Core Insights - The total social logistics volume in China reached 263.2 trillion yuan in the first three quarters, showing a year-on-year growth of 5.4%, although the growth rate has slightly decreased by 0.3 percentage points compared to the first half of the year [1] - The logistics demand growth rate remained above 5% across all three quarters, indicating a stable and positive development trend in logistics operations [1] Logistics Demand Growth - The logistics demand is characterized by a solid foundation in industrial logistics, a rebound in international logistics, and strong growth in high-end and green logistics [2] - The total logistics volume for industrial products grew by 5.6% year-on-year, contributing 81% to the overall growth of social logistics [2] - The logistics volume related to units and residents increased by 6.6% year-on-year, with a notable acceleration to 8.0% in the third quarter [2] Emerging Consumption Trends - Online consumption logistics demand has accelerated, particularly in categories such as cold chain fresh food, home appliances, and beauty products [3] - The logistics volume for recycled resources grew by 15% year-on-year, indicating a robust demand in the circular economy sector [3] - The demand for green logistics is rapidly increasing, driven by low-carbon and high-end manufacturing sectors [3] Logistics Supply Expansion - The total revenue of the logistics industry reached 10.5 trillion yuan in the first three quarters, with a year-on-year growth of 4.7% [4] - The logistics industry’s prosperity index averaged 50.6, with a notable increase to 51.2 in September, indicating active logistics activities [4] - The logistics supply system is becoming more efficient, with steady growth in various transportation sectors, particularly in air logistics [4] Resilience of Logistics Enterprises - Key logistics enterprises reported a 4.5% year-on-year growth in logistics business revenue, reflecting improved operational activity [5] - The cost per hundred yuan of revenue decreased to 95.5 yuan, leading to a slight improvement in profit margins [5] - The logistics sector is expected to stabilize and recover in the fourth quarter, supported by traditional peak seasons and government policies aimed at enhancing logistics efficiency [5]

国际物流缓中趋稳，进口物流结构优化进程加快。前8个月，进口货物物流总额同比下降1.9%，降幅较 前7个月收窄0.5个百分点；8月份当月同比增长1.9%，增速环比提升0.5个百分点，连续3个月小幅增 长，进口物流呈现企稳态势。 中国物流信息中心物流统计处副处长孟圆对《证券日报》记者表示，今年以来，一揽子宏观政策持续发 力，促进多领域物流需求保持较快增长。前8个月，我国物流运行基础持续巩固，向好态势更趋明显。 具体来看，工业品物流运行呈现增速趋稳、结构持续转型升级的特点。前8个月，工业品物流总额累计 同比增长5.5%，增速较前7个月回落0.2个百分点；8月份当月同比增长4.8%，较7月份回落0.2个百分 点，整体增长趋于平稳。 消费物流保持稳定，新业态驱动增强。前8个月，单位与居民物品物流总额同比增长6.5%，增速较前7 个月提高0.3个百分点，显示消费相关物流需求恢复有所加快。 9月29日，中国物流与采购联合会、中国物流信息中心发布数据显示，前8个月，全国社会物流总额达 229.4万亿元，按可比价格计算，同比增长5.2%，增速与前7个月基本持平；8月份当月增长4.8%，增速 比7月份回落0.1个百分点。 从市场 ...

Group 1: Industry Outlook - The demand for automotive logistics and cold chain logistics is expected to continue growing, emphasizing high technology, speed, efficiency, and quality, along with higher safety and environmental standards [2][3] Group 2: Shareholder Returns - The company has a three-year dividend plan (2024-2026) with a total cash dividend of 693 million CNY over the last three years, including the 2024 proposal [3] - For the 2024 fiscal year, the proposed cash dividend is 0.61 CNY per 10 shares, totaling 270 million CNY [3] Group 3: Business Operations - The company provides automotive logistics services primarily to major manufacturers such as FAW Group, Dongfeng Motor Group, and BYD, ensuring efficient and safe delivery of vehicles [3] - In 2024, the company transported 7.518 million vehicles, a year-on-year increase of 9.8% [4] Group 4: Financial Performance - In 2024, the company achieved an operating revenue of 11.267 billion CNY and a net profit of 667 million CNY; in Q1 2025, the revenue was 2.582 billion CNY with a net profit of 172 million CNY [4] Group 5: Future Development - The company aims to enhance its market development and operational management across various business segments, focusing on high-quality growth and adapting to market changes in 2025 [3][4]

Core Viewpoint - The logistics industry plays a crucial role in connecting production and consumption, enhancing the value chain, and supporting the modern circulation system, which is essential for high-quality economic development in Jiangsu Province [1] Group 1: Logistics Cost Reduction Initiatives - Jiangsu aims to reduce the ratio of total social logistics costs to GDP from 15.4% in 2012 to 12.9% by 2024, positioning itself as a leader nationally [1] - The Jiangsu Provincial Development and Reform Commission has outlined key measures to lower logistics costs, targeting a reduction to around 12% by 2027, which would be 1.5 percentage points below the national average [2] Group 2: Enhancing Logistics Efficiency - Jiangsu's logistics sector has seen significant achievements, with a total water and rail freight volume of 1.31 billion tons in 2024, a year-on-year increase of 3.7%, and waterway freight volume exceeding the national average by 19.4 percentage points [2] - The province plans to construct over 1,100 kilometers of secondary and above waterways and 2,800 kilometers of tertiary and above mainline waterways by 2027 [2] Group 3: Strengthening Logistics Infrastructure - Jiangsu has established 8 national logistics hubs and 4 national cold chain logistics bases, ranking among the top in the country [3] - The province aims to enhance the capabilities of national logistics hubs and promote regional logistics collaboration in the Yangtze River Delta [3] Group 4: Supply Chain Cost Management - Jiangsu is focusing on developing modern supply chain management enterprises and aims to add 80 provincial-level key logistics companies by 2027 [4] - The province is promoting the integration of logistics with advanced manufacturing and modern agriculture to enhance competitiveness [5] Group 5: Innovation in Logistics Models - Jiangsu is leveraging its strengths in technology to promote new logistics models, including low-altitude logistics and smart logistics infrastructure [6] - By 2027, the province plans to establish around 10 new logistics parks with advanced features [6] Group 6: Regulatory and Policy Support - Jiangsu is implementing reforms to improve the business environment in the logistics sector, including fee reductions for container transport vehicles [7] - The province is enhancing financial support for logistics infrastructure projects and promoting talent development in the logistics field [8]