Group 1 - The core point of the article is that Milkyway (SH 603713) announced the acquisition of a patent for a chemical entity identification method, which may enhance its technological capabilities in the chemical storage sector [1] - Milkyway's subsidiary, Shanghai Milkyway Chemical Storage Co., Ltd., received a patent certificate from the National Intellectual Property Administration of China [1] - As of the report, Milkyway's market capitalization stands at 9.7 billion yuan [1] Group 2 - For the first half of 2025, Milkyway's revenue composition is as follows: logistics accounted for 51.39%, trading for 48.08%, and other businesses for 0.53% [1]

一、发明专利情况 证书号：第 8216859 号 关于全资子公司取得发明专利证书的公告 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。 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储存有限公司于近日取得中华人民共和国国家知识产权局 颁发的 1 项发明专利证书，具体情况如下： 发明名称：一种化学品实体识别方法、装置、电子设备及存储介质 | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-087 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 专利权人：上海密尔克卫化工储存有限公司 密尔克卫智能供应链服务集团股份有限公司 专利号：ZL 2024 1 1226117.1 专利申请日：2024 年 9 月 3 日 发明人：陈缵轶 本次发明专利的取得是公司重要核心技术的体现和延伸，会对公司及子公司 生产经营产生积极影响。持续投入科技和创新并将其转化为应用成果，是公司保 持长期核心竞争力的体现。公司引领行业的技术创新， ...

Core Viewpoint - Milkyway announced that its subsidiary, Shanghai Milkyway Chemical Storage Co., Ltd., has received a patent certificate from the National Intellectual Property Administration for an invention related to chemical entity identification methods and devices [1] Group 1 - The patent is titled "A Method, Device, Electronic Equipment, and Storage Medium for Chemical Entity Identification" [1]

Group 1 - The company, Milkway (SH 603713), announced that as of the disclosure date, the total external guarantees provided by the company and its subsidiaries amount to approximately RMB 4.547 billion, which represents 105.3% of the company's most recent audited net assets attributable to shareholders [1] - For the first half of 2025, the revenue composition of Milkway is as follows: logistics accounts for 51.39%, trading accounts for 48.08%, and other businesses account for 0.53% [1] - As of the report date, Milkway's market capitalization is RMB 10 billion [1]

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-086 | | --- | --- | --- | | 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 | 被担保人名称 | 上海慎则化工科技有限公司（以下简称 "上海慎则"） | 万元 | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 5,000.00 | | | | 象一 | | 实际为其提供的担保余额 | 28,938.40 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：_________ | | | | 被担保人名称 | 下简称"鼎铭秀博"） | | 上海鼎铭秀博集装罐服务有限公司（以 | ...

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-085 | | --- | --- | --- | | 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 重要内容提示： 一、可转债上市发行概况 根据有关规定和《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》"）的约定，公司本次发 行的"密卫转债"自 2023 年 3 月 22 日起可转换为公司股份。 （一）可转债发行概况 （三）可转债转股价格说明 经中国证券监督管理委员会《关于核准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的批复》（证监许可〔2022〕1905 号）核准，公 司于 2022 年 9 月 16 日公开发行可转换公司债券 8,723,880 张，每张面值 100 元，发行总额为人民币 872,388,000 元。 （二）可转债上市概况 经《关于密尔克卫化工供应链服务股份有限公司可转换公司债券上市交易 的通知》（上海证券交易所自律监管决定书[2022]282 号）同意，公司 87,238.80 万元可转换公司债券 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

证券研究报告 2025年09月29日 行业报告 | 行业专题研究 供应链物流：流量变现，第二成长曲线 作者： 分析师 陈金海 SAC执业证书编号：S1110521060001 联系人 李宁 1 行业评级： 上次评级： 强于大市 强于大市 首次 （ 评级） 请务必阅读正文之后的信息披露和免责申明 物流 摘要 ⚫ 庞大流量变现 供应链物流企业的经手货值庞大，通过"物流—贸易—制造"业务延伸，流量变现打造第 二成长曲线，海外如日本商社投资制造业，国内如密尔克卫拓展分销、嘉友国际开发陆港 项目、物产中大投资并购高端实业。 ⚫ 新业务高增长 把控核心环节，上下游赋能，使新业务高增长、利润占比上升。2018-24年物产中大制造 业务毛利润年化增速22%，占比从16%上升到41%；密尔克卫分销毛利润年化增速21%， 占比从3%上升到62%。流量变现空间较大、模式更加成熟，未来新业务有望持续高增长。 ⚫ 有望戴维斯双击 新业务利润高增长、占比上升，推动公司整体利润增速上行；商品价格回升，供应链业务 利润反转；公司风险下降、市场风险偏好上升，估值有望上升。 ⚫ 供应链物流公司经手货值往往较大，如物产中大、厦门象屿等。 ⚫ 供应 ...

