第二条 本制度所称选聘会计师事务所，是指公司根据有关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。公 司聘任会计师事务所从事除财务会计报告审计之外的其他法定审计业务的，可以 参照本制度执行。 传化智联股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范传化智联股份有限公司（以下简称"公司"）选聘（包括续聘、 改聘，下同）会计师事务所的行为，切实维护股东利益，提高审计工作和财务信 息的质量，根据《国有企业、上市公司选聘会计师事务所管理办法》等有关法律 法规及《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， 制定本制度。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审计 委员会"）审核后，报经董事会和股东会审议。持有公司 5%以上股份的股东、控 股股东以及实际控制人不得在公司董事会、股东会审议决定前指定会计师事务 所，不得干预审计委员会独立履行审核职责。 第二章 会计师事务所执业质量要求 第四条 公司选聘会计师事务所应当符合以下条件： （一）依法设立并具备中国证券监督委员会、国家行业主管部门规定的开展 证券期货相关业务所需的执 ...

传化智联股份有限公司 董事会议事规则 第一章 总 则 第一条 为规范传化智联股份有限公司（以下简称公司）董事会的议事 方式和决策行为，保障董事会决策的合法化、程序化、科学化、制度化，根据 《中华人民共和国证券法》 《中华人民共和国公司法》（以下简称《公司 法》）《上市公司治理准则》《上市公司章程指引》等法律、行政法规、规范 性文件及《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，制定本规则。 第二章 董事会的职权与组成 第二条 公司设立董事会，由 8 名董事组成，其中独立董事 3 名，职工 董事 1 名，设董事长 1 人。 第四条 董事会对股东会负责， 在《公司法》《公司章程》和股东会赋 予的职权范围内行使决策权。 董事会行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； 公司董事为自然人，职工董事由公司职工代表大会民主选举产生。除职工 董事外的其他董事由股东会选举或更换，并可在任期届满前由股东会解除其职 务。任期 3 年任期届满可连选连任。 董事任期从就任之日起计算，至本届董事会任期届满时为止。董事任期届 满未及时改选，在 ...

Market Overview - On September 16, the logistics sector rose by 0.39% compared to the previous trading day, with Xinning Logistics leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Gainers in Logistics Sector - Xinning Logistics (300013) closed at 4.75, up 19.95% with a trading volume of 1.0766 million shares and a transaction value of 484 million [1] - Huami Duhai (872351) closed at 32.80, up 14.29% with a trading volume of 116,800 shares [1] - Jushen Co. (001202) closed at 18.21, up 10.03% with a trading volume of 282,700 shares [1] - Other notable gainers include Chuanhua Zhili (002010) up 6.49% and Haichen Co. (300873) up 5.14% [1] Decliners in Logistics Sector - Shentong Express (002468) closed at 17.73, down 2.85% with a trading volume of 263,500 shares [2] - Yunda Holdings (002120) closed at 7.96, down 1.85% with a trading volume of 428,300 shares [2] - ST Guangwu (600603) closed at 9.09, down 1.73% with a trading volume of 120,500 shares [2] Capital Flow Analysis - The logistics sector saw a net inflow of 609 million from institutional investors, while retail investors experienced a net outflow of 530 million [2] - Major stocks like Xinning Logistics had a net inflow of 113 million from institutional investors, while retail investors saw a net outflow of 42.41 million [3] - Other stocks with significant institutional inflows include Jushen Co. (858.68 million) and Chuanhua Zhili (673.80 million) [3]

Group 1 - The core viewpoint of the news is that Transfar Zhilian's stock price has been on the rise, with a 5.16% increase on September 16, reaching 6.32 yuan per share, and a total market capitalization of 17.62 billion yuan [1] - Transfar Zhilian's main business segments include network freight platform business (45.38%), textile dyeing auxiliaries (29.26%), and others, indicating a diversified revenue stream [1] - The company has seen a cumulative increase of 1.86% over the past three days, reflecting positive market sentiment [1] Group 2 - Zhonghai Fund has a significant holding in Transfar Zhilian, with its Zhonghai Jinqu Income Mixed Fund (001252) holding 87,800 shares, accounting for 2.86% of the fund's net value [2] - The fund has generated a floating profit of approximately 27,200 yuan today, with a floating profit of 9,658 yuan during the three-day increase [2] - The Zhonghai Jinqu Income Mixed Fund has shown a year-to-date return of 12.79% and a one-year return of 33.69%, indicating strong performance relative to its peers [2] Group 3 - The fund manager of Zhonghai Jinqu Income Mixed Fund is He Wenyin, who has been in the position for 3 years and 215 days, with a total asset scale of 797 million yuan [3] - During his tenure, the best fund return was 33.23%, while the worst was -34.32%, showcasing the volatility of the fund's performance [3]

