Financial Performance - For the year ended December 31, 2023, the company reported total revenue of HKD 55,342,000, a significant increase from HKD 7,449,000 in 2022, representing a growth of approximately 641%[2] - The cost of sales and services rose to HKD 52,442,000, compared to HKD 2,078,000 in the previous year, leading to a gross profit of HKD 2,900,000, down from HKD 5,371,000[2] - The company incurred a pre-tax loss of HKD 177,336,000, compared to a loss of HKD 99,586,000 in 2022, indicating a deterioration in financial performance[2] - The total comprehensive loss for the year was HKD 177,608,000, compared to HKD 119,153,000 in the prior year, reflecting an increase in overall losses[3] - The net loss attributable to the owners of the company was HKD 167,342,000, compared to HKD 94,519,000 in the previous year, indicating a worsening of the financial situation[3] - The company reported a basic loss per share of HKD 0.26 for 2023, compared to HKD 0.15 in 2022[3] - The gross profit for the year decreased to approximately HKD 2,900,000, with a gross margin of 5.2%, down from 72.1% in the previous year, primarily due to logistics and warehousing becoming the main revenue source[66] Assets and Liabilities - The company's total assets decreased to HKD 235,454,000 from HKD 362,020,000 in 2022, while total liabilities increased to HKD 818,712,000 from HKD 605,670,000[5][7] - The company's current liabilities net amount to approximately HKD 731,597,000, indicating significant financial strain[47] - The net liabilities of the company decreased to HKD 583,758,000 from HKD 405,650,000 in the previous year, a reduction of HKD 177,608,000[67] - The company has a pending liquidation petition amounting to approximately HKD 65,600,000, with related bank deposits of HKD 5,738,000 frozen[42] - The debt-to-equity ratio as of December 31, 2023, was approximately 937%, compared to 668% in 2022[100] Cash Flow and Liquidity - The company’s cash and cash equivalents decreased significantly to HKD 14,876,000 from HKD 49,877,000 in the previous year, indicating liquidity challenges[5] - The company anticipates a positive cash flow in 2024, which will support the valuation of property, plant, and equipment[61] - The company expects significant improvements in liquidity, cash flow, and financial condition by the end of the fiscal year ending December 31, 2024, contingent on the successful recovery of its listing status and restructuring plan[63] Debt Restructuring and Plans - The company has proposed a debt restructuring plan to address its overall debt situation, which includes a proposed subscription of 146,820,480 new shares to raise approximately HKD 10,000,000[11] - The company plans to issue up to 82,055,358 shares to settle debts with creditors, representing 75% of the claims value approved by creditors[13] - The plan was approved by a statutory majority of creditors at the meeting, with over half of the creditors voting in favor[12] - The restructuring plan includes a share consolidation where every ten existing shares will be consolidated into one share with a par value of HKD 1.00[80] - The restructuring plan received necessary approvals from creditors and shareholders, paving the way for operational improvements and potential resumption of trading[86] Operational Developments - The group has actively sought debt restructuring and business opportunities since being suspended from trading in May 2022 due to insufficient operational and asset levels[69] - The group's warehousing business saw significant growth in the second half of the reporting period, aided by improved logistics and management efficiency[72] - The group is shifting its focus in commodity trading towards iron ore product processing and sales, enhancing value through tailored processing and logistics solutions[70] - The company signed sales contracts for approximately 170,000 tons of iron ore products during the reporting period, contributing to its operational cash flow[89] - A new agreement with Cockatoo Island Mining Pty Ltd. will supply a total of 430,000 tons of high-grade iron ore at a 3% discount, enhancing the company's resource acquisition capabilities[90] Regulatory and Compliance - The independent auditor expressed a disclaimer of opinion due to significant uncertainties regarding the company's ability to continue as a going concern[46] - The group has adopted new and revised Hong Kong Financial Reporting Standards, which are not expected to have a significant impact on the financial position and performance for the current and prior years[15] - The company has implemented guidance from the Hong Kong Institute of Certified Public Accountants regarding the accounting implications of the cancellation of the MPF and long service payment offset mechanism[20] Management and Governance - The board of directors is committed to monitoring the financial situation closely and will seek necessary funding to support business operations in the foreseeable future[12] - The annual performance review was conducted by a committee consisting of three independent non-executive directors[113] - The board of directors includes three executive directors and three independent non-executive directors[119] Shareholder Communication - The annual report will be sent to shareholders and published on the company's website[114] - The company expresses gratitude to all shareholders and stakeholders for their continued support[117] - The group does not recommend the payment of a final dividend for the year ended December 31, 2023[106]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 