Core Viewpoint - The company reported its 2025 half-year results, highlighting a focus on shareholder returns with a maintained dividend of 0.145 yuan per share, despite a revenue decline due to falling freight rates [1][2]. Revenue Summary - In 1H25, the company achieved revenue of 50.5 billion yuan, a year-on-year decrease of 10%, primarily due to declining freight rates [1]. - For 2Q25, revenue was 26.8 billion yuan, down 17% year-on-year [2]. Profit Summary - The net profit attributable to shareholders for 1H25 was 19.5 billion yuan, flat year-on-year, with a net profit margin of 3.9%, up 0.4 percentage points [1]. - In 2Q25, the net profit attributable to shareholders was 13.0 billion yuan, a 14% increase year-on-year, with a net profit margin of 4.9%, up 1.3 percentage points [2]. Investment Income - Investment income for 1H25 was 11.7 billion yuan, a year-on-year increase of 19.8%, with 4.39 billion yuan coming from REITs logistics infrastructure [1]. - In 2Q25, investment income reached 8.6 billion yuan, a significant year-on-year increase of 73.7% [2]. Business Segment Performance - Freight forwarding in 1H25 generated external revenue of 29.63 billion yuan, down 15.49% year-on-year, while gross profit increased by 17.26% to 2.003 billion yuan [2]. - Professional logistics reported external revenue of 14.32 billion yuan in 1H25, down 5.86% year-on-year, with gross profit of 1.075 billion yuan, down 4.43% [3]. - E-commerce business achieved external revenue of 6.57 billion yuan in 1H25, up 7.28% year-on-year, but gross profit fell significantly by 65.85% to 0.025 billion yuan [3]. Dividend and Shareholder Returns - The company maintained a dividend of 0.145 yuan per share in 1H25, resulting in a dividend yield of 2.6% based on the closing price on August 26, 2025, with a payout ratio of 53.45% [3]. - Total dividends and buybacks in 1H25 amounted to 1.494 billion yuan, representing 76.7% of the net profit attributable to shareholders [3]. Future Outlook - The company is projected to achieve revenues of 110.3 billion yuan, 114.5 billion yuan, and 119.5 billion yuan for 2025-2027, with net profits of 4.2 billion yuan, 4.45 billion yuan, and 4.68 billion yuan respectively [3].

Investment Rating - The report maintains a "Buy" rating for China National Freight Forwarding Co., Ltd. (601598) [1] Core Views - The company's performance aligns with expectations, with a reported revenue of 50.5 billion yuan in H1 2025, a year-on-year decline of 10%, and a net profit attributable to shareholders of 1.95 billion yuan, showing a slight increase of 0.1% [6] - The issuance of REITs and the sale of a 25% stake in Luhai International are expected to enhance asset liquidity and improve net profit [6] - The company emphasizes shareholder returns, with dividends and buybacks accounting for 77% of net profit in H1 2025 [6] - The profit forecast for 2025 has been raised due to the positive impact of asset management activities, with expected net profit of 6.3 billion yuan [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 114.225 billion yuan, with a year-on-year growth rate of 8.1% [5] - The net profit attributable to shareholders is forecasted to reach 6.257 billion yuan in 2025, reflecting a significant increase of 59.7% compared to the previous year [5] - The earnings per share (EPS) is expected to be 0.86 yuan in 2025, with a projected PE ratio of 7 [5] - The company's gross margin is anticipated to be 5.8% in 2025, with a return on equity (ROE) of 14.4% [5]

Core Viewpoint - Bank of America Securities reports that China National Freight (601598) experienced a 22% year-on-year decline in core profit to 1.4 billion RMB, achieving 50% of the bank's full-year forecast [1] Financial Performance - The interim dividend per share remains stable at 0.145 RMB, unchanged year-on-year [1] - Total profit stands at 1.9 billion RMB, consistent with the previous year, which includes 440 million RMB from C-REIT disposal gains [1] Dividend Policy - Despite a high payout ratio of 53.5% in the first half, management has reiterated a commitment to maintaining a stable dividend policy [1] Future Projections - The sale of Loscam equity is expected to generate 1.793 billion RMB in gains and 4.4 billion RMB in cash flow in the second half, supporting the dividend [1] - The target price for the company's Hong Kong stock is raised from 4.3 HKD to 5 HKD, maintaining a "Buy" rating, while the A-share target price is increased by 8% to 5.6 RMB, with a "Neutral" rating [1]

智通财经APP获悉，美银证券发布研报称，中国外运(00598)上半年核心利润为14亿元人民币(下同)，同 比下降22%，达该行全年预测的50%。中期息每股0.145元，同比持平。利润19亿元，同比持平，当中包 括4.4亿元的C-REIT处置收益。虽然上半年派息率较高，达53.5%，管理层重申将维持稳定派息政策。 该行料出售Loscam股权将在下半年带来17.93亿元收益及44亿元的现金流入，从而支持派息。重申对公 司港股"买入"评级，目标价由4.3港元升至5港元;重申对其A股(601598.SH)"中性"评级，目标价升8%至 5.6元人民币。 ...

