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通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本通告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。 重慶長安民生物流股份有限公司 Changan Minsheng APLL Logistics Co., Ltd. * （在中華人民共和國註冊成立的股份有限公司） （股份代號：01292） 臨時股東大會通告 茲通告，重慶長安民生物流股份有限公司（「本公司」）謹訂於2024年11月22日（星期五）上 午十時正假座中華人民共和國重慶市渝北區金開大道1881號本公司會議室舉行2024年第二次 臨時股東大會（「臨時股東大會」），以考慮並酌情通過（如合適）下列決議案（除另有所指， 否則本通告所用詞彙與本公司日期為2024年11月4日的通函（「通函」）所界定者具有相同涵 義，通函載有下列決議案之詳情）： 獨立非執行董事 中國重慶 2024年11月4日 2 特別決議案 1 1. 審議並批准股份認購事項及發行認購股份，包括認購股份的類型、面值和數量、認購人及 受限於通過批准下文第3項決議案授出特別授權，現有股東不存在優先認 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢閣下之股票經紀或其他註冊證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之重慶長安民生物流股份有限公司股份全部售出或轉讓，應立即將本通函連同代表委任表 格送交買方或承讓人或經手買賣之銀行、股票經紀或其他代理商，以便轉交買方或承讓人。 香港證券及期貨事務監察委員會、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通函之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通函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。 本通函僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 重慶長安民生物流股份有限公司 Changan Minsheng APLL Logistics Co., Ltd. * (在中華人民共和國註冊成立的股份有限公司) (股份代號: 01292) (1) 有關根據特別授權的建議認購新內資股之關連交易； (2) 申請清洗豁免； (3) 建議修訂公司章程； 及 (4) 臨時股東大會及類別股東大會通告 收購守則獨立董事委員會、上市規則獨立董事委 ...

Investment Rating - The investment rating for the company is "Hold" [1][2]. Core Views - The company has shown stable growth in domestic demand and is gradually enhancing its overseas logistics capabilities. It has been recognized in various rankings, including the "Top 100 Enterprises in Chongqing" and "Top 100 Logistics Companies in Western China" [1]. - For the first half of 2024, the company reported a revenue of 4.165 billion yuan, an increase of 4.54% year-on-year, and a net profit attributable to shareholders of 29.26 million yuan, up 4% year-on-year. The main revenue sources include vehicle transportation, commodity sales, and supply chain management for automotive raw materials and parts [1]. - The company benefits from national policy support and promotional measures from automotive manufacturers, leading to stable growth in domestic automotive production and sales. The company's main client, Changan Automobile, also reported growth that outperformed the industry average [1]. - The company plans to raise funds through a directed issuance of shares to enhance its overseas logistics capabilities and invest in smart logistics and supply chain management [1]. Financial Performance and Forecast - The company is expected to achieve net profits of 72.75 million yuan, 82.15 million yuan, and 90.59 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.45 yuan, 0.51 yuan, and 0.56 yuan [2][3]. - Revenue projections for the years 2024 to 2026 are 7.969 billion yuan, 8.359 billion yuan, and 8.836 billion yuan, with growth rates of 4.9%, 5.7%, and 6.3% respectively [3]. - The company maintains a high dividend payout, distributing a final dividend of 0.2 yuan per share in September 2024 [1].

Financial Performance - For the six months ended June 30, 2024, the group's unaudited revenue was approximately RMB 4,165,152,715.24, representing an increase of about 4.54% compared to the same period in 2023[1]. - The unaudited profit attributable to equity holders of the parent company for the same period was approximately RMB 29,260,117.19, an increase of approximately RMB 1,125,494.51 from RMB 28,134,622.68 in 2023[1]. - The unaudited basic earnings per share for the six months ended June 30, 2024, was approximately RMB 0.18, compared to RMB 0.17 for the same period in 2023[1]. - The company's consolidated operating revenue for the six months ended June 30, 2024, was RMB 4,165,152,715.24, an increase from RMB 3,984,312,286.73 in the same period last year, representing a growth of approximately 4.55%[6]. - The consolidated operating costs for the same period were RMB 3,974,282,672.99, compared to RMB 3,809,377,663.94 in the previous year, indicating an increase of about 4.32%[6]. - The total profit for the six months was RMB 43,320,740.93, up from RMB 34,124,491.97 year-on-year, reflecting a growth of approximately 27.4%[6]. - The net profit for the six months ended June 30, 2024, was RMB 31,219,294.40, an increase from RMB 28,176,857.46 in the previous period, representing a growth of approximately 7.25%[7]. - The net profit attributable to shareholders of the parent company was RMB 29,260,117.19, compared to RMB 28,134,622.68 in the prior period, reflecting an increase of about 4.01%[7]. - The total comprehensive income for the period was RMB 31,219,294.40, up from RMB 28,176,857.46, indicating a growth of approximately 7.25%[7]. Assets and Liabilities - The total current assets as of June 30, 2024, amounted to RMB 3,900,827,203.24, an increase from RMB 3,669,906,941.54 at the end of the previous year[3]. - The total non-current assets as of June 30, 2024, were RMB 1,481,157,957.36, compared to RMB 1,504,504,826.98 at the end of the