| 一、减持主体减持前基本情况 | | --- | 证券代码：603648 证券简称：畅联股份 公告编号：2025-026 上海畅联国际物流股份有限公司 股东减持股份结果公告 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。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，嘉融投资有限公司（以下简称"嘉融投资"）持 有上海畅联国际物流股份有限公司（以下简称"公司"）股份 10,720,855 股，占公司目前总股本的 2.96%。上述股份全部为公司首次公开发行股 票前已持有的股份，该部分股份已于 2018 年 9 月 13 日解除限售并上 市流通。 减持计划的实施结果情况 2025 年 11 月 10 日，公司收到嘉融投资《关于减持股份结果的告知函》。 在本次减持计划期间，嘉融投资通过集中竞价交易方式减持 3,624,100 股，占公司目前总股本的比例为 1%。截至 2025 年 11 月 10 日，嘉融投 资披露的减持时间区间届满，本次减持计划完成。 公司接到嘉融投资的通知，根据本次已披露的减持计划，嘉融投资总 ...

Group 1 - The core point of the article is that Changlian Co., Ltd. (603648.SH) has completed a share reduction plan initiated by Jiarong Investment, which involved the reduction of 3.6241 million shares, accounting for 1% of the company's total share capital as of November 10, 2025 [1] Group 2 - Jiarong Investment executed the share reduction through centralized bidding transactions [1] - The share reduction plan was officially completed on November 10, 2025, marking the end of the disclosed reduction period [1]

Core Viewpoint - Changlian Co., Ltd. (603648.SH) announced the completion of a share reduction plan by Jiarong Investment, which involved a reduction of 3.6241 million shares, accounting for 1% of the company's total share capital as of November 10, 2025 [1] Summary by Category - **Share Reduction Details** - Jiarong Investment reduced its holdings through centralized bidding transactions [1] - The total shares reduced were 3.6241 million, representing 1% of the company's total share capital [1] - The reduction plan was completed as of November 10, 2025, marking the end of the disclosed reduction period [1]

Group 1: Company Overview - Zhiyuan Robotics, established less than three years ago, has made significant strides in the field of embodied intelligence, showcasing its innovative capabilities through various platforms and events [2][5] - Changlian International Logistics, a state-controlled company founded in May 2001, has positioned itself as a benchmark for high-quality development in the logistics industry, leveraging the advantages of the Pudong New Area [6][7] Group 2: Technological Advancements - Zhiyuan Robotics has developed a core architecture called "One Body, Three Intelligences," focusing on motion intelligence, interaction intelligence, and operational intelligence, with applications across various sectors [3][4] - The company has launched the world's first zero-code robot creation platform, "LingChuang," allowing users to create complex robotic actions without programming knowledge [4][5] Group 3: Market Position and Performance - Zhiyuan Robotics has achieved significant milestones, including the mass production of its 1000th general-purpose embodied robot by January 2025, marking a global first in large-scale production [3][5] - Changlian International Logistics has established a national service network with 38 subsidiaries, covering major economic regions and serving high-profile clients, contributing significantly to the Shanghai Free Trade Zone's trade volume [8] Group 4: Financial Contributions - Changlian International Logistics has made substantial tax contributions, with an annual tax payment exceeding 16 billion yuan, accounting for nearly 15% of the total tax revenue in the Free Trade Zone [7][8] - The company has distributed a total of 1.32 billion yuan in dividends since its inception, representing 73% of its cumulative after-tax profits, highlighting its financial stability and commitment to stakeholders [7][8]