Core Viewpoint - China National Freight Forwarding (中国外运) reported a decline in total revenue for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amidst challenging market conditions [1]. Financial Performance - Total revenue for the first half of 2025 was 50.523 billion yuan, a decrease of 10.42% year-on-year [1]. - Net profit attributable to shareholders was 1.947 billion yuan, reflecting a marginal increase of 0.08% year-on-year [1]. - In Q2 2025, total revenue was 26.751 billion yuan, down 16.66% year-on-year, while net profit for the quarter was 1.302 billion yuan, up 14.05% year-on-year [1]. Profitability Metrics - Gross margin improved to 6.14%, an increase of 19.13% year-on-year [1]. - Net margin rose to 4.21%, reflecting a year-on-year increase of 13.80% [1]. - The total of selling, administrative, and financial expenses was 2.06 billion yuan, accounting for 4.08% of revenue, which is an increase of 8.65% year-on-year [1]. Cash Flow and Assets - Cash flow per share was 0.02 yuan, a significant increase of 110.17% year-on-year [1]. - The company reported a total of 111.78 billion yuan in cash and cash equivalents, up 31.68% year-on-year [1]. - Accounts receivable decreased to 15.53 billion yuan, down 9.83% year-on-year [1]. Debt and Equity - Interest-bearing debt increased to 10 billion yuan, a rise of 23.67% year-on-year [1]. - Book value per share was 5.51 yuan, reflecting a year-on-year increase of 4.10% [1]. - Earnings per share remained stable at 0.27 yuan, with a slight increase of 0.97% year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) was 8.34%, indicating average capital returns [3]. - The estimated dividend yield is 4.59% [3]. - Analysts expect the company's performance in 2025 to reach 3.997 billion yuan, with an average earnings per share forecast of 0.55 yuan [3].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company successfully issued REITs for warehouse and logistics infrastructure, contributing to investment income and maintaining a dividend of CNY 0.145 per share, reflecting a commitment to shareholder returns [1]. - In the first half of 2025, the company reported a revenue of CNY 50.5 billion, a decrease of 10% year-on-year, primarily due to falling freight rates. However, gross profit increased by 6.8% to CNY 3.1 billion, with a gross margin of 6.1% [2]. - The net profit attributable to shareholders for the first half of 2025 was CNY 19.5 billion, flat year-on-year, with a net profit margin of 3.9% [2]. - Investment income reached CNY 1.17 billion, up 19.8% year-on-year, with CNY 439 million coming from the REITs [2]. - The company’s major joint venture, DHL, reported a net profit of CNY 912 million in the first half of 2025, down 38.7%, contributing CNY 456 million to the company's investment income [2]. Revenue and Profit Analysis - For Q2 2025, the company achieved a revenue of CNY 26.8 billion, down 17% year-on-year, while gross profit was CNY 1.72 billion, up 4.2% [3]. - The net profit attributable to shareholders for Q2 2025 was CNY 13.0 billion, a 14% increase year-on-year, with a net profit margin of 4.9% [3]. - The company expects to generate approximately CNY 1.793 billion from the sale of a 25% stake in a subsidiary, with an estimated cash inflow of CNY 4.442 billion [3]. Business Segment Performance - In the freight forwarding segment, revenue for the first half of 2025 was CNY 29.628 billion, down 15.49% year-on-year, while gross profit increased by 17.26% to CNY 2.003 billion [4]. - The professional logistics segment reported revenue of CNY 14.323 billion, down 5.86%, with a gross profit of CNY 1.075 billion, down 4.43% [4]. - The e-commerce segment saw revenue growth of 7.28% to CNY 6.571 billion, but gross profit fell by 65.85% to CNY 0.025 billion [4]. Dividend and Shareholder Returns - The company maintained a dividend of CNY 0.145 per share for the first half of 2025, resulting in a dividend yield of 2.6% based on the closing price on August 26, 2025 [4]. - The total amount for dividends and share buybacks reached CNY 1.494 billion, accounting for 76.7% of the net profit attributable to shareholders [4]. Financial Forecast - The company forecasts revenues of CNY 110.3 billion, CNY 114.5 billion, and CNY 119.5 billion for 2025, 2026, and 2027, respectively, with net profits of CNY 4.2 billion, CNY 4.5 billion, and CNY 4.7 billion [5][6]. - The current price corresponds to a PE ratio of 10 for 2025, decreasing to 9 for 2026 and 2027 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company reported a revenue of 50.52 billion RMB for 1H25, a year-on-year decrease of 10.4%, while the net profit attributable to shareholders was 1.95 billion RMB, slightly up by 0.08% year-on-year. The decline in profit is primarily attributed to the negative impact of tariffs on international freight forwarding and weak demand in specialized logistics [1][2]. - The report anticipates an improvement in profitability in the second half of 2025, driven by a reduction in tariff impacts and a potential recovery in the international freight forwarding and specialized logistics markets in 2026-2027 [1][5]. - The company plans to optimize its asset structure by selling a 25% stake in a subsidiary, which is expected to generate significant one-time disposal gains and cash inflow [5]. Summary by Sections International Freight Forwarding - The international freight forwarding segment showed resilience with a profit of 1.22 billion RMB in 1H25, a slight decline of 1.2% year-on-year. Air freight volumes decreased by 0.5%, while sea freight volumes increased by 6.2% [2]. - The report highlights that the tariff adjustments in the U.S. significantly impacted air freight volumes, but the sea freight market remained relatively stable due to its larger scale [2]. Specialized Logistics - The specialized logistics segment reported a revenue of 14.32 billion RMB, down 5.9% year-on-year, with a profit decline of 22.4%. The drop in profit is attributed to weak overall macro demand and pressure on the contract logistics market [3]. - The report notes that logistics warehousing prices are at historical lows, while costs remain rigid, contributing to the profit decline [3]. Investment Income - Investment income from joint ventures totaled 690 million RMB, a year-on-year decrease of 29.6%. The contribution from the joint venture with DHL fell by 38.7%, reflecting a decline in the international air freight market [4]. Asset Optimization - The company has completed the listing of its first domestic REITs in the logistics sector and plans to sell part of its stake in a subsidiary, which is expected to bring in approximately 1.793 billion RMB in one-time gains and around 4.442 billion RMB in cash inflow [5]. - The report adjusts the PE valuation multiples upward, reflecting the anticipated recovery in market conditions and the company's asset optimization efforts [5].

