5月21日晚间，德银天下发布公告称，罗兵咸永道会计师事务所和普华永道中天会计师事务所（特殊普 通合伙）将于其当前任期届满后分别退任本公司国际财务报告准则和中国企业会计准则下的核数师。 公告称，鉴于公司未来审计服务的需要及为了维持良好的企业管治，本公司正在筹备新一任核数师的选 聘工作，因此董事会已批准不寻求在本公司股东周年大会上续聘罗兵咸永道及普华永道。据悉，罗兵咸 永道为普华永道会计师事务所（以下合称"普华永道"）在香港市场开展业务的主体。 值得注意的是，自德银天下2022年上市以来，罗兵咸永道便一直担任其核数师。德银天下年报显示， 2022年-2024年，德银天下向普华永道支付的服务费用分别为348.3万元、337.3万元、392.2万元。 这并非普华永道近期首次被上市公司解约。5月14日，李宁也曾发布公告称，公司拟聘任安永会计师事 务所为核数师，前任核数师罗兵咸永道会计师事务所将不再续聘。 事实上，受证监会立案调查影响，近年来普华永道接连遭上市公司解约。据21世纪经济报道，2023年， 普华永道中天在A股市场的客户合计106家，审计费用合计9.47亿元，在行业位居第二（仅次于立信）， 但2024年，这些客 ...

Financial Performance - In 2024, the company achieved a total revenue of RMB 2,627.8 million, a decrease of 15.8% compared to RMB 3,119.4 million in 2023[7]. - The net profit attributable to shareholders was RMB 153.2 million, representing a year-on-year increase of 2.7% from RMB 149.3 million in 2023[7]. - Gross profit for the same period was approximately RMB 430.6 million, down 16.5% year-over-year[14]. - The company reported a pre-tax profit of approximately RMB 199.2 million, a decrease of 4.7% compared to 2023, while net profit increased by 3.6% to RMB 156.7 million[14]. - The logistics and supply chain services segment generated revenue of approximately RMB 1,944.2 million, a decline of 20.0% year-over-year, accounting for 74.0% of total revenue[18]. - The supply chain finance services segment saw revenue of approximately RMB 463.3 million, a slight increase of 0.8% year-over-year[18]. - The company achieved a revenue of RMB 2,627.8 million for the year ended December 31, 2024, a decrease of 15.8% compared to RMB 3,119.4 million in the same period of 2023[53]. - Revenue from the logistics and supply chain services segment was RMB 1,944.2 million, accounting for 74.0% of total revenue, down approximately 20.0% from RMB 2,431.2 million in 2023[54][56]. - The supply chain financial services segment's revenue increased by approximately 0.8% from RMB 459.5 million in the year ended December 31, 2023, to RMB 463.3 million in the year ended December 31, 2024, primarily due to increased financing lease business volume[57]. Business Operations - The company provided supply chain services for approximately 131.2 thousand commercial vehicles and logistics services for about 48.8 thousand vehicles in 2024[8]. - The company’s vehicle networking platform connected approximately 1,142.9 thousand heavy commercial vehicles by the end of 2024[10]. - The company developed a self-researched vehicle-mounted battery swap system and launched a "battery bank" solution in 2024[11]. - The company sold 819 commercial vehicles in 2024, with sales of new energy vehicles reaching 323 units, representing a year-over-year growth of 361.4%[20]. - The company aims to enhance its core competitiveness and expand its business in the direction of new energy and intelligence, focusing on integrated service models[13]. - The company plans to focus on three major segments: logistics and supply chain services, supply chain financial services, and vehicle networking and data services, to enhance core competitiveness[46]. - The company is focused on expanding its market presence in the commercial vehicle sector, particularly in new energy vehicles[120]. - The company is actively involved in research and development of new products and technologies to meet market demands[120]. Financing and Investments - The financing lease and factoring business recorded a cumulative new investment of RMB 7,861.3 million in 2024[9]. - The company issued asset-backed securities (ABS) totaling RMB 1,860 million in 2024[9]. - The financing lease business added RMB 4,927.2 million in new investments in 2024, with a total of 8,624 new financing lease agreements[21]. - The factoring business reported new investments of RMB 2,934.1 million in 2024, further diversifying the company's funding sources[22]. - The financing lease agreements have an annual interest rate range of 3.00% to 11.00% and a service fee range of 0.00% to 4.20% as of December 31, 2024[33]. - The factoring business has an annual interest rate range of 0.00% to 10.55% and a service fee range of 0.00% to 4.50% as of December 31, 2024[33]. - The average comprehensive actual annualized interest rate for the factoring business was 8.12% as of December 31, 2024[33]. - The company has taken measures to adjust its debt structure and reduce financing costs through the issuance of ABS[181]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 9,489.2 million, while total liabilities were RMB 6,130.7 million[16]. - As of December 31, 2024, the company's net current assets were approximately RMB 1,424.4 million, a decrease of about 23.8% from RMB 1,870.4 million as of December 31, 2023[77]. - Current liabilities increased from approximately RMB 5,150.0 million as of December 31, 2023, to approximately RMB 5,591.4 million as of December 31, 2024, an increase of about RMB 441.4 million[78]. - The total outstanding financing lease receivables amounted to RMB 6,260.7 million, an increase from RMB 5,491.7 million in 2023, representing a year-over-year growth of 14%[41]. - The total factoring receivables decreased to RMB 1,256.4 million in 2024 from RMB 1,569.9 million in 2023, reflecting a decline of approximately 20%[42]. Risk Management - The company is strengthening its risk management mechanisms to monitor and control potential risks across all business processes[47]. - The company has established credit policies to monitor credit risk exposure related to cash equivalents, restricted bank deposits, and receivables[111]. - The company faces various market risks, including cash flow and fair value interest rate risks, with a potential impact of RMB 1.6 million on after-tax profits if interest rates rise or fall by 10%[110]. - The company has implemented risk management policies to address various operational risks, with the audit committee overseeing the overall risk management practices[155]. Management and Governance - Mr. Wang has over 34 years of experience in the commercial vehicle industry, contributing to the overall management and operations of the group since December 2020[120]. - The board includes independent directors with extensive experience in supply chain management, e-commerce, and business analysis, enhancing corporate governance[122]. - The