Financial Performance - The company reported a revenue of RMB 2.98 billion for the fiscal year 2024, representing a 45.8% increase compared to the previous year[12]. - Gross profit reached RMB 214.8 million, an increase of 36.9% year-on-year[12]. - Profit attributable to owners of the company was RMB 693 million, reflecting a significant increase of 153.3% compared to the previous year[12]. - The company's total revenue for 2024 reached approximately RMB 2.98 billion, a year-on-year increase of about 45.8% from RMB 2.05 billion in 2023[19]. - Profit attributable to owners of the company for 2024 was approximately RMB 693 million, representing a year-on-year growth of about 153.3%[19]. - Revenue from end-to-end cross-border delivery services in 2024 was approximately RMB 1.37 billion, accounting for about 46.1% of total revenue[20]. - Revenue from freight forwarding services increased to approximately RMB 600 million, a year-on-year growth of about 219.3%[20]. - Revenue from other logistics services surged to approximately RMB 1.01 billion, reflecting a year-on-year increase of about 495.2%[20]. - The company's gross profit for 2024 was approximately RMB 214.8 million, up about 36.9% from RMB 156.96 million in 2023[24]. - The group recorded a net profit of approximately RMB 692.1 million in FY2024, a significant increase of about 156.8% compared to RMB 269.5 million in FY2023, driven by a gross profit increase of approximately RMB 578.4 million[30]. - Adjusted net profit (non-HKFRS measure) for FY2024 was approximately RMB 692.1 million, up about 26.0% from RMB 549.3 million in FY2023, after excluding listing expenses of RMB 27.98 million in FY2023[32]. Strategic Initiatives - The company aims to deepen its global layout and restructure traditional logistics resources to support the scaling needs of cross-border e-commerce[13]. - The company plans to enhance strategic cooperation with major platforms and optimize its operational system to improve service quality[13]. - There will be an increased investment in technology research and development, focusing on integrating AI technology to enhance digital operations and service capabilities[13]. - The company established a solid foundation for achieving its 2025 annual targets through its strong performance in the cross-border logistics sector[12]. - The group plans to expand its overseas logistics network and enhance cross-border delivery capabilities, aiming to build an international logistics supply chain network[45]. - The group will continue to deepen strategic cooperation with major cross-border e-commerce platforms to expand its customer base and improve service standards[44]. - The company plans to invest heavily in technology, particularly AI, to enhance digital transformation and operational efficiency[46]. Awards and Recognition - The company received multiple awards, including the "Annual Corporate Governance Award" and recognition as a "National 4A Level Logistics Enterprise" for its achievements in corporate governance and sustainable development[13]. Financial Challenges - Financing costs increased by approximately RMB 14.88 million or 332.78% to RMB 193.5 million in 2024, primarily due to increased bank borrowings[28]. - The company recorded a net loss of approximately RMB 97.7 million in other income, losses, and gains for 2024, compared to a net gain of RMB 1.09 million in 2023[26]. - Trade and other receivables impairment losses for 2024 were approximately RMB 184.4 million, up from RMB 87.8 million in 2023[27]. - The group's income tax expense increased by approximately 6.9% from RMB 108.3 million in FY2023 to RMB 115.8 million in FY2024, primarily due to an increase in profit before tax[29]. Corporate Governance - The company has adopted a corporate governance code and has complied with most of its recommended best practices during the reporting period[155]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors as of December 31, 2024[163]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to oversee specific aspects of its affairs[160]. - The company has mechanisms in place to ensure strong independent elements within the board, allowing for independent judgment and better protection of shareholder interests[166]. - The company has committed to reviewing and monitoring its corporate governance practices to ensure compliance with the corporate governance code[156]. - The company emphasizes a culture of integrity and accountability, which is crucial for attracting and retaining top talent[159]. Shareholder Information - As of December 31, 2024, Mr. Wang Quan holds 263,189,164 shares, representing 33.74% of the company's total issued share capital[126]. - Major shareholders include Ziyue and Tianyuan, holding 221,213,154 shares (28.36%) and 41,976,010 shares (5.38%) respectively[129]. - AIDC SI PTE. LTD. and Alibaba Group entities collectively hold 67,041,663 shares, accounting for 8.60% of the total issued share capital[129]. - The total number of shares issued as of December 31, 2024, is 780,000,000[130]. Employee and Social Responsibility - The total employee cost for the reporting period was approximately RMB 81.17 million, an increase from RMB 73.74 million in the previous fiscal year[53]. - The company is committed to providing a better working environment and attractive compensation for its employees, including regular training and performance-based incentives[93]. - The company encourages all employees to participate in environmental activities that benefit society[97]. - The company participates in employee social security plans in mainland China, contributing a certain percentage of wage costs to fund benefits[117]. Risk Factors - The group has faced significant risks including global economic changes affecting cross-border e-commerce logistics services and competition in a highly competitive industry[89]. - The group has complied with all relevant laws and regulations that significantly impact its business and operations during the reporting period[90].

