Group 1 - The core viewpoint of the news is that Milkwell (603713) has shown positive financial performance with a significant increase in revenue and net profit for the first quarter of 2025, indicating a strong growth trajectory [1] - As of August 14, 2025, Milkwell's stock closed at 57.68 yuan, reflecting a 2.34% increase with a trading volume of 35,600 lots and a transaction amount of 208 million yuan [1] - The company experienced a net inflow of 14.32 million yuan in main funds today, accounting for 6.9% of the transaction amount, with large orders contributing significantly to this inflow [1] Group 2 - For the first quarter of 2025, Milkwell reported total operating revenue of 3.342 billion yuan, a year-on-year increase of 15.40%, and a net profit attributable to shareholders of 172 million yuan, up 14.02% [1] - The company has a current ratio of 1.189, a quick ratio of 1.091, and a debt-to-asset ratio of 68.33%, indicating a stable liquidity position [1] - Milkwell has made investments in 84 companies and participated in 25 bidding projects, showcasing its active engagement in the market [2]

Market Overview - On August 14, the logistics sector declined by 0.66%, with Wanlin Logistics leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Individual Stock Performance - Hengji Dazheng (002492) saw a significant increase of 10.01%, closing at 7.69 with a trading volume of 500,900 shares and a turnover of 371 million yuan [1] - Jianfa Co. (600153) increased by 5.42%, closing at 10.90 with a trading volume of 706,000 shares and a turnover of 763 million yuan [1] - Wanlin Logistics (603117) experienced a decline of 5.34%, closing at 5.50 with a trading volume of 248,700 shares and a turnover of 138 million yuan [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 510 million yuan from institutional investors, while retail investors saw a net inflow of 426 million yuan [2] - The table of capital flow indicates that Hengji Dazheng had a net inflow of 74.71 million yuan from institutional investors, while retail investors had a net outflow of 37.49 million yuan [3] Summary of Key Stocks - The top performers in terms of net inflow from institutional investors included Hengji Dazheng and Shunfeng Holdings (002352), which had a net inflow of 55.99 million yuan [3] - Other notable stocks with significant trading activity included Mierkewei (603713) and ST Guangwu (600603), with net inflows of 14.32 million yuan and 12.32 million yuan from institutional investors, respectively [3]

Core Viewpoint - The company Milkwell announced that as of the date of the announcement, the total external guarantees provided by the company and its subsidiaries amounted to RMB 511,303.19 million, which represents 118.42% of the company's most recent audited net assets attributable to shareholders [2] Summary by Relevant Sections - External Guarantees - The total external guarantees provided by the company and its subsidiaries are RMB 511,303.19 million [2] - This amount constitutes 118.42% of the company's latest audited net assets attributable to shareholders [2] - The company has no overdue guarantees [2]

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 | 担 保 | 对 | 被担保人名称 | 上海密尔克卫化工储存有限公司（以下 简称"密尔克卫化工储存"） | | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 10,000.00 | 万元 | | | 象一 | | 实际为其提供的担保余额 | 94,600.00 | 万元 | | | | | 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：_________ | | 担 保 | 对 | 被担保人名称 | "金水会缘"） | | 上海金水会缘酒业有限公司（以下简称 | | | | 本次担保金额 | 1,000.00 | 万元 | | | 象二 | | 实际为其提供的担保余额 | 1,000.00 | 万元 | | ...

Core Viewpoint - Recently, Milkyway (Tianjin) Supply Chain Technology Co., Ltd., a subsidiary of Milkyway (603713.SH), received an administrative penalty from the Tianjin Emergency Management Bureau for non-compliance with national standards regarding the storage of hazardous chemicals, resulting in a fine of 60,000 RMB [1][3]. Company Summary - Milkyway (Tianjin) Supply Chain Technology Co., Ltd. was established on April 13, 2021, with a registered capital of 160 million RMB. The legal representative is Yin Chengliang. The company is primarily involved in the storage and management of hazardous chemicals [9]. - The company is a part of Milkyway's logistics segment in Greater China, providing comprehensive supply chain services, including international and domestic logistics, special logistics, and chemical trading platforms [6]. Financial Performance - In 2024, Milkyway reported a revenue of 12.118 billion RMB, representing a year-on-year growth of 24.26%. For the first quarter of 2025, the revenue was 3.342 billion RMB, showing a year-on-year increase of 15.40% [8]. - The net profit attributable to the parent company for 2024 was 565 million RMB, up 31.04% year-on-year, while the first quarter of 2025 saw a net profit of 172 million RMB, reflecting a year-on-year growth of 14.02% [8]. - The gross profit margin for 2024 was 11.42%, a decrease of 0.34 percentage points, and for the first quarter of 2025, it was 11.61%, down 0.02 percentage points [8].

