Financial Performance - The company's operating revenue for 2024 was ¥26.70 billion, a decrease of 20.49% compared to ¥33.58 billion in 2023[16]. - The net profit attributable to shareholders for 2024 was ¥151.66 million, down 74.34% from ¥590.94 million in 2023[16]. - The net profit after deducting non-recurring gains and losses was ¥190.09 million, a decline of 33.96% from ¥287.86 million in 2023[16]. - The basic earnings per share for 2024 was ¥0.05, a decrease of 76.19% compared to ¥0.21 in 2023[16]. - The weighted average return on net assets was 0.87%, down 2.51 percentage points from 3.38% in 2023[16]. - The total assets at the end of 2024 were ¥41.83 billion, a slight decrease of 0.21% from ¥41.92 billion at the end of 2023[16]. - The net assets attributable to shareholders decreased by 1.67% to ¥17.25 billion from ¥17.54 billion at the end of 2023[16]. - The cash flow from operating activities for 2024 was ¥1.66 billion, a decrease of 2.92% compared to ¥1.71 billion in 2023[16]. - The company reported a net loss in the fourth quarter of 2024, with a net profit of -¥85.71 million attributable to shareholders[21]. - The company's total revenue for 2024 was approximately ¥26.70 billion, a decrease of 20.49% compared to ¥33.58 billion in 2023[51]. - Revenue from the logistics sector was ¥15.99 billion, accounting for 59.91% of total revenue, down 35.27% from ¥24.71 billion in 2023[51]. - The chemical sector generated ¥10.70 billion, representing 40.09% of total revenue, with a year-on-year increase of 20.70% from ¥8.87 billion[51]. Logistics and Operations - The total social logistics volume in China reached 360.6 trillion yuan in 2024, with a year-on-year growth of 5.8%[26]. - The logistics industry revenue in China was 13.8 trillion yuan in 2024, reflecting a 4.9% increase compared to the previous year[26]. - The ratio of social logistics total costs to GDP was 14.1% in 2024, down by 0.3 percentage points from the previous year, marking the lowest level since 2006[27]. - The company is recognized as a leader in the "road port" model, with the largest infrastructure network in the country, playing a crucial role in national logistics hub planning[26]. - The company focuses on integrating new technologies with logistics, aiming to reduce costs and improve efficiency for supply chain logistics[26]. - The company has developed a comprehensive logistics service platform that includes warehousing, transportation, and distribution, enhancing regional industrial development[30]. - The company is actively expanding its digital logistics services, including network freight and value-added services, to support digital upgrades for clients[31]. - The company has established 72 highway port projects across 21 provinces and municipalities, covering an area of 13.998 million square meters, becoming a significant carrier for regional economic services[37]. - The average daily vehicle flow at the national highway ports has exceeded 170,000 trips, indicating robust logistics resource accumulation[38]. - The company has built a digital transportation and cloud warehouse service, enhancing its integrated supply chain logistics capabilities across various industries including new energy, chemicals, fast-moving consumer goods, and technology[38]. Research and Development - The company received approval for five national and provincial-level innovation platforms and filed nearly 60 patent applications during the reporting period[48]. - The company is focusing on expanding its functional chemicals and new materials business, particularly in textile chemicals and synthetic rubber, to drive strategic transformation and business model upgrades[34]. - The company is committed to enhancing technological innovation and developing customized solutions in functional chemicals and new materials to strengthen market competitiveness[91]. - The company is embracing AI technologies to enhance digital transformation and improve customer service responsiveness and satisfaction[88]. - R&D expenses increased by 12.81% year-on-year to ¥452,867,236.91, while the number of R&D personnel decreased by 7.29% to 954[62]. - The company's total R&D investment reached ¥482,723,097.45, representing 1.81% of operating revenue, an increase of 0.45 percentage points[62]. Environmental and Social Responsibility - The company has complied with various environmental protection laws and standards[143]. - The company holds valid pollution discharge permits for multiple subsidiaries, with expiration dates ranging from 2028 to 2029[144]. - The company has established environmental impact assessment reports for all current projects and products[144]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[143]. - The company has implemented emergency response plans in accordance with national guidelines and has conducted annual drills and training[150]. - The company is planning to conduct carbon footprint analysis and has adopted measures such as using new energy forklifts and optimizing processes to reduce carbon emissions[150]. - The company is focused on sustainable practices and compliance with environmental standards[150]. Corporate Governance - The company adheres to legal and regulatory requirements, continuously improving its corporate governance structure and ensuring compliance with relevant laws[99]. - The company ensures equal rights for all shareholders, particularly minority shareholders, during shareholder meetings[102]. - The company maintains independence from its controlling shareholder, ensuring separate operations in personnel, assets, finance, and business[102]. - The board of directors is elected following the company's articles of association, and independent directors are in place to ensure compliance and governance[102]. - The supervisory board is composed in accordance with legal requirements, ensuring oversight of the company's financial activities and management compliance[102]. - The company has implemented various governance-related systems, including an investor relations management system and an internal audit management system[100]. - The company has established a performance evaluation and incentive system linking management compensation to business performance[103]. - The company has a dedicated board secretary responsible for investor relations and information disclosure[103]. - The company emphasizes social responsibility and actively collaborates with stakeholders for sustainable development[103]. Management and Organizational Changes - The company experienced a management restructuring with multiple resignations and appointments, including the departure of two directors and several deputy general managers[109]. - The current board includes experienced professionals with backgrounds in finance, engineering, and management, enhancing the company's strategic capabilities[111][112][113][114][115]. - The management team includes individuals with extensive experience in various sectors, which is expected to drive future growth and innovation[111][114]. - The company aims to leverage its leadership changes to improve overall performance and align with market demands[109]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management amounted to CNY 1,457.22 million[120]. - The highest remuneration was received by Zhou Jiahai, the chairman, totaling CNY 187.77 million[120]. Shareholder and Equity Information - The company has a total of 2,764,030,908 shares as the basis for its dividend distribution plan[134]. - The total number of restricted shares increased from 6,690,902 to 7,200,902, representing a change of 510,000 shares, which is an increase of approximately 7.63%[194]. - The total number of unrestricted shares decreased from 2,781,606 to 2,780,769, reflecting a reduction of 510,000 shares, which is a decrease of approximately 0.18%[193]. - The largest shareholder, Transfar Group Co., Ltd., holds 54.21% of the shares, totaling 1,511,496,764 shares[198]. - The company has not reported any strategic investors or general legal entities becoming top ten shareholders due to new share placements during the reporting period[197]. - The company has not issued any new securities during the reporting period, excluding preferred shares[195]. Related Party Transactions - The company reported a total of 24.18 million yuan in related party transactions, accounting for 1.10% of the total transaction amount[166]. - The company engaged in procurement transactions with related parties amounting to 5.91 million yuan, representing 0.02% of the total transaction amount[166]. - The company has no significant related party transactions during the reporting period, including no loans or deposits with its controlled financial company[173]. Debt and Financial Management - The total approved guarantee amount for subsidiaries reached 1,311,177.13 million, with an actual guarantee balance of 283,562.97 million at the end of the reporting period[183]. - The actual guarantee total accounted for 16.44% of the company's net assets, reflecting a moderate risk exposure[183]. - The company has a total of RMB 150 million in guarantees, with no actual guarantees issued during the reporting period[179]. - The company has not provided guarantees to shareholders or related parties, maintaining a clear separation in financial dealings[184].

