Group 1 - The core viewpoint of the article emphasizes the importance of regulatory measures to prevent risks and promote high-quality development in the capital market, as outlined in the new "National Nine Articles" [2] - The article discusses the need for a comprehensive approach to address compliance risks faced by listed companies, focusing on operational compliance, duty compliance, service compliance, and regulatory procedures [2] - The article is part of a series aimed at creating a compliance map for listed companies, specifically addressing operational compliance [2] Group 2 - Supply chain finance is defined as a financial innovation that integrates the flow of funds, goods, and information along the supply chain, aimed at alleviating financing pressure on small and medium-sized enterprises while enhancing overall operational efficiency [3][4] - The development of supply chain finance is currently in a strengthening phase, with significant policy support aimed at achieving comprehensive financial service coverage for key enterprises by the end of 2025 [5] - The article outlines three main models of supply chain finance: seller financing, buyer financing, and their respective sub-models [6][7][9] Group 3 - Supply chain finance presents risks for listed companies, particularly external risks such as legal and credit risks, which can arise from fraudulent activities or the creditworthiness of upstream and downstream enterprises [10][12] - Internal risks include operational and compliance risks, where companies must ensure strict internal controls to avoid becoming complicit in fraudulent activities [14][15] - The article provides examples of past incidents where companies faced significant legal and financial repercussions due to failures in managing supply chain finance risks [11][13] Group 4 - To mitigate risks associated with supply chain finance, listed companies should enhance external risk prevention measures, including credit assessments of involved enterprises and monitoring of logistics and warehousing [16] - Establishing internal risk response mechanisms is crucial, emphasizing the need for a strong compliance culture and adherence to regulatory trends to avoid potential legal issues [18]

Group 1 - Midea Group is accelerating its IPO expansion plan, targeting the Hong Kong Stock Exchange for its logistics subsidiary, Ande Intelligent Logistics, after previously planning to list on the Shenzhen Stock Exchange [1][2] - Midea Group has evolved from a small plastic production company in 1968 to a global technology group covering smart home, building technology, industrial technology, robotics, and innovative businesses [1] - The founder's family, He Xiangjian, ranks 41st globally on the Hurun Global Rich List with a wealth of 255 billion RMB, maintaining the title of the richest family in Foshan [1] Group 2 - Ande Intelligent Logistics, established in 2000, focuses on providing supply chain solutions and has built a nationwide service network with over 800 million square meters of warehouse space and more than 300,000 vehicles [2][4] - Financial data shows Ande Intelligent Logistics achieved revenues of 14.189 billion RMB, 16.224 billion RMB, and 18.663 billion RMB from 2022 to 2024, with net profits of 215 million RMB, 288 million RMB, and 380 million RMB respectively [4] - The decision to list on the Hong Kong Stock Exchange is influenced by its lower listing thresholds and more flexible review processes compared to the A-share market [4] Group 3 - Midea's ToB business is seen as a second growth curve, with revenue surpassing 400 billion RMB in 2024, and the share of commercial and industrial solutions revenue rising from 18.5% in 2020 to 25.5% [4] - Midea plans to spin off multiple subsidiaries, including Ande Intelligent Logistics, for independent listings within the next three years [5] - A strategic cooperation agreement was signed between Midea and Hisense to enhance collaboration in AI applications, advanced manufacturing, and smart logistics, which may support Ande's IPO efforts [5]

