Group 1 - The sixth meeting of the supervisory board was held on August 21, 2025, at the company's meeting room, with all three supervisory members present [1] - The supervisory board approved the proposal regarding the full and summary report for the first half of 2025, confirming that the report's preparation and review procedures comply with relevant laws and regulations [1][2] - The voting results for the proposal were unanimous, with 3 votes in favor, 0 abstentions, and 0 votes against [2] Group 2 - The full and summary report for the first half of 2025 will be published on August 22, 2025, on the company's official information platform [2] - The supervisory board's resolution from the sixth meeting will be kept on record as a formal document [2]

Core Points - The stock price of Feima International is reported at 3.05 yuan, down by 0.01 yuan or 0.33% from the previous trading day [1] - The stock reached a high of 3.09 yuan and a low of 3.03 yuan during the trading session, with a total trading volume of 357 million yuan [1] Company Overview - Feima International's main business includes supply chain management services, which encompass comprehensive logistics services and trade execution services [1] - The company has recently co-founded Shenzhen Feima Huinong Trade Development Co., Ltd., with a registered capital of 10 million yuan, focusing on areas such as import and export of goods and agricultural research [1]

Group 1 - The company, Pulu Tong (002769.SZ), reported a revenue of 388 million yuan for the first half of the year, representing a year-on-year increase of 39.77% [1] - The net profit attributable to shareholders of the listed company was 33.32 million yuan, marking a turnaround from a loss compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 30.88 million yuan, also indicating a turnaround from a loss year-on-year [1]

天眼查App显示，近日，简鲜生（湛江）供应链有限公司成立，注册资本20万人民币，经营范围为一般 项目：供应链管理服务；日用品销售；办公用品销售；文具用品零售；教学用模型及教具销售；体育用 品及器材零售；玩具销售；针纺织品销售；服装服饰零售；化妆品零售；金属制品销售；汽车零配件零 售；五金产品零售；机械设备销售；电子产品销售；食用农产品零售；食用农产品批发；初级农产品收 购；水产品收购；粮食收购；鲜肉零售；鲜肉批发；食用农产品初加工。（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动）许可项目：食品销售。（依法须经批准的项目，经相关部门批准后 方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Group 1 - A new company named Huai'an Zhenshan Zhimai Supply Chain Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Shao Yuansheng [1] - The business scope includes food sales (subject to approval), supply chain management services, and sales of various products such as food additives, plastic products, paper products, bamboo products, daily wooden products, daily necessities, and general merchandise [1]

Core Viewpoint - Longyun International (MATH) has shown significant financial growth, with a notable increase in both revenue and net profit, indicating strong performance in the supply chain management and cryptocurrency derivative services sectors [1]. Financial Performance - As of March 31, 2025, Longyun International reported total revenue of $44.57 million, representing a year-on-year growth of 165.86% [1]. - The company's net profit attributable to shareholders reached $15.89 million, marking a substantial increase of 531.99% compared to the previous year [1]. Company Overview - Metalpha Technology Holding Limited, formerly known as Longyun Network Technology Co., Ltd., provides supply chain management platform services in China [1]. - The company also offers cryptocurrency derivative services, including market-making on cryptocurrency-related products and collaborating with clients to create customized tools for experienced investors to establish or close investment positions or implement hedging strategies [1].

Core Insights - Longyun International (MATH) experienced a stock price increase of 2.36%, reaching $2.866 per share, with a total market capitalization of $113 million as of August 19 [1] - The company reported total revenue of $44.5673 million for the period ending March 31, 2025, representing a year-over-year growth of 165.86% [1] - Net profit attributable to shareholders was $15.8948 million, showing a significant increase of 531.99% year-over-year [1] Company Overview - Metalpha Technology Holding Limited, formerly known as Longyun Network Technology Co., Ltd., provides supply chain management platform services in China [1] - The company also offers cryptocurrency derivative services, including market-making on cryptocurrency-related products and collaborating with clients to create customized tools for experienced investors [1]

Core Viewpoint - The company is actively expanding its semiconductor customer base and has established new business collaborations with both domestic and international semiconductor companies [1] Group 1 - The company has stable cooperation with leading clients and is focused on expanding its partnerships within the semiconductor industry [1] - In June, the company obtained TAPA FSR certification, enabling it to provide higher service assurance to global clients [1] - The company plans to leverage its self-built warehouse project in Shenzhen to attract a strong management team and explore opportunities along the semiconductor industry chain [1]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum emphasizes the importance of establishing a robust internal control and risk management system for enterprises engaging in futures and derivatives trading [2] Group 1: Risk Management Framework - Enterprises should centralize the operation and management of futures and derivatives trading at the headquarters level, ensuring separation of key roles such as trading decision-making, order placement, risk control, compliance supervision, and market research [2] - A supervisory system for operational risks and a power balance mechanism should be established specifically for hedging activities, ensuring standardized operations in decision-making, authorization, and trading processes [2] - Enhancing the subjective initiative of operators at all levels is crucial for improving the enterprise's risk resistance in the futures market [2] Group 2: Trading Motivation and Behavior - The understanding of risk management influences trading motivation, which in turn determines trading behavior; poor trading motivation can amplify trading risks [2] - Enterprises must adhere to the original intention of risk hedging, focusing on the physical commodity market and avoiding speculative practices [2] - Accepting imperfect hedging and optimizing the hedging effect through refined management of basis is essential for effective risk management [2]

Core Viewpoint - The company is actively expanding its semiconductor and international logistics businesses, aiming to enhance service capabilities and optimize supply chain management while leveraging technological advancements for digital transformation [2][3][4][6]. Semiconductor Business - The company is expanding its customer base in the semiconductor sector and has established new partnerships with domestic and international semiconductor firms [2]. - It aims to provide rapid response services for lithography machine consignment and maintenance, focusing on integrated circuit manufacturing enterprises in the South China region [2]. - The company plans to enhance its supply chain management products and establish industry standards for consignment and maintenance services in the semiconductor equipment sector [2]. International Logistics - In the first half of 2025, the international logistics segment experienced a revenue increase of 329.56% year-on-year [2]. - The company is developing a comprehensive supply chain service network, integrating various transportation modes to improve logistics efficiency and resilience [2][3]. - Future plans include leveraging IoT and AI technologies to optimize logistics processes and enhance end-to-end service capabilities [2][4]. Global Expansion - The company is focusing on global expansion through strategic initiatives in regions such as the Belt and Road, Europe, Southeast Asia, and Central Asia [3]. - It aims to enhance its cross-border e-commerce capabilities and improve local operational efficiency to better serve international markets [3]. Digital Transformation - The company is investing in big data and AI to enhance logistics efficiency and service quality, with a focus on digital customs clearance services [4]. - Plans include increasing R&D investments in digital supply chain management to reduce costs and improve operational efficiency [4]. Self-built Warehousing Projects - The company is making progress in self-built warehousing projects in Chongqing and Kunming, which are expected to contribute positively to its performance [5]. - Ongoing projects in Shenzhen are aimed at serving the cross-border e-commerce and semiconductor industries [5]. Financial Performance - For the first half of 2025, the company reported a main revenue of 2.112 billion yuan, a year-on-year increase of 35.18%, while net profit decreased by 38.29% [6]. - The company attributes the disparity between revenue growth and net profit decline to non-recurring gains and seasonal factors in international logistics [6].