证券研究报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 投资要点： 交通运输 | 物流 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 17 日 市场表现： | 基本数据 | | 年 | 08 | | 15 | 日 | | 2025 | | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 58.93 | | | | | | | | 年 内 / 最 | 高 | | | 65 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 7.035 billion yuan in the first half of 2025, representing a year-on-year growth of 17.40%, and a net profit attributable to shareholders of 352 million yuan, up 13.12% year-on-year [1]. - The company is actively expanding its domestic and international operations, with a focus on enhancing its core competitiveness through strategic investments and acquisitions [3]. - The report forecasts continued growth in the company's performance, driven by the increasing penetration of industrial IoT and the expansion of its business boundaries, with projected net profits of 686 million yuan, 803 million yuan, and 974 million yuan for 2025, 2026, and 2027 respectively [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 3.693 billion yuan, a year-on-year increase of 19.26%, and a net profit of 180 million yuan, reflecting a 12.27% year-on-year growth [1]. - The company's main business segments showed varied performance, with the global mobile business (MGM) experiencing a significant revenue increase of 50.94% year-on-year [2]. Business Development - The company is enhancing its operational density across six major regions in China and has initiated a global expansion strategy with subsidiaries established in multiple countries [3]. - New business initiatives include online logistics e-commerce and transaction platforms, aimed at filling operational gaps and creating a healthy ecosystem in the supply chain [3]. Earnings Forecast - The company is expected to achieve revenues of 14.282 billion yuan, 16.165 billion yuan, and 18.321 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profit growth rates of 21.3%, 17.1%, and 21.3% [5][8].

Core Viewpoint - The recent financial report of Milkewei (603713) shows significant growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue reached 7.035 billion yuan, a year-on-year increase of 17.4% [1]. - Net profit attributable to shareholders was 352 million yuan, up 13.12% year-on-year [1]. - In Q2 2025, total revenue was 3.693 billion yuan, reflecting a 19.26% increase compared to the same quarter last year [1]. - Q2 net profit was 180 million yuan, an increase of 12.27% year-on-year [1]. - Gross margin improved to 11.46%, up 1.92% year-on-year, while net margin increased to 5.9%, up 0.93% year-on-year [1]. Key Financial Metrics - Operating expenses totaled 287 million yuan, accounting for 4.09% of revenue, a 5.06% increase year-on-year [1]. - Earnings per share rose to 2.22 yuan, a 17.46% increase year-on-year [1]. - Cash flow from operations per share was 7.87 yuan, a significant increase of 657.11% year-on-year [1]. - The company's net asset value per share increased to 28.39 yuan, up 11.88% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents increased by 77.36% to 2.308 billion yuan due to higher operating cash inflows [1][2]. - Long-term equity investments surged by 399.23% due to increased investment in Tianjin Wozhe [2]. - Development expenditures rose by 208.8% due to capitalized R&D spending [2]. - Contract liabilities increased by 801.77% due to the growth in MCD business, necessitating advance payments for timely supply [3]. Business Model and Strategy - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [5]. - The company has a significant focus on optimizing cash flow and managing debt levels, with a current ratio of cash to current liabilities at 51.01% [6]. Market Position and Investor Interest - The company has attracted attention from various funds, with notable holdings from Fidelity and Zheshang Huijin, indicating strong investor interest [7]. - Analysts project a net profit of 653 million yuan for 2025, with an average earnings per share estimate of 4.13 yuan [6].

此外，密尔克卫在公告中表示，鉴于严峻的外部环境，结合自身优势与不足，公司除了大力发展已有业 务，还着力于补齐业务短板，比如铁路、跨境卡车运输、快运、拼箱等业务，并积极拓展线上新业务， 主要有线上物流电商"化亿达"、线上交易平台"灵元素"、线上运输平台"运小虎"等。与此同时，公司不 断开发新区域、挖掘新客户，打造供应链上下游健康的生态圈。 （编辑 张明富） 本报讯 （记者张文湘 见习记者占健宇）8月14日晚间，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"）发布了2025年半年度报告。报告期内，公司实现营业收入70.35亿元，同比增长 17.40%；归属上市公司股东的净利润3.52亿元，同比增长13.12%；基本每股收益2.22元。 公告披露，2025年上半年，公司持续聚焦智能供应链服务主航道及加强化工品分销服务，营业收入持续 增长，同时优化经营效率，提高了整体的盈利能力。 根据公开资料，密尔克卫是国内领先的专业智能供应链综合服务商，提供以货运代理、仓储和运输为核 心的一站式综合物流服务，并基于综合物流服务向化工品分销服务延伸，逐步形成的化工品及新能源行 业物贸一体化服务。 ...

