Core Viewpoint - The company, Milkwell (603713), reported significant growth in revenue and net profit for the fiscal year 2024 and the first quarter of 2025, despite facing challenges such as high debt levels and negative investment cash flow [2][3][5]. Financial Performance - For the fiscal year 2024, the company achieved a revenue of 12.118 billion yuan, representing a year-on-year increase of 24.26%, and a net profit attributable to shareholders of 565 million yuan, up 31.04% [3][5]. - In the first quarter of 2025, the company reported a revenue of 3.342 billion yuan, a 15.40% increase year-on-year, and a net profit of 172 million yuan, reflecting a 14.02% growth [3][5]. Debt and Cash Flow - The company's debt ratio stands at 68.33%, attributed to increased operational scale and debt financing for acquiring long-term assets [5]. - The negative investment cash flow in 2024 is primarily due to strategic investments in fixed and intangible assets [2][5]. Impact of Tariffs - The U.S. tariff increases have a limited impact on the company's global freight forwarding business, which constitutes about 30% of total revenue, with the U.S.-Canada route accounting for approximately 25% of that segment [2][3]. - The company has adjusted its shipping routes, leading to an increase in cargo volume on European and Southeast Asian routes since the second half of 2024 [2][3]. Future Growth Drivers - Future profit growth is expected to be driven by effective management and market recognition of the company's value, as outlined in the 2024 annual report [3][4]. Industry Context - The company operates in the modern logistics sector, providing comprehensive logistics services, including freight forwarding, warehousing, and transportation, primarily for the chemical supply chain [4].

浩荡春风，连云港市作为江苏省"一带一路"交汇点建设的核心区和重要港口城市，正以昂扬的姿态，聚 焦现代物流业，以"强枢纽、促开放、优服务"为主线，编织着物流业高质量发展的宏伟蓝图。在政策的 引领下，连云港市通过科学编制行动方案、加强基础设施建设、多方联动聚合力以及打造国家物流枢纽 等一系列创新举措，全力打造物流业高质量发展的标杆城市，为区域经济持续繁荣注入强劲动力。 科学规划绘蓝图 在连云港这片充满活力的土地上，一场关于物流业高质量发展的变革正在悄然发生。连云港市深知，科 学规划是引领物流业高质量发展的前提和基础。为此，连云港市高度重视，迅速行动，编制印发了《连 云港市物流业高质量发展三年行动计划（2024—2026年）》，犹如一幅宏伟的蓝图，为物流业的发展指 明了方向。 该计划从提升物流规模、促进降本增效、完善基础网络、培育平台载体、增强支点服务等五个维度，制 定了清晰明确的目标任务。连云港市立志到2026年，基本建成一个集信息化、网络化、智慧化于一体， 能够有力支撑全市经济高效运行并深度服务"一带一路"经贸往来的现代物流服务体系。这一目标的设 定，不仅展现了连云港市对物流业发展的雄心壮志，更彰显了其作为"一 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoint of the Report Benefiting from continuous strong support from the central government, the uniqueness of the Corps system, and its prominent resource endowment and development foundation, Xinjiang has a strong willingness to repay debts and a good foundation for debt repayment. Despite the existing debt pressure on local governments and platform enterprises, the overall regional debt risk is controllable. However, factors such as the high dependence on resource-based industries, the development gap between northern and southern Xinjiang, rigid investment expenditures for regional stability and infrastructure improvement, and the information and resource allocation under the "dual-track system" of the autonomous region and the Corps may pose constraints on debt management [7][55]. Summary by Relevant Catalogs 1. Analysis of Xinjiang's Debt Repayment Will Supported by Central Policy Empowerment and the Resilience of the Corps System - Xinjiang has a unique geopolitical position and a prominent strategic status, with large-scale rigid expenditure needs. Its economic and fiscal strength is limited, and local fiscal self-sufficiency is weak. The central government has been providing support policies and large-scale transfer payments, which strongly support its strong debt repayment will [4][11]. - In 2024, Xinjiang received a total of 418.284 billion yuan in general budget and government fund budget subsidies from the central government. The scale of general budget subsidies from the central government in recent years has been among the top in ethnic minority autonomous regions and the five northwestern provinces [14]. - The special Corps system strengthens Xinjiang's overall debt repayment will. The "Agricultural Sixth Division default event" in 2018 reflected the problem of debt repayment resource mismatch caused by the deep - seated interwoven relationship between the autonomous region and the Corps system, but it also became an opportunity to strengthen debt management [19]. - After the default event, Xinjiang and the Corps strengthened debt risk control, increased the investigation of hidden debts, and established a debt risk accountability system. The central government also supported debt risk resolution through transfer payments and special bond quota allocation [21]. - In terms of historical debt repayment performance, Xinjiang has basically held the bottom line of urban investment debt risk. Except for the 2018 Agricultural Sixth Division bond default, there have been no other bond default events, and there are few credit risk events such as non - standard defaults and bill overdue [24]. 2. Analysis of Xinjiang's Debt Repayment Guarantee Ability under the Linkage of Resource Economy and Central Support - Supported by policies and resource endowments, Xinjiang's economy and finance have maintained a relatively fast growth trend. Since the 14th Five - Year Plan, Xinjiang has shifted its focus to economic development, and the "Ten Industrial Clusters" development plan has been released, with good future economic development prospects [27][30]. - Xinjiang's fiscal revenue is resource - driven. Abundant resources can provide liquidity support for debt risk prevention, and there is still room for industrial structure upgrading. Its low dependence on land finance makes its fiscal revenue less affected by the real estate downturn [34]. - However, the high dependence on resource - based industries and the development gap between northern and southern Xinjiang lead to insufficient economic stability. Rigid investment expenditures for regional stability and infrastructure improvement may hinder debt resolution [37][42]. 3. Analysis of Xinjiang's Local Debt Repayment Pressure under the Background of the Package Debt Resolution Policy - Xinjiang's overall debt scale and debt ratio are at the middle and lower levels in the country. The debt repayment pressure exists but is relatively controllable, and there is still some room for debt - raising in future economic development [6]. - Since the implementation of the package debt resolution policy, Xinjiang has issued a large - scale of special refinancing bonds and special new special bonds to resolve local government debts. The regional financing environment has been effectively improved, the issuance cost of platform bonds has significantly decreased, and the bond term has been extended, effectively alleviating the debt pressure [6][50]. 4. Summary Xinjiang has large - scale rigid expenditure needs, limited economic and fiscal strength, and weak local fiscal self - sufficiency. The government and enterprises have certain debt pressure. However, with the support of the central government and the improvement of debt management, the region has good development prospects. Although there are some factors restricting debt management, the overall regional debt risk is controllable [55].