[Interim Results Announcement Summary](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E6%91%98%E8%A6%81) This section provides a concise overview of the company's financial performance and key operational highlights for the interim period [Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Total revenue decreased by 6.97% YoY, but gross profit and profit for the period increased by 15.73% and 19.55% respectively, with adjusted net profit up 7.04% due to business optimization and high-margin services Financial Summary (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,030,150 | 3,257,164 | -6.97 | | Cost of Revenue | (2,828,542) | (3,082,955) | -8.25 | | Gross Profit | 201,608 | 174,209 | 15.73 | | Profit for the Period | 26,066 | 21,803 | 19.55 | | Profit Attributable to Owners of the Parent | 28,012 | 24,037 | 16.54 | | Adjusted Net Profit (Non-IFRS) | 26,761 | 25,002 | 7.04 | | Adjusted Net Profit Attributable to Owners of the Parent (Non-IFRS) | 28,707 | 27,236 | 5.40 | [Management Discussion and Analysis](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section analyzes the company's performance, market conditions, and strategic initiatives, providing context for the financial results [Market Overview](index=2&type=section&id=%E5%B8%82%E5%A0%B4%E6%A6%82%E8%A7%88) Digital freight platforms address traditional logistics inefficiencies through technology, supported by policy and market demand, evolving into comprehensive digital infrastructure for logistics and tax governance - Digital freight platforms connect over **8 million** trucks and **7 million** drivers, significantly enhancing social resource coordination efficiency[5](index=5&type=chunk) - State Council Decree No. 810 (2025) formally establishes data's legal validity in tax collection, making digital freight platforms central to logistics industry digital tax governance[6](index=6&type=chunk) - Market demands for digital freight platforms have shifted from singular cost reduction and efficiency improvement to multi-dimensional capabilities in capacity supply chain resilience, efficiency, and collaboration[9](index=9&type=chunk) [Group Overview](index=3&type=section&id=%E9%9B%86%E5%9C%98%E6%A6%82%E8%A7%88) The company operates China's largest digital freight platform, offering integrated transport, operations, and financial services through 12 digital business links, with AI significantly boosting efficiency and focusing on deep digitalization and high-quality GTV growth - The company operates China's largest digital freight platform, having served over **17,700** shippers and **3.7 million** truck drivers, completing a total of over **60.6 million** consignment orders as of June 30, 2025[10](index=10&type=chunk)[20](index=20&type=chunk) - A full-link digital freight system has been built across **12** business links, achieving integrated transport, operations, and financial services, and leveraging AI technology to enhance operational efficiency[11](index=11&type=chunk)[12](index=12&type=chunk) - AI digital human "Sister Ting" fully covers truck driver management and operations for logistics projects, reducing labor costs by **76%** compared to pre-AI application, significantly boosting operational efficiency and management effectiveness[14](index=14&type=chunk) - The company focuses on deepening digital application in logistics projects, selecting shippers with higher digital cooperation value, and pursuing high-quality online GTV growth[16](index=16&type=chunk) [Business Overview](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A7%88) This section details the company's business model, services, and the ecosystem it has built within the digital freight industry [Our Business Model and Services](index=6&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E6%A5%AD%E5%8B%99%E6%A8%A1%E5%BC%8F%E5%8F%8A%E6%9C%8D%E5%8B%99) The company has cultivated a vibrant digital road freight ecosystem in China, integrating "Digital Freight, Trucker Community, and Industry Resource Linkage" to meet shipper needs and support drivers, creating strong synergistic effects - The company's business layout includes digital freight, trucker community, and industry resource linkage, providing full-link digital services and solutions to all participants in the freight industry[17](index=17&type=chunk) - Digital freight business empowers shippers to build private capacity pools through digitalized capacity management, transport processes, and financial settlement, achieving cost reduction, efficiency improvement, and data-driven decision-making[19](index=19&type=chunk) - The large and loyal user base of the Trucker Community provides stable and efficient capacity resources for the digital freight platform, while the platform also attracts more drivers to join the Trucker Community, forming a mutually reinforcing synergy[38](index=38&type=chunk) [Digital Freight Business](index=6&type=section&id=%E6%95%B8%E5%AD%97%E8%B2%A8%E9%81%8B%E6%A5%AD%E5%8B%99) The digital freight business offers freight services and platform services, aiming to digitalize the entire transport process for shippers, enabling data-driven management and building an efficient and collaborative capacity supply chain - Digital freight business online GTV was approximately **RMB 17.9 billion** for the six months ended June 30, 2025, with an annual retention rate of approximately **91.2%** for key shipper clients[20](index=20&type=chunk) - Freight services online GTV was approximately **RMB 3.1 billion**, primarily serving industry clients with high standardization, such as bulk cargo[21](index=21&type=chunk) - Freight platform services online GTV was approximately **RMB 14.8 billion**, primarily serving shippers with complex processes and customized requirements, such as consumer goods, enhancing their operational capabilities through digitalization[22](index=22&type=chunk) [Trucker Community and Industry Resource Linkage](index=8&type=section&id=%E5%8D%A1%E5%8F%8B%E5%9C%B0%E5%B8%B6%E5%8F%8A%E7%94%A2%E6%A5%AD%E8%B3%87%E6%BA%90%E9%8F%88%E6%8E%A5) The Trucker Community is China's largest logistics and truck driver community, offering a platform for communication, business, and social interaction via mobile apps, social media, and offline branches, with new initiatives enhancing content creation and welfare - As of June 30, 2025, the Trucker Community had over **3.5 million** registered users, approximately **3.3 million** social media followers, and established offline branches in **298** cities in China[24](index=24&type=chunk) - During the reporting period, the Trucker Community's online platform launched the "Ai Chuang Platform" to empower truck drivers in content creation, resulting in **1,588** video contents and over **19.6 million** views[25](index=25&type=chunk) - The Trucker Community's online platform has integrated with the "Workers' Home" smart service platform of the All-China Federation of Trade Unions, providing labor protection and legal aid services for truck drivers[26](index=26&type=chunk) Trucker Community Operating Metrics (For the six months ended June 30, 2025) | Indicator | Value | | :--- | :--- | | Converted Truck Drivers (thousands) | 182.2 | | Online GTV Completed by Converted Truck Drivers (RMB billions) | 3.7 | | Consignment Orders Completed by Converted Drivers (thousands) | 708.9 | | Percentage of Truck Drivers Converted from Trucker Community to Digital Freight Platform (%) | 22.4 | [Our Ecosystem](index=11&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E7%94%9F%E6%85%8B%E7%B3%BB%E7%B5%B1) The company has built a sustainable freight