港中旅华贸国际物流股份有限公司2025 年半年度报告 公司代码：603128 公司简称：华贸物流 港中旅华贸国际物流股份有限公司 2025 年半年度报告 1 / 199 港中旅华贸国际物流股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈宇、主管会计工作负责人于永乾及会计机构负责人（会计主管人员）刘永健 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十 ...

Market Overview - On August 22, the logistics sector declined by 0.49%, with Hengji Daxin leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Notable gainers in the logistics sector included: - Furande (605050) with a closing price of 16.50, up 6.04% and a trading volume of 128,200 shares, totaling 205 million yuan [1] - ST Yuanshang (603813) closed at 16.13, up 5.01% with a trading volume of 4,983 shares, totaling approximately 800,000 yuan [1] - Major decliners included: - Hengji Daxin (002492) closed at 7.24, down 2.82% with a trading volume of 131,800 shares, totaling approximately 96.3 million yuan [2] - Huami Duhai (872351) closed at 29.92, down 2.54% with a trading volume of 26,700 shares, totaling approximately 80.1 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 317 million yuan from institutional investors, while retail investors saw a net inflow of 245 million yuan [2] - Notable capital flows included: - Donghang Logistics (601156) had a net inflow of 66.26 million yuan from institutional investors, but a net outflow of 46.13 million yuan from retail investors [3] - Furande (605050) saw a net inflow of 33.59 million yuan from institutional investors, with retail investors experiencing a net outflow of 12.39 million yuan [3]

8月21日，A股盘中强势震荡，尾盘一度泛绿，临近收盘沪指再度翻红。港股走势疲弱，恒生科技指数 一度跌逾1%。 具体来看，沪指盘中强势上扬，一度逼近3800点，续创10年新高；深证成指、创业板指尾盘翻绿。截至 收盘，沪指涨0.13%报3771.1点，深证成指微跌0.06%报11919.76点，创业板指跌0.47%报2595.47点，上 证50指数涨0.53%，沪深北三市合计成交24608亿元，较此前一日小幅放量。 场内超3000股飘绿，半导体板块走低，东芯股份跌超12%，芯原股份、南芯科技、晶丰明源等跌超 5%；AI产业链股集体下挫，飞龙股份、腾龙股份、金田股份等跌停，工业富联跌超5%；石油、电力、 煤炭、燃气等资源股集体拉升，准油股份、安源煤业、世茂能源等涨停；银行股上扬，农业银行、邮储 银行双双创历史新高；国产软件股崛起，北信源20%涨停，中兴通讯盘中一度涨停，全日成交近220亿 元，位居A股成交额首位；值得注意的是，吉视传媒（601929）尾盘涨停，上演"地天板"走势。 港股方面，叮当健康大涨超23%，基石药业涨超12%，卫龙美味涨超7%，中兴通讯涨超5%；老铺黄金 跌超5%，东方甄选跌逾4%。 国产软件 ...

