Financial Performance - For the first half of 2023, the company reported revenue of RMB 47.837 billion, representing a year-on-year increase of 21.72%[19]. - The net profit attributable to shareholders for the same period was RMB 2.172 billion, with a net profit margin of 4.54%[19][20]. - The company reported a revenue of RMB 47.84 billion for the first half of 2023, a decrease of 13.33% compared to the same period last year[52]. - Net profit attributable to shareholders was RMB 2.17 billion, down 6.73% year-on-year[52]. - Basic earnings per share decreased by 4.80% to RMB 0.2997[54]. - The net cash flow from operating activities increased by 7.69% to RMB 725.61 million[52]. - The company's total assets at the end of the reporting period were RMB 77.92 billion, a slight increase of 0.08% from the previous year[53]. - The net assets attributable to shareholders rose to RMB 36.53 billion, reflecting a growth of 4.70% year-on-year[53]. - The company achieved operating revenue of CNY 47.837 billion, a year-on-year decrease of 13.33%, and net profit attributable to shareholders of CNY 2.172 billion, down 6.73%[86]. Dividends and Shareholder Returns - The company plans to distribute an interim dividend of RMB 0.145 per share, totaling approximately RMB 1.051 billion, which accounts for 48.37% of the net profit attributable to shareholders[4]. - The company plans to distribute a mid-year dividend of HKD 1.45 per 10 shares, which includes a cash dividend of HKD 1.45[151]. - The 2022 annual profit distribution plan was approved, with a cash dividend of HKD 0.10 per share, totaling HKD 726,735,817.50 distributed on June 28, 2023[151]. Business Segments and Operations - The company's main business segments include professional logistics, agency and related services, and e-commerce, with professional logistics being the core business focusing on high-growth and high-value-added sectors[60]. - The logistics segment showed a profit margin of 11.6%, while the marine agency segment had a profit margin of 8.2%[22]. - The company operates a comprehensive logistics service system for the chemical logistics sector, focusing on hazardous and ordinary packaged chemicals, with a strong presence in East and South China[62]. - The company has established a nationwide cold chain logistics network, providing end-to-end services for clients in the food processing and retail sectors[63]. - The company aims to transform its professional logistics operations towards value chain integration, focusing on customized solutions and industry-specific services[63]. - The company’s project logistics services cater to industries such as power energy and petrochemicals, providing door-to-door logistics solutions[62]. - The agency and related services segment includes sea, air, and rail freight forwarding, with a vast service network covering China and extending globally[64]. - The company’s international freight train self-operated platform has opened over 50 routes, with 14 routes operating regularly on a weekly basis[65]. Market and Economic Context - In the first half of 2023, China's GDP reached 59.3 trillion yuan, growing by 5.5% year-on-year, compared to 2.5% in the same period last year[70]. - The total value of China's goods trade in the first half of 2023 was 20.1 trillion yuan, with exports of 11.46 trillion yuan (up 3.7% year-on-year) and imports of 8.64 trillion yuan (down 0.1% year-on-year)[70]. - The logistics industry in China is experiencing a recovery, with high-tech manufacturing driving significant growth in logistics demand, particularly in sectors like aerospace and new energy[71]. - The global container shipping demand is expected to decline by 0.8% in 2023, with a slower decline compared to 2.8% in 2022[72]. - Global air cargo demand continued to decline, with a year-on-year decrease of 8.1% in the first half of 2023, and a projected total air cargo volume of 57.8 million tons for the year, down 4.2% year-on-year[74]. Innovation and Technology - The company aims to leverage new technologies and products to drive future growth and market expansion[6]. - The company launched several innovative technologies, including a "virtual employee" solution that improved warehouse inventory efficiency by 200% and achieved a 99.9% readability rate for inventory information[85]. - The company is focusing on the integration of logistics e-commerce and e-commerce logistics, emphasizing technological and business model innovation[68]. - The company has received 8 software copyrights and 34 patents during the reporting period, reflecting its commitment to innovation[85]. Risk Management and Compliance - The company has outlined potential risks in its management discussion, emphasizing the importance of investor awareness regarding these risks[5]. - The company is committed to enhancing its risk prevention awareness, particularly regarding safety, credit control, and overseas risks[126]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and complied with all provisions during the reporting period[157]. - The company is taking effective measures to avoid competition with related parties, ensuring no direct or indirect competition with its main business[172]. Environmental and Social Responsibility - The company has implemented a carbon peak and carbon neutrality strategic plan, along with a green logistics white paper[163]. - The company established a dedicated energy conservation and environmental protection leadership team to enhance its environmental responsibility efforts[163]. - The company supported rural revitalization projects in Hubei, Xinjiang, and Jiangxi, including the construction of a modern agricultural integration demonstration park covering 1,000 acres in Hubei[166]. - The company donated 5 ambulances to improve emergency medical services in remote townships in Jiangxi[167]. Employee and Talent Management - The total number of employees as of June 30, 2023, was 32,597, a decrease from 33,341 as of December 31, 2022[136]. - The group conducted a total of 1,042,322 hours of offline training during the reporting period, with 81,490 participants[136]. - The company is implementing a "Double Hundred" talent plan to cultivate a talent pipeline for future development[94]. Shareholder Structure and Governance - The total number of ordinary shareholders was 72,057, with 71,930 A-share holders and 127 H-share holders[191]. - The largest shareholder, China Merchants Group, has a total equity interest of 58.48% in the company[195]. - The company’s board currently consists of 11 members, including 6 non-executive directors and 4 independent non-executive directors[154]. - The company held its 2022 annual general meeting on May 12, 2023, where all proposed resolutions were passed[146].

