Core Viewpoint - The company Dongfang Jiasheng (002889) has announced the acquisition of 9.5426 million shares of Zhonggu Logistics (603565) at a price of 10.45 yuan per share, totaling an investment of 99.7205 million yuan through block trading [1] Summary by Relevant Sections - **Investment Details** - The company utilized its own funds to purchase shares of Zhonggu Logistics, with the total transaction amounting to 99.7205 million yuan [1] - The acquisition price per share was set at 10.45 yuan, resulting in a total of 9.5426 million shares acquired [1] - **Fund Redemption** - Jiaohong Yongye Investment Holdings initiated a redemption request to Shanghai Chenxiang for a total of 106 million yuan from the Chenxiang Chensheng Fund [1] - The remaining shares in the fund cannot be redeemed until the investment products mature, to avoid prolonged fund settlement [1] - **Financial Impact** - The total investment amount represents 4.18% of the company's most recent audited net assets attributable to shareholders [1]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - In Q1 2025, the company achieved operating revenue of 2.57 billion yuan, a year-on-year decrease of 7.8%. However, the net profit attributable to shareholders reached 550 million yuan, reflecting a year-on-year increase of 40.7%. The net profit after deducting non-recurring items was 440 million yuan, up 55.5% year-on-year. The recovery in domestic trade demand and the strong performance in external leasing contributed positively to the company's results [2][5][10]. - The domestic trade sector is in a recovery phase, with supply tightening and freight rates increasing. The PDCI index averaged 1232 points in Q1 2025, up 9.4% year-on-year. The external leasing market remains robust, driven by structural issues in the feeder fleet and increased demand from major shipping companies [10]. - The company is benefiting from rising freight rates in domestic trade and increased rental income from external leasing, leading to improved performance. The gross profit margin increased by 9.4 percentage points to 25.9% due to the rising rental income and cost management [10]. - The company emphasizes shareholder returns, with a projected dividend payout ratio of 60% for 2025-2027, resulting in dividend yields of 5.2%, 5.5%, and 5.7% respectively. The actual dividend payout ratio for 2024 reached 90.39%, corresponding to a yield of 8.1% [10]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 2.57 billion yuan, down 7.8% year-on-year. Operating costs were 1.90 billion yuan, down 18.1% year-on-year, leading to a net profit of 550 million yuan, up 40.7% year-on-year. The net profit after non-recurring items was 440 million yuan, up 55.5% year-on-year [2][5][10]. Market Dynamics - The domestic trade market is recovering, with a year-on-year increase of 2.3% in container throughput at major ports in January-February 2025. The supply expansion phase has ended, and the growth rate of domestic shipping supply is expected to remain low in the coming years [10]. - The external leasing market is experiencing high demand, with significant increases in rental rates for feeder vessels. The rental rates for 2750TEU and 4250TEU feeder vessels increased by 114.1% and 143.3% year-on-year, respectively [10]. Future Outlook - The company projects net profits of 1.97 billion yuan, 2.06 billion yuan, and 2.15 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.5, 11.0, and 10.5 times [10].

Core Points - The company announced a cash dividend of 0.79 yuan per share for the fiscal year 2024, approved at the annual shareholders' meeting on April 21, 2025 [2][4] - The total cash dividend distribution amounts to approximately 1.66 billion yuan, based on a total share capital of 2,100,063,103 shares [4] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the dividend record date [3] - The distribution will be executed through the clearing system of the China Securities Depository and Clearing Corporation, with cash dividends available for collection at designated securities firms on the payment date for those who have completed designated trading [5] Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on the dividend, while those holding for one year or less will have tax withheld upon stock transfer [7][8] - For qualified foreign institutional investors (QFII), a 10% withholding tax will be applied, with provisions for tax treaty benefits available upon application [9]

