Core Points - The company, Guangzhou Jiacheng International Logistics Co., Ltd., is set to pay interest on its convertible bonds, "Jiacheng Convertible Bonds," starting from August 29, 2025, for the period from September 1, 2024, to August 31, 2025 [1][4] Summary by Sections Convertible Bond Issuance Overview - Bond Name: Jiacheng Convertible Bonds - Bond Code: 113656 - Total Issuance Size: 800 million RMB, with 8 million bonds issued [1][2] - Bond Term: Six years, from September 1, 2022, to August 31, 2028 [2] - Interest Rates: 0.30% for the first year, 0.40% for the second year, 0.80% for the third year, 1.50% for the fourth year, 2.00% for the fifth year, and 3.00% for the sixth year [2][3] Interest Payment Plan - The interest payment for the third year will be 0.80 RMB per bond (including tax) [4] - Interest payment dates are set as follows: - Interest Record Date: August 29, 2025 - Ex-Dividend Date: September 1, 2025 - Interest Payment Date: September 1, 2025 [4] Payment Method - The company has appointed China Securities Depository and Clearing Corporation Limited Shanghai Branch to handle the interest payment [5] - Investors will receive their interest through designated payment institutions [5] Taxation on Interest Income - Individual investors are subject to a 20% tax on interest income [5] - Non-resident enterprises, including QFII and RQFII, are exempt from corporate income tax on interest income until December 31, 2025 [5] Contact Information - Company Address: No. 8 Junma Avenue, Dongchong Town, Nansha District, Guangzhou - Contact Phone: 020-34631836 [6][7]

Core Viewpoint - Binhai TEDA Logistics (08348.HK) reported a significant decline in revenue for the six months ending June 30, 2025, while net profit showed an increase compared to the previous year [1] Financial Performance - Total revenue for the period was approximately RMB 1.21 billion, representing a decrease of about 35.35% year-on-year [1] - The profit attributable to the company's owners for the period was approximately RMB 969,000, which is an increase of about 59.11% compared to the same period last year [1] - Earnings per share were approximately RMB 0.03, compared to RMB 0.02 for the same period in 2024 [1]

（文章来源：每日经济新闻） 东航物流（SH 601156，收盘价：14.64元）8月20日晚间发布公告称，因工作安排原因，东方浩先生申 请辞去公司第三届董事会董事、战略委员会委员职务。 2024年1至12月份，东航物流的营业收入构成为：物流行业占比99.94%，其他业务占比0.06%。 ...

北京世辉律师事务所 关于德邦物流股份有限公司 法律意见书 致：德邦物流股份有限公司 北京世辉律师事务所（以下简称"本所"）为具有从事法律业务资格的律师事 务所。本所接受德邦物流股份有限公司（以下简称"公司"）的委托，指派本所律 师根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券 法》"）《上市公司股东会规则》等有关法律、法规、规范性文件（以下统称"法 律法规"）及《德邦物流股份有限公司章程》（以下简称"《公司章程》"）的规定， 就公司 2025 年第一次临时股东会（以下简称"本次股东会"）相关事宜出具本法 律意见书。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 为出具本法律意见书，本所律师查阅了公司提供的有关本次股东会的相关文 件。在本法律意见书中，本所律 ...

Core Viewpoint - UBS report indicates that JD Logistics' revenue growth of 17% year-on-year in the second quarter surprised the market, with profits meeting expectations [1] Financial Performance - Management expresses greater confidence in achieving annual growth targets, aiming for double-digit growth in total revenue and single-digit growth in non-IFRS net profit [1] - Due to optimistic sentiment, UBS has revised financial forecasts, projecting a 16% revenue growth and a 6.5% increase in non-IFRS net profit for the year [1] Strategic Initiatives - The company is considering the potential contribution of its newly launched food delivery service, which may lead to revenue growth exceeding market expectations [1] Target Price Adjustment - UBS raises the target price for the company from HKD 17.4 to HKD 18, maintaining a "Buy" rating [1]

