Group 1 - The core viewpoint is that China National Freight's revenue has significantly increased by 37% from 2018 to 2024, while maintaining a stable gross profit of around 5.5 billion yuan [1] - The annualized growth rates for agency and related business revenue, gross profit, and operating profit are 6%, 7%, and 3% respectively, indicating steady growth [1] - The e-commerce business shows a rapid revenue growth rate of 28%, linked to the development of cross-border e-commerce [1] Group 2 - Nearly half of China National Freight's operating profit comes from investment income, primarily from the joint venture with DHL, which is a leader in service quality and timeliness [2] - The rapid rise of cross-border e-commerce presents significant opportunities for the global air freight market, although future growth may be impacted by slowing import and export trade [2] Group 3 - The company plans to transfer a 25% stake in a subsidiary, expected to generate approximately 1.793 billion yuan in investment income [3] - The issuance of a REIT is projected to increase the company's net profit by about 390 million yuan for the year 2025 [3] Group 4 - The profit forecast for 2025 has been raised to 5.2 billion yuan due to the stake transfer and REIT issuance, while 2026-2027 profit forecasts are set at 3.5 billion yuan each year [4] - The company maintains a "buy" rating despite industry pressures in shipping and air freight [4]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][5][15]. Core Views - The company has successfully navigated through 30 years of the container shipping cycle, establishing itself as a leading player in the Asian regional container shipping market. The supply-demand balance in the region is tight, and freight rates are expected to remain stable. The company has built a differentiated competitive advantage and provides robust shareholder returns, with cumulative dividends of HKD 38.9 billion from 2010 to 2024, averaging a payout ratio of 78% [3][10][15]. Summary by Sections Company Overview - The company, established in 1991, has become a leading shipping logistics enterprise in Asia, focusing on container transportation, international freight forwarding, and integrated logistics services. It operates a high-density service network covering 81 major ports across 17 countries and regions, with a fleet of 114 container ships, of which 100 are owned [10][20][24]. Industry Supply and Demand - The demand for container shipping in Asia is supported by high trade volumes among developed economies and the growing trade between China and ASEAN countries. The container trade volume between China and ASEAN is expected to grow by 8.2% year-on-year in the first half of 2025, with container volumes from China to Southeast Asia increasing by 19.7% [32][33][40]. On the supply side, the feeder vessel fleet is experiencing limited growth, which may lead to supply constraints [49][63]. Competitive Advantages - The company's management team has an average of over 28 years of experience in the shipping industry, enabling it to navigate through various cycles effectively. The company focuses on providing differentiated services through a comprehensive logistics network and has a strong operational efficiency, with a low cost per container of USD 463, down 8.4% year-on-year [10][67][72]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of USD 3.285 billion, USD 3.353 billion, and USD 3.406 billion from 2025 to 2027, with year-on-year growth rates of 7.4%, 2.1%, and 1.6%, respectively. The net profit attributable to shareholders is expected to be USD 1.122 billion, USD 1.072 billion, and USD 1.011 billion during the same period [15][50]. Given its competitive advantages and stable shareholder returns, the report maintains an "Accumulate" rating [3][15].

中国外运: 2024年度环境、社会与治理报告 股票代碼：00598HK 601598SH 建設世界一流智慧物流平台企業 地址：北京市朝陽區安定路 5 號院 10 號樓 B 棟 郵編：100029 2024 傳真：8610 52296519 年度環境、社會 電子郵箱：ir@sinotrans.com 公司網址：http://www.sinotrans.com 與治理報告 关于本报告 本报告是中国外运股份有限公司 （下称 「中国外运」 、「公司」 • 平衡性：本报告致力于公平公正地呈报本集团在 或「我们」，连同其附属公司下称「本集团」 ）发布的第11份 ESG方面的表现，避免可能会不恰当地影响报告读 《环境、社会与治理报告》 （下称 「本报告」 ）。本报告旨在客 者决策或判断的选择、遗漏或呈报格式。 观、公允地反映中国外运在环境保护、社会责任、公司治 • 一致性：本报告使用一致的统计披露方法，使 ESG 理方面的策略、实践与绩效情况，以及系统回应各利益相 数据具有可比性。 关方的期望与关切。 数据与信息说明 报告范围 本报告所载数据与信息来源包括本集团正式文件、内部数 本报告覆盖范围与公司年度财务报告（下称「年报 ...