Financial Performance - The company's revenue for 2022 reached RMB 7,697,350, an increase of 28% compared to RMB 6,020,899 in 2021[9] - The profit before tax for 2022 was RMB 68,293, up from RMB 58,843 in 2021, reflecting a growth of 16%[9] - The net profit attributable to shareholders for 2022 was RMB 38,482, representing a 32% increase from RMB 29,148 in 2021[9] - Basic and diluted earnings per share for 2022 were RMB 0.24, compared to RMB 0.18 in 2021, indicating a growth of 33%[9] - The company declared a final dividend of RMB 0.15 per share for 2022, up from RMB 0.05 per share in 2021[9] - The company achieved a basic earnings per share of RMB 0.24, compared to RMB 0.18 in 2021, reflecting a growth of 33.33%[20] - The company's profit attributable to equity holders for the year was RMB 38,482,000, an increase of approximately RMB 9,334,000 compared to the previous fiscal year of RMB 29,148,000[84] - Total revenue for the year ended December 31, 2022, was RMB 7,319,937,000, with a cost of sales increase of approximately 28.51% from RMB 5,695,977,000 in the previous year[80] - The gross profit margin decreased to 4.90% for the year ended December 31, 2022, down from 5.40% in 2021[80] - The total comprehensive income for the year was RMB 48,216,000, compared to RMB 44,601,000 in the previous year[76] Assets and Liabilities - The total assets of the company as of December 31, 2022, were significantly higher than previous years, indicating strong financial health[9] - Total assets as of December 31, 2022, amounted to RMB 4,916,259,000, a 17.7% increase from RMB 4,176,276,000 in 2021[15] - The total liabilities increased to RMB 2,754,385,000, up 32.4% from RMB 2,080,203,000 in 2021[15] - The company's debt-to-equity ratio as of December 31, 2022, was approximately 46.91%, compared to 34.92% in the previous year[89] - The group's cash and cash equivalents as of December 31, 2022, were RMB 755,717,000, down from RMB 992,314,000 as of December 31, 2021[79] - The company reported a net cash outflow from investing activities of RMB 231,414,000, compared to a net inflow of RMB 113,159,000 in 2021[128] Revenue Breakdown - Revenue from vehicle transportation services amounted to RMB 3,713,250,000, reflecting a growth of about 19.20% from RMB 3,115,123,000 in the prior year[32] - Revenue from automotive raw materials and components supply chain management services was RMB 2,165,550,000, up approximately 14.47% from RMB 1,891,836,000[33] - Non-automotive goods transportation and other logistics services generated revenue of RMB 721,350,000, marking a significant increase of about 94.94% from RMB 370,043,000[35] Operational Strategy - The company plans to expand its market presence through strategic partnerships and acquisitions in the logistics sector[9] - Investment in new technologies and product development is a key focus for the company moving forward[9] - The company aims to enhance operational efficiency and customer satisfaction through innovative supply chain solutions[9] - The company aims to enhance operational efficiency and implement stricter cost control measures to address market challenges[27] - The company plans to leverage new technologies such as third-generation identification technology and digital supply chain solutions to enhance its logistics services[26] Governance and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2022, in accordance with Hong Kong Financial Reporting Standards[56] - The company is responsible for preparing consolidated financial statements that are free from material misstatement due to fraud or error, and for maintaining internal controls[65] - The company is committed to transparency and compliance with the disclosure requirements set forth by the Hong Kong Companies Ordinance[65] - The company maintains its public float in compliance with listing rules as of the report publication date[159] Market and Industry Outlook - Future guidance indicates a positive outlook for revenue growth, driven by increased demand in the logistics industry[9] - The logistics industry is expected to stabilize, with a projected total sales volume of 27.6 million vehicles in China for 2023, a year-on-year increase of 3%[26] - The company faced operational impacts due to COVID-19, particularly from supply chain disruptions caused by chip shortages and lockdowns in key regions[101] Awards and Recognition - The company received multiple awards, including the National May Day Labor Award and recognition for its innovative logistics solutions[24] Employee and Subsidiary Information - The group employs a significant number of employees, with detailed welfare expenses outlined in the financial statements[174] - The company has a total of 10 subsidiaries, with significant capital contributions including RMB 100 million in Nanjing Chang'an Minsheng Zhujiao Logistics Co., Ltd. and RMB 610 million in Hangzhou Chang'an Minsheng Logistics Co., Ltd.[134] Dividend Policy - The company maintains a dividend distribution policy aimed at providing reasonable dividends to shareholders while retaining sufficient capital reserves for operational and growth needs[153] - The board of directors proposed a final dividend of RMB 0.15 per share for the year ended December 31, 2022, an increase from RMB 0.05 per share in 2021, pending approval at the 2022 annual general meeting[156]

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) 截至 2022 年 12 月 31 日止年度之業績公告 財務摘要 ◼ 於截至 2022 年 12 月 31 日止年度，本集團經審計之合併收入約為人民幣 7,697,350,000 元，較上一年度增長約 28%。 ◼ 於截至2022年12月31日止年度，經審計之本公司權益持有人應占收益約為人民幣 38,482,000元，較上一年度本公司權益持有人應占收益增加約32%。(2021:人民幣 29,148,000元) ◼ 於截至 2022 年 12 月 31 日止年度，經審計之每股基本盈利為人民幣 0.24 元（2021 年：人民幣0.18 元）。 ...

