Financial Performance - The company's operating revenue for Q3 2025 was ¥58,642,743.50, a decrease of 13.08% compared to the same period last year[4]. - The total profit for the period was ¥6,066,702.60, down 6.90% year-on-year[4]. - The net profit attributable to shareholders was ¥4,169,386.25, reflecting a decline of 7.57% compared to the previous year[4]. - The total profit for the year-to-date decreased by 36.77% due to a reduction in business volume and operating revenue[10]. - Net profit for the first three quarters of 2025 was CNY 14,055,717.24, a decline of 32.4% from CNY 20,750,242.24 in the same period of 2024[22]. Earnings Per Share - Basic earnings per share for the year-to-date were ¥0.01, down 33.33% compared to the previous year[5]. - Diluted earnings per share for the year-to-date were also ¥0.01, reflecting a 33.33% decrease year-on-year[5]. - The basic earnings per share for the first three quarters of 2025 was CNY 0.02, down from CNY 0.03 in the same period of 2024[22]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥38,101,753.29, showing a significant decrease of 72.96%[5]. - The net cash flow from operating activities for the first three quarters of 2025 was CNY 38,101,753.29, significantly lower than CNY 140,896,692.35 in 2024, indicating a decrease of 73.0%[25]. - Cash inflow from financing activities amounted to 42,615,810.44 million, while cash outflow from financing activities was 69,365,790.36 million, resulting in a net cash flow from financing activities of -26,749,979.92 million[27]. - The net increase in cash and cash equivalents was 12,921,526.08 million, with an ending balance of 31,565,724.85 million[27]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,347,430,544.57, a decrease of 2.77% from the end of the previous year[5]. - The total liability of CNY 317,286,456.54, compared to CNY 370,098,412.91 in the previous period, showing a reduction of 14.26%[17]. - Total current liabilities were ¥249,207,383.11, down from ¥294,568,986.66, indicating a decrease of about 15.4%[16]. - Non-current assets decreased to ¥1,205,244,003.91 from ¥1,246,715,113.88, reflecting a decline of approximately 3.3%[16]. Shareholder Information - The total number of ordinary shares at the end of the reporting period is 27,096[12]. - The largest shareholder, Qiongqing City Surui Investment Co., Ltd., holds 93,306,657 shares, accounting for 15.57% of total shares[12]. - The equity attributable to shareholders increased by 1.42% to ¥1,029,937,768.78 compared to the end of the previous year[5]. Other Financial Metrics - The company's cash and cash equivalents increased to ¥31,763,441.39 from ¥18,702,244.35 year-over-year, representing a growth of approximately 69.0%[15]. - Accounts receivable rose to ¥46,935,165.94, up from ¥30,492,524.08, indicating a year-over-year increase of about 53.9%[15]. - The company’s financial expenses decreased to CNY 2,819,308.53 in 2025 from CNY 6,204,355.17 in 2024, a reduction of 54.6%[21]. - The company achieved an investment income of CNY 5,365,756.16, slightly up from CNY 5,328,843.52 in the previous year, indicating a growth of 0.69%[21]. - Other comprehensive income after tax for the first three quarters of 2025 was CNY 130,047.15, compared to a loss of CNY 1,958,917.15 in 2024, indicating a significant recovery[22]. Accounting Standards - The company will not apply new accounting standards starting from 2025[28].

Group 1 - The core point of the article is that Wanlin Logistics reported a decline in both revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - For the third quarter, the revenue was 58.6427 million yuan, a decrease of 13.08% compared to the previous year [1] - The net profit for the third quarter was 4.1694 million yuan, down 7.57% year-on-year [1] - For the first three quarters, the total revenue was 185 million yuan, reflecting a decline of 14.78% [1] - The net profit for the first three quarters was 14.0847 million yuan, which represents a significant decrease of 32.13% [1]

