证券代码：603056 证券简称：德邦股份 公告编号：2025-058 德邦物流股份有限公司 关于召开 2025 年第三季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。 会议召开时间：2025 年 11 月 18 日(星期二)上午 10:00-11:00 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 （一）会议召开时间：2025 年 11 月 18 日(星期二)上午 10:00-11:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 三、参加人员 重要内容提示： 投资者可于 2025 年 11 月 11 日(星期二)至 11 月 17 日(星期一)16:00 前登录 上证路演中心网站首页点击"提问预 ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-057 德邦物流股份有限公司 第六届董事会第十次会议决议公告 具体内容详见同日披露于上海证券交易所网站(http://www.sse.com.cn/) 的《德邦物流股份有限公司 2025 年第三季度报告》。 表决结果：7 票同意，0 票反对，0 票弃权。 本议案在提交董事会前已经第六届董事会审计委员会第十次会议审议通过。 2、审议通过《关于选举公司第六届董事会副董事长、专门委员会委员的议 案》 董事会同意选举陈谊迁先生为公司第六届董事会副董事长、薪酬与考核委员 会委员、战略委员会委员。陈谊迁先生简历如下：陈谊迁，男，1988 年出生， 拥有北京理工大学探测制导与控制技术学士学位，中国国籍。陈谊迁先生于 2011 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 德邦物流股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日向全体 董事以电子邮件的方式发出了召开第六届董事会第十次会议的通知，并于 2025 年 10 月 30 日以 ...

Group 1 - The core point of the news is that Debon Logistics (SH 603056) held its 10th meeting of the 6th Board of Directors on October 30, 2025, to review the proposal for the company's Q3 2025 report [1] - Debon Logistics reported that its revenue composition for the year 2024 will be 100% from integrated logistics services [2] - As of the report, Debon Logistics has a market capitalization of 15.7 billion yuan [2]

Financial Performance - In Q3 2025, the company's operating revenue was CNY 9.72 billion, a decrease of 1.37% year-on-year[8] - The total profit for the period was a loss of CNY 399.78 million, a decline of 279.23% compared to the same period last year[4] - The net profit attributable to shareholders was a loss of CNY 328.98 million, down 278.64% year-on-year[12] - The gross profit margin for Q3 2025 was 1.85%, a decrease of 5.57 percentage points year-on-year[11] - The company's operating costs for the quarter were CNY 95.35 billion, an increase of 4.57% year-on-year[11] - The total profit for the current reporting period decreased by 279.23%[18] - The net profit attributable to shareholders of the listed company for the current reporting period decreased by 278.64%[18] - The basic earnings per share for the current reporting period decreased by 277.78%[18] - The total comprehensive income for the first three quarters of 2025 was a loss of CNY 271.56 million, contrasting with a comprehensive income of CNY 455.76 million in the same period of 2024[27] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.27, compared to CNY 0.51 in the same period of 2024[27] - The net profit for the first three quarters of 2025 was a loss of CNY 274.99 million, compared to a profit of CNY 518.46 million in the same period of 2024, indicating a significant decline[26] - The company's net profit for the first three quarters of 2025 is yet to be disclosed, but it is essential to monitor the performance compared to the same period in 2024[25] Assets and Liabilities - The company's total assets at the end of the period were CNY 16.14 billion, a decrease of 4.88% from the beginning of the year[6] - The net assets attributable to shareholders were CNY 8.03 billion, down 5.10% from the beginning of the year[5] - As of September 30, 2025, the total assets of the company amounted to CNY 16.14 billion, a decrease from CNY 16.97 billion as of December 31, 2024, reflecting a decline of approximately 4.9%[22] - The company's total current assets were CNY 8.75 billion, down from CNY 9.70 billion, indicating a decrease of about 9.7% year-over-year[23] - The total liabilities decreased to CNY 8.09 billion from CNY 8.49 billion, representing a reduction of approximately 4.7%[24] - The company's equity attributable to shareholders decreased to CNY 8.03 billion from CNY 8.46 billion, a decline of approximately 5.1%[24] - Total assets decreased to CNY 9,749,954,196.20 in 2025 from CNY 10,499,051,319.57 in 2024, indicating a reduction in asset base[33] - Total liabilities decreased significantly to CNY 1,836,092,466.02 in 2025 from CNY 3,169,672,566.82 in 2024, suggesting improved financial health[33] Cash Flow - Cash and cash equivalents decreased to CNY 980.42 million from CNY 1.35 billion, a decline of about 27.4%[22] - Cash flow from operating activities generated a net amount of CNY 1.79 billion, down from CNY 2.30 billion in the previous year, reflecting a decrease of approximately 22.19%[29] - Cash flow from investing activities resulted in a net outflow of CNY 914.63 million, an improvement compared to a net outflow of CNY 2.14 billion in the same period of 2024[30] - Cash flow from financing activities showed a net outflow of CNY 1.28 billion, compared to a net outflow of CNY 1.74 billion in the previous year, indicating a reduction in cash outflow[30] - The cash and cash equivalents at the end of September 2025 were CNY 759.25 million, down from CNY 1.09 billion at the end of 2024[30] - The net increase in cash and cash equivalents was -$1,747,614,263.50, reflecting a decrease in liquidity[40] - The ending balance of cash and cash equivalents stood at $894,811,085.94, down from $2,642,425,349.44 at the beginning of the period[40] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 36,919[20] - The largest shareholder, Ningbo Meishan Bonded Port Area Debang Investment Holding Co., Ltd., holds 682,890,461 shares, accounting for 66.96%[20] Strategic Initiatives - The company invested in automation and operational efficiency, with 47 automated equipment sites and 94 immediate loading and unloading sites in use by the end of the reporting period[14] - The company achieved a 96.40% coverage rate in rural areas, enhancing delivery capabilities[14] - Customer complaints decreased year-on-year, indicating improved service quality and customer experience[15] - The company plans to enhance product competitiveness by increasing human and operational resource investments[18] - The company experienced a significant decline in net profit due to competitive market conditions and adjustments in product strategies[18] - The company has recognized government subsidies amounting to 29,331,322.93 RMB during the current period[16] - The company has not reported any new product launches or technological advancements during this period, which may impact future growth prospects[25] - The company should focus on improving cash flow management and reducing accounts receivable to enhance liquidity moving forward[25] Revenue and Sales - Total operating revenue for the first three quarters of 2025 reached CNY 30.27 billion, an increase from CNY 28.30 billion in the same period of 2024, representing a growth of approximately 6.95%[26] - Total operating costs increased to CNY 30.67 billion from CNY 27.86 billion, marking a rise of about 10.00%[26] - The company reported a significant increase in sales revenue from goods and services, totaling CNY 32.91 billion for the first three quarters of 2025, compared to CNY 30.34 billion in the same period of 2024, reflecting a growth of approximately 8.59%[29] - The company's revenue for the first three quarters of 2025 reached CNY 295,729,059.07, an increase of 7.3% compared to CNY 275,346,602.51 in the same period of 2024[36] - Operating profit for the first three quarters of 2025 was CNY 774,375,989.67, slightly up from CNY 758,099,890.11 in 2024, indicating a stable performance[36] - Net profit for the first three quarters of 2025 was CNY 742,410,801.02, compared to CNY 747,503,361.50 in 2024, showing a minor decline of 0.4%[36] Research and Development - The company's research and development expenses increased to CNY 1,749,708.35 in 2025 from CNY 918,396.60 in 2024, highlighting a focus on innovation[36]

