Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company demonstrated resilience in operations and is expected to continue providing stable returns to shareholders. The projected net profit for 2024-2026 is estimated at 42.40 billion, 43.71 billion, and 48.01 billion respectively, with a CAGR of 4.38% over three years [3][10] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 56.368 billion, a year-on-year increase of 17.19%. However, the net profit attributable to shareholders was 1.945 billion, a decrease of 11.02% year-on-year. The non-recurring net profit was 1.799 billion, down 6.82% year-on-year [3][10] - The freight forwarding business showed stable profitability, with revenue from agency and related services reaching 35.028 billion, up 22.44% year-on-year. The segment profit remained stable at 1.229 billion [10] - The professional logistics segment faced challenges, with revenue of 15.214 billion, a year-on-year increase of 3.02%, but a segment profit decline of 26.77% [10] Shareholder Returns - The company plans to distribute an interim cash dividend of 0.145 yuan per share (including tax), totaling 1.053 billion (including tax), with a payout ratio of 54.17%, up from 50% in the previous year [10] Future Profit Projections - The projected net profits for 2024, 2025, and 2026 are 42.40 billion, 43.71 billion, and 48.01 billion respectively, with year-on-year growth rates of 0.42%, 3.11%, and 9.82% [3][10]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 4.40 / RMB 6.40 [7][8] Core Views - The company's revenue for 1H24 reached RMB 56.4 billion, representing a year-on-year increase of 17.2%, while the net profit attributable to shareholders was RMB 1.95 billion, down 11.0% year-on-year. The second quarter saw a net profit of RMB 1.14 billion, with a significant quarter-on-quarter increase of 42.3% due to improved export demand and rising international shipping prices [2][3] - The company announced an interim dividend of RMB 0.145 per share, with a payout ratio of 54%, resulting in a current dividend yield of 4% for H shares and 3% for A shares [2] - The performance of the freight forwarding and cross-border e-commerce businesses was strong, while the demand for professional logistics was weak [2] Summary by Sections International Freight Forwarding and Related Businesses - In 1H24, the company's sea freight forwarding volume was 7.449 million TEUs, up 19.1% year-on-year, with operating profit of RMB 480 million, an increase of 9.0% [3] - Air freight forwarding volume reached 413,000 tons, up 24.6% year-on-year, with operating profit of RMB 110 million, an increase of 8.3% [3] - The ship agency and warehouse services saw volume growth of 3.3% and 6.5% respectively, with operating profits of RMB 280 million and RMB 190 million, showing mixed performance [3] E-commerce Business - The e-commerce segment achieved revenue of RMB 6.13 billion in 1H24, a year-on-year increase of 29.7%, with operating profit rising 29.3% to RMB 110 million [4] - The cross-border e-commerce logistics, logistics e-commerce platform, and equipment sharing platform reported operating profits of RMB 74 million, RMB 13 million, and RMB 27 million, respectively, with significant growth in cross-border logistics [4] Professional Logistics - The professional logistics business saw revenue growth of 3.0% to RMB 15.2 billion in 1H24, but operating profit declined by 26.8% to RMB 410 million due to weak demand and falling contract prices [5] - Specific segments such as contract logistics and project logistics reported volume growth, but profitability was negatively impacted [5] Financial Forecasts - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 down by 10%, 9%, and 9% to RMB 4.1 billion, RMB 4.46 billion, and RMB 4.71 billion respectively [2][6] - The estimated PE ratios for 2024 are set at 7.1x, with a target price based on historical PE averages adjusted for the company's improved profitability and dividend payout [2][6]

中国外运股份有限公司 董事会战略与可持续发展委员会议事规则 第一章 总 则 第一条 为了保障中国外运股份有限公司（以下简称"公司"）董事会战略 与可持续发展委员会规范、高效和有序运作，提升公司发展规划和战略决策的科 学性，增强公司可持续发展能力，根据《中华人民共和国公司法》《中国外运股 份有限公司章程》（以下简称"公司章程"）的规定，结合公司的实际情况，特制 订本议事规则。 第二条 董事会战略与可持续发展委员会为董事会下设专门委员会，对董事 会负责，并根据本议事规则的职责范围履行职责。 第三条 董事会秘书负责战略与可持续发展委员会的日常工作。 第二章 董事会战略与可持续发展委员会的组成 第三章 董事会战略与可持续发展委员会的职权 第七条 战略与可持续发展委员会的主要职责是： （一）对公司发展战略、中长期发展规划和重大投资决策进行研究并提出建 议；确立公司战略基本框架；组织制订公司中长期发展规划，指导并审定重要子 1 公司的战略发展规划； （二）对公司拓展新型市场、新型业务进行研究并提出建议； 第四条 董事会战略与可持续发展委员会委员原则上为 5 名，由董事长、副 董事长（如有）及若干董事组成，具体成员由董事长 ...

