Controlling two listed companies - A-share Changjiu Logistics (603569) and Hong Kong-listed CHANGJIU HLDGS (06959.HK) - the couple Bo Shijiu and Li Guiping maintain a relatively low profile in the capital markets. Recently, both Changjiu Logistics and CHANGJIU HLDGS disclosed their interim reports for 2025, with Changjiu Logistics reporting an 80% year-on-year decline in net profit for the first half of 2025, marking the company's worst interim performance in three years, while CHANGJIU HLDGS achieved year-on-year growth in net profit. Examining both companies' financial reports, Changjiu Logistics' selling expenses and CHANGJIU HLDGS' sales and marketing expenses both increased year-on-year, while both companies also significantly boosted R&D investments, with Changjiu Logistics' R&D expenses surging 215.22% year-on-year.

**Divergent Net Profit Performance**

The two listed companies under the "Changjiu system" - Changjiu Logistics and CHANGJIU HLDGS - showed divergent net profit performance in the first half of the year.

On August 27, Changjiu Logistics released its interim report for 2025, showing that in the first half of 2025, the company achieved operating revenue of approximately 2.326 billion yuan, up 27.54% year-on-year; corresponding net profit attributable to shareholders was approximately 10.1688 million yuan, down 80.66% year-on-year; corresponding net profit attributable to shareholders excluding non-recurring items was approximately 9.1552 million yuan, down 82.79% year-on-year. Regarding the change in operating revenue, Changjiu Logistics attributed it primarily to increased business volume in international operations and new energy sectors.

In contrast, CHANGJIU HLDGS' interim report showed that in the first half of 2025, the company achieved operating revenue of approximately 697 million yuan, up 106.6% year-on-year; corresponding net profit attributable to shareholders was approximately 66.896 million yuan, compared to approximately 57.334 million yuan in the same period last year. It's evident that CHANGJIU HLDGS achieved year-on-year growth in net profit for the first half of this year.

According to company information, Changjiu Logistics was established in 2003 as a modern service enterprise focused on providing comprehensive logistics solutions for the automotive industry, primarily serving automotive manufacturing enterprises, with core business operations in the automotive logistics sector. In terms of automotive industry chain extension, the company has constructed emerging business systems including energy storage products, integrated "photovoltaic-storage-charging-testing-discharging" services, and hazardous chemical transportation through technological R&D investment and market resource integration, gradually forming a collaborative development pattern between traditional and innovative businesses.

From Changjiu Logistics' performance in recent years, during 2022-2024, the company achieved operating revenues of approximately 3.959 billion yuan, 3.784 billion yuan, and 4.175 billion yuan respectively; corresponding net profits attributable to shareholders were approximately 15.1722 million yuan, 70.3443 million yuan, and 79.5655 million yuan respectively; corresponding net profits attributable to shareholders excluding non-recurring items were approximately 22.6158 million yuan, 78.7078 million yuan, and 87.2142 million yuan respectively.

Regarding equity structure, Jilin Changjiu Industrial Group Co., Ltd. (hereinafter referred to as "Changjiu Group") holds 61.51% of Changjiu Logistics shares, serving as the controlling shareholder of Changjiu Logistics. Changjiu Group is 100% owned by Bo Shijiu and Li Guiping, making the couple the ultimate controllers of the listed company.

According to information, Changjiu Group is an automotive value chain service group established in 1992 with headquarters in Beijing. The group has over 170 wholly-owned and controlled subsidiaries, more than 15,000 employees, and revenues exceeding 40 billion yuan. Its business covers over 500 cities domestically and internationally, with operations spanning automotive logistics, automotive sales and services, automotive modification, auto parts e-commerce, and continuously expanding automotive-related businesses.

