智通财经APP讯，中国地利(01387)发布公告，公司于2024年3月25日收到联交所来函，载述除初始复牌 指引及额外复牌指引外，公司所有证券在联交所复牌的进一步指引。进一步复牌指引指出自秦湘于2024 年3月15日辞任公司之执行董事后，公司董事会成员全属单一性别，因此公司需重新遵守《上市规则》 第13.92条。 联交所进一步指出，公司的证券在获准恢复买卖前，公司必须补救导致证券暂停买卖的问题，并须全面 遵守《上市规则》至联交所满意信纳的程度。为此，公司有主要责任为证券复牌制定行动计划。联交所 亦已指明，如果公司情况有变，联交所可修改或补充复牌指引。 公司正采取适当措施去解决导致证券暂停买卖的问题，并将尽快寻求恢复股份买卖。公司将在适当时候 向公司股东和潜在投资者通报最新进展，并根据《上市规则》第13.24A条的规定，就事态发展发出季度 公告。 公司股份继续停牌。 ...

Financial Performance - China Dili Group achieved revenue of RMB 1.04 billion in the first half of 2022, despite challenges from the international environment and domestic COVID-19 outbreaks[7]. - The company recorded a consolidated revenue of approximately RMB 1,038.7 million for the six months ended June 30, 2022, representing a 42.8% increase compared to RMB 727.4 million for the same period in 2021[22]. - Revenue for the six months ended June 30, 2022, was RMB 1,038,737,000, representing a 42.7% increase from RMB 727,418,000 in the same period of 2021[60]. - The company reported a loss of RMB 1,285,082,000 for the period, compared to a profit of RMB 164,613,000 in the previous year[61]. - Total comprehensive loss for the period was RMB 1,274,762,000, compared to a comprehensive income of RMB 189,228,000 in the same period last year[61]. - Operating profit decreased to RMB 58,492,000, down 78.1% from RMB 267,350,000 year-on-year[60]. - The company incurred a net loss before tax of RMB 1,616,897,000 for the six months ended June 30, 2022, compared to a profit of RMB 225,754,000 in the same period of 2021[78]. - Basic and diluted loss per share was RMB (14.48), compared to earnings of RMB 1.83 per share in the previous year[60]. Revenue Sources - Revenue from agricultural product sales significantly increased to RMB 446.9 million, up 1,507.6% from RMB 27.8 million in the previous year[23]. - The group’s revenue from wholesale markets reached RMB 1.822 billion for the six months ending June 30, 2022, sourced from commission and rental income[11]. - Commission income decreased by 22.3% to RMB 376.7 million from RMB 485.0 million in the prior year[23]. - Rental income slightly increased by 0.2% to RMB 215.1 million compared to RMB 214.6 million in the previous year[23]. Operational Developments - The group’s supply chain business saw significant growth, with new business revenue increasing substantially, driven by the integration of transaction, information, financial, and logistics services[7]. - The group is focused on enhancing its core competitiveness through technology and service empowerment in the agricultural supply chain[8]. - The group is advancing its digital transformation by building a comprehensive service system for agricultural products, integrating online and offline transaction models[7]. - The group implemented digital initiatives such as mobile payment systems and online management to enhance operational efficiency and competitiveness in the agricultural wholesale market[7]. Market Presence - The Hangzhou Dili Logistics Cluster, which includes three markets, accounts for approximately 70% of local demand for fruits, vegetables, and aquatic products in the Yangtze River Delta region[10]. - The Shenyang Market supplies over 90% of the local fruit market and serves as a major logistics hub for the Northeast region, with 50% of its fruit supply reaching Northeast China and Inner Mongolia[12]. - The Guizhou market has developed into one of the largest agricultural distribution centers in Southwest and Northwest China, covering a wide area including Guangxi, Hunan, and Hubei provinces[13]. - The Heilongjiang logistics cluster includes four markets, with a focus on regional radiation and foreign trade, particularly through the Mudanjiang market which specializes in Sino-Russian agricultural products[15]. - The Shouguang market is the largest comprehensive agricultural logistics park in Asia, covering approximately 1,082,502 square meters and serving as a key center for vegetable logistics in China[16]. Financial Position - The net current assets as of June 30, 2022, were approximately RMB 1,375.2 million, down from RMB 1,541.8 million as of December 31, 2021[32]. - The total interest-bearing borrowings as of June 30, 2022, amounted to RMB 1,788.9 million, with a breakdown of repayments due within one year at RMB 459.8 million[33]. - The company maintains a strong cash position and financial resources to support operational needs and future business expansion[32]. - The leverage ratio as of June 30, 2022, is 12.42%, an increase from 11.26% as of December 31, 2021[45]. Shareholder Information - Major shareholder Dai Bin holds 62.12% of the issued shares, while other directors and executives hold minimal percentages[49]. - The company has a total of 5,526,147,441 shares held under a family discretionary trust, representing 62.12% of the total equity[52]. - The company has not issued any shares or granted any incentive shares under the share incentive plan during the six months ending June 30, 2022[55]. - The company has a significant concentration of ownership, with the top shareholders holding over 62% of the total equity[52]. Government Support and Grants - The company received government grants totaling RMB 12,986 thousand for the six months ended June 30, 2022, compared to RMB 2,615 thousand in the previous year[69]. - The company reported a government grant of RMB 7,376,000 as of June 30, 2022, down