"十四五"这五年，可以说是极不寻常、极不平凡。对于我国外贸领域来说，面临着不少压力，正如商务 部相关负责人在近日国新办新闻发布会上所言，"至少可以用'风高浪急'来形容"。即便如此，我们的外 贸依然出现逆势增长，如何做到的？ 为期5天的链博会即将闭幕，102家中外企业和机构，与链博会承办单位中国国际展览中心集团有限公司 现场签署了第四届链博会参展意向。签约企业普遍认为，经过三年的精心培育，链博会国际化水平不断 提升、影响力持续增强，已经成为举世瞩目的国际经贸盛会和全球共享的国际公共产品。 第三个关键字是"韧"，外贸韧性和抗冲击能力显著提升。我们常说，朋友多了路好走。商务部相关负责 人称"西方不亮东方亮"，今天，我们的贸易伙伴更加多元。譬如，东盟已经连续5年成为我第一大贸易 伙伴；2024年，我国与共建"一带一路"国家贸易比重超过50%。另外，外贸企业有非常强大的韧性，积 极应变、主动求变。有一个细节值得关注：每天早上八九点钟，在浙江义乌，许多店主来到商城后，第 一件事并非开门迎客，而是投入到外语学习中。这种主动拥抱世界的姿态，恰恰印证了中国市场与全球 经济的深度交融——如今，中国大市场已然成为世界各国共享的大市 ...

Summary of Northern International's Conference Call Company Overview - Northern International has improved its ranking to 66th among the top 250 contractors, indicating enhanced industry status [2][3] - The company adopts an integrated investment, construction, and operation strategy, diversifying its business into goods trade, engineering construction and services, metal packaging containers, and power generation [2][3] Financial Performance - In 2024, revenue contributions from various segments are as follows: goods trade (44%), engineering construction and services (37%), metal packaging containers (2%), and power generation (3%) [4] - Gross profit contributions are: goods trade (44%), engineering construction and services (37%), metal packaging containers (7%), and power generation (11%), with a significant increase in gross profit from goods trade [4] - Cash flow remains strong, with net inflow levels between 650 million to 740 million from 2022 to 2024, although net inflow decreased by 50 million year-on-year in 2024 [5][4] - Total cash dividends for 2024 amount to 160 million, with a dividend payout ratio of 25% [5] Coal Trade Impact - Mongolian coal trade is a crucial revenue source for Northern International, with a 14% year-on-year increase in export volume to 78 million tons in 2024 [2][6] - The company has initiated comprehensive projects in Mongolia, including a 370 million USD heavy-load road project, which is expected to significantly boost coal export volumes [6] - The acquisition of a 60% stake in Inner Mongolia Mandula Mining facilitates the integration of Mongolian coal trade [6] Power Operations Progress - Northern International is transitioning towards an integrated investment and operation model, with multiple power projects in countries along the Belt and Road Initiative [7] - Key projects include: - Laos Sanbai Hydropower (investment of 210 million USD, stable revenue) - Croatia Saini Wind Power (revenue decreased in 2024 due to lower electricity prices) - Bangladesh Rocket Project (expected to commence operations in the first half of 2024, with a total investment of 2.5 billion USD) - Bosnia Herzegovina Komanyesh Mountain Solar Project (investment started in 2024) [7][9] Future Profit Forecast - The engineering construction sector is expected to maintain steady growth, while trade business is projected to achieve higher growth rates [8] - Overall profit is anticipated to grow at around 10% annually, with a forecasted growth rate of 4% for 2025 and over 15% for the following two years [8] - The current valuation is approximately 10 times earnings, making the company an attractive investment opportunity given the progress of the Belt and Road Initiative [8]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have jointly issued measures to support the exploration of new paths for cross-strait integration development in Fujian, aiming to enhance financial support for cross-strait exchanges and interactions [1][3]. Financial Support for Cross-Strait Integration - The measures focus on optimizing the financial ecosystem for a shared "living circle" between the two sides, allowing banks in Fujian to handle cross-border RMB transactions for Taiwanese residents involved in legal property transactions [3]. - Banks in Fujian are encouraged to enhance payment services for foreign personnel and improve foreign currency exchange services, including the installation of self-service currency exchange machines [3]. Cross-Border Trade and Investment Facilitation - Fujian will pilot high-level openness in cross-border trade in cities like Fuzhou, Xiamen, and Quanzhou, facilitating foreign exchange payments for qualified enterprises [4]. - The measures allow for net settlement of trade receipts and payments, and streamline the process for special refunds in goods trade without prior registration [4]. Capital Account Cross-Border Financing - Taiwanese enterprises in Fujian can reinvest without registration, and banks will directly handle foreign debt and overseas listing registrations for eligible enterprises [5][6]. - The establishment of integrated currency pools for qualified enterprises is supported, allowing for centralized management of domestic and foreign currency funds [6]. Strengthening Financial Regulation - The measures emphasize the importance of financial regulation to prevent and mitigate risks, with regular monitoring of pilot banks and enterprises to ensure stable cross-border capital flows [7]. - The People's Bank of China and the State Administration of Foreign Exchange will work to implement these measures effectively, providing robust financial support for the development of the cross-strait integration demonstration zone [7].

