Economic Environment and Challenges - In FY2024, the Group faced challenges such as a sluggish global economic recovery and intensified geopolitical tensions, impacting traditional cross-border logistics orders[13]. - The decrease in gross profit was attributed to challenging macroeconomic conditions and price pressures in the air freight and international express business[36][40]. - The Group's management remains cautiously optimistic about future economic development based on various factors despite uncertainties in the global market[75]. - Global economic growth is projected to be 3.3% in 2025 and 2026 according to the IMF, while the World Bank forecasts a growth of 2.7% during the same period, indicating a cautious outlook due to geopolitical uncertainties[75][76]. - The overall trend of China's economic recovery is expected to remain unchanged despite increasing external uncertainties[82]. Strategic Direction and International Expansion - The Group's strategic direction for FY2024 emphasized "going global," marking the year as the inaugural phase of its comprehensive international expansion[14]. - The Group upgraded its international product systems to cover eight major areas, enhancing its core competitiveness and integrated international supply chain logistics capabilities[15]. - The Group improved its international talent cultivation and expanded its service network globally, enhancing customs service capabilities at major ports[19]. - The Group's goal is to become a comprehensive international express logistics supply chain integrator, focusing on customer experience and integrated development of its services[20]. - The Company will continue to deepen its "going global" strategy, focusing on international express delivery, supply chain, and freight forwarding businesses[24]. - The Company aims to enhance its global logistics network, focusing on building a "backbone + mesh" network structure to achieve global connectivity[85]. Financial Performance - The company recorded a revenue of approximately HK$5,322.5 million during FY2024, representing an increase of approximately 0.6% from FY2023[35]. - Gross profit decreased by approximately 23.0% to approximately HK$370.5 million in FY2024, with a gross profit margin of approximately 7.0%[35][39]. - The company incurred a net loss of approximately HK$42.0 million in FY2024, compared to a net profit of approximately HK$96.5 million in FY2023[35][39]. - The air freight forwarding business accounted for about 61.5% of total revenue in FY2024, with revenue increasing by about 24.3% to approximately HK$3,272.7 million[43][45]. - The ocean freight forwarding business contributed about 15.7% of total revenue in FY2024, with revenue increasing by about 28.9% to approximately HK$834.8 million[44][46]. - International express and parcel services revenue decreased by 42.4% to approximately HK$1,039.1 million in FY2024, down from HK$1,802.5 million in FY2023, representing about 19.5% of total revenue[49]. Digital Transformation and Technology - Digital transformation was a key focus, with the Group promoting the application of big data, cloud computing, and artificial intelligence in its operations[18]. - The Company aims to promote comprehensive digital transformation and intelligent evolution to improve service quality and customer experience in international express logistics[25]. - The Company plans to increase investment in technology R&D to transform into a logistics technology enterprise, improving management efficiency and customer communication[89]. - The Company is committed to advancing digital transformation by integrating emerging technologies such as AI, cloud computing, and big data into its operations[88]. Talent and Leadership - Mr. Zhou Jian was appointed as the CEO and Executive Director on March 28, 2024, bringing extensive experience from BEST Inc. and SF Holding[101]. - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic leadership appointments[101][104]. - YTO Express aims to leverage its management team's extensive experience in logistics and financial sectors to drive growth and innovation[108]. - The board includes members with diverse backgrounds in finance, management, and technology, which supports the company's growth strategy[116]. Corporate Governance and Compliance - The company is actively involved in corporate governance, with a dedicated Corporate Governance Committee chaired by Mr. Pan Shuimiao[104]. - All independent non-executive Directors confirmed their independence annually, and the Company considers them to be independent[200]. - The Company has maintained compliance with the Model Code regarding Directors' interests and transactions[184]. - The Company has insurance coverage for Directors' and officers' liabilities, reviewed annually[190]. Market Outlook and Industry Trends - The Asia-Pacific region's demand for air freight increased by 14.5% year-on-year, accounting for 34.2% of the global air freight market[90]. - Global air freight volume is expected to reach 72.5 million tons in 2025, representing a year-on-year increase of 5.8%[90]. - The Company believes that China's foreign trade and exports are resilient and will improve in the long run, providing development space for international logistics and supply chain industries[81]. - The total import and export value of China's cross-border e-commerce is projected to grow from RMB 1.63 trillion in 2020 to RMB 2.63 trillion in 2024, representing a CAGR of 12.7%[93].

