基金经理在跨境电商赛道看中了卖"铲子"的海外仓业务。 随着高关税以及小额包裹豁免取消等因素对商品出海的影响，在清关、物流和税收三大层面具有成本优势 的海外仓，因低风险、低成本的本地发货优势，成为基金经理布局跨境电商的核心对象。 考虑到海外仓的全球布局需要强大密集的资金投入，以及企业的品牌信用背书，在跨境电商繁荣发展的逻 辑中，以少数龙头个股为核心的持仓策略，成为公募关键操作手法。 基金紧密调研跨境电商 今年以来，高层政策持续支持跨境电商行业的繁荣发展，鼓励出海公司在外贸业务扩展多元化路径，着力 在跨境电子商务企业对企业B2B方式相关环节的技术标准、业务流程、监管模式和信息化建设等方面探索 创新，这无疑成为公募基金布局跨境电商赛道的重大政策支持。 业内人士认为，随着中国制造业供应链、技术和品牌美誉度在全球市场的崛起，以海外仓为核心竞争力的 跨境电商赛道，正成为基金经理高度关注的核心投资机会。尤其是海外仓采用"批量清关"模式，相较于单 件包裹直邮，可享受更低的关税税率，刺激海外仓需求爆炸性增长，多只基金重仓股持续投入重资在全球 各地建设自营海外仓或租赁海外仓，凸显出跨境电商业务的繁荣需求。 海外仓是指跨境电商企业 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國外運股份有限公司 呈交日期： 2025年4月30日 第 2 頁 共 10 頁 v 1.3.0 FF305 FF305 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00598 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年4月17日 | 2,038,300,000 | | 0 ...

股票代码：601598 股票简称：中国外运 编号：临 2025-032 号 中国外运股份有限公司 第四届董事会第十次会议决议公告 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。 中国外运股份有限公司（以下简称"公司"或"本公司"）第四届董事会第 十次会议通知于 2025 年 4 月 15 日向全体董事发出，本次会议于 2025 年 4 月 29 日在北京以现场结合通讯的方式召开。本次会议由董事长张翼先生主持，应出席 董事 11 人，亲自出席董事 10 人，董事宋嵘先生因其他工作安排，委托董事长张 翼先生代为出席并表决。公司监事及部分高级管理人员列席了会议。本次会议的 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。 本次会议审议并表决通过了以下议案： 一、关于公司 2025 年第一季度报告的议案 经审议，董事会一致同意该报告。具体内容详见公司同日在上海证券交易所 网站（www.sse.com.cn）披露的《2025 年第一季度报告》。 表决票 11 票，赞成票 11 票， ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 23.77 billion, a decrease of 2.19% compared to CNY 24.29 billion in the same period last year[5]. - Net profit attributable to shareholders decreased by CNY 644.99 million, down 19.76% from CNY 802.73 million year-on-year, primarily due to a decline in investment income from joint ventures[7]. - Basic earnings per share were CNY 0.089, a decrease of 19.24% from CNY 0.1101 in the previous year[6]. - Operating profit for Q1 2025 was ¥866.56 million, compared to ¥1.02 billion in Q1 2024, reflecting a decline of 14.7%[22]. - Net profit for Q1 2025 was ¥717.93 million, down 15% from ¥843.39 million in Q1 2024[23]. - The net profit for Q1 2025 was CNY 144.21 million, a decrease of 43.73% compared to CNY 256.77 million in Q1 2024[32]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 79.98 billion, an increase of 3.60% from CNY 77.20 billion at the end of the previous year[6]. - Total assets as of March 31, 2025, amount to 79,978,158,716.63 RMB, an increase from 77,195,500,137.85 RMB at the end of 2024[20]. - Total liabilities as of March 31, 2025, are 37,390,862,813.32 RMB, compared to 35,154,821,919.36 RMB at the end of 2024[21]. - The company's total assets decreased from CNY 45.89 billion on December 31, 2024, to CNY 44.40 billion on March 31, 2025, representing a decline of approximately 3.25%[28]. - The total current liabilities increased from CNY 15.92 billion on December 31, 2024, to CNY 12.46 billion on March 31, 2025, indicating a reduction of approximately 21.00%[30]. - The total liabilities decreased from CNY 18.49 billion on December 31, 2024, to CNY 17.03 billion on March 31, 2025, a decline of approximately 7.93%[30]. Cash Flow - The net cash flow from operating activities was negative at CNY -1.35 billion, an improvement from CNY -2.71 billion in the same period last year[6]. - Cash flow from operating activities showed a net outflow of ¥1.35 billion in Q1 2025, an improvement from a net outflow of ¥2.71 billion in Q1 2024[25]. - The net cash flow from operating activities was -183,371,393.41 RMB, compared to -101,899,216.78 RMB in Q1 2024, indicating a decline in operational cash flow[34]. - Total cash inflow from operating activities was 976,615,233.93 RMB in Q1 2025, down from 1,182,758,609.73 RMB in Q1 2024, reflecting a decrease of approximately 17.4%[34]. - Cash outflow from operating activities totaled 1,159,986,627.34 RMB in Q1 2025, compared to 1,284,657,826.51 RMB in Q1 2024, a reduction of about 9.7%[34]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,076[17]. - The largest shareholder, China Ocean Shipping Group Company, holds 2,525,339,831 shares, accounting for 34.62% of total shares[17]. - The second largest shareholder, HKSCC NOMINEES LIMITED, holds 2,000,775,389 shares, representing 27.43%[17]. Research