遠航港口發展有限公司 OCEAN LINE PORT DEVELOPMENT LIMITED (於開曼群島註冊成立的有限公司) 股份代號 : 8502 区 XOXOX+2 000 000 000 110 000 0.00 111 | --- | --- | |-------|-------| | | | | | | 年 報 2020 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM 的定位,乃為相比超其他於聯交所上市的公司帶有較高投資風險的中小型公司提供一個上 市的市場。有意投資的人士應了解投資於該等公司的潛在風險,並應經過審慎周詳考慮後方作 出投資決定。 由於GEM上市公司一般為中小型公司,於GEM買賣的證券可能會較於主板買賣的證券承受較 大的市場波動風險，同時無法保證於GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責·對其準確性或完整性亦不發表 任何聲明,並明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 本報告的資料乃遵照聯交所GEM證券上市規則(「GEM上市規則」而刊載・旨在提供有關趨航 港口發展有限 ...

遠航港口發展有限公司 OCEAN LINE PORT DEVELOPMENT LIMITED (於開曼群島註冊成立的有限公司) 股份代號 : 8502 | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所 上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險， 並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之 證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的 市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本報告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 本報告乃遵照GEM證券上市規則（「GEM上市 ...

Revenue and Profit - Revenue for the three months ended June 30, 2020, was RMB 47,965,000, an increase of 5.6% compared to RMB 45,447,000 for the same period in 2019[11] - Revenue for the six months ended June 30, 2020, was RMB 86,405,000, representing a 11.5% increase from RMB 77,721,000 in the same period of 2019[11] - Profit attributable to owners of the company for the three months ended June 30, 2020, was RMB 18,569,000, up 10.5% from RMB 16,811,000 in 2019[11] - Profit attributable to owners of the company for the six months ended June 30, 2020, was RMB 30,519,000, an increase of 22.5% compared to RMB 24,900,000 in the same period of 2019[11] - The company's profit before tax for the six months ended June 30, 2020, was RMB 30,519,000, compared to RMB 24,900,000 in the same period of 2019, reflecting a growth of 22.5%[51] - Profit for the six months ended June 30, 2020, was approximately RMB 42.6 million, compared to RMB 34.2 million in the same period of 2019, with a net profit margin of 49.3%[111] Assets and Liabilities - Total assets as of June 30, 2020, were RMB 490,174,000, compared to RMB 481,309,000 as of December 31, 2019[14] - Non-current assets amounted to RMB 497,400,000 as of June 30, 2020, slightly up from RMB 493,386,000 at the end of 2019[14] - Current liabilities were RMB 117,340,000 as of June 30, 2020, compared to RMB 134,702,000 at the end of 2019[14] - As of June 30, 2020, the net assets amounted to RMB 450,842 thousand, an increase of 10.2% from RMB 409,215 thousand as of December 31, 2019[17] - The total liabilities decreased to RMB 39,332 thousand as of June 30, 2020, from RMB 72,094 thousand as of December 31, 2019, indicating a significant reduction of 45.5%[17] - The total equity attributable to owners of the company increased to RMB 338,223 thousand as of June 30, 2020, up from RMB 307,704 thousand as of December 31, 2019, reflecting a growth of 9.9%[17] Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2020, was RMB 56,768 thousand, representing a 60.2% increase compared to RMB 35,384 thousand for the same period in 2019[20] - Cash and cash equivalents decreased by RMB 3,833 thousand, from RMB 84,161 thousand at the beginning of the period to RMB 80,328 thousand at the end of the period[20] - The company reported a net cash outflow from investing activities of RMB 25,659 thousand for the six months ended June 30, 2020, compared to RMB 37,212 thousand for the same period in 2019, indicating a reduction in investment expenditure[20] - The company had bank borrowings of RMB 34,188 thousand as of June 30, 2020, down from RMB 43,000 thousand as of the previous year, showing a decrease of 20.5%[20] - Total bank financing amounted to approximately RMB 115,812,000 as of June 30, 2020, down from RMB 150,000,000 as of December 31, 2019[68] Operational Performance - The total throughput of bulk and general cargo reached approximately 13.1 million tons for the six months ended June 30, 2020, an increase of 4.4% compared to 12.5 million tons for the same period in 2019[92] - The number of standard containers handled was approximately 8,471, a decrease of 4.0% from 8,824 standard containers in the same period of 2019[92] - The company experienced a significant impact on port throughput due to the COVID-19 pandemic, with some clients halting production during peak periods[92] - The company plans to maintain its port throughput volume for 2020 at levels similar to the previous year, influenced by various uncertain factors[96] Taxation and Exemptions - The effective tax rate for the six months ended June 30, 2020, was impacted by a 25% corporate income tax rate applicable to the group's subsidiaries in China[48] - The company has benefited from tax exemptions for certain infrastructure projects, which will continue to impact profitability