Financial Performance - The group's revenue for the fiscal year ending December 31, 2024, was approximately HKD 5,322.5 million, an increase of about 0.6% compared to HKD 5,291.6 million in the fiscal year 2023[3] - The group recorded a loss attributable to equity shareholders of approximately HKD 40.8 million for the fiscal year 2024, compared to a profit of approximately HKD 96.8 million in fiscal year 2023[3] - Total comprehensive income for the fiscal year 2024 was a loss of HKD 53.7 million, compared to a profit of HKD 92.3 million in the previous fiscal year[5] - The company's deferred tax liabilities decreased to HKD 4,045,000 from HKD 24,984,000, indicating a significant reduction of 83.8%[13] - The company recorded a net loss attributable to equity shareholders of HKD 40,774,000 in 2024, compared to a profit of HKD 96,775,000 in 2023[21] - Gross profit decreased by approximately 23.0% to about HKD 370.5 million in fiscal year 2024, with a gross margin of 7.0%, down from 9.1% in fiscal year 2023[29] Segment Performance - The air freight business reported a segment performance decrease of approximately 62.8% to about HKD 34.2 million, down from HKD 92.0 million in the previous fiscal year[3] - The sea freight business saw a segment performance increase of approximately 61.3% to about HKD 33.9 million, up from HKD 21.0 million in the previous fiscal year[3] - Air freight revenue increased significantly to HKD 3,272,682,000, up 24.4% from HKD 2,632,299,000 in 2023[11] - The logistics segment reported revenue of HKD 81,024,000, an increase from HKD 70,225,000, marking a growth of 15.5%[11] - Sea freight agency business contributed approximately 15.7% to total revenue in fiscal year 2024, with revenue increasing by about 28.9% to HKD 834.8 million[33] - International express and parcel services accounted for approximately 19.5% of total revenue in fiscal year 2024, with revenue declining by about 42.4% to HKD 1,039.1 million[35] - Other businesses recorded revenue of approximately HKD 94.9 million in fiscal year 2024, a decrease of about 31.7% from HKD 139.0 million in fiscal year 2023[36] Dividend and Equity - The board resolved not to declare a final dividend for the fiscal year 2024, compared to a final dividend of HKD 0.023 for the fiscal year 2023[3] - The company did not recommend a final dividend for the fiscal year 2024, contrasting with a final dividend of HKD 0.023 per share in 2023[24] - Total equity attributable to equity shareholders decreased to HKD 1,221.1 million in fiscal year 2024 from HKD 1,282.3 million in fiscal year 2023[7] Assets and Liabilities - Current assets decreased to HKD 1,661.1 million in fiscal year 2024 from HKD 2,046.5 million in fiscal year 2023[6] - Current liabilities decreased to HKD 511.6 million in fiscal year 2024 from HKD 872.5 million in fiscal year 2023[7] - The average trade receivables decreased to HKD 734,159,000 from HKD 1,044,855,000, indicating a reduction of 29.8%[25] - As of December 31, 2024, the group's operating capital was approximately HKD 1,149.5 million, a decrease of about 2.1% from HKD 1,174.0 million on December 31, 2023[37] - The current ratio increased from approximately 2.35 times on December 31, 2023, to about 3.25 times on December 31, 2024[37] - The group's bank balances and cash amounted to approximately HKD 672.2 million as of December 31, 2024, a decrease of about 18.3% from HKD 823.0 million on December 31, 2022[37] Operational Developments - The company has expanded its international network to cover over 150 countries and regions across six continents by the end of the fiscal year 2024[27] - The company is focusing on enhancing service levels and adjusting business strategies to improve performance and long-term development outlook[30] - The company is actively expanding international express routes and supply chain services, targeting markets in Kazakhstan, the Middle East, and Eastern Europe[28] - The company is leveraging its partnerships with existing e-commerce platforms to enhance service capabilities and meet the growing demand for reliable international logistics services[50] - The company plans to enhance its operational efficiency and customer engagement through technology-driven solutions and integrated logistics services[48] Market Outlook - The global economic growth is projected at 3.3% for both 2025 and 2026, lower than the 3.7% average over the past two decades[44] - China's total import and export trade volume increased from RMB 32.16 trillion in 2020 to RMB 43.84 trillion in 2024, with a compound annual growth rate (CAGR) of approximately 8.0%[45] - Global air freight volume is expected to reach 72.5 million tons by 2025, with a year-on-year growth of 5.8%, and the Asia-Pacific region's airline demand is projected to grow by 14.5%[49] - China's cross-border e-commerce import and export total is projected to grow from RMB 1.63 trillion to RMB 2.63 trillion from 2020 to 2024, with a CAGR of 12.7%[50] Technological Advancements - The company is advancing its digital transformation by integrating emerging technologies such as AI, cloud computing, and big data into its operations[47] - The company aims to enhance its technological capabilities and transform into a technology-intensive logistics enterprise by increasing investment in R&D to improve management, communication, and value delivery efficiency[48] - The company is focusing on sectors such as apparel, automotive, semiconductors, and electronics to strengthen its global supply chain capabilities and expand its international market presence[51] Employee and Cost Management - The company reported a total employee cost of HKD 264,265,000, down from HKD 276,285,000 in the previous year, reflecting a decrease of 4.4%[18] - As of December 31, 2024, the company employed approximately 1,119 staff, an increase from 978 staff in the previous year, with employee expenses around HKD 264.27 million[52]

ernationa 圓通國際 YTO International Express and Supply Chain Technology Limited 圓通國際快遞供應鏈科技有限公司 Incorporated in the Cayman Islands with limited liability 於開曼群島註冊成立之有限公司 Stock Code 股份代號: 6123 2024 NTERIM ORT 0 0 CONTENTS 目錄 2 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論及分析 18 Corporate Governance and Other Information 企業管治及其他資料 27 Report on Review of Interim Financial Report 中期財務報告審閱報告 29 Consolidated Statement of Profit or Loss 綜合損益表 30 Consolidated Statement of Profit or Loss and Othe ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 圓通國際快遞供應鏈科技有限公司 YTO INTERNATIONAL EXPRESS AND SUPPLY CHAIN TECHNOLOGY LIMITED （於開曼群島註冊成立的有限公司） （股份代 號：6123） 中期業績公告 截至二零二四年六月三十日止六個月 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | | 於報告期內： | | • | 本集團收益為約 2,975.1 百萬港元，較二零二三年同期增加約 20.6% （二零二三年 上半年：約 2,467.6 百萬港元）； | | • | 本集團錄得本公司權益股東應佔虧損 ...

