Group 1 - The company reported revenue of 856 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 17.61% [1] - The profit for the period was 50.29 million RMB, which is a year-on-year increase of 19.17% [1] - The basic earnings per share were 0.14 RMB [1]

Core Insights - The company reported a revenue of approximately RMB 856.2 million for the six months ending June 30, 2025, representing a year-on-year growth of 17.6% [1] - The net profit for the same period was approximately RMB 50.3 million, reflecting a year-on-year increase of 19.2% [1] Revenue Breakdown - Revenue from in-house logistics equipment subscription services increased from approximately RMB 379.8 million to about RMB 438.8 million, a growth of 15.6% [1] - Revenue from maintenance and repair services rose from approximately RMB 85.6 million to about RMB 122.4 million, marking a significant increase of 43.0% [1] - Revenue from the sale of in-house logistics equipment and parts grew from approximately RMB 262.7 million to about RMB 295.1 million, an increase of 12.3% [1] Profitability Metrics - The company's gross profit for the first half of 2025 was RMB 263.8 million, showing a year-on-year growth of 20.1% [1] - The gross margin improved to 30.8% during this period [1] - Key drivers for the gross margin improvement included enhanced profitability in maintenance and repair services, significant contributions from the newly expanded electric loader business with a gross margin of 60%, and successful integration of the high-end brand "Liziou" in Shanghai [1]

[Announcement Overview](index=1&type=section&id=%E5%85%AC%E5%91%8A%E6%A6%82%E8%A7%88) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A7%81) The Group achieved significant growth in both revenue and net profit for the six months ended June 30, 2025, with revenue increasing by **17.6%** to **RMB 856.2** million and net profit by **19.2%** to **RMB 50.3** million year-on-year Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth Rate | |---|---|---|---| | Revenue | **856.2** | **728.0** | **17.6%** | | Net Profit | **50.3** | **42.2** | **19.2%** | [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) [Market Overview](index=2&type=section&id=%E5%B8%82%E5%A0%B4%E6%A6%82%E8%A7%80) The China in-plant logistics equipment industry is undergoing transformation and upgrading, driven by policy dividends and technological iteration, with national policies supporting reduced logistics costs and improved efficiency - The China in-plant logistics equipment industry is in a critical period of transformation and upgrading, benefiting from policy dividends and technological iteration[5](index=5&type=chunk) - National policies support reducing social logistics costs and improving logistics resource utilization efficiency, providing a solid foundation for industry development[5](index=5&type=chunk) [Group Overview](index=2&type=section&id=%E9%9B%86%E5%9C%98%E6%A6%82%E8%A7%80) The Group, as a leading in-plant logistics equipment solution provider in China, operates a 'One Body, Two Wings' integrated service system centered on subscription services, covering **48 key cities** nationwide and managing over **59,700 units** of equipment assets - The Group is a leading in-plant logistics equipment solution provider in China, with innovative in-plant logistics equipment subscription services at its core[6](index=6&type=chunk) - Established a 'One Body, Two Wings' integrated service system: in-plant logistics equipment subscription services and professional maintenance services as the main body, with equipment sales and spare parts sales as the link[6](index=6&type=chunk) - As of June **30**, **2025**, the service network covers **48 key cities** nationwide, with **89 standardized service outlets**, managing a total equipment asset scale of **over 59,700 units**[6](index=6&type=chunk) [Performance Review and Strategic Progress](index=3&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7%E8%88%87%E6%88%B0%E7%95%A5%E9%80%B2%E5%B1%95) In H1 **2025**, the company adhered to its 'stable growth, strong internal control, solid service, sound organization' strategy, achieving rapid business growth and significant net profit increase through strategic transformation, new business expansion, internationalization, and service system optimization - The company adheres to the 'stable growth, strong internal control, solid service, sound organization' business strategy, achieving steady development in business expansion, financial performance, and market share[8](index=8&type=chunk) - The development strategy is to 'build a globally leading high-dimensional sharing ecosystem platform for B2B industrial and logistics equipment', promoting asset-light model transformation and digital upgrading[8](index=8&type=chunk) [Strategic Transformation and Platform-based Development](index=3&type=section&id=%E6%88%B0%E7%95%A5%E8%BD%89%E5%9E%8B%E8%88%87%E5%B9%B3%E5%8F%B0%E5%8C%96%E7%99%BC%E5%B1%95) The company's 'in-plant logistics equipment management platform provider' strategy achieved breakthroughs, significantly boosting revenue and net profit through a 'platform + service' model with asset holders, with maintenance and repair revenue growing by **43%** and gross profit margin above **40%** - Breakthrough progress in the 'in-plant logistics equipment management platform provider' strategic upgrade, establishing 'asset entrusted operation' cooperation with asset holders through a 'platform + service' operating model[8](index=8&type=chunk) - Maintenance and repair services achieved **43% revenue growth**, with gross profit margin consistently maintained at a high level of **over 40%**[8](index=8&type=chunk) [Electric Loader Business and Category Expansion](index=4&type=section&id=%E9%9B%BB%E5%8B%95%E8%A3%9D%E8%BC%89%E6%A9%9F%E6%A5%AD%E5%8B%99%E8%88%87%E5%93%81%E9%A1%9E%E6%8B%93%E5%B1%95) The electric loader business maintained strong growth, managing a fleet of **316 units** with cumulative subscription service revenue exceeding **RMB 10** million and a gross profit margin of **60%**, with plans to expand into cleaning equipment in H2 - Electric loader business maintained strong growth, managing a fleet of **316 units**, with **7** directly operated