证券代码：603569 证券简称：长久物流 公告编号：2025-042 北京长久物流股份有限公司 为子公司申请年度银行授信提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | | 吉林省长久物流有限公司 | | | --- | --- | --- | --- | --- | | | 本次担保金额 | 8,960.00 | 万元 | | | 担保对象 | 实际为其提供的担保余额 | 12,960.00 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | ☑否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 116,770.25 | | 对外担保总额占上市公司最近一 | 35.96 | | 期经审计净资产的比例（%） ...

证券代码：603569 证券简称：长久物流 公告编号：2025-043 北京长久物流股份有限公司 关于注销公司全资子公司的公告 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。 一、基本情况 广东长久科技有限公司（以下简称"广东科技"）为北京长久物流股份有限 公司（以下简称"公司"）的全资子公司。公司根据目前的实际经营情况及业务 发展规划，为优化资源配置及组织结构，降低管理成本，提高运营管理效率，决 定对广东科技予以注销。 根据《上海证券交易所股票上市规则》等相关规定，本次注销事项在总经理 权限范围内，无需提交董事会及股东大会批准。本次注销事项不涉及关联交易， 也不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 上述事项已办理完毕，公司近日收到横琴粤澳深度合作区商事服务局出具的 《登记通知书》，予以注销登记。 二、已注销公司基本情况 1、公司名称：广东长久科技有限公司 2、统一社会信用代码：91440400MA53BH0EXM 8、营业范围：章程记载的经营范围:技术开发、技术推广、技术转让、技 术咨询、技术服务、 ...

Group 1 - The core viewpoint of the article highlights that Changjiu Logistics has been recognized for its exceptional service quality and innovative capabilities, receiving the "Quality Service Brand in Commercial Services" award from the Beijing Commercial Association Service Quality Professional Committee [1] - Changjiu Logistics is identified as a leading third-party automotive logistics company in China, indicating its strong market position and industry recognition [1] - The award reflects the company's commitment to service excellence and continuous improvement, which has been acknowledged within the industry [1]

Group 1: JD Health - JD Health has evolved from a pharmaceutical e-commerce platform to a comprehensive service provider covering health product sales, medical services, and smart healthcare solutions since February 2014 [11] - The core driver of JD Health's performance is its self-operated pharmaceutical business, which is expected to generate revenue of 48.8 billion in 2024, growing by 6.9% year-on-year, accounting for 84% of total revenue [11] - The online retail penetration rate for pharmaceuticals is currently low at approximately 13%, but it is anticipated to accelerate due to the increasing trend of prescription drugs moving outside hospitals and the enhancement of online medical insurance coverage [11] - The competitive landscape in internet healthcare is expected to stabilize by 2025, with JD Health leveraging its supply chain, service ecosystem, and AI technology to create a competitive barrier [11] - Revenue projections for JD Health are estimated at 63.65 billion, 69.65 billion, and 76.55 billion for 2025-2027, with net profits of 4.52 billion, 5.04 billion, and 5.79 billion respectively [11] Group 2: Changjiu Logistics - Changjiu Logistics is positioned as a leading enterprise in the truck logistics transportation sector, transitioning from price competition to high-quality development amid a "de-involution" trend [10] - The implementation of new regulatory measures is expected to enhance the pricing power and market share of compliant companies, with average freight rates for Changjiu Logistics increasing by 27% from 2015 to 2018 [10] - The company has invested in 2,456 mid-axle transport vehicles, with depreciation costs expected to decline in 2025, leading to improved profitability [10] - The logistics sector is witnessing a shift towards automation, with autonomous driving technology poised to enhance operational efficiency and safety in traditional logistics [12] - Revenue projections for Changjiu Logistics are estimated at 0.88 billion, 1.29 billion, and 1.53 billion for 2025-2027, with corresponding net profit growth rates of 10.84%, 46.67%, and 18.12% [14]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The logistics industry is transitioning from price competition to high-quality development under the "anti-involution" backdrop, with regulatory policies accelerating industry consolidation and compliant companies gaining market share and pricing power [6][41]. - The company is a leading national automotive logistics service provider, covering a full-service system including complete vehicle transportation, international logistics, and new energy services, which is expected to provide stable revenue and profit growth [6][27]. - The report highlights the significant potential for profit improvement due to the depreciation of previously purchased vehicles and the scarcity of compliant transport capacity, which is expected to enhance the profitability of the company's self-owned transport vehicles [6][42]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to grow from 4,175 in 2024 to 6,587 in 2027, with a compound annual growth rate (CAGR) of approximately 15.3% [2]. - Net profit attributable to the parent company is expected to increase from 80 million yuan in 2024 to 153 million yuan in 2027, reflecting a growth rate of 10.8% in 2025 and 18.1% in 2027 [2]. - The company's earnings per share (EPS) is forecasted to rise from 0.13 yuan in 2024 to 0.25 yuan in 2027 [2]. Business Segments - **Complete Vehicle Transportation**: The company anticipates stable growth in revenue from complete vehicle logistics, driven by steady growth in China's automotive production and sales [8]. - **International Logistics**: The international logistics segment is expected to grow significantly, with revenues projected to reach 27.70 billion yuan by 2027, driven by strong demand for automotive exports, particularly in new energy vehicles [8]. - **New Energy Business**: The new energy segment is projected to see substantial growth, with revenues expected to increase from 2.76 billion yuan in 2025 to 7.95 billion yuan in 2027, benefiting from policy support for new energy storage development [8]. Market Position and Competitive Advantage - The company has established a robust market position with a large fleet and extensive transportation network, which is expected to provide a competitive edge in the logistics industry [6][53]. - The report emphasizes the company's strategic partnerships and collaborations, particularly in international logistics, which enhance its service capabilities and market reach [6][70]. Valuation - The report uses a price-to-sales (P/S) valuation approach, comparing the company to U.S. peers in the ground freight industry, indicating that the company's P/S ratio is currently lower than its comparables, justifying the "Buy" rating [7][8].