Financial Performance - Total revenue for the fiscal year 2024 reached RMB 2,982,719 thousand, representing a 45.8% increase from RMB 2,045,883 thousand in fiscal year 2023[3] - Gross profit for fiscal year 2024 was RMB 214,803 thousand, up 36.8% from RMB 156,962 thousand in fiscal year 2023[3] - Net profit for the year was RMB 69,211 thousand, a significant increase of 157.5% compared to RMB 26,950 thousand in the previous year[3] - Basic and diluted earnings per share for fiscal year 2024 were RMB 8.88, compared to RMB 4.32 in fiscal year 2023, reflecting a 105.6% increase[3] - The company reported a total comprehensive income of RMB 70,652 thousand for fiscal year 2024, compared to RMB 27,686 thousand in fiscal year 2023, representing a 154.1% increase[3] - The profit attributable to the company's owners for 2024 was approximately RMB 693 million, representing a year-on-year growth of about 153.3%[33] - The net profit for FY2024 was approximately RMB 692.1 million, a significant increase of about 156.8% from RMB 269.5 million in FY2023, driven by a gross profit increase of approximately RMB 578.4 million[44] - The adjusted net profit (non-HKFRS measure) for FY2024 was approximately RMB 692.1 million, up about 26.0% from RMB 549.3 million in FY2023, after excluding listing expenses[46] Revenue Breakdown - Revenue from customer contracts recognized over time decreased to RMB 1,374,191 thousand in fiscal year 2024 from RMB 1,688,557 thousand in fiscal year 2023, a decline of 18.6%[13] - Revenue from mainland China was RMB 2,903,620,000 in 2024, up 52.4% from RMB 1,905,956,000 in 2023[18] - Revenue from end-to-end cross-border delivery services in 2024 was approximately RMB 1.37 billion, accounting for about 46.1% of total revenue[33] - Revenue from freight forwarding services increased to approximately RMB 600 million, a year-on-year growth of about 219.3%[34] - Revenue from other logistics services reached approximately RMB 1.01 billion, showing a significant year-on-year increase of about 495.2%[34] Assets and Liabilities - Trade receivables increased to RMB 660,409 thousand in fiscal year 2024 from RMB 488,120 thousand in fiscal year 2023, indicating a 35.2% growth[4] - Total assets reached RMB 1,531,560 thousand, up from RMB 1,017,335 thousand in fiscal year 2023, marking a 50.5% increase[4] - The company’s total equity increased to RMB 722,295 thousand in fiscal year 2024 from RMB 651,643 thousand in fiscal year 2023, reflecting a growth of 10.8%[5] - Trade receivables as of December 31, 2024, were approximately RMB 6,604.1 million, a 35.3% increase from RMB 4,881.2 million as of December 31, 2023, mainly due to increased trade receivables from major customers[47] - Trade payables as of December 31, 2024, decreased by 64.2% to approximately RMB 832.5 million from RMB 2,325.2 million as of December 31, 2023, due to changes in payment terms with suppliers[48] - The company's current assets net value as of December 31, 2024, was approximately RMB 5,352.6 million, compared to RMB 4,688.4 million as of December 31, 2023[50] - The capital-to-debt ratio as of December 31, 2024, was approximately 120.0%, up from 41.4% as of December 31, 2023, primarily due to an increase in bank borrowings[51] Expenses and Costs - The company incurred financing costs of RMB 19,354,000 in 2024, a substantial increase from RMB 4,472,000 in 2023[22] - Research and development expenses rose to RMB 1,503,000 in 2024, compared to RMB 934,000 in 2023, indicating a focus on innovation[23] - The financing costs increased by approximately 332.78% to RMB 193.5 million in 2024, primarily due to an increase in bank borrowings[42] - The company recorded a net loss of approximately RMB 97.7 million in other income, losses, and gains for 2024, compared to a net gain of RMB 1.09 million in 2023[40] - Trade and other receivables impairment losses for 2024 were approximately RMB 184.4 million, up from RMB 87.8 million in 2023, mainly due to an increase in the total value of trade and other receivables[41] - The company's income tax expense increased by approximately 6.9% from RMB 108.3 million in FY2023 to RMB 115.8 million in FY2024, primarily due to an increase in profit before tax[43] Dividends and Shareholder Returns - The company did not declare any dividends for the fiscal year ending December 31, 2024, consistent with 2023[24] - The company does not plan to declare a final dividend for the fiscal year 2024, consistent with the previous fiscal year[64] Future Plans and Market Outlook - The company anticipates that the cross-border e-commerce export scale in China will achieve a compound annual growth rate of approximately 16.40% from 2022 to 2025, reaching about RMB 10 trillion by 2025[55] - The company plans to actively collaborate with