Financial Performance - For the six months ended June 30, 2021, the total revenue was RMB 43,141,000, a slight decrease of 0.56% compared to RMB 43,384,000 in the same period of 2020[11]. - Gross profit for the same period was RMB 13,687,000, representing an increase of 12.7% from RMB 12,146,000 year-on-year[11]. - Other income and gains increased significantly to RMB 10,865,000, up 112.5% from RMB 5,106,000 in the previous year[11]. - The total loss from continuing operations before tax was RMB 40,128,000, an improvement from a loss of RMB 91,731,000 in the prior year[11]. - The net loss attributable to owners of the company was RMB 39,387,000, a reduction of 57.3% compared to RMB 92,347,000 in the same period of 2020[13]. - Basic and diluted loss per share from continuing operations was RMB 0.0097, compared to RMB 0.0287 in the previous year[11]. - The company reported a pre-tax loss from continuing operations of RMB 40,128 thousand for the six months ended June 30, 2021, compared to a loss of RMB 91,731 thousand in the same period of 2020[37]. - The company reported a gross profit of RMB 1,083,000 for the six months ended June 30, 2021, compared to a gross loss of RMB 160,000 for the same period in 2020, indicating a significant turnaround[71]. - Net loss attributable to owners decreased to approximately RMB 39.4 million, compared to a loss of RMB 92.3 million in the same period last year, mainly due to reduced impairment losses[155]. Assets and Liabilities - Non-current assets decreased to RMB 1,788,015 thousand as of June 30, 2021, down from RMB 1,962,995 thousand as of February 28, 2020, representing a decline of approximately 8.9%[16]. - Current assets increased significantly to RMB 416,902 thousand, up from RMB 287,734 thousand, marking an increase of approximately 45%[16]. - Total liabilities decreased to RMB 240,098 thousand from RMB 198,181 thousand, an increase of about 21%[16]. - The company's equity attributable to owners decreased slightly to RMB 1,543,497 thousand from RMB 1,555,309 thousand, a decline of approximately 0.8%[17]. - Trade receivables fell to RMB 41,683 thousand from RMB 60,641 thousand, a decrease of about 31.3%[16]. - The company’s total assets less current liabilities stood at RMB 1,964,819 thousand, down from RMB 2,052,548 thousand, reflecting a decrease of approximately 4.3%[16]. - The company’s current liabilities, excluding income tax, totaled RMB 137,609,000 as of June 30, 2021[65]. - The company reported a net cash outflow from financing activities of RMB 55,623 thousand for the six months ended June 30, 2021, compared to an inflow of RMB 45,144 thousand in the previous year[22]. - The company’s total bank and other borrowings amounted to RMB 309,342,000, a decrease of 19.6% from RMB 384,740,000 as of February 28, 2020[67]. Operational Efficiency and Future Outlook - Future outlook remains cautious due to market conditions, with a focus on improving operational efficiency and reducing losses[10]. - The company has plans for market expansion and new product development, although specific figures were not disclosed in the report[10]. - The company has focused its resources on the mining business, leading to the decision to sell its warehousing and logistics operations[70]. - The company anticipates that the impact of the pandemic on its operations will diminish, despite ongoing uncertainties in the global economy and U.S.-China relations[166]. Revenue Sources - The revenue contribution from calcium carbonate products and trading was RMB 22,681 thousand, accounting for 51.1% of total revenue for the first half of 2021[34]. - The sales of single-sided polished slabs generated revenue of RMB 6,652 thousand, which is a significant decrease of 73.5% compared to RMB 25,122 thousand in the same period of 2020[34]. - The company reported a total of RMB 22.7 million in revenue from its calcium carbonate business, compared to RMB 16.5 million in the same period last year, indicating a significant increase[95]. - Sales volume of marble blocks increased significantly to 1,500 cubic meters, compared to 623 cubic meters in the same period last year, representing a growth of approximately 141%[140]. - The average selling price of marble blocks rose to RMB 4,425 per cubic meter, a 58% increase from RMB 2,806 per cubic meter in the previous year[143]. - The average selling price of single-sided polished slabs surged by 216% to RMB 366 per square meter, down from RMB 116 per square meter in the same period last year[143]. Expenses and Costs - Administrative expenses increased to RMB 25,781,000, up from RMB 23,465,000 in the previous year, indicating a rise of 9.8%[11]. - Employee benefits expenses, including salaries and other benefits, amounted to RMB 7,635 thousand for the first half of 2021, compared to RMB 7,122 thousand in the same period of 2020[50]. - The depreciation of property, plant, and equipment increased to RMB 10,270 thousand for the first half of 