and Development - Research and development expenses decreased to ¥20.90 million in Q1 2025 from ¥26.49 million in Q1 2024, a reduction of 21.2%[22]. - Research and development expenses for Q1 2025 were CNY 7.52 million, down 52.06% from CNY 15.64 million in Q1 2024[31]. Other Financial Metrics - The weighted average return on equity decreased to 1.62%, down 0.48 percentage points from 2.10%[6]. - The company's gross profit margin for Q1 2025 was approximately 4.00%, compared to 3.63% in Q1 2024[31]. - The company reported a financial expense of CNY 11.58 million in Q1 2025, down 39.73% from CNY 19.24 million in Q1 2024[31]. - The company experienced a foreign exchange loss impacting cash and cash equivalents by ¥113.29 million in Q1 2025[26].

股票代码：601598 股票简称：中国外运 编号：临 2025-033 号 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。 中国外运股份有限公司 关于向控股子公司提供财务资助的公告 为缓解招商中白的经营和资金压力，外运香港拟按照持股比例向招商中白提 供 3,486 万元人民币借款，期限 5 年，借款年利率 2%，用于补充流动性资金等； 招商中白的其他股东方将按照持股比例提供同等条件的借款。 同时，公司于 2022 年 6 月 15 日召开的第三届董事会第十二次会议审议通过 了《关于向控股子公司提供借款的议案》，同意外运香港按照持股比例向招商中白 提供 1,260 万美元借款，分三笔借出（2022-2024 年每年提款一次），每笔借款期限 不超过三年，借款年利率 1.0%（招商中白其他股东方按照持股比例向招商中白提 供同等条件的借款）。具体内容详见公司在上海证券交易所网站（www.sse.com.cn） 披露的《关于向控股子公司提供财务资助的公告》（临 2022-034 号）。目前外运香 港拟将 2022 年 9 月和 2023 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 23.77 billion, a decrease of 2.19% compared to RMB 24.29 billion in the same period last year[7]. - Net profit attributable to shareholders for Q1 2025 was RMB 644.99 million, down 19.76% from RMB 802.73 million year-on-year[8]. - Basic earnings per share for Q1 2025 were RMB 0.089, a decline of 19.24% compared to RMB 0.110 in the previous year[7]. - The decline in net profit was mainly due to a decrease in investment income by RMB 173 million, attributed to lower profits from joint ventures[8]. - The net profit for the first quarter of 2025 was CNY 717,933,735.46, a decrease of 15% compared to CNY 843,386,669.58 in the same period of 2024[24]. - Operating profit for the first quarter of 2025 was CNY 866,557,596.38, down 14.8% from CNY 1,016,650,283.82 in the first quarter of 2024[24]. - Total revenue from operating activities in the first quarter of 2025 was CNY 23,111,506,465.27, a decrease of 2.8% compared to CNY 23,788,017,161.90 in the first quarter of 2024[26]. - The company reported a total comprehensive income attributable to the parent company of CNY 639,696,377.99, down from CNY 777,487,105.56 in the previous year[25]. Assets and Liabilities - The total assets at the end of Q1 2025 amounted to RMB 79.98 billion, reflecting a 3.60% increase from RMB 77.20 billion at the end of the previous year[7]. - Total current assets increased to CNY 38,051,765,173.82 as of March 31, 2025, up 6.77% from CNY 35,634,997,641.75 as of December 31, 2024[20]. - Long-term equity investments rose to CNY 9,574,682,899.69 as of March 31, 2025, compared to CNY 9,239,887,191.07 as of December 31, 2024, an increase of 3.63%[20]. - Total liabilities increased to CNY 37,390,862,813.32 as of March 31, 2025, compared to CNY 35,154,821,919.36 as of December 31, 2024, an increase of 6.30%[21]. - The total current assets as of March 31, 2025, were CNY 19,571,105,647.13, down from CNY 21,152,476,800.63 as of December 31, 2024[30]. - The total liabilities as of March 31, 2025, were CNY 17,034,832,655.22, a decrease from CNY 18,494,574,084.54 as of December 31, 2024[31]. Cash Flow - The company reported a net cash flow from operating activities of RMB -1.35 billion, an improvement from RMB -2.71 billion in the same period last year[7]. - The cash flow from operating activities showed a net outflow of CNY -1,353,505,269.84, an improvement from CNY -2,711,923,461.90 in the first quarter of 2024[26]. - The net cash flow from investment activities improved to CNY 74,946,007.69, compared to negative CNY 325,032,567.51 in the previous year[36]. - Cash inflow from financing activities was CNY 8,800,641,110.27, an increase from CNY 7,795,165,925.33 in Q1 2024[37]. - The net cash flow from financing activities was negative CNY 1,716,359,475.76, slightly worse than negative CNY 