投资者关系活动记录表 编号：20260107 | 投资者关系活动类别 | 特定对象调研 | ☐ 分析师会议 | | --- | --- | --- | | | ☐ 媒体采访 | ☐ 业绩说明会 | | | ☐ 新闻发布会 | ☐ 路演活动 | | | ☐ 现场参观 | | | | 其他 ☐ 开源证券 初敏 董璐 | | | | 博时基金 占东简 国泰海通资管 陈子彦 | | | | 鹏扬基金 黄涛 | | | | 国泰海通 吴劭勉 | | | 参与单位名称及人 | 厦门信托 蔡宇泽 | | | | 中信建投证券 聂安 | | | 员姓名 | 银河证券 许凝宁 | | | | 中信证券 曹渊 | | | | 太保资产 陈晓晓 | | | | 红塔证券 夏青 | | | | 上海信保信息技术有限公司 | 吴末 | | 时间 | 2026年1月7日 10:30-11:30 | | | 地点 | 海南省海口市滨海大道157号港航大厦14层 | | | 上市公司接待人员姓 | 许楠楠 刘哲 | | | 名 | | | | | 公司介绍：公司2002年由海南港航控股有限公司、深圳市盐田港股份 有限公司等5位股东发起设立 ...

Group 1: Pricing and Revenue Strategies - The ticket price for the Haikou to Hai'an route has not changed in recent years, and the company plans to enhance revenue through port and shipping value-added services and strengthening the commercial operation of the new Haikou passenger transport hub [2] - The company aims to address the seasonal demand fluctuations in the Qiongzhou Strait passenger and roll-on/roll-off transport market by increasing capacity during peak seasons and managing operational costs during off-peak periods [3] Group 2: Market Opportunities and Growth - The implementation of the Hainan Free Trade Port's preferential tax policies, including corporate income tax reductions, is expected to lower operational costs and create a favorable environment for business growth [5] - The upcoming full closure operation of Hainan Island at the end of 2025 is anticipated to attract more investors and partners, leading to a predictable increase in passenger and vehicle flow [5] Group 3: Operational Developments - The company is enhancing its fleet by adding flatbed barges and new roll-on/roll-off vessels to meet market demand and alleviate pressure on the Haikou to Hai'an route [3] - The integration of COSCO Shipping Passenger Transport into the company's management system is underway, focusing on shared resources in capacity, crew, management, digitalization, and marketing [3] Group 4: Strategic Initiatives - The company has established a duty-free pickup point at the new Haikou passenger transport hub and is exploring partnerships with qualified duty-free operators through various collaboration methods [3] - The company is actively pursuing the investment in Xuwen Port and conducting due diligence and negotiations, with ongoing efforts to reach consensus on key transaction matters [3] Group 5: Future Dividend Policy - The company is committed to providing stable dividend returns to shareholders while ensuring sustainable development, taking into account profitability, cash flow, future investment plans, and shareholder expectations [4] Group 6: Tourism and Route Information - The company operates the Sanya to Xisha tourism route, which takes approximately 11 hours and offers a four-day, three-night experience for tourists [6] - The company indirectly holds a 34% stake in Sansha Nanhai Dream Journey Cruise Co., Ltd., a key player in the Xisha route, following the acquisition of COSCO Shipping Passenger Transport [7]

Group 1: Company Overview and Development - 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 [3] - The company completed the integration of shipping resources in the Qiongzhou Strait in 2021, enhancing transportation service capabilities [3] Group 2: Business Operations and Challenges - The company operates a fleet of 64 roll-on/roll-off vessels, focusing on routes such as Haikou to Hai'an and Sanya to Xisha [3] - Seasonal demand fluctuations create a structural contradiction in capacity management, with peak periods seeing demand several times higher than normal [4] - Strategies to address increased passenger and vehicle flow due to the free trade port include adding flat barges and new vessels [5] Group 3: Strategic Initiatives and Collaborations - The company is involved in the duty-free business through its new passenger transport hub, collaborating with qualified duty-free operators [6] - Integration with China COSCO Shipping has begun, focusing on shared resources in capacity, crew, management, and marketing [7] - Ongoing negotiations for the investment in Xuwen Port are in progress, with due diligence being conducted [8] Group 4: Future Opportunities and Policies - The implementation of favorable tax policies in Hainan's free trade port is expected to lower operational costs and attract more investors [10] - Infrastructure improvements, such as the completion of the circular island tourism road, are anticipated to boost the company's main business [10] - The company maintains a commitment to providing stable dividends to shareholders while ensuring sustainable development [9]

证券代码：002320 证券简称：海峡股份 海南海峡航运股份有限公司 投资者关系活动记录表 编号：202511261 | 投资者关系活动类别 | 特定对象调研 ☐ | 分析师会议 | | --- | --- | --- | | | ☐ 媒体采访 ☐ | 业绩说明会 | | | ☐ 新闻发布会 ☐ | 路演活动 | | | 现场参观 ☐ | | | | 其他 ☐ 太平洋证券 程志峰 谭建彬 | 姚诗权 | | | 华源证券 张付哲 曾智星 广发基金 胡英粲 | 高树根 | | | 中信建投基金 陈泽文 | | | | 国泰海通资管 张宇清 | | | | 信达澳亚基金 刘维华 | | | 参与单位名称及人 | 国泰基金 李起帆 | | | 员姓名 | 杭银理财 李杨健 | | | | 招商信诺资管 刘延波 | | | | 招商证券 肖欣晨 李秀敏 | | | | 中泓汇富基金 余一奇 | | | | 嘉宏集团 曹静 | | | | 云昱私募基金 张一云 | | | 时间 | 2025年11月26日 14:00-15:00 | | | 地点 | 海南省海口市滨海大道157号港航大厦14层 | | | 上市公司接 ...

