编号：2025-008 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 广发证券、杭银理财、华能贵诚信托共计 3 人 上市公司人员 董事会秘书：赵婧；证券事务代表：李林，以及相 关工作人员 时间 2025 年 9 月 23 日(周二) 10:00-11:00 地点 国货航综合办公楼 816 会议室 形式 现场调研 投资者关系活动主 要内容介绍 公司就投资者在本次现场调研中提出的问题进行了 回复： 问题一：请先介绍下公司上半年经营情况，以及上 半年业绩增长的原因？ 答：公司 2025 年上半年实现营业收入 109.35 亿 元，同比增长 21.92%；归属于上市公司股东的净利 润 12.40 亿元，同比增长 86.15%，归属于上市公司 股东的扣除非经常性损益的净利润 11.98 亿元，同 比增长 82.64%。业绩增长的主要原因系公司积极应 对外部环境的扰动，机队规模和航线结构实现扩充 和优化，新增运能有效投入；航空油料综合价格同 比下降，提升了公司的盈利水平；货站板块和地面 | 综合物流板块均 ...

Core Viewpoint - SF Holding (002352)(06936) reported a total revenue of RMB 24.787 billion for its express logistics, supply chain, and international business in August 2025, representing a year-on-year growth of 7.86% [1] Group 1: Express Logistics Business - Revenue from express logistics business increased by 14.14% year-on-year, with business volume growing by 34.80%, driven by the company's continuous enhancement of standard products and comprehensive logistics service capabilities [1] - The company has focused on deepening its presence in various logistics scenarios, including manufacturing and consumer goods, effectively meeting diverse customer logistics needs [1] Group 2: International Business - The international freight forwarding business revenue was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network advantages and diverse product matrix to adapt to market changes and actively explore new demands, maintaining stable overall cargo volume in international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics business achieved rapid growth year-on-year [1]

Group 1 - The board of directors of Qingdao Port International Co., Ltd. held its 28th meeting on August 28, 2025, with all 9 directors present, complying with legal and regulatory requirements [1] - The board approved the mid-term performance announcement for 2025 with a unanimous vote of 9 in favor [2] - The board also approved the 2025 semi-annual report, which was previously reviewed by the audit committee [2] Group 2 - The board agreed on a mid-term profit distribution plan, proposing a cash dividend of RMB 1.466 per 10 shares, which represents approximately 33% of the net profit attributable to shareholders for the first half of 2025 [2][3] - The profit distribution plan is set to be implemented on December 24, 2025, pending approval from the shareholders' meeting [2] - The board approved a continuous risk assessment report for Shandong Port Group Financial Co., Ltd., with 4 votes in favor and no opposition [3][4] Group 3 - The board approved daily related transactions with Qingdao Qianwan New United Container Terminal Co., Ltd. and Qingdao Port Dongjiakou Ore Terminal Co., Ltd., with 8 votes in favor [4] - The board also approved a related transaction framework agreement with Global Express Logistics Co., Ltd. for the 2025-2026 period, with unanimous support from all directors [4]

Core Viewpoint - China Commerce Group (01719) reported a revenue of HKD 158 million for the six months ending June 30, 2025, reflecting a year-on-year increase of 0.48% [1] Financial Performance - The profit attributable to the company's owners was HKD 2.473 million, representing a year-on-year decrease of 28.69% [1] - Earnings per share stood at HKD 0.14 [1] Revenue Breakdown - Revenue increase was primarily offset by several factors: - Supply chain management and trading business revenue decreased by approximately HKD 14.107 million [1] - Integrated logistics services revenue increased by approximately HKD 12.351 million [1] - Revenue from terminal and related services increased by approximately HKD 2.006 million [1] - Rental income from investment properties increased by approximately HKD 0.512 million [1]

Core Viewpoint - China Commerce Group (01719) reported a slight increase in revenue for the six months ending June 30, 2025, but a significant decrease in profit attributable to shareholders [1] Financial Performance - The company achieved revenue of HKD 158 million, representing a year-on-year increase of 0.48% [1] - Profit attributable to shareholders was HKD 2.473 million, a decrease of 28.69% year-on-year [1] - Earnings per share stood at HKD 0.14 [1] Revenue Breakdown - Revenue from supply chain management and trading decreased by approximately HKD 14.107 million [1] - Integrated logistics services revenue increased by approximately HKD 12.351 million [1] - Revenue from terminal and related services increased by approximately HKD 2.006 million [1] - Rental income from investment properties increased by approximately HKD 0.512 million [1]

Core Viewpoint - KLN Group reported a revenue of HKD 27.211 billion for the six months ending June 30, 2025, reflecting a year-on-year increase of 7% [1] - The company achieved a core net profit of HKD 681 million, up 12% year-on-year, and proposed an interim dividend of HKD 0.11 per share [1] Financial Performance - Revenue for the first half of 2025 reached HKD 27.211 billion, a 7% increase compared to the previous year [1] - Core net profit was HKD 681 million, representing a 12% year-on-year growth [1] - Shareholders' profit attributable to the company was HKD 648 million, an increase of 9.87% year-on-year [1] - Basic earnings per share stood at HKD 0.36 [1] Business Segments - The integrated logistics business segment saw a profit growth of 5% despite challenges in the Hong Kong and mainland China markets due to global trade tensions and changing consumer patterns [1] - The international freight market faced multiple challenges, including trade policy changes and geopolitical tensions, yet the international freight business achieved a segment profit growth of 22% [1] Sustainability Initiatives - The company is preparing to comply with new climate information disclosure regulations set by the Hong Kong Stock Exchange, aligned with international sustainability standards [1] - KLN is collecting detailed operational data on greenhouse gas emissions to identify significant environmental impact areas [1] - The company is exploring alternative fuels, such as sustainable shipping and aviation fuels, to support its net-zero emissions goal [1]

