Jiayou International Logistics Co., Ltd. (603871)

Stock Analysis Report | Industry: Cross-Border Logistics | Report Date: September 13, 2026 | As of the close on 2026-09-11 (Friday); period returns per MarketWatch methodology; technical indicators sourced at different cutoff times (9fzt for 2026-09-11, Investing.com for 2026-09-03 09:06 GMT, Aniu Zhitou with no explicit date and a page price of approximately 13.70, MarketScreener EOD with a page price of 12.96)

This report is automatically compiled and generated by AI based on publicly available information, for reference only, and does not constitute investment advice.

I. Core Summary

Jiayou International's (603871) 2026 interim report shows net profit attributable to parent of RMB 731 million, up +30.39% year-on-year, while operating revenue was RMB 3.966 billion, down -2.88% year-on-year. The divergence between revenue and profit direction is mainly due to gross margin improvement (2026H1 gross margin 23.19%, up +5.02pct year-on-year), with supply chain trade gross profit up +128% year-on-year to RMB 447 million as the main increment; previously, FY2025 full-year revenue was RMB 8.377 billion, down -4.31% year-on-year, and net profit attributable to parent was RMB 1.141 billion, down -10.60% year-on-year. In 2025, Mongolian premium coking coal prices fell approximately 40% year-on-year, directly suppressing premium coking coal supply chain trade profits. This structural reversal of "declining volume, rising profit" is the most decision-relevant fact, meaning the company's earnings drivers are shifting from trade volume to gross margin recovery and business structure changes, and its sustainability needs to be understood in the context of Mongolian coal supply chain profit recognition timing.

In terms of business structure, FY2025 supply chain trade revenue accounted for 61.77% but gross margin was only 10.47%, making it the main drag on overall gross margin; during the same period, cross-border multimodal transport gross margin was 26.73%, and land port project services gross margin was as high as 59.48%. In 2026H1, supply chain trade revenue was RMB 2.249 billion, down -11.25% year-on-year, but gross margin rebounded significantly to 19.89%; cross-border multimodal transport revenue was RMB 1.362 billion, up +11.82% year-on-year, but gross margin declined to 20.01%; land port project services revenue was RMB 349 million, up +12.87% year-on-year, with gross margin of 57.15%. The decline in the share of low-margin trade and changes in the share of high-margin businesses are the core logic behind the margin improvement.

At the regional and strategic level, the company has a three-pronged layout in Sino-Mongolian, Central Asian, and African markets. In 2025, Gants Mod port cargo throughput was 42.433 million tonnes, up +3.7% year-on-year, a record high; through the acquisition of BHL, the company obtained nearly 1,000 cross-border transport vehicles; in 2021, Zijin Mining was introduced as a strategic investor, and as of 2026-06-30, Zijin International Trade held 12.65% and Zijin Mining Zibao (Xiamen) held 4.61%. In 2026, African projects continue to advance, including the commissioning of the Zambia Sakania-to-Ndola road, participation in the TAZARA railway revitalization project, and the Namibia Walvis Bay logistics park (port annual container design throughput capacity of 750,000 TEU), providing new nodes for the company's medium-to-long-term growth.

In terms of valuation and market performance, as of the 2026-09-11 close, the share price was RMB 13.54, down 3.90%, with total market capitalization of approximately RMB 18.523 billion, P/E (TTM) of approximately 14.12x, P/B of 2.96x, and dynamic P/E of 12.67x; over the past month, the stock fell 12.18%, and year-to-date it fell 2.94%. Regarding dividends, FY2025 cash dividends totaled RMB 547 million, accounting for 47.96% of net profit attributable to parent; for the 2026 interim period, a dividend of RMB 2.8 per 10 shares is proposed (approximately RMB 380 million, approximately 52% of H1 net profit attributable to parent). The share buyback was completed on 2026-08-24, with cumulative repurchases of 10.60 million shares, accounting for 0.77% of total share capital, with approximately RMB 117.9 million paid, at an average price of RMB 11.65 per share.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Cross-border multimodal transport integrated logistics services: FY2025 revenue RMB 2.396 billion (28.60% of total), gross margin 26.73%; 2026 interim report revenue RMB 1.362 billion (34.34% of total, up +11.82% year-on-year), gross margin 20.01%
• Supply chain trade services (integrated commodity-trade with Mongolian premium coking coal as the core): FY2025 revenue RMB 5.174 billion (61.77% of total), gross margin 10.47%; 2026 interim report revenue RMB 2.249 billion (56.71% of total, down -11.25% year-on-year), gross margin 19.89%
• Land port project services: FY2025 revenue RMB 614.7 million (7.34% of total), gross margin 59.48%; 2026 interim report revenue RMB 348.8 million (8.80% of total, up +12.87% year-on-year), gross margin 57.15%
• PPP project contracts (legacy): FY2025 revenue RMB 191.4 million (2.28% of total), gross margin 0

2.3 Industry Chain Position and Cost-Profit Structure

The company positions itself as "an internationally leading cross-border integrated logistics enterprise focused on serving landlocked countries and regions," with long-term deep cultivation in resource-rich regions such as Sino-Mongolian, Central Asian, and African markets. Through investing in and operating port logistics infrastructure, customs supervision facilities, bonded warehouses, cross-border transport fleets, and international land port hubs, it integrates railway/road/shipping/air multimodal transport resources, forming three main businesses: "cross-border multimodal transport logistics + supply chain trade + international land port operations." Its position in the industry chain is that of an intermediate service provider/trader in the resource circulation segment: upstream, it connects with resource providers such as Mongolian coking coal and transport suppliers; downstream, it connects with mining and energy enterprises and domestic coking coal downstream users. It is not itself a resource owner and is a price taker on coal prices.

