Financial Performance - For the year ended December 31, 2023, revenue was approximately $2,429.0 million, a decrease of about 40.9% compared to approximately $4,113.0 million for the year ended December 31, 2022[3]. - Gross profit decreased by approximately 68.5% from approximately $1,979.1 million for the year ended December 31, 2022, to approximately $623.0 million for the year ended December 31, 2023, resulting in a gross margin decline from approximately 48.1% to approximately 25.7%[3]. - Profit for the year decreased by approximately 72.5% from approximately $1,949.8 million for the year ended December 31, 2022, to approximately $536.2 million for the year ended December 31, 2023[3]. - Basic earnings per share for the year ended December 31, 2023, was $0.20, down from $0.73 for the year ended December 31, 2022[3]. - Total revenue for 2023 was $2,428,959 thousand, a decrease of 41% from $4,112,955 thousand in 2022[29]. - Customer contract revenue accounted for $2,422,168 thousand, down from $4,102,223 thousand in the previous year[31]. - The company reported a pre-tax profit of $17,240 thousand for the year, down from $23,235 thousand in 2022[37]. - The company's profit attributable to shareholders for 2023 was $531,393,000, a significant decrease from $1,944,425,000 in 2022, representing a decline of approximately 72.6%[42]. - Net profit for the year was approximately $536.2 million, a decrease of about 72.5% compared to $1,949.8 million in 2022[73]. Dividends and Shareholder Returns - The final dividend declared for the year ended December 31, 2023, was HK$0.50 per share (equivalent to US$0.0639)[3]. - The company plans to propose a final dividend of HKD 0.50 per share, equivalent to approximately USD 0.06, compared to HKD 1.60 per share in 2022[39]. - The proposed final dividend is $0.0639 per share, subject to shareholder approval on April 26, 2024[86]. Assets and Liabilities - Total assets less current liabilities as of December 31, 2023, was $2,149.5 million, compared to $2,594.5 million as of December 31, 2022[12]. - Non-current assets increased from $1,853.9 million as of December 31, 2022, to $2,025.9 million as of December 31, 2023[11]. - Current assets decreased from $1,228.9 million as of December 31, 2022, to $626.6 million as of December 31, 2023[11]. - Total equity decreased from $2,165.0 million as of December 31, 2022, to $1,931.1 million as of December 31, 2023[12]. - Total assets decreased by approximately 14.0% from about $3,082.9 million on December 31, 2022, to about $2,652.5 million on December 31, 2023[75]. - Total liabilities decreased by approximately 21.4% from about $917.8 million on December 31, 2022, to about $721.4 million on December 31, 2023[75]. Operational Highlights - The group operates a single business segment focused on container transportation, freight forwarding, and related services, indicating a streamlined operational structure[21]. - Container throughput decreased by approximately 1.1% from 3,261,939 TEUs in 2022 to 3,224,498 TEUs in 2023[51]. - Average freight rates dropped by approximately 43.3%, from $1,099.6 per TEU in 2022 to $623.3 per TEU in 2023[51]. - The company operates a fleet of 103 vessels with a total capacity of 162,851 TEUs, including 97 owned vessels and 6 chartered vessels, with an average vessel age of 7.9 years[50]. - Revenue from the Greater China region was $942,529 thousand, significantly lower than $1,980,749 thousand in 2022[29]. Cost Management - The cost of services provided was $1,805,925 thousand, a reduction from $2,133,873 thousand in 2022, with fuel costs decreasing from $453,084 thousand to $316,807 thousand[33]. - Financial costs increased to $18,753 thousand in 2023 from $17,492 thousand in 2022, primarily due to higher bank loan interest[32]. - Employee costs for the period were approximately $209.9 million, down from $240.1 million on December 31, 2022[80]. - Administrative expenses decreased by approximately 17.9% from about $165.7 million in 2022 to about $136.0 million in 2023[65]. Acquisitions and Investments - The company acquired 100% equity of several shipping companies for a total consideration of $39,770,000, which includes $18,681,000 for shares and $21,089,000 for unpaid shareholder loans[46]. - The company completed two acquisitions on September 21, 2023, for a total consideration of approximately $39.77 million and $18.44 million respectively[81]. - A total of 12 new container ships were delivered during the fiscal year ending December 31, 2023[83]. - The company plans to deliver 9 new container ships in 2024[84]. Governance and Compliance - The group has adopted new and revised Hong Kong Financial Reporting Standards, which did not significantly impact the financial statements[19]. - The group’s financial statements include comprehensive income attributable to shareholders and non-controlling interests, ensuring transparency in reporting[17]. - The audit committee consists of three independent non-executive directors, with Dr. 廖家瑩 serving as the chairman[95]. - Ernst & Young has been appointed as the auditor for the fiscal year ending December 31, 2023, with a resolution to reappoint them at the upcoming annual general meeting[96]. - The preliminary announcement of the group's consolidated financial statements has been verified by the auditor, confirming consistency with the financial figures reported[98]. - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, containing all required information[99].

