Hengtong Logistics(SH:603223) Zheng Quan Shi Bao Wang·2025-07-14 14:44Core Viewpoint - Hengtong Co., Ltd. (603223) reported a significant increase in net profit for the first half of 2025, driven by the operational success of its wholly-owned subsidiary, Shandong Yulong Port Co., Ltd. [1] Financial Performance - The company achieved a net profit attributable to shareholders ranging from 94.5 million to 108 million yuan, representing a year-on-year growth of 32.06% to 51.35% [1] - The non-recurring net profit increased by 30.04% to 47.22% year-on-year [1] Business Drivers - The core driver of performance growth is attributed to the operational breakthroughs at Shandong Yulong Port, particularly the commencement of production berths [1] - The increase in the operating rate and capacity of key enterprises in the Yulong Petrochemical Industrial Park has led to a significant rise in port throughput and utilization [1] Industry Context - The Yulong Petrochemical Industrial Park is a national-level large-scale petrochemical base with a substantial planned capacity and a complete industrial chain [1] - The park's enterprises are currently in a capacity ramp-up phase, which, combined with the operational berths at Yulong Port, creates a positive cycle of "industrial capacity expansion - logistics demand growth - port business volume increase" [1] Future Outlook - The Yulong Petrochemical Industrial Park is expected to gradually form a capacity of tens of millions of tons in integrated refining and chemical production, leading to substantial logistics demand [1] - Hengtong Logistics is positioned to benefit continuously as a nearby port operator, enhancing its service offerings in areas such as warehousing management and supply chain finance as business scales expand [2] - The company is transitioning from a traditional logistics provider to a comprehensive service provider through deep involvement in the Yulong Island project, focusing on "industrial park + port logistics" collaborative development [2]