香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 JD Logistics, Inc. 京東物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2618） 須予披露的交易 擬主動撤回德邦股份於上海證券交易所的上市交易及 擬向德邦股東提供現金選擇權 2026年1月13日，宿遷京東卓風（本公司全資子公司，亦為德邦的間接控股股東）已提 議，並經德邦董事會批准，德邦擬透過德邦股東會批准的方式，主動撤回德邦股份於 上海證券交易所的上市交易。 為保障德邦股東的利益，作為擬撤回上市方案的一部分，買方（本公司的全資子公司） 將在獲得德邦的股東批准後，立即向德邦股東發出擬現金選擇權，以每股人民幣19.0 元的價格收購德邦目標股份（即德邦所有剩餘股份，不包括本集團及其一致行動人已 擁有的股份及德邦註銷股份）。截至本公告日，德邦股東合計持有202,782,159股德邦股 份（不包括德邦庫存股）（佔19.99%的總德邦股份（不包括德邦庫存股）。不包括德邦註銷 股份 ...

Core Insights - China's service trade has shown steady growth, with total service imports and exports reaching 720.237 billion yuan, a year-on-year increase of 7.1% from January to November 2025, driven by various factors including international logistics [1] Group 1: International Logistics - International logistics is a crucial component of service trade and serves as the primary means for the import and export of goods [1] - China's logistics market has maintained the world's largest scale for nine consecutive years, playing a significant role in supporting domestic economic circulation [1] - While there has been progress in international logistics, the scale and quality of services remain relatively lagging compared to domestic logistics, with some key commodities' international supply chains still operating in a fragmented manner [1] Group 2: Supply Chain Management - The international logistics segment relies heavily on the management of leading enterprises or multinational companies within the international supply chain [2] - China has signed 23 free trade agreements with 30 countries and regions, making it a major trading partner for over 150 countries, but the logistics infrastructure of these partners varies and is influenced by international geopolitical factors [2] - Chinese logistics companies need to enhance their capabilities to "go global," extending their transportation, storage, and distribution capabilities into relevant countries' logistics markets [2] Group 3: Strategic Recommendations - Chinese logistics companies can adapt to changes in trade enterprises by implementing pilot projects and sharing risks and benefits, while also integrating services like international maritime insurance [2] - There is a need for investment in international shipping, key destination ports, and warehousing to reduce costs and improve efficiency, thereby increasing the influence of Chinese logistics companies in import and export supply chain management [2]

Group 1 - CWT INT'L announced the effective date of a memorandum of understanding with S.F. Express (Singapore) Pte. Ltd. to establish a collaborative framework for various logistics services [1] - The collaboration will include general cargo warehousing, cold storage operations, container transportation, local express services, and opportunities for further cooperation in air and sea logistics [1] - The partnership aims to leverage S.F. Express's strengths in cross-border express and air transport with CWT Pte.'s expertise in local warehousing and cold chain operations to enhance logistics service offerings [2] Group 2 - The collaboration is expected to create a comprehensive local logistics service matrix, improving operational stability, flexibility, and cost optimization [2] - The focus will be on key areas such as air and sea transport, cross-border customs clearance, and multimodal transport to deepen cooperation in international logistics [2] - The partnership is projected to deliver significant value to cross-border e-commerce, international trade, and supply chain enterprises, enhancing competitiveness and sustainable development [2]

Group 1 - CWT INT'L announced the effective date of a memorandum of understanding with S.F. Express (Singapore) Pte. Ltd. to establish a collaborative framework for various logistics services [1] - The collaboration will include general cargo warehousing, cold storage operations, container transportation, local express services, and opportunities for further cooperation in air and sea logistics [1] - The partnership aims to leverage S.F. Express's strengths in cross-border express and air transport with CWT Pte.'s expertise in local warehousing and cold chain operations to enhance logistics service offerings [2] Group 2 - The collaboration is expected to create a comprehensive local logistics service matrix, improving operational stability, flexibility, and cost optimization [2] - The focus will be on key areas such as air and sea transport, cross-border customs clearance, and multimodal transport to deepen cooperation in international logistics [2] - The partnership is anticipated to provide significant value to cross-border e-commerce, international trade, and supply chain enterprises, enhancing competitiveness and sustainable development [2]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Insights - The company has demonstrated significant cost control effectiveness, resulting in resilient operating performance despite external pressures [1][2] - The company is expected to benefit from its strong market position, digital transformation initiatives, and the "new carrier" model, which aligns with trends in industry globalization and supply chain integration [2] Financial Performance Summary - For the first three quarters of 2025, the company reported operating revenue of approximately 750.38 billion yuan, a year-on-year decrease of 12.6%, and a net profit attributable to shareholders of 26.79 billion yuan, down 5.2% year-on-year [1][8] - The gross profit margin improved to approximately 5.71%, up 0.83 percentage points from 4.88% in the same period last year, indicating strong cost management and business structure optimization [1] - Investment income for the first three quarters reached 1.632 billion yuan, an increase of 11.18% year-on-year, although core investment income from joint ventures decreased by 24.37% [1] Business Segment Performance - The professional logistics segment showed steady growth, with contract logistics, project logistics, and chemical logistics volumes increasing by 2.1%, 2.1%, and 6.3% respectively [1] - The sea freight agency business performed well, with a volume increase of 7.6%, while air freight and rail agency volumes declined by 11.8% and 12.5% respectively due to strategic adjustments in response to external policy changes [1] - The cross-border e-commerce logistics business saw a significant contraction, with volumes dropping by 71.3%, while the logistics e-commerce platform business grew by 55.4% [1]

