第四届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 密尔克卫智能供应链服务集团股份有限公司（以下简称"密尔克卫"、"公 司"）于 2026 年 1 月 23 日向公司全体董事发出会议通知及会议材料，以现场加 通讯表决的方式于 2026 年 1 月 26 日召开第四届董事会第十次会议并作出本董事 会决议。本次董事会会议应出席董事 5 人，实际出席董事 5 人。会议由董事长陈 银河主持，符合《中华人民共和国公司法》（以下简称"《公司法》"）和《密尔克 卫智能供应链服务集团股份有限公司章程》（以下简称"《公司章程》"）关于召开 董事会会议的规定。 二、董事会会议审议情况 | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2026-004 | | --- | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | | 密尔克卫智能供应链服务集团股份有限公司 表决情况：5 票同意，0 票反对，0 票弃权，同意的票数占全体董事所持的 有表决权票数的 ...

Core Viewpoint - The company, Shimon Co., Ltd. (001220.SZ), is set to be publicly offered on the Shenzhen Stock Exchange, focusing on integrated supply chain logistics services for the manufacturing industry [1]. Group 1: Company Overview - Shimon Co., Ltd. was established in 2010 and specializes in providing comprehensive logistics services, including supply chain logistics and trunk transportation services [1]. - The company has developed strong resource integration capabilities and logistics experience, particularly in key ports like Tianjin and Shanghai, making it a representative enterprise in the container land transportation logistics sector in North China [4]. Group 2: Financial Performance - The projected operating revenues for Shimon Co., Ltd. from 2022 to 2024 are 8.08 billion yuan, 8.35 billion yuan, and 10.28 billion yuan, respectively, with net profits of 1.12 billion yuan, 1.33 billion yuan, and 1.7 billion yuan [5]. - The company has a stable customer base, including leading firms in the automotive, packaging, and lithium battery sectors, which supports steady revenue growth [5]. Group 3: Market Position and Competition - The logistics market in China is characterized by intense competition, with most companies offering traditional services. Shimon Co., Ltd. differentiates itself by providing integrated logistics solutions that combine various resources [4]. - The company has established long-term partnerships with industry leaders such as Beijing Benz, Beijing Hyundai, and Tetra Pak, enhancing its competitive edge [4]. Group 4: Investment Details - The initial public offering (IPO) price is set at 28.00 yuan per share, with an institutional pricing of 29.26 yuan per share, and a market capitalization of 19.38 billion yuan [2]. - The company’s earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 15.29, compared to the industry average of 14.64 [2].

Group 1 - The company, Shimon Co., focuses on multinational manufacturing in sectors such as automotive, lithium batteries, and packaging, providing comprehensive logistics services [2] - The company has a total market value of 1.938 billion yuan and an issuance price of 28 yuan per share, with a price-to-earnings ratio of 15.29 [2] - The company has a core management team with extensive experience in customs declaration, which enhances efficiency and reduces logistics costs [2][3] Group 2 - The company's revenue composition includes 75.59% from supply chain comprehensive logistics services and 24.41% from trunk transportation services [3] - The company reported revenues of 1.028 billion yuan in 2024, representing a 23.20% increase, and 835 million yuan in 2023, with a 3.30% increase [3] - The fundraising will be directed towards expanding supply chain operations, constructing an operations center, and supplementing working capital [3]

Core Insights - The logistics sector experienced a rise of 1.43% on January 20, with Milkyway leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Group 1: Stock Performance - Milkyway (603713) closed at 64.44, up 5.81% with a trading volume of 45,800 shares and a transaction value of 293 million [1] - ST Xuefa (002485) closed at 4.33, up 3.59% with a trading volume of 81,600 shares and a transaction value of 35.29 million [1] - Jianfa Co. (600153) closed at 9.23, up 3.36% with a trading volume of 452,500 shares and a transaction value of 41.5 million [1] - SF Holding (002352) closed at 39.80, up 2.37% with a trading volume of 615,100 shares and a transaction value of 2.441 billion [1] - YTO Express (600233) closed at 17.59, up 2.75% with a trading volume of 199,700 shares and a transaction value of 349 million [1] Group 2: Capital Flow - The logistics sector saw a net inflow of 332 million from main funds, while retail funds experienced a net outflow of 33.62 million [2] - Main funds showed significant inflow into Debon Logistics (603056) with 3.36 billion, accounting for 25.22% of the total [3] - SF Holding (002352) had a main fund inflow of 1.72 billion, representing 7.06% of the total [3] - YTO Express (600233) recorded a main fund inflow of 32.55 million, which is 9.32% of the total [3]

