ThisreportispreparedinbothChineseandEnglish.TheChineseversionshallprevailincaseofanydiscrepancybetweentheChineseandEnglishtexts.
StockCode:600057StockAbbreviation:XiamenXiangyu
XiamenXiangyuCo.,Ltd.2025InterimReport(Summary)
I.KeyAccountingDataandFinancialIndicators
Unit:millionYuanCurrency:RMB
| Item | Currentreportingperiod | Thesameperiodlastyear | ChangesonaYoYbasis(%) |
| Operatingrevenue | 203,948.25 | 203,480.76 | 0.23 |
| Netprofitattributabletoshareholdersofthelistedcompany | 1,032.12 | 779.06 | 32.48 |
| Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingthenon-recurringprofitandloss | 330.74 | 255.04 | 29.68 |
| Netcashflowfromoperatingactivities | -2,985.79 | -10,495.88 | Notapplicable |
| Basicearningspershare(Yuan/share) | 0.31 | 0.28 | 10.71 |
| Dilutedearningspershare(Yuan/share) | 0.31 | 0.28 | 10.71 |
| Weightedaveragereturnonequity(%) | 4.99 | 3.98 | Increasedby1.01pp |
| Attheendofreportingperiod | Attheendoflastyear | Changescomparedtotheendoflastyear(%) | |
| Owner’sequityattributabletotheshareholdersofthelistedcompany | 29,925.57 | 23,821.81 | 25.62 |
| Totalassets | 136,698.30 | 123,872.66 | 10.35 |
Remark:
ThenetprofitattributabletoshareholdersofthelistedcompanyintheabovetableduringthereportingperiodincludestheinterestofRMB232millionattributabletoperpetualbondholdersduringthereportingperiod.Afterdeduction,thenetprofitattributabletoshareholdersofthelistedcompanyduringthereportingperiodisRMB800million.Perpetualbondsandinterestweredeductedwhencalculatingtheabove-mentionedmajorfinancialindicatorssuchasbasicearningspershare,dilutedearningspershare,andweightedaveragereturnonequity.
II.IndustryAnalysisDuringtheReportingPeriod
1.AnalysisoftheIndustry’sOperatingConditions
Inthefirsthalfof2025,confrontedwithrapidlyshiftingexternaldynamics,Chinaacceleratedtheimplementationofmoreproactivecounter-cyclicalpolicies.Asaresult,majoreconomicindicatorsexceededexpectations,newqualityproductiveforcescontinuedtostrengthen,andtheoveralleconomyremainedstable.Nevertheless,theglobalmacroeconomicenvironmentremainedcomplexandchallenging.Changesintariffpolicies,persistentgeopoliticalconflicts,divergingmonetarypolicypathsamongmajoreconomies,andfundamentaladjustmentsinglobaltradepatternshaveallcontributedtoheighteneduncertaintyandvolatilityacrossthebulkcommoditysupplychainsector.Astraditionalindustriessuchasrealestateandinfrastructureslowed,theirdemand-drivingeffectonrawmaterialssuchassteel,cement,andnon-ferrousmetalsweakened.Meanwhile,emergingindustriessuchasnewenergyandadvancedmanufacturinghaveyettogeneratesufficientadditionaldemandforbulkcommodities.Consequently,theoverallmarketwascharacterizedby“stablegrowthwithweakrecovery”.Inparallel,the“de-bubbling”effectdrivenbydomestic“Anti-Involution”orientation(aimedatcurbinghyper-competition)ofdomesticindustrialchainshasbeensteeringthecommoditymanufacturingsectorawayfromextensiveexpansiontowardhigher-qualitygrowth.Thisshift,whileechoingsupply-sidestructuralreforms,alsointroducesnewvariablesintotheindustry’srebalancingofsupplyanddemand.Insummary,thebulkcommoditysupplychainindustryinthefirsthalfoftheyearremainedconfrontedwithmultiplechallenges:(1)tariffadjustmentsreshapedglobaltradeflowsofcertainbulkcommodities,disruptingthepreviouslystableglobalsupplychainsystem;(2)heightenedgeopoliticaluncertaintyamplifiedrisks,whilefrequentmonetarypolicyadjustmentsbymajoreconomiesposedunprecedentedexternalshocks;(3)domesticmanufacturingfaceddualpressuresfromsupply-demandmismatchesandrisingexternaldemanduncertainty,bothofwhichhavebeenexertingcontinuouspressureontheoperationsofsupplychainenterprises.Inresponsetocomplexcircumstancesmarkedbymultipleoverlappingexternaluncertainties,leadingbulkcommoditysupplychainenterprisesacceleratedtransformationeffortsandstrengthenedsystemicriskresilience.Ononehand,theyintensifiedmonitoringandassessmentof
macroeconomicconditions,internationalpolicyandindustrialtrends,establishingflexibleglobalsupplychainsystemsanddiversifiedsourcingchannels.Thisreduceddependenceonsinglecountriesormarketsandenhancedoverallsupplychainresilience.Ontheotherhand,inlightofevolvingdemandpatterns,leadingenterprisesproactivelyexpandedintoemergingsectorssuchasnewenergy,newmaterials,andgreenlow-carbonindustries,drivingthetransitionoftraditionalresource-orientedbusinessesintointegratedplatformscombining“resources+technology+services”,unleashinggreaterdevelopmentalvitality.Inaddition,theyaccelerateddigitalandintelligenttransformationthroughindustrialchaincollaboration,information-basedplatforms,andsmartlogisticsdeployment,achievingcostcontrol,efficiencyimprovements,andrapidresponsecapabilities.Furthermore,theystrengthenedmechanismsformanagingexchangerate,price,andpolicyrisks,employingtoolssuchashedging,insuranceinstruments,andlong-termfixed-priceagreementstomitigateoperationalimpactscausedbyexternalvolatilityandenhanceoperationalstability.Overall,top-tierbulkcommoditysupplychainenterprisescontinuedupgradingtowardhigherefficiency,greatervaluecreation,anddeeperglobalization,seizingopportunitiesamidglobalcompetitionandmarketadjustmentswhilebuildingsustainablemoatsforhigh-qualitydevelopment.
2.IndustryDevelopmentTrends
(1)IndustryChainRestructuringDrivesFurtherConsolidationandFull-Chain
IntegrationamongSupplyChainLeadersSurgingvolatilityinglobalcommodityprices,coupledwithcyclicalandstructuralheadwindsacrossselectindustries,hasheightenedoperationalpressureonbulkcommoditysupplychainplayers.Top-tiercompanies,leveragingstrengthsinresourceaccess,value-addedservices,andriskcontrol,areactivelyexpandingtheirchannelnetworksandcapturinggreatermarketshare,showcasingstrongcounter-cyclicalexpansioncapacity.Onavolumebasis,theCR5
marketshare
ofChina’sbulkcommoditysupplychainindustryrosefrom4.81%in2021toanestimated
5.42%in2024,reflectingapronouncedmarketleadereffectandrisingmarketconcentration.
specificallyreferringtoWuchanZhongdaGroupCo.,Ltd.,XiamenC&DInc.,XiamenITGGroupCorp.,Ltd.,XiamenXiangyuCo.,Ltd.,ZheshangDevelopmentGroupCo.,Ltd..
theCR5marketshare=theCR5businessscale/thescaleofChina’sbulksupplychainmarketscale,wheretheCR5businessscalerepresentsthecombinedoperating(orsales)volumeofthesupplychainsegmentsoftheCR5companies,andthescaleofChina’sbulksupplychainmarketscaleisthesumofthedomesticproductionandimportvolumesofmajorbulkcommodities.
