此乃要件 請即處理 閣下如對本通函各方面或應採取之行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有樂艙物流股份有限公司之股份，應立即將本通函及隨附代表委任表格交予買 主或承讓人或經手買賣或轉讓之銀行、股票經紀或其他代理，以便轉交買主或承讓人。 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通函之內容概不負責，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通函全部或任何部份內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 LC Logistics, Inc. 樂艙物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2490） 建議一般授權及購回授權、 重選退任董事 及 股東週年大會通告 樂艙物流股份有限公司謹訂於2025年5月16日（星期五）上午十時正假座中國上海市虹口區楊樹浦路168號 7樓東側會議室舉行股東週年大會，召開大會通告載於本通函第16至21頁。隨函附上股東週年大會適用的 代表委任表格。該代表委任表格亦已於香港聯合交易所有限公司網站( www.hkexnews.hk )刊發。無論 閣 ...

Financial Performance - For the fiscal year 2024, the company achieved a revenue of RMB 1.9464 billion and a net profit attributable to shareholders of RMB 395.8 million, with basic earnings per share of RMB 1.38[13]. - The company's total revenue increased by approximately 57.2% from RMB 1,238.5 million in 2023 to RMB 1,946.4 million in 2024[38]. - Revenue from cross-border logistics services rose by 84.0% to RMB 1,833.6 million, driven by an increase in service volume from 233,903 TEUs to 331,043 TEUs[37][38]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[84]. - Profit before tax increased by approximately 231.3% from RMB 122.7 million to RMB 406.5 million[48]. - Net profit for the year rose by approximately 235.3% from RMB 119.6 million to RMB 401.0 million[51]. Operational Efficiency - The company completed a total container transportation volume of 331,043 TEUs, reinforcing its leading position in the cross-border logistics industry[13]. - The company launched self-operated routes to South America and Africa, enhancing its global service network coverage and operational efficiency[14]. - The company is committed to digital management investments, developing smart logistics solutions to improve supply chain transparency and operational efficiency[15]. - The company plans to optimize its fleet's energy structure by gradually introducing new energy vessels and implementing refined operational management[18]. - The average price per TEU for cross-border logistics services increased from RMB 4,000 to RMB 4,813 due to rising market rates and an increase in self-operated services[38]. Strategic Initiatives - The company aims to deepen its global layout by expanding self-operated routes in the Americas and building overseas warehouses to enhance service efficiency[17]. - The company intends to strategically invest in mergers and acquisitions to integrate quality resources and establish strategic partnerships with leading enterprises[19]. - The company aims to create a more competitive industrial ecosystem through strategic cooperation and digital supply chain service system improvements[19]. - The company expects steady revenue growth in 2025 through the expansion of self-operated routes and development of engineering logistics and overseas warehouse businesses[34]. Cost Management - The sales cost increased by approximately 71.6% to RMB 1,736.3 million, primarily due to rising costs associated with cross-border logistics services[39]. - Gross profit decreased by approximately 7.3% from RMB 226.6 million to RMB 210.1 million, with gross margin dropping from 18.3% to 10.8% due to a decline in average daily charter rates from RMB 136,000 to RMB 77,000[40]. - Selling and distribution expenses increased by approximately 31.6% from RMB 17.4 million to RMB 22.9 million, mainly due to higher salaries and benefits for the sales and marketing team[42]. - Administrative expenses rose by approximately 18.2% from RMB 83.1 million to RMB 98.2 million, attributed to increased salaries, depreciation, and office expenses[43]. Governance and Compliance - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[103]. - The company has complied with the corporate governance code throughout the year, with the exception of the Chairman and CEO roles being held by the same individual[103]. - The board has established written guidelines to regulate securities trading by directors and employees, ensuring compliance with insider trading regulations[108]. - The company has confirmed that all directors have adhered to the standards of conduct regarding securities trading during the year[108]. - The board believes that having the same individual serve as both Chairman and CEO enhances the company's ability to respond quickly and effectively to business strategies[103]. ESG and Sustainability - The company reported a focus on ESG principles, actively reducing carbon emissions and enhancing waste management and marine protection measures[16]. - The management team emphasized the importance of sustainability initiatives, aiming to reduce carbon emissions by 30% over the next five years[84]. - The board of directors is responsible for overseeing the implementation of ESG strategies and performance, regularly discussing ESG risks and opportunities[164]. - The company has established a three-tier ESG governance structure involving the board, management, and execution units to ensure effective management of ESG-related tasks[164]. - Climate-related risks are incorporated into the overall ESG management framework to ensure effective risk control[197]. Human Resources - The employee costs related to the company's staff amounted to RMB 66.1 million for the year ended December 31, 2024[73]. - As of December 31, 2024, the employee gender ratio is 44.5% male (150 employees) and 55.5% female (187 employees)[151]. - The company aims to enhance gender diversity by training qualified female employees to prepare them for future Board positions[134]. Risk Management - The internal audit and risk management functions conducted an independent assessment of the adequacy and effectiveness of the risk management and internal control systems, finding no significant inconsistencies[146]. - The company updated its risk management system, adding new management protocols for significant matters and contract discussions to better control operational risks[187]. - The company has implemented a framework for disclosing inside information, ensuring timely and appropriate handling of such information[147].

