6-K - NCT - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

Commission File Number: 001-42571

Intercont (Cayman) Limited

Room 1102, Lee Garden One,

33 Hysan Avenue,

Causeway Bay, Hong KongPeople’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

EXHIBIT INDEX

Exhibit Number	Description
99.1	Video transcript: Q&A with CEO and Chairman Ms. Muchun Zhu
99.2	Q&A with CEO and Chairman Ms. Muchun Zhu published on https://www.intercontcayman.com/

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made in this current report are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this current report, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this current report are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (“SEC”) from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this current report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 6, 2025	Intercont (Cayman) Limited
	By:	/s/ Muchun Zhu
		Muchun Zhu
		Chief Executive Officer

Exhibit 99.1

On May 6, 2025, Intercont (Cayman) Limited (the “Company”) plans to release a series of videos featuring the CEO and Chairman of the Company, Ms. Muchun Zhu, in a format of Q&A session to answer certain questions regarding the Company (the “Videos”). The language of the Videos is Chinese. The Chinese-English version of the transcripts of the Videos is attached below.

Q1: 公司是如何成立的？公司的使命和愿景是什么？

A1: 公司拥有十余年远洋航运的经营历史，长期专注于大西洋航线。随着航运业的日益成熟，行业周期性波动成为不可忽视的风险。面对这一挑战，我们积极寻求新的增长点，来抵消下滑的航运周期性波动。我们认为，海洋环境蕴藏着巨大的商业潜力，因此我们萌生了将船舶改造为高效运转的海上工厂的想法。

Q1. 公司是如何成立的？公司的使命和願景是什麼？

公司擁有十餘年遠洋航運的經營歷史，長期專注於大西洋航線。隨着航運業的日益成熟，行業週期性波動成爲不可忽視的風險。面對這一挑戰，我們積極尋求新的增長點，來抵消下滑的航運週期性波動。我們認爲，海洋環境蘊藏着巨大的商業潛力，因此我們萌生了將船舶改造爲高效運轉的海上工廠的想法。

Q1: How Was the Company Established? What Are the Company's Mission and Vision?

A1: The company has more than ten years of experience in maritime shipping, with a long-term focus on Atlantic routes. As the shipping industry matures, cyclical fluctuations in the industry have become a risk that cannot be ignored. In response to this challenge, we actively seek new growth opportunities to offset the declining cyclical fluctuations in shipping. We believe the maritime environment holds immense commercial potential, which led us to conceive the idea of transforming ships into highly efficient ocean factories.

Q2: 公司倡导的企业价值观和文化是什么？作为公司创始人和董事长，您为何觉得这些重要？

A2: 我认为，企业价值观非常关键，它们是推动企业持续成长和成功的关键。

Intercont集团的核心价值观是创新，作为一个创新商业模式的环保型科技公司，创新思维激励我们不断改进并提升效率。

此外，追求卓越是我们企业文化重要的组成部分。我们致力于设定并超越更高的标准，不断挑战自我，实现突破。

同样重要的是，持续学习的能力。我们鼓励团队成员积极拥抱新知识和新技能，通过不断学习和成长，保持竞争力，把握未来，以适应这个瞬息万变的市场。

Q2:公司倡導的企業價值觀和文化是什麼？作爲公司創始人和董事長，您爲何覺得這些重要？

A2: 我認爲，企業價值觀非常關鍵，它們是推動企業持續成長和成功的關鍵。Intercont集團的核心價值觀是創新，作爲一個創新商業模式的環保型科技公司，創新思維激勵我們不斷改進並提升效率。此外，追求卓越是我們企業文化重要的組成部分。我們致力於設定並超越更高的標準，不斷挑戰自我，實現突破。同樣重要的是，持續學習的能力。我們鼓勵團隊成員積極擁抱新知識和新技能，通過不斷學習和成長，保持競爭力，把握未來，以適應這個瞬息萬變的市場。

Q2: What Are the Corporate Values and Culture Advocated by Your Company? As the Founder and Chairman of the Company, Why Do You Think These Are Important?

A2: I believe that corporate values are critical as they are the driving force behind the sustainable growth and success of a business.

The core values of Intercont Group are innovation. As an environmentally friendly, tech-driven company with an innovative business model, our creative thinking motivates us to constantly improve and enhance efficiency.

Additionally, the pursuit of excellence is a key component of our corporate culture. We are committed to setting and exceeding higher standards, continually challenging ourselves to achieve breakthroughs.

Equally important is the ability for continuous learning. We encourage our team members to actively embrace new knowledge and skills, ensuring that through constant learning and growth, we remain competitive, seize the future, and adapt to the rapidly changing market.

Q3: 您对公司员工有哪些期望或者鼓励的话？

A3: 我希望我的团队汇聚的是勇于创新，勇于冒险的一批人。我认为，一个人拥有足够的勇气，他将永远不会后悔。而充满勇气的人，才能拥有未来、拥有机会。

Q3: 您對公司員工有哪些期望或者鼓勵的話？

A3: 我希望我的團隊匯聚的是勇於創新，勇於冒險的一批人。我認爲，一個人擁有足夠的勇氣，他將永遠不會後悔。而充滿勇氣的人，才能擁有未來、擁有機會。

Q3: What Are Your Expectations or Encouraging Words for Your Employees?

A3: I hope our team is made up of individuals who are bold in innovation and willing to take risks. I believe that when a person has enough courage, they will never regret their actions. Only those filled with courage can seize the future and embrace opportunities.

