Group 1 - The core viewpoint of the news is that as of August 14, 2025, institutional investors hold a significant portion of Debon Holdings' A-shares, totaling 839 million shares, which accounts for 82.29% of the company's total equity [1] - The top ten institutional investors include notable entities such as Ningbo Meishan Bonded Port Area Debon Investment Holdings Co., Ltd. and various funds from China Merchants Bank and Industrial and Commercial Bank of China, collectively holding 82.29% of the shares [1] - Compared to the previous quarter, the proportion of shares held by the top ten institutional investors increased by 1.04 percentage points [1] Group 2 - In the public fund sector, five new public funds were disclosed this period, including Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, while four public funds were not disclosed compared to the previous quarter [2] - Two social security funds were not disclosed this period compared to the previous quarter, including the National Social Security Fund 113 Portfolio and the National Social Security Fund 112 Portfolio [2]

Core Viewpoint - The company, Deppon Logistics Co., Ltd., is set to hold a half-year performance briefing on August 25, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [4][5][6]. Group 1: Company Overview - The company has confirmed that the board of directors, supervisors, and senior management ensure the authenticity, accuracy, and completeness of the half-year report [1][3]. - The half-year report has not been audited [1]. Group 2: Financial Data - No profit distribution plan or capital reserve increase plan has been proposed for the reporting period [2]. Group 3: Important Events - The company will conduct an interactive online performance briefing to address common investor concerns regarding its half-year operational results and financial indicators [5][6]. - Investors can submit questions for the briefing from August 18 to August 22, 2025, and the company will respond during the session [4][6].

| | 德邦物流股份有限公司2025 年半年度报告摘要 | | | | --- | --- | --- | --- | | 公司代码：603056 | 公司简称：德邦股份 | | | | | 德邦物流股份有限公司 | | | | | 德邦物流股份有限公司2025 年半年度报告摘要 | | | | | 第一节 重要提示 | | | | 展规划，投资者应当到 | www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | 完整性，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。 | | | | | 无 | | | | | | 德邦物流股份有限公司2025 年半年度报告摘要 | | | | | 第二节 公司基本情况 | | | | | 公司股票简况 | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | 变更前 | | 股票简称 | | | | | A股 | 上海证券交易所 德邦股份 | 603056 | / | | 联系人和联系方式 | 董事会秘书 | 证券事务代表 | | | 姓名 | 黄金龙 | 韩爽 | | | 电话 | 021-39288106 | 02 ...

Core Viewpoint - The express delivery industry is shifting from low-price competition to high-quality development, with various regional associations advocating for the cessation of "involution" competition and promoting reasonable profit margins for sustainable growth [1][2]. Group 1: Industry Trends - Multiple express delivery associations in regions like Beijing and Fujian have issued statements against low-price competition, urging companies to focus on value creation and innovation [1]. - The State Post Bureau reported that in July, the postal industry's business revenue reached 1449.8 billion yuan, with express delivery revenue at 1206.4 billion yuan, reflecting a year-on-year growth of 8.6% and 8.9% respectively [2]. - Despite the growth in business volume, companies like Shentong Express, Yunda Holdings, and YTO Express reported declines in single-ticket revenue, indicating a significant issue with "volume-price" inversion and overcapacity in the industry [2]. Group 2: Price Adjustments - The express delivery sector has begun to implement price increases, with regions like Zhejiang and Guangdong raising their minimum price standards, indicating a move away from aggressive price competition [3]. - The price adjustments are seen as beneficial for companies, especially if the average price in Fujian rises to 1.4 yuan, which would enhance profitability [3]. Group 3: Profitability Outlook - As of mid-August, only Debon Logistics has released its performance forecast, indicating a revenue increase of over 10% but a significant drop in net profit due to pricing pressures [4]. - Industry experts predict that while revenue may increase, profitability will remain under pressure in the short term, but improvements are expected as the industry moves towards high-quality development [4]. Group 4: Technological Advancements - The introduction of unmanned delivery vehicles is gaining traction, with successful tests in regions like Tibet and deliveries in Hainan, showcasing the potential for cost savings and efficiency improvements [5]. - By 2025, the express delivery industry is expected to increasingly rely on advanced technologies such as AI, big data, and IoT to enhance operational efficiency, with automation and unmanned delivery becoming key trends [5].

