Core Insights - The logistics sector experienced a decline of 0.3% on November 19, with Longzhou Co. leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - ST Xuefa (002485) saw a significant increase of 4.94%, closing at 5.10 with a trading volume of 54,200 shares and a turnover of 27.61 million yuan [1] - Longzhou Co. (002682) led the decline with a drop of 9.95%, closing at 7.06 with a trading volume of 2.24 million shares and a turnover of 1.648 billion yuan [2] - Other notable performers included Huapei (300350) with a 4.70% increase and Dongfang Jiasheng (002889) with a 4.07% increase [1] Capital Flow - The logistics sector saw a net outflow of 252 million yuan from institutional investors, while retail investors contributed a net inflow of 194 million yuan [2] - The table of capital flow indicates that Dongfang Jiasheng (002889) had a net inflow of 44.26 million yuan from institutional investors, while it faced a net outflow of 22.33 million yuan from retail investors [3]

Core Viewpoint - Wanlin Logistics has experienced a decline in revenue and profit, with a notable drop in stock price this year, indicating potential challenges in its business operations and market performance [1][2]. Financial Performance - For the period from January to September 2025, Wanlin Logistics reported a revenue of 185 million yuan, a year-on-year decrease of 14.78% [2]. - The net profit attributable to the parent company was approximately 14.08 million yuan, reflecting a year-on-year decline of 32.13% [2]. - Year-to-date, the stock price of Wanlin Logistics has decreased by 9.98%, with a slight increase of 0.36% over the last five trading days [1]. Stock Market Activity - As of November 19, Wanlin Logistics' stock price was 5.50 yuan per share, with a market capitalization of 3.296 billion yuan [1]. - The stock has seen a net outflow of 1.7761 million yuan in principal funds, with significant selling activity [1]. - The company has appeared on the stock market's "龙虎榜" (top trading list) once this year, with the last occurrence on February 14 [1]. Business Overview - Wanlin Logistics, established on November 12, 2007, and listed on June 29, 2015, specializes in comprehensive logistics services related to the import timber supply chain [1]. - The main revenue sources for the company include loading and unloading services (83.16%), basic logistics (10.33%), and other services (6.52%) [1]. - The company operates within the transportation and logistics sector, specifically in cross-border logistics [1]. Shareholder Information - As of September 30, the number of shareholders for Wanlin Logistics was 27,100, a decrease of 3.82% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.97% to 22,113 shares [2]. Dividend Information - Since its A-share listing, Wanlin Logistics has distributed a total of 206 million yuan in dividends, with no dividends paid in the last three years [3].

Core Viewpoint - Jiangsu Wanlin Modern Logistics Co., Ltd. has announced the progress of a significant lawsuit, indicating that the outcome is not expected to adversely affect the company's current or future profits due to prior provisions made for bad debts [2][5]. Group 1: Lawsuit Overview - The lawsuit involves a contract dispute between the company and Shandong Weishanhu Dayun Coal and Coke Sales Co., Ltd., with a first-instance judgment requiring the defendant to return a prepayment of 141,139,732.27 yuan plus interest [2][5]. - The total amount involved in the case is 319,942,966.81 yuan [6]. Group 2: Legal Proceedings - The company and its subsidiary appealed the first-instance judgment, but the Jiangsu Provincial High People's Court upheld the original ruling in a second-instance judgment [5][6]. - The total litigation costs for the second-instance case amounted to 1,622,615 yuan, with the company and its subsidiary bearing 875,116 yuan of this cost [7]. Group 3: Financial Impact - The company has already made full provisions for bad debts related to the disputed receivables, which mitigates the potential negative impact on its financial statements [2][7]. - The final accounting treatment and impact amount will be determined based on the company's financial reports following the execution of the judgment [2][7].