Financial Performance - For the six months ended June 30, 2022, the group's unaudited revenue was approximately RMB 3,439,961 thousand, an increase of about 8.79% compared to the same period in 2021[2] - The unaudited profit attributable to equity holders of the parent company for the same period was approximately RMB 19,266 thousand, an increase of approximately RMB 14,894 thousand compared to RMB 4,372 thousand in 2021[2] - The basic earnings per share for the period was approximately RMB 0.12, compared to RMB 0.03 for the same period in 2021[3] - The group's gross profit for the six months ended June 30, 2022, was RMB 172,820 thousand, compared to RMB 162,369 thousand in 2021[3] - The pre-tax profit for the period was RMB 30,645 thousand, an increase from RMB 24,198 thousand in the previous year[3] - Total revenue from customer contracts for the first half of 2022 reached RMB 3,439,961,000, an increase of 8.8% compared to RMB 3,162,044,000 in the same period of 2021[27] - Revenue from logistics services amounted to RMB 1,810,828,000, up from RMB 1,421,417,000 in the previous year, reflecting a growth of 27.4%[27] - The company's pre-tax profit for the first half of 2022 was RMB 19,266,000, significantly higher than RMB 4,372,000 in the same period of 2021, marking a year-on-year increase of 340.5%[38] - Basic earnings per share rose to RMB 0.12 in 2022 from RMB 0.03 in 2021, indicating a substantial increase of 300%[38] Assets and Liabilities - Total assets less current liabilities as of June 30, 2022, amounted to RMB 2,242,258 thousand, compared to RMB 2,207,422 thousand as of December 31, 2021[10] - The total equity attributable to equity holders of the parent company was RMB 1,972,880 thousand as of June 30, 2022, compared to RMB 1,951,691 thousand at the end of 2021[9] - The total current assets as of June 30, 2022, were RMB 3,124,406 thousand, an increase from RMB 2,917,203 thousand at the end of 2021[7] - The total non-current liabilities as of June 30, 2022, were RMB 130,618 thousand, compared to RMB 111,349 thousand at the end of 2021[10] - Total equity as of June 30, 2022, is RMB 2,047,028 thousand, showing an increase from RMB 2,040,499 thousand in the previous period[14] - As of June 30, 2022, the total accounts payable and notes payable amounted to approximately RMB 1,587,108,000, an increase from RMB 1,398,188,000 as of December 31, 2021, representing a growth of 13.5%[63] - The company reported a total of RMB 345,686,000 in other payables and accrued expenses as of June 30, 2022, down from RMB 387,720,000 as of December 31, 2021, indicating a decrease of 10.8%[64] Cash Flow - Net cash inflow from operating activities for the six months ended June 30, 2022, is RMB 150,753 thousand, compared to RMB 66,548 thousand in the same period of 2021, representing a significant increase of 126.5%[17] - Cash and cash equivalents at the end of the period increased to RMB 1,110,205 thousand from RMB 916,054 thousand in the previous period[19] - Investment activities resulted in a net cash outflow of RMB 22,198 thousand, compared to RMB 28,994 thousand in the previous period[19] - The company paid income tax amounting to RMB 11,459 thousand during the reporting period[19] Customer and Revenue Insights - Major customers contributed significant revenue, with Customer A generating RMB 734,325 thousand and Customer B generating RMB 1,034,279 thousand for the six months ended June 30, 2022[26] - The company’s total revenue from related party transactions was RMB 2,405,033,000 for the period ending June 30, 2022, compared to RMB 2,284,837,000 for the same period in 2021, indicating an increase of 5.3%[74] - The company’s procurement of transportation services from related parties amounted to approximately RMB 159,865,000, representing about 4.90% of the total cost of sales[128] Operational Highlights - The company incurred a financial cost of RMB 3,381 thousand and reported interest income of RMB 1,671 thousand during the period[17] - The company invested RMB 32,473,000 in new assets during the first half of 2022, compared to RMB 21,130,000 in the same period of 2021, an increase of 53.5%[40] - The company made a significant investment of RMB 68,522,400 in acquiring land and a factory in Shenyang to strengthen its tire production line for its core customer, BMW[99] Governance and Compliance - The company has adhered to the corporate governance code and implemented best practices regarding risk management and internal controls during the reporting period[107] - The audit committee reviewed the group's operating performance and unaudited financial statements for the six months ending June 30, 2022, and agreed on the mid-term performance announcement[112] - There were changes in the supervisory board, with a new employee representative supervisor elected effective June 17, 2022[113] Market Conditions - The automotive industry in China faced a cumulative production and sales volume of 12,117,000 and 12,057,000 vehicles, respectively, in the first half of 2022, representing year-on-year declines of 3.7% and 6.6%[85] - The automotive industry faced severe challenges in the first half of 2022 due to chip shortages and rising raw material prices, leading to a significant decline in production and sales[104] - Despite difficulties, the new energy vehicle sales continued to grow rapidly, and the market share of Chinese brand passenger cars increased significantly[104] - The company anticipates that the new energy vehicle sector will maintain a high growth momentum in the second half of 2022, supported by government policies[104] Shareholder Information - As of June 30, 2022, major shareholders include China Weapon Equipment Group Co., Ltd. with 41,225,600 shares (38.51% of domestic shares) and Japan Kintetsu International Freight Group with 33,619,200 shares (31.40% of non-H foreign shares)[119] - The stock appreciation rights incentive plan established in 2020 granted 4,861,400 stock appreciation rights, approximately 3.00% of the company's total share capital[124] - The company plans to convert and list domestic unlisted shares, pending all necessary approvals and compliance with applicable laws and regulations[117]