• The actual procurement target of the supply chain trade segment is Mongolian premium coking coal (coking coal), purchased from Mongolian mining companies/traders and imported and sold to domestic downstream users in the company's own name; procurement costs are directly anchored to the Mongolian coal pithead price plus cross-border freight.
• Historically disclosed supplier lists include (from the Tonghuashun business analysis page, which does not clearly indicate the year, suspected to be an earlier year, not cross-verified, for reference only): Mongolian Coal Corp, China Railway Corporation, Wulate Middle Banner Huashun Automobile Transportation Co., Ltd., Beijing Changjie Shunda Cargo Transportation Co., Ltd., Shenhua Group Co., Ltd.
• Supplier concentration (annual report basis): FY2025 top five suppliers' procurement amounted to RMB 3.573 billion, accounting for 60.49% of total annual procurement, of which related-party procurement was RMB 250.5 million, accounting for 4.24% (source: 2025 annual report); FY2024 top 5 suppliers procured a total of RMB 4.504 billion, accounting for 63.58% (Chaguwang, single source, not cross-verified); during the prospectus period (2013-2016), top 5 suppliers once accounted for 92.35% of total procurement (single source, year labeling unclear).
• Bargaining power assessment: As a trade/logistics service provider rather than a resource owner, the company is a price taker on coal prices, but through "integrated commodity-trade" (using logistics capabilities to secure long-term agreements and volume locks with upstream mines), it partially converts cost fluctuations into volume share. In 2025, weakening domestic demand led to Mongolian premium coking coal prices falling approximately 40% year-on-year, directly pressuring the company's premium coking coal supply chain trade profits — empirical evidence of upstream price risk (source: 2025 interim report business discussion, Huayuan Securities research report).
• Downstream customers are mining and energy enterprises in Mongolia/Africa (copper concentrate, premium coking coal, engineering project materials) and domestic coking coal downstream users (steel mills, traders). The most stable benchmark customer historically is OYU TOLGOI LLC (Oyu Tolgoi, a Rio Tinto Group subsidiary), which accounted for 49.89%/10.84%/10.89%/23.55% of cross-border multimodal transport revenue in 2013/2014/2015/2016H1 respectively. Another historical customer list includes Wulate Middle Banner Fengda Trade, MCC Huaye (Beijing) International Trade, Tianjin Lianxin International Trade, Nuomao Trade (Shanghai) (source: Investment Times/Sohu reprint, Tonghuashun business analysis page). The company also reached coal mine equity cooperation and long-term supply agreements with Hong Kong-listed Mongolian Mining Corporation (MMC, 0975.HK) (during 2022-2024, per company annual report).
• Customer concentration (annual report basis): FY2025 top five customers' sales amounted to RMB 2.249 billion, accounting for 26.84% of total annual sales, of which related-party sales were 0 (source: 2025 annual report); FY2024 top 5 customers sold a total of RMB 1.863 billion, accounting for 21.28% of operating revenue (Chaguwang, single source, not cross-verified); during the prospectus period (2013-2016H1), the top five customers of cross-border multimodal transport accounted for 59.20%/56.00%/68.82%/77.97%, and top five on a total revenue basis accounted for 69.89%/59.20%/56.00%/72.79% (source: Sina Finance prospectus page, Investment Times).
• Concentration trend assessment: Customer concentration shows a clear downward trend (from 60-70% during the prospectus period to 26.84% in FY2025), reflecting regional and category diversification (Sino-Mongolian → Central Asian → African, coal → copper → manganese ore/engineering materials/FMCG such as Coca-Cola logistics).
• Structural bargaining relationship: The discussion in the research notes that "this is not an auto-parts-style annual price reduction pattern" is not fully presented, lacking a complete conclusion on downstream bargaining dynamics; this data is missing and a complete assessment cannot be provided.
• The research notes do not provide specific data on accounts receivable relative to net profit or revenue ratio, accounts receivable turnover days, prepayments/accounts payable and other working capital occupation; corresponding conclusions are missing. Related source links appearing in the notes include "Jiayou International accounts receivable and payable turnover days" (Hangyan.com chart page) and bad debt provision-related items in the 2026 interim report and 2023 annual report, but the notes body does not excerpt specific figures, so this item cannot provide a substantiated quantitative conclusion and needs to be supplemented with the latest annual report/interim report original text.
• Customer concentration: FY2025 top five customers' sales amounted to RMB 2.249 billion, accounting for 26.84% of total annual sales, of which related-party sales were 0 (source: 2025 annual report, verified); FY2024 top 5 customers sold a total of RMB 1.863 billion, accounting for 21.28% of operating revenue (Chaguwang, single source, not cross-verified); during the prospectus period (2013-2016H1), top five customers on a total revenue basis accounted for 69.89%/59.20%/56.00%/72.79% (source: Sina Finance prospectus page, Investment Times). Supplier concentration: FY2025 top five suppliers' procurement amounted to RMB 3.573 billion, accounting for 60.49% of total annual procurement, of which related-party procurement was RMB 250.5 million, accounting for 4.24% (source: 2025 annual report, verified); FY2024 top 5 suppliers procured RMB 4.504 billion, accounting for 63.58% (Chaguwang, single source, not cross-verified). Concentration data are all labeled with source years; FY2024 and prospectus period data are from single sources or year labeling is unclear; subject to the latest annual report.

The company is positioned in the middle-to-service-end of the smile curve in the resource circulation segment — neither an upstream resource owner (price taker on coal prices) nor a downstream brand owner, but rather earning logistics service fees and trade spreads by leveraging port infrastructure, cross-border fleets, and land port hubs. From a profit structure perspective, the truly high-margin segments are land port project services (FY2025 gross margin 59.48%) and cross-border multimodal transport (26.73%), while supply chain trade (10.47%) is a typical volume-driven thin-margin business. Therefore, the core drivers for further margin improvement are not coal prices themselves but rather: first, product structure upgrading through a declining share of low-margin supply chain trade and an increasing share of high-margin land port and international multimodal transport businesses; second, incremental high-margin logistics services from the commissioning of new regional land port nodes in Africa (D.R. Congo Kasumbalesa, Zambia Sakania, Namibia Walvis Bay, Tanzania Tunduma/Tanga Port); third, under integrated commodity-trade, using logistics capabilities to lock in upstream long-term agreements and volumes and smooth coal price fluctuations.

