Core Insights - The express delivery industry in China experienced significant growth in volume, with July 2025 seeing 16.4 billion parcels delivered, a year-on-year increase of 15.1%, and a total of 112.05 billion parcels from January to July, up 18.7% year-on-year [1] - The growth is driven by the trend towards smaller packages, e-commerce promotions, and convenient return policies, surpassing the postal administration's forecast of over 8% growth for the entire year [1] - Major players in the e-commerce express delivery sector, such as YTO, Yunda, and Shentong, reported year-on-year volume increases of 20.8%, 7.6%, and 11.9% respectively in July 2025, with year-to-date increases of 21.6%, 15.1%, and 19.3% [1] - SF Express led the industry with a 33.7% year-on-year increase in volume for July 2025, attributed to its operational strategies and incentives for frontline staff [1] - The Ministry of Finance and the State Administration of Taxation announced new VAT policies for express delivery services, effective immediately, which will impact revenue collection for express companies [1] - Industry average revenue per parcel decreased to 7.36 yuan in July 2025, down 5.33% year-on-year and 1.76% month-on-month, influenced by the trend towards smaller packages and ongoing price wars [1] - However, there are indications of potential price recovery in August 2025 due to a shift away from aggressive competition [1][2] Company Insights - Key players in the express delivery sector include ZTO Express, SF Holding, JD Logistics, and YTO International Express, all of which are listed on the Hong Kong stock exchange [3] - The report from Guohai Securities indicates that franchise express companies may see performance recovery in the context of reduced competition [1][2]

Group 1 - The core point of the news is that Yang Xinwei, an executive director of YTO Express International (06123.HK), increased his shareholding by purchasing 100,000 shares at an average price of HKD 1.21 per share, totaling approximately HKD 121,000 [1] - Following this transaction, Yang Xinwei's total shareholding increased to 900,000 shares, raising his ownership percentage from 0.19% to 0.21% [1]

Group 1 - The core viewpoint of the article highlights that YTO Express International (06123.HK) reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025 [1] - The company's revenue was approximately HKD 1.414 billion, representing a year-on-year decrease of 52.5% [1] - The loss attributable to equity shareholders was approximately HKD 60.436 million, which expanded by 43.4% year-on-year, with a basic loss per share of HKD 0.1446 [1] Group 2 - The air freight segment reported a loss of approximately HKD 53.1 million, with revenue of about HKD 1 million for the first half of 2024 [1] - The sea freight segment's performance decreased by approximately 61.8% year-on-year to about HKD 9.3 million, with revenue of approximately HKD 24.2 million for the first half of 2024 [1] - The international express and parcel service segment incurred a loss of approximately HKD 8.6 million, with revenue of about HKD 9.9 million for the first half of 2024 [1]

Group 1 - The core viewpoint of the articles highlights YTO Express's strategic focus on internationalization despite facing short-term challenges, with a commitment to optimizing business structure and enhancing core capabilities [1][2]. - For the first half of 2025, YTO Express reported a business revenue of HKD 1.41 billion and a gross profit of approximately HKD 88.72 million, indicating a challenging macroeconomic environment [1]. - The company is actively restructuring its business by focusing on core areas such as international express, international freight, and supply chain, while strategically reducing lower-margin non-core businesses [1][2]. Group 2 - 2025 marks the beginning of YTO's comprehensive internationalization, with a "1+7" global express network centered around the Jiaxing "Oriental Tian Di Port" [2]. - YTO Express is leveraging advanced technologies, including artificial intelligence, to enhance operational efficiency and core competitiveness while expanding into emerging markets like Central Asia and the Middle East [2][3]. - Recent collaborations, such as the agreement with Xiaomi for cross-border supply chain services and the upgrade of overseas warehouse services in South Korea, demonstrate YTO's commitment to supporting Chinese enterprises in global trade [3].

