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]

Core Viewpoint - Jiangxi Changyun Co., Ltd. reported a slight decrease in operating revenue but a significant increase in net profit for the first half of 2025, indicating improved profitability despite lower sales [1][2]. Financial Summary - Total assets at the end of the reporting period amounted to CNY 4,601,707,749.88, reflecting a 0.05% increase compared to the previous year [2]. - Operating revenue for the period was CNY 699,136,255.15, down 2.32% from CNY 715,763,793.48 in the same period last year [2]. - Total profit reached CNY 18,797,423.72, representing a 43.80% increase from CNY 13,071,813.40 in the previous year [2]. - Net profit attributable to shareholders was CNY 5,722,662.19, a substantial increase of 323.15% compared to CNY 1,352,383.47 in the same period last year [2]. - The net profit after deducting non-recurring gains and losses was reported as a loss of CNY 6,705,444.69, compared to a loss of CNY 28,427,902.57 in the previous year [2]. - The net cash flow from operating activities was not specified in the provided data [2]. Shareholder Information - The total number of shareholders at the end of the reporting period was 15,211 [3]. - The largest shareholder, Jiangxi Changyun Group Co., Ltd., holds 23.09% of the shares, followed by Nanchang Transportation Investment Group Co., Ltd. with 16.67% [3]. - The report indicates no significant changes in shareholder structure or relationships among major shareholders [3].

Meeting Overview - The 12th meeting of the 10th Supervisory Board of Jiangxi Changyun Co., Ltd. was held on August 26, 2025, with all 5 supervisors present, including one participating via communication [1] Resolutions Passed - The Supervisory Board approved the 2025 semi-annual report and its summary, with a unanimous vote of 5 in favor [1] - The proposal to cancel the Supervisory Board and amend the company’s articles of association was approved, allowing the Audit Committee of the Board to assume the duties of the Supervisory Board, with a unanimous vote of 5 in favor [2] - The proposal to amend the rules of procedure for the shareholders' meeting was approved, with a unanimous vote of 5 in favor [2] - The proposal for the establishment of a market value management system for Jiangxi Changyun Co., Ltd. was approved, with a unanimous vote of 5 in favor [2] - The proposal to reappoint Da Xin Certified Public Accountants (Special General Partnership) for the 2025 financial and internal control audits was approved, with a total audit fee of 1.6 million yuan, including 1.2 million yuan for the annual financial report audit and 400,000 yuan for internal control audit, with a unanimous vote of 5 in favor [3]

证券代码：600561 证券简称：江西长运 公告编号：临 2025-042 江西长运股份有限公司关于取消监事会 并修订《公司章程》及配套议事规则的公告 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 8 月 26 日召开 第十届董事会第二十八次会议，审议通过了《关于取消监事会并修订公司章程的 议案》、《关于修订江西长运股份有限公司股东会议事规则的议案》、《关于修订江 西长运股份有限公司董事会议事规则的议案》，并同意将上述议案提交股东会审 议。 根据新修订的《中华人民共和国公司法》、中国证监会《关于新<公司法>配 套制度规则实施相关过渡期安排》、《上市公司章程指引（2025 年 3 月修订）》、 《上市公司股东会规则（2025 年 3 月修订）》以及《上海证券交易所股票上市 规则（2025 年 4 月修订）》等相关法律、法规、规范性文件的规定，结合公司 实际情况，公司将不再设置监事会，监事会的职权由董事会审计委员会行使。 基于以上情况，公司拟对《江西长运股份有限公司 ...

证券代码：600561 证券简称：江西长运 公告编号：临 2025-041 江西长运股份有限公司 第十届监事会第十二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 江西长运股份有限公司于2025年8月16日以专人送达与邮件送达相结合的方 式向全体监事发出召开第十届监事会第十二次会议的通知，会议于2025年8月26 日在本公司会议室以现场与通讯相结合方式召开。会议应到监事5人，实到监事5 人，刘志坚监事以通讯方式参加会议并明确表示了表决意见。本次会议的召开符 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、监事会会议审议情况 参与表决的监事认真审议了本次会议议案，经会议审议和出席会议的监事表 决，通过如下决议： （一）审议通过了《公司 2025 年半年度报告及半年度报告摘要》 监事会对公司 2025 年半年度报告进行了认真的审核，认为： 1、公司 2025 年半年度报告的编制和审议程序符合法律、法规及《公司章程》 的有关规定； 2、公司 2025 年半年度报告的内容 ...

证券代码：600561 证券简称：江西长运 公告编号：临 2025-040 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 江西长运股份有限公司于2025年8月16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二十八次会议的通知，会议于2025年8月 26日在本公司会议室以现场和通讯相结合的方式召开。会议应到董事8人，实到 董事8人，张云燕独立董事、王雪峰独立董事以通讯方式参加会议并明确表示了 表决意见。会议由王晓董事长主持，公司部分监事会成员与高级管理人员列席了 会议，本次董事会会议的召开符合有关法律、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，经会议审议和出席会议的董事表 决，通过如下决议： （一） 审议通过了《公司 2025 年半年度报告及半年度报告摘要》（详见上 海证券交易所网站 http://www.sse.com.cn） 董事会审计委员会审议通过了公司 2025 年半年度财务报告，同意将公司 2 ...