Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported a revenue of RMB 2.326 billion for the first half of 2025, representing a year-on-year growth of 27.54%. However, the net profit attributable to shareholders decreased by 80.66% to RMB 10.1688 million due to lower vehicle transport prices and other factors [3][8] - The report suggests that the recent special governance actions may lead to an industry cleanup, potentially improving the competitive landscape and restoring profitability for the company [3][8] Summary by Sections Financial Performance - The company’s revenue for 2025 is projected to be RMB 4.590 billion, with a growth rate of 9.9%. The net profit is expected to decline to RMB 310 million in 2025, a decrease of 60.6% compared to the previous year [7][9] - The EBITDA for 2025 is estimated at RMB 481 million, with a significant increase in operating cash flow, which rose by 150.68% to RMB 220 million in the first half of 2025 [8][9] Market Position and Strategy - The company is actively developing a multimodal transport system to optimize cost control and improve operational efficiency. It has a fleet of over 2,400 vehicles and several ships to support its logistics operations [8] - The special governance actions initiated by the Ministry of Transport and other authorities aim to address issues in the vehicle transport sector, which may lead to the elimination of non-compliant operators and enhance the overall market structure [8]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - In the first half of 2025, the company achieved operating revenue of 2.326 billion yuan, a year-on-year increase of 27.54%, but the net profit attributable to shareholders was only 10 million yuan, down 80.66% year-on-year. The revenue growth was mainly due to increased business volume in international and new energy sectors, while profit was pressured by upstream price adjustments and maintenance of shipping vessels [1][2] - The new round of regulatory policies for vehicle transportation is expected to accelerate the exit of non-compliant capacity, which will help restore reasonable freight rates in the industry. As a leading compliant transportation enterprise, the company is well-positioned to capture more transportation demand and increase market share [2] - The peak of depreciation costs is expected to pass, leading to continuous optimization of cost structure. The company purchased nearly 2,400 middle-axle transport vehicles in 2017-2018, and the depreciation period is expected to end starting in the second half of 2025, significantly reducing costs and enhancing profit elasticity [2] - The company is steadily advancing its international and new energy businesses, establishing a multi-modal transport network and focusing on three main directions in the new energy sector: energy storage products, hazardous materials logistics, and integrated solutions for solar energy [2] Financial Summary - The company is projected to achieve net profits attributable to shareholders of 79 million yuan in 2025, 130 million yuan in 2026, and 168 million yuan in 2027. The company is expected to benefit significantly from the supply-side clearing and freight rate recovery brought about by the regulatory policies [4][2] - The forecasted operating revenues for 2025, 2026, and 2027 are 4.984 billion yuan, 5.676 billion yuan, and 6.415 billion yuan, respectively, with year-on-year growth rates of 19.38%, 13.90%, and 13.00% [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.13 yuan, 0.21 yuan, and 0.28 yuan, respectively [4]

Core Viewpoint - The logistics company reported a significant increase in revenue for the first half of 2025, but a drastic decline in net profit, indicating challenges in profitability despite revenue growth. The government's new regulations on vehicle transportation are expected to improve the industry outlook and pricing in the coming quarters [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.326 billion yuan, a year-on-year increase of 27.5%, while the net profit attributable to shareholders was 10 million yuan, down 80.7% year-on-year [1]. - For Q2 2025, revenue was 1.169 billion yuan, reflecting a year-on-year growth of 26.9%, but net profit dropped by 83.6% to 6 million yuan [1]. - The gross margin decreased from 12.2% in H1 2024 to 8.3% in H1 2025, primarily due to adjustments in transportation pricing by manufacturers [3]. Industry Dynamics - The Ministry of Transport and other departments initiated a special governance action to address "overloading" in vehicle transportation, which is expected to last six months starting July 2025. This initiative aims to improve pricing by reducing excess capacity in the market [1]. - Historical data shows that during previous governance actions from 2016 to 2018, the company’s transportation volume and average pricing improved significantly, suggesting a potential recovery in the current context [2]. Business Outlook - The company’s overall logistics business has faced pressure from 2022 to 2024, with a projected transportation volume of 2.757 million units in 2024, down from 3.205 million units in 2018, and a market share decrease to 8.8% [2]. - The company anticipates a significant improvement in its transportation business starting in Q4 2025 as the new regulations take effect [2]. Profit Forecast - The company is projected to achieve net profits of 145 million yuan, 279 million yuan, and 335 million yuan for the years 2025 to 2027, with respective year-on-year growth rates of 82.5%, 92.3%, and 20.1% [4]. - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated at 38.9, 20.2, and 16.9 times, respectively, indicating potential for significant earnings growth driven by regulatory changes [4].

