Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's performance in Q3 2024 was under pressure due to weak terminal demand and declining gross margins, with a significant year-on-year revenue decrease of 28.55% and a net profit drop of 61.83% [1][2]. - The company is focusing on optimizing its business structure and enhancing supply chain management, which has seen a decline in operational volume but aims to ensure stability in raw material supply and finished product sales [3]. - The health technology segment has shown promising growth, with a 91.4% year-on-year revenue increase in H1 2024, driven by the acquisition of a leading minimally invasive surgical solutions provider [3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 286.33 billion yuan, a decrease of 28.55% year-on-year, and a net profit of 712 million yuan, down 61.83% year-on-year [1]. - For Q3 2024, the company reported a revenue of 91.12 billion yuan, a year-on-year decrease of 29.26%, and a net profit of -127 million yuan, indicating a shift from profit to loss [1][2]. - The gross margin for Q3 2024 was 0.61%, down 0.74 percentage points year-on-year and 1.32 percentage points quarter-on-quarter [2]. Business Strategy - The company is expanding its supply chain management business through long-term agreements and joint ventures, while also diversifying into the renewable energy supply chain [3]. - The health technology business is being developed further through acquisitions and partnerships, contributing to significant revenue growth [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 1.31 billion yuan, 2.17 billion yuan, and 2.60 billion yuan respectively [4]. - The company is positioned as a leading player in the domestic bulk supply chain management industry, with potential for profit recovery as terminal demand improves [4].

证券代码：600755 股票简称：厦门国贸 编号：2024-70 厦门国贸集团股份有限公司 关于控股股东以专项贷款和自有资金 增持公司股份计划的公告 本公司董事会、全体董事及相关股东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： 厦门国贸集团股份有限公司（以下简称"公司"）控股股东厦门国贸控股 集团有限公司（以下简称"国贸控股"）计划自本公告披露之日起 6 个月内，通 过上海证券交易所集中竞价交易等方式增持公司股份，累计增持金额不低于 20,264 万元，不高于 40,528 万元。 本次增持计划实施可能存在因资本市场情况变化或目前尚无法预判的其 他风险因素导致增持计划的实施无法达到预期的风险，敬请广大投资者注意投资 风险。 2024年10月30日，公司收到控股股东国贸控股《关于增持厦门国贸集团股份 有限公司股份的通知》，基于对公司未来持续发展的信心和对公司长期价值的认 可，国贸控股计划自本公告披露之日起6个月内，通过上海证券交易所集中竞价 交易等方式增持公司股份。具体情况公告如下： 5．增持股份的方式：通过上海证券交易所集中竞价交 ...

厦门国贸集团股份有限公司 2024 年第二次临时股东大会会议资料 厦门国贸集团股份有限公司 2024 年第二次临时股东大会会议资料 厦门国贸集团股份有限公司 2024 年第二次临时股东大会会议资料目录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 一 | 2024 年第二次临时股东大会会议议程 | 3 | | 二 | 年第二次临时股东大会现场会议须知 2024 | 5 | | 三 | 2024 年第二次临时股东大会议案 | | | 1 | 《关于公司申请统一注册 2024-2026 | 年度多品种债务融资工具 6 | | | （DFI）资质的议案》 | | | 2 | 《关于公司符合公开发行公司债券条件的议案》 | 8 | | 3.00 | 《关于公司公开发行公司债券方案的议案》 | 9 | | 3.01 | 发行规模 | | | 3.02 | 发行方式 | | | 3.03 | 债券期限 | | | 3.04 | 票面金额和发行价格 | | | 3.05 | 债券品种 | | | 3.06 | 债券利率及确定方式 | | | 3.07 | 发行对象及向公司股东配售的安排 | ...

