证券代码：603871 证券简称：嘉友国际 公告编号：2026-005 嘉友国际物流股份有限公司 2022 年员工持股计划第三次持有人会议决议公告 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。 鉴于原管理委员会委员李滔先生离职，不再担任管理委员会委员，经管理委 员会提名，公司 2022 年员工持股计划第三次持有人会议选举周立军女士为 2022 年员工持股计划管理委员会委员，任期为本计划的存续期。 表决结果：同意 6,542,664 份，占出席会议的持有人所持份额总数的 100%； 反对 0 份，弃权 0 份。 特此公告。 嘉友国际物流股份有限公司（简称"公司"）2022 年员工持股计划（简称"员 工持股计划"、"本计划"）第三次持有人会议于 2026 年 3 月 11 日在公司会议室 以现场结合通讯方式召开。本次会议由管理委员会召集，由主任委员唐世伦女士 主持，出席会议的持有人共 48 人，代表 2022 年员工持股计划有表决权的份额为 6,542,664 份，占公司 2022 年员工持股计划有表决权份额总数的 89.19% ...

Investment Rating - The report assigns an "Overweight" rating for the industry [2] Core Insights - The aviation sector is expected to see good growth in both volume and price during the Spring Festival travel season, with a projected increase in passenger load factor by over 2 percentage points year-on-year and a domestic ticket price increase of over 4% [4][5] - The oil shipping sector is experiencing significant profit increases due to geopolitical tensions, with VLCC TCE rates soaring to around $480,000, indicating a strong market outlook [5][21] - Policies aimed at boosting consumption and reducing competition in the logistics sector are expected to benefit the aviation and express delivery industries [5] Summary by Sections Aviation - The report highlights a 4.9% year-on-year increase in overall passenger flow during the first 33 days of the Spring Festival, with aviation specifically seeing a 6.4% increase [6][7] - The estimated domestic ticket prices are expected to rise by over 4% year-on-year, while the average domestic aviation fuel price has decreased by 8%, leading to improved profit margins for airlines [5] - The report anticipates a "super cycle" in aviation profitability driven by sustained demand and low supply growth, recommending stocks such as Air China, China Eastern Airlines, and Spring Airlines [5] Oil Shipping - The report notes that geopolitical risks have driven oil shipping rates to record highs, with a focus on the changes in the gray market and their long-term implications [5] - The TCE for VLCCs from the Middle East to China has surged, with significant shifts in demand towards other oil-producing regions due to reduced Middle Eastern exports [5] - The report suggests monitoring gray market developments, which could create unexpected supply-demand dynamics and accelerate the retirement of older vessels [5] Policy Impact - The report discusses how government policies aimed at stimulating consumption and addressing "involution" in competition will positively impact the aviation and express delivery sectors [5] - It predicts that the express delivery industry will see stable volume growth and price increases, benefiting leading companies like ZTO Express and SF Express [5] - The report also emphasizes the potential for healthy growth in cross-border logistics driven by supportive policies [5]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Insights - The report emphasizes the continuation of anti-involution regulations, which are expected to enhance the growth certainty of leading companies in the logistics sector. The focus is on improving compliance levels and optimizing algorithms within courier companies to balance interests among headquarters, franchisees, and couriers [2][4] - The report highlights that the adjustment of delivery fees in provinces like Sichuan aims to secure the income levels of frontline workers, while regulatory measures in grain-producing areas like Guangdong and Yiwu help maintain stable prices. The pressure from social security compliance provides cost support for courier prices, limiting the risk of price declines [2][4] - The advancement of e-commerce value-added tax is accelerating the industry's process of eliminating inefficiencies, with low-efficiency practices like fake orders rapidly declining. This environment favors leading courier companies such as Zhongtong, Yuantong, and Shentong, which are expected to see increases in market share, profitability, and valuation [5] Summary by Sections Regulatory Environment - The report indicates that the national postal work meeting in 2026 will focus on comprehensive rectification of "involution-style" competition, marking a shift from "end correction" to "system reconstruction" in industry regulation [4] - The report notes that the anti-involution regulations are becoming a consensus in the industry, with a strong emphasis on compliance transformation for courier companies [4] Market Dynamics - The report states that the courier business volume growth rate has improved, with a cumulative year-on-year growth rate of 6.4% as of March 1, 2026. The volume of postal courier collected during the Spring Festival period increased by 13.2% year-on-year [7] - The air freight market is showing resilience, with air freight price indices reflecting strong demand during the off-peak season, particularly for high-tech products [7] Company Recommendations - The report recommends focusing on leading courier companies such as Zhongtong, Yuantong, and Shentong, which are expected to benefit from the favorable regulatory environment and market dynamics [5]