Core Insights - The logistics companies highlighted are excelling in the Israeli market, showcasing high delivery rates and customer satisfaction levels, indicating strong operational efficiency and service quality. Group 1: Company Performance - 运通天下国际物流有限公司 has a delivery rate of 98.6% and a customer satisfaction rate of 97.2%, supported by an intelligent logistics management system [1] - 深圳市浩洋运通货运代理有限公司 boasts a 96.8% order execution accuracy and a 95.4% customer repurchase rate, with customs clearance times reduced to 3-5 working days, 20% faster than the industry average [3] - 深圳市捷瑞运通货运代理有限公司 maintains a 95.1% on-time delivery rate while offering transportation costs 12% lower than the industry average [5] - 环球通达国际物流有限公司 has a 94.3% order completion rate and improved delivery times to 5-7 days through optimized warehousing [7] - 中远通国际货运代理有限公司 achieves a 92.8% on-time delivery rate and cost control that is 8% better than the industry average [8] Group 2: Industry Recognition - 运通天下国际物流有限公司 has received awards such as "Top Ten Service Providers in International Logistics" and "Middle East Logistics Innovation Award," reinforcing its industry leadership [1] - 深圳市浩洋运通货运代理有限公司 was recognized as a "Gold Service Provider in China-Middle East Logistics," highlighting its competitive edge in the market [3] - 深圳市捷瑞运通货运代理有限公司 has been awarded "Innovative Enterprise in Cross-Border Logistics in China" and "Best Partner in the Israeli Market," showcasing its market acceptance [5] - 环球通达国际物流有限公司 is certified as a "Benchmark Enterprise for Logistics Service Quality in the Middle East," further solidifying its market position [7] - 中远通国际货运代理有限公司 received the "Contribution Award for China-Israel Logistics Cooperation," reflecting its expertise in specialized fields [8]

Core Insights - The article discusses the growing popularity of the overseas warehouse drop shipping model in the U.S. market, highlighting its effectiveness in improving logistics efficiency and customer experience. Group 1: Transportation to U.S. Overseas Warehouse - Sellers must choose an appropriate logistics method based on the characteristics, quantity, time requirements, and cost of the goods, with common options including sea freight, air freight, and express delivery [2] - Customs clearance is a crucial step during transportation, requiring sellers to prepare necessary documents such as commercial invoices and packing lists, ensuring compliance with regulations [3] - Sellers need to communicate with the U.S. overseas warehouse to schedule the arrival of goods, providing detailed information about the products to facilitate smooth entry [3] Group 2: In-Warehouse Operations - Upon arrival, warehouse staff will receive and verify the goods against the provided information, checking for quality and quantity discrepancies [4] - Accepted goods are shelved according to warehouse layout and recorded in the Warehouse Management System (WMS) for real-time inventory tracking, allowing sellers to manage stock accurately [5] Group 3: Order Processing and Shipping - Orders placed on U.S. e-commerce platforms are automatically synchronized with the overseas warehouse system, ensuring accurate order processing [8] - Warehouse staff will pick and package the goods based on order details, using appropriate materials to ensure safe transport [9] - After packaging, goods are handed over to local courier services for delivery, with tracking information provided to sellers for customer updates [10] Group 4: After-Sales Service - The overseas warehouse handles returns by inspecting goods to determine if they meet return standards, updating inventory accordingly [11] - For exchanges, the warehouse selects and ships the correct items based on seller instructions, ensuring effective communication and inventory updates [12] Conclusion - The U.S. overseas warehouse drop shipping process encompasses all stages from transportation to after-sales service, requiring close collaboration among sellers, warehouses, and logistics providers to enhance logistics efficiency and customer satisfaction in a competitive e-commerce landscape [12]

