Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company experienced a decline in revenue and profit in the first three quarters of 2025, with revenue of RMB 13.72 billion, down 4.84% year-on-year, and a net profit of RMB 307 million, down 35.07% year-on-year. In Q3 2025, revenue was RMB 4.95 billion, down 14.95% year-on-year, and net profit was RMB 79 million, down 53.33% year-on-year. The report remains optimistic about the company's internationalization and overseas warehouse strategy [3][8] - The decline in profit is attributed to increased costs from air freight and ongoing investments in overseas warehouses. These investments, while pressuring short-term profits, reflect the company's strategic intent to expand its international network and enhance global service capabilities [8][5] - The company is expected to continue its overseas warehouse construction and international layout, with potential improvements in the operating environment following U.S.-China trade negotiations. The company has established over 90 self-owned overseas sites, covering major ports and logistics nodes across six continents [8][3] Financial Summary - For the years 2025-2027, the company’s projected net profits are RMB 402 million, RMB 452 million, and RMB 513 million, reflecting a year-on-year change of -25.4%, +12.3%, and +13.6% respectively. The earnings per share (EPS) are expected to be RMB 0.31, RMB 0.35, and RMB 0.39, with corresponding price-to-earnings (PE) ratios of 20.1, 17.9, and 15.8 [5][7] - The company’s revenue is projected to slightly increase from RMB 17.65 billion in 2025 to RMB 19.91 billion in 2027, with growth rates of 0.7%, 5.9%, and 6.5% for the respective years [7][10]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates have decreased, and long-distance shipping rates have also declined. The China Import Crude Oil Composite Index (CTFI) reported 2037.91 points on November 6, down 16.0% from October 30. The VLCC market is seeing a gradual entry of cargoes for late November, with a balanced supply of available vessels [3][14] - The Yufeng Future M1 aircraft has received over 2 billion yuan in orders, with 200 units ordered from domestic and international clients. The International Air Transport Association (IATA) has added the Chinese yuan as a settlement currency, expected to be operational by December 2025 [3][16][17] - China Post and COSCO Shipping have signed a strategic cooperation agreement, and ZTO Express has launched four new logistics hubs to enhance service efficiency during peak seasons [3][24][25] Industry High-Frequency Data Tracking - **Air Cargo**: The Baltic Air Freight Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5366.00 points, down 2.3% year-on-year but up 7.1% month-on-month [26] - **Shipping Ports**: The SCFI index reported 1495.10 points, down 3.59% week-on-week and down 35.88% year-on-year. The CCFI index was 1058.17 points, up 3.60% week-on-week but down 23.78% year-on-year [36] - **Express Logistics**: In September 2025, express delivery volume increased by 12.70% year-on-year, with revenue rising by 7.20%. Cumulative express delivery volume for the first nine months of 2025 reached 1450.8 billion pieces, up 17.20% year-on-year [48] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. Attention is also drawn to Eastern Airlines Logistics and China Foreign Trade [5] - Opportunities in low-altitude economy investments are highlighted, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors are suggested, recommending Ganyue Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The report also suggests investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [5]

关于控股股东增持股份进展暨权益变动触及 1%刻度 的提示性公告 中国物流集团资本管理有限公司保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：603128 证券简称：华贸物流 公告编号：2025-024 港中旅华贸国际物流股份有限公司 二、 权益变动触及 1%刻度的基本情况 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | | 2.信息披露义务人信息 | | --- | | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 中国物流集团资本管 | □ | 控股股东/实控人 | 91110106MACEK4RG4N ☑ ...

Core Viewpoint - Huamao Logistics (603128.SH) announced that Capital Management Co., Ltd. has increased its shareholding in the company through centralized bidding transactions on November 5, 2025, acquiring 2.5757 million shares [1] Summary by Category - **Shareholding Increase** - Capital Management Co., Ltd. has acquired a total of 2.5757 million shares of Huamao Logistics [1]

Core Points - Huamao Logistics (603128.SH) announced that it received a notice from Capital Management Co., Ltd. regarding the implementation of its shareholding increase plan [1] - On November 5, 2025, Capital Management Co., Ltd. increased its holdings by acquiring 2.5757 million shares of the company through centralized bidding [1]

