Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, San Yang Ma, is positioned as a leader in public-rail intermodal logistics, focusing on the automotive logistics sector, which is expected to benefit from the recovery of the automotive market [7][8] - The company's revenue for 2024 is projected to be 11.82 billion yuan, with a year-on-year growth of 20.6%, while the net profit attributable to the parent company is expected to decline by 57.3% due to increased financial expenses [7][8] - The report highlights the significant increase in financial expenses due to convertible bond interest, which has impacted profitability [7][8] Financial Summary - Revenue and Profit Forecast: - 2024A: Revenue of 11.82 billion yuan, net profit of 8.59 million yuan - 2025E: Revenue of 14.48 billion yuan, net profit of 13.05 million yuan - 2026E: Revenue of 17.10 billion yuan, net profit of 16.64 million yuan - 2027E: Revenue of 19.50 billion yuan, net profit of 18.94 million yuan [2][12] - Earnings Per Share (EPS) is projected to increase from 0.11 yuan in 2024 to 0.24 yuan in 2027 [2][12] - The company’s return on equity (ROE) is expected to rise from 1.00% in 2024 to 2.21% in 2027 [2][12] Business Segments - The automotive logistics service is the primary business, contributing 82.7% of total revenue in 2024, with a year-on-year growth of 19% [7][8] - Non-automotive logistics services, including cross-border e-commerce logistics, are also growing, with a projected revenue increase of 34.2% [7][8] - The company aims to enhance its logistics network and optimize operations to improve profitability [9][10] Market Outlook - The automotive market in China is expected to continue growing, with total sales projected to exceed 32.9 million vehicles in 2025, a year-on-year increase of 4.7% [8] - The demand for automotive logistics is anticipated to recover as the automotive industry stabilizes [7][8] Conclusion - The report suggests that San Yang Ma is well-positioned to benefit from the growth in the automotive logistics sector, with a focus on improving operational efficiency and expanding service offerings [7][8]

| 证券代码：001317 | 证券简称：三羊马 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：127097 | 债券简称：三羊转债 | | 三羊马（重庆）物流股份有限公司 关于使用部分发行可转换公司债券闲置募集资金 进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、基本情况 三羊马（重庆）物流股份有限公司（以下简称"公司"）2024 年第一次临时股 东大会 2024 年 12 月 30 日审议通过《关于使用部分发行可转换公司债券闲置募集资 金进行现金管理的议案》，公司拟使用额度（指授权期限内任一时点投资本金总额） 不超过人民币 150,000,000.00 元发行可转换公司债券闲置募集资金进行现金管理。 额度内的资金可循环滚动使用，取得的收益可进行再投资。授权董事长在额度内行使 决策权，授权财务负责人组织办理相关事项。授权期限为股东大会审议通过之日起 12 个月。具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）上披露的 《2024 年第一次临时股东大会决议公 ...

Group 1 - The board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the quarterly report, and they bear individual and joint legal responsibilities [2] - The company confirms that the quarterly report has not been audited [3] - The main financial data indicates that the increase in non-automotive logistics services is the primary reason for the changes in financial performance [3][5] Group 2 - There are no non-recurring profit and loss items applicable for the company [4] - The company does not have any adjustments or restatements of previous years' accounting data [3][5] - The company has not defined any non-recurring profit and loss items as recurring [4]

Core Viewpoint - The company, Sanyangma, reported a significant increase in revenue for the fiscal year 2024, driven by its strategic location and expansion into new logistics services [1][2] Group 1: Company Overview - Sanyangma is a third-party logistics provider primarily serving the automotive industry and other sectors such as beverages and cleaning products through multimodal transport [1] - The company is headquartered in Chongqing, a key node in several economic corridors, enhancing its competitive advantage in the logistics sector [1] Group 2: Financial Performance - For the fiscal year 2024, Sanyangma achieved a total revenue of 1.182 billion yuan, representing a year-on-year growth of 20.63% [1] - Revenue from automotive comprehensive services reached 979 million yuan, up 18.96%, accounting for 82.75% of total revenue [1] Group 3: Business Expansion - The company is actively expanding its logistics services, including non-automotive logistics and warehousing, and is developing emerging businesses such as cross-border e-commerce logistics [1] - Revenue from non-automotive comprehensive logistics services was 165 million yuan, reflecting a growth of 34.21%, primarily due to increased cross-border e-commerce logistics and maritime projects [1] Group 4: Strategic Initiatives - Sanyangma is positioning itself to capitalize on the "Belt and Road" initiative by establishing new subsidiaries, including Sanyangma (Hainan) Supply Chain Management Co., Ltd. and a controlling subsidiary, Euro-Asia Union (Chongqing) International Logistics Co., Ltd. [2]