professional service centers nationwide[9](index=9&type=chunk) Key Data for Electric Loader Business | Metric | Data | |---|---| | Cumulative Subscription Service Revenue | **over RMB 10 million** | | Gross Profit Margin | **60%** | - Plans to expand into new equipment category 'cleaning equipment' in H2, focusing on developing product lines such as intelligent industrial cleaning robots and high-pressure cleaning equipment[9](index=9&type=chunk) [International Expansion](index=4&type=section&id=%E5%9C%8B%E9%9A%9B%E5%8C%96%E4%BD%88%E5%B1%80) In H1, the Indonesian subsidiary was established with a localized team, receiving positive market feedback, while preparations for international outlets in Vietnam, Thailand, and Malaysia have begun to contribute revenue, profit, and brand influence - Completed the establishment of the Indonesian subsidiary in H1 and built a localized operation and service team, with positive feedback from the Indonesian market[10](index=10&type=chunk) - Preparations for international outlets in Vietnam, Thailand, and Malaysia have commenced and are gradually establishing local regional operation centers[10](index=10&type=chunk) [Service System and Industrial Chain Collaboration](index=4&type=section&id=%E6%9C%8D%E5%8B%99%E9%AB%94%E7%B3%BB%E8%88%87%E7%94%A2%E6%A5%AD%E9%8F%88%E5%8D%94%E5%90%8C) The company optimized asset operation management and enhanced customer response and satisfaction by establishing a Group 'Service Center' and a three-tier service system, while actively promoting industrial chain collaboration with upstream and downstream partners to consolidate equipment subscription business and expand product application scenarios - Established a Group 'Service Center', integrating resources from **89** service outlets nationwide and building a three-tier service system (headquarters, regional, local) to improve customer response speed[11](index=11&type=chunk) - Intelligent diagnostic systems and remote technical assistance continue to shorten average fault resolution time, maintaining high customer satisfaction and renewal rates[11](index=11&type=chunk) - Adopted a dual-driven strategy, focusing on downstream customer needs and strengthening business collaboration with end-users and peers to consolidate the core equipment subscription business[12](index=12&type=chunk) - Deepened strategic cooperation with upstream suppliers, enhancing product technology and enriching product categories based on independently developed asset operation management systems[12](index=12&type=chunk) [Outlook](index=5&type=section&id=%E5%B1%95%E6%9C%9B) In H2, the company will deepen its platform provider strategic transformation, based on 'strengthening network, expanding categories, and internationalization' as tactical foundations, implementing five operational guidelines: 'stable growth, strong internal control, solid service, sound organization, and safety assurance' to drive high-quality development - Core strategy for H2: deepen the platform provider strategic transformation, with 'strengthening network, expanding categories, and internationalization' as the tactical implementation foundation[13](index=13&type=chunk) - Implement five major operational guidelines: 'stable growth, strong internal control, solid service, sound organization, and safety assurance' to promote high-quality enterprise development[13](index=13&type=chunk) [Business Development and Technological Innovation](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E7%99%BC%E5%B1%95%E8%88%87%E6%8A%80%E8%A1%93%E5%89%B5%E6%96%B0) The company will continuously optimize product structure, expand new equipment categories, deepen scenario application innovation, and empower product service upgrades through digital technology, focusing on the deep integration of IoT, big data, and core businesses to build an intelligent operation management platform - Continuously optimize product structure, steadily advance the expansion of new equipment categories, and deepen scenario application innovation[14](index=14&type=chunk) - Focus on promoting the deep integration of new technologies such as IoT and big data with core businesses to build an intelligent operation management platform[14](index=14&type=chunk) [Service Enhancement and Customer Experience](index=6&type=section&id=%E6%9C%8D%E5%8B%99%E6%8F%90%E5%8D%87%E8%88%87%E5%AE%A2%E6%88%B6%E7%B6%93%E9%A9%97) The company will continue to focus on customer experience, re-engineer service processes with digital tools, create a standardized, professional, and intelligent new service model, and strengthen the service engineer team to improve service quality and response speed - Continuously focus on a customer experience-centric service system, re-engineering service processes through digital tools[14](index=14&type=chunk) - Create a standardized, professional, and intelligent new service model, with a key focus on strengthening the service engineer team[14](index=14&type=chunk) [Advancing Internationalization Strategy](index=6&type=section&id=%E5%9C%8B%E9%9A%9B%E5%8C%96%E6%88%B0%E7%95%A5%E6%8E%A8%E9%80%B2) The company will actively seize opportunities from the 'Belt and Road' initiative, focusing on expanding into emerging markets such as Southeast Asia and the Middle East, steadily advancing its international presence through localized operations and differentiated product strategies to enhance global service capabilities - Actively seize opportunities from the 'Belt and Road' initiative, focusing on expanding into emerging markets such as Southeast Asia and the Middle East[14](index=14&type=chunk) - Steadily advance international expansion through localized operations and differentiated product strategies, enhancing global service capabilities[14](index=14&type=chunk) [Safety Management](index=6&type=section&id=%E5%AE%89%E5%85%A8%E7%AE%A1%E7%90%86) The company will actively respond to and implement the '2025 Key Points for Special Equipment Safety Supervision Work', establish and improve safety production responsibility systems, refine safety operating procedures and emergency plans, and deploy intelligent monitoring systems to ensure production safety - Actively respond to and implement the '2025 Key Points