| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-072 | | --- | --- | --- | | 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 | 上海密尔克卫集装罐服务有限公司（以 下简称"密尔克卫集装罐"） 500.00 | 万元 | | | --- | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 | | | | | 象一 | | 实际为其提供的担保余额 | 500.00 | 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 | 万元 | | 上海密尔克卫化工物流有 ...

Core Insights - The warehouse industry is a critical component of the modern logistics system, providing essential services such as storage, inventory management, sorting, packaging, and distribution, which are vital for the efficient operation of the real economy [1][4] - The demand for warehouses has significantly increased due to the rise of e-commerce and consumption upgrades, leading to a substantial growth in warehouse completion area in recent years [4][6] - In 2023, China's warehouse completion area reached 32.96 million m², an increase of 4.17 million m² compared to 2022, while a projected decrease of 24% is expected in 2024 with a completion area of 25.08 million m² [4][6] Warehouse Industry Definition and Classification - The warehouse industry encompasses the operation of logistics infrastructure that provides storage, custody, sorting, distribution, and related value-added services, forming a core part of the modern supply chain [2] - Warehouses can be classified based on operational entities (third-party, self-operated, public, and platform-based cloud warehouses), functional purposes (storage, circulation, and specialized warehouses), and technological levels (traditional, automated, intelligent, and digital twin warehouses) [2] Current Development Status - The general warehouse area in China has been on a growth trend, with the total area expected to reach approximately 1 billion m² by 2024, an increase of 517 million m² from 2023 [6] - The rental area of general warehouses is 54.898 million m², with 1.722 million m² currently under construction and a total of 40,274 warehouse parks [6][8] Industry Chain - The warehouse industry chain revolves around the core link of "goods storage and circulation," involving a wide range of upstream and downstream related industries [10] - Upstream includes suppliers of storage infrastructure and equipment, while midstream consists of warehouse service operations, and downstream includes demand from manufacturing, retail, e-commerce, and logistics sectors [10][11] Competitive Landscape - The warehouse market in China exhibits a multi-tiered differentiation structure, with major players including national logistics giants, specialized logistics real estate companies, and regional small to medium-sized storage enterprises [12] - National logistics giants like JD Logistics, SF Express, and Cainiao Network lead the first tier, while specialized logistics real estate firms like Prologis and Wanwei Logistics occupy the second tier [12] Future Development Trends - The warehouse industry is undergoing a transformation from "scale expansion" to "quality upgrade," with leading companies consolidating their advantages through technological investments and mergers [19] - Future competition in the warehouse industry will focus on intelligence, sustainability, and globalization [19]

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-071 | | --- | --- | --- | | 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 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"）与 中国银行股份有限公司上海自贸试验区分行签订合同，为密尔克卫化工储存提供 额度为人民币 8,000.00 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 521,503.19 万元，在公司股东会批准的担保额度范围内。 （二）内部决策程序 公司分别于 2025 年 4 月 13 日、2025 年 5 月 6 日召开了第四届董事会第六 次会议、2024 年年度股东大会审议通过了《关于公司 2025 年度担保额度预计的 议案》，同意公司 2025 年度担保总额度不超 ...

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on July 21, with a total transaction volume of 1.717 billion yuan across 75 stocks, indicating notable investor interest in specific companies [1]. Group 1: Trading Activity - A total of 75 stocks had block trades, with a total transaction value of 1.717 billion yuan [1]. - The top three stocks by transaction value were SAIC Motor Group (1.57 billion yuan), Tianwei Food (1.55 billion yuan), and Sifang Co., Ltd. (1.07 billion yuan) [1]. Group 2: Pricing Trends - Among the stocks traded, 10 stocks were sold at par value, 5 at a premium, and 60 at a discount [1]. - The stocks with the highest premium rates were Jiangsu Shentong (2.64%), Jindi Group (1.83%), and Minsheng Bank (1.11%) [1]. - The stocks with the highest discount rates were Langke Intelligent (27.09%), Energy Iron Han (25.78%), and Betta Pharmaceuticals (22.86%) [1]. Group 3: Institutional Trading - The top stocks by institutional buying were SAIC Motor Group (1.57 billion yuan), XCMG Machinery (1.04 billion yuan), and Milky Way (77.6 million yuan) [2]. - The top stocks by institutional selling included North Copper Industry (30.9 million yuan), Jindi Group (15.9 million yuan), and New Strong Link (3.5 million yuan) [2].