Group 1 - The core viewpoint of the news is that Transfar Zhilian's stock price has been rising, with a 5.16% increase on September 16, reaching 6.32 CNY per share, and a total market capitalization of 17.62 billion CNY [1] - Transfar Zhilian's main business segments include: 45.38% from network freight platform, 29.26% from textile dyeing auxiliaries, 12.54% from butadiene rubber, 5.02% from smart highway port business, 3.68% from coatings and building new materials, 2.29% from logistics supply chain, 1.33% from post-vehicle business, and 0.49% from others [1] - The company has seen a cumulative increase of 1.86% over the past three days [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) has entered the top ten circulating shareholders of Transfar Zhilian, holding 12.87 million shares, which is 0.46% of the circulating shares [2] - The ETF has gained approximately 3.99 million CNY in floating profit today and 1.42 million CNY during the three-day rising period [2] - The Southern CSI 1000 ETF has achieved a year-to-date return of 25.79% and a one-year return of 69.67% [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 315 days, with a total fund asset size of 94.976 billion CNY [3] - During Cui Lei's tenure, the best fund return was 147.61%, while the worst was -15.93% [3]

Core Points - The Shanghai Pujiang Customs issued an administrative penalty decision against Transfar Zhilian Co., Ltd. for violating export control laws [1][3][6] - The company failed to submit the required export license for a shipment containing 84-86% cyclic phosphonate, resulting in a fine of 10,000 RMB [3][6][8] Financial Performance - For the first half of the year, Transfar Zhilian reported a revenue of 12.23 billion RMB, a decrease of 5.38% year-on-year [10] - The net profit attributable to shareholders was 509 million RMB, an increase of 76.01% compared to the previous year [10] - The net cash flow from operating activities decreased by 72% to 124 million RMB [10] - Basic and diluted earnings per share rose by 76.03% to 0.1843 RMB [10] Company Ranking - Transfar Zhilian ranked 489th on the 2025 Fortune China 500 list, marking its eighth consecutive year on the list with revenues of 3.71 billion USD and profits of 21.1 million USD [11] Company Overview - Transfar Zhilian is a publicly listed company under Transfar Group, primarily engaged in logistics and chemical businesses [15]

Group 1 - The core viewpoint emphasizes that peace is the foundation for sustainable economic development and innovation, as highlighted by the chairman of Transfar Group, Xu Guanju [1] - Transfar Group has made significant advancements in overcoming "bottleneck" technologies in rare earth rubber, benefiting from a stable domestic market environment [1] - The company operates with a global perspective, providing products and services in over 130 countries and regions, which is a result of mutually beneficial international cooperation [1] Group 2 - Peace is associated with stable supply chains, predictable markets, and expanding demand, positioning private enterprises as both beneficiaries and promoters of peace [1] - Transfar Group aims to align with world-class manufacturing standards by advancing technological innovation, green transformation, and international collaboration [1] - The company is focusing on independent innovation in functional chemicals and new materials, developing electronic chemicals and organic silicon materials to break competitive barriers and create new growth opportunities [1][2]

