(Incorporated in the British Virgin Islands and continued into Bermuda as an exempted company with limited liability) （於英屬維爾京群島註冊成立並於百慕達存續之獲豁免有限責任公司） Stock Code 股份代號 636 15 September 2025 Dear Non-registered Shareholder(s)(Note 1), Notification of Publication of Interim Report 2025 We, KLN Logistics Group Limited (the "Company"), hereby inform you that the English and Chinese versions of the Interim Report 2025 of the Company are available on the Company's website at www.kln.com and the website of The Stock ...

(Incorporated in the British Virgin Islands and continued into Bermuda as an exempted company with limited liability) （於英屬維爾京群島註冊成立並於百慕達存續之獲豁免有限責任公司） Stock Code 股份代號 636 15 September 2025 Dear Existing Registered Shareholder(s), Notification of Publication of Interim Report 2025 We, KLN Logistics Group Limited (the "Company"), hereby inform you that the English and Chinese versions of the Interim Report 2025 of the Company are available on the Company's website at www.kln.com and the website of The Stock Ex ...

59 國家及地區 59 國家及地區 18,000+ 全球員工 18,000+ 全球員工 5,600 平方呎佔地及設施 萬 5,600 平方呎佔地及設施 萬 2,300+ 自置營運車輛 2,300+ 自置營運車輛 附註：截至二零二五年六月三十日數據 附註：截至二零二五年六月三十日數據 目錄 目錄 資料概覽 資料概覽 02 公司資料及重要日期 02 公司資料及重要日期 03 財務摘要 03 財務摘要 06 業績概覽 06 業績概覽 07 管理層討論及分析 07 管理層討論及分析 07 業務回顧 07 業務回顧 12 財務回顧 12 財務回顧 12 員工及薪酬政策 12 員工及薪酬政策 13 企業管治及其他資料 13 企業管治及其他資料 20 獨立核數師審閱報告 20 獨立核數師審閱報告 22 中期財務報表 22 中期財務報表 49 釋義 49 釋義 公司資料及 重要日期 董事會 王衞先生（主席、非執行董事） 郭孔華先生（副主席、非執行董事） 執行董事 張炳銓先生（行政總裁） 鄭志偉先生 何捷先生 非執行董事 陳穎珊女士 OOI Bee Ti女士 獨立非執行董事 張惠民博士 黎壽昌先生 陳傳仁先生 黃汝璞女士 審核 ...

星展发布研报称，剔除已终止经营业务后，KLN(00636)2025年上半年核心纯利同比增长12%至6.81亿 元，略高于该行预期。该行指，公司持续寻求增长机遇以应对全球不确定性，维持"买入"评级，目标价 由10.63港元降至9.72港元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: KLN Logistics Group Limited 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00636 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | HKD | | 0.5 HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 6,000,000,000 | HKD | | 0.5 HKD | | 3,000,000,000 | 本月底 ...

智通财经APP获悉，星展发布研报称，剔除已终止经营业务后，KLN(00636)2025年上半年核心纯利同 比增长12%至6.81亿元，略高于该行预期。该行指，公司持续寻求增长机遇以应对全球不确定性，维 持"买入"评级，目标价由10.63港元降至9.72港元。 ...

Summary of S.F. Holding and Kerry Logistics Conference Call Company Overview - **Companies Involved**: S.F. Holding (002352.SZ/6936.HK) and Kerry Logistics (0636.HK) Key Points 1. Financial Performance - **2Q25 Revenue**: S.F. Holding reported revenue growth of +11% year-over-year (yoy) to Rmb77.008 billion, in line with expectations [1] - **Net Profit**: Pre-exceptional net profit was Rmb2.577 billion, down -13% compared to guidance, with a gross margin of 13.1%, lower than 14.5% in 2Q24 [1][3] - **EBIT Margin**: EBIT margin was 5.1%, missing the expected 6.0% [3] 2. Market Share and Growth - **Time-Definite Express Growth**: Revenue growth for time-definite express was 7% in 1H25, with overall parcel volume growth accelerating to 19% yoy, increasing market share to 8.2% [2] - **Future Projections**: Expected time-definite express revenue growth of 7% yoy in 2025, with group revenue growth projected at 10% and 9% for 3Q and FY25, respectively [2] 3. Margin Outlook - **Near-Term Margin Pressure**: Short-term gross margin is expected to face pressure due to a flexible pricing strategy, with projections of 13.4% and 13.3% for 3Q25 and FY25, respectively [3] - **Long-Term Margin Improvement**: Confidence in margin improvement in 2026 due to increased volume and revenue base [3] 4. Supply Chain and International Growth - **Revenue Growth**: Supply chain and international revenue grew by 10% yoy in 1H25, despite deceleration due to tariff uncertainties [4] - **Future Growth Expectations**: Anticipated growth of 10% in supply chain and international revenue for 2025, leveraging a large fleet and comprehensive network [9] 5. Shareholder Returns - **Dividend Announcement**: S.F. Holding plans to distribute Rmb2.3 billion as FY25 interim dividends, with a payout ratio of 40% [10] - **Capex Reduction**: Capex decreased by 24% to Rmb4.2 billion in 1H25, with expectations to maintain similar levels in 2025 [10] 6. Employee Shareholding Scheme - **"Grow Together" Scheme**: Launched to enhance organizational vitality, involving grants over a medium-to-long-term period of 9 years, with up to 200 million A shares allocated [11] 7. Investment Ratings - **S.F. Holding**: Maintained a Buy rating with a target price of Rmb57 for A-shares and HK$52 for H-shares, based on 8X and 7X EV/EBITDA multiples, respectively [12][24] - **Kerry Logistics**: Neutral rating with a target price of HK$9.0, citing risks around forwarding rates and geopolitical uncertainties [13] 8. Risks - **Key Risks for S.F. Holding**: Prolonged price competition, macroeconomic dependence on parcel volume growth, and higher capex [12] - **Key Risks for Kerry Logistics**: Weaker-than-expected freight forwarding performance and increased competition in the logistics market [13] Additional Insights - **Operational Efficiency**: The company is focusing on improving service quality while maintaining a flexible pricing strategy to expand market share [3] - **Investment in Capabilities**: Enhanced cross-border multimodal capabilities are expected to support resilience in international growth despite external uncertainties [4]

