Core Viewpoint - The company,德翔海运, experienced a significant stock price drop of 10.12% on August 26, trading at 9.24 yuan per share with a transaction volume of 24.608 million yuan [1]. Group 1: Company Performance - As of the mid-year report for 2025,德翔海运 reported total revenue of 4.592 billion yuan and a net profit of 1.351 billion yuan [2]. - For the fiscal year 2025 mid-year report, the attributable profit to shareholders was 188.7 million USD, representing a year-on-year increase of 221.96%, with basic earnings per share of 0.113 USD [3]. Group 2: Market Position - The company holds a 0.3% market share globally in the container shipping market and a 2.3% market share among container shipping companies in the Asia-Pacific region [1].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The container shipping index (European route) is expected to continue its weak oscillation. The freight rate in September is on a downward trend, with a possible slowdown in the decline in the second week, but the downward pressure on freight rates in the second half of the month is still significant. In the short term, the spot market is expected to remain weak; in the medium term, if the loading rate further declines and the FAK freight rate approaches the shipping company's cash - flow cost line, some shipping companies may increase the suspension of voyages, and the further downward space for freight rates may be limited [7]. - For the 2510 contract, it is recommended to close short positions on dips. For the 2512 and 2602 contracts, it is advisable to wait and see in terms of single - side valuation, and pay attention to the opportunity to enter the 12 - 04 calendar spread trade in the next 1 - 2 weeks [9]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: On August 26, 2025, the closing prices of EC2510, EC2512, and EC2602 were 1,358.0 (up 2.57%), 1,696.7 (up 0.50%), and 1,496.9 (up 0.78%) respectively. The trading volumes were 39,234, 7,289, and 1,070, and the open interests were 54,357, 13,515, and 4,497 respectively. The open interest changes were +102, +220, and +42 respectively [1]. - **Freight Rate Index**: The SCFIS European route index was 1,990.20 points, down 8.7% week - on - week; the SCFIS US - West route index was 1,041.38 points, down 5.9% week - on - week. The SCFI European route index was $1,668/TEU, down 8.4% bi - weekly; the SCFI US - West route index was $1,644/FEU, down 6.5% bi - weekly [1]. - **Spot Freight Rates**: The average FAK in the first week of September was around $2,270/FEU, a drop of $1,100/FEU from the peak in early August. The average values of the Gemini, OA, and PA alliances in the first week of September were $2,170/FEU, $2,330/FEU, and $2,240/FEU respectively. MSC reduced the price by $250 to $2,340/FEU on August 26, and the SPOT price was reported at $2,140/FEU [5]. 3.2 Supply and Demand Analysis - **Supply Side**: In September, the number of undetermined ships decreased by 1 to 1, and the number of blank sailings decreased by 1 to 5. The weekly average capacity in September was slightly revised up from 29.7 to 30.0 million TEU/week. The capacity in September decreased by about 6% compared with August, significantly lower than the 14% decline in the same period in 2024. In the second week of September, the capacity reduction was relatively large, and the decline in the freight rate center is expected to slow down. In October, the number of undetermined ships remained at 6, and the number of blank sailings remained at 4. Without considering undetermined voyages, the weekly average capacity was 29.1 million TEU/week [6]. - **Demand Side**: At the end of the month, the cargo - collecting situations of shipping companies varied. Maersk's cargo - collecting results were better than the company's target due to significant and early price cuts in the 35th week. The long - term contract customers of COSCO decreased, and the cargo - collecting pressure on some voyages at the end of the month increased significantly [6]. 3.3 Market Outlook and Strategy - **Market Outlook**: In the short term, due to the expected decline in spot prices, the futures price oscillated downward, and the discount of the 2510 contract decreased from 22% to 18%. In the medium term, if the loading rate further declines and the FAK freight rate approaches the shipping company's cash - flow cost line of $1,300 - 1,600/FEU, some shipping companies may increase the suspension of voyages, and the further downward space for freight rates may be limited [7]. - **Strategy**: Close short positions of the 2510 contract on dips. Wait and see for the single - side valuation of the 2512 and 2602 contracts, and pay attention to the opportunity to enter the 12 - 04 calendar spread trade in the next 1 - 2 weeks [9]. 3.4 Historical Market Review - In 2024, the weighted index of the European route stopped falling on September 10. There was a short - term speculation about the strike at US - West ports in late September. After the strike was resolved during the National Day holiday, the premium of the "strike" was given back on the first trading day after the holiday. On the second trading day, the market started to trade the shipping company's price increase announcement. Maersk announced a price increase to $4,500/FEU effective from November 4, and the actual price increase in early November was around $4,000/FEU. Subsequently, shipping companies announced price increases in late November, early December, and late December. The peak freight rate appeared in the first week of December [8].

