东方嘉盛2025年年度报告详解：投资者关注的核心要点

证券代码：002889   证券简称：东方嘉盛

一、公司亮点与核心业务

深圳市东方嘉盛供应链股份有限公司（以下简称“东方嘉盛”）作为中国领先的一体化4PL数字供应链服务商，持续以高科技赋能供应链各环节，服务全球消费品品牌和电商平台客户。公司围绕数字化转型和全球化布局，提供覆盖物流、商流、资金流、信息流的全流程一体化供应链服务，并强化AI、物联网、大数据、云计算在运营中的应用，推动企业和行业数字化升级。

主要业务模式：

• 全球消费品品牌一站式数字供应链交付平台： 服务对象包括全球500强品牌，涵盖消费电子、食品、医疗健康等领域，提供定制化跨境物流与供应链解决方案。
• 国际物流服务： 在欧美、日韩、东南亚等地搭建高效的门到门国际物流体系，助力中国品牌出海及海外品牌进入中国市场。
• AI智能数字报关平台： 依托AEO高级认证与AI机器人，提升单证自动识别、数据提取效率，实现供应链全程可视化跟踪，提升进出口链路稳定性与效率。
• 冷链物流服务： 在上海洋山港拥有万平方米冷库，并在深圳前海设立多温区医药冷链仓库，服务医疗健康与食品行业，保障全程智能化、精细化管理。

交易平台建设：

• 跨境电商数字交易服务平台： 为全球电商卖家与平台提供一站式采购、分销、仓储、清关、海外仓等全链条服务，强化中台风控算法，提升运营决策能力。
• 医疗健康数字交易服务平台： 连接医疗机构、供应商、金融机构，创新医疗耗材的编码统一与可追溯管理，形成以物联网和云平台为核心的行业创新模式。

二、财务业绩及关键指标

主要财务数据（2025年）

• 总资产： 48.50亿元，同比增长1.74%；
• 归属于上市公司股东的净资产： 24.70亿元，同比增长3.54%；
• 营业收入： 37.30亿元，同比增长5.02%；
• 归属于上市公司股东的净利润： 1.03亿元，同比下滑46.38%；
• 扣除非经常性损益后的净利润： 1.08亿元，同比下滑32.79%；
• 经营活动现金流量净额： 亏损0.59亿元，较去年同期亏损大幅收窄60.2%；
• 每股收益（基本/稀释）： 0.27元，同比下降47.06%；
• 加权平均净资产收益率： 4.23%，同比下降4.10个百分点。

分季度表现

• 2025年Q1-Q4营业收入： 分别为8.90亿、12.19亿、7.89亿、8.33亿元。
• 归母净利润： 第一、二、三季度为正，第四季度出现亏损（-0.39亿元）。
• 经营现金流： 第二季度出现大额流出（-2.07亿元），其余季度为正或回流。

三、利润分配方案

公司2025年度利润分配预案为：以权益分派股权登记日的总股本为基数，向全体股东每10股派发现金红利0.3元（含税），不送红股、不以公积金转增股本。公司本期不进行优先股利润分配。

四、股东结构与变动

• 报告期末普通股股东总数： 29,035户（较月初增加）
• 主要股东： 控股股东孙卫平女士持股44.54%，其与第二大股东邓思晨、第三大股东邓思瑜为母女、母子关系，合计控制超70%股权。
• 前十大股东中，员工持股计划持股0.35%，无表决权恢复优先股，无转融通出借股份。

五、投资者须关注的潜在影响因素

• 净利润大幅下滑： 2025年归母净利润同比下降46.38%，扣非后净利润下降32.79%。这反映公司盈利能力阶段性承压，或受成本、费用、市场竞争等影响，需投资者高度关注其后续盈利修复和业务调整情况。
• 现金流状况改善： 尽管全年经营活动现金流仍为负，但较去年同期大幅收窄60.2%，显示公司经营活动的现金流压力有所缓解。
• 股东高度集中： 主要股东之间为母子、母女关系，股权高度集中，表决权稳定，但同时需要关注大股东及家族成员的相关动态。
• 利润分配方案： 虽分红比例不高，但保持持续现金分红，体现公司维持投资者回报的态度。
• 第四季度净利润亏损： 需关注四季度为何出现业绩大幅波动，是否为偶发性因素或行业周期性调整带来的影响。

六、总结

东方嘉盛2025年报告显示公司营收规模稳步增长，现金流状况改善，但盈利能力面临较大压力，四季度出现亏损。公司持续推进数字化、国际化和科技赋能战略，整体业务模式具有较强行业竞争力。未来业绩修复、盈利能力恢复及现金流持续改善仍是市场关注焦点。

免责声明： 本文基于东方嘉盛2025年年度报告公开信息整理，仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

Detailed Review of Easttop Supply Chain 2025 Annual Report: Key Takeaways for Investors

Stock Code: 002889   Stock Name: Easttop Supply Chain

1. Company Highlights and Core Business

Shenzhen Easttop Supply Chain Co., Ltd. (“Easttop”) is a leading integrated 4PL digital supply chain service provider in China. The company continues to empower each supply chain link with advanced technology, serving global consumer brand and e-commerce platform clients. Focused on digital transformation and global expansion, Easttop provides end-to-end supply chain services covering logistics, trade, capital, and information flow, with heavy investment in AI, IoT, big data, and cloud computing to drive its own and the industry’s digital upgrade.

