密尔克卫智能供应链服务集团 股份有限公司 2025 年跟踪评级报告 1 www.lhratings.com 联合〔2025〕4313 号 联合资信评估股份有限公司通过对密尔克卫智能供应链服务集 团股份有限公司主体及其相关债券的信用状况进行跟踪分析和评估， 确定维持密尔克卫智能供应链服务集团股份有限公司主体长期信用 等级为 AA-，维持"密卫转债"信用等级为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十三日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受密尔克卫智能供应链服务集团股份有限公司 （以下简称"该公司"）委托所出具，除因本次评级事项联合资信与该公司 构成 ...

Core Points - The company, Milkway Intelligent Supply Chain Service Group Co., Ltd., has maintained its credit rating of "AA-" for both its corporate and bond ratings, with a stable outlook [1][2] - The tracking rating report was issued by the credit rating agency, United Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status and industry development [2] Summary by Category Credit Rating - Previous bond rating was "AA-" and the corporate credit rating was also "AA-" with a stable outlook [1] - The current bond rating remains "AA-" and the corporate credit rating is still "AA-" with a stable outlook, indicating no change from the previous rating [2] Rating Agency - The tracking credit rating was conducted by United Credit Rating Co., Ltd., with the report dated June 7, 2024 [1][2] - The detailed tracking rating report is available on the Shanghai Stock Exchange website for investors to review [2]

根据中国证券监督管理委员会《上市公司证券发行管理办法》《公司债券发 行与交易管理办法》《上海证券交易所股票上市规则》等相关规定，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"）委托信用评级机构联合资 信评估股份有限公司（以下简称"联合资信"）对公司 2022 年 9 月发行的"密卫 转债"进行跟踪信用评级。 公司前次主体信用评级结果为"AA-"，"密卫转债"前次债券评级结果为 "AA-"，评级展望为"稳定"。评级机构为联合资信，评级时间为 2024 年 6 月 7 日。 | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-063 | | --- | --- | --- | | 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 关于公开发行可转换公司债券 2025 年跟踪评级结果的公告 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： 联合资信在对公司经营状况、行业发展情况等进行综合分析与评估的基础上， 于近日出具了《密尔克卫智能供应 ...

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-062 | | --- | --- | --- | | 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 关于完成注册资本工商变更登记的公告 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。 三、变更后的营业执照具体信息 近日，相关工商变更登记手续已办理完毕，并取得了由上海市市场监督管理 局换发的《营业执照》。变更后的具体情况如下： 企业名称：密尔克卫智能供应链服务集团股份有限公司 一、本次注册资本减少的情况说明 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"）于2025 年4月13日召开第四届董事会第六次会议，审议通过了《关于变更注册资本、修 改<公司章程>及其附件的议案》，同意将公司注册资本由161,946,938元变更为 158,162,931元，具体内容详见公司于2025年4月15日披露的《密尔克卫智能供应 链服务集团股份有限公司关于变更注册资本、修改<公司章程>及部分制度的公告》 （公告编 ...

密尔克卫智能供应链服务集团股份有限公司 | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-062 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 关于完成注册资本工商变更登记的公告 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。 一、本次注册资本减少的情况说明 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"）于2025 年4月13日召开第四届董事会第六次会议，审议通过了《关于变更注册资本、修 改<公司章程>及其附件的议案》，同意将公司注册资本由161,946,938元变更为 158,162,931元，具体内容详见公司于2025年4月15日披露的《密尔克卫智能供应 链服务集团股份有限公司关于变更注册资本、修改<公司章程>及部分制度的公告》 （公告编号：2025-042）。此事项已经2025年5月6日召开的2024年年度股东大会 审议通过。 二、注册资本变更情况 变更前：16194.6938 万人民币 变更后：15816.2931 万人民币 ...

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-061 | | --- | --- | --- | | 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 对外担保进展公告 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： 一、 担保情况概述 （一）担保基本情况 近日，公司与中国农业银行股份有限公司上海自贸试验区新片区分行签订合 同，为德鑫海昌提供额度为人民币 1,000.00 万元的担保、为金德龙提供额度为人 民币 1,000.00 万元的担保、为申水德源提供额度为人民币 1,000.00 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 457,503.19 万元，在公司股东会批准的担保额度范围内。 （二）本次担保事项履行的内部决策程序 被担保人名称：上海德鑫海昌贸易有限公司（以下简称"德鑫海昌"）、 上海金德龙贸易有限公司（以下简称"金德龙"）、上海申水德源贸易有 限公司 ...