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随着近年来国内期权市场的持续发展，扮演着连通产业上下游角色的供应链企业运用期权的场景逐渐增多，能力 也在逐步提升。厦门象屿股份有限公司（以下简称象屿股份）由象屿集团旗下所有供应链服务相关子公司重组而成， 为客户提供从原辅材料与半成品的采购供应，直至产成品分拨配送间的全价值链流通管理，形成了农产品、能源化 工、金属矿产、新能源等大宗商品供应链管理服务体系。作为一家供应链企业，象屿股份将期权嵌入风险管理和套期 保值的场景，充分发挥期权优势助力企业风险控制与供应链服务。 为什么说期权是供应链企业的"好帮手"？期权在供应链日常贸易中的应用场景是最好的说明。象屿股份商品衍生品事 业部期权业务部经理尹驰介绍了三类常见场景： 首先是用期权进行套期保值。例如在长约贸易中，公司需要在年初与供应商签订合约时就约定每月供货的价格基 准。"公司与上游签订铝锭长约，每月2万吨，定价方式为当月26日至次月25日的现货算数平均价。以常规的套期保值 方式，需要把头寸分散到每天来进行空头套保操作。"他说，同时，期货套保会遇到一些问题。在公司预期价格上 涨，但担心价格下跌的情况下，如果价格最终上涨，期货套保会损失掉因部分价格上涨带来的利润。以期 ...

Core Viewpoint - Shanghai Ace Investment & Development Co., Ltd. is preparing for a specific stock issuance, with the underwriting and sponsorship provided by Guolian Minsheng Securities Co., Ltd. The company aims to enhance its capital strength and optimize its asset structure through this issuance [1][22]. Company Overview - Company Name: Shanghai Ace Investment & Development Co., Ltd. [2] - Stock Exchange: Shanghai Stock Exchange [2] - Stock Code: 603329 [2] - Established: May 22, 2003 [2] - Total Share Capital: 158,756,195.00 CNY [2] - Main Business: Supply chain services, focusing on customized logistics solutions for large industrial clients, including multimodal transport, third-party logistics, and supply chain execution trade [2][4]. Business Operations - Multimodal Transport: Provides integrated "door-to-door" transportation services, leveraging information management capabilities to reduce costs and enhance customer loyalty [3][4]. - Third-Party Logistics: Offers comprehensive port services, including customs clearance and warehousing, based on long-term partnerships with key ports [3][4]. - Supply Chain Execution Trade: Involves procurement and sales services supported by logistics [3][4]. Financial Performance - Revenue Breakdown: - Total Revenue for 2023: 503,174.03 CNY [6] - Main Business Revenue: 501,360.74 CNY, accounting for 99.64% of total revenue [6]. - Revenue from Multimodal Transport: 94,022.11 CNY (18.69%) [6]. - Revenue from Third-Party Logistics: 33,954.09 CNY (6.75%) [6]. - Revenue from Supply Chain Execution Trade: 373,384.54 CNY (74.21%) [6]. - Net Profit for 2023: 3,768.73 CNY [6]. Financial Indicators - Total Assets as of December 31, 2023: 300,116.02 CNY [6]. - Total Liabilities: 171,620.66 CNY [6]. - Equity Attributable to Shareholders: 111,891.77 CNY [6]. - Current Ratio: 1.30 [6]. - Quick Ratio: 1.04 [6]. - Debt-to-Asset Ratio: 57.18% [6]. Future Plans - The company plans to use the proceeds from the stock issuance to supplement working capital and repay bank loans, thereby enhancing its capital strength and risk resistance [22].

Core Insights - The launch of the "Symbiotic Food Material Digital Service Platform" by Liangzhilong and Yunxi Technology marks a significant step towards digital transformation in the food supply chain industry [1][5] - Liangzhilong aims to enhance operational efficiency and transparency across the entire food supply chain, from producers to end customers, through this digital platform [5][9] Company Overview - Liangzhilong, established in 2000, specializes in comprehensive supply chain services in the food sector, with a presence in 24 provincial capitals and Southeast Asia, operating 38 subsidiaries and over 60 direct stores [3] - Yunxi Technology is a leading digital service provider in China, integrating AI and big data to offer comprehensive digital solutions for enterprises, serving numerous Fortune 500 companies [3] Industry Challenges - The traditional food supply chain faces challenges such as inefficient supply-demand coordination, isolated business operations, and unutilized data value [5] - Liangzhilong's initiative to create an "ecological collaboration" aims to address these challenges by fostering business synergy through digital solutions [5] Project Details - The platform will utilize Yunxi Technology's "digital middle platform + scenario-based applications" to connect various stakeholders in the food supply chain, enhancing operational processes and efficiency [5][9] - The project aims to provide clear accountability and quantifiable metrics throughout the supply chain, from procurement to delivery [5] Future Outlook - The collaboration is expected to drive cost reduction and efficiency improvements in the food supply chain, creating sustainable value and replicable business models [9] - Both companies plan to explore further integration of digital technology with industry depth, collaborating with more ecosystem partners to advance the food industry's modernization [9]

