（文章来源：证券日报） 证券日报网讯 10月10日晚间，保税科技发布公告称，公司于2025年2月28日召开公司2025年第一次临时 股东大会，审议通过了《关于变更回购股份用途并注销暨减少注册资本的议案》，同意将存放于回购专 用证券账户中的12，000，000股股份用途由"用于实施股权激励计划"变更为"用于注销并减少公司注册 资本"。2025年4月16日，公司完成回购股份注销工作，公司总股本由1，212，152，157股减至1，200， 152，157股。2025年8月21日，公司召开2025年第二次临时股东大会审议通过了《关于修订的议案》， 公司注册资本由1，212，152，157元变更为1，200，152，157元，并启动相应的工商变更登记手续。近 日，公司完成注册资本工商变更登记手续，公司注册资本由人民币1，212，152，157元变更为人民币 1，200，152，157元。 ...

数据显示，至少包括三菱地所和纺织制造商片仓工业在内的七家公司，其持有的房地产未实现收益已超 过其市值。 活跃投资者越来越多地敦促公司出售房地产并扩大股东回报。就在上个月，有报道称埃利奥特管理公司 已入股关西电力，敦促其剥离非核心资产。关西电力拥有2200亿日元的未实现房地产收益。 另一个例子是，与活跃投资者村世芳彰有关联的投资公司City Index Eleventh采取行动，入股百货公司 运营商高岛屋，后者在其房地产资产上拥有1300亿日元的账面收益。 （原标题：高市早苗交易开启日本房地产激进主义新周期，零售、仓储等板块藏机遇） 智通财经APP注意到，活跃派投资者很可能将在日本房地产领域发现更多机会，因为在新任自民党党首 高市早苗的领导下，未实现收益预计将大幅增长。 高市早苗几乎确定将成为日本下一任首相，在她领导下的更快通胀和资产价格上涨前景，被认为有利于 宽松的货币政策，这可能会进一步推高企业房地产的账面收益。这对于寻求提升股东价值的活跃基金来 说是一个诱惑。 数据显示，由于地价上涨和房地产开发，约330家主要上市公司的此类资产价值已增长至总计31万亿日 元(约合2030亿美元)。这比五年前增长了26%， ...

Group 1 - HNA Technology's stock price dropped by 5.05% to 4.32 CNY per share, with a trading volume of 112 million CNY and a turnover rate of 0.98%, resulting in a total market capitalization of 12.525 billion CNY [1] - The company, established in March 1982 and listed in September 1996, operates in IT product distribution, warehousing and logistics, internet finance, and cloud computing, with revenue composition of 65.77% from merchandise trade, 33.27% from shipping, and 0.96% from other sources [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of HNA Technology, having increased its holdings by 1.1435 million shares to a total of 14.6309 million shares, representing 0.5% of circulating shares, with an estimated floating loss of approximately 3.3651 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 64.953 billion CNY, yielding 25.56% year-to-date and ranking 2090 out of 4220 in its category, while achieving a 53.35% return over the past year, ranking 1382 out of 3835 [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 328 days, managing a total asset scale of 94.976 billion CNY, with the best fund return during the tenure being 145.53% and the worst being -15.93% [3]

证券研究报告|固收研究报告 [Table_Date] 2025 年 09 月 28 日 [Table_Title] 国庆后迎 3 单首发公募 REITs [Table_Title2] 公募 REITs 周速览（2025 年 9 月 15-19 日） [Table_Summary] 本周（2025 年 9 月 22-26 日）中证 REITs 全收益指数收于 1064.42 点，周度下跌0.65%，行情依旧较为冷淡，预计7-9月 将连续 3 个月收跌。周内来看，周一至周四连续下跌，累计跌 幅 0.72%，仅周五微涨 0.08%。已上市的 74 个 REITs 总市值 收于 2190 亿元，环比下降 1.11%，其中流通市值 1091亿元。 大类资产角度，2025年下半年来 REITs表现不佳，整体已 回调 5%左右，偏红利概念的 REITs 受市场风险偏好提升而走 弱。本周 REITs 依然弱势，黄金白银表现亮眼，沪金/沪银涨幅 分别达 3.17%/6.98%。沪深 300、中证 500 也有 1%的涨幅。 ►二级市场 9 月 22 日，证监会同时批复了中信建投沈阳国际软件园、 华夏安博仓储物流、华夏中海商业资 ...

Core Viewpoint - Lege Co., Ltd. reported a net profit attributable to shareholders of 130 million yuan for H1 2025, a year-on-year decrease of 19%, with Q2 net profit at 80 million yuan, down 4% year-on-year [1] Group 1: Financial Performance - The company achieved a net profit of 130 million yuan in H1 2025, reflecting a 19% decline compared to the previous year [1] - In Q2 2025, the net profit attributable to shareholders was 80 million yuan, showing a 4% decrease year-on-year [1] Group 2: Business Operations - The company experienced significant growth in overseas warehouse revenue, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1] - Lege Co., Ltd. has solidified its leading position and good reputation in the large-item overseas warehouse sector [1] Group 3: Market Performance - The European market showed outstanding performance, with the utilization rate of the German warehouse exceeding 70%, achieving profitability [1] Group 4: Automation and Efficiency - The company introduced pre-sorting assembly lines, automatic labeling lines, and AGV handling in core warehouses on the East and West coasts of the U.S., significantly enhancing operational efficiency and sorting accuracy [1] - A deep collaboration with FedEx has been established to create local pickup SOPs, implement in-warehouse pre-sorting, and standardize "first gun" operations, addressing capacity bottlenecks and greatly improving last-mile delivery timeliness [1] Group 5: Profitability Outlook - The overseas warehouse business has consistently remained profitable, with economies of scale beginning to manifest [1] - The company has adjusted its profit forecast considering potential impacts from tariffs and maintains a "buy" rating [1]

