Core Viewpoint - The recent resignation of Zhou Guohui as General Manager of Yiatong marks the first leadership change in 21 years, with Chen Weimin, a veteran executive, taking over the role amid declining financial performance and regulatory scrutiny [1][2][3]. Company Leadership Change - Zhou Guohui, the founder and a pivotal figure in Yiatong's development, resigned as General Manager but remains as Chairman [1][2]. - Chen Weimin, who has been with the company for 21 years and held various senior positions, has been appointed as the new General Manager [1][6][7]. Financial Performance - Yiatong reported a total revenue of 77.616 billion yuan for 2024, a decrease of 17.8% year-on-year, with net profit dropping by 24.92% to 106 million yuan [4]. - The company's traditional supply chain business faced significant pressure, with revenues declining by 20.89% to 68.868 billion yuan [4]. - The emerging AI computing supply chain business showed growth, achieving revenues of 827 million yuan, a 27.30% increase [4]. - In the first quarter of 2025, Yiatong's total revenue was 17.638 billion yuan, down 13.14% year-on-year, while net profit increased by 7.08% to 22.097 million yuan [5]. Regulatory Context - In April 2023, Yiatong received a warning from the Shenzhen Securities Regulatory Bureau due to irregularities in corporate governance and financial disclosures, which may have influenced the leadership change [3]. Strategic Direction - Chen Weimin aims to continue Yiatong's strategy of expanding its supply chain services and enhancing compliance governance, focusing on a "1+N" model to serve major clients and industry leaders [7].

Core Viewpoint - The launch of the Global Investment Promotion for the China-Africa Economic and Trade Headquarters Base marks a significant step in enhancing China-Africa economic cooperation, showcasing a new model of chain cooperation among enterprises in various sectors [1][2]. Group 1: Event Overview - The event attracted over 40 leaders from China-Africa economic and trade industry chain enterprises and several international friends, covering areas such as supply chain services, cross-border e-commerce, digital trade, and health industry [1]. - Eight initial intended resident enterprises signed strategic cooperation framework agreements with local groups, establishing a new model of "leading enterprises settling in - supporting enterprises following - service enterprises coexisting" [1]. Group 2: Project Details - The China-Africa Economic and Trade Headquarters Base is a collaborative project between the Changsha Yuhua District Government and China State Construction Engineering Corporation, serving as a key platform for deepening cooperation between Hunan Free Trade Zone and Africa [2]. - The project aims to transform the area from a "single trade window" to a "full-chain ecological hub," integrating headquarters economy, exhibition economy, and industry convergence [2]. - By the end of June 2023, all main structural construction is expected to be completed, with the project projected to generate over $10 billion in foreign trade within five years after its completion in 2027 [2].

Core Points - The company, Milkway Intelligent Supply Chain Service Group Co., Ltd., has maintained its credit rating of "AA-" for both its corporate and bond ratings, with a stable outlook [1][2] - The tracking rating report was issued by the credit rating agency, United Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status and industry development [2] Summary by Category Credit Rating - Previous bond rating was "AA-" and the corporate credit rating was also "AA-" with a stable outlook [1] - The current bond rating remains "AA-" and the corporate credit rating is still "AA-" with a stable outlook, indicating no change from the previous rating [2] Rating Agency - The tracking credit rating was conducted by United Credit Rating Co., Ltd., with the report dated June 7, 2024 [1][2] - The detailed tracking rating report is available on the Shanghai Stock Exchange website for investors to review [2]