Group 1 - China Telecom reported a net profit of RMB 23.017 billion for the first half of 2025, an increase of 5.5% year-on-year [1] - The company's total operating revenue for the same period was RMB 269.42 billion, reflecting a year-on-year growth of 1.3% [1][2] - The net profit attributable to shareholders after excluding non-recurring gains and losses was RMB 21.721 billion, a slight increase of 0.2% year-on-year [1][2] Group 2 - Mobile communication service revenue reached RMB 106.6 billion, up 1.3% year-on-year, while fixed-line and smart home service revenue was RMB 64.1 billion, growing by 0.2% [3] - The number of mobile users increased to 433 million, and broadband users reached 199 million, with mobile ARPU at RMB 46 and broadband ARPU at RMB 48.3 [3] - Revenue from industrial digitalization was RMB 74.9 billion, with AIDC revenue growing by 7.4% [3] Group 3 - Xi'an Yicai's IPO on the Sci-Tech Innovation Board was approved, with projected revenue growth from RMB 1.055 billion in 2022 to RMB 2.121 billion in 2024, a compound annual growth rate of 41.83% [4] - Chipsea Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and diversify financing [5] - Shunhao Co. also announced plans to issue H-shares and list on the Hong Kong Stock Exchange to support business transformation and global strategy [6] Group 4 - Heertai reported a net profit of RMB 354 million for the first half of 2025, a year-on-year increase of 78.65% [7] - Yiyuan Communication's net profit surged by 125.03% to RMB 471 million, driven by core business improvements and diversification [8] - Jifeng Co. achieved a net profit of RMB 154 million, a significant increase of 189.51%, despite a revenue decline of 4.39% [9]

（文章来源：证券日报） 证券日报网讯 8月14日晚间，德邦股份发布2025年半年度报告摘要称，公司2025年半年度实现营业收入 为20，554，507，034.91元，同比增长11.43%；实现归属于上市公司股东的净利润为52，147，824.04 元，同比下降84.34%。 ...

Core Viewpoint - The company reported a revenue of 20.555 billion yuan for the first half of 2025, reflecting a year-on-year growth of 11.43%, demonstrating resilience amid industry challenges [1] Group 1: Financial Performance - The company's express delivery revenue reached 18.613 billion yuan, marking an increase of 11.89% year-on-year, indicating a steady rise in market share [1] Group 2: Industry Challenges - The logistics industry faces persistent high costs due to issues such as high operational costs across the supply chain, low resource allocation efficiency, and inefficient circulation [1] - The industry is focusing on "cost reduction, quality improvement, and efficiency enhancement" as key challenges [1] Group 3: Technological Innovation - The company is committed to a technology-driven strategy, investing in automation and intelligent systems across all logistics processes to reduce costs and improve efficiency [2] - Collaboration with Mu Yi Robotics has led to the promotion of advanced equipment like unmanned forklifts, with 46 automated equipment sites established [2] - The introduction of intelligent driving systems for vehicles operating in the 800-1200 km range has transitioned from dual drivers to single drivers, significantly reducing costs for over 30,000 end vehicles [2] Group 4: Economic Impact - The logistics sector plays a crucial role in connecting production and consumption, and cost reduction in this area has a significant leverage effect, contributing to high-quality economic development [2] - The company’s long-term investment in technology and proactive engagement with cutting-edge developments positions it as a model for integrating advanced technology with logistics operations [2]

智通财经APP讯，德邦股份(603056.SH)披露2025年半年度报告，报告期公司实现营收205.55亿元，同比 增长11.43%;归属于上市公司股东的净利润5215万元，同比下降84.34%;扣非净利润亏损3344万元，同比 由盈转亏;基本每股收益0.05元。 ...

