2025H1 物流、造船业务均实现增长：①大宗商品物流实现收入50 亿元，同比+17.4%；毛利率为 8.54%，同比+0.22pct，实现稳健成长。②生产制造板块实现收入52.8 亿元，同比-6.7%，毛利率为 11%，同比-1.7pct，其中造船业务实现收入31.9 亿元，同比-5.0%；毛利率为14.7%，同比-3.45pct。造船 业务营业收入同比下降主要由于部分订单转移至启东新船厂（上半年仍处于投产准备阶段），导致整体 完工量低于去年同期。随着启东新船厂全面投产，下半年象屿海装的产能和盈利能力将得到全面提升； 毛利率下滑主要受到美元外汇波动影响，公司利用金融工具对冲后套保后的毛利率同比提升。上半年新 签订单15 艘，在手订单91 艘，首获国际知名船东21 万吨级大型散货船订单。 重视"反内卷"大趋势下，头部大宗供应链企业的机会：下游客户在反内卷趋势下，将从粗放式经营转向 精益生产，将更看重大宗服务商的综合服务能力。厦门象屿作为行业内经营规范的、具备物流能力、效 率领先的龙头公司，有望从中受益。 盈利预测与投资评级：厦门象屿是我国大宗供应链龙头，近期受益于定增落地、股权激励计划、业绩出 现拐点Q2 增 ...

北交所公司 半年报披露季迎调研热 机构聚焦创新与成长主线 2025年半年报披露期间，北交所上市公司迎来机构调研热潮。据不完全统计，8月以来，已有明阳科 技、富士达、创远信科、林泰新材、慧为智能、华密新材等超过20家公司发布了投资者关系活动记录 表。 调研内容聚焦企业业绩增长动力、新产品布局、产能扩张及海外市场拓展等核心议题。多家公司明确表 示，将继续加大研发投入，积极拓展新能源、半导体和海外市场等高潜力赛道，显示出强烈的发展意 愿。 从调研机构来看，华源证券、开源证券、易方达基金、南方基金、Tiger Pacific Capital、金长川资本等 各类机构广泛参与，反映出机构投资者对北交所优质企业的认可度持续增强。 林泰新材所在的湿式纸基摩擦材料领域，全球仅有6家企业可实现量产。作为国内唯一供应商，该公司 表示，"短期内国内市场难以出现具备竞争力的新进入者"，主要因行业认证周期长、产品验证需2至3 年、客户绑定紧密等高壁垒特征。其电子控制防滑差速器（ELSD）已获两家头部企业项目定点，预计 2026年开始应用。 卓兆点胶在非果链市场实现突破。该公司表示，"在Meta AI眼镜领域主要供应点胶阀与点胶设备，已获 ...

Core Viewpoint - Jushen Logistics Group Co., Ltd. is issuing convertible bonds to unspecified investors, with the underwriting and sponsorship provided by Guolian Minsheng Securities Co., Ltd. The issuance aims to enhance the company's capital structure and support its logistics and warehousing operations. Group 1: Issuer Information - The issuer, Jushen Logistics Group Co., Ltd., was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202 since April 29, 2021 [3][5]. - The registered capital of the company is 166.69 million RMB [5]. - The company focuses on modern logistics, specializing in bulk commodity logistics and warehousing services [6][7]. Group 2: Business Operations - Jushen Logistics provides multi-modal transportation services, integrating road, rail, and waterway logistics to meet customer demands efficiently [6]. - The company has developed a proprietary logistics platform, Jushen Smart Transport, to enhance transportation efficiency and reduce costs for both shippers and carriers [6]. - The warehousing services cover a wide range of bulk commodities, including aluminum ingots, copper, and industrial silicon, among others [7][8]. Group 3: Financial Data - As of March 31, 2025, the total assets of Jushen Logistics amounted to 15.13 billion RMB, with total liabilities of 7.51 billion RMB [10][11]. - The company reported total revenue of 25.96 million RMB for the first quarter of 2025, with total costs amounting to 25.38 million RMB [12]. - The net profit for the first quarter of 2025 was recorded at -0.30 million RMB, indicating a loss compared to previous years [12][13].

