Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $7.7 million, representing a 24% year-over-year increase [13] - Platform revenue was $2.6 million, up 15% year-over-year, while solutions revenue reached $5.1 million, up 30% year-over-year [13] - Gross margin improved from 65% a year ago to 69.1% in Q3 2025, with non-IFRS gross margin rising from 72.7% to 74.8% [16] - Adjusted EBITDA improved to negative $2.6 million in Q3 2025 compared to negative $2.8 million in Q3 2024 [17] - Cash and short-term bank deposits at the end of the quarter were $30.6 million, supporting continued investments [18] Business Line Data and Key Metrics Changes - The company processed 429,000 transactions in Q3, a 27% increase year-on-year, marking the 23rd consecutive quarter of record transactions [4] - Unique buyer users were approximately 20,600, and the number of carriers with more than five bookings increased to 77 [4] - Solutions revenue growth was anticipated to be stronger than the 30% year-on-year growth delivered, impacted by longer sales cycles due to tariffs and macroeconomic conditions [9] Market Data and Key Metrics Changes - Air cargo volumes increased by 4% compared to Q3 2024, despite challenges in trans-Pacific e-commerce volumes [5] - Average global air cargo rates decreased by 6% compared to Q3 last year, reflecting market volatility [5] - The overall global trade is up on the year, but trade with the U.S. has seen a slight decline [30] Company Strategy and Development Direction - The company is focused on expanding airline coverage in Asia and enhancing multimodal capabilities [4][6] - A strategic partnership with Visa and TransCard was announced to provide modern financing solutions for freight forwarders and importers/exporters [6][7] - The launch of the new multimodal rate management and quoting SaaS product, WebCargo Rate & Quote Ocean, aims to unify air and ocean quoting [8] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is less uncertainty than earlier in the year, tariffs and macroeconomic conditions still create friction for imports to the U.S. [28] - The company anticipates meaningful revenue contributions from ocean bookings in the midterm, with significant growth expected by 2028 [44][45] - The focus remains on achieving adjusted EBITDA break-even by Q4 2026, with continued revenue growth and disciplined cost management [18][20] Other Important Information - The company closed the quarter with a cash burn of about $10 million for 2025, down from $15 million in 2024 [20] - The company expects to end the year with cash and equivalents of approximately $27 million [20] Q&A Session Summary Question: Can you discuss the contribution margin and growth opportunities? - Management acknowledged the balance between growth and achieving break-even EBITDA, emphasizing efficiency improvements and potential AI-driven efficiencies [25][26] Question: How is tariff volatility impacting shipping volumes? - Management indicated that while there is some stabilization, uncertainty and higher tariffs still create friction for imports, affecting the ability to secure large contracts [29][31] Question: What is the current penetration of the platform in various markets? - Management stated that penetration varies by geography, with high penetration in Europe, moderate in the U.S., and low in Asia [35] Question: How will the Visa partnership impact opportunities? - The partnership is expected to enhance payment solutions, potentially increasing average take rates with airlines [40] Question: When will ocean bookings start contributing significantly to revenue? - Significant revenue from ocean bookings is not expected until 2028, with minor contributions anticipated in 2027 [44][45] Question: What is the proportion of recurring versus non-recurring revenue in solutions? - Management indicated that a very large majority of solutions revenue is recurring, with non-recurring revenue not exceeding 5% [59][60]

Core Insights - The China-Europe Railway Express (Xi'an) has achieved a record of over 5,000 trips in the first ten months of the year, marking a 16.3% year-on-year increase, with a total of 5,063 trips [1] - The railway has transported a total of 5.564 million tons of goods, reflecting a 12.9% increase, and sent 505,000 TEUs, which is a 10.5% rise compared to the previous year [1] - The cargo structure has been upgraded, with high-value products such as electronic components, auto parts, and machinery increasingly dominating the shipments [1] Group 1 - The railway has opened 18 international transport main lines and 26 "+West Europe" routes, achieving full coverage of major cargo sources in Asia and Europe [1] - The logistics model between China and Kazakhstan has improved, reducing the cargo transfer time at the border from two to three days to just three hours [1] Group 2 - The development of the China-Europe Railway Express (Xi'an) is reshaping the regional industrial landscape, with companies like Shaanxi Automobile Group and BYD utilizing the service for international expansion [2] - The establishment of logistics parks in Xi'an, such as the Zhonglin Timber Logistics Park and the Wukuang Metal Smart Logistics Park, is facilitating the aggregation of upstream and downstream enterprises, creating the largest timber reserve base and construction material distribution center in Northwest China [2]

