Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng (Fuzhou) Law Firm confirms that the procedures for convening and holding the 2025 third extraordinary general meeting of shareholders of Antong Holdings Co., Ltd. comply with relevant laws and regulations, ensuring the legality and validity of the meeting and its resolutions [1][8]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors, with a notice published on August 19, 2025, in major financial newspapers and on the Shanghai Stock Exchange website, meeting the 15-day notice requirement [3][4]. - The meeting took place on September 3, 2025, at 14:00 in Quanzhou, Fujian, utilizing a combination of on-site and online voting methods [4][5]. Group 2: Attendance and Voting - A total of 315 shareholders and their proxies attended the meeting, representing 931,125,201 shares, which is 23.4062% of the total voting shares [5][6]. - Among those, 2 shareholders attended the meeting in person, representing 770,960,151 shares (19.3800% of total voting shares), while 313 shareholders participated via the online voting system, representing 160,165,050 shares (4.0262% of total voting shares) [6][5]. Group 3: Resolutions and Voting Results - The meeting approved the resolution to reappoint Deloitte Touche Tohmatsu Certified Public Accountants LLP as the company's financial auditor for the year 2025, with 928,235,844 votes in favor (99.6896% of votes cast) and 2,754,157 votes against (0.2957% of votes cast) [7]. - The voting results from minority investors showed 157,275,693 votes in favor (98.1960% of minority votes) and 2,754,157 votes against (1.7195% of minority votes) [7]. Group 4: Legal Compliance - The law firm confirmed that all aspects of the meeting, including the convening, attendance, and voting procedures, adhered to the Company Law and relevant regulations, rendering the resolutions passed at the meeting as legal and valid [8].

Group 1 - Shengtun Mining plans to repurchase shares worth between 500 million and 600 million yuan, with a maximum repurchase price of 11.82 yuan per share, aimed at employee stock ownership plans or equity incentives [1] - Kangnbei received a drug registration certificate for Linggui Shugan Granules, which is derived from traditional Chinese medicine and is used for treating phlegm and dampness due to Yang deficiency [2] - Zhangjiang Hi-Tech intends to publicly transfer 100% equity and related debts of Shanghai Jixin Rui Construction Technology Co., Ltd. with a total price not less than 151 million yuan [3] Group 2 - Shankai Intelligent won a bid for a metering device procurement project worth 13.318 million yuan from Hohhot Water Supply Company [4] - Hason Co. plans to jointly establish a supply chain company with a registered capital of 10 million yuan, in which Hason will hold a 10% stake [5] - Pudong Construction's subsidiaries won multiple major projects with a total amount of 1.271 billion yuan [6] Group 3 - Jinling Pharmaceutical received approval for the Phase III clinical trial of Olaratogrel tablets, which are used for treating moderate to severe pain associated with endometriosis [8] - Menohua's subsidiary obtained a drug registration certificate for Mosapride Citrate Tablets, aimed at improving gastrointestinal symptoms [10] - Shapuaisi's major shareholder plans to reduce holdings by up to 2% of the company's shares due to personal financial needs [11] Group 4 - Changyuan Power reported an August electricity generation of 3.771 billion kWh, a year-on-year decrease of 6.03% [15][16] - Xibu Livestock's August fresh milk production increased by 4.8% month-on-month but decreased by 7.27% year-on-year [19] - Yong'an Pharmaceutical's actual controller and chairman had their detention lifted, allowing them to resume normal duties [20] Group 5 - Jinkai Intelligent's director resigned due to work adjustments [22] - Xinhua Medical received a Class II medical device registration for an endoscope cleaning workstation [23] - Haishi Science and Technology's innovative drug HSK47388 received approval for a new indication clinical trial [25] Group 6 - Baotai Co. plans to participate in a land use rights auction in Baoji City with a starting price of 57.34 million yuan [26] - Minfeng Special Paper received a government subsidy totaling 11.2 million yuan [27] - Jiuchang Bio obtained a medical device registration for a heparin-binding protein assay kit [29] Group 7 - Jingao Technology plans to repurchase shares worth between 200 million and 400 million yuan, with a maximum price of 17.36 yuan per share [31] - Youxunda won a bid for a metering equipment project from China Southern Power Grid worth approximately 161 million yuan [32] - Qianli Technology reported an August vehicle sales increase of 168.55% year-on-year [32] Group 8 - Guangzhou Port expects an August container throughput increase of 1.2% year-on-year [32] - Kexing Pharmaceutical's GB08 injection completed the first subject enrollment for Phase II clinical trials [33] - Wu Ming Pharmaceutical plans to transfer 98.9% of its subsidiary's shares to a newly established wholly-owned subsidiary [34] Group 9 - Shanghai Electric's acquisition of K-Electric Limited shares has not yet completed the transfer [35] - Fulai New Materials plans to raise no more than 710 million yuan through a private placement [36] - Huaren Health's drug registration application for a new type of potassium ion competitive acid blocker has been accepted [37]

