证 券 研 究 报 告 厦门国贸（600755）2024 年报及 2025 年一季报点评 强推（维持） 公司提高分红比例延续高股息回报，一季度 实现小幅增长 ❖ 风险提示：经济出现下滑、大宗商品价格剧烈波动。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 354,440 | 314,548 | 324,229 | 343,048 | | 同比增速(%) | -24.3% | -11.3% | 3.1% | 5.8% | | 归母净利润(百万) | 626 | 1,278 | 1,509 | 1,656 | | 同比增速(%) | -67.3% | 104.3% | 18.0% | 9.8% | | 每股盈利(元) | 0.04 | 0.34 | 0.44 | 0.51 | | 市盈率(倍) | 173 | 18 | 14 | 12 | | 市净率(倍) | 0.7 | 0.6 | 0.6 | 0.6 | 注：每股盈利扣除了永续债利息 ...

证券研究报告 交通运输 | 物流 非金融|公司点评报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 收盘价（元） | | 6.14 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 一 年 内 高 最 低 | / | 8.29/5.46 | 最 | | | | | | （元） | | | | | | | | | 总市值（百万元） | | 13,308.23 | | | | | | | 流通市值（百万元） | | 13,091.45 | | | | | | | 总股本（百万股） | | 2,167.46 | | | | | | | 资产负债率（%） | | 67.35 | | | | | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600755 证券简称：厦门国贸 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人高少镛、主管会计工作负责人余励洁及会计机构负责人（会计主管人员）宋淑红保证季度报 告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 2025年第一季度，公司实现营业收入705.34亿元，同比下降27.19%，实现归属于上市公司股东的净利润 4.22亿元，同比增长2.76%。受大宗商品价格波动和公司业务结构调整的综合影响，公司营收规模有所 下降，但公司供应链管理业务积极贯彻"三链融合"发展新模式，聚焦高质量业务发展，主要经营品种的 经营质量和盈利能力稳中有进，对公司整体业绩企稳回升起到积极作用。 公司将继续落实 "十四五"战略规划要求，推进"三链融合"业务模式升级，坚持业务转型、模式创新， 打造差异化核心竞 ...

证券代码：600755 证券简称：厦门国贸 编号：2025-33 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。 二、监事会会议审议情况 与会监事经审议，通过如下议案： 1.《公司 2025 年第一季度报告》 全体监事一致认为： （1）《公司 2025 年第一季度报告》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； （2）《公司 2025 年第一季度报告》的内容和格式符合中国证券监督管理委员会和 证券交易所的各项规定，所包含的信息能真实、准确、完整地反映公司本季度的经营管 理和财务状况等事项； （3）在公司监事会提出本意见之前，公司监事会成员未发现参与 2025 年第一季度 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。 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 2025 年度第三次 会议通知于 2025 年 4 月 24 日以书面方式送达全体监事，本次会议于 202 ...

证券代码：600755 证券简称：厦门国贸 编号：2025-32 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 2025 年度 第七次会议通知于 2025 年 4 月 24 日以书面方式送达全体董事，本次会议于 2025 年 4 月 29 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，全体监事及高管列席了会议。会议的通知、召开及审议程 序符合《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： 1.《公司 2025 年第一季度报告》； 本议案已经第十一届董事会审计委员会 2025 年度第四次会议审议通过。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 本议案已经第十一届董事会薪酬与考核委员会 2025 年度第二次会议审议通 过。 3.《关于聘任周朝华先生为公司副总裁、财务总监的议案》。 因工作调整，余励 ...

Group 1 - The core viewpoint of the articles highlights Xiamen Guomao's strong performance in Q1 2025, achieving a revenue of 70.534 billion yuan and a net profit of 422 million yuan, marking a year-on-year growth of 2.76% [1] - The company reported a significant improvement in operational quality, with a gross margin increase of 0.32 percentage points to 2.01% in Q1 2025, indicating enhanced profitability [1] - Xiamen Guomao is committed to implementing its "14th Five-Year" strategic plan, focusing on business transformation and innovation to build differentiated core competitiveness [1] Group 2 - The company has been actively advancing its strategic planning in Q1, signing a "total-to-total" agreement with Liaoning Port Co., Ltd. to enhance collaboration in logistics and create customized port logistics service solutions [2] - A strategic cooperation agreement was signed with Antong Holdings to transition from single business cooperation to ecological collaboration, focusing on container logistics and supply chain finance [2] - The company has initiated a cooperation project with Huaxiang (China) High Fiber Co., Ltd. to strengthen resource acquisition capabilities in the chemical fiber industry and has obtained qualifications for designated delivery warehouses for corn futures at Dalian Commodity Exchange [2]

证券代码：600755 证券简称：厦门国贸 公告编号：2025-34 厦门国贸集团股份有限公司 关于高级管理人员变更的公告 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。 厦门国贸集团股份有限公司（以下简称"公司"）董事会近日收到公司副总 裁、财务总监余励洁女士的辞职报告。因工作调整，余励洁女士申请辞去公司副 总裁、财务总监职务。辞任后，余励洁女士将不在公司及其子公司担任其他职务。 特此公告。 厦门国贸集团股份有限公司董事会 2025年4月30日 附件： 余励洁女士任职期间恪尽职守、勤勉尽责，公司董事会对余励洁女士为公司 发展做出的贡献表示衷心感谢！ 截至本公告披露日，余励洁女士持有公司股份 23.45 万股（其中尚未解除限 售的股权激励限制性股票为 11.90 万股），其所持有的股份将按照法律法规、规 范性文件及公司股权激励相关文件的规定进行管理。 2025 年 4 月 29 日，公司召开第十一届董事会 2025 年度第七次会议，审议 通过了《关于聘任周朝华先生为公司副总裁、财务总监的议案》：同意聘任周朝 华先生为公司 ...