Core Viewpoint - Jiangsu Wanlin Modern Logistics Co., Ltd. is facing a legal case regarding embezzlement that remains unresolved, impacting investor confidence and the company's operational stability [1][2]. Group 1: Legal Proceedings - The company held a seminar with legal experts to discuss the unresolved "20240717 embezzlement case," which has not progressed since being filed with the local police [1]. - Legal experts indicated that the case, involving an amount of over 4 million yuan, should normally progress as it is not considered a major or complex case [1]. - The company aims to protect its legal rights and those of its shareholders through legal channels while exploring diversified solutions to mitigate negative impacts from regional factors [2]. Group 2: Impact on Business Operations - The ongoing legal situation significantly affects investor confidence, as prolonged unresolved cases can lead to instability in company operations [2]. - The company has indicated that if the local business environment does not improve, it may consider changing its registered location as a potential solution [2].

Market Overview - On October 23, the logistics sector rose by 0.28% compared to the previous trading day, with Changjiang Investment leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Changjiang Investment (600119) closed at 9.63, with a gain of 7.12% and a trading volume of 402,400 shares, amounting to a transaction value of 391 million [1] - Other notable performers included Eastern Airlines Logistics (601156) with a 2.55% increase, and Wuchan Zhongda (600704) with a 2.35% increase [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 20.51 million from institutional investors, while retail investors saw a net inflow of 116 million [2] - Major stocks like Changjiang Investment and Wuchan Zhongda had significant net inflows from retail investors, despite overall outflows from institutional and speculative funds [3] Individual Stock Insights - Changjiang Investment had a net inflow of 83.66 million from institutional investors, but a net outflow of 39.65 million from speculative funds [3] - Wuchan Zhongda also saw a net inflow of 70.94 million from institutional investors, with a net outflow of 25.73 million from speculative funds [3]

Market Overview - The logistics sector increased by 1.01% on October 20, with Yuan Da Holdings leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Logistics Sector - Yuan Da Holdings (000626) closed at 10.74, up 10.04%, with a trading volume of 939,300 shares and a transaction value of 956 million [1] - Yongtai Transportation (001228) closed at 26.18, up 10.00%, with a trading volume of 75,600 shares and a transaction value of 193 million [1] - Jiacheng International (603535) closed at 11.20, up 5.36%, with a trading volume of 121,100 shares and a transaction value of 134 million [1] Market Capital Flow - The logistics sector experienced a net outflow of 60.56 million from institutional investors and a net outflow of 154 million from speculative funds, while retail investors saw a net inflow of 215 million [2] - The top stocks with significant capital inflow included Yuan Da Holdings with a net inflow of 65.54 million from institutional investors [3] Notable Decliners - Xiamen Xiangyu (600057) closed at 7.54, down 2.84%, with a trading volume of 238,500 shares and a transaction value of 181 million [2] - ST Yuanshang (603813) closed at 27.00, down 2.60%, with a trading volume of 20,200 shares and a transaction value of 54.69 million [2]

Core Viewpoint - The future of Wanlin Logistics is overshadowed by a significant tax penalty, raising concerns about its operational viability and the reputation of its controlling shareholder, Fan Jibo [1][9]. Group 1: Tax Investigation and Its Implications - A tax investigation revealed that Shuqian Bifan E-commerce Co., Ltd. is facing penalties for tax violations, with potential liabilities exceeding 120 million yuan (approximately 18 million USD) [2][3]. - Fan Jibo, the actual controller of Wanlin Logistics, is linked to the tax case through connections to Shuqian Bifan, which raises questions about his business practices and the company's compliance [3][9]. Group 2: Profile of Fan Jibo - Fan Jibo, born in 1984, has a background in e-commerce and has successfully transformed Duck Duck Co. into a leading brand, leveraging his experience to drive sales growth during the pandemic [4][5]. - His investment in Wanlin Logistics, amounting to approximately 800 million yuan (around 120 million USD), has not yielded positive results, contrasting sharply with his success at Duck Duck [5][6]. Group 3: Wanlin Logistics' Operational Challenges - Wanlin Logistics specializes in wood import logistics but has faced declining revenues since Fan Jibo's acquisition, with a 2024 revenue forecast of only 41% of 2020 levels, reflecting a compound annual decline of 20.1% [6][7]. - The company reported significant losses, with net profits plummeting from 48 million yuan in 2020 to losses of 283 million yuan and 598 million yuan in 2021 and 2022, respectively, erasing a decade of accumulated profits [7][8]. Group 4: Future Prospects and Challenges - Despite the operational difficulties, there are suggestions that Duck Duck could potentially acquire Wanlin Logistics to alleviate its financial troubles, although management has denied any current plans for restructuring [8][9]. - The ongoing tax issues and previous warnings from regulatory bodies pose significant hurdles for any potential restructuring or asset injection, complicating Wanlin's path forward [8][9].

