Financial Performance - Operating revenue for Q3 2022 was RMB 25,201,628,514.79, a decrease of 30.27% compared to RMB 36,139,161,678.02 in the same period last year[5]. - Net profit attributable to shareholders for Q3 2022 was RMB 1,216,098,140.00, an increase of 32.64% from RMB 916,829,734.80 year-on-year[5]. - Net profit excluding non-recurring gains and losses for Q3 2022 was RMB 1,102,742,198.67, reflecting a 13.19% increase compared to RMB 974,267,242.14 in the previous year[5]. - Basic earnings per share for Q3 2022 was RMB 0.1643, up 32.62% from RMB 0.1239 in the same quarter last year[6]. - Total operating revenue for the first three quarters of 2022 was CNY 80.39 billion, a decrease of 17.8% compared to CNY 97.82 billion in the same period of 2021[22]. - Net profit for the first three quarters of 2022 reached CNY 3.74 billion, an increase of 15.7% from CNY 3.23 billion in the previous year[22]. - Operating profit for the first three quarters of 2022 was CNY 4.47 billion, up 14% from CNY 3.93 billion in the same period of 2021[22]. - The company reported a total comprehensive income of CNY 3.71 billion, compared to CNY 3.12 billion in the previous year, reflecting a growth of 19%[23]. - The company reported a total profit of RMB 2,652,147,110.56 for the first three quarters of 2022, an increase from RMB 2,352,917,701.86 in 2021[66]. Assets and Liabilities - Total assets at the end of Q3 2022 were RMB 82,254,343,686.80, representing a 10.70% increase from RMB 74,302,892,214.71 at the end of the previous year[6]. - Current assets amounted to CNY 44.24 billion, up from CNY 36.36 billion, indicating a growth of about 21.7% year-over-year[20]. - Total liabilities stood at CNY 45.76 billion, up from CNY 39.26 billion, which is an increase of about 16.0%[21]. - Shareholders' equity totaled CNY 36.49 billion, compared to CNY 35.05 billion, reflecting a growth of approximately 4.1%[21]. - The company’s total assets reached 40,714,077,723.35 CNY, an increase from 39,651,918,204.40 CNY compared to the previous year[29]. - The total liabilities increased to CNY 16,293,294,716.90 from CNY 15,563,286,316.94 year-over-year[29]. - The total equity increased to CNY 24,420,783,006.45 from CNY 24,088,631,887.46, reflecting growth in shareholder value[64]. Cash Flow - Cash flow from operating activities for the year-to-date was RMB 1,927,971,913.85, a 12.19% increase from RMB 1,718,446,145.96 in the same period last year[6]. - Cash flow from operating activities generated a net amount of CNY 1.93 billion, compared to CNY 1.72 billion in the previous year, reflecting a growth of 12.3%[25]. - The cash flow from operating activities showed a net outflow of RMB -487,672,737.88, compared to RMB -355,722,708.14 in the first three quarters of 2021[32]. - The company reported a net cash outflow from financing activities of -2,033,697,214.85 CNY, compared to -1,116,946,389.50 CNY in the previous year[26]. - The cash inflow from financing activities totaled 1,922,505,750.58 CNY, down from 8,836,966,109.18 CNY year-over-year[26]. Government Subsidies - Non-recurring gains and losses for Q3 2022 included government subsidies of RMB 87,473,360.78, contributing to overall profitability[7]. - The group received a total of RMB 1,007.96 million in government subsidies related to daily operations, primarily for logistics business[10]. - The company reported a significant increase in government subsidies for logistics, with the largest single subsidy amounting to RMB 27,367.08 million[46]. Operational Metrics - Contract logistics volume reached 29.459 million tons, up from 26.982 million tons year-on-year, while project logistics volume increased to 4.792 million tons from 4.522 million tons[13]. - The company handled 9.56 million TEUs in maritime agency, down from 10.05 million TEUs year-on-year[14]. - Cross-border e-commerce logistics transactions totaled 220 million tickets, a decrease from 330 million tickets in the same period last year[15]. - The company maintained stable performance in cold chain logistics, with a volume of 715,000 tons, unchanged from the previous year[13]. Research and Development - Research and development expenses increased to CNY 106.26 million, up from CNY 96.63 million, indicating a focus on innovation[22]. - Research and development expenses increased significantly to RMB 117,268,315.20 in 2022, up from RMB 57,388,938.54 in 2021, marking a 104.5% increase[65]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 64,355, with the largest shareholder holding 33.61% of the shares[16].

Financial Performance - The company reported a net profit attributable to shareholders of RMB 731,959,207.50, accounting for 31.46% of the net profit for the first half of 2022[4]. - Total revenue for the first half of 2022 reached RMB 14.9 billion, representing a 27% increase year-on-year[25]. - The company achieved operating revenue of RMB 55.19 billion in the first half of 2022, a decrease of 10.52% compared to RMB 61.68 billion in the same period last year[35]. - Net profit attributable to shareholders was RMB 2.33 billion, representing a growth of 7.59% from RMB 2.16 billion in the previous year[36]. - The company reported a significant increase in customer development efforts, particularly in the sea and air freight agency sectors[40]. - The company reported a non-recurring profit of 189,009,713.93 CNY, with significant contributions from various non-operating income sources[44]. - The company reported a net cash flow from operating activities increased by 155.34%, reaching RMB 672.99 million compared to RMB 263.57 million in the same period last year[37]. - The company’s total revenue for the first half of 2022 was approximately RMB 55.19 billion, a decrease of 10.52% compared to RMB 61.68 billion in the same period last year[78]. - The operating cost for the same period was approximately RMB 51.79 billion, down 12.00% from RMB 58.85 billion year-on-year[78]. - The company reported a net cash flow from operating activities of approximately RMB 6.73 billion, a significant increase of 155.34% compared to RMB 2.64 billion in the previous year[78]. Dividend and Shareholder Returns - The company plans to distribute an interim dividend of RMB 0.10 per share, pending approval from the shareholders' meeting[4]. - The board of directors has proposed a profit distribution plan based on the total share capital of 7,400,803,875 shares[4]. - The company proposed a mid-term dividend of RMB 0.10 per share, with an estimated total cash dividend of RMB 731,959,207.50, representing 31.46% of the net profit attributable to shareholders for the first half of 2022[108]. - The company commits to distributing at least 10% of its distributable profits as cash dividends annually, provided it is profitable and has positive retained earnings[142]. Operational Efficiency and Growth Strategies - The logistics segment saw a revenue increase of 87%, with a significant rise in cross-border e-commerce logistics[25]. - The company aims to transform its core business towards value chain integration, emphasizing customized solutions and industry-specific services[48]. - The company plans to enhance its operational quality in the sea and air freight agency sectors to drive future growth[40]. - The company is focusing on customer-driven strategies, emphasizing value creation and service chain extension to adapt to market demands[50]. - The company aims to achieve an annual revenue scale of over CNY 1.5 billion from its new business