[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Overview of Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81%E6%A6%82%E8%A7%88) The Group achieved **19.4% revenue growth** to **HKD 1,461.5 million** in H1 2025, driven by freight forwarding and cruise logistics, maintaining **HKD 19.1 million net profit** and declaring **HKD 0.01 interim dividend** Key Financial Indicators for H1 2025 | Indicator | H1 2025 (HKD Million) | H1 2024 (HKD Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Freight Forwarding & Cruise Logistics Revenue | 1,307.0 | 1,038.9 | +25.8% | | Net Profit | 19.1 | 20.2 | -5.4% | | EBITDA | 93.6 | 104.4 | -10.4% | | Interim Dividend (Per Share) | HKD 0.01 | - | - | [Financial Statements](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group's H1 2025 revenue grew **19.4%**, but operating profit and profit for the period slightly decreased, with basic EPS falling from **HKD 0.064 to HKD 0.053** Consolidated Statement of Profit or Loss Summary (Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461,540 | 1,223,581 | +19.4% | | Cost of Services | (1,219,692) | (995,331) | +22.5% | | Gross Profit | 241,848 | 228,250 | +6.0% | | Net Other Income | 1,430 | 6,164 | -76.8% | | Operating Profit | 47,908 | 50,033 | -4.2% | | Profit for the Period | 19,093 | 20,248 | -5.7% | | Profit Attributable to Equity Holders of the Company | 15,429 | 18,610 | -17.2% | | Basic and Diluted EPS (HK Cents) | 5.3 | 6.4 | -17.1% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's H1 2025 total comprehensive income significantly increased, driven by positive exchange differences from overseas subsidiaries and associates, reversing a prior period negative trend Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Profit for the Period | 19,093 | 20,248 | | Exchange Differences on Translation | 27,796 | (14,233) | | Total Comprehensive Income for the Period | 46,645 | 6,097 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 41,152 | 6,253 | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets and net current assets increased due to higher receivables and contract assets, reflecting improved financial health Consolidated Statement of Financial Position Summary (As of June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Non-current Assets | 490,033 | 474,324 | | Current Assets | 1,261,428 | 1,126,464 | | Current Liabilities | 1,099,554 | 982,521 | | Net Current Assets | 161,874 | 143,943 | | Total Assets Less Current Liabilities | 651,907 | 618,267 | | Net Assets | 582,858 | 548,458 | | Total Equity | 582,858 | 548,458 | [Notes to the Consolidated Financial Statements](index=6&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Principal Accounting Policies](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This interim financial report is prepared under **HKAS 34**, using consistent accounting policies with 2024 annual statements, and **HKAS 21 (Revised)** had no material impact - The interim financial report is prepared in accordance with **HKAS 34** and reviewed by **KPMG**[10](index=10&type=chunk)[11](index=11&type=chunk) - **HKAS 21 (Revised)**, "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," has been applied but has no material impact on this interim report[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's H1 2025 total revenue reached **HKD 1,461.5 million**, primarily from air and ocean freight, with Mainland China, Italy, and Hong Kong as key geographical contributors Revenue from Contracts with Customers by Major Service Items (HKD Thousand) | Service Item | 2025 | 2024 | | :--- | :--- | :--- | | Air Freight Forwarding Services | 627,359 | 503,592 | | Ocean Freight Forwarding Services | 424,718 | 308,940 | | Distribution and Logistics Services | 154,515 | 184,659 | | Cruise Logistics Services | 254,948 | 226,390 | | **Total** | **1,461,540** | **1,223,581** | Revenue from Customers by Geographical Location (HKD Thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 284,883 | 258,302 | | Mainland China | 333,627 | 252,615 | | Italy | 349,739 | 303,858 | | Taiwan | 64,087 | 59,389 | | United States | 240,114 | 224,835 | | Other Countries | 189,090 | 124,582 | | **Total** | **1,461,540** | **1,223,581** | - Revenue from air freight forwarding, ocean freight forwarding, and cruise logistics services is recognized over time, while revenue from distribution and logistics services is recognized at a point in time when the services are provided[15](index=15&type=chunk)[16](index=16&type=chunk) [Profit Before Tax](index=10&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) The Group's H1 2025 profit before tax was **HKD 37.9 million**, a slight decrease, with lower finance costs but stable depreciation and amortization expenses Components of Profit Before Tax (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance Costs | 11,770 | 12,983 | | Interest on Bank Loans and Overdrafts | 9,859 | 10,384 | | Interest on Lease Liabilities | 1,818 | 2,599 | | Depreciation — Property, Plant and Equipment | 14,011 | 14,505 | | Depreciation — Right-of-use Assets | 30,965 | 38,081 | | Amortisation of Intangible Assets | 206 | 209 | | Reversal of Provision for Expected Credit Losses on Trade Receivables | (181) | — | - As of June 30, 2025, amounts payable to the DP World Group include an unsecured loan of **HKD 20,223,000**, bearing interest at **6.54% per annum** and repayable on demand[26](index=26&type=chunk) [Income Tax in Consolidated Statement of Profit or Loss](index=11&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E4%B8%AD%E7%9A%84%E6%89%80%E5%BE%97%E7%A8%85) The Group's H1 2025 total income tax was **HKD 18.8 million**, consistent with the prior year, with Hong Kong profits tax at **16.5%** and overseas taxes including withholding taxes in Taiwan and France Components of Income Tax (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax — Hong Kong Profits Tax | 2,085 | 1,855 | | Current Tax — Outside Hong Kong | 18,151 | 16,499 | | Withholding Tax on Distributable Profits of Subsidiaries | 2,258 | 1,981 | | Deferred Tax | (3,673) | (1,502) | | **Total** | **18,821** | **18,833** | - Hong Kong profits tax rate is **16.5%**, while withholding tax rates in Taiwan and France are **21%** and **10%**, respectively[28](index=28&type=chunk)[29](index=29&type=chunk) [Earnings Per Share](index=11&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) The Group's H1 2025 basic EPS was **HKD 0.053**, down from **HKD 0.064** last year, with diluted EPS remaining identical due to no dilutive shares Earnings Per Share Calculation (HK Cents) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (HKD Thousand) | 15,429 | 18,610 | | Weighted Average Number of Ordinary Shares in Issue (Thousand Shares) | 292,692 | 292,692 | | Basic and Diluted EPS (HK Cents) | 5.3 | 6.4 | [Dividends](index=12&type=section&id=%E8%82%A1%E6%81%AF) The Group's subsidiaries declared and paid **HKD 12.3 million** in dividends to non-controlling interests in H1 2025, a significant increase year-on-year Dividends Paid to Non-controlling Interests (HKD Thousand) | Period | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Dividends Paid | 12,295 | 5,489 | [Goodwill](index=12&type=section&id=%E5%95%86%E8%AD%BD) As of June 30, 2025, the Group's total goodwill was **HKD 227.3 million**, mainly allocated to Taiwan air freight and Allport Cruise logistics, affected by exchange adjustments Goodwill Allocation (HKD Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | As at January 1 | 222,224 | 224,762 | | Exchange Adjustments | 5,077 | (2,538) | | End of Period/Year | 227,301 | 222,224 | | Air Freight Forwarding Business — Taiwan | 24,104 | 21,188 | | Cruise Logistics Business — Allport Cruise Group | 203,197 | 201,036 | [Loans Receivable](index=12&type=section&id=%E6%87%89%E6%94%B6%E8%B2%B8%E6%AC%BE) As of June 30, 2025, loans receivable include an unsecured **USD 1,750,000** employee loan at **5% annual interest**, repayable by August 31, 2029 - As of June 30, 2025, the balance of loans receivable was **HKD 13,636,000**, primarily an **USD 1,750,000** loan provided to an employee[34](index=34&type=chunk) - This employee loan is unsecured, bears interest at **5% per annum**, and is repayable in five equal annual installments of one-fifth of the loan balance plus accrued interest by August 31, 2029[34](index=34&type=chunk) - A loan of **HKD 2,800,000** provided to a director as of December 31, 2024, was settled in March 2025[35](index=35&type=chunk) [Trade and Other Receivables and Contract Assets](index=13&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%90%88%E7%B4%84%E8%B3%87%E7%94%A2) As of June 30, 2025, total trade and other receivables and contract assets increased to **HKD 921.1 million**, with trade receivables mostly due within one month Ageing Analysis of Trade Receivables (HKD Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 469,275 | 432,883 | | 1 to 2 months | 85,999 | 63,671 | | 2 to 3 months | 46,863 | 25,111 | | Over 3 months | 15,041 | 13,249 | | **Total Trade Receivables** | **617,178** | **534,914** | | Other Receivables, Prepayments and Deposits | 111,689 | 107,179 | | **Total Contract Assets** | **192,226** | **153,233** | | **Total** | **921,093** | **795,326** | - Contract assets primarily represent unbilled amounts from freight forwarding contracts where revenue recognition exceeds amounts billed[37](index=37&type=chunk) [Trade and Other Payables and Contract