Global Passenger and Air Freight Trends - Global passenger traffic increased by 36.9% year-on-year in 2023, with international passenger traffic growing by 41.6%, reaching close to 90% of pre-pandemic levels[12][14] - Air freight volume for 2023 decreased by 1.9%, an improvement from the previously expected decrease of 3.8%, driven by a surge in the air freight market after 18 months of recession[12][14] - IATA predicts a 2% to 5% increase in air cargo volumes by 2024, but the influx of wide-body passenger aircraft capacity may pressure freight rates, especially in the Asia-Pacific region[29][30] - Global air cargo demand in December 2023 increased by 10.8% YoY, with international demand up 11.5%, marking the strongest annual growth in the past two years[111] - The global air passenger volume in 2023 increased by 36.9% compared to 2022, recovering to 94.1% of pre-pandemic levels, with international passenger transportation reaching 88.6% of 2019 levels[111] Global Trade and Economic Conditions - Global trade is expected to shrink by approximately $1.5 trillion to less than $31 trillion by the end of 2023, with significant income gaps between major economies[24] - Despite global trade challenges, countries like China, Japan, Brazil, Mexico, Australia, Turkey, and Peru achieved export growth in 2023[24] - Global trade volume decreased by approximately $1.5 trillion to below $31 trillion by the end of 2023, with significant disparities in post-pandemic recovery among major economies[26] - The total value of China's imports and exports of trade in goods in 2023 was RMB 41.76 trillion, with exports at RMB 23.77 trillion (up 0.6% YoY) and imports at RMB 17.99 trillion (down 0.3% YoY)[103] Company Financial Performance - The company's total equity increased to HK$1,288,380 thousand in 2023, up from HK$1,210,411 thousand in 2022[37] - Non-current liabilities decreased to HK$25,660 thousand in 2023 from HK$33,428 thousand in 2022, reflecting improved financial management[37] - Profit before taxation for 2023 was HK$121.45 million, a decrease from HK$140.78 million in 2022[42] - Net cash used in operating activities for 2023 was HK$245.88 million, compared to HK$698.64 million generated in 2022[42] - Retained profits as of 31 December 2022 were HK$1,061.53 million[40] - Total comprehensive income for 2022 was HK$115.74 million[40] - Depreciation of property, plant, and equipment for 2023 was HK$6.63 million, down from HK$9.96 million in 2022[42] - Amortisation of intangible assets for 2023 was HK$1.66 million, slightly lower than HK$1.79 million in 2022[42] - Gain on disposal of property, plant, and equipment for 2023 was HK$171 thousand, compared to HK$645 thousand in 2022[42] - Net impairment loss recognised under expected credit loss model for 2023 was HK$3.04 million, down from HK$8.44 million in 2022[42] - Fair value changes of financial assets at fair value through profit or loss for 2023 was a loss of HK$37 thousand, compared to a gain of HK$11.55 million in 2022[42] - COVID-19 related rent concessions received for 2023 were HK$86 thousand, down from HK$396 thousand in 2022[42] - Net cash generated from investing activities in 2023 was HK$115,186 thousand, compared to a net cash outflow of HK$163,858 thousand in 2022[43] - Net cash used in financing activities in 2023 was HK$38,434 thousand, a decrease from HK$70,586 thousand in 2022[44] - Cash and cash equivalents at the end of 2023 decreased to HK$823,029 thousand from HK$998,365 thousand at the beginning of the year[44] - Interest received in 2023 was HK$21,506 thousand, a significant increase from HK$2,485 thousand in 2022[43] - Proceeds from disposal of property, plant and equipment in 2023 were HK$514 thousand, compared to HK$1,142 thousand in 2022[43] - Repayment from associates in 2023 was HK$330 thousand, compared to an advance of HK$64 thousand in 2022[43] - Dividends paid to non-controlling interests in 2023 were HK$5,512 thousand, an increase from HK$1,900 thousand in 2022[44] - Capital contribution from non-controlling interests in 2023 was HK$1,690 thousand, compared to none in 2022[44] - Effect of foreign exchange rate changes on cash and cash equivalents in 2023 was a decrease of HK$6,208 thousand, compared to a decrease of HK$33,658 thousand in 2022[44] - The fair value of property, plant, and equipment decreased by HK$65,000 in FY2023, impacting the consolidated statement of profit or loss and other comprehensive income[66] Company Strategic Initiatives and Business Development - The company established eight product systems through resource integration, network expansion, and continuous improvement, enhancing its international logistics and supply chain capabilities[25][27] - The company aims to transform from a single express delivery provider to an integrated, multimodal transportation and comprehensive supply chain integrator, focusing on eight major international products[29] - The company plans to expand its international service network, targeting infrastructure and operational capabilities in more countries over the next three to five years[29] - The company plans to build an international and domestic integrated logistics network with a global vision[79][80] - The company will establish a standardized logistics operation process and optimize information technology and organizational structures[82] - The company expects air freight demand to exceed trade and production growth due to the recovery of international tourism and trade[85] - The company aims to strengthen its competitive advantage in international air transportation by deepening cooperation with YTO Airlines[85] - The company will adhere to international quality standards and establish a sound supplier management mechanism[82] - The company plans to introduce wide-body cargo freighters to build more intercontinental aviation routes[85] - The company plans to build a "Superior and Premium Line" in 2024, targeting regions including Taiwan, Japan, Australia, the US, Southeast Asia, and Central Asia (Kazakhstan)[105][106] - The company aims to expand its international network through strategic cooperation, franchise licensing, and investment and M&A, enhancing global service capabilities[105][106] - The company will increase