Changjiang Securities·2025-08-31 10:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In H1 2025, the company's operating revenue was 50.52 billion yuan, a year-on-year decrease of 10.4%, while the net profit attributable to shareholders was 1.95 billion yuan, a slight increase of 0.1%. In Q2 2025, the operating revenue was 26.75 billion yuan, down 16.6% year-on-year, and the net profit attributable to shareholders was 1.30 billion yuan, up 14.0% year-on-year. The company faced challenges due to insufficient domestic demand and external shocks, leading to a decrease in contract logistics demand and a reduction in air freight volume. However, the company managed to maintain stable profits through cost control and benefited from the listing of the Zhongyin Zhongwaiyun warehousing logistics REIT, which enhanced Q2 investment income. Looking ahead, the company aims to revitalize its existing assets, focus on its core business, and maintain a stable high dividend policy, offering a relatively attractive dividend yield [2][4][5]. Summary by Sections Financial Performance - In H1 2025, the company's revenue and net profit figures were 50.52 billion yuan and 1.95 billion yuan, respectively. In Q2 2025, the revenue was 26.75 billion yuan, and the net profit was 1.30 billion yuan [4][5]. - The company reported a year-on-year decrease in revenue for both H1 and Q2, with a decline of 10.4% and 16.6%, respectively. However, the net profit in Q2 showed a positive growth of 14.0% [2][4]. Business Segments - The company's professional logistics and related business revenue decreased by 5.9% year-on-year in H1 2025, while e-commerce business revenue increased by 7.3%. In Q2, the contract logistics and project logistics volumes faced a decline due to insufficient domestic demand [5]. - The company experienced a significant drop in air freight volume and prices due to external shocks, with the SCFI average shipping price down 37.4% year-on-year in Q2 [5]. Investment and Dividends - The company has a high dividend policy, with a total cash dividend and buyback amounting to 1.494 billion yuan in H1 2025, corresponding to a mid-term payout ratio of 76.7% [5]. - The company plans to transfer 25% of its equity in Luokai International, which is expected to contribute an investment income of 1.79 billion yuan in the second half of the year [5].