Group 1 - The "Opinions" issued by the Central Committee and the State Council aim to deepen reform and expand openness in Shenzhen, enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area and contributing to the modernization of the country [1] - The Opinions emphasize the need to improve financial services for the real economy, supporting Shenzhen in conducting integrated financial pilot projects for technology industries [1] - The Opinions propose reforms for the market-oriented allocation of data elements, including the establishment of trading rules and standards, and support for data trading and distribution mechanisms [1] Group 2 - Shenzhen-based company Dongfang Jiasheng Supply Chain Co., Ltd. aligns its business with the Opinions, focusing on data element marketization and service trade innovation [2] - Dongfang Jiasheng leverages its position in the Qianhai Free Trade Zone and Yantian Bonded Zone to implement a global center warehouse model for integrated storage management [2] - The company is experiencing rapid growth in its cross-border e-commerce logistics business, with a focus on building a multimodal transport network [2] Group 3 - Shenzhen-based company Shenkeda specializes in manufacturing new display process equipment for consumer electronics and semiconductor packaging, showcasing strong competitive advantages in the AI and advanced manufacturing sectors [3] - Shenkeda has established extensive collaborations with well-known domestic and international consumer electronics manufacturers, creating a robust industrial ecosystem [3] - The company is positioned to play a significant role in the implementation of policies, contributing to the advancement of new industries in Shenzhen and invigorating regional economic development [3]

信用等级通知书 东方金诚债跟踪评字【2025】0053 号 深圳市怡亚通供应链股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"22 怡亚 01"、"23 怡亚 01"、"23 怡亚 02"、"23 怡亚 03"、"24 怡亚 01"、"24 怡亚通 MTN001"的信用状况进行了跟踪评级， 经信用评级委员会评定，此次跟踪评级维持贵公司主体信用等级为 AA，评级展望为稳定，同时维持上述债项信用等级为 AAA。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月九日 0053 号 东方金诚债跟踪评字【2025】 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），本公司声明如下： 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 评级对象和第三方组织或个人的干预和影响。 性、真实性、准确性、完整性均由资料提供方和/或发布方负责，东方金诚按照相关 性、 可靠性、及时性 ...

Group 1 - The Chinese government has announced the third batch of pilot cities for the digital transformation of small and medium-sized enterprises (SMEs), with 35 cities including Foshan, Luoyang, and Mianyang, bringing the total to 101 cities [1] - The central government is providing financial support focused on key areas of the digital economy, addressing the challenges SMEs face in digital transformation, such as reluctance and lack of knowledge [1] - Shenzhen Yiyaton Supply Chain Co., Ltd. is leveraging its two core businesses, "Xiao Yi Jia" digital B2B platform and Zhuoyou Cloud Intelligence, to address the digital transformation challenges faced by SMEs through differentiated approaches [1] Group 2 - The "Xiao Yi Jia" platform utilizes a decentralized business model to reshape the distribution value chain, becoming a key support for SMEs reluctant to digitize [2] - The platform integrates brand resources and provides digital tools to match supply and demand, reducing channel costs to 15% and average distribution costs by nearly 10% [2] - By 2024, "Xiao Yi Jia" has expanded to cover over 300 operators and more than 200,000 sales terminals across 18 provinces and over 100 cities, achieving a year-on-year growth of over 300% [2] Group 3 - Zhuoyou Cloud Intelligence focuses on the pain points of SMEs that are hesitant or lack the ability to transform, offering customized solutions and domestic technology collaboration [3] - The company provides a full-stack support system from hardware integration to software services, helping clients in various sectors build intelligent operation platforms [3] - In 2024, Zhuoyou's AI computing power business revenue reached 827 million yuan, reflecting a year-on-year growth of 27.30%, indicating market recognition of its customized model [3] Group 4 - Yiyaton's ecosystem extends its value through industry chain collaboration, addressing SMEs' pain points in resources, technology, and channels [4] - The dual engines of Yiyaton aim to deepen inclusive value, with "Xiao Yi Jia" breaking resource barriers and Zhuoyou dismantling transformation obstacles [4] - This collaborative model supports SMEs in progressing from "cloud usage and data" to "intelligent innovation," contributing to the high-quality development of China's real economy [4]