for Special Equipment Safety Supervision Work', establishing and improving safety production responsibility systems[15](index=15&type=chunk) - Deploy intelligent monitoring systems to achieve real-time monitoring and early warning of equipment operating status, ensuring foolproof production safety[15](index=15&type=chunk) [Details of Financial Performance](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E8%A9%B3%E6%83%85) [Revenue Analysis](index=7&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) The Group's revenue for H1 **2025** increased by **17.6%** year-on-year to **RMB 856.2** million, primarily due to comprehensive growth in in-plant logistics equipment subscription services, maintenance and repair services, and equipment and spare parts sales, with maintenance and repair services showing the largest increase of **43.0%** Revenue Breakdown by Business Segment | Business Segment | H1 2025 (RMB thousand) | % of Total | H1 2024 (RMB thousand) | % of Total | YoY Change (%) | |---|---|---|---|---|---| | In-plant Logistics Equipment Subscription Services | **438,807** | **51.2** | **379,749** | **52.2** | **15.6** | | Maintenance and Repair Services | **122,368** | **14.3** | **85,590** | **11.8** | **43.0** | | In-plant Logistics Equipment and Spare Parts Sales | **295,058** | **34.5** | **262,707** | **36.0** | **12.3** | | Total | **856,233** | **100.0** | **728,046** | **100.0** | **17.6** | - Revenue from in-plant logistics equipment subscription services increased by **15.6%**, primarily due to business expansion, improved operational capabilities, and growth in the electric loader business[16](index=16&type=chunk) - Revenue from maintenance and repair services increased by **43.0%**, mainly driven by the implementation of the 'platform + service' operating model, optimization of the service system, and the acquisition of Lifton (Shanghai) to expand the service network[18](index=18&type=chunk) - Revenue from in-plant logistics equipment and spare parts sales increased by **12.3%**, primarily due to domestic and international market expansion, the addition of the Lifton high-end brand, and the supplement of IoT and new energy innovation businesses[18](index=18&type=chunk) [Cost of Sales and Gross Profit](index=8&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC%E8%88%87%E6%AF%9B%E5%88%A9) Cost of sales for H1 **2025** increased by **16.5%** year-on-year to **RMB 592.5** million, consistent with revenue growth, while gross profit increased by **20.1%** to **RMB 263.8** million, with gross profit margin rising from **30.2%** to **30.8%**, driven by improved maintenance and repair service margins, electric loader contributions, and Lifton (Shanghai) integration Cost of Sales | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | |---|---|---|---| | Cost of Sales | **592,477** | **508,464** | **16.5** | Gross Profit and Gross Profit Margin by Revenue Segment | Business Segment | 2025 Gross Profit (RMB thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Profit Margin (%) | YoY Gross Profit Change (%) | |---|---|---|---|---|---| | In-plant Logistics Equipment Subscription Services | **139,149** | **31.7** | **123,119** | **32.4** | **13.0** | | Maintenance and Repair Services | **52,645** | **43.0** | **35,669** | **41.7** | **47.6** | | In-plant Logistics Equipment and Spare Parts Sales | **71,962** | **24.4** | **60,794** | **23.1** | **18.4** | | Total | **263,756** | **30.8** | **219,582** | **30.2** | **20.1** | - The increase in gross profit margin was primarily driven by significantly improved gross profit margin in maintenance and repair services, outstanding contribution from the electric loader business (gross profit margin as high as **60%**), and successful integration of the Lifton (Shanghai) high-end brand[19](index=19&type=chunk) [Expense Analysis](index=9&type=section&id=%E8%B2%BB%E7%94%A8%E5%88%86%E6%9E%90) In H1 **2025**, selling and distribution expenses, administrative expenses, and finance costs all increased, mainly due to expanded business volume, integration of Lifton (Shanghai), and higher bank loan interest, while other income and gains slightly decreased due to reduced government subsidies [Selling and Distribution Expenses](index=9&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E8%B2%BB%E7%94%A8) Selling and distribution expenses increased by **21.9%** year-on-year to **RMB 55.9** million, primarily due to increased business volume and the integration of Lifton (Shanghai), leading to higher rental and personnel costs for the marketing department Selling and Distribution Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Selling and Distribution Expenses | **55.9** | **45.8** | **21.9** | - The increase in expenses was mainly due to increased business volume and the integration of Lifton (Shanghai), leading to higher rental and personnel costs for the marketing department[20](index=20&type=chunk) [Administrative Expenses](index=10&type=section&id=%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8) Administrative expenses increased by **22.6%** year-on-year to **RMB 106.2** million, primarily due to increased management employee headcount resulting from business expansion and the inclusion of Lifton (Shanghai) into the Group's operations Administrative Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Administrative Expenses | **106.2** | **86.7** | **22.6** | - The increase in expenses was mainly due to business expansion and the inclusion of Lifton (Shanghai) into the Group's operations, leading to an increase in the number of management employees[21](index=21&type=chunk) [Other Income and Expenses](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E8%B2%BB%E7%94%A8) Other income and gains decreased by **6.8%** year-on-year to **RMB 8.9** million, mainly due to reduced government subsidies, while other expenses increased by **14.8%** to **RMB 1.1** million, primarily due to higher operating costs for idle facilities at the Hefei base Other Income and Gains | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Other Income and Gains | **8.9** | **9.5** | **-6.8** | - The decrease in other income and gains was mainly due to a reduction in related government