Core Insights - The company reported a revenue of 50.5225 billion yuan for the first half of 2025, representing a year-on-year decline of 10.42% [2] - The net profit attributable to shareholders was approximately 1.947 billion yuan, showing a slight increase of 0.08% year-on-year [2] - The basic earnings per share were 0.27 yuan, with a cash dividend of 0.145 yuan per share (tax included) [2] - The net profit after deducting non-recurring gains and losses was 1.398 billion yuan, reflecting a year-on-year decrease of 22.30% [2] Logistics Performance - The company handled 24.218 million tons of contract logistics (including cold chain logistics) in the first half of 2025, down from 24.926 million tons in the same period last year [2] - Project logistics amounted to 3.414 million tons, compared to 3.302 million tons in the previous year [2] - Chemical logistics reached 2.033 million tons, an increase from 1.859 million tons year-on-year [2]

格隆汇8月26日丨中国外运(601598.SH)发布中报，2025上半年实现营业总收入505.23亿元，同比下降 10.42%；归属母公司股东净利润19.47亿元，同比增长0.08%；基本每股收益为0.2707元。此外，拟对全 体股东每10股派发现金红利1.45元(含税)。 ...

股票代码：601598 股票简称：中国外运 编号：临 2025-064 号 中国外运股份有限公司 关于 2025 年上半年利润分配方案的公告 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： ? 每股分配比例：派发中国外运股份有限公司（以下简称：公司）2025 年中 期股息每股现金人民币 0.145 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本（扣除公司回购专 用账户中的股份）为基数，具体日期将在权益分派实施公告中明确。 ? 如在实施权益分派的股权登记日前，公司实际有权参与权益分派的股数发 生变动的，拟维持每股分配金额不变，相应调整分配总额，并将在相关公告中披 露。 （一）公司拟向全体股东每股派发现金人民币 0.145 元（含税）。截至 2025 年 8 月 26 日，公司总股本为 7,272,197,875 股，公司 A 股回购专用账户中的股数 为 94,714,181 股，以此计算合计派发现金人民币 1,040,735,135.63 元（含税）；2025 年上半年以现金为对价，采用集中竞 ...