Core Viewpoint - The company has shown a positive trend in net profit growth, particularly in Q2 2025, indicating a potential recovery and improvement in operational efficiency [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 203.9 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.032 billion yuan, up 32.5% year-on-year [1]. - Q2 2025 saw accelerated growth with revenue reaching 106.8 billion yuan, a year-on-year increase of 8%, and net profit of 523 million yuan, up 41% year-on-year [1]. - The company's net profit growth rate in Q2 significantly accelerated compared to Q1's 25% [1]. Segment Performance - The metal mining segment faced challenges with revenue and gross profit margins declining by 11% and 26% respectively [2]. - The energy and chemical segment experienced a revenue increase of 21% and gross profit growth of 52%, driven by breakthroughs in international oil commodity business [2]. - The agricultural products segment reported a revenue increase of 15% and a remarkable gross profit increase of 255%, benefiting from optimized operating models [2]. - The renewable energy segment saw a revenue increase of 12%, but gross profit margins declined by 25% due to structural adjustments in the industry [2]. Logistics and Manufacturing - The bulk commodity logistics segment achieved revenue of 5 billion yuan, a year-on-year increase of 17.4%, with a gross margin of 8.54% [3]. - The manufacturing segment reported revenue of 5.28 billion yuan, down 6.7%, with a gross margin of 11% [3]. - The shipbuilding business generated revenue of 3.19 billion yuan, a decrease of 5%, with a gross margin of 14.7% [3]. - The company signed 15 new orders in H1 2025, with a backlog of 91 orders, including a significant order for a 210,000-ton bulk carrier from an international client [3]. Strategic Outlook - The company is positioned to benefit from the trend of "anti-involution," where downstream clients shift from extensive operations to lean production, enhancing the demand for comprehensive service capabilities from bulk service providers [3]. - The completion of a 3.2 billion yuan private placement has improved the company's capital structure and reduced financial costs [1][4]. Profit Forecast - The company's net profit forecasts for 2025-2027 have been revised upward to 1.85 billion, 2.25 billion, and 2.59 billion yuan, representing year-on-year growth rates of 31%, 21%, and 15% respectively [4].

Investment Rating - The report maintains a "Buy" rating for Xiamen Xiangyu (600057) [1] Core Views - The company has established an operational turning point with a year-on-year increase of 32.5% in net profit attributable to shareholders in the first half of 2025, driven by a significant acceleration in growth in Q2 [1][7] - The company is expected to benefit from the trend of "anti-involution" in the industry, which emphasizes the importance of comprehensive service capabilities among major bulk supply chain enterprises [1][7] Financial Performance Summary - In H1 2025, the company achieved total revenue of 203.9 billion yuan, a slight increase of 0.2% year-on-year, and a net profit attributable to shareholders of 1.032 billion yuan, up 32.5% year-on-year [1][7] - Q2 2025 saw a revenue of 106.8 billion yuan, representing an 8% year-on-year increase, and a net profit of 523 million yuan, up 41% year-on-year, indicating a significant acceleration compared to Q1 [1][7] - The company’s gross margin and net profit margin for Q2 2025 were 1.70% and 0.58%, respectively, with a decrease in financial expense ratio due to a successful capital increase of 3.2 billion yuan [1][7] Segment Performance Summary - The bulk commodity logistics segment reported revenue of 5 billion yuan, a year-on-year increase of 17.4%, with a gross margin of 8.54% [1][7] - The manufacturing segment, including shipbuilding, generated revenue of 5.28 billion yuan, down 6.7% year-on-year, with a gross margin of 11% [1][7] - The energy and chemical segment saw revenue and gross margin increase by 21% and 52% year-on-year, respectively, driven by breakthroughs in international oil commodity business [1][7] Future Outlook - The company’s net profit forecasts for 2025-2027 have been revised upwards to 1.85 billion, 2.25 billion, and 2.59 billion yuan, respectively, reflecting a year-on-year growth of 31%, 21%, and 15% [1][7] - The report highlights the potential for increased concentration in the industry as leading companies benefit from the "anti-involution" trend, positioning Xiamen Xiangyu favorably for future growth [1][7]