previous year[3]. - The total assets as of June 30, 2024, reached RMB 5,381,985,160.59, an increase from RMB 5,174,411,768.52 at the end of the previous year[3]. - The company's total liabilities as of June 30, 2024, amounted to RMB 3,194,691,861.51, compared to RMB 2,984,847,923.87 at the end of the previous year, showing an increase of about 7.03%[4]. - The total equity attributable to shareholders of the parent company was RMB 2,012,039,199.83, slightly down from RMB 2,016,253,323.93 at the end of the previous year[4]. - The total current liabilities reached RMB 2,972,248,664.91, compared to RMB 2,729,541,661.34 in the previous year, marking an increase of approximately 8.9%[4]. - The company's short-term borrowings increased to RMB 45,011,877.78 from RMB 26,526,864.44, representing a significant rise of about 69.3%[4]. - The total long-term borrowings at the end of the period amount to CNY 69,326,524.99, down from CNY 97,515,898.76 at the end of the previous year, a decrease of about 29%[20]. Cash Flow - Operating cash inflow for the period was RMB 5,420,253, with a net cash flow from operating activities of RMB 336,795, compared to RMB 320,448,673.21 in the previous period[8]. - Cash flow from investment activities resulted in a net inflow of RMB 70,054,444.84, compared to a net outflow of RMB 44,065,671.69 in the prior period[10]. - Cash flow from financing activities showed a net outflow of RMB 100,044,465.09, compared to RMB 57,795,025.48 in the previous period[10]. - The total cash and cash equivalents at the end of the period amounted to RMB 1,211,722,172.80, compared to RMB 1,035,924,425.56 at the end of the previous period[10]. - The company received RMB 150,000,000 in cash from investment recoveries during the period[8]. Shareholder Information - The board of directors recommended not to declare an interim dividend for the six months ended June 30, 2024[1]. - The company distributed RMB 32,412,800.00 to shareholders, reflecting ongoing profit allocation strategies[22]. - The total number of shares outstanding remains at 162,064,000, consistent with previous reports[29]. - The company’s total equity remains stable at 162,064,000 shares, with no new shares issued during the period[58]. - The company did not declare an interim dividend for the six months ended June 30, 2024, while a final dividend of CNY 0.20 per share for the year 2023 was approved, totaling CNY 32,412,800[75]. Operational Highlights - The company is focused on expanding its logistics services, including full truckload transportation and supply chain management[29]. - The company anticipates continued revenue growth driven by increased demand for logistics services in the upcoming quarters[59]. - The company has actively engaged in market expansion and cost leadership initiatives despite facing increased competition and operational costs[78]. - The company is focusing on enhancing its operational efficiency and asset management strategies to improve overall financial performance[41]. Legal and Compliance - The company is pursuing legal action to recover CNY 38,194,400.00 from a client for unpaid transportation fees, with ongoing court proceedings[62]. - A lawsuit involving a storage supervision agreement resulted in a court ruling that dismissed the claims against the company, leading to the release of over RMB 30 million in frozen bank deposits[88]. - The company has complied with the corporate governance code as per the listing rules[95]. - The company has adopted a standard code of conduct for securities trading by directors, confirming compliance by all directors during the reporting period[96]. Market and Economic Context - The company anticipates ongoing economic challenges due to global energy price fluctuations, currency volatility, and geopolitical tensions, while the Chinese government is expected to implement supportive fiscal and monetary policies[93]. - The Chinese automotive market is showing growth despite challenges, with the new energy vehicle (NEV) market continuing to grow rapidly, while traditional fuel vehicles face significant challenges[94]. - The Chinese government has extended the tax exemption policy for NEVs until December 31, 2027, which is expected to sustain high growth in NEV sales[94]. Related Party Transactions - The group generated approximately RMB 2,807,959,205.55 in revenue from related party transactions for the six months ending June 30, 2024, accounting for about 67.42% of total revenue during this period[110]. - Related party transactions for procurement in the first half of 2024 amounted to 101,791,247.56 for transportation services, a decrease of 26.4% from 138,160,357.28 in the same period of 2023[65]. - The company reported related party sales of logistics services totaling 2,645,077,471.21 in the first half of 2024, an increase of 5.5% compared to 2,507,240,448.80 in the first half of 2023[66].