Group 1 - The company is currently in the process of transforming to produce new energy heavy-duty trucks [2] - The company does not have its own new energy transportation vehicles at this time [2] - The company's V2G demonstration station in Beijing is currently operating normally [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6][17] Core Views - The implementation of vehicle transport regulation is expected to lead to increased freight rates and improved profitability for the company, similar to the effects observed during previous regulatory periods [2][4] - The company's self-owned transport vehicles exhibit significant profit elasticity, which could benefit from a rebound in freight rates and increased mileage due to regulatory compliance [3][4] - The forecasted net profit for 2025 has been adjusted downwards due to declining vehicle freight rates, but the long-term outlook remains positive with expectations of recovery driven by regulatory actions [4][5] Summary by Sections Regulatory Impact - The Ministry of Transport, Public Security, and Industry and Information Technology has initiated a special governance action for vehicle transport, effective from July 2025, aimed at strict management of new vehicle market access and enhanced enforcement against overloaded vehicles [1] - Historical data shows that similar regulatory actions in 2016-2018 led to a significant increase in freight rates and profitability for the company, with average freight rates rising by 23% and net profit reaching 400 million yuan by 2018 [2] Financial Performance - The company's revenue is projected to grow from 3,783.01 million yuan in 2023 to 4,888.02 million yuan by 2027, with a compound annual growth rate of approximately 4.99% [5][12] - The net profit attributable to the parent company is expected to fluctuate, with a forecast of 73.63 million yuan for 2025, down from previous estimates, but anticipated to rebound to 416.81 million yuan by 2027 [5][12] Valuation Metrics - The report provides various valuation metrics, including a projected P/E ratio of 65.24 for 2025 and an EV/EBITDA of 11.29, indicating a potential undervaluation relative to future earnings growth [5][12]

Group 1 - The company has elected a new chairman during the 13th meeting of the 6th board of directors on July 16, 2025 [1] - The company has completed the relevant business registration changes and obtained a new business license from the Sanming Market Supervision Administration [2] - The legal representative of the company has changed to Mr. Pan Longying, while other details remain unchanged [2] Group 2 - The registered capital of the company is 235.756 million yuan [2] - The company was established on April 18, 1996, and operates in various sectors including forestry management, seedling cultivation, and environmental monitoring [2] - The company is classified as a publicly listed joint-stock company with a unified social credit code of 91350000705188269J [2]

[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company anticipates a substantial year-on-year decline in both net profit and non-recurring net profit for H1 2025, with figures ranging from 7-10.5 million yuan and 6-9 million yuan respectively Key Financial Performance Forecast | Metric | 2025 H1 Forecast (million yuan) | 2024 H1 (million yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 7.00 - 10.50 | 52.5659 | ↓ 80.03% - 86.68% | | Non-Recurring Net Profit Attributable to Shareholders | 6.00 - 9.00 | 53.2037 | ↓ 83.08% - 88.72% | - The data in this performance forecast represents preliminary calculations by the company's finance department and has not been audited by a certified public accountant[2](index=2&type=chunk) [Operating Performance in Prior Period](index=2&type=section&id=Item%202.%20Operating%20Performance%20and%20Financial%20Position%20in%20Prior%20Period) In H1 2024, the company reported a net profit attributable to shareholders of 52.57 million yuan and non-recurring net profit of 53.20 million yuan, with basic EPS of 0.09 yuan 2024 H1 Key Financial Data | Metric | 2024 H1 Data | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 52.5659 million yuan | | Non-Recurring Net Profit Attributable to Parent Company Shareholders | 53.2037 million yuan | | Basic Earnings Per Share | 0.09 yuan/share | [Analysis of Main Reasons for Performance Decline](index=2&type=section&id=Item%203.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Decline) The H1 2025 profit decline is attributed to intensified domestic price competition, geopolitical disruptions affecting overseas operations, falling international shipping rates, and vessel maintenance impacting gross profit - Domestic OEM clients' cost-cutting measures led to lower bid prices, resulting in a decline in gross profit despite a year-on-year increase in shipment volume[5](index=5&type=chunk) - Geopolitical conflicts disrupted certain overseas client routes, leading to a reduction in business volume[5](index=5&type=chunk) - The international sea freight market achieved supply-demand balance, causing freight rates to decline compared to the same period last year; concurrently, the company's roll-on/roll-off vessels underwent maintenance and preparation in the first half, impacting profitability[5](index=5&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=Item%204.%20Risk%20Warning) The company clarifies that this unaudited performance forecast is a preliminary estimate, with final accurate data to be presented in the official 2025 semi-annual report, and confirms no material uncertainties affecting its accuracy - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by a certified public accountant, thus it contains uncertainties[6](index=6&type=chunk) - The final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report, cautioning investors about investment risks[7](index=7&type=chunk)

长久物流（603569）公告，预计2025年半年度实现归属于母公司所有者的净利润为700万元到1050万 元，与上年同期相比，将减少4206.59万元到4556.59万元，同比下降80.03%到86.68%。预计2025年半年 度实现归属于母公司所有者的扣除非经常性损益的净利润600万元到900万元，与上年同期相比，将减少 4420.37万元到4720.37万元，同比下降83.08%到88.72%。 ...