Group 1 - The core point of the article is the resignation of Sun Jing as a non-executive director of Binhai TEDA Logistics and the appointment of Hu Shanshan as the new non-executive director, effective after the board meeting on August 20, 2025 [1] - Hu Shanshan's term will last until the next annual general meeting of shareholders, at which point she will be eligible for re-election [1]

Core Viewpoint - Binhai TEDA Logistics (08348.HK) reported a significant decline in revenue for the six months ending June 30, 2025, while net profit showed an increase compared to the previous year [1] Financial Performance - Total revenue for the period was approximately RMB 1.21 billion, representing a decrease of about 35.35% year-on-year [1] - The profit attributable to the company's owners for the period was approximately RMB 969,000, which is an increase of about 59.11% compared to the same period last year [1] - Earnings per share were approximately RMB 0.03, compared to RMB 0.02 for the same period in 2024 [1]

Group 1 - The company announced the resignation of Ms. Sun Jing as a non-executive director, effective after the board's approval of the appointment of Ms. Hu Shanshan as the new non-executive director [1] - Ms. Hu Shanshan will be appointed as a non-executive director, effective after the relevant appointment resolution is passed at the board meeting scheduled for August 20, 2025, with her term lasting until the next annual general meeting of shareholders, at which point she will be eligible for re-election [1]

[GEM Market Characteristics and Disclaimers](index=2&type=section&id=GEM%20Characteristics%20and%20Disclaimers) This section details GEM market characteristics, emphasizing higher investment risks, and clarifies disclaimers and directors' responsibilities [GEM Market Characteristics](index=2&type=section&id=GEM%20Market%20Characteristics) The GEM market targets small and medium-sized companies, featuring higher investment risks, potential market volatility, and unassured liquidity - The GEM market is positioned for small and medium-sized companies, with **higher investment risks**, and securities may face **significant market volatility** and **uncertain liquidity**[2](index=2&type=chunk)[3](index=3&type=chunk) [Disclaimer and Directors' Responsibility](index=2&type=section&id=Disclaimer%20and%20Directors'%20Responsibility) The Hong Kong Stock Exchange disclaims responsibility for this report's content, with company directors assuming full accountability for its accuracy and completeness - The Hong Kong Stock Exchange is **not responsible** for this report's content, while company directors bear **full responsibility** for its accuracy and completeness[4](index=4&type=chunk)[5](index=5&type=chunk) [Financial Highlights](index=3&type=section&id=HIGHLIGHTS) This section presents key financial performance indicators for the first half of 2025, including revenue, gross profit, and profit attributable to owners [Financial Highlights for H1 2025](index=3&type=section&id=Financial%20Highlights%20for%20H1%202025) For H1 2025, operating revenue decreased by 35.35% and gross profit by 27.86%, yet gross profit margin slightly rose to 1.28%, with profit attributable to owners increasing by 59.11% and EPS to 0.3 cents Financial Summary for H1 2025 | Metric | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,215,637 | 1,880,472 | -35.35% | | Gross Profit | 15,533 | 21,532 | -27.86% | | Gross Profit Margin | 1.28% | 1.15% | +0.13 pp | | Profit Attributable to Owners | 969 | 609 | +59.11% | | Earnings Per Share (RMB cents) | 0.3 | 0.2 | +50.00% | [Unaudited Consolidated Interim Results for 2025](index=4&type=section&id=UNAUDITED%20CONSOLIDATED%20INTERIM%20RESULTS%20OF%202025) This section provides the unaudited consolidated interim financial statements for 2025, detailing profit or loss, financial position, equity changes, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In H1 2025, revenue significantly declined by 35.35%, leading to a 27.86% decrease in gross profit, but profit attributable to owners increased by 59.11% due to reduced finance costs and higher contributions from associates Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (H1 2025 vs H1 2024) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 1,215,637 | 1,880,472 | | Cost of Sales | (1,200,104) | (1,858,940) | | Gross Profit | 15,533 | 21,532 | | Administrative Expenses | (23,139) | (19,235) | | Other Income, Gains and Losses – Net | 6,429 | 5,156 | | Net Impairment Losses on Trade Receivables, etc | (1,408) | 2,980 | | Operating Profit | (2,585) | 10,433 | | Finance Costs | (6,039) | (10,351) | | Share of Results of Investments Accounted for Using Equity Method | 5,698 | 4,469 | | Profit Before Income Tax | (2,926) | 4,551 | | Income Tax Expense | (424) | (1,322) | | Profit for the Period | (3,350) | 3,229 | | Profit Attributable to Owners of the Company | 969 | 609 | | Non-controlling Interests | (4,319) | 2,620 | | Earnings Per Share (RMB cents) | 0.3 | 0.2 | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased to RMB 1,426,060 thousand, primarily due to reduced current assets, while total liabilities also significantly declined, maintaining relatively stable net current assets and total equity Condensed Consolidated Statement of Financial Position (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 832,279 | 899,063 | | Current Assets | 593,781 | 893,878 | | **Total Assets** | **1,426,060** | **1,792,941** | | **Equity** | | | | Equity Attributable to Owners of the Company | 885,858 | 885,098 | | Non-controlling Interests | 93,023 | 97,343 | | **Total Equity** | **978,881** | **982,441** | | **Liabilities** | | | | Non-current Liabilities | 59,377 | 59,682 | | Current Liabilities | 387,802 | 750,818 | | **Total Liabilities** | **447,179** | **810,500** | | Net Current Assets | 205,979 | 143,060 | [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity slightly decreased, influenced by profit for the period and changes in non-controlling interests, while the company repurchased shares during the period Condensed Consolidated Statement of Changes in Equity (H1 2025 vs H1 2024) | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | **Equity Attributable to Owners of the Company** | | | | Share Capital | 354,312 | 354,312 | | Treasury Shares | (209) | — | | Share Premium | 55,244 | 55,244 | | Statutory Reserve | 115,415 | 114,575 | | Other Reserves | (71,868) | (70,875) | | Retained Earnings | 432,964 | 434,632 | | **Equity Attributable to Owners of the Parent** | **885,858** | **887,888** | | Non-controlling Interests | 93,023 | 100,325 | | **Total Equity** | **978,881** | **988,213** | - In H1 2025, the company repurchased **RMB 209 thousand** of shares[21](index=21&type=chunk) [Condensed Consolidated Cash Flow Statement](index=8&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash inflow from operating activities was RMB 17,482 thousand, net cash inflow from investing activities significantly increased to RMB 83,530 thousand, while net cash outflow from financing activities was RMB 127,429 thousand, resulting in a net decrease of RMB 26,417 thousand in cash and cash equivalents Condensed Consolidated Cash Flow Statement (H1 2025 vs H1 2024) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 17,482 | 25,811 | | Net Cash From/(Used In) Investing Activities | 83,530 | (14,640) | | Net Cash From/(Used In) Financing Activities | (127,429) | (89,225) | | Net Decrease in Cash and Cash Equivalents | (26,417) | (78,054) | | Cash and Cash Equivalents at End of Period | 287,548 | 262,247 | [Notes to the Condensed Consolidated Financial Information](index=9&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20INFORMATION) This section provides detailed notes on the condensed consolidated financial information, covering general information, accounting policies, segment data, and other financial disclosures [General Information](index=9&type=section&id=General%20Information) The company, established in China in 2006 as an investment holding company, listed its H-shares on GEM in 2008 and primarily provides integrated logistics services in China, completing the conversion of domestic shares to H-shares in October 2023 - The company was established in China in **2006**, with its H-shares listed on the Stock Exchange's GEM on **April 30, 2008**[24](index=24&type=chunk)[25](index=25&type=chunk)[27](index=27&type=chunk) - The Group primarily engages in providing **integrated logistics services** in China, including supply chain solutions and material procurement and related logistics services[29](index=29&type=chunk)[32](index=32&type=chunk) - On **October 26, 2023**, the company completed the conversion of all domestic shares into H-shares[29](index=29&type=chunk)[32](index=32&type=chunk) [Basis of Preparation](index=10&type=section&id=Basis%20of%20Preparation) The unaudited condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and applicable disclosure requirements of the Hong Kong Companies Ordinance and GEM Listing Rules Chapter 18 - The financial statements are prepared in accordance with **International Financial Reporting Standards (IFRS)** and applicable disclosure requirements of the Hong Kong Companies Ordinance and GEM Listing Rules Chapter 18[30](index=30&type=chunk)[33](index=33&type=chunk) [Significant