Group 1 - The core viewpoint is that China National Freight's revenue has significantly increased by 37% from 2018 to 2024, while maintaining a stable gross profit of around 5.5 billion yuan [1] - The annualized growth rates for agency and related business revenue, gross profit, and operating profit are 6%, 7%, and 3% respectively, indicating steady growth [1] - The e-commerce business shows a rapid revenue growth rate of 28%, linked to the development of cross-border e-commerce [1] Group 2 - Nearly half of China National Freight's operating profit comes from investment income, primarily from the joint venture with DHL, which is a leader in service quality and timeliness [2] - The rapid rise of cross-border e-commerce presents significant opportunities for the global air freight market, although future growth may be impacted by slowing import and export trade [2] Group 3 - The company plans to transfer a 25% stake in a subsidiary, expected to generate approximately 1.793 billion yuan in investment income [3] - The issuance of a REIT is projected to increase the company's net profit by about 390 million yuan for the year 2025 [3] Group 4 - The profit forecast for 2025 has been raised to 5.2 billion yuan due to the stake transfer and REIT issuance, while 2026-2027 profit forecasts are set at 3.5 billion yuan each year [4] - The company maintains a "buy" rating despite industry pressures in shipping and air freight [4]

公司报告 | 公司点评 中国外运（601598） 证券研究报告 主业平稳发展，资产处置增厚利润 主业平稳发展，毛利润 55 亿左右 2018-24 年，中国外运的营业收入大幅增长 37%，毛利润维持 55 亿元左 右，营业利润温和增长 14%。其中，代理及相关业务收入、毛利润、营业 利润的年化增速分别为 6%、7%、3%，专业物流分别为 6%、5%、3%， 都呈现稳健增长态势；电商业务的收入和营业利润年化增速分别为 28%、 5%，收入增长较快或与跨境电商发展有关。中国外运坚持"控货为王"， 加强战略客户和直接客户的拓展，并将市场存量、零散变量变成可控运量、 通道增量，未来有望实现业务稳健增长。 航空货运运价波动，影响投资收益 中国外运的营业利润，近一半来自投资收益，主要由中外运敦豪贡献。DHL 在中国运营快递业务，和外运发展成立了各占 50%股份的合营企业——中 外运敦豪国际航空快件有限公司。中外运敦豪的服务在时效性、安全性、 服务质量等方面都处于市场领先地位。跨境电商的迅猛崛起为全球航空货 运市场带来了较大的机遇。中外运敦豪的净利润，与国际航空货运运价相 关。受中国进出口贸易、跨境电商增速放缓等因素影响， ...

Core Viewpoint - The Hong Kong stock market is experiencing active performance in dividend-related concepts, with the Hong Kong Stock Connect Central Enterprise Dividend Index showing a year-to-date increase of 20.17% as of August 13 [1][2]. Group 1: Index and ETF Performance - The Hong Kong Stock Connect Central Enterprise Dividend Index (931233) has risen by 0.66% as of the latest report, with significant contributors including New China Life Insurance and China Overseas Grand Oceans Group [1]. - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) is currently being issued, with a management fee of 0.5% and a custody fee of 0.1% [1][2]. Group 2: Investment Value of the Index - The index reflects stable dividend levels and high dividend yields from centrally controlled enterprises, making it a favorable investment option within the Hong Kong Stock Connect framework [2]. - The investment value of the index is supported by four main factors: 1. High dividend assets are more attractive in a weak recovery market due to stable cash flows [2]. 2. Central enterprises are increasingly focusing on market performance and dividend expectations as part of their value management [2]. 3. The Hong Kong market has a higher emphasis on dividends compared to the A-share market, with significant differences in dividend ratios and yields [3]. 4. The long-term effectiveness of dividend investment strategies in the Chinese market is supported by historical data showing a 10% annualized return over the past decade [3]. Group 3: Market Comparisons - The Hang Seng Index's dividend yield is currently higher than that of the Shanghai Composite Index, with the Hang Seng High Dividend Yield Index at 6% compared to the 4.6% of the A-share market [3]. - The long-term dividend yield premium of Hong Kong dividend assets over long-term government bonds has remained positive since 2019, indicating a stronger performance compared to A-shares [3].