Group 1: Company Overview - The company specializes in bulk commodity logistics and warehousing, with extensive business experience and a comprehensive logistics network [3] - It holds qualifications for designated delivery warehouses at four major domestic futures exchanges, providing a competitive advantage in the market [3] Group 2: Regulatory Approvals - The approval of futures delivery warehouse qualifications reflects official recognition of the company's professional capabilities and service quality, enhancing its influence in the bulk commodity sector [3] Group 3: Business Model - The company operates with bulk commodities at its core, utilizing multimodal transport, direct shipping, and a nationwide warehousing network to offer logistics and warehousing services [3] - The aim is to provide customers with safe, efficient, economical, and reliable logistics and warehousing solutions [3] Group 4: Warehousing Services - The company's warehousing services include a variety of products such as aluminum ingots, aluminum bars, alumina, electrolytic copper, stainless steel, aluminum alloy ingots, aluminum coils, zinc ingots, tin ingots, industrial silicon, PVC, cotton yarn, and logs, catering to diverse customer needs [4] Group 5: Future Plans - The company plans to construct new vessels to engage in overseas transshipment business as part of its "going out" strategy to seize international market opportunities [4] - Currently, there are no plans for mergers or acquisitions; any future plans will be disclosed in accordance with relevant regulations [4]

Core Viewpoint - Yushen Co., Ltd. achieved a net profit of over 80 million yuan for the year 2024 and will receive a total dividend of 95.7 million yuan from its subsidiaries [2][3] Group 1: Financial Performance - In 2024, Yushen Co., Ltd. reported an operating income of 1.04 billion yuan, representing a year-on-year increase of 4.59% [3] - The net profit attributable to the parent company was 81.57 million yuan, reflecting a year-on-year growth of 31.17% [3] - The net cash flow from operating activities was 159 million yuan, showing a year-on-year decline of 1.26% [3] Group 2: Dividend Distribution - The subsidiaries of Yushen Co., Ltd. that contributed to the dividend include Guangdong Yushen Warehousing Co., Ltd., Wuxi Yushen Warehousing Co., Ltd., Jiangxi Yushen Warehousing Co., Ltd., and others [2] - As of the announcement date, the total dividend received from the subsidiaries amounted to 95.7 million yuan [2] - In June 2024, Yushen Co., Ltd. disclosed that Yushen Warehousing had accumulated undistributed profits of 34.63 million yuan and decided to distribute cash dividends of 34 million yuan [3] Group 3: Business Focus - Yushen Co., Ltd. specializes in bulk commodity logistics and warehousing, providing a comprehensive range of services including logistics design, transportation, warehousing, and futures delivery [2] - The company has established a strong presence in South China, East China, Central China, and Northwest regions, with warehousing facilities strategically located near railway freight stations or ports [2]

Core Viewpoint - Yushen Co., Ltd. reported a revenue of 1.04 billion yuan for 2024, marking a year-on-year growth of 4.59%, while net profit attributable to shareholders reached 81.57 million yuan, up 31.17% [1] Logistics Business - The logistics segment showed strong performance in 2024, driven by multimodal transport and direct delivery services, generating revenue of 755 million yuan [4] - The multimodal transport business integrated various transportation resources, allowing for quick response to customer needs and providing door-to-door services [4] - The direct delivery business leveraged the company's own fleet and geographical advantages, enhancing customer stability and loyalty, particularly in the aluminum logistics sector [4] Warehousing Business - The warehousing segment achieved remarkable growth, with revenue reaching 275 million yuan, a year-on-year increase of 54.95%, and a gross margin of 59.37% [5] - The company offers comprehensive warehousing services for various bulk commodities, including aluminum, copper, and industrial silicon [5] Infrastructure and Partnerships - The company has established multiple warehousing centers in key regions, facilitating efficient logistics operations and transportation connections [6] - Long-term partnerships with major futures exchanges enhance the company's capabilities in commodity futures and spot conversion [6] Cash Flow and Financial Health - Despite revenue and profit growth, the net cash flow from operating activities decreased by 1.26%, indicating pressure on cash flow management [7] - The company's debt-to-asset ratio increased to 48.08%, up 5.50 percentage points from the previous year, suggesting rising financial risk [7] - Research and development investment was only 2.93 million yuan, accounting for 0.28% of revenue, which may impact long-term competitiveness [7]