Core Insights - Lege Co., Ltd. reported a net profit attributable to shareholders of 130 million yuan for H1 2025, a year-on-year decrease of 19%, with Q2 net profit at 80 million yuan, down 4% year-on-year [1] Group 1: Financial Performance - The company experienced a decline in net profit for the first half of 2025, with a significant drop compared to the previous year [1] - The second quarter showed a slight improvement in net profit decline, indicating some stabilization [1] Group 2: Business Operations - Lege Co., Ltd. saw substantial growth in overseas warehouse revenue, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1] - The company maintains a leading position and strong reputation in the large-item overseas warehouse sector [1] Group 3: Market Performance - The European market performed exceptionally well, with the utilization rate of the German warehouse exceeding 70% and achieving profitability [1] Group 4: Automation and Efficiency - The company has introduced pre-sorting assembly lines, automatic labeling lines, and AGV handling in core warehouses on the East and West coasts of the U.S., significantly enhancing operational efficiency and sorting accuracy [1] - A deep collaboration with FedEx has been established to create local pickup SOPs, implement in-warehouse pre-sorting, and standardize "first gun" operations, addressing capacity bottlenecks and improving last-mile delivery efficiency [1] Group 5: Profitability Outlook - The overseas warehouse business remains consistently profitable, with economies of scale beginning to manifest [1] - Adjustments to profit forecasts have been made considering potential tariff impacts, while maintaining a "buy" rating for the stock [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints presented in the given text 3. Summary by Related Catalogs Secondary Market Price and Volume Performance - Report provides detailed data on multiple REITs, including listing date, issue price, listing - day return, return since listing, trading volume, turnover rate, and weekly and yearly returns [12][13] - Different REITs in various sectors such as warehousing logistics, industrial parks, affordable rental housing, etc., show significant differences in performance [12][13] Secondary Market Valuation Situation - The P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate of multiple REITs are presented [24][27] - The data shows that different REITs vary in valuation indicators, and there are also differences between different industry types [24][27] Market Correlation Statistics - The correlation coefficients between REITs, different types of REITs (property - right, franchise, etc.), and various asset classes (stocks, convertibles, bonds, commodities) are provided [30] - REITs generally have low correlation coefficients with other asset classes, and different types of REITs also show different correlation characteristics [30] Primary Market Tracking - Information on multiple REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holder, underlying project, and project valuation [33] - There are many REITs in different stages such as pending listing, feedback - received, and application - accepted [33]

Group 1 - The core viewpoint of the article is that Nanshan Holdings (002314) is actively engaging with investors regarding its logistics and warehousing business, emphasizing its focus on high-end storage, intelligent distribution, and green delivery services [1] - The company utilizes a self-developed smart park management system to ensure the safety of partner parks and control operational costs [1] - The business situation of the company is advised to be referenced from the designated information disclosure media [1]

Core Viewpoint - The company has not yet established partnerships with industrial or logistics robot companies, although it is exploring automation solutions based on customer needs [1] Group 1: Company Operations - The company's warehousing and logistics business primarily offers high-end warehousing, intelligent distribution, and green delivery services [1] - The company utilizes its self-developed smart park management system to ensure the safety of partner parks and control operational costs [1] - Some parks have introduced automated sorting equipment based on customer requirements, which are deployed by the customers themselves [1]

Financial Data and Key Metrics Changes - For fiscal year 2025, total revenue reached $190.4 million, an increase of 14% compared to $167 million in fiscal year 2024, driven by demand for transportation and warehousing services [7] - Cost of sales increased by 29.9% to $193.4 million, primarily due to higher freight costs and operational expenses, resulting in a gross profit loss of $3 million [8] - General and administrative expenses totaled $14.7 million, a 47.2% increase from the previous year, leading to a net loss of $15.3 million or $0.37 per share [8] Business Line Data and Key Metrics Changes - The active customer base increased more than four-fold to 505, reflecting the demand for comprehensive supply chain solutions [7] - The company operates 10 warehouses across approximately 3.9 million square feet, supporting cross-border e-commerce and domestic customers [5] Market Data and Key Metrics Changes - The company aims to diversify its customer mix beyond PRC-based clients, who accounted for around 84% of revenue in fiscal year 2025 [10] - Customer concentration decreased, with one customer accounting for about 10% of revenue, down from two customers representing 20% and 12% in fiscal year 2024 [13] Company Strategy and Development Direction - The company is focused on optimizing operations, leveraging technology for efficiency, and expanding geographic coverage [9][10] - The strategy includes enhancing the Armlogi Order Management System to attract more clients and improve service delivery [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing future opportunities in the cross-border e-commerce market despite operational challenges and cost pressures [5] - Gradual improvement in margins is expected as the operational footprint reaches fuller utilization and technology investments take effect [11] Other Important Information - The company maintains high standards, including ISO 9001 compliance and an average inventory accuracy rate of 99.64% [5] - The balance sheet at year-end included $13.6 million in cash and equivalents, positioning the company for future growth [8] Q&A Session Summary Question: What are the main drivers of revenue growth for fiscal year 2026? - Revenue growth is expected to be driven by demand for warehousing and logistics services, particularly from cross-border e-commerce merchants and an expanding U.S.-based customer base [10] Question: When does management expect to achieve consistent profitability and positive free cash flow? - Management is implementing measures for operational optimization and cost management, with gradual improvement in margins anticipated in the coming fiscal years [11] Question: How concentrated is revenue among your largest customers, and how does Armlogi plan to differentiate itself? - Customer concentration has decreased, and the company plans to differentiate through high-quality services, advanced technology, and a focus on bulky item handling [13][14]