Financial Performance - The company achieved operating revenue of CNY 14.09 billion in 2020, a year-on-year increase of 37.47%[29]. - Net profit attributable to shareholders reached CNY 530.47 million, up 51.01% compared to the previous year[29]. - The net profit after deducting non-recurring gains and losses was CNY 516.65 million, reflecting a growth of 49.33% year-on-year[29]. - The net cash flow from operating activities was CNY 754.65 million, an increase of 167.76% from the previous year[29]. - Total assets at the end of 2020 amounted to CNY 75.03 billion, representing a 17.08% increase from the beginning of the year[33]. - Shareholders' equity attributable to the parent company was CNY 45.86 billion, up 11.43% year-on-year[33]. - Basic earnings per share were CNY 0.41, a 51.85% increase compared to 2019[32]. - The weighted average return on equity rose to 12.21%, an increase of 3.44 percentage points from the previous year[32]. - The total profit for 2020 was 719 million RMB, reflecting a growth of 53.80% compared to the previous year[66]. - The net profit attributable to the parent company reached 530 million RMB, up 51.01% compared to the previous year[66]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.47 per 10 shares, amounting to a total cash dividend of RMB 318,343,482.22, which represents 56.55% of the distributable profits[7]. - The remaining undistributed profits amount to RMB 244,613,255.93, which will be carried forward[7]. Audit and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[6]. - The board of directors and senior management confirm the accuracy and completeness of the financial report[4]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company has not violated decision-making procedures for external guarantees[9]. - The company is committed to ensuring the authenticity of the annual report[4]. Risk Management - The company has detailed potential risks in its prospectus and annual report[11]. - The company has a comprehensive risk disclosure in its initial public offering prospectus[11]. - The company is actively addressing various risks, including market and financial risks, while seizing opportunities presented by national strategies to strengthen international logistics[54]. Market Position and Operations - The company is a leading third-party international integrated logistics service provider in China, with a strong competitive advantage in the industry[40]. - The company's international engineering logistics services are tailored for clients involved in industries such as petrochemicals, power, metallurgy, and infrastructure along the "Belt and Road" initiative[42]. - The company operates in major port cities across domestic, Hong Kong, Southeast Asia, Africa, and America, providing foundational services for international air, sea, and rail freight forwarding[44]. - The company has a leading market share in the domestic logistics sector, particularly in the transportation of oversized and non-standardized goods, with a maximum single vehicle transport capacity of 1,800 tons[44]. - The company has a well-established international logistics service network covering over 160 countries and regions[63]. Digital Transformation and Innovation - The company emphasizes digital transformation and has developed a comprehensive logistics management platform to enhance operational efficiency[63]. - The company is focusing on enhancing its digital information systems, including CRM and OMS, to improve operational efficiency[72]. Investment and Acquisitions - The company acquired a 70% stake in Beijing Huahuan Runtong International Logistics, quickly entering the postal international air transport market[72]. - The company plans to acquire or lease three cargo aircraft to enhance its international air freight capabilities[72]. - The company has initiated discussions for potential mergers and acquisitions with overseas companies to expand its network[72]. - The company made an external equity investment of RMB 10,682.00 million during the reporting period, a decrease of RMB 63,313.26 million compared to the previous year, representing a decline of 85.56%[126]. - The company acquired 60% equity in Luoyang Zhongzhong Transportation Co., Ltd. for RMB 6,920.72 million, approved during the board meeting on June 30, 2020[130]. Cross-Border E-commerce and Logistics - In 2020, China's cross-border e-commerce imports and exports reached CNY 1.69 trillion, a growth of 31.1% year-on-year, with exports accounting for CNY 1.12 trillion[199]. - The ongoing development of cross-border e-commerce logistics is expected to benefit from the increasing acceptance of online shopping by overseas consumers[199]. - The shift from traditional trade to cross-border e-commerce is creating new opportunities and challenges for international logistics, particularly in the B2C segment[198]. - The company anticipates that the Regional Comprehensive Economic Partnership (RCEP) will further expand China's cross-border logistics market[198]. - The company is positioned to enhance its overseas service capabilities in line with the expansion of Chinese brands in international markets[199]. Financial Health and Liquidity - The company's current ratio at the end of 2020 was 2.07, indicating strong liquidity[55]. - The company maintained a total asset liability ratio of 37.48%, demonstrating a solid capital structure[55]. - The company's cash and cash equivalents increased by 359 million RMB, contributing to a healthy operating cash flow[55]. - The company's cash and cash equivalents at the end of the period were 1.51 billion yuan, representing 20.10% of total assets, a 31.23% increase from the previous period[109]. - The company's accounts receivable increased by 20.90% year-on-year, totaling approximately 2.79 billion yuan[109]. - Accounts payable rose by 65.74% to 1,568,993,025.10, driven by increased business scale and rising transportation costs[117]. - Short-term borrowings decreased by 80.83% to 100,083,835.51, reflecting good cash inflow from operations[116]. - Long-term borrowings increased by 339.19% to 176,443,587.82, mainly due to the addition of acquisition loans[117]. - The company reported a net asset liability ratio of 61.32% and a total asset liability ratio of 37.48%[116]. Operational Challenges and Responses - The company has successfully navigated challenges posed by the global pandemic, achieving significant growth in its core logistics business[66]. - Operating costs increased by 37.44% to RMB 12.44 billion, in line with revenue growth[82]. - The company reported a significant increase in financial expenses, rising 717.05% to RMB 39.39 million, primarily due to increased financing activities[77].