from RMB 8,493,000 at the beginning of the year[108]. Impairment and Losses - Impairment losses on investment properties and property, plant, and equipment were recognized at RMB 547.6 million and RMB 1,104.9 million, respectively, due to COVID-19 impacts[31]. - The company recognized an impairment loss of RMB 1,104,941,000 on property and equipment due to reduced market income since April 2022[88]. - The net loss related to investment property valuation was RMB 547,631,000 for the six months ended June 30, 2022, compared to RMB 38,429,000 in the same period of 2021[89]. Cash Flow and Investments - For the six months ended June 30, 2022, the company reported a net cash outflow from operating activities of RMB 49,983 thousand, compared to a net inflow of RMB 28,559 thousand for the same period in 2021[69]. - The company generated cash from operating activities amounting to RMB 55,632 thousand for the six months ended June 30, 2022, down from RMB 135,352 thousand in the same period of 2021[69]. - The company reported a decrease in cash used in investing activities, amounting to RMB 56,162 thousand for the six months ended June 30, 2022, compared to RMB 290,819 thousand in the same period of 2021[69]. Compliance and Governance - The financial report was prepared in accordance with the International Financial Reporting Standards and was reviewed by KPMG, ensuring compliance with relevant regulations[71]. - The company has established an audit committee to oversee financial reporting and risk management processes[57]. - The interim financial report as of June 30, 2022, was prepared in accordance with International Accounting Standard 34, with no significant issues noted[126].

Financial Performance - In 2021, China Dili Group achieved revenue of RMB 1.74 billion, representing a growth of 20.3% compared to the previous year[7]. - The net profit for 2021 was RMB 250 million, an increase of 23.8% year-on-year[7]. - The group recorded consolidated revenue of approximately RMB 1,744.6 million for the year ended December 31, 2021, representing a 20.3% increase from RMB 1,450.1 million in 2020[22]. - Commission income increased by 2.4% to RMB 959.0 million, up from RMB 936.4 million in the previous year[23]. - Rental income rose by 2.9% to RMB 444.8 million, compared to RMB 432.4 million in 2020[23]. - Agricultural product sales surged by 319.2% to RMB 340.8 million, up from RMB 81.3 million in the prior year[23]. - The company reported a profit of RMB 245,042,000 for the year ended December 31, 2021, compared to RMB 194,207,000 in 2020, representing an increase of approximately 26%[61]. - The company reported a total comprehensive income for the year of RMB 261,965,000, compared to RMB 245,042,000 in 2020, reflecting an increase of approximately 6.9%[145]. - The company reported a net unrealized gain on financial assets measured at fair value of RMB 88,940,000, compared to RMB 55,611,000 in the previous year[139]. - The company recognized a loss of RMB 91,146,000 on the revaluation of investment properties, an increase from RMB 73,481,000 in 2020[139]. Agricultural Product Sales and Logistics - The sales of agricultural products increased by 319.2% in 2021, supported by the establishment of supply chain service centers in key cities[10]. - The group is expanding its agricultural logistics parks, with the Yunnan Plateau International Agricultural Products Logistics Park under construction[9]. - A strategic cooperation agreement was signed with Fuzhou Zhengxiang Group for the planning and management of the Fuzhou Zhengxiang Straits Agricultural Products Logistics Park[9]. - The establishment of the JD-Dili Agricultural Supply Chain Service Center in Shouguang has been completed and is now operational[10]. - The group aims to create an integrated service model for agricultural product circulation, combining online trading and offline fulfillment[10]. - The Hangzhou Dili Logistics Cluster is the largest agricultural wholesale market in Hangzhou, covering an area of approximately 245,017 square meters with an annual transaction volume of about 1.6 million tons[13]. - The Shouguang market is the largest comprehensive agricultural logistics park in Asia, covering an area of approximately 1,123,925 square meters[16]. - The Shenyang market supplies over 90% of the local fruit market and 50% of the fruit supply to the three northeastern provinces and Inner Mongolia[14]. - The Guiyang market has developed into one of the largest agricultural distribution centers in Southwest and Northwest China, with an annual transaction volume of approximately 140,000 tons[15]. - The Heilongjiang logistics cluster includes four markets with a total annual transaction volume of approximately 150,000 tons[15]. Investments and Financial Position - The investment in Million Master Investment Limited amounted to RMB 950 million, with a fair value of RMB 1,068.4 million as of December 31, 2021[17]. - As of December 31, 2021, the group's current assets net value was approximately RMB 1,541.8 million, compared to a net current liability of RMB 967.3 million in 2020, resulting in a current ratio of 1.96[32]. - The total amount raised from the subscription agreement with JD.com was approximately HKD 796.7 million, aimed at future investments and general working capital[35]. - The group plans to utilize the proceeds from the rights issue