Table of Contents
- About Operating Revenue………………………………………………… Pages 1-4
- About Previous Fundraising Projects…………………………………………… Pages 4-16
- About This Fundraising Project…………………………………………… Pages 16-39
- Copies of Qualification Certificates……………………………………………… Pages 40-43
7-2-1 Explanation of Financial Matters in the Review Inquiry Letter Regarding the Application of Jushen Logistics Group Co., Ltd. for Issuing Convertible Corporate Bonds to Unspecified Objects
Tianjian Letter [2025] No. 7-88
Shenzhen Stock Exchange: We acknowledge receipt of the "Review Inquiry Letter Regarding the Application of Jushen Logistics Group Co., Ltd. for Issuing Convertible Corporate Bonds to Unspecified Objects" (Review Letter [2025] No. 120029, hereinafter referred to as the feedback). We have conducted a prudent review of the financial matters mentioned in the feedback regarding Jushen Logistics Group Co., Ltd. (hereinafter referred to as Jushen or the Company) and report as follows.
- About Operating Revenue
The declaration materials show that the issuer's net profit and net cash flow from operating activities for Q1 2025 were -3.0096 million yuan and -36.7347 million yuan, respectively, both turning negative compared to the same period last year; the operating revenue for Q1 2025 was 259.5969 million yuan, a year-on-year increase of 22.74%, indicating an inconsistency between revenue and net profit changes. During the reporting period, the issuer's transportation business revenue was 970.0526 million yuan, 808.2873 million yuan, 755.1170 million yuan, and 192.7229 million yuan, while the warehousing business revenue was 107.3820 million yuan, 177.3597 million yuan, 273.3402 million yuan, and 64.5526 million yuan. The gross profit margins for the transportation business were 4.60%, 4.58%, 3.12%, and -3.43%, respectively. At the end of each reporting period, the issuer's accounts receivable and notes receivable had book balances of 98.5722 million yuan, 102.4528 million yuan, 105.8201 million yuan, and 156.9612 million yuan, accounting for 7.82%, 7.96%, 7.18%, and 10.38% of the total assets, respectively. During the reporting period, the company continuously deepened its cooperation with Tianshan Aluminum Group Co., Ltd. (hereinafter referred to as Tianshan Aluminum). Before 2024, the company was one of the outsourced short-haul and loading service providers for Tianshan Aluminum's factory area, and starting from 2024, it became the exclusive supplier of the aforementioned services, with Tianshan Aluminum being the issuer's largest customer in 2024. Public information shows that among the issuer's top five customers in 2024, Guangxi Fusheng Logistics Co., Ltd. (hereinafter referred to as Fusheng Logistics) was established in June 2024 with a paid-in capital of 500,000 yuan. At the end of the reporting period, the issuer's asset-liability ratio was 49.63%.