Group 1: Aircraft Delivery and Financing - The company expects the delivery of six A350F freighters to occur between 2029 and 2031 [2] - The funding for the aircraft purchase will come from the company's own funds and self-raised funds, indicating the company's capability to fulfill the aircraft procurement contract [2] - The option to purchase four additional A350F freighters must be exercised by the end of 2026 at the latest [2] Group 2: Strategic Collaboration - The company has a diverse and stable shareholder structure, leveraging unique aviation resources from AVIC to deepen business cooperation with strategic shareholders [3] - Continuous collaboration with strategic partners like Cainiao Network in cross-border e-commerce logistics and optimization of cooperation routes is ongoing [3] - The company is enhancing cooperation with other strategic shareholders such as Sinotrans and Cathay Pacific to improve domestic market layout and global route network [3] Group 3: Logistics Solutions and Market Adaptation - The company is actively responding to uncertainties in the air cargo market due to global trade tariff policy changes by expanding cross-border e-commerce services [3] - Efforts are being made to reduce logistics production costs and expand into sectors like e-commerce, pharmaceuticals, and cold chain logistics, aiming for dual improvements in business scale and quality [3] - The company has deployed a supply chain management system to achieve full-link digitalization of its business, laying a foundation for further expansion [3] Group 4: Air Cargo Station Development - The company currently operates six self-owned cargo stations in Beijing, Tianjin, Hangzhou, Chengdu, and Chongqing [3] - There is a focus on enhancing hub cargo station capabilities and improving service quality [3] - Future adjustments to the route structure will further enhance the cargo station support capabilities [3]

Industry Overview - The core viewpoint of the article highlights the growth potential of China's contract logistics industry, with a projected market size of approximately 630 billion yuan in 2024 and a compound annual growth rate (CAGR) of 8.32% over the past four years [1]. Market Size - The market size of China's contract logistics industry is expected to reach around 630 billion yuan by 2024, indicating significant growth potential [1]. Investment Trends - From 2014 to 2021, the number and amount of investment events in China's contract logistics industry showed a declining trend. In 2022, there were 12 investment events totaling 1.415 billion yuan. However, in 2024, the number of investment events is expected to increase to 24, with a total investment amount of 3.524 billion yuan [3]. Competitive Landscape - Leading companies in China's contract logistics sector include China National Freight, Xiamen Xiangyu, and SF Holding. Their specific business layouts are as follows: - **China National Freight**: A large comprehensive logistics company offering integrated logistics solutions across various sectors, including sea, air, and land transportation [5]. - **Xiamen Xiangyu**: A well-known supply chain logistics company focused on bulk commodity logistics, warehousing, and supply chain finance, serving industries such as manufacturing and agriculture [5]. - **SF Holding**: A leading comprehensive logistics service provider specializing in express delivery, warehousing, cold chain, and local distribution, while actively expanding into the contract logistics field [5]. - **Chuanhua Zhili**: A company dedicated to logistics and supply chain services, aiming to create an intelligent logistics platform for one-stop logistics solutions [5]. - **Anji Logistics**: A wholly-owned subsidiary of SAIC Group, providing logistics services for major manufacturers and parts suppliers, covering various logistics areas [5].