Group 1 - The core viewpoint of the news is that Milkwell has seen a 5% increase in stock price, reaching 60.47 CNY per share, with a total market capitalization of 9.562 billion CNY [1] - Milkwell specializes in integrated logistics services for the chemical supply chain, offering services such as freight forwarding, warehousing, and transportation, with a revenue composition that includes 48.08% from MCD distribution, 24.02% from MGF global freight, 17.40% from MWT integrated warehousing and distribution, and 9.96% from MGM global mobility [1] - The company is located in Shanghai and was established on March 28, 1997, with its listing date on July 13, 2018 [1] Group 2 - According to data, the Fuguo Fund has a significant holding in Milkwell, with the Fuguo Vision Value Mixed A fund holding 32,000 shares, representing 2.82% of the fund's net value, ranking as the tenth largest holding [2] - The Fuguo Vision Value Mixed A fund has a total scale of 35.4991 million CNY and has achieved a year-to-date return of 11.61%, ranking 5658 out of 8154 in its category [2] - The fund manager, Pu Shilin, has been in position for nearly 7 years, with the fund's best return during his tenure being 145.54% and the worst being -21.53% [3]

New Consumption - The company Ruyuchen (003010.SZ) reported a 73% year-on-year growth in net profit attributable to shareholders in Q3 2025, driven by strong performance in its proprietary brands [2][10] - For the first three quarters of 2025, the company achieved revenue of 2.14 billion yuan, an 85% increase year-on-year, and a net profit of 105 million yuan, up 82% [2][10] - The proprietary brand business accounted for 55.1% of total revenue, with brands like Zhanjia and Feicui maintaining high growth rates [11][12] Metal New Materials - Xiamen Tungsten (600549.SH) exceeded expectations in Q3 2025, with revenue of 12.82 billion yuan, a 39.3% year-on-year increase, and a net profit of 810 million yuan, up 109.9% [15][16] - The tungsten and molybdenum segment saw significant profit growth due to rising tungsten prices, with Q3 profits reaching 1.06 billion yuan, a 98.3% increase year-on-year [16][18] - The company is positioned to benefit from the rising demand for cobalt lithium in the energy new materials sector, with a 45% year-on-year increase in sales volume [17][18] Transportation - Milkewei (603713.SH) reported a 2.1% increase in revenue to 3.64 billion yuan in Q3 2025, although net profit decreased by 3.5% to 173 million yuan [20][21] - The company's integrated logistics strategy is showing results, with total assets growing by 41.42% year-on-year, indicating rapid expansion in distribution business [21][23] - The gross margin improved to 11.2%, driven by optimization in distribution product categories [21][22] Machinery/Building Materials - Weixing New Materials (002372.SZ) experienced a revenue decline of 10.76% year-on-year in the first three quarters of 2025, with net profit down 13.52% [25][26] - The company reported a slight improvement in performance due to investment gains, with a gross margin of 43.04% in Q3 [26][27] - The company is facing challenges in operational performance despite a healthy cash flow situation [27][28] Overseas/Education Research - Tiangong International (00826.HK) is transitioning from a cutting tool manufacturer to a leader in high-end materials, focusing on powder metallurgy and titanium alloy sectors [34][35] - The company is expected to benefit from the growing demand in high-value sectors such as aerospace and consumer electronics [36][38] - The powder metallurgy technology is seen as a key platform for entering strategic new materials and high-end manufacturing markets, potentially enhancing both performance and valuation [37][38] North Exchange - Jianbang Technology (920242.BJ) reported a 9% year-on-year revenue increase to 586 million yuan in the first three quarters of 2025, despite facing credit loss provisions [39][40] - The company is expanding its product offerings in the automotive electronics sector and has initiated production at its Thailand factory [41][42] - Future growth is anticipated from the development of optoelectronic hybrid interconnection products and a focus on non-automotive components [42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The effectiveness of the integrated logistics strategy is becoming evident, with anticipation for a recovery in chemical demand [5][6] - The company's Q3 revenue showed a slight increase of 2.1% year-on-year, while the net profit attributable to shareholders decreased by 3.5% [6] - The total assets increased by 41.42% year-on-year, indicating rapid expansion in distribution business [6] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 9,753 million RMB - 2024: 12,118 million RMB (24.26% growth) - 2025E: 13,311 million RMB (9.84% growth) - 2026E: 15,303 million RMB (14.96% growth) - 2027E: 17,192 million RMB (12.35% growth) [5][7] - Net profit attributable to shareholders is projected to grow from 431 million RMB in 2023 to 862 million RMB in 2027, with a growth rate of 31.04% in 2024 [5][7] - The company's earnings per share (EPS) is expected to increase from 2.73 RMB in 2023 to 5.45 RMB in 2027 [5][7] Operational Efficiency - The company has improved its cash flow significantly, with a net cash flow from operating activities reaching 940 million RMB in the first three quarters of 2025, compared to -160 million RMB in the same period last year [6] - The net operating cycle is approximately 50 days, a reduction of 3 days year-on-year, indicating enhanced operational efficiency [6] Strategic Developments - The logistics network is continuously optimized, with significant progress in building hazardous chemical support and expanding into lower-tier markets [6] - The company has successfully developed clients in three major sectors: new energy, chemicals, and pharmaceuticals, indicating a diversified client base [6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 80.64 [1][5]. Core Views - The company reported a steady performance in Q3 2025, achieving revenue of RMB 3.635 billion, a year-on-year increase of 2.10%, but a quarter-on-quarter decrease of 1.57%. The net profit attributable to shareholders was RMB 173 million, down 3.51% year-on-year and 3.67% quarter-on-quarter, slightly below expectations [1][2]. - The company has shown resilience despite weak upstream industry demand, leveraging its diversified business layout and strong management capabilities to deliver relatively stable results [2]. - The new integrated hazardous chemicals base in Fangchenggang has commenced operations, enhancing the company's logistics capabilities and supporting its "Belt and Road" initiative [4]. Summary by Sections Financial Performance - In the first three quarters, the company achieved revenue of RMB 10.670 billion, a year-on-year increase of 11.70%, and a net profit of RMB 525 million, up 7.04% year-on-year. The net profit was impacted by weak chemical demand and revenue recognition timing issues [1][2][3]. - The gross profit for the first nine months was RMB 1.21 billion, with a gross margin of 11.4%, reflecting a slight year-on-year increase [3]. Industry Context - The upstream industry remains weak, with the chemical raw materials and products manufacturing PPI showing a decline. Despite this, the company managed to achieve a slight revenue growth [2]. - The report anticipates that the "anti-involution" trend will drive capacity optimization in the chemical industry, potentially improving industry conditions in the medium to long term [1][5]. Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 downwards by 2.28%, 6.42%, and 12.76% respectively, but still expects a compound annual growth rate of 13.41% over the three years [5]. - The target price has been revised from RMB 69.8 to RMB 80.64, based on a PE ratio of 17.3x for 2026 [5].

