Financial Performance - The company's operating revenue for the first half of 2022 was ¥6,303,222,336.02, a decrease of 30.52% compared to ¥9,072,553,887.63 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2022 was ¥253,870,972.26, an increase of 22.09% from ¥207,942,922.65 in the previous year[21]. - The net cash flow from operating activities increased significantly by 237.89%, reaching ¥451,937,506.34 compared to ¥133,753,098.04 in the same period last year[21]. - The total assets at the end of the reporting period were ¥9,534,098,448.18, reflecting a 4.57% increase from ¥9,117,295,115.88 at the end of the previous year[21]. - The net assets attributable to shareholders increased by 2.32%, amounting to ¥6,583,575,947.27 compared to ¥6,434,355,444.35 at the end of the previous year[21]. - Basic earnings per share for the first half of 2022 were ¥0.195, up 22.64% from ¥0.159 in the same period last year[22]. - The weighted average return on net assets increased by 0.585 percentage points to 3.869% compared to 3.284% in the previous year[22]. - The company reported a net profit after deducting non-recurring gains and losses of ¥242,921,559.09, which is a 24.13% increase from ¥195,702,080.67 in the same period last year[21]. Revenue and Profit Margins - The gross profit margin for the railway special container business was 27.40%, with a year-on-year increase of 6.66 percentage points[34]. - The gross profit margin for the railway freight and port logistics business was 20.06%, with a year-on-year increase of 6.25 percentage points[36]. - The gross profit margin for the supply chain management business was 1.23%, with a year-on-year increase of 0.49 percentage points[36]. - The gross profit margin for the real estate business was 28.67%, with a year-on-year increase of 10.56 percentage points[36]. - The gross profit margin for other businesses was -0.23%, with a year-on-year decrease of 4.06 percentage points[36]. Business Operations and Strategy - The company has optimized its supply chain management business to adapt to market changes since 2020[28]. - The company plans to enhance service levels and improve operational efficiency in its core logistics businesses[32]. - The company aims to maximize revenue and minimize costs to mitigate the impact of the pandemic on operations[32]. - The railway special container business achieved a total dispatch volume of 835,900 TEU, a 19.40% increase from 700,100 TEU in the same period last year[37]. - Revenue from the railway special container business was 800 million RMB, a decrease of 7.84% year-on-year, while gross profit was 219 million RMB, an increase of 21.73%[37]. - The total volume of the Shaba Railway reached 29.43 million tons, a 3.49% increase from 28.44 million tons in the previous year, with revenue of 902 million RMB, down 29.81%[37]. - The supply chain management business sold 3.368 million tons of bulk commodities, generating revenue of 4.503 billion RMB, a decrease of 33.92% year-on-year[38]. - The real estate business reported revenue of 32 million RMB, a significant decrease of 55.53% compared to the previous year, with gross profit down 29.60%[38]. Investments and Financial Management - The company’s research and development expenses increased by 792.67% to approximately 2.35 million RMB compared to 262,801.42 RMB in the previous year[41]. - The company’s equity investment increased by 43.25% to 162.04 million RMB compared to the previous year, primarily due to new investments in Dalian Detai Iron Dragon Modern Agricultural Products Trading Co., Ltd.[46]. - The company reported a total of 10,707.96 million yuan in actual related party transactions during the reporting period, which is 47.42% of the estimated annual amount of 22,580.78 million yuan[73]. - The company has issued corporate bonds with a total amount of CNY 750 million and an interest rate of 3.85%[92]. - The bond "20 Iron Dragon 01" has a term of 5 years, with an option for the issuer to adjust the interest rate at the end of the third year[93]. Risks and Challenges - The company faces risks from ongoing pandemic impacts, economic downturn pressures, and geopolitical events, which may affect the supply chain and railway transportation market[53]. - The company is committed to enhancing operational efficiency and achieving the "Four Guarantees" goals set by the China National Railway Group[53]. Corporate Governance and Compliance - The company has undergone changes in its board of directors and management, with several members retiring or resigning during the reporting period[56]. - The company has no significant litigation or arbitration matters during the reporting period[71]. - The company has no violations or penalties involving its directors, supervisors, senior management, or controlling shareholders during the reporting period[71]. - The financial statements were approved by the board on August 29, 2022[163]. - The financial statements are prepared based on the accounting standards issued by the Ministry of Finance, ensuring compliance with the relevant regulations[165]. Accounting Policies and Financial Reporting - The company's accounting period follows the calendar year, from January 1 to December 31[171]. - The company's operating cycle is defined as 12 months, aligning with standard business practices[172]. - The reporting currency for the company and its domestic subsidiaries is Renminbi, while foreign subsidiaries use Euro as their functional currency[173]. - The company applies specific accounting treatments for mergers and acquisitions, distinguishing between mergers under common control and those not under common control[179]. - The company recognizes transaction costs related to mergers and acquisitions in the current period's profit and loss statement[181].

2022 年第一季度报告 单位：元 币种：人民币 证券代码：600125 证券简称：铁龙物流 中铁铁龙集装箱物流股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | |----------------------------------------------|------------------|------------------|----------------------------------------| | 项目 | | 本报告期 | 本报告期比上年同期增 减变动 ...

