机构：中金公司 研究员：Wenjie ZHANG/Qibin FENG/Xin YANG 2Q25 earnings expected to grow by 6% We expect Sinotrans Ltd.'s 2Q25 net profit to increase by 6% YoY to Rmb1.21bn, primarily driven by one-time net profit boost of Rmb380mn from warehouse REITs issuance. For the core business, we anticipate the freight forwarding business to have faced some pressure in 2Q25 due to trade tariffs, and DHL-Sinotrans may see a further widening profit decline due to repeal of "de minimis" exemption by the US. Trends to watch Core bus ...