香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 象興國際控股有限公司 主席 程友國 香港，二零二五年八月八日 於本公告日期，執行董事為程友國先生及邱長武先生；獨立非執行董事為鄭少山先生、 李照女士及林國銓先生。 董事會會議通告 象興國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董事會會議將 於二零二五年八月二十八日（星期四）舉行會議，以（其中包括）(i)考慮及批准刊發本公司 及其附屬公司截至二零二五年六月三十日止六個月之中期業績；(ii)考慮派發中期股息（如 有）；(iii)考慮暫停辦理股份過戶登記手續（如有需要）；及(iv)處理任何其他事務（如有）。 XIANGXING INTERNATIONAL HOLDING LIMITED 1732 ...

Company Overview - Xiangxing International Holdings Limited is registered in the Cayman Islands and operates several subsidiaries focused on logistics and port services in Xiamen and Quanzhou, as well as supply chain management in Chengdu [2] - The company was listed on the Hong Kong Stock Exchange's Growth Enterprise Market in July 2017 and successfully transferred to the Main Board in September 2019 [2] - Xiangxing International's business scope includes freight forwarding, land transportation, port services, and bulk commodity trading, with a commitment to integrity and quality [2] Recent Performance - As of July 30, Xiangxing International's stock closed at HKD 0.161, marking a 9.52% increase from the previous trading day, with an intraday high of HKD 0.169, reaching a nearly one-year high [1] - The net capital inflow on that day was HKD 2.8471 million, indicating positive market sentiment towards the company's stock [1]

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 232,677,000, representing a year-on-year increase of 32.5% compared to RMB 175,556,000 in 2023[14]. - The gross profit for the same period was approximately RMB 43,596,000, reflecting a year-on-year growth of 16.9% from RMB 37,297,000[15]. - The group reported a net loss of approximately RMB 4,893,000 for the year, a decrease of 146.5% compared to a profit of RMB 10,521,000 in the previous year[15]. - The total revenue from logistics services grew by 11.3% year-on-year, reaching approximately RMB 27,922,000 in 2024[20]. - Revenue from port services decreased by 3.5% in 2024 due to the higher unit price of port transportation compared to logistics services[19]. Supply Chain and Logistics - The supply chain business revenue increased approximately 5.0 times year-on-year, contributing significantly to the overall revenue growth[8]. - Container throughput for port logistics services was 4,008,184 TEUs, a 3.1% increase from 3,889,024 TEUs in 2023[17]. - The logistics service revenue from port logistics was RMB 56,678,000, up 4.0% from RMB 54,507,000 in the previous year[18]. - The group completed over 4 million TEUs in container logistics services for the year 2024, representing a year-on-year growth of 3.1%[19]. - Heavy container transportation volume increased by 18.1% and empty container transportation volume increased by 17.4% in 2024, driven by a larger share of short-distance transportation[20]. Strategic Initiatives - The group plans to enhance management and optimize production processes to improve efficiency and better meet market demands[10]. - The company aims to increase the use of electric traction vehicles and explore the feasibility of autonomous driving solutions in port transportation services[10]. - The group will focus on accounts receivable management in the supply chain operations, particularly in the sand and gravel sector, amid domestic infrastructure and real estate market developments[10]. - The company emphasizes green development and the intelligentization of production processes as part of its strategic initiatives[8]. Corporate Governance - The board has maintained high standards of corporate governance, adhering to the corporate governance code as of December 31, 2024[52]. - The board consists of five members, including two executive directors and three independent non-executive directors, complying with listing rules[57]. - The company has established corporate governance policies and practices, which are regularly reviewed to ensure compliance with legal and regulatory requirements[69]. - The audit committee is tasked with monitoring the integrity of financial statements and overseeing the risk management and internal control systems[76]. - The company has implemented a whistleblowing policy that encourages reports from stakeholders, ensuring confidentiality and protection for whistleblowers[94]. Environmental, Social, and Governance (ESG) Efforts - The company has established an ESG committee composed of executive directors and heads of finance, human resources, and operations to implement ESG policies and monitor key performance indicators[111]. - The ESG report adheres to the Hong Kong Stock Exchange's mandatory