2月3日，世盟股份正式登陆深交所主板，上市首日股价开盘涨超114%，总市值突破50亿元，获得资本 市场认可。 作为国内领先的综合物流服务企业，世盟股份专注于为跨国制造企业提供定制化、一体化、嵌入式的供 应链物流解决方案，其商业模式在行业中具备稀缺性，公司上市自然吸引了众多投资者关注。 实际上，无论是站在公司还是行业视角，都会发现世盟股份的长期潜力十分清晰。有了资本市场资金加 持，世盟股份将会开启新的价值成长之路。 业绩稳增+壁垒深厚，物流行业优质标的 2025年至今，A股IPO审核节奏逐渐加快，审核周期有所缩短，企业实现上市随之提速。这背后是资本 市场支持优质企业上市，长期改善市场结构、提升上市公司质量，以及增强投资者信心的综合考量。 所以世盟股份成功上市，背后有着资本市场对公司业绩数据、业务模式、市场地位等多方面的认可。 2022年至2024年，公司营收和利润逐年提高，分别实现营收80,787.79万元、83,451.97万元、102,814.39 万元，分别实现净利润11248.59万元、13298.43万元、17005.89万元。经计算，2022年-2024年净利润率 分别为13.92%、15.93%、 ...

2月3日，世盟股份正式登陆深交所主板，上市首日股价开盘涨超114%，总市值突破50亿元，获得资本 市场认可。 作为国内领先的综合物流服务企业，世盟股份专注于为跨国制造企业提供定制化、一体化、嵌入式的供 应链物流解决方案，其商业模式在行业中具备稀缺性，公司上市自然吸引了众多投资者关注。 实际上，无论是站在公司还是行业视角，都会发现世盟股份的长期潜力十分清晰。有了资本市场资金加 持，世盟股份将会开启新的价值成长之路。 业绩稳增+壁垒深厚，物流行业优质标的 上市迎良好窗口期，尽享物流行业增长红利 当前良好的上市窗口期，为世盟股份的价值释放提供了难得的机遇。 2025年至今，A股IPO审核节奏逐渐加快，审核周期有所缩短，企业实现上市随之提速。这背后是资本 市场支持优质企业上市，长期改善市场结构、提升上市公司质量，以及增强投资者信心的综合考量。 所以世盟股份成功上市，背后有着资本市场对公司业绩数据、业务模式、市场地位等多方面的认可。 2022年至2024年，公司营收和利润逐年提高，分别实现营收80,787.79万元、83,451.97万元、102,814.39 万元，分别实现净利润11248.59万元、13298.43 ...

众所周知，物流信息化是现代物流发展的必然要求。全景网注意到，数字化、智能化转型亦是世盟股份 提升核心竞争力的重要支撑。公司始终坚持"业务场景驱动技术应用"的发展路径，投入大量资源搭建智 能物流信息体系，构建了以TMS（智慧调度系统）、WMS（仓储管理系统）、OMS（订单管理系统） 为核心，融合BMS（智能结算）、CMS（合同管理）、BI（智能分析）、VMS（可视化系统）的全流 程数字化平台。截至目前，公司已拥有11项计算机软件著作权，这些技术成果已全面落地应用于实际业 务运营，其中，TMS系统可优化运输路线设计、减少车辆空驶里程，WMS系统实现仓储全流程信息化 管理、提升运转效率与准确性，BI系统可通过数据分析为客户生产计划调整提供专业支撑，全方位赋能 运营效率提升与客户服务优化。 优质稳定的客户资源为公司业绩的稳定增长提供了坚实保障，亦是世盟股份持续发展的核心底气。多年 的市场深耕，凭借专业的服务能力、高效的响应速度与严格的质量管控，世盟股份已与汽车、包装品等 多个制造业领域内领先的全球知名大型企业客户保持稳定、持续的合作，形成较强的客户黏性。其中， 汽车制造业领先企业涵盖奔驰汽车和现代汽车；在包装领域全球 ...

