Financial Data and Key Metrics Changes - The company reported an EBITDA under management of BRL 7.4 billion, which is approximately BRL 1 billion lower than in 2024, primarily impacted by the results of MOVE, Haddad, and Raizen [3][4] - The net income for the period was negative BRL 1.2 billion, attributed to lower EBITDA and higher financial expenses [3] - Net debt remained relatively stable, slightly increasing compared to Q2 2025, with a debt service coverage ratio of one time [4][9] Business Line Data and Key Metrics Changes - Rumo experienced an increase in transported volumes but a reduction in average tariffs, resulting in a 4% increase in EBITDA [5] - Compass saw higher distributed volumes and an increase in the residential segment's participation, leading to a 6% growth in EBITDA [5] - Moove reported stable volumes compared to 2024, with a 13% increase in volume sold compared to Q2 2025, although EBITDA was 7% lower [6] - Raizen's sugarcane crushing increased due to favorable weather conditions, but lower sugar prices affected EBITDA [8] Market Data and Key Metrics Changes - The fuel distribution segment in Raizen showed healthy margins due to operations against irregular players, translating into higher profitability [8] Company Strategy and Development Direction - The company aims to improve its capital structure and has been exploring divestment options while preserving the quality of its portfolio [12][16] - The focus will be on integrating new shareholders and identifying growth options without pressure to sell assets at unfavorable prices [17][36] - The holding company will no longer serve as a vehicle for future investments, emphasizing efficiency and streamlining operations [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of the company following recent capital increases and the integration of new shareholders [14][15] - There is a sense of urgency to resolve capital structure challenges, particularly for Raizen, with expectations for solutions within six months rather than years [41][42] Other Important Information - The company has received approximately BRL 500 million in insurance proceeds related to the reconstruction of the Rio de Janeiro plant [6][40] - Significant changes in the board of directors were made in line with new shareholders' contributions, aimed at streamlining operations and enhancing efficiency [27][28] Q&A Session Summary Question: What was the allocation rationale in terms of supply and the outcome? - The company prioritized existing shareholders during the capital offerings, with significant demand indicating market confidence in the company's future [20][21] Question: What is the strategy considering the subsidiary companies, particularly Raizen? - Management acknowledged the need for urgent solutions for Raizen's capital structure and ongoing discussions with Shell to find a resolution [22][23][24] Question: Can you provide context on the changes in directors and their impact on Raizen? - Changes in the board were a consequence of new partners coming in, which are expected to positively influence the company's future [26] Question: What is the role of the holding company moving forward? - The holding company will focus on creating efficiencies and will not be used as a leveraging tool for future growth [36] Question: What is the timeline for resolving investments and the company's portfolio? - Management indicated a sense of urgency to resolve capital structure issues, with no need for fire sales of assets, focusing instead on strategic divestments [41][42] Question: Can you comment on the streamlining measures at the Holdco level? - The company has mapped a process to streamline operations, aiming for a significant reduction in annual expenses [44] Question: What is the divestment agenda and order of priority? - Radar is identified as the first asset for potential divestment, with further decisions based on capital allocation priorities [46]

Core Viewpoint - SF Holding reported a net profit attributable to shareholders of 2.57 billion yuan for Q3 2025, a year-on-year decrease of 8.5%, while achieving operating revenue of 78.4 billion yuan, a year-on-year increase of 8.2% [1] Group 1: Financial Performance - The total parcel volume reached 4.31 billion, reflecting a year-on-year growth of 33.4%, indicating a significant increase in market share [1] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 11.04 billion, 12.48 billion, and 14.09 billion yuan, respectively, with corresponding PE ratios of 18.5, 16.4, and 14.5 [1] Group 2: Business Strategy - The accelerated expansion of business scale is primarily attributed to the ongoing "activation operation" mechanism and strategic resource investment in 2025 [1] - The company is dynamically adjusting market strategies, implementing differentiated authorization in business regions, and shifting the incentive focus from scale-driven to value-driven [1] Group 3: Operational Improvements - SF Holding plans to fully integrate internal and external resources, deepen operational model innovation, and promote network and resource stratification to adapt to diverse logistics business development [1] - The company has raised the share repurchase amount for the first phase of 2025 to a scale of 1.5 to 3 billion yuan, demonstrating confidence in future development and long-term strategy [1]

>> 全国高速公路货车通行5783.2万辆，环比增长2.57%； >> 监测港口完成货物吞吐量26564.3万吨，环比下降1.09%，完成集装箱吞吐量644.1万标箱，环比下降 5.45%； 央视网消息：据交通运输部微信公众号消息，11月10日—11月16日，全国物流保通保畅运行数据： >> 国家铁路运输货物8179.7万吨，环比增长0.17%； >> 民航保障航班11.9万班（其中货运航班5646班，包括国际货运航班3820班，国内货运航班1826 班），环比增长0.87%； >> 邮政快递揽收量约44.19亿件，环比增长4.72%；投递量约44.4亿件，环比增长5.59%。 ...