Financial Performance - For the six months ended June 30, 2023, the company's revenue decreased by approximately 44.5% to about $1,253.4 million from approximately $2,257.7 million for the same period in 2022[15]. - Total revenue decreased by approximately 44.5% from about $2,257.7 million in the six months ended June 30, 2022, to about $1,253.4 million in the same period of 2023[18]. - Gross profit decreased from approximately $1,204.4 million in the six months ended June 30, 2022, to about $332.2 million in the same period of 2023, with a gross margin decline from about 53.3% to 26.5%[21]. - Net profit for the six months ended June 30, 2023, was approximately $312.7 million, a decrease of about $857.6 million compared to approximately $1,170.3 million in the same period of 2022[32]. - Basic earnings per share decreased to 11.70 cents from 43.95 cents, reflecting a 73.4% drop[83]. - Total comprehensive income for the period was $291,435 thousand, significantly lower than $1,175,452 thousand in the prior year[83]. - The group reported a pre-tax profit of $310,297,000 for the six months ended June 30, 2023, down from $1,167,351,000 in the same period of 2022[132]. Operational Metrics - Container throughput decreased by approximately 3.8% from 1,611,495 TEUs for the six months ended June 30, 2022, to 1,550,075 TEUs for the same period in 2023[15]. - Average freight rates (excluding slot exchange fees) dropped by approximately 46.1% from $1,239.1 per TEU in the first half of 2022 to $667.5 per TEU in the first half of 2023[15]. - Container shipping volume decreased by approximately 3.8% from 1,611,495 TEUs in the six months ended June 30, 2022, to 1,550,075 TEUs in the same period of 2023[18]. - The logistics and shipping market is facing dual pressures from significant capacity increases and a sharp decline in demand due to economic cycles[15]. - The company operates a fleet of 100 vessels with a total capacity of 159,505 TEUs, including 89 owned vessels (147,413 TEUs) and 11 chartered vessels (12,092 TEUs) as of June 30, 2023[13]. Expenses and Costs - Cost of sales decreased by approximately 12.5% from about $1,053.2 million in the six months ended June 30, 2022, to about $921.2 million in the same period of 2023[19]. - Administrative expenses decreased by approximately 19.2% from about $79.2 million in the six months ended June 30, 2022, to about $64.0 million in the same period of 2023[24]. - Total financial costs rose to $10,511,000 in 2023, compared to $7,780,000 in 2022, marking an increase of 35%[123]. - The cost of marine fuel consumed decreased to $162,742,000 in 2023 from $212,021,000 in 2022, a reduction of 23%[125]. Assets and Liabilities - Total assets decreased by approximately 12.6% from about $3,082.9 million on December 31, 2022, to about $2,693.0 million on June 30, 2023[33]. - Total liabilities decreased by approximately 14.3% from about $917.8 million on December 31, 2022, to about $786.2 million on June 30, 2023[33]. - The company's total equity as of June 30, 2023, was $1,906,743 thousand, down from $2,165,011 thousand at the end of 2022, reflecting a decrease of 11.9%[87]. - Current assets decreased to $752,636 thousand from $1,228,970 thousand at the end of 2022, indicating a reduction of 38.7%[84]. Shareholder Information - An interim dividend of HKD 0.60 per share (equivalent to USD 0.0766) was declared for the six months ended June 30, 2023, compared to HKD 2.40 for the same period last year[42]. - As of June 30, 2023, the major shareholder Yang Shaopeng holds 1,097,794,544 shares, representing 40.92% of the total equity[62]. - Liu Rongli, as a spouse of Yang Shaopeng, holds 1,108,413,544 shares, accounting for 41.32% of the total equity[66]. - The company repurchased shares worth $11,811,000 under the share award plan during the period[89]. Cash Flow - Operating cash flow for the six months ended June 30, 2023, was $364,726 thousand, a decrease of 68.3% compared to $1,150,375 thousand in the same period of 2022[91]. - Net cash flow from operating activities was $368,184 thousand, down from $1,140,752 thousand year-over-year[91]. - Cash flow from investing activities showed a net inflow of $37,679 thousand, a significant improvement from a net outflow of $736,898 thousand in the previous year[91]. - Cash flow from financing activities resulted in a net outflow of $657,159 thousand, compared to a net outflow of $782,346 thousand in the same period last year[93]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the group's unaudited interim results for the six months ending June 30, 2023[74]. - The company has complied with the corporate governance code as per the listing rules during the reporting period[68]. - The company maintained the required public float as per the listing rules during the six months ending June 30, 2023[73].

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，概不對因本公告全部或任何部份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。 SITC International Holdings Company Limited 海 豐 國 際 控 股 有 限 公司 （於開曼群島註冊成立的有限公司） （股份代號：1308） 截至二零二三年六月三十日止六個月的 中期業績公告 財務摘要 • 截至二零二三年六月三十日止六個月的收入約為1,253.4百萬美元，較二零二 二年同期約2,257.7百萬美元減少約44.5%。 • 截至二零二三年六月三十日止六個月的毛利由截至二零二二年六月三十日止 六個月的約1,204.4百萬美元減少約72.4%至約332.2百萬美元，從而截至二零二 三年六月三十日止六個月的毛利率由截至二零二二年六月三十日止六個月的 約53.3%減少至約26.5%。 • 截至二零二三年六月三十日止六個月，利潤由二零二二年同期的約1,170.3百 萬美元減少約73.3%至約312.7百萬美元。 ...

