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].

Market Growth and Trends - The intralogistics equipment solution market in China is expected to grow to RMB34.9 billion by 2027, driven by advancements in manufacturing and logistics industries[9]. - The added value of China's manufacturing industry is projected to reach RMB47.4 trillion by 2027, with the total cost of social logistics expected to increase to RMB22.9 trillion[9]. - The penetration rate of intralogistics equipment solutions in China remains low compared to developed countries, indicating significant growth potential[8]. - The rapid development of China's logistics and manufacturing sectors is expected to continue, further boosting demand for intralogistics equipment[9]. - The market for intralogistics equipment solutions is still in the early stages of development, presenting opportunities for growth[8]. Company Performance - The company achieved a new high in net profit during the first half of 2024, reflecting strong business performance and operational improvements[13]. - The company's revenue increased by 12.7% from approximately RMB646.2 million for the six months ended June 30, 2023, to approximately RMB728.0 million for the six months ended June 30, 2024[32]. - Revenue from intralogistics equipment subscription services was RMB379.7 million, accounting for 52.2% of total revenue, with a year-on-year increase of 3.6%[31]. - Maintenance and repair services generated revenue of RMB85.6 million, representing 11.8% of total revenue, with a year-on-year increase of 2.5%[31]. - Sales of intralogistics equipment and parts reached RMB262.7 million, making up 36.0% of total revenue, with a significant year-on-year increase of 34.0%[31]. Strategic Initiatives - The company completed the acquisition of over 700 units of intralogistics equipment from Anhui Fengyu Forklift Co., Ltd. and Shanghai Zhenbao Industrial Equipment Co., Ltd., enhancing its industry competitiveness[19]. - The company aims to improve asset utilization and save social resources through its subscription services for intralogistics equipment[13]. - The company is actively exploring comprehensive solution services for new categories of equipment, including electric loaders[16]. - The company's strategy includes building a leading B2B industrial and logistics equipment platform, focusing on service network enhancement, service diversification, and internationalization[18]. - The company aims to expand its offline service network to 1,000 service outlets by 2024 through organic growth, mergers, and acquisitions[26]. Financial Metrics - Gross profit for intralogistics equipment subscription services was RMB123.1 million with a gross profit margin of 32.4% for the six months ended June 30, 2024, compared to RMB111.3 million and 30.4% for the same period in 2023[38]. - Total gross profit for the Group was RMB219.6 million with a gross profit margin of 30.2% for the six months ended June 30, 2024, compared to RMB185.5 million and 28.7% for the same period in 2023[39]. - The Group's gross profit increased by 18.4% from approximately RMB185.5 million for the six months ended June 30, 2023 to approximately RMB219.6 million for the six months ended June 30, 2024, with a gross profit margin rising from 28.7% to 30.2%[39]. - Profit for the period increased by 292.8% from approximately RMB10.7 million to approximately RMB42.2 million for the six months ended June 30, 2024[44]. - Basic and diluted earnings per share attributable to the company rose to RMB 0.12, compared to RMB 0.03 in the previous year, representing a 300% increase[93]. Operational Efficiency - The company is focusing on optimizing its business structure and exploring new equipment categories, such as electric loaders, to build a new type of business[23]. - The company has continuously invested in its Intelligent Asset and Operation Management Platform to enhance operational efficiency[76]. - The corporate mission focuses on improving asset utilization and saving social resources, embedded in the company's operations[76]. - The company emphasizes the importance of technology in driving business growth and operational efficiencies[76]. - The company aims to provide greater value and transparency for stakeholders through robust corporate governance[76]. Employee and Management - The total employee benefit expense for the six months ended June 30, 2024, was RMB 122.8 million, compared to RMB 109.3 million for the same period in 2023[51]. - The group had 1,800 full-time employees as of June 30, 2024, an increase from 1,691 employees as of June 30, 2023[51]. - Total compensation paid to key management personnel was RMB 2,854,000 for the six months ended June 30, 2024, compared to RMB 2,625,000 for the same period in 2023, reflecting an increase of 8.73%[179]. - The company is committed to providing equal employment opportunities and maintaining employee diversity[56]. - The remuneration committee is part of the board structure[193]. Corporate Governance - The Company has complied with all principles and applicable code provisions under the CG Code during the Reporting Period[78]. - The Company has adopted the Model Code for securities transactions by Directors and Supervisors, confirming compliance during the Reporting Period[79]. - The Company will continue to monitor corporate governance requirements and adjust operations to protect shareholders' interests[76]. - The acting-in-concert agreement between Mr. Hou Zekuan and Mr. Hou Zebing was reaffirmed on March 24, 2023, to maintain their collaborative decision-making[64]. - The Company has not engaged in any arrangements allowing Directors to benefit from acquiring shares or debentures during the reporting period[66]. Future Outlook - The Company has outlined a future outlook with a revenue growth target of 20% for the next fiscal year[192]. - New product development initiatives are underway, focusing on advanced intralogistics equipment to enhance operational efficiency[192]. - The Company plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next two years[192]. - A strategic acquisition is being considered to enhance the Company's technological capabilities and market reach[192]. - The Company aims to increase its workforce by 10% to support its expansion and innovation efforts[192].

