Core Viewpoint - Jushen Logistics Group Co., Ltd. plans to issue convertible bonds to unspecified objects, aiming to enhance its financial structure and support its business expansion in the logistics sector, particularly in bulk commodity logistics and warehousing [1][2]. Company Overview - Jushen Logistics Group was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202. The company has a registered capital of 166.69 million yuan [1][2]. - The company focuses on modern logistics, specializing in bulk commodity logistics and warehousing services [2][4]. Main Business Operations - The company operates in three main areas: 1. **Multimodal Transport**: Jushen provides comprehensive logistics services, integrating road, rail, and water transport to offer efficient and reliable solutions [2][3]. 2. **Agency Transport**: The company has developed the Jushen Smart Transport Network platform to optimize transport efficiency through technology [3]. 3. **Self-operated Transport**: Jushen utilizes its own transport equipment to deliver goods, particularly in the aluminum and bauxite sectors, with a focus on expanding operations in Guinea [3][4]. Financial Data and Indicators - As of March 31, 2025, the total assets of the company amounted to 1.51 billion yuan, with total liabilities of 750.70 million yuan and owner’s equity of 761.93 million yuan [6]. - The company reported a revenue of 259.60 million yuan for the first quarter of 2025, with a net profit attributable to the parent company of 7.84 million yuan [7]. Market Position and Strategy - Jushen has established a strong presence in key regions such as South China, East China, and Central China, with strategic locations near transportation hubs to enhance logistics efficiency [5]. - The company has long-term partnerships with major commodity exchanges, which supports its warehousing services and enhances its market competitiveness [5]. Investment Projects - The funds raised from the convertible bond issuance will be allocated to the Jushen Guinea transport project, working capital, and repayment of bank loans. The Guinea project is expected to generate an average annual revenue of 308.98 million yuan and a profit of 93.13 million yuan once fully operational [10][19]. Risks and Challenges - The company faces various risks, including potential declines in performance due to economic fluctuations, increased competition, and operational challenges in Guinea [8][13][14]. - The logistics industry is experiencing intensified competition, which may impact Jushen's market share and profitability [14].

Group 1 - The core viewpoint emphasizes that the service industry has become a key engine for high-quality regional economic development and stable GDP growth amid a deep adjustment in the global economic landscape and accelerated industrial upgrading [1] - In the first quarter, the revenue of the service industry in Jintan District reached 1.651 billion yuan, a year-on-year increase of 20.2%, while the revenue included in the accounting for the service industry was 1.578 billion yuan, growing by 23.2%, ranking first in Changzhou City [1] - Jintan District has implemented a series of effective measures to promote the development of modern service industries, aiming to integrate advanced manufacturing with modern services and establish a high-end, digital, and integrated modern service system by 2025 [1] Group 2 - To create a collaborative development model of "leading enterprises + service industry ecosystem," Jintan District has organized a salon focused on empowering leading enterprises and servicing the new energy industry chain [2] - Jintan District has developed competitive industrial clusters in power batteries, solar photovoltaics, and intelligent equipment, addressing the "service capability bottleneck" faced during the leap of the new energy industry [2] - The district aims to deepen the integration of industries and services, enhance the industrial ecosystem, and significantly develop productive services to provide stronger and more sustainable support for economic growth [2]