Group 1 - The stock price of Shenzhen Feima International Supply Chain Co., Ltd. experienced an abnormal fluctuation, with a cumulative increase of 20% over three consecutive trading days on August 29, September 1, and September 2, 2025 [1] - The company conducted a self-examination and verified with its controlling shareholder and actual controller regarding the abnormal stock trading situation, confirming that there are no undisclosed significant matters that could impact the stock price [1][2] - The company is currently in the process of negotiating a change in control involving its controlling shareholder, which is at the business negotiation stage, and will closely monitor the progress of this matter [2] Group 2 - The board of directors confirmed that, apart from disclosed matters, there are no significant undisclosed matters that should be reported according to the Shenzhen Stock Exchange listing rules [2] - The company has not identified any need for corrections or supplements to previously disclosed information [2]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a slight decline in revenue and a significant drop in net profit due to challenges in the home furnishing sector, with total revenue of 315.32 billion yuan, down 1.16% year-on-year, and net profit attributable to shareholders of 841 million yuan, down 29.87% [1] - The supply chain operations remained stable, contributing 267.84 billion yuan in revenue, a year-on-year increase of 1.62%, and a net profit of 1.42 billion yuan, roughly unchanged from the previous year [1] - The real estate segment saw a revenue drop of 13.83% to 44.14 billion yuan, with a minimal net profit of 11 million yuan [1] - The rental and operation business of Meikailong generated over 200 million yuan in operating profit, but the fair value of investment properties decreased by over 2 billion yuan due to lower-than-expected rental growth, leading to a net loss of 2 billion yuan for Meikailong [1][2] Summary by Sections Financial Performance - In the first half of 2025, the company generated a net cash flow from operating activities of 17.9 billion yuan, an improvement compared to 22.1 billion yuan in the first half of 2024 [2] - The company maintained a robust cash position, allowing for a dividend of 0.7 yuan per share in 2025, indicating a high safety margin [2] Real Estate Sector - The real estate segment's profit contribution fell from 155 million yuan in the first half of 2024 to 11 million yuan in the first half of 2025, with significant improvements noted in the fundamentals of the Lianfa Group [3] - Total contract sales amounted to 13.41 billion yuan, a year-on-year increase of 29.19%, with equity sales reaching 8.96 billion yuan, up 56.27% [3] - The land reserve structure improved significantly, with over 79% of the land value in first- and second-tier cities, an increase of 13.61 percentage points from the end of 2024 [3][4] Profit Forecast and Valuation - The company is expected to maintain its ability to pay a dividend of 0.7 yuan per share in 2025, with a stock price target of 10-11 yuan, corresponding to a safety margin of 6-7% [5] - The marginal improvements in the real estate chain of Lianfa Group in sales and land reserves are expected to support future earnings recovery [5]

Group 1 - The company, Furande (SH 605050), announced that as of August 31, 2025, it has repurchased a total of 2.1791 million shares, accounting for 0.4422% of its total share capital [1] - The highest transaction price for the repurchased shares was 14.67 CNY per share, while the lowest was 8.97 CNY per share, with a total payment amounting to approximately 25.7166 million CNY [1] - For the year 2024, the company's revenue composition shows that supply chain services accounted for 99.93%, while other businesses contributed 0.07% [1] Group 2 - As of the report, the market capitalization of Furande is 8.2 billion CNY [1]