[Performance Summary](index=1&type=section&id=Performance%20Summary) The company reported a 4.54% increase in operating revenue to RMB 4.165 billion and a 4.00% rise in profit attributable to parent company equity holders to RMB 29.26 million for the first half of 2024 2024 H1 Key Financial Indicators | Indicator | Amount | Year-over-Year Change | | :--- | :--- | :--- | | Operating Revenue | RMB 4.165 billion | ▲ 4.54% | | Profit Attributable to Parent Company Equity Holders | RMB 29.26 million | ▲ 4.00% | | Basic Earnings Per Share | RMB 0.18 | ▲ 5.88% | - The Board of Directors recommended no interim dividend distribution for the six months ended June 30, 2024[1](index=1&type=chunk) [Unaudited Interim Financial Statements](index=2&type=section&id=Unaudited%20Interim%20Financial%20Statements) This section presents the unaudited interim financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity [Consolidated and Company Balance Sheets](index=3&type=section&id=Consolidated%20and%20Company%20Balance%20Sheets) As of June 30, 2024, the Group's total assets increased to RMB 5.382 billion, and total liabilities rose to RMB 3.195 billion, driven by increases in cash and accounts receivable Consolidated Balance Sheet Key Items (RMB) | Item | Period-end Balance (2024-06-30) | Previous Year-end Balance (2023-12-31) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and Cash Equivalents | 1,222,369,687.03 | 882,939,512.98 | ▲ 38.4% | | Accounts Receivable | 1,740,055,151.16 | 1,466,849,212.92 | ▲ 18.6% | | **Total Assets** | **5,381,985,160.59** | **5,174,411,768.52** | **▲ 4.0%** | | **Liabilities** | | | | | Accounts Payable | 1,785,500,793.46 | 1,518,537,172.85 | ▲ 17.6% | | **Total Liabilities** | **3,194,691,861.51** | **2,984,847,923.87** | **▲ 7.0%** | | **Shareholders' Equity** | | | | | Total Equity Attributable to Parent Company Shareholders | 2,012,039,199.83 | 2,016,253,323.93 | ▼ 0.2% | | **Total Shareholders' Equity** | **2,187,293,299.08** | **2,189,563,844.65** | **▼ 0.1%** | [Consolidated and Company Income Statements](index=5&type=section&id=Consolidated%20and%20Company%20Income%20Statements) For the six months ended June 30, 2024, the Group's operating revenue grew 4.54% to RMB 4.165 billion, with net profit attributable to parent company shareholders increasing 4.0% to RMB 29.26 million Consolidated Income Statement Key Items (RMB) | Item | Current Period Amount (as of 2024-06-30) | Prior Period Amount (as of 2023-06-30) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,165,152,715.24 | 3,984,312,286.73 | ▲ 4.54% | | Operating Costs | 3,974,282,672.99 | 3,809,377,663.94 | ▲ 4.33% | | Operating Profit | 42,630,898.06 | 25,816,526.65 | ▲ 65.1% | | Total Profit | 43,320,740.93 | 34,124,491.97 | ▲ 26.9% | | Net Profit | 31,219,294.40 | 28,176,857.46 | ▲ 10.8% | | Net Profit Attributable to Parent Company Shareholders | 29,260,117.19 | 28,134,622.68 | ▲ 4.00% | | Basic Earnings Per Share | 0.18 | 0.17 | ▲ 5.88% | [Consolidated and Company Cash Flow Statements](index=6&type=section&id=Consolidated%20and%20Company%20Cash%20Flow%20Statements) Net cash flow from operating activities for the period was RMB 336.8 million, with investing activities turning positive due to investment recovery, while financing activities were negative due to debt repayment Consolidated Cash Flow Statement Summary (RMB) | Item | Current Period Amount (as of 2024-06-30) | Prior Period Amount (as of 2023-06-30) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 336,795,976.42 | 320,448,673.21 | | Net Cash Flow from Investing Activities | 70,054,444.84 | -44,065,671.69 | | Net Cash Flow from Financing Activities | -44,465,091.09 | 204,974.52 | | Net Increase in Cash and Cash Equivalents | 362,387,659.82 | 280,207,610.43 | [Consolidated Statement of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Shareholders'%20Equity) As of June 30, 2024, total equity attributable to parent company shareholders was approximately RMB 2.012 billion, slightly down from the beginning of the year, influenced by net profit and profit distribution - Total comprehensive income for the period was **RMB 31.22 million**, with **RMB 29.26 million** attributable to parent company shareholders[7](index=7&type=chunk) - Profit distribution for the period reduced shareholders' equity by **RMB 32.89 million**, of which **RMB 32.41 million** was distributed to parent company shareholders[7](index=7&type=chunk) [Notes to Financial Statements](index=11&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes on the company's profile, basis of financial statement preparation, taxation, and specific items within the consolidated financial statements [Company Profile and Basis of Financial Statement Preparation](index=11&type=section&id=Company%20Profile%20and%20Basis%20of%20Financial%20Statement%20Preparation) Established in 2001 and listed in Hong Kong in 2006, the company primarily engages in integrated automotive logistics services, with its unaudited interim financial statements prepared on a going concern basis - The Group primarily engages in integrated automotive logistics services, including vehicle transportation, parts supply chain management, non-automotive goods transportation, packaging material production and sales, and tire assembly and sales[12](index=12&type=chunk) - These unaudited interim financial statements are prepared in accordance with Chinese Enterprise Accounting Standards and presented on a going concern basis[12](index=12&type=chunk)[13](index=13&type=chunk) [Taxation](index=12&type=section&id=Taxation) The Group's main taxes are VAT (6%-13%) and Corporate Income Tax (25%), with some subsidiaries enjoying a preferential 15% rate due to Western Development, High-Tech Enterprise, or small-profit