Accounting Policies](index=10&type=section&id=Significant%20Accounting%20Policies) IFRS amendments issued by the International Accounting Standards Board were first applied in this interim period, but they had no significant impact on the Group's financial position or performance - IFRS amendments were first applied in this period, but they had **no significant impact** on the financial position and performance[31](index=31&type=chunk)[34](index=34&type=chunk) [Segment Information](index=11&type=section&id=Segment%20Information) The Group's operating segments are categorized into four main areas: automotive vehicle and parts supply chain logistics, material procurement and related logistics, warehousing and multimodal transport, and other services, each managed by independent teams based on product, service, distribution channel, and customer considerations - The Group's operating segments include: **automotive vehicle and parts supply chain logistics services**, **material procurement and related logistics services**, **warehousing and multimodal transport business**, and **other services** (such as leasing and management services)[35](index=35&type=chunk)[36](index=36&type=chunk) H1 2025 Segment Revenue and Results (RMB'000) | Segment | External Customer Revenue | Segment Results | | :--- | :--- | :--- | | Automotive Vehicle and Parts Supply Chain Logistics Services | 433,421 | (9,318) | | Material Procurement and Related Logistics Services | 760,029 | 2,304 | | Warehousing and Multimodal Transport Business | 11,597 | 1,102 | | All Other Segments | 10,590 | 1,342 | | **Total** | **1,215,637** | **(4,570)** | H1 2024 Segment Revenue and Results (RMB'000) | Segment | External Customer Revenue | Segment Results | | :--- | :--- | :--- | | Automotive Vehicle and Parts Supply Chain Logistics Services | 507,270 | 4,314 | | Material Procurement and Related Logistics Services | 1,353,222 | 424 | | Warehousing and Multimodal Transport Business | 12,500 | 634 | | All Other Segments | 7,480 | (80) | | **Total** | **1,880,472** | **5,292** | [Other Income, Other Gains and Losses - Net](index=14&type=section&id=Other%20Income%2C%20Other%20Gains%20and%20Losses%20-%20Net) In H1 2025, net other income, gains, and losses increased to RMB 6,429 thousand from RMB 5,156 thousand in the prior year, primarily driven by higher interest income Other Income, Other Gains and Losses - Net (RMB'000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Income | 6,067 | 4,758 | | Others | 362 | 398 | | **Total** | **6,429** | **5,156** | [Finance Costs](index=14&type=section&id=Finance%20Costs) Finance costs in H1 2025 significantly decreased to RMB 6,039 thousand from RMB 10,351 thousand in the prior year, mainly due to reduced interest on borrowings and lease liabilities Finance Costs (RMB'000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on Borrowings | 5,802 | 9,636 | | Interest on Lease Liabilities | 237 | 715 | | **Total** | **6,039** | **10,351** | [Expenses by Nature](index=15&type=section&id=Expenses%20by%20Nature) In H1 2025, total cost of sales and administrative expenses significantly decreased to RMB 1,223,243 thousand from the prior year, with increased depreciation of property, plant, and equipment but reduced cost of sales and other expenses Expenses by Nature (RMB'000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 25,406 | 20,105 | | Other Expenses | 10,082 | 11,576 | | Cost of Sales | 1,187,755 | 1,846,494 | | **Total Cost of Sales and Administrative Expenses** | **1,223,243** | **1,878,175** | [Income Tax Expenses](index=15&type=section&id=Income%20Tax%20Expenses) Income tax expense in H1 2025 significantly decreased to RMB 424 thousand from the prior year, with the Group's applicable corporate income tax rate in China being 25% Income Tax Expenses (RMB'000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | The Company and its Subsidiaries | 424 | 1,322 | - The Group's applicable corporate income tax rate in China is **25%**[48](index=48&type=chunk)[50](index=50&type=chunk) [Dividend](index=15&type=section&id=Dividend) The Board of Directors recommends no interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors recommends **no interim dividend** for H1 2025 (H1 2024: nil)[49](index=49&type=chunk)[51](index=51&type=chunk) [Earnings Per Share](index=16&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share for H1 2025 were RMB 0.3 cents, higher than RMB 0.2 cents in the prior year, primarily due to increased profit attributable to owners of the company Earnings Per Share (RMB cents) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 969 | 609 | | Weighted Average Number of Shares for Basic and Diluted EPS ('000) | 353,790 | 354,312 | | **Basic and Diluted Earnings Per Share (RMB cents)** | **0.3** | **0.2** | [Property, Plant and Equipment](index=16&type=section&id=Property%2C%20Plant%20and%20Equipment) In H1 2025, the Group's expenditure on the acquisition of property, plant, and equipment was approximately RMB 1,301 thousand, an increase from RMB 454 thousand in the prior year - In H1 2025, expenditure on the acquisition of property, plant, and equipment was **RMB 1,301 thousand**, an increase from **RMB 454 thousand** in H1 2024[54](index=54&type=chunk)[55](index=55&type=chunk) [Trade Receivables, Bills and Other Receivables](index=17&type=section&id=Trade%20Receivables%2C%20Bills%20and%20Other%20Receivables) As of June 30, 2025, total trade receivables, bills, and other receivables significantly decreased to RMB 359,589 thousand from RMB 563,435 thousand at the end of 2024, primarily due to a substantial reduction in receivables aged 0-90 days Trade Receivables, Bills and Other Receivables (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables (Net) | 93,701 | 149,703 | | Bills Receivable (Net) | 1,691 | 4,813 | | Other Receivables (Net) | 230,369 | 286,707 | | Prepayments to Suppliers (Net) | 129,220 | 276,728 | | **Total Trade and Other Receivables** | **359,589** | **563,435** | Ageing Analysis of Trade Receivables and Bills Receivable (RMB'000) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-90 Days | 92,227 | 152,467 | | 91-180 Days | 1,441 | 621 | | 181-365 Days | 1,210 | 1,259 | | Over 1 Year | 201,808 | 201,639 | | **Total** | **296,686** | **355,986** | [Trade and Other Payables](index=18&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly decreased to RMB 213,585 thousand from RMB 383,219 thousand at the end of 2024, mainly due to a reduction in trade payables and bills payable Trade and Other Payables (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 141,567 | 189,548 | | Bills Payable | 43,930 | 151,600 | | Other Payables, Accruals and Other Tax Payables | 28,088 | 42,071 | | **Total** | **213,585** | **383,219** | Ageing Analysis of Trade Payables and Bills Payable (RMB'000) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-90 Days | 183,952 | 188,191 | | 91-180 Days | 1,330 | 151,651 | | 181-365 Days | 9 | 605 | | Over 1 Year | 206 | 701 | | **Total** | **185,497** | **341,148** | [Borrowings](index=19&type=section&id=Borrowings) As of June 30, 2025, borrowings decreased significantly to RMB 152,095 thousand from RMB 260,119 thousand at the end of 2024, with all borrowings being short-term and no long-term borrowings exceeding one year Borrowings (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Borrowings | 152,095 | 260,119 | - As of June 30, 2025, all borrowings were **short-term**, with no long-term borrowings exceeding one year[109](index=109&type=chunk)[113](index=113&type=chunk) [Share Capital](index=20&type=section&id=Share%20Capital) As of June 30, 2025, the company's share capital was RMB 354,103 thousand, comprising 522 thousand treasury shares and 353,790 thousand H-shares Share Capital Structure (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Treasury Shares ('000) | 522 | — | | H-shares ('000) | 353,790 | 354,312 | | **Amount (RMB'000)** | **354,103** | **354,312** | [Capital Commitments](index=20&type=section&id=Capital%20Commitments) The Group had no capital commitments during the reporting period - The Group had **no capital commitments** during the reporting period[68](index=68&type=chunk)[70](index=70&type=chunk) [Related Party Disclosures](index=20&type=section&id=Related%20Party%20Disclosures) The Group engages in significant transactions with Chinese state-owned entities, including material procurement and logistics fuel purchases, with most cash, bank balances, and borrowings sourced from state-owned banks, and key management personnel compensation increased in H1 2025 - The Group has **significant transactions** with Chinese state-owned entities, including material procurement and logistics fuel purchases[69](index=69&type=chunk)[71](index=71&type=chunk) - For the six months ended June 30, 2025, key management personnel compensation was **RMB 2,420 thousand**, an increase from **RMB 2,297 thousand** in H1 2024[72](index=72&type=chunk)[75](index=75&type=chunk) [Financial Guarantee Liabilities](index=21&type=section&id=Financial%20Guarantee%20Liabilities) As of June 30, 2025, the Group had no financial guarantee liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[73](index=73&type=chunk)[76](index=76&type=chunk) [Comparative Figures](index=21&type=section&id=Comparative%20Figures) Certain comparative figures