关于调整公司股票期权行权价格的公告 股票代码：601598 股票简称：中国外运 编号：临 2024-042 号 中国外运股份有限公司 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 8 月 29 日召开 公司第四届董事会第二次会议和第四届监事会第二次会议，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： 一、公司激励计划已履行的相关审批程序及实施情况 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 ...

每股分配比例：派发中国外运股份有限公司（以下简称"公司"）2024 年 中期股息每股现金人民币 0.145 元（含税）。 股票代码：601598 股票简称：中国外运 编号：临 2024-041 号 中国外运股份有限公司 关于 2024 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： 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总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况。 本次利润分配方案已由公司 2023 年度股东大会授权董事会决定。 一、 利润分配方案内容 本次利润分配方案已由公司 2023 年度股东大会授权董事会决定。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 根据公司 2024 年半年度财务报告（未经审计），2024 年上半年合并报表实现 归属于上市公司股东的净利润为人民币 1,945,058,4 ...

中国外运股份有限公司 关于招商局集团财务有限公司的风险持续评估报告 中国外运股份有限公司（以下简称"本公司"）查验了招商局集团财务有限 公司（以下简称"财务公司"）《金融许可证》、《营业执照》等证件资料，审阅了 财务公司资产负债表、利润表、现金流量表等定期财务报告，对财务公司的经营 资质、业务和风险状况进行了评估，现将有关风险评估情况报告如下： 财务公司于 2011 年 5 月 17 日经原中国银行业监督管理委员会批准正式成 立，并取得《金融许可证》，是具有企业法人地位的非银行金融机构。 注册地：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 法定代表人：周松 注册资本：人民币 50 亿元，其中招商局集团有限公司和中国外运长航集团 有限公司分别认缴出资人民币 25.5 亿元和人民币 24.5 亿元，分别占比 51%和 49%。 统一社会信用代码：9111000071782949XA 财务公司业务范围包括：吸收成员单位存款；办理成员单位贷款；办理成员 单位票据贴现；办理成员单位资金结算与收付；提供成员单位委托贷款、债券承 销、非融资性保函、财务顾问、信用鉴证及咨询代理业务；从事同业拆借；办 ...

中国外运股份有限公司独立董事专门会议工作规则 第一章 总则 第一条 为进一步完善中国外运股份有限公司（以下简称：公司）法人治理 结构，充分发挥独立董事在公司治理中的作用，保护中小投资者的相关利益，促 进公司规范运作，根据《中华人民共和国公司法》《上市公司独立董事管理办法》 第四条 经公司独立董事专门会议审议并经全体独立董事过半数同意后，独 立董事方可行使下列特别职权： （一）独立聘请中介机构，对公司具体事项进行审计、咨询或者核查； （二）向董事会提议召开临时股东大会； （三）提议召开董事会会议。 独立董事行使本条所列职权的，公司应当及时披露。本条所列独立董事职权 不能正常行使的，公司应当披露具体情况和理由。 《上海证券交易所股票上市规则》等法律法规和规范性文件及《中国外运股份有 限公司章程》（以下简称：公司章程）、《中国外运股份有限公司独立董事工作 制度》的有关规定，制定本规则。 第二条 独立董事专门会议是指由公司全体独立董事参加，为履行独立董事 职责专门召开的会议。 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、 实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判 断 ...

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 中国 · 北京 二〇二四年八月 律师事务所 A 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)-05-291 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") 涉及的相关事项出具本法律意见书。 为出具本法律 ...

中国外运股份有限公司独立董事专门会议 二零二四年度第一次会议决议 中国外运股份有限公司（以下简称"公司"或"本公司"）独立董事专门会议 二零二四年度第一次会议通知于 2024 年 8 月 23 日向全体独立董事发出，本次会 议于 2024 年 8 月 27 日在北京市以现场结合通讯方式召开。本次会议由独立董事 宁亚平主持，应出席董事 4 人，全部亲自出席。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。 本次会议审议并通过以下决议： 一、关于财务公司金融服务的风险持续评估报告的议案 经审议，公司独立董事一致同意该议案，并同意提交公司董事会审议。公司 独立董事认为：《关于招商局集团财务有限公司的风险持续评估报告》真实、客观、 公正地反映了截至 2024 年 6 月 30 日招商局集团财务有限公司的业务资质、经营 状况和风险防控情况，招商局集团财务有限公司具有合法有效的业务资质，依法 合规经营，运作规范，经营情况和财务状况良好，风险管理体系健全。 特此决议，自即日起生效。 独立董事：王小丽、宁亚平、崔新健、崔凡 - 1 - 二零二四年八月二十七日 ...