Company Overview - The company provides supply chain logistics services primarily for multinational manufacturing enterprises, with revenue contributions from comprehensive logistics services and trunk transportation services being 77.22% and 22.78% respectively in 2024 [4][28] - The comprehensive logistics services include customs assistance, material transportation, and warehousing, which help clients avoid investments in self-built logistics and warehouses, enhancing efficiency in import and export operations [6][28] - The trunk transportation service focuses on large-volume, long-distance transport using main highways, optimizing logistics planning based on clients' supplier distribution and production processes to achieve just-in-time (JIT) delivery [6][28] Financial Performance - The company's revenue has shown consistent growth, with figures of 808 million yuan in 2022, 835 million yuan in 2023, and projected 1.028 billion yuan in 2024, reflecting a year-on-year increase of 23.20% [10][33] - Profit figures also increased from 102 million yuan in 2022 to 128 million yuan in 2023, and further to 169 million yuan in 2024, indicating a growth rate of 32.44% [11][33] - The gross profit margin improved from 19.95% in 2022 to 24.95% in 2024, while the net profit margin rose from 13.92% to 16.54% during the same period [11][33] Client Base - The top five clients accounted for a significant portion of revenue, with Maersk contributing 44.19% and Beijing Benz 21.44% in the first half of 2025 [30] - The company has established long-term relationships with major clients such as Beijing Benz, Tetra Pak, and Maersk, which contribute to revenue stability [18][39] Industry Context - The third-party logistics market in China has grown from approximately 749.9 billion yuan in 2012 to an estimated 2.4099 trillion yuan in 2024, indicating a robust growth trajectory [15][35] - The logistics industry is characterized by a fragmented competitive landscape, with various companies specializing in different sectors, making it challenging for any single entity to dominate the market [15][37] - The entry barriers in the third-party logistics sector are high due to the significant capital required for establishing transportation systems, warehousing facilities, and information technology systems [37][38]

1月22日下午，世盟供应链管理股份有限公司（以下简称"世盟股份（001220）"，股票代码： 001220.SZ）首次公开发行股票并在主板上市网上路演在全景路演举行。 投资者交流环节，问及"世盟公司信息化升级改造项目"相关情况，世盟股份董事长兼总经理张经纬介 绍，该项目旨在升级改造物流信息平台，优化现有信息网络，完善信息系统的功能，提高信息系统运作 的时效性和准确度，保障数据安全以及公司信息网络安全高效运行。该项目将在公司现有规模的基础 上，升级改造公司信息化平台以全面提升公司信息技术软硬件环境和支持能力，同时适应下游客户的要 求，打造更加智能化的信息服务平台。本项目主要建设内容包括：机房与监控室建设、信息化升级改造 项目的硬件设备购置、信息化升级改造项目的软件购买以及开发等。 世盟股份是一家专注于为跨国制造企业提供定制化、一体化、嵌入式供应链物流解决方案的专业服务 商，公司围绕跨国制造企业，不断创新服务模式，增强物流服务能力，通过整合运力资源、仓储资源、 港口关务服务资源等基础服务功能，针对特定客户的行业特性和需求，形成包括关务服务、运输服务、 仓储及管理服务在内的全方位、一体化供应链综合物流服务。 当前， ...

1月22日下午，世盟供应链管理股份有限公司（以下简称"世盟股份（001220）"，股票代码： 001220.SZ）首次公开发行股票并在主板上市网上路演在全景路演举行。 投资者交流环节，问及第三方物流行业发展趋势及对公司影响，世盟股份物流运营总监王涛称，当前第 三方物流行业的发展呈现的核心趋势有：物流企业向高质量发展转型、第三方物流市场空间持续释放、 物流服务向供应链两端延伸成为趋势、物流企业间的资源整合和战略合作需求凸显、行业信息化管理水 平继续提升等，由于第三方综合物流企业对主要客户的综合物流业务具有高度定制化的特点，服务明星 客户的案例和质量成为体现合同物流企业服务能力的重要体现，世盟服务的客户包括奔驰、马士基、利 乐包装、安姆科、发那科、北京现代等全球知名客户。上述领先的国际制造型企业精益化生产水平高， 对物流供应商的遴选门槛高、要求严，世盟能很好地服务上述领先国际制造客户，是行业地位的有力证 明。 世盟股份是一家专注于为跨国制造企业提供定制化、一体化、嵌入式供应链物流解决方案的专业服务 商，公司围绕跨国制造企业，不断创新服务模式，增强物流服务能力，通过整合运力资源、仓储资源、 港口关务服务资源等基础服 ...

值得注意的是，"双十一"期间，顺丰同城日均同城配送单量同比去年增超50%。从品类看，餐饮订单 自"外卖大战"以来持续强劲增长，其中饮品单量同比增超160%，快餐单量同比增超110%，此外，商超 百货、美妆珠宝等非餐品类单量同比高双位数增长。该行认为，作为中立第三方平台，大促期间顺丰同 城全渠道订单表现亮眼：承接来自抖音、美团、淘宝闪购、京东秒送及商家自有平台的单量均实现显著 增长，2026年外卖业务的增长与盈利预期仍然向好。 消息面上，据央视新闻报道，近日，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场 竞争状况开展调查、评估。申万宏源表示，即时零售领域的竞争更加合规化，有望驱动品类从餐饮、茶 饮向更高客单价品类发展，给物流侧带来更多增长空间。 顺丰同城(09699)再涨超7%，月内累计涨幅接近20%。截至发稿，涨5.3%，报12.92港元，成交额2799.22 万港元。 ...