Group 1: Company Overview and Development - 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 entered a rapid growth phase after becoming indirectly controlled by China COSCO Shipping Group in 2019 [2] - By 2021, the company completed the integration of shipping resources in the Qiongzhou Strait, enhancing transportation service capabilities [2] - In 2025, the company will acquire 100% of COSCO Shipping Passenger's shares, increasing its roll-on/roll-off vessel fleet to 64 [2] Group 2: Business Model and Revenue Structure - The primary business model involves collecting passenger and cargo transportation fees through shipping, alongside generating terminal operation income from port services [3] - As of the 2025 semi-annual report, revenue breakdown includes: - 72% from the Haian route - 10% from the Yantai to Dalian route - 6% from the Xisha route - 5% from port services - Remaining from other routes and services [9] Group 3: Strategic Initiatives and Future Opportunities - The company is actively pursuing investment in Xuwen Port, with ongoing due diligence and negotiations [5] - The newly launched Haikou to Fangchenggang route covers 157 nautical miles and takes approximately 12 hours, enhancing connectivity with the "Western Land-Sea New Corridor" and "Hainan Free Trade Port" [6] - The implementation of favorable tax policies in Hainan's free trade port is expected to lower operational costs and attract more investors, leading to increased passenger flow [11] Group 4: Shareholder Engagement and Profit Distribution - The company maintains a commitment to returning value to shareholders while ensuring sustainable development [10] - The minority shareholder profit in the financial report is primarily due to the joint venture in Qiongzhou Strait ferry operations, where the company holds a 33.36% stake [4]

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.

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 expanded its operations significantly since then [2]. - In 2017, the company acquired ferry terminal assets from Hainan Port and Shipping, marking its first step towards port service integration [2]. - The company became a subsidiary of China COSCO Shipping Group in 2019, entering a rapid development phase [2]. Business Expansion - In 2021, the company completed the integration of shipping resources in the Qiongzhou Strait, enhancing its transportation service capabilities [2]. - By 2025, the company plans to acquire 100% of COSCO Shipping Passenger Transport, increasing its roll-on/roll-off (RoRo) vessel fleet to 64, ranking first globally [2]. - The company operates nine routes, including Haikou to Hai'an, Yantai to Dalian, and Sanya to Xisha, focusing on passenger and cargo transportation [2]. Strategic Goals - The acquisition of COSCO Shipping Passenger Transport aims to leverage the company's extensive experience in the RoRo transport sector and enhance profitability through resource integration [4]. - The company plans to become the first domestic leader in cross-regional RoRo operations, promoting synergy between southern and northern markets [5]. Market Opportunities - The implementation of the Hainan Free Trade Port policy by the end of 2025 is expected to lower operational costs and attract more investors, enhancing passenger flow [7][8]. - Infrastructure improvements, such as the completion of the circular island tourism road, are anticipated to boost the company's core business [8]. Financial Policies - The company maintains a commitment to providing stable dividend returns to shareholders while ensuring sustainable development [10]. - Future capital expenditures include plans to invest in two new RoRo vessels to replace aging ships [12]. New Routes and Services - The newly launched Haikou to Fangchenggang route covers 157 nautical miles with a travel time of approximately 12 hours, enhancing logistics connectivity between Hainan and the western region [12][13]. - The "Qiziwan" vessel on this route can accommodate 844 passengers and 69 freight vehicles, offering diverse travel options [12].

Group 1: Company Strategy and Market Position - The company is focusing on the core business of passenger and roll-on/roll-off (RoRo) transportation, aiming to become the first cross-regional RoRo leader in China after acquiring China Ocean Shipping Company (COSCO) passenger transport [2] - The acquisition is expected to enhance the company's core competitiveness and facilitate the integration of the two largest RoRo markets in China, promoting a leap from "expansion" to "strengthening" [2] - The company is actively exploring diversification opportunities related to its main business, particularly in emerging industries brought by the Hainan Free Trade Port policy, although no specific projects have been finalized yet [3] Group 2: Financial Performance and Shareholder Concerns - As of May 9, 2025, the number of shareholders is approximately 43,000 [4] - The company acknowledges concerns regarding executive compensation, stating that it is based on market conditions, industry standards, and long-term strategic planning, and aims to align with company performance and shareholder interests [5] - The company plans to improve its valuation through enhanced performance, better market communication, optimized capital structure, and improved corporate governance [8] Group 3: Operational Challenges and Responses - The company is addressing losses on the Beihai route by upgrading its fleet with better vessels to enhance operational capacity and customer relationships [9] - The purchase of two flat cargo ships is justified by the rapid growth of the electric vehicle market and the need to enhance safety measures for transporting these vehicles [6][7] - The company is implementing measures to improve profitability on the Xisha route, including optimizing route planning, reducing operational costs, and enhancing customer experience [10] Group 4: Regulatory and Governance Issues - The company is conducting a shareholder vote on a major asset restructuring that constitutes a related party transaction, in compliance with regulatory requirements [11][12] - The acquisition of the two flat cargo ships is confirmed to be a market-based purchase, not a related party transaction [12]