Market Overview - On September 16, the logistics and unified market sectors experienced a collective surge, with companies like Yiyaton and Feima International seeing significant gains, including a limit-up for Xinning Logistics [1] Event: Promotion of Unified National Market - An important article published in "Qiushi" magazine emphasizes that the construction of a unified national market is a major decision by the Central Committee, crucial for establishing a new development pattern and gaining an advantage in international competition. The basic requirements include "five unifications and one openness," covering various dimensions such as market infrastructure and regulatory practices [3] - Recent talks between Chinese and U.S. trade representatives in Madrid focused on economic issues, including cooperation on TikTok-related matters and reducing investment barriers, leading to a basic framework consensus for further economic collaboration [3] Institutional Insights - The deepening of the unified national market is expected to lower transaction costs and enhance resource allocation efficiency, potentially attracting global capital to sectors like modern logistics and energy commodities, creating structural investment opportunities [4] - The logistics industry, as a vital part of modern services, will benefit from cost reduction and efficiency improvements, which will have positive externalities across the economy. The industry is transitioning from growth in scale to enhancing quality and efficiency, necessitating advancements in information technology, automation, and integration [4] - The cross-border logistics sector has been significantly impacted by international trade dynamics, with upcoming U.S.-China trade negotiations likely to influence demand and pricing in this area [5] - The express delivery industry is undergoing a transformation, with potential price increases in low-price cities and areas with severe franchise losses, driven by regulatory calls for price adjustments. This shift may lead to a healthier competitive environment, moving from price wars to value wars, ultimately improving the performance of express delivery companies [5]

Group 1 - The company held a half-year performance briefing on August 29, 2025, to discuss its 2025 semi-annual report and engage with investors [1][3] - The company reported a 65.45% year-on-year decline in net profit attributable to shareholders for the first half of 2025, primarily due to decreased storage utilization and revenue from warehousing and smart logistics [2] - The company is actively upgrading its smart logistics platform and has established partnerships with 8 warehouses and 21 banks, covering 40 delivery varieties across various industries [2] Group 2 - The company's current warehousing utilization has decreased compared to the same period last year, influenced by faster turnover rates and shorter storage cycles due to downstream factory impacts [2] - The company plans to enhance its warehousing utilization by optimizing and expanding its storage varieties and deepening its exploration of the bulk commodity supply chain [2] - The performance briefing was attended by key executives, including the chairman and president, who addressed investor inquiries [1][3]

Group 1 - The core point of the article highlights that Baoshui Technology reported a decrease in the number of shareholders and a decline in both revenue and net profit for the first half of the year [2][3] Group 2 - As of August 20, the number of shareholders for Baoshui Technology was 84,688, a decrease of 5,174 from the previous period, representing a decline of 5.76% [2] - The closing price of Baoshui Technology was 4.47 yuan, down 1.54%, with a cumulative decline of 2.83% since the concentration of shares began [2] - The company's semi-annual report indicated that it achieved operating revenue of 420 million yuan, a year-on-year decrease of 22.13%, and a net profit of 48.67 million yuan, down 65.45% year-on-year, with basic earnings per share of 0.0400 yuan and a weighted average return on equity of 1.86% [2]

证券代码：600794 证券简称：保税科技 编号：临 2025-042 二、投资者提出的主要问题及公司回复情况 1、目前公司仓储利用率如何？预计何时能回升？。 答：您好。（1）公司目前受下游工厂影响，仓储业务周转速度加快，存储周 期缩短，仓储利用率较去年同期有所下降。具体经营情况详见《公司 2025 年半 年度报告》；（2）未来公司将继续在稳固拳头品种领先优势的基础上，灵活推进 码头、储罐等改造，持续优化和拓展仓储品种，提升仓储利用率，加深大宗商品 供应链业务探索。感谢您的关注，谢谢！ 2、公司 2025 年上半年归母净利润同比下降 65.45%，主要原因是什么？ 答：您好。公司 2025 年上半年度受下游工厂影响，仓储业务周转速度加快， 存储周期缩短，仓储利用率下降。仓储业务收入和智慧物流收入都有较大幅度的 下降。感谢您的关注，谢谢！ 张家港保税科技（集团）股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 张家港保税科技（集团）股份有限公司（以下简称"公司"）于2 ...

