, can carry 844 passengers and 69 trucks [3] - This route aligns with the "Western Land-Sea New Corridor" and "Hainan Free Trade Port" strategies, enhancing connectivity between the Beibu Gulf city cluster and Hainan [3] Revenue Breakdown - As of the 2025 mid-year report, revenue distribution is as follows: - Haikou to Hainan route: 72% - Yantai to Dalian route: 10% - Xisha route: 6% - Port services: 5% - Other routes and services: remaining percentage [5] Future Opportunities - The implementation of favorable tax policies in Hainan's free trade port is expected to reduce operational costs and attract more investors [8] - The upcoming full closure operation of Hainan by the end of 2025 will facilitate easier movement of goods, potentially increasing passenger and cargo flow [8] - Infrastructure improvements, such as the completion of the circular island tourism road, are anticipated to boost the company's core business [8] Safety Measures - The company has invested in flat-deck cargo ships for transporting new energy vehicles, addressing safety concerns related to battery fires [4] - These ships feature open deck designs for better ventilation and are equipped with specialized firefighting systems to ensure safety during transport [4] Dividend Policy - The company aims to provide stable dividend returns to shareholders while ensuring sustainable development [6] - Dividend policies will consider profitability, cash flow, future investment plans, and shareholder expectations [6]

Core Points - The shipping and port sector experienced a decline of 2.14% on November 21, with HNA Technology leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Sector Performance - HNA Technology (600751) closed at 3.94, down 9.84% with a trading volume of 1.0427 million shares and a turnover of 427 million yuan [1] - Xiamen Port (000905) closed at 10.18, down 7.45% with a trading volume of 536,200 shares and a turnover of 559 million yuan [1] - Phoenix Shipping (000520) closed at 4.35, down 5.64% with a trading volume of 296,900 shares and a turnover of 132 million yuan [1] - Other notable declines include Antong Holdings (600179) down 5.54%, Chongqing Port (600279) down 5.29%, and Ningbo Shipping (600798) down 4.96% [1] Capital Flow - The shipping and port sector saw a net outflow of 751 million yuan from main funds, while retail funds had a net inflow of 483 million yuan [1] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [1] Individual Stock Capital Flow - North Bay Port (000582) had a main fund net inflow of 25.71 million yuan, while retail funds saw a net outflow of 23.22 million yuan [2] - COSCO Shipping Energy (600026) experienced a main fund net inflow of 18.80 million yuan, but retail funds had a net outflow of 25.41 million yuan [2] - Shanghai Port Group (600018) had a main fund net inflow of 5.09 million yuan, with retail funds also showing a net outflow of 5.47 million yuan [2]

1.本次股东会无否决、修改、增加提案的情况。 2.本次股东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年第八次临时股东会于2025年11月20 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1,267人，代表有表决权的股份1,652,091,563股，占公司总股本的 73.93%。其中，出席现场会议的股东代表5人，代表有表决权的股份1,628,002,561股，占公司总股本的 72.85%；通过网络投票出席会议的股东1,262人，代表有表决权的股份24,089,002股，占公司总股本的 1.08%。本次会议由公司董事会召集，由董事朱火孟先生主持。公司部分董事、董事会秘书及见证律师 出席了本次会议，公司部分高级管理人员列席了本次会议。本次会议的召集、召开符合有关法律、法规 及海峡股份《公司章程》的规定。 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： 二、议案审议情况 本次股东会以现 ...

Core Points - The company held its eighth extraordinary general meeting of shareholders on November 20, 2025, with a total of 1,267 participants representing 1,652,091,563 shares, accounting for 73.93% of the total share capital [3] - The meeting was conducted in a hybrid format, combining on-site and online voting [2] Meeting Attendance and Voting Results - The meeting was attended by 1,267 shareholders and representatives, with 1,628,002,561 shares represented in person (72.85%) and 24,089,002 shares represented online (1.08%) [3] - The meeting was convened by the board of directors and presided over by Director Zhu Huomeng, with participation from some board members and senior management [3] Resolutions Passed - The proposal to appoint the auditing firm for the year 2025 was approved with 1,650,702,450 votes in favor (99.92%), 1,011,113 votes against (0.06%), and 378,000 abstentions (0.02%) [4] - The proposal for the company to apply for the registration and issuance of medium-term notes was approved with 1,651,638,363 votes in favor (99.97%), 263,400 votes against (0.02%), and 189,800 abstentions (0.01%) [5] - The proposal to adjust the investment scale of the New Haikou Passenger Transport Hub project was approved with 1,651,705,663 votes in favor (99.98%), 238,900 votes against (0.01%), and 147,000 abstentions (0.01%) [6] Legal Opinions - The legal advisors from Beijing Dacheng (Haikou) Law Firm confirmed that the meeting's convening and proceedings complied with relevant laws, regulations, and the company's articles of association, deeming the resolutions valid [8]

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 八 次 临 时 股 东 会 的 法 律 意 见 书 关于海南海峡航运股份有限公司 2025 年第八次临时股东会 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 会规则》（以下简称《股东会规则》）等法律、法规和其他有关规范性文件的要 ...

