Core Viewpoint - Jushen Logistics Group Co., Ltd plans to issue convertible bonds to raise up to RMB 380 million to support its business expansion and improve financial structure [1][17]. Summary by Sections Issuance Details - The company is issuing convertible bonds to unspecified investors, with a total amount not exceeding RMB 38 million [1]. - The bonds will have a credit rating of AA- and will be monitored annually by a credit rating agency [1][18]. Financial Performance and Profit Distribution - The company has a profit distribution policy prioritizing cash dividends, with a minimum cash dividend ratio of 20% to 80% depending on the financial situation [1][4]. - In 2022, the company distributed a cash dividend of RMB 1.55 per 10 shares, totaling RMB 19.96 million [5]. - In 2023, the cash dividend was increased to RMB 3 per 10 shares, totaling RMB 37.89 million [6]. Recent Financial Data - The company's net profit for the recent years was reported as follows: 2022 - RMB 199.64 million, 2023 - RMB 378.91 million [7][8]. - The cash dividend payout ratio was 60.93% in 2023, indicating a strong commitment to returning value to shareholders [8]. Business Expansion and Investment Projects - The funds raised will be used for the Jushen Guinea transshipment project, working capital, and repaying bank loans [10][17]. - The Guinea project is expected to generate an average annual revenue of RMB 308.98 million and an average annual profit of RMB 93.13 million once fully operational [10]. Risks and Challenges - The company faces risks related to operational management, market competition, and potential economic downturns that could impact profitability [9][13]. - The expansion into Guinea may present challenges due to local conditions and the need for effective management to match the scale of operations [9][11]. Corporate Governance and Shareholder Engagement - The company emphasizes communication with shareholders, especially minority shareholders, regarding profit distribution and corporate governance [3][4]. - The board of directors is responsible for ensuring compliance with profit distribution policies and engaging with shareholders for feedback [3][4].
炬申股份: 炬申物流集团股份有限公司向不特定对象发行可转换公司债券募集说明书（申报稿）