Core Viewpoint - Jiangsu Wanlin Modern Logistics Co., Ltd. is involved in an arbitration case with Shanghai Mindai Industrial Co., Ltd. regarding a sales contract dispute, with a total amount in question of 48 million yuan [1][2][3] Summary by Sections Arbitration Case Overview - The arbitration case is at the final ruling stage, with the company being one of the respondents [1] - The involved amount is 48 million yuan [1] - The company has previously recognized liabilities and estimated liabilities totaling 52.6975 million yuan based on prudence principles [1][3] Arbitration Ruling Details - On July 22, 2025, the company received the arbitration ruling which includes: - The first respondent, the wood industry park, must return 48 million yuan to Mindai Industrial within 15 days [3] - The wood industry park must also pay a usage fee calculated at an annual interest rate of 3.65% from May 31, 2023, until the actual payment date [3] - The second respondent, Huang Baozhong, bears joint guarantee responsibility for the payments [3] - The arbitration fee of 364,395 yuan is to be jointly borne by the wood industry park and Huang Baozhong [3] Impact on Company Financials - The company will adjust its financials according to the arbitration ruling, which will result in a reversal of estimated liabilities by 675,500 yuan, thus increasing the company's profit for the first half of 2025 by the same amount [3][4]

证券代码：603117 证券简称：万林物流 公告编号：2025-028 江苏万林现代物流股份有限公司 关于涉及仲裁结果的公告 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： 一、本次仲裁的基本情况 2023 年 9 月，木材产业园收到上海仲裁委员会送达的《仲裁通知书》[（2023） 沪仲案字第 4876 号]及相关材料，申请人上海珉大实业有限公司（以下简称"珉 大实业"）因买卖合同货款纠纷，将木材产业园列为被申请人，提起仲裁。申请 人珉大实业于 2024 年 8 月 21 日向上海仲裁委员会提交了《撤回仲裁申请书》， 仲裁庭同意珉大实业撤回其对木材产业园的仲裁请求，（2023）沪仲案字第 4876 号仲裁案已结案。2024 年 10 月，木材产业园收到上海仲裁委员会送达的《仲裁 1 案件所处的诉讼阶段：终局裁决 上市公司所处的当事人地位：被申请人之一 涉案金额：4,800 万元 通知书》[（2024）沪仲案字第 6196 号]及相关材料，申请人珉大实业因前述买 卖合同货款纠纷，再次将木材产业园列为被申请人，提起 ...

江苏万林现代物流股份有限公司 关于注销募集资金专户的公告 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。 一、 募集资金基本情况 证券代码：603117 股票简称：万林物流 编号：2025-027 | 开户主体 | 开户银行 | 银行账号 | 存续状态 | | --- | --- | --- | --- | | 江苏万林现代物流 | 交通银行股份有限公 | 310066629018800028534 | 本次注销 | | 股份有限公司 | 司上海长宁支行 | | | | 江苏万林现代物流 | 中国建设银行股份有 | 31050167390000000318 | 本次注销 | | 股份有限公司 | 限公司上海第六支行 | | | | 上海万林供应链管 | 中国建设银行股份有 | 31050161404000000132 | 本次注销 | | 理有限公司 | 限公司上海曹路支行 | | | | 万林国际木业投资 | 中国建设银行股份有 | FTN31050161413600002137 | 变更为一般账户 | | 有限公司 | 限 ...

Core Viewpoint - Wanlin Logistics has experienced a decline in stock price and significant decreases in revenue and net profit, indicating potential financial distress and operational challenges [1][2]. Company Announcements Summary - As of July 11, 2025, Wanlin Logistics' stock closed at 5.94 yuan, down 2.14% from the previous week, with a total market capitalization of 3.559 billion yuan, ranking 30th in the logistics sector [1]. - The company reported a fixed asset value of 785 million yuan at the end of 2024, accounting for 56.68% of total assets, with a fixed asset impairment loss of 13 million yuan recorded in 2023 [1][2]. - Revenue from loading and unloading services decreased by 9.50% year-on-year to 252 million yuan, with a gross margin reduction of 2.08 percentage points [1]. - In Q1 2025, the company's operating revenue fell by 9.63% year-on-year, and net profit decreased by 50.32% [1][4]. - Other receivables at the end of 2024 amounted to 69.91 million yuan, primarily from trade agency business, with 58.59% of receivables from China State Construction being over three years old [1][2]. - Short-term borrowings, other payables, and current portion of non-current liabilities at the end of 2024 were 40.14 million yuan, 149.04 million yuan, and 10.70 million yuan, respectively, while cash and cash equivalents were only 18.70 million yuan, resulting in a current ratio of 0.47 [1][2][4]. - Management expenses for 2024 were 66 million yuan, a decrease of 23.47% year-on-year, with employee compensation expenses of 25.54 million yuan, down 15.06% [1][2].