Company and Industry Summary Company Overview - **Company Name**: 密尔克卫 (Weilokwei) - **Reporting Period**: Q3 2025 Key Financial Performance - **Q3 Revenue**: 36.3 billion CNY, slightly lower than Q2's 36.9 billion CNY [2][3] - **Net Profit**: 1.73 billion CNY, down from 1.79 billion CNY in Q2 [2][3] - **Year-to-Date Revenue**: 106.7 billion CNY, up 11.7% year-on-year [3] - **Year-to-Date Net Profit**: 5.25 billion CNY, up 7.04% year-on-year [3] - **Cash Flow**: Operating cash flow reached 9.4 billion CNY [3] Market Dynamics - **Impact Factors**: Weak domestic demand in China and fluctuations in the U.S. market affected performance [2][3] - **Recovery Signs**: September saw a rebound in overseas orders and domestic demand before the National Day holiday [2][4] Business Segment Performance - **MGF Segment (Warehousing)**: Revenue of 8.88 billion CNY, with a gross margin increase to 13% [5] - **MWT Segment (Transportation)**: Revenue of 2.16 billion CNY, gross margin at 43.7% [5] - **MGM Segment (Global Mobility)**: Revenue of 2.64 billion CNY, slight decline but improved gross margin to 13.9% [5] - **NWT Segment (Warehousing)**: Revenue of 7.2 billion CNY, gross margin increased from 18% to 20.6% [5] - **MCD Segment (Distribution)**: Revenue of 17.8 billion CNY, gross margin at 7% [5] Asset and Liability Management - **Balance Sheet Impact**: Spring Rain project led to an increase of nearly 5 billion CNY in both assets and liabilities [6] - **Adjusted Debt Ratio**: Real asset-liability ratio approximately 63% after excluding project impacts [6] - **Accounts Receivable Turnover Days**: Increased to 94 days due to longer payment terms with large and new energy clients [6] Strategic Initiatives - **Market Expansion**: Plans to establish joint ventures in South Korea and expand into Australia and the Middle East [2][7] - **New Client Acquisition**: Focus on high-turnover clients and automation to improve warehouse efficiency and reduce labor costs [10] - **IT Innovations**: Investment in AI and RPA technologies to enhance operational efficiency [10] Future Outlook - **Growth Targets**: Expected growth rate of 13% to 15% for the next year, driven by new clients, regions, and technological innovations [15] - **Pricing Expectations**: Anticipated stability in bidding prices for new projects in Q4 and Q1 of the following year [7][9] - **Sector Focus**: Emphasis on hazardous materials operations across various industries including chemicals, semiconductors, and fast-moving consumer goods [12] Additional Insights - **Distribution Services**: Enhanced capabilities in hazardous materials warehousing and repackaging to maximize distribution profits [12][13] - **International Operations**: Overseas business revenue and profit accounted for approximately 5% in Q3, with plans for new companies in Vietnam and Thailand [12] - **Market Adaptation**: Strategy to shift more cargo through Southeast Asia as U.S. market share declines [7] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market dynamics, business segment performance, strategic initiatives, and future outlook.