have been reclassified to conform to the current period's presentation - Certain comparative figures have been **reclassified** to conform to the current period's presentation[74](index=74&type=chunk)[77](index=77&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides a comprehensive review of the Group's financial performance and business operations for the period, along with an analysis of liquidity, financial resources, and capital structure [Financial Review](index=22&type=section&id=Financial%20Review) In H1 2025, operating revenue decreased by 35.35% year-on-year, primarily due to strategic adjustments and reduced automotive logistics volume, while profit attributable to owners increased by 59.11% driven by higher gross profit from material procurement and significantly lower finance costs H1 2025 Key Financial Metrics Changes | Metric | H1 2025 (RMB'000) | H1 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,215,637 | 1,880,472 | -35.35% | | Cost of Sales | 1,200,104 | 1,858,940 | -35.44% | | Gross Profit | 15,533 | 21,532 | -27.86% | | Administrative Expenses | 23,139 | 19,235 | +20.30% | | Finance Costs | 6,039 | 10,351 | -41.66% | | Tax Expense | 424 | 1,322 | -67.93% | | Share of Results of Joint Ventures and Associates | 5,698 | 4,469 | +27.50% | | Profit Attributable to Owners of the Company | 969 | 609 | +59.11% | - Operating revenue decreased primarily due to the company's **proactive adjustment of revenue structure**, reduction of low-margin businesses (material procurement services), and decreased automotive logistics volume and prices due to upstream customer cost pressures[78](index=78&type=chunk)[81](index=81&type=chunk) - The increase in administrative expenses was mainly due to **severance payments** resulting from personnel streamlining in the automotive vehicle and parts supply chain logistics services segment[80](index=80&type=chunk)[83](index=83&type=chunk) - The decrease in finance costs resulted from the company's continuous efforts to **reduce financing costs**, scale down financing, and actively negotiate lower interest rates with banks[84](index=84&type=chunk)[88](index=88&type=chunk) - The growth in share of results of joint ventures and associates was primarily due to **reduced losses** at associate company Gangwan Automobile[86](index=86&type=chunk)[90](index=90&type=chunk) - The increase in profit attributable to owners of the company was mainly driven by **higher gross profit from material procurement services** and **reduced finance costs**[87](index=87&type=chunk)[91](index=91&type=chunk) [Business Review](index=24&type=section&id=Business%20Review) The Group's core businesses include automotive vehicle and parts supply chain logistics, material procurement and related logistics, warehousing and multimodal transport, and other services, with varied performance in H1 2025, showing improved profitability in material procurement and electronic parts logistics, but challenges in automotive logistics and warehousing - **Automotive Vehicle and Parts Supply Chain Logistics Services**: Operating revenue decreased by **14.56%** to RMB **433,421 thousand**, turning into an operating loss of **RMB 9,318 thousand** (H1 2024: profit of RMB 4,314 thousand), mainly due to reduced imported vehicle and vessel volumes, lost orders, price reductions in high-margin businesses, and severance payments from personnel streamlining[93](index=93&type=chunk)[94](index=94&type=chunk)[98](index=98&type=chunk) - **Material Procurement Services**: Operating revenue decreased by **43.84%** to RMB **760,029 thousand**, but operating results significantly increased by **443.4%** to **RMB 2,304 thousand**, primarily due to the company's proactive adjustment of revenue structure, reduction of low-margin businesses, and increased volume in high-margin projects[95](index=95&type=chunk)[96](index=96&type=chunk)[99](index=99&type=chunk) - **Warehousing and Multimodal Transport Business**: Operating revenue decreased by **7.22%** to RMB **11,597 thousand**, but operating results increased by **73.82%** to **RMB 1,102 thousand**, with revenue decline attributed to weak regional demand and increased market inventory leading to a sluggish leasing market, while performance growth was due to refined management, optimized structure, and reduced labor costs from personnel streamlining[100](index=100&type=chunk)[101](index=101&type=chunk)[105](index=105&type=chunk) - **Other Services**: Operating revenue increased by **41.58%** to RMB **10,590 thousand**, and operating results significantly increased by **1777.5%** to **RMB 1,342 thousand**, mainly due to the normalization of operations from new leases at Beigang Yard[102](index=102&type=chunk)[103](index=103&type=chunk)[106](index=106&type=chunk) - **Electronic Parts Supply Chain Logistics Services (operated through joint ventures)**: Operating net profit increased by **2.35%** to RMB **13,569 thousand**, with profit contribution increasing by **2.11%** to **RMB 6,649 thousand**, maintaining performance largely consistent with the prior year[104](index=104&type=chunk)[107](index=107&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=26&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's total assets were RMB 1,426,060 thousand, total liabilities RMB 447,179 thousand, and total equity RMB 978,881 thousand, with borrowings significantly reduced to RMB 152,095 thousand (all short-term), resulting in a lower gearing ratio of 31.36%, and certain investment properties and bank deposits were pledged Liquidity, Financial Resources and Capital Structure Overview (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Total Assets | 1,426,060 | 1,792,941 | | Current Assets | 593,781 | 893,878 | | Non-current Assets | 832,279 | 899,063 | | Total Liabilities | 447,179 | 810,500 | | Current Liabilities | 387,802 | 750,818 | | Non-current Liabilities | 59,377 | 59,682 | | Total Equity | 978,881 | 982,441 | | Borrowings Balance | 152,095 | 260,119 | | Gearing Ratio | 31.36% | 45.21% | - The borrowings balance significantly decreased, and all borrowings are **short-term**, with no long-term borrowings[109](index=109&type=chunk)[113](index=113&type=chunk) - Investment properties (RMB **298,400 thousand**) and bank deposits (RMB **17,994 thousand**) were pledged to secure borrowings and bills payable[110](index=110&type=chunk)[114](index=114&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) The Group's primary operating income and expenses are denominated in RMB, with no significant investments outside mainland China, but it faces some foreign exchange risk from foreign currency transactions (e.g., USD, JPY) by its subsidiary Tianjin Toyota Logistics Co., Ltd., realizing a foreign exchange gain of RMB 215 thousand in H1 2025 - All of the Group's operating income and expenses are denominated in **RMB**, with **no significant investments** outside mainland China[116](index=116&type=chunk)[121](index=121&type=chunk) - The Group has foreign currency transactions in **USD, JPY**, etc., realizing a foreign exchange gain of **RMB 215 thousand** in H1 2025[117](index=117&type=chunk)[121](index=121&type=chunk) [Material Acquisitions and Disposals](index=27&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group had no material acquisitions or disposals during the reporting period - The Group had **no material acquisitions or disposals** during the reporting period[118](index=118&type=chunk)[122](index=122&type=chunk) [Contingent Liabilities](index=27&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[119](index=119&type=chunk)[123](index=123&type=chunk) [Employees](index=27&type=section&id=Employees) As of June 30, 2025, the Group's total workforce decreased significantly to 551 employees from 1,011 in the prior year, primarily due to personnel streamlining at its subsidiary Tianjin Toyota Logistics Co., Ltd. following a decline in business volume, resulting in a slight decrease in employee costs Employee Count and Costs | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 551 | 1,011 | -460 | | Employee Costs (RMB'000) | 68,364 | 68,880 | -0.75% | - The decrease in employee count was mainly due to **personnel streamlining** at subsidiary Tianjin Toyota Logistics Co., Ltd. following a decline in business volume[120](index=120&type=chunk)[124](index=124&type=chunk) [Prospects and Outlook](index=28&type=section&id=PROSPECTS%20AND%20OUTLOOK) This section outlines the industry environment and the Group's performance in H1 2025, along with its strategic outlook and key priorities for H2 2025 [Industry Environment and Group Performance](index=28&type=section&id=Industry%20Environment%20and%20Group%20Performance) In H1 2025, China's economy showed steady progress with continued logistics demand growth, yet logistics enterprises faced intensified market competition, rising costs, and international volatility, while the Group maintained stability through strategic adjustments and refined operations, planning for high-quality development in H2 - In H1 2025, China's economy showed **steady progress**, with GDP growing by **5.3%** year-on-year and total social logistics increasing by **5.6%** year-on-year[125](index=125&type=chunk)[127](index=127&type=chunk) - Logistics enterprises face multi-dimensional operating pressures, including **intensified market competition**, **rigidly