飞力达公告，公司于2024年3月开工建设的东莞飞力达电子元器件集散中心项目已完成政府部门的竣工 验收，并取得《东莞市建设工程规划条件核实合格证》。该项目将作为大湾区供应链服务核心枢纽，承 接区域内重点客户业务，担任华南地区运营管理中枢，统筹区域资源与效能，补充深圳仓储网络，提升 本地服务能力。项目落地后，公司将以此为基础，积极拓展华南市场高端客户群，是公司完善全国网 络、提升综合服务能力的重要步骤，旨在巩固并扩大公司在华南市场的竞争优势。 ...

作为全球最大纸浆进口港，同时也是辐射我国北方、中西部地区及日韩市场的纸浆枢纽港，青岛港早已构建起"接卸高效、仓储安全、疏运顺畅"的全链条 服务体系，充分发挥全球首座全流程自动化件杂货纸浆码头优势，实现智能化装卸、自动化设备操控、数字化堆场管理等"七大首创"；搭配"千纸鹤 PulpCrane"数字化平台，整合物流、贸易、金融等全链资源，实现订舱、报关、结算全流程线上办理。同时，青岛港构建起密集的海铁联运网络，常态化 开行纸浆专线、打通双向物流大通道，形成"一船一策、一舱一案"的精准作业方案，将服务触角延伸至内陆产业腹地，形成"港口为枢纽、贸易为纽带、 物流为支撑"的供应链生态圈。 12月24日7:00-12月25日7:00，山东港口青岛港前湾港区件杂货码头作业现场船舶饱满、车船如织，随着"天际线"轮最后一件洁白的纸浆缓缓吊装出舱，纸 浆船舶顺利完成卸船作业任务，青岛港纸浆昼夜作业量达到52698吨，第5次刷新昼夜接卸世界纪录，再度彰显全球最大纸浆进口港的"中国效率"，为保障 全球产业链供应链稳定畅通注入强劲动能。 这一突破是青岛港深耕纸浆专业化运营、践行高质量发展的生动写照，更是中国港口供应链服务能力持续升级的 ...

Summary of the Conference Call for Miao Exhibition Company Overview - **Company**: Miao Exhibition - **Industry**: Exhibition and Trade Shows Key Points and Arguments 1. Exhibition Growth and Financial Performance - In 2025, the number of exhibitions is expected to grow by nearly 20%, reaching approximately 15,000 events, despite challenges such as visa issues in India and high discount demands from clients, leading to a projected profit decline compared to 2024 [2][4][25] - The average revenue per position is expected to drop below 55,000 yuan, lower than the 55,000-56,000 yuan range in 2024 [2][16] 2. Strategic Expansion Plans - The company plans to focus on expanding industrial exhibitions in Indonesia, Vietnam, Saudi Arabia, and Brazil in 2026, particularly capitalizing on Saudi Arabia's economic reforms and diversification strategy [2][6][10] - The company aims to deepen its presence in Southeast Asia and the Middle East, with specific measures to enhance its market share in these regions [8][10] 3. AI Exhibition Development - AI Exhibition 1.0 has been launched with six key features, achieving a purchase rate of about 45% [2][11] - AI Exhibition 2.0 is set to be fully launched before the Spring Festival, with a target to exceed a 50% purchase rate and generate revenue of 100 million yuan in 2026 [2][12][19] 4. Hong Kong IPO and Fundraising - The decision to list on the Hong Kong stock exchange is driven by the need for an international capital market to support overseas acquisitions, with plans to raise approximately 300-400 million yuan for this purpose [2][13][21] - The company aims to acquire exhibitions in Southeast Asia, the Middle East, Brazil, and South Africa, focusing on those with high internationalization and brand influence [21][22] 5. Supply Chain Initiatives - A new supply chain company has been established to address import challenges faced by small buyers, aiming to enhance participation rates and create new revenue streams [2][14] - The company plans to pilot this model in Indonesia and Brazil in 2026, leveraging partnerships to provide comprehensive supply chain services [2][14] 6. Future Revenue and Profit Expectations - For 2025, revenue is expected to grow by about 10%, but profits are projected to decline to between 120-130 million yuan, down from 140-150 million yuan in 2024 [2][25] - In 2026, with the introduction of overseas warehouse operations, both revenue and profit are anticipated to increase by over 20% [2][25] 7. Market Focus and Challenges - The company is shifting its focus away from India due to visa issues and is prioritizing markets in the Middle East and Southeast Asia, which are seen as more stable and promising [17] - The overall discount rate has increased, impacting revenue per position and profit margins [16] 8. Customer Retention and Future Strategies - The expected repurchase rate for 2025 is around 30%, indicating room for improvement in customer retention strategies [20] - The company plans to enhance service quality and digital exhibition methods to improve repurchase rates, particularly for VIP clients [20] 9. Dividend Policy - The company intends to allocate over 80% of its annual profits for dividends, while also considering potential investments in overseas operations [24] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Miao Exhibition's growth trajectory, market strategies, and financial outlook.

