公告日期：2024-08-30

Stock Code: 600057 StockAbbreviation: Xiamen Xiangyu
Xiamen Xiangyu Co., Ltd.

2024 Interim Report (Summary)

This report is prepared in both Chinese and English. The Chinese version shall prevail in case of any discrepancy
between the Chinese and English texts.

I. Explanation of the company's industry and main business during the reporting
period

1. Analysis of the Industry’s Operating Conditions

Inthefirsthalfof2024,China’seconomyshowedoverallstability,withsteadyprogress
in transformation and upgrading, and a stable recovery in the performance of large-
scale industrial enterprises. However, the complexity and uncertainty of the
international environment continued to rise, domestic effective demand remained
insufficient, and the recovery foundation of industrial enterprise performance still
needed consolidation.

Facing the complex and ever-changing external environment, the bulk commodity
supply chain industry encountered several challenges in the first half of the year: First,
influenced by expectations of Federal Reserve rate cuts, the prices of certain bulk
commoditieswith strong financial attributes increased,leadingto adivergencebetween
liquidity factors and supply-demand fundamentals, thereby complicating commodity
pricemanagement; second, dueto insufficient domesticeffectivedemand,procurement
needs from some downstream industrial enterprises remained sluggish; third, continued
profit declines in certain industries increased the difficultyof managingcustomer credit
in the supply chain, affecting the expansion of business scale.

Leading bulk commodity supply chain enterprises have responded to industry
challenges byadjusting their product mix to counteract industrycycles, expanding their
international customer base to explore incremental markets, optimizing their customer
structures, and diversifying upstream and downstream channels.

Looking ahead to the second half of the year, t……
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