格隆汇8月13日丨中国外运(00598.HK)公布，公司将于2025年8月26日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

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 - 1 - （股份代號：00598） 董事會會議通告 中國外運股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 二零二五年八月二十六日（星期二）舉行董事會會議，藉以考慮及批准（其中包括） 本公司及其附屬公司截至二零二五年六月三十日止六個月期間之未經審計中期業績及 其發佈，建議派發中期股息（如有）及任何其他事項。 承董事會命 中國外運股份有限公司 公司秘書 李世礎 北京，二零二五年八月十三日 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，以及四位獨立非執行董事王小麗、甯亞平、崔新健及崔凡。 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) ...

Investment Rating - The report maintains a positive investment rating for the transportation industry, highlighting potential opportunities in various segments such as shipping, infrastructure, aviation, and express delivery [2][4]. Core Insights - The report emphasizes the improvement in oil shipping market conditions and the potential for price increases in the express delivery sector, driven by a reduction in price competition due to "anti-involution" policies [1][8][24]. Shipping - The oil shipping industry is experiencing improved market conditions, with OPEC+ planning to increase production by 548,000 barrels per day in September, which may lead to better freight rates in the second half of the year [8][16]. - Container shipping rates have declined, necessitating close monitoring of US-China trade negotiations [8][12]. - The report suggests focusing on companies with strong Q2 performance, such as德翔海运, 海丰国际, 中谷物流, and 中远海特 [8][16]. Infrastructure - The report notes that highway passenger traffic decreased by 4.0% year-on-year in June 2025, while cargo traffic showed a slight decline [18][55]. - Port cargo throughput increased by 4.8% year-on-year, indicating stable growth in the infrastructure sector [18][55]. - The report recommends investing in leading highway and port companies, such as 招商公路, 皖通高速, 唐山港, and 青岛港, due to their attractive dividend yields [20][55]. Express Delivery - The express delivery sector is projected to maintain a growth rate of over 20% in 2024, with a 19.3% increase in business volume in the first half of 2025 [24][68]. - The report highlights the initiation of price increases in the express delivery sector in South China, which is expected to alleviate price competition and support valuation recovery [24][68]. - Recommended companies in this sector include 中通快递-W, 圆通速递, 申通快递, and 韵达股份 [24][68]. Aviation - The report indicates a 1.9% week-on-week increase in passenger traffic, with domestic ticket prices experiencing a year-on-year decline of 5.4% [25][26]. - The aviation sector is expected to benefit from "anti-involution" measures aimed at reducing excessive competition, which may enhance valuation recovery [25][26]. - Recommended airlines include 中国国航, 南方航空, 吉祥航空, 春秋航空, and 华夏航空 [26].

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7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8月7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 | | | 2,038,300,000 | RMB | | 1 RMB | | 2,038,300,000 | | 增加 / 減少 (-) | | | -22,019,000 | | | RMB | | -22,019,000 | | 本月底結存 | | | 2,016,281,000 | RMB | | 1 RMB | | 2,016,281,000 | | 2. 股 ...

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7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8月7日 I. 法定/註冊股本變動 FF301 | 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 | | | 2,038,300,000 | RMB | | 1 RMB | | 2,038,300,000 | | 增加 / 減少 (-) | | | -22,019,000 | | | RMB | | -22,019,000 | | 本月底結存 | | | 2,016,281,000 | RMB | | 1 RMB | | 2,016,281,000 | ...

