Core Viewpoint - Yongtaiyun Chemical Logistics Co., Ltd. has responded in detail to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, addressing business development, financial status, and related risks [1] Business Fluctuations and Gross Margin Changes - The revenue from Yongtaiyun's cross-border chemical logistics supply chain services showed significant fluctuations, with figures of 2.698 billion, 1.564 billion, 2.152 billion, and 950 million yuan for the respective periods. This revenue is influenced by the shipping market's conditions and the chemical export price index [2] - The gross margin for 2024 is projected at 11.35%, a decrease of 4.17 percentage points from 2023, primarily due to intensified industry competition reducing price increase potential per container. However, the gross margin for the first half of 2025 has stabilized [2] - To counteract the decline in gross margin, the company is enhancing overseas warehousing resources, such as establishing a comprehensive storage base in Dubai, and is also exploring new clients and businesses to lower logistics costs and improve gross margin [2] Supply Chain Trade Business Expansion - Following its listing, the company has significantly expanded its supply chain trade business, which generated revenue of 1.349 billion yuan in 2024, accounting for 34.68% of total main business revenue. This business synergizes with other main operations, promoting cross-border logistics and improving warehouse resource utilization [3] - The main products in the supply chain trade include used cars, nickel products, chemicals, and textiles, with different revenue recognition methods applied. The company adheres to market pricing principles in transactions with major clients and suppliers, maintaining stable credit policies and cooperation history [3] Used Car Trade Business Compliance and Risks - The used car trade primarily involves zero-kilometer vehicles, complying with relevant policies and regulations, resulting in low legal risks. In 2024, some overseas clients faced payment delays due to geopolitical events, but the negative impact has been mitigated [4] - The gross margin for the used car trade, previously low, has risen to 3.89% in the first half of 2025, with the company continuing to monitor policies to ensure stable and sustainable operations [4] Equity Changes in Haotai Chemical and Nickel Shen New Materials - The company sold 51% of its stake in Haotai Chemical and reduced its stake in Nickel Shen New Materials to 49% due to unmet synergy expectations and strategic adjustments. These sales are deemed commercially reasonable and do not affect the stability of the company's operations [5] Revenue Recognition and Accounting Policies - The revenue recognition methods for different product types comply with accounting standards and are consistent with comparable companies in the industry. Adjustments were made in 2023 to correct revenue recognition methods, ensuring accuracy and completeness [6] Agency Business and Client-Supplier Relationships - The agency business involves companies that are both major clients and suppliers, which is typical in the industry. The relationships are deemed commercially reasonable, with no significant conflicts of interest identified [7][8] Prepaid Procurement and Financial Management - The company employs prepaid procurement practices, which are standard in the industry, ensuring good settlement conditions and no capital occupation. In 2024, the company aims to optimize financial management by shortening payment terms [9] Issued Goods and Inventory Risks - The company's issued goods mainly consist of used cars and nickel products, with inventory management aligned with business models and procurement strategies. The inventory aging structure is healthy, and while cash flow was negative in 2024 and the first half of 2025, inventory turnover remains rapid, minimizing risks of inventory backlog and depreciation [10]

Group 1 - The stock price of Yongtaiyun is reported at 24.25 yuan, down 1.68 yuan or 6.48% from the previous trading day [1] - The opening price was 25.51 yuan, with a high of 25.87 yuan and a low of 24.22 yuan. The trading volume reached 49,107 hands, with a transaction amount of 1.22 billion yuan [1] - Yongtaiyun operates in the logistics industry, focusing on cross-border chemical logistics supply chain services, integrating international logistics teams and hazardous materials warehouses [1] Group 2 - For the first half of 2025, the company reported revenue of 2.24 billion yuan, a year-on-year increase of 21.14%. The overseas business revenue reached 1.20 billion yuan, up 880.35%, accounting for 53.43% of total revenue [1] - The company's global network is continuously improving, with the Dubai base officially in operation and new projects being promoted in multiple regions [1] Group 3 - Today's net inflow of main funds was 2.08 million yuan, accounting for 0.11% of the circulating market value. Over the past five days, the net inflow was 3.68 million yuan, representing 0.19% of the circulating market value [1]