Q4: 公司为什么高度重视可持续发展和ESG实践？

A4: 首先，随着气候变化和可持续发展战略的推行，各国逐步提高了各自对碳排放及可持续经济的要求。基于这一背景，我们深度思考海运ESG模式，探索创新技术以丰富海上工业的多元化，开拓新的商业机会。

最重要的是，ESG可以助力企业在环境和社会责任方面做出积极贡献。实现人类可持续发展。

Q4: 公司爲什麼高度重視可持續發展和ESG實踐？

A4: 首先，隨着氣候變化和可持續發展戰略的推行，各國逐步提高了各自對碳排放及可持續經濟的要求。基於這一背景，我們深度思考海運ESG模式，探索創新技術以豐富海上工業的多元化，開拓新的商業機會。最重要的是，ESG可以助力企業在環境和社會責任方面做出積極貢獻。實現人類可持續發展。

Q4: Why Does the Company Place a Strong Emphasis on Sustainable Development and ESG Practices?

A4: Firstly, with the implementation of climate change and sustainable development strategies, countries are gradually raising their requirements for carbon emissions and sustainable economies. Based on this background, we have deeply considered the ESG model for maritime shipping and are exploring innovative technologies to diversify ocean industries and create new business opportunities.

Most importantly, ESG practices enable companies to make positive contributions to environmental and social responsibility, thereby contributing to human sustainable development.

Q5: 公司观察到的当下再生浆产业/市场变化的趋势，公司如何抓住这样趋势的变化实现可持续发展？

A5: 在选择具体的产业方向时，我们做出过多种产业模式的探索，最终聚焦于再生纸浆行业。基于权威的行业研究数据，和包括中国在内的亚洲纸浆行业需求，我们进行过深入的分析与预判。我们认为近几年跨境电商行业及国际物流会依旧呈现高增长，因此对包装用纸的需求仍然会保持较快的增长速度。纸浆作为中间环节，供不应求的情况仍将持续。要抓住这一行业机遇，对于我们的商业模式而言，离不开以下几个重点问题。一是突破海上制浆的技术、环保、认证和装备壁垒；二是构建与B端造纸厂的长期战略合作；三是锁定稳定的再生循环包装用纸的原料来源。

Q5: 公司觀察到的當下再生漿產業/市場變化的趨勢，公司如何抓住這樣趨勢的變化實現可持續發展？

A5: 在選擇具體的產業方向時，我們做出過多種產業模式的探索，最終聚焦於再生紙漿行業。基於權威的行業研究數據，和包括中國在內的亞洲紙漿行業需求，我們進行過深入的分析與預判。我們認爲近幾年跨境電商行業及國際物流會依舊呈現高增長，因此對包裝用紙的需求仍然會保持較快的增長速度。紙漿作爲中間環節，供不應求的情況仍將持續。要抓住這一行業機遇，對於我們的商業模式而言，離不開以下幾個重點問題。一是突破海上製漿的技術、環保、認證和裝備壁壘；二是構建與B端造紙廠的長期戰略合作；三是鎖定穩定的再生循環包裝用紙的原料來源。

Q5: Observed Trends in the Current Recycled Pulp Industry/Market and How the Company Can Leverage These Trends for Sustainable Development

A5: In selecting specific industrial directions, we have explored various business models and ultimately focused on the recycled pulp industry. Based on authoritative industry research data and the demand in the pulp industry across Asia, including China, we have conducted in-depth analysis and forecasts. We believe that the cross-border e-commerce and international logistics industries will continue to experience high growth in the coming years, driving sustained rapid demand for packaging paper. As an intermediate link, the supply of pulp is expected to remain insufficient to meet demand. To seize this industry opportunity, our business model must address the following key aspects．Firstly，overcoming barriers related to technology, environmental protection, certification, and equipment for onboard pulping．Secondary，establishing long-term strategic partnerships with B-end paper manufacturers．Thirdly，securing a stable supply of raw materials for recycled circular packaging paper.

Q6: “海上工厂”模式是否能复制到其他领域，公司是否已经开始相应的探索？

A6: 海上工船制浆业务的成功，是“海上工厂”模式成功最好的尝试，也是这个模式可以持续发展的最好证明。我们目前专注于海上工船制浆业务的落地。未来我们将持续探索更多的海洋场景，将茫茫大海所蕴含的时空价值赋予全人类。

Q6: “海上工廠”模式是否能複製到其他領域，公司是否已經開始相應的探索？

A6: 海上工船製漿業務的成功，是“海上工廠”模式成功最好的嘗試，也是這個模式可以持續發展的最好證明。我們目前專注於海上工船製漿業務的落地。未來我們將持續探索更多的海洋場景，將茫茫大海所蘊含的時空價值賦予全人類。

Q6: Can the "Ocean Factory" Model Be Replicated in Other Fields, and Has the Company Begun Exploring Corresponding Possibilities?

A6: The success of the seaborne pulping business with factory ships represents the best attempt at validating the "ocean factory" model and serves as the strongest proof of its potential for sustainable development. Currently, we are focused on the implementation of the seaborne pulping business with factory ships. In the future, we will continue to explore more maritime scenarios, aiming to impart the time-space value contained in the vast oceans for all of humanity.

Q7: 赴美上市，从亚太走向欧美市场，对增强公司品牌影响力、业务竞争力、资本可获性方面有哪些帮助？

A7: 我认为，无论对于海洋场景的深耕还是对ESG产业化的践行，我们都不应局限于某一地区或国家，而是定位于全球，着眼更广阔的天地。我的目标是成为具有全球影响力的新兴海洋ESG企业，赢得全人类对于环保和可持续发展议题的共鸣以及公众关注。

同时，我们也致力于不断提升公司实力，专注自身使命，成为全球新兴碳中和的领军者。

Q7: 赴美上市，從亞太走向歐美市場，對增強公司品牌影響力、業務競爭力、資本可獲性方面有哪些幫助？

A7: 我認爲，無論對於海洋場景的深耕還是對ESG產業化的踐行，我們都不應侷限於某一地區或國家，而是定位於全球，着眼更廣闊的天地。我的目標是成爲具有全球影響力的新興海洋ESG企業，贏得全人類對於環保和可持續發展議題的共鳴以及公衆關注。同時，我們也致力於不斷提升公司實力，專注自身使命，成爲全球新興碳中和的領軍者。

Q7: How Does Listing in the U.S. and Expanding From the Asia-Pacific to the European and American Markets

A7: Help Enhance the Company's Brand Influence, Business Competitiveness, and Capital Accessibility?