EF001 免責聲明 | 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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 樂艙物流股份有限公司 | | 股份代號 | 02490 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度的末期股息 | | 公告日期 | 2025年3月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.44 HKD | | 股東批准日期 | 2025年5月16日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.44 HKD | | 匯率 | 1 HKD : 1 H ...

Financial Performance - For the fiscal year ending December 31, 2024, the revenue was RMB 1,946.4 million, representing an increase from RMB 1,238.5 million in 2023, which is a growth of approximately 57.3%[4] - The profit attributable to the owners of the parent company for the fiscal year was RMB 395.8 million, compared to RMB 118.9 million in 2023, marking a significant increase of about 233.5%[5] - The basic earnings per share for the fiscal year was RMB 1.38, up from RMB 0.45 in 2023, reflecting a growth of approximately 206.7%[5] - The company reported a total comprehensive income of RMB 417.8 million for the fiscal year, compared to RMB 121.6 million in 2023, which is an increase of approximately 243.5%[6] - The company's pre-tax profit for 2024 was RMB 406,512,000, a significant increase from RMB 122,668,000 in 2023, representing a growth of approximately 231%[25] - The net profit for the year increased by approximately 235.3% to RMB 401.0 million, reflecting strong operational performance despite rising costs[61] Revenue Breakdown - Revenue from customer contracts amounted to RMB 1,868,487 thousand in 2024, up from RMB 1,020,238 thousand in 2023, reflecting an increase of 83.5%[19] - Revenue from cross-border logistics services rose by 84.0% to RMB 1,833.6 million, with the average price per TEU increasing from RMB 4,000 to RMB 4,813[48][49] - Revenue from supply chain solutions for imported goods was RMB 34.9 million, representing an extension of the cross-border logistics services[37] - Revenue from ship leasing decreased to RMB 77,906 thousand in 2024 from RMB 218,233 thousand in 2023, indicating a decline of 64.3%[19] Costs and Expenses - The financial cost for ongoing operations in 2024 was RMB 8,938 thousand, which is an increase of 65.5% from RMB 5,388 thousand in 2023[20] - The pre-tax profit before deductions for 2024 was impacted by costs including service costs of RMB 1,642,025 thousand, up from RMB 938,616 thousand in 2023, representing a 74.8% increase[21] - Operating expenses, including sales and distribution, increased by approximately 31.6% to RMB 22.9 million, mainly due to higher salaries and benefits for the sales and marketing team[53] - The total tax expense for the year was RMB 5,550,000, an increase of 80% compared to RMB 3,081,000 in 2023[25] Assets and Liabilities - The total assets less current liabilities amounted to RMB 1,630.5 million, compared to RMB 1,166.8 million in 2023, showing an increase of about 39.7%[8] - The company's total equity reached RMB 1,551.6 million, up from RMB 1,164.4 million in 2023, reflecting an increase of approximately 33.2%[8] - The company's current assets increased by approximately 140.4% to RMB 1,006.7 million, indicating improved liquidity and financial health[63] - The group's borrowings as of December 31, 2024, totaled RMB 84.7 million, up from RMB 51.3 