emerging platforms in the cross-border e-commerce sector to expand its customer base and enhance service levels[55] - The planned use of net proceeds includes 81.9% for expanding business scale and service capabilities, with RMB 655 million allocated for this purpose[58] - The company plans to establish new service points in China, accounting for 47.0% of the net proceeds, with an expected allocation of RMB 376 million[58] - Investment and upgrading of the company's information technology systems will utilize 18.0% of the net proceeds, amounting to RMB 144 million[58] Governance and Reporting - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[75] - The annual report for the fiscal year 2024 will be published on the company's website and the Hong Kong Stock Exchange website[72] - The Environmental, Social, and Governance (ESG) report for the fiscal year 2024 is expected to be released by April 30, 2025[73] - The company expresses gratitude to its management, employees, shareholders, suppliers, customers, and banks for their continued support[74] - The board of directors will continue to evaluate business objectives and may adjust plans in response to changing market conditions[57] Employment and Workforce - The total number of employees as of December 31, 2024, is 477, a decrease from 506 employees as of December 31, 2023[63] Contingent Liabilities and Investments - The company has no significant contingent liabilities as of December 31, 2024[53] - There are no significant investments or capital asset plans disclosed beyond those in the prospectus as of December 31, 2024[59] - No major acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[60] - The company has maintained sufficient public float as of December 31, 2024, in accordance with listing rules[71]

Investment Rating - The report does not explicitly mention an investment rating for the company [1][2][3] Core Viewpoints - The company, Fan Yuan International (2516, HK), is a comprehensive cross-border e-commerce logistics solutions provider, focusing on integrating overseas supply chains and improving overall efficiency [4] - The company has a global logistics network and advanced technology platforms, offering services such as international express delivery, international dedicated lines, and overseas warehousing [4] - Fan Yuan International has strategically positioned itself in key regions like North America, Europe, and Southeast Asia, with multiple self-operated overseas warehouses and partnerships with local logistics providers [4] - The company has recently acquired a 30% stake in Advanced Logistics Solutions LLC (ALS) for USD 635,318.4 (approximately HKD 4,930,070.8), which is expected to enhance its efficiency in customs clearance, sorting, and cost control in the US [5] - The company leverages its self-developed logistics management system (WMS/TMS) to improve operational efficiency, reduce logistics costs, and enhance customer experience through real-time tracking and data-driven optimization [6] - Fan Yuan International's core customer base includes large sellers on platforms like Amazon, eBay, and AliExpress, as well as brand e-commerce companies with independent websites [7] - The company benefits from its partnership with Alibaba, which holds an 8.60% stake, providing logistics solutions for Alibaba's cross-border e-commerce platforms like AliExpress and Lazada [7][10] - The company has shown strong growth in 2024 H1, with revenue reaching RMB 1.428 billion, a 111.89% YoY increase, and net profit of RMB 38.06 million, a 235.86% YoY increase [13][14] Business Performance - In 2024 H1, the company's end-to-end cross-border delivery service revenue reached approximately RMB 649 million, a 9.97% YoY increase, driven by optimized delivery routes and improved supplier management [14] - Freight forwarding service revenue surged to RMB 315 million, a 678.40% YoY increase, primarily due to the growth in air freight services [14] - Other logistics services revenue reached RMB 464 million, a 966.51% YoY increase, mainly from customs clearance and delivery services [14] Industry and Policy Support - The cross-border e-commerce logistics market is experiencing strong demand due to the increasing global e-commerce penetration rate [11] - The Chinese government has introduced a series of policies to support the development of cross-border e-commerce, including infrastructure construction, technological innovation support, tax incentives, and customs facilitation [11][12] - These policies are expected to provide significant growth momentum for Fan Yuan International, helping it expand its market share in the cross-border e-commerce logistics sector [11] Shareholder Structure - The largest shareholder is Quan Wanq, holding 28.36% of the shares [10] - Alibaba.com Holding Limited holds an 8.60% stake, with a recent increase of 6,704,170 shares [10] - Other significant shareholders include Hangzhou Gongshu State-Owned Investment Group Co., Ltd (5.83%) and Gensis FAR Holdings Limited (5.38%) [10]