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The 2026 interim report (announcement date 2026-08-26) additionally discloses: basic earnings per share RMB 0.5345; net assets per share RMB 4.5763; return on equity (weighted) 11.679%; 2026 interim distribution proposal of RMB 2.8 per 10 shares (tax inclusive). The 2025 annual report additionally discloses: diluted earnings per share RMB 0.84 (2024: RMB 0.93); gross margin 18.48%; ROE 18.97%; debt-to-asset ratio 23.78%; net operating cash flow RMB 1.131 billion; 2025 distribution plan of RMB 2 per 10 shares (tax inclusive). TTM data (based on 2026-06-30 rolling): net profit (TTM) approximately RMB 1.311 billion, up +21.7% year-on-year. 2025 revenue structure: supply chain trade services RMB 5.174 billion (61.77%, approximately -10% year-on-year), cross-border multimodal transport RMB 2.396 billion (28.60%, approximately -2% year-on-year), land port project services RMB 615 million (7.34%, up +24.4% year-on-year). Uncertainties to note: There is a slight discrepancy in 2025 net profit attributable to parent — the official annual report figure is RMB 1.141 billion, -10.60%, while CICC's 2026-08-04 research report writes RMB 1.135 billion, -11.1% year-on-year, which should be an analyst basis/rounding difference; the official annual report figure shall prevail; 2026H1 net profit attributable to parent surged 30.39% but revenue slightly declined, mainly due to gross margin improvement (2026Q1 gross margin 21.5%, up +5.1pct year-on-year, Caitong Securities); the divergence between revenue and profit direction requires attention to business structural changes (Mongolian coal supply chain profit recognition timing). Data sources: Shanghai Securities News·China Securities Network, Stockstar, Jiemian News, cnstock.com, eastmoney, CICC research report, Caitong Securities, Sohu Securities.

2026H1 total operating revenue was RMB 3.966 billion, down -2.88% year-on-year, and net profit attributable to parent was RMB 731 million, up +30.39% year-on-year. The divergence between revenue and profit direction is mainly due to gross margin improvement (2026Q1 gross margin 21.5%, up +5.1pct year-on-year), and attention should be paid to business structural changes brought about by Mongolian coal supply chain profit recognition timing. FY2025 full-year revenue was RMB 8.377 billion, down -4.31% year-on-year, and net profit attributable to parent was RMB 1.141 billion, down -10.60% year-on-year. On a 2026-06-30 rolling basis, net profit (TTM) was approximately RMB 1.311 billion, up +21.7% year-on-year.

3.2 Earnings Forecast

Consensus source: Eastmoney F10 earnings forecast (emweb.securities.eastmoney.com/ProfitForecast/index?code=SH603871), statistical basis, scraped approximately end-August 2026. Consensus return on equity: 2023A 23.08%, 2024A 23.94%, 2025A 19.36%, 2026E 20.99%, 2027E 20.86%, 2028E 20.62%. Note: The same Eastmoney page also has an older cached snapshot (type=soft), giving 2026E net profit RMB 1.400 billion (12 institutions)/EPS 1.0236, 2027E RMB 1.623 billion (12 institutions)/1.1869, 2028E RMB 1.834 billion (11 institutions)/1.3406, slightly different from the table above, with differences stemming from the different number of institutions included in the statistics. Specific forecasts from major brokerages (100% consensus basis for net profit attributable to parent): Sinolink Securities (2026-08-27, Li Dan): 2026/2027/2028 net profit RMB 1.500/1.685/1.921 billion, up +31.49%/+12.28%/+14.06% year-on-year, EPS 1.097/1.231/1.405, corresponding PE 11.74/10.46/9.17x, maintain Buy; Everbright Securities (2026-07-30, Yu Nan, initiate coverage with Overweight): 2026-2028 net profit attributable to parent RMB 1.362/1.499/1.691 billion, EPS 1.00/1.10/1.24, target price RMB 16.00 (16x 2026E PE); Huatai Securities (2026-04-30, Shen Xiaofeng): maintain 2026-2028 net profit attributable to parent RMB 1.498/1.648/1.802 billion, EPS 1.09/1.20/1.32, target price RMB 18.85 (17.29x 2026E PE, comparable company Wind consensus 13.3x); Caitong Securities (2026-05-01, Zhu Yubo): 2026-2028 revenue RMB 9.31/9.92/10.71 billion, net profit attributable to parent RMB 1.45/1.62/1.81 billion, corresponding PE 12.6/11.3/10.1x, Overweight; CICC (2026-08-04, Zhang Wenjie): lowered 2026 earnings by 17.5% to RMB 1.30 billion, first introduced 2027 at RMB 1.51 billion, up +14.6%/+16.0% year-on-year, target price RMB 14.8 (15.6x 2026E PE); Changjiang, GF, Industrial, Huachuang, Shenwan Hongyuan, Zhongtai, Tianfeng, etc. 2026E EPS concentrated in the RMB 0.97~1.10 range. Note: Institutional forecasts diverge significantly (2026E net profit range RMB 1.30~1.50 billion), with Sinolink/Huatai relatively optimistic and CICC relatively cautious; the main divergence lies in Mongolian coal supply chain profit recognition timing and African project commissioning progress; some research report titles/body text have misaligned forecast year labels, and when citing, refer to EPS and corresponding report dates.

