Core Viewpoint - The company Fulin Yunya (002357) is actively collaborating with Fengyi Technology to explore and establish low-altitude logistics scenarios, aiming to enhance operational efficiency in scenic areas through a joint venture [1] Group 1: Partnership and Joint Venture - The company has signed a cooperation agreement with Fengyi Technology and has maintained close communication to promote low-altitude logistics [1] - A joint venture is planned to be established for low-altitude operation services and scenario empowerment in Sichuan province [1] - The joint venture agreement has been signed, and preparations along with regulatory approvals are currently underway [1] Group 2: Business Focus and Objectives - The joint venture will initially focus on scenic area scenarios, including low-altitude material transportation, emergency rescue, and waste cleaning services [1] - The company aims to enhance the operational efficiency of scenic areas through low-altitude logistics and contribute to the development of a regional low-altitude economic innovation ecosystem [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 615 million yuan for the first three quarters of 2025, a year-on-year decrease of 5%, while the net profit attributable to the parent company was 160 million yuan, an increase of 73% year-on-year [4] - The growth in net profit is primarily attributed to increased government subsidies and investment income [4] - The company has a stable traditional road transport business with significant barriers to entry due to its control over 29 passenger transport stations and over 6,000 operating vehicles [6] - The company is strategically positioning itself in the low-altitude logistics sector, leveraging natural demand in the Sichuan tourism scene [6] - A recent agreement for relocation compensation is expected to add approximately 55.3 million yuan to the company's net profit [6] - The profit forecast has been adjusted upwards, with expected net profits of 180 million yuan, 226 million yuan, and 277 million yuan for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 851 million yuan, with a year-on-year decrease of 0.5% [5] - The net profit for 2025 is projected to be 180 million yuan, reflecting a year-on-year increase of 47.3% [5] - The company’s gross margin is expected to improve from 18.6% in 2025 to 25.5% by 2027 [5] - The return on equity (ROE) is forecasted to increase from 9.0% in 2025 to 13.0% in 2027 [5]

Core Points - The company, Fulian Transportation (002357), reported that as of October 31, 2025, the number of shareholders is 16,255 [1] Summary by Category - **Company Information** - Fulian Transportation has a total of 16,255 shareholders as of the specified date [1]

Core Insights - The railway and highway sector experienced a 0.95% increase on November 3, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Sector Performance - Fulin Transportation (002357) closed at 10.69, up 5.95% with a trading volume of 180,100 shares and a turnover of 189 million yuan [1] - Hainan Highway (000886) closed at 7.70, up 3.77% with a trading volume of 821,900 shares and a turnover of 628 million yuan [1] - Sichuan Chengyu (601107) closed at 5.89, up 2.79% with a trading volume of 349,100 shares and a turnover of 205 million yuan [1] - Other notable performers include Jilin Highway (601518) at 3.03, up 2.36%, and Anhui Expressway (600012) at 15.25, up 2.21% [1] Capital Flow - The railway and highway sector saw a net inflow of 115 million yuan from institutional investors, while retail investors experienced a net inflow of 4.09 million yuan [2][3] - Notable net inflows from major players include Hainan Highway with 30.42 million yuan and Fulin Transportation with 18.16 million yuan [3] - Conversely, retail investors showed a net outflow from Hainan Highway of 39.57 million yuan and Fulin Transportation of 1829.05 million yuan [3]

Core Viewpoint - The company reported a decline in revenue for the third quarter of 2025, while net profit saw a significant increase compared to the previous year [1] Financial Performance - In the third quarter, the company achieved a revenue of 210 million yuan, representing a year-on-year decrease of 3.62% [1] - The net profit for the third quarter was 40.53 million yuan, showing a substantial year-on-year increase of 389.99% [1] - For the first three quarters of 2025, the company recorded a total revenue of 615 million yuan, which is a year-on-year decrease of 4.90% [1] - The net profit for the first three quarters reached 156 million yuan, reflecting a year-on-year increase of 73.16% [1]

Core Viewpoint - The company reported a decrease in revenue for the first three quarters, while net profit saw a significant increase compared to the previous year [1]. Financial Performance - The company's revenue for the first three quarters was 614,747,806.52 yuan, representing a year-on-year decrease of 4.9% [1]. - The net profit attributable to shareholders of the listed company was 155,639,831.77 yuan, showing a year-on-year increase of 73.16% [1]. Shareholder Changes - Among the top ten circulating shareholders, new entrants include Lin Xi, Lü Maozhan, Sun Wenping, and Shi Qi [2].

