Evaluation of the Impact of Trade and Tourism Recovery at China-Russia Border Ports on the Performance of Relevant A-Share Listed Companies

• User-provided: The Suifenhe Port inspected and released a total of about 560,000 entry-exit personnel and about 140,000 vehicles in 2024, with a year-on-year growth rate exceeding 33%; on the eve of New Year’s Day (December 28-30), the peak period inspection and release exceeded 5,000 person-times in a single segment. This indicates that cross-border personnel and freight exchanges between China and Russia are significantly active.
• Web search (macro level):
  • In 2024, China’s total import and export of goods trade reached 43.85 trillion yuan, a year-on-year increase of 5%, of which exports were 25.45 trillion yuan, a year-on-year increase of 7.1% (Yahoo Finance, according to the General Administration of Customs) [1].
  • In November 2025, China’s gold imports from Russia reached 961 million US dollars, setting a monthly record since statistics began; from January to November 2025, cumulative gold imports from Russia were about 1.9 billion US dollars, a year-on-year growth rate of nearly 9 times (Yahoo Finance, according to customs data) [2].
  • In 2024, China’s imports and exports to Belt and Road countries increased by 6.4% year-on-year, accounting for more than 50% of the total import and export value for the first time (Yahoo Finance) [1].
• The above macro indicators indicate strong external demand resilience and structural increments in Russia-related trade goods and channel logistics.

Note: The following company data are all from the securities firm API [0]; the web search results are macro data and information used for background support [1][2].

• Stock price performance: From January 2, 2024 to December 31, 2025, the interval increase was +196.26%, and the closing price rose from 15.24 to 45.15 [0].
• Finance and valuation: P/E about 82.58x, P/B about 9.33x, ROE about 12.26%, net profit margin about 18.63%, gross profit margin (operating profit margin) about 26.28% [0].
• Relevance and impact evaluation:
  • Location and business: Changbai Mountain is located in Yanbian, Jilin Province, bordering North Korea; its main business is tourism services, which is not directly in the same port circle as the “China-Russia border”, but it is located in Northeast China and benefits from the overall ice-snow tourism popularity in Northeast China (web search shows an increase in popularity of “Northeast tourism/Harbin tourism”) [3].
  • Impact nature: The increase in ice-snow and cross-border tourism popularity in Northeast China is an indirect positive for Changbai Mountain, not a direct performance driver from Russia-related ports.
  • Verifiable conclusion: Its stock price and performance elasticity more reflect the improvement in domestic ice-snow/ border extension tourism prosperity, but it is not a direct beneficiary of the recovery of China-Russia border ports.

• Stock price performance: From January 2, 2024 to August 14, 2025, the interval decline was -78.12%, and the closing price dropped from 2.88 to 0.63 [0].
• Company overview: P/E about -0.28x, P/B about -11.31x, ROE about -515.21%, net profit margin about -313.70%, weak liquidity indicators (Current/Quick about 0.05) [0]; latest quarterly revenue about 392 million yuan [0].
• Relevance and impact evaluation:
  • Location: Jinzhou Port is located in the Bohai Bay of Liaoning Province, a northern comprehensive port, not in the same location/channel as land ports such as Suifenhe and Manzhouli.
  • Impact nature: From the company’s fundamentals, it is in a state of loss and asset-liability pressure, and the sharp drop in stock price reflects risk repricing. Even if there is an increment in China-Russia maritime trade, it cannot be concluded that it constitutes a significant repair to Jinzhou Port’s performance (lack of direct data support, and macro search did not mention the weight of Jinzhou Port’s Russia-related business).
  • Verifiable conclusion: There is no obvious evidence that the recovery of China-Russia border ports has a verifiable positive impact on Jinzhou Port’s performance; on the contrary, the company’s own risks are higher.