Core Points - The company announces a delay in the election of the new board of directors and supervisory board due to ongoing preparations for the transition [1] - The current terms of the fourth board of directors and supervisory board will be extended until the new elections are completed [1] - The company is actively preparing for the revision of management systems and reforms of the supervisory board in accordance with the new Company Law [1] Company Operations - The delay in the board and supervisory board elections will not affect the normal operations of the company [1] - Current board members and supervisors will continue to fulfill their responsibilities according to legal regulations and the company's articles of association until the elections are held [1]

Core Viewpoint - The company's Q2 2025 performance met expectations, with significant growth in supply chain business and the launch of full-time delivery rider services, indicating potential for enhanced network collaboration [1][2]. Financial Performance - Q2 2025 revenue reached 51.56 billion yuan, a year-on-year increase of 17% - Non-IFRS net profit was 2.59 billion yuan, up 5% year-on-year, with a non-IFRS net profit margin of 5.0%, down 0.5 percentage points year-on-year [1]. - Integrated supply chain customer revenue grew by 26% year-on-year to 26.9 billion yuan, with external customer revenue increasing by 18% to 9.1 billion yuan [1]. Cost and Expense Analysis - Operating costs rose by 18% year-on-year, with employee benefits and outsourcing costs both increasing by 21% - Gross margin decreased by 1.3 percentage points to 10.6% due to increased costs associated with the expansion of delivery services [2]. - The company employed over 660,000 staff, including full-time delivery riders, an increase of approximately 180,000 from the end of 2024 [2]. Development Trends - The company began recruiting and managing full-time riders in Q2 2025, participating in JD's delivery services and launching instant retail services [2]. - The integration of delivery riders with existing logistics networks is expected to enhance delivery efficiency and capacity flexibility [2]. - Continued investment in internationalization and automation, including the launch of a self-operated express brand in Saudi Arabia and the development of self-researched light trucks [2]. Profit Forecast and Valuation - The company's non-IFRS net profit forecasts for 2025 and 2026 were revised down by 2.7% and 5.8% to 8.307 billion yuan and 8.883 billion yuan, respectively [3]. - The current stock price corresponds to 10.2 times and 9.4 times the non-IFRS P/E ratios for 2025 and 2026, with a target price of 18.50 HKD, indicating a potential upside of 32.5% [3].

Core Viewpoint - JD Logistics reported its 2Q25 earnings, showing a revenue increase of 17% YoY to Rmb51.56 billion and a non-IFRS net profit rise of 5% YoY to Rmb2.59 billion, aligning with expectations [1] Revenue Growth - The revenue from integrated supply chain customers increased by 26% YoY to Rmb26.9 billion, with JD Group's revenue rising 31% YoY to Rmb17.8 billion, driven by government subsidies and JD Food Delivery expansion [2] - Revenue from external integrated supply chain customers grew 18% YoY to Rmb9.1 billion, with the number of external customers increasing by 14% YoY to approximately 65,854, and average revenue per customer (ARPC) rising 4% YoY to about Rmb138,874 [2] Cost Analysis - The cost of revenue increased by 18% YoY in 2Q25, with employee benefit expenses rising 21% YoY, while gross profit margin fell by 1.3 percentage points YoY to 10.6% [3] - The firm employed over 660,000 in-house operational employees as of 1H25, an increase of about 180,000 compared to the end of 2024, indicating rising staff costs due to business expansion [3] Future Trends - The instant delivery business is expected to contribute incremental revenue, with the firm recruiting full-time riders for JD Food Delivery and launching integrated warehousing and delivery services [4] - The firm anticipates that food delivery riders will create synergies with the existing express delivery network, enhancing last-mile delivery efficiency and service flexibility [4] - Continued investments in internationalization and automation include launching the JoyExpress brand in Saudi Arabia and developing unmanned light-duty trucks [4] Financial Forecasts - The firm has revised its 2025 and 2026 non-IFRS net profit forecasts down by 2.7% and 5.8% to Rmb8,307 million and Rmb8,883 million, respectively [5] - The stock is currently trading at 10.2x 2025e and 9.4x 2026e non-IFRS P/E, with an OUTPERFORM rating and a target price of HK$18.50, implying a 32.5% upside [5]

