ZHESHANG SECURITIES·2025-10-28 14:52Investment Rating - The investment rating for the company is "Accumulate" [4] Core Insights - The company has demonstrated significant cost control effectiveness, resulting in resilient operating performance despite external pressures [1][2] - The company is expected to benefit from its strong market position, digital transformation initiatives, and the "new carrier" model, which aligns with trends in industry globalization and supply chain integration [2] Financial Performance Summary - For the first three quarters of 2025, the company reported operating revenue of approximately 750.38 billion yuan, a year-on-year decrease of 12.6%, and a net profit attributable to shareholders of 26.79 billion yuan, down 5.2% year-on-year [1][8] - The gross profit margin improved to approximately 5.71%, up 0.83 percentage points from 4.88% in the same period last year, indicating strong cost management and business structure optimization [1] - Investment income for the first three quarters reached 1.632 billion yuan, an increase of 11.18% year-on-year, although core investment income from joint ventures decreased by 24.37% [1] Business Segment Performance - The professional logistics segment showed steady growth, with contract logistics, project logistics, and chemical logistics volumes increasing by 2.1%, 2.1%, and 6.3% respectively [1] - The sea freight agency business performed well, with a volume increase of 7.6%, while air freight and rail agency volumes declined by 11.8% and 12.5% respectively due to strategic adjustments in response to external policy changes [1] - The cross-border e-commerce logistics business saw a significant contraction, with volumes dropping by 71.3%, while the logistics e-commerce platform business grew by 55.4% [1]