Financial Performance - The company achieved operating revenue of RMB 47.84 billion in the first half of 2023, a decrease of 13.33% compared to the same period last year[18]. - Net profit attributable to shareholders was RMB 2.17 billion, down 6.73% year-on-year[20]. - The net profit after deducting non-recurring gains and losses was RMB 1.93 billion, a decline of 9.76% compared to the previous year[18]. - The company's cash flow from operating activities increased by 7.69% to RMB 725.61 million[18]. - Total assets at the end of the reporting period were RMB 77.92 billion, a slight increase of 0.08% from the end of the previous year[18]. - The company's net assets attributable to shareholders rose to RMB 36.53 billion, reflecting a growth of 4.70% year-on-year[18]. - Basic earnings per share decreased by 4.80% to RMB 0.2997[19]. - The company's total operating revenue for the first half of 2023 was CNY 47.837 billion, a decrease of 13.33% from CNY 55.192 billion year-on-year[76]. Dividend Distribution - The company plans to distribute a mid-year dividend of CNY 0.145 per share, totaling approximately CNY 1,050,515,846.88, which represents 48.37% of the net profit attributable to shareholders for the first half of 2023[1]. - The company proposed a cash dividend of CNY 1.45 per 10 shares for the first half of 2023, with a total distribution of CNY 1,045,000,000 based on the total share capital[137]. - For the fiscal year 2022, the company distributed a total cash dividend of CNY 0.20 per share, amounting to CNY 1,457,767,653.02[139]. - The company completed the distribution of the 2022 annual dividend on June 28, 2023, totaling CNY 726,735,817.50[137]. Corporate Governance - The report indicates that the board of directors and management guarantee the authenticity and completeness of the financial report, which has not been audited[3]. - The company has implemented corporate governance measures in compliance with relevant laws and regulations, enhancing its governance structure[141]. - The company held its 2022 annual general meeting on May 12, 2023, where all proposed resolutions were approved, including the financial budget for 2023[134]. - The company held four board meetings during the reporting period, approving 26 resolutions including the appointment of deputy general managers[142]. - The audit committee held three meetings during the reporting period, reviewing regular reports and internal control evaluations[147]. Risk Management - The report highlights a significant focus on risk management, with detailed descriptions of potential risks included in the management discussion section[1]. - The company plans to enhance its risk management by optimizing overseas risk control mechanisms and focusing on key countries and businesses to mitigate geopolitical and operational risks[102]. - The company is addressing credit risk by enhancing credit risk management systems and monitoring customer creditworthiness closely[105]. Strategic Initiatives - The company aims to build a world-class smart logistics platform, reflecting its mission to drive industrial progress through logistics[5]. - The company aims to transform its professional logistics operations towards value chain integration, focusing on customized solutions and industry-specific services[28]. - The company is actively exploring logistics e-commerce platform models to drive innovation and resource integration[34]. - The company aims to enhance its logistics service capabilities and digital transformation to build a strong customer, product, and operational network[50]. - The company is committed to accelerating digital transformation and enhancing operational efficiency through technology innovation and process optimization[112]. Market Conditions - The global economic growth is projected to slow to 2.1% in 2023, with trade volume growth expected to be 1.7%, indicating a challenging external environment[35]. - The international air cargo demand decreased by 8.1% year-on-year in the first half of 2023, with a projected decline in global air cargo volume to 5.78 million tons, a year-on-year reduction of 4.2%[41]. - The global container shipping demand is expected to decline by 0.8% in 2023, with the drop rate slowing by 2.8 percentage points compared to 2022[39]. Environmental Initiatives - The company has developed a "green supply chain solution" that utilizes cleaner energy sources, achieving carbon neutrality for specific logistics services[154]. - The total transportation mileage of hydrogen fuel heavy trucks reached approximately 50,000 kilometers, with a forklift electrification rate of over 75%[155]. - The company installed 37 shore power facilities at 11 ports, with a total capacity of 2,037 kVA[155]. Employee and Talent Management - The total number of employees as of June 30, 2023, was 32,597, down from 33,341 as of December 31, 2022[123]. - The company is implementing a "Double Hundred" talent plan to build talent pools and support overseas talent development[113]. Related Party Transactions - The company has ongoing related party transactions with joint ventures, with expected maximum service fees for 2023 amounting to 225 million RMB for providing logistics services to China Foreign Trade and 39 million RMB for receiving logistics services[167]. - The company has committed to resolving substantial related party transactions and competition issues, with commitments made on April 13, 2018, and are still valid[157]. - The commitment to avoid substantial competition from related parties has been extended until January 17, 2025, as approved by the shareholders' meeting[159].

