Core Points - The company has ensured the authenticity, accuracy, and completeness of the quarterly report, with no false records or misleading statements [2][12][15] Financial Data - The company reported a net profit of -30,592,992.84 yuan from the merged entity, compared to a profit of 29,159,397.47 yuan in the previous period [9] - Non-recurring gains and losses amounted to 703,027.96 yuan, primarily from tax refund fees [3] Shareholder Information - The company has not reported any changes in the top ten shareholders or the number of shareholders holding more than 5% of shares [4] Business Operations - The company’s vehicle transportation on the Hai'an route reached 3.531 million trips, a year-on-year increase of 1.7%, while passenger transport decreased by 4.6% to 10.4406 million [7] - The Bohai Bay route saw a vehicle transport decrease of 9.8% to 268,200 trips, while passenger transport increased by 2.9% to 1.254 million [7] - The North Sea route experienced a significant increase in vehicle transport by 186.6% and passenger transport by 61.9% [7] - The Qiongzhou Strait ferry port reported a vehicle flow of 3.6091 million trips, a 1.2% increase, while passenger flow decreased by 4.8% to 10.7034 million [7] Corporate Governance - The company held a board meeting on October 27, 2025, where the third-quarter report was approved unanimously [11][14] - The company has revised its information disclosure management measures to comply with updated regulations [14]

Core Insights - The company reported third-quarter revenue of 1.202 billion yuan, representing a year-on-year increase of 2.19% [1] - Net profit for the third quarter was 64.7959 million yuan, showing a year-on-year decline of 22.13% [1] - For the first three quarters, total revenue was 3.923 billion yuan, reflecting a year-on-year decrease of 0.52% [1] - Net profit for the first three quarters amounted to 190 million yuan, down 32.11% year-on-year [1] Financial Performance - Third-quarter revenue: 1.202 billion yuan, up 2.19% year-on-year [1] - Third-quarter net profit: 64.7959 million yuan, down 22.13% year-on-year [1] - Year-to-date revenue: 3.923 billion yuan, down 0.52% year-on-year [1] - Year-to-date net profit: 190 million yuan, down 32.11% year-on-year [1]

Group 1 - The stock price of Bohai Ferry increased by 5.06% to 10.39 CNY per share, with a trading volume of 1.33 billion CNY and a turnover rate of 2.78%, resulting in a total market capitalization of 4.874 billion CNY [1] - Bohai Ferry has experienced a continuous increase in stock price for five consecutive days, with a cumulative increase of 3.34% during this period [1] - The company, established on October 15, 1998, and listed on September 6, 2012, primarily engages in passenger and cargo roll-on/roll-off shipping services, financing leasing, cruise business, international passenger roll-on/roll-off transport, and ship fuel sales [1] Group 2 - According to data, one fund under China Europe Fund holds Bohai Ferry as a significant investment, with the China Europe State-Owned Enterprise Dividend Mixed A Fund (019015) holding 297,100 shares, accounting for 3.23% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has generated an estimated floating profit of approximately 148,600 CNY today, with a floating profit of 95,100 CNY during the five-day increase [2] - The China Europe State-Owned Enterprise Dividend Mixed A Fund was established on September 25, 2023, with a latest scale of 33.8038 million CNY and has achieved a year-to-date return of 9.14% [2]

Core Viewpoint - The company has disclosed its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided, and has undertaken legal responsibilities for any misrepresentation or omissions [2][10]. Financial Data - The company confirmed that there are no adjustments or restatements required for previous accounting data [4]. - The third-quarter financial report has not been audited [3][9]. - The company reported no non-recurring gains or losses applicable for the quarter [4]. Shareholder Information - The company has sold a 48.55% stake in its joint venture, Jiangsu Andefu Energy Technology Co., Ltd., for a total consideration of 184.14 million yuan [6][7]. - The company has received a total of 108.29 million yuan from the sale, with the transaction completed and registered [7]. Board Meeting - The fourth board meeting was held on October 24, 2025, with all eight directors present, either in person or via telecommunication [11]. - The board approved the third-quarter report and a new market value management system [12][15].

