Core Viewpoint - In 2024, Haichen Co., Ltd. experienced a decline in revenue but an increase in net profit, highlighting the mixed performance across its business segments, particularly in the new energy and consumer electronics sectors [1][2]. Business Performance - In 2024, Haichen's total revenue was 1.65 billion yuan, a year-on-year decrease of 9.74%, while net profit attributable to shareholders was 293 million yuan, reflecting a growth of 4.37% [1]. - The new energy segment faced challenges, with revenue from existing clients decreasing by 430 million yuan, but the company successfully established partnerships with several well-known electric vehicle manufacturers in regions like Chongqing and Anhui [1]. - The consumer electronics sector emerged as a growth highlight, with the electronic information segment's revenue increasing by 16.6% due to the rapid iteration of consumer electronics and the widespread adoption of AI technology [2]. R&D and Technological Advancements - Haichen increased its R&D expenditure by 19% in 2024, focusing on the application of AI and robotics in production logistics, achieving significant breakthroughs in human-robot collaboration [3]. - The company has invested approximately 600 million yuan in automated warehouse construction across the country, establishing several benchmark "field intelligent body" projects [3]. Strategic Direction - The company plans to advance its strategies in "new infrastructure, carbon neutrality, and machine replacement" while emphasizing smart, digital, and integrated development [4]. - Future efforts will focus on enhancing R&D in cutting-edge technologies, expanding automated warehouse layouts, and accelerating the dual circulation development strategy to build a comprehensive manufacturing logistics service network [5].

Group 1 - The company, Jiangsu Haichen Logistics Co., Ltd., will hold an annual performance briefing on May 13, 2025, to communicate with investors and gather their opinions and suggestions [1][2] - Key personnel attending the briefing include Chairwoman Liang Chen, Secretary of the Board Chen Shuai, Chief Financial Officer Wu Xiaowei, and Independent Director Yang Yuangui [1] - Investors can participate in the briefing through a designated website or by scanning a QR code, and they are encouraged to submit questions in advance [2] Group 2 - The company has disclosed its 2024 annual report and summary on April 19, 2025, on the Giant Tide Information website [1] - After the briefing, investors can view the meeting's details and main content through Value Online or the Yidong app [2]

