问题 1：请问我们的收入按经营地区划分的"经营地区"是怎么划分的呢， 是指某一地区牌照签署合同业务吗？ 2023 年度业绩说明会召开情况 2024 年 4 月 3 日（星期三）下午 14:00-15:00，上海中谷物流股份有限 公 司 （ 以 下 简 称 " 公 司 " ） 通 过 上 证 路 演 中 心 （ http:// roadshow.sseinfo.com/）召开了 2023 年度业绩说明会。 一、业绩说明会召开情况 公司于 2024 年 3 月 27 日在上海证券交易所网站(www.sse.com.cn)和 《中国证券报》、《上海证券报》、《证券时报》、《证券日报》披露了《关 于召开 2023 年度业绩说明会的公告》。 2024 年 4 月 3 日（星期三）下午 14:00-15:00，公司董事/总经理李永华 先生、独立董事宋德星先生、独立董事潘飞先生、独立董事余慧芳女士、财务 负责人曾志瑛女士、董事会秘书代鑫先生共同出席了 2023 年度业绩说明会， 与投资者进行互动交流和沟通，并就投资者普遍关注的问题进行了回答。 二、投资者提出的主要问题及公司回复情况 问题 4：公司近年来每年都有大量的计入损 ...

研 张晓云 zhangxiaoyun@xyzq.com.cn S0190514070002 新造大船持续下水，推动公司散改集战略。公司与国内船厂签订了 18 艘 4600TEU 集装箱船舶的订单，2023 年度共下水 11 艘。报告期内"散改集" ＃relatedReport＃ 分析师： 货运量同比增长 29%，达到公司整体货运量的 22%，主要货物类别包括玉米、 煤焦、土石砂等。同时公司积极处置老旧船舶，报告期内，公司累计处置 5 艘 集装箱船舶，合计 22 万载重吨，处置船舶平均船龄超过 20 年。 高比例分红回馈股东，2023 年分红比例达到 88.05%。考虑到公司未来业务 发展需要，拟定了 2023 年度利润分配预案。拟向全体股东每 10 股派发现金 红利 7.2 元（含税），合计分红金额为 15.12 亿元（含税），占当年归母净利润 的比例为 88.05%。 投资建议：预计公司 2024-2026 年归母净利润为 15.5/17.26/18.62 亿元，对应 王凯 wangkai21@xyzq.com.cn S0190521090002 2024-2026 年 EPS 为 0.74/0.82/0. ...

丨证券研究报告丨 [Table_Title] 派息率历史新高，确定性持续增强 分析师及联系人 SAC：S0490512020001 SAC：S0490520080004 SFC：BQK468 中谷物流（603565.SH） cjzqdt11111 [Table_Summary2] 事件描述 事件评论 ⚫ 供需矛盾加深的逆势阶段，积极提升资产运营效率。2023 年公司新下水 11 艘 4600TEU 集装箱船舶，年内投放时点均匀分布，但下半年由于行业需求压力加大，供需矛盾加大公 司运营难度，不过公司积极在 1）内、外贸运力投放调配；2）新产能直航/挂港等不同运 营方式尝试中提升资产运营效率。因此一方面，2023 年下半年公司境外收入（主要来自 外贸租船）较上半年提升 26.9%；另一方面，4Q23 延续了 2Q23 以来毛利率修复态势。 所以 2023 年年内公司分季度毛利润分别为 6.2、2.4、4.5、4.7 亿。尽管在内贸运价和外 贸租金的共同影响下，4Q23 盈利显著低于 1Q23，但 2Q23 后单季度盈利呈改善趋势。 ⚫ 派息率历史新高，与股东共渡承压阶段。公司自上市以来保持高分红特点，2020-2 ...

交通运输 证 券 研 究 报 告 2024 年 03 月 27 日 中谷物流 (603565) ——分红超预期，外租集装箱船续约减轻内贸压力 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 03 月 27 日 | | 收盘价（元） | 9.06 | | 一年内最高/最低（元） | 18.23/6.54 | | 市净率 | 1.8 | | 息率（分红 / 股价） | | | 流通 A 股市值（百万元） | 16368 | | 上证指数/深证成指 | 3357.74/13563.34 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 5.1 | | 资产负债率 % | 54.05 | | 总股本 /流通 A 股（百万） | 2100/2100 | | 流 ...

