在入主万林物流（603117）4年后，实际控制人樊继波突然在网上实名发帖，喊话前实际控制人黄保 忠："作为企业的历史掌舵人，黄保忠先生理应对当年的经营结果、由此产生的损失负责，对公司及广 大投资者负责，并履行过往承诺。" 为何要在网上"约战"？樊继波在接受证券时报记者采访时表示，自己在2021年成为实际控制人之后，发 现黄保忠在向其转让控股权时，隐瞒了关键资产的实际情况，导致股权交易价值与公司真实资产状况严 重不符。"黄保忠曾表示愿意承担相应责任并予以补偿，但后续并未采取实质性解决措施"。 与此同时，双方的纠纷导致万林物流的银行授信受到影响，对上市公司未来发展造成影响。樊继波直 言，如今他已经被黄保忠"拉黑"，无奈之下才决定在网上发帖。双方的核心纠纷，就包括万林物流在8 年前收购的非洲业务，证券时报记者也就此展开了深入调查。 收购"踩雷" 8年前，在黄保忠实际控制万林物流期间，公司完成了一项重磅收购。 2017年6月23日，万林物流与许杰、邹勤夫妇签订《股权转让协议》，以2.93亿元收购裕林国际木业有 限公司（以下简称"裕林国际"）55%股权，从而间接掌控位于非洲加蓬的四家林业公司（简称"加蓬公 司"），获得 ...

Core Viewpoint - The conflict between the current actual controller of Wanlin Logistics, Fan Jibo, and the former controller, Huang Baozhong, centers around allegations of undisclosed key asset conditions during the transfer of control, which has led to significant financial implications for the company and its investors [2][3]. Group 1: Background of the Dispute - Fan Jibo publicly called out Huang Baozhong for not taking responsibility for the operational results and losses incurred during his tenure as the historical leader of the company [2]. - The dispute has negatively impacted Wanlin Logistics' bank credit, affecting its future development [2]. - The core issue involves the acquisition of African businesses made eight years ago, which has come under scrutiny [2]. Group 2: Acquisition Details - In June 2017, Wanlin Logistics acquired a 55% stake in Yulin International for 293 million yuan, gaining control over forestry companies in Gabon, with rights to approximately 1.07 million hectares of forest [3]. - The performance of Yulin International was satisfactory during the three-year performance commitment period (2017-2019), but it began to incur significant losses from 2020 onwards [3][5]. - Upon taking control, Fan Jibo discovered severe liquidity issues within Wanlin Logistics, with 2.7 billion yuan in receivables and long collection cycles [3]. Group 3: Financial Strain and Actions Taken - Wanlin Logistics continued to prepay and advance operational funds to Yulin International despite not receiving dividends, leading to financial strain [4]. - In 2021 and 2022, Yulin International reported losses of 69.83 million yuan and 273 million yuan, respectively, prompting Wanlin Logistics to divest from the company [5]. - In June 2023, a subsidiary of Fan Jibo announced a 51.08 million yuan acquisition of the 55% stake in Yulin International, effectively removing it from the listed company structure [5]. Group 4: Legal and Operational Challenges - Huang Baozhong allegedly facilitated the creation of fictitious transactions and misappropriated funds during his tenure, which has complicated the resolution of outstanding debts [8]. - Following the divestment, Yulin International's operational status remains unclear, with ongoing challenges in asserting control over the Gabonese assets [10]. - Fan Jibo has indicated that Huang Baozhong's failure to fulfill his commitments has exacerbated the situation, leading to further operational disruptions for Wanlin Logistics [10].

