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]

Core Points - The announcement details a change in shareholding for Milkwell Intelligent Supply Chain Service Group Co., Ltd, indicating a decrease in the shareholding percentage of major shareholders [1][2] - The total shareholding percentage of the shareholders decreased from 49.03% to 48.03% following the sale of 1,576,800 shares [2][4] - The shareholding change does not trigger mandatory tender offer obligations and aligns with previously disclosed reduction plans [2][4] Shareholding Changes - Shanghai Yanruo Investment Partnership (Limited Partnership) reduced its holdings from 594,516.5 thousand shares (3.76%) to 522,916.5 thousand shares (3.31%) [2] - Shanghai Yanzhi Investment Partnership (Limited Partnership) decreased its holdings from 402,992.1 thousand shares (2.55%) to 354,312.1 thousand shares (2.24%) [2] - Shanghai Yanhui Investment Partnership (Limited Partnership) reduced its holdings from 379,263.3 thousand shares (2.40%) to 341,863.3 thousand shares (2.16%) [2] Additional Information - The reduction in shareholding is part of a previously disclosed plan and will not lead to changes in the controlling shareholder or actual controller of the company [2][4] - The company will continue to monitor the progress of the reduction plan and fulfill its information disclosure obligations [4]

| 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 49.03% | | | | 权益变动后合计比例 | 48.03% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否 | | | 是否触发强制要约收购义务 | 是□ | 否 | | 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。 重要内容提示： | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-069 | | --- | --- | --- | | 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 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- ...

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-067 | | --- | --- | --- | | 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 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： 密尔克卫智能供应链服务集团股份有限公司（更名前为"密尔克卫化工供 应链服务股份有限公司"，以下简称"公司"）经中国证券监督管理委员会 《关于核准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的 批复》（证监许可〔2022〕1905号）核准，于2022年9月16日公开发行可转换公 司债券8,723,880张，每张面值100元人民币，募集资金总额为87,238.80万元。债 券期限为发行之日起五年（自2022年9月16日至2027年9月15日），债券票面利 率为：第一年0.3%、第二年0.5%、第三年1.0%、第四年1.5%、第五年2.0%。 经上海证券交易所自律监管决定书[2022]282号文同意，公司87,238.80万元 可转换 ...

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2025-068 | | --- | --- | --- | | 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： （一）担保的基本情况 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 交通银行股份有限公司上海闵行支行签订合同，为密尔克卫化工物流提供额度为 人民币 55,000.00 万元的担保，并为其承担连带保证责任。 担保对象及基本情况 | | 被担保人名称 | 上海密尔克卫化工物流有限公司（以下 简称"密尔克卫化工物流"） | | | | --- | --- | --- | --- | --- | | 担保对象 | 本次担保金额 | 55,000.00 万元 | | | | | 实际为其提供的担保余额 | 315,197.47 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | ...

Core Viewpoint - The legal opinion letter from Shanghai Junlan Law Firm addresses the cancellation of stock options and the repurchase of restricted stocks by Milkway Intelligent Supply Chain Service Group Co., Ltd, confirming that the actions comply with relevant regulations and will not materially affect the company's financial status or operational results [1][22][23]. Summary by Sections Approval and Authorization of Cancellation - The cancellation of stock options and repurchase of restricted stocks has been approved and authorized by the company's board, in accordance with the relevant incentive plans and regulations [4][9][22]. Details of Cancellation - For the 2021 incentive plan, a total of 1,981,400 stock options will be canceled due to non-exercise by the eligible participants within the specified periods [9][10][12]. - The 2022 incentive plan will see the cancellation of 56,000 stock options, also due to non-exercise by the eligible participants [16][18]. - The 2024 incentive plan will result in the cancellation of 633,682 stock options, primarily due to the departure of eligible employees and unmet performance targets [19][21]. Financial Impact - The cancellation of stock options and repurchase of restricted stocks is not expected to have a substantial impact on the company's financial condition or operational results [15][22][23]. Information Disclosure - The company is required to disclose relevant information regarding the cancellations and repurchases in accordance with applicable laws and regulations [23][24].