中谷物流(603565.SH) 下降 4.9%；实现归母净利润 5.3 亿元，同比下降 3.7%。 经营分析 运价回归长期均值，运力下水提振货运量。2023 年公司营业收入 同比下降 12.5%，分量价来看：1）运价：2023 年由于港口秩序恢 复、欧美高通胀影响需求，外贸集运价格回落。伴随公司运力下水 以及部分外贸船舶回归，内贸行业平均运价指数 PDCI 较上一年同 期下滑 25%。2)货运量：2023 年公司与国内船厂签订的 18 艘 4600TEU 集装箱船舶中 11 艘陆续下水。运力增长提振货运量，公 司完成运输量 1483 万标准箱，同比增长 22%；"散改集"货运量同 比增长 29%，达到公司整体货运量的 22%。 营业成本小幅下降，毛利率同比下降。2023 年，公司燃油及平均 租船成本有所下降，但公司运输量同比增长 22%，因此公司营业成 本仅同比下降 3.09%至 106.7 亿元。2023 公司毛利率为 14.25%， 同比下降 8.30pct，主要系运价大幅下降。2023 年公司费用率同 比+1.25pct，其中销售费用率0.27%（+0.07pct）、管理费用率1.95% （+0.44p ...

Investment and Expansion - The company invested RMB 600 million in Shanghai Port Luodong Container Terminal Co., Ltd., acquiring a 20% stake[3] - The company has signed orders for the construction of 18 new 4,600TEU container ships, which will significantly improve fuel efficiency and environmental performance[8] - The company's consolidated scope includes 27 companies as of December 31, 2023, an increase of 1 company compared to 2022[5] Strategic Focus and Fleet Optimization - The company's core strategy focuses on providing multimodal logistics services using standardized containers and internet big data[6] - The company plans to optimize its fleet structure by adding new ships to meet the industry trend of "bulk-to-container" conversion[7] - The company aims to enhance its competitiveness by increasing the proportion of self-owned ships and improving service quality[7] Environmental and Sustainability Initiatives - The company is committed to reducing carbon emissions and supporting China's "carbon peak and carbon neutrality" goals[7] - The company invested RMB 921.85 thousand in environmental protection during the reporting period[38] - The company has established a comprehensive environmental protection mechanism, including strict management of ship wastewater and oil pollution[41][42] - The company strictly adheres to emission rate requirements for domestic sewage, discharging treated sewage beyond 12 nautical miles or 3 nautical miles offshore after biochemical treatment, with all waste in prohibited areas being sent ashore[55] - Waste that cannot be processed during navigation is handled by qualified third-party waste reception agencies, with records maintained in the "Garbage Record Book"[56] - The company reduced CO2 equivalent emissions by 73,717.07 tons through various carbon reduction measures[65] - The company achieved an average fuel consumption reduction of over 5% per 100 nautical miles for its fleet, saving more than 20,000 tons of fuel annually[66] - The company's ESG rating remained stable at A level in 2023, according to WindESG[67] - The company strictly adheres to environmental regulations, including the "Air Pollution Prevention and Control Law of the People's Republic of China" and the "Implementation Plan for Emission Control Areas for Ship Air Pollutants"[85] - The company has established an emergency response plan for environmental incidents, focusing on risk prediction and early warning for extreme weather, environmental pollution, and ship safety[88] Financial Performance and Dividends - The company's cash dividend amount for the year is RMB 1,512,045,434.16, accounting for 88.05% of the net profit attributable to ordinary shareholders[32] - The company's net profit attributable to ordinary shareholders is RMB 1,717,277,554.97[32] - The company's dividend distribution plan includes RMB 7.20 per 10 shares (tax included)[32] Related Party Transactions - The total amount of related party transactions in 2023 is RMB 174,322.62 thousand, with actual transactions amounting to RMB 87,645.57 thousand[23] - The company's related party transactions for sales of goods and services amounted to RMB 15,235.85 thousand, with actual transactions of RMB 7,603.70 thousand[23] - The company's related party transactions for purchasing goods and services amounted to RMB 155,596.29 thousand, with actual transactions of RMB 77,040.83 thousand[23] Corporate Governance and Internal Controls - The company's internal control system is effective and meets regulatory requirements, ensuring compliance and asset safety[36] - The company has implemented a comprehensive risk management system for subsidiaries, focusing on financial early warning and fund usage supervision[36] - The company's financial report-related internal controls were audited by Tianjian Accounting Firm, which issued a standard unqualified opinion, confirming effective internal controls as of December 31, 2023[52] Leadership and Management - He Jiale served as the company's General Manager from February 2021 to October 2022 and as a Director from September 2015 to October 2023[44] - Wang Jiashui served as the company's Independent Director from December 2017 to December 2023[44] - Zhou Hu served as the company's Independent Director from December 2017 to December 2023[44] - Zhou Bin holds multiple executive positions including Chairman at Shanghai Gufeng Energy Development Co., Ltd. from April 2023 to December 2023[45] - Lu Zongjun serves as Chairman and General Manager at Tianjin Zhongrong Hengtai International Financial Leasing Co., Ltd. since July 2016[45] - Fang Li serves as Director and Manager at Tianjin Zhonggu Commercial Factoring Co., Ltd. since November 2018[45] Employee Incentives and Social Responsibility - The company implemented a long-term incentive plan in October 2023, linking virtual stocks to employee performance evaluations, targeting managerial staff and technical professionals[50] - The company invested a total of 200,000 yuan in social responsibility initiatives, including donations and public welfare projects[70] - The company's employees contributed a total of approximately 12,000 hours of volunteer service, with an average of 8 hours per employee[76] Shareholder Commitments and Stock Stability - The company's controlling shareholder, Zhonggu Group, and other major shareholders have committed to not transferring or entrusting others to manage their shares for 36 months after the company's IPO, and to not sell shares below the issue price for two years after the lock-up period ends[73] - The company and its controlling shareholders, directors, and senior management have committed to stabilizing the stock price if it falls below the net asset value per share for 20 consecutive trading days within three years of the IPO[90] - The company will repurchase all newly issued shares at the IPO price plus interest if the prospectus is found to contain false statements or omissions[91] - The company will compensate investors for direct losses if the prospectus is found to contain false statements or omissions[91] - The company will initiate the repurchase of previously restricted shares within 5 days if the prospectus is found to contain false statements or omissions[91] - The company will adjust the repurchase price for stock splits or dividends[91] - The company will deduct dividends or salaries to enforce compliance with commitments[91] - The company will not interfere with management activities or misappropriate company interests[92] - The company will publicly explain and apologize for any violations of commitments[92] - The company will compensate for any losses caused by violations of commitments[92] - The company will link executive compensation to the implementation of measures to fill immediate returns[92] - The company's directors, supervisors, and senior management are restricted from transferring or entrusting others to manage their directly or indirectly held shares for 12 months after the company's stock listing[98] - The controlling shareholder, Zhonggu Shipping Group, is limited to selling no more than 25% of the company's total shares annually within two years after the lock-up period expires[98] - Guyang Investment and Guze Investment are restricted from selling shares below the IPO price within two years after the lock-up period ends[98] - The controlling shareholder and actual controller, Lu Zongjun, commit to avoiding any business activities that compete with the company's main operations[102] - Guyang Investment and Guze Investment pledge not to engage in any business activities that compete with the company's main operations[102] - The company's controlling shareholder, Zhonggu Shipping Group, and actual controller, Lu Zongjun, have committed to avoiding unnecessary related-party transactions and ensuring fair pricing for any unavoidable transactions[105] - Zhonggu Logistics has pledged to strictly fulfill all public commitments made during the IPO process and will take corrective measures if commitments are not met[105] - Zhonggu Shipping Group and Guze Investment have committed to compensating investors for any losses caused by failure to fulfill public commitments[108] - The company's directors, supervisors, and senior management have committed to reducing or suspending their salaries if they fail to fulfill public commitments[108] Accounting and Financial Policies - The company's revenue recognition policy is based on identifying performance obligations and determining the timing of revenue recognition[17] - The company's accounting policies include the treatment of government grants related to assets, which are either deducted from the asset's book value or recognized as deferred income[126] - The company's accounting policies for lease liabilities and right-of-use assets are adjusted based on changes in lease payments, with any remaining amounts recognized in current period profits if the right-of-use asset's book value is reduced to zero[128] - The company's accounting policies for sales and leaseback transactions do not recognize the transferred asset if the transfer does not qualify as a sale, but instead recognize a financial asset equal to the transfer proceeds[129] - The company's accounting policies for the disposal of subsidiary investments include re-measuring the remaining equity at fair value and recognizing any difference as investment income in the period of losing control[116] - The company's accounting policies for research and development expenditures include systematic and reasonable amortization over the useful life of the intangible asset[123] - The company's accounting policies for borrowing costs include ceasing capitalization when the asset under construction or production reaches its intended usable or saleable state[122] - The company's bank deposits include a bill guarantee deposit of 250,000,000 yuan and a performance bond deposit of 2,000,000 yuan as of December 31, 2023[142] - The company's accounts receivable financing classified