ecosystem connecting drivers, shippers, resource providers, and regulators through digital technology, fostering collaboration, data transparency, and shared value growth while empowering social governance - As of H1 2025, **4,801** shippers completed consignment orders on the digital freight platform, with a cumulative total of **17,702**; approximately **3.8 million** truck drivers completed consignment orders, and **3.5 million** drivers were registered with the Trucker Community[43](index=43&type=chunk) - Active truck drivers numbered **241.4 thousand**, completing over **75%** of the total platform sales orders[43](index=43&type=chunk) - Regulatory authorities achieve data-penetrating risk control and compliance supervision by synchronizing all business data from the digital freight platform to regulatory systems[46](index=46&type=chunk) - Industry resource providers, through digital linkage with the company, offer digital products and services such as finance, insurance, energy, and truck aftermarket services to all participants in the digital freight business[46](index=46&type=chunk) [Technology and Social Responsibility](index=13&type=section&id=%E6%8A%80%E8%A1%93%E8%88%87%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) This section highlights the company's advancements in AI technology for road transport and its commitment to corporate social responsibility initiatives [Our Technology and Digital Products](index=13&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E6%8A%80%E8%A1%93%E5%8F%8A%E6%95%B8%E5%AD%97%E5%8C%96%E7%94%A2%E5%93%81) The company advances AI in road transport, with its AI assistant "Sister Ting" evolving to automate transport processes and actively manage driver tasks, while also developing digital credit solutions for supply chain finance and transparency for shippers and drivers - AI assistant "Sister Ting"'s technical capabilities have strategically evolved from basic semantic interaction to automated transport process services, forming core operational capabilities in task takeover, rule communication, and problem-solving[47](index=47&type=chunk) - The company develops digital credit service solutions, providing supply chain finance support for shippers across core business scenarios and specialized freight finance solutions for truck drivers in transit[48](index=48&type=chunk) - The company offers "transport operation + business data delivery" services to shippers, breaking the "supply chain black box" and enhancing shippers' consignment delivery capabilities[48](index=48&type=chunk) [Corporate Social Responsibility](index=13&type=section&id=%E4%BC%81%E6%A5%AD%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) The company actively fulfills its corporate social responsibility through initiatives like "Aid for Tibetan Truck Drivers," the "Love Mileage Donation" platform, and partner care projects, providing comprehensive support to drivers, and deepening strategic collaboration with the All-China Federation of Trade Unions for specific rights - Following the Dingri County earthquake in Tibet, the company swiftly launched the "Aid for Tibetan Truck Drivers" initiative, providing supplies and 24-hour hotline services to ensure the smooth flow of the transport lifeline[49](index=49&type=chunk) - The "Love Mileage Donation" public welfare platform has accumulated approximately **600,000** participating drivers, donated **4.3 billion** kilometers, benefiting **3,579** driver families, and specifically helping **40** families reunite[50](index=50&type=chunk) - In collaboration with FAW Jiefang and the China Staff Development Foundation, the "Jiefang Love Navigator • Care for Truck Drivers" project has completed two phases, assisting **315** families with a total of **RMB 1.836 million** in donations[51](index=51&type=chunk) - In H1 2025, the company deepened strategic collaboration with the All-China Federation of Trade Unions, securing **43,000** specific rights for member truck drivers, with a total value exceeding **RMB 2.27 million**[52](index=52&type=chunk) [Strategy and Milestones](index=14&type=section&id=%E6%88%B0%E7%95%A5%E8%88%87%E9%87%8C%E7%A8%8B%E7%A2%BC) This section outlines the company's strategic achievements during the reporting period and its future outlook [Our Milestones in H1 2025](index=14&type=section&id=%E6%88%91%E5%80%91%E6%96%BC2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%9A%84%E9%87%8C%E7%A8%8B%E7%A2%BC) In H1 2025, the company successfully held the 11th "May 2nd Trucker Festival," achieved deep coverage of all logistics projects with AI assistant "Sister Ting," and launched first-hand data services for shippers, enhancing operational efficiency and data value - Successfully held the 11th "May 2nd Trucker Festival" with the theme "From Wheels to AI, Your Voice Needs to Be Heard," empowering truck drivers to voice their opinions through AI technology[53](index=53&type=chunk) - AI assistant "Sister Ting" fully participates in logistics project truck driver operations management, upgrading interaction from menu function lookup to proactive AI response[54](index=54&type=chunk) - Launched data services based on first-hand data for logistics enterprises and other shippers, providing analysis and applications in project management, cost management, capacity operation, and risk management[54](index=54&type=chunk) [Outlook](index=15&type=section&id=%E5%B1%95%E6%9C%9B) The company plans to advance AI, with "Sister Ting" fully managing transport scenarios, expand data services for data-driven business model upgrades, and capitalize on standardized tax regulation in digital freight to accelerate inefficient capacity exit and gain development benefits - AI assistant "Sister Ting" will fully take over transport management scenarios, acting as an intelligent work assistant for shippers, catalyzing three revolutionary industry changes: transparent capacity matching, disintermediated dispatch decisions, and flattened freight power structures[55](index=55&type=chunk) - The company will leverage first-hand data to continuously enrich data service projects, facilitating a data-driven and digitalized business model upgrade[55](index=55&type=chunk) - State Council Decree No. 810 (2025) marks a new phase of standardized tax regulation in the digital freight industry, which will raise compliance thresholds, accelerate the exit of inefficient capacity, and benefit enterprises with full-link digitalization capabilities[56](index=56&type=chunk) [Financial Review](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides a detailed analysis of the company's financial performance, liquidity, and capital structure during the reporting period [Consolidated Income Statement Analysis](index=16&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%88%86%E6%9E%90) Total revenue decreased by 7.0% YoY due to lower freight service volume, but gross profit and margin significantly improved by selecting high-value clients and promoting high-margin data services, leading to increased profit for the period and adjusted net profit [Revenue](index=16&type=section&id=%E6%94%B6%E5%85%A5) Total revenue decreased by 7.0% to **RMB 3,030.2 million**, mainly due to lower freight service volume, while freight platform service revenue grew by **33.7%** Revenue Details (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | % of Total Revenue (2025) | % of Total Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | | Freight Service Revenue | 2,825,976 | 3,094,506 | -8.7 | 93.26 | 95.01 | | Freight Platform Service Revenue | 197,871 | 148,037 | +33.7 | 6.53 | 4.54 | | Sales