公司代码：603713 公司简称：密尔克卫 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 2025 年半年度报告 四、 公司负责人陈银河、主管会计工作负责人杨波及会计机构负责人（会计主管人员）杨波声明：保 证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 密尔克卫智能供应链服务集团股份有限公司 2025 年半年度报告 1 / 214 密尔克卫智能供应链服务集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述因存在不确定性，不构成公司对投资者的实质承 诺，敬请广大投资者及相关人士注意投资风险，并且充分理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存 ...

Core Viewpoint - The company reported a revenue of 7.035 billion yuan for the first half of 2025, reflecting a year-on-year growth of 17.40% [1] - The net profit attributable to shareholders reached 352 million yuan, marking a 13.12% increase year-on-year [1] - The company focused on smart supply chain services and enhanced chemical distribution services, leading to sustained revenue growth and improved profitability [1] Financial Performance - Revenue for the first half of 2025: 7.035 billion yuan, up 17.40% year-on-year [1] - Net profit attributable to shareholders: 352 million yuan, up 13.12% year-on-year [1] - Deducted non-recurring profit: 325 million yuan, up 13.17% year-on-year [1] - Basic earnings per share: 2.22 yuan [1] Strategic Focus - The company continues to concentrate on its main channel of smart supply chain services [1] - There is an emphasis on strengthening chemical distribution services [1] - Operational efficiency has been optimized, contributing to overall profitability improvements [1]

Core Insights - The company reported a revenue of 7.035 billion yuan for the first half of 2025, representing a year-on-year growth of 17.40% [1] - The net profit attributable to shareholders reached 352 million yuan, an increase of 13.12% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 325 million yuan, reflecting a year-on-year growth of 13.17% [1] - The basic earnings per share stood at 2.22 yuan [1] Revenue and Profitability - The company focused on intelligent supply chain services and enhanced chemical distribution services, leading to sustained revenue growth [1] - Operational efficiency was optimized, which improved overall profitability [1]

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]