Financial Performance - The company's operating revenue for 2021 was approximately CNY 17.89 billion, an increase of 17.98% compared to CNY 15.17 billion in 2020[17]. - The net profit attributable to shareholders for 2021 was CNY 337.31 million, a decrease of 15.80% from CNY 400.60 million in 2020[17]. - The net cash flow from operating activities increased by 71.82% to CNY 638.61 million in 2021, compared to CNY 371.66 million in 2020[17]. - The total assets of the company at the end of 2021 were CNY 9.12 billion, a decrease of 4.16% from CNY 9.51 billion at the end of 2020[17]. - The net assets attributable to shareholders increased by 3.30% to CNY 6.43 billion at the end of 2021, compared to CNY 6.23 billion at the end of 2020[17]. - The basic earnings per share for 2021 were CNY 0.258, down 15.96% from CNY 0.307 in 2020[17]. - The weighted average return on net assets for 2021 was 5.327%, a decrease of 1.241 percentage points from 6.568% in 2020[17]. - The company reported a decrease in inventory by 41.84%, with a total of 155,558.80 million CNY, reflecting a reduction in goods and real estate products[60]. - The company's net profit after deducting non-recurring gains and losses for 2021 was approximately CNY 319.36 million, a decrease of 16.35% compared to 2020[188]. Revenue Breakdown - The company achieved a revenue of 17.89 billion RMB, representing a year-on-year increase of 17.98%[40]. - The revenue from the railway special container business reached ¥1.77 billion, a year-on-year increase of 25.26%[43]. - The supply chain management business generated revenue of ¥13.56 billion, up 24.85% year-on-year, with a gross profit margin of 0.69%[47]. - The railway freight and port logistics business reported a revenue of ¥2.33 billion, a decrease of 9.83% compared to the previous year[46]. - The real estate business generated revenue of ¥159 million, down 12.82% year-on-year[47]. - The other business segment achieved revenue of ¥76 million, a decrease of 9.90% year-on-year, but with a gross profit increase of 129.59%[47]. Operational Highlights - The logistics sector achieved a throughput of 585.5 thousand tons, contributing to the overall revenue stability despite market challenges[26]. - The company launched over 3,900 special containers in 2021, increasing the total inventory to over 99,000, with a turnover rate improvement of 5.79% year-on-year[26]. - The "Chengyun Tianxia" logistics platform was officially launched, enhancing operational standardization and lifecycle management of container assets[29]. - The company initiated the Hainan Free Trade Port-Western Land-Sea New Corridor water-rail intermodal project, marking a significant expansion in logistics capabilities[26]. - The company is advancing 10 key innovation projects aimed at enhancing market competitiveness and operational efficiency[29]. Investment and R&D - The company invested in the Dalian cold chain logistics base, which commenced operations during the reporting period[34]. - The company’s research and development expenses rose by 34.15% to 4.83 million RMB[41]. - The company is investing 500 million yuan in R&D for new technologies aimed at improving logistics efficiency[93]. - Total R&D investment amounted to 1,331.57 million CNY, with a capitalized R&D ratio of 66.27%[55]. Governance and Compliance - The company has established a governance structure compliant with national laws, ensuring effective internal controls and timely information disclosure[81]. - The company maintained its cash dividend policy without changes during the reporting period, implementing the 2020 cash profit distribution plan[115]. - The internal control system was established and continuously improved, with a standard unqualified opinion from the internal control audit report[121]. - The company has a remuneration system for directors and supervisors, which is approved by the board and aligns with the actual payments made during the reporting period[100]. Market Outlook and Strategy - The company is focusing on expanding logistics and supply chain services in the post-pandemic era, particularly in the China-Europe Railway Express[75]. - The company plans to achieve revenue of 13.04 billion RMB and costs of 12.54 billion RMB in 2022[77]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 1 billion yuan allocated for potential deals[93]. - The logistics sector is expected to grow by 8% in the upcoming year, providing a favorable environment for the company's growth initiatives[93]. Risks and Challenges - The company faces risks from ongoing pandemic impacts, inflation pressures, and debt risks affecting global economic recovery[78]. - The company has disclosed risks related to its business development in the report, advising investors to pay attention to investment risks[4]. Related Party Transactions - The actual amount of daily related party transactions reached CNY 19,781.91 million, exceeding the estimated amount by 113.83%[145]. - The company reported a total of CNY 8,526.85 million in related party transactions for labor services, which is 101.32% of the estimated amount[145]. - The company engaged in daily related party transactions with China National Railway Group, with actual amounts surpassing estimates by 125.32% for special container transportation services[145]. Shareholder Information - The company has a total of 82,028 common stock shareholders as of the end of the reporting period[164]. - The top shareholder, China Railway Container Transport Co., Ltd., holds 207,554,700 shares, representing 15.90% of the total shares[164]. - The controlling shareholder is China National Railway Group Co., Ltd., established on March 14, 2013, with a registered capital of RMB 173.95 billion[171].

Financial Performance - The company's operating revenue for Q3 2021 was ¥4,743,713,186.16, a decrease of 12.10% compared to the same period last year[6] - Net profit attributable to shareholders was ¥119,781,349.71, reflecting a year-on-year increase of 4.27%[6] - The net profit after deducting non-recurring gains and losses was ¥117,249,645.30, up by 3.66% year-on-year[6] - The company's total revenue for the first three quarters of 2021 was ¥13,816,267,073.79, down from ¥14,184,179,324.00 in the same period of 2020, showing a decline of about 2.59%[21] - The company's operating profit for the period was approximately 460.09 million, a decrease from 511.00 million in the previous period, representing a decline of about 10.0%[26] - Net profit attributable to shareholders was approximately 327.72 million, down from 374.02 million, reflecting a decrease of around 12.3%[26] - The total comprehensive income for the period was approximately 329.71 million, compared to 375.68 million, reflecting a decline of around 12.2%[29] - Basic earnings per share were reported at 0.251, down from 0.287, indicating a decrease of approximately 12.5%[29] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥9,609,223,053.39, representing a 1.01% increase from the end of the previous year[6] - The total liabilities decreased to ¥3,161,301,501.51 from ¥3,264,271,028.49, reflecting a reduction of approximately 3.16%[21] - The company's total current assets reached ¥4,662,483,035.08, slightly up from ¥4,613,389,828.52, indicating a growth of about 1.06% year-over-year[17] - The cash and cash equivalents increased to ¥1,434,898,078.45 from ¥1,301,730,562.45, marking a growth of about 10.21%[17] - The company's equity attributable to shareholders increased to ¥6,425,529,198.74 from ¥6,228,827,103.18, showing a growth of approximately 3.16%[21] - The total assets amounted to 9,513,039,758.75 RMB, with a total liability of 3,264,271,028.49 RMB, reflecting a healthy asset-to-liability ratio[39] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥480,987,157.18, showing a 19.30% increase year-on-year[6] - The net cash flow from operating activities was approximately 480.99 million, compared to 403.18 million, showing an increase of about 19.3%[32] - The company experienced a net increase in cash flow from investment activities of approximately -159.12 million, an improvement from -405.33 million in the previous period[32] - The net cash inflow from financing activities was 808,852,900.00 RMB, compared to an outflow of 189,391,261.55 RMB in the previous period, indicating a significant increase in financing[34] - The cash outflow for debt repayment was 20,000,000.00 RMB, consistent with the previous period, indicating stable debt management[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 83,126[12] - Major shareholders include China Railway Container Transport Co., Ltd. with a 15.90% stake and Dalian Railway Economic and Technological Development Co., Ltd. with a 14.11% stake[12] Research and Development - Research and development expenses increased by ¥528.66 compared to the previous year, indicating a focus on innovation[9] - Research and development expenses increased significantly to approximately 2.05 million, compared to 325.50 thousand in the previous period, marking an increase of over 530%[26] Government Subsidies - The company received government subsidies amounting to ¥15,663,350.53 during the year-to-date, which are closely related to its normal business operations[9] Other Financial Metrics - The weighted average return on equity was 1.882%, an increase of 0.64% compared to the same period last year[6] - The financial expenses, including interest expenses, rose to approximately 25.82 million, compared to 24.22 million, reflecting an increase of about 6.6%[26] - The company reported a decrease in contract liabilities from ¥594,908,902.18 to ¥186,472,335.50, a reduction of about 68.66%[21] - The company reported a total profit of approximately 461.18 million, down from 511.10 million, which is a decrease of about 9.8%[26] - The company implemented new leasing standards starting January 1, 2021, which resulted in adjustments to financial statements[42]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥9,072,553,887.63, representing a 3.24% increase compared to ¥8,787,562,674.40 in the same period last year[22]. - The net profit attributable to shareholders was ¥207,942,922.65, a decrease of 19.76% from ¥259,149,403.00 in the previous year[22]. - The net cash flow from operating activities was ¥133,753,098.04, down 60.13% from ¥335,470,215.43 in the same period last year[22]. - The total assets at the end of the reporting period were ¥9,781,050,724.64, an increase of 2.82% from ¥9,513,039,758.75 at the end of the previous year[22]. - The net assets attributable to shareholders increased by 1.24% to ¥6,305,900,684.52 from ¥6,228,827,103.18 at the end of the previous year[22]. - Basic earnings per share decreased by 20.10% to ¥0.159 from ¥0.199 in the same period last year[22]. - The weighted average return on net assets was 3.284%, down from 4.232% in the previous year, a decrease of 0.948 percentage points[22]. Revenue Breakdown - The railway special container logistics business accounted for 42.64% of the gross profit during the reporting period[25]. - The company completed a total of 700,100 TEUs in the railway special container business, an increase of 7.10% year-on-year[30]. - The revenue from the railway freight and port logistics business was 12.84 billion RMB, a year-on-year increase of 1.01%[32]. - The gross profit margin for the railway special container business increased by 4.10 percentage points compared to the previous year[30]. - The supply chain management business generated sales revenue of 6.81 billion RMB, a year-on-year increase of 1.68%[32]. - The real estate business revenue decreased by 29.83% year-on-year, totaling 72 million RMB[32]. - The other business segment, including new materials and hotels, achieved a revenue increase of 70.85% year-on-year, totaling 35 million RMB[32]. Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 60.13% to ¥335,470,215.43[34]. - Total current assets increased to ¥4,800,769,417.52 from ¥4,613,389,828.52 at the end of the previous year[105]. - Total current liabilities increased to ¥1,813,121,799.19 from ¥1,683,676,294.78 at the end of the previous year[108]. - Cash and cash equivalents decreased slightly to ¥1,166,980,372.17 from ¥1,199,812,144.48, a decline of about 2.7%[112]. - The total cash and cash equivalents at the end of the period was ¥1,166,980,372.17, down from ¥1,265,884,696.50 at the end of the previous year[134]. Investments and Projects - The company has invested ¥97,397.76 million in significant non-equity projects, with the cold chain logistics base project at 99% completion[43]. - The company’s cold chain logistics base in Dalian commenced actual operations during the reporting period, expanding the logistics business[29]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 88,669[89]. - The top ten shareholders hold a total of 15.90% and 14.11% of shares, respectively, with the largest shareholder being China Railway Container Transport Co., Ltd. at 207,554,700 shares[90]. Debt and Liabilities - The total liabilities included a 41.28% increase in accounts payable, amounting to ¥112,555.06 million[37]. - The debt-to-asset ratio increased by 1.00 percentage point to 35.31% compared to the end of the previous year[100]. - Total liabilities increased to ¥3,453,256,278.80 from ¥3,264,271,028.49, reflecting a growth of approximately 5.8%[110]. Corporate Governance and Compliance - The company has not disclosed any plans for profit distribution or capital increase from reserves during this reporting period[6]. - There are no significant risks or non-operational fund occupation issues reported by the controlling shareholder[7]. - The company has not engaged in any non-compliance guarantees during the reporting period[70]. - The company has no significant litigation or arbitration matters during the reporting period[72]. Environmental and Social Responsibility - The company is committed to environmental sustainability, focusing on low-carbon and energy-efficient projects, including investments in specialized railway containers[58]. - The company is actively responding to national policies on carbon neutrality, aligning its operations with the goals of "carbon peak" and "carbon neutrality"[59]. Financial Reporting and Accounting Policies - The financial statements were approved by the company's board on August 26, 2021[168]. - The financial statements are prepared based on the accrual basis of accounting, reflecting the company's financial position as of June 30, 2021, and the operating results for the first half of 2021[175]. - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission for public disclosures[170].

2021 年第一季度报告 公司代码：600125 公司简称：铁龙物流 中铁铁龙集装箱物流股份有限公司 2021 年第一季度报告 1 / 20 2021 年第一季度报告 一、重要提示 . 二、公司基本情况 … 三、重要事项 . 四、附录 . 目录 2 / 20 2021 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人张骥翼、主管会计工作负责人吴琼及会计机构负责人（会计主管人 员）毕晶保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-----------------------------------------------|-------------------|-----------------------------------|--------------------- ...