Core Insights - The Social Security Fund has invested in 313 stocks by the end of Q2, with 20 stocks held for over 20 consecutive quarters [1] - The longest-held stock by the Social Security Fund is Hualu Hengsheng, held for 51 quarters since Q4 2012, with a total holding of 133 million shares, accounting for 6.26% of the circulating shares [1][2] - Among the 20 stocks held for over 5 years, the top holdings by quantity include Changshu Bank, Hualu Hengsheng, and Xiamen Xiangyu, with holdings of 206 million shares, 133 million shares, and 6.39 million shares respectively [2] Holdings Analysis - The Social Security Fund increased its holdings in 8 out of the 20 continuously held stocks by the end of Q2, with significant increases in Hongfa Shares (76.77%), Hangyang Co. (42.03%), and Yilian Network (19.73%) [2] - Conversely, 5 stocks saw a reduction in holdings, with the largest decreases in Zhongqi Shares (-50.14%), Chengyi Pharmaceutical (-8.92%), and Feilihua (-8.70%) [2] Industry Breakdown - The 20 continuously held stocks are concentrated in the basic chemical, pharmaceutical, and electronics industries, with 5, 3, and 2 stocks respectively [3] - The basic chemical sector includes Hualu Hengsheng, Yangnong Chemical, and Lanxiao Technology, while the pharmaceutical sector includes Iwu Biological, Chengyi Pharmaceutical, and New Industry [3] Performance Overview - Among the continuously held stocks, 13 reported year-on-year profit growth in the first half of the year, with notable increases from Jieput (73.84%), Pengding Holdings (57.22%), and Chengyi Pharmaceutical (47.03%) [3] - 7 stocks experienced a decline in net profit, with Zhongqi Shares (-240.99%), Hualu Hengsheng (-29.47%), and Xinwei Communication (-20.18%) showing the largest decreases [3]

Core Viewpoint - The company, Xiamen Xiangyu, is navigating a complex macroeconomic environment while focusing on transforming its supply chain services and enhancing operational efficiency to adapt to market changes and customer demands [3][4][5]. Company Overview - Xiamen Xiangyu is engaged in bulk supply chain services, primarily serving manufacturing enterprises by providing integrated services such as procurement, distribution, logistics, supply chain finance, and information consulting [9]. - The company operates in various sectors, including metals, agricultural products, energy chemicals, and new energy, focusing on high liquidity and standardized products [10]. Financial Performance - In the first half of 2025, the company achieved a total operating volume of over 120 million tons, a year-on-year increase of 19.02%. Revenue reached 203.9 billion yuan, up 0.23%, while net profit attributable to shareholders was 1.032 billion yuan, reflecting a 32.48% increase [15]. - The return on equity was 4.99%, an increase of 1.01 percentage points year-on-year [15]. Industry Context - The bulk supply chain industry is facing challenges due to tariff changes, geopolitical uncertainties, and fluctuating global economic conditions, leading to increased operational difficulties for companies [4][6]. - The market is experiencing a "stable growth, weak recovery" trend, with traditional industries slowing down and new energy sectors not yet generating sufficient demand for bulk commodities [3][4]. Business Model and Strategy - The company is transitioning from a traditional trading intermediary to a comprehensive service provider, expanding its operational boundaries across the supply chain [6][7]. - Xiamen Xiangyu emphasizes a multi-faceted operational model that integrates resources, trade, logistics, services, and processing, aiming to enhance value creation and operational resilience [13][27]. International Expansion - The company has established a strong international presence, with operations in key regions such as the United States, Singapore, and Africa, and aims to diversify its trade and market layout [12][24]. - In the first half of 2025, the company reported a trade volume of approximately 47 million tons, with a total trade value of about 13.2 billion USD, marking a 7% year-on-year increase [24]. Technological Advancements - The company is investing in digital transformation and smart supply chain solutions, integrating AI and data analytics to enhance operational efficiency and decision-making [26][31]. - A new generation of ERP systems has been successfully implemented, covering core business processes and improving management capabilities [26]. Risk Management - Xiamen Xiangyu has established a comprehensive risk management framework that includes proactive measures to mitigate market volatility and operational risks [35][36]. - The company continuously monitors international market policies and legal changes to adapt its strategies accordingly [36].

股票代码：600057 股票简称：厦门象屿 公告编号：2025-065 债券代码：240429 债券简称：23 象屿 Y2 债券代码：240722 债券简称：24 象屿 Y1 债券代码：242565 债券简称：25 象屿 Y1 债券代码：242747 债券简称：25 象屿 Y2 债券代码：242748 债券简称：25 象屿 Y3 厦门象屿股份有限公司 第九届董事会第三十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门象屿股份有限公司（以下简称"公司"）第九届董事会第三十五次会议 通过电子邮件的方式发出会议通知，于 2025 年 8 月 25 日下午在厦门召开。会议 应到董事九名，实到八名，林俊杰董事因公事不能亲自出席会议，委托王剑莉董 事代为出席会议并行使表决权。本次会议由董事长吴捷主持，公司监事和高管列 席了会议。本次会议通知、召集及召开符合有关法律法规及公司章程的规定。 会议通过现场表决的方式审议通过以下议案： 报告全文及其摘要请见公司同日披露的《2025年半年度报告》《2025年半年 度报告摘要》。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 股票代码：600057 股票简称：厦门象屿 公告编号：2025-070 债券代码：240429 债券简称：23 象屿 Y2 债券代码：240722 债券简称：24 象屿 Y1 债券代码：242565 债券简称：25 象屿 Y1 债券代码：242747 债券简称：25 象屿 Y2 债券代码：242748 债券简称：25 象屿 Y3 厦门象屿股份有限公司 关于召开2025年第三次临时股东大会的通知 重要内容提示： ? 股东大会召开日期：2025年9月11日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 （一）股东大会类型和届次 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 11 日 15 点 00 分 召开地点：厦门市湖里区自由贸易试验区厦门片区象屿路 85 号象屿集团大 厦 A 栋 11 楼 ...