• Stock price performance: From January 2, 2024 to December 31, 2025, the interval increase was +22.43%, and the closing price rose from 3.70 to 4.53 [0].
• Company overview: P/E about -14.77x, ROE about -55.90%, net profit margin about -8.63% [0], revenue in the past four quarters was about 1.25-1.39 billion yuan [0].
• Relevance and impact evaluation:
  • The company’s name and industry attributes suggest that it is engaged in cross-border retail business and may be involved in Russia-related import/export e-commerce.
  • Impact nature: The company is still in a loss state, indicating that the cross-border e-commerce business may still be in the investment or adjustment period; although the stock price has performed strongly in stages, it cannot be simply attributed to Russia-related trade, and it is necessary to combine specific regional revenue structure and order data (current tools do not provide segmented regional disclosure).
  • Verifiable conclusion: There is a “thematic” and “potential” correlation, but current financial data do not support the judgment of “significant performance improvement”.

• Stock price performance: From January 2, 2024 to December 31, 2025, the interval increase was +15.65%, and the closing price rose from 5.24 to 6.06 [0].
• Company overview: P/E about 12.04x, P/B about1.14x, ROE about9.46%, net profit margin about3.98%, stable liquidity [0]; single-quarter revenue in October 2025 was about 2.452 billion yuan, latest EPS about 0.10 yuan [0].
• Relevance and impact evaluation:
  • The company is a large-scale comprehensive logistics and freight forwarding platform with cross-border transportation and port business capabilities, and may undertake part of the China-Russia cargo increment.
  • Impact nature: From the macro growth of China-Russia trade (gold, energy, etc.) and China’s export resilience, leading comprehensive logistics companies are “more likely to benefit” from the increase in cross-border cargo volume. However, due to the high diversification of Sinotrans’ business regions and cargo types, current tools do not provide the proportion of Russia-related business, and its performance impact is difficult to quantify.
  • Verifiable conclusion: Among the sample companies, Sinotrans’ financial quality and cross-border business attributes are closest to “potential beneficiaries”, but it can only be qualitatively judged as “indirect benefit, moderate elasticity”.

• Stock price performance: From January 2, 2024 to December 31, 2025, the interval increase was +11.13%, and the closing price rose from5.66 to6.29 [0].
• Company overview: P/E about 29.94x, ROE about 5.83%, net profit margin about15.10% [0], single-quarter revenue in Q1 2025 was about196.97 million yuan [0].
• Relevance and impact evaluation:
  • Region: Shenyang, a central city in Northeast China; main business is department store retail, which may undertake tourist consumption.
  • Impact nature: If the increase in China-Russia cross-border passenger flow spreads to the consumption scenes of major cities in Northeast China, it will have a certain “indirect pull” on local retail; but the company’s financial report does not disclose the proportion of cross-border customer groups, and the sample size is limited.
  • Verifiable conclusion: There is a potential logic of “tourism consumption spillover”, but the evidence and quantitative basis are weak, and it should be regarded as thematic and secondary benefit.

Combined with the constraints of “tool results + user facts + macro information”, the conclusions and boundaries are as follows:

• Limited evidence of direct benefits: Among the currently verifiable sample companies, there are no cases that clearly disclose “a relatively high proportion of Russia-related port business”; the main operating entities of major land ports such as Suifenhe and Manzhouli are mostly local state-owned enterprises/institutions, and information on the direct operating weight of these ports by A-share listed entities is missing.
• Industrial chain and regional spillover:
  • Tourism side: Changbai Mountain’s performance and stock price have strengthened significantly, which is highly related to the ice-snow/ border extension tourism in Northeast China, and it is a beneficiary of “regional tourism consumption recovery”, but not a direct beneficiary of the same port between China and Russia.
  • Logistics side: As a national comprehensive logistics leader, Sinotrans is relatively more able to undertake the increment of China-Russia maritime/land channels, but it needs to wait for the disclosure of its Russia-related business proportion to quantify the impact.
  • Commerce and retail side: Cross-border Link and Zhongxing Commerce correspond to cross-border e-commerce and local consumption respectively, and potentially benefit from the growth of cross-border cargo volume and passenger flow, but current financial data do not support the strong judgment of “significant performance improvement”.
• Risk Tips:
  • Port companies (such as Jinzhou Port) have high financial risks themselves; the increment in Russia-related trade cannot offset their fundamental pressure, so the simple logic of “border recovery = port improvement” should not be applied blindly.
  • The transmission of macroeconomic benefits to the performance of listed companies requires time and disclosure verification; individual stock fluctuations more reflect market sentiment and thematic speculation.

