Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 85.872 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.93%, while the net profit attributable to shareholders decreased by 10.41% to 2.825 billion yuan [2][6] - The third quarter revenue was 29.505 billion yuan, up 18.27% year-on-year, with a net profit of 880 million yuan, down 10.34% year-on-year [2][6] - The company is expected to benefit from domestic economic policies, leading to a gradual recovery in domestic demand, and the current dividend yield is attractive at 5.74% [2][6] Financial Performance - For 2024, the company is projected to achieve a net profit of 4.154 billion yuan, a decrease of 1.61% year-on-year, followed by increases of 5.13% and 6.92% in 2025 and 2026 respectively [6][7] - The earnings per share (EPS) for 2024 is estimated at 0.57 yuan, with projections of 0.60 yuan and 0.64 yuan for 2025 and 2026 [6][7] - The company’s revenue is expected to grow from 101.705 billion yuan in 2023 to 119.791 billion yuan in 2024, reflecting a growth rate of 17.78% [7] Business Segments - The company’s freight forwarding volume growth has slowed, with a year-on-year increase of 3.7% in sea freight and 1.4% in air freight for Q3 2024, while rail freight saw a significant increase of 56.2% [6] - The company received 1.58 billion yuan in subsidies related to its business, a decrease of 5.7% year-on-year, with rail freight subsidies increasing by 21.6% to approximately 777 million yuan [6] - The contract logistics business faced challenges due to weak domestic demand, with a volume decrease of 7.1% year-on-year in Q3 2024 [6] Market Position - The company maintains a competitive advantage in various logistics segments, which is expected to support its recovery as domestic demand improves [6][7] - The current market capitalization of the company is approximately 28.277 billion yuan, with a circulating A-share market value of 28.277 billion yuan [4]

Investment Rating - The report maintains a "Recommendation" rating for China Ocean Shipping (601598) [1] Core Views - The company reported a net profit attributable to shareholders of 2.83 billion yuan for the first three quarters of 2024, a year-on-year decrease of 10.4% [1] - The company plans to repurchase and increase its holdings of A-shares to maintain its value, with a repurchase amount between 271 million and 542 million yuan [1] - The company is focusing on transformation and reform, emphasizing overseas network layout and resource optimization [1] Financial Performance Summary - For Q3 2024, the adjusted net profit attributable to shareholders was 788 million yuan, down 7.8% year-on-year and down 26% quarter-on-quarter [1] - Revenue for Q1-Q3 2024 reached 85.9 billion yuan, an increase of 17.9% year-on-year, while Q3 revenue was 29.5 billion yuan, up 18.3% year-on-year [1] - Operating costs for Q1-Q3 2024 were 81.7 billion yuan, up 19% year-on-year, with Q3 costs at 28.2 billion yuan, up 20% year-on-year [1] - The gross profit margin for Q1-Q3 2024 was 4.9%, down 1.3 percentage points year-on-year, while Q3 gross profit margin was 4.3%, down 1.4 percentage points year-on-year [1] Business Structure Summary - In the professional logistics segment, contract logistics, project logistics, and chemical logistics volumes increased by 6.4%, 11.6%, and 17.8% respectively for Q1-Q3 2024 [1] - In freight forwarding, the volumes for sea freight, air freight, rail freight, and vessel agency services saw year-on-year increases of 13.7%, 16.9%, 38.3%, and 11.9% respectively [1] - The cross-border e-commerce logistics business experienced a decline of 36.3% year-on-year in Q1-Q3 2024 [1] Investment Recommendations - The profit forecast for 2024-2026 has been slightly adjusted to 3.8 billion, 4.34 billion, and 4.66 billion yuan respectively, with corresponding EPS of 0.52, 0.59, and 0.64 yuan [1] - The target price is set at 7.25 yuan, representing a potential upside of 35% from the current price of 5.38 yuan [1]

