新华财经北京6月27日电（记者王小璐）小票二维码贯穿产供销溯源链条、数据服务产业链上下游决策 参考、"100%履约"承诺保障交易安全．.....近期，在中国物流与采购联合会大宗商品流通分会组织的"大 宗中国行"行业考察交流活动的调研中，记者了解到，当前以大数据、人工智能、区块链为核心的数字 技术，正深度融入大宗商品流通的各个环节，同时，一系列创新风控举措层层筑牢安全底线。两者合 力，不断提升中国大宗商品供应链的透明度、效率和抗风险能力，为供应链韧性注入强劲动能。 数字技术助力提升大宗商品流通效率 走进无锡朝阳股份有限公司的朝阳农产品大市场，苹果摊摊主臧金玲忙着给顾客结账。带着包装盒的苹 果经过电子磅秤，去壳重量和价格便显示在一旁的电子屏上，在使用IC卡结算后，顾客可凭借小票上的 二维码实现货物全流程溯源。而该品种苹果的产地、供应商、来货车辆和交易信息也已同步上传至市场 的大数据平台，完成从田间到餐桌的全链条溯源管理。凭借动态溯源机制和良好的客户口碑，目前该市 场农产品在无锡市农产品流通的占有率达80-90%。 农产品之外，数据在大宗产业链运行中发挥越来越重要的作用。上海钢联通过构建全面的数据采集与分 析体系， ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 6.61 RMB [8][9]. Core Insights - The company reported a revenue of 201.9 billion RMB and a net profit of 3.7 billion RMB for 2024, reflecting a year-on-year decline of 0.6% and 46.0% respectively. The first quarter of 2025 showed a revenue of 50.73 billion RMB and a net profit of 1.9 billion RMB, with a year-on-year increase of 13.7% but a decline of 21.2% in net profit [1]. - The energy and chemical business experienced significant growth, with a revenue increase of 107.3% to 32.99 billion RMB and a gross profit surge of 2558.8% to 690 million RMB in 2024. The sales volume of energy products rose by 157.3% [2]. - The black and non-ferrous supply chains faced challenges, with revenues of 137.91 billion RMB and 1.68 billion RMB respectively, showing a decline of 11.7% and an increase of 88.8%. Gross profit for the black supply chain dropped by 63.3% [3]. - The new business segment, focusing on recycled resources, saw a revenue decrease of 8.2% to 14.12 billion RMB, but gross profit increased by 41.0% to 240 million RMB [4]. Summary by Sections Financial Performance - The company’s revenue is projected to reach 220.47 billion RMB in 2025, with a net profit forecast of 5.56 billion RMB, reflecting a decrease of 26.4% from previous estimates. The EPS is expected to be 0.79 RMB [5][7]. - The company’s revenue for 2024 is expected to be 201.9 billion RMB, with a slight decline of 0.57% compared to 2023 [7]. Business Segments - The energy and chemical supply chain is expected to continue its growth trajectory, with significant contributions from newly established teams [2]. - The black supply chain is facing a downturn, with a projected revenue drop due to weak demand [3]. - The new business segment is focusing on high-quality development in the recycled steel sector [4]. Valuation Metrics - The report assigns a PE ratio of 8.4x for 2025, aligning with industry averages, and sets a target price of 6.61 RMB, slightly above the previous estimate [5][9].