Financial Performance - The company's operating revenue for 2020 was CNY 15,167,133,912.31, a decrease of 7.34% compared to CNY 16,368,454,209.34 in 2019[23] - The net profit attributable to shareholders for 2020 was CNY 400,601,796.57, down 11.89% from CNY 454,675,457.64 in 2019[23] - The net cash flow from operating activities decreased by 49.90% to CNY 371,660,738.83 in 2020 from CNY 741,767,389.50 in 2019[23] - The total assets at the end of 2020 were CNY 9,513,039,758.75, a decrease of 3.83% from CNY 9,891,666,078.27 at the end of 2019[23] - The net assets attributable to shareholders increased by 4.32% to CNY 6,228,827,103.18 at the end of 2020 from CNY 5,971,162,208.75 at the end of 2019[23] - The basic earnings per share for 2020 were CNY 0.307, down 11.78% from CNY 0.348 in 2019[23] - The weighted average return on equity for 2020 was 6.568%, a decrease of 1.248 percentage points from 7.816% in 2019[23] - The company reported non-recurring gains of CNY 18,827,416.62 for 2020, which included government subsidies and asset disposal gains[27] - The company's total operating revenue decreased by 7.34% year-on-year to CNY 1,516,713.39 million, with a gross margin of 5.23%, down 0.88 percentage points from the previous year[47] - The total operating costs decreased by 6.47% year-on-year to CNY 14,373,752.19 million[52] Business Operations - In Q1 2020, the company reported operating revenue of CNY 4,225,960,849, which increased to CNY 5,396,616,649.60 in Q3, before dropping to CNY 982,954,588.31 in Q4[26] - The net profit attributable to shareholders was CNY 140,894,496.77 in Q1, decreasing to CNY 26,580,885.79 in Q4, indicating a significant decline over the year[26] - The gross profit margin for the railway special container logistics business was 29.52%, while the railway freight and port logistics business achieved a gross profit margin of 53.66%[31] - The railway special container business saw a revenue drop of 18.40% to CNY 141,199.55 million, with a gross profit margin of 16.59%, decreasing by 1.74 percentage points[47] - The railway freight and port logistics business achieved a revenue increase of 8.61% to CNY 258,885.14 million, with a gross margin of 16.45%, up 0.95 percentage points[47] - The supply chain management business reported a revenue decline of 7.82% to CNY 1,085,799.47 million, with a gross margin of 0.78%, down 1.11 percentage points[47] - The real estate business experienced a significant revenue decrease of 45.75% to CNY 18,253.15 million, with a gross margin of 17.37%, down 3.45 percentage points[50] - The total sales volume of steel in the supply chain management business fell by 56.11% to 159.34 million tons, while new bulk commodity trade sales reached 6.26 million tons[47] Strategic Initiatives - The company has initiated the Dalian cold chain logistics base, which is expected to gradually contribute to profit growth despite short-term pandemic impacts[35] - The company has optimized its supply chain management business, transitioning from processing trade to bulk material trade, achieving a gross profit margin of 10.69%[32] - The company has maintained a strategic focus on enhancing service levels in the liquid chemical transportation market, which has been a competitive advantage[35] - The company plans to enhance communication and collaboration with clients to identify growth points in the logistics supply chain[73] - The company aims to adapt its strategies in response to the restructuring of global supply chains and domestic industry adjustments[74] - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 200 million allocated for potential deals[148] Research and Development - Research and development expenses increased by 78.57% to 3.6 million RMB, primarily due to new box type development costs[43] - The company successfully developed over 2,000 new specialized containers for ethylene glycol transportation[41] - The company is investing 50 million in R&D for new technologies aimed at improving logistics efficiency[148] - The company is committed to ongoing research and development of new technologies to drive future growth[143] Corporate Governance - The company has not reported any major litigation or arbitration matters during the reporting period[94] - The company has maintained a good integrity status with no reported issues for its controlling shareholders and actual controllers[94] - The company has retained the auditing firm for 9 years, with an audit fee of 1,350,000 CNY[93] - The company established a governance structure compliant with national laws and regulations, ensuring effective internal control mechanisms[166] - The company’s governance practices align with the requirements of the China Securities Regulatory Commission, with no significant discrepancies noted[166] Social Responsibility - The company actively participated in social responsibility initiatives, including the transportation of medical supplies during the pandemic[41] - The company provided assistance to 170 individuals in need, with a total of 569,500 RMB allocated for aid during the reporting period[114] - The company invested 5.90 million RMB to support 17 impoverished students as part of its poverty alleviation efforts[117] - The company has implemented a salary policy based on its "Employee Salary and Benefits Management System" during the reporting period[160] Financial Management - The company issued bonds in 2020, with the amount of bonds payable at the end of the period being ¥74,648.35 million, accounting for 7.85% of total liabilities[62] - The company has entrusted 30,000.00 million in cash asset management, utilizing self-owned funds[104] - The company has a total of 110,000.00 million in entrusted financial management, with an actual return of 769.56 million[107] - The company has no overdue amounts in its entrusted financial management[104] - The company has no impairment provisions for entrusted financial management[107] Employee Management - The total number of ordinary shareholders as of the end of the reporting period is 98,153, an increase from 91,743 at the end of the previous month[128] - The number of employees in the parent company is 1,276, while the total number of employees across the parent and major subsidiaries is 2,226[159] - A total of 8,165 training sessions were conducted during the reporting period, including 761 for management and 7,404 for frontline employees[161] - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to CNY 9.5841 million[155] Market Position - The company was recognized as one of the "Top 50 Logistics Enterprises in China" during the reporting period[41] - The company’s logistics services are expected to play a key role in the integration of international logistics supply chains, particularly in relation to the Belt and Road Initiative[73] - The company is focused on high-quality development and enhancing market competitiveness[133]

