Financial Performance Expectations - The company expects a net profit attributable to shareholders of 625.66 million yuan for 2024, a decrease of 67.33% year-on-year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be -1.25 billion yuan, a decrease of 373.03% year-on-year [3]. - Total revenue for the reporting period is estimated at 3.54 billion yuan, down 24.30% from the previous year [7]. - The total profit is expected to be 454.18 million yuan, reflecting an 82.20% decrease compared to the previous year [7]. - Basic earnings per share are projected to be 0.04 yuan, a decline of 93.75% year-on-year [7]. - The company anticipates a reduction in net profit of approximately 397 million yuan due to the early closure of the Xiguling granite mine project [9]. Asset and Return Metrics - Total assets at the end of the reporting period are expected to be 99.70 billion yuan, down 11.87% from the beginning of the period [7]. - The weighted average return on net assets is projected to be 0.37%, a decrease of 6.28 percentage points year-on-year [7]. Performance Forecast and Impact - The company emphasizes that the performance forecast is preliminary and subject to final confirmation in the annual report [13]. - The company has signed a compensation agreement for the early closure of the Xiguling mine, which significantly impacts the profit outlook for 2024 [12].

Financial Performance - The estimated net profit attributable to the parent company for Q1 2025 is projected to be between 410.37 million and 430.88 million CNY, representing a year-on-year growth of 0% to 5%[2]. - The estimated net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be between -81.77 million and -102.29 million CNY, a decrease of 4.5 million to 25.02 million CNY compared to the same period last year[2]. - The total profit for the same period last year was 582.56 million CNY, with a net profit attributable to the parent company of 410.37 million CNY[3]. - The net profit attributable to the parent company after deducting non-recurring gains and losses for the same period last year was -77.27 million CNY[3]. Business Strategy - The company is focusing on high-quality business development and optimizing its business structure through the "three-chain integration" model, which positively impacts overall performance[4]. - The company is utilizing financial derivatives such as futures contracts to hedge against commodity price volatility risks[2]. Forecast and Risks - The earnings forecast data has not been audited by registered accountants and is based on preliminary calculations by the company's finance department[5]. - Investors are advised to pay attention to investment risks as the forecast data is subject to change and will be finalized in the official Q1 2025 report[6].

Group 1 - The core viewpoint of the report indicates steady revenue growth in the main business of the company, with a focus on flexible sensors to create a second growth curve [4][5][6] - The company achieved a revenue of 2.54 billion yuan in 2024, a year-on-year increase of 19.23%, and a net profit of 139 million yuan, up 98.42% year-on-year [4][5] - The company is transitioning from a single coating material provider to an integrated solution provider, enhancing revenue across various business segments [5][6] Group 2 - The report highlights that Lululemon's North American market growth is weak, with a revenue of 3.6 billion USD in FY2024Q4, a year-on-year increase of 13% [9][10] - The company expects a low to mid-single-digit revenue growth in North America for FY2025, with challenges from economic concerns affecting consumer traffic [11][12] - In contrast, the Chinese market showed strong growth, with a revenue increase of 48% year-on-year, indicating a robust performance in that region [11][12] Group 3 - The report on Tongyi Zhong indicates that the company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.4%, but net profit decreased by 15.2% [15][16] - The company reported a significant increase in production and sales volumes, with historical highs in major product categories [17][18] - The company is expanding into the aramid fiber sector, aiming to create dual growth drivers [15][21] Group 4 - Xiamen International Trade's report emphasizes its focus on supply chain management, with a strategy to navigate through commodity cycles [28][29] - The company has divested from real estate and financial services to concentrate on its core supply chain business, which includes metals, energy, and agriculture [29][30] - The report projects revenue for 2024 to 2026 at 389.05 billion yuan, 404.61 billion yuan, and 418.84 billion yuan, respectively, with a focus on maintaining a high dividend yield [32] Group 5 - The report on Bawang Tea indicates that it leads the high-end tea beverage market with 6,440 stores, achieving a GMV of 10.8 billion yuan in 2023 [33][34] - The company is benefiting from a growing market for high-end tea beverages, with a projected market size increase from 4.748 trillion yuan in 2019 to 8.189 trillion yuan in 2024 [34][35] - Bawang Tea's strategy focuses on a limited number of new products while optimizing supply chain efficiency, resulting in a gross margin of 51.5% [35] Group 6 - Aikodi's report shows a revenue of 6.746 billion yuan in 2024, a year-on-year increase of 13.24%, with a net profit of 940 million yuan [36][37] - The company is expanding its global footprint with new production bases in Malaysia and Mexico, enhancing its supply chain stability [39][40] - The report anticipates continued revenue growth driven by new product lines and market expansion, projecting revenues of 7.9 billion yuan in 2025 [40] Group 7 - Longxing Technology's report indicates a revenue of 4.355 billion yuan in 2024, with a net profit increase of 28.7% [41][42] - The company is expanding its production capacity with new projects and acquisitions, aiming to increase its market share in the carbon black industry [46] - The report highlights a significant improvement in gross margin, reaching 13.01% in Q4 2024, driven by operational efficiencies [45][46]