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 1,427,976,000, representing a 111.89% increase compared to RMB 673,910,000 in the same period of 2023[17] - Gross profit for the same period was RMB 104,799,000, up 92.45% from RMB 54,455,000 year-on-year[17] - Profit before tax surged by 185.09% to RMB 40,041,000, compared to RMB 14,045,000 in the previous year[18] - Net profit for the period increased by 248.65% to RMB 38,062,000, compared to RMB 10,917,000 in the same period last year[19] - The profit attributable to owners of the company for the first half of 2024 was approximately RMB 38.09 million, representing a growth of about 235.86% year-on-year[30] - The company reported a profit of approximately RMB 38.06 million for the six months ended June 30, 2024, an increase of approximately 248.65% from RMB 10.92 million for the same period in 2023, driven by revenue and gross profit growth[43] - Adjusted net profit (non-HKFRS measure) for the six months ended June 30, 2024, was approximately RMB 38.06 million, a 77.39% increase from RMB 21.46 million for the same period in 2023, mainly due to the increase in profit and no listing expenses recorded[45] - The total comprehensive income for the period was RMB 38,556 thousand, up from RMB 16,216 thousand in 2023, indicating an increase of 138.5%[90] - The company reported a net profit of RMB 38,093 for the six months ended June 30, 2024, compared to RMB 11,342 in the same period of 2023, indicating a growth of 235%[112] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,392,127,000, a 15.33% increase from RMB 1,207,114,000 at the end of 2023[26] - Total liabilities increased by 26.37% to RMB 701,928,000 from RMB 555,471,000[26] - Net asset value rose by 5.92% to RMB 690,199,000, compared to RMB 651,643,000 in the previous year[26] - Trade receivables and notes receivable amounted to approximately RMB 620.46 million as of June 30, 2024, a 27.11% increase from RMB 488.12 million as of December 31, 2023, aligned with revenue growth[47] - Trade payables decreased by approximately 47.91% to RMB 121.12 million as of June 30, 2024, from RMB 232.52 million as of December 31, 2023, due to timely payments[48] - The company's current assets net value was approximately RMB 508.75 million as of June 30, 2024, compared to RMB 468.84 million as of December 31, 2023[49] - The debt-to-equity ratio increased to approximately 76.74% as of June 30, 2024, from 41.36% as of December 31, 2023, primarily due to increased bank borrowings[50] Revenue Breakdown - Revenue from end-to-end cross-border delivery services in the first half of 2024 was approximately RMB 648.71 million, a growth of about 9.97% compared to RMB 589.91 million in the same period of 2023[35] - Revenue from freight forwarding services surged to approximately RMB 315.07 million, an increase of about 678.40% from RMB 40.48 million in the same period of 2023[35] - Revenue from other logistics services reached approximately RMB 464.20 million, a significant increase of about 966.51% compared to RMB 43.53 million in the same period of 2023[35] - Revenue from mainland China for the six months ended June 30, 2024, reached RMB 1,386,260, a significant increase from RMB 586,726 in the same period of 2023, representing a growth of 136%[105] Cash Flow and Financing - For the six months ended June 30, 2024, the company reported a net cash outflow from operating activities of RMB (199,354) thousand, compared to RMB (58,902) thousand for the same period in 2023, indicating a significant increase in cash used in operations[94] - The company recorded a net cash inflow from financing activities of RMB 254,339 thousand for the six months ended June 30, 2024, compared to RMB 54,011 thousand in the same period of 2023, reflecting increased borrowing[94] - Cash and cash equivalents at the end of the period were RMB 398,691 thousand, up from RMB 231,448 thousand at the end of June 30, 2023, showing improved liquidity[94] - The company incurred a net cash outflow from investing activities of RMB (65,827) thousand, compared to RMB (3,573) thousand in the same period of 2023, indicating increased investment expenditures[94] Strategic Focus and Future Plans - The company aims to expand its logistics services in key trade centers across China, including Zhejiang, Shanghai, Guangdong, and Hong Kong[9] - The company is focused on enhancing its supply chain solutions tailored to customer needs, including freight forwarding and last-mile delivery[9] - Future strategies include leveraging