Important Notice [Statement of Authenticity and Responsibility](index=3&type=section&id=1.1%20%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%AD%A3%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E8%80%85%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The Board of Directors, Supervisory Committee, and senior management collectively guarantee the authenticity, accuracy, and completeness of this quarterly report and assume legal responsibility - The Board of Directors, Supervisory Committee, and senior management pledge the authenticity, accuracy, and completeness of the quarterly report's content and assume legal responsibility[7](index=7&type=chunk) - All company directors attended the board meeting to review the quarterly report[7](index=7&type=chunk) - Company head Zhang Jiyi, Chief Financial Officer Wu Qiong, and head of the accounting department Bi Jing guarantee the authenticity, accuracy, and completeness of the financial statements[7](index=7&type=chunk) - This third-quarter report is **unaudited**[7](index=7&type=chunk) Company Profile [Key Financial Data](index=3&type=section&id=2.1%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) As of September 2020, total assets and net assets attributable to shareholders increased, while net profit declined despite a 17.42% rise in revenue year-to-date Key Balance Sheet Data (as of September 30, 2020) | Indicator | Current Period End (RMB) | Prior Year-End (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 10,363,129,908.11 | 9,891,666,078.27 | 4.77 | | Net Assets Attributable to Shareholders | 6,201,757,501.99 | 5,971,162,208.75 | 3.86 | Key Income Statement and Cash Flow Data (YTD, Jan-Sep) | Indicator | YTD (Jan-Sep) (RMB) | Prior YTD (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 403,178,180.11 | 430,693,756.56 | -6.39 | | Operating Revenue | 14,184,179,324.00 | 12,079,431,201.47 | 17.42 | | Net Profit Attributable to Shareholders | 374,020,910.78 | 388,442,755.04 | -3.71 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 348,831,440.77 | 373,006,195.60 | -6.48 | | Weighted Average Return on Equity (%) | 6.121 | 6.686 | Decreased by 0.565 percentage points | | Basic Earnings Per Share (RMB/Share) | 0.287 | 0.298 | -3.69 | Non-recurring Gains and Losses (YTD, Jan-Sep) | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 14,945,262.71 | | Government Grants Recognized in Current Profit or Loss | 14,234,178.24 | | Gains/Losses from Entrusted Asset Management | 4,033,972.61 | | Other Non-operating Income and Expenses | 400,650.73 | | Impact on Minority Interests (After Tax) | -255.67 | | Income Tax Impact | -8,424,338.61 | | **Total** | **25,189,470.01** | [Shareholder Information](index=4&type=section&id=2.2%20%E6%88%AA%E6%AD%A2%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company had 92,749 shareholders, with the top two state-owned entities, China Railway Container Transport and Dalian Railway Economic Development, holding nearly 30% combined - Total number of shareholders was **92,749** as of the reporting period end[11](index=11&type=chunk) Top Ten Shareholders (as of September 30, 2020) | Shareholder Name | Shares Held at Period End (Shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | China Railway Container Transport Co., Ltd. | 207,554,700 | 15.90 | State-owned Legal Entity | | Dalian Railway Economic and Technological Development Co., Ltd. | 184,193,104 | 14.11 | State-owned Legal Entity | | Hong Kong Securities Clearing Company Ltd. | 36,925,108 | 2.83 | Other | | Central Huijin Asset Management Ltd. | 15,758,200 | 1.21 | State-owned Legal Entity | | Deng Chaoquan | 11,490,605 | 0.88 | Domestic Individual | | China Agricultural Bank Co., Ltd. - CSI 500 ETF | 4,650,224 | 0.36 | Other | | Basic Pension Insurance Fund Portfolio 903 | 4,418,200 | 0.34 | Other | | Hou Jianxiang | 4,284,280 | 0.33 | Domestic Individual | | Basic Pension Insurance Fund Portfolio 1301 | 2,885,600 | 0.22 | Other | | Li Mingguo | 2,815,695 | 0.22 | Domestic Individual | - China Railway Container Transport Co., Ltd. and Dalian Railway Economic and Technological Development Co., Ltd. are both state-owned shareholders within the railway system[11](index=11&type=chunk) Significant Events [Analysis of Significant Changes in Key Financial Statement Items](index=5&type=section&id=3.1%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant fluctuations occurred across the balance sheet, income statement, and cash flow statement, driven by changes in receivables, debt issuance, and the adoption of new revenue standards Analysis of Major Changes in the Balance Sheet (as of September 30, 2020) | Item | Period End Balance (RMB 10,000) | Beginning Balance (RMB 10,000) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 30,000.00 | - | - | Increase in wealth management products from banks | | Accounts Receivable | 36,707.70 | 18,179.22 | 101.92 | Increase in receivables for goods | | Receivables Financing | 10,305.71 | 14,731.28 | -30.04 | Decrease in outstanding bank acceptance bills | | Prepayments | 32,941.33 | 20,302.24 | 62.25 | Increase in prepayments for goods | | Other Receivables | 8,361.40 | 4,165.03 | 100.75 | Increase in receivable VAT turnover | | Notes Payable | 510.00 | 5,000.00 | -89.80 | Bank acceptance bills issued in the period were settled | | Advances from Customers | 36.44 | 150,002.66 | -99.98 | Adoption of the new revenue standard | | Contract Liabilities | 85,957.68 | - | - | Adoption of the new revenue standard | | Other Current Liabilities | 10,294.75 | - | - | Adoption of the new revenue standard | | Bonds Payable | 74,630.90 | - | - | Issuance of 2020 corporate bonds (Phase I) | | Deferred Tax Liabilities | 22,507.03 | 16,385.50 | 37.36 | Implementation of tax preference policies per document [2018] No. 54 | Analysis of Major Changes in the Income Statement (YTD, Jan-Sep) | Item | Current Period Amount (RMB 10,000) | Prior Period Amount (RMB 10,000) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 3,678.03 | 14,302.02 | -74.28 | Certain transportation costs are now listed under cost of sales due to the new revenue standard | | R&D Expenses | 32.55 | 201.60 | -83.85 | Year-on-year decrease in R&D expenses | Analysis of Major Changes in the Cash Flow Statement (YTD, Jan-Sep) | Item | Current Period Amount (RMB 10,000) | Prior Period Amount (RMB 10,000) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 40,317.82 | 43,069.38 | -6.39 | - | | Net Cash Flow from Investing Activities | -40,533.48 | -31,699.19 | -27.87 | - | | Net Cash Flow from Financing Activities | 63,105.91 | -34,316.46 | 283.89 | Primarily due to the issuance of 2020 corporate bonds (Phase I) | [Progress of Significant Events](index=6&type=section&id=3.2%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) There were no significant events, their impacts, or resolutions to be disclosed during the reporting period - No progress on significant events or related analyses of impacts and solutions were reported during this period[17](index=17&type=chunk) [Overdue Unfulfilled Commitments](index=6&type=section&id=3.