Core Viewpoint - The report outlines the adjustment of the conversion price for the convertible bonds issued by Milkway Intelligent Supply Chain Service Group Co., Ltd., following the company's profit distribution plan for 2024, which involves a cash dividend of 7.1 yuan per 10 shares [15][16]. Group 1: Bond Issuance Overview - The total amount of convertible bonds approved for issuance is up to 872.39 million yuan, with 8,723,880 bonds issued at a face value of 100 yuan each, raising a net amount of 861.44 million yuan [4][5]. - The bonds have a term of 5 years, from September 16, 2022, to September 15, 2027, with an interest rate that increases from 0.3% in the first year to 2.0% in the fifth year [5][6]. Group 2: Conversion Price Adjustment - The initial conversion price was set at 134.55 yuan per share, which will be adjusted based on the company's actions such as stock dividends and cash dividends [6][8]. - Following the profit distribution plan, the conversion price has been adjusted from 56.43 yuan to 55.72 yuan per share, effective from June 5, 2025 [15][16]. Group 3: Management and Oversight - China International Capital Corporation (CICC) serves as the sponsor and trustee for the bonds, ensuring the protection of bondholders' rights and interests [3][16]. - CICC will continue to monitor the issuer's ability to repay the principal and interest of the bonds and any other significant matters affecting bondholders [16].

证券代码：600180 证券简称：瑞茂通 公告编号：临 2025-033 债券代码：255290.SH 债券简称：24 瑞茂 01 债券代码：255553.SH 债券简称：24 瑞茂 02 瑞茂通供应链管理股份有限公司 关于公司 2025 年度对外担保额度预计的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 被担保人名称：瑞茂通供应链管理股份有限公司（以下简称"公司" 或"上市公司"或"瑞茂通"）全资子公司郑州嘉瑞供应链管理有限 公司（以下简称"郑州嘉瑞"），参股子公司杭州德通物产有限公司 （以下简称"德通物产"）、烟台牟瑞供应链管理有限公司（以下简 称"烟台牟瑞"），上述主体均非上市公司关联人。 ? 是否涉及反担保：否 ? 对外担保逾期的累计数量：无 一、担保情况概述 公司的全资子公司郑州嘉瑞同郑州银行股份有限公司金水支行开展业务， 为保证相应业务的顺利开展，公司与该银行签署了《最高额保证合同》，公司 在 35,000 万元担保额度范围内，为郑州嘉瑞提供连带责任保证担保。 公司的参股子公司德通物 ...

Group 1 - The third Chain Expo is set to take place in July, with a strong call for participation from American businesses, highlighting the event's significance amid global trade uncertainties [1] - The Chain Expo aims to address supply chain risks and enhance resilience through deep integration of global supply chains, promoting a collaborative development model [2][3] - The event will feature six major supply chains, including advanced manufacturing, clean energy, and digital technology, emphasizing international cooperation and new business models [2] Group 2 - The Chain Expo has become a crucial platform for businesses to connect and collaborate, with significant participation from ASEAN countries, indicating a focus on building a stable regional supply chain [4] - Since its inception, the Chain Expo has facilitated hundreds of cooperation agreements worth over 300 billion, demonstrating its effectiveness in enhancing business visibility and generating growth [4] - The upcoming expo will showcase innovative products and technologies, reinforcing the importance of open collaboration in driving industry trends and development [6][7]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds, "Miwei Convertible Bonds," due to the implementation of its 2024 profit distribution plan, which includes a cash dividend of 7.1 yuan per 10 shares [1][5]. Summary by Sections Convertible Bond Adjustment - The previous conversion price was 56.43 yuan per share, which has been adjusted to 55.72 yuan per share [2][5]. - The effective date for the new conversion price is June 5, 2025 [2][5]. Issuance Details - The company raised a total of 872.388 million yuan through the issuance of convertible bonds, which have a term of five years from September 16, 2022, to September 15, 2027, with a coupon rate of 0.3% for the first year and 0.5% for the second year [2][3]. Conversion Price Adjustment Basis - The adjustment of the conversion price is based on the terms outlined in the prospectus, which stipulates that the conversion price will be modified in response to stock dividends, capital increases, and cash dividends [3][4]. - The formula used for the adjustment is P1 = P0 - D, where P1 is the adjusted conversion price, P0 is the previous conversion price, and D is the cash dividend per share [5].