Market Overview - On September 29, the railway and highway sector rose by 0.41% compared to the previous trading day, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Fulin Transportation (002357) with a closing price of 10.00, up 2.35% on a trading volume of 83,100 shares and a turnover of 82.01 million yuan [1] - Anhui Expressway (600012) closed at 13.57, up 1.95% with a trading volume of 151,300 shares and a turnover of 204 million yuan [1] - Dongguan Holdings (000828) closed at 11.33, up 1.80% with a trading volume of 84,900 shares and a turnover of 95.34 million yuan [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The sector's overall fund flow indicated that retail investors were more active compared to institutional investors on that day [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Haikou Group (603069) with a net inflow of 20.84 million yuan from institutional investors, but a net outflow of 19.49 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 7.74 million yuan from institutional investors, while retail investors saw a net outflow of 612.25 million yuan [3] - Hainan Expressway (000886) recorded a net inflow of 11.83 million yuan from institutional investors, but retail investors had a net outflow of 660.90 million yuan [3]

Core Viewpoint - The company held a half-year performance briefing on September 26, 2025, to discuss its financial results and future strategies with investors [1] Group 1: Performance Overview - In the first half of 2025, the company reported a decrease in operating revenue by 16.63 million yuan compared to the same period last year, while operating costs increased by 19.62 million yuan [2] - The net profit attributable to shareholders for the first half of 2025 was 5.72 million yuan, primarily due to an increase in government subsidies related to daily operations by 47.82 million yuan [2][6] Group 2: Future Plans - For the second half of 2025, the company plans to focus on service optimization, cost reduction, and efficiency improvement, while enhancing platform operation capabilities through digital transformation [3] - The company is in the process of formulating its "15th Five-Year" strategic plan, which will consider macroeconomic conditions and industry changes to enhance customer-centric operations and digital capabilities [9] Group 3: Technology and Innovation - The company is committed to leveraging technology and digital empowerment, particularly in big data and AI, to improve operational and management efficiency [4] Group 4: Shareholder Support - The controlling and indirect controlling shareholders are actively supporting the company's development through strategic guidance and governance improvements [5] Group 5: Cash Flow and Financial Management - The net cash flow from operating activities for the first half of 2025 was 158 million yuan, representing a 14.34% increase year-on-year, attributed to higher cash receipts from sales and other operating activities [12] - The company has established a value management system to enhance its market value through improved operational quality and compliance management [10]

Group 1: Report Overview - Reported company: Jiangxi Changyun [16] - Industry: Railways and Highways [2] - Research date: September 26, 2025 [1] Group 2: Core Views - In the first half of 2025, the company's revenue decreased, but net profit was positive due to increased government subsidies [23] - In the second half of 2025, the company will focus on service optimization, cost - reduction, and efficiency - improvement [23] - The company is formulating its "15th Five - Year" plan, aiming at transformation and seeking new growth points [26] - The company attaches great importance to market value management and has formulated a relevant system [27] Group 3: Summary by Directory 01. Basic Research Information - Research object: Jiangxi Changyun [16] - Industry: Railways and Highways [16] - Reception time: September 26, 2025 [16] - Company reception staff: Chairman Wang Xiao, Independent Director Xiao Zhengshan, Director and Deputy General Manager Liu Lei, Financial Controller Fu Linyan, and Board Secretary Wei Chunyun [16] 02. Detailed Research Institutions - Institutions involved: Investors and others [19] 03. Proportion of Research Institutions - No specific proportion information provided 04. Main Content Data - **Profit growth in H1 2025**: Revenue decreased by 16.6275 million yuan year - on - year, cost increased by 19.6217 million yuan, but government subsidies increased by 47.8225 million yuan, resulting in a net profit of 5.7227 million yuan [23] - **H2 2025 business plan**: Focus on service optimization, integration, cost - reduction, and efficiency - improvement, promote asset light - transformation, and improve risk management [23][24] - **AI application**: The company pays attention to AI and other technologies to improve operation and management efficiency [24] - **Support from major shareholders**: Shareholders support the company in governance and industrial planning, and will disclose relevant plans as required [25] - **Other income in H1 2025**: 237 million yuan, mainly including line and operation subsidies, bus staff subsidies, fuel subsidies, and new - energy subsidies [25] - **Revenue decrease in H1 2025**: Mainly due to a 38.0469 million yuan decrease in road passenger transport revenue, a 10.7592 million yuan decrease in sales revenue, and a 49.7466 million yuan increase in road freight revenue [25] - **"15th Five - Year" plan**: Under formulation, aiming at customer - centered transformation, technology - driven development, and seeking new growth points [26] - **Market value management**: A system was formulated in August 2025, focusing on improving company quality and using multiple methods to enhance market value [27] - **Search for high - quality assets**: The company is open to cooperation, evaluates potential targets carefully, and will disclose as required [27][28] - **Improvement in operating cash flow in H1 2025**: Net cash flow from operating activities was 158 million yuan, a 14.34% increase year - on - year, mainly due to increased cash inflows [28]

