Meeting Agenda and Matters - The shareholder meeting is scheduled for September 16, 2025, at 9:00 AM in Dalian, Liaoning Province [1] - The agenda includes an explanation of meeting matters, review of submitted proposals, on-site voting, and announcement of meeting conclusion [1] Voting Procedures - Voting will be conducted through on-site and online methods, with each shareholder or representative allowed to choose only one method [2] - Invalid votes due to errors or lack of submission will be counted as abstentions [2] - Final voting results will be disclosed on September 17, 2025, in various financial publications and the Shanghai Stock Exchange website [2] Financial Performance and Profit Distribution - For the first half of 2025, the company reported a net profit of CNY 227,758,500.01, with total distributable profits amounting to CNY 5,515,465,610.76 [3] - The proposed profit distribution plan suggests a cash dividend of CNY 0.50 per 10 shares for all shareholders [3] Appointment of Auditors - The company plans to appoint Crowe Horwath as the auditing firm for the 2025 fiscal year, with a total audit fee of CNY 1.75 million, including CNY 1.4 million for financial audit and CNY 0.35 million for internal control audit [5]

2025 年第一次临时股东会资料 2025 年 9 月 16 日 大 连 2025 年第一次临时股东会资料 目 录 | 一、会议议程及会议事项 | | | --- | --- | | 2025 | 年第一次临时股东会议程 1 | | 2025 | 年第一次临时股东会相关事项说明 2 | | 二、会议议案 | | | 1、2025 | 年半年度利润分配方案 3 | | 2、关于选聘 2025 | 年度审计机构的议案…………………………….………….4 | 2025 年第一次临时股东会资料 2025 年第一次临时股东会议程 时 间：2025 年 9 月 16 日 上午 9:00 地 点：辽宁省大连市中山区新安街 1 号日月潭大酒店 出席人员：股东及其代表，公司董事 一、 本次股东会相关事项说明 二、 审议提交本次会议的议案 四、 宣布股东会结束 列席人员：公司高级管理人员等 会议议程： - 1 - 1. 2025 年半年度利润分配方案 2. 关于选聘 2025 年度审计机构的议案 三、 现场记名投票表决上述议案 2025 年第一次临时股东会资料 2025 年第一次临时股东会相关事项说明 为维护股东的合法权益，确保 ...