partnerships with suppliers to improve service offerings across the logistics value chain[9] - The company plans to allocate 81.9% of the net proceeds to expand its business scope, including establishing new service points in China (47.0%) and upgrading existing service points (34.9%) by June 30, 2025[58] - The company plans to continue expanding its market presence and exploring new strategies for growth[120] - The company aims to expand its market presence and enhance its product offerings in the upcoming quarters[134] Corporate Governance - The company established an audit committee consisting of three independent non-executive directors as of June 30, 2024[71] - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2024, ensuring compliance with applicable accounting standards and regulations[71] - The audit committee's main functions include overseeing the financial reporting system, risk management, and internal control systems[71] - The company has adopted a standard code for securities trading by directors, confirming compliance during the reporting period[68] Shareholder Information - As of June 30, 2024, the total number of issued shares was 780,000,000, with significant shareholdings including Mr. Wang holding 263,189,164 shares (33.74%) and Mr. Yang holding 11,239,147 shares (1.44%)[72][73] - The major shareholders include Ziyue with 221,213,154 shares (28.36%) and Tianyuan with 41,976,010 shares (5.38%) as of June 30, 2024[76] - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[66] Compliance and Regulatory Matters - The company is committed to adhering to the listing rules and regulations set by the Hong Kong Stock Exchange[134] - The financial statements were reviewed in accordance with Hong Kong Accounting Standards[4] - No significant issues were found that would indicate the financial statements were not prepared in accordance with the relevant standards[4]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,427,976 thousand, an increase of 7.9% compared to RMB 1,323,177 thousand for the same period in 2023[2] - Gross profit for the same period was RMB 104,799 thousand, compared to RMB 54,455 thousand in 2023, reflecting a significant increase[2] - Profit before tax increased to RMB 40,041 thousand, up from RMB 14,045 thousand in the previous year, marking a growth of 185.5%[2] - Net profit for the period was RMB 38,062 thousand, compared to RMB 10,917 thousand in 2023, representing a year-on-year increase of 248.5%[2] - Basic and diluted earnings per share for the period were RMB 4.88, compared to RMB 25.67 in the same period last year[2] - The company reported a net profit of RMB 38,093 thousand for the six months ended June 30, 2024, compared to RMB 11,342 thousand for the same period in 2023, showing an increase of about 235.5%[20] - Basic and diluted earnings per share for the period were RMB 48.8, up from RMB 18.3 in the previous year, indicating a growth of approximately 166.7%[20] - The company recorded a profit of approximately RMB 38.06 million for the six months ended June 30, 2024, an increase of approximately 248.65% from RMB 10.92 million for the same period in 2023, driven by revenue and gross profit growth[47] - Adjusted net profit (non-HKFRS measure) for the six months ended June 30, 2024, was approximately RMB 38.06 million, a 77.39% increase from approximately RMB 21.46 million for the same period in 2023, primarily due to the increase in profit[50] Revenue Breakdown - Total revenue for the six months ended June 30, 2024, reached RMB 1,427,976 thousand, a significant increase from RMB 673,910 thousand for the same period in 2023, representing a growth of approximately 111.2%[10] - Revenue from end-to-end cross-border delivery services was RMB 648,712 thousand, up from RMB 589,909 thousand, indicating a growth of about 9.9%[10] - Revenue from freight forwarding services surged to RMB 315,065 thousand, compared to RMB 40,476 thousand in the previous year, marking an increase of approximately 678.5%[10] - Revenue from other logistics services increased to RMB 464,199 thousand from RMB 43,525 thousand, reflecting a growth of around 964.5%[10] - Revenue from external customers in mainland China was RMB 1,386,260 thousand, a substantial rise from RMB 586,726 thousand, representing an increase of approximately 136.0%[14] Assets and Liabilities - Trade receivables increased to RMB 620,460 thousand as of June 30, 2024, up from RMB 488,120 thousand at the end of 2023, indicating a growth of 27.1%[3] - Total assets as of June 30, 2024, were RMB 1,207,630 thousand, compared to RMB 1,017,335 thousand at the end of 2023, reflecting a growth of 18.7%[3] - The company's net asset value increased to RMB 690,199 thousand from RMB 651,643 thousand at the end of 2023, an increase of 5.9%[4] - Trade