嘉友国际物流股份有限公司 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； 独立董事候选人声明 本人李良锁，已充分了解并同意由提名人嘉鑫毅（上海）企业管理合伙企业 （有限合伙）提名为嘉友国际物流股份有限公司（以下简称"该公司"）第四届 董事会独立董事候选人。本人公开声明，本人具备独立董事任职资格，保证不存 在任何影响本人担任该公司独立董事独立性的关系，具体声明如下： （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用） ...

嘉友国际物流股份有限公司 独立董事候选人声明 本人张兮，已充分了解并同意由提名人嘉鑫毅（上海）企业管理合伙企业（有 限合伙）提名为嘉友国际物流股份有限公司（以下简称"该公司"）第四届董事 会独立董事候选人。本人公开声明，本人具备独立董事任职资格，保证不存在任 何影响本人担任该公司独立董事独立性的关系，具体声明如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； ...

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。 证券代码：603871 证券简称：嘉友国际 公告编号：2025-040 嘉友国际物流股份有限公司 关于变更注册资本、修订公司章程及相关议事规则的公告 嘉友国际物流股份有限公司（简称"公司"）于 2025 年 8 月 29 日召开第三 届董事会第三十九次会议审议通过《关于变更注册资本的议案》《关于修订<公司 章程>的议案》《关于修订<股东会议事规则>的议案》《关于修订<董事会议事规则> 的议案》，同意公司变更注册资本、修订《公司章程》及相关议事规则，具体情 况如下： 一、注册资本变更情况 2025 年 5 月 22 日，公司 2024 年年度股东会审议通过《2024 年年度利润分 配及资本公积金转增股本方案》，公司实施 2024 年年度利润分配及资本公积金转 增股本方案，以实施权益分派股权登记日登记的总股本 977,149,042 股为基数， 每股派发现金红利 0.4 元（含税），以资本公积金每股转增 0.4 股，共计派发现 金红利 390,859,616.80 元（含税），以资本 ...

嘉友国际物流股份有限公司 独立董事候选人声明 本人王永，已充分了解并同意由提名人嘉鑫毅（上海）企业管理合伙企业（有 限合伙）提名为嘉友国际物流股份有限公司（以下简称"该公司"）第四届董事 会独立董事候选人。本人公开声明，本人具备独立董事任职资格，保证不存在任 何影响本人担任该公司独立董事独立性的关系，具体声明如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； ...

提名人嘉鑫毅（上海）企业管理合伙企业（有限合伙），现提名张兮、李良 锁、王永为嘉友国际物流股份有限公司第四届董事会独立董事候选人，并已充分 了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等 不良记录等情况。被提名人已同意出任嘉友国际物流股份有限公司第四届董事会 独立董事候选人（参见该独立董事候选人声明）。 独立董事提名人声明 提名人认为，被提名人具备独立董事任职资格，与嘉友国际物流股份有限公 司之间不存在任何影响其独立性的关系，具体声明如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 嘉友国际物流股份有限公司 二、被提名人任职资格符合下列法律、行政法规和部门规章以及公司规章的 要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程 ...

Market Overview - On August 28, the logistics sector rose by 1.1%, with YTO Express leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - YTO Express (600233) closed at 18.25, with a gain of 6.17% and a trading volume of 378,700 shares, amounting to a transaction value of 672 million [1] - Milkway (603713) closed at 67.01, up 5.76%, with a trading volume of 39,900 shares and a transaction value of 257 million [1] - Other notable performers include: - Jiayou International (603871) at 12.31, up 3.62% [1] - Jianfa Co. (600153) at 11.69, up 2.81% [1] - SF Express (002352) at 48.40, up 1.02% [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 319 million from institutional investors, while retail investors saw a net inflow of 291 million [2] - Notable net inflows from retail investors include: - YTO Express with a net inflow of 29.22 million [3] - Milkway with a net inflow of 23.49 million [3] - Conversely, significant net outflows from institutional investors were observed in: - Milkway with a net outflow of 25.99 million [3] - SF Express with a net outflow of 22.76 million [3]

Group 1: Investment Banking and Brokerage Industry - As of August 25, 2025, the Wind All A index has increased by 16% and the Sci-Tech Innovation 50 index has risen by 28% since Q3 2025, indicating significant market activity[5] - The self-operated equity business is a key source of performance elasticity for brokerages, with a focus on self-operated business complemented by investment banking and private equity investments[6] - From 2015 to 2024, the scale of fixed income self-operated assets increased from CNY 908.1 billion to CNY 4.5 trillion, while equity self-operated assets decreased from CNY 449.7 billion to CNY 399.2 billion, indicating a shift in focus[6] Group 2: Solid-State Battery Investment Opportunities - Solid-state batteries are expected to become a key development direction due to their advantages in safety and energy density, with significant market potential in consumer batteries and electric vehicles[8] - The core materials for solid-state electrolytes include oxides, polymers, halides, and sulfides, with sulfides being a promising choice for future all-solid-state batteries[9] - The industrialization of semi-solid-state batteries has progressed rapidly, with several automakers achieving mass production since 2022, while all-solid-state batteries are expected to achieve mass production around 2027[10] Group 3: Solar Energy Industry - The solar energy sector is currently at a bottoming phase, with a recent meeting involving six departments aimed at regulating competition and promoting fair practices in the industry[17] - The average price of various solar components, including N-type silicon wafers and TOPCon batteries, has remained stable, indicating a steady market environment[18] - The solar sector's valuation as of August 22, 2025, is at 20.93 times TTM, which is relatively low compared to other sectors, suggesting potential investment opportunities[20]

