Investment Rating - The investment rating for the company is maintained at "Buy" [7] Core Views - The company reported a strong performance in H1 2025, with revenue of 5.513 billion RMB (down 22.14% YoY) and a net profit of 379 million RMB (up 33.34% YoY), exceeding expectations due to better-than-expected railway freight profitability [1] - The company has proposed a mid-term dividend plan, with a proposed distribution of 0.05 RMB per share (including tax), resulting in a cash dividend ratio of 17.25% [1] - The strong growth in net profit is attributed to a low base from the previous year, where a property inventory impairment loss of 87 million RMB was recorded [1] Business Segments Summary Railway Special Containers - The railway special container business accounted for 69.6% of gross profit in H1 2025, with revenue and gross profit increasing by 3.8% and 12.3% YoY, respectively [2] - The gross margin improved by 2.4 percentage points to 32.1% [2] - The company completed the dispatch of 1.02 million TEUs of special containers, a 7.2% increase YoY [2] Railway Freight and Port Logistics - Revenue and gross profit from railway freight and port logistics decreased by 0.93% and 3.1% YoY, respectively, with a gross margin of 20.4% [3] - The company saw a 10.76% increase in the volume of goods transported via the Shaba Line, outperforming the regional port throughput [3] Supply Chain Management - The supply chain management business, primarily involving the procurement of raw materials for steel mills, saw a 32.8% decrease in sales revenue to 3.361 billion RMB, with a gross profit margin of 1.23% [4] - The net profit from the subsidiary China Railway Tielong (Yingkou) International Trade decreased by 28% to 2.3 million RMB [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upwards by 9.13%, 1.65%, and 5.07% to 579 million, 689 million, and 781 million RMB, respectively, with a CAGR of 16.16% [5] - The target price has been raised by 4.9% to 7.44 RMB based on the industry’s weighted average PE of 16.9x for 2025 [5]

Group 1 - The core point of the article is that Xiamen Guomao (SH 600755) held its 13th board meeting for the fiscal year 2025 on August 27, 2025, where it reviewed the semi-annual report for 2025 [1] - For the first half of 2025, Xiamen Guomao's revenue composition shows that supply chain management accounted for 99.63%, health technology for 0.36%, and other business segments for 0.02% [1] - As of the report date, Xiamen Guomao's market capitalization is 13.7 billion yuan [1]