Summary of Xiamen Xiangyu Conference Call Company Overview - **Company**: Xiamen Xiangyu - **Industry**: Bulk Commodity Supply Chain Key Points and Arguments 1. **Market Conditions**: The bulk commodity cycle weakened in the second half of 2023, leading to a general decline in profitability for supply chain companies. However, Xiamen Xiangyu maintained stable cargo volumes and improved market concentration. A turning point in performance is expected in 2025, with a return to profitability in the agricultural products sector and growth driven by the paper-making business [2][5][20]. 2. **Recent Initiatives**: The company has undertaken several positive measures, including a share buyback plan of 100 to 150 million shares (3.5% to 5% of total shares) to boost employee motivation and confidence in long-term development. Management restructuring and the establishment of a steel center are aimed at optimizing resource allocation and improving operational efficiency [2][6]. 3. **Financial Performance**: In 2022, Xiamen Xiangyu experienced rapid revenue and net profit growth. However, in 2023-2024, performance is expected to decline due to economic factors and impairments in the agricultural products sector. Despite a drop in revenue from falling commodity prices, stable operational volumes are noted [2][7]. 4. **Profit Forecast**: The company anticipates a net profit of 1.85 billion in 2025 and 2.25 billion in 2026, representing year-on-year growth of 31% and 21%, respectively. The forecast for 2025 is considered conservative and may exceed expectations due to industry concentration, performance turning points, and improved capital turnover [2][9]. 5. **Impairment Strategy**: Xiamen Xiangyu has adopted a cautious approach to impairments, with sufficient collateral backing its book value, thus reducing future impairment risks. After accounting for impairments in 2024, net profit is expected to grow by over 7% year-on-year [4][10]. 6. **Business Segments**: The company operates in three main segments: bulk commodity supply chain management, logistics, and manufacturing. The supply chain segment has faced challenges, while the manufacturing segment, particularly shipbuilding, has seen revenue and gross profit increase due to improved market conditions [11][12]. 7. **Industry Trends**: The bulk commodity supply chain market is projected to exceed 50 trillion, with significant shares from non-ferrous metals, ferrous metals, and chemical raw materials. The industry is experiencing consolidation, with opportunities for leading companies to expand market share as smaller traders exit the market [13][14]. 8. **International Strategy**: Xiamen Xiangyu is strategically positioned in countries along the Belt and Road Initiative, with overseas business revenue increasing from 4.6% in 2019 to 18% in 2024. This segment is expected to continue growing rapidly, providing strong revenue and profit support [17]. 9. **Supply Chain Integration**: The company is enhancing its supply chain by extending its operations upstream and downstream, particularly in the aluminum supply chain, which has shown improved gross margins due to better integration [18]. 10. **Competitive Advantages**: Xiamen Xiangyu benefits from scale, risk control, and turnover advantages. The company has strengthened its risk management framework and improved operational efficiency, positioning itself to capture more market share and outperform competitors [19]. Additional Important Information - **Stock Performance**: The stock price rose from approximately 3 yuan in early 2020 to nearly 10 yuan during favorable commodity cycles, driven by service fees and increased dividends [3]. - **Short-term Outlook**: The company is at a performance turning point, with expectations of recovery in the black metal industry and profitability in the agricultural sector. The bankruptcy of a major client has been resolved without impacting operations [20]. - **Valuation**: Xiamen Xiangyu is assigned a PE ratio of 13, reflecting strong growth potential and a target price of 8.58 yuan, indicating a 22% upside from the current closing price [21].

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2025-048 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | 于 2025 年 4 月 17 日披露的《厦门象屿关于以集中竞价交易方式回购公司股份方 案的公告》（公告编号：2025-033）。 厦门象屿股份有限公司 关于以集中竞价交易方式回购公司股份比例达到总股本 1% 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： | 回购方案首次披露日 | 2025 年 | 4 月 | 17 | 日 | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期 ...

Group 1 - The core viewpoint of the news is the performance and growth of the State-Owned Enterprise Dividend Index and its related ETF, indicating a positive trend in the market for high-dividend stocks [1][2] - The State-Owned Enterprise Dividend ETF has seen significant growth in both scale and shares over the past three months, with an increase of 18.87 million yuan in scale and 16.2 million shares, ranking it in the top half among comparable funds [1][2] - The State-Owned Enterprise Dividend Index consists of 100 listed companies selected for their high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] Group 2 - The top ten weighted stocks in the State-Owned Enterprise Dividend Index account for 15.18% of the index, with notable stocks including China Merchants Industry Holdings and Hebei Central Energy [2] - Recent government policies aimed at stabilizing market expectations include interest rate cuts and the establishment of AIC companies by three major banks, which may enhance their service capabilities but could also pressure capital and asset quality [1][2] - The banking sector is viewed positively, with a focus on low-valuation, high-dividend bank stocks as a key investment theme amid ongoing market uncertainties [2]

关于厦门象屿股份有限公司 2024 年年度股东大会的 法律意见书 | | œ | | --- | --- | | œ œ | 1 | | 四、结论意见 7 | | --- | 1 引 言 关于厦门象屿股份有限公司 2024 年年度股东大会的 法律意见书 〔2025〕天衡意字第 096 号 致：厦门象屿股份有限公司 福建天衡联合律师事务所接受厦门象屿股份有限公司的委托，指 派陈珂、潘舒原律师作为厦门象屿股份有限公司 2024 年年度股东大 会的专项律师，就题述事宜出具本法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司股东大会规则》《厦门象屿股份有限公司章程》等有关 法律、法规和规范性文件的规定，按照律师行业公认的业务标准、道 德规范和勤勉尽责精神，出具本法律意见书。 一、释义 在本法律意见书中，除非明确表述或上下文另有定义，下列各项 用语具有如下特定的含义： | 公司 | 是指 | 厦门象屿股份有限公司 | | --- | --- | --- | | 本所 | 是指 | 福建天衡联合律师事务所 | | 本所律师 | 是指 | 本法律意见书的经办律师陈珂、潘舒原律师 | | ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2025-047 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | 厦门象屿股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长吴捷因公出差，委托副董事长齐卫 东主持会议。会议的召集、召开以及表决方式符合《公司法》及《公司章程》的 规定。 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、出席会 ...