Financial Performance - For the first half of 2023, the company reported a revenue of RMB 47.837 billion, representing a year-on-year increase of 21.72%[21]. - The net profit attributable to shareholders for the same period was RMB 2.172 billion, with a net profit margin of 4.54%[21][22]. - The company achieved operating revenue of RMB 47.84 billion, a decrease of 13.33% compared to the same period last year[54]. - The net profit attributable to shareholders of the listed company was RMB 2.17 billion, down 6.73% year-on-year[54]. - The net profit after deducting non-recurring gains and losses was RMB 1.93 billion, a decline of 9.76% compared to the previous year[54]. - The net cash flow from operating activities was RMB 725.61 million, an increase of 7.69% year-on-year[54]. - The company's total assets at the end of the reporting period were RMB 77.92 billion, a slight increase of 0.08% from the end of the previous year[55]. - The net assets attributable to shareholders of the listed company increased to RMB 36.53 billion, reflecting a growth of 4.70% year-on-year[55]. - Basic earnings per share for the reporting period were RMB 0.2997, down 4.80% from the same period last year[56]. - The weighted average return on net assets decreased by 0.80 percentage points to 6.04%[56]. Dividend Distribution - The company plans to distribute an interim dividend of RMB 0.145 per share, totaling approximately RMB 1.051 billion, which accounts for 48.37% of the net profit attributable to shareholders[6]. - The total share capital of the company is 7,294,216,875 shares, with 49,280,000 shares held in the repurchase account excluded from the dividend calculation[138]. - For H-share shareholders, the mid-term dividend is approximately HKD 0.1556 per share, based on an average exchange rate of RMB 0.9316 to HKD 1.00 during the specified period[139]. - The record date for H-share shareholders to qualify for the mid-term dividend is September 18, 2023, with a suspension of share transfer registration from September 12 to September 18, 2023[140]. - The company is obligated to withhold a corporate income tax of 10% on dividends paid to non-resident corporate shareholders listed in the H-share register[141]. Operational Highlights - The logistics segment showed a revenue growth of 11.6% compared to the previous year, while the marine agency segment's profit margin improved by 0.18 percentage points[24]. - The company focuses on high-growth, high-value-added segments in its core professional logistics business[62]. - The professional logistics segment aims to transform towards value chain integration, emphasizing customized solutions and industry-specific sales[65]. - The company has established a nationwide cold chain logistics network, enhancing its end-to-end service capabilities[65]. - The project logistics service targets Chinese foreign engineering contracting enterprises, providing comprehensive logistics solutions[64]. - The company has developed strong long-term partnerships with numerous well-known domestic and international enterprises in contract logistics[63]. - The chemical logistics service integrates warehousing, transportation, and international freight forwarding, focusing on the East and South China regions[64]. - The e-commerce business is a new growth area, primarily serving rapidly developing cross-border e-commerce clients[62]. Market Conditions - In the first half of 2023, China's GDP reached 59.3 trillion yuan, growing by 5.5% year-on-year, with retail sales of consumer goods increasing by 8.2%[72]. - The total value of China's goods trade in the first half of 2023 was 20.1 trillion yuan, with exports of 11.46 trillion yuan, a year-on-year increase of 3.7%[72]. - The logistics industry in China saw a total social logistics volume of 160.6 trillion yuan in the first half of 2023, growing by 4.8% year-on-year[73]. - The international logistics market is experiencing weak demand, while the domestic logistics sector is showing signs of recovery[73]. Strategic Initiatives - The company aims to enhance its e-commerce logistics and logistics e-commerce platforms, focusing on technological and business model innovations[70]. - The company is transitioning towards a full supply chain model, emphasizing customer-driven value creation and service chain extension[68]. - The company is implementing a digital transformation strategy to strengthen customer service capabilities and promote product innovation, aligning with its "14th Five-Year Plan"[83]. - The company is focused on enhancing its overseas presence and resource investment to support its logistics operations and customer service improvements[83]. Risk Management - The management has outlined potential risks in the report, advising investors to be cautious regarding future plans and strategies[7]. - The company has identified risks related to external political and economic environments, which may adversely affect the logistics industry and operational performance[121]. - The company is focusing on optimizing overseas risk control mechanisms to address geopolitical and operational risks[123]. Corporate Governance - The company has complied with corporate governance standards and adopted the corporate governance code from January 1 to June 30, 2023[153]. - The company’s governance structure has been continuously improved to enhance governance levels[153]. - The company has not experienced any environmental pollution incidents during the reporting period, and no penalties were received from local government environmental authorities[164]. Sustainability Efforts - The company has implemented a green supply chain solution, utilizing cleaner and more efficient biofuels and LNG energy, which effectively reduces carbon emissions[165]. - The total transportation mileage of hydrogen fuel heavy trucks used by the company has reached approximately 50,000 kilometers, with an electrification rate of forklifts exceeding 75%[166]. - The company has constructed over 100,000 square meters of photovoltaic power generation on warehouse rooftops, with an additional 4MW of distributed photovoltaic capacity added in the first half of 2023[166]. - The company has developed a "carbon footprint calculator" to estimate carbon emissions for its green supply chain[165]. Employee and Community Engagement - The group had a total of 32,597 employees as of June 30, 2023, down from 33,341 employees at the end of 2022[137]. - The company continues to support poverty alleviation and rural revitalization efforts, focusing on regions such as Hubei Qichun, Xinjiang Yecheng, and Jiangxi Qingyuan[167]. - The company donated 5 ambulances to remote town health centers in Jiangxi Qingyuan to improve emergency medical services[168]. Shareholder Information - The largest shareholder, China Merchants Group, holds 4,072,813,639 shares, representing 55.84% of the total equity[196]. - The top ten unrestricted shareholders collectively hold significant stakes, with China Ocean Shipping Group alone holding 2,472,216,200 shares[194]. - The company has not disclosed any new strategies or significant changes in shareholder structure during the reporting period[198].