Financial Performance - The company reported a net profit of 570 million yuan for the first half of 2025, a decrease of 53.28% year-on-year [1] - Total operating revenue was 2.772 billion yuan, down 21.43% compared to the same period last year [1] - The gross profit margin fell to 26.2%, a decline of 26.67% year-on-year, while the net profit margin decreased to 20.82%, down 40.18% [1] Key Financial Metrics - Earnings per share (EPS) dropped to 0.12 yuan, a decrease of 53.12% year-on-year [1] - Operating cash flow per share was 0.21 yuan, down 33.84% compared to the previous year [1] - The company's total liabilities decreased by 41.35% to 821 million yuan [1] Changes in Financial Items - Prepayments increased by 64.91% due to higher ship insurance and port fees [3] - Other current assets decreased by 94.48% due to a reduction in deductible input tax [3] - Long-term borrowings decreased by 42.52% as a result of repayment [5] Investment Insights - The company's return on invested capital (ROIC) was 16.54%, indicating strong capital returns [7] - Analysts expect the company's performance in 2025 to reach 1.329 billion yuan, with an average EPS forecast of 0.28 yuan [7] Fund Holdings - The largest fund holding the company is the Guotai Zhongzheng Oil and Gas Industry ETF, with a scale of 189 million yuan [8] - The fund's net value increased by 0.65% on August 25, with a year-on-year increase of 10.46% [8]

证券代码：603167 证券简称：渤海轮渡 公告编号：2025-023 渤海轮渡集团股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 每股分配比例：每股派发现金红利人民币 0.40 元（含税）。 ● 本次利润分配以公司 2025 年半年度利润分配方案实施时股权登记日的总 股本为基数，具体日期将在权益分派实施公告中明确。在实施权益分派的股权登 记日前公司总股本发生变动的，拟维持每股分配比例不变，相应调整分配总额， 并将在相关公告中披露。 ● 公司于 2025 年 6 月 12 日召开的 2024 年年度股东大会审议通过了《关 于 2025 年中期现金分红的议案》，同意授权公司董事会全权处理 2025 年中期 现金分红的相关事宜。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于 2025 年 4 月 1 日召开第六届董事会第十五次会议，审议通过了《关 于 2025 年中期现金分红的议案》，2025 年 8 月 25 日召开第六届董事会第十八 次会议，审议通过了《关于 2025 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Container shipping market: Spot rates are in a downward trend, but the EC market has rebounded slightly due to strong macro - sentiment. In the second half of the year, tariff pressure may intensify competition among shipping companies, and the support for off - season freight rates will weaken [5]. - Dry bulk shipping market: The large - ship market is expected to have weak price fluctuations in the short term, while the medium - ship market is expected to be slightly stronger [17]. - Oil tanker shipping market: The crude oil market shows an upward trend with a tight supply - demand pattern, while the refined oil market is relatively calm with weak demand and sufficient supply of some ship types [21]. 3. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - Market performance: On August 25, EC2510 closed at 1358 points, up 3.74% from the previous day. The SCFI European Line reported on August 22 was 1668 USD/TEU, down 8.35% month - on - month. The latest SCFIS European Line reported after the market closed was 1990.2 points, down 8.7% month - on - month, and the final delivery settlement price of EC2508 was 2135.28 points [5]. - Tariff impact: The US plans to complete an investigation on imposing tariffs on furniture imports within 50 days. In 2024, furniture and home lighting products accounted for 13% of the total US container imports, which