Core Viewpoint - 瑞茂通供应链管理股份有限公司 reported a significant decline in financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the previous year [1][2]. Financial Performance Summary - Total assets as of June 30, 2025, amounted to CNY 29.23 billion, a decrease of 6.40% from the previous year-end [1]. - Operating revenue for the reporting period was CNY 9.46 billion, reflecting a decrease of 34.16% compared to CNY 14.37 billion in the same period last year [1]. - Total profit for the period was CNY 78.04 million, down 62.56% from CNY 208.41 million year-on-year [1]. - Net profit attributable to shareholders was CNY 48.86 million, a decline of 74.50% from CNY 191.64 million in the previous year [1]. - The net cash flow from operating activities was negative at CNY -203.47 million, slightly improved from CNY -209.09 million in the previous year [1]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.10 per share (before tax) to all shareholders, totaling CNY 10.78 million for the half-year period [1]. Shareholder Information - As of the reporting period, the total number of shareholders was 34,329 [2]. - The largest shareholder, Zhengzhou Ruimaotong Supply Chain Co., Ltd., holds 51.02% of the shares, with a total of 554.44 million shares [2]. - Other significant shareholders include Shanghai Yuhui Investment Management Center (8.22%) and Wan Yongxing (2.88%) [2]. Debt and Financial Ratios - The company's debt-to-asset ratio was reported at 72.79%, a slight improvement from 74.58% at the end of the previous year [4]. - The EBITDA interest coverage ratio was 1.80, down from 2.92 in the previous year [4].

Core Viewpoint - The company plans to implement a mid-year cash dividend distribution for 2025, emphasizing its commitment to enhancing shareholder returns and high-quality development [2][4]. Profit Distribution Plan - The company reported a net profit attributable to shareholders of 56,941,677.42 yuan for the first half of 2025 [2]. - The proposed cash dividend is 0.10 yuan per 10 shares (including tax), with a total distribution amounting to 10,780,480.64 yuan (including tax) [2][3]. - The distribution will be based on the number of shares registered on the dividend record date, excluding shares held in the company's repurchase account [3]. Decision-Making Process - The board of directors approved the mid-year dividend plan during a meeting on August 29, 2025, based on the authorization from the annual general meeting held in 2024 [3][4]. - The decision does not require further approval from the shareholders' meeting as it falls within the authorized scope [3]. Compliance and Considerations - The dividend distribution plan complies with relevant laws, regulations, and the company's articles of association, ensuring no harm to minority shareholders [4]. - The plan considers the company's development stage and future funding needs, supporting sustainable and stable growth [4].

Core Viewpoint - The document outlines the information disclosure management measures for Ruimaotong Supply Chain Management Co., Ltd, emphasizing the importance of timely, accurate, and complete information disclosure to protect the rights of shareholders and the public [1][2]. Group 1: General Principles - The information disclosure obligations include the company, all directors, senior management, shareholders, actual controllers, and other relevant parties [2][3]. - Information must be disclosed in a timely manner, ensuring it is true, accurate, complete, and easily understandable, without any misleading statements or omissions [3][4]. - Information disclosure should be simultaneous for all investors, and any insider information must not be leaked before its legal disclosure [3][4]. Group 2: Disclosure Content - Regular reports required include annual, semi-annual, and quarterly reports, which must disclose any information that significantly impacts investor decision-making [10][11]. - If the company anticipates a loss or significant change in performance, it must issue a performance forecast promptly [12][15]. - Major events that could significantly affect the trading price of the company's securities must be disclosed immediately, including large compensation liabilities, asset impairment, and significant changes in business operations [15][16]. Group 3: Specific Transactions - Transactions involving asset purchases or sales, external investments, and financial assistance must be disclosed if they meet certain thresholds, such as involving over 10% of the company's total assets [21][22]. - Related party transactions exceeding specified amounts must also be disclosed to ensure transparency [28][29]. Group 4: Management of Disclosure - The board of directors is responsible for overseeing the information disclosure process, with the chairman being the primary responsible person [70][71]. - Senior management must ensure timely preparation and submission of disclosure documents, and any significant events must be reported immediately [73][74].

瑞茂通供应链管理股份有限公司 信息披露暂缓与豁免业务管理制度 （2025 年 8 月修订） 第一条 为规范瑞茂通供应链管理股份有限公司（以下简称"公司"）和其 他信息披露义务人信息披露暂缓与豁免行为，加强信息披露监管，保护投资者的 合法权益，根据《中华人民共和国证券法》、《上市公司信息披露暂缓与豁免管 理规定》、《上海证券交易所股票上市规则》及《瑞茂通供应链管理股份有限公 司章程》(以下简称"《公司章程》")等规定，特制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称中国证监会）和上海证 券交易所规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。 第六条 公司和其他信息披露义务人有保守国家秘密的义务，不得通过信息 披露、投资者互动问答、新闻发布、接受采访等任何形式泄露国家秘密 ...

