Core Viewpoint - The company is convening a temporary shareholders' meeting on September 12, 2025, to discuss and vote on five key proposals, including the cancellation of the supervisory board and amendments to the company's articles of association [1][4]. Group 1: Meeting Details - The meeting will take place at the conference center in Qingpu District, Shanghai, at 14:00 [1]. - All registered shareholders or their authorized representatives are entitled to participate [1]. - The meeting will be presided over by Chairman Lu Guofeng [1]. Group 2: Agenda and Voting Rights - The agenda includes five proposals, with the first proposal requiring a special resolution needing approval from over two-thirds of the voting rights held by attending shareholders [4]. - Other proposals will require a simple majority of over half of the voting rights [5]. - Shareholders must fill out a "Shareholder Speech Registration Form" to speak during the meeting, with a time limit of five minutes per speaker [2]. Group 3: Key Proposals - Proposal 1: The cancellation of the supervisory board and amendments to the articles of association, transferring the supervisory functions to the audit committee of the board [4][6]. - Proposal 2: Amendments to the shareholders' meeting rules to enhance operational mechanisms and governance capabilities [8]. - Proposal 3: Amendments to the board meeting rules to improve decision-making and operational standards [9]. - Proposal 4: Amendments to the independent director system to clarify responsibilities and enhance management [10]. - Proposal 5: Amendments to the related party transaction implementation rules to regulate transactions and protect shareholder rights [11]. Group 4: Article Amendments - The amendments to the articles of association will include the removal of the supervisory board section, renaming the "shareholders' meeting" to "shareholders' assembly," and reducing the proposal threshold from 3% to 1% of shares held [6]. - The total number of articles in the revised articles of association will decrease from 238 to 230 [6].

长发集团长江投资实业股份有限公司 2025年第一次临时股东大会 长发集团长江投资实业股份有限公司 二〇二五年九月 1 2 长发集团长江投资实业股份有限公司 2025 年第一次临时股东大会会议议程 一、时间：2025 年 9 月 12 日（星期五）下午 14 时 二、地点：上海市青浦区佳杰路 99 弄 A2 栋会议中心小报告厅 三、出席人员： 1.本公司董事、监事及其他高级管理人员； 2.2025 年 9 月 5 日（星期五）下午 3:00 交易结束后在中国证券 登记结算有限责任公司上海分公司登记在册的本公司股东或授权委 托人。 四、主持：鲁国锋董事长 五、会议议程： 1.审议《关于取消监事会暨修订<公司章程>的议案》； | | | | 1．股东大会会议议程 ……………………………………………… p3 | | | --- | --- | | 2．股东大会会议议事规则 ………………………………………… | p5 | | 3．会议议案表决办法 ……………………………………………… p6 | | | 4．关于取消监事会暨修订《公司章程》的议案……………………p7 | | | 5.关于修订《长发集团长江投资实业股份有限 ...

Core Viewpoint - The financial performance of Changjiang Investment (600119) for the first half of 2025 shows significant declines in revenue and mixed results in profitability metrics, indicating challenges in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 89.48 million yuan, a decrease of 74.63% year-on-year [1]. - The net profit attributable to shareholders was -9.60 million yuan, an improvement of 36.24% compared to the previous year [1]. - The gross profit margin increased to 20.55%, up 339.21% year-on-year, while the net profit margin was -5.90%, a slight improvement of 1.18% [1]. - The total of selling, administrative, and financial expenses reached 24.15 million yuan, accounting for 26.98% of total revenue, which is a significant increase of 207.68% year-on-year [1]. - Earnings per share were -0.03 yuan, showing a year-on-year increase of 36.59% [1]. Balance Sheet Highlights - Cash and cash equivalents decreased by 12.40% to 174 million yuan [1]. - Accounts receivable dropped by 73.60% to 56.78 million yuan, attributed to the recovery of receivables by a subsidiary [3]. - The company's total liabilities decreased slightly by 2.51% to 171 million yuan [1]. Expense Analysis - Sales expenses decreased by 37.33% due to reduced business activities [11]. - Management expenses fell by 21.42%, reflecting the impact of business contraction [11]. - Financial expenses increased by 84.11%, primarily due to foreign exchange losses [11]. Cash Flow Insights - Operating cash flow per share increased by 6.4% to 0.07 yuan, indicating a slight improvement in cash generation [1][12]. - The net cash flow from operating activities showed a decline due to reduced sales and procurement payments [12]. Investment and Financing Activities - The net cash flow from investing activities decreased by 129.17%, reflecting increased expenditures on financial products [13]. - The net cash flow from financing activities increased by 78.48%, influenced by changes in leasing obligations [13]. Overall Assessment - The company's historical financial performance has been generally poor, with a median ROIC of -2.61% over the past decade [14]. - The company has faced significant operational challenges, with a history of losses and limited investment returns [14].

