Sinotrans (598) Q3 2026 earnings summary

Executive summary

• Q3 operating income rose 4.16% YoY to RMB25.53bn; attributable net profit increased 29.88% to RMB951.2m, supported by core-business efficiency and higher joint-venture investment income.

• For 9M, operating income declined 4.07% to RMB71.99bn and attributable net profit was nearly flat at RMB2.68bn, down 0.12% YoY.

Financial highlights

• Q3 total profit was RMB1.245bn, up 25.25% YoY; net profit excluding non-recurring items was RMB884.7m, up 29.05%.

• 9M total profit increased 0.33% to RMB3.616bn; adjusted net profit excluding non-recurring items rose 21.18% to RMB2.525bn.

• 9M operating income was RMB71.987bn versus RMB75.038bn in 2025; operating costs were RMB67.448bn versus RMB70.751bn.

• 9M net profit attributable to shareholders was RMB2.676bn versus RMB2.679bn; net profit was RMB2.895bn versus RMB2.912bn.

Segment performance

• 9M contract logistics volume was 35.026m tonnes versus 38.238m; project logistics rose to 6.399m tonnes from 5.295m, while chemical logistics fell to 3.357m tonnes from 3.562m.

• Sea freight forwarding volume rose to 12.141m TEUs from 11.793m; railway forwarding increased to 566k TEUs from 392k, while air forwarding decreased to 586k tonnes from 609k.

• Shipping agency volume increased to 58,424 vessel calls from 55,936; storage and yard services declined to 19.665m tonnes from 21.547m.

• Cross-border e-commerce logistics volume fell to 32k tonnes from 55k; logistics e-commerce platform volume declined to 1.210m TEUs from 2.917m.