Investment Rating - The report maintains a "Buy" rating for China National Freight Forwarding Co., Ltd. (601598.SH) [2] Core Views - In Q1-Q3 2024, the company achieved operating revenue of 85.87 billion RMB, a year-on-year increase of 17.9%, while the net profit attributable to shareholders decreased by 10.4% to 2.825 billion RMB [2] - The growth in freight forwarding and logistics business volume is notable, with sea freight agency volume increasing by 13.7% to 10.964 million TEU, and air freight volume rising by 16.9% to 753,000 tons [2] - The company is expanding its market presence both domestically and internationally, with strategic clients' revenue increasing year-on-year [2] Summary by Sections Performance Overview - For Q3 2024, the company reported operating revenue of 29.51 billion RMB, up 18.3% year-on-year, but the net profit attributable to shareholders fell by 10.3% to 880 million RMB [2] - The gross profit margin for Q3 2024 was 4.3%, down 1.4 percentage points year-on-year, primarily due to pricing pressures in contract logistics and declining warehouse rental rates [2] Business Analysis - The freight forwarding and logistics business showed growth across various segments: - Sea freight agency: 10.964 million TEU, +13.7% - Air freight: 753,000 tons, +16.9% - Rail freight: 448,000 TEU, +38.3% - Contract logistics: 37.466 million tons, +6.4% - Project logistics: 5.186 million tons, +11.6% - Chemical logistics: 3.351 million tons, +17.8% - Cross-border e-commerce logistics: 160 million orders, -36.3% [2] Financial Forecast and Valuation - The report maintains net profit forecasts for 2024-2026 at 3.81 billion RMB, 4.39 billion RMB, and 4.83 billion RMB respectively [2]

北京市嘉源律师事务所 关于中国外运股份有限公司 股票期权激励计划（第一期）行权价格调整 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二四年十月 需求重听导务所 IA YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN ·香港 HONG KONG ·广州 GUANGZHOU · 西安 XI'AN 致:中国外运股份有限公司 北京市嘉源律师事务所 关于中国外运股份有限公司股票期权激励计划(第一期) 行权价格调整的法律意见书 嘉源(2024)-05-360 敬启者: 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国 证券法》(以下简称"《证券法》")、《上市公司股权激励管理办法》(以下简称"《管 理办法》")和《中国外运股份有限公司章程》(以下简称"《公司章程》")等有关 规定,北京市嘉源律师事务所(以下简称"本所")接受中国外运股份有限公司 (以下简称"中国外运"或"公司")的委托,就中国外运股票期权激励计划(第 一期)(以下简称"本次股权激励计划")行权价格调整(以下简称"本次调整") 涉及的相关 ...