Financial Performance - Operating revenue for the year-to-date reached ¥9,814,690,527.23, a 35.81% increase year-over-year[18] - Net profit attributable to shareholders was ¥403,683,846.82, representing a 57.88% increase from the previous year[18] - Total profit increased by 64.50% year-on-year to CNY 544.28 million, attributed to effective cost control and growth in core business profitability[34] - Net profit attributable to shareholders increased by 57.88% year-on-year to CNY 403.68 million, reflecting rapid profit growth in core business[31] - The net profit for the first three quarters of 2020 was ¥539,809,541.90, compared to ¥434,921,088.09 in the same period of 2019, indicating a growth of 24.1%[56] - The net profit for Q3 2020 reached ¥142,927,552.12, compared to ¥73,995,655.92 in Q3 2019, indicating a year-over-year increase of about 93.1%[64] - The total profit before tax for the third quarter was CNY 43,618,155.94, compared to CNY 29,289,350.34 in the same period of 2019, reflecting an increase of about 49.1%[77] Assets and Liabilities - Total assets increased to ¥7,263,502,355.93, up 13.35% from the previous year-end[18] - Total assets as of September 30, 2020, amounted to ¥5,542,967,340.62, an increase from ¥4,961,805,515.23 at the end of 2019[54] - Total liabilities increased to ¥2,110,447,301.71 in Q3 2020, compared to ¥1,634,173,930.13 in Q3 2019, representing a growth of 29.2%[54] - Cash and cash equivalents at the end of the period reached CNY 1.78 billion, an increase of 55.50% compared to the beginning of the year, primarily due to strong operating performance and significant net cash inflow from operations[29] - The company reported a total of ¥1,242,225,220.03 in accounts receivable as of September 30, 2020, slightly down from ¥1,270,167,975.57 at the end of 2019[51] - Accounts payable increased to CNY 1.30 billion, up 37.35% year-on-year, primarily due to increased business scale[30] Cash Flow - Net cash flow from operating activities for the year-to-date was ¥792,712,268.19, a significant increase of 371.01% compared to the same period last year[18] - Cash flow from operating activities for the first nine months of 2020 was CNY 792,712,268.19, significantly higher than CNY 168,300,138.13 in the same period of 2019, marking an increase of approximately 370.5%[84] - Net cash flow from operating activities was ¥890,602,978.46, up from ¥157,930,003.09 in the previous year, marking a growth of 463.5%[87] - The ending balance of cash and cash equivalents increased to ¥1,113,512,105.51, compared to ¥480,701,862.81 at the end of the same period last year, reflecting a growth of 132.1%[90] - Cash received from investment activities was ¥96,151,686.19, a significant increase from ¥3,270,670.74 in the same period last year[87] Shareholder Information - Net assets attributable to shareholders reached ¥4,442,051,123.92, reflecting a 7.94% increase compared to the previous year-end[18] - The total number of shareholders at the end of the reporting period was 54,154[22] - The largest shareholder, China Chengtong Holdings Group, holds 41.51% of the shares[22] Government Subsidies and Investments - The company received government subsidies amounting to ¥8,259,137.50 for the year-to-date, which are closely related to its normal business operations[26] - The company reported an investment income of CNY 12.08 million, a substantial increase of 5364.72% year-on-year, mainly from contributions from an associated company[31] - The company reported investment income of ¥2,902,711.26 in Q3 2020, a recovery from a loss of ¥68,166.32 in Q3 2019[73] Operational Efficiency - Basic and diluted earnings per share increased to ¥0.31, up 55.00% from ¥0.20[20] - The weighted average return on net assets rose to 9.42%, an increase of 3.00 percentage points[20] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[56] - The company incurred a total of CNY 55,567.65 in non-operating expenses during the third quarter, a decrease from CNY 133,957.23 in the previous year, indicating a reduction of approximately 58.5%[77]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2020, representing a year-on-year increase of 15%[18]. - The net profit attributable to shareholders for the same period was 150 million RMB, up 10% compared to the previous year[18]. - The company's operating revenue for the first half of the year reached ¥6,487,358,075.08, representing a 44.37% increase compared to the same period last year[24]. - Net profit attributable to shareholders was ¥271,082,038.21, up 46.39% year-on-year[24]. - The total profit reached 362 million yuan, an increase of 51.65% compared to the previous year[50]. - The net profit attributable to the parent company was 271 million yuan, up 46.39% year-on-year[50]. - Basic earnings per share increased by 50.00% to ¥0.27, with diluted earnings per share also at ¥0.27[24]. - The net cash flow from operating activities surged to ¥477,377,081.26, a remarkable increase of 996.07% compared to the previous year[24]. - The net cash flow from operating activities surged to ¥477 million, a significant increase of 996.07% from ¥43.55 million in the previous year[59]. Market Expansion and Strategy - User data showed an increase in active clients by 20%, reaching a total of 5 million users[18]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% growth in that region by the end of 2021[18]. - New product launches are expected to contribute an additional 200 million RMB in revenue for the second half of 2020[18]. - A strategic acquisition of a local logistics firm is anticipated to be completed by Q4 2020, expected to increase market share by 5%[18]. - The company has set a performance guidance of 2.5 billion RMB in revenue for the full year 2020, reflecting a growth target of 20%[18]. - The logistics sector is projected to grow by 8% in the next year, providing a favorable environment for the company's expansion strategies[18]. - The company is focusing on expanding its cross-border e-commerce logistics, which has seen a growth rate of nearly 40% in recent years, with a 26.2% increase in imports and exports in the first half of this year[33]. - The company aims to leverage its logistics capabilities to compete with international giants like FEDEX and UPS in the cross-border e-commerce sector[33]. - The company is actively transforming into cross-border e-commerce