Core Viewpoint - The company announced the resignation of its General Manager, Huang Xiaoyun, due to personal reasons, effective immediately, and he will no longer hold any position within the company [1] Group 1 - The board of directors received a written resignation report from Huang Xiaoyun [1] - Huang Xiaoyun resigned from multiple positions, including member of the seventh board of directors, Strategic Committee, and Compensation and Assessment Committee [1] - Following his resignation, Huang Xiaoyun will not hold any roles within the company [1]

证券代码：002210 证券简称：飞马国际 公告编号：2025-044 深圳市飞马国际供应链股份有限公司 - 1 - 深圳市飞马国际供应链股份有限公司（以下简称"本公司"或"公司"）董事会 于近日收到董事、总经理黄筱赟先生的书面辞职报告。黄筱赟先生因个人原因申 请辞去公司第七届董事会董事、战略委员会委员、薪酬与考核委员会委员以及总 经理职务，辞职后不再担任公司任何职务。 根据《公司法》、《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》和《公司章程》等的有关规定，黄筱赟先生辞职未导致公司董 事会成员低于法定最低人数，不会对公司正常运作造成影响，黄筱赟先生的辞职 报告自送达董事会之日起生效。公司将按照有关法律法规、规范性文件以及《公 司章程》的规定，尽快完成董事补选以及总经理选聘工作。 截至本公告日，黄筱赟先生不存在应履行而未履行的承诺事项。黄筱赟先生 的原定任期至公司第七届董事会任期届满之日止，目前其持有公司股份 200 万股， 离任后将继续严格遵守有关法律、法规及规范性文件关于董事、高级管理人员减 持股份的限制性规定。 黄筱赟先生在任职期间恪尽职守、勤勉尽责，公司对黄筱赟先生在任职期 ...

Group 1 - The company announced the resignation of its director and general manager, Huang Xiaoyun, due to personal reasons [1] - Huang Xiaoyun will no longer hold any position within the company after the resignation [1] - The company will promptly complete the election of a new director and the selection of a new general manager in accordance with relevant laws and regulations [1]

Group 1 - The "Ma" series stocks experienced a counter-trend surge, with Feima International seeing a sharp increase and briefly hitting the daily limit [1] - Fulongma reached the daily limit, while Hanma Technology, Wanma Shares, and Wanlima also saw gains [1]

Core Insights - The supply chain finance market has shown a declining trend in both investment and financing activities from 2014 to 2025, with a peak financing amount of 38 billion yuan in 2018, reflecting the rapid development of the supply chain industry and its funding needs [1][2] - The average single investment amount in supply chain finance has mostly remained between 100 million to 200 million yuan from 2014 to 2025, with notable spikes in 2018, 2020, and 2022 due to specific policy supports and economic measures [2][9] - The investment landscape is shifting towards more cautious capital market behavior, with average single investment amounts expected to drop to the million yuan level starting in 2024 [2] Investment Trends - The number of financing events in the supply chain finance sector peaked in 2016 with 113 events, but has since decreased, with only 8 events recorded in both 2023 and 2024 [1] - In the first half of 2025, the total investment amount further decreased to 230 million yuan, indicating a continued contraction in the market [1] - B-round and strategic financing rounds are the most common, each accounting for 23% of the total financing rounds from 2021 to 2025, indicating a trend towards maturity and stability in financing needs [9] Geographic Focus - Investment in the supply chain finance sector is primarily concentrated in Shanghai (33%), followed by Beijing (16%), and both Guangdong and Zhejiang (15%) [12][14] - These regions are characterized by their economic development, numerous enterprises, and well-established industrial chains, facilitating frequent flows of capital, goods, and information [12] Investment Entities - Private equity and venture capital (PE/VC) firms dominate the investment landscape, accounting for 62% of total investments, while corporate investors make up 24% [11] - The presence of local government-backed funds is also notable, with government investments comprising around 4% of the total [11] Mergers and Acquisitions - The supply chain finance industry is experiencing a trend towards horizontal mergers, with most transactions involving the acquisition of over 50% equity in smaller firms, reflecting a move towards industry standardization [18] - The primary motivations for mergers and acquisitions include business expansion and capital appreciation, with a focus on enhancing service quality and regulatory compliance [18]

