| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2026-012 | | --- | --- | --- | | 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 第四届董事会第十一次会议决议公告 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 2026 年 3 月 10 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 2026 年 3 月 13 日召开第四届董事会第十一次会议并作出本董 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。 二、董事会会议审议情况 1、审议《关于使用闲置募集资金进行现金管理的议案》 同意公司使用额度不超过 16,000.00 万元（含）闲置募集资金进行现金管理， 用于购买安全性高、流动性好、低风险、期限不超过 12 个月的保本型产品（包 括但不限于银行固定收益型或保本浮动收益型的理财产品、定期存单、 ...

Investment Rating - The report does not explicitly provide an overall investment rating for the industry Core Views - The express delivery sector is positively influenced by regulatory measures against "involution" competition, with a focus on stabilizing prices and improving service quality, which is expected to enhance profitability for leading companies like Zhongtong Express and Jitu Express [2] - The logistics sector is recommended to focus on smart logistics, with companies like Haichen Co., Ltd. being highlighted due to the anticipated recovery in chemical logistics driven by rising chemical product prices [3] - The aviation sector shows signs of recovery with increased flight volumes and potential for improved profitability as supply constraints ease, recommending investments in major airlines such as Air China and China Southern Airlines [4] - The shipping sector is experiencing high freight rates due to geopolitical tensions affecting oil transport routes, with a focus on maintaining high rates despite fluctuations in container shipping indices [5] - The road and rail sectors are showing stable growth, with opportunities for investment in highway operators due to attractive dividend yields compared to government bond rates [6] Summary by Sections Transportation Market Review - The transportation index fell by 0.7% last week, while the Shanghai and Shenzhen 300 index decreased by 1.1%, indicating a slight outperformance of the transportation sector [1][13] Industry Fundamentals Tracking Shipping Ports - The shipping market is facing challenges due to geopolitical tensions, with the CCFI index at 1044.57 points, down 4.0% week-on-week and down 20.8% year-on-year [21] - Oil transport indices are high, with the BDTI index at 2868.4 points, up 51.4% week-on-week and up 225.4% year-on-year, indicating strong demand and pricing power in oil shipping [40] Aviation Airports - The average daily flights increased by 17.86% year-on-year, with domestic flights up 19.64%, suggesting a recovery in air travel demand [4] - Brent crude oil prices rose to $92.69 per barrel, impacting operational costs for airlines, but potential easing of geopolitical tensions may improve margins [67] Road and Rail - The highway sector showed a significant increase in truck traffic, with 32.72 million vehicles recorded, up 229.68% week-on-week, indicating robust demand [84] - Rail freight volumes are stabilizing, with a slight increase in passenger turnover, suggesting a positive trend in rail transport [82] Express Logistics - The express delivery sector saw a collection volume of approximately 4.231 billion packages, up 12.6% year-on-year, indicating strong growth potential [2]

特此公告。 密尔克卫智能供应链服务集团股份有限公司董事会 2026 年 3 月 3 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"）分别于 2026 年 1 月 26 日、2026 年 2 月 11 日召开第四届董事会第十次会议、2026 年第一次 临时股东会，审议通过了《关于终止实施 2024 年股票期权与限制性股票激励计 划暨注销股票期权的议案》，同意终止实施本次激励计划并注销已授予但尚未行 权的 2,886,818 份股票期权。具体内容详见公司分别于 2026 年 1 月 27 日、2026 年 2 月 12 日披露于上海证券交易所网站（www.sse.com.cn）及指定媒体的《密 尔克卫智能供应链服务集团股份有限公司关于终止实施 2024 年股票期权与限制 性股票激励计划暨注销股票期权的公告》（公告编号：2026-007）、《密尔克卫智 能供应链服务集团股份有限公司 2026 年第一次临时股东会决议公告》（公告编号： 2026-009）。 公司已向中国证券登记结算有限责任公司上海分公司（以下简称"中国结算 上海分公司"）提交注销上述股票期权的申请。经中国结算上海分公司审核确认， 上述共 ...

