这是(晴晖国际物流18680404400)整理的信息，希望能帮助到大家 在考虑将商品从东莞通过空运方式送至海外亚马逊运营中心时，许多商家会关注如何获取相关的联系信息以进行咨询。实际上，这类联系渠道通常由专业的 物流服务商提供，用于解答关于运输流程、费用、时效等方面的问题。 通过空运将货物从东莞运至亚马逊运营中心，是许多跨境电商卖家选择的物流方式之一。这种方式通常能够提供相对较快的运输时效，适合对时效有一定要 求的商品。空运流程涉及多个环节，包括货物准备、订舱、报关、运输、清关和末端配送等。每个环节都需要按照相关规定进行操作，以确保货物能够顺利 到达目的地。 在了解空运相关信息时，商家可能会遇到一些常见问题。以下通过自问自答的形式，对一些典型问题进行梳理。 1.空运方式有哪些不同类型？ 空运通常分为商业航班和包机运输两种主要形式。商业航班利用客运飞机的腹舱或全货机运输货物，航班班次相对固定。包机运输则是指租用整架飞机进行 货物运输，适合货量较大或有特殊时效要求的情况。不同的运输方式在成本和时效上有所差异，商家可以根据自身需求进行选择。 2.运输费用通常包含哪些部分？ 空运费用通常由多个部分组成。主要部分包括航空 ...

Summary of Shenzhen Airport Conference Call Company Overview - **Company**: Shenzhen Airport - **Period**: First half of 2025 Key Financial Performance - **Revenue**: CNY 2.53 billion, up 12.3% year-on-year [2][3] - **Net Profit**: CNY 310 million, up 79.1% year-on-year, marking a record high for the same period since opening [2][3] Passenger and Cargo Operations - **Passenger Growth**: Domestic passenger growth of 9.2%, ranking first among the top ten airports [2][3] - **Total Passenger Volume**: 32.57 million, with a total of 130 domestic routes and 50 international routes [2][3][4] - **Cargo Volume**: 983,000 tons, with a year-on-year increase of 14.1% [3] - **New Routes**: Added domestic routes to Shihezi, Longnan, and others; international routes to Vientiane, Mexico City, and others [2][4][5][6] Future Projections - **Annual Passenger Target**: Aiming for 63 million to 65 million passengers despite summer growth slowdown due to weather [2][7] - **Cross-Border E-commerce Growth**: Expected growth rate of approximately 20%, higher than the overall international market [2][11] Impact of External Factors - **US-China Tariff Impact**: Minimal impact on operations; US cargo accounts for only 10% of total cargo volume [2][8][9] - **Logistics Adjustments**: Diversifying logistics routes to mitigate risks from US tariffs [10] Infrastructure and Capital Expenditure - **Major Projects**: Ongoing construction of a third runway and T2 terminal, with total investment exceeding CNY 10 billion [15][16] - **Logistics Revenue Growth**: Increased by 57% due to the operation of Shenchuang International Cargo Station, contributing CNY 93 million in revenue [12][13] Business Segment Performance - **Leasing and Concession Business**: Low growth, with duty-free business remaining flat due to promotional activities and market conditions [14] - **Advertising Revenue**: Grew by 9% in the first half of 2025, but future growth may be impacted by reduced advertising spending from companies [18] Strategic Partnerships and Operations - **Airline Cooperation**: Preference for concentrated cooperation with major airlines, such as Shenzhen Airlines and China Southern Airlines [24] - **International Route Development**: Continued support for key international routes, with a focus on market sustainability [22][23] Assessment Metrics - **Performance Evaluation**: Focus on financial metrics (revenue, profit) and operational metrics (flight departures, passenger volume) [25]