股票代码：601598 股票简称：中国外运 编号：临 2023-038 号 中国外运股份有限公司 关于召开 2023 年中期业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、 说明会类型 中国外运股份有限公司（以下简称"公司"）将于 2023 年 8 月 26 日在上海证 券交易所网站披露公司 2023 年半年度报告。为便于广大投资者更全面深入地了解 公司 2023 年上半年经营情况，公司将以电话会议形式召开 2023 年中期业绩说明 会，针对公司的经营业绩及发展战略等事项与投资者进行沟通交流，并在信息披 露规则允许的范围内就投资者普遍关注的问题进行回答。 （四）参会密码：中文：42404760；英文：16658532 三、 公司参会人员 公司执行董事兼总经理宋嵘先生、独立非执行董事李倩女士、财务总监王久 云先生及副总经理兼董事会秘书李世础先生。 四、投资者参会方式 二、 说明会召开的时间和方式 会议内容：中国外运股份有限公司 2023 年中期业绩说明会 会议时间：2023 年 8 月 28 ...

股票代码：601598 股票简称：中国外运 编号：临 2023-037 号 中国外运股份有限公司 第三届董事会第二十五次会议决议公告 中国外运股份有限公司（以下简称：公司）第三届董事会第二十五次会议于 2023 年 8 月 14 日以书面议案方式召开，董事会于 2023 年 8 月 10 日向全体董事发 出了会议通知并呈送议案资料。会议应参加表决董事 11 人，实际参加表决董事 11 人。截至 2023 年 8 月 14 日，共收到有效表决票 11 票。会议的通知、召开和表决 程序以及会议内容、表决结果符合《中华人民共和国公司法》及本公司《公司章 程》的有关规定。本次会议审议通过了以下议案： 一、关于聘任公司副总经理的议案 经审议，董事会一致同意聘任汪剑先生为公司副总经理（简历详见附件）。独 立董事已就该议案发表了同意的独立意见。 表决票 11 票，赞成票 11 票，反对票 0 票，弃权票 0 票。 特此公告。 中国外运股份有限公司 董事会 二〇二三年八月十四日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 附件：简历及相关 ...

关于高级管理人员辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 股票代码：601598 股票简称：中国外运 编号：临 2023-036 号 中国外运股份有限公司 中国外运股份有限公司（以下简称：公司）董事会于 2023 年 8 月 8 日收到公 司副总经理、总法律顾问田雷先生的辞任函，因工作调整，田雷先生不再担任公 司副总经理职务，并自 2023 年 8 月 8 日起生效。 董事会 二○二三年八月八日 特此公告。 中国外运股份有限公司 田雷先生在担任公司副总经理期间勤勉尽责、认真履职，公司及公司董事会 对田雷先生任职期间为公司发展所做出的贡献表示衷心感谢。 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥22.36 billion, a decrease of 24.56% compared to ¥29.64 billion in the same period last year[6]. - Net profit attributable to shareholders was ¥960.93 million, down 2.21% from ¥982.49 million year-on-year[6]. - The company reported a significant increase in long-term equity investments, rising to RMB 9,043,568,647.35 from RMB 8,527,438,173.19, which is an increase of approximately 6.06%[17]. - The company reported a total comprehensive income of CNY 992,336,791.91 for Q1 2023, compared to CNY 1,002,927,460.96 in Q1 2022, a decrease of 1.1%[22]. - The company reported a net profit for Q1 2023 of CNY 1,004,157,109.03, slightly up from CNY 998,136,408.18 in Q1 2022, representing a growth of 0.2%[22]. - The company’s interest income increased to CNY 87,667,978.20 in Q1 2023, up from CNY 63,378,234.22 in Q1 2022, reflecting a growth of 38.4%[29]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, with a net outflow of ¥115.01 million, a 92.12% reduction compared to a net outflow of ¥1.46 billion in the previous year[10]. - In Q1 2023, the net cash flow from operating activities was -115,014,941.85 RMB, an improvement from -1,460,365,141.07 RMB in Q1 2022[24]. - Cash and cash equivalents were reported at RMB 15,388,826,553.87, down from RMB 16,313,092,835.04, indicating a decrease of about 5.67%[17]. - Cash inflow from financing activities was 168,527,000.18 RMB, significantly lower than 534,465,056.87 RMB in Q1 2022[24]. - The cash flow from operating activities showed a net outflow of CNY 11,326,078.50, an improvement from a net outflow of CNY 440,323,478.27 in Q1 2022[30]. Assets and Liabilities - The total assets at the end of Q1 2023 were ¥78.12 billion, reflecting a slight increase of 0.37% from ¥77.83 billion at the end of the previous year[7]. - Total liabilities decreased to CNY 40,150,765,579.15 in Q1 2023 from CNY 40,965,147,219.79 in Q1 2022, a reduction of 2.0%[19]. - The company's equity attributable to shareholders increased to CNY 35,842,032,816.23 in Q1 2023 from CNY 34,865,747,255.54 in Q1 2022, an increase of 2.8%[19]. - The total current liabilities were approximately ¥28.05 billion, indicating a stable liquidity position[35]. - The total assets as of March 31, 2023, were 41,407,925,767.81 RMB, slightly down from 41,826,071,833.58 RMB at the end of 2022[26]. Shareholder Information - The total number of A-share shareholders reached 58,453, while there were 127 registered H-share shareholders[16]. - The top three shareholders hold a combined total of 5,073,751,038 shares, accounting for 83.26% of the total shares[16]. - The report indicates that there are no significant changes in the shareholder structure or related party transactions[16]. Operational Metrics - The company handled 930.8 million tons of contract logistics, a decrease from 951.3 million tons in the same period last year[11]. - The air freight volume was 18.5 million tons, down from 19.8 million tons year-on-year, including 4.1 million tons from cross-border e-commerce logistics[12]. - Cross-border e-commerce logistics processed 95.04 million tickets, a decline from 104.04 million tickets in the previous year[13]. - The weighted average return on net assets decreased by 0.21 percentage points to 2.72%[7]. Government Support and Future Outlook - The company received government subsidies totaling ¥456.79 million in Q1 2023, primarily related to logistics business[10]. - The company has not provided specific future guidance or performance outlook for the upcoming quarters[17]. - The company plans to continue focusing on market expansion and new product development to drive future growth[20]. - The company plans to continue focusing on R&D and market expansion strategies to drive future growth[30]. Research and Development - Research and development expenses for Q1 2023 were CNY 29,097,675.12, up from CNY 25,100,229.31 in Q1 2022, indicating a growth of 15.0%[21]. - Research and development expenses increased significantly to CNY 34,215,994.80, up from CNY 13,683,171.99 in the same period last year, marking a growth of 150%[29]. - The company has no significant new product launches or technological developments reported during the quarter[17]. Investment Activities - The company reported a net cash outflow from investing activities of -464,940,520.40 RMB, compared to -401,990,271.82 RMB in Q1 2022[24]. - Investment activities generated a net cash inflow of CNY 382,874,860.93, a turnaround from a net outflow of CNY 727,074,626.62 in the previous year[31].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，且表明不會就本公告全部或任何部分內容所導 致或因倚賴該等內容而產生的任何損失承擔任何責任。 (於中華人民共和國註冊成立的股份有限公司) （股份代號：00598） 二零二三年第一季度報告 中國外運股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及附屬 公司（統稱「本集團」）根據中國企業會計準則編制的截至二零二三年三月三十一日 之一季度未经审计合并業績。 本公告乃根據香港法例第 571 章證券及期貨條例第 XIVA 部內幕消息（如香港聯合交 易所有限公司證券上市規則（「上市規則」）所定義）條文及上市規則第 13.09(2)條 及13.10B條項下的披露責任所作出。 2023年第一季度報告 H股證券代碼：00598 H股證券簡稱：中國外運（Sinotrans） A股證券代碼：601598 A股證券簡稱：中國外運 ...