证券研究报告 铁龙物流 (600125 CH) 业绩超预期，特箱盈利强劲增长 盈利预测与估值 考虑沙鲅线货运量逆势增长，我们上调公司 2025-2027 年归母净利 9.13%/1.65%/5.07%至 5.79/6.89/7.81 亿元（CAGR 为 16.16%）。我们基 于 Wind 一致预期行业加权均值 16.9x 2025 PE（前值 17.3x 2025 PE）， 上调目标价 4.9%至 7.44 元（前值：7.09 元）。 2025 年 9 月 01 日│中国内地 铁路运输 铁龙物流发布半年报，2025 年 H1 实现营收 55.13 亿元（yoy-22.14%）， 归母净利 3.79 亿元（yoy+33.34%）。其中 Q1、Q2 实现归母净利 2.02 亿 元（yoy-7.7%）、1.76 亿元（yoy+172.50%）。公司上半年业绩超我们预 期（3.39 亿元），主因铁路货运盈利好于预期。公司 1H25 净利高增，主因 去年同期计提房产存货计提减值损失 0.87 亿元，基数较低。剔除该事项后， 1H25 公司调整后净利润同比增长约 2.1%。公司首次提出中期分红方案， 拟派发 2025 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, primarily due to a contraction in the supply chain business, while the special container business showed steady growth in revenue and profitability [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.513 billion yuan, a year-on-year decrease of 22.14%, mainly impacted by the supply chain business contraction [1] - The net profit attributable to shareholders was 379 million yuan, an increase of 33.34% year-on-year, with a non-recurring net profit of 373 million yuan, up 35.03% year-on-year [1] - For Q2 2025, the company reported operating revenue of 2.840 billion yuan, down 21.47% year-on-year, while net profit attributable to shareholders surged to 176 million yuan, a year-on-year increase of 172.50% [1] Group 2: Special Container Business - The railway special container business saw a year-on-year increase in dispatch volume of 7.17%, with segment gross profit rising by 12.28% [2] - In the first half of 2025, this segment generated revenue of 1.361 billion yuan, a year-on-year increase of 3.81%, with a gross margin of 32.12%, up 2.42 percentage points [2] - The company adjusted its investment strategy, deploying 17,000 special containers, resulting in a total container asset holding of over 149,000 by the end of the first half of 2025 [2] Group 3: Railway Freight and Logistics - The railway freight and port logistics segment reported revenue of 696 million yuan, a slight decline of 0.93% year-on-year, with a gross margin of 20.36%, down 0.45 percentage points [3] - The company effectively utilized its railway transport organization advantages, achieving a year-on-year increase of 10.76% in total cargo volume for the Shaba Railway, reaching 29.1724 million tons [3] Group 4: Other Businesses - The supply chain management business experienced a significant revenue decline of 32.77%, impacting overall revenue fluctuations [4] - In the first half of 2025, the supply chain management segment sold 3.91 million tons of iron ore, coal, and coke, generating revenue of 3.361 billion yuan, with a gross margin of 1.23%, up 0.26 percentage points [4] - The real estate business accelerated its sales, achieving revenue of 66 million yuan, a year-on-year increase of 72.89%, with a gross profit of 9.3354 million yuan, up 40.94% [4] Group 5: Profit Forecast and Investment Outlook - The company anticipates a new cycle in container manufacturing and expects stable improvements in special container turnover levels, projecting net profits of 585 million yuan, 690 million yuan, and 805 million yuan for 2025-2027, representing year-on-year growth of 53.2%, 17.9%, and 16.7% respectively [5] - The company maintains a "buy" rating based on its expected performance growth and operational stability [5]

Financial Performance - The company reported total revenue of 5.513 billion yuan for the first half of 2025, a decrease of 22.14% year-on-year [1] - The net profit attributable to shareholders was 379 million yuan, an increase of 33.34% year-on-year [1] - In Q2 2025, total revenue was 2.84 billion yuan, down 21.47% year-on-year, while net profit attributable to shareholders reached 176 million yuan, up 172.5% year-on-year [1] Key Financial Metrics - Gross margin improved to 11.39%, up 36.36% year-on-year, while net margin increased to 6.83%, a rise of 70.48% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 95.8936 million yuan, accounting for 1.74% of revenue, an increase of 39.42% year-on-year [1] - Earnings per share (EPS) rose to 0.29 yuan, reflecting a year-on-year increase of 33.64% [1] Receivables and Cash Flow - Accounts receivable increased significantly, with a year-on-year growth of 70.27%, reaching 595 million yuan [1] - The company reported operating cash flow per share of 0.36 yuan, up 67.91% year-on-year [1] Historical Performance and Ratios - The company's return on invested capital (ROIC) was 4.8% last year, indicating weak capital returns [3] - The historical median ROIC over the past decade was 5.21%, with the lowest recorded ROIC at 4.18% in 2016 [3] - The company's net profit margin was 2.94%, suggesting low added value in its products or services [3] Future Expectations - Analysts expect the company's performance in 2025 to reach 558 million yuan, with an average EPS forecast of 0.43 yuan [4]

Group 1 - The company reported a total operating revenue of 5.513 billion yuan for the first half of 2025, representing a year-on-year decrease of 22.14% [1] - The net profit attributable to shareholders of the parent company was 379 million yuan, showing a year-on-year increase of 33.34% [1] - The basic earnings per share were 0.29 yuan [1] Group 2 - The company proposed a cash dividend of 0.5 yuan (including tax) for every 10 shares to all shareholders [1]