positively until the end of 2021[48] - The actual tax rate for the six months ended June 30, 2020, was approximately 19.1%, down from 22.6% in 2019, primarily due to tax exemptions from a specific infrastructure project[110] Expenses and Cost Management - The company has reported a decrease in operating expenses, with costs related to employee benefits dropping from RMB 5,040,000 in 2019 to RMB 4,124,000 in 2020 for the three-month period[44] - Administrative expenses decreased by approximately RMB 0.4 million or 7.6% due to reductions in employee costs and legal fees[109] - The total employee cost for the six months ended June 30, 2020, was approximately RMB 9.3 million, compared to RMB 11.1 million for the same period in 2019, reflecting a decrease of about 16.2%[127] Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[3] - The management remains optimistic about future growth prospects despite market volatility, focusing on strategic initiatives to drive revenue growth[3] - The company has increased marketing efforts to promote port development and expand market share[95] - The government has implemented policies to support economic recovery, including tax and social security relief, which are expected to benefit the company's operations[96] - The company is facing challenges from continuous heavy rainfall affecting the Yangtze River basin, which may impact its operations in the second half of 2020[99] Compliance and Governance - The company has appointed a compliance advisor to provide guidance on compliance with applicable laws and GEM listing rules, ensuring adherence to internal controls and director responsibilities[158] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls, ensuring compliance with applicable accounting standards and GEM listing rules[164] - No share options were issued, granted, exercised, cancelled, or lapsed during the six months ended June 30, 2020, under the share option scheme adopted in June 2018[161]

遠航港口發展有限公司 OCEAN LINE PORT DEVELOPMENT LIMITED (於開曼群島註冊成立的有限公司) 股份代號 : 8502 | --- | --- | --- | --- | --- | --- | |--------------|-------|-------|-----------------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | unminum | : I | | Leld and Let all all all all all at all and the seat of the property. | | | | 第 -季度報告 | | | | | | 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM 的定位,乃為中小型公司提供一個上市的市場,此等公司相比起其他在聯交所 上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險, 並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上 ...

Financial Performance - The company achieved a throughput of 22.9 million tons, representing a year-on-year increase of 55.2%[9] - Operating revenue amounted to RMB 146.2 million, an increase of 55.0% year-on-year[9] - The total profit reached RMB 79.8 million, marking a growth of 79.8%[9] - Revenue from cargo handling services was approximately RMB 133.6 million in 2019, an increase of 58.2% from RMB 85.4 million in 2018[20] - Total revenue for the year was RMB 146.2 million, reflecting a 55.0% increase from RMB 94.3 million in 2018[20] - Gross profit increased to approximately RMB 79.8 million in 2019, with a gross margin of 54.6%, up from 47.1% in 2018[23] - The company recorded a profit of approximately RMB 60.1 million, with a net profit margin of about 41.1%, up from 26.9% in the previous year[27] - The total reserves available for distribution to shareholders as of December 31, 2019, amounted to approximately RMB 28,447,000, an increase from RMB 11,134,000 in 2018[72] Operational Capacity and Developments - The new phase of Jiangkou Terminal was fully operational, with two berths passing quality and acceptance checks in March 2019, and two more berths starting trial operations in April and October 2019[9] - The company completed two berths of the new phase of Jiangkou Port, with the remaining two berths and the overall project completed in January 2020[32] - The company has a fleet of over 3.5 million deadweight tons, indicating significant operational capacity in the shipping industry[41] - The completion of the new phase of Jiangkou Terminal in January 2020 is expected to further increase throughput capacity[17] Market and Strategic Focus - The company plans to enhance market development while maintaining strict management and cost control measures[11] - The company aims to maximize operational efficiency despite challenges posed by the COVID-19 pandemic[11] - The company is committed to innovation and proactive strategies to navigate market difficulties and environmental pressures[11] - The growth in throughput is attributed to strong demand from existing customers and the stable development of the mining and washing industry in Chizhou City[20] - The company is actively pursuing new strategies for market expansion and operational improvements in the logistics