Summary of Xiamen Xiangyu Conference Call Industry Overview - Xiamen Xiangyu operates in a highly competitive industry with significant barriers to entry, achieving annual revenues of approximately 400-500 billion CNY [2][4] - The company has experienced substantial growth in revenue and profit since its listing in 2012, although its performance is cyclical and closely tied to commodity price fluctuations [2][5] Financial Performance - In 2022, Xiamen Xiangyu reported a profit of 2.7 billion CNY, but this is expected to decline to 1.4 billion CNY in 2024 due to industry cycles [2][6] - Profit is projected to recover to 1.9-2.0 billion CNY in 2025 and reach approximately 2.4 billion CNY by 2026, with corresponding valuations of about 11 times and 15 times earnings, respectively [2][6][7] - The company maintains a dividend payout ratio of approximately 45%-50%, with a dividend yield exceeding 4% [2][6] Business Strategy and Growth Potential - The implementation of anti-involution policies and capacity reduction measures is expected to lead to a recovery in the industry, with increased market activity benefiting the company [2][7] - Xiamen Xiangyu plans to enhance its cargo volume to 240 million tons by 2025, with overseas business potentially increasing from 45% to over 60% [2][7] - The introduction of an equity incentive plan in April 2025 reflects the company's confidence in future growth [2][7] Competitive Position - Xiamen Xiangyu is positioned similarly to Japanese trading companies like Mitsubishi and Mitsui, focusing on the trade of resource commodities such as metals, coal, agricultural products, rubber, and corn [3][4] - The company offers comprehensive trade services, including light processing, logistics, information services, and supply chain finance, providing full support to downstream factories [3][4] Comparison with Peers - Compared to peers like Wucai Zhongda, Xiamen Jianfa, and Xiamen Guomao, Xiamen Xiangyu demonstrates superior performance, particularly in its equity incentive mechanisms and pricing power in aluminum, coal, and agricultural sectors [2][8] - Historical data indicates that the company's valuation has previously exceeded 20 times earnings, and it is currently in a recovery phase [8] Market Outlook - The overall growth rate is expected to be around 30% for the upcoming year, with a projected 20% growth in 2026, leading to a compound annual growth rate of 20% [9] - The relationship between the two sides of the Taiwan Strait has acted as a catalyst for the company's performance recovery, although the fundamental reliance remains on the company's actual performance [10]

Core Insights - Food security is a top priority for the country, with per capita grain availability reaching 500 kg, exceeding the international safety line of 400 kg [1] - The government emphasizes the importance of enhancing comprehensive grain production capacity and supply chain resilience in its agricultural development plans for 2024-2035 [1] - Leading companies in the agricultural supply chain, such as Xiamen Xiangyu, play a crucial role in ensuring food security through their comprehensive industry chain layout [1] Group 1: Front-end Control - Xiamen Xiangyu's core strategy involves deepening its presence in Northeast China's black soil region, establishing a three-dimensional service network covering the entire grain supply chain [2] - The company has built seven modern storage and logistics centers in Heilongjiang, with a total storage capacity of 13 million tons, maintaining a 100% quality inspection pass rate for national reserve grain [2] - Xiangyu's agricultural internet platform connects 320,000 farmers to the national market, enhancing agricultural development through digital empowerment [2] Group 2: Mid-end Network - Xiamen Xiangyu has developed a comprehensive grain transportation system that spans both domestic and international markets [3] - The company has established logistics channels with major ports, covering various trade products such as corn, rice, and soybeans [3] - In 2023, Xiangyu's multi-modal transport network facilitated the logistics of 10 million tons of grain across provinces, reducing transportation costs by 10-20 yuan per ton [3] Group 3: Deep Processing - Xiangyu has established deep processing industrial parks in Northeast China, including the largest corn starch production line in Asia and the largest production line for L-threonine globally [5] - The company is expanding its deep processing capabilities with a new plant protein processing project in Dalian, with a total investment of approximately 1 billion yuan [5] - This project aims to create a modern industrial hub that integrates processing, storage, trade, and logistics, significantly enhancing Xiangyu's agricultural supply chain [5] Group 4: Agricultural Modernization Opportunities - The agricultural modernization process in China presents structural opportunities through the integration of the entire industry chain and efficiency improvements [6] - Xiangyu's proactive adjustments in its agricultural product segment have led to a significant increase in gross profit, demonstrating effective risk management and operational efficiency [6] - The development path of Xiangyu highlights the growing importance of companies that can integrate various sectors and create collaborative value in the context of food security [6]