Financial Performance - The company reported a net profit of 13.65 million yuan for 2024, achieving a turnaround from losses, but the adjusted net profit was only 2.29 million yuan, indicating reliance on non-recurring gains of 11.37 million yuan, which accounted for 81.5% of the net profit [1] - Total revenue declined by 24.15% year-on-year to 295 million yuan, with handling business revenue decreasing by 9.50% and gross margin dropping by 2.08 percentage points [1] Liquidity and Debt Concerns - As of the end of 2024, the company had cash and cash equivalents of only 18.70 million yuan, while short-term borrowings and other payables exceeded 200 million yuan, resulting in a current ratio of 0.47 and a quick ratio of 0.47, indicating severe liquidity issues [1] Accounts Receivable Risks - Accounts receivable surged by 103.83% year-on-year to 30.49 million yuan, with 58.59% of other receivables aged over three years, raising concerns about the collectability of 39.88 million yuan owed by China State Construction [2] - The company attempted to mitigate bad debt provisions but faced scrutiny over the reasonableness of this approach, as the repayment cycle for China State Construction was extended [2] Asset Quality and Operational Challenges - The company’s asset quality and ongoing viability were questioned by regulators, with fixed assets making up 56.68% of total assets, amounting to 785 million yuan, and significant impairment losses recorded due to declining rental rates [3] - An attempt to sell assets in Lianyungang for 70 million yuan failed due to buyer default, highlighting difficulties in asset liquidation [3] Shareholder and Business Risks - The first major shareholder had pledged 64.3% of their shares, while the third major shareholder had pledged 100%, with a total of 12.12% of shares frozen, creating a negative feedback loop with business contraction [3] - The company’s trade agency business was scaled back due to increased financial risks, with basic logistics revenue plummeting to 27.73 million yuan, a significant year-on-year decrease [3]

Summary of Key Points Core Viewpoint The company, Jiangsu Wanlin Modern Logistics Co., Ltd., has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response concerning fixed asset impairment, accounts receivable, debt risks, and management expenses. Group 1: Fixed Assets - As of the end of 2024, the company's fixed assets amounted to 785 million yuan, representing 56.68% of total assets, with an impairment loss of 13 million yuan recorded in 2023 due to the underperformance of its subsidiary, Lianyungang Wanlin Logistics Co., Ltd. [1][2] - The revenue from the loading and unloading business of Lianyungang Wanlin decreased by 9.50% year-on-year, with a gross margin decline of 2.08 percentage points [1][2]. - The company conducted a detailed impairment test on fixed assets, concluding that the market value of certain properties indicated impairment, leading to a provision of 12.94 million yuan [1][2][3]. Group 2: Accounts Receivable - By the end of 2024, other receivables totaled 69.91 million yuan, primarily from trade agency business, with 58.59% of receivables from China State Construction Engineering Corporation being over three years old [4][5]. - The company reported a 103.83% year-on-year increase in accounts receivable, reaching 30.49 million yuan, while revenue decreased by 24.15% [4][5]. - The company has adopted a collective expected credit loss rate for accounts receivable, transitioning from individual impairment provisions for certain clients [4][5][6]. Group 3: Debt Risks - As of the end of 2024, the company reported short-term borrowings of 40.14 million yuan and other payables of 149.04 million yuan, with cash reserves of only 18.70 million yuan, resulting in a current ratio of 0.47 [13][15]. - The company has faced challenges in obtaining bank credit, with a total borrowing balance of 20 million yuan from two banks, both maturing in June 2026 [15][16]. - The company anticipates generating approximately 80 million yuan in operating cash flow in 2025, which may alleviate some liquidity pressures [15][16]. Group 4: Management Expenses and Non-Recurring Gains - The total employee compensation expense was 25.54 million yuan, reflecting a year-on-year decrease of 15.06% [16]. - The company is required to provide further details on the components of management expenses and the rationale behind the decline in employee compensation [16].

Core Viewpoint - Jiangsu Wanlin Modern Logistics Co., Ltd. is facing financial challenges, including a decline in revenue and net profit, alongside issues related to fixed asset impairment and accounts receivable management [1][2][3]. Fixed Assets - As of the end of 2024, the company's fixed assets amounted to 785 million yuan, representing 56.68% of total assets. In 2023, the company recognized a fixed asset impairment loss of 13 million yuan, primarily due to the underperformance of its subsidiary, Lianyungang Wanlin Logistics Co., Ltd., which reported a loss of 2.55 million yuan [2][3]. - The company did not recognize further impairment losses for fixed assets despite a decrease in business volume, with handling business revenue dropping by 9.50% year-on-year [2][3]. - A detailed impairment test was conducted on fixed assets at the end of 2023, revealing a net value of 24.76 million yuan for buildings, with an impairment provision of 12.94 million yuan [3][5]. Accounts Receivable - By the end of 2024, other receivables totaled 69.91 million yuan, with a significant portion (58.59%) aged over three years, primarily from China State Construction Engineering Corporation [8][12]. - The company has implemented a credit loss provision based on expected credit loss rates, with a year-on-year decrease of 24.15% in accounts receivable [8][12]. - The company has faced challenges in collecting receivables from China State Construction, leading to a longer aging of accounts, but has not identified significant credit risk [12][13]. Debt Risk - As of the end of 2024, the company reported short-term borrowings of 40.14 million yuan and other payables of 149.04 million yuan, with cash and cash equivalents at only 18.70 million yuan, resulting in a current ratio of 0.47 [17][18]. - The company received and repaid significant borrowing amounts during the reporting period, indicating liquidity challenges [17][18]. - The company is actively seeking bank credit to alleviate its liquidity issues and has projected an operating cash flow of approximately 80 million yuan for 2025 [17][18].