Meanwhile,leadingcommodityenterprisesareacceleratingtheirtransformationfromtraditional“tradingintermediaries”into“full-chainserviceproviders”.Whileconsolidatingtheirdominanceindistribution,theyareprogressivelyextendingupstreamintoresourceacquisition,expandingmidstreamprocessing,andexploringopportunitiestoengagewithdownstreamconsumersegments,therebybroadeningoperationalboundaries,deepeningindustrychaininvolvement,andstrengtheningcontrolacrossthefullchain.
| Figure1：OperatingVolumeandMarketShareofCR5inChina’sBulkSupplyChainIndustry | Figure2：XIANGYU’sOperatingVolumeandMarketShareinChina'sBulkSupplyChainIndustry |
(2)AcceleratingIterationofManufacturingCustomerDemandSpurs
Integrated,Full-ChainSupplyChainServicesAgainstthebackdropofanongoingnationwideshiftto“Anti-Involution”withindomesticindustrialchains,manufacturingclientsareshiftingfromscale-drivencompetitionoverexistingmarketsharetowardpursuingvaluebreakthroughsdrivenbyqualityandefficiency.Thistransitionisleadingtosignificantlyhigherdemandsforintegratedsupplychainservices.Inresponse,bulksupplychainenterprisesareacceleratingtheirtransformationfromtraditionaltraderstointegratedserviceproviders.Theyarecontinuouslyenhancingtheircapabilitiesinbundledsupply,chaincoordination,channelintegration,andcustomizedservices,whichmakestheadvantagesofthe"trade-logisticslinkage"modelincreasinglyevident.Furthermore,leadingenterprisesareenhancingtheiroverallserviceefficiencyandcustomerloyaltybystrengtheningmid-to-upstreamresourceintegrationandboostingcollaborationinmid-to-downstreamsegments-includinglogistics,warehousing,andfinancialservices.Asaresult,integrated,full-chain,multi-categorysupplychainservicesystemsareincreasinglywellestablished,providingrobustsupportforthescaleexpansionandsustainedprofitabilityofleadingenterprises.
(3)AcceleratingRestructuringofGlobalManufacturingCapacityand
InternationalExpansionOpensa“SecondGrowthCurve”fortheIndustryDrivenbygeopoliticaldisruptions,globalmanufacturingcapacityisundergoingacceleratedregionalrestructuring.AsChinesemanufacturingenterprisesareincreasinglyexpandingintoBeltandRoadInitiativecountries,demandforoverseasrawmaterialsourcing,logisticsservices,andcross-borderfinancialservicesisrising.Inresponse,bulksupplychainenterprisesareseizingopportunitiestoconnectglobalresourcesandmarketsbyacceleratingtheestablishmentofoverseaswarehousingnetworks,regionallogisticscenters,andinternationaltradeplatforms,whilealsobuildingglobaltalentsystemsandlocalizedoperationalcapabilities.Againstthebackdropofrisingglobalgeopoliticalrisks,thedemandforsupplychainsecurityandresiliencehasbecomeincreasinglyurgentthanever.Supplychainenterpriseswithcomprehensiveoverseasservicecapabilitiesareexpectedtostandoutasfront-runners.Furthermore,industrychaininvestmentsincriticalresources,keylogisticsnodes,andoverseasprocessingareexpectedtopropeltheseenterprisesintoanewphaseofcross-cyclegrowth.
(4)RisingGlobalTariffUncertaintyShakestheCommodityIndustry,While
MonetaryPolicyShiftsCouldTriggeraLiquidityTurningPointThecommodityindustrycurrentlyfacesinterrelatedpolicyandmarketuncertainties,withrisingcross-bordertransactioncosts,constraintsonglobalinvestmentandtrade,andsignificantlyincreasedcommoditypricevolatility.UnderthecombinedeffectofamoredovishU.S.FederalReserve,emphasizingadata-drivenapproachandpolicyflexibility,andChina’sproactivedomesticpolicies,liquidityconditionsareexpectedtoimprove.Thisshouldeasehighfinancingcostsandtightliquiditychallengesforsupplychainenterprises,providingexternalsupportforindustryrecoveryandrenewedgrowth.
(5)DeepeningDigitalandIntelligentInfrastructureEnhancesEfficiencyand
ExtendstheValueChainintheIndustryWithrisingrequirementsforefficiencyandsecurityinbulkcommoditycirculation,digitallyintelligentsupplychainupgradeshavebecomeakeydriverforreshapingenterprisecompetitiveness.Accordingtothe“SpecialActionPlanforAcceleratingtheDevelopmentofDigitalandIntelligentSupplyChains(2025)”jointlyissuedbyeightministriesincludingtheMinistryofCommerce,by2030adeeplyembedded,intelligent,efficient,andautonomouslycontrolleddigitalsupplychainsystemwillbeestablishedinkeyindustriesandcriticalsectors.
Supportedbyfavorablepolicies,leadingenterprisesaresettingupAI-enabledsupplychainapplicationplatformsanddeepeningAIintegrationintohigh-levelapplicationssuchasdigitallyintelligentsupplychainsolutions,smartriskcontrol,andindustrychaincollaboration.Concurrently,theyareacceleratingthedigitalizationoflogisticssystems,interconnectionofmultimodaltransportplatforms,andplatform-baseddevelopmentofsupplychainfinancesystems.AIandothertechnologiesarebecomingcoredriversofsupplychainresilienceandvaluecreation,increasinglyembeddedincriticalareasincludingcollaborativesupplychainmanagement,riskcontrolsystems,contractexecution,andlogisticsmonitoring,therebyenablingintegratedmanagementofcommercial,logistical,informational,andfinancialflows.III.BusinessAnalysisDuringtheReportingPeriodTheCompanyspecializesinbulksupplychainservices,withmanufacturingenterprisesasitscorecustomers.Itprovidescomprehensivesupplychainsolutionscoveringtheprocurementofbulkrawandauxiliarymaterials,productdistribution,logisticsanddelivery,supplychainfinance,andinformationconsulting,etc.TheCompanyiscommittedtobecomingagloballeaderinindustrychainoperationsdrivenbysupplychainservices.
1.BusinessStructure
Intermsofproductportfolio,basedoncustomerneedsanditsownbusinessphilosophy,theCompanyappliesthefollowingproductselectioncriteria:①highliquidityandeasymonetization;
②highstandardizationandeasystorage;③substantialdemandwithextendedindustrialchainsthatenableintegratedmulti-stageservices.TheCompanycurrentlyfocusesonbulkcommoditiesincludingmetallicminerals,agriculturalproducts,energyandchemicals,andnewenergymaterials,coveringsevencorecategories:ferrousmetals,aluminum,stainlesssteel,newenergy,coal,oil,andgrains.