enterprise policies - The company and some subsidiaries enjoy preferential corporate income tax rates of **15%** due to Western Development or High-Tech Enterprise policies[15](index=15&type=chunk)[16](index=16&type=chunk) [Notes to Consolidated Financial Statement Items](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter details the composition and changes of major balance sheet and income statement accounts, including significant increases in accounts receivable and contract assets - Accounts receivable at period-end were **RMB 1.74 billion**, an **18.6% increase** from the beginning of the year, with the majority aged within three months[19](index=19&type=chunk) - Contract assets (unsettled logistics services) at period-end were **RMB 342 million**, a **39.7% increase** from the beginning of the year[25](index=25&type=chunk) - Main business revenue was **RMB 4.154 billion**, accounting for **99.7% of total revenue**, with revenue from transportation and warehousing services recognized at a point in time[42](index=42&type=chunk)[43](index=43&type=chunk) [Commitments and Contingencies](index=23&type=section&id=Commitments%20and%20Contingencies) The Group disclosed two significant pending lawsuits where its subsidiaries are plaintiffs seeking recovery of transportation service arrears, with active judicial pursuit underway - Subsidiary Boyu Tongnan Branch is pursuing approximately **RMB 38.19 million** in transportation arrears from Zhongcun Wumao through legal channels, having frozen assets and recovered some funds[45](index=45&type=chunk)[46](index=46&type=chunk) - Subsidiary Boyu Tongnan Branch has sued Yizhao Huasheng and its guarantors to recover approximately **RMB 17.81 million** in transportation arrears, with the case accepted by the court[46](index=46&type=chunk) [Related Parties and Related Party Transactions](index=25&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The Group engages in substantial related party transactions, with logistics service revenue from related parties, primarily Chongqing Changan Automobile and its affiliates, totaling approximately RMB 2.808 billion in H1 2024 Sales to Major Related Parties (RMB) | Related Party | Related Transaction Content | Jan-Jun 2024 | Jan-Jun 2023 | | :--- | :--- | :--- | :--- | | Chongqing Changan Automobile Co., Ltd. and its affiliates | Logistics Services | 2,645,077,471.21 | 2,507,240,448.80 | | China Changan Automobile Group Co., Ltd. and its affiliates | Logistics Services | 162,148,838.77 | 96,640,142.92 | - Accounts receivable and contract assets from Chongqing Changan Automobile and its affiliates totaled over **RMB 1 billion** at period-end[52](index=52&type=chunk)[53](index=53&type=chunk) [Management Discussion and Analysis](index=31&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a review of the Group's business and financial performance, significant events, and future outlook [Business Review](index=31&type=section&id=Business%20Review) In H1 2024, the Group's revenue increased by 4.54% despite market challenges, driven by key client sales growth and market expansion, with slight improvements in gross and net profit margins - The macroeconomic environment in China faces challenges such as insufficient effective demand and overcapacity in some industries, but the automotive sector maintains production and sales growth driven by policies like trade-in programs[58](index=58&type=chunk) 2024 H1 Revenue Composition | Business Segment | Revenue (RMB) | % of Total Revenue | | :--- | :--- | :--- | | Vehicle Transportation | 1,923,884,039.17 | 46.19% | | Goods Sales | 860,520,550.97 | 20.66% | | Automotive Raw Materials and Parts Supply Chain Management | 1,380,748,125.10 | 33.15% | [Financial Review](index=32&type=section&id=Financial%20Review) The Group's financial position remains stable, with an asset-liability ratio of approximately 59.36% and total loans and borrowings of RMB 167 million, with certain assets pledged for bank borrowings Capital and Liability Ratios | Ratio | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Asset-Liability Ratio | 59.36% | 57.68% | | Total Liabilities to Total Equity Ratio | 146.06% | 136.32% | - As of June 30, 2024, the Group's total number of employees was **3,209**, a decrease from **4,031** at the end of 2023[67](index=67&type=chunk) - The Group pledged certain properties, land use rights, machinery, equipment, and accounts receivable to secure bank borrowings[64](index=64&type=chunk)[65](index=65&type=chunk) [Significant Investments, Acquisitions, and Litigation](index=34&type=section&id=Significant%20Investments%2C%20Acquisitions%2C%20and%20Litigation) No significant investments, acquisitions, or disposals occurred during the period, while one litigation case was successfully concluded, and two others for transportation arrears are ongoing - There were no significant investments, acquisitions, or disposals of assets during the period[68](index=68&type=chunk)[69](index=69&type=chunk) - The dispute with Chongqing Supply and Marketing Automobile Trading regarding a supervision contract was successfully concluded in the final appeal, with the company not liable for compensation and over **RMB 30 million** in frozen funds released[70](index=70&type=chunk) [Outlook](index=37&type=section&id=Outlook) For the second half of the year, the company anticipates continued growth in new energy vehicles despite weak overall automotive demand, focusing on "stable growth, risk prevention, and reform promotion" to achieve its annual goals - Management expects new energy vehicles to maintain rapid growth despite overall difficulties in the automotive industry[74](index=74&type=chunk) - In the second half of the year, the company will focus on "stable growth, risk