EA(SZ:002183) Xin Lang Cai Jing·2026-02-03 23:38Core Viewpoint - The leadership change at Yiatong marks a significant transition as Chen Weimin takes over as chairman from founder Zhou Guohui, amidst challenges including projected losses in 2025 due to declining margins in the fast-moving consumer goods sector [2][28]. Company Overview - Yiatong, founded in 1997, has grown to achieve over 70 billion in revenue under Zhou's leadership, who has gradually stepped back from management roles [2][28]. - The company is facing a projected net loss of approximately 200 to 300 million in 2025 due to declining gross margins and accounts receivable issues [2][28]. Financial Performance - The company reported a net profit attributable to shareholders of -30 million, a decline of 383.40% year-on-year, with a basic earnings per share of -0.12 [30]. - The gross profit margin has remained low, fluctuating between 4-5% in recent years, indicating pressure from e-commerce and logistics giants [30][42]. Strategic Initiatives - Chen Weimin's team is focusing on transformation efforts, including expanding overseas operations and enhancing technology services [5][31]. - The company aims to solidify its supply chain services while pushing for compliance and refined management practices to improve efficiency [6][31]. Business Segments - As of 2025, nearly 90% of Yiatong's revenue still comes from traditional supply chain operations, including distribution, brand operation, and cross-border logistics [40]. - Cross-border and logistics services have shown significant growth, with revenues reaching 7.28 billion, a year-on-year increase of 382.86% [11][34]. Investment and Partnerships - Yiatong has secured strategic investments, including 200 million for its logistics subsidiary focused on the electric vehicle supply chain [37]. - The company is forming an "industry overseas ecological alliance" to integrate services across trade, logistics, finance, and technology [38]. Future Directions - The new management is pursuing a "1+3+1" strategy, focusing on comprehensive supply chain services, incubating emerging industries, and enhancing capital operations and digital transformation [42][43]. - The company is actively investing in AI, semiconductors, and new energy sectors to transition from traditional logistics to a high-value technology ecosystem [42][43]. Leadership Profile - Chen Weimin, aged 56, has a strong background in risk management and finance, having joined Yiatong in 2004 and held various senior positions [24][50]. - His leadership is seen as crucial for navigating the company through its current challenges and focusing on core competencies to create value [51].