Financial Performance - The company's revenue for the year ended December 31, 2021, was RMB 6,020,899 thousand, representing an increase of 28.5% compared to RMB 4,685,655 thousand in 2020[12] - The profit before tax for 2021 was RMB 58,843 thousand, compared to RMB 23,241 thousand in 2020, indicating a significant improvement[12] - The net profit attributable to shareholders for 2021 was RMB 29,148 thousand, a recovery from a loss of RMB 55,967 thousand in 2020[12] - The basic earnings per share for 2021 was RMB 0.18, compared to a loss per share of RMB 0.35 in 2020[12] - The revenue from complete vehicle transportation services was RMB 3,155,123,000, a growth of approximately 26.04% from RMB 2,503,242,000 in the previous year[27] - Revenue from automotive raw materials and parts supply chain management services increased to RMB 1,891,836,000, up 12.80% from RMB 1,677,094,000[28] - Non-automotive goods transportation and other logistics services revenue surged to RMB 370,043,000, a remarkable increase of 616.57% from RMB 51,641,000[30] - Revenue from automotive parts packaging sales and tire assembly reached RMB 643,897,000, an increase of approximately 41.93% from RMB 453,678,000[31] - The group's sales cost for the year ended December 31, 2021, was RMB 5,695,977,000, representing an increase of approximately 28.04% compared to RMB 4,448,434,000 in 2020[36] - The gross profit margin improved to 5.40% for the year ended December 31, 2021, compared to 5.06% in 2020[36] Assets and Liabilities - Total assets as of December 31, 2021, amounted to RMB 4,176,276 thousand, a decrease from RMB 4,394,626 thousand in 2020[13] - The company's total liabilities were RMB 2,080,203 thousand as of December 31, 2021, down from RMB 2,354,127 thousand in 2020, reflecting improved financial health[13] - Non-current assets as of December 31, 2021, were RMB 1,259,073 thousand, showing a slight increase from RMB 1,225,005 thousand in 2020[13] - The group's debt-to-equity ratio as of December 31, 2021, was approximately 31.92%, a decrease from 37.85% in the previous year[48] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.05 per share for the year ended December 31, 2021, pending approval at the annual general meeting[12] - The board of directors aims to distribute reasonable dividends while retaining sufficient capital reserves for operational and growth needs[73] - The board will continue to review the dividend policy and retains discretion to update or modify it at any time[74] - The company is subject to a 10% withholding tax on dividends paid to non-resident corporate shareholders[77] - The company will distribute the final dividend around September 30, 2022, pending shareholder approval[77] Operational Focus and Strategy - The company is focused on expanding its logistics capabilities and enhancing supply chain management through strategic investments and partnerships[12] - The company plans to focus on five key battles in 2022 to enhance transformation and high-quality development, including digital transformation and efficiency improvement[23] - The company anticipates a challenging year in 2022 due to global economic uncertainties and supply chain issues, including the impact of the Russia-Ukraine conflict and ongoing semiconductor shortages[22] Employee and Management - As of December 31, 2021, the group had 4,692 employees, a decrease from 5,300 employees in 2020, representing a reduction of approximately 11.4%[97] - The company has implemented a competitive salary mechanism to attract and motivate employees, with regular reviews based on market standards[95] - The company has provided training in technical, safety, and management areas for employees during the year[102] - The company has maintained good relationships with business partners and banks, with no significant disputes reported during the reporting period[95] Corporate Governance - The company has adhered to corporate governance standards since July 18, 2013, and has complied with all provisions except for A.4.2 during the reporting period[175] - The fifth board of directors consists of 10 members, including 4 executive directors, 3 non-executive directors, and 4 independent non-executive directors, ensuring a reasonable balance[177] - The company has implemented a set of conduct guidelines for securities trading by directors since its main board listing[176] - The company has appointed new directors during the reporting period, including the election of Wan Nian Yong as an executive director on November 26, 2021[178] - The company has purchased directors and officers liability insurance for all directors and supervisors[189] Related Party Transactions - The total value of related party transactions during the reporting period includes ongoing transactions with China Chang'an, Chang'an Automobile, Meiji Logistics, and others[149] - The group adheres to fair and reasonable terms in related party transactions, ensuring compliance with local market conditions and overall shareholder interests[146] - The total cost of logistics services provided to related parties amounted to RMB 4,115,105 thousand for Changan Automobile and its associates, against a cap of RMB 5,000,000 thousand[150] Environmental and Social Responsibility - The company is preparing an environmental, social, and governance report in accordance with the Stock Exchange's guidelines, to be published within five months after the fiscal year-end[162] - The company made donations totaling RMB 600 thousand during the year, a decrease from RMB 710 thousand in the previous year[164] - The external auditor confirmed that all related transactions were conducted on normal commercial terms and in the best interest of shareholders[154] Market and Economic Conditions - The impact of the COVID-19 pandemic led to fluctuations in production capacity for major clients, affecting the company's logistics services[60] - The company has limited foreign currency transactions, which currently have minimal impact on operations[61]

安昆 生 VES THE V 重慶長安民生物流股份有限公司 Changan Minsheng APLL Logistics Co., Ltd * (在中華人民共和國立局成立的股份有限公司) (股份代度:01292) * 捷供藏剧 =零二一年中期業績報告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 摘要 | | | | 於截至2021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 3,162,044千元，較2020年同期增長約72.93%。 | | | 於截至2021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4,372千元，較2020年同期未經審計之虧損人民幣43,318千元增 加約人民幣47,690千元。 | | | 於截至2021年6月3 ...