may bring cost pressure to major exporters such as China and Vietnam [5]. - Trading strategies: Unilateral trading is expected to be weakly volatile, and the valuation center of the October contract is expected to be revised downwards. For arbitrage, consider a 10 - 12 reverse spread operation at low prices [8]. Logical Analysis - Spot freight rates: The container shipping market has entered the off - season. In September, spot freight rates are in a rapid decline. The freight rates of major shipping companies have generally decreased [6]. - Supply and demand: On the demand side, the peak - season cargo volume has declined, and the loading rates of mainstream shipping companies have decreased. On the supply side, the average weekly capacity in August, September, and October 2025 is 29.78/29.54/27.04 million TEU, slightly lower than the previous week's schedule [6]. Dry Bulk Shipping Market Analysis and Outlook - Freight rate index: The Baltic Dry Index rose 2.69% to 1944 points on August 22. The Capesize ship index rose about 3.33% to 2793 points, the Panamax ship index rose 2.97% to 1770 points, and the Supramax ship index rose 1.35% to 1424 points [12]. - Spot freight rates: On August 22, the freight rate of the Capesize ship's iron ore route from Tubarao, Brazil to Qingdao was 23.44 USD/ton, up 0.73% month - on - month, and from Western Australia to Qingdao was 9.40 USD/ton, up 7.37% month - on - month [13]. - Shipment data: From August 18 - 24, 2025, the global iron ore shipment volume was 3315.86 million tons, a decrease of 90.8 million tons month - on - month. In August 2025, Brazil's soybean, corn, and other grain exports showed different trends compared with the previous year [16]. Logical Analysis - Market performance: The international dry bulk shipping market declined slightly last week, mainly affected by the large - ship market. The Capesize ship market had insufficient demand and increased available capacity, while the Panamax ship market was supported by South American grain cargoes [17]. Oil Tanker Shipping Market Analysis and Outlook - Freight rates: On August 22, the Baltic Dirty Tanker Index (BDTI) was 1042, up 1.26% month - on - month and 16.16% year - on - year. The Baltic Clean Tanker Index (BCTI) was 618, up 0.65% month - on - month and down 1.28% year - on - year [21]. - Market trends: The crude oil market is in an upward trend with a tight supply - demand pattern, while the refined oil market is relatively calm with weak demand and sufficient supply of some ship types. Short - term attention should be paid to the impact of concentrated bookings on the Middle East route in September, and long - term attention should be paid to factors such as environmental protection and supply - demand reshaping [21]. Industry News - Container shipping: News includes Canada's adjustment of tariffs on US goods, the US's suspension of tax - free treatment for imported packages, the development of zero - emission fuels in the shipping industry, and the situation in the Red Sea [8][9]. - Dry bulk shipping: There are reports of a drone attack on Russia's Ust - Luga Port, and global and regional steel production and port export data [18]. - Oil tanker shipping: Global crude oil price differentials have changed, and there are gasoline shortages in some regions of Russia [22][23].