logistics, international air express, and international engineering logistics sectors[51]. Operational Efficiency and Investments - The company is investing 100 million RMB in technology development to enhance logistics efficiency and tracking systems[18]. - The company has established a dynamic risk management mechanism to adjust operational strategies and resource allocation in response to market changes[51]. - Research and development expenses increased by 45.72% to ¥8.63 million, reflecting the company's commitment to innovation and technology[59]. - The company is focusing on traditional international air and sea freight forwarding, new business cultivation, and niche market development[51]. - The company emphasizes digital transformation and has developed a comprehensive logistics management platform to improve operational efficiency[45]. - The company maintains a competitive advantage through a flat organizational structure and a strong customer-centric culture[42]. Financial Position and Assets - The company's total assets grew by 10.72% to ¥7,094,976,408.31 compared to the end of the previous year[24]. - Cash and cash equivalents rose by 34.82% to CNY 1,549,140,969.89, primarily due to strong operating performance in the first half of 2020[71]. - Prepayments surged by 150.19% to CNY 107,159,200.37, driven by increased demand for epidemic prevention materials and more charter flights[71]. - Accounts receivable increased by 12.35% to CNY 2,594,619,352.00, reflecting business growth[68]. - Total liabilities grew by 21.16% to CNY 2,703,076,879.06, indicating an increase in operational scale[70]. - The current ratio stood at 1.91, and the total asset-liability ratio was 38.10%[71]. - Inventory decreased by 80.49% to CNY 11,879,721.33, as the company gradually exited the electronic supply chain trade business[71]. Legal and Compliance Matters - The company has committed to ensuring the independence of its logistics personnel and assets, and to avoiding competition with its main business[149]. - The company commits to distributing at least 20% of the annual distributable profits in cash dividends[184]. - The company will continue to avoid substantial competition and conflicts of interest with its main business during its period as an indirect controlling shareholder[160]. - The company guarantees compliance with domestic and foreign securities regulations and respects the independent operation of its subsidiaries[161]. - The company will ensure that any related transactions with its subsidiaries are conducted at fair market prices and in accordance with legal procedures[166]. - The company has retained Da Hua Accounting Firm as its external auditor for the 2020 fiscal year[185]. - The company will strive to minimize related transactions with its subsidiaries in the future[164]. - The company has committed to providing accurate and complete information regarding major asset restructuring to ensure transparency[172]. - The company will not seek any benefits beyond those stipulated in agreements with its subsidiaries[170]. - The company will continue to fulfill its commitments made during the initial public offering to reduce and regulate related transactions[181]. Legal Disputes - Shenzhen Port Zhonglv Supply Chain Trading Co., Ltd. filed a lawsuit against Bazhou Dongsheng Industrial Co., Ltd. for uncollected receivables amounting to RMB 30,133,486.88, with a litigation amount of RMB 3,013.35[187]. - The company has recognized a 50% credit impairment loss related to the aforementioned receivables[187]. - The Hong Kong High Court ruled on November 22, 2017, that Bazhou Dongsheng must pay the company and Shenzhen Huamao damages for breaching bill of lading terms, with the compensation amount still to be determined[190]. - As of the date of the financial report approval, the enforcement of the judgment is still ongoing[190].

Financial Performance - Operating revenue for the first quarter was CNY 2,176,219,142.91, representing a 4.87% increase year-on-year[18] - Net profit attributable to shareholders decreased by 17.39% to CNY 55,779,025.07 compared to the same period last year[18] - Basic earnings per share decreased by 14.29% to CNY 0.06[18] - Total profit decreased by 9.92% year-on-year to ¥80,041,294.43, while net profit attributable to the parent company fell by 17.39% to ¥55,779,025.07[31] - Net profit for Q1 2020 was CNY 64,195,313.59, a decrease of 9.36% from CNY 70,837,330.34 in Q1 2019[55] - The company reported a total comprehensive income of CNY 7,205,623.54 for Q1 2020, down from CNY 17,182,748.65 in Q1 2019[66] Cash Flow - Net cash flow from operating activities decreased by 10.50% to CNY 103,198,103.79 compared to the previous year[18] - Cash flow from financing activities generated a net inflow of CNY 153,267,420.26, compared to a net outflow of -CNY 103,916,949.24 in Q1 2019[67] - The net cash flow from investing activities was -CNY 3,484,535.82, an improvement from -CNY 5,851,049.69 in Q1 2019[67] - The ending cash and cash equivalents balance was CNY 1,361,287,324.23, an increase from CNY 1,123,588,716.84 in the previous year[67] Assets and Liabilities - Total assets increased by 3.16% to CNY 6,611,011,689.19 compared to the end of the previous year[18] - Total liabilities and shareholders' equity increased to CNY 5,355,794,386.93 from CNY 4,961,805,515.23 in the previous year[51] - Current assets rose to ¥2,617,618,316.77, up from ¥2,227,457,793.94, marking an increase of about 17.5%[46] - Total current liabilities increased to ¥1,854,217,178.29 from ¥1,467,433,930.13, reflecting a growth of about 26.4%[49] Research and Development - R&D expenses increased by 382.38% year-on-year, reaching ¥5,269,771.61 in Q1 2020 compared to ¥1,092,460.47 in Q1 2019[29] - Research and development expenses increased significantly to CNY 5,269,771.61 in Q1 2020, compared to CNY 1,092,460.47 in Q1 2019[51] Investment Income - Investment income surged by 1955.57% year-on-year to ¥2,461,418.49, primarily due to a net profit contribution of ¥486,000 from the associate company "Henan Hangtou"[32] - The company reported investment income of CNY 2,461,418.49 in Q1 2020, a significant increase from CNY 119,743.89 in Q1 2019[55] Other Financial Metrics - The weighted average return on net assets decreased by 0.37 percentage points to 1.35%[18] - Other income increased by 55.88% year-on-year, with government subsidies received by subsidiaries, including ¥600,000 from the Shenzhen subsidiary[32] - The company reported a cash balance of ¥1,441,713,257.65, up from ¥1,149,026,792.30 year-on-year, indicating improved liquidity[37]