investment in technology, focusing on IT and cloud platforms, to transition from a traditional logistics supply chain enterprise to a logistics technology enterprise[108][109] - The company will deepen cooperation with its subsidiary, YTO Cargo Airlines, to strengthen its competitive advantage in international air transportation and introduce wide-body cargo aircraft for intercontinental routes[112] - The company will focus on improving quality control standards and formulating a lifecycle quality control system to enhance operational efficiency[107] - The company believes the international logistics and supply chain industry is technology-intensive, with safe, convenient, efficient, and intelligent logistics services being key to future competitiveness[108][109] - The company will leverage its supply chain, aviation, and parent company resources to support the global expansion of the "Made in China" brand and build a technology-driven, digital, and integrated international industrial cluster[103] - The company has formed three major business segments: international freight forwarding, international express delivery and small parcels, and international supply chain, aiming for endogenous synergy and business upgrading[135] - The company plans to accelerate supply chain capabilities globally through capital investment and partnerships, focusing on key regions like Central Asia, Europe, America, the Middle East, and Southeast Asia[135] - The company expects to achieve further growth in revenue and profit by promoting end-to-end international supply chain solutions and forming a new business development segment[135] - The company has formed three major business segments: international freight, international express and small parcels, and international supply chain, aiming to achieve synergistic growth and upgrade capabilities[136] - The company plans to accelerate global supply chain capabilities through capital investment and partnerships, focusing on key regions like Central Asia, Europe, the US, the Middle East, and Southeast Asia[136] Corporate Governance and Leadership - Mr. Yang Xinwei holds 800,000 shares as of 31 December 2023[115] - Mr. Zhou Jian was appointed as CEO on 28 March 2024 and holds a master's degree in Signal and Information Service from Huazhong University of Science and Technology[115] - Mr. Zhou Jian previously served as the CEO of Shenzhen Fengwang Express Co., Ltd. until December 2023[115] - Mr. Pan Shuimiao was appointed as a non-executive director on 21 January 2020 and became the chairman of the corporate governance committee on 21 August 2023[117] - Mr. Pan Shuimiao holds a master's degree in engineering from Zhejiang University[117] - Ms. Wang Lixiu appointed as non-executive Director and Audit Committee member on 31 March 2023, with 20 years of experience in auditing, financial management, and corporate investment and M&A[118] - Mr. Su Xiufeng appointed as non-executive Director on 21 August 2023, with extensive experience in executive roles at YTO Express and Zhejiang Loong Airlines[118] - Mr. Li Donghui appointed as independent non-executive Director on 1 December 2017, with significant experience in executive roles at Geely and other listed companies[119] - Ms. Khoo Siew Chan Chorina, the regional director for Southeast Asia, oversees business growth and operations in the region, managing over 300 employees in the Singapore office[152] - Mr. Ng King Wah, Kevin, the trade lane director, is responsible for the overseas network and profitability of commercial activities with international partners, with 20 years of experience in logistics[152] - Mr. Tang Chi Ho, the Hong Kong station manager, has been with the company since 2001 and is responsible for operational matters in Hong Kong[152] - Mr. Yu Huijiao holds a 63.84% stake in the company through controlled corporations, with 268,229,408 shares[179] - Mr. Yu Huijiao holds a 31.69% interest in YTO Express through controlled corporations, involving 1,090,806,213 shares[196] - Mr. Yu Huijiao is the beneficial owner of 2.92% of YTO Express shares, totaling 100,673,929 shares[196] - Mr. Yu Huijiao's spouse holds a 2.15% interest in YTO Express, amounting to 74,027,054 shares[196] - Yuan Jun, a controlled corporation of Mr. Yu Huijiao, holds RMB 1,800,000,000 in registered capital, representing 100% ownership[196] - YTO Global Holdings Limited, another controlled corporation of Mr. Yu Huijiao, holds 1,600,000,000 shares, representing 100% ownership[196] - Mr. Pan Shuimiao holds a 0.03% beneficial interest in YTO Express, totaling 1,200,800 shares[196] Shareholder and Dividend Policies - The company has adopted a dividend policy to maintain adequate cash reserves for working capital, future growth, and shareholder value, without a pre-determined payout ratio[157] - The total number of shares issued under the Share Option Scheme shall not exceed 1% of the issued share capital in any 12-month period unless approved by shareholders[160] - The Share Award Plan was adopted on 17 August 2018 and will remain in force until 17 August 2028, with a remaining life of approximately 4.5 years as of the report date[161] - The maximum number of shares to be subscribed or purchased under the Share Award Plan in any financial year shall not exceed 5% of the total issued shares at the beginning of that financial year[161] - Ms. Wong Pui Wah had 600,000 outstanding shares as of 1 January 2023, with 200,000 lapsed during the year, leaving 400,000 outstanding as of 31 December 2023[162] - Mr. Huang Yifeng, who resigned on 21 August 2023, had 2,263,200 outstanding shares as of 1 January 2023, all of which lapsed during the year[162] - Mr. Sun Jian, who resigned on 28 March 2024, had 3,013,200 outstanding shares as of 1 January 2023, with 1,004,400 lapsed during the year, leaving 2,008,800 outstanding as of 31 December 2023[162] - Mr. Chen Dong, who resigned on 8 February 2023, had 1,200,000 outstanding shares as of 1 January 2023, all of which lapsed during the year[162] - OT Thailand distributed an HK$8.7 million dividend to its shareholders for FY2023[167] - The Board recommended a final dividend of HK2.3 cents per share for FY2023, totaling approximately HK$9,664,000, subject to shareholder approval