rising costs**, and **volatile international environment**[125](index=125&type=chunk)[127](index=127&type=chunk) - The Group gradually alleviated automotive logistics business pressure through **proactive cost reduction**, **optimization of business structure**, and **deepened customer collaboration**; material procurement services improved profitability by contracting low-margin businesses; and warehousing and multimodal transport businesses enhanced efficiency through cost control and model innovation[125](index=125&type=chunk)[127](index=127&type=chunk) [Outlook and Strategic Focus for H2 2025](index=28&type=section&id=Outlook%20and%20Strategic%20Focus%20for%20H2%202025) Looking ahead to H2 2025, China's new development paradigm will foster dual circulation, unlocking logistics demand potential in green, low-carbon, and consumer sectors, providing policy dividends for the Group's high-quality development, which will focus on solidifying its core business, strengthening cost control, and actively expanding into new markets to achieve dual improvements in quality and efficiency - H2 outlook: The Group will anchor **high-quality development**, solidify its core business foundation, strengthen cost control, and actively expand into incremental markets, implementing multiple measures to expand automotive logistics business and enhance cost-efficiency, promote model innovation and operational effectiveness in warehousing and multimodal transport, and steadily advance the transformation and upgrading of material procurement business, achieving dual improvements in quality and efficiency for its main businesses[126](index=126&type=chunk)[128](index=128&type=chunk) - The logistics industry is at a critical juncture of transformation from **scale-driven to innovation-driven**, and the Group will adhere to the "seek progress while maintaining stability" work principle, serve the real economy, and fully integrate into the modern comprehensive logistics service system[129](index=129&type=chunk)[131](index=131&type=chunk) [Other Information](index=29&type=section&id=OTHER%20INFORMATION) This section covers various other information, including directors' and chief executives' interests, substantial shareholders, competing interests, changes in director information, auditor name change, corporate governance, audit committee, and securities transactions [Directors' and Chief Executives' Interests and/or Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=29&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%2For%20Short%20Positions) As of June 30, 2025, none of the company's directors or chief executives held any interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation that require disclosure under the Securities and Futures Ordinance - As of June 30, 2025, none of the company's directors or chief executives held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation[129](index=129&type=chunk)[131](index=131&type=chunk) [Directors' and Chief Executives' Rights to Acquire Shares or Debentures](index=29&type=section&id=Directors'%20and%20Chief%20Executives'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) As of June 30, 2025, no rights to subscribe for or acquire shares or debentures of the company were granted to or exercised by any director or chief executive - As of June 30, 2025, no rights to subscribe for or acquire shares or debentures of the company were granted to or exercised by any director or chief executive[130](index=130&type=chunk)[132](index=132&type=chunk) [Substantial Shareholders and Persons Holding Interests and Short Positions in Shares and Underlying Shares of the Company](index=30&type=section&id=Substantial%20Shareholders%20and%20Persons%20Holding%20Interests%20and%20Short%20Positions) As of June 30, 2025, Tianjin TEDA Investment Holding Co., Ltd., Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd., Chia Tai Land Co., Ltd., and Tianjin Port Development Holdings Limited were the company's substantial shareholders, holding 42.45%, 21.82%, 8%, and 5.64% of H-shares, respectively Substantial Shareholders' Shareholdings (June 30, 2025) | Name | Capacity | Number of H-shares | Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Tianjin TEDA Investment Holding Co., Ltd. | Beneficial Owner | 150,420,051 | 42.45% | | Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd. | Beneficial Owner | 77,303,789 | 21.82% | | Chia Tai Land Co., Ltd. | Beneficial Owner | 28,344,960 | 8% | | Tianjin Port Development Holdings Limited | Beneficial Owner | 20,000,000 | 5.64% | - Chia Tai Land Co., Ltd. and its controlled corporations (FUTAI (Shanghai) Co., Ltd., Chia Tai Group (BVI) Holdings Limited, CPG Overseas Company Limited, Charoen Pokphand Group Company Limited) are deemed to hold **8%** of the H-shares[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd. and its controlled corporation (China Biopharmaceutical Limited) are deemed to hold **21.82%** of the H-shares[136](index=136&type=chunk)[138](index=138&type=chunk) [Competing Interests](index=33&type=section&id=Competing%20Interests) None of the company's directors, controlling shareholders, substantial shareholders, or their associates engage in any business that competes or may compete with the Group's business, nor do they have any other conflicts of interest - None of the company's directors, controlling shareholders, substantial shareholders, or their associates have **competing interests** or conflicts of interest with the Group[140](index=140&type=chunk)[144](index=144&type=chunk) [Change in Information of Director or Chief Executive](index=33&type=section&id=Change%20in%20Information%20of%20Director%20or%20Chief%20Executive) As of the report date, the company has not identified any changes in information of directors or chief executives that require disclosure under the GEM Listing Rules - As of the report date, the company has **not identified any changes** in information of directors or chief executives that require disclosure under the GEM Listing Rules[141](index=141&type=chunk)[145](index=145&type=chunk) [Change of Name of Accountant](index=33&type=section&id=Change%20of%20Name%20of%20Accountant) The company's Hong Kong auditor, SHINEWING (HK) CPA Limited, changed its name to Rongcheng (Hong Kong) CPA Limited on June 30, 2025 - The company's Hong Kong auditor, SHINEWING (HK) CPA Limited, changed its name to **Rongcheng (Hong Kong) CPA Limited** on June 30, 2025[142](index=142&type=chunk)[146](index=146&type=chunk) [Corporate Governance Code](index=34&type=section&id=Corporate%20Governance%20Code) During the reporting period, the company consistently complied with all provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the GEM Listing Rules - During the reporting period, the company consistently complied with **all provisions** of the Corporate Governance Code set out in Appendix C1 Part 2 of the GEM Listing Rules[147](index=147&type=chunk)[150](index=150&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The company has established an Audit Committee in accordance with the GEM Listing Rules, defining its terms of reference and duties, composed of independent non-executive directors, and has reviewed the unaudited results for the reporting period - The company has established an Audit Committee in accordance with the GEM Listing Rules, defining its terms of reference and duties, and is composed of **independent non-executive directors**[148](index=148&type=chunk)[151](index=151&type=chunk) - The Audit Committee has reviewed the **unaudited results** for the reporting period and provided recommendations and opinions[148](index=148&type=chunk)[151](index=151&type=chunk) [Securities Transactions by Directors](index=34&type=section&id=Securities%20Transactions%20by%20Directors) The company has adopted a code for securities transactions by directors, and all directors have confirmed their compliance with this code - The company has adopted a code for securities transactions by directors, and all directors have confirmed their **compliance** with this code[149](index=149&type=chunk)[152](index=152&type=chunk) [Purchase, Sale or Redemption of Listed Securities of the Company](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company) During the reporting period, the company repurchased 522,000 H-shares on GEM, and other than this, neither the company nor its subsidiaries purchased, redeemed, sold, or cancelled any other listed securities - During the reporting period, the company repurchased **522,000 H-shares** on GEM[153](index=153&type=chunk)[155](index=155&type=chunk) - Other than the aforementioned repurchase, neither the company nor its subsidiaries purchased, redeemed, sold, or cancelled any other **listed securities**[153](index=153&type=chunk)[155](index=155&type=chunk)