Financial Performance - The company's operating revenue for 2019 was approximately CNY 10.25 billion, representing an 8.54% increase compared to CNY 9.45 billion in 2018[21]. - Net profit attributable to shareholders increased by 8.76% to CNY 351.28 million in 2019 from CNY 322.99 million in 2018[21]. - The basic earnings per share rose by 9.38% to CNY 0.35 in 2019, up from CNY 0.32 in 2018[22]. - The weighted average return on equity increased to 8.77% in 2019, up from 8.37% in 2018, reflecting a 0.40 percentage point increase[22]. - The total assets of the company reached CNY 6.41 billion at the end of 2019, a 16.94% increase from CNY 5.48 billion at the end of 2018[21]. - Cash flow from operating activities surged by 102.55% to CNY 281.83 million in 2019, compared to CNY 139.14 million in 2018[21]. - The total profit for 2019 was 468 million RMB, reflecting a growth of 9.07% compared to the previous year[62]. - The net profit attributable to the parent company reached 351 million RMB, up 8.76% year-on-year, while the net profit after excluding non-recurring items was 346 million RMB, a significant increase of 23.12%[62]. Dividends and Share Repurchase - The company plans to distribute a cash dividend of RMB 0.50 per 10 shares, totaling RMB 49,570,769.55, based on a total share capital of 1,012,038,353 shares as of December 31, 2019[5]. - The total amount spent on share repurchases in 2019 was RMB 56,669,316.85, leading to a combined cash distribution of RMB 106,240,086.40 including dividends[5]. - The company distributed a total of RMB 97,158,708.32 in cash dividends for 2019, representing 39.96% of the distributable profits[154]. - The cash dividend for 2019 is set at RMB 0.50 per 10 shares, totaling RMB 49,570,769.55, which accounts for 30.24% of the net profit attributable to ordinary shareholders[155]. Business Operations and Strategy - The company is a leading third-party international logistics provider in China, focusing on integrated logistics services including international freight forwarding and cross-border e-commerce logistics[28]. - The company is actively expanding its business in regions such as the Yangtze River Economic Belt and the Midwest, enhancing its market presence[30]. - The company has established a comprehensive international logistics service network, covering over 160 countries and regions, ensuring reliable global logistics services[32]. - The company is focused on developing specialized logistics services, including oversized and non-standard logistics transportation, with a leading market share in the domestic sector[34]. - The company plans to enhance its overseas network over the next three years to significantly increase the contribution of overseas revenue to total revenue[60]. - The company is actively pursuing mergers and acquisitions to strengthen its position in cross-border e-commerce logistics, including acquiring 70% stakes in two logistics companies[60]. - The company aims to leverage national policies to enhance logistics efficiency and reduce costs, aligning with the "13th Five-Year Plan" for logistics development[144]. - The company's strategic vision is to become a world-class cross-border comprehensive third-party logistics provider, focusing on international air and sea freight forwarding[146]. Market Position and Industry Trends - The company ranked 8th in the comprehensive ranking of China's freight forwarding logistics companies, with 4th in air freight and 8th in sea freight[30]. - The overall logistics industry in China is projected to reach nearly CNY 300 trillion in 2019, with a year-on-year growth of 6.0%[39]. - The international freight forwarding industry is experiencing a shift towards consolidation, with major players like Kuehne + Nagel reporting a 1.5% revenue growth to CHF 21.1 billion in 2019[142]. - The Chinese cross-border logistics market is characterized by a "tripartite" competitive structure, with over 33,000 local logistics companies[142]. - Future industry trends indicate a reliance on technological digitization, service integration, and global network expansion[145]. Risk Management - The company emphasizes the importance of understanding investment risks related to forward-looking statements in the report[6]. - The company has detailed potential risks in its prospectus and annual report, which investors are encouraged to review[7]. - The company has identified risks including policy, operational, financial, and market risks, with the pandemic being a key variable affecting future business operations[151]. - The company has faced significant uncertainties due to the pandemic, which may lead to business stagnation or substantial reduction in operations[151]. Social Responsibility and Community Engagement - The company invested a total of RMB 435,200 in targeted poverty alleviation projects in Zhangtun Village, including RMB 135,200 for solar vegetable greenhouses and RMB 300,000 for a beef cattle breeding project[181]. - The poverty alleviation efforts helped 54 registered impoverished individuals to escape poverty[183]. - The company has actively engaged in social responsibility practices, aligning its operations with national poverty alleviation goals[187]. - The company successfully completed the international transportation of 395 batches of critical medical supplies during the pandemic, ensuring timely delivery despite various challenges[189]. - The company received a letter of appreciation from the Hubei Red Cross for its assistance in clearing and transporting overseas donated medical supplies[190]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Da Hua Certified Public Accountants[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated any decision-making procedures in providing guarantees[7]. - The company has committed to avoiding any substantial competition and conflicts of interest with its main business during the period of controlling the listed company[160]. - The company will ensure that related transactions are conducted at fair market prices and will not harm the legal rights of Huamao Logistics and its shareholders[162].