Core Viewpoint - The acquisition of Xianles Plaza in Shanghai by Xiangyu Group for 2.1 billion yuan represents a significant discount of 25% from previous offers, highlighting the current market conditions and potential investment opportunities in prime real estate [1][3]. Summary by Sections Acquisition Details - Xiangyu Group acquired 90% equity of Xianles Plaza for 2.1 billion yuan, with a transaction price of approximately 30,000 yuan per square meter, down from a previous offer of 40,000 yuan per square meter [1]. - The sellers include a foreign fund consortium consisting of KKR, PAG, and Goldman Sachs [1]. Property Overview - Xianles Plaza, located in the Nanjing Road core business district, has a total above-ground area of 70,400 square meters, including 47,600 square meters of office space and 22,800 square meters of commercial space [3]. - The property has a rental rate of approximately 90% for the commercial space and over 70% for the office space, making it a quality asset in the current market [3]. Market Context - The 25% discount achieved in this transaction is noted as the largest in the Nanjing West Road area in nearly three years, attracting significant attention [3]. - Xiangyu Group is not a frequent buyer in the Shanghai bulk trading market, with its real estate development platform being more recognized [3]. Company Background - Xiangyu Real Estate has been active in the Shanghai market since 2003 and has launched several projects, establishing itself as a significant player [5]. - In 2022, Xiangyu acquired six land parcels in various districts, totaling 7.9 billion yuan, marking its highest land acquisition year [8]. Sales Performance - In 2023, Xiangyu's sales ranking improved to 35th, but by 2024, it dropped to 38th, indicating a decline in market performance [10]. - The company faced challenges with project sales, as seen with Xiangyu Jiangwan Yufeng, which had a sales rate of only 52.4% since its launch [16]. Reputation and Market Challenges - Xiangyu has experienced a decline in reputation due to issues with project quality and customer complaints, impacting sales performance [11][13]. - The overall market for new homes in Shanghai has become increasingly competitive, leading to unsold inventory for several of Xiangyu's projects [13][20]. Financial Performance - In the first nine months of the year, Xiangyu's total sales in Shanghai reached 10.634 billion yuan, ranking 18th, a drop from 14th place the previous year [20]. - The company has seen a rapid decline in its market position, falling from 3rd place in 2023 to 18th in 2024 [20].

■ 厦门象屿股份有限公司（以下简称"公司"）已于2025年10月30日披露公司2025年第三季度报告。为便于 广大投资者更全面深入了解公司经营成果和财务状况，公司计划于2025年11月20日（星期四）15:00- 16:00召开2025年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 登录新浪财经APP 搜索【信披】查看更多考评等级 厦门象屿股份有限公司 关于召开2025年第三季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： ● 会议问题征集：投资者可于2025年11月20日前访问网址 https://eseb.cn/1t6MSXvriTK或使用微信扫描下 方小程序码进行会前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问 题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025年11月20日（星期四）15:00-16:00 （二）会议召开地点：价值在线（www.ir-online.cn） （三）会议召开方式：网络互动方式 三、参加人员 ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2025-089 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：244130 | 债券简称：25 | 象屿 | Y4 | | | 债券代码：244131 | 债券简称：25 | 象屿 | Y5 | | 一、说明会类型 本次业绩说明会以网络互动方式召开，公司将针对2025年第三季度的经营情 况与投资者进行互动，在信息披露允许的范围内就投资者普遍关注的问题进行回 答。 厦门象屿股份有限公司 关于召开 2025 年第三季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 ...