Main Business Models:

• One-stop Digital Supply Chain Delivery Platform for Global Consumer Brands: Serving Fortune 500 brands in electronics, food, healthcare, etc., with customized cross-border supply chain solutions.
• International Logistics Services: Building efficient door-to-door global logistics in Europe, US, Japan, Southeast Asia, to support both Chinese brands going global and overseas brands entering China.
• AI Digital Customs Clearance Platform: Backed by AEO certification and AI robots, boosts document auto-recognition and data extraction efficiency, enabling full-process supply chain visibility and improved import/export stability and efficiency.
• Cold Chain Logistics: Owns over 10,000 sqm cold storage in Shanghai and pharmaceutical cold chain warehouse in Shenzhen, serving healthcare and food sectors with smart, fine-tuned supply chain management.

Platform Construction:

• Cross-Border E-commerce Digital Transaction Platform: Offers one-stop services (procurement, distribution, warehousing, customs, overseas warehouse, etc.) for global e-commerce sellers and platforms, with intelligent risk control and operational decision-making enhancements.
• Healthcare Digital Transaction Platform: Links medical institutions, suppliers, and financial entities, creates unified barcoding and traceability for medical consumables, and establishes an innovative industry model based on IoT and cloud.

2. Financial Performance and Key Metrics

Main Financial Data (2025)

• Total Assets: RMB 4.85 billion, up 1.74% YoY
• Net Assets Attributable to Shareholders: RMB 2.47 billion, up 3.54% YoY
• Revenue: RMB 3.73 billion, up 5.02% YoY
• Net Profit Attributable to Shareholders: RMB 103 million, down 46.38% YoY
• Net Profit after Non-Recurring Gains/Losses: RMB 108 million, down 32.79% YoY
• Net Operating Cash Flow: Negative RMB 58.7 million, but loss narrowed by 60.2% YoY
• EPS (Basic/Diluted): RMB 0.27, down 47.06% YoY
• ROE (Weighted Avg): 4.23%, down 4.10 percentage points YoY

Quarterly Performance

• Quarterly Revenue (Q1-Q4): RMB 0.89bn, 1.22bn, 0.79bn, 0.83bn
• Net profit to shareholders: Profits in Q1-Q3, but a net loss in Q4 (RMB -38.76 million)
• Operating Cash Flow: Large outflow in Q2 (RMB -206.7 million), other quarters positive or back to inflow.

3. Profit Distribution Plan

For 2025, Easttop proposes a cash dividend of RMB 0.3 (tax included) per 10 shares based on the shareholding on the record date. No bonus shares or share capital increase from reserves. No preferred share dividends this period.

4. Shareholding Structure and Changes

• Total ordinary shareholders at year-end: 29,035 (increased over last month)
• Main shareholders: Ms. Sun Weiping holds 44.54%, with daughter Deng Sichen and son Deng Siyu holding 12.93% each, together controlling over 70%.
• Top 10 shareholders include staff shareholding plan (0.35%), no preferred shares, no share lending via stock lending business.

5. Investor Sensitivities and Potential Price Movers

• Significant Net Profit Decline: Net profit fell 46.38% YoY, and post-adjustment net profit down 32.79%. Indicates earnings under pressure, possibly due to cost, expense, or competition factors. Investors should track the company’s earnings recovery and business adjustments.
• Improved Cash Flow: Though operating cash flow is negative, the deficit is much smaller than last year, showing improved cash management.
• Highly Concentrated Shareholding: Main shareholders are close relatives, ensuring voting stability but worth watching for any changes in control or major shareholder behavior.
• Dividend Policy: Modest cash dividend, no bonus shares, but maintains a steady payout, indicating continued focus on shareholder returns.
• Q4 Loss: The unexpected Q4 loss needs explanation. Investors should monitor whether this is a one-off or a sign of industry or company-specific headwinds.

6. Conclusion

Easttop’s 2025 report shows steady revenue growth and improved cash flow, but significant pressure on profitability, with a fourth-quarter loss. The company’s push in digitalization, internationalization, and tech empowerment gives it a competitive edge. Whether it can restore profitability and sustain cash flow improvement will be key for future share price movement.

Disclaimer: This article is based on publicly available information from Easttop’s 2025 Annual Report and is for reference only. It does not constitute investment advice. Please make investment decisions cautiously.

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