Core Insights - The overall fixed asset investment in China for the first three quarters of the year reached 371.535 billion yuan, showing a year-on-year decline of 0.5%, primarily influenced by the real estate sector. Excluding real estate, the investment grew by 3.0% year-on-year [1] Group 1: Industrial Investment - Industrial investment demonstrated a robust growth of 6.4% year-on-year, contributing 2.1 percentage points to the overall investment growth [1] - Mining investment increased by 3.7%, with a 0.7 percentage point acceleration compared to the period from January to August [1] - Manufacturing investment rose by 4.0%, contributing 1.0 percentage point to total investment growth [1] - Investment in electricity, heat, gas, and water production and supply surged by 15.3%, adding 1.1 percentage points to overall investment growth [1] Group 2: Infrastructure Investment - Infrastructure investment grew by 1.1% year-on-year, contributing 0.2 percentage points to total investment growth [2] - Private investment in infrastructure increased by 7.0%, accounting for 20.0% of total infrastructure investment, up by 1.1 percentage points from the previous year [2] - Notable growth was observed in internet and related services investment at 20.6%, water transport investment at 12.8%, and railway transport investment at 4.2% [2] Group 3: Equipment Investment - Equipment and tool purchase investment maintained a growth rate above 10%, with a year-on-year increase of 14.0%, contributing 2.0 percentage points to overall investment growth [3] - This segment accounted for 16.6% of total investment, an increase of 2.2 percentage points compared to the previous year [3] Group 4: High-Tech Service Investment - Investment in high-tech services grew by 6.1% year-on-year, representing 5.3% of total service investment, an increase of 0.5 percentage points from the previous year [4] Group 5: Agricultural Investment - Investment in the primary industry rose by 4.6% year-on-year, with forestry investment soaring by 40.0% [5] - Fisheries investment increased by 12.9%, and livestock investment grew by 4.3% [5] - Related sectors such as agricultural and sideline food processing investment grew by 14.3%, and food manufacturing investment increased by 10.8% [5]

Core Insights - National fixed asset investment (excluding rural households) reached 371,535 billion yuan from January to September 2025, showing a year-on-year decline of 0.5% [1] - Private fixed asset investment decreased by 3.1% year-on-year [1] - In September, fixed asset investment (excluding rural households) fell by 0.07% month-on-month [1] Investment by Industry - Investment in the primary industry was 7,344 billion yuan, with a year-on-year growth of 4.6% [1] - Investment in the secondary industry totaled 134,063 billion yuan, growing by 6.3% [1] - Investment in the tertiary industry was 230,128 billion yuan, declining by 4.3% year-on-year [1] - Within the secondary industry, industrial investment increased by 6.4% year-on-year [1] - Mining investment grew by 3.7%, manufacturing investment increased by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [1] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) rose by 1.1% year-on-year [1] - Water transport investment grew by 12.8%, railway transport investment increased by 4.2%, and water conservancy management investment rose by 3.0% [1] Regional Investment Trends - Investment in the eastern region declined by 4.5% year-on-year [1] - Investment in the central region increased by 1.5% [1] - Investment in the western region also grew by 1.5% [1] - The northeastern region experienced an investment decline of 8.4% [1] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 0.6% year-on-year [1] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3% [1] - Foreign enterprises' fixed asset investment saw a significant decline of 12.6% [1]

Core Insights - The logistics industry in China is experiencing a steady improvement, with the logistics prosperity index reaching a six-month high of 51.2% in September, an increase of 0.3 percentage points from the previous month [1] - The demand for logistics services is growing steadily, driven by consumer spending in sectors such as tourism and e-commerce, particularly during the back-to-school and travel seasons [1][2] - The third quarter shows a cumulative recovery of 0.4 percentage points in the logistics prosperity index, indicating a stabilization and improvement in business vitality [3] Logistics Demand - There is a positive growth trend in logistics demand across various sectors, including energy transportation, electronic components, pharmaceuticals, communication equipment, and durable consumer goods [2] - The air logistics sector is witnessing rapid growth, with high bellyhold utilization rates [2] Business Activity and Pricing - The logistics service price index, workforce index, and main business profit index have all shown continuous recovery, with the logistics service price index increasing by 0.9 percentage points in the third quarter [3] - The demand for personnel in the logistics sector has increased, particularly in water transportation, air transportation, and multimodal transport [3] Future Outlook - The average business activity expectation index for the third quarter is at 56%, indicating an expansionary trend [4] - The implementation of policies aimed at stabilizing employment, businesses, markets, and expectations is expected to support the continued stable operation of the logistics sector [4]

