恒通股份：港口业务驶入快车道，前三季度归母净利润增长78.33%

Core Insights - Hengtong Co., Ltd. reported a significant increase in profitability for the first three quarters of 2025, with operating revenue reaching 1.05 billion yuan and a net profit attributable to shareholders of 176 million yuan, marking a year-on-year growth of 78.33% [1] - The company's basic earnings per share rose to 0.25 yuan, reflecting a 78.57% increase compared to the previous year, while the weighted average return on net assets improved by 1.92 percentage points to 4.56% [1] Business Performance - The main business segments of Hengtong include port operations, logistics, and clean energy (LNG), with the port business experiencing explosive growth due to the operational commencement of enterprises within the Yulong Petrochemical Park [1][2] - The port business, implemented through the subsidiary Yulong Port, has expanded its capacity with the construction of seven productive berths and supporting storage areas, providing essential services such as vessel docking, cargo handling, and warehousing [1] Strategic Adjustments - Hengtong is adapting its business layout in response to market conditions, particularly in the LNG sector, where it is shifting towards a light asset operational model to mitigate risks associated with LNG trade market fluctuations [2] - The company aims to leverage the ongoing capacity release within the Yulong Petrochemical Park and the evolving LNG market to optimize its industrial layout and enhance profitability, while adhering to a development philosophy focused on safety, service, low carbon, and efficiency [2]