Investment Rating - The report maintains a "Buy" rating for Xiamen Xiangyu, with a target price not specified [5] Core Views - The company has shown significant recovery in profitability, with a 2025 revenue of CNY 316.9 billion, a 6% year-on-year increase, and a net profit of CNY 1.633 billion, an 84% increase year-on-year, returning to 2021 levels [1] - The logistics and supply chain sectors have improved, with black metal supply chain volumes and revenues increasing, and energy and chemical supply chains seeing over 40% growth in volume [2] - Future profitability may benefit from potential commodity price increases, especially if the US Federal Reserve lowers interest rates, which could weaken the dollar and boost commodity prices [3] Financial Performance Summary - Revenue for 2023 is projected at CNY 459.04 billion, with a decline of 14.7% expected in 2024, followed by a slight recovery in 2025 to CNY 376.39 billion [4] - The net profit forecast for 2025 has been adjusted down to CNY 2.116 billion from an earlier estimate of CNY 2.4 billion, with further projections of CNY 2.345 billion in 2026 and CNY 2.617 billion in 2027 [4] - The company’s earnings per share (EPS) is expected to be CNY 0.74 in 2025, with a price-to-earnings (P/E) ratio of 11.79 [4] Industry Overview - The report highlights the transportation and logistics industry, emphasizing the ongoing improvements in supply chain management and operational efficiency [5] - The logistics segment has seen a 17% increase in revenue, driven by strategic investments in international logistics capabilities [2]

Group 1: Macro Economic Overview - In October, both CPI and PPI growth rates exceeded consensus expectations, with CPI driven by a narrowing drag from food prices and a boost from holiday-related service price increases [2][6][8] - October CPI increased by 0.2% month-on-month and 0.2% year-on-year, while core CPI rose by 1.2% year-on-year [6][7] - PPI experienced a month-on-month increase of 0.1% but a year-on-year decline of 2.1%, influenced by international energy prices and domestic supply-demand dynamics [9][10] Group 2: Transportation Sector - Xiamen Xiangyu - Xiamen Xiangyu reported a revenue of 316.865 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 6.44%, with net profit attributable to shareholders reaching 1.633 billion yuan, up 83.57% [10][11] - The company achieved a non-recurring net profit of 1.149 billion yuan, reflecting a significant year-on-year increase of 302.47%, indicating strong operational performance in the bulk commodity supply chain [11][12] - Future strategies may focus on enhancing operational efficiency and risk management, aiming for sustainable cash flow and long-term shareholder value creation [12] Group 3: Social Services Sector - Shoulv Hotel - Shoulv Hotel's third-quarter revenue decreased by 1.60% year-on-year, with a net profit decline of 2.21%, while the non-recurring net profit showed a slight increase of 0.57% [3][14] - The hotel market remains under pressure due to insufficient demand recovery and increasing market supply, yet the company demonstrates resilience through improved operational efficiency [14][15] - The company opened 1,051 new hotels in the first three quarters, achieving 70% of its annual target, with a focus on enhancing the quality of its hotel offerings [16]