sector[39] Environmental and Social Responsibility - The company is committed to sustainable development, focusing on balancing business growth with social needs and environmental relations[176] - The ESG report covers the performance of the company in environmental protection and social development for the year 2019[178] - The company engages with stakeholders, including investors and suppliers, to address issues such as corporate governance, business strategy, and operational practices[184] - The company operates two terminals, Jiangkou Terminal and Niutoushan Terminal, and reports on their environmental and social performance[178] - The company has established a safety and environmental protection department to oversee compliance with environmental regulations[186] - The company aims to gradually replace high-emission diesel-powered equipment with electric machinery to reduce emissions[191] Governance and Compliance - The company has confirmed the independence of all independent non-executive directors in accordance with GEM Listing Rules[100] - The company has complied with relevant laws and regulations, with no significant non-compliance events reported for the year ending December 31, 2019[112] - The company has established a policy for the nomination of directors, ensuring a balance of skills, experience, and diversity on the board[107] - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse skill set relevant to the company's operations[123] - The company has adopted a board diversity policy, aiming for at least one board member with accounting or other professional qualifications and at least one-third of the board to be independent non-executive directors[133] Risk Management and Internal Controls - The risk management team has been established to identify and monitor various business and financial risks, with the board reviewing the risk management system at least annually[160] - The internal control system aims to maintain asset integrity and ensure accurate financial reporting, with a review conducted by an independent internal control consultant this year[159] Shareholder Communication and Engagement - The company has implemented a shareholder communication policy, holding annual general meetings and special meetings to facilitate direct communication with the board[163] - Shareholders holding at least 5% of voting rights can request a special general meeting, with specific procedures outlined for such requests[167] - Shareholders representing at least 2.5% of voting rights can propose resolutions for the annual general meeting, with requirements for submission detailed[168]

Financial Performance - Revenue for the three months ended September 30, 2019, was RMB 39,876,000, representing an increase from RMB 30,059,000 for the same period in 2018, which is a growth of 32.5%[4] - Gross profit for the nine months ended September 30, 2019, was RMB 73,159,000, compared to RMB 44,438,000 for the same period in 2018, indicating a year-on-year increase of 64.8%[4] - The net profit attributable to the owners of the company for the three months ended September 30, 2019, was RMB 14,494,000, up from RMB 9,089,000 in the same period last year, reflecting a growth of 59.5%[4] - Basic and diluted earnings per share for the three months ended September 30, 2019, were RMB 1.81 cents, compared to RMB 1.16 cents for the same period in 2018, marking a 55.2% increase[4] - Total comprehensive income for the nine months ended September 30, 2019, was RMB 53,955,000, compared to RMB 39,394,000 for the same period in 2018, representing a growth of 37.1%[4] - For the nine months ended September 30, 2019, the profit attributable to the owners was RMB 39,394,000, up from RMB 13,311,000 in the same period of 2018, indicating a significant increase of 196.5%[40] - The net profit for the nine months ended September 30, 2019, was approximately RMB 540 million, with a net profit margin of 45.9%, compared to RMB 189 million and a net profit margin of 27.1% in the same period last year[76] Revenue Sources - For the three months ended September 30, 2019, the port services revenue was RMB 39,876,000, an increase of 32.5% compared to RMB 30,059,000 for the same period in 2018[23] - For the nine months ended September 30, 2019, the port services revenue reached RMB 117,597,000, representing a 68.6% increase from RMB 69,758,000 in the same period of 2018[23] - Revenue from bulk and general cargo handling services increased by 79.3% to RMB 106,075,000 for the nine months ended September 30, 2019, compared to RMB 59,159,000 in 2018[62] - Total revenue for the nine months ended September 30, 2019, was approximately RMB 117.6 million, up 68.6% from RMB 69.8 million in the same period of 2018[62] Expenses and Costs - Administrative expenses for the three months