Core Insights - KLN reported a revenue of HKD 27.211 billion for the six months ending June 30, 2025, representing a year-on-year increase of 7% [1] - The core net profit reached HKD 681 million, up 12% year-on-year, while the profit attributable to shareholders was HKD 648 million, an increase of 9.87% [1] - The company proposed an interim dividend of HKD 0.11 per share [1] Financial Performance - The logistics division of KLN experienced a profit growth of 5% during the first half of 2025 [1] - Despite a challenging business environment in Hong Kong and mainland China due to global trade tensions and changing consumer patterns, the company managed to offset profit declines through growth in other Asian markets and improved cost control measures [1] - The international freight market faced multiple challenges, including trade policy changes, geopolitical tensions, tariff fluctuations, and ongoing crises in the Red Sea [1] Business Strategy - KLN achieved a 22% profit growth in its international freight business, leveraging a diversified product portfolio and trade routes [1] - The company is preparing to comply with new climate disclosure regulations set by the Hong Kong Stock Exchange, aligned with the International Sustainability Standards Board's S2 guidelines [1] - To enhance transparency, KLN is collecting detailed operational data on greenhouse gas emissions and identifying significant environmental impact areas [1] - The company is also exploring alternative fuels, such as sustainable shipping and aviation fuels, to support its net-zero emissions goal [1]

Core Viewpoint - KLN Group reported a revenue of HKD 27.211 billion for the six months ending June 30, 2025, reflecting a year-on-year increase of 7% [1] - The company achieved a core net profit of HKD 681 million, up 12% year-on-year, and proposed an interim dividend of HKD 0.11 per share [1] Financial Performance - Revenue for the first half of 2025 reached HKD 27.211 billion, a 7% increase compared to the previous year [1] - Core net profit was HKD 681 million, representing a 12% year-on-year growth [1] - Shareholders' profit attributable to the company was HKD 648 million, an increase of 9.87% year-on-year [1] - Basic earnings per share stood at HKD 0.36 [1] Business Segments - The integrated logistics business segment saw a profit growth of 5% despite challenges in the Hong Kong and mainland China markets due to global trade tensions and changing consumer patterns [1] - The international freight market faced multiple challenges, including trade policy changes and geopolitical tensions, yet the international freight business achieved a segment profit growth of 22% [1] Sustainability Initiatives - The company is preparing to comply with new climate information disclosure regulations set by the Hong Kong Stock Exchange, aligned with international sustainability standards [1] - KLN is collecting detailed operational data on greenhouse gas emissions to identify significant environmental impact areas [1] - The company is exploring alternative fuels, such as sustainable shipping and aviation fuels, to support its net-zero emissions goal [1]

Core Viewpoint - KLN reported a 7% year-on-year revenue growth to HKD 27.211 billion for the six months ending June 30, 2025, with core net profit increasing by 12% to HKD 681 million [1] Financial Performance - Revenue increased by 7% to HKD 27.211 billion [1] - Core net profit rose by 12% to HKD 681 million [1] - Shareholder profit attributable for the first half of 2025 grew by 34% to HKD 648 million, compared to HKD 485 million in the first half of 2024 [1] - Segment profit from integrated logistics was HKD 713 million, a 5% increase [1] - Segment profit from international freight was HKD 919 million, a 22% increase [1] - Interim dividend of HKD 0.11 per share to be paid around September 23, 2025 [1] Market Conditions - The announcement of increased tariffs by the U.S. from early April to July 2025 led to retaliatory actions from China and the EU, causing order backlogs and disruptions in shipping [1] - KLN managed to withstand market shocks due to its diversified business and customer base, as well as its strong presence in Southeast Asia [1] - The company capitalized on new opportunities arising from global supply chain restructuring and state-owned enterprise expansion strategies [1]