3.3 Valuation Levels and Institutional Ratings

Valuation basis: As of the 2026-09-11 close, the share price was approximately RMB 13.54 (down RMB 0.55/-3.90% from the previous close of RMB 14.09). Total share capital/circulating share capital 1.368 billion shares (fully circulating); total market cap/circulating market cap approximately RMB 18.523 billion (stcn.com, Sina Finance, Cailianshe consistent). P/E (TTM): approximately 14.12x (Cailianshe, Baidu Stock Connect, Sina Finance consistent), Stockstar/AASTOCKS basis 14.42x, stockanalysis.com gives 14.78x, with 14.12x as the primary basis. Dynamic P/E 12.67x (stcn.com, 2026-09-11); P/B 2.96x (stcn.com, Sina Finance, dynamic P/B); forward PE approximately 13.32x (stockanalysis.com, Forward PE, 2026-09-11). Valuation historical percentile: Baidu Stock Connect states that based on the past three years of P/E data, the stock's valuation is at a historical medium level and industry medium level. Dividends: FY2025 dividend payout ratio approximately 48% (Sinolink Securities), 2026H1 dividend payout ratio approximately 52%; based on the 2025 RMB 2 per 10 shares, the current dividend yield is approximately 4.3% (Sinolink, based on the share price at that time). Target price summary (Baidu FinScope aggregation, as of 2026-09-11): average target price RMB 15.85, highest RMB 18.85, lowest RMB 12.84; Tonghuashun basis (past six months): 2026 average target price approximately RMB 16.12~16.83 (different time-point snapshots). Target prices correspond to the 2026-09-11 close of approximately RMB 13.54, implying upside of approximately 10%~40% (depending on target price level). Rating distribution: approximately 8 institutions in the past 90 days, 7 Buy, 1 Overweight; past six months basis: 5 Buy, 2 Overweight, 1 Outperform, 1 Recommend (Tonghuashun iNews). Note: Huatai Securities' target price was progressively lowered from RMB 18.85/17.93 in July to RMB 17.30 on August 27, indicating downward revisions after the interim report; the latest consensus is being revised down. Data limitations: PE (TTM) varies slightly across data sources (14.12/14.42/14.78) due to different calculation time points and TTM profit bases; some market data sources (Jufeng Finance showing market cap RMB 17.401 billion, PE 14.42) are dated 2026-08-02 and outdated; AASTOCKS data as of 2026-09-04 (market cap RMB 19.138 billion), neither being the latest 9-11 values, distinguished by date. Brokerage target prices and forecasts are analyst views, not official disclosures; consensus is a multi-institution statistic, and individual single-brokerage forecasts have been separately labeled.

IV. Recent News and Announcements

4.1 FY2025 Annual Report Disclosure: Revenue RMB 8.38 Billion, Net Profit Attributable to Parent RMB 1.14 Billion

The FY2025 annual report was disclosed on 2026-04-25. FY2025 operating revenue was RMB 8.38 billion (down -4.3% year-on-year), and net profit attributable to parent was RMB 1.14 billion (down -10.6% year-on-year). (Source: Caitong Securities research report 2026-05-01; SSE 2025 annual report summary, announcement date 2026-04-25)

4.2 2026 Q1 Report Disclosure: Q1 Revenue RMB 1.933 Billion, Net Profit Attributable to Parent RMB 328 Million

The 2026 Q1 report was disclosed on 2026-04-27. Q1 revenue was RMB 1.933 billion (down -15.78% year-on-year, up +6.99% quarter-on-quarter), net profit attributable to parent was RMB 328 million (up +25.18% year-on-year), and non-recurring net profit was RMB 320 million (up +25.71% year-on-year). (Source: Huatai Securities research report 2026-04-30)

4.3 2026 Interim Report Disclosure: H1 Net Profit Attributable to Parent RMB 731 Million, Up +30.39% Year-on-Year

The 2026 interim report was officially disclosed on the evening of 2026-08-25 / 2026-08-26. H1 revenue was RMB 3.966 billion (down -2.88% year-on-year); net profit attributable to parent was RMB 731 million (up +30.39% year-on-year); non-recurring net profit was RMB 721 million (up +30.99% year-on-year); basic EPS RMB 0.54 (up +31.71% year-on-year). Q2 single-quarter revenue was RMB 2.034 billion (up +13.67% year-on-year, up +5.24% quarter-on-quarter), and net profit attributable to parent was RMB 403 million (up +34.94% year-on-year, up +23.15% quarter-on-quarter). H1 net operating cash flow was RMB 566 million (up +78.06% year-on-year); weighted ROE 11.57% (up +2.02pct year-on-year); gross margin 23.19% (up +5.02pct year-on-year). By business: supply chain trade RMB 2.249 billion (56.71% of total, down -11.25% year-on-year); cross-border multimodal transport RMB 1.362 billion (34.34%, up +11.82% year-on-year); land port projects RMB 349 million (8.80%, up +12.87% year-on-year); supply chain trade gross profit up +128% year-on-year to RMB 447 million, the main increment. (Source: National Business Daily 2026-08-25; CS.com.cn 2026-08-26; Stockstar trading alert page)

4.4 Earnings Preview: No 2026 Q3 Earnings Preview Found

This search did not find an independent earnings preview for 2026 Q3, nor any pre-increase/pre-decrease announcement for the first three quarters. A reference for the next disclosure node: Investing.com lists the next earnings date as 2026-11-03 (single source, not cross-verified, for reference only).

4.5 First Disclosure and Adjustment of Share Buyback Plan: Total Amount Raised to Not Less Than RMB 100 Million and Not More Than RMB 200 Million

The plan's first disclosure date was 2026-05-26 (approved by the 9th meeting of the 4th Board of Directors on 2026-05-25, announcement No. 2026-018). Initial plan: total buyback funds RMB 50 million–100 million, price ceiling RMB 19.47/share, term from 2026-05-25 to 2026-08-25. Adjusted at the 11th meeting of the 4th Board of Directors on 2026-07-01 (announcement No. 2026-024, revised report disclosed 2026-07-02): total buyback funds raised to not less than RMB 100 million and not more than RMB 200 million; buyback price ceiling adjusted from RMB 19.47/share to RMB 19.27/share (due to ex-dividend of RMB 0.2/share for FY2025 equity distribution, effective from 2026-06-26). (Source: Shanghai Securities News 2026-07-02; Securities Times 2026-07-01)

