Notes to Important Items: The Board of directors, the Board of Supervisors, as well as Directors, Supervisors and Senior Management of the Company shall guarantee the authenticity, accuracy, and completeness of the contents of the Quarterly Report without any false recordation, misleading statement, or material omission, and shall assume the joint and several legal liabilities. The person in charge of the Company, the person in charge of financial affairs, and the leading member of the accounting body (the ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2024-065 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 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 | | 厦门象屿股份有限公司 关于董事长和高级管理人员增持公司股份计划 实施期限届满暨增持完成的公告 重要内容提示： 二、增持计划的主要内容 基于对公司未来发展的信心和长期投资价值的认可，公司董事长和部分高级 1 管理人员合计 7 人计划自 2024 年 7 月 29 日起 3 个月内，通过上海证券交易所 集中竞价交易方式增持公司股份，合计增持金额不低于人民币 440 万元（含本 数），不超过人民币 540 万元。具体内容详见公司于 2024 年 7 月 29 日披露的《关 于董事长和高级管理人员增持公司股份计划的公告》（公告编号：2024-057）。 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 ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2024-064 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 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 | | 厦门象屿股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 厦门象屿股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日披露公 司 2024 年半年度报告。为便于广大投资者更全面深入了解公司 2024 年半年度经 营成果和财务状况，公司计划于 2024 年 9 月 27 日(星期五) 下午 16:00-17:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度 ...

丨证券研究报告丨 公司研究丨点评报告丨厦门象屿（600057.SH） [Table_Title] 大宗经营整固，造船景气上行 | --- | --- | |--------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 年上半年，公司经营货量同比基本持平，维持 1 亿吨以上规模，营收同比下降 12.9% 。 | | | 受宏观需求疲软影响，板块整体收入呈现下滑趋势，但受益造船景气周期，造船营收同比大幅 | | | 73.5% 。分板块经营来看，大宗商品经营期现毛利同比下降 7.9% （对应 2.6 亿元），大宗 | | | 商品物流毛利同比下降 8.7% （对应 0.3 亿元），生产制造板块毛利同比大幅增长 106.0% （对 | | | 亿元）。上半年计提坏账准备较上年同期增加 1.8 亿，最终，归母净利润同比下降 12.6% | | | 亿元。公司持续优化经营策略、风险管控和低效业务，经 ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2024-063 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 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 | | 厦门象屿股份有限公司 关于董事长和高级管理人员增持公司股份的进展公告 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。 重要内容提示： 增持计划主要内容：基于对厦门象屿股份有限公司（以下简称"公司"） 未来发展的信心和长期投资价值的认可，公司董事长和部分高级管理人员合计 7 人计划自 2024 年 7 月 29 日起 3 个月内，通过上海证券交易所集中竞价交易方 式增持公司股份，合计增持金额不低于人民币 440 万元（含本数），不超过人民 币 540 万元。 增持计划进展情况：截至 2024 年 9 月 12 日，本次增持计划期间已过半， 本次计划 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 203.5 billion yuan for H1 2024, a year-on-year decrease of 12.9%, with a net profit attributable to shareholders of 780 million yuan, down 12.6% year-on-year. However, the net profit excluding non-recurring items increased by 89.4% [2] - In Q2 2024, the company achieved a revenue of 98.9 billion yuan, a year-on-year decline of 5.3%, but the net profit attributable to shareholders rose by 7.6% year-on-year [2] - The improvement in profit margins in Q2 2024 is attributed to the turnaround in the agricultural products business, structural adjustments in bulk commodities, and an increase in the proportion of higher-margin shipbuilding and logistics businesses [2][3] - The bulk commodity business maintained stable operating volumes, reflecting a slight increase in market share, while the gross margin improved due to proactive adjustments in business structure [2] - The logistics business for bulk commodities saw significant growth, with revenue increasing by 24.4% year-on-year in H1 2024 [2] - The shipbuilding business is experiencing high demand, with a substantial order backlog and expected capacity expansion [3] Financial Performance Summary - Total revenue for 2024E is projected at 413.96 billion yuan, with a year-on-year decline of 9.82%. The net profit attributable to shareholders is expected to be 1.794 billion yuan, reflecting a growth of 14% [1][3] - The company’s earnings per share (EPS) for 2024E is estimated at 0.79 yuan, with a price-to-earnings (P/E) ratio of 6.57 [1][3] - The gross margin for the bulk commodity business in H1 2024 was 1.57%, an increase of 0.11 percentage points year-on-year [2] - The shipbuilding segment reported a revenue of 5.66 billion yuan in H1 2024, a year-on-year increase of 28%, with a gross margin of 12.7% [3] Market Data - The closing price of the company's stock is 5.19 yuan, with a market capitalization of approximately 11.79 billion yuan [4] - The company has a price-to-book (P/B) ratio of 0.91 and a debt-to-asset ratio of 71.89% [5][4]

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 20,348,075.75, a decrease of 12.87% compared to CNY 23,354,936.81 in the same period last year[13]. - Net profit attributable to shareholders was CNY 77,906.34, down 12.60% from CNY 89,142.38 year-on-year[13]. - The net profit after deducting non-recurring gains and losses increased by 89.43% to CNY 25,504.06 from CNY 13,463.36 in the previous year[13]. - Basic earnings per share for the first half of 2024 were CNY 0.28, down 24.32% from CNY 0.37 in the same period last year[14]. - The total operating volume of bulk commodities was 101.46 million tons, a slight decrease of 0.58% year-on-year, with main business revenue of 193.1 billion RMB, down 14.11% year-on-year[42]. - The company's logistics segment reported main business revenue of 4.256 billion RMB, an increase of 24.39% year-on-year, although gross profit decreased by 8.72%[44]. - The company’s manufacturing segment generated main business revenue of 5.664 billion RMB, up 28.03% year-on-year, with gross profit increasing by 106.02%[46]. - The company’s total profit for the first half of 2024 was CNY 1,312,133,830.83, compared to CNY 1,140,416,306.51 in the same period of 2023, reflecting an increase of approximately 15.1%[160]. Cash Flow and Financial Position - The company's net cash flow from operating activities was negative at CNY -1,049,588.03, compared to CNY -1,601,201.40 in the same period last year[13]. - The company reported a total cash balance of approximately ¥3.04 billion, with restricted cash due to margin deposits and time deposits[56]. - The company’s cash interest coverage ratio was -15.48, indicating a negative cash flow situation[151]. - The company’s loan repayment rate and interest payment rate both stood at 100%[151]. - The total amount of cash received from sales of goods and services was ¥222,169,361,571.89, down from ¥285,219,599,162.45 in the first half of 2023, indicating a decrease of approximately 22.1%[164]. - The company’s cash inflow from investment income was ¥727,780,724.72, down from ¥1,413,908,171.98 in the first half of 2023, indicating a decrease of approximately 48.7%[167]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 12,516,677.28, a decrease of 3.50% from CNY 12,970,518.67 at the end of the previous year[13]. - The asset-liability ratio at the end of the reporting period was 71.89%, an increase of 0.56 percentage points from the previous year[151]. - The company's total liabilities reached CNY 13.97 billion, a significant increase from CNY 6.90 billion at the end of 2023, reflecting higher financial obligations[158]. - The total equity attributable to shareholders increased from ¥20.84 billion to ¥22.62 billion, an increase of approximately 8.6%[155]. Market and Business Strategy - The company is actively exploring international markets, with platform companies in Singapore, the USA, Vietnam, and Indonesia, serving over 100 countries[27]. - The company aims to become a world-class supply chain service provider, offering integrated services including procurement, distribution, logistics, and consulting[23]. - The company is diversifying its product mix, focusing on high liquidity and standardized commodities, including metals, agricultural products, and energy[24]. - The company anticipates marginal improvements in demand and profits in the bulk supply chain industry due to upcoming growth policies and reduced credit risks[18]. - The company is leveraging the "Belt and Road" initiative to enhance its international supply chain capabilities and tap into new markets[21]. Risk Management - The company has developed a comprehensive risk management system with three lines of defense to manage key risks effectively[37]. - The company faces significant risks from macroeconomic fluctuations and commodity price volatility, which could impact operational performance[66]. - The company is enhancing its risk management capabilities by monitoring market conditions and utilizing hedging tools to manage price risks[66]. Environmental and Social Responsibility - The company has implemented strict waste management practices, including the disposal of 6.92 tons of waste hydraulic oil and 287.9 tons of waste packaging barrels in 2024[76]. - The company has established a comprehensive environmental emergency response plan, with regular drills planned for 2024[88]. - The company donated 100,000 yuan to support local court initiatives against debt evasion and 300,000 yuan to enhance educational development in Wujie Town[93]. Shareholder and Equity Information - The company has a long-term commitment to not reduce its holdings in Xiamen Xiangyu shares for 18 months following the completion of a private placement[95]. - The company has confirmed that it will not engage in any business activities that directly or indirectly compete with its main business after the completion of a major asset restructuring[95]. - The total number of common shareholders as of the end of the reporting period was 41,974[117]. - The largest shareholder, the National Social Security Fund, held 1,145,504,792 shares, accounting for 50.41% of the total shares[117]. Corporate Governance - The financial statements are prepared based on the going concern principle, with no identified issues affecting the company's ability to continue operations[179]. - The company's accounting policies and estimates are in accordance with the enterprise accounting standards, ensuring the financial statements reflect the company's financial position accurately[181]. - The company’s financial reports are approved by the board of directors, ensuring compliance with regulatory requirements[176].

厦门象屿股份有限公司 关于为控股子公司续签纸浆期货交割库提供担保 情况的进展说明 一、担保情况概述 厦门象屿股份有限公司（以下简称"公司"或"厦门象屿"）于2024年2月6 日召开第九届董事会第十七次会议，于2024年2月27日召开2024年第一次临时股 东大会，分别审议通过了《关于2024年度为子公司及参股公司提供担保额度的议 案》，同意2024年担保额度不超过等值人民币1,630亿元，其中为公司子公司提 供的担保总额不超过1,564亿元人民币；为参股公司提供的担保总额不超过6亿元 人民币；为公司开展应收账款资产证券化业务提供流动性支持、差额补足等增信 措施，额度不超过30亿元；为公司开展供应链（应付账款）资产证券化业务提供 增信措施，即对于上游供应商对公司的下属公司的应收账款债权，公司将以出具 《付款确认书》的方式成为共同债务人，对下属公司应履行的应收账款项下的付 款义务承担共同付款责任，额度不超过30亿元。详见公司于2024年2月8日披露的 《厦门象屿股份有限公司关于2024年度为子公司和参股公司提供担保额度的公 告》（公告编号：临2024-012号）。 二、本次担保进展情况 公司控股子公司厦门象屿速传 ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2024-058 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 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 | | 重要内容提示： 2024 年 7 月 29 日，厦门象屿股份有限公司（以下简称"公司"）董事张 水利先生通过上海证券交易所集中竞价交易系统增持公司股份共计 30,400 股。 一、增持情况概述 2024 年 7 月 29 日，公司接到董事张水利先生的告知函，其于 2024 年 7 月 29 日通过上海证券交易所集中竞价交易系统增持公司股份，具体如下： | 姓名 | 职务 | 增持前持股 | 本次增持 | 本次增持均 | 增持后持股 | 增持后 | | --- | --- | --- | --- | --- | --- | --- | | | | 数量（股） | 数量（股） | 价（元/股） | 数量（股） | 持股比例 | | ...

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：2024-056 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 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 | | 厦门象屿股份有限公司 关于控股股东拟整体受让江苏德龙债权暨关联交易的 提示性公告 本次转让有利于保护公司及广大投资者的利益，不会对公司经营管理和财务 状况产生重大不利影响，公司将尽快梳理完成对江苏德龙及其控股子公司的债权 及相应担保情况，推动评估程序，并将积极推动与象屿集团签订转让协议，推动 董事会和股东大会审议流程，配合象屿集团完成相关审批手续。公司将根据本次 转让的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 厦门象屿股份有限公司董事会 重要内容提示： 厦门象屿股份有限 ...