Company Overview - Xiamen Guomao Shipbuilding Co., Ltd. has been established with a registered capital of 60 million RMB [1] - The legal representative of the company is Lin Haiyu [1] - Shareholding structure includes Xiamen Guomao Group Co., Ltd. holding 95% and Xiamen Guomao Baoda Run Industrial Co., Ltd. holding 5% [2] Business Scope - The company’s business scope includes ship sales, ship leasing, supply chain management services, import and export of goods, and various transportation agency services [2] - Additional services include international and domestic cargo transportation, warehousing, customs declaration, marine engineering equipment manufacturing, and technical services [2] - The company is also involved in the sale and repair of water transport equipment and provides international ship management services [2] Regulatory Information - The company operates under the jurisdiction of the China (Fujian) Pilot Free Trade Zone, Xiamen Area [2] - The business license allows for a range of activities, subject to approval from relevant authorities [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Short-term performance is under pressure, awaiting demand recovery [5] - The company is a leading player in the domestic bulk commodity supply chain industry, with long-term growth potential [7] - Current valuation is considered to have high cost-effectiveness [7] Financial Summary - For 2024, the company achieved operating revenue of 354.44 billion yuan, a year-on-year decrease of 24.3% [7] - The net profit attributable to shareholders for 2024 was 626 million yuan, down 67.33% year-on-year [7] - The company plans to distribute a cash dividend of 0.33 yuan per share for 2024, with a payout ratio of 114.32% [7] - Revenue from supply chain management business was 353.22 billion yuan, a decline of 24.09% year-on-year [7] - The company aims to enhance operational quality and efficiency through strategic mergers and acquisitions [7] Earnings Forecast and Valuation - Projected net profits for 2025, 2026, and 2027 are 1.24 billion yuan, 1.58 billion yuan, and 1.89 billion yuan respectively [6][7] - The corresponding price-to-earnings ratios (P/E) for these years are 10.8, 8.5, and 7.1 [7] - The company is focusing on improving its main business and enhancing the quality of its operations [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 354.4 billion yuan in 2024, a decrease of 24.3% year-on-year, and a net profit attributable to shareholders of 626 million yuan, down 67.33% year-on-year [1] - The decline in revenue is attributed to weakened market demand and adjustments in the company's business structure, alongside a drop in commodity prices [2] - The company is focusing on optimizing its business structure, leading to improvements in gross profit margins across major categories [2] - The internationalization strategy is being accelerated, with the establishment of an international development department and partnerships with over 90,000 enterprises across more than 170 countries [3] - The company expects a recovery in profitability as terminal demand improves and business structure continues to optimize, with projected net profits for 2025-2027 being 1.593 billion, 1.708 billion, and 2.03 billion yuan respectively [4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 68.1 billion yuan, a year-on-year increase of 0.86%, but a quarter-on-quarter decrease of 25.25% [1] - The supply chain management business generated 353.2 billion yuan in revenue, down 24.1% year-on-year, with significant declines in operating volumes for metals, energy, and agricultural products [2] - The health technology segment saw a substantial revenue increase of 49.6% year-on-year, reaching 1.1 billion yuan, with a gross margin improvement of 16.3 percentage points to 41% [2] Business Strategy - The company is deepening the integration of supply chain, industry chain, and service chain, transitioning from supply chain trading to industry chain operations [3] - New ventures include establishing joint ventures and expanding into the full industrial chain of coking coal and coke, as well as solar aluminum processing [3] - The company has launched a logistics park project in Shandong, focusing on comprehensive logistics services for various commodities [3] Profitability and Valuation - The report projects a gradual recovery in profitability, with net profit margins expected to improve from 0.2% in 2024 to 0.5% in 2027 [12] - The company's earnings per share (EPS) is forecasted to increase from 0.29 yuan in 2024 to 0.94 yuan in 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 21.4 in 2024 to 6.6 in 2027, indicating potential undervaluation [5][12]

Investment Rating - The report assigns a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Insights - The company reported a net profit attributable to shareholders of 630 million yuan for 2024, a decline of 67.39% year-on-year, primarily due to the shutdown of the Xiguling mining project and weak demand for bulk commodities [3][4]. - The total revenue for 2024 was 354.44 billion yuan, representing a year-on-year decrease of 24.3%, while the gross profit margin improved slightly to 1.83% [3][4]. - The company is actively expanding its overseas market presence, achieving overseas revenue of 65.86 billion yuan, which accounts for nearly 20% of its supply chain business revenue [5][6]. Revenue and Profit Analysis - In Q4 2024, the company achieved revenue of 68.11 billion yuan, a year-on-year increase of 0.9%, but reported a net loss of 90 million yuan [3]. - The supply chain management segment generated revenue of 353.2 billion yuan in 2024, down 24.1% year-on-year, but with an improved gross profit margin [4]. - The health technology segment saw significant growth, with revenue reaching 1.1 billion yuan, up 49.6% year-on-year, and a gross profit margin of 41% [5]. Shareholder Returns - The company emphasized shareholder returns with a cash dividend payout ratio of 114.32%, an increase of 56.76 percentage points year-on-year, proposing a dividend of 0.33 yuan per share [6]. - The expected dividend yield for 2024 is 5.3%, based on the closing price of 6.21 yuan per share on April 23, 2025 [6]. Financial Forecast - The company forecasts net profits attributable to shareholders of 1.27 billion yuan, 1.58 billion yuan, and 1.95 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11, 9, and 7 [7][11].