4.6 Share Buyback Completed: Cumulative Repurchase of 10.60 Million Shares, Approximately RMB 117.9 Million Paid

Announcement No. 2026-030, disclosed 2026-08-24/25. As of 2026-08-24, the buyback plan was completed. Cumulative repurchase of 10,600,000 shares, accounting for 0.77% of total share capital; highest transaction price RMB 12.48/share, lowest RMB 10.00/share, average price RMB 11.65/share; cumulative payment of RMB 117,914,100 (approximately RMB 117.9 million, own funds). Repurchased shares are held in a dedicated buyback securities account, for the purpose of safeguarding company value and shareholder rights. During the buyback period, directors, senior management, controlling shareholders, actual controllers, shareholders holding 5% or more, and their concerted parties did not trade the company's shares. Phased progress: 2026-05-26 first buyback of 420,000 shares (RMB 12.30–12.48); 2026-05-31 cumulative 1.13 million shares; 2026-06-30 cumulative 8,999,400 shares (0.66%, RMB 99,845,900); 2026-07-31 cumulative 10.60 million shares (0.77%, RMB 117,914,100). (Source: CFI.cn 2026-08-24; cnfin/SSE 2026-08-25; Stockstar announcement; AASTOCKS; Gelonghui 2026-08-03)

4.7 FY2025 Annual Dividend Implementation: RMB 2 Per 10 Shares, Ex-Rights/Ex-Dividend Date 2026-06-26

FY2025 annual dividend of RMB 2 per 10 shares (RMB 0.2/share, tax inclusive). Approved at the FY2025 annual shareholders' meeting held on 2026-05-18; record date 2026-06-25, ex-rights/ex-dividend date 2026-06-26; due to shares in the buyback account not participating in distribution, differentiated dividend was adopted, approximately RMB 0.199 per share after dilution. FY2025 cash dividends (including interim) totaled RMB 547,203,463.20, accounting for 47.96% of FY2025 net profit attributable to parent. (Source: Shanghai Securities News 2026-06-22 equity distribution implementation announcement, announcement No. 2026-022; 2025 annual profit distribution plan announcement, announcement No. 2026-012)

4.8 2026 Interim Dividend Proposal: Proposed RMB 2.8 Per 10 Shares

Board proposal, disclosed 2026-08-26, proposed RMB 2.8 per 10 shares (RMB 0.28/share, tax inclusive). Based on approximately 1.3574 billion shares after deducting repurchased shares, RMB 0.28/share ≈ RMB 380 million, approximately 52% of H1 net profit attributable to parent of RMB 731 million (consistent with CICC's stated dividend payout ratio of 51.98%). Inconsistency to note: CICC's 2026-08-26 research report body text states the company declared DPS RMB 0.24 interim dividend, corresponding to 51.98% of 1H26 net profit attributable to parent; RMB 0.24 does not match the official RMB 2.8 per 10 shares, i.e., RMB 0.28; per the official basis, RMB 0.28/share × 1.3574 billion shares ≈ RMB 380 million, which exactly equals 51.98%, so it is judged that RMB 0.28/share is correct and CICC's RMB 0.24 is suspected to be a typo. This is a single-source discrepancy, flagged for verification. The 2026 interim profit distribution plan will be submitted to the 2026 first extraordinary shareholders' meeting for review. (Source: Stockstar; CS.com.cn; CICC 2026-08-26 research report)

4.9 FY2025 Annual Shareholders' Meeting Held: All Resolutions Passed, Shares Attending Accounted for 48.6182%

The FY2025 annual shareholders' meeting was held on 2026-05-18, and all resolutions passed (including the 2025 annual report, 2025 annual profit distribution plan, reappointment of the 2026 annual audit institution, etc.). Shares attending accounted for 48.6182%. Among related-party resolutions, related shareholder Ms. Tang Shilun (holding 5,255,177 shares) abstained from voting on the resolution regarding the estimated 2026 daily related-party transaction amount. (Source: Shanghai Securities News 2026-05-19, announcement No. 2026-015; cnfin)

4.10 2026 First Extraordinary Shareholders' Meeting Notice: Scheduled for 2026-09-15

Scheduled for 2026-09-15, record date 2026-09-08, to review 1 resolution — the "2026 Interim Profit Distribution Plan." This resolution has been approved by the 14th meeting of the 4th Board of Directors. Online voting code 752871. (Source: Announcement No. 2026-036, 2026-08-26; Tonghuashun)

4.11 2025 Third Extraordinary Shareholders' Meeting (Background): Resolution to Provide Guarantees for Wholly-Owned Subsidiaries Passed

The 2025 third extraordinary shareholders' meeting was held on 2025-12-15, and the resolution regarding the company providing guarantees for wholly-owned subsidiaries was passed. (Source: Tonghuashun/SSE 2025-12-16 announcement) [Slightly earlier in time; listed as background]

4.12 Change in Number of Shareholders: As of 2026-06-30, 23,765 Shareholders, Up 12.75% from Previous Period

As of 2026-06-30, the number of A-share shareholders was 23,765, an increase of 2,687 (+12.75%) from 2026-03-31. That is, the number of shareholders increased in Q2 and shareholding became somewhat more dispersed. (Source: Stockstar trading alert)

4.13 Shareholder Structure and Increase/Decrease in Holdings: No 2026 Reduction or Increase Announcements Found

List of shareholders receiving dividends directly (from the 2025 annual equity distribution announcement): Jiaxinyi (Shanghai) Enterprise Management Partnership (Limited Partnership), Han Jinghua, Meng Lian, Tang Shilun, Wang Benli, Hou Runping, Bai Yu, Wu Zibin — which can serve as indirect clues to major shareholder/management shareholding. This search did not find any 2026 announcements of reductions or increases by controlling shareholders, directors and senior management, or shareholders holding 5% or more; the buyback implementation announcement explicitly states that during the buyback period, none of the above entities traded the company's shares. Limitation: This is a one-time search conclusion and cannot completely rule out small or below-disclosure-threshold changes.

