Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Viewpoints - The company, Xiamen Xiangyu, is positioned as a leading player in the bulk supply chain industry, focusing on expanding its supply chain services and achieving stable growth through industry chain extension [5][15]. - The company has shown steady revenue and net profit growth from 2011 to 2024, with compound annual growth rates of +20.1% and +17.3%, respectively. However, it experienced a decline in net profit in 2024 due to industry chain impacts [5][21]. - The report anticipates a recovery in the company's performance as industrial enterprises benefit from a series of incremental policies aimed at restoring efficiency [5][9]. Summary by Sections Company Overview - Xiamen Xiangyu is transforming into a global supply chain service provider, having shifted its focus from real estate to bulk commodity supply chain management and logistics since its establishment in 1992 [16]. - The company has developed a comprehensive supply chain service model that includes procurement, distribution, logistics, and supply chain finance, aiming to become a world-class supply chain service enterprise [15][16]. Industry Analysis - The bulk supply chain industry is transitioning from a traditional trading model to a comprehensive service model, with profitability increasingly derived from service revenues rather than price differences [29][32]. - The industry is experiencing a rise in concentration, with the market share of the top five companies (CR5) increasing from 4.81% in 2021 to 5.26% in 2024, indicating a trend towards greater market dominance by leading firms [37][40]. Company Advantages - The company is expanding its supply chain service categories, which is expected to lead to steady growth in overall business volume and profit margins per ton [44]. - Xiamen Xiangyu's logistics business is also growing, with a reported revenue of 9.422 billion yuan in 2024, reflecting a year-on-year increase of 33.0% [7][8]. - The company has entered the manufacturing sector, particularly in shipbuilding, which provides a stable profit base and enhances its ability to withstand market fluctuations [8][9]. Profit Forecast and Valuation - The report projects the company's net profit for 2025 to be 1.741 billion yuan, with expected growth rates of +22.7%, +15.9%, and +15.8% for the following years [9][10]. - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 11.08, 9.55, and 8.25, respectively, indicating potential investment value [9][10].

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： | 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2025-050 | | --- | --- | --- | --- | --- | | 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 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 会议召开时间：2025 年 6 月 4 日（星期三）15:00—16:00 投资者可于 2025 年 5 月 28 日（星期三）至 6 月 3 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@xiangyu.cn 进行提问。公司将在说明会上对投资者关注问题进行回答。 厦 ...

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-049 号 | | --- | --- | --- | --- | --- | | 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 公司已根据法律规定就本次股份回购注销事项履行了债权人通知程序，具体 内容详见公司于2025年3月13日披露的《厦门象屿关于回购注销部分限制性股票通 知债权人的公告》（公告编号：2025-028号）。公告期已满45天，公司未收到任 何债权人关于清偿债务或者提供相应担保的要求，也未收到任何债权人对本次回 回购注销原因：因2020年股权激励计划预留授予激励对象中的1名激励对 象因个人原因离职，公司对其已获授但尚未解除限售的15,222股限制性 股票予以回购注销。因2022年限制性股票激励计划首次授予激励对象中 的13名激励对象因个人原 ...

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].

Core Viewpoint - The article highlights the significant increase in cash dividends among listed companies in Xiamen, with a notable focus on shareholder returns amidst changing market conditions and regulatory frameworks [1][3][5]. Group 1: Dividend Trends - Over 67.48% of A-share listed companies plan to distribute cash dividends, with a total expected payout of approximately 1.65 trillion yuan, while Xiamen's listed companies show a higher participation rate of 74.6% [5][7]. - The total dividend amount for Xiamen companies is projected to be 10.881 billion yuan, with eight companies contributing over 300 million yuan each, accounting for about 50% of the total dividends [7][12]. - Yilian Network leads with a proposed dividend of 1.643 billion yuan, representing 15% of Xiamen's total dividends, and has a remarkable dividend payout ratio of 90.59% for 2024 [7][11]. Group 2: Shareholder Returns - 34 listed companies in Xiamen have a dividend yield exceeding the one-year deposit rate of 1.5%, with Jianfa Co. having the highest yield at 6.65% [10]. - Despite some companies facing profit declines, they still prioritize shareholder returns, with commitments to distribute at least 30% of distributable profits [8][10]. - The trend of increasing dividends reflects a strong commitment to shareholder value, with many companies maintaining high dividend payout ratios over the past five years [11][12]. Group 3: Historical Performance - Jianfa Co. has demonstrated impressive dividend performance, with cumulative cash dividends reaching 9.806 billion yuan over the past five years, averaging nearly 2 billion yuan annually [11]. - Other notable companies include Xiamen Guomao and Xiamen Xiangyu, with cumulative dividends of 5.26 billion yuan and over 5.1 billion yuan, respectively, showcasing a consistent commitment to returning profits to shareholders [11][12]. - The overall positive dividend performance among Xiamen listed companies indicates strong profitability and financial health, enhancing their appeal to investors [12].

Core Viewpoint - The enthusiasm for "repurchase and increase" special loans among listed companies remains high, with over 80% of the funds for repurchase or increase coming from these loans, reflecting a strong market response to new financial policies [2][3][6]. Group 1: Loan Utilization and Market Response - Since the introduction of the "repurchase and increase" loan program, over 300 companies have disclosed 367 special loan announcements, with a total loan ceiling of approximately 70.5 billion yuan [3]. - In April alone, 146 A-share companies disclosed special loan situations, involving a total loan ceiling of 32.886 billion yuan, accounting for over 40% of the cumulative loan amount for the year [3]. - The number of companies utilizing "repurchase and increase" loans has surged, with significant participation from the chemical, hardware, and pharmaceutical industries [3][6]. Group 2: Financial Policy and Loan Details - The People's Bank of China announced a combined total of 800 billion yuan for securities, fund, and insurance company swap facilities and stock repurchase and increase loans, enhancing the flexibility and efficiency of these financial tools [10]. - The interest rate for stock repurchase and increase loans is around 2%, which is lower than the average dividend yield of listed companies, incentivizing companies to utilize these loans for stock buybacks [6][9]. - Major companies such as Rongsheng Petrochemical and Haier Smart Home have received special loans exceeding 1 billion yuan, indicating a trend towards larger financing amounts [4][5]. Group 3: Market Stability and Corporate Strategy - The use of "repurchase and increase" loans is driven by the need for market stabilization during periods of volatility, with companies leveraging low-cost financing to enhance earnings per share [6][9]. - Regulatory bodies have emphasized the importance of market value management, with state-owned enterprises taking the lead in stabilizing the market through repurchase actions [6][9]. - The recent financial policies aim to support companies in optimizing their capital structures and alleviating liquidity pressures, particularly for private enterprises [6][9].

| 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 ...