Core Viewpoint - The successful launch of the Li Jiazai No. 6 station marks a significant step in optimizing the coal logistics system in Henan Province, enhancing the efficiency of the energy supply chain [1][2]. Company Overview - The Li Jiazai No. 6 station is a collaborative project between Zhongping Supply Chain Management Co., Ltd. and Zhengzhou Coal Group, aiming to leverage the strengths of state-owned and private enterprises [1][2]. - Zhongping Supply Chain is a joint venture formed by Pingmei Shenma Group and Ruimaotong, focusing on improving coal logistics and supply chain management [1][2]. Operational Details - The station has a usage area of nearly 6,000 square meters, with 11 loading positions and an annual coal transportation capacity exceeding 500,000 tons [3]. - The station's strategic location connects major railways, facilitating efficient coal transportation from Shanxi to central and southern China [3]. Technological Advancements - The station features an automated blending machine capable of processing 400 tons of coal per hour, significantly improving efficiency and accuracy compared to manual blending [4]. - The blending process is crucial for optimizing coal quality and reducing emissions, aligning with stricter environmental standards [4]. Strategic Goals - The project aims to establish a recognizable brand for high-end coal blending in Henan, combining resources from Pingmei Shenma Group and Zhengzhou Coal Group with Shanxi's high-quality coal [5][6]. - Future plans include enhancing collaboration among partners to ensure efficient operations and promoting green logistics practices [6]. Industry Context - The coal industry is undergoing transformation under the "dual carbon" goals, necessitating improved supply chain coordination and sustainable practices [2][6]. - The establishment of the Li Jiazai No. 6 station serves as a model for cooperation among state-owned enterprises in navigating complex economic environments [2].

Core Viewpoint - The successful launch of the Li Jiazai No. 6 station marks a significant step in optimizing the coal logistics system in Henan Province, enhancing the efficiency of the energy supply chain through collaboration between state-owned and private enterprises [1][2]. Group 1: Company Collaboration - The Li Jiazai No. 6 station is a joint effort between Zhongping Supply Chain, Zhengzhou Coal Group, and Zhengzhou Railway Transport Company, aiming to leverage the strengths of both state-owned and private enterprises [1][2]. - The partnership is described as a strategic complement rather than a simple resource overlap, enhancing the entire coal supply chain from production to terminal supply [2][3]. Group 2: Operational Efficiency - The station has a coal collection capacity exceeding 500,000 tons annually, with 11 loading positions and a usage area of nearly 6,000 square meters [3]. - The location of the station provides significant logistical advantages, connecting major coal production areas in Shanxi with consumption markets in Central and Southern China, thus reducing logistics costs by over 30% compared to traditional road transport [3][4]. Group 3: Technological Advancements - The station features an automated blending machine capable of processing 400 tons of coal per hour, significantly improving efficiency and accuracy compared to manual blending [4]. - The blending process is crucial for optimizing coal quality and reducing emissions, aligning with stricter environmental standards [4][5]. Group 4: Brand Development - The operation of the Li Jiazai No. 6 station aims to establish a recognizable brand for high-end coal blending in Henan, combining resources from Pingmei Shenma Group and Zhengzhou Coal Group with the advantages of Shanxi's smokeless coal [5][6]. - Future plans include enhancing collaboration with railway transport and storage management to ensure efficient operations and promote green logistics practices [6]. Group 5: Industry Trends - The initiative aligns with national policies for energy transition and carbon neutrality, emphasizing the importance of sustainable practices in the coal industry [2][6]. - The company has been actively responding to mixed-ownership reform policies, forming joint ventures to enhance the resilience and efficiency of the energy supply chain [6].

Market Overview - On August 22, the logistics sector declined by 0.49%, with Hengji Daxin leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Notable gainers in the logistics sector included: - Furande (605050) with a closing price of 16.50, up 6.04% and a trading volume of 128,200 shares, totaling 205 million yuan [1] - ST Yuanshang (603813) closed at 16.13, up 5.01% with a trading volume of 4,983 shares, totaling approximately 800,000 yuan [1] - Major decliners included: - Hengji Daxin (002492) closed at 7.24, down 2.82% with a trading volume of 131,800 shares, totaling approximately 96.3 million yuan [2] - Huami Duhai (872351) closed at 29.92, down 2.54% with a trading volume of 26,700 shares, totaling approximately 80.1 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 317 million yuan from institutional investors, while retail investors saw a net inflow of 245 million yuan [2] - Notable capital flows included: - Donghang Logistics (601156) had a net inflow of 66.26 million yuan from institutional investors, but a net outflow of 46.13 million yuan from retail investors [3] - Furande (605050) saw a net inflow of 33.59 million yuan from institutional investors, with retail investors experiencing a net outflow of 12.39 million yuan [3]

金融界8月20日消息，有投资者在互动平台向瑞茂通提问："公司2025年的利润增长点是哪个板块？" 来源：金融界 针对上述提问，瑞茂通回应称："尊敬的投资者，您好！公司坚定推进国际化、多品类战略，围绕'能源 安全'和'粮食安全'两大领域扩宽经营品类，重点打造煤炭、石油化工品、农产品等主要经营品类的核心 竞争力。一方面，深入开展全球化经营，持续开拓'一带一路'沿线国家市场，不断提升核心竞争能力； 另一方面，农产品加工项目持续稳定运营，同时不断拓展多元化采购渠道并持续加强下游市场开拓力度 与品牌培育工作。公司会全力以赴，持续推动公司高质量发展，积极回报长期支持公司的广大投资者。 感谢您的关注！" ...

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]

2024年1至12月份，瑞茂通的营业收入构成为：煤炭直运和煤炭掺配和加工后销售占比76.92%，非煤大 宗占比17.39%，农产品加工占比5.54%，产业互联网平台服务占比0.15%。 瑞茂通（SH 600180，收盘价：4.57元）8月5日晚间发布公告称，郑州瑞茂通供应链有限公司持有瑞茂 通供应链管理股份有限公司的股份数约为5.54亿股，占公司总股本约10.87亿股的51.02%，郑州瑞茂通 累计质押的股份数约为4.24亿股，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）、万永兴先生、刘轶先生合计持有公司股份数约为6.88亿 股，占公司总股本约10.87亿股的63.35%，郑州瑞茂通及其一致行动人累计质押的股份数约为5.45亿 股，占其持股总数的79.14%。 （文章来源：每日经济新闻） ...

| 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].