management team is committed to strategic planning and decision-making to drive the company's growth and operational efficiency[129]. - The company has a strong emphasis on compliance and regulatory standards in its financial reporting and investor relations[123]. - The board's composition includes members with diverse backgrounds in engineering, finance, and academia, contributing to a well-rounded governance structure[125]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion[1]. - The company plans to fully utilize the remaining funds by December 31, 2026, with specific allocations for offline and online business development, and enhancing core technology capabilities[159]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[1]. - Market expansion plans include entering three new provinces by the end of 2025, targeting a 10% market share increase[1]. - New product line expected to launch in Q3 2025, projected to contribute an additional $20 million in annual revenue[1]. Shareholder Information - The company proposed a final dividend of RMB 0.3513 per 10 shares for the fiscal year ending December 31, 2024, considering overall financial status and cash flow[148]. - As of December 31, 2024, the reserves available for distribution to shareholders were approximately RMB 390.0 million[162]. - The proposed dividend will be distributed to shareholders listed on the register as of June 10, 2025[148]. Compliance and Regulations - The company has a history of compliance with relevant laws and regulations, with no significant violations reported for the fiscal year ending December 31, 2024[151]. - The company confirms compliance with the Listing Rules regarding related party transactions for the fiscal year ending December 31, 2024[180].

在车联网及数据服务板块，截至2024年12月31日止，入网公司的车联网平台的重型商用车数量约为 114.29万辆。公司完成北斗"单模+双频+惯导"产品的开发，并成功参与国家单北斗替代项目，确保公司 业务发展与国家战略保持一致;完成实际场景下多车调度作业管理、线路管理、远程驾驶等功能开发和 试运营;自动驾驶方面，公司为客户提供高效安全的云控服务，提升了自动驾驶整体解决方案的竞争 力，助力自动驾驶车辆行业领先战略落地;此外，基于环保排放数智化产品服务，公司开发了"远程排放 数据分析平台"，实现国六车辆排放数据品质分析，助力商用车规避环保违规风险，提升整车品质。 2024年，公司的附属公司天行健车联网被评为西安经济技术开发区"工业高质量发展优秀企业"，天行健 车联网"基于多元融合的商用车大数据应用项目"荣获2024年"数据要素X"大赛陕西分赛交通运输赛道二 等奖。 此外，在新能源业务领域，该集团积极探索向客户提供运力一体化解决方案的业务模式，即以运力服务 为基础，依托集团物流、资金流与信息流业务优势，整合资源，为生态圈伙伴提供运输管理、金融、充 换电等服务，利用规模效应实现可持续运营。2024年，公司自研车载换电系 ...

Financial Performance - In 2024, the company achieved a total revenue of RMB 2,627.8 million, a decrease of 15.8% compared to RMB 3,119.4 million in 2023[9]. - The net profit attributable to shareholders was RMB 153.2 million, representing a year-on-year increase of 2.7% from RMB 149.3 million in 2023[9]. - The gross profit for the same period was approximately RMB 430.6 million, down 16.5% year-on-year[16]. - The company achieved a net profit of approximately RMB 156.7 million, an increase of 3.6% compared to 2023[16]. - The logistics and supply chain services segment generated revenue of approximately RMB 1,944.2 million, a decrease of 20.0% year-on-year[20]. - The supply chain financial services segment reported revenue of approximately RMB 463.3 million, an increase of 0.8% year-on-year[20]. - Revenue from the logistics and supply chain services segment was RMB 1,944.2 million, representing 74.0% of total revenue, down approximately 20.0% from RMB 2,431.2 million in 2023[56][58]. - The supply chain finance services segment generated revenue of RMB 463.3 million for the year ending December 31, 2024, an increase of approximately 0.8% from RMB 459.5 million in the previous year, primarily due to increased financing lease business volume[59]. Sales and Market Activity - The company’s commercial vehicle sales in China decreased by 9.0% year-on-year, totaling 2,969 thousand units in 2024[8]. - The export of commercial vehicles increased by 17.5% year-on-year, reaching 904 thousand units in 2024[8]. - The company sold 819 commercial vehicles in 2024, including 323 new energy vehicles, representing a year-on-year increase of 361.4% in new energy vehicle sales[22]. - The company is expanding its overseas market presence, particularly in Southeast Asia, focusing on commercial vehicle export trade, sales, and leasing[48]. Investment and Financing - The financing lease and factoring business had a cumulative new investment of RMB 7,861.3 million in 2024[11]. - The company issued asset-backed securities (ABS) totaling RMB 1,860 million in its financing lease segment[11]. - The company launched a new factoring business with a total investment amount of RMB 2,934.1 million[24]. - The company issued three tranches of asset-backed securities (ABS) in 2024, with a total principal amount of RMB 1,860 million[24]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 9,489.2 million, while total liabilities were RMB 6,130.7 million[18]. - As of December 31, 2024, the company's net current assets were approximately RMB 1,424.4 million, a decrease of about 23.8% from RMB 1,870.4 million as of December 31, 2023[79]. - Current liabilities increased from approximately RMB 5,150.0 million as of December 31, 2023, to approximately RMB 5,591.4 million as of December 31, 2024, an increase of about RMB 441.4 million[80]. - The total outstanding financing lease receivables amounted to RMB 6,260.7 million, an increase from RMB 5,491.7 million in 2023, representing a growth of 14%[36]. Operational Efficiency and Cost Management - Total costs decreased by approximately 15.6% from RMB 2,604.0 million in 2023 to RMB 2,197.2 million in 2024, mainly due to a reduction in revenue[63]. - The logistics and supply chain services segment's costs decreased by about 19.7%, aligning closely with a 20.0% decrease in revenue for the same period[64]. - Sales expenses decreased by approximately 12.7% from RMB 49.5 million in 2023 to RMB 43.2 million in 2024, mainly due to a reduction in the sales workforce[66]. - The financing cost increased to RMB 202.9 million in 2024, representing 7.7% of total costs, compared to RMB 149.7 million and 4.8% in 2023[63]. Research and Development - The company established a "Smart Logistics Research Institute" in collaboration with Xi'an University of Technology to advance technology development[10]. - The company launched a self-developed vehicle-mounted battery swapping system and a "4+1" modular battery swapping station in 