subsidies[22](index=22&type=chunk) Other Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Other Expenses | **1.1** | **1.0** | **14.8** | - The increase in other expenses was mainly due to higher operating costs for idle facilities at the Hefei base[23](index=23&type=chunk) [Finance Costs](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) Finance costs increased by **6.5%** year-on-year to **RMB 53.3** million, primarily due to increased interest on bank loans and financing borrowings supporting business development Finance Costs | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Finance Costs | **53.3** | **50.1** | **6.5** | - The increase in finance costs was mainly due to increased interest on bank loans and financing borrowings supporting business development[24](index=24&type=chunk) [Income Tax and Profit for the Period](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%88%87%E6%9C%9F%E5%85%A7%E5%88%A9%E6%BD%A4) Income tax expense for H1 **2025** was approximately **RMB 3.9** million, with an effective tax rate of about **7.2%**, an increase from the prior period, mainly due to higher taxable profit, resulting in a **19.2%** year-on-year increase in profit for the period to **RMB 50.3** million Income Tax Expense and Effective Tax Rate | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | |---|---|---| | Income Tax Expense | **3.9** | **1.4** | | Effective Tax Rate | **7.2%** | **3.1%** | - The main reason for the change in income tax expense and effective tax rate was an increase in taxable profit[25](index=25&type=chunk) Profit for the Period | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth (%) | |---|---|---|---| | Profit for the Period | **50.3** | **42.2** | **19.2** | [Earnings Per Share](index=23&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June **30**, **2025**, basic and diluted earnings per share attributable to ordinary equity holders of the Company increased to **RMB 0.14** from **RMB 0.12** in the prior period Earnings Per Share | Metric | H1 2025 | H1 2024 | |---|---|---| | Basic and Diluted Earnings Per Share | RMB **0.14** | RMB **0.12** | - The weighted average number of ordinary shares outstanding used to calculate basic earnings per share was **348,022,816 shares**, consistent with the prior period[60](index=60&type=chunk) [Financial Position and Liquidity](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%88%87%E6%B5%81%E5%8B%95%E6%80%A7) [Liquidity and Capital Structure](index=11&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June **30**, **2025**, the Group's current assets slightly increased by **0.4%** to **RMB 897.2** million, current liabilities increased by **0.8%** to **RMB 1,406.6** million, resulting in a net current liability of approximately **RMB 509.4** million, with the current ratio maintained at **0.64**; cash and cash equivalents were **RMB 167.6** million, and total bank facilities and other borrowings increased to **RMB 5,611.3** million Liquidity Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | |---|---|---|---| | Current Assets | **897.2** | **893.5** | **0.4** | | Current Liabilities | **1,406.6** | **1,394.9** | **0.8** | | Net Current Liabilities | (**509.4**) | (**501.4**) | - | | Current Ratio | **0.64** | **0.64** | **0.0** | | Cash and Cash Equivalents | **167.6** | **205.4** | **-18.4** | | Total Bank Facilities and Other Borrowings | **5,611.3** | **4,614.2** | **21.6** | - H shares were listed on the Stock Exchange from May **15**, **2025**, with no other changes in the company's share capital structure[28](index=28&type=chunk) - The company adopts a prudent financial management approach, aiming to maintain sufficient cash and credit lines, and meet working capital needs through funds generated from operations and a combination of equity and debt[29](index=29&type=chunk) [Pledged Assets and Exchange Rate Risk](index=12&type=section&id=%E8%B3%87%E7%94%A2%E8%B3%AA%E6%8A%BC%E8%88%87%E5%BD%99%E7%8E%87%E9%A2%A8%E9%9A%AA) As of June **30**, **2025**, the Group's pledged assets amounted to approximately **RMB 459.5** million as collateral for bank borrowings, a **4.2%** decrease from the end of **2024**; the Group's business is primarily settled in RMB, with some overseas transactions in USD, and currently no foreign exchange contracts or hedging transactions are in place, but exchange rate risk is regularly monitored Pledged Assets | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | |---|---|---|---| | Pledged Assets | **459.5** | **479.9** | **-4.2** | - The Group's business is primarily conducted in China, with most transactions settled in RMB, and some overseas transactions settled in USD[32](index=32&type=chunk) - As of June **30**, **2025**, the Group had not entered into any foreign exchange contracts or hedging transactions for the exchange rate fluctuation risk of RMB against USD, but regularly monitors foreign exchange risk[32](index=32&type=chunk) [Use of Proceeds from Global Offering](index=13&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) Net proceeds from the global offering were approximately **HKD 116.3** million, with an unutilized balance of **RMB 41.7** million as of June **30**, **2025**; funds are primarily used for enhancing service capabilities, expanding supply chain infrastructure, improving technological capabilities, and strategic acquisitions, expected to be fully utilized by the end of **2025** Use of Net Proceeds from Global Offering | Use | Approx. % of Total | Net Proceeds from Global Offering (HKD million) | Amount Utilized (RMB million) | Unutilized Net Proceeds (RMB million) | Expected Timeline | |---|---|---|---|---|---| | Enhance service capabilities, customer coverage, and expand categories | **45.0** | **52.3** | **26.2** | **21.9** | Before end of **2025** | | Expand and upgrade supply chain infrastructure | **20.0** | **23.3** | **11.7** | **9.7** | Before end of **2025** | | Enhance technological capabilities and infrastructure | **15.0** | **17.4** | **8.8** | **7.2** | Before end of **2025** | | Strategic acquisitions | **10.0** | **11.6** | **7.8** | **2.9** | Before end of **2025** | | General working capital and corporate purposes | **10.0** | **11.6** | **10.7** | — | Before end