ended September 30, 2019, were RMB 2,278,000, an increase from RMB 1,325,000 in the same period last year, indicating a rise of 72.0%[4] - Service costs amounted to approximately RMB 444 million for the nine months ended September 30, 2019, an increase of RMB 67 million or about 17.8% compared to RMB 377 million for the same period in 2018[68] - Administrative expenses rose by approximately RMB 27 million or 55.7%, primarily due to increases in administrative staff costs and legal and professional fees[73] - The income tax expense for the three months ended September 30, 2019, was RMB 3,391,000, compared to RMB 3,047,000 for the same period in 2018[32] - Income tax expenses for the nine months ended September 30, 2019, were approximately RMB 134 million, an increase of RMB 80 million or about 148.1% compared to RMB 54 million for the same period in 2018[75] Operational Highlights - The total cargo throughput for the nine months ended September 30, 2019, was approximately 18.9 million tons, an increase of 79.5% from approximately 10.6 million tons in the same period of 2018[54] - The new construction at Jiangkou Terminal is nearing completion, contributing an additional throughput of approximately 5.34 million tons for the nine months ended September 30, 2019[58] - The company expects cargo handling throughput to continue to grow in the fourth quarter of 2019, despite a gradual slowdown in growth rate[59] - The company reported that the throughput of containers was approximately 12,722 standard boxes, showing a slight decrease of 0.6% compared to 12,805 standard boxes in the same period of 2018[65] Compliance and Governance - The financial report was prepared in accordance with the Hong Kong Financial Reporting Standards and GEM Listing Rules[12] - The group has not adopted any new or revised Hong Kong Financial Reporting Standards that would significantly impact its financial performance or position during the reporting period[16] - The audit committee has been established and reviewed the unaudited consolidated financial statements for the nine months ending September 30, 2019, ensuring compliance with applicable accounting standards[108] - The company has appointed a compliance advisor to provide guidance on compliance with applicable laws and GEM listing rules[102] Shareholder Information - The company’s major shareholders, Mr. Gui Sihai and Ms. Zhang Huifeng, hold 75% of the shares through their controlled entity, Vital Force[90] - The board confirmed that there are no competing interests held by controlling shareholders or directors in any business that may compete directly or indirectly with the company's operations as of September 30, 2019[98] - The company did not declare any dividends for the nine months ended September 30, 2019, consistent with the previous year[45] - The company did not recommend the payment of dividends for the nine months ended September 30, 2019[77] Future Outlook - The company aims to expand its market presence and enhance operational efficiency in the upcoming quarters[10] - The company is focusing on internal control, safety production, and environmental protection in planning for the next year's development direction[59]

Financial Performance - Revenue for the six months ended June 30, 2019, was RMB 77,721,000, representing a significant increase compared to RMB 21,529,000 for the same period in 2018[11] - Gross profit for the six months ended June 30, 2019, was RMB 48,574,000, up from RMB 8,432,000 in the previous year, indicating a strong improvement in service cost management[11] - The net profit attributable to the owners of the company for the six months ended June 30, 2019, was RMB 24,900,000, compared to RMB 9,297,000 for the same period in 2018, reflecting a year-on-year growth of 168%[11] - Basic and diluted earnings per share for the six months ended June 30, 2019, were RMB 3.11, compared to RMB 1.28 for the same period in 2018, showing a substantial increase[11] - Profit before tax for the six months ended June 30, 2019, was RMB 24,900,000, compared to RMB 4,222,000 for the same period in 2018, indicating a significant increase[56] - Net profit for the six months ended June 30, 2019, was approximately RMB 34.2 million, compared to RMB 6.5 million in the same period of 2018, resulting in a net profit margin of 44.0%[144] Assets and Liabilities - Total assets as of June 30, 2019, amounted to RMB 449,507,000, an increase from RMB 407,478,000 as of December 31, 2018[13] - The company’s non-current assets, including property, plant, and equipment, increased to RMB 353,358,000 as of June 30, 2019, from RMB 314,494,000 at the end of 2018[13] - The company's total liabilities as of June 30, 2019, were RMB 50,442,000, compared to RMB 35,887,000 as of December 31, 2018, reflecting an increase