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,568,652,385.74, a decrease of 7.78% compared to ¥2,785,276,984.52 in the same period last year[4] - Net profit attributable to shareholders increased by 40.73% to ¥546,859,911.11 from ¥388,593,324.94 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 55.55% to ¥441,827,262.01 from ¥284,044,558.08 in the previous year[4] - Basic and diluted earnings per share were both ¥0.26, reflecting a 36.84% increase from ¥0.19 in the previous year[5] - The weighted average return on equity rose to 4.83%, an increase of 1.27 percentage points from the previous year[5] - The net profit for Q1 2025 was CNY 547,635,551.33, representing an increase of 40.9% compared to CNY 388,954,587.20 in Q1 2024[19] - Operating profit for Q1 2025 reached CNY 733,115,410.66, up from CNY 520,397,945.51 in Q1 2024, marking a growth of 40.8%[19] - The total comprehensive income for Q1 2025 was CNY 545,791,016.10, compared to CNY 390,029,570.30 in Q1 2024, indicating an increase of 40%[20] Cash Flow and Assets - The net cash flow from operating activities increased by 33.74% to ¥382,624,879.12 compared to ¥286,093,960.38 in the same period last year[4] - Cash and cash equivalents as of March 31, 2025, were RMB 7,326,780,478.68, compared to RMB 7,769,845,985.32 as of December 31, 2024[13] - Total assets at the end of the reporting period were ¥24,613,545,866.54, a slight decrease of 0.61% from ¥24,764,240,851.25 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to RMB 24,613,545,866.54, slightly down from RMB 24,764,240,851.25 at the end of 2024[15] - Total liabilities decreased to RMB 12,993,145,706.73 as of March 31, 2025, from RMB 13,689,631,707.54 at the end of 2024[16] - Shareholders' equity increased to RMB 11,620,400,159.81 as of March 31, 2025, compared to RMB 11,074,609,143.71 at the end of 2024[16] Operational Metrics - Total operating costs for Q1 2025 were RMB 1,971,940,058.07, down 18.2% from RMB 2,411,321,607.05 in Q1 2024[18] - The company experienced a 20,123.33% increase in accounts receivable financing, primarily due to an increase in bank acceptance bills received at the end of the reporting period[8] - The company reported a decrease in accounts receivable to RMB 413,900,351.33 from RMB 422,387,628.85 year-over-year[14] - The company’s inventory increased to RMB 59,392,668.29 from RMB 51,838,747.73 year-over-year[14] Non-Recurring Items and Expenses - The company's non-recurring gains and losses totaled ¥105,032,649.10 for the period, with significant contributions from non-current asset disposal gains and government subsidies[7] - The company incurred financial expenses of CNY -7,105,632.03 in Q1 2025, a significant decrease from CNY 19,315,306.98 in Q1 2024[19] - The company’s tax expenses for Q1 2025 were CNY 185,475,613.04, up from CNY 131,442,013.08 in Q1 2024, reflecting a rise of 41.1%[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 20,679, with the largest shareholder holding 57.46% of the shares[10] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[12] Strategic Developments - There are no significant new strategies or product developments mentioned in the current report[12]

证券代码：603565 证券简称：中谷物流 公告编号：2025-015 上海中谷物流股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.79元 相关日期 差异化分红送转： 否 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/7 | － | 2025/5/8 | 2025/5/8 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 21 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,100,063,103股为基数，每股派发现金红利 0.79元（含税），共计派发现金红利 ...

上海中谷物流股份有限公司 2024年年度股东大会决议公告 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： 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 4 月 21 日 证券代码：603565 证券简称：中谷物流 公告编号：2025-014 (二)股东大会召开的地点：上海市浦东新区民生路 1188 号 18 楼会议室 (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 | 271 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,324,556,222 | | 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 | | | 份总数的比例（%） | 63.0722 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，现场会议由公司董事长周斌先生主持。本次会议的 召集、召开符合《公司法》和《公司章程》等法律、法规和其他规范性文 ...

北京植德（上海）律师事务所 关于上海中谷物流股份有限公司 2024 年年度股东大会的 法律意见书 植德沪（会）字[2025]0010 号 二〇二五年四月 上海市徐汇区虹桥路 183 号徐家汇中心三期 A 座办公楼 27 层（THREE itc） 邮编：200030 27th Floor Tower A, THREE itc, No.183 Hongqiao Road, Xuhui District, Shanghai 200030 P.R.C 电话(Tel)：021-52533500 传真(Fax)：021-52533599 www.meritsandtree.com 北京植德（上海）律师事务所 关于上海中谷物流股份有限公司 2024 年年度股东大会的 法律意见书 植德沪（会）字[2025]0010 号 致：上海中谷物流股份有限公司（贵公司） 北京植德（上海）律师事务所（以下简称"本所"）接受贵公司的委托，指派 律师出席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师通过现场方式参加本次会议进行见证，并根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 ...

