Core Viewpoint - Xiamen C&D Inc. (hereinafter referred to as "C&D Inc.") has announced a projected net loss of 5.2 billion to 10 billion yuan for the fiscal year 2025, primarily due to non-cash losses, while its core supply chain operations remain profitable and its global expansion shows significant results [1][2]. Group 1: Financial Performance - The projected loss is mainly attributed to increased inventory impairment provisions at its subsidiary, Lianfa Group Co., Ltd., and losses from fair value changes of investment properties at Red Star Macalline Group [2]. - C&D Inc. had previously accounted for the potential impairments related to Red Star Macalline in its acquisition price, which was approximately 21 billion yuan for 100% equity, with a corresponding net asset value of about 52.8 billion yuan [2]. - Despite the negative apparent profits from Red Star Macalline since Q4 2023, the overall impact on C&D Inc.'s financials remains manageable, with a net cash flow from operating activities of 6.686 billion yuan for the first three quarters of 2025 [2]. Group 2: Strategic Development - C&D Inc. continues to maintain a solid performance in its core supply chain operations, which serve as a stabilizing factor for the company amid financial pressures [4]. - The company has outlined a strategic development plan for its supply chain operations from 2026 to 2030, focusing on high-quality growth and reinforcing its brand positioning as "Chinese-style trading company with global development" [4]. - The company aims to accelerate its internationalization efforts, with a target of achieving an overseas business scale of 14 billion USD (approximately 1 billion yuan) by 2025, reflecting a year-on-year growth rate of 37% [4]. Group 3: Industry Insights - Industry experts believe that the projected loss for 2025 is a superficial impact due to cyclical fluctuations in the industry, and the core operational quality of C&D Inc. remains unchanged [6]. - The steady profitability of the supply chain business and the ongoing deepening of global expansion are expected to lay a solid foundation for the company's long-term development [6].

证券研究报告 交通运输 行业定期报告 投资要点： hyzqdatemark 2026 年 01 月 26 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 民航春运有望景气，快递格局分化延续 投资评级： 看好（维持） —交通运输行业周报（2026 年 1 月 19 日-2026 年 1 月 25 日） 板块表现： 2）中通快递召开 2026 全国网络工作会议，强调"行稳致远"。1 月 20 日，中通快 递召开 2026 年全国网络工作会议。会议剖析当前中通面临的挑战和机遇，展望行业 未来发展，明确了中通作为行业龙头对维护行业健康高质量发展的责任定位，要求 全网调优降本练好内功，旗帜鲜明带头"反内卷"。董事长赖梅松要求中通全网思 想统一，步调一致，以 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has signed a strategic cooperation agreement with Louis Dreyfus, aiming for an annual transaction of 2.5 billion USD in agricultural products, enhancing its global supply chain network [8] - The company has maintained a strong performance in its supply chain business, with a significant increase in overseas business scale, reaching 9.464 billion USD, a year-on-year growth of 23.24% [8] - The company aims to learn from Japanese trading companies to enhance its global operations, positioning itself as a leading international supply chain operator [8] - The company’s real estate segment is experiencing growth despite short-term pressures on its operations [8] Financial Summary - Revenue projections for 2025-2027 are 70.16 billion, 70.73 billion, and 71.48 billion RMB respectively, with a revenue growth rate of 0.0%, 0.8%, and 1.1% [7][9] - The net profit for the same period is projected to be 3.48 billion, 3.87 billion, and 4.26 billion RMB, with corresponding net profit growth rates of 18.2%, 11.1%, and 10.1% [7][9] - The earnings per share (EPS) are expected to be 1.20, 1.33, and 1.47 RMB for 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 8.5x, 7.6x, and 6.9x [7][9] - The return on equity (ROE) is projected to improve from 4.7% in 2025 to 5.6% in 2027 [7][9]

Core Insights - The core focus of the news is on the integration of artificial intelligence and digital technologies in supply chain management, particularly highlighted at the China International Investment and Trade Fair [3][10]. Group 1: Supply Chain Innovation - Supply chain innovation is a key theme at the 2025 China International Investment and Trade Fair, with a push for the development of smart supply chains through AI and IoT technologies [3]. - The Chinese government has initiated a plan to accelerate the development of smart supply chains, encouraging leading companies to integrate digital technologies deeply into their operations [3][15]. Group 2: Company Overview - Jianfa Co., Ltd. - Jianfa Co., Ltd. has established itself as a significant player in the supply chain sector, achieving a revenue of 508.936 billion yuan from its supply chain operations in 2024, with total revenue exceeding 700 billion yuan [6]. - The company has developed a comprehensive supply chain service model, known as LIFT, which encompasses logistics, information, finance, and business elements [6]. Group 3: Digital Transformation and AI Integration - Jianfa Co., Ltd. is leveraging AI and big data to enhance its supply chain operations, focusing on various application scenarios to improve efficiency and risk management [7][11]. - The company has introduced the "Jianfa Cloud AI" platform, which integrates AI tools for comprehensive supply chain management, covering aspects from opportunity identification to contract execution [11][14]. Group 4: Logistics and Global Reach - Jianfa Co., Ltd. has established a robust logistics network with over 350 overseas storage points across more than 40 countries, enhancing its global supply chain capabilities [9]. - The company has developed an end-to-end smart logistics ecosystem, utilizing a "Supply Chain Logistics Control Tower" platform to optimize resource allocation and inventory management [9]. Group 5: Industry Challenges and Strategic Responses - The global supply chain is facing systemic security and structural resilience challenges due to rising trade protectionism and geopolitical conflicts, necessitating a strong supply chain support system for companies [4][15]. - Jianfa Co., Ltd. aims to address these challenges by deepening its integration of supply chain operations with digital technologies, enhancing collaboration and operational efficiency [15][16].