1,689,486,946.89 in the same quarter last year[37]. - The company experienced a net decrease in cash and cash equivalents of CNY 1,827,921,681.09 in Q1 2025, compared to a decrease of CNY 2,073,363,995.10 in Q1 2024[37]. Shareholder Information - The company reported a total of 48,076 common stock shareholders at the end of the reporting period[16]. - The largest shareholder, China National Foreign Trade Transportation Group Co., Ltd., holds 2,525,339,831 shares, accounting for 34.62% of total shares[16]. - The second-largest shareholder, HKSCC Nominees Limited, holds 2,000,775,389 shares, accounting for 27.43% of total shares[16]. - The company has a total of 47,952 A-share shareholders and 124 registered H-share shareholders as of the end of the reporting period[18]. Operational Metrics - The company's contract logistics (including cold chain logistics) volume was 11.78 million tons, a decrease of 2.4% from 12.02 million tons in the same period last year[12]. - The company's sea freight agency handled 3.516 million TEUs, an increase of 7.8% from 3.226 million TEUs in the same period last year[13]. - The company's air freight volume was 182,000 tons, a decrease of 20.2% from 228,000 tons in the same period last year[13]. - The cross-border e-commerce logistics volume was 14.94 million tickets, a significant decrease of 81.1% from 79.11 million tickets in the same period last year[14]. - The company’s railway agency handled 101,000 TEUs, a decrease of 22.3% from 130,000 TEUs in the same period last year[13]. - The company’s logistics equipment sharing platform had a daily volume of 85,000 TEUs, slightly up from 84,000 TEUs in the same period last year[14]. Strategic Initiatives - The company is closely monitoring international trade policies and market trends to mitigate impacts on its business[8]. - The company continues to focus on expanding its market presence and enhancing operational efficiency through strategic initiatives[22]. - Future outlook includes potential investments in new technologies and market expansion strategies to drive growth[22].

中国外运（601598）公告，2025年第一季度营收为237.72亿元，同比下降2.19%；净利润为6.45亿元， 同比下降19.76%。 ...

Dividend and Shareholder Returns - The company declared a semi-annual cash dividend of RMB 0.145 per share, totaling RMB 1,053,563,321.16, and plans to distribute a final cash dividend of RMB 0.145 per share for the year 2024, pending shareholder approval [2]. - If the final dividend proposal is approved, the total cash dividend for the year 2024 will amount to RMB 0.29 per share [3]. - The company emphasizes shareholder returns and has implemented share buybacks as part of its strategy [17]. - The company distributed a total cash dividend of 2.107 billion RMB (including tax) for the year, with a proposed dividend of 0.145 RMB per share for 2024, resulting in a total payout of 2.095 billion RMB [43]. - The company plans to repurchase A-shares with a total amount not less than RMB 27,100 million and not exceeding RMB 54,200 million, with a maximum repurchase price of RMB 7.43 per share [187]. - As of the report date, the company has repurchased a total of 63,653,917 A-shares, accounting for approximately 0.87% of the total issued shares, with a total repurchase amount of RMB 329,295,397.16 [190]. - The company has repurchased a total of 22,019,000 H-shares, representing approximately 0.30% of the total issued shares as of the report date, with a total repurchase amount of HKD 79,908,450 (excluding transaction fees) [191]. Financial Performance - The company's revenue for 2024 reached RMB 45.54 billion, with a net profit attributable to the parent company of RMB 39.18 billion, reflecting a profit margin of approximately 86.1% [10]. - The net profit attributable to the parent company for 2023 was 39.18 billion RMB, with a projected increase to 45.54 billion RMB for 2024 [18]. - The company achieved a revenue of 105.6 billion RMB in 2023, with a target of 121.4 billion RMB for 2024, reflecting a growth rate of approximately 15% [18]. - The company's net profit margin for 2024 was approximately 86.1%, with a dividend payout