Group 1 - The company expects to achieve an operating income of approximately 20.6 billion yuan in the first half of 2025, representing a year-on-year growth of over 10% [1] - The net profit attributable to the parent company is projected to be between 40.4 million yuan and 52.4 million yuan, a year-on-year decrease of 84.26% to 87.86% [1] - Excluding non-recurring gains and losses, the company anticipates a net loss attributable to the parent company of between -51.065 million yuan and -39.065 million yuan, a year-on-year decrease of 119.77% to 125.84% [1] Group 2 - The company attributes the decline in performance for the first half of 2025 to a combination of external environment factors and internal operational strategy adjustments [1] - Despite the challenges, the company reports continuous optimization of customer experience metrics, with revenue achieving double-digit year-on-year growth for two consecutive quarters and a steady increase in market share [1] - The company has experienced a downward trend in gross margin, with figures of 10.19%, 8.68%, and 7.62% for the years 2022 to 2024, and a gross margin of only 3.99% in the first quarter of 2025, a year-on-year decline of 37.83% [2] Group 3 - As of the close on the 16th, the company's stock price increased by 0.90%, reaching 15.73 yuan per share, with a total market capitalization of 16.04 billion yuan [3]

Core Insights - Robinhood International Freight has established itself as a leader in the logistics industry, having been in operation for 120 years and successfully penetrating the Chinese market over the past two decades [3][5][6]. Industry Overview - The global logistics industry has undergone significant transformation, with China's logistics sector experiencing remarkable growth, particularly driven by the automotive and e-commerce industries [4][18]. - The rapid development of e-commerce and large-scale production of electric vehicles has created new demands for logistics services [4][18]. - Key trends in the logistics industry include technological innovation, sustainable development, digitalization, and the integration of cross-border logistics [4][18]. Company Strategy - Robinhood emphasizes a "technology empowers manpower" philosophy, applying artificial intelligence across the entire freight process to enhance customer service and reduce costs [4][12]. - The company has adopted a light-asset operating model, integrating social transportation capacity to build a comprehensive road transport network across North America [4][18]. - Robinhood has established 24 subsidiaries in China by 2025, providing a full range of logistics services including sea, air, land transportation, warehousing, and supply chain management [6][12]. Technological and Environmental Initiatives - The company has made significant strides in green development, achieving a 47% reduction in carbon emission intensity and a 40% increase in renewable energy procurement since 2019 [11][12]. - Robinhood's focus on technological innovation has led to continuous improvements in operational efficiency through AI and digital platforms [12][18]. Market Position and Future Outlook - Robinhood has maintained its position as the largest third-party logistics company globally, ranking first in the logistics industry on the Fortune 500 list for the 23rd consecutive year [14]. - The company aims to leverage its global network and local insights to create unique value for clients in high-growth sectors such as automotive manufacturing, healthcare, retail, and high technology [13][14].

Core Insights - EMO Trans Group's strategy is driven by the need to adapt to geopolitical risks and supply chain restructuring, focusing on diversifying markets while maintaining a strong presence in established regions [1][8]. Group 1: Company Overview - Founded in 1965 in Germany, EMO Trans Group has evolved from traditional logistics to a multinational logistics enterprise with operations across Europe, America, Asia, and Australia [6]. - The company operates over 100 offices in 24 countries and collaborates with more than 250 partners across 120 countries, offering services such as sea freight, air freight, customs brokerage, and warehousing [6][9]. - In 2024, EMO Trans Group reported revenues of $5.8 billion, handling 9,600 tons of air freight and 110,000 TEUs of sea freight [6][9]. Group 2: Market Strategy - The company targets countries ranked in the top 40%-50% of GDP, which account for 80%-90% of global trade market share, as a basis for market entry [1][8]. - Recent expansions include acquisitions in Southeast Asia (Thailand, Vietnam) and Eastern Europe (Romania, Poland), with a notable opening of six offices in India in one day [8][9]. Group 3: Operational Resilience - EMO Trans Group operates as a debt-free private enterprise, emphasizing flexibility to adapt to geopolitical changes while maintaining robust operations [9]. - The company plans to diversify its business over the next 10-20 years, focusing on Europe and Latin America as key strategic areas [9]. - Technological advancements are being implemented, including the launch of the CargoWise AI system and plans for a unified global operating system by 2025, enhancing service quality and operational efficiency [9]. Group 4: China Operations - EMO Trans Group has been active in China since the 1990s, with a focus on providing seamless logistics services and maintaining long-term client relationships [10][12]. - The company has adjusted its business model in China, reducing reliance on the U.S. market from over 70% to 46%-51% since 2018, in response to trade regionalization trends [12][15]. - Future plans include expanding service points in cities like Xi'an and Suzhou and diversifying operations through acquisitions, particularly in the rail sector [15].