证券代码：600561 证券简称：江西长运 公告编号：临 2025-046 江西长运股份有限公司关于 2025 年半年度业绩说明会召开情况的公告 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。 江西长运股份有限公司（以下简称"公司"）于2025年9月26日（星期五） 上 午 10:00-11:30 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/），以视频结合网络互动方式召开2025年半年 度业绩说明会。关于本次业绩说明会召开事项，公司已于2025年9月19日在上海 证券交易所网站（www.sse.com.cn）披露了《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》（公告编号：临2025-044）。现将本次业绩说明会 召开情况公告如下： 一、业绩说明会召开情况 本次业绩说明会中投资者提出的主要问题及公司回复情况整理如下（已去除 重复问题）： 提问1、请问公司上半年利润增长主要得益于哪些方面？ 回复：感谢您对公司的关注。20 ...

Core Insights - The railway and highway sector experienced a slight increase of 0.19% on September 26, with Jiangxi Changyun leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Sector Performance - Jiangxi Changyun (600561) closed at 6.64, up 2.00% with a trading volume of 65,500 shares and a turnover of 43.38 million yuan [1] - Other notable performers included: - Tielong Logistics (600125) at 6.40, up 1.75% with a turnover of 215 million yuan [1] - Jilin Expressway (601518) at 2.73, up 1.49% with a turnover of 44.53 million yuan [1] - Haikou Group (603069) at 21.62, up 1.31% with a turnover of 192 million yuan [1] Capital Flow - The railway and highway sector saw a net outflow of 78.93 million yuan from institutional investors and 73.06 million yuan from retail investors, while retail investors had a net inflow of 152 million yuan [2] - The capital flow for specific stocks included: - Guangshen Railway (601333) with a net inflow of 27.21 million yuan from institutional investors [3] - Haikou Group (603069) with a net inflow of 19.06 million yuan from institutional investors [3] - Jiangxi Changyun (001965) with a net inflow of 14.11 million yuan from institutional investors [3]

Core Viewpoint - Jiangxi Changyun's stock price has experienced a decline recently, despite a year-to-date increase, indicating potential volatility in the transportation sector [1][2]. Company Overview - Jiangxi Changyun, established on March 10, 1995, and listed on July 16, 2002, is located in Nanchang, Jiangxi Province. The company primarily engages in road passenger transport, freight transport, and tourism services [2]. - The revenue composition of Jiangxi Changyun includes: 47.29% from passenger transport, 26.37% from freight transport, 18.22% from other services, and 8.12% from sales [2]. Stock Performance - As of September 23, Jiangxi Changyun's stock price was 6.44 CNY per share, with a market capitalization of 1.832 billion CNY. The stock has increased by 19.93% year-to-date but has seen declines of 8.13% over the last five trading days, 10.06% over the last 20 days, and 1.53% over the last 60 days [1][2]. Financial Performance - For the first half of 2025, Jiangxi Changyun reported a revenue of 699 million CNY, a year-on-year decrease of 2.20%. However, the net profit attributable to shareholders was 5.7227 million CNY, reflecting a year-on-year increase of 39.63% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Jiangxi Changyun was 15,200, an increase of 18.03% from the previous period. The average number of circulating shares per shareholder was 18,702, a decrease of 15.28% [2]. - The company has distributed a total of 392 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Institutional Holdings - As of June 30, 2025, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A has exited the list of the top ten circulating shareholders of Jiangxi Changyun [3].

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。 一、董事会会议召开情况 证券代码：600561 证券简称：江西长运 公告编号：临 2025-045 江西长运股份有限公司 第十届董事会第二十九次会议决议公告 江西长运股份有限公司于2025年9月15日以专人送达与邮件送达相结合的方 式向全体董事发出召开第十届董事会第二十九次会议的通知，会议于2025年9月 19日以通讯表决方式召开。会议应参加董事8人，实际参与表决董事8人。会议符 合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 参与表决的董事认真审议了本次会议议案，以通讯表决方式通过如下决议： （一）审议通过了《关于增补刘志坚先生和魏春云先生为公司第十届董事会 董事的议案》 同意增补刘志坚先生、魏春云先生为公司第十届董事会董事候选人，任期至 本届董事会任期届满止。 本议案经董事会提名委员会审议通过后，提交董事会审议。 本议案表决情况：同意8票，反对0票，弃权0票，审议结果：通过。 本议案需提交股东会审议。 （二）审议通过了《关于确定公司 ...

Group 1 - The core point of the article is that Jiangxi Changyun announced the results of its board meeting, which included discussions on the compensation for senior management for the year 2024 [1] - The company's revenue composition for the year 2024 is as follows: passenger transportation accounts for 47.56%, freight transportation for 25.31%, other businesses for 18.26%, and sales for 8.87% [1] - As of the report, Jiangxi Changyun has a market capitalization of 1.9 billion yuan [1]

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 ...