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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance slightly missed expectations due to phase fluctuations in the Mongolian coal business, which is influenced by the steel and coke industry [6] - The company is expected to improve its market share in integrated logistics services despite the temporary slowdown in coal business growth [6] - The cross-border multimodal transport segment is benefiting from trade dynamics with landlocked countries, showing robust growth [6] - The infrastructure segment is demonstrating strong growth, particularly in Africa, with high profit margins [6] - The profit forecast for 2025-2027 has been adjusted downwards, but the "Buy" rating is maintained based on comparative analysis with similar companies [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 87.54 billion yuan, with a year-on-year growth of 25.1% [5] - The net profit attributable to the parent company for 2024 is expected to be 12.76 billion yuan, reflecting a year-on-year increase of 22.9% [5] - The first quarter of 2025 shows a revenue of 22.95 billion yuan, with a year-on-year growth of 15.0% [6] - The forecasted net profit for 2025 is 14.10 billion yuan, with a corresponding PE ratio of 10 [6][7] - The gross profit margin for 2025 is estimated at 18.6% [5]

Group 1 - Changlian Co., Ltd. experienced a sharp increase, hitting the daily limit up [1] - Shanghai Material Trade previously reached the daily limit up [1] - Dongfang Chuangye, Jiayou International, and Feima International rose over 5% [1] Group 2 - Changjiang Investment, Shanghai Yashi, Tianshun Co., Ltd., and Huamao Logistics also saw gains [1]

Core Viewpoint - 嘉友国际 achieved growth in key financial metrics such as revenue and net profit, but faced challenges in cash flow management and rising expenses [1] Financial Performance Summary - Revenue increased to 8,753,600,659.53 yuan in 2024, a growth of 25.14% from 6,995,259,911.88 yuan in 2023, driven by cross-border logistics and supply chain trade [2] - Net profit attributable to shareholders reached 1,276,417,070.88 yuan, up 22.88% year-on-year, with basic earnings per share at 1.31 yuan, reflecting improved profitability [3] Expense Management Summary - Sales expenses rose by 2.22% to 12,641,994.53 yuan, while management expenses surged by 94.61% to 221,504,015.24 yuan, primarily due to the consolidation of BHL and increased operational scale [4] - Financial expenses turned positive at 9,967,885.35 yuan, influenced by the consolidation of BHL and foreign exchange fluctuations [4] - R&D expenses grew by 21.65% to 27,323,004.06 yuan, indicating continued investment in innovation [4] Cash Flow Analysis - Operating cash flow decreased by 41.48% to 908,669,288.56 yuan, mainly due to increased inventory levels [5] - Investment cash flow showed a larger outflow of -1,217,790,012.63 yuan, a 125.73% increase, reflecting higher long-term equity investments [5] - Financing cash flow also increased its outflow to -546,853,894.23 yuan, up 194.96%, due to new short-term borrowings and increased dividends [5] Risk and Challenges - The company faces risks from macroeconomic fluctuations and intense market competition, which could impact operational performance [6] - Investment management risks arise from varying legal and operational environments across regions, necessitating strong integration and management capabilities [7] - Dependence on information systems for operational efficiency poses risks if not effectively maintained [9]

二、独立董事年度履职概况 2024 年，本人亲自出席公司董事会和股东大会，会议召开前，本人仔细阅 读公司事先准备的会议资料，与董事会秘书进行沟通，就审议事项进行询问或要 求补充资料，会议上认真审议各项议案，积极参与讨论，发表意见建议，审慎行 使表决权，对董事会决议事项均表示同意，没有提出反对、弃权情形。 参加董事会情况 参加股东大会情况 本年应参加 董事会次数 亲自出席 次数 以通讯方式 参加次数 委托出席 次数 缺席次数 出席股东大会的次数 14 14 8 0 0 4 （一）出席董事会和股东大会情况 （二）参加董事会专门委员会、独立董事专门会议情况 嘉友国际物流股份有限公司 2024 年度独立董事述职报告 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》及《嘉友国际物流股份 有限公司章程》等有关规定，作为嘉友国际物流股份有限公司（简称"公司"） 独立董事，现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 本人王永，1979 年出生，中国国籍，无境外永久居留权，博士研究生学历， 高级会计师。曾任中国青年政治学院教师， ...