股票代码：601598 股票简称：中国外运 编号：临 2025-028 号 中国外运股份有限公司 第四届董事会第九次会议决议公告 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 九次会议于 2025 年 4 月 3 日以书面议案方式召开，董事会于 2025 年 3 月 26 日向 全体董事发出了会议通知并呈送议案资料。会议应参加表决董事 11 人，实际参加 表决董事 11 人。截至 2025 年 4 月 3 日，共收到有效表决票 11 票。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、关于选举张翼先生担任公司董事长（法定代表人）的议案 经审议，董事会一致同意选举张翼先生（简历详见附件）为公司董事长（法 定代表人），任期自二零二五年四月三日起至第四届董事会任期届满之日止。 表决票 11 票，赞成票 11 票，反对票 0 票，弃权票 0 票。 二、关于调整董 ...

证券代码：601598 证券简称：中国外运 公告编号：临 2025-026 号 中国外运股份有限公司 关于以集中竞价交易方式回购公司 A 股股份的 进展公告 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： /股（含），回购期限为自股东大会审议通过本次回购股份方案之日起 12 个月内。 具体回购方案的内容详见公司于 2024 年 11 月 21 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购公司 A 股股份的回购 报告书》。 二、回购 A 股股份的进展情况 截至 2025 年 3 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司 A 股股份 63,653,917 股，占公司截至 2025 年 3 月 31 日总股 本的比例为 0.87%，购买的最高价为 5.32 元/股、最低价为 5.03 元/股，已支付 的总金额为人民币 329,295,397.16 元（不含交易费用）。 本次回购符合相关法律法规的规定及公司回购股份方案的要求。 三、其他事 ...

Core Viewpoint - The announcement details the results of the second exercise period of the stock option incentive plan for China National Freight Forwarding Co., Ltd., highlighting the number of shares exercised and the relevant procedures [1][8]. Summary by Sections Decision Procedures and Information Disclosure - The stock option incentive plan was approved by the board and supervisory committee, with independent opinions provided by independent directors [1][2]. - The plan was publicly disclosed from January 7 to January 16, 2022, with no objections received [2]. Stock Option Exercise Details - A total of 20,431,890 shares were exercised during this period, with the exercise date set for March 28, 2025 [1][8]. - The exercise price was adjusted multiple times, with the final price set at 3.475 yuan per share [4][6]. Participants and Share Distribution - The exercise involved 164 participants, with a total of 20,431,890 shares being transferred [7][8]. - The breakdown of shares exercised by key executives and other participants was provided, showing a significant portion exercised by other incentive objects [7]. Stock Source and Capital Structure - The shares exercised were sourced from the company's repurchased A-shares, ensuring no change in the total share capital [7][8]. - The total number of unrestricted shares remained unchanged at 7,294,216,875 shares post-exercise [7][8]. Financial Impact - The exercise of stock options will not affect the company's total share capital or significantly impact its financial status and operating results [9].

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： 一、本次股票期权行权的决策程序及相关信息披露 1、2021 年 11 月 29 日，中国外运股份有限公司（以下简称：公司或本公司）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。公司独立董事对本期激励计划相关事项发表了独立意见，监事会对本期激励计划相关 事项发表了核查意见。 股票代码：601598 股票简称：中国外运 编号：临 2025-025 号 中国外运股份有限公司 关于公司股票期权激励计划（第一期）第二个行权期 首次行权结果暨股份过户登记的公告 6、2022 年 3 月 1 日，公司于中国证券登记结算有限责任公司上海分公司完成了 7,392.58 万份股票期权的授予登记手续。 7、2022 年 8 月 25 日，公司召开第三届董事会第十五次会议和监事会 ...

