Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's performance in Q2 2025 met expectations, with significant growth in the African land port project and a 40.4% year-on-year increase in gross profit for the first half of 2025 [1]. - The company is expected to see a steady increase in net profit from 2025 to 2027, with projected net profits of 1.206 billion, 1.469 billion, and 1.711 billion respectively, corresponding to price-to-earnings (PE) ratios of 13, 11, and 9 times [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 4.08 billion yuan, a decrease of 12.0% year-on-year, and a net profit of 560 million yuan, down 26.2% year-on-year, with a net profit margin of 14% [1]. - For Q2 2025, revenue was 1.79 billion yuan, down 32.4% year-on-year and 22.0% quarter-on-quarter, with a net profit of 300 million yuan, down 34% year-on-year [1]. Business Structure - Supply Chain Trade: Revenue of 2.53 billion yuan in H1 2025, down 24.1% year-on-year, with a gross profit of 200 million yuan, down 63.9% year-on-year. The company imported nearly 3.6 million tons of coal from Mongolia, a year-on-year increase of nearly 70% [2]. - Cross-Border Multi-Modal Logistics: Revenue of 1.22 billion yuan in H1 2025, up 13.9% year-on-year, with a gross profit of 360 million yuan, up 18.8% year-on-year. The company expanded its logistics services across multiple land ports [2]. - Land Port Project: Revenue of 310 million yuan in H1 2025, up 34.2% year-on-year, with a gross profit of 180 million yuan, up 40.4% year-on-year. The project is seeing steady growth in traffic and cargo volume [3]. Shareholder Returns - The company has a dividend payout ratio of 48.8% in H1 2025, distributing a cash dividend of 0.2 yuan per share, resulting in a dividend yield of 1.8% based on the closing price of 11.38 yuan per share on August 26, 2025 [3]. Profit Forecast and Financial Indicators - The company is projected to achieve revenues of 9.492 billion, 11.340 billion, and 11.973 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.206 billion, 1.469 billion, and 1.711 billion yuan [5][10].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 15.20 [1][5]. Core Insights - The company's revenue for the first half of 2025 was RMB 4.08 billion, a decrease of 12.0% year-on-year, and the net profit attributable to shareholders was RMB 560 million, down 26.1% year-on-year. The second quarter saw a revenue of RMB 1.79 billion, a decline of 32.4%, and a net profit of RMB 300 million, down 33.9% year-on-year [1][3]. - Despite the overall decline in Mongolian coal imports, the company's cross-border multimodal transport business saw revenue and gross profit growth of 13.9% and 18.8% year-on-year, respectively, indicating a positive outlook for this segment [2][5]. - The supply chain trade services segment experienced significant pressure due to falling Mongolian coal prices, with revenue dropping 24.1% year-on-year to RMB 2.53 billion and gross profit down 63.9% to RMB 200 million [3][5]. Summary by Sections Cross-Border Transport - The company's cross-border multimodal transport business generated RMB 1.22 billion in revenue, reflecting a year-on-year increase of 13.9%, with a gross profit of RMB 360 million and a gross margin improvement of 1.2 percentage points to 29.7% [2][5]. Supply Chain Trade - The supply chain trade services reported revenue of RMB 2.53 billion, a decline of 24.1% year-on-year, and a gross profit of RMB 200 million, down 63.9%, with a gross margin decrease of 8.5 percentage points to 7.7% [3][5]. African Projects - The company's projects in Africa generated RMB 310 million in revenue, a year-on-year increase of 34.2%, with a gross profit of RMB 180 million, up 40.4%, and a gross margin increase of 2.7 percentage points to 59.6% [4][5]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with net profits expected to be RMB 1.02 billion, RMB 1.14 billion, and RMB 1.34 billion, respectively, reflecting a decrease of 22.5%, 28.6%, and 32.4% [5][12]. The target price is set at RMB 15.20, based on a PE ratio of 20.3x for 2025 [5][9].

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 3881.07 points, up 0.33%, and a total trading volume of 1.746 trillion yuan, indicating a strong market performance [1] Group 1: Market Performance - The Shanghai Composite Index is above the annual line, reflecting a bullish trend in the market [1] - A total of 14 A-shares have surpassed the annual line today, with notable stocks including Digital Human, Transsion Holdings, and *ST Wan Fang showing significant deviation rates [1] Group 2: Stock Highlights - Digital Human has the highest deviation rate at 13.78%, with a daily increase of 17.94% and a turnover rate of 23.13% [1] - Transsion Holdings follows with a deviation rate of 3.42%, a daily increase of 5.27%, and a turnover rate of 1.02% [1] - *ST Wan Fang has a deviation rate of 2.05%, with a daily increase of 2.36% and a turnover rate of 4.96% [1] Group 3: Additional Stock Data - Other stocks with notable performance include Jing Sheng Electric (1.90% deviation), *ST Bo Guo (1.56% deviation), and Jia You International (1.50% deviation) [1] - Stocks like ST Hongda and Hunan YN show minimal deviation rates of 1.08% and 0.29% respectively, indicating they have just crossed the annual line [1]