Core Insights - The logistics sector experienced a rise of 1.44% on November 10, with *ST Yuanshang leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - *ST Yuanshang (603813) closed at 34.35, up 5.01% with a trading volume of 15,300 [1] - Guanghui Logistics (600603) closed at 7.80, up 3.59% with a trading volume of 288,600 [1] - Xiamen Xiangyu (600057) closed at 8.70, up 3.33% with a trading volume of 361,800 [1] - Jianshe Co. (600153) closed at 10.56, up 3.12% with a trading volume of 357,800 [1] - Milkewei (603713) closed at 61.84, up 3.00% with a trading volume of 29,200 [1] - Shentong Express (002468) closed at 15.54, up 2.57% with a trading volume of 247,800 [1] - Chuanhua Zhili (002010) closed at 6.29, up 2.44% with a trading volume of 415,600 [1] - YTO Express (600233) closed at 16.85, up 2.12% with a trading volume of 149,200 [1] - *ST Haiqin (600753) closed at 7.78, up 2.10% with a trading volume of 29,500 [1] - SF Holding (002352) closed at 40.80, up 2.05% with a trading volume of 362,500 [1] Capital Flow - The logistics sector saw a net inflow of 84.64 million yuan from main funds, while retail funds experienced a net outflow of 100 million yuan [2] - Retail investors contributed a net inflow of 15.74 million yuan [2] Individual Stock Capital Flow - SF Holding (002352) had a main fund net inflow of 1.15 million yuan, with retail net inflow of 15.41 million yuan [3] - Chuanhua Zhili (002010) saw a main fund net inflow of 28.29 million yuan, but retail funds had a net outflow of 13.33 million yuan [3] - Shanghai Yashi (603329) experienced a main fund net inflow of 20.30 million yuan, with a retail net outflow of 14.06 million yuan [3] - Guanghui Logistics (600603) had a main fund net inflow of 9.01 million yuan, with retail net outflow of 7.86 million yuan [3]

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a positive performance with a 0.54% increase as of November 10, 2025, with notable gains in constituent stocks such as Luxi Chemical (000830) up by 9.99% and Shaanxi鼓动力 (601369) up by 2.90% [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.25%, indicating a favorable market sentiment towards dividend-paying stocks [1] - Analysts suggest that the fourth quarter may see increased policy measures aimed at stabilizing growth and promoting consumption, which could benefit stable dividend-paying companies [1] Market Performance - The National State-Owned Enterprises Dividend ETF recorded a turnover rate of 1.26% with a transaction volume of 568,400 yuan, and an average daily transaction volume of 4.0748 million yuan over the past month [1] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 17.08% of the index, with China COSCO Shipping (601919) being the largest component [2] Investment Strategy - The current market environment, characterized by high historical index levels and profit-taking pressures, suggests that dividend stocks may offer better value during periods of market volatility [1] - The index comprises 100 listed companies selected for their high cash dividend yields and stable dividend distributions, reflecting the overall performance of high-dividend securities among state-owned enterprises [1]

Core Points - The "2025 Securities Industry High-Quality Development Conference and Jin Yuan Group Cup Securities Industry Golden Bull Award Ceremony" was held in Xiamen, supported by Jin Yuan Group and organized by China Securities Journal [1] - The event revealed the winners of the 2025 Securities Company Golden Bull Awards, which included nine categories and recognized 38 securities companies with a total of 73 awards [1] - The 2025 Securities Company Collective Asset Management Plan Golden Bull Awards included various categories, with 20 institutions and 105 products receiving awards [1] Group 1: Award Categories - The 2025 Securities Company Golden Bull Awards included categories such as Golden Bull Securities Company, Golden Bull Growth Securities Company, and Golden Bull ESG Award [1] - The awards recognized excellence in cultural construction, wealth management teams, investment banking teams, and financial technology within the securities industry [1] Group 2: Award Winners - Notable winners of the Golden Bull Securities Company include CITIC Securities, China Galaxy Securities, and Guotai Junan Securities [5][6][8] - The Golden Bull Growth Securities Company winners included Industrial Securities, Everbright Securities, and Zhongtai Securities [7] - The ESG Golden Bull Award was awarded to companies such as Orient Securities and CITIC Securities [10] Group 3: Asset Management Awards - The 2025 Securities Company Collective Asset Management Plan Golden Bull Awards recognized five-year and three-year asset management leaders, with CITIC Securities Asset Management and China Merchants Securities Asset Management among the winners [21][22] - A total of 105 products were awarded in various categories, highlighting the competitive landscape of asset management in the securities industry [1]