YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 北京市嘉源律师事务所 关于中国外运股份有限公司 2025 年第二次临时股东大会 的法律意见书 西城区复兴门内大街 中国 · 北 二〇二五年六月 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 2025年第二次临时股东大会 的法律复见书 嘉源(2025)-04-499 受中国外运股份有限公司(以下简称"公司")委托,北京市嘉源律师事务 所(以下简称"本所")指派律师出席了公司 2025 年第二次临时股东大会(以 下简称"本次股东大会"),并根据《中华人民共和国公司法》《上市公司股东 会规则》及《中国外运股份有限公司章程》（以下简称"《公司章程》"）的规 定,就公司本次股东大会的召集与召开程序、召集人和出席会议人员的资格、表 决程序等事项出具律师见证意见如下: 一、会议的召集与召开程序 1、2025年6月6日,公司第四届董事会第十三次会议决议召开本次股东大 会。 2、公司于 2025年6月10日在上海证券交易所网站发 ...

Core Viewpoint - Sinotrans has signed a Share Purchase Agreement to sell a 25% equity stake in Loscam International Holdings Limited for US$470 million, retaining a 20% stake post-transaction, which is expected to optimize its asset structure and enhance investment returns [1][2]. Group 1: Transaction Details - The sale of the 25% stake in Loscam International is valued at approximately Rmb3.38 billion, with Loscam being a leading company in the pallet leasing business [1]. - The transaction implies a P/E ratio of 28.4x based on Loscam's 2024 earnings, which is significantly higher than Sinotrans' A-shares and H-shares valuations [2]. Group 2: Financial Impact - The transaction is expected to generate an investment gain of approximately Rmb1.79 billion and cash inflows of around Rmb4.44 billion, including additional dividends of approximately Rmb1.06 billion from Loscam [2]. - It is estimated that the transaction could boost Sinotrans' net profit by Rmb1.35 billion, representing a 38% increase in 2025 earnings [3]. Group 3: Business Resilience and Dividend Yield - Sinotrans has shown strong business resilience, with a 9% year-on-year increase in sea freight forwarding volume in Q1 2023, despite facing cost pressures [4]. - The transaction may alleviate market concerns over 2025 earnings, with estimated dividend yields of 6.8% for A-shares and 9.2% for H-shares based on a 50% dividend payout ratio [4]. Group 4: Financial Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged at Rmb3.56 billion and Rmb3.70 billion, reflecting growth rates of -9.2% and 4.0% respectively [5]. - Sinotrans' A-shares and H-shares are currently trading at P/E ratios of 10.2x and 7.5x for 2025 [5]. Group 5: Ratings and Target Prices - The company maintains an OUTPERFORM rating on A-shares with a target price of Rmb5.80, implying an 11.9x 2025 P/E and a 17% upside [6]. - For H-shares, the OUTPERFORM rating is maintained with a raised target price of HK$4.75, implying a 9.0x 2025 P/E and a 19.9% upside [6].

Core Viewpoint - China Shipping (00598.HK) announced a share purchase agreement involving the sale of stakes in Lu Kai International, with a total consideration of approximately $567 million (around RMB 4.058 billion) [1][2][3] Group 1: Transaction Details - The buyers have conditionally agreed to acquire 25%, 3%, and 2% stakes in Lu Kai International from China Shipping, CITIC Capital Maneuver, and FV Pallet, respectively [1] - The total consideration for the shares is approximately $567 million, with individual amounts being about $472 million (RMB 3.382 billion), $56.66 million (RMB 406 million), and $37.77 million (RMB 271 million) for each seller [1] Group 2: Company Background - Lu Kai International, registered in the British Virgin Islands, primarily provides leasing, maintenance, cleaning, and disposal services for pallets and related equipment in regions including Australia, New Zealand, Southeast Asia, and Greater China [2] - As of the announcement date, Lu Kai International is 45% owned by China Shipping through its indirect wholly-owned subsidiary, with CITIC Capital Maneuver and FV Pallet holding 33% and 22%, respectively [2] Group 3: Strategic Implications - Post-transaction, China Shipping will hold a 20% stake in Lu Kai International, which will continue to be an associate of the company [3] - The sale aims to optimize the asset structure, unlock potential value from equity assets, and redirect recovered funds towards core business development, aligning with the long-term interests of the company and its shareholders [3] - The transaction is expected to enhance the shareholder background of Lu Kai International, contributing to the stability of its business operations [3]