Financial Performance - The company's revenue increased from approximately RMB 646.2 million for the six months ended June 30, 2023, to approximately RMB 728.0 million for the six months ended June 30, 2024, representing a growth of 12.7%[2] - Net profit surged from approximately RMB 10.7 million for the six months ended June 30, 2023, to approximately RMB 42.2 million for the six months ended June 30, 2024, marking an increase of 292.8%[2] - The gross profit for the six months ended June 30, 2024, was approximately RMB 219.6 million, an increase of 18.4% from RMB 185.5 million in the same period of 2023[13] - The overall gross margin improved from 28.7% in the first half of 2023 to 30.2% in the first half of 2024, reflecting enhanced operational efficiency[13] - Revenue from the in-house logistics equipment rental service increased by 3.6% to approximately RMB 379.7 million, driven by new customer acquisition and improved utilization rates[11] - Revenue from maintenance and repair services rose by 2.5% to approximately RMB 85.6 million, attributed to the growing recognition of the "repair and maintenance plan" services[11] - Revenue from the sale of logistics equipment and accessories surged by 34.0% to approximately RMB 262.7 million, due to the expansion into new energy products like lithium batteries[11] - The company's net profit for the period was RMB 42,198,000, significantly higher than RMB 10,742,000 in the prior year, marking a 292.5% increase[31] Market and Industry Insights - The domestic logistics equipment solutions market is expected to grow to RMB 34.9 billion by 2027, driven by the rapid development of the manufacturing and logistics industries[3] - The electric loader market is still in its early stages, with significant potential for growth as it offers energy savings and reduced carbon emissions compared to internal combustion equipment[7] Operational Expansion - The company has established 77 offline service points across 48 cities in China, managing over 50,000 logistics equipment units as of June 30, 2024[4] - The company aims to expand its offline service network to 1,000 service points by 2024 through organic growth, acquisitions, and partnerships[9] - The company completed the acquisition of over 700 logistics equipment units from Anhui Fengyu Forklift Co., Ltd. and Shanghai Zhenbao Industrial Equipment Co., Ltd., enhancing its industry competitiveness[6] - The company has accumulated over 60 partner enterprises through its empowerment model, which enhances resource allocation efficiency and market scale[7] - The company is actively expanding its product offerings by developing electric loaders, which are expected to meet the growing demand for cost reduction and efficiency improvement while aligning with national environmental policies[7] Financial Position and Assets - Current assets as of June 30, 2024, were approximately RMB 891.0 million, a 5.3% increase from RMB 846.5 million as of December 31, 2023[21] - Non-current assets increased to RMB 2,652,712,000 as of June 30, 2024, compared to RMB 2,301,269,000 at the end of 2023, showing a growth of 15.3%[32] - Total bank borrowings and other loans increased to RMB 4,179.9 million as of June 30, 2024, from RMB 3,032.2 million as of December 31, 2023[22] - The company's equity attributable to owners increased to RMB 1,118,987,000 as of June 30, 2024, compared to RMB 1,076,789,000 at the end of 2023, reflecting a growth of 3.9%[33] Expenses and Financial Management - Sales and distribution expenses increased by 7.6% to approximately RMB 45.8 million, primarily due to rising personnel costs and expanded geographic coverage[15] - Management expenses increased by 12.1% from approximately RMB 77.3 million for the six months ended June 30, 2023, to approximately RMB 86.7 million for the six months ending June 30, 2024[16] - Financial expenses increased by 28.4% from approximately RMB 39.0 million to approximately RMB 50.1 million, attributed to increased interest on bank loans and borrowings to support business development[19] Corporate Governance and Compliance - The company has adhered to all principles of the corporate governance code during the reporting period[53] - The audit committee reviewed the unaudited interim financial information for the six months ended June 30, 2024, and found no