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 industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Viewpoints - The company's performance in 2024 was slightly below expectations, with revenue of 8.754 billion yuan, a year-on-year increase of 25.14%, and a net profit of 1.276 billion yuan, up 22.88% [7][4] - The report indicates a trend of high performance in the first half of 2024 followed by a decline in the latter half, with a continued weak performance in Q1 2025 [2][13] - The company has made significant progress in establishing a logistics network in Africa, which is expected to enhance long-term growth prospects [3][13] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 87.54 billion yuan, with a net profit of 12.76 billion yuan, while Q4 revenue was 22.09 billion yuan, showing a year-on-year growth of 16.63% [7][4] - For Q1 2025, the company reported a revenue of 22.95 billion yuan, a 15.02% increase year-on-year, but net profit decreased by 14.77% to 2.62 billion yuan [7][4] Trade and Logistics - The cross-border multi-modal transport services generated revenue of 2.45 billion yuan and gross profit of 750 million yuan in 2024, reflecting a year-on-year increase of 22.2% and 31.5% respectively [2][13] - The main coking coal supply chain trade achieved revenue of 5.75 billion yuan and gross profit of 760 million yuan, with year-on-year increases of 29.8% and 46.1% respectively [2][13] Strategic Developments - The acquisition of the African cross-border transport company BHL in 2024 has established distribution nodes across different countries in Southeast Africa, replicating the successful model from the China-Mongolia trade [3][13] - The land port project in 2024 generated revenue of 490 million yuan, a 16.4% increase year-on-year, with a gross profit of 280 million yuan, reflecting a 7.3% increase [3][13] Future Outlook - The company has adjusted its earnings forecasts for 2025-2026 downwards due to the impact of Mongolian coal demand, with projected net profits of 1.467 billion yuan and 1.601 billion yuan respectively [4][14] - The long-term growth prospects remain positive, supported by a low PE valuation and the potential for further improvements in operational efficiency [4][14]

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].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Views - The company achieved a 23% year-on-year growth in net profit attributable to shareholders in 2024, with a revenue of approximately 8.75 billion yuan, reflecting a 25% increase [2] - The cross-border logistics network in Africa is gradually taking shape, with a revenue of 2.45 billion yuan in 2024, up 22% year-on-year, and a gross profit margin of 30.6% [3] - The coal supply chain trade business saw a revenue of about 5.8 billion yuan in 2024, a 30% increase, with a gross profit margin of 13.3% [4] - The company is focusing on expanding its operations in Africa, particularly in Zambia and Tanzania, to enhance cross-border logistics [5] - The company has significantly increased its dividend payout ratio to 53.5% in 2024, up from 33.5% in 2023 [6] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.463 billion, 1.7 billion, and 1.975 billion yuan respectively, driven by dual engines of business in Mongolia and Africa [7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of approximately 87.5 billion yuan, with a net profit of about 12.8 billion yuan, marking a 23% increase year-on-year [2] - The first quarter of 2025 showed a revenue of approximately 22.9 billion yuan, a 15% increase year-on-year, with a net profit of 2.6 billion yuan, down 15% year-on-year but improved from the previous quarter [2] Business Segments - The cross-border logistics segment generated 2.45 billion yuan in revenue in 2024, with a gross profit of 750 million yuan, reflecting a 31% increase in gross profit year-on-year [3] - The coal supply chain trade segment reported a revenue of approximately 58 billion yuan, with a gross profit of 7.6 billion yuan, a 46% increase year-on-year [4] - The land port project services generated 490 million yuan in revenue, with a gross profit of 280 million yuan, despite a slight decrease in gross profit margin due to increased amortization of franchise rights [5] Shareholder Returns - The company emphasized shareholder returns with a cash dividend of 680 million yuan in 2024, representing a payout ratio of 53.5% [6] Earnings Forecast - The projected net profit for 2025 is 1.463 billion yuan, with expected growth rates of 15% and 16% for the following years [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.76 CNY per share [7]. Core Insights - The company achieved a net profit attributable to shareholders of 1.28 billion CNY in 2024, representing a year-on-year increase of 22.9%, with total revenue reaching 8.75 billion CNY, up 25.1% year-on-year [1]. - The supply