Group 1 - The stock price of Yongtaiyun is reported at 25.50 yuan, down 0.15 yuan from the previous trading day, with a trading volume of 18,004 hands and a transaction amount of 46 million yuan [1] - The company specializes in cross-border chemical logistics supply chain services, focusing on the logistics sector, particularly in hazardous materials logistics, providing comprehensive logistics services including international freight forwarding and warehousing transportation [1] - The latest news indicates that the company's application for issuing shares to specific targets was accepted by the Shenzhen Stock Exchange on August 21, with further developments to be disclosed through company announcements [1] Group 2 - The net outflow of main funds on that day was 1.4084 million yuan, with a cumulative net outflow of 1.6963 million yuan over the past five trading days [1]

Group 1: Financial Performance - In 2024, the company achieved a revenue of ¥3,899,221,052.08, representing a year-on-year increase of 77.32% [3] - The net profit attributable to shareholders was ¥87,776,342.74, a decrease of 41.47% compared to the previous year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥126,944,501.75, an increase of 6.62% year-on-year [3] Group 2: Share Buyback and Incentives - As of March 31, 2025, the company held 4,553,864 shares in its buyback account, accounting for 4.38% of the total share capital, with a total buyback expenditure of approximately ¥10,104 million [2] - The repurchased shares are intended for future implementation of equity incentive or employee stock ownership plans [3] Group 3: Business Strategy and Market Position - The company focuses on cross-border chemical logistics supply chain services and adjusts marketing strategies in response to fluctuations in shipping costs [2] - The company is actively involved in the export trade of second-hand fuel vehicles and new energy vehicles, leveraging its comprehensive logistics service advantages [3] - The growth in revenue is driven by various business segments, with detailed contributions and growth factors outlined in the annual report [3] Group 4: Future Developments - The company is awaiting approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission for its upcoming issuance plans [3] - The company emphasizes the importance of keeping investors informed through official announcements regarding future developments [3]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first quarter of 2025, indicating a positive financial performance despite a slight decrease in shareholder equity [3][11]. Financial Performance - The company achieved operating revenue of CNY 1,058,338,276.93, representing a year-on-year increase of 57.81% [3]. - The net profit attributable to shareholders was CNY 37,448,309.00, reflecting an 8.40% increase compared to the previous year [3]. - Total assets at the end of the reporting period amounted to CNY 4,017,696,374.17, which is a 4.99% increase from the end of the previous year [3]. - Shareholder equity decreased by 0.58% to CNY 1,681,755,556.92 compared to the end of the previous year [3]. Business Operations - The total service box volume for the company's various business segments reached 67,800 TEU, with specific contributions from cross-border chemical logistics (38,000 TEU), warehousing (10,500 TEU), and road transportation (19,300 TEU) [3]. Shareholder Information - As of the report date, five shareholders completed the lifting of share restrictions, with the listing date set for April 29, 2025 [5]. - The company has a repurchase account holding 4,553,864 shares, accounting for 4.38% of the total share capital [5]. Share Buyback Plan - The company approved a share buyback plan with a total fund allocation between CNY 50 million and CNY 60 million, with a maximum buyback price of CNY 34.87 per share [5]. - As of March 18, 2025, the company had repurchased 2,283,164 shares, representing 2.1982% of the total share capital, with a total transaction amount of CNY 50,078,346.40 [6]. Governance and Management Changes - The company appointed Liu Zhiyi as the new Chief Financial Officer following the resignation of the previous CFO, Shu Qiao [7]. - The board of directors and the supervisory board confirmed the accuracy and completeness of the first quarter report, ensuring compliance with relevant laws and regulations [11][19].