Figure3:BreakdownofCombinedSpotandFuturesGrossProfitinH12025Intermsofcustomerstructure,theCompany’sservicevolumeformanufacturingclientsremainsstableatapproximately60%inthefirsthalfof2025.Specifically,around70%ofservicesarewithinthenewenergysupplychain,over60%withintheferrousmetals,coalandstainlesssteelsupplychains，andover50%withinthealuminum,oilandgrainsupplychains.Intermsofregionalpresence,theCompanyhaslongadheredtoitsinternationalbusinessstrategy,establishingkeyplatformsubsidiariesinmajoroverseasmarketssuchastheUnitedStates,HongKong,Singapore,Vietnam,Indonesia,andSouthAfrica.Itcontinuestoattractoutstandingtalentandstrengthenitsinternationalteam-buildingefforts,withsubsidiariesorrepresentativeofficesnowoperatingin10countriesandregionsincludingSingapore,theUnitedStates,Germany,SaudiArabia,Indonesia,Vietnam,SouthAfrica,andNigeria.Byfullyintegratingitssupplychainadvantages,logisticsservices,andplatformresources,theCompanyfocusesonexpandingaccesstohigh-qualityupstreammineralresourcesoverseasandtappingintothesupplychaindemandsoflargecorporationsininternationalmarkets.Theseeffortshaveledtosimultaneousgrowthinboththescaleandqualityofitsoverseasoperations,withbusinesspartnersnowspanningmorethan110countriesandregionsworldwide.Inthefirsthalfof2025,theCompanyfocusedonexpandingintoemergingmarketsalongtheBeltandRoadInitiative,includingSoutheastAsia,Africa,andSouthAmerica,achievingdiversifiedtradeandamorebalancedmarketpresence.Duringthisperiod,thevolumeofimport,export,andtransitbusinessesreachedapproximately47milliontons,withthetotalvalueofaboutUSD13.2billion,representingayear-on-yearincreaseof7%.
Figure4:Company’sGlobalBusinessFootprints
2.BusinessModelTheCompanyhasconsistentlyupheldthestrategicvisionof“RootedinSupplyChains,ServingIndustryChains,andCreatingValueChains”.Guidedbyacustomer-centricapproach,itextendsupstreamtosecureresourcesanddownstreamtoexpandchannels.Itsserviceportfoliohasevolvedfromsingle-linksupporttoacomprehensiveindustry-chainservicemodelundertheCompany’sdistinctiveXiamenXiangyumodel,encompassingrawmaterialprocurement,finishedproductdistribution,inventorymanagement,warehousingandlogistics,andsupplychainfinance.Afterachievingserviceadvantagesacrosstheentireindustrychain,theCompanyseizedtheopportunitytotapintovalue-addingmanufacturingsegments,forminganindustrialchainoperationmodelof“SupplyChainServices+ProductionManufacturing”,whichfurtherenhancedcomprehensiverevenueprofitabilityandbufferedcyclicalfluctuations.Astheindustryentersaneweraandfacesemergingindustrialpatternsandinternationaltrends,theCompanywilldriveindustrychainoperationsthroughsupplychainservices.Adheringtoanindustry-chainperspective,theCompanyaimstodevelopanassetmanagementmindsetandcultivateamulti-factorbusinessmodel.Italsoseekstonurturecoreassetsacrossdifferentsegmentsoftheindustrychain.TheCompanywillgraduallyupgradetoadiversifiedindustry-chainoperationmodelencompassing“Resources,Trade,Logistics,Services,Processing,andInvestment”.Thistransformationwillfurtherbroadenitsvaluerealizationchannelsandenablemorediversifiedaccesstocomprehensivebenefitsacrosstheindustrialchain.
Figure5：Company'sOperatingModel
3.ProfitModel
TheCompanyprioritizesserviceandscale-drivenprofitability,whilealsocapitalizesonpricedifferentialstogenerateprofits,andfurtherenrichesitsprofitmodelthroughanassetmanagementapproach.ForadetailedbreakdownoftheCompany’sprofit,pleaserefertothetablebelow.
Table1:ProfitStructureandDefinitions
| TypesofProfit | Interpretation | |
| ServiceProfits | Leveragingitsplatformadvantagesandscaledoperations,theCompanyprovidescustomerswithcomprehensiveservicesacrosstheentireindustrychain.Theseofferingsencompassprocurementandsales,processing,logisticsanddistribution,supplychainfinance,andinformationconsulting,throughwhichtheCompanygeneratesservice-basedrevenue. | |
| TransactionProfits | Scale-basedProfitFromCargoConsolidation | Relyingonitslargebusinessscale,theCompanyachievescostadvantagesthroughcentralizedprocurementandspecializedoperations,reducingoperationalcostsacrossvarioussegmentsandgeneratingtradinggains. |
| ProfitsFromPriceDisparities | Byutilizingitsexpertiseinprofessionalanalysis,theCompanyconductstradesbystudyingcommoditypricetrendsovertimeandregionalpricedifferencesacrossvariousareastogenerateprofitability. | |
| IndustryOperationProfits | Bymaintaininganindustry-chainperspective,theCompanyengagesinhighervalue-addedsegmentsand,withanassetmanagementmindset,generatesreturnsfromresources,productiveservices,industrialinvestment,andglobalarbitrageopportunities. | |
IV.ManagementDiscussionandAnalysisofBusinessOperation
1.KeyOperatingResultsforH12025Since2023,theglobalmacroeconomicenvironmenthasbeenincreasinglycomplexandchallenging,withpersistentgeopoliticalconflicts,divergentmonetarypolicypathsamongmajoreconomies,anddeepadjustmentsinglobaltradepatterns,allposingsignificantchallengestobulkcommoditysupplychainenterprises.In2024,withthesmoothsuccessionoftheCompany’smanagementteam,theCompanyaccuratelyassessedmedium-tolong-termtrendsamidmarketchanges,flexiblyadjusteditsoperationalstrategies,andresolutelyoptimizeditscustomerstructureandbusinessportfolio.Theseeffortsgraduallymitigatedtheimpactofexternalenvironmentalchangesonitsoperatingperformance,enablingthestabilizationandimprovementofitscorebusinessfundamentals.Theindustry-chainoperationmodelcenteredonservingmanufacturingclientsdemonstratedstrongself-repairingcapabilityanddevelopmentalresilience.Inthefirsthalfof2025,theCompanycontinuedtostrengthenresearch-drivendecision-makingandfull-cycleriskmanagement,consolidatingadvantagesinintegratedtrade,digitalintelligence,andupstream-downstreamchannelresources.Bydeepeningfullindustry-chainoperationsand
promotingbusinessmodelthroughorganizationalreformsandmanagementinnovation,theCompanyachievedgrowthinbothoperationalvolumeandnetprofit.Whilemaintainingaleadingmarketshare,keyindicatorsrebounded,andoverallperformancecontinuedtoimprove,highlightingthestrengthsofitsbusinessmodelandtheeffectivenessofitsoperationaloptimization.Duringthereportingperiod,theCompanyachievedanoperationalvolumeofover120milliontons,representingayear-on-yearincreaseofover19.02%;revenueofRMB203.9billion,up0.23%year-on-year;netprofitattributabletoshareholdersofRMB1.032billion,up
32.48%;andareturnonnetassetsof4.99%,increasingby1.01percentagepointsyear-on-year.
2.KeyManagementAchievementsforH12025Inthefirsthalfof2025,standingatthestartingpointofthenewfive-yearperiod(2026–2030),theCompany’smanagementledallemployeesundertheoperationalthemeof“EnhancingQuality,PromotingInnovation,andControllingRisks,”achievingsignificantresultsinstrategicplanning,organizationaltransformation,riskmanagement,R&Ddeepening,anddigitalintelligenceenablement.
(1)DefiningStrategicDirection.Throughover50in-depthstrategyworkshops,theCompanyconductedacomprehensivereviewandforward-lookingplanning,buildingconsensusforthenextfive-yearperiod(2026–2030)acrosskeyareassuchasbusinessmodeltransformationandinnovation,internationalization,logisticsintegration,industrialinvestment,newbusinessdevelopment,andorganizationalcontrol.Thiseffortclarifiedthe“ThreeNewandOneHigh”strategicorientation,introducedanewmulti-elementbusinessmodelof“Resources,Trade,Logistics,Services,Manufacturing,andInvestment”,andestablishednewgrowthdriverswithdistinctiveXiangyucharacteristics.
