Core Viewpoint - The company, 瑞茂通 (600180.SH), announced a significant expected net loss for the year 2025, marking a shift from profit to loss compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between -1.7 billion to -2.5 billion yuan for 2025, with a net profit excluding non-recurring gains and losses expected to be between -1.69 billion to -2.49 billion yuan [1] - In contrast, the net profit attributable to shareholders for the same period last year was approximately 66.59 million yuan, with a net profit of about 157.8 million yuan after excluding non-recurring items [1] Reasons for Loss - The expected loss is primarily attributed to two factors: 1. Legal issues involving certain clients, leading the company to prudently provision for significant credit impairment losses on related receivables [1] 2. Anticipated substantial losses from certain joint ventures, resulting in a significant decline in investment income calculated using the equity method [1] Regulatory Response - The company received a regulatory work letter from the Shanghai Stock Exchange regarding the aforementioned earnings forecast, which includes the listed company, its directors, senior management, controlling shareholders, and actual controllers [1]

本期业绩预亏的主要原因：（一）受公司部分客户涉及诉讼等事项的影响，基于谨慎性考虑，公司对相 关往来款项，主要是应收账款计提了较大的信用减值损失。（二）受部分联营企业可能出现大额亏损的 影响，公司按权益法核算确认的投资收益产生较大亏损。 格隆汇1月30日丨瑞茂通(600180.SH)公布，经财务部门初步测算，预计公司2025年度实现归属于母公司 所有者的净利润约为-170,000万元到-250,000万元，与上年同期（法定披露数据）相比，将出现亏损。 预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润约为-169,000万元到-249,000万 元。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 每经AI快讯，瑞茂通1月30日晚间发布业绩预告，预计公司2025年度实现归属于母公司所有者的净利润 约为-17亿元到-25亿元，与上年同期相比，将出现亏损。受公司部分客户涉及诉讼等事项的影响，基于 谨慎性考虑，公司对相关往来款项，主要是应收账款计提了较大的信用减值损失。受部分联营企业可能 出现大额亏损的影响，公司按权益法核算确认的投资收益产生较大亏损。 ...

瑞茂通1月30日公告，经财务部门初步测算，瑞茂通供应链管理股份有限公司预计2025年度实现归属于 母公司所有者的净利润约为-170,000万元到250,000万元；预计2025年度实现归属于母公司所有者的扣除 非经常性损益的净利润约为-169,000万元到-249,000万元。 ...

南财智讯1月30日电，瑞茂通发布业绩预亏公告，经财务部门初步测算，公司预计2025年度实现归属于 母公司所有者的净利润约为-170000万元到-250000万元，与上年同期相比将出现亏损。业绩预亏的主要 原因：（一）受公司部分客户涉及诉讼等事项的影响，基于谨慎性考虑，公司对相关往来款项，主要是 应收账款计提了较大的信用减值损失；（二）受部分联营企业可能出现大额亏损的影响，公司按权益法 核算确认的投资收益产生较大亏损。 ...

Core Viewpoint - The company, 瑞茂通, anticipates a significant net loss for the fiscal year 2025, with projections indicating a net profit attributable to shareholders of the parent company ranging from -1.7 billion to -2.5 billion yuan [1] Financial Projections - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -1.69 billion and -2.49 billion yuan for the year 2025 [1] - The company has made substantial provisions for credit impairment losses on accounts receivable due to litigation involving some clients, reflecting a cautious approach [1] Investment Impact - The anticipated large losses from certain joint ventures will significantly affect the company's investment income, which will be recognized under the equity method [1]