Summary of Conference Call for Milkwell (2026) Industry Overview - The logistics and chemical distribution industry is experiencing a mixed demand environment, with global demand overall remaining weak despite some regional strengths. [2][5] - The shipping companies are actively reducing capacity to maintain freight rates, with ocean freight rates dropping below $2,000, nearing levels seen in 2018-2019. [2][5] Key Points Company Performance - December showed strong performance due to pre-holiday stocking, and January 2026 is expected to see robust transportation demand with tight capacity. [2][5] - The company anticipates maintaining double-digit growth in cargo volume for 2026, with a focus on optimizing customer structure and improving bidding prices in the second half of the year. [2][7] - Chemical prices have seen a slight increase at the beginning of the year, with significant recent gains, particularly in yellow phosphorus, which reached over 7,500 tons in January 2026. [2][7] Pricing and Competition - Contract logistics bidding in the second half of 2025 indicates that large customers are maintaining low prices, with intense competition expected to continue into 2026. [2][6] - Emerging sectors such as new energy, semiconductors, and pharmaceuticals are performing better in pricing compared to traditional chemical sectors, but their contribution to revenue remains limited in the short term. [2][6] Operational Developments - The company is expanding its global footprint, particularly in Southeast Asia, with existing orders in the Middle East and Eastern Europe. [2][3] - The logistics business is diversifying beyond traditional sea freight, with significant developments in air and rail logistics. [2][8] Financial Outlook - The company aims to achieve or slightly exceed the profit level of 172 million yuan from Q1 2025 in Q1 2026, despite a forecasted low month in February due to customer delays. [2][8] - The internal budget does not account for potential price increases, indicating a conservative approach to financial forecasting. [2][6] Technology and Innovation - The company has implemented an internal knowledge base system, "Miwen," to enhance operational efficiency and reduce reliance on manual inquiries. [2][9][10] Shareholder Engagement - The company plans to introduce a new equity incentive plan in mid-2026 after canceling the previous one due to performance-related issues. [2][11] Warehouse Management - The warehouse area has seen fluctuations, currently estimated between 650,000 to 700,000 square meters, with a focus on optimizing costs through strategic consolidation of rental warehouses. [2][14] Future Growth Strategies - The company is focusing on expanding its customer base beyond the chemical sector to mitigate cyclical volatility, with plans to invest in new energy, technology, and healthcare sectors. [2][18] - The management remains optimistic about 2026, citing strong demand from key customers and a commitment to providing integrated supply chain solutions. [2][23][24] Additional Insights - The company is cautious about large-scale acquisitions in its overseas expansion strategy, preferring to explore partnerships and joint ventures where beneficial. [2][20][21] - The overall sentiment is positive, with expectations of continued growth despite challenges in the broader market environment. [2][23][24]

Investment Rating - The report does not explicitly state an overall investment rating for the transportation sector, but highlights specific companies and segments with positive outlooks, such as logistics and aviation [2][3][4]. Core Insights - The transportation index increased by 3.3% in the last week, outperforming the Shanghai Composite Index by 2.2%, with the shipping sector showing the highest growth at 11.9% [1][11]. - In the express delivery segment, some companies are benefiting from price increases due to reduced competition, with a focus on leading firms like Zhongtong Express and Jitu Express [2]. - The logistics sector is expected to improve as chemical product prices rise, with a focus on companies like Milkyway and Hongchuan Wisdom [2]. - The aviation sector is experiencing a slight decline in flight numbers but remains optimistic about ticket prices and profitability due to high passenger load factors [3][55]. - The shipping sector is positively impacted by geopolitical tensions, particularly in oil transportation, with expectations of price increases [4]. Summary by Sections Shipping and Ports - The shipping sector is seeing a stabilization in container shipping rates, while oil transportation rates are expected to rise due to geopolitical factors [4][21]. - The China Export Container Freight Index (CCFI) is at 1044.57 points, down 4.0% week-on-week and down 20.8% year-on-year [21]. - The oil transportation index (BDTI) increased by 2.2% week-on-week and 91.5% year-on-year, indicating strong demand in this segment [4][37]. Aviation and Airports - The average daily flights in China increased by 17.58% year-on-year, with domestic flights showing a similar growth rate [3]. - The Brent crude oil price is at $72.48 per barrel, with domestic aviation kerosene prices decreasing by 4.3% week-on-week [66]. - Airlines are expected to benefit from improved load factors and ticket pricing, with specific recommendations for China National Aviation and Southern Airlines [3][55]. Logistics - The chemical logistics sector is anticipated to improve as chemical prices rise, with a focus on companies like Milkyway and Hongchuan Wisdom [2]. - The overall logistics environment is supported by a stable demand for chemical products, with operational rates for key chemicals showing positive trends [2]. Road and Rail - The road transport sector is showing signs of recovery, with a notable increase in truck traffic, although there was a significant drop in traffic volume recently [84]. - The railway sector is also experiencing a positive trend, with passenger turnover increasing by 8.52% year-on-year [82].