Core Viewpoint - The company, 嘉诚国际, has successfully won a contract for a smart warehouse operation service project in East China for a well-known cross-border e-commerce platform, which is expected to exceed 10% of the company's audited net profit from the previous year [1] Company Overview - 嘉诚国际's latest stock price is 12.55 yuan, reflecting a 0.40% increase from the previous trading day, with an intraday high of 12.95 yuan and a low of 12.45 yuan, and a trading volume of 206 million yuan [1] - The company operates in the logistics industry, providing comprehensive logistics services including international freight forwarding and warehousing and distribution [1] Financial Impact - The contract won is anticipated to deepen the cooperation with clients and significantly impact the company's financial performance [1] Capital Flow - On August 25, the main capital outflow was 35.14 million yuan, with a cumulative net outflow of 110 million yuan over the past five days [1]

飞马国际股价报3.05元，较前一交易日下跌0.01元，跌幅0.33%。盘中最高触及3.09元，最低下探3.03 元，成交额达3.57亿元。 飞马国际主营业务涵盖供应链管理服务，包括综合物流服务、贸易执行服务等。公司近日联合成立深圳 飞马汇农贸易发展有限公司，注册资本1000万元，经营范围涉及货物进出口、农业科研等领域。 风险提示：股市有风险，投资需谨慎。 来源:金融界 ...

Core Insights - Jiangsu Feilida International Logistics Co., Ltd. reported a revenue of 3.031 billion yuan and a net profit of 29.87 million yuan for the first half of 2025, marking a year-on-year growth of 39.69% in net profit despite a complex international environment [1] Financial Performance - The company improved its profitability significantly by reducing low-margin businesses and focusing on high-value sectors, resulting in a net profit excluding non-recurring gains of 14.59 million yuan, a year-on-year increase of 713.21% [2] - Operating cash flow saw a substantial improvement, reaching 181 million yuan compared to a negative 1.88 million yuan in the same period last year, reflecting a year-on-year growth of 9727.85% [2] - Revenue from comprehensive logistics services grew by 3.42% year-on-year, with a gross margin of 9.91%, contributing to profit growth [2] International Expansion - The company accelerated its internationalization strategy, with Southeast Asia and North America emerging as new growth areas, expanding its business scale in Thailand, Vietnam, and Malaysia [3] - The company serves over 300 clients in these regions, with established market shares in cross-border transport services [3] - Revenue from the Thai and U.S. markets showed significant growth, while the Vietnamese market maintained stable profitability during adjustments [3] Green Logistics and Digital Transformation - Feilida is actively pursuing green logistics initiatives, having added 32,000 square meters of rooftop solar panels, cumulatively reaching 87,800 square meters, significantly reducing carbon emissions [4] - The company introduced innovative rail transport services to replace traditional air and road transport, helping clients optimize their carbon footprints [4] - In terms of digital transformation, the company is enhancing its "dual middle platform" strategy and applying AI technologies in various operational scenarios, improving efficiency in warehousing and distribution [4] Focus on High-Value Sectors - The company is committed to social responsibility through various charitable activities and improving employee welfare, which enhances employee loyalty [5] - Future plans include deepening engagement in the electronic information, automotive, and new energy sectors, while expanding its international network and local service capabilities in Southeast Asia and North America [5] - Feilida aims to become a "data technology-driven intelligent supply chain management expert," leveraging its extensive warehousing resources and global business network [5]

Group 1: Company Overview - The company is a publicly listed entity under China Logistics Group, primarily engaged in integrated services for the railway industry, supply chain services, and logistics for hazardous materials [1]. - It aims to leverage its brand advantage in rail transportation to enhance comprehensive services and expand into high-end products and new product development [1]. Group 2: Strategic Planning and Execution - The company has actively responded to complex economic conditions, focusing on its core business and exiting low-profit trade operations, leading to improved operational quality and risk management [3]. - Future strategies will emphasize value creation and the implementation of the "14th Five-Year Plan" to ensure high-quality logistics transformation [3]. Group 3: Financial Performance - Despite external macroeconomic challenges and a decline in revenue and profits, the company has shown significant improvement in cash flow and risk management capabilities [4]. - The ongoing transformation has led to a more optimized business structure and enhanced asset quality [4]. Group 4: Risks and Challenges - The transition to integrated supply chain and logistics services presents challenges in risk control and digital capabilities, potentially leading to inadequate management responses to new business developments [5]. - The company plans to strengthen strategic leadership and improve internal control systems to address these challenges [5]. Group 5: International Expansion - The company is capitalizing on the "Belt and Road" initiative, focusing on overseas railway construction opportunities and establishing a professional logistics service system [6]. - Successful projects include the operation of the China-Laos Railway and the first international rail transport of large steel rails to Uzbekistan [6]. Group 6: Hazardous Materials Logistics - The company is expanding its hazardous materials logistics network through internal integration and external investments, ensuring safety in energy and chemical supply chains [6]. - It serves major clients in various industries, including energy and petrochemicals, enhancing the quality and efficiency of hazardous materials logistics [6]. Group 7: Technological Innovation - The company is increasing its investment in technology and innovation, focusing on AI applications in logistics and supply chain management [6]. - Initiatives include "AI + logistics supply chain" and "AI + railway operation maintenance," aimed at strengthening its competitive edge in the railway service sector [6].