证券代码：603569 证券简称：长久物流 公告编号：2025-051 北京长久物流股份有限公司 关于公司副总经理辞职的公告 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法律责任。 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副 总经理卢玉亮先生的辞职报告，卢玉亮先生因个人原因申请辞去公司副总经理职 务。辞职后，卢玉亮先生将不再担任公司任何职务。 二、离任对公司的影响 根据《中华人民共和国公司法》《公司章程》等有关规定，卢玉亮先生的辞 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，卢玉 亮先生将按公司相关规定做好交接工作。截至本公告披露日，卢玉亮先生未持有 公司股份，不存在未履行完毕的公开承诺。公司及公司董事会对卢玉亮先生在任 职期间为公司发展做出的贡献表示衷心的感谢！ 特此公告。 北京长久物流股份有限公司董事会 2025 年 9 月 4 日 一、高级管理人员离任情况 姓名 离任职务 离任时间 原定任期到期日 离任原因 是否继续 在上市公 司及其控 股子公司 任职 具体 职务 （如 适用） 是否 ...

证券代码：603569 证券简称：长久物流 公告编号：2025-052 北京长久物流股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 北京长久物流股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发 布公司 2025 年半年度报告。为便于广大投资者更加全面深入了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 9 月 12 日上午 10:00-11:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果、财务指标及利润分配的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 12 日上午 10:00-11:00 会议召开时间：2025 年 9 月 12 日（星期五）上午 10:00- ...

Core Points - The company announced that its Vice President, Lu Yuliang, has submitted his resignation due to personal reasons, effective immediately upon receipt by the board [1] - Lu Yuliang will no longer hold any position within the company, and his resignation will not affect the company's normal production and operations [1] - As of the announcement date, Lu Yuliang did not hold any shares in the company and has no outstanding public commitments [1]

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%。 ...