Summary of Jinjiang Shipping Conference Call Company Overview - **Company**: Jinjiang Shipping - **Year**: 2024 - **Revenue**: 0.21 billion RMB, up 37.45% YoY - **Total Assets**: 103.57 billion RMB - **Net Assets**: 86.18 billion RMB - **Market Position**: Maintains the first market share in the Shanghai-Japan route and is actively expanding Southeast Asia routes [2][3][5] Key Points and Arguments Industry Dynamics - **Asian Shipping Market**: Benefiting from a recovery, with significant growth in trade volumes, particularly in the Northeast Asia and Southeast Asia routes [2][3][5] - **Trade Values**: - China-Japan trade value reached 2.19 trillion RMB - Cross-strait trade value reached 2.08 trillion RMB - China-ASEAN trade value reached 6.99 trillion RMB, up 9% YoY [5][19] Financial Performance - **Container Volume**: 2.3934 million TEUs in 2024, with revenue of 5.97 billion RMB, up 13.36% YoY [3] - **Net Profit**: 1.021 billion RMB, up 37.45% YoY [3] - **Dividend Policy**: Total dividend of 5.15 RMB, accounting for 50.46% of net profit [4][26] Strategic Initiatives - **"One Main Two Wings" Strategy**: Extending logistics services to both ends, providing customized comprehensive logistics solutions [2][6] - **New Routes**: Launched new routes in India, Pakistan, and the Middle East, enhancing service capabilities [7][19] - **Southeast Asia Expansion**: New smart logistics products reducing transit times significantly, enhancing brand competitiveness [7][10] Market Trends - **Southeast Asia Market**: Expected to see a price increase trend from 2025 onwards, with significant growth in container shipping demand [12][19] - **Cargo Structure Changes**: Shift from low-end to high-end products, particularly in electronics, necessitating faster delivery services [16][18] Operational Efficiency - **Fleet Expansion**: Investment in new vessels, including three 1,900 TEU ships and two 1,100 TEU ships for enhanced service [22][23] - **Operational Strategy**: Maintaining a 50% leasing ratio while increasing owned fleet to improve cost control and service efficiency [24] Shareholder Returns - **Focus on Returns**: Commitment to maintaining a minimum of 50% dividend payout ratio while balancing capital expenditures [25][26] Future Outlook - **Market Growth**: Positive expectations for cargo growth in Southeast Asia, with a focus on maintaining operational stability and exploring new opportunities [27] Additional Important Insights - **Impact of Tariff Policies**: Long-term trends suggest increased freight volumes in Southeast Asia due to ongoing shifts in manufacturing and trade patterns [19][20] - **Integration of Services**: Efforts to integrate services between Japan and Southeast Asia to meet high delivery time demands [21]

证券代码：000672 证券简称：上峰水泥 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（电话会议） | | | 机构投资者如下： | | | 泓德基金管理有限公司：黄海；大成基金管理有限公司：谢树 | | | 铭；永赢基金管理有限公司：杨啸宇；鹏扬基金管理有限公司： | | | 李伟峰；鹏扬基金：马慧芹；西部利得基金：管浩阳；新华基 | | | 金管理股份有限公司：黄泓鉴；厦门中略投资管理有限公司： | | | 林跃煌；耕霁（上海）投资管理有限公司：陈家利；湖南万泰 | | | 华瑞投资管理有限责任公司：邹戈；上海循理资产管理有限公 | | 参与单位名称 | 司：安倩；东吴证券股份有限公司：石峰源；平安证券股份有 | | | 限公司：郑南宏；中国国际金融股份有限公司：杨茂达；方正 | | 及人员姓名 | 证券股份有限公司：韩宇；西部证券股份有限公司：张欣劼、 | | | 陈默婧；国信证券股份有限公司：陈颖、张栋；中泰证券股份 | | | 有限公司：万静远；中信 ...

Core Viewpoint - The company has demonstrated strong financial performance and strategic growth through its "one main and two wings" development strategy, focusing on cement production while expanding into emerging industries like semiconductors and renewable energy [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 5.448 billion yuan and a net profit attributable to shareholders of 627 million yuan, with a net profit excluding non-recurring items of 474 million yuan [1]. - As of the end of 2024, the total assets reached 17.578 billion yuan, and the net assets attributable to shareholders were 8.949 billion yuan [1]. - The weighted average return on net assets was 7.09%, with a comprehensive gross profit margin of 26.16% and a net profit margin of 10.86% [2]. Strategic Development - The company has successfully implemented its "one main and two wings" strategy, which has provided clear direction and focus amid a complex environment, leading to significant achievements [2]. - The "two wings" business, which includes investments in new economic sectors, contributed over one-third of the company's profits, focusing on sectors like semiconductors, new energy, and new materials [2]. Cash Flow and Dividend Policy - The company reported a net operating cash flow of 1.039 billion yuan, supporting its sustainable dividend policy [2]. - Since 2019, the company has maintained a high dividend policy, proposing a distribution of 6.30 yuan per 10 shares (including tax) for 2024, significantly above the industry average [2]. Investor Engagement - During the 2024 annual performance briefing, the company actively addressed investor inquiries on various topics, achieving a 100% response rate to questions regarding resource reserves, regional advantages, market expansion, technological innovation, and financial metrics [1].

瞿辉表示："截至目前，公司新经济股权投资业务累计投资24个项目，累计投资金额17.85亿元。2024年 对净利润的贡献率超过20%，累计盈利5.3亿元。晶合集成项目已经完成从投资、上市、退出步骤，获 得投资收益1.66亿元。" "过去五年，公司'一主两翼'战略取得显著成就，根据新的五年规划，到2029年，公司的业务格局力争 从'双轮驱动'向'三驾马车'演变，形成由新质材料增长型业务、建筑材料基石类业务、股权投资资本型 三大业务构成的协同发展格局。"在4月28日召开的2024年度暨2025年第一季度业绩说明会上，上峰水泥 副总裁兼董事会秘书瞿辉在回答《证券日报》记者提问时表示。 上峰水泥主要从事水泥熟料、水泥、特种水泥、混凝土等建材产品的生产制造和销售。近年来，公司充 分应用已有资源向相关产业延伸，骨料、水泥窑协同处置环保业务成为重要新业务。 2024年，上峰水泥实现营业收入54.48亿元；归属于上市公司股东的净利润6.27亿元；归属于上市公司股 东的扣除非经常性损益的净利润4.74亿元；总资产达175.78亿元；归属于上市公司股东的净资产为89.49 亿元。 2020年至2024年，上峰水泥"一主两翼"战略规 ...