Core Insights - The company reported a revenue of 75.038 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 12.62% [1] - Net profit attributable to shareholders was 2.679 billion yuan, down 5.17% year-on-year, with basic earnings per share at 0.3684 yuan [1] Logistics Performance - Contract logistics volume reached 38.238 million tons, an increase from 37.466 million tons in the same period last year [1] - Project logistics volume was 5.295 million tons, up from 5.186 million tons year-on-year [1] - Chemical logistics volume increased to 3.562 million tons from 3.351 million tons in the previous year [1] Shipping and Air Freight - Sea freight agency handled 11.793 million TEUs, compared to 10.964 million TEUs in the same period last year [1] - Air freight volume was 664,000 tons, down from 753,000 tons year-on-year, including 55,000 tons from cross-border e-commerce [1] - Rail freight agency managed 392,000 TEUs, a decrease from 448,000 TEUs in the previous year [1] Other Services - Ship agency services increased to 55,936 instances from 47,917 instances year-on-year [1] - Warehouse and yard services volume was 21.547 million tons, up from 20.156 million tons in the same period last year [1]

证券研究报告 | 公司点评报告 2025 年 08 月 28 日 中国外运（601598.SH） REITs 项目增厚业绩，总分红率提升至 77% 周期/交通运输 公司发布 2025 年中报业绩，2025 年上半年公司实现营业收入 505.2 亿元，同比下 降 10.4%（调整后），实现归母净利润 19.5 亿元，同比持平，扣非归母净利润 14 亿元，同比下降 22.3%。其中 Q2 实现营业收入 267.5 亿元，同比下降 16.7%（调 整后），实现归母净利润 13 亿元，同比增长 14%，扣非归母净利润 8.3 亿元，同 比下降 22.5%。 强烈推荐（维持） 目标估值：NA 当前股价：5.63 元 基础数据 | 总股本（百万股） | 7272 | | --- | --- | | 已上市流通股（百万股） | 5256 | | 总市值（十亿元） | 40.9 | | 流通市值（十亿元） | 29.6 | | 每股净资产（MRQ） | 5.5 | | ROE（TTM） | 9.8 | | 资产负债率 | 47.0% | | 主要股东 中国外运长航集团有限公司 | | | 主要股东持股比例 | 34.62% ...