Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,294,727,096.10, representing a 15.02% increase compared to CNY 1,995,092,777.45 in the same period last year[3]. - Net profit attributable to shareholders decreased by 14.77% to CNY 261,743,914.84 from CNY 307,109,761.65 year-on-year[3]. - Basic earnings per share fell to CNY 0.27, down 15.63% from CNY 0.32 in the previous year[3]. - Operating profit for Q1 2025 was CNY 313,536,159.41, a decrease of 11.5% from CNY 354,405,427.73 in Q1 2024[15]. - Net profit for Q1 2025 was CNY 313,446,629.69, down 11.5% compared to CNY 354,361,165.15 in Q1 2024[15]. - The net profit for Q1 2025 was CNY 263,117,441.54, a decrease of 14.6% compared to CNY 308,111,621.42 in Q1 2024[16]. - The total comprehensive income for Q1 2025 was CNY 257,004,068.79, down from CNY 322,625,431.17 in Q1 2024, reflecting a decline of 20.4%[16]. - The basic earnings per share for Q1 2025 was CNY 0.27, compared to CNY 0.32 in Q1 2024, representing a decrease of 15.6%[16]. Cash Flow - The net cash flow from operating activities surged by 172.56% to CNY 275,400,385.49, primarily due to an increase in customer prepayments[5]. - Cash flow from operating activities for Q1 2025 was CNY 275,400,385.49, significantly higher than CNY 101,041,205.36 in Q1 2024, indicating an increase of 172.5%[20]. - Cash inflow from operating activities totaled CNY 2,766,318,384.64 in Q1 2025, up from CNY 2,473,027,263.38 in Q1 2024, marking an increase of 11.9%[20]. - Cash flow from financing activities in Q1 2025 was CNY 278,025,670.48, compared to CNY 71,654,913.26 in Q1 2024, showing an increase of 287.5%[21]. - The ending cash and cash equivalents balance for Q1 2025 was CNY 824,942,294.02, down from CNY 1,698,129,389.72 in Q1 2024, a decrease of 51.5%[21]. Assets and Liabilities - Total assets increased by 6.82% to CNY 8,166,278,862.88 from CNY 7,644,606,152.08 at the end of the previous year[3]. - Total liabilities as of March 31, 2025, were CNY 2,163,989,020.41, an increase of 13.6% from CNY 1,904,293,097.51 at the end of 2024[12]. - Total equity as of March 31, 2025, was CNY 6,002,289,842.47, up 4.6% from CNY 5,740,313,054.57 at the end of 2024[12]. - Cash and cash equivalents as of March 31, 2025, totaled CNY 834,085,858.02, a decrease of 9.9% from CNY 925,456,505.82 at the end of 2024[10]. - Inventory as of March 31, 2025, was CNY 929,954,378.97, a decrease of 32.3% from CNY 1,374,194,847.05 at the end of 2024[10]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 27,965[6]. - The top ten shareholders held a combined 69.55% of the company's shares, with the largest shareholder holding 24.91%[7]. Research and Development - Research and development expenses for Q1 2025 were CNY 1,956,892.68, a decrease of 51.0% compared to CNY 3,990,702.77 in Q1 2024[15]. Other Comprehensive Income - The company reported a decrease in other comprehensive income after tax, totaling -CNY 6,113,372.75 in Q1 2025, compared to CNY 14,513,809.75 in Q1 2024[16]. - The company’s total cash inflow from investment activities was CNY 470,340,653.48 in Q1 2025, down from CNY 670,003,724.07 in Q1 2024, reflecting a decrease of 29.8%[21]. - The net cash flow from investing activities for Q1 2025 was -CNY 649,171,563.65, worsening from -CNY 238,164,272.01 in Q1 2024[21].