model combining 3PL and 4PL services, focusing on industries like photovoltaics and fast-moving consumer goods[27]. Market and Industry Context - In the first half of 2022, China's GDP reached CNY 56.26 trillion, growing by 2.5% year-on-year, while total foreign trade increased by 9.4%, with exports up by 13.2% and imports by 4.8%[52]. - The logistics industry revenue reached CNY 6.0 trillion in the first half of 2022, reflecting a year-on-year growth of 6.1%, while the total social logistics volume was CNY 159.6 trillion, up by 3.1%[53]. - The international supply chain faces challenges due to geopolitical tensions and rising energy prices, impacting logistics costs and operations[53]. - The logistics market is experiencing a stable recovery, with the logistics industry prosperity index averaging 49.4%, reaching 52.1% in June 2022, indicating expansion[53]. Risk Management - The company has outlined potential risks in the management discussion and analysis section of the report[5]. - The company faces macroeconomic risks due to international political instability and domestic pandemic control, which may hinder business growth[95]. - Increased competition in the logistics sector is noted, with e-commerce and shipping companies entering the market, leading to intensified market competition[96]. - Operational risks are present due to the complexity of logistics operations, which may affect operational efficiency if not managed properly[97]. - The company is enhancing its credit risk management processes to address potential receivables collection risks due to fluctuating market conditions[99]. Technological Innovation and Development - The company added 18 new patents (14 invention patents) and 39 new software copyrights during the reporting period, enhancing its research and technological innovation capabilities[64]. - The company’s smart logistics solutions have improved outbound efficiency by over 40% in the tire industry through the application of visual recognition technology and warehousing operations[64]. - The company is focusing on the integration of smart logistics and green logistics, promoting technological innovation and digital research and development[64]. - The company is advancing digital transformation by implementing smart algorithms to publish air freight price indices, reflecting export air freight price trends[73]. Corporate Governance and Management - The company strictly adhered to corporate governance regulations and improved its governance structure during the reporting period[120]. - The company held five board meetings during the reporting period, approving 33 proposals including regular reports and stock repurchase plans[121]. - The company appointed three new deputy general managers: Li Shizhu, Gao Xiang, and He Fei, while Chen Xianmin resigned from the position effective June 15, 2022[115]. - The company has established a commitment to maintain independence in operations, finance, and management from its major shareholders[141]. Environmental and Social Responsibility - The company donated RMB 7 million for rural revitalization projects in 2022, focusing on improving public services and promoting industry[135]. - The company is constructing a logistics distribution center in Du Re Town, Xinjiang, which will create 50-150 job positions and increase annual income for local residents by RMB 30,000 to 100,000[135]. - The company has established a "dual carbon" working group and completed a comprehensive carbon emission assessment, drafting an initial action plan for carbon reduction[133]. - The company has implemented a series of energy-saving and emission reduction measures, achieving significant results in its environmental protection efforts[132].

Financial Performance - The net profit attributable to shareholders for the first half of 2022 was RMB 2.3 billion, with a weighted average return on equity of 6.84%[9]. - The company reported a total revenue of RMB 149 billion for the first half of 2022, with a segment profit margin of 29% in air freight services[9]. - The company achieved operating revenue of CNY 55.19 billion in the first half of 2022, a decrease of 10.52% compared to the same period last year[18]. - Net profit attributable to shareholders was CNY 2.33 billion, representing a year-on-year increase of 7.59%[20]. - The net profit after deducting non-recurring gains and losses was CNY 2.14 billion, up 16.42% from the previous year[18]. - The company's total assets grew by 7.02% to CNY 79.52 billion compared to the end of the previous year[18]. - The net assets attributable to shareholders increased by 2.37% to CNY 33.88 billion[18]. - Basic earnings per share rose to CNY 0.3146, a 7.67% increase year-on-year[19]. - The company's agency and related business external revenue for the first half of 2022 was CNY 33.248 billion, a decrease of 21.33% compared to CNY 42.264 billion in the previous year[66]. - The division profit for the agency and related business was CNY 1.268 billion, an increase of 13.81% from CNY 1.114 billion year-on-year, primarily due to the optimization of business structure and increased profit elasticity in maritime agency business[66]. Cash Flow and Investments - The net cash flow from operating activities for the first half of 2022 was RMB 21 billion[9]. - The net cash flow from operating activities increased significantly by 155.34%, reaching CNY 672.99 million[18]. - The company reported a net cash inflow from operating activities of 673 million yuan, an increase of 409 million yuan year-on-year, indicating a healthy financial status and strong liquidity[53]. - The net cash flow from investing activities was a net outflow of CNY 1.16 billion in the previous year, with significant increases in cash outflows for property and equipment purchases totaling CNY 5.79 billion and intangible assets of CNY 1.43 billion in the current period[78]. - The net cash flow from financing activities decreased to CNY 1.25 billion from CNY 12.51 billion in the previous year, primarily due to a reduction in net inflow from borrowings[78]. - The company's long-term equity investments increased to CNY 9.471 billion, a 12.59% increase from CNY 8.412 billion at the beginning of the year, mainly due to profit adjustments from subsidiaries[91]. Dividend and Share Repurchase - The company proposed a mid-term dividend of RMB 0.10 per share, which is expected to distribute a total cash dividend of RMB 731,959,207.50, accounting for 31.46% of the net profit attributable to shareholders for the first half of 2022[3]. - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, with a total payout of RMB 1,323,945,193.50 for the 2021 fiscal year[127]. - As of June 30, 2022, the company has repurchased 45,552,800 A-shares, accounting for 0.62% of the total issued shares, with a total expenditure of RMB 179,730,097[122]. - The company has also repurchased 22,803,000 H-shares, representing 0.31% of the total issued shares and 1.06% of the total H-shares, with a total expenditure of HKD 51,256,850[123]. - The board approved a share repurchase plan using up to RMB 299 million to buy back between 24.64 million to 49.28 million A-shares at a price not exceeding RMB 6.06 per share[122]. Operational Developments - The company is focused on expanding its logistics services, including cross-border e-commerce logistics, which contributed significantly to revenue growth[9]. - The company aims to build a world-class smart logistics platform to drive industrial progress[6]. - The