Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's revenue for the first half of 2025 was approximately 40.8 billion yuan, a year-on-year decrease of 12%, with a net profit attributable to shareholders of about 5.6 billion yuan, down 26% year-on-year. In Q2 alone, revenue was around 17.9 billion yuan, down 32% year-on-year, but net profit improved to 3.0 billion yuan, a decrease of 34% year-on-year but an increase of 14% quarter-on-quarter [1][2] - The African land port project has shown significant revenue growth, with the revenue from the project in the first half of 2025 reaching 3.1 billion yuan, up 34% year-on-year, and a gross profit of 1.8 billion yuan, up 40% year-on-year, with a gross margin of approximately 60% [3] - The company plans to distribute a mid-term cash dividend of 0.2 yuan per share for 2025, with a dividend payout ratio of 48.79%, compared to 38.49% for the same period in 2024 [4] - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 13.07 billion yuan, 15.66 billion yuan, and 19.14 billion yuan for the years 2025, 2026, and 2027 respectively [5] Financial Summary - For the first half of 2025, the company achieved a cross-border comprehensive logistics revenue of approximately 12.2 billion yuan, a year-on-year increase of 14%, with a gross profit of 3.6 billion yuan, up 19% year-on-year, and a gross margin of 29.7% [11] - The company’s coal supply chain trade saw a significant increase in import volume, with approximately 3.6 million tons of coal imported from Mongolia, a year-on-year increase of 70% [11] - The projected financials for 2025 estimate total revenue of 79.68 billion yuan and a net profit of 13.07 billion yuan, with an expected earnings per share of 0.96 yuan [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 4.08 billion yuan, down 12% year-on-year, and net profit attributable to shareholders of 561 million yuan, down 26.2% year-on-year, slightly below expectations [7] - The decline in performance is attributed to pressure on the Mongolian coal import business, with average daily coal clearance at the Ganqimaodu port dropping by 15.87% year-on-year [7] - Despite the challenges in the coal sector, the company's multimodal transport and land port projects showed strong growth, with multimodal transport contributing a gross profit of 360 million yuan, up 18.78% year-on-year, and land port projects contributing 184 million yuan, up 40.43% year-on-year [7] - The earnings forecast for 2025-2027 has been adjusted downward due to the slowdown in the Mongolian coal business, with expected net profits of 1.317 billion, 1.547 billion, and 1.776 billion yuan for 2025, 2026, and 2027 respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 9.231 billion yuan, with a year-on-year growth rate of 5.5% [6] - The net profit for 2025 is expected to be 1.317 billion yuan, with a year-on-year growth rate of 3.2% [6] - The earnings per share for 2025 is estimated at 0.96 yuan, with a projected price-to-earnings ratio of 12 [6] - The company's gross profit margin is expected to be 19.5% in 2025, with a return on equity (ROE) of 19% [6]

证券之星消息，8月27日物流板块较上一交易日下跌1.81%，永泰运领跌。当日上证指数报收于3800.35， 下跌1.76%。深证成指报收于12295.07，下跌1.43%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603813 | *ST原尚 | 18.43 | 5.01% | 2.46万 | - 4404.89万 | | 603871 | 嘉友国际 | 11.88 | 4.39% | 53.41万 | 6.38亿 | | 002468 | 申通快递 | 18.24 | 1.45% | 38.78万 | 7.05亿 | | 600753 | *ST海钦 | 6.97 | 1.01% | + 4.58万 | 3221.10万 | | 603560 | 长久物流 | 8.84 | 0.23% | 30.18万 | 2.71亿 | | 601598 | 中国外运 | 5.63 | -0.18% | 24.77万 | 1.41亿 | | 601156 | 东航物流 | 1 ...