4.14 Investor Interaction: Hedging Business is Routine Renewal, Not Yet Actually Carried Out

Company response on 2026-09-03: The board of directors approved the relevant resolution on carrying out hedging business on 2026-07-20, which is a routine renewal after last year's authorization expired; the company has not yet actually carried out hedging business. (Source: Tonghuashun iNews 2026-09-03)

4.15 Recent Institutional Research: Multiple Institutions Received from 2026-08-27 to 2026-09-08

Research period 2026-08-27 to 2026-09-08, with participants including IDG Capital Investment Consulting (Beijing) Co., Ltd., as well as Guolian Minsheng Securities, Bosera Fund, and multiple other institutions; format was conference call + on-site research. Key exchange points (company basis): African business is still in an early development stage, with large growth space in the mining materials + livelihood materials model; after completion, the Namibia Walvis Bay logistics park will synergize with D.R. Congo and Zambia land border ports and cross-border fleets, with port annual container design throughput capacity of 750,000 TEU, radiating to D.R. Congo, Zambia, Botswana, etc.; Sino-Mongolian business in H2 will shift from single-point breakthroughs to full-chain, platform-based coordinated layout, deepening cooperation with multiple types of mining sources; after the Sino-Mongolian cross-border railway (Gashuunsukhait-Gants Mod) opens, it will have a positive impact on supply chain trade, with new railway transport enhancing port transport/customs clearance convenience and boosting Mongolian coal supply chain volume and price momentum; dividends will continue the high-payout policy. (Source: Stockstar 2026-09-09; Stockstar trading alert)

4.16 Operations and Project Progress: Zambia Sakania Road Commissioned, Participation in TAZARA Railway Revitalization Project, etc.

2026-02-24: The Ndola-to-Sakania road of the Zambia Sakania project officially commenced commercial operations and toll collection. 2026-04-01: The company announced joint investment with Zijin Jinsheng, etc. in the TAZARA railway revitalization project, opening a logistics corridor from the copper-cobalt belt toward the northeast. African projects under construction/potential: Zambia Sakania port upgrade, Sakania-to-Mufulira road upgrade, potential Tunduma land port and Tanga Port; Tanzania Tunduma port special economic zone land/feasibility study/business plan achieved phased progress; overseas warehouses and bonded warehouses commenced construction at nodes including Sakania, Ndola, and Walvis Bay Port. (Source: Huatai Securities research report 2026-04-30; Changjiang Securities 2026 interim report review)

4.17 Industry and Policy Background: Tightening Coking Coal Safety Regulation, Mongolian Coal Trade Spread Widening

In 2026, domestic coking coal safety regulation tightened (since late May, some Shanxi mines suspended for safety inspections; Shanxi June/July raw coal output down -31.5%/-35.8% year-on-year), coking coal prices rose, and Mongolian coal trade spread widened; from 8/17-8/22, Gants Mod port average daily truck crossings fell -46% quarter-on-quarter to 590 vehicles (port network/environmental inspection factors); Gants Mod port inventories at a low since 2025. (Source: CICC research report 2026-08-26) Note: The above project and policy information is mostly cited from brokerage research reports; some (such as TAZARA railway, Sakania road) original announcements can be verified on the SSE website; recommend using the company's original announcements as the final basis.

4.18 Date Consistency Note: Different Sources Show 1-Day Difference in Disclosure Dates

Buyback implementation result announcement: CFI.cn marks 2026-08-24, cnfin/SSE list marks 2026-08-25; interim report: media publication on the evening of 2026-08-25, SSE pre-disclosure date 2026-08-26. This is due to the difference between board/evening disclosure and publication date, and does not affect substance.

4.19 Uncertainty and Limitations Note

1. No 2026 Q3 earnings preview was obtained; 2026 operating data in these notes only extends to H1; judgments on H2 (Mongolian coal profit elasticity, African project commissioning) are brokerage views rather than company disclosures. 2. There is a single-source typo in the 2026 interim dividend DPS (CICC RMB 0.24 vs official RMB 0.28), which has been presented per the official basis with annotation. 3. Shareholder increase/decrease information is based only on the one set of announcements retrieved (the buyback implementation announcement's statement), without a full announcement traversal, and cannot be considered absolutely complete. 4. Project/policy progress in multiple places comes from brokerage research report citations, and individual announcement numbers have not been verified one by one against the original text on sse.com.cn. 5. The next earnings date of 2026-11-03 is from Investing.com as a single source, not cross-verified. 6. The latest available information is as of approximately 2026-09-09; the results of the 2026-09-15 extraordinary shareholders' meeting had not been published at the time of search (the meeting is held afterward).

V. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of 2026-09-11, the share price fell 3.9% on increased volume, breaking below MA5/MA10, with MACD histogram turning negative and RSI death cross below 50, indicating short-term weakening; however, it remains above MA20 (RMB 13.37), the Bollinger middle band (approximately RMB 13.66 area), and the chip cost average (RMB 12.61), and medium-term moving averages (MA50/100/200) remain in bullish alignment, overall representing a "medium-term bullish, short-term correction" pattern. Eastmoney Qian Gu Qian Ping (2026-09-11 17:00) also states "recent news flow is average, main funds show signs of outflow, short-term shows a consolidating trend, market attention willingness is average." Technical indicators have source time-point inconsistencies (see indicators_table notes); 52-week high, main fund net outflow amount, MACD direction, EPS basis, etc. have source discrepancies, all presented as ranges or with uncertainty annotations.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, for Reference Only)

⚠️ Risk Warning: The following content is solely a technical/subjective scenario analysis based on public data, not statistical probability, and does not constitute any investment advice or buy/sell instruction; all price levels are range references.

