安通控股2025年年报深度解读：业绩大增，行业回暖，多项数据创近年新高

一、业绩亮点：营收与利润实现大幅增长

• 营业收入：2025年实现营业收入90.80亿元，同比增长20.28%。
• 净利润：归属于上市公司股东的净利润为10.86亿元，同比大幅增长77.90%。
• 扣非净利润：达9.76亿元，同比增长110.95%，表明主营业务盈利能力显著提升。
• 经营活动现金流：净额21.62亿元，同比增长98.50%，资金流状况大幅改善。
• 资产与净资产：总资产156.80亿元，同比增长14.99%；归属于股东净资产118.57亿元，同比增长10.07%。
• 每股收益：基本和稀释每股收益均为0.2566元，同比提升77.82%。
• 净资产收益率：达9.60%，较上年提升3.77个百分点，盈利能力持续增强。

二、行业环境：集装箱运输回暖，内外贸市场均有亮点

• 全球集装箱运输市场：2025年全球集装箱运输量预计增长3.9%，全年达到2.22亿TEU，同比增长4.0%。虽然外部环境复杂，但行业需求展现出韧性。
• 国内市场：国内集装箱吞吐量3.54亿TEU，同比增长6.8%，内贸集运市场表现突出，运价指数PDCI均值同比上涨6.2%。
• 运价波动：外贸集运运价全年波动明显，但年末企稳。CCFI均值1197.60点，同比下降22.8%。内贸运价表现优于去年。
• 政策环境：国内多项稳增长、促内需政策持续发力，推动物流行业景气度维持在荣枯线以上，全年LPI均值50.8%。
• 制造业带动：全球制造业PMI均值虽低于荣枯线，但复苏态势明显，中国制造业年末PMI重回扩张区间（50.10%），为集运需求奠定坚实基础。

三、公司业务与模式：多式联运，数字化转型

• 安通控股以集装箱航运物流为核心，整合水路、公路、铁路等多种运输方式，强调数字智能科技驱动，为客户提供绿色、高效全程物流解决方案。
• 旗下拥有5A级物流企业安通物流和国内水路运输龙头安盛船务，基于强大的水路运输网络，积极拓展铁路、公路，形成多式联运闭环。
• 公司持续推动信息化平台建设，强化网络化竞争优势，提升产品多样性、时效性和覆盖半径。

四、股东结构及分红情况

• 报告期末普通股股东总数为109,718户，较上期增长显著，市场关注度提升。
• 前十大股东中，福建省招航物流、中外运集装箱、招商局港口等国资背景股东持股比例较高，股东结构稳定。
• 分红政策：2025年度公司母公司未分配利润仍为-15.42亿元，未满足现金分红条件，董事会拟定不进行利润分配及资本公积金转增股本。该情况短期或影响部分投资者预期，但公司现金流大幅改善为未来分红提供基础。

五、潜在影响股价的重要事项及风险提示

• 业绩大幅增长：营收和利润增速远高于行业平均，且扣非净利润翻倍增长，彰显公司主业竞争力，预期将提振市场信心。
• 行业回暖与政策红利：集运行业整体复苏，内贸市场运价走高，叠加国家“交通物流降本提质增效”等政策支持，为公司业绩持续增长提供有力保障。
• 未分红情形：母公司仍有未弥补亏损，2025年度继续不分红，或对部分追求分红收益的投资者产生负面影响，但长期看公司财务结构和盈利能力均有改善。
• 风险提示：全球经济、贸易及地缘政治不确定性仍存，运价波动剧烈，若未来外部环境进一步恶化，行业及公司业绩或受影响。

六、结论

安通控股2025年报告显示，公司经营业绩创下近年新高，在行业回暖与政策支持下，主业盈利能力大幅提升，现金流改善明显。尽管短期内未能分红，长期成长性和行业地位持续巩固。上述利好与风险因素均可能对公司股价产生较大影响，投资者需密切关注公司后续经营和政策变化。

