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]

Company Overview - Xiamen Guomao Shipbuilding Co., Ltd. has been established with a registered capital of 60 million RMB [1] - The legal representative of the company is Lin Haiyu [1] - Shareholding structure includes Xiamen Guomao Group Co., Ltd. holding 95% and Xiamen Guomao Baoda Run Industrial Co., Ltd. holding 5% [2] Business Scope - The company’s business scope includes ship sales, ship leasing, supply chain management services, import and export of goods, and various transportation agency services [2] - Additional services include international and domestic cargo transportation, warehousing, customs declaration, marine engineering equipment manufacturing, and technical services [2] - The company is also involved in the sale and repair of water transport equipment and provides international ship management services [2] Regulatory Information - The company operates under the jurisdiction of the China (Fujian) Pilot Free Trade Zone, Xiamen Area [2] - The business license allows for a range of activities, subject to approval from relevant authorities [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Short-term performance is under pressure, awaiting demand recovery [5] - The company is a leading player in the domestic bulk commodity supply chain industry, with long-term growth potential [7] - Current valuation is considered to have high cost-effectiveness [7] Financial Summary - For 2024, the company achieved operating revenue of 354.44 billion yuan, a year-on-year decrease of 24.3% [7] - The net profit attributable to shareholders for 2024 was 626 million yuan, down 67.33% year-on-year [7] - The company plans to distribute a cash dividend of 0.33 yuan per share for 2024, with a payout ratio of 114.32% [7] - Revenue from supply chain management business was 353.22 billion yuan, a decline of 24.09% year-on-year [7] - The company aims to enhance operational quality and efficiency through strategic mergers and acquisitions [7] Earnings Forecast and Valuation - Projected net profits for 2025, 2026, and 2027 are 1.24 billion yuan, 1.58 billion yuan, and 1.89 billion yuan respectively [6][7] - The corresponding price-to-earnings ratios (P/E) for these years are 10.8, 8.5, and 7.1 [7] - The company is focusing on improving its main business and enhancing the quality of its operations [7]

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Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 354.4 billion yuan in 2024, a decrease of 24.3% year-on-year, and a net profit attributable to shareholders of 626 million yuan, down 67.33% year-on-year [1] - The decline in revenue is attributed to weakened market demand and adjustments in the company's business structure, alongside a drop in commodity prices [2] - The company is focusing on optimizing its business structure, leading to improvements in gross profit margins across major categories [2] - The internationalization strategy is being accelerated, with the establishment of an international development department and partnerships with over 90,000 enterprises across more than 170 countries [3] - The company expects a recovery in profitability as terminal demand improves and business structure continues to optimize, with projected net profits for 2025-2027 being 1.593 billion, 1.708 billion, and 2.03 billion yuan respectively [4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 68.1 billion yuan, a year-on-year increase of 0.86%, but a quarter-on-quarter decrease of 25.25% [1] - The supply chain management business generated 353.2 billion yuan in revenue, down 24.1% year-on-year, with significant declines in operating volumes for metals, energy, and agricultural products [2] - The health technology segment saw a substantial revenue increase of 49.6% year-on-year, reaching 1.1 billion yuan, with a gross margin improvement of 16.3 percentage points to 41% [2] Business Strategy - The company is deepening the integration of supply chain, industry chain, and service chain, transitioning from supply chain trading to industry chain operations [3] - New ventures include establishing joint ventures and expanding into the full industrial chain of coking coal and coke, as well as solar aluminum processing [3] - The company has launched a logistics park project in Shandong, focusing on comprehensive logistics services for various commodities [3] Profitability and Valuation - The report projects a gradual recovery in profitability, with net profit margins expected to improve from 0.2% in 2024 to 0.5% in 2027 [12] - The company's earnings per share (EPS) is forecasted to increase from 0.29 yuan in 2024 to 0.94 yuan in 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 21.4 in 2024 to 6.6 in 2027, indicating potential undervaluation [5][12]

Investment Rating - The report assigns a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Insights - The company reported a net profit attributable to shareholders of 630 million yuan for 2024, a decline of 67.39% year-on-year, primarily due to the shutdown of the Xiguling mining project and weak demand for bulk commodities [3][4]. - The total revenue for 2024 was 354.44 billion yuan, representing a year-on-year decrease of 24.3%, while the gross profit margin improved slightly to 1.83% [3][4]. - The company is actively expanding its overseas market presence, achieving overseas revenue of 65.86 billion yuan, which accounts for nearly 20% of its supply chain business revenue [5][6]. Revenue and Profit Analysis - In Q4 2024, the company achieved revenue of 68.11 billion yuan, a year-on-year increase of 0.9%, but reported a net loss of 90 million yuan [3]. - The supply chain management segment generated revenue of 353.2 billion yuan in 2024, down 24.1% year-on-year, but with an improved gross profit margin [4]. - The health technology segment saw significant growth, with revenue reaching 1.1 billion yuan, up 49.6% year-on-year, and a gross profit margin of 41% [5]. Shareholder Returns - The company emphasized shareholder returns with a cash dividend payout ratio of 114.32%, an increase of 56.76 percentage points year-on-year, proposing a dividend of 0.33 yuan per share [6]. - The expected dividend yield for 2024 is 5.3%, based on the closing price of 6.21 yuan per share on April 23, 2025 [6]. Financial Forecast - The company forecasts net profits attributable to shareholders of 1.27 billion yuan, 1.58 billion yuan, and 1.95 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11, 9, and 7 [7][11].