证券代码：600755 证券简称：厦门国贸 编号：2024-66 厦门国贸集团股份有限公司 董事会决议公告 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 厦门国贸集团股份有限公司（以下简称"公司"）第十一届董事会 2024 年度 第十一次会议通知于2024年10月25日以书面方式送达全体董事，本次会议于2024 年 10 月 30 日以通讯方式召开。本次会议应到董事 9 人，实到董事 9 人。会议由 董事长高少镛先生主持，全体监事及董事会秘书、财务总监列席了会议。会议的 通知、召开及审议程序符合《中华人民共和国公司法》等法律法规及《公司章程》 的规定。 二、董事会会议审议情况 与会董事经审议，通过如下议案： 同意公司向大连商品交易所申请玉米指定交割厂库，并授权公司经理层办理 申请及后续相关事宜。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 3. 《关于召开公司 2024 年第二次临时股东大会的议案》 具体内容详见同日刊载于上海证券交易所网站的《厦门国贸集团股份有限公 司关于召开 2024 年 ...

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of CNY 286.33 billion, a decrease of 28.55% year-on-year[2]. - The net profit attributable to shareholders was CNY 712 million, down 61.83% compared to the same period last year[6]. - The basic earnings per share decreased by 79.10% to CNY -0.12[6]. - The net profit attributable to shareholders of the listed company decreased by 144.14% in the current reporting period due to complex international external environments and insufficient effective demand, leading to losses in certain supply chain management products[11]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 356.25% in the current reporting period, primarily due to a decrease in net profit and an increase in non-recurring gains and losses[12]. - The basic earnings per share for the current reporting period decreased by 300.00%, attributed to the decline in net profit after deducting perpetual bond interest[12]. - The diluted earnings per share for the current reporting period also decreased by 300.00%, reflecting the same reasons as the basic earnings per share[12]. - Total operating revenue for the first three quarters of 2024 was CNY 40.54 billion, a decrease of 42.5% compared to CNY 70.29 billion in the same period of 2023[31]. - Net profit for the first three quarters of 2024 was CNY 445.29 million, down 59.3% from CNY 1.09 billion in the same period of 2023[32]. - Total comprehensive income for the first three quarters of 2024 was CNY 704.04 million, a decrease of 66.8% compared to CNY 2.12 billion in 2023[25]. Cash Flow and Assets - The net cash flow from operating activities improved significantly, reaching CNY 1.69 billion[6]. - The net cash flow from operating activities increased due to a decrease in the company's procurement amount in the supply chain management business[12]. - In the first three quarters of 2024, the net cash flow from operating activities was ¥1,687,899,014.52, a significant improvement compared to a net outflow of ¥4,503,166,522.77 in the same period of 2023[26]. - The company's cash and cash equivalents decreased to ¥12.52 billion from ¥14.34 billion, a decline of approximately 12.7%[20]. - The company's total assets decreased to CNY 72.63 billion as of September 30, 2024, down from CNY 77.33 billion at the end of 2023[30]. - The ending balance of cash and cash equivalents as of September 2024 was approximately ¥5.13 billion, down from ¥7.89 billion at the end of September 2023, indicating a decline of about 34.8%[34]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 77,858, with the largest shareholder holding 35.82% of the shares[13]. - The largest shareholder, Xiamen Guomao Holding Group Co., Ltd., holds 776,422,386 shares, representing 35.82% of the total shares[13]. Liabilities and Equity - Total liabilities increased to ¥81.13 billion from ¥74.50 billion, marking a rise of about 8.7%[22]. - The company's equity attributable to shareholders reached ¥34.70 billion, up from ¥32.64 billion, which is an increase of approximately 6.3%[22]. - Total liabilities decreased to CNY 46.26 billion as of September 30, 2024, down 12.5% from CNY 52.75 billion at the end of 2023[30]. - The total equity of the company increased to CNY 26.37 billion as of September 30, 2024, up 7.3% from CNY 24.57 billion at the end of 2023[30]. Investment and Expenses - Research and development expenses increased to CNY 56.59 million in 2024, up 67.1% from CNY 33.85 million in 2023[24]. - Financial expenses surged to CNY 1.66 billion in 2024, compared to CNY 748.56 million in 2023, marking an increase of 121.9%[24]. - The company reported a significant increase in tax expenses, totaling CNY 63.23 million in 2024, compared to CNY 464.42 million in 2023[24]. - The company experienced a loss in credit impairment of CNY 307.62 million in 2024, compared to a loss of CNY 160.03 million in 2023[24]. Strategic Developments - The company is focusing on a new development model that integrates supply chain, industry chain, and value chain[3]. - The company has established a new platform in Australia to accelerate its international expansion[3]. - The report indicates a significant decline in performance metrics, highlighting the need for strategic adjustments in response to market conditions[11]. - The company utilized financial derivatives to hedge against commodity price fluctuations, thereby reducing operational risks[12]. - The company has proposed multiple revisions to its plan for issuing A-shares to unspecified investors, with the latest revision approved on June 6, 2024[18]. - The company terminated its application for the issuance of A-shares on September 23, 2024, as per the decision from the Shanghai Stock Exchange[19].