2,470,000, a decrease of 37% compared to HKD 3,912,000 for the same period in 2022[5] - Gross profit for the same period was HKD 1,149,000, down 63% from HKD 3,137,000 in 2022[5] - The company reported a loss before tax of HKD 37,082,000, slightly improved from a loss of HKD 38,974,000 in the previous year[5] - Total comprehensive expenses for the period amounted to HKD 41,413,000, compared to HKD 49,778,000 in 2022, indicating a reduction of 17%[5] - The company reported a net loss attributable to owners of the company of HKD 35,066,000 for the period, compared to HKD 37,114,000 in 2022[8] - As of June 30, 2023, the company reported a net loss of HKD 37,082,000 for the six-month period[16] - The total comprehensive expenses for the period amounted to HKD 41,413,000, including a foreign exchange loss of HKD 4,331,000[16] - The net cash used in operating activities was HKD 11,230,000, slightly improved from HKD 11,609,000 in the previous year[18] - The company reported other income and gains of HKD 65,000 for the six months ended June 30, 2023, a decrease from HKD 213,000 in the same period of 2022[37] - Basic loss per share for the six months ended June 30, 2023, was HKD 0.0547, compared to HKD 0.0578 for the same period in 2022[43] Assets and Liabilities - Non-current assets decreased to HKD 264,072,000 as of June 30, 2023, from HKD 279,129,000 at the end of 2022[12] - Current liabilities increased to HKD 750,934,000 from HKD 735,156,000 at the end of 2022, reflecting a rise in financial obligations[12] - The company had a total equity attributable to owners of HKD (510,210,000) as of June 30, 2023, compared to HKD (473,769,000) at the beginning of the year[16] - The company’s liabilities exceeded its current assets by HKD 679,593,000 as of June 30, 2023[20] - As of June 30, 2023, the total borrowings amounted to approximately HKD 572,996,000, an increase of HKD 23,777,000 from December 31, 2022[83] - The debt-to-equity ratio as of June 30, 2023, was approximately 580%, a decrease from 668% as of December 31, 2022[90] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 38,616,000 from HKD 49,877,000 at the end of 2022, indicating a liquidity contraction[12] - The company's cash and cash equivalents decreased by HKD 11,744,000, ending the period at HKD 38,616,000[18] - The group’s cash and bank balances were approximately HKD 38,616,000, with 19.8% in RMB, 0.2% in USD, and 80.0% in HKD[83] - The company is actively seeking funding to ensure operational liquidity in the foreseeable future[20] Market and Strategic Initiatives - The company is exploring new market expansion opportunities and potential strategic partnerships to enhance its service offerings[5] - The company is actively seeking to expand various business operations in the second half of 2023[69] - The group plans to explore and evaluate business opportunities in commodity trade, logistics, and warehousing, focusing on construction materials, coal, and iron ore[77] - The group aims to enhance its trade and logistics segment, emphasizing revenue growth and profitability improvement through prudent partner selection[77] - The group is positioned to benefit from the growing trade business across Asia, leveraging existing physical and digital trading infrastructure[79] Governance and Compliance - The company has not appointed a chairman during the review period, which may affect governance[110] - The company is committed to enhancing corporate governance standards to improve transparency[110] - The independent non-executive director was unable to attend the annual general meeting, which may impact shareholder engagement[110] - The company's shares remain suspended until compliance with the resumption guidelines is achieved[117] - The company must rectify issues leading to the suspension and meet all resumption guidelines by November 23, 2023, to avoid delisting[116] - The audit committee, consisting of four independent non-executive directors, reviewed the interim report for the six months ending June 30, 2023[121] Shareholding and Ownership - China Huarong Asset Management holds 170,372,822 shares, representing approximately 26.55% of the total issued share capital[104] - Cai Jianjun has a beneficial interest in 171,372,822 shares, accounting for about 26.70% of the total issued share capital[104] - China Changjiang Petroleum Group directly owns 170,372,822 shares, which is approximately 26.55% of the total issued share capital[104] - The company has a significant concentration of shareholding, with major shareholders holding over 26% of the total shares[104] Operational Challenges - A winding-up petition was filed against the company for a debt amounting to approximately HKD 65,600,000, with a hearing scheduled for November 1, 2023[65] - The company has been affected by the global tightening of monetary policy, which is impacting its performance and business development[70] - The company has taken a pragmatic and forward-looking approach to meet the requirements for resumption of trading of its shares[70] - The company is committed to overcoming short-term challenges and executing its business strategy with tangible results[70]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Silk Road Logistics Holdings Limited 絲路物流控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：988） 截至二零二三年六月三十日止六個月之 未經審核中期業績 概要 截至二零二三年六月三十日止六個月，本集團之收入約2,470,000港元（截至二 零二二年六月三十日止六個月：3,912,000港元）。截至二零二三年六月三十日止 六個月，本公司擁有人應佔本集團之未經審核綜合虧損約35,066,000港元，而二 零二二年同期六個月期間本公司擁有人應佔虧損則約37,114,000港元。 業績 絲路物流控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此公佈本公司 ...