Core Viewpoint - The financial performance of Baoshui Technology (600794) in the 2025 mid-year report shows significant declines in revenue and profit, indicating potential challenges in its business model and operations [1] Financial Performance Summary - Total operating revenue for 2025 is 420 million yuan, a decrease of 22.13% compared to 540 million yuan in 2024 [1] - Net profit attributable to shareholders is 48.67 million yuan, down 65.45% from 141 million yuan in the previous year [1] - The gross profit margin is 29.29%, a decline of 32.68% from 43.50% in 2024 [1] - The net profit margin is 14.18%, down 50.88% from 28.86% in 2024 [1] - Total expenses (selling, administrative, and financial) amount to 52.51 million yuan, accounting for 12.5% of revenue, an increase of 10.46% year-on-year [1] - Earnings per share decreased to 0.04 yuan, a drop of 66.67% from 0.12 yuan in 2024 [1] - Operating cash flow per share is -0.01 yuan, a decrease of 104% compared to 0.33 yuan in 2024 [1] Significant Changes in Financial Items - Accounts receivable decreased by 29.72%, from 9.98 million yuan to 7.01 million yuan [3] - Cash and cash equivalents decreased by 31.86%, from 837 million yuan to 570 million yuan [1] - Inventory increased by 218.09%, indicating a rise in self-operated inventory purchases [3] - Long-term receivables decreased by 68.0%, attributed to reduced returns from financing leasing business [3] - Financial expenses decreased by 122.18%, due to a reduction in bank borrowings [4] Cash Flow Analysis - Net cash flow from operating activities decreased by 103.96%, primarily due to reduced cash inflows from supply chain management businesses [4] - Net cash flow from financing activities increased by 90.76%, driven by decreased demand for bank acceptance bills [4] Historical Performance and Outlook - The company's return on invested capital (ROIC) for the previous year was 7.64%, indicating average capital returns [5] - Analysts expect the company's performance in 2025 to be around 138 million yuan, with an average earnings per share forecast of 0.12 yuan [5]

Group 1 - The company will hold a half-year performance briefing on August 29, 2025, from 14:00 to 15:00 [4][6] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [5][6] - Investors can submit questions for the briefing from August 22 to August 28, 2025, through the Roadshow Center website or via email [7] Group 2 - The company assures that the content of the announcement is truthful, accurate, and complete, and it bears legal responsibility for any misrepresentation [3] - The company has disclosed its half-year report on August 23, 2025, to provide investors with a comprehensive understanding of its operational results and financial status [4][5] - The briefing will address common concerns from investors regarding the company's performance and financial indicators [5][6]

Market Overview - On August 22, the logistics sector declined by 0.49%, with Hengji Daxin leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Notable gainers in the logistics sector included: - Furande (605050) with a closing price of 16.50, up 6.04% and a trading volume of 128,200 shares, totaling 205 million yuan [1] - ST Yuanshang (603813) closed at 16.13, up 5.01% with a trading volume of 4,983 shares, totaling approximately 800,000 yuan [1] - Major decliners included: - Hengji Daxin (002492) closed at 7.24, down 2.82% with a trading volume of 131,800 shares, totaling approximately 96.3 million yuan [2] - Huami Duhai (872351) closed at 29.92, down 2.54% with a trading volume of 26,700 shares, totaling approximately 80.1 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 317 million yuan from institutional investors, while retail investors saw a net inflow of 245 million yuan [2] - Notable capital flows included: - Donghang Logistics (601156) had a net inflow of 66.26 million yuan from institutional investors, but a net outflow of 46.13 million yuan from retail investors [3] - Furande (605050) saw a net inflow of 33.59 million yuan from institutional investors, with retail investors experiencing a net outflow of 12.39 million yuan [3]

