Core Viewpoint - Milkyway, a leading professional intelligent supply chain service provider in China, has secured a significant contract worth approximately 180 million yuan with China National Offshore Oil Corporation (CNOOC) for logistics services, marking a recognition of its delivery capabilities in the chemical supply chain sector [2][3]. Financial Performance - In the first half of 2025, Milkyway achieved a revenue of 7.035 billion yuan, representing a year-on-year growth of 17.40%. The net profit attributable to shareholders was 352 million yuan, up 13.12% from the previous year [5][6]. - The company's cash flow from operating activities reached 1.245 billion yuan, showing a substantial increase of 636.00% year-on-year, providing a strong foundation for business expansion [6]. Business Development - Milkyway has established long-term partnerships with numerous renowned companies in the chemical, new energy, and semiconductor sectors, including BASF, Dow, and ExxonMobil, with over 10,000 effective clients [4][5]. - The company has been actively expanding its service offerings, including freight forwarding, warehousing, and transportation, while also extending into chemical distribution and new energy sectors [4]. Strategic Initiatives - Milkyway is focusing on enhancing its market competitiveness through the establishment of six major operational zones in Greater China and has initiated a global expansion strategy with subsidiaries in various countries [7][8]. - The company has significantly increased its R&D investment, with expenses rising from 6.03 million yuan in 2017 to 30.88 million yuan in the first half of 2025, reflecting a 9.1-fold increase over seven years [8][9]. Technological Advancements - As of the mid-2025 report, Milkyway has obtained a total of 116 patent certificates, including 12 invention patents and 104 utility model patents, along with 231 software copyright certificates [9].

Core Viewpoint - The announcement details the interest payment schedule for the convertible bonds issued by Milkway Intelligent Supply Chain Service Group Co., Ltd., indicating that the third interest payment will occur on September 16, 2025, for the period from September 16, 2024, to September 15, 2025 [2][12]. Group 1: Bond Details - The bond is named "2022 Milkway Chemical Supply Chain Service Co., Ltd. Publicly Issued Convertible Bonds" [5]. - The total issuance amount of the convertible bonds is RMB 872.388 million [5]. - The bond has a term of 5 years, from September 16, 2022, to September 15, 2027 [5]. - The interest rates for the bond are structured as follows: 0.3% for the first year, 0.5% for the second year, 1.0% for the third year, 1.5% for the fourth year, and 2.0% for the fifth year [5]. Group 2: Interest Payment Information - The interest payment date is set for September 16, 2025, with the interest amount being RMB 1.00 per bond (including tax) [4][12]. - The bondholders must be registered with China Securities Depository and Clearing Corporation Limited Shanghai Branch by the close of trading on September 15, 2025, to receive the interest [17]. - The interest income is subject to a personal income tax rate of 20%, resulting in a net payment of RMB 0.80 per bond after tax [19]. Group 3: Conversion and Rating - The initial conversion price for the bonds is RMB 134.55 per share, with the latest conversion price adjusted to RMB 55.72 per share [9]. - The bonds are rated AA- by China United Credit Rating Co., Ltd., with a stable outlook [10].