关于江苏万林现代物流股份有限公司 工作函 专项说明 国府专审字（2025）第 01010039 号 北京国府嘉盈会计师事务所（特殊普通合伙） 二〇二五年七月十日 目 录 一、关于固定资产。 专项说明 1-19 项 目 起始页码 北京国府嘉盈会计师事务所（特殊普通合伙） 北京市朝阳区霄云里南街 9 号院 5 号楼 华瑞大厦九层 邮编 100016 电话 +86 10 64790905 关于江苏万林现代物流股份有限公司 监管工作函专项说明 上海证券交易所： 由江苏万林现代物流股份有限公司（以下简称万林物流或公司）转来的《关于江苏万林现代 物流股份有限公司 2024 年年度报告的信息披露监管问询函》（上证公函【2025】0761 号）（以下简 称"工作函"） 奉悉。我们已对工作函中需要我们说明的财务事项进行了审慎核查，现汇报说明 如下。 年报显示，公司2024年末固定资产7.85亿元，占公司总资产比例为56.68%，公司于2023年计 提固定资产减值损失0.13亿元，主要系子公司连云港万林物流有限公司（以下简称连云港万林） 的资产存在减值，本年度连云港万林亏损254.57万元，但公司未计提固定资产减值损失。2024 ...

证券代码：603117 证券简称：万林物流 公告编号：2025-026 江苏万林现代物流股份有限公司 关于上海证券交易所对公司 2024 年年度报告 的信息披露监管问询函的回复公告 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。 江苏万林现代物流股份有限公司（以下简称"公司"或"万林物流"）于近 日收到上海证券交易所上市公司管理二部下发的《关于江苏万林现代物流股份有 限公司2024年年度报告的信息披露监管问询函》（上证公函【2025】0761号）（以 下简称"《问询函》"）。公司收到《问询函》后，积极组织相关部门及人员就 《问询函》所载问题进行了逐项核查落实，现就相关内容回复如下： 一、关于固定资产。 请公司：（1）补充披露2023年公司计提固定资产减值损失的具体情形和测 算过程，包括但不限于估值方法、关键假设、主要参数等，说明固定资产减值 损失的确认依据，相关固定资产是否存在进一步减值的情形；（2）补充披露公 司固定资产的主要构成及使用情况，结合公司业绩持续下滑等，说明固定资产 是否存在减值迹象，减值准备计提是否充分。 公司 ...

Core Viewpoint - Jiangsu Wanlin Modern Logistics Co., Ltd. has disclosed a total of new litigation involving an amount of RMB 107,937,525.60, which accounts for 10.63% of the company's latest audited net assets [1]. Summary by Sections New Litigation Cases - The company and its subsidiaries have a total of new litigation cases with a cumulative amount of RMB 107,937,525.60, where the company and its subsidiaries as plaintiffs have a total claim of RMB 107,736,525.60, and as defendants, they are involved in cases amounting to RMB 201,000.00 [1]. - The major cases include disputes with Shanghai Mylin International Trade Co., Ltd. and others, with various types of claims such as guarantee contracts and loan disputes [1][4]. Major Litigation Details - The company claims that the defendants, Shanghai Huirui Industrial Co., Ltd. and Huang Baozhong, have violated their fiduciary duties as controlling shareholders, leading to significant financial losses for the company [5][6]. - The company is seeking compensation for economic losses amounting to RMB 48,384,000, which is calculated as 20% of the actual loss of RMB 24,192,000 due to the defendants' improper investment and management actions [6]. Previous Litigation and Arbitration Progress - The company has previously disclosed ongoing litigation and arbitration cases with a total amount of RMB 987,261,253.16, where the company as a plaintiff has claims amounting to RMB 901,239,354.75 and as a defendant, it faces claims of RMB 86,021,898.41 [9][14]. - The company will continue to disclose the progress of these litigation and arbitration cases in accordance with the relevant regulations of the Shanghai Stock Exchange [14].