under the bank acceptance bill combination has a book balance of 2,873,381.87 yuan, accounting for 100% of the total[145] - The company's financial assets measured at fair value through profit or loss amount to 4,698,000,000 yuan at the end of the period, with 1,800,000,000 yuan in wealth management products and 2,898,000,000 yuan in structured deposits[165] - The company's subsidiary, Guju Network, is recognized as a high-tech enterprise with a corporate income tax rate of 15% for 2023[159] - The company's subsidiaries in different regions have varying corporate income tax rates, including 20% for Tianjin Port Zhonggu Logistics and 15% for Dalian Guju Network Technology[163] - The company's long-term prepaid expenses are amortized over the benefit period or the prescribed period, and any unamortized balance is transferred to current profit or loss if the expense no longer benefits future periods[153] - The company's deferred tax assets and liabilities are offset and presented net when certain conditions are met, including the intention to settle current tax assets and liabilities on a net basis[156] - The company's revenue recognition for container logistics services is based on the completion of the voyage for port-to-port services and the delivery of goods for door-to-door services[155] - The company's financial assets measured at fair value through profit or loss increased from 4,550,000,000 yuan at the beginning of the period to 4,698,000,000 yuan at the end of the period[165] - The company's financial assets include 1,800,000,000 yuan in wealth management products and 2,898,000,000 yuan in structured deposits at the end of the period[165] - Government subsidies related to daily business activities are recognized as other income or used to offset related costs, while subsidies unrelated to daily activities are recorded as non-operating income or expenses[172] - The company has implemented the "Accounting Standards Interpretation No. 16" issued by the Ministry of Finance, adjusting for single transactions that generate assets and liabilities related to deferred taxes, effective from January 1, 2023[177] - The company's monetary funds within 90 days amounted to RMB 480,701,827.29, a decrease from RMB 581,174,445.06 at the beginning of the period[179] - Bank acceptance notes at the end of the period were RMB 2,873,381.87, significantly lower than the initial balance of RMB 30,986,706.13[180] - The total deferred tax assets and liabilities, after offsetting, amounted to RMB 1,864,245,247.13, with a corresponding deferred tax liability of RMB 466,061,311.79[181] - The company's bad debt provision for accounts receivable increased to RMB 16,355,299.75 by the end of 2023, up from RMB 12,070,734.15 at the beginning of the year[184] - The company's other receivables with significant overdue interest and actual write-offs were not applicable during the reporting period[182] - The company's intangible assets did not show any significant impairment or changes in ownership certificates during the reporting period[185] - The company's inventory impairment and contract performance cost impairment provisions were not applicable during the reporting period[189] - The company's held-for-sale assets at the end of the period included RMB 603,500,771.00 in current debt investments[189] - The ending balance of other debt investments due within one year is 630,101,909.42 RMB, with a significant increase from the initial balance of 328,749,036.84 RMB[190] - The ending balance of accounts receivable with bad debt provision is 515,344,548.01 RMB, with a provision ratio of 1.15%[193] - The ending balance of bank acceptance bills is 495,017,614.28 RMB, which are considered low risk due to the high credit of the issuing banks[200] - The ending balance of prepayments within one year is 52,664,955.86 RMB, with 99.16% of the amount due within one year[200] - The company's tax rates include VAT rates ranging from 0% to 13%, and corporate income tax rates ranging from 15% to 25%[192] - The ending balance of deferred input tax is 623,076,571.82 RMB, showing a significant increase from the initial balance of 325,788,435.60 RMB[190] - The ending balance of prepaid corporate income tax is 1,125,889.62 RMB[190] - The ending balance of deferred expenses is 5,899,447.98 RMB, with an increase from the initial balance of 2,960,601.24 RMB[190] - The company's bad debt provision for accounts receivable increased to 5,945,485.31 RMB, with a provision ratio of 1.15%[193] - The ending balance of accounts receivable with bad debt provision decreased from the initial balance of 597,641,815.71 RMB to 515,344,548.01 RMB[193] Audit and Compliance - The company's internal control audit is conducted by Tianjian Certified Public Accountants (Special General Partnership) with a remuneration of 37[132] - The company's domestic accounting firm, Tianjian Certified Public Accountants (Special General Partnership), received a remuneration of 126 for their services[114] - The company's domestic accounting firm has been providing audit services for 4 years, with the cumulative service years of the certified public accountants being 4 years[114] - The company's financial statements are audited by certified public accountants Wu Xiang and Wang Jian[114]