prevention, and reform promotion" to achieve its annual operating targets and advance towards its strategic goal of becoming a "world-class green intelligent supply chain logistics technology company"[74](index=74&type=chunk) [Other Information](index=38&type=section&id=Other%20Information) This section covers corporate governance, director and supervisor information, major shareholders, share appreciation rights, continuing connected transactions, and public float [Corporate Governance and Information on Directors and Supervisors](index=38&type=section&id=Corporate%20Governance%20and%20Information%20on%20Directors%20and%20Supervisors) The company complied with the Hong Kong Corporate Governance Code during the reporting period, with a balanced board of nine directors and one change in vice general manager personnel - The company has consistently complied with the code provisions of the Corporate Governance Code during the reporting period[75](index=75&type=chunk) - On April 19, 2024, Mr. Chen Zhigang retired as Vice General Manager, and Mr. Tan Chaohu was appointed as the new Vice General Manager[80](index=80&type=chunk) [Major Shareholders](index=41&type=section&id=Major%20Shareholders) The company's major shareholders include China Changan Automobile Group Co., Ltd. (25.44%), CEVA Logistics Limited (19.99%), and Minsheng Industrial (Group) Co., Ltd. and its affiliates (totaling 19.88%) Major Shareholder Holdings (as of June 30, 2024) | Shareholder Name | Capacity | Number of Shares Held | % of Total Share Capital | | :--- | :--- | :--- | :--- | | China Changan Automobile Group Co., Ltd. | Beneficial Owner | 41,225,600 (H shares) | 25.44% | | CEVA Logistics Limited | Beneficial Owner | 32,399,200 (H shares) | 19.99% | | Chongqing Luzuofu Equity Investment Fund Management Co., Ltd. | Controlled Corporation Interest | 32,219,200 (Domestic shares and non-H foreign shares) | 19.88% | [Share Appreciation Rights Incentive Scheme](index=43&type=section&id=Share%20Appreciation%20Rights%20Incentive%20Scheme) The company's 2021 Share Appreciation Rights scheme saw the first vesting period's 1,620,467 rights lapse due to unmet performance targets, while the second vesting period commenced on April 27, 2024 - Due to unmet performance targets in 2021, the first vesting period (one-third of the total) of the Share Appreciation Rights did not meet the vesting conditions, and the corresponding **1,620,467** share appreciation rights have lapsed[88](index=88&type=chunk) - As of June 30, 2024, **3,240,933** unexercised share appreciation rights remain, with their second exercise period commencing on April 27, 2024[88](index=88&type=chunk) [Continuing Connected Transactions and Public Float](index=45&type=section&id=Continuing%20Connected%20Transactions%20and%20Public%20Float) The Group's continuing connected transactions, primarily with Changan Automobile and its associates, accounted for approximately 67.42% of total revenue, and the company maintained its required public float during the period - For the six months ended June 30, 2024, revenue from connected persons was approximately **RMB 2.808 billion**, accounting for approximately **67.42%** of the Group's total revenue[90](index=90&type=chunk) - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the required public float was maintained[92](index=92&type=chunk)[93](index=93&type=chunk)

Investment Rating - The report gives a "Hold" rating for Chang'an Minsheng Logistics (1292 HK) [44] Core Views - Chang'an Minsheng Logistics is a leading comprehensive logistics service provider in China's automotive logistics industry, with a strong client base and extensive service network [112][113] - The company benefits from the steady growth of its major client Chang'an Automobile, which achieved record sales in 2023 and is expanding internationally [26][27][29] - Chang'an Minsheng Logistics is driving green, smart, and digital transformation, expanding service boundaries through multimodal transport, smart parks, and customized logistics solutions [18][19][20][84] - The company's profitability has improved overall, with strong cost control capabilities and positive cash flow growth [36][43] Business Model and Competitive Advantages - The company has established long-term cooperative relationships with nearly 1,000 domestic and foreign enterprises in both automotive and non-automotive fields [3] - It has a comprehensive multimodal transport service network combining road, rail, and water transport, with stable transport capacity guaranteed by strategic partnerships [10] - The company has 28 branches, subsidiaries, joint ventures, and offices across China, enabling nationwide logistics services [15] - It has developed innovative logistics platforms like Cheyi Cloud and Boyu Hengtong Network Freight Platform to provide integrated supply chain services [19][31] Financial Performance - In 2023, the company achieved revenue of 7 969 billion yuan, up 3 22% YoY, and net profit attributable to shareholders of 56 447 million yuan, up 46 68% YoY [23] - The gross profit margin was 4 66%, down 0 52 percentage points YoY, while the period expense ratio decreased by 0 31 percentage points to 3 63% [36] - Operating cash flow increased significantly to 198 million yuan, indicating improving operational efficiency [36] Industry Outlook - China's automotive industry is expected to maintain steady growth, with 2023 production and sales reaching 30 161 million and 30 094 million units respectively, up 11 6% and 12% YoY [133][135] - Multimodal transport is becoming the main transportation mode for automotive logistics due to regulatory changes and environmental concerns [148][151] - The used car market is growing rapidly, with 2023 transaction volume reaching 18 413 million units, up 14 9% YoY [143][144] Growth Drivers - Chang'an Automobile's sales growth and international expansion will directly increase logistics service demand [29] - The rapid development of new energy vehicles creates new growth opportunities in NEV logistics, especially for battery transportation and storage [29] - The company's digital transformation and smart logistics solutions will enhance efficiency and expand service capabilities [18][19][84] Financial Forecasts - Revenue is expected to grow to 8 359 billion yuan in 2024, 8 836 billion yuan in 2025, and 9 393 billion yuan in 2026 [43] - Net profit attributable to shareholders is forecasted to reach 72 749 million yuan in 2024, 82 146 million yuan in 2025, and 90 586 million yuan in 2026 [43] - The PE ratio is estimated at 5x for 2024-2026, lower than the industry average of 17x [44]

