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]

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 ...