2025 年 5 月 8 日 行业研究 业绩实现高增长，光模块、北斗导航、AI 供应链景气度较高 ——通信行业 2024 年年报及 2025 年一季报总结 通信行业 增持（维持） 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：林仕霄 执业证书编号：S0930522090003 021-52523818 linshixiao@ebscn.com 分析师：朱宇澍 执业证书编号：S0930522050001 021-52523821 zhuyushu@ebscn.com 分析师：王之含 执业证书编号：S0930524070008 021-52523691 wangzhihan@ebscn.com 行业与沪深 300 指数对比图 -14% -1% 12% 25% 38% 05/24 07/24 11/24 02/25 通信行业 沪深300 资料来源：Wind 要点 2025 年一季度通信行业整体业绩实现高增长，其中光模块、北斗导航、AI 供应链 表现亮眼。2024 年通信全行业（A 股）170 家公司实现归母净利润 2082.91 ...

Core Viewpoint - The article emphasizes the transformative role of Zhongqi Yunlian in supply chain finance, highlighting its significant achievements and the broader implications for the digital economy in China [1][3][4]. Company Overview - Zhongqi Yunlian is the largest independent digital financial platform in China, with over 20 trillion yuan in secured receivables, nearly 1 billion yuan in revenue, and a net profit margin of 15.9% [1]. - The company has established a digital network covering 98% of China's regional administrative areas, addressing the financing challenges faced by small and medium-sized enterprises (SMEs) [1][4]. Business Model and Services - The company operates on an independent platform model, facilitating financial transactions among various stakeholders in the supply chain, leveraging the credit of core enterprises to enhance cash flow for suppliers [3][4]. - Zhongqi Yunlian's services are primarily delivered through its "Yunxin" platform, which connects over 6,600 core enterprises and 546,413 chain enterprises, as well as 3,574 financial institutions [6][8]. Financial Performance - The company's revenue has shown steady growth, with figures of 652 million yuan in 2022, 879 million yuan in 2023, and projected 991 million yuan in 2024, alongside corresponding gross profits [7]. - In 2024, Zhongqi Yunlian achieved a net profit of approximately 157 million yuan, with a net profit margin of nearly 16% [7]. Market Position and Growth - Zhongqi Yunlian has become the first independent digital receivables platform in China to exceed 1 trillion yuan in secured receivables by May 2023, reaching 2 trillion yuan by January 2024 [4][5]. - The company holds a market share of 14.2% in secured receivables and 15.0% in financing volume for 2024, making it the largest independent digital receivables platform in China [5][6]. Industry Trends - The supply chain finance industry in China is experiencing robust growth, with a market size of approximately 41.3 trillion yuan in 2023, reflecting a year-on-year increase of 11.9% and a compound annual growth rate of 20.88% over the past five years [4][10]. - The industry is expected to exceed 60 trillion yuan by 2027, with a projected annual growth rate of 10.3% [10]. Technological Impact - Advances in technology, including big data, artificial intelligence, and blockchain, are driving the evolution of supply chain finance, enabling better connectivity between enterprises and financial institutions [9]. - Zhongqi Yunlian is leveraging these technologies to enhance its service offerings and improve the efficiency of financial transactions within the supply chain [9].