Core Viewpoint - The financial performance of Changjiang Investment (600119) for the first half of 2025 shows significant declines in revenue and a negative net profit, despite some improvements in profit margins and cash flow metrics [1][5]. Financial Performance Summary - Total revenue for the first half of 2025 was 89.48 million yuan, a decrease of 74.63% year-on-year [1]. - The net profit attributable to shareholders was -9.60 million yuan, an increase of 36.24% compared to the previous year [1]. - The gross margin improved to 20.55%, up 339.21% year-on-year, while the net margin was -5.90%, a slight improvement of 1.18% [1]. - The total of selling, administrative, and financial expenses reached 24.15 million yuan, accounting for 26.98% of total revenue, which is a significant increase of 207.68% year-on-year [1]. Cash Flow and Asset Management - Operating cash flow per share was 0.07 yuan, an increase of 6.4% year-on-year [1]. - The company reported a decrease in cash and cash equivalents, with monetary funds at 174 million yuan, down 12.40% [2]. - Accounts receivable decreased by 73.60% to 56.78 million yuan, indicating improved collection efforts [2]. Changes in Financial Items - Accounts payable increased by 30.01%, reflecting increased procurement activities by subsidiaries [2]. - The company experienced a 100% decrease in construction in progress, as it was transferred to long-term deferred expenses [2]. - The financial expenses rose by 84.11%, attributed to foreign exchange losses in the current period [5]. Business Operations and Strategy - The decline in revenue was primarily due to the contraction of businesses in subsidiaries such as Changfa International Freight and Changjiang Hong Kong, with no new business added during the reporting period [5]. - The management team is committed to implementing strategies to drive the development of core business operations [4].

Core Insights - The company reported a total operating revenue of 89.48 million yuan for the first half of 2025, with a net profit attributable to shareholders of -9.60 million yuan, an increase of 5.46 million yuan compared to the same period last year [1] - The net cash inflow from operating activities was 23.97 million yuan, up by 1.44 million yuan year-on-year, marking a 6.40% increase [1] - The company's latest asset-liability ratio stands at 53.97% [3] Financial Performance - The gross profit margin improved to 20.55%, an increase of 15.87 percentage points compared to the same period last year [3] - The return on equity (ROE) is -7.73%, which is an increase of 0.16 percentage points year-on-year [3] - The diluted earnings per share are -0.03 yuan, an improvement of 0.02 yuan compared to the same reporting period last year [3] Operational Efficiency - The total asset turnover ratio is 0.17 times [3] - The inventory turnover ratio is 1.48 times [3] Shareholder Structure - The number of shareholders is 26,400, with the top ten shareholders holding 210 million shares, accounting for 57.57% of the total share capital [3] - The largest shareholder is Changjiang Economic United Development (Group) Co., Ltd., holding 45.8% of the shares [3]

Section 1: Core Insights - The company has decided to terminate its photovoltaic sea freight export business due to changes in the competitive environment and operational risks in the photovoltaic industry, leading to a significant decline in international freight forwarding revenue [1][2] - The automotive logistics business of the subsidiary, Shihau International, has also seen a substantial decrease in revenue, primarily due to a decline in demand for imported luxury cars and the termination of key customer contracts [3] Section 2: Company Overview - The company has announced the cancellation of its supervisory board and the revision of its articles of association, with the supervisory board's functions being transferred to the audit committee of the board of directors [4][5] - The main amendments to the articles of association include the removal of the supervisory board section, renaming the "shareholders' meeting" to "shareholders' assembly," and lowering the shareholding percentage required for shareholder proposals from 3% to 1% [6]