(2)AdvancingOrganizationalTransformation.TheCompanyintegrateditssteel,agricultural,andcoalsegmentstostrengthencentralizedresourcecoordinationandenhanceoveralloperationalefficiency.Theseeffortswillestablishamodelforgraduallyformingspecializedindustrialsub-groupswithindifferentindustrychainsandlaythegroundworkforreshapingorganizationalcapabilities.Additionally,theCompanywilloptimizeitstwo-tiermanagementsystem—coveringoperationsmanagementandindustrialresearch—aswellasrefinetheorganizationalstructureoflogisticsmanagement.Thiswillclarifydivisionofresponsibilities,andachievehighlyefficientcollaboration.
(3)StrengtheningRiskManagement.Byoptimizingthecommodityportfolioandadjustingthebusinessstructure,theCompanymitigatedrisksfromindustrycyclicality;establishedadynamiccustomeradjustmentmechanism;addressedcustomerconcentrationissuesandimprovedgroup-levelcustomercreditmanagement.TheCompanyalsoadvancedthedevelopmentofriskgovernancesystemsandcapabilities,continuouslyrefininginstitutionalframeworks.
(4)DeepeningResearchandAnalysis.TheCompanyenhancedmarketalertsandmedium-tolong-termanalyses,assessingtheimpactoftariffpoliciesonagriculturalandmetalbusinessestohelpmitigaterisks.Over170reportswereproducedcoveringoverseasmarkets,industrybenchmarking,nicheend-markets,energytrends,technologicaliteration,andindustrycycles,providingrobustsupportfordevelopment.Thecommoditytradingteamsimprovedhedging,arbitrage,andoptionsstrategies,optimizinginventoryexposurehedgingsolutionsforthemanufacturingsegmenttomitigatepricerisksandachieveprofitabilitybreakthroughs.Atthesametime,theCompanyexpandedoptions-relatedbusinessapplicationsanddeepenedbusinessmodelinnovation.
(5)ExpandingFinancingChannels.TheCompanysuccessfullyissuedafixed-priceprivateplacementproject,attractingtwostrategicinvestors—ChinaMerchantsGroupandShandongPortGroup—andraisedRMB3.22billion,therebystrengtheningitscapitalbase.Furthermore,overseascreditresourceswerefurtherexpandedtosupportthedevelopmentofinternationaloperations.
(6)EmpoweringBusinesswithDigitalIntelligence.TheCompanycompletedthesuccessfulfirstpilotlaunchofitsnext-generationcoreERPsystem,achievingfullcoverageofcorebusinessdataandestablishinganintelligentmanagementsupportsystem.Inparallel,itincubatedanddeployedtheAI-powered“YuXiangAssistant”,achievingbreakthroughsinintelligentdocumentrecognition,automatedmessageprocessing,knowledge-basedQ&A,voice-to-textconversion,andriskalertsupport,therebysignificantlyenhancingtheeffectivenessofdigitalintelligenceenablementacrossthebusiness.
3.KeyBusinessDataforH12025
(1)BulkCommodityTradingTheCompanyleveragesbulkcommoditiesasitscorebusiness,enteringintocomprehensive
agreementswithclientstoofferintegratedsupplychainservicesencompassingprocurement,distribution,logistics,supplychainfinance,informationconsulting,andprocessing.Therevenueandprofitabilityfromthissegmentarereflectedintheresultsofcorecommoditytrading,asoutlinedbelow:
Unit:billion,RMB
| Category | OperatingVolume | OperatingRevenue | CombinedFuturesandSpotGrossProfit | CombinedFuturesandSpotGrossProfitMargin | ||||
| Volume(mnmetrictons) | YOY | Amount | YOY | Amount | YOY | Value | YOY | |
| CommodityTrading | 120.76 | 19.02% | 193.4 | 0.14% | 2.922 | -3.66% | 1.51% | Decreaseby0.06ppt |
| Amongthese:MetallicMineral | 68.15 | 5.38% | 109.9 | -10.85% | 1.665 | -26.05% | 1.52% | Decreaseby0.31ppt |
| EnergyandChemical | 44.08 | 42.84% | 53.7 | 20.97% | 0.458 | 51.54% | 0.85% | Increaseby0.17ppt |
| AgriculturalProducts | 8.16 | 43.75% | 22.3 | 14.92% | 0.536 | 255.01% | 2.40% | Increaseby1.62ppt |
| NewEnergy | 0.37 | 45.53% | 6.4 | 11.83% | 0.225 | -25.41% | 3.49% | Decreaseby1.74ppt |
Note:TheCompanyprovidesintegratedsupplychainservicesandengagesinspottradingtosupportitsoperations.Itutilizesfuturesinstrumentstohedgeagainstpricevolatilityinthecommoditymarkets,resultinginchangesinfairvalueandgainsorlossesfromthedisposalofsuchinstruments.Thecombinedgrossprofitandgrossprofitmarginofthefuturesandspottradingarecalculatedafteraccountingforthehedginggainsorlosses.
Inthemetallicmineralsegment,theCompanyactivelyintegratedupstreamresourcesandstrengthenedrefinedservicesforendcustomers.Tradingvolumesofironore,nickelore,steel,andothercommoditiesrecordedyear-on-yeargrowth,drivinganincreaseofmorethan5%inoveralloperatingvolume.Thealuminumsupplychaineffectivelymaintaineditsmarketsharethroughlong-termcontractsandprudentlyutilizedhedginginstrumentstosecureprofitmargins,achievingyear-on-yeargrowthinspot-futuresgrossprofit.However,thestainlesssteelandcokingcoalmarketsremainedweakandvolatile,whichcompressedindustrychainprofitability.Coupledwithadjustmentsintheproductandcustomerstructureofthestainlesssteelsupplychain,thespot-futuresgrossprofitofthemetallicmineralssupplychaindeclinedyear-on-year.Intheenergyandchemicalssegment,theCompanymaintainedsteadyoperationsduringthecoaldowncycle,withmarketshareinsteamcoalsteadilyrising.Atthesametime,crudeoilwasdevelopedasabreakthroughcommodity,drivingrapidexpansionoftheoilinternationalizationbusiness.Boththescaleoftheoilsupplychainandcombinedspot-futuresgrossprofitrecorded
significantgrowth,makingitanewgrowthengineforthesegment.Intheagriculturalproductssegment,theCompanycontinuedtooptimizeitsoperatingmodel,businessstructure,andproductportfolio.Supplychainsforgrainrawmaterials,oils&oilseeds,andcotton&yarnallachieveddouble-digitgrowthinbothtradingvolumeandrevenue,whileprofitabilityfurtherimproved.Inthenewenergysegment,theCompanyexpandedandconsolidateditsprocurementchannels,scalingupoperationsinkeycommoditiessuchaslithiumoreandlithiumcarbonate,resultinginyear-on-yeargrowthintotaltradingvolume.However,combinedspot-futuresgrossprofitdeclinedyear-on-year,reflectingstructuraladjustmentswithintheindustry.