Liabilities](index=14&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%90%88%E7%B4%84%E8%B2%A0%E5%80%B5) As of June 30, 2025, total trade and other payables and contract liabilities increased to **HKD 432.8 million**, with trade payables mostly due within one month Ageing Analysis of Trade Payables (HKD Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 270,354 | 228,272 | | 1 to 3 months | 57,004 | 68,235 | | Over 3 months | 14,779 | 11,832 | | **Total Trade Payables** | **342,137** | **308,339** | | Other Payables and Accruals | 69,564 | 77,487 | | **Total Contract Liabilities** | **21,147** | **20,756** | | **Total** | **432,848** | **406,582** | - Contract liabilities represent amounts billed to customers for certain freight forwarding contracts before service performance at the end of the reporting period[38](index=38&type=chunk) [Share Capital](index=14&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company had **300,489,000 ordinary shares** in issue, with a par value of **USD 0.001 per share**, unchanged from December 31, 2024 - The Company has **300,489,000 ordinary shares** in issue, with a par value of **USD 0.001 per share**[40](index=40&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group, specializing in high-end logistics, saw H1 2025 revenue grow **19.4%**, but profit attributable to equity holders decreased **17.2%** due to cruise logistics changes and project delays - The Group operates **28 branch offices** in **16 countries and regions** globally, collaborating with over **100 business partners** to cover more than **100 countries** worldwide[41](index=41&type=chunk) - The global air cargo industry demonstrated robust growth despite complex geopolitical challenges, primarily driven by e-commerce demand[41](index=41&type=chunk) Key Financial Data from Business Review (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Profit Attributable to Equity Holders of the Company | 15.4 | 18.6 | -17.2% | [Geographical Analysis — Greater China](index=15&type=section&id=%E5%9C%B0%E5%8D%80%E5%88%86%E6%9E%90%20%E2%80%94%20%E5%A4%A7%E4%B8%AD%E8%8F%AF%E5%8D%80) Greater China revenue grew **21.1%** to **HKD 618.5 million**, driven by increased business volume and surging e-commerce demand, particularly via Cargo Services Express Greater China Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | China and Hong Kong | 618.5 | 510.9 | +21.1% | [Geographical Analysis — Europe](index=16&type=section&id=%E5%9C%B0%E5%8D%80%E5%88%86%E6%9E%90%20%E2%80%94%20%E6%AD%90%E6%B4%B2) European market revenue grew **15.1%** to **HKD 349.7 million**, driven by increased volume, strong luxury demand, and rapid e-commerce expansion, especially in air freight and last-mile delivery Europe Region Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Italy | 349.7 | 303.9 | +15.1% | [Geographical Analysis — Southeast Asia](index=16&type=section&id=%E5%9C%B0%E5%8D%80%E5%88%86%E6%9E%90%20%E2%80%94%20%E6%9D%B1%E5%8D%97%E4%BA%9E) The Group saw continuous growth in Southeast Asia, with Vietnam and Indonesia revenues up **64.1%** and **26.8%** respectively, benefiting from RCEP and "China+1" strategies Southeast Asia Region Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Vietnam | 52.3 | - | +64.1% | | Indonesia | 8.6 | - | +26.8% | [Cargo Services Express: New Partnerships, Expanded Reach, and Volume Growth](index=16&type=section&id=Cargo%20Services%20Express%3A%20New%20Partnerships%2C%20Expanded%20Reach%2C%20and%20Volume%20Growth) Cargo Services Express revenue reached **HKD 246.1 million**, a **178.6% YoY increase**, driven by expanded partnerships with Chinese e-commerce platforms into more European and African cities Cargo Services Express Revenue (HKD Million) | Indicator | H1 2025 | YoY Change (%) | | :--- | :--- | :--- | | Cargo Services Express Revenue | 246.1 | +178.6% | - Cargo Services Express has successfully expanded its service scope with major Chinese e-commerce platforms, providing freight forwarding, customs clearance, and last-mile delivery services to more cities in European and African countries[46](index=46&type=chunk) [Steady Global Tourism Recovery Benefits Cruise Logistics Business](index=17&type=section&id=Steady%20Global%20Tourism%20Recovery%20Benefits%20Cruise%20Logistics%20Business) Cruise logistics revenue grew **12.6%** to **HKD 254.9 million** due to tourism recovery, but US "reciprocal tariffs" delayed upgrades, impacting profit margins Cruise Logistics Segment Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cruise Logistics Revenue | 254.9 | 226.4 | +12.6% | - US "reciprocal tariffs" led some cruise operators to postpone major upgrade and renovation projects, impacting the profit margins of the cruise logistics business[48](index=48&type=chunk) [Financial Performance](index=17&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) The Group's H1 2025 revenue grew **19.4%** to **HKD 1,461.5 million**, gross profit increased **6.0%** to **HKD 241.8 million**, but **EBITDA decreased to HKD 93.6 million** Financial Performance Overview (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Gross Profit | 241.8 | 228.3 | +6.0% | | EBITDA | 93.6 | 104.9 | -10.8% | [Segment Analysis](index=17&type=section&id=%E5%88%86%E9%83%A8%E5%88%86%E6%9E%90) The Group's main segments are air freight, ocean freight, cruise logistics, and distribution; air freight is largest, ocean freight saw significant growth, cruise logistics grew steadily, while distribution declined due to a weak Chinese luxury market - The Group is primarily engaged in providing freight forwarding services (including air and ocean freight forwarding services), cruise logistics, and distribution and logistics services[50](index=50&type=chunk) [Air Freight Forwarding Services](index=17&type=section&id=%E7%A9%BA%E9%81%8B%E4%BB%A3%E7%90%86%E6%9C%8D%E5%8B%99) Air freight forwarding, the Group's largest segment, grew **24.6%** to **HKD 627.4 million** in H1 2025, accounting for **42.9% of total revenue**, driven by Cargo Services Express's e-commerce logistics Air Freight Forwarding Services Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Air Freight Forwarding Revenue | 627.4 | 503.6 | +24.6% | | % of Total Revenue | 42.9% | 41.2% | +1.7 percentage points | | Cargo Services Express E-commerce Logistics Solutions Revenue Growth | 157.8 | - | - | - The Group is one of the few specialized companies providing freight forwarding services for wine exports from France and the UK to Hong Kong[51](index=51&type=chunk) [Ocean Freight Forwarding Services](index=18&type=section&id=%E6%B5%B7%E9%81%8B%E4%BB%A3%E7%90%86%E6%9C%8D%E5%8B%99) Ocean freight forwarding revenue grew **37.5%** to **HKD 424.7 million**, with gross profit up **74.0%** to **HKD 90.3 million**, driven by rising freight rates, increased demand, and new client partnerships Ocean Freight Forwarding Services Financial Data (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Ocean Freight Forwarding Revenue | 424.7 | 308.9 | +37.5% | | Gross Profit | 90.3 | 51.9 | +74.0% | - The increase in revenue and gross profit was primarily due to rising ocean freight rates, increased local demand from existing customers for tire products, luxury raw materials, and tableware, and a significant increase in export shipments from a growing number of factories in Vietnam and Indonesia[53](index=53&type=chunk) - The Group's Japan branch began collaborating with a leading international automotive brand, expanding its customer base[53](index=53&type=chunk) [Cruise Logistics](index=18&type=section&id=%E9%83%B5%E8%BC%AA%E7%89%A9%E6%B5%81) Cruise logistics revenue grew **12.6%** to **HKD 254.9 million**, providing freight forwarding for the cruise industry, including dry-dock transport and provisioning across multiple global cities Cruise Logistics Segment Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cruise Logistics Revenue | 254.9 | 226.4 | +12.6% | [Distribution and Logistics Services](index=19&type=section&id=%E9%85%8D%E9%80%81%E5%8F%8A%E7%89%A9%E6%B5%81%E6%9C%8D%E5%8B%99) Distribution and logistics revenue fell **16.4%** to **HKD 154.5 million**, with gross profit down **45.8%** to **HKD 7.7 million**, mainly due to weak Chinese luxury demand Distribution and Logistics Services Financial Data (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Distribution and Logistics Revenue | 154.5 | 184.7 | -16.4% | | Gross Profit | 7.7 | 14.2 | -45.8% | | % of Total Revenue | 10.6% | 15.1% | -4.5 percentage points | - The decrease in revenue and gross profit was primarily due to reduced domestic demand for luxury goods in China and a weaker-than-expected Chinese luxury market[56](index=56&type=chunk) - The Group manages and operates **33 distribution centers** with a total gross floor area of approximately **1,063,000 square feet**, offering specialized warehousing, logistics, and other value-added services like wine distribution[55](index=55&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=19&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Group's working capital increased to **HKD 161.9 million** as of June 30, 2025, with a current ratio of **1.15**, significantly increased operating cash inflow, and an improved gearing ratio of **-24.3%**, maintaining a net cash position Liquidity and Capital Structure Indicators (HKD Million) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Working Capital | 161.9 | 143.9 | | Current Ratio | 1.15 | 1.15 | | Cash and Cash Equivalents | 263.7 | 255.0 | | Operating Cash Inflow | 49.5 | 15.0 | | Outstanding Bank Loans and Overdrafts | 363.3 | 384.1 | | Gearing Ratio | -24.3% | 35.2% | - The Group maintains a net cash position and will continue to secure financing as needed[58](index=58&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group faces foreign exchange risk from multiple currencies, with **RMB fluctuations** having the most significant impact, and does not engage in specific hedging or speculative transactions - The Group's borrowings and cash and cash equivalents are primarily denominated in **RMB, USD, HKD, and EUR**[59](index=59&type=chunk) - As the HKD is pegged to the USD, the Group's operations are primarily affected by **RMB fluctuations**[59](index=59&type=chunk) - The Group does not maintain any specific hedging policies or foreign currency forward contracts for foreign exchange risk and does not engage in speculative trading of debt securities or financial derivatives[59](index=59&type=chunk) [Material Investments](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group held **no material investments** during the reporting period - The Group held **no material investments** during the reporting period[60](index=60&type=chunk) [Capital Commitments](index=21&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had **no significant capital commitments** contracted but not provided for - The Group had **no significant capital commitments** contracted but not provided for as of June 30, 2025[61](index=61&type=chunk) [Contingent Liabilities](index=21&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%80%B5) As of June 30, 2025, the Company provided financial guarantees for subsidiaries' bank facilities, with a maximum liability of **HKD 331.2 million**, and has no material legal proceedings - The Company provided financial guarantees for subsidiaries' bank facilities, with a maximum liability of **HKD 331.2 million** (December 31, 2024: HKD 345.8 million)[62](index=62&type=chunk) - The Group is not involved in any existing material legal proceedings, nor is it aware of any pending or potential material legal proceedings[62](index=62&type=chunk) [Pledged Group Assets](index=21&type=section&id=%E6%8A%B5%E6%8A%BC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2) As of June 30, 2025, approximately **HKD 2.4 million** of the Group's pledged bank deposits were used for certain bank guarantees - Approximately **HKD 2.4 million** (December 31, 2024: HKD 2.3 million) of the Group's pledged bank deposits were used for certain bank guarantees[63](index=63&type=chunk) [Events After Reporting Period](index=21&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No material events affecting the Group have occurred from the end of the reporting period up to the date of this announcement - No material events affecting the Group have occurred from the end of the reporting period up to the date of this announcement[64](index=64&type=chunk) [Material Acquisitions or Disposals of Subsidiaries and Associates](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8) There were **no material acquisitions or disposals** of the Company's subsidiaries or associates during the reporting period - There were **no material acquisitions or disposals** of the Company's subsidiaries or associates during the reporting period[65](index=65&type=chunk) [Use of Proceeds](index=21&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The Company raised **HKD 35.6 million** from a May 2021 share subscription; **HKD 7.7 million** was used for expansion, with **HKD 19.7 million** remaining for use by June 2, 2026 Use of Net Proceeds from Share Subscription (HKD Million) | Item | Net Proceeds | Unutilized Amount as at January 1, 2025 | Amount Utilized During the Reporting Period | Unutilized Amount as at June 30, 2025 | Expected Timeline for Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Expansion of business and local presence in Hainan, Southeast Asia, and the UK | 35.6 | 27.4 | 7.7 | 19.7 | By June 2, 2026 | - There were no material changes in the use of proceeds, consistent with the Company's previously disclosed intentions[68](index=68&type=chunk) [Outlook](index=22&type=section&id=%E5%89%8D%E6%99%AF) [Prospects](index=22&type=section&id=%E5%B1%95%E6%9C%9B) Despite geopolitical tensions, the Group is optimistic about global logistics recovery, planning organic growth and market position enhancement through new verticals, e-commerce partnerships, and synergies with DP World - The Group plans to expand into the aerospace industry, having established a dedicated logistics team and providing services to the largest aviation and engineering companies in China, Singapore, and Taiwan[69](index=69&type=chunk)[70](index=70&type=chunk) - Cargo Services Express will strengthen e-commerce platform collaborations, having partnered with several globally renowned platforms to expand freight forwarding, customs clearance, and last-mile delivery services from China to South Africa, Algeria, and the UK[71](index=71&type=chunk) - The Group will enhance synergies with its controlling shareholder, **DP World**, leveraging its global network to provide more comprehensive services and gain new client referrals[72](index=72&type=chunk) [Human Resources](index=23&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) [Human Resources Overview](index=23&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E6%A6%82%E6%B3%81) As of June 30, 2025, the Group employed **883 staff** with **HKD 172.0 million** in employee costs, utilizing share option and award schemes to reward contributors and providing regular training Human Resources Data | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 883 | 823 | | Employee Costs (HKD Thousand) | 172,021 | 166,624 | - The Company has adopted a share option scheme and a share award scheme to reward eligible participants who contribute to the Group's business achievements[73](index=73&type=chunk)[74](index=74&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=24&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) [Listed Securities Transaction Status](index=24&type=section&id=%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%83%85%E6%B3%81) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the Company held **no treasury shares** as of June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[75](index=75&type=chunk) - As of June 30, 2025, the Company held **no treasury shares**[75](index=75&type=chunk) [Interim Dividend](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) [Declaration of Interim Dividend](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%AE%A3%E6%B4%BE) The Board declared an interim dividend of **HKD 0.01 per ordinary share**, totaling **HKD 3,004,890**, payable on October 30, 2025, to shareholders registered on October 8, 2025 - The Board has declared an interim dividend of **HKD 0.01 per ordinary share** for the reporting period, with a total dividend amount of **HKD 3,004,890**[76](index=76&type=chunk) - The proposed interim dividend is expected to be paid on **October 30, 2025**, to shareholders whose names appear on the Company's register of members on **October 8, 2025**[76](index=76&type=chunk) [Closure of Register of Members](index=24&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) [Share Transfer Registration Arrangements](index=24&type=section&id=%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E5%AE%89%E6%8E%92) To determine interim dividend eligibility, share transfer registration will be suspended from **October 3 to October 8, 2025**, requiring shareholders to register transfers by **4:30 p.m. on October 2, 2025** - Share transfer registration will be suspended from **Friday, October 3, 2025, to Wednesday, October 8, 2025**[77](index=77&type=chunk) - To qualify for the interim dividend, all share transfer documents must be lodged with the Company's Hong Kong share registrar by **4:30 p.m. (Hong Kong time) on Tuesday, October 2, 2025**[77](index=77&type=chunk) [Corporate Governance Practices](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) [Compliance with Corporate Governance Code](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99%E9%81%B5%E5%AE%88%E6%83%85%E6%B3%81) The Company adopted and complied with the Corporate Governance Code in **Appendix C1 Part 2 of the Listing Rules** during the reporting period, with the Board reviewing its corporate governance - The Company has adopted the code provisions of the Corporate Governance Code set out in **Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited**[78](index=78&type=chunk) - The Board has reviewed the Company's corporate governance and is satisfied that the Company has complied with the code provisions of the Corporate Governance Code during the reporting period[78](index=78&type=chunk) [Standard Code for Securities Transactions by Directors](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) [Directors' Securities Dealing Code](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E8%A1%8C%E7%82%BA%E5%AE%88%E5%88%99) The Company established a directors' securities dealing code, with terms no less exacting than **Appendix C3 of the Listing Rules**, and all directors confirmed compliance during the reporting period - The Company has adopted its own code of conduct for directors' dealings in the Company's securities, with terms no less exacting than the **Standard Code for Securities Transactions by Directors of Listed