Core Viewpoint - In 2024, Dongfang Chuangye (600278) reported a total operating revenue of 35.429 billion yuan, a year-on-year increase of 5.30%, while the net profit attributable to shareholders decreased by 20.53% to 216 million yuan [2][3]. Financial Performance - The total operating revenue for 2024 was 35.429 billion yuan, up 5.30% from 2023 [2][3]. - The net profit attributable to shareholders was 216 million yuan, down 20.53% from the previous year [2][3]. - The net profit after deducting non-recurring gains and losses was 115 million yuan, a decrease of 23.14% year-on-year [2][3]. - The net cash flow from operating activities was -212 million yuan, compared to 312 million yuan in the same period last year [2][3]. - Basic earnings per share for 2024 were 0.25 yuan, with a weighted average return on equity of 2.91% [2][3]. Dividend Distribution - The company proposed a dividend distribution plan of 0.74 yuan per 10 shares (including tax) for all shareholders [2]. Non-Recurring Gains and Losses - The total non-recurring gains and losses amounted to 102 million yuan, with fair value changes and disposal gains from financial assets and liabilities contributing 99.49 million yuan [2]. Asset and Liability Changes - As of the end of 2024, accounts receivable increased by 40.59%, while cash and cash equivalents decreased by 6.98% [46][49]. - The company's total liabilities saw a significant increase, with accounts payable rising by 35.76% and short-term borrowings increasing by 64.83% [49]. Research and Development - The R&D expenditure for 2024 was 15.97 million yuan, a year-on-year increase of 98.31%, representing 0.05% of operating revenue [52]. Shareholder Structure - The top ten shareholders included new entrants Jinlongxing and Hu Xiaofeng, replacing previous shareholders [61].

Core Insights - The company reported a revenue of 35.429 billion yuan in 2024, marking a year-on-year increase of 5.30%, but the net profit decreased by 20.53% to 216 million yuan, indicating insufficient profitability in a complex market environment [1][4][5] Revenue Growth Concerns - The revenue growth to 35.429 billion yuan in 2024 is a recovery from 33.647 billion yuan in 2023, but it did not translate into profit growth, with a decline in gross profit to 1.678 billion yuan and a drop in gross margin from 5.26% to 4.74% [4] - Historical revenue growth has been unstable, with a decline of 18.88% in 2023 and 4.75% in 2022, reflecting a weak competitive position in the market [4] Profitability Issues - The net profit for 2024 was 216 million yuan, down 20.53%, marking the third consecutive year of decline, with previous decreases of 26.36% in 2023 and 2.95% in 2022 [5] - The net profit margin fell to 0.61% in 2024 from 0.81% in 2023, significantly below the industry average, indicating challenges in cost control and operational efficiency [5] - The net cash flow from operating activities was -212 million yuan, a decline of 167.92%, worsening the company's financial pressure [5] Business Segment Challenges and Opportunities - The three core business segments—goods trade, modern logistics, and health industry—maintained stable development in 2024, but each faced varying challenges [6] - In the goods trade segment, despite efforts to diversify markets, traditional market demand remained weak, leading to sluggish growth [6] - The modern logistics segment maintained stable profitability, but increased volatility in the shipping market raised operational risks [6] - The health segment improved customer loyalty through service optimization, but faced intense competition and limited profit margins [6] - The company implemented "internationalization" and "dual circulation" strategies to enhance core competitiveness, with total assets reaching 18.817 billion yuan and a debt-to-asset ratio of 57.98%, an increase of 2.84 percentage points from the previous year [6]