Industry Overview - The core viewpoint of the article highlights the growth potential of China's contract logistics industry, with a projected market size of approximately 630 billion yuan in 2024 and a compound annual growth rate (CAGR) of 8.32% over the past four years [1]. Market Size - The market size of China's contract logistics industry is expected to reach around 630 billion yuan by 2024, indicating significant growth potential [1]. Investment Trends - From 2014 to 2021, the number and amount of investment events in China's contract logistics industry showed a declining trend. In 2022, there were 12 investment events totaling 1.415 billion yuan. However, in 2024, the number of investment events is expected to increase to 24, with a total investment amount of 3.524 billion yuan [3]. Competitive Landscape - Leading companies in China's contract logistics sector include China National Freight, Xiamen Xiangyu, and SF Holding. Their specific business layouts are as follows: - **China National Freight**: A large comprehensive logistics company offering integrated logistics solutions across various sectors, including sea, air, and land transportation [5]. - **Xiamen Xiangyu**: A well-known supply chain logistics company focused on bulk commodity logistics, warehousing, and supply chain finance, serving industries such as manufacturing and agriculture [5]. - **SF Holding**: A leading comprehensive logistics service provider specializing in express delivery, warehousing, cold chain, and local distribution, while actively expanding into the contract logistics field [5]. - **Chuanhua Zhili**: A company dedicated to logistics and supply chain services, aiming to create an intelligent logistics platform for one-stop logistics solutions [5]. - **Anji Logistics**: A wholly-owned subsidiary of SAIC Group, providing logistics services for major manufacturers and parts suppliers, covering various logistics areas [5].

证券代码：002010 证券简称：传化智联 公告编号：2025-035 传化智联股份有限公司 关于子公司签署担保协议的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 2025 年 04 月 29 日，传化智联股份有限公司（以下简称"公司"或"传化 智联"）子公司浙江传化化学品有限公司（以下简称"传化化学品"）与浙江萧 山农村商业银行股份有限公司宁围支行（以下简称"萧山农商行"）签署了《保 证合同》，传化化学品为传化智联提供连带责任担保，担保额度为 45,000 万元。 本次担保事项属于公司子公司为公司提供担保，子公司传化化学品已履行了 审议程序，本次担保事项无需提交传化智联董事会或股东大会审议。 二、被担保人基本情况 公司名称：传化智联股份有限公司 成立时间：2001 年 07 月 06 日 注册资本：278,797.0508 万元 注册地址：杭州市萧山经济技术开发区 法定代表人：周家海 公司类型：其他股份有限公司（上市） 三、担保协议的主要内容 1、债权人：浙江萧山农村商业银行股份有限公司宁围支行 2、保证人：浙江传化化学品有限公司 3 ...

证券代码：002010 证券简称：传化智联 公告编号：2025-034 传化智联股份有限公司 关于 2025 年第一季度计提资产减值准备及核销资产的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 传化智联股份有限公司（以下简称"公司"）根据《企业会计准则》及《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规 定，对截至 2025 年 3 月 31 日各项资产进行减值测试，根据测试结果，对存在减 值的相关资产计提减值准备。公司于 2025 年 4 月 29 日召开第八届董事会审计委 员会 2025 年第二次会议审议通过了《关于 2025 年第一季度计提资产减值准备及 核销资产的议案》，现将公司本次计提资产减值准备及核销资产的具体情况公告 如下： 一、本次计提资产减值准备及核销资产的情况概述 1、本次计提资产减值准备及核销资产的原因 根据《企业会计准则》和《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等相关规定，为真实、准确地反映公司截至 2025 年 3 月 31 日的财务状况、资产价值及经营情 ...

