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]

Core Viewpoint - As of November 5, 2025, Jiacheng International (603535) closed at 11.27 yuan, down 0.35%, with significant net outflows from major funds and notable inflows from retail investors [1][2]. Financial Performance - For the first three quarters of 2025, Jiacheng International reported a main revenue of 946 million yuan, a year-on-year decrease of 3.4%, and a net profit attributable to shareholders of 149 million yuan, down 10.41% year-on-year [3]. - In Q3 2025, the company’s single-quarter main revenue was 264 million yuan, a decline of 18.29% year-on-year, and the net profit attributable to shareholders was 30.51 million yuan, down 36.62% year-on-year [3]. - The company’s gross profit margin stands at 32.56%, significantly higher than the industry average of 13.97% [3]. Market Position - Jiacheng International's total market capitalization is 5.758 billion yuan, ranking 26th in the logistics industry, while its net assets are 2.753 billion yuan, ranking 33rd [3]. - The company has a price-to-earnings ratio of 29.03, which is higher than the industry average of 17.89, indicating a relatively high valuation compared to peers [3]. Fund Flow Analysis - On November 5, 2025, major funds experienced a net outflow of 13.41 million yuan, accounting for 20.13% of the total transaction amount, while retail investors saw a net inflow of 11.93 million yuan, representing 17.91% of the total transaction amount [1][2]. - Over the past five days, the stock has seen fluctuating fund flows, with notable outflows from major funds on several days [2].

Core Viewpoint - 嘉诚国际's stock price has shown a year-to-date increase of 39.41%, but recent trends indicate a decline over the past 20 and 60 days, raising concerns about its short-term performance [2]. Group 1: Stock Performance - As of November 4, 嘉诚国际's stock price decreased by 2.10%, trading at 11.21 CNY per share with a market capitalization of 5.727 billion CNY [1]. - The stock has experienced a 2.00% increase over the last five trading days, but a decline of 3.86% over the last 20 days and 2.10% over the last 60 days [2]. Group 2: Financial Metrics - For the period from January to September 2025, 嘉诚国际 reported a revenue of 946 million CNY, a year-on-year decrease of 3.40%, and a net profit attributable to shareholders of 149 million CNY, down 10.41% year-on-year [2]. - The company has distributed a total of 169 million CNY in dividends since its A-share listing, with 74.22 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, 嘉诚国际 had 13,200 shareholders, a decrease of 14.35% from the previous period, with an average of 38,603 circulating shares per shareholder, an increase of 24.87% [2]. - 富国优化增强债券C (100037) is the seventh largest circulating shareholder, holding 4.2967 million shares, an increase of 2.1038 million shares from the previous period [3]. Group 4: Business Overview - 嘉诚国际, established on October 24, 2000, and listed on August 8, 2017, specializes in providing customized logistics solutions and integrated supply chain services, with logistics accounting for 81.79% of its revenue [2]. - The company operates within the transportation and logistics sector, focusing on cross-border logistics and is associated with concepts such as e-commerce and smart logistics [2].

Core Viewpoint - 嘉诚国际's stock price increased by 2.31% to 11.52 yuan, with a current market capitalization of 5.886 billion yuan, ranking 20th in the logistics sector [1] Shareholder Changes - As of September 30, 2025, the number of shareholders decreased by 14.35% to 13,200, with an average shareholding of 38,600 shares per account [2][11] Financial Performance - For Q3 2025, 嘉诚国际 reported a main revenue of 264 million yuan, a year-on-year decrease of 18.29%, and a net profit attributable to shareholders of 30.51 million yuan, down 36.62% [3][4][5] - Year-to-date revenue was 946 million yuan, down 3.4%, with a net profit of 149 million yuan, a decline of 10.41% [5] - The company’s gross profit margin stood at 32.56%, with a debt ratio of 44.51% [3] Cash Flow and Assets - The net cash flow from operating activities increased by 77.36% year-on-year to 158 million yuan [6] - Total assets reached 4.961 billion yuan, an increase of 4.75% from the previous year [8] - Shareholders' equity was 2.745 billion yuan, up 4.46% from the previous year [9] Earnings Per Share - Basic earnings per share for Q3 2025 was 0.06 yuan, a decrease of 33.33%, while year-to-date earnings per share was 0.29 yuan, down 9.38% [7] Non-Recurring Gains and Losses - Non-recurring gains and losses for the period totaled -230,400 yuan, while year-to-date they amounted to 205,800 yuan [10] Business Developments - 嘉诚国际 is the only domestic logistics service provider operating a full chain of cross-border e-commerce, serving clients like Temu, SHEIN, and TikTok Shop [14] - The company signed a cross-border logistics service agreement with JD.com, covering key ports in Shenzhen and Guangzhou [15] - New collaborations include providing integrated warehousing and distribution solutions with Shenzhen Dida Industrial [17] Corporate Governance - The company plans to abolish the supervisory board, transferring its powers to the audit committee of the board of directors, pending shareholder approval [20][21]

