Core Viewpoint - Shenghang Co., Ltd. has a total of 54 vessels under its control, with a total capacity of 424,800 deadweight tons, indicating a strong position in the shipping industry [1] Group 1: Fleet Composition - The company operates 34 domestic chemical tankers with a total capacity of 216,100 deadweight tons [1] - It has 13 product oil tankers with a total capacity of 130,700 deadweight tons [1] - The fleet also includes 1 liquefied petroleum gas (LPG) vessel with a cargo capacity of 5,546.80 cubic meters [1] - Additionally, there are 6 foreign trade chemical tankers with a total capacity of 73,400 deadweight tons [1] Group 2: Future Plans - Two new vessels, 'Shenghang Discovery' and 'Shenghang Wealth', are scheduled to be operational by 2025 [1] - The company is dynamically adjusting its domestic and international shipping capacity based on market conditions to enhance overall operational efficiency [1]

Group 1: Company Fleet Capacity - The company controls a total of 54 vessels with a total capacity of 424,800 deadweight tons [2] - The fleet includes 34 domestic chemical tankers (216,100 deadweight tons), 13 product oil tankers (130,700 deadweight tons), and 6 foreign trade chemical tankers (73,400 deadweight tons) [2] - In 2025, two new vessels were added: a dual-purpose oil and chemical tanker (6,187.40 deadweight tons) and a foreign trade chemical tanker (13,710.24 deadweight tons) [2][3] Group 2: Future Capacity Plans - The subsidiary currently has 3 vessels under construction with a total capacity of 27,000 deadweight tons [3] - The company plans to apply for additional capacity through the Ministry of Transport and will replace old vessels to enhance fleet efficiency [3] Group 3: Domestic Chemical Shipping Market - In the first three quarters of 2025, the domestic hazardous chemical waterway transport market saw a decline in freight turnover and prices due to industry fluctuations [4] - By Q4 2025, the domestic chemical market began to stabilize, with an expected increase in demand for hazardous chemical waterway transport [5] - Currently, 70% of the company's domestic hazardous chemical transport business is secured by long-term contracts [5] Group 4: International Chemical Shipping Market - The international liquid hazardous goods transport market experienced a decline in freight rates compared to 2024 due to various external factors [6] - The company is optimizing routes and implementing a layered pricing strategy to enhance profitability and resilience against market fluctuations [6] Group 5: Convertible Bonds - The company issued 7,400,000 convertible bonds on December 6, 2023, with a total fundraising amount of RMB 740 million [7] - As of the end of 2025, 4,540,671 convertible bonds remain, representing 61.36% of the total issued amount [8] Group 6: Collaboration with Major Shareholder - The company is exploring collaborative opportunities with its major shareholder, Wanda Group, to enhance operational stability and risk management [9] - The management is focused on optimizing business layout and improving operational efficiency in line with Wanda Group's governance requirements [9] Group 7: Risk Warning - Investors are advised to refer to official announcements for accurate company information and to be cautious regarding investment risks [10]