for expanding market trading halls and leasing areas, with a remaining balance of HKD 74 million to be used by December 31, 2022[37]. - The leverage ratio as of December 31, 2021, was 11.26%, a slight decrease from 11.68% in 2020[41]. - The company has future capital commitments of approximately RMB 268.7 million as of December 31, 2021, compared to RMB 113.9 million in 2020[40]. - As of December 31, 2021, the group had pledged properties and equipment totaling RMB 1,406.5 million as collateral for bank loans, an increase from RMB 1,270.1 million in 2020[39]. Corporate Governance and Compliance - The company has established systems and procedures to ensure compliance with relevant laws and regulations affecting its operations, including internal controls and risk management[53]. - The board of directors consists of 3 executive directors, 3 non-executive directors, and 4 independent non-executive directors, ensuring a diverse governance structure[65]. - The company has adhered to the corporate governance code throughout the year ending December 31, 2021, with the exception of the attendance of the chairman at the annual general meeting[94]. - The independent non-executive directors confirmed their independence in accordance with the Hong Kong Stock Exchange Listing Rules[67]. - The company emphasizes the importance of effective communication with investors to enhance shareholder value and market confidence[119]. - The company has adopted a standard code for directors' securities trading, with all directors confirming compliance for the year ending December 31, 2021[95]. - The company’s governance responsibilities include reviewing compliance with laws and regulations, and monitoring training for directors and management[108]. Risk Management - The group established and maintained an effective risk management and internal control system to safeguard assets and stakeholder interests[115]. - The risk management framework includes risk identification, assessment, monitoring, and review processes, with responsibilities assigned to various levels of staff[118]. - The board and audit committee regularly review significant risks and any changes to them, ensuring the effectiveness of the risk management system[118]. - The internal audit department reviewed the effectiveness of the risk management and internal control systems during the year ended December 31, 2021[118]. Future Outlook and Strategic Initiatives - The company has outlined a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on market expansion strategies[48]. - New product development initiatives are underway, with plans to launch three new product lines in the next quarter, aiming to capture a larger market share[48]. - The company is focusing on market expansion, targeting an increase in its presence in tier-2 and tier-3 cities, which is expected to contribute an additional 5% to overall revenue growth[48]. - The management team emphasized the importance of enhancing supply chain efficiency, aiming to reduce operational costs by 5% through improved logistics[48]. - The company plans to implement a new customer loyalty program, which is expected to increase repeat purchases by 15% over the next year[48]. Shareholder Information - The board of directors has approved a dividend payout of 0.15 HKD per share, reflecting a commitment to returning value to shareholders[47]. - The largest customer accounted for 2% of total sales, while the top five customers combined represented 8%[57]. - The largest supplier contributed 17% to total purchases, with the top five suppliers together accounting for 60%[57]. - Major shareholders include Dai Yongge with a beneficial interest in 5,526,147,441 shares, representing 62.12% of the company[75]. - Other significant shareholders include Super Smart Investment Limited with 2,011,810,466 shares (22.61%) and New Joy Limited with 3,514,336,975 shares (39.50%)[75]. Financial Reporting and Accounting Policies - The financial statements are prepared in accordance with International Financial Reporting Standards and comply with the Hong Kong Companies Ordinance and the Listing Rules[149]. - The group continuously reviews estimates and assumptions that have a significant impact on the financial statements, with actual results potentially differing from estimates[150]. - The group measures non-controlling interests at either fair value or the proportionate share of the identifiable net assets of the subsidiary at the time of acquisition[154]. - Goodwill is recorded as the excess of the purchase price over the fair value of identifiable net assets acquired, and is subject to annual impairment testing[157]. - The group applies the equity method for investments in associates and joint ventures, recognizing initial costs and subsequent adjustments based on the investee's net asset value changes[155].

（於開曼群島註冊成立的有限公司） （股份代號:1387) 2021中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告書 | 3 | | 管理層討論及分析 | 4 | | 其他資料 | 14 | | 未經審核中期財務報告 | | | 合併損益表 | 19 | | 合併損益及其他全面收益表 | 20 | | 合併財務狀況表 | 21 | | 合併權益變動表 | 23 | | 簡明合併現金流量表 | 25 | | 未經審核中期財務報告附註 | 27 | | 獨立審閱報告 | 44 | 公司資料 董事 執行董事 王岩（主席） 戴彬（行政總裁） 秦湘（首席運營官） 非執行董事 尹建宏 馮軼 獨立非執行董事 范仁達 王一夫 梁松基 鄧漢文 審核委員會 范仁達（主席） 王一夫 尹建宏 薪酬委員會 鄧漢文（主席） 王岩 王一夫 提名委員會 鄧漢文（主席） 王岩 王一夫 授權代表 王岩 孔繁崑 FCPA, FCCA 公司秘書 孔繁崑 FCPA, FCCA 核數師 畢馬威會計師事務所 於《財務匯報局條例》下的認可公眾利益實體核數師 註冊辦事處 Cricket Square Hutchins Dri ...

