Sinotrans Limited released unaudited results for the three months ended 31 March 2026.

Revenue and Earnings • Operating income fell 9.35% year-on-year to RMB 21.55 billion, reflecting softer demand in several logistics sub-segments. • Net profit attributable to shareholders rose 5.65% to RMB 0.68 billion, aided by RMB 66.11 million of non-recurring gains and RMB 453 million of government subsidies recognised as other income. • Excluding one-offs, underlying net profit increased 7.86% to RMB 0.62 billion, lifting the weighted average ROE by 0.02 ppt to 1.64%. • Total profit was broadly flat at RMB 0.91 billion (+0.43%).

Balance-Sheet Highlights • Total assets expanded 2.09% since year-end to RMB 79.98 billion, driven by larger receivables and prepayments tied to contract execution. • Equity attributable to shareholders edged up 1.10% to RMB 41.75 billion. • Net cash from operating activities registered an outflow of RMB 1.79 billion (Q1 2025: ‑RMB 1.35 billion), reflecting higher working-capital needs.

Segment Volumes Logistics – Contract logistics: 10.66 million tonnes (-9.47% YoY) – Project logistics: 1.67 million tonnes (+0.72%) – Chemical logistics: 0.96 million tonnes (+8.01%)

Forwarding & Related Services – Sea freight forwarding: 3.82 million TEUs (+8.54%) – Air freight forwarding: 0.16 million tonnes (+5.84%) – Railway freight forwarding: 0.22 million TEUs (+115.05%) – Shipping agency: 19,243 vessel calls (+15.80%) – Storage & yard services: 5.62 million tonnes (-7.83%)

E-commerce Logistics – Cross-border e-commerce logistics: 0.01 million tonnes (-57.14%) – Logistics e-commerce platform: 0.54 million TEUs (-29.26%) – Logistics equipment sharing platform: 79,000 TEUs/day (-7.06%)

Cost and Expenses Operating costs decreased 9.69% to RMB 20.22 billion, in line with the revenue contraction, while finance costs climbed to RMB 0.13 billion from RMB 0.02 billion owing to higher interest expense on borrowings and leases.

Government Support Income-related subsidies totaling RMB 0.45 billion were booked, largely supporting rail, air-freight, and port-related logistics initiatives in Shenyang, Changsha, Xinxiang, Shenzhen, Ningbo and Xi’an.

Capital Structure and Shareholding Sinotrans & CSC Holdings remained the largest shareholder with a 35.20% stake, followed by HKSCC Nominees (27.58%) and China Merchants Group (22.31%). At quarter-end the company had 39,905 ordinary shareholders.

Outlook indicators such as order backlog or management guidance were not disclosed in the announcement.