10月23日，嘉友国际盘中下跌2.11%，截至10:11，报13.46元/股，成交6755.38万元，换手率0.36%，总 市值184.13亿元。 资金流向方面，主力资金净流出411.90万元，特大单买入687.81万元，占比10.18%，卖出875.38万元， 占比12.96%；大单买入948.51万元，占比14.04%，卖出1172.84万元，占比17.36%。 嘉友国际今年以来股价涨0.93%，近5个交易日跌1.97%，近20日涨9.16%，近60日涨16.94%。 资料显示，嘉友国际物流股份有限公司位于北京市石景山区城通街26号院2号楼23-24层，成立日期2005 年6月22日，上市日期2018年2月6日，公司主营业务涉及跨境多式联运、大宗矿产品物流、智能仓储等 跨境多式联运综合物流服务及供应链贸易服务。主营业务收入构成为：供应链贸易服务62.06%，跨境 多式联运综合物流服务29.83%，陆港项目服务7.57%，PPP项目合同0.53%，其他0.02%。 嘉友国际所属申万行业为：交通运输-物流-跨境物流。所属概念板块包括：增持回购、一带一路、基金 重仓、融资融券、中盘等。 截至6月30日，嘉友国际 ...

10月22日，嘉友国际盘中上涨2.07%，截至13:37，报13.82元/股，成交7480.91万元，换手率0.40%，总 市值189.06亿元。 资金流向方面，主力资金净流入233.50万元，特大单买入0.00元，占比0.00%，卖出106.10万元，占比 1.42%；大单买入1353.50万元，占比18.09%，卖出1013.90万元，占比13.55%。 嘉友国际今年以来股价涨3.63%，近5个交易日跌1.22%，近20日涨10.91%，近60日涨18.63%。 截至6月30日，嘉友国际股东户数3.38万，较上期增加20.77%；人均流通股40507股，较上期增加 15.93%。2025年1月-6月，嘉友国际实现营业收入40.84亿元，同比减少11.99%；归母净利润5.61亿元， 同比减少26.15%。 分红方面，嘉友国际A股上市后累计派现21.84亿元。近三年，累计派现15.53亿元。 机构持仓方面，截止2025年6月30日，嘉友国际十大流通股东中，中欧时代先锋股票A（001938）位居 第六大流通股东，持股1060.01万股，相比上期增加560.00万股。景顺长城景盛双息收益债券A类 （002065 ...

证券研究报告 交通运输 | 物流 非金融|首次覆盖报告 hyzqdatemark 2025 年 10 月 22 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com | 基本数据 | | 2025 | 年 | | 月 | 17 日 | | | | 10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 13.39 | | | | | | | 一 内 低 | 高 | | | 最 | 23.14/9.66 | | 最 | 年 | ...

嘉友国际今年以来股价涨1.00%，近5个交易日跌3.09%，近20日涨6.99%，近60日涨21.46%。 资料显示，嘉友国际物流股份有限公司位于北京市石景山区城通街26号院2号楼23-24层，成立日期2005 年6月22日，上市日期2018年2月6日，公司主营业务涉及跨境多式联运、大宗矿产品物流、智能仓储等 跨境多式联运综合物流服务及供应链贸易服务。主营业务收入构成为：供应链贸易服务62.06%，跨境 多式联运综合物流服务29.83%，陆港项目服务7.57%，PPP项目合同0.53%，其他0.02%。 嘉友国际所属申万行业为：交通运输-物流-跨境物流。所属概念板块包括：增持回购、一带一路、基金 重仓、融资融券、中盘等。 截至6月30日，嘉友国际股东户数3.38万，较上期增加20.77%；人均流通股40507股，较上期增加 15.93%。2025年1月-6月，嘉友国际实现营业收入40.84亿元，同比减少11.99%；归母净利润5.61亿元， 同比减少26.15%。 10月21日，嘉友国际盘中上涨2.05%，截至10:25，报13.47元/股，成交5523.86万元，换手率0.30%，总 市值184.27亿元。 ...