of **2025** | | Total | **100.0** | **116.3** | **65.2** | **41.7** | | - The Board will continuously evaluate the use of proceeds and may change or revise them based on market conditions[33](index=33&type=chunk) [Trade Receivables and Bills Receivable](index=24&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June **30**, **2025**, trade receivables and bills receivable totaled **RMB 453.4** million, an increase from the end of **2024**, with the largest portion aged within three months; trade payables and bills payable totaled **RMB 360.3** million, a decrease from the end of **2024**, with the largest portion also aged within three months Aging Analysis of Trade Receivables and Bills Receivable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Within **3** months | **338,179** | **290,156** | | **4** to **6** months | **76,238** | **65,312** | | **6** to **12** months | **20,138** | **17,415** | | Over **1** year | **18,890** | **16,343** | | Total | **453,445** | **389,226** | Aging Analysis of Trade Payables and Bills Payable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Within **3** months | **324,351** | **350,176** | | **3** months to **1** year | **30,345** | **33,003** | | Over **1** year | **5,585** | **6,088** | | Total | **360,281** | **389,267** | [Corporate Operations and Governance](index=14&type=section&id=%E4%BC%81%E6%A5%AD%E9%81%8B%E7%87%9F%E8%88%87%E6%B2%BB%E7%90%86) [Employee Information](index=14&type=section&id=%E5%83%B1%E5%93%A1%E6%83%85%E6%B3%81) As of June **30**, **2025**, the Group's full-time employees increased to **2,098**, with total employee benefit expenses of **RMB 155.4** million; the company is committed to providing equal employment opportunities, maintaining employee diversity, and offering diverse training programs Number of Employees | Metric | June 30, 2025 | June 30, 2024 | |---|---|---| | Full-time Employees | **2,098** | **1,800** | Total Employee Benefit Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | |---|---|---| | Total Employee Benefit Expenses | **155.4** | **122.8** | - The company is committed to providing equal employment opportunities and maintaining employee diversity, offering diverse training programs covering corporate culture, internal systems, professional knowledge, and leadership skills[35](index=35&type=chunk)[36](index=36&type=chunk) [Significant Investments and Post-Balance Sheet Events](index=14&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E8%88%87%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Board is unaware of any significant investments or events during the six months ended June **30**, **2025**, or subsequent to the reporting period, that could materially impact the Group's operations and financial performance - The Board is unaware of any significant investments and events that could materially impact the Group's operations and financial performance for the six months ended June **30**, **2025**[37](index=37&type=chunk) - The Group is unaware of any significant events subsequent to the reporting period that could materially impact its operations and financial performance[38](index=38&type=chunk) [Corporate Governance Practices](index=25&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AF%A6%E8%B8%90) The company is committed to high standards of corporate governance, has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, and complied with all principles and applicable code provisions during the reporting period, with directors and supervisors also adhering to the Model Code for Securities Transactions - The Company has adopted the code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as its own corporate governance code[63](index=63&type=chunk) - During the reporting period, the Company has complied with all principles and applicable code provisions of the Corporate Governance Code[64](index=64&type=chunk) - Directors and supervisors confirm compliance with the required standards regarding securities transactions as set out in the Model Code in Appendix C3 to the Listing Rules during the reporting period[65](index=65&type=chunk) - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[66](index=66&type=chunk) - From the reporting period to the date of this announcement, the Directors are unaware of any pending or threatened material litigation or claims against the Group[67](index=67&type=chunk) [Audit Committee Report](index=26&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%A0%B1%E5%91%8A) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June **30**, **2025**, and the disclosures in this announcement, deeming the financial information prepared in compliance with applicable accounting practices and regulatory requirements - The Audit Committee comprises three independent non-executive Directors, with Mr Du Lizhu as the chairman[68](index=68&type=chunk) - The Audit Committee has reviewed and considered the Group's unaudited condensed consolidated interim financial information for the six months ended June **30**, **2025**, and the disclosures in this announcement, with no disagreements[69](index=69&type=chunk) - The Audit Committee believes that the financial information has been prepared in accordance with applicable accounting practices and policies, the requirements of the Listing Rules, and any other applicable legal requirements, with adequate disclosures[69](index=69&type=chunk) [Dividend Policy](index=27&type=section&id=%E8%82%A1%E6%81%AF%E6%94%BF%E7%AD%96) The Board does not recommend the payment of an interim dividend for the six months ended June **30**, **2025** - The Board does not recommend the payment of an interim dividend for the six months ended June **30**, **2025**[71](index=71&type=chunk) [Supplemental Information for 2024 Annual Report](index=27&type=section&id=2024%E5%B9%B4%E5%B9%B4%E5%A0%B1%E8%A3%9C%E5%85%85%E8%B3%87%E6%96%99) Independent non-executive directors conducted an annual review of potential conflicts of interest between the Group and its controlling shareholder, confirming no conflicts were found - Independent non-executive directors conducted an annual review of whether there were any conflicts of interest between the Group and its controlling shareholder[73](index=73&type=chunk) - At