① Key Technical Levels

② Next-Week Scenarios (Subjective Weights, Not Statistical Probability)

• Scenario A Consolidation (relatively high subjective heuristic weight, approximately 50-60% (not statistical probability)): Share price oscillates repeatedly in the RMB 13.37~14.05 range. Trigger conditions: stable broader market, no major catalysts in logistics/Belt and Road sector, turnover maintained at normal levels of RMB 150~180 million; main fund net outflow narrows. Most consistent with the current technical pattern of "short-term correction, medium-term moving averages still bullish."
• Scenario B Weaker Downside (medium weight (subjective heuristic, not statistical probability)): An effective break below RMB 13.37 accompanied by turnover expanding above RMB 200 million would probe the RMB 12.61~12.86 support zone. Trigger conditions: broader market weakening, main fund continuous net outflow expanding, no sector positives; the September 11 volume decline with main fund net outflow has already appeared, and this scenario cannot be ignored.
• Scenario C Rebound Strengthening (relatively low weight (subjective heuristic, not statistical probability)): Reclaiming MA5/MA10 and breaking above the RMB 14.05 gap resistance on volume, advancing toward RMB 14.45~14.50 or higher. Trigger conditions: clear positive announcements (such as buybacks, orders, policies), main funds turning to net inflow, turnover significantly expanding. Under the current backdrop of RSI death cross, MACD histogram turning negative, and fund outflow, this has the relatively lowest probability.

③ Fund and Liquidity Background

Turnover rate 0.96% (2026-09-11), recent range 0.8%~1.0% (September 8 was 0.79%); turnover approximately RMB 150~180 million, representing medium-low turnover and medium-low turnover value; daily buy/sell impact cost is manageable, but volatility amplifies when large funds enter or exit. Fund flow: main funds net outflow for multiple consecutive days (Eastmoney basis 09-11 -RMB 31,190,900, 09-10 -RMB 906,500, 09-09 -RMB 8,827,200, 09-08 -RMB 7,628,800, 09-07 -RMB 10,713,700, 09-04 -RMB 6,386,900); the two sources' main fund net outflow directions are consistent but absolute amounts differ significantly (Eastmoney approximately -RMB 31.19 million vs Sina approximately -RMB 15.91 million), due to different statistical bases; recommend expressing as "main fund net outflow approximately RMB 15~31 million" range; 9fzt statistics show main fund outflow of RMB 55,152,500 over the past 10 days, accounting for -29.06%, with DDX showing large orders continuously outflowing for 6 days. Northbound funds latest reduced 169,500 shares, holding a total of 13,738,900 shares, with outflow on 7 of the past 10 days. Margin balance approximately RMB 135~137 million, accounting for 0.74% of circulating shares (market average 3.95%), decreasing approximately RMB 10,018,400 over the past 10 days; securities lending balance approximately RMB 3.31~3.49 million, very small in scale. Shareholder and chip structure (data as of 2026-06-30, interim report announcement date 2026-08-26, lagging approximately 2.5 months; structure may have changed since, for background reference only): top ten circulating shareholders cumulatively hold 889 million shares, accounting for 64.99% of circulating shares; the top five are controllers/strategic parties totaling approximately 59.45% (Jiaxinyi (Shanghai) 24.91%, Zijin International Trade 12.65%, Han Jinghua 11.38%, Meng Lian 5.90%, Zijin Mining Zibao (Xiamen) 4.61%); positions 6-10 are public fund/social security institutional holders (Invesco Great Wall-China Life Traditional Insurance 1.41%, China Universal-Social Security 16032 Portfolio 1.24%, Zhonggeng Value Navigator 1.19%, Invesco Great Wall Energy Infrastructure A 0.86%, Invesco Great Wall Jingsheng Double Interest Income Bond A 0.83%); as of the interim report, a total of 16 institutions held 665 million shares, accounting for 48.62% of total share capital, with the top ten institutions totaling 48.52%. This structure means controllers + Zijin group account for approximately 60%, plus social security/public funds; actual free-floating chips are relatively limited, and individual stock volatility is easily amplified; the above concentration is lagging data, for background reference only, and does not represent the current real-time structure.

Based on this stock's recent normal turnover of approximately RMB 150~180 million, if single-day turnover continuously expands above RMB 220 million (approximately 30% above the recent average) accompanied by price stabilization, this can be viewed as an observation signal of fund replenishment/entry; conversely, if volume declines and the price breaks below RMB 13.37, this is viewed as a confirmation signal of continued fund flight.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Watch whether the RMB 13.37~13.46 first support can hold, and the RMB 12.61~12.86 strong support zone (including chip cost average RMB 12.61, Bollinger lower band approximately RMB 12.86) — all are observation ideas, not trading instructions.
• Watch whether MA5 13.99/MA10 13.87 can be reclaimed and the RMB 14.05 gap resistance broken — all are observation ideas, not trading instructions.
• Watch whether turnover significantly expands (>RMB 220 million as observation threshold) to confirm true fund direction — all are observation ideas, not trading instructions.
• Watch whether MACD can strengthen again above the zero line, whether RSI can return above 50, and whether main fund net outflow converges — all are observation ideas, not trading instructions.

The above scenario analysis is based on data as of the 2026-09-11 close and historical price/technical indicator calculations. Short-term share prices will also be affected by multiple factors including news flow, fund flows, and broader market environment. Technical indicators themselves have lag and limitations, do not guarantee future actual movements, and do not constitute buy/sell advice. Please combine with the latest market information for independent judgment and bear investment risks yourself.

VI. Industry Landscape and Competitor Analysis

6.1 Industry Status

The company operates in the cross-border integrated logistics industry (CSRC category "Loading, Unloading, Handling and Transport Agency"; market system classified under "Transportation-Logistics-Cross-Border Logistics"). The core characteristic is competition centered on cross-border land transport corridors around landlocked countries and resource-rich regions, port logistics infrastructure, and international land port operating capabilities. Industry competitive factors include: scarce node resources such as ports and customs supervision facilities, cross-border transport fleet scale, multimodal transport resource integration capability, and "integrated commodity-trade" capability that binds upstream mine long-term agreements and downstream customers through logistics capabilities. The company focuses on three major regions: Sino-Mongolian, Central Asian, and African. In 2025, it continued to deepen the construction of land transport corridors covering core regions of Sino-Mongolian, Central Asian, and African markets (source: 2025 annual report summary). Research notes did not provide industry total size, growth rate, or other industry aggregate data; this data is missing.