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-070 | | --- | --- | --- | | 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 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 上海演若投资合伙企业（有限合伙）、上海演智投资合伙企业（有限合伙）、 上海演惠投资合伙企业（有限合伙）保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 | | □  | 控股股东/实控人 | | | | --- | --- | --- | --- | --- | | 上海演惠投资合伙企业 | | 控股股东/实控人的一致行 |  | 913100003323439909 | | （有限合伙） | 动人 | | □ | 不适用 | | | □ | 其他直接持股股东 | | | 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 4 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Core Viewpoint - The report outlines the status and details of the convertible bond issuance by Milkewei Intelligent Supply Chain Service Group Co., Ltd, emphasizing the bond's characteristics, issuance process, and the implications of stock repurchase on the conversion price [1][2][3]. Group 1: Bond Issuance Overview - The total face value of the convertible bonds issued is capped at 872,388,000 yuan, with 8,723,880 bonds issued at a face value of 100 yuan each [3][4]. - The bonds have a maturity period of five years, from September 16, 2022, to September 15, 2027, with a tiered interest rate starting at 0.3% in the first year and reaching 2.0% by the fifth year [4][5]. Group 2: Conversion and Adjustment Mechanisms - The initial conversion price is set at 134.55 yuan per share, subject to adjustments based on stock dividends, capital increases, and other corporate actions [6][7]. - The conversion period begins six months after the issuance and lasts until the bond's maturity date [5][6]. Group 3: Stock Repurchase and Its Impact - The company has announced that the repurchase and cancellation of certain restricted stocks will not affect the conversion price of the convertible bonds, as the proportion of repurchased stocks is minimal [14][15]. - The adjustment formula for the conversion price remains unchanged, ensuring that the bondholders' rights are preserved [15]. Group 4: Credit Rating and Management - The bonds have been rated AA- by a credit rating agency, with a stable outlook, indicating a solid credit profile for the issuer [12]. - The bond trustee, China International Capital Corporation, will continue to monitor the issuer's compliance with bond obligations and any significant events affecting bondholder interests [17].

重要声明 本报告依据《公司债券发行与交易管理办法》（2023 年修订）、《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之债券受托管理协议》 （以下简称"《受托管理协议》"）、《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》"）等相关 公开信息披露文件、第三方中介机构出具的专业意见等，由本期债券受托管理人 中国国际金融股份有限公司（以下简称"中金公司"）编制。中金公司对本报告 中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容 和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 股票代码：603713 股票简称：密尔克卫 债券代码：113658 债券简称：密卫转债 密尔克卫智能供应链服务集团股份有限公司 公开发行可转换公司债券 第三次临时受托管理事务报告 （2025 年度） 债券受托管理人 二 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Core Viewpoint - The company announced that the repurchase and cancellation of restricted stocks will not adjust the conversion price of its convertible bonds, maintaining the price at 55.72 yuan per share due to the small proportion of repurchased stocks in the total share capital [1][4][5] Group 1: Convertible Bonds - The company issued 8,723,880 convertible bonds on September 16, 2022, with a total fundraising amount of 872.388 million yuan [1] - The bonds have a five-year term with a coupon rate that increases from 0.3% in the first year to 2.0% in the fifth year [1] - The initial conversion price for the bonds was set at 55.72 yuan per share, effective from March 22, 2023 [2] Group 2: Stock Repurchase and Cancellation - The company will repurchase and cancel 35,775 shares of restricted stock due to unmet performance targets in its stock option and restricted stock incentive plan [4] - The repurchased shares represent a small proportion of the company's total share capital, thus the conversion price of the convertible bonds remains unchanged [1][4][5] - The adjustment formula for the conversion price is outlined in the prospectus, but in this case, the conversion price remains at 55.72 yuan per share after calculations [2][5]