of approximately 40.5%[14] - The total liabilities of the group were approximately RMB 39.2 million, with a debt-to-equity ratio of 10.3% as of June 30, 2019[152] Cash Flow and Financing - The company reported a cash and cash equivalents balance of RMB 61,560,000 as of June 30, 2019, down from RMB 65,276,000 at the end of 2018[13] - The net cash generated from operating activities for the six months ended June 30, 2019, was RMB 35,384,000, a significant increase from RMB 12,016,000 in the same period of 2018[18] - The company reported a net cash outflow from investing activities of RMB 37,212,000 for the six months ended June 30, 2019, compared to RMB 12,683,000 in the prior year[18] - The company raised RMB 43,000,000 from bank borrowings during the six months ended June 30, 2019, compared to RMB 30,000,000 in the same period of 2018[18] - The company repaid RMB 44,000,000 in bank borrowings during the six months ended June 30, 2019, compared to RMB 21,000,000 in the previous year[18] Expenses and Costs - The company incurred financing costs of RMB 737,000 for the six months ended June 30, 2019, compared to RMB 641,000 for the same period in 2018[11] - The company’s administrative expenses for the six months ended June 30, 2019, were RMB 5,155,000, an increase from RMB 1,806,000 in the previous year[11] - Income tax expense increased to approximately RMB 10.0 million, a rise of 335% from RMB 2.3 million in the previous year, primarily due to an increase in profit before tax[143] - Service costs increased by RMB 4.6 million or approximately 18.8%, primarily due to higher employee costs linked to revenue growth and increased subcontracting expenses[136] Shareholder and Capital Information - The company issued 200,000,000 shares at HKD 0.38 per share, raising net proceeds of approximately RMB 57,035,000[82] - The company’s total issued share capital increased to RMB 40,929,000 as of June 30, 2019, from RMB 40,605,000 as of December 31, 2018, representing a growth of 0.8%[75] - The major shareholders, Vital Force, hold 600 million shares, representing 75% of the total shares[182] Operational Highlights - The total throughput of bulk cargo, general cargo, and containers for the six months ended June 30, 2019, was approximately 12.5 million tons, representing a 111.3% increase compared to 5.9 million tons for the same period in 2018[120] - The number of standard containers handled increased to 8,824, a 5.5% growth from approximately 8,361 standard containers in the same period last year[120] - The company expects continued growth in cargo handling volume in the second half of 2019, driven by the integration of the Yangtze River Delta and increased demand for non-metal mineral products[128] Compliance and Governance - The company confirmed compliance with the corporate governance code during the reporting period[191] - The Audit Committee has been established in accordance with GEM Listing Rules and consists of three independent non-executive directors[196] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2019, and found them compliant with applicable accounting standards and legal requirements[196]

Financial Performance - Revenue for the first quarter of 2019 was RMB 32,274,000, representing a 77.5% increase from RMB 18,170,000 in the same period of 2018[6] - Gross profit for the first quarter of 2019 was RMB 17,824,000, with a gross margin of approximately 55.2%[6] - Net profit attributable to owners of the company for the first quarter of 2019 was RMB 11,217,000, compared to RMB 8,089,000 in the first quarter of 2018, marking a 38.5% increase[6] - Basic and diluted earnings per share for the first quarter of 2019 were RMB 1.01, up from RMB 0.17 in the same period of 2018[6] - The total comprehensive income for the first quarter of 2019 was RMB 11,217,000, compared to RMB 3,128,000 in the first quarter of 2018[6] - Profit before tax for the three months ended March 31, 2019, was RMB 8,089,000, significantly up from RMB 1,037,000 in the same period of 2018[44] - The company recorded a profit of approximately RMB 11.2 million for the three months ended March 31, 2019, compared to RMB 2.1 million for the same period last year, resulting in a net profit margin of approximately 34.8%[78] Costs and Expenses - The company reported a financing cost of RMB 431,000 for the first quarter of 2019[6] - The cost of goods sold recognized during the period was RMB 1,231,000, slightly up from RMB 1,165,000 in the previous year[36] - Employee benefits expenses, including directors' remuneration, totaled RMB 5,280,000 for the current period, compared to RMB 4,278,000 in the same period last year, reflecting an increase of 23.4%[36] - The income tax expense for the three months ended March 31, 2019, was RMB 4,212,000, compared to RMB 1,099,000 for the