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3845.84 points, down by 0.58%, while the total trading volume reached 239.98 billion yuan, indicating a slight decline in market sentiment [1] Group 1: Market Performance - As of 14:00 today, the Shanghai Composite Index is above the annual line, with a trading volume of 239.98 billion yuan [1] - The index has experienced a decline of 0.58% [1] Group 2: Stocks Breaking Annual Line - Eight A-shares have surpassed the annual line today, with notable stocks including Digital Human, Transsion Holdings, and *ST WanFang, showing significant deviation rates of 10.00%, 1.31%, and 0.98% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Maiwei Co., Ltd., Jiayou International, and Jing Sheng Mechanical, with deviation rates of 0.19%, 0.33%, and 0.46% respectively [1] Group 3: Individual Stock Performance - Digital Human saw a price increase of 14.01% with a turnover rate of 25.34%, latest price at 17.41 yuan [1] - Transsion Holdings increased by 3.12% with a turnover rate of 1.24%, latest price at 86.64 yuan [1] - *ST WanFang rose by 1.29% with a turnover rate of 5.95%, latest price at 4.72 yuan [1]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's performance in Q2 2025 met expectations, with significant growth in the African land port project and a 40.4% year-on-year increase in gross profit for the first half of 2025 [1]. - The company is expected to see a steady increase in net profit from 2025 to 2027, with projected net profits of 1.206 billion, 1.469 billion, and 1.711 billion respectively, corresponding to price-to-earnings (PE) ratios of 13, 11, and 9 times [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 4.08 billion yuan, a decrease of 12.0% year-on-year, and a net profit of 560 million yuan, down 26.2% year-on-year, with a net profit margin of 14% [1]. - For Q2 2025, revenue was 1.79 billion yuan, down 32.4% year-on-year and 22.0% quarter-on-quarter, with a net profit of 300 million yuan, down 34% year-on-year [1]. Business Structure - Supply Chain Trade: Revenue of 2.53 billion yuan in H1 2025, down 24.1% year-on-year, with a gross profit of 200 million yuan, down 63.9% year-on-year. The company imported nearly 3.6 million tons of coal from Mongolia, a year-on-year increase of nearly 70% [2]. - Cross-Border Multi-Modal Logistics: Revenue of 1.22 billion yuan in H1 2025, up 13.9% year-on-year, with a gross profit of 360 million yuan, up 18.8% year-on-year. The company expanded its logistics services across multiple land ports [2]. - Land Port Project: Revenue of 310 million yuan in H1 2025, up 34.2% year-on-year, with a gross profit of 180 million yuan, up 40.4% year-on-year. The project is seeing steady growth in traffic and cargo volume [3]. Shareholder Returns - The company has a dividend payout ratio of 48.8% in H1 2025, distributing a cash dividend of 0.2 yuan per share, resulting in a dividend yield of 1.8% based on the closing price of 11.38 yuan per share on August 26, 2025 [3]. Profit Forecast and Financial Indicators - The company is projected to achieve revenues of 9.492 billion, 11.340 billion, and 11.973 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.206 billion, 1.469 billion, and 1.711 billion yuan [5][10].

证券研究报告 嘉友国际 (603871 CH) 蒙煤量价承压，供应链贸易拖累盈利 | 华泰研究 | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 27 日│中国内地 | 仓储物流 | 目标价(人民币): | 15.20 | 公司公布上半年业绩：收入 40.8 亿元，同比-12.0%；归母净利润 5.6 亿元， 同比-26.1%。其中二季度公司实现收入 17.9 亿元，同比-32.4%；归母净利 润 3.0 亿元，同比-33.9%。公司上半年业绩低于我们预期（6.5 亿元），主 因上半年蒙煤价格承压，供应链贸易服务收入及毛利均同比下滑。虽然蒙煤 进口量整体下滑，但公司跨境多式联运业务收入与毛利均同比增长，我们看 好公司凭借跨境陆运运营经验、核心口岸资源、与上游资源方和下游客户的 长期合作关系，通过物贸一体化模式稳固中蒙基本盘业务，中非多项目持续 推进打开第二成长曲线。维持"买入"。 中非：多个项目稳步推进，加速构建跨境物流网络 1H25 陆港项目服务实现营业收入 3.1 亿元（yoy+34.2%），毛利 1.8 ...

