Core Viewpoint - The article highlights the strategic growth and operational resilience of Rui Mei Tong Group in the iron ore supply chain, emphasizing its role in stabilizing supply and optimizing logistics in the context of global commodity price fluctuations and supply chain restructuring [2][3][8]. Group 1: Business Operations and Logistics - Rui Mei Tong Group's iron ore business achieved a total shipment volume of over 14.85 million tons in the first half of 2025, with imported iron ore accounting for approximately 50% [2]. - The company has established an efficient logistics network through multiple ports, including Rizhao Port, Caofeidian Port, and Ningbo-Zhoushan Port, facilitating stable transportation to inland steel manufacturers [2][3]. - The group has developed a "sea port direct access + inland radiation" model, enhancing the raw material supply capacity for China's steel industry [2]. Group 2: Market Position and Strategic Initiatives - Rui Mei Tong Group has diversified its operations across six major sectors, including iron ore, oil products, agricultural products, non-ferrous metals, and renewable resources, establishing a global procurement and sales network [3]. - The company has been recognized as one of the "2024 Long-term Integrity Service Providers" for iron ore by Shanghai Steel Union, reflecting its strong market reputation and service capabilities [3]. - The group has engaged in mixed-ownership reforms, partnering with state-owned enterprises to leverage resource advantages and enhance operational efficiency [4]. Group 3: Risk Management and Supply Chain Resilience - The company has maintained stable iron ore supply during periods of global market instability, utilizing a robust supply chain management system to mitigate risks [4]. - Rui Mei Tong Group has implemented a "big risk control system" to accurately predict and manage credit risks across the supply chain, ensuring no defaults occurred during high-risk periods [4]. - The group is actively working to strengthen upstream resource channel construction to reduce international procurement costs and diversify supply sources [3][4]. Group 4: Pricing and Market Influence - Rui Mei Tong Group's iron ore transaction prices have become a key reference for spot market benchmark prices [6]. - The company has innovatively adopted a "basis + deferred pricing" model, allowing clients to optimize procurement costs by timing their pricing decisions based on market conditions [6]. - The group has developed various price indices for coal and other commodities, contributing to authoritative pricing references in the industry [7]. Group 5: Technological and Ecological Innovations - The company is accelerating the construction of a smart supply chain service system through technological innovation and ecological collaboration, enhancing resource security [8]. - Rui Mei Tong Group's efforts in diversifying and globalizing its operations are aimed at reinforcing the dual strategic value of supply assurance and price stability in the commodity market [8].

Core Viewpoint - The article highlights the operational efficiency and strategic positioning of Rui Mei Tong Group in the iron ore supply chain, emphasizing its role in stabilizing supply and enhancing resource security in China's steel industry [3][4][9]. Group 1: Business Operations - Rui Mei Tong Group's iron ore business shipped over 14.85 million tons in the first half of 2025, with imported iron ore accounting for approximately 50% [3]. - The company has established a highly efficient logistics network, utilizing multiple ports and transportation methods to ensure stable supply to steel manufacturers [3][4]. - The group has diversified its operations across six major sectors, including iron ore, oil products, agricultural products, non-ferrous metals, and renewable resources, creating a global procurement and sales network [4]. Group 2: Strategic Initiatives - The company has engaged in mixed-ownership reforms, partnering with state-owned enterprises to leverage their resource advantages while maintaining market-driven operations [5]. - Rui Mei Tong Group is focusing on strengthening upstream resource channels to reduce international procurement costs and enhance its bargaining power in the supply chain [4][5]. Group 3: Market Positioning - The company has become a key player in the iron ore market, recognized as one of the "2024 Long-term Integrity Service Providers" by Shanghai Steel Union due to its significant trade volume and service capabilities [4]. - Rui Mei Tong Group's iron ore transaction prices have become important benchmarks in the spot market, utilizing innovative pricing models to help clients reduce costs [7]. Group 4: Risk Management and Innovation - The group has developed a robust supply chain management system that ensures stable iron ore supply even during global disruptions, effectively managing credit risks across the supply chain [5][9]. - Rui Mei Tong Group has established an industrial internet service platform, Yi Mei Wang, to support its trading operations and manage price volatility risks through systematic hedging strategies [8].

