Revenue and Profit - Revenue for the six months ended June 30, 2024, was RMB 754.2 million, an increase from RMB 655.8 million for the same period in 2023, representing a growth of approximately 15%[2] - Profit for the six months ended June 30, 2024, was RMB 12.8 million, a significant decrease from RMB 105.1 million in the same period of 2023, reflecting a decline of approximately 87%[2] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.03, down from RMB 0.41 in the same period of 2023[2] - Revenue for the six months ended June 30, 2024, was RMB 754,238,000, an increase of 15% compared to RMB 655,843,000 for the same period in 2023[13] - Revenue from customer contracts was RMB 713,895,000, up 42% from RMB 503,613,000 in the previous year[16] - The group reported a pre-tax profit of RMB 9,393,000 for the six months ended June 30, 2024, down from RMB 104,126,000 in the same period last year[22] - The group did not declare or pay any dividends during the period[20] - Profit before tax decreased by approximately 87.4% from RMB 103.1 million for the six months ended June 30, 2023, to RMB 13.0 million for the six months ended June 30, 2024[37] - Net profit for the group decreased by approximately 87.8% from RMB 105.1 million for the six months ended June 30, 2023, to RMB 12.8 million for the six months ended June 30, 2024[38] Costs and Expenses - The cost of services provided was RMB 641,769,000, compared to RMB 502,575,000 for the same period in 2023, reflecting a significant increase in operational costs[17] - Gross profit for the six months ended June 30, 2024, was RMB 68.1 million, compared to RMB 148.3 million for the same period in 2023, indicating a decrease of approximately 54%[2] - Administrative expenses increased to RMB 9.1 million for the six months ended June 30, 2024, compared to RMB 8.3 million in the same period of 2023[2] - Other expenses increased by approximately 152.4% from RMB 2.1 million for the six months ended June 30, 2023, to RMB 5.3 million for the six months ended June 30, 2024, primarily due to increased losses from the disposal of non-current assets related to container sales[35] - Financial costs rose from RMB 3.3 million for the six months ended June 30, 2023, to RMB 4.2 million for the six months ended June 30, 2024, mainly due to increased interest expenses from lease liabilities related to warehouse rentals[36] - Administrative expenses increased by 57.0% to RMB 45.7 million, driven by higher consulting fees and employee benefits[34] Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to RMB 1,075.0 million, an increase from RMB 1,026.8 million as of December 31, 2023[5] - Total current assets as of June 30, 2024, were RMB 502.5 million, compared to RMB 418.7 million as of December 31, 2023, reflecting an increase of approximately 20%[5] - Total liabilities as of June 30, 2024, were RMB 325.1 million, up from RMB 278.7 million as of December 31, 2023[5] - The company's total equity as of June 30, 2024, was RMB 1,188.4 million, compared to RMB 1,164.4 million as of December 31, 2023[6] - Trade receivables increased to RMB 155.6 million as of June 30, 2024, compared to RMB 89.3 million as of December 31, 2023, indicating improved collection efficiency[23] - Trade payables rose to RMB 195.2 million as of June 30, 2024, from RMB 172.4 million as of December 31, 2023, reflecting increased operational activity[24] - The group's cash and bank balances as of June 30, 2024, were RMB 181.8 million, down from RMB 207.9 million as of December 31, 2023[39] - Total borrowings decreased from RMB 51.3 million as of December 31, 2023, to RMB 22.8 million as of June 30, 2024[40] - The group has pledged container vessels with a book value of RMB 33.4 million as of June 30, 2024, to secure bank and other borrowings of RMB 12.8 million[43] Operational Highlights - The container transportation volume for cross-border logistics services was 140,355 TEUs for the six months ended June 30, 2024[1] - Revenue from cross-border logistics services rose by 38.3% to RMB 689.0 million, driven by an increase in average price per TEU from RMB 3,985.3 to RMB 4,402.0 and an increase in service volume from 118,656 TEUs to 140,355 TEUs[29] - The average daily charter rate for vessel leasing decreased significantly by 54.4% from