payables decreased from RMB 232,523,000 as of December 31, 2023, to RMB 121,116,000 as of June 30, 2024, representing a reduction of approximately 48%[24] - Trade payables decreased by approximately 47.91% to approximately RMB 121.12 million as of June 30, 2024, from approximately RMB 232.52 million as of December 31, 2023, due to timely payments[52] Corporate Governance and Compliance - The company has adopted the corporate governance code and confirmed compliance with applicable provisions during the six months ended June 30, 2024[65] - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards and regulations[69] - The company maintained sufficient public float as of June 30, 2024, in accordance with listing rules[70] - The interim results announcement and mid-term report will be published on the Hong Kong Stock Exchange and the company's website[70] Employee and Operational Metrics - As of June 30, 2024, the total number of full-time employees was 477, an increase from 473 as of June 30, 2023[60] - Total employee costs for the six months ended June 30, 2024, were approximately RMB 387 million, compared to RMB 348 million for the same period in 2023, representing an increase of about 11.2%[60] - The company has implemented a training program for new employees to enhance their skills and knowledge related to daily operations[60] Financial Management and Risks - The company’s financial risk management policies are in place regarding the credit period for trade payables, which averages a maximum of 90 days[24] - The capital-to-debt ratio increased to approximately 76.74% as of June 30, 2024, from 41.36% as of December 31, 2023, primarily due to increased bank borrowings[55] - The company recorded bank interest income of RMB 2,798 thousand, an increase from RMB 2,216 thousand in the previous year, representing a growth of about 26.2%[16] Share Capital and Issuance - The company’s authorized share capital increased from HKD 7,800,000 to HKD 20,000,000, with a total of 1,920,000,000 shares issued as of December 31, 2023[26] - The company issued 140,000,000 new ordinary shares at a price of HKD 0.90 per share during its initial public offering, raising approximately RMB 114,486,000[26] - As of June 30, 2024, the total issued ordinary shares amounted to 780,000,000, with a total capital of HKD 7,800,000[27] - The net proceeds from the share issuance amounted to approximately RMB 587.9 million, which is lower than the RMB 800 million disclosed in the prospectus, with a shortfall of RMB 212.1 million[61] - The planned use of net proceeds includes 81.9% allocated for expanding the business scope, with RMB 655 million initially planned and RMB 481.5 million actually utilized as of June 30, 2024[62] Market Trends - The total import and export trade volume in China for the first half of 2024 was approximately RMB 21.17 trillion, a year-on-year growth of 6.1%[34] - Cross-border e-commerce trade volume in China reached approximately RMB 1.22 trillion, with a year-on-year increase of 10.5%[34] - The compound annual growth rate of China's cross-border e-commerce export trade volume is expected to reach about 16.40% from 2022 to 2025[37]

Financial Performance - For the fiscal year 2023, the company achieved total revenue of approximately RMB 2.05 billion, representing a year-on-year growth of 63.41% and exceeding the budget achievement rate of 118.99%[11] - The adjusted net profit for the fiscal year 2023 reached approximately RMB 549.3 million, with a year-on-year increase of 40.76% and a budget achievement rate of 108.20%[16] - The gross profit margin for the fiscal year 2023 was 7.67%, achieving a budget completion rate of 103.53%[16] - The group's revenue for the fiscal year 2023 was approximately RMB 2.05 billion, an increase of about 63.41% compared to RMB 1.25 billion in fiscal year 2022[18] - Revenue from end-to-end cross-border delivery services reached approximately RMB 1.69 billion, achieving a budget fulfillment rate of 119.03%, representing a significant growth of about 72.23% from the previous fiscal year[19] - Revenue from other logistics services amounted to approximately RMB 169.48 million, with a budget fulfillment rate of 171.42%, marking a substantial increase of about 147.34% compared to fiscal year 2022[19] - The group's gross profit for fiscal year 2023 was approximately RMB 156.96 million, an increase of about 49.97% from RMB 104.67 million in fiscal year 2022[21] - The group's gross profit margin slightly decreased from approximately 8.36% in fiscal year 2022 to about 7.67% in fiscal year 2023, primarily due to a decline in the gross profit margin of end-to-end cross-border delivery services[21] - The net profit for the fiscal year 2023 was approximately RMB 26.95 million, a 4.47% increase from