Core Insights - Xiamen Xiangyu reported a significant increase in operational volume and net profit for the first half of 2025, with operational volume exceeding 120 million tons, a year-on-year growth of 19.02%, and net profit reaching 1.032 billion yuan, up 32.48% [1][2] Financial Performance - The company achieved a revenue of 203.9 billion yuan, reflecting a slight increase of 0.23% year-on-year [1] - The return on equity (ROE) improved to 4.99%, an increase of 1.01 percentage points compared to the previous year [1] International Business Development - Xiamen Xiangyu's international business saw an import and export volume of approximately 47 million tons, amounting to about 13.2 billion USD, which is a 7% increase year-on-year [1] - The company is expanding its aluminum supply chain globally, enhancing logistics capabilities in West Africa, and developing downstream channels in India and the UAE [1] - The stainless steel supply chain is focusing on stable long-term cooperation with overseas mines and expanding mining rights and operations [1] Manufacturing and Shipbuilding - The shipbuilding segment has successfully navigated international market fluctuations, optimizing product structure and achieving industry-leading production efficiency in bulk carriers and chemical tankers [2] - During the reporting period, the company secured 15 new ship orders, with a total of 91 orders on hand, including a notable order for a 210,000-ton bulk carrier from a well-known international shipowner [2] Strategic Initiatives - The company successfully raised 3.22 billion yuan through a fixed-price private placement, bringing in strategic investors to enhance its capital base [2] - Xiamen Xiangyu is in a critical phase of transformation and upgrade, focusing on strategic development, organizational management, and risk control to ensure the success of its five-year plan [2]

格隆汇8月26日丨厦门象屿(600057.SH)发布中报，2025上半年实现营业总收入2039.48亿元，同比增长 0.23%；归属母公司股东净利润10.32亿元，同比增长32.48%；基本每股收益为0.31元。 ...

特此公告。 厦门象屿股份有限公司 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门象屿股份有限公司（以下简称"公司"）于近日收到中国国际金融股份 有限公司（以下简称"中金公司"）出具的《关于更换厦门象屿股份有限公司持 续督导保荐代表人的说明》。 中金公司系公司 2022 年向特定对象发行股票项目的保荐机构，原指定周赟 女士、章一鸣先生为前述项目的持续督导保荐代表人，持续督导期至 2026 年 12 月 31 日止。现周赟女士因工作变动，不再担任公司的持续督导保荐代表人。为 不影响公司持续督导工作的正常进行，根据《证券发行上市保荐业务管理办法》 等法规的规定，中金公司现委派苏洲炜先生（简历见附件）接替周赟女士继续担 任厦门象屿持续督导的保荐代表人，履行持续督导职责。 本次变更后，公司 2022 年向特定对象发行股票项目的持续督导保荐代表人 为苏洲炜先生、章一鸣先生。本次变更不影响中金公司对公司的持续督导工作， 公司董事会对于周赟女士在公司持续督导期间所做的工作表示衷心感谢。 | 股票代码：6 ...

增加 2025 年度日常关联交易额度的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为厦门象屿股份有限 公司（以下简称"公司"或"厦门象屿"）2022 年度向特定对象发行 A 股股票的保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规 则》和《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证 券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，对厦门象 屿增加 2025 年度日常关联交易额度事项进行了审慎核查，具体情况如下： 一、2025 年度日常关联交易预计额度增加基本情况 1、本次新增日常关联交易履行的审议程序 公司第九届董事会第二十九次会议及 2025 年第一次临时股东大会审议通过 《关于 2025 年度日常关联交易额度的议案》，对公司 2025 年度与关联方日常关 联交易进行了预计。 中国国际金融股份有限公司 关于厦门象屿股份有限公司 2025 年 8 月 25 日，公司召开第九届董事会第三十五次会议，审议通过《关 于增加 2025 年度日常关联交易额度的议案》，同意增加 2025 年度日常关联交易 额度 5.50 亿元。表决结果： ...