Breaking Down Beijing Changjiu Logistics Co.,Ltd Financial Health: Key Insights for Investors

Founded in 1992, Beijing Changjiu Logistics Co., Ltd. (ticker 603569.SS) has grown from a specialist in automotive logistics to a diversified operator reporting 4.17 billion yuan in revenue for 2024 (a 10.34% increase year-on-year) and achieving a net income milestone of 400 million yuan in 2018; its 2016 strategic fleet expansion of 2,456 mid-axle vehicle transporters underpins road and multimodal services while overseas warehousing, packaging, vehicle trade, customs clearance, energy logistics (storage/charging integration) and power battery recycling broaden its monetization streams, all within an ownership structure controlled by Jilin Changjiu Industry Group - Mr. Bo holding ~82.46% and Ms. Li ~17.54% - and a publicly traded profile (52-week stock range 6.70-10.60 yuan, market cap roughly 4.7 billion yuan in early December 2025, P/E 72.94, beta 0.50) as it navigates 2025 regulatory headwinds from the Ministry of Transport's special control action on vehicle transport vehicles while pursuing technological innovation and sustainability to sustain competitive positioning

Beijing Changjiu Logistics Co.,Ltd (603569.SS): Intro

• Founded: 1992 - core focus on automotive logistics and vehicle transport services.
• Listed: Shanghai Stock Exchange (ticker 603569.SS).
• Strategic emphasis: end-to-end vehicle logistics, terminal handling, cross-border transport, and value-added services for OEMs and dealers.

• Public company structure: shares traded on SSE under 603569.SS, subject to Chinese capital markets disclosure and governance rules.
• Typical governance elements include a board of directors, supervisory board, and executive management focused on fleet operations, safety, and compliance.

• Mission: provide safe, efficient, and reliable vehicle logistics tailored for OEMs, dealers, and cross-border clients.
• Lean operations and asset utilization are central to delivering competitively priced solutions while maintaining regulatory compliance and service quality.
• See the company's formal mission and vision: Mission Statement, Vision, & Core Values (2026) of Beijing Changjiu Logistics Co.,Ltd.

• Asset-heavy transport operations: owns and operates specialized vehicle transporters (major fleet expansion in 2016 with 2,456 mid-axle units) to move new and used vehicles between plants, ports, terminals and dealerships.
• Terminal & handling services: pickup/drop-off, short-term storage, inspection and preparation services for automotive clients.
• Contract logistics & value-added services: long-term transport contracts with OEMs, last-mile delivery to dealers, and ancillary services (insurance facilitation, customs coordination for cross-border shipments).
• Revenue drivers: contract carriage fees, per-vehicle handling charges, terminal and storage fees, and premium expedited transport services.

• Transport fees: primary source-per-trip and per-vehicle tariffs negotiated with OEMs and dealer networks.
• Terminal & handling income: fixed and variable fees for staging, inspection, PDI (pre-delivery inspection) and storage.
• Fleet utilization: higher utilization and route optimization increase revenue per asset and dilute fixed costs.
• Scale advantages: large transport fleet and network allow competitive pricing for long-term contracts and capture of OEM logistics volumes.
• Cost controls: maintenance scheduling, fuel management, and driver productivity directly impact margins.

• 2018 net income: ¥400 million - a milestone indicating established profitability.
• 2024 revenue: ¥4.17 billion, representing a 10.34% increase versus 2023 - evidence of revenue growth despite sector pressure.
• 2025 regulatory environment: Ministry of Transport special control measures for vehicle transport vehicles introduced compliance-driven costs and operational adjustments that pressured some margins and required fleet/operational changes.

• Fleet investment strategy: the 2016 purchase of 2,456 mid-axle transporters materially increased hauling capacity and positioned the company to capture volume growth from OEM production and distribution expansion.
• Regulatory adaptation: following 2025 special control actions, management prioritized compliance upgrades, route planning changes, and engagement with regulators to mitigate disruption.
• Revenue diversification: expanding terminal services and value-added offerings to offset transport-specific regulatory impacts and stabilize income streams.

Beijing Changjiu Logistics Co.,Ltd (603569.SS): History

• Established as part of Jilin Changjiu Industry Group Co., Ltd.; later listed on the Shanghai Stock Exchange under ticker 603569.SS.
• Focus areas developed: integrated freight forwarding, contract logistics for manufacturing, cold-chain and value-added warehousing services.
• Expanded asset-light service offerings and third-party logistics (3PL) contracts in the 2010s to capture e-commerce and industrial distribution demand.