Economic Outlook - The global economic outlook remains cautious, with inflationary pressures and potential policy risks affecting emerging economies [7]. - China's economic growth prospects have been strengthened by proactive fiscal measures and supportive monetary policies [9]. - The macroeconomic environment in China is expected to support domestic consumption and investment, with strong fiscal and monetary policies in place to drive economic growth [30]. Business Development Opportunities - In 2022, the company benefited from the easing of COVID-related restrictions, identifying potential business development opportunities [6]. - The company is prepared to capitalize on the ongoing growth in infrastructure and the rise of green technology, which will drive demand for raw materials [6]. - The company aims to leverage the Belt and Road Initiative to enhance connectivity among participating countries, creating numerous business opportunities [11]. Financial Performance - The company reported operating revenue of approximately HKD 7,449,000 for the year ended December 31, 2022, a decrease of 45.4% compared to HKD 13,647,000 in 2021 [20]. - The gross profit for the year was approximately HKD 5,371,000, with a gross margin of 72.1%, significantly up from 40.9% in the previous year [20]. - The company recorded a loss attributable to owners of approximately HKD 94,519,000, an improvement from a loss of HKD 295,153,000 in the previous year [20]. Debt and Liabilities - The net debt of the company was HKD 405,650,000, a decrease of HKD 119,153,000 from the previous year's net asset value of HKD 286,497,000 [21]. - As of December 31, 2022, the total other borrowings amounted to approximately HKD 529,627,000, an increase of HKD 41,133,000 from the previous year [36]. - The debt-to-equity ratio as of December 31, 2022, was approximately 668%, compared to 291.7% in the previous year [43]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and ethical conduct as part of its organizational culture [32]. - The board of directors believes that good corporate governance helps protect shareholder interests and improve performance [79]. - The company has a commitment to ethical and responsible conduct in its business dealings, with guidelines provided to employees [79]. Board Composition and Meetings - The board currently consists of 7 directors, with a gender diversity ratio of 5 males to 2 females, meeting the gender diversity policy [107]. - The board held a total of 15 meetings during the year, including 4 regular meetings [81]. - The company has appointed independent non-executive directors with extensive experience in finance, accounting, and corporate governance [74][75][76]. Risk Management - The board is responsible for risk management and internal control systems, which are reviewed annually for effectiveness [117]. - The company has adopted a comprehensive risk management process, including risk identification, assessment, valuation, and handling, ensuring effective internal controls and risk management systems [119]. - The independent professional advisor identified internal control deficiencies, including non-compliance with Listing Rule 13.24 regarding maintaining sufficient operational levels, and provided recommendations for improvement [119]. Environmental, Social, and Governance (ESG) Initiatives - The company has complied with the Stock Exchange's Environmental, Social, and Governance (ESG) reporting guidelines, publishing its ESG report alongside the annual report since the requirement was established [120]. - The report emphasizes the importance of minimizing environmental pollution and adhering to local environmental regulations [133]. - The company aims to continuously improve its ESG performance through the development of appropriate policies and strategies [142]. Employee Management - The company strictly adhered to local labor laws and did not encounter any employment-related violations or complaints during the reporting period [193]. - The recruitment process is transparent and follows principles of fairness and equality, ensuring equal opportunities for all candidates [196]. - The company provides various employee benefits, including social insurance and year-end bonuses, to enhance employee morale [200].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Silk Road Logistics Holdings Limited 絲路物流控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：988） 截至二零二二年十二月三十一日止年度之年度業績 絲路物流控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合業 績，連同截至二零二一年十二月三十一日止年度之比較經審核數字如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收入 4 7,449 13,647 銷售及服務成本 (2,078) (8,069) 毛利 5,371 5,578 其他收入及收益 4 268 263 行政費用 (37,312) (34,454) ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 3,912,000, a decrease of 43.3% compared to HKD 6,907,000 for the same period in 2021[4] - Gross profit for the same period was HKD 3,137,000, slightly up from HKD 3,118,000 in 2021, indicating a marginal improvement in gross margin[4] - The company reported a loss before tax of HKD 38,974,000, compared to a loss of HKD 43,880,000 in the previous year, reflecting a 11.5% improvement[4] - Total comprehensive loss for the period was HKD 49,778,000, an increase from HKD 40,559,000 in 2021, indicating a worsening overall