[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) The company's board, supervisory board, and senior management guarantee the report's truthfulness and completeness, and this Q1 2020 report is unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or major omissions, and assume corresponding legal responsibilities[8](index=8&type=chunk) - This company's Q1 2020 report is unaudited[11](index=11&type=chunk) [Company Overview](index=3&type=section&id=Item%20II.%20Company%20Overview) This section provides an overview of the company's key financial performance, non-recurring items, and detailed shareholder information for the reporting period [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) In Q1 2020, the company experienced a significant decline in key financial indicators due to the pandemic, with operating revenue decreasing by **40.21%** year-on-year, net profit attributable to shareholders turning from profit to loss with a **160.96%** year-on-year drop, and basic earnings per share falling to **-0.06 Yuan** Key Financial Data for Q1 2020 | Indicator | End of Current Period / Year-to-Date | End of Prior Year / Prior Year-to-Date | Change (%) | | :--- | :--- | :--- | :--- | | **Balance Sheet** | | | | | Total Assets (Yuan) | 5,784,962,955.68 | 6,167,139,490.20 | -6.20 | | Net Assets Attributable to Shareholders (Yuan) | 2,617,170,947.59 | 2,651,602,175.50 | -1.30 | | **Income Statement** | | | | | Operating Revenue (Yuan) | 699,994,549.90 | 1,170,701,617.48 | -40.21 | | Net Profit Attributable to Shareholders (Yuan) | -33,375,754.72 | 54,752,526.95 | -160.96 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | -35,594,750.17 | 50,176,171.19 | -170.94 | | Weighted Average Return on Net Assets (%) | -1.27 | 2.06 | Decrease 3.33 percentage points | | Basic Earnings Per Share (Yuan/share) | -0.06 | 0.10 | -160.00 | | Diluted Earnings Per Share (Yuan/share) | -0.04 | 0.10 | -140.00 | | **Cash Flow Statement** | | | | | Net Cash Flow from Operating Activities (Yuan) | 235,949,369.48 | 267,096,300.20 | -11.66 | [Non-recurring Gains and Losses and Amounts](index=4&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **2.219 million Yuan**, primarily from approximately **3.38 million Yuan** in government subsidies, while also including about **0.43 million Yuan** in external donations during the pandemic Details of Non-recurring Gains and Losses | Item | Current Period Amount (Yuan) | Notes | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 15,548.74 | | | Government Subsidies Included in Current Profit and Loss | 3,377,699.92 | | | Other Non-operating Income and Expenses Apart from the Above | -433,149.00 | External donations during pandemic | | Impact on Minority Interests (After Tax) | -1,079.30 | | | Income Tax Impact | -740,024.92 | | | **Total** | **2,218,995.44** | | [Shareholder Holding Information](index=5&type=section&id=2.2%20Total%20Number%20of%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Unrestricted%20Shareholders)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had **15,204 shareholders**, with controlling shareholder Jilin Changjiu Industrial Group Co., Ltd. holding **76.65%**, indicating a highly concentrated equity structure, and actual controllers Bo Shijiu and Li Guiping indirectly holding **77.82%** through Changjiu Group and Xinchanghui - Total number of shareholders at the end of the reporting period was **15,204**[19](index=19&type=chunk) Top Ten Shareholders' Holding Information | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Jilin Changjiu Industrial Group Co., Ltd. | 429,454,533 | 76.65 | | Li Yanchun | 23,511,044 | 4.20 | | Li Wanjun | 23,511,044 | 4.20 | | Mingzhi Hexin Guangfu (Tianjin) Equity Investment Partnership (Limited Partnership) | 21,398,388 | 3.82 | | Xinjiang Xinchanghui Equity Investment Management Co., Ltd. | 6,304,472 | 1.13 | | Jiang Baolong | 1,221,840 | 0.22 | | Hong Kong Securities Clearing Company Limited | 1,142,545 | 0.20 | | Dong Huimin | 971,200 | 0.17 | | Zhu Chengxiang | 946,839 | 0.17 | | Gu Yanhong | 600,000 | 0.11 | - Controlling shareholder Changjiu Group and its concerted party Xinchanghui collectively indirectly hold **77.82%** of the company's shares, with the actual controllers being Bo Shijiu and Li Guiping[23](index=23&type=chunk) [Significant Matters](index=6&type=section&id=Item%20III.%20Significant%20Matters) This section details major changes in the company's key financial statement items and indicators, along with their underlying reasons, reflecting the impact of the pandemic and strategic adjustments [Major Changes and Reasons for Key Financial Statement Items and Indicators](index=6&type=section&id=3.5%20Major%20Changes%20and%20Reasons%20for%20the%20Company's%20Key%20Financial%20Statement%20Items%20and%20Financial%20Indicators) During the reporting period, several financial indicators underwent significant changes due to the pandemic and operational adjustments, with revenue, costs, and taxes decreasing due to reduced business volume, while other current assets substantially increased from wealth management product purchases, and some short-term borrowings were repaid, and investment income significantly declined primarily due to increased losses from associates Significant Changes in Balance Sheet Items | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Cash and Cash Equivalents | -31.39% | Primarily due to increased purchases of wealth management products in this period | | Receivables Financing | 56.43% | Primarily due to increased bill pool business in this period | | Inventories | 157.26% | Primarily due to increased undelivered quantities in this period | | Other Current Assets | 425.62% | Primarily due to increased purchases of wealth management products in this period | | Advances from Customers | 63.39% | Primarily due to increased advances from customers in this period | | Employee Benefits Payable | -70.31% | Primarily due to reductions in social security contributions and salaries in this period | | Taxes Payable | -56.44% | Primarily due to business decline affected by the pandemic in this period | Significant Changes in Income Statement and Cash Flow Statement Items | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | **Income Statement Items** | | | | Operating Revenue | -40.21% | Primarily due to business decline affected by the pandemic in this period | | Operating Cost | -36.39% | Primarily due to business decline affected by the pandemic in this period | | Taxes and Surcharges | -49.49% | Primarily due to business decline affected by the pandemic in