Core Viewpoint - The stock of Milkway experienced a decline of 2.01% on October 29, with a current price of 58.14 CNY per share and a market capitalization of 9.194 billion CNY. The company has seen a year-to-date stock price increase of 15.15% but has faced a decline of 1.89% over the past five trading days and 9.93% over the past twenty days [1]. Financial Performance - As of September 30, 2025, Milkway reported a revenue of 10.670 billion CNY, reflecting a year-on-year growth of 11.70%. The net profit attributable to shareholders was 525 million CNY, marking a 7.04% increase compared to the previous year [2]. - The company has distributed a total of 444 million CNY in dividends since its A-share listing, with 288 million CNY distributed over the past three years [3]. Shareholder Structure - The number of shareholders for Milkway decreased by 9.63% to 11,300 as of September 30, 2025. The average number of circulating shares per person increased by 10.66% to 14,034 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, holding 11.3135 million shares, a decrease of 1.3328 million shares from the previous period. New entrant Qianhai Kaiyuan Public Utilities Stock holds 6.1037 million shares [3].

Core Viewpoint - Milkyway (603713.SH) reported a revenue of 10.67 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 11.7% [1] - The net profit attributable to shareholders reached 525 million yuan, marking a year-on-year increase of 7.04% [1] - The basic earnings per share stood at 3.31 yuan [1] Financial Performance - Total operating revenue for the first three quarters was 10.67 billion yuan, up 11.7% year-on-year [1] - Net profit attributable to the parent company was 525 million yuan, showing a growth of 7.04% compared to the previous year [1] - Basic earnings per share were reported at 3.31 yuan [1]

第四届董事会第九次会议决议公告 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。 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 2025 年 10 月 24 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 2025 年 10 月 28 日召开第四届董事会第九次会议并作出本 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。 | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-089 | | --- | --- | --- | | 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 二、董事会会议审议情况 2025 年 10 月 29 日 1、审议《关于<公司 2025 年第三季度报告>的议案》 同意《公司 2025 年第三季度报告》的内容，具 ...

密尔克卫智能供应链服务集团股份有限公司2025 年第三季度报告 证券代码：603713 证券简称：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 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期 增减变动幅度(%) | 年初至报告期末 | 年初至报告期末比 上年同期增减变动 | | --- | --- | --- | --- | --- | | | | | | 幅度(%) | | 营业收入 | 3,635,243,468.91 | 2.10 | ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]