Core Insights - The logistics sector experienced a rise of 1.44% on November 10, with *ST Yuanshang leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - *ST Yuanshang (603813) closed at 34.35, up 5.01% with a trading volume of 15,300 [1] - Guanghui Logistics (600603) closed at 7.80, up 3.59% with a trading volume of 288,600 [1] - Xiamen Xiangyu (600057) closed at 8.70, up 3.33% with a trading volume of 361,800 [1] - Jianshe Co. (600153) closed at 10.56, up 3.12% with a trading volume of 357,800 [1] - Milkewei (603713) closed at 61.84, up 3.00% with a trading volume of 29,200 [1] - Shentong Express (002468) closed at 15.54, up 2.57% with a trading volume of 247,800 [1] - Chuanhua Zhili (002010) closed at 6.29, up 2.44% with a trading volume of 415,600 [1] - YTO Express (600233) closed at 16.85, up 2.12% with a trading volume of 149,200 [1] - *ST Haiqin (600753) closed at 7.78, up 2.10% with a trading volume of 29,500 [1] - SF Holding (002352) closed at 40.80, up 2.05% with a trading volume of 362,500 [1] Capital Flow - The logistics sector saw a net inflow of 84.64 million yuan from main funds, while retail funds experienced a net outflow of 100 million yuan [2] - Retail investors contributed a net inflow of 15.74 million yuan [2] Individual Stock Capital Flow - SF Holding (002352) had a main fund net inflow of 1.15 million yuan, with retail net inflow of 15.41 million yuan [3] - Chuanhua Zhili (002010) saw a main fund net inflow of 28.29 million yuan, but retail funds had a net outflow of 13.33 million yuan [3] - Shanghai Yashi (603329) experienced a main fund net inflow of 20.30 million yuan, with a retail net outflow of 14.06 million yuan [3] - Guanghui Logistics (600603) had a main fund net inflow of 9.01 million yuan, with retail net outflow of 7.86 million yuan [3]

Market Overview - The logistics sector increased by 0.36% on November 6, with ST Xuefa leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers in Logistics Sector - ST Xuefa (002485) closed at 4.94, up 5.11% with a trading volume of 89,700 shares and a turnover of 44.11 million yuan [1] - *ST Yuanshang (603813) closed at 31.15, up 4.95% with a trading volume of 9,205 shares and a turnover of 27.98 million yuan [1] - Jiayou International (603871) closed at 14.54, up 3.64% with a trading volume of 128,200 shares and a turnover of 186 million yuan [1] Top Losers in Logistics Sector - Xiamen Xiangyu (600057) closed at 8.39, down 3.12% with a trading volume of 489,700 shares and a turnover of 409 million yuan [2] - Huami Duhai (920351) closed at 26.55, down 2.82% with a trading volume of 23,000 shares and a turnover of 6.14 million yuan [2] - Changjiang Investment (600119) closed at 8.74, down 2.78% with a trading volume of 75,400 shares and a turnover of 6.60 million yuan [2] Capital Flow in Logistics Sector - The logistics sector experienced a net outflow of 94.34 million yuan from institutional investors, while retail investors saw a net inflow of 65.24 million yuan [2] - The main stocks with significant net inflows included SF Holding (002352) with 64.23 million yuan and Shanghai Yashi (603329) with 23.05 million yuan [3] Detailed Capital Flow Analysis - SF Holding (002352) had a main net inflow of 64.23 million yuan, but retail and speculative investors saw net outflows of 33.92 million yuan and 30.31 million yuan respectively [3] - Shanghai Yashi (603329) had a main net inflow of 23.05 million yuan, with retail investors experiencing a net outflow of 19.25 million yuan [3] - New Ning Logistics (300013) recorded a main net inflow of 18.31 million yuan, while retail investors had a net outflow of 12.91 million yuan [3]

Core Points - Wanlin Logistics announced that its controlling shareholder, Gongqingcheng Surui Investment Co., Ltd., holds 93,306,657 shares of the company, accounting for 15.57% of the total share capital [2] - After the release of 19,300,000 pledged shares, Gongqingcheng Surui has a total of 15,700,000 pledged shares, which represents 16.83% of its holdings and 2.62% of the company's total share capital [2]

Group 1 - The controlling shareholder of Wanlin Logistics, Jiangsu Wanlin Modern Logistics Co., Ltd., holds approximately 93.31 million unrestricted circulating shares, accounting for 15.57% of the total share capital [1] - The total shares held by the controlling shareholder and its concerted parties amount to about 190 million shares, representing 31.68% of the total share capital [1] - After the release of the pledge, the controlling shareholder and its concerted parties have a total of approximately 28.31 million pledged shares, which is 14.91% of their total holdings and 4.72% of the company's total share capital [1] Group 2 - The company reported that its revenue composition for the year 2024 will be 95.19% from modern service industries and 4.81% from other businesses [1] - As of the latest report, Wanlin Logistics has a market capitalization of 3.2 billion yuan [2]

