Core Viewpoint - The global trade order is undergoing significant restructuring due to the acceleration of de-globalization and the need for resilient supply chains, with Xiamen emerging as a key node in this new development landscape [1]. Group 1: External Challenges - The global economic landscape has been profoundly affected by complex factors, leading to increased uncertainty in both domestic and international trade environments [2]. - Trade protectionism, unilateralism, and escalating trade tensions, particularly between the US and China, pose core challenges for internationalization [2]. - Companies face multiple issues such as supply chain disruptions, restricted market access, rising procurement costs, and increased compliance costs due to these external pressures [2]. Group 2: Internationalization Strategy - The company aims to become a leading international supply chain operator, focusing on a "China-style trading company with global reach" positioning [3]. - It is committed to enhancing its global supply chain service system and transitioning from a participant to an organizer in the global supply chain [3]. - The company collaborates with partners across various industries to explore international markets and enhance its brand influence in the global supply chain [3]. Group 3: Strategic Collaborations - The company has intensified strategic collaborations in key steel industry projects along the Belt and Road Initiative, leveraging its international supply chain network to support partners [4]. - In the first eight months of 2025, the international trade volume of steel exceeded 4 million tons, marking a 28% year-on-year increase [4]. Group 4: Supply Chain Security and Resilience - The company is building a multi-dimensional supply chain security system to enhance resilience against global supply chain risks [7]. - It focuses on resource expansion, technological empowerment, logistics support, and talent development to ensure key resources are accessible and secure [7]. - The company is enhancing its decision-making efficiency through AI and big data, creating an intelligent supply chain management system for agricultural products [9]. Group 5: Global Supply Chain Network - The company is actively integrating into the dual circulation development pattern, expanding its supply chain overseas, and establishing over 70 overseas companies and offices in more than 35 countries [10]. - It has developed a robust international logistics network, including nearly 400 self-operated or cooperative overseas warehouses [10]. - The company has signed contracts with over 20,000 overseas suppliers and clients in the past five years, enhancing its global resource acquisition capabilities [12].

Core Viewpoint - The announcement from Milkwell (603713) indicates a planned reduction in shareholding by major shareholders through block trading, which may impact the company's stock performance in the short term [1] Group 1: Shareholder Reduction Plan - Major shareholders, including Yanruo Investment, Yanzhi Investment, and Yanhui Investment, plan to reduce their holdings by a total of up to 1,436,300 shares, 976,500 shares, and 750,300 shares respectively, which represents 0.91%, 0.62%, and 0.47% of the company's total share capital [1] - The total planned reduction amounts to no more than 2.00% of the company's total share capital [1] Group 2: Implementation Timeline - The reduction plan will be executed within three months following the 15 trading days after the announcement date [1] - During the implementation period, the shareholders have cumulatively reduced their holdings by 1,429,300 shares, 971,700 shares, and 746,600 shares, totaling 1.99% of the current total share capital [1]

Core Insights - In 2025, China's globalization process is entering a new era, with total foreign investment reaching 800 billion yuan and non-financial foreign investment at 72.2 billion USD in the first half of the year [2] - Emerging markets in the Middle East, Central Asia, and Latin America are becoming attractive investment destinations for Chinese companies as they explore new balances between globalization and localization [3] - Xiamen is positioned as a crucial hub for Chinese enterprises' globalization efforts, housing three of the top four supply chain service providers in China, and has become a key window for companies looking to expand globally [4] Investment Trends - The trend indicates a shift from traditional capital outflow models to a more balanced approach between globalization and localization for Chinese companies [3] - The supply chain ecosystem is essential for ensuring stable profitability for enterprises venturing abroad, highlighting the need for a mature and robust supply chain system [3][4] Event Overview - A global supply chain CEO roundtable dialogue titled "Navigating the Seas, Opening New Chapters" will be held in Xiamen, focusing on macro trends, regional policies, and practical supply chain strategies [5][11] - The event aims to gather 300 business leaders and experts to share real challenges and experiences, addressing genuine issues and pain points in the context of international expansion [11][13] Dialogue Highlights - The dialogue will feature three phases of corporate overseas expansion: "Strategic Exploration," "System Deepening," and "Ecological Integration," with insights from industry leaders and experts [6][20] - The event emphasizes practical experience sharing, adhering to the "Four Truths" principle: real problems, real pain points, real strategies, and real suggestions [6] Networking and Collaboration - The roundtable will facilitate a high-trust interactive platform for companies to share resources and information, fostering collaboration and business network expansion [17] - The focus will be on addressing core pain points in supply chains and exploring methods for dynamic growth and overcoming challenges in international markets [8][21]

Group 1 - The visit by Lin Yanhong, Deputy District Mayor of Fengtai, to Jianfa Zhixin's Beijing Operations Center highlights the government's focus on understanding the company's operational status and development needs [1][3] - Jianfa Zhixin's CFO, Ren Gaofeng, provided a comprehensive overview of the company's layout, core business segments, competitive advantages, and future strategic plans, showcasing its strength and potential in the supply chain service sector [3] - The Deputy District Mayor acknowledged the achievements of Jianfa Zhixin and its subsidiaries in Fengtai, emphasizing the government's commitment to optimizing the business environment and supporting quality enterprises [3][4] Group 2 - Jianfa Zhixin expressed its intention to continue providing professional services and innovative capabilities to contribute to regional economic development, reinforcing collaboration with local government [4] - The company highlighted two key expectations: the need for better coordination among its subsidiaries in Beijing and the timely implementation of supportive government policies to facilitate its growth [3]

Core Viewpoint - The stock of Feima International (002210) experienced an abnormal trading fluctuation, with a cumulative price deviation of 20% over three consecutive trading days, prompting the company to issue a notice regarding this situation [2] Group 1: Stock Trading and Market Response - Feima International's stock price closed at 3.84 yuan per share as of September 2, with a market capitalization of 10.2 billion yuan [2] - The company stated that there were no undisclosed significant events affecting the stock price and that its operational environment had not changed significantly [2] - The company is currently in discussions regarding a potential change in control, but no undisclosed major matters exist at this time [2] Group 2: Shareholder Changes and Investment Agreements - On June 23, Feima International received a notice from its indirect controlling shareholder, New Hope Investment Group, regarding an investment intention agreement with several parties, which may involve the transfer of 532 million shares (approximately 20% of total shares) [3] - The investment agreement is still in negotiation, and the final terms and pricing have not been established yet [4] - New Hope Investment Group, through its subsidiary, holds a significant stake in Feima International, having acquired approximately 29.9% of the company’s shares post-restructuring [4] Group 3: Financial Performance - In the first half of 2025, Feima International reported revenue of 109 million yuan, a year-on-year decrease of 6.46% [5] - The net profit attributable to shareholders was 2.61 million yuan, down 92.18% year-on-year, while the non-recurring net profit was 1.47 million yuan, a decline of 14.22% [5]

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].