Summary of Key Points Core Viewpoint - 铁龙物流 has shown an increase in shareholder accounts, indicating growing interest despite a stable stock price over the recent quarter [1][2]. Company Data - As of June 30, 2025, 铁龙物流 had 66,069 shareholders, an increase of 1,441 accounts or 2.23% from March 31, 2025 [1][2]. - The average number of shares held per account decreased from 20,200 shares to 19,800 shares, with an average market value of 111,800 yuan per account [1][2]. - The stock price remained unchanged with a 0.0% change from March 31, 2025, to June 30, 2025, despite the increase in shareholder accounts [1]. Industry Comparison - 铁龙物流's shareholder count is above the average for the railway and highway industry, which stands at 48,800 accounts as of June 30, 2025 [1]. - The average market value of shares held in the railway and highway industry is 554,500 yuan, indicating that 铁龙物流's average is below this industry average [1]. Financial Flows - From March 31, 2025, to June 30, 2025, the company experienced a net outflow of 248 million yuan from institutional investors, while retail investors contributed a net inflow of 196 million yuan [2].

Meeting Information - The company will hold its first extraordinary general meeting of shareholders for 2025 on September 16, 2025, at 9:00 AM [1][6] - The meeting will take place at the Riyue Lake Hotel, located at No. 1 Xinan Street, Zhongshan District, Dalian [1][6] - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [1][5] Voting Procedures - Shareholders can participate in voting via the trading system or the internet voting platform, with specific instructions provided for first-time users [3][4] - Shareholders holding multiple accounts can vote through any of their accounts, but repeated voting will be counted only from the first submission [4][5] - The company will remind shareholders of the meeting and voting details through SMS notifications [5] Attendance and Registration - Only shareholders registered by the close of trading on September 9, 2025, are eligible to attend the meeting [7] - Registration for attendance must be completed by September 11, 2025, with specific documentation required for both individual and corporate shareholders [6][7] Agenda and Proposals - The meeting will review non-cumulative voting proposals, with details available in prior announcements [3][4] - There are no related parties that need to abstain from voting on the proposals [3]

Core Points - The company plans to appoint a new auditing firm, Crowe Horwath, for the fiscal year 2025, replacing the previous firm, Yongtuo Certified Public Accountants [1][4] - The decision follows the expiration of the contract with the previous auditing firm and is in accordance with the company's selection system for auditing firms [4][5] - The new auditing firm, Crowe Horwath, has a strong background with nearly 6,000 employees and over 400 certified public accountants who have signed audit reports for securities services [2][3] Group 1: Auditing Firm Information - The proposed auditing firm is Crowe Horwath, established in 1981, with a registered address in Beijing [1] - As of the end of 2024, Crowe Horwath reported a business income of 2.614 billion yuan, with audit services contributing 2.103 billion yuan [2] - The firm has a history of handling 297 listed company audit clients across various industries, including manufacturing and information technology [2] Group 2: Audit Team Composition - The project partner for the 2025 audit is Jiang Tao, who has been a certified public accountant since 2000 and has signed 9 audit reports in the last three years [3] - The signing CPA is Jiang Xue, who has been in the profession since 2017 and has signed 4 audit reports in the last three years [3] - The quality control reviewer is Xie Jing, a CPA since 2009, who has not reviewed any audit reports in the last three years [3] Group 3: Transition Process - The company has communicated with the previous auditing firm, Yongtuo, which agreed to the transition and has no objections [4][5] - The selection process for the new auditing firm was conducted through public bidding, ensuring compliance with relevant regulations [5] - The audit committee has thoroughly reviewed the qualifications and independence of the proposed auditing firm and supports the decision [5]

Group 1 - The company, China Railway Tielong Container Logistics Co., Ltd., will hold a half-year performance briefing on September 8, 2025, from 9:00 to 10:00 AM [1][2] - The briefing will be conducted via video and online interaction, allowing investors to engage with the company regarding its operational results and financial indicators for the first half of 2025 [2][3] - Participants in the briefing will include independent directors, the general manager, the financial director, and the board secretary [2] Group 2 - Investors can submit questions for the briefing from September 1 to September 5, 2025, by logging into the Shanghai Stock Exchange Roadshow Center or via the company's email [3] - The company will address commonly asked questions during the briefing, ensuring transparency and engagement with investors [2][3] - After the briefing, investors can access the main content and outcomes of the event through the Shanghai Stock Exchange Roadshow Center [3]