Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1] Core Insights - The report indicates that the turning point for the China-Mongolia business has arrived, with the daily traffic volume at the Ganqimaodu port steadily increasing, short-distance freight rates stabilizing and rising, and the price of Mongolian coking coal continuing to recover, collectively driving the performance of Jiao You International into a recovery phase [3] Summary by Sections Traffic Volume and Freight Rates - The daily traffic volume at Ganqimaodu port from March 23 to March 26 was 1,400 vehicles per day (excluding closed days), representing a week-on-week increase of 3.6% and a year-on-year increase of 48.0%. Cumulatively, as of 2026, the total traffic volume at Ganqimaodu port reached 82,504 vehicles, a year-on-year increase of 41.7% [5] - The import and export cargo volume at Ganqimaodu port showed significant year-on-year growth, with a total cargo volume of 10.24 million tons as of March 15, 2026, reflecting a year-on-year increase of 35%. By the end of Q3 2025, the cumulative import and export cargo volume was 30.03 million tons, with a gradual narrowing of the year-on-year decline, and an annual total of 43.06 million tons, marking a year-on-year increase of 6% [5] Freight Rate Trends - Short-distance freight rates stabilized and rose, with the average rate in H1 2025 down by 34.5% due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the average short-distance freight rate has stabilized in the range of 60-70 yuan/ton. As of March 23-27, 2026, the average short-distance freight rate was 65 yuan/ton, unchanged from the previous period but up 8.3% year-on-year [5] Financial Performance - Jiao You International reported revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, with a net profit attributable to shareholders of 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company achieved revenue of 6.570 billion yuan, a year-on-year increase of 0.40%, and a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of the net profit decline were primarily due to the recovery of cross-border business and the rise in coking coal prices [5] - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan/ton. With the ongoing "anti-involution" policy, coal prices have stabilized and risen, leading to a gradual recovery in demand for Mongolian coal imports, which in turn has driven the daily traffic volume and short-distance freight rates at Ganqimaodu port to rise [5] - The company has a strong competitive advantage due to its strategic positioning in core logistics infrastructure at the port and is effectively consolidating its leading position and market share in the China-Mongolia business [5]

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry, specifically for the company 嘉友国际 [3][4]. Core Insights - The report indicates that the 中蒙 business has reached a turning point, with the 甘其毛都 port's daily traffic steadily recovering, short-distance freight rates stabilizing and increasing, and the price of Mongolian coking coal continuing to rebound, collectively driving 嘉友国际's performance into a recovery phase [2][3]. Summary by Relevant Sections Port Traffic - The daily traffic at 甘其毛都 port averaged 1,351 vehicles per day from March 16 to March 22, 2026, which is a decrease of 2.8% week-on-week but an increase of 55.7% year-on-year. Cumulatively, 76,905 vehicles have passed through the port in 2026, representing a year-on-year increase of 38.8% [3]. Freight Volume - The import and export freight volume at 甘其毛都 port has shown significant year-on-year growth, with a total freight volume of 10.24 million tons as of March 15, 2026, marking a 35% increase. By the end of Q3 2025, the cumulative import and export volume reached 30.03 million tons, with a narrowing year-on-year decline, and an expected total of 43.06 million tons for the year, reflecting a year-on-year increase of 6% [3]. Freight Rates - Short-distance freight rates have stabilized and are on the rise. In the first half of 2025, the average short-distance freight rate was down 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, as demand has rebounded, the average short-distance freight rate has stabilized at 65 RMB/ton, with a year-on-year increase of 8.3% noted from March 16 to March 20, 2026 [3]. Financial Performance - 嘉友国际 reported revenue of 2.486 billion RMB in Q3 2025, a year-on-year increase of 30.61%, while the net profit attributable to shareholders was 313 million RMB, down 4.90% year-on-year. For the first three quarters of 2025, the company achieved revenue of 6.570 billion RMB, a slight increase of 0.40%, with a net profit of 874 million RMB, down 19.72% year-on-year. The revenue increase and narrowing net profit decline are attributed to the recovery of 中蒙 cross-border business and rising coking coal prices [3]. Market Outlook - The report suggests that with the ongoing "anti-involution" policy, coal prices are stabilizing and increasing, leading to a gradual recovery in demand for Mongolian coal. This is expected to drive the daily traffic at 甘其毛都 port and short-distance freight rates upward, contributing to continuous improvement in the company's performance. The company is positioned to leverage its strategic advantage in core logistics infrastructure and advance its "integrated trade and logistics" business model, solidifying its leading position and market share in the 中蒙 business [3].