company is expanding its e-commerce business, providing end-to-end services for cross-border e-commerce clients[26]. - The company has established a nationwide cold chain logistics network, benefiting from consumption upgrades and technological advancements, with strong capabilities in temperature control and tracking[29]. - The company operates over 50 self-operated international freight train routes, with a cumulative transport volume of 790,000 TEUs, including over 660,000 TEUs for China-Europe trains[32]. - The company aims to transform its e-commerce business towards platformization and ecosystem development, focusing on cross-border e-commerce logistics and logistics e-commerce platforms[35]. Market Conditions and Challenges - In the first half of 2022, China's GDP grew by 2.5%, while foreign trade imports and exports increased by 9.4%, with exports rising by 13.2%[36]. - The cumulative import and export cargo volume in China decreased by 6.9% year-on-year, totaling 2.479 billion tons in the first half of 2022[39]. - The global shipping market faced downward pressure with a 3.0% year-on-year increase in national port container throughput, significantly lower than the previous year's growth of 15.0%[39]. - The logistics market competition intensified, with increased participation from e-commerce and shipping companies, posing risks to market share[100]. - The company faced macroeconomic risks due to international political instability and domestic pandemic control, impacting logistics market volatility[99]. Corporate Governance and Compliance - The company’s governance structure has been enhanced in compliance with the Company Law and the Securities Law, adhering to corporate governance codes[130]. - The company has committed to maintaining independence in personnel, finance, assets, business, and institutions, ensuring no conflicts of interest arise from related transactions[148]. - The company has established a commitment to avoid and minimize related party transactions, ensuring fair market pricing and compliance with disclosure obligations[148]. - The company’s independent directors have provided opinions on the cash dividend proposal, which is subject to shareholder approval[119]. - The company held 5 board meetings during the reporting period, approving 33 proposals including regular reports and stock repurchase plans[131]. Sustainability and Social Responsibility - The company has set a green development vision, aiming to become a leader in green logistics and has initiated pilot projects for carbon reduction solutions[59]. - The company actively promotes green logistics and has been recognized as the rotating president unit of the Green Logistics Branch of the China Federation of Logistics and Purchasing[140]. - The company donated RMB 7 million for rural revitalization projects in 2022, focusing on improving public services and promoting employment in targeted areas[143]. - A logistics center for agricultural products is being constructed in Dure Town, Xinjiang, which is expected to create 50-150 jobs and increase annual income for local residents by RMB 30,000 to 100,000[143]. - The company emphasizes ecological and environmental protection, integrating it into its business operations and adhering to relevant laws and regulations[139].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 29,641,338,920.13, representing a year-on-year increase of 2.56%[4] - Net profit attributable to shareholders for Q1 2022 was CNY 982,486,300.96, reflecting a year-on-year growth of 17.68%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 899,687,775.53, an increase of 16.13% compared to the same period last year[4] - Operating profit for Q1 2022 was RMB 1.19 billion, an increase of 15.1% from RMB 1.04 billion in Q1 2021[23] - Total comprehensive income for Q1 2022 was RMB 1.00 billion, compared to RMB 859.63 million in Q1 2021, indicating a growth of 16.4%[24] - Basic earnings per share for Q1 2022 was CNY 0.1328, marking a 17.73% increase year-on-year[4] Cash Flow - The net cash flow from operating activities for Q1 2022 was negative at CNY -1,460,576,806.65, indicating a significant cash outflow[4] - Cash flow from operating activities showed a net outflow of RMB 1.46 billion in Q1 2022, an improvement from a net outflow of RMB 2.18 billion in Q1 2021[25] - The net cash flow from financing activities was RMB 105,167,295.79, a significant increase compared to a net outflow of RMB 41,111,766.60 in the previous year[9] - The company reported a net decrease in cash and cash equivalents of 1,791,002,012.98 in Q1 2022, compared to a decrease of 2,537,127,464.96 in Q1 2021[26] Assets and Liabilities - The total assets at the end of Q1 2022 amounted to CNY 77,514,786,683.75, which is a 4.32% increase from the end of the previous year[4] - The total liabilities increased to RMB 41,469,182,672.65 as of March 31, 2022, from RMB 39,254,829,053.81 at the end of 2021, reflecting a rise of approximately 5.67%[22] - The company's cash and cash equivalents decreased to RMB 12,432,958,738.71 as of March 31, 2022, down from RMB 14,495,228,567.22 at the end of 2021, a decline of about 14.26%[20] - Accounts receivable rose to RMB 17,508,413,027.49 as of March 31, 2022, compared to RMB 14,187,268,046.00 at the end of 2021, marking an increase of approximately 23.00%[20] Shareholder Information - The company’s total number of ordinary shareholders at the end of the reporting period was 73,060[15] - The largest shareholder, China Ocean Shipping Group, holds 33.40% of the shares, totaling 2,472,216,200 shares[15] Operational Metrics - Contract logistics volume reached 9.513 million tons, up from 7.389 million tons year-on-year, reflecting a growth of 28.8%[12] - The company’s cross-border e-commerce logistics volume was 104 million orders, down from 124 million orders year-on-year, indicating a decrease of 16.13%[14] Expenses - Financial expenses increased by 118.36% to RMB 146,025,086.45 due to significant exchange losses from the depreciation of the Belarusian ruble[8] - Research and development expenses increased to RMB 25.10 million in Q1 2022, compared to RMB 19.70 million in Q1 2021, reflecting a growth of 27.1%[23] Non-Recurring Items - The company reported non-recurring gains of CNY 82,798,525.43 for the period, with various components contributing to this total[6] - The company received government subsidies totaling RMB 20,934.19 million, mainly related to its logistics operations[10]

