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]

Group 1 - Jiahua International has experienced a continuous decline for 8 trading days, with a cumulative drop of -6.34% [1] - Jiahua 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, with stock code 603871 [1] Group 2 - The fund manager of the Fuguo Tianhui Growth Mixed Fund (LOF) A is Zhu Shaoxing, who has a PhD and has been with Fuguo Fund Management Co., Ltd. since June 2000 [2][3] - Zhu Shaoxing has held various positions within Fuguo Fund, including analyst, product development supervisor, and general manager of the research department [2][3] - The Fuguo Tianhui Growth Mixed Fund (LOF) A reduced its holdings in Jiahua International in the fourth quarter of last year [1] Group 3 - Fuguo Fund Management Co., Ltd. was established in April 1999 and has four shareholders, with Shenyin Wanguo Securities Co., Ltd. holding 27.77% [3] - The total assets under management by Zhu Shaoxing amount to 256.59 billion yuan, with a return of 1475.19% during his tenure [3] - The Fuguo Tianhui Growth Mixed Fund (LOF) A has achieved a return of 3.94% this year, ranking 2025 out of 3764 in its category [1]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

Summary of the Conference Call for 嘉友国际 Company Overview - 嘉友国际 is involved in the coal business in Mongolia, focusing on trade, storage, and logistics, with a projected coal trading volume of approximately 5.5 million tons in 2024 [3][4]. Key Points and Arguments Coal Business Performance - The decline in coal prices has raised concerns about profitability, but the storage business remains unaffected by price fluctuations, and logistics mid-range freight rates are stable at around 80 RMB/ton, while short-range rates fluctuate around 60 RMB/ton [3]. - In 2023, the trading segment contributed one-third of the company's total coal business profits, accounting for about 20% of total profits [3][4]. - The company has long-term agreements with ETT Mine (6 million tons until the end of 2026) and MMC Mine (two contracts of 1.5 million tons each), ensuring a stable profit margin unless coal prices decline significantly [3][4]. - A rebound in coal prices in Q2 2024 led to strong performance, but concerns about Q4 profits arose due to unsold coal stockpiles as prices fell [3][4]. - The market outlook for coal prices in 2025 is neutral to pessimistic, but logistics and storage businesses are expected to be less affected [3][4]. Future Projections - The trading volume is expected to reach approximately 7 million tons in 2025, a 25% increase, driven by stable demand for high-quality Mongolian coal from China [3][4]. - Despite potential profit margin declines due to price fluctuations, a 25% volume increase could lead to a 20% overall profit growth [3][4]. Impact of African Operations - The ongoing conflict in Eastern Congo is approximately 1,800 kilometers away from 嘉友国际's operations, thus not directly impacting the company [5]. - The southern region of Congo, where 嘉友国际 operates, is relatively safe and benefits from the presence of numerous Chinese mining companies [6]. - The cobalt reserves in Congo are small (4-5% of total exports), meaning that even if cobalt exports are halted, the impact on 嘉友国际's logistics and transportation volume will be minimal [7]. Financial Contributions and Growth - In 2024, the African projects contributed approximately 300 million RMB in after-tax profits, with expectations for a 20% increase in traffic on the Kasai Road project in 2025 [8]. - The expansion of the BHL fleet to 800 vehicles is expected to contribute several million RMB in additional profits, with overall profit growth projected at 30% to 40% [8]. Upcoming Projects - A 17-kilometer road in Zambia and a port project in Tanzania are expected to be operational in the second half of 2025, further driving revenue and profit growth [9]. Market Outlook and Recommendations - Despite short-term concerns about profitability, the annual net profit is expected to exceed 1.65 billion RMB, with a market capitalization of 15.5 billion RMB and a PE ratio of over nine times [10]. - The dividend yield is close to 4%, and the long-term business outlook is positive, suggesting a buy-and-hold strategy in the current market environment [10].