2025年8月15日，密尔克卫(603713.SH)发布2025年中报。 公司营业总收入为70.35亿元，较去年同报告期营业总收入增加10.43亿元，实现2年连续上涨，同比较去 年同期上涨17.40%。归母净利润为3.52亿元，较去年同报告期归母净利润增加4080.56万元，实现2年连 续上涨，同比较去年同期上涨13.12%。经营活动现金净流入为12.45亿元，较去年同报告期经营活动现 金净流入增加14.77亿元。 公司最新资产负债率为64.88%，较上季度资产负债率减少3.45个百分点。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 陈银河 | 26.99% | | 2 | 李仁莉 | 13.32% | | 3 | 香港中央结算有限公司 | 8.00% | | 4 | 上海演若投资合伙企业(有限合伙) | 3.76% | | 5 | 招商银行股份有限公司-兴全合润混合型证券投资基金 | 2.70% | | ଚ | 上海演智投资合伙企业(有限合伙) | 2.55% | | 7 | 中国光大银行股份有限公司-兴全商业模式优选混合型证券投资基金(LOF) | 2.4 ...

（文章来源：每日经济新闻） 国金证券8月15日发布研报称，给予密尔克卫（603713.SH，最新价：57.68元）买入评级。评级理由主 要包括：1）克服运价下行压力，Q2营收逆势增长；2）毛利率同比改善，费用率小幅增长。风险提 示：化工行业波动风险，安全运营风险，政策监管风险，并购不及预期风险，股东和董监高减持风险。 ...

公募基金方面本期较上一季度持股减少的公募基金共计1个，即兴全商业模式混合(LOF)A，持股减少占 比达0.91%。本期较上一季度新披露的公募基金共计3个，包括中欧时代先锋股票A、富达悦享红利优选 混合A、浙商汇金量化臻选股票A。本期较上一季未再披露的公募基金共计2个，包括兴全新视野定期开 放混合型发起式、南华丰睿量化选股混合A。 险资方向，本期较上一期持股增加的险资共计1个，即中国太平洋人寿保险股份有限公司-分红-个人分 红，持股增加占比小幅上涨。 2025年8月15日，密尔克卫(603713.SH)发布2025年半年度报告。截至2025年8月14日，共有10个机构投 资者披露持有密尔克卫A股股份，合计持股量达4197.48万股，占密尔克卫总股本的26.54%。其中，前 十大机构投资者包括香港中央结算有限公司、上海演若投资合伙企业(有限合伙)、招商银行股份有限公 司-兴全合润混合型证券投资基金、上海演智投资合伙企业(有限合伙)、中国光大银行股份有限公司-兴 全商业模式优选混合型证券投资基金(LOF)、上海演惠投资合伙企业(有限合伙)、中国太平洋人寿保险 股份有限公司-分红-个人分红、中国工商银行股份有限公司- ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 7.04 billion RMB in H1 2025, representing a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 350 million RMB, up 13% year-on-year [2] - In Q2 2025, the company reported a revenue of 3.69 billion RMB, a growth of 19.3% year-on-year, and a net profit of 180 million RMB, which is a 12.3% increase year-on-year [2] - The company overcame downward pressure on freight rates, with the CCFI index averaging 1162 in Q2 2025, down 19% year-on-year, yet still achieved revenue growth due to increased business volume [2] - The company is focusing on smart supply chain services and enhancing chemical distribution services, acquiring several key clients in the new energy, chemical, semiconductor, and pharmaceutical sectors [2] - The company has maintained a warehouse asset utilization rate of 85% and is progressing well with self-built bases in Zhanjiang and Huizhou [2][3] - The gross profit margin improved to 11.3% in Q2 2025, up 0.4 percentage points year-on-year, attributed to a lower decline in freight forwarding gross profit per container compared to freight rate declines [3] - The company completed equity investments totaling 183 million RMB, primarily in the chemical new materials and logistics sectors, enhancing its supply chain service capabilities [3] Summary by Sections Performance - H1 2025 revenue: 7.04 billion RMB, up 17.4% YoY - H1 2025 net profit: 350 million RMB, up 13% YoY - Q2 2025 revenue: 3.69 billion RMB, up 19.3% YoY - Q2 2025 net profit: 180 million RMB, up 12.3% YoY [2] Operational Analysis - Q2 2025 CCFI index: 1162, down 19% YoY - Revenue growth driven by increased business volume despite freight rate pressures - Focus on smart supply chain and chemical distribution services with new key clients [2][3] Profitability and Expenses - Q2 2025 gross profit margin: 11.3%, up 0.4 percentage points YoY - Q2 2025 expense ratio: 4.5%, up 0.2 percentage points YoY - Q2 2025 net profit margin: 4.9%, down 0.3 percentage points YoY [3] Profit Forecast, Valuation, and Rating - Revised net profit forecasts for 2025-2027: 650 million RMB, 800 million RMB, 950 million RMB - Maintained "Buy" rating [4]

（编辑 李家琪） 证券日报网讯 8月14日晚间，密尔克卫发布公告称，公司于2025年8月14日召开第四届董事会第八次会 议，审议通过了《关于使用闲置募集资金进行现金管理的议案》。本着股东利益最大化原则，为提高闲 置募集资金使用效率，合理利用闲置募集资金，在确保不影响募集资金项目建设和募集资金使用的情况 下，公司使用不超过5，000.00万元公开发行可转换公司债券闲置募集资金，选择适当的时机，阶段性 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。 ...

Core Viewpoint - Milkwell announced the approval of multiple proposals during the eighth meeting of its fourth board of directors on the evening of August 14 [2] Group 1 - The board meeting reviewed and approved the proposal regarding its summary and other related proposals [2]