安通控股斩获四连板，招商系“三雄”成“幕后大赢家”

Core Viewpoint - Antong Holdings has experienced a significant stock price surge, driven by the recent launch of the Hainan Free Trade Port and its strategic positioning in the domestic shipping market, making it a key player in the ongoing speculation surrounding Hainan's economic policies [2][5][10]. Company Overview - Antong Holdings is a leading domestic shipping company with a network covering the two major ports of Hainan Island, Yangpu and Haikou, ranking among the top three in container throughput at Haikou Port [2][5]. - The company has a diversified revenue structure, with over 80% of its income derived from maritime operations, and it is recognized as one of the top three domestic shipping companies alongside COSCO Shipping and Zhonggu Logistics [5][10]. Stock Performance - On December 25, Antong Holdings' stock reached a new five-year high of 5.95 yuan, marking its fourth consecutive trading day of gains [2][3]. - The company's market capitalization increased to 25.18 billion yuan, surpassing Zhonggu Logistics [5]. Shareholder Dynamics - Major shareholders of Antong Holdings include China Merchants Energy, China Merchants Port, and China National Foreign Trade, with their combined holdings valued at approximately 20.53 billion yuan, 14.88 billion yuan, and 10.05 billion yuan, respectively [6][9]. - The China Merchants Group has been actively increasing its stake in Antong Holdings, indicating a strategic consolidation effort [7][8]. Market Drivers - The recent launch of the Hainan Free Trade Port, characterized by "zero tariffs, low tax rates, and simplified tax systems," has heightened expectations for increased cargo flow and regional maritime demand [5][10]. - The influx of speculative trading from various well-known investors has contributed to the stock's upward momentum, with significant net purchases recorded from multiple trading desks [4][10]. Financial Performance - Following a substantial loss of 4.5 billion yuan in 2019, Antong Holdings successfully turned around its financials, achieving a net profit of 1.29 billion yuan in 2020 and 2.37 billion yuan in 2022, reflecting a growth of nearly 34% year-on-year [10]. - For the first three quarters of 2025, the company reported revenues of 6.54 billion yuan, a year-on-year increase of 22.65%, and a net profit of 664 million yuan, up 311.77% compared to the previous year [11]. Operational Capacity - As of the latest reports, Antong Holdings has a weighted average total capacity of 2.2861 million deadweight tons, with a significant portion of its fleet consisting of medium-sized container ships [11]. - The company is strategically positioned to benefit from the current market dynamics, as the demand for medium-sized vessels is expected to rise due to environmental regulations and a shortage of such ships in the market [11].