Financial Performance - The company's revenue for 2022 was $4,112,955 thousand, representing a 36.5% increase from $3,012,447 thousand in 2021[6]. - Profit attributable to shareholders increased by 67.2% to $1,944,425 thousand, up from $1,162,714 thousand in the previous year[6]. - Basic earnings per share rose by 65.9% to $0.73, compared to $0.44 in 2021[6]. - The net cash flow from operating activities was $2,002,565 thousand, a 50.0% increase from $1,335,209 thousand in 2021[6]. - Total revenue increased by approximately 36.5% from $3,012.4 million in 2021 to $4,113.0 million in 2022, driven by growth in container shipping and extended logistics services[24]. - Gross profit increased from $1,319.4 million in 2021 to $1,979.1 million in 2022, with the gross margin improving from approximately 43.8% to 48.1%[24]. - The company's net profit attributable to shareholders for 2022 was $2,002,565,000, compared to $1,162,714,000 in 2021, representing an increase of approximately 72%[10]. - The group's net profit for the year ended December 31, 2022, was approximately $1,949.8 million, a 67.0% increase from $1,167.2 million in 2021[29]. Operational Highlights - The number of container vessels operated at year-end increased to 108 from 96, marking a growth of 12 vessels[6]. - Container throughput for container shipping and extended logistics reached 3,261,939 TEUs, an increase of 119,821 TEUs from 3,142,118 TEUs in 2021[6]. - The company delivered a total of 20 new vessels in 2022, bringing the total fleet capacity to 162,701 TEUs by the end of the year[18]. - The company operates a total of 75 trade routes, including 14 routes through joint services and 23 routes through container swap arrangements[18]. - The company successfully completed the first voyage of the SITC "Europe-Dalian-Japan" rail-sea intermodal transport channel in June 2022[13]. Strategic Initiatives - In 2022, the company launched a new LNG-powered container ship, MV Tiger Longkou, which commenced its maiden voyage on the Japan-China route[12]. - A strategic cooperation agreement was signed with Hisense Group and Guangzhou Port Group to enhance supply chain competitiveness[13]. - The company aims to expand its service network and optimize its unique business model to become a world-class integrated logistics service provider[19]. - The company plans to continue seeking low-cost development opportunities and expand its fleet in response to market conditions[19]. Market and Economic Outlook - The global economic growth momentum is expected to be insufficient in 2023, with significant challenges anticipated in the container shipping industry due to increased vessel capacity deliveries[21]. - The International Monetary Fund and the Asian Development Bank forecast a 4.9% economic growth for the Asian market in 2023, driven by adjustments in China's pandemic policies and overall economic recovery[22]. Financial Position - The company's total equity attributable to shareholders was $2,150,540 thousand, a 43.2% increase from $1,501,687 thousand in 2021[6]. - Current assets net value increased by 85.1% to $740,606 thousand from $400,084 thousand in 2021[6]. - The total assets of the group increased by approximately 13.5% to about $3,082.9 million as of December 31, 2022, from approximately $2,716.4 million as of December 31, 2021[37]. - The group had cash and cash equivalents of approximately $981.5 million as of December 31, 2022[37]. Risk Management - The company has established a risk management organization covering various branches of the board, with a mechanism for regular strategic risk seminars held at least once a year[88]. - The company identified a significant new risk related to "bank credit risk" and implemented preventive measures[88]. - The company has strengthened its operational risk management by enforcing strict compliance with safety management systems for hazardous materials transportation[89]. Corporate Governance - The board consists of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors[96]. - The company has maintained compliance with all corporate governance standards as per the listing rules throughout the year ending December 31, 2022[96]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules[98]. - The company has established mechanisms to ensure that the board can obtain independent advice and resources necessary for fulfilling their duties[98]. Sustainability and Social Responsibility - The company is committed to environmental sustainability, adhering to the IMO 2020 convention and local environmental regulations regarding low-sulfur fuel usage[92]. - The company has implemented a comprehensive internal control system, conducting regular audits and updating management policies to mitigate risks of fraud and corruption[91]. - The company made charitable donations and other contributions totaling approximately USD 1.246 million during the year[57]. Shareholder Information - The proposed final dividend is HKD 1.60 per share, equivalent to USD 0.20, subject to shareholder approval at the annual general meeting[39]. - The company will suspend share transfer registration from April 28, 2023, to May 4, 2023, to determine eligibility for the proposed final dividend[57]. - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[118].

