Group 1 - The core point of the article is that China National Foreign Trade Transportation Group (China Foreign Trade) announced a share buyback plan, repurchasing approximately 92.56 million A-shares, which accounts for 1.27% of the total share capital as of October 31, 2025 [1] - The maximum purchase price for the shares was 6.14 CNY per share, while the minimum was 4.67 CNY per share, with a total expenditure of approximately 475 million CNY [1] - As of the report date, the market capitalization of China Foreign Trade is 47.4 billion CNY [1] Group 2 - In 2024, the revenue composition of China Foreign Trade is entirely from the logistics industry, with a 100% share [1] - There is a significant increase in overseas orders, which surged by 246%, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about potential vicious competition extending overseas, as some are selling at a loss [1]

证券代码：601598 证券简称：中国外运 公告编号：临 2025-081 号 中国外运股份有限公司 关于以集中竞价交易方式回购公司 A 股股份的 进展公告 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： | 回购方案首次披露日 | | | | 2024 年 10 月 | | | | | 17 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | | | | 通过本次回购方案之日起 | | 12 | | | | | 自中国外运股份有限公司（以下简称：公司）股东会审议 个月内 | | 拟回购的资金总额 | | | | 不低于人民币 元（含） | | | 万元（含），不超过人民币 万 54,200 | | | 27,100 | | | 回购用途 | | | | 减少注册资本 | | | | | | | | | 累计已回购股数 （截至 2025 年 | 10 | 月 | | 92,5 ...

Core Viewpoint - China National Foreign Trade Transportation Group (601598.SH) announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Categories Share Buyback Details - The company has repurchased a total of 92.5641 million A-shares, which represents 1.27% of the total share capital as of October 31, 2025 [1] - The highest purchase price was 6.14 CNY per share, while the lowest was 4.67 CNY per share [1] - The total amount paid for the buyback was 475 million CNY, excluding transaction fees [1]

中国外运（601598）(601598.SH)发布公告，截至2025年10月31日，公司通过上海证券交易所交易系统 以集中竞价交易方式累计回购公司A股股份9256.41万股，占公司截至2025年10月31日总股本的比例为 1.27%，购买的最高价为6.14元/股、最低价为4.67元/股，已支付的总金额为人民币4.75亿元(不含交易费 用)。 ...

中国外运（601598）(00598)发布公告，截至2025年10月31日，公司通过上海证券交易所交易系统以集 中竞价交易方式累计回购公司A股股份9256.41万股，占公司截至2025年10月31日总股本的比例为 1.27%，购买的最高价为6.14元/股、最低价为4.67元/股，已支付的总金额为人民币4.75亿元(不含交易费 用)。 ...

Core Viewpoint - China National Foreign Trade Transportation Group (China National Freight) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Share Buyback Details - The company has repurchased a total of 92.5641 million A-shares, which represents 1.27% of the total share capital as of October 31, 2025 [1] - The highest purchase price was 6.14 RMB per share, while the lowest was 4.67 RMB per share [1] - The total amount paid for the buyback was 475 million RMB, excluding transaction fees [1]

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。 中國外運股份有限公司 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號: 00598) 中国外运股份有限公司 关于以集中竞价交易方式回购公司 A 股股份的 进展公告 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： 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國外運股份有限公司（『本公司』）於上海證券交易所網站（www.sse.com.cn） 刊登的《中國外運股份有限公司關於以集中競價交易方式回購公司A股股份的進展公告》， 僅供參閱。 承董事會命 中國外運股份有限公司 公司秘書 李世礎 北京，二零二五年十一月四日 於本公告日期，本公司董事會成員包括張翼（董事長）、高翔、楊國峰、羅立、余志良、 黃傳京、許克威，以及四位獨立非 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國外運股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00598 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,016,281,000 | RMB | | 1 RMB | | 2,016,281,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,016,281,000 | RMB | | 1 RMB | | 2,016,281,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Market Overview - The logistics sector experienced a decline of 0.16% on November 4, with China National Freight leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Xiamen Xiangyu (600057) saw a significant increase of 5.11%, closing at 8.85 with a trading volume of 902,700 shares and a turnover of 803 million [1] - ST Xuefa (002485) rose by 4.92%, closing at 4.48 with a trading volume of 89,700 shares and a turnover of 39.89 million [1] - Conversely, China National Freight (601598) fell by 4.12%, closing at 6.52 with a trading volume of 279,700 shares and a turnover of 186 million [2] Capital Flow - The logistics sector saw a net outflow of 234 million from institutional investors, while retail investors contributed a net inflow of 157 million [2] - Notable stocks with significant capital inflow include Pulutong (002769) with a net inflow of 36.85 million from institutional investors [3] - Conversely, China National Freight (601598) experienced a net outflow of 18.08 million from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q3 2025, the company's operating revenue was 24.52 billion yuan, a year-on-year decrease of 16.9%, and the net profit attributable to shareholders was 730 million yuan, down 16.8% year-on-year [3][5]. - The company's gross profit decreased by 7.7% to 1.18 billion yuan, primarily due to the cancellation of the U.S. small package tax exemption policy, which led to a reduction in air freight charter volume and a decline in air freight agency profits. Additionally, railway transportation prices fell, putting pressure on railway agency profitability [3][8]. - Despite the operational challenges, the completion of the 25% equity transfer of Zhaoshang Lukai is expected to enhance the net profit attributable to shareholders in 2025. The company maintains a stable cash flow and attractive dividend yield, estimated at approximately 4.6% for A shares and 5.9% for H shares [8]. Summary by Sections Financial Performance - In Q3 2025, the company reported a 16.9% decline in operating revenue to 24.52 billion yuan and a 16.8% decrease in net profit to 730 million yuan [3][5]. - The gross profit margin fell by 7.7% to 1.18 billion yuan, influenced by reduced air freight charter volumes and declining railway transport prices [8]. Investment Insights - The net investment income decreased by 5.9% to 460 million yuan, with continued pressure on the volume of China Foreign Trade and DHL [8]. - The sale of 25% equity in Zhaoshang Lukai is projected to contribute approximately 1.65 billion yuan (pre-tax) to the profit statement in Q4 2025 [8]. Market Strategy - The company is upgrading its marketing system and activating overseas markets, indicating potential recovery in demand. It is focusing on key industries and optimizing management models to enhance logistics volume growth [8]. - With the gradual easing of U.S.-China relations, cross-border transportation demand is expected to recover, providing growth opportunities in freight forwarding [8].