Core Viewpoint - Jushen Logistics Group Co., Ltd. is responding to an inquiry regarding its application to issue convertible bonds, highlighting recent financial performance and operational challenges, particularly in its transportation and warehousing segments [1][2]. Financial Performance - In Q1 2025, the company reported a net profit of -3.01 million yuan and a negative cash flow from operating activities of -36.73 million yuan, contrasting with a revenue of 259.60 million yuan, which represents a year-on-year growth of 22.74% [2][4]. - The company's transportation revenue for the reporting period was 970.05 million yuan, while warehousing revenue was 107.38 million yuan, indicating a significant reliance on transportation services [2][4]. Operational Challenges - The decline in net profit despite revenue growth is attributed to a decrease in gross margin by 4.84 percentage points, primarily due to losses in the Guinea land transportation business, which reported a gross margin of -135.71% [4][5]. - Management expenses increased by 74.39% year-on-year, largely due to the expansion of the management team for the Guinea operations, while financial expenses surged by 160.67% due to increased borrowing and foreign exchange losses [4][5]. Client Relationships - The company has deepened its collaboration with Tianshan Aluminum Group, becoming its exclusive service provider for certain logistics services starting in 2024, which positions Tianshan as the company's largest client [2][4]. - The emergence of Guangxi Fusheng Logistics as a top client shortly after its establishment raises questions about the sustainability and rationale behind this relationship, given its low registered capital [2][4]. Cash Flow and Debt Management - The company anticipates sufficient cash flow to cover the principal and interest of the proposed convertible bonds, with a projected operating cash flow of 46.38 million yuan for the first half of 2025 [5][10]. - The issuance of convertible bonds is seen as a strategic move to mitigate debt repayment pressure, with a relatively low interest rate compared to traditional debt instruments [10][12]. Business Model and Market Position - The company operates in the non-ferrous metal logistics sector, focusing on integrated logistics services, including transportation and warehousing, which are interlinked but can also operate independently [11][12]. - The company has established a strong market presence in key regions, with over 900,000 square meters of warehouse space, enhancing its competitive edge in the logistics market [14][15].

Group 1 - The company, Yushen Logistics Group Co., Ltd., has received an inquiry letter from the Shenzhen Stock Exchange regarding its application to issue convertible bonds to unspecified objects [1][2] - The company, along with relevant intermediaries, is conducting thorough research and responses to the questions raised in the inquiry letter [2] - The issuance of convertible bonds is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, with the timeline and outcome being uncertain [2] Group 2 - The company has updated its financial data and other changes in the application documents as required by the inquiry letter [2] - The company will disclose the updated application documents and the response report through the Shenzhen Stock Exchange's issuance review system [2] - The company emphasizes the importance of timely information disclosure in accordance with relevant laws and regulations as the matter progresses [2]

Core Viewpoint - Yushen Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its financial status, business operations, and fundraising projects, providing detailed insights into its performance and future plans [1][5]. Financial Performance and Business Operations - In Q1 2025, Yushen Co., Ltd. reported a revenue of 259.60 million yuan, a year-on-year increase of 22.74%, while the net profit attributable to shareholders was 7.84 million yuan, a decline of 46.93%. This decline was primarily due to losses in the Guinea land transportation business, which had a gross margin of -135.71% due to poor local traffic conditions and insufficient capacity [2]. - By H1 2025, the company saw an increase in revenue to 661.80 million yuan, a 49.12% year-on-year growth, with net profit rising to 40.81 million yuan, an increase of 3.18% compared to the previous year. The transportation business revenue decreased, while the warehousing business revenue increased [2]. - The company is addressing the declining gross margin in the transportation business through quality optimization and procurement platform adjustments. The provision for bad debts and the aging structure of accounts receivable are comparable to industry peers, indicating that debtors have the capacity to fulfill their obligations [2]. Previous Fundraising Project Analysis - In 2021, the company raised 433 million yuan, with 25.98% of the projects undergoing changes in use. Some projects, such as the Yushen Zhudong Land Port and Qinzhou Port Logistics Park, reached operational status but did not meet expected returns due to cost control and strategic adjustments [3]. - The company has implemented measures to enhance customer cooperation and optimize operational efficiency for projects that did not achieve expected benefits [3]. Current Fundraising Project Interpretation - The company plans to raise up to 380 million yuan, with 266 million yuan allocated for the Yushen Guinea transshipment project and 114 million yuan for working capital and bank loan repayment. The transshipment project is an extension of the company's transportation business and aligns with its core operations [4]. - Despite initial losses in the Guinea land transportation service, the company has taken proactive measures to improve the situation, including appointing management personnel and establishing internal control systems [4]. - The company has signed contracts with suppliers for vessel purchases, reducing uncertainty. Although new fixed asset depreciation will impact financial data, the expected benefits from the project are anticipated to offset this [4]. - A professional transshipment team has been formed, and third-party vessel management companies will be engaged for operations and maintenance. The company has secured cooperation agreements with clients, covering 45.37% of overall transshipment capacity, indicating strong market demand and potential for capacity absorption [4].