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company had no overdue unfulfilled commitments during the reporting period - There were no overdue unfulfilled commitments during the reporting period[17](index=17&type=chunk) [Warning on Cumulative Net Profit Forecast](index=6&type=section&id=3.4%20%E9%A2%84%E6%B5%8B%E5%B9%B4%E5%88%9D%E8%17%B3%E4%B8%8B%E4%B8%80%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%9F%E6%9C%AB%E7%9A%84%E7%B4%AF%E8%AE%A1%E5%87%80%E5%88%A9%E6%B6%A6%E5%8F%AF%E8%83%BD%E4%B8%BA%E4%BA%8F%E6%8D%9F%E6%88%96%E8%80%85%E4%B8%8E%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9B%B8%E6%AF%94%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E8%AD%A6%E7%A4%BA%E5%8F%8A%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company has not issued a warning regarding potential losses or significant changes in cumulative net profit for the period from the beginning of the year to the end of the next reporting period - The company has not issued a warning regarding potential losses or significant changes in cumulative net profit for the period from the beginning of the year to the end of the next reporting period[17](index=17&type=chunk) Appendix [Financial Statements](index=7&type=section&id=4.1%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This appendix contains the unaudited consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements for the period ended September 30, 2020 [Consolidated Balance Sheet](index=7&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2020, consolidated total assets reached RMB 10.36 billion, a 4.77% increase from year-end 2019, driven by increases in cash, trading financial assets, and receivables Key Items of the Consolidated Balance Sheet (as of September 30, 2020) | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,884,168,647.86 | 1,264,770,468.92 | | Trading Financial Assets | 300,000,000.00 | - | | Accounts Receivable | 367,076,952.09 | 181,792,199.19 | | Prepayments | 329,413,258.36 | 203,022,355.51 | | Other Receivables | 83,614,003.05 | 41,650,317.69 | | Inventories | 2,200,784,167.93 | 3,019,692,464.98 | | Total Current Assets | 5,432,236,786.28 | 5,083,352,615.02 | | Fixed Assets | 3,890,375,990.94 | 3,800,323,913.23 | | Total Assets | 10,363,129,908.11 | 9,891,666,078.27 | | Notes Payable | 5,100,000.00 | 50,000,000.00 | | Advances from Customers | 364,383.92 | 1,500,026,607.13 | | Contract Liabilities | 859,576,759.62 | - | | Bonds Payable | 746,308,968.65 | - | | Total Liabilities | 4,124,609,129.56 | 3,897,816,071.88 | | Total Equity Attributable to Parent Company | 6,201,757,501.99 | 5,971,162,208.75 | [Parent Company Balance Sheet](index=10&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2020, the parent company's total assets were RMB 8.63 billion, a 14.48% increase from year-end 2019, mainly driven by increases in cash and financial assets Key Items of the Parent Company Balance Sheet (as of September 30, 2020) | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,642,974,820.38 | 1,125,163,313.97 | | Trading Financial Assets | 300,000,000.00 | - | | Other Receivables | 1,801,916,432.49 | 1,548,158,679.19 | | Total Assets | 8,631,027,400.90 | 7,543,662,972.15 | | Accounts Payable | 211,909,165.07 | 149,935,495.70 | | Advances from Customers | 364,383.92 | 54,794,764.13 | | Contract Liabilities | 59,529,579.96 | - | | Other Payables | 673,764,904.94 | 492,218,135.30 | | Bonds Payable | 746,308,968.65 | - | | Total Liabilities | 2,757,749,744.14 | 1,707,266,615.06 | | Total Equity | 5,873,277,656.76 | 5,836,396,357.09 | [Consolidated Income Statement](index=12&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first three quarters of 2020, consolidated revenue grew 17.42% to RMB 14.18 billion, but net profit attributable to parent company shareholders decreased by 3.71% to RMB 374 million Key Items of the Consolidated Income Statement (YTD, Jan-Sep 2020) | Item | YTD 2020 (RMB) | YTD 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 14,184,179,324.00 | 12,079,431,201.47 | 17.42 | | Total Operating Costs | 13,695,644,122.79 | 11,575,015,465.60 | 18.32 | | Selling Expenses | 36,780,343.67 | 143,020,230.59 | -74.28 | | R&D Expenses | 325,504.31 | 2,016,037.75 | -83.85 | | Investment Income | 841,968.95 | 6,444,441.33 | -86.95 | | Credit Impairment Loss | -8,449,918.21 | 4,355,586.99 | -294.00 | | Operating Profit | 511,004,632.55 | 531,608,187.92 | -3.88 | | Net Profit | 375,517,746.70 | 387,879,123.58 | -3.19 | | Net Profit Attributable to Parent Company Shareholders | 374,020,910.78 | 388,442,755.04 | -3.71 | | Basic Earnings Per Share (RMB/Share) | 0.287 | 0.298 | -3.69 | [Parent Company Income Statement](index=15&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first three quarters of 2020, the parent company's revenue grew 1.86% to RMB 2.14 billion, while net profit decreased by 9.79% to RMB 180 million Key Items of the Parent Company Income Statement (YTD, Jan-Sep 2020) | Item | YTD 2020 (RMB) | YTD 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,137,902,447.27 | 2,098,909,678.10 | 1.86 | | Operating Costs | 1,815,319,012.38 | 1,736,899,570.76 | 4.51 | | Selling Expenses | 14,193,610.36 | 18,771,475.55 | -24.49 | | R&D Expenses | 325,504.31 | 2,016,037.75 | -83.85 | | Investment Income | 1,628,291.12 | 7,109,445.55 | -77.09 | | Credit Impairment Loss | -2,079,136.23 | -459,788.29 | -352.19 | | Operating Profit | 242,238,293.15 | 266,536,580.85 | -9.12 | | Net Profit | 180,488,705.81 | 200,067,940.71 | -9.79 | [Consolidated Cash Flow Statement](index=17&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first three quarters of 2020, consolidated net operating cash flow was RMB 403 million, a 6.39% decrease, while financing cash flow turned positive due to bond issuance Key Items of the Consolidated Cash Flow Statement (YTD, Jan-Sep 2020) | Item | YTD 2020 (RMB) | YTD 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 403,178,180.11 | 430,693,756.56 | -6.39 | | Net Cash Flow from Investing Activities | -405,334,782.12 | -316,991,930.82 | -27.87 | | Net Cash Flow from Financing Activities | 631,059,058.01 | -343,164,602.50 | 283.89 | | Net Increase in Cash and Cash Equivalents | 628,378,178.94 | -229,333,765.62 | -374.00 | | Closing Balance of Cash and Cash Equivalents | 1,883,148,647.86 | 890,398,840.77 | 111.50 | [Parent Company Cash Flow Statement](index=19&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first three quarters of 2020, the parent company's net operating cash flow was RMB 272 million, a 26.36% decrease, while financing cash flow turned positive due to new borrowings Key Items of the Parent Company Cash Flow Statement (YTD, Jan-Sep 2020) | Item | YTD 2020 (RMB) | YTD 2019 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 271,797,443.75 | 369,092,786.29 | -26.36 | | Net Cash Flow from Investing Activities | -347,108,047.35 | -223,427,342.43 | -55.36 | | Net Cash Flow from Financing Activities | 593,120,438.58 | -431,188,972.66 | 237.50 | | Net Increase in Cash and Cash Equivalents | 517,811,506.41 | -285,523,523.27 | -281.30 | | Closing Balance of Cash and Cash Equivalents | 1,642,974,820.38 | 597,319,807.25 | 175.00 | [Adjustments for First-Time Adoption of New Accounting Standards](index=20&type=section&id=4.2%202020%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E6%94%B6%E5%85%A5%E5%87%86%E5%88%99%E3%80%81%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company adopted the new revenue standard from 2020, resulting in adjustments to the opening financial statements by reclassifying "advances from customers" to "contract liabilities" and "other current liabilities" [Consolidated Financial Statement Adjustments](index=20&type=section&id=4.2.1%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5) At the consolidated level, "advances from customers" decreased by RMB 1.50 billion, with corresponding increases in "contract liabilities" and "other current liabilities," leaving total assets and liabilities unchanged Consolidated Financial Statement Adjustment Details (January 1, 2020) | Item | December 31, 2019 (RMB) | January 1, 2020 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 1,500,026,607.13 | 686,930.35 | -1,499,339,676.78 | | Contract Liabilities | - | 1,338,635,191.65 | 1,338,635,191.65 | | Other Current Liabilities | - | 160,704,485.13 | 160,704,485.13 | | Total Assets | 9,891,666,078.27 | 9,891,666,078.27 | 0 | | Total Liabilities | 3,897,816,071.88 | 3,897,816,071.88 | 0 | [Parent Company Financial Statement Adjustments](index=22&type=section&id=4.2.2%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5) At the parent company level, "advances from customers" decreased by RMB 54.11 million, with corresponding increases in "contract liabilities" and "other current liabilities," leaving total assets and liabilities unchanged Parent Company Financial Statement Adjustment Details (January 1, 2020) | Item | December 31, 2019 (RMB) | January 1, 2020 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 54,794,764.13 | 686,930.35 | -54,107,833.78 | | Contract Liabilities | - | 50,066,525.79 | 50,066,525.79 | | Other Current Liabilities | - | 4,041,307.99 | 4,041,307.99 | | Total Assets | 7,543,662,972.15 | 7,543,662,972.15 | 0 | | Total Liabilities | 1,707,266,615.06 | 1,707,266,615.06 | 0 | [Explanation of Retrospective Adjustments for New Accounting Standards](index=24&type=section&id=4.3%202020%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E6%94%B6%E5%85%A5%E5%87%86%E5%88%99%E3%80%81%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%BF%BD%E6%BA%AF%E8%B0%83%E6%95%B4%E5%89%8D%E6%9C%9F%E6%AF%94%E8%BE%83%E6%95%B0%E6%8D%AE%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not retrospectively adjust prior period comparative data for the first-time adoption of the new revenue and lease standards in 2020 - The company did not retrospectively adjust prior period comparative data to reflect the first-time adoption of the new revenue and lease standards[64](index=64&type=chunk) [Audit Report](index=24&type=section&id=4.4%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This quarterly report has not been audited and therefore does not include an audit report - This quarterly report is **unaudited**[64](index=64&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2020 was ¥8,787,562,674.40, representing a 13.08% increase compared to ¥7,770,824,896.87 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥259,149,403.00, a decrease of 2.47% from ¥265,713,203.84 in the previous year[18]. - The net cash flow from operating activities increased by 73.84% to ¥335,470,215.43, compared to ¥192,981,440.81 in the same period last year[18]. - The total assets at the end of the reporting period were ¥9,413,330,848.81, down 4.84% from ¥9,891,666,078.27 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company increased by 1.94% to ¥6,086,835,330.63, compared to ¥5,971,162,208.75 at the end of the previous year[18]. - Basic earnings per share for the reporting period were ¥0.199, a decrease of 2.45% from ¥0.204 in the same period last year[18]. - The weighted average return on net assets was 4.232%, down 0.349 percentage points from the previous year[18]. Business Segments - The railway special container logistics business accounted for 25.33% of the total gross profit, which was impacted by the pandemic and market factors[23]. - The railway freight and port logistics business contributed 55.08% to the gross profit, with a significant increase in cargo volume compared to the previous year[23]. - The gross profit margin for the railway special container business decreased by 3.44 percentage points to 16.64%[29]. - The gross profit margin for the railway freight and port logistics business increased by 0.99 percentage points to 19.07%[29]. - The real estate business's gross profit margin was 5.13%, reflecting a decline due to the overall sluggish real estate market[23]. - The other businesses reported a gross profit margin of -1.46%, indicating a need for better management of non-core operations[23]. Investments and Projects - The company has been actively expanding multi-modal transport logistics channels and enhancing logistics platform construction[27]. - The company plans to accelerate the development of new box types and products, leveraging the advantages of the China-Europe Railway Express[27]. - The company made a total external equity investment of 98.76 million yuan, an increase of 16.51% compared to the end of the previous year[42]. - The company invested 16.93 million yuan in purchasing railway special containers, with a project completion rate of 100%[43]. - The cold chain logistics base project has received a total investment of 86.3 million yuan, with a