Financial Performance - Operating revenue for the period from January to September was ¥7,226,570,623.49, representing a year-on-year increase of 5.40%[18] - Net profit attributable to shareholders of the listed company was ¥255,696,598.36, a slight increase of 0.05% compared to the same period last year[18] - Total profit decreased by 2.97% to CNY 330,872,380.14 compared to CNY 341,011,088.16 in the same period last year[35] - Net profit attributable to shareholders increased by 0.05% to CNY 255,696,598.36 from CNY 255,570,698.82[35] - Other income amounted to CNY 4,805,630.60, a significant increase from CNY 0.00 in the previous year[35] - Investment income dropped by 98.56% to CNY 221,013.99 from CNY 15,326,717.74[35] - Total operating revenue for Q3 2019 reached ¥2,732,997,858.63, an increase of 7.2% compared to ¥2,548,847,961.70 in Q3 2018[60] - Net profit for Q3 2019 was ¥73,995,655.92, a decrease of 5.5% from ¥78,270,037.18 in Q3 2018[65] - Total comprehensive income attributable to the parent company for Q3 2019 was approximately ¥81.07 million, compared to ¥88.05 million in Q3 2018, a decrease of 8.88%[72] - Operating profit for Q3 2019 was approximately ¥29.40 million, down from ¥92.03 million in Q3 2018, a decline of 68.06%[78] Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,593,204,830.59, an increase of 2.07% compared to the end of the previous year[18] - Non-current assets totaled ¥1,701,475,031.23, a decrease from ¥1,743,925,876.12, indicating a decline of about 2.43%[49] - Total liabilities amounted to ¥1,524,056,847.21, down from ¥1,537,073,867.22, showing a decrease of about 0.85%[51] - Current liabilities decreased slightly to ¥1,448,315,165.35 from ¥1,461,723,371.94, a reduction of approximately 0.92%[49] - Shareholders' equity increased to ¥4,069,147,983.38 from ¥3,942,874,670.20, representing an increase of approximately 3.21%[51] - Cash and cash equivalents decreased to ¥502,047,689.03 from ¥624,845,518.20, a decline of about 19.61%[55] - Accounts receivable rose to ¥1,133,899,627.73 from ¥1,115,778,395.73, reflecting an increase of approximately 1.62%[55] - Long-term equity investments increased to ¥1,901,214,650.03 from ¥1,838,288,935.15, indicating a growth of about 3.43%[55] Cash Flow - The net cash flow from operating activities for the period was ¥168,300,138.13, down by 4.65% year-on-year[18] - Net cash flow from financing activities was a negative CNY 152,164,004.38, an improvement from negative CNY 224,846,171.30 last year[41] - Cash inflow from operating activities for the first three quarters of 2019 was CNY 3,812,650,000.17, up from CNY 3,447,219,171.66 in 2018, marking an increase of approximately 10.6%[92] - Cash outflow for purchasing goods and services in the first three quarters of 2019 was CNY 3,303,231,218.68, compared to CNY 3,079,164,872.88 in 2018, representing an increase of about 7.3%[92] - The cash flow from financing activities in the first three quarters of 2019 was -CNY 142,695,134.93, compared to -CNY 72,790,451.18 in 2018, reflecting an increase in cash outflow by about 96.0%[92] Shareholder Information - The total number of shareholders at the end of the reporting period was 68,029[21] - The largest shareholder, China Chengtong Holdings Group, held 41.32% of the shares[21] Research and Development - The company's R&D expenses for Q3 2019 amounted to ¥4,529,702.60, compared to ¥3,137,354.69 in Q3 2018, indicating a 44.4% increase[63]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 4,493,572,764.86, representing a 4.32% increase compared to CNY 4,307,370,647.33 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 185,177,095.31, a 2.00% increase from CNY 181,553,963.05 year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 186,140,701.65, which is a 9.96% increase from CNY 169,277,720.17 in the previous year[18]. - The total profit amounted to 239 million RMB, showing a decline of 1.00% compared to the previous year[37]. - The company achieved a revenue of 4.49 billion RMB in the first half of 2019, representing a year-on-year growth of 4.32%[37]. - The company reported a total revenue of 180,823,500 for the first half of 2019, showing a growth of 17.21% compared to the same period last year[168]. Cash Flow and Assets - The net cash flow from operating activities was CNY 43,553,642.36, a significant recovery from a negative cash flow of CNY -56,719,135.20 in the same period last year[18]. - Total assets at the end of the reporting period were CNY 5,421,706,023.57, showing a slight decrease of 1.06% from CNY 5,479,948,537.42 at the end of the previous year[18]. - The ending balance of cash and cash equivalents was CNY 1,116,570,750.24, slightly down from CNY 1,107,618,702.90 at the end of the first half of 2018[158]. - The total current assets as of June 30, 2019, amounted to RMB 3,710,742,826.95, slightly down from RMB 3,736,022,661.30 at the end of 2018[140]. - The company reported a significant increase in cash received from other operating activities, totaling CNY 9,299,529.95, compared to CNY 15,253,598.15 in the first half of 2018[156]. Operational Highlights - The company operates in the cross-border modern comprehensive logistics sector, focusing on international freight forwarding and providing a range of logistics services including air, sea, and rail transportation[22]. - The company has established deep cooperation with major international partners, enhancing its logistics service network across over 150 countries and regions[26]. - The company maintains a professional workforce of over 3,600 employees, enhancing its operational capabilities in the logistics sector[25]. - The company launched a new three-year import distribution warehousing logistics license, becoming one of six logistics companies in Shanghai with this qualification[32]. - The company added over ten new large clients in the first half of 2019, enhancing its market presence and customer base[34]. Strategic Initiatives - The company is actively pursuing mergers and acquisitions, with ongoing discussions to acquire Da'an International Logistics and its affiliates[36]. - The company has established a joint venture in Luxembourg to enhance its international logistics network, focusing on the "Air Silk Road" initiative[36]. - The company emphasized a "technology-driven" strategy, increasing investments in information technology and talent acquisition[35]. - The company plans to focus on market expansion and new product development to enhance future growth prospects[1]. - The management indicated potential mergers and acquisitions as part of their strategic growth initiatives moving forward[1]. Risks and Compliance - The company has detailed potential risks in its prospectus and this report, advising investors to be cautious[5]. - The company faces significant risks including international macroeconomic fluctuations and disruptive technological changes in the industry[90]. - The report has not been audited, but the management has confirmed the accuracy and completeness of the financial report[6]. - There were no significant lawsuits or arbitration matters during the reporting period[101]. - The company has maintained a good integrity status, with no administrative or criminal penalties related to the securities market in the reporting period[101]. Shareholder Information - The total number of shares after the recent changes is 1,012,038,353, maintaining 100% ownership[119]. - The largest shareholder, China Chengtong Holdings Group, held 418,158,819 shares, accounting for 41.32% of the total shares[127]. - The total number of ordinary shareholders at the end of the reporting period was 51,445[125]. - The company has committed to distributing at least 20% of its distributable profits in cash each year[99]. - The company has not experienced any changes in its controlling shareholders or actual controllers during the reporting period[130]. Financial Commitments and Investments - The company made an external equity investment of 2.6363 million CNY during the reporting period, marking a significant increase from 0.00 million CNY in the same period last year[52]. - The company invested CNY 135,200 to complete the settlement of the vegetable greenhouse project, which has improved the income of villagers in Zhangtun Village[111]. - A total of 47 registered impoverished individuals were helped to escape poverty through the company's initiatives[113]. - The company plans to implement a beef cattle management project in the second half of 2019 to provide stable long-term benefits for impoverished households and the village collective[114]. - The company has committed to reducing and standardizing related party transactions[99].