Market Overview - The Shanghai Composite Index fell by 0.30% today, with a trading volume of 1,065.52 million shares and a total transaction value of 18,654.95 billion yuan, an increase of 3.30% compared to the previous trading day [1]. Industry Performance - The real estate sector showed the highest increase with a rise of 2.14%, followed by transportation at 1.00% and oil and petrochemicals at 0.93% [1]. - Conversely, the defense and military industry experienced the largest decline at 3.16%, followed by telecommunications at 2.92% and the comprehensive sector at 2.85% [1]. Top Performing Industries - Real Estate: Increased by 2.14%, with a transaction value of 263.72 billion yuan; leading stock was Dayue City, up 10.17% [1]. - Transportation: Increased by 1.00%, with a transaction value of 201.09 billion yuan; leading stock was Milkway, up 6.22% [1]. - Oil and Petrochemicals: Increased by 0.93%, with a transaction value of 107.96 billion yuan; leading stock was Hengli Petrochemical, up 3.67% [1]. Underperforming Industries - Defense and Military: Decreased by 3.16%, with a transaction value of 1,118.61 billion yuan; leading stock was Haige Communication, down 8.92% [1]. - Telecommunications: Decreased by 2.92%, with a transaction value of 1,001.82 billion yuan; leading stock was Tongyu Communication, down 10.01% [1]. - Comprehensive: Decreased by 2.85%, with a transaction value of 33.68 billion yuan; leading stock was Nanjing New Hundred, down 9.95% [1].

Group 1 - The core viewpoint of the articles highlights the positive outlook for the transportation sector, particularly in civil aviation, with a projected increase in passenger volume during the Spring Festival travel season [1] - The Civil Aviation Administration forecasts that the passenger volume for the Spring Festival will reach 95 million, with a daily average of 2.38 million, representing a year-on-year increase of 5.3% [1] - Daily flights are expected to average 19,400, which is a 5% increase compared to the previous year, indicating a robust demand for air travel [1] Group 2 - The transportation ETF (159666) is the only fund tracking the CSI All-Transportation Index, covering logistics, railways, highways, shipping ports, and airports, reflecting the overall performance of listed companies in the transportation sector [2] - The ETF and its linked funds (019405/019404) provide a comprehensive view of the A-share transportation industry [2]

Group 1 - The core viewpoint of the news is that several listed companies have received target price upgrades from brokers, with notable increases for Guizhou Moutai, Zhongji Xuchuang, and Milkway, reflecting strong market confidence in these companies [1][2]. Group 2 - On January 19, the companies with the highest target price increases were Guizhou Moutai (35.17%), Zhongji Xuchuang (31.96%), and Milkway (29.95%), belonging to the liquor, communication equipment, and logistics industries respectively [1][2]. - A total of 17 listed companies received broker recommendations on January 19, with Zhongsheng Pharmaceutical receiving two recommendations, while Inner Mongolia Huadian and Foreign Service Holdings received one each [2][3]. Group 3 - Three companies received their first coverage from brokers on January 19: Foreign Service Holdings (rated "Buy" by Zhongyin International Securities), Qianli Technology (rated "Buy" by Dongwu Securities), and Zhongsheng Pharmaceutical (rated "Recommended" by Guolian Minsheng Securities) [3][4].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Guizhou Moutai, Zhongji Xuchuang, and Milkway leading the rankings with target price increases of 35.17%, 31.96%, and 29.95% respectively, across the liquor, communication equipment, and logistics industries [1][2] Group 2 - On January 19, a total of 17 listed companies received broker recommendations, with Zhongsheng Pharmaceutical receiving recommendations from 2 brokers, while Inner Mongolia Electric Power and Foreign Service Holdings received recommendations from 1 broker each [2][3] Group 3 - Three companies received their first coverage on January 19, including Foreign Service Holdings rated "Buy" by Zhongyin International Securities, Qianli Technology rated "Buy" by Dongwu Securities, and Zhongsheng Pharmaceutical rated "Recommended" by Guolian Minsheng Securities [3][4]