会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 18 日（星期一）至 8 月 22 日（星期五）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过德邦物流股份有限公司 （以下简称"公司"）邮箱 ir@deppon.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 证券代码：603056 证券简称：德邦股份 公告编号：2025-042 德邦物流股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025 年 8 月 25 日（星期一）10:00-11:00 公司于 2025 年 8 月 15 日发布《德邦物流股份有限公司 2025 年半年度报告》， 为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况等 具体 ...

[Definitions](index=6&type=section&id=Section%20I.%20Definitions) This chapter defines key professional terms and common phrases, such as the reporting period (first half of 2025), controlling shareholder (Debon Holdings), and LTL freight, to ensure clarity and accuracy - This chapter defines key professional terms and common phrases, such as the reporting period (first half of 2025), controlling shareholder (Debon Holdings), and LTL freight, to ensure clarity and accuracy[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its core financial performance metrics for the reporting period [Company Basic Information](index=8&type=section&id=I.%20Company%20Information) This chapter provides basic information about Debon Logistics Co., Ltd., including its Chinese and English names, legal representative, contact details, registered address, and information disclosure channels - The company's legal representative is **Wang Yanfeng**[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported an **11.43%** increase in operating revenue but an **84.34%** decrease in net profit attributable to shareholders, with non-recurring net profit turning to a loss, while operating cash flow grew stably Key Accounting Data (First Half of 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 20.55 billion CNY | 18.45 billion CNY | 11.43% | | Net Profit Attributable to Shareholders | 52.15 million CNY | 332.91 million CNY | -84.34% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | -33.44 million CNY | 197.61 million CNY | -116.92% | | Net Cash Flow from Operating Activities | 1.87 billion CNY | 1.83 billion CNY | 2.19% | | **Asset Data** | **End of Current Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders | 8.36 billion CNY | 8.46 billion CNY | -1.18% | | Total Assets | 16.41 billion CNY | 16.97 billion CNY | -3.30% | Key Financial Indicators (First Half of 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.05 | 0.33 | -84.85% | | Basic Earnings Per Share (Excl. Non-recurring Items) (CNY/share) | -0.03 | 0.20 | -115.00% | | Weighted Average Return on Net Assets (%) | 0.61% | 4.26% | Decrease of 3.65 percentage points | | Weighted Average Return on Net Assets (Excl. Non-recurring Items) (%) | -0.39% | 2.53% | Decrease of 2.92 percentage points | - During the reporting period, non-recurring gains and losses totaled **85.5876 million CNY**, primarily from government subsidies and disposal gains on non-current assets, significantly impacting current net profit[29](index=29&type=chunk)[30](index=30&type=chunk) [Management Discussion and Analysis (MD&A)](index=12&type=section&id=Section%20III.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, financial condition, and key factors influencing its results during the reporting period [Industry and Principal Business Overview](index=12&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Principal%20Business%20During%20the%20Reporting%20Period) The company operates in the logistics industry, with road freight as a key component, experiencing market consolidation and service upgrades driven by digitalization, with express freight as its core business - The LTL freight market is characterized by fragmentation, but industry concentration is continuously increasing, with leading enterprises expanding market share through network, digitalization, scale, and capital advantages[41](index=41&type=chunk)[42](index=42&type=chunk) - Digital supply chains and the trend of large-item e-commerce demand higher standards for express freight services, driving industry service upgrades[43](index=43&type=chunk)[44](index=44&type=chunk) Principal Business Revenue (First Half of 2025) | Business Segment | Revenue (Billion CNY) | YoY Change | | :--- | :--- | :--- | | Express Freight Business | 18.61 | +11.89% | | Express Delivery Business | 0.95 | -11.63% | [Discussion and Analysis of Operations](index=18&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) The company achieved **11.43%** revenue growth in H1 2025, primarily from express freight and supply chain, but a significant **30.20%** increase in transportation costs led to an **84.34%** decline in net profit, despite stable financial