香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司2025年年度報告（A股），僅供參閱。 承董事會命 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2026年3月30日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士、戴凡先生及張光璽先生； 及(iii)獨立非執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 安井食品集团股份有限公司2025 年年度报告 公司代码：6 ...

Core Viewpoint - The article emphasizes that cold chain logistics, driven by consumption upgrades and industrial transformation, is crucial for safeguarding public health and stimulating economic vitality. The launch of the Fengjing Xuelifang model has garnered significant market attention, securing 1,300 orders and contributing to the high-quality development of China's cold chain logistics industry [1]. Industry Challenges - The urban cold chain logistics sector in China faces multiple challenges, including a fragmented model of "chassis, superstructure, and refrigeration unit," leading to complex after-sales maintenance and reduced operational efficiency. The aftermarket is characterized by varying quality standards, resulting in safety hazards. Additionally, the overall level of intelligence in the industry is low, lacking unified smart temperature control and remote monitoring platforms [3]. Product Innovations - Fengjing Xuelifang addresses industry pain points through integrated design and comprehensive technological innovations. Key breakthroughs include the use of nano-aerogel composite materials for insulation, achieving a thermal conductivity as low as 0.012 W/(m·K) and maintaining stable performance across extreme temperatures from -70℃ to 250℃. The product's lifespan has been extended from an industry average of 3 years to 8 years, significantly reducing lifecycle costs for users [3]. Smart Control Features - The Fengjing Xuelifang is equipped with an intelligent refrigeration system that enhances temperature control and management. It features leading refrigeration units and smart variable frequency technology, maintaining an internal temperature variance of ±0.5℃ and improving cooling performance by 10%. The system includes a digital twin real-time monitoring platform and 5G IoT modules for precise temperature tracking and cloud-based strategy adjustments [5]. Performance Metrics - The vehicle demonstrates superior airtightness with a leakage rate of only 29.52 m³/h, significantly better than industry standards. It can lower the internal temperature to -18℃ in just 43 minutes and to -20℃ in 53 minutes, enhancing temperature control efficiency post-loading. The temperature change remains minimal at 0.6K over 4 hours after reaching -20℃, outperforming the typical 2K standard [7]. Comprehensive Service System - Fengjing Xuelifang offers a full-cycle smart service system to alleviate user maintenance concerns and ensure efficient transportation. Features include fleet management, OTA upgrades, predictive services, and maintenance reminders. The vehicle's three electric systems come with an 8-year or 600,000 km warranty, and core components have lifetime warranty options. The service network includes over 700 brand service providers with rapid response times [9]. Promotional Offers - To reward customer loyalty, Fengjing Xuelifang has introduced limited-time purchase incentives, including discounts and extended warranties, aimed at making high-quality cold chain transport solutions more accessible to users [11].

Core Viewpoint - Tian Shun Co., Ltd. reported a significant decline in revenue and net profit for the year 2025, indicating financial distress and operational challenges [1][2]. Financial Performance - The company's operating revenue for 2025 was 1.137 billion yuan, a year-on-year decrease of 25.69% [1]. - The net profit attributable to shareholders was -23.83 million yuan, a decline of 367.29% compared to the previous year [1]. - The basic earnings per share were -0.16 yuan, with a weighted average return on equity of -4.70% [1]. - The gross profit margin for 2025 was 3.84%, down by 1.01 percentage points year-on-year, while the net profit margin was -2.32%, a decrease of 3.02 percentage points [1]. Quarterly Insights - In Q4 2025, the gross profit margin improved to 4.94%, an increase of 1.87 percentage points year-on-year and 5.35% quarter-on-quarter [1]. - The net profit margin for Q4 was -3.27%, down 1.51 percentage points year-on-year and 0.76 percentage points quarter-on-quarter [1]. Expense Analysis - Total operating expenses for 2025 were 54.39 million yuan, an increase of 1.87 million yuan year-on-year, with an expense ratio of 4.78%, up by 1.35 percentage points [2]. - Sales expenses decreased by 3.75%, while management expenses fell by 14.97%. However, financial expenses surged by 73.60% [2]. Shareholder Information - As of the end of 2025, the total number of shareholders was 17,300, an increase of 675 from the previous quarter, representing a growth of 4.06% [2]. - The average market value per shareholder rose from 127,500 yuan to 138,700 yuan, an increase of 8.80% [2]. Company Overview - Tian Shun Co., Ltd. is located in Urumqi, Xinjiang, and was established on December 10, 2008. It was listed on May 30, 2016 [2]. - The company primarily engages in third-party logistics for bulk and oversized goods, along with supply chain management and logistics financial supervision [2]. - The main business revenue is entirely derived from the modern logistics sector [2].