To systematically evaluate performance impact, it is recommended to adopt the following “four-dimensional evaluation method”:

In the absence of direct data on the “proportion of Russia-related business” at the company level, it is recommended:

• Short-term focus: Policies and port data (such as passenger and cargo volume of Suifenhe/Manzhouli), ice-snow tourism popularity in Northeast China, cross-border RMB settlement and customs clearance facilitation progress.
• Individual stock screening logic (cautious):
  1. Tourism consumption chain: Focus on the “Northeast ice-snow + border tourism” theme; Changbai Mountain (regional leader) has high elasticity but needs to digest overvaluation.
  2. Logistics and ports: Prioritize national comprehensive logistics and platform companies with cross-border channel resources (such as Sinotrans), and wait for the disclosure of their Russia-related business to verify.
  3. Risk avoidance: Keep cautious about targets with poor financial quality, opaque business structure, and weak substantive correlation with China-Russia channels.
• Performance tracking points:
  • Regional revenue composition in company regular reports (such as proportion of Russia-related revenue, changes in gross profit margin).
  • Management’s guidance on cross-border logistics and order volume mentioned in financial report meetings or announcements.
  • Passenger and cargo transport and trade data released by customs and local ports (monthly/quarterly).

• The user-provided data of Suifenhe Port: “560,000 person-times, 140,000 vehicle-times, year-on-year +33%” indicates that China-Russia border exchanges were active in 2024, providing a “demand-side” macro background for related industries.
• Combined with securities firm API data and public information, there is insufficient evidence of “direct benefits” among current sample companies:
  • Changbai Mountain is a direct beneficiary of the recovery of regional tourism in Northeast China, but not a direct beneficiary of the same port between China and Russia;
  • Sinotrans has the conditions for “indirect benefits” in terms of business attributes and financial quality, but it needs to wait for the disclosure of its Russia-related business proportion;
  • Cross-border Link and Zhongxing Commerce have potential logic but lack strong financial support;
  • Companies such as Jinzhou Port have high own risks and cannot be simply linked to border recovery.
• It is recommended to dynamically track with the “four-dimensional evaluation method” of “business relevance + location advantage + financial elasticity + catalytic verification”, prioritize companies with stable finances, diversified business structures and cross-border channel resource endowments; remain prudent about targets with high volatility/overvaluation/high debt, and avoid directly equating macro benefits with individual stock performance realization.

(This evaluation is only based on the called securities firm API and public search data, and does not constitute any investment advice.)

[1] Yahoo Finance - “Before Trump Reclaims the White House, China’s Exports Exceed 25 Trillion in 2024, Breaking Historical Records” (China’s total import and export of goods trade in 2024 was 43.85 trillion yuan, up 5% year-on-year; exports were 25.45 trillion yuan, up 7.1% year-on-year). https://hk.finance.yahoo.com/news/川普重掌白宮前夕-2024中國出口突破25兆-打破歷史紀錄-025138430.html

[2] Yahoo Finance - “China Bought 961 Million US Dollars of Gold from Russia in November, De-dollarization Accelerates” (China’s gold imports from Russia in November 2025 were 961 million US dollars; cumulative from January to November 2025 was about 1.9 billion US dollars, a year-on-year increase of nearly 9 times). https://hk.finance.yahoo.com/news/中國11月自俄羅斯狂買9-6億美元黃金-去美元化-加速進行-053004975.html

[3] Facebook (Public Content Index) - Popularity of short videos related to Northeast tourism/Harbin tourism, reflecting the升温 of ice-snow and border tourism topics. https://www.facebook.com/reel/893087696476955/ https://www.facebook.com/reel/809640685363963/

[0] Jinling API Data (Securities Firm Data Interface) - Contains stock price intervals, financial indicators and company overviews of companies such as 603099.SS, 600190.SS, 002640.SZ, 601598.SS, 000715.SZ.