Core Viewpoint - On January 19, several brokerage firms provided target price recommendations for listed companies, with notable increases in target prices for Guizhou Moutai, Zhongji Xuchuang, and Milkewei, indicating strong potential in the liquor, communication equipment, and logistics industries respectively [1]. Group 1: Target Price Increases - Guizhou Moutai received a target price increase of 35.17%, with a highest target price of 1860.00 yuan [2]. - Zhongji Xuchuang's target price increased by 31.96%, with a highest target price of 799.00 yuan [2]. - Milkewei's target price rose by 29.95%, with a highest target price of 79.14 yuan [2]. Group 2: Brokerage Recommendations - A total of 17 listed companies received brokerage recommendations on January 19, with Zhongsheng Pharmaceutical receiving recommendations from 2 firms, while Inner Mongolia Huadian and Foreign Service Holdings received 1 recommendation each [3]. - Zhongsheng Pharmaceutical was the only company with multiple recommendations, indicating strong interest in the traditional Chinese medicine sector [3]. Group 3: First-Time Coverage - Three companies received first-time coverage on January 19, including Foreign Service Holdings with a "Buy" rating from Zhongyin International Securities, Qianli Technology with a "Buy" rating from Dongwu Securities, and Zhongsheng Pharmaceutical with a "Recommended" rating from Guolian Minsheng Securities [4].

Group 1: Industry Dynamics - The overall container shipping price has slightly decreased, with the SCFI composite index dropping by 4.4% to 1574 points [8] - In the express logistics sector, SF Express and J&T Express have entered a strategic mutual shareholding agreement worth HKD 8.3 billion, aiming for collaborative growth in both domestic and international markets [2] - Xiamen Xiangyu has released its strategic plan for 2026-2030, focusing on high-quality development and optimizing its business portfolio across various sectors [3] Group 2: Air Transport - China Southern Airlines has significantly increased its investment in Shantou Airlines, raising its registered capital from CNY 280 million to approximately CNY 1.504 billion, an increase of 437.25% [4] - Cambodia has announced a four-month visa exemption for Chinese tourists, effective from June 15 to October 15, 2026, which may boost travel demand [4] - The Philippines has implemented a 14-day visa exemption for Chinese citizens, valid for one year, which could enhance tourism and travel between the two countries [4] Group 3: Shipping and Port Operations - The BDTI index for crude oil shipping has increased by 15.61% to 1388 points, indicating a positive trend in oil transportation rates [8] - The BDI index for bulk shipping has decreased by 10.2% to 1591 points, reflecting a decline in bulk shipping rates [8] - China's port cargo throughput has increased by 3.06% week-on-week, with container throughput rising by 5.50% [8] Group 4: Road and Rail Transport - National logistics operations have been running smoothly, with rail freight increasing by 10.26% and highway truck traffic rising by 17.3% during the week of January 5-11, 2026 [10] - Gansu Expressway reported a 3.18% year-on-year increase in net profit for 2025, driven by growth in smart transportation services [11] - The issuance of short-term financing bonds by China Merchants Expressway at a low interest rate of 1.58% indicates favorable financing conditions [11] Group 5: Investment Opportunities - The express delivery sector is expected to benefit from resilient demand and a reduction in competition, with companies like SF Express and JD Logistics poised for growth [12] - The oil transportation market is anticipated to improve due to OPEC+ production increases and favorable economic conditions, with companies like China Merchants Energy and COSCO Shipping Energy being potential beneficiaries [13] - The shipping market is expected to recover, driven by environmental regulations and increasing demand for bulk commodities, with companies like China Merchants Energy and Hainan Airlines being highlighted for their growth potential [13]