of Goods | 147 | 273 | -46.2 | 0.01 | 0.01 | | Others | 6,156 | 14,348 | -57.1 | 0.20 | 0.44 | | Total | 3,030,150 | 3,257,164 | -7.0 | 100.00 | 100.00 | [Cost of Revenue](index=17&type=section&id=%E7%87%9F%E6%A5%AD%E6%88%90%E6%9C%AC) Cost of revenue decreased by 8.3% to **RMB 2,828.5 million**, primarily due to reduced driver freight costs from lower freight service volume Cost of Revenue (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Revenue | 2,828.5 | 3,083.0 | -8.3 | [Gross Profit and Gross Margin](index=17&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit increased by 15.7% to **RMB 201.6 million**, with gross margin rising from **5.35%** to **6.65%**, driven by selecting high-value digital cooperation clients and promoting high-margin data services Gross Profit and Gross Margin (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 201.6 | 174.2 | +15.7 | | Gross Margin | 6.65% | 5.35% | +1.30pp | [Other Income and Gains](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Other income and gains increased by 46.8% to **RMB 11.6 million**, mainly due to higher government grants (excluding those related to digital freight business) Other Income and Gains (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income and Gains | 11.6 | 7.9 | +46.8 | | Of which: Government Grants | 6.6 | 1.2 | +450.0 | [Selling Expenses](index=17&type=section&id=%E9%8A%B7%E5%94%AE%E8%B2%BB%E7%94%A8) Selling expenses decreased by 13.7% to **RMB 37.3 million**, primarily due to reduced staff costs and travel expenses from fewer employees, and lower share-based payments Selling Expenses (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Selling Expenses | 37.3 | 43.2 | -13.7 | [Administrative Expenses](index=18&type=section&id=%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8) Administrative expenses decreased by 3.5% to **RMB 44.2 million**, mainly due to lower share-based payments Administrative Expenses (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 44.2 | 45.8 | -3.5 | [Research and Development Expenses](index=18&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) R&D expenses increased by 16.4% to **RMB 45.4 million**, primarily due to higher staff costs from an increase in R&D personnel Research and Development Expenses (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | R&D Expenses | 45.4 | 39.0 | +16.4 | [Net Impairment Losses on Financial and Contract Assets](index=18&type=section&id=%E9%87%91%E8%9E%8D%E5%8F%8A%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E6%B7%A8%E5%80%BC) Impairment losses on financial and contract assets increased from **RMB 6.5 million** to **RMB 12.1 million**, mainly due to impairment losses on trade receivables from customer credit deterioration Net Impairment Losses on Financial and Contract Assets (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Impairment Losses | 12.1 | 6.5 | +86.2 | [Other Expenses](index=18&type=section&id=%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) Other expenses increased by 13.0% to **RMB 20.8 million**, primarily due to higher taxes and surcharges Other Expenses (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Other Expenses | 20.8 | 18.4 | +13.0 | [Finance Costs](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs increased by 28.9% to **RMB 4.9 million**, mainly due to higher bill discount charges during the reporting period Finance Costs (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 4.9 | 3.8 | +28.9 | [Income Tax Expense](index=18&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense significantly increased from **RMB 3.4 million** to **RMB 22.3 million**, primarily due to higher taxable profit during the reporting period Income Tax Expense (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Income Tax Expense | 22.3 | 3.4 | +555.9 | [Profit for the Period](index=19&type=section&id=%E6%9C%9F%E5%85%A7%E5%88%A9%E6%BD%A4) Profit attributable to owners of the parent increased by 16.54% to **RMB 28.0 million** Profit Attributable to Owners of the Parent (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Parent | 28.0 | 24.0 | +16.54 | [Adjusted Net Profit (Non-IFRS)](index=19&type=section&id=%E7%B6%93%E8%AA%BF%E6%95%B4%E6%B7%A8%E5%88%A9%E6%BD%A4) Adjusted net profit (non-IFRS) increased by 7.04% to **RMB 26.8 million**, primarily due to improved gross margin from selecting high-value digital cooperation clients Adjusted Net Profit (Non-IFRS) (For the six months ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Adjusted Net Profit | 26.8 | 25.0 | +7.04 | | Adjusted Net Profit Attributable to Owners of the Parent | 28.7 | 27.2 | +5.40 | [Liquidity and Capital Structure](index=20&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E8%88%87%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) Both current assets and liabilities decreased, but the current ratio improved from 1.30 to 1.44, indicating better liquidity, while interest-bearing borrowings and the gearing ratio significantly decreased, with no major external capital requirements or foreign exchange risks [Current Assets and Liabilities](index=20&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E8%88%87%E8%B2%A0%E5%82%B5) As of June 30, 2025, current assets decreased by 18.8% to **RMB 2,118.8 million**, current liabilities decreased by 26.4% to **RMB 1,476.3 million**, and the current ratio improved from **1.30** to **1.44**, indicating improved liquidity Liquidity Indicators (As of June 30, 2025) | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Current Assets | 2,118.8 | 2,610.1 | -18.8 | | Current Liabilities | 1,476.3 | 2,006.5 | -26.4 | | Current Ratio | 1.44 | 1.30 | +10.8% | [Capital Expenditure and Asset Pledges](index=21&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF%E8%88%87%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) Capital expenditure for the period was approximately **RMB 0.9 million**, mainly for property, plant, and equipment and intangible assets, funded primarily by operating cash flow, with no assets pledged as of June 30, 2025 - Capital expenditure for the reporting period was approximately **RMB 0.9 million**, primarily for the purchase of property, plant, and equipment and intangible assets[78](index=78&type=chunk) - As of June 30, 2025, the Group had not pledged any assets as collateral for bank borrowings or any other financing activities[79](index=79&type=chunk) [Borrowings and Gearing Ratio](index=21&type=section&id=%E5%80%9F%E6%AC%BE%E8%88%87%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, interest-bearing bank and other borrowings decreased to **RMB 197.3 million**, and the gearing ratio fell from **44.6%** to **29.8%**, indicating reduced financial leverage Borrowings and Gearing Ratio (As of June 30, 2025) | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Interest-bearing Bank and Other Borrowings | 197.3 | 290.7 | -32.1 | | Gearing Ratio | 29.8% | 44.6% | -14.8pp | [Exchange Rate Fluctuation Risk](index=22&type=section&id=%E5%BD%99%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) The company's operations are primarily in China, with most transactions settled in RMB, posing no significant foreign exchange risk, and no derivative or hedging activities were undertaken during the period - The Group's business operations are primarily conducted in China, with most transactions settled in RMB, posing no significant foreign exchange risk[84](index=84&type=chunk) - During the reporting period, the Group did not engage in any derivative activities or hedging activities for foreign exchange risk[84](index=84&type=chunk) [Material