(2)BulkCommodityLogisticsTheCompany’slogisticssystemnotonlyrespondstointernalsupplychainbusinessneedsbutalsoleveragesitsinternaloperationstodevelopmarket-facingservicecapabilities,furtherfeedingbackintothesupplychainbusinessandfosteringsynergiesbetweencommoditytradingandlogisticsservices.Inparallel,theCompanydevelopsindustriallogisticscapabilitiestoprovidecomprehensivesupplychainlogisticssolutions,aswellasprofessionallogisticscapabilitiestoimplementthesesolutionseffectively,acceleratingtheestablishmentofalogisticssystemwheresupplychainresourcesandlogisticsservicescomplementandempowereachother.TheoperatingresultsoftheCompany’smarket-orientedlogisticsservicesareaccountedforseparately,asoutlinedbelow:
Unit:million,RMB
| Category | OperatingRevenue | GrossProfit | GrossProfitMargin | |||
| Amount | YOY | Amount | YOY | Value | YOY | |
| CommodityLogistics | 4,996 | 17.39% | 427 | 20.51% | 8.54% | Increaseby0.22ppt |
| Amongthese:IntegratedLogistics | 3,442 | 16.39% | 351 | 31.11% | 10.19% | Increaseby1.14ppt |
| Amongthese:AluminumLogistics | 211 | 406.09% | 9 | 19.14% | 4.26% | Decreaseby13.84ppt |
| RailwayLogistics | 1,447 | 20.75% | 63 | 73.35% | 4.36% | Increaseby1.32ppt |
| AgriculturalProductLogistics | 108 | 6.74% | 13 | -74.67% | 11.77% | Decreaseby37.82ppt |
Note:
a.Integratedlogisticsmainlyincludesinternationalshippingroutes,internationalfreighttrains,inlandwatertransport,roadtransport,anddomesticandoverseaswarehousing.Amongthese,aluminumindustrylogisticsrefers
tomarket-orientedlogisticsservicesprovidedbytheCompany’ssubsidiaryXiangyuAluminumUnion;b.Railwaylogisticsandagriculturalproductlogisticsreferstomarket-orientedlogisticsservicesprovidedbytheCompany’ssubsidiaryXiangdaoLogisticsandXiangyuAgriculturalProducts,whileagriculturallogisticsprimarilyincludesservicesrelatedtofornationalandprovincialgrainreserves.
Inintegratedlogistics,bothrevenueandgrossprofitincreasedyear-on-year,primarilydrivenbyexpandedexternalcustomeracquisition,deeperengagementininternationallogistics,andstrengthenedpartnershipswithkeyclients.BusinessvolumesontheChina–IndonesiaandChina–Vietnamroutesgrewbyover15%and50%year-on-year,respectively,whileanewBrazilroutewasalsolaunched.TheCompanydeepeneditsengagementwithindustry-chainclientsandstrengthenedinternalcoordination,focusingonsegmentssuchasnewenergyandmetalmineralstobuildaprofessionallogisticsservicesystemandfacilitatetheonboardingofstrategicclientsandnewbusiness.Inthealuminumindustrylogisticsbusiness,theCompanyfocusedonoverseasadvantageousminesanddevelopingcorefactoryclients,establishingafull-chaininternationallogisticschannelfromsourcetodomesticsalesregions,achievingrevenuegrowthofover400%.Asaluminumindustrylogisticsbusinesshasbeenstillinitsinitialstage,thegrossmarginremainedvolatile;however,itisexpectedtograduallystabilizeandimproveasthebusinessstructurematures.Inrailwaylogistics,theCompanyactivelyexpandednewroutesandservicecategories,reinforced“head-to-head”strategiccooperationwithmajorindustrialclients,andembeddedrailwaylogisticsservicesintocorporatesupplychainsbytappingintoupstreamanddownstreamlogisticsdemand.Asaresult,businessvolumegrewbyover20%year-on-year.Efficiencywasenhancedthroughoptimizedallocationoflogisticsresources,leanmanagement,andcostcontrol.Inaddition,profitabilityimprovedthroughdevelopedoperationsatasset-heavyterminalsandhigherturnoverefficiencyofself-ownedvehiclesandcontainers.Agriculturallogistics,however,experiencedadeclineingrossprofitandgrossmarginduetobusinessstructureadjustmentsandloweraveragewarehouseutilization.Toaddressthis,theCompanyisactivelyexpandingprovincialreserves,temporaryreserves,andentrustedstorageservicestoenhancewarehousecapacityutilization.
(3)Production&ManufacturingAfterestablishingaserviceadvantagethroughouttheindustrychain,theCompanystrategically
venturedintothevalue-addedproductionandmanufacturingsector.Thismoveresultedinthedevelopmentofanintegratedindustrialchainoperatingmodelthatcombinessupplychainserviceswithproductionandmanufacturing,aimingtoenhanceoverallprofitabilityandmitigatetheimpactofcyclicalfluctuationsintheindustry.Theoperatingresultsinthemanufacturingsegmentforthisperiodareasfollows:
Unit:million,RMB
| Category | OperatingRevenue | GrossProfit | GrossProfitMargin | |||
| Amount | YOY | Amount | YOY | Value | YOY | |
| Production&Manufacturing | 5,284 | -6.71% | 581 | -19.09% | 10.99% | Decreaseby1.68ppt |
| Amongthese:Shipbuilding | 3,192 | -4.97% | 471 | -22.98% | 14.74% | Decreaseby3.45ppt |
Note:
a.Themanufacturingsegmentincludesshipbuilding,beneficiationandoilprocessing.ThebusinessentityofshipbuildingsectoristheCompany'ssubsidiary,NantongXiangyuShipbuilding&OffshoreEngineering.b.Intheshipbuildingsegment,exchangeratefluctuationsoftheU.S.dollarledtoadeclineinreportedgrossprofitmargin.However,byusingfinancialinstrumentstohedgeagainstforeignexchangerisks,theCompanyachievedayear-on-yearincreaseinactualhedgedgrossprofitmargin.
Theshipbuildingsegmentovercamefluctuationsintheinternationalshipmarket,consolidateditsleadingpositionincorevesseltypes,andoptimizedandupgradeditsproductportfolio.Throughleanproductionmanagementandimprovedproductionlineconfiguration,thesegmentachievedindustry-leadingefficiencyintheconstructionofbulkcarriersandchemicaltankers,significantlyshorteningdockandslipwaycycles.Inthefirsthalfoftheyear,15newordersweresigned,bringingthebacklogto91vessels,includingthefirstorderfromarenownedinternationalshipownerfora210,000DWTlargebulkcarrier,reflectingnotableprogressinthemid-to-largevesselmarket.Theyear-on-yeardeclineinrevenuewasprimarilyduetothetransferofcertainorderstotheQidongnewshipyard,whichwasstillinitsramp-upphaseduringthefirsthalf,resultinginloweroverallcompletionscomparedwiththesameperiodlastyear.WiththeQidongshipyardreachingfullproductioncapacity,NantongXiangyuMarineEquipmentisexpectedtoseecomprehensiveimprovementsinbothcapacityandprofitabilityinthesecondhalfoftheyear.