Financial Performance - The company's operating revenue reached RMB 7,968,998,231.49 in 2023, marking an increase of 3.22% from RMB 7,720,202,129.16 in 2022[8] - The total profit amounted to RMB 75,008,581.99, up from RMB 68,292,726.82 in the previous year, reflecting a growth of 10.52%[8] - Net profit attributable to shareholders was RMB 56,446,864.92, a significant increase of 47.00% compared to RMB 38,481,808.17 in 2022[8] - The company proposed a final dividend of RMB 0.20 per share, up from RMB 0.15 per share in the previous year[9] - Basic earnings per share increased to RMB 0.35, compared to RMB 0.24 in 2022[15] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 5,174,411,768.52, an increase from RMB 4,915,670,424.50 in 2022[12] - Current assets rose to RMB 3,669,906,941.54, compared to RMB 3,573,957,122.08 in the previous year, indicating a growth of 2.66%[12] - The company's total liabilities increased to RMB 2,984,847,923.87 from RMB 2,753,797,083.58 in 2022, representing a rise of 8.38%[12] - Non-current assets reached RMB 1,504,504,826.98, up from RMB 1,341,713,302.42 in 2022, showing a growth of 12.14%[12] - The company maintained a strong equity position with total equity of RMB 2,189,563,844.65, slightly up from RMB 2,161,873,340.92 in the previous year[12] Market and Industry Insights - The chairman reported that the company achieved its highest operating revenue and profit in six years, driven by the recovery of the Chinese economy and the automotive industry[14] - In 2023, the domestic automobile market achieved a production and sales volume of 30.16 million and 30.09 million vehicles, respectively, representing a year-on-year growth of 11.6% and 12%[15] - For 2024, the company anticipates a total automobile sales volume in China of 31.2 to 31.44 million units, with a year-on-year growth of 4% to 5%[23] - The company expects a significant increase in new energy vehicle sales, projected to reach 12.5 million units in 2024, representing a year-on-year growth of 35%[23] Revenue Streams - The revenue from vehicle transportation services for the year ended December 31, 2023, was RMB 3,898,671,826.86, an increase of approximately 4.84% compared to RMB 3,718,608,688.16 in the previous year[28] - The revenue from automotive raw materials and parts supply chain management services reached RMB 2,408,300,157.96, reflecting a growth of about 10.32% from RMB 2,182,928,439.00 in the prior year[29] - Revenue from non-automotive goods transportation and other logistics services decreased to RMB 424,107,662.09, a decline of approximately 41.21% from RMB 721,363,230.00 in the previous year[30] - The revenue from automotive parts packaging and tire assembly services increased to RMB 1,237,918,584.58, up about 12.81% from RMB 1,097,301,772.00 in the last fiscal year[31] Operational Efficiency and Cost Management - The operating costs for the year were RMB 7,597,717,455.50, representing an increase of approximately 3.76% from RMB 7,322,219,482.10 in the previous year, with a gross margin decline to 4.66% from 5.16%[36] - The company aims to enhance operational efficiency and implement stricter cost control measures to navigate the competitive landscape and challenges in the automotive industry[24] - Research and development expenses rose significantly by approximately 101.67% to RMB 26,803,369.07 from RMB 13,290,961.52 in the previous year[39] Shareholder and Governance Matters - The board proposed a final dividend of RMB 0.20 per share for the year ended December 31, 2023, an increase from RMB 0.15 per share in 2022[76] - The company aims to distribute at least 30% of the distributable profits as cash dividends each year, subject to profitability and capital needs[78] - The board consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors, ensuring a balanced representation[190] - The independent non-executive directors have confirmed their independence in writing for the 2023 fiscal year[198] - The company has adopted strict corporate governance practices to enhance credibility and transparency[185] Related Party Transactions - Revenue from major customers accounted for 63% of total revenue in 2023, up from 61% in 2022[68] - The largest customer, Chongqing Changan Automobile Co., Ltd., contributed 29% of total revenue in 2023, an increase from 27% in 2022[68] - The total value of related party transactions during the reporting period includes ongoing transactions with China Chang'an, Chang'an Automobile, Meiji Logistics, Minsheng Industrial, and Equipment Finance, adhering to listing rules[153] - The pricing for ongoing related transactions is determined based on tender prices, internal comparisons, and cost-plus principles, ensuring fairness and compliance with market conditions[150] Employee and Training Initiatives - As of December 31, 2023, the group had 4,031 employees, a decrease from 4,397 employees as of December 31, 