证券代码：002010 证券简称：传化智联 公告编号：2025-014 传化智联股份有限公司 关于子公司签署股权转让协议的公告 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。 特别提示： 1、本次交易尚需通过中国人民银行核准、国家发展和改革委员会的外商投 资安全审查、国家市场监督管理总局经营者集中申报审查（如涉及），审批结果 以及最终做出决定的时间存在不确定性； 2、本次交易各期付款需满足对应交割先决条件，本次交易完成后，支付公 司将不再纳入公司合并财务报表范围。 一、本次交易概述 2025 年 3 月 31 日，传化智联股份有限公司（以下简称"公司"或"传化智 联"）召开第八届董事会第二十六次会议，审议通过了《关于子公司签署股权转 让协议的议案》，同意公司子公司传化物流集团有限公司（以下简称"传化物流"） 签署《股权转让协议》，将其所持有的传化支付有限公司（以下简称"支付公司" 或"标的公司"）100%股权转让给上海寻汇信息科技有限公司（以下简称"上 海寻汇"），以标的公司股权评估价值为基础，双方协商交易价格为 31,500 万 元。根据交易协议约定，传化物 ...

关于提供担保的进展公告 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。 证券代码：002010 证券简称：传化智联 公告编号：2025-015 传化智联股份有限公司 公司名称：传化物流集团有限公司 成立日期：2010 年 9 月 19 日 注册地点：萧山区宁围街道新北村 法定代表人：周升学 一、担保预计概述 传化智联股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日召开第八 届董事会第二十三次会议审议通过了《关于为子公司增加担保额度的议案》，根 据经营和业务发展需要，并优化公司融资结构，降低公司融资成本，公司子公司 传化物流集团有限公司（以下简称"传化物流"）拟向银行申请增加 50,000.00 万元的综合授信额度。根据传化物流融资需要，公司为其提供连带责任担保。 1 注册资本：82,754.858738 万元人民币 经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；仓储设备租赁服务；供应链管理服务；国内货物运输代理；报检 业务；无船承运业务；智慧物流领域内、计算机领域内、信息技术领域内的技术 开发、技术咨询、技 ...