RMB 25.80 million in fiscal year 2022[27] - The adjusted net profit (non-HKFRS measure) for fiscal year 2023 was approximately RMB 54.93 million, an increase of about 40.76% from RMB 39.03 million in fiscal year 2022[31] - The sales cost rose from approximately RMB 1.15 billion in fiscal year 2022 to about RMB 1.89 billion in fiscal year 2023, an increase of approximately 64.64%[20] Strategic Initiatives - The company plans to enhance its marketing system and increase customer acquisition capabilities, particularly for non-platform clients such as independent sites[12] - Future strategies include establishing more service points and strengthening global layout, focusing on niche markets[12] - The company aims to upgrade its information technology systems to empower business development and enhance logistics infrastructure[12] - The company is committed to contributing to the innovation and development of cross-border e-commerce logistics services in China[12] - The company aims to enhance its overseas logistics network and improve cross-border delivery capabilities as part of its strategic development[45] Market Position and Growth - The company has strategically positioned itself in key trade centers across various provinces in China to capture opportunities in the cross-border e-commerce sector[5] - The expected compound annual growth rate for China's cross-border e-commerce export scale from 2022 to 2025 is approximately 16.40%, reaching about RMB 10 trillion by 2025[43] - The company is expanding its market presence in Southeast Asia, targeting a 30% market share within the next two years[67] Employee and Operational Insights - As of December 31, 2023, the total number of full-time employees increased to 506 from 448 in the previous year, reflecting a growth of approximately 12.95%[54] - The total employee cost for the reporting period was approximately RMB 737.4 million, compared to RMB 661.6 million in the fiscal year 2022, indicating an increase of about 11.43%[54] - The company continues to provide regular internal and external training for employees to maintain quality, knowledge, and skill levels[54] - The company is committed to providing a better working environment and attractive compensation for its employees[98] Corporate Governance - The board consists of five executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2023[177] - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of the company's affairs[174] - The company has adopted a board diversity policy to enhance board performance through a balanced mix of skills, experience, and perspectives[183] - The company has mechanisms in place to ensure strong independent elements within the board for effective independent judgment[181] - The company has established a remuneration committee to review the remuneration policies and structures for all directors and senior management, considering the company's performance and individual contributions[123] Shareholder Information - The company has not established any preferential purchase rights for existing shareholders regarding new shares[145] - The company has not issued any share capital during the reporting period[105] - The company has not reported any significant interests held by directors or controlling shareholders in major contracts during the reporting period[119][120] - The company received confirmation from the controlling shareholder regarding compliance with the non-competition agreement during the reporting period[148] Risks and Compliance - The company faces significant risks including global economic changes, competition in the logistics industry, and reliance on suppliers[94] - The company has complied with all relevant laws and regulations during the reporting period[95] - The audit committee reviewed the consolidated financial statements for the reporting period, confirming compliance with applicable accounting standards and regulations[158] Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 12%[67] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[67] - Research and development expenses increased by 20%, totaling $150 million, to support new technology initiatives[67] - The company plans to invest $100 million in sustainable practices over the next three years[67]