6.2 Competitive Landscape

• Regional landscape: The company has a three-pronged layout in Sino-Mongolian (with Gants Mod port as the core, integrated commodity-trade premium coking coal supply chain trade, covering ports from Tianjin Port to Erenhot, Gants Mod, Ceke, Takeshiken, etc.), Central Asian (China-Kazakhstan Horgos logistics warehouse and other nodes), and African (D.R. Congo Kasumbalesa project, Zambia Sakania port to Ndola 17.26 km road, Namibia Walvis Bay logistics park, Tanzania Tunduma port and Tanga Port); in 2025, Gants Mod port cargo throughput was 42.433 million tonnes, up +3.7% year-on-year, a record high (source: 2025 annual report summary).
• Capacity and network: Through the acquisition of BHL (Reinsberg Holding AG), obtained nearly 1,000 cross-border transport vehicles, enhancing cross-border capacity self-sufficiency (source: CFI.cn business summary, Huatai Securities research report).
• Shareholder and capital background: In 2021, Zijin Mining was introduced as a strategic investor to jointly develop the D.R. Congo copper-cobalt mine project; as of 2026-06-30, among the top ten circulating shareholders, Zijin International Trade held 12.65% and Zijin Mining Zibao (Xiamen) held 4.61%; the largest shareholder Jiaxinyi (Shanghai) held 24.91%, Han Jinghua 11.38%, Meng Lian 5.90% (source: Stockstar top ten circulating shareholders page). According to Huatai Securities research report, the company received investment from the China-Africa Development Fund and holds a stake in the TAZARA railway (research report basis, not verified against original announcements).
• Historical burden in competition: The company's business historically relied heavily on a single customer OYU TOLGOI LLC and a single region, with top five customers accounting for nearly 70% during the prospectus period; it is now significantly diversified, with FY2025 top five customers declining to 26.84%.

6.3 Major Competitors

Research notes did not provide a list of A-share cross-border logistics comparable companies and their financial indicators, so it is not possible to conduct benchmarking comparison between Jiayou International and peers in terms of revenue scale, gross margin, regional coverage, etc. Based on available information, the identifiable industry chain related parties are upstream Mongolian coking coal producer Mongolian Mining Corporation (0975.HK) and downstream benchmark customer OYU TOLGOI LLC (Rio Tinto Group subsidiary), neither of which is a direct competitor. According to Huatai Securities research report basis (not verified against original announcements), the company received investment from the China-Africa Development Fund and holds a stake in the TAZARA railway. Peer comparison data is missing; recommend supplementing with public financial data of cross-border logistics comparable companies (such as logistics and supply chain trade enterprises involved in Sino-Mongolian/Central Asian/African corridor business) before benchmarking.

VII. Risk Warnings

• Mongolian premium coking coal price fluctuation risk: The company's supply chain trade is centered on Mongolian premium coking coal, with procurement costs directly anchored to Mongolian coal pithead prices plus cross-border freight. It is not itself a resource owner and is a price taker on coal prices. In 2025, weakening domestic demand led to Mongolian premium coking coal prices falling approximately 40% year-on-year, directly pressuring the company's premium coking coal supply chain trade profits; that year's net profit attributable to parent declined 10.60% year-on-year — empirical evidence of upstream price risk.
• Supply chain trade business volume contraction and revenue decline risk: 2026H1 supply chain trade revenue was RMB 2.249 billion, down -11.25% year-on-year; 2026Q1 overall revenue was down -15.78% year-on-year, and 2026H1 revenue was down -2.88% year-on-year, with sustained pressure on the revenue side. If the contraction of low-margin trade business cannot be fully offset by high-margin businesses, the sustainability of profit growth is questionable.
• African project commissioning progress below expectations risk: The company has projects under construction or potential at nodes including D.R. Congo Kasumbalesa, Zambia Sakania, Namibia Walvis Bay, Tanzania Tunduma, and Tanga Port. The Namibia Walvis Bay logistics park is still in the construction phase, and Tanzania Tunduma port has only achieved phased progress (land/feasibility study/business plan). If projects are delayed or returns after commissioning are below expectations, the high-margin logistics service incremental logic will be impaired; this is also one of the main sources of institutional divergence in 2026E net profit forecasts (RMB 1.30~1.50 billion).
• High supplier concentration risk: FY2025 top five suppliers' procurement amounted to RMB 3.573 billion, accounting for 60.49% of total annual procurement, of which related-party procurement was RMB 250.5 million, accounting for 4.24%. Upstream procurement is highly concentrated; if cooperation relationships with major suppliers, capacity supply, or cross-border corridors are disrupted, it could directly impact supply chain trade and multimodal transport businesses.
• Business structure and regional concentration risk: The company's revenue is still dominated by supply chain trade centered on the Sino-Mongolian region and coal (FY2025 supply chain trade revenue accounted for 61.77%). Although customer concentration has declined from nearly 70% during the prospectus period to 26.84% in FY2025, volume and price fluctuations of a single category and single region still significantly impact overall profits, as evidenced by the dual decline in revenue and profit in 2025.
• Uncertainty in shareholder return policies such as dividends and buybacks: The 2026 interim dividend proposal of RMB 2.8 per 10 shares still needs to be submitted to the 2026 first extraordinary shareholders' meeting (2026-09-15) for review, and there is a possibility that the resolution may not pass or may be adjusted; the share buyback was completed on 2026-08-24, and there is no explicit commitment on whether a new buyback plan will be launched.
• Short-term technical and fund flow weakening risk: As of 2026-09-11, the share price fell 3.90% in a single day, breaking below MA5 (RMB 13.99) and MA10 (RMB 13.87), MACD histogram turned negative (-0.01), RSI showed a death cross and fell below 50, inner volume of 91,200 lots significantly exceeded outer volume of 40,400 lots; main funds net outflow for multiple consecutive days (Eastmoney basis 09-11 was -RMB 31,190,900), northbound funds latest reduced 169,500 shares, and the number of shareholders as of 2026-06-30 increased 12.75% from the previous period, with shareholding becoming somewhat more dispersed.
• Data basis and disclosure information uncertainty risk: 2025 net profit attributable to parent has a