提名人嘉鑫毅（上海）企业管理合伙企业（有限合伙），现提名张兮、李良 锁、王永为嘉友国际物流股份有限公司第四届董事会独立董事候选人，并已充分 了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等 不良记录等情况。被提名人已同意出任嘉友国际物流股份有限公司第四届董事会 独立董事候选人（参见该独立董事候选人声明）。 独立董事提名人声明 提名人认为，被提名人具备独立董事任职资格，与嘉友国际物流股份有限公 司之间不存在任何影响其独立性的关系，具体声明如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 嘉友国际物流股份有限公司 二、被提名人任职资格符合下列法律、行政法规和部门规章以及公司规章的 要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程 ...

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]

Group 1: Investment Banking and Brokerage Industry - As of August 25, 2025, the Wind All A index has increased by 16% and the Sci-Tech Innovation 50 index has risen by 28% since Q3 2025, indicating significant market activity[5] - The self-operated equity business is a key source of performance elasticity for brokerages, with a focus on self-operated business complemented by investment banking and private equity investments[6] - From 2015 to 2024, the scale of fixed income self-operated assets increased from CNY 908.1 billion to CNY 4.5 trillion, while equity self-operated assets decreased from CNY 449.7 billion to CNY 399.2 billion, indicating a shift in focus[6] Group 2: Solid-State Battery Investment Opportunities - Solid-state batteries are expected to become a key development direction due to their advantages in safety and energy density, with significant market potential in consumer batteries and electric vehicles[8] - The core materials for solid-state electrolytes include oxides, polymers, halides, and sulfides, with sulfides being a promising choice for future all-solid-state batteries[9] - The industrialization of semi-solid-state batteries has progressed rapidly, with several automakers achieving mass production since 2022, while all-solid-state batteries are expected to achieve mass production around 2027[10] Group 3: Solar Energy Industry - The solar energy sector is currently at a bottoming phase, with a recent meeting involving six departments aimed at regulating competition and promoting fair practices in the industry[17] - The average price of various solar components, including N-type silicon wafers and TOPCon batteries, has remained stable, indicating a steady market environment[18] - The solar sector's valuation as of August 22, 2025, is at 20.93 times TTM, which is relatively low compared to other sectors, suggesting potential investment opportunities[20]

Market Overview - The Shanghai Composite Index is at 3812.43 points, above the annual line, with a change of 0.32% [1] - The total trading volume of A-shares is 1,230.98 billion yuan [1] Stocks Breaking Annual Line - 23 A-shares have broken above the annual line today, with notable stocks including Chuangyi Information, Zhongfu Information, and Qifeng New Materials, showing divergence rates of 11.29%, 5.02%, and 3.05% respectively [1] - Stocks with smaller divergence rates that have just crossed the annual line include Guizhou Tire, Andisoo, and Haier Smart Home [1] Top Stocks by Divergence Rate - Chuangyi Information (300366) has a daily increase of 13.27% and a divergence rate of 11.29% [1] - Zhongfu Information (300659) has a daily increase of 6.91% and a divergence rate of 5.02% [1] - Qifeng New Materials (002521) has a daily increase of 3.24% and a divergence rate of 3.05% [1] Additional Stocks with Minor Divergence - Anuoqi (300067) shows a daily increase of 2.60% with a divergence rate of 1.87% [1] - Henglin Shares (603661) has a daily increase of 2.56% and a divergence rate of 1.35% [1] - Other stocks with minor divergence rates include Rabbit Baby (002043), Landun Optoelectronics (300862), and Transsion Holdings (688036) [1]