[General Information](index=1&type=section&id=General%20Information) [Company Overview & Regulatory Context](index=1&type=section&id=Company%20Overview%20%26%20Regulatory%20Context) Tianjin Binhai Teda Logistics (Group) Corporation Limited (Stock Code: 8348) released its unaudited condensed consolidated financial results for the six months ended June 30, 2025, with its H-shares listed on the HKEX GEM in 2008 - Company Name: **Tianjin Binhai Teda Logistics (Group) Corporation Limited***[2](index=2&type=chunk) - Stock Code: **8348**[2](index=2&type=chunk) - Reporting Period: Six months ended **June 30, 2025**[2](index=2&type=chunk) - Listing Venue: **Hong Kong Stock Exchange GEM** (listed on April 30, 2008)[3](index=3&type=chunk)[31](index=31&type=chunk) [GEM Market Characteristics](index=3&type=section&id=GEM%20Market%20Characteristics) The GEM market, designed for small and medium-sized companies, carries higher investment risks, with securities potentially facing significant market volatility and uncertain liquidity - The GEM market provides a listing platform for small and medium-sized companies, carrying **higher investment risks**[6](index=6&type=chunk)[10](index=10&type=chunk) - GEM securities may be subject to **significant market volatility** and **high liquidity cannot be guaranteed**[7](index=7&type=chunk)[10](index=10&type=chunk) [Financial Highlights](index=4&type=section&id=HIGHLIGHTS) [Financial Highlights Summary](index=4&type=section&id=Financial%20Highlights%20Summary) For the six months ended June 30, 2025, the company's operating revenue decreased by 35.35% year-on-year, gross profit declined by 27.86%, but gross profit margin slightly increased, while profit attributable to owners grew by 59.11% to RMB 0.3 cents per share 2025 H1 Financial Highlights | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,215,637 | 1,880,472 | -35.35% | | Gross Profit | 15,533 | 21,532 | -27.86% | | Gross Profit Margin | 1.28% | 1.15% | +0.13 percentage points | | Profit Attributable to Owners of the Company | 969 | 609 | +59.11% | | Earnings Per Share | 0.3 cents | 0.2 cents | +50.00% | [Unaudited Consolidated Interim Results for 2025](index=5&type=section&id=UNAUDITED%20CONSOLIDATED%20INTERIM%20RESULTS%20OF%202025) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, the Group reported revenue of RMB 1,215,637 thousand, a loss for the period of RMB (3,350) thousand, and profit attributable to owners of RMB 969 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 1,215,637 | 1,880,472 | | Cost of Sales | (1,200,104) | (1,858,940) | | Gross Profit | 15,533 | 21,532 | | Administrative Expenses | (23,139) | (19,235) | | Operating Profit | (2,585) | 10,433 | | Finance Costs | (6,039) | (10,351) | | Profit Before Income Tax | (2,926) | 4,551 | | Profit for the Period | (3,350) | 3,229 | | Profit Attributable to Owners of the Company | 969 | 609 | | Earnings Per Share (RMB cents) | 0.3 | 0.2 | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, the Group's total assets were RMB 1,426,060 thousand, total liabilities were RMB 447,179 thousand, and total equity was RMB 978,881 thousand Condensed Consolidated Statement of Financial Position (Summary) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 832,279 | 899,063 | | Current Assets | 593,781 | 893,878 | | **Total Assets** | **1,426,060** | **1,792,941** | | **Equity and Liabilities** | | | | Equity Attributable to Owners of the Company | 885,858 | 885,098 | | Non-controlling Interests | 93,023 | 97,343 | | **Total Equity** | **978,881** | **982,441** | | Non-current Liabilities | 59,377 | 59,682 | | Current Liabilities | 387,802 | 750,818 | | **Total Liabilities** | **447,179** | **810,500** | | **Total Equity and Liabilities** | **1,426,060** | **1,792,941** | | Net Current Assets | 205,979 | 143,060 | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) As of June 30, 2025, equity attributable to owners was RMB 885,858 thousand, with a profit for the period of RMB 969 thousand and treasury share repurchases Condensed Consolidated Statement of Changes in Equity (Summary) | Indicator | June 30, 2025 (RMB thousands) | January 1, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company (Beginning of Period) | 885,098 | 887,279 | | Profit and Total Comprehensive Income for the Period | 969 | 609 | | Repurchases | (209) | — | | Equity Attributable to Owners of the Company (End of Period) | 885,858 | 887,888 | | Non-controlling Interests (End of Period) | 93,023 | 100,325 | | Total Equity (End of Period) | 978,881 | 988,213 | [Condensed Consolidated Cash Flow Statement](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20CASH%20FLOW%20STATEMENT) For the six months ended June 30, 2025, net cash inflow from operating activities was RMB 17,482 thousand, net cash inflow from investing activities was RMB 83,530 thousand, net cash outflow from financing activities was RMB 127,429 thousand, and the net decrease in cash and cash equivalents was RMB 26,417 thousand Condensed Consolidated Cash Flow Statement (Summary) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash From/(Used in) Operating Activities | 17,482 | 25,811 | | Net Cash From/(Used in) Investing Activities | 83,530 | (14,640) | | Net Cash From/(Used in) Financing Activities | (127,429) | (89,225) | | Net Decrease in Cash and Cash Equivalents | (26,417) | (78,054) | | Cash and Cash Equivalents at End of Period | 287,548 | 262,247 | [Notes to the Condensed Consolidated Financial Information](index=10&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20INFORMATION) [1. General](index=10&type=section&id=1.%20GENERAL) The company, established in China in 2006 as an investment holding company with Teda Holding and Tianjin Economic-Technological Development Area Asset Management Co., Ltd. as major shareholders, completed the conversion of all domestic shares to H-shares in 2023, focusing on integrated logistics services in China - The company was established in China on **June 26, 2006**, as an investment holding company[28](index=28&type=chunk)[31](index=31&type=chunk) - On **October 26, 2023**, the company completed the conversion of all domestic shares into H-shares[33](index=33&type=chunk)[36](index=36&type=chunk) - The Group's principal activities are the provision of integrated logistics services in China, including supply chain solutions and materials procurement and related logistics services[33](index=33&type=chunk)[36](index=36&type=chunk) [2. Basis of Preparation](index=11&type=section&id=2.%20BASIS%20OF%20PREPARATION) The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), the Hong Kong Companies Ordinance, and Chapter 18 of the GEM Listing Rules - The financial statements are prepared in accordance with **International Financial Reporting Standards (IFRS)**[34](index=34&type=chunk)[37](index=37&type=chunk) - They also comply with the disclosure requirements of the **Hong Kong Companies Ordinance** and **Chapter 18 of the GEM Listing Rules**[34](index=34&type=chunk)[37](index=37&type=chunk) [3. Significant Accounting Policies](index=11&type=section&id=3.%20SIGNIFICANT%20ACCOUNTING%20POLICIES) During this interim period, IFRS amendments issued by the IASB were first applied, with no significant impact on the Group's financial position or performance - The Group first applied IFRS 21 (Amendments) "Lack of Exchangability" during the interim period[35](index=35&type=chunk)[38](index=38&type=chunk) - These amendments had **no significant impact** on the Group's financial position or performance for the current and prior periods[35](index=35&type=chunk)[38](index=38&type=chunk) [4. Segment Information](index=12&type=section&id=4.%20SEGMENT%20INFORMATION) The Group's operating segments are categorized into four main types: supply chain and logistics services for finished automobiles and components, materials procurement and related logistics services, warehousing and multimodal transport services, and other services, with this section detailing each segment's revenue and performance - The Group's operating segments include: supply chain and logistics services for finished automobiles and components, materials procurement and related logistics services, warehousing and multimodal transport services, and other services[40](index=40&type=chunk) H1 2025 Segment Revenue and Results (RMB thousands) | Segment | Revenue from External Customers | Segment Results | | :--- | :--- | :--- | | Supply Chain and Logistics Services for Finished Automobiles and Components | 433,421 | (9,318) | | Materials Procurement and Related Logistics Services | 760,029 | 2,304 | | Warehousing and Multimodal Transport Services | 11,597 | 1,102 | | All Other Segments | 10,590 | 1,342 | | **Total** | **1,215,637** | **(4,570)** | H1 2024 Segment Revenue and Results (RMB thousands) | Segment | Revenue from External Customers | Segment Results | | :--- | :--- | :--- | | Supply Chain and Logistics Services for Finished Automobiles and Components | 507,270 | 4,314 | | Materials Procurement and Related Logistics Services | 1,353,222 | 424 | | Warehousing and Multimodal Transport Services | 12,500 | 634 | | All Other Segments | 7,480 | (80) | | **Total** | **1,880,472** | **5,292** | [5. Other Income, Other Gains and Losses - Net](index=15&type=section&id=5.%20OTHER%20INCOME%2C%20OTHER%20GAINS%20AND%20LOSSES%20-%20NET) For the six months ended June 30, 2025, other income, other gains and losses, net, amounted to RMB 6,429 thousand, primarily derived from interest income Other Income, Other Gains and Losses - Net (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Income | 6,067 | 4,758 | | Others | 362 | 398 | | **Total** | **6,429** | **5,156** | [6. Finance Costs](index=15&type=section&id=6.