Economic Growth Overview - China's GDP growth in Q3 2023 was 4.8%, marking the slowest growth rate of the year [1] - Economic growth has shown a quarterly decline: Q1 at 5.4%, Q2 at 5.2%, and Q3 at 4.8% [3] Investment Trends - Fixed asset investment (excluding rural households) decreased by 0.5% year-on-year in the first three quarters of 2023, a rare negative growth [3] - Real estate investment saw a significant decline of 13.9%, which was the largest factor dragging down overall investment [3] - Excluding real estate, national project investment maintained a positive growth of 3.0% [6] Sector Performance - Industrial investment grew by 6.4%, with significant increases in the "electricity, heat, gas, and water production and supply" sector at 15.3% [6] - Manufacturing investment increased by 4.0%, with consumer goods manufacturing up by 6.3% and equipment manufacturing up by 1.6% [6] - Infrastructure investment grew by 1.1%, with notable increases in water transport (12.8%) and internet services (20.6%) [6] Private Investment Challenges - Private fixed asset investment fell by 3.1%, significantly more than the overall investment decline [7] - Barriers to market entry and high thresholds in project bidding limit private enterprise participation [7] - Financing difficulties persist for private enterprises, with high costs and limited loan availability [7] Regional Investment Disparities - Investment in eastern regions decreased by 4.5%, while central and western regions saw growth of 1.5% each [9] - Northeast regions experienced an 8.4% decline in investment, highlighting significant regional disparities [9] Policy Recommendations - Targeted measures are needed to stimulate private investment, including expanding investment opportunities in new sectors [10] - Clear industry entry standards and specific project lists in emerging fields will be developed to attract private capital [10] - Strengthening the implementation of bidding regulations and enhancing financing support systems are crucial [10] Future Outlook - Investment growth in high-tech manufacturing, green energy, and digital economy sectors is paving the way for high-quality economic development [12] - The implementation of policies aimed at invigorating private investment is expected to lead to healthier and more sustainable economic growth [12]

Core Insights - National fixed asset investment (excluding rural households) for January to September 2025 reached 371,535 billion yuan, a year-on-year decrease of 0.5% [1] - Private fixed asset investment saw a year-on-year decline of 3.1% [1] Investment by Industry - First industry investment totaled 7,344 billion yuan, with a year-on-year growth of 4.6% [3] - Second industry investment amounted to 134,063 billion yuan, showing a growth of 6.3% [3] - Third industry investment was 230,128 billion yuan, reflecting a year-on-year decline of 4.3% [3] Second Industry Breakdown - Industrial investment in the second industry grew by 6.4% year-on-year [4] - Mining investment increased by 3.7%, manufacturing investment rose by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [4] Third Industry and Infrastructure - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the third industry grew by 1.1% year-on-year [4] - Water transportation investment increased by 12.8%, railway transportation investment grew by 4.2%, and water conservancy management investment rose by 3.0% [4] Regional Investment Trends - Eastern region investment decreased by 4.5%, while central and western regions both saw a growth of 1.5% [4] - Northeast region investment declined by 8.4% [4] Investment by Registration Type - Domestic enterprise fixed asset investment fell by 0.6% year-on-year [4] - Investment from Hong Kong, Macau, and Taiwan enterprises decreased by 0.3% [4] - Foreign enterprise fixed asset investment dropped significantly by 12.6% [4]

Core Insights - National Bureau of Statistics data indicates that from January to September 2025, national fixed asset investment (excluding rural households) reached 371,535 billion yuan, showing a year-on-year decline of 0.5%, contrary to the expected growth of 0.1% and previous growth of 0.5% [1][3] Investment by Industry - Investment in the primary industry amounted to 7,344 billion yuan, with a year-on-year increase of 4.6% [3] - Investment in the secondary industry reached 134,063 billion yuan, growing by 6.3% year-on-year, with industrial investment specifically increasing by 6.4% [3] - Within the secondary industry, mining investment grew by 3.7%, manufacturing investment increased by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [3] - The tertiary industry saw an investment of 230,128 billion yuan, which represents a year-on-year decline of 4.3% [3] - Infrastructure investment in the tertiary sector (excluding electricity, heat, gas, and water production and supply) grew by 1.1%, with water transport investment increasing by 12.8%, railway transport investment rising by 4.2%, and water conservancy management investment up by 3.0% [3] Investment by Region - Eastern region investment declined by 4.5% year-on-year, while the central and western regions both experienced a growth of 1.5%. The northeastern region saw a significant decline of 8.4% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 0.6%, while investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3%. Foreign enterprises experienced a notable decline of 12.6% in fixed asset investment [3]