Group 1 - The core viewpoint of the article highlights the recent stock performance and financial metrics of CIMC Vehicles, indicating a decline in stock price and net outflow of funds [1][2]. - CIMC Vehicles' stock price has increased by 8.52% year-to-date, but has seen a decline of 3.03% over the last five trading days [2]. - The company reported a revenue of 15.012 billion yuan for the first nine months of 2025, reflecting a year-on-year decrease of 5.13%, and a net profit of 622 million yuan, down 26.23% year-on-year [2]. Group 2 - CIMC Vehicles' main business includes the production of semi-trailers, special vehicles, and refrigerated truck bodies, with semi-trailers accounting for 80.61% of its revenue [2]. - As of September 30, 2025, the number of shareholders decreased by 16.07% to 29,800, while the average circulating shares per person increased by 19.17% to 48,786 shares [2]. - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed in the last three years [3].

Core Viewpoint - The launch of the first cold chain sea-rail intermodal train from the Guangdong-Hong Kong-Macao Greater Bay Area to Jiangxi marks a significant development in cold chain logistics, enhancing connectivity and efficiency in the region [1] Group 1: Logistics Development - A cold chain train loaded with imported juice from Brazil departed from Nansha Port South Station in Guangzhou on February 26 at 15:30 [1] - The train is expected to arrive at Jiangxi Ganzhou International Port within one day, indicating a swift logistics operation [1] - This initiative establishes a new "road-to-rail" cold chain logistics channel between the Greater Bay Area and Jiangxi, improving supply chain efficiency [1]

Core Viewpoint - The company, Beibu Gulf Port, is positioned as a key logistics hub in the western land-sea trade corridor, benefiting from policies related to the Hainan Free Trade Port and the Belt and Road Initiative, which enhance its operational capabilities and market reach [2][3]. Group 1: Company Operations and Performance - Beibu Gulf Port is the only public terminal operator in the Guangxi Beibu Gulf region, playing a crucial role in China's southwestern coastal port group and serving as a strategic gateway for international trade with ASEAN countries [3]. - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The company completed a container throughput of 802.20 million TEUs, reflecting a year-on-year growth of 14.26%, representing 100% of the total container throughput at Beibu Gulf Port [3]. - The company provides specialized services for imported fruits, alcoholic beverages, meat, and fireworks, and has established multiple fruit shipping routes from Thailand, Vietnam, and Cambodia, along with comprehensive cold chain logistics services [3]. Group 2: Financial Overview - For the period from January to September 2025, Beibu Gulf Port reported an operating income of 5.535 billion yuan, a year-on-year increase of 12.92%, while the net profit attributable to shareholders decreased by 13.89% to 789 million yuan [8]. - The company has distributed a total of 3.034 billion yuan in dividends since its A-share listing, with 1.396 billion yuan distributed over the past three years [8]. Group 3: Market Activity - On February 25, the stock price of Beibu Gulf Port increased by 2.02%, with a trading volume of 625 million yuan and a turnover rate of 2.88%, bringing the total market capitalization to 25.556 billion yuan [1]. - The main net inflow of funds on the same day was 2.9488 million yuan, indicating a slight increase in institutional investment over the past three days [4].

Group 1 - The company held a unique "opening banquet" to celebrate the start of the new working year, featuring over 100 hometown dishes brought by employees from various regions [1][2] - The new factory, which is 20 times larger than the previous one at 6000 square meters, is primarily focused on producing medical insulation boxes for cold chain transportation in the biopharmaceutical sector [1][2] - The company reported a revenue of approximately 40 million yuan last year and is optimistic about the new factory's medical insulation box business, viewing it as a potential new growth driver [2] Group 2 - The company has a high employee return rate of over 90%, with 112 out of 124 employees returning to work on the first day [1] - The medical insulation boxes produced by the company are widely used for the transportation of temperature-sensitive materials such as vaccines and biological agents, making it a crucial part of the biopharmaceutical supply chain in Qiantang District [2] - The production lines in the new factory began operating at high speed, symbolizing the company's commitment to seizing opportunities in the biopharmaceutical and cold chain logistics sectors [2]