证券代码：600119 证券简称：长江投资 公告编号：临 2025-024 九届五次监事会决议公告 本公司监事会及全体监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。 （2023 年修订）中部分 条款进行修订，形成《长发集团长江投资实业股份有限公司章程》 （2025 年修订）（详见《上海证券报》及上海证券交易所网站 www.sse.com.cn 同日披露的《长发集团长江投资实业股份有限公司 关于取消监事会暨修订 <公司章程> 的公告》）。 同意票：5 票 反对票：0 票 弃权票：0 票。 上述第二项议案将提请股东大会审议通过。 一、审议通过了《长江投资公司 2025 年半年度报告》及摘要， 经审阅公司 2025 年半年度报告及摘要，监事会认为：公司半年报编 制程序符合法律、法规、公司章程和公司内部控制制度的各项规定。 半年报的内容和格式符合中国证监会和上海证券交易所的各项规定， 所包含的信息能够从各方面真实准确地反映公司 2025 年上半年经营 管理和财务状况等事项。未发现参与半年报编制和审议的人员存在违 （公司 2025 年半年度报告全文详见上 ...

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 12, 2025, at 14:00 in Shanghai [1][3] - The voting will be conducted through both on-site and online methods using the Shanghai Stock Exchange's network voting system [3][4] - The registration for the meeting will take place on September 9, 2025, and shareholders must provide necessary identification and documentation to register [5][6] Group 2 - The meeting will review non-cumulative voting proposals that have already been approved by the company's board of directors [2][4] - Shareholders must be registered by the close of trading on September 5, 2025, to be eligible to attend the meeting [4][5] - There are no related shareholders that need to abstain from voting on the proposals [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to the contraction of its logistics and international freight forwarding businesses, alongside challenges in the luxury automobile logistics sector [2][3][5]. Company Overview and Financial Indicators - The company, Changjiang Investment, operates in modern logistics, meteorological technology, and other industrial investments [3]. - Key financial data for the first half of 2025 includes: - Revenue: ¥89.48 million, a decrease of 74.63% compared to ¥352.77 million in the same period last year [2][3]. - Total profit: -¥4.59 million, compared to -¥19.72 million in the previous year [2][3]. - Net profit attributable to shareholders: -¥9.60 million, down from -¥15.07 million [2][3]. - Net cash flow from operating activities: ¥23.97 million, an increase of 6.40% from ¥22.53 million [2][3]. - Total assets: ¥524.41 million, a decrease of 4.06% from ¥546.58 million [2][3]. Business Performance Analysis - The company’s logistics segment, particularly the international freight forwarding and luxury automobile logistics, faced substantial revenue declines due to market conditions and client contract terminations [5][6]. - The meteorological technology segment showed some resilience with increased sales of high-altitude and ground meteorological instruments, contributing positively to the overall performance [8]. - The company is focusing on cost control and operational efficiency improvements across its subsidiaries to mitigate the impact of declining revenues [5][6]. Risk Factors - The automotive logistics industry is experiencing increased competition and declining demand for luxury vehicles, which poses risks to revenue generation [8]. - The international freight forwarding sector is facing intensified competition and market volatility, leading to reduced profit margins [8]. - The meteorological technology sector is under pressure from rapid technological advancements and the need for continuous product innovation [8]. Governance and Management Changes - The company has undergone changes in its management team, with the resignation of the financial director, which may impact financial oversight during a critical period [8].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to strategic business changes and market conditions affecting its logistics operations [1][5]. Financial Summary - Total assets decreased by 4.06% from the previous year, amounting to approximately 524.41 million yuan [1]. - Operating revenue fell by 74.63% year-on-year, totaling approximately 89.48 million yuan [1]. - The total profit for the period was a loss of approximately 4.59 million yuan, compared to a loss of 19.72 million yuan in the previous year [1]. - Net profit attributable to shareholders was approximately -9.60 million yuan, down from -15.07 million yuan year-on-year [1]. - The net cash flow from operating activities was not specified, but the weighted average return on net assets increased slightly by 0.07 percentage points to -7.51% [1]. Business Operations - The international freight forwarding business experienced a substantial decline in revenue due to the decision to terminate the photovoltaic business in March 2024, aimed at controlling accounts receivable risks amid competitive pressures [5]. - The automotive logistics business also saw a significant drop in revenue, influenced by a decrease in demand for imported luxury cars and the termination of contracts with key clients, leading to a notable reduction in business volume for its subsidiary [5]. Shareholder Information - As of the report date, the total number of shareholders was 26,442 [2]. - The largest shareholder, Changjiang Economic United Development Group Co., Ltd., holds 45.83% of the shares, amounting to approximately 167.42 million shares [3].