Core Points - The controlling shareholder, Zhengzhou Ruimaotong, holds 554,443,265 shares of Ruimaotong Supply Chain Management Co., accounting for 51.02% of the total share capital [2] - Zhengzhou Ruimaotong has pledged 424,400,000 shares, which is 76.55% of its holdings and 39.06% of the total share capital [2] - The pledged shares are primarily for providing credit enhancement for bank financing of the company's subsidiaries, with no risk of forced liquidation [2][6] Share Pledge Details - The recent share pledge is entirely for subsequent pledging to support bank financing for the company's subsidiaries [3] - As of the announcement date, the total pledged shares by Zhengzhou Ruimaotong and its concerted actions amount to 544,750,000 shares, representing 79.14% of their total holdings [5] - The controlling shareholder has 171,900,000 shares maturing in the next six months, corresponding to a financing amount of 1,164,830,000 yuan [5] Financial Implications - The financing from the pledged shares is expected to enhance the company's operational capabilities and is backed by the liquidity of Zhengzhou Ruimaotong or its subsidiaries [6] - There are no significant impacts on the company's operations or governance due to the share pledge [6]

Core Insights - The revenue composition of Ruimaotong for the year 2024 is primarily from coal direct transportation and coal blending and processing sales, which account for 76.92% of total revenue [1] - Non-coal bulk commodities contribute 17.39% to the revenue, while agricultural product processing and industrial internet platform services account for 5.54% and 0.15% respectively [1] Shareholding and Pledge Information - Zhengzhou Ruimaotong Supply Chain Co., Ltd. holds approximately 554 million shares of Ruimaotong Supply Chain Management Co., Ltd., representing 51.02% of the total share capital of about 1.088 billion shares [3] - The total number of pledged shares by Zhengzhou Ruimaotong is approximately 424 million, which is 76.55% of its holdings and 39.06% of the company's total share capital [3] - Together with its concerted parties, Zhengzhou Ruimaotong holds about 688 million shares, accounting for 63.35% of the total share capital [3] - The cumulative pledged shares by Zhengzhou Ruimaotong and its concerted parties amount to approximately 545 million, representing 79.14% of their total holdings [3]

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：255290.SH | | 债券简称：24 瑞茂 01 | | 债券代码：255553.SH | | 债券简称：24 瑞茂 02 | 瑞茂通供应链管理股份有限公司 关于控股股东股份解除质押和办理质押的公告 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： ●郑州瑞茂通供应链有限公司（以下简称"郑州瑞茂通"或"控股股东"） 持有瑞茂通供应链管理股份有限公司（以下简称"公司"或"上市公司"）的 股份数为554,443,265股，占公司总股本1,086,627,464股的51.02%，郑州瑞茂 通累计质押的股份数为424,400,000股，占其持股总数的76.55%，占公司总股本 的39.06%。 ●郑州瑞茂通本次股份质押是为了上市公司子公司在银行融资提供增信担 保，目前上市公司子公司经营和资金情况良好，不存在平仓风险。 公司于近日接到郑州瑞茂通的通知，获悉其所持有公司的部分股份解 ...

Core Viewpoint - The company has announced its expected external guarantee limits for 2025, which includes significant amounts for its subsidiaries to support their business operations [2][3][14]. Summary by Sections Guarantee Objects and Basic Information - The company has signed maximum guarantee contracts with banks to provide joint liability guarantees for its subsidiaries, including a guarantee of 29.7 million RMB for Zhengzhou Jiarui and 7.2 million RMB for Beijing Ruimaotong [2][3]. - The company also provides a guarantee of up to 10 million RMB for its associate company Jinrui Energy, which is co-owned with another entity [2]. Internal Decision-Making Process - The company’s board of directors and supervisory board approved the expected external guarantee limits for 2025 during meetings held on December 23, 2024, with the amounts set at 454.7 million RMB for Zhengzhou Jiarui, 7.5 million RMB for Beijing Ruimaotong, and 25 million RMB for Jinrui Energy [3][14]. Basic Information of Guaranteed Parties - The company has provided details about the operational stability of the guaranteed parties, indicating that they do not have significant issues affecting their debt repayment capabilities [14]. Main Content of Guarantee Agreements - The guarantee agreements specify that the company will provide joint liability guarantees, covering not only the principal but also interest, penalties, and other related costs [5][10][11]. - The guarantee period is set for three years after the debt repayment period ends for each contract [7][13]. Board of Directors' Opinion - The board believes that the expected guarantee limits are based on actual operational needs and strategic deployment for 2025, which will enhance the financing capabilities of its subsidiaries and ensure stable development [14]. Cumulative External Guarantee Amounts - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to approximately 1.49 billion RMB, representing 189.26% of the latest audited net assets [14].