延伸阅读： 农尚环境:财务总监王晓娟辞职 万邦德:聘任金正为公司财务总监 *ST宝实:聘任李丽为公司财务总监 2024年1至12月份，长久物流的营业收入构成为：物流运输占比99.47%，其他业务占比0.53%。 每经AI快讯，长久物流（SH 603569）8月30日发布公告称，靳婷女士因个人原因申请辞去公司财务总 监职务。辞职后，靳婷女士将不再担任公司任何职务。为确保公司财务工作和信息披露工作的正常开 展，经公司审计委员会同意，同意指定公司总经理闫超先生代行财务总监职责，自本次董事会审议通过 之日起至公司聘任财务总监之日止。 ...

Core Viewpoint - The financial performance of the two listed companies under the "Changjiu" brand, Changjiu Logistics and Changjiu Holdings, shows a significant divergence in their half-year results for 2025, with Changjiu Logistics experiencing a substantial decline in net profit while Changjiu Holdings reported growth [1][5]. Financial Performance Summary - Changjiu Logistics reported a revenue of approximately 2.326 billion yuan for the first half of 2025, representing a year-on-year increase of 27.54%. However, the net profit was approximately 10.17 million yuan, a decrease of 80.66% compared to the previous year [5][6]. - In contrast, Changjiu Holdings achieved a revenue of approximately 697 million yuan in the same period, marking a year-on-year growth of 106.6%. The net profit for Changjiu Holdings was approximately 66.9 million yuan, up from 57.33 million yuan in the previous year [5][6]. Research and Development Investment - Both companies increased their research and development (R&D) expenditures in the first half of 2025. Changjiu Logistics reported R&D expenses of approximately 5.65 million yuan, a significant increase of 215.22% year-on-year, attributed to increased capitalized R&D spending [9][10]. - Changjiu Holdings also raised its R&D spending from 8.65 million yuan to 10.97 million yuan, reflecting a year-on-year increase of 26.4%, driven by rising employee costs and an increase in staff numbers [9][10]. Business Overview - Changjiu Logistics, established in 2003, focuses on providing comprehensive logistics solutions for the automotive industry, with a core business in automotive logistics. The company has been expanding into new business areas, including energy storage products and integrated services for hazardous materials transportation [5][7]. - Changjiu Holdings, founded in 2021 and listed on the Hong Kong Stock Exchange in 2024, offers services such as pledged vehicle monitoring and automotive dealer operation management. The company reported strong performance in its first year of operations, with both revenue and net profit increasing [10][11].

Core Viewpoint - The financial performance of the two listed companies under the "Changjiu" brand, Changjiu Logistics and Changjiu Holdings, has shown a divergence in the first half of 2025, with Changjiu Logistics experiencing a significant decline in net profit while Changjiu Holdings reported growth [2][4]. Financial Performance Summary - Changjiu Logistics reported a revenue of approximately 2.33 billion yuan in the first half of 2025, representing a year-on-year increase of 27.54%. However, the net profit attributable to shareholders was approximately 10.17 million yuan, a decrease of 80.66% compared to the previous year [4][5]. - In contrast, Changjiu Holdings achieved a revenue of approximately 697 million yuan in the same period, marking a substantial year-on-year growth of 106.6%. The net profit attributable to shareholders was approximately 66.9 million yuan, up from 57.3 million yuan in the previous year [4][10]. R&D and Marketing Expenditure - Both companies have increased their R&D investments significantly. Changjiu Logistics reported R&D expenses of approximately 5.65 million yuan, a remarkable increase of 215.22% year-on-year, attributed to increased capitalized R&D expenditures [8]. - Changjiu Holdings also raised its R&D spending from 8.65 million yuan to 10.97 million yuan, reflecting a year-on-year growth of 26.4%, driven by rising employee costs and an increase in staff numbers [8][9]. Business Overview - Changjiu Logistics, established in 2003, focuses on providing comprehensive logistics solutions for the automotive industry, with a core business in automotive logistics. The company has been expanding into new business areas such as energy storage products and integrated services for hazardous materials transportation [4][5]. - Changjiu Holdings, founded in 2021 and listed on the Hong Kong Stock Exchange in 2024, offers services including collateral vehicle monitoring and automotive dealer operation management. The company has shown strong performance since its inception, with significant revenue and profit growth [9][10].