Market Overview - On September 3, the shipping and port sector declined by 1.19%, with Nanjing Port leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - The closing prices and changes for key stocks in the shipping and port sector are as follows: - China Merchants Energy (601872) closed at 6.67, up 0.15% with a trading volume of 517,000 shares [1] - HNA Technology (600751) closed at 4.24, unchanged with a trading volume of 556,300 shares [1] - Tangshan Port (601000) closed at 3.95, unchanged with a trading volume of 271,200 shares [1] - Qingdao Port (601298) closed at 8.77, down 0.57% with a trading volume of 242,700 shares [1] - Liaoning Port (601880) closed at 1.66, down 0.60% with a trading volume of 1,497,300 shares [1] - Ningbo Port (601018) closed at 3.62, down 0.82% with a trading volume of 709,800 shares [1] - China Merchants Port (001872) closed at 20.42, down 0.87% with a trading volume of 28,100 shares [1] - Shenghang Co. (001205) closed at 15.86, down 0.88% with a trading volume of 34,400 shares [1] - Shanghai Port Group (600018) closed at 5.56, down 0.89% with a trading volume of 588,900 shares [1] - Tantanpu (000088) closed at 4.44, down 0.89% with a trading volume of 253,500 shares [1] Capital Flow Analysis - The shipping and port sector experienced a net outflow of 426 million yuan from institutional investors, while retail investors saw a net inflow of 277 million yuan [2] - Key capital flows for selected stocks include: - Shanghai Port Group (600018) had a net inflow of 61.34 million yuan from institutional investors, but a net outflow of 41.39 million yuan from retail investors [2] - HNA Technology (600751) saw a net inflow of 9.43 million yuan from institutional investors, with retail investors experiencing a net outflow of 6.39 million yuan [2] - China Merchants Port (001872) had a net inflow of 5.52 million yuan from institutional investors, while retail investors faced a net outflow of 3.52 million yuan [2] - Qingdao Port (601298) recorded a net inflow of 5.10 million yuan from institutional investors, with retail investors seeing a net outflow of 4.76 million yuan [2]

Report Industry Investment Rating - The report gives a "Bullish" rating for the shipping and port industry [2] Core Viewpoints - The overall throughput performance is stable, so the report maintains a "Bullish" rating for the shipping and port sector [8] Summary by Directory 1. Overview: National Import-Export Volume and Cargo Throughput - **Import-Export Volume**: From January to July 2025, the national import-export volume reached 25.7 trillion yuan, a year-on-year increase of 3.5%. The national import volume was 10.39 trillion yuan, a year-on-year decrease of 1.6%, and the national export volume was 15.3 trillion yuan, a year-on-year increase of 7.3% [2] - **Cargo Throughput**: From January to July 2025, the cargo throughput of major coastal ports in China reached 66.83 billion tons, a year-on-year increase of 2.9%, and the foreign trade cargo throughput of major coastal ports reached 28.85 billion tons, a year-on-year increase of 2.2% [3] 2. Containers: Container Shipping Freight Rates and Container Throughput - **Container Shipping Freight Rates**: On August 29, 2025, CCFI closed at 1,156.32 points, a year-on-year decrease of 42.74% and a month-on-month decrease of 1.58%. SCFI closed at 1,445.06 points, a year-on-year decrease of 53.35% and a month-on-month increase of 2.1% [4] - **Container Throughput**: From January to July 2025, the container throughput of major coastal ports in China reached 178.71 million TEUs, a year-on-year increase of 6.5%. The year-on-year growth rates of Qingdao, Shanghai, Ningbo-Zhoushan, and Shenzhen were 7.8%, 4.4%, 9.4%, and 8.8% respectively [4] 3. Liquid Bulk: Oil Shipping Freight Rates and Crude Oil Throughput - **Oil Shipping Freight Rates**: On August 29, 2025, BDTI closed at 1,045 points, a year-on-year increase of 18.62% and a month-on-month increase of 0.29%. On August 28, 2025, the TCE of TD3C, TD25, and TD22 routes were 49,000, 42,700, and 43,300 US dollars per day respectively [6] - **Crude Oil Throughput**: From January to July 2025, China's crude oil imports reached 327 million tons, a year-on-year increase of 2.8%. The crude oil throughput of major crude oil unloading port enterprises reached 229 million tons, a year-on-year decrease of 4.34% [6] 4. Dry Bulk: Bulk Shipping Freight Rates and Iron Ore, Coal Throughput - **Bulk Shipping Freight Rates**: On August 29, 2025, BDI closed at 2,025 points, a year-on-year increase of 11.63% and a month-on-month increase of 4.17% [7] - **Iron Ore Throughput**: On August 27, 2025, the port iron ore inventory was 133 million tons. From January to July 2025, the iron ore throughput of major