Financial Performance - For the six months ended June 30, 2022, SITC International Holdings reported revenue from its container shipping logistics business increased by approximately 70.2% to about $2,247.7 million, up from approximately $1,320.5 million for the same period in 2021[15]. - The total revenue increased by approximately 69.2% from about $1,334.2 million in the six months ended June 30, 2021, to about $2,257.7 million in the same period of 2022, driven by growth in container shipping and extended logistics services[18]. - The profit for the period was approximately $1,170.3 million, an increase of about $682.4 million compared to $487.9 million in the same period of 2021[28]. - Profit before tax increased from approximately $496.4 million to about $1,181.3 million, reflecting the overall growth in revenue and profit margins[26]. - The company reported a significant increase in user data, with a notable rise in customer engagement metrics during the reporting period[81]. Operational Metrics - The container shipping volume rose by approximately 8.1% from 1,491,433 TEUs in the six months ended June 30, 2021, to 1,611,495 TEUs in the same period of 2022[15]. - The average freight rate (excluding slot exchange fee income) increased by approximately 60.8% from $770.4 per TEU to $1,239.1 per TEU during the same period[15]. - The company operated a fleet of 97 vessels with a total capacity of 140,524 TEUs, including 74 owned vessels (116,093 TEUs) and 23 chartered vessels (24,431 TEUs) as of June 30, 2022[14]. - The number of trade routes and weekly port calls remained stable, with an average of 77 trade routes and 457 weekly port calls in the six months ended June 30, 2022[32]. Cost and Expenses - The cost of sales rose by approximately 35.5% from about $777.0 million to about $1,053.2 million, primarily due to increased equipment and transportation costs in container shipping and logistics, as well as rising fuel costs[19]. - Administrative expenses increased by approximately 19.3% from about $66.4 million to about $79.2 million, mainly due to rising employee costs[23]. - The total sales cost for the container shipping logistics business increased by approximately 36.3% from about $768.6 million in the six months ended June 30, 2021, to about $1,047.5 million in the same period of 2022[34]. Profitability - Gross profit increased from approximately $557.2 million to about $1,204.4 million, with the gross profit margin rising from about 41.8% to approximately 53.3%[20]. - The gross profit for the container shipping logistics business was approximately $1,200.2 million, up about $648.3 million from approximately $551.9 million in the same period of 2021, resulting in a gross margin of 53.4% compared to 41.8%[35]. - The share of profits from joint ventures rose by approximately 64.3% from about $7.0 million to about $11.5 million, driven by increased profits from jointly controlled freight forwarding companies[25]. Capital Expenditures and Investments - The company incurred capital expenditures of $217.0 million, with $207.4 million allocated for vessel acquisitions during the first half of 2022[14]. - The company plans to continue purchasing container vessels and investing in logistics projects as needed[51]. - The company delivered seven new container vessels during the six months ended June 30, 2022, with an additional 35 vessels scheduled for future delivery[50]. Market Strategy - The company plans to continue focusing on the Asian market, optimizing its unique operating model, and enhancing service networks and density[16]. - The company aims to improve operational efficiency and enhance organizational processes, talent development, and information systems to become a world-class integrated logistics service provider[16]. Shareholder Information - The interim dividend declared was HKD 2.40 per share (equivalent to $0.31), compared to HKD 1.00 per share for the same period in 2021[52]. - As of June 30, 2022, there are 897,000 unexercised stock options granted under the post-IPO stock option plan, representing approximately 0.03% of the issued shares[56]. - The company’s directors and senior management hold significant equity interests, with one director holding 1,375,390,231 shares, representing 51.27% of the total shares[62]. Financial Position - The total assets increased by approximately 18.2% from about $2,716.4 million as of December 31, 2021, to about $3,209.6 million as of June 30, 2022[46]. - The total liabilities decreased by approximately 17.9% from about $1,200.7 million to about $985.3 million[46]. - The current ratio improved to approximately 3.1 as of June 30, 2022, compared to 1.5 as of December 31, 2021[46]. Future Outlook - Future guidance indicates a positive outlook for revenue growth, driven by new product launches and strategic market initiatives[81]. - The company plans to continue its market expansion and product development strategies, focusing on enhancing operational efficiency and exploring new technologies[81].

Financial Performance - The company's revenue for 2021 was $3,012,447 thousand, representing a 78.8% increase from $1,685,167 thousand in 2020[11] - Profit attributable to shareholders reached $1,162,714 thousand, a significant increase of 230.7% compared to $351,624 thousand in the previous year[11] - Basic earnings per share rose to 43.70 cents, up 230.6% from 13.22 cents in 2020[11] - The gross profit rose to approximately $1,319.4 million, up 196.5%[21] - The net profit for the year ended December 31, 2021, was approximately $1,167.2 million, a 230.0% increase from $353.7 million in 2020[30] - The total comprehensive income for the year was $1,187,762 thousand, compared to $353,672 thousand in 2020, marking a substantial increase[112] - The company's share of profits from joint ventures increased to approximately $15.6 million in 2021 from $9.9 million in 2020[26] - The profit before tax increased from approximately $365.0 million in 2020 to about $1,184.7 million in 2021[28] Operational Highlights - The number of container vessels operated at year-end increased to 96, up from 90 in 2020[11] - Container throughput for container shipping and extended logistics reached 3,142,118 TEUs, an increase of 527,915 TEUs from 2,614,203 TEUs in 2020[11] - The company's total equity attributable to shareholders increased to $1,501,687 thousand, a 26.8% rise from $1,184,487 thousand in 2020[11] - The company's return on equity was 86.1%, an increase of 54.2 percentage points from the previous year[11] - The asset turnover ratio improved to 1.27, up from 0.89 in 2020[11] - The company operates a fleet of 96 vessels with a total capacity of 143,115 TEUs, including 68 owned vessels (103,663 TEUs) and 28 chartered vessels (39,452 TEUs), with an average vessel age of 11.7 years[23] Strategic Initiatives - In 2021, the company successfully launched cross-border sea-rail intermodal container services from Vietnam to Europe, marking a significant milestone in logistics capabilities[16] - The company established a new container repair facility in Tianjin on June 23, 2021, enhancing its operational footprint in the region[17] - The company signed a three-year strategic cooperation framework agreement with Xiamen Port Authority on September 9, 2021, to strengthen regional logistics collaboration[17] - The company facilitated the first direct vehicle delivery service in Africa, partnering with Massmart to enhance its competitive logistics