Zheng Quan Zhi Xing·2025-08-28 14:15Core Viewpoint - China National Freight Forwarding (中国外运) reported a decline in total revenue for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amidst challenging market conditions [1]. Financial Performance - Total revenue for the first half of 2025 was 50.523 billion yuan, a decrease of 10.42% compared to the same period in 2024 [1]. - Net profit attributable to shareholders was 1.947 billion yuan, reflecting a marginal increase of 0.08% year-on-year [1]. - In Q2 2025, total revenue was 26.751 billion yuan, down 16.66% year-on-year, while net profit for the same quarter was 1.302 billion yuan, up 14.05% [1]. Profitability Metrics - Gross margin improved to 6.14%, an increase of 19.13% year-on-year, while net margin rose to 4.21%, up 13.80% [1]. - The total of selling, administrative, and financial expenses was 2.06 billion yuan, accounting for 4.08% of revenue, which is an increase of 8.65% year-on-year [1]. Cash Flow and Assets - Cash flow per share was 0.02 yuan, a significant increase of 110.17% year-on-year [1]. - The company reported a total of 11.78 billion yuan in cash and cash equivalents, a rise of 31.68% compared to the previous year [1]. - Accounts receivable decreased to 15.53 billion yuan, down 9.83% year-on-year [1]. Investment Returns - The company's return on invested capital (ROIC) was 8.34%, indicating average capital returns historically [5]. - The estimated dividend yield is 4.59%, suggesting potential returns for investors [5]. Fund Holdings - The largest fund holding China National Freight Forwarding is E Fund Stable Income Bond A, with a holding of 28.6866 million shares, which has seen a reduction in its position [6].