Group 1 - Dongxing Medical plans to acquire 90% equity of Wuhan Yijiaobao for cash, which is expected to constitute a major asset restructuring [1] - Fosun Pharma's subsidiary plans to transfer 100% equity of Shanghai Cloning, with a transaction value of up to 1.256 billion yuan [1] Group 2 - *ST Songfa's subsidiary signed a shipbuilding contract worth approximately 400-600 million USD for four VLCCs, expected delivery between late 2026 and mid-2027 [3] - Qibin Group obtained financing support of up to 90 million yuan for share repurchase [4] Group 3 - Shapuaisi's shareholder plans to reduce holdings by up to 3% of the company's total shares [5] - *ST Kaixin intends to use up to 310 million yuan for cash management in safe and liquid financial products [6] Group 4 - Junchen Technology's shareholders plan to transfer 2.5% of the company's shares due to personal funding needs [7] - Jingliang Holdings received an administrative regulatory measure from Hainan Securities Regulatory Bureau for improper revenue recognition involving 299 million yuan [7] Group 5 - Tongcheng Holdings received a cash dividend of 24.6643 million yuan from Changsha Bank [9] - Shenyang Chemical appointed Chen Liguo as the new general manager [10] Group 6 - Huaguang Huaneng signed a contract for a 160 million yuan waste heat boiler project [15] - Shuxian Valley's subsidiary completed the re-registration of a health food product [16] Group 7 - Xuanta Pharmaceutical's new specification for a diabetes treatment drug was approved [17] - Panlong Pharmaceutical's application for a pain relief gel patch was accepted by the drug regulatory authority [18] Group 8 - Zhiguang Electric's subsidiary won a procurement contract worth 164 million yuan for a storage system [19] - Chitianhua's production facility resumed operations after maintenance [20] Group 9 - Haitong Development's application for a specific A-share issuance was accepted by the Shanghai Stock Exchange, aiming to raise 210 million yuan [20] - Risheng Technology's shareholders plan to transfer 4.02% of the company's shares [33] Group 10 - Pingmei Shares' controlling shareholder plans a strategic restructuring with Henan Energy Group [35] - Shenghui Integration's controlling shareholder committed not to reduce shareholdings for 12 months [37] Group 11 - Agricultural Bank and Bank of China will no longer establish supervisory boards, with their functions transferred to the audit committees [39][40] - Dongfang Yuhong's subsidiary signed a contract for a seawater pipeline project worth 2.524 billion USD [40][41] Group 12 - Ganfeng Lithium plans to introduce investors for a capital increase of up to 2.5 billion yuan [50] - Hanyu Pharmaceutical intends to raise up to 968 million yuan for various projects [51]

中国经济网北京9月26日讯 密尔克卫(603713.SH)昨晚发布股东减持股份计划公告。公司于2025年9月25日分别收到陈 银河、李仁莉、北京君联茂林股权投资合伙企业（有限合伙）（以下简称"君联茂林"）发来的《关于密尔克卫智能供应链 服务集团股份有限公司的股份减持计划告知函》。 公司实际控制人、控股股东陈银河计划通过大宗交易、集中竞价交易方式减持公司股份数量不超过2,371,800股，即减 持不超过公司总股本的1.50%，自公告之日起15个交易日后的3个月内进行。其中，以大宗交易方式减持的股份数量不超过 1,581,200股，以集中竞价交易方式减持的股份数量不超过790,600股。 公司实际控制人、股东李仁莉计划通过大宗交易、集中竞价交易方式减持公司股份数量不超过2,371,800股，即减持不 超过公司总股本的1.50%，自公告之日起15个交易日后的3个月内进行。其中，以大宗交易方式减持的股份数量不超过 1,581,200股，以集中竞价交易方式减持的股份数量不超过790,600股。 公司股东君联茂林计划通过大宗交易、集中竞价交易方式减持公司股份数量不超过1,616,613股，即减持不超过公司总 股本的1.0 ...