Issuers** as set out in **Appendix C3 of the Listing Rules**[79](index=79&type=chunk) - Following specific enquiries with all Directors, they confirmed compliance with the Securities Dealing Code and the Standard Code throughout the reporting period[79](index=79&type=chunk) [Audit Committee](index=25&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) [Audit Committee Responsibilities](index=25&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E8%81%B7%E8%B2%AC) The Audit Committee, composed of three independent non-executive directors, reviewed the Group's unaudited consolidated financial results, including accounting principles, financial reporting, and risk management - The Audit Committee comprises three independent non-executive directors: **Mr. Lam Hing Lun, Alain** (Chairman), **Mr. Chan Chun Hung** and **Mr. Chun Chi Ming**[80](index=80&type=chunk) - The Audit Committee has reviewed the Group's unaudited consolidated financial results for the reporting period and discussed accounting principles, financial reporting systems, and risk management and internal control systems[80](index=80&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=25&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) [Announcement and Report Publication Channels](index=25&type=section&id=%E5%85%AC%E5%91%8A%E5%8F%8A%E5%A0%B1%E5%91%8A%E5%88%8A%E7%99%BC%E6%B8%A0%E9%81%93) This interim results announcement is published on the **Stock Exchange** and the Company's website; the interim report will be provided to shareholders and published on both platforms in due course - This interim results announcement is published on the **Stock Exchange** and the Company's website[81](index=81&type=chunk) - The interim report will be provided to the Company's shareholders in due course in accordance with the Listing Rules and published on the **Stock Exchange** and the Company's website[81](index=81&type=chunk) [By Order of the Board](index=25&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) [Board of Directors Composition](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1) This announcement is issued by **Mr. Lau Shek Yau**, Chairman and Executive Director; the Board comprises five executive, one non-executive, and four independent non-executive directors - This announcement is issued by **Mr. Lau Shek Yau**, Chairman and Executive Director[82](index=82&type=chunk) - The Board comprises Executive Directors **Mr. Lau Shek Yau**, **Mr. Ngan Tim Wing**, **Ms. Chan Nga Man**, **Ms. Augusta Morandin**, and **Mr. Fabio Di Nello**; Non-executive Director **Mr. Zissis Jason Varsamidis**; and Independent Non-executive Directors **Mr. Lam Hing Lun, Alain**, **Mr. Chan Chun Hung**, **Mr. Chun Chi Ming**, and **Mr. Roussel Christophe Albert Jean**[82](index=82&type=chunk)

Core Viewpoint - 嘉泓物流 (02130.HK) is scheduled to hold a board meeting on August 25, 2025, to approve the release of its unaudited consolidated interim results for the six months ending June 30, 2025, and to consider the distribution of an interim dividend, if any [1] Group 1 - The board meeting will take place on August 25, 2025 [1] - The agenda includes the approval of the unaudited consolidated interim results [1] - The company will consider the distribution of an interim dividend [1]

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。 承董事會命 嘉泓物流國際控股有限公司 主席兼執行董事 劉石佑 香港，2025年8月13日 於本公告日期，董事會由執行董事劉石佑先生、顏添榮先生、陳雅雯女士、 Augusta Morandin女士及Fabio Di Nello先生；非執行董事Zissis Jason Varsamidis先生；及獨立非執行董事林慶麟先生、陳鎮洪先生、秦治民先生及 Roussel Christophe Albert Jean先生組成。 CN Logistics International Holdings Limited 嘉泓物流國際控股有限公司 （於開曼群島註冊成立的有限公司） （「本公司」） （股份代號：2130） 董事會會議召開日期 本公司之董事會（「董事會」）謹此宣佈，本公司將2025年8月25日（星期一）舉行董事 會會議，其中議程包括批准刊發本公司及其附屬公司截至2025年6月30日止六個月 之未經審核綜合中期業績 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 嘉泓物流國際控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02130 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.001 | USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.001 | USD | | 50,000,000 | | 1. ...

Financial Performance - The company achieved a revenue of HKD 2,745.5 million for the fiscal year 2024, representing a year-on-year growth of 30.5%[13] - EBITDA increased by 53.6% to HKD 207.4 million, indicating a significant recovery in profitability[13] - In the fiscal year 2024, the company achieved a revenue of approximately HKD 2,745.5 million, representing a year-on-year growth of 30.5% compared to HKD 2,104.0 million in fiscal year 2023[21] - The company's EBITDA for fiscal year 2024 was approximately HKD 207.4 million, an increase of about 53.6% from HKD 135.1 million in fiscal year 2023, primarily due to a rebound in business operations[21] - The air freight agency business generated revenue of approximately HKD 1,178.6 million in fiscal year 2024, a 40.2% increase from HKD 840.5 million in fiscal year 2023[34] - The company's operations in China contributed revenue of HKD 638.1 million, reflecting a 32.0% increase from HKD 483.3 million in fiscal year 2023, driven by rising freight rates and increased air freight volumes[23] - The Italian office's revenue increased significantly by 56.9% to HKD 708.7 million in fiscal year 2024, up from HKD 451.6 million in fiscal year 2023[24] - The company's new branch, 嘉泓快递, generated approximately HKD 315.2 million in its first year of operation[29] - The cruise logistics segment contributed revenue of HKD 430.2 million, showing a stable year-on-year growth of 11.4% from HKD 386.4 million in fiscal year 2023[30] - The company's Vietnam office reported revenue of HKD 88.0 million, a growth of approximately 59.0% compared to the previous fiscal year[26] - The revenue from the shipping agency business for FY2024 was approximately HKD 780.4 million, an increase of about 64.4% compared to FY2023's HKD 474.7 million, with gross profit rising by approximately 92.5% to HKD 180.1 million[35] - The revenue from the cruise logistics segment for FY2024 was approximately HKD 430.3 million, an increase of about 11.4% from FY2023's HKD 386.4 million, while gross profit decreased to HKD 129.2 million from HKD 141.9 million[37] - The revenue from the wine distribution and logistics segment for FY2024 was approximately HKD 356.2 million, a decrease from FY2023's HKD 402.4 million, with gross profit declining by about 15.9% to approximately HKD 46.0 million[39] Strategic Initiatives - A new e-commerce logistics solution was launched targeting outbound logistics demand from Hong Kong and mainland China, integrating local transport, international freight forwarding, customs clearance, warehousing, and last-mile delivery services[13] - The acquisition of a major stake by DP World, a multinational logistics company based in Dubai, enhances the company's operational capabilities and financial strength[14][15] - Future strategies include expanding business through new office openings and leveraging DP World's network, as well as deploying automation and AI technologies to improve operational efficiency[16] - The company aims to explore new verticals for sustainable growth while reinforcing its existing business[16] - The logistics industry is expected to present new opportunities as the most challenging periods are gradually receding[16] - The company is optimistic about opportunities in the Southeast Asian market and is steadily increasing investments in the region to enhance scalability and profitability[28] - The partnership with DP World, which became a controlling shareholder in August 2024, is a strategic milestone aimed at expanding market presence and enhancing service excellence[57] Sustainability and Corporate Responsibility - The company is committed to sustainable development and green supply chain initiatives, actively promoting green logistics measures to reduce carbon footprint[15] - The company emphasizes its commitment to corporate social responsibility and environmental practices throughout its operations[15] - The company is committed to environmental protection and continues to implement energy-saving and emission reduction projects to improve environmental management[157] Shareholder Returns - The company plans to distribute a final dividend of HKD 0.01 per ordinary share to reward shareholders for their unwavering support[13] - The board proposed a final dividend of HKD 0.01 per share for the fiscal year 2024, totaling HKD 3,004,890, pending shareholder approval[61] - The company reported a final dividend of HKD 0.01 per ordinary share for the fiscal year 2024, totaling HKD 3,004,890, consistent with the previous fiscal year[85] - The board of directors emphasizes a stable and sustainable return for shareholders as a key objective in its dividend policy[86] Financial Position and Risks - As of December 31, 2024, the company's operating cash flow was approximately HKD 58.8 million, down from approximately HKD 100.0 million in FY2023[41] - The company's current ratio as of December 31, 2024, was 1.15, an improvement from 1.00 on December 31, 2023, with operating capital at approximately HKD 143.9 million compared to a negative HKD 3.0 million in the previous year[40] - The company's total bank loans and overdrafts as of December 31, 2024, were approximately HKD 384.1 million, an increase from approximately HKD 320.9 million on December 31, 2023[41] - The capital debt ratio as of December 31, 2024, was approximately 35.2%, up from 18.1% on December 31, 2023[41] - The company faced foreign exchange risks primarily from