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聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 一家於中華人民共和國註冊成立的股份有限公司） （股份代號：2418） 2025年中期業績公告 德銀天下股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及附 屬公司（「本集團」）截至2025年6月30日止六個月期間未經審計業績公告。 本 公 告 刊 載 本 公 司 2025 年 中 期 報 告 全 文 ， 符 合 香 港 聯 合 交 易 所 有 限 公 司 （「香港聯交所」）證券上市規則中有關中期業績初步公告附載的資料要求， 並經本公司董事會審核委員會審閱。 本公司2025年中期報告將於適當時候於香港聯交所披露易網頁(www.hkexnews.hk) 及本公司網頁(www.deewintx.com)上登載。 承董事會命 德銀天下股份有限公司 董事長 郭萬才 中國，西安 2025年8月28日 於本公告日期，本公司董事會成員包括董事長兼非執行董事郭萬才先生， 執行董事趙鵬先生及王文岐先生，非執行董事 ...

Group 1 - The company Deutsche Bank Tianxia (02418.HK) announced that its board meeting will be held on August 28, 2025, to consider and approve the publication of the interim results for the six months ending June 30, 2025 [1] - The meeting will also address the proposal for an interim dividend payment, if any, and handle any other matters [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，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致的損失承擔任何責任。 董事會會議通告 德銀天下股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會 議將於2025年8月28日（ 星期四 ）舉行，藉以考慮及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 中 期 業 績 、 建 議 派 付 中 期 股 息（ 如 有）及處理任何其他事項。 承董事會命 德銀天下股份有限公司 董事長 （ 一家於中華人民共和國註冊成立的股份有限公司） （股份代號：2418） 郭萬才 中國，西安 2025年8月18日 於本公告日期，本公司董事會成員包括董事長兼非執行董事郭萬才先生， 執行董事趙鵬先生及王文岐先生，非執行董事田強先生、趙承軍先生及馮 敏女士，以及獨立非執行董事李剛先生、葉永威先生及余強先生。 ...

FF301 致：香港交易及結算所有限公司 公司名稱: 德銀天下股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 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 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02418 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 552,436,500 | RMB | | 1 RMB | | 552,436,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 552,436,500 | RMB | | 1 RMB | | 552,436,500 | | ...

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].

Group 1: Financial Performance - The company reported a revenue of approximately 2.628 billion yuan for 2024, representing a year-on-year decrease of 15.8% [1] - The net profit attributable to shareholders was approximately 153 million yuan, showing a year-on-year increase of 2.7% [1] - Basic earnings per share stood at 0.07 yuan [1] Group 2: Supply Chain Financial Services - In 2024, the company’s financing lease and factoring business had a total new investment of 7.861 billion yuan [1] - The company completed the construction of a shared financing platform, further expanding its funding sources [1] - The issuance of asset-backed securities (ABS) by the company totaled 1.86 billion yuan [1] - The factoring business strengthened cooperation with banks and enterprises, achieving a platform order volume exceeding 600 million yuan and a financing amount of 300 million yuan [1] - The financing leasing segment received the "West Lake Forum Cup" management award for 2024 [1] - The factoring segment was recognized as a pilot unit for industry standards by the China Service Trade Association [1] Group 3: Vehicle Networking and Data Services - As of December 31, 2024, the number of heavy commercial vehicles connected to the company's vehicle networking platform was approximately 1.1429 million [2] - The company developed a "single-mode + dual-frequency + inertial navigation" product and participated in the national single Beidou replacement project [2] - The company completed the development and trial operation of functions such as multi-vehicle scheduling management and remote driving [2] - The company provided efficient and safe cloud control services for autonomous driving, enhancing the competitiveness of its overall solutions [2] - The company developed a "remote emission data analysis platform" to assist commercial vehicles in avoiding environmental compliance risks [2] - The subsidiary Tianxingjian Vehicle Networking was recognized as an "Outstanding Enterprise for High-Quality Industrial Development" in Xi'an Economic and Technological Development Zone [2] Group 4: New Energy Business - The company is actively exploring integrated capacity solutions based on logistics, financial, and information flow advantages [3] - The company achieved a breakthrough in self-developed vehicle-mounted battery swap systems and "4+1" modular battery swap stations [3] - The company launched a "battery bank" solution to enhance its sales tools for integrated capacity models in the new energy sector [3]

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]