智通财经APP获悉，顺丰同城(09699)再涨超7%，月内累计涨幅接近20%。截至发稿，涨5.3%，报12.92 港元，成交额2799.22万港元。 消息面上，据央视新闻报道，近日，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场 竞争状况开展调查、评估。申万宏源表示，即时零售领域的竞争更加合规化，有望驱动品类从餐饮、茶 饮向更高客单价品类发展，给物流侧带来更多增长空间。 值得注意的是，"双十一"期间，顺丰同城日均同城配送单量同比去年增超50%。从品类看，餐饮订单 自"外卖大战"以来持续强劲增长，其中饮品单量同比增超160%，快餐单量同比增超110%，此外，商超 百货、美妆珠宝等非餐品类单量同比高双位数增长。该行认为，作为中立第三方平台，大促期间顺丰同 城全渠道订单表现亮眼：承接来自抖音、美团、淘宝闪购、京东秒送及商家自有平台的单量均实现显著 增长，2026年外卖业务的增长与盈利预期仍然向好。 ...

Investment Rating - The report indicates a strong growth potential for the third-party logistics (3PL) industry in China, with an expected market size exceeding 1.2 trillion RMB by 2025, reflecting a compound annual growth rate (CAGR) of over 10% [18][20]. Core Insights - The third-party logistics industry is characterized by a diverse range of services, including transportation, warehousing, distribution, logistics information management, supply chain design, and reverse logistics [7][8]. - The industry has evolved significantly, driven by the rapid growth of e-commerce and manufacturing, leading to increased demand for logistics services and a shift towards more integrated and intelligent supply chain solutions [12][14]. - The report emphasizes the importance of technology, such as artificial intelligence, IoT, and big data, in enhancing logistics efficiency and service quality [20][27]. Market Size and Structure Analysis - The overall market size of China's 3PL industry surpassed 1 trillion RMB in 2024, with significant contributions from e-commerce, manufacturing, and fast-moving consumer goods sectors [17][18]. - By 2025, the market is projected to reach 1.2 trillion RMB, with warehousing services accounting for approximately 30% and transportation services for about 40% of the total market [21][25]. - The report highlights the strong growth in niche markets such as e-commerce logistics, pharmaceutical logistics, and cold chain logistics, driven by technological advancements and changing consumer demands [22][24]. Competitive Landscape - The market concentration is increasing, with leading companies like SF Express, JD Logistics, and COSCO Shipping Logistics capturing over 40% of the market share [33][37]. - These leading firms leverage extensive logistics networks, advanced technology, and strong capital to maintain their competitive edge [51][52]. - Smaller logistics companies focus on specific regional markets and niche services, often emphasizing personalized and flexible solutions to meet local demands [54][56]. Demand Analysis - The manufacturing sector remains the largest customer group, accounting for about 40% of the market, with a growing emphasis on efficiency, precision, and cost control in logistics services [30][39]. - E-commerce and retail sectors are rapidly expanding, driving demand for fast delivery and last-mile services, which necessitate continuous innovation in logistics solutions [42][43]. - The fast-moving consumer goods and pharmaceutical industries have specific logistics requirements, including speed, frequency, safety, and compliance with regulations [45][46]. Future Development Trends - The report predicts a deep integration of smart and digital technologies across the logistics chain, enhancing automation and decision-making capabilities [57]. - Green logistics and sustainable practices are becoming central to industry development, with a focus on reducing carbon emissions and optimizing resource use [58][59]. - Cross-industry collaboration and innovation are expected to drive the evolution of logistics services, creating a more interconnected and efficient ecosystem [60].

Core Viewpoint - RXO's third quarter earnings report led to a significant pre-market stock sell-off of over 14.8%, reflecting investor disappointment despite the earnings not being overly negative [1] Financial Performance - Adjusted net income decreased year-on-year from $7 million to $2 million, with non-GAAP EPS dropping to 1 cent from 5 cents, missing Wall Street estimates by 3 cents [2] - Total revenue for the quarter was $1.4 billion, falling short of consensus estimates by $30 million [2] - Adjusted EBITDA slightly declined to $32 million from $33 million year-on-year, with the adjusted EBITDA margin decreasing from 3.2% to 2.3% [3] - The net loss per share on a GAAP basis was 8 cents, accumulating to a total loss of 32 cents per share for the first three quarters [3] Strategic Positioning - RXO's CEO highlighted the company's strong positioning as the third-largest brokered transportation provider in North America, emphasizing the benefits of scale and technology [4] - The company anticipates over $30 million in savings from new cost initiatives, aiming for long-term strong cash flow due to its asset-light business model [4] Market Comparison - RXO's performance contrasts sharply with its peer C.H. Robinson, which has seen significant growth in key metrics and a stock price increase of over 45% in the last year [4] - RXO's stock has declined approximately 37.5% over the past year, although it has risen about 13.8% in the last three months prior to the recent sell-off [4] Revenue Drivers - The increase in RXO's revenue for the third quarter was partly attributed to the acquisition of Coyote Logistics, completed in the previous year's third quarter [5]