Zhi Tong Cai Jing·2025-08-26 12:05Core Viewpoint - China National Freight Forwarding (601598) reported a decline in revenue for the first half of 2025, with a focus on international expansion and logistics capabilities despite challenges in domestic demand and pricing pressures [1][2]. Group 1: Financial Performance - The company's operating revenue for the first half of 2025 was approximately 50.5225 billion yuan, a year-on-year decrease of 10.42% [1]. - Net profit attributable to shareholders was about 1.947 billion yuan, showing a slight increase of 0.08% year-on-year [1]. - The basic earnings per share were 0.2707 yuan, with a cash dividend of 0.145 yuan per share (tax included) [1]. - The net profit after deducting non-recurring gains and losses was 1.398 billion yuan, down 22.30% year-on-year, primarily due to a decrease in investment income from joint ventures [1]. Group 2: Business Segments - The professional logistics business reported external operating revenue of 14.323 billion yuan, a decline of 5.86% year-on-year, with segment profit down 22.35% [2]. - The agency and related business had external operating revenue of 29.628 billion yuan, a decrease of 15.49%, with segment profit slightly down by 1.23% [2]. - The e-commerce business achieved external operating revenue of 6.571 billion yuan, an increase of 7.28% year-on-year, but segment profit fell by 36.71% [2]. Group 3: Strategic Initiatives - The company is actively implementing its internationalization strategy, with overseas business profit increasing by 18.1% year-on-year [1]. - Initiatives include the development of a "Bay Area Cross-Border Green Transport" product in Hong Kong and the establishment of a logistics hub in Belgium [1]. - The company is enhancing its logistics capabilities in the Middle East, Latin America, and Africa, focusing on cross-border transport channels and regional hubs [1].