Core Viewpoint - The recent financial report of Transfar Zhilian (002010) indicates a decline in total revenue but a significant increase in net profit, highlighting improved profitability metrics despite overall revenue challenges [1] Financial Performance - Total revenue for the first half of 2025 was 12.23 billion yuan, a decrease of 5.42% year-on-year [1] - Net profit attributable to shareholders reached 509 million yuan, an increase of 76.01% year-on-year [1] - Gross margin improved to 14.99%, up 5.94% year-on-year, while net margin increased to 4.49%, up 59.51% year-on-year [1] - Operating cash flow per share decreased to 0.04 yuan, down 72.0% year-on-year [1] Cash Flow Analysis - Net cash flow from investing activities increased by 197.33%, attributed to cash recovery from the disposal of subsidiaries and long-term assets [3] - Net cash flow from financing activities decreased by 162.42%, due to increased loan repayments and share buybacks [3] - Operating cash flow net amount decreased by 72.0%, influenced by increased procurement expenses and the maturity of notes payable [4] Accounts Receivable and Liabilities - Accounts receivable increased by 60.94%, due to accelerated collection of year-end payments in the chemical business [4] - Interest income decreased by 57.34%, linked to a decline in factoring business scale [4] - The company’s interest-bearing debt decreased slightly by 1.69% to 15.461 billion yuan [1] Business Strategy and Future Outlook - The company is focusing on enhancing operational quality and exploring the value of logistics parks through technology and innovation, particularly in the field of embodied intelligence [5] - Analysts expect the company's performance in 2025 to reach 778 million yuan, with an average earnings per share of 0.28 yuan [5] Historical Performance and Business Model - The company's return on invested capital (ROIC) was 2.1% last year, indicating weak capital returns [6] - The historical median ROIC over the past decade is 5.63%, reflecting generally poor investment returns [6] - The business model relies heavily on research and marketing, necessitating a thorough examination of the underlying drivers [6]

Core Viewpoint - The financial performance of the company, Transfar Zhilian, shows a decline in total revenue but a significant increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance Summary - Total revenue for the first half of 2025 was 12.23 billion yuan, a decrease of 5.42% year-on-year, while net profit attributable to shareholders was 509 million yuan, an increase of 76.01% [1] - In Q2 2025, total revenue was 6.20 billion yuan, down 5.07% year-on-year, with net profit of 312 million yuan, up 161.93% [1] - Gross margin increased by 5.94% to 14.99%, and net margin rose by 59.51% to 4.49% [1] - Total expenses (selling, administrative, and financial) amounted to 1.07 billion yuan, accounting for 8.75% of revenue, an increase of 5.16% year-on-year [1] - Earnings per share rose to 0.18 yuan, a 76.03% increase, while operating cash flow per share decreased to 0.04 yuan, down 72.0% [1] Cash Flow and Debt Analysis - Accounts receivable increased by 10.93% to 2.598 billion yuan, attributed to accelerated collection of receivables in the chemical business [3] - Net cash flow from operating activities decreased by 72.0% due to increased procurement expenses and higher bill payments [3] - Net cash flow from investing activities increased by 197.33%, driven by cash recovery from the disposal of subsidiaries and reduced cash payments for fixed assets [3] - Net cash flow from financing activities decreased by 162.42%, influenced by increased loan repayments and share buybacks [3] Business Model and Strategic Focus - The company’s return on invested capital (ROIC) was 2.1%, indicating weak capital returns, with a historical median ROIC of 5.63% over the past decade [4] - The company is focusing on enhancing operational quality and exploring the value of logistics through technology, particularly in the field of embodied intelligence [5] - A joint investment was made to establish a pilot base for embodied intelligence, aiming to leverage data resources and industry experience for efficiency improvements [5]

Group 1 - The core viewpoint of the article highlights the strong financial performance of Chuanhua Zhiliang Co., Ltd., with a reported revenue of 12.226 billion yuan and a net profit of 509 million yuan, marking a year-on-year growth of 76.01% [1] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares to all shareholders, continuing its commitment to shareholder returns [1] - Chuanhua Zhiliang has consistently paid cash dividends for 17 years, totaling 3.167 billion yuan since 2008, reflecting its strong financial health and commitment to shareholder value [1] Group 2 - The company is actively implementing a share buyback program, with plans to cancel approximately 23.9396 million repurchased shares, indicating confidence in its future prospects and enhancing per-share profit distribution [1] - The logistics segment is focusing on the transformation and upgrading of highway ports, while the chemical segment emphasizes innovation and high-quality development, aiming for deep collaboration across the industry chain [2] - Chuanhua Zhiliang has introduced a valuation enhancement plan that includes measures such as deepening core business, encouraging shareholder returns, and seeking merger and acquisition opportunities to promote sustainable high-quality development [2]