Revenue and Profit - The company's revenue for Q1 2025 was ¥6,028,174,874.82, a decrease of 5.74% compared to ¥6,395,031,982.25 in the same period last year[4] - Net profit attributable to shareholders increased by 15.80% to ¥197,037,220.87 from ¥170,145,720.07 year-on-year[4] - Total operating revenue for the current period is ¥6,030,777,211.48, a decrease of 5.76% from ¥6,400,886,875.67 in the previous period[16] - The net profit for the current period is CNY 215,505,657.62, representing an increase from CNY 207,974,979.55 in the previous period, reflecting a growth of approximately 7.36%[17] - The operating profit for the current period is CNY 254,697,273.63, slightly up from CNY 248,023,884.63, showing an increase of approximately 2.71%[17] - Basic and diluted earnings per share increased to CNY 0.0713 from CNY 0.0616, marking a rise of about 15.06%[18] - The total comprehensive income for the current period is CNY 281,145,593.95, significantly higher than CNY 102,642,838.95 from the previous period, indicating an increase of approximately 173.36%[18] Cash Flow - The net cash flow from operating activities was -¥704,868,534.90, a decline of 106.95% compared to -¥340,599,075.84 in the previous year[4] - The net cash flow from financing activities was -¥609,528,891.33, a decrease of 130.24% from -¥264,733,717.17 year-on-year[8] - The company experienced a significant increase in cash and cash equivalents, with a net decrease of -¥1,228,549,748.47, which is 58.26% higher than the previous year's decrease of -¥776,281,274.39[8] - The cash and cash equivalents at the end of the period stand at CNY 5,157,882,440.79, up from CNY 4,066,739,418.16, reflecting an increase of about 26.91%[20] - The investment activities generated a net cash flow of CNY 75,121,201.48, a recovery from a negative cash flow of CNY -156,285,597.59 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥40,936,485,691.96, down 2.14% from ¥41,830,359,237.04 at the end of the previous year[4] - Total liabilities decreased to ¥21,819,955,674.83 from ¥22,994,764,813.43, a reduction of 5.12%[14] - Total equity increased to ¥19,116,530,017.13 from ¥18,835,594,423.61, an increase of 1.49%[14] - Long-term borrowings increased to ¥7,706,240,698.66 from ¥6,403,384,174.23, an increase of 20.29%[14] Accounts Receivable and Inventory - Accounts receivable rose by 48.42% to ¥2,395,773,275.14, primarily due to accelerated collection of year-end payments in the chemical business[7] - Accounts receivable increased to ¥2,395,773,275.14, up 48.49% from ¥1,614,189,167.75 at the beginning of the period[12] - Inventory decreased to ¥1,472,433,216.98 from ¥1,757,974,142.22, a decline of 16.25%[13] Operating Costs and Expenses - Total operating costs for the current period are ¥5,831,815,368.37, down 7.00% from ¥6,269,005,552.05 in the previous period[16] - The company reported a 36.95% decrease in investment income, amounting to ¥54,616,413.50 compared to ¥86,629,553.75 in the previous period[7] - The company incurred financial expenses of CNY 99,860,129.21, down from CNY 114,760,147.73, representing a decrease of approximately 13.00%[17] - The total tax expenses for the current period increased to CNY 59,481,204.16 from CNY 36,642,937.14, reflecting an increase of about 62.25%[17] Shareholder Equity - The company's equity attributable to shareholders increased by 3.76% to ¥17,901,612,350.55 from ¥17,252,567,092.27[4] - The company completed a share buyback of 23,939,600 shares, representing approximately 0.86% of the total share capital[10]

证券代码：002010 证券简称：传化智联 公告编号：2025-036 传化智联股份有限公司 关于下属公司签署担保函的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 台州传化洲锽公路港物流有限公司（以下简称"传化洲锽公路港"）为传化 智联股份有限公司（以下简称"公司"）下属公司，是专业从事物流服务业务的 企业，拟向郑州商品交易所（以下简称"郑商所"）申请瓶片期货指定交割仓库， 拟申请库容为 2 万吨。2025 年 4 月 29 日，根据郑商所要求，传化智联下属公司 浙江传化多式联运发展有限公司（以下简称"传化多式联运"）为传化洲锽公路 港出具担保函，根据拟申请的库容 2 万吨计算，以近一年交易均价为依据测算， 库存价值总价约为 1.30 亿元。如发生货损货差，本次担保金额为或有经济赔偿 责任约人民币 1.30 亿元。担保期限自郑商所取得对交割仓库请求赔偿的权利之 日起三年内。 本次担保事项属于公司下属公司为公司其他下属公司提供担保，下属公司传 化多式联运已履行了审议程序，本次担保事项无需提交公司董事会或股东大会审 议。 二、被担保人基本情 ...