discrepancies with management[55] - The company is committed to high standards of corporate governance to protect shareholder interests[53] Other Financial Information - The company did not declare or pay any dividends for the six months ended June 30, 2024, and 2023[48] - Basic earnings per share for the period were calculated based on a weighted average of 348,022,816 shares, reflecting an increase from 335,886,816 shares in the previous year[49] - The group applied revised Hong Kong Financial Reporting Standards, which did not significantly impact the financial performance or disclosures for the current and prior periods[36] - The company reported a total of 348,022,816 shares outstanding as of June 30, 2024, compared to 335,886,816 shares in the previous year[50]

Financial Performance - In 2023, FOLANGSI CO., LTD reported a revenue of RMB 1,371,805,000, representing an increase of 14.9% compared to RMB 1,194,209,000 in 2022[6]. - The gross profit for 2023 was RMB 417,399,000, which is a 15.4% increase from RMB 361,664,000 in the previous year[6]. - Profit for the year decreased to RMB 31,220,000 in 2023, down from RMB 35,401,000 in 2022, reflecting a decline of 11.5%[6]. - Basic and diluted earnings per share for 2023 were RMB 0.09, a decrease from RMB 0.11 in 2022[6]. - The company achieved double-digit growth in performance for the entire year of 2023, with the intralogistics equipment fleet exceeding 45,000 units as of December 31, 2023[11]. - In 2023, the revenue from intralogistics equipment subscription services was RMB 766,811,000, representing a year-on-year increase of 3.9%[37]. - Maintenance and repair services generated revenue of RMB 185,818,000, reflecting a significant year-on-year growth of 31.8%[37]. - Sales of intralogistics equipment and parts amounted to RMB 419,176,000, with a year-on-year increase of 33.0%[37]. - The Group's total share capital as of December 31, 2023, was RMB87,005,704, divided into 348,022,816 shares with a par value of RMB0.25 each[104]. Assets and Liabilities - Non-current assets increased to RMB 2,301,269,000 in 2023, up from RMB 2,026,436,000 in 2022, indicating a growth of 13.5%[7]. - Current assets rose to RMB 846,502,000 in 2023, compared to RMB 636,054,000 in 2022, marking a significant increase of 33.0%[7]. - Current liabilities increased to RMB 1,117,290,000 in 2023, up from RMB 903,435,000 in 2022, reflecting a rise of 23.7%[7]. - The Group's current ratio improved to 0.76 as of December 31, 2023, compared to 0.70 as of December 31, 2022[47]. - The Group's cash and cash equivalents increased to approximately RMB200.8 million as of December 31, 2023, up from RMB120.6 million as of December 31, 2022[47]. - The Group's bank and other borrowings amounted to approximately RMB1,582.9 million as of December 31, 2023, compared to RMB1,367.2 million in 2022, reflecting a rise of approximately 15.7%[63]. Market and Growth Potential - The intralogistics equipment solution market in China is expected to grow to RMB34.9 billion by 2027, driven by the development of manufacturing and logistics industries[20]. - The penetration rate of intralogistics equipment solutions in China was approximately 3.7% in 2022 and is projected to increase to 5.9% by 2027, indicating significant growth potential[19]. - The logistics and manufacturing industries in China are expected to see the added value increase to RMB47.4 trillion and the total cost of social logistics to RMB22.9 trillion by 2027[20]. - Intralogistics equipment solutions can help enterprises reduce operating costs by approximately 20% throughout the equipment's lifecycle compared to traditional procurement methods[20]. Strategic Initiatives - The company aims to leverage its recent listing to drive future growth and technological innovation[9]. - The company plans to expand its offline service network to 1,000 service outlets by 2024 through organic growth, mergers and acquisitions, and partnerships[13]. - The company aims to diversify its service offerings by expanding subscription services for other intralogistics and industrial equipment, in addition to forklifts[15]. - The company emphasizes improving asset utilization and saving social resources as part of its mission, advocating for sustainable development and a sharing economy[16]. - The company aims to optimize the