Financial Performance - Revenue reached 108.8 billion yuan, with net profit attributable to the parent company of 4.07 billion yuan, a 10% increase year-on-year[6] - Operating cash flow generated was 5.1 billion yuan, a 23% increase year-on-year[7] - Revenue for 2022 was RMB 108,816.72 million, a decrease of 12.49% compared to 2021[21] - Net profit attributable to shareholders in 2022 was RMB 4,068.26 million, an increase of 9.55% compared to 2021[21] - Net cash flow from operating activities in 2022 was RMB 5,118.25 million, an increase of 22.90% compared to 2021[21] - Revenue in 2022 was RMB 108.817 billion, a decrease of 12.49% year-on-year, mainly due to a decline in sea and air freight rates in the second half of the year and a decrease in global trade demand[24] - Net profit attributable to shareholders of the company in 2022 was RMB 4.068 billion, an increase of 9.55% year-on-year, driven by the company's focus on contract logistics and innovative service models, as well as gains from the appreciation of the US dollar against the RMB[24] - Basic earnings per share (EPS) in 2022 were RMB 0.55, compared to RMB 0.50 in 2021[23] - Weighted average return on equity (ROE) in 2022 was 11.93%, an increase of 0.24 percentage points compared to 2021[23] - Non-recurring gains and losses in 2022 amounted to RMB 533.512 million, compared to RMB 324.282 million in 2021[27] - Operating cash flow in Q4 2022 was RMB 3.190 billion, the highest among all quarters[25] - Government subsidies received in 2022 totaled RMB 350.541 million, compared to RMB 158.124 million in 2021[26] - The company's revenue in Q3 2022 was RMB 25.202 billion, the lowest among all quarters[25] - Net profit attributable to shareholders in Q2 2022 was RMB 1.344 billion, the highest among all quarters[25] - The company achieved a net profit attributable to the parent company of RMB 4.068 billion, a year-on-year increase of 9.55%[33] - The company's operating cash flow reached RMB 5.118 billion, a year-on-year increase of 22.90%[33] - The company's total revenue remained stable at the RMB 100 billion scale[33] - The company's dividend payout ratio for 2022 reached 40.54%[36] - The company's total cash dividends for 2022 amounted to RMB 2.055 billion[36] - The company's proposed 2022 annual cash dividend is RMB 0.10 per share[36] - The company achieved operating revenue of RMB 108.817 billion in 2022, maintaining a scale of over RMB 100 billion[43] - Net profit attributable to the parent company in 2022 was RMB 4.068 billion, a year-on-year increase of 9.55%[43] - Revenue decreased by 12.49% to RMB 108.82 billion, primarily due to reduced low-margin business and declining global trade demand[88] - Operating costs decreased by 13.42% to RMB 102.78 billion, reflecting the company's business optimization efforts[88] - R&D expenses increased by 14.30% to RMB 196.14 million, driven by accelerated digital transformation initiatives[88] - Net cash flow from operating activities increased by 22.90% to RMB 5.12 billion, indicating improved operational efficiency[88] - Logistics industry revenue increased by 5.55% to RMB 108.82 billion, while costs decreased by 12.49% to RMB 102.78 billion, resulting in a 1.02 percentage point increase in gross margin[90] - Professional logistics revenue grew by 13.52% to RMB 27.45 billion, with costs increasing by 13.82%, leading to a 0.24 percentage point decrease in gross margin[91] - Agency and related business revenue declined by 19.12% to RMB 69.49 billion, with costs decreasing by 20.01%, resulting in a 1.06 percentage point increase in gross margin[91] - E-commerce business revenue decreased by 16.67% to RMB 11.88 billion, with costs declining by 17.53%, leading to a 1.03 percentage point increase in gross margin[91] - Transportation and related expenses in the logistics industry decreased by 15.16% to RMB 93.35 billion, accounting for 90.82% of total costs[92] - Labor costs in the logistics industry increased by 7.10% to RMB 4.73 billion, accounting for 4.60% of total costs[92] - Depreciation and amortization expenses in the logistics industry rose by 15.96% to RMB 1.98 billion, accounting for 1.93% of total costs[92] - Top five customers accounted for RMB 120.86 billion in sales, representing 11.11% of total annual sales[93] - Top five suppliers accounted for RMB 414.11 billion in purchases, representing 40.29% of total annual purchases[96] - The company strengthened accounts receivable management, leading to improved cash flow collection[90] - Total R&D investment for the year was RMB 248.31 million, accounting for 0.23% of total revenue, with 27.36% of R&D expenses capitalized[101] - The company has 734 R&D personnel, representing 2.20% of the total workforce, with 268 under 30 years old and 286 aged 30-40[102][103] - Net cash flow from operating activities increased by 22.90% to RMB 5.12 billion, driven by higher net cash from sales and services[104][105] - Net cash flow from investing activities was RMB 1.02 billion, including RMB 1.55 billion spent on property and equipment, and RMB 1.86 billion on acquiring subsidiaries[106] - Net cash outflow from financing activities was RMB 4.60 billion, primarily due to RMB 3.24 billion in debt repayments and RMB 2.24 billion in dividend distributions[107] - Income tax expenses increased by 19.70% to