Core Viewpoint - Xiamen International Trade Group Co., Ltd. (the "Company") announced the completion of a share buyback plan by its controlling shareholder, Xiamen International Trade Holding Group Co., Ltd. (the "Holding Group"), which involved the purchase of 43,238,100 shares, representing 1.995% of the Company's total issued shares, with a total investment of 278.08 million yuan [2][6]. Summary by Sections 1. Basic Information of the Buyback - The buyback was conducted by the Holding Group from October 31, 2024, to April 30, 2025, through the Shanghai Stock Exchange, resulting in a total shareholding of 840,076,581 shares, or 38.759% of the Company's total issued shares [2][6]. 2. Previous Shareholding and Buyback Plans - Prior to this buyback, the Holding Group and its concerted actions held 796,838,481 shares, accounting for 36.76% of the total issued shares, with the Holding Group directly owning 776,422,386 shares [3]. - The previous buyback plan, announced on October 27, 2023, aimed to acquire shares worth between 50 million yuan and 100 million yuan, which was completed by April 26, 2024 [3][4]. 3. Progress of the Buyback Plan - As of January 15, 2025, the Holding Group had acquired 5,779,400 shares for 37.44 million yuan [4]. - By February 14, 2025, the total shares acquired increased to 29,644,900, with an investment of 191.32 million yuan [5]. - The final report on April 16, 2025, indicated that the Holding Group had purchased a total of 41,088,100 shares for 264.60 million yuan [5]. 4. Legal Compliance and Verification - A law firm confirmed that the Holding Group met the qualifications for the buyback and complied with relevant laws and regulations, including the Securities Law and the Acquisition Management Measures [7][8]. 5. Additional Notes - The Holding Group and its concerted actions committed not to reduce their shareholdings during the buyback period and the statutory period [9]. - The completion of this buyback plan will not affect the Company's listing status or lead to changes in the controlling shareholder [9].

Investment Rating - The investment rating for Xiamen Guomao (600755.SH) is "Buy" and is maintained [7] Core Views - In Q1 2025, the company achieved operating revenue of 70.53 billion yuan, a year-on-year decrease of 27.2%, while the net profit attributable to the parent company was 420 million yuan, reflecting a year-on-year increase of 2.8% [5][10] - The decline in revenue was attributed to adjustments in operational strategy, weakened market demand, and price drops in certain product categories [10] - The company is focusing on solidifying its operations and optimizing its business structure, with expectations for demand recovery [10] Summary by Sections Financial Performance - In Q1 2025, the company's operating revenue was 70.53 billion yuan, down 27.2% year-on-year, while the net profit attributable to the parent company was 420 million yuan, up 2.8% year-on-year [5][10] - The gross profit margin for the period improved by 0.4 percentage points to 2.6% despite a 13.7% decline in estimated gross profit due to reduced operational volume [10] Operational Strategy - The company is implementing a "three-chain integration" development model to optimize its business structure and adjust risk preferences [10] - It has established stable partnerships with over 90,000 enterprises across more than 170 countries and regions, enhancing its global commodity resource channel network [10] Future Outlook - The company is expected to see net profits of 1.19 billion, 1.48 billion, and 1.82 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.4, 9.2, and 7.5 times [10]