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1] Core Insights - The report indicates that the business turning point for the China-Mongolia logistics sector has arrived, with the steady recovery of traffic at the Ganqimaodu port, stabilization of short-distance freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the performance of JIAYOU International into a recovery phase [3] Summary by Relevant Sections - **Traffic Recovery at Ganqimaodu Port**: From March 2 to March 5, the average daily traffic at Ganqimaodu port was 1,405 vehicles per day (excluding closed days), representing a week-on-week increase of 7.7% and a year-on-year increase of 108.9%. Cumulatively, as of 2026, the total traffic at Ganqimaodu port reached 66,087 vehicles, up 38.3% year-on-year [5] - **Significant Growth in Import and Export Freight Volume**: As of March 3, 2026, the freight volume increased by 31% year-on-year to 8.2834 million tons. By the end of Q3 2025, the cumulative import and export volume at Ganqimaodu port was 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year increase of 6% [5] - **Stabilization of Short-Distance Freight Rates**: In the first half of 2025, short-distance freight rates averaged a year-on-year decrease of 34.5% due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the average short-distance freight rate stabilized in the range of 60-70 yuan/ton. As of March 2 to March 5, 2026, the average short-distance freight rate was 65 yuan/ton, unchanged from the previous period but up 8.3% year-on-year [5] - **Recovery in China-Mongolia Business and Improvement in Profitability**: JIAYOU International reported revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, with a net profit attributable to shareholders of 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company achieved revenue of 6.570 billion yuan, a year-on-year increase of 0.40%, and a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing decline in net profit were primarily due to the recovery of cross-border business and rising prices of coking coal [5] - **Long-term Competitive Advantage**: The company has established a strong competitive advantage by strategically positioning itself in core logistics infrastructure at the port and advancing an integrated "goods and trade" business model, effectively consolidating its leading position and market share in the China-Mongolia business [5]

Investment Rating - The report maintains an "Accumulate" rating for the logistics and warehousing industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][18]. Core Insights - The report highlights a turning point in the China-Mongolia business, with the steady recovery of traffic at the Ganqimaodu port, stabilizing short-haul freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the performance of Jiao You International into a recovery phase [2][4]. Summary by Sections Traffic and Freight Volume - The average daily traffic at Ganqimaodu port from February 23 to February 26 was 1,331 vehicles per day, representing an increase of 80.8% week-on-week and 53.1% year-on-year. Cumulatively, 49,684 vehicles have crossed the port in 2026, marking a year-on-year increase of 20.8% [4]. - In February 2026, the freight volume at Ganqimaodu port increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume reached 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year growth of 6% [4]. Freight Rates - Short-haul freight rates, which had dropped by 34.5% year-on-year in the first half of 2025 due to fluctuations in domestic demand for Mongolian coal, have stabilized in the range of 60-70 yuan per ton. The average short-haul freight rate for 2026 so far is 66 yuan per ton, with a rate of 65 yuan per ton recorded from February 24 to February 28, showing no change month-on-month and an increase of 8.3% year-on-year [4]. Company Performance - Jiao You International reported revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, while the net profit attributable to shareholders was 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company achieved revenue of 6.570 billion yuan, a slight increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The revenue increase and narrowing of net profit decline are attributed to the recovery of cross-border business and rising prices of coking coal [4]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. The ongoing "anti-involution" policy has stabilized coal prices, leading to a gradual recovery in demand for Mongolian coal, which in turn has boosted daily traffic and short-haul freight rates at Ganqimaodu port, contributing to continuous improvement in the company's performance [4].

Investment Rating - The report maintains an "Accumulate" rating for the logistics and warehousing industry [4]. Core Insights - The report indicates that the turning point for the China-Mongolia business has arrived, with a steady recovery in the traffic volume at the Ganqimaodu port, stabilizing short-haul freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the performance of JIAYOU International into a recovery phase [2]. Summary by Sections Traffic Volume and Freight Rates - The average daily traffic volume at Ganqimaodu port from February 23 to February 26 was 1,331 vehicles per day, representing an increase of 80.8% week-on-week and 53.1% year-on-year. Cumulatively, 49,684 vehicles have crossed the port in 2026, marking a year-on-year increase of 20.8% [4]. - The freight volume at Ganqimaodu port saw a significant year-on-year increase of 218% in February 2026, reaching 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume was 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year growth of 6% [4]. - Short-haul freight rates have stabilized and increased. In the first half of 2025, the average short-haul freight rate dropped by 34.5% due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the average short-haul freight rate has stabilized in the range of 60-70 RMB/ton, with a cumulative average of 66 RMB/ton in 2026. From February 24 to February 28, the average short-haul freight rate was 65 RMB/ton, unchanged from the previous period but up 8.3% year-on-year [4]. Financial Performance - JIAYOU International reported revenue of 2.486 billion RMB in Q3 2025, a year-on-year increase of 30.61%, while the net profit attributable to shareholders was 313 million RMB, down 4.90% year-on-year. For the first three quarters of 2025, the company achieved revenue of 6.570 billion RMB, a slight increase of 0.40%, with a net profit of 874 million RMB, down 19.72% year-on-year. The increase in revenue and the narrowing decline in net profit are attributed to the recovery of cross-border business and rising prices of coking coal [4]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 RMB/ton. The ongoing "anti-involution" policy has stabilized coal prices, leading to a gradual recovery in demand for Mongolian coal, which in turn has boosted the daily traffic volume and short-haul freight rates at Ganqimaodu port, contributing to the continuous improvement in the company's performance [4]. - Long-term, the company has established a strong competitive advantage by strategically positioning itself in core logistics infrastructure at the port and advancing an integrated "goods and trade" business model, effectively consolidating its leading position and market share in the China-Mongolia business [4].