Investment Rating - The report maintains a "stronger than market" rating for the transportation industry [6] Core Insights - Crude oil freight rates have significantly increased, with the China Import Crude Oil Composite Index (CTFI) rising to 2425.93 points, up 48.6% from October 23 [2][13] - The three major state-owned airlines in China reported collective profitability in the first three quarters of 2025, with Hainan Airlines becoming the most profitable domestic airline [15][16] - Jitu Express has launched the world's largest self-built logistics hub, which is expected to enhance logistics capabilities during the "Double 11" shopping festival [22][23] Industry Investment Opportunities - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [4] - Investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [4] - The cruise and water ferry sector presents thematic investment opportunities, recommending Bohai Ferry and Haixia Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda Shares [4] - Investment opportunities in the aviation sector, recommending Air China, China Eastern Airlines, Spring Airlines, and others [4] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month, while year-on-year it has decreased [25] - Domestic freight volume for express delivery in September 2025 increased by 12.70% year-on-year, with revenue up by 7.20% [51] - In the first nine months of 2025, the total freight volume at national ports reached 1.3567 billion tons, a year-on-year increase of 4.6% [48]

Core Insights - As of November 4, 2025, Huamao Logistics (603128) closed at 6.11 yuan, down 0.49% with a trading volume of 143,300 hands and a transaction value of 87.67 million yuan [1] - The company experienced a net outflow of 6.655 million yuan from main funds, accounting for 7.59% of the total transaction value, while retail investors saw a net inflow of 6.0577 million yuan, representing 6.91% of the total [1] Financial Performance - For the first three quarters of 2025, Huamao Logistics reported a main revenue of 13.72 billion yuan, a year-on-year decrease of 4.84%, and a net profit attributable to shareholders of 307 million yuan, down 35.07% [2] - The third quarter alone saw a main revenue of 4.948 billion yuan, a decline of 14.95%, and a net profit of 79.03 million yuan, down 53.33% [2] - The company's debt ratio stands at 46.03%, with investment income of 22.15 million yuan and financial expenses of 27.88 million yuan [2] Industry Comparison - Huamao Logistics has a total market value of 7.998 billion yuan, which is below the logistics industry average of 17.32 billion yuan, ranking 22nd out of 54 companies [2] - The company's net profit margin is 2.38%, significantly lower than the industry average of 4.8%, placing it 30th in the industry ranking [2] - The price-to-earnings ratio (P/E) is 19.56, compared to the industry average of 17.76, ranking 16th out of 54 [2] Market Sentiment - In the last 90 days, two institutions provided ratings for Huamao Logistics, with one buy rating and one hold rating, and the average target price set at 6.8 yuan [3]

Core Insights - Hua Mao Logistics (603128) reported a closing price of 6.14 yuan on October 28, 2025, with a decline of 0.81% [1] - The company experienced a net outflow of main funds amounting to 19.18 million yuan, representing 20.23% of the total transaction volume [1][2] - The company's Q3 2025 financial results showed a significant decline in revenue and net profit compared to the previous year [3] Financial Performance - Main revenue for Q3 2025 was 49.48 billion yuan, down 14.95% year-on-year [3] - Net profit for Q3 2025 was 79.03 million yuan, a decrease of 53.33% year-on-year [3] - The company's total revenue for the first three quarters of 2025 was 137.2 billion yuan, down 4.84% year-on-year [3] Key Financial Metrics - Total market capitalization is 8.038 billion yuan, ranking 22nd in the logistics industry [3] - The company's net profit margin is 2.38%, which is below the industry average of 5.65% [3] - The company's return on equity (ROE) stands at 5.04%, ranking 18th in the industry [3] Investment Ratings - In the last 90 days, two institutions provided ratings for the stock, with one buy rating and one hold rating [4] - The average target price set by institutions in the past 90 days is 6.8 yuan [4]

Core Points - Huamao Logistics (603128.SH) reported a total operating revenue of 13.72 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.84% [1] - The net profit attributable to shareholders of the parent company was 307 million yuan, down 35.07% year-on-year [1] - The basic earnings per share were 0.23 yuan [1]

证券代码：603128 证券简称：华贸物流 公告编号：临 2025-023 港中旅华贸国际物流股份有限公司 本公司监事会及全体监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。 港中旅华贸国际物流股份有限公司（以下简称"公司"）第五届监事会第十 二次会议于 2025 年 10 月 28 日以通讯表决方式召开。本次会议应出席会议的监 事 3 名，实际出席会议的监事 3 名。本次会议的通知及召开符合《中华人民共和 国公司法》及《港中旅华贸国际物流股份有限公司章程》的规定。经出席会议监 事审议，一致通过如下决议： 审议通过《2025 年半年度报告》 监事会认为：公司 2025 年第三季度报告编制和审议程序符合法律、法规、 《公司章程》和公司内部管理制度的各项规定；第三季度报告的内容和格式符合 中国证监会和公司上市地证券交易所的各项规定，所包含的信息真实地反映出公 司 2025 年第三季度的经营成果和财务状况。 表决结果：赞成__3__票；反对__0__票；弃权__0__票。 特此公告。 港中旅华贸国际物流股份有限公司监事会 2025 年 10 月 29 ...