million a year earlier, reflecting an increase in interest-bearing bank and other loans[66] - The debt-to-equity ratio as of December 31, 2024, was 5.5%, up from 4.4% a year earlier, primarily due to an increase in interest-bearing borrowings during the year[76] Cash Flow and Liquidity - The net cash and bank balances increased significantly to RMB 779.6 million from RMB 207.9 million in 2023, representing a growth of approximately 274.5%[7] - The current ratio as of December 31, 2024, was 3.4 times, compared to 1.5 times on December 31, 2023, indicating improved liquidity[76] Dividends and Shareholder Returns - The company declared a special dividend of RMB 0.15 per share, totaling approximately RMB 43,000,000, and proposed a final dividend of HKD 0.44 per share for the year ending December 31, 2024[26] - A final dividend of HKD 0.44 per share is proposed, representing approximately 30% of the annual profit, totaling around HKD 125.96 million[86] Strategic Plans and Future Outlook - The company plans to optimize cross-border logistics operations and expand service coverage, particularly in the Americas, to meet growing customer demand[42] - The company plans to continue expanding its overseas warehouse operations, enhancing its logistics ecosystem to improve competitiveness in international markets[43] - The company expects steady revenue growth through the expansion of self-operated routes and deepening engineering logistics services by 2025[45] - The company plans to introduce new energy vessels and optimize its fleet's energy structure as part of its commitment to green shipping initiatives[43] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of corporate governance[90] - The audit committee, consisting of three independent non-executive directors, reviewed the annual performance for the year ending December 31, 2024[92] - The financial statements, including the consolidated income statement and consolidated financial position, have been agreed upon with the company's auditor, Ernst & Young[92] Employee and Operational Information - As of December 31, 2024, the company has 337 full-time employees, with employee costs recognized as RMB 661 million for the year[83] - The company has not purchased, sold, or redeemed any of its listed securities during the year[85] Miscellaneous - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[79] - The group did not hold any significant investments during the year[80] - The group has no major future plans for significant investments or capital assets beyond those disclosed in the prospectus dated September 13, 2023[81] - There have been no significant events affecting the company since December 31, 2024[84] - The company will hold its annual general meeting on May 16, 2025, with a suspension of share transfer registration from May 13 to May 16, 2025[88]

LC Logistics, Inc. 樂艙物流股份有限公司 （於開曼群島註冊成立的有限公司） 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依 賴該等內容而引致的任何損失承擔任何責任。 樂艙物流股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2025年3月20 日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司截 至2024年12月31日止年度的全年業績及其刊發，考慮建議派發末期股息（如有）， 以及處理其他事項。 承董事會命 樂艙物流股份有限公司 董事會主席 許昕先生 香港，2025年3月10日 於本公告日期，董事會包括執行董事許昕先生、李艷女士、朱佳麗女士及余臻榮 先生，獨立非執行董事顧琳博士、杜海波先生及齊銀良先生。 （股份代號：2490） 董事會會議日期 ...