completion rate of 90%[43]. Challenges and Market Conditions - The company faced challenges in its specialized container business due to market demand fluctuations and economic downturns, impacting logistics operations[50]. - The overall economic environment and external trade conditions are expected to impact the company's logistics operations, particularly in the context of global oil supply adjustments[50]. - The logistics sector is expected to benefit from increased demand for bulk products like steel and cement due to national infrastructure initiatives[50]. Related Party Transactions and Guarantees - The company reported a total of 8,188.71 million yuan in actual related party transactions, which accounted for 47.35% of the estimated annual amount of 17,294.44 million yuan[62]. - The actual amount of related party transactions with China National Railway Group Co., Ltd. was 40,804.68 million yuan, representing 49.51% of the estimated amount[62]. - The company provided guarantees totaling 40,000.00 million yuan, which is 6.55% of the company's net assets[71]. Social Responsibility and Compliance - During the reporting period, the company assisted 103 individuals in need, disbursing a total of 452,300 yuan in aid[75]. - The company has actively engaged in poverty alleviation activities, including reimbursing medical expenses for employees and providing financial assistance[75]. - The company adheres to environmental protection principles, emphasizing energy efficiency and low carbon in its major investment projects, particularly in the railway container business[79]. - The company emphasizes compliance with environmental regulations in its construction projects, ensuring coordination between production and environmental protection[82]. Financial Ratios and Debt Management - The company's current ratio improved to 1.83, an increase of 13.66% compared to the previous year[100]. - The quick ratio increased by 44.62% to 0.94, attributed to a rise in quick assets[100]. - The debt-to-asset ratio decreased by 4.30 percentage points to 35.11%[100]. - The company maintained a loan repayment rate of 100%[100]. - The cash interest coverage ratio significantly improved by 70.21% to 12.00, due to an increase in net cash flow from operating activities[102]. Shareholder Information - The company has not made any changes to its share capital structure during the reporting period, with a total of 91,037 common shareholders[86]. - The top ten shareholders hold significant stakes, with China Railway Container Transport Co., Ltd. owning 207,554,700 shares, accounting for 15.90% of total shares[86]. Accounting and Reporting - The company’s financial statements are prepared based on the accrual basis of accounting, reflecting the financial position as of June 30, 2020[176]. - The company’s accounting period follows the calendar year, from January 1 to December 31[177]. - The company operates under a 12-month business cycle[178]. - The company’s reporting currency is Renminbi, while its overseas subsidiaries use Euro as their reporting currency[179].

Financial Performance - Operating revenue increased by 24.20% to CNY 4,225,960,849.00 year-on-year[11] - Net profit attributable to shareholders rose by 13.75% to CNY 140,894,496.77 compared to the same period last year[11] - Basic and diluted earnings per share increased by 13.68% to CNY 0.108[11] - The company reported a revenue of CNY 4,225,960,849.00 for Q1 2020, up from CNY 3,402,514,210.61 in Q1 2019, marking a growth of about 24.2%[31] - Net profit for the first quarter was CNY 139,493,609.68, compared to CNY 123,662,347.44 in the previous year, reflecting a growth of approximately 12.8%[36] - Earnings per share (EPS) for the first quarter was CNY 0.108, an increase from CNY 0.095 year-over-year, representing a growth of about 13.7%[38] - The total comprehensive income for the first quarter was CNY 139,487,729.99, compared to CNY 124,235,079.01 in the same quarter of the previous year, indicating an increase of approximately 12.2%[38] Cash Flow - Net cash flow from operating activities improved significantly, reaching CNY 59,189,709.77, a 406.66% increase from the previous year[11] - The net cash flow from operating activities for Q1 2020 was CNY 59,189,709.77, a significant improvement from a negative cash flow of CNY 19,301,716.77 in Q1 2019[46] - Cash received from operating activities related to other business amounted to CNY 64,240,405.66, compared to CNY 30,544,910.25 in the previous year, showing an increase of over 109%[46] - The cash outflow from investing activities in Q1 2020 was CNY 333,739,640.31, compared to CNY 518,908,628.30 in Q1 2019, indicating a reduction of approximately 35.6%[46] - The cash flow from financing activities included cash payments for dividends and interest totaling CNY 26,667,741.37, compared to CNY 4,765,848.72 in Q1 2019, reflecting an increase of over 460%[46] Assets and Liabilities - Total assets decreased by 8.56% to CNY 9,044,582,544.83 compared to the end of the previous year[11] - The company's total assets decreased to ¥9,044.58 million from ¥9,891.67 million, indicating a reduction in overall asset value[1] - Total liabilities decreased to CNY 2,911,244,808.45 from CNY 3,897,816,071.88, indicating a reduction of about 25.4%[30] - The company’s total non-current liabilities amounted to CNY 757,484,328.86, up from CNY 735,198,909.46, indicating an increase of about 3.4%[30] - Total current assets reached CNY 3,054,681,257.33, compared to CNY 2,962,771,692.95, reflecting an increase of about 3.1%[30] Shareholder Information - The total number of shareholders at the end of the reporting period was 97,664[13] - The top shareholder, China Railway Container Transport Co., Ltd., holds 15.90% of the shares[13] Government Support and Other Income - The company received government subsidies amounting to CNY 11,131,528.18 during the reporting period[11] - Other income increased significantly by 1,025.04% to ¥1,121.44 million, mainly from increased government subsidies[1] Inventory and Receivables - Accounts receivable rose to ¥28,553.84 million, reflecting a 57.07% increase due to higher logistics service receivables[1] - Prepayments increased by 80.06% to ¥36,557.02 million, attributed to higher advance payments for goods[1] - Inventory decreased by 33.34% to ¥201,301.51 million, primarily due to a reduction in entrusted processing products[1] - Other receivables increased by 63.46% to ¥6,808.15 million, driven by an increase in VAT receivables[1] Changes in Financial Standards - The company has implemented new revenue recognition standards effective January 1, 2020, which may impact future financial reporting[64]