LOGORY(02482)

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维天运通(02482) - 2023 - 年度业绩
2024-03-27 14:51
Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 5,616,216 thousand, a decrease of 9.48% compared to RMB 6,204,473 thousand in 2022[1] - The net loss attributable to shareholders was RMB (29,623) thousand, a significant decline from a profit of RMB 1,393 thousand in 2022, representing a change of -2,226.56%[1] - Non-IFRS adjusted net profit was RMB 453 thousand, a drastic drop of 99.00% from RMB 45,109 thousand in the previous year[1] - Total revenue for the reporting period was approximately RMB 5,616.2 million, a decrease of about RMB 588.3 million (or approximately 9.5%) compared to RMB 6,204.5 million for the year ended December 31, 2022[40] - Revenue from freight services was RMB 5,318.5 million, accounting for 94.7% of total revenue, down 9.6% from RMB 5,880.2 million in the previous year[40] - Gross profit for the year was RMB 313,264 thousand, down 8.34% from RMB 341,767 thousand in 2022[1] - The company reported a net loss of RMB 29,623 thousand for the year, a significant decrease of 2,226.56% compared to a profit of RMB 1,393 thousand in 2022[80] - The company recorded a significant increase in other expenses, amounting to approximately RMB 60.9 million, which is an increase of about 37.8% compared to RMB 44.2 million for the year ended December 31, 2022[157] Operational Efficiency - Operating costs decreased by 9.55% to RMB (5,302,952) thousand from RMB (5,862,706) thousand in the previous year[1] - The company has optimized its organizational structure and personnel allocation, gaining important new development momentum despite facing industry challenges and rising costs in 2023[25] - The company has focused on optimizing operational costs through organizational restructuring and digital technology implementation[24] - The digital freight solutions facilitate collaboration among ecosystem participants, improving transparency and synergy within the logistics sector[32] - The upgraded logistics product allows real-time monitoring and analysis of freight quality, enhancing operational efficiency for logistics companies[121] Digital Transformation - The company has initiated key measures for future value, including the establishment of a digital freight operation upgrade centered on AI applications[8] - The company is actively participating in the digitalization of the logistics industry, contributing to the establishment of standards for digital service delivery[8] - The outlook for the future indicates that the company will continue to focus on digital transformation and operational efficiency to achieve optimal business results[9] - The digital freight industry is transitioning from a phase of rapid growth to a more regulated development phase, with customers increasingly valuing the substantive benefits of digitalization[29] - The company aims to enhance the digital delivery capabilities of logistics companies by providing real-time order status visibility and improving cost-effective transportation services[32] Market Position and Community Engagement - The logistics market in China is valued at over RMB 7 trillion, with the full truckload segment being the largest part of the road freight market[10] - The company has served over 14,400 freight forwarders and 3.2 million truck drivers, completing over 4.65 million freight orders on its platform by December 31, 2023[14] - The registered user count for the truck driver community exceeded 3.4 million by December 31, 2023, with a social media following of about 3.7 million[71] - The number of truck drivers completing freight orders on the platform reached 3.2 million by December 31, 2023, with active truck drivers accounting for over 80% of total sales orders[78] - The company achieved a net profit of 330,000 registered truck drivers by the end of 2023 through the launch of the "Driver Service Platform" which simplified the registration process[56] Research and Development - Research and development expenses increased to approximately RMB 79.9 million, up RMB 3.7 million (or approximately 4.9%) from RMB 76.2 million for the previous year[46] - The company aims to enhance its technology capabilities with a target increase of 20.0% in R&D strength by 2025[111] Future Goals and Strategic Initiatives - The company plans to leverage market opportunities in the digital freight industry, focusing on the development of industry standards and business management regulations[65] - The company plans to improve user penetration rates by 15.0% by 2027, focusing