Core Insights - YTO Express International reported a business revenue of HKD 1.41 billion and a gross profit of approximately HKD 88.72 million for the six months ending June 30, 2025, demonstrating strategic resilience despite short-term performance pressures [1] - The company is focusing on optimizing its business structure and enhancing core capabilities while deepening its international strategy to support its mission of connecting China with the world [1] Financial Performance - The company experienced a net loss primarily due to external factors such as tariff policy adjustments in major economies affecting cross-border trade and logistics [1] - YTO Express is strategically shrinking low-margin, long-cycle non-core businesses to concentrate resources on international express, freight, and supply chain services [1] Strategic Initiatives - 2025 marks the beginning of YTO's comprehensive internationalization, with a focus on establishing a "1+7" global express network centered around the Jiaxing "Oriental Tian Di Port" [2] - The company is leveraging advanced technologies, including artificial intelligence, to enhance operational efficiency and core competitiveness [2] Market Expansion - YTO Express is actively expanding into emerging markets such as Central Asia and the Middle East, optimizing its product offerings across eight categories, including international express and freight services [2] - Recent collaborations, such as the agreement with Zhejiang Hailiang Co., Ltd. for international logistics services in Thailand, signify YTO's integration into the Belt and Road Initiative [2] Service Enhancements - A partnership with Xiaomi Group for cross-border supply chain services aims to provide end-to-end logistics solutions for electronic components exported to South Asia, featuring a rapid collection and delivery system [3] - The company has upgraded its overseas warehouse services in South Korea, with a total storage area exceeding 10,000 square meters, enabling next-day delivery across major regions [3] Global Strategy - YTO Express is committed to deepening its global presence by aligning with the Belt and Road Initiative and supporting Chinese enterprises in their international endeavors [3]

Core Insights - YTO International Express reported a business revenue of HKD 1.41 billion and a gross profit of approximately HKD 88.72 million for the six months ending June 30, 2025, demonstrating strategic determination and long-term vision amidst macroeconomic challenges [1] - 2025 marks the beginning of YTO's "comprehensive internationalization," with significant progress in network expansion, product development, infrastructure, and talent acquisition [1] Talent Acquisition and Development - YTO International has prioritized the recruitment of high-end talent to ensure the precise implementation of its globalization strategy, appointing Zhou Jian as Executive Director and CEO in March 2024, who has extensive international logistics experience [1] - The company has introduced a complete training mechanism called the "Sailing Plan," which includes training, rotation, and assessment, successfully cultivating over 100 management trainees to support business and regional development [2] - YTO is actively promoting a "headquarters internationalization, frontline localization" talent strategy, achieving 100% coverage of standardized training and encouraging global employee mobility to enhance talent quality [2]

Core Viewpoint - YTO Express International (06123) reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, primarily due to market uncertainties and strategic business adjustments [1] Financial Performance - Revenue for the period was HKD 1.414 billion, representing a year-on-year decrease of 52.5% [1] - The loss attributable to equity shareholders was HKD 60.436 million, which expanded by 43.4% compared to the previous year [1] - Basic loss per share was HKD 0.1446 [1] Business Strategy and Operations - The increase in losses was attributed to several factors: - Uncertainties in the freight market due to fluctuations in U.S. tariff policies, leading to a decline in overall revenue and gross profit [1] - A strategic decision to reduce low-margin businesses with longer payment cycles to focus on core operations, resulting in decreased revenue and gross profit [1] - Ongoing efforts to enhance international development by building global express hub facilities and operational networks, aiming for a more efficient and sustainable logistics supply chain [1] - Increased investment in international talent recruitment and training, focusing on key regions and markets to strengthen control over logistics infrastructure and resources [1] - A comprehensive push towards digital transformation and technological innovation, with a sustained increase in R&D investment [1] Impairment Losses - During the first half of 2024, the company recorded a one-time impairment loss of approximately HKD 22.8 million related to investments in joint ventures, which was not present in the reporting period [1]

Core Viewpoint - YTO Express International (06123.HK) reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating challenges in its international expansion strategy [1] Financial Performance - The group's revenue for the six months ending June 30, 2025, was approximately HKD 1.41 billion, a decrease of about 52.5% compared to the same period in 2024 [1] - The company recorded a loss attributable to equity shareholders of approximately HKD 60.4 million, compared to a loss of HKD 42.1 million in the first half of 2024 [1] - The loss per share was HKD 0.1446 [1] Strategic Initiatives - The company continues to implement its international development strategy, focusing on trends in cross-border e-commerce, Chinese enterprises, and the Belt and Road Initiative [1] - YTO Express is steadily building a global logistics network, aiming to connect China with the world and vice versa [1] - As of the end of the reporting period, the company's international service network covers six continents and over 150 countries and regions [1]