LC Logistics, Inc. 樂艙物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2490） 正面盈利預告 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依賴 該等內容而引致的任何損失承擔任何責任。 本公告乃由樂艙物流股份有限公司（「本公司」，連同其附屬公司，統稱為「本集 團」）根據《證券及期貨條例》（香港法例第571章）第XIVA部項下之內幕消息條文 及香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條而作出。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東及潛在投資者，根據目 前所得資料及對本集團截至二零二四年十二月三十一日止年度（「該期間」）的未經 審核綜合管理賬目之初步評估，本集團預期該期間將錄得溢利介乎約人民幣359 百萬元至人民幣419百萬元，較截至二零二三年十二月三十一日止年度的溢利人 民幣120百萬元增加199%至249%。 該期間溢利增加主要歸因於集團進行了資產優化和業務調整，包括船舶資產投資 策略的優化，進一步提升了運營效率和財 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會包括執行董事許昕先生、李艷女士、朱佳麗女士及余臻榮先生，獨立非執行董事顧琳博士、杜海波先生及齊 銀良先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 樂艙物流股份有限公司 | | 股份代號 | 02490 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 宣派及派付特別股息以及暫停辦理股份過戶登記手續 | | | 公告日期 | 2024年11月8日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 特別股息 | | | 股息性質 | 特別股息 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 LC Logistics, Inc. 樂艙物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2490） 為釐定享有特別股息的之資格，本公司將於2024年11月25日（星期一)至2024年11 月27日（星期三（包括首尾兩日）暫停辦理股份過戶登記手續，期間將不會進行任 ) 何股份過戶登記。 1 為使股東符合資格收取特別股息，所有過戶文件連同有關股票須在不遲於2024年 11月22日（星期五)下午四時三十分送達本公司的香港股份過戶登記分處香港中 央證券登記有限公司（地址為香港灣仔皇后大道東183號合和中心17樓1712-1716 室），以辦理登記手續。 承董事會命 樂艙物流股份有限公司 董事會主席 許昕先生 宣派及派付特別股息以及 暫停辦理股份過戶登記手續 茲提述樂艙物流股份有限公司（「本公司」）日期為2024年10月29日的公告，內容 有關本公司董事（「董事」）會（「董事會」）會議，以考慮向 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 LC Logistics, Inc. 樂艙物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2490） 董事會會議通告 及 建議宣派特別股息 樂艙物流股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2024年11月 8日（星期五)舉行董事會會議，藉以（其中包括）考慮向本公司股東宣派特別股息 （「特別股息」）之建議。 本公司將於董事會會議後另行刊發公告，以載列特別股息（如經董事會批准）的詳 情。 由於董事會未必會於董事會會議批准特別股息之建議，故本公司股東及潛在投資 者於買賣本公司股份時務請審慎行事。 承董事會命 樂艙物流股份有限公司 董事會主席 許昕先生 香港，2024年10月29日 於本公告日期，董事會包括執行董事許昕先生、李艷女士、朱佳麗女士及余臻榮 先生，獨立非執行董事顧琳博士、杜海波先生及齊銀良先生。 ...

[Company Information](index=2&type=section&id=Company%20Information) [Company Profile](index=5&type=section&id=Company%20Profile) LeCang Logistics, established in 2004, offers integrated cross-border ocean freight logistics services in China, including warehousing and customs, and was listed on the Hong Kong Stock Exchange on September 25, 2023 - The company's core business is providing integrated cross-border ocean freight logistics services, supplemented by vessel chartering to enhance resources and capabilities[15](index=15&type=chunk) - The company was listed on the Main Board of the Hong Kong Stock Exchange on **September 25, 2023**, with stock code 2490[15](index=15&type=chunk) [Financial and Operational Highlights](index=6&type=section&id=Financial%20and%20Operational%20Highlights) In the first half of 2024, the company's revenue increased by 15.0% year-on-year, but profit significantly declined by 87.8%, while cross-border logistics container volume grew by 18.3%, indicating a divergence between business expansion and profitability Key Financial and Operational Data for H1 2024 | Indicator | H1 2023 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue (RMB Million) | 655.8 | 754.2 | +15.0% | | Profit (RMB Million) | 105.1 | 12.8 | -87.8% | | Earnings Per Share (RMB) | 0.41 | 0.03 | -92.7% | | Cross-border Logistics Container Volume (TEUs) | 118,656 | 140,355 | +18.3% | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=7&type=section&id=Business%20Review) During the reporting period, the company operated two main businesses: cross-border logistics services and vessel chartering; cross-border logistics saw increases in both volume and price, with new self-operated and overseas warehousing services launched, while vessel chartering revenue significantly decreased due to a sharp decline in market charter rates - Cross-border logistics service volume increased from **118,656 TEUs** to **138,335 TEUs**, with the average price rising from approximately **RMB 3,985.3/TEU** to **RMB 4,129.8/TEU**[20](index=20&type=chunk) - In June 2024, the company capitalized on rising market freight rates by launching self-operated cross-border logistics services, contributing approximately **12.3%** of the segment's revenue[20](index=20&type=chunk) - The average daily charter rate for vessel chartering services significantly decreased from approximately **RMB 179,000** in the prior period to **RMB 82,000** this year, leading to a sharp decline in revenue from this business[21](index=21&type=chunk) [Business Outlook](index=8&type=section&id=Business%20Outlook) Management