RMB 957 million, reflecting improved operating performance[109] - Capital expenditures for the year totaled RMB 1.81 billion, with RMB 864 million allocated to infrastructure and port construction[111] - The company holds RMB 166 million in listed equity investments as of December 31, 2022[112] - Total borrowings decreased to RMB 8.43 billion, with RMB 2.50 billion due within one year[114] - Special reserves of the group amounted to approximately RMB 103 million as of December 31, 2022[117] - Available for distribution reserves of the company amounted to approximately RMB 5.108 billion as of December 31, 2022[118] - The group's asset-liability ratio was 52.63% as of December 31, 2022, compared to 52.83% as of December 31, 2021[119] - The group received government subsidies totaling RMB 1.325 billion for the year ended December 31, 2022[122] - The group's enterprise annuity expenses totaled approximately RMB 203 million for the year ended December 31, 2022, compared to RMB 183 million in 2021[123] - Asset impairment losses for the current period amounted to RMB 111 million, a decrease of RMB 116 million compared to the same period last year[126] - Asset disposal gains for the current period amounted to RMB 196 million, an increase of RMB 78.9 million compared to the same period last year[128] - Short-term borrowings increased by 32.91% to RMB 582.76 million as of the end of the current period[129] - Other payables increased by 59.05% to RMB 2.938 billion as of the end of the current period[129] - Non-current liabilities due within one year increased by 240.93% to RMB 3.226 billion as of the end of the current period[129] - Overseas assets amounted to RMB 19.691 billion, accounting for 25.30% of the company's total assets as of December 31, 2022[131] - The subsidiary's restricted assets include RMB 134 million in regulatory account funds, with RMB 85.947 million in unexpired bank deposit interest and RMB 25.0926 million in guarantee deposits[131] - The subsidiary secured a credit facility of HKD 2.9 billion for the construction of the "Tsing Yi 181 Project" logistics center in Hong Kong[131] - The subsidiary's fixed assets and intangible assets with book values of RMB 36.3162 million and RMB 15.5745 million, respectively, were used as collateral for long-term loans[132] - The company's long-term equity investments increased by RMB 115 million to RMB 8.527 billion, a year-on-year growth of 1.37%[133] - The fair value of the company's stock investments decreased by RMB 97.0153952 million, with a cumulative fair value change of RMB 22.4998566 million[136] - The company's investment in JD Logistics (HK02618) had a fair value decrease of RMB 96.922485 million, with a final fair value of RMB 135.06696 million[137] - The subsidiary Sinotrans Logistics Co., Ltd. reported total assets of RMB 2.28715168 billion and a net profit of RMB 54.35091 million[138] - The joint venture Sinotrans-DHL International Air Courier Co., Ltd. reported total assets of RMB 745.2898 million and a net profit of RMB 373.41733 million[139] - The company's investment in Loscam International Holdings Ltd. resulted in total assets of RMB 824.16517 million and a net profit of RMB 44.13274 million[139] Business Segments and Operations - Contract logistics business volume grew by 8%, revenue by 12%, and segment profit by 14%[8] - Project logistics segment profit increased by 45%, and railway agency business volume grew by 21% with revenue up 43%[10] - Core direct customer revenue approached 50 billion yuan, a 10% increase[10] - International train services exceeded 1 million TEUs, with Changsha ranking third nationally and Shenyang ranking first in Northeast China and seventh nationally[10] - The company launched the first China-Laos-Thailand railway multimodal transport route and cold chain train, enhancing the international land-sea trade corridor[10] - Established Sinotrans (Hong Kong) Holdings Limited and a Singapore company, achieving full coverage of the ASEAN logistics network[10] - Released the "Sinotrans Carbon Peak and Carbon Neutrality Special Strategic Plan" and "Sinotrans Green Logistics White Paper," and established a new energy technology company[10] - The digital logistics e-commerce platform, Yunyitong, completed a Series A financing of over 100 million yuan[10] - The company reduced low-margin businesses and optimized its business structure, contributing to the decline in revenue but improving profitability[24] - The company's international rail service market share reached 17.6%[34] - The company's air freight capacity reached 228,000 tons[34] - The company's online transportation capacity reached 100,000 vehicles[34] - The company's L4 autonomous driving technology accumulated over 300,000 kilometers[35] - Core direct customer revenue reached nearly RMB 50 billion, a year-on-year increase of 10%[44] - The company operated 18 charter flight routes and maintained stable operations on 8 routes, achieving controllable capacity of 228,000 tons, a year-on-year increase of 3.17%[45] - The company launched 6 new self-operated train routes, with the China-Europe train transporting 281,500 TEUs, a year-on-year increase of 27%[45] - Railway agency business volume increased by 21.3% year-on-year, with revenue increasing by 42.73%[45] - The company's online transportation capacity for vehicle transport reached 100,000 units[46] - The company's "Japan-Korea-Wei-Europe Four-Line Four-Product Sea-Land-Air Intermodal International Multimodal Transport" project was awarded as a national-level demonstration project[46] - Contract logistics achieved double-digit growth in revenue and segment profit in 2022, with revenue increasing by 11.63% (RMB 2.102 billion) and segment profit growing by 13.76% (RMB 89 million)[50] - The company's professional logistics