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's revenue significantly decreased by 52.5% to 1,414.4 million HKD, resulting in a loss attributable to equity holders of 60.4 million HKD, which widened compared to the prior year, with air freight business turning from profit to loss 2025 First Half Key Financial Summary | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,414.4 | 2,975.1 | -52.5% | | Loss attributable to equity holders of the Company | (60.4) | (42.1) | +43.5% (Loss widened) | | Air Freight Business Segment Results | (53.1) | 1.0 | Shifted from profit to loss | | Ocean Freight Business Segment Results | 9.3 | 24.2 | -61.8% | | International Express and Parcel Services Business Segment Results | (8.6) | 9.9 | Shifted from profit to loss | [Financial Statements](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the income statement, statement of comprehensive income, and statement of financial position, reflecting the company's operating results, comprehensive income, and financial position during the reporting period [Consolidated Income Statement](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The company's revenue significantly decreased by 52.5% to 1,414.4 million HKD, with gross profit down 49.0%, leading to a widened loss before tax of 70.8 million HKD and a basic and diluted loss per share of 14.46 HK cents Consolidated Income Statement Key Data | Indicator | 2025 First Half (thousand HKD) | 2024 First Half (thousand HKD) | | :--- | :--- | :--- | | Revenue | 1,414,356 | 2,975,102 | | Cost of Sales | (1,325,636) | (2,801,015) | | Gross Profit | 88,720 | 174,087 | | Loss before tax | (70,807) | (40,025) | | Loss for the period | (60,753) | (42,880) | | Loss attributable to equity holders of the Company | (60,436) | (42,145) | | Basic loss per share (HK cents) | (14.46) | (10.08) | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) During the reporting period, the company's loss for the period was 60.8 million HKD, but a positive impact of 4.6 million HKD from exchange differences on overseas operations resulted in other comprehensive income turning positive at 4.8 million HKD, leading to a total comprehensive loss of 56.0 million HKD, a slight narrowing from 57.2 million HKD loss in the prior year Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 First Half (thousand HKD) | 2024 First Half (thousand HKD) | | :--- | :--- | :--- | | Loss for the period | (60,753) | (42,880) | | Exchange differences arising from translation of overseas operations | 4,635 | (12,597) | | Other comprehensive income for the period | 4,769 | (14,337) | | Total comprehensive income for the period | (55,984) | (57,217) | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, non-current assets increased to 159.5 million HKD, while total current assets and liabilities decreased, resulting in net current assets of 1,062.3 million HKD and a slight decrease in net assets to 1,170.4 million HKD Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Non-current assets | 159,529 | 104,775 | | Current assets | 1,457,310 | 1,661,097 | | Current liabilities | 395,007 | 511,631 | | Net current assets | 1,062,303 | 1,149,466 | | Net assets | 1,170,354 | 1,226,036 | | Bank balances and cash | 824,326 | 672,246 | [Notes](index=6&type=section&id=%E9%99%84%E8%A8%BB) This section details the basis of preparation for the interim financial report, changes in accounting policies, revenue and segment information, income tax expense, loss per share calculation, dividend policy, and aging analysis of trade receivables/payables, providing important supplementary information for understanding the financial statements [Basis of Preparation and Principal Accounting Policies](index=6&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The interim financial report is prepared in accordance with the HKEX Listing Rules and HKAS 34, consistent with annual financial statements, except for changes due to new HKFRS adoption, with HKAS 21 amendments having no material impact this period - The interim financial report is prepared in accordance with the HKEX Listing Rules and HKAS 34, and has been reviewed by KPMG[10](index=10&type=chunk)[12](index=12&type=chunk) - The adoption of amendments to HKAS 21, "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," had no material impact on this interim report[11](index=11&type=chunk) [Revenue and Segment Information](index=7&type=section&id=2.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue primarily derives from air freight, ocean freight, international express and parcel services, logistics, and other businesses, with total revenue for the reporting period at 1,414.4 million HKD, a significant 52.5% decrease year-on-year, and air freight and international express and parcel services turning from profit to loss, while ocean freight profitability significantly declined [Segment Revenue and Results](index=7&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%A5%AD%E7%B8%BE) Air freight remains the largest revenue source but saw significant declines in both revenue and results, turning from profit to loss, while ocean freight revenue and results also decreased significantly, and international express and parcel services revenue sharply fell, also turning to a loss, though logistics and other businesses saw improved results despite slight revenue drops Segment Revenue and Results (thousand HKD) | Operating Segment | 2025 First Half Revenue | 2024 First Half Revenue | 2025 First Half Results | 2024 First Half Results (Restated) | | :--- | :--- | :--- | :--- | :--- | | Air Freight | 849,569 | 1,827,055 | (53,089) | 1,009 | | Ocean Freight | 268,630 | 379,757 | 9,250 | 24,197 | | International Express and Parcel Services | 220,302 | 682,027 | (8,593) | 9,855 | | Logistics | 38,475 | 41,433 | 1,675 | 388 | | Others | 37,380 | 44,830 | 3,136 | 2,769 | | **Total** | **1,414,356** | **2,975,102** | **(47,621)** | **38,218** | [Income Tax Expense](index=8&type=section&id=3.