Financial Data and Key Metrics Changes - The company reported record revenues of $47.2 million for Q2 2025, a 13% increase year-on-year compared to $41.8 million in Q2 2024 [3][16] - Adjusted net income for Q2 2025 was $21.7 million, a 35% increase from the previous quarter but a 20% decrease from the same quarter last year [4][18] - Earnings per share on an adjusted basis were $0.59 for the quarter, marking the second most profitable quarter in the company's history [4][19] - Total debt was reduced to €32 million, with all vessels in the fully owned fleet now debt-free following the final repayment in July [5][20] Business Line Data and Key Metrics Changes - The company maintained a high period coverage of over 70% of fleet days for 2025, securing approximately $150 million in future revenues [5][11] - Operating expenses for Q2 were €12.7 million, reflecting a mere 1.5% increase from last year [16] - Earnings from investments in joint ventures were only $700,000 for the quarter, a significant decrease due to fewer vessels and the absence of a large dividend from vessel sales as seen in the previous year [17][18] Market Data and Key Metrics Changes - Global LPG exports grew by 6.6% in the first half of 2025, with U.S. exports continuing to increase year-on-year [22] - China's LPG imports in May 2025 climbed to 3.4 million tons, a 6.7% increase [24] - The shipping market remains stable, with firm rates in Europe, although there was a slight drop in activity typical of seasonal trends [26] Company Strategy and Development Direction - The company has successfully completed its strategic objective of deleveraging, repaying $86 million in debt this year and nearly $350 million since early 2023 [5][30] - The company is focusing on maintaining a visible revenue stream and is looking for opportunities to sell older vessels while potentially replacing them with newer ones [6][12] - The fleet's geographical focus has shifted, with over 70% now trading in Europe and the Mediterranean due to better rates compared to Asia [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the market due to trade frictions but noted that the fundamentals for LPG shipping remain positive [22][30] - The company expects chartering activity to pick up in the fourth quarter as it exits the seasonally weaker summer months [31] - The incident involving the Echo Wizard vessel is expected to impact revenue generation in the near future, but management is committed to resolving the situation swiftly [29] Other Important Information - The company completed the acquisition of shares in two vessels previously owned through a joint venture [6] - The Echo Wizard vessel sustained damage from explosions but is expected to undergo temporary repairs and return to operations within a month [9][10] Q&A Session Summary Question: What impact will the Echo Wizard incident have on revenue? - Management indicated that the Echo Wizard incident will keep the vessel out of employment for some time, impacting revenue generation in the near future [29] Question: How is the company positioned in the LPG market? - Management expressed confidence in the company's favorable position to take advantage of rising demand in the LPG shipping sector, despite current market uncertainties [30][31]

Financial Data and Key Metrics Changes - The company reported revenues of $47.2 million for Q2 2025, a 13% increase year-on-year from $41.8 million in Q2 2024 [3][16] - Adjusted net income for Q2 2025 was $21.7 million, a 35% increase from the previous quarter but a 20% decrease from the same quarter last year [4][19] - Earnings per share on an adjusted basis were $0.59 for the quarter, marking the second most profitable quarter in the company's history [4][20] Business Line Data and Key Metrics Changes - The company maintained a high period coverage of over 70% of fleet days for 2025, securing approximately $150 million in future revenues [5][11] - Operating expenses for Q2 were €12.7 million, reflecting a mere 1.5% increase from last year [16] - The income from operations reached a record $19.7 million, a substantial 22% increase compared to last year [17] Market Data and Key Metrics Changes - Global LPG exports grew by 6.6% in the first half of 2025, with U.S. exports continuing to increase year-on-year [23] - China's LPG imports in May 2025 climbed to 3.4 million tons, registering a 6.7% increase [25] - The shipping market remains stable, with firm rates in Europe, although there was a slight drop in activity typical of seasonality [28] Company Strategy and Development Direction - The company has completed its strategic objective of deleveraging, repaying $86 million in debt this year and achieving zero debt for its fully owned fleet [5][21][32] - The company is focusing on maintaining a visible revenue stream and is adjusting its fleet positioning to capitalize on higher rates in Europe [12][13] - The company plans to continue looking for opportunities to sell older vessels and replace them with newer tonnage [6] Management's Comments on Operating Environment and Future Outlook - Management noted that trade frictions have created uncertainty, but improvements have been observed since Q1 2025 [32] - The company is optimistic about the fundamentals for LPG shipping, expecting chartering activity to pick up in the fourth quarter [32] - The situation regarding the Echo Wizard incident is being addressed, and the company is committed to a swift resolution [31] Other Important Information - The company completed the sale of one vessel in Q2 and has entered into an agreement to sell another vessel later in the year [6] - The Echo Wizard vessel was involved in an incident that will keep it out of service for a considerable time, impacting revenue generation [31] Q&A Session Summary Question: What is the outlook for the LPG market? - Management indicated that despite trade upheaval, global LPG exports continue to show strong growth, particularly from the U.S. [23] Question: How is the company addressing the incident with the Echo Wizard? - Management is working on a swift resolution to the situation and will provide updates as it progresses [31]