Financial Performance - Operating revenue increased by 1.21% to CNY 2,075,256,350.99 year-on-year[12] - Net profit attributable to shareholders decreased by 11.63% to CNY 67,524,533.25 compared to the same period last year[12] - Total profit decreased by 12.60% year-on-year, amounting to 88,853,005.13 RMB in Q1 2019, down from 101,661,487.39 RMB in Q1 2018[25] - Net profit attributable to the parent company decreased by 11.63% year-on-year, totaling 67,524,533.25 RMB in Q1 2019 compared to 76,410,496.80 RMB in Q1 2018[25] - Net profit for Q1 2019 was CNY 70,837,330.34, down from CNY 79,674,441.21 in Q1 2018, indicating a decrease of approximately 11.5%[54] - The total comprehensive income for the first quarter of 2019 was CNY 17,182,748.65, compared to CNY 20,670,582.68 in the same period of 2018, representing a decrease of approximately 17.9%[59] Cash Flow - Net cash flow from operating activities increased by 72.84% to CNY 115,308,406.61 year-on-year[12] - Cash flow from operating activities increased by 72.84% year-on-year, reaching a net inflow of 115,308,406.61 RMB in Q1 2019, up from 66,712,713.74 RMB in Q1 2018[33] - The total cash inflow from operating activities in Q1 2019 was CNY 2,367,482,072.95, compared to CNY 2,344,924,965.45 in Q1 2018, reflecting a growth of approximately 1%[63] - The net cash outflow from investing activities in Q1 2019 was CNY -5,851,049.69, worsening from CNY -1,399,579.97 in Q1 2018[65] - The net cash flow from financing activities in Q1 2019 was CNY -103,916,949.24, compared to CNY -2,458,883.96 in Q1 2018, indicating a significant increase in cash outflow[65] Assets and Liabilities - Total assets decreased by 6.07% to CNY 5,147,052,857.94 compared to the end of the previous year[12] - Total liabilities decreased from $1,537,073,867.22 to $1,197,566,416.88, a reduction of approximately 22%[41] - Total equity increased slightly from $3,942,874,670.20 to $3,949,486,441.06, reflecting a growth of about 0.2%[41] - Current assets decreased from $2,363,313,422.94 to $2,187,448,783.19, a decline of approximately 7.4%[46] - Non-current assets increased from $2,008,651,958.41 to $2,055,039,536.42, an increase of about 2.5%[49] Shareholder Information - The number of shareholders at the end of the reporting period was 50,993[12] - The company reported a retained earnings increase from $971,274,688.34 to $1,038,799,221.59, reflecting a growth of approximately 6.9%[41] Research and Development - R&D expenses decreased significantly by 73.96% year-on-year, totaling 1,092,460.47 RMB in Q1 2019 compared to 4,194,625.78 RMB in Q1 2018[25] - Research and development expenses for Q1 2019 were CNY 1,092,460.47, significantly lower than CNY 4,194,625.78 in Q1 2018, marking a reduction of approximately 74%[51] Government Subsidies and Other Income - The company reported a government subsidy of CNY 95,988.00 related to its normal business operations[12] - Other income included a government subsidy of 1.19 million RMB in Q1 2019, a decrease of 370,000 RMB compared to the previous year[30] Inventory and Borrowings - Inventory increased by 33.03% to CNY 110,155,267.78 compared to the end of last year[19] - Short-term borrowings decreased by 56.74% to CNY 87,535,500.00 compared to the end of last year[19] - Accounts receivable decreased from 2,158,071,118.01 RMB in 2018 to 1,883,584,982.84 RMB in Q1 2019, indicating improved collection efficiency[36] Earnings Per Share - Earnings per share for Q1 2019 were CNY 0.07, compared to CNY 0.08 in Q1 2018, showing a decline of 12.5%[56] - Basic and diluted earnings per share for Q1 2019 remained at CNY 0.02, unchanged from Q1 2018[59]

Financial Performance - The company's operating revenue for 2018 was CNY 9,445,441,266.22, representing an increase of 8.38% compared to CNY 8,715,345,271.66 in 2017[30]. - The net profit attributable to shareholders for 2018 was CNY 322,995,050.98, reflecting a growth of 15.95% from CNY 278,556,693.79 in 2017[30]. - The total profit for 2018 was 429 million RMB, reflecting a year-on-year growth of 19.34%[91]. - The net profit attributable to the parent company reached 323 million RMB, with a year-on-year increase of 15.95%[86]. - The total non-recurring gains and losses for 2018 amounted to CNY 41,977,328.75, compared to CNY 35,965,984.88 in 2017[37]. - The company reported a compound annual growth rate (CAGR) of 13.69% for operating revenue over the past three years[30]. - The gross margin for comprehensive logistics services was 12.68%, a slight decrease of 0.02 percentage points year-on-year[103]. - The gross margin for supply chain trade was 1.77%, an increase of 0.08 percentage points year-on-year[103]. Assets and Liabilities - The total assets at the end of 2018 were CNY 5,479,948,537.42, a slight increase of 0.01% from CNY 5,479,665,007.84 at the end of 2017[33]. - The company’s total assets reached CNY 5.48 billion, a slight increase of 0.01% from the beginning of the year[64]. - The company maintained a current ratio of 2.56 and a total asset liability ratio of 28.05% by the end of 2018[64]. - The company’s overseas assets amounted to CNY 627.82 million, representing 11.46% of total assets[68]. - The total liabilities decreased by 9.20% to CNY 1.54 billion, with a notable reduction in accounts payable by 11.63% to CNY 853 million[138]. - The company's asset-liability ratio decreased to 28.05%, down 2.84 percentage points from the beginning of the year[86]. - The company reported a 24.58% increase in prepaid accounts to CNY 41.36 million, primarily due to increased prepayments for logistics projects[141]. Cash Flow - The net cash flow from operating activities decreased by 66.44% to CNY 139,143,420.07 in 2018, down from CNY 414,660,320.80 in 2017[30]. - The company’s net cash inflow from operating activities was 139 million yuan, a decrease of 276 million yuan year-on-year, primarily due to an increase in accounts receivable[132]. - Investment activities resulted in a net cash outflow of 44 million yuan, mainly for acquiring subsidiary equity and purchasing fixed assets[133]. - Financing activities led to a net cash outflow of 168 million yuan, with significant outflows