每经AI快讯，三态股份（SZ 301558，收盘价：8.26元）12月24日晚间发布公告称，公司第六届第九次 董事会会议于2025年12月23日在公司会议室以现场结合通讯方式召开。会议审议了《关于增加部分募投 项目实施主体并开立募集资金专户的议案》等文件。 2025年1至6月份，三态股份的营业收入构成为：跨境电商零售占比76.14%，跨境电商物流占比23.8%， 技术服务收入占比0.04%，其他业务占比0.02%。 截至发稿，三态股份市值为65亿元。 每经头条（nbdtoutiao）——微信聊天遭老板监视，杀毒软件"失明"，员工隐私被系统性采集！软件商 公开售卖"监控神器"，称已服务多家企业 （记者 张明双） ...

近日，顺丰国际与英国领先物流企业安睿物流（Evri）在位于深圳的顺丰总部正式签署战略合作协议，标志着双方在全球物流领域的合作进入新阶段。 Evri全球合作伙伴关系总监John Sansby、中国区负责人Lily Fu率核心团队，以及顺丰国际副总裁黄晖等业务负责人出席了签约仪式。 本次签约双方确立合作框架，为后续资源配置与项目落地奠定坚实基础，进一步增强了双方合作的信心，并明确了未来的发展方向。在未来三至五年内， 双方将基于共同的愿景，逐步深化在国际电商、供应链及综合物流等领域的协同合作。 优势互补，夯实合作根基 Evri作为英国本土领先的快递服务商，拥有超过50年运营经验，服务网络覆盖英国全境及全球220多个国家和地区，在为电商平台与品牌客户提供高效配 送服务方面积淀深厚。顺丰作为中国及亚洲最大、全球第四大综合物流服务提供商，在国际快递、供应链管理与跨境电商物流等领域优势显著。双方将通 过资源共享与能力互补，共同优化中英跨境物流链路，提升全链条运营效率与服务体验。 顺丰国际副总裁黄晖表示："顺丰国际与Evri合作，核心在于双方在英国本土的协同潜力。Evri覆盖英国全境的网络与高效履约能力，将为顺丰国际深化当 ...

海关总署本月发布的数据显示，今年前11个月，我国出口和进口分别达到24.46万亿元、16.75万亿元， 同比增长6.2%和0.2%。此外，时值北半球冰雪运动旺季，下半年以来，我国对中东欧出口的溜冰鞋、 对北美市场出口的滑雪服等冰雪运动产品增速都超过两位数。 业内人士认为，航空物流需求的不断增长，也与海运市场的变化密切相关。一批对运输灵活性、时效性 要求较高的制造商，纷纷变更出口货物运输方式，改用航空运输或中欧班列等模式，以应对海运涨价难 题。 航空货运量快速增长的背后，是货运航线网络的不断织密。民航局数据显示，今年前11个月，我国货运 航班持续增长，目前已累计通航70个国家、170个城市，相较去年分别增长8个国家、27个城市，周均航 班量较去年增加15.7%。网络直播、即时零售等新消费模式快速发展，为航空货运的稳定需求提供了重 要来源。 本报记者 李雯珊 见习记者 张美娜 今年以来，我国航空货运整体形势持续向好，业务规模不断扩大。民航局数据显示，1月份至11月份， 行业共完成货邮运输量924.3万吨，同比增长13.6%。其中，国际航线货邮运输量同比增长21.8%，成为 推动航空货运市场较快增长的主要驱动力。 ...

Industry Advantages and Characteristics - The steel anti-dumping bilateral agreement is crucial for maintaining fair and orderly steel trade between two countries, effectively avoiding the impact of dumping on domestic steel industries, stabilizing market prices, and ensuring reasonable profits for companies [4] - The steel anti-dumping administrative review provides companies with the opportunity to appeal and adjust if they believe the anti-dumping measures are unreasonable or if circumstances have changed, ensuring the rationality and effectiveness of these measures [6] - The steel anti-dumping alliance consists of multiple steel companies that unite to respond to anti-dumping investigations and lawsuits, allowing for resource pooling, information sharing, and enhanced negotiation power in anti-dumping cases [7] Costs and Considerations - Costs associated with anti-dumping matters include lawyer fees, investigation fees, and administrative review fees, which vary based on the complexity of the case and the depth of the investigation [8] - Companies should focus not only on the cost but also on the quality and effectiveness of services when selecting legal teams, as experienced professionals can provide more effective solutions [8] Brand and Reputation - In the field of steel anti-dumping, certain brands and companies have gained market recognition for their professional services and good reputation, which can help companies navigate anti-dumping investigations and lawsuits effectively [9] - Companies can reduce cooperation risks and increase success rates by choosing partners with a strong reputation and positive feedback from other businesses [9] Selection and Recommendations - When selecting services related to steel anti-dumping, companies should consider the professional qualifications and experience of the legal teams, service pricing, and responsiveness to ensure timely problem resolution [10] - Shenzhen Jieda International Freight Forwarding Co., Ltd. is recommended for its expertise in international logistics and cross-border supply chain services, providing valuable support in handling international trade matters [10][11] - Jieda has a professional team with extensive knowledge in international trade, capable of closely collaborating with companies to navigate complex international trade environments [11]