2024, marking a breakthrough in autonomous product development[13]. - The company has developed multiple application scenarios based on its platform scale and data collection advantages, including smart logistics and vehicle financing solutions[45]. Risk Management and Compliance - The company has implemented risk management policies to address various operational risks, with the audit committee overseeing the overall risk management practices[157]. - The company confirms compliance with the Listing Rules regarding related party transactions for the fiscal year ending December 31, 2024[182]. - The company does not engage in foreign exchange hedging activities and primarily conducts transactions in RMB, thus facing no significant foreign exchange risk[110]. Management and Governance - Mr. Wang has over 34 years of experience in the commercial vehicle industry, contributing to the overall management and operations of the group since his appointment as Executive Director in December 2020[122]. - The independent directors play a crucial role in overseeing the board's activities and providing independent judgment, ensuring corporate governance[124]. - The company is committed to strategic planning and decision-making processes that align with its long-term growth objectives in the automotive sector[130]. Future Outlook and Strategic Plans - The company plans to enhance its core competitiveness and expand its business in the fields of new energy and intelligence, aiming for a comprehensive service advantage[15]. - The company is developing new business models, including operational leasing, to enhance core competitiveness and explore new business opportunities[48]. - The company aims to enhance its core technology capabilities in the Internet of Vehicles and data services, with a budget of RMB 303.3 million, of which RMB 260.6 million has been utilized[161].

Financial Performance - The company achieved revenue of approximately RMB 1,295.7 million in the first half of 2024, a decrease of 14.7% year-on-year, while net profit increased by 5.2% to approximately RMB 115.6 million[4]. - The company's total revenue for the six months ended June 30, 2024, was RMB 1,295.7 million, a decrease of 14.7% compared to RMB 1,518.1 million for the same period in 2023[31]. - Revenue from the logistics and supply chain services segment was RMB 936.5 million, accounting for 72.3% of total revenue, down approximately 20.6% from RMB 1,179.7 million in the previous year[32][34]. - The supply chain financial services segment generated revenue of RMB 234.4 million, a slight decrease of 0.5% from RMB 235.7 million in the same period last year, contributing 18.1% to total revenue[32][35]. - The Internet of Vehicles and data services segment saw revenue increase by approximately 21.5% to RMB 124.8 million, driven by higher sales of smart vehicle products[32][36]. - The company's gross profit decreased by approximately 13.0% to RMB 221.9 million, while the gross profit margin improved from approximately 16.8% to 17.1%[39]. - Total costs for the six months ended June 30, 2024, were RMB 1,073.7 million, a reduction of about 15.0% compared to RMB 1,262.9 million in the previous year[37]. - Net profit for the six months ended June 30, 2024, was approximately RMB 115.6 million, up from RMB 109.9 million, with a net profit margin of 8.9% compared to 7.2% in the prior year[47]. Revenue Segments - In the logistics and supply chain services segment, the company provided supply chain services for approximately 70,400 commercial vehicles and logistics services for approximately 28,500 commercial vehicles, generating revenue of approximately RMB 485.0 million from independent customer logistics services[5]. - The aftermarket products segment generated revenue of approximately RMB 38.3 million, primarily from sales of tires, lubricants, and other commercial vehicle-related products[5]. - The company sold 362 commercial vehicles in the first half of 2024, resulting in revenue of approximately RMB 115.0 million from vehicle sales[5]. Financing and Leasing - The financing lease business reported new funding of RMB 2,862.0 million and served a total of 4,910 customers with 5,275 active financing lease agreements as of June 30, 2024[6][9]. - The factoring business recorded new funding of RMB 1,622.0 million, with a total of 203 customers served and 422 active factoring agreements as of June 30, 2024[6][9]. - The company issued two tranches of asset-backed securities (ABS) totaling RMB 1,280.0 million to diversify its funding sources[6]. - The company has established a comprehensive customer due diligence and credit assessment system for both its financing lease and factoring businesses[8]. - The average effective annual interest rate for factoring business as of June 30, 2024, was 7.83%[14]. - The financing lease agreements have a typical term of two to three years, with a total of 15,622 active agreements as of June 30, 2024[15]. - The company charges annual interest rates for financing leases ranging from 3.00% to 10.00%[14]. - The top five customers in the factoring business accounted for approximately 45.0% of the total amount financed as of June 30, 2024[13]. Assets and Liabilities - Current assets increased by approximately RMB 586.4 million to RMB 7,606.8 million as of June 30, 2024, primarily due to an increase in cash and cash equivalents[48]. - Current liabilities rose by approximately RMB 434.3 million to RMB 5,584.3 million, mainly due to an increase in bonds payable due within one year[49]. - Total assets as of June 30, 2024, amounted to RMB 10,103,404 thousand, an increase from RMB 9,204,828 thousand at the end of 2023[102]. - Total liabilities increased to RMB 6,786,013 thousand from RMB 5,885,543 thousand, indicating a rise in financial obligations[102]. Cash Flow and Investments - Net cash used in operating activities for the six months ended June 30, 2024, was RMB 5.3 million, an increase of approximately RMB 192.5 million compared to the same period in 2023[62]. - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 20.8 million, an increase of approximately RMB 6.3 million compared to the same period in 2023[63]. - Net cash generated from financing activities for the six months ended June 