上半年，公司积极落实国际化战略，海外能力建设不断提升，海外业务利润总额同比增长 18.1%。在中 国香港打造"湾区跨境绿运通"直通车产品，构建跨境汽运生态圈。在欧洲区域建设比利时列日枢纽;完 成塞尔维亚分公司设立，与罗马尼亚节点形成协同联动网络。在中东拉美持续建设迪拜–GCC国家跨境 汽运通道。在非洲地区，强化吉布提物流区域枢纽的地位，延续与吉布提自贸区的合作业务，打造非洲 跨境运输通道。 中国外运(00598)公布2025年中期业绩，营业收入约505.225亿元，同比减少10.42%;归属于上市公司股东 的净利润约19.47亿元，同比增长0.08%;基本每股收益0.2707元，每股派发现金红利0.145元(含税)。 2025年上半年，集团专业物流业务的对外营业额为143.23亿元，较上年同期下降5.86%，分部利润为 3.18亿元，同比下降22.35%;主要塬因是国内有效需求仍然不足，合同物流市场整体承压，物流仓储价 格依然处于歷史低位，而公司合同物流业务部分成本刚性，导致收入和分部利润同比下滑。 此外，归属于上市公司股东的扣除非经常性损益的净利润为13.98亿元，同比下降22.30%;主要是因为本 期来自 ...

Core Viewpoint - China National Freight Forwarding (601598) reported a decline in revenue for the first half of 2025, with a focus on international expansion and logistics capabilities despite challenges in domestic demand and pricing pressures [1][2]. Group 1: Financial Performance - The company's operating revenue for the first half of 2025 was approximately 50.5225 billion yuan, a year-on-year decrease of 10.42% [1]. - Net profit attributable to shareholders was about 1.947 billion yuan, showing a slight increase of 0.08% year-on-year [1]. - The basic earnings per share were 0.2707 yuan, with a cash dividend of 0.145 yuan per share (tax included) [1]. - The net profit after deducting non-recurring gains and losses was 1.398 billion yuan, down 22.30% year-on-year, primarily due to a decrease in investment income from joint ventures [1]. Group 2: Business Segments - The professional logistics business reported external operating revenue of 14.323 billion yuan, a decline of 5.86% year-on-year, with segment profit down 22.35% [2]. - The agency and related business had external operating revenue of 29.628 billion yuan, a decrease of 15.49%, with segment profit slightly down by 1.23% [2]. - The e-commerce business achieved external operating revenue of 6.571 billion yuan, an increase of 7.28% year-on-year, but segment profit fell by 36.71% [2]. Group 3: Strategic Initiatives - The company is actively implementing its internationalization strategy, with overseas business profit increasing by 18.1% year-on-year [1]. - Initiatives include the development of a "Bay Area Cross-Border Green Transport" product in Hong Kong and the establishment of a logistics hub in Belgium [1]. - The company is enhancing its logistics capabilities in the Middle East, Latin America, and Africa, focusing on cross-border transport channels and regional hubs [1].

Core Insights - The report highlights three investment events primarily focused on hub-type projects, indicating a trend towards infrastructure development in logistics and warehousing [2][3] Investment Events - Three investment events were recorded during the reporting period, all centered around hub-type projects [3] - On June 28, SF Express commenced its multi-modal international hub project, covering 490 acres with a total investment of 1.5 billion yuan, aimed at creating a smart logistics and warehousing center [3] - Guangzhou was approved as a national logistics hub with a total investment of 15 billion yuan to build an international trade logistics center [3] Financing Activities - Six financing events were recorded during the period, an increase from the previous month, with most financing types being bonds [3] - On July 10, SF Holdings issued a zero-coupon guaranteed convertible bond worth 2.95 billion HKD, with net proceeds expected to be approximately 2.9 billion HKD [4] REIT Performance - The 华夏安博仓储物流REIT has submitted its application materials, with underlying assets including projects in Guangzhou and Dongguan, totaling a building area of 349,600 square meters and a total valuation of 2.249 billion yuan [5][6] - The occupancy rate of the Guangzhou development zone project has declined, primarily due to normal lease expirations leading to short-term vacancies [6] Market Trends - The overall occupancy rate for warehouse logistics REITs remains above 90%, with many showing year-on-year increases [6] - 中金普洛斯REIT has successfully implemented a differentiated pricing strategy, resulting in a 6.6 percentage point increase in overall occupancy rates [7] Green Logistics Initiatives - China National Foreign Trade Transportation Group launched the "Bay Area Cross-Border Green Transport" product, marking a significant step in green logistics [7] - The focus on integrated warehousing and distribution is gaining traction, with companies recognizing the importance of green logistics for enhancing competitiveness and reducing long-term operational costs [7]

Core Insights - The logistics industry in China is showing signs of recovery, with various indices indicating growth and expansion in operations, driven by supportive policies and increasing demand for logistics services [4][6][10]. Industry Performance - The warehouse index for June 2025 stands at 51%, up 0.5 percentage points from the previous month, marking eight consecutive months of expansion [4][6]. - The China Logistics Prosperity Index (LPI) for June 2025 is at 50.8%, reflecting a 0.2 percentage point increase from May [8]. - The express delivery development index reached 458.9 in June, a year-on-year increase of 4.7% [8]. Market Dynamics - The average rental price for warehouses in June is 23.18 CNY per square meter per month, remaining stable, while the vacancy rate increased to 16.46% [12][16]. - In 41 key cities, the average rental price is 23.67 CNY per square meter per month, showing a slight decrease, with a vacancy rate of 15.24% [12][16]. Investment Trends - Three investment events were recorded, primarily focusing on hub-type projects, including the commencement of the SF International Multimodal Hub project [19][20]. - The total investment for the SF project is 1.5 billion CNY, aimed at enhancing logistics and supply chain efficiency [19]. Policy Support - Four key policies were noted, including initiatives to reduce logistics costs and promote cross-border e-commerce [10][11]. - The Anhui provincial government issued guidelines to integrate advanced manufacturing with modern logistics, encouraging the development of smart logistics systems [10]. Company Developments - SF Holdings issued a zero-coupon convertible bond worth 2.95 billion HKD, with proceeds aimed at enhancing international logistics capabilities and optimizing capital structure [22]. - Prologis China announced a mid-term note program of 20 billion HKD to be issued to professional investors [22]. REIT Performance - The rental rates for warehouse logistics REITs generally remain above 90%, with many showing year-on-year increases [24][23]. - The rental rates for the Guangzhou Development Zone project have declined, primarily due to normal lease expirations leading to temporary vacancies [23].