I believe that whether it's deepening our effort on maritime environments or implementing the industrialization of ESG, we should not limit ourselves to a specific region or country. Our goal is to position ourselves globally and look toward a broader horizon. My ambition is to become a globally influential emerging maritime ESG enterprise, gaining the resonance and public attention of humanity on environmental protection and sustainable development issues.

At the same time, we are committed to continually strengthening our company's capabilities, focusing on our mission, and striving to become a global leader in emerging carbon neutrality.

Q8: 对于远洋航运行业，我们未来的增长动力主要在哪里？

A8: 远洋航运业是成熟且稳定的行业，具有显著的周期性。该行业受全球经济、国际贸易影响较大。同时船舶设备的更新淘汰、政策推动也是影响其波动的主要因素。远洋航运业务实现长期的增长和盈利主要依赖于精细化的经营以及对行业周期的深刻理解。

Intercont集团的远洋航运+海上工船制浆的双业务模式，有助于平衡和对冲行业的风险，改变传统远洋航运的周期性特点，使整个集团的现金流更加稳健，抗周期能力也更强。未来，我们传统远洋航运业务会持续追求精细化管理，以取得更加稳健的增长。海上工船制浆业务会不断提升科技性及环保性，在技术及运营层面不断优化，逐步优化利润空间，同步创造更大的社会价值和经济价值。

Q8: 對於遠洋航運行業，我們未來的增長動力主要在哪裏？

A8: 遠洋航運業是成熟且穩定的行業，具有顯著的週期性。該行業受全球經濟、國際貿易影響較大。同時船舶設備的更新淘汰、政策推動也是影響其波動的主要因素。遠洋航運業務實現長期的增長和盈利主要依賴於精細化的經營以及對行業週期的深刻理解。 Intercont集團的遠洋航運+海上工船製漿的雙業務模式，有助於平衡和對沖行業的風險，改變傳統遠洋航運的週期性特點，使整個集團的現金流更加穩健，抗週期能力也更強。未來，我們傳統遠洋航運業務會持續追求精細化管理，以取得更加穩健的增長。海上工船製漿業務會不斷提升科技性及環保性，在技術及運營層面不斷優化，逐步優化利潤空間，同步創造更大的社會價值和經濟價值。

Q8: Where Will the Main Drivers of Future Growth in the Maritime Shipping Industry Be?

A8: The Maritime shipping industry is a mature and stable industry with significant cyclicality. It is heavily influenced by the global economy and international trade. Additionally, the updating and obsolescence of ship equipment and policy-driven factors are also major contributors to the industry's fluctuations. Long-term growth and profitability in the maritime shipping business largely depend on refined management and a deep understanding of the industry's cycles.

The dual-business model of Intercont Group, combining maritime shipping and seaborne pulping business with factory ships, helps balance and hedge industry risks. It changes the traditional cyclic nature of maritime shipping, making the group's cash flow more stable and its ability to withstand cycles stronger. In the future, our traditional maritime shipping business will continue to pursue refined management for more stable growth. The seaborne pulping business with factory ships will continue to enhance technological and environmental aspects, optimizing both in terms of technology and operations, gradually improving profit margins while creating greater social and economic value.

Q9：Intercont集团在发展中经历了许多风雨，您的家庭与您的事业是否发生过冲突？

A9: 一定有，因为人的时间和精力是有限的。但我认为如果在生命长河的长度和广度上去探索的话，生命的目标是一样的。家庭和人生，以及自己想追求的价值，其实目标是一致的。

Q9：Intercont集團在發展中經歷了許多風雨，您的家庭與您的事業是否發生過沖突？A9:一定有，因爲人的時間和精力是有限的。但我認爲如果在生命長河的長度和廣度上去探索的話，生命的目標是一樣的。家庭和人生，以及自己想追求的價值，其實目標是一致的。

Q9: Intercont Group Has Gone Through Many Ups and Downs During Its Development. Has There Ever Been a Conflict Between Your Family and Your Career?

A9: There definitely has been, because time and energy are limited. However, I believe that if you explore the length and breadth of life, the goal of life remains the same. Family, life, and the values you want to pursue are actually aligned.

Q10：当二者发生矛盾时，您有自己的处理方式吗？是先家庭后事业，还是先事业后家庭？

A10: 哪个矛盾更突出，就去解决哪个矛盾。

Q10：當二者發生矛盾時，您有自己的處理方式嗎？是先家庭後事業，還是先事業後家庭？

A10: 哪個矛盾更突出，就去解決哪個矛盾。

Q10: When a Conflict Arises Between the Two, Do You Have a Way to Handle It? Do You Prioritize Family Over Career, or Career Over Family?

A10: I address whichever conflict is more pressing at the time.

Q11：您对共同进步的伙伴有哪些寄语？

A11: 在INTERCONT身边，在我身边，你就会看到奇迹。

Q11：您對共同進步的夥伴有哪些寄語？

A11: 在INTERCONT身邊，在我身邊，你就會看到奇蹟。

Q11: Do You Have Any Words for the Partners You Are Progressing With?

A11: When you're with INTERCONT or with me, you will witness miracles.

Q12：有没有对年轻人想说的话？

A12: 不要怕从零开始，每天都是零。2016年的时候，因为各种各样的原因，归零了一次，什么都没有了。房子、车子什么都没有了。钱，什么都没有了。在中国，但是，我好像没有害怕过。就没有害怕。我觉得，有我在，就所有人都在。同样，现在在对Intercont集团也是一样，我认为只要我在，这个公司就会在。

Q12：有沒有對年輕人想說的話？

A12: 不要怕從零開始，每天都是零。2016年的時候，因爲各種各樣的原因，歸零了一次，什麼都沒有了。房子、車子什麼都沒有了。錢，什麼都沒有了。在中國，但是，我好像沒有害怕過。就沒有害怕。我覺得，有我在，就所有人都在。同樣，現在在對Intercont集團也是一樣，我認爲只要我在，這個公司就會在。

Q12: Do You Have Anything to Say to Young People?