Transactions and Future Plans](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E4%BA%A4%E6%98%93%E8%88%87%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The company did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures, nor does it have other significant future plans for investments and capital assets during the reporting period [Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=21&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the company did not make any material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group did not make any material acquisitions or disposals of subsidiaries, associates, and joint ventures[82](index=82&type=chunk) [Future Plans for Material Investments and Capital Assets](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%92%8C%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Except as disclosed in this announcement, as of June 30, 2025, the company has no future plans for material investments and capital assets - Except as disclosed in this announcement, as of June 30, 2025, the Group has no plans for material investments and capital assets[83](index=83&type=chunk) [Corporate Governance and Others](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E8%88%87%E5%85%B6%E4%BB%96) This section covers significant corporate events, employee policies, use of proceeds, and adherence to corporate governance standards [Material Events During the Reporting Period](index=23&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6) During the reporting period, Mr. Fu Da resigned as non-executive director, the Nomination Committee composition changed, Mr. Long Ke was appointed executive director, amendments to the Articles of Association were approved, and the principal place of business in Hong Kong changed - Mr. Fu Da, a non-executive director, resigned, effective March 28, 2025[87](index=87&type=chunk) - Ms. Wang Yao, a non-executive director, and Mr. Li Dong, an independent non-executive director, were appointed as members of the Nomination Committee, effective March 28, 2025[88](index=88&type=chunk) - Mr. Long Ke was appointed as an executive director of the Fifth Board of Directors, effective June 10, 2025[89](index=89&type=chunk) - Amendments to the Articles of Association were approved at the annual general meeting and class meetings held on June 10, 2025, and became effective on the same day[90](index=90&type=chunk) - The company's principal place of business in Hong Kong changed effective January 10, 2025[91](index=91&type=chunk) [Material Events After the Reporting Period](index=24&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6) Except as disclosed, as of the announcement date, the company is unaware of any material post-reporting period events that could significantly impact its operations and financial performance - Except as disclosed in this announcement, the Group is not aware of any material events that could significantly impact our operations and financial performance for the period from June 30, 2025, to the date of this announcement[92](index=92&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the company had 859 full-time employees in China, offering competitive remuneration including base salary, performance bonuses, social security, and commercial insurance, alongside equity incentive plans and customized training to attract and motivate talent - As of June 30, 2025, the company had **859** full-time employees, all located in China[93](index=93&type=chunk) - Remuneration typically includes base salary and performance bonuses, with benefits such as pension plans and medical insurance, and an equity incentive plan[93](index=93&type=chunk) - The company provides tailored online and offline training courses based on the needs of employees in different functions, covering corporate culture, internal rules, professional knowledge, and leadership skills[94](index=94&type=chunk) [Use of Proceeds](index=25&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The net proceeds from the global offering were approximately **HKD 63.1 million**, with about **HKD 29.9 million (47.4%)** utilized as of June 30, 2025, consistent with the prospectus, with no intention to change the planned uses - The net proceeds from the global offering (after deducting underwriting commissions and related costs and expenses) were approximately **HKD 63.1 million**[95](index=95&type=chunk) - As of June 30, 2025, the company had utilized approximately **HKD 29.9 million** of the net proceeds from the global offering for the intended purposes as stated in the prospectus, accounting for approximately **47.4%** of the total[95](index=95&type=chunk) - The company has no intention to change the use of proceeds from the global offering as stated in the prospectus and will gradually apply the net proceeds to the intended uses[99](index=99&type=chunk) Details of Use of Net Proceeds from Global Offering (As of June 30, 2025) | Use | Allocation in Prospectus (%) | Estimated Net Proceeds in Prospectus (HKD millions) | Allocated Net Proceeds from Global Offering (HKD millions) | Utilized as of December 31, 2024 (HKD millions) | Utilized for the six months ended June 30, 2025 (HKD millions) | Unutilized as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Further upgrade and strengthen digital freight business | 45.0% | 34.2 | 28.4 | 5.8 | 2.5 | 20.1 | | (i) Acquire more freight service and freight platform service customers | 15.0% | 11.4 | 9.5 | 1.6 | 0.8 | 7.1 | | (ii) Increase penetration among existing customer base | 15.0% | 11.4 | 9.5 | 3.1 | 1.0 | 5.4 | | (iii) Enhance participation of other ecosystem participants | 15.0% | 11.4 | 9.4 | 1.1 | 0.7 | 7.6 | | Further expand Trucker Community and Kaja Car Services | 15.0% | 11.4 | 9.5 | 2.3 | 1.1 | 6.1 | | Explore and enhance commercialization of Trucker Community | 7.5% | 5.7 | 4.7 | 0.9 | 0.6 | 3.2 | | Establish and maintain Kaja Car Services authorized store network | 5.0% | 3.8 | 3.2 | 0.7 | 0.3 | 2.2 | | Strengthen Kaja Car Services supply chain system | 2.5% | 1.9 | 1.6 | 0.7 | 0.2 | 0.7 | | Enhance R&D efforts and strengthen technological capabilities | 20.0% | 15.2 | 12.6 | 9.8 | 1.4 | 1.4 | | Strengthen technological advantages in big data | 15.0% | 11.4 | 9.4 | 6.6 | 1.4 | 1.4 | | Improve existing R&D capabilities in high-tech fields | 5.0% | 3.8 | 3.2 | 3.2 | 0.0 | 0.0 | | Recruit additional sales, marketing, and operations personnel | 10.0% | 7.6 | 6.3 | 3.0 | 0.8 | 2.5 | | Working capital and other general corporate purposes | 10.0% | 7.6 | 6.3 | 2.5 | 0.7 | 3.1 | [Interim Dividend](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025[100](index=100&type=chunk) [Corporate Governance](index=47&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company maintains high corporate governance standards, complying with the CG Code and Model Code, with a highly independent Board, and no material litigation, arbitration, or claims during the reporting period - The company has adopted and complied with all principles and applicable code provisions under Part 2 of the Corporate Governance Code throughout the reporting period[155](index=155&type=chunk) - The Board currently comprises four executive directors, two non-executive directors, and three independent non-executive directors, demonstrating a high degree of independence[155](index=155&type=chunk) - Directors and supervisors have complied with the required standards for securities transactions as set out in the Model Code throughout the reporting period[157](index=157&type=chunk) - During the reporting period, no member of the Group was involved in any material litigation, arbitration, or claims[159](index=159&type=chunk) [Audit Committee](index=48&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, composed of three independent non-executive directors, reviewed and confirmed the unaudited interim consolidated results for the six months ended June 30, 2025, finding them compliant with accounting standards and regulations, with appropriate disclosures - The Audit Committee comprises three independent non-executive directors: Mr. Li Dong (Chairman), Mr. Liu Xiaofeng, and Mr. Dai Dingyi[160](index=160&type=chunk) - The Audit Committee reviewed the interim consolidated results, found no disagreement with management, and confirmed compliance with applicable accounting principles, standards, and requirements, with sufficient disclosures[160](index=160&type=chunk) [Definitions](index=48&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used in the report, ensuring accuracy and consistency in understanding information related to the company, business, finance, and governance