2021, compared to RMB 3,948 thousand in the same period of 2020[50]. - Total sales cost from continuing operations was approximately RMB 295 million, with a decrease of 5.7% due to lower raw material costs despite a slight decline in total sales[144]. - Administrative expenses increased to RMB 258 million, accounting for approximately 59.8% of revenue, up from 54.1% in the previous year[149]. Management and Governance - The audit committee consists of three independent non-executive directors, including Ms. Long Yuequn as the chairperson[182]. - The company expresses gratitude to all employees, shareholders, investors, partners, and customers for their trust and continued support[183]. - The executive directors include Mr. Yuan Weiwen, Mr. Zhang Jian, Ms. Wu Jing, and Mr. Wan Jian, while the non-executive director is Mr. Yuan Zengcai[184]. - The company has maintained compliance with the corporate governance code, with no violations of listing rules reported during the review period[176]. Investment and Transactions - The company completed the sale of Genpex Investment Limited for RMB 63,500,000, with the transaction finalized on July 19, 2021[79]. - The company completed the sale of 51% equity in five commercial properties and 100% equity in one residential property, generating total proceeds of RMB 1,085 million, aimed at reallocating resources to focus on core business and reducing debt levels[105]. - The company has not engaged in any further commodity trading transactions due to uncertainties arising from the trade tensions between the US and China[96]. - The company did not declare an interim dividend for the six months ended June 30, 2021, consistent with the previous year[88].

Business Operations and Strategy - The company has adjusted its business strategy by suspending commodity trading and abandoning warehousing logistics to focus resources on core business and other potentially profitable projects [8]. - The company plans to seek opportunities to monetize non-core assets to generate immediate liquidity and reduce debt levels [8]. - The company aims to develop long-term business plans to fully utilize existing resources despite uncertainties in the Chinese and global economies [8]. - The company will continue to monitor the development of COVID-19 and assess its impact on financial conditions and operational performance [8]. - The company expresses gratitude to employees, shareholders, investors, partners, and customers for their trust and support during a challenging year [8]. Impact of COVID-19 - Due to the COVID-19 pandemic, the overall business operations were impacted, particularly in the first quarter, with construction projects in multiple cities in China being suspended [11]. - The overall sales performance was affected by delays in construction site operations and inventory replenishment due to the pandemic [7]. - The company has implemented various measures to ensure employee health and safety, leading to intermittent production halts in early 2020 [11]. - The net loss from continuing operations was approximately RMB 213.5 million, compared to RMB 86.7 million in the previous year, attributed to increased impairment losses and overall revenue decline due to COVID-19 [45]. Financial Performance - The overall revenue for the year was approximately RMB 73.9 million, a decrease of about RMB 200.6 million (or 73.1%) compared to RMB 274.5 million in 2019, primarily due to a significant drop in commodity trading revenue [22]. - Revenue from continuing operations was approximately RMB 70.6 million, down about RMB 203.1 million (or 74.2%) from the previous year [22]. - The calcium carbonate business contributed approximately RMB 31.9 million to the company's revenue, but faced challenges due to increased operational costs and the impact of COVID-19 [16]. - The company recorded an impairment loss of approximately RMB 15.4 million for the calcium carbonate business due to increased operating expenses and transportation costs [16]. - The company decided to suspend any further commodity trading transactions due to heightened political tensions and uncertainties in the business environment, resulting in no revenue from this segment for the year [17]. Mining Operations - The marble mining business achieved significant progress with the successful renewal of a ten-year mining license for the largest marble mine in Yongfeng County, Jiangxi Province, which will enhance the core business development [7]. - The company successfully renewed the mining license for Yongfenghao in Jiangxi Province for an additional ten years, allowing an increase in production capacity to 1.1 million cubic meters per year, more than quadrupling the previous limit [13]. - The mining activities were minimal prior to the renewal of the exploration license, but the company aims to restart operations and enhance its product line before fully resuming mining activities [13]. - The company plans to closely monitor the