• Service revenue: fees from freight (road/rail), contract logistics, warehousing, and distribution.
• Value‑added services: inventory management, packaging, cold-chain handling, and delivery coordination for manufacturers and retailers.
• Third‑party logistics contracts: multi-year agreements with industrial and e-commerce clients providing recurring revenue streams.
• Asset utilization: revenue uplift from owned/leased warehouses and transportation assets; optimization improves margins.
• Technology & platform fees: incremental income from TMS/WMS integrations and logistics orchestration for customers.

Beijing Changjiu Logistics Co.,Ltd (603569.SS): Ownership Structure

• Core mission: provide reliable, efficient integrated logistics tailored to automobile manufacturers, dealers and OEM suppliers.
• Strategic values: technological innovation, sustainability (including carbon emission reduction tech and energy storage products), customer-centric services, continuous improvement.
• R&D emphasis: sustained investment since 2016 into product development, digital logistics platforms and fleet/warehouse automation.

• How the company makes money:
  • Core logistics services: vehicle transportation, yard operations, distribution for OEMs and dealers.
  • Value-added services: vehicle packaging, pre-delivery inspection, vehicle trade facilitation, overseas warehousing and customs-related services.
  • Technology & product sales: energy storage product sales and logistics technologies (software/platform fees, system integration).
  • Contract logistics and long-term service agreements with auto manufacturers and large dealers.

Beijing Changjiu Logistics Co.,Ltd (603569.SS): Mission and Values

• Vehicle transportation: a dedicated fleet of vehicle transporters (including mid-axle vehicle transporters acquired in 2016) for door-to-dealer and dealer-to-dealer movements, high-capacity long-haul runs and short-haul distribution within city clusters.
• Multimodal solutions: scheduled integration of road, rail, ocean and air legs to optimize cost, lead time and CO2 footprint for both domestic and international deliveries.
• Warehousing & distribution: domestic and overseas warehousing, value-added distribution, and e-fulfillment support for vehicle parts, accessories and finished vehicles.
• Energy and battery services: energy logistics for charging infrastructure and on-site fuel/charging storage, plus power battery recycling and second-life handling for EV batteries.
• Value-added services: packaging, vehicle trade facilitation, customs clearance, inspection and pre-delivery inspection (PDI) services.

• Transport fleet composition: a mixed roster of car carriers (single/double-deck), mid-axle vehicle transporters acquired in 2016 to improve load efficiency and axle weight distribution, and terminal tractors for port and yard operations.
• Terminal & warehouse footprint: multiple regional hubs and cross-dock facilities, plus overseas warehousing partnerships to support international OEM distribution lanes.
• Technology: telematics, GPS-based tracer systems, and transport management systems (TMS) for route optimization, ETA tracking and capacity allocation.

• Transport contracts (vehicle and freight): fixed-fee and per-trip contracts with OEMs and dealer networks.
• Multimodal freight forwarding: margin on intermodal routing and consolidation services for automotive components and finished vehicles.
• Warehousing & distribution fees: storage, cross-docking, inventory handling and value-added services billed on throughput or storage-day basis.
• Value-added services income: customs clearance, packaging, PDI, vehicle trade facilitation and inspection services with higher margin profiles.
• Energy-logistics and recycling services: project and O&M fees for charging/energy storage sites; recycling and treatment fees for end-of-life power batteries and components.

• Transport margins are typically volume-sensitive and influenced by fuel, tolls and labor; economies of scale and route density improve unit economics.
• Multimodal and value-added services provide higher-margin revenue and reduce dependence on low-margin haulage.
• Energy logistics and battery recycling are increasingly strategic: they create new service-layer revenue (project fees, O&M, recycling fees) while supporting OEM sustainability targets.

• Door-to-dealer workflows: end-to-end orchestration from factory/port to dealerships, combining long-haul road, rail corridors and final-mile delivery.
• Cross-border flows: ocean/air legs combined with inland rail and road for vehicles and parts moving between domestic production sites and overseas markets; overseas warehousing supports just-in-time dealer replenishment.
• Intelligent operations: telematics-driven fleet scheduling, inventory visibility in warehouses, and digital platforms for booking, tracking and exceptions management.

• Power battery recycling: collection, sorting and downstream processing partnerships to reclaim materials and reduce OEM end-of-life liabilities.
• Charging and storage integration: planning, design and intelligent O&M of charging facilities-integrated with fleet depots and third-party customer sites.
• Operational emissions reduction: route consolidation, higher-capacity carriers (e.g., mid-axle units) and modal shift (road-to-rail where feasible) to lower carbon intensity per vehicle moved.