Core Insights - Peru is the first Latin American country to sign a comprehensive free trade agreement with China and is one of the earliest participants in the Belt and Road Initiative, with trade between China and Peru reaching $19.149 billion from January to May 2025, a year-on-year increase of 30.7% [1] Trade and Economic Cooperation - China is Peru's largest trading partner, and the successful operation of the Chancay Port, set to begin in 2024, is expected to generate approximately $4.5 billion in annual economic benefits and create over 8,000 direct jobs [1] - The Chancay Port aims to become a key logistics hub connecting South America and Asia, significantly optimizing logistics efficiency and facilitating Sino-Peruvian trade [1][4] Consumer Trends in China - There is a rising trend in health-conscious consumption among Chinese consumers, leading to increased demand for Peruvian agricultural products such as blueberries, avocados, and quinoa [2] - The demand for convenience has surged, particularly among younger consumers, driving the growth of the frozen food market, prompting Peru to promote frozen fruits and vegetables in China [2] - Emotional consumption and the "self-care economy" are on the rise, with Peruvian alpaca toys gaining popularity among Chinese consumers, reflecting a blend of cultural significance and emotional appeal [3] - The trend towards premium and personalized products is evident in the coffee sector, where Peruvian specialty coffees are gaining recognition among Chinese coffee enthusiasts, particularly in emerging markets [3] Logistics and Trade Facilitation - The China-Peru Free Trade Agreement has led to the expansion of bilateral trade, with many Peruvian products enjoying zero tariffs, enhancing trade facilitation [4] - The opening of direct shipping routes from Chancay to Shanghai has reduced the shipping time for fresh Peruvian products from 35 days to 23 days, lowering logistics costs and increasing competitiveness in the Chinese market [4] Socioeconomic Impact - The alpaca toy industry in Peru is experiencing annual growth of 20% to 35%, providing significant income and employment opportunities for local artisans, particularly women, and helping to preserve traditional crafts [5] - Collaboration with Chinese partners in brand development and market expansion is enabling Peru to better meet the demands of Chinese consumers, integrating Peruvian products into the vibrant Chinese market [5] Future Outlook - There is an expectation for continued collaboration through platforms like the China International Import Expo to showcase Peru's diverse and high-quality products, aiming for further cooperation in agricultural technology and market development [6]

2024年4月，中国（陕西）—俄罗斯经贸合作交流会期间，西安浐灞国际港与俄罗斯爱科牛集团签 署设立进口乳制品交易分拨中心及班列运输合作协议，陕西粮农油脂集团有限公司与西伯利亚力量有限 责任公司签订菜籽油采购协议，其他与会企业代表也进行了积极的对接洽谈。 经贸合作如火如荼，人文交流并肩同行。今年3月，陕西省文化旅游代表团赴俄罗斯沃洛格达州等 地开展文旅交流活动。6月，陕西省友好代表团访俄，参加了圣彼得堡国际经济论坛相关活动，双方围 绕共建"一带一路"，推动经贸、物流等领域合作进行了深入交流。 "从贸易到人文，从现代农业到跨境电商，陕西与俄罗斯地方在贸易畅通、民心相通等方面的交流 与合作正走向更广领域、更深层次、更高水平。"陕西省贸促会相关负责人表示，随着一系列民生民用 互惠合作项目的落地实施，两地的互利共赢关系有望结出更加丰硕的成果。（记者：梁易炜） 11月14日，记者从中国国际贸易促进委员会陕西省分会（以下简称"陕西省贸促会"）获悉：近年 来，陕西深度融入共建"一带一路"大格局，不断加强与俄罗斯在农业、物流等领域的交流与合作，取得 了一系列务实成果。从经贸交流到园区共建，从企业精准对接到文化旅游互动，双方合作 ...

【环球时报综合报道】在近日公布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》（以下简称《建议》）中，加快西部陆海新通道建设被列为高质量共建"一带一路"的组成部分，凸 显其在扩大高水平对外开放中的重要意义。11月12日至13日，2025陆海新通道经济发展论坛系列活动在 重庆成功举办，各界人士汇聚渝城，共同探讨西部陆海新通道的建设路径并规划"十五五"时期通道的发 展蓝图。 中国社会科学院学部委员李向阳表示，西部陆海新通道对于西部地区拓展海外市场、降低运输成本发挥 了明显成效，但未来各方需超越对其单纯的交通运输线的认知，将它置于"一带一路"框架下的经济走廊 从运输通道向经济走廊跃迁 建设成果获多方认可 明年是"十五五"开局之年，与会人员围绕谋划通道"十五五"高质量发展、深化通道产业链供应链合作、 加快构建西部陆海新通道综合服务体系、共建共享共用数字陆海新通道、加快推进西部陆海新通道"氢 走廊"建设等方面进行深入研讨，纷纷建言献策，共商通道建设方向和发展路径。 本届论坛以"创新协同 共建共享 赋能跃升"为主题。在13日上午举行的开幕式上，中国海关总署副署长 赵增连，广西壮族自治区党委常委、自治区政府 ...