Investment Rating - The report maintains an "Accumulate" rating for the logistics and warehousing industry [4]. Core Insights - The report indicates that the turning point for the China-Mongolia business has arrived, with a steady recovery in the traffic volume at the Ganqimaodu port, stabilizing short-haul freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the performance of JIAYOU International into a recovery phase [2]. Summary by Sections Traffic Volume and Freight Rates - The average daily traffic volume at Ganqimaodu port from February 23 to February 26 was 1,331 vehicles per day, representing an increase of 80.8% week-on-week and 53.1% year-on-year. Cumulatively, 49,684 vehicles have crossed the port in 2026, marking a year-on-year increase of 20.8% [4]. - The freight volume at Ganqimaodu port saw a significant year-on-year increase of 218% in February 2026, reaching 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume was 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year growth of 6% [4]. - Short-haul freight rates have stabilized and increased. In the first half of 2025, the average short-haul freight rate dropped by 34.5% due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the average short-haul freight rate has stabilized in the range of 60-70 RMB/ton, with a cumulative average of 66 RMB/ton in 2026. From February 24 to February 28, the average short-haul freight rate was 65 RMB/ton, unchanged from the previous period but up 8.3% year-on-year [4]. Financial Performance - JIAYOU International reported revenue of 2.486 billion RMB in Q3 2025, a year-on-year increase of 30.61%, while the net profit attributable to shareholders was 313 million RMB, down 4.90% year-on-year. For the first three quarters of 2025, the company achieved revenue of 6.570 billion RMB, a slight increase of 0.40%, with a net profit of 874 million RMB, down 19.72% year-on-year. The increase in revenue and the narrowing decline in net profit are attributed to the recovery of cross-border business and rising prices of coking coal [4]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 RMB/ton. The ongoing "anti-involution" policy has stabilized coal prices, leading to a gradual recovery in demand for Mongolian coal, which in turn has boosted the daily traffic volume and short-haul freight rates at Ganqimaodu port, contributing to the continuous improvement in the company's performance [4]. - Long-term, the company has established a strong competitive advantage by strategically positioning itself in core logistics infrastructure at the port and advancing an integrated "goods and trade" business model, effectively consolidating its leading position and market share in the China-Mongolia business [4].

Investment Rating - The report maintains a "Buy" recommendation for key companies in the transportation sector, including East China Airlines Logistics, SF Holding, and others, indicating a positive outlook for their performance [2][3]. Core Insights - The geopolitical situation in the Middle East is evolving towards full-scale conflict, which is expected to drive up oil and shipping prices due to increased risk premiums and potential supply disruptions [7][28]. - The Spring Festival period saw a significant increase in passenger traffic and ticket prices in the civil aviation sector, suggesting a recovery in domestic demand [7][50]. - The adjustment of U.S. tariff policies may lead to improved export performance for Chinese goods to the U.S., enhancing cross-border transportation demand [63]. Summary by Sections Oil Transportation - The ongoing conflict in the Middle East, particularly the closure of the Strait of Hormuz by Iran, is expected to raise oil prices significantly, with Brent crude risk premiums potentially reaching $7-13 per barrel [28][31]. - Historical analysis shows that previous conflicts have led to substantial increases in oil prices and shipping rates, indicating a pattern that may repeat [10][13]. Aviation Sector - During the Spring Festival (February 15-23), the average daily passenger volume reached 2.449 million, a year-on-year increase of 7.7%, with average ticket prices rising by 6.6% [7][50]. - The report highlights the importance of monitoring ticket price performance as the industry enters a seasonal lull, with expectations of continued demand recovery [59]. Air Cargo - Air cargo rates have shown a year-on-year increase, with the Shanghai Pudong Airport export rate index rising by 7.4% [63]. - The utilization rates of major cargo airlines have decreased due to the Spring Festival, but there is optimism for recovery in demand post-holiday [65][68].

