韶关粤运主要主营道路客运业务，自2020年以来，利润持续下滑，并可预见未来这一趋势无法逆转。评 估师依据收益法及资产基础法对韶关粤运的股权进行估值，收益法所得的估值与资产基础法所得结果相 近。出售事项的核心利益在于战略性止损与资源优化。通过剥离韶关粤运这一高安全风险且不符合本公 司战略的非核心业务，本公司能够显着提升资产质量和经营安全性。此举将释放宝贵的管理和财务资 源，使本公司能够更加聚焦并投资于具有竞争优势和增长潜力的核心主业。因此，出售事项决策系基于 战略性、财务性和运营性的综合考量，旨在实现本公司的长远可持续发展，并最大化股东价值。 韶关粤运为一间在中国成立的有限公司，注册资本为人民币1.43亿元，主要从事道路旅客运输、道路货 物运输、出租汽车经营、城市公共交通、旅游业务及相关服务。 因受轨道交通、私家车、网约车的快速发展，出行模式已发生根本改变，境内道路客运市场大幅收缩。 全面退出客运业务是持续实施劣势企业退出机制，加快剥离战略匹配度低的非主业非优势业务的具体行 动。 粤运交通(03399)发布公告，于2025年11月28日，本公司与霞客智行订立产权交易合同，霞客智行有条 件同意购买而本公司有条件同 ...

智通财经APP讯，粤运交通(03399)发布公告，于2025年11月28日，本公司与霞客智行订立产权交易合 同，霞客智行有条件同意购买而本公司有条件同意出售于韶关粤运持有的59.694%股权，代价为人民币 1.35亿元。出售事项完成后，本公司将不再持有韶关粤运的任何股权，且韶关粤运的财务业绩将不再综 合入账至本公司的财务报表。 因受轨道交通、私家车、网约车的快速发展，出行模式已发生根本改变，境内道路客运市场大幅收缩。 全面退出客运业务是持续实施劣势企业退出机制，加快剥离战略匹配度低的非主业非优势业务的具体行 动。 韶关粤运主要主营道路客运业务，自2020年以来，利润持续下滑，并可预见未来这一趋势无法逆转。评 估师依据收益法及资产基础法对韶关粤运的股权进行估值，收益法所得的估值与资产基础法所得结果相 近。出售事项的核心利益在于战略性止损与资源优化。通过剥离韶关粤运这一高安全风险且不符合本公 司战略的非核心业务，本公司能够显着提升资产质量和经营安全性。此举将释放宝贵的管理和财务资 源，使本公司能够更加聚焦并投资于具有竞争优势和增长潜力的核心主业。因此，出售事项决策系基于 战略性、财务性和运营性的综合考量，旨在实现 ...

Core Viewpoint - Jiangxi Changyun, a leading enterprise in Jiangxi's road passenger transport industry, has shown mixed financial performance in Q3 2025, ranking third in revenue but fifth in net profit among its peers [2][3]. Group 1: Company Overview - Jiangxi Changyun was established on March 10, 1995, and listed on the Shanghai Stock Exchange on July 16, 2002, with its headquarters in Nanchang, Jiangxi Province [1]. - The company specializes in road passenger transport, freight, and tourism, leveraging a differentiated advantage in network layout and resource integration [1]. Group 2: Financial Performance - In Q3 2025, Jiangxi Changyun achieved a revenue of 1.044 billion yuan, ranking third among six companies in the industry, surpassing the industry average of 895 million yuan and the median of 829 million yuan, but below the top two competitors, Dazhong Transportation (1.591 billion yuan) and Jinjiang Online (1.213 billion yuan) [2]. - The net profit for the same period was -8.3134 million yuan, placing the company fifth in the industry, significantly lower than the top performer, Fulinyunyi (160 million yuan), and the second, Dazhong Transportation (117 million yuan), as well as below the industry average of 61.5957 million yuan and median of 74.6271 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Jiangxi Changyun's debt-to-asset ratio was 74.96%, a slight decrease from 75.79% in the previous year but still well above the industry average of 43.41% [3]. - The gross profit margin for Q3 2025 was -10.21%, further declining from -4.41% in the previous year and significantly lower than the industry average of 11.20% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.89% to 13,900, while the average number of circulating A-shares held per shareholder increased by 9.76% to 20,500 [5]. - Among the top ten circulating shareholders, Nuoan Multi-Strategy Mixed A (320016) entered as the tenth largest shareholder, holding 2.0651 million shares [5].

公司公告显示，拟续聘大信会计师事务所为2025年度审计机构。上半年公司通过设立江西长运科技有限 公司拓展智能交通业务，并持续推进服务产品差异化战略。公司在跨地区客运资源整合方面具有丰富经 验，已与江西多地客运企业达成合作。 风险提示：投资有风险，入市需谨慎。（本内容由AI生成，仅供参考，不构成投资建议。） 江西长运属于铁路公路运输行业，是江西省道路客运骨干企业。公司主要从事道路旅客运输、汽车销售 与维修、旅游服务等业务。2025年上半年，公司实现营业收入6.99亿元，净利润572.27万元。 江西长运股价报6.90元，较前一交易日下跌0.26元，跌幅3.63%。盘中最高触及7.18元，最低下探至6.90 元，成交量为83402手，成交金额0.59亿元。 ...

General Provisions - The company aims to protect the legal rights of shareholders and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1][2] - The company was established as a joint-stock company based on the net assets of Jilin Changbai Mountain Tourism Transportation Co., Ltd. as of September 30, 2010 [1][3] - The registered capital of the company is RMB 266.67 million, with a total of 26.667 million shares issued [3][4] Business Objectives and Scope - The company’s business objective is to leverage the rich ecological resources of Changbai Mountain to enhance product and service development capabilities, improve marketing levels, and expand the tourism industry chain [5] - The company’s business scope includes passenger and freight transportation, retail of finished oil, food sales, and various tourism-related services [5] Shares - The company’s shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice [6] - The total number of shares is 26.667 million, all of which are ordinary shares [8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, supervise company operations, and request information [13][19] - Shareholders must comply with laws and the company’s articles of association, and are liable for any damages caused by abusing their rights [19][20] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [41][44] - Shareholder meetings must be convened in accordance with legal procedures, and shareholders can propose temporary motions [47][54] Decision-Making and Voting - Decisions regarding significant transactions, capital increases or decreases, and other major matters must be approved by the shareholder meeting [21][22] - Voting at shareholder meetings can be conducted in person or by proxy, and specific procedures must be followed for proxy voting [34][36]