4.InternationalBusinessProgressinH12025
Inthecommodityoperations,theCompanyachievedapproximately47milliontonsinimport,export,andre-exportvolumesinthefirsthalf,withatotalvalueofaroundUSD13.2billion,representingayear-on-yearincreaseof7%.Thealuminumsupplychainaccelerateditsglobalexpansion,continuingtobuildlogisticscapabilitiesinWestAfricaandactivelydevelopingoverseasdownstreamchannelsforaluminainIndiaandtheUAE.TheCompanyalsosuccessfullyparticipatedintheIPOofNanshanAluminumInternational,securinghigh-qualitycommercialrights.Forthestainlesssteelsupplychain,theCompanypromotedstablelong-termagreementswithoverseasminesandcarriedoutorderlyexpansionandoperationofminingrights.TheoilsupplychainextendedupstreamresourcesinSouthAmericaandWestAfrica,whilestabilizingdownstreamrefineries,maintainingsteadyinternationalgrowth.Inthenewenergysupplychain,theCompanydeepeneditspresenceinlithiumbatteryproductsacrossAfrica,SouthAmerica,andAustralia,partneringwithleadingresource-basedenterprisesinAfricatojointlyexploreoverseasmarkets.Regardingcommoditylogistics,theChina-Indonesiapremiumshippingroutefurtherstrengtheneditsmarketinfluence,withtheSulawesi-Chinaroutemaintainingtheleadingmarketshare,androutecapabilitiesgraduallybeingreplicatedandexpandedtoemergingmarketssuchasIndiaandAfrica.Internationalcontainerallocationandoverseasclientdevelopmentcapabilitiessteadilyimproved.Inaluminumlogistics,theCompanyhasbuiltinitialend-to-endlogisticscapabilitiesfromWestAfricanminestoaluminumprocessingplants.Byintegratingmultimodaltransportcapacityandconsolidatingcargoatbothends,ithasdevelopedabrandedbulkshippingrouteconnectingtheAtlanticandtheFarEast.
5.KeyOperatingPlansforH22025
Whileachievingphasedresultsinthefirsthalfoftheyear,theCompanyremainskeenlyawareoftheslowingpaceofglobaleconomicrecovery,profoundshiftsinindustrycompetition,anditspositioninacriticalphaseoftransformationandupgrading.Atthisnewstartingpoint,withmanagementsuccessionunderwayandstrategicdevelopmentabouttoenteranewstage,theCompanywillnotonlymaintainstrategicfocusbutalsostrengthenriskawarenessandcontinuouslycultivatenewcompetitiveadvantages.Inthesecondhalfoftheyear,toensurethesuccessfulconclusionofthelastFive-YearPlan(2021–2025)andlayasolidfoundationforthe
formulationandimplementationofthenextFive-YearPlan(2026–2030),theCompanywillcontinuetoconsolidatehard-wonachievementsandfocusonthefollowingkeytasksinstrategicdevelopment,organizationalmanagement,businessoperations,internationalexpansion,riskcontrol,investmentresearchsupport,anddigital-intelligenttransformation:
StrategicDevelopment:Ononehand,theCompanywillsolidlyadvancetheconclusionofthelastFive-YearPlan(2021–2025),ensuringhigh-qualityachievementofallkeytargets;ontheotherhand,itwillcompletetheformulationofthenextFive-YearPlan(2026–2030),layingasolidfoundationforanewphaseofhigh-qualitydevelopment.OrganizationalManagement:TheCompanywillsystematicallyadvancethetransformationofitsheadquartersgovernancemodelandfacilitatetheintegrationofindustrialsub-groups,progressivelybuildinganorganizationalstructurethatalignswithitsdevelopmentstrategyforthenextFive-YearPlanperiod(2026–2030).BusinessOperations:TheCompanywilldeeplyintegrateintotheindustrialchainecosystem,strengthenthecomprehensivesupplychainservicesystem,enhancecontrolovercriticalresourcechannels,acceleratetheadjustmentoflow-efficiencybusinesses,andcultivateinnovativebusinessestodrivestructuraltransformationandupgrade.TheCompanywillalsocoordinateinternalandexternalresources,strengthencross-functionalcollaboration,andbuilddistinctivecorecapabilitiesandservicebrands.InternationalDevelopment:First,theCompanywillacceleratetheestablishmentofoverseasplatformsinkeyregionssuchasAfricaandSouthAmerica,effectivelyleveragingthemasregionalsupporthubsandforwardbases.Second,itwillexpeditetherecruitmentanddevelopmentofinternationaltalent,strengthenlocaloverseasteams,anddeeplyexploreregionalbusinessopportunities.Third,theCompanywilldeepeninternationalresearchefforts,focusingonkeyregionsincludingAfrica,CentralAsia,theMiddleEast,andSoutheastAsia,toidentifyprojectopportunitiesinareassuchasmineralresourcesandlogisticshubs..RiskManagement:TheCompanywillestablishquantitativeriskmanagementstandardsandcross-departmentalcoordinationmechanisms,strengthenoverseascomplianceoversight,andpromotethetransitiontoa“DynamicRiskManagement+ValueCreation”model.
InvestmentResearchSupport:TheCompanywillfocusonthesecondgrowthcurveandstrengthenresearchonindustrialcycles,identifyingprofitgrowthopportunitiesinareassuchasminingrightsinvestment,internationalexpansion,andnewbusinessincubation.Digital-IntelligentTransformation:TheCompanywillpromotethePhaseIIrolloutofitsnext-generationERPsystemtoenhancefull-chainvisibilityanddynamicmanagement,improvingoveralloperationalefficiency.ItwillalsopromotedeepcollaborationbetweenAI-enabledintelligenceandsupplychainoperations,establishinganend-to-endclosed-loopintelligentecosystemfromcustomerdemandresponsetohigh-qualitydelivery,therebyunlockingAI’scorecapabilitiesinenhancingsupplychainresilienceandvaluecreation.
6.OutlookontheNewStrategicPlan
Inthenewfive-yearstrategicplanningperiod(2026–2030),theCompanyenvisionsbecomingagloballeaderinindustrialchainoperationsdrivenbysupplychainservices,guidedbythemission“RootedintheSupplyChain,ServingtheIndustrialChain,CreatingtheValueChain”.TheCompanywillfocusonthe“ThreeNew,OneHigh(3N1H)”strategy-adoptinganewindustrypositioningasaco-builderandorganizeroftheindustrialchain,andembracingdiversifiedcapitalmanagementapproachestofosterhigh-qualitygrowth.Basedonthecharacteristicsofdifferentindustrialchains,theCompanywilladvancemulti-facetedoperationsacrossresources,trade,logistics,services,processing,andinvestmentinaphasedandstructuredmanner,generatingnewdevelopmentmomentumdistinctivetoXiangyu.Throughthereshapingoforganizationalcapabilities,theCompanywillformspecializedindustrialsub-groupsanddrivehigh-qualitydevelopment.
Figure6:TheCompany’s“3N1H”StrategyLookingahead,theCompanywillpursueproactivecapitaldeployment,leveragingindustrialinvestmentstoenhanceitssupplychainoperatingcapabilitiesandunlockassetvalue.First,itwilltargetkeynodeswithinexistingindustrialchainstosecureaccesstocoreresources,continuingto
driveindustrialchainoperationsthroughsupplychainservices.Second,itwillactivelyparticipateinstrategicequityinvestmentofindustryleaders,leveragingequityparticipationtosecurecommercialrightsandstrengthenchannelcontrol.Third,itwillacceleratethedevelopmentoftheCompany’ssecondgrowthcurvethroughinvestmentsinminingrights,internationalexpansion,andnewbusinessincubation.Fourth,itwillestablishindustrialfundsaroundkeystrategicorindustrialchaininvestmentprojects,introducingexternalcapitaltoamplifyscaleandaccelerategrowth.