Company Overview [Company Information](index=3&type=section&id=Company%20Information) This section outlines the company's fundamental details, including its governance structure, key professional appointments, and official contact information - Company's executive directors include Chairman **Xie Shikang**, non-executive directors include **Chen Xiaodong**, and it has four committees: Audit, Remuneration, Nomination, and Strategy & Investment[5](index=5&type=chunk) - The company's auditor is **Daxin Certified Public Accountants (Hong Kong) Limited**[5](index=5&type=chunk) Group Structure [Group Structure](index=4&type=section&id=Group%20Structure) This section outlines the company's shareholding structure and major subsidiaries as of December 31, 2020, highlighting key shareholders and the group's focus on logistics and supply chain management through its wholly-owned and controlled subsidiaries Major Shareholder Equity Ratios (as of December 31, 2020) | Shareholder Name | Holding Ratio | | :--- | :--- | | China Changan Automobile Group Co., Ltd. | 25.44% | | AM-TRANS Logistics Co., Ltd. | 20.74% | | Minsheng Industrial (Group) Co., Ltd. | 15.90% | | Hong Kong Minsheng Industrial Co., Ltd. | 3.98% | | Public Shareholders (H-shares) | 33.94% | - The group owns multiple wholly-owned and controlled subsidiaries, including **Hangzhou Changan Minsheng Logistics Co., Ltd. (100% held)**, **Nanjing Changan Minsheng Zhujiu Logistics Co., Ltd. (67% held)** and **Shenyang Changyou Supply Chain Co., Ltd. (51% held)**[8](index=8&type=chunk) Financial Summary [Financial Summary](index=5&type=section&id=Financial%20Summary) This section summarizes the group's key financial data for the past five fiscal years, noting 2020 revenue of RMB 4.686 billion, a return to profitability for owners, and slight decreases in total assets and liabilities, with no final dividend recommended Five-Year Performance Summary (as of December 31) | Metric (RMB Thousand) | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 4,685,655 | 4,341,585 | 5,112,410 | 6,614,423 | 6,822,195 | | **Profit/(Loss) Before Tax** | 23,241 | (36,697) | 101,777 | 218,905 | 188,583 | | **Profit/(Loss) for the Year** | 13,790 | (44,537) | 66,414 | 161,262 | 139,637 | | **Profit/(Loss) Attributable to Owners of the Company** | 421 | (55,967) | 46,109 | 127,299 | 113,005 | Five-Year Assets and Liabilities Summary (as of December 31) | Metric (RMB Thousand) | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 4,394,626 | 4,559,586 | 4,623,117 | 4,805,318 | 4,634,789 | | **Total Liabilities** | 2,354,127 | 2,520,832 | 2,531,536 | 2,726,253 | 2,676,476 | | **Total Equity** | 2,040,499 | 2,038,754 | 2,091,581 | 2,079,065 | 1,958,313 | - The board did not recommend a final dividend for the year ended December 31, 2020[10](index=10&type=chunk) Chairman's Report [Annual Performance Review](index=6&type=section&id=Annual%20Performance%20Review) In 2020, the group achieved a 7.92% revenue increase and turned profitable for equity holders, primarily driven by strong sales growth from its major client, Changan Automobile, despite the overall automotive industry downturn 2020 Key Performance Indicators | Metric | 2020 | 2019 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (RMB Thousand) | 4,685,655 | 4,341,585 | +7.92% | | Profit Attributable to Equity Holders of the Company (RMB Thousand) | 421 | (55,967) | +101% | | Basic Earnings Per Share (RMB) | 0.00 | (0.35) | N/A | - Performance growth was primarily attributed to a significant increase in sales volume from major client **Changan Automobile** and its associates, whose production and sales growth far exceeded the industry average[15](index=15&type=chunk) [Market Expansion and Honors](index=7&type=section&id=Market%20Expansion%20and%20Honors) In 2020, the company optimized its logistics network by deregistering a subsidiary and establishing a joint venture with FAW Logistics to expand finished vehicle logistics, while also receiving multiple industry awards for innovation and contribution - To focus on strategy and revitalize resources, the company deregistered **Chongqing Dingjie**, a subsidiary primarily serving the former Changan Suzuki, at the end of 2020[17](index=17&type=chunk) - The company established a joint venture, "**Chongqing Changxiang Supply Chain Technology Co., Ltd.**," with FAW Logistics, holding a **70%** stake, aiming to build a shared warehouse for finished vehicle city distribution and further expand logistics business[18](index=18&type=chunk) - The company received multiple honors in 2020, including the "**2020 Logistics Technology Innovation Award (Unmanned Warehouse)**" and "**2020 Special Outstanding Contribution Enterprise in Automotive Logistics Industry**" from the China Federation of Logistics & Purchasing[20](index=20&type=chunk) [Prospects and Outlook](index=8&type=section&id=Prospects%20and%20Outlook) For 2021, the group anticipates economic and automotive market recovery, focusing on a 'Three Savings and One Value-add' service strategy and a 'Five Highs' development plan to accelerate transformation towards a world-class supply chain logistics technology company - The total domestic automotive market volume is expected to see a slight increase in 2021, with the China Association of Automobile Manufacturers (CAAM) forecasting annual sales of **26.3 million units**, a **4%** year-on-year increase[23](index=23&type=chunk) - The company proposed a "**Five Highs**" development strategy, aiming to build a group with "**high-tech, high-vitality, high-efficiency, high-brand, and high-quality**"[24](index=24&type=chunk)[27](index=27&type=chunk) - Strategic priorities include: vigorously building digital warehousing, transportation, and other products; deepening reforms and optimizing industrial layout; strengthening lean management and improving operational efficiency; focusing on developing key clients and expanding into non-automotive supply chain logistics businesses[24](index=24&type=chunk)[27](index=27&type=chunk) Management Discussion and Analysis [Business Review](index=10&type=section&id=Business%20Review) In 2020, the group's total revenue increased by approximately 8% to RMB 4.686 billion, driven by core logistics services and a significant 95.85% growth in non-automotive goods transportation, while car carrier vehicle sales were not conducted Revenue Performance by Business Segment (RMB Thousand) | Business Segment | 2020 Revenue | 2019 Revenue | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Finished Vehicle Transportation | 2,503,242 | 2,343,133 | +6.83% | | Automotive Raw Materials and Parts Supply Chain Management | 1,677,094 | 1,558,313 | +7.62% | | Non-Automotive Goods Transportation and Other Logistics Services | 51,641 | 26,367 | +95.85% | | Automotive Parts Packaging Material Sales and Tire Sub-assembly | 453,678 | 403,837 | +12.34% | | Car Carrier Vehicle Sales | 0 | 9,935 | -100% | - The significant growth in non-automotive goods transportation business was mainly due to increased steel sales from some clients, driving up steel transportation volume[33](index=33&type=chunk) - Due to market saturation and intense competition, the group did not conduct the non-core car carrier vehicle sales business in 2020[35](index=35&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) In 2020, the group maintained a stable financial position with increased cash, improved gross profit margin to 5.06%, controlled expenses, a return to profitability for owners, and an optimized financial structure with a reduced debt-to-asset ratio of 37.85% Key Financial Indicator Changes | Metric | 2020 | 2019 | Trend | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents (RMB Thousand) | 894,340 | 826,203 | Increase | | Gross Profit Margin | 5.06% | 4.21% | Improvement | | Cost of Sales (RMB Thousand) | 4,448,434 | 4,158,920 | Increase by approx. 6.96% | | Profit Attributable to Owners of the Company (RMB Thousand) | 421 | (55,967) | Increase by approx. 101% | | Debt-to-Asset Ratio | 37.85% | 44.48% | Decrease | - The group's short-term loans and other borrowings decreased from **RMB 13.564 million** to **RMB 6 million**[49](index=49&type=chunk) - As of the end of 2020, the group pledged approximately **RMB 200 million** in bank deposits as collateral for issuing bank acceptance bills[51](index=51&type=chunk) [Principal Risks and Uncertainties](index=14&type=section&id=Principal%20Risks%20and%20Uncertainties) The group faces market, liquidity, operational, and COVID-19 pandemic risks, though full-year performance was not significantly impacted by the pandemic due to client sales recovery, and exchange rate exposure remains limited - The group faces principal risks including **market risk, liquidity risk, operational risk, and COVID-19 pandemic risk**[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[62](index=62&type=chunk) - The COVID-19 pandemic severely impacted Q1 2020 performance, but due to counter-cyclical sales growth from major clients, the overall full-year performance was not significantly negatively affected[62](index=62&type=chunk) - The group's foreign currency transaction volume is limited, so exchange rate risk has little impact on current operations[63](index=63&type=chunk) Directors' Report [Major Customers and Suppliers](index=16&type=section&id=Major%20Customers%20and%20Suppliers) During the reporting period, the group exhibited high reliance on its top five related-party customers, contributing 72% of revenue, while the top five suppliers, including a related party, accounted for 22% of the cost of sales 2020 Top Five Customer Revenue Contribution | Customer | Revenue Share | | :--- | :--- | | A Chongqing Changan Automobile Co., Ltd. | 32% | | B Changan Ford Automobile Co., Ltd. | 25% | | C Changan Mazda Automobile Co., Ltd. | 8% | | D Baoding Changan Bus Manufacturing Co., Ltd. | 4% | | E Chongqing Changan International Sales and Service Co., Ltd. | 3% | | **Total Top Five Customers** | **72%** | - According to listing rules, all top five major customers are **related parties** of the company[70](index=70&type=chunk) - In 2020, the top five suppliers collectively accounted for **22% of the cost of sales**, an increase from 19% in 2019[72](index=72&type=chunk) [Employees and Remuneration](index=20&type=section&id=Employees%20and%20Remuneration) As