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1] Core Insights - The report indicates that the turning point for the China-Mongolia business has arrived, with a steady recovery in the traffic volume at the Ganqimaodu port, stabilization and upward movement in short-distance freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the company's performance into a recovery phase [3] Summary by Sections Traffic Volume and Freight Rates - The average daily traffic volume at Ganqimaodu port from February 9 to February 11 was 1,171 vehicles per day, a decrease of 4.3% week-on-week but an increase of 6.1% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 41,734 vehicles, representing a year-on-year increase of 42.5% [5] - In February 2026, the cargo volume at Ganqimaodu port increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export cargo volume was 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year growth of 6% [5] - Short-distance freight rates have stabilized and risen, with an average rate of 66 yuan per ton in 2026 so far. From February 9 to February 13, the average short-distance freight rate was 65 yuan per ton, unchanged from the previous period but up 8.3% year-on-year [5] Company Performance - In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a year-on-year decrease of 4.90%. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of net profit decline were primarily due to the recovery of cross-border business and rising prices of coking coal [5] - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. With the ongoing "anti-involution" policy, coal prices have stabilized and risen, leading to a gradual recovery in Mongolian coal import demand, which in turn has boosted the daily traffic volume and short-distance freight rates at Ganqimaodu port, resulting in continuous improvement in the company's performance [5] - The company has established a strong competitive advantage by strategically positioning itself in core logistics infrastructure at the port and is effectively consolidating its leading position and market share in the China-Mongolia business through the promotion of an integrated "goods and trade" business model [5]

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1]. Core Insights - The turning point for the China-Mongolia business has arrived, with the traffic volume at the Ganqimaodu port steadily recovering, short-distance freight rates stabilizing and rising, and the price of Mongolian coking coal continuing to rebound, collectively driving the company's performance into a recovery phase [2]. Summary by Relevant Sections - **Traffic Volume at Ganqimaodu Port**: From February 2 to February 9, the average daily traffic volume was 1,318 vehicles/day (excluding closed days), a decrease of 8.7% week-on-week but an increase of 57.9% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 36,148 vehicles, up 48.1% year-on-year [5]. - **Import and Export Freight Volume**: In February 2026, the freight volume increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume at Ganqimaodu port was 30.0266 million tons, with a narrowing year-on-year decline, and a total of 43.0585 million tons for the year, reflecting a year-on-year increase of 6% [5]. - **Short-Distance Freight Rates**: In the first half of 2025, short-distance freight rates averaged a decrease of 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the rates stabilized in the range of 60-70 yuan/ton. As of 2026, the average short-distance freight rate was 66 yuan/ton, with a week-on-week change of 0.0% and a year-on-year increase of 8.3% [5]. - **Recovery of China-Mongolia Business**: In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a year-on-year decrease of 4.90%. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of net profit decline were primarily due to the recovery of cross-border business and the rise in coking coal prices [5]. - **Long-term Competitive Advantage**: The company has a strong core competitive advantage by strategically positioning itself in key logistics infrastructure at the port and advancing an integrated "goods and trade" business model, effectively consolidating its leading position and market share in the China-Mongolia business [5].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1]. Core Insights - The turning point for the China-Mongolia business has arrived, with the traffic volume at the Ganqimaodu port steadily recovering, short-distance freight rates stabilizing and rising, and the price of Mongolian coking coal continuing to rebound, collectively driving the company's performance into a recovery phase [2]. Summary by Relevant Sections - **Traffic Volume at Ganqimaodu Port**: From February 2 to February 9, the average daily traffic volume was 1,318 vehicles/day (excluding closed days), a decrease of 8.7% week-on-week but an increase of 57.9% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 36,148 vehicles, up 48.1% year-on-year [5]. - **Import and Export Freight Volume**: In February 2026, the freight volume increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume at Ganqimaodu port was 30.0266 million tons, with a narrowing year-on-year decline, and a total of 43.0585 million tons for the year, reflecting a year-on-year increase of 6% [5]. - **Short-Distance Freight Rates**: In the first half of 2025, short-distance freight rates averaged a decrease of 34.5% due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the average short-distance freight rate stabilized in the range of 60-70 yuan/ton. As of 2026, the cumulative average short-distance freight rate was 66 yuan/ton, with an average of 65 yuan/ton from February 2 to February 6, showing no change month-on-month but an increase of 8.3% year-on-year [5]. - **Recovery of China-Mongolia Business**: In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a decrease of 4.90% year-on-year. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing decline in net profit were primarily due to the recovery of cross-border business and the rise in coking coal prices [5]. - **Long-term Competitive Advantage**: The company has a strong core competitive advantage by strategically positioning itself in the core logistics infrastructure of the port and is effectively advancing the "integrated trade and logistics" business model, which consolidates its leading position and market share in the China-Mongolia business [5].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [5]. Core Insights - The report highlights a turning point in the China-Mongolia business, with the steady recovery of traffic at the Ganqimaodu port, stabilization and upward trend in short-distance freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the company's performance into a recovery phase [2]. Summary by Sections Traffic and Freight Volume - The daily traffic at Ganqimaodu port has shown a steady increase, with an average of 1,495 vehicles per day from January 26 to January 29, 2026, representing a week-on-week increase of 22.2% and a year-on-year increase of 258.9%. Cumulatively, from the beginning of 2026, the port has recorded a total of 29,642 vehicles, up 37.2% year-on-year [5]. - The import and export cargo volume at Ganqimaodu port has also seen significant year-on-year growth, with January 2026 cargo volume increasing by 58% to 2.4532 million tons. By the end of Q3 2025, the cumulative cargo volume was 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year increase of 6% [5]. Freight Rates - Short-distance freight rates have stabilized and begun to rise. In the first half of 2025, the average short-distance freight rate was down 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, with the recovery in demand, the average short-distance freight rate has stabilized in the range of 60-70 yuan per ton, with a cumulative average of 66 yuan per ton in 2026. From January 26 to January 30, 2026, the average short-distance freight rate was 65 yuan per ton, unchanged from the previous period but up 8.3% year-on-year [5]. Company Performance - The report indicates that Jiayou International achieved revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, with a net profit attributable to shareholders of 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company reported revenue of 6.570 billion yuan, a slight increase of 0.40% year-on-year, and a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of the net profit decline are attributed to the recovery of cross-border business with Mongolia and the rise in coking coal prices [5]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. With the ongoing "anti-involution" policy, coal prices have stabilized and begun to rise, leading to a gradual recovery in demand for Mongolian coal, which in turn has driven the daily traffic and short-distance freight rates at Ganqimaodu port to rise, resulting in continuous improvement in the company's performance. The company has established a strong competitive advantage through strategic positioning in core logistics infrastructure at the port and is effectively consolidating its leading position and market share in the China-Mongolia business [5].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [5]. Core Insights - The report highlights a turning point in the China-Mongolia business, with the steady recovery of traffic at the Ganqimaodu port, stabilization and upward trend in short-distance freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the company's performance into a recovery phase [2]. Summary by Sections Traffic and Freight Volume - The daily traffic at Ganqimaodu port has shown a steady increase, with an average of 1,495 vehicles per day from January 26 to January 29, 2026, representing a week-on-week increase of 22.2% and a year-on-year increase of 258.9%. Cumulatively, from the beginning of 2026, the port has recorded a total of 29,642 vehicles, up 37.2% year-on-year [5]. - In January 2026, the freight volume at Ganqimaodu port increased by 58% year-on-year to 2.4532 million tons. By the end of Q3 2025, the cumulative import and export volume reached 30.0266 million tons, with a gradual narrowing of the year-on-year decline, achieving a total of 43.0585 million tons for the year, up 6% year-on-year [5]. Freight Rates - Short-distance freight rates have stabilized and are on the rise. In the first half of 2025, the average short-distance freight rate was down 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, with the recovery in demand, the average short-distance freight rate has stabilized in the range of 60-70 yuan per ton. As of January 26-30, 2026, the average short-distance freight rate was 65 yuan per ton, unchanged from the previous period but up 8.3% year-on-year [5]. Company Performance - The report indicates that Jiayou International achieved revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, with a net profit attributable to shareholders of 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company reported revenue of 6.570 billion yuan, a slight increase of 0.40% year-on-year, and a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of the net profit decline are attributed to the recovery of cross-border business and the rise in coking coal prices [5]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. The ongoing "anti-involution" policy has stabilized coal prices, leading to a gradual recovery in demand for Mongolian coal, which in turn has boosted daily traffic and short-distance freight rates at Ganqimaodu port, contributing to the continuous improvement in the company's performance. The company has established a strong competitive advantage through strategic positioning in core logistics infrastructure and is effectively consolidating its leading position and market share in the China-Mongolia business [5].