Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 745,396,000, representing a 61.6% increase compared to RMB 461,363,000 for the same period in 2023[7]. - Gross profit for the same period was RMB 117,254,000, up 39.3% from RMB 84,196,000 in the previous year[7]. - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 56,592,000, reflecting a 42.1% increase from RMB 39,834,000 in 2023[7]. - Profit attributable to owners of the Company for the period was RMB 29,958,000, a 3.5% increase from RMB 28,943,000 in the prior year[7]. - For the six months ended June 30, 2024, the Group recorded revenue of RMB 745,396,000, a year-on-year increase of 61.6% compared to RMB 461,363,000 for the same period in 2023[10]. - The net profit for the Review Period was RMB 29,958,000, representing a year-on-year increase of 3.5% from RMB 28,943,000[10]. - Adjusted net profit was RMB 56,592,000, a year-on-year increase of 42.1% from RMB 39,834,000[13]. - The number of core customers increased to 73 from 50 in the corresponding period last year, with sales to core customers amounting to RMB 657,356,000, a 44.3% increase[14]. - The overall gross profit margin decreased to 15.7% during the Review Period, down from 18.2% for the corresponding period last year[41]. - The gross profit margin for first-mile services was negative at 1.1%, down from 4.1% in the previous year, primarily due to increased ocean freight rates[42]. - The gross profit margin for last-mile services decreased to 18.8% from 21.4% in the corresponding period last year[42]. Revenue Breakdown - Revenue from first-mile international freight services was RMB 115,560,000, representing a year-on-year increase of 36.5% from RMB 84,657,000[10]. - Revenue from last-mile fulfillment services amounted to RMB 629,836,000, reflecting a year-on-year increase of 67.2% compared to RMB 376,706,000[10]. - Revenue generated from SaaS services during the Review Period was RMB 168,000[14]. - Revenue from the United States was RMB 516,775,000, representing a 71.1% increase from RMB 302,119,000 in the prior year[155]. - The Group's revenue from external customers in China was RMB 115,560,000, an increase of 36.4% from RMB 84,657,000 in the previous year[155]. - The geographical revenue breakdown shows that Canada generated RMB 38,361,000, a decrease of 8.3% from RMB 41,937,000 in the previous year[155]. Logistics and Operations - The Group contracted 56 overseas warehouses across the United States, Canada, the United Kingdom, Germany, and Australia, with 46 being partnered warehouses, making it one of the largest networks among peers[4]. - The Group operates four storage facilities in Guangzhou, Shenzhen, Shanghai, and Qingdao, serving as temporary stock storage before international freight[4]. - The Group's logistics solutions encompass cross-border logistics, overseas warehousing, and fulfillment delivery services, aimed at empowering the B2C export e-commerce industry in China[6]. - The Group successfully integrated its EDA Cloud platform with the TEMU system, becoming an official warehouse for TEMU[9]. - The Group added 6 new overseas warehouses in the first half of 2024, expanding its global logistics network[25]. - The Group has contracted 56 overseas warehouses in major cross-border e-commerce markets, enhancing its logistics capabilities[27]. Financial Position - The Group's total debts were RMB 306,623,000, with a healthy gearing ratio of 47.5% as of June 30, 2024[46]. - The Group's total equity increased from RMB 324,044,000 as of December 31, 2023, to RMB 550,273,000 as of June 30, 2024[46]. - The current ratio improved from 1.6 as of December 31, 2023, to 2.1 as of June 30, 2024[46]. - Cash and bank deposits, including restricted cash, amounted to RMB 322.4 million, providing sufficient working capital for operations and future development[47]. - The Group's employee costs, including share-based payment expenses, amounted to RMB 133,390,000 during the Review Period, with a total of 312 employees[51]. - The Group has no pledges on assets as of June 30, 2024, maintaining a strong financial position[55]. Shareholder Information - As of June 30, 2024, Liu Yong holds a total of 167,709,000 shares, representing 38.1% of the Company[72]. - Li Qin holds 13,198,000 shares, accounting for 3.0% of the Company[72]. - Cheung Man Yu has a total interest of 180,974,000 shares, which is 41.2% of the Company[72]. - The Company has complied with all applicable provisions