performance of its calcium carbonate business and ensure synergies with other group companies after resuming mining activities [16]. Cost and Inventory Management - Total sales cost from continuing operations was approximately RMB 602 million, mainly comprising processing costs, marble block costs, and transportation costs [31]. - Administrative expenses decreased to approximately RMB 54.7 million from RMB 58.0 million in 2019, reflecting cost-saving measures [40]. - Financial costs increased to approximately RMB 55.9 million, up by RMB 10.6 million from the previous year, mainly due to higher interest on borrowings [41]. - Inventory increased from approximately RMB 29.2 million on December 31, 2019, to approximately RMB 57.2 million on December 31, 2020, primarily due to the commissioning of the group's processing facilities in the second half of the year [46]. Corporate Governance - The company has maintained compliance with the corporate governance code, except for the separation of roles between the chairman and the CEO, which is currently held by the same individual [145]. - The company is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value, accountability, and transparency [145]. - The company has adopted a board diversity policy, considering measurable aspects such as gender, age, cultural and educational background, and professional experience when setting board composition [163]. - The company has provided training and development for directors to ensure they are well-informed about their responsibilities and the company's operations [160]. Board Composition and Responsibilities - As of December 31, 2020, the board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors [151]. - The board of directors is responsible for leading and controlling the company, overseeing business strategy and performance, and making objective decisions in the company's best interest [156]. - The audit committee, established on December 9, 2013, consists of three independent non-executive directors and is responsible for reviewing financial information, internal controls, and risk management systems [171]. - The company has established a diversity policy for the board, considering various aspects such as gender, age, cultural and educational background, professional qualifications, skills, knowledge, and industry experience [180].

Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 43,384,000, a decrease of 9.5% compared to RMB 47,910,000 for the same period in 2019[7]. - Gross profit for the same period was RMB 12,146,000, down 40.3% from RMB 20,341,000 in 2019[7]. - The company reported a loss from continuing operations before tax of RMB 91,731,000, compared to a loss of RMB 26,734,000 in the previous year, indicating a significant increase in losses[7]. - Total comprehensive loss for the period was RMB 92,423,000, compared to RMB 29,027,000 in the same period last year, reflecting a substantial decline in financial performance[9]. - Basic and diluted loss per share from continuing operations was RMB 0.0287, compared to RMB 0.0097 in 2019, indicating a worsening of per-share performance[7]. - The company reported a net loss of RMB 28,798 thousand for the six months ended June 30, 2020, compared to a loss of RMB 92,423 thousand for the same period in 2019, indicating an improvement in financial performance[20]. Expenses and Costs - Administrative expenses decreased to RMB 23,465,000 from RMB 25,545,000, showing some cost control efforts[7]. - The cost of goods sold was RMB 31,238,000 for the six months ended June 30, 2020, compared to RMB 27,569,000 in the previous year, indicating an increase of approximately 13.7%[83]. - Financial costs totaled RMB 24,374,000 for the six months ended June 30, 2020, compared to RMB 21,857,000 in the previous year, with bank loan interest at RMB 9,970,000 (down from RMB 8,400,000) and other loan interest at RMB 13,706,000 (down from RMB 12,921,000)[79]. - Impairment losses on investment properties and trade receivables amounted to RMB 36.7 million and RMB 13.4 million, respectively, due to adverse business conditions[198]. - Employee costs totaled approximately RMB 71 million, slightly up from RMB 70 million in the same period last year, reflecting adjustments based on market conditions and employee contributions[199]. Assets and Liabilities - Non-current assets totaled RMB 2,025,032 thousand as of June 30, 2020, compared to RMB 2,017,430 thousand as of December 31, 2019, reflecting a slight increase of 0.73%[16]. - Current assets decreased to RMB 413,023 thousand from RMB 474,080 thousand, representing a decline of 12.91%[16]. - Total liabilities increased to RMB 706,623 thousand as of June 30, 2020, compared to RMB 681,588 thousand as of December 31, 2019, marking an increase of 3.68%[17]. - Total equity decreased to RMB 1,731,432 thousand as of June 30, 2020, from RMB 1,807,148 thousand as of December 31, 2019, reflecting a decrease of 4.19%[17]. - The