Investment Rating - The report does not explicitly state an overall investment rating for the transportation sector, but highlights specific companies and segments with positive outlooks, such as logistics and aviation [2][3][4]. Core Insights - The transportation index increased by 3.3% in the last week, outperforming the Shanghai Composite Index by 2.2%, with the shipping sector showing the highest growth at 11.9% [1][11]. - In the express delivery segment, some companies are benefiting from price increases due to reduced competition, with a focus on leading firms like Zhongtong Express and Jitu Express [2]. - The logistics sector is expected to improve as chemical product prices rise, with a focus on companies like Milkyway and Hongchuan Wisdom [2]. - The aviation sector is experiencing a slight decline in flight numbers but remains optimistic about ticket prices and profitability due to high passenger load factors [3][55]. - The shipping sector is positively impacted by geopolitical tensions, particularly in oil transportation, with expectations of price increases [4]. Summary by Sections Shipping and Ports - The shipping sector is seeing a stabilization in container shipping rates, while oil transportation rates are expected to rise due to geopolitical factors [4][21]. - The China Export Container Freight Index (CCFI) is at 1044.57 points, down 4.0% week-on-week and down 20.8% year-on-year [21]. - The oil transportation index (BDTI) increased by 2.2% week-on-week and 91.5% year-on-year, indicating strong demand in this segment [4][37]. Aviation and Airports - The average daily flights in China increased by 17.58% year-on-year, with domestic flights showing a similar growth rate [3]. - The Brent crude oil price is at $72.48 per barrel, with domestic aviation kerosene prices decreasing by 4.3% week-on-week [66]. - Airlines are expected to benefit from improved load factors and ticket pricing, with specific recommendations for China National Aviation and Southern Airlines [3][55]. Logistics - The chemical logistics sector is anticipated to improve as chemical prices rise, with a focus on companies like Milkyway and Hongchuan Wisdom [2]. - The overall logistics environment is supported by a stable demand for chemical products, with operational rates for key chemicals showing positive trends [2]. Road and Rail - The road transport sector is showing signs of recovery, with a notable increase in truck traffic, although there was a significant drop in traffic volume recently [84]. - The railway sector is also experiencing a positive trend, with passenger turnover increasing by 8.52% year-on-year [82].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1] Core Insights - The report indicates that the turning point for the China-Mongolia business has arrived, with a steady recovery in the traffic volume at the Ganqimaodu port, stabilization and upward movement in short-distance freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the company's performance into a recovery phase [3] Summary by Sections Traffic Volume and Freight Rates - The average daily traffic volume at Ganqimaodu port from February 9 to February 11 was 1,171 vehicles per day, a decrease of 4.3% week-on-week but an increase of 6.1% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 41,734 vehicles, representing a year-on-year increase of 42.5% [5] - In February 2026, the cargo volume at Ganqimaodu port increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export cargo volume was 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year growth of 6% [5] - Short-distance freight rates have stabilized and risen, with an average rate of 66 yuan per ton in 2026 so far. From February 9 to February 13, the average short-distance freight rate was 65 yuan per ton, unchanged from the previous period but up 8.3% year-on-year [5] Company Performance - In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a year-on-year decrease of 4.90%. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of net profit decline were primarily due to the recovery of cross-border business and rising prices of coking coal [5] - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. With the ongoing "anti-involution" policy, coal prices have stabilized and risen, leading to a gradual recovery in Mongolian coal import demand, which in turn has boosted the daily traffic volume and short-distance freight rates at Ganqimaodu port, resulting in continuous improvement in the company's performance [5] - The company has established a strong competitive advantage by strategically positioning itself in core logistics infrastructure at the port and is effectively consolidating its leading position and market share in the China-Mongolia business through the promotion of an integrated "goods and trade" business model [5]