0:00 央广网大连11月14日消息（记者刘培俊 见习记者易博闻 丁一）晨曦映照下的渤海湾，一艘巨型渡轮静静停靠在 旅顺西站港口。这不是普通客轮，腹舱内，一列货运火车已拆分完毕，正由牵引机车缓缓推入特制船舱。这 幕"火车上船"的奇观，每天都在这里上演，成为我国东北至华东陆海铁路大通道上独特的风景。 "干这行十几年，每次看到火车稳稳开进船舱，我依然觉得震撼。"中铁渤海铁路轮渡公司调车长柳国臣，望着正 在绑扎作业的车厢说道。 烟大铁路轮渡是亚洲最长的铁路轮渡航线，北起大连旅顺口区长岭子站，南至烟台珠玑站，纵贯渤海海峡。它的 出现，让辽东与山东半岛间的铁路运输距离缩短1600多公里，运输时间也从过去绕行山海关的30多小时，压缩至 海上航行约6.5小时。 "这等于省了1000多公里的油钱和过路费啊！"常年往返辽鲁两地的货车司机郭俊岐算着经济账，"现在连车带货直 接开上船，睡一觉就到对岸，方便多了。" "一对五"滑动道岔技术（央广网记者 刘培俊 摄） 这艘能同时装载火车、汽车和旅客的"海上巨无霸"，是我国首次采用综合全电力推进系统的客滚船，也是世界上 首次采用第三代吊舱式电力推进系统的火车滚装渡船。自2006年11月投 ...

（原标题：前10月广东航空口岸人货两旺，均创历史同期新高） 在货物通关方面，广州白云机场口岸实行全天候电子放行、卡口自动核放，对需要查验的"鲜活、特 殊、急需"货物，实施24小时"随到随查"。深圳海关在全国率先落地进口冰鲜水产品监管模式改革试 点，推出"提前申报+机坪直提"等精准服务措施，支持企业对符合条件的货物运抵后直接提货，压缩通 关时间约50%。 为支持跨境电商等业务集聚发展，广州海关首创"跨境电商全球调拨中心"，推动海关监管与安检作业协 同，缩短跨境电商出口货物等待时长50%，日均最大处理货量达200吨。汕头海关建成启用揭阳潮汕国 际机场航空口岸汕头邮政跨境快件清关中心，助力粤东地区跨境电商业务发展。 广东加快推进多式联运业务发展，盘活国内国际航班舱位资源，提升航空货运效率。广州海关推动省内 首票空空国际转运换单新业务在白云国际机场落地，实现国际转运货物跨运单、跨航司、跨货站高效流 转，节省企业运输成本超10%。深圳海关创新推出"空侧直通"、国际中转"换单"等业务监管模式，大幅 提升国际转运效率。 南方财经见习记者郭莎 广州报道 11月14日，南方财经记者从海关总署广东分署获悉，1-10月，广东省内航 ...

