HNSS(SZ:002320)2025-11-21 09:48Company 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 2021, the company completed the integration of shipping resources in the Qiongzhou Strait, enhancing its service capabilities [2] - As of 2025, the company has acquired 100% of COSCO Shipping Passenger Transport, increasing its roll-on/roll-off vessel fleet to 64 [2] Business Operations - The company primarily operates passenger and cargo transport services in the Qiongzhou Strait and Bohai Bay, with key routes including Haikou to Hainan, Yantai to Dalian, and Sanya to Xisha [2] - Revenue model relies on freight charges from shipping and port service fees, with additional income from tourism products on the Xisha route [2] New Route Launch - The newly opened Haikou to Fangchenggang route covers 157 nautical miles with a travel time of approximately 12 hours [3] - The "Chess Bay" vessel, measuring 129.9 meters in length and 20.4 meters in width, can carry 844 passengers and 69 trucks [3] - This route aligns with the "Western Land-Sea New Corridor" and "Hainan Free Trade Port" strategies, enhancing connectivity between the Beibu Gulf city cluster and Hainan [3] Revenue Breakdown - As of the 2025 mid-year report, revenue distribution is as follows: - Haikou to Hainan route: 72% - Yantai to Dalian route: 10% - Xisha route: 6% - Port services: 5% - Other routes and services: remaining percentage [5] Future Opportunities - The implementation of favorable tax policies in Hainan's free trade port is expected to reduce operational costs and attract more investors [8] - The upcoming full closure operation of Hainan by the end of 2025 will facilitate easier movement of goods, potentially increasing passenger and cargo flow [8] - Infrastructure improvements, such as the completion of the circular island tourism road, are anticipated to boost the company's core business [8] Safety Measures - The company has invested in flat-deck cargo ships for transporting new energy vehicles, addressing safety concerns related to battery fires [4] - These ships feature open deck designs for better ventilation and are equipped with specialized firefighting systems to ensure safety during transport [4] Dividend Policy - The company aims to provide stable dividend returns to shareholders while ensuring sustainable development [6] - Dividend policies will consider profitability, cash flow, future investment plans, and shareholder expectations [6]