A12: Don't be afraid to start from zero. Every day is a new beginning. In 2016, for various reasons, I had to start over completely. I lost everything—house, car, money—everything. But in China, it seemed like I never feared it. I didn't fear it. I believe that as long as I'm here, everyone else is too. Similarly, with Intercont Group, I believe that as long as I'm here, this company will endure.

Cautionary Statement Regarding Forward-LookingStatements

Exhibit 99.2

On May 6, 2025, Intercont (Cayman) Limited (the “Company”) plans to publish certain Q&As with the CEO and Chairman of the Company, Ms. Muchun Zhu on the Company’s website https://www.intercontcayman.com/. The Chinese-English version of the transcript of such Q&As is attached below.

Q1. 公司再生浆业务合作客户的选择，如何实现依托大型B端客户关系实现稳定的业务增长？

A1. 作为造纸的中间环节，我们一方面将以产业的补充角色参与到这个市场，为中国大陆及周边地区的大型造纸厂提供稳定且高质量的纸浆供应，成为其原材料的重要补充来源。

同时，我们将不断开拓中小型纸业公司，在品质、价格方面提供更好的选择。

另外，作为跨行业的商业模式践行者，INTERCONT也在积极与全球纸品龙头企业交流学习，不断推动我们产品的创新升级。我们与客户分享知识与经验，共同探索与突破，共同推动产业的持续进步与繁荣。

同时，我们与大型B端客户之间的坚实而互信的战略合作关系，将主要建立在产能的有效补充及与下游客户深度融合、需求挖掘、产品持续优化等方面。

Q1. 公司再生漿業務合作客戶的選擇，如何實現依託大型B端客戶關係實現穩定的業務增長？

A1. 作爲造紙的中間環節，我們一方面將以產業的補充角色參與到這個市場，爲中國大陸及周邊地區的大型造紙廠提供穩定且高質量的紙漿供應，成爲其原材料的重要補充來源。同時，我們將不斷開拓中小型紙業公司，在品質、價格方面提供更好的選擇。另外，作爲跨行業的商業模式踐行者，INTERCONT也在積極與全球紙品龍頭企業交流學習，不斷推動我們產品的創新升級。我們與客戶分享知識與經驗，共同探索與突破，共同推動產業的持續進步與繁榮。同時，我們與大型B端客戶之間的堅實而互信的戰略合作關係，將主要建立在產能的有效補充及與下游客戶深度融合、需求挖掘、產品持續優化等方面。

Q1. How Does the Company Achieve Stable Business Growth by Leveraging Relationships With Large B2B Clients in Its Recycled Pulp Business?

A1. As an intermediate link in the paper industry, we plan to participate in the in the market as complementary role. by providing stable and high-quality pulp supplies to large paper factories in Chinese mainland and surrounding areas, becoming a key supplementary source of raw materials for these factories.

At the same time, we will continuously expand our business with small and medium-sized paper companies, offering better choices in terms of quality and price.

Furthermore, as a practitioner of cross-industry business models, INTERCONT is actively engaging in exchanges and learning from leading global paper companies, driving innovation and upgrading our products. We share knowledge and experience with our clients, exploring and breaking through barriers together, while driving the continuous advancement and prosperity of the industry.

Moreover, our solid and trust-based strategic partnerships with large B2B clients will primarily built on effective capacity supplementation, deep integration with downstream clients, demand exploration, and continuous product optimization.

Q2. 公司海运+海上制浆形成的商业模式，对稳健公司现金流、增强公司的跨周期运营能力，有哪些独有的优势？

A2. 首先，我们Intercont集团在船舶租赁和船舶运营管理方面已经摸爬滚打了10多年，经历了远洋行业多次的高峰和低谷，积累了丰富的经验。公司在2022及2023财年，年营收达3000万余美元；2024财年，年营收达2500万余美元。三个财年年均毛利润率约30%。基于航运基础业务的积累，我们在ESG理念的指导下开展了海上制浆业务，希望能够弥补传统海运业务面临的周期性风险，为我们的收入结构提供坚实的支撑。

Q2. 公司海運+海上製漿形成的商業模式，對穩健公司現金流、增強公司的跨週期運營能力，有哪些獨有的優勢？

A2. 首先，我們Intercont集團在船舶租賃和船舶運營管理方面已經摸爬滾打了10多年，經歷了遠洋行業多次的高峯和低谷，積累了豐富的經驗。公司在2022及2023財年，年營收達3000萬餘美元；2024財年，年營收達2500萬餘美元。三個財年年均毛利潤率約30%。基於航運基礎業務的積累，我們在ESG理念的指導下開展了海上製漿業務，希望能夠彌補傳統海運業務面臨的週期性風險，爲我們的收入結構提供堅實的支撐。

Q2. What Unique Advantages Does the Business Model of Combining Maritime Shipping and Seaborne Pulping Offer in Terms of Stabilizing Cash Flow and Enhancing the Company's Cross-Cycle Operational Capacity?

A2. Firstly, our Intercont Group has over 10 years of experience in vessel rental and vessel management services, navigating through multiple cycles of highs and lows in the maritime shipping industry, accumulating extensive expertise. The company's annual revenue in fiscal years 2022 and 2023 is more than $30 million; in fiscal year 2024, the annual revenue is more than $25 million. The average annual gross profit margin in these three fiscal years is about 30%. Leveraging our foundational experience in shipping, and guided by ESG principles, we have expanded into seaborne pulping operation, aiming to mitigate the cyclical risks inherent in traditional shipping operations and provide strong support for our revenue structure.