核心提要 商业模式：中游流通组织者，高周转低利润率大宗供应链企业拥有信用、资金、经营、物流等方面的优 势，通过时间、空间、形式三种主要途径平抑商品时空矛盾的同时完成套利，并基于价差、基差、息差 等主要形式实现盈利。财务特征上看，大宗供应链企业高周转和低利润率是共性，但企业间经营杠杆不 同导致经营过程中利润率的波动率、杠杆率、周转率表现出现分化。 厦门国贸：聚焦核心，穿越周期 公司于2020年、2022年相继剥离房地产业务和金融服务业务，战略聚焦供应链管理业务主业，同时积极 布局大健康等新兴赛道。经营结构上看，公司覆盖金属、能化、农牧三大板块，其中黑色金属与纸业为 传统优势品类，市占率稳居行业前列。各板块收入、业绩和利润率随商品周期有一定波动性，但中长期 看成长中枢仍基于总体规模的提升。横向来看，公司营收和利润增速水平均处于行业中上游，ROE及归 母净利率相对稳健。 成长路径：横纵布局双向成长，海外业务打开空间截至2023年，国内大宗商品供应链市场空间体量大致 在40-50万亿元， CR5仅4.1%，其中公司2023年份额仅0.85%，对标海外大宗供应链企业市占规模仍有 长足提升空间。参考国际大宗供应链企业的扩 ...

Investment Rating - The report assigns an "Accumulate" rating for Xiamen International Trade (600755) [1] Core Views - The company is focusing on its core supply chain management business after divesting from real estate and financial services, positioning itself to navigate through economic cycles [8][10] - The domestic bulk commodity supply chain market presents significant growth potential, with the company holding only 0.85% market share as of 2023, indicating room for expansion [9][62] - The investment logic is based on a combination of demand recovery, internal growth, and a high dividend yield, making it a balanced investment option [10] Summary by Sections Company Overview - Xiamen International Trade has transitioned from a diversified business model to a focus on supply chain management, shedding non-core assets [34][37] - The company has a stable ownership structure backed by local state-owned assets, with 35.82% of shares held by Xiamen State-owned Assets Supervision and Administration Commission [38] Business Model - The company operates as a midstream circulation organizer with high turnover and low profit margins, leveraging its advantages in credit, capital, operations, and logistics [7][12] - The business model includes both self-operated and agency trading modes, with revenue primarily generated from the sale of goods [18] Financial Performance - The company’s revenue and profit growth rates are positioned in the upper-middle tier of the industry, with stable ROE and net profit margins [55][56] - Revenue projections for 2024 to 2026 are estimated at CNY 389.05 billion, CNY 404.61 billion, and CNY 418.84 billion, with corresponding net profits of CNY 1.22 billion, CNY 1.61 billion, and CNY 2.09 billion [10] Market Position - Xiamen International Trade is a leading player in the domestic bulk commodity supply chain, particularly strong in metals and paper products [42][43] - The company’s market share in key categories like steel, iron ore, and copper ranks among the top in the industry [43] Growth Strategy - The company is pursuing a dual growth strategy of horizontal expansion into new product categories and vertical integration along the supply chain [9][61] - The focus on emerging sectors such as health and renewable energy is part of its strategy to diversify and mitigate demand fluctuations [78]