Core Insights - The 2025 Super Hub Expo in Hong Kong marks a significant step in consolidating the city's position as an Asian transportation hub, showcasing the latest technologies and innovations in the transport and logistics sector [1] - The event aims to promote multimodal transport development and deepen regional cooperation, creating a favorable environment for Hong Kong's future role in the transport sector [1] Group 1: Event Overview - The expo features a three-day program that includes professional exchanges, business matching, and award ceremonies, effectively promoting cross-sector collaboration and sustainable development in the transport ecosystem [1] - Key figures from the industry, including representatives from the Civil Aviation Administration of China and the Hong Kong government, participated in the event, emphasizing its importance [1] Group 2: Government Support - The Chairman of the Hong Kong Airport Authority highlighted the necessity of continuous infrastructure investment for the future of the aviation industry, mentioning the three-runway system as a major project [7] - The event received strong support from various government departments, showcasing its significance in the industry and making the "Air Silk Road Forum" a focal point of the expo [7] Group 3: Industry Participation - The expo expanded its coverage to include air cargo, rail transport, and the emerging low-altitude economy, attracting over 100 leading brands such as ARUP, AECOM, and NEC [8] - More than 200 major airports, ground service companies, airlines, and civil aviation authorities participated, marking the initiation of numerous professional exchanges and business opportunities [9] Group 4: Business Networking - The expo aims to create a vibrant business ecosystem in the Asian multimodal transport sector, featuring various activities and high-quality networking opportunities [10] - Specific initiatives include GAD Asia for practical financing and sustainable airport business growth, closed-door airport dialogues for senior executives, and structured one-on-one business matching sessions [10] Group 5: Thematic Discussions - The expo includes over 100 thematic seminars covering topics such as sustainable transport, digital transformation, and green aviation technology, providing valuable learning and networking opportunities [12][13] - The "Low Altitude Economy Forum" emerged as a key highlight, supported by the Hong Kong government's regulatory sandbox policy, showcasing innovations in urban air mobility [14]

中新网南宁11月13日电 (龙绍飞 林浩)11月13日，广西壮族自治区发展和改革委员会介绍，"十四五"以 来，广西把高水平共建西部陆海新通道作为开放发展牵引工程，坚持建通道、强运营并重，持续增强通 道凝聚力和竞争力，激活区域开放发展"新引擎"。 图为繁忙 的广西北部湾港集装箱码头。周军 摄 图为正在 建设中的平陆运河马道枢纽。周军 摄 补齐短板，交通立体运输网络持续织密 在广西钦州市钦南区平山岛边坡，百米宽的平陆运河，疏浚船舶轰鸣作业，护岸施工人员往来穿梭，房 建工程塔吊铁臂飞舞，西部陆海新通道的骨干工程——平陆运河雄姿已现。 广西平陆运河建设有限公司董事长程耀飞介绍，目前，平陆运河建设已进入全面攻坚关键期，建设团队 正全力推进三大枢纽混凝土浇筑、金属结构安装及航道桥梁工程，预计2026年建成通航。 "十四五"以来，广西推动一批重大项目加速推进、基础设施短板加快补齐，一条贯通两广、连接西南、 通达港澳、对接东盟的陆海空数"四位一体"综合运输大通道正加速成型。 如今，西部陆海新通道交通运输网络不断延伸，已辐射中国18个省区75个城市163个站点，通达全球100 多个国家及地区的200多个港口，实现了从"一条线" ...

Core Insights - The China-Europe Railway Express has established a new international transport pattern between Asia and Europe, serving as a vital link for global exchange and cooperation [2][12][22] Group 1: Operational Efficiency - The Xi'an International Port Station has become the largest freight marshalling station in China, with over 18,000 trains arriving and departing during the 14th Five-Year Plan period [2][12] - The newly implemented intelligent terminal system tracks vehicle movements and cargo handling 24/7, allowing for rapid processing of container trucks [4][6] - The Xi'an International Port has broken loading records multiple times this year, with a peak of 1,530 containers loaded in a single day [9][11] Group 2: Growth in Train Operations - The number of China-Europe Railway Express trains departing from Xi'an has significantly increased, with over 5,000 trains operated this year, marking a historic milestone [11][12] - The average frequency of train departures has improved to every 90 minutes, showcasing the growing operational capacity [11][12] Group 3: Logistics and Cost Efficiency - The expansion of the secondary distribution system has led to a reduction in transportation costs by over 10%, with the proportion of return trains increasing from 46% to over 50% [21][19] - The introduction of new multi-modal transport solutions has enhanced service quality and reduced overall logistics costs [21][22] Group 4: International Cooperation and Network Expansion - The development of new routes, such as the Xi'an-Tashkent express line, has improved transport efficiency by 40%, while the integration of sea and rail transport has connected major shipping hubs [15][17] - The establishment of a "hub-to-hub" logistics model between Xi'an and Almaty has streamlined operations and improved data sharing between China and Kazakhstan [24][26] Group 5: Future Prospects - The China-Europe Railway Express aims to enhance service quality and operational efficiency in the next five years, with plans to open new routes and improve existing services [33][35] - The ongoing construction of the China-Kyrgyzstan-Uzbekistan railway is expected to further facilitate direct transport and enhance trade connections [33]