services generated revenue of RMB 27.454 billion in 2022, a 13.52% increase year-over-year, with segment profit rising by 11.71% to RMB 921 million[50] - E-commerce business revenue declined by 16.67% to RMB 11.877 billion in 2022, with segment profit dropping by 28.89% to RMB 177 million due to reduced export volumes and rising costs[52] - The company's main system now covers over 65% of its core business revenue, reflecting significant progress in digital transformation[49] - In 2022, the company launched multiple L4-level autonomous driving routes, accumulating a total mileage of 300,000 kilometers[49] - The company established a new energy technology joint venture and initiated pilot projects such as hydrogen-powered heavy trucks and carbon footprint calculators to support its green logistics strategy[50] - Overseas network expansion included setting up a Singapore company and achieving full coverage of the ASEAN logistics network, with key hubs in Vietnam and Laos[48] - Contract logistics handled 41.337 million tons in 2022, an increase from 38.298 million tons in 2021[55] - Sea freight agency volume decreased to 13.023 million TEUs in 2022, down from 13.886 million TEUs in 2021[55] - Cross-border e-commerce logistics volume dropped to 31.071 million orders in 2022, compared to 39.838 million orders in 2021[55] - The company's core business is professional logistics, focusing on high-growth, high-value-added industries, with e-commerce as an emerging business serving cross-border e-commerce customers[68] - Contract logistics services are provided to industries such as consumer goods, automotive, electronics, and healthcare, with long-term partnerships established with numerous domestic and international enterprises[69] - Project logistics serves export projects in industries like power energy, petrochemicals, and infrastructure, with extensive experience in "Belt and Road" countries[70] - Cold chain logistics provides end-to-end services for industries such as branded catering, retail, and food processing, with a nationwide network and strong integrated service capabilities[71] - The company is the largest freight forwarding company in China, handling over 10 million TEUs annually in sea freight, providing global supply chain logistics services[72] - In air freight, the company operates 18 scheduled charter routes, covering Europe, America, and Asia, with stable partnerships with major airlines[73] - In rail freight, the company has launched over 50 international rail routes, with a cumulative dispatch of 8,600 trains and nearly 1 million TEUs, including over 7,300 China-Europe trains[74] - China Merchants Logistics has a comprehensive domestic and overseas service network, covering 32 provinces in China and 41 countries globally, with 1.3 million square meters of land resources, over 4 million square meters of warehouses, and 11 inland river terminals[77] - The company operates a logistics e-commerce platform called "Yunyi Tong," providing online public services and digital full-chain services, covering regions such as China, Japan, South Korea, and Southeast Asia[76] - China Merchants Logistics has a strong logistics solution capability, with over 70 years of experience in international freight forwarding and integrated logistics, serving industries such as consumer goods, automotive, electronics, healthcare, and energy[79] - The company has a leading supply chain logistics service model, focusing on innovation, product development, and digital marketing to provide end-to-end logistics solutions[80] - China Merchants Logistics has a leading industry position and strong brand reputation, being rated as a AAAAA-level logistics enterprise and ranking first in China's logistics and international freight forwarding industries[81] Market and Industry Trends - Global economic growth is expected to slow to 4.1% according to the World Bank, while the IMF forecasts a growth rate of 3.4% for 2022[56] - China's GDP in 2022 reached 121.02 trillion yuan, a year-on-year increase of 3%[56] - China's total import and export value in 2022 was 42.07 trillion yuan, a year-on-year increase of 7.7%, with exports at 23.97 trillion yuan (up 10.5%) and imports at 18.1 trillion yuan (up 4.3%)[56] - China's logistics industry achieved a total revenue of 12.7 trillion yuan in 2022, a year-on-year increase of 4.7%[57] - Global container shipping trade volume in 2022 was 201 million TEUs, a year-on-year decrease of 3%[59] - China's port container throughput in 2022 was 296 million TEUs, a year-on-year increase of 4.7%[62] - Global air cargo demand in 2022 decreased by 8.0% year-on-year, with international demand down by 8.2%[63] - China's air cargo volume in 2022 was 6.076 million tons, a year-on-year decrease of 17%, recovering to 80.7% of 2019 levels[64] - The number of China-Europe freight trains in 2022 reached 16,562, a year-on-year increase of 9%, with 1.614 million TEUs shipped, up 10%[65] - The China-Laos Railway operated 3,000 cross-border freight trains in its first year, with a total cargo value exceeding 13 billion yuan[65] - Cross-border e-commerce market size reached 7.1 trillion yuan in the first half of 2022, with an expected annual market size of 15.7 trillion yuan, a year-on-year growth of 6%[67] - Global economic growth is expected to be 2.9% in 2023, with ongoing uncertainties such as insufficient demand, inflation, and geopolitical conflicts[140] - China's economy is projected to grow by around 5% in 2023, but export trade faces significant pressure due to slowing demand in developed economies[140] - The logistics industry is focusing on building resilient supply chains and developing smart logistics