3月24日至28日，郑商所主办的央企金融衍生业务培训班（第7期）在国务院国资委下属事业单位中国大 连经理学院举办，来自中石化、中建材、中粮集团等10余家中央企业，以及厦门国贸、物产中大、广东 天禾等10家地方国企的50余名业务骨干齐聚一堂，系统学习了金融衍生品业务监管政策、期货市场法治 化建设及风险防控实践等课程。据期货日报记者了解，该培训既是国务院国资委推动中央企业规范参与 金融衍生品市场的重要举措，也是期货市场持续深化服务国家战略、助力实体经济稳健发展的重要实 践。 监管体系升级 护航央企风险管理 近年来，随着全球大宗商品价格波动加剧，我国实体企业面临的市场风险敞口不断扩大。央企、国企作 为国民经济的重要支柱，其风险管理能力直接影响产业链供应链的稳定性。在此背景下，国务院国资委 自2020年起密集出台政策文件，构建覆盖业务准入、风险管控、合规操作的金融衍生业务监管框架。 培训首日，国务院国资委相关负责人系统梳理了我国金融衍生业务监管理念的演进历程，重点宣贯了 2020年《关于切实加强金融衍生业务管理有关事项的通知》（国资发财评规〔2020〕8号，下称8号文） 和2021年《关于进一步加强金融衍生业务管理有 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

证券代码：600755 证券简称：厦门国贸 编号：2025-18 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 第四次会议通知于 2025 年 2 月 21 日以书面方式送达全体董事，会议于 2025 年 2 月 28 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 表决结果：同意 9 票、反对 0 票、弃权 0 票。 2.《关于修订<公司投资管理制度>的议案》 与会董事经审议，通过以下议案： 1.《关于制定<公司市值管理制度>的议案》 表决结果：同意 9 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董事会 2025年3月1日 报备文件 1．厦门国贸集团股份有限公司第十一届董事会 202 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [4][6]. Core Views - The company is recognized as one of the leading players in the bulk supply chain sector, with a diversified layout that builds a competitive moat [4][5]. - The report highlights the company's strong market position and its ability to optimize business structure, which is expected to enhance its resilience and profitability despite current market challenges [8][36]. Summary by Relevant Sections Company Overview - The company, Xiamen International Trade Group Co., Ltd., was founded in 1980 and is a leader in the domestic bulk supply chain industry. It has diversified into health technology and supply chain management, with a significant portion of its revenue derived from these sectors [5][15]. Financial Performance - The company reported a total revenue of 521,918 million RMB in 2022, with a projected decline to 370,336 million RMB in 2024, followed by a recovery to 411,111 million RMB in 2026 [4][6]. - The net profit attributable to shareholders is expected to decrease from 3,589 million RMB in 2022 to 1,123 million RMB in 2024, before rising to 1,878 million RMB in 2026 [4][6]. Market Position and Industry Dynamics - The bulk commodity supply chain market in China has been expanding, with a compound annual growth rate (CAGR) of 7.62% from 2018 to 2022. The market is transitioning from fragmented competition to a more concentrated structure, with the top four companies (CR4) increasing their market share from 2.19% in 2018 to 4.18% in 2022 [5][34]. - The company is positioned to benefit from this trend, leveraging its resource network, financial tools, and digital capabilities to enhance its competitive edge [8][34]. Business Strategy - The company is focused on optimizing its supply chain management services and expanding into high-value sectors, including health technology. The health technology segment is expected to grow significantly, contributing to the overall revenue [19][36]. - The report emphasizes the company's commitment to digital transformation and risk management, which are crucial for maintaining operational efficiency and enhancing service offerings [55][56]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the company are projected to be 12.2x in 2024, 8.9x in 2025, and 7.3x in 2026, indicating a favorable valuation compared to its peers [4][6].