2022, representing a reduction of approximately 8.3%[107] - The group provided training in technical, safety, and management areas during the year[110] - The company has implemented a competitive salary mechanism to attract and motivate employees, with regular reviews and necessary adjustments based on market standards[105] Legal and Compliance Matters - The company has ongoing litigation with Weima Automobile for unpaid logistics service fees totaling RMB 58,459,100, with court rulings in favor of the company for RMB 35,197,401.91 received[163][164] - The company has engaged external auditors to confirm that related transactions were conducted on fair and reasonable terms, in compliance with the interests of shareholders[157] - The company has complied with all relevant laws and regulations throughout the year, with no violations reported[171] Environmental and Social Responsibility - The company is committed to environmental sustainability and has prepared an Environmental, Social, and Governance report for the year ending December 31, 2023[172] - The company made cash donations of RMB 600,000 during the year, consistent with the previous year[173]

Financial Performance - The consolidated revenue for the year ended December 31, 2023, was approximately RMB 7,968,998,231.49, representing a growth of about 3.22% compared to the previous year[2]. - The profit attributable to equity holders for the year ended December 31, 2023, was approximately RMB 56,446,864.92, an increase of approximately 46.68% from RMB 38,481,808.17 in 2022[2]. - The basic earnings per share for the year ended December 31, 2023, was RMB 0.35, compared to RMB 0.24 in 2022[2]. - The board proposed a final cash dividend of RMB 0.20 per share for 2023, up from RMB 0.15 per share in 2022[2]. - The company's operating revenue for the current period reached ¥7,968,998,231.49, a 29.3% increase from ¥6,160,696,569.40 in the previous period[15]. - Operating profit amounted to ¥75,145,550.18, up 55.0% from ¥48,583,636.97 in the prior period[15]. - Net profit attributable to shareholders was ¥56,446,864.92, compared to ¥43,965,436.88 in the previous period, reflecting a 28.6% increase[15]. - The total comprehensive income for the current period was ¥57,605,939.66, compared to ¥43,608,436.88 previously, an increase of 32.1%[15]. Cash Flow and Liquidity - Cash inflow from operating activities was RMB 11,127,380,231.35, compared to RMB 8,324,381,305.11 in the previous year[6]. - The net cash flow from investing activities was -RMB 317,671,883.42, indicating a decrease in cash from investments[6]. - The net cash flow from financing activities was RMB 209,294,620.11, showing an increase compared to the previous year[6]. - The cash and cash equivalents at the end of the period were RMB 849,334,512.98, up from RMB 755,716,815.09 at the end of the previous year[6]. - The total cash inflow from financing activities was RMB 758,362,267.00, compared to RMB 185,000,000.00 in the previous year[6]. - The company’s cash and cash equivalents at the end of the period were RMB 882,939,512.98, down from RMB 975,746,951.07 in the previous year[164]. Assets and Liabilities - Total current assets reached RMB 3,669,906,941.54, an increase from RMB 2,757,330,780.90 year-over-year[13]. - The total assets of the company reached RMB 5,174,411,768.52, compared to RMB 4,443,039,797.15 in the previous year, marking an increase of approximately 16.5%[13]. - Total liabilities increased to CNY 2,984,847,923.87 from CNY 2,659,970,509.88, representing a growth of approximately 12.2% year-over-year[30]. - Current liabilities totaled CNY 2,729,541,661.34, up from CNY 2,618,078,547.17, indicating an increase of about 4.2% compared to the previous year[30]. - Non-current liabilities amounted to CNY 255,306,262.53, a rise from CNY 196,476,282.44, reflecting a growth of approximately 29.9% year-over-year[30]. Equity and Reserves - The total equity attributable to shareholders at the end of the previous year was RMB 1,606,298,691.27, with a total equity of RMB 2,096,072,245.39[18]. - The total equity at the end of the current year is RMB 1,636,555,790.69, with total equity amounting to RMB 2,161,873,340.92[18]. - The company reported a decrease in retained earnings by RMB 15,587,017.28 during the year[20]. - The special reserve increased by RMB 2,895,359.25, bringing the total to RMB 2,895,359.25[20]. - The capital reserve remained unchanged at RMB 66,907,278.00 throughout the year[18]. Research and Development - Research and development expenses increased to ¥26,803,369.07, significantly higher than ¥3,874,542.73 in the last period, indicating a focus on innovation[15]. Risk Management - The main risks faced by the company include credit risk, liquidity risk, and market risk (including interest rate risk and commodity price risk)[93]. - Credit risk is primarily managed by the company through portfolio classification, arising mainly from bank deposits, notes receivable, accounts receivable, and other receivables[94]. - The company assesses expected credit losses on receivables based on historical data and forward-looking information, adjusting for economic risks and market conditions[152]. - The liquidity risk is highlighted as the risk of cash shortages when fulfilling obligations to deliver cash or other financial assets[182]. Accounting Policies - The financial statements have been prepared in accordance with the new Chinese accounting standards[24]. - The company has maintained a consistent accounting policy in accordance with the relevant financial regulations[39]. - The implementation of new accounting standards effective January 1, 2023, requires adjustments to retained earnings and related financial statement items for certain transactions[177].