一、审议通过了《关于子公司签署股权转让协议的议案》 表决结果：7 票同意、0 票弃权、0 票反对。 具体内容详见公司刊登于《证券时报》《中国证券报》《上海证券报》及巨潮 资讯网的《关于子公司签署股权转让协议的公告》。 二、备查文件 证券代码：002010 证券简称：传化智联 公告编号：2025-013 传化智联股份有限公司 第八届董事会第二十六次会议决议公告 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"）第八届董事会第二十六次会议 （以下简称"本次会议"）通知已于 2025 年 3 月 26 日通过邮件及电话方式向各 董事发出，会议于 2025 年 3 月 31 日以通讯的方式召开。本次会议应参加董事 7 人，实际参加董事 7 人。本次会议符合《中华人民共和国公司法》（以下简称"《公 司法》"）和《传化智联股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，会议有效。 本次会议以投票表决的方式审议通过如下决议： 第八届董事会第二十六次会议决议。 特此公告。 传化智联股份有限公司董事会 2025 年 4 月 1 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is leveraging its investment in Ant Group to combine manufacturing and finance, enhancing its logistics and chemical business operations [1][15]. - The company is transitioning from a subsidy-driven profit model to one focused on core business operations, with a significant reduction in the proportion of other income from government subsidies [2][18]. - The logistics business is expanding its urban logistics hub strategy, with a focus on improving operational efficiency and increasing revenue from existing assets [20][22]. - The chemical business is positioned as a market leader in specialized segments, with a strong technological edge and a solid growth trajectory [33][34]. Summary by Sections Logistics and Chemical Business Overview - The company operates primarily in logistics and chemicals, with logistics centered around smart highway port services and supply chain logistics [9]. - The company has invested in Ant Group, becoming the fifth-largest shareholder, and is collaborating on various strategic initiatives [1][15]. Logistics Business - As of H1 2024, the company has established 73 highway port projects across China, covering an operational area of 6.02 million square meters [20]. - The revenue from the highway port business has remained stable, with a significant increase in gross margin from 41.5% in 2018 to 78.8% in H1 2024 [2][22]. - The company is focusing on enhancing the efficiency of existing assets and reducing capital expenditures, which decreased by 22.1% year-on-year in H1 2024 [2][22]. Chemical Business - The company is a leading player in textile chemicals and synthetic rubber, with a market share of over 70% in rare earth polybutadiene rubber [33][48]. - The chemical business has shown steady revenue growth, with a CAGR of 13.7% from 2020 to 2023 [33]. - The company has a strong focus on R&D, maintaining an annual investment of 300 to 430 million yuan, resulting in over 280 proprietary technologies [39]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 27.61 billion yuan in 2024, with a projected net profit of 150 million yuan, reflecting a significant decline due to asset disposal losses [50][53]. - The report forecasts a recovery in revenue growth for both logistics and chemical segments in the coming years, with expected revenues of 31.91 billion yuan and 35.75 billion yuan in 2025 and 2026, respectively [53]. - The company is anticipated to maintain a competitive edge due to its established logistics infrastructure and leadership in the chemical sector, justifying the "Buy" rating [58][59].

Group 1: Business Strategy and Technological Advancements - The company plans to apply new productivity technologies in specific industrial production scenarios, focusing on AI and robotics to enhance production efficiency and customer experience [2] - The company is exploring various application scenarios for new technologies and aims to embrace technological changes actively [2] - There is a strong foundation for collaboration with Ant Group, leveraging the advantages of logistics and communication for potential business synergies [2] Group 2: Financial Performance and Market Position - The gross profit margin of the company's logistics business has been increasing, with key barriers including strategic location, land resource scarcity, and economies of scale [3] - The company has expanded its logistics network from 3 to over 70 projects in the past decade, demonstrating significant growth and operational efficiency [3] Group 3: Product Development and Market Penetration - The market penetration rate for rare earth butadiene rubber is approximately 65%, with a stable pricing strategy that includes fixed price, listing price, and order-based pricing models [4][5] - The company’s direct sales model accounts for about 95% of its synthetic materials business, ensuring better customer engagement [5] Group 4: Asset Optimization and Future Planning - The company is addressing issues arising from rapid growth by optimizing its assets, with 72 logistics projects nationwide, including over 20 high-performing assets [5] - There is potential for exploring data center developments in line with government regulations and market demand [5]