Market Overview - The Shanghai Composite Index is at 3812.43 points, above the annual line, with a change of 0.32% [1] - The total trading volume of A-shares is 1,230.98 billion yuan [1] Stocks Breaking Annual Line - 23 A-shares have broken above the annual line today, with notable stocks including Chuangyi Information, Zhongfu Information, and Qifeng New Materials, showing divergence rates of 11.29%, 5.02%, and 3.05% respectively [1] - Stocks with smaller divergence rates that have just crossed the annual line include Guizhou Tire, Andisoo, and Haier Smart Home [1] Top Stocks by Divergence Rate - Chuangyi Information (300366) has a daily increase of 13.27% and a divergence rate of 11.29% [1] - Zhongfu Information (300659) has a daily increase of 6.91% and a divergence rate of 5.02% [1] - Qifeng New Materials (002521) has a daily increase of 3.24% and a divergence rate of 3.05% [1] Additional Stocks with Minor Divergence - Anuoqi (300067) shows a daily increase of 2.60% with a divergence rate of 1.87% [1] - Henglin Shares (603661) has a daily increase of 2.56% and a divergence rate of 1.35% [1] - Other stocks with minor divergence rates include Rabbit Baby (002043), Landun Optoelectronics (300862), and Transsion Holdings (688036) [1]

Financial Performance - The company reported a net profit of 561 million yuan for the first half of 2025, a decrease of 26.15% year-on-year [1] - Total operating revenue was 4.084 billion yuan, down 11.99% compared to the same period last year [1] - In Q2 2025, operating revenue was 1.789 billion yuan, reflecting a significant decline of 32.37% year-on-year [1] - The gross profit margin decreased to 18.17%, down 13.86% year-on-year, while the net profit margin fell to 13.86%, a decrease of 15.63% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 95.3365 million yuan, which is 2.33% of revenue, marking a 57.19% increase year-on-year [1] - The company's cash flow per share was 0.23 yuan, down 63.4% year-on-year [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 23.23% last year, indicating strong capital returns [3] - The historical median ROIC since the company went public is 23.65%, suggesting consistent investment returns [3] - The estimated dividend yield for the company is 4.19% [3] Fund Holdings - The largest fund holding the company’s shares is the Invesco Great Wall Jing Sheng Dual Income Bond A, with 8.6211 million shares [4] - Other funds increasing their holdings include Tianhong Multi-Asset Income Bond A and Invesco Great Wall Jing Yi Bond A [4]

Summary of Key Points from 嘉友国际 Conference Call Company Overview - 嘉友国际 reported a revenue of 12.18 billion yuan for the first half of 2025, representing a year-on-year increase of 13.94% with a gross profit of 3.6 billion yuan, up 18.78% [2][3] - The company’s cross-border multimodal transport logistics services generated revenue of 12.18 billion yuan, a growth of 13.94% [3] - The land port operation projects achieved revenue of 3.09 billion yuan, increasing by 34.35% with a gross profit growth of 40.43% [2][3] Supply Chain Trade Business - Supply chain trade business revenue was 25.34 billion yuan, down 24.13% due to a 40% drop in the price of imported coking coal [2][3] - Despite the price drop, the import volume of coking coal increased by nearly 70%, and sales volume grew by over 15% [3] Market Conditions - The Mongolian coking coal market experienced extreme price drops in the second half of 2024, but is expected to stabilize and gradually recover [5] - Current inventory levels of Mongolian coking coal are normal, with approximately 200,000 tons domestically and 300,000 to 400,000 tons internationally [19] African Operations - 嘉友国际 is expanding its logistics network in Africa, with projects in Zambia and Ndola set to commence operations soon [6][8] - The company has established a daily traffic flow of 800 vehicles through a PPP model in the Democratic Republic of Congo [6] - The construction of the Sakanya port in Zambia is expected to be completed by 2026, enhancing efficiency for regional mining companies [7] Infrastructure Development - The company is building land ports and roads in Africa, which support the development of a large logistics network and promote local economic growth [6] - In Tanzania and Namibia, 嘉友国际 is advancing port and special economic zone projects, aiming to connect more ports for efficient logistics services [8] Strategic Partnerships - 嘉友国际 has acquired a well-known fleet to enhance its logistics network across Botswana, Zimbabwe, and other regions [4][9] - The company has signed long-term agreements with ETT and established equity cooperation with MMC to secure cargo volumes [10][11] Financial Management - 嘉友国际 maintains a high dividend payout ratio, with 53% in 2024 and expected to remain high in 2025 to reward shareholders [21] - The company emphasizes strict control over capital expenditures and relies primarily on self-funding for operations and investments [22] Risk Management - The company has implemented strategies to mitigate foreign exchange risks through localized operations and a professional currency conversion system [15][18] - 嘉友国际 focuses on long-term stability rather than short-term price fluctuations in the coking coal market [25] Future Outlook - 嘉友国际 aims to continue expanding its market presence and diversify its customer base while enhancing its core competitiveness through innovative business models [27][28] - The company is optimistic about the growth potential in the African market, particularly in logistics and infrastructure development [6][8]