Financial Performance - In 2020, the company achieved a net profit of RMB 203 million despite the challenges posed by the COVID-19 pandemic[8]. - The total revenue for the year ended December 31, 2020, was approximately RMB 1,450.1 million, representing a 2.0% increase from RMB 1,421.0 million in 2019[19]. - The group reported a profit of RMB 194,207,000 for the year ended December 31, 2020, compared to a profit of RMB 557,285,000 in 2019, indicating a significant decline[59]. - Net profit for the year was RMB 203,320,000, a decline of 64.4% compared to RMB 570,455,000 in 2019[190]. - Basic and diluted earnings per share were RMB 2.95, down from RMB 9.94 in 2019[189]. - The company reported a total comprehensive income of RMB 182,041,000, down 69.9% from RMB 605,139,000 in 2019[190]. - Operating profit decreased to RMB 477,043,000, down 23.9% from RMB 627,855,000 in the previous year[189]. - The group had a net current liability of approximately RMB 967.3 million as of December 31, 2020, but the financial statements were prepared on a going concern basis[127]. Revenue Sources - Commission income decreased by 7.3% to RMB 936.4 million from RMB 1,009.9 million in the previous year, while rental income increased by 5.2% to RMB 432.4 million from RMB 411.1 million[20]. - The company recorded revenue of RMB 81.3 million from its supply chain business for the first time, marking a 100% increase compared to the previous year[20]. - Total revenue from commission and rental income decreased by RMB 52.2 million, or 3.7%, to RMB 1,368.8 million compared to the previous year[22]. Market Operations and Expansion - The company completed the acquisition of land and assets for 6 operational markets, enhancing asset allocation and hardware upgrades[8]. - The company introduced a new circulation business strategy in October 2020, focusing on fresh supply chain services and forming a strategic partnership with JD Group[8]. - The Hangzhou logistics cluster, acquired in 2018, has become a major agricultural product logistics hub, handling approximately 1.6 million tons annually[11]. - The Shenyang market supplies over 90% of the local fruit market and serves as the largest fruit logistics hub in Northeast China, with an annual transaction volume of about 2.1 million tons[12]. - The Guiyang market has developed into a key agricultural distribution center in Southwest China, with an annual transaction volume of approximately 1.3 million tons[12]. - The company aims to enhance the overall efficiency and effectiveness of fresh product circulation in China, striving to build a new circulation system[9]. - The company aims to expand the network of fresh food stores and franchise operations, as well as invest in an online e-commerce platform[94]. Social Responsibility and Sustainability - The company donated RMB 16.2 million to support pandemic relief efforts in Wuhan, demonstrating its commitment to social responsibility[8]. - The company emphasizes environmental sustainability in its operations, aiming to minimize environmental impact and integrate sustainable practices into its supply chain[49]. - The company is focused on maintaining a green workplace, reducing carbon footprint, and optimizing energy usage as part of its environmental policy[49]. - The company actively promotes water conservation and has implemented advanced dust-proof structures in its markets[145]. Corporate Governance - The company has established systems and procedures to ensure compliance with relevant laws and regulations that significantly impact its operations, including internal control procedures and risk management[48]. - The company has a strong management team with over 30 years of experience in finance, legal compliance, and human resources, enhancing its operational capabilities[44][45]. - The independent non-executive directors bring extensive experience from various financial institutions, contributing to the company's governance and oversight[43]. - The company is committed to high levels of corporate governance to improve performance and enhance its image[104]. - The audit firm KPMG has been reappointed as the company's auditor, pending approval at the upcoming annual general meeting[103]. Financial Position and Assets - As of December 31, 2020, the group's net current liabilities were approximately RMB 967.3 million, with a current ratio of 0.63 compared to 1.3 in 2019[29]. - The group has a distributable reserve of approximately RMB 2,368,561,000 as of December 31, 2020, up from RMB 2,195,795,000 on December 31, 2019[61]. - The group reported other receivables amounting to RMB 1,209,555,000 as of December 31, 2020, which represented a significant portion of the group's financial position[180]. - The company's total equity rose to RMB 13,104,750,000, an increase of 48.5% from RMB 8,824,278,000 in 2019[193]. Employee and Labor Practices - The total employee compensation for the year ended December 31, 2020, was approximately RMB 422.7 million, compared to RMB 381.6 million for the year ended December 31, 2019[37]. - The group employed 2,512 staff as of December 31, 2020, an increase from 2,408 staff in 2019[37]. - The average training hours per employee in 2020 was 12, with 96% of employees having completed training, compared to an average of 9 hours and 82% in 2019[160]. - The group adheres to all applicable labor laws and regulations in Hong Kong and China, ensuring no discrimination in hiring practices[166]. Risk Management and Compliance - The group has established a risk management manual and procedures to foster risk awareness among employees[129]. - The company emphasizes compliance with anti-bribery regulations in Hong Kong and China, training new employees on conflict of interest avoidance[170]. - The company has implemented strict anti-corruption measures, ensuring no legal cases related to corruption involving its employees as of December 31, 2020[170]. Shareholder and Equity Structure - Major shareholder Dai Yongge holds 20,007,000 shares (0.24%) directly and has significant interests in controlled corporations totaling 2,111,021,532 shares (25.07%) and 3,514,336,975 shares (41.75%) through spouse and other entities[74][75]. - The company’s equity structure includes various beneficial owners with significant stakes, indicating a concentrated ownership structure[74][75]. - The company’s major shareholders, excluding directors and key executives, have significant holdings, with the largest being 3,514,336,975 shares (41.75%) held by New Joy Limited[74][75]. Future Outlook and Strategic Initiatives - The company aims to transform from a traditional fresh agricultural product logistics real estate provider to a modern fresh distribution service and supplier, improving overall efficiency in China's food distribution[96]. - The framework agreement signed on September 11, 2020, aims to establish a new fresh food distribution model, enhancing the company's supply chain and logistics management capabilities[96].