Core Insights - JD Logistics has demonstrated strong strategic determination and growth quality, achieving total revenue of 98.53 billion yuan, a year-on-year increase of 14.1%, and adjusted net profit of 3.34 billion yuan, exceeding market expectations [1][9] Revenue Growth and Business Segments - The growth in revenue is driven by technological empowerment, network optimization, and refined management, with integrated supply chain customer revenue reaching 50.11 billion yuan, up 19.9% year-on-year, and a second-quarter growth rate of 26.3% [2] - The number of external integrated supply chain customers exceeded 70,000, with an average revenue per customer of 239,000 yuan, indicating robust growth across various sectors including home appliances, apparel, fast-moving consumer goods, and automotive [2] - Revenue from other customers, including express and freight services, reached 48.42 billion yuan in the first half of 2025 [2] Technological Advancements - JD Logistics focuses on cutting-edge technology applications, with self-developed products like "JD Logistics Super Brain" and "Wolf Pack" series driving cost reduction and efficiency improvements across the logistics chain [4] - The "JD Logistics Super Brain" enhances supply chain optimization, significantly improving retail site selection and marketing efficiency, while the "Wolf Pack" robots have revolutionized warehousing and delivery processes, achieving a fourfold increase in storage efficiency [4][5] Global Expansion - JD Logistics is expanding its international presence through the "Global Weaving Network" plan, establishing overseas warehouses in countries such as the USA, UK, Poland, South Korea, Vietnam, and Saudi Arabia, covering 23 countries and regions as of June 30, 2025 [6] - The company is enhancing its logistics capabilities in Hong Kong and Macau, with the launch of the Hong Kong operation center improving sorting efficiency and delivery times [8] Industry Leadership - JD Logistics' performance reflects its resilience as an industry leader, with a revenue growth rate of 14.1% leading the sector, showcasing the core value of integrated supply chain enterprises in the global industrial landscape [9]

Core Viewpoint - JD Logistics has demonstrated strong growth in its integrated supply chain solutions, with significant revenue increases and improved profitability in the first half of 2025, driven by market expansion and efficiency optimization [1][3]. Group 1: Financial Performance - In the first half of 2025, JD Logistics reported a revenue increase of 14.1% year-on-year, reaching 98.5 billion yuan (approximately 13.7 billion USD) [1]. - The integrated supply chain (ISC) solutions business generated 50.1 billion yuan, accounting for over half of total revenue, with a year-on-year growth of 19.9% [1]. - Non-IFRS profit for the first half was 3.3 billion yuan, reflecting a 7.1% increase, primarily due to improved resource utilization efficiency [3]. Group 2: Customer and Market Expansion - The number of external ISC customers grew to 73,713, marking a 14.5% increase, with an average revenue per external customer of approximately 239,000 yuan [1]. - In Q2, JD Logistics achieved a revenue of 51.6 billion yuan, contributing about 15% to JD Group's total revenue, with a year-on-year growth of 16.6% [3]. Group 3: Operational Developments - The company has expanded its self-operated warehouses in various countries, including the US, UK, Saudi Arabia, South Korea, and Vietnam, enhancing its global logistics services [4]. - JD Logistics has launched its self-operated B2C express service, JoyExpress, in Saudi Arabia, offering last-mile delivery with same-day or next-day service [3]. - The deployment of the "Smart Wolf" automated warehousing solution aims to enhance order fulfillment efficiency and reduce manual operations in the supply chain [4].