Core Insights - The demand for seasonal products and outdoor goods in the Nordic region has surged, leading to a peak in cross-border e-commerce orders [1] - Cainiao's logistics capabilities and efficient cross-border logistics network have enabled Chinese merchants to quickly respond to market demands [1] Group 1: Market Growth - In July, cross-border order volume in the five Nordic countries (Sweden, Norway, Denmark, Finland, Iceland) experienced a three-digit month-on-month increase, making it one of the fastest-growing markets in Europe during the e-commerce peak season [1] - The growth is attributed to the significant increase in demand for summer products in the Nordic region and continuous optimization of Cainiao's end-to-end cross-border logistics capabilities [1] Group 2: Logistics Efficiency - Cainiao's end-to-end fulfillment time in the Nordic countries is two days faster than the industry average, with comprehensive "door-to-door" delivery services available across the region, excluding Greenland [1] - The company offers flexible end-supplier configurations, allowing merchants to choose the optimal last-mile delivery service based on product characteristics [1] Group 3: Product Offerings - Cainiao has developed a specialized tiered product matrix for the Nordic market, including express, standard, and economy products, as well as dedicated solutions for light parcels, clothing, bulk goods, and cosmetics [1] - This diverse range of customized products aims to meet the varied needs of customers through differentiated services [1] Group 4: Customer Satisfaction - A long-term user of Cainiao's cross-border services reported a 70% increase in daily order volume, from 19,000 to 33,000, attributing this growth to stable logistics capabilities that enhance customer satisfaction and drive repeat purchases [2] - Cainiao's cross-border logistics network currently covers over 200 countries and regions, with 18 overseas distribution centers established [2]

公司报告 | 公司点评 东航物流（601156） 证券研究报告 短期盈利或有扰动，中长期仍有望增长 东航物流：我国领先的航空物流服务商 公司主营业务分为航空速运、地面综合服务、综合物流解决方案三大板块。航 空速运业务通过全货机运输和客机腹舱运输两种方式，截至 2024 年，公司拥 有14架B777F全货机并独家经营东航股份公司800余架客机腹舱货运业务； 地面综合服务业务，公司在核心枢纽机场拥有17 个自营货站，上海两场拥有 6 个近机坪货站、1个货运中转站，实现对关键资源的卡位。综合物流解决方 案，跨境电商高景气+拓展产地直达，收入实现高增长。25Q1，公司营业收 入 54.9 亿元，同比增长 5.0%；归母净利润 5.5 亿元，同比下降 7.4%。 关税调整扰动短期盈利，积极应对或孕育新动能（Chaos is a ladder） 小额关税政策调整，空运业务面临压力。2025 年 4 月，美国宣布暂定"最低 限度豁免（de minimis）"政策，并分阶段将每件包裹关税提升至 200 美元； 5 月 12 日，美方下调或撤销对中国小额包裹（包括中国香港特别行政区小额 包裹）加征的关税，国际邮件从价税率由12 ...

Core Viewpoint - The launch of the "China-Europe Arctic Express" by Hai Jie Shipping Company in September 2023 will significantly enhance shipping efficiency between China and Europe, establishing a new record for transit time. Group 1: Shipping Route Details - The new shipping route will connect major ports in China and Europe, with a direct segment from Ningbo-Zhoushan Port to Felixstowe Port in the UK, reducing the one-way transport time to 18 days [1] - The route will utilize the Northern Sea Route (NSR) and will include stops at Qingdao, Shanghai, Ningbo, Felixstowe, Rotterdam, Hamburg, and Gdansk [1] - The first sailing is scheduled for September 20, 2023, aligning with the peak season for European Christmas inventory [1] Group 2: Impact on Trade and Logistics - The new route will strengthen Ningbo-Zhoushan Port's position as a core hub for trade with Europe, benefiting from its developed logistics network [2] - Goods from other domestic ports and inland points can be efficiently aggregated to Ningbo-Zhoushan Port through various transport modes, including inland shipping and sea-rail intermodal transport [2] Group 3: Vessel Specifications - The route will deploy ice-strengthened container ships with a capacity of 4,890 TEUs, equipped with specialized ice-breaking equipment and advanced polar navigation technology [1]

