Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

证券代码：603569 证券简称：长久物流 公告编号：2025-036 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个别及连带责任。 重要内容提示： 一、担保情况概述 被担保人名称及是否为上市公司关联人：吉林省长久物流有限公司（以下简 称"吉林长久"）为北京长久物流股份有限公司（以下简称"公司"）全资子 公司。 本次担保金额及已实际为其提供的担保余额：本次公司向吉林长久提供总额 度为 4,000 万元的最高额保证；截止本公告披露日，公司已向吉林长久提供 担保额度共计 4,000 万元。 本次担保是否有反担保：否 对外担保逾期的累计数量：无 成立时间：2001-12-21 经营范围：许可项目：道路货物运输（不含危险货物）；国际道路货物运输。（依 法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部 门批准文件或许可证件为准）一般项目：普通货物仓储服务（不含危险化学品等需 许可审批的项目）；国内集装箱货物运输代理；国内货物运输代理；集装箱租赁服务； ...

Core Points - The stock price of Changjiu Logistics (603569) closed at 8.03 yuan on June 6, 2025, down 1.95% from the previous week [1] - The company has a total market capitalization of 4.846 billion yuan, ranking 23rd out of 45 in the logistics sector and 3018th out of 5148 in the A-share market [1] Company Announcements - Changjiu Logistics announced a cash dividend of 0.05 yuan per share, with the record date set for June 10, 2025 [1] - The total cash dividend distribution amounts to approximately 30.18 million yuan, based on a total share capital of 603,507,251 shares [1] - The company will distribute dividends to specific entities, including Jilin Changjiu Industrial Group Co., Ltd., while other shareholders will receive dividends through China Securities Depository and Clearing Corporation Limited [1] - Taxation details indicate that individual shareholders holding shares for over one year are exempt from personal income tax on dividend income, while those holding for one year or less will have tax calculated upon stock transfer [1]

Investment Rating - The report maintains an "Accumulate" rating for Changjiu Logistics (603569) with a target price based on the last closing price of 8.12 [1][6] Core Views - The report highlights that the complete vehicle export business may drive performance growth for Changjiu Logistics in the future [1][6] - The company achieved a total operating revenue of 4.17 billion RMB in 2024, representing a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 80 million RMB, up 13.11% year-on-year [4][5] - The logistics core business generated revenue of 4.15 billion RMB in 2024, with a gross profit of 470 million RMB, reflecting a gross profit margin of 97.3% [5] Financial Summary - For 2025 Q1, the company reported revenue of 1.16 billion RMB, a year-on-year increase of 28.2%, while the net profit attributable to shareholders decreased by 74% [4][5] - The company plans to distribute a cash dividend of approximately 30 million RMB for 2024, which corresponds to a dividend per share of about 0.05 RMB, representing 37.9% of the annual net profit [4] - The financial forecast indicates that operating revenue is expected to reach 4.59 billion RMB in 2025, with a year-on-year growth of 10% [7]

Investment Rating - The report maintains an "Accumulate" rating for Changjiu Logistics (603569) with a target price based on the last closing price of 8.12 [1][6] Core Views - The report highlights that the complete vehicle export business may drive performance growth for Changjiu Logistics in the future [1][6] - The company achieved total operating revenue of 4.17 billion RMB in 2024, representing a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 80 million RMB, up 13.11% year-on-year [4][5] - The logistics core business generated revenue of 4.15 billion RMB in 2024, with a gross profit of 470 million RMB, reflecting a gross profit margin of 97.3% [5] Financial Summary - For 2025 Q1, the company reported revenue of 1.16 billion RMB, a year-on-year increase of 28.2%, while the net profit attributable to shareholders decreased by 74% [4][5] - The company plans to distribute a cash dividend of approximately 30 million RMB for 2024, which corresponds to a dividend yield of about 0.7% based on the stock price at the time of the report [4] - The financial forecast indicates that operating revenue is expected to reach 4.59 billion RMB in 2025, with a year-on-year growth of 10% [7]

证券代码：603569 证券简称：长久物流 公告编号：2025-035 北京长久物流股份有限公司 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0.05元 相关日期 | 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 | 2025/6/10 | － | 2025/6/11 | 2025/6/11 | 差异化分红送转： 否 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 5 月 16 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： 三、 相关日期 | 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 | | --- | ...

