Group 1: Revenue Structure - The company's revenue structure for the first half of 2025 shows that transportation business accounts for 78% of total revenue, while warehousing business accounts for 21.32% [3]. Group 2: Credit Policy - The company's credit policy is based on the customer's commercial reputation, business scale, and financial status, categorized into prepayment, batch settlement, and monthly settlement [3]. Group 3: Transportation Business Components - The transportation business includes multimodal transport, agency transport, and self-operated transport [3]. Group 4: Business Interaction - There is a certain interconnection between transportation and warehousing businesses, although warehousing can independently drive business expansion based on brand, location, and qualifications [3].

Core Viewpoint - Jushen Logistics Group Co., Ltd. plans to issue convertible bonds to unspecified objects, with the underwriting and sponsorship provided by Guolian Minsheng Securities [1][2]. Group 1: Company Overview - Jushen Logistics Group was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202 since April 29, 2021 [1][2]. - The company has a registered capital of 166.69 million yuan and is headquartered in Foshan, Guangdong Province [1][2]. Group 2: Main Business Operations - The company operates primarily in the modern logistics industry, focusing on bulk commodity logistics and warehousing [2][3]. - Jushen Logistics offers multimodal transport services, integrating road, rail, and waterway resources to provide efficient logistics solutions [2][3]. - The company has developed a network freight platform to enhance transportation efficiency and reduce costs for clients [3]. - Jushen Logistics also provides self-operated transportation services, leveraging its industry experience to expand operations in Guinea, a major source of bauxite for China [3][4]. Group 3: Financial Data and Indicators - As of June 30, 2025, the total assets of the company amounted to 1.641 billion yuan, with total liabilities of 839.96 million yuan and owner's equity of 801.06 million yuan [6]. - The company's revenue for the first half of 2025 was 661.80 million yuan, with a net profit of 62.19 million yuan [7]. - The company reported a decrease in net profit by 8.83% in the first half of 2025 compared to the previous year, attributed to losses from its Guinea operations [7][8]. Group 4: Future Projects and Expectations - The funds raised from the convertible bond issuance will be used for the Jushen Guinea transshipment project, working capital, and repaying bank loans [10][11]. - The Guinea transshipment project is expected to generate an average annual revenue of 308.98 million yuan and a net profit of 93.88 million yuan once fully operational [10][11]. - The project has already secured contracts with major companies, covering 45.37% of the projected business volume for the first year [10][11].

Core Viewpoint - Yushen Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its financial status, business operations, and fundraising projects, providing detailed insights into its performance and future plans [1][5]. Financial Performance and Business Operations - In Q1 2025, Yushen Co., Ltd. reported a revenue of 259.60 million yuan, a year-on-year increase of 22.74%, while the net profit attributable to shareholders was 7.84 million yuan, a decline of 46.93%. This decline was primarily due to losses in the Guinea land transportation business, which had a gross margin of -135.71% due to poor local traffic conditions and insufficient capacity [2]. - By H1 2025, the company saw an increase in revenue to 661.80 million yuan, a 49.12% year-on-year growth, with net profit rising to 40.81 million yuan, an increase of 3.18% compared to the previous year. The transportation business revenue decreased, while the warehousing business revenue increased [2]. - The company is addressing the declining gross margin in the transportation business through quality optimization and procurement platform adjustments. The provision for bad debts and the aging structure of accounts receivable are comparable to industry peers, indicating that debtors have the capacity to fulfill their obligations [2]. Previous Fundraising Project Analysis - In 2021, the company raised 433 million yuan, with 25.98% of the projects undergoing changes in use. Some projects, such as the Yushen Zhudong Land Port and Qinzhou Port Logistics Park, reached operational status but did not meet expected returns due to cost control and strategic adjustments [3]. - The company has implemented measures to enhance customer cooperation and optimize operational efficiency for projects that did not achieve expected benefits [3]. Current Fundraising Project Interpretation - The company plans to raise up to 380 million yuan, with 266 million yuan allocated for the Yushen Guinea transshipment project and 114 million yuan for working capital and bank loan repayment. The transshipment project is an extension of the company's transportation business and aligns with its core operations [4]. - Despite initial losses in the Guinea land transportation service, the company has taken proactive measures to improve the situation, including appointing management personnel and establishing internal control systems [4]. - The company has signed contracts with suppliers for vessel purchases, reducing uncertainty. Although new fixed asset depreciation will impact financial data, the expected benefits from the project are anticipated to offset this [4]. - A professional transshipment team has been formed, and third-party vessel management companies will be engaged for operations and maintenance. The company has secured cooperation agreements with clients, covering 45.37% of overall transshipment capacity, indicating strong market demand and potential for capacity absorption [4].

