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]

Core Viewpoint - The actual controller of Wanlin Logistics, Fan Jibo, publicly criticized former controller Huang Baozhong for failing to take responsibility for past operational losses and for not fulfilling previous commitments regarding the company's financial issues [1][9]. Group 1: Background of the Dispute - Fan Jibo became the actual controller of Wanlin Logistics in 2021 and discovered that Huang Baozhong had concealed critical asset information during the transfer of control, leading to a significant discrepancy between the transaction value and the company's actual asset status [1][2]. - The dispute has negatively impacted Wanlin Logistics' bank credit, affecting its future development [1][2]. Group 2: Acquisition and Financial Issues - In June 2017, during Huang Baozhong's control, Wanlin Logistics acquired 55% of Yulin International for 293 million yuan, gaining access to forestry rights in Gabon [2]. - After the performance guarantee period (2017-2019), Yulin International's financial performance deteriorated, leading to significant losses starting in 2020 [2][3]. - By 2021 and 2022, Yulin International reported losses of 69.83 million yuan and 273 million yuan, respectively, prompting Wanlin Logistics to seek to divest from the underperforming asset [3][4]. Group 3: Actions Taken by Wanlin Logistics - On June 30, 2023, Fan Jibo's company, Gongqingcheng Bochun Investment, acquired the 55% stake in Yulin International from Wanlin Logistics for 51.08 million yuan, effectively removing it from the listed company's structure [4]. - Gongqingcheng Bochun later provided 94.48 million yuan to resolve Yulin International's operational funding issues, allowing Wanlin Logistics to successfully "remove its hat" (a term indicating the resolution of a financial issue) [4]. Group 4: Legal and Operational Complications - Legal disputes have arisen regarding the financial transactions between Wanlin Logistics and its subsidiaries, with allegations of Huang Baozhong facilitating unauthorized financial operations [5][6][7]. - Huang Baozhong's actions have led to ongoing complications in recovering funds and resolving outstanding debts, with claims that he has obstructed the company's efforts to address these issues [7][9]. Group 5: Current Status and Future Outlook - Following the divestment, Yulin International's operational status remains uncertain, with ongoing challenges in asserting control over the Gabonese assets [8]. - Fan Jibo has indicated that Huang Baozhong's cooperation is essential for resolving the legacy issues from the African business, as previous commitments to assist have not been fulfilled [9].

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 ...