for dividend distribution and stock repurchase[134]. - Cash and cash equivalents at the end of the period amounted to CNY 1.24 billion, a decrease of 2.14% year-on-year, primarily due to the use of CNY 70 million in working capital for stock repurchase[141]. Dividends and Share Capital - The company plans to distribute a cash dividend of RMB 0.98 per 10 shares, totaling RMB 97,158,708.32, which accounts for 39.96% of the distributable profits[6]. - The total share capital as of December 31, 2018, is 1,012,038,353 shares, after deducting 20,622,962 shares repurchased[6]. - The remaining undistributed profits amount to RMB 145,971,698.06, which will be carried forward[6]. Audit and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[8]. - The board of directors and senior management confirm the accuracy and completeness of the annual report[4]. Market and Industry Insights - In 2018, China's GDP exceeded 90 trillion yuan, growing by 6.6% year-on-year, while total foreign trade reached 30.5 trillion yuan, an increase of 9.7%[47]. - The total logistics cost in China for 2018 was 13.3 trillion yuan, up 9.8% year-on-year, with the logistics cost as a percentage of GDP at 14.8%, an increase of 0.2 percentage points from the previous year[53]. - The logistics industry revenue in 2018 was 10.1 trillion yuan, growing by 14.5% compared to the previous year, with an increase of 3 percentage points in growth rate[53]. - The air cargo transport volume in China reached 7.385 million tons in 2018, reflecting a year-on-year growth of 4.6%[50]. - The cross-border e-commerce sector is expected to account for over 40% of China's foreign trade exports by 2020, driven by efficiency improvements in logistics services[51]. Business Operations - The company continues to focus on cross-border modern comprehensive third-party logistics services, with no significant changes in its main business over the past three years[42]. - The company has maintained a unique operating model in the cross-border logistics sector, emphasizing customer needs and resource integration[43]. - The company has established deep cooperation with major international partners, enhancing its global logistics service network across over 150 countries and regions[45]. - The company is focusing on innovation in logistics services to meet the evolving demands of international trade, emphasizing the need for integrated and cost-effective solutions[58]. - The company operated 6,300 China-Europe freight trains in 2018, representing a year-on-year increase of 72%, with return trips increasing by 111%[61]. - The company has established a comprehensive service network with nearly 80 subsidiaries in major domestic ports and logistics cities, and partnerships with over 260 overseas logistics networks[70]. Revenue Breakdown - International air freight business volume reached 353,500 tons, a year-on-year increase of 5.84%, with revenue of 3.597 billion yuan, up 5.53% year-on-year[96]. - International sea freight business volume was 954,700 TEUs, growing 7.30% year-on-year, with revenue of 3.491 billion yuan, an increase of 14.28% year-on-year[97]. - Revenue from international engineering logistics was 173 million yuan, a year-on-year growth of 6.98%, with a gross profit of 22.03 million yuan, up 12.97% year-on-year[98]. - Revenue from third-party logistics warehousing reached 379 million yuan, a year-on-year increase of 21.94%, with a gross profit of 116 million yuan, but a gross margin decrease of 6.37 percentage points[98]. - Special logistics revenue decreased by 14.75% to 572 million yuan, while gross profit increased by 4.01% to 167 million yuan, with a gross margin increase of 5.27 percentage points[100]. - Supply chain trade revenue was 1.111 billion yuan, up 14.52% year-on-year, with a gross profit of 19.62 million yuan, a 19.49% increase[100].

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) The company's board, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this unaudited quarterly report - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or major omissions[5](index=5&type=chunk) - This company's Q3 2018 report is unaudited[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=Item%20II.%20Company%20Profile) [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) As of September 30, 2018, total assets increased by 2.22%, with Q1-Q3 operating revenue growing 8.94% to **CNY 6.856 billion** and net profit attributable to shareholders increasing 19.10% to **CNY 256 million**, despite a 15.70% decrease in net cash flow from operating activities Key Financial Data for Q1-Q3 2018 | Indicator | Year-to-Date (Jan-Sep) (CNY) | Prior Period (Jan-Sep) (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,856,218,609.03 | 6,293,801,128.03 | 8.94% | | Net Profit Attributable to Shareholders of Listed Company | 255,570,698.82 | 214,578,426.72 | 19.10% | | Net Profit Excluding Non-recurring Items | 241,944,098.67 | 206,430,910.77 | 17.20% | | Net Cash Flow from Operating Activities | 176,500,745.81 | 209,367,939.97 | -15.70% | | Basic Earnings Per Share (CNY/share) | 0.25 | 0.21 | 19.05% | - In Q1-Q3 2018, the company's total non-recurring gains and losses amounted to **CNY 13.63 million**, primarily from government subsidies and investment income from disposing of financial assets[9](index=9&type=chunk) [Shareholder Information](index=5&type=section&id=2.2%20Total%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Circulating%20Shareholders%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had **65,451 shareholders**, with China Chengtong Hong Kong Co., Ltd. being the largest shareholder, holding **41.32%** of shares - As of the end of the reporting period, the company had **65,451 shareholders**[11](index=11&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | | China Chengtong Hong Kong Co., Ltd. | 418,158,819 | 41.32 | | Guoxin Investment Co., Ltd. | 49,841,181 | 4.92 | | Beijing Chengtong Financial Holdings Investment Co., Ltd. | 43,106,432 | 4.26 | - The ultimate controlling shareholder of both the largest shareholder, China Chengtong Hong Kong Co., Ltd., and the third-largest shareholder, Beijing Chengtong Financial Holdings Investment Co., Ltd., is China Chengtong Holdings Group Co., Ltd[12](index=12&type=chunk) [Significant Events](index=6&type=section&id=Item%20III.