Investment Rating - The report maintains a "Recommended" investment rating for China National Freight (601598) [1] Core Views - The company reported a net profit attributable to shareholders of 3.92 billion yuan for 2024, a year-on-year decrease of 7% [1] - The company emphasizes shareholder returns by maintaining an annual cash dividend of 0.29 yuan per share [1] - The total operating revenue for 2024 is projected at 105.6 billion yuan, reflecting a year-on-year increase of 3.8% [1] - The report highlights a decline in profit margins, with a gross profit margin of 5.2%, down 0.5 percentage points year-on-year [1] Revenue and Profit Analysis - The operating revenue for 2024 is 105.6 billion yuan, with a year-on-year growth of 3.8% [1] - The gross profit for 2024 is 5.54 billion yuan, down 4.5% year-on-year, with a gross profit margin of 5.2% [1] - The net profit attributable to shareholders for Q4 2024 is 1.09 billion yuan, showing a year-on-year increase of 2.9% [1] - The net profit margin for 2024 is 3.7%, a decrease of 0.4 percentage points year-on-year [1] Business Segment Performance - Freight forwarding segment revenue reached 67.2 billion yuan, up 8.4% year-on-year, with a segment profit of 2.25 billion yuan, down 2.2% [2] - The professional logistics segment generated 28 billion yuan in revenue, a year-on-year increase of 1.6%, but the segment profit decreased by 31.8% [2] - E-commerce logistics revenue was 10.5 billion yuan, down 14.4% year-on-year, with a segment profit of 160 million yuan [3] Financial Projections - The report forecasts total operating revenue to reach 118.67 billion yuan in 2025, with a year-on-year growth of 12.4% [4] - The net profit attributable to shareholders is expected to increase to 4.01 billion yuan in 2025, reflecting a growth of 2.3% [4] - Earnings per share (EPS) is projected to be 0.55 yuan in 2025, with a price-to-earnings (P/E) ratio of 10 [4] Market Position and Valuation - The target price for the stock is set at 6.44 yuan, representing a potential upside of 23% from the current price of 5.23 yuan [4] - The report indicates a focus on shareholder returns, maintaining a dividend payout ratio of 55.2% for 2024 [8]

Investment Rating - The report maintains a "Recommendation" rating for China National Freight (601598) [1] Core Views - The company reported a net profit attributable to shareholders of 3.92 billion, a year-on-year decrease of 7% [1] - The company emphasizes shareholder returns by maintaining an annual cash dividend of 0.29 yuan per share [1] - The total operating revenue for 2024 is projected at 105.6 billion, reflecting a year-on-year increase of 3.8% [1] Revenue and Profit Analysis - The operating revenue for 2024 is 105.6 billion, with a gross profit of 5.54 billion, resulting in a gross margin of 5.2%, down 0.5 percentage points year-on-year [1] - In Q4 2024, the revenue was 19.7 billion, a year-on-year decrease of 32% and a quarter-on-quarter decrease of 33% [1] - The investment income for 2024 is 2.04 billion, down 12% year-on-year, while other income is 2.18 billion, down 11% year-on-year [1] Business Segment Performance - Freight forwarding segment revenue reached 67.2 billion, up 8.4% year-on-year, with a segment profit of 2.25 billion, down 2.2% [2] - The professional logistics segment generated 28 billion in revenue, a year-on-year increase of 1.6%, but the segment profit fell by 31.8% to 724 million [2] - The e-commerce segment reported revenue of 10.5 billion, down 14.4% year-on-year, with a segment profit of 160 million [3] Financial Projections - The projected total operating revenue for 2025 is 118.67 billion, with a year-on-year growth rate of 12.4% [4] - The net profit attributable to shareholders for 2025 is estimated at 4.01 billion, reflecting a year-on-year growth of 2.3% [4] - The earnings per share (EPS) for 2025 is projected to be 0.55 yuan, with a price-to-earnings (P/E) ratio of 10 [4] Market Performance - The target price for the stock is set at 6.44 yuan, representing a 23% upside from the current price of 5.23 yuan [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][15] Core Insights - The company reported a revenue of 105.62 billion yuan for 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 3.92 billion yuan, a year-on-year decrease of 7.1%. In Q4 2024, the revenue was 19.75 billion yuan, a year-on-year decrease of 31.8%, but the net profit was 1.09 billion yuan, a year-on-year increase of 3.0% and a quarter-on-quarter increase of 24.1%. The report expresses optimism about the company's operational resilience and steady improvement in profitability, along with consistent shareholder returns [5][13][15]. Summary by Sections Financial Performance - In 2024, the company's agency-related business achieved a revenue of 67.17 billion yuan, a year-on-year increase of 8.4%, with a segment profit of 2.25 billion yuan, a year-on-year decrease of 2.2%. The sea and air freight agency revenues were 44.78 billion yuan and 9.40 billion yuan, respectively, with year-on-year increases of 9.1% and 34.3%. The volume handled for sea and air freight was 15.156 million TEU and 824,000 tons, reflecting year-on-year increases of 13.3% and 18.1% [13][14]. Shareholder Returns - The company plans to distribute a cash dividend of 0.145 yuan per share for the end of 2024, totaling 2.095 billion yuan, with a payout ratio of 55.2%. Based on the closing price on March 25, 2025, the dividend yield is 5.6% [14]. Earnings Forecast - The company is expected to generate revenues of 104.58 billion yuan, 115.09 billion yuan, and 127.33 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -0.1%, +10.1%, and +10.6%. The net profit attributable to shareholders is projected to be 4.08 billion yuan, 4.60 billion yuan, and 4.71 billion yuan for the same years, with corresponding growth rates of +4.1%, +12.8%, and +2.4% [15][16].