on existing customer groups[111] - The company is targeting a 15.0% increase in platform service customers by 2031, aiming to attract more freight service users[111] - The company intends to strengthen its supply chain system for card services, with a goal of a 2.5% enhancement by 2027[111] - The company has established a legal assistance center to provide free legal support to truck drivers, addressing various business and personal issues[73] Corporate Governance and Compliance - The company has amended its articles of association to expand its business scope, which was formally approved at the annual general meeting held on June 20, 2023[129] - The company has not engaged in any derivative activities or hedging activities related to foreign exchange risks during the reporting period[127] - The financial statements are prepared in accordance with International Financial Reporting Standards, with no significant impact from new amendments adopted this year[168][174] - The company is currently evaluating the impact of new amendments to the International Financial Reporting Standards, expecting no significant effect on financial performance[177]
维天运通(02482) - 2023 - 中期财报
2023-09-07 08:33
Financial Performance - As of June 30, 2023, the group's prepaid items, other receivables, and other assets amounted to RMB 1,399.2 million, an increase of approximately RMB 34.8 million (or about 2.6%) compared to RMB 1,364.4 million as of December 31, 2022, primarily due to increased freight receivables not yet collected [3]. - The company reported a loss attributable to owners of approximately RMB 26.2 million for the reporting period, compared to a profit of RMB 3.1 million for the six months ended June 30, 2022 [102]. - The company reported a net loss of RMB 26.166 million for the first half of 2023, compared to a profit of RMB 3.14 million in the same period of 2022, representing a significant decline [103]. - Adjusted net loss for the period was RMB 3.416 million, a decrease of RMB 21.924 million (or approximately 118.4%) from an adjusted profit of RMB 18.508 million in the first half of 2022, primarily due to lower logistics demand and increased competition [117]. - In the first half of 2023, the company's freight service revenue was RMB 2,475,284,000, accounting for 94.79% of total revenue, compared to RMB 2,866,156,000 (94.68%) in the same period of 2022 [67]. - The company's total operating costs for the reporting period were approximately RMB 2,471.7 million, a decrease of about RMB 392.8 million (or approximately 13.7%) from RMB 2,864.5 million for the six months ended June 30, 2022 [67]. Market and Industry Insights - The digital freight industry is transitioning from a growth phase to a regulatory development phase, with customers increasingly focusing on the tangible value of digitalization [25]. - The total market size of China's road freight market is expected to reach RMB 7.5 trillion in 2023, with the full truckload segment projected to be the largest, estimated at RMB 4.2 trillion [24]. - The number of companies operating digital freight platforms in China increased by approximately 24.3% year-on-year to 2,818 by mid-2023 [43]. - The penetration rate of digital freight platforms is expected to reach 13.1% of the overall freight transport market by the end of 2023 [43]. - The volume of shipping orders in the first half of 2023 grew by 23.5% compared to the same period in 2022, highlighting increasing market activity [43]. Operational Metrics - As of June 30, 2023, the company has served over 13,100 shippers and 3.0 million truck drivers, completing a total of over 42.0 million shipping orders on its platform [45]. - The online Gross Transaction Value (GTV) for the first half of 2023 reached RMB 16.4 billion, reflecting a strong operational performance [45]. - The online GTV for freight platform services was RMB 13.7 billion for the first half of 2023, showcasing the growth of the platform [48]. - The annual retention rate for major shipper customers was 91.9% in the first half of 2023, indicating high customer loyalty [45]. - The registered user count for the company's app exceeded 3.4 million, with over 3.75 million followers on social media platforms as of June 30, 2023 [76]. Cash Flow and Assets - Cash and cash equivalents as of June 30, 2023, were approximately RMB 569.6 million, up from RMB 520.7 million at the end of 2022, reflecting positive cash flow from operating activities [119]. - Trade receivables and notes receivable decreased by approximately RMB 30.4 million (or about 24.5%) to RMB 93.5 million