at the AGM on 7 June 2024[182] - The company's share option plan allows for the issuance of up to 37,218,000 shares, representing approximately 8.86% of the issued share capital as of 31 December 2023[185] - YTO Express, a subsidiary, is controlled by Yuantong Jiaolong, which is 51% owned by Mr. Yu Huijiao and 49% by his spouse, making it a connected person under Listing Rules[190] - The company's share award plan does not require a minimum holding period before options can be exercised, unless otherwise determined by the Board[186] Compliance, Risk Management, and Environmental Initiatives - The international logistics industry has passed its most difficult period, but the aviation industry's recovery remains fragile and vulnerable to external factors such as global economic conditions, geopolitical conflicts, and supply chain tensions[12][14] - The Group has compliance and risk management policies in place, with senior management responsible for monitoring adherence to legal and regulatory requirements[64] - The Group emphasizes environmental protection through green office practices, recycling, and energy-saving measures, with plans to further implement eco-friendly initiatives[61] - Employees are considered the Group's most valuable assets, with a focus on competitive remuneration, performance appraisal systems, and career development opportunities[61] - The Group maintains strong relationships with key stakeholders, including employees, customers, vendors, and shareholders, to ensure long-term profitability and growth[61][62] - The Group aims to enhance corporate value for shareholders through sustainable earnings growth and stable dividend payouts, considering capital adequacy and business expansion needs[63] - The Group did not hold any properties for development, sale, or investment purposes exceeding 5% of the percentage ratios under Listing Rules as of 31 December 2023[65] - No significant investments were held by the company during the fiscal year 2023[72] - The company pledged assets to secure banking facilities for cargo space purchases and bank borrowings as of 31 December 2023[73] - No material acquisition or disposal of subsidiaries, associates, or joint ventures occurred during FY2023[75] - No significant transactions, arrangements, or contracts involving directors or their connected entities were reported at the end of or during FY2023[174] Financial Reporting and Standards - The company's consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and Hong Kong Companies Ordinance[48] - The Group applied new and amended HKFRSs, including HKFRS 17 (Insurance contracts) and amendments to HKAS 8, 1, and 12, with no material effect on financial results or position[57] Industry and Market Analysis - International tourism contributed approximately $3.3 trillion to global GDP in 2023, accounting for 3% of global GDP[86] - The Group's principal customers are engaged in garment, footwear, electronics, and e-commerce small parcel delivery industries[61]

Revenue Performance - The air freight forwarding business remains the largest segment of the group, accounting for approximately 54.0% of total revenue in the fiscal year 2023, down from 54.9% in fiscal year 2022[1]. - Revenue from the air freight forwarding business was approximately HKD 2,857.9 million in fiscal year 2023, a decrease of about 22.3% compared to HKD 3,681.3 million in fiscal year 2022[1]. - International express and parcel services accounted for approximately 30.8% of total revenue in the fiscal year 2023, up from 16.5% in fiscal year 2022, with revenue increasing by 47.4% to approximately HKD 1,630.5 million[22]. - Revenue from other businesses, including express delivery and e-commerce, was approximately HKD 117.2 million in fiscal year 2023, showing a slight increase of 1.0% from HKD 116.2 million in fiscal year 2022[24]. - The shipping and freight forwarding business contributed approximately 12.2% to total revenue in fiscal year 2023, down from 25.9% in fiscal year 2022, with revenue decreasing by 62.7% to approximately HKD 647.6 million[28]. - The logistics services segment generated revenue of approximately HKD 38.4 million in the fiscal year 2023, a decrease of 42.9% compared to HKD 67.2 million in fiscal year 2022, primarily due to weakened demand from upstream customers[29]. - The group's revenue for the fiscal year 2023 was approximately HKD 5,291.6 million, a decrease of about 21.1% compared to HKD 6,706.5 million in fiscal year 2022[51]. - Total revenue for 2023 was HKD 5,291,610, a decrease of 21.0% from HKD 6,706,450 in 2022[78]. Profitability - The gross profit for the air freight forwarding segment increased from approximately HKD 156.9 million in fiscal year 2022 to about HKD 192.6 million in fiscal year 2023, representing a growth of approximately 22.8%[1]. - The company recorded a profit attributable to equity shareholders of approximately HKD 96.8 million in fiscal year 2023, a decrease of about 29.2% from HKD 136.7 million in fiscal year 2022[51]. - The total comprehensive income for the year was HKD 92.337 million in fiscal year 2023, compared to HKD 115.733 million in fiscal year 2022[61]. - The company reported a net profit of HKD 121,452, a decrease of 13.7% from HKD 140,777 in 2022[78]. - Net profit for fiscal year 2023 decreased by approximately 31.0% to about HKD 96.5 million, compared to HKD 139.8 million in fiscal year 2022[94]. - Gross profit for fiscal year 2023 was approximately HKD 481.3 million, down about 11.4% from HKD 543.3 million in fiscal year 2022, with a gross margin of approximately 9.1%[94]. Operational Efficiency - Operating cash flow for fiscal year 2023 was approximately HKD 245.9 million, a decrease from HKD 698.6 million in fiscal year 2022[25]. - The company's operating capital as of December 31, 2023, was approximately HKD 1,174.0 million, a 7.5% increase from HKD 1,092.4 million on December 31, 2022[25]. - The current ratio improved from approximately 2.11 times on December 31, 2022, to approximately 2.35 times on December 31, 2023[25]. - Trade receivables increased to HKD 1,044.855 million in fiscal year 2023 from HKD 788.987 million in fiscal year 2022[65]. - Trade payables at the end of the reporting period totaled HKD 450.6 