Financial Performance - In the first half of 2020, China Dili Group achieved a net profit of RMB 140 million despite challenges posed by the COVID-19 pandemic[31]. - The company reported a total revenue of approximately RMB 689.3 million for the six months ended June 30, 2020, a decrease of 6.7% compared to RMB 738.6 million for the same period in 2019[47]. - Revenue for the six months ended June 30, 2020, was RMB 689,299 thousand, a decrease of 6.7% from RMB 738,574 thousand in 2019[81]. - Operating profit decreased to RMB 330,002 thousand, down 12.9% from RMB 378,805 thousand in the previous year[81]. - Profit for the period was RMB 142,007 thousand, a decline of 59.5% compared to RMB 350,786 thousand in 2019[83]. - Basic and diluted earnings per share were RMB 2.45, down from RMB 6.10 in the same period last year[81]. - The company reported a net profit of RMB 137,184 thousand for the six months ended June 30, 2020, compared to RMB 142,007 thousand for the same period in 2019, reflecting a decrease of approximately 3.8%[91]. - The company’s total comprehensive income for the six months ended June 30, 2020, was RMB 142,007 thousand, down from RMB 142,007 thousand in 2019, indicating no change year-over-year[91]. Revenue Sources - Commission income decreased by 11.4% to RMB 478.1 million, down from RMB 539.8 million in the previous year, primarily due to reduced transaction volumes impacted by COVID-19[48]. - Rental income increased by 6.2% to RMB 211.2 million, compared to RMB 198.8 million in the prior year, attributed to increased rental area and occupancy rates[48]. - Other income, including market service fees, decreased to RMB 73.5 million from RMB 78.3 million in the previous year, aligning with the overall revenue decline[51]. - Other income, including market service fees and government subsidies, totaled RMB 80,505,000, an increase of 2.5% from RMB 78,280,000 in 2019[100]. Operational Challenges - The group continues to face operational challenges due to the COVID-19 pandemic, affecting its wholesale market operations and transaction volumes[47]. - The group implemented an emergency management mechanism for epidemic prevention and supply assurance, mobilizing all resources to ensure employee health and market operations[31]. Asset Management - The company completed the acquisition of land and properties for six existing agricultural wholesale markets for a revised consideration of RMB 4 billion, funded through the issuance of convertible bonds[45]. - The group is actively pursuing land and asset acquisitions for its operational agricultural wholesale markets[31]. - The company reported a net cash position of RMB 817,478 thousand, up from RMB 671,619 thousand at the end of 2019[86]. - The group reported a total of RMB 1,198.1 million in property and equipment as collateral for bank borrowings as of June 30, 2020, slightly up from RMB 1,195.9 million at the end of 2019[61]. Employee and Administrative Expenses - The total compensation for employees for the six months ended June 30, 2020, was approximately RMB 156.9 million, a decrease from RMB 165.5 million for the same period in 2019[63]. - Administrative expenses increased due to a donation of RMB 15.4 million to support families affected by the pandemic and to build public health facilities[52]. - Total employee expenses decreased to RMB 161,139,000 from RMB 179,453,000, a reduction of 10.2%[101]. Shareholder Information - Major shareholders include Mr. Dai Yongcao, who holds 2,111,021,532 shares, representing 36.93% of the company[70]. - The company has a significant percentage of shares held by related parties, with Mrs. Zhang Xingmei holding 61.49% through various entities[70]. - The company has issued a total of 3,514,336,975 shares, with significant ownership stakes held by major shareholders[70]. Financing Activities - The company raised RMB 354,586 thousand from bank loans during the six months ended June 30, 2020, compared to RMB 100,000 thousand in the previous year[94]. - The company’s financing activities generated a net cash inflow of RMB 159,687 thousand for the six months ended June 30, 2020, compared to a net outflow of RMB 242,652 thousand in the previous year[94]. - Financing costs for lease liabilities amounted to RMB 38.9 million, slightly down from RMB 40.3 million in the previous year[54]. Investments and Acquisitions - The acquisition of a 19% stake in Million Master Investment Limited was completed for a total consideration of RMB 950 million, marking a significant step in expanding into downstream agricultural retail[46]. - The acquisition of Hada Group was completed with a consideration of RMB 4 billion, equivalent to approximately HKD 4.4 billion, and resulted in the issuance of 2,702,629,658 shares, increasing the total issued shares to about 41.75%[147]. - The investment in Dali Fresh increased to RMB 549,000,000 as of June 30, 2020, up from RMB 531,274,000 as of December 31, 2019, representing a growth of approximately 3.4%[112]. Compliance and Governance - The company has maintained compliance with the corporate governance code during the six months ending June 30, 2020[77]. - The independent review report concluded that there were no matters that would lead to a belief that the interim financial report was not prepared in accordance with the applicable standards[154].