11月26日清晨，记者在徐州淮海国际港务区铁路集散中心看到，龙门吊长臂挥舞，将满载工程机械 的集装箱稳稳吊装。一列徐连铁海联运班列鸣笛启程，沿着陇海铁路向东疾驰抵达连云港港后，搭乘远 洋货轮直航东南亚。 从铁路枢纽到黄海之滨，这条绵延200余公里的铁海联运通道，如同一条钢铁纽带，将内陆腹地与 远洋航线紧密相连。徐州淮海国际陆港与连云港海港的联动发展，书写着江苏东西双向开放的鲜活答 卷。 "自2021年底首开线路以来，徐连铁海联运班列开行量实现跨越式增长。"徐州淮海国际陆港运营有 限公司副总经理、徐州陆港世联达物流发展有限公司董事长董方介绍。2024年，该班列开行量达5028标 箱，同比增幅77.92%；今年1至10月再攀新高，完成5178标箱，同比增长27.22%。4年来，徐连铁海联 运班列成为支撑区域对外开放的"黄金通道"。 冬季是货物运输高峰期。在铁路集散中心集装箱调度室中，工作人员张良正实时监测着各条线路的 运行数据。鼠标轻点，一组对比图被调出，"你看，以前空箱调拨要从连云港港运到徐州，至少3天，现 在通过ICT箱管协议，空箱直接前置到陆港堆场，企业随用随取，大幅提高了时效。" 记者了解到，现在货物搭乘 ...

Group 1 - The company announced that its subsidiary has won contracts exceeding RMB 238,255.74 million in November 2025, which will positively impact future operating performance [2] - The contracts include orders from national and local power grids, positioning the company as a leader in smart cable networks, smart batteries, and smart airports [2] - The company emphasizes that the new contracts will not affect its business independence [2] Group 2 - The company provided a guarantee of RMB 34,650.00 million for its subsidiary, Yuanbo New Materials, to support its supply chain services [7] - The guarantee was approved by the company's board and is within the previously established limit for 2025 [8] - The total amount of guarantees provided by the company is RMB 1,101,004.03 million, with an actual guarantee balance of RMB 752,060.16 million, representing 257.51% and 175.90% of the net assets attributable to shareholders [15]

12月1日，"企需我应"资源对接系列活动——"立园筑基·满园致远"成都产业链供应链"助企出海·进解优 促"企业家座谈会暨"一带一路"供应链服务站一周年成果发布会在成都市民营经济发展促进中心举行。 活动由成都市供应链协会主办，集中发布年度运营成果，并举行系列签约授牌仪式，政企代表共话出海 新机遇。 会上，成都市供应链协会相关负责人发布了服务站一周年的核心成果，系统阐述了助力企业出海 的"1+3+N"实战模式。 "1"指升级后的线上"丝路平台"3.0。该平台已从最初的物流系统迭代为综合性公共服务平台，实现了"一 站一账号、一站一社群、一站一清单、一站一服务"。截至目前，平台累计发布38条双向供需清单，覆 盖100多个国家信息，同步推送130余条海外实时政策，为企业提供及时的政策提醒与需求对接。 "3"代表三类关键物理场景：订单集采中心、成都跨境集货仓、海外前置仓。成都市供应链协会相关负 责人解释，订单集采中心实现商务集中；跨境集货仓利用青白江、东部新区等物流枢纽提升集货发货效 率；海外前置仓则依托已建成的16个全球服务站，显著降低企业海外履约成本。"许多企业能拿下订 单，但交付过程中的供应链损耗是真正挑战。我们正 ...

