[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。 ...

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]