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-045 | | | --- | --- | --- | --- | | 债券代码：255290.SH | | 债券简称：24 瑞茂 | 01 | | 债券代码：255553.SH | | 债券简称：24 瑞茂 | 02 | 瑞茂通供应链管理股份有限公司 关于公司 2025 年度对外担保额度预计的进展公告 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： 担保对象及基本情况 | | | 被担保人名称 | 嘉瑞"） | 郑州嘉瑞供应链管理有限公司（以下简称"郑州 | | --- | --- | --- | --- | --- | | | | 本次担保金额 | 29,700 万元 | | | | | 实际为其提供的担 | | | | 担 保 | 对 | | 268,600 | 万元（含本次） | | 象一 | | 保余额 | | | | | | 是否在前期预计额 | 是 □否 | □不适用：_________ | | | | 度内 | | | ...

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：255290.SH | | 债券简称：24 瑞茂 01 | | 债券代码：255553.SH | | 债券简称：24 瑞茂 02 | 瑞茂通供应链管理股份有限公司 关于股东股份解除质押和办理质押的公告 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： ●郑州瑞茂通供应链有限公司（以下简称"郑州瑞茂通"或"控股股东"） 持有瑞茂通供应链管理股份有限公司（以下简称"公司"或"上市公司"）的 股份数为554,443,265股，占公司总股本1,086,627,464股的51.02%，郑州瑞茂 通累计质押的股份数为424,400,000股，占其持股总数的76.55%，占公司总股本 的39.06%。 ●郑州瑞茂通及其一致行动人上海豫辉投资管理中心（有限合伙）（以下 简称" 上海豫辉"）、万永兴先生、刘轶先生合计持有公司股份数为 688,371,836股，占公司总股本1,086,627,4 ...

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-043 | | | | --- | --- | --- | --- | --- | | 债券代码：255290.SH | | 债券简称：24 | 瑞茂 | 01 | | 债券代码：255553.SH | | 债券简称：24 | 瑞茂 | 02 | 瑞茂通供应链管理股份有限公司 关于控股股东股份解除质押和办理质押的公告 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。 | | 是否 | | 是否 | 是否 | | | | 占其所 | 占公司 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 为控 | 本次质押股 | 为限 | 补充 | 质押起 | 质押到期 | 质权人 | 持股份 | 总股本 | 质押融资 | | 名称 | 股股 | 数（股） | 售股 | 质押 | 始日 | 日 | | 比例 | 比例 | 资金用途 | | | 东 | | | | | ...

Group 1 - The company reported a closing price of 4.64 yuan on July 11, 2025, with an increase of 1.31% and a turnover rate of 2.8% [1] - On July 11, the net inflow of main funds was 16.148 million yuan, accounting for 11.46% of the total transaction amount [1] - Retail investors experienced a net outflow of 7.9372 million yuan, representing 5.63% of the total transaction amount [1] Group 2 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between 50 million and 72.5 million yuan, a decrease of 55.05% to 69.00% year-on-year [2] - The expected net profit after deducting non-recurring gains and losses for the same period is projected to be between 45 million and 67.5 million yuan, reflecting a year-on-year decline of 64.78% to 76.52% [2] - The coal market saw a historical high in domestic production and a decline in imports, leading to a relaxed supply-demand situation and reduced profit margins for the company's supply chain management business [2] Group 3 - Zhengzhou Ruimaotong holds 51.02% of the total shares of the company, with 424.4 million shares pledged, accounting for 76.55% of its holdings and 39.06% of the total shares [2] - The pledged shares are intended to provide credit enhancement for bank financing, with no risk of forced liquidation reported [2] - The total number of pledged shares due in the next six months is 205.9 million, representing 37.14% of its holdings and corresponding to a financing amount of 938.7 million yuan [2]