disclosure requirements and follows four reporting principles: materiality, quantification, balance, and consistency[114]. - The company aims to enhance its environmental management efforts and expand the scope of disclosures to cover all ESG work and major business areas[121]. - The company has set three environmental goals: emissions reduction, climate change impact management, and workplace safety and health[130]. - The company has complied with all applicable laws and regulations related to air and greenhouse gas emissions, with no significant claims or penalties during the reporting period[132]. Employee and Workforce Management - Employee costs for the group were approximately RMB 92,806,000 in 2024, up from RMB 91,222,000 in 2023[22]. - The group employed 856 staff members as of December 31, 2024, an increase from 846 in the previous year[35]. - The overall employee turnover rate is reported at 46% for the current period, slightly down from 54% in 2023, showing a decrease of approximately 14.8%[158]. - The company emphasizes equal employment opportunities and has established a fair treatment policy for all employees[163]. - The company has implemented strict safety measures, including mandatory safety training for all dock workers[165]. Community and Social Responsibility - The company is committed to corporate social responsibility, actively participating in community service and encouraging employee involvement in social welfare activities[196]. - The company has a policy against collaborating with suppliers that frequently violate environmental regulations[185]. - The company encourages employees and stakeholders to report any suspected misconduct, ensuring protection for whistleblowers[195]. - The company has established supplier behavior guidelines focusing on human rights, labor protection, environmental protection, and anti-corruption[182]. Future Outlook - The company anticipates that China's import and export growth may slow down in 2025, potentially aligning with the growth rate of 2024 due to external uncertainties and domestic market stability[43]. - The company aims to achieve both revenue and profit growth by 2025[47]. - The company plans to enhance stakeholder communication and engagement through diversified channels[128].

Revenue Performance - Revenue from customer contracts for the year ended December 31, 2024, was RMB 232,677,000, representing a 32.5% increase from RMB 175,556,000 in 2023[2] - For the fiscal year ending December 31, 2024, total revenue from external customer contracts reached RMB 232,677,000, an increase from RMB 175,556,000 in the previous year, representing a growth of approximately 32.6%[12][13] - The company's revenue for the year ended December 31, 2024, was approximately RMB 232,677,000, representing a year-on-year growth of 32.5% compared to RMB 175,556,000 for the year ended December 31, 2023[38]. - Revenue from customer contracts increased to RMB 232,108 thousand in 2024, up 32.3% from RMB 175,556 thousand in 2023[19] - The supply chain operations revenue increased approximately 5.0 times year-on-year, contributing significantly to the overall revenue growth[34]. - The import and export agency services revenue rose by 50.7% to RMB 8,596,000 from RMB 5,705,000 year-on-year[43] - The logistics services overall revenue achieved an 11.3% growth, driven by an increase in short-distance transportation business[43] - The construction materials trade volume surged by 268.6% to 417,108 tons from 113,155 tons in the previous year[44] - Supply chain business revenue experienced a remarkable increase of 395.8%, reaching RMB 73,865,000 compared to RMB 14,899,000 in 2023[45] Profitability and Loss - Gross profit for the year ended December 31, 2024, was RMB 43,596,000, up 16.3% from RMB 37,297,000 in 2023[2] - Operating profit decreased significantly to RMB 1,595,000 in 2024 from RMB 17,845,000 in 2023, indicating a decline of 91.1%[2] - The net loss for the year ended December 31, 2024, was RMB 4,893,000 compared to a profit of RMB 10,521,000 in 2023, marking a turnaround of 146.5%[2] - Basic and diluted loss per share for 2024 was RMB (0.38), down from earnings of RMB 0.93 per share in 2023[3] - The company reported a total segment performance loss of RMB 43,596,000 for 2024, compared to a profit of RMB 37,297,000 in 2023, indicating a significant decline in operational efficiency[12][13] - The company incurred a net loss of RMB 6,303,000 in 2024, which is a significant increase from a net loss of RMB 681,000 in 2023, indicating a deterioration in financial