Investment Rating - The report provides a "Recommended" investment rating for several companies in the transportation sector, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and others [11][12][13]. Core Insights - The transportation industry is experiencing a mixed recovery, with air travel demand expected to increase due to the resumption of international flights and domestic consumption recovery driven by policy support [9][10][13]. - The express delivery sector is showing growth, with a 9% increase in revenue and a 15.8% rise in business volume year-on-year as of June 2025 [77]. - The cross-border logistics segment is anticipated to benefit from the growth of cross-border e-commerce, with domestic brands expanding their international presence [9][10]. Summary by Sections 1. Industry Performance Overview - The transportation sector's cumulative performance from July 28 to August 2, 2025, showed a decline of 3.22%, ranking it 27th among 31 SW primary industries [17][19]. 2. Industry Fundamentals Tracking (a) Aviation and Airports - Domestic and international capacity recovery rates for major airlines in June 2025 reached 150.62% and 93.36% respectively compared to 2019 [26][31]. - Major airports also reported recovery rates for domestic passenger throughput, with Baiyun Airport at 120.08% and Shanghai Airport at 119.80% compared to 2019 [31]. (b) Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a decline of 53.47% year-on-year as of August 1, 2025, indicating challenges in the shipping market [36]. - The CCFI (China Containerized Freight Index) also showed significant year-on-year declines across various routes, with the East America route down 40.97% [36]. (c) Road and Rail - In June 2025, rail passenger volume increased by 3.61% year-on-year, while rail freight volume rose by 2.24% [61]. - Road freight volume reached 36.51 million tons, up 2.87% year-on-year, with road passenger volume declining by 3.72% [68]. (d) Express Logistics - The express delivery industry achieved a revenue of 126.32 billion yuan in June 2025, marking a 9% increase year-on-year, with a business volume of 1.687 billion pieces [77]. 3. Key News and Announcements - The report highlights significant developments in the aviation sector, including the launch of a long-distance drone logistics route in the Guangdong-Hong Kong-Macao Greater Bay Area [84]. - Southern Airlines signed a memorandum of cooperation with Uzbekistan Airways to enhance air connectivity and service offerings [86]. - Shenzhen plans to establish over 1,200 low-altitude takeoff and landing points by the end of 2026 to support low-altitude logistics and transportation [87].

Group 1 - The core viewpoint of the news is that Huamao Logistics (603128) has experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in its financial performance [1][3] - As of July 29, 2025, Huamao Logistics' stock closed at 6.48 yuan, down 0.77%, with a turnover rate of 3.08% and a trading volume of 403,600 hands, amounting to 260 million yuan [1] - The latest financial report for Huamao Logistics shows total revenue of 3.992 billion yuan for Q1 2025, a year-on-year increase of 2.82%, while net profit attributable to shareholders decreased by 29.42% to 118 million yuan [1] Group 2 - The company has a current ratio of 1.809 and a quick ratio of 1.795, indicating a stable liquidity position, while the debt-to-asset ratio stands at 41.67% [1] - Huamao Logistics has made investments in 54 companies and participated in 292 bidding projects, showcasing its active engagement in the market [2] - The company holds 2 trademark registrations and has 26 administrative licenses, reflecting its operational capabilities and compliance [2]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - The construction of the Yarlung Zangbo River hydropower station is expected to boost transportation demand in the western region [2][21] - Volant Aviation secured a significant order worth $1.75 billion for 500 eVTOL aircraft [2][14] - Oil transportation rates have declined, with the U.S. shipping rates also showing a downward trend [2][12] Summary by Sections 1. Industry Hot Events - Oil transportation rates have decreased, with the China Import Crude Oil Index dropping by 10.4% to 944.92 points [2][12] - Volant Aviation signed a tripartite agreement to deliver 500 VE25-100 eVTOLs, totaling $1.75 billion [2][14] - The Yarlung Zangbo River hydropower project, with a total investment of 1.2 trillion yuan, is expected to enhance transportation demand in the western region [2][21] 2. Industry High-Frequency Data Tracking - In June 2025, the domestic cargo flight volume increased by 9.42% year-on-year, while international flights rose by 32.87% [23][33] - The express delivery business volume in June 2025 reached 16.87 billion pieces, a year-on-year increase of 15.78% [2][52] - The Baltic Dry Index (BDI) rose by 9.99% week-on-week, indicating a recovery in dry bulk shipping rates [2][43] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy Shipping [3] - Pay attention to the transportation demand increase driven by the Yarlung Zangbo River hydropower project, with a focus on companies like Sichuan Chengyu and Chongqing Port [3] - Explore investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [3]

