Core Viewpoint - The credit rating agency maintains Shenzhen Yiyaton Supply Chain Co., Ltd.'s credit rating at AA with a stable outlook, while the related debt instruments are rated AAA, indicating a strong credit profile and stable financial performance [1][3][5]. Company Overview - Shenzhen Yiyaton Supply Chain Co., Ltd. is a significant player in the domestic consumer goods supply chain industry, providing integrated services across distribution, marketing, brand operation, and cross-border logistics [4][8]. - The company operates in over 320 cities in China and serves well-known clients such as Procter & Gamble, Philips, and Samsung, showcasing its competitive advantage [4][5]. Financial Performance - As of March 2025, the company's total assets amounted to 575.47 billion yuan, with total liabilities at 356.53 billion yuan, reflecting a debt-to-asset ratio of approximately 61.9% [5][10]. - The company's operating revenue for 2024 was reported at 944.22 billion yuan, with a profit of 1.61 billion yuan, indicating a decline compared to previous years due to market conditions [5][10]. Risks and Challenges - The company faces risks related to foreign currency settlements in its cross-border logistics services, which may lead to exchange rate losses [4][6]. - There is a significant amount of accounts receivable and other receivables, which may affect asset liquidity, and the company has a high proportion of restricted assets [6][7]. - The company has substantial short-term debt, leading to concentrated repayment pressure within a year [7]. External Support - The company's major shareholder, Shenzhen Investment Holdings, is a state-owned capital investment company, providing strong financial backing and support for future financing and subsidies [4][5]. - The company benefits from guarantees provided by related financing guarantee companies, enhancing the creditworthiness of its debt instruments [5][10].

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].

Core Viewpoint - The company is focusing on enhancing its business operations and financial performance through strategic initiatives and asset management, while facing challenges in stock price and market perception due to recent performance issues [1][2][3]. Group 1: Stock Performance and Market Position - As of May 23, 2025, the company's stock price is 2.48 yuan, down 2.75% from the previous week, with a total market capitalization of 6.6 billion yuan, ranking 32nd in the environmental governance sector [1]. - The stock reached a high of 2.74 yuan and a low of 2.47 yuan during the week [1]. Group 2: Asset Injection and Financial Management - The company confirmed that there are no undisclosed matters regarding asset injection as per the Shenzhen Stock Exchange regulations [4][5]. - Proceeds from previous stock auctions are being used to supplement working capital and settle debts from the subsidiary Junma Environmental Protection [7]. Group 3: Strategic Development and Performance Commitments - The company is implementing a "dual-ring" development strategy focusing on environmental and smart supply chain industries to enhance growth and profitability [2][3][8]. - The major shareholder, Xinzhu Ding, has committed to a profit guarantee of at least 570 million yuan for the years 2022, 2023, and 2024, with provisions for cash compensation if targets are not met [6][11]. Group 4: Shareholder Meeting and Resolutions - The 2024 annual shareholder meeting held on May 22, 2025, did not approve the proposal regarding the performance commitment realization [10][12]. - A total of 342 shareholders participated, representing 34.03% of the voting shares [11].

Group 1: Core Themes - The fourth China-Central and Eastern European Countries (CEEC) Expo focuses on economic cooperation, technological innovation, and cultural exchange, marking the 50th anniversary of diplomatic relations between China and CEEC [1][12] - The expo serves as a platform to showcase China's market potential and commitment to openness, facilitating practical cooperation between China and CEEC [1][12] Group 2: Technological Innovations - The expo features a "Digital CEEC" exhibition area showcasing over 30 digital innovations from CEEC, covering fields such as artificial intelligence and health [1][5] - Notable exhibits include a lightweight aircraft from Slovenia and interactive technologies from Hungary, highlighting the integration of functionality and aesthetic design in industrial innovation [2][3] Group 3: Market Expansion - The expo includes over 8,000 products from CEEC, with a significant increase in exhibition space and the number of exhibitors, attracting participation from 14 CEEC countries and 9 other nations [6][7] - The event aims to facilitate consumer access to CEEC products through online and offline channels, including exclusive consumption vouchers [6][7] Group 4: Trade Growth - Bilateral trade between China and CEEC has shown consistent growth, with an annual increase of 8.8% since 2012, and projected trade volume reaching $142.3 billion in 2024 [8] - The trade structure is complementary, with China exporting industrial products and CEEC primarily exporting agricultural products and metals [8] Group 5: Future Cooperation - The expo promotes ongoing collaboration between China and CEEC, with a focus on green economy and digital industries, leveraging each region's strengths [5][12] - The establishment of various trade and investment cooperation mechanisms enhances mutual trust and cooperation potential [11][12]

Core Viewpoint - The proposal regarding the performance commitment of Feima International was not approved during the 2024 annual general meeting, reflecting shareholder dissatisfaction with the company's performance and commitments [1][2]. Group 1: Shareholder Meeting Outcomes - The proposal on the performance commitment was supported by approximately 48.26 million shares (43.86% of votes) but opposed by about 61.53 million shares (55.91% of votes) [1]. - The controlling shareholder, New Zengding Investment Development Co., Ltd., abstained from voting on this proposal [1]. - The voting results indicate a significant opposition from minority shareholders, with 48.25 million shares in favor (43.85%) and 61.53 million shares against (55.92%) [1]. Group 2: Company Restructuring and Performance Commitments - Feima International underwent restructuring in August 2019, with New Zengding acquiring approximately 287 million shares, representing 29.90% of the post-restructuring total shares [2]. - The restructuring plan included a performance commitment from New Zengding to achieve a net profit of no less than 570 million yuan for the years 2022, 2023, and 2024 [2]. - As of April, the cumulative net profit reported by Feima International for 2022, 2023, and 2024 was approximately 133 million yuan, significantly below the committed amount, triggering a compensation obligation of about 437 million yuan from New Zengding [2]. Group 3: Investor Concerns and Future Actions - During a recent earnings briefing, investors raised concerns regarding the lack of asset injection commitments that were initially promised during the restructuring process [3]. - Legal experts noted that the failure of the performance commitment proposal may reflect minority shareholders' collective dissatisfaction with the unfulfilled asset injection promises [3]. - The company is currently engaging with shareholders who voted against the proposal to understand their concerns and may consider resubmitting the proposal for further review [3].

Fundraising Overview - The company raised a total of RMB 1,099,999,958.20 through a private placement of shares, as approved by the China Securities Regulatory Commission [1] - The company also issued 8,723,880 convertible bonds at a face value of RMB 100 each, raising RMB 872,388,000.00, with funds received on September 22, 2022 [3] Fund Management - All raised funds are managed in a dedicated account, with a tripartite supervision agreement signed between the company, its subsidiaries, and the banks involved [2][5] - The company has undergone multiple disclosures regarding the tripartite supervision agreements, ensuring compliance with regulatory requirements [2] Fund Usage Changes - The company approved a change in the use of part of the raised funds, terminating two projects and reallocating RMB 139,245,500 to new projects, including the "Mikewell (Fujian) Hazardous Chemical Supply Chain Integration Base Project" and the "Mikewell Dongguan Chemical Trading Center Project" [4][5] Regulatory Compliance - The tripartite supervision agreement stipulates that the funds can only be used for their intended purpose, with oversight from the sponsoring institution [7][9] - The agreement includes provisions for regular audits and compliance checks to ensure proper fund management [8][9]