performance[12][13] - The company reported a net loss attributable to owners of RMB 4,694 thousand in 2024, compared to a profit of RMB 10,937 thousand in 2023[27] - The company reported an annual loss of approximately RMB 4,893,000 for the year ended December 31, 2024, compared to a profit of RMB 10,521,000 in 2023[52] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 204,728,000, slightly up from RMB 201,325,000 in 2023[4] - Cash and cash equivalents decreased to RMB 31,250,000 in 2024 from RMB 49,794,000 in 2023, a decline of 37.2%[4] - Trade and other receivables increased to RMB 160,033,000 in 2024 from RMB 139,200,000 in 2023, reflecting a growth of 15.0%[4] - The company's total equity increased to RMB 204,604,000 in 2024 from RMB 200,648,000 in 2023, an increase of 1.0%[4] - Trade receivables increased to RMB 152,124 thousand in 2024 from RMB 114,241 thousand in 2023, with a corresponding increase in credit loss provisions[28] - The company recognized an impairment loss of approximately RMB 13,111,000 related to prepayments to two suppliers undergoing bankruptcy restructuring[29] - The contract liabilities decreased from RMB 491,000 at the beginning of the year to RMB 50,000 by December 31, 2024, indicating effective revenue recognition from prior contract liabilities[33]. - As of December 31, 2024, the company had no bank loans, maintaining a net current asset position of approximately RMB 174,313,000[53] Expenses - The company reported a decrease in administrative expenses to RMB 22,132,000 in 2024 from RMB 19,830,000 in 2023, an increase of 11.6%[2] - The administrative expenses for the fiscal year 2024 were RMB 22,132,000, compared to RMB 19,830,000 in 2023, marking an increase of approximately 11.5%[12][13] - Total administrative expenses rose to RMB 17,550 thousand in 2024 from RMB 15,960 thousand in 2023, reflecting increased operational costs[19] - Employee costs for the year amounted to approximately RMB 92,806,000, up from RMB 91,222,000 in 2023[46] - The total depreciation expense for 2024 was RMB 8,196,000, compared to RMB 8,060,000 in 2023, showing a slight increase of 1.7%[14][15] - Interest income from bank deposits decreased to RMB (635,000) in 2024 from RMB (758,000) in 2023, reflecting a decline of approximately 16.2%[14][15] - Trade and other receivables impairment losses were recognized at approximately RMB 19,414,000, a significant increase from RMB 681,000 in 2023[48] Strategic Initiatives - The company plans to expand its non-current asset investments, with an allocation of RMB 13,787,000 for 2024, compared to RMB 1,919,000 in 2023, indicating a strategic focus on growth[14][15] - The company plans to enhance management and optimize production processes to improve efficiency and better meet market demands in 2025[36] - The company aims to increase the use of electric tractors and explore the feasibility of autonomous driving solutions in port transportation services[37] - The port service business remains the core operation, with a focus on improving safety, production efficiency, and emergency response capabilities[34] - The company will continue to strengthen communication with port terminals to secure new cooperation projects[37] Governance and Compliance - The company has complied with all relevant laws and regulations during the review period, maintaining good relationships with customers, employees, and investors[71] - The audit committee has reviewed the financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[76] - The company has established an audit committee consisting of three independent non-executive directors, ensuring adherence to corporate governance codes[73] - The board has not proposed any final dividend for the year ending December 31, 2024[69] - The company did not declare any dividends for the year ended December 31, 2024, consistent with 2023[24] - The annual general meeting is scheduled for June 24, 2025, with a suspension of share transfer registration from June 19 to June 24, 2025[74] Share Issuance - A placement agreement was signed on June 7, 2024, for the issuance of up to 80,000,000 shares at a price of HKD 0.12 per share, raising a total of HKD 9.6 million[63] - The net proceeds from the placement, amounting to approximately HKD 9.2 million, have been fully utilized for general operational purposes[63] - The company has allocated a net amount of HKD 23.7 million for the purchase of electric traction vehicles, with HKD 15.1 million utilized in the current year and HKD 8.6 million remaining[62] - The expected timeline for the full utilization of the remaining net proceeds is by December 31, 2025, or earlier[62]

