Group 1 - The core viewpoint of the news is that 瑞茂通 (Shui Mao Tong) reported a significant decline in both revenue and net profit for the third quarter of 2023, indicating potential challenges for the company moving forward [1] - For the first three quarters of 2023, the company's revenue was approximately 16.014 billion yuan, a year-on-year decrease of 28.97% [1] - The net profit attributable to shareholders was about 74.76 million yuan, reflecting a year-on-year decline of 40.34% [1] Group 2 - As of the report, 瑞茂通's market capitalization stands at 5.2 billion yuan [2]

Group 1 - The core point of the article is that Ruimaotong (SH 600180) held its sixth meeting of the ninth board of directors on October 28, 2025, to review the proposal for the company's Q3 2025 report [1] - For the first half of 2025, Ruimaotong's revenue composition was as follows: coal direct transportation and coal blending and processing sales accounted for 77.9%, non-coal bulk accounted for 11.02%, agricultural product processing accounted for 10.9%, and industrial internet platform services accounted for 0.19% [1] - As of the report date, Ruimaotong's market capitalization was 5.2 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market and a new "slow bull" pattern emerging [1]

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-065 | | | --- | --- | --- | --- | | 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 | 注：该笔司法标记所涉及的案件债权金额及执行费用为939,395,600元。 （二）股东股份累计被冻结和标记情况 截至本公告披露日，控股股东郑州瑞茂通及其一致行动人累计被司法冻结 和标记情况如下： 关于控股股东部分股份被司法冻结和标记的公告 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。 瑞茂通供应链管理股份有限公司（以下简称"公司"）于近日获悉控股股 东郑州瑞茂通供应链有限公司（以下简称"郑州瑞茂通"）持有的公司部分股 份被司法冻结和标记，具体情况如下： 一、股份被冻结和标记的情况 | 股东 | 冻结/标 | 占其所持 | 占公司总 | 冻结/ 标记股 | 冻结/ | 冻结/标 | 冻结 | 冻结 | | --- | --- | -- ...

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-064 | | --- | --- | --- | | 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 2025 年前三季度计提减值准备的公告 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。 一、本次计提减值准备情况概述 为真实、准确地反映瑞茂通供应链管理股份有限公司（以下简称"公司"） 资产状况及经营成果，根据《企业会计准则》及公司会计政策等相关规定，结合 公司的实际情况，公司对截至 2025 年 9 月 30 日合并范围内存在减值迹象的资产 进行了减值测试并计提了相应的减值准备，2025 年 1-9 月公司计提信用减值损 失及资产减值损失共计人民币 49,308,113.80 元，具体情况如下： 注：上表中，损失以"－"号填列，收益以"+"号填列。 本次计提减值准备计入的报告期间为 2025 年 1 月 1 日至 202 ...

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-063 | | | --- | --- | --- | --- | | 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 | | | | | | | | 是否继续 | | 是否存 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 离任职务 | 离任时间 | 原定任期 | | 离任 | 在上市公 司及其控 | 具体职 务（如 | 在未履 行完毕 | | 姓名 | | | 到期日 | | 原因 | | | | | | | | | | | 股子公司 | 适用） | 的公开 | | | | | | | | 任职 | | 承诺 | | 李群立 | 董事长、董事、董事会审计 | 公司选举 | 2027 年 | 11 | 工作 | 否 | 不适用 | 否 | | | 委员会委员、董事会薪酬与 | 产生新任 | 月 12 日 | | 变动 | | | | | | 考核委员会委员、董事 ...

| 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-066 | | | --- | --- | --- | --- | | 债券代码：255290.SH | | 债券简称：24 01 | 瑞茂 | | 债券代码：255553.SH | | 债券简称：24 02 | 瑞茂 | 瑞茂通供应链管理股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 13 日 14 点 30 分 召开地点：北京市西城区宣武门外大街 10 号庄胜广场中央办公楼南翼 11 层 瑞茂通供应链管理股份有限公司会议室 (七)涉及公开征集股东投票权 无 二、 会议审议事项 (五)网络投票的系统、起止日期和投票时间。 股 ...