海南海峡航运股份有限公司 2025 年第八次临时股东会决议公告 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： 股票简称：海峡股份 股票代码：002320 公告编号：2025-90 本次股东会以现场投票与网络投票相结合的方式对议案进行表决，具体表 决结果如下： 1.审议通过了关于聘请 2025 年度审计机构的议案。 表决结果为：同意 1,650,702,450 股，占出席会议有效表决权总数的 99.92%； 反对 1,011,113 股，占出席会议有效表决权总数的 0.06%；弃权 378,000 股，占 出席会议有效表决权总数的 0.02%。其中，中小股东同意 22,702,389 股，占出 席会议中小股东有效表决权总数的 94.23%；反对 1,011,113 股，占出席会议中 小股东有效表决权总数的 4.20%；弃权 378,000 股，占出席会议中小股东有效表 决权总数的 1.57%。 2.审议通过了关于公司申请注册发行中期票据的议案。 表决结果为：同意 1,651,638,363 股，占出席会议有效表决权总数的 99.97%； ...

Core Viewpoint - The "Changle Princess" vessel of Hainan Strait Shipping Co., Ltd. has resumed normal operations after completing factory repairs, enhancing the maritime travel experience for passengers between Haikou and Beihai [1][3]. Group 1: Vessel Upgrades and Services - The "Changle Princess" vessel has undergone comprehensive upgrades to its cabin types and public service areas, reflecting a commitment to high service quality [3]. - The vessel operates a stable daily schedule with a "depart in the evening, arrive in the morning" plan, effectively reducing travel time and accommodation costs compared to traditional self-driving options [3]. - The ship is equipped with comprehensive dining and shopping facilities to meet diverse passenger needs, while also offering scenic views of sunrises and sunsets during the journey [3]. Group 2: Company Strategy and Market Response - The upgrades and resumption of the "Changle Princess" service are part of the company's strategy to enhance service quality and strengthen route reliability in response to strong market demand [3]. - The company plans to continue improving service capabilities to meet the growing demand in the market [3].

Core Viewpoint - Hainan Strait Shipping Co., Ltd. has shown significant stock performance with a year-to-date increase of 107.99%, despite a recent decline in net profit [2][3]. Group 1: Stock Performance - On November 20, the stock price increased by 2.03%, reaching 13.54 CNY per share, with a total market capitalization of 30.255 billion CNY [1]. - The stock has experienced a trading volume of 2.28 billion CNY, with a turnover rate of 0.76% [1]. - Year-to-date, the stock has risen by 107.99%, with a 2.34% increase over the last five and twenty trading days, and a 60.05% increase over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 3.923 billion CNY, reflecting a year-on-year growth of 21.84%, while the net profit attributable to shareholders decreased by 24.99% to 190 million CNY [2]. - Cumulatively, the company has distributed 1.740 billion CNY in dividends since its A-share listing, with 448 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of November 10, the number of shareholders increased by 24.42% to 107,000, with an average of 20,883 shares per shareholder, a decrease of 19.63% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Ltd. as the third-largest shareholder, holding 17.6967 million shares, an increase of 1.7003 million shares from the previous period [3].

Market Performance - The Hainan Free Trade Zone concept index declined by 4.52%, ranking among the top losers in the concept sector as of the market close on November 19 [1] - Notable stocks within the Hainan Free Trade Zone that hit the daily limit down include Hainan Haiyao, Haima Automobile, and *ST Shuangcheng, while stocks like Xindazhou A, Junda Co., and Jinpan Technology saw slight increases of 1.96%, 0.77%, and 0.24% respectively [1] Capital Flow - The Hainan Free Trade Zone concept experienced a net outflow of 2.356 billion yuan from major funds today, with 26 stocks facing net outflows, and 10 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Hainan Airport, which saw a net outflow of 294 million yuan, followed by Haima Automobile, Zhongtung High-tech, and Hainan Development with net outflows of 268 million yuan, 191 million yuan, and 185 million yuan respectively [2] Stock Performance - The top stocks with significant net outflows in the Hainan Free Trade Zone include: - Hainan Airport: -4.95% with a turnover rate of 3.02% and a net outflow of 293.96 million yuan - Haima Automobile: -10.00% with a turnover rate of 19.58% and a net outflow of 267.67 million yuan - Zhongtung High-tech: -3.47% with a turnover rate of 6.92% and a net outflow of 191.25 million yuan - Hainan Development: -8.81% with a turnover rate of 14.49% and a net outflow of 185.28 million yuan [2][3]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]