fluctuations in the Renminbi and Euro, with no specific hedging policies in place[42] Governance and Management - The company views employees as its most valuable asset and maintains good working relationships, with no labor disputes reported for the fiscal year 2024[92] - The company has established compliance and risk management policies, ensuring adherence to significant legal and regulatory requirements for fiscal year 2024[93] - The roles of the Chairman and CEO are held by different individuals to ensure balanced power and perspective, with Liu Shiyou as Chairman and Yan Tianrong as CEO[172] - The board of directors has complied with the requirement of having at least three independent non-executive directors, constituting at least one-third of the board[170] - The company has adopted share option and share award plans to provide incentives and rewards to selected participants, including designated employees[160] - The company has established a securities trading code that meets or exceeds standard requirements, with all directors confirming compliance during the fiscal year 2024[180] - The company has implemented an independent opinion mechanism to improve the efficiency and performance of the board[183] - The audit committee's responsibilities include reviewing the financial reporting system, internal controls, and risk management systems[199] Related Party Transactions - The DP World Group General Agency Agreement is effective from August 29, 2024, to December 31, 2026, with DP World being a related party due to its status as a major shareholder[146] - Independent non-executive directors have confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms[149] - The auditor has confirmed compliance with the disclosure requirements under the listing rules regarding related party transactions for the fiscal year 2024[150] - No significant contracts were entered into with the controlling shareholder or its subsidiaries during the fiscal year 2024, aside from those disclosed in the financial statements[152] Employee and Director Information - Employee costs for the fiscal year 2024 were approximately HKD 339.2 million, up from HKD 328.6 million in the previous fiscal year, with a workforce increase to 861 employees[59] - Ms. Chen has over 20 years of experience in sales and marketing within the freight forwarding industry, having joined the group in October 2001[64] - Ms. Morandin has over 40 years of experience in the Italian freight forwarding industry and was appointed as an executive director on December 22, 2021[66] - Mr. Di Nello has over 30 years of experience in the Italian freight forwarding industry and has been with the group since May 2012[67] - Mr. Varsamidis was appointed as a non-executive director on September 5, 2024, and has nearly 30 years of experience in financial management[68] - Mr. Lin has over 30 years of experience in accounting and finance and has been an executive director of Oriental Watch Holdings Limited since April 2003[70] - Mr. Chan has over 30 years of experience in private equity management and has been a partner at Hong Kong Sky Horizon Ventures since August 2024[72] Committees and Board Activities - The board has established five committees, including the remuneration committee and nomination committee, to oversee specific matters[184] - The remuneration committee is responsible for recommending the company's remuneration policies and structures to the board[185] - The nomination committee evaluates the board's structure and composition annually to align with the company's corporate strategy[189] - The audit committee held two meetings during the fiscal year 2024, reviewing the annual financial statements and interim financial reports[195] - The governance committee reviews compliance with legal and regulatory requirements, as well as the effectiveness of shareholder communication policies[198]

Financial Performance - The company recorded a revenue growth of approximately 30.5%, increasing from HKD 2,104.0 million in FY2023 to HKD 2,745.5 million in FY2024[2] - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 53.6%, rising from HKD 135.1 million in FY2023 to HKD 207.5 million in FY2024[2] - The freight forwarding business saw a revenue increase of about 40.4%, growing from HKD 1,701.6 million in FY2023 to approximately HKD 2,389.3 million in FY2024[2] - The net profit for FY2024 was HKD 31.967 million, a decrease from HKD 48.247 million in FY2023[4] - Basic and diluted earnings per share for FY2024 were both HKD 0.109, down from HKD 0.165 in FY2023[3] - The company reported a total comprehensive income of HKD 8.624 million for FY2024, significantly lower than HKD 47.397 million in FY2023[4] - The profit before tax for 2024 is HKD 32,009,000, a decrease from HKD 48,278,000 in 2023, representing a decline of approximately 33.9%[32] - The total tax expense for 2024 is HKD 50,899,000, significantly higher than HKD 24,128,000 in 2023, indicating an increase of about 111%[26] Assets and Liabilities - Total assets less current liabilities increased to HKD 618.267 million in FY2024 from HKD 513.334 million in FY2023[5] - The company's net asset value rose to HKD 548.458 million in FY2024, compared to HKD 413.497 million in FY2023[6] - The company's cash and cash equivalents decreased slightly to HKD 255.023 million in FY2024 from HKD 260.279 million in FY2023[5] - Trade receivables, net of loss provisions, increased to HKD 534.9 million in 2024 from HKD 373.2 million in 2023[46] - The company's trade payables rose to HKD 308.3 million in 2024, up from HKD 236.1 million in 2023[51] - Total specific non-current assets decreased to HKD 453,053,000 in 2024 from HKD 495,136,000 in 2023, a decline of about 8.5%[24] Operational Highlights - The air freight segment generated external sales of HKD 1,178,575,000 in 2024, up from HKD 840,497,000 in 2023, marking an increase of about 40.2%[20][22] - Revenue from external customers in mainland China increased to HKD 638,139,000 in 2024, up from HKD 483,296,000 in 2023, reflecting a growth of about 32.2%[24] - The Italy office's revenue surged by 56.9% to HKD 708.7 million in FY2024, benefiting from improved economic conditions and increased business volume[63] - The Vietnam office reported revenue of HKD 88.0 million, a growth of approximately 59.0% in FY2024, primarily from textile exports to the U.S.[64] - The newly launched Jia Hong Express generated approximately HKD 315.2 million in revenue in its first operational year[65] - The cruise logistics segment contributed revenue of HKD 430.2 million, reflecting a stable year-on-year growth of 11.4%[66] Expenses and Costs - The company’s administrative and other operating expenses increased to HKD 423,379,000 in 2024 from HKD 392,893,000 in 2023, reflecting a rise of approximately 7.8%[20][22] - Employee costs rose to HKD 339,199,000 in 2024, up from HKD 328,592,000 in 2023, reflecting an increase of approximately 3.9%[25] - The financing costs for the year were HKD 27,069,000, up from HKD 22,558,000 in the previous year, indicating an increase of approximately 20.5%[20][22] - The depreciation expense for property, plant, and equipment in 2024 is HKD 29,073,000, compared to HKD 28,559,000 in 2023, reflecting an increase of about 1.8%[25] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.01 per share for FY2024, consistent with FY2023[2] - The board proposed a final dividend of HKD 0.01 per share for the fiscal year 2024, totaling HKD 3,004,890, pending shareholder approval[95] - The group will suspend share transfer registration from May 26 to May 29, 2025, to determine eligibility for voting at the annual general meeting[96] Strategic Developments - The company operates in 16 countries and regions, including China, the United States, and various European countries, and has partnerships with over 100 business partners globally[59] - A strategic alliance with DP World, which became the group's controlling shareholder in August 2024, aims to enhance market presence and operational efficiency[92] - The group is expanding into new verticals, including the delivery of aviation and automotive parts in Europe, leveraging expertise and global networks for sustainable growth[91] Market Outlook - The group maintains a cautiously optimistic outlook for the business environment, expecting global economic growth of 3.3% in 2025 and 2026, slightly above 3.2% in 2024[87] - The Southeast Asian market is projected to grow by 4.5% in 2024 and 4.7% in 2025, driven by resilient domestic and foreign demand[88] - The cruise tourism market is expected to grow from $6.96 billion in 2024 to $7.62 billion in 2025, prompting the group to invest in dedicated infrastructure at major cruise ports[90] Governance and Reporting - The board of directors consists of executive directors Liu Shiyou, Yan Tianrong, Chen Yawen, Augusta Morandin, and Fabio Di Nello, along with non-executive and independent directors[101] - The annual report for the fiscal year 2024 will be published in accordance with listing rules at an appropriate time on the stock exchange and the company's website[100]