30, 2024, was RMB 488.3 million, an increase of RMB 690.8 million compared to the same period in 2023[64]. - Total capital expenditures for the six months ended June 30, 2024, amounted to RMB 26.1 million, including RMB 15.7 million for property, plant, and equipment, and RMB 10.4 million for intangible assets[65]. Research and Development - The company is committed to increasing R&D and talent investment in the Internet of Vehicles and data services segment, aiming to build an integrated data lake and warehouse platform[25]. - Research and development expenses remained stable at RMB 15.1 million for the six months ended June 30, 2024, compared to the same period last year[42]. - Research and development expenses for the six months ended June 30, 2024, were RMB 2,524,000, compared to RMB 1,347,000 for the same period in 2023, reflecting an increase of 87.2%[139]. Corporate Governance and Shareholder Information - The board of directors and supervisory board have delayed their re-election due to ongoing nomination processes, with the current terms extended until the new elections[90]. - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial results for the six months ended June 30, 2024, confirming compliance with relevant accounting standards[92]. - The company has no stock incentive plans or employee stock ownership plans as of the report date[87]. - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous period[94]. Future Outlook and Strategy - The company plans to enhance its offline business development, with a focus on building a distribution network and repair service network, expecting completion by the end of 2024[95]. - The online service platform for commercial vehicle aftermarket services is projected to be completed by the end of 2025[95]. - The company aims to improve its core technology capabilities in the Internet of Vehicles and data services, with an expected completion date by the end of 2026[95]. - The company is exploring partnerships with technology firms to enhance its digital services, aiming for a 20% increase in digital revenue streams by 2025[188].

Financial Performance - For the first half of 2024, the company reported revenue of approximately RMB 1,295.7 million, a year-on-year decrease of 14.7%[9] - The net profit for the same period was approximately RMB 115.6 million, reflecting a year-on-year increase of 5.2%[9] - The company reported a total revenue of RMB 1,295.7 million for the six months ended June 30, 2024, compared to RMB 1,518.1 million for the same period in 2023, representing a decrease of approximately 14.7%[131] - Gross profit for the same period was RMB 221.9 million, down from RMB 255.2 million in 2023, indicating a decline of about 13.0%[131] - Operating profit decreased to RMB 143.7 million from RMB 148.6 million year-on-year, reflecting a drop of approximately 3.0%[131] - Net profit for the period was RMB 115.6 million, compared to RMB 109.9 million in the previous year, showing an increase of about 5.5%[131] Revenue Breakdown - The logistics and supply chain services segment generated RMB 936.5 million, accounting for 72.3% of total revenue, down from RMB 1,179.7 million (77.7%) in the previous year, primarily due to a reduction in external supply chain projects[50] - The supply chain finance services segment contributed RMB 234.4 million, representing 18.1% of total revenue, a slight decrease of 0.5% from RMB 235.7 million (15.5%) in the prior year[51] - The Internet of Vehicles and data services segment achieved revenue of RMB 124.8 million, which is 9.6% of total revenue, an increase from RMB 102.7 million (6.8%) year-on-year[46] Investment and Financing Activities - The financing lease business recorded new investment amounting to RMB 2,862.0 million, with a total of 5,275 new effective financing lease agreements[12] - The factoring business saw new investment of RMB 1,622.0 million during the reporting period[12] - The company issued two tranches of asset-backed securities (ABS) totaling RMB 1,280.0 million during the reporting period[12] - The company served clients in approximately 25 provinces, municipalities, and autonomous regions in China through its financing lease business[13] Customer and Market Insights - The company aims to diversify its customer base by expanding third-party logistics services related to raw materials and express services[10] - Over 95.4% of financing lease customers are individuals, with no single customer contributing more than 5.0% of total revenue from financing lease business as of June 30, 2024[22] - The top five customers in financing lease business accounted for approximately 12.7% of the total amount financed as of June 30, 2024[22] - In the factoring business, the top five customers accounted for approximately 45.0% of the total amount financed as of June 30, 2024[22] Operational Efficiency - The average inventory turnover days for the logistics and supply chain services segment decreased from 84.0 days to 55.1 days, attributed to increased sales efforts and strict inventory control[75] - The average inventory turnover days for the IoT and data services segment decreased from 5.7 days to 3.4 days, mainly due to strict inventory management during the reporting period[75] - The average turnover days for trade receivables increased from 101.3 days to 142.5 days, mainly due to slower customer payments during the reporting period[77] - The average turnover days for trade payables increased from 51.1 days to 65.1 days, attributed to longer settlement cycles with suppliers in the logistics and IoT segments[81] Research and Development - The company is committed to increasing R&D investment in the Internet of Vehicles and data services segment, aiming to build an integrated platform for data lakes and warehouses to support data applications[38] - The company reported research and development expenses of RMB 2,524 million for the six months ended June 30, 2024, compared to RMB 1,347 million for the same period in 2023, an increase of 87%[190] Financial Position - Current assets increased by approximately RMB 586.4 million to RMB 7,606.8 million as of June 30, 2024, from RMB 7,020.4 million at the end of 2023[66] - Current liabilities rose by approximately RMB 434.3 million