北京长久物流股份有限公司（以下简称"公司"）第五届董事会第十四次会 议于 2025 年 8 月 29 日以现场表决方式召开，董事会会议通知及相关文件已于 2025 年 8 月 26 日以书面通知加电话确认的方式通知全体董事。公司董事会现有 成员 7 名，出席会议的董事 7 名。会议召开符合《公司法》和本公司章程的有关 规定，合法有效。 二、董事会会议审议情况 证券代码:603569 证券简称:长久物流 公告编号：2025-050 北京长久物流股份有限公司 第五届董事会第十四次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 表决情况：赞成 7 票，反对 0 票，弃权 0 票 表决结果：审议通过 具体内容详见上海证券交易所网站同日公告的 2025-049 号公告。 特此公告 北京长久物流股份有限公司董事会 2025 年 8 月 30 日 1、审议通过《关于公司财务总监辞职暨总经理代行财务总监职责的议案》 表决情况：赞成 7 票，反对 0 票，弃权 0 票 表决结果：审议通过 上述议案已经 ...

证券代码:603569 证券简称:长久物流 公告编号：2025-050 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。 案》 表决情况：赞成 7 票，反对 0 票，弃权 0 票 表决结果：审议通过 一、董事会会议召开情况 北京长久物流股份有限公司（以下简称"公司"）第五届董事会第十四次会 议于 2025 年 8 月 29 日以现场表决方式召开，董事会会议通知及相关文件已于 成员 7 名，出席会议的董事 7 名。会议召开符合《公司法》和本公司章程的有关 规定，合法有效。 二、董事会会议审议情况 表决情况：赞成 7 票，反对 0 票，弃权 0 票 表决结果：审议通过 上述议案已经公司董事会审计委员会审议通过，具体内容详见上海证券 交易所网站同日公告的 2025-048 号公告。 北京长久物流股份有限公司 第五届董事会第十四次会议决议公告 具体内容详见上海证券交易所网站同日公告的 2025-049 号公告。 特此公告 北京长久物流股份有限公司董事会 ...

证券代码：603569 证券简称：长久物流 公告编号：2025-048 北京长久物流股份有限公司 根据《中华人民共和国公司法》《公司章程》等有关规定，靳婷女士的辞职 报告自送达公司董事会之日起生效，其辞职不会影响公司正常生产经营，靳婷女 士将按公司相关规定做好交接工作。截至本公告披露日，靳婷女士未持有公司股 份，不存在未履行完毕的公开承诺。 二、关于总经理代行财务总监职责的事项 重要内容提示： 北京长久物流股份有限公司（以下简称"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。 一、高级管理人员离任情况 | | | | | | | | | | | | 是否继续 在上市公 | 具体 职务 | 是否存 在未履 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | | 离任时间 | | | 原定任期到期日 | | | | 离任原因 | 司及其控 | | 行完毕 | | | ...

重要内容提示： 交易简要内容：北京长久物流股份有限公司（以下简称"公司"）全 资子公司唐山长久物流有限公司（以下简称"唐山长久"）与唐山海港经济开 发区土地收储交易中心签署了《国有土地使用权收储合同》，将其持有的合计 673.01 亩土地及地上建筑物、附着物进行收储处置，本次交易金额合计 15,488.36 万元。 证券代码：603569 证券简称：长久物流 公告编号：2025-049 北京长久物流股份有限公司 关于全资子公司土地及地上建筑物、附着物 由政府收储的公告 本公司董事会、全体董事及相关股东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。 本次交易不构成关联交易 本次交易不构成重大资产重组 本次交易已经公司第五届董事会第十四次会议审议通过，本次交易未 达到股东大会审议标准。公司已于同日完成合同签署并收到补偿款项。 一、交易概述 （一）本次交易的基本情况 1、本次交易概况 公司全资子公司唐山长久为提升资产运行效率，盘活存量资产，提高资金使 用效率，实现股东利益最大化，将自有土地及地上建筑物、附着物由唐山海港经 济开发区土地收储交易中心（以下简 ...

Investment Rating - The report maintains an "Outperform" rating for Changjiu Logistics [2][7][25] Core Views - The company reported a revenue of 2.326 billion yuan in H1 2025, representing a year-on-year growth of 27.54%, while the net profit attributable to the parent company was 10.1688 million yuan, a decline of 80.66% year-on-year, which is within the expected range [7] - The new highway overload control policies are expected to lead to a clearer and stronger enforcement compared to previous years, which will positively impact freight rates [7][10] - The anticipated increase in freight rates due to the new policies is estimated to be around 27%, which could significantly enhance the profit elasticity for Changjiu Logistics [11][13] - The logistics industry is undergoing a consolidation phase, with smaller companies facing risks of elimination, while leading companies like Changjiu Logistics are expected to gain market share and improve service quality [16] Financial Data and Profit Forecast - Revenue projections for Changjiu Logistics are as follows: 4.896 billion yuan for 2025, 5.711 billion yuan for 2026, and 6.587 billion yuan for 2027, with respective year-on-year growth rates of 17.3%, 16.7%, and 15.3% [6][20] - The net profit attributable to the parent company is forecasted to be 88 million yuan in 2025, 129 million yuan in 2026, and 153 million yuan in 2027, with growth rates of 10.8%, 46.7%, and 18.1% respectively [6][20] - The report maintains the profit forecast for 2025-2027, with corresponding PE ratios of 60x, 41x, and 35x [7][20]