Financial Performance - For the first half of 2024, the group's revenue increased by 20.4% to HKD 1,223.6 million, compared to HKD 1,016.7 million in the same period of 2023[11] - The net profit attributable to equity shareholders rose by 41.7% to HKD 18.6 million, up from HKD 13.1 million in the first half of 2023[11] - The gross profit for the period was approximately HKD 228.3 million, reflecting an increase of 11.4% from HKD 204.9 million in the first half of 2023[17] - Operating profit increased to HKD 50,033, a rise of 38.7% from HKD 36,091 in the previous year[74] - Profit before tax was HKD 39,081, up 45.8% from HKD 26,782 in the prior period[74] - Net profit for the period was HKD 20,248, compared to HKD 13,453 in 2023, reflecting a growth of 50.5%[74] - Basic and diluted earnings per share increased to HKD 6.4, up from HKD 4.5 in the same period last year[74] Revenue Breakdown - Revenue from the Greater China region increased by 12.2% to HKD 252.6 million, with approximately HKD 72.5 million coming from e-commerce operations[12] - The Italian subsidiary's revenue grew by 20.4% to HKD 303.9 million, compared to HKD 252.3 million in the first half of 2023[13] - The air freight agency business accounted for approximately 41.2% of total revenue, with revenue of about HKD 503.6 million, a 31.9% increase from HKD 381.9 million in the same period last year[19] - The logistics and distribution segment generated revenue of approximately HKD 184.7 million, a decrease of 7.6% from HKD 199.8 million in the first half of 2023[21] - The sea freight agency segment saw revenue rise to approximately HKD 308.9 million, a 30.0% increase from HKD 237.6 million in the same period last year[22] - The cruise logistics segment reported revenue of approximately HKD 226.4 million, reflecting a growth of 14.7% from HKD 197.4 million in the first half of 2023[23] Operational Developments - The company is focusing on innovative solutions to enhance customer loyalty and operational efficiency, including the introduction of smart robotic warehouses[12] - The group has strengthened relationships with key clients in Europe, leading to an increase in logistics orders and improved business performance[15] - The overall logistics industry is stabilizing, with air and sea freight capacities recovering to pre-pandemic levels[11] - The group operates 21 local subsidiaries across 15 countries and regions, maintaining partnerships in over 100 countries[11] Market Outlook - The logistics industry is projected to grow by 3.8% in 2024, driven by increasing industrial production and consumer demand, particularly in China, the US, and India[11] - The cruise logistics market is projected to see passenger numbers increase from 31.5 million in 2023 to 39.5 million by 2027, indicating significant demand in this sector[40] Financial Position - The group's debt-to-equity ratio increased to approximately 50.3% as of June 30, 2024, up from 21.0% on December 31, 2023, due to increased bank loans and overdrafts[25] - The maximum liability under bank financing as of June 30, 2024, is HKD 348.0 million, an increase from HKD 314.7 million as of December 31, 2023[29] - Total assets as of June 30, 2024, were HKD 1,022,416, compared to HKD 898,227 at the end of 2023[81] - Current liabilities amounted to HKD 894,163, a slight decrease from HKD 901,273 at the end of 2023[81] - The company reported a total comprehensive income of HKD 6,097 for the period, compared to HKD 3,804 in 2023[78] Cash Flow and Dividends - Operating cash flow was approximately HKD -15.0 million, compared to HKD 45.6 million in operating cash inflow in the first half of 2023[25] - The company reported a net cash outflow of HKD 49,499,000 for the six months ended June 30, 2024, compared to a net outflow of HKD 6,757,000 in the prior year[91] - The board declared an interim dividend of HKD 0.02 per ordinary share, totaling HKD 600,978, expected to be paid on November 1, 2024[47] Employee and Governance - As of June 30, 2024, the group employed 823 staff, a slight decrease from 828 staff as of June 30, 2023[43] - Employee costs for the reporting period amounted to approximately HKD 166,624,000, compared to HKD 169,240,000 in the first half of 2023, reflecting a decrease of about 1.0%[43] - The company has adopted corporate governance codes in compliance with the Hong Kong Stock Exchange[64] - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting standards[66] Shareholder Information - DP World Logistics FZE has become the major shareholder, holding 57.9% of the company's issued share capital, which is expected to unlock new growth opportunities[33][42] - Mr. Liu holds a controlled interest in 173,845,222 shares, representing 57.9% of the company[51] - The company has adopted stock option and share award plans to reward eligible participants for their contributions to business achievements[43]

Financial Performance - The group recorded revenue of approximately HKD 1,223.6 million for the six months ended June 30, 2024, representing a year-on-year increase of about 20.4% compared to HKD 1,016.7 million in the first half of 2023[1]. - Profit attributable to equity shareholders was approximately HKD 18.6 million, up about 41.7% from HKD 13.1 million in the first half of 2023[1]. - EBITDA, after excluding one-time fair value gains from the Allport Cruise acquisition, was approximately HKD 63.8 million, reflecting a growth of about 55.3% from HKD 41.1 million in the first half of 2023[1]. - The group's operating profit for the period was HKD 50,033,000, up from HKD 36,091,000 in the first half of 2023[2]. - The company's profit before tax for the six months ended June 30, 2024, was HKD 18,610,000, compared to HKD 13,137,000 for the same period in 2023, representing a year-on-year increase of approximately 42.5%[19]. - The total tax expense for the six months ended June 30, 2024, was HKD 18,833,000, compared to HKD 13,329,000 for the same period in 2023, representing an increase of approximately 41.4%[17]. - The gross profit for the first half of 2024 was approximately HKD 228.3 million, an 11.4% increase from HKD 204.9 million in the same period of 2023[37]. Revenue Breakdown - The freight forwarding services business, including air and sea freight agency services, recorded segment revenue of approximately HKD 1,038.9 million, an increase of about 27.2% from HKD 816.9 million in the first half of 2023[1]. - Air freight services generated revenue of HKD 503,592,000, up 31.9% from HKD 381,909,000 year-over-year[9]. - Sea freight services revenue increased by 30.0% to HKD 308,940,000 from HKD 237,564,000[9]. - Cruise logistics services revenue rose to HKD 226,390,000, a 14.7% increase compared to HKD 197,412,000 in the previous year[9]. - Distribution and logistics services revenue decreased to HKD 184,659,000, down 7.6% from HKD 199,773,000[9]. - The e-commerce business in China contributed to a revenue increase of 12.2% to HKD 252.6 million, with approximately HKD 72.5 million coming from the e-commerce operations of a key subsidiary[33]. - The sea freight agency segment reported revenue of approximately HKD 308.9 million, a 30.0% increase from HKD 237.6 million in the same period last year, attributed to significant growth in luxury goods and tire product imports from China and Southeast Asia[42]. Dividends and Earnings Per Share - Basic and diluted earnings per share increased to HKD 6.4 from HKD 4.5 in the first half of 2023[2]. - The board declared an interim dividend of HKD 0.02 per ordinary share[1]. - The board declared an interim dividend of HKD 0.02 per share, totaling HKD 600,978, expected to be paid on November 1, 2024[61]. Assets and Liabilities - The group's total assets less current liabilities amounted to HKD 640,879,000 as of June 30, 2024, compared to HKD 513,334,000 as of December 31, 2023[4]. - The net asset value increased to HKD 561,190,000 from HKD 413,497,000 as of December 31, 2023[5]. - The company's trade receivables, net of impairment losses, rose to HKD 471,713,000 as of June 30, 2024, from HKD 373,198,000 at the end of 2023, marking an increase of about 26.4%[26]. - The company's trade payables increased to HKD 304,337,000 as of June 30, 2024, from HKD 236,123,000 at the end of 2023, reflecting an increase of about 28.9%[29]. - The company's contract liabilities increased to HKD 34,789,000 as of June 30, 2024, compared to HKD 7,795,000 at the end of 2023, indicating a significant rise[29]. Operational Insights - The company has not disclosed the analysis of assets and liabilities by operating and reportable segments as it does not provide such information to the chief operating decision maker[15]. - The company is focusing on expanding its presence in Southeast Asia, with revenue growth of 54.2% in Vietnam and over 200% in Indonesia during the reporting period[36]. - The company is investing in logistics infrastructure in Southeast Asia to enhance scalability and improve efficiency and profitability[36]. - The group plans to expand its business into high-potential regional markets by establishing regional offices in countries such as Vietnam, Indonesia, and Cambodia[55]. - The group aims to capture local market opportunities through localized management and efficient operations[55]. Market Outlook and Strategic Initiatives - The group remains optimistic about the second half of 2024, supported by a projected global GDP growth rate increase from 2.8% in 2023 to 3.2% in 2024[54]. - The cruise logistics market is projected to grow, with passenger numbers expected to rise from 31.5 million in 2023 to 39.5 million by 2027, indicating significant demand in this sector[57]. - The recent strategic alliance with DP World, a major shareholder, is anticipated to unlock new growth opportunities and enhance business operations in the Middle East market[58]. - The company successfully launched "Jiahong Express" at the end of 2023, expanding partnerships with leading e-commerce platforms and planning to extend services to more countries and increase charter flights[56]. Governance and Compliance - The company has adopted corporate governance practices in compliance with the Hong Kong Stock Exchange's listing rules, ensuring adherence to governance codes during the reporting period[63]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited financial performance for the reporting period[65]. - The company plans to publish its interim report in accordance with listing rules, providing shareholders with relevant financial information[66].

