证券代码：603871 证券简称：嘉友国际 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。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 登录新浪财经APP 搜索【信披】查看更多考评等级 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二）非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 □适用 √不适用 前 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for Q1-Q3 2025 reached 6.57 billion yuan, a year-on-year increase of 0.4%, while the net profit attributable to shareholders was 870 million yuan, down 19.7% year-on-year. In Q3 2025, revenue was 2.49 billion yuan, up 30.6% year-on-year, but net profit decreased by 4.9% to 313 million yuan [2][3] Performance Analysis - The increase in revenue in Q3 2025 was primarily driven by business growth, with significant contributions from the Mongolian market, where the average price of main coking coal rose by 15.2% quarter-on-quarter and 37.5% compared to the end of Q2. The African market also saw steady growth in traffic and cargo volume, while the company expanded its logistics network in Central Asia [3] - The gross margin for Q3 2025 was 16.6%, a decrease of 6.7 percentage points year-on-year. The period expense ratio decreased by 1.71 percentage points to 1.9%, with a net profit margin of 12.6%, down 4.7 percentage points year-on-year. Operating cash flow for Q1-Q3 2025 increased by 50.6% year-on-year due to reduced procurement of main coking coal [4] - The supply-side disruptions and rising coking coal prices are expected to benefit the company's Q4 performance, with prices reaching a peak of 1490 yuan per ton in mid-October [4] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised down to 1.15 billion yuan, 1.55 billion yuan, and 1.93 billion yuan, respectively, from previous estimates of 1.29 billion yuan, 1.60 billion yuan, and 1.91 billion yuan [5]

Core Viewpoint - Jiayou International (603871.SH) reported a slight increase in total operating revenue for the first three quarters of 2025, but a significant decline in net profit attributable to shareholders [1] Financial Performance - Total operating revenue reached 6.57 billion yuan, reflecting a year-on-year growth of 0.4% [1] - Net profit attributable to shareholders was 874 million yuan, showing a year-on-year decrease of 19.72% [1] - Basic earnings per share stood at 0.64 yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Jiayou International for the third quarter of 2025, indicating a slight increase in revenue but a significant decrease in net profit and earnings per share [1] Group 2 - Jiayou International reported a revenue of approximately 6.57 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 0.4% [1] - The net profit attributable to shareholders was approximately 874 million yuan, showing a year-on-year decrease of 19.72% [1] - The basic earnings per share were 0.64 yuan, which is a decrease of 20% compared to the previous year [1] Group 3 - As of the report date, Jiayou International's market capitalization stood at 18.6 billion yuan [2]