Q3. 未来环保政策的不断加强，对我们的业务来说，是好事还是坏事？我们如何保证业务在跨国生产中符合多国法律规范？

A3. 当然是好事，海洋作为链接世界的载体，是一切主体联通必不可少的环节。遵守国际公约和安全标准至关重要。多年远洋行业的深耕，让我们充分了解行业规则，同时也在积极践行着行业对于环保日益变化的要求。

我们勇于做海洋ESG的探路者，我们不断身体力行地在传统航运领域做出新的ESG转型和突破，不断探索符合海洋ESG的新赛道和增长曲线。所以，不断加强的环保政策对我们来说是好事。

同时，作为海洋ESG的探索者，我们非常期待且欢迎与ESG事业的同行分享我们的经验和见解，共同推动行业进步。

关于业务在跨国生产中的法律法规问题，我们在船舶设计、改造、业务运营方面，充分整合、参考了相关国家的法律法规，充分与当地政府及相关部门探索沟通，开发了努力顺应各国法律法规的运营模式，保证业务可以顺利开展。

Q3. 未來環保政策的不斷加強，對我們的業務來說，是好事還是壞事？我們如何保證業務在跨國生產中符合多國法律規範？

A3. 當然是好事，海洋作爲鏈接世界的載體，是一切主體聯通必不可少的環節。遵守國際公約和安全標準至關重要。多年遠洋行業的深耕，讓我們充分了解行業規則，同時也在積極踐行着行業對於環保日益變化的要求。我們勇於做海洋ESG的探路者，我們不斷身體力行地在傳統航運領域做出新的ESG轉型和突破，不斷探索符合海洋ESG的新賽道和增長曲線。所以，不斷加強的環保政策對我們來說是好事。同時，作爲海洋ESG的探索者，我們非常期待且歡迎與ESG事業的同行分享我們的經驗和見解，共同推動行業進步。關於業務在跨國生產中的法律法規問題，我們在船舶設計、改造、業務運營方面，充分整合、參考了相關國家的法律法規，充分與當地政府及相關部門探索溝通，開發了努力順應各國法律法規的運營模式，保證業務可以順利開展。

Q3. With the Continuous Strengthening of Environmental Protection Policies in the Future, Is It Good or Bad for Our Business? How Do We Ensure That Our Business Complies With the Legal Regulations of Multiple Countries in Multinational Production?

A3. It is definitely a good thing. The ocean, as a carrier linking the world, is an essential element for connecting all entities. Compliance with international conventions and safety standards is crucial. Our years of deep involvement in the maritime shipping industry have allowed us to fully understand industry regulations, and we are also actively responding to the increasingly changing environmental protection requirements within the industry.

We are bold to be a pioneer in maritime ESG, continuously making new ESG transformations and breakthroughs in the traditional shipping field, and exploring new pathways and growth curves that align with maritime ESG. Therefore, the strengthening of environmental protection policies is beneficial for us.

At the same time, as explorers of maritime ESG, we are excited to share our experiences and insights with others in the ESG field, working together to promote industry progress.

Regarding the legal regulations issues of multinational production, we have fully integrated and referenced the legal regulations of relevant countries in ship design, renovation, and business operations. We have also actively engaged in exploration and communication with local governments and relevant departments, developing an operational model that complies with the legal regulations of each country, ensuring the smooth operation of our business.

Q4. 公司筹备创业到IPO的过程中，遇到哪些重要挑战，公司如何克服困难？

A4. 我们的基石业务多年来稳健扎实，基石业务与第二增长曲线的过渡也平稳顺畅。

我们深知，公司想要长远发展，除了稳定的基石业务外，第二曲线的持续增长也至关重要。IPO只是起点，长足的发展离不开我们在技术创新和工船研发方面的持续精进。为了将传统产业的局限转变为机遇，我们不断推动知识的边界，打破常规，探索未知。这一过程要求我们不仅在技术上取得突破，更要在思维和策略上进行革新，以实现商业模式的转型升级。我们进入新的赛道，需要突破技术、运营、产业链等多维度的难关，每一项都要花费很多心血，幸运的是，一路上我们遇到了很多优秀且与我们一样愿意为了梦想追风逐日的人，相信方向对了路就不会远，我们集思广益，很多一开始看似困难的问题也在被我们各个击破。

Q4. 公司籌備創業到IPO的過程中，遇到哪些重要挑戰，公司如何克服困難？

A4. 我們的基石業務多年來穩健紮實，基石業務與第二增長曲線的過渡也平穩順暢。我們深知，公司想要長遠發展，除了穩定的基石業務外，第二曲線的持續增長也至關重要。IPO只是起點，長足的發展離不開我們在技術創新和工船研發方面的持續精進。爲了將傳統產業的侷限轉變爲機遇，我們不斷推動知識的邊界，打破常規，探索未知。這一過程要求我們不僅在技術上取得突破，更要在思維和策略上進行革新，以實現商業模式的轉型升級。我們進入新的賽道，需要突破技術、運營、產業鏈等多維度的難關，每一項都要花費很多心血，幸運的是，一路上我們遇到了很多優秀且與我們一樣願意爲了夢想追風逐日的人，相信方向對了路就不會遠，我們集思廣益，很多一開始看似困難的問題也在被我們各個擊破。

Q4. What Major Challenges Did the Company Face During the IPO Preparation Process, and How Did It Overcome Them?

A4. The core business has been stable and solid over the years, and the transition from our core business to the second growth curve has been seamless.

We are aware that long-term development requires not only a stable core business but also continuous growth in the second curve. The IPO is just the beginning, and sustainable growth relies on ongoing advancements in technological innovation and factory ship research and development. To turn the limitations of traditional industries into opportunities, we continuously push the boundaries of knowledge, break conventions, and explore the unknown. This process requires breakthroughs not only in technology but also in thinking and strategy to transform and upgrade our business model. As we enter new fields, we need to overcome challenges in technology, operations, and the supply chain, each of which demands significant effort. Fortunately, along the way, we've encountered many excellent people who share our vision and dreams, and as long as we stay on the right path, we believe success will come. Through collective wisdom, many challenges that initially seemed difficult have been overcome one by one.

