凤凰航运2025年预亏但扣非净利转正，实控人案件未结引关注

Company Performance - The company expects a net loss of 40 million to 60 million yuan for 2025, but anticipates a profit of 450,000 to 675,000 yuan in net profit after excluding non-recurring gains and losses, indicating a narrowing of losses compared to 2024 [2] - The performance change is primarily attributed to the optimization of the ship operation structure, such as focusing on foreign trade routes, and cost control measures [2] Recent Events - The actual controller, Li Jianming, was released from residential surveillance in April 2024, but the related case has not yet been concluded. The company emphasizes that Li Jianming is not involved in daily operations, and the governance structure remains normal [3] Project Initiatives - In 2025, the company plans to implement a "scrap old and buy new" strategy, which includes dismantling old ships and applying for government subsidies (e.g., receiving a ship dismantling subsidy of 40.6728 million yuan in November 2025) and plans to purchase new ships with an investment of no more than 60 million USD [4] Financial and Technical Aspects - Since January 2026, there has been a net outflow of main funds multiple times (e.g., a net outflow of 5.921 million yuan on January 5 and 7.137 million yuan on January 9), putting pressure on the stock price. Market sentiment is influenced by the actual controller's case, industry cycles, and performance factors [5] Industry Policy and Environment - The dry bulk shipping industry is influenced by the global trade climate, with the coastal bulk freight index expected to remain stable and rise in 2025. Institutions forecast that the transportation industry may benefit from improved domestic demand in 2026, but attention should be paid to potential impacts of supply and demand changes on freight rates [6]