Table2:ComparativeOverviewoftheCompany’sStrategicPlansatDifferentStages
| Period | 2021–2025(thelast“Five-Year”PlanPeriod) | 2026–2030(thenext“Five-Year”PlanPeriod) |
| Positioning | TheCompanyaimstobecomeaworld-classintegratedsupplychainserviceprovider,achievingthetransitionfromtraditionaltradetointegratedservices,andinitiallyexploringthesupplychainoperationmodel. | TheCompanyaspirestobecomeagloballeaderinindustrialchainoperationsdrivenbysupplychainservices,establishinganewindustrypositioningasaco-builderandorganizerofindustrialchains,andadvancingtheupgradeofamulti-elementoperationmodelintegrating“Resources,Trade,Logistics,Services,Processing,andInvestment.” |
| StrategicDirection | TheCompanyhasidentifiedplatformization,internationalization,anddigitalizationasitskeydevelopmentdirections,withafocusonenhancingcomprehensivesupplychainservicecapabilities. | TheCompanyproposesthe"3N1H"strategy,promotingmulti-elementoperations-coveringresources,trade,logistics,services,processing,andinvestment-throughadiversified,profit-orientedassetmanagementmindset,establishingspecializedindustrialsub-groups,anddrivinghigh-qualitydevelopment. |
| OrganizationalStructure | TheCompanyhasenhanceditsmarket-orientedandprofessionalservicecapabilitiesbyestablishinganinternalcompetitionmechanism. | TheCompanyplanstoestablisha“strategic-controlheadquarters+specializedindustrialsub-groups”structuretostrengthenresourceintegrationandcoordination,aimingtoenhanceoveralloperationalperformance. |
| ProfitStructure | TheCompanyhasprioritizedservice-andscale-drivenprofitability,andhasalsocapitalizedonpricedifferentialstogenerateprofits. | TheCompanywillenhancetheoverallreturnsacrossalllinksoftheindustrialchain,enteringhighervalue-addedsegmentsandleveraginganassetmanagementmindsettocapturegainsfromresources,productiveservices,industrialinvestments,andglobalarbitrage,therebyfurtherdiversifyingrisksfromcommoditymarketfluctuationsandimprovingbothprofitabilityandstability. |
| GrowthDrivers | TheCompanyhasfocusedonitscoreindustrialchain,expandeditsmarketleadershipinkeyproducts,andestablisheditselfasaleaderinniche | TheCompanywillengageinmulti-elementindustrialchainoperations,participatinginthemanagementofallsegmentsalongthechain.Throughproactiveinvestments,itaimstoacceleratethedevelopmentofits |
| Period | 2021–2025(thelast“Five-Year”PlanPeriod) | 2026–2030(thenext“Five-Year”PlanPeriod) |
| markets;ithasalsotargetedregionsalongtheBeltandRoadInitiative,developingitsinternationalmarkets. | secondgrowthcurve,includinginvestmentsinminingrights,internationalexpansion,andnewbusinessincubation.Byimplementingindustrialfundprojects,theCompanyseekstoleveragecapitaltoachievelarger-scaleandfaster-growingdevelopment. |
V.AnalysisofCoreCompetitivenessDuringtheReportingPeriod
1.NetworkedLogisticsServiceCapability
Asanational5A-levellogisticsenterprise,theCompanyhasdevelopedthreekeylogisticsoperatingentities-XiangyuSuperchain,XiangdaoLogistics,XiangyuAgriculturalProducts-andbuiltatop-tierlogisticsserviceteamcharacterizedbyprofessionalism,marketorientation,andinternationalexpertise.Withresourceintegrationasitsfoundation,productupgradingasitsdrivingforce,deepindustryengagementasitscore,anddigitalintelligenceinnovationasitsenabler,theCompanyhasestablishedafullyconnectedlogisticsecosystem.Thisecosystemembodiesaninterconnectedanddynamicallyevolvinglogisticsservicemodel,deliveringefficient,reliable,andhighlyresilientsupplychainlogisticssolutionstoclientsworldwide.
Figure7:Company’sLogisticsEcosystemThecompanyimplementsthestrategicpathof“Checkpoints-Link-Surface-Network”,comprehensivelyintegratingcorelogisticselementssuchashighways,railways,waterways,and
warehouses.Takingtheleadintheindustry,ithasbuiltanefficientmultimodaltransportsystemcenteredonthesehubs,formingathree-dimensionallogisticsresourcenetworkconnectingdomesticandinternationalmarkets.Currently,theCompanyhasestablishedarailwaynetworkspanningtheeast-westeconomiccorridorandconnectingnorth-southindustrialnodes,ahighwaytransportmatrixcoveringthenation’scoreeconomicregions,awaterwaytransportlayoutbasedondomestichubportsandextendingalongtheBeltandRoadInitiative,andanintelligentwarehousingclustercoveringtheeasterncoastandbulkcommoditydistributionbeltsincentralandwesternChina.Simultaneously,ithasdevelopedaninternationalshippingandrailcorridornetwork,alongwithlocalizedoverseasoperations,linkingglobalmarkets.Domestically,theCompanyhasenhancednavigationcapacityalongtheYangtzeRivermainwaterway,forminga“River-SeaIntermodal+Main-BranchLinkage”watertransportsystemandlaunchingmultiplepremiumroutessuchastheinter-provincialaluminumcirculationcorridor,North-to-SouthGrainTransport,West-to-EastCoalTransport,andNorth-to-SouthCoalTransport,achievingefficientintegrationoflandandwatertransport.Internationally,ithasestablishedChina-EuropeandChina-CentralAsiainternationalrailcorridors,aswellasinternationallogisticsroutesincludingChina-Indonesia,China-Vietnam,China-Thailand,China-Africa,andChina-Australia,creatingathree-dimensionaltransportnetworkcoveringmajoreconomicregionsworldwide.TheCompanyprovidesclientswithhigh-quality,end-to-end,andscenario-basedindustriallogisticssolutions,effectivelysupportingtheresilientoperationofindustrialsupplychainsandenablingefficientlogisticsvaluerealization.Duringthereportingperiod,theCompanyhandledover26milliontonsofcoallogisticsand,underthemarket-orientedreformsofChinaStateRailwayGroup,implemented14railwaylogisticsturnkeyprojects,helpingclientsreducecoalrailwaytransportationcostsby10%-25%.TheCompanyhandledapproximately6.7milliontonsofaluminumlogistics,establishingmultiplepremiumrail-roadintermodalroutesforalumina.Meanwhile,leveragingitsultra-large-scalebusinessflowpool,extensiveservicecasesandrichdataassetsaccumulatedacrossbusinessscenarios,theCompanycontinuouslyiteratesandoptimizeslogisticsservicesolutions,meticulouslydevelopingglobalpremiumlogisticscorridors.
Figure8:Company'sNationwideandInternationalNetworkedLogisticsServiceEcosystem
2.DigitalizedSupplyChainServiceCapability
TheCompanyiscommittedtoleadingthewayinsmartsupplychainservicesandservingasafrontrunnerintheindustrialInternet.Builtonathree-prongedcapabilitysystemof“strategicresources,channelnetworks,andsolutions”,andleveragingvastbusinessdata,anextensivecustomerbase,andrichapplicationscenarios,theCompanyintegratesAItocreateanend-to-endintelligentecosystemthatseamlesslylinkscustomerdemandresponsewithsecurefinaldelivery.TheCompanyleveragesitsdigitalplatformasthefoundationtoaddressthepainpointsoftraditionalbulkcommoditysupplychains,includinglowefficiency,challengingdecision-making,andweakcollaboration.Duringthereportingperiod,itsuccessfullylaunchedthepilotofitsnext-generationcoresystemforbulkcommoditysupplychains,ensuringcomprehensivecoverageofcoretradedocumentsanddataassets,andbuildinganintelligentmanagementandoperationsupportframework.Meanwhile,theCompanyhasdeeplyintegratedartificialintelligence,embeddingsmartcomputingcapabilitiesintoscenariossuchasdecisionanalysis,intelligentrecognition,andriskwarning,makingtheentiresupplychainvisible,manageable,andtraceable,ensuringreal-timebusinesstrackingwithtransparent,well-controlledprocessesandformingaclosed-loopintelligentsupplychain.Furthermore,theCompanycontinuedtoupgradeits
“YuLianTong”digitalsupplychainserviceplatform,securingatotalcreditlineofRMB11.9billion.Theplatformservesasatrusteddatabridgebetweenfundingprovidersandcustomers.