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2026-010 | | --- | --- | --- | | 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 | 本次担保金额 | 实际为其提供的担 保余额（不含本次 | | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | | | | 担保金额） | | 预计额度内 | 否有反担保 | | 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"） | 30,000.00 万元 | 77,600.00 | 万元 | 是 | 否 | | 上海慎则化工科技有限公司（以下 简称"上海慎则"） | 28,000.00 万元 | 14,450.00 | 万元 | 是 | 否 | | 上海密尔克卫化工物流有限公司 （以下简称"密 ...

Core Viewpoint - The company provides a comprehensive range of logistics services for hazardous and non-standard goods, including sea, air, and rail transportation, specifically for exports to EU countries [1] Group 1: Business Operations - The company's freight forwarding business offers one-stop services for global transportation of hazardous and non-standard goods [1] - Revenue from freight forwarding operations involving the EU region accounts for approximately 10%-15% of total revenue [1] - The operations related to EU exports are conducted through Chinese business entities and do not involve the trade of goods [1]

Group 1 - The core point of the news is that Milkwell (603713) held its first extraordinary shareholders' meeting in 2026 on February 11, where five proposals were approved, including the addition of independent directors, changes to registered capital and business scope, and the termination of the 2024 stock option and restricted stock incentive plan, which may impact the company's governance structure [1] Group 2 - In the recent trading period from February 6 to February 12, 2026, Milkwell's stock price showed a fluctuating upward trend, closing at 66.97 yuan on February 12, representing a cumulative increase of 4.67% from the closing price of 64.48 yuan on February 6, with a price range fluctuation of 7.89% [2] - The trading volume was active during this period, with a total transaction amount of approximately 594 million yuan, outperforming the broader market index and the logistics sector [2] Group 3 - Institutions maintain a neutral to slightly optimistic outlook on Milkwell, with a consolidated target price of 79.14 yuan, indicating a potential upside of approximately 19.78% from the current stock price [3] - Profit forecasts suggest that the company's net profit is expected to grow by 13.89% year-on-year in 2025, while operating revenue is projected to increase by 13.96%, reflecting a stable demand background in the logistics industry [3]

Meeting Details - The shareholder meeting was held on February 11, 2026, at 158 Jinqi Road, Pudong New District, Shanghai [1] - The meeting was convened by the company's board and conducted through a combination of in-person and online voting, presided over by Chairman Chen Yinhai [1] Attendance - Out of 5 current directors, 4 attended the meeting, while Vice Chairman Pan Rui was absent due to work commitments [2] - The company secretary and Vice General Manager Miao Leimin attended, along with Financial Director Yang Bo [3] Resolutions - The following resolutions were passed: 1. Proposal to add an independent director [4] 2. Proposal to change registered capital, business scope, and amend the Articles of Association [4] 3. Proposal to amend the Board Meeting Rules [4] 4. Proposal to amend the Fund Management System [4] 5. Proposal to terminate the implementation of the 2024 stock option and restricted stock incentive plan and cancel stock options [5] - Resolutions 2 and 5 were special resolutions that required a two-thirds majority of the voting rights held by attending shareholders, which were successfully achieved [5] Legal Verification - The meeting was witnessed by Guohao Law Firm (Shanghai), with lawyers Ge Jiaqi and Zhang Meihua present [6] - The legal opinion confirmed that the meeting's procedures complied with laws, regulations, and the company's Articles of Association, and that the voting results were valid [6]

Group 1 - The core point of the announcement is the resolution of the first extraordinary general meeting of shareholders for 2026, confirming that there were no rejected proposals [1] - The meeting was held on February 11, 2026, at a specified location in Shanghai, and was attended by shareholders with voting rights [2] - The meeting was convened by the company's board and conducted through a combination of on-site and online voting, led by the chairman, Chen Yinhai, in compliance with legal regulations [2][3] Group 2 - The meeting included the attendance of 5 current directors, with 4 present and the vice chairman absent due to work commitments [3][4] - Several proposals were reviewed and passed, including the addition of an independent director, changes to registered capital and business scope, and amendments to the company's articles of association [5] - The legal firm Guohao Law Firm (Shanghai) provided witness services for the meeting, confirming that the procedures and voting were in accordance with legal requirements [6]