Core Points - The company announced a cash dividend of RMB 0.174 per share for its A-shares [1] - The dividend distribution plan was approved at the annual general meeting on June 30, 2025 [1] - The record date for the dividend is July 14, 2025, with the last trading day and ex-dividend date both on July 15, 2025 [1] Dividend Distribution Details - The total share capital before the distribution is 1,309,046,494 shares, and the cash dividend will be distributed based on this number [1] - The dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date, while those who have not will have their dividends held until the transaction is completed [1] Taxation Information - Individual shareholders holding shares for one month or less will incur a 20% tax on dividends, while those holding for more than one month but less than one year will incur a 10% tax [2] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of RMB 0.1566 per share [3] - Hong Kong Stock Exchange investors will also face a 10% withholding tax, leading to the same net dividend of RMB 0.1566 per share [3] - Other institutional investors will receive a gross dividend of RMB 0.174 per share, with tax obligations determined by local regulations [3]

港中旅华贸国际物流股份有限公司2024年年度权益分派实施公告 证券代码：603128 证券简称：华贸物流 公告编号：2025-017 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： 每股分配比例 A 股每股现金红利0.174元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/14 | － | 2025/7/15 | 2025/7/15 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 30 日的2024年年度股东大会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,309,046,494股为基数，每股派发现金红利 0.174元（含税），共计派发现金红利 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Group 1 - Multiple companies are involved in various acquisition and joint venture cases, with completion dates primarily set for June 2025 [1][2][3] - Notable transactions include the acquisition of shares by China Logistics Co., Ltd. from Xuzhou Xugong Intelligent Cloud Warehouse Co., Ltd. and the establishment of a joint venture between Warner Bros. Discovery and Jinjiang International Group [1][2] - The transactions span various industries, including pharmaceuticals, renewable energy, and automotive sales, indicating a diverse investment landscape [1][2][3] Group 2 - The acquisition cases involve significant players such as Amperex Technology Limited and Stonepeak Partners LP, highlighting the interest in renewable energy and technology sectors [1][2] - The establishment of joint ventures, such as that between Japan Paper Corporation and Sumitomo Corporation, reflects ongoing collaboration trends in the materials and manufacturing industries [1][2][3] - The involvement of investment management firms like British Columbia Investment Management Corporation and Ethos Capital demonstrates the role of institutional investors in these transactions [1][2]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

Core Viewpoint - The legal opinion confirms that the 2024 annual general meeting of China Travel International Logistics Co., Ltd. was convened and conducted in accordance with relevant Chinese laws and regulations, as well as the company's articles of association [2][8]. Group 1: Meeting Procedures - The notice for the 2024 annual general meeting was published on June 10, 2025, in compliance with legal requirements, and the meeting was held on June 30, 2025 [4]. - The meeting utilized a combination of on-site and online voting, with specific time slots designated for online voting [4][5]. - The procedures for convening and holding the meeting were found to be in accordance with Chinese laws and the company's articles of association [5][8]. Group 2: Voting Participation and Qualifications - A total of 682 shareholders participated in the voting, representing 653,351,779 shares, which is 45.8435% of the total voting shares [4][6]. - The qualifications of the participants, including shareholders and their proxies, were verified and deemed valid [5][8]. Group 3: Voting Procedures and Results - The meeting reviewed several proposals, including the 2024 annual report and financial budget for 2025, with specific proposals requiring separate voting for minority investors [6][7]. - The voting results indicated that all proposals were passed by a simple majority, with the necessary votes from non-related shareholders for related party transactions [6][8].

Meeting Details - The shareholders' meeting was held on June 30, 2025, at Tianan Center, Shanghai [1] - The total proportion of shares held by attending shareholders was 49.9105% [1] Voting Results - All non-cumulative voting proposals were approved with significant majority support, including: - Proposal 1: 99.5007% approval from A-shareholders [1] - Proposal 2: 99.4925% approval from A-shareholders [1] - Proposal 3: 99.4963% approval from A-shareholders [1] - Proposal 4: 99.4920% approval from A-shareholders [1] - Proposal 5: 98.4808% approval from A-shareholders [1] - The voting method combined on-site and online voting, complying with the Company Law and Articles of Association [1] Legal Compliance - The meeting's convening and voting procedures were confirmed to be in accordance with relevant Chinese laws and regulations, as well as the company's Articles of Association [2]

证券代码：603128 证券简称：华贸物流 公告编号：2025-016 港中旅华贸国际物流股份有限公司 2024年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (五)公司董事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《公司 2024 年年度报告及其<摘要>的议案》 (一)股东会召开的时间：2025 年 6 月 30 日 (二)股东会召开的地点：上海市南京西路 338 号天安中心 20 楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 682 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 653,351,779 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 49.9105 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于港中旅华贸国际物流股份有限公司 2024 年年度股东大会的法律意见书 致：港中旅华贸国际物流股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国法律执业 资格的律师事务所。根据相关法律顾问协议，本所指派律师出席港中旅华贸国际 物流股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称"本次 股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集会议人员的 资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司 ...

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) and has outlined the voting procedures, key agenda items, and financial reports to be discussed and approved by shareholders [1][2][3]. Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's trading system or the internet voting platform, with specific time slots designated for voting on the day of the AGM [1][2]. - The first voting result will be considered valid in case of duplicate votes through different platforms [2]. Financial Reports - The company has prepared its 2024 Annual Report and its summary, which will be presented for approval at the AGM [3][5]. - The 2024 financial report indicates a decline in net profit by 12.99% to 4.63 billion yuan, with earnings per share dropping by 12.77% to 0.41 yuan [14][15]. Business Performance - The company reported a total international air freight volume of 34,500 TEUs, a significant increase from 18,200 TEUs in 2023 [14]. - The international sea freight volume reached 842,700 TEUs, up from 819,300 TEUs year-on-year, with a gross profit margin of 11.88% [15][16]. Governance and Management - The board of directors consists of five members, including three independent directors, and has established various committees to enhance governance [6][9]. - The board has held seven meetings in 2024, ensuring compliance with legal and regulatory requirements [6][7]. Budget and Financial Planning - The company has set a target of 130,000 TEUs for the China-Europe Railway Express in 2025 and plans to invest 310 million yuan in fixed assets [18][19]. - The proposed profit distribution for 2024 includes a cash dividend of 2.9 yuan per share, totaling approximately 379.62 million yuan [20]. Related Transactions - The company plans to enter into a financial services agreement with China Logistics Group Financial Co., Ltd., which is considered a related party transaction due to shared ownership [21][22]. - The agreement includes provisions for deposit services and credit facilities, with a maximum deposit limit of 1 billion yuan [23][24].