Group 1: Core Insights - The article highlights the innovative vitality and solid industrial foundation of the Pudong New Area over the past five years, focusing on two representative companies: Zhiyuan Robotics and Changlian Co., Ltd. [1] Group 2: Zhiyuan Robotics - Zhiyuan Robotics, established less than three years ago, has made significant achievements, including launching the world's first open-source platform for robot world models and a zero-code robot creation platform called "Lingchuang" [2][4] - The company has developed a core architecture called "One Body, Three Intelligences," covering various AI capabilities and offering solutions across eight application scenarios [4] - Zhiyuan Robotics has established a data collection factory to address the "data desert" issue in embodied intelligence, aiming to build a data-driven ecosystem [4][10] - The company has begun mass production of its general-purpose embodied robots, with the 1,000th unit expected to roll off the production line in January 2025 [4][10] - The company is currently operational in industrial manufacturing and logistics sorting, with plans to scale household service robots in the next 3 to 5 years [5] Group 3: Changlian Co., Ltd. - Changlian Co., Ltd., a state-controlled listed company, has focused on digital transformation and supply chain upgrades, becoming a benchmark for high-quality development in the regional logistics industry [11][14] - The company has invested heavily in automation, robotics, and AI technology, achieving a fully integrated information management system [14] - Changlian serves major clients, including Fortune 500 companies, and contributes significantly to the Shanghai Free Trade Zone's import-export trade [15][16] - The company has established a nationwide logistics network with 38 subsidiaries, covering key economic regions in China [16][17] - Changlian has built over one million square meters of modern logistics warehousing and distribution centers, enhancing its supply chain management capabilities [17]

Core Insights - The company reported a total revenue of 1.137 billion yuan for Q3 2025, ranking 27th among peers, which is a decrease of 135 million yuan or 10.64% year-on-year [1] - The net profit attributable to shareholders was 91.2642 million yuan, ranking 20th among peers, down by 21.1951 million yuan or 18.85% year-on-year [1] - The net cash inflow from operating activities was 241 million yuan, ranking 15th among peers, an increase of 110 million yuan or 83.64% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 23.34%, ranking 3rd among peers, a decrease of 3.60 percentage points from the previous quarter, but an increase of 0.23 percentage points year-on-year [3] - The latest gross profit margin is 19.36%, ranking 8th among peers, down by 1.15 percentage points from the previous quarter and 0.11 percentage points year-on-year [3] - The latest return on equity (ROE) is 4.99%, ranking 16th among peers, a decrease of 1.16 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.25 yuan, ranking 15th among peers, a decrease of 0.06 yuan or 18.85% year-on-year [3] - The latest total asset turnover ratio is 0.46 times, ranking 27th among peers, a decrease of 0.06 times year-on-year [3] - The latest inventory turnover ratio is 44.47 times, ranking 15th among peers, an increase of 25.96 times, achieving two consecutive years of growth, up by 140.17% year-on-year [3] Shareholder Information - The number of shareholders is 20,400, with the top ten shareholders holding 208 million shares, accounting for 57.33% of the total share capital [3] - The largest shareholder is the State-owned Assets Supervision and Administration Commission of Pudong New Area, holding 25.31% [3]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3][7] Financial Data - The financial statements for the third quarter are unaudited [3][6] - The report period refers to the three-month period from the beginning to the end of the quarter [3] - The company has not identified any non-recurring gains or losses that are significant [4][5] Shareholder Information - The total number of ordinary shareholders and the number of preferred shareholders with restored voting rights are reported [5] - There are no changes in the participation of major shareholders in the securities lending business [6] Other Important Information - There are no additional important reminders regarding the company's operational situation during the reporting period [6]

Core Viewpoint - Changlian Co., Ltd. (603648.SH) reported a decline in both revenue and net profit for Q3 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for Q3 2025 was 398 million yuan, representing a year-on-year decrease of 10.38% [1] - The net profit attributable to shareholders of the listed company was 22.95 million yuan, down 29.26% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 23.31 million yuan, reflecting a year-on-year decline of 25.99% [1]

Group 1 - The core viewpoint of the news is that Changlian Co., Ltd. reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] - The company's revenue for the first three quarters of 2025 was approximately 1.137 billion yuan, representing a year-on-year decrease of 10.64% [1] - The net profit attributable to shareholders of the listed company was approximately 91.26 million yuan, reflecting a year-on-year decrease of 18.85% [1] Group 2 - As of the report, Changlian Co., Ltd. has a market capitalization of 4 billion yuan [2] - The A-share market has recently surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's transformation [2]

上海畅联国际物流股份有限公司 2025 年第三季度报告 证券代码：603648 证券简称：畅联股份 上海畅联国际物流股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人徐峰、主管会计工作负责人种永及会计机构负责人（会计主管人员）杜丽芳保证季度 报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 397,898,230.97 ...