health and improved service metrics Revenue by Business Segment (First Half of 2025) | Business Segment (Billion CNY) | Jan-Jun 2025 | Jan-Jun 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Express Freight Business Revenue | 18.61 | 16.64 | 11.89% | | Express Delivery Business Revenue | 0.95 | 1.07 | -11.63% | | Other Business Revenue | 0.99 | 0.74 | 34.49% | | **Total** | **20.55** | **18.45** | **11.43%** | - Operating costs increased by **14.20%** year-on-year, with transportation costs rising by **30.20%** due to strategic resource allocation and changes in business structure, increasing their proportion of revenue by **6.85 percentage points**, which was a primary factor impacting profitability[65](index=65&type=chunk)[67](index=67&type=chunk) Profitability (First Half of 2025) | Profitability Indicator (Billion CNY) | Jan-Jun 2025 | Jan-Jun 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 0.052 | 0.333 | -84.34% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | -0.033 | 0.198 | -116.92% | - The company continuously optimized its large-item delivery service experience, with upstairs delivery complaint rates decreasing by **61.5%** year-on-year, principal product damage rates decreasing by **22.4%** year-on-year, and customer complaint rates per ten thousand tickets decreasing by **23.4%** year-on-year during the reporting period[71](index=71&type=chunk)[72](index=72&type=chunk) [Analysis of Core Competencies](index=21&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include a comprehensive network, direct-operation model, large-item market expertise, strong brand, talent, and advanced technology, ensuring service quality and efficiency - The company adheres to a direct-operation model, maintaining strong control over its network, operations, customers, brand, and compliance, ensuring strategic execution and high-standard services[77](index=77&type=chunk) - Leveraging nearly **30 years** of large-item delivery experience, the company continuously reduces cargo damage rates (down **22.4%** year-on-year in H1) and improves delivery quality (upstairs delivery complaint rates down **61.5%** year-on-year) through optimized packaging, operational processes, and after-sales service[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - The company empowers its business operations with technology, applying intelligent systems such as GIS address parsing, unmanned forklifts, and smart routing across collection, transit, and transportation links to achieve cost reduction and efficiency improvement[95](index=95&type=chunk)[96](index=96&type=chunk) [Financial Analysis of Key Operating Performance](index=30&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue grew by **11.43%**, but higher operating and selling costs reduced profit, while administrative and R&D expenses decreased, with asset disposal gains significantly contributing to total profit Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 20.55 billion | 18.45 billion | 11.43 | | Operating Cost | 19.46 billion | 17.04 billion | 14.20 | | Selling Expenses | 394.18 million | 273.18 million | 44.29 | | Administrative Expenses | 554.17 million | 699.37 million | -20.76 | | Research and Development Expenses | 62.25 million | 99.46 million | -37.41 | - During the reporting period, asset disposal gains from the Debon Gold equity transfer amounted to **30.4674 million CNY**, accounting for **46.70%** of total profit for the period, representing a significant source of non-principal business profit[116](index=116&type=chunk) - Among the company's major subsidiaries and associates, Shanghai Deqi Information Technology Co., Ltd., Shanghai Detang Supply Chain Co., Ltd., and Debon (Shanghai) Transportation Co., Ltd. were the primary profit contributors[117](index=117&type=chunk) [Risk Analysis](index=39&type=section&id=V.%20Other%20Disclosures) The company faces external risks from macroeconomic factors, policy changes, and competition, alongside internal risks related to cost control, strategic adjustments, and personnel management - External risks include macroeconomic fluctuations, changes in industry regulatory policies (e.g., new "Express Delivery Market Management Measures"), rising fuel and labor costs, and intense market competition[122](index=122&type=chunk)[123](index=123&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - Internal risks include labor and transportation costs as major cost items, which could pressure profitability if not effectively controlled; the company also faces internal operational risks such as strategic adjustments, personnel turnover, and information