Core Viewpoint - The article emphasizes the importance of reliable logistics partners for Amazon sellers in the cross-border e-commerce landscape, highlighting the Amazon SEND program as a solution to streamline logistics processes and mitigate potential issues such as booking difficulties and customs delays [1]. Group 1: Amazon SEND Official Logistics Partners - Becoming an official logistics partner of Amazon SEND requires meeting stringent criteria, including comprehensive service capabilities, timeliness and stability, as well as compliance and transparency [5]. - Official logistics partners must provide end-to-end services, covering everything from pickup in China to delivery at Amazon FBA warehouses, ensuring a seamless experience for sellers [5]. - Logistics partners are evaluated on their ability to maintain stable capacity and optimized transport routes, especially during peak seasons, to prevent inventory shortages for sellers [5]. Group 2: Key Advantages of Kaiqi Supply Chain - Kaiqi Supply Chain stands out among Amazon SEND partners due to its extensive cross-border logistics experience and superior service capabilities [6]. - The company offers simplified operations by integrating deeply with the Amazon seller backend, allowing sellers to manage shipping plans and track shipments without additional registrations [6]. - Kaiqi provides real-time logistics tracking through its self-developed system, enabling sellers to monitor shipment status and customs progress directly from their Amazon backend [7]. - The cost structure of Kaiqi is competitive, as it can secure Amazon's negotiated rates, and it offers a transparent fee system with no charges for domestic warehouse entry and transfer [8]. - Kaiqi's efficiency is particularly notable in popular markets, such as the U.S. and Europe, where it offers priority warehouse entry services, significantly reducing the time from arrival to shelf placement [9]. Group 3: Selecting the Right Logistics Partner - Sellers should consider their shipment volume and timing needs when choosing a logistics partner, opting for air freight for small batches and sea freight for larger shipments [10]. - It is essential to evaluate the logistics partner's coverage capabilities in key sales regions, as different partners may excel in different areas [10]. - Feedback from peers and actual service cases should be referenced to assess the logistics partner's service quality, particularly in handling unexpected issues [10].

Core Insights - The Hong Kong government is actively promoting the Web3 wave, with EDA Group Holdings (2505.HK) announcing a strategic partnership with licensed crypto payment institution UTCPAY to capture the billion-dollar crypto payment market [1] Group 1: Strategic Partnership - EDA Group Holdings and UTCPAY will collaborate on digital asset trading, Web3 technology, and blockchain applications [1] - UTCPAY specializes in decentralized crypto payment and wallet infrastructure services, combining technical strength with compliance capabilities [1] - EDA possesses extensive cross-border merchant resources, creating a perfect synergy of "scenario + license" [1] Group 2: Payment Solutions - The partnership addresses pain points in cross-border payments by integrating UTCPAY's decentralized payment technology [1] - EDA will offer its numerous cross-border e-commerce clients a new stablecoin payment option with instant settlement and significantly reduced fees [1] - This collaboration aims to fundamentally restructure the international logistics payment chain [1] Group 3: Market Potential - As the penetration of cryptocurrencies in global commercial scenarios continues to rise, EDA Group Holdings is positioned to bridge key aspects of the Web3 commercial ecosystem [1] - The company is expected to transition from a logistics service provider to a cross-border payment infrastructure provider [1] - Future opportunities may extend into supply chain finance and asset tokenization, tapping into the trillion-dollar Web3 incremental market [1]

Summary of Lege's Conference Call Company Overview - **Company**: Lege Co., Ltd. - **Industry**: Smart Home and Cross-Border E-commerce Key Financial Highlights - **Revenue Growth**: In the first half of 2025, revenue increased by nearly 30% year-on-year, reaching 3.145 billion CNY [2][3] - **Net Profit Decline**: Net profit decreased by 26.58% year-on-year, primarily due to increased tariffs, management, and R&D expenses [2][3] - **Cost Control**: The company needs to focus on the effectiveness of cost reduction and efficiency improvement measures [2] Business Segments Performance - **Overseas Warehouse Business**: - Revenue grew by 84.27% year-on-year to 1.569 billion CNY, accounting for nearly 50% of total revenue [2][6] - Number of overseas warehouses reached 1,744, with shipment volume increasing over 120% year-on-year [2][6] - Expected annual shipment volume could reach 20 million [2][6] - Risk of declining gross margin noted [2][6] - **Ergonomic Products**: - Revenue increased by 3.48% year-on-year to 1.383 billion CNY, with independent site sales rising to 41% [2][7] - New product categories accounted for 20% of sales [2][7] - Impact from tariffs is significant, necessitating attention to pricing strategies and local production in the U.S. [2][7] - **Domestic Market**: - Achieved a slight revenue increase of 1%, with operating profit margin improving to 11% [2][7] - Focus on optimizing store profitability and e-commerce strategies for sustainable growth [2][7] Challenges and Risks - **Tariff Pressures**: Increased tariffs and regulatory scrutiny from U.S. customs are significant challenges [4][13][29] - **Rising Costs**: Management and R&D expenses have increased due to investments in new models and personnel [4][5] - **Competition in Overseas Warehousing**: Increased competition and narrowing price differences in overseas warehouse operations [4][10] Future Outlook - **Second Half of 2025**: - Anticipated acceleration in revenue growth due to the peak season for cross-border e-commerce and reduced leasing liabilities [2][8] - Profit improvement expected from cost reduction measures and operational efficiency [2][8] - Resilience in the dual business model of smart home products and overseas warehouses [2][8] Strategic Initiatives - **Automation and Information Technology**: Continued investment in automation and IT to enhance operational efficiency and service capabilities [4][10][11] - **Local Production Considerations**: Plans to localize production in the U.S. to mitigate tariff risks [4][13] - **Marketing and Brand Strategy**: Focus on brand strength and consumer insights to maintain competitive advantage despite higher costs compared to smaller competitors [28] Additional Insights - **Inventory Management**: Need to balance inventory levels with new orders and market demand to maintain profit margins [23][25] - **Cross-Border E-commerce Pricing**: Some product categories have seen price increases of 2-3% due to tariffs, but overall sales remain stable [22] - **Distribution Strategy**: Adjustments in distribution strategy to focus on profitable channels and reduce losses in underperforming segments [27] This summary encapsulates the key points from Lege's conference call, highlighting financial performance, business segment insights, challenges, future outlook, and strategic initiatives.

