Core Insights - Beijing Changjiu Logistics Co., Ltd. and Xidi Zhijia Technology Co., Ltd. have signed a strategic cooperation agreement, marking a new phase in the integration of automotive logistics and autonomous driving technology [2] - Changjiu Logistics is a leading comprehensive logistics service provider in the automotive industry, with a nationwide logistics network and a full range of services including vehicle transportation, warehousing management, and parts logistics [2] - Xidi Zhijia is a global leader in autonomous driving technology, focusing on the development of autonomous mining trucks and logistics vehicles, as well as V2X technology and intelligent perception solutions [2] - The collaboration aims to commercialize autonomous driving technology in trunk transportation and warehousing operations, enhancing logistics efficiency and safety [2] Industry Context - The strategic partnership aligns with China's "dual carbon" strategy and represents a significant milestone in the smart logistics strategy of the companies involved [3] - The automotive industry is undergoing deep transformations towards electrification, intelligence, and greening, especially as 2025 marks a critical point in the "14th Five-Year Plan" [3] - The future focus will be on creating an innovative model of "technology empowerment + scenario implementation" to drive high-quality development in the automotive logistics sector [3]

Core Insights - The automotive industry in China is facing significant structural challenges, including high inventory levels and thin profit margins, prompting the need for innovative solutions [4] - Jiuche GO's ecological strategy focuses on "linking demand, optimizing the ecosystem, and empowering with digital intelligence" to reconstruct the relationships within the automotive distribution sector [4][5] Group 1: Market Dynamics - The lower-tier markets are identified as key drivers for growth in China's automotive consumption, with sales in fifth-tier cities increasing by 14.6% year-on-year, nearly three times the growth rate of first-tier cities [5] - The market share of fuel vehicles in third-tier cities and below is less than 50%, indicating substantial unmet demand [5] Group 2: Jiuche GO's Strategic Initiatives - Jiuche GO has established a large third-party fulfillment network, with over 5,800 local regulatory personnel covering more than 17,000 4S stores, effectively filling the market gap at the distribution end [5] - The platform has served nearly 100 dealers across 14 provinces and 31 cities, processing over 40,000 units of D-class inventory with a regulatory asset value exceeding 5 billion [6] Group 3: Ecosystem Optimization - The "direct connection between manufacturers and secondary networks" strategy has transformed the traditional multi-level distribution model, significantly reducing logistics, inventory, and capital costs [5][6] - Jiuche GO aims to create a collaborative ecosystem where information, funds, and vehicles form an efficient closed loop, integrating manufacturers, platforms, and dealers into a cohesive unit [10] Group 4: Digital Empowerment - The platform serves as both a "digital distribution network" and a "market sensor" for manufacturers, providing real-time decision support for product planning and inventory allocation [9] - For dealers, Jiuche GO offers stable vehicle sources and utilizes data integration and intelligent algorithms to identify and distribute precise customer leads [9] Group 5: Vision for the Future - Jiuche GO aspires to establish not just a trading platform but a new ecosystem of collaborative growth, aiming for a digital transformation of the automotive supply chain [10] - As of November 2025, the platform has facilitated over one million vehicle transactions and served more than 50,000 dealers, positioning itself as a benchmark for innovation in the industry [10]