Dividend and Share Capital - The company plans to distribute a cash dividend of 4 RMB per 10 shares, totaling approximately 390.86 million RMB (including tax), which represents 53.52% of the net profit attributable to shareholders for the year[4]. - The total cash dividend for the year, including interim distributions, amounts to approximately 683.08 million RMB[4]. - The total number of shares after the capital increase will be approximately 1.37 billion shares[147]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) reached approximately 1.28 billion RMB, with an average net profit of about 998.65 million RMB, resulting in a cash dividend ratio of 128.12%[150]. - The company has not proposed a cash profit distribution plan for the reporting period, as it has positive distributable profits[148]. Financial Performance - The company's operating revenue for 2024 reached ¥8,753,600,659.53, representing a 25.14% increase compared to ¥6,995,259,911.88 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥1,276,417,070.88, a 22.88% increase from ¥1,038,787,007.79 in 2023[22]. - The net cash flow from operating activities decreased by 41.48% to ¥908,669,288.56 in 2024 from ¥1,552,816,304.79 in 2023[22]. - The total assets of the company increased by 18.20% to ¥7,644,606,152.08 at the end of 2024, up from ¥6,467,457,995.28 at the end of 2023[22]. - The basic earnings per share for 2024 was ¥1.31, reflecting a 22.43% increase from ¥1.07 in 2023[23]. Risk Management - The company has outlined potential risks and corresponding mitigation strategies in the management discussion section of the report[6]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a substantive commitment to investors[5]. - The company emphasizes the importance of investor awareness regarding potential risks associated with forward-looking statements[5]. - The company anticipates potential risks from macroeconomic fluctuations and market competition, which could impact its operational performance[116]. Governance and Compliance - The company held 4 shareholder meetings and 14 board meetings during the reporting period, ensuring compliance with governance regulations[120]. - The internal control system is robust, with effective implementation of regulations and timely, accurate information disclosure[121]. - The company has approved several key proposals, including the 2023 annual financial report and profit distribution plan, during its annual shareholder meeting[123]. - The company is actively enhancing its governance structure to protect shareholder rights and improve operational transparency[121]. Employee Engagement and Development - The employee stock ownership plan for 2024 expanded participation to 109 employees, enhancing employee engagement and motivation[46]. - The company has implemented a dynamic compensation system that balances market competitiveness, internal fairness, and individual contributions[143]. - The company focuses on talent development through a comprehensive training system that integrates job capabilities, business processes, and practical issues[144]. - The employee stock ownership plan has a duration of 60 months, with shares unlocking in three phases: 40% at 15 months, 40% at 27 months, and 20% at 39 months[155]. Strategic Partnerships and Market Expansion - The company established a strategic partnership with Mongolian Mining Corporation to enhance coal resource reserves and logistics capabilities, further solidifying its competitive position in the China-Mongolia logistics sector[38]. - The company is focusing on the Central Asian market, leveraging the advantages of the Horgos port, which has maintained the highest cargo throughput among Xinjiang ports for seven consecutive years[41]. - The company is expanding its logistics operations in Africa, including projects in Zambia and Tanzania, to enhance connectivity in the region[167]. - The company aims to expand its market presence through strategic acquisitions and investments in key logistics nodes[116]. Investment and Infrastructure - The company has invested in logistics infrastructure, including customs supervision sites and bonded warehouses, to enhance its service capabilities in key regions[62]. - The company has completed the acquisition of BHL, enhancing its logistics network in Southeast Africa and expanding its fleet[78]. - The company invested approximately 1,290.33 million yuan in environmental protection during the reporting period[162]. - The company has established seven closed coal storage facilities, with a hardened area of 500,000 square meters by 2024[164]. Audit and Financial Integrity - The company has received a standard unqualified audit report from the accounting firm, ensuring the accuracy and completeness of the financial statements[3]. - There are no non-operational fund occupations by controlling shareholders or related parties, ensuring financial integrity[6]. - The company reported a significant increase in investment activities, with net cash flow from investing activities at -¥1,217.8 million, a 125.73% increase from -¥539.5 million[74]. - The company has maintained a good credit status without any unfulfilled court judgments or significant overdue debts[180].

关于嘉友国际物流股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目录 1、 专项审计报告 2、 附表 委托单位：嘉友国际物流股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 嘉友国际物流股份有限公司 非经营性资金占用及其他关联资金往来 情况的专项报告 信会师报字[2025]第 ZB10725 号 体育在线体育 - 务片 嘉友国际物流股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 （2024 年度） | 目 录 | 页 次 | | --- | --- | | 非经营性资金占用及其他关联资金往来情况的专项报告 | 1-2 | 11 非经营性资金占用及其他关联资金往来情况汇总表 1-2 Í 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LL 关于嘉友国际物流股份有限公司 非经营性资金占用及其他关联资金往来情况 我们审计了嘉友国际物流股份有限公司(以下简称"嘉友国际") 2024 年度的财务报表,包括 2024年 12月 31 目的合并及母公司资产 负债表、2024年度合并及母 ...

嘉友国际物流股份有限公司 内部控制审计报告 2024 年 12 月 31 日 内部控制审计报告 信会师报字[2025]第 ZB10726 号 嘉友国际物流股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了嘉友国际物流股份有限公司（以下简称"嘉友国 际"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是嘉友国际董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 审计报告 第 1 页 四、财务报告内部控制审计意见 中国·上海 二〇二五年四月二十四日 ...