the Audit Committee meeting on March **19**, **2025**, all independent non-executive directors confirmed that no conflicts of interest were found[73](index=73&type=chunk) [Condensed Consolidated Financial Statements](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the Group's unaudited consolidated profit or loss and other comprehensive income for the six months ended June **30**, **2025**, showing year-on-year growth in revenue, gross profit, and profit for the period Summary of Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | |---|---|---| | Revenue | **856,233** | **728,046** | | Gross Profit | **263,756** | **219,582** | | Profit Before Tax | **54,210** | **43,554** | | Profit for the Period | **50,289** | **42,198** | | Basic and Diluted Earnings Per Share | RMB **0.14** | RMB **0.12** | [Condensed Consolidated Interim Statement of Financial Position](index=16&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This statement presents the Group's unaudited consolidated financial position as of June **30**, **2025**, showing increases in both non-current assets and current liabilities, leading to an expanded net current liability, but with continued growth in net assets Summary of Condensed Consolidated Interim Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Total Non-current Assets | **3,064,412** | **2,887,759** | | Total Current Assets | **897,218** | **893,477** | | Total Current Liabilities | **1,406,644** | **1,394,912** | | Net Current Liabilities | (**509,426**) | (**501,435**) | | Net Assets | **1,218,842** | **1,178,750** | [Notes to the Financial Statements](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation and Accounting Policies](index=18&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated interim financial information is prepared in accordance with HKAS **34** and consistent with the accounting policies used in the **2024** annual consolidated financial statements, except for the first-time adoption of amended HKFRS **21** (Lack of Exchangeability), which had no significant impact on the Group - The condensed consolidated interim financial information is prepared in accordance with HKAS **34** and is consistent with those adopted in the **2024** annual consolidated financial statements[42](index=42&type=chunk)[44](index=44&type=chunk) - The first-time adoption of amended HKFRS **21** (Lack of Exchangeability) had no impact on the condensed consolidated interim financial information, as the currency used for the Group's transactions is convertible[45](index=45&type=chunk) - The Directors believe that the Group will have sufficient working capital for the next twelve months, and the preparation of financial information on a going concern basis is appropriate[43](index=43&type=chunk) [Operating Segment Information](index=19&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group has only one reportable operating segment, and management reviews financial performance on an overall basis, thus no further information on operating segments is presented - The Group does not categorize business units based on its services and products, and has only one reportable operating segment[46](index=46&type=chunk) - The information reported to the Directors for resource allocation and performance assessment does not include financial information for unrelated operating segments, therefore no further information on operating segments is presented[46](index=46&type=chunk) [Income Tax](index=22&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) Group member companies pay income tax based on the profits in their registered and operating jurisdictions; the Company is recognized as a 'High-tech Enterprise' enjoying a **15%** preferential tax rate, while other subsidiaries enjoy **5%** to **10%** preferential tax rates based on 'Small and Micro Enterprise' qualifications - The Company is recognized as a 'High-tech Enterprise', enjoying a **15% preferential income tax rate** from **2022** to **2024**, and is currently reapplying for this qualification[53](index=53&type=chunk) - Except for specific subsidiaries, other subsidiaries of the Group in China are recognized as 'Small and Micro Enterprises', enjoying **preferential income tax rates of 5% to 10%**[53](index=53&type=chunk) Income Tax Expense Details | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | |---|---|---| | Current | **5,736** | **1,079** | | Deferred | (**1,815**) | **277** | | Total | **3,921** | **1,356** | [Definitions](index=28&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used in this announcement to ensure readers' accurate understanding of the report content

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。 廣州佛朗斯股份有限公司（「本公司」）董事（「董事」）會（「董事會」）兹通告謹定 於2025年8月22日（星期五）舉行董事會會議，以考慮及通過（其中包括）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，考慮建議派 發中期股息（如有）及處理其他事項。 承董事會命 廣州佛朗斯股份有限公司 董事長兼執行董事 侯澤寬 FOLANGSI CO., LTD 廣州佛朗斯股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2499） 董事會會議通知 中華人民共和國 • 廣州市 2025年8月8日 於本公告日期，董事會包括董事長兼執行董事侯澤寬先生；執行董事侯澤兵先生、錢曉軒先 生、馬麗女士及周利民先生；非執行董事俞傳芬先生；及獨立非執行董事蔣福誠先生、樊霞 博士及杜立柱先生。 ...

本次交易涉及关联方：张高照。 智通财经APP获悉，香港联交所最新资料显示，8月4日，Shenzhen Xinyu Equity Investment Enterprise(LimitedPartnership)减持佛朗斯股份(02499)275万股，每股作价4.7港元，总金额为1292.5万港 元。减持后最新持股数目约为1452.4万股，最新持股比例为5.82%。 ...

| 股份代號: | 02499 | | --- | --- | | 上市法團名稱: | 廣州佛朗斯股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 06/08/2024 - 06/08/2025 | | 表格序號 | | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | | --- | --- | --- | --- | --- | --- | | | | 17 室/ 二 | | | 請參聞上班 | | CS20250806E00036 | Shenzhen Xinyu Equity Investment Enterprise (Limited | 1201(L) | 2,750,000(L) | HKD 4.7000 | 14.52 | | | Partnership) | | | | | | IS20250806E00038 | 张高照 | 1201(L) | 2,750,000(L) | HKD 4.7000 | 14.52 | 香港联交所最新资料显示，8月4日，Shenzhen Xinyu Equity Investment Ente ...

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: 廣州佛朗斯股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 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) | 02499 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 249,651,704 | RMB | | 0.25 | RMB | 62,412,926 | | 增加 / 減少 (-) | | | 0 | | | | RMB | 0 | | 本月底結存 | | | 249,651,704 | RMB | | 0.25 | RMB | 62,412,926 | | ...