Core Insights - The National Postal Administration conducted a survey to monitor express delivery service quality, reflecting the service levels of companies and promoting improvements in the express delivery industry [1] Group 1: Survey Overview - The survey included nine express delivery brands: Postal Express, SF Express, Zhongtong Express, YTO Express, Yunda Express, Shentong Express, JD Express, Debon Express, and Jitu Express [1] - The survey covered 50 cities, including municipalities, provincial capitals, and 19 cities with high express delivery volumes [1] - A total of 8,255 valid samples were collected for customer satisfaction, while 2.12 million valid samples were collected for timeliness testing [1] Group 2: Customer Satisfaction Results - The overall customer satisfaction score for express delivery services in Q3 2025 was 85.0, an increase of 1.3 points year-on-year [1] - High-scoring brands in public satisfaction included SF Express and JD Express [2] - Regions with high satisfaction scores included Henan, Tianjin, Jiangsu, Beijing, Qinghai, and Hebei, all scoring above 86 [3] - Satisfaction scores for order services were 90.7 for unified customer service hotline orders and 87.7 for orders via courier phone, increasing by 4.3 and 2.1 points respectively [3] - Satisfaction scores for collection services were 87.9 for collection staff and 86.4 for collection timeliness, increasing by 3.5 and 2.3 points respectively [3] - Satisfaction scores for information inquiry services were 85.7 for full information push and 86.2 for timely and accurate logistics information, increasing by 0.9 and 0.7 points respectively [3] Group 3: Timeliness and Delivery Rates - The overall delivery time for express services in Q3 2025 was 51.32 hours, a reduction of 2 hours year-on-year [4] - Breakdown of delivery times showed an average of 8.50 hours for the dispatch processing stage (up 0.28 hours), 29.94 hours for the transportation stage (down 2.50 hours), 9.95 hours for the destination processing stage (up 0.29 hours), and 2.94 hours for the delivery stage (down 0.06 hours) [4] - The 72-hour delivery success rate was 86.47%, an increase of 2.08 percentage points year-on-year [5] - Brands with high 72-hour delivery success rates included Postal Express and SF Express [6]