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) During the reporting period, income tax expense shifted from a 2.9 million HKD expense in the prior year to a 10.1 million HKD income tax benefit, primarily due to an expanded negative impact from deferred tax and an over-provision for China corporate income tax in prior years Income Tax Expense (thousand HKD) | Tax Type | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | Current tax | 1,745 | 6,782 | | Prior years (over-provision) / under-provision | (2,537) | (178) | | Deferred tax | (9,262) | (3,749) | | **Total** | **(10,054)** | **2,855** | [Other Items of Profit or Loss](index=9&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%90%8D%E7%9B%8A%E9%A0%85%E7%9B%AE) During the reporting period, depreciation and amortisation expenses slightly decreased, while net exchange gain significantly increased to 11.3 million HKD, offsetting some losses Other Items of Profit or Loss (thousand HKD) | Item | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 2,505 | 3,291 | | Depreciation of right-of-use assets | 14,184 | 13,424 | | Amortisation of intangible assets | 825 | 874 | | Net exchange gain | (11,341) | (1,274) | [Loss Per Share](index=9&type=section&id=5.%20%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, both basic and diluted loss per share attributable to equity holders of the Company were 14.46 HK cents, an increase from 10.08 HK cents in the prior year, primarily due to increased loss for the period Loss Per Share (HK cents) | Indicator | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | Basic loss per share | (14.46) | (10.08) | | Diluted loss per share | (14.46) | (10.08) | - Diluted loss per share is the same as basic loss per share due to the anti-dilutive effect of potential dilutive ordinary shares[17](index=17&type=chunk) [Dividends](index=10&type=section&id=6.%20%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors does not recommend the payment of an interim dividend for the first half of 2025 (2024 first half: nil)[19](index=19&type=chunk)[54](index=54&type=chunk) [Trade Receivables](index=10&type=section&id=7.%20%E8%B2%A3%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade receivables were 488.7 million HKD, a significant decrease from 734.2 million HKD as of December 31, 2024, primarily concentrated in the 0-30 day aging category - The Group provides an average credit period of 30-60 days to trade customers[20](index=20&type=chunk) Trade Receivables Aging Analysis (thousand HKD) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 352,738 | 459,792 | | 31 to 60 days | 53,360 | 108,406 | | 61 to 90 days | 47,160 | 60,179 | | 91 to 180 days | 22,490 | 38,201 | | 181 to 365 days | 4,896 | 64,349 | | Over 365 days | 8,014 | 3,232 | | **Total** | **488,658** | **734,159** | [Trade and Other Payables](index=11&type=section&id=8.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade payables were 201.5 million HKD, a decrease from 265.9 million HKD as of December 31, 2024, primarily concentrated within 60 days Trade Payables Aging Analysis (thousand HKD) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 60 days | 131,734 | 212,010 | | 61 to 180 days | 54,461 | 41,419 | | 181 to 365 days | 3,777 | 605 | | Over 365 days | 11,561 | 11,850 | | **Total** | **201,533** | **265,884** | [Comparative Figures](index=11&type=section&id=9.%20%E6%AF%94%E8%BC%83%E6%95%B8%E5%AD%97) Certain comparative figures have been adjusted to conform to the current period's presentation - Certain comparative figures have been adjusted to conform to the current period's presentation[23](index=23&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) The Management Discussion and Analysis section elaborates on the company's business development strategy, financial performance, specific segment conditions, liquidity, and future market outlook for the reporting period, highlighting ongoing internationalization efforts amidst market challenges to revenue and profitability [Business Review](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the company continued to deepen its international development strategy, actively expanding its global logistics network to cover over 150 countries and regions across 6 continents, focusing on key routes and emerging markets to build comprehensive international logistics services - The company deeply implements its international development strategy, seizing opportunities from cross-border e-commerce and the "Belt and Road" initiative to build a global logistics network connecting China to the world and the world to the world[24](index=24&type=chunk) - As of the end of the reporting period, the company's international business service network covers 6 continents and over 150 countries and regions[24](index=24&type=chunk) - The company continuously optimizes its international product system, extending the international logistics service chain to cover one-stop services including cargo collection and dispatch, trunk transportation, customs