Financial Performance - The company's net profit attributable to shareholders for 2021 was RMB 1.243 billion, representing a 47% increase year-on-year[14]. - Operating revenue for 2021 reached RMB 37 billion, reflecting a growth of 35% compared to the previous year[14]. - The company's operating revenue for 2021 was CNY 12,434.55 million, representing a 47.09% increase from CNY 8,453.68 million in 2020[38]. - Net profit attributable to shareholders for 2021 was CNY 371.34 million, up 34.82% from CNY 275.44 million in 2020[38]. - The net profit excluding non-recurring gains and losses was CNY 338.92 million, reflecting a 43.96% increase from CNY 235.44 million in 2020[38]. - The net cash flow from operating activities for 2021 was CNY 416.49 million, a 5.27% increase compared to CNY 395.64 million in 2020[38]. - In 2021, the company achieved operating revenue of RMB 124.346 billion, representing a year-on-year growth of 47.09%[41]. - The net profit attributable to shareholders reached RMB 3.713 billion, an increase of 34.82% compared to the previous year[41]. - Basic earnings per share (EPS) for 2021 was RMB 0.50, up from RMB 0.37 in 2020, reflecting a growth of 34.82%[40]. - The weighted average return on equity (ROE) increased to 11.69%, up by 2.34 percentage points from 2020[40]. - The net profit after deducting non-recurring gains and losses was RMB 2.946 billion, with a basic EPS of RMB 0.46, compared to RMB 0.32 in 2020[40]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.18 per share, totaling approximately RMB 1.332 billion based on the total share capital of 7,400,803,875 shares[5]. - The company plans to distribute a cash dividend of RMB 1.8 per 10 shares, totaling RMB 1.332 billion, with a payout ratio of 36%[54]. Operational Efficiency and Innovations - The implementation of AI, RPA, and EDI solutions led to a processing volume of over 15.8 million documents, enhancing operational efficiency by 300%[23]. - The company is the first in the country to apply L4-level autonomous driving technology for long-distance freight transportation[23]. - The company launched an intelligent container inspection system that achieves over 99% accuracy in damage assessment, significantly improving inspection efficiency and reducing workload by 10%[112]. - The company achieved a 30% improvement in tire logistics efficiency, reducing loading time from 120 minutes to 80 minutes per vehicle[113]. - The automatic driving truck project completed over 45,000 kilometers of transportation, achieving a 100% on-time delivery rate[114]. Growth in Specific Segments - Air freight volume increased to 804,000 tons, with a revenue growth of 32% and a segment profit increase of 23%[13]. - Cross-border e-commerce logistics revenue surged by 108%, with a segment profit growth of 30%[17]. - The company launched over 5,300 China-Europe freight trains, achieving a revenue increase of 61% and a business volume growth of 65%[13]. - The air freight business achieved a revenue of RMB 22.943 billion, a year-on-year increase of 59.60%, with segment profit rising by 67.82% to RMB 678 million[64]. - The contract logistics business saw a revenue increase of 22.64% to RMB 33.37 billion, driven by significant growth in new project volumes[65]. - The e-commerce business generated revenue of RMB 14.253 billion, a 98.62% increase from RMB 7.176 billion, with segment profit rising to RMB 0.249 billion, up 27.44%[72]. Assets and Liabilities - Total assets at the end of 2021 were CNY 7,430.29 million, a 12.89% increase from CNY 6,581.87 million at the end of 2020[39]. - Total liabilities at the end of 2021 were CNY 3,925.48 million, which is a 16.94% increase from CNY 3,356.79 million at the end of 2020[39]. - Net assets attributable to shareholders at the end of 2021 were CNY 3,309.90 million, an 8.71% increase from CNY 3,044.80 million at the end of 2020[39]. Strategic Initiatives and Future Plans - The company plans to continue expanding its logistics services and enhancing operational efficiency in the coming years[41]. - The company aims to enhance its digital transformation and logistics technology innovation to drive high-quality development[57]. - The company is committed to overseas expansion through both organic growth and mergers and acquisitions to enhance its service capabilities[57]. - The company aims to establish a world-class smart logistics platform by 2025, focusing on data-driven, networked, and intelligent development models[173]. - The company is focusing on enhancing its overseas network and improving end-to-end supply chain service capabilities to create value for customers and shareholders[172]. Sustainability and Environmental Initiatives - The company signed a sustainable aviation fuel agreement with Air France-KLM, which can reduce CO2 emissions by 85%[23]. - The company has incorporated "green logistics" into its planning, focusing on energy resource usage and carbon emission reduction[61]. - The company is implementing a "dual carbon" strategy, establishing a project team to create a carbon peak action plan and a roadmap for carbon neutrality[177]. - The company has set clear mid- to long-term sustainability goals, including a vision for carbon neutrality by 2060[196]. - The company has established an ESG committee to oversee the implementation of environmental, social, and governance initiatives[196]. Market Trends and Economic Outlook - The company anticipates a GDP growth of around 5.5% in China for 2022, despite facing pressures from demand contraction and supply shocks[171]. - The overall trade growth is expected to slow down to 4.7% in 2022, following a strong rebound of 10.8% in 2021[171]. - The logistics industry is expected to see continued high prices for air freight and a tight supply of shipping capacity in the first half of 2022, influenced by the ongoing pandemic[172]. Risk Management and Compliance - The company is enhancing internal controls and risk management systems to mitigate operational risks associated with logistics and supply chain[182]. - The company is committed to complying with significant laws and regulations affecting its operations, including logistics-related laws[195]. - The company is addressing macroeconomic risks by closely monitoring economic trends and adjusting resource allocation dynamically[179].

股票代碼：0598HK 601598SH 成就客戶 創造價值 中期報告 2021 重要提示 2021年中期報告 1 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實、準確、完整，不存在虛 假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 未出席董事情況 | --- | --- | --- | --- | |----------------|--------|--------------------------------------------------|--------| | 未出席董事職務 | | 未出席董事姓名 未出席董事的原因說明 被委託人姓名 | | | 董事長 | 李關鵬 | 其他工作安排 | 宋嶸 | | 非執行董事 | 熊賢良 | 其他工作安排 | 宋德星 | | 非執行董事 | 江艦 | 其他工作安排 | 宋德星 | 三、 本半年度報告未經審計。 四、 公司負責人李關鵬、主管會計工作負責人王久雲及會計機構負責人（會計主管人員）麥麗娜聲明：保證半年 度報告中財務報告的真實、準確、完整。 五、 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 ...

[Section I Definitions](index=6&type=section&id=Section%20I%20Definitions) This section defines key terms used throughout the report [Section II Company Profile and Key Financial Indicators](index=8&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=8&type=section&id=Company%20Basic%20Information) This chapter details the company's fundamental corporate information, including names, addresses, key contacts, and disclosure channels Company Basic Information | Item | Information | | :--- | :--- | | **Company Chinese Name** | 中国外运股份有限公司 | | **Company Chinese Abbreviation** | 中国外运 | | **Foreign Name** | SINOTRANS LIMITED | | **Legal Representative** | Li Guanpeng | | **Board Secretary** | Li Shichu | | **Securities Affairs Representative** | Lu Ronglei | | **Registered Address** | Building A, Jinyun Building, No. 43 North Xizhimen Street, Haidian District, Beijing, China | | **Office Address** | Building B, Sinotrans Building, No. 10, Courtyard 5, Anding Road, Chaoyang District, Beijing, China | | **Company Website** | www.sinotrans.com | Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | H Shares | Hong Kong Stock Exchange | Sinotrans | 0598 | | A Shares | Shanghai Stock Exchange | Sinotrans | 601598 | [Key Accounting Data and Financial Indicators](index=10&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2021, the company achieved robust performance, with operating revenue growing 55.38% to **RMB 61.68 billion** and net profit attributable to shareholders increasing 77.93% to **RMB 2.16 billion** 2021 H1 Key Accounting Data (Consolidated Statements) | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 