Core Points - The legal opinion letter regarding the 2024 annual general meeting of JIAYOU International Logistics Co., Ltd. was issued by Kangda Law Firm [2][3] - The meeting was convened and held in accordance with relevant laws and regulations, including the Company Law and the Articles of Association of the company [3][16] - A total of 350 shareholders and their proxies attended the meeting, representing 455,860,176 shares, which is 46.6520% of the total voting shares [6][7] Meeting Procedures - The meeting was called based on a resolution from the company's board of directors on April 24, 2025 [6] - The meeting utilized a combination of on-site and online voting, with the on-site meeting held on May 22, 2025 [6][9] - The online voting was conducted through the Shanghai Stock Exchange trading system during specified hours on the day of the meeting [6][9] Voting Results - The voting results showed that 455,559,949 shares were in favor of the proposals, accounting for 99.9341% of the votes cast [11] - A total of 155,327 shares were against the proposals, representing 0.0340% of the votes [11] - The meeting's voting process and results were confirmed to comply with legal and regulatory requirements [16]

Meeting Details - The shareholders' meeting of Jiayou International Logistics Co., Ltd. was held on May 22, 2025, in Beijing [1] - The meeting was convened by the board of directors and chaired by Chairman Han Jinghua, utilizing a combination of on-site and online voting methods [1] Voting Results - All non-cumulative voting proposals were approved with significant support from shareholders, including: - Proposal 1: 99.9341% approval from A-shareholders [1] - Proposal 2: 99.9333% approval from A-shareholders [1] - Proposal 3: 99.9237% approval from A-shareholders [1] - Proposal 4: 99.9301% approval from A-shareholders [2] - Proposal 5: 99.9209% approval from A-shareholders [2] - Proposal 6: 99.9199% approval from A-shareholders [2] - Proposal 7: 99.9063% approval from A-shareholders [2] Legal Compliance - The meeting's procedures, including the qualifications of conveners and attendees, voting procedures, and results, were confirmed to comply with the Company Law and other relevant regulations [3]

证券代码：603871 证券简称：嘉友国际 公告编号：2025-021 嘉友国际物流股份有限公司 2024年年度股东会决议公告 本次会议是否有否决议案：无 一、会议召开和出席情况 (一) 股东会召开的时间：2025 年 5 月 22 日 (二) 股东会召开的地点：北京市石景山区城通街 26 号院 2 号楼 24 层公司 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 350 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 455,860,176 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数 | 46.6520 | | 的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 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： 本次会议由公司董事会召集，董事长韩景华先生主持，采用现场投票和网络 投票相结合的表决方式，符合《公司法》及《公司章程》的 ...

关于本《法律意见书》，本所及本所律师谨作如下声明： 1．在本《法律意见书》中，本所及本所律师仅就本次会议的召集和召 北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于嘉友国际物流股份有限公司 2024 年年度股东会的法律意见书 康达股会字【2025】第 0263 号 致：嘉友国际物流股份有限公司 北京市康达律师事务所（以下简称"本所"）接受嘉友国际物流股份有限 公司（以下简称"公司"）的委托，就公司 2024 年年度股东会（以下简称"本 次会议"）的相关事宜出具《北京市康达 ...

Group 1 - The company will hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 28, 2025, from 14:00 to 15:00 [2][3] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Key participants in the briefing will include the company's president, independent directors, and the financial director [2] Group 2 - Investors can submit questions for the briefing from May 21, 2025, to May 27, 2025, via the Shanghai Stock Exchange Roadshow Center website or through the company's email [3] - The company will address commonly asked questions during the briefing [2][3] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center [3]

证券代码：603871 证券简称：嘉友国际 公告编号：2025-020 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。 嘉友国际物流股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 21 日（星期三）至 2025 年 5 月 27 日（星期二） 16：00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jy_board@jyinternational.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 嘉友国际物流股份有限公司（简称"公司"）已于 2025 年 4 月 25 日披露公 司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2024 年度、2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 28 日（星期三）14:00-15:00 举行 2024 年度 ...

