证券代码：002010 证券简称：传化智联 公告编号：2025-030 传化智联股份有限公司 关于召开 2024 年年度股东大会的通知 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。 根据传化智联股份有限公司（以下简称"公司"）第八届董事会第二十七次 会议决议，公司将于2025年5月20日（星期二）召开2024年年度股东大会，现将 会议具体事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024年年度股东大会 2、股东大会的召集人：公司第八届董事会 3、会议召开的合法合规性说明：本次股东大会会议召开符合有关法律、行 政法规、规范性文件和《传化智联股份有限公司章程》（以下简称"《公司章程》"） 的规定。 4、会议召开的日期、时间： （1）现场会议召开时间为：2025年5月20日（星期二）下午14:00。 （2）网络投票时间：2025年5月20日（星期二） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5 月20日（星期二）的交易时间，即9:15-9:25，9:30-11:30，13:00-15:00；通过深圳 证券交易所互联网投票 ...

传化智联股份有限公司 证券代码：002010 证券简称：传化智联 公告编号：2025-017 本公司及监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"）第八届监事会第十七次会议（以 下简称"本次会议"）通知于 2025 年 4 月 8 日通过邮件及电话方式向各监事发出， 会议于 2025 年 4 月 18 日在公司会议室以现场会议方式召开，本次会议由公司监 事会主席王子道先生主持，应参加监事 3 人，实际参加监事 3 人，公司董事和部 分高级管理人员列席了会议。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并通过如下决议： 一、审议通过了《公司 2024 年度监事会工作报告》 第八届监事会第十七次会议决议公告 表决结果：3 票同意、0 票弃权、0 票反对。 公司监事会严格按照《公司法》《公司章程》等法律、法规及规章制度的规 定，遵守诚信原则，恪尽职守，认真履行各项职权和义务，切实维护公司利益和 全体股东 ...

证券代码：002010 证券简称：传化智联 公告编号：2025-016 传化智联股份有限公司 第八届董事会第二十七次会议决议公告 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"）第八届董事会第二十七次会议 （以下简称"本次会议"）通知已于 2025 年 4 月 8 日通过邮件及电话方式向各董 事发出，会议于 2025 年 4 月 18 日以现场的方式召开。本次会议由公司董事长周 家海先生主持，应参加董事 7 人，实际参加董事 7 人。公司监事和部分高级管理 人员列席了会议。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： 一、审议通过了《公司 2024 年度董事会工作报告》 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巨潮资讯网的《2024 年年度报告》。 公司独立董事何圣东先生、陈劲先生、辛金国先生向董事会提交了独立董事 2024 年度述职报告，并将在公 ...

2024 年度，公司实现归属于母公司股东的净利润 15,165.66 万元，按照《中 华人民共和国公司法》和《公司章程》规定弥补亏损、提取法定公积金、提取任 意公积金后，报告期末未分配利润金额 70,333.71 万元，公司总股本为 2,787,970,508 股。 以公司权益分派股权登记日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），不以公积金转增股本和送红股，剩 余未分配利润结转下年。公司 2024 年度利润分配预案公布至实施前，如股本总 数发生变动，将按照分配比例不变，以 2024 年度利润分配预案实施所确定的权 益分派股权登记日扣除回购账户库存股后的股本总数为基数，依法重新调整分配 总额后进行分配。 证券代码：002010 证券简称：传化智联 公告编号：2025-019 传化智联股份有限公司 关于 2024 年度利润分配的公告 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。 一、审议程序 传化智联股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第八 届董事会第二十七次会议，全体董事一致 ...

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].

4、近几年公司公路港业务毛利率一直在上升，核心壁垒是什 么？ 投资者从报表里看到的是公路港其中一部分收入，即物业租 赁收入，通常会把公路港理解为地产模式，但事实上公路港 更侧重物流行业、生产制造服务等方面。因此核心壁垒首先 是区位，站在城市运转的角度，货车聚集的位置通常就是公 路港的位置，由于传化在公路港方面布局较早，在早期选址 方面有较大空间，占据了较好的物流位置。第二是土地资源 的稀缺性，现在各地政府对于物流用地规划、出让方面均有 限制，新增用地审批非常难。第三是规模效应，公司在近 10 年时间里从 3 个公路港发展到 70 多个项目，管理成本的摊 薄、网络化发展等集约化效益正在体现。当然公司在战略探 索过程中也存在一些不完美的地方，但已进入逐步完善的过 程。 5、公司顺丁橡胶产品的渗透率如何？如何定价？销售模式 是怎么样的？稀土顺丁和普通顺丁橡胶有什么区别？ 目前没有比较准确的数据，国内的稀土顺丁橡胶类市场公司 渗透率大致在 65%左右。在产品定价方面主要有三种方式相 结合：一是固定差价模式，全球前 25 强轮胎企业中有 23 家 是传化合成的客户，其中大部分是外资企业，这类企业通常 以固定差价模式定价 ...