瑞茂通供应链管理股份有限公司（以下简称"公司"或"瑞茂通"）第九届 董事会第六次会议于 2025 年 10 月 28 日以现场加通讯方式召开。本次会议应出 席董事 5 人，实际出席会议董事 5 人。会议由李群立先生主持，公司高级管理人 员列席了会议。会议的召集和召开程序符合《中华人民共和国公司法》和《公司 章程》的规定，所形成的决议合法有效。 二、董事会会议审议情况 | 证券代码：600180 | 证券简称：瑞茂通 | 公告编号：2025-062 | | | --- | --- | --- | --- | | 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 关于第九届董事会第六次会议决议的公告 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。 一、董事会会议召开情况 表决结果：5 票同意，0 票反对，0 票弃权。 三、审议通过《关于提名万永兴先生为公司第九届董事会非独立董事候选 人的议案》 公司董 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 6,550,642,652.55, a decrease of 19.83% compared to the same period last year[4] - The total profit for the third quarter was CNY 20,164,442.68, while the net profit attributable to shareholders was CNY 17,818,699.90, reflecting a decline of 45.20% and 40.34% respectively year-to-date[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the third quarter was CNY 24,706,582.78, down 71.02% year-on-year[4] - The basic and diluted earnings per share for the third quarter were CNY 0.0165, a decrease of 40.36% compared to the previous year[5] - Total operating revenue for the first three quarters of 2025 was CNY 16,014,268,703.33, a decrease of 29.2% compared to CNY 22,545,576,279.88 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 77,980,160.06, a decline of 41.7% from CNY 133,743,232.41 in the same period of 2024[20] - Basic earnings per share for the first three quarters of 2025 were CNY 0.0693, down from CNY 0.1162 in the previous year, reflecting a decrease of 40.4%[21] - The total comprehensive income for the first three quarters of 2025 was CNY 33,948,833.71, a decrease of 64.7% from CNY 96,149,323.44 in the same period of 2024[21] Assets and Liabilities - The total assets at the end of the reporting period were CNY 30,854,176,419.24, a decrease of 1.19% from the end of the previous year[5] - The total current assets as of September 30, 2025, amount to RMB 17,373,720,521.19, a decrease from RMB 17,845,966,117.92 as of December 31, 2024[14] - The company's total liabilities amounted to CNY 22,922,174,931.56, slightly down from CNY 23,286,853,805.22 in the previous year[17] - The company's total liabilities include accounts payable of RMB 12,251,419,845.47, which increased from RMB 10,689,874,030.95[15] - Short-term borrowings decreased to RMB 2,769,331,751.47 from RMB 3,395,753,441.32, reflecting a reduction of about 18.4%[15] Shareholder Information - The equity attributable to shareholders at the end of the reporting period was CNY 7,881,833,047.08, a slight decrease of 0.08% compared to the previous year[5] - The total equity attributable to shareholders was CNY 7,881,833,047.08, compared to CNY 7,888,493,976.49 in the previous year, indicating a marginal decrease[17] - The company has a total of 28,992 common shareholders at the end of the reporting period[11] - The largest shareholder, Zhengzhou Ruimao Supply Chain Co., Ltd., holds 51.02% of the shares, with 424,400,000 shares pledged[12] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 42,206,673.53, indicating a reduction in cash outflows for purchases and services[5] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 16,244,628,166.24, a decrease of 21.5% compared to CNY 20,639,581,196.21 in the same period of 2024[23] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 42,206,673.53, a significant improvement from a net outflow of CNY 364,095,392.22 in the first three quarters of 2024[24] - Cash inflow from financing activities in the first three quarters of 2025 was CNY 5,840,566,217.17, down 32.5% from CNY 8,674,587,843.08 in the same period of 2024[24] - The net cash flow from financing activities for the first three quarters of 2025 was a negative CNY 247,968,558.71, compared to a positive CNY 291,241,703.78 in the first three quarters of 2024[24] Other Financial Metrics - The company reported a significant decline in gross profit margin, which contributed to the decrease in total profit year-to-date[10] - The company incurred financial expenses of CNY 291,821,926.72, an increase from CNY 209,527,264.17 in the same period of 2024, representing a rise of 39.1%[19] - The company reported an investment income of CNY 172,443,334.43 for the first three quarters of 2025, a significant improvement from a loss of CNY 86,390,292.87 in the same period of 2024[20] - Other comprehensive income after tax for the first three quarters of 2025 was CNY -44,031,326.35, compared to CNY -37,593,908.97 in the previous year[21] - Cash outflow from investing activities in the first three quarters of 2025 was CNY 278,130,461.91, down from CNY 815,777,234.81 in the same period of 2024, indicating a reduction of 65.9%[24]

Core Viewpoint - 瑞茂通 reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating potential challenges in its business operations [1] Financial Performance - The company's revenue for the third quarter was 6.551 billion, a year-on-year decrease of 19.83% [1] - Net profit for the third quarter was 17.8187 million [1] - For the first three quarters, revenue totaled 16.014 billion, reflecting a year-on-year decline of 28.97% [1] - Net profit for the first three quarters was 74.7604 million, down 40.34% year-on-year [1]

Core Insights - The logistics sector experienced a 1.0% increase on October 27, with Xiamen Xiangyu leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Xiamen Xiangyu (600057) closed at 7.77, up 3.74% with a trading volume of 327,600 shares and a turnover of 252 million yuan [1] - Other notable performers include: - Ruimaotong (600180) at 4.87, up 2.96% [1] - Shentong Express (002468) at 15.97, up 2.57% [1] - ST Haichin (600753) at 7.40, up 2.49% [1] - Debon Logistics (603056) at 15.56, up 1.97% [1] - SF Holding (002352) at 40.58, up 1.76% with a turnover of 1.489 billion yuan [1] Fund Flow Analysis - The logistics sector saw a net inflow of 158 million yuan from institutional investors, while retail investors experienced a net outflow of 64.2 million yuan [2] - Key stocks with significant fund flows include: - Wuchan Zhongda (600704) with a net inflow of 86.62 million yuan from institutional investors [3] - SF Holding (002352) with a net inflow of 66.92 million yuan from institutional investors [3] - Shentong Express (002468) with a net inflow of 61.20 million yuan from institutional investors [3]