Q5. 公司主要的业务领域是什么？

A5. 公司分为传统船舶租赁业务和海上制浆创新业务。我们的传统业务以船只租赁和船舶管理为主。旗下管理控制四艘船，分别为两艘48500DWT、一艘约56000DWT以及一艘约63000DWT。基于我们对海洋商业模式的理解，我们创新研发工船制浆技术，充分利用航行途中的时间与空间，解决传统纸浆原料高污染及供给不稳定的问题。未来，公司计划就海上可持续商业模式做更多的创新，致力于提供海上综合ESG解决方案。

Q5. 公司主要的業務領域是什麼？

A5. 公司分爲傳統船舶租賃業務和海上製漿創新業務。我們的傳統業務以船隻租賃和船舶管理爲主。旗下管理控制四艘船，分別爲兩艘48500DWT、一艘約56000DWT以及一艘約63000DWT。基於我們對海洋商業模式的理解，我們創新研發工船製漿技術，充分利用航行途中的時間與空間，解決傳統紙漿原料高污染及供給不穩定的問題。未來，公司計劃就海上可持續商業模式做更多的創新，致力於提供海上綜合ESG解決方案。

Q5. What Are the Company's Main Business Fields?

A5. The company is divided into two main business fields: traditional vessel rental and innovative seaborne pulping business.

Our traditional business focuses on vessel rental and vessel management services. We manage and control four vessels, including two 48,500 DWT vessels, one 56,000 DWT vessel, and one 63,000 DWT vessel.

Based on our understanding of the maritime business model, we have innovatively developed onboard pulping manufacturing technologies, making full use of the time and space during navigation to address the high pollution and unstable supply issues associated with traditional pulp raw materials. In the future, the company plans to further innovate in sustainable maritime business model, committed to providing integrated maritime ESG solutions.

Q6. 公司做的废纸再生业务有什么特别？业务上有哪些重要的创新点/独特优势？公司的角色出现对现有产业链及合作伙伴的意义如何？

A6. 在选择具体产业方向时，我们做了很多产业模式的探索。基于权威行研机构的数据报告，我们了解到跨境电商及国际物流的蓬勃发展，使得全球包装用纸的需求相当旺盛。纸浆，尤其是高品质纸浆，作为产业链中间环节，是全世界较为紧缺的生产制造原材料。

海上工船制浆业务的核心优势在于它轻资产特性和高效自动化的生产能力。与传统陆地造纸厂比，不涉及土地、建厂、原材料运输等一系列成本，资本投入压力较小，产能扩容弹性较大。其次，在项目运营当中，我们与船舶所有权人紧密合作、由Intercont集团授权核心专利技术，船舶所有权人出资进行船舶购置和改造。通过这样的合作模式，有效减少了公司在资本扩张阶段的压力，并促进同行业船公司的收益稳定，有利于我们商业模式的快速复制、全力推进商业化。

此外，自动化产线是另一大亮点。在较大减轻人力成本的同时，实现生产过程中的精确性与高效性。鉴于航行安全的法律要求，我们的“少人化”策略，相较于传统工厂，初期即能减少三分之二的人力需求，我们的目标是逐步向“无人化”发展。作为瓦楞纸箱生产的中间环节，上游原材料供应稳定、下游需求旺盛且长期呈现出供不应求的态势，我们认为这是一个稳定且充满机遇的赛道。

Q6. 公司做的廢紙再生業務有什麼特別？業務上有哪些重要的創新點/獨特優勢？公司的角色出現對現有產業鏈及合作伙伴的意義如何？

A6. 在選擇具體產業方向時，我們做了很多產業模式的探索。基於權威行研機構的數據報告，我們瞭解到跨境電商及國際物流的蓬勃發展，使得全球包裝用紙的需求相當旺盛。紙漿，尤其是高品質紙漿，作爲產業鏈中間環節，是全世界較爲緊缺的生產製造原材料。

海上工船製漿業務的核心優勢在於它輕資產特性和高效自動化的生產能力。與傳統陸地造紙廠比，不涉及土地、建廠、原材料運輸等一系列成本，資本投入壓力較小，產能擴容彈性較大。其次，在項目運營當中，我們與船舶所有權人緊密合作、由Intercont集團授權核心專利技術，船舶所有權人出資進行船舶購置和改造。通過這樣的合作模式，有效減少了公司在資本擴張階段的壓力，並促進同行業船公司的收益穩定，有利於我們商業模式的快速複製、全力推進商業化。

此外，自動化產線是另一大亮點。在較大減輕人力成本的同時，實現生產過程中的精確性與高效性。鑑於航行安全的法律要求，我們的“少人化”策略，相較於傳統工廠，初期即能減少三分之二的人力需求，我們的目標是逐步向“無人化”發展。作爲瓦楞紙箱生產的中間環節，上游原材料供應穩定、下游需求旺盛且長期呈現出供不應求的態勢，我們認爲這是一個穩定且充滿機遇的賽道。

Q6. What Is Special About the Company's Waste Paper Recycling Business? What Are the Key Innovations or Unique Advantages in This Business? What Significance Does the Company's Role Hold for the Existing Industry Chain and Its Partners?

A6. In selecting the specific industrial direction, we undertook extensive exploration of various business models. Based on data reports from authoritative industry research institutions, we observed that the rapid growth of cross-border e-commerce and international logistics has significantly driven the global demand for packaging paper. Pulp, especially high-quality pulp, serves as an intermediate link in the industrial chain and is a relatively scarce manufacturing raw materials worldwide.

The core advantages of the seaborne pulping business with factory ships lie in its asset-light nature and highly efficient automated production capability. Unlike traditional land-based paper mills, this model avoids costs associated with land, factory construction, and raw material transportation. This results in reduced capital investment pressures and greater flexibility in capacity expansion. Moreover, during project operations, we closely collaborate with ship owners and utilize core patented technologies authorized by the Intercont Group. The ship owners invest in ship acquisition and retrofitting, effectively reducing the company's pressure during the capital expansion phase and ensuring stable returns for ship owners in the industry. This partnership facilitates the rapid replication of our business model and accelerates commercialization.