证券代码：603569 证券简称：长久物流 公告编号：2025-034 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个别及连带责任。 重要内容提示： 一、担保情况概述 为了满足长久供应链实际生产经营的需要，降低融资成本，公司拟为全资子公 司长久供应链在中国光大银行股份有限公司长春分行的银行授信提供保证担保。 2025 年 4 月 25 日公司召开的第五届董事会第十次会议、第五届监事会第六次会议以 及 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过了《关于向金融机构申请 综合授信额度的议案》，本次担保涉及的授信事项包含在上述议案内，已审议通过。 二、被担保人基本情况 （一）被担保人工商信息及财务情况 被担保人名称：天津长久供应链管理有限公司 经营范围：一般项目：供应链管理服务；汽车零配件零售；汽车新车销售；汽 车旧车销售；二手车经销；二手车鉴定评估；国际货物运输代理；国内货物运输代 理；普通货物仓储服务（不含危险化学品等需许可审批的项目）；信息 ...

证券代码：603569 证券简称：长久物流 公告编号：2025-033 北京长久物流股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 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。 北京长久物流股份有限公司（以下简称"公司"）2024 年度暨 2025 年第一 季度业绩说明会已于 2025 年 5 月 23 日上午 10:00-11:00 在上海证券交易所上证 路演中心（https://roadshow.sseinfo.com/）通过网络文字互动的方式举行， 现将本次说明会召开情况公告如下： 一、 本次说明会召开情况 答：尊敬的投资者您好，国内汽车行业已全面步入高质量发展的新阶段，在 激烈的市场竞争中，部分实力较弱的汽车品牌逐渐失去市场份额，被边缘化，而 头部品牌则凭借技术、品牌、资金等优势加速发展。特别是国产汽车品牌，在技 术创新和市场拓展的双重驱动下，市场份额进一步提升，国际影响力不断扩大。 2025 年，国家持续在物流领域发力，推动行业高质量发展。《质量强国建设纲要》 相关细则加 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [1][5]. Core Views - The company achieved a revenue of 4.175 billion RMB in 2024, representing a year-on-year growth of 10.34%, and a net profit of 79.565 million RMB, up 13.11% year-on-year, indicating stable overall financial performance [3][8]. - In Q1 2025, the company reported a revenue of 1.157 billion RMB, a significant year-on-year increase of 28.18%, but the net profit fell to 3.9823 million RMB, down 73.29% year-on-year, primarily due to price reductions from main engine manufacturers and increased costs in the energy storage business [8]. - Future growth is expected to be driven by the company's focus on new energy and international business, with plans to enhance multi-modal transport and optimize logistics efficiency [8]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 4.175 billion RMB and a net profit of 79.565 million RMB, with core international business revenue growing by 87.47% and new energy business revenue increasing by 210.27% [8]. - The company forecasts net profits of 104 million RMB, 141 million RMB, and 155 million RMB for 2025, 2026, and 2027 respectively, reflecting growth rates of 30.7%, 35.8%, and 9.8% [5][7]. Valuation - The report adjusts the profit forecast due to pressure on domestic vehicle logistics business, projecting a PE ratio of 47.8, 35.2, and 32.0 for 2025, 2026, and 2027 respectively [5][7]. - The expected EPS for 2025 is 0.17 RMB per share, with a downward adjustment of 32% from previous forecasts [5][7]. Strategic Focus - The company plans to leverage its fleet of over 2,450 self-owned vehicles and nearly 10,000 compliant carriers to ensure road transport supply, while also integrating waterway transport capabilities to enhance multi-modal logistics [8]. - The strategy includes expanding into the Mexican and Southeast Asian markets and improving the energy storage product matrix [8].

Meeting Details - The shareholders' meeting of Beijing Changjiu Logistics Co., Ltd. was held on May 16, 2025, at the company's conference room in Beijing [1] - The meeting was convened by the board of directors and chaired by Chairman Bo Shijiu, utilizing both on-site and online voting methods [1] Voting Results - All non-cumulative voting proposals were approved with significant support from shareholders, with A-share votes showing a high approval rate of 99.8141% for the first proposal [2][3] - The voting results consistently reflected strong shareholder support, with the lowest approval rate recorded at 99.7144% for one of the proposals [3][4] Shareholder Participation - The meeting included participation from various shareholders, with a notable absence of dissenting votes, indicating a unified stance among the majority of shareholders [2][5] - The controlling shareholder, Jilin Changjiu Industrial Group Co., Ltd., abstained from voting on matters requiring avoidance due to its significant stake of 371,240,533 shares [5] Legal Compliance - The meeting's procedures and voting processes were confirmed to comply with relevant laws and regulations, including the Company Law and Securities Law, ensuring the legitimacy of the proceedings [5]