HNSS(SZ:002320)2025-11-26 12:36Company Overview - Established in 2002 by five shareholders, including Hainan Port and Shenzhen Yantian Port, and listed on Shenzhen Stock Exchange in 2009 [3] - Acquired 100% equity of COSCO Shipping Passenger in 2025, increasing the roll-on/roll-off fleet to 64 vessels [3] - Main operations focus on passenger and cargo transport in Hainan and Bohai Bay, with routes including Haikou to Hai'an and Yantai to Dalian [3] Financial Performance - Net profit for Q3 2025 showed a decline due to increased costs from strategic investments and acquisitions [3] - New investments in personnel and fleet, including two new flat-deck cargo ships for transporting new energy vehicles, have contributed to rising operational costs [3][4] New Route Development - Launched Haikou to Fangchenggang route, covering 157 nautical miles with a travel time of approximately 12 hours [3] - The "Chess Bay" vessel on this route can carry 844 passengers and 69 trucks, enhancing service offerings [3] Strategic Initiatives - Investment in flat-deck cargo ships aims to safely transport new energy vehicles, addressing fire risks associated with battery transport [4] - Comprehensive typhoon response plan established to mitigate disruptions caused by approximately 20 days of annual service interruptions [5] Future Outlook - The implementation of favorable tax policies in Hainan Free Trade Port is expected to lower operational costs and attract more investors [9][10] - Infrastructure improvements, such as the completion of the circular tourism road, are anticipated to boost passenger traffic [10] - Ongoing capital expenditures include the construction of two new passenger vessels expected to be operational in two years [10] Shareholder Engagement - The company maintains a commitment to providing stable dividends while ensuring sustainable growth [6] - Future dividend policies will consider profitability, cash flow, and investment plans to achieve long-term shareholder value [6]