as of June 30, 2023, due to improved settlement processes [140]. - Current assets as of June 30, 2023, were approximately RMB 2,077.7 million, a slight increase of RMB 8.0 million (or 0.4%) from RMB 2,069.7 million at the end of 2022 [106]. - Current liabilities decreased by approximately RMB 81.4 million (or 5.0%) to RMB 1,536.5 million, mainly due to a reduction in other payables and accrued expenses [106]. - The current ratio improved to 1.35 as of June 30, 2023, compared to 1.28 at the end of 2022, indicating better short-term financial health [106]. Strategic Initiatives - The company aims to enhance user experience in its digital freight business, targeting a 45% increase in customer acquisition for freight services and platform services by 2031 [7]. - The company plans to leverage digital logistics delivery services to expand its customer base and increase profitability in the digital freight industry [90]. - The company has set a timeline to fully utilize the net proceeds for the planned purposes by 2031 [180]. - The company plans to expand its card service network and car service offerings, allocating 15.0% of the net proceeds for this purpose, which amounts to HKD 9.5 million [180]. - The company aims to enhance its R&D capabilities and strengthen its technological capabilities, dedicating 20.0% of the net proceeds, equating to HKD 12.6 million [180]. Corporate Governance and Compliance - The board of directors decided not to recommend the payment of an interim dividend for the six months ended June 30, 2023, consistent with the previous year [160]. - The board confirmed compliance with applicable accounting principles and standards for the unaudited interim consolidated results for the six months ended June 30, 2023 [159]. - The company has confirmed compliance with the "Standard Code" regarding the trading of its securities by all directors and supervisors since the listing date [175]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a high level of independence [174]. - The group has implemented a competitive and fair compensation and benefits system for employees, including basic salaries and performance bonuses [142].
维天运通(02482) - 2023 - 中期业绩
2023-08-31 14:51
Financial Performance - The total revenue for the group during the reporting period was approximately RMB 2,611.2 million, a decrease of approximately RMB 415.9 million (or about 13.7%) compared to RMB 3,027.1 million for the six months ended June 30, 2022[30]. - The group recorded a loss of RMB 26.2 million for the reporting period, compared to a profit of RMB 3.1 million for the same period in 2022[37]. - The company reported a total comprehensive income of approximately RMB (人民幣) -26,166 thousand for the year, reflecting a decrease compared to the previous period[126]. - The company reported a loss of RMB 26,166 thousand for the six months ended June 30, 2023, compared to a profit of RMB 3,140 thousand in the same period of 2022[194]. - The company incurred a loss before tax of RMB 25,190 thousand for the first half of 2023, compared to a loss of RMB 976 thousand in the same period last year[181]. - The company reported a net cash flow from operating activities of RMB (128,450) thousand for the six months ended June 30, 2023, compared to RMB (95,976) thousand for the same period in 2022[101]. Assets and Liabilities - The group’s inventory as of June 30, 2023, was approximately RMB 1.0 million, a decrease of approximately RMB 1.4 million (or about 58.3%) compared to approximately RMB 2.4 million as of December 31, 2022[40]. - The group’s prepayments, other receivables, and other assets amounted to approximately RMB 1,399.2 million as of June 30, 2023, an increase of approximately RMB 34.8 million (or about 2.6%) compared to approximately RMB 1,364.4 million as of December 31, 2022[42]. - The company’s total liabilities decreased significantly, with a reduction in other payables and accrued expenses by RMB (121,373) thousand compared to RMB (221,905) thousand in the previous year[101]. - Current liabilities decreased to RMB 1,536,539 thousand as of June 30, 2023, from RMB 1,617,866 thousand as of December 31, 2022, a reduction of 5.0%[184]. - Total equity attributable to equity holders of the parent increased to RMB 638,433 thousand as of June 30, 2023, up from RMB 554,493 thousand at the end of 2022[164]. Cash Flow and Financing - The net cash flow from financing activities for the first half of 2023 was RMB 138,252 thousand, compared to a net outflow of RMB 85,453 thousand in the same period of 2022[104]. - The net increase in cash and cash