2024 INTERIM REPORT 2024 中期報告 (Incorporated in the Cayman Islands with limited liability) Stock code: 1732 （於開曼群島註冊成立之有限公司） 股份代號：1732 目錄 頁次 財務摘要 2 管理層討論及分析 3 綜合損益及其他全面收益表 12 綜合財務狀況表 13 綜合權益變動表 14 簡明綜合現金流量表 15 未經審核中期財務報表附註 16 其他資料 34 1 二零二四年中期報告 財務摘要 截至六月三十日止六個月 二零二四年 二零二三年 變動百分比 人民幣千元 人民幣千元 象興國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司（統稱「本集團」）截至 二零二四年六月三十日止六個月（「該期間」）之未經審核簡明綜合業績，連同二零二三年相應期間之比較數字如下。 財務摘要 （未經審核） （未經審核） | --- | --- | --- | --- | |----------|---------|--------|--------| | | | | | | 收益 | 120,37 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 120,374,000, representing a 55.6% increase from RMB 77,377,000 in the same period of 2023[1] - Gross profit for the same period was RMB 25,422,000, up 29.2% from RMB 19,670,000 year-on-year[1] - Profit for the period surged to RMB 7,436,000, a remarkable increase of 782.1% compared to RMB 843,000 in the previous year[1] - Basic and diluted earnings per share increased to RMB 0.63, a 600.0% rise from RMB 0.09 in the prior period[1] - Total comprehensive income for the period was RMB 7,623,000, compared to RMB 1,902,000 in the same period last year[2] - The consolidated profit before tax for the six months ended June 30, 2024, was RMB 10,299 thousand, compared to RMB 3,303 thousand for the same period in 2023, representing an increase of approximately 211.5%[15][16] - The company's profit for the six months ended June 30, 2024, was approximately RMB 7,436,000, a significant increase from RMB 843,000 in the same period of 2023[51] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 36,537,000, an increase from RMB 28,618,000 as of December 31, 2023[6] - Current assets totaled RMB 201,242,000, up from RMB 193,242,000 at the end of 2023[6] - Net assets increased to RMB 216,885,000 from RMB 200,648,000 at the end of the previous year[7] - Trade and other receivables rose to RMB 150,532,000 from RMB 139,200,000[6] - Trade receivables amounted to RMB 113,546,000 as of June 30, 2024, slightly down from RMB 114,241,000 as of December 31, 2023[34] - The company recognized a credit loss provision of RMB 20,281,000 against trade receivables, resulting in a net trade receivables balance of RMB 94,690,000[34] - The company’s total liabilities as of June 30, 2024, were RMB 17,347,000, compared to RMB 17,562,000 as of December 31, 2023[36] Revenue Segmentation - For the six months ended June 30, 2024, total reported segment revenue was RMB 121,842 thousand, an increase from RMB 77,377 thousand for the same period in 2023, representing a growth of approximately 57.3%[15][16] - The segment revenue from import and export agency services was RMB 3,079 thousand for the six months ended June 30, 2024, compared to RMB 3,068 thousand in the same period of 2023, showing a slight increase of 0.4%[15][16] - The land container and bulk stone transportation services segment generated revenue of RMB 8,641 thousand for the six months ended June 30, 2024, up from RMB 8,402 thousand in 2023, reflecting a growth of 2.8%[15][16] - The revenue from port logistics services was RMB 26,843 thousand for the six months ended June 30, 2024, compared to RMB 25,107 thousand in 2023, indicating an increase of 6.9%[15][16] - The port container transportation services segment reported revenue of RMB 35,967 thousand for the six months ended June 30, 2024, down from RMB 37,418 thousand in 2023, a decrease of 3.9%[15][16] - The construction materials and automotive parts trading segment achieved revenue of RMB 47,312 thousand for the six months ended June 30, 2024, compared to RMB 3,382 thousand in 2023, a significant increase of 1,300%[15][16] - Supply chain operations revenue increased by 1,255.5% to RMB 45,844,000, driven mainly by the recovery of construction materials trade with several clients[46] Expenses and Financial Management - The company reported a significant reduction in financing costs, decreasing from RMB 131,000 to RMB 34,000[3] - The company incurred interest expenses of RMB 131,000 in the previous period, which decreased to RMB 29,000 in the current period, reflecting improved financial management[25] - The administrative expenses increased slightly to RMB 13,595,000 from RMB 12,913,000 year-over-year, indicating a focus on operational efficiency[21] - Employee costs for the six months ended June 30, 2024, were approximately RMB 45,839,000, slightly up from RMB 45,359,000 in the same period of 2023[47] - Administrative expenses for the same period were approximately RMB 15,219,000, compared to RMB 