HNSS(SZ:002320)2026-02-11 09:40Group 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 completed the integration of shipping resources in the Qiongzhou Strait in 2021, enhancing transportation capabilities [2] - By 2025, the company will have a fleet of 64 passenger and roll-on/roll-off ships following the acquisition of 100% equity in COSCO Shipping Passenger [2] Group 2: Infrastructure and Capacity Enhancements - The new Haikou passenger transport hub has a designed capacity of 35 million passengers and 5.6 million vehicles annually [3] - The company plans to purchase 4 flat cargo ships for transporting new energy vehicles by 2025 and to build 2 green intelligent passenger ships to replace older vessels [3] - The company is implementing a multi-channel strategy by introducing new routes and upgrading existing services to enhance operational capacity [3] Group 3: Pricing and Capacity Management - The company will adjust ticket prices for the Haikou to Haian route based on market demand and social feedback [4] - The depreciation period for Haian route passenger ships is 18 years, with 4 ships currently exceeding this age [4] - The company will not increase the number of passenger ships on the Haian route but will replace old ships with larger, more efficient vessels [5] Group 4: Impact of Free Trade Port Policies - The implementation of favorable tax policies in Hainan is expected to lower operational costs and attract more investors [9] - The "one line open, two lines controlled" policy will facilitate the movement of goods in and out of Hainan, enhancing customer flow [9] - Infrastructure improvements, such as the completion of the circular island tourism road, are anticipated to significantly attract self-driving tourists [9] Group 5: Future Developments and Strategic Initiatives - The company is in ongoing negotiations regarding the investment in Xuwen Port, with no consensus reached on key matters yet [10] - The completion of the Pinglu Canal is expected to shorten transportation routes significantly, enhancing the flow of goods from Guangxi to Hainan [11] - The Pinglu Canal will create a more efficient maritime route, strengthening the supply chain connections between various economic zones [12]