Summary of the Conference Call for Milky Way (密尔克卫) Industry Overview - The chemical logistics market is large but fragmented, with a high entry barrier. The national market size is expected to reach approximately 12.44 trillion yuan in 2024, with the top 100 companies accounting for only 3.6% of the market, indicating low industry concentration and high barriers to entry, which provides leading companies like Milky Way with the potential to consolidate the market [2][6][3]. Core Insights and Arguments - The chemical industry entered a downturn in the second half of 2022, but positive signals have emerged on the supply side, including continuous negative growth in capital expenditure by listed companies, exit of overseas capacity, and domestic policy adjustments, which may catalyze growth in Milky Way's core integrated warehousing and distribution business [2][3][7]. - Milky Way has adjusted its business and customer structure to cope with the industry downturn, with non-chemical customers now accounting for 40% of its business, enhancing its risk resistance and optimizing its profit model [2][3][11]. - The company's own hazardous materials warehouse area has significantly increased from approximately 120,000-130,000 square meters in 2021 to over 300,000 square meters by 2024, with self-owned warehouses accounting for nearly half, employing a volume-based pricing strategy to counteract market price declines [2][11]. - Milky Way's projected profits for 2025 and 2026 are expected to be 640 million yuan and 740 million yuan, respectively, with earnings per share (EPS) of 4.06 yuan and 4.66 yuan, reflecting year-on-year growth rates of 13.7% and 14.5%, primarily driven by growth in integrated warehousing and distribution and freight forwarding businesses [2][12]. Additional Important Insights - The company aims to reduce its debt-to-equity ratio after the peak of capital expenditure, planning to handle convertible bond projects through redemption or conversion and considering asset securitization to realize part of its assets and accelerate capital turnover [4][14]. - The distribution business is performing strongly, with expected revenue and gross profit increases of 30% and 38% in 2025, driven by the expansion into non-bulk categories such as fast-moving consumer goods, wind power resins, and compounded materials, with a projected revenue growth of 15% and gross profit growth of 17.5% in 2026 [4][18]. - Milky Way's market position is strengthened by the high entry barriers and the fragmented competitive landscape, with many competitors being regional small enterprises or large state-owned enterprises unwilling to expand [6][8]. - The chemical price index is currently at around the 20th percentile since 2012, indicating a cyclical low, with several positive supply-side signals, including a continuous decline in capital expenditure by petrochemical companies and significant overseas capacity exits [9][10]. - The company is exploring innovative business models to reduce reliance on heavy asset investments, such as management output projects in Hubei, and diversifying its customer base to include non-traditional sectors like new energy and smart manufacturing [15]. Future Outlook - Milky Way is well-positioned for future growth due to the increasing trend of consolidation among leading companies and positive changes on the supply side. The company has demonstrated strong operational capabilities and robust development strategies, laying a solid foundation for future growth [8]. - The company employs a relative valuation method for target price estimation, referencing its average price-to-earnings (PE) ratio of approximately 25 times over the past five years and comparing it with three comparable companies, projecting an average PE of 23 times for 2025 and 17 times for 2026 [19][20].

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-082 | | --- | --- | --- | | 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"密卫转债"2025 年付息公告 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： 密尔克卫智能供应链服务集团股份有限公司（更名前为"密尔克卫化工供应 链服务股份有限公司"，以下简称"发行人"或者"本公司"或者"公司"）发行 的 2022 年密尔克卫化工供应链服务股份有限公司公开发行可转换公司债券（以 下简称"密卫转债"或"可转债"），将于 2025 年 9 月 16 日开始支付自 2024 年 9 月 16 日至 2025 年 9 月 15 日期间的利息。根据《密尔克卫化工供应链服务 股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）有关条款的规定，现将有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：2022 年密尔克卫化工供应链服务股份有限公司 ...

Core Insights - Milkwell experienced a decline of 5.08% on September 9, with a stock price of 66.39 CNY per share, a trading volume of 191 million CNY, a turnover rate of 1.78%, and a total market capitalization of 10.498 billion CNY [1] Company Overview - Milkwell Intelligent Supply Chain Service Group Co., Ltd. is located in the Pudong New Area of Shanghai, established on March 28, 1997, and listed on July 13, 2018. The company specializes in comprehensive logistics services, focusing on freight forwarding, warehousing, and transportation, and has expanded into chemical product distribution [1] - The revenue composition of Milkwell's main business includes: 48.08% from MCD unique distribution, 24.02% from MGF global freight forwarding, 17.40% from MWT integrated warehousing and distribution, 9.96% from MGM global mobility, and 0.53% from other supplementary services [1] Shareholder Insights - Among Milkwell's top ten circulating shareholders, one fund under China Europe Fund, the China Europe Times Pioneer Stock A (001938), entered the top ten in the second quarter, holding 3.5001 million shares, which accounts for 2.21% of the circulating shares. The estimated floating loss today is approximately 12.4253 million CNY [2] - The China Europe Times Pioneer Stock A (001938) was established on November 3, 2015, with a latest scale of 8.986 billion CNY. Year-to-date returns are 35.03%, ranking 936 out of 4222 in its category; the one-year return is 48.9%, ranking 1905 out of 3798; and since inception, the return is 301.19% [2] Fund Manager Information - The fund managers for China Europe Times Pioneer Stock A (001938) are Zhou Weiwen and Luo Jiaming. As of the report, Zhou has a cumulative tenure of 18 years and 304 days, managing assets totaling 29.38 billion CNY, with the best fund return during his tenure being 504.79% and the worst being -45.31% [3] - Luo has a cumulative tenure of 6 years and 72 days, managing assets totaling 13.271 billion CNY, with the best fund return during his tenure being 60.1% and the worst being -26.67% [3]