Core Insights - Beijing Changjiu Logistics Co., Ltd. and Xidi Zhijia Technology Co., Ltd. have signed a strategic cooperation agreement, marking a new phase in the integration of automotive logistics and autonomous driving technology [1][3] Company Overview - Changjiu Logistics is a leading comprehensive logistics service provider in the automotive industry in China, with a nationwide logistics network and extensive operational scenarios [3] - The core business of Changjiu Logistics includes complete vehicle transportation, warehousing management, parts logistics, social vehicle logistics, and platform-based freight services, providing integrated solutions for clients [3] - Xidi Zhijia is a global leader in autonomous driving technology, focusing on the development of autonomous mining trucks and logistics vehicles, V2X technology, and intelligent perception solutions [3] Strategic Cooperation Details - The cooperation will focus on intelligent scheduling for trunk transportation, automation in warehousing operations, and logistics safety warning systems [3] - The partnership aims to explore the application of autonomous driving technology in modern logistics systems, promoting the logistics industry towards intelligence, efficiency, and safety [3] Industry Context - The strategic cooperation aligns with China's "dual carbon" strategic goals and represents a significant milestone in the smart logistics strategy of Changjiu Logistics [4] - The automotive industry is undergoing deep transformations towards electrification, intelligence, and greening, with 2025 being a critical year in the "14th Five-Year Plan" [4] - The collaboration aims to create an innovative model of "technology empowerment + scenario implementation," leveraging the strengths of both companies to enhance efficiency and safety in the automotive logistics sector [4]

法律意见书 德和衡证见意见（2025）第 00212 号 北京德和衡律师事务所 关于北京长久物流股份有限公司 2025 年第三次临时股东大会之 法律意见书 北京德和衡律师事务所 关于北京长久物流股份有限公司 2025 年第三次临时股东大会之 致：北京长久物流股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受北京长久物流股份有限公 司（以下简称"公司"）的委托，依据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股 东会规则》（以下简称《股东会规则》）等法律、行政法规、规范性文件以及《北 京长久物流股份有限公司章程》（以下简称《公司章程》）的规定，指派律师出 席了公司 2025 年第三次临时股东大会（以下简称"本次股东大会"），并依法 进行见证，现就公司本次股东大会召开的有关事宜出具本法律意见书。 本所律师仅对本次股东大会的召集和召开程序、本次股东大会召集人和出席 会议人员的资格、本次股东大会审议的议案、本次股东大会的表决程序和表决结 果发表意见，而不对本次股东大会所审议的议案内容和议案中所表述的事实或数 据的真实性和准确性发表意见。 本法律意 ...

证券代码：603569 证券简称：长久物流 公告编号：2025-069 北京长久物流股份有限公司 2025年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 13 日 (二)股东大会召开的地点：北京长久物流股份有限公司会议室（北京市朝阳区石 各庄路 99 号长久物流） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 147 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 379,987,548 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 62.9632 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关 ...

北京长久物流股份有限公司 2025 年第三次临时股东大会会议资料 603569 中国·北京 二〇二五年十一月 北京长久物流股份有限公司 2025 年第三次临时股东大会会议资料 北京长久物流股份有限公司 2025 年第三次临时股东大会会议资料 2025 年第三次临时股东大会会议议程 一、会议时间、地点 （一）现场股东大会 日期、时间：2025 年 11 月 13 日（星期四）14:30 地点：北京长久物流股份有限公司会议室（北京市朝阳区石各庄路 99 号长 久物流） （二）网络投票 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 11 月 13 日至 2025 年 11 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议召集人 北京长久物流股份有限公司董事会 三、会议表决方式 现场投票和网络投票相结合 四、会议内容 （一）主持人宣布会议开始 （二）主持人报告会议出 ...