Core Viewpoint - The news highlights the performance and strategic importance of Beibu Gulf Port, emphasizing its role in the Western Land-Sea Trade Corridor and its alignment with national policies such as the Belt and Road Initiative and the Hainan Free Trade Port [2][3]. Group 1: Company Performance - Beibu Gulf Port's stock increased by 2.87% with a trading volume of 5.56 billion yuan and a market capitalization of 25.05 billion yuan [1]. - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The container throughput reached 802.20 million TEUs, reflecting a year-on-year growth of 14.26%, representing 100% of the port's total container throughput [3]. Group 2: Strategic Importance - Beibu Gulf Port is identified as a key logistics hub in the Western Land-Sea Trade Corridor, facilitating the transformation of cargo from bulk to containerized, thereby enhancing integration with inland industries [2][3]. - The port is positioned as a crucial gateway for international trade with ASEAN countries, supporting national strategic initiatives such as the construction of the 21st Century Maritime Silk Road [3]. - The company is the sole operator of public terminals in the Guangxi Beibu Gulf region, playing a vital role in the development of logistics and trade in southwestern China [3]. Group 3: Business Operations - The main business activities of the company include port loading and unloading, storage, tugboat services, and logistics agency services, with loading and unloading services accounting for 94.59% of revenue [8]. - The port has qualifications for importing fruits, alcohol, and meat, and has established multiple shipping routes for Thai and Vietnamese fruits, offering comprehensive cold chain logistics services [3][8]. - The company is committed to expanding its operations and enhancing cooperation with clients and partners in port construction, operation, and logistics supply chain services [2].

Core Viewpoint - The article discusses the journey of cherries from Chile to China during the winter season, highlighting the importance of modern cold chain logistics and agricultural preservation techniques to maintain freshness during transportation [1]. Group 1: Transportation and Preservation Techniques - Cherries, primarily sourced from Chile, travel approximately 20,000 kilometers and take around 23 days to reach China [1]. - The preservation process begins with early morning harvesting to ensure fruit firmness and integrity, followed by immediate transfer to packaging facilities [4]. - Cherries undergo rapid pre-cooling in ice water, sterilization, and washing before being sorted and graded using AI technology for external and internal defects [4][5]. Group 2: Packaging and Shipping - After passing quality checks, cherries are packaged with traceability codes and sealed using modified atmosphere packaging (MAP) that utilizes nitrogen, oxygen, and carbon dioxide to enhance preservation [5]. - The MAP technology maintains oxygen levels at 12%-16% and increases carbon dioxide levels to 4%-6%, significantly inhibiting bacterial growth and extending shelf life [5]. - During shipping, the cold chain is maintained with temperatures kept between -1°C and 1°C, allowing cherries to remain fresh for up to 60 days under optimal conditions [6]. Group 3: Consumer Storage Recommendations - To prolong the freshness of cherries at home, it is recommended to store them in the refrigerator while keeping them in their original MAP packaging and minimizing exposure to air [7]. - For cherries purchased in non-MAP packaging, using a sealable bag for storage is advised [8]. - Cherries should not be stored with ethylene-producing fruits like passion fruit, apples, kiwis, and bananas, as these can accelerate the aging process of cherries [10].

Core Insights - The establishment of a national-level cold chain logistics hub in Lhasa marks a significant transformation in the cold chain logistics landscape of the Qinghai-Tibet Plateau, promoting standardization, scaling, and modernization [1][3] - The hub, with a total investment of approximately 500 million yuan and covering an area of about 56,610 square meters, aims to reshape the regional logistics framework and enhance livelihood security and industrial upgrading in the snow-covered plateau [1] Summary by Sections - **Cold Chain Logistics Hub Development** - Lhasa has been included in the latest list of national backbone cold chain logistics bases, achieving a breakthrough in the region's cold chain logistics development [1] - The hub employs a "government planning coordination, enterprise alliance operation" model, dividing the facility into eastern and western functional areas [1] - **Operational Structure and Services** - The eastern area focuses on the complete cold storage, trading, and distribution processes for vegetables, fruits, and seafood, facilitating rapid distribution to Lhasa and other regions [1][2] - The western area features modern cold storage facilities dedicated to the specialized storage, refined processing, and precise distribution of meat and frozen foods [2] - **Comprehensive Cold Chain Service System** - The hub integrates various core projects, enhancing its competitive edge and establishing a full-category, full-chain cold chain service system [3] - The base's core business revolves around warehouse leasing, complemented by market operations and last-mile delivery services [3] - **Investment and Efficiency Improvements** - Since the 14th Five-Year Plan, the region has consolidated nearly 1.5 billion yuan in various funds to advance cold chain storage and smart logistics hub construction [3] - The establishment of cross-regional cold chain logistics centers has significantly reduced product loss rates from 30% in traditional transport to below 8% [3] - **Future Development Plans** - Lhasa aims to continuously enhance service quality, upgrade logistics technology, and optimize market planning, positioning the cold chain logistics base as a core engine for high-quality development in the region [4]