该项目成交预计会对公司未来经营业绩产生积极影响。密尔克卫化工物流此次成为中海壳牌石油化工有 限公司2025+公路运输及多式联运物流服务提供商，标志着公司作为专业化工供应链服务提供商的运输 交付能力得到了认可，进一步巩固和提升了公司的影响力，对今后公司的业务发展及市场拓展产生了积 极作用。 格隆汇9月8日丨密尔克卫(603713.SH)公布，全资子公司上海密尔克卫化工物流有限公司（简称"密尔克 卫化工物流"）收到中海壳牌石油化工有限公司出具的《成交通知书》，在参加中海壳牌石油化工有限 公司的采购响应中，经评审小组审定，确定密尔克卫化工物流为"标的11苯乙烯SM公路运输东莞区域 200公里以内""标的12中的MTBE公路运输""标的2粤东区域道路运输+样品运输""标的8集装罐海运、公 路运输+江阴罐区的散装液体PPG产品道路运输""标的13辛醇公路运输""标的14乙二醇/二乙二醇公路运 输"和"标的15PPG广东省外公路运输"的成交方。合同金额：约人民币1.80亿元，具体金额将根据实际情 况确定。 ...

密尔克卫公告，全资子公司上海密尔克卫化工物流有限公司收到中海壳牌石油化工有限公司出具的《成 交通知书》，在参加中海壳牌石油化工有限公司的采购响应中，密尔克卫化工物流被确定为多个标的的 成交方。项目名称为2025+公路运输及多式联运物流服务项目，合同金额约人民币1.8亿元，具体金额将 根据实际情况确定。该项目预计会对公司未来经营业绩产生积极影响，进一步巩固和提升了公司的影响 力。 ...

Core Viewpoint - The announcement from Milkwell (603713) indicates a planned reduction in shareholding by major shareholders through block trading, which may impact the company's stock performance in the short term [1] Group 1: Shareholder Reduction Plan - Major shareholders, including Yanruo Investment, Yanzhi Investment, and Yanhui Investment, plan to reduce their holdings by a total of up to 1,436,300 shares, 976,500 shares, and 750,300 shares respectively, which represents 0.91%, 0.62%, and 0.47% of the company's total share capital [1] - The total planned reduction amounts to no more than 2.00% of the company's total share capital [1] Group 2: Implementation Timeline - The reduction plan will be executed within three months following the 15 trading days after the announcement date [1] - During the implementation period, the shareholders have cumulatively reduced their holdings by 1,429,300 shares, 971,700 shares, and 746,600 shares, totaling 1.99% of the current total share capital [1]

Group 1 - The company Milkyway announced a share reduction plan completed on September 5, 2025, with three investment entities reducing their holdings by approximately 1.43 million shares, 970,000 shares, and 750,000 shares, totaling 1.99% of the company's current total share capital [1] - For the first half of 2025, Milkyway's revenue composition was as follows: logistics accounted for 51.39%, trading for 48.08%, and other businesses for 0.53% [1] - As of the report, Milkyway's market capitalization stood at 10.4 billion yuan [1]

| | | 密尔克卫智能供应链服务集团股份有限公司 股东大宗交易减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 在本次减持股份计划实施前，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"、"密尔克卫"）股东上海演若投资合伙企业（有限合伙）（以 下简称"演若投资"）、上海演智投资合伙企业（有限合伙）（以下简称"演智投 资"）、上海演惠投资合伙企业（有限合伙）（以下简称"演惠投资"）分别持有公 司股份 5,945,165 股、4,029,921 股、3,792,633 股，分别占公司当时总股本的 3.76%、 2.55%、2.40%。 2025 年 5 月 14 日，公司披露了《密尔克卫智能供应链服务集团股份有限公 司股东大宗交易减持股份计划公告》（公告编号：2025-052），公司股东演若投资、 演智投资、演惠投资计划通过大宗交易方式分别减持公司股份数量不超过 1,436,300 股、976,500 股、750,300 股，即分别减持不超过公司总股本的 0 ...

格隆汇9月5日丨密尔克卫(603713.SH)公布，在减持计划实施期间，演若投资、演智投资、演惠投资分 别通过大宗交易方式累计减持公司股份1,429,300股、971,700股、746,600股，合计占公司当前总股本的 1.99%。公司股东演若投资、演智投资、演惠投资系员工持股平台，股份来源为公司IPO前取得，其一 致行动人公司控股股东、实际控制人陈银河先生及其直系亲属持有的上述合伙企业财产份额不参与本次 减持计划。 ...

Market Overview - On August 28, the logistics sector rose by 1.1%, with YTO Express leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - YTO Express (600233) closed at 18.25, with a gain of 6.17% and a trading volume of 378,700 shares, amounting to a transaction value of 672 million [1] - Milkway (603713) closed at 67.01, up 5.76%, with a trading volume of 39,900 shares and a transaction value of 257 million [1] - Other notable performers include: - Jiayou International (603871) at 12.31, up 3.62% [1] - Jianfa Co. (600153) at 11.69, up 2.81% [1] - SF Express (002352) at 48.40, up 1.02% [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 319 million from institutional investors, while retail investors saw a net inflow of 291 million [2] - Notable net inflows from retail investors include: - YTO Express with a net inflow of 29.22 million [3] - Milkway with a net inflow of 23.49 million [3] - Conversely, significant net outflows from institutional investors were observed in: - Milkway with a net outflow of 25.99 million [3] - SF Express with a net outflow of 22.76 million [3]

上 市 公 司 交通运输 2025 年 08 月 27 日 密尔克卫 (603713) ——栉风沐雨二十余载，铸造民营危化品物流领先者 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12,118 | 7,035 | 13,815 | 15,669 | 17,685 | | 同比增长率（%） | 24.3 | 17.4 | 14.0 | 13.4 | 12.9 | | 归母净利润（百万元） | 565 | 352 | 672 | 818 | 1,026 | | 同比增长率（%） | 31.0 | 13.1 | 18.8 | 21.8 | 25.5 | | 每股收益（元/股） | 3.45 | 2.22 | 4.25 | 5.17 | 6.49 | | 毛利率（%） | 11.4 | 11.5 | 11.6 | 12.2 | 12.8 | | ROE（%） | 13.1 | 7.8 | 13.6 | 14.2 | 15.2 | | 市盈 ...

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

Market Overview - On August 22, the logistics sector declined by 0.49%, with Hengji Daxin leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Notable gainers in the logistics sector included: - Furande (605050) with a closing price of 16.50, up 6.04% and a trading volume of 128,200 shares, totaling 205 million yuan [1] - ST Yuanshang (603813) closed at 16.13, up 5.01% with a trading volume of 4,983 shares, totaling approximately 800,000 yuan [1] - Major decliners included: - Hengji Daxin (002492) closed at 7.24, down 2.82% with a trading volume of 131,800 shares, totaling approximately 96.3 million yuan [2] - Huami Duhai (872351) closed at 29.92, down 2.54% with a trading volume of 26,700 shares, totaling approximately 80.1 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 317 million yuan from institutional investors, while retail investors saw a net inflow of 245 million yuan [2] - Notable capital flows included: - Donghang Logistics (601156) had a net inflow of 66.26 million yuan from institutional investors, but a net outflow of 46.13 million yuan from retail investors [3] - Furande (605050) saw a net inflow of 33.59 million yuan from institutional investors, with retail investors experiencing a net outflow of 12.39 million yuan [3]