Core Viewpoint - Despite the removal of the "special treatment" label last year, Wanlin Logistics (603117.SH) continues to face significant challenges in obtaining bank credit, which has impacted its strategic operations and trade agency business [2][4]. Group 1: Bank Credit Issues - Wanlin Logistics has experienced a suspension of bank credit for over three years, severely limiting its trade agency operations [3][4]. - The company reported that its credit limit from local banks exceeded 1 billion yuan in 2021, but this credit has been largely halted since then, with only a 10 million yuan credit line currently available [4][5]. - The local government has acknowledged the credit issues and is working to facilitate communication between banks and the company [5][6]. Group 2: Business Operations and Strategy - The company aims to optimize its port loading and unloading operations and enhance overall operational efficiency while gradually restoring and expanding its trade agency business [6]. - Wanlin Logistics has seen a significant decline in trade agency revenue, dropping from approximately 6.89 million yuan in 2021 to 242,200 yuan in 2024 [4]. - The company is exploring alternative financing channels and has made some progress in obtaining credit from banks outside of Jiangsu province [5][6].

Group 1 - The core point of the article is that Wanlin Logistics held its first meeting of the sixth board of directors on September 26, 2025, to discuss the election of the chairman and other related documents [1] - For the fiscal year 2024, Wanlin Logistics reported that 95.19% of its revenue came from modern service industries, while other businesses accounted for 4.81% [1] - As of the report, Wanlin Logistics has a market capitalization of 3.2 billion yuan [1]

上海左券律师事务所 Shanghai ForTran Law Firm 上海左券律师事务所 关于江苏万林现代物流股份有限公司 2025年第一次临时股东会的法律意见书 15F No. 118 Minsheng Rd. Shanghai Fax:86-21-68868178 本所律师假定公司提交给本所律师的资料(包括但不限于有关人员的身份证明、 股票账户卡、授权委托书、企业法人营业执照等)是真实、完整的,该等资料上的签 字和/或印章均为真实,授权书均获得合法及适当的授权,资料的副本或复印件均与正 本或原件一致,且不存在任何隐瞒、疏漏之处。 本所同意将本法律意见书作为公司本次股东会的公告材料,随同其他会议文件一 并报送有关机构并公告。本法律意见书仅供公司为本次股东会相关事项合法性之目的 使用,未经本所书面同意,不得被用于其他任何目的。 (2025) 沪券律法意字第 △○( 号 致:江苏万林现代物流股份有限公司 上海左券律师事务所(以下简称"本所")受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"〉委托,指派本所律师出席江苏万林现代物流股 份有限公司 2025年第一次临时股东会(以下简称"本次股东会" ...

证券代码：603117 证券简称：万林物流 公告编号：2025-042 江苏万林现代物流股份有限公司 2025年第一次临时股东大会决议公告 樊继波先生主持，采取现场投票和网络投票相结合的方式召开。本次股东大会的 召集、召开及表决方式符合《公司法》等法律、行政法规、部门规章、规范性文 件及《公司章程》的规定。 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 26 日 (二)股东大会召开的地点：上海市长宁区虹桥路 1438 号古北国际财富中心 2 期 31 楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 216 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 217,218,578 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 36.2515 | | 份总数的比例（%） | | (四)表决方 ...