Zhi Tong Cai Jing·2025-08-28 08:43Core Viewpoint - Bank of America Securities reports that China National Freight (601598) experienced a 22% year-on-year decline in core profit to 1.4 billion RMB, achieving 50% of the bank's full-year forecast [1] Financial Performance - The interim dividend per share remains stable at 0.145 RMB, unchanged year-on-year [1] - Total profit stands at 1.9 billion RMB, consistent with the previous year, which includes 440 million RMB from C-REIT disposal gains [1] Dividend Policy - Despite a high payout ratio of 53.5% in the first half, management has reiterated a commitment to maintaining a stable dividend policy [1] Future Projections - The sale of Loscam equity is expected to generate 1.793 billion RMB in gains and 4.4 billion RMB in cash flow in the second half, supporting the dividend [1] - The target price for the company's Hong Kong stock is raised from 4.3 HKD to 5 HKD, maintaining a "Buy" rating, while the A-share target price is increased by 8% to 5.6 RMB, with a "Neutral" rating [1]