Core Viewpoint - Jiangxi Changyun Co., Ltd. is holding a half-year performance briefing on September 26, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The meeting is scheduled for September 26, 2025, from 10:00 AM to 11:30 AM [5]. - It will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website https://roadshow.sseinfo.com/ [5]. - The format will include video live streaming and online interaction [3][5]. Group 2: Participation and Interaction - Investors can submit questions from September 19 to September 25, 2025, by visiting the Roadshow Center's website or emailing the company [2][6]. - The company will address commonly asked questions during the briefing [3][6]. - Key personnel participating in the meeting include the Chairman, CFO, and Board Secretary [4][5]. Group 3: Contact Information - For inquiries, investors can contact Wang Yuhui or Huang Yi at phone number 0791-86298107 or via email at dongsihui@jxcy.com.cn [6]. - After the meeting, the main content and details will be available on the Roadshow Center's website [6].

证券代码：600561 证券简称：江西长运 公告编号：临 2025-044 江西长运股份有限公司关于 召开 2025 年半年度业绩说明会的公告 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个别及连带责任。 重要内容提示： ●会议召开时间：2025年9月26日（星期五）上午10：00—11：30 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心视频直播和网络互动 ●投资者可于 2025 年 9 月 19 日(星期五)至 9 月 25 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dongsihui@jxcy.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 江西长运股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日披露公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经 营成 ...

Core Viewpoint - The company, Jiangxi Changyun, is currently focused on road passenger transportation and freight services, with no involvement in autonomous driving technology at this time [2]. Group 1: Business Operations - The main business of the company includes road passenger transportation and road freight [2]. - The company is closely monitoring the development and application of autonomous driving technology in the road transportation sector [2]. Group 2: Future Plans - The company has indicated that if it plans to expand its business or adjust its strategy in the future, it will comply with relevant laws and regulations, fulfilling necessary approval processes and information disclosure obligations [2].

Core Viewpoint - Jiangxi Changyun (600561.SH) is currently focused on road passenger and freight transportation, with no involvement in autonomous driving technology at this time [1] Group 1: Business Operations - The company's main business activities include road passenger transportation and road freight [1] - Jiangxi Changyun is closely monitoring the development and application of autonomous driving technology in the road transportation sector [1] Group 2: Future Plans - The company will adhere to relevant laws and regulations regarding any future business expansion or strategic adjustments, ensuring necessary approval processes and information disclosure obligations are met [1]

Market Overview - On September 3, the railway and highway sector declined by 1.01%, with Shentong Metro leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Shentong Metro (600834) closed at 8.71, down 4.18% with a trading volume of 95,000 shares and a transaction value of 84.02 million yuan [2] - Other notable declines include: - Jinjiang Online (600650) down 3.80% to 15.70 - Sanxia Tourism (002627) down 3.57% to 6.49 - Jiangxi Changyuan (600561) down 3.45% to 6.72 [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 275 million yuan from institutional investors, while retail investors saw a net inflow of 122 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are entering the market [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow include: - Beijing-Shanghai High-Speed Railway (601816) saw a net inflow of 37.66 million yuan from institutional investors but a net outflow from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 8.81 million yuan from institutional investors, while retail investors withdrew funds [3] - Shanxi Expressway (000755) experienced a net inflow of 6.48 million yuan from institutional investors but a significant outflow from retail investors [3]

Core Viewpoint - Jiangxi Changyun (600561) reported a mixed performance in its 2025 interim report, with a slight decline in total revenue but a significant increase in net profit [1] Financial Performance - Total revenue for the period was 699 million yuan, a decrease of 2.32% year-on-year [1] - Net profit attributable to shareholders was 5.72 million yuan, an increase of 323.15% year-on-year [1] - In Q2, total revenue was 362 million yuan, down 7.51% year-on-year, while net profit was 32.16 million yuan, up 23.51% year-on-year [1] - Gross margin was -8.48%, a decrease of 163.35% year-on-year, while net margin was 1.74%, an increase of 79.19% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 158 million yuan, accounting for 22.59% of revenue, a decrease of 2.96% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents were 486 million yuan, a slight increase of 1.91% year-on-year [1] - Accounts receivable stood at 124 million yuan, down 12.79% year-on-year [1] - Interest-bearing liabilities were 1.794 billion yuan, a decrease of 1.18% year-on-year [1] - The ratio of accounts receivable to net profit reached 1125.5%, indicating a significant collection issue [3] Investment Metrics - The company's return on invested capital (ROIC) was 3.47%, indicating weak capital returns [1] - Historical data shows a median ROIC of 1.92% over the past decade, with a particularly poor performance in 2020, where ROIC was -4.97% [1] - The company has reported losses in five of the 22 annual reports since its listing, suggesting a generally weak financial history [1] Business Model Insights - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying drivers [2]