to RMB 5,584.3 million as of June 30, 2024, from RMB 5,150.0 million at the end of 2023[68] - Total assets amounted to RMB 10,103.4 million, an increase from RMB 9,204.8 million at the end of 2023, representing a growth of approximately 9.8%[133] - Total liabilities increased to RMB 6,786,013 thousand as of June 30, 2024, up from RMB 5,885,543 thousand as of December 31, 2023, representing a growth of 15.3%[135] Risk Management - The overall risk management policy focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[99] - The group aims to maintain sufficient cash and funding sources through committed credit lines to manage liquidity risk effectively[154] - The group’s financial risk management policies have not undergone significant changes since the end of the previous fiscal year[151] Shareholder Information - Major shareholder Shaanxi Automobile Group held 1,500,146,100 shares, representing approximately 68.77% of the company's equity as of June 30, 2024[107] - Shaanxi Automobile Holdings, a controlled entity, held 1,629,000,000 shares, accounting for 74.68% of the company's equity as of June 30, 2024[109] - The total number of shares issued by the company as of June 30, 2024, was 2,181,436,500[110] Corporate Governance - The company’s board of directors has confirmed compliance with corporate governance codes during the reporting period[119] - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ended June 30, 2024[122]

Financial Performance - In 2023, the company achieved a revenue of RMB 3,119.4 million, representing a year-on-year growth of 14.3%[9] - The net profit attributable to shareholders decreased by 34.1% to RMB 149.3 million, with basic earnings per share at RMB 0.07[9] - The company's revenue for the year ended December 31, 2023, was approximately RMB 3,119.4 million, an increase of 14.3% compared to the same period in 2022[11] - Gross profit for the same period was approximately RMB 515.4 million, up 4.3% year-on-year[11] - Profit before tax decreased by 25.0% to approximately RMB 209.1 million, while net profit fell by 31.2% to approximately RMB 151.3 million[11] - The logistics and supply chain services segment generated revenue of approximately RMB 2,431.1 million, a year-on-year increase of 22.6%[15] - The supply chain finance services segment reported revenue of approximately RMB 459.5 million, a decrease of 19.5% compared to the previous year[15] - The IoT and data services segment's revenue increased by approximately 30.9% to RMB 228.8 million from RMB 174.7 million in 2022, driven by strong sales of smart IoT products[48] - Overall gross profit increased by 4.3% to RMB 515,413 thousand, while the gross margin decreased from 18.1% in 2022 to 16.5% in 2023[53] Market and Sales Performance - The commercial vehicle market in China saw a total sales volume of 4,031.0 thousand units, a year-on-year increase of 22.1%, with heavy truck sales rising by 35.6% to 911.1 thousand units[9] - The logistics subsidiary was recognized as a leading unit in the construction of national logistics hubs in Xi'an[9] - The company provided logistics services for approximately 129.2 thousand commercial vehicles and sold 1,214 commercial vehicles, generating revenue of approximately RMB 270.7 million[16] - The company aims to further stimulate market demand for commercial vehicles through ongoing national growth policies and infrastructure development measures[16] Financing and Investment - The financing lease and factoring business recorded a cumulative new investment of RMB 7,711.3 million in 2023, with asset-backed securities issued totaling RMB 1,230 million[9] - The financing lease business added RMB 4,000.3 million in new investments, with a total of 6,239 new financing lease agreements[18] - The factoring business saw new investments of RMB 3,711.0 million in 2023[18] - The company issued asset-backed securities (ABS) totaling RMB 1,230 million in 2023, with interest rates ranging from 3.00% to 4.60%[149] Assets and Liabilities - The total assets of the company as of December 31, 2023, were RMB 9,204.8 million, while total liabilities were RMB 5,885.5 million[13] - Current assets decreased by approximately 19.0% to RMB 1,870.4 million as of December 31, 2023, from RMB 2,307.9 million as of December 31, 2022, primarily due to an increase in current liabilities[70] - Current liabilities increased by approximately RMB 560.0 million to RMB 5,150.0 million as of December 31, 2023, mainly due to an increase in short-term borrowings[70] Operational Efficiency and Cost Management - Total operating expenses rose by approximately 17.0% to RMB 2,604,024 thousand, driven by increased revenue[51] - The logistics and supply chain services segment's cost increased by 21.8%, aligning closely with the revenue growth of 22.6% in the same segment[52] - Employee benefits expenses in sales increased to RMB 38,978 thousand, accounting for 78.8% of total sales expenses, up from 75.5% in 2022[55] - The company’s financing cost decreased to RMB 149,730 thousand, down from RMB 253,107 thousand in 2022, reflecting a reduction in funding costs[51] Risk Management and Compliance - The company has implemented risk management policies to address various operational risks, including financial and corporate governance risks[126] - The company monitors credit risks related to cash and cash equivalents, restricted bank deposits, and trade receivables, with policies in place to manage these risks[101] - The company confirmed compliance with the Listing Rules regarding related party transactions for the year ending December 31, 2023[148] Governance and Management - The company reported a significant increase in overall management and operations experience, with key executives having over 28 years and 33 years in the commercial vehicle industry respectively[107][108] - The board of directors consists of nine members, including three independent non-executive directors, and has established three committees for governance[192] - The management team includes professionals with advanced degrees in finance and engineering, ensuring a high level of expertise in decision-making[107][110] - The company emphasizes the importance of corporate governance, with the board responsible for key