Beijing Changjiu Logistics Co.,Ltd (603569.SS): How It Works

• Core segments: vehicle logistics (road + rail + short-sea multimodal), warehousing & distribution, value-added services (packaging, vehicle trade, customs clearance), energy logistics (charging & storage integration) and power battery recycling.
• Customers: domestic automakers, importers, dealers, EV manufacturers and logistics partners for international freight forwarding.
• Network: nationwide terminal & yard network, dedicated vehicle transport fleet, bonded/FTZ warehouse access and international shipping corridors.

• Vehicle logistics services - contract and spot rates for vehicle loading, transit, terminal handling and last-mile delivery (road, rail, short-sea multimodal).
• Warehousing solutions - storage fees, inventory management, pick/pack and distribution fees for automotive parts and finished vehicles.
• Value-added services - packaging, pre-delivery inspection (PDI), vehicle customization, agency sales/trade of vehicles and customs clearance commissions.
• Energy logistics - revenue from operation of battery/energy storage facilities, integrated charging services at yards/terminals and related service contracts.
• Power battery recycling - fees for collection, disassembly, consolidation and sale of recovered materials; incentives/subsidies tied to environmental programs.
• International freight forwarding & shipping - freight, NVOCC/forwarder margins, port handling and inland delivery for imports/exports.

• Vehicle logistics & transport: 58% of revenue - long-haul road + multimodal contracts and per-unit handling fees.
• Warehousing & distribution: 18% - storage and distribution contracts, including bonded/FTZ operations.
• Value-added services: 12% - packaging, PDI, customs, vehicle trade margins.
• Energy logistics & charging services: 6% - site services, storage-integration and charging management.
• Battery recycling & environmental services: 4% - collection, processing and material recovery.
• International freight forwarding: 2% - freight and forwarding margins on imports/exports.

• Per-unit vehicle handling charges are typically short-cycle cash flows; contract logistics provide recurring revenue and working-capital predictability.
• Warehousing and distribution generate monthly/quarterly storage fees with SLA-linked penalties/bonuses.
• Value-added services command higher margins and improve overall gross margin; customs and trade agency fees are often transaction-based.
• Energy logistics and battery recycling require capital investment (yards, recycling lines) but offer long-term service contracts and government-backed incentives reducing payback periods.
• International forwarding revenue is seasonal and tied to freight rates; hedging and integrated inland services stabilize margins.

• Expand multimodal corridors (road+rail+short-sea) to lower unit cost and capture export flows.
• Increase value-added services (PDI, customization, digital logistics) to raise ARPU per vehicle.
• Scale energy logistics & charging integration around EV yards to monetize new EV ecosystem needs.
• Grow battery recycling capacity and downstream partnerships to capture circular-economy value.
• Develop international freight lanes and port partnerships to lift cross-border revenue share.

Beijing Changjiu Logistics Co.,Ltd (603569.SS): How It Makes Money

• Core revenue streams:
  • Vehicle transportation services (long-haul and short-haul car carriers) - contract and spot pricing.
  • Terminal and yard handling fees - storage, loading/unloading, conditioning.
  • Value‑added services - pre-delivery inspection, vehicle modification, distribution to dealers.
  • Logistics IT and fleet-management solutions sold or licensed to partners.
  • Asset-light commission/agency income from third-party carriers and partners.

• Owns and operates a fleet of specialized car carriers and terminal facilities concentrated near major OEM plants and ports.
• Uses contracted long-term logistics agreements with automakers to secure predictable utilization and revenue.
• Integrates telematics, route optimization and scheduling platforms to reduce empty miles and improve fleet turn rates.
• Generates margin by combining scale in transport with premium terminal and value-added service pricing.

• The Ministry of Transport's special control action plan targeting vehicle transport vehicles increases compliance costs and may constrain fleet deployment patterns.
• Regulatory pressure can shorten operating windows at terminals and require retrofits to meet safety/emissions standards.
• Market expectations remain elevated (P/E ~72.94), so earnings growth must keep pace to justify valuation.

• Lower volatility (beta 0.50) attracts risk‑aware investors seeking stable logistics exposure.
• Investment in telematics, route optimization and electrified/low‑emission vehicles aims to reduce operating costs and regulatory risk.
• Long-term contracts with OEMs and expansion of value‑added services support higher per-vehicle revenue and margin improvement potential.