10月9日，嘉友国际涨5.17%，截至发稿，报15.04元/股，成交1.90亿元，换手率0.95%，总市值205.75亿 元。 资料显示，嘉友国际物流股份有限公司位于北京市石景山区城通街26号院2号楼23-24层，成立日期2005 年6月22日，上市日期2018年2月6日，公司主营业务涉及跨境多式联运、大宗矿产品物流、智能仓储等 跨境多式联运综合物流服务及供应链贸易服务。主营业务收入构成为：供应链贸易服务62.06%，跨境 多式联运综合物流服务29.83%，陆港项目服务7.57%，PPP项目合同0.53%，其他0.02%。 从基金十大重仓股角度 数据显示，华商基金旗下1只基金重仓嘉友国际。华商稳健泓利一年持有混合A（016641）二季度持有 股数2.6万股，占基金净值比例为0.78%，位居第六大重仓股。根据测算，今日浮盈赚取约1.92万元。 华商稳健泓利一年持有混合A（016641）成立日期2023年5月16日，最新规模2764.38万。今年以来收益 6.88%，同类排名6528/8238；近一年收益5.65%，同类排名6626/8082；成立以来收益12.61%。 华商稳健泓利一年持有混合A（016641） ...

Core Viewpoint - 嘉友国际 experienced a decline of 5.11% on September 29, with a stock price of 13.74 CNY per share and a total market capitalization of 18.796 billion CNY [1] Company Overview - 嘉友国际物流股份有限公司, established on June 22, 2005, and listed on February 6, 2018, is based in Beijing and specializes in cross-border multimodal transport, bulk mineral product logistics, and smart warehousing [1] - The revenue composition of 嘉友国际 includes: 62.06% from supply chain trade services, 29.83% from cross-border multimodal transport services, 7.57% from land port project services, 0.53% from PPP project contracts, and 0.02% from other services [1] Shareholder Information - 景顺长城基金旗下的景顺长城景盛双息收益债券A类 (002065) increased its holdings by 3.4726 million shares in the second quarter, now holding 8.6211 million shares, representing 0.63% of the circulating shares [2] - The estimated floating loss for this fund today is approximately 6.3796 million CNY [2] Fund Performance - 景顺长城景盛双息收益债券A类 (002065) has a total asset size of 10.557 billion CNY, with a year-to-date return of 7.06% and a one-year return of 8.3% [2] - The fund has ranked 343 out of 6588 in its category this year and 573 out of 6318 over the past year [2] Fund Manager Information - The fund managers for 景顺长城景盛双息收益债券A类 (002065) are 李怡文, 邹立虎, and 李曾卓卓, with varying tenures and performance records [3] - 李怡文 has a tenure of 15 years and a best fund return of 84.05% [3] - 邹立虎 has a tenure of 8 years with a best fund return of 64.28% [3] - 李曾卓卓 has a tenure of 3 years with a best fund return of 21.3% [3] Fund Holdings - 景顺长城价值驱动一年持有期灵活配置混合 (008715) holds 969,400 shares of 嘉友国际, accounting for 3.2% of the fund's net value, making it the eighth largest holding [4] - The estimated floating loss for this fund today is approximately 717,300 CNY [4] Additional Fund Information - 景顺长城价值驱动一年持有期灵活配置混合 (008715) has a total asset size of 325 million CNY, with a year-to-date return of 17.99% [4] - The fund has ranked 4694 out of 8244 in its category this year and 5591 out of 8080 over the past year [4]

9月23日，嘉友国际涨5.01%，截至发稿，报14.04元/股，成交2.61亿元，换手率1.41%，总市值192.07亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从嘉友国际十大流通股东角度 数据显示，中欧基金旗下1只基金位居嘉友国际十大流通股东。中欧时代先锋股票A（001938）二季度 增持560万股，持有股数1060.01万股，占流通股的比例为0.77%。根据测算，今日浮盈赚取约710.2万 元。 中欧时代先锋股票A（001938）成立日期2015年11月3日，最新规模89.86亿。今年以来收益41.4%，同 类排名1006/4220；近一年收益54.3%，同类排名1830/3814；成立以来收益320.1%。 中欧时代先锋股票A（001938）基金经理为周蔚文、罗佳明。 截至发稿，周蔚文累计任职时间18年318天，现任基金资产总规模293.8亿元，任职期间最佳基金回报 534.03%， 任职期间最差基金回报-45.31%。 罗佳明累计 ...

