12月16日，首批货物过安检、装好车，通过专用安保车辆转运至即将飞往韩国仁川的全货机，这意味着 无锡硕放机场高新区前置货站正式投运。作为民航江苏辖区内首个获批运营的机场前置货站，其成功启 用标志着无锡航空货运服务体系实现历史性跨越，为长三角外向型产业集群高质量发展注入强劲"空中 动能"。 步入无锡高新区综保区，一个崭新的蓝色仓库映入眼帘，这就是刚建成的前置货站。"综保区内有海力 士、村田等客户企业，前置货站真正建在了企业'家门口'。"货站经营方无锡空港物流有限公司副总经 理荣臻介绍，货站总面积达2100平方米，属于专业型驳运航空前置货站，本月顺利取得民航华东管理局 批复并通过无锡海关验收，已具备全面运营条件。 前置的不仅有距离，更有服务。"有了前置货站，能节约企业约50%的物流周转时间。"综保区运营方高 新物流口岸事业部部长助理陈九六说，无锡硕放机场创新打造"一站式"服务模式，将收运、报关等航空 货运核心功能直接延伸至产业集聚区腹地。 此次前置货站投运的意义远超单一物流节点升级：短期内，辖区企业在家门口就能享受专业航空货运服 务，成功化解传统模式下综合成本偏高的难题；从长远来看，货站承载着长三角物流协同的重要 ...

Core Insights - Liao Port Co., Ltd. (601880) has engaged with institutional investors such as Shenwan Hongyuan and CITIC Securities on September 19, 2025, to discuss its business operations and financial performance [1] Financial Performance - In the first half of 2025, the company's total cost expenses amounted to 4.508 billion yuan, a decrease of 274 million yuan year-on-year, representing a decline of 5.73%. This reduction was primarily due to a decrease in logistics service costs by 182 million yuan [1] - The company's gross profit margin reached 31.5%, an increase of 8.5 percentage points compared to the same period last year, driven by a 5.9% increase in operating revenue and a 5.7% decrease in operating costs [1] Debt Management - As of June 30, 2025, the company's total interest-bearing debt was 6.036 billion yuan, a reduction of 2.188 billion yuan since the beginning of the year, resulting in a debt-to-asset ratio of 24.2%, down by 3.2 percentage points [2] - The proportion of short-term interest-bearing debt was 2.22%, while long-term debt accounted for 97.78% [2] Business Development - The company is collaborating with the China Merchants Group to enhance the "North Grain South Transport" logistics channel, establishing a total of 10 new grain shipping routes between northern and southern ports [2] - Efforts are being made to develop a crude oil transshipment platform in the Bohai Rim region, ensuring smooth logistics services for crude oil transportation [2] Logistics and Operations - The company is advancing the logistics business for steel products through a "one order system" and improving the efficiency of mixed cargo transportation [3] - In the first half of 2025, the container business experienced slight growth due to the development of new ocean routes and optimization of near-sea routes, including the launch of four new container shipping routes to Europe and the Mediterranean [3]

Core Viewpoint - Lanhua Kecai plans to acquire a 62% stake in Shandong Jiaxiang Yilong Port Co., Ltd. for 148.8 million yuan, aiming to gain control over a key logistics node in the coal transportation network in China [1][2]. Group 1: Acquisition Details - The acquisition was approved by Lanhua Kecai's board and does not require shareholder approval [2]. - Jiaxiang Port, established in July 2024, has a registered capital of 523.2433 million yuan and is the first integrated port in Shandong province for rail-water intermodal transport [2]. - The port has nine 1,000-ton berths, a total shoreline length of 2,050 meters, and a designed annual throughput capacity of 10.6 million tons [2][3]. Group 2: Financial Performance - Jiaxiang Port reported a revenue of 89.6721 million yuan and a net loss of 17.7399 million yuan in 2024, with a revenue of 21.507 million yuan and a net loss of 25.2612 million yuan in the first two months of 2025 [2][3]. - As of February 28, 2025, Jiaxiang Port's total assets were valued at 47.5725 million yuan, with a net asset value of 25.03304 million yuan [3]. Group 3: Strategic Importance - The acquisition allows Lanhua Kecai to quickly enter the inland shipping and logistics sector, leveraging existing port facilities and transportation networks to expand its market share in coal and other bulk commodity logistics [1][4]. - Lanhua Kecai aims to diversify its business and reduce reliance on a single sector, enhancing its overall risk resilience [6].