重要内容提示： 一、说明会类型 证券代码：603117 证券简称：万林物流 公告编号：2025-044 江苏万林现代物流股份有限公司 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。 江苏万林现代物流股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日在上海证券交易所网站及相关指定媒体披露公司 2025 年第三季度报告。为 加强与投资者的沟通交流，便于广大投资者更加全面、深入地了解公司的情况， 公司定于 2025 年 11 月 7 日（星期五）15:00-16:00 通过网络平台在线交流的方 式召开 2025 年第三季度业绩说明会，在信息披露允许的范围内就投资者普遍关 注的问题进行回答。 二、说明会召开的时间、地点 1 会议召开时间：2025 年 11 月 7 日（星期五）15:00-16:00 会议召开地点: 上海证券报·中国证券网路演中心 （https://roadshow.cnstock.com/） 会议召开方式：网络平台在线交流 投资者可于 2025 年 ...

证券代码：603117 证券简称：万林物流 公告编号：2025-045 江苏万林现代物流股份有限公司 关于控股股东部分股份解除质押的公告 公司于 2025 年 10 月 31 日接到控股股东共青城苏瑞的通知，获悉共青城苏 瑞所持有公司部分股份已解除质押，具体事项如下： 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。 股东名称 共青城苏瑞 本次解除质押股份 19,300,000 股 占其所持股份比例 20.68% 占公司总股本比例 3.22% 解除质押时间 2025 年 10 月 30 日 持股数量 93,306,657 股 一、股份解除质押 | 持股比例 | 15.57% | | --- | --- | | 剩余被质押股份数量 | 股 15,700,000 | | 剩余被质押股份数量占其所持股份比例 | 16.83% | | 剩余被质押股份数量占公司总股本比例 | 2.62% | 本次股份解除质押后，共青城苏瑞暂无将本次解除质押的股份用于后续质押 的计划。如有变动，将按照相关法律法规要求及时通知公司履行信息披露义务。 二、股东 ...

Core Viewpoint - Wanlin Logistics (603117.SH) reported a decline in revenue and net profit for Q3 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company's operating revenue for Q3 2025 was 58.6427 million, a year-on-year decrease of 13.08% [1] - The net profit attributable to shareholders was 4.1694 million, reflecting a year-on-year decline of 7.57% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.5711 million, showing a significant year-on-year increase of 113.37% [1]

Core Viewpoint - Wanlin Logistics is a leading domestic provider of supply chain logistics services for imported timber, with a differentiated advantage formed by professional logistics solutions and full industry chain services [1] Group 1: Business Performance - In Q3 2025, Wanlin Logistics reported revenue of 185 million, ranking 11th among 12 companies in the industry, with the industry leader, China Foreign Transport, generating 75.038 billion [2] - The main business composition includes handling services at 105 million, accounting for 83.16%, basic logistics at 13.099 million, accounting for 10.33%, and other services at 8.267 million, accounting for 6.52% [2] - The net profit for the same period was 14.056 million, also ranking 11th in the industry, with the industry leader, China Foreign Transport, reporting a net profit of 2.912 billion [2] Group 2: Financial Ratios - As of Q3 2025, Wanlin Logistics had a debt-to-asset ratio of 23.55%, down from 28.25% year-on-year, and below the industry average of 40.47%, indicating lower debt pressure [3] - The gross profit margin for Q3 2025 was 29.84%, down from 34.17% year-on-year, but still above the industry average of 14.94%, reflecting strong profitability [3] Group 3: Executive Compensation - The chairman, Fan Jibo, received a salary of 1.2736 million in 2024, a decrease of 299,000 from 2023 [4] - The general manager, Hao Jianbin, received a salary of 713,600 in 2024, a decrease of 168,500 from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Wanlin Logistics was 27,100, a decrease of 3.82% from the previous period [5] - The average number of circulating A-shares held per shareholder increased by 3.97% to 22,100 [5]