Financial Performance - The company’s total revenue for the six months ended June 30, 2023, was RMB 2,605,741,000, compared to RMB 2,405,033,000 for the same period in 2022, marking an increase of approximately 8.3%[11]. - In the first half of 2023, the company's revenue reached approximately RMB 3,984,312,000, representing a year-on-year increase of about 15.82%[20]. - For the six months ending June 30, 2023, the company's net profit attributable to ordinary shareholders was RMB 28,135,000, up from RMB 19,266,000 in the same period of 2022, representing a growth of 46.5%[61]. - The basic earnings per share for the first half of 2023 was RMB 0.17, compared to RMB 0.12 for the same period in 2022, indicating a 41.7% increase[61]. - The company reported a pre-tax profit of RMB 34,124,000 for the first half of 2023, up from RMB 30,645,000 in the same period of 2022, indicating a growth of approximately 4.83%[141]. Assets and Liabilities - As of June 30, 2023, the company's total assets were approximately RMB 5,378,248,000, an increase from RMB 4,916,259,000 as of December 31, 2022[22]. - The company's leverage ratio was approximately 59.29% as of June 30, 2023, compared to 56.03% as of December 31, 2022[24]. - Total liabilities increased to RMB 3,188,915 thousand from RMB 2,754,385 thousand, marking a rise of approximately 15.8%[107]. - The company's net assets rose to RMB 2,189,333 thousand, compared to RMB 2,161,874 thousand, indicating a growth of about 1.3%[107]. - The aging analysis of trade receivables shows that amounts within 3 months decreased to RMB 461,417 thousand from RMB 952,505 thousand, a decline of about 51.6%[113]. Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2023 was RMB 342,373,000, compared to RMB 150,753,000 for the same period in 2022, representing a significant increase[141]. - The net cash outflow from investing activities was RMB 119,393,000 for the first half of 2023, compared to RMB 22,198,000 in the same period of 2022, highlighting an increase in investment expenditures[141]. - The company acquired new assets worth RMB 84,338,000 during the first half of 2023, compared to RMB 32,473,000 in the same period of 2022, indicating a significant increase in asset acquisition[133]. Debt and Financing - The company has short-term unsecured bank loans totaling RMB 78,550,000 as of June 30, 2023, up from RMB 39,984,000 at the end of 2022, reflecting a 96.5% increase[2]. - The present value of lease liabilities is RMB 174,884,000, with RMB 38,589,000 due within one year, and RMB 31,605,000 due within 1 to 5 years[4]. - The company reported a decrease in the provision for impairment of trade and other receivables, which was RMB 1,710,000 in the first half of 2023, down from RMB 4,231,000 in the same period of 2022, indicating improved receivables management[141]. Operational Highlights - The company actively engaged in cost leadership initiatives and market expansion despite facing increased competition and rising operational costs[20]. - The total production and sales volume of automobiles in China for the first half of 2023 were 13.248 million and 13.239 million units, respectively, with year-on-year growth of 9.3% and 9.8%[20]. - The main customer, Changan Automobile, produced 1,164,677 vehicles, an increase of 8.07% year-on-year, and sold 1,215,681 vehicles, up 7.99% year-on-year[20]. Corporate Governance - The company has adhered to the corporate governance code and has implemented risk management and internal control measures during the reporting period[54]. - The board of directors consists of 9 members, including 2 executive directors and 3 independent non-executive directors, ensuring a balanced governance structure[58]. - The audit and risk committee has reviewed the operating performance and unaudited financial statements for the six months ending June 30, 2023, and approved the mid-year performance report[70]. Market Conditions - The group anticipates continued economic recovery in China, supported by a series of stabilizing economic policies[50]. - The production and sales of new energy vehicles continue to grow rapidly, with a significant increase in the market share of Chinese brand passenger cars[51]. - The Ministry of Finance announced an extension of the new energy vehicle purchase tax exemption policy until December 31, 2027, which is expected to sustain high growth momentum in the sector[51].

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告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 重慶長安民生物流股份有限公司 Changan Minsheng APLL Logistics Co., Ltd. (在中華人民共和國註冊成立的股份有限公司) (股份代號：01292) 中期業績公告 截至二零二三年六月三十日止六個月 摘要  於截至2023年6月30日止6個月期間，本集團未經審計之收入約為人民幣3,984,312千 元，較2022年同期增長約15.82%。  於截至2023年6月30日止6個月期間，未經審計之母公司權益持有人應占盈利約為人民 幣28,135千元，較2022年同期未經審計之盈利人民幣19,266千元增加約人民幣8,869千 元。  於截至2023年6月30日止6個月期間，未經審計之每股基本盈利約為人民幣0.17元(2022 年同期：人民幣0.12元)。  董事會建議不派發截至2023年6月30日止6個月期間之中期股息。 ...