Financial Performance - The company reported a net profit attributable to shareholders of RMB 40.7 billion, representing a 10% increase year-on-year[11]. - The operating cash flow generated was RMB 51 billion, reflecting a 23% growth compared to the previous year[11]. - The weighted average return on equity (ROE) was 11.69% in 2021 and increased to 11.93% in 2022[11]. - The company achieved a revenue of RMB 1,088 billion, with a profit margin of 36% in 2021 and 41% in 2022[11]. - In 2022, the company achieved operating revenue of CNY 108.82 billion, a decrease of 12.49% year-on-year, primarily due to a decline in sea and air freight rates and a decrease in business volume from global trade demand weakness[25]. - The net profit attributable to shareholders was CNY 4.07 billion, an increase of 9.55% year-on-year, driven by the company's focus on the contract logistics sector and increased foreign exchange gains from the appreciation of the US dollar against the RMB[25]. - Basic earnings per share for 2022 were CNY 0.55, up 10.28% from CNY 0.50 in 2021[24]. - The company's total assets at the end of 2022 were CNY 77.83 billion, a 4.74% increase from CNY 74.31 billion at the end of 2021[23]. - The total liabilities increased by 4.33% to CNY 40.96 billion at the end of 2022, compared to CNY 39.26 billion at the end of 2021[23]. - The company's net assets attributable to shareholders rose to CNY 34.87 billion, reflecting a 5.33% increase from CNY 33.10 billion in 2021[23]. Operational Highlights - The international freight volume exceeded 1 million standard containers, with significant rankings in the domestic market[13]. - The company launched multiple L4 level autonomous driving routes, accumulating a total of 300,000 kilometers driven[13]. - The company established a new subsidiary in Singapore to enhance its logistics network across ASEAN countries[13]. - The company completed over RMB 100 million in Series A financing for its digital logistics platform, Yunyitong[13]. - The company initiated a green logistics strategy, releasing a carbon neutrality strategic plan and a white paper on green logistics[13]. - The company maintained a revenue scale of over 100 billion RMB, demonstrating stable financial performance[36]. - The market share of the China-Europe Railway Express reached 17.6%, reflecting the company's strong position in the logistics sector[37]. - The company optimized its business structure, with a notable increase in the proportion of air freight business[37]. - The company launched 18 air cargo charter routes, achieving controllable capacity of 22.8 million tons[37]. - The company focused on enhancing supply chain resilience and safety, promoting the construction of product channels and solutions[37]. Strategic Initiatives - The company plans to capture opportunities in emerging markets and enhance digital transformation to solidify its leading position in the logistics industry[35]. - The company is focusing on digital transformation to enhance operational efficiency and customer management[43]. - The company has initiated a comprehensive digital transformation, aiming for a "full network operation" model[41]. - The company aims to enhance its digital transformation and has developed innovative logistics solutions based on AI, blockchain, and big data, resulting in 22 new patents in 2022[96]. - The company is actively pursuing a transition towards a full supply chain service model, emphasizing customer-driven value creation and service chain extension[89]. - The company is optimizing its technology innovation management mechanism to accelerate the application of smart logistics and develop more industry-level technology solutions[180]. - The company is committed to accelerating digital transformation and enhancing smart logistics capabilities through technology innovation and application[173]. Sustainability Efforts - The company initiated several "dual carbon" pilot projects, including clean energy applications in warehouses and hydrogen-powered heavy trucks[56]. - The company emphasizes a commitment to green, low-carbon, and sustainable development, launching initiatives such as carbon inventory and prediction, and establishing a dual-carbon strategic system[199]. - The company has developed the "China Foreign Transport Carbon Peak and Carbon Neutrality Special Strategic Plan" and the "China Foreign Transport Green Logistics White Paper" to guide its sustainability efforts[199]. - The company has actively participated in compiling industry standards related to green logistics and established a joint venture in new energy technology[199]. - The company has completed a series of green logistics demonstration projects as part of its sustainability initiatives[199]. Market Outlook - The global economic growth is projected at 2.9% for 2023, with uncertainties increasing due to insufficient demand, inflation, and geopolitical conflicts[164]. - China's economy is expected to grow around 5% in 2023, despite facing pressures from domestic demand contraction and supply shocks[164]. - The logistics industry is experiencing intensified competition, with global container and air freight demand remaining weak, leading to potential price declines in 2023[165]. - The company expects to achieve operating revenue of 106.5 billion RMB in 2023, which does not constitute a performance commitment or profit forecast to investors[176]. Risk Management - The company faces significant risks including external political and economic environment risks, market changes and competition risks, overseas operational risks, technology innovation risks, and credit risks[177][178][179][180][181]. - The company will focus on risk management, ensuring stability in growth while addressing customer, financial, and operational risks[170]. - The company is enhancing its credit risk management system to improve collection efficiency and reduce bad debt risks[183].