ratio of 39.18% [10]. - The first quarter of 2024 saw operating revenue of RMB 24,286.63 million, with net profit attributable to shareholders at RMB 802.73 million [34]. - The company's operating revenue for the current period reached ¥105.62 billion, an increase of 3.79% compared to ¥101.76 billion in the same period last year [103]. - Operating costs rose to ¥100.08 billion, reflecting a 4.29% increase from ¥95.96 billion year-on-year, primarily due to business volume growth [103]. - The net cash flow from operating activities increased by 7.26% to ¥4.11 billion, up from ¥3.83 billion in the previous year, attributed to improved cash management and accounts receivable management [107]. Business Operations and Growth - The company achieved a 13% year-on-year increase in cross-border road transport business volume in Southeast Asia, with new routes established between China and the Indochina Peninsula [12]. - The company opened 6 new scheduled cargo flight routes and operated 11 full freighter charter routes, with a total of 1,132 flights executed [12]. - The company’s international freight volume exceeded 1.7 million TEUs, with two self-operated platforms in Changsha and Shenyang approved as national China-Europe freight train gathering centers [12]. - Overseas investment increased by 44% year-on-year, with significant asset allocation in key regions, including the completion of the second phase of the warehouse in Thailand [16]. - The company processed over 15 million documents annually through automated services, enhancing operational efficiency [55]. - The company aims to transform its professional logistics business towards value chain integration, focusing on customized solutions and industry-specific sales [82]. - The company is actively participating in the construction of the China-Laos-Thailand corridor, providing comprehensive services for cross-border transportation [84]. Market and Economic Outlook - The overall economic growth in China for 2024 was 5.0%, with total import and export value reaching 43.85 trillion yuan, a year-on-year increase of 5% [68]. - The company expects a GDP growth target of around 5% for China in 2025, indicating a positive economic outlook [164]. - The logistics industry is focusing on building resilient supply chains, preventing supply chain risks, and promoting green logistics and sustainable development [165]. - The logistics sector is undergoing a transformation towards digitalization, with an emphasis on technology innovation and green development initiatives [173]. Innovation and Technology - The company has accumulated 230 patents and 428 software copyrights, focusing on AI and autonomous driving technology to support industry-wide intelligent transformation [92]. - The company has developed an AI business proposal generation assistant to improve service efficiency and quality for sales personnel [94]. - The company is launching a one-stop online service platform called "Waiyun Bidai" for enterprise customers, providing 24/7 self-service options [95]. - The company has developed an AI-based inventory counting solution that improves efficiency by 4-5 times and saves annual labor costs between ¥500,000 and ¥1 million [97]. - The AI-powered "Smart Forklift" has been implemented in three subsidiaries, covering six regions and four industries, enhancing real-time navigation and inventory management [97]. Risk Management and Compliance - The company is enhancing its risk management capabilities by improving the internal management system for overseas projects and strengthening key risk control measures [177]. - The company has established a dedicated department to monitor compliance with significant laws and regulations affecting its operations [197]. - The company continues to comply with relevant laws and regulations, including the Company Law and the Securities Law, ensuring effective corporate governance [199]. - The group reported contingent liabilities primarily from unresolved legal disputes amounting to 148 million as of December 31, 2024, compared to 138 million in the previous year [135].