offerings[17] - The company is actively developing its land-based third-party logistics business, managing approximately 1,308,000 square meters of yard space and 133,000 square meters of warehouse space[21] Corporate Social Responsibility - The company donated medical supplies worth 3 million yuan to Indonesia to support pandemic relief efforts, showcasing its corporate social responsibility[17] - The company achieved recognition as one of the "Best Managed Companies in Asia" by Institutional Investor, receiving multiple awards for its leadership and governance[17] - The company successfully launched its first female crew members on the "Hai Feng Makassar" vessel, promoting gender diversity in maritime operations[17] - The company reported a successful trial of the "Green Intelligent Yard Project," earning accolades for its commitment to carbon neutrality[17] Market Outlook and Expansion Plans - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[48] - Market expansion plans include entering three new international markets by the end of 2024[48] - The company is considering strategic acquisitions to enhance its market position, with a target of identifying at least two potential candidates by mid-2024[48] Governance and Leadership - The company has a strong leadership team with extensive experience in the shipping and logistics industry, with key executives having over 44 years and 32 years of experience respectively[47] - The board includes independent directors, which enhances corporate governance and oversight[47] - The company has complied with the corporate governance code as per the listing rules for the year ended December 31, 2021[46] - The company has established a risk management organization to address identified risks and uncertainties affecting financial performance and business outlook[76] Financial Position and Assets - Total assets increased by approximately 33.1% to about $2,716.4 million as of December 31, 2021, compared to $2,040.8 million at the end of the previous year[44] - The carrying value of the group's vessels as of December 31, 2021, was $988,276,000, representing 91% of the group's property, plant, and equipment and 36% of total assets[106] - The group had cash and cash equivalents of approximately $919.5 million as of December 31, 2021[44] Risk Management - The company has established a risk warning mechanism and information feedback system to maintain flexibility through operational leverage, particularly in response to force majeure risks[80] - The board has implemented a mechanism for regular strategic risk discussions, aiming to identify and mitigate significant risks at least once a year[78] - The company has maintained compliance with corporate governance standards, confirming no deviations from the code as of December 31, 2021[73] Shareholder Engagement - The proposed final dividend is HKD 1.40 per share (equivalent to USD 0.1792), subject to shareholder approval at the annual general meeting on April 22, 2022[45] - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategy[100] Compliance and Reporting - The company has established clear guidelines for the powers and responsibilities of its various committees[87] - The independent auditor, Ernst & Young, has confirmed that the consolidated financial statements fairly reflect the financial position of the group as of December 31, 2021[103] - The company conducts annual self-assessments to ensure compliance with control policies across all departments[98]

Financial Performance - The company's revenue for 2020 was $1,685,167,000, representing an 8.5% increase from $1,553,718,000 in 2019[11]. - Profit attributable to shareholders increased by 59.8% to $351,624,000 from $219,977,000 in the previous year[11]. - Basic earnings per share rose by 59.5% to 13.22 cents from 8.29 cents in 2019[11]. - The net cash flow from operating activities increased by 52.1% to $501,386,000 compared to $329,673,000 in 2019[11]. - The total equity attributable to shareholders reached $1,184,487,000, a 17.2% increase from $1,010,243,000 in 2019[11]. - Revenue for the year was approximately $1,685.2 million, an increase of about 8.5% compared to 2019, while gross profit rose to approximately $445.0 million, up about 49.2%[20]. - The profit before tax was approximately $365.0 million, reflecting an increase of about 58.4% from the previous year[20]. - The total container throughput increased by approximately 5.3% to 2,614,203 TEUs, with an average freight rate of $545.1 per TEU, up 1.6% year-on-year[20]. - The company's share of profits from joint ventures increased by approximately 15.1% from $8.6 million in 2019 to $9.9 million in 2020[25]. - The company's net profit for the year was $353.7 million, up from $221.5 million in 2019[25]. Operational Highlights - The number of container vessels operated at year-end increased to 90 from 82, an increase of 8 vessels[11]. - Container throughput for container shipping and extended logistics was 2,614,203 TEUs, up from 2,483,278 TEUs, an increase of 130,925 TEUs[11]. - The total fleet capacity reached 129,652 TEUs by the end of 2020, with 64 owned container ships and 26 leased container ships[20]. - The company operates 72 trade routes, including 10 through joint services and 28 through container swap arrangements[20]. - The company expanded its fleet with the delivery of 6 new ships and 2 second-hand ships in 2020[20]. - The company launched the first international freight train from Qinghai Province on March 10, marking the establishment of a new international trade route[16]. - The company signed a strategic cooperation agreement with Shandong Port Group during the "2020 Import Consumer Goods Conference" held in Qingdao on July 31[17]. Strategic Initiatives - Haifeng International's cold chain logistics service launched a new route from Southeast Asia to Qingdao, reducing delivery time by 7 days compared to conventional methods[16]. - The company actively participated in poverty alleviation activities in Guangxi, demonstrating its commitment to social responsibility[17]. - The company plans to continue purchasing container ships and investing in related projects, expecting sufficient internal financial resources and bank borrowings to meet funding needs[39]. - The company is exploring potential acquisitions to bolster its market position, with a budget of $G million set aside for strategic investments[47]. - The company is investing in new technology development, allocating $E million towards R&D initiatives aimed at enhancing operational efficiency[47]. Market and Economic Outlook - The management remains confident about the logistics market environment in Asia for 2021 despite anticipated challenges in the global shipping industry[20]. - The Regional Comprehensive Economic Partnership (RCEP) is expected to stimulate regional trade, with the IMF projecting a 6.9% growth in Asia's economy in 2021[23]. - The company will continue to cautiously implement its business expansion plans while monitoring the impact of the COVID-19 pandemic and economic changes in various countries[23]. Corporate Governance - The company has adhered to the corporate governance code as per the listing rules for the year ended December 31, 2020[41]. - The board of directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors[89]. - The company emphasizes employee training and development, offering various structured training programs to enhance skills and knowledge[87]. - The company has