Market Overview - The logistics sector increased by 0.36% on November 6, with ST Xuefa leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers in Logistics Sector - ST Xuefa (002485) closed at 4.94, up 5.11% with a trading volume of 89,700 shares and a turnover of 44.11 million yuan [1] - *ST Yuanshang (603813) closed at 31.15, up 4.95% with a trading volume of 9,205 shares and a turnover of 27.98 million yuan [1] - Jiayou International (603871) closed at 14.54, up 3.64% with a trading volume of 128,200 shares and a turnover of 186 million yuan [1] Top Losers in Logistics Sector - Xiamen Xiangyu (600057) closed at 8.39, down 3.12% with a trading volume of 489,700 shares and a turnover of 409 million yuan [2] - Huami Duhai (920351) closed at 26.55, down 2.82% with a trading volume of 23,000 shares and a turnover of 6.14 million yuan [2] - Changjiang Investment (600119) closed at 8.74, down 2.78% with a trading volume of 75,400 shares and a turnover of 6.60 million yuan [2] Capital Flow in Logistics Sector - The logistics sector experienced a net outflow of 94.34 million yuan from institutional investors, while retail investors saw a net inflow of 65.24 million yuan [2] - The main stocks with significant net inflows included SF Holding (002352) with 64.23 million yuan and Shanghai Yashi (603329) with 23.05 million yuan [3] Detailed Capital Flow Analysis - SF Holding (002352) had a main net inflow of 64.23 million yuan, but retail and speculative investors saw net outflows of 33.92 million yuan and 30.31 million yuan respectively [3] - Shanghai Yashi (603329) had a main net inflow of 23.05 million yuan, with retail investors experiencing a net outflow of 19.25 million yuan [3] - New Ning Logistics (300013) recorded a main net inflow of 18.31 million yuan, while retail investors had a net outflow of 12.91 million yuan [3]

Core Viewpoint - Huayuan Securities has initiated a "buy" rating for Changjiu Logistics (603569.SH) at a latest price of 8.35 yuan, citing a rebound in freight rates driven by policy support and expected recovery in the transportation business [1] Group 1: Rating Justification - Policy-driven freight rates are expected to rebound, leading to a potential recovery in the full truckload transportation business [1] - Q3 profit growth is primarily attributed to government stockpiling and the advancement of highway overload control policies, with Q4 profits anticipated to improve [1] Group 2: Risks - Risks include macroeconomic fluctuations that may lead to lower-than-expected revenue growth [1] - Potential risks related to the enforcement of overload control policies not meeting expectations [1] - Operational risks associated with international business [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Government storage policies are expected to improve performance, and the profitability in Q4 is anticipated to rebound due to highway regulation enforcement [5][7] - The company reported a significant increase in Q3 2025 revenue and net profit, driven by government storage and policy initiatives [7] - The forecast for net profit growth from 2025 to 2027 is substantial, with expected increases of 82.5%, 92.3%, and 20.1% respectively [7] Financial Performance Summary - For 2023, the company expects revenue of 3,783 million yuan, with a year-on-year decline of 4.41% [6] - Projected revenue for 2024 is 4,175 million yuan, reflecting a growth rate of 10.36% [6] - The estimated net profit for 2025 is 145 million yuan, with a year-on-year growth of 82.47% [6] - The company’s earnings per share (EPS) is projected to increase from 0.12 yuan in 2023 to 0.24 yuan in 2025 [6] - The return on equity (ROE) is expected to rise from 2.39% in 2023 to 4.75% in 2025 [6] Market and Policy Impact - The Ministry of Transport, Ministry of Public Security, and Ministry of Industry and Information Technology are implementing a special governance action for vehicle transportation, which is expected to lead to a rebound in transportation prices [7] - The company’s Q3 2025 net profit growth was primarily due to non-recurring gains from government storage, amounting to approximately 44.12 million yuan [7] - The ongoing enforcement of highway regulations is anticipated to improve transportation prices and volumes, positively impacting profitability in Q4 [7]

证券代码:603569 证券简称:长久物流 公告编号：2025-068 北京长久物流股份有限公司 关于控股股东部分股份解除质押的公告 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。 重要内容提示： 长久集团本次解除质押股份后若再发生质押事项，后续将根据实际质押情况 及时履行告知义务，公司将按照相关法律法规要求及时履行信息披露义务。 二、上市公司控股股东及其一致行动人股份质押情况 | | | | | | 占其所 | 占公司 | 已质押股份情况 | 已质押 | 未质押 | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 | 持股比 | 本次解质前累 | 本次解质后累 | 持股份 | 总股本 | 已质押股 | 股份中 | 股份中 | 未质押股 | | | | 例 | 计质押数量 | 计质押数量 | 比例 | | 份中限售 | | | 份中冻结 | | | | | | | | 比例 | 股份数量 ...