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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，且表明不會就本公告全部或任何部分內容所導致或 因倚賴該等內容而產生的任何損失承擔任何責任。 中國外運股份有限公司 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號: 00598) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國外運股份有限公司（『本公司』）於上海證券交易所網站（www.sse.com.cn） 刊登的《中國外運股份有限公司關於以集中競價交易方式回購公司A股股份的進展公告》， 僅供參閱。 承董事會命 中國外運股份有限公司 公司秘書 李世礎 北京，二零二五年四月二日 於本公告日期，本公司董事會成員包括宋嶸、楊國峰、羅立、余志良、陶武、許克威，以 及四位獨立非執行董事王小麗、甯亞平、崔新健及崔凡。 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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，且表明不會就本公告全部或任何部分內容所導致或 因倚賴該等內容而產生的任何損失承擔任何責任。 中國外運股份有限公司 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號: 00598) 海外監管公告 關於公司股票期權激勵計劃（第一期）第二個行權期 首次行權結果暨股份過戶登記的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國外運股份有限公司（『本公司』）於上海證券交易所網站（www.sse.com.cn） 以中文刊登的《中國外運股份有限公司關於公司股票期權激勵計劃（第一期）第二個行 權期首次行權結果暨股份過戶登記的公告》，及其英文譯本的海外監管公告，僅供參閱。 如中文版本與英文譯本有任何不一致，概以中文版本為準。 承董事會命 中國外運股份有限公司 公司秘書 李世礎 北京，二零二五年三月三十一日 於本公告日期，本公司董事會成員包括宋嶸、楊國峰、羅立、余志良、陶武、許克威，以 及四位獨立非執行董事王小麗、甯亞平、崔新健及崔凡。 股 ...

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 ...

Group 1: Key Insights from Reports - The report highlights that overseas growth remains strong, driven by both IP and product categories, with Pop Mart achieving a revenue of 13.04 billion RMB in 2024, a year-on-year increase of 106.9% [4][5] - The adjusted net profit for Pop Mart reached 3.4 billion RMB in 2024, reflecting a year-on-year growth of 185.9% [5][6] - The company plans to distribute a final dividend of 0.8146 RMB per share, totaling 1.094 billion RMB, which represents 35% of the net profit [6] Group 2: Company Performance and Growth - Xingtong Co. reported a revenue of 1.515 billion RMB in 2024, up 22% year-on-year, with a net profit of 350 million RMB, marking a 39% increase [12][13] - China Foreign Transport achieved a revenue of 105.621 billion RMB in 2024, a 3.9% increase, although net profit decreased by 7.2% to 3.918 billion RMB [16][17] - The company’s logistics and agency business volumes grew steadily, with contract logistics volume increasing by 4% and sea freight agency volume by 13% [17][18] Group 3: Industry Trends and Developments - The distributed energy storage demand is accelerating, with a focus on sodium battery solutions and new product iterations [21][24] - The report indicates that the global industrial storage market is entering a new growth phase, driven by economic viability and increasing backup power demands [24] - The wind power sector is experiencing a surge in component production, with significant increases in offshore wind projects expected in 2025 [25][26] Group 4: Investment Outlook - The report maintains a "buy" rating for Pop Mart, projecting revenues of 21.749 billion RMB, 30.671 billion RMB, and 38.205 billion RMB for 2025-2027, with adjusted net profits of 5.516 billion RMB, 8.026 billion RMB, and 9.974 billion RMB respectively [11] - Xingtong Co. is also rated as a "buy," with projected revenues of 1.943 billion RMB, 2.495 billion RMB, and 2.991 billion RMB for 2025-2027, alongside net profits of 417 million RMB, 494 million RMB, and 576 million RMB [15] - China Foreign Transport is expected to see revenues of 113.848 billion RMB, 118.386 billion RMB, and 122.636 billion RMB for 2025-2027, with net profits of 4.154 billion RMB, 4.300 billion RMB, and 4.429 billion RMB [20]

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].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company has demonstrated steady growth in business volume despite weak demand, with specific segments such as contract logistics, sea freight agency, railway agency, and air freight showing year-on-year increases of 4%, 13%, 14%, and 14% respectively [5]. - The company has increased its dividend payout ratio from 50% in 2023 to 54% in 2024, maintaining a dividend of 0.29 yuan per share, resulting in a dividend yield of 5.6% based on the closing price on March 25 [6]. - The company is accelerating its overseas expansion, with overseas investments rising by 44% year-on-year and overseas revenue increasing by 9% [7][8]. Financial Performance - In 2024, the company achieved a revenue of 1056.21 billion yuan, a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 39.18 billion yuan, down 7.2% year-on-year [4]. - The company forecasts revenue growth of 8% in 2025, with projected revenues of 1138.48 billion yuan, and a net profit of 41.54 billion yuan, reflecting a 6% increase [10][11]. Segment Performance - The professional logistics segment generated revenue of 279.51 billion yuan in 2024, up 1.56% year-on-year, while the profit from this segment decreased by 31.81% [5]. - The agency-related business saw revenue of 671.70 billion yuan, an increase of 8.37%, although profits declined by 2.16% due to intensified competition in water transport, land transport, and warehousing [5]. Valuation Metrics - The report provides a projected P/E ratio of 9.3 for 2025, decreasing to 8.7 by 2027, indicating a potentially attractive valuation [10][11].