Group 1 - The core point of the article highlights the significant increase in the stock price of Feima International, which rose by 9.94% to close at 3.87 yuan on September 16 [1] - A large block trade occurred, with a total transaction volume of 3.0666 million shares and a transaction amount of 11.8677 million yuan, indicating strong trading activity [1] - The first transaction price was 3.87 yuan, with a premium rate of 0.00%, and the buyer was from CITIC Securities, while the seller was from CITIC Jianzhong Securities [1] Group 2 - Over the past three months, Feima International has recorded a total of 7 block trades, amounting to 30.4536 million yuan [1] - In the last five trading days, the stock has seen a cumulative increase of 18.71%, with a net inflow of 236 million yuan from main funds [1]

Group 1 - The total volume of the block trade for Feima International on September 16 was 3.0666 million shares, with a total transaction amount of 11.8677 million yuan [1][2] - The average transaction price was 3.87 yuan, which reflects a discount of 0.00% compared to the closing price on the same day [1][2] - The buyer was CITIC Securities Co., Ltd. Beijing, while the seller was CITIC Jianzhong Securities Co., Ltd. Beijing Business Center [2]

Group 1 - On September 16, Feima International executed a block trade of 3.0666 million shares, with a transaction value of 11.8677 million yuan, accounting for 1.32% of the total trading volume for the day [1][2] - The transaction price was 3.87 yuan per share, which remained unchanged compared to the market closing price of 3.87 yuan [1][2]

Market Overview - The environmental governance sector increased by 0.6% on September 16, with Feima International 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 Performers - Feima International (002210) closed at 3.87, up 9.94% with a trading volume of 2.3666 million shares and a transaction value of 8.85 billion [1] - Yuhua Tian (300815) closed at 28.59, up 8.50% with a trading volume of 396,900 shares and a transaction value of 11.20 billion [1] - Fulongma (603686) closed at 19.92, up 7.50% with a trading volume of 841,200 shares and a transaction value of 16.71 billion [1] Underperformers - Conglin Technology (688370) closed at 25.71, down 7.72% with a trading volume of 47,400 shares and a transaction value of 1.25 billion [2] - Dechuang Environmental (603177) closed at 12.06, down 2.98% with a trading volume of 191,400 shares and a transaction value of 2.30 billion [2] - Miyuan Si (688480) closed at 47.30, down 2.21% with a trading volume of 5,553 shares and a transaction value of 26.19 million [2] Capital Flow - The environmental governance sector saw a net inflow of 289 million from institutional investors, while retail investors experienced a net outflow of 416.15 million [2][3] - The main net inflow for Feima International was 210 million, accounting for 23.74% of the total, while retail investors had a net outflow of 142 million [3] - Fulongma had a main net inflow of 181 million, representing 10.84%, with retail investors experiencing a net outflow of 71.86 million [3]

Market Overview - On September 16, the logistics and unified market sectors experienced a collective surge, with companies like Yiyaton and Feima International seeing significant gains, including a limit-up for Xinning Logistics [1] Event: Promotion of Unified National Market - An important article published in "Qiushi" magazine emphasizes that the construction of a unified national market is a major decision by the Central Committee, crucial for establishing a new development pattern and gaining an advantage in international competition. The basic requirements include "five unifications and one openness," covering various dimensions such as market infrastructure and regulatory practices [3] - Recent talks between Chinese and U.S. trade representatives in Madrid focused on economic issues, including cooperation on TikTok-related matters and reducing investment barriers, leading to a basic framework consensus for further economic collaboration [3] Institutional Insights - The deepening of the unified national market is expected to lower transaction costs and enhance resource allocation efficiency, potentially attracting global capital to sectors like modern logistics and energy commodities, creating structural investment opportunities [4] - The logistics industry, as a vital part of modern services, will benefit from cost reduction and efficiency improvements, which will have positive externalities across the economy. The industry is transitioning from growth in scale to enhancing quality and efficiency, necessitating advancements in information technology, automation, and integration [4] - The cross-border logistics sector has been significantly impacted by international trade dynamics, with upcoming U.S.-China trade negotiations likely to influence demand and pricing in this area [5] - The express delivery industry is undergoing a transformation, with potential price increases in low-price cities and areas with severe franchise losses, driven by regulatory calls for price adjustments. This shift may lead to a healthier competitive environment, moving from price wars to value wars, ultimately improving the performance of express delivery companies [5]