作为海南连接内地的唯一海上通道，琼州海峡的航运资源整合曾面临诸多挑战。49艘客滚船分属不同主体，导致"过海难、过海慢"成为区域发展短板之一。 在中国远洋海运集团的统筹指引下，海峡股份以市场化手段开启跨省域资源整合新路径，通过"资产入股+委托管理"的创新模式，成功实现了琼粤两岸49艘 转自：新华财经 在近期由中国企业改革与发展研究会主办的2025（第三届）企地合作论坛上，海南海峡航运股份有限公司报送的"黄金水道上的改革突围：中国远洋海运港 航一体化运营战略实践——琼州海峡航运资源整合与产业链协同创新案例"成功入选优秀案例，彰显了海峡股份在跨区域港航协同领域的标杆价值与创新实 力，为全国跨区域交通基础设施一体化发展提供了可借鉴的范例。 船舶的一体化运营，并构建了统一的现代化港航产业体系，从根本上破解了跨区域运营治理的难题。 改革实践结出丰硕成果。海峡股份打造了全国最大的客滚运输枢纽——新海港客运综合枢纽，年设计通过能力达旅客3500万人次、车辆560万辆次。通过基 础设施升级、运力结构优化、数字化赋能等一系列举措，过海时长被压缩至3.5小时以内，车辆待渡时间减半，船舶准点率提升至99%以上。在2025年春运 期间 ...

对于2025年底海南全岛封关运作的影响，公司认为，封关后"一线放开、二线管住"政策将显著提升货物 进出便利性，"非禁即入"的投资自由化原则有望吸引更多投资者和合作伙伴，直接带动车客流量增长。 此外，海南省环岛旅游公路的建成将大幅增加自驾出行人群，进一步利好公司客滚运输主营业务。西沙 航线运营：主导区域特色旅游市场 海南海峡航运股份有限公司（以下简称"海峡股份"）于2025年11月21日接受了特定对象调研。本次调研 由华福证券、海南椰龙两家机构参与，公司高管张芬芬、许楠楠、刘哲就公司业务布局、新航线运营、 运力调整及行业机遇等问题与机构进行了深入交流。 调研基本信息投资者关系活动类别：特定对象调研时间：2025年11月21日14:30-15:30地点：海南省海口 市滨海大道157号港航大厦14层参与单位名称：华福证券、海南椰龙上市公司接待人员姓名：张芬芬、 许楠楠、刘哲 核心调研要点：新航线、运力优化与业务结构解析公司业务概况：港航一体化布局，客滚船规模达64艘 海峡股份成立于2002年，2009年在深交所上市，是琼州海峡客滚运输龙头企业。公司通过多次资源整合 实现业务扩张：2017年收购轮渡码头资产切入港口服 ...

Group 1: Company Overview - Hainan Strait Shipping Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in 2009, laying the foundation for rapid development [2] - In 2017, the company expanded its business to port services by acquiring ferry terminal assets [2] - The company completed the integration of shipping resources in the Qiongzhou Strait in 2021, enhancing transportation service capabilities [2] - By 2025, the company will have a fleet of 64 passenger and roll-on/roll-off ships, ranking first globally [2] Group 2: Financial Performance - As of Q3 2025, the company reported cumulative revenue of CNY 3.923 billion and a net profit of CNY 190 million [3] - The weighted average return on equity was 2.96%, with basic earnings per share at CNY 0.0852 [3] - Revenue in Q3 2025 showed a 2.19% year-on-year growth despite a decline in net profit due to increased costs from strategic investments [3] Group 3: Business Operations - The revenue breakdown for Hainan Strait Shipping includes: - 72% from the Haian route - 10% from the Yantai to Dalian route - 6% from the Xisha route - 5% from port services [6] - The newly launched Haikou to Fangchenggang route covers 157 nautical miles and takes approximately 12 hours, enhancing connectivity with strategic initiatives [5] Group 4: Future Opportunities - The implementation of favorable tax policies in Hainan's free trade port is expected to lower operational costs and attract more investors [9] - The completion of infrastructure projects, such as the circular island tourism road, is anticipated to boost passenger traffic [9] Group 5: Strategic Initiatives - The company plans to invest in two new passenger and roll-on/roll-off ships to replace aging vessels [10] - Future strategies include improving operational efficiency and enhancing collaboration with partners to maximize resource utilization [11]