financial position[4] - The company reported a loss attributable to owners of the company of HKD 37,114,000 for the period, a slight improvement from HKD 37,676,000 in the previous year[8] - For the six months ended June 30, 2022, the company reported a net loss of approximately HKD 38.974 million, compared to a net loss of HKD 10.804 million for the same period in 2021[20] - The company’s total comprehensive income for the period was reported as HKD 4.473 million, with a significant decrease in overall revenue compared to the previous year[20] - The group incurred a pre-tax loss of HKD 38,974,000 for the six months ended June 30, 2022, compared to a pre-tax loss of HKD 43,880,000 in the prior year[26] - The loss attributable to the owners of the company for the same period was approximately HKD 37,114,000, compared to a loss of HKD 37,676,000 in 2021[68] Assets and Liabilities - Non-current assets as of June 30, 2022, were valued at HKD 292,889,000, down from HKD 310,049,000 at the end of 2021, showing a decline of 5.5%[10] - Current liabilities increased to HKD 789,894,000 from HKD 778,040,000, indicating a rise of 1.1% in financial obligations[10] - The net liabilities position worsened to HKD 336,275,000 as of June 30, 2022, compared to HKD 286,497,000 at the end of 2021, reflecting a 17.3% increase in net liabilities[12] - As of June 30, 2022, the company's total liabilities exceeded its current assets by HKD 596.262 million, indicating significant liquidity challenges[20] - The company’s total assets as of June 30, 2022, were significantly impacted by the ongoing financial challenges, with a focus on obtaining necessary funding for operations[20] - Total liabilities of the group were HKD 822,796,000, with HKD 119,626,000 attributed to the logistics segment[31] - The debt-to-equity ratio as of June 30, 2022, was approximately 424.4%, up from 291.7% on December 31, 2021[85] Cash Flow and Financing - The cash flow from operating activities showed a net outflow of HKD 11.609 million for the six months ended June 30, 2022, compared to a net outflow of HKD 2.412 million in the previous year[18] - The company had cash and cash equivalents of HKD 45.409 million at the end of the reporting period, a substantial increase from HKD 822 million at the end of the previous year[18] - The company’s financing activities generated a net cash inflow of HKD 57.107 million, a notable improvement from a net outflow of HKD 490 million in the prior period[18] - As of June 30, 2022, the total borrowings amounted to approximately HKD 508.69 million, an increase of HKD 20.20 million from December 31, 2021[79] Operational Challenges and Future Outlook - The company has not provided specific guidance for future performance but indicated ongoing challenges in the market environment[4] - The company is focusing on improving operational efficiency and exploring potential market expansion opportunities[4] - The geopolitical conflict and pandemic have significantly impacted economic growth, with China's second-quarter growth rate hitting a historical low[69] - The company is actively seeking new business measures in commodity trading and logistics, focusing on coal procurement, warehousing, and logistics services in China[76] - The company is in discussions with professional advisors and potential business partners to explore various business options and opportunities for resuming trading[70] Corporate Governance and Compliance - The company has complied with the corporate governance code, with no chairman appointed during the review period, and the CEO was appointed in June 2022[105] - The company held its annual general meeting on June 21, 2022, with all directors present either in person or electronically[106] - The company is committed to enhancing internal corporate governance standards to improve transparency in disclosing important information[105] - The company received a letter from the stock exchange on November 26, 2021, indicating it failed to maintain sufficient operational levels as per Listing Rule 13.24, leading to a trading suspension on December 8, 2021[108] - The company submitted a written request for review of the suspension decision on December 6, 2021, and the review committee upheld the suspension on May 23, 2022, due to non-compliance with Listing Rule 13.24[109] - The stock exchange may delist securities that have been suspended for 18 months, with the deadline for the company being November 23, 2023[109] Shareholder Information - Major shareholders include China Huarong Asset Management Co., Ltd. and its subsidiaries, holding approximately 26.55% of the total issued share capital[98] - Cai Jianjun holds a total of 171,372,822 shares, representing approximately 26.70% of the total issued share capital[98] - Tianjin Material Group Co., Ltd. and its subsidiaries collectively hold 43,822,412 shares, accounting for approximately 6.83% of the total issued share capital[100] Legal Matters - The company is involved in ongoing civil litigation with Haitong Hengxin International Leasing Co., claiming RMB 197,754,190, with the case still pending[62] - The company has a civil lawsuit from Tianjin Haotai Hengyuan International Trade Co. for RMB 68,370,454, which has been resolved with a settlement agreement[64] - Dongguan Haihui Logistics, a wholly-owned subsidiary, is undergoing bankruptcy proceedings due to a claim of RMB 4,017,686 from Shenzhen Hengshunying Trading Co.[65]