of 2020 year-end, the group's employee count decreased to 5,300, with operational staff forming the largest segment, while remuneration policies are market-based, offering comprehensive benefits and various training programs Number of Employees by Job Nature | Job Nature | 2020 Number | 2019 Number | | :--- | :--- | :--- | | Management | 196 | 198 | | Professional | 1,345 | 1,452 | | Operational | 3,759 | 4,362 | | **Total** | **5,300** | **6,012** | - Employee salaries are determined with reference to market rates, individual performance, qualifications, and experience, and discretionary bonuses are provided[97](index=97&type=chunk) [Connected Transactions](index=25&type=section&id=Connected%20Transactions) This section details the group's continuing connected transactions with major shareholders and their associates, covering logistics, financial services, and property leasing, all conducted within annual caps and confirmed as fair and reasonable by independent directors and auditors - The group has extensive continuing connected transactions with major shareholders and their associates (**China Changan, Changan Automobile, AM-TRANS Logistics, Minsheng Industrial**, etc.), which are an important part of the company's daily operations[123](index=123&type=chunk) 2020 Major Continuing Connected Transactions Actual Amount vs. Cap (RMB Thousand) | Transaction Type | Counterparty | Actual Amount | Cap Amount | | :--- | :--- | :--- | :--- | | **Provision of Logistics Services** | Changan Automobile and its associates | 3,622,492 | 4,060,000 | | | China Changan and its associates | 76,237 | 95,000 | | **Procurement of Logistics Services** | Minsheng Industrial and its associates | 192,799 | 265,000 | | **Financial Services (Daily Maximum Deposit Balance)** | Equipment Finance | 198,530 | 200,000 | - Independent non-executive directors and external auditors confirmed that the continuing connected transactions for 2020 were entered into in the ordinary course of the group's business, on fair and reasonable terms, and in the overall interests of the company and its shareholders[147](index=147&type=chunk)[148](index=148&type=chunk) Supervisory Committee Report [Supervisory Committee Report](index=34&type=section&id=Supervisory%20Committee%20Report) The Supervisory Committee diligently fulfilled its oversight duties, confirming that directors and senior management acted conscientiously, company operations were standardized, internal controls improved, and connected transactions served shareholder interests, expressing confidence in future development - The Supervisory Committee believes that company directors and high-level management strictly adhere to integrity principles, work diligently, company operations are standardized, and internal control systems are improving[161](index=161&type=chunk) - The Supervisory Committee confirmed that the company's transactions with related parties were strictly executed at fair and reasonable prices in the overall interests of shareholders, and no acts detrimental to the company's interests by high-level management were found[161](index=161&type=chunk) Corporate Governance Report [Board Governance](index=35&type=section&id=Board%20Governance) During the reporting period, the company largely complied with the Corporate Governance Code, with its 11-member Board of Directors holding four meetings to discuss strategic matters, and liability insurance provided for directors and supervisors to support their continuous professional development - The company complied with all Corporate Governance Code provisions in 2020, except for A.4.2 (all directors to retire by rotation at least once every three years)[165](index=165&type=chunk) - The Board of Directors comprises **11 directors**, including **4 executive directors**, **3 non-executive directors**, and **4 independent non-executive directors**, with at least one possessing appropriate accounting professional qualifications[167](index=167&type=chunk) - The Board held **four regular meetings** in 2020, with **100% attendance** from Chairman Xie Shikang, non-executive directors Chen Xiaodong and Wen Xianwei, and all independent non-executive directors[172](index=172&type=chunk) [Board Committees](index=39&type=section&id=Board%20Committees) The company established four board committees—Audit, Remuneration, Nomination, and Strategy & Investment—each with defined responsibilities for financial oversight, executive compensation, director appointments, and strategic investment recommendations [Audit Committee](index=39&type=section&id=Audit%20Committee) The Audit Committee, comprising four independent non-executive directors chaired by Ms. Zhang Yun, oversees external auditors, reviews financial statements, and monitors financial controls, holding four meetings to fulfill its duties and recommend auditor appointments - The Audit Committee comprises four independent non-executive directors: **Zhang Yun (Chairperson), Zhang Tieqin, Pan Zhaoguo**, and **Jie Jing**[191](index=191&type=chunk) - The committee held **4 regular meetings** during the year, reviewing financial statements for each period, internal