Financial Performance - In 2019, the company achieved a net profit of approximately RMB 570 million, marking a turnaround from previous losses[6] - The company's total revenue for the year was approximately RMB 1,421.0 million, representing a year-on-year increase of about 25.9%[34] - Commission income increased by 24.6% to RMB 1,009.9 million, while rental income rose by 29.2% to RMB 411.1 million[35] - The revenue from the Shenyang Shouguang Dili Agricultural Products Market increased by 17.1% to RMB 339.9 million, driven by an increase in rental area[38] - The company reported a profit of RMB 557,285,000 for the year ended December 31, 2019, compared to a loss of RMB 360,901,000 in 2018[92] - The company's distributable reserves as of December 31, 2019, were approximately RMB 12,440,603,000, an increase from RMB 12,342,554,000 on December 31, 2018[94] Strategic Developments - The company invested 19% equity in the downstream fresh retail enterprise "Dili Fresh," supporting the scale development of its supply chain service system[7] - The company completed the project initiation and land acquisition for the Kunming International Agricultural Products Logistics Park, enhancing its strategic layout in the agricultural product circulation sector[7] - The company is accelerating the acquisition of land and assets for its existing seven wholesale markets[7] - The company aims to become a trusted food circulation service and supplier, focusing on innovation and development under its transformation strategy[7] - The company has built a digital operation foundation for its fresh circulation comprehensive service system, enhancing its service and product innovation capabilities[6] Market Operations - The company operates ten wholesale markets across seven cities in China, with a total annual transaction volume of approximately 1.63 million tons in the Hangzhou Dili Logistics Park cluster alone[13] - The Shenyang Dili Market accounts for over 90% of the local fruit supply, with an annual transaction volume of approximately 2.15 million tons[16] - The Guiyang Logistics Park has developed into one of the largest agricultural product distribution centers in Southwest and Northwest China, with an annual transaction volume of approximately 1.65 million tons[20] - Heilongjiang Dili Logistics Cluster includes four markets with a total trading volume of approximately 1.64 million tons and a building area of about 442,623 square meters[24] - Shouguang Logistics Park, the largest comprehensive agricultural logistics park in Asia, covers an area of approximately 1,123,925 square meters and serves as a major hub for vegetable logistics in China[25] Cost Management - Administrative expenses decreased by RMB 62.6 million due to effective cost control measures, despite an increase in depreciation expenses[42] - Other income, primarily from market service fees, amounted to RMB 151.2 million, up from RMB 126.8 million in the previous year[40] - Financing costs significantly increased to RMB 799 million due to the recognition of lease liabilities under IFRS 16, with interest on lease liabilities reported for the year ending December 31, 2019[45] Human Resources - The company employed 2,408 staff as of December 31, 2019, down from 2,668 in the previous year, with total employee compensation for the year amounting to approximately RMB 381.6 million[57] - Approximately 98% of the employees are located in mainland China, with age distribution of 11% under 30, 62% between 30-49, and 27% over 49[195] - The company provides annual health check-ups for employees and complies with labor laws regarding social and medical insurance[197] Governance and Compliance - The company has established systems and procedures to ensure compliance with relevant laws and regulations affecting its operations[80] - The company emphasizes sustainable development and environmental protection in its business activities[81] - The company has a strong legal compliance framework, with the Vice President in charge of legal affairs having approximately 28 years of experience[74] - The company has confirmed compliance with the relevant provisions of the Listing Rules regarding continuing connected transactions[138] Shareholder Information - The largest customer accounted for 2% of the company's sales, while the top five customers together represented 4%[88] - The largest supplier contributed 21% to the company's purchases, with the top five suppliers accounting for 53%[88] - The company has no set dividend payout ratio and does not guarantee dividends in any specific period[90] - The company has not recommended any dividend for the year ended December 31, 2019, consistent with the previous year[91] Environmental Impact - The company consumed 62,823,424 kWh of electricity in China and 42,110 kWh in Hong Kong for the year ended December 31, 2019[193] - The total water consumption for the company was 1,065,555 cubic meters for the year ended December 31, 2019[193] - The company has implemented energy-saving measures, including the use of LED lighting in wholesale markets[193] - The company has no significant emissions of industrial waste, wastewater, or solid waste due to its primary business in agricultural product wholesale[190] Risk Management - The company maintains an effective risk management and internal control system to safeguard assets and stakeholder interests[174] - The risk management framework includes identifying, assessing, and monitoring risks, with regular updates to the risk register[177] - The internal audit department reviewed the effectiveness of the risk management and internal control systems during the year[178]