maintains a cautious outlook for the second half of 2024, anticipating that the traditional peak season will improve cross-border ocean freight performance, while recovering market charter rates are expected to boost vessel chartering service results - The second half of the year is expected to see traditional peak seasons for Europe and US routes due to Christmas and New Year holiday stocking, with the Asian route peak in the fourth quarter, which should improve cross-border ocean freight performance[25](index=25&type=chunk) - With the general increase in market charter rates in 2024, vessel chartering service performance is expected to improve in the second half of the year[25](index=25&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) In the first half of 2024, total revenue increased by 15.0% to RMB 754 million, driven by cross-border logistics; however, gross profit and net profit sharply declined by 54.1% and 87.8% year-on-year, respectively, due to a significant drop in vessel chartering gross margin and increased expenses [Revenue](index=8&type=section&id=Revenue) Total revenue increased by 15.0% year-on-year to RMB 754 million, primarily driven by a 38.3% rise in cross-border logistics service revenue due to increased volume, average prices, and new overseas warehousing and China-Africa breakbulk shipping, while vessel chartering revenue sharply declined by 73.5% due to lower rates Revenue Breakdown by Business Segment (For the six months ended June 30) | Business Segment | 2024 (RMB Thousand) | 2023 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | Cross-border Logistics Services | 689,020 | 498,196 | +38.3% | | Vessel Chartering Services | 40,343 | 152,230 | -73.5% | | Others | 24,875 | 5,417 | +359.2% | | **Total** | **754,238** | **655,843** | **+15.0%** | [Cost of Sales](index=9&type=section&id=Cost%20of%20Sales) Cost of sales increased by 35.2% year-on-year to RMB 686 million, primarily due to higher fuel costs, vessel chartering costs, port charges, and freight expenses related to cross-border logistics services - Cost of sales increased from **RMB 507.5 million** to **RMB 686.1 million**, a year-on-year growth of **35.2%**, mainly due to increased costs for cross-border logistics services[28](index=28&type=chunk) [Gross Profit and Gross Margin](index=9&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit significantly decreased by 54.1% year-on-year to RMB 68.1 million, with gross margin falling from 22.6% to 9.0%, primarily due to the high-margin vessel chartering service's average daily charter rate dropping from RMB 179,000 to RMB 82,000, severely eroding profitability Gross Profit and Gross Margin Changes | Indicator | H1 2023 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit (RMB Million) | 148.3 | 68.1 | -54.1% | | Gross Margin | 22.6% | 9.0% | -13.6pp | [Other Income and Gains](index=9&type=section&id=Other%20Income%20and%20Gains) Other income and gains increased by 354.5% year-on-year to RMB 5 million, primarily driven by higher interest income - Other income and gains increased from **RMB 1.1 million** to **RMB 5 million**, mainly due to higher interest income[30](index=30&type=chunk) [Selling and Distribution Expenses](index=10&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses remained relatively stable, increasing slightly from RMB 8.3 million in the prior period to RMB 9.1 million [Administrative Expenses](index=10&type=section&id=Administrative%20Expenses) Administrative expenses significantly increased by 57.0% year-on-year to RMB 45.7 million, primarily due to higher consulting fees, salaries, and welfare expenses - Administrative expenses increased from **RMB 29.1 million** to **RMB 45.7 million**, a year-on-year growth of **57.0%**[33](index=33&type=chunk) [Other Expenses](index=10&type=section&id=Other%20Expenses) Other expenses increased by 152.4% year-on-year to RMB 5.3 million, primarily due to higher losses on disposal of non-current assets related to container sales [Finance Costs](index=10&type=section&id=Finance%20Costs) Finance costs increased from RMB 3.3 million to RMB 4.2 million, mainly due to higher interest expenses on lease liabilities from warehouse rentals - The increase in finance costs was primarily due to higher interest expenses on lease liabilities[35](index=35&type=chunk) [Net Impairment Losses on Financial Assets](index=10&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20Assets) The period recorded a reversal