of the Corporate Governance Code from the Listing Date to June 30, 2024[68]. - The Company emphasizes a culture of integrity and compliance, implementing anti-corruption training for employees[67]. Future Plans and Investments - The Group plans to invest in AI, machine learning, and IoT technologies to enhance the digital capabilities of its EDA Cloud platform[30]. - The Group aims to expand its markets in the PRC and globally, enhancing its global logistics network to capture more market share in the B2C export e-commerce supply chain solutions industry[58]. - The Company will continue to grow through self-development, mergers and acquisitions, and other means, with adequate bank credit lines available for financing capital expenditures[58]. - The company plans to enhance its global logistics network through an asset-light model, targeting a 62% improvement by May 31, 2027[114]. Dividend and Share Options - An interim dividend of HK$3.5 cents per share has been declared for the six months ended June 30, 2024, expected to be distributed on or about October 31, 2024[116]. - The Company adopted a Pre-IPO Share Option Scheme on May 14, 2024, granting a total of 31,212,000 shares, representing 7.09% of the issued share capital[86]. - The total number of shares that may be issued under the Post-IPO Share Option Scheme is 21,997,000, representing 5% of the issued share capital of the company as of the report date[99]. Taxation and Compliance - The Group's income tax provision for the six months ended June 30, 2024, includes a total tax charge of RMB 6,866,000, compared to RMB 5,972,000 for the same period in 2023, representing an increase of approximately 15%[174]. - The Group's PRC subsidiaries qualified for a preferential corporate income tax rate of 15% for the six months ended June 30, 2024, compared to the standard rate of 25%[172]. - The Group's subsidiaries in the United States were subject to a federal tax rate of 21% and state tax rates ranging from 8.8% to 11.5% during the reporting period[172].

Financial Performance - Revenue increased by 61.6% to RMB 745.4 million compared to the six months ended June 30, 2023[2] - Gross profit rose by 39.3% to RMB 117.3 million during the same period[2] - Adjusted net profit increased by 42.1% to RMB 56.6 million, excluding listing expenses and share-based payment impacts[2] - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 745,396 thousand, a 61.6% increase from RMB 461,363 thousand in the same period of 2023[13] - Revenue from international freight services was RMB 115,560 thousand for the six months ended June 30, 2024, compared to RMB 84,657 thousand in 2023, representing a 36.4% increase[14] - Revenue from last-mile delivery services reached RMB 629,836 thousand, up 67.0% from RMB 376,706 thousand in the previous year[14] - The profit attributable to equity holders of the parent for the six months ended June 30, 2024, was RMB 29,958,000, compared to RMB 28,943,000 for the same period in 2023[25] - Adjusted net profit for the six months ended June 30, 2024, was RMB 56,592 thousand, a 42.1% increase compared to RMB 39,834 thousand in the same period of 2023[43] - Basic and diluted earnings per share remained at RMB 0.08[4] Dividends - The interim dividend declared is HKD 0.035 per share for the six months ended June 30, 2024[2] - No dividends were declared for the six months ended June 30, 2024, compared to RMB 23,000,000 for the same period in 2023. A mid-term dividend of HKD 0.035 per share, totaling HKD 15,400,000, is proposed for shareholders on the register as of October 7, 2024[23]. - The board has declared an interim dividend of HKD 0.035 per share for the six months ending June 30, 2024, expected to be distributed around October 31, 2024[73] Assets and Liabilities - Non-current assets totaled RMB 345.1 million, up from RMB 256.2 million as of December 31, 2023[5] - Current assets increased to RMB 702.3 million from RMB 422.8 million as of December 31, 2023[5] - Total liabilities increased, with current liabilities at RMB 333.8 million compared to RMB 256.4 million at the end of 2023[6] - Net assets rose to RMB 550.3 million from RMB 324.0 million as of December 31, 2023[6] - The company's total borrowings as of June 30, 2024, were RMB 96,200 thousand, up from RMB 51,800 thousand as of December 31, 2023, indicating an increase of approximately 85.7%[36] - The total debt of the company at the end of the reporting period was