Core Viewpoint - The report indicates a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in the previous year [2][3]. Company Overview and Financial Indicators - The company, Zhangjiagang Free Trade Science & Technology Group Co., Ltd., reported a total revenue of approximately 420.14 million yuan, representing a decrease of 22.13% compared to 539.54 million yuan in the same period last year [2][3]. - The total profit for the period was approximately 77.25 million yuan, down 59.30% from 189.82 million yuan year-on-year [2][3]. - The net profit attributable to shareholders was approximately 48.67 million yuan, reflecting a decline of 65.45% from 140.87 million yuan in the previous year [2][3]. - The net cash flow from operating activities was negative at approximately -15.89 million yuan, a drastic decrease from 401.03 million yuan in the same period last year, marking a 103.96% decline [2][3]. Industry and Main Business Situation - The company operates in the petrochemical storage industry, which is strategically significant in China's economic development, with a high demand for logistics services in the petrochemical sector [3][4]. - The industry has high entry barriers due to strict regulatory requirements for hazardous materials storage, complex project approval processes, and the need for logistical infrastructure [4]. - The industry is gradually transitioning towards digitalization, with a focus on developing third-party logistics and digital platforms to enhance efficiency and reduce costs [4][5]. Operational Analysis - The company has implemented a dual-driven strategy focusing on traditional logistics and smart logistics, enhancing its operational capabilities [6][7]. - The company’s subsidiary, Changjiang International, has become a leading liquid chemical storage enterprise in East China, with significant storage capacity and throughput [6][7]. - The company has developed a smart logistics platform that facilitates online delivery services, achieving a 100% online delivery rate by the end of the reporting period [7][8]. Competitive Advantages - The company benefits from its location in the Yangtze River Delta, a major consumption area for petrochemical products, and enjoys policy advantages as a bonded port area [7][8]. - The company has established itself as a designated delivery warehouse for various futures exchanges, enhancing customer trust and loyalty [8]. - The company has a strong focus on innovation, holding 54 patents and 70 software copyrights, which supports its technological advancements and operational efficiency [8].

Core Viewpoint - Zhangjiagang Free Trade Zone Technology (Group) Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with notable decreases in revenue and profit metrics compared to the previous year [1]. Financial Performance Summary - Total assets at the end of the reporting period amounted to CNY 3,245,999,794.28, a decrease of 5.24% from the previous year's total of CNY 3,425,625,391.01 [1]. - Operating revenue for the period was CNY 420,141,412.34, reflecting a decline of 22.13% compared to CNY 539,544,067.85 in the same period last year [1]. - Total profit for the period was CNY 77,248,177.09, down 59.30% from CNY 189,821,441.43 year-on-year [1]. - Net profit attributable to shareholders was CNY 37,588,881.17, a decrease of 70.49% from CNY 127,386,980.14 in the previous year [1]. - Cash flow from operating activities showed a negative net amount of CNY -15,894,262.44, a significant decline of 103.96% from CNY 401,031,065.38 in the prior year [1]. - Basic and diluted earnings per share were both CNY 0.04, down 66.67% from CNY 0.12 in the previous year [1]. Shareholder Information Summary - As of the end of the reporting period, the total number of shareholders was 107,582 [2]. - The largest shareholder, Zhangjiagang Free Trade Zone Jinguang Asset Management Co., Ltd., holds 36.04% of the shares, totaling 432,517,788 shares [2]. - Other notable shareholders include Shanghai Shengbang Private Fund Management Co., Ltd. with 5.00% and Shenzhen Qianhai Yihua Investment Co., Ltd. with 1.13% [2].

证券代码：600794 证券简称：保税科技 公告编号：2025-041 张家港保税科技（集团）股份有限公司 关于召开 2025 年半年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：2025 年 8 月 29 日(星期五)14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 22 日(星期五)至 8 月 28 日(星期四)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 Touzzzx@zftc.net 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。 张家港保税科技（集团）股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日披露了公司 2025 年半年度报告，为便于广大投 ...