证券代码：300873 证券简称：海晨股份 公告编号：2025-023 江苏海晨物流股份有限公司 关于举办2024年度业绩说明会的公告 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。 联系人：陈帅、梁灿 电话：0512-63030888-8820 邮箱：irm@hichain.com 一、业绩说明会召开方式 江苏海晨物流股份有限公司（以下简称"公司"）已于 2025 年 4 月 19 日在 巨潮资讯网上披露了《2024 年年度报告全文》及《2024 年年度报告摘要》。为 便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 05 月 13 日（星期二）15:00-17:00 在"价值在线"（www.ir-online.cn） 举办江苏海晨物流股份有限公司 2024 年度业绩说明会，与投资者进行沟通和交 流，广泛听取投资者的意见和建议。 参加本次业绩说明会的人员如下：董事长梁晨女士，董事会秘书陈帅先生， 财务总监吴小卫先生，独立董事杨远贵先生。 投资者可于 2025 年 05 月 13 日 （ 星期 二 ） 15:00-17:00 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company is a rare integrated supply chain solution provider in the industry, with a solid foundation in comprehensive logistics services and the semiconductor logistics equipment and automation business expected to become a second growth driver [4][3]. - The company has a strong customer base, primarily serving leading manufacturers in the consumer electronics and new energy vehicle sectors, which contributes to revenue stability and growth potential [1][51]. - The company has demonstrated operational resilience, with a compound annual growth rate (CAGR) of 11.3% in revenue from 2020 to 2024, despite facing challenges in 2024 [2][23]. Summary by Sections 1. Integrated Supply Chain Solution Provider - The company provides comprehensive logistics solutions, including transportation, warehousing, customs, and value-added services, focusing on manufacturing logistics [11]. - The company has a stable shareholding structure, with the actual controller holding 42.9% of the shares [16]. - The company has shown an upward recovery in profitability, with gross and net profit margins improving in 2024 [2][26]. 2. Rare Cross-Field Logistics Solution Capability - The company has a strong ability to replicate its business model across different industries, primarily focusing on consumer electronics and new energy vehicles [51]. - The demand from downstream industries remains robust, with strong customer relationships enhancing revenue flexibility [57][58]. 3. Semiconductor AMHS Business Layout - The company has prioritized research and development in automation and artificial intelligence, enhancing its capabilities in the semiconductor AMHS market [72]. - The AMHS market presents significant growth potential, with a low domestic penetration rate of 5% as of 2023 [79][80]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.83 billion, 2.01 billion, and 2.22 billion yuan from 2025 to 2027, with net profits of 331 million, 377 million, and 424 million yuan respectively [5][4]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 15, 13, and 12 for the years 2025 to 2027 [4][5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is a rare integrated supply chain solution provider in the industry, with a solid foundation in comprehensive logistics services and the semiconductor logistics equipment and automation business expected to become a second growth driver [4][3]. - The company has a strong customer base, primarily serving leading manufacturers in key industries such as consumer electronics and new energy vehicles, which enhances revenue resilience [1][2]. - The company is expanding its business into the semiconductor AMHS sector, which presents significant growth potential due to the increasing demand for automation in production processes [3][4]. Summary by Sections 1. Integrated Logistics Solution Provider - The company provides comprehensive production logistics solutions, integrating transportation, warehousing, customs, and other value-added services [11]. - The company has established a stable shareholding structure, with the actual controller holding 42.9% of the shares [16]. - The company's profitability has shown upward recovery, reflecting strong operational resilience, with a projected revenue CAGR of 11.3% from 2020 to 2024 [21][23]. 2. Rare Cross-Industry Logistics Solution Capability - The company focuses on key industries such as consumer electronics and new energy vehicles, providing tailored logistics solutions to numerous industry leaders [51]. - The company has a strong customer stickiness, with significant revenue contributions from major clients like Lenovo, which reported a 21.06% year-on-year revenue growth in FY2025Q1-3 [57][58]. 3. Semiconductor AMHS Business Layout - The company has acquired Kunshan Mengli to expand into the semiconductor AMHS market, enhancing its capabilities in logistics automation [3][72]. - The AMHS market is expected to grow significantly, with a current domestic localization rate of only 5%, indicating substantial potential for domestic replacement [79][80]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.83 billion, 2.01 billion, and 2.20 billion yuan from 2025 to 2027, with corresponding net profits of 330 million, 380 million, and 420 million yuan [5][4]. - The current stock price corresponds to a PE ratio of 15, 13, and 12 for the years 2025, 2026, and 2027, respectively [4][5].

关于向激励对象授予限制性股票的公告 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。 重要内容提示： 根据公司《2025 年限制性股票激励计划（草案）》（以下简称"《激励计划》"） 的规定，江苏海晨物流股份有限公司（以下简称"公司"或"海晨股份"）2025 年限 制性股票激励计划（以下简称"激励计划"）规定的限制性股票授予条件已经成就， 根据 2025 年第一次临时股东大会的授权，公司于 2025 年 4 月 24 日召开第三届 董事会第二十一次会议，审议通过《关于向激励对象授予限制性股票的议案》， 有关事项具体如下： 证券代码：300873 证券简称：海晨股份 公告编号：2025-022 江苏海晨物流股份有限公司 （二）限制性股票授予数量：本激励计划拟向激励对象授予的限制性股票总 量为 240 万股，约占本激励计划草案公告时公司股本总额 23,060.1779 万股的 1.04%。本次限制性股票为一次性授予，无预留权益。 （三）限制性股票授予价格：本激励计划授予激励对象限制性股票的授予价 格为 10.81 元/股。 1 激励方式：第一类限制性股票 限制性股票授 ...