Market Overview - The logistics sector increased by 0.68% on January 29, with Tian Shun Co. leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Top Gainers in Logistics Sector - Tian Shun Co. (002800) closed at 16.68, up 3.86% with a trading volume of 90,800 shares and a turnover of 150 million yuan [1] - Jianfa Co. (600153) closed at 9.65, up 3.21% with a trading volume of 482,500 shares [1] - Hengji Daxin (002492) closed at 9.13, up 2.82% with a trading volume of 263,100 shares and a turnover of 240 million yuan [1] - Milkway (603713) closed at 63.79, up 2.62% with a trading volume of 36,000 shares and a turnover of 230 million yuan [1] - Jia You International (603871) closed at 13.81, up 2.07% with a trading volume of 99,600 shares [1] Top Losers in Logistics Sector - Changjiang Investment (600119) closed at 7.25, down 9.94% with a trading volume of 37,800 shares and a turnover of 27.42 million yuan [2] - ST Yuanshang (603813) closed at 39.90, down 3.69% with a trading volume of 6,332 shares and a turnover of 25.57 million yuan [2] - Pu Lu Tong (002769) closed at 11.57, down 3.26% with a trading volume of 158,100 shares [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 27.94 million yuan from institutional investors and a net outflow of 199 million yuan from retail investors, while retail investors saw a net inflow of 227 million yuan [2] - Notable net inflows from retail investors were observed in several companies, including SF Holding (002352) with a net inflow of 16.21 million yuan [3] - China Foreign Transport (601598) had a significant net inflow of 39.42 million yuan from institutional investors, representing 20.76% of its trading volume [3]

Group 1: Report Industry Investment Rating - No information provided in the given content. Group 2: Core Viewpoints of the Report - In 2026, focus on provinces with large maturity scales of industrial bonds, such as Inner Mongolia, Heilongjiang, and Jilin, and avoid entities with industry downturns, weakened profitability, and financing channels, or those with non - bond debt risks [2]. - The broad private real estate developers still face challenges, and other industries have a low probability of concentrated risks, but entities with weak competitiveness, significant profit decline, cash - flow pressure, and concentrated debt maturities should be focused on [2]. - For convertible bonds, weak - quality entities with low - priced underlying stocks and high conversion premiums may face difficulties in exiting through conversion, and potential losses should be watched out for [2]. Group 3: Summary by Relevant Catalogs 1. Overall Bond Market Situation - As of January 6, 2026, the national credit bond balance was 36.18 trillion yuan, with urban investment bonds at 17.73 trillion yuan (49.00%) and industrial bonds at 18.45 trillion yuan (51.00%, down from 54.57% last year) [5]. - Beijing has the largest bond balance, followed by Jiangsu, Guangdong, Zhejiang, and Shandong. Inner Mongolia has the highest short - term bond maturity ratio at 81.09%, followed by Heilongjiang at 40.39% [5]. 2. Urban Investment Bonds - Since 2023, with a series of policies and measures, the debt pressure of urban investment platforms has been relieved, the issuance cost and credit spread of urban investment bonds have decreased, the financing cost is generally below 3%, and the debt term has been significantly extended [10]. 3. Industrial Bonds Provincial - level Analysis - Excluding urban investment bonds, Beijing has the largest industrial bond scale at over 7 trillion yuan, mainly central - enterprise bonds. Inner Mongolia has the highest short - term industrial bond maturity ratio at 82.64%, followed by Tibet, Heilongjiang, Tianjin, and Jilin [11]. - Inner Mongolia, Heilongjiang, and Jilin have a bond issuance coverage ratio of less than 1 for the next - year's maturity scale, indicating weak refinancing ability [14]. Industry - level Analysis - In 2025, default industries included 12 sectors such as automobile services and real estate development. The industrial holding and power industries have the largest bond balances, over 2 trillion yuan each [15]. - The paper - making, automobile services, medical devices, medical services, and publishing media industries have a short - term debt ratio of over 50%, with poor debt term structures [15]. - Industries with large short - term debt repayment pressures include rail transit, packaging, heating, furniture and home appliances, textiles, automobile services, and information technology [15]. 4. Real Estate Industry - In 2025, the default rate of real estate development entities remained high, with Vanke and Zhengxinglong defaulting. As of January 6, 2026, the real estate development enterprise bond balance was 11,528.76 billion yuan, mainly held by local and central state - owned enterprises [18]. - The short - term bond maturity pressure of public, Sino - foreign joint - venture, and private enterprises is over 40%. The broad private enterprises still face pressure, with an issuance amount of only 234.38 billion yuan in the past year, 76.93% of the next - year's maturity amount [20]. - In 2026, private real estate enterprises to focus on are Longfor and Yida Development [23]. 5. Loss - making Industrial Entities - Large - loss entities (losses over 10 billion yuan in 2024 and still in losses in the first three quarters of 2025) are mainly in the real estate development industry, including state - owned enterprises such as Overseas Chinese Town Group and financial street - related companies, as well as steel giant Ansteel Group [24]. - Entities with losses between 5 and 10 billion yuan involve industries such as electrical equipment, chemical, steel, and airport [26]. 6. ABS Market - From 2023 - 2025, the default rate of CSRC - regulated ABS was 1.10%, 0.77%, and 0.88% respectively. As of January 6, 2026, the ABS balance was 25,021.96 billion yuan, with a one - year maturity amount of 3,541.59 billion yuan (14.15%). The 2025 issuance amount covered the next - year's maturity amount 3.97 times, with good continuation [32]. 7. Convertible Bond Market - Since 2024, the convertible bond repayment risk has increased. As of January 6, 2026, the convertible bond balance was 5553.51 billion yuan, a 22.89% year - on - year decrease. The broad private enterprises accounted for 64.73%, with a relatively large proportion [33]. - Entities such as Anhui Honglu Steel Structure, Shenzhen Huayang International Engineering Design, and Shanghai Kehua Bio - Engineering face large convertible bond repayment pressures, but the conversion mechanism can reduce credit risks to some extent [35]. - Entities such as Dongfang Fashion Driving School, Hainan Pulili Pharmaceutical, and Jiangsu Fumiao Technology, although not facing immediate repayment pressures, have negative information such as business fluctuations, financial fraud, and equity freezes, and their dynamic changes should be continuously monitored [36].