Financial Performance - In Q1 2025, the company achieved operating revenue of CNY 70.53 billion, a decrease of 27.19% year-on-year[3] - The net profit attributable to shareholders was CNY 4.22 billion, an increase of 2.76% compared to the same period last year[3] - Total operating revenue for Q1 2025 was ¥70.53 billion, a decrease of 27.2% compared to ¥96.88 billion in Q1 2024[19] - Net profit for Q1 2025 was ¥442.01 million, a decline of 6.5% from ¥472.83 million in Q1 2024[19] - The total comprehensive income for Q1 2025 was ¥66.31 million, a decrease of 40.3% from ¥110.95 million in Q1 2024[30] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 120.05 billion, representing a 20.42% increase from the end of the previous year[6] - The total assets as of March 31, 2025, were 77.24 billion RMB, an increase from 67.86 billion RMB at the end of December 2024, representing a growth of approximately 13.4%[25] - The total liabilities of the company increased significantly, with current liabilities rising to RMB 51.57 billion from RMB 38.25 billion, indicating a growth of about 34.8%[16] - Total liabilities reached ¥80.85 billion as of March 31, 2025, compared to ¥61.46 billion at the end of 2024, marking an increase of 31.5%[17] Cash Flow - The company reported a negative cash flow from operating activities of CNY 2.99 billion, an improvement from a negative CNY 21.68 billion in the same period last year[6] - The cash flow from operating activities showed a net outflow of ¥3.41 billion in Q1 2025, an improvement from a net outflow of ¥14.35 billion in Q1 2024[31] - The cash inflow from investment activities in Q1 2025 was 6.87 billion RMB, significantly higher than 2.41 billion RMB in Q1 2024, showing an increase of about 185.5%[23] - The total cash inflow from financing activities in Q1 2025 was 38.88 billion RMB, down from 53.44 billion RMB in Q1 2024, reflecting a decrease of approximately 27.4%[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 80,284[12] - The controlling shareholder, Xiamen Guomao Holdings Group, plans to increase its stake in the company by investing between RMB 202.64 million and RMB 405.28 million within six months, with a current increase of 41,088,100 shares, representing 1.90% of the total issued shares[14] Operational Metrics - The company's cash and cash equivalents amounted to RMB 11.43 billion, up from RMB 8.48 billion, reflecting a growth of approximately 35.1%[15] - The company's accounts receivable rose to RMB 14.30 billion from RMB 12.48 billion, reflecting an increase of approximately 14.6%[15] - The inventory level increased to RMB 31.09 billion from RMB 25.65 billion, showing a growth of about 21.1%[16] - Research and development expenses for Q1 2025 were ¥20.77 million, an increase of 11.3% from ¥18.65 million in Q1 2024[19] Strategic Initiatives - The company is focusing on high-quality business development and implementing a "three-chain integration" business model to enhance core competitiveness[3] - The company plans to continue its strategic transformation and innovation in business models as part of its "14th Five-Year Plan"[3]

厦门国贸（600755）公告，2025年第一季度，公司实现营业收入705.34亿元，同比下降27.19%；实现归 属于上市公司股东的净利润4.22亿元，同比增长2.76%。 ...

Group 1 - The event "DCE·Industry Action" aimed to enhance the role of the futures market in supporting the high-quality development of the plastic industry in Xiamen and the surrounding areas, with over 100 representatives from various sectors participating [1] - The Dalian Commodity Exchange (DCE) has listed 12 energy and chemical futures and options products, covering core segments of the plastic industry chain, which are crucial for effective risk management [1] - The DCE is actively promoting the listing of monthly average price futures contracts for polyethylene, polypropylene, and polyvinyl chloride, which will further enrich the risk management tools available to plastic enterprises [1] Group 2 - The general manager of Xiamen Guomao Chemical Co., Ltd. emphasized the importance of integrating finance and industry, stating that the futures market must address the urgent need for risk management tools in the face of challenges such as cost volatility and green transformation [2] - The training focused on key issues such as tariff policies, the current state of the plastic industry, and the application of futures tools for risk management [2] - Analysts highlighted the need for enterprises to utilize futures tools to hedge against exchange rate fluctuations and raw material cost risks, as well as to optimize inventory management through dynamic supply-demand balancing [2][3] Group 3 - The DCE has been conducting various market brand activities to guide enterprises in effectively using futures tools for managing production and operational risks, enhancing awareness and capability in futures utilization [3] - Xiamen has become a model for promoting industrial upgrading through the combination of spot and futures markets, contributing to regional economic stability and competitiveness [3] - Companies like Xiamen Xiangyu and Xiamen Guomao have established themselves as benchmarks for risk management in the region, serving as delivery warehouses for energy and chemical products [3]