RMB 179,100.4 to RMB 81,865.7, contributing to a 54.1% decline in gross profit to RMB 68.1 million[31] - The company generated RMB 24.9 million in revenue from supply chain solutions under its cross-border logistics services, focusing on imports from the United States[27] - The group has initiated overseas warehousing operations to enhance capabilities in parcel handling, storage, customs clearance, and last-mile delivery[25] Future Outlook and Strategic Initiatives - The company plans to maintain a cautious approach in the second half of 2024, adjusting service supply strategies based on market conditions[28] - The company plans to utilize the net proceeds from the IPO for strategic investments and business expansion by 2025[51] - The net proceeds from the IPO, approximately HKD 95.1 million, will be allocated to various strategic initiatives, including logistics facility establishment and digital technology adoption[54] - Employee costs for the six months ended June 30, 2024, were RMB 30.1 million, with a total of 331 full-time employees[54] - The company has no significant contingent liabilities as of June 30, 2024[49] - No major acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the period[50] - The company has not proposed an interim dividend for the six months ended June 30, 2024[55] - The company sold two vessels under construction for USD 133.3 million in July 2024[55]

Financial Performance - Profit before tax decreased by approximately 69.0% from RMB 395.4 million for the year ended December 31, 2022, to RMB 122.7 million for the current year[11]. - Net profit for the year decreased by approximately 69.0% from RMB 386.3 million for the year ended December 31, 2022, to RMB 119.6 million for the current year[13]. - Total revenue for 2023 was RMB 1,238,471 thousand, a significant decrease from RMB 4,607,929 thousand in 2022, representing a decline of approximately 73.1%[84]. - Revenue from customer contracts was RMB 1,020,238 thousand in 2023, down from RMB 4,389,175 thousand in 2022, indicating a decrease of about 76.7%[86]. - The group's profit before tax for 2023 was RMB 938,616 thousand, a significant decrease from RMB 4,025,832 thousand in 2022[25]. - The profit attributable to equity holders of the parent company for the same period was RMB 118.9 million, down from RMB 380.9 million in 2022[92]. - Basic earnings per share for the year were RMB 0.45, compared to RMB 1.49 in the previous year[105]. - The company's gross profit for the year was RMB 226.6 million, down from RMB 545.3 million in 2022[102]. - The gross profit decreased by about 58.4% from RMB 545.3 million in 2022 to RMB 226.6 million in 2023, while the gross profit margin increased from 11.8% to 18.3%[133]. Expenses and Costs - Other income and gains decreased by approximately 40.0% from RMB 9.5 million for the year ended December 31, 2022, to RMB 5.7 million for the current year, primarily due to a reduction in foreign exchange gains[3]. - Selling and distribution expenses decreased by approximately 6.5% from RMB 18.6 million for the year ended December 31, 2022, to RMB 17.4 million for the current year, mainly due to a reduction in salaries and benefits[4]. - Administrative expenses remained relatively stable at RMB 87.1 million and RMB 83.1 million for the years ended December 31, 2022, and 2023, respectively[5]. - Other expenses decreased by approximately 58.8% from RMB 3.4 million for the year ended December 31, 2022, to RMB 1.4 million for the current year, primarily due to a reduction in losses related to the disposal of non-current assets[6]. - Financial costs increased from RMB 4.8 million for the year ended December 31, 2022, to RMB 5.4 million for the current year, mainly due to an increase in average monthly borrowings[7]. - Financial costs for ongoing operations totaled RMB 5,388 thousand in 2023, compared to RMB 4,827 thousand in 2022, reflecting an increase of approximately 11.7%[87]. - The total tax expense for the year was RMB 3.1 million, significantly lower than RMB 9.1 million in 2022[97]. Assets and Liabilities - As of December 31, 2023, the company's cash and bank balances were RMB 207.9 million, down from RMB 340.0 million as of December 31, 2022[17]. - Total borrowings as of December 31, 2023, were RMB 51.3 million, a