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部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。 Logory Logistics Technology Co., Ltd. 合 肥 維 天 運 通 信 息 科 技 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） （股份代號：2482） 董事會會議通知 合肥維天運通信息科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此 宣佈，董事會會議將於2025年8月28日（ 星期四 ）舉行，並將於會上（ 其中包括 ）考 慮 及 批 准 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 及 其 發 佈，及考慮派付中期股息（ 如有 ）。 承董事會命 合肥維天運通信息科技股份有限公司 董事長兼執行董事 馮雷 中華人民共和國合肥市 2025年8月18日 於 本 公 告 日 期 ， 董 事 會 包 括 執 行 董 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 合肥維天運通信息科技股份有限公司 | 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) | 02482 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 527,431,924 | RMB | 0.0625 | RMB | | 32,964,495.25 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 527,431,924 | RMB | 0.0625 | RMB | | 32,964,495.25 | | 2. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 ...

Core Viewpoint - Hefei has transformed from a "county town" to a "new first-tier city," with a notable rise in its private economy, which plays a crucial role in its development and innovation [1][2]. Group 1: Company Growth Stories - iFlytek, a prominent company in Hefei, has seen its market value grow 26 times over the past decade, showcasing the successful transformation of research results into commercial products [3][4]. - The company was founded in 1999, initially facing challenges with its first product but later pivoted to focus on voice technology, leading to its successful listing on the Shenzhen Stock Exchange in 2008 [5][6]. - iFlytek's growth has been supported by local government initiatives, which provided funding and a conducive environment for innovation [7][8]. Group 2: Government Support and Ecosystem - The Hefei government has actively supported startups like iFlytek by facilitating funding and creating a favorable policy environment, which has been crucial for the survival and growth of tech companies [6][7]. - The establishment of the "Keda Silicon Valley" innovation platform has attracted over 2,500 tech companies, enhancing the local innovation ecosystem [12][20]. - Hefei's government has implemented various policies to support the private economy, including the establishment of innovation centers and funding initiatives [19][20]. Group 3: Industry Development - The artificial intelligence industry in Hefei has flourished, with over 2,000 companies now operating in this sector, positioning the city as a national leader in advanced manufacturing [8][20]. - The logistics and digital freight sectors are also experiencing significant growth, with companies like Weitian Yuntong revolutionizing the industry through digital solutions [15][16]. - Hefei's strategic planning aims to establish itself as a national transportation hub, further enhancing the logistics industry's potential [14][15]. Group 4: Talent Development - Hefei has developed a robust talent cultivation strategy, focusing on nurturing entrepreneurs and skilled professionals to support its growing industries [21][22]. - The presence of institutions like the University of Science and Technology of China has contributed to a steady supply of talent, fostering innovation and entrepreneurship [22][24]. - The city has implemented various policies to attract and retain talent, ensuring a continuous influx of skilled individuals to support its economic growth [21][22].

Company Overview - As of June 11, the stock price of VITIAN YUNTONG (02482.HK) closed at HKD 1.05 per share, marking an increase of 16.67% with a trading volume of 192,000 shares and a turnover of HKD 196,000, showing a volatility of 32.22% [1] - Over the past month, VITIAN YUNTONG has experienced a cumulative decline of 38.78%, while year-to-date, it has seen a cumulative increase of 15.38%, underperforming the Hang Seng Index by 20.45% [1] - Financial data indicates that for the fiscal year ending December 31, 2024, VITIAN YUNTONG achieved total revenue of CNY 7.542 billion, representing a year-on-year growth of 34.29%, and a net profit attributable to shareholders of CNY 50.034 million, reflecting a significant year-on-year increase of 269.24% [1] Industry Analysis - Currently, there are no institutional investment ratings available for VITIAN YUNTONG [2] - The average price-to-earnings (P/E) ratio for the industrial transportation sector (TTM) is 9.25 times, with a median of 7.27 times. VITIAN YUNTONG's P/E ratio stands at 23.22 times, ranking 47th in the industry [2] - Comparatively, other companies in the sector have significantly lower P/E ratios, such as China Resources Transportation (00269.HK) at 0.16 times, YH Port (08502.HK) at 3.33 times, and COSCO Shipping Holdings (01919.HK) at 3.58 times [2] Business Model - VITIAN YUNTONG has established a vibrant digital freight ecosystem in China, which includes a digital freight platform and operates "Kafa Youdai," an online and offline community for truck drivers [2] - The company benefits from a highly active truck driver community and a comprehensive solution for truck sales and aftermarket services, which provide valuable strategic resources for its full-chain digital freight business and create strong synergies among its three business lines [2]

Financial Performance - Revenue for 2024 reached RMB 7,541.93 million, a 34.3% increase from RMB 5,616.22 million in 2023[9] - Adjusted net profit for 2024 was RMB 53.68 million, compared to a loss of RMB 29.62 million in 2023[9] - The net cash flow from operating activities for 2024 was RMB 153.66 million, a recovery from a negative cash flow of RMB 245.59 million in 2023[12] - Profit for the year ended December 31, 2024, was approximately RMB 445 million, compared to a loss of approximately RMB 296 million in 2023[78] - Adjusted net profit (non-IFRS measure) was approximately RMB 536.8 million, an increase of RMB 532.3 million (or 11,750.1%) from approximately RMB 5 million in 2023, driven by enhanced digital product applications and AI integration[82] Assets and Liabilities - Total assets increased to RMB 2,727.77 million in 2024, up from RMB 2,450.76 million in 2023, representing an 11.3% growth[11] - The total liabilities for 2024 were RMB 2,021.48 million, an increase from RMB 1,798.16 million in 2023[11] - Current assets as of December 31, 2024, were approximately RMB 2,610.1 million, an increase of RMB 287.6 million (or 12.4%) from RMB 2,322.5 million in 2023[83] - Trade receivables and bills receivable were approximately RMB 1,775 million, an increase of about RMB 347 million (or 