supply, allocation, and full lifecycle management of assets to enhance efficiency and quality in the intralogistics sector[28]. Corporate Governance and Management - The Company has adopted the CG Code as its own code of corporate governance and has complied with all applicable principles since the Listing Date[149]. - The Board consists of nine Directors, including four executive Directors, two non-executive Directors, and three independent non-executive Directors[180]. - The Company has established both the Audit Committee and Remuneration Committee in compliance with the Listing Rules[195]. - The Company has received confirmations of independence from all independent non-executive Directors, confirming their independence as per Listing Rules[118]. - The Company has maintained compliance with the CG Code, ensuring the appointment of at least three independent non-executive directors, representing not less than one-third of the Board[188]. Employee and Labor Relations - As of December 31, 2023, the Group had 1,733 full-time employees, an increase from 1,622 employees as of December 31, 2022, representing a growth of approximately 6.8%[58]. - Total employee benefit expenses for the year ended December 31, 2023, were RMB222.6 million, up from RMB215.1 million in 2022, indicating an increase of about 3.5%[58]. - The Group did not experience any strikes or labor disputes during the reporting period, indicating stable employee relations[59]. - The Group is committed to equal employment opportunities and employee diversity, ensuring no discrimination based on various factors[59]. Risks and Compliance - Major risks include the demand for services in China and potential adverse effects from economic slowdowns[109]. - The company has complied with all relevant laws and regulations relating to environmental protection during its operations[112]. - There were no material breaches or non-compliance with applicable laws and regulations during the reporting period[112]. - The company may face adverse effects from sales made to customers in countries subject to sanctions administered by the U.S., EU, UN, Australia, and other relevant authorities[110]. Use of Proceeds and Future Plans - The net proceeds from the Global Offering amounted to approximately HK$116.3 million, with no utilization as of December 31, 2023[140]. - The company plans to utilize approximately HK$52.3 million (45% of the GO Net Proceeds) to enhance service capabilities and expand intralogistics equipment categories by the end of 2025[145]. - The expected timetable for the unutilized GO Net Proceeds is set for completion by the end of 2025[143]. - The overall strategy is designed to ensure better business performance and align with shareholder interests[148].

Investment Rating - The report maintains an "Outperform" rating for the company [3][7]. Core Insights - The company has achieved a stable increase in revenue and a doubling of net profit in 2023, with a revenue of RMB 1.372 billion, representing a year-on-year growth of 14.9% [4][12]. - The company is transitioning from a heavy asset equipment operation model to a light asset intelligent operation platform, marked by the introduction of an entrusted asset management model [4][12]. - The net profit for 2023 was RMB 31 million, with an adjusted net profit of RMB 70.4 million, reflecting a year-on-year growth of 98.9% [4][12]. Financial Performance - Revenue projections for 2024-2026 are RMB 1.673 billion (-1.8%), RMB 2.118 billion (-3.5%), and RMB 2.718 billion, respectively [7][12]. - Net profit estimates for the same period are RMB 118 million (+9.3%), RMB 194 million (+11.5%), and RMB 302 million [7][12]. - The company's gross profit margin for 2023 was 30.4%, slightly higher than in 2022 [4][12]. Business Model Transformation - The entrusted asset management model allows the company to manage equipment without owning it, reducing fixed assets and liabilities over time [6][12]. - The company is also implementing a "Partner Empowerment" plan to enhance collaboration with smaller peers, aiming to maximize asset utilization and operational efficiency [6][12]. - The report highlights the potential for significant growth in the light asset operation model, with expectations for improved gross and net profit margins as well as balance sheet enhancements [6][12].