Financial Performance - The company achieved a net profit of approximately RMB 188.1 million for the first half of 2019, marking a turnaround from previous losses[8]. - Revenue for the six months ended June 30, 2019, was RMB 738,574 thousand, a 52.8% increase from RMB 483,713 thousand in 2018[57]. - Operating profit for the same period was RMB 259,034 thousand, compared to an operating loss of RMB 20,034 thousand in 2018[57]. - Total comprehensive income for the period reached RMB 197,702 thousand, compared to a total comprehensive loss of RMB 35,383 thousand in 2018[59]. - The company reported a pre-tax profit of RMB 179,325,000 for the six months ended June 30, 2019, compared to a loss of RMB 49,567,000 in the same period of 2018[109]. Revenue Sources - Commission income rose by 52.9% to RMB 539.8 million, up from RMB 353.1 million year-on-year[25]. - Rental income increased by 52.2% to RMB 198.8 million, compared to RMB 130.6 million in the previous year[25]. - Other income from market service fees increased to RMB 78,280,000, a rise of 47% compared to RMB 53,215,000 in 2018[103]. Strategic Acquisitions and Investments - The company is in the process of acquiring a 19% stake in a fresh retail business for RMB 950 million (approximately HKD 1.1 billion), which is a strategic move towards modernizing its fresh supply chain services[8]. - The company is in the process of acquiring a 19% stake in a target company for RMB 9.5 billion, which is expected to enhance its market presence in agricultural wholesale and retail[22]. - The company has signed a formal sale agreement for the acquisition of the target company on August 29, 2019, following a 180-day exclusivity period[22]. Operational Efficiency - The company aims to enhance the overall efficiency and effectiveness of fresh supply chain services in China through its strategic initiatives[8]. - The company is focused on optimizing its organizational structure and strategic management systems as part of its transformation strategy[8]. - The company is expanding its market presence through strategic acquisitions and the development of innovative logistics solutions[8]. Logistics and Infrastructure - The Shouguang Logistics Park is the largest comprehensive agricultural product logistics park in Asia, serving as a major logistics hub for vegetable trading in China[15]. - The Hangzhou Logistics Cluster supplies approximately 70% of the local demand for fruits, vegetables, and seafood, leveraging electronic transaction settlements and big data analytics[17]. - The revenue from the Shouguang Logistics Park for the first half of 2019 was RMB 78.5 million, with an area of approximately 537,003 square meters[16]. Financial Position and Capital Management - As of June 30, 2019, the group's bank borrowings due within one year amounted to RMB 225.5 million, an increase from RMB 198.5 million as of December 31, 2018[33]. - The group's total bank borrowings as of June 30, 2019, were RMB 551.18 million, compared to RMB 571.68 million as of December 31, 2018[33]. - The group's gearing ratio increased to 7.53% as of June 30, 2019, up from 4.93% as of December 31, 2018[40]. - The company has a net cash position, indicating strong financial resources to support operational needs and future business expansion[33]. Employee and Compensation - The group employed 2,575 staff as of June 30, 2019, compared to 2,074 staff a year earlier, with total employee compensation for the six months ending June 30, 2019, amounting to approximately RMB 165.5 million[40]. - Total employee expenses for the six months ended June 30, 2019, were RMB 179,453,000, representing a 41.5% increase from RMB 126,875,000 in 2018[104]. - Key management personnel compensation for the six months ending June 30, 2019, was RMB 26,601,000, a decrease from RMB 35,708,000 in the same period of 2018[135]. Compliance and Governance - The company has complied with the corporate governance code as per the listing rules during the six-month period ending June 30, 2019[53]. - The audit committee consists of two independent non-executive directors and one non-executive director, overseeing the financial reporting process and risk management[55]. Accounting Standards and Financial Reporting - The company adopted the revised retrospective method for the first application of IFRS 16 on January 1, 2019, without restating comparative information[56]. - The financial report has been reviewed by KPMG in accordance with the Hong Kong Institute of Certified Public Accountants' review standards, ensuring the accuracy of the financial information presented[73]. - The company confirmed that the transition to IFRS 16 did not have a significant impact on its financial statements due to prior accounting under IAS 40 for investment properties[82]. Share Capital and Ownership - The company has a total of 4,803,133,217 shares held, representing 84.04% ownership by key stakeholders[46]. - The company completed a share consolidation on May 27, 2019, merging every ten existing shares of HKD 0.01 each into one share of HKD 0.10, resulting in a new share capital of HKD 1,500,000,000[127]. - As of June 30, 2019, the company had issued and fully paid-up share capital of 57,155,930,000 shares, compared to 43,966,100,000 shares as of December 31, 2018, representing an increase of approximately 30%[127].