decrease from RMB 66.9 million as of December 31, 2022[18]. - The total liabilities decreased from RMB 505.1 million in 2022 to RMB 278.7 million in 2023, representing a reduction of approximately 44.8%[69]. - The net asset value increased to RMB 1,164.4 million in 2023 from RMB 891.2 million in 2022, showing a growth of around 30.6%[72]. - Trade receivables at the end of the reporting period totaled RMB 89.3 million, down from RMB 149.1 million in 2022[114]. - Trade payables at the end of the reporting period amounted to RMB 172.4 million, compared to RMB 336.4 million in 2022[116]. Capital and Financing - The company plans to obtain additional bank loans and other borrowings for working capital purposes and will continue to assess potential financing opportunities based on its capital resource needs and market conditions[14]. - The capital commitments amounted to RMB 1,393.2 million as of December 31, 2023, down from RMB 1,512.1 million in 2022, related to the purchase of container vessels[36]. - The current ratio improved to 1.5 times as of December 31, 2023, compared to 1.3 times in the previous year[34]. - The debt-to-equity ratio decreased to 4.4% as of December 31, 2023, down from 8.6% in 2022, primarily due to the repayment of related party payables and interest-bearing borrowings during the year[34]. Operational Highlights - The total container throughput for cross-border logistics services was 233,903 TEUs, a decline from 255,613 TEUs in 2022[119]. - Revenue from cross-border logistics services fell by 77.3%, from RMB 4,389.2 million in 2022 to RMB 996.7 million in 2023, primarily due to a drop in average price per TEU from RMB 12,300 to RMB 4,000[132]. - The average price per TEU for cross-border shipping services dropped from approximately RMB 7,000 in 2022 to about RMB 4,000 in 2023 due to market price declines[119]. - The average daily charter rate for ship leasing was approximately RMB 136,000, down from RMB 191,000 in the same period of 2022[120]. - The company generated RMB 23.6 million in revenue from supply chain solutions under its import goods trade segment, which began in February 2023[121]. - The company plans to develop overseas warehouse business, anticipating the global cross-border logistics market to grow from USD 343.8 billion in 2023 to USD 404.9 billion by 2027[125]. - The company aims to leverage its fleet to expand service coverage and enhance capacity, focusing on self-operated routes in Southeast Asia[124]. - The company will focus on providing integrated logistics solutions for international engineering clients in Africa, South America, and Southeast Asia[129]. - The company expects to maintain strong profitability despite challenges in the cross-border logistics industry due to geopolitical conflicts and supply chain adjustments[123]. - The company will continue to strive for steady growth in performance to create greater value for shareholders[130]. Governance and Compliance - The company has adopted the corporate governance code since its listing, ensuring compliance with the relevant regulations[62]. - The audit committee reviewed the annual performance for the year ended December 31, 2023, and agreed on the financial results with the management[65]. - The company has adopted revised international financial reporting standards for the first time this year, but these revisions did not impact the financial statements[79]. - The company’s financial statements are prepared in accordance with International Financial Reporting Standards and relevant local regulations[1]. - There were no significant events affecting the company from December 31, 2023, to the date of the announcement[58]. - The company has not purchased, sold, or redeemed any of its listed securities from January 1, 2023, to the date of the announcement[59]. - The company does not recommend the payment of a final dividend for the year ended December 31, 2023[60]. - The company did not declare or pay any dividends during the year[110]. - The group has no significant contingent liabilities as of December 31, 2023[35]. - The group has no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[37]. - There are no major future plans for significant investments or capital assets beyond those disclosed in the prospectus[47].