%20Significant%20Events) [Analysis of Significant Changes in Key Financial Statements and Indicators](index=6&type=section&id=3.1%20Analysis%20of%20Significant%20Changes%20in%20Key%20Financial%20Statement%20Items%20and%20Financial%20Indicators%20and%20Their%20Reasons) During the reporting period, significant changes included a **79.06%** decrease in construction in progress, a shift in financial expenses to income due to exchange gains, a **123.72%** increase in investment income from stock sales, and a substantial reduction in net cash outflow from investing activities, while financing activities shifted from net inflow to net outflow - The ending balance of construction in progress decreased by **79.06%** from the beginning of the year, primarily due to the capitalization of office property purchased in Hong Kong into fixed assets[14](index=14&type=chunk)[16](index=16&type=chunk) - Financial expenses significantly decreased year-on-year, shifting from an expense of **CNY 7.13 million** in the prior period to an income of **CNY 6.14 million** this period, mainly due to **CNY 8.20 million** in exchange gains from the appreciation of the US dollar[16](index=16&type=chunk)[17](index=17&type=chunk) - Investment income increased by **123.72%** year-on-year, primarily due to the sale of some Guiyang Bank shares during the current period[16](index=16&type=chunk)[17](index=17&type=chunk) - Net cash flow from operating activities decreased by **15.70%** year-on-year, but operating cash flow significantly improved compared to the **CNY 57 million** net outflow in the first half of the year[19](index=19&type=chunk) - Net cash flow from financing activities shifted from a net inflow of **CNY 57 million** in the prior period to a net outflow of **CNY 225 million** this period, mainly due to increased outflows for dividend distribution, interest payments, and bank guarantees for letters of credit[19](index=19&type=chunk) [Appendix](index=9&type=section&id=Item%20IV.%20Appendix) [Financial Statements](index=9&type=section&id=4.1%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q3 2018 [Consolidated Balance Sheet](index=9&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2018, consolidated total assets were **CNY 5.601 billion**, total liabilities **CNY 1.625 billion**, and total equity attributable to parent company owners **CNY 3.944 billion**, with a debt-to-asset ratio of **29.01%** Key Items from Consolidated Balance Sheet (as of September 30, 2018) | Item | Ending Balance (CNY) | | :--- | :--- | | Total Assets | 5,601,195,192.22 | | Total Liabilities | 1,624,973,858.19 | | Total Equity Attributable to Parent Company Owners | 3,943,659,279.08 | [Parent Company Balance Sheet](index=11&type=section&id=Parent%20Company%20Balance%20Sheet) As of September 30, 2018, parent company total assets were **CNY 4.522 billion**, total liabilities **CNY 1.314 billion**, and total owner's equity **CNY 3.208 billion** Key Items from Parent Company Balance Sheet (as of September 30, 2018) | Item | Ending Balance (CNY) | | :--- | :--- | | Total Assets | 4,522,242,648.74 | | Total Liabilities | 1,314,445,461.35 | | Total Owner's Equity | 3,207,797,187.39 | [Consolidated Income Statement](index=14&type=section&id=Consolidated%20Income%20Statement) In Q1-Q3 2018, total operating revenue grew 8.94% to **CNY 6.856 billion**, and net profit attributable to parent company owners increased 19.10% to **CNY 256 million**, with Q3 alone generating **CNY 74 million** in net profit, up 20.81% Consolidated Income Statement Core Data | Item | Year-to-Date (Jan-Sep) (Billion CNY) | Prior Period (Jan-Sep) (Billion CNY) | Q3 (Jul-Sep) (Billion CNY) | Prior Q3 (Jul-Sep) (Billion CNY) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 6.86 | 6.29 | 2.55 | 2.29 | | Net Profit Attributable to Parent Company | 0.26 | 0.22 | 0.07 | 0.06 | | Basic Earnings Per Share (CNY) | 0.25 | 0.21 | 0.07 | 0.06 | [Parent Company Income Statement](index=18&type=section&id=Parent%20Company%20Income%20Statement) In Q1-Q3 2018, parent company operating revenue grew 11.24% to **CNY 3.563 billion**, and net profit increased 21.39% to **CNY 160 million** Parent Company Income Statement Core Data (Jan-Sep) | Item | 2018 Jan-Sep (CNY) | 2017 Jan-Sep (CNY) | | :--- | :--- | :--- | | Operating Revenue | 3,563,306,987.16 | 3,203,148,721.15 | | Net Profit | 160,404,523.30 | 132,143,824.99 | [Consolidated Cash Flow Statement](index=21&type=section&id=Consolidated%20Cash%20Flow%20Statement) In Q1-Q3 2018, net cash flow from operating activities was **CNY 177 million** (down 15.70%), net cash outflow from investing activities significantly decreased to **CNY 68 million**, and net cash flow from financing activities shifted to an outflow of **CNY 225 million**, with cash and cash equivalents totaling **CNY 1.094 billion** at period-end Consolidated Cash Flow Statement Summary (Jan-Sep) | Item | 2018 Jan-Sep (CNY) | 2017 Jan-Sep (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 176,500,745.81 | 209,367,939.97 | | Net Cash Flow from Investing Activities | -67,867,588.69 | -281,334,443.47 | | Net Cash Flow from Financing Activities | -224,846,171.30 | 56,592,164.13 | | Ending Balance of Cash and Cash Equivalents | 1,094,241,728.21 | 1,085,616,850.65 | [Parent Company Cash Flow Statement](index=22&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In Q1-Q3 2018, parent company net cash flow from operating activities was **-CNY 122 million** (a shift from a **CNY 213 million** inflow in the prior period), with net cash inflow from investing activities at **CNY 34 million** and net cash outflow from financing activities at **CNY 73 million** Parent Company Cash Flow Statement Summary (Jan-Sep) | Item | 2018 Jan-Sep (CNY) | 2017 Jan-Sep (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -122,305,408.51 | 212,535,372.30 | | Net Cash Flow from Investing Activities | 33,585,550.17 | -141,569,223.65 | | Net Cash Flow from Financing Activities | -72,790,451.18 | -29,596,091.77 |