Another standout feature is the automated production line, which not only greatly reduces labor costs but also ensures precision and efficiency during the production process. To meet legal requirements for maritime safety, our "low-manning" strategy initially reduces workforce demand by two-thirds compared to traditional factories, with the goal of gradually transitioning to "unmanned" operations.

As an intermediate link in the production of corrugated containers, the upstream supply of raw materials is stable, while downstream demand is strong and has long been in a state of supply shortage. We believe this is a stable and opportunity-filled track.

Q7. 公司如何实现组成当前这样一个集多元行业经验与创新能力为一体的管理团队？

A7. 在招募管理团队成员时，我们特别重视候选人的创新才能，尤其是科技创新和商业模式创新这两方面。这两种创新能力不仅是公司发展的本源动力，更是指引我们稳步向目标前行的核心动力。

随着公司发展方向的明确，我们在团队建设与外部合作过程中凝聚了一批来自船舶建造、纸浆生产、纸浆采购运营、自动化产线设计、以及船舶工程机械、船舶软件控制等领域的行业专家。这些行业专家构成了纸浆工船项目的坚强后盾，也成为公司战略构想实现过程中滚烫的血脉。

Q7. 公司如何實現組成當前這樣一個集多元行業經驗與創新能力爲一體的管理團隊？

A7. 在招募管理團隊成員時，我們特別重視候選人的創新才能，尤其是科技創新和商業模式創新這兩方面。這兩種創新能力不僅是公司發展的本源動力，更是指引我們穩步向目標前行的核心動力。隨着公司發展方向的明確，我們在團隊建設與外部合作過程中凝聚了一批來自船舶建造、紙漿生產、紙漿採購運營、自動化產線設計、以及船舶工程機械、船舶軟件控制等領域的行業專家。這些行業專家構成了紙漿工船項目的堅強後盾，也成爲公司戰略構想實現過程中滾燙的血脈。

Q7. How Did the Company Assemble Its Current Management Team, Which Integrates Diverse Industry Experience and Innovation Capabilities?

A7. When recruiting members for the management team, we particularly emphasize candidates' innovative talents, especially in technological innovation and business model innovation. These two types of innovation are not only the fundamental driving forces for the company's development but also the core motivation guiding us steadily towards our goals.

As the company's direction became clearer, we gathered a group of experts from various industries, including shipbuilding, pulp production, pulp procurement operations, automation production line design, as well as ship engineering machinery and ship software control. These experts form the strong backbone of the pulping factory ship project and have become the vital force driving the realization of the company's strategic vision.

Q8. 公司“跨界”进入海上制浆领域，如何一步步实现从idea到落地？公司在这一独特的领域中巩固专利壁垒方面做了哪些措施？

A8. 最初呢，海上制浆不过是个停留在纸上的大胆构想。但我们逐步从各个角度去证实它的可行性：如船舶设计、认证获取、船舶推进系统升级、清洁能源利用探索、新型设备制造和智能化生产线的搭建等等。随着这些难关一一攻克，这个项目将逐渐从概念走向现实。

Q8. 公司“跨界”進入海上製漿領域，如何一步步實現從idea到落地？公司在這一獨特的領域中鞏固專利壁壘方面做了哪些措施？

A8. 最初呢，海上製漿不過是個停留在紙上的大膽構想。但我們逐步從各個角度去證實它的可行性：如船舶設計、認證獲取、船舶推進系統升級、清潔能源利用探索、新型設備製造和智能化生產線的搭建等等。隨着這些難關一一攻克，這個項目將逐漸從概念走向現實。

Q8. How Did the Company Transition from Idea to Implementation in "Crossing Over" into the Seaborne Pulping Field? What Measures Have Been Taken to Strengthen Patent Barriers in This Unique Field?

A8. Initially, seaborne pulping was nothing more than a bold concept on paper. However, we systematically worked to validate its feasibility from various perspectives, including ship design, certification acquisition, propulsion system upgrades, exploration of clean energy utilization, development of new equipment, and construction of intelligent production lines. As these challenges were tackled one by one, the project is expected to evolve gradually from a mere concept into a tangible reality.

Q9. 我们都知道，优质的废纸资源，在美国、欧洲等市场，也是不可多得的资源，公司在保证原纸材料供应方面，做了哪些努力？

A9. 我们计划与美国的前置仓储和环保再生企业建立深入的合作关系，这一举措将促进再生资源的稳定获取，有效整合AOCC13号、AOCC12号废纸资源，确保原材料的平稳供应。我们计划同时开拓除美国以外其他国家的市场废纸资源，为后续业务开展提供稳定丰富的原材料供应。

Q9. 我們都知道，優質的廢紙資源，在美國、歐洲等市場，也是不可多得的資源，公司在保證原紙材料供應方面，做了哪些努力？

A9. 我們計劃與美國的前置倉儲和環保再生企業建立深入的合作關係，這一舉措將促進再生資源的穩定獲取，有效整合AOCC13號、AOCC12號廢紙資源，確保原材料的平穩供應。我們計劃同時開拓除美國以外其他國家的市場廢紙資源，爲後續業務開展提供穩定豐富的原材料供應。

Q9. As We All Know, High-Quality Wastepaper Resources Are Rare in Markets Such as the United States and Europe. What Efforts Has the Company Made to Ensure a Stable Supply of Raw Paper Materials?

A9. We plan to establish in-depth partnerships with pre-storage and environmental recycling companies in the United States. This initiative will ensure a stable supply of recycled resources and effectively integrates wastepaper resources such as AOCC13 and AOCC12 to guarantee a smooth supply of raw materials. At the same time, we want to expand our efforts to source wastepaper resources from countries other than the United States, providing a stable and abundant supply of raw materials for future business development.