%20FINANCE%20COSTS) For the six months ended June 30, 2025, finance costs totaled RMB 6,039 thousand, mainly comprising interest on borrowings Finance Costs (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on Borrowings | 5,802 | 9,636 | | Interest on Lease Liabilities | 237 | 715 | | **Total** | **6,039** | **10,351** | [7. Expenses by Nature](index=16&type=section&id=7.%20EXPENSES%20BY%20NATURE) For the six months ended June 30, 2025, total cost of sales and administrative expenses amounted to RMB 1,223,243 thousand, including depreciation and amortization of RMB 25,406 thousand Expenses by Nature (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 25,406 | 20,105 | | Other Expenses | 10,082 | 11,576 | | Cost of Sales | 1,187,755 | 1,846,494 | | **Total Cost of Sales and Administrative Expenses** | **1,223,243** | **1,878,175** | [8. Income Tax Expenses](index=16&type=section&id=8.%20INCOME%20TAX%20EXPENSES) For the six months ended June 30, 2025, income tax expense was RMB 424 thousand, with China's corporate income tax rate at 25% Income Tax Expenses (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | The Company and its Subsidiaries | 424 | 1,322 | - China's corporate income tax rate is **25%**[52](index=52&type=chunk)[54](index=54&type=chunk) [9. Dividend](index=16&type=section&id=9.%20DIVIDEND) The Board of Directors recommends no interim dividend for the six months ended June 30, 2025 - The Board of Directors recommends **no interim dividend** for H1 2025 (H1 2024: nil)[53](index=53&type=chunk)[55](index=55&type=chunk) [10. Earnings Per Share](index=17&type=section&id=10.%20EARNINGS%20PER%20SHARE) For the six months ended June 30, 2025, basic and diluted earnings per share were RMB 0.3 cents, based on a weighted average of 353,790 thousand shares Earnings Per Share (RMB cents) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (RMB thousands) | 969 | 609 | | Basic and Diluted Earnings Per Share (RMB cents) | 0.3 | 0.2 | | Weighted Average Number of Shares for Basic and Diluted EPS (thousand shares) | 353,790 | 354,312 | [11. Property, Plant and Equipment](index=17&type=section&id=11.%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) During the reporting period, the Group's capital expenditure on property, plant, and equipment was approximately RMB 1,301 thousand, an increase from the same period last year - Capital expenditure on property, plant, and equipment in H1 2025 was **RMB 1,301 thousand**, an increase from **RMB 454 thousand** in H1 2024[58](index=58&type=chunk)[59](index=59&type=chunk) [12. Trade Receivables, Bills and Other Receivables](index=18&type=section&id=12.%20TRADE%20RECEIVABLES%2C%20BILLS%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, total trade receivables, bills, and other receivables significantly decreased to RMB 359,589 thousand from RMB 563,435 thousand on December 31, 2024, with a higher proportion of receivables aged over one year Trade Receivables, Bills and Other Receivables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables (Net) | 93,701 | 149,703 | | Bills Receivable (Net) | 1,691 | 4,813 | | Other Receivables (Net) | 230,369 | 286,707 | | Prepayments to Suppliers (Net) | 129,220 | 276,728 | | **Total Trade and Other Receivables** | **359,589** | **563,435** | Aging Analysis of Trade Receivables and Bills Receivable (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-90 days | 92,227 | 152,467 | | 91-180 days | 1,441 | 621 | | 181-365 days | 1,210 | 1,259 | | Over 1 year | 201,808 | 201,639 | | **Total** | **296,686** | **355,986** | [13. Trade and Other Payables](index=19&type=section&id=13.%20TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, total trade and other payables significantly decreased to RMB 213,585 thousand from RMB 383,219 thousand on December 31, 2024 Trade and Other Payables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 141,567 | 189,548 | | Bills Payable | 43,930 | 151,600 | | Other Payables, Accruals and Other Taxes Payable | 28,088 | 42,071 | | **Total Trade and Other Payables** | **213,585** | **383,219** | Aging Analysis of Trade Payables and Bills Payable (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-90 days | 183,952 | 188,191 | | 91-180 days | 1,330 | 151,651 | | 181-365 days | 9 | 605 | | Over 1 year | 206 | 701 | | **Total** | **185,497** | **341,148** | [14. Borrowings](index=20&type=section&id=14.%20BORROWINGS) As of June 30, 2025, the Group's outstanding borrowings totaled RMB 152,095 thousand, all classified as short-term with no long-term borrowings exceeding one year Borrowings Outstanding (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Borrowings | 152,095 | 260,119 | - As of June 30, 2025, **all borrowings were short-term**, with no long-term borrowings exceeding one year[113](index=113&type=chunk)[117](index=117&type=chunk) [15. Share Capital](index=21&type=section&id=15.%20SHARE%20CAPITAL) As of June 30, 2025, the company's share capital was RMB 354,103 thousand, following the repurchase of 522,000 H-shares Share Capital Information (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Share Capital | 354,103 | 354,312 | | Treasury Shares (thousand shares) | 522 | — | | Number of H-shares (thousand shares) | 353,790 | 354,312 | [16. Capital Commitments](index=21&type=section&id=16.%20CAPITAL%20COMMITMENTS) The Group had no capital commitments during the reporting period - The Group had **no capital commitments** during the reporting period[72](index=72&type=chunk)[74](index=74&type=chunk) [17. Related Party Disclosures](index=21&type=section&id=17.%20RELATED%20PARTY%20DISCLOSURES) The Group engaged in significant transactions with state-controlled entities in China, including raw material procurement and logistics fuel, while key management personnel compensation increased - The Group engaged in **significant transactions with state-controlled entities** in China, including raw material procurement and logistics fuel[73](index=73&type=chunk)[75](index=75&type=chunk) - For the six months ended June 30, 2025, short-term benefits for key management personnel amounted to **RMB 2,420 thousand**, an increase from the prior year[76](index=76&type=chunk)[79](index=79&type=chunk) [18. Financial Guarantee Liabilities](index=22&type=section&id=18.%20FINANCIAL%20GUARANTEE%20LIABILITIES) As of June 30, 2025, the Group had no significant financial guarantee liabilities - As of June 30, 2025, the Group had **no significant financial guarantee liabilities**[77](index=77&type=chunk)[80](index=80&type=chunk) [19. Comparative Figures](index=22&type=section&id=19.%20COMPARATIVE%20FIGURES) Certain comparative figures have been reclassified to conform with the current period's presentation - Certain comparative figures have been **reclassified** to conform with the current period's presentation[78](index=78&type=chunk)[81](index=81&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [Financial Review](index=23&type=section&id=Financial%20Review) During the reporting period, the Group experienced a decrease in operating revenue and gross profit, but profit attributable to owners significantly increased, primarily due to the reduction of low-margin businesses, lower finance costs, and reduced losses from associates [Operating Income](index=23&type=section&id=Operating%20income) - Operating income for the first half of 2025 was **RMB 1,215,637 thousand**, a year-on-year **decrease of 35.35%**[82](index=82&type=chunk)[85](index=85&type=chunk) - The decline in revenue was primarily due to the **reduction in scale of low-margin materials procurement services** and a decrease in volume and price for supply chain and logistics services for finished automobiles and components[82](index=82&type=chunk)[85](index=85&type=chunk) [Cost of Sales and Gross Profit](index=23&type=section&id=Cost%20of%20sales%20and%20gross%20profit) - Cost of sales decreased by **35.44%** year-on-year to **RMB 1,200,104 thousand**[83](index=83&type=chunk)[86](index=86&type=chunk) - Gross profit decreased by **27.86%** year-on-year to **RMB 15,533 thousand**, mainly due to reduced volume and price adjustments in high-margin automotive logistics business and severance payments for personnel streamlining[83](index=83&type=chunk)[86](index=86&type=chunk) [Administrative Expenses](index=23&type=section&id=Administrative%20expenses) - Administrative expenses increased by **20.30%** year-on-year to **RMB 23,139 thousand**[84](index=84&type=chunk)[87](index=87&type=chunk) - The increase was primarily due to **severance payments** arising from personnel streamlining in the supply chain and logistics services for finished automobiles and components segment[84](index=84&type=chunk)[87](index=87&type=chunk) [Finance Costs](index=24&type=section&id=Finance%20costs) - Finance costs decreased by **41.66%** year-on-year to **RMB 6,039 thousand**[88](index=88&type=chunk)[92](index=92&type=chunk) - The company reduced interest expenses by **decreasing financing scale and interest rates**[88](index=88&type=chunk)[92](index=92&type=chunk) [Taxation Expenses](index=24&type=section&id=Taxation%20expenses) - Taxation expenses decreased by **67.93%** year-on-year to **RMB 424 thousand**[89](index=89&type=chunk)[93](index=93&type=chunk) - The decrease was mainly due to **reduced income tax** resulting from losses in the supply chain and logistics services for finished automobiles and components business[89](index=89&type=chunk)[93](index=93&type=chunk) [Share of Results of Joint