证券代码：603117 证券简称：万林物流 公告编号：2025-047 一、本次诉讼的基本情况 公司前期披露了公司及子公司木材产业园与被告山东省微山湖大运煤焦炭 销售有限公司（以下简称"微山湖大运"）、陈玉芳、朱思利的买卖合同纠纷案 情况及一审判决结果。根据江苏省泰州市中级人民法院（2022）苏 12 民初 57 号《民事判决书》，一审判决结果如下： 1.被告微山湖大运于本判决生效之日起十日内返还原告万林物流、木材产业 园预付款 141,139,732.27 元及利息（以 141,139,732.27 元为本金，自 2022 年 3 月 29 日起按全国银行间同业拆借中心公布的同期贷款市场报价利率计算至实际 1 案件所处的诉讼阶段：二审判决 上市公司所处的当事人地位：上诉人之一（一审原告） 涉案金额：319,942,966.81 元 江苏万林现代物流股份有限公司 关于重大诉讼进展的公告 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： 是否会对上市公司损益产生负面影响：公司在以前年度已根据谨慎性原 则，对案涉其他 ...

Core Viewpoint - Wanlin Logistics has experienced a decline in stock price and financial performance, indicating potential challenges in its operations and market position [1][2]. Financial Performance - As of September 30, Wanlin Logistics reported a revenue of 185 million yuan, a year-on-year decrease of 14.78% [2]. - The net profit attributable to the parent company was 14.08 million yuan, down 32.13% year-on-year [2]. - The company has distributed a total of 206 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - On November 18, Wanlin Logistics' stock price fell by 2.00%, trading at 5.38 yuan per share, with a total market capitalization of 3.224 billion yuan [1]. - The stock has declined by 11.95% year-to-date, with a slight decrease of 0.55% over the last five trading days [1]. - The company has seen a net outflow of 1.52 million yuan in principal funds, with large orders accounting for 13.80% of purchases and 28.22% of sales [1]. Company Overview - Wanlin Logistics, established on November 12, 2007, and listed on June 29, 2015, is based in Jiangsu Province and specializes in comprehensive logistics services for imported timber supply chain management [1]. - The company's main business revenue composition includes 83.16% from loading and unloading services, 10.33% from basic logistics, and 6.52% from other services [1]. - Wanlin Logistics is categorized under the transportation and logistics industry, specifically in cross-border logistics, and is associated with concepts such as small-cap, express delivery, and the Yangtze River Delta integration [1].

Core Points - Wanlin Logistics announced that its actual controller, Mr. Fan Jibo, holds 77,606,585 shares of the company, accounting for 12.95% of the total share capital [2] - After pledging 19,300,000 shares, Mr. Fan has a total of 31,909,970 pledged shares, which represents 41.12% of his holdings and 5.33% of the company's total share capital [2] Summary by Category - **Shareholding Structure** - Mr. Fan Jibo holds 77,606,585 shares, which is 12.95% of the total share capital [2] - **Pledged Shares** - Mr. Fan has pledged 19,300,000 shares, bringing the total pledged shares to 31,909,970 [2] - The pledged shares represent 41.12% of Mr. Fan's total holdings and 5.33% of the company's total share capital [2]

证券代码：603117 证券简称：万林物流 公告编号：2025-046 江苏万林现代物流股份有限公司 关于实际控制人部分股份质押的公告 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。 重要提示： 截至本公告日，江苏万林现代物流股份有限公司（以下简称"公司"）实 际控制人樊继波先生持有公司无限售条件流通股 77,606,585 股，占公司总股本的 12.95%。本次质押股份 19,300,000 股后，樊继波先生累计质押公司股份数量为 31,909,970 股，占其持股数量的 41.12%，占公司总股本的 5.33%。 截至本公告日，公司实际控制人樊继波先生及其一致行动人共青城苏瑞 投资有限公司（以下简称"共青城苏瑞"）、共青城铂瑞投资合伙企业（有限合伙） （以下简称"铂瑞投资"）、共青城铂宸投资有限公司（以下简称"铂宸投资"） 合计持有公司股份 189,821,340 股，占公司总股本的 31.68%。本次质押股份 19,300,000 股后，实际控制人及其一致行动人累计质押股份 47,609,970 股，占其 合计持有股份的 ...