厦门国贸集团股份有限公司 监事会决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 厦门国贸集团股份有限公司（以下简称"公司"）第十一届监事会 2025 年度第二次 会议通知于 2024 年 4 月 11 日以书面方式送达全体监事，本次会议于 2024 年 4 月 21 日 在公司 28 楼会议室以现场结合通讯方式召开。会议应到监事 3 人，实到监事 3 人。会 议由监事会主席马陈华先生主持。本次会议的通知、召开及审议程序符合《公司法》等 法律法规及《公司章程》的有关规定。 二、监事会会议审议情况 证券代码：600755 证券简称：厦门国贸 编号：2025-25 （2）《公司 2024 年年度报告》的内容和格式符合中国证监会和上海证券交易所的 各项规定，所包含的信息能真实、准确、完整地反映公司本年度的经营管理和财务状况 等事项； （3）在公司监事会提出本意见之前，公司监事会成员未发现参与 2024 年年报编制 和审议的人员有违反保密规定的行为。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 ...

证券代码：600755 证券简称：厦门国贸 编号：2025-24 厦门国贸集团股份有限公司 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 厦门国贸集团股份有限公司（以下简称"公司"）第十一届董事会 2025 年度 第六次会议通知于 2025 年 4 月 11 日以书面方式送达全体董事，本次会议于 2025 年 4 月 21 日在公司 28 楼会议室以现场结合通讯方式召开。本次会议应到董事 9 人，实到董事 9 人。会议由副董事长蔡莹彬先生主持，全体监事和高级管理人员 列席了会议。会议的通知、召开及审议程序符合《公司法》等法律法规及《公司 章程》的规定。 二、董事会会议审议情况 与会董事经审议，通过如下议案： 1.《公司董事会 2024 年度工作报告》； 表决结果：同意 9 票、反对 0 票、弃权 0 票。 本议案尚需提交公司股东大会审议，股东大会召开时间另行通知。 2.《公司 2024 年年度报告》全文及其摘要； 本议案已经第十一届董事会审计委员会 2025 年度第三次会议审议通过。 ...

证券代码：600755 证券简称：厦门国贸 编号：2025-26 厦门国贸集团股份有限公司 关于2024年年度利润分配方案及 2025年中期利润分配计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次利润分配方案：每股派发现金红利 0.17 元（含税） 2024 年度公司的现金分红（包括上述 0.17 元/股以及 2024 年中期已分配 的现金红利 0.16 元/股）总方案为：每股派发现金红利 0.33 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股 分配金额不变，相应调整分配总额，并将在相关公告中披露。 若公司 2025 年满足现金分红条件，公司 2025 年中期拟进行现金分红， 现金分红金额不超过相应期间归属于上市公司股东的净利润的 50%。 公司未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的 ...

2024 年度营业收入扣除情况的 专项审核报告 厦门国贸集团股份有限公司 容诚专字[2025]361Z0218 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | | | 1 关于厦门国贸集团股份有限公司 2024 年度营业收 入扣除情况的专项审核报告 1-3 2 厦门国贸集团股份有限公司 2024 年度营业收入扣 除情况表 4 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于厦门国贸集团股份有限公司 2024 年度营业收入扣除情况的专项审核报告 容诚专字[2025]361Z0218 号 厦门国贸集团股份有限公司全体股东： 我们接受委托，按照中国注册会计师审计准则审计了厦门国贸集团股份有限 公司（以下简称厦门国贸公司）2024 年度财务报表，并于 2025 年 4 月 21 日出具 了容诚审字[2025]361Z004 ...

中国·北京 容诚审字[2025]361Z0048 号 容诚会计师事务所(特殊普通合伙) 内部控制审计报告 厦门国贸集团股份有限公司 容诚审字[2025]361Z0048 号 厦门国贸集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了厦门国贸集团股份有限公司（以下简称厦门国贸公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是厦门 国贸公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL: 010-6600 1391 FAX: 010-6600 1392 E-mail:bj@rsmchina.com.cn https/ ...

审计报告 厦门国贸集团股份有限公司 容诚审字[2025]361Z0047 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | | --- | --- | --- | --- | | 1 | 审计报告 | 1-7 | | | 2 | 合并资产负债表 | 1 | | | 3 | 合并利润表 | 2 | | | 4 | 合并现金流量表 | 3 | | | 5 | 合并所有者权益变动表 | 4 | | | 6 | 母公司资产负债表 | 5 | | | 7 | 母公司利润表 | 6 | | | 8 | 母公司现金流量表 | 7 | | | 9 | 母公司所有者权益变动表 | 8 | | | 10 | 财务报表附注 | 9 - | 188 | 审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/chi ...