Market Overview - On August 28, the railway and highway sector declined by 0.5% compared to the previous trading day, with China Merchants Highway leading the decline [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Jiangxi Changyuan (Code: 600561) with a closing price of 7.09, up 2.75% on a trading volume of 149,600 shares and a turnover of 106 million yuan [1] - Three Gorges Tourism (Code: 002627) with a closing price of 5.84, up 2.28% on a trading volume of 399,100 shares and a turnover of 231 million yuan [1] - Chongqing Road and Bridge (Code: 600106) with a closing price of 7.35, up 2.08% on a trading volume of 436,300 shares and a turnover of 317 million yuan [1] - Conversely, notable decliners included: - Zhishang Highway (Code: 001965) with a closing price of 10.60, down 2.57% on a trading volume of 368,600 shares [2] - Shandong Highway (Code: 600350) with a closing price of 9.19, down 1.82% on a trading volume of 145,100 shares [2] - Ninghu Highway (Code: 600377) with a closing price of 13.53, down 1.53% on a trading volume of 121,800 shares [2] Capital Flow - The railway and highway sector experienced a net outflow of 99.27 million yuan from institutional investors, while retail investors saw a net inflow of 60.88 million yuan [2] - Key stocks with significant capital flow included: - Daqin Railway (Code: 601006) with a net inflow of 42.16 million yuan from institutional investors [3] - Three Gorges Tourism (Code: 002627) with a net inflow of 15.57 million yuan from institutional investors [3] - Sichuan Chengyu (Code: 601107) with a net inflow of 15.53 million yuan from institutional investors [3]

Group 1 - The stock price of Jiangxi Changyun is reported at 6.90 yuan, down 0.26 yuan from the previous trading day, representing a decline of 3.63% [1] - During the trading session, the stock reached a high of 7.18 yuan and a low of 6.90 yuan, with a trading volume of 83,402 shares and a transaction amount of 0.59 billion yuan [1] Group 2 - Jiangxi Changyun operates in the railway and road transportation industry and is a key player in road passenger transport in Jiangxi Province [1] - The company primarily engages in road passenger transport, automobile sales and maintenance, and tourism services [1] - In the first half of 2025, the company achieved an operating income of 699 million yuan and a net profit of 5.72 million yuan [1] Group 3 - The company announced plans to reappoint Da Xin Accounting Firm as the auditing institution for the year 2025 [1] - In the first half of the year, Jiangxi Changyun established Jiangxi Changyun Technology Co., Ltd. to expand into the smart transportation business [1] - The company continues to promote a differentiated service product strategy and has extensive experience in integrating inter-regional passenger transport resources, having established partnerships with multiple passenger transport enterprises in Jiangxi [1]

Group 1 - The company, Jiangxi Changyun, announced the reappointment of Da Xin Certified Public Accountants as its financial audit and internal control audit institution for the fiscal year 2025 [1]

Meeting Overview - The board meeting of Jiangxi Changyun Co., Ltd. was held on August 16, 2025, with all directors notified via a combination of personal delivery and email [1] - The meeting was chaired by Chairman Wang Xiao, with participation from eight directors, including independent directors Zhang Yunyuan and Wang Xuefeng via telecommunication [1] Resolutions Passed - The board approved the 2025 semi-annual report and its summary, with a unanimous vote of 8 in favor [1] - The proposal to cancel the supervisory board and amend the company’s articles of association was approved, also with 8 votes in favor [2][3] - The amendment of the shareholder meeting rules was passed with unanimous support [2][3] - The revision of the board meeting rules was approved, receiving 8 votes in favor [2][3] - The establishment of a market value management system was approved unanimously [4] - The reappointment of Da Xin Accounting Firm as the company’s auditor was passed, pending shareholder meeting approval [4] - A proposal to convene the second extraordinary general meeting of shareholders in 2025 was approved [4][5]