Company Overview - Established in 2002, Hainan Strait Shipping Co., Ltd. was initiated by five shareholders including Hainan Port and Shipping Holdings Co., Ltd. and Shenzhen Yantian Port Co., Ltd. [2] - Listed on the Shenzhen Stock Exchange in 2009, the company has experienced rapid growth, particularly after acquiring ferry terminal assets in 2017 and becoming indirectly controlled by China COSCO Shipping Group in 2019 [2]. - By 2025, the company plans to complete a cash acquisition of 100% equity in COSCO Shipping Passenger, increasing its roll-on/roll-off (RoRo) vessel fleet to 66, ranking first globally [2]. Business Operations - The company primarily operates passenger and vehicle transportation services across routes such as Haikou to Hai'an, Yantai to Dalian, and Sanya to Xisha, alongside ferry port services [2]. - Revenue is generated through freight charges for shipping and port service fees, with a focus on enhancing overall income through tourism products on Xisha routes [2]. Challenges in Roll-on/Roll-off Transportation Seasonal Demand Fluctuations - Significant seasonal variations in passenger and vehicle traffic, with peak periods during holidays leading to daily volumes that can reach several times the normal capacity [3]. - Insufficient capacity during peak times can result in vehicle delays and passenger congestion, while excess capacity in off-peak seasons leads to high idle rates and increased operational costs [3]. Complex Logistics - The transportation of diverse vehicle types (trucks, cars, buses, electric vehicles) complicates logistics, requiring dynamic loading to maximize space utilization [4]. - Any delays in passenger or vehicle processing can lead to schedule disruptions [4]. Safety Concerns with Electric Vehicles - The rise in electric vehicle usage introduces new safety challenges, particularly regarding fire risks and emergency response difficulties [5]. Strategic Responses - To address increased traffic from the Hainan Free Trade Port, the company plans to invest in additional flat-top barges and new RoRo vessels, as well as explore new routes to alleviate pressure on existing services [6]. Dividend Policy - The company aims to provide stable dividend returns to shareholders while ensuring sustainable development, considering profitability, cash flow, future investments, and shareholder expectations [7][8]. Opportunities from Hainan Free Trade Port - The implementation of favorable tax policies is expected to lower operational costs and attract more investors, enhancing passenger and vehicle traffic [9]. - Improved infrastructure, such as the completion of the circular island tourism road, is anticipated to boost the company's core business [9]. Future Developments in Tourism - The company operates the Sanya to Xisha tourism route, offering a four-day, three-night experience with various activities [11]. - Plans to transition from traditional transport vessels to cruise-style experiences are underway, focusing on enhancing service quality and diversifying tourism offerings [12]. Stakeholder Engagement - The company maintains transparency regarding potential asset integration plans, committing to comply with legal disclosure requirements [10]. Conclusion - The company is positioned to leverage growth opportunities while addressing operational challenges through strategic investments and innovative service offerings.

Group 1: Company Overview - Hainan Strait Shipping Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in 2009, laying the foundation for rapid development [2] - In 2017, the company expanded its business to port services by acquiring ferry terminal assets [2] - The company completed resource integration in the Qiongzhou Strait in 2021, enhancing transportation service capabilities [2] - By 2025, the company plans to acquire 100% of COSCO Shipping Passenger's shares, increasing its roll-on/roll-off vessel fleet to 66, ranking first globally [2] Group 2: Business Operations - The company primarily operates passenger and cargo transportation services in the Qiongzhou Strait and Bohai Bay, with routes including Haikou to Hai'an, Yantai to Dalian, and Sanya to Xisha [2] - Revenue is generated through shipping fees and port service operations, with a focus on developing unique products for tourism routes to enhance overall income [2] Group 3: Market Opportunities - The upcoming closure of Hainan's free trade port in 2025 is expected to increase passenger and vehicle flow, with the company planning to invest in new vessels and routes to meet demand [3][5] - The implementation of favorable tax policies in Hainan will lower operational costs and attract more investors, contributing to predictable growth in passenger and vehicle traffic [5] - Infrastructure improvements, such as the completion of the circular island tourism road, are anticipated to boost the company's core business by attracting self-driving tourists [5] Group 4: Dividend Policy - The company aims to provide stable dividend returns to shareholders while ensuring sustainable development, considering profitability, cash flow, future investment plans, and shareholder expectations [4] Group 5: Tourism Services - The Sanya to Xisha tourism route operates with the "Xianglong Island" vessel, offering a four-day, three-night experience with activities on various islands [6] Group 6: Disclosure Information - The investor relations activity did not involve any undisclosed significant information [7]