decisions including operational plans and financial budgets[194] Employee and Workforce Management - The company has 1,694 employees as of December 31, 2023, with compensation based on performance and industry standards[105] - The company emphasizes the importance of human capital and provides competitive compensation and development opportunities for employees[185] - The employee gender ratio at the end of the reporting period was approximately 1.75:1, indicating a focus on inclusivity[200] Future Plans and Strategic Direction - The company aims to enhance its core competitiveness and expand its independent third-party customer business in 2024[10] - The company is focused on developing new energy projects in regions such as Shanxi, Inner Mongolia, and Xinjiang, aligning with annual business goals and carbon neutrality policies[36] - The company plans to merge Shanghai YQ Logistics Service Co., Ltd. into Shanghai YQ Supply Chain Management (Group) Co., Ltd. due to resource optimization and cost reduction needs, with the former's revenue exceeding 5% of the total revenue for the fiscal year ending December 31, 2022[127] Shareholder and Dividend Information - The company proposed a final dividend of RMB 0.4076 per 10 shares for the fiscal year ending December 31, 2023, to be distributed on August 23, 2024[121] - As of December 31, 2023, the reserves available for distribution to shareholders were approximately RMB 334.6 million[133] Related Party Transactions - The company has established a product procurement framework agreement with Shanxi Heavy Truck for commercial vehicles and parts, enhancing its bargaining power and operational efficiency[158] - The actual transaction amount for supply chain services is RMB 282.611 million against a proposed cap of RMB 500.5 million[174] - The company has established internal control procedures to ensure that related transactions are fair and reasonable, adhering to normal commercial terms[175]

Financial Performance - In 2023, the company achieved a revenue of RMB 3,119.4 million, representing a year-on-year growth of 14.3%[9] - The net profit attributable to shareholders decreased to RMB 149.3 million, a decline of 34.1% compared to the previous year[9] - The company reported a profit before tax of approximately RMB 209.1 million, a decrease of 25.0% compared to 2022[11] - Net profit for the year was approximately RMB 151.3 million, down 31.2% from the previous year[11] - Gross profit for the same period was approximately RMB 515.4 million, reflecting a 4.3% increase year-on-year[11] - The company achieved a revenue of RMB 3,119.4 million for the year ended December 31, 2023, representing a 14.3% increase from RMB 2,728.3 million in the same period of 2022[43] - The logistics and supply chain services segment generated revenue of approximately RMB 2,431.1 million, a year-on-year increase of 22.6%[15] - The supply chain finance services segment reported revenue of approximately RMB 459.5 million, a decrease of 19.5% compared to the previous year[15] - The Internet of Vehicles and data services segment achieved revenue of approximately RMB 228.8 million, an increase of 30.9% year-on-year[15] Business Operations - The company sold 4,031.0 thousand commercial vehicles in China, marking a year-on-year increase of 22.1%, with heavy truck sales reaching 911.1 thousand units, up 35.6%[9] - The logistics and warehousing services accounted for 62.8% of total revenue in 2023, up from 58.8% in 2022, highlighting the segment's growing importance[50] - The company provided logistics services for approximately 129.2 thousand commercial vehicles and delivered 1,214 commercial vehicles, generating revenue of approximately RMB 270.7 million from vehicle sales[16] - The company aims to become a leader in the commercial vehicle service industry in China[9] - The company plans to enhance its integrated service capabilities in logistics and supply chain services, focusing on specific popular vehicle models and expanding the application of automated guided vehicles (AGVs) and unmanned vehicles[36] Financing and Investment - The financing leasing and factoring business saw a cumulative new investment of RMB 7,711.3 million in 2023[9] - The company issued asset-backed securities (ABS) totaling RMB 1,230 million through its financing leasing division[9] - In the supply chain finance segment, the company added RMB 4,000.3 million in new financing leases and RMB 3,711.0 million in new factoring agreements in 2023[18] - The total assets of the company as of December 31, 2023, were approximately RMB 9,204.8 million, while total liabilities were approximately RMB 5,885.5 million[13] - The company’s financing lease business has over 90.0% of its customers as individuals, with no single customer contributing more than 5.0% of total revenue from this segment[24] Research and Development - The company has developed various application scenarios for its IoT platform, including smart logistics solutions and integrated solutions for new energy transportation[34] - The company is committed to increasing investment in technology research and development within the Internet of Vehicles and data services segment, aiming to build an integrated platform for data lakes and warehouses[36] - The company holds 20 patents and 104 copyrights, with 22 additional patents currently under application as of December 31, 2023[34] Risk Management and Compliance - The company has established credit policies to monitor credit risk exposure related to cash and cash equivalents, restricted bank deposits, and trade receivables[101] - The company is focused on improving risk management and compliance, enhancing the operational capabilities of subsidiaries, and fostering a risk-aware culture among employees[39] - The company has implemented risk management policies to address various operational risks, including financial and corporate governance risks[126] Corporate Governance - The board consists of nine directors, including three independent non-executive directors, ensuring compliance with listing rules regarding board composition[181] - The company emphasizes the importance of corporate governance, with the board responsible for key decisions including operational plans and