截至目前，西部陆海新通道铁海联运班列货物运输品类已经由最初的50多个品种增加至1316种，辐射我 国18省75市163个站点，通达全球127个国家及地区的577个港口。今年以来，西部陆海新通道班列已累 计运输货物突破120万标箱，同比增幅超过63%。随着通道效能的不断提升，越来越多的商品跨越山 海、走向世界。 （文章来源：经济日报） 牢记总书记殷殷嘱托，沙坪坝区坚持以建设西部陆海新通道为战略牵引，加快枢纽网络体系建设，加强 物流产业集群打造，完善口岸配套功能，国际物流枢纽能级持续跃升。 以制度创新为核心，沙坪坝区聚焦通关便利化、口岸数字化和降本增效，不断深化首创性、集成化、差 别化改革。今年3月，内陆口岸首个药食同源商品进口通关便利化改革在沙坪坝区落地，商品通关时间 由15天压缩至30分钟，仓储成本降低50%。当地还与铁路港综合保税区"区港联动"，打通数据壁垒，综 合作业效率提升10%以上。 位于重庆市沙坪坝区的重庆国际物流枢纽园区是西部陆海新通道铁海联运班列始发站。2024年4月22 日，习近平总书记在这里考察时强调，物流是实体经济的"筋络"。建设西部陆海新通道，对于推动形 成"陆海内外联动、东西双向互济" ...

北交所策略专题报告 2025 年 11 月 16 日 北交所成中小企业并购重组首选地，华光源海收购汉牛物流布局钢铁物流 ——北交所并购专题报告第十一期 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北京市发布《助力并购重组意见》支持北交所成为中小企业并购重组首选地 从新"国九条"到"并购六条"，2024 年起，并购重组市场迎来了诸多积极信号。 产业整合、跨界并购，为产业发展注入了新的动力。2025 年 10 月 29 日，中共 北京市委金融委员会办公室制定《中共北京市委金融委员会办公室等七部门关于 助力并购重组促进上市公司高质量发展的意见》，意见涵盖六条核心内容，其中 特别提到发挥证券交易场所并购重组主阵地作用，支持北京证券交易所、全国中 小企业股份转让系统股份有限公司发挥服务创新型中小企业主阵地优势，成为 中小企业并购重组交易首选地，逐步做大影响力。我们认为，定位为主要服务创 新型中小企业的北交所，能够及时把握并购机遇。在北交所公司并购的趋势方向 上，应重点关注：（1）同一集团内优质资源整合；（2）新质生产力行业外延并 购；（3）"强链补链" ...

坐拥我国地理几何中心的区位，西安天然成为辐射全国的物流枢纽。来自长三角的消费电子、珠三角的 家电产品在西安国际港集结，"搭班列、向西行"，形成"内陆集结、全球分拨"的新格局。 西安国际港，这座曾经的边缘小站，在经过三次扩能后，已跃升为占地5600亩、拥有59条作业线的国际 陆港，年吞吐能力达540万标箱。 数字赋能，智慧平台提升全链效能 新华财经西安11月16日电（记者陈永强、张新新、雷肖霄）千年前，驼铃悠悠，回荡在古丝绸之路；如 今，在丝路起点西安，嘹亮的风笛声正接续历史的回音。初冬的西安国际港站，轨道纵横、集装箱林 立，一列列印着"中欧班列"标志的"钢铁驼队"整装待发，犹如现代版沙漠之舟，驶向亚欧大陆深处。 2013年，西安发出首趟中欧班列。十二载春秋过去，这里的中欧班列开行量已突破3万列，开行量、货 运量、重箱率等核心指标连续多年位居全国第一。一座不沿边不靠海的内陆城市，何以崛起为横贯东 西、连接欧亚的集结中心？近日，记者走进西安国际港，探寻其高速成长的密码。 织路成网，多向拓展打通国际动脉 走进西安国际港站调度中心，巨型屏幕上光点流动，18条国际干线如金色丝线，向西、向北、向南延 伸，将亚欧大陆紧密联 ...

Core Insights - Guanghui Logistics has signed transportation agreements with multiple external clients for the year 2026, with a total contract volume exceeding 7 million tons [1][2] - The company has seen a significant increase in its transportation capacity due to the gradual implementation of key railway projects in Xinjiang [1] - Guanghui Logistics reported a year-on-year increase of 38.95% in transportation volume for the first nine months of 2025, accounting for approximately 30% of Xinjiang's total coal transportation [1] Group 1 - The total contract volume for the newly signed agreements is over 7 million tons, with a total contract value of approximately 700 million yuan [1] - The new orders represent the company's first annual contracts for the transportation of semi-coke and blown coal with external clients [1] - The company aims to further expand its market share and achieve business growth through the utilization of the newly operational railways [1] Group 2 - The recent orders have broadened the company's business scope and strengthened its market position in Xinjiang's coal transportation sector [2] - The agreements enhance the brand influence of the company as a key player in the Xinjiang coal transportation corridor [2]