audit matters, and effectively communicating with the auditors[192](index=192&type=chunk) [Remuneration Committee](index=42&type=section&id=Remuneration%20Committee) The Remuneration Committee, composed of four independent non-executive directors, advises the Board on director and senior management compensation policies, holding meetings to review 2020 remuneration and the share appreciation rights scheme - All members of the Remuneration Committee are independent non-executive directors, including **Zhang Tieqin, Pan Zhaoguo, Jie Jing**, and **Zhang Yun**[197](index=197&type=chunk) - In 2020, the committee reviewed the company's share appreciation rights scheme and the list of incentive recipients, issuing independent opinions[201](index=201&type=chunk) [Nomination Committee](index=43&type=section&id=Nomination%20Committee) The Nomination Committee, chaired by Mr. Xie Shikang with a majority of independent non-executive directors, reviews Board structure and recommends director appointments, having assessed candidate qualifications and independent director independence during the year - The Nomination Committee is chaired by Chairman **Xie Shikang**, with members including **Zhang Tieqin, Pan Zhaoguo, Jie Jing**, and **Zhang Yun**, comprising a majority of independent non-executive directors[204](index=204&type=chunk) - In 2020, the committee assessed the qualifications of director and supervisor candidates and reviewed the Board's structure[207](index=207&type=chunk) [Strategy and Investment Committee](index=44&type=section&id=Strategy%20and%20Investment%20Committee) The Strategy and Investment Committee, chaired by Mr. Xie Shikang, studies the company's development strategy and advises on major investments, financing, and asset disposals, with members discussing future strategic plans during the reporting period - The Strategy and Investment Committee comprises **Xie Shikang (Chairman), Shi Jigang, Zhang Tieqin, Jie Jing**, and **Zhang Yun**[209](index=209&type=chunk) - The committee's main responsibilities include studying the company's development strategy, annual operating plans, major investment, and financing proposals[210](index=210&type=chunk) [Risk Management and Internal Control](index=48&type=section&id=Risk%20Management%20and%20Internal%20Control) The company's Audit and Legal Affairs Center oversees internal control, risk management, and internal audit, with implemented and optimized systems, and the Board confirmed the effectiveness and adequacy of these systems during the reporting period - The company performs internal control, risk management, and internal audit duties through its **Audit and Legal Affairs Center**, with a well-functioning internal control system and no significant operational risks encountered[225](index=225&type=chunk) - The company continuously optimized internal control design, revising and implementing various management systems such as the "**Internal Control Manual**" and "**Annual Risk Assessment Process**"[226](index=226&type=chunk) - The Board confirmed that the group's risk management and internal control systems were **effective and adequate**, with sufficient resources and qualified personnel during the reporting period[228](index=228&type=chunk) Directors, Supervisors and Senior Management [Biographies of Directors, Supervisors and Senior Management](index=50&type=section&id=Biographies%20of%20Directors%2C%20Supervisors%20and%20Senior%20Management) This section provides detailed biographies of the company's executive, non-executive, and independent non-executive directors, supervisors, and senior management, highlighting their diverse professional backgrounds and extensive experience in automotive, logistics, and management - Executive Directors **Mr. Xie Shikang (Chairman)** and **Mr. Shi Jigang (General Manager)** both possess long-term strategic planning and operational management experience within the Changan Automobile system[233](index=233&type=chunk)[238](index=238&type=chunk) - Non-executive directors and independent non-executive directors have diverse backgrounds, covering logistics, finance, law, and academic research, providing professional support for Board decisions[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[243](index=243&type=chunk)[245](index=245&type=chunk)[248](index=248&type=chunk) - Supervisory Committee members and the senior management team also possess deep industry backgrounds, with extensive experience in finance, audit, legal affairs, and operational management[249](index=249&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[256](index=256&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) Independent Auditor's Report [Independent Auditor's Report](index=56&type=section&id=Independent%20Auditor%27s%20Report) The auditor, Daxin Certified Public Accountants (Hong Kong) Limited, issued an unqualified opinion on the group's 2020 consolidated financial statements, confirming their fair presentation in accordance with HKFRS, while highlighting deferred income tax and trade receivables impairment as key audit matters - The auditor issued an **unqualified audit opinion**, stating that the financial