本议案需提交股东会审议批准。 表决结果：赞成__3__票；反对__0__票；弃权__0__票。 特此公告。 证券代码：603128 证券简称：华贸物流 公告编号：临 2025-029 港中旅华贸国际物流股份有限公司 第五届监事会第十三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 港中旅华贸国际物流股份有限公司（以下简称"公司"）第五届监事会第十 三次会议于 2025 年 12 月 11 日以通讯表决方式召开。本次会议应出席会议的监 事 3 名，实际出席会议的监事 3 名。本次会议的通知及召开符合《中华人民共和 国公司法》及《港中旅华贸国际物流股份有限公司章程》的规定。经出席会议监 事审议，一致通过如下决议： 审议通过《关于取消监事会并修订<公司章程>及其附件的议案》 为进一步完善公司治理，根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司治理准则》《上市公司章程指引》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关 法律、法规、规范性文件的规定， ...

港中旅华贸国际物流股份有限公司（以下简称"公司"）第五届董事会第三 十二次会议于 2025 年 12 月 11 日以通讯表决方式召开。本次会议应出席会议的 董事 5 名，实际出席会议的董事 5 名。本次会议的通知及召开符合《中华人民共 和国公司法》、《港中旅华贸国际物流股份有限公司章程》和《董事会议事规则》 的规定。经出席会议董事审议，一致通过如下决议： 证券代码：603128 证券简称：华贸物流 公告编号：临 2025-028 港中旅华贸国际物流股份有限公司 第五届董事会第三十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 审议通过《关于续聘2025年度会计师事务所的议案》 董事会经审议同意继续聘请信永中和会计师事务所（特殊普通合伙）为公司 2025 年度财务报表审计机构及内部控制审计机构，期限一年。 具体详见《港中旅华贸国际物流股份有限公司关于续聘 2025 年度会计师事 务所的公告》（2025-030）。 本议案经审计委员会审议通过。 本议案需提交股东会审议批准。 表决结果：赞成__5__票；反对 ...

Core Viewpoint - Hua Mao Logistics (603128) has experienced a decline in both revenue and net profit for the first three quarters of 2025, indicating potential challenges in its operational performance [1][2]. Financial Performance - For the first three quarters of 2025, the company's main revenue was 13.72 billion yuan, a year-on-year decrease of 4.84% [1]. - The net profit attributable to shareholders was 307 million yuan, down 35.07% year-on-year [1]. - The net profit after deducting non-recurring items was 305 million yuan, reflecting a decline of 34.9% [1]. - In Q3 2025, the company's single-quarter main revenue was 4.95 billion yuan, a decrease of 14.95% year-on-year [1]. - The single-quarter net profit attributable to shareholders was approximately 79.03 million yuan, down 53.33% year-on-year [1]. - The single-quarter net profit after deducting non-recurring items was about 78.85 million yuan, a decline of 53.47% [1]. - The company's debt ratio stood at 46.03% [1]. - Investment income was 22.15 million yuan, while financial expenses amounted to 27.88 million yuan [1]. - The gross profit margin was 9.36% [1]. Market Activity - As of December 9, 2025, the stock closed at 5.86 yuan, down 0.85%, with a turnover rate of 0.54% and a trading volume of 70,200 hands, resulting in a transaction amount of 41.29 million yuan [1]. - On December 9, the net inflow of main funds was 1.58 million yuan, accounting for 3.83% of the total transaction amount, while retail funds saw a net inflow of 1.07 million yuan, making up 2.59% [1]. - Over the past 90 days, three institutions have provided ratings for the stock, with one buy rating and two hold ratings, and the average target price set at 7.6 yuan [2].

Core Viewpoint - The stock of Huamao Logistics (603128) has shown a decline in both share price and financial performance, indicating potential challenges in the logistics sector [1][3]. Financial Performance - As of December 8, 2025, Huamao Logistics closed at 5.91 yuan, down 0.17% with a trading volume of 72,300 hands and a transaction value of 42.80 million yuan [1]. - For the first three quarters of 2025, the company's main revenue was 13.72 billion yuan, a year-on-year decrease of 4.84%, and the net profit attributable to shareholders was 307 million yuan, down 35.07% [3]. - In Q3 2025 alone, the company reported a main revenue of 4.95 billion yuan, a decline of 14.95%, and a net profit of 79.03 million yuan, down 53.33% [3]. Capital Flow - On December 8, 2025, the net outflow of main funds was 5.87 million yuan, accounting for 13.7% of the total transaction value, while retail investors saw a net inflow of 5.24 million yuan, representing 12.24% of the total [1][2]. - Over the past five days, the stock has experienced fluctuating capital flows, with significant net outflows from main funds on several days [2]. Industry Comparison - Huamao Logistics has a total market value of 7.736 billion yuan, which is below the logistics industry average of 16.824 billion yuan, ranking 23rd out of 54 companies in the sector [3]. - The company's net profit margin stands at 2.38%, significantly lower than the industry average of 4.8%, placing it 30th in the industry ranking [3]. Analyst Ratings - In the last 90 days, three institutions have provided ratings for Huamao Logistics, with one buy rating and two hold ratings, and the average target price set at 7.6 yuan [4].

