Core Viewpoint - The integrated supply chain logistics service is a comprehensive, customizable service provided by logistics service providers, characterized by "digital intelligence," aimed at enhancing supply chain and logistics efficiency for various enterprises [1][2]. Group 1: Industry Definition and Classification - Integrated supply chain logistics service is defined as a high-level form of contract logistics where logistics providers offer solutions covering multiple business segments to the same client, integrating dispersed logistics services to enhance cost efficiency [2][5]. - The industry can be categorized into production logistics solutions and circulation logistics solutions based on service nodes, and further segmented by industries such as home appliances, consumer goods, automotive, and others [3][4]. Group 2: Industry Development Status - The market for integrated supply chain logistics solutions in China is rapidly growing, with the market size projected to increase from 1.9 trillion yuan in 2019 to 3.1 trillion yuan in 2024, and expected to reach 3.4 trillion yuan by 2025 [5][6]. - In 2024, the production logistics solutions market is expected to reach 177.3 billion yuan, accounting for 5.72% of the total, while circulation logistics solutions will reach 29,234 billion yuan, making up 94.28% [6]. Group 3: Market Structure and Key Segments - The fast-moving consumer goods (FMCG) sector holds a significant share in the integrated supply chain logistics market, with a projected market size of 520.2 billion yuan in 2024, representing 16.78% of the total [7]. - The automotive and parts sector is also substantial, with an expected market size of 584.7 billion yuan in 2024, accounting for 18.86% of the total, and is anticipated to become the largest segment in the future due to the growth of the electric vehicle market [7]. Group 4: Industry Chain - The upstream of the integrated supply chain logistics service industry includes logistics parks, ports, airports, and transportation networks, along with hardware and technology service providers [9]. - The midstream consists of integrated supply chain logistics service providers, while the downstream includes application fields such as manufacturing and retail [9]. Group 5: Policy Environment - The Chinese government has implemented several policies to promote the development of integrated supply chain logistics services, aiming to enhance logistics efficiency, reduce costs, and optimize the business environment [10]. Group 6: Competitive Landscape - The industry is characterized by a multi-layered competitive landscape with major players such as ZTO Express, JD Logistics, and SF Express, among others, indicating a trend of differentiation and consolidation among leading companies [11][12].

Core Viewpoint - The announcement by Antong Holdings indicates a significant increase in shareholding by China Ocean Shipping Company, which raises the total ownership to 20% of the company's shares, reflecting a strategic investment move [1] Group 1: Shareholding Changes - From July 30, 2025, to December 18, 2025, China Ocean Shipping Company increased its stake in Antong Holdings by acquiring 42,968,269 shares, representing a 1.02% increase in ownership [1] - Following this transaction, the total shares held by China Ocean Shipping and its affiliates reached 846,305,397, which constitutes 20.00% of the total share capital, up from a previous holding of 15.00% [1] Group 2: Future Plans and Commitments - China Ocean Shipping and its affiliates have committed to not transferring their shares for 18 months post-transaction, with exceptions for transfers among entities under the same actual controller [1] - Both China Ocean Shipping and China Foreign Trade have disclosed plans to further increase their holdings within the next 12 months, with intended investment amounts of no less than 360 million yuan and no more than 720 million yuan, and no less than 300 million yuan and no more than 600 million yuan, respectively [1] Group 3: Control Structure Implications - The recent changes in shareholding have not resulted in a change of the actual controller of Antong Holdings; however, potential adjustments to the board or executive management could impact the control structure in the future [1]

Group 1 - The company China National Freight Forwarding (SH 601598) announced that two executives, Li Shichu and Wang Dupeng, have completed their stock reduction plan, selling a total of 256,600 A shares, which represents 0.0036% of the company's total share capital [1] - The company's revenue composition for the year 2024 is entirely from the logistics industry, accounting for 100.0% [1] - As of the announcement, the market capitalization of China National Freight Forwarding is 45 billion yuan [1]

截至本公告披露日，李世础先生在本次减持计划期间通过集中竞价交易方式累计减持公司A股股票12.81 万股，占公司总股本的0.0018%;王笃鹏先生在本次减持计划期间通过集中竞价交易方式累计减持公司A 股股票12.85万股，占公司总股本的0.0018%。本次减持计划已实施完毕。 中国外运（601598）(00598)发布公告，公司于2025年10月30日披露了《部分高级管理人员减持股份计 划公告》。公司副总经理、董事会秘书、首席合规官(总法律顾问)李世础先生拟通过集中竞价方式合计 减持不超过12.81万股公司A股股票，占公司总股本的0.0018%;副总经理王笃鹏先生拟通过集中竞价方式 合计减持不超过12.85万股公司A股股票，占公司总股本的0.0018%。 ...