Ventures and Associates](index=24&type=section&id=Share%20of%20results%20of%20joint%20ventures%20and%20associates) - Share of results of joint ventures and associates increased by **27.50%** year-on-year to **RMB 5,698 thousand**[90](index=90&type=chunk)[94](index=94&type=chunk) - The increase was primarily due to **reduced losses from associate Gangwan Automobile** year-on-year[90](index=90&type=chunk)[94](index=94&type=chunk) [Profit for the Period Attributable to Equity Holders of the Company](index=24&type=section&id=Profit%20for%20the%20period%20attributable%20to%20the%20equity%20holders%20of%20the%20Company) - Profit for the period attributable to equity holders of the Company increased by **59.11%** year-on-year to **RMB 969 thousand**[91](index=91&type=chunk)[95](index=95&type=chunk) - The profit growth was mainly attributable to **increased gross profit from materials procurement services** and **reduced finance costs**[91](index=91&type=chunk)[95](index=95&type=chunk) [Business Review](index=25&type=section&id=Business%20Review) This section provides a detailed review of the Group's operational performance across its main business segments, including automotive logistics, materials procurement, warehousing and multimodal transport, and other services, analyzing key drivers of revenue and performance changes [Supply Chain and Logistics Services for Finished Automobiles and Components](index=25&type=section&id=Supply%20Chain%20and%20Logistics%20Services%20for%20Finished%20Automobiles%20and%20Components) - Operating revenue decreased by **14.56%** year-on-year to **RMB 433,421 thousand**[97](index=97&type=chunk)[102](index=102&type=chunk) - Operating results showed a **loss of RMB 9,318 thousand**, a year-on-year **decrease of 315.99%**[97](index=97&type=chunk)[102](index=102&type=chunk) - Revenue decline was due to **fewer imported vehicles and vessels** and **loss of parts business orders**; performance decline was due to price adjustments in high-margin businesses and severance payments for personnel streamlining[98](index=98&type=chunk)[102](index=102&type=chunk) [Materials Procurement Services](index=25&type=section&id=Materials%20Procurement%20Services) - Operating revenue decreased by **43.84%** year-on-year to **RMB 760,029 thousand**[99](index=99&type=chunk)[103](index=103&type=chunk) - Operating results increased by **443.4%** year-on-year to **RMB 2,304 thousand**[99](index=99&type=chunk)[103](index=103&type=chunk) - Revenue decreased due to **proactive reduction of low-margin businesses**, while performance increased due to **higher volume in high-margin projects**[100](index=100&type=chunk)[103](index=103&type=chunk) [Warehousing and Multimodal Transport Business](index=26&type=section&id=Warehousing%20and%20Multimodal%20Transport%20Business) - Operating revenue decreased by **7.22%** year-on-year to **RMB 11,597 thousand**[104](index=104&type=chunk)[109](index=109&type=chunk) - Operating results increased by **73.82%** year-on-year to **RMB 1,102 thousand**[104](index=104&type=chunk)[109](index=109&type=chunk) - Revenue decline was due to **insufficient market demand and rental pressure**; performance growth was due to refined management, optimized structure, and reduced labor costs through personnel streamlining[105](index=105&type=chunk)[109](index=109&type=chunk) [Other Services](index=26&type=section&id=Other%20Services) - Operating revenue increased by **41.58%** year-on-year to **RMB 10,590 thousand**[106](index=106&type=chunk)[110](index=110&type=chunk) - Operating results increased by **1777.5%** year-on-year to **RMB 1,342 thousand**[106](index=106&type=chunk)[110](index=110&type=chunk) - Revenue and performance growth were primarily due to the **normalization of operations from new leases at Beigang yard**[107](index=107&type=chunk)[110](index=110&type=chunk) [Supply Chain and Logistics Services for Electronic Components (Operated Through Investments in Joint Ventures)](index=26&type=section&id=Supply%20Chain%20and%20Logistics%20Services%20for%20Electronic%20Components%20(Operated%20Through%20Investments%20in%20Joint%20Ventures)) - The performance of the joint venture's electronic components supply chain logistics services remained **largely consistent** with the prior year[108](index=108&type=chunk)[111](index=111&type=chunk) - Achieved a net operating profit of **RMB 13,569 thousand** (a year-on-year increase of 2.35%), contributing **RMB 6,649 thousand** to profit (a year-on-year increase of 2.11%)[108](index=108&type=chunk)[111](index=111&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=27&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's working capital primarily stems from net cash inflow from operating activities and bank borrowings; as of June 30, 2025, total assets were RMB 1,426,060 thousand, total liabilities were RMB 447,179 thousand, and the gearing ratio was approximately 31.36% [Borrowings Structure](index=27&type=section&id=Borrowings%20Structure) - As of June 30, 2025, outstanding borrowings totaled **RMB 152,095 thousand** (December 31, 2024: RMB 260,119 thousand)[113](index=113&type=chunk)[117](index=117&type=chunk) - All borrowings are **short-term**, with no long-term borrowings exceeding one year[113](index=113&type=chunk)[117](index=117&type=chunk) - Domestic bank-guaranteed borrowings have an annual interest rate of **4.5%-5.0%**[113](index=113&type=chunk)[117](index=117&type=chunk) [Charge on Assets of the Group](index=27&type=section&id=Charge%20on%20Assets%20of%20the%20Group) - As of June 30, 2025, investment properties of **RMB 298,400 thousand** and bank deposits of **RMB 17,994 thousand** were pledged as collateral for borrowings and bills payable[114](index=114&type=chunk)[118](index=118&type=chunk) [Gearing Ratio](index=27&type=section&id=Gearing%20Ratio) - As of June 30, 2025, the gearing ratio was approximately **31.36%** (December 31, 2024: approximately 45.21%)[115](index=115&type=chunk)[119](index=119&type=chunk) - The gearing ratio is calculated as total liabilities divided by total assets[115](index=115&type=chunk)[119](index=119&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=Foreign%20Exchange%20Risk) The Group's operating income and expenses are primarily denominated in RMB, with no significant investments outside mainland China, though subsidiary Tianjin Toyota Logistics Co., Ltd. generated foreign exchange gains of RMB 215 thousand from USD and JPY operations during the period - The Group's all operating income and expenses are denominated in **RMB**[120](index=120&type=chunk)[125](index=125&type=chunk) - Subsidiary Tianjin Toyota Logistics Co., Ltd. has foreign currency operations in USD, JPY, etc., generating **foreign exchange gains of RMB 215 thousand** in H1 2025[121](index=121&type=chunk)[125](index=125&type=chunk) [Material Acquisitions and Disposals](index=28&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group had no material acquisitions or disposals during the reporting period - The Group had **no material acquisitions or disposals** during the reporting period[122](index=122&type=chunk)[126](index=126&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[123](index=123&type=chunk)[127](index=127&type=chunk) [Employees](index=28&type=section&id=Employees) During the reporting period, the Group's total employees decreased significantly to 551 from 1,011 in the same period of 2024, primarily due to workforce streamlining at Tianjin Toyota Logistics Co., Ltd. amid declining business volume, with staff costs approximately RMB 68,364 thousand - In H1 2025, the Group's total employees were **551** (H1 2024: 1,011), with the decrease primarily due to **personnel streamlining** at Tianjin Toyota Logistics Co., Ltd. amid declining business volume[124](index=124&type=chunk)[128](index=128&type=chunk) - Staff costs (including directors' and supervisors' remuneration) were approximately **RMB 68,364 thousand**[124](index=124&type=chunk)[128](index=128&type=chunk) [Prospects and Outlook](index=29&type=section&id=PROSPECTS%20AND%20OUTLOOK) [Outlook Summary](index=29&type=section&id=Outlook%20Summary) In the first half of 2025, China's economy grew steadily with increasing logistics demand, yet the industry faced intensified competition and rising costs; the Group maintained stability through strategic adjustments and refined operations, optimizing profitability across segments, and will focus on high-quality development, strengthening core business, enhancing cost control, and expanding new markets for improved efficiency and quality in the second half - In H1 2025, China's GDP grew by **5.3%** year-on-year, with total social logistics increasing by **5.6%** year-on-year[129](index=129&type=chunk)[131](index=131&type=chunk) - The logistics industry faces multi-dimensional operational pressures, including **intensified market competition**, **rigid cost increases**, and **fluctuations in the international environment**[129](index=129&type=chunk)[131](index=131&type=chunk) - The Group mitigated pressure on its automotive logistics business through **proactive cost reduction**, **optimization of business structure**, and **deepened customer collaboration**, while enhancing profitability of materials procurement and warehousing businesses through **scaling back low-margin operations**, **cost control**, and **model innovation**[129](index=129&type=chunk)[131](index=131&type=chunk) - In the second half, the Group will focus on its core businesses, expand automotive logistics, promote innovation in warehousing and multimodal transport business models, and steadily advance the transformation and quality improvement of materials procurement business to achieve **dual enhancement in quality and efficiency**[130](index=130&type=chunk)[132](index=132&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) [Directors' and Chief Executives' Interests and/or Short Positions in Shares, Underlying Shares and Debentures of the Company or Any of Its Associated Corporations](index=30&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVES'%20INTERESTS%20AND%2FOR%20SHORT%20POSITIONS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY%20OR%20ANY%20OF%20ITS%20ASSOCIATED%20CORPORATIONS) As of June 30, 2025, the Company's directors and chief executives held no interests or short positions in shares, underlying shares, or debentures requiring disclosure under the SFO, nor were they granted or exercised any rights to subscribe for shares - As of June 30, 2025, directors and chief executives held **no disclosable interests or short positions** in shares, underlying shares, or debentures[133](index=133&type=chunk)[135](index=135&type=chunk) - Directors and chief executives were also **not granted or exercised any rights** to subscribe for the Company's shares[134](index=134&type=chunk)[136](index=136&type=chunk) [Substantial Shareholders and Persons Holding Interests and Short Positions in the Shares and Underlying Shares of the Company](index=31&type=section&id=SUBSTANTIAL%20SHAREHOLDERS%20AND%20PERSONS%20HOLDING%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20THE%20SHARES%20AND%20UNDERLYING%20SHARES%20OF%20THE%20COMPANY) As of June 30, 2025, Tianjin TEDA Investment Holding Co., Ltd., Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd., Chia Tai Land Co., Ltd., and Tianjin Port Development Holdings Limited were substantial shareholders, holding 42.45%, 21.82%, 8%, and 5.64% of shares, respectively Substantial Shareholder Holdings (as of June 30, 2025) | Name | Capacity | Number of H-shares | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Tianjin TEDA Investment Holding Co., Ltd. | Beneficial Owner | 150,420,051 (L) | 42.45% | | Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd. | Beneficial Owner | 77,303,789 (L) | 21.82% | | Chia Tai Land Co., Ltd. | Beneficial Owner | 28,344,960 (L) | 8% | | Tianjin Port Development Holdings Limited | Beneficial Owner | 20,000,000 (L) | 5.64% | - Chia Tai Land, Chia Tai Pharmaceutical, and their associates are deemed to have interests under **Part XV of the Securities and Futures Ordinance**[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) [Competing Interests](index=34&type=section&id=COMPETING%20INTERESTS) None of the Company's directors, controlling shareholders, substantial shareholders, or their associates engaged in any business competing or likely to compete with the Group's business, nor did they have any other conflicts of interest with the Group - None of the directors, controlling shareholders, substantial shareholders, or their associates engaged in any business that **competes or may compete** with the Group's business[144](index=144&type=chunk)[148](index=148&type=chunk) - There were also **no other conflicts of interest** with the Group[144](index=144&type=chunk)[148](index=148&type=chunk) [Change in Information of Director or Chief Executive](index=34&type=section&id=CHANGE%20IN%20INFORMATION%20OF%20DIRECTOR%20OR%20CHIEF%20EXECUTIVE) As of the report date, the Company was not aware of any changes in information of directors or chief executives requiring disclosure under the GEM Listing Rules - As of the report date, the Company was **not aware of any changes** in information of directors or chief executives requiring disclosure under GEM Listing Rule 17.50A(1)[145](index=145&type=chunk)[149](index=149&type=chunk) [Change of Name of Accountant](index=34&type=section&id=CHANGE%20OF%20NAME%20OF%20ACCOUNTANT) The Company's Hong Kong auditor, SHINEWING (HK) CPA Limited, changed its name to Rongcheng (Hong Kong) CPA Limited on June 30, 2025 - The Hong Kong auditor, SHINEWING (HK) CPA Limited, changed its name to **Rongcheng (Hong Kong) CPA Limited** on June 30, 2025[146](index=146&type=chunk)[150](index=150&type=chunk) [Corporate Governance Code](index=35&type=section&id=CORPORATE%20GOVERNANCE%20CODE) During the reporting period, the Company consistently complied with all provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the GEM Listing Rules - During the reporting period, the Company consistently **complied with all provisions** of the Corporate Governance Code set out in Appendix C1 Part 2 of the GEM Listing Rules[151](index=151&type=chunk)[154](index=154&type=chunk) [Audit Committee](index=35&type=section&id=AUDIT%20COMMITTEE) The Company established an Audit Committee in accordance with the GEM Listing Rules, which reviewed the unaudited results for the reporting period, comprising independent non-executive directors, with Professor Cheng Xinsheng as Chairman possessing appropriate professional qualifications and financial experience - The Company established an Audit Committee in accordance with the GEM Listing Rules and has **reviewed the unaudited results** for the reporting period[152](index=152&type=chunk)[155](index=155&type=chunk) - The Audit Committee comprises independent non-executive directors, with Chairman Professor Cheng Xinsheng possessing **appropriate professional qualifications and financial experience**[152](index=152&type=chunk)[155](index=155&type=chunk) [Securities Transactions by Directors](index=35&type=section&id=SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The Company adopted a code for securities transactions by directors, and all directors confirmed compliance with this code - The Company adopted a code for securities transactions by directors, and **all directors confirmed compliance** with this code[153](index=153&type=chunk)[156](index=156&type=chunk) [Purchase, Sale or Redemption of Listed Securities of the Company](index=36&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20LISTED%20SECURITIES%20OF%20THE%20COMPANY) During the reporting period, the Company repurchased a total of 522,000 H-shares on GEM; other than this, neither the Company nor its subsidiaries purchased, redeemed, sold, or cancelled any listed securities - In H1 2025, the Company repurchased a total of **522,000 H-shares** on GEM[157](index=157&type=chunk)[159](index=159&type=chunk) - Other than the aforementioned repurchase, neither the Company nor its subsidiaries purchased, redeemed, sold, or cancelled any listed securities[157](index=157&type=chunk)[159](index=159&type=chunk)

天津濱海泰達物流集團股份有限公司 Tianjin Binhai Teda Logistics (Group) Corporation Limited * （於中華人民共和國註冊成立之股份有限公司） 天津濱海泰達物流集團股份有限公司董事會（「董事會」）成員列示如下： 執行董事 楊衛紅先生 （董事會主席） 馬欣女士 非執行董事 獨立非執行董事 李健先生 程新生教授 （股份代號：8348） 董事會成員名單與其角色及職能 「M」 指相應專門委員會的委員 中國，天津 二零二五年八月二十日 * 僅供識別 孟隽女士 何勇軍先生 胡姍姍女士 羅文鈺教授 彭作文先生 董事會設立了三個專門委員會，下表載列各董事在該等委員會中所擔任的職位資料： | | 委員會 | 提名委員會 | 薪酬委員會 | 審核委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 楊衛紅先生 | | C | | | | 馬欣女士 | | M | | | | 李健先生 | | | | | | 孟隽女士 | | | | | | 胡姍姍女士 | | | | | | 程新生教授 | | | M | C | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司 ( 「聯交所」 ) 對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 份內容而産生或因倚賴該等內容而引致之任何損失承擔任何責任。 董事會宣佈： （1）孫靜女士辭任非執行董事職務，自董事會通過委任胡姍姍女士爲新非執行董事的議 案後生效。 天津濱海泰達物流集團股份有限公司 Tianjin Binhai Teda Logistics (Group) Corporation Limited * （於中華人民共和國註冊成立之股份有限公司） （股份代號：8348） （1）非執行董事辭任 及 （2）委任非執行董事 本公司股東（「股東」）及/或聯交所垂注。 董事會謹藉此機會對孫女士在其任期內爲本公司發展作出的寶貴貢獻表示衷心的感謝。 （2）胡姍姍女士獲委任為非執行董事，自二零二五年八月二十日舉行的董事會上通過相 關委任議案後生效，其任期只至下屆股東周年大會時間爲止，胡姍姍女士屆時有資格連選 連任。 天津濱海泰達物流集團股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董 事（「董事」）會（「董事會」）謹此宣佈董事會組成 ...

（股份代號：8348） 董事會會議通告 天津濱海泰達物流集團股份有限公司(「本公司」)董事(「董事」)會（「董事會」）謹 此宣佈，董事會會議將於二零二五年八月二十日（星期三）上午九時，假座中華人民共 和國（「中國」）天津經濟技術開發區渤海路 39 號本公司會議室舉行，以處理下列事項： 香港交易及結算所有限公司及香港聯合交易所有限公司(「聯交所」)對本通告之內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 天津濱海泰達物流集團股份有限公司 Tianjin Binhai Teda Logistics (Group) Corporation Limited * （於中華人民共和國註冊成立之股份有限公司） -1- 1. 考慮及批准本公司截至二零二五年六月三十日止六個月之未經審核中期業績，並批准 將於聯交所網站及本公司網站刊載的中期業績公告草稿及中期業績報告草稿； 2. 考慮派發中期股息（如有）事宜；及 3. 處理任何其他事項（如有）。 於本通告日期，董事會包括執行董事楊衛紅先生及馬欣女士；非執行董事李健先生、孟 隽女士 ...

Tianjin Binhai Teda Logistics (Group) Corporation Limited * 香港交易及結算所有限公司及香港聯合交易所有限公司(「聯交所」)對本公告之內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 天津濱海泰達物流集團股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：8348） (1) 於二零二五年八月五日舉行之股東特別大會之投票表決結果；及 (2) 與建議設立基金有關的須予披露及關連交易之進展 茲提述天津濱海泰達物流集團股份有限公司（「本公司」）於二零二五年七月十七日發 出之股東特別大會（「股東特別大會」）通告（「通告」）及通函（「通函」）。除非 另有註明，本公告所用詞彙與通告及通函所界定者具相同涵義。 股東特別大會之投票表決結果 股東特別大會於二零二五年八月五日（星期二）上午九時假座於中華人民共和國天津市 天津經濟技術開發區渤海路 39 號舉行。 於股東特別大會日期，本公司已發行股本為354,312,000股每股面值人民幣 1.00元之股份， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08348 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 354,312,000 | RMB | | 1 RMB | | 354,312,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 354,312,000 | RMB | | 1 RMB | | 354,312,000 | 本月底法定/註冊股本總額： RMB 354,312,000 致：香港交易及結算所有限公司 公司名稱: 天津濱海泰達物流集團股份有限公司(於中華人民共和國註冊成立之股份有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 截至月 ...