According to his profile, Bo Shijiu was born in 1964 and currently serves as Chairman of Changjiu Logistics for a term from July 6, 2011, to February 25, 2027. He also serves as Executive Director of Changjiu Group, Executive Director of Xinjiang Xinchanghui Equity Investment Management Co., Ltd., and Chief Executive Officer and Executive Director of CHANGJIU HLDGS. Additionally, he holds positions as rotating chairman of the National Federation of Industry and Commerce Logistics Committee, part-time vice president and rotating president of the automotive logistics branch of the China Federation of Logistics and Purchasing, and vice president of the logistics investment and financing branch of the China Transportation Association. Bo Shijiu also serves as executive director, chairman, director, or supervisor in multiple companies including Shanghai Bozhong Digital Technology Co., Ltd.

Li Guiping serves as executive director, chairman, or general manager in multiple companies including CHANGJIU HLDGS and Guangxi Changjiu Automotive Investment Co., Ltd.

**Emphasis on R&D Investment**

In the first half of this year, both Changjiu Logistics' selling expenses and CHANGJIU HLDGS' sales and marketing expenses increased year-on-year, while both companies also significantly increased R&D investments.

Changjiu Logistics' interim report for 2025 shows that the company's R&D expenses in the first half were approximately 5.6526 million yuan, up 215.22% year-on-year. Regarding the change in R&D expenses, Changjiu Logistics attributed it primarily to increased expensed R&D expenditures. Additionally, in the first half of this year, the company's selling expenses were approximately 50.0648 million yuan, up 8.19% year-on-year. Changjiu Logistics explained that the increase in selling expenses was mainly due to increased market development activities.

CHANGJIU HLDGS also increased R&D investment in the first half. The interim report shows that CHANGJIU HLDGS' R&D expenses increased from 8.653 million yuan in the same period last year to 10.97 million yuan in the reporting period, up 26.4% year-on-year. Regarding the increase in R&D expenses, CHANGJIU HLDGS attributed it primarily to increased employee costs and headcount.

Furthermore, in the first half of this year, CHANGJIU HLDGS' sales and marketing expenses increased from 3.908 million yuan in the same period last year to 4.94 million yuan. The company attributed the increase in sales and marketing expenses primarily to increased employee costs and headcount related to new automotive circulation services.

Investment and financing expert Xu Xiaoheng told reporters that listed companies significantly increasing R&D expenses essentially represents strategic investment in future core competitiveness, typically reflecting intentions to pursue technological breakthroughs, product iteration, or expansion of new growth curves, though reasonableness must be judged based on specific scenarios. From a positive perspective, increased R&D expenses may bring three-fold value: constructing technological barriers to resist industry competition; opening new market spaces to drive long-term revenue and profit growth; and boosting market confidence, especially during industry transformation periods, potentially gaining valuation premiums for "growth potential."

Angel investor and senior artificial intelligence expert Guo Tao noted that while R&D investment may erode profits in the short term, it helps build technological moats, with attention needed on the matching between R&D conversion cycles and market demand.

According to company information, CHANGJIU HLDGS was established in 2021 and listed on the Hong Kong Stock Exchange in January 2024. The company provides pledged vehicle monitoring services, automotive dealer operational management services, and new automotive circulation services in China. Regarding equity structure, CHANGJIU HLDGS' direct parent company is Advanced Limited, with ultimate controllers being Bo Shijiu and Li Guiping.

It's worth noting that CHANGJIU HLDGS delivered impressive performance results in its listing year, achieving double growth in both revenue and net profit during the reporting period. In 2024, CHANGJIU HLDGS achieved operating revenue of approximately 678 million yuan and net profit attributable to shareholders of approximately 160 million yuan.

According to CHANGJIU HLDGS' business segment revenue breakdown for the first half of 2025, new automotive circulation services achieved operating revenue of approximately 378 million yuan; pledged vehicle monitoring services achieved operating revenue of approximately 291 million yuan; and automotive dealer operational management services achieved operating revenue of approximately 27.527 million yuan.

Reporters contacted Changjiu Logistics and CHANGJIU HLDGS for interviews regarding related matters, but no one answered the phone calls.