company’s total assets decreased slightly to RMB 2,083,971 thousand as of June 30, 2020, from RMB 2,100,716 thousand as of December 31, 2019, a decrease of 0.79%[16]. Revenue Segments - The total revenue for the marble products segment was RMB 43,384,000 for the six months ended June 30, 2020, compared to RMB 47,910,000 for the same period in 2019, representing a decrease of approximately 9.5%[31]. - The revenue from the logistics services segment was RMB 1,598,000, contributing 3.6% to the total revenue for the first half of 2020[31]. - The calcium carbonate business contributed approximately RMB 16.5 million to the company's revenue, an increase from RMB 13.1 million in the previous year[139]. Impairment and Credit Risk - The company incurred an impairment loss on investment properties of RMB 36,667,000, which was not present in the previous year[7]. - Trade receivables impairment loss increased significantly to RMB 13,388,000 from RMB 1,198,000 in 2019, indicating potential issues with receivables collection[7]. - The impairment loss for trade receivables increased to RMB 47,032,000 as of June 30, 2020, compared to RMB 33,644,000 as of December 31, 2019, reflecting a significant rise in credit risk[100]. Cash Flow and Management - Cash and cash equivalents at the end of the period were RMB 86,938 thousand, up from RMB 82,280 thousand, indicating an increase of 5.06%[22]. - The net cash flow from operating activities was RMB 19,158 thousand for the six months ended June 30, 2020, compared to RMB 11,271 thousand for the same period in 2019, showing an increase of 69.93%[22]. - The group’s cash flow management strategies appear effective, as evidenced by the reduction in trade payables and improved receivable collection[101]. Business Operations and Market Conditions - The overall business operations were impacted by the pandemic, with production and sales affected during the first half of 2020[137]. - The marble business experienced a decline in production and sales due to COVID-19, but sales of slabs remained stable thanks to new machinery that began operations during the period[138]. - The company decided to suspend further commodity trading activities due to uncertainties arising from the US-China trade relations and the pandemic[140]. - The company is focused on ensuring employee health and safety while complying with local government measures during the pandemic[137]. Shareholder and Management Information - The total remuneration for key management personnel was RMB 2,720,000 for the six months ended June 30, 2020, compared to RMB 2,316,000 for the same period in 2019[132]. - No interim dividend was proposed for the six months ended June 30, 2020, consistent with the previous year[127]. - The company completed a placement of 450,000,000 shares at a price of HKD 0.09 per share, raising approximately HKD 40.0 million (RMB 36.0 million) for operational costs and debt repayment[133].

Financial Performance - Total revenue from marble products decreased from RMB 861 million in 2018 to RMB 778 million in 2019, a decline of approximately 9.6%[10] - The group recorded total revenue of approximately RMB 274.5 million in 2019, down 48.9% from RMB 536.8 million in 2018, primarily due to reduced trading activities[18] - The trading business revenue fell to approximately RMB 182.9 million in 2019 from RMB 449.4 million in 2018, reflecting a cautious approach amid trade uncertainties[14] - The net loss from continuing operations was approximately RMB 86.7 million in 2019, a significant reduction from RMB 645.2 million in 2018[36] - The gross profit from continuing operations was approximately RMB 51.4 million in 2019, an increase of about RMB 13.8 million compared to 2018, resulting in a gross margin of approximately 18.8%[28] Market and Business Strategy - The company plans to continue cautious trading in goods while reallocating resources to core businesses with better prospects[4] - The ongoing U.S.-China trade disputes have negatively impacted the company's trade-related business segments, leading to a strategic shift away from logistics operations[4] - The company will adjust its strategies and investment decisions based on the changing financial environment and market conditions[7] - The company is committed to upgrading its mining operations to meet green mining standards throughout the year[7] Acquisitions and Investments - The company successfully acquired three properties in prime residential areas of Shanghai in the second half of 2019, aiming for long-term value appreciation[5] - The acquisition of Kalong Group contributed approximately RMB 13.1 million to revenue and recorded a profit of about RMB 1.1 million post-acquisition[13] - The group plans to extend mining rights for Yongfeng Mine, with current rights expiring on June 5, 2020, and aims for a longer-term renewal[11] - The group decided to divest its logistics business, Shiny Goal Group, due to a challenging operating environment, with