证券代码：600755 证券简称：厦门国贸 编号：2024-69 厦门国贸集团股份有限公司 关于召开2024年第三季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法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 25 日（星期一）上午 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 18 日（星期一）至 11 月 22 日（星期五）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 （zqswb@itg.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。 厦门国贸集团股份有限公司（以下简称"公司"）已于同日在上海证券交易所 网站（http://www.sse.com.cn）披露了公司 2024 年第三季度报告。为便于广大投资 者更全面深入地了解情况，促进 ...

证券代码：600755 证券简称：厦门国贸 公告编号：2024-68 厦门国贸集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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）股东大会类型和届次 2024 年第二次临时股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大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：2024 年 11 月 15 日 14 点 30 分 召开地点：福建省厦门市湖里区仙岳路 4688 号国贸中心 5 层会议室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 ...

证券代码：600755 证券简称：厦门国贸 编号：2024-67 厦门国贸集团股份有限公司 监事会决议公告 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法律责任。 1．《公司 2024 年第三季度报告》。 全体监事一致认为： 《公司 2024 年第三季度报告》的编制和审议程序符合法律法规、《公司章程》 和公司内部管理的各项制度规定，报告的内容和格式符合中国证券监督管理委员 会和上海证券交易所的相关规定，所包含的信息能真实、准确、完整反映公司报 告期内的经营管理和财务状况，不存在虚假记载、误导性陈述或者重大遗漏。未 发现参与公司 2024 年第三季度报告编制和审议的人员有违反保密规定的行为。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 特此公告。 厦门国贸集团股份有限公司监事会 一、监事会会议召开情况 厦门国贸集团股份有限公司（以下简称"公司"）第十一届监事会 2024 年度 第七次会议通知于 2024 年 10 月 25 日以书面方式送达全体监事，本次会议于 2024 年 10 月 30 日以通讯方式召开。会议应到监事 3 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 9.59 yuan, corresponding to a 2024 PE of 10.2x and PB of 0.62x [2][11] Core Views - The company is a leading player in China's bulk supply chain management industry, focusing on supply chain management services and health technology business through business restructuring [2][11] - The company's gross margin improved significantly in H1 2024, with a year-on-year increase of 0.67 percentage points to 1.81% [1] - The company's cash dividend ratio in 2023 increased by 17.7 percentage points to 57.6%, ranking first among peer listed companies [1] - The company is expanding its business layout both vertically and horizontally in the bulk supply chain management market, which has grown from 43 trillion yuan in 2016 to 55 trillion yuan in 2022, with a CAGR of 4.2% [1] - The company is actively promoting its health technology sector, focusing on medical device distribution services and extending into elderly care services, medical health big data, and health services [1] Business Structure Optimization - The company has optimized its business structure by divesting its real estate business in 2021 and transferring control of some financial services subsidiaries to related parties in 2022-2023, focusing more on supply chain management and health technology [1] - The company's supply chain management business revenue declined in 2023 due to macroeconomic factors, but profitability improved in H1 2024 through business structure optimization [1] Financial Performance - The company's net profit attributable to the parent company in 2023 was 1.915 billion yuan, a year-on-year decrease of 46.72%, but excluding the impact of real estate projects, the decrease was about 20% [28] - The company's cumulative cash dividends from 2019 to 2023 amounted to 4.97 billion yuan, with a significant increase in the cash dividend ratio in 2023 [1][33] Market and Industry Analysis - The bulk supply chain management market in China is vast, with the top four companies increasing their market share from 1.21% in 2016 to 4.18% in 2022 [1][45] - The company is enhancing its supply chain management capabilities through digital upgrades and expanding into new industries such as new energy [48][50] Health Technology Sector - The company is building a health technology ecosystem, focusing on medical device distribution, elderly care services, medical health big data, and health services [21][22] - In 2023, the company acquired Beijing Paite Medical Technology Co Ltd, a leading provider of minimally invasive surgical solutions, to strengthen its position in the medical device sector [1] Future Outlook - The company is expected to achieve net profits attributable to the parent company of 2.039 billion yuan, 2.438 billion yuan, and 2.908 billion yuan in 2024, 2025, and 2026, respectively [2][11] - The company's supply chain management business is expected to recover significantly with the improvement of macroeconomic conditions and the further expansion of its channel network [11]