Core Points - The stock price of Milkway (603713) closed at 53.59 yuan on August 1, 2025, down 3.23% from the previous week [1] - The company's total market capitalization is 8.474 billion yuan, ranking 17th out of 45 in the logistics sector and 2012th out of 5149 in the A-share market [1] Company Announcements - Milkway has provided a guarantee of 80 million yuan for its wholly-owned subsidiary, Shanghai Milkway Chemical Storage Co., Ltd., and will assume joint liability [1] - After this guarantee, the total external guarantee balance for the company and its subsidiaries is 5.215 billion yuan, which is within the approved guarantee limit by the shareholders' meeting [1] - The company approved a total guarantee limit of up to 11 billion yuan for the year 2025 during its board meetings on April 13 and May 6, 2025 [1] - Shanghai Milkway Chemical Storage Co., Ltd. was established on December 11, 2000, with a registered capital of 143.25 million yuan, focusing on hazardous chemicals, import and export of goods, and technology [1] - As of March 31, 2025, the subsidiary reported total assets of approximately 1.864 billion yuan, total liabilities of approximately 888 million yuan, net assets of approximately 976 million yuan, revenue of approximately 177 million yuan, and a net profit of approximately 35 million yuan [1] - The external guarantee balance represents 120.78% of the latest audited net assets attributable to the shareholders of the listed company, with no overdue guarantees reported [1]

Core Points - The company has provided guarantees for its subsidiaries, specifically for Shanghai Milkway Container Service Co., Ltd. and Shanghai Milkway Chemical Logistics Co., Ltd. [2][7] - The total guarantee amount approved for 2025 is capped at RMB 11 billion, with a guarantee period of 12 months from the date of the shareholders' meeting [3][11] - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is RMB 51,230.319 million, which accounts for 118.65% of the company's latest audited net assets attributable to shareholders [11] Guarantee Details - The company signed a contract with Bank of Communications Shanghai Minhang Branch to provide a guarantee of RMB 5 million for Shanghai Milkway Container [2] - A separate contract was signed with China Everbright Bank Shanghai Branch for a guarantee of RMB 150 million for Shanghai Milkway Chemical Logistics [2][10] - The company has adjusted the guarantee limits among its subsidiaries to meet operational needs, transferring RMB 15 million from Shanghai Milkway Chemical Logistics to Shanghai Milkway Container [4][7] Internal Decision-Making - The guarantees were approved during the fourth board meeting and the annual shareholders' meeting held on April 13, 2025, and May 6, 2025, respectively [3][11] - The company has established a mechanism to adjust guarantee limits among its wholly-owned and controlling subsidiaries within the approved total guarantee amount [4] Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the operational development of the subsidiaries and do not harm the interests of the company or minority shareholders [7] - Both subsidiaries have good credit status and there are no significant issues affecting their debt repayment capabilities [7]

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-072 | | --- | --- | --- | | 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 | | | 被担保人名称 | 上海密尔克卫集装罐服务有限公司（以 下简称"密尔克卫集装罐"） 500.00 | 万元 | | | --- | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 | | | | | 象一 | | 实际为其提供的担保余额 | 500.00 | 万元 | | | | | 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：_________ | | 担 保 | 对 | 被担保人名称 | 万元 | | 上海密尔克卫化工物流有 ...

Core Insights - The warehouse industry is a critical component of the modern logistics system, providing essential services such as storage, inventory management, sorting, packaging, and distribution, which are vital for the efficient operation of the real economy [1][4] - The demand for warehouses has significantly increased due to the rise of e-commerce and consumption upgrades, leading to a substantial growth in warehouse completion area in recent years [4][6] - In 2023, China's warehouse completion area reached 32.96 million m², an increase of 4.17 million m² compared to 2022, while a projected decrease of 24% is expected in 2024 with a completion area of 25.08 million m² [4][6] Warehouse Industry Definition and Classification - The warehouse industry encompasses the operation of logistics infrastructure that provides storage, custody, sorting, distribution, and related value-added services, forming a core part of the modern supply chain [2] - Warehouses can be classified based on operational entities (third-party, self-operated, public, and platform-based cloud warehouses), functional purposes (storage, circulation, and specialized warehouses), and technological levels (traditional, automated, intelligent, and digital twin warehouses) [2] Current Development Status - The general warehouse area in China has been on a growth trend, with the total area expected to reach approximately 1 billion m² by 2024, an increase of 517 million m² from 2023 [6] - The rental area of general warehouses is 54.898 million m², with 1.722 million m² currently under construction and a total of 40,274 warehouse parks [6][8] Industry Chain - The warehouse industry chain revolves around the core link of "goods storage and circulation," involving a wide range of upstream and downstream related industries [10] - Upstream includes suppliers of storage infrastructure and equipment, while midstream consists of warehouse service operations, and downstream includes demand from manufacturing, retail, e-commerce, and logistics sectors [10][11] Competitive Landscape - The warehouse market in China exhibits a multi-tiered differentiation structure, with major players including national logistics giants, specialized logistics real estate companies, and regional small to medium-sized storage enterprises [12] - National logistics giants like JD Logistics, SF Express, and Cainiao Network lead the first tier, while specialized logistics real estate firms like Prologis and Wanwei Logistics occupy the second tier [12] Future Development Trends - The warehouse industry is undergoing a transformation from "scale expansion" to "quality upgrade," with leading companies consolidating their advantages through technological investments and mergers [19] - Future competition in the warehouse industry will focus on intelligence, sustainability, and globalization [19]

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-071 | | --- | --- | --- | | 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 近日，密尔克卫智能供应链服务集团股份有限公司（以下简称"公司"）与 中国银行股份有限公司上海自贸试验区分行签订合同，为密尔克卫化工储存提供 额度为人民币 8,000.00 万元的担保，并为其承担连带保证责任。 本次担保事项后，扣除已履行到期的担保，公司及其子公司对外担保余额为 人民币 521,503.19 万元，在公司股东会批准的担保额度范围内。 （二）内部决策程序 公司分别于 2025 年 4 月 13 日、2025 年 5 月 6 日召开了第四届董事会第六 次会议、2024 年年度股东大会审议通过了《关于公司 2025 年度担保额度预计的 议案》，同意公司 2025 年度担保总额度不超 ...