Core Viewpoint - The global trade order is undergoing significant restructuring due to the acceleration of de-globalization and the need for resilient supply chains, with Xiamen emerging as a key node in this new development landscape [1]. Group 1: External Challenges - The global economic landscape has been profoundly affected by complex factors, leading to increased uncertainty in both domestic and international trade environments [2]. - Trade protectionism, unilateralism, and escalating trade tensions, particularly between the US and China, pose core challenges for internationalization [2]. - Companies face multiple issues such as supply chain disruptions, restricted market access, rising procurement costs, and increased compliance costs due to these external pressures [2]. Group 2: Internationalization Strategy - The company aims to become a leading international supply chain operator, focusing on a "China-style trading company with global reach" positioning [3]. - It is committed to enhancing its global supply chain service system and transitioning from a participant to an organizer in the global supply chain [3]. - The company collaborates with partners across various industries to explore international markets and enhance its brand influence in the global supply chain [3]. Group 3: Strategic Collaborations - The company has intensified strategic collaborations in key steel industry projects along the Belt and Road Initiative, leveraging its international supply chain network to support partners [4]. - In the first eight months of 2025, the international trade volume of steel exceeded 4 million tons, marking a 28% year-on-year increase [4]. Group 4: Supply Chain Security and Resilience - The company is building a multi-dimensional supply chain security system to enhance resilience against global supply chain risks [7]. - It focuses on resource expansion, technological empowerment, logistics support, and talent development to ensure key resources are accessible and secure [7]. - The company is enhancing its decision-making efficiency through AI and big data, creating an intelligent supply chain management system for agricultural products [9]. Group 5: Global Supply Chain Network - The company is actively integrating into the dual circulation development pattern, expanding its supply chain overseas, and establishing over 70 overseas companies and offices in more than 35 countries [10]. - It has developed a robust international logistics network, including nearly 400 self-operated or cooperative overseas warehouses [10]. - The company has signed contracts with over 20,000 overseas suppliers and clients in the past five years, enhancing its global resource acquisition capabilities [12].

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in the previous year. The company aims to adapt to market changes and enhance its operational efficiency across various business segments [1][2]. Company Overview and Financial Indicators - Company Name: 瑞茂通供应链管理股份有限公司 (CCS Supply Chain Management Co., Ltd.) [2] - Total Revenue for H1 2025: 9.46 billion RMB, a decrease of 34.16% from 14.37 billion RMB in H1 2024 [2][3]. - Total Profit: 78.04 million RMB, down 62.56% from 208.41 million RMB in the previous year [2][3]. - Net Profit attributable to shareholders: 56.94 million RMB, a decline of 64.70% from 161.29 million RMB [2][3]. - Basic Earnings per Share: 0.0528 RMB, down 64.71% from 0.1496 RMB [2][3]. - Total Assets: 29.23 billion RMB, a decrease of 6.40% from 31.22 billion RMB at the end of the previous year [2][3]. Industry and Main Business Analysis - The company operates in the bulk commodity supply chain industry, which is characterized by high value, long transportation distances, high circulation costs, and significant price volatility. The industry has a high entry barrier and offers substantial growth potential due to its large market capacity [3][4]. - The coal supply chain business is the core segment, leveraging established channel advantages and operational risk control to cover major domestic production and consumption areas while expanding internationally [4][5]. - The oil and petrochemical supply chain business employs a model combining spot trading and financial derivatives to hedge against price fluctuations, providing stable trading services to clients [4][5]. - The agricultural products segment focuses on soybean processing, utilizing a multi-modal transport strategy to enhance operational efficiency and profitability [4][5]. Operational Performance and Strategic Initiatives - The company achieved coal shipments of 15.06 million tons, generating revenue of 7.37 billion RMB from coal operations [6][7]. - The oil and petrochemical segment reported revenue of 1.00 billion RMB, while the agricultural products segment generated 1.03 billion RMB [6][7]. - The company is enhancing its platform services and data value extraction, with over 29,256 registered users on its 易煤资讯 APP, indicating a growing engagement with its digital offerings [7][8]. - The company continues to optimize its operational management and cost control measures, resulting in reduced management expenses despite increased financial costs due to higher interest expenses on bonds and short-term loans [6][7]. Competitive Advantages - The company has developed a global supply chain network for bulk commodities, covering key production and consumption areas domestically and internationally [8][9]. - A collaborative and efficient shipping logistics network has been established to reduce transportation costs and enhance service offerings [8][9]. - The company is building a comprehensive industrial internet ecosystem, integrating traditional offline processes with standardized online transactions to improve service efficiency [8][9].

Core Insights - The Northeast New Fa Di Agricultural Product Supply Chain Center Phase II project is a key initiative supporting Liaoning Province's development goals, with significant progress made since its launch [1][5] - The project has exceeded its annual investment plan for 2025 by completing 3.7 billion yuan, achieving 105.7% of the target, which provides a solid financial foundation for the second half of the year [5][6] Project Overview - The project is located in Xinglongtai District, Panjin City, with a total investment of 1.1 billion yuan and a planned total construction area of 250,000 square meters [5] - The project aims to establish a large modern fruit trading center, along with deep processing facilities, 5G e-commerce incubation, and a smart management center, to enhance regional agricultural product circulation and industry upgrading [5] Construction Progress - As of June 2025, the foundational works, including 378 acres of site leveling and underground pipeline engineering, have been completed [6] - The core construction task, a 53,000 square meter agricultural product primary processing center, is currently in the concrete pouring and steel structure installation phase, aligning with expected progress [6] - The project is scheduled for completion in October 2025, with acceptance testing to be finalized by December 2025, and it is expected to enhance agricultural efficiency and increase farmers' income post-operation in 2026 [6]

Group 1 - The core viewpoint of the news is the release of the "Special Action Plan for Accelerating the Development of Intelligent Supply Chains" by eight government departments, aiming to enhance supply chain efficiency and reduce logistics costs across key sectors such as agriculture, manufacturing, wholesale, and retail [1][2] - The Action Plan supports the development of agricultural product supply chain service providers and the establishment of intelligent commodity markets [1] - It emphasizes the collaboration in creating smart factories and intelligent supply chains, and the implementation of AI-driven initiatives for new industrialization [1] Group 2 - The plan aims to enhance the integration capabilities of the wholesale supply chain and encourages retail enterprises to adopt intelligent technologies for better information integration across channels [1] - It promotes the use of smart facilities such as automated warehouses, guided vehicles, and unmanned delivery vehicles, supporting integrated development of trade, ports, and shipping [1] - By 2030, the plan targets the establishment of a replicable and promotable intelligent supply chain model, with a focus on creating a resilient supply chain system in key industries and nurturing around 100 leading intelligent supply chain enterprises nationwide [1]