2025 年 03 月 28 日 公司研究 评级：买入(首次覆盖) | 研究所： | | --- | 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] 业务量稳健增长，海外布局渐趋完善 ——中国外运（601598）2024 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/03/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 中国外运 | 4.5% | -1.7% | -7.2% | | 沪深 300 | -0.9% | -1.2% | 12.3% | | 市场数据 | | | 2025/03/27 | | 当前价格（元） | | | 5.29 | | 52 周价格区间（元） | | | 4.32-6.80 | | 总市值（百万） | | | 38,586.41 | | 流通市值（百万） | | | 27,803.80 | | 总股本（万股） | | | 7 ...

中国外运（601598.SH）2024 年年报点评 ➢ 公司重视股东回报，24 年分红比例提升。公司分红比率由 23 年的 50%提升至 2024 年 54%。2024 全年合计每股股利 0.29 元，同比 23 年持平。按照 2025/3/25 公司市值 377 亿元、全年每股股利 0.29 元计算，2024 年公司股息率为 5.6%。 ➢ 重视 AI 在物流领域运用，完善海外网络布局。1）AI 应用：公司稳步推进泛 AI 应 用，单证自动化服务年处理能力超过 1,500 万单，提升了服务效率；自动驾驶高速干线商 业运营里程累计超 240 万公里，继续保持国内领先水平；加快构建自主可控的核心技术 体系，累计拥有专利 230 项、软件著作权 428 项。2）完善海外网络布局：2024 年公司 海外投资额同比增长 44%，海外营业收入同比增长 9%，净利润同比增长 43%。东南亚 地区，泰国仓库二期顺利完工；拉美地区，持续完善自有网络布局，新设立墨西哥公司。 ➢ 投资建议：我们预计公司 25-27 年实现营业收入 1103、1145、1195 亿元，同比增 速分别为 4.5%、3.7%、4.4%，归母净利润 4 ...

分业务结构看：1）货运代理：24年对外营业额671.7亿元，同比+8.48%；毛利35.24亿 元，同比+7.57%；分部利润20亿元，同比-2.5%，其中，海运代理及空运代理业务利润有所 增长，班列业务由于价格下降导致利润下降。其中，海运代理/空运代理/铁路代理/船舶代 理/库场站服务收入分别为448/94/103/36/40亿元，同比+9%/+34%/-17%/-28%/+6%，分部利 润分别为7.8/2.9/1.3/4.9/3.0亿元，同比+1%/+1%/-18%/-3%/-7%；货量分别为1516.6万标准 箱 /102.8 万 吨 /57.3 万 标 准 箱 /6.7 万 艘 次 /28.45 百 万 吨 ， 同 比 分 别 为 +13%/+14%/+14%/+7%/+8%。 2）专业物流：24年对外营业额279.5亿元，同比+1.56%；毛利21.1亿元，同比-16.26%； 分部利润6.84亿元，同比-40%，主要是由于新签约服务合同价格下调，而业务固定成本刚 性，导致盈利水平有所下降。其中，合同物流/项目物流/化工物流分别为222/38/19亿元，同 比+6%/-7%/-5%；分部利润分别为5 ...