Group 1 - The core viewpoint of the news is that Milkyway (603713.SH) is enhancing its business presence in Northern China by acquiring a 30% stake in Tianjin Wuze Logistics Co., Ltd. for approximately 142 million yuan [1] - The acquisition aims to provide top-tier port hazardous goods container logistics services to clients in Tianjin and surrounding areas, optimizing the company's long-term strategic layout [1] - Tianjin Wuze, established in October 2022, is a wholly-owned subsidiary of Tianjin Port Logistics Development Co., Ltd., which is under the A-share listed company Tianjin Port (600717.SH) [1] Group 2 - Milkyway is a leading professional intelligent supply chain service provider, primarily offering integrated logistics services centered around freight forwarding, warehousing, and transportation, while extending into chemical product distribution services [2] - In 2024, Milkyway achieved operating revenue of 12.118 billion yuan, a year-on-year increase of 24.26%, and a net profit of 565 million yuan, up 31.04% [2] - The company has established six major operational regions in Greater China, including Shanghai, Southern, Northern, Shandong, Western, and Yangtze regions [2] Group 3 - In 2024, Milkyway also acquired Guangzhou Jiesheng Zhigu Pigment Co., Ltd. and established new companies, continuously improving its business layout [3] - The company's revenue in the Shanghai region reached 6.49 billion yuan in 2024, a year-on-year increase of 31.67%, while non-Shanghai regions generated 5.606 billion yuan, up 16.47% [3]

Core Viewpoint - The company, Milkwell, has announced the acquisition of a 30% stake in Tianjin Wuze Logistics Co., Ltd. for 142 million RMB through a public bidding process, aiming to enhance its logistics services in the Tianjin area and optimize its long-term strategic layout [1][3]. Group 1: Acquisition Details - The acquisition price for the 30% stake in Tianjin Wuze is 141.55 million RMB, which aligns with the assessed value of the stake as per the evaluation report [1][3]. - The company received a confirmation notice from Tianjin Property Rights Exchange Center on February 19, 2025, and completed the payment for the remaining price on March 6, 2025 [2]. - The acquisition was approved by the company's board of directors and does not require shareholder approval, as it falls within the board's authority [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of 12.118 billion RMB, a year-on-year increase of 24.26%, and a net profit of 565 million RMB, up 31.04% [4]. - For the first quarter of 2025, the company achieved a revenue of 3.342 billion RMB, reflecting a 15.40% year-on-year growth, with a net profit of 172 million RMB, a 14.02% increase [4]. - The growth in revenue is attributed to significant increases in the MGF segment's sea freight exports and the MCD segment's performance [4]. Group 3: Company and Industry Context - Tianjin Wuze is a small enterprise primarily engaged in handling and warehousing, with a revenue of 7.9149 million RMB and a net loss of 2.57997 million RMB in 2024 [5]. - The performance of Tianjin Wuze is significantly below industry leaders, with its revenue being less than 10 million RMB compared to Milkwell's revenue exceeding 10 billion RMB [5]. - The acquisition is expected to strengthen Milkwell's position in the hazardous goods logistics market in North China, given the high entry barriers in this sector [5].

Mergers and Acquisitions - Huamao Technology plans to acquire 57.84% stake in Fuchuang Youyue through direct and indirect means, and will issue shares to raise matching funds from its controlling shareholder Dongyang Huasheng [1] - Milkway intends to acquire 30% stake in Tianjin Wuze for 142 million yuan to enhance logistics services for hazardous cargo in Tianjin and surrounding areas [2] - Suqian Agricultural Development plans to invest 178 million yuan to acquire 28.75% of Jintaiyang Grain and Oil, resulting in an 80% ownership post-transaction [3] Share Buybacks and Reductions - Yong'an Futures plans to repurchase shares worth between 50 million to 100 million yuan, with a maximum repurchase price of 18.63 yuan per share, aimed at reducing registered capital [4] - Lian Ce Technology's vice chairman Yu Xuanxuan intends to reduce holdings by up to 54,000 shares, representing 0.84% of total shares, while another shareholder plans to reduce by 10,000 shares, or 0.16% [5] - Bixing Wulian's shareholder Ningbo Fengtu Huizheng plans to reduce holdings by up to 235,560 shares, which is 3% of the total share capital [6] Risk Matters - *ST Sailong warns of potential market overheating risk due to significant recent stock price increases, which deviate from reasonable valuations and fundamentals [7] - Lehui International reports that its draft beer business is relatively small and currently operating at a loss, cautioning investors about associated risks [8] - Wangzi New Materials clarifies that its controllable nuclear fusion business contributes minimally to overall revenue, emphasizing limited short-term impact on performance [9][10]

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-060 | | --- | --- | --- | | 转债代码：113658 | 证券简称：密卫转债 | | 密尔克卫智能供应链服务集团股份有限公司 关于通过公开摘牌方式收购天津物泽物流有限公司 30%股权的公告 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： 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"）通过公开摘牌方式收购天津港物流发展有限公司公开挂牌转让的 天津物泽物流有限公司（以下简称"天津物泽"、"标的公司"、"交易标的"） 30%股权，交易价格为人民币 14,154.75 万元。 本次交易不构成关联交易或重大资产重组。 本次交易已经公司第四届董事会第四次会议审议通过。由于本次交 易属于公开挂牌竞标事项，根据《上海证券交易所股票上市规则》《公司章 程》《公司信息披露暂缓与豁免管理制度》等法律法规、规章制度，董事会 审议通过之后，公司暂缓披露了该事项，待成功摘牌之后再及时履行信息披 露义务。 公司本 ...