Group 1: IPO Approvals - Ningbo Fengwo Turbocharger Technology Co., Ltd. has received approval for its main board IPO, focusing on turbocharger R&D, manufacturing, and sales, with a projected revenue of 1.399 billion yuan in 2022, 1.5975595 billion yuan in 2023, and 2.067 billion yuan in 2024 [1] - Wuxi Liqi Intelligent Equipment Co., Ltd. has received approval for its ChiNext IPO, specializing in automated material handling solutions, with expected revenues of 618.0841 million yuan in 2022, 1.7193501 billion yuan in 2023, and 2.1726545 billion yuan in 2024 [2] - Maitian Energy Co., Ltd. has received approval for its ChiNext IPO, focusing on home energy ecosystems, with projected revenues of 2.4860363 billion yuan in 2022, 2.8998152 billion yuan in 2023, and 3.3918166 billion yuan in 2024 [3] - Tianhai Automotive Electronics Group Co., Ltd. has received approval for its main board IPO, providing automotive transmission and control solutions, with expected revenues of 8.215 billion yuan in 2022, 11.5486166 billion yuan in 2023, and 12.5234468 billion yuan in 2024 [4] - Jiangsu Kangrui New Materials Technology Co., Ltd. has received approval for its main board IPO, focusing on precision metal materials, with projected revenues of 1.053 billion yuan in 2022, 2.486 billion yuan in 2023, and 2.998 billion yuan in 2024 [5] Group 2: Termination of IPO - Zhuzhou Kenen New Materials Co., Ltd. has withdrawn its application for a Sci-Tech Innovation Board IPO, initially accepted on June 21, 2023, with a planned fundraising of 588 million yuan [6] Group 3: Financing Activities - Bertley plans to raise up to 2.802 billion yuan through convertible bonds to expand production capacity for various braking systems and components [7] - Zhifei Biological plans to issue bonds totaling up to 6 billion yuan for technology innovation and operational needs [8] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to supplement working capital [9] - Beite Technology plans to raise up to 300 million yuan for the construction of a production base in Thailand [10] Group 4: Mergers and Acquisitions - DreamNet Technology plans to acquire 100% of Bicheng Digital for 1.28 billion yuan, enhancing its service offerings in the information technology sector [11] - Chenghe Technology has terminated its major asset restructuring plan to acquire a stake in Yingri Technology due to failure to reach consensus on key terms [12] Group 5: Regulatory Compliance - The vice chairman of Suning Holdings has had 1.81 million shares judicially enforced, reducing his holdings to zero [13] - The Shanghai Stock Exchange has issued a disciplinary notice to Hubei Jiu You Investment for failing to disclose related party transactions and inaccuracies in financial reports [14] - The chairman of Youkeshu will have 1.09% of shares judicially auctioned [15] Group 6: Equity Transactions - China Foreign Trade has signed an agreement to sell 25% of Lu Kai International for approximately 3.382 billion yuan, resulting in a change in shareholding structure [16] - *ST Tianyu plans to sell its data security industrial park's real estate assets for 271 million yuan to an affiliate [16] Group 7: Control Changes - Online and Offline Company has signed agreements for a share transfer and voting rights waiver, resulting in a change of control to Deep Lei Technology [17] - Riju Optical's subsidiary plans to invest 822 million yuan in a new functional film production project to meet market demand [17] - Zhongrong Co., Ltd.'s actual controller has been released on bail and has resumed duties, with normal business operations [18]

Suspension - Songyang Resources is planning a change in control, leading to a suspension of its stock [1] Private Placement and Mergers - Beite Technology plans to raise no more than 300 million yuan for the construction of a screw production base in Thailand [2] - Xining Special Steel intends to raise no more than 1 billion yuan to supplement its working capital [3] - Haishun New Materials is planning to acquire 100% equity of Guangdong Zhengyi Packaging Co., Ltd. through cash payment [3] Share Buybacks and Transfers - Shaanxi Jinye's actual controller proposed a buyback of 40 million to 70 million yuan [4] - Huate Dain's shareholder Guo Weisong plans to continue increasing his stake by 1.85% to 3.70% [5] - Zhongying Technology's shareholder is inquiring about a share transfer at a price of 31 yuan per share [6] - Rebecca's controlling shareholder is transferring 6.18% of shares through an agreement [7] External Investments and Daily Operations - Ningbo Huaxiang's subsidiary has been entrusted by Shanghai Zhiyuan to produce full-size biped robots [8] - Xinhongye's subsidiary won a bid for a 42.34 million yuan power cable procurement project from China Nuclear Construction [9] - Angel Yeast plans to invest 502 million yuan in the construction of a biological manufacturing center [10] - Hubei Yihua's phosphate chemical project has partially commenced full-load production [11] - Lian De Equipment is the first candidate for the bid for BOE's 8.6-generation AMOLED production line project, with a bid price of 157 million yuan [11] - China Foreign Transport's subsidiary plans to sell 25% equity of Lu Kai International for 3.382 billion yuan, expecting an investment return of 1.793 billion yuan [12] - Sitake plans to invest 12 million yuan in Huarui Xincai to enter the semiconductor photoresist field [13] - Jingce Electronics' subsidiary signed a sales contract for semiconductor testing equipment worth 113 million yuan [14] - Rijiu Optoelectronics' wholly-owned subsidiary Zhejiang Rijiu plans to invest approximately 822 million yuan to construct a functional film project with an annual output of 6 million square meters [14] Performance Changes - Dalian Heavy Industry expects a net profit of 305 million to 326 million yuan for the first half of the year, representing a year-on-year increase of 11.12% to 18.92%, mainly benefiting from the growth in gross profit of material handling equipment [15]