Core Viewpoint - Hua Mao Logistics (603128) has experienced a decline in both revenue and net profit for the first three quarters of 2025, indicating potential challenges in its operational performance [1][2]. Financial Performance - For the first three quarters of 2025, the company's main revenue was 13.72 billion yuan, a year-on-year decrease of 4.84% [1]. - The net profit attributable to shareholders was 307 million yuan, down 35.07% year-on-year [1]. - The net profit after deducting non-recurring items was 305 million yuan, reflecting a decline of 34.9% [1]. - In Q3 2025, the company's single-quarter main revenue was 4.95 billion yuan, a decrease of 14.95% year-on-year [1]. - The single-quarter net profit attributable to shareholders was approximately 79.03 million yuan, down 53.33% year-on-year [1]. - The single-quarter net profit after deducting non-recurring items was about 78.85 million yuan, a decline of 53.47% [1]. - The company's debt ratio stood at 46.03% [1]. - Investment income was 22.15 million yuan, while financial expenses amounted to 27.88 million yuan [1]. - The gross profit margin was 9.36% [1]. Market Activity - As of December 9, 2025, the stock closed at 5.86 yuan, down 0.85%, with a turnover rate of 0.54% and a trading volume of 70,200 hands, resulting in a transaction amount of 41.29 million yuan [1]. - On December 9, the net inflow of main funds was 1.58 million yuan, accounting for 3.83% of the total transaction amount, while retail funds saw a net inflow of 1.07 million yuan, making up 2.59% [1]. - Over the past 90 days, three institutions have provided ratings for the stock, with one buy rating and two hold ratings, and the average target price set at 7.6 yuan [2].

Core Viewpoint - The stock of Huamao Logistics (603128) has shown a decline in both share price and financial performance, indicating potential challenges in the logistics sector [1][3]. Financial Performance - As of December 8, 2025, Huamao Logistics closed at 5.91 yuan, down 0.17% with a trading volume of 72,300 hands and a transaction value of 42.80 million yuan [1]. - For the first three quarters of 2025, the company's main revenue was 13.72 billion yuan, a year-on-year decrease of 4.84%, and the net profit attributable to shareholders was 307 million yuan, down 35.07% [3]. - In Q3 2025 alone, the company reported a main revenue of 4.95 billion yuan, a decline of 14.95%, and a net profit of 79.03 million yuan, down 53.33% [3]. Capital Flow - On December 8, 2025, the net outflow of main funds was 5.87 million yuan, accounting for 13.7% of the total transaction value, while retail investors saw a net inflow of 5.24 million yuan, representing 12.24% of the total [1][2]. - Over the past five days, the stock has experienced fluctuating capital flows, with significant net outflows from main funds on several days [2]. Industry Comparison - Huamao Logistics has a total market value of 7.736 billion yuan, which is below the logistics industry average of 16.824 billion yuan, ranking 23rd out of 54 companies in the sector [3]. - The company's net profit margin stands at 2.38%, significantly lower than the industry average of 4.8%, placing it 30th in the industry ranking [3]. Analyst Ratings - In the last 90 days, three institutions have provided ratings for Huamao Logistics, with one buy rating and two hold ratings, and the average target price set at 7.6 yuan [4].

Core Viewpoint - SanTai Co., Ltd. announced a board meeting to discuss changes in company residence, expansion of business scope, and amendments to the company charter, reflecting strategic adjustments in operations [1] Group 1: Company Financials - For the first half of 2025, SanTai's revenue composition was as follows: cross-border e-commerce retail accounted for 76.14%, cross-border e-commerce logistics for 23.8%, technical service revenue for 0.04%, and other businesses for 0.02% [1] - As of the report date, SanTai's market capitalization stood at 7.3 billion yuan [1]