potential buyers showing interest[15] Production and Sales - Sales of marble blocks surged from RMB 148 million in 2018 to RMB 443 million in 2019, an increase of approximately 198.6% due to increased sales of unsuitable marble blocks[10] - Sales of marble slabs dropped from RMB 713 million in 2018 to RMB 334 million in 2019, a decrease of approximately 53% as the processing plant did not operate at full capacity[10] - The sales volume of marble blocks increased significantly to 14,040 cubic meters in 2019 from 4,609 cubic meters in 2018, while the average selling price decreased by approximately 1.7% to RMB 3,158 per cubic meter[21] Environmental and Social Responsibility - The company has adopted multiple environmental protection measures to reduce carbon emissions and ensure compliance with specific regulations in its operations[173] - The company is committed to providing a safe and healthy work environment, talent development, and community engagement as part of its sustainable development strategy[172] - The group emphasizes corporate social responsibility, focusing on safety, customer service, management, environmental protection, and community contribution[167] - The company received recognition for waste reduction and energy conservation, including the "Waste Reduction Certificate" and "Energy Saving Certificate" under the Hong Kong Green Organization Certification[191] Corporate Governance - The company has maintained high levels of corporate governance to protect shareholder interests and enhance corporate value, accountability, and transparency[111] - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[93] - The company has adopted a board diversity policy, recognizing the benefits of diversity among board members, considering measurable aspects such as gender, age, cultural and educational background, and professional experience[125] - The company has established a whistleblowing policy to maintain transparency and accountability, encouraging stakeholders to report any misconduct[134] Financial Health and Ratios - Trade receivables decreased from approximately RMB 276.7 million at the end of 2018 to about RMB 172.9 million at the end of 2019, while the turnover days increased from 238 days to 299 days[38] - Net current assets increased by 325.0% to approximately RMB 83.3 million as of December 31, 2019, primarily due to a decrease in trade payables[42] - The current ratio as of December 31, 2019, was 1.2, an increase from 1.0 on December 31, 2018[43] - Total bank loans and other borrowings amounted to approximately RMB 477.8 million as of December 31, 2019, compared to approximately RMB 407.6 million as of December 31, 2018[44] Employee and Management - The total employee count increased to 205 as of December 31, 2019, from 122 in 2018, with total employee costs amounting to approximately RMB 15.5 million in 2019[50] - The company has a dedicated team for financial planning and management, with over 10 years of experience in financial analysis and corporate processes[109] - The management team includes experienced professionals with over 25 years in mining and production management, ensuring effective oversight of operations[106] Mining Operations - The Shangri-La mine has an estimated total marble resource of 2.5 million cubic meters, with controlled resources of 2.2 million cubic meters and inferred resources of 0.3 million cubic meters[67] - The company extracted approximately 258 cubic meters of marble from the Shangri-La mine in 2019, a decrease from 309 cubic meters in 2018[67] - The Yongfeng mine has an estimated total marble resource of 106.6 million cubic meters, with controlled resources of 46.6 million cubic meters and proven reserves of 23.0 million cubic meters[78] - The mining rights for the Yongfeng mine were fully paid in 2019, amounting to RMB 55.8 million for a 30-year period[75]

Revenue Performance - For the six months ended June 30, 2019, the total revenue of Artgo Holdings Limited was approximately RMB 479 million, a decrease of about 51% compared to the same period in 2018[8]. - Revenue for the six months ended June 30, 2019, was RMB 47,949,000, a decrease of 51.0% compared to RMB 97,872,000 for the same period in 2018[138]. - The total revenue for the marble products segment reached RMB 47,910,000, while the total revenue for the trading segment was RMB 39,000, resulting in a total revenue of RMB 47,949,000 for the first half of 2019[192]. - Marble block sales contributed RMB 21,047,000, accounting for 43.9% of total revenue in 2019, compared to RMB 12,084,000 in 2018[190]. - Single-sided polished slabs generated revenue of RMB 24,303,000, representing 50.7% of total revenue in 2019, down from RMB 26,979,000 in 2018[190]. - The company reported logistics services revenue of RMB 39,000, which accounted for 0.1% of total revenue in 2019, compared to RMB 780,000 in 2018[190]. Profitability and Loss - The group recorded operating revenue of