Core Insights - The company reported a revenue of 808 million yuan for the six months ending June 30, 2025, representing a year-on-year decrease of 43.4% [1] - The company recorded a loss attributable to shareholders of 14.35 million yuan, compared to a profit of 38.09 million yuan in the same period last year [1] - The loss per share was 1.85 cents [1] Revenue Breakdown - The end-to-end cross-border delivery service generated approximately 502 million yuan in revenue, accounting for about 62.1% of the total revenue [1] - The freight forwarding service achieved a revenue of approximately 46.6 million yuan, representing about 5.8% of the total revenue [1]

Core Points - The company reported a revenue of 808 million, representing a year-on-year decrease of 43.4% [1] - The loss attributable to the company's owners was 14.35 million, compared to a profit of 38.09 million in the same period last year [1] - The loss per share was 1.85 cents [1] Revenue Breakdown - The end-to-end cross-border delivery service generated approximately 502 million in revenue, accounting for about 62.1% of the total revenue [1] - The freight forwarding service generated approximately 46.6 million in revenue, making up about 5.8% of the total revenue [1]

Core Insights - The global cross-border logistics market is projected to reach nearly 20 trillion RMB by 2025, indicating strong growth momentum [2] - Traditional shipping methods are undergoing significant transformation due to the rise of cross-border e-commerce and the demand for faster and safer transportation [2][3] - The emergence of truck-based logistics (referred to as "Kahao") is gaining traction, offering advantages over sea and air freight in terms of speed and cost [2][3][6] Industry Overview - The global cross-border logistics market is expected to grow from 13.3 trillion RMB in 2020 to 18.6 trillion RMB by 2024, with a compound annual growth rate (CAGR) of 8.75% [3] - The Chinese market is particularly strong, with an anticipated market size exceeding 2.71 trillion RMB by 2025, representing a year-on-year growth of over 20% [3] - Cross-border e-commerce logistics is projected to contribute over 1.5 trillion RMB, with an annual growth rate of 25% [3] Truck-Based Logistics (Kahao) - Kahao significantly reduces transportation time, taking only 19-25 days to deliver goods from China to Europe, compared to 45-55 days by sea [6] - The cost of Kahao is lower than air freight, which ranges from 20 to 67 RMB per kilogram, making it a cost-effective option [6] - The convenience of customs clearance is enhanced by China's participation in the TIR Convention, allowing for efficient border crossings without the need for cargo inspections [6] Company Profile: Zhongyi Lianda - Zhongyi Lianda specializes in cross-border logistics, focusing on routes to Europe, Central Asia, and the UK, serving various sectors including e-commerce and new energy vehicles [6][9] - The company has invested 30 million RMB in 2023 to acquire 50 specialized transport vehicles and has obtained TIR certification for international road transport [7] - Zhongyi Lianda has established a comprehensive service and safety assurance system, including a dedicated customs team and risk prevention measures [9] Future Development - Zhongyi Lianda aims to deepen its involvement in the cross-border logistics sector, enhancing collaboration with e-commerce and manufacturing companies [10] - The company plans to participate in industry exhibitions to expand its network and increase brand influence [10] - The global shift towards green transformation and the growth of high-value exports like new energy vehicles and photovoltaic products present new opportunities for the logistics market [11]

