Ge Long Hui·2025-08-28 11:18Core Viewpoint - The company reported its 2025 half-year results, highlighting a focus on shareholder returns with a maintained dividend of 0.145 yuan per share, despite a revenue decline due to falling freight rates [1][2]. Revenue Summary - In 1H25, the company achieved revenue of 50.5 billion yuan, a year-on-year decrease of 10%, primarily due to declining freight rates [1]. - For 2Q25, revenue was 26.8 billion yuan, down 17% year-on-year [2]. Profit Summary - The net profit attributable to shareholders for 1H25 was 19.5 billion yuan, flat year-on-year, with a net profit margin of 3.9%, up 0.4 percentage points [1]. - In 2Q25, the net profit attributable to shareholders was 13.0 billion yuan, a 14% increase year-on-year, with a net profit margin of 4.9%, up 1.3 percentage points [2]. Investment Income - Investment income for 1H25 was 11.7 billion yuan, a year-on-year increase of 19.8%, with 4.39 billion yuan coming from REITs logistics infrastructure [1]. - In 2Q25, investment income reached 8.6 billion yuan, a significant year-on-year increase of 73.7% [2]. Business Segment Performance - Freight forwarding in 1H25 generated external revenue of 29.63 billion yuan, down 15.49% year-on-year, while gross profit increased by 17.26% to 2.003 billion yuan [2]. - Professional logistics reported external revenue of 14.32 billion yuan in 1H25, down 5.86% year-on-year, with gross profit of 1.075 billion yuan, down 4.43% [3]. - E-commerce business achieved external revenue of 6.57 billion yuan in 1H25, up 7.28% year-on-year, but gross profit fell significantly by 65.85% to 0.025 billion yuan [3]. Dividend and Shareholder Returns - The company maintained a dividend of 0.145 yuan per share in 1H25, resulting in a dividend yield of 2.6% based on the closing price on August 26, 2025, with a payout ratio of 53.45% [3]. - Total dividends and buybacks in 1H25 amounted to 1.494 billion yuan, representing 76.7% of the net profit attributable to shareholders [3]. Future Outlook - The company is projected to achieve revenues of 110.3 billion yuan, 114.5 billion yuan, and 119.5 billion yuan for 2025-2027, with net profits of 4.2 billion yuan, 4.45 billion yuan, and 4.68 billion yuan respectively [3].