Core Viewpoint - Zhongqi Yunlian Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its second attempt after an initial submission in October 2023. The company focuses on supply chain financial services and has experienced growth in recent years, although it faces significant cash flow challenges [1][2][24]. Company Overview - Zhongqi Yunlian is an independent digital financial platform established in May 2015, focusing on rights confirmation and factoring services. It serves core enterprises, chain enterprises, and financial institutions [2][6]. - The company is headquartered in Tianjin and has undergone multiple changes in its shareholding structure, becoming a joint-stock company in September 2023. It currently has no controlling shareholder [7][8]. Business Model and Services - The company operates three main business segments: rights confirmation and factoring, scenario digital business, and other ecological businesses. The rights confirmation and factoring segment is the primary source of revenue, accounting for over 90% of total income [11][14]. - The user base of the Yunlian platform has grown significantly, with 230,400 users in 2022, 372,900 in 2023, and a projected 556,600 by the end of 2024 [9]. Financial Performance - Revenue for the years 2022, 2023, and 2024 is reported at RMB 652 million, RMB 879 million, and RMB 991 million, respectively. The net profit for the same years is RMB 45.7 million, RMB 151.9 million, and RMB 157.5 million [17][18]. - The gross profit margin has improved from 87.7% in 2022 to 95.9% in 2024, primarily due to a reduction in factoring service scale and increased operational efficiency [19]. Cash Flow Situation - The company experienced a significant cash outflow of over RMB 1.3 billion in 2022, with cash and cash equivalents projected to be only RMB 120 million by the end of 2024. This situation raises concerns about the company's ability to sustain operations [20][21][24]. Industry Landscape - The demand for supply chain financial services is high, particularly for small and micro enterprises facing challenges in obtaining financing due to lack of collateral and low credit ratings. Zhongqi Yunlian aims to alleviate these issues through its digital financial services [22]. - The market for digital financial platforms in China is expected to grow significantly, with cumulative financing amounts projected to reach RMB 169.7 trillion by 2024, growing at a compound annual growth rate (CAGR) of 11.9% from 2020 to 2024 [22][23].

Core Viewpoint - The performance of listed companies in Xiamen demonstrates strong profitability and growth potential, contributing significantly to the stability of the regional economy, with 68 companies achieving a combined net profit of 3.816 billion yuan in Q1 2025 [2]. Group 1: Financial Performance - 68 listed companies in Xiamen reported a total net profit of 3.816 billion yuan in Q1 2025, with 62 companies profitable, representing over 90% [2]. - 38 companies experienced year-on-year profit growth, accounting for nearly 60% of the total [2]. - 17 companies reported profits exceeding 100 million yuan, highlighting the strong financial performance of the Xiamen market [2]. Group 2: Top Performing Companies - Xiamen Bank led with a net profit of 645 million yuan, with management expecting a gradual increase in return on investment (ROI) throughout the year [9]. - Jianfa Co. achieved a net profit of 584 million yuan, with total revenue reaching 143.773 billion yuan, a year-on-year increase of 9.47% [9]. - Yilian Network reported a net profit of 562 million yuan, with total revenue of 1.205 billion yuan, reflecting a year-on-year growth of 3.57% [9]. Group 3: Emerging Industries - Weike Technology's revenue reached 539 million yuan, a year-on-year increase of 64.37%, with net profit doubling to 77.3928 million yuan [11]. - Tebao Bio's revenue was 673 million yuan, up 23.48%, with a net profit of 182 million yuan, reflecting a 41.40% increase [12]. - Huamao Technology reported revenue of 537 million yuan, a 14.37% increase, with net profit rising by 60.34% to 86.4219 million yuan [12]. Group 4: Strategic Developments - Xiamen Xiangyu's net profit was 509 million yuan, a year-on-year increase of 24.88%, supported by improved risk management and financial structure [10]. - Companies are enhancing profitability through upstream and downstream integration and optimizing product structures, with Weike Technology focusing on high-performance precision molds for emerging industries [12].