证券代码：601598 证券简称：中国外运 公告编号：临 2025-051 号 中国外运股份有限公司 关于下属公司出售路凯国际控股有限公司 25% 股权暨签署协议的公告 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： 2025 年 6 月 26 日，中国外运股份有限公司（以下简称"公司""本公 司"或"中国外运"）下属全资子公司招商局船务企业有限公司（以 下简称"招商船企"）、CITIC Capital Maneuver Holdings Limited（以 下简称"CITIC Capital Maneuver"）、FV Pallet Leasing Holding Ltd（以 下简称"FV Pallet"）、买方 MIC Industrial Investments 4 RSC LTD（以 下简称"MIC"）及路凯国际控股有限公司（以下简称"路凯国际"） 签署《关于路凯国际控股有限公司的股份购买协议》（以下简称"《股 份购买协议》"），约定 MIC 分别受让招商船企持有的路凯国际 25% 股权（以下简称"本次 ...

股票代码：601598 股票简称：中国外运 编号：临 2025-050 号 中国外运股份有限公司 第四届董事会第十四次会议决议公告 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（以下简称"公司"或"本公司"）第四届董事会第 十四次会议通知于 2025 年 6 月 21 日向全体董事发出，本次会议于 2025 年 6 月 26 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 10 人，亲自出席董事 8 人，董事杨国峰先生、许克威先生因其他工作安排， 分别委托董事长张翼先生和董事宁亚平女士代为出席并表决。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、关于出售参股公司部分股权的议案 经审议，董事会一致同意该议案。具体内容如下： （二）同意授权招商船企签署《股份购买协议》、《股东协议》及与本次交 易相关的文件，同意授权公司董事长签署其 ...

Core Viewpoint - China National Foreign Trade Transportation Group (China Foreign Trade) announced the sale of a 25% stake in LuKai International for approximately 3.38 billion yuan, expecting an investment gain of about 1.793 billion yuan from the transaction [1] Group 1 - The transaction involves the sale of 25% equity held by China Foreign Trade's wholly-owned subsidiary, China Merchants Shipbuilding, along with smaller stakes from CITIC Capital Maneuver and FV Pallet [1] - The total consideration for the sale is approximately 47.216 million USD, equivalent to about 3.38 billion yuan [1] - Post-transaction, China Merchants Shipbuilding will hold a 20% stake in LuKai International, while MIC will hold 30%, and CITIC Capital Maneuver and FV Pallet will hold 30% and 20% respectively [1] Group 2 - The expected investment gain from this transaction, after deducting related transaction costs, is approximately 1.793 billion yuan, excluding tax implications [1] - The transaction is subject to approval from the State-owned Assets Supervision and Administration Commission (SASAC) and other regulatory bodies, including antitrust reviews [1]

自2021年首批公募REITs获批以来，公募REITs发展迅猛。首 单央企仓储物流基础设施REITs——中银中外运仓储物流封闭 式基础设施证券投资基金（简称中银中外运仓储物流REIT， 基金代码：508090）正式开启募集，募集期为6月23日至6 月24日。 作者： 墨川 封图：图片资料室 近年来，国家对仓储物流基础设施建设的重视程度不断加强， 同时 各地不断大力提振消费、多渠 道促进居民增收 ， 在此背景下仓储物流租赁市场有望迎来需求修复。 基金发售公告显示，中银中外运仓储物流 REIT 询价工作已于 6 月 1 6 日完成， 最终定价 3.277 元 / 份，将通过战略配售、网下发售、公众发售相结合的方式进行发售。按照认购价格 3.277 元 / 份和 4 亿份的发售份额计算，若发售成功，预计募集资金总额为 13.108 亿元（不 含认购费用和认购资金在募集期产生的利息）。 中银中外运仓储物流 REIT 首次发行拟投资的 基础设施资产共 6 处 ，均为仓储物流类基础设施 项目 。从区位来看，产品首发资产聚焦于长三角、京津冀、川渝地区的重要物流节点，深度嵌入 长江经济带与京津冀协同发展区，区域物流需求强劲， ...

港股物流股震荡上升，顺丰同城(09699.HK)涨超8.5%，顺丰控股(06936.HK)涨近4%，中国外运 (00598.HK)涨1%。 ...