same period in 2018, indicating a significant increase due to higher taxable profits[40] - Administrative expenses increased by approximately RMB 1.2 million or 71.5% for the three months ended March 31, 2019, primarily due to an increase in administrative staff costs of about RMB 0.9 million and a foreign exchange loss of RMB 0.4 million[76] Revenue Breakdown - Revenue from port services for the three months ended March 31, 2019, was RMB 32,274,000, compared to RMB 18,170,000 for the same period in 2018, representing an increase of 77.5%[33] - Revenue from bulk and general cargo handling services was RMB 28.6 million, up 91.4% from RMB 14.9 million in the previous year[65] - Total revenue for the three months ended March 31, 2019, was RMB 32.3 million, a 77.6% increase from RMB 18.2 million in the same period of 2018[65] Operational Highlights - The company aims to expand its market presence in China, particularly in Anhui Province, where it operates port services[20] - The company anticipates continued growth in cargo throughput for 2019, driven by strong demand for construction materials and expanded mining capacity in Chizhou[62] - The company is preparing for the production peak season with proper personnel allocation and equipment maintenance to ensure full operational capacity[62] - New construction at Jiangkou Terminal is underway, with plans to increase capacity significantly in the second half of 2019[62] - The company is focusing on expanding container services to meet growing demand from manufacturing enterprises in the Chizhou Industrial Park[59] Compliance and Governance - The financial report was prepared in accordance with the Hong Kong Financial Reporting Standards and GEM Listing Rules[22] - The company has confirmed the accuracy and completeness of the financial information presented in the report[3] - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would significantly impact its financial performance or position[26] - The company has appointed a compliance advisor to provide guidance on compliance with applicable laws and GEM listing rules[102] - The audit committee has been established with three independent non-executive directors, ensuring independent review and supervision of financial reports[108] - The company has confirmed compliance with the GEM Listing Rules and the corporate governance code throughout the reporting period[104] Shareholder Information - The company did not recommend any dividend payment for the three months ended March 31, 2019, consistent with the previous year[46] - The average number of ordinary shares in issue during the period was 800,000,000, compared to 600,000,000 in the same period of 2018[44] - No stock options were issued, granted, exercised, canceled, or lapsed during the three months ended March 31, 2019[105] Taxation - The actual tax rate for the three months ended March 31, 2019, was approximately 27.3%, lower than the previous year's rate of 34.6% due to the absence of non-deductible expenses[77] - Income tax expenses for the three months ended March 31, 2019, were approximately RMB 4.2 million, an increase of RMB 3.1 million or about 283.3% compared to RMB 1.1 million for the same period last year[77] Assets and Liabilities - The company’s non-current assets are located in China, indicating a focused operational geography[31] - The company’s lease liabilities as of March 31, 2019, amounted to approximately RMB 70,000,000, reflecting its obligations under the new accounting standards[25] Miscellaneous - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2019[97] - There were no interests held by controlling shareholders or directors that could constitute competition with the company's business as of March 31, 2019[98] - The company obtained a temporary port operating license for new berths at Jiangkou Terminal to provide port logistics services as of April 29, 2019[96] - The company is expected to receive compensation of approximately RMB 8.5 million from the local government, which accounts for 40% of the total compensation amounting to RMB 21.3 million related to the disposal of a subsidiary[94]