证券代码：002010 证券简称：传化智联 公告编号：2025-011 传化智联股份有限公司 估值提升计划 一、估值提升计划的触发情形及审议程序 （一）触发情形 根据《上市公司监管指引第 10 号——市值管理》的相关规定，股票连续 12 个月每个交易日收盘价均低于其最近一个会计年度经审计的每股归属于公司普 通股股东的净资产的上市公司（以下简称"长期破净公司"），应当制定上市公 司估值提升计划，并经董事会审议后披露。 自 2024 年 1 月 1 日至 2024 年 12 月 31 日，传化智联股份有限公司（以下 简称"公司"或"传化智联"）股票处于低位波动，已连续 12 个月每个交易日 收盘价均低于最近一个会计年度经审计的每股归属于上市公司股东的净资产，即 2024 年 1 月 1 日至 2024 年 4 月 22 日每日收盘价均低于 2022 年经审计每股净资 产（6.21 元），2024 年 4 月 23 日至 2024 年 12 月 31 日每日收盘价均低于 2023 年经审计每股净资产（6.29 元），属于应当制定估值提升计划的情形。 （二）审议程序 2025 年 2 月 27 日，公司召开第八届董事 ...

证券代码：002010 证券简称：传化智联 公告编号：2025-012 传化智联股份有限公司 关于提供担保的进展公告 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。 一、担保预计概述 传化智联股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开第八 届董事会第十六次会议、2024 年 5 月 28 日召开 2023 年年度股东大会，审议通 过了《关于 2024 年度提供担保额度预计的议案》，为满足子公司日常运营和项 目建设资金需要，保证公司业务顺利开展，同意公司为子公司提供总计不超 443,000.00 万元人民币及 1,250.00 万元欧元的担保额度。本次担保额度有效期为 自 2023 年年度股东大会审议通过之日起至 2024 年年度股东大会召开之日止。 具体内容详见公司刊登于《证券时报》《中国证券报》《上海证券报》及巨 潮资讯网的《关于 2024 年度提供担保额度预计的公告》（公告编号：2024-012）。 公司名称：浙江传化合成材料股份有限公司 1 成立时间：2011 年 7 月 6 日 注册资本：40,800 万元人民币 注册地址： ...

具体内容详见公司刊登于《证券时报》《中国证券报》《上海证券报》及巨潮 资讯网的《估值提升计划》。 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"）第八届董事会第二十五次会议 （以下简称"本次会议"）通知已于 2025 年 2 月 22 日通过邮件及电话方式向各 董事发出，会议于 2025 年 2 月 27 日以通讯的方式召开。本次会议应参加董事 7 人，实际参加董事 7 人。本次会议符合《中华人民共和国公司法》和《传化智联 股份有限公司章程》的有关规定，会议有效。 本次会议以投票表决的方式审议通过如下决议： 一、审议通过了《估值提升计划》 表决结果：7 票同意、0 票弃权、0 票反对。 证券代码：002010 证券简称：传化智联 公告编号：2025-010 传化智联股份有限公司 第八届董事会第二十五次会议决议公告 二、备查文件 1 第八届董事会第二十五次会议决议。 特此公告。 传化智联股份有限公司董事会 2025 年 2 月 28 日 ...

证券代码：002010 证券简称：传化智联 传化智联股份有限公司投资者关系活动记录表 编号：2025-002 | | 特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | | 投资者关系活 | □媒体采访 | | □业绩说明会 | | 动类别 | □新闻发布会 | | □路演活动 | | | □现场参观 | | | | | □其他 黄文鹤 | 民生证券 | | | | 陈佳裕 罗江南 | 民生证券 银河证券 | | | | 陈照林 | 华福证券 | | | | 乐 璨 | 华福证券 | | | 参与单位名称 | 赵欣悦 | 海富通基金 | | | 及人员姓名 | 孙燕青 | 招商基金 | | | | 周宗瑾 | 华富基金 | | | | 张宇清 | 海通证券资管 | | | | 虞 楠 | 海通证券 | | | | 谭伊珊 | 海通证券 | | | 时间 | 2025 年 2 月 | 25 日 | | | 地点 | 传化大厦会议室 | | | | | 周家海 | 董事长 | | | 上市公司接待 | 朱江英 | 董事会秘书 | | | 人员姓名 | 章八一 | 资本证券 ...