clearance and transshipment, and last-mile delivery[24](index=24&type=chunk) [Financial Performance](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) During the reporting period, the Group's revenue decreased by 52.5% year-on-year to 1,414.4 million HKD, gross profit declined by 49.0%, while gross profit margin improved to 6.3%, and net loss attributable to equity holders widened by 43.4% to 60.4 million HKD, primarily due to reduced freight market revenue and gross profit, strategic reduction of low-margin businesses, and increased investment in internationalization Financial Performance Overview | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,414.4 | 2,975.1 | -52.5% | | Gross Profit | 88.7 | 174.1 | -49.0% | | Gross Profit Margin | 6.3% | 5.9% | +0.4% | | Net loss attributable to equity holders of the Company | (60.4) | (42.1) | +43.4% (Loss widened) | - The increase in loss is primarily attributed to the impact of US tariff policy fluctuations on freight market revenue and gross profit, strategic reduction of low-margin businesses, and continuous increased investment in advancing internationalization strategy, building global hubs, and digital transformation[26](index=26&type=chunk) - There was no one-off impairment loss on investment in a joint venture of 22.8 million HKD recorded in the first half of 2024 during the reporting period[26](index=26&type=chunk) [Segment Analysis](index=13&type=section&id=%E5%88%86%E9%83%A8%E5%88%86%E6%9E%90) The Group's core businesses include air and ocean freight forwarding services, as well as logistics, international express and parcel services, all facing market challenges during the reporting period, with revenue generally declining, and air freight and international express and parcel services turning from profit to loss, while ocean freight profitability significantly reduced - The Group's core businesses are air and ocean freight forwarding services, also providing logistics services, international express and parcel services, and other businesses[27](index=27&type=chunk) [Air Freight](index=13&type=section&id=%E7%A9%BA%E9%81%8B) Air freight forwarding remains the Group's largest business segment, accounting for 60.1% of total revenue, but during the reporting period, its revenue decreased by 53.5% year-on-year to 849.6 million HKD, and gross profit significantly decreased by 71.7% to 21.1 million HKD, mainly due to lower volumes and price sensitivity in the market leading to narrower profit margins - Air freight business accounts for approximately **60.1% of total revenue**, making it the Group's largest business segment[28](index=28&type=chunk) Air Freight Business Key Data | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 849.6 | 1,827.1 | -53.5% | | Gross Profit | 21.1 | 74.5 | -71.7% | - The decrease in revenue and gross profit is primarily due to lower volumes and market price sensitivity for air freight and charter services, leading to reduced profit margins[29](index=29&type=chunk) [Ocean Freight](index=14&type=section&id=%E6%B5%B7%E9%81%8B) Ocean freight forwarding business contributes 19.0% of total revenue, with revenue decreasing by 29.3% year-on-year to 268.6 million HKD during the reporting period, and gross profit declining to 53.4 million HKD, mainly due to decreased demand for container space - Ocean freight business contributes approximately **19.0% of total revenue**[30](index=30&type=chunk) Ocean Freight Business Key Data | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 268.6 | 379.8 | -29.3% | | Gross Profit | 53.4 | 69.6 | -23.3% | - The decrease in gross profit is primarily due to reduced demand for container space[30](index=30&type=chunk) [International Express and Parcel Services](index=14&type=section&id=%E5%9C%8B%E9%9A%9B%E5%BF%AB%E9%81%9E%E5%8F%8A%E5%8C%85%E8%A3%9D%E6%9C%8D%E5%8B%99) International express and parcel services, a new business segment, accounts for 15.6% of total revenue, but during the reporting period, its revenue significantly decreased by 67.7% year-on-year to 220.3 million HKD, with fewer completed pieces and gross profit declining by 87.3% to 2.5 million HKD, mainly due to the company strategically reducing certain short-term value products to focus on long-term competitiveness - International express and parcel services is a key strategic segment for the Group to address the development of the global cross-border e-commerce market, accounting for approximately **15.6% of total revenue**[31](index=31&type=chunk) International Express and Parcel Services Key Data | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 220.3 | 682.0 | -67.7% | | Completed Pieces (million pieces) | 11.1 | 34.8 | -68.1% | | Gross Profit | 2.5 | 19.6 | -87.3% | - The significant decrease in gross profit is primarily due to the company's proactive reduction of certain international express and parcel service products that only offer short-term value, based on a long-term sustainable development strategy[32](index=32&type=chunk) [Logistics](index=15&type=section&id=%E7%89%A9%E6%B5%81) The logistics services segment, including warehousing, distribution, and customs clearance, accounts for 2.7% of total revenue, with revenue slightly decreasing to 38.5 million HKD during the reporting period, but gross profit increased by 34.8% year-on-year to 6.2 million HKD, indicating improved operational efficiency - Logistics services segment includes warehousing, distribution, and customs clearance, accounting for approximately **2.7% of total revenue**[33](index=33&type=chunk) Logistics Services Key Data | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 38.5 | 41.4 | -7.0% | | Gross Profit | 6.2 | 4.6 | +34.8% | [Others](index=15&type=section&id=%E5%85%B6%E4%BB%96) Other businesses, including consolidated shipments, truck transportation, and general sales agency, generated 37.4 million HKD in revenue and 5.5 million HKD in gross profit during the reporting period, with gross profit margin increasing from 13.0% to 14.8% year-on-year, indicating improved profitability - Other businesses include consolidated shipments, truck transportation, general sales agency, e-commerce business, customs clearance services, and hand-carry urgent services[34](index=34&type=chunk) Other Businesses Key Data | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 37.4 | 44.8 | -16.6% | | Gross Profit | 5.5 | 5.8 | -5.2% | | Gross Profit Margin | 14.8% | 13.0% | +1.8% | [Liquidity and Financial Resources](index=15&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's working capital was 1,062.3 million HKD, a 7.6% decrease from year-end, but the current ratio increased to 3.69 times, with bank balances and cash rising 22.6% to 824.3 million HKD, primarily in USD, RMB, and HKD, and operating cash inflow of 138.6 million HKD for the period, maintaining a net cash position with no outstanding bank borrowings Liquidity and Financial Resources Key Data | Indicator | June 30, 2025 (million HKD) | December 31, 2024 (million HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Working Capital | 1,062.3 | 1,149.5 | -7.6% | | Current Ratio | 3.69 times | 3.25 times | +13.5% | | Bank Balances and Cash | 824.3 | 672.2 | +22.6% | | Operating Cash Inflow | 138.6 (First Half) | (93.5) (First Half) | Shifted from outflow to inflow | - The Group has no outstanding bank borrowings, a debt-to-equity ratio of 0, and maintains a net cash position[35](index=35&type=chunk) - The Group is exposed to various foreign currency risks, primarily HKD, RMB, EUR, USD, and TWD, but does not use derivative instruments to hedge currency risks[36](index=36&type=chunk) [Material Investments](index=16&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) For the six months ended June 30, 2025, the Group held no material investments - During the reporting period, the Group held no material investments[37](index=37&type=chunk) [Capital Commitments](index=16&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, the Group had no capital commitments[38](index=38&type=chunk) [Contingent Liabilities](index=16&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[39](index=39&type=chunk) [Pledge of Assets](index=16&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, approximately 8.2 million HKD of the Group's short-term bank deposits were pledged to secure certain bank facilities, a decrease from 14.7 million HKD as of December 31, 2024 - As of June 30, 2025, approximately **8.2 million HKD** of short-term bank deposits were pledged to secure bank facilities[40](index=40&type=chunk) [Events After Reporting Period](index=16&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the company's indirect wholly-owned subsidiary, YTO (Jiaxing) Supply Chain Co., Ltd., entered into an agreement on July 19, 2024, to acquire the entire equity interest in Shanghai YTO International Freight Forwarding Co., Ltd. for RMB 8.81 million, with completion expected on August 21, 2025, after which Shanghai YTO Freight will become an indirect wholly-owned subsidiary of the company - Subsequent to the reporting period, the company's indirect wholly-owned subsidiary, YTO (Jiaxing) Supply Chain Co., Ltd., will acquire the entire equity interest in Shanghai YTO International Freight Forwarding Co., Ltd. for **RMB 8.81 million**[41](index=41&type=chunk) - The acquisition is expected to be completed on August 21, 2025, after which Shanghai YTO Freight will become an indirect wholly-owned subsidiary of the Company, and its financial results will be consolidated into the Group's financial statements[42](index=42&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=17&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E4%B9%8B%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[43](index=43&type=chunk) [Outlook](index=17&type=section&id=%E5%89%8D%E6%99%AF) Despite global economic slowdown and increased uncertainty, the company maintains cautious optimism for future development, aiming to capitalize on China's export growth, industrial upgrading, and cross-border e-commerce opportunities by strengthening infrastructure, expanding service networks, embracing technology, enhancing comprehensive service capabilities, and fostering talent for long-term sustainable growth [Strong Growth in China's Exports and Industrial Upgrading Drive Freight Market Opportunities](index=17&type=section&id=%E4%B8%AD%E5%9C%8B%E5%87%BA%E5%8F%A3%E5%BC%B7%E5%8B%A2%E5%A2%9E%E9%95%B7%E3%80%81%E7%94%A2%E6%A5%AD%E5%8D%87%E7%B4%9A%E5%B8%B6%E5%8B%95%E8%B2%A8%E9%81%8B%E5%B8%82%E5%A0%B4%E7%99%BC%E5%B1%95%E6%A9%9F%E9%81%87) In the first half of 2025, China's total goods trade import and export value increased by 2.9% year-on-year, with exports reaching a record high, growing by 7.2%, and high-tech product exports continuing to rise, demanding more specialized international freight services and creating new growth points, which the company will leverage by expanding into emerging markets and optimizing its international product system - In the first half of 2025, China's total goods trade import and export value reached **RMB 21.79 trillion**, a year-on-year increase of **2.9%**, with exports exceeding **RMB 13 trillion**, a year-on-year increase of **7.2%**[44](index=44&type=chunk) - High-tech product exports maintained a **9.2% growth rate** for nine consecutive months, driving the upgrade of international freight towards specialized and