of impairment losses on financial assets of RMB 4.2 million, compared to a loss of RMB 3.6 million in the prior period, mainly due to the recovery of long-outstanding trade receivables [Profit Before Tax and Profit for the Period](index=10&type=section&id=Profit%20Before%20Tax%20and%20Profit%20for%20the%20Period) Considering the above factors, the company's profit before tax decreased from RMB 103 million to RMB 13 million, a year-on-year reduction of 87.4%; profit for the period decreased from RMB 105 million to RMB 12.8 million, a year-on-year reduction of 87.8% Profit Performance | Indicator | H1 2023 (RMB Million) | H1 2024 (RMB Million) | Change | | :--- | :--- | :--- | :--- | | Profit Before Tax | 103.1 | 13.0 | -87.4% | | Profit for the Period | 105.1 | 12.8 | -87.8% | [Liquidity, Financial and Capital Resources](index=11&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) As of June 30, 2024, the company maintained a sound financial position, with net current assets increasing to RMB 177 million, cash and bank balances at RMB 182 million, and total borrowings decreasing from RMB 51.3 million to RMB 22.8 million, indicating deleveraging efforts Key Financial Position Indicators (As of June 30, 2024) | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net Current Assets (RMB Million) | 177.4 | 139.9 | | Cash and Bank Balances (RMB Million) | 181.8 | 207.9 | | Total Borrowings (RMB Million) | 22.8 | 51.3 | - As of June 30, 2024, the company had pledged container vessels with a carrying amount of **RMB 33.4 million** to secure borrowings of **RMB 12.8 million**[49](index=49&type=chunk) [Financial Risks](index=13&type=section&id=Financial%20Risks) The company faces key financial risks including interest rate, foreign currency, credit, and liquidity risks, managed through a conservative strategy that avoids derivative instruments for hedging and relies on close monitoring - The company's primary risks include interest rate, foreign currency, credit, and liquidity risks, managed with a conservative strategy that does not use derivatives for hedging[51](index=51&type=chunk) [Key Financial Ratios](index=14&type=section&id=Key%20Financial%20Ratios) The company's current ratio remained stable at 1.5 times, while the gearing ratio significantly decreased from 4.4% to 1.9%, primarily due to the settlement of certain interest-bearing borrowings during the period, indicating an improved capital structure Key Financial Ratios | Ratio | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Current Ratio (times) | 1.5 | 1.5 | | Gearing Ratio | 1.9% | 4.4% | [Use of Proceeds from Listing](index=15&type=section&id=Use%20of%20Proceeds%20from%20Listing) Net proceeds from the listing amounted to approximately HKD 95.1 million; as of June 30, 2024, approximately HKD 48.4 million had been utilized for logistics facilities, software systems, and strategic investments, with approximately HKD 36.2 million remaining unutilized Summary of Use of Proceeds from Listing (HKD Million) | Category of Use | Planned Net Amount | Amount Utilized | Amount Unutilized | | :--- | :--- | :--- | :--- | | Establishment of Logistics Facilities, etc. | 47.4 | 26.6 | 20.8 | | Expansion of Business Coverage | 3.8 | 3.8 | 0 | | Digital Technology Upgrades | 6.7 | 1.5 | 5.2 | | Strategic Investments/Acquisitions | 19.0 | 15.5 | 3.5 | | Others and Working Capital | 8.2 | 1.0 | 7.2 | | **Total** | **85.1** | **48.4** | **36.7** | [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2024, the Group had 331 full-time employees, with staff costs of RMB 30.1 million for the first half of the year; the company offers competitive remuneration and provides induction and on-the-job training - As of June 30, 2024, the Group had **331** full-time employees, with staff costs of **RMB 30.1 million** for the first half of the year[69](index=69&type=chunk) [Subsequent Events](index=16&type=section&id=Subsequent%20Events) Subsequent to the reporting period, the company engaged in significant asset transactions, agreeing in July 2024 to sell two vessels under construction for USD 133.3 million, and subsequently entering a framework agreement in September to acquire two additional vessels, indicating active adjustments to its fleet asset portfolio - In July 2024, the Group agreed to sell two vessels under construction for **USD 133.3 million**, with the buyer assuming the rights and obligations under the shipbuilding agreements[70](index=70&type=chunk) - On September 