江苏海晨物流股份有限公司 关于调整2025年限制性股票激励计划相关事项的公告 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。 江苏海晨物流股份有限公司（以下简称"公司"）于2025年4月24日召开第三 届董事会第二十一次会议及第三届监事会第二十一次会议，审议通过了《关于 调整2025年限制性股票激励计划相关事项的议案》，有关事项具体如下： 一、本次激励计划已履行的相关审批程序 （一）2025 年 2 月 24 日，公司召开第三届董事会第十九次会议，审议并通 过《关于<公司 2025 年限制性股票激励计划（草案）>及其摘要的议案》《关于 <公司 2025 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东 大会授权董事会办理公司 2025 年限制性股票激励计划有关事项的议案》。 同日，公司召开第三届监事会第十九次会议，审议并通过《关于<公司 2025 年限制性股票激励计划（草案）>及其摘要的议案》《关于<公司 2025 年限制性 股票激励计划实施考核管理办法>的议案》《关于核实<公司 2025 年限制性股票 激励计划授予激励对象名单>的议案》。 证券代 ...

| 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 黄亮国 | 核心管理人员、核心技术（业务）人员 | | 2 | 刘 阳 | 核心管理人员、核心技术（业务）人员 | | 3 | 梁又双 | 核心管理人员、核心技术（业务）人员 | | 4 | 龙福星 | 核心管理人员、核心技术（业务）人员 | | 5 | 王凯杰 | 核心管理人员、核心技术（业务）人员 | | 6 | 冯后保 | 核心管理人员、核心技术（业务）人员 | | 7 | 张建安 | 核心管理人员、核心技术（业务）人员 | | 8 | 姜三亮 | 核心管理人员、核心技术（业务）人员 | | 9 | 李清华 | 核心管理人员、核心技术（业务）人员 | | 10 | 孙 锋 | 核心管理人员、核心技术（业务）人员 | | 11 | 健 张 | 核心管理人员、核心技术（业务）人员 | | 12 | 徐 迪 | 核心管理人员、核心技术（业务）人员 | | 13 | 宋永安 | 核心管理人员、核心技术（业务）人员 | 江苏海晨物流股份有限公司 2025 年限制性股票激励计划授予激励对象名单（授予日） | 姓名 | 职务 | 获 ...

国浩律师（上海）事务所 关于 江苏海晨物流股份有限公司 2025 年限制性股票激励计划调整及授予 相关事项 之 法律意见书 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于 江苏海晨物流股份有限公司 2025 年限制性股票激励计划调整及授予相关事项之 法律意见书 致：江苏海晨物流股份有限公司 根据江苏海晨物流股份有限公司（以下简称"海晨股份"或"公司"）与国 浩律师（上海）事务所（以下简称"本所"）签订的《专项法律服务委托协议》， 本所接受公司的委托，指派本所律师担任公司 2025 年限制性股票激励计划（以 下简称"本次激励计划"）的专项法律顾问。本所律师根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《深圳证券交易所创业板股票上市规则》《上市公司股权激励管理 办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板上市公司自律 监管指南第 1 号——业务办理（2024 年修订）》（以下简称"《自律监管指南 1 号》"）以及《律师事务所从事证券法律业务管理办法》（以下简称"《业务管 理办法》"）、《律师事务所证券法律业务执业规则 ...

证券简称：海晨股份 证券代码：300873 上海荣正企业咨询服务（集团）股份有限公司 关于 江苏海晨物流股份有限公司 2025 年限制性股票激励计划调整及授予相关事 项 之 独立财务顾问报告 2025 年 4 月 | 一、释义 | 3 | | | | --- | --- | --- | --- | | 二、声明 | 4 | | | | 三、基本假设 | 5 | | | | 四、本次股权激励计划已履行的相关审批程序 6 | | | | | 五、本次实施的股权激励计划与股东大会审议通过的股权激励计划 | | | | | 的差异情况 | 7 | | | | 六、本次激励计划授予条件说明 8 | | | | | 七、本次激励计划的授予情况 9 | | | | | 八、本次激励计划的授予日 10 | | | | | 九、实施本激励计划对相关年度财务状况和经营成果影响的说明..11 | | | | | 十、结论性意见 | 12 | | | | 十一、备查文件及咨询方式 13 | | | | | （一）备查文件 | 13 | （二）咨询方式 | 13 | 一、释义 | 海晨股份、本公司、 | 指 | 江苏海晨物流股份有限公 ...