24.3%) from RMB 1,428 million for the year ended December 31, 2023, due to increased freight service volume[88] - Trade payables were approximately RMB 1,721 million, an increase of about RMB 168 million (or 10.8%) from RMB 1,553 million for the year ended December 31, 2023, also due to increased freight service volume[89] Operational Metrics - The number of completed shipments rose to 9.72 million, reflecting a 12.3% year-on-year increase[16] - The number of registered truck drivers reached 3.5 million, a significant increase of 1,473.9 thousand drivers, marking a 10.15% growth[18] - The company achieved an online GTV of RMB 38.4 billion, which is an 11.7% increase year-on-year[15] - The annual retention rate of major shippers was 92.6%, indicating strong customer loyalty[17] - The number of active truck drivers on the platform in 2024 was 474,000, accounting for over 80% of the total shipping orders processed[54] Digital Freight Industry Insights - The total freight revenue in China's digital freight market is projected to be approximately RMB 850 billion in 2024, representing a 21.4% increase from 2023[29] - The top ten digital freight companies contributed around RMB 270 billion to the total freight revenue, accounting for 32% of the digital freight market, an increase of 2 percentage points from 2023[29] - The digital freight industry is transitioning from rapid expansion to a phase of high-quality development, with a notable decrease in growth rate from over 140% in 2021 to about 20% in 2023[29] - The digital freight market is experiencing increased digital penetration in the road freight sector, indicating a trend towards greater market concentration[29] - The company is committed to optimizing industry structure and promoting high-quality development in the full truckload transportation sector[31] Technology and Innovation - The company plans to enhance its digital operational capabilities through AI technology to optimize transportation management and decision-making systems[21] - The company is leveraging artificial intelligence to enhance operational efficiency, focusing on smart risk prevention, business process optimization, and intelligent operations[32] - The company has established a full-link digital freight platform based on SaaS services, enabling end-to-end online operations and real-time data generation[36] - The company launched the AI assistant "Tingjie" to provide transportation guidelines and risk alerts, enhancing operational efficiency for truck drivers[55] - The digital product "Logistics Enterprise Digital Delivery Capability Evaluation" was officially launched on the Beijing International Big Data Exchange in April 2024[60] Community and Social Responsibility - The company emphasizes the importance of social responsibility and brand value through its initiatives, benefiting truck drivers and improving their working conditions[34] - The community provided safety operation services to over 120,000 truck drivers, helping them achieve safer and more efficient transportation[45] - The company has launched mutual aid and medical insurance products, benefiting nearly 850 families and covering over 160,000 truck drivers[45] - The company has integrated social value with business operations, promoting the establishment of a social recognition and rights protection system for truck drivers[43] - The company has established offline communities in 298 cities across China, enhancing local support for truck drivers[45] Governance and Leadership - The company is focused on enhancing its governance structure with a diverse board of directors, including independent members with extensive industry experience[130][136] - The transition of Ms. Wang Yao is part of the company's strategy to ensure effective leadership and governance as it navigates future growth opportunities[126] - The board includes members with significant experience in technology, finance, and logistics, which supports the company's strategic objectives[130][137] - The leadership team is committed to maintaining high standards of corporate governance and financial oversight as the company evolves[130][137] - The company assesses that all independent non-executive directors are independent individuals according to the independence assessment guidelines[142] Future Plans and Projections - The company aims to enhance its digital freight business to meet diverse customer needs, with a projected net amount of HKD 34.2 million allocated for this purpose by December 31, 2024, representing 45.0% of the total net proceeds[160] - The company plans to strengthen its research and development capabilities, allocating HKD 15.2 million (20.0% of net proceeds) to enhance its technological advantages in big data by 2025[160] - The company has a projected timeline for various initiatives, including increasing customer penetration and expanding its service network by 2027 and 2031[160] - The company faces risks related to its growth management, reliance on government subsidies, and competition in the digital freight industry[164] - The company has no current plans to distribute dividends for the fiscal year ending December 31, 2024, considering long-term interests[170]

Core Insights - The company, Weitian Yuntong, reported impressive financial results for 2024, with revenue reaching 7.54 billion yuan, a year-on-year increase of approximately 34.3% [1] - The total settlement freight amount on the platform (online GTV) reached 38.4 billion yuan, reflecting a year-on-year growth of 11.7% [1] - The adjusted net profit surged to 53.68 million yuan, marking a staggering year-on-year increase of about 117.5 times [1] Group 1: Industry Challenges and Solutions - The Chinese road freight market is the largest globally, with the full truckload transportation market accounting for 57% of the total [2] - The industry faces long-standing issues such as high fragmentation, inefficiency, and insufficient stability in supply of transport resources, which hinder healthy development [2] - Weitian Yuntong aims to address these challenges through its unique "regulated capacity pool" model, promoting a shift from a fragmented market to a more centralized and standardized operation [2][3] Group 2: Digital Transformation and Efficiency - The company advocates for enhanced digitalization and transparency in the transportation process to foster trust and cooperation among industry participants [2] - By leveraging a full-chain digital freight platform, the company connects shippers, logistics firms, and truck drivers, breaking down information barriers in the traditional supply chain [2] - This approach aims to improve the efficiency of resource allocation and the quality of logistics delivery [3] Group 3: Driver Support and Community Building - Weitian Yuntong focuses on creating a sustainable logistics ecosystem centered around truck drivers, establishing the largest truck driver community in China, known as "Kafu District" [4] - The community has over 3.5 million registered users online and covers 298 cities nationwide [4] - The company has implemented various initiatives to enhance the rights and working conditions of truck drivers, including legal aid and safety services for over 120,000 drivers [4] Group 4: Social Value and Business Integration - The company integrates social value with business operations, supporting the establishment of a rights protection system for truck drivers and promoting their social recognition [4][5] - In May 2024, the company held the first platform-wide employee representative conference, signing the industry's first collective contract for truck drivers [5] - This innovative model of co-creating value among multiple stakeholders positions the company as a leader in the industry's transformation towards sustainable development [5]