approximately RMB 47.9 million, a decrease of 51% or about RMB 49.9 million compared to the same period last year, primarily due to a reduction in sales from commodity trading[69]. - The company reported a net loss of RMB 29,027,000 for the six months ended June 30, 2019, compared to a net loss of RMB 41,039,000 in the prior year, representing a 29.3% improvement[138]. - The company reported a total comprehensive loss of RMB 28,798 thousand for the six months ended June 30, 2019, compared to a loss of RMB 40,728 thousand in the previous period, showing an improvement in financial performance[146]. - The net loss attributable to the company's owners for the review period was approximately RMB 28.8 million, a reduction from RMB 40.7 million in the same period of 2018[87]. Expenses and Costs - Sales and distribution expenses amounted to approximately RMB 1.5 million, representing about 3.1% of the revenue for the review period, a decrease from RMB 3.2 million (3.3% of revenue) in the same period of 2018[80]. - Administrative expenses were approximately RMB 26.2 million, accounting for about 54.7% of the revenue for the review period, down from RMB 42.6 million (43.5% of revenue) in the same period of 2018[81]. - Financial costs increased by RMB 2.4 million to approximately RMB 21.8 million due to an overall increase in borrowings during the review period[84]. Assets and Liabilities - Total non-current assets increased to RMB 1,996,592,000 as of June 30, 2019, from RMB 1,824,798,000 at the end of 2018, reflecting a growth of 9.4%[141]. - Current assets decreased to RMB 374,092,000 as of June 30, 2019, down from RMB 476,012,000 at the end of 2018, a decline of 21.4%[141]. - Total liabilities decreased to RMB 572,939,000 as of June 30, 2019, from RMB 673,340,000 at the end of 2018, a reduction of 15.0%[142]. - The company’s equity attributable to owners was RMB 1,530,336,000 as of June 30, 2019, compared to RMB 1,507,568,000 at the end of 2018, an increase of 1.5%[142]. Market Conditions and Business Strategy - The ongoing US-China trade war is expected to continue creating uncertainty for the global economy, particularly affecting China[9]. - The company remains optimistic about the Chinese real estate market and plans to acquire quality properties for long-term value[9]. - The group has adopted a cautious approach in its business planning due to uncertainties in the real estate market, while still exploring investment opportunities to enhance shareholder value[23]. - The marble and mining business has shown stable performance despite global market volatility since the trade war began[16]. Acquisitions and Investments - The group recorded a successful acquisition of a property in a prime location in Shanghai for RMB 85 million, paid by issuing 119,248,035 new shares[23]. - Two additional properties were acquired post-review period for a total consideration of approximately RMB 121 million, paid by issuing 164,156,830 new shares[23]. - The group expanded its business scope by acquiring a company engaged in the manufacturing and sales of calcium carbonate for approximately RMB 45 million, paid by issuing 63,131,313 new shares[24]. - The company plans to continue exploring investment opportunities, including acquisitions related to its existing core business[9]. Mining Operations - The Shangri-La mine has an estimated marble resource of 2.5 million cubic meters, with 258 cubic meters extracted during the review period[30]. - The Dejiang mine has an estimated marble resource of 2.1 million cubic meters, with no exploration or production activities conducted during the review period[37]. - The Yongfeng mine has a permitted extraction capacity of 250,000 cubic meters per year, with the mining rights renewed and pending issuance of the new permit[48]. - The estimated marble resources and reserves of Yongfeng Mine as of June 30, 2019, are 106.6 million cubic meters, with 51.2 million cubic meters classified as proven, 46.6 million cubic meters as controlled, and 8.8 million cubic meters as inferred[52]. Corporate Governance - The company has committed to regularly review and improve its corporate governance practices in line with recent developments[128]. - The audit committee, composed of three independent non-executive directors, has reviewed the accounting principles and practices adopted by the group[135]. Shareholder Information - Ms. Wu holds 558,735,840 shares, representing 19.46% of the issued share capital, and has a beneficial interest in 22,097,000 shares, which is 0.77%[109]. - Dr. Liang holds 536,735,840 shares through a controlled corporation, accounting for 18.69% of the issued share capital, and has a beneficial interest in 22,000,000 shares, also 0.77%[109]. - The company’s major shareholders include Shanghai International Logistics Co., Ltd., New Horizon International Investment Co., Ltd., and New Horizon International Group Co., Ltd., each holding 190,000,000 shares, which is 6.62%[122].