15,108,000 in the previous year[48] - The income tax expense for the six months ended June 30, 2024, was approximately RMB 2,863,000, compared to RMB 2,460,000 for the same period in 2023[49] Corporate Governance and Compliance - The company did not apply any new accounting standards or interpretations that were not yet effective during the reporting period, ensuring consistency in financial reporting[11] - The company reported no significant impact on its financial position or performance from the application of revised Hong Kong Financial Reporting Standards during the interim period[11] - The company’s major operating decision-makers regularly review revenue and results analysis for resource allocation and performance assessment, focusing on the types of services and goods delivered[12][14] - The company believes it has adopted and complied with the principles of the Corporate Governance Code as of June 30, 2024[72] - The Audit Committee has been established in accordance with Listing Rule 3.21 and is responsible for ensuring effective internal controls and risk management[73] Future Plans and Market Position - The company plans to continue expanding its service offerings in import-export agency services and logistics, aiming for further revenue growth in the upcoming periods[23] - The company aims to enhance its supply chain operations in response to the complex international environment and domestic infrastructure needs[64] - The company is focused on solidifying its port services business by leveraging its long-term experience and exploring overseas opportunities, including establishing a wholly-owned subsidiary in Peru[65] Shareholder Information - The company did not declare or propose any dividends for the six months ended June 30, 2024[29] - The company completed a placement of 80,000,000 shares at a price of HKD 0.12 per share, raising approximately HKD 9.6 million for general operational purposes[50] - The weighted average number of ordinary shares increased from 1,200,000,000 in 2023 to 1,207,472,527 in 2024 due to share placements[32] - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[66] - There were no purchases, redemptions, or sales of the company's shares by the company or its subsidiaries during the six months ended June 30, 2024[67]

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 175,556,000, a decrease of 26.0% compared to RMB 237,273,000 in 2022[15]. - Gross profit increased by 16.7% to approximately RMB 37,297,000, up from RMB 31,967,000 in the previous year[16]. - Net profit for the year was approximately RMB 10,521,000, reflecting a 4.3% increase from RMB 10,084,000 in 2022[16]. - The logistics services revenue decreased by 51.0% year-on-year, totaling RMB 25,085,000 in 2023 compared to RMB 51,157,000 in 2022[21]. - The total revenue from supply chain operations decreased by 70.6%, reaching RMB 14,899,000 in 2023 compared to RMB 50,644,000 in 2022[23]. - Employee costs were approximately RMB 91,222,000 in 2023, down from RMB 109,126,000 in 2022[24]. - Administrative expenses amounted to RMB 19,830,000 in 2023, a decrease from RMB 23,091,000 in 2022[25]. - The annual profit for 2023 was approximately RMB 10,521,000, showing a slight increase from RMB 10,084,000 in 2022[29]. Operational Highlights - The company's port logistics services saw a 2.5% increase in container throughput, totaling 3,889,024 TEUs compared to 3,794,017 TEUs in the previous year[18]. - The domestic trade business within Xiamen Port experienced a significant growth of 25.7%, while the overall throughput remained stable at 12.5 million TEUs[20]. - The logistics service revenue from port logistics and transportation services remained stable, with a slight increase of 0.1% to RMB 135,572,000 compared to RMB 135,472,000 in 2022[19]. - The volume of land transportation services saw a decline of 21.5% in heavy container transport, with 10,225 TEUs in 2023 compared to 13,030 TEUs in 2022[21]. - The import and export agency services volume dropped by 38.3%, with 8,137 TEUs in 2023 compared to 13,188 TEUs in 2022[21]. Strategic Initiatives - The company plans to enhance management and optimize production processes to improve efficiency and meet market demands[11]. - Future focus includes the timely restart of supply chain operations primarily related to sand and gravel materials, contingent on the recovery of the domestic infrastructure and real estate markets[11]. - The company is exploring the feasibility of implementing autonomous driving solutions in port transportation services[11]. - The company aims to