Financial Performance - The company's basic earnings per share decreased by 56% from 0.25 yuan in 2023 to 0.11 yuan in 2024 [1] - Net profit fell by 55%, from 0.2 billion yuan in 2023 to 0.09 billion yuan in 2024 [1] - Operating revenue increased by 20.61%, rising from 9.8 billion yuan in 2023 to 11.82 billion yuan in 2024 [1] - Return on equity dropped by 59.6%, from 2.50% in 2023 to 1.01% in 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 14.96 million shares, accounting for 35.65% of the circulating shares, with an increase of 12.58 million shares compared to the previous period [1] - New significant shareholders include Qiu Hongyang with 12.54 million shares (29.86%) and Wang Jikai with 0.39 million shares (0.94%) [2] - Several previous top shareholders, including Barclays Bank PLC and Deng Tianxiang, have exited the top ten list [2][3] Dividend Distribution - The company announced a dividend distribution plan of 1 yuan per share (including tax) [4]

三羊马（重庆）物流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 们审计了三羊马（重庆）物流股份有限公司（以下简称三羊马物流公司）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》以及《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，并评价其有效性是三羊 马物流公司董事会的责任。 二、注册会计师的责任 目 录 | | | 二、资质附件……………………………………………………第 3—6 页 内部控制审计报告 天健审〔2025〕8-475 号 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 第 1 页 共 6 页 我们认为，三羊马物流公司于 2024 年 12 月 31 日按照《企业内部控制基本 规范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会 ...

申港证券股份有限公司 关于三羊马(重庆)物流股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 申港证券股份有限公司（以下简称"申港证券"或"保荐机构"）作为三羊 马（重庆）物流股份有限公司（以下简称"三羊马"或"公司"）首次公开发行 股票并上市及向不特定对象发行可转换公司债券的保荐机构，根据《证券发行 上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求》《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》和《深圳证券交易所上市 公司自律监管指引第 13 号——保荐业务》等法律法规的要求，对三羊马 2024 年度募集资金存放与使用情况进行了专项核查，具体核查情况如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金基本情况 1、实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准三羊马（重庆）物流股份有限公 司首次公开发行股票的批复》（证监许可〔2021〕3114 号），公司主承销商申港 证券采用网下向询价对象配售和网上资金申购定价发行相结合的方式，向社会 公众公开发行人民币普通股 ...

申港证券股份有限公司 关于三羊马（重庆）物流股份有限公司 重新论证部分募集资金投资项目并继续实施 之核查意见 申港证券股份有限公司（以下简称"申港证券"或"保荐机构"）作为三羊 马（重庆）物流股份有限公司（以下简称"三羊马"或"公司"）向不特定对象 发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等相关法律法规的要求，对三羊马重新论证部分募集资 金投资项目并继续实施的事项进行了审慎核查，具体核查意见如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意三羊马（重庆）物流股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1981 号） 同意，和深圳证券交易所批准，三羊马（重庆）物流股份有限公司获准向不特 定对象发行可转换公司债券 210 万张，每张面值为人民币 100 元，按面值发行， 发行总额为人民币 21,000.00 万元。 本次发行的募集资金总额为 21,000.00 万 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 二、非经营性资金占用及其他关联资金往来情况汇总表………………第 3 页 三、资质附件…………………………………………………………第 4—7 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕8-477 号 三羊马（重庆）物流股份有限公司全体股东： 我们接受委托，审计了三羊马（重庆）物流股份有限公司（以下简称三羊马 物流公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负 债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母 公司所有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上， 我们审计了后附的三羊马物流公司管理层编制的 2024 年度《非经营性资金占用 及其他关联资金往来情况汇总表》（以下简称汇总表）。 二、管理层的责任 三羊马物流公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会 公告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 1 号 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | | （一）合并资产负债表…………………………………………… | 第 | 页 | 7 | | （二）母公司资产负债表………………………………………… | 第 | 页 | 8 | | （三）合并利润表………………………………………………… | 第 | 页 | 9 | | （四）母公司利润表………………………………………………第 | | 页 | 10 | | （五）合并现金流量表……………………………………………第 | | 页 | 11 | | （六）母公司现金流量表…………………………………………第 | | 页 | 12 | | （七）合并所有者权益变动表……………………………………第 | | 页 | 13 | | （八）母公司所有者权益变动表…………………………………第 | | 页 | 14 | | | | 四、资质附件………………………………………………………第 95 ...