Q10. 公司在履行社会责任及环保方面做出的努力，公司“海洋绿色足迹”如何将实现碳排放、能源利用方面的提升，走出碳中和、零污染的生产之路。

A10. 我们主要在二氧化碳近零排放和提升能源利用方面做出了许多努力。

首先，我们将实施碳足迹管理计划。通过分析、计算出产品的全生命周期和碳排放量。并且与来自美国的全球500强企业Rockwell建立了合作关系，共同探索ESG产业化和碳中和的新路径。

其次，我们将与供应商携手推进绿色供应链建设。确保原材料和产品的生产过程严格符合环保标准，以此推动整个产业链走向绿色和转型。

此外，我们采用了先进的干法制浆技术。相较于传统的湿法制浆，显著更节水，并且在生产过程中不需要添加化学药剂。因此，制浆过程中几乎不会产生废水，废气和废渣，实现环保制造。

同时，我们在积极投资研发环保技术，如碳捕捉和碳储存。将废弃物转化为可利用能源，实现资源的循环利用。

通过这些措施，我们不仅保护了地球环境，为此做出了卓越的贡献。也为公司的可持续发展奠定了坚实的基础。

Q10. 公司在履行社會責任及環保方面做出的努力，公司“海洋綠色足跡”如何將實現碳排放、能源利用方面的提升，走出碳中和、零污染的生產之路。

A10. 我們主要在二氧化碳近零排放和提升能源利用方面做出了許多努力。

首先，我們將實施碳足跡管理計劃。通過分析、計算出產品的全生命週期和碳排放量。並且與來自美國的全球500強企業Rockwell建立了合作關係，共同探索ESG產業化和碳中和的新路徑。

其次，我們將與供應商攜手推進綠色供應鏈建設。確保原材料和產品的生產過程嚴格符合環保標準，以此推動整個產業鏈走向綠色和轉型。

此外，我們採用了先進的幹法制漿技術。相較於傳統的溼法制漿，顯著更節水，並且在生產過程中不需要添加化學藥劑。因此，製漿過程中幾乎不會產生廢水，廢氣和廢渣，實現環保製造。

同時，我們在積極投資研發環保技術，如碳捕捉和碳儲存。將廢棄物轉化爲可利用能源，實現資源的循環利用。

通過這些措施，我們不僅保護了地球環境，爲此做出了卓越的貢獻。也爲公司的可持續發展奠定了堅實的基礎。

Q10. What Efforts Has the Company Made in Fulfilling Social Responsibility and Environmental Protection, and How Will the "Maritime Green Footprint" Help Enhance Carbon Emissions and Energy Utilization, Leading the Way to Carbon Neutrality and Zero Pollution in Production?

A10. We have made significant efforts in achieving near-zero carbon emissions and improving energy utilization.

Firstly, we will implement a carbon footprint management plan, analyzing and calculating the full lifecycle and carbon emissions of our products. We have also partnered with Rockwell, a global Fortune 500 company based in the United States, to explore new paths for the industrialization of ESG principles and carbon neutrality.

Secondly, we will work with suppliers to advance the development of a green supply chain, ensuring that raw materials and production processes strictly comply with environmental standards, thus driving the entire industry chain toward green transformation.

Additionally, we have adopted advanced dry pulping technology, which significantly reduces water consumption compared to traditional wet pulping and eliminates the need for chemical additives in the production process. Therefore, there is expected to be near-zero emissions of waste water, waste gas, and solid waste during pulping process, and realize the environmentally friendly manufacturing.

At the same time, we are actively investing in research and development of environmental protection technologies, such as carbon capture and storage, converting waste into usable energy, and promoting resource recycling.

Through these efforts, we are not only protecting the environment and making significant contributions to it, but we are also laying a solid foundation for the company's sustainable development.

Q11. 对于海上绿色制浆，我们未来增长动力主要有哪些方面？

A11. 海上工船制浆能为造纸企业提供重要的补充来源，为包装纸品行业长期健康发展提供助力。制浆业务主要的成长动力来源于下游包装纸品的需求，包括日用消费品、电子产品、以及蓬勃发展的全球线上购物和城市快递物流。

日本、中国等亚洲国家出台的禁废令，也让下游纸厂原材料供应出现缺口，INTERCONT在船上制浆的创新商业模式，将为下游纸业公司提供稳定的供给。

未来几年，集团业务会按照既定的计划推进及扩展，随着纸浆船数量的增长、航次的增多，制浆产线逐步扩大我们的规模。

Q11. 對於海上綠色製漿，我們未來增長動力主要有哪些方面？

A11. 海上工船製漿能爲造紙企業提供重要的補充來源，爲包裝紙品行業長期健康發展提供助力。製漿業務主要的成長動力來源於下游包裝紙品的需求，包括日用消費品、電子產品、以及蓬勃發展的全球線上購物和城市快遞物流。

日本、中國等亞洲國家出臺的禁廢令，也讓下游紙廠原材料供應出現缺口，INTERCONT在船上製漿的創新商業模式，將爲下游紙業公司提供穩定的供給。

未來幾年，集團業務會按照既定的計劃推進及擴展，隨着紙漿船數量的增長、航次的增多，製漿產線逐步擴大我們的規模。

Q11. What Are the Main Drivers of Future Growth for Maritime Green Pulping?

A11. Seaborne pulping with factory ships can provide an important supplementary source for paper manufacturing companies, supporting the long-term healthy development of the packaging paper industry. The main growth drivers of the pulping business come from the demand for downstream packaging paper products, including daily consumer goods, electronics, and the booming global online shopping and urban express logistics sectors.

The waste import bans introduced by countries such as Japan, China, and other Asian nations have created shortage in raw material supply for downstream paper factories. INTERCONT's innovative business model of onboard pulping will provide a stable supply for downstream paper companies.

In the coming years, the group's business will continue to progress and expand according to the established plan. As the number of pulp vessels increases and voyages grow, the pulping production lines will gradually expand our scale.

Cautionary Statement Regarding Forward-LookingStatements