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Core Viewpoint - Recent announcements from multiple A-share listed companies indicate a trend of asset disposals, with "focusing on core business" being a central theme. Companies are divesting non-core and underperforming assets to improve financial conditions and operational efficiency [1][2][3]. Group 1: Asset Disposals - Hangzhou Tiandi Digital Technology Co., Ltd. announced the transfer of 100% equity of its wholly-owned subsidiary for 49 million yuan, aiming to optimize asset structure and improve operational efficiency [1]. - China Travel Service International Logistics Co., Ltd. plans to publicly transfer 100% equity of its wholly-owned subsidiary, emphasizing resource concentration on core business and enhancing competitive advantages [1]. - Shanghai Chuangxing Resource Development Co., Ltd. intends to transfer 100% equity of its subsidiary, which has been affected by litigation and poor receivables, to improve financial health [2]. Group 2: Strategic Focus - The current market environment drives companies to reassess their resources and capabilities, leading to the divestiture of non-core assets to enhance core competitiveness and market share [2]. - Companies are focusing on strategic optimization by selling off loss-making or high-risk assets, which helps in cutting losses and improving financial statements [3]. - The sale of underperforming assets is seen as a dual benefit for companies, allowing them to isolate risks and prevent "problem businesses" from dragging down core operations [3].

Group 1 - Multiple A-share listed companies are announcing asset disposals, focusing on divesting subsidiaries and idle properties to optimize their asset structures and improve operational efficiency [1][2] - The core theme among these announcements is "focusing on core business," with companies aiming to concentrate resources on their main competencies and enhance competitive advantages [2] - Companies are also motivated to divest non-core or underperforming assets to improve their financial conditions, as seen in the case of Shanghai Chuangxing Resource Development Co., which is transferring a subsidiary involved in numerous lawsuits and poor receivables [2][3] Group 2 - For instance, Hangzhou Tiandi Digital Technology Co. plans to sell its wholly-owned subsidiary for 49 million yuan to optimize its asset structure and reduce management costs [1] - Guangxi Tourism Co. is transferring its wholly-owned subsidiary, which has been continuously losing money since 2008, for 34.5 million yuan to cut losses and improve asset efficiency [3] - The trend of divesting underperforming assets is seen as a dual benefit for companies, allowing them to stop losses and strategically optimize their operations while isolating risks from their core business [3]

Investment Rating - The report assigns an "Outperform" rating for the company, indicating a "Buy" recommendation for investors [2]. Core Insights - The company is a leading air logistics service provider backed by China Eastern Airlines Group, with a stable operating profit and significant growth in comprehensive logistics services [4][5]. - The air express business serves as the foundation, while comprehensive logistics solutions represent a secondary growth curve [4][5]. - The company has a robust network of air routes, covering 16 international cities and reaching 1,000 destinations globally [4][17]. - The comprehensive logistics solutions have seen a notable increase in revenue share, driven by the rapid growth of cross-border e-commerce logistics solutions [4][18]. Financial Performance - The company achieved a revenue of 20,621 million yuan in 2023, with a projected increase to 24,056 million yuan in 2024, reflecting a year-on-year growth of 17% [2]. - The net profit attributable to shareholders is expected to rise from 2,488 million yuan in 2023 to 2,688 million yuan in 2024, marking an 8% increase [2]. - The earnings per share (EPS) is projected to be 1.57 yuan in 2023, increasing to 1.69 yuan in 2024 [2]. Business Segments - The company's main business segments include air express, ground comprehensive services, and comprehensive logistics solutions [15][4]. - The air express segment is characterized by high gross margins and significant operational advantages, with a gross margin of 18.91% in H1 2025 [4][40]. - Ground comprehensive services benefit from a strong market position at Pudong Airport, achieving a gross margin of 34.19% in H1 2025, significantly higher than competitors [4][47]. - Comprehensive logistics solutions are expanding rapidly, with cross-border e-commerce solutions growing by 41% in export volume and 48% in weight in 2024 [58][62]. Market Outlook - The supply of cargo aircraft remains tight, while demand for air logistics is expected to improve due to economic growth and the booming cross-border e-commerce market [75][85]. - The report forecasts that the net profit for the company will reach 26.29 billion yuan in 2025, 28.10 billion yuan in 2026, and 31.15 billion yuan in 2027, with corresponding P/E ratios of 9.8X, 9.2X, and 8.3X [4][5].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]