Summary of China National Freight Forwarding Conference Call Company Overview - **Company**: China National Freight Forwarding (中国外运) - **Industry**: Freight forwarding and logistics Key Financial Performance - **2024 Revenue**: 105.6 billion CNY, a year-on-year increase of 3.8% [2][4] - **Net Profit**: 3.9 billion CNY, a year-on-year decrease of 7% [2][4] - **Net Profit (Excluding Non-recurring Items)**: 3.16 billion CNY, a year-on-year decrease of 8.5% [2][4] - **Earnings Per Share**: 0.54 CNY [2][4] - **Return on Equity (ROE)**: 10% [2][4] - **Operating Cash Flow**: 4.1 billion CNY [2][4] - **Q1 2025 Revenue**: 23.7 billion CNY, a year-on-year decrease of 2% [2][6] - **Q1 2025 Net Profit**: 645 million CNY, a year-on-year decrease of 10% [2][6] Business Segments Performance - **Freight Forwarding**: Major revenue source with 67.1 billion CNY in 2024, a year-on-year increase of 8%, contributing 64% to gross profit [2][7] - **Specialized Logistics**: Revenue of 27.9 billion CNY, a year-on-year increase of 1.6%, but gross profit contribution decreased by 16%, accounting for 38% [2][7] - **E-commerce Logistics**: Revenue of 10.5 billion CNY, but negative gross profit contribution due to price pressure from downstream e-commerce giants [2][7] Market Position - **Global Rankings**: - Second in global sea freight forwarding, first in Asia [2][8] - Fifth in global air freight forwarding, first in Asia [2][8] - **Competitive Strength**: Strong position in the international freight forwarding market [2][8] Strategic Initiatives - **Business Transformation**: Focus on market demand-driven strategies and development of direct customer service models to enhance gross profit [2][5][9] - **Share Buyback and Dividend Policy**: Implemented to boost investor confidence [2][10] - **2024 Dividend**: 2.1 billion CNY distributed, with a per-share dividend of 0.29 CNY, representing 54% of net profit and a dividend yield of approximately 5.5% [2][11] Risks and Challenges - **Geopolitical Risks**: Potential impacts from geopolitical tensions [2][12] - **Overseas Operational Risks**: Challenges associated with international operations [2][12] - **Market Volatility**: Risks from rapid market changes affecting competition [2][12] Additional Considerations - **Investor Focus**: Attention needed on the effectiveness of the direct customer model and potential adjustments in e-commerce logistics strategy to improve profitability [2][5][7]

Core Insights - The logistics real estate industry in China has a limited number of listed companies, with most focusing on either real estate or logistics, and many involved in warehousing and light asset operations [1][4] - Companies like Jinke, Zhongchu, and others have a high degree of relevance to logistics real estate, while others like R&F and Joy City have a moderate relevance, primarily focusing on real estate development [1][4] Company Overview - Kerry Properties (00683HK): A comprehensive real estate group in Hong Kong, focusing on high-end commercial real estate development and investment, with total assets exceeding HKD 100 billion [3] - R&F Properties (02777.HK): A major residential and commercial real estate developer in China, managing over 300 property projects, currently focusing on debt restructuring and asset optimization [3] - Joy City (000031.SZ): A subsidiary of COFCO, known for urban complex operations, managing over 20 commercial projects, emphasizing young consumer experiences [3] - China Vanke (000002.SZ): A leading real estate company in China, expanding into logistics and cold chain sectors in recent years [3] - SF Holding (002352.SZ): The largest express logistics company in China, operating 84 self-owned cargo planes and focusing on smart logistics transformation [3] Financial Performance - In 2024, revenue for logistics real estate companies shows significant divergence, with leading companies like Zhongchu and SF Holding generating revenues in the hundreds of billions, while some smaller firms report revenues around tens of millions [4][5] - Most companies maintain a gross margin between 10-30%, indicating an overall improvement in industry profitability [4] Revenue and Profitability Metrics - SF Holding reported a revenue of CNY 2844.2 billion with a gross margin of 13.9% in 2024 [5] - Vanke A achieved a revenue of CNY 3431.8 billion with a gross margin of 10.2% [5] - R&F Properties reported a revenue of CNY 187.7 billion but with a negative gross margin of -4.7% [5] Regional Layout - Companies have varying regional focuses, with Kerry Properties targeting key areas like Shanghai and Beijing, while Zhongchu has established a national network with over 100 warehouses across 20 provinces [9][10] - SF Holding is developing logistics hubs in cities like Ezhou and Jiaxing, enhancing its logistics network [10] Business Development Plans - Companies like Huayuan Holdings and Zhongchu are planning to build new logistics parks, focusing on intelligent technology applications and network enhancements [15][17] - Vanke is concentrating on high-standard warehouses and cold chain logistics, while Jinke is exploring synergies between logistics and other real estate sectors [17][18]