免责声明：本文内容仅供投资者参考，不构成投资建议。股市有风险，投资需谨慎，请投资者结合自身实际情况作出独立判断。

English Version

Antong Holdings 2025 Annual Report In-Depth Review: Strong Performance Growth, Industry Recovery, Multiple Financial Highs

I. Key Highlights: Significant Increases in Revenue and Profit

• Revenue: 2025 revenue reached RMB 9.08 billion, up 20.28% YoY.
• Net Profit: Attributable net profit surged to RMB 1.086 billion, up 77.90% YoY.
• Net Profit (Excl. Non-Recurring): RMB 976 million, up 110.95% YoY, showing strong core business profitability.
• Operating Cash Flow: Net inflow of RMB 2.16 billion, up 98.50% YoY, indicating improved liquidity.
• Total Assets & Net Assets: Total assets RMB 15.68 billion (up 14.99%), net assets attributable to shareholders RMB 11.86 billion (up 10.07%).
• EPS: Basic and diluted EPS of RMB 0.2566, up 77.82% YoY.
• ROE: 9.60%, up 3.77 percentage points, reflecting enhanced profitability.

II. Industry Environment: Container Transport Recovery, Domestic & International Markets Both Strong

• Global Container Market: 2025 global container volume expected to grow 3.9% to 222 million TEU. Despite external volatility, demand proves resilient.
• Domestic Market: China’s container throughput up 6.8% YoY. Domestic container price index (PDCI) up 6.2% YoY, outpacing the global average.
• Freight Rate Volatility: International rates fluctuated but stabilized by year-end; CCFI averaged 1,197.60 (down 22.8% YoY), but domestic rates outperformed last year.
• Policy Support: Multiple pro-growth policies kept China’s logistics prosperity index (LPI) above the threshold, averaging 50.8 for 2025.
• Manufacturing Recovery: Global PMI still below 50 but improving. China’s PMI returned to expansion territory (50.10%) at year-end, underpinning container demand.

III. Business Model: Multimodal Logistics & Digital Transformation

• Antong Holdings focuses on container shipping logistics, integrating water, road, and rail transport, with digital technology as a core driver for green and efficient logistics solutions.
• It operates two key subsidiaries: Antong Logistics (5A-rated) and Ansheng Shipping (water transport leader). Leveraging a strong coastal/inland network, it’s expanding its multimodal reach and digital platform capabilities.
• Continuous investment in digitalization and network coverage strengthens product diversity, timeliness, and market reach.

IV. Shareholder Structure & Dividend Policy

• Shareholders at period-end numbered 109,718, up significantly, showing increased market interest.
• Top shareholders include state-backed entities like Fujian Zhaohang Logistics, Sinotrans Container, and China Merchants Port—shareholder structure is stable.
• Dividend Policy: Parent company’s retained earnings remain negative (RMB -1.542 billion). No 2025 dividend or capital reserve share transfer planned, which may disappoint some income investors. However, improved cash flow sets a solid base for future dividends.

V. Price-Sensitive Events and Risks

• Strong Earnings: Revenue and profit growth far outpace the industry, with core profit more than doubling. This should boost market confidence.
• Industry Recovery & Policy Tailwinds: Container sector recovery, higher domestic rates, and government support underpin continued growth prospects.
• No Dividend This Year: While no payout may disappoint some, the company’s financial and operational improvements bode well for the future.
• Risks: Global economic and trade uncertainty, volatile freight rates, and geopolitical tensions could impact future performance.

VI. Conclusion

Antong Holdings’ 2025 results mark a clear turnaround, with record profits and strong cash flow underpinned by industry recovery and policy support. While no dividend is planned this year, the company’s outlook and sector position continue to strengthen. Both positive and negative factors present potential for significant share price movement, and investors should monitor ongoing developments closely.

Disclaimer: This article is for reference only and does not constitute investment advice. Stock markets involve risk; please make decisions based on your own judgment and circumstances.

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