Financial Performance - The company achieved a cargo throughput of approximately 14.782 million tons in 2018, representing a growth of 28.0% compared to the previous year[23]. - Operating revenue for the year was approximately RMB 94.3 million, an increase of about 48.3% year-on-year[23]. - The net profit for the year was approximately RMB 29.25 million, marking a growth of 147.4% after excluding listing expenses of approximately RMB 3.87 million[23]. - Gross profit increased to approximately RMB 44.4 million, representing a 92.0% increase from RMB 23.1 million in 2017, with a gross margin of 47.1%[45]. - Net profit for the year was approximately RMB 25.4 million, with a profit margin of 26.9%, significantly up from RMB 1.0 million and 1.6% in 2017[50]. - Revenue from cargo handling services amounted to approximately RMB 85.4 million in 2018, up 47.0% from RMB 58.1 million in 2017[41]. - Revenue from ancillary port services increased by 60.9% to RMB 8.98 million in 2018, compared to RMB 5.59 million in 2017[41]. - The average handling fee per ton rose from approximately RMB 4.8 to RMB 5.6, contributing to the revenue growth[41]. - Service costs for 2018 were approximately RMB 49.9 million, an increase of 23.2% from RMB 40.5 million in 2017, primarily due to increased employee costs and subcontracting expenses[44]. - Income tax expenses for the year were approximately RMB 7.8 million, an increase of RMB 3.7 million or about 89.6% compared to RMB 4.1 million in 2017[49]. Operational Developments - The company successfully listed on the GEM of the Hong Kong Stock Exchange on July 10, 2018[23]. - The new phase of construction at Jiangri Port is progressing as planned, with expectations for trial operations in the second half of 2019[24]. - The company anticipates that the Huangsha distribution center in Chizhou will begin operations in the second half of 2019, which will contribute additional cargo sources[24]. - The new phase of the Jiangkou terminal is expected to commence trial operations in the second half of 2019, significantly increasing capacity[38]. - The company has completed preparatory work for the construction of the new phase of Jiangkou Port, which is expected to enhance operational capacity[57]. Strategic Focus and Management - The company is focused on enhancing its management system and operational efficiency post-listing, aiming for lean management benefits[24]. - The company plans to leverage the market share gained from environmental opportunities to continue benefiting in the future[24]. - The company recognizes the need to adapt to stricter environmental regulations that may impact mining and transportation operations, emphasizing the importance of compliance and sustainable practices[38]. - The company is focused on strategic business development and operational management to drive growth[66]. Environmental Initiatives - The company plans to enhance environmental facilities and diversify port operations to better align with national environmental policies[30]. - The company has initiated several environmental protection measures, including the construction of green areas to minimize business impact on the environment[64]. Corporate Governance - The company has confirmed the independence of all independent non-executive directors as per GEM listing rules[135]. - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse skill set relevant to the company's management[151]. - The company has adopted a board diversity policy to enhance effectiveness, considering factors such as gender, age, cultural background, and professional experience[158]. - The company has a comprehensive insurance policy for directors and officers to cover potential legal liabilities[112]. - The board is responsible for overseeing the company's affairs and setting strategic direction, with a focus on shareholder interests[156]. - The company has adopted trading guidelines for directors in compliance with GEM Listing Rules, confirming no violations during the relevant period[184]. Shareholder Information - The company reported a total reserve available for distribution to shareholders of approximately RMB 11,134,000 as of December 31, 2018, compared to none in 2017[101]. - The company does not recommend paying dividends for the year, consistent with the previous year[53]. - The company does not have a fixed dividend policy, and future dividends will be determined by the board based on various factors including operational performance and cash flow[139]. - Shareholders holding at least 5% of total voting rights can request a special meeting, which must be held within 28 days of the request[198]. - Shareholders with at least 2.5% of voting rights or 50 shareholders can propose resolutions at the annual general meeting, with requests needing to be submitted six weeks prior[199]. Risk Management and Compliance - A risk management team has been established to identify and monitor various business risks, with annual reviews of the risk management system by the board[190]. - The internal control system is designed to maintain asset integrity and ensure accurate financial reporting, with regular reviews conducted by the board[188]. - The company has implemented procedures for handling and disclosing inside information, ensuring timely communication with stakeholders[193]. - The company has complied with relevant laws and regulations, with no significant non-compliance events reported for the year ending December 31, 2018[140].