equivalents was RMB 48,923 thousand, a significant improvement from a decrease of RMB 219,591 thousand in the first half of 2022[104]. - Cash and cash equivalents rose to RMB 569,637 thousand as of June 30, 2023, up from RMB 520,714 thousand as of December 31, 2022, indicating an increase of 9.4%[184]. - As of June 30, 2023, the group reported a cash and cash equivalents balance of approximately RMB 569.6 million, an increase from RMB 520.7 million as of December 31, 2022[49]. Research and Development - Research and development expenses for the reporting period were approximately RMB 39.2 million, an increase of approximately RMB 1.8 million (or about 4.8%) compared to RMB 37.4 million for the six months ended June 30, 2022[33]. - The company plans to enhance its R&D capabilities and strengthen its technological capabilities, allocating 20% of its net proceeds for this purpose[112]. - Research and development expenses increased to RMB 39,168 thousand, compared to RMB 37,380 thousand in the previous year, indicating a focus on innovation[181]. Strategic Initiatives - The group aims to leverage digital logistics services to expand its customer base and increase profitability in the competitive market environment[11]. - The group plans to actively participate in the formulation and implementation of industry standards to promote high-quality development in the digital freight platform sector[11]. - The company is focused on upgrading and strengthening its digital freight business as part of its strategic initiatives[84]. - The company is focused on expanding its market presence through strategic initiatives and potential acquisitions in the digital freight sector[106]. Corporate Governance - The company has adopted a high standard of corporate governance to protect shareholder interests and enhance corporate value[80]. - The company’s board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a high level of independence[94]. - The audit committee confirmed that the interim consolidated results for the six months ended June 30, 2023, comply with applicable accounting principles and have been adequately disclosed[136]. Shareholder Information - Major shareholders include Shanghai Yunxin, holding approximately 8.32% of domestic shares and 22.17% of H shares, totaling around 13.56% of the company's issued shares[148]. - The total number of shares held by the chairman and CEO is 273,447,680, representing 31.56% of the internal shares[120]. - The total number of shares held by the executive director is 9,763,739, representing 1.13% of the internal shares[120]. - The total number of issued shares as of June 30, 2023, was 1,393,876,104[166]. Compliance and Reporting - The company’s financial statements are prepared in accordance with International Financial Reporting Standards and reported in RMB[91]. - The interim financial statements are unaudited and include a consolidated income statement and a consolidated statement of financial position[160][163]. - The company is focused on compliance with relevant accounting standards and regulations, ensuring transparency in its financial reporting[136].
维天运通(02482) - 2022 - 年度财报
2023-04-27 08:37
Corporate Governance - The board of directors has delegated daily management and operational responsibilities to senior management, establishing three committees for oversight, including the audit committee, compensation committee, and nomination committee [9]. - The company has complied with the requirement that independent non-executive directors must account for at least one-third of the board members since the listing date [16]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a high level of independence [17]. - The board is responsible for ensuring diversity among its members and actively seeks suitable candidates, including women, for board positions [22]. - The company has adopted a nomination policy to ensure a balanced board in terms of skills, experience, knowledge, and diversity [56]. - The nomination committee has evaluated the independence of independent non-executive directors and reviewed the board's structure and diversity [37]. - The company has established a diversity policy for the board to enhance its effective operation and maintain high corporate governance standards [34]. - The board of directors confirmed their responsibility for preparing financial statements that fairly reflect the group's performance and cash flows as of December 31, 2022 [88]. - The company has arranged appropriate insurance coverage for directors against liabilities arising from legal actions [10]. - The company has not experienced any changes in its directors, supervisors, or senior management since the listing date [18]. - The board will continue to fulfill its supervisory role to protect the interests of all shareholders and the company in the new year [1]. Financial Performance - Total revenue for 2022 was RMB 6,204,473 thousand, a decrease of 1.48% compared to 2021's RMB 6,297,250 thousand [197]. - Gross profit for 2022 was RMB 341,767 thousand, down from RMB 399,861 thousand in 2021, reflecting a decline of approximately 14.6% [197]. - The company reported a net profit of RMB 1,393 thousand for 2022, a significant decrease from RMB 50,744 thousand in 2021 [197]. - Adjusted net profit for 2022 was RMB 45,109 thousand, compared to RMB 87,309 thousand in 2021, indicating a decline of about 48.3% [197]. - Total assets as of December 31, 2022, were RMB 2,172,985 thousand, down from RMB 2,663,102 thousand in 2021 [197]. - Total liabilities decreased to RMB 1,618,492 thousand in 2022 from RMB 2,127,667 thousand in 2021, showing a reduction of approximately 23.9% [197]. - Total equity increased to RMB 554,493 thousand in 2022, up from RMB 535,435 thousand in 2021, reflecting a growth of about 3.5% [197]. Risk Management and Compliance - The board has confirmed its responsibility for risk management and internal control systems, continuously improving these systems [43]. - The audit committee is responsible for ongoing review and supervision of the company's financial reporting procedures and internal control systems [69]. - The company has implemented various measures to identify, monitor, and audit transactions with potential conflicts of interest [70]. - The company has engaged a compliance advisor to ensure adherence to listing rules and provide timely support regarding regulatory requirements [71]. - The company maintains a two-way communication policy with shareholders to enhance engagement and transparency [79]. - The company has adopted various policies to ensure compliance with the Listing Rules, including risk management and information disclosure [97]. - The company provides regular anti-corruption and anti-bribery compliance training to enhance knowledge and adherence to applicable laws and regulations [98]. - The company must disclose any insider information or situations that may create a false market as soon as reasonably practicable [101]. - The company consults with legal advisors on relevant Chinese laws and regulations to enhance compliance awareness and stay informed about regulatory developments [99]. Capital Management - The company's capital management aims to ensure sustainable operations and maintain a stable capital ratio to support business development and maximize shareholder value [3]. - The company may adjust dividends, return capital to shareholders, or issue new shares to maintain or adjust its capital structure based on economic conditions and asset risk characteristics [3]. - As of December 31, 2022, the group had no assets mortgaged as collateral for bank loans or other financing activities, compared to RMB 857 million as of December 31, 2021 [58]. - The group’s capital expenditure during the reporting period was approximately RMB 91 million, primarily for the purchase of properties, plants, equipment, and intangible assets [175]. - The group received government subsidies related to the digital freight business amounting to RMB 1,711 million for the year ended December 31, 2022 [139]. - As of December 31, 2022, the group's other borrowings were approximately RMB 0.5 million, with a capital debt ratio of about 0.4% [155]. Employee Management and Training - The group employed 1,020 full-time employees, with compensation based on market conditions and individual performance [181]. - The group is committed to employee training programs to ensure staff acquire necessary skills and professional ethics [160]. - The company collaborates closely with its human resources team to provide information security training to employees [94]. - The group has participated in mandatory employee social security plans as required by Chinese law [160]. Strategic Initiatives - The company emphasized the importance of adapting to changing market conditions, highlighting the keyword "transformation" in its strategy moving forward [200]. - The company is focusing on new product development and market expansion as part of its strategic initiatives for future growth [200]. - The management indicated plans for potential mergers and acquisitions to enhance market presence and operational capabilities [200].