Group 1: Financial Performance - The company's revenue for the first half of 2025 increased significantly by 49.12%, primarily driven by the rise in comprehensive transportation business income [3] - Transportation business revenue grew by 65.38% year-on-year, while warehousing business revenue increased by 12.65% [3] Group 2: Strategic Initiatives - The funds from share repurchase will mainly be used to supplement the company's working capital, enhancing its sustainability [3] - The issuance of convertible bonds aims to raise funds for investment in the Guinea transshipment project, supplement working capital, and repay bank loans, thereby improving service capabilities and competitiveness [3] Group 3: Market Expansion - The company has initiated land transportation services in Guinea, providing comprehensive logistics solutions from mining areas to ports [3] - The Guinea transshipment project is actively progressing, contributing to the company's market presence in the region [3] Group 4: Investor Relations - The company aims to strengthen communication with investors through performance briefings and investor research, enhancing investor relations management services [4]

Group 1 - The Gansu Provincial Conference on Promoting the Development of the Private Economy and Optimizing the Business Environment was held in Lanzhou, with participation from Yunda Holdings and local government leaders [1] - Gansu's government expressed appreciation for private enterprises' contributions to pandemic control and economic recovery, encouraging further investment and collaboration [1] - Yunda Holdings aims to leverage Gansu's unique resource advantages to enhance integration between the express logistics industry and agriculture, manufacturing, and consumer internet sectors [1] Group 2 - Yunda Holdings primarily operates in the express delivery business, along with warehousing and supply chain services, covering all 31 provinces in China and over 30 countries globally [2] - In 2019, Yunda delivered over 10 billion packages worldwide, ranking high among major express companies in terms of delivery time and customer satisfaction [2] - The company is committed to high-quality development by utilizing technology and data to create a smart logistics ecosystem, striving to become a globally competitive comprehensive express logistics service provider [2]

Group 1 - The company, Jushen Co., announced that its wholly-owned subsidiary, Guangdong Jushen Warehousing Co., has successfully applied to become one of the first delivery warehouses for casting aluminum alloy futures at the Shanghai Futures Exchange, with a certified storage capacity of 20,000 tons [2] - The estimated guarantee amount based on a price of 20,000 RMB per ton is approximately 400 million RMB [2] - As of June 5, 2025, the actual balance of guarantees provided by the company to its wholly-owned subsidiary is about 58.26 billion RMB, accounting for 774.73% of the most recent audited net assets [2] Group 2 - The company was established on November 10, 2011, with a registered capital of 128.8 million RMB, and its main business includes logistics and warehousing [2] - The company has 15 affiliated companies, including Xinjiang Jushen Land Port Intermodal Co., and Wuxi Jushen Warehousing Co. [2] - The company reported revenues of 1.085 billion RMB, 994 million RMB, and 1.04 billion RMB for the years 2022 to 2024, with year-on-year growth rates of 45.27%, -8.34%, and 4.59% respectively [3] Group 3 - The net profit attributable to the parent company for the same period was 39.43 million RMB, 62.19 million RMB, and 81.57 million RMB, with year-on-year growth rates of -15.43%, 54.32%, and 31.17% respectively [3] - The company's asset-liability ratios were 44.84%, 42.59%, and 48.08% for the years 2022 to 2024 [3] Group 4 - The company has a total of 90 risk alerts, 24 surrounding risk alerts, 12 historical risk alerts, and 117 warning risk alerts according to Tianyancha information [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]