Group 1 - The Ministry of Transport has released a list of 31 pilot projects aimed at reducing costs and improving efficiency in transportation logistics, with a focus on building a strong transportation nation [1] - The pilot project led by the Inner Mongolia Autonomous Region focuses on promoting innovative development of new energy logistics under a multimodal transport model [1] - The project is implemented by COSCO Shipping Baogang Logistics Co., leveraging the global network of COSCO Shipping Group and the industrial advantages of Baogang Group, creating a logistics closed loop covering all scenarios of the new energy industry chain [1] Group 2 - The logistics model integrates "hub + channel" and "industry chain + supply chain," embedding itself into various stages of the new energy industry chain in Inner Mongolia, from upstream equipment manufacturing to downstream energy consumption [1]

Core Insights - The China Railway Urumqi Bureau Group Co., Ltd. signed annual strategic cooperation agreements with 33 enterprises, achieving a total transport volume of 204 million tons, marking a continuous two-year breakthrough of 200 million tons [1] - The agreements include a logistics package cooperation involving production, transportation, and demand, with a signed transport volume exceeding 90 million tons, aimed at supporting the real economy in Xinjiang and reducing overall logistics costs [1] Group 1 - Xinjiang Railway has focused on building a modern industrial system, emphasizing collaboration, marketing, and efficiency, while launching the "Tianshan Snow Lotus" service brand to enhance logistics services [1] - The railway department has established strategic cooperation with 31 key enterprises in Xinjiang, customizing logistics service plans and ensuring stable transport capacity for bulk goods [1] - The total freight volume sent by Xinjiang Railway has surpassed 200 million tons, 19 days ahead of last year [1] Group 2 - The railway department is expanding its modern logistics product system, developing logistics packages and contract transportation, and increasing the scale of multimodal transport [2] - The goal of transporting 10 million tons of coal out of Xinjiang has been set, with a 10% year-on-year growth target, and the transport range has been expanded to over 10 provinces [2] - As of now, Xinjiang Railway has sent 48.34 million passengers, a year-on-year increase of 7.2%, and has transported 214 million tons of goods, a year-on-year increase of 6.6% [2]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is a leading player in domestic container shipping, with strong profitability and a robust dividend policy. It operates a fleet of 49 vessels with a total capacity of 2.5019 million deadweight tons, including 41 container ships with a capacity of 132,200 TEU. The company's return on equity (ROE) reached 16.86% in 2024, ranking third in the shipping sector [5][18][19]. Summary by Sections 1. Domestic Container Shipping - The company is a leader in domestic container logistics, providing comprehensive logistics services that extend from shipping to land transport. Its core business is supported by a diverse cargo structure, with key cargo types such as paper products, steel, and food each accounting for around 7% of the total [5][7][30][32]. 2. Foreign Trade Chartering - The foreign trade container shipping chartering market has seen increased demand following the Red Sea crisis in December 2023. The company’s fleet aligns well with the market demand for small to medium-sized vessels, and the structure of new contracts is improving, with longer terms and higher rental rates compared to 2024 [6][62][68]. 3. Cash Flow and Dividend Capability - The company plans to distribute 60% of its cumulative distributable profits in cash over the next three years. Historical dividend payout ratios are high, reaching 88% and 90% for 2023 and 2024, respectively [6][8]. 4. Profit Forecast and Valuation - The company is expected to achieve a net profit of 2.145 billion yuan in 2025, with revenue projections of 10.770 billion yuan. The estimated earnings per share (EPS) for 2025 is 1.02 yuan, with a price-to-earnings (P/E) ratio of 10.95 [8][10].