system security[137](index=137&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk) [Corporate Governance, Environment, and Social (ESG)](index=45&type=section&id=Section%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Social) This section details the company's governance structure, changes in senior management, and its commitment to environmental and social responsibilities, including efforts in rural revitalization [Executive Changes and Corporate Governance](index=45&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company experienced a change in general manager with Mr. Wang Yanfeng's appointment, and no profit distribution or capital reserve conversion is planned for H1 2025 - On July 29, 2025, Huang Huabo resigned as director and general manager, and the Board of Directors appointed Wang Yanfeng as the new general manager the following day[148](index=148&type=chunk) - The company does not plan to distribute profits or convert capital reserves into share capital for the first half of 2025[149](index=149&type=chunk) [Social Responsibility and Rural Revitalization](index=46&type=section&id=V.%20Specifics%20of%20Consolidating%20and%20Expanding%20Poverty%20Aleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively supports rural revitalization by expanding its logistics network to achieve **95.21%** township coverage and providing customized services for agricultural product sales - As of June 30, 2025, the company operated **7,570** outlets nationwide, achieving a township coverage rate of **95.21%**, effectively supporting "logistics into villages"[151](index=151&type=chunk) - The company provides one-stop logistics services for specialty agricultural products through a combination of customized packaging, direct origin shipments, and its own e-commerce platform, helping farmers increase their income[151](index=151&type=chunk)[152](index=152&type=chunk) [Significant Matters](index=48&type=section&id=Section%20V.%20Significant%20Matters) This section covers key events and commitments, including the fulfillment of undertakings, major related-party transactions, and significant contracts and guarantees during the reporting period [Fulfillment of Commitments](index=48&type=section&id=I.%20Fulfillment%20of%20Commitments) The company and its related parties strictly fulfilled all commitments during the reporting period, including resolving horizontal competition and standardizing related-party transactions - Acquirer JD Zhuofeng committed to gradually resolve horizontal competition issues with Debon Logistics within **five years** from the completion date of the tender offer[157](index=157&type=chunk) [Major Related-Party Transactions](index=52&type=section&id=X.%20Major%20Related-Party%20Transactions) The company engaged in significant daily operating related-party transactions with JD Group, primarily providing transportation services and conducting factoring business to accelerate accounts receivable collection Major Daily Related-Party Transactions (First Half of 2025) (Unit: Million CNY) | Related-Party Transaction Category | Related Party | Actual Amount Incurred in H1 2025 (Excl. Tax) (Million CNY) | | :--- | :--- | :--- | | **Services Provided to Related Parties** | JD Group and its controlled entities | 2,618.41 | | **Services Received from Related Parties** | JD Group and its controlled entities | 21.86 | | **Assets Leased from Related Parties** | JD Group and its controlled entities | 62.31 | - The company conducted non-recourse factoring business with Banghui Factoring, a subsidiary of JD Technology, with an actual amount of **327.7912 million CNY** in the first half of 2025, aiming to accelerate accounts receivable collection[165](index=165&type=chunk)[166](index=166&type=chunk) [Significant Contracts and Guarantees](index=55&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company has a significant headquarters lease contract and provides guarantees to subsidiaries totaling **1.19 billion CNY**, representing **14.25%** of net assets, with all procedures duly followed Total Company Guarantees (As of End of Reporting Period) | Guarantee Item | Amount (Million CNY) | | :--- | :--- | | Total Guarantees to Subsidiaries at End of Reporting Period | 1,191.44 | | Ratio of Total Guarantees to Company's Net Assets (%) | 14.25 | [Share Changes and Shareholder Information](index=59&type=section&id=Section%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to repurchased share cancellation and provides an overview of its shareholder structure, including major shareholders and their holdings [Share Capital Changes](index=59&type=section&id=I.