Figure9:YuLianTongDigitalSupplyChainServiceSystemLeveragingdigitaltechnologiessuchasartificialintelligence,bigdata,andtheInternetofThings(IoT),theCompanywillfurtherenhancesupplychaincollaboration,includinginternalcoordination,externalcollaboration,andupstream-downstreamintegration.Itaimstobuildagreen,efficient,safe,andresilientdigitalecosystemacrosstheindustrialchain,providingcomprehensiveend-to-endsolutionsforintelligentsupplychainsandinjectingnewmomentumintothehigh-qualitydevelopmentofboththeCompanyandtheindustry.
3.GlobalChannelandResourceIntegrationCapability
TheCompanyhasaccumulatedaportfolioofleadingenterpriseclientsacrosstheindustrialchainsofmetalsandminerals,agriculturalproducts,energyandchemicals,andnewenergy,establishingmatureandstableglobalbusinesschannels.Byintegratingabundantindustrial,informational,logistics,andfinancialresources,theCompanydeliverscomprehensivesupplychainsolutionstoitsclients.Leveragingyearsofdeepindustryexperienceandchanneladvantages,theCompanyhasdevelopedaglobaldevelopmentframeworkcharacterizedby“supplychainleadership,logisticssupport,andinvestment-drivengrowth,”underpinnedbystrongglobalchannelnetworksandresourceintegrationcapabilities.First,theCompanyextendsalongkeyindustrialchainnodes,continuouslybuildinginternationallycompetitiveregionalecosystems.InAfrica,ithasbuiltamineralresourcesupplychainsystem,
ensuringstablesupplyofbauxiteandtitaniuminWestAfricaaswellaschromeinSouthAfrica;ithasinvestedinestablishingaWestAfricansubsidiaryandanEastAfricanminingjointventuretostrengthenaccesstonewenergyminerals;furthermore,itisadvancingtheestablishmentofaregionalsubsidiaryinSouthAfricatoextendtheindustrialchainandenhancevaluethroughlocalizedoperations.InSoutheastAsia,theCompanyhasdevelopedafullindustrialchainmodelcoveringresourceimport,deepprocessing,andglobalsales,supportedbyalocalizedlogisticsnetwork,deliveringend-to-endone-stopservicesintheASEANmarket.IntheAmericas,theCompanydeepenscooperationinminerals,agriculturalproducts,energytrade,andnewenergy,andispreparingtolaunchaBrazilianplatformtostrengthenregionalmarketpresence.IntheMiddleEast,itfocusesonhigh-valuecommoditiestoacceleratetheglobalpenetrationof“MadeinChina”.Inresource-richcountriessuchasAustralia,theCompanybuildsstableanddiversifiedsupplychannelstosafeguardnationalenergyandresourcesecurity.Second,theCompanysystematicallyadvancedgloballogisticscapabilities.FocusingontheoutboundneedsofChinesemanufacturingandthedevelopmentofcoreindustries,itstrategicallydeployedoperationsinSoutheastAsia,Africa,andSouthAmericatoestablishagloballogisticsservicenetwork.TheCompanyextendedthepresenceofoverseaslogisticssubsidiariesandjointventures,includinginvestmentinashippingjointventureinGuineaduringthefirsthalfoftheyear,leveragingtrade-logisticssynergies.Capitalizingonitsadvantagesininternationalmultimodaltransport,itestablishedcorelogisticscorridorsconnectingChinawithSoutheastAsia,Africa,SouthAmerica,andEurope/CentralAsia,maintainingaleadingmarketshareontheIndonesia-Sulawesi-ChinarouteandpioneeringmultimodalconnectionsacrossEast,West,andSouthernAfrica..InnovativebulkshippingrouteshavealsobeendevelopedforcommoditiessuchaslithiumandchromiuminAfrica.TheCompanycontinuouslyoptimizeditsgloballogisticsnetwork,collaboratingwithover200high-qualityinternationallogisticsproviders,operatingmorethan150overseaswarehouses,includinglocationsinVietnam,theUnitedStates,andtheNetherlands.
4.SystematicRiskManagementCapability
TheCompanyhaslongupheldthebusinessphilosophyof“RiskFirst,ProfitSecond,ScaleThird”.Itimplementsathree-layeredriskdefenseframeworkencompassingfrontlinebusinessteams,the
headquartersriskmanagementfunction,andthecentralauditunit.Byestablishingpre-controlsystems,in-processmonitoring,post-eventreviewandsystemoptimization,aswellasmaintainingabalancedfocusoncollaborationandprofessionalism,theCompanyhasbuiltamulti-departmentalriskpreventionandcontrolmechanism.Inaddition,theCompanyconsistentlyfocusesonhighlyliquid,easilymonetizable,standardized,andeasilystoredcommoditiesasitscoreproducts.Ithasdevelopedacomprehensive,full-cycleriskmanagementsystemencompassingpricing,marketingresearch,andcustomermanagement,embeddingriskcontroldeeplythroughouttheentirebusinesslifecycle.Againstthebackdropofacomplexandvolatileinternationaltradeenvironmentandintensifyingmarketcompetition,theCompanycontinuestoimproveitsmechanismsforpolicyanalysis,riskidentificationandearlywarningininternationalmarkets.Itcloselymonitorsandassesseschangesininternationalpoliciesandregulations,developingtargetedresponsestrategiesbasedonspecificbusinessconditions.
5.MultidimensionalIndustryResearchCapabilityTheCompanystrengthenstheenablingroleofitsthree-tieredresearchsysteminsupportingbusinesspractice,conductingin-depthanalysesatthemacro,industry,andmicrolevelstostudymarketcycles,industrytrends,andkeycommoditypricefluctuations.Combiningdeepindustryexperiencewithexpertiseinfinancialtools,theresearchteamdeliversinsightsacrossmultipledimensions,suchasfrontlineoperationalstrategies,businessmodelinnovation,andcorporatestrategies.Byaggregatingandanalyzinginternalandexternaldata,theCompanydevelopsamorecomprehensivemarketperspective.Inaddition,itenhancescross-departmentalcollaborationandcontinuouslyimprovestheresearch-riskmanagementlinkage,enablingtimelywarningsandeffectiveresponsestomarketfluctuationscausedbymacroeconomicuncertainties,therebyenhancingoverallriskmanagementcapabilities.
6.SpecializedSupplyChainServiceTeam
TheCompanyplacesstrongemphasisontalentdevelopmentandteambuilding,cultivatingamarket-driven,specialized,andglobally-orientedsupplychainserviceteamcapableofdesigningprofessionalsupplychainsolutionstailoredtocustomerneeds.Meanwhile,theCompany
consistentlyenhancesitsinternationalhumanresourcessystem,providingclearcareerpathwaysandplatformsforvaluecreators,andfollowsadualapproachof“externalrecruitmentandinternalcultivation”.Inthefirsthalfof2025,theCompanyactivelyrecruiteddomesticandinternationalbusinesstalents,alongwithsupportingmeasurestoensureprojectimplementation,accelerateintegrationandperformancerealization,buildingapipelineofeliteprofessionalswithglobalvisionandserviceexpertise.