Company Overview - Established in 2002 by five shareholders, listed on Shenzhen Stock Exchange in 2009 [2] - Acquired ferry terminal assets in 2017, marking the first step towards port and shipping integration [2] - Became a subsidiary of China COSCO Shipping Group in 2019, entering a rapid development phase [2] - Completed resource integration in Qiongzhou Strait in 2021, enhancing transportation service capacity [2] - Plans to acquire 100% equity of COSCO Shipping Passenger by 2025, increasing fleet size to 64 vessels, ranking first globally [2] Business Model - Revenue primarily generated from passenger and cargo transportation fees, alongside port operation income [3] - Development of unique products through tourism routes to enhance overall revenue [3] Market Opportunities - Anticipated increase in passenger and vehicle flow due to Hainan Free Trade Port's operational closure in 2025 [4] - Plans to invest in new flat barges and passenger ferries to meet market demand [4] - New routes to alleviate pressure on existing services [4] Dividend Policy - Committed to providing stable dividends while ensuring sustainable company growth [5] - Dividend policy considers profitability, cash flow, future investment plans, and shareholder expectations [5] Impact of Hainan Free Trade Port - Tax incentives will lower operational costs, creating a favorable environment for growth [6] - Policy changes will facilitate easier movement of goods, attracting more investors [6] - Improved infrastructure, such as the completion of the island tourism highway, will boost business [6] Future Capital Expenditure - Plans to invest in two new passenger ferries to replace aging vessels [7] Competitive Landscape - COSCO Shipping Passenger operates 12 vessels, while Bohai Ferry has 14, indicating a slight edge for the latter [8] - Focus on improving operational efficiency and management to enhance profitability [8] - Strategy includes capacity upgrades, joint marketing, and cost control measures [8] Disclosure - The activity does not involve any undisclosed significant information [9]

Group 1: Market Performance - Hainan Free Trade Zone concept stocks surged in the afternoon, with Haixia Co. hitting the daily limit and achieving two consecutive limit-ups, with a year-to-date increase of over 115% [8][11] - Coal and gas sectors also saw gains, with Dayou Energy reaching a daily limit and achieving four consecutive limit-ups, while Guo Xin Energy recorded three limit-ups in four days [2][6] - The banking sector performed strongly, with Agricultural Bank of China reaching a new high [2] Group 2: Delixi Co. Developments - Delixi Co. experienced significant volatility, with a trading range of 20% and a cumulative stock price increase of 130% this year [4][6] - The stock opened at 10.06 yuan, just 1 penny below the daily limit, but initially dropped to the limit-down before rebounding to close at a 3.06% increase, with a turnover rate of 28.85% and a trading volume exceeding 770 million yuan [6] - Delixi announced substantial progress in its control change, with Xinjiang Bingxin New High-tech Industry Investment Partnership planning to subscribe for shares, potentially holding up to 30% of the total share capital post-issuance [4][6] Group 3: Hainan Duty-Free Policy Changes - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced adjustments to the Hainan duty-free shopping policy, effective November 1 [11] - The range of duty-free goods will expand from 45 to 47 categories, including pet supplies and small appliances, and domestic products will be allowed in duty-free stores [11] - The minimum age for duty-free shopping will change from 16 to 18 years, and residents with departure records can purchase duty-free items without limits within a calendar year [11]