9月18日，嘉友国际涨5.11%，截至发稿，报13.17元/股，成交1.78亿元，换手率1.01%，总市值180.17亿 元。 资料显示，嘉友国际物流股份有限公司位于北京市石景山区城通街26号院2号楼23-24层，成立日期2005 年6月22日，上市日期2018年2月6日，公司主营业务涉及跨境多式联运、大宗矿产品物流、智能仓储等 跨境多式联运综合物流服务及供应链贸易服务。主营业务收入构成为：供应链贸易服务62.06%，跨境 多式联运综合物流服务29.83%，陆港项目服务7.57%，PPP项目合同0.53%，其他0.02%。 景顺长城价值驱动一年持有期灵活配置混合（008715）成立日期2021年7月19日，最新规模3.25亿。今 年以来收益18.45%，同类排名4663/8172；近一年收益26.47%，同类排名5620/7980；成立以来收益 67.3%。 从嘉友国际十大流通股东角度 数据显示，景顺长城基金旗下1只基金位居嘉友国际十大流通股东。景顺长城景盛双息收益债券A类 （002065）二季度增持347.26万股，持有股数862.11万股，占流通股的比例为0.63%。根据测算，今日 浮盈赚取约551.75 ...

Core Viewpoint - 嘉友国际's stock price has shown fluctuations with a recent increase, while the company faces a decline in revenue and profit year-on-year [1][2]. Financial Performance - As of June 30, 嘉友国际 reported a revenue of 40.84 billion, a year-on-year decrease of 11.99% [2]. - The net profit attributable to shareholders was 5.61 billion, reflecting a year-on-year decrease of 26.15% [2]. - The company has distributed a total of 19.10 billion in dividends since its A-share listing, with 12.79 billion distributed over the last three years [3]. Stock Market Activity - On September 18, 嘉友国际's stock price rose by 2.08% to 12.79 yuan per share, with a trading volume of 51.91 million and a turnover rate of 0.30% [1]. - The total market capitalization of 嘉友国际 is 174.97 billion [1]. - Year-to-date, the stock price has decreased by 5.51%, but it has increased by 1.83% over the last five trading days, 11.12% over the last 20 days, and 30.11% over the last 60 days [1]. Shareholder Information - As of June 30, 嘉友国际 had 33,800 shareholders, an increase of 20.77% from the previous period [2]. - The average number of circulating shares per shareholder is 40,507, which is an increase of 15.93% [2]. - Notable institutional shareholders include 中欧时代先锋股票A and 景顺长城景盛双息收益债券A类, both of which increased their holdings [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In H1 2025, the company's revenue was 4.08 billion yuan, a year-on-year decrease of 12.0%, and the net profit attributable to the parent company was 560 million yuan, down 26.1% [2][4]. - In Q2 2025, the company's revenue was 1.79 billion yuan, a year-on-year decrease of 32.4%, and the net profit attributable to the parent company was 300 million yuan, down 33.9% [2][4]. - The decline in revenue and profit was primarily due to weakened demand for Mongolian coal, with the average price of coking coal dropping approximately 40% in Q2 2025 [2][4]. - The company is seeing steady growth in its African logistics projects, particularly with the opening of the Kasai highway and the expected profit increase from new projects in Zambia [2][4]. - Since July, the rebound in coking coal prices driven by "anti-involution" in the coal market is expected to lead to a recovery in trade price differentials in Q3 [2][4]. Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 4.08 billion yuan, down 12.0% year-on-year, and a net profit of 560 million yuan, down 26.1% [2][4]. - In Q2 2025, the revenue was 1.79 billion yuan, a decrease of 32.4% year-on-year, with a net profit of 300 million yuan, down 33.9% [2][4]. - The company announced an interim dividend plan, distributing a cash dividend of 0.2 yuan per share (including tax), with a payout ratio of 48.8% [4]. Business Operations - The Mongolian coal business faced challenges, with both volume and price declining due to domestic demand issues, leading to a significant drop in revenue from this segment [2][4]. - The company has been expanding its overseas logistics network, establishing international transport fleets and specialized teams in Mongolia, Africa, and Central Asia, which has resulted in a rapid increase in cross-border logistics service revenue [2][4]. - The Kasai highway's traffic volume is steadily increasing, contributing to sustained profitability, with new projects in Zambia expected to enhance earnings in the second half of the year [2][4]. Future Outlook - The company anticipates that the Mongolian coal supply chain trade business will recover from its performance bottom, with a potential rebound in earnings in the second half of the year [2][4]. - The logistics network in Africa is taking shape, with ongoing projects expected to drive high growth, which the market may currently underestimate [2][4]. - Forecasts for net profit attributable to the parent company are 1.30 billion yuan, 1.54 billion yuan, and 1.79 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 12.9, 11.0, and 9.4 [2][4].