61,676,723,089.91 | 39,693,676,126.08 | 55.38 | | Net Profit Attributable to Shareholders of Listed Company | 2,162,515,209.01 | 1,215,350,161.87 | 77.93 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 1,836,195,770.32 | 1,087,610,969.83 | 68.83 | | Net Cash Flow from Operating Activities | 263,421,160.87 | 519,563,054.18 | -49.30 | | **Indicator** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **Period-end vs. Prior Year-end Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 31,669,015,302.57 | 30,448,004,705.75 | 4.01 | | Total Assets | 72,679,373,118.70 | 65,818,698,691.93 | 10.42 | 2021 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.2922 | 0.1642 | 77.93% | | Weighted Average Return on Net Assets (%) | 6.87 | 4.18 | Increased by **2.69 percentage points** | | Weighted Average Return on Net Assets (Excl. Non-recurring Items) (%) | 5.83 | 3.74 | Increased by **2.09 percentage points** | - Performance growth was primarily driven by the company's strategic focus on "Five Channels + One Platform + N Product Business Units," enhancing end-to-end supply chain operational capabilities, leading to rapid growth in air freight, ocean freight forwarding, and contract logistics, alongside a significant increase in investment income from associates and joint ventures[27](index=27&type=chunk) [Non-recurring Gains and Losses](index=11&type=section&id=Non-recurring%20Gains%20and%20Losses) Non-recurring gains and losses totaled **RMB 326 million** in the reporting period, mainly from fair value changes in financial assets and government grants 2021 H1 Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Disposal gains/losses on non-current assets | 56,416,309.96 | | Government grants recognized in current profit/loss | 127,744,862.90 | | Fair value changes and disposal gains/losses on trading financial assets/liabilities | 169,513,984.41 | | Reversal of impairment provisions for receivables and contract assets | 35,193,514.83 | | Other non-operating income/expenses and defined profit/loss items | 27,927,080.85 | | **Subtotal** | **418,799,677.42** | | Less: Income tax impact | 86,962,532.64 | | Less: Impact on minority interests | 5,517,706.09 | | **Total** | **326,319,438.69** | [Section III Management Discussion and Analysis](index=12&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Principal Business and Industry Overview](index=12&type=section&id=Principal%20Business%20and%20Industry%20Overview) The company's core business spans professional logistics, agency, and e-commerce, operating within a high-demand, high-freight-rate market environment - The company's principal business comprises three segments: **Professional Logistics** (core business, including contract logistics, project logistics), **Agency and Related Businesses** (foundational business, including ocean, air, and rail agency), and **E-commerce Business** (innovative business, including cross-border e-commerce logistics, e-commerce platforms)[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - In the first half of 2021, China's total foreign trade import and export value reached **RMB 18.07 trillion**, a **27.1% year-on-year increase**, driving strong demand for the logistics industry[36](index=36&type=chunk) - The ocean shipping market experienced severe supply-demand imbalance, with the China Containerized Freight Index (CCFI) rising to a new high of **2,483.60 points in June 2021**; global air cargo demand grew **8% compared to 2019**, with capacity remaining tight[38](index=38&type=chunk)[40](index=40&type=chunk) - The number of China-Europe freight train services and the scale of the cross-border e-commerce market continued to grow rapidly, with **7,377 trains dispatched** in the first half, a **43% year-on-year increase**[41](index=41&type=chunk)[42](index=42&type=chunk) [Core Competitiveness Analysis](index=18&type=section&id=Core%20Competitiveness%20Analysis) The company's core strengths include its global network, specialized logistics solutions, end-to-end supply chain model, market leadership, and technological innovation - Possesses an extensive domestic service network (covering **32 provinces and cities** nationwide) and overseas service network (covering **40 countries and regions** with **65 self-operated outlets), benefiting from synergies with China Merchants Group businesses[43](index=43&type=chunk) - Demonstrates strong professional logistics solution capabilities, focusing on key industries such as consumer goods, automotive, electronics, and healthcare, providing customized, integrated logistics solutions for industry-leading clients[44](index=44&type=chunk) - Provides end-to-end one-stop full supply chain services by strengthening the development of five major channels: water, land, air, rail, and multimodal transport, particularly optimizing operational efficiency in air freight through chartered flights and controlled capacity[45](index=45&type=chunk) - Continuously promotes digital transformation, with a technology R&D team of **646 people** as of the reporting period end; the self-developed automotive transport management platform (SDCC system) has launched **732 projects**, and the "Yun Yi Tong" online platform's revenue grew **187%** in the first half[46](index=46&type=chunk)[47](index=47&type=chunk) [Discussion and Analysis of Operations](index=20&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2021, the company achieved strong revenue growth of **55%** to **RMB 61.68 billion** and **78%** net profit growth to **RMB 2.16 billion**, driven by robust performance across all segments - The company focuses on "Five Channels + One Platform + N Product Business Units" to accelerate the establishment of a full-network operation structure, enhancing end-to-end supply chain operational capabilities and achieving simultaneous improvements in operational quality and efficiency[49](index=49&type=chunk) Financial Performance by Business Segment (2021 H1) | Business Segment | External Revenue (RMB 100M) | YoY Change | Segment Profit (RMB 100M) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Professional Logistics** | 117.34 | +16.49% | 4.45 | +37.41% | | **Agency and Related Businesses** | 422.64 | +56.55% | 11.14 | +24.88% | | **E-commerce Business** | 76.79 | +192.75% | 1.00 | +68.30% | | **Total** | **616.77** | **+55.38%** | **16.58** | **+31.66%** | - Air freight channel business volume reached **460,000 tons**, a **80% year-on-year increase**; operating revenue and segment profit increased by **100% and 54%** respectively[56](index=56&type=chunk) - Contract logistics revenue was **RMB 9.02 billion**, up **18%** year-on-year; segment profit was **RMB 366 million**, up **14%** year-on-year[57](index=57&type=chunk) Key Business Operational Data (2021 H1) | Business | Volume | YoY Growth | | :--- | :--- | :--- | | Ocean Freight Forwarding | 6.883 million TEU | +18.1% | | Air Freight Channel | 460,000 tons | +80.4% | | Rail Freight Forwarding | 151,000 TEU | +91.1% | | Cross-border E-commerce Logistics | 244.864 million orders | +165.7% | [Principal Business Analysis](index=28&type=section&id=Principal%20Business%20Analysis) Operating revenue and costs increased by over **55%** due to higher volume and freight rates, while operating cash flow decreased due to policy changes and prepayments Financial Statement Key Item Variation Analysis | Item | Current Period (RMB 100M) | Prior Year Period (RMB 100M) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 