嘉友国际物流股份有限公司 2024 年年度股东会会议资料 2025 年 5 月 22 日 2024 年年度股东会会议资料 五、本次股东会共审议 8 项议案，均为普通决议议案，须经出席会议的股东 （包括股东代理人）所持表决权的过半数通过。 | 目录 | | --- | | 2024 年年度股东会须知 | 2 | | --- | --- | | 2024 年年度股东会议程 | 3 | | 议案一：《2024 | 年度董事会工作报告》 5 | | 议案二：《2024 | 年度监事会工作报告》 10 | | 议案三：《2024 | 年度财务决算报告》 13 | | 议案四：《2024 | 年年度报告》及其摘要 16 | | 议案五：2024 | 年年度利润分配及资本公积金转增股本方案 17 | | 议案六：关于续聘 | 2025 年度审计机构的议案 18 | | 议案七：董事、监事及高级管理人员 | 2025 年度薪酬预案 19 | | 议案八：关于预计 | 2025 年度日常关联交易金额的议案 20 | | 听取《2024 | 年度独立董事述职报告》 21 | 1 2024 年年度股东会会议资料 2024 年年度股 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In 2024, the company achieved revenue of 8.75 billion, a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 1.28 billion, up 22.9% year-on-year [6][10] - The fourth quarter of 2024 saw revenue of 2.21 billion, a 16.6% year-on-year increase, but net profit dropped significantly by 33.9% [6][10] - In the first quarter of 2025, revenue reached 2.29 billion, a 15.0% year-on-year increase, while net profit decreased by 14.8% [6][10] - The company plans to distribute a cash dividend of 4 yuan per 10 shares (tax included) and to convert 4 shares from capital reserves for every 10 shares [6][10] Summary by Sections Business Performance - The company’s coal supply chain trade service revenue grew by 29.8% due to accelerated delivery and increased market share [2][10] - The copper export volume from the Democratic Republic of Congo continued to rise, contributing to the growth of cross-border multimodal transport and inland port projects [2][10] - The company’s gross profit increased by 32.3% to 1.8 billion, with significant contributions from cross-border multimodal transport, coal supply chain trade, and inland port projects [10] Quarterly Analysis - The fourth quarter of 2024 was impacted by weak domestic coal demand, leading to a decline in both volume and price for imported coal [10] - The average price of main coking coal dropped by 33.5%, and short-term shipping rates fell by 75.4%, resulting in a significant pressure on profit margins [10] - In the first quarter of 2025, net profit improved slightly due to reduced expenses and a reversal of inventory impairment losses [10] Strategic Initiatives - The company aims to enhance the efficiency of the China-Mongolia cross-border corridor and expand into potential port markets [10] - There is a focus on developing a network of ports, warehouses, and fleets in Africa, moving towards a "network system" operation [10] - The acquisition of the BHL fleet is expected to strengthen the company's logistics network in Africa [10] Financial Projections - The company forecasts net profits of 1.38 billion, 1.61 billion, and 1.85 billion for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.4, 9.0, and 7.8 [10]

证券代码：603871 证券简称：嘉友国际 公告编号：2025-019 嘉友国际物流股份有限公司 关于财务总监辞职暨聘任财务总监的公告 吴彩静女士辞职后将不再担任公司任何职务。公司董事会对吴彩静女士任职 期间为公司发展做出的贡献表示衷心感谢！ 根据《公司法》和《公司章程》等相关规定，经公司总裁提名，第三届董事 会提名委员会第三次会议、第三届董事会审计委员会第十三次会议审议通过，公 司于 2025 年 4 月 30 日召开第三届董事会第三十四次会议审议通过《关于聘任公 司财务总监的议案》，同意聘任周立军女士为公司财务总监（简历详见附件），任 期与公司第三届董事会任期一致。 特此公告。 嘉友国际物流股份有限公司董事会 2025 年 5 月 1 日 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。 嘉友国际物流股份有限公司（简称"公司"）董事会于 2025 年 4 月 30 日收 到财务总监吴彩静女士的辞职报告。吴彩静女士因个人原因申请辞去公司财务总 监职务，辞职报告自送达公司董事会之日起生效。 附件：简历 周立军女士，1969 年出 ...

Summary of the Conference Call for 嘉友国际 Company Overview - 嘉友国际 reported a 34% year-on-year decline in net profit for 2024, with a 15% decline in Q1 2025, although there was a quarter-on-quarter improvement compared to Q4 2024, indicating a gradual recovery in profitability [2][4][3]. Key Points and Arguments Industry and Market Conditions - The coking coal market is under pressure, leading to increased inventory at 甘其毛都 port and declining freight rates. However, with domestic coking coal price increases and reduced port inventory, the downside for coking coal prices is limited, suggesting potential improvement in trade and logistics profits for the company [2][4][8]. - Coking coal prices fell by 40% last year, significantly impacting traders, but the company has managed to clear most of the risks associated with its coking coal business [4][8]. Strategic Partnerships and Growth Opportunities - 嘉友国际 signed a new ten-year long-term agreement with MMC, which is expected to increase coking coal delivery volumes this year. As coking coal prices stabilize, the gross profit per ton from supply chain trade is anticipated to improve, driving performance growth in the 中蒙 market [2][5][6]. - The African market is becoming a significant growth driver, with projects in the Democratic Republic of Congo, Zambia, and Tanzania expected to enhance throughput and revenue. The company has already launched the 卡萨 project and plans to operationalize the Zambia project in the second half of the year [2][7][10]. Logistics and Infrastructure Expansion - 嘉友国际 is expanding its cross-border logistics network in Africa by acquiring a local transport fleet in Zambia, managing over 1,000 vehicles. This move is expected to significantly increase revenue from the African market as the contract logistics share is currently below 10% [2][7][9]. - The company plans to expand its coking coal supply chain trade at 策克 and 满都拉 ports, leveraging high-quality coal resources to enhance the scale of integrated trade [2][8]. Financial Outlook and Investment Recommendations - Despite facing pressure on growth in Q2 2025 and for the full year, 嘉友国际 has increased its dividend, with a payout ratio of 53.5% and a dividend yield close to 5%. The current valuation is approximately 10 times earnings, indicating limited downside risk and presenting a good opportunity for long-term investors [3][13]. - The company believes that the risks have been largely released, and both cyclical and growth aspects of its business will continue to expand, providing a bullish outlook for future performance [12]. Performance Projections - The future performance growth is expected to come from the 中蒙 market, with increased supply chain trade volumes and improved profit margins as coking coal prices stabilize. In Africa, the completion of infrastructure projects will contribute to revenue growth [11][12]. Additional Important Insights - The core incremental growth in the African market will primarily come from increased throughput from the 卡萨 project and contract logistics, with additional contributions expected from the Zambia and Tanzania projects [10][11]. - The company is viewed as a combination of cyclical and growth business opportunities, making it an attractive option for investors looking for potential high performance growth [12].