Financial Performance - The company reported a net profit of 561 million yuan for the first half of 2025, a decrease of 26.15% year-on-year [1] - Total operating revenue was 4.084 billion yuan, down 11.99% compared to the same period last year [1] - In Q2 2025, operating revenue was 1.789 billion yuan, reflecting a significant decline of 32.37% year-on-year [1] - The gross profit margin decreased to 18.17%, down 13.86% year-on-year, while the net profit margin fell to 13.86%, a decrease of 15.63% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 95.3365 million yuan, which is 2.33% of revenue, marking a 57.19% increase year-on-year [1] - The company's cash flow per share was 0.23 yuan, down 63.4% year-on-year [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 23.23% last year, indicating strong capital returns [3] - The historical median ROIC since the company went public is 23.65%, suggesting consistent investment returns [3] - The estimated dividend yield for the company is 4.19% [3] Fund Holdings - The largest fund holding the company’s shares is the Invesco Great Wall Jing Sheng Dual Income Bond A, with 8.6211 million shares [4] - Other funds increasing their holdings include Tianhong Multi-Asset Income Bond A and Invesco Great Wall Jing Yi Bond A [4]

Summary of Key Points from 嘉友国际 Conference Call Company Overview - 嘉友国际 reported a revenue of 12.18 billion yuan for the first half of 2025, representing a year-on-year increase of 13.94% with a gross profit of 3.6 billion yuan, up 18.78% [2][3] - The company’s cross-border multimodal transport logistics services generated revenue of 12.18 billion yuan, a growth of 13.94% [3] - The land port operation projects achieved revenue of 3.09 billion yuan, increasing by 34.35% with a gross profit growth of 40.43% [2][3] Supply Chain Trade Business - Supply chain trade business revenue was 25.34 billion yuan, down 24.13% due to a 40% drop in the price of imported coking coal [2][3] - Despite the price drop, the import volume of coking coal increased by nearly 70%, and sales volume grew by over 15% [3] Market Conditions - The Mongolian coking coal market experienced extreme price drops in the second half of 2024, but is expected to stabilize and gradually recover [5] - Current inventory levels of Mongolian coking coal are normal, with approximately 200,000 tons domestically and 300,000 to 400,000 tons internationally [19] African Operations - 嘉友国际 is expanding its logistics network in Africa, with projects in Zambia and Ndola set to commence operations soon [6][8] - The company has established a daily traffic flow of 800 vehicles through a PPP model in the Democratic Republic of Congo [6] - The construction of the Sakanya port in Zambia is expected to be completed by 2026, enhancing efficiency for regional mining companies [7] Infrastructure Development - The company is building land ports and roads in Africa, which support the development of a large logistics network and promote local economic growth [6] - In Tanzania and Namibia, 嘉友国际 is advancing port and special economic zone projects, aiming to connect more ports for efficient logistics services [8] Strategic Partnerships - 嘉友国际 has acquired a well-known fleet to enhance its logistics network across Botswana, Zimbabwe, and other regions [4][9] - The company has signed long-term agreements with ETT and established equity cooperation with MMC to secure cargo volumes [10][11] Financial Management - 嘉友国际 maintains a high dividend payout ratio, with 53% in 2024 and expected to remain high in 2025 to reward shareholders [21] - The company emphasizes strict control over capital expenditures and relies primarily on self-funding for operations and investments [22] Risk Management - The company has implemented strategies to mitigate foreign exchange risks through localized operations and a professional currency conversion system [15][18] - 嘉友国际 focuses on long-term stability rather than short-term price fluctuations in the coking coal market [25] Future Outlook - 嘉友国际 aims to continue expanding its market presence and diversify its customer base while enhancing its core competitiveness through innovative business models [27][28] - The company is optimistic about the growth potential in the African market, particularly in logistics and infrastructure development [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's revenue for the first half of 2025 was approximately 40.8 billion yuan, a year-on-year decrease of 12%, with a net profit attributable to shareholders of about 5.6 billion yuan, down 26% year-on-year. In Q2 alone, revenue was around 17.9 billion yuan, down 32% year-on-year, but net profit improved to 3.0 billion yuan, a decrease of 34% year-on-year but an increase of 14% quarter-on-quarter [1][2] - The African land port project has shown significant revenue growth, with the revenue from the project in the first half of 2025 reaching 3.1 billion yuan, up 34% year-on-year, and a gross profit of 1.8 billion yuan, up 40% year-on-year, with a gross margin of approximately 60% [3] - The company plans to distribute a mid-term cash dividend of 0.2 yuan per share for 2025, with a dividend payout ratio of 48.79%, compared to 38.49% for the same period in 2024 [4] - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 13.07 billion yuan, 15.66 billion yuan, and 19.14 billion yuan for the years 2025, 2026, and 2027 respectively [5] Financial Summary - For the first half of 2025, the company achieved a cross-border comprehensive logistics revenue of approximately 12.2 billion yuan, a year-on-year increase of 14%, with a gross profit of 3.6 billion yuan, up 19% year-on-year, and a gross margin of 29.7% [11] - The company’s coal supply chain trade saw a significant increase in import volume, with approximately 3.6 million tons of coal imported from Mongolia, a year-on-year increase of 70% [11] - The projected financials for 2025 estimate total revenue of 79.68 billion yuan and a net profit of 13.07 billion yuan, with an expected earnings per share of 0.96 yuan [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 4.08 billion yuan, down 12% year-on-year, and net profit attributable to shareholders of 561 million yuan, down 26.2% year-on-year, slightly below expectations [7] - The decline in performance is attributed to pressure on the Mongolian coal import business, with average daily coal clearance at the Ganqimaodu port dropping by 15.87% year-on-year [7] - Despite the challenges in the coal sector, the company's multimodal transport and land port projects showed strong growth, with multimodal transport contributing a gross profit of 360 million yuan, up 18.78% year-on-year, and land port projects contributing 184 million yuan, up 40.43% year-on-year [7] - The earnings forecast for 2025-2027 has been adjusted downward due to the slowdown in the Mongolian coal business, with expected net profits of 1.317 billion, 1.547 billion, and 1.776 billion yuan for 2025, 2026, and 2027 respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 9.231 billion yuan, with a year-on-year growth rate of 5.5% [6] - The net profit for 2025 is expected to be 1.317 billion yuan, with a year-on-year growth rate of 3.2% [6] - The earnings per share for 2025 is estimated at 0.96 yuan, with a projected price-to-earnings ratio of 12 [6] - The company's gross profit margin is expected to be 19.5% in 2025, with a return on equity (ROE) of 19% [6]