Core Viewpoint - The stock of Jiacheng International (603535) has shown a recent increase in price, but the financial performance indicates a decline in revenue and profit for the third quarter of 2025, raising concerns about its future growth potential [1][3]. Financial Performance - As of October 31, 2025, Jiacheng International's stock closed at 11.52 yuan, up 3.23% with a trading volume of 128,000 hands and a turnover of 148 million yuan [1]. - For the first three quarters of 2025, the company reported a main operating income of 946 million yuan, a year-on-year decrease of 3.4%, and a net profit attributable to shareholders of 149 million yuan, down 10.41% year-on-year [3]. - In Q3 2025 alone, the company experienced a significant drop in performance, with a main operating income of 264 million yuan, down 18.29% year-on-year, and a net profit of approximately 30.51 million yuan, down 36.62% year-on-year [3]. Market Position and Ratios - Jiacheng International's total market value is 5.886 billion yuan, which is significantly lower than the logistics industry average of 17.373 billion yuan, ranking 26th out of 54 companies in the industry [3]. - The company has a price-to-earnings ratio (P/E) of 29.68, compared to the industry average of 17.68, indicating a higher valuation relative to earnings [3]. - The gross margin stands at 32.56%, which is considerably higher than the industry average of 13.97%, ranking 5th in the industry [3]. Capital Flow Analysis - On October 31, 2025, the net outflow of main funds was 3.6243 million yuan, accounting for 2.45% of the total turnover, while retail investors saw a net inflow of 7.5827 million yuan, representing 5.13% of the total turnover [1][2]. - Over the past five days, the stock has experienced fluctuations in capital flow, with notable net outflows from both main and speculative funds on certain days, indicating mixed investor sentiment [2].

Core Points - The company has approved the use of temporarily idle raised funds for cash management through a board meeting held on September 9, 2025 [1] - A subsidiary, 嘉诚国际网络科技供应链（三亚）有限公司, has purchased cash management financial products from Ping An Bank [1] - The cash management products allow for redemption on any working day with T+1 settlement [1] - As of the date of the announcement, the company has redeemed a principal amount of RMB 50 million and returned it to the special account for raised funds [1]

Core Points - The Shanghai Composite Index closed at 3961.62 points, above the six-month moving average, with a decline of 0.63% [1] - The total trading volume of A-shares reached 157.92 billion yuan [1] - A total of 259 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3961.62 points, indicating a slight decline of 0.63% [1] - The total trading volume for A-shares today is reported at 157.91 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 259 A-shares have broken through the six-month moving average, with the highest deviation rates observed in stocks such as: - Yatong Precision Engineering (8.20%) - Excellent New Energy (7.57%) - Deyuan Pharmaceutical (7.38%) [1] - Other stocks with smaller deviation rates include: - New Hope - Shanghai Phoenix - Angli Education, which have just crossed the six-month line [1] Notable Stocks and Their Metrics - Top stocks with significant price changes and their metrics include: - Yatong Precision Engineering: +9.76%, turnover rate 31.45%, six-month line 23.27 yuan, latest price 25.18 yuan, deviation rate 8.20% [1] - Excellent New Energy: +9.90%, turnover rate 2.44%, six-month line 45.62 yuan, latest price 49.07 yuan, deviation rate 7.57% [1] - Deyuan Pharmaceutical: +11.83%, turnover rate 8.02%, six-month line 38.03 yuan, latest price 40.84 yuan, deviation rate 7.38% [1]