Group 1 - The soybean concept sector experienced a decline of 0.10%, ranking among the top losers in the concept sector, with notable declines from companies such as Weiweiyuan, Beidahuang, and Jiahua [1] - Among the soybean concept stocks, six stocks saw price increases, with the top gainers being Wuchan Zhongda, Ruimaotong, and Nongfa Zhongye, which rose by 1.36%, 1.34%, and 0.44% respectively [1] - The main capital outflow from the soybean concept sector today was 107 million yuan, with eight stocks experiencing net outflows, and five stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The leading stock in terms of capital outflow was Beidahuang, with a net outflow of 28.21 million yuan, followed by Wuchan Zhongda, Dabeinong, and Quanyin Gaoke, with net outflows of 25.58 million yuan, 12.99 million yuan, and 12.69 million yuan respectively [2] - The stocks with the highest net capital inflow included Xinyangfeng, Xianda Co., and Ruimaotong, with net inflows of 2.85 million yuan, 2.82 million yuan, and 1.90 million yuan respectively [2] - The detailed capital outflow data for soybean concept stocks shows that Beidahuang had a price decline of 1.52% with a turnover rate of 1.64%, while Wuchan Zhongda increased by 1.36% with a turnover rate of 1.39% [2]

Market Overview - The logistics sector experienced a decline of 0.23% on January 23, with Jushen Co. leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Hengji Daxin (002492) saw a significant increase of 9.99%, closing at 9.03, with a trading volume of 181,300 shares and a turnover of 159 million yuan [1] - Chuanhua Zhili (002010) rose by 4.56%, closing at 7.11, with a trading volume of 1,236,800 shares and a turnover of 887 million yuan [1] - Longzhou Co. (002682) increased by 3.03%, closing at 7.48, with a trading volume of 531,100 shares and a turnover of 394 million yuan [1] - Jushen Co. (001202) experienced a decline of 8.60%, closing at 20.30, with a trading volume of 360,600 shares and a turnover of 74.71 million yuan [2] Capital Flow Analysis - The logistics sector saw a net outflow of 292 million yuan from institutional investors and 181 million yuan from retail investors, while retail investors had a net inflow of 472 million yuan [2] - Hengji Daxin (002492) had a net inflow of 68.26 million yuan from institutional investors, accounting for 42.80% of its trading volume [3] - Longzhou Co. (002682) had a net inflow of 26.76 million yuan from institutional investors, representing 6.79% of its trading volume [3]