Group 1 - The core viewpoint of the news is that 嘉友国际 (Jiayou International) has reported its semi-annual results for 2025, highlighting significant institutional investor holdings [1] - As of August 26, 2025, a total of 39 institutional investors hold shares in 嘉友国际, with a combined holding of 651 million shares, representing 47.59% of the total share capital [1] - The top ten institutional investors account for 45.64% of the total shares, with a slight decrease of 0.43 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 20 funds increased their holdings, with notable funds including 中欧时代先锋股票A and 景顺长城景盛双息收益债券A类, representing an increase of 1.25% [2] - Conversely, 6 public funds reduced their holdings, with a decrease of 0.16%, including funds like 浙商丰利增强债券 and 浙商智选价值混合A [2] - There were 9 newly disclosed public funds this period, including 南方中证1000ETF and 天弘新价值混合A, while 12 funds were not disclosed this period, such as 中邮研究精选混合 and 天弘价值驱动混合A [2]

Group 1 - The company plans to distribute a cash dividend of 0.2 RMB per share (including tax) based on the total share capital registered on the dividend distribution date [1][2] - As of June 30, 2025, the company's undistributed profits amounted to 524,688,259.79 RMB, with a total share capital of 1,368,008,658 shares, resulting in a total proposed cash dividend of 48.79% [1][2] - The profit distribution plan is subject to approval by the shareholders' meeting [2] Group 2 - The board of directors has confirmed that the profit distribution plan complies with the company's articles of association and previously disclosed shareholder return plans [2] - The supervisory board has stated that the decision-making process for the profit distribution plan adheres to legal regulations and the company's articles of association, considering the company's profitability, funding needs, and debt repayment capacity [2]

嘉友国际物流股份有限公司董事会 证券代码：603871 证券简称：嘉友国际 公告编号：2025-033 嘉友国际物流股份有限公司 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。 一、董事会会议召开情况 嘉友国际物流股份有限公司（简称"公司"）第三届董事会第三十八次会议 于 2025 年 8 月 15 日以电子邮件、专人送出方式发出通知和资料，于 2025 年 8 月 26 日在公司会议室以现场结合通讯方式召开，应出席董事 7 人，实际出席董 事 7 人。会议由董事长韩景华先生召集和主持，公司监事和高级管理人员列席了 会议。本次会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果：通过。 具体内容详见公司同日在上海证券交易所网站披露的《2025 年半年度报告》 《2025 年半年度报告摘要》。 本议案已经第三届董事会审计委员会第十四次会议审议通过。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果：通过。 具体内容详见公司同日在上 ...

Group 1 - The third meeting of the Supervisory Board of Jiayou International Logistics Co., Ltd. was held on August 26, 2025, with all three supervisors present [1][2] - The meeting approved the 2025 semi-annual report, the special report on the use of raised funds, and the profit distribution plan [1][2] - All resolutions were passed unanimously with three votes in favor and no votes against or abstentions [1][2]

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2024, aiming to optimize business structure and enhance competitive advantages in various international markets, achieving record operational performance [1] Group 1: Business Strategy and Development - The company focuses on enhancing cross-border logistics business models, particularly in the Mongolia-China corridor, by establishing equity investments and long-term coal cooperation with Mongolian Mining Corporation, thereby expanding supply chain trade [2] - In Africa, the company has developed a cross-border logistics service network through strategic investments in key border ports, enhancing logistics capabilities and operational efficiency [2] - The company leverages the Horgos port as a key trade channel to Central Asia, optimizing logistics resource allocation to meet growing freight demand in the region [2] Group 2: Investor Relations and Returns - The company has maintained a stable cash dividend policy since its listing in 2018, with cumulative cash dividends exceeding 2 billion yuan and a consistent payout ratio above 40% over the past six years [3] - In 2023-2024, the company repurchased shares worth approximately 149.97 million yuan for employee stock ownership plans, enhancing investor returns [3] Group 3: Digital Transformation and Data Utilization - The company has achieved comprehensive digitalization across various business models, implementing an integrated ERP management system and enhancing operational efficiency through data analysis [4] - The company has applied for 11 new software copyrights in 2024, indicating a commitment to technological advancement [4] Group 4: Corporate Governance - The company has established a governance structure involving shareholders, the board of directors, and management, ensuring clear responsibilities and effective checks and balances [5] - The company is actively reforming its independent director system and enhancing the role of independent directors in decision-making processes [5][6] - The company continues to implement an employee stock ownership plan in 2024, covering over a hundred key personnel to boost motivation and support high-quality development [6]

格隆汇8月26日丨嘉友国际(603871.SH)披露2025年半年报，上半年实现营业收入40.84亿元，同比下降 11.99%；归母净利润5.61亿元，同比下降26.15%；基本每股收益0.41元。公司拟每股派发现金红利0.2元 （含税）。 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2025-034 二、监事会会议审议情况 1、《2025 年半年度报告》及其摘要 表决情况：同意 3 票，反对 0 票，弃权 0 票。 表决结果：通过。 具体内容详见公司同日在上海证券交易所网站披露的《2025 年半年度报告》 《2025 年半年度报告摘要》。 2、《2025 年半年度募集资金存放与实际使用情况的专项报告》 嘉友国际物流股份有限公司 第三届监事会第二十六次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 嘉友国际物流股份有限公司（简称"公司"）第三届监事会第二十六次会议 于 2025 年 8 月 15 日以电子邮件、专人送出方式发出通知和资料，于 2025 年 8 月 26 日在公司会议室以现场结合通讯方式召开，应出席监事 3 人，实际出席监 事 3 人。会议由监事会主席王本利先生召集和主持，公司高级管理人员列席了会 议。本次会议的召开符合《公司法》和《公司章程》的有关规定。 具体内容详见公司同日在上海证券交易所网站披露的 ...