Core Viewpoint - Huamao Logistics' stock closed at 6.48 yuan, up 2.86%, with a rolling PE ratio of 17.32, marking a new low in 32 days, and a total market capitalization of 8.483 billion yuan [1] Group 1: Company Performance - For Q1 2025, Huamao Logistics reported revenue of 3.992 billion yuan, a year-on-year increase of 2.82%, and a net profit of 118 million yuan, a year-on-year decrease of 29.42%, with a gross profit margin of 11.39% [1] - The company ranks 16th in the latest global shipping and air freight forwarders list published by Transport Topics, indicating its competitive position in the international logistics market [1] Group 2: Shareholder Information - As of March 31, 2025, Huamao Logistics had 56,447 shareholders, an increase of 1,917 from the previous count, with an average holding value of 352,800 yuan and an average holding of 27,600 shares per shareholder [1] Group 3: Industry Comparison - The average PE ratio for the logistics industry is 25.83, with a median of 28.01, placing Huamao Logistics at the 25th position within the industry [2] - The static PE ratio for Huamao Logistics is 15.74, and its price-to-book ratio is 1.39 [2]

Group 1 - The core viewpoint of the article highlights Huamao Logistics' current market performance, including its stock price increase and market capitalization [1] - As of July 16, Huamao Logistics closed at 6.19 yuan, with a PE ratio of 16.54 times and a total market value of 8.103 billion yuan [1] - The logistics industry has an average PE ratio of 25.08 times, with Huamao Logistics ranking 25th among its peers [1] Group 2 - Huamao Logistics has 56,447 shareholders as of March 31, 2025, an increase of 1,917 from the previous count, with an average holding value of 352,800 yuan per shareholder [1] - The company specializes in third-party international comprehensive logistics and offers various logistics services, including air and sea freight, cross-border e-commerce logistics, and warehousing [1] - In the latest performance report for Q1 2025, Huamao Logistics reported a revenue of 3.992 billion yuan, a year-on-year increase of 2.82%, and a net profit of 118 million yuan, reflecting a year-on-year decrease of 29.42% [1]

Core Points - The stock price of Huamao Logistics (603128) closed at 6.36 yuan on July 11, 2025, reflecting a 1.92% increase from the previous week's closing price of 6.24 yuan [1] - The company's total market capitalization is 8.326 billion yuan, ranking 17th out of 45 in the logistics sector and 1992nd out of 5149 in the A-share market [1] Company Announcements - Huamao Logistics announced a cash dividend of 0.174 yuan per share, with the record date set for July 14, 2025 [2] - The total cash dividend distribution amounts to approximately 227.77 million yuan, based on a total share capital of 1,309,046,494 shares [2] - The ex-dividend date and cash dividend payment date are both scheduled for July 15, 2025 [2]

Core Viewpoint - China Southern Airlines Logistics Co., Ltd. has launched a new international cargo route from Guangzhou to Auckland and Sydney, marking the first regular all-cargo flight route from mainland China to New Zealand and the first fifth freedom cargo route for the airline [1][3]. Group 1: New Route Details - The new route is operated by Boeing 777 freighters and aims to meet the increasing cargo demand between Australia and New Zealand [3]. - The launch of this route is expected to significantly shorten the transportation time for goods between the Greater Bay Area and the Australia-New Zealand region, providing more efficient logistics solutions for over 300 cross-border e-commerce and high-end manufacturing companies in the Greater Bay Area [3]. Group 2: Trade Context - Trade cooperation between China and New Zealand has deepened in recent years, with bilateral goods trade increasing by nearly 30 billion New Zealand dollars since the China-New Zealand Free Trade Agreement came into effect [3]. - In the first quarter of 2025, the total trade volume between China and New Zealand reached 10.51 billion New Zealand dollars, reflecting a year-on-year growth of 8.9% [3]. Group 3: Fifth Freedom Rights - The fifth freedom rights allow an airline to carry passengers and cargo between two foreign countries while en route to its own country, enhancing the connectivity of international cargo routes [3]. - This new route facilitates the movement of goods between Sydney and Auckland, effectively activating the Asia-Pacific transit hub function for China Southern Airlines [3]. Group 4: Operational Capacity - Currently, China Southern Airlines Logistics operates 19 Boeing 777 freighters and conducts over 80 regular international flights weekly, establishing a comprehensive all-cargo flight network that connects domestic and global markets [3].