Financial Performance - The company's operating revenue attributable to shareholders reached RMB 29,504.58 million, an increase of 18.27% compared to RMB 24,936.24 million in the same period last year[3]. - The net profit attributable to shareholders was RMB 792.13 million, a decrease of 7.84% from RMB 859.54 million year-on-year[3]. - The basic earnings per share decreased by 10.16% to RMB 0.1212 from RMB 0.1349 in the same period last year[3]. - Total operating revenue for the first three quarters of 2024 reached ¥85.87 billion, a 17.9% increase from ¥72.82 billion in the same period of 2023[16]. - Operating revenue for the first three quarters of 2024 reached CNY 84,379,802,687.57, an increase of 18.4% from CNY 71,251,405,435.13 in the first three quarters of 2023[20]. - The company's net profit for the first three quarters of 2024 is not explicitly stated but can be inferred from the increase in revenue and costs[16]. - In Q3 2024, the net profit of China National Foreign Trade Transportation Group Co., Ltd. was CNY 3,037,531,717.24, a decrease of 7.6% compared to CNY 3,287,907,473.56 in Q3 2023[18]. - The total profit for Q3 2024 was CNY 3,643,181,462.98, down from CNY 4,113,824,128.40 in the same period last year, representing a decline of 11.5%[18]. - The company reported a total comprehensive income attributable to the parent company of CNY 2,701,524,179.45 in Q3 2024, down from CNY 3,426,886,233.38 in Q3 2023, a decline of 21.2%[19]. - Basic earnings per share for Q3 2024 were CNY 0.3891, compared to CNY 0.4301 in Q3 2023, reflecting a decrease of 9.1%[19]. - Net profit for the first three quarters of 2024 was CNY 2,518,505,346.72, down from CNY 2,825,978,143.97 in 2023, reflecting a decline of approximately 10.9%[25]. - Net profit for Q3 2024 was CNY 2,518,502,828, a decrease from CNY 2,825,978,143 in Q3 2023, representing a decline of approximately 10.8%[26]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 47.79% to RMB 415.24 million compared to RMB 800.51 million in the previous year[5]. - The cash flow from operating activities for the first three quarters of 2024 was CNY 415,236,369.07, compared to CNY 795,253,657.61 in the same period of 2023, indicating a decrease of 47.8%[20]. - The company's cash and cash equivalents decreased to ¥11.96 billion as of September 30, 2024, from ¥13.96 billion at the end of 2023, a decline of 14.4%[14]. - The cash and cash equivalents at the end of Q3 2024 were CNY 11,894,694,996.80, down from CNY 14,648,108,932.72 at the end of Q3 2023, a decrease of 18.9%[21]. - Cash inflow from financing activities was CNY 5,983,981,237.50 in the first nine months of 2024, a decrease from CNY 28,965,046,040.27 in the same period of 2023[29]. - The ending balance of cash and cash equivalents was CNY 4,440,598,646.27 as of the end of Q3 2024, down from CNY 7,642,781,137.05 at the end of Q3 2023[29]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 75,886.62 million, reflecting a 7.31% increase from the previous year[3]. - The total assets of the company amounted to ¥81.45 billion, compared to ¥75.89 billion at the end of 2023, indicating a growth of 7.4%[15]. - The company's total assets as of the end of Q3 2024 were CNY 100,000,000,000, reflecting a growth of 10% year-over-year[20]. - The total liabilities increased to ¥40.60 billion from ¥35.77 billion, representing a rise of 13.5%[15]. - Total liabilities increased to CNY 18,712,672,993.79 from CNY 17,931,760,865.57, marking an increase of about 4.4%[23]. Shareholder Information - The equity attributable to shareholders was RMB 37,801.73 million, showing a 1.84% increase from RMB 38,500.33 million year-on-year[3]. - The equity attributable to shareholders increased to ¥38.50 billion from ¥37.80 billion, reflecting a growth of 1.8%[15]. - The company’s major shareholders include China Ocean Shipping Group with a 33.89% stake and HKSCC Nominees Limited holding 27.43%[10]. - The total number of ordinary shareholders at the end of the reporting period was 48,119, with 47,991 being A-share shareholders[11]. - The total equity attributable to shareholders increased to CNY 27,067,956,280.94 from CNY 26,568,626,193.68, reflecting a growth of approximately 1.9%[24]. Operational Highlights - The company reported a total of RMB 88,039,221.92 in non-recurring gains and losses for the year-to-date period[4]. - The company acquired 100% equity of Yinzhan International Co., Ltd., leading to adjustments in the previous year's financial data[3]. - The company experienced an increase in accounts receivable due to higher business volume and freight rates, impacting cash inflow[5]. - The company reported a fair value change gain of RMB 50,593,840.48 from its holdings in JD Logistics stocks during the reporting period[4]. - The company received a total of RMB 1.58 billion in government subsidies related to its operations from January to September 2024, primarily for logistics business[6]. - The company's contract logistics volume reached 37.47 million tons, an increase from 35.20 million tons in the same period last year, while project logistics and chemical logistics also saw increases of 11.5% and 17.8% respectively[7]. - The sea freight agency business handled 10.96 million TEUs, up from 9.65 million TEUs year-on-year, indicating a growth of 13.6%[8]. - The air freight volume increased to 753,000 tons, compared to 644,000 tons in the previous year, marking a growth of 17%[8]. - Cross-border e-commerce logistics reached 160 million orders, a decrease from 251 million orders in the same period last year, reflecting a decline of 36.3%[9]. - The company has made significant investments in new technologies and market expansion strategies, although specific figures were not disclosed in the report[12]. - Research and development expenses for the first three quarters of 2024 were ¥124.34 million, compared to ¥142.45 million in the same period of 2023, showing a decrease of 12.7%[16]. - The company reported research and development expenses of CNY 28,206,435.04 for the first three quarters of 2024, down from CNY 106,656,717.15 in the same period of 2023, indicating a significant reduction of about 73.6%[25]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and service offerings in the upcoming quarters[20].