Core Viewpoint - Zhonggu Logistics (603565) shows a stable financial position with a high cash holding of 7.7 billion and long-term loans of 5.8 billion, indicating a strategic choice to maintain liquidity for operational flexibility and growth opportunities [1][2] Group 1: Financial Performance - As of April 18, 2025, Zhonggu Logistics closed at 10.24 yuan, with a slight increase of 0.1% and a trading volume of 162,600 shares, resulting in a total transaction value of 166 million yuan [1] - The company reported a net inflow of main funds amounting to 6.99 million yuan, which constituted 4.21% of the total transaction value on that day [2] Group 2: Cash Management Strategy - The company maintains a high cash reserve to ensure sufficient funds for daily operations, enhancing financial stability and debt repayment capacity [1] - Long-term loans have been primarily utilized for new container ship projects, which have a long return cycle, and the current low loan interest rates have influenced the decision to use long-term borrowing [1]

Summary of Conference Call on Zhonggu Logistics Company Overview - Zhonggu Logistics is a leading company in China's domestic container shipping industry, established in 2003, and is one of the earliest players in this sector [3][5]. - The company has built a comprehensive multi-modal logistics system through the integration of port, shipping, and rail networks, covering 25 major coastal ports and over 50 inland ports across China [3][4]. Financial Performance - The company's market capitalization is 18.3 billion [2]. - In 2020, during a strong industry period, the company distributed dividends of 2 billion, with a profit margin of 73%. In 2023, despite a weaker industry, it still distributed 1.5 billion with a profit margin of approximately 88% [2]. - The dividend payout ratio has been consistently high over the past two years, indicating strong cash flow and profitability [2][12]. - For 2024, the domestic trade industry is expected to be weak, particularly in the first three quarters [2]. Competitive Position - Zhonggu Logistics has a significant lead in operational scale compared to its competitors, with a controlled capacity of 3.68 million TEUs (Twenty-foot Equivalent Units) compared to 2.3 million TEUs for Antong Holdings [5]. - Despite a downturn in domestic shipping rates in 2023 and 2024, the company's economic profit has remained around 13%, higher than the pre-pandemic level of about 10% [6]. Operational Efficiency - The company's strong profitability and cash flow are attributed to its excellent logistics management capabilities, particularly in optimizing container handling to reduce costs [7][8]. - The average transfer frequency of containers is lower than the industry average, which enhances operational efficiency and reduces costs [9]. Industry Dynamics - The shipping industry has seen a significant increase in supply, with coastal inter-provincial transport capacity growing from 830,000 in 2022 to 970,000 in 2023, a year-on-year increase of 17.2% [11]. - Shipbuilding prices have risen significantly since Q2 2021, which has dampened shipowners' willingness to order new vessels, leading to expectations of stable shipping rates in 2025 [12]. Future Outlook - The company is expected to maintain strong cash flow and a robust dividend policy, with no major capital expenditures anticipated in the short term due to sufficient capacity from previous investments [12]. - The overall operational situation of the company is considered very good, with a strong dividend yield making it an attractive investment opportunity in the high-dividend stock segment [12]. Risks - Key risks include macroeconomic growth expectations, significant fluctuations in shipping rates, and potential changes in supply chain dynamics [13].

上海中谷物流股份有限公司 2024 年年度股东大会会议资料 603565 中国·上海 二〇二五年四月 上海中谷物流股份有限公司 2024 年年度股东大会会议议程 一、会议时间、地点 （一）现场股东大会 日期、时间：2025 年 4 月 21 日（星期一）下午 14:30 地点：上海市浦东新区民生路 1188 号 18 楼会议室 （二）网络投票 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：2025 年 4 月 21 日至 2025 年 4 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投 票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议召集人 上海中谷物流股份有限公司董事会 三、会议表决方式 现场投票和网络投票相结合 四、会议内容 （一）主持人宣布会议开始 （二）主持人报告会议出席情况 （三）主持人宣布提交本次会议审议的议案 1、 关于 2024 年度董事会工作报告的议案 2、 关于 2024 年度监事会工作报告的议案 3、 ...