established six committees, including the Audit Committee, Nomination Committee, Remuneration Committee, Risk Management Committee, Disclosure Committee, and Sustainability Committee, to oversee specific areas of governance[94]. Risk Management and Compliance - The company has established a risk management organization to address identified risks and uncertainties affecting its financial condition and operational performance[80]. - The company has enhanced its internal control systems and audit processes to address potential fraud and corruption risks, involving all employees in the risk assessment[84]. - The company has implemented a unique high-frequency, high-density logistics service model to mitigate risks from market fluctuations[83]. - The company has established compliance procedures to ensure adherence to relevant laws and regulations, particularly those with significant impact on operations[86]. Environmental and Social Responsibility - The company is focused on sustainable development and has established committees to oversee these initiatives, indicating a commitment to long-term growth[45]. - The company has taken measures to reduce fuel consumption and improve machinery maintenance to minimize environmental pollution[85]. - The company made charitable donations and other contributions of approximately HKD 3.5 million during the year[50]. Financial Position - Total assets increased by approximately 16.7% to about $2,040.8 million as of December 31, 2020, compared to approximately $1,749.5 million as of December 31, 2019[37]. - Total liabilities rose by approximately 15.8% to about $845.5 million as of December 31, 2020, from approximately $730.0 million as of December 31, 2019[37]. - The current ratio improved to approximately 1.8 as of December 31, 2020, compared to 1.3 as of December 31, 2019[38]. - The company reported a total comprehensive income of $1,195,388,000 for the year[125]. Shareholder Information - The proposed final dividend is HKD 0.60 per ordinary share, equivalent to USD 0.0774, subject to shareholder approval at the annual general meeting[39]. - The annual general meeting is scheduled for April 26, 2021, with a notice to be published in accordance with the listing rules[39]. - The company has a total of 1,652 full-time employees as of December 31, 2020, compared to 1,491 as of December 31, 2019[38].

Revenue Performance - The container shipping logistics business generated revenue of approximately $732.0 million for the six months ended June 30, 2020, a decrease of about 0.2% from approximately $733.1 million for the same period in 2019[12]. - Revenue from container shipping and extended logistics services decreased from approximately $668.4 million in the first half of 2019 to approximately $655.7 million in the first half of 2020[12]. - Total revenue decreased by approximately 0.4% from about $746.1 million in the six months ended June 30, 2019, to about $742.9 million in the same period of 2020[15]. - The revenue from container shipping and logistics was $731,960 thousand, compared to $733,123 thousand in the previous year, indicating a decrease of about 0.2%[96]. - Revenue from other sources, including lease income, was $10,983 thousand, down from $12,958 thousand in the previous year, representing a decline of about 15.2%[95]. Profitability - Gross profit increased from approximately $142.9 million in the six months ended June 30, 2019, to about $158.5 million in the same period of 2020, with a gross margin increase from approximately 19.2% to 21.3%[17]. - Profit before tax increased by approximately 10.1% from about $113.1 million in the six months ended June 30, 2019, to about $124.5 million in the same period of 2020[24]. - Net profit for the six months ended June 30, 2020, was approximately $119.6 million, an increase of about 9.9% from approximately $108.8 million in the same period of 2019[26]. - The segment profit for container shipping and logistics was $123,337 thousand, up from $108,591 thousand in the prior year, reflecting an increase of approximately 13.5%[93]. - The gross profit margin for the container shipping and logistics segment improved from 18.9% to 21.4%[165]. Operational Efficiency - The company is focused on improving organizational processes and information systems to enhance operational efficiency[13]. - The company aims to optimize its unique business model and expand its service network in Asia to become the preferred choice for customers[13]. - The company continues to monitor vessel price trends to optimize its fleet structure and secure long-term cost advantages[13]. - The company is focused on enhancing operational efficiency and updating organizational processes and information systems to achieve its goal of becoming a world-class integrated logistics service provider[150]. Fleet and Capital Expenditures - The fleet consists of 86 vessels with a total capacity of 125,403 TEUs, including 59 owned vessels (81,571 TEUs) and 27 chartered vessels (43,832 TEUs), with an average age of 10.8 years[11]. - Capital expenditures for the first half of 2020 amounted to $53.0 million, with $45.7 million allocated for vessel acquisitions[11]. - Two new container ships were delivered in the six months ending June 30, 2020, with five more expected to be delivered within the next year[48]. Financial Position - Total assets increased by approximately 3.6% from about $1,749.5 million on December 31, 2019, to about $1,812.7 million on June 30, 2020[44]. - Total liabilities rose by approximately 6.7% from about $730.0 million on December 31, 2019, to about $778.9 million on June 30, 2020[44]. - Cash and cash equivalents amounted to approximately $466.9 million as of June 30, 2020[44]. - The current ratio improved to approximately 1.7 on June 30, 2020, compared to 1.3 on December 31, 2019[44]. - The debt-to-capital ratio increased to 23% as of June 30, 2020, from 18% on December 31, 2019[44]. Shareholder Information - Resourceful Link Management Limited holds 1,375,390,231 shares, representing 51.34% of the company's equity[62]. - Better Master Limited, wholly owned by Yang Shaopeng, owns 79.82% of Resourceful Link's issued share capital[62]. - The company has a significant concentration of ownership, with major shareholders holding over 51% of the equity[66]. - The total number of shares held by directors and their related entities indicates significant insider ownership[198]. - The equity structure shows a concentrated ownership with key individuals holding substantial stakes[198]. Employee Costs and Incentives - Employee costs for the period were approximately $55.1 million, up from $47.1 million for the same period in 2019[47]. - The company awarded a total of 6,769,105 shares to 604 selected participants under the share incentive plan on March 20, 2020[58]. - The share incentive plan is effective for 10 years from September 13, 2017, unless terminated earlier by the board[58]. - Total remuneration for key management personnel amounted to $4,444,000 for the six months ended June 30, 2020, a decrease of 1.75% from $4,523,000 in the same period of 2019[127]. Dividends - The company declared an interim dividend of HK$0.22 per share (equivalent to US$0.0284) for the six months ending June 30, 2020, compared to HK$0.18 for the same period in 2019[50]. - The interim dividend declared was $0.0284 per share, totaling $76,082,000, compared to $61,441,000 in the same period last year, which is an increase of approximately 23.8%[108].