Core Insights - During the National Day and Mid-Autumn Festival, Yantai Port experienced a 5.8% year-on-year increase in cargo throughput, with passenger volume exceeding 180,000 and roll-on/roll-off vehicle volume reaching 47,000, marking increases of 9.6% and 11.9% respectively [1][7] Group 1: Cargo Operations - Yantai Port optimized production factors across port areas to manage the influx of bauxite import vessels, increasing the frequency of vessel relocations and improving direct loading rates [3] - The port achieved a record unloading efficiency of 90,000 tons in a single shift during the operation of the 300,000-ton bauxite vessel "Shagang Will," with a total of 300,000 tons of bauxite directly loaded during the holiday period, reflecting a 4.2% increase in direct loading rate year-on-year [3] - The port's railway dispatch for bauxite exceeded 300,000 tons, with loading volume increasing by 20% and dispatch volume by 32% year-on-year [5] Group 2: Passenger and Vehicle Transport - The passenger transport data during the holidays was impressive, with 180,000 passengers and 47,000 roll-on/roll-off vehicles, including a peak of 30,000 passengers on October 1, setting a new record for holiday traffic [7] - The port increased capacity by launching four additional passenger routes and operating 19 large passenger and cargo roll-on/roll-off ships, completing over 300 voyages [7] - Service enhancements included the opening of all waiting hall service windows, the presence of nearly 400 volunteer service hours, and measures to reduce boarding wait times, ensuring a smooth travel experience for passengers [7] Group 3: Operational Efficiency - Yantai Port's frontline staff of over 2,400 worked diligently to ensure efficient terminal operations, achieving a record of 45,000 cubic meters of cargo handling in a single day for general cargo [6] - The port implemented precise planning and standardized operations for vehicle handling, with expectations to complete operations for over 13 vessels and a total cargo volume exceeding 15,000 vehicles [6] - The container company maintained close communication with railway departments to ensure timely loading and dispatch, completing the loading and unloading of 234 TEUs [6]

Group 1 - During the Mid-Autumn Festival and National Day holiday, Shandong ports achieved significant operational success, with cargo throughput increasing by 4% and container volume by 7% [1] - Qingdao Port set a record with a single vessel unloading 22,000 TEUs, and container throughput exceeded plans by 1.3% [1] - The port also implemented an innovative intelligent transfer model for the "Qingdao-Rizhao" route, enhancing operational efficiency [1] Group 2 - Rizhao Port reported a 3.3% increase in cargo throughput and a 3.4% increase in container throughput, achieving six production records during the holiday [2] - The port collaborated with national railways to improve train loading efficiency, setting new records for day and night loading [2] - Safety measures were emphasized, including 24-hour duty and night safety meetings to ensure supply chain stability [2] Group 3 - Yantai Port is expected to see a 5.8% increase in cargo throughput, with a 4.2% increase in bauxite direct retrieval rates [3] - The port facilitated over 180,000 passenger trips during the holiday, marking a 10% increase year-on-year [3] - The Bohai Bay Port achieved a 5% increase in cargo throughput and implemented strategies to reduce waiting times and operational costs [3] Group 4 - Port construction projects are progressing well, with significant advancements in road and infrastructure development at Qingdao and Rizhao ports [4] - The training center for inland shipping is actively conducting training sessions to ensure a steady supply of skilled personnel for the industry [4] Group 5 - Medical staff at hospitals maintained high operational efficiency, performing over 50 surgeries during the holiday period [5] - Emergency teams successfully treated critical patients, showcasing the healthcare sector's commitment to patient care [5] Group 6 - The logistics and support teams provided comprehensive services, including meal provisions and security checks, ensuring a smooth operational environment for port workers [6] - Environmental management teams effectively handled waste disposal, maintaining cleanliness in the port area [6]

Core Insights - The passenger and vehicle transportation volume across the Qiongzhou Strait reached historical highs during the first day of the National Day and Mid-Autumn Festival holiday, with 113,000 passengers and 29,400 vehicles transported, marking increases of 17.4%, 22.0%, and 24.0% year-on-year [1] - The demand for transportation is expected to remain strong throughout the holiday period, with a forecast of 660,000 passengers and 170,000 vehicles to be transported over eight days, representing year-on-year increases of 8% and 10% respectively [1] - The maritime department has implemented a full reservation system for ferry crossings and increased the number of dedicated transport services for new energy vehicles during peak days [1] Transportation Operations - A total of 304 ferry trips were made on the first day of the holiday, with a significant increase in the transportation of new energy vehicles, which saw over 100% growth year-on-year [1] - The maritime authorities coordinated with management departments and shipping companies to create a flexible schedule of 160 to 220 trips during different time slots to meet fluctuating passenger and vehicle demand [1] - During the holiday, 54 passenger and roll-on/roll-off vessels, along with 2 dedicated new energy vehicle transport ships, were deployed to ensure smooth transportation operations [2] Safety and Regulations - Prior to the holiday, a comprehensive safety inspection was conducted on passenger and roll-on/roll-off vessels, covering 421 inspections and identifying over 220 defects to ensure safe operations [2] - The maritime department has advised travelers to stay informed about weather changes, book tickets in advance, and plan their itineraries accordingly [3]