Acquisitions and Market Expansion - In 2018, the company acquired three wholesale markets in Hangzhou for HKD 1.47 billion and seven land and property assets for RMB 5.4 billion from its controlling shareholder[8]. - The company plans to complete the acquisition of existing land and assets for seven agricultural wholesale markets and accelerate the expansion into new markets in 2019[9]. - The company is considering a potential acquisition of a company involved in agricultural wholesale and retail, with a deposit of RMB 400 million paid for exclusivity[22][23]. - The company operates a total of 10 agricultural wholesale markets across 7 cities in China as of December 31, 2018[22]. Financial Performance - The company recorded a consolidated revenue of approximately RMB 1,128.7 million in 2018, representing a 14.2% increase from RMB 988.1 million in 2017[24]. - Commission income increased by 9.7% to RMB 810.6 million, while rental income rose by 27.7% to RMB 318.1 million in 2018[25]. - The company reported a loss attributable to equity shareholders of RMB 360,901,000 for the year ended December 31, 2018, compared to a loss of RMB 127,050,000 in 2017, indicating a significant increase in losses[60]. - The net loss for the year was RMB 348,601 thousand, up from a net loss of RMB 127,050 thousand in the previous year, indicating a worsening financial performance[160]. - Basic and diluted loss per share for 2018 was RMB 0.72, compared to RMB 0.29 in 2017, reflecting increased losses per share[158]. Operational Efficiency and Innovation - A digital platform for integrated fresh food circulation services is set to be launched in 2019, initially in the company's own agricultural wholesale markets[9]. - The company has implemented electronic transaction settlements and data analytics in the Hangzhou Logistics Cluster, enhancing operational efficiency[19]. - The company is focused on enhancing its capabilities in service and product innovation, customer collaboration, and information technology support[9]. - The company aims to increase its investment in research and development to drive innovation and meet evolving market demands[45]. Strategic Goals and Market Position - The strategic goal is to build a leading enterprise in the agricultural wholesale industry by continuously reserving quality resources[8]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its portfolio[45]. - Future outlook indicates a focus on market expansion and the development of new products and technologies to enhance competitive advantage[44]. Governance and Compliance - The company has established systems and procedures to ensure compliance with relevant laws and regulations that significantly impact its operations, including internal control procedures and risk management[51]. - The company emphasizes sustainable development in its operations, aiming to minimize environmental impact and integrate sustainability standards into its supply chain[52]. - The company has a zero-tolerance policy for bribery and corruption, ensuring compliance with anti-corruption regulations in Hong Kong and China[142]. - The group has complied with the corporate governance code throughout the year ending December 31, 2018, except for certain specified situations[89]. Employee and Stakeholder Relations - The company recognizes employees as one of its most valuable assets and is committed to providing a fair, safe, and healthy work environment to support personal growth and career development[53]. - The company has a comprehensive approach to stakeholder relationships, emphasizing long-term mutually beneficial partnerships with suppliers and vendors[54]. - The company employed 2,668 staff members as of December 31, 2018, with a gender ratio of 70% male to 30% female[133]. Environmental Impact and Sustainability - The company has a strong commitment to environmental protection, including maintaining a green workplace and optimizing energy use[52]. - The company has implemented energy-saving measures, including the use of LED lighting in wholesale markets to reduce energy consumption[131]. - The company has established agricultural product testing centers in each market to ensure the safety of primary agricultural products and prevent pesticide residues[139]. Financial Management and Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and comply with the Hong Kong Companies Ordinance and the Listing Rules[173]. - The company adopted IFRS 15, which establishes a comprehensive framework for recognizing revenue from customer contracts, replacing IAS 18 and IAS 11[182]. - The auditors confirmed that the financial statements for the year ending December 31, 2018, were audited without any significant issues noted[88]. - The company has adopted IFRS 9, which replaces IAS 39, and introduces a new expected credit loss model for financial assets[177]. Risk Management - The company has implemented a risk management manual and procedures to foster a risk-aware culture among all employees[116]. - The board confirmed its responsibility for the risk management and internal control systems, which are designed to provide reasonable assurance against material misstatements or losses[119]. - The audit committee is responsible for overseeing the financial reporting process, risk management, and internal control systems[87].