Core Viewpoint - Long-term Logistics (603569) reported mixed financial results for the first half of 2025, with significant revenue growth but a sharp decline in net profit, raising concerns about the company's financial health and operational efficiency [1][11]. Financial Performance - Total revenue for the first half of 2025 reached 2.326 billion yuan, a year-on-year increase of 27.54% compared to 1.824 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 10.17 million yuan, down 80.66% from 52.57 million yuan in the previous year [1]. - The gross profit margin decreased to 8.32%, a decline of 31.74% from 12.19% in 2024 [1]. - The net profit margin fell to 0.94%, down 74.57% from 3.68% in 2024 [1]. Cash Flow and Debt - Operating cash flow per share increased by 150.67% to 0.36 yuan, compared to 0.15 yuan in 2024 [1]. - The company’s cash and cash equivalents rose by 29.10% to 743 million yuan [1]. - Interest-bearing liabilities increased by 12.65% to 1.685 billion yuan [1]. Accounts Receivable and Expenses - Accounts receivable amounted to 1.21 billion yuan, a decrease of 5.23% from 1.276 billion yuan [1]. - Total selling, general, and administrative expenses were 189 million yuan, accounting for 8.13% of revenue, down 21.84% year-on-year [1]. - The ratio of accounts receivable to net profit reached 1520.4%, indicating potential liquidity issues [11]. Business Model and Market Position - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying factors [11]. - Historical return on invested capital (ROIC) was 4.04%, indicating weak capital returns, with a median ROIC of 20.84% since its listing [11]. - Analysts project a net profit of 88 million yuan for 2025, with an expected earnings per share of 0.15 yuan [11].

| | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) 户均持股数（股) | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 11.17% | 31323 3474 | | 12.47% | 15.03万 | 1.93万 | | 2025-03-31 | -5.11% | 27849 -1385 | | -4.74% | 15.30万 | 2.17万 | | 2024-12-31 | -3.63% | 29234 | 21 | 0.42% | 15.36万 | 2.06万 | | 2024-09-30 | 12.54% | 29113 | ele | 2.16% | 16.00万 | 2.07万 | 证券之星消息，近日长久物流披露，截至2025年6月30日公司股东户数为3.13万户，较3月31日增加 3474.0户，增幅为12.47%。户均持股数量由上期的2.17万股减少至1.93万股，户均持股市值为15.03万 元。 在物流行业个股中，长久物流股东户数低于行业平均水平，截至6月30日，物流行 ...

Core Viewpoint - The company aims to mitigate foreign exchange risks associated with its international business operations by engaging in financial derivative transactions with reputable domestic financial institutions [1][2]. Summary by Sections Financial Derivative Products Overview - The primary purpose of the transactions is to hedge against foreign exchange risks due to increasing foreign currency settlement volumes as the company expands its international business [1]. - The company plans to conduct transactions including but not limited to forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, interest rate swaps, and currency swaps [2][3]. Transaction Amount - The authorized transaction amount for financial derivative transactions is capped at RMB 300 million (including equivalent foreign currency amounts) [2]. - The maximum expected margin and premium for these transactions will not exceed RMB 35 million (including equivalent foreign currency amounts) [2]. Funding Source - The funds for the financial derivative transactions will come from the company's own resources and will not involve raised funds [2]. Transaction Duration - The validity of the transactions will last for a maximum of 12 months from the date of approval by the company's board of directors [3]. Review Procedures - The proposal for engaging in financial derivative transactions was approved by the company's board of directors and does not require shareholder meeting approval [3]. Impact on the Company - Engaging in financial derivative transactions is intended to enhance the company's ability to manage foreign exchange risk without affecting normal business operations or cash flow [4]. - The company will adhere to relevant accounting standards for the recognition and measurement of financial instruments related to these transactions [4].

Group 1 - The company reported a revenue of 2.326 billion yuan for the first half of 2025, representing a year-on-year growth of 27.54% [1] - The net profit attributable to shareholders decreased to 10.17 million yuan, a decline of 80.66% year-on-year [1] - The non-recurring net profit was 9.16 million yuan, down 82.79% compared to the previous year [1] - The basic earnings per share stood at 0.02 yuan [1]

Core Viewpoint - Changjiu Logistics announced the approval of a proposal to engage in financial derivative trading during the 13th meeting of its fifth board of directors [2] Summary by Category - **Company Announcement** - The company held its fifth board of directors' 13th meeting on August 26, where it approved the proposal for financial derivative trading [2]