Dividends and Profit Distribution - The company declared a semi-annual dividend of RMB 0.145 per share, totaling RMB 1,053,563,321.16 (tax included) for the first half of 2024[4]. - If the proposed final dividend is approved, the total dividend for 2024 will amount to RMB 0.29 per share (tax included)[5]. - The company achieved a dividend payout ratio of 45.54% for 2023, with a projected increase to 47.14% for 2024[20]. - The company distributed a total cash dividend of 2.107 billion RMB (including tax) for the year, with a dividend payout ratio of 55.2%[45]. Financial Performance - The company reported a net profit attributable to the parent company of RMB 47.14 billion for 2024, reflecting a 3.79% increase compared to the previous year[12]. - The company achieved a revenue of RMB 50 billion in 2024, with a profit distribution rate of 13.3%[12]. - Revenue for 2023 was reported at 105.6 billion RMB, with a net profit attributable to the parent company of 39.18 billion RMB[20]. - The company achieved operating revenue of RMB 105.62 billion in 2023, representing a year-on-year increase of 3.79%[31]. - The company reported a net profit of RMB 802.73 million in Q1 2024, with a significant increase in cash flow from operating activities in subsequent quarters[36]. Logistics and Operations - The company expanded its logistics network, launching 6 new air freight routes and operating 11 dedicated cargo routes, with a total of 1,132 flights executed[14]. - The international freight volume exceeded 1.7 million TEUs, with significant growth in cross-border road transport business volume, increasing by 13% year-on-year[14]. - The company launched 6 new scheduled cargo flight routes and operated 11 full cargo charter routes, completing 1,132 flights[18]. - International freight volume exceeded 1.7 million TEUs, with the establishment of two self-operated platforms in Changsha and Shenyang as national collection centers for China-Europe freight trains[18]. - The company handled 4,989.7 million tons in contract logistics in 2024, an increase from 4,779.9 million tons in 2023, and project logistics increased to 655.5 million tons from 627.5 million tons[67]. Technological Innovation - The company is focusing on technological innovation, with ongoing projects aimed at enhancing supply chain efficiency in the fast-moving consumer goods sector[15]. - The company has accumulated 230 patents and 428 software copyrights, enhancing its core technology system in the field of smart logistics[57]. - The company has developed an AI-based inventory counting solution that improves efficiency by 4-5 times and saves annual labor costs of ¥500,000 to ¥1 million[99]. - The AI-powered "Smart Forklift" has been implemented in three subsidiaries, covering six regions and four industries, enhancing operational efficiency[99]. - The company is advancing the commercialization of autonomous driving technology, with a cumulative mileage of 2.428 million kilometers expected by the end of 2024[102]. Market Expansion and Internationalization - The company plans to enhance its internationalization strategy and improve overseas operational capabilities in response to market opportunities[49]. - The company aims to strengthen risk management while focusing on innovation and expansion in both domestic and international markets[49]. - The company plans to enhance its overseas network and resource layout, including the construction of a logistics center in Dubai and a warehouse project in Malaysia[174]. - The company is actively participating in the construction of the China-Laos-Thailand corridor, providing comprehensive services for cross-border transportation[86]. Sustainability and Green Development - The company established the first logistics industry carbon calculator certified by GLEC, which was accessed over 4.3 million times throughout the year[14]. - The company emphasized the importance of green, low-carbon, and sustainable development in its business strategy[46]. - The company has established 9 carbon-neutral parks and developed a public carbon calculator, which was accessed over 4.3 million times throughout the year[57]. - The logistics industry is focusing on building resilient supply chains, preventing supply chain risks, and promoting green logistics and sustainable development[167]. Risk Management and Compliance - The company is enhancing its risk management measures to address external political and economic environment risks, focusing on strategic marketing systems[178]. - The company aims to improve its overseas project management and risk control measures to mitigate geopolitical and operational risks[179]. - The company is committed to compliance with significant laws and regulations affecting its operations, including the Chinese Company Law and the Listing Rules of the Stock Exchange[199]. Share Repurchase Program - The company initiated a share repurchase program, buying back 63.65 million A-shares for approximately RMB 329 million and 22.02 million H-shares for about HKD 79.91 million[15]. - The company plans to repurchase A-shares with a total amount not less than RMB 27,100 million and not exceeding RMB 54,200 million, with a maximum repurchase price of RMB 7.43 per share[189]. - A total of 11,381,122 A-shares have been repurchased, accounting for approximately 0.16% of the total issued shares as of December 31, 2024[189]. - The total repurchase amount during the reporting period reached RMB 59,871,070.61, with the highest price per share at RMB 5.28[189].

SINOTRANS 中國外運股份有限公司 SINOTRANS LIMITED 中国外运 |= 股票代碼：00598HK 601598SH 中期報告 2024 (2.55) 成 就 客 創造價值 重要提示 2024年中期報告 1 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不 存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 公司全體董事出席董事會會議。 三、 本半年度報告未經審計。 四、 公司負責人王秀峰、主管會計工作負責人李曉艷及會計機構負責人（會計主管人員）丁桂林聲明：保證半年 度報告中財務報告的真實、準確、完整。 五、 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 經董事會批准，本公司將以實施權益分派股權登記日登記的總股本（扣除公司回購專用賬戶中的股份）為基 數，派發2024年中期股息每股現金0.145元（含稅）。截至本報告日，公司總股本為7,294,216,875股，扣 除公司回購專用賬戶中的A股股份28,262,936股，預計派發2024年中期股息總額1,053,563,321.16元（含 稅），佔2024年上半年 ...