616.77 | 396.94 | 55.38 | | Operating Cost | 588.54 | 374.18 | 57.29 | | Net Cash Flow from Operating Activities | 2.63 | 5.20 | -49.30 | | Net Cash Flow from Investing Activities | -1.16 | -11.38 | N/A | | Net Cash Flow from Financing Activities | 12.51 | -2.47 | N/A | - The decrease in net cash flow from operating activities was mainly due to a lower base in the prior year period from national social security fee exemptions and increased prepayments for chartered flights due to business growth in the current period[71](index=71&type=chunk)[74](index=74&type=chunk) - Fair value change gains amounted to **RMB 168 million** in the current period, primarily due to the increase in fair value of the company's shares in JD Logistics (HK.02618) after its listing[78](index=78&type=chunk) [Analysis of Assets and Liabilities](index=32&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets increased **10.42%** to **RMB 72.68 billion**, with notable changes in receivables, prepayments, and short-term borrowings Balance Sheet Key Item Changes | Item Name | Current Period End (RMB) | Prior Year End (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 14,338,201,560.07 | 11,020,529,018.23 | 30.10 | | Prepayments | 4,157,004,618.97 | 2,708,263,877.18 | 53.49 | | Short-term Borrowings | 2,354,865,609.64 | 502,472,110.58 | 368.66 | | Non-current Liabilities Due Within One Year | 2,170,085,347.25 | 6,251,548,647.08 | -65.29 | | Bonds Payable | 1,997,057,534.25 | – | N/A | - As of the end of the reporting period, the company's overseas assets amounted to **RMB 19.054 billion**, accounting for **26.22%** of total assets[82](index=82&type=chunk) [Investment Status Analysis](index=34&type=section&id=Investment%20Status%20Analysis) Long-term equity investments grew **13.75%** to **RMB 8.82 billion**, primarily from increased equity method earnings from key associates and joint ventures - The ending balance of long-term equity investments was **RMB 8.817 billion**, an increase of **RMB 1.066 billion (+13.75%)** from the beginning of the year, mainly from profit/loss adjustments of Sinotrans-DHL (increase of **RMB 916 million**) and China Merchants Ro-Ro (increase of **RMB 93 million**)[84](index=84&type=chunk) - The company holds JD Logistics shares through CHINA MERCHANTS LOGISTICS SYNERGY LIMITED, whose listing led to an increase of **RMB 168 million** in fair value change gains during the reporting period[78](index=78&type=chunk) Key Holding Subsidiaries Operating Performance (2021 H1) | Company Name | Business Nature | Total Assets (RMB 1,000) | Net Assets (RMB 1,000) | Net Profit (RMB 1,000) | | :--- | :--- | :--- | :--- | :--- | | Sinotrans Logistics Co., Ltd. | Professional Logistics | 2,062,794.38 | 783,720.49 | 22,303.25 | | Sinotrans Air Development Co., Ltd. | Air Freight Forwarding & Express | 1,352,998.97 | 1,085,929.66 | 111,455.12 | | Sinotrans South China Co., Ltd. | Freight Forwarding, Professional Logistics | 933,164.56 | 667,782.32 | 17,376.46 | | Sinotrans East China Co., Ltd. | Freight Forwarding, Professional Logistics | 738,268.49 | 259,691.62 | 22,794.72 | [Company Development Strategy and Business Plan](index=37&type=section&id=Company%20Development%20Strategy%20and%20Business%20Plan) The "14th Five-Year Plan" emphasizes "full-network operation" via an integrated "network + product + platform + model" strategy, targeting digital products and intelligent operations - The core of the "14th Five-Year Plan" strategy is "full-network operation," aiming to build an interconnected, online-offline integrated end-to-end channel service system, with platforms coordinating online networks and ecosystem expansion[91](index=91&type=chunk)[92](index=92&type=chunk) - Plans for the second half of the year include accelerating product development, focusing on expanding end-to-end international supply chain logistics products, and planning to open **6 premium road freight trunk lines**[93](index=93&type=chunk)[94](index=94&type=chunk) - Regarding overseas layout, the company will "deeply cultivate Hong Kong, meticulously cultivate Southeast Asia," establish new entities in Vietnam and Laos, and promote the layout of European outlets with KLG as the core[96](index=96&type=chunk) [Potential Risks](index=39&type=section&id=Potential%20Risks) The company faces risks from macroeconomic volatility, intense competition, operational complexities, procurement management, and credit control - Macroeconomic risks: Global economic recovery uncertainties and high freight rates pose challenges to the supply chain; the company will dynamically adjust its business structure, leverage its train and chartered flight advantages, and strengthen domestic business expansion[98](index=98&type=chunk) - Industry competition risks: Intense homogenization in the logistics industry and entry of cross-industry competitors like e-commerce and shipping companies; the company will strengthen resource controllability and achieve economies of scale through its "Five Channels + One Platform + N Product Business Units" operating network[99](index=99&type=chunk) - Operational risks: Complexities in end-to-end supply chain services demand high operational efficiency and quality; the company will integrate processes, systems, and data through digital means and improve its internal control system[100](index=100&type=chunk) - Procurement management risks: Fluctuations in supplier procurement quality and costs may lead to losses; the company will strengthen supplier classification and grading management, standardize procurement processes, and share resources[101](index=101](index=101&type=chunk) - Credit and accounts receivable risks: Changes in customer creditworthiness due to the pandemic and high freight rates may lead to collection difficulties; the company will strengthen pre-approval assessment and in-process warnings, and enhance collection management[102](index=102&type=chunk) [Other Disclosures](index=41&type=section&id=Other%20Disclosures) This section covers other key disclosures, including the Sinotrans Development merger, tax expenses, capital expenditures, and total borrowings - The company is proceeding with the legal procedures for the deregistration of Sinotrans Development's legal entity and the succession of its assets and liabilities following the absorption merger[103](index=103&type=chunk) Other Financial Data Summary (2021 H1) | Item | Amount/Ratio | | :--- | :--- | | Income Tax Expense | **RMB 450 million** | | Capital Expenditure | **RMB 587 million** | | Total Borrowings (Period-end) | **RMB 10.687 billion** | | Asset-Liability Ratio (Period-end) | **53.84%** | | Total Employees (Period-end) | **33,241** | | Interim Dividend | None | [Section IV Corporate Governance](index=44&type=section&id=Section%20IV%20Corporate%20Governance) [Shareholder Meetings, Directors, Supervisors, and Senior Management Changes](index=44&type=section&id=Shareholder%20Meetings%2C%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20Changes) The company's 2020 Annual General Meeting approved **19 proposals**, alongside several Board and Supervisory Committee personnel changes during and after the reporting period - On **June 10, 2021**, the company held its 2020 Annual General Meeting, approving all **19 proposals**, including the annual report, profit distribution, and director elections[111](index=111&type=chunk) Changes in Directors and Supervisors | Name | Position Held | Change Type | | :--- | :--- | :--- | | Su Jian | Non-executive