Financial Performance - The company reported a revenue of 56.4 billion RMB for the first half of 2024, representing a 17% increase year-on-year[21]. - The net profit attributable to shareholders for the same period was 19.5 billion RMB, which is 54.17% of the total net profit[21][4]. - The company achieved operating revenue of RMB 56.37 billion in the first half of 2024, representing a year-on-year increase of 17.19% due to growth in business volume and rising freight rates[59]. - Net profit attributable to shareholders decreased by 11.02% to RMB 1.95 billion, primarily impacted by weak domestic market demand and intensified competition[64]. - Basic earnings per share decreased by 11.17% to RMB 0.2680, while diluted earnings per share fell by 11.37% to RMB 0.2674[63]. - The company reported a decrease in net profit after deducting non-recurring gains and losses by 6.82% to RMB 1.80 billion[64]. - The company’s total cash dividends for 2023, including interim and final dividends, are approximately CNY 2.13 billion (including tax)[176]. Dividend Distribution - The company plans to distribute an interim dividend of 0.145 RMB per share, totaling approximately 1.05 billion RMB, based on the total share capital[4]. - The mid-term dividend proposed is CNY 0.145 per share, with an expected total distribution of approximately CNY 1.054 billion, representing 54.17% of the net profit attributable to shareholders for the first half of 2024[160]. - The company plans to distribute a cash dividend of CNY 1.45 per 10 shares, totaling CNY 1,053,563,321.16 for the 2023 fiscal year[175]. Operational Highlights - The company achieved a 30% increase in business volume in the railway agency segment[28]. - The revenue from the air freight segment increased by 28%[25]. - The logistics segment's profit margin improved by 9%[25]. - The company has operated over 1.19 million international trains, handling 1.5 million standard containers as of June 2024[77]. - The company has launched B2C e-commerce small package products and B2B air freight products targeting markets in Europe, the USA, South America, Africa, and Japan[80]. - The company has established stable strategic partnerships with key airlines and logistics service providers to ensure supply chain stability[76]. Financial Position - The company maintained a debt ratio of 54% as of June 30, 2024[22]. - The company's total assets at the end of the reporting period were RMB 77.49 billion, reflecting a 2.11% increase compared to the end of the previous year[60]. - The net assets attributable to shareholders increased by 2.07% to RMB 38.58 billion at the end of the reporting period[60]. - The company's short-term borrowings increased by 216.76%, amounting to ¥1.93 billion, compared to ¥610.22 million last year[121]. - The company’s overseas assets amounted to ¥20.27 billion, accounting for 26.71% of total assets[124]. Market Environment - The company is facing challenges from customers tightening logistics cost controls amid a competitive market environment[64]. - The company faces risks from external political and economic environments, including ongoing geopolitical tensions and trade frictions, which may adversely affect its operational performance[133]. - The company aims to enhance its macroeconomic and industry cycle research to better respond to market changes and improve its strategic capabilities[133]. Strategic Initiatives - The company is committed to building a world-class smart logistics platform[6]. - The company aims to transform its professional logistics business towards value chain integration, focusing on customized solutions and industry-specific sales[74]. - The company is investing in digital transformation and technology empowerment to innovate its service offerings across various transport modes[136]. - The company is committed to developing a comprehensive supply chain solution to meet market demands and improve its competitive edge[136]. Environmental Responsibility - In the first half of 2024, the company achieved a significant reduction in nitrogen oxides emissions to 35.20 tons and sulfur oxides emissions to 21.39 tons, with wastewater discharge amounting to 794,800 cubic meters[194]. - The company has successfully integrated renewable energy into its logistics operations, with 84% of its forklifts being electric and the successful grid connection of its new energy logistics park in Shanghai[197]. - The company has implemented a carbon neutrality project for its first international train service, setting a new benchmark for green logistics in the industry[197]. - The company has established a comprehensive environmental risk management system, including the issuance of specific management measures for pollution control and hazardous waste[195]. - The company has not reported any environmental pollution incidents during the reporting period, indicating a strong commitment to environmental responsibility[194].