截至本公告披露日，李世础先生在本次减持计划期间通过集中竞价交易方式累计减持公司A股股票12.81 万股，占公司总股本的0.0018%;王笃鹏先生在本次减持计划期间通过集中竞价交易方式累计减持公司A 股股票12.85万股，占公司总股本的0.0018%。本次减持计划已实施完毕。 智通财经APP讯，中国外运(00598)发布公告，公司于2025年10月30日披露了《部分高级管理人员减持股 份计划公告》。公司副总经理、董事会秘书、首席合规官(总法律顾问)李世础先生拟通过集中竞价方式 合计减持不超过12.81万股公司A股股票，占公司总股本的0.0018%;副总经理王笃鹏先生拟通过集中竞价 方式合计减持不超过12.85万股公司A股股票，占公司总股本的0.0018%。 ...

证券代码：601598 证券简称：中国外运 公告编号：临 2025-095 号 中国外运股份有限公司 部分高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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： 1 股东名称 李世础 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 √是 □否 一、减持主体减持前基本情况 | | 其他：无 | | --- | --- | | 持股数量 | 512,534股 | | 持股比例 | 0.0070% | | 当前持股股份来源 | 股权激励取得：512,534股 | | 股东名称 | 王笃鹏 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：无 | | | | 持股数量 | 514,134股 | | | | 持股比 ...

股票代码：601598 股票简称：中国外运 编号：临 2025-094 号 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票期权的申 请，经中国证券登记结算有限责任公司上海分公司审核确认，上述 22,017,286 份股票期权 注销事宜已办理完毕。本次注销部分股票期权事项符合《上市公司股权激励管理办法》《中 国外运股份有限公司股票期权激励计划（第一期）》的相关规定，不会影响公司的股份数 量及股本结构。据此，《中国外运股份有限公司股票期权激励计划（第一期）》实施完毕。 特此公告。 中国外运股份有限公司董事会 二〇二五年十二月十七日 中国外运股份有限公司 关于部分股票期权注销完成的公告 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。 中国外运股份有限公司（以下简称：公司或本公司）于 2025 年 12 月 5 日召开公司第 四届董事会第十九次会议，审议通过了《关于拟注销部分股票期权的议案》，同意对第三 个行权期已授予但不得行权的 21,513,086 份股票期权以及第二个行权期已授予但未行权 的 504,200 份 ...

中国外运公告，公司副总经理李世础先生在减持计划期间通过集中竞价交易方式累计减持公司A股股票 12.81万股，占公司总股本的0.0018%；副总经理王笃鹏先生在本次减持计划期间通过集中竞价交易方式 累计减持公司A股股票12.85万股，占公司总股本的0.0018%。本次减持计划已实施完毕。 ...

Core Viewpoint - China National Foreign Trade Transportation Group Corporation (China Foreign Trade) announced the cancellation of a total of 22.017 million stock options, which includes 21.513 million options from the third exercise period and 504,200 options from the second exercise period, as part of its stock option incentive plan [1] Group 1 - The company will hold its 19th meeting of the fourth board of directors on December 5, 2025, to review the proposal for the cancellation of stock options [1] - The cancellation of stock options has been completed and confirmed by the Shanghai branch of China Securities Depository and Clearing Corporation Limited [1] - The cancellation of stock options complies with the relevant regulations of the "Management Measures for Equity Incentives of Listed Companies" and the "Stock Option Incentive Plan (Phase I)" of China Foreign Trade [1]

中國外運股份有限公司 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。 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部分高級管理人員減持股份結果公告》，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 北京，二零二五年十二月十七日 於本公告日期，本公司董事會成員包括張翼（董事長）、高翔、楊國峰、羅立、余志良、 黃傳京、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 2025-095 号 减持计划的实施结果情况 公司于 2025 年 10 月 30 日披露了《部分高级管理人员减持股份计划公告》。 李世础先生拟 ...