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - As of February 22, the cumulative year-on-year growth rate of national express delivery volume for the first five weeks of the year is 1.9%, a significant slowdown compared to 29.3% in the same period last year. This slowdown is attributed to increased compliance costs due to precise tax audits and the positive price growth resulting from regulatory measures against excessive competition. The industry is expected to maintain single-digit growth rates through 2026, with leading companies likely to gain market share [2][4][5]. Summary by Sections Industry Overview - The express delivery volume growth has significantly slowed, with the current growth rate at 1.9% compared to 29.3% last year. This is primarily due to increased compliance costs for merchants and a positive price growth trend since September 2025 [4][5]. Market Dynamics - The leading express companies are expected to see their market share increase as the competitive landscape shifts. In January, the growth rates for major companies were as follows: YTO Express at 29.8%, Shentong Express at 25.6%, and Yunda Express at 10.8% [4][5]. Recommendations - The report recommends focusing on leading express companies such as Zhongtong and Yuantong, which are currently valued at historical lows. Attention is also drawn to SF Express, which has been optimizing its product structure and is expected to see a profitability turnaround [5]. Logistics Data - Air freight prices have remained stable despite the off-peak season, with strong demand for high-tech products contributing to this trend. The average utilization rates for Eastern Airlines and Southern Airlines logistics are reported at 10.7 hours and 14.0 hours, respectively [7][28].

Group 1 - Tongce Medical's chairman and executives plan to increase their shareholding by 6 to 12 million yuan within six months, following recent purchases totaling approximately 1.34 million yuan [1] - Luxshare Precision has repurchased 9.9006 million shares for nearly 500 million yuan, representing 0.14% of its total share capital [2] - Jintai Construction's subsidiary won a project in Malaysia worth approximately 281 million yuan, accounting for 1.53% of the company's audited revenue for 2024 [3] Group 2 - Kela Co. announced the removal of independent director Jing Naiquan due to loss of independence and failure to fulfill duties [4] - Mingyang Smart Energy is planning to acquire 100% of Zhongshan Dehua Chip Technology Co., with ongoing audits and evaluations [5] - BGI Genomics intends to sell a subsidiary's equity for approximately 50 million USD and adjust licensing agreements [6] Group 3 - Guotou Capital reported that valuation adjustments at Guotou Ruijin Fund are expected to impact 2026 net profit by less than 5% [7] - Donghong Co. won a bid for a pressure steel pipe project worth 353 million yuan [9] - Yashi Chuangneng's major shareholder's shares, amounting to 2.9165% of total shares, will be auctioned, but it will not affect the company's operations [10] Group 4 - Frontier Biotech signed an exclusive licensing agreement with GlaxoSmithKline, receiving an upfront payment of 40 million USD and potential milestone payments totaling up to 950 million USD [11] - Kede CNC's major shareholders committed not to reduce their holdings for the next six months [12] - Richen Co. reported a 31.87% increase in net profit for 2025, driven by market expansion and operational efficiency [13] Group 5 - Jiayou International's PPP project in Zambia has officially commenced commercial operations and charging [14] - Junxin Co. updated its H-share listing application, pending approvals from regulatory bodies [15] - Shuangliang Energy's subsidiary won a bid for a 100 million yuan project in the Middle East [16][17] Group 6 - Baili Tianheng's drug candidate achieved primary endpoints in a Phase III clinical trial for triple-negative breast cancer [18] - ST Jinglan announced a significant stock price increase of 86.90% without major changes in performance, warning of potential stock suspension if prices continue to rise [19] - *ST Huiteng projected a revenue of 330 to 400 million yuan for 2025, with negative net profit expected [20]

Investment Overview - The company has signed a concession agreement for the Zambia Sakanya PPP project, which includes the design, financing, construction, and operation of the Sakanya port and the road upgrade from Endola to Mufulira [2] - The total investment for the project is approximately $76.13 million, with the company holding a 90% stake in JASWIN Ports Limited and investing about $68.52 million [2] Project Progress - As of June 19, 2024, a design, procurement, and construction contract was signed with China National Aero-Technology International Engineering Corporation for the project [3] - The Endola to Sakanya road upgrade, covering 17.26 kilometers, has received completion certification and is now operational with toll collection starting [3][4] - The Sakanya port upgrade includes the construction of a joint inspection building, business building, and parking lot, with significant progress made on these structures [4] - The Sakanya to Mufulira road upgrade involves the construction of a 41.7-kilometer road, with all foundation and culvert works completed and surface testing sections finished [5] Impact on the Company - The successful operation of the Endola to Sakanya road marks a significant milestone for the company, transitioning from investment to revenue generation [6] - The project is strategically important as it connects the Congo (DRC) copper mining area to Zambia's industrial hub, enhancing cross-border transport efficiency and supporting regional industry development [6] - The company aims to leverage the Zambia Sakanya PPP project to enhance its logistics infrastructure along the Congo to Southeast Africa corridor, improving its cross-border logistics capabilities [6]