Core Insights - The company reported a revenue of 7.542 billion RMB for the fiscal year ending December 31, 2024, representing a year-on-year growth of 34.29% [1] - The net profit attributable to the parent company was 50.034 million RMB, marking a turnaround from a loss to profit [1] - Adjusted net profit reached 53.681 million RMB, showing a significant increase of 11,750.11% year-on-year [1] - Earnings per share stood at 0.04 RMB [1] Financial Performance - Revenue for the year was 7.542 billion RMB, up 34.29% compared to the previous year [1] - The company achieved a net profit of 50.034 million RMB, compared to a loss in the prior year [1] - Adjusted net profit was 53.681 million RMB, reflecting a substantial increase of 11,750.11% [1] Strategic Initiatives - The CEO emphasized that 2024 is a year for foundational strengthening and breakthrough [1] - The company is enhancing its core business capabilities through digital product applications and innovative service models, with online GTV reaching approximately 38.4 billion RMB, a year-on-year increase of 11.7% [1] - AI technology is being integrated into business scenarios to build an intelligent operational system, improving operational efficiency [1] Industry Positioning - The company is positioned as a pioneer in the digital freight industry and is actively involved in industry policy research and standard system construction [2] - It aims to drive the transformation and upgrading of the entire logistics industry chain, injecting sustainable momentum into long-term development [2] - Future strategies include deepening the integration of digital economy and logistics, constructing a digital governance system based on data elements, and promoting the intelligent transformation of organizations [2]

Financial Performance - The company's online GTV reached approximately RMB 38.4 billion, representing a year-on-year growth of 11.7%[4] - The gross profit for the year ending December 31, 2024, is projected to be RMB 397,949 thousand, compared to RMB 313,264 thousand for the previous year, reflecting a growth rate of 27.03%[3] - The adjusted net profit attributable to the parent company is expected to be RMB 59,225 thousand for the year ending December 31, 2024, compared to RMB 11,467.38 thousand for the previous year[3] - The operating cost for the year ending December 31, 2024, is projected to be RMB 7,143,977 thousand, compared to RMB 5,302,952 thousand for the previous year, indicating a growth rate of 34.72%[3] - The profit for the year ended December 31, 2024, was approximately RMB 44.5 million, a significant turnaround from a loss of approximately RMB 29.6 million in 2023[66] - Adjusted net profit (non-IFRS measure) was approximately RMB 53.7 million, a substantial increase of RMB 53.2 million (or 10,640.0%) compared to approximately RMB 0.5 million in 2023, driven by enhanced digital product applications and AI integration[71] - Total revenue for 2024 reached RMB 7,541,926 thousand, a 34.3% increase from RMB 5,616,216 thousand in 2023[102] - Gross profit for 2024 was RMB 397,949 thousand, up 27.0% from RMB 313,264 thousand in 2023[102] - Operating expenses decreased to RMB 278,425 thousand in 2024 from RMB 300,333 thousand in 2023, reflecting a reduction of 7.3%[102] - The company reported a basic earnings per share of RMB 0.04 for 2024, recovering from a loss per share of RMB 0.02 in 2023[102] Digital Transformation and Technology Investment - The company is increasing its investment in AI and digital technology R&D to promote the digital transformation of its logistics business[5] - The company aims to enhance operational efficiency by integrating AI technology into its business scenarios[4] - The digital freight platform utilizes big data, IoT, and AI technologies to create a complete digital chain covering resource management, transportation process management, and settlement services[9] - The AI technology is utilized for intelligent risk prevention, business process diagnosis, and operational efficiency improvement, significantly enhancing service quality on the digital freight platform[17] - The company is focusing on building a digital governance system based on data elements to lead industry standardization upgrades[6] - The company aims to implement AI-driven solutions in smart risk prevention and business process optimization by 2024[44] Market and Industry Insights - The digital freight market in China is projected to reach approximately RMB 850 billion in 2024, representing a growth of 21.4% compared to 2023[13] - As of June 2024, the number of digital freight companies in China has reached 3,286, with a growth rate that has decreased from over 140% in 2021 to about 20% in 2023, indicating a shift towards a more mature development phase[12] - The top ten digital freight companies contributed approximately RMB 270 billion to the total freight market, accounting for about 32% of the market, an increase of 2 percentage points from 2023[13] - The digital freight industry is expected to maintain growth momentum in 2024, driven by market demand and policy support, despite emerging new trends[11] Community and Social Impact - The company emphasizes the integration of social benefits with business operations, enhancing the social status and working conditions of truck drivers[21] - The community "Truck Friends Zone" has registered approximately 3.5 million users and 3.33 million followers on social media platforms by December 31, 2024[32] - The company launched mutual assistance and accident hospitalization insurance products for truck drivers, helping nearly 850 families and covering over 160,000 truck drivers[34] - Over 120,000 truck drivers received safety operation services during the reporting period, enhancing their transportation efficiency and safety[34] - The company has guided 181,000 drivers in Anhui to join unions, influencing an additional 500,000 drivers across four provinces[34] Operational Efficiency and Cost Management - The core business's ability to generate revenue continues to strengthen, with effective cost and expense management implemented[4] - Selling expenses decreased by approximately RMB 37.1 million (or approximately 29.6%) to RMB 88.3 million, attributed to the integration of AI technology improving operational efficiency[59] - Management expenses increased by approximately RMB 9.5 million (or approximately 10.0%) to RMB 104.5 million, mainly due to an increase in employee costs[60] - Research and development expenses rose by approximately RMB 5.7 million (or approximately 7.1%) to RMB 85.6 million, driven by increased application of AI technology[61] Corporate Governance and Structure - The company has maintained a high standard of corporate governance to protect shareholder interests and enhance corporate value[146] - The board of directors consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a high level of independence[146] - The audit committee consists of three independent non-executive directors, including Mr. Li Dong as the chairman[152] - The company has established an equity incentive plan for its employees[91] Future Plans and Projections - The company aims to enhance its digital freight business to meet deeper customer needs in a more diversified business landscape, targeting a user experience improvement of 45% by 2031[95] - The company plans to increase the penetration