Financial Performance - The total revenue for the fiscal year 2023 reached RMB 2,045,883,000, representing a 63.3% increase from RMB 1,251,983,000 in 2022[3] - Gross profit for 2023 was RMB 156,962,000, up 50.0% from RMB 104,665,000 in 2022[3] - The net profit for the year was RMB 26,950,000, a 4.4% increase compared to RMB 25,797,000 in the previous year[3] - Earnings per share for 2023 were RMB 4.32, compared to RMB 3.25 in 2022, reflecting a 32.9% increase[3] - Adjusted net profit for the fiscal year 2023 was approximately RMB 54.93 million, with a budget fulfillment rate of 108.20%, reflecting a year-on-year increase of 40.76%[38] - The gross profit for the fiscal year 2023 was approximately RMB 156.96 million, an increase of about 49.97% from approximately RMB 104.67 million in the fiscal year 2022, although the gross margin slightly decreased from about 8.36% to 7.67%[43] - The net profit for the fiscal year 2023 was approximately RMB 26.95 million, a 4.47% increase from approximately RMB 25.80 million in the fiscal year 2022, mainly due to increased revenue and gross profit[49] Revenue Breakdown - Revenue from mainland China amounted to RMB 1,905.96 million in 2023, a significant increase from RMB 1,091.67 million in 2022, representing a growth of 74.4%[18] - Revenue from the United States increased to RMB 14.89 million in 2023, up from RMB 4.65 million in 2022, marking a growth of 220.4%[18] - The revenue from end-to-end cross-border delivery services was RMB 1,688,557,000, a 72.0% increase from RMB 980,436,000 in 2022[12] - In the fiscal year 2023, the end-to-end cross-border delivery service revenue reached approximately RMB 1.69 billion, achieving a budget attainment rate of 119.03%, representing a significant growth of about 72.23% compared to the fiscal year 2022[39] - The group's total revenue for the fiscal year 2023 was approximately RMB 2.05 billion, an increase of about 63.41% from approximately RMB 1.25 billion in the fiscal year 2022, primarily driven by the growth in end-to-end cross-border delivery and other logistics services[40] Assets and Liabilities - Total assets increased to RMB 1,017,335,000 in 2023, up from RMB 426,903,000 in 2022, representing a 138.5% growth[4] - The company reported a significant increase in trade receivables, which rose to RMB 488,120,000 from RMB 103,956,000, marking a 368.5% increase[4] - Trade receivables rose to RMB 511.41 million in 2023, compared to RMB 120.99 million in 2022, indicating a growth of 323.5%[31] - The company’s trade payables increased to RMB 232.52 million in 2023, compared to RMB 30.46 million in 2022, representing a growth of 663.5%[34] - Trade payables as of December 31, 2023, were approximately RMB 232.52 million, an increase of about 663.47% from approximately RMB 30.45 million as of December 31, 2022, driven by increased procurement[54] Cash Flow and Financing - The company’s cash and cash equivalents increased to RMB 409,046,000 from RMB 239,499,000, a rise of 70.9%[4] - The company reported a total of RMB 3.91 million in bank interest income for 2023, up from RMB 1.70 million in 2022, reflecting a growth of 130.5%[24] - The company incurred financing costs of RMB 4.47 million in 2023, a significant increase from RMB 0.91 million in 2022[25] - Financing costs rose from approximately RMB 0.91 million in the fiscal year 2022 to approximately RMB 4.47 million in the fiscal year 2023, marking an increase of about 389.81%[46] Equity and Dividends - The total equity attributable to the owners of the company increased to RMB 651,643,000 from RMB 508,805,000, reflecting a 28.0% growth[5] - The company did not declare or pay any dividends for the fiscal year 2023, consistent with 2022[28] - The board does not recommend a final dividend for the fiscal year 2023, consistent with the previous fiscal year[77] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions since the listing date[78] - The audit committee has reviewed the audited consolidated financial statements for the fiscal year 2023, confirming compliance with all applicable accounting standards and listing rules[80] - The company maintained sufficient public float as of December 31, 2023, in accordance with listing rules[85] Future Plans and Projections - The company plans to continue expanding its logistics services and enhancing its operational capabilities in the coming fiscal year[7] - The planned use of proceeds includes 81.9% for expanding the group's business scope, with RMB 48.15 million allocated for establishing new service points in China by June 30, 2025[69] - The compound annual growth rate (CAGR) for China's cross-border e-commerce export scale is expected to reach approximately 16.40% from 2022 to 2025, with a projected scale of about RMB 10 trillion by 2025[64] Employee and Meeting Information - The total number of employees as of December 31, 2023, was 506, with competitive salary levels maintained[76] - The annual general meeting is scheduled for May 31, 2024, to determine voting eligibility for shareholders[83] - The annual report for the fiscal year 2023 will be distributed to shareholders and published on the company's website in due course[87] - The environmental, social, and governance report for the fiscal year 2023 will be published by April 25, 2024[88]