Core Viewpoint - The ongoing legal and operational disputes between Fan Jibo, the current actual controller of Wanlin Logistics, and Huang Baozhong, the former controller, have significantly impacted the company's performance and reputation, highlighting the complexities of corporate governance and control transitions in the logistics industry [1][11][20]. Group 1: Background of the Dispute - The control transfer of Wanlin Logistics began in 2019 when Fan Jibo and Huang Baozhong, initially on good terms, agreed on a share transfer deal [5][6]. - Fan Jibo paid 200 million yuan as an advance for the control transfer, but later raised concerns about approximately 2.7 billion yuan in receivables on the company's books [5][8]. - After becoming the actual controller in May 2021, Fan Jibo discovered financial issues within the company, leading to escalating tensions with Huang Baozhong [7][11]. Group 2: Legal Proceedings and Financial Impact - Huang Baozhong filed a lawsuit in January 2022, resulting in the freezing of Fan Jibo's shares, which exacerbated Wanlin Logistics' financial difficulties [9][10]. - The company faced significant operational challenges, leading to a decline in revenue from 721 million yuan in 2020 to 295 million yuan in 2024, with fluctuating net profits [13]. - Fan Jibo's attempts to address these issues included using personal funds to stabilize the company and remove its ST (Special Treatment) status [10][14]. Group 3: Current Developments and Future Outlook - As of 2024, Wanlin Logistics has regained its operational stability, while Fan Jibo's other enterprise, "Yaya," has seen significant growth [14]. - Fan Jibo has initiated legal action against Huang Baozhong, seeking compensation for losses attributed to Huang's management during his tenure [15][16]. - The ongoing disputes and Fan Jibo's recent public appeals for dialogue indicate that the conflict between the two parties remains unresolved, with potential implications for investor confidence and corporate governance practices [20][21].

Core Viewpoint - The article discusses the ongoing dispute between the current actual controller of Wanlin Logistics, Fan Jibo, and the former actual controller, Huang Baozhong, regarding undisclosed asset conditions during the transfer of control, which has led to significant financial and operational challenges for the company [3][4][11]. Summary by Sections Background of the Dispute - Fan Jibo publicly called out Huang Baozhong for not taking responsibility for the company's operational results and losses since the transfer of control [3]. - The dispute has negatively impacted Wanlin Logistics' bank credit, affecting its future development [4]. Acquisition of Yulin International - In June 2017, Wanlin Logistics acquired 55% of Yulin International for 293 million yuan, gaining control over forestry companies in Gabon [5]. - Yulin International performed well during the three-year performance commitment period but began to incur significant losses starting in 2020 [5]. Financial Struggles and Mismanagement - After taking control, Fan Jibo discovered severe liquidity issues, with 2.7 billion yuan in receivables and long collection cycles [5]. - Wanlin Logistics had been prepaying and advancing funds to Yulin International without receiving dividends, leading to further financial strain [6]. Legal and Operational Challenges - Huang Baozhong's actions, including freezing shares and reporting to regulators, have complicated the resolution of disputes and hindered the company's operations [11]. - The company has faced difficulties in restoring credit after being delisted, primarily due to ongoing disputes and unverified reports [11]. Current Status of Yulin International - Following the acquisition of Yulin International's shares by Gongqingcheng Bochun Investment Co., Ltd., issues regarding the operational control and asset management of the Gabon companies remain unresolved [10]. - Huang Baozhong's previous commitments to assist in resolving these issues have not been fulfilled, further complicating the situation for Wanlin Logistics [11].

Core Insights - Wanlin Logistics' stock price increased by 2.22% on November 12, reaching 5.53 CNY per share, with a total market capitalization of 3.314 billion CNY [1] - The company has experienced a year-to-date stock price decline of 9.49%, but has seen a slight increase of 0.55% over the last five trading days [2] - Wanlin Logistics reported a revenue of 185 million CNY for the first nine months of 2025, a year-on-year decrease of 14.78%, and a net profit of 14.08 million CNY, down 32.13% year-on-year [2] Financial Performance - The company has a main business revenue composition of 83.16% from loading and unloading services, 10.33% from basic logistics, and 6.52% from other services [2] - As of September 30, the number of shareholders decreased by 3.82% to 27,100, while the average circulating shares per person increased by 3.97% to 22,113 shares [2] - Wanlin Logistics has distributed a total of 206 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Market Activity - The stock saw a net inflow of 557,600 CNY from main funds, with large orders accounting for 11.23% of total purchases [1] - The company has been listed on the "Dragon and Tiger List" once this year, with the last occurrence on February 14 [2] - Wanlin Logistics operates in the cross-border logistics sector, with its business primarily focused on the import timber supply chain management [2]