Revenue and Profit - The company's revenue for the third quarter reached ¥2,486,378,130.97, an increase of 30.61% compared to the same period last year[3]. - Total profit for the quarter was ¥357,539,917.06, representing a decrease of 8.39% year-over-year[3]. - Net profit attributable to shareholders was ¥313,169,009.42, down 4.90% from the previous year[3]. - Total operating revenue for the first three quarters of 2025 reached ¥6,570,358,782.76, a slight increase of 0.4% compared to ¥6,544,252,179.84 in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was ¥880,537,435.50, a decrease of 19.6% compared to ¥1,095,625,259.20 in the previous year[19]. - The company's operating profit for the first three quarters was ¥1,027,836,951.62, down from ¥1,288,604,728.94 in the same period last year[19]. Earnings and Shareholder Information - Basic earnings per share for the quarter were ¥0.23, a decrease of 4.17% compared to the same period last year[4]. - Basic and diluted earnings per share for the first three quarters were both ¥0.64, compared to ¥0.80 in the previous year[20]. - Total number of common shareholders at the end of the reporting period is 22,926[10]. - The largest shareholder, Jiaxin Yi (Shanghai) Enterprise Management, holds 340,824,831 shares, representing 24.91% of total shares[10]. - Zijin International Trade Co., Ltd. holds 173,064,080 shares, accounting for 12.65% of total shares[10]. - Han Jinghua directly holds 155,736,568 shares, which is 11.38% of total shares[11]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was ¥1,372,330,121.61, an increase of 50.60%[3]. - The company experienced a 50.60% increase in cash flow from operating activities due to reduced procurement of coking coal[8]. - Cash inflow from operating activities for the first three quarters of 2025 was approximately ¥7.70 billion, compared to ¥8.16 billion in the same period of 2024, representing a decrease of about 5.67%[22]. - Net cash flow from operating activities increased to approximately ¥1.37 billion in 2025, up from ¥911.22 million in 2024, marking an increase of approximately 50.67%[23]. - Cash outflow from investment activities in the first three quarters of 2025 was approximately ¥2.61 billion, compared to ¥3.50 billion in 2024, indicating a decrease of about 25.38%[23]. - The company reported an investment income of ¥41,170,608.16, which is an increase from ¥19,638,947.69 in the previous year[19]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥7,996,869,004.77, reflecting a 4.61% increase from the end of the previous year[4]. - The total assets of the company amounted to ¥7,996,869,004.77, an increase from ¥7,644,606,152.08 at the end of the previous period[16]. - Total liabilities increased to ¥2,072,089,914.57, compared to ¥1,904,293,097.51 in the previous year[16]. - Total current assets as of September 30, 2025, amount to 3,791,263,208.79 RMB, an increase from 3,480,479,358.72 RMB as of December 31, 2024[14]. - Cash and cash equivalents increased to 1,953,832,873.27 RMB from 925,456,505.82 RMB[14]. - Accounts receivable rose to 298,974,052.07 RMB from 254,539,469.75 RMB[14]. - Inventory decreased to 551,574,571.08 RMB from 1,374,194,847.05 RMB[14]. - Long-term equity investments increased to 731,523,320.31 RMB from 702,402,557.09 RMB[14]. Operational Efficiency and Market Strategy - The company's cash flow from operating activities showed a significant change, reflecting the operational efficiency and liquidity management[21]. - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[21]. - Non-recurring gains and losses for the quarter totaled -¥7,124,418.88, significantly impacting net profit[7]. - The company has no significant changes in the shareholding structure or participation in margin trading[12].

Core Insights - The company reported third-quarter revenue of 2.486 billion yuan, representing a year-on-year increase of 30.61% [1] - Net profit for the third quarter was 313 million yuan, showing a decline of 4.90% [1] - For the first three quarters, total revenue reached 6.57 billion yuan, with a slight year-on-year growth of 0.40% [1] - Net profit for the first three quarters was 874 million yuan, reflecting a year-on-year decrease of 19.72% [1]

Core Viewpoint - 嘉友国际's stock price has shown a positive trend, with a year-to-date increase of 4.23% and a significant rise of 22.90% over the past 60 days, indicating strong market interest and potential growth in the logistics sector [1]. Company Overview - 嘉友国际 Logistics Co., Ltd. was established on June 22, 2005, and went public on February 6, 2018. The company is based in Beijing and specializes in cross-border multimodal transport, bulk mineral product logistics, and smart warehousing [1]. - The company's main business revenue composition includes: Supply Chain Trade Services (62.06%), Cross-Border Multimodal Transport Services (29.83%), Land Port Project Services (7.57%), PPP Project Contracts (0.53%), and Others (0.02%) [1]. Financial Performance - As of June 30, 嘉友国际 reported a revenue of 4.084 billion yuan for the first half of 2025, a year-on-year decrease of 11.99%. The net profit attributable to shareholders was 561 million yuan, down 26.15% compared to the previous year [2]. - The company has distributed a total of 2.184 billion yuan in dividends since its A-share listing, with 1.553 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 嘉友国际 had 33,800 shareholders, an increase of 20.77% from the previous period. The average number of circulating shares per shareholder was 40,507, up 15.93% [2]. - Notable institutional shareholders include 中欧时代先锋股票 A, 景顺长城景盛双息收益债券 A类, and others, with significant increases in their holdings [3].