Investment Rating - The investment rating for Xiamen Guomao (600755.SH) is "Buy" and is maintained [3]. Core Views - In the first half of 2024, the company experienced a 28.2% year-on-year decline in revenue, primarily due to weakened demand in the bulk market and price drops in key operating categories. However, the company is optimizing its customer structure and actively expanding its product categories, leading to a gradual improvement in profitability. The financial expenses increased by 790 million due to exchange losses, and the net profit attributable to shareholders decreased by 35.36% year-on-year [4][5]. - Despite the revenue and profit pressures, the company's operations show a trend of stabilization on a quarter-on-quarter basis, with current valuations at historical lows and an attractive dividend yield [4][5]. Summary by Sections Revenue and Profit Performance - In H1 2024, the company achieved revenue of 195.21 billion, down 28.2% year-on-year, and a net profit of 840 million, down 46.9%. In Q2 2024, revenue was 98.33 billion, down 33.7%, and net profit was 430 million, down 49.0% [4][5]. Market Demand and Operational Strategy - The decline in revenue is attributed to weak demand in the bulk market and price drops in key categories. The operating volumes for metals and metal ores, energy chemicals, and agriculture, forestry, animal husbandry, and fishery decreased by 32.9%, 35.3%, and 8.8% respectively. Revenue from these segments fell by 27.5%, 36.0%, and 11.3% respectively. The company is enhancing its customer structure and expanding product categories, including long-term cooperative resources in iron ore, coal, crude oil, and timber [4][5]. Health Technology Business Growth - The health technology segment reported a revenue of 559 million, a year-on-year increase of 91.39%. The subsidiary, Paiter Medical, achieved a revenue of 310 million, up 33.7%, with over 45% of its revenue coming from overseas markets [4][5]. Financial Management and Future Outlook - The company’s financial expenses increased due to exchange losses, with total period expenses rising by 930 million. The net investment income decreased by 590 million year-on-year due to the previous year's transfer of equity stakes. Excluding these impacts, the net profit attributable to shareholders would have decreased by 35.36% [5]. - The company is focusing on risk management and international expansion, particularly in countries along the Belt and Road Initiative and RCEP countries. The projected net profits for 2024-2026 are 1.86 billion, 2.08 billion, and 2.21 billion respectively, with corresponding P/E ratios of 7.2, 6.4, and 6.0 [5].