financial budgets[194] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance announcement and financial statements for the year ending December 31, 2023[186] Shareholder Information - The proposed annual transaction limit for the procurement of commercial vehicles and related products is RMB 425,320,000, while the actual transaction amount reached RMB 84,406,000 for the year ending December 31, 2023[161] - The company proposed a final dividend of RMB 0.4076 per 10 shares for the fiscal year ending December 31, 2023, to be distributed on August 23, 2024[121] - As of December 31, 2023, the reserves available for distribution to shareholders were approximately RMB 334.6 million[133] Employee and Management - The company had a total of 1,694 employees as of December 31, 2023, with compensation policies reviewed regularly based on performance and industry standards[105] - The employee gender ratio at the end of the reporting period was approximately 1.75:1, indicating a focus on diversity in hiring practices[200] - The management team has a strong background in finance, engineering, and operational management, which supports strategic decision-making[107][111]

Financial Performance - The company achieved revenue of approximately RMB 1,518.1 million in the first half of 2023, representing a year-on-year increase of 6.2%[18]. - The company's total revenue for the six months ended June 30, 2023, was RMB 1,518.1 million, an increase of 6.2% compared to RMB 1,429.8 million for the same period in 2022[29]. - The logistics and supply chain services segment generated revenue of approximately RMB 1,179.7 million, up 15.2% year-on-year, accounting for 77.7% of total revenue[18]. - The supply chain financial services segment reported revenue of approximately RMB 235.7 million, a decrease of 24.3% year-on-year[18]. - The IoT and data services segment achieved revenue of RMB 102.7 million, an increase of 8.4% from RMB 94.8 million in the same period last year, driven by higher sales of IoT products[35]. - The gross profit for the first half of 2023 was RMB 255.19 million, down from RMB 291.52 million in the first half of 2022, a decline of 12.5%[125]. - Operating profit for the six months ended June 30, 2023, was RMB 148.62 million, compared to RMB 163.11 million in the same period of 2022, representing a decrease of 8.8%[125]. - The net profit for the six months ended June 30, 2023, was approximately RMB 109.9 million, down from RMB 117.7 million in the same period last year, resulting in a net profit margin of 7.2% compared to 8.2%[49]. Costs and Expenses - Total costs for the six months ended June 30, 2023, were RMB 1,262.9 million, an increase of 10.9% from RMB 1,138.3 million in 2022[37]. - Selling expenses increased by approximately 7.3% from RMB 20.6 million to RMB 22.1 million, primarily due to an increase in sales personnel and related employee benefits[39]. - Administrative expenses rose by approximately 10.2% from RMB 50.2 million to RMB 55.3 million, mainly due to increases in employee compensation, travel expenses, and rental costs[41]. - Financial asset impairment losses decreased by approximately 53.6% from RMB 56.0 million to RMB 26.0 million, attributed to enhanced credit risk prevention measures[42]. - Other income decreased by approximately 19.3% from RMB 14.5 million to RMB 11.7 million, mainly due to a reduction in value-added tax refunds in the supply chain finance services segment[43]. Assets and Liabilities - Current assets decreased by approximately 18.5% from RMB 2,307.9 million as of December 31, 2022, to RMB 1,881.7 million as of June 30, 2023, primarily due to an increase in current liabilities[50]. - Trade receivables increased by approximately RMB 127.4 million from RMB 581.6 million to RMB 709.0 million, driven by increased business volume in logistics and supply chain services[57]. - Inventory decreased by approximately RMB 20.4 million from RMB 113.2 million to RMB 92.8 million, due to intensified sales efforts and faster inventory turnover[55]. - The average turnover days for trade receivables increased from 92.8 days as of December 31, 2022, to 95.1 days as of June 30, 2023, due to slower customer payments[58]. - Trade and other payables increased by approximately RMB 240.1 million from RMB 2,018.4 million as of December 31, 2022, to RMB 2,258.5 million as of June 30, 2023[60]. - The company's total liabilities decreased to RMB 5,417,130 thousand from RMB 5,837,104 thousand, a reduction of about 7.2%[127]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2023, was RMB 187.2 million, a decrease of RMB 105.6 million compared to the same period in 2022[63]. - Net cash used in investing activities for the six months ended June 30, 2023, was RMB 14.5 million, a decrease of approximately RMB 2.7 million compared to the same period in 2022[64]. - Net cash used in financing activities for the six months ended June 30, 2023, was RMB 202.5 million, a decrease of RMB 394.3 million compared to the same period in 2022[66]. - Cash and cash equivalents decreased from RMB 1,149.0 million as of December 31, 2022, to RMB 1,119.2 million as of June 30, 2023[62]. Strategic Initiatives - The company plans to enhance its core competitiveness and expand into the new energy sector while developing a cloud control platform for autonomous driving services[24]. - Future strategies include strengthening cross-departmental collaboration and enhancing operational efficiency to adapt to high market competition[28]. - The company aims to enhance risk prevention awareness and improve compliance and risk control systems[27]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ending June 30, 2023[95]. - The group is committed to maintaining high standards of corporate governance to protect shareholder interests[93]. - The company did not recommend an interim dividend for the six months ended June 30, 2023, consistent with the previous year[97]. Market Environment - The GDP of China grew by 5.5% year-on-year in the first half of 2023, indicating a recovering market environment for the company[24]. - The company is engaged in logistics and supply chain services, supply chain finance, and data services, indicating a focus on market expansion and diversification[132].