Revenue Performance - The company's revenue from cross-border logistics services decreased to RMB 498,196,000 for the six months ended June 30, 2023, down 81.1% from RMB 2,632,364,000 in the same period of 2022[8]. - Total revenue from customer contracts was RMB 503,613,000 for the six months ended June 30, 2023, compared to RMB 2,632,364,000 for the same period in 2022, representing a decline of 80.9%[8]. - The company's total revenue decreased by approximately 75.6% from RMB 2,685.4 million for the six months ended June 30, 2022, to RMB 655.8 million for the same period in 2023[113]. - Revenue from cross-border logistics services dropped by 81.1%, from RMB 2,632.4 million in 2022 to RMB 498.2 million in 2023, primarily due to a decline in average price per TEU from RMB 13,124.1 to RMB 3,985.3[112]. - Revenue from vessel leasing services increased from RMB 53.0 million for the six months ended June 30, 2022, to RMB 152.2 million for the six months ended June 30, 2023[98]. Profitability - The net profit attributable to equity holders of the parent company for the six months ended June 30, 2023, was RMB 104,126,000, a decrease of 62.4% from RMB 276,735,000 for the same period in 2022[19]. - The group’s net profit for the six months ended June 30, 2023, was RMB 105.1 million, a decrease of approximately 62.8% from RMB 282.4 million for the same period in 2022[63]. - Gross profit for the same period was RMB 148,334,000, down 56.2% from RMB 338,495,000 year-over-year[190]. - The company recorded a profit before tax of RMB 103,119,000, a decline of 64.3% from RMB 288,818,000 in the previous year[190]. - The company's total comprehensive income for the first half of 2023 was RMB 117,192,000, down from RMB 313,569,000 in the same period of 2022, indicating a decrease of approximately 62.7%[171]. Financial Position - As of June 30, 2023, the group's cash and bank balance was RMB 156.7 million, a decrease from RMB 340.0 million as of December 31, 2022[52]. - The group's borrowings amounted to RMB 60.3 million as of June 30, 2023, down from RMB 66.9 million as of December 31, 2022[56]. - As of June 30, 2023, the company's total equity amounted to RMB 1,009,787,000, an increase from RMB 891,179,000 as of January 1, 2023, reflecting a growth of approximately 13.3%[171]. - Non-current liabilities totaled RMB 38,895,000 as of June 30, 2023, down from RMB 44,258,000 as of December 31, 2022[194]. - The company's current ratio was 1.1, compared to 1.3 on December 31, 2022[148]. Cash Flow - Operating cash flow for the first half of 2023 was RMB 69,892,000, significantly lower than RMB 314,996,000 in the same period of 2022, representing a decrease of approximately 77.8%[173]. - Cash flow from investing activities showed a net outflow of RMB 236,338 thousand, compared to an inflow of RMB 148,435 thousand in the same period last year[200]. - The company reported a decrease in cash and cash equivalents by RMB 191,563 thousand, contrasting with an increase of RMB 429,346 thousand in the previous year[200]. - The ending cash and cash equivalents balance was RMB 153,675 thousand, down from RMB 636,499 thousand a year ago[200]. - The cash flow from financing activities resulted in a net outflow of RMB 25,117 thousand, compared to a net outflow of RMB 34,085 thousand in the previous year[200]. Operational Metrics - The volume of cross-border logistics services provided by third parties decreased from 133,363 TEUs in the same period of 2022 to 118,656 TEUs in 2023[92]. - The average price per TEU for cross-border shipping services decreased from approximately RMB 6,920.0 to RMB 3,985.3 due to a decline in market rates[92]. - The number of TEUs handled decreased from 200,575 in 2022 to 118,656 in 2023, reflecting market conditions[113]. - The average daily charter rate for ship leasing increased to RMB 179,100.4, up from RMB 125,516.3 in the previous year, contributing to a 187.0% increase in revenue from ship leasing services[109]. - The company has paused self-operated cross-border logistics services since the second half of 2022 due to declining market rates, while continuing to monitor market conditions[108]. Expenses and Cost Management - Administrative expenses decreased by about 11.6% from RMB 32.9 million for the six months ended June 30, 2022, to RMB 29.1 million for the six months ended June 30, 2023[70]. - Other expenses decreased by approximately 56.3% from RMB 4.8 million for the six months ended June 30, 2022, to RMB 2.1 million for the six months ended June 30, 2023[71]. - Sales and distribution expenses decreased by about 12.6% to RMB 8.3 million, mainly due to reduced salaries and benefits[116]. - The company’s interest income decreased to RMB 324,000 for the six months ended June 30, 2023, from RMB 1,524,000 in the same period of 2022, reflecting a decline of 78.7%[11]. - Financial asset impairment losses increased by approximately 71.4% from RMB 2.1 million for the six months ended June 30, 2022, to RMB 3.6 million for the six months ended June 30, 2023[73]. Strategic Initiatives - The company plans to remain cautious and adjust its service supply strategy based on market conditions in the second half of 2023[111]. - The company expects improved performance in cross-border shipping services in the second half of 2023, driven by traditional peak seasons for routes to the Americas and Europe[95]. - The company plans to continue its strategic initiatives to enhance operational efficiency and market presence[185]. - The company has adopted a share option scheme to reward eligible participants, with a maximum number of shares involved not exceeding 10% of the total issued shares at the time of listing[140]. - The company maintains a conservative risk management strategy, with no use of derivatives for hedging purposes, and closely monitors foreign exchange risks[121][133].