Investment Rating - The report maintains a "Recommendation" rating for Huamao Logistics (603128) [1] Core Views - The company reported a decline in net profit for Q3 2025, with a net profit of 0.8 billion, down 53% year-on-year, primarily due to increased investments in overseas capabilities during the cultivation period, which has put short-term pressure on profits [1] - For the first three quarters of 2025, the company achieved a total revenue of 137.2 billion, a decrease of 4.8% year-on-year, with Q3 revenue at 49.5 billion, down 14.9% year-on-year but up 3.5% quarter-on-quarter [1] - The gross profit for the first three quarters of 2025 was 12.8 billion, down 18.1% year-on-year, with a gross margin of 9.4%, a decrease of 1.5 percentage points year-on-year [1] Financial Summary - Total revenue forecast for 2024A is 17,525 million, with a projected decline of 0.6% in 2025E, followed by growth of 9.1% in 2026E and 7.9% in 2027E [2] - The net profit forecast for 2024A is 539 million, with a significant projected decline of 27.0% in 2025E, followed by a recovery to 15.0% growth in 2026E and 14.8% in 2027E [2] - The earnings per share (EPS) is expected to be 0.41 in 2024A, decreasing to 0.30 in 2025E, and then gradually increasing to 0.35 in 2026E and 0.40 in 2027E [2] Business Development - The company is actively expanding its overseas logistics network, having established new overseas companies in countries such as Indonesia, Uzbekistan, and Saudi Arabia, in line with the "Belt and Road" initiative [6] - As of June 2025, the company has over 90 self-owned overseas points, covering major ports and core logistics cities across six continents, with more than 40 self-operated overseas warehouses totaling 800,000 square meters [6] - The company is enhancing its comprehensive logistics services, extending international air transport capabilities to overseas terminals and opening new shipping routes in East Africa, the Middle East, and Indonesia [6] Investment Suggestion - The report forecasts net profits of 3.9 billion, 4.5 billion, and 5.2 billion for 2025-2027, with corresponding EPS of 0.30, 0.35, and 0.40, and PE ratios of 21, 18, and 16 respectively [6] - The target price is set at 7.6 yuan, representing a 22% upside from the current price of 6.24 yuan, maintaining the "Recommendation" rating [2][6]

Core Viewpoint - The stock of Huamao Logistics (603128) has shown fluctuations in trading volume and capital flow, with a notable decline in revenue and profit in recent quarterly reports, indicating potential challenges in the logistics sector [1][3]. Financial Performance - As of November 11, 2025, Huamao Logistics closed at 6.24 yuan, with a slight increase of 0.32% and a trading volume of 205,000 hands, resulting in a total transaction amount of 128 million yuan [1]. - In the third quarter of 2025, the company reported a main operating revenue of 4.948 billion yuan, a year-on-year decrease of 14.95%, and a net profit attributable to shareholders of 79.03 million yuan, down 53.33% year-on-year [3]. - For the first three quarters of 2025, the main operating revenue was 13.72 billion yuan, a decline of 4.84%, and the net profit was 307 million yuan, down 35.07% year-on-year [3]. Capital Flow Analysis - On November 11, 2025, the net outflow of main funds was 10.90 million yuan, accounting for 8.54% of the total transaction amount, while retail investors saw a net inflow of 12.63 million yuan, representing 9.88% of the total [1][2]. - Over the past five days, the stock has experienced varying levels of capital flow, with significant net outflows from main and speculative funds on several days [2]. Industry Comparison - Huamao Logistics has a total market value of 8.168 billion yuan, which is below the industry average of 17.511 billion yuan, ranking 22nd out of 54 companies in the logistics sector [3]. - The company's net profit margin stands at 2.38%, significantly lower than the industry average of 4.8%, placing it 30th in the industry ranking [3]. Analyst Ratings - In the last 90 days, three institutions have provided ratings for Huamao Logistics, with one buy rating and two hold ratings, and the average target price set at 6.8 yuan [4].

Core Insights - As of November 4, 2025, Huamao Logistics (603128) closed at 6.11 yuan, down 0.49% with a trading volume of 143,300 hands and a transaction value of 87.67 million yuan [1] - The company experienced a net outflow of 6.655 million yuan from main funds, accounting for 7.59% of the total transaction value, while retail investors saw a net inflow of 6.0577 million yuan, representing 6.91% of the total [1] Financial Performance - For the first three quarters of 2025, Huamao Logistics reported a main revenue of 13.72 billion yuan, a year-on-year decrease of 4.84%, and a net profit attributable to shareholders of 307 million yuan, down 35.07% [2] - The third quarter alone saw a main revenue of 4.948 billion yuan, a decline of 14.95%, and a net profit of 79.03 million yuan, down 53.33% [2] - The company's debt ratio stands at 46.03%, with investment income of 22.15 million yuan and financial expenses of 27.88 million yuan [2] Industry Comparison - Huamao Logistics has a total market value of 7.998 billion yuan, which is below the logistics industry average of 17.32 billion yuan, ranking 22nd out of 54 companies [2] - The company's net profit margin is 2.38%, significantly lower than the industry average of 4.8%, placing it 30th in the industry ranking [2] - The price-to-earnings ratio (P/E) is 19.56, compared to the industry average of 17.76, ranking 16th out of 54 [2] Market Sentiment - In the last 90 days, two institutions provided ratings for Huamao Logistics, with one buy rating and one hold rating, and the average target price set at 6.8 yuan [3]