Core Viewpoint - 嘉诚国际 is a comprehensive logistics service provider in China, focusing on customized logistics solutions for manufacturing clients, and has a significant presence in the cross-border logistics sector [1] Group 1: Business Performance - In Q3 2025, 嘉诚国际 reported revenue of 946 million yuan, ranking 10th in the industry, significantly lower than the top players like 中国外运 with 75.038 billion yuan and 东航物流 with 17.249 billion yuan [2] - The company's net profit for the same period was 150 million yuan, ranking 7th in the industry, again trailing behind the leaders [2] - The main business segments include comprehensive logistics at 558 million yuan (81.79% of revenue) and supply chain distribution execution at 293 million yuan (42.91% of revenue) [2] Group 2: Financial Ratios - 嘉诚国际's debt-to-asset ratio stood at 44.51% in Q3 2025, higher than the industry average of 40.47% [3] - The gross profit margin was 32.56%, which, despite a decrease from the previous year's 33.97%, remains significantly above the industry average of 14.94% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 14.35% to 13,200, while the average number of shares held per shareholder increased by 24.87% to 38,600 [5] - 富国优化增强债券C ranked as the seventh largest shareholder, increasing its holdings by 2.1038 million shares [5] Group 4: Strategic Developments - 嘉诚国际 is focusing on enhancing its core customer matrix and has established new partnerships with independent brands [5] - The company is proactively positioning itself in the Hainan Free Trade Port, with various projects at different stages aimed at expanding offshore trade [5] - 嘉诚国际 is advancing its supply chain ecosystem across China, Southeast Asia, and globally, with ongoing business developments in Vietnam, Thailand, and Singapore [5]

| 证券代码：603535 | 证券简称：嘉诚国际 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：113656 | 债券简称：嘉诚转债 | | 特此公告。 广州市嘉诚国际物流股份有限公司 董事会 2025 年 10 月 31 日 广州市嘉诚国际物流股份有限公司 关于使用暂时闲置募集资金进行现金管理 部分赎回的公告 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个别及连带责任。 广州市嘉诚国际物流股份有限公司（以下简称"公司"）于 2025 年 9 月 9 日召开第五届董事会第二十三次会议、第五届监事会第十九次会议，审议通过《关 于使用暂时闲置募集资金进行现金管理的议案》。 子公司嘉诚国际网络科技供应链（三亚）有限公司使用暂时闲置募集资金购 买平安银行股份有限公司现金管理类理财产品，具体内容详见《关于使用部分闲 置募集资金进行现金管理的进展公告》（公告编号：2025-049）。上述产品为现金 管理类理财产品，每个工作日均可随时赎回，T+1 到账。截至本公告日，公司已 赎回本金人民币 5,000. ...

Core Insights - The company, Jiacheng International, reported a decline in revenue and net profit for the third quarter of 2025, with a revenue of approximately 263.76 million yuan, down 18.29% year-on-year, and a net profit of approximately 30.51 million yuan, down 36.62% year-on-year [1][2] Financial Performance - For the third quarter of 2025, the total revenue was 263,759,629.61 yuan, a decrease of 18.29% compared to the same period last year [1] - Cumulative revenue from the beginning of the year to the reporting period was 946,261,572.75 yuan, down 3.40% year-on-year [1] - The net profit attributable to shareholders for the third quarter was 30,507,356.19 yuan, a decline of 36.62% year-on-year [1] - Cumulative net profit from the beginning of the year to the reporting period was 148,749,003.10 yuan, down 10.41% year-on-year [1] - The net cash flow from operating activities reached 157,643,441.46 yuan, an increase of 77.36% year-on-year, attributed to faster accounts receivable recovery [1] Asset and Equity Position - Total assets at the end of the reporting period were 4,961,422,352.84 yuan, an increase of 4.75% from the end of the previous year [1] - Shareholders' equity attributable to the company was 2,744,891,365.13 yuan, up 4.46% from the end of the previous year [1] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 13,235 [2] - The top four shareholders, who are acting in concert, hold significant stakes: Duan Rongwen at 31.91%, Huang Yanting at 11.51%, Huang Ping at 8.93%, and Huang Yanyun at 6.67% [2] Business Developments - Jiacheng International is deepening partnerships with e-commerce platforms like TikTok Shop and Halara, providing comprehensive cross-border e-commerce services in various locations [2] - A new logistics service agreement was signed with Beijing Jingbangda Trading Co., covering major ports like Shenzhen and Guangzhou [2] - The company has secured a contract for air transportation services, promising at least 500 million yuan in annual revenue over two years [2] - The Jiacheng International (Hainan) multifunctional smart logistics center is nearing completion, focusing on duty-free and cross-border e-commerce clients [2]