Financial Performance - The company reported operating revenue of approximately HKD 13,647,000 for the year ended December 31, 2021, a decrease of 60.6% compared to HKD 34,609,000 in 2020[17]. - The gross profit increased from approximately HKD 1,697,000 in 2020 to approximately HKD 5,578,000 in 2021, resulting in a gross margin of 40.9% compared to 4.9% in the previous year[17]. - The company recorded a loss attributable to owners of approximately HKD 295,153,000 for the year, an improvement from a loss of HKD 376,908,000 in the previous year[17]. - The trade and logistics segment's revenue totaled approximately HKD 7,324,000 in 2021, down 74.9% from HKD 29,129,000 in 2020[22]. - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year, representing a 15% year-over-year growth[53]. Economic Outlook - The global economic outlook for 2022 is expected to be weak, influenced by the Omicron variant and the Russia-Ukraine conflict, leading to increased prices for major commodities and inflationary pressures[6]. - The company anticipates that the ongoing geopolitical tensions and supply chain disruptions will continue to pose challenges in the near term[6]. - China is transitioning from an investment-driven growth model to one focused on domestic consumption and services, which is expected to stabilize the economy[9]. Business Strategy - The company aims to adapt to a more digital economy, leveraging trends accelerated by the pandemic, which may lead to higher long-term growth opportunities[7]. - The company has established a business strategy centered on integrated trade, warehousing, and logistics, capitalizing on opportunities from the Belt and Road Initiative[10]. - The company is focused on enhancing its position in the global value chain through participation in international cooperation projects[10]. - The company aims to focus on light asset operations and leverage its established trade and logistics platform to meet the increasing demand for high-quality resources in the region[13]. - The group plans to enhance its trade and logistics revenue and profitability to pre-pandemic levels by focusing on asset efficiency and reputable partners[27]. Corporate Governance - The company emphasizes transparency, independence, accountability, and fairness in corporate governance, aiming to enhance shareholder value and performance[63]. - As of December 31, 2021, the company has not appointed a chairman or CEO, with all directors contributing diverse experiences and expertise to the board[64]. - The board consists of five members, including two executive directors, one non-executive director, and two independent non-executive directors, which is below the minimum required number of independent directors[70]. - The company has adhered to the corporate governance code provisions, with some deviations noted regarding the separation of the roles of chairman and CEO[63]. - The board will continue to review its structure and appoint a chairman and CEO when suitable candidates are identified[64]. Risk Management - The independent auditor expressed significant uncertainty regarding the group's ability to continue as a going concern, leading to a lack of audit opinion on the consolidated financial statements[110]. - The board will take necessary measures to address deficiencies in internal controls and strengthen the risk management system as needed[113]. - The company has adopted a functional bottom-up comprehensive risk management process, including risk identification, assessment, valuation, and handling[113]. - The board of directors is responsible for the effectiveness of the risk management and internal control systems, which are reviewed annually[112]. Environmental, Social, and Governance (ESG) Initiatives - Silk Road Logistics Holdings Limited has integrated sustainable development principles into its strategic planning and daily operations to enhance competitiveness[124]. - The report covers the environmental, social, and governance (ESG) performance and initiatives of the group for the fiscal year 2021, specifically from January 1 to December 31, 2021[125]. - The company identified 15 critical ESG issues for disclosure, including greenhouse gas emissions, waste management, and employee welfare[129]. - The company emphasizes transparency and aims to minimize environmental pollution while complying with local environmental laws[124]. - The company is committed to continuous improvement in its ESG performance, as evidenced by the analysis of past data[135]. Employee Management - The total number of employees in 2021 was 20, a decrease from 30 in 2020 and 23 in 2019[186]. - The overall employee turnover rate for the reporting year was 25%[188]. - The company strictly adheres to labor laws in China, with no reported cases of discrimination or violations related to child or forced labor[185]. - The company provides various employee benefits, including social insurance and year-end bonuses, to enhance employee morale[193]. - The company has established a safety management system to protect employees during extreme weather events[185].