rate among existing customers by 15%, reaching a target of 11.4 million by 2027[95] - The company intends to strengthen its research and development capabilities, aiming for a 20% increase in technical capabilities by 2025[95] - The company is focusing on expanding its cardholder area and card service offerings, with a goal of increasing commercialization opportunities by 7.5% by 2027[95] Financial Position and Assets - Current assets as of December 31, 2024, were approximately RMB 2,610.1 million, an increase of about RMB 287.6 million (or 12.4%) from RMB 2,322.5 million in 2023[72] - Current liabilities increased to approximately RMB 2,006.5 million, up by about RMB 229.9 million (or 12.9%) from RMB 1,776.6 million in 2023, primarily due to increased bank borrowings[72] - Cash and cash equivalents were approximately RMB 547.2 million as of December 31, 2024, primarily generated from operating income[73] - The total assets as of December 31, 2024, amounted to RMB 2,727,770 thousand, compared to RMB 2,450,762 thousand in 2023, indicating a growth of 11.3%[103] Employee Engagement and Development - The company is committed to establishing a competitive and fair compensation and benefits system for its employees[91] - The company provides customized training programs covering corporate culture, internal policies, and professional skills[92] - The company continuously improves its compensation and incentive policies based on market research[91] Regulatory Compliance and Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[107] - The company has adopted revised International Financial Reporting Standards this year, which did not have a significant impact on the consolidated financial statements[114] - The company is planning to apply new and revised International Financial Reporting Standards once they become effective[115]

Market Overview - The digital freight platform market in China is projected to reach RMB 510 billion by the end of 2024, accounting for 12.5% of the full truckload transportation market [2]. - As of June 30, 2024, there are 3,286 companies operating digital freight platforms in China, indicating significant market participation [2]. - The logistics industry is experiencing a strong demand for quality improvement and cost reduction, driven by intense market competition [2]. Operational Efficiency and Technology - Logistics companies utilizing digital management have achieved approximately a 30% increase in transportation efficiency and over a 20% reduction in labor costs [4]. - The company has developed a digital freight ecosystem that integrates various stakeholders, including shippers, logistics companies, and truck drivers, enhancing operational efficiency [4]. - The digital freight platform facilitates a seamless connection across the entire business process, from order receipt to financial settlement [4]. - The company emphasizes long-termism and continuous innovation in technology application and service models to support traditional logistics companies in their digital transformation [4]. - The logistics sector is increasingly investing in technological innovation to improve business management and operational digitization levels [2]. - The company has introduced artificial intelligence technology to improve operational efficiency and service quality in logistics projects, significantly reducing operational costs [28]. User Engagement and Community Support - As of June 30, 2024, the company has served over 15,700 shippers and 3.42 million truck drivers, completing more than 51 million shipping orders on its platform [8]. - The company operates the largest truck driver community in China, with over 3.43 million registered users as of June 30, 2024 [11]. - The company has established a community support system for truck drivers, addressing their business and living conditions through various initiatives [11]. - The Kafei Community has established offline communities in 298 cities across China, operated by local truck drivers [18]. - The company provides legal assistance and various insurance services to truck drivers through the Kafei Community, enhancing their operational safety [18]. Financial Performance - The company's total revenue for the six months ended June 30, 2024, was approximately RMB 3,257.2 million, an increase of about RMB 646 million (or approximately 24.7%) compared to RMB 2,611.2 million for the same period in 2023 [39]. - The gross profit increased from approximately RMB 139.5 million for the six months ended June 30, 2023, to approximately RMB 174.2 million for the same period in 2024, representing an increase of about RMB 34.7 million (or approximately 24.9%) with a stable gross margin of around 5.35% [40]. - The company recorded a net profit of approximately RMB 24.0 million for the six months ended June 30, 2024, compared to a net loss of approximately RMB 26.2 million for the same period in 2023 [51]. - The adjusted net profit for the six months ended June 30, 2024, was approximately RMB 25.0 million, an increase of RMB 28.4 million compared to an adjusted loss of RMB 3.4 million for the same period in 2023 [55]. Assets and Liabilities - Current assets as of June 30, 2024, were RMB 2,531.4 million, an increase of approximately RMB 208.9 million (or 9.0%) from RMB 2,322.5 million as of December 31, 2023 [56]. - Current liabilities increased to RMB 1,955.2 million as of June 30, 2024, up approximately RMB 178.6 million (or 10.1%) from RMB 1,776.6 million as of December 31, 2023 [56]. - The company's total liabilities as of June 30, 2024, were RMB 1,489,042,000, reflecting a slight increase from RMB 1,464,746,000 as of December 31, 2023 [178]. - The company’s total assets as of June 30, 2024, were RMB 1,759,094,000, compared to RMB 1,633,006,000 as of December 31, 2023, indicating an increase of 7.7% [176]. Future Plans and Strategic Initiatives - The company plans to actively participate in the development of industry standards and promote high-quality expansion of digital freight platforms in response to the new regulations effective from July 1, 2024 [35]. - The company aims to explore effective ways to incorporate data assets into financial statements following the new accounting regulations effective from January 1, 2024 [35]. - The company intends to leverage its digital advantages to collaborate with quality logistics companies to expand digital logistics delivery services [35]. - The company plans to enhance its digital freight business, aiming for a user experience improvement, with 45.0% of the proceeds allocated for this purpose [83]. - The company plans to pursue strategic acquisitions to enhance its logistics capabilities, with a budget of RMB 500 million allocated for this purpose [192]. Sustainability and Corporate Governance - The company aims to reduce carbon emissions by 20% by 2025 as part of its sustainability strategy [192]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests [79]. - The company has a comprehensive training program for employees to enhance necessary skills and professional ethics [72]. Shareholder Information - As of June 30, 2024, the total number of issued domestic shares is 866,444,180 and H shares is 527,431,924, resulting in a total of 1,393,876,104 shares [93]. - Mr. Feng Lei, the Chairman and Executive Director, holds 273,447,680 domestic shares, representing 31.56% of the domestic shares and 19.62% of the total shares [91]. - The total shareholding of major shareholders Shanghai Yunxin and Yanwa Group amounts to 189,051,104 shares, accounting for approximately 13.56% of the total issued shares [98].