2, 2024, the Group entered into an agreement to acquire two vessels, subject to shareholder approval[70](index=70&type=chunk) [Corporate Governance and Other Information](index=17&type=section&id=Corporate%20Governance%20and%20Other%20Information) The company is committed to high standards of corporate governance, complying with all applicable code provisions during the reporting period, except for the chairman and CEO being the same person (Mr. Xu Xin); the Board does not recommend an interim dividend, and the Audit Committee has reviewed these interim results - Mr. Xu Xin serves as both Chairman of the Board and Chief Executive Officer, a dual role the Board believes enhances decision-making efficiency, with power balance ensured by the entire Board[72](index=72&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[82](index=82&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results and concurred with management[84](index=84&type=chunk) [Interim Condensed Consolidated Financial Statements](index=21&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=21&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The statement of profit or loss shows that despite revenue increasing from RMB 656 million to RMB 754 million, gross profit decreased from RMB 148 million to RMB 68.1 million, and profit for the period significantly dropped from RMB 105 million to RMB 12.8 million Summary of Interim Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item (RMB Thousand) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 754,238 | 655,843 | | Gross Profit | 68,104 | 148,334 | | Profit Before Tax | 13,005 | 103,119 | | Profit for the Period | 12,806 | 105,055 | | Profit Attributable to Owners of the Parent | 9,393 | 104,126 | | Basic Earnings Per Share (RMB) | 0.03 | 0.41 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The statement of comprehensive income shows profit for the period at RMB 12.8 million, with other comprehensive income (primarily exchange differences) at RMB 9.44 million, resulting in a total comprehensive income of RMB 22.24 million for the period, significantly lower than RMB 118 million in the prior period Summary of Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Item (RMB Thousand) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period | 12,806 | 105,055 | | Other Comprehensive Income, Net of Tax | 9,436 | 13,206 | | Total Comprehensive Income for the Period | 22,242 | 118,261 | [Interim Condensed Consolidated Statement of Financial Position](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The statement of financial position as of June 30, 2024, shows total assets of RMB 1.577 billion, total liabilities of RMB 389 million, and total equity of RMB 1.188 billion, with net current assets at RMB 177 million, indicating a stable asset structure Summary of Interim Condensed Consolidated Statement of Financial Position | Item (RMB Thousand) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Total Non-current Assets | 1,075,012 | 1,026,813 | | Total Current Assets | 502,462 | 418,674 | | Total Current Liabilities | 325,106 | 278,732 | | Total Non-current Liabilities | 63,980 | 2,352 | | **Net Assets** | **1,188,388** | **1,164,403** | [Interim Condensed Consolidated Statement of Changes in Equity](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The statement of changes in equity shows total equity increased from RMB 1.164 billion at the beginning of the period to RMB 1.188 billion at the end, primarily due to comprehensive income for the period and contributions from non-controlling interests - Equity attributable to owners of the parent increased from **RMB 1.135 billion** at the beginning of the year to **RMB 1.151 billion**, primarily contributed by total comprehensive income of **RMB 16.24 million** for the period[89](index=89&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=26&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The statement of cash flows shows a net cash outflow from operating activities of RMB 8.09 million (compared to a net inflow of RMB 69.89 million in the prior period), mainly due to working capital changes; investing activities generated a net inflow of RMB 5.64 million, and financing activities resulted in a net outflow of RMB 49.7 million, with cash and cash equivalents at period-end totaling RMB 179 million Summary of Interim Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item (RMB Thousand) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | (8,093) | 69,892 | | Net Cash Flows from Investing Activities | 5,637 | (236,338) | | Net Cash Flows Used in Financing Activities | (49,698) | (25,117) | | Net Decrease in Cash and Cash Equivalents | (52,154) | (191,563) | | Cash and Cash Equivalents at End of Period | 179,172 | 153,675 | [Notes to the Interim Condensed Consolidated Financial Information](index=28&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [3. Operating Segment Information](index=30&type=section&id=3.