Director | Resignation | | Liu Wuwu | Non-executive Director | Election | | Song Dexing | Non-executive Director | Re-designation | | Li Guanpeng | Chairman | Resignation | | Liu Yingjie | Chairman of Supervisory Committee | Resignation | [Profit Distribution](index=45&type=section&id=Profit%20Distribution) The Board did not propose a 2021 interim dividend, while the 2020 annual profit distribution of **RMB 888 million** was approved and disbursed - The Board of Directors did not recommend the payment of an interim dividend for the six months ended **June 30, 2021**[114](index=114&type=chunk) - The 2020 annual profit distribution plan of **RMB 1.2 per 10 shares (pre-tax)**, totaling **RMB 888 million**, was approved and distributed on **July 28, 2021**[115](index=115&type=chunk) [Overview of Corporate Governance](index=46&type=section&id=Overview%20of%20Corporate%20Governance) The company adhered to relevant laws and HKEX Listing Rules' Corporate Governance Code, ensuring standardized governance operations - During the reporting period, the company complied with all code provisions of the Corporate Governance Code in Appendix 14 of the HKEX Listing Rules[117](index=117&type=chunk) - During the reporting period, the company held **3 Board meetings**, approving **25 proposals**; the Audit Committee held **3 meetings**; the Remuneration Committee, Nomination Committee, and Supervisory Committee each held **1, 1, and 3 meetings** respectively[118](index=118&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [Section V Environmental and Social Responsibility](index=49&type=section&id=Section%20V%20Environmental%20and%20Social%20Responsibility) [Environmental Protection](index=49&type=section&id=Environmental%20Protection) The company prioritizes environmental protection and green logistics, reducing energy consumption while achieving revenue growth - The company is not classified as a key pollutant-discharging entity by environmental protection authorities but highly values energy conservation and environmental protection, having formulated the "Energy Conservation and Environmental Protection Management Regulations" and "Comprehensive Emergency Plan for Environmental Incidents"[128](index=128&type=chunk)[131](index=131&type=chunk) - To achieve "dual carbon" goals, the company actively adjusts its business model, vigorously develops multimodal transport, optimizes energy consumption structure, and promotes new energy applications such as photovoltaic power generation and LNG fuel[132](index=132&type=chunk) - During the reporting period, the company's total energy consumption was **40,568 tons of standard coal equivalent**, a **0.71% year-on-year decrease**, achieving a favorable situation of revenue growth alongside reduced energy consumption[133](index=133&type=chunk) [Social Responsibility](index=51&type=section&id=Social%20Responsibility) The company actively supports rural revitalization, donating **RMB 9 million** through the China Merchants Charitable Foundation for projects in key areas - In the first half of 2021, the company donated **RMB 9 million** through the China Merchants Charitable Foundation for rural revitalization projects, with **RMB 6.13 million** already disbursed[135](index=135&type=chunk) - Key assistance projects include: investing **RMB 5 million** to purchase **10 ambulances** for remote areas in Yecheng, Xinjiang; investing **RMB 1.7 million** to support the construction of village-level health clinics and the expansion of a walnut processing factory in Yecheng County[135](index=135&type=chunk) [Section VI Important Matters](index=53&type=section&id=Section%20VI%20Important%20Matters) [Significant Related Party Transactions](index=54&type=section&id=Significant%20Related%20Party%20Transactions) Ongoing related party transactions with China Merchants Group and affiliates, covering logistics, leasing, and financial services, remained within approved annual limits Transportation Logistics Services Transactions with China Merchants Group (Jan-Jun 2021) | Transaction Direction | 2021 Estimated Cap (RMB 100M) | 2021 H1 Actual Amount (RMB 100M) | | :--- | :--- | :--- | | Services provided to China Merchants Group | 25.00 | 4.66 | | Services received from China Merchants Group | 35.00 | 11.33 | Property and Equipment Leasing Transactions with China Merchants Group (Jan-Jun 2021) | Category | 2021 Estimated Cap (RMB 10,000) | 2021 H1 Actual Amount (RMB 10,000) | | :--- | :--- | :--- | | Leased properties and warehouses | 57,000 | 13,520.43 | | Leased out properties and warehouses | 4,000 | 621.31 | | Leased containers and equipment | 1,500 | 302.63 | | Leased out containers and equipment | 20,000 | 4,059.28 | - The company signed a financial services agreement with China Merchants Group Finance Co., Ltd.; as of **June 30, 2021**, the maximum daily deposit balance with the finance company was **RMB 4.781 billion** (cap **RMB 5 billion**), and the maximum daily loan balance was **RMB 311 million** (cap **RMB 10 billion**)[149](index=149&type=chunk) [Significant Contracts and Guarantees](index=60&type=section&id=Significant%20Contracts%20and%20Guarantees) Total external guarantees reached **RMB 4.8 billion**, or **14.31%** of net assets, with all guarantees performing normally External Guarantees (As of June 30, 2021) | Guarantee Category | Guarantee Balance (RMB) | | :--- | :--- | | Guarantees for subsidiaries | 4,688,979,176.58 | | Guarantees for non-subsidiaries | 110,360,678.43 | | **Total Guarantees** | **4,799,339,855.01** | | Total Guarantees as % of Company's Net Assets | 14.31% | [Other Significant Matters](index=61&type=section&id=Other%20Significant%20Matters) Post-reporting period, the company issued **RMB 2 billion** in 5-year corporate bonds at **3.15%**, with no other significant subsequent events - On **July 23, 2021**, the company issued **RMB 2 billion** of 5-year corporate bonds with a coupon rate of **3.15%**[154](index=154&type=chunk) [Section VII Share Changes and Shareholder Information](index=62&type=section&id=Section%20VII%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=62&type=section&id=Share%20Capital%20Changes) No changes occurred in the company's total share capital or structure during the reporting period - During the reporting period, there were no changes in the company's total share capital or share capital structure[156](index=156&type=chunk) [Shareholder Information](index=62&type=section&id=Shareholder%20Information) The company had **51,913** shareholders, with China Merchants Group as the ultimate controlling shareholder, and top shareholders collectively holding over **80%** of shares - As of the end of the reporting period, the company had **51,913** ordinary shareholders[157](index=157&type=chunk) Top Ten Shareholders' Shareholding (As of June 30, 2021) | Shareholder Name | Number of Shares Held (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Sinotrans & CSC Holdings Co., Ltd. | 2,472,216,200 | 33.40 | State-owned Legal Person | | HKSCC NOMINEES LIMITED | 2,107,560,399 | 28.48 | Overseas Legal Person | | China Merchants Group Co., Ltd. | 1,600,597,439 | 21.63 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 207,013,854 | 2.80 | Overseas Legal Person | | DEUTSCHE POST BETEILIGUNGEN HOLDING | 35,616,000 | 0.48 | Overseas Legal Person | | China Everbright Bank Co., Ltd. - BOCOM Schroders Hongguang One-Year Holding Mixed Securities Investment Fund | 24,999,965 | 0.34 | Unknown | | Abu Dhabi Investment Authority | 23,256,938 | 0.31 | Overseas Legal Person | | Chen Jingjian | 16,745,003 | 0.23 | Domestic Natural Person | | Jiang Chunsheng | 11,093,800 | 0.15 | Domestic Natural Person | | Agricultural Bank of China Co., Ltd. - Fullgoal CSI 500 Enhanced Index Securities Investment Fund (LOF) | 10,609,944 | 0.14 | Unknown | - Controlling shareholder Sinotrans & CSC Holdings Co., Ltd. is a wholly-owned subsidiary of the ultimate controlling shareholder China Merchants Group Co., Ltd., forming a concerted action relationship[160](index=160&type=chunk)[163](index=163&type=chunk) [Shareholding of Directors, Supervisors, and Senior Management](index=67&type=section&id=Shareholding%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No directors, supervisors, or senior management held company shares or debentures, nor were listed securities repurchased, sold, or redeemed - As of **June 30, 2021**, none of the company's directors, supervisors, or chief executives held any interests or short positions in the company's shares or debentures[169](index=169&type=chunk) - During the six months ended **June 30, 2021**, no member of the Group repurchased, sold, or redeemed any of the company's listed securities[170](index=170&type=chunk) [Section IX Bond-Related Information](index=69&type=section&id=Section%20IX%20Bond-Related%20Information) [Corporate Bonds and Debt Financing Instruments](index=69&type=section&id=Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) The company managed outstanding bonds, redeeming **RMB 2.06 billion** of "16 Sinotrans 01" and issuing **RMB 2 billion** of 3-year medium-term notes - The company redeemed principal and interest of **RMB 2.064 billion** for "16 Sinotrans 01" corporate bonds on **March 2, 2021**, and plans to redeem principal and interest of **RMB 1.4 billion** for "16 Sinotrans 03" corporate bonds on **August 24, 2021**[181](index=181&type=chunk) Newly Issued Bonds During Reporting Period | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Issue Size (RMB 100M) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 First Tranche Medium-Term Notes | 21 Sinotrans MTN001 | 102101041 | 2021-06-07 | 2024-06-09 | 20 | 3.50 | - Post-reporting period, on **July 23, 2021**, the company issued **RMB 2 billion** of 5-year corporate bonds "21 Sinotrans 01" with a coupon rate of **3.15%**[177](index=177&type=chunk) [Key Financial Indicators (Bond-Related)](index=73&type=section&id=Key%20Financial%20Indicators%20(Bond-Related)) Debt-paying ability indicators improved, with liquidity ratios increasing and interest coverage ratios significantly strengthening due to enhanced operating performance Debt-Paying Ability Related Financial Indicators | Key Indicator | Current Period End/Current Period | Prior Year End/Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.32 | 1.16 | **+13.79%** | | Quick Ratio | 1.32 | 1.16 | **+13.79%** | | Asset-Liability Ratio (%) | 53.84 | 51.00 | Increased by **2.84 percentage points** | | Interest Coverage Ratio | 13.79 | 6.88 | **+100.31%** | | EBITDA Interest Coverage Ratio | 18.91 | 10.63 | **+77.89%** | [Section X Financial Report](index=73&type=section&id=Section%20X%20Financial%20Report) [Consolidated Balance Sheet](index=74&type=section&id=Consolidated%20Balance%20Sheet) Total assets increased **10.42%** to **RMB 72.68 billion**, with total liabilities at **RMB 39.13 billion** and parent equity at **RMB 31.67 billion** Consolidated Balance Sheet Summary (As of June 30, 2021) | Item | Period-end Balance (RMB) | Year-start Balance (RMB) | | :--- | :--- | :--- | | **Total Current Assets** | 34,294,617,645.06 | 28,257,174,820.12 | | **Total Non-current Assets** | 38,384,755,473.64 | 37,561,523,871.81 | | **Total Assets** | **72,679,373,118.70** | **65,818,698,691.93** | | **Total Current Liabilities** | 25,980,025,707.43 | 24,287,465,741.80 | | **Total Non-current Liabilities** | 13,149,515,842.44 | 9,280,454,453.45 | | **Total Liabilities** | **39,129,541,549.87** | **33,567,920,195.25** | | **Total Equity Attributable to Parent Company Shareholders** | 31,669,015,302.57 | 30,448,004,705.75 | | **Total Shareholders' Equity** | **33,549,831,568.83** | **32,250,778,496.68** | [Consolidated Income Statement](index=80&type=section&id=Consolidated%20Income%20Statement) In H1 2021, total operating revenue grew **55.38%** to **RMB 61.68 billion**, operating profit rose **72.82%** to **RMB 2.70 billion**, and parent net profit increased **77.93%** to **RMB 2.16 billion** Consolidated Income Statement Summary (Jan-Jun 2021) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **61,676,723,089.91** | **39,693,676,126.08** | | Less: Total Operating Costs | 61,067,358,434.09 | 39,305,867,255.86 | | Add: Investment Income | 1,156,701,645.92 | 580,899,833.38 | | Add: Fair Value Change Gains | 168,152,429.79 | 0.00 | | **III. Operating Profit** | **2,700,181,220.03** | **1,562,448,253.68** | | **IV. Total Profit** | **2,702,833,976.09** | **1,564,490,618.50** | | Less: Income Tax Expense | 450,362,339.28 | 312,466,533.40 | | **V. Net Profit** | **2,252,471,636.81** | **1,252,024,085.10** | | Net Profit Attributable to Parent Company Shareholders | 2,162,515,209.01 | 1,215,350,161.87 | | Minority Interests | 89,956,427.80 | 36,673,923.23 | [Consolidated Cash Flow Statement](index=84&type=section&id=Consolidated%20Cash%20Flow%20Statement) Operating cash flow was **RMB 263 million** (-49.3%), investing cash flow was **-RMB 116 million**, and financing cash flow turned positive to **RMB 1.25 billion** Consolidated Cash Flow Statement Summary (Jan-Jun 2021) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **263,421,160.87** | **519,563,054.18** | | **Net Cash Flow from Investing Activities** | **-116,279,213.81** | **-1,137,948,038.18** | | **Net Cash Flow from Financing Activities** | **1,251,400,873.42** | **-246,727,547.92** | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -49,245,788.79 | -23,805,980.64 | | **Net Increase in Cash and Cash Equivalents** | **1,349,297,031.69** | **-888,918,512.56** | | Cash and Cash Equivalents at Beginning of Period | 11,292,435,757.31 | 10,389,909,366.83 | | **Cash and Cash Equivalents at End of Period** | **12,641,732,789.00** | **9,500,990,854.27** | [Notes to Financial Statements](index=92&type=section&id=Notes%20to%20Financial%20Statements) Financial statement notes detail the company's background, preparation basis, accounting policies, and significant estimates, including key treatments and disclosures - Company history: Established in **2002**, listed on HKEX in **2003**, merged into China Merchants Group with parent Sinotrans & CSC in **2015**, and listed on Shanghai Stock Exchange in **2019** through absorption merger of Sinotrans Development[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) - Basis of financial statement preparation: Prepared on a going concern basis in accordance with Chinese Accounting Standards for Business Enterprises and relevant regulations, with reference to the Hong Kong Companies Ordinance and Listing Rules[226](index=226&type=chunk) - Revenue recognition principles: Revenue from agency and related businesses is recognized upon departure/take-off of goods; revenue from professional logistics and e-commerce businesses is recognized at the point of completion due to short service cycles[319](index=319&type=chunk) - Segment reporting: Operating segments are divided into agency and related, professional logistics, and e-commerce based on revenue type[776](index=776&type=chunk)