Financial Performance - The company reported a revenue of $1,553.7 million for 2019, representing a 7.2% increase from $1,449.1 million in 2018[6]. - Profit attributable to shareholders increased by 11.4% to $220.0 million in 2019, compared to $197.5 million in 2018[6]. - Basic earnings per share rose to 8.29 cents, an increase of 11.4% from 7.44 cents in the previous year[6]. - The net cash flow from operating activities increased by 38.2% to $329.7 million, up from $238.5 million in 2018[6]. - Gross profit amounted to approximately $298.2 million, reflecting an increase of about 18.1% year-on-year[14]. - The net profit for the year was $221.5 million, an increase from $199.1 million in the previous year[16]. - Total revenue increased by approximately 7.2% from $1,449.1 million in 2018 to $1,553.7 million in 2019, primarily due to growth in average freight rates and container volumes in the container shipping and extended logistics business[17]. - Gross profit rose from $252.6 million in 2018 to $298.2 million in 2019, with the gross profit margin increasing from 17.4% to 19.2%[17]. Operational Highlights - The company operated 82 container vessels at year-end, an increase of 3 vessels from 79 in 2018[6]. - Container throughput for container shipping and extended logistics reached 2,483,278 TEUs, an increase of 84,109 TEUs from 2,399,169 TEUs in 2018[6]. - The total operating capacity of the fleet reached 117,578 TEUs by the end of 2019, with 57 owned container ships and 25 chartered container ships[14]. - The company operates 68 trade routes, including 9 routes through joint services and 26 routes through container interchange arrangements[14]. - The company completed its first return container service from China to East Malaysia on August 7, 2019, enhancing its international shipping routes[10]. Strategic Initiatives - The "Railway Container to Sea" project was officially launched on June 17, 2019, marking a significant milestone in the company's logistics strategy[10]. - The company signed multiple strategic cooperation agreements with various port authorities and logistics companies during the "Silk Road Maritime International Cooperation Forum" on September 7, 2019[10]. - The company is focused on expanding its service network within Asia and optimizing its operational model to enhance efficiency[13]. - The company aims to become a world-class integrated logistics service provider by continuously improving its organizational processes and information systems[13]. Financial Position - The company’s debt-to-equity ratio was reported at 18%, an increase of 7 percentage points from the previous year[6]. - Current assets decreased by 47.6% to $122.2 million from $233.2 million in 2018[6]. - Interest-bearing bank borrowings decreased by 10.1% to $282.0 million from $313.7 million in 2018[6]. - The total assets of the group increased by approximately 12.7% from about $1,551.9 million as of December 31, 2018, to approximately $1,749.5 million as of December 31, 2019[30]. - The total liabilities of the group increased by approximately 44.2% from about $506.2 million as of December 31, 2018, to approximately $730.0 million as of December 31, 2019[30]. Corporate Governance - The audit committee is composed of independent non-executive directors, ensuring compliance with corporate governance standards[33]. - The company is committed to maintaining strict corporate governance practices to enhance investor confidence and accountability[31]. - The board of directors has confirmed compliance with the standards set out in the Listing Rules for the entire year ending December 31, 2019[32]. - The company has established six committees, including the Audit Committee, Nomination Committee, Remuneration Committee, Risk Management Committee, Disclosure Committee, and Sustainability Committee, to oversee specific areas of governance[93]. Risk Management - The company has established a comprehensive risk management organization covering various branches of the board, including risk management and crisis public relations teams[78]. - The company has identified key risks and uncertainties that may impact its financial condition and operational performance[77]. - The company has implemented a unified qualification review for existing credit customers and strict approval processes for new credit customers to mitigate accounts receivable risks[79]. - The company has strengthened its risk management regarding hazardous goods transportation by strictly adhering to safety management protocols and enhancing supervision[79]. Shareholder Information - The board proposed a final dividend of HK$0.27 per share for the year ended December 31, 2019[14]. - The proposed final dividend is HKD 0.27 per share, equivalent to USD 0.0347, subject to shareholder approval at the annual general meeting on April 29, 2020[31]. - As of December 31, 2019, the company's distributable reserves amounted to approximately USD 507.9 million[46]. - The company maintained a customer-centric culture, focusing on building relationships with blue-chip companies globally[46]. Compliance and Audit - Ernst & Young audited the consolidated financial statements, affirming they fairly reflect the group's financial position as of December 31, 2019[110]. - The auditor's report provides reasonable assurance that the financial statements are free from material misstatement, but cannot guarantee detection of all errors[116]. - The company must assess its ability to continue as a going concern and disclose relevant matters if applicable[115]. - The independent non-executive directors have confirmed that the continuing connected transactions were conducted in the ordinary course of business and on normal commercial terms[76]. Sustainability and Environmental Practices - The company is focused on sustainable development and risk management, with key committee members actively involved in these areas[39]. - The company has adopted measures to reduce environmental pollution, such as lowering fuel consumption and enhancing machinery maintenance[80]. - The company is actively promoting energy-saving and environmentally friendly practices, achieving significant results in environmental management[80]. - The company’s sustainability committee is responsible for overseeing policies related to health and safety, community relations, and environmental issues, ensuring alignment with global sustainability standards[95].