中国外运股份有限公司（以下简称"公司"或"本公司"）第四届董事会第四 次会议通知于 2024 年 10 月 11 日向全体董事发出，本次会议于 2024 年 10 月 25 日在北京市以现场结合通讯方式召开。本次会议由董事长王秀峰先生主持，应出 席董事 10 人，亲自出席董事 6 人，执行董事宋嵘先生、非执行董事罗立女士、许 克威先生及独立非执行董事崔凡先生因其他工作安排，分别委托董事长王秀峰先 生、非执行董事陶武先生、独立非执行董事宁亚平女士及崔新健先生代为出席并 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： 股票代码：601598 股票简称：中国外运 编号：临 2024-056 号 中国外运股份有限公司 第四届董事会第四次会议决议公告 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董事会 二〇二四年十月二十五日 一、关于公司 2024 年第三季度报告的 ...

2024 年第二次临时股东大会、2024 年第二 次 A 股类别股东大会、2024 年第二次 H 股 类别股东大会 会议资料 二〇二四年十一月十五日 | 目录 | | --- | | 2024 | 年第二次临时股东大会、2024 年第二次 A 股类别股东大会和 2024 年第二 | | --- | --- | | 次 H | 股类别股东大会会议议程 1 | | 股东大会注意事项 3 | | | 议案一：关于以集中竞价方式回购公司 股股份方案的议案 4 A | | 中国外运股份有限公司 2024 年第二次临时股东大会、2024 年第二次 A 股类别股东大会和 2024 年第二次 H 股类别股东大会会议议程 股东大会类型和届次：2024 年第二次临时股东大会、2024 年第二次 A 股类别股东大会 和 2024 年第二次 H 股类别股东大会 股东大会召集人：公司董事会 投票方式：本次股东大会的表决采用现场投票和网络投票相结合的方式 现场会议召开的日期、时间和地点： 召开的日期时间：2024 年 11 月 15 日 10 点 00 分 召开地点：北京市朝阳区安定路 5 号院 10 号楼招商局广场 B 座 11 层 ...

股票代码：601598 股票简称：中国外运 编号：临 2024-057 号 中国外运股份有限公司 第四届监事会第三次会议决议公告 本公司监事会及全体监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"）第四届监事会第三次会 议通知已于 2024 年 10 月 11 日向全体监事发出，本次会议于 2024 年 10 月 25 日在北 京市以现场结合通讯方式召开。本次会议由监事会主席张致一女士主持，应出席监事 3 人，全部亲自出席。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。 二、关于调整公司股票期权行权价格的议案 鉴于公司已于 2024 年 10 月 15 日派发 2024 年中期现金股息（含税 0.145 元/股）， 根据《中国外运股份有限公司股票期权激励计划（第一期）》第三十四条有关规定，监 事会同意将股票期权激励计划第一期授予的股票期权的行权价格由 3.62 元/股调整为 3.475 元/股。监事会认为：公司股票期权激励计划（第一 ...

证券代码：601598 证券简称：中国外运 公告编号：临 2024-055 号 中国外运股份有限公司 关于召开 2024 年第二次临时股东大会、2024 年第二 次 A 股类别股东大会和 2024 年第二次 H 股类别股东 大会的通知 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： 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （仅限于A股股东） 2024年第二次H股类别股东大会的相关事宜请参见公司在香港联合交易 所有限公司网站（www.hkexnews.hk）发布的日期为2024年10月28日的相关公告 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会、2024 年第二次 A 股类别股东大会和 2024 年第 二次 H 股类别股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：202 ...

股票代码：601598 股票简称：中国外运 编号：临 2024-058 号 中国外运股份有限公司 关于调整公司股票期权行权价格的公告 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： 中国外运股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 25 日召开 公司第四届董事会第四次会议和第四届监事会第三次会议，审议通过了《关于调整公司股 票期权行权价格的议案》。根据《中国外运股份有限公司股票期权激励计划（第一期）》（以 下简称"《股票期权激励计划（第一期）》"）对行权价格调整的相关规定及 2022 年第一次 临时股东大会的授权，董事会拟对股票期权行权价格进行调整，现将有关事项公告如下： 1、2021 年 11 月 29 日，公司召开了第三届董事会第六次会议和监事会 2021 年度第 七次会议，审议通过了《关于公司股票期权激励计划（草案）及其摘要的议案》《关于< 公司股票期权激励计划实施考核办法>的议案》《关于提请股东大会授权董事会办理公司 股票期权激励计划相关事宜的议案》等议案，公司独立董事对本 ...