million, compared to HKD 251.8 million in the previous year[90]. - The company provided an average credit period of 30 days to its trade customers[85]. Strategic Initiatives - The company aims to enhance its supply chain capabilities through capital investment and partnerships, focusing on key regions such as Central Asia, Europe, the Middle East, and Southeast Asia[5]. - The company plans to develop a global integrated logistics network, with key nodes in various international and domestic locations, aiming for completion by 2026[16]. - The company will focus on enhancing its service network and operational layout to support international development and integration[14]. - The company plans to establish "advantage boutique dedicated lines" in regions including Taiwan, Japan, Australia, the United States, Southeast Asia, and Central Asia, enhancing global service capabilities through strategic partnerships and acquisitions over the next 3-5 years[17]. - The company aims to strengthen its competitive advantage in international air transport by enhancing cooperation with its subsidiary, YTO Airlines, and introducing more wide-body freighters for intercontinental routes[35]. - The company plans to enhance its investment in technology to solidify existing businesses and promote new business development, aiming for value multiplication through technology output and empowerment[31]. Market Outlook - According to IATA, global air passenger traffic increased by 36.9% in 2023 compared to 2022, recovering to 94.1% of pre-pandemic levels in 2019[4]. - The global air cargo demand grew by 10.8% in December 2023 compared to December 2022, marking the strongest annual growth performance in the past two years[4]. - The international air transport market is recovering, with international tourism expected to reach 1.3 billion visitors in 2023, approximately 88% of pre-pandemic levels[32]. - The World Bank forecasts global economic growth to slow from 2.7% in 2023 to 2.4% in 2024, with a potential recovery to 2.7% in 2025[10]. - The company believes that despite global economic uncertainties, there is a cautious optimism for future business growth due to the gradual recovery of the global economy and the easing of negative factors[10]. Corporate Governance - The company has adhered to the corporate governance code throughout the fiscal year 2023[43]. - The company has not undertaken any capital expenditure commitments as of December 31, 2023[34]. - There were no purchases, redemptions, or sales of the company's listed securities during the fiscal year 2023[38]. Employee and Expense Management - Employee expenses for the fiscal year 2023 amounted to approximately HKD 276.3 million, a decrease from HKD 302.5 million in fiscal year 2022, with the workforce increasing to about 978 employees from 867[37]. - The company incurred a tax expense of HKD 22,650, down from HKD 35,603 in 2022[79].

Shareholding and Share Options - As of June 30, 2023, YTO Global Holdings Limited holds a beneficial interest in 268,229,408 shares, representing 63.84% of the company's issued share capital[5]. - No share options were granted, exercised, lapsed, or cancelled during the reporting period, with 37,218,000 options available for grant under the Share Option Scheme as of June 30, 2023[7]. - The company has adopted a Share Award Plan, but no share awards are available for grant as of June 30, 2023, pending amendments to comply with Chapter 17 of the Listing Rules[7]. - As of March 31, 2023, the total number of shares that may be issued under the Share Award Plan is 9,026,400 shares, representing approximately 2.15% of the issued share capital[16]. - The number of shares that may be issued under the Share Award Plan as of the report date is 5,767,600 shares, representing about 1.37% of the issued share capital[16]. - During the reporting period, a total of 7,076,400 shares were outstanding as of January 1, 2023, with 3,917,600 shares remaining outstanding as of June 30, 2023[23]. - The company awarded shares during the reporting period, but no specific number was disclosed[23]. - A total of 4,458,800 shares lapsed during the reporting period, indicating a significant reduction in outstanding awards[23]. - The company has a share award plan that includes vesting dates for shares awarded on June 10, 2021, with 25% vesting on specific future dates[23]. - Mr. Huang Yifeng, a former executive director, held 2,208,800 shares in unvested award shares as of the report date[14]. Corporate Governance - The company has seen changes in its board, with Mr. Chen Dong resigning on February 8, 2023, and Mr. Huang Yifeng resigning on August 21, 2023[14]. - The share award plan is designed to incentivize directors and employees, aligning their interests with shareholders[22]. - The company continues to evaluate its corporate governance practices in relation to share awards and executive compensation[25]. - The company has complied with the Corporate Governance Code throughout the reporting period[27]. - The company has established an audit committee comprising one non-executive director and two independent non-executive directors[35]. - The company has adopted a code of conduct for directors' securities transactions that meets or exceeds the Model Code standards[28]. - The company is committed to corporate governance practices and has reviewed its compliance with the relevant provisions[27]. Financial Performance - Revenue for the six months ended June 30, 2023, was HK$2,467,582, a decrease of 28.2% compared to HK$3,439,795 for the same period in 2022[53]. - Gross profit for the period was HK$299,571, down from HK$364,584, representing a decline of 17.8%[53]. - Profit for the period was HK$108,392, a decrease of 13% from HK$124,605 in the previous year[55]. - Basic earnings per share for the period was HK$25.74, down from HK$29.21, reflecting a decline of 11.9%[53]. - Total comprehensive income for the period was HK$104,690, slightly down from HK$107,841, a decrease of 2%[55]. - Administrative expenses decreased to HK$190,422 from HK$239,819, a reduction of 20.6%[53]. - Other income increased to HK$14,717 from HK$9,409, marking a growth of 56.5%[53]. - Finance costs decreased to HK$1,043 from HK$1,648, a reduction of 