证券代码：001202 证券简称：炬申股份 炬申物流集团股份有限公司 Jushen Logistics Group Co.,Ltd （广东省佛山市南海区丹灶镇丹灶物流中心金泰路 8 号） 向不特定对象发行可转换公司债券的 （中国（上海）自由贸易试验区浦明路 8 号） 二零二五年九月 7-1-1 深圳证券交易所： 根据贵所于 2025 年 8 月 15 日出具的《关于炬申物流集团股份有限公司申请 向不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕120029 号）， 炬申物流集团股份有限公司（以下简称"炬申股份"、"公司"、"上市公司"、 "发行人"）与保荐人国联民生证券承销保荐有限公司（以下简称"保荐人"）、 北京市嘉源律师事务所（以下简称"发行人律师"）、天健会计师事务所（特殊 普通合伙）（以下简称"会计师"）对问询函所涉及的问题认真进行了逐项核查 和落实，同时按照审核问询函的要求对《炬申物流集团股份有限公司向不特定对 象发行可转换公司债券募集说明书》（以下简称"募集说明书"）等申报文件进 行了修订和补充，现回复如下，请予审核。 如无特别说明，本回复报告中的简称与《炬申物流集团股份有限公司向不 ...

证券代码：001202 证券简称：炬申股份 炬申物流集团股份有限公司 Jushen Logistics Group Co.,Ltd （广东省佛山市南海区丹灶镇丹灶物流中心金泰路 8 号） 向不特定对象发行可转换公司债券 募集说明书 保荐人（主承销商） 二零二五年九月 （修订稿） （中国（上海）自由贸易试验区浦明路 8 号） 炬申物流集团股份有限公司 向不特定对象发行可转换公司债券之募集说明书 发行人声明 中国证监会、深圳证券交易所对本次发行所作的任何决定或意见，均不表 明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对公司的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，公司经营与收益的变化，由公 司自行负责。投资者自主判断公司的投资价值，自主作出投资决策，自行承担 证券依法发行后因公司经营与收益变化或者证券价格变动引致的投资风险。 1-1-2 炬申物流集团股份有限公司 向不特定对象发行可转换公司债券之募集说明书 重大事项提示 公司特别提醒投资者对下列重大事项给予充分关注，并认真阅读本募集说 明书相 ...

目 录 一、关于营业收入 申报材料显示，发行人 2025 年一季度净利润及经营活动产生的现金流量净 额分别为-300.96 万元、-3,673.47 万元，与上年同期相比均由正转负；2025 年 一季度营业收入为 25,959.69 万元，同比增长 22.74%，营业收入与净利润的变 动不一致。报告期内，发行人运输业务收入分别为 97,005.26 万元、80,828.73 万元、75,511.70 万元、19,272.29 万元，仓储业务收入分别为 10,738.20 万元、 17,735.97 万元、27,334.02 万元、6,455.26 万元。运输业务毛利率分别为 4.60%、 4.58%、3.12%和-3.43%。报告期各期末，发行人应收账款和应收票据的账面余 额分别为 9,857.22 万元、10,245.28 万元、10,582.01 万元和 15,696.12 万 元，占公司资产总额的比例分别为 7.82%、7.96%、7.18%和 10.38%。报告期内 公司不断深化与天山铝业集团股份有限公司（以下简称天山铝业）的合作关系， 2024 年度之前公司为天山铝业厂区里两家外包倒短、装卸服务提供 ...