Group 1 - The rise of cross-border e-commerce has led to increased consumer interest in overseas shopping convenience and cost control, with the emergence of US shipping lines providing new logistics solutions for consumers [1] - The support of double-clearance and tax-inclusive services has significantly facilitated the import process for consumers [1] - Maritime transport is highlighted as the primary method for bulk goods transportation, particularly in the context of textile and apparel counterfeit exports to the US [1] Group 2 - Maritime transport offers significant cost advantages for exporting counterfeit textile and apparel products to the US compared to air freight, making it suitable for long-distance transportation of bulk goods [3] - The ability of container ships to carry large volumes of goods meets the demand for exporting counterfeit textile and apparel products [3] - Maritime routes are stable, providing ample time for businesses to plan subsequent sales and marketing strategies despite longer transit times [3] Group 3 - Shipping times from Shanghai to the US vary based on factors such as route, vessel type, cargo type, and season, with typical transit times of 14-25 days to the West Coast and 30-41 days to the East Coast [6] - This time frame allows businesses to manage potential customs delays or unforeseen circumstances effectively [6] Group 4 - After dispatching goods, businesses should closely monitor the shipping status and communicate with shipping companies to resolve any issues that may arise [9] - Upon arrival at the destination port, businesses should promptly arrange for pickup and distribution to ensure quick market entry [9] - The Shanghai to US shipping line presents significant advantages for exporting textile and apparel, allowing businesses to leverage cost efficiency and large transport capacity for safe and efficient delivery to the US market [9]

Group 1: Key Developments in Cross-Border E-Commerce Logistics - TikTok Shop in Southeast Asia has implemented a new logistics policy allowing buyers to cancel eligible cross-border direct orders before the order status changes to "shipped," addressing the long-standing issue of order cancellation difficulties [4][6] - Cainiao has established a cross-border logistics network for mutual parcel delivery among six Gulf countries in the Middle East, achieving delivery within three days, marking a significant milestone for Chinese logistics companies [6][8] - JD Logistics launched its new self-operated B2C express brand "JoyExpress" in Saudi Arabia, offering services such as same-day and next-day delivery, enhancing its logistics network in the region [8][10] Group 2: Changes in Logistics Costs and Market Dynamics - FedEx and UPS have resumed additional fees for imports from China, with UPS charging $0.29 per pound for excess fees starting April 13, indicating rising logistics costs for cross-border e-commerce [10][12] - The resumption of these fees, combined with the cancellation of the $800 tax exemption for goods, signifies the end of the low-cost logistics era for cross-border e-commerce, prompting sellers to adjust their operational strategies [12][24] Group 3: Market Expansion and IPO Activities - LianLian International and logistics giant JCtrans announced a strategic partnership to launch the "Southeast Asia Logistics Enterprise Support Program," aimed at improving operational efficiency and cash flow in the logistics sector [12][14] - JiHong Co. plans to go public on the Hong Kong Stock Exchange, with an expected fundraising of approximately HKD 617 million, to enhance its R&D and expand its market presence [15][17] - ShunYou Logistics has submitted its IPO application to the Hong Kong Stock Exchange, attracting significant market attention due to its established position in cross-border e-commerce logistics [17][18] Group 4: Company Performance and Financial Results - Lege Co. reported a 45.33% increase in revenue to CNY 5.67 billion for 2024, but its net profit dropped by 46.99% to CNY 336 million, highlighting challenges in its overseas warehouse business [22][24] - The company's logistics revenue now accounts for 42.74% of its total revenue, a significant increase from less than 6% in 2021, reflecting its transition to a comprehensive service provider [24]

Core Insights - The launch of a cross-border e-commerce special train from Wuhan to Poland signifies the establishment of an efficient logistics channel between Europe and Asia, with a total cargo value of approximately $3.5 million [1] - The operation of the China-Europe Railway Express (Wuhan) has seen significant growth, with a total of 510 trains dispatched this year, achieving a 17.24% year-on-year increase in shipment volume [1] - The strategic development plans for 2025 include enhancing the logistics network by establishing new routes and overseas warehouses, aiming to improve international trade efficiency [2] Group 1 - The cross-border e-commerce train is organized by Hubei Port Group, Hubei Lian Investment, and China Railway Wuhan Group, carrying a variety of goods including industrial products and electronics [1] - The logistics hub in Malaszewicze, Poland, handles over 90% of customs clearance and distribution tasks for goods heading to Europe, allowing for distribution within 48 hours to various European regions [1] - The outbound shipments to Europe have increased by 63.06% year-on-year, while the total volume for Central Asia has seen a 200% increase [1] Group 2 - The cross-border e-commerce model "9710" and "9810" has been effectively utilized to enhance customs efficiency and reduce costs for enterprises [2] - Future plans include the establishment of a new international transport route to Georgia and overseas warehouses in Almaty and Tashkent to strengthen the logistics network [2] - The focus for the second half of the year is on building a regional consolidation center in Wuhan to expand the international logistics network and improve overall logistics service capabilities [2]