chain trading business faced challenges in the second half of 2024, while the cross-border multimodal transport logistics services segment continued to grow rapidly [2]. - The company is focused on enhancing shareholder returns, with a dividend payout ratio of 53.5% in 2024, an increase of 20 percentage points year-on-year [3]. Business Structure Summary - **Supply Chain Trading Business**: In 2024, this segment generated revenue of 5.75 billion CNY, up 29.7% year-on-year, but saw a decline in the second half of the year with revenue of 2.41 billion CNY, down 18.4% year-on-year [2]. - **Cross-Border Multimodal Transport Logistics Services**: This segment reported revenue of 2.45 billion CNY in 2024, a year-on-year increase of 22.2%, with significant growth in the second half of the year [2]. - **Land Port Projects**: The segment achieved revenue of 490 million CNY in 2024, up 16.4% year-on-year, maintaining a steady growth trajectory [2]. Future Business Development - The company plans to deepen its regional development strategy in Mongolia and Africa, focusing on operational capabilities and customer capacity at key ports [5]. - The acquisition of the BHL fleet has enhanced logistics service capabilities, with over 1,000 transport resources directly managed [4]. - Profit forecasts for 2025 to 2027 indicate net profits of 1.46 billion CNY, 1.68 billion CNY, and 1.94 billion CNY, respectively, with corresponding PE ratios of 10, 9, and 7 times [6][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.76 CNY per share [7]. Core Insights - The company achieved a net profit attributable to shareholders of 1.28 billion CNY in 2024, representing a year-on-year increase of 22.9%, and a revenue of 8.75 billion CNY, up 25.1% year-on-year [1]. - The supply chain trading business faced challenges in the second half of 2024, while the cross-border multimodal transport logistics services continued to grow rapidly [2]. - The company is focusing on enhancing shareholder returns, with a dividend payout ratio of 53.5% in 2024, an increase of 20 percentage points year-on-year [3]. - The company is progressively improving its cross-border logistics network in Africa, establishing a strategic presence in key locations [4]. - The operational plan for 2025 includes regional development strategies and core business growth, particularly in cross-border logistics and supply chain trading [5]. Financial Performance - In 2024, the company reported a revenue of 8.75 billion CNY and a net profit of 1.28 billion CNY, with projected revenues of 9.68 billion CNY and net profits of 1.46 billion CNY for 2025 [6][15]. - The company expects a steady growth in net profit, forecasting 1.46 billion CNY in 2025, 1.68 billion CNY in 2026, and 1.94 billion CNY in 2027, with corresponding PE ratios of 10, 9, and 7 [5][6].

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing a mixed performance with revenue growth but a decline in net profit in the fourth quarter and first quarter of 2025, indicating potential challenges ahead [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 8.754 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to the parent company of 1.276 billion yuan, up 22.88% [1]. - The fourth quarter of 2024 saw operating revenue of 2.209 billion yuan, a year-on-year increase of 16.63%, but net profit attributable to the parent company decreased by 33.88% to 188 million yuan [1]. - For Q1 2025, the company reported operating revenue of 2.295 billion yuan, a year-on-year increase of 15.02%, while net profit attributable to the parent company decreased by 14.77% to 262 million yuan [1]. Group 2: Business Segments - The Mongolian coal business experienced a slowdown in growth due to the cyclical nature of the steel and coke industry, but the company remains optimistic about the future market share increase in its integrated logistics business [1]. - In 2024, the Ganqimaodu port completed a total import and export cargo volume of 40.716 million tons, a year-on-year increase of 7.55%, with imported coal accounting for 39.206 million tons, up 7.38% [1]. - The cross-border multimodal transport business saw a revenue increase of 22% in 2024, with a gross margin improvement of 2.17 percentage points [2]. Group 3: Market Trends and Outlook - The company benefits from the trade dynamics with landlocked countries, and the African multimodal transport business is growing due to increased demand for copper and cobalt resources [2]. - The infrastructure segment is showing strong performance, with a steady increase in the number of customs clearance vehicles, and the company’s land port project service revenue grew by 16.42% in 2024, with a gross margin of 57.46% [2]. - The company is expected to see improvements in the supply-demand dynamics of the coke and steel industry, which may enhance its market position in the future [1].