Core Viewpoint - The article discusses the performance and strategic importance of Beibu Gulf Port, highlighting its role in logistics and trade, particularly in relation to the Belt and Road Initiative and the Western Land-Sea Trade Corridor [2][3]. Company Overview - Beibu Gulf Port is the only state-owned public terminal operator in the Guangxi Beibu Gulf region, serving as a key port in China's planned southwestern coastal port group [3]. - The company primarily engages in container and bulk cargo handling, storage, and port services, with a revenue composition of 94.03% from handling and storage, 3.69% from tugboat services, and minor contributions from other services [8]. Business Performance - In 2023, the company achieved a cargo throughput of 31,039.78 million tons, a year-on-year increase of 10.81%, accounting for 70% of the total cargo throughput at Beibu Gulf Port [3]. - The container throughput reached 802.20 million TEUs, reflecting a 14.26% year-on-year growth, representing 100% of the port's total container throughput [3]. - The company has established several fruit shipping routes from Thailand, Vietnam, and Cambodia, and offers comprehensive cold chain logistics services [3]. Strategic Importance - Beibu Gulf Port is positioned as a crucial logistics hub for the Western Land-Sea Trade Corridor, enhancing the integration of regional industries and expanding the corridor's reach [2][3]. - The port's development is supported by favorable policies from the Hainan Free Trade Port, promoting collaboration between Beibu Gulf Port and Yangpu Port [2]. Financial Highlights - As of March 31, 2025, the company reported an operating income of 1.643 billion yuan, a year-on-year increase of 6.73%, while the net profit attributable to shareholders decreased by 49.87% to 196 million yuan [8]. - The company has distributed a total of 2.842 billion yuan in dividends since its A-share listing, with 1.205 billion yuan distributed in the last three years [8].

Core Viewpoint - Jiangsu Wanlin Modern Logistics Co., Ltd. is facing financial challenges, including a decline in revenue and net profit, alongside issues related to fixed asset impairment and accounts receivable management [1][2][3]. Fixed Assets - As of the end of 2024, the company's fixed assets amounted to 785 million yuan, representing 56.68% of total assets. In 2023, the company recognized a fixed asset impairment loss of 13 million yuan, primarily due to the underperformance of its subsidiary, Lianyungang Wanlin Logistics Co., Ltd., which reported a loss of 2.55 million yuan [2][3]. - The company did not recognize further impairment losses for fixed assets despite a decrease in business volume, with handling business revenue dropping by 9.50% year-on-year [2][3]. - A detailed impairment test was conducted on fixed assets at the end of 2023, revealing a net value of 24.76 million yuan for buildings, with an impairment provision of 12.94 million yuan [3][5]. Accounts Receivable - By the end of 2024, other receivables totaled 69.91 million yuan, with a significant portion (58.59%) aged over three years, primarily from China State Construction Engineering Corporation [8][12]. - The company has implemented a credit loss provision based on expected credit loss rates, with a year-on-year decrease of 24.15% in accounts receivable [8][12]. - The company has faced challenges in collecting receivables from China State Construction, leading to a longer aging of accounts, but has not identified significant credit risk [12][13]. Debt Risk - As of the end of 2024, the company reported short-term borrowings of 40.14 million yuan and other payables of 149.04 million yuan, with cash and cash equivalents at only 18.70 million yuan, resulting in a current ratio of 0.47 [17][18]. - The company received and repaid significant borrowing amounts during the reporting period, indicating liquidity challenges [17][18]. - The company is actively seeking bank credit to alleviate its liquidity issues and has projected an operating cash flow of approximately 80 million yuan for 2025 [17][18].