strengthen and expand its port services by collaborating with major operators in the Xiamen area and enhancing connectivity in the Wuhan Yangluo port area[50]. - The company is targeting dual growth in revenue and profitability for 2024 through strategic initiatives in supply chain and port services[51]. Corporate Governance - The board of directors consists of five members, including two executive directors and three independent non-executive directors, complying with the listing rules regarding board composition[62]. - The company has adopted and complied with the corporate governance code as of December 31, 2023, ensuring high standards of corporate governance[57]. - The board has established corporate governance policies and practices, ensuring compliance with legal and regulatory requirements[74]. - The company has established an audit committee, a remuneration committee, and a nomination committee, all composed solely of independent non-executive directors[62]. - The board emphasizes constructive communication among members and with senior management to ensure effective governance[68]. Environmental, Social, and Governance (ESG) Efforts - The company’s ESG report is structured around seven key performance indicator (KPI) themes relevant to its operations[124]. - The company has established an ESG committee to implement ESG policies, collect relevant data, and review key performance indicators[119]. - The company identified key ESG issues based on stakeholder communication, considering factors such as business nature, geographical location, regulatory requirements, and operational practices[139]. - The company's greenhouse gas emissions decreased significantly, with Scope 1 emissions at 5,941 tons of CO2 in 2023, down from 7,112 tons in 2022, representing a reduction of approximately 16.5%[161]. - The total water consumption was reported at 3,250 cubic meters in 2023, down from 4,218 cubic meters in 2022, indicating a reduction of approximately 29%[161]. Employee and Labor Relations - The employee count as of December 31, 2023, is 846, a decrease from 929 in 2022[174]. - The employee turnover rate for 2023 is 54%, compared to 49% in 2022[174]. - The company is committed to maintaining a fair employment environment and has implemented policies to ensure equal opportunities[182]. - The company has not reported any incidents of child labor or forced labor in the current year[196]. - The company has implemented strict safety measures, including mandatory safety education and technical training for all dock workers before they can operate[187].

Financial Performance - For the year ended December 31, 2023, revenue from customer contracts was RMB 175,556,000, a decrease of 26.0% from RMB 237,273,000 in 2022[2] - Gross profit for the year was RMB 37,297,000, representing a 16.5% increase compared to RMB 31,967,000 in the previous year[2] - Operating profit increased slightly to RMB 17,845,000, up from RMB 17,184,000 in 2022, reflecting a growth of 3.8%[2] - The net profit for the year was RMB 10,521,000, a 4.3% increase from RMB 10,084,000 in 2022[2] - Total comprehensive income for the year was RMB 12,167,000, compared to RMB 10,194,000 in the previous year, marking an increase of 19.4%[3] - For the fiscal year ending December 31, 2023, total reported revenue was RMB 180,715,000, a decrease from RMB 242,668,000 in the previous year, representing a decline of approximately 25.5%[15][16] - The company reported a total pre-tax profit of RMB 17,605,000 for the fiscal year ending December 31, 2023, compared to RMB 16,533,000 in the previous year, reflecting a slight increase of 6.5%[15][16] - The company reported a pre-tax profit of RMB 21,153,000 for 2023, compared to RMB 20,509,000 in 2022, reflecting a year-on-year increase of 3.1%[22] Revenue Breakdown - Revenue from import and export agency services dropped to RMB 5,705,000 in 2023 from RMB 28,068,000 in 2022, a decline of 79.7%[24] - The revenue from land container and raw stone transportation services was RMB 19,380,000 in 2023, down from RMB 23,089,000 in 2022, a decrease of 16.8%[24] - The logistics segment, which includes port logistics services, generated revenue of RMB 54,507,000, contributing significantly to the overall revenue[15] - Revenue from inland logistics services was approximately RMB 135,572,000, showing a slight increase of 0.1% compared to RMB 135,472,000 in 2022[52] - The revenue from land transportation services decreased by 16.1% to RMB 19,380,000, while import and export agency services saw a significant decline of 79.7% to RMB 