四川富临运业集团股份有限公司 股东会累积投票制实施细则 （2025 年 10 月修订） 第一条 为进一步完善四川富临运业集团股份有限公司（以下简称"公司"） 法人治理结构，规范公司董事的选举，保证股东充分行使权利，根据公司章程， 参照《上市公司治理准则》及有关的规定，特制定本实施细则。 第二条 本细则所指累积投票制，是指公司股东会选举两名以上董事时，出 席股东会的股东所拥有的投票表决权等于其所持有的股份总数乘以应选董事人 数之积，出席会议股东可以将其拥有的投票表决权全部投向一位董事候选人，也 可以将其拥有的投票表决权分散投向多位董事候选人，按得票多少依次决定董事 人选。 第三条 有下列情形之一发生时，股东会应采用累积投票制选举董事： （一） 依据法律、行政法规、规章及规范性文件的规定，应采用累积投票 制； （二） 依据公司章程规定，应采用累积投票制； （三） 之前召开的股东会以普通决议决定本次选举董事采用累积投票制； （四） 拟选举董事的股东会以普通决议决定采用累积投票制。 第四条 股东会仅选举一名董事时，不适用累积投票制。 第五条 实行累积投票制选举公司董事时，为确保独立董事当选符合规定， 公司独立董事和非 ...

对外担保管理制度 （2025年10月修订） 第一章 总则 第一条 四川富临运业集团股份有限公司（以下简称"公司"）对外担保是指公司作 为担保人与债权人约定，当债务人（即被担保人，下同）不履行或不能履行债务时，由公 司作为担保人按照约定履行债务或承担责任的行为，担保的法定形式包括保证、抵押、质 押；公司就本身的债务向债权人提供担保的不适用本制度。 第二条 为控制公司在运营中担保事项的或有风险，切实运用法律手段，保证公司资产 的安全性，维护公司及全体股东的合法权益，根据《中华人民共和国公司法》《中华人民共 和国民法典》《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》 和其它相关法律、法规、规范性文件的规定，制定本管理制度。 第三条 公司的相关担保事项由财务部作为担保合同主办部门负责办理具体手续， 同 时负责对合同条款的合法性进行审核并进行合同管理；董事会秘书负责按照《中华人民共和 国证券法》等有关规定和《四川富临运业集团股份有限公司章程》（以下简称"《公司章 程》"），及时办理需董事会或股东会决议或批准的手续并及时披露有关信息。 第二章 对外担保应遵循的原则 第四条 担保事项应符合国家有关法律 ...

第一章 总则 第一条 为规范四川富临运业集团股份有限公司（以下简称"公司"） 董事、 高级管理人员的薪酬和绩效，建立健全符合现代企业管理制度要求的激励和约束 机制，充分调动工作的积极性和创造性，提高企业经营管理水平，参照《公司法》 及《公司章程》等有关法律法规，结合公司实际情况，特制定本办法。 四川富临运业集团股份有限公司 董事、高级管理人员薪酬考核管理办法 （2025 年 10 月修订） 和董事会全权授予董事会薪酬与考核委员会进行合理调整。公司股东会和董事会 保留否决权和争议决定权。 第二章 年薪与奖金 第六条 本办法所称的年薪是公司以一个完整会计年度为周期(每年1月1日 至12月31日)，以公司与被考核人约定的年薪标准为基数，根据年度业绩和管理 指标，按照业绩考核结果以及上述人员所承担的责任、贡献和风险，确定向被考 核人员支付的薪酬所得。 第七条 考核人按被考核人年薪标准一定比例计提经营风险金，计提金额不 低于年薪标准的10%，用于年终经济指标和重点工作完成情况的考核兑现（被考 核人所分管的经营实体、职能部门的经济指标、重点工作完成情况可按一定比例 纳入考核）。实际经济指标完成率低于60%，则不发放经营风 ...

四川富临运业集团股份有限公司 投资者关系管理制度 （2025年10月修订） 第一章 总则 第一条 为了进一步加强四川富临运业集团股份有限公司（以下简称"公司"）与 投资者和潜在投资者（以下统称"投资者"）之间的沟通，促进投资者对公司的了解，进 一步完善公司法人治理结构，实现公司价值最大化和股东利益最大化，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司投资者关系管理工作指引》《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《四川富临运业集 团股份有限公司章程》（下称"《公司章程》"）等有关规定，结合公司实际情况，制定 本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交流和 诉求处理等工作，加强与投资者和潜在投资者之间的沟通，增进投资者对公司的了解和 认同，以提升上市公司治理水平和企业整体价值，实现尊重投资者、回报投资者、保护 投资者目的的相关活动。 第三条 公司投资者关系管理工作应当遵循公开、公平、公正原则，真实、准确、 完整地介绍和反映公司的实际状况，避免在投资者关系活动中出现透露、泄露未公开重 大信息、过度宣传误导投资者决策、对公司股票及 ...