Core Viewpoint - Yufengchang Holdings Limited has announced a share pledge agreement related to a loan, resulting in a change of control within the company, with the executive director becoming the controlling shareholder after the enforcement of the pledge [1][2]. Group 1: Share Pledge and Control Change - The executive director, Mr. Luo Mingyi, has enforced his rights under the share pledge agreement due to a loan default, transferring all pledged shares to himself [1]. - Following the enforcement, Mr. Luo and his wholly-owned entity hold a total of 27,559,000 shares, representing approximately 68.90% of the company's total issued share capital, thus becoming the controlling shareholder [1]. Group 2: Legal Dispute and Market Impact - Mr. Wang Xinlong, the controlling shareholder, disputes the terms and recognition of the default event and is seeking legal advice [2]. - The company's operations and business have not been materially affected, and trading of shares was suspended on August 7, 2025, with a resumption planned for November 26, 2025, demonstrating the company's commitment to market order and investor interests [2]. Group 3: Strategic Development and Business Transformation - Yufengchang Holdings is focusing on core business operations and long-term development, engaging in discussions with quality potential partners to support strategic upgrades and business expansion [3]. - The company has significantly optimized its revenue structure, with traditional diesel sales decreasing from 98% in FY2024 to 74.3%, while new oil derivative businesses contributed HKD 10.9 million, accounting for 19.7% of total revenue [3]. - E-commerce sales have also generated HKD 2 million in revenue, marking a transition from a single fuel supplier to a comprehensive energy and fast-moving consumer goods service provider [3]. Group 4: New Partnerships and Supply Chain Development - Recently, the company signed a long-term supply agreement with Yixiang Youli to build a new ecosystem for convenience supply chains at gas stations, integrating both parties' strengths in capacity supply chains and digital channels [4]. - This partnership will allow Yufengchang's products, including packaged drinking water and daily chemicals, to access over 40,000 gas stations nationwide, enhancing business boundaries and providing standardized, branded quality goods to consumers [4]. - Additionally, the company has partnered with Jiajia Shared Cloud Warehouse and Jishi Automotive Logistics Group to establish 15 shared cloud warehouses in Shaanxi, improving supply chain service capabilities [4].

Group 1: Financial Performance - The company's revenue for the first three quarters of 2025 was 5.164 billion CNY, a year-on-year decrease of 34.07% [2] - The net profit attributable to shareholders was -199 million CNY, a year-on-year decline of 218.48% [2] - Inventory impairment provisions amounted to 325.01 million CNY, with 55.77 million CNY in the first half and 269.24 million CNY in the third quarter [3] Group 2: Operational Improvements - Overall inventory decreased to 2.357 billion CNY, down 31.96% from 3.463 billion CNY in the same period last year [3] - The asset-liability ratio improved from 54.13% at the beginning of the year to 40.84%, a decrease of 13.29 percentage points [3] - Net cash flow from operating activities reached 555 million CNY, a significant increase of 241.32% year-on-year [3] Group 3: Cost Management - Sales expenses decreased by 40.33%, management expenses by 20.76%, and financial expenses by 30.78% [4] - The reduction in sales expenses was primarily due to dynamic personnel structure optimization [5] - Financial expenses decreased due to the optimization of the debt structure and reduced interest expenses [6] Group 4: Store Development Strategy - The company has established three store formats: "Hua Zhi Jiu Hang," "Hua Zhi (Ming) Jiu Ku," and "Hua Zhi You Xuan," each targeting different market segments [7] - From January to September 2025, 215 new stores were added, reinforcing the company's position in the high-end liquor chain and lower-tier markets [8] - The "Hua Zhi You Xuan" format has seen significant success, with 108 new stores opened since its pilot launch in May 2025 [8] Group 5: Market Trends and Strategic Response - The liquor distribution sector in China has a low chain rate of approximately 5%, indicating significant room for growth [9] - The company is adapting to the rise of online instant retail by forming strategic partnerships with major platforms like JD Daojia and Meituan [10] - Future strategies will focus on enhancing profitability and corporate value through improved store layouts, product offerings, and operational efficiency [11][12]

Core Insights - The China Logistics and Purchasing Federation has officially released the tenth batch of supply chain service enterprises, with Zall Intelligent Logistics Group recognized as a 5A-level supply chain service enterprise due to its comprehensive service capabilities and innovative practices [1][3] Group 1: Company Achievements - Zall Intelligent Logistics has maintained a business philosophy focused on "Connecting Global Business, Creating Value through Service," and has built full-link service capabilities centered on the needs of the real economy [3] - The company has developed various intelligent trading platforms and smart warehousing logistics service platforms, serving over 300,000 customers with comprehensive supply chain services including trading, warehousing, logistics, finance, and cross-border trade [3][4] - Zall has received multiple accolades, including being named a "National Supply Chain Innovation and Application Demonstration Enterprise" and a "National E-commerce Demonstration Enterprise" by the Ministry of Commerce [3] Group 2: Industry Impact - The company has established modern supply chain systems across various sectors such as flowers, seafood, seasonings, automobiles, textiles, and coffee, leveraging its advantages in the Hankou North International Trade City [4] - Zall aims to achieve a total online and offline transaction volume exceeding 200 billion yuan in 2024, driven by the integration of culture, commerce, and tourism to create new consumption scenarios [4] - The company has introduced digital solutions addressing industry pain points, such as intelligent agricultural management systems and cloud factory solutions for recycled plastics, enhancing operational efficiency and promoting sustainable development [4]

Core Viewpoint - Joyson Electronics (301198.SZ) provides customized design, manufacturing, performance testing, leasing, logistics transportation, and warehousing management for recyclable packaging products across various industries including automotive, home appliances, fresh produce, and express logistics [1] Group 1 - The company serves a diverse range of industries with its supply chain services [1] - There is currently no involvement in China-Europe trade shipping business [1]