Corporate Governance - The board of directors consists of seven male members and two female members, with a gender ratio of approximately 37% male to 63% female among employees[32]. - The company maintains the minimum public float as stipulated by the listing rules as of the date of the annual report[8]. - The company has adopted a board diversity policy to enhance performance quality, with the nomination committee responsible for monitoring its implementation[29]. - The company’s executive director and CEO roles are held by different individuals to ensure a balance of power and authority[18]. - The company’s board members are required to submit training details annually to maintain appropriate training records[21]. - The company’s nomination committee will continue to seek potential candidates to enhance board diversity[32]. - The company confirmed that its controlling shareholders complied with non-competition commitments during the fiscal year 2023[64]. - The company is committed to maintaining compliance with corporate governance codes and has reviewed its adherence during the fiscal year[80]. Financial Performance - The company recorded revenue of approximately HKD 2,104.0 million for the fiscal year 2023, a decrease of about 24.5% compared to HKD 2,788.0 million in fiscal year 2022[114]. - Gross profit for fiscal year 2023 was approximately HKD 420.0 million, down 18.7% from HKD 516.8 million in fiscal year 2022[114]. - Net profit attributable to equity shareholders for fiscal year 2023 was approximately HKD 48.3 million, a decrease of about 44.2% from HKD 86.6 million in fiscal year 2022[114]. - The air freight forwarding segment generated revenue of approximately HKD 840.5 million in fiscal year 2023, a decrease of about 32.6% from HKD 1,246.4 million in fiscal year 2022[116]. - The logistics and distribution segment contributed approximately 19.1% to total revenue in fiscal year 2023, up from 14.4% in fiscal year 2022[118]. - The logistics and distribution segment's revenue was approximately HKD 402.4 million in fiscal year 2023, slightly up from HKD 400.3 million in fiscal year 2022, with gross profit increasing by about 17.1%[119]. - The sea freight forwarding segment's revenue was approximately HKD 474.7 million in fiscal year 2023, a decrease of about 44.6% from HKD 857.6 million in fiscal year 2022[120]. - The group's operating cash inflow for FY2023 was approximately HKD 100.0 million, down from HKD 162.9 million in FY2022, a decrease of about 38.5%[96]. - As of December 31, 2023, the group's cash and cash equivalents were approximately HKD 260.3 million, a decrease of about 12.7% from HKD 298.2 million as of December 31, 2022[96]. - The group's current ratio as of December 31, 2023, was 1.00, consistent with FY2022[95]. - The group's capital debt ratio as of December 31, 2023, was approximately 18.1%, compared to a negative 13.2% as of December 31, 2022[96]. - The audit fee for the fiscal year 2023 was HKD 4,295,000, with total fees paid to the auditor amounting to HKD 5,188,000[68]. Risk Management and Compliance - The independent non-executive directors have confirmed that the continuing connected transactions are conducted in the ordinary course of business and on normal commercial terms[2]. - The audit committee confirmed the effectiveness of the financial reporting system, internal controls, and risk management systems[41]. - The company established an internal audit function to review accounting practices and significant controls, providing results and improvement suggestions to the audit committee[42]. - The risk and compliance committee monitored sanction risks and the implementation of related internal control procedures[62]. - The company has adopted an anti-corruption policy to promote compliance with anti-corruption laws and regulations[43]. - The company has a service contract with its executive directors, with terms including automatic renewal and a notice period for termination[20]. - The company has implemented strict control policies and has not engaged in speculative trading of debt securities or financial derivatives[168]. Environmental and Sustainability Initiatives - The company has signed the Low Carbon Charter and is committed to achieving carbon neutrality by 2050[136]. - The company has implemented an ISO 14001 certified environmental management system to regularly review environmental goals and monitor key performance indicators[137]. - The company has expanded its electric vehicle fleet and is committed to developing green logistics to achieve net-zero emissions[134]. - The total weight of materials recycled through the green logistics solutions reached 113,756.20 kg in the fiscal year 2023[133]. - The total water consumption for the fiscal year 2023 was 10,163.97 cubic meters, with established water-saving goals[138]. - The total consumption of energy in fiscal year 2023 was 5,231.39 MWh, a decrease from 5,321.68 MWh in the previous year[143]. - The company aims to reduce water consumption by 20% from 2020 levels by 2030[162]. - The company plans to reduce energy consumption by 30% from 2020 levels by 2030, focusing on office and warehouse electricity usage and vehicle engine operations[186]. - The company has introduced sustainable packaging materials in its China office since May 2023, including the cessation of plastic safety labels[163]. - The company encourages recycling and waste reduction among employees, adhering to the "4R" principles: Reduce, Reuse, Recycle, and Recreate[198]. - The company has identified six United Nations Sustainable Development Goals relevant to its business operations[150]. - The company received recognition as a Hong Kong Green Organization by the Environmental Campaign Committee for its contributions to environmental protection[158]. - The company has launched three new electric vehicles to promote sustainable logistics and reduce environmental impact[152]. - The company has implemented sustainable packaging materials in its China office since May 2023, including the cessation of plastic safety labels[163]. - The company’s greenhouse gas emissions standards have been certified by the United Nations Framework Convention on Climate Change and EcoVadis, scoring above or equal to 42% of all companies evaluated in the 2023 fiscal year[165]. - Total greenhouse gas emissions for the fiscal year 2023 amounted to 2,400.21 tons of CO2 equivalent, a decrease from 2,542.09 tons in 2022, representing a reduction of approximately 5.57%[172]. - Direct greenhouse gas emissions (Scope 1) decreased to 36.48 tons in 2023 from 49.39 tons in 2022, a reduction of about 26%[172]. - The group reduced its carbon footprint by approximately 4,951.43 tons of CO2 equivalent through the use of electric vans and trucks in the fiscal year 2023[173]. - The group has installed electric vehicle charging stations in Italy, completed in October 2023, to promote the adoption of electric vehicles[173]. - The group has 12 participating brands in its green logistics initiative, primarily from the high-end fashion industry, promoting circular economy and carbon neutrality[178]. - The company achieved a reduction in greenhouse gas emissions, with nitrogen oxides (NOx), sulfur oxides (SOx), and particulate matter (PM) emissions recorded at 6.45 kg, 0.11 kg, and 0.40 kg respectively for FY2023[196]. - The company’s total non-hazardous waste generated in FY2023 was 244.99 tons, down from 273.01 tons in FY2022[197]. - In FY2023, the company reported a decrease in harmful waste, with total hazardous waste at 0.61 tons compared to 0.35 tons in FY2022[197]. - The company continues to review policies related to climate change and aims to reduce its carbon footprint with annual reduction targets[141]. - The company is committed to reducing waste and has plans to collaborate with local communities to support food waste and non-hazardous waste recycling initiatives[175]. Employee and Social Responsibility - The company employed 821 staff as of December 31, 2023, compared to 678 staff as of December 31, 2022, with employee costs amounting to approximately HKD 328,592,000 in fiscal year 2023[109]. - The total number of employees as of December 31, 2023, was 541, with a gender distribution of 199 males and 342 females[182]. - The company has established anti-bribery and anti-corruption policies and training for all employees[149]. - The company actively engages with stakeholders to improve its environmental, social, and governance performance[148]. - The company is actively exploring broader partnerships in the e-commerce logistics sector, particularly in China and Europe, following successful trials with a well-known Chinese e-commerce platform[108].