36.8%[53]. - The company reported a net impairment loss of HK$509 under the expected credit loss model, compared to a loss of HK$2,310 in the previous year[53]. Assets and Liabilities - As of June 30, 2023, the net current assets increased to HK$1,174,843,000, up from HK$1,092,394,000 as of December 31, 2022, representing a growth of approximately 7.5%[63]. - Total assets less current liabilities rose to HK$1,338,876,000, compared to HK$1,243,839,000 at the end of 2022, indicating an increase of about 7.6%[63]. - The net assets of the company reached HK$1,301,067,000 as of June 30, 2023, up from HK$1,210,411,000, reflecting a growth of approximately 7.5%[63]. - The total equity attributable to equity shareholders of the company was HK$1,292,598,000, an increase from HK$1,199,897,000, marking a rise of about 7.7%[63]. - Trade receivables decreased to HK$594,014,000 from HK$788,987,000, a decline of approximately 24.7%[61]. - Current liabilities decreased to HK$756,545,000 from HK$981,433,000, showing a reduction of about 23%[61]. - Deferred tax assets decreased to HK$11,837,000 from HK$20,995,000, a decline of approximately 43.3%[61]. - The company reported a significant decrease in amounts due to fellow subsidiaries, which fell to HK$283,189,000 from HK$494,286,000, a reduction of about 42.7%[61]. - The cash and bank balances increased to HK$1,931,388,000 from HK$2,073,827,000, reflecting a decrease of approximately 6.8%[61]. Cash Flow and Financing - Net cash generated from operating activities was HK$71,454,000, compared to HK$280,294,000 in the previous year, indicating a significant decline[75]. - The net cash used in financing activities was HK$16,132,000, down from HK$26,780,000 in the same period last year[75]. - The company reported a decrease in other receivables, deposits, and prepayments by HK$31,270,000, compared to an increase of HK$47,877,000 in the previous year[75]. - The Group maintained a gearing ratio of 0% as of June 30, 2023, indicating no outstanding bank borrowings[173]. - The Group reported a gain on disposal of property, plant, and equipment of HK$203,000, compared to HK$137,000 in the same period of 2022[181]. Accounting Policies and Compliance - The interim financial report was authorized for issue on August 21, 2023, and prepared in accordance with HKAS 34[77]. - The Group's financial information for the six months ended June 30, 2023, is based on the same accounting policies as the 2022 annual financial statements, with no material impact from new accounting standards[78]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[80]. - The auditors have expressed an unqualified opinion on the statutory annual consolidated financial statements for the year ended December 31, 2022[79]. - The Group's results and financial position for the current or prior periods have not been materially affected by the new accounting developments[78]. - The Group has decided to change its accounting policies to conform with the new HKICPA guidance regarding the abolition of the MPF-LSP offsetting mechanism, with retrospective application expected in the annual financial statements for the year ending December 31, 2023[86]. Market Conditions and Future Outlook - The Group's performance in the first half of 2023 was significantly impacted by macroeconomic factors, with a decrease in business demand from cooperation agents and core customers due to inflation and high interest rates[133]. - The Group anticipates an economic recovery in the second half of 2023, supported by government initiatives to stimulate consumption and trade[133]. - The Group believes that pressures at the macro level are easing, leading to a more optimistic outlook for the global economy in the latter half of 2023[137]. - The Group expects that with the improvement of the global economy, particularly through initiatives like the Belt and Road Initiative and the Regional Comprehensive Economic Partnership (RCEP), China's export market will continue its growth trend[142]. - The Group remains cautiously optimistic about market conditions in the second half of the year due to various macroeconomic factors[196]. Employee and Operational Performance - The group employed approximately 978 employees as of June 30, 2023, an increase from 867 employees as of December 31, 2022[101]. - Employee costs, including director remuneration, amounted to approximately HKD 138.67 million for the first half of 2023, compared to HKD 174.69 million for the same period in 2022, reflecting a decrease of about 20.66%[101]. - The Group's comprehensive service offerings include logistics services, international express, and parcel services, enabling it to meet diverse customer needs[166]. - The Group's focus on the cross-border e-commerce market has led to a strategic emphasis on enhancing parcel logistics services, which is a key growth area[189]. Revenue Breakdown by Segment - Air freight segment revenue was HK$1,370,550,000, down 21.3% from HK$1,742,798,000 year-on-year[117]. - Ocean freight segment revenue decreased by 69.0% to HK$320,432,000 from HK$1,035,524,000 in the previous year[117]. - Logistics segment revenue fell to HK$27,384,000, a decline of 31.5% from HK$40,046,000 in 2022[117]. - International express and parcel segment revenue increased to HK$668,426,000, up 20.0% from HK$557,004,000 year-on-year[117]. - Revenue from the People's Republic of China (PRC) segment was HK$2,102,518,000, a decrease of 18.3% from HK$2,573,746,000 in 2022[123]. - Revenue from Northern America was HK$79,387,000, down 70.7% from HK$270,505,000 in the previous year[123]. - Revenue from Australia increased significantly to HK$63,911,000, compared to HK$5,876,000 in 2022[123]. - Other Asian regions generated revenue of HK$221,766,000, down 54.5% from HK$488,489,000 in the previous year[123].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 YTO INTERNATIONAL EXPRESS AND SUPPLY CHAIN TECHNOLOGY LIMITED 圓通國際快遞供應鏈科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6123） 中期業績公告 截至二零二三年六月三十日止六個月 財務摘要 於報告期內： • 本集團收益為約2,467.6百萬港元，較二零二二年同期減少約28.3%（二零二二年 上半年：約3,439.8百萬港元）； • 本集團錄得本公司權益股東應佔溢利約107.6百萬港元（二零二二年上半年：122.1 百萬港元）； • 空運業務之分部業績較二零二二年同期減少約8.7%至約81.1百萬港元（二零二二 年上半年：約88.8百萬港元）； • 海運業務之分部業績較二零二二年同期減少約63.3%至約41.3百萬港元（二零二 ...