statements truly and fairly reflect the company's financial position[264](index=264&type=chunk) - Key audit matters include: - **Recognition of Deferred Income Tax**: Involves management's judgment on the expectation of future taxable profits - **Impairment Provision for Trade Receivables**: Involves management's significant judgment and estimation of credit risk and expected credit losses[268](index=268&type=chunk) Consolidated Financial Statements [Core Financial Statements](index=60&type=section&id=Core%20Financial%20Statements) The financial statements show the group achieved RMB 4.686 billion in revenue and RMB 237.22 million in gross profit in 2020, turning profitable with RMB 13.79 million, and maintaining a stable asset-liability structure with total assets of RMB 4.395 billion Consolidated Income Statement Summary (RMB Thousand) | Item | 2020 | 2019 | | :--- | :--- | :--- | | Revenue | 4,685,655 | 4,341,585 | | Gross Profit | 237,221 | 182,665 | | Profit/(Loss) Before Tax | 23,241 | (36,697) | | Profit/(Loss) for the Year | 13,790 | (44,537) | | Profit/(Loss) Attributable to Owners of the Company | 421 | (55,967) | Consolidated Statement of Financial Position Summary (RMB Thousand) | Item | December 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Non-current Assets | 1,225,005 | 1,285,021 | | Current Assets | 3,169,621 | 3,274,565 | | **Total Assets** | **4,394,626** | **4,559,586** | | Current Liabilities | 2,292,740 | 2,412,669 | | Non-current Liabilities | 61,387 | 108,163 | | **Total Liabilities** | **2,354,127** | **2,520,832** | | **Net Assets** | **2,040,499** | **2,038,754** | [Notes to the Financial Statements](index=68&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes to the financial statements detail accounting policies, significant judgments, and item breakdowns, covering segment information, revenue, related party transactions, financial risk management, asset/liability changes, and post-balance sheet events, with Note 37 being crucial for understanding the company's business ecosystem - Note 3 discloses significant accounting judgments and estimates, primarily involving **goodwill impairment**, **expected credit loss provisions for trade receivables**, estimation of incremental borrowing rates for leases, and recognition of deferred tax assets[432](index=432&type=chunk)[433](index=433&type=chunk) - Note 37 detailed related party transactions, including revenue from providing logistics services to **Changan Automobile** and **Changan Ford**, and expenses from procuring services from **Minsheng Logistics**, which are significant components of the company's revenue and costs[638](index=638&type=chunk)[652](index=652&type=chunk)[655](index=655&type=chunk) - Note 41 explains financial risk management policies, indicating that the group's primary financial risks are **credit risk** and **liquidity risk**, with limited exposure to interest rate and exchange rate risks. Capital management方面, the gearing ratio at the end of 2020 was **38%**, a decrease from **45%** in 2019[733](index=733&type=chunk)[752](index=752&type=chunk) - Note 42 discloses a post-balance sheet event: in January 2021, the company signed an agreement with FAW Logistics to establish a joint venture, "**Chongqing Changxiang Supply Chain Technology Co., Ltd.**," with the company holding a **70%** stake[753](index=753&type=chunk)

发民 生 VES THE V 重慶長安民生物流股份有限公司 Changan Minsheng APLL Logistics Co., Ltd * (在中華人民共和國立局成立的股份有限公司) (股份代度:01292) * 捷供藏剧 二零二零年中期業績報告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------| | | | | 摘要 | | | | 於截至2020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 1,828,526千元，較2019年同期降低約4.80%。 | | | 於截至2020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虧 損約為人民幣43,318千元，較2019年同期利潤約人民幣13,994千元減少約 409.54%。 | | | 於截至2020年6月30日止6個月期間，未經審計之每股基本盈利為人民幣 ...

| --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | | --- | --- | |----------------------------|-------| | | | | 公司資料 - | | | 集團架構 . | | | 財務概要 … | | | 董事長報告. | | | 管理層討論與分析 . | | | 董事會報告 | | | 監事會報告 | | | 企業管治報告 . | | | 董事、監事及高層管理人員 . | | | 獨立核數師報告 | | | 合併損益表… | | | 合併綜合收益表 | | | 合併財務狀況表 | | | 合併權益變動表 | | | 合併現金流量表 | | | 財務報表附註 . | | 童慶長安民生物流股份有限公司 1 公司資料 | --- | --- | |--------------------------------------------------------------|-------------------------------------------------------- ...

t RED 生 VES THE W 重慶長安民生物流股份有限公司 Changan Minsheng APLL Logistics Co., Ltd * (在中華人民共和國立局成立的股份有限公司) (股份代度:01292) * 任例演别 二零一九年中期業績報告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------| | | | | 摘要 | | | | 於截至2019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 1,920,833千元，較2018年同期降低約27.61%。 | | | 於截至2019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13,994千元，較2018年同期减少約73.09%。 | | | 於截至2019年6月30日止6個月期間，未經審計之每股基本盈利為人民幣0.09 元(2018年同期：人民幣0.32元)。 | | | 董事會建 ...

VES THE W 我民 4 重慶長安民生物流股份有限公司 Changan Minsheng APLL Logistics Co., Ltd.* (在中学人民共和國註冊成立的股份有限公司) (股份代號: 01292) * 座纳維州 2018 年 報 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 公司資料 . | | | 集團架構 . | | | 財務概要 … | | | 董事長報告. | | | 管理層討論及分析 . | | | 董事會報告………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 14 | | | 監事會報告 | | | 企業管治報告 . | | ...