A-share subscription | Worldlink Group (001220.SZ) opens subscription, focusing on providing supply chain logistics solutions for multinational manufacturing companies.

On January 23, Tongyuan Logistics (001220.SZ) started its subscription with an issue price of 28 yuan per share and a subscription limit of 9,000 shares. The price-earnings ratio is 15.29 times, and it is listed on the Shenzhen Stock Exchange, with CICC as its sponsoring institution. The prospectus disclosed that Tongyuan Logistics focuses on providing customized, integrated, and embedded supply chain logistics solutions for multinational manufacturing companies. The company has interlocking Order Management System (OMS), Transport Management System (TMS), and Warehouse Management System (WMS), and its various types of logistics resources are shared in a timely manner and can be coordinated. The resources in various basic logistics service segments can be closely combined in the execution of comprehensive logistics services, significantly improving the efficiency of the supply chain logistics execution process. According to the data, Tongyuan Logistics' customers cover various manufacturing sectors such as automobiles and packaging, and have established close long-term cooperative relationships with leading companies in the industry such as Beijing Benz, Beijing Hyundai, Tetra Pak, and Amkor. During the reporting period, the company priced its transportation services for Beijing Benz by volume. The decrease in business volume in 2023 and 2024 was mainly due to Beijing Benz beginning safety inspections, maintenance, or upgrading of some production lines and equipment in mid-September 2023 according to its strategic deployment and production planning, resulting in a temporary shutdown and a corresponding decrease in demand for parts logistics, as well as a decrease in new car sales. The decrease in business volume from January to June 2025 was mainly due to the decrease in Mercedes-Benz production and sales, resulting in a decrease in transportation demand. Against the backdrop of strong demand in China's logistics industry, the total social logistics cost (including transportation costs, warehousing costs, and logistics management costs) has also been rapidly increasing. According to data from the China Federation of Logistics and Purchasing, from 2012 to 2024, China's total social logistics cost increased from 9.4 trillion yuan to 19.0 trillion yuan. Generally speaking, the proportion of total social logistics costs to GDP is used to evaluate the logistics efficiency in an economy. The lower this proportion, the higher the logistics efficiency and the higher the level of logistics development. It is reported that the proportion of total social logistics costs to GDP in China decreased from 19.0% in 2012 to 14.1% in 2024, showing a downward trend overall and indicating that the overall operational efficiency of China's logistics industry is gradually improving. In terms of financials, in 2022, 2023, and 2024, the company achieved operating revenues of approximately 808 million yuan, 835 million yuan, and 1.028 billion yuan respectively; and net profits of approximately 112 million yuan, 133 million yuan, and 170 million yuan respectively during the same period.