总经理工作细则 （2025年8月修订） 第一条 为进一步完善瑞茂通供应链管理股份有限公司（以下简称"公司"） 的治理结构，根据《中华人民共和国公司法》和《瑞茂通供应链管理股份有限公 司章程》(以下简称"《公司章程》")的有关规定，制定本工作细则。 第二条 总经理办公会议是总经理主持公司生产经营管理工作的议事机构。 第三条 总经理办公会议召开的条件、程序和参加人员： （一）总经理办公会议由总经理提议随时召开。 （二）总经理办公会议召开前，由相关部门广泛征求意见，收集整理出会议 议题报总经理审阅后交总经理办公会议讨论。 （三）会议提倡就会议讨论的议题发表不同意见，但会议所作出的结论对所 有人员均具有约束力；会议就某一事项因意见相左而难以形成结论时，可以延期 再议，但总经理认为必要时可以作出决定并形成结论。 （四）总经理办公会议的参加人员为：总经理、副总经理、财务负责人、董 事会秘书、相关业务部门负责人等。必要时总经理也可召集其他有关人员参加会 议。 瑞茂通供应链管理股份有限公司 第四条 总经理对董事会负责，行使下列职权： （一）主持公司的生产经营管理工作，组织实施董事会决议，并向董事会报 告工作； （二）组织实施 ...

General Provisions - The company establishes a management system for the shares held and traded by its directors and senior management to strengthen oversight and clarify procedures [1][2] - The system is based on relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [2] Information Reporting Regulations - The company secretary is responsible for managing the identity and shareholding data of directors and senior management, ensuring timely online reporting of personal information [4] - Directors and senior management must report their shareholding changes within two trading days of the occurrence [8] Trading Regulations - Directors and senior management must notify the company secretary of their trading plans before buying or selling shares, and the board should assess any potential risks [7] - Any changes in shareholding must be reported and announced through the stock exchange within two trading days [8] Prohibited Trading Conditions - Directors and senior management are prohibited from transferring shares under specific conditions, such as within one year of the company's stock listing or within six months after leaving their positions [11] - Trading is also restricted during certain periods, such as 15 days before the announcement of annual or semi-annual reports [12] Restricted Trading Conditions - Directors and senior management can only transfer up to 25% of their total shareholding in a year through various trading methods [14] - New shares acquired through various means are subject to specific transfer limits in the same year [16] Other Provisions - The rights associated with shares held during the lock-up period remain unaffected [17] - Directors and senior management engaging in margin trading must comply with relevant regulations and report to the stock exchange [19] Legal Responsibilities - Violations of this system by directors and senior management may result in penalties from regulatory authorities [20] Supplementary Provisions - The system is subject to amendments by the company's board and takes effect upon approval [22][23]

瑞茂通供应链管理股份有限公司 董事会秘书工作细则 （2025 年 8 月修订） 第一章 总则 第一条 为进一步完善瑞茂通供应链管理股份有限公司（以下简称"公司"） 的治理结构，提高公司治理水平，充分发挥董事会秘书的作用，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》、《上 海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管指引第1号 ——规范运作》、《公司章程》及其他有关规定，制定本工作细则。 第二条 董事会秘书为公司的高级管理人员，对公司和董事会负责，忠实勤 勉地履行职责。公司设立由董事会秘书负责管理的信息披露事务部门，负责协助 董事会秘书完成相关工作。 董事会秘书是公司与上海证券交易所之间的指定联络人。 第二章 董事会秘书的任职资格和任免程序 第三条 董事会秘书应当具备履行职责所必需的财务、管理、法律等专业知 识，具有良好的职业道德和个人品质。具有下列情形之一的人士不得担任董事会 秘书： （一）有《公司法》等法律、法规及有关规定不得担任公司董事、高级管理 人员的情形； （二）最近3年受到过中国证监会的行政处罚； （三）最近3年受到过证券交易所公开谴责或者3次以 ...