| Preface | 2 | | --- | --- | | About the Report | 2 | | Message from the Chairman | 4 | | Zhonggu Logistics at a Glance | 6 | | Course and Glories | 9 | | Annual Features | 13 | | A New Green Transport Mode of "Shipping Loose Cargo via Containers" | 13 | | Strengthening ESG Governance | 18 | | ESG Governance System | 19 | | Response to SDGs | 23 | | Leading in Low-carbon Shipping | 25 | | Tackling Climate Change | 26 | | Low-carbon Sailing | 32 | | Ecological Co-construction | 35 | | Deeply Exploring Custo ...

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。 证券代码：603565 证券简称：中谷物流 公告编号：2024-010 上海中谷物流股份有限公司 关于聘任副总经理的公告 董事会 2024 年 3 月 27 日 简历： 单高永，男，1976 年 8 月生，中国国籍，无境外永久居留权，硕士学位，高 级轮机长。1997 年 8 月至 2013 年 7 月，历任中海集团集装箱股份有限公司船舶 轮机员、轮机长；2013 年 7 月至 2016 年 12 月，历任中远海运发展股份有限公 司船管中心机务主管、高级机务经理；2017 年 1 月至 2022 年 6 月，历任中远海 运发展股份有限公司航运租赁事业部资产管理部高级经理、技术总监；2022 年 6 月至今，任上海中谷物流股份有限公司船管中心总经理。 根据《公司章程》的有关规定，由公司总经理李永华先生提名，经董事会提 名委员会资格审核，公司聘任单高永先生担任公司副总经理，任期自本次董事会 审议通过之日起至本届董事会任期届满时止。 截至目前，单高永先生未持有公司任何股份，不存在受到中国 ...

上海中谷物流股份有限公司 2023 年度监事会工作报告 2023 年度，监事会本着对公司和全体股东负责的态度，根据《公司法》、 《公司章程》、《监事会议事规则》等有关规定和要求，认真履行并行使监事会 的监督职权和职责。对公司的规范经营、财务状况、重大决策、关联交易及公司 董事、管理层履职情况等情况实施了有效监督，促进了公司的规范运作，维护了 公司整体利益和全体股东的利益。 一、监事会工作情况 2023 年度公司监事会共召开了六次会议： （一）2023 年 4 月 7 日召开第三届监事会第八次会议，审议通过议案如下： 1. 关于 2022 年度监事会工作报告的议案 2. 关于公司监事 2022 年度薪酬的决定及 2023 年度薪酬预案的议案 3. 关于 2022 年度财务决算报告及 2023 年度财务预算报告的议案 4. 关于续聘 2023 年度审计机构的议案 5. 关于提请授权办理公司 2023 年度贷款事宜的议案 6. 关于 2023 年度使用自有资金进行短期委托理财的议案 7. 关于公司拟开展融资租赁业务的议案 8. 关于预计公司 2023 年度日常关联交易的议案 9. 关于预计公司 2023 年度捐赠金 ...

股票代码：603565 环境、社会及管治报告 上海中谷物流股份有限公司 2023年 目录 | 前言 | 2 | | --- | --- | | 关于本报告 | 2 | | 董事长致辞 | 3 | | 走进中谷 | 4 | | 历程与荣耀 | 7 | | 年度专题 | 11 | | "散改集"绿色运输新模式 | 11 | | 夯实 ESG 治理 | 16 | | ESG 管治体系 | 17 | | 联合国可持续发展目标的响应 | 21 | | 领航低碳航运 | 23 | | 应对气候变化 | 24 | | 低碳启航 | 29 | | 生态共建 | 32 | | 深耕客户价值 | 36 | | 打造卓越服务 | 36 | | 数字化航运转型 | 42 | 强化供应链管理 48 共创和谐社区 50 多元与平等 51 人才发展 54 关爱员工 57 健康与安全 61 公益事业 62 坚守合规经营 66 公司治理 67 合规经营 68 商业道德 68 风险管理 69 附录 72 GRI 索引 72 绩效摘要 74 报告评价及建议 78 | 48 | | --- | | 50 | | 51 | | 54 | | 57 | ...