国泰海通证券股份有限公司 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、公开发行可转换公司债券实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准嘉友国际物流股份有限公司公开发行 可转换公司债券的批复》（证监许可［2020］1341 号）核准，公司向社会公开发 行可转换公司债券，每张面值为人民币 100 元，共计 720 万张，期限 6 年。募集 资金总额为人民币 720,000,000 元，扣除各项发行费人民币 6,199,056.60 元（不 含税），实际募集资金净额为人民币 713,800,943.40 元，上述募集资金于 2020 年 8 月 11 日全部到位。经立信会计师事务所（特殊普通合伙）审验，并于 2020 年 8 月 12 日出具了报告号为信会师报字[2020]第 ZB11577 号《验资报告》。 2、非公开发行股票实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准嘉友国际物流股份有限公司非公开发 行股票的批复》（证监许可〔2021〕3708 号）核准，公司向特定对象非公开发行 1 关于嘉友国际物流股份有限公司 2024 年度募集资金存放与使用 ...

嘉友国际物流股份有限公司 募集资金年度存放与使用情况鉴证报告 信会师报字[2025]第 ZB10724 号 嘉友国际物流股份有限公司 募集资金年度存放与使用情况 鉴证报告 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 募集资金年度存放与使用情况鉴证报告 | 1-3 | | 二、 | 募集资金存放与实际使用情况专项报告 | 1-7 | | 三、 | 募集资金使用情况对照表 | 1-4 | | 四、 | 变更募集资金投资项目情况表 | 5-6 | 关于嘉友国际物流股份有限公司 2024年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2025]第ZB10724号 嘉友国际物流股份有限公司全体股东： 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 三、工作概述 我们按照《中国注册会计师其他鉴证业务准则第3101号——历史 财务信息审计或审阅以外的鉴证业务》的规定执行了鉴证业务。该准 则要求我们遵守职业道德规范，计划和实施鉴证工作，以对募集资金 鉴证报告 ...

嘉友国际物流股份有限公司 审计报告及财务报表 二○二四年度 嘉友国际物流股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-131 | 审计报告 信会师报字[2025]第 ZB10723 号 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了嘉友国际 2024 年 12 月 31 日的合并及母公司 财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计 报告的"注册会计师对财务报表审计的责任"部分进一步阐述了我 们在这些准则下的责任。 ...

前十大流通股东累计持有： 62467.42万股，累计占流通股比： 63.91%，较上期变化： -1136.54万股。 | 名称 持有数量(万股) | | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- | --- | --- | | 嘉鑫毅(上海)企业管理合伙企业(有限合伙) | 24344.63 | 24.91 | 不变 | | 紫金国际贸易有限公司 | 12361.72 | 12.65 | 不变 | | 韩景华 | 11124.04 | 11.38 | 不变 | | 孟联 | 5766.06 | 5.90 | 不变 | | 紫金矿业（601899）紫宝(厦门)投资合伙企业(有限 合伙) | 4508.98 | 4.61 | 不变 | | 富国天惠成长混合(LOF) | 1200.00 | 1.23 | -450.00 | | 中汇人寿保险股份有限公司-万能产品 | 1000.00 | 1.02 | 不变 | | 易方达新兴成长混合 | 874.14 | 0.89 | 新进 | | 香港中央结算有限公司 | 837.00 | 0.86 | -638.99 | | 华商新趋势优选灵活 ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

Company Overview - Jiayou International Logistics Co., Ltd. was established in June 2005 and is a leading logistics company in China that pioneered cross-border multimodal transport [1] - The company successfully listed on the Shanghai Stock Exchange A-share main board in 2018 under the stock code 603871 [1] - Jiayou International is recognized as an international, sustainable, and profit-stable logistics enterprise [1] Recent Performance - Jiayou International has experienced a continuous decline in stock price, with a cumulative drop of -9.66% over nine consecutive trading days as of March 31 [1] - The fund "Fuguo Tianhui Growth Mixed (LOF) A" under Fuguo Fund is among the top ten shareholders of Jiayou International and reduced its holdings in the last quarter of the previous year [1] - The fund has achieved a year-to-date return of 3.94%, ranking 2446 out of 4593 in its category [1] Fund Management - The fund manager of Fuguo Tianhui Growth Mixed (LOF) A is Zhu Shaoxing, who has a Ph.D. and holds a fund practitioner qualification [2][3] - Zhu Shaoxing has been with Fuguo Fund since June 2000 and has held various positions, including analyst and fund manager [2][3] - Fuguo Fund Management Co., Ltd. was established in April 1999 and has four shareholders, with Shenyin Wanguo Securities Co., Ltd. and Haitong Securities Co., Ltd. each holding 27.77% [3]