Revenue Performance - The group's revenue from its China office decreased by 24.9% to HKD 483.3 million in the current year, down from HKD 643.4 million in 2022[4]. - Revenue from the group's office in Italy fell by 52.4% to HKD 451.6 million, compared to HKD 949.6 million in 2022[5]. - The Vietnam office showed strong performance with revenue of HKD 55.4 million, a 61.3% increase from the previous fiscal year[6]. - The cruise logistics segment recorded significant growth, contributing HKD 386.4 million in revenue, a 36.2% increase from HKD 283.7 million in 2022[7]. - The air freight agency business generated approximately HKD 840.5 million in revenue, a decrease of about 32.6% from HKD 1,246.4 million in 2022[10]. - The logistics and distribution services segment reported revenue of approximately HKD 402.4 million, slightly up from HKD 400.3 million in 2022, with a gross profit increase of about 17.1%[12]. - The group recorded revenue of approximately HKD 2,104.0 million for the fiscal year 2023, a decrease of about 24.5% compared to HKD 2,788.0 million in fiscal year 2022[38]. - Revenue from external customers for the year was HKD 2,103,959,000, down from HKD 2,787,972,000 in 2022, representing a decline of approximately 24.5%[61]. - The freight forwarding business, including air and sea freight, saw a revenue decline of approximately 28.7%, from HKD 2,387.7 million in fiscal year 2022 to approximately HKD 1,701.6 million in fiscal year 2023[38]. - The logistics division contributed approximately 19.1% of total revenue in fiscal year 2023, up from 14.4% in fiscal year 2022[139]. Profitability - Profit attributable to equity shareholders for fiscal year 2023 was approximately HKD 48.3 million, down 44.2% from HKD 86.6 million in fiscal year 2022[38]. - The total comprehensive income for the year was HKD 47,397,000, a decrease from HKD 74,585,000 in the previous year[49]. - The total net profit before tax for 2023 was HKD 72,375, compared to HKD 147,761 in 2022, reflecting a decline of approximately 51%[82]. - Gross profit for fiscal year 2023 was approximately HKD 420.0 million, down 18.7% from HKD 516.8 million in fiscal year 2022, with a gross margin increase from 18.5% in 2022 to 20.0% in 2023[136]. - The gross profit margin increased from 18.5% in fiscal year 2022 to 20.0% in fiscal year 2023[38]. - The gross profit for the air freight segment was HKD 129,906 in 2023, down from HKD 204,887 in 2022, indicating a decrease of about 36.6%[82]. - The gross profit margin for the logistics segment was HKD 54,731 in 2023, compared to HKD 46,709 in 2022, reflecting an increase of approximately 17.5%[82]. Cash Flow and Financial Position - The group's operating cash flow improved from a negative HKD 7.2 million to a negative HKD 3.0 million as of December 31, 2023[16]. - The group generated a net cash inflow from operating activities of HKD 99,989,000 for the year ended December 31, 2023[53]. - The group’s cash and cash equivalents as of December 31, 2023, were HKD 282,484,000[53]. - Total current assets amounted to HKD 898,227,000, while total current liabilities were HKD 901,273,000 as of December 31, 2023[53]. - The group reported a net current liability of HKD 3,046,000, primarily due to a payable for the purchase consideration of HKD 185,098,000, of which HKD 148,041,000 will be settled through the issuance of shares[53]. - The company reported trade receivables of HKD 373,198,000 for 2023, down from HKD 464,945,000 in 2022, indicating a decrease of approximately 19.7%[123]. - The company reported a significant increase in bank loans, which rose to HKD 13,230 in 2023 from HKD 1,715 in 2022, indicating a substantial increase of about 671%[74]. - The group’s bank loans and overdrafts amounted to approximately HKD 320.9 million as of December 31, 2023, compared to HKD 286.9 million on December 31, 2022[173]. - The capital debt ratio as of December 31, 2023, was approximately 18.1%, compared to a negative 13.2% on December 31, 2022[173]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.01 per ordinary share for fiscal year 2023, pending approval at the upcoming annual general meeting[38]. - The proposed final dividend for the fiscal year 2023 is HKD 0.01 per share, totaling approximately HKD 3,004,890, subject to shareholder approval[120]. - The board proposed a final dividend of HKD 0.01 per share for the fiscal year 2023, totaling HKD 3,004,890, down from HKD 0.10 per share in 2022[183]. Business Expansion and Strategy - The group plans to expand its business into the cruise logistics market, targeting the Baltic Sea, North Sea, and English Channel regions[32]. - The group entered Indonesia in 2023 and plans to open a new office in Cambodia in November 2023 to further expand its network[25]. - The company has established a new office in Cambodia in September 2023 to expand its business network in Southeast Asia[112]. - The company continues to expand its flagship warehouse in Shanghai to capitalize on future opportunities in the luxury retail sector[110]. - The company plans to expand its e-commerce presence through "嘉泓快遞" to capture market opportunities[188]. - The company has formed a partnership with a leading Chinese e-commerce platform to provide comprehensive e-commerce logistics solutions, enhancing its market positioning[114]. - The company operates 21 local branches across 15 countries and regions, including China, Hong Kong, and the United States[109]. Compliance and Accounting - The group has applied new and revised Hong Kong Financial Reporting Standards for the current accounting period[45]. - The company has adopted new accounting policies related to long-term service payments, which did not significantly impact the financial results for the current or prior periods[80]. - The company continues to implement strict control policies and has not engaged in speculative trading of debt securities or financial derivatives[146]. Employee and Operational Metrics - As of December 31, 2023, the group employed 821 staff, an increase from 678 staff as of December 31, 2022, with employee costs amounting to approximately HKD 328.6 million[33]. - The company has established 32 distribution centers with a total area of approximately 1,250,000 square feet as of December 31, 2023[11].