5,705,000, leading to a total logistics service revenue drop of 51.0%[55] - The revenue from heavy truck tires and parts trade fell by 70.8% to RMB 1,492,000, and building materials trade revenue decreased by 60.8% to RMB 13,407,000, resulting in a total supply chain operation revenue decline of 70.6% to RMB 14,899,000[56][57] Cost Management - The company’s administrative expenses for the fiscal year were RMB 19,830,000, which is a decrease from the previous year's RMB 23,091,000, indicating improved cost management[15][16] - The total administrative expenses for 2023 were RMB 15,960,000, down from RMB 19,115,000 in 2022, indicating cost control measures[22] - The company reported a significant reduction in financing costs, decreasing to RMB 240,000 from RMB 651,000, a drop of 63.1%[2] - Employee costs for the year were approximately RMB 91,222,000, down from RMB 109,126,000 in 2022[58] Asset Management - Cash and cash equivalents increased significantly to RMB 49,794,000 from RMB 28,220,000, representing a growth of 76.5%[5] - Trade and other receivables rose to RMB 139,200,000 from RMB 126,288,000, an increase of 10.2%[5] - The company's total assets increased to RMB 201,325,000 from RMB 162,407,000, reflecting a growth of 24.0%[5] - The total trade receivables decreased to RMB 114,241,000 in 2023 from RMB 122,989,000 in 2022, a decline of approximately 7.2%[32] - As of December 31, 2023, the company had net current assets of approximately RMB 172,707,000, an increase from RMB 129,044,000 in 2022, with cash and cash equivalents rising to RMB 49,794,000 from RMB 28,220,000[62] Strategic Focus - The company’s strategy includes focusing on enhancing service delivery in various operational segments, including land container transport and construction material trading[14] - The company plans to focus on enhancing management and optimizing production processes to improve efficiency and meet market demands[46] - The company will closely monitor the recovery of the domestic infrastructure and real estate markets to potentially restart supply chain operations focused on sand and gravel[46] - The company has decided to pause plans for land acquisition in Xiamen Port for a comprehensive logistics center until market conditions become clearer[44] - The company aims to strengthen communication with port terminals and seek new cooperation projects[50] Governance and Compliance - The audit committee reviewed the financial statements for the year ending December 31, 2023, ensuring compliance with applicable accounting standards and regulations[87] - The company has adopted and complied with the corporate governance code as per the listing rules for the year ending December 31, 2023[75] - The company has maintained good relationships with customers, employees, and investors, complying with all relevant laws and regulations during the review period[80] - The company did not engage in any significant acquisitions or disposals during the year[66] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the year[79] - There were no significant events affecting the group after the reporting period up to the announcement date[81] Dividends and Shareholder Returns - The company did not declare any dividends for the year ended December 31, 2023, consistent with the previous year[28] - The board did not recommend any final dividend for the year ending December 31, 2023, consistent with the previous year[78] Other Financial Metrics - Basic and diluted earnings per share decreased to RMB 0.93 from RMB 1.02, a decline of 8.8%[3] - The company experienced a net impairment loss of RMB 681,000 on trade receivables, reflecting challenges in receivables management[17] - The net impairment loss on trade receivables for 2023 was RMB 681,000, significantly lower than RMB 6,233,000 in 2022, reflecting improved credit management[22] - Interest income from bank deposits amounted to RMB 758,000, while interest expenses totaled RMB 240,000, resulting in a net interest income of RMB 518,000[17] - The company reported no contingent liabilities as of December 31, 2023[74]