Core Insights - The core viewpoint of the article is that the satisfaction level of express delivery services in China has improved, with a reported score of 85.0 in Q3 2025, reflecting a year-on-year increase of 1.3 points [2]. Group 1: Customer Satisfaction - The public satisfaction score for express delivery services in Q3 2025 is 85.0, which is an increase of 1.3 points compared to the previous year [2]. - High-scoring brands in public satisfaction include SF Express and JD Express [3]. - Regions with high satisfaction scores include Henan, Tianjin, Jiangsu, Beijing, Qinghai, and Hebei, all scoring above 86 [4]. - Satisfaction scores for various service aspects include: - Order service satisfaction for unified customer service hotline and courier phone orders at 90.7 and 87.7, respectively, with increases of 4.3 and 2.1 points [4]. - Collection service satisfaction for couriers and collection time at 87.9 and 86.4, respectively, with increases of 3.5 and 2.3 points [4]. - Information query service satisfaction for full information push and timely logistics information at 85.7 and 86.2, respectively, with increases of 0.9 and 0.7 points [4]. Group 2: Delivery Timeliness - The overall delivery time for express services in Q3 2025 is 51.32 hours, which is a reduction of 2 hours year-on-year [5]. - Breakdown of delivery times includes: - Average processing time at the shipping origin is 8.50 hours, an increase of 0.28 hours [5]. - Average transportation time is 29.94 hours, a decrease of 2.50 hours [5]. - Average processing time at the destination is 9.95 hours, an increase of 0.29 hours [5]. - Average delivery time is 2.94 hours, a decrease of 0.06 hours [5]. - The 72-hour delivery success rate is 86.47%, which is an increase of 2.08 percentage points year-on-year [6]. - Brands with high 72-hour delivery success rates include Postal Express and SF Express [7].

Market Overview - As of October 27, the Shanghai Composite Index closed at 3996.94 points, with an increase of 1.18% [1] - The Shenzhen Component Index closed at 13489.40 points, up by 1.51% [1] - The ChiNext Index closed at 3234.45 points, rising by 1.98% [1] Trading Activity - A total of 2530 stocks saw an increase in average transaction volume, with 78 stocks experiencing a growth of over 50% [1] - 2034 stocks reported a decrease in average transaction volume [1] - Notable stocks with significant increases in transaction volume include Xinri Co., Haomai Technology, and Changbao Co. [1] Individual Stock Performance - Xinri Co. reported a daily increase of 10.02% with an average transaction volume of 1456 shares, showing a 253.73% increase [1] - Haomai Technology increased by 10.01% with an average transaction volume of 784 shares, reflecting a 206.77% increase [1] - Changbao Co. rose by 9.95% with an average transaction volume of 2716 shares, marking a 197.17% increase [1] - Tianyi Medical saw a significant increase of 20.00% with an average transaction volume of 575 shares, up by 153.85% [1] Active Stocks by Transaction Count - Geer Software had a notable increase in transaction count, rising by 3312.09% with 106,389 transactions [2] - Huajian Group experienced a decrease of 9.99% but had a transaction count increase of 1338.50% with 220,091 transactions [2] - Shanghai Port Bay reported a 1.59% increase with 41,109 transactions, reflecting a 723.50% increase [2] Summary of Notable Stocks - Tianyi Medical, Wanlang Magnetic Plastic, and Jialan Technology all reported significant increases in both transaction volume and count, indicating heightened trading activity [1][2] - Stocks like Xinyuan Co. and Juzhu Co. also showed substantial increases in transaction metrics, suggesting potential investment interest [1][2]

Core Insights - The logistics sector experienced a 1.0% increase on October 27, with Xiamen Xiangyu leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Xiamen Xiangyu (600057) closed at 7.77, up 3.74% with a trading volume of 327,600 shares and a turnover of 252 million yuan [1] - Other notable performers include: - Ruimaotong (600180) at 4.87, up 2.96% [1] - Shentong Express (002468) at 15.97, up 2.57% [1] - ST Haichin (600753) at 7.40, up 2.49% [1] - Debon Logistics (603056) at 15.56, up 1.97% [1] - SF Holding (002352) at 40.58, up 1.76% with a turnover of 1.489 billion yuan [1] Fund Flow Analysis - The logistics sector saw a net inflow of 158 million yuan from institutional investors, while retail investors experienced a net outflow of 64.2 million yuan [2] - Key stocks with significant fund flows include: - Wuchan Zhongda (600704) with a net inflow of 86.62 million yuan from institutional investors [3] - SF Holding (002352) with a net inflow of 66.92 million yuan from institutional investors [3] - Shentong Express (002468) with a net inflow of 61.20 million yuan from institutional investors [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Group 1 - The core viewpoint of the article highlights that Naturando is seeking to go public on the Hong Kong Stock Exchange with a valuation exceeding 7.1 billion yuan, amidst a wave of beauty industry IPOs [1] - Naturando's revenue and profit growth, as well as its gross margin, are significantly lower than those of its competitor, Maogeping, which has seen a stock price increase of nearly 70% this year [1] - In the first half of the year, Naturando reported revenue of 2.448 billion yuan and a profit of 191 million yuan, with year-on-year growth rates of 6.4% and 7.1%, respectively, and a gross margin of 70.1% [1] Group 2 - Naturando's marketing expenditure over the past three years has approached 7.6 billion yuan, indicating a heavy reliance on marketing rather than research and development [1] - The company's sales and revenue costs reached 1.35 billion yuan in the first half of the year, accounting for 55% of its revenue, while R&D spending was only 42.38 million yuan, reflecting a decline of 5.3% year-on-year [1]