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 1,610,867, an increase of 17.4% compared to RMB 1,371,805 in 2023[17] - Gross profit for 2024 was RMB 463,725, reflecting a gross margin improvement from 30.4% in 2023 to 28.8% in 2024[17] - Profit before tax for 2024 increased significantly to RMB 105,367, compared to RMB 30,633 in 2023, marking a growth of 244.5%[17] - Profit for the year attributable to owners of the company was RMB 101,961, a substantial increase from RMB 31,220 in 2023, representing a growth of 226.5%[17] - Basic and diluted earnings per share for 2024 were RMB 0.29, up from RMB 0.09 in 2023[17] - The Group recorded a profit for the year of approximately RMB 102.0 million in 2024, a 226.9% increase from approximately RMB 31.2 million in 2023[146] Asset and Liability Management - Non-current assets increased to RMB 2,887,759 in 2024, up from RMB 2,301,269 in 2023, indicating a growth of 25.4%[17] - Current liabilities rose to RMB 1,394,912 in 2024, compared to RMB 1,117,290 in 2023, reflecting an increase of 25%[17] - Net assets for the company reached RMB 1,178,750 in 2024, an increase from RMB 1,076,789 in 2023, showing a growth of 9.5%[17] - As of December 31, 2024, current assets were approximately RMB 893.5 million, a 5.5% increase from RMB 846.5 million in 2023, while current liabilities rose by 24.8% to approximately RMB 1,394.9 million[153] - The Group's total bank and other borrowings as of December 31, 2024, were approximately RMB 4,614.2 million, up from RMB 3,032.2 million as of December 31, 2023, with RMB 2,010.6 million utilized[158] - The gearing ratio as of December 31, 2024, was approximately 170.6%, up from 147.0% in 2023[179] Strategic Initiatives and Growth Plans - The company plans to expand its market presence and invest in new product development to drive future growth[18] - Strategic initiatives include potential mergers and acquisitions to enhance competitive positioning in the market[18] - The company aims to achieve sustained growth in revenue and profits while fulfilling social responsibilities in 2025[36] - The company aims to strengthen its international vision and implement a "three rights separation" model by 2025, transitioning to a light asset operation model to enhance its "platform + service" business strategy[41] - The company plans to implement a strategic upgrade in 2025, transitioning to an "intralogistics equipment management platform provider" model, expanding its service offerings[102][105] Market and Industry Trends - In 2024, the intralogistics equipment solutions industry is expected to grow due to favorable policies and an urgent need to improve efficiency in China's logistics sector, where the social logistics costs to GDP ratio was 14.6% in 2021, significantly higher than the US (8.3%) and Japan (5.7%)[57][60] - The National Development and Reform Commission plans to establish approximately 150 national logistical hubs by 2025, aiming to reduce the total social logistics costs to GDP ratio to around 12%[58][61] - The demand for intelligent equipment and management services is expected to drive further consolidation and unprecedented opportunities in the intralogistics equipment solution industry[69] Operational Efficiency and Innovation - The company is committed to deepening innovation through increased investment in new technologies such as IoT, big data, and cloud computing[30] - The integration of IoT technology into solutions is a key strategy for enhancing core competitiveness in the intralogistics sector[64] - The company aims to empower its service network through acquisitions and partnerships, significantly enhancing profitability[74] - The focus on technological innovation and service optimization is crucial for meeting the growing demand for intelligent solutions in a competitive market[64] Customer Service and Satisfaction - The focus on customer service will be strengthened by establishing quick response mechanisms and exploring innovative service approaches to enhance customer loyalty[44][47] - The company plans to optimize its service system to improve customer satisfaction and loyalty, emphasizing technical support and rapid response mechanisms[123] Sustainability and Corporate Responsibility - The company is committed to advancing the national green economy and achieving mutual success through collaboration with customers and partners[125] - The company continues to invest in energy-saving renewable products and green remanufacturing technologies to promote sustainable development and fulfill corporate social responsibilities[50][55] - The company emphasizes sustainable development and the circular economy, contributing to the national "Dual Carbon" target[99][101] Acquisitions and Market Expansion - The company successfully acquired Nichiyu (Shanghai), enhancing market position and expanding customer coverage through brand synergy and resource sharing[29] - The successful acquisition of a high-end brand has enhanced the company's market influence and service capabilities, improving customer experience and operational efficiency[77] - The Group acquired Nichiyu (Shanghai) as an indirect wholly-owned subsidiary on August 31, 2024, following the approval of an equity transfer agreement[180] Revenue Streams and Business Model - Revenue from intralogistics equipment subscription services rose by 3.8% from approximately RMB766.8 million in 2023 to approximately RMB796.0 million in 2024[134] - Revenue from maintenance and repair services increased by 9.2% from approximately RMB185.8 million in 2023 to approximately RMB202.8 million in 2024[134] - Revenue from sales of intralogistics equipment and parts surged by 46.0% from approximately RMB419.2 million in 2023 to approximately RMB612.0 million in 2024[134] - The company provides intralogistics equipment subscription services, charging fees based on equipment type, usage duration, and customization, contributing to its revenue model[109] Financial Management and Cost Control - The company aims to enhance internal control systems to ensure operational efficiency and compliance, focusing on finance, procurement, and sales[122] - The refined remanufacturing processes led to a nearly 10% reduction in remanufacturing costs, significantly boosting profitability[99][101] - Selling and distribution expenses rose by 8.9% from approximately RMB91.1 million in 2023 to approximately RMB99.2 million in 2024, driven by increased marketing department expenses[138] - Administrative expenses increased by 12.3% from approximately RMB169.5 million in 2023 to approximately RMB190.3 million in 2024, mainly due to a higher administrative employee headcount and additional depreciation from the new Hefei Factory[141]

Summary of the Conference Call Company Overview - The conference call was held by Fulongsi Co., a leading provider of in-plant logistics equipment solutions in China, focusing on improving asset utilization and resource efficiency [1][2]. Key Points Industry and Company Highlights - Fulongsi aims to provide one-stop solutions for in-plant logistics equipment usage and management [2]. - The company has established a strong service network and has expanded its asset scale through strategic acquisitions, including over 700 units from various companies [3]. Financial Performance - Fulongsi reported a significant increase in revenue, with total revenue rising from 1.372 billion yuan in 2023 to 1.61 billion yuan in 2024, marking the highest growth in three years [7][8]. - The company achieved a double-digit growth rate exceeding 17% in overall revenue, driven by an increase in equipment scale and customer numbers [19]. - Key financial metrics such as ROA and ROE improved, with ROA increasing by 1.9 percentage points and ROE by approximately 6 percentage points [38]. Strategic Initiatives - The company launched the "Thousand-Day Re-Energization Partnership" project, which has successfully accumulated over 100 partner companies, enhancing resource allocation efficiency [4]. - Fulongsi is focusing on expanding its electric loader product line, which has shown strong market performance in its first year, contributing significantly to revenue growth [5]. - The company is transitioning from a traditional asset-heavy model to a platform-based model, separating asset ownership, management, and usage rights to enhance operational efficiency [14][16]. Future Outlook - Fulongsi aims to achieve a market penetration rate of 30% as the industry matures, with plans to enhance service capabilities and optimize customer service processes [27][28]. - The company is committed to sustainable development through remanufacturing technologies, which have already led to the production of over 2,000 remanufactured units in 2024 [6][25]. - Fulongsi plans to continue investing in digitalization and smart technologies to improve asset management and operational efficiency [41][43]. Investor Relations - The company is committed to providing stable and sustainable returns to shareholders, with ongoing discussions about dividend policies and future financial strategies [33]. Competitive Landscape - Fulongsi differentiates itself from manufacturers by offering comprehensive lifecycle solutions and a robust service network, addressing customer needs for timely and personalized service [34][36]. Additional Important Insights - The company has maintained a healthy cash balance of over 200 million yuan, ensuring strong financial stability [10]. - Fulongsi's equipment utilization rate is currently at 75%, with plans to optimize this further through innovative management practices [40]. This summary encapsulates the key points discussed during the conference call, highlighting Fulongsi's strategic direction, financial performance, and future growth potential in the logistics equipment industry.