%20Operating%20Segment%20Information) Management monitors and allocates resources for the Group's business as a single operating segment; geographically, Greater China is the primary revenue source, contributing approximately 92.5% of revenue, with no single customer accounting for over 10% of revenue during the reporting period Revenue from External Customers by Geographical Area (For the six months ended June 30) | Geographical Area | 2024 (RMB Thousand) | 2023 (RMB Thousand) | | :--- | :--- | :--- | | Greater China | 697,642 | 500,918 | | Others | 56,596 | 154,925 | | **Total** | **754,238** | **655,843** | [4. Revenue, Other Income and Gains](index=31&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) Of the total revenue of RMB 754 million, RMB 714 million was from contracts with customers and RMB 40.34 million from vessel chartering; customer contract revenue primarily comprised RMB 676 million from cross-border logistics services, with an additional RMB 13.39 million from new overseas warehousing services Disaggregation of Revenue from Contracts with Customers (For the six months ended June 30) | Type of Goods or Services (RMB Thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Cross-border Logistics Services | 675,633 | 498,196 | | Sales of Goods | 24,875 | 5,417 | | Overseas Warehousing | 13,387 | – | | **Total** | **713,895** | **503,613** | [9. Earnings Per Share Attributable to Owners of the Parent](index=35&type=section&id=9.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) Basic earnings per share, calculated based on profit attributable to owners of the parent of RMB 9.393 million and a weighted average of 286 million ordinary shares outstanding, was RMB 0.03, a significant decrease from RMB 0.41 in the prior period Basic Earnings Per Share Calculation | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Profit Attributable (RMB Thousand) | 9,393 | 104,126 | | Weighted Average Number of Ordinary Shares | 286,269,156 | 255,543,156 | | **Basic Earnings Per Share (RMB)** | **0.03** | **0.41** | [11. Trade Receivables](index=36&type=section&id=11.%20Trade%20Receivables) Total trade receivables increased from RMB 89.26 million to RMB 156 million; the aging analysis shows receivables within 1 month accounted for the largest portion at RMB 120 million, notably, receivables over 1 year decreased from RMB 23.9 million to zero Aging Analysis of Trade Receivables | Aging | June 30, 2024 (RMB Thousand) | December 31, 2023 (RMB Thousand) | | :--- | :--- | :--- | | Within 1 month | 120,269 | 41,509 | | 1 to 3 months | 26,537 | 14,595 | | 3 to 6 months | 5,161 | 7,857 | | 6 to 12 months | 3,631 | 1,395 | | Over 1 year | – | 23,904 | | **Total** | **155,598** | **89,260** | [15. Commitments](index=38&type=section&id=15.%20Commitments) As of the end of the reporting period, the Group had significant capital commitments for the purchase of container vessels, amounting to approximately RMB 1.402 billion, a slight increase from the beginning of the year - As of June 30, 2024, the Group had contracted but unprovided capital commitments for container vessels totaling **RMB 1.402 billion**[117](index=117&type=chunk) [18. Events After the Reporting Period](index=43&type=section&id=18.%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company agreed in July 2024 to sell two vessels under construction for USD 133.3 million and in September to acquire two additional vessels; these transactions represent significant adjustments to the Group's asset portfolio and will materially impact future financial position - In July 2024, the Group entered into an agreement to sell two vessels under construction for **USD 133.3 million**, with the buyer assuming the rights and obligations under the shipbuilding agreements[129](index=129&type=chunk) - In September 2024, the Group entered into an agreement to acquire two new vessels, demonstrating its ongoing optimization of the fleet asset portfolio[129](index=129&type=chunk)