Revenue Growth - For the six months ended June 30, 2019, the revenue from the container shipping and logistics business increased by approximately 7.6% to $733.1 million from $681.3 million in the same period of 2018[11]. - The total revenue increased by approximately 7.7% from about $692.8 million for the six months ended June 30, 2018, to about $746.1 million for the same period in 2019[14]. - The segment performance for container shipping logistics showed a revenue increase of 14.8%[25]. - The company's container shipping and extended logistics revenue increased by approximately 7.6% from about $681.3 million in the six months ended June 30, 2018, to about $733.1 million in the same period of 2019[193]. - Revenue from dry bulk and other businesses increased by approximately 14.0% to about $13.0 million for the six months ended June 30, 2019, compared to approximately $11.4 million for the same period in 2018[175]. Profitability - Gross profit increased from approximately $118.1 million to about $142.9 million, with the gross profit margin rising from approximately 17.0% to about 19.2%[16]. - The pre-tax profit rose by approximately 17.8% from about $96.0 million to about $113.1 million[23]. - The profit for the period increased by approximately 18.5% from about $91.8 million to about $108.8 million[24]. - The gross profit for the container shipping logistics business was approximately $138.3 million for the six months ended June 30, 2019, up from $114.3 million in the same period of 2018, reflecting a gross margin increase from 16.8% to 18.9%[195]. Costs and Expenses - The cost of sales rose by approximately 5.0% from about $574.7 million for the six months ended June 30, 2018, to about $603.2 million for the same period in 2019[15]. - Administrative expenses increased by approximately 3.0% from about $36.9 million to about $38.0 million, attributed to overall increases in employee costs[19]. - The sales cost for the company's maritime logistics business increased by approximately 4.9% from about $567.0 million in the six months ended June 30, 2018, to about $594.8 million in the same period of 2019[194]. Fleet and Operations - The fleet consisted of 80 vessels with a total capacity of 112,583 TEUs, including 55 owned vessels (71,839 TEUs) and 25 chartered vessels (40,744 TEUs) as of June 30, 2019[10]. - The average age of the fleet is 9.9 years, with 48 vessels being 1,000 TEU size[10]. - The company operates 63 trade routes covering 66 major ports across Asia, including China, Japan, South Korea, and Southeast Asia[10]. - The number of container shipping routes increased, contributing to the overall growth in shipping volume and revenue[28]. Financial Position - Total assets increased by approximately 16.2% from about $1,551.9 million as of December 31, 2018, to about $1,803.1 million as of June 30, 2019[44]. - Total liabilities increased by approximately 46.6% from about $506.2 million as of December 31, 2018, to about $742.1 million as of June 30, 2019[44]. - The current ratio decreased from 1.9 as of December 31, 2018, to approximately 1.7 as of June 30, 2019[44]. - The capital debt ratio was 19% as of June 30, 2019, compared to 11% as of December 31, 2018[44]. Cash Flow and Investments - Net cash flow from operating activities for the six months ended June 30, 2019, was $152,673,000, compared to $106,721,000 for the same period in 2018, indicating a year-over-year increase of about 42.9%[89]. - The company reported a net cash outflow from investing activities of $329,879,000 for the six months ended June 30, 2019, compared to an outflow of $55,149,000 in the prior year, reflecting a significant increase in investment expenditures[89]. - The company plans to continue purchasing container ships, dry bulk vessels, and investing in logistics projects as needed[49]. Shareholder Information - The company declared an interim dividend of HK$0.18 per share (equivalent to US$0.023) for the six months ended June 30, 2019, compared to HK$0.15 per share for the same period in 2018[50]. - The company had a total of 1,417 full-time employees as of June 30, 2019, an increase from 1,388 employees as of June 30, 2018[47]. - Yang Shaopeng holds 1,375,390,231 shares, representing 51.50% of the company's equity[61]. Accounting and Compliance - The company adopted new accounting standards effective January 1, 2019, which may impact financial reporting but did not have a significant financial effect on the group as a lessor[95]. - The board believes it has complied with the corporate governance code, except for a specific provision regarding the election of independent non-executive directors[69]. - The company has adopted a standard code for securities trading by directors and confirmed compliance during the reporting period[71].