Core Viewpoint - Milkyway Logistics has been awarded multiple transportation contracts by China National Offshore Oil Corporation (CNOOC) Shell Petrochemicals, indicating a significant business opportunity for the company in the logistics sector [1] Group 1: Contract Details - Milkyway Logistics' subsidiary, Shanghai Milkyway Chemical Logistics Co., has received a notice of award for various transportation services [1] - The awarded contracts include transportation for styrene, MTBE, and other chemical products within specified regions, highlighting the company's capabilities in handling diverse logistics needs [1] Group 2: Strategic Implications - The successful bid for these contracts positions Milkyway Logistics as a key player in the chemical logistics market, potentially enhancing its market share and revenue streams [1] - The contracts cover both road and sea transportation, indicating the company's versatility and ability to meet complex logistical requirements [1]

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 合同金额：约人民币 1.80 亿元，具体金额将根据实际情况确定。 二、对上市公司的影响 该项目成交预计会对公司未来经营业绩产生积极影响。密尔克卫化工物流此 次成为中海壳牌石油化工有限公司 2025+公路运输及多式联运物流服务提供商， 标志着公司作为专业化工供应链服务提供商的运输交付能力得到了认可，进一步 巩固和提升了公司的影响力，对今后公司的业务发展及市场拓展产生了积极作用。 密尔克卫智能供应链服务集团股份有限公司 关于全资子公司收到成交通知书的公告 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。 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"）全 资子公司上海密尔克卫化工物流有限公司（以下简称"密尔克卫化工物流"）收 到中海壳牌石油化工有限公司出具的《成交通知书》，在参加中海壳牌石油化工 有限公司的采购响应中，经评审小组审定 ...

该项目成交预计会对公司未来经营业绩产生积极影响。密尔克卫化工物流此次成为中海壳牌石油化工有 限公司2025+公路运输及多式联运物流服务提供商，标志着公司作为专业化工供应链服务提供商的运输 交付能力得到了认可，进一步巩固和提升了公司的影响力，对今后公司的业务发展及市场拓展产生了积 极作用。 格隆汇9月8日丨密尔克卫(603713.SH)公布，全资子公司上海密尔克卫化工物流有限公司（简称"密尔克 卫化工物流"）收到中海壳牌石油化工有限公司出具的《成交通知书》，在参加中海壳牌石油化工有限 公司的采购响应中，经评审小组审定，确定密尔克卫化工物流为"标的11苯乙烯SM公路运输东莞区域 200公里以内""标的12中的MTBE公路运输""标的2粤东区域道路运输+样品运输""标的8集装罐海运、公 路运输+江阴罐区的散装液体PPG产品道路运输""标的13辛醇公路运输""标的14乙二醇/二乙二醇公路运 输"和"标的15PPG广东省外公路运输"的成交方。合同金额：约人民币1.80亿元，具体金额将根据实际情 况确定。 ...

密尔克卫公告，全资子公司上海密尔克卫化工物流有限公司收到中海壳牌石油化工有限公司出具的《成 交通知书》，在参加中海壳牌石油化工有限公司的采购响应中，密尔克卫化工物流被确定为多个标的的 成交方。项目名称为2025+公路运输及多式联运物流服务项目，合同金额约人民币1.8亿元，具体金额将 根据实际情况确定。该项目预计会对公司未来经营业绩产生积极影响，进一步巩固和提升了公司的影响 力。 ...

Core Viewpoint - The announcement from Milkwell (603713) indicates a planned reduction in shareholding by major shareholders through block trading, which may impact the company's stock performance in the short term [1] Group 1: Shareholder Reduction Plan - Major shareholders, including Yanruo Investment, Yanzhi Investment, and Yanhui Investment, plan to reduce their holdings by a total of up to 1,436,300 shares, 976,500 shares, and 750,300 shares respectively, which represents 0.91%, 0.62%, and 0.47% of the company's total share capital [1] - The total planned reduction amounts to no more than 2.00% of the company's total share capital [1] Group 2: Implementation Timeline - The reduction plan will be executed within three months following the 15 trading days after the announcement date [1] - During the implementation period, the shareholders have cumulatively reduced their holdings by 1,429,300 shares, 971,700 shares, and 746,600 shares, totaling 1.99% of the current total share capital [1]