customized services, creating niche markets such as high-end equipment transportation and temperature-controlled logistics[45](index=45&type=chunk) - The company will adhere to the development philosophy of "going global with Chinese enterprises and individuals, going global with cross-border e-commerce, and going global with the Belt and Road initiative," expanding into emerging markets and optimizing its international product system[45](index=45&type=chunk) [Strengthening Infrastructure and Expanding Service Network to Enhance Comprehensive Capabilities](index=18&type=section&id=%E5%BC%B7%E5%8C%96%E5%9F%BA%E7%A4%8E%E5%BB%BA%E8%A8%AD%EF%BC%8C%E6%8B%93%E5%B1%95%E6%9C%8D%E5%8B%99%E7%B6%B2%E7%B5%A1%E6%8F%90%E5%8D%87%E7%B6%9C%E5%90%88%E8%83%BD%E5%8A%9B) The company will deepen its international development strategy by building a "1+7" global express hub facility and operating network to strengthen control over core logistics infrastructure and resources, accelerating global network coverage in the second half of 2025 through self-construction, self-operation, and strategic partnerships, while promoting synergistic development of freight, express, and supply chain businesses - The company will build a "**1+7**" global express hub facility and operating network to strengthen control over core logistics infrastructure and resources[46](index=46&type=chunk) - In the second half of 2025, the company will accelerate global network coverage through self-construction, self-operation, and strategic partnerships, and promote the synergistic development of freight, express, and supply chain businesses[46](index=46&type=chunk) [Actively Embracing Industrial Transformation, Technology Empowerment to Boost Quality and Efficiency](index=19&type=section&id=%E7%A9%8D%E6%A5%B5%E6%93%81%E6%8A%B1%E7%94%A2%E6%A5%AD%E8%AE%8A%E9%9D%A9%EF%BC%8C%E7%A7%91%E6%8A%80%E8%B3%A6%E8%83%BD%E5%8A%A9%E5%8A%9B%E6%8F%90%E8%B3%AA%E5%A2%9E%E6%95%88) The company prioritizes informatization and digitalization, adhering to "digitalization, mobilization, real-time, and visualization" principles, strengthening technology-driven innovation, widely applying big data, cloud computing, and AI, and fully advancing vertical applications of AI to transform from a traditional logistics enterprise into a logistics technology enterprise - The company adheres to the principles of "digitalization, mobilization, real-time, and visualization," strengthening technology-driven innovation and promoting the application of big data, cloud computing, and artificial intelligence[47](index=47&type=chunk) - It aims to fully advance the vertical application of cutting-edge technologies like artificial intelligence, achieving a transformation from digitalization to intelligence, with the goal of evolving from a traditional international logistics supply chain enterprise to a logistics technology enterprise[47](index=47&type=chunk) [Seizing Cross-border E-commerce Opportunities to Build New Growth Drivers](index=19&type=section&id=%E6%8A%8A%E6%8F%A1%E8%B7%A8%E5%A2%83%E9%9B%BB%E5%95%86%E7%99%BC%E5%B1%95%E6%A9%9F%E9%81%87%EF%BC%8C%E6%A7%8B%E5%BB%BA%E6%A5%AD%E5%8B%99%E7%99%BC%E5%B1%95%E6%96%B0%E5%8B%95%E5%8A%9B) China's cross-border e-commerce is booming, with total industry import and export value reaching RMB 2.63 trillion in 2024, a 10.8% increase, and RMB 1.32 trillion in the first half of 2025, indicating sustained demand for international express logistics, which the company will leverage by deepening cooperation with e-commerce platforms and enhancing logistics service quality as a core future growth driver - In 2024, China's cross-border e-commerce industry's total import and export value reached **RMB 2.63 trillion**, a year-on-year increase of **10.8%**[48](index=48&type=chunk) - In the first half of 2025, imports and exports reached **RMB 1.32 trillion**, with exports at **RMB 1.03 trillion** (**+4.7%**) and imports at **RMB 291.1 billion** (**+9.3%**)[48](index=48&type=chunk) - The company will deepen cooperation with existing e-commerce platforms and enhance logistics service quality, positioning cross-border e-commerce as a core driver for future performance growth[49](index=49&type=chunk) [Significantly Enhancing Comprehensive Service Capabilities to Increase Customer Loyalty](index=20&type=section&id=%E5%A4%A7%E5%8A%9B%E6%8F%90%E5%8D%87%E7%B6%9C%E5%90%88%E6%9C%8D%E5%8B%99%E8%83%BD%E5%8A%9B%EF%BC%8C%E5%85%A8%E9%9D%A2%E6%9C%8D%E5%8B%99%E5%A2%9E%E5%A4%A7%E5%AE%A2%E6%88%B6%E7%B2%98%E6%80%A7) The company focuses on sectors like apparel, automotive, and semiconductors, building standardized customer management processes, acquiring new clients such as Xiaomi, and penetrating manufacturing clients, while continuously optimizing global supply chain services, strengthening warehousing and distribution systems, and developing integrated overseas trade and warehousing solutions to create an agile, efficient, and resilient global supply chain - The company focuses on sectors such as apparel, automotive, semiconductors, and electronic products, building standardized customer management processes, developing new clients, and penetrating manufacturing clients[50](index=50&type=chunk) - In the future, it will continuously optimize global supply chain service capabilities, strengthen warehousing and distribution system construction, build an agile, efficient, and resilient global supply chain system, and develop integrated overseas trade and warehousing service products[50](index=50&type=chunk) [Building a Talent Pipeline and Promotion System to Ensure Performance Growth](index=20&type=section&id=%E6%90%AD%E5%BB%BA%E4%BA%BA%E6%89%8D%E6%A2%AF%E9%9A%8A%E5%9F%B9%E9%A4%8A%E6%99%89%E5%8D%87%E9%AB%94%E7%B3%BB%EF%BC%8C%E6%8F%90%E4%BE%9B%E6%A5%AD%E7%B8%BE%E9%A8%B0%E9%A3%9B%E4%BF%9D%E9%9A%9C) The