维天运通(02482) - 2022 - 年度业绩
2023-03-30 14:44
Financial Performance - The company reported a pre-tax profit of RMB 12,000 for the year ended December 31, 2022, compared to RMB 57,918,000 in 2021, indicating a significant decline[39]. - The company incurred a tax expense of RMB 3,000 based on the statutory tax rate of 25% for the year ended December 31, 2022, down from RMB 14,480,000 in 2021[39]. - The company reported a loss attributable to the equity holders of RMB 366,000 for the year ended December 31, 2022, compared to a loss of RMB 194,000 in 2021[39]. - The company's profit attributable to ordinary equity holders was RMB 1,393 thousand in 2022, a significant decrease from RMB 50,744 thousand in 2021, representing a decline of approximately 97.3%[43]. - For the year ended December 31, 2022, the company reported revenue of RMB 6,204,473 thousand, a decrease of 1.47% compared to RMB 6,297,250 thousand in 2021[63]. - The company's gross profit for 2022 was RMB 341,767 thousand, reflecting a decline of 14.53% from RMB 399,861 thousand in the previous year[63]. - Net profit for the year was RMB 1,393 thousand, a significant drop of 97.25% compared to RMB 50,744 thousand in 2021[63]. - The adjusted net profit, not in accordance with International Financial Reporting Standards, was RMB 45,109 thousand, down 48.33% from RMB 87,309 thousand in 2021[63]. Revenue and Costs - Revenue from freight services was RMB 5,880.15 million, accounting for 94.8% of total revenue, while revenue from freight platform services was RMB 303.584 million, representing 4.9% of total revenue[131]. - The company's operating costs for the reporting period were approximately RMB 5,862.7 million, remaining stable compared to RMB 5,897.4 million in 2021[132]. - Gross profit decreased from approximately RMB 399.9 million in 2021 to about RMB 341.8 million in 2022, a reduction of approximately RMB 58.1 million (or about 14.5%) with a gross margin decline from 6.4% to 5.5%[134]. Assets and Liabilities - As of December 31, 2022, current assets amounted to RMB 2,069.7 million, a decrease of RMB 489.4 million (or 19.1%) from RMB 2,559.1 million on December 31, 2021, mainly due to reductions in trade receivables and other assets[152]. - Current liabilities decreased to RMB 1,617.9 million as of December 31, 2022, down RMB 509.1 million (or 23.9%) from RMB 2,127.0 million in 2021, primarily due to a reduction in other payables and borrowings[152]. - The current ratio improved to 1.28 as of December 31, 2022, compared to 1.20 on December 31, 2021, indicating better short-term financial health[152]. - Cash and cash equivalents were approximately RMB 520.7 million as of December 31, 2022, primarily from net cash inflows from operating activities[158]. Customer Engagement and Market Position - The company has maintained its top position in the network freight platform rankings for three consecutive years, as published by the China Logistics and Purchasing Federation[67]. - The annual retention rate for major shippers was 92.1% in 2022, indicating strong customer loyalty[75]. - Active customer numbers increased by 11.2% to 3,911 in 2022, demonstrating growth in customer engagement[86]. Digital Transformation and Innovation - The company aims to leverage its SaaS model to improve software delivery and data management capabilities[27]. - The company has accelerated its business plan by adding seven digital logistics scenarios to enhance customer service and optimize internal structures[66]. - The digital freight platform aims to improve collaboration among ecosystem participants, enhancing transparency and synergy within the logistics industry[85]. - The company is focusing on enhancing the resilience of the supply chain through digital solutions to address industry challenges[68]. Regulatory and Industry Trends - The logistics industry is transitioning from a phase of rapid growth to a more regulated development phase, with increasing government oversight and a focus on the digital value of services[65][73]. - The company is actively promoting the establishment of a new regulatory system for digital freight, collaborating with government regulatory bodies and industry associations[85]. Employee and Operational Metrics - The group has 1,020 full-time employees as of December 31, 2022, with most located in China[174]. - Employee benefits expenses, excluding directors and senior management, rose to RMB 151,746,000 in 2022 from RMB 142,537,000 in 2021, marking an increase of approximately 6.5%[164]. Future Outlook - The company anticipates significant economic expansion in China in 2023, expecting to regain growth momentum[112]. - The implementation of the "Digital China Construction Overall Layout Plan" is expected to support the company's future growth and customer value creation[69].