证券研究报告 嘉友国际 (603871 CH) 蒙煤量价承压，供应链贸易拖累盈利 | 华泰研究 | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 27 日│中国内地 | 仓储物流 | 目标价(人民币): | 15.20 | 公司公布上半年业绩：收入 40.8 亿元，同比-12.0%；归母净利润 5.6 亿元， 同比-26.1%。其中二季度公司实现收入 17.9 亿元，同比-32.4%；归母净利 润 3.0 亿元，同比-33.9%。公司上半年业绩低于我们预期（6.5 亿元），主 因上半年蒙煤价格承压，供应链贸易服务收入及毛利均同比下滑。虽然蒙煤 进口量整体下滑，但公司跨境多式联运业务收入与毛利均同比增长，我们看 好公司凭借跨境陆运运营经验、核心口岸资源、与上游资源方和下游客户的 长期合作关系，通过物贸一体化模式稳固中蒙基本盘业务，中非多项目持续 推进打开第二成长曲线。维持"买入"。 中非：多个项目稳步推进，加速构建跨境物流网络 1H25 陆港项目服务实现营业收入 3.1 亿元（yoy+34.2%），毛利 1.8 ...

Group 1 - The core point of the news is that Zongteng Group's subsidiary, Shenzhen Yikeda Technology Co., Ltd., successfully acquired a piece of land in Longgang District for 50.8 million yuan to build the group's headquarters, which will serve as a global smart logistics technology application innovation base [1][5] - Zongteng Group has grown into a unicorn valued at over 30 billion yuan, being one of the 37 companies from Shenzhen listed in the Hurun Research Institute's 2025 Global Unicorn List [2] - The company operates in over 220 countries and regions, with a revenue of 27.1 billion yuan in 2024, driven by a dual model of "overseas warehouses + dedicated logistics" [3] Group 2 - The cross-border e-commerce logistics enterprises in Longgang District generated over 80 billion yuan in annual revenue, accounting for more than 60% of Shenzhen's total [4] - Longgang District has gathered over 3,600 cross-border e-commerce companies, representing over 30% of Shenzhen's total, and is home to major logistics players like Zongteng Group [4] - The establishment of the headquarters in Longgang highlights Zongteng Group's strategic intent to deepen its involvement in Shenzhen's cross-border industry chain and enhance its global layout [5]

证券代码：603871 证券简称：嘉友国际 公告编号：2025-037 嘉友国际物流股份有限公司 中亚区域合作助推跨境物流提质增效。公司充分发挥霍尔果斯口岸作为中国 -中亚核心贸易通道的区位优势，积极把握中亚市场货运需求旺盛发展机遇，通 过优化物流资源配置、提升精细化管理水平等举措，实现中亚区域业务稳步增长。 公司践行"以投资者为本"的发展理念，实施持续稳定的现金分红政策，积 极提升投资者回报能力和水平。自 2018 年上市以来，公司连续 8 年现金分红。 富投资者回报手段，2023-2024 年累计使用 14,997.36 万元回购 6,568,966 股用 于员工持股计划。目前公司已累计现金分红（包括股份回购金额）超过 20 亿元， 且近 6 年来现金分红比例始终保持在 40%以上，以实际行动增强投资者获得感， 与投资者分享发展成果。未来，公司将结合自身盈利水平、资金使用安排、经营 发展需要和债务偿还能力，在符合相关法律法规和《公司章程》的前提下，通过 稳定的分红持续提升投资者回报。 公司通过对业务数据的深度挖掘与分析，梳理出业务价值链，不断挖掘潜在 业务价值，为管理决策提供有力的数据支持。在全面推进企业 ...

Core Insights - The company has evolved significantly over the past five years, transforming its operational strategies and expanding its logistics capabilities, particularly in cross-border transportation and warehousing [9][10][12]. Company Overview - Established in 1989, the company is a wholly state-owned enterprise in Hong Kong, primarily engaged in cross-border freight, warehousing, and international freight forwarding [6]. - The company has been recognized for its significant contributions to logistics in the Guangdong-Hong Kong-Macao Greater Bay Area, receiving accolades such as the "National Transportation Brand Enterprise" in 2024 [6]. Operational Transformation - The company faced challenges in 2019, prompting a shift in its operational mindset to enhance employee engagement and accountability, leading to a differentiated performance evaluation system [9][10]. - Over the past five years, the company has implemented reforms that have reduced talent turnover and established a competitive environment, resulting in significant business growth, including the acquisition of 142 new clients and over 70 million yuan in new business in 2024 [10][11]. Strategic Initiatives - The company has undertaken a "warehouse revolution," investing over 200 million yuan to acquire a large warehouse in Hong Kong, which has become a strategic asset for future growth [12]. - The company has also optimized its asset structure by revitalizing underutilized logistics bases, enhancing its operational efficiency and profitability [13]. Market Expansion - The company has successfully launched cross-border logistics services to Southeast Asia, marking its entry into international markets and enhancing regional trade cooperation [14][15]. - Collaborations with major corporations like BYD have been established to leverage Hong Kong's position as an international logistics hub, further expanding the company's service offerings [16]. Environmental and Social Responsibility - The company has integrated sustainability into its operations by developing solar power systems in its warehouses, contributing to reduced carbon emissions and generating additional revenue [12].