证券之星消息，8月27日物流板块较上一交易日下跌1.81%，永泰运领跌。当日上证指数报收于3800.35， 下跌1.76%。深证成指报收于12295.07，下跌1.43%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603813 | *ST原尚 | 18.43 | 5.01% | 2.46万 | - 4404.89万 | | 603871 | 嘉友国际 | 11.88 | 4.39% | 53.41万 | 6.38亿 | | 002468 | 申通快递 | 18.24 | 1.45% | 38.78万 | 7.05亿 | | 600753 | *ST海钦 | 6.97 | 1.01% | + 4.58万 | 3221.10万 | | 603560 | 长久物流 | 8.84 | 0.23% | 30.18万 | 2.71亿 | | 601598 | 中国外运 | 5.63 | -0.18% | 24.77万 | 1.41亿 | | 601156 | 东航物流 | 1 ...

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3845.84 points, down by 0.58%, while the total trading volume reached 239.98 billion yuan, indicating a slight decline in market sentiment [1] Group 1: Market Performance - As of 14:00 today, the Shanghai Composite Index is above the annual line, with a trading volume of 239.98 billion yuan [1] - The index has experienced a decline of 0.58% [1] Group 2: Stocks Breaking Annual Line - Eight A-shares have surpassed the annual line today, with notable stocks including Digital Human, Transsion Holdings, and *ST WanFang, showing significant deviation rates of 10.00%, 1.31%, and 0.98% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Maiwei Co., Ltd., Jiayou International, and Jing Sheng Mechanical, with deviation rates of 0.19%, 0.33%, and 0.46% respectively [1] Group 3: Individual Stock Performance - Digital Human saw a price increase of 14.01% with a turnover rate of 25.34%, latest price at 17.41 yuan [1] - Transsion Holdings increased by 3.12% with a turnover rate of 1.24%, latest price at 86.64 yuan [1] - *ST WanFang rose by 1.29% with a turnover rate of 5.95%, latest price at 4.72 yuan [1]