iron ore unloading port enterprises reached 800 million tons, a year-on-year increase of 2% [7] - **Coal Throughput**: On August 29, 2025, the coal inventory in northern ports was 23 million tons. From January to July 2025, the coal throughput of major coal shipping port enterprises in the north reached 395 million tons, a year-on-year decrease of 1.35% [7] 5. Monthly Throughput of Key Port Listed Companies - **Shanghai International Port Group**: In July 2025, the cargo throughput was 51 million tons, and the container throughput was 4.616 million TEUs. From January to July 2025, the cumulative cargo throughput was 348 million tons, and the cumulative container throughput was 31.681 million TEUs [88] - **Ningbo Port**: In July 2025, the cargo throughput was 95 million tons, and the container throughput was 4.31 million TEUs. From January to July 2025, the cumulative cargo throughput was 695 million tons, and the cumulative container throughput was 29.74 million TEUs [88] - **China Merchants Port Holdings**: In July 2025, the container throughput of Pearl River Delta ports was 1.489 million TEUs, and the container throughput of overseas ports was 3.231 million TEUs. From January to July 2025, the cumulative container throughput of Pearl River Delta ports was 10.457 million TEUs, and the cumulative container throughput of overseas ports was 22.441 million TEUs [88] - **Beibu Gulf Port**: In July 2025, the cargo throughput was 30 million tons, and the container throughput was 792,300 TEUs. From January to July 2025, the cumulative cargo throughput was 205 million tons, and the cumulative container throughput was 5.5508 million TEUs [88] - **Guangzhou Port**: In July 2025, the cargo throughput was 50 million tons, and the container throughput was 2.272 million TEUs. From January to July 2025, the cumulative cargo throughput was 337 million tons, and the cumulative container throughput was 15.676 million TEUs [88]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of 2025 exceeded expectations, driven by the growth of core assets [5] - The company achieved a revenue of 8.468 billion yuan in the first half of 2025, representing a year-on-year growth of 6.19% [7] - The net profit attributable to shareholders reached 2.627 billion yuan, with a year-on-year increase of 3.13% [7] - The company is expanding its global port network, having established investments in 51 ports across 26 countries and regions by the end of 2024 [7] - The acquisition of the Brazilian Vast oil terminal is expected to enhance the company's port business in Latin America [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 15.75 billion yuan (2023), 16.131 billion yuan (2024), 17.184 billion yuan (2025E), 18.15 billion yuan (2026E), and 19.178 billion yuan (2027E) [6] - The net profit attributable to shareholders is projected to be 3.572 billion yuan (2023), 4.516 billion yuan (2024), 4.799 billion yuan (2025E), 5.214 billion yuan (2026E), and 5.623 billion yuan (2027E) [6] - The earnings per share (EPS) are expected to grow from 1.43 yuan in 2023 to 2.25 yuan in 2027 [6] - The company’s return on equity (ROE) is projected to increase from 6.07% in 2023 to 7.93% in 2027 [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 6.77 and a sector rating of "Outperform" [1] Core Views - The company's performance in the first half of 2025 shows significant growth, with operating revenue reaching RMB 10.775 billion, a year-on-year increase of 44.05%, and net profit attributable to shareholders of RMB 825 million, up 13.08%. The non-recurring net profit attributable to shareholders surged by 52.77% to RMB 835 million [3][8] - The growth is primarily driven by substantial increases in revenue from car carriers and heavy-lift vessels, indicating a positive outlook for future performance due to multi-vessel synergy and increasing capacity [3][5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of RMB 10.775 billion, a 44.05% increase year-on-year, and a net profit of RMB 825 million, reflecting a 13.08% growth. The non-recurring net profit reached RMB 835 million, marking a 52.77% increase [3][8] - The revenue from car carriers saw a remarkable increase of 439.87% to RMB 1.854 billion, with charter rates reaching USD 53,049.58 per day, up 67.29% [8] Revenue Projections - The report maintains previous profit forecasts, expecting net profits attributable to shareholders to be RMB 1.937 billion, RMB 2.361 billion, and RMB 2.670 billion for 2025, 2026, and 2027 respectively, with growth rates of 26.6%, 21.9%, and 13.1% [5][7] Market Outlook - The special vessel segment is expected to maintain a favorable market condition, with strong demand for project cargo transport, particularly in wind power equipment, and stable supply chains for pulp carriers [8] - The report highlights that the Chinese automotive export market remains robust, with exports reaching 3.083 million vehicles in the first half of 2025, a 10.4% increase year-on-year, indicating sustained demand for car carriers [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has received approval for a