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [7] Core Insights - The passenger transport volume is recovering, with domestic passenger volume increasing by 3% year-on-year and international passenger volume rising by 17% [5][13] - Shipping rates for container shipping are showing strong support, while oil and bulk shipping rates have slightly adjusted downwards [6][39] - Logistics technology financing is accelerating, with express delivery volume increasing by 7.8% year-on-year [5][50] Summary by Sections Passenger Transport - Domestic passenger volume has shown a 3% year-on-year increase as of October 24, with international passenger volume up by 17% [5][13] - The average domestic seat occupancy rate has improved by 1.0 percentage points year-on-year, while international occupancy has increased by 5.1 percentage points [22] - Oil prices have decreased by 0.7% year-on-year, putting slight pressure on industry revenue [22] Shipping - The average VLCC-TCE rate has decreased by 8.4% to $79,000 per day [39] - The SCFI index for foreign trade container shipping has increased by 7.1% to 1,403 points, indicating strong pricing support from shipping companies [6][39] - The BDI index has decreased by 3.8% to 1,991 points, reflecting a softening demand for large vessel rentals [39] Logistics - The express delivery volume from October 13 to October 19 reached 3.944 billion pieces, a year-on-year increase of 7.8% [50] - The average price for bulk commodity road transport has increased by 4.8% year-on-year, reaching 0.33 yuan per ton [50] - The average daily transport volume at Ganqimaodu was 900 vehicles, with a short-distance average price of 90 yuan per ton, reflecting a 13 yuan increase [50]

Group 1: Logistics - The logistics industry is expected to undergo a paradigm shift towards high-quality development, driven by policy changes and the "anti-involution" movement, which aims to ensure the rights of delivery personnel and improve profitability [4][24][30] - The logistics sector is entering a new phase of overseas expansion, with companies like Jitu Express and Jiayou International transitioning from initial stages to more advanced operations, focusing on management and capacity exports [4][8][35] Group 2: Aviation - The aviation industry is poised for recovery, benefiting from a resurgence in business travel demand since September, leading to improved revenue and cost dynamics [9][51] - The supply side is tightening, with low aircraft deliveries expected in 2025 and high capacity utilization rates, indicating a potential for revenue and cost resonance in the industry [9][51] Group 3: Shipping - The shipping sector is influenced by both seasonal and non-seasonal factors, with a focus on oil transportation due to OPEC+ production adjustments and the expected positive impact of new projects in the dry bulk segment [10][20] - The container shipping market is facing tariff disruptions, but demand is anticipated to rise due to proposed measures from the 301 investigation, which may boost feeder vessel demand [10][20] Group 4: Highways - Highway companies are regaining attractiveness in terms of valuation and dividend yield, with a focus on low valuation and high dividend characteristics [11][20] - The widening gap between highway company dividend yields and ten-year government bond yields suggests a return to a high cost-performance ratio for these assets [11][20]

Core Viewpoint - 嘉友国际's stock price has shown fluctuations, with a recent decline of 2.11% and a year-to-date increase of 0.93%, indicating mixed market sentiment towards the company [1] Company Overview - 嘉友国际 Logistics Co., Ltd. was established on June 22, 2005, and listed on February 6, 2018. The company is based in Beijing and specializes in cross-border multimodal transport, bulk mineral product logistics, and smart warehousing [1] - The main business revenue composition includes supply chain trade services (62.06%), cross-border multimodal transport services (29.83%), land port project services (7.57%), PPP project contracts (0.53%), and others (0.02%) [1] Financial Performance - For the first half of 2025, 嘉友国际 reported operating revenue of 4.084 billion yuan, a year-on-year decrease of 11.99%, and a net profit attributable to shareholders of 561 million yuan, down 26.15% year-on-year [2] - Cumulatively, 嘉友国际 has distributed 2.184 billion yuan in dividends since its A-share listing, with 1.553 billion yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, 嘉友国际 had 33,800 shareholders, an increase of 20.77% from the previous period, with an average of 40,507 circulating shares per shareholder, up 15.93% [2] - The top ten circulating shareholders include notable institutional investors, with 中欧时代先锋股票 A increasing its holdings by 5.6 million shares to 10.601 million shares [3]