Goodwill and Business Combinations - Goodwill is measured as the excess of the total consideration transferred, any non-controlling interests, and the fair value of previously held equity interests over the net identifiable assets acquired and liabilities assumed at the acquisition date[3]. - Contingent consideration in a business combination is measured at its acquisition-date fair value and included as part of the consideration transferred[4]. - If the initial accounting for a business combination is incomplete, provisional amounts are reported and adjusted retrospectively during the measurement period[5]. - Cash-generating units to which goodwill has been allocated are tested for impairment annually or more frequently if there are indications of impairment[9]. - Impairment losses are allocated first to reduce the carrying amount of goodwill and then to other assets on a pro-rata basis based on the carrying amount of each asset[10]. - Any excess of the cost of the investment over the Group's share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill[13]. Revenue Recognition - Revenue from contracts with customers is primarily derived from the Group's ordinary course of business, with management fee and IT service fee income recognized over time[18]. - The Group recognizes revenue as a principal when it controls the specified goods or services before transfer to the customer[18]. - The entire consideration for ownership interests in properties is allocated between leasehold land and building elements[19]. Financial Assets and Liabilities - Financial assets are initially measured at fair value, with transaction costs directly attributable to their acquisition added or deducted from this value[41]. - Financial assets that are held to collect contractual cash flows are subsequently measured at amortized cost[43]. - All other financial assets are measured at fair value through profit or loss, unless irrevocably elected to present changes in fair value in other comprehensive income[43]. - The effective interest method is used to calculate the amortized cost of financial assets and liabilities, allocating interest revenue and expense over the relevant period[41]. - The Group's financial liabilities, including trade and other payables, are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial[65]. - Provisions are recognised when there is a legal or constructive obligation, and it is probable that an outflow of economic benefits will be required to settle the obligation[66]. Impairment and Write-offs - Impairment losses on property, plant, and equipment can be reversed, increasing the asset's carrying amount to the revised recoverable amount[39]. - Financial assets are written off when there is information indicating severe financial difficulty of the counterparty, such as liquidation or bankruptcy[6]. - The Group's write-off policy includes considering significant financial difficulties of the issuer or borrower as a basis for derecognition[9]. - Any subsequent recoveries of written-off financial assets are recognized in profit or loss[10]. Investments and Associates - The Group's investment in associates and joint ventures is accounted for using the equity method, recognizing the initial investment at cost and adjusting for the Group's share of profits or losses thereafter[12]. - The Group's share of losses in an associate or joint venture is discontinued when it exceeds its interest in that entity, including any long-term interests[12]. - Changes in net assets of the associate or joint venture, other than profit or loss, are not accounted for unless they result in changes in ownership interest held by the Group[12]. - The Group's financial statements for associates and joint ventures are prepared using uniform accounting policies as those of the Group[12]. Economic and Market Conditions - The international logistics industry faced significant challenges in 2022, with a notable decline in air freight demand, particularly in Q4, compared to the same period in 2021[86]. - Global trade in 2022 was projected to reach approximately $32 trillion, with total goods trade estimated at $25 trillion, indicating a continued slowdown in trade growth since Q3[87]. - The company experienced adverse impacts from macroeconomic factors, including inflation, geopolitical conflicts, and the COVID-19 pandemic, which severely affected business operations[87]. - The pandemic led to broad-based lockdowns in Shanghai during Q2, negatively impacting China's production and manufacturing, which in turn shocked the global logistics industry[86]. Financial Performance - The Group's operating results declined in FY2022 compared to FY2021 due to macroeconomic impacts and declining upstream demand[121]. - The international air cargo demand weakened significantly in Q4 2022, leading to challenges for the entire international logistics industry[122]. - The Group's air freight forwarding business represented approximately 54.9% of total revenue in FY2022, up from 44.5% in FY2021[138]. - Total revenue from all geographical regions for 2022 was HK$6,706,450, down 11.3% from HK$7,556,427 in 2021[166]. Future Outlook and Strategy - In 2023, the Group plans to invest in emerging markets such as Southeast Asia and enhance service quality and networking coverage to build strategic advantages[89]. - The Group aims to optimize business services and customer experience while exploring the potential of the Chinese market as part of its globalization strategy[89]. - The Group expects to maintain rapid business development momentum over the next three years, capitalizing on market growth opportunities[89]. - The Group anticipates a cautious outlook for 2023, with global economic growth projected to slow to 1.9%[189].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 YTO INTERNATIONAL EXPRESS AND SUPPLY CHAIN TECHNOLOGY LIMITED 圓通國際快遞供應鏈科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6123） 末期業績公告 截至二零二二年十二月三十一日止年度 財務摘要 • 本集團於二零二二年財政年度之收益約為6,706.5百萬港元，較二零二一年 財政年度減少約11.2%（二零二一年財政年度：約7,556.4百萬港元）； • 空運業務於二零二二年財政年度之分部業績較二零二一年財政年度減少約 67.7%至約91.4百萬港元（二零二一年財政年度：約282.6百萬港元）； • 海運業務於二零二二年財政年度之分部業績較二零二一年財政年度減少約 8.5%至約196.1百萬港元（二零二一年財政年度：約214.4百萬港元）； • 本集團於二零二二年財政年度錄得本公司權益股東應佔溢利約136.7百萬港 元，較二零二一 ...