Hengtong Logistics(SH:603223) Zheng Quan Zhi Xing·2025-08-27 09:11Core Viewpoint - Hengtong Logistics Co., Ltd. reported a significant decrease in revenue for the first half of 2025, with a total revenue of approximately 668.96 million yuan, a decline of 44.66% compared to the same period last year. However, the net profit attributable to shareholders increased by 38.86% to approximately 99.36 million yuan, indicating a shift in business strategy and operational efficiency despite lower overall revenue [2][6][8]. Company Overview and Financial Indicators - The company’s total assets as of June 30, 2025, were approximately 5.40 billion yuan, a decrease of 2.08% from the end of the previous year [2]. - The net assets attributable to shareholders increased by 1.72% to approximately 3.86 billion yuan [2]. - Basic earnings per share rose by 60% to 0.16 yuan compared to the same period last year [2]. Industry Analysis Port Industry - In the first half of 2025, China's port cargo throughput reached approximately 8.9 billion tons, a year-on-year increase of 4%, with container throughput growing by 6.9% [3][4]. - The eastern coastal regions, including the Yangtze River Delta and Pearl River Delta, accounted for over 70% of the national throughput, driven by emerging market routes and exports of new energy products [3][4]. Logistics and Transportation Industry - The total social logistics volume in China for the first half of 2025 was approximately 6.9 trillion yuan, reflecting a year-on-year growth of 5% [5]. - The logistics industry’s performance indicators, including business volume and new orders, remained in the expansion zone, indicating a stable growth trend [5]. LNG Industry - The LNG market experienced a divergence between coastal and inland markets, with coastal prices remaining high while inland prices faced downward pressure due to increased competition and lower demand [6][7]. - The company adjusted its LNG business strategy, shifting focus from trade to transportation services to enhance profitability and reduce exposure to market fluctuations [6][7]. Business Operations - The company operates a port business that provides various services, including ship docking and cargo handling, primarily serving the Shandong Yulong Petrochemical Industrial Park [6][8]. - The logistics operations include over 170 vehicles for general cargo transportation and a significant fleet for hazardous materials, particularly liquid alkali and LNG [7][8]. - The company is transitioning its LNG operations to focus on transportation, leveraging its fleet to maintain stable revenue streams while reducing reliance on the competitive trade segment [6][8].