RMB 306,623 thousand, with a healthy debt-to-equity ratio of 47.5%[61] - The company's current assets and current liabilities were RMB 702,258 thousand and RMB 333,810 thousand, respectively, resulting in a current ratio increase from 1.6 to 2.1[61] Operational Highlights - The company achieved operating revenue of RMB 745,396 thousand for the relevant period, compared to the same period in 2023[42] - The company has established 56 overseas warehouses across three continents and over 40 cities, enhancing its logistics capabilities[40] - The company added 6 overseas warehouses located in the US, Canada, Germany, and Australia, increasing total warehouse area by approximately 100,000 square meters, bringing the total to 56 overseas warehouses across three continents and over 40 cities[43] - The company aims to expand its overseas warehouse network and global logistics capabilities to improve efficiency in providing end-to-end supply chain solutions[48] - The group has leased six new overseas warehouses, increasing total area by approximately 100,000 square meters, located in the US, Canada, Germany, and Australia[64] Research and Development - Research and development expenses increased to RMB 17,488 thousand for the six months ended June 30, 2024, compared to RMB 11,905 thousand in 2023, reflecting a focus on innovation[16] - The company plans to invest in artificial intelligence, machine learning, and IoT technologies to enhance the capabilities of its Yida Cloud platform[47] Compliance and Governance - The group has implemented an anti-corruption risk management policy and continues to provide training to employees to prevent corruption[67] - The group has maintained compliance with all applicable corporate governance codes since its listing date[68] Employee and Operational Costs - The group has a total of 312 employees, with employee costs amounting to RMB 133,390,000, including share-based payment expenses[63] - The company's sales cost for the six months ended June 30, 2024, was RMB 628,142 thousand, a 66.5% increase from RMB 377,167 thousand in the same period last year[53] - Logistics costs accounted for 71.7% of total sales costs, amounting to RMB 450,402 thousand, reflecting a 66.3% increase year-on-year[56] Market Outlook - The cross-border e-commerce B2C export market in China is expected to maintain rapid growth, with the market size projected to reach RMB 3,870 billion by 2028[45] - The company’s strategic focus remains on providing end-to-end supply chain solutions for the rapidly growing B2C export e-commerce sector in China[39] Financial Investments - As of June 30, 2024, the group holds short-term financial investments of approximately RMB 141,192,000, with realized investment income of RMB 448,000[65] - The group has invested in several funds from E Fund Management (Hong Kong) Limited, with a total value accounting for 5% or more of the group's total assets as of June 30, 2024[65] Miscellaneous - The company reported no revenue from any single external customer accounting for 10% or more of total revenue for the periods ended June 30, 2024, and 2023[12] - The company has made progress in restructuring its SaaS system, completing the WMS/OMS template work and adding 5 new SaaS system users overseas[43] - The group has adopted a light-asset model through third-party logistics providers to maintain decision-making flexibility and improve operational efficiency[67] - The company reported a significant increase in equity from RMB 324,044 thousand at the end of 2023 to RMB 550,273 thousand by June 30, 2024[61] - The group incurred lease liabilities of RMB 108,057,000 during the reporting period, with interest expenses of RMB 4,694,000[28] - The group paid RMB 28,068,000 in lease liabilities during the reporting period, compared to RMB 19,944,000 for the same period in 2023[28] - The company’s bank overdraft financing was RMB 9,465 thousand as of June 30, 2024, slightly down from RMB 9,479 thousand as of December 31, 2023[34] - The company has secured several bank loans with collateral, including cash and bank deposits amounting to RMB 10,000 thousand[35] - The group has a total of 312 employees, with employee costs amounting to RMB 133,390,000, including share-based payment expenses[63] - The interim report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[75] - The board of directors consists of three executive directors and four independent non-executive directors[75]