Financial Performance - The company's revenue for the six months ended June 30, 2023, was approximately RMB 77,377,000, a decrease of 41.5% compared to RMB 132,174,000 in the same period last year[6]. - Gross profit for the same period was approximately RMB 19,670,000, down 25.0% from RMB 26,244,000 year-on-year[6]. - Net profit for the six months ended June 30, 2023, was approximately RMB 843,000, representing a significant decline of 87.3% compared to RMB 6,655,000 in the previous year[6]. - Operating profit decreased to RMB 3,434 thousand, a decline of 67.7% from RMB 10,620 thousand in the previous year[51]. - The company reported a consolidated profit before tax of RMB 3,303,000 for the first half of 2023, compared to RMB 10,248,000 for the same period in 2022, representing a decline of 67.8%[66][68]. Revenue Breakdown - Revenue from port logistics services decreased by 9.7% to RMB 62,525,000, with the main reason being a decline in operational volume at key terminals[11]. - Revenue from logistics services fell by 61.4% to RMB 11,470,000, primarily due to a significant reduction in heavy container transport and import-export agency services[14]. - Revenue from supply chain operations decreased by 89.8% to RMB 3,382,000, mainly due to the suspension of transactions with certain long-term overdue accounts receivable clients[17]. - Revenue from external customers for the construction materials and automotive parts trading segment was RMB 77,377,000 for the first half of 2023, down from RMB 132,174,000 in the same period of 2022, indicating a decrease of 41.4%[66][68]. Operational Challenges - The decline in revenue and profit was primarily due to the company's proactive reduction of supply chain operations to lower accounts receivable risks and a decrease in port and logistics services due to economic conditions[6]. - Container throughput in port logistics services decreased by 3.2% to 2,037,438 TEUs, while general cargo throughput dropped significantly by 73.2% to 355,325 tons[10]. - The overall economic environment remains complex, with significant downward pressure on economic growth, as evidenced by a 5% year-on-year decline in corporate income tax revenue in the first half of 2023[40]. Cost Management - Employee costs for the six months ended June 30, 2023, were approximately RMB 45,359,000, down from RMB 49,575,000 in the same period last year, with a reduction in headcount from 973 to 879 employees[18]. - Administrative expenses for the same period were approximately RMB 15,108,000, slightly down from RMB 15,496,000 year-on-year[19]. - The company’s financing costs for the first half of 2023 were RMB 131,000, compared to RMB 372,000 in the same period of 2022, reflecting a reduction of 64.8%[66][68]. Asset and Liabilities Management - As of June 30, 2023, the group had net current assets of approximately RMB 162,025,000, an increase from RMB 129,044,000 as of December 31, 2022[25]. - The group had cash and cash equivalents of approximately RMB 55,870,000 as of June 30, 2023, compared to RMB 28,220,000 as of December 31, 2022[25]. - The group had no bank loans as of June 30, 2023, compared to RMB 8,000,000 in bank loans as of December 31, 2022[26]. - The company has no asset pledges or contingent liabilities as of June 30, 2023[39]. Future Plans and Strategies - The company plans to restart supply chain operations focused on construction materials to adapt to the changing international environment and stimulate domestic demand[48]. - A three-year cooperation agreement has been signed with two major port operators in Xiamen to stabilize the port services business, with new terminal constructions in Quanzhou and Wuhan expected to contribute to growth[49]. - The company aims to narrow the decline in revenue and profit for the full year 2023 compared to the first half of the year[49]. Shareholder Information - The company completed a placement of 200,000,000 shares at a price of HKD 0.16 per share, raising approximately HKD 32,000,000, with a net amount of HKD 31,300,000[23]. - The major shareholder, Mr. Cheng Youguo, holds 562,500,000 shares, representing 46.88% of the company[103]. - The average number of ordinary shares in issue for the calculation of basic earnings per share increased to 1,200,000,000 for the six months ended June 30, 2023, from 1,000,000,000 in the same period of 2022[85]. Economic Context - In the first half of 2023, China's total import and export volume reached 29.2 trillion USD, a decrease of 4.7% year-on-year, with exports at 16.6 trillion USD (down 3.2%) and imports at 12.5 trillion USD (down 6.7%)[41]. - The average urban unemployment rate in China for the first half of 2023 was 5.3%, with the unemployment rate for the 16-24 age group reaching 21.3% in June 2023, indicating significant challenges in enhancing consumer spending power[42]. - Fixed asset investment growth in China was 3.8% year-on-year in the first half of 2023, marking a decline from 5.1% in the first quarter, the lowest since 2021[43].

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