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 3881.07 points, up 0.33%, and a total trading volume of 1.746 trillion yuan, indicating a strong market performance [1] Group 1: Market Performance - The Shanghai Composite Index is above the annual line, reflecting a bullish trend in the market [1] - A total of 14 A-shares have surpassed the annual line today, with notable stocks including Digital Human, Transsion Holdings, and *ST Wan Fang showing significant deviation rates [1] Group 2: Stock Highlights - Digital Human has the highest deviation rate at 13.78%, with a daily increase of 17.94% and a turnover rate of 23.13% [1] - Transsion Holdings follows with a deviation rate of 3.42%, a daily increase of 5.27%, and a turnover rate of 1.02% [1] - *ST Wan Fang has a deviation rate of 2.05%, with a daily increase of 2.36% and a turnover rate of 4.96% [1] Group 3: Additional Stock Data - Other stocks with notable performance include Jing Sheng Electric (1.90% deviation), *ST Bo Guo (1.56% deviation), and Jia You International (1.50% deviation) [1] - Stocks like ST Hongda and Hunan YN show minimal deviation rates of 1.08% and 0.29% respectively, indicating they have just crossed the annual line [1]

Group 1 - The core viewpoint of the news is that 嘉友国际 (Jiayou International) has reported its semi-annual results for 2025, highlighting significant institutional investor holdings [1] - As of August 26, 2025, a total of 39 institutional investors hold shares in 嘉友国际, with a combined holding of 651 million shares, representing 47.59% of the total share capital [1] - The top ten institutional investors account for 45.64% of the total shares, with a slight decrease of 0.43 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 20 funds increased their holdings, with notable funds including 中欧时代先锋股票A and 景顺长城景盛双息收益债券A类, representing an increase of 1.25% [2] - Conversely, 6 public funds reduced their holdings, with a decrease of 0.16%, including funds like 浙商丰利增强债券 and 浙商智选价值混合A [2] - There were 9 newly disclosed public funds this period, including 南方中证1000ETF and 天弘新价值混合A, while 12 funds were not disclosed this period, such as 中邮研究精选混合 and 天弘价值驱动混合A [2]

Group 1 - The company plans to distribute a cash dividend of 0.2 RMB per share (including tax) based on the total share capital registered on the dividend distribution date [1][2] - As of June 30, 2025, the company's undistributed profits amounted to 524,688,259.79 RMB, with a total share capital of 1,368,008,658 shares, resulting in a total proposed cash dividend of 48.79% [1][2] - The profit distribution plan is subject to approval by the shareholders' meeting [2] Group 2 - The board of directors has confirmed that the profit distribution plan complies with the company's articles of association and previously disclosed shareholder return plans [2] - The supervisory board has stated that the decision-making process for the profit distribution plan adheres to legal regulations and the company's articles of association, considering the company's profitability, funding needs, and debt repayment capacity [2]

嘉友国际物流股份有限公司董事会 证券代码：603871 证券简称：嘉友国际 公告编号：2025-033 嘉友国际物流股份有限公司 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。 一、董事会会议召开情况 嘉友国际物流股份有限公司（简称"公司"）第三届董事会第三十八次会议 于 2025 年 8 月 15 日以电子邮件、专人送出方式发出通知和资料，于 2025 年 8 月 26 日在公司会议室以现场结合通讯方式召开，应出席董事 7 人，实际出席董 事 7 人。会议由董事长韩景华先生召集和主持，公司监事和高级管理人员列席了 会议。本次会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果：通过。 具体内容详见公司同日在上海证券交易所网站披露的《2025 年半年度报告》 《2025 年半年度报告摘要》。 本议案已经第三届董事会审计委员会第十四次会议审议通过。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果：通过。 具体内容详见公司同日在上 ...