事件：公司发布2024年报。2024年，公司累计实现营业收人267.17亿元，司比下降20.57%；实现归母净 利润1.52亿元，同比下降74.34%；扣非后归净利润为1.9亿元，同比下降196.77%。 公司物流板块表现拖累收入端整体同比下滑，化学板块表现稳健。1）收入端来看，2024年，公司实现 的营业收人267.17亿元中，物流业务的营业收人为159.95亿元，同比下降-35.27%，智能公路港收入为 12.1亿元，同比下降 0.8%，网络货运平台收人为133.6亿元，同比下降32.7%，网络货运业务交易额为 142.9亿元，同比下滑34%。化学业务的营业收入为107.04亿元，同比增长20.70%。其中，印染纺织助 剂/顺丁橡胶收人分别为70.7亿元/25.5 亿元，分别同比增长13.1%/52.7%。 3）费用端来着，2024年，公司销售费用、管理费用、研发费用、财务费用分别为7.82亿元、9.3亿元、 4.53亿元、4.16亿元，其中，销售费用同比减少 0.49%，管理费用同比增长5.87%，研发费用同比增长 12.81%，财务费用同比减少24.03%。伴随公司继续推进数字货运业务建设，研发费用率 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 5.62 RMB [6][7]. Core Views - The company's 2024 annual report shows a revenue decline of 20.6% year-on-year to 26.72 billion RMB, with net profit attributable to shareholders dropping by 74.3% to 150 million RMB, primarily due to one-time factors [1][2]. - The core business gross margin improved to 13.5%, up 2.7 percentage points year-on-year, despite a decrease in net profit margin [2][3]. - The logistics segment faced weak demand, leading to a revenue drop of 35.3% to 15.99 billion RMB, while the gross margin increased by 2.3 percentage points [3]. - The chemical segment showed robust growth, with revenue increasing by 20.7% to 10.7 billion RMB, driven by strong performance in synthetic rubber [4]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit for 2024, with total revenue at 26.72 billion RMB and net profit at 150 million RMB, which was below expectations [1][2]. - The gross margin for the core business improved to 13.5%, while the net profit margin decreased by 1.2 percentage points [2]. Logistics Business - The logistics business generated revenue of 15.99 billion RMB, down 35.3% year-on-year, with a gross profit of 1.34 billion RMB [3]. - The smart highway port revenue slightly decreased by 0.8% to 1.21 billion RMB, but the gross margin improved to 80.6% [3]. Chemical Business - The chemical segment achieved revenue of 10.7 billion RMB, up 20.7% year-on-year, with a gross profit of 2.24 billion RMB [4]. - The revenue from synthetic rubber increased by 52.7% to 2.55 billion RMB, with a market share of 60% in the domestic market [4]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised downwards to 519 million RMB and 902 million RMB, respectively, with a new forecast for 2027 at 1.17 billion RMB [5]. - The company is assigned a price-to-book (PB) ratio of 0.90x for 2025, reflecting an estimated target price of 5.62 RMB [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 电子邮箱：zqb@etransfar.com 七、备查文件 第八届董事会第二十七次会议决议。 特此通知。 传化智联股份有限公司董事会 2025年4月22日 附件一： 参加网络投票的具体操作流程 在本次股东大会上，公司将向股东提供网络投票平台，股东可以通过深交所交易系统或互联网投票系统 （http://wltp.cninfo.com.cn）参加投票，网络投票的相关事宜具体说明如下： 一、网络投票的程序 1、投票代码与投票简称：投票代码为"362010"，投票简称为"传化投票"。 2、填报表决意见： 对于非累积投票提案，填报表决意见：同意、反对、弃权 对于累积投票提案，填报投给某候选人的选举票数。上市公司股东应当以其所拥有的每个提案组的选举 票数为限进行投票，股东所投选举票数超过其拥有选举票数的，或者在差额选举中投票超过应选人数 的，其对该项提案组所投的选举票均视为无效投票。如果不同意某候选人，可以对该候选人投0票。 3、股东对总议案进行投票，视为对除累积投票提案外的其他所有提案表达相同意见。 股东对总议案与具体提案重复投票时，以第一次有效投票为准。如股东先对具体 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002010 证券简称：传化智联 公告编号：2025-018 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以权益分派股权登记日的扣除回购账户库存股后的股本 总数为基数，向全体股东每10股派发现金红利1元（含税），送红股0股（含税），不以公积金转增股 本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 传化智联-智能物流服务平台： （1）智能公路港业务 公路港是区域物流发展的重要载体。秉承"产业+物流"的发展原则，结合区域产业特征，开发建设标准 化的"集、分、储、运、配"功能中心，为货主企业、物流企业、卡车司机提供一站式综合性的物流基础 设施；通过数字技术赋能整合公路港内物流服 ...

创新实践方面，今年2月，传化智联的物流业务率先宣布完成DeepSeek大模型本地化部署，针对物流行 业非标场景多、流程复杂的痛点，聚焦公路港零担专线装卸货等核心环节，通过接入DeepSeek等开源 大模型，将传统物流经验转化为智能工具，实现技术逻辑与业务场景的深度结合。化学业务依托高校的 科研优势，开展与浙江大学、上海交通大学等落地项目合作，推动科技成果转化。2024年，化学业务获 批国家级、省级创新平台5个，荣获中纺联科技进步一等奖、浙江省化学工业科学技术一等奖等荣誉， 专利申请近60项。 传化智联表示，2025年，将在"双主业"协同共振的理念下，聚焦新质生产力发展要求，继续积极把握人 工智能时代的机遇和挑战，推进科创体系变革，结合公司业务特点，重构数字化模式、技术与能力，积 极探索AI+等人工智能前沿技术的探索和应用，锚定具有高发展潜力的行业级新赛道，在机器人、高性 能材料线等领域推进深化洞察，支持业务一流发展。 物流业务方面，传化智联作为国内公路港模式的开创者，目前已拥有全国最大的公路港网络，截至报告 期末，公司在全国21个省市自治区布局公路港项目72个，占地面积达1399.8万平方米，成为服务区域经 ...