Financial Performance - The company's revenue for the six months ended June 30, 2023, was RMB 1,518,082 thousand, an increase of 7% compared to RMB 1,429,785 thousand for the same period in 2022[2]. - Gross profit for the same period was RMB 255,191 thousand, down 12.5% from RMB 291,521 thousand in 2022[2]. - Operating profit decreased to RMB 148,618 thousand from RMB 163,110 thousand, reflecting a decline of 8.9% year-over-year[2]. - The net profit for the period was RMB 109,919 thousand, a decrease of 6.5% compared to RMB 117,660 thousand in the previous year[3]. - Basic earnings per share for the period remained stable at RMB 0.05, unchanged from the previous year[3]. - The company reported a net impairment loss on financial assets of RMB 26,044 thousand, significantly improved from RMB 56,005 thousand in the prior year[2]. - The company received government subsidies amounting to RMB 11,662 thousand for the six months ended June 30, 2023, compared to RMB 14,452 thousand for the same period in 2022, representing a decrease of about 19.2%[35]. - Profit before tax decreased by 6.1% from RMB 150.3 million for the six months ended June 30, 2022, to RMB 141.2 million for the six months ended June 30, 2023, mainly due to changes in business structure and a significant decline in revenue from the supply chain finance services segment[77]. - Net profit for the six months ended June 30, 2023, was approximately RMB 109.9 million, down from RMB 117.7 million for the same period last year, resulting in a net profit margin of 7.2%, compared to 8.2% in the previous year[78]. Assets and Liabilities - The total assets as of June 30, 2023, were RMB 8,765,643 thousand, down from RMB 9,172,653 thousand at the end of 2022[4]. - The total liabilities decreased to RMB 5,417,130 thousand from RMB 5,837,104 thousand, indicating a reduction of 7.2%[6]. - The company's equity attributable to shareholders was RMB 3,351,276 thousand, slightly up from RMB 3,338,455 thousand[4]. - The company reported total liabilities of RMB 5,353,438 thousand as of June 30, 2023, compared to RMB 5,741,443 thousand as of December 31, 2022, indicating a decrease of approximately 6.8%[17]. - The total receivables from financing leases were RMB 5,142,759,000, down from RMB 5,535,008,000, indicating a decrease of 7.1%[41]. - The company's trade and other payables totaled RMB 2,258,483,000, an increase from RMB 2,018,352,000, reflecting a growth of 11.9%[44]. - The company's leverage ratio decreased from 51.2% as of December 31, 2022, to 48.1% as of June 30, 2023, due to a reduction in borrowings by RMB 585.5 million[99]. Revenue Segmentation - The logistics and supply chain services segment generated revenue of RMB 1,187,827 thousand, while the supply chain finance services segment contributed RMB 238,719 thousand, and the IoT and data services segment accounted for RMB 102,981 thousand[24][25][26]. - The logistics and supply chain services segment generated revenue of approximately RMB 1,179.7 million, up 15.2% year-on-year, accounting for 77.7% of total revenue[52]. - The supply chain financial services segment reported revenue of approximately RMB 235.7 million, a decrease of 24.3% year-on-year[52]. - The Internet of Vehicles and data services segment's revenue increased by 8.4% to RMB 102.7 million, driven by higher sales of commercial vehicle manufacturers[67]. Cash Flow and Investments - Net cash generated from operating activities for the six months ended June 30, 2023, was RMB 187.2 million, a decrease of RMB 105.6 million compared to the same period in 2022[89]. - Net cash used in investing activities for the six months ended June 30, 2023, was RMB 14.5 million, a decrease of approximately RMB 2.7 million compared to the same period in 2022[90]. - Net cash used in financing activities for the six months ended June 30, 2023, was RMB 202.5 million, a decrease of RMB 394.3 million compared to the same period in 2022[91]. - The company plans to complete the use of the raised funds by December 31, 2026, with specific allocations for offline and online business development, technology capabilities, and general working capital[108]. Operational Highlights - The company continues to focus on logistics and supply chain services, with ongoing investments in technology and market expansion strategies[7]. - The company provided supply chain services for approximately 57,000 commercial vehicles and logistics services for about 32,800 commercial vehicles in the first half of 2023[53]. - The financing lease business saw new investments of RMB 1,789.7 million, with a total of 2,109 new financing lease agreements[55]. - As of June 30, 2023, the number of heavy commercial vehicles connected to the company's IoT platform was approximately 1,031,600[56]. - The company plans to enhance its integrated service capabilities across the entire industry chain, focusing on logistics, supply chain finance, and IoT services[58]. Accounting and Compliance - The company is evaluating the impact of new accounting standards effective from January 1, 2024, on its operational performance and financial position[12]. - The mid-term financial results for the six months ended June 30, 2023, were reviewed and deemed compliant with relevant accounting standards and regulations[106]. - The company anticipates adopting new accounting standards and amendments upon their effective date, which may impact its financial reporting[12]. Corporate Governance - The company experienced changes in its board members, with several resignations and appointments on May 30, 2023[109]. - As of the announcement date, there were no significant events occurring after June 30, 2023[109]. - Shaanxi Automotive Holdings Group has a 51.00% stake held by the Shaanxi Provincial Government's State-owned Assets Supervision and Administration Commission[113]. - The company operates through its wholly-owned subsidiaries, including Shaanxi Tianxingjian Vehicle Networking Information Technology Co., Ltd. and Shaanxi Tonghui Automotive Logistics Co., Ltd.[113].