Core Viewpoint - The logistics company Shunyou Logistics is preparing for an IPO in Hong Kong, driven by the booming cross-border e-commerce market, despite facing challenges from U.S. tariffs and trade policies [1][2]. Company Overview - Shunyou Logistics operates globally, covering 220 countries and regions, handling over 500,000 packages daily, and serving 100,000 cross-border e-commerce businesses [1]. - The company was founded in Hong Kong in 2008 and has since established branches in major cities worldwide, including Los Angeles, Kuala Lumpur, and Shanghai [2]. Financial Performance - Shunyou Logistics reported revenues of 1.184 billion, 1.506 billion, and 1.522 billion yuan for the years 2022, 2023, and 2024, respectively, with a heavy reliance on direct shipping logistics [5]. - The company experienced a 40.27% decline in net profit in 2024, attributed to increased sales costs and investments in overseas warehouse services [7]. - The net profit figures for the reporting period were 31.88 million, 73.47 million, and 43.88 million yuan, indicating a significant drop in profitability [7]. Shareholder Structure - The major shareholders include Anyun Investment, controlled by founder Yao Yun and his spouse, holding 53.32% of the shares, while Yao Yun personally holds 24.1% [3][4]. - The company has distributed a total of 83 million yuan in cash dividends from 2022 to 2024, reflecting its family business characteristics [4]. Market Position - Shunyou Logistics ranks 9th in the domestic cross-border e-commerce logistics market with a market share of 0.5%, amidst intense competition with over 5,000 service providers [8]. - The company aims to expand its market share and brand recognition through its upcoming IPO [8]. Strategic Focus - The company plans to shift its focus towards developing overseas warehouse services, which are expected to become a key business area, despite the potential risks associated with a heavy asset model [7].

Investment Rating - The report initiates coverage with a "Buy" rating for Eastern Airlines Logistics [3][7]. Core Views - Eastern Airlines Logistics is positioned as a leading player in the aviation logistics sector, benefiting from a robust resource base that creates competitive barriers. The company is expected to achieve significant long-term performance growth [6][30]. - The aviation logistics market is projected to continue growing, although short-term fluctuations may arise due to international trade policies [6][9]. Financial Data and Profit Forecast - Total revenue is forecasted to reach CNY 24,544 million in 2025, with a year-on-year growth rate of 2.0% [2]. - Net profit attributable to shareholders is expected to be CNY 2,120 million in 2025, reflecting a decline of 21.1% year-on-year [2]. - Earnings per share (EPS) is projected at CNY 1.34 for 2025, with a PE ratio of 10 [2]. - The company aims for a dividend payout ratio of 30%-50% of net profit, with expected dividend yields of 4.1% in 2025 [7][49]. Business Segments - **Aviation Express**: The company operates a dual model of all-cargo aircraft and passenger belly cargo, with a focus on enhancing operational efficiency and expanding its international route network [23][51]. - **Ground Comprehensive Services**: The company has established 17 self-operated cargo stations at key airports, achieving a market share of 51.9% in the Shanghai Hongqiao and Pudong areas [23][30]. - **Integrated Logistics Solutions**: The company is capitalizing on the growth of cross-border e-commerce, with revenue from this segment expected to increase significantly [9][30]. Market Dynamics - The aviation logistics market is anticipated to grow, driven by increasing demand for air freight services, although it may face short-term disruptions from trade policies [6][9]. - The supply side is expected to see a slight expansion in cargo aircraft capacity, while demand is projected to remain strong despite potential policy impacts [6][9]. Investment Analysis - The forecasted net profits for Eastern Airlines Logistics from 2025 to 2027 are CNY 21.20 billion, CNY 26.87 billion, and CNY 31.75 billion, respectively, with corresponding PE ratios of 9.9x, 7.8x, and 6.6x [7][8]. - The company is expected to have a 24% upside potential compared to industry averages, supported by its unique logistics assets and strategic capacity expansion [7][30].