Financial Performance - The company's revenue increased by 17.4% from approximately RMB 1,371.8 million for the year ended December 31, 2023, to approximately RMB 1,610.9 million for the year ended December 31, 2024[4]. - The company's profit surged by 226.9% from approximately RMB 31.2 million for the year ended December 31, 2023, to approximately RMB 102.0 million for the year ended December 31, 2024[4]. - The company's gross profit rose by 11.1% to approximately RMB 463.7 million, with a slight decline in overall gross margin to 28.8%[47]. - The company's net profit surged by 226.9% from approximately RMB 31.2 million to approximately RMB 102.0 million for the respective periods[55]. - Basic and diluted earnings per share rose to RMB 0.29 from RMB 0.09, reflecting a 222.2% increase[73]. - The company reported a pre-tax profit of RMB 105,367 thousand for 2024, compared to RMB 30,633 thousand in 2023, representing a growth of 244.5%[111]. - The total amount expected to be recognized as revenue within one year from unfulfilled contracts is RMB 146,425 thousand, up from RMB 108,837 thousand in 2023[103]. Market and Industry Trends - The logistics industry in China has a significant gap in efficiency, with social logistics costs accounting for 14.6% of GDP compared to 8.3% in the US and 5.7% in Japan, indicating room for improvement[6]. - The Chinese government aims to reduce the ratio of total logistics costs to GDP to around 12% by 2025, establishing approximately 150 national logistics hubs, which will drive demand for logistics equipment solutions[7]. - There is a growing demand for intelligent equipment and centralized management systems in the logistics sector, driven by the need to lower operational costs and improve efficiency[7]. - The logistics equipment solutions industry is expected to undergo further integration and unprecedented opportunities due to the rising demand for intelligent equipment and management services[12]. - The electric engineering machinery market is expected to see explosive growth due to stricter environmental policies and the promotion of carbon neutrality goals[20]. Strategic Initiatives - The company plans to implement three strategic initiatives: strengthening networks, expanding product categories, and pursuing internationalization to solidify its market leadership[14]. - The company aims to provide comprehensive lifecycle services for logistics equipment, including leasing, maintenance, and disposal, to enhance asset utilization and resource savings[14]. - The company plans to introduce a "platform + service" operational model by 2025, allowing all equipment holders to entrust their equipment for operation and management[36]. - The strategic upgrade is expected to broaden the service scope of the smart asset operation management system and optimize the company's asset structure[36]. - The company aims to establish a leading global B2B industrial and logistics equipment high-dimensional sharing ecosystem platform as part of its development strategy[29]. Operational Developments - As of December 31, 2024, the company has established 85 offline service outlets across 48 cities, managing over 56,000 pieces of on-site logistics equipment[15]. - The acquisition of Liziou (Shanghai) has introduced a prestigious brand, enhancing market influence and improving service efficiency, with a significant high-end customer base exceeding 1,000 clients[15]. - The electric loader business achieved over 1 million in revenue in its first year, contributing significantly to the company's profitability and becoming a new growth engine[20]. - The company’s deep remanufacturing equipment exceeded 2,000 units in annual production, marking an 85% year-on-year increase, solidifying its market leadership[24]. - The company has remanufactured over 20,000 components in various categories, achieving a 54% year-on-year increase, significantly enhancing market competitiveness[27]. Financial Management and Governance - The company successfully listed on the main board of the Stock Exchange in November 2023, enhancing its capital structure for future growth[29]. - The company aims to maintain a prudent financial management approach to meet operational liquidity needs and capital expenditures[59]. - The company has adhered to all principles of the corporate governance code during the reporting period, ensuring high standards of governance[127]. - The board of directors has confirmed compliance with the standard code of conduct for securities trading during the reporting period[128]. - The independent auditor has verified that the figures in the preliminary announcement are consistent with the consolidated financial statements[137]. Employee and Operational Metrics - Employee count increased to 2,014 as of December 31, 2024, from 1,733 as of December 31, 2023, with total employee benefits expenditure reaching RMB 260.9 million, up from RMB 222.6 million in 2023[63]. - Current assets increased by 5.5% to approximately RMB 893.5 million, while current liabilities rose by 24.8% to approximately RMB 1,394.9 million, resulting in a current ratio of 0.64[56]. - Total bank and other borrowings as of December 31, 2024, were RMB 4,614,197,000, compared to RMB 3,032,161,000 as of December 31, 2023, with RMB 2,010,605,000 and RMB 1,582,858,000 utilized respectively[57]. - The company has no single customer contributing 10% or more to total revenue, indicating a diversified customer base[97]. Future Outlook - The company plans to utilize the global offering proceeds for various strategic initiatives, including supply chain infrastructure upgrades and technology enhancements, with a timeline extending to the end of 2025[70]. - The company plans to expand its asset management model to include all relevant equipment owners, enhancing service flexibility and market penetration[28].