private placement, which is expected to strengthen future freight rates [6] - The company's performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to lower tanker earnings, but the LNG segment has shown growth [8] - The outlook for VLCC (Very Large Crude Carrier) rates is positive due to OPEC+ production increases, which may lead to a stronger oil transportation market [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 11.642 billion yuan, a decrease of 2.55% year-on-year, and a net profit of 1.869 billion yuan, down 29.16% year-on-year [8] - The average daily earnings for the TD3C route were $40,370, down approximately 2% year-on-year, while the TC1 route saw a significant decline of about 47% [8] - The LNG segment contributed 424 million yuan to net profit, showing a year-on-year increase of 5.7% [8] Earnings Forecast and Valuation - The forecasted net profits for 2025-2027 are 5.034 billion yuan, 6.148 billion yuan, and 6.681 billion yuan, with year-on-year growth rates of 24.72%, 22.12%, and 8.68% respectively [8] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 10.08, 8.26, and 7.60 respectively [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a year-on-year revenue growth of 7.78% in the first half of 2025, with a total revenue of 109.1 billion yuan, despite a slight decline of 3.39% in Q2 [8] - The growth in container shipping volume and profitability from port operations supported the company's performance [8] - The company plans to distribute a cash dividend of 0.56 yuan per share for the mid-term, reflecting a dividend payout ratio of approximately 50%, which is a 7.69% increase compared to the same period in 2024 [8] - The company is expected to maintain stable profits in the future due to a solid industry structure and its dividend attributes [8] Financial Summary - Revenue projections for the company are as follows: 2023: 175.448 billion yuan, 2024: 233.859 billion yuan, 2025E: 192.372 billion yuan, 2026E: 180.483 billion yuan, 2027E: 191.742 billion yuan [7] - The net profit attributable to the parent company is projected to be: 2023: 23.86 billion yuan, 2024: 49.1 billion yuan, 2025E: 25.525 billion yuan, 2026E: 19.036 billion yuan, 2027E: 20.09 billion yuan [7] - The company’s earnings per share (EPS) are expected to be: 2023: 1.54 yuan, 2024: 3.17 yuan, 2025E: 1.65 yuan, 2026E: 1.23 yuan, 2027E: 1.30 yuan [7] - The return on equity (ROE) is projected to be: 2023: 12.17%, 2024: 20.92%, 2025E: 10.32%, 2026E: 7.41%, 2027E: 7.52% [7]

Market Overview - On September 1, the shipping and port sector rose by 0.24% compared to the previous trading day, with Zhonggu Logistics leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Notable gainers in the shipping and port sector included: - Zhonggu Logistics (603565) with a closing price of 11.17, up 6.69% and a trading volume of 507,400 shares, totaling 563 million yuan [1] - COSCO Shipping Energy (600026) closed at 10.65, up 2.90% with a trading volume of 755,500 shares, totaling 804 million yuan [1] - COSCO Shipping Specialized (600428) closed at 6.85, up 2.54% with a trading volume of 646,700 shares, totaling 440 million yuan [1] - Conversely, some stocks experienced declines: - Tianjin Port (600717) closed at 5.05, down 2.13% with a trading volume of 491,700 shares, totaling 250 million yuan [2] - Air China Securities (833171) closed at 10.34, down 1.43% with a trading volume of 102,600 shares, totaling 107 million yuan [2] - Tangshan Port (601000) closed at 3.93, down 1.26% with a trading volume of 599,600 shares, totaling 237 million yuan [2] Capital Flow - The shipping and port sector saw a net outflow of 385 million yuan from institutional investors, while retail investors contributed a net inflow of 227 million yuan [2] - Notable capital flows included: - China Merchants Port (001872) with a net inflow of 34.58 million yuan from institutional investors, but a net outflow of 40.87 million yuan from retail investors [3] - COSCO Shipping Specialized (600428) with a net inflow of 28.17 million yuan from institutional investors, but a net outflow of 32.08 million yuan from retail investors [3]

Core Viewpoint - HNA Technology reported a decline in stock price and provided updates on its financial performance and strategic direction for the first half of 2025 [1][2]. Group 1: Financial Performance - For the first half of 2025, HNA Technology achieved a revenue of 675 million yuan and a net profit attributable to shareholders of 71 million yuan, with a net profit of 54 million yuan after deducting non-recurring gains and losses [2][4]. - The company's total controllable capacity is approximately 1 million deadweight tons, consisting of 9 owned vessels and 4 chartered flexible vessels [2][4]. Group 2: Corporate Governance - HNA Technology held its second extraordinary general meeting of shareholders on August 29, 2025, with 859 attendees representing 30.8591% of the voting shares [2][4]. - The shareholders approved the proposal to use the capital reserve to offset losses, with an approval rate of 99.6346% among ordinary shareholders [2][4].