第四届董事会第九次会议决议公告 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。 一、董事会会议召开情况 密尔克卫智能供应链服务集团股份有限公司（以下简称"密尔克卫"、"公 司"）于 2025 年 10 月 24 日向公司全体董事发出会议通知及会议材料，以现场 加通讯表决的方式于 2025 年 10 月 28 日召开第四届董事会第九次会议并作出本 董事会决议。本次董事会会议应出席董事 5 人，实际出席董事 5 人。会议由董事 长陈银河主持，符合《中华人民共和国公司法》和《密尔克卫智能供应链服务集 团股份有限公司章程》关于召开董事会会议的规定。 | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-089 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 密尔克卫智能供应链服务集团股份有限公司 二、董事会会议审议情况 2025 年 10 月 29 日 1、审议《关于<公司 2025 年第三季度报告>的议案》 同意《公司 2025 年第三季度报告》的内容，具 ...

密尔克卫智能供应链服务集团股份有限公司2025 年第三季度报告 证券代码：603713 证券简称：密尔克卫 转债代码：113658 转债简称：密卫转债 密尔克卫智能供应链服务集团股份有限公司 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： 公司董事会及董事、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、主管会计工作负责人及会计机构负责人（会计主管人员）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 | 项目 | 本报告期 | 本报告期比上年同期 增减变动幅度(%) | 年初至报告期末 | 年初至报告期末比 上年同期增减变动 | | --- | --- | --- | --- | --- | | | | | | 幅度(%) | | 营业收入 | 3,635,243,468.91 | 2.10 | ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Group 1 - The core point of the article highlights that Milkyway (SH 603713) announced a guarantee for its controlling subsidiary, with a total external guarantee balance of approximately RMB 4.547 billion, which represents 105.3% of the company's latest audited net assets attributable to shareholders [1][1][1] - As of the announcement date, Milkyway's market capitalization stands at RMB 9.4 billion [1][1][1] Group 2 - For the first half of 2025, Milkyway's revenue composition is as follows: logistics accounts for 51.39%, trading for 48.08%, and other businesses for 0.53% [1][1][1]

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-088 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 密尔克卫智能供应链服务集团股份有限公司 关于为控股子公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 （二）内部决策程序 | 上海密尔克卫化工物流有限公司（以下 | 被担保人名称 | 简称"密尔克卫化工物流"） | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 本次担保金额 | 万元 | 担 | 保 | 对 | 5,000.00 | 象 | 实际为其提供的担保余额 | 万元 | 290,197.47 | | 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 ...

Core Viewpoint - The company has signed a contract with Dafeng Bank's Shanghai branch to provide a guarantee of 50 million yuan for its wholly-owned subsidiary, Milkwell Chemical Logistics, assuming joint liability for the guarantee [1] Financial Summary - As of the announcement date, the total external guarantees by the company and its subsidiaries amount to 4.547 billion yuan, which represents 105.30% of the most recent audited net assets, with no overdue guarantees [1] - Milkwell Chemical Logistics reported revenue of 2.486 billion yuan and a net profit of 84.3542 million yuan for the first half of 2025 [1]

Core Insights - Ningbo Milkwell Intelligent Supply Chain Service Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Jiang Zhen [1] - The company's business scope includes general cargo warehousing services, container sales, and land international cargo transportation agency [1] - Milkwell (603713) holds 100% ownership of the newly established company [1]

Core Viewpoint - Ningbo Milkwell Intelligent Supply Chain Service Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on various logistics and supply chain services [1][2]. Company Information - The legal representative of the company is Jiang Zhen [1]. - The company is wholly owned by Milkwell (603713) [1]. - The registered capital is 5 million RMB [2]. - The company is classified as a limited liability company (wholly owned by a legal entity) [2]. Business Scope - The business operations include general cargo warehousing services, container sales, and land international cargo transportation agency [1][2]. - Additional services encompass container leasing, international air and sea cargo transportation agency, domestic cargo transportation agency, and customs declaration services [2].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]

Market Overview - The logistics sector increased by 1.01% on October 20, with Yuan Da Holdings leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Logistics Sector - Yuan Da Holdings (000626) closed at 10.74, up 10.04%, with a trading volume of 939,300 shares and a transaction value of 956 million [1] - Yongtai Transportation (001228) closed at 26.18, up 10.00%, with a trading volume of 75,600 shares and a transaction value of 193 million [1] - Jiacheng International (603535) closed at 11.20, up 5.36%, with a trading volume of 121,100 shares and a transaction value of 134 million [1] Market Capital Flow - The logistics sector experienced a net outflow of 60.56 million from institutional investors and a net outflow of 154 million from speculative funds, while retail investors saw a net inflow of 215 million [2] - The top stocks with significant capital inflow included Yuan Da Holdings with a net inflow of 65.54 million from institutional investors [3] Notable Decliners - Xiamen Xiangyu (600057) closed at 7.54, down 2.84%, with a trading volume of 238,500 shares and a transaction value of 181 million [2] - ST Yuanshang (603813) closed at 27.00, down 2.60%, with a trading volume of 20,200 shares and a transaction value of 54.69 million [2]