%20Share%20Capital%20Changes) The company's total share capital decreased to **1,019,815,388** shares after canceling **7,139,877** repurchased shares on February 14, 2025 - The company's total share capital decreased by **7,139,877** shares to **1,019,815,388** shares due to the cancellation of repurchased shares[177](index=177&type=chunk)[178](index=178&type=chunk) [Shareholder Information](index=60&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had **38,556** common shareholders, with the top two, Ningbo Meishan Debon Investment and Suqian Jingdong Zhuofeng, holding a combined **79.59%** as parties acting in concert Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Ningbo Meishan Bonded Port Area Debon Investment Holding Co., Ltd. | 682,890,461 | 66.96 | | Suqian Jingdong Zhuofeng Enterprise Management Co., Ltd. | 128,822,767 | 12.63 | | Hong Kong Securities Clearing Company Limited | 12,735,653 | 1.25 | | Debon Logistics Co., Ltd. - Second Employee Stock Ownership Plan | 7,133,300 | 0.70 | [Bond-Related Information](index=64&type=section&id=Section%20VII.%20Bond-Related%20Information) This section provides details on the company's outstanding bonds, if any, during the reporting period [Corporate Bond Information](index=64&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company had no corporate bonds or convertible corporate bonds during the reporting period[188](index=188&type=chunk) [Financial Report](index=66&type=section&id=Section%20VIII.%20Financial%20Report) This section presents the company's unaudited financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with significant accounting policies and notes to the financial statements [Financial Statements](index=66&type=section&id=II.%20Financial%20Statements) The unaudited consolidated financial statements show total assets of **16.41 billion CNY** and total liabilities of **8.025 billion CNY**, with total operating revenue of **20.55 billion CNY** and total profit of **65.23 million CNY** for H1 2025 Key Items from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (Billion CNY) | | :--- | :--- | | Total Assets | 16.41 | | Total Liabilities | 8.025 | | Total Owners' Equity Attributable to Parent Company | 8.36 | Key Items from Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (Billion CNY) | | :--- | :--- | | Total Operating Revenue | 20.55 | | Total Operating Costs | 20.55 | | Total Profit | 0.065 | | Net Profit | 0.054 | [Significant Accounting Policies and Estimates](index=83&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter outlines the company's adherence to enterprise accounting standards, accrual basis, and specific policies for revenue recognition, financial instrument impairment, and long-term asset valuation - The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and using the accrual basis of accounting[223](index=223&type=chunk)[224](index=224&type=chunk)[227](index=227&type=chunk) - Revenue recognition policy: The company recognizes revenue when customers obtain control of the related goods or services; express freight and express delivery services are generally recognized at the point of service completion; warehousing and supply chain services are recognized over time based on performance progress[329](index=329&type=chunk)[333](index=333&type=chunk) - Impairment of financial instruments adopts the Expected Credit Loss (ECL) model, with loss provisions recognized for assets such as accounts receivable[257](index=257&type=chunk) [Notes to Consolidated Financial Statement Items](index=119&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on key consolidated financial statement items, including monetary funds, accounts receivable (**2.922 billion CNY** balance, **66.70 million CNY** provision), and fixed assets (**3.264 billion CNY** book value) - Monetary funds at period-end totaled **1.447 billion CNY**, of which **264 million CNY** were restricted funds, primarily including standby funds, court-frozen funds, and deposits[372](index=372&type=chunk)[373](index=373&type=chunk)[441](index=441&type=chunk) - Accounts receivable at period-end had a book balance of **2.922 billion CNY** and a bad debt provision of **66.70 million CNY**; the top five customers by outstanding balance accounted for **37.57%** of total accounts receivable[379](index=379&type=chunk)[381](index=381&type=chunk)[385](index=385&type=chunk) - Fixed assets at period-end had a book value of **3.264 billion CNY**, primarily comprising machinery and equipment (**1.454 billion CNY**) and transportation vehicles (**1.761 billion CNY**)[421](index=421&type=chunk)[422](index=422&type=chunk)