Report Information - Report Title: Export Throughput Maintains Resilience, Price Trends Diverge [1] - Report Date: August 25, 2025 - Analysts: Zhang Jiqiang, Wu Jing, Wu Yuhang - Contact: Li Zihao Core Viewpoints - In the third week of August, external demand showed high throughput year-on-year, but freight rates were weak with a widening decline. The real estate market had mixed performance in transactions, with new and second-hand housing sales continuing to decline year-on-year, and housing prices yet to stabilize. On the production side, the industrial freight volume was good, coal prices rose, and production maintained a differentiated resilience. In the construction industry, cement supply and demand improved marginally, while black metal supply and demand were weak. In the consumption sector, travel remained resilient, and automobile consumption increased slightly. Prices of crude oil were significantly affected by external factors, and the fundamentals restricted black metal prices, while Powell's dovish signals supported copper prices [2]. Summary by Category Consumption - Travel maintained a high level, with increases in subway ridership, congestion delay index, and flight operation rates similar to the previous year. Automobile consumption increased slightly, textile consumption recovered, and express delivery pick-up volume remained high [3]. Real Estate - Real estate transactions were differentiated. New housing transactions were basically flat, with second-tier cities leading. Second-hand housing transactions recovered, especially in Beijing, Shanghai, Shenzhen, and Chengdu. The listing price and quantity of second-hand housing both decreased, and the land premium rate increased while land transactions decreased [4][6]. Production - Freight volume remained high, and the data of operating rates were differentiated. In the power sector, coal consumption increased, hydropower decreased, and coal prices rose. In the construction industry, the funds in place increased year-on-year, cement supply and demand improved, black metal supply and demand declined, and asphalt operating rates decreased [5][13][14]. External Demand - Port throughput remained high, but freight rates declined. The cumulative cargo throughput and container throughput of ports were at a high level. The RJ/CRB index increased year-on-year, the Baltic Dry Index (BDI) decreased, and international route freight rates weakened. South Korea's exports in the first 20 days of August increased by 7.62% year-on-year, and Vietnam's exports in the first half of August increased by 15.56% year-on-year [5]. Prices - The prices of agricultural products, crude oil, and cement increased, while the prices of black metals were differentiated, and the prices of non-ferrous metals and glass decreased. The increase in crude oil prices was due to geopolitical risks and increased demand, while the differentiation of black metal prices was affected by supply and demand and policies [20][21].

Group 1 - The Ministry of Transport emphasizes the need to advance the construction of the new shipping channel on the Yangtze River and establish a sound working mechanism for navigation safety [1] - There is a focus on enhancing the capacity of main navigation channels and promoting the integration of trunk and branch channels, as well as accelerating the development of smart waterways and intelligent vessels [1] - The Ministry stresses the importance of maintaining safety production standards and implementing measures for flood prevention, collision avoidance, and geological disaster prevention to ensure smooth navigation and safety during construction periods [1]

Core Viewpoint - The Ministry of Transport emphasizes the importance of advancing the construction of the new shipping channel on the Yangtze River and ensuring safety and management in navigation and infrastructure [1] Group 1: Development Initiatives - The Ministry aims to fully promote the construction of the Three Gorges waterway new channel and establish a sound working mechanism for navigation safety [1] - There is a focus on enhancing the capacity of main navigation channels and promoting the integration of tributary and main channels [1] - The Ministry plans to accelerate the development of smart waterways and intelligent vessels while scientifically formulating the "14th Five-Year" plan for the long-haul system [1] Group 2: Safety Measures - The Ministry stresses the need to firmly uphold safety production standards and implement measures for flood prevention, collision avoidance, and geological disaster prevention [1] - Ensuring smooth navigation during critical periods and construction phases is a priority for the Ministry [1]