每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 （记者 张明双） 每经AI快讯，长久物流（SH 603569，收盘价：9.36元）8月30日发布公告称，靳婷女士因个人原因申请 辞去公司财务总监职务。辞职后，靳婷女士将不再担任公司任何职务。为确保公司财务工作和信息披露 工作的正常开展，经公司审计委员会同意，同意指定公司总经理闫超先生代行财务总监职责，自本次董 事会审议通过之日起至公司聘任财务总监之日止。 2024年1至12月份，长久物流的营业收入构成为：物流运输占比99.47%，其他业务占比0.53%。 ...

Group 1 - The report indicates that the market is in a bullish atmosphere, with conditions for a bull market gradually being established due to cyclical improvements in fundamentals and the potential initiation of incremental capital circulation [6][14]. - The previous gold stock combination from August 1 to August 29, 2025, achieved a return of 12.33%, outperforming the Shanghai Composite Index and the CSI 300 Index by 5.23 and 2.87 percentage points, respectively [6][15]. - The report highlights a cumulative increase of 374.99% for the gold stock combination since its inception on March 28, 2017, with the A-share combination rising by 297.73% [6][15]. Group 2 - The recommended investment strategy focuses on breakthroughs in domestic technology chains and advanced manufacturing, emphasizing sectors with high global market share and the "anti-involution" trend [6][14]. - The report suggests that the "iron triangle" stocks, which include Zhuhai Guanyu, Luxi Chemical, and Tianzhun Technology, are key picks due to their strong growth prospects and market positioning [6][17]. - Other recommended stocks include Anfu Technology, Changjiu Logistics, China Shipbuilding, Zhongshan Public Utilities, Alibaba-W (Hong Kong), Greentown China (Hong Kong), and Fourth Paradigm (Hong Kong) [6][17][18]. Group 3 - Zhuhai Guanyu is noted for its high growth in consumer battery sales and technological advantages in steel shell and silicon-carbon batteries, with significant revenue and profit improvements expected [6][17][20]. - Luxi Chemical is benefiting from a recovery in market conditions and improvements in supply-demand dynamics for caprolactam and organosilicon, with ongoing project developments enhancing long-term growth potential [6][17][20]. - Tianzhun Technology is recognized as a partner of NVIDIA's Jetson Thor platform, with growth in humanoid robot controller business and deep collaborations with leading humanoid robot clients [6][17][20].

证券日报网讯8月29日晚间，长久物流（603569）发布公告称，公司董事会于近日收到公司财务总监靳 婷女士的辞职报告，靳婷女士因个人原因申请辞去公司财务总监职务。辞职后，靳婷女士将不再担任公 司任何职务。 ...

Core Viewpoint - The company announced the resignation of its Chief Financial Officer, Ms. Jin Ting, due to personal reasons, and the General Manager, Mr. Yan Chao, will temporarily assume the CFO responsibilities until a new CFO is appointed [1] Group 1 - Ms. Jin Ting will no longer hold any position within the company following her resignation [1] - The company will promptly appoint a new CFO in accordance with relevant laws and regulations [1] - The company will fulfill its information disclosure obligations related to the appointment of a new CFO [1]