公司进出口贸易结算货币以美元为主，美元结算比例随业务扩大上升，汇率波动影响增加。公司通过加 强汇率信息收集、专业研判及运用远期结售汇工具等方式管理汇率风险，并适时调整经营策略应对波 动。 截至2025年12月31日收盘，江苏国泰（002091）报收于9.03元，较上周的9.28元下跌2.69%。本周，江 苏国泰12月29日盘中最高价报9.26元。12月31日盘中最低价报8.98元。江苏国泰当前最新总市值146.98 亿元，在贸易板块市值排名2/13，在两市A股市值排名1329/5181。 本周关注点 机构调研要点 公司供应链服务板块主要产品为服装，具非标准化特性，难以用统一产能指标核算。公司近年在东南亚 及非洲等"一带一路"节点建设货源基地，推动从"中国供应链整合"向"世界供应链整合"转变，海外自有 工厂订单充足，出口稳步提升。 公司海外布局选址综合评估社会政策稳定性、劳动力成本与效率、基础设施完备性及文化融合能力，未 明确将中东列为重点方向。 公司自2006年上市以来坚持稳健分红，已连续19年实施现金分红，累计约48.11亿元。2025-2027年股东 分红回报规划明确：在符合条件情况下，每年进行两至三次利 ...

Group 1: Financial Performance and Strategy - The company's supply chain business gross margin increased in the first half of 2025 due to the continuous promotion of the "trade, industry, and technology integration" model, optimizing supply chain processes and enhancing cost control [2][3] - The company has maintained a stable dividend policy since its listing in December 2006, with cumulative cash dividends amounting to approximately CNY 4.811 billion, and plans to distribute cash dividends of no less than 40% of the distributable profits in the next three years [4] Group 2: Risk Management and Operational Strategy - The company primarily settles import and export trade in USD, and has implemented forward foreign exchange settlements to manage risks associated with exchange rate fluctuations [3] - The company is expanding its overseas production bases, focusing on key regions along the "Belt and Road" initiative, with a sufficient order backlog in its overseas factories [3][4] Group 3: Talent and Human Resources - The company faces a talent gap, particularly in international operations, and has initiated the "Golden Seed" talent program to recruit over 1,000 positions annually, focusing on international and high-potential talents [4] - The company has established the Guotai Innovation Design Center in Shanghai to attract high-end talent and support core business functions such as design research and product display [5] Group 4: Future Outlook and Investments - Future capital expenditures for the supply chain business will focus on expanding and constructing overseas production bases to support global supply chain integration [4] - The company will continue to concentrate on its core supply chain services, aiming to enhance operational capabilities and sustainable development [5]