炬申股份 嘉源·补充法律意见书（一） DRAFT 北京市嘉源律师事务所 关于炬申物流集团股份有限公司 向不特定对象发行可转换公司债券 的补充法律意见书（一） 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 | 第一部分 | 关于审核问询函回复 4 | | --- | --- | | 一、《审核问询函》问题 | 3 5 | | 二、《审核问询函》问题 | 4 12 | | 第二部分 | 法律意见书更新 24 | | 一、 | 本次发行的授权和批准 24 | | 二、 | 发行人本次发行的主体资格 24 | | 三、 | 本次发行的实质条件 24 | | 四、 | 发行人的独立性 29 | | 五、 | 发行人的控股股东、实际控制人及主要股东 29 | | 六、 | 发行人的设立、股本及演变 29 | | 七、 | 发行人的业务 29 | | 八、 | 关联交易与同业竞争 31 | | 九、 | 发行人的主要财产 32 DRAFT | | 十、 | 发行人的重大债权债务 34 | | 十一、 | 发行人报告期重大资产变化及收购兼并 39 | | 十二、 | 发行人公司章程的制定与修改 39 | | 十 ...

国联民生证券承销保荐有限公司 关于炬申物流集团股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐人（主承销商） 中国（上海）自由贸易试验区浦明路 8 号 二〇二五年九月 炬申物流集团股份有限公司 上市保荐书 声 明 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"、"保荐 人"或"本保荐人"）及其保荐代表人刘愉婷、黄颖根据《中华人民共和国公司 法》（下称《公司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、 《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）《证券 发行上市保荐业务管理办法》（以下简称"《保荐管理办法》"）等有关法律、 法规和中国证券监督管理委员会（以下简称"中国证监会"）的有关规定以及深 圳证券交易所（以下简称"深交所"）的有关业务规则，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并保证上市保 荐书的真实、准确、完整。 如无特别说明，本上市保荐书中所涉简称与《炬申物流集团股份有限公司向 不特定对象发行可转换公司债券募集说明书》一致。 3-3-1 | 声 明 1 | | --- | | 目 录 2 | | 一 ...

国联民生证券承销保荐有限公司 关于炬申物流集团股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐人（主承销商） 中国（上海）自由贸易试验区浦明路 8 号 二〇二五年九月 炬申物流集团股份有限公司 发行保荐书 声明 本保荐人根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司证券发行注册管理办法》和《证券发行上市保荐业务管理办法》等有关法律、 法规和中国证券监督管理委员会、深圳证券交易所的有关规定，诚实守信，勤勉 尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐 书，并保证所出具文件的真实性、准确性和完整性。 在本发行保荐书中，除上下文另有所指，释义与《炬申物流集团股份有限公 司向不特定对象发行可转换公司债券募集说明书》一致。 3-1-1 | 声明 1 | | | --- | --- | | 目录 2 | | | 第一节 | 本次证券发行基本情况 3 | | 一、保荐人项目人员情况 3 | | | 二、发行人基本情况 4 | | | 三、保荐人及其关联方与发行人及其关联方之间的利害关系及主要业务往来 | | | 情况 14 | | | 四、保荐人内部审核程序和内 ...

炬申物流集团股份有限公司 关于向不特定对象发行可转换公司债券的审核问询函回复及募集说 明书等申请文件修订的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 炬申物流集团股份有限公司（以下简称"公司"）于2025年8月15日收到深圳证 券交易所（以下简称"深交所"）出具的《关于炬申物流集团股份有限公司申请向 不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕120029号）（以 下简称"审核问询函"）。深交所上市审核中心对公司报送的向不特定对象发行可 转换公司债券的申请文件进行了审核，并形成审核问询问题。 2025年8月29日，公司披露了《2025年半年度报告》，具体内容详见公司在巨潮 资讯网（www.cninfo.com.cn）披露的相关公告文件。 证券代码：001202 证券简称：炬申股份 公告编号：2025-081 公司按照审核问询函的要求，会同相关中介机构针对审核问询函所列问题进行 了认真研究和回复。同时，公司会同中介机构对募集说明书等相关申请文件的财务 数据及其他变动事项等内容进行了更新。现根据相关要求对上述文件进行公开披露， 具 ...