company will increase the recruitment and development of international talent, establishing clear career development paths through organizational design, budget management, regional system improvements, and targeted training, to build a professional and proactive talent team that provides strong support for global business expansion - The company will increase the recruitment and development of international talent, building clear career development paths through organizational design, budget management, regional system improvements, and targeted training[51](index=51&type=chunk) - The goal is to build a talent team that is like-minded, mission-driven, professional, proactive, loyal, and high-potential, supporting global business expansion[51](index=51&type=chunk) [Employees and Remuneration Policy](index=21&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed approximately 1,016 staff, with staff costs totaling 128.3 million HKD, and remuneration is determined by market terms, individual qualifications, and experience, supplemented by a share award scheme to incentivize employees Employees and Remuneration Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 1,016 | 1,119 | | Staff Costs (First Half) | 128.3 million HKD | 130.8 million HKD | - Remuneration is generally determined by market terms, individual qualifications, and experience, and a share award scheme has been adopted to incentivize employees[52](index=52&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=21&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[53](index=53&type=chunk) - As of June 30, 2025, the Company held no treasury shares[53](index=53&type=chunk) [Interim Dividend](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare an interim dividend for the reporting period, consistent with the prior year - The Board of Directors has resolved not to declare an interim dividend for the reporting period (2024 first half: nil)[54](index=54&type=chunk) [Corporate Governance](index=21&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Board has adopted and complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, and the company has also adopted a code for directors' securities transactions no less exacting than the Standard Code in Appendix C3, establishing an audit committee chaired by an independent non-executive director, which has reviewed the interim financial statements [Standard Code for Securities Transactions by Directors](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted a code for directors' securities transactions no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules, and all directors have complied with this code during the reporting period - The company has adopted a code for directors' securities transactions no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules[56](index=56&type=chunk) - Following specific enquiries, all Directors confirmed compliance with the relevant code during the reporting period[56](index=56&type=chunk) [Audit Committee](index=22&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The company has established an Audit Committee comprising one non-executive director and two independent non-executive directors, with Mr. Zhong Guowu as chairman, and the committee has discussed and reviewed the Group's unaudited consolidated financial statements with management without disagreement - The Audit Committee comprises one non-executive director and two independent non-executive directors, with Mr. Zhong Guowu as chairman[57](index=57&type=chunk) - The Audit Committee has discussed and reviewed the Group's unaudited consolidated financial statements with management, and there were no disagreements[57](index=57&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=22&type=section&id=%E5%88%8A%E8%BC%89%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement has been published on the Stock Exchange and the company's website, and the interim report for the reporting period will be published on the Stock Exchange and the company's website in due course - This interim results announcement has been published on the Stock Exchange and the company's website[58](index=58&type=chunk) - The interim report for the reporting period will be published on the Stock Exchange and the company's website in due course[58](index=58&type=chunk) [Acknowledgement](index=22&type=section&id=%E8%87%B4%E8%AC%9D) The Chairman of the Board, on behalf of the Board, expresses gratitude to all colleagues for their efforts, dedication, loyalty, and integrity, and thanks shareholders, customers, banks, and other business partners for their trust and support - The Chairman of the Board thanks all colleagues, shareholders, customers, banks, and other business partners for their support[59](index=59&type=chunk) [Board Composition](index=22&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E7%B5%84%E6%88%90) As of the announcement date, the Board of Directors comprises two executive directors, four non-executive directors, and three independent non-executive directors, with Mr. Yu Huijiao serving as Chairman - The Board of Directors includes two executive directors, four non-executive directors, and three independent non-executive directors[60](index=60&type=chunk) - Mr. Yu Huijiao serves as the Chairman of the Board[60](index=60&type=chunk)

智通财经获悉，圆通国际快递(06123)跌超9%，截至发稿，跌9.38%，报1.16港元，成交额103.09万港 元。 本文源自：智通财经网 消息面上，圆通国际快递发盈警，该集团预期于2025年上半年将取得净亏损约5600万港元至6500万港 元，上年同期净亏损4290万港元。公司指，净亏损增加的主要原因包括上半年美国关税政策波动等不确 定性因素影响，货运市场整体收入及毛利下降；集团战略性地缩减了部分低毛利率且回款周期较长的业 务，整体收入及毛利减少；以及期内集团推动数字化向智能化转型升级，强化技术创新驱动，持续增加 科技研发投入等。 ...