Core Viewpoint - Xiamen International Trade Group has reported a significant decline in revenue and net profit for 2024, with a focus on improving supply chain management and health technology business performance in 2025 [1][2][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 354.44 billion yuan, a decrease of 24.30% year-on-year, and a net profit attributable to shareholders of 626 million yuan, down 67.33% year-on-year [1]. - The net cash flow from operating activities was -931 million yuan, compared to 3.206 billion yuan in the same period of 2023 [1]. - Basic earnings per share were 0.04 yuan, a decline of 93.75% year-on-year, and the weighted average return on equity was 0.37%, down 6.28 percentage points year-on-year [1]. Quarterly Performance - In Q4 2024, the company reported operating revenue of 68.11 billion yuan, an increase of 0.86% year-on-year but a decrease of 25.25% quarter-on-quarter [1]. - The net profit attributable to shareholders in Q4 was -8.6 million yuan, compared to a profit of 4.9 million yuan in the same period of 2023, although the loss narrowed [1]. - For Q1 2025, the company achieved operating revenue of 70.53 billion yuan, a decrease of 27.19% year-on-year but an increase of 3.56% quarter-on-quarter, with a net profit of 422 million yuan, up 2.76% year-on-year [1]. Supply Chain Management - In 2024, the supply chain management business generated revenue of 353.22 billion yuan, down 24.09% year-on-year, with overseas revenue of 65.86 billion yuan and total import-export volume of 14.418 billion USD [2]. - The overall gross margin for the supply chain management business improved to 1.83%, an increase of 0.36 percentage points year-on-year, despite a decline in operating volume for major categories [2]. - Key product categories such as iron ore, steel, and coal maintained strong market positions, with significant improvements in gross margins [2]. Health Technology Business - The health technology segment reported revenue of 1.103 billion yuan in 2024, a growth of 49.61% year-on-year, with a gross margin of 41.04%, up 16.31 percentage points [3]. - The subsidiary, Paiter Medical, achieved revenue of 584 million yuan, a year-on-year increase of 15.42%, with over 50% of its revenue coming from overseas markets [3]. Shareholder Returns - The company announced a cash dividend of 0.33 yuan per share for 2024, totaling 715 million yuan, which represents 114.32% of the annual net profit attributable to shareholders, with a year-on-year increase in the dividend payout ratio of 56.76 percentage points [4]. - For 2025, the company plans to continue mid-term cash dividends, with amounts not exceeding 50% of the net profit attributable to shareholders for the corresponding period [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.359 billion yuan, 1.657 billion yuan, and 1.976 billion yuan respectively [4]. - The projected earnings per share for 2025-2027 are 0.63 yuan, 0.76 yuan, and 0.91 yuan, with the current stock price at 6.27 yuan, resulting in corresponding price-to-earnings ratios of 10.0X, 8.2X, and 6.9X [4].

关于厦门国贸控股集团有限公司 增持厦门国贸集团股份有限公司股份之 法 律 意 见 书 致:厦门国贸控股集团有限公司 北京观韬（厦门）律师事务所（以下简称"本所"）受厦门国贸控股集团有 限公司(下称"增持人"或"国贸控股")委托,根据《中华人民共和国公司法》 (以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券 法》"）、《上市公司收购管理办法》(以下简称"《收购管理办法》")及《上 海证券交易所上市公司自律监管指引第 8 号 --- 股份变动管理》(以下简称"《自 律监管指引8号》") 等法律法规的规定,按照《律师事务所从事证券法律业务 管理办法》《律师事务所证券法律业务执业规则(试行)》及律师行业公认的业 务标准、道德规范和勤勉尽责精神,就国贸控股增持厦门国贸集团股份有限公司 (下称"厦门国贸"或"公司") 股份事宜(下称"本次增持") 出具本法律意 见书。 为出具本法律意见书, 本所作出如下声明: 北京观韬(厦门) 律师事务所 1、本所根据本法律意见书出具日以前已经发生或存在的事实并依据我国现 行法律、法规和规范性文件的规定发表法律意见。 2、增持人已对本所做出如下保证:增持人已经向本所 ...

证券代码：600755 股票简称：厦门国贸 编号：2025-35 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"）于 2024 年 10 月 31 日至 2025 年 4 月 30 日期间，通过上海证券交易所（以下简称"上交所"）集中竞价交易等方式增持 公司股份 43,238,100 股，占公司已发行股份的 1.995%，累计增持金额 27,807.77 万元。本次增持计划已实施完毕。 本次增持计划完成后，国贸控股及其一致行动人合计持有公司股份 840,076,581 股，占公司已发行股份的 38.759%。 2025年4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 有限公司股份计划实施情况的通知》，现将相关情况公告如下： 一、增持主体的基本情况 1．增持主体：国贸控股，为公司控股股东。 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 增持公司股份计划实施完毕暨增持届满的公 ...

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 ...