Core Viewpoint - Xiamen Xiangyu Co., Ltd. will participate in the 2024 annual report performance briefing and online investor reception day, aiming to enhance interaction with investors [1]. Group 1: Event Details - The event is scheduled for May 15, 2025, from 15:40 to 17:00 [1]. - The event will be conducted online, allowing investors to participate via the "Panjing Roadshow" website, WeChat, or the Panjing Roadshow APP [1]. Group 2: Participants - The participants include Chairman Wu Jie, Independent Director Liao Yixin, Deputy General Manager Zhuo Wei, Board Secretary Liao Jie, and Financial Responsible Lin Jing [2]. Group 3: Contact Information - For inquiries, investors can contact Ms. Wu at phone number 0592-6516003 or via email at stock@xiangyu.cn [3]. Group 4: Additional Information - After the event, investors can view the event's proceedings and main content on the "Panjing Roadshow" website [3].

Core Viewpoint - The performance of listed companies in Xiamen demonstrates strong profitability and growth potential, contributing significantly to the stability of the regional economy, with 68 companies achieving a combined net profit of 3.816 billion yuan in Q1 2025 [2]. Group 1: Financial Performance - 68 listed companies in Xiamen reported a total net profit of 3.816 billion yuan in Q1 2025, with 62 companies profitable, representing over 90% [2]. - 38 companies experienced year-on-year profit growth, accounting for nearly 60% of the total [2]. - 17 companies reported profits exceeding 100 million yuan, highlighting the strong financial performance of the Xiamen market [2]. Group 2: Top Performing Companies - Xiamen Bank led with a net profit of 645 million yuan, with management expecting a gradual increase in return on investment (ROI) throughout the year [9]. - Jianfa Co. achieved a net profit of 584 million yuan, with total revenue reaching 143.773 billion yuan, a year-on-year increase of 9.47% [9]. - Yilian Network reported a net profit of 562 million yuan, with total revenue of 1.205 billion yuan, reflecting a year-on-year growth of 3.57% [9]. Group 3: Emerging Industries - Weike Technology's revenue reached 539 million yuan, a year-on-year increase of 64.37%, with net profit doubling to 77.3928 million yuan [11]. - Tebao Bio's revenue was 673 million yuan, up 23.48%, with a net profit of 182 million yuan, reflecting a 41.40% increase [12]. - Huamao Technology reported revenue of 537 million yuan, a 14.37% increase, with net profit rising by 60.34% to 86.4219 million yuan [12]. Group 4: Strategic Developments - Xiamen Xiangyu's net profit was 509 million yuan, a year-on-year increase of 24.88%, supported by improved risk management and financial structure [10]. - Companies are enhancing profitability through upstream and downstream integration and optimizing product structures, with Weike Technology focusing on high-performance precision molds for emerging industries [12].

厦门象屿股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会 暨投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，厦门象屿股份有限公司（以下简称"公 司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司联合 举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体接待日活 动"，现将相关事项公告如下： 一、活动召开的时间、方式 | 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2025-046 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | 三、联系人及咨询办法 联系人：吴女士 联系电 ...

一、回购股份的基本情况 厦门象屿股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开第九 届董事会第三十次会议，审议通过了《关于以集中竞价交易方式回购公司股份的 方案》，同意公司回购股票不低于 1 亿股（含），不超过 1.5 亿股（含），价格不 超过人民币 8.85 元/股，回购股票作为公司实施股权激励的股票来源。详见公司 于 2025 年 4 月 17 日披露的《厦门象屿关于以集中竞价交易方式回购公司股份方 | 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2025-045 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | 厦门象屿股份有限公司 关于以集中竞价交易方式回购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 ...

厦门象屿股份有限公司 2024 年年度股东大会文件 2025 年 5 月 目 录 | 2024 | 年年度股东大会议程 | | 1 | | --- | --- | --- | --- | | 议案一：2024 | | 年度董事会工作报告 | 2 | | 议案二：2024 | | 年度监事会工作报告 | 11 | | 议案三：2024 | | 年年度报告及其摘要 | 14 | | 议案四：2024 | | 年度财务决算报告 | 15 | | 议案五：2025 | | 年度财务预算报告 | 16 | | 议案六：2024 | | 年度利润分配预案 | 17 | | 议案七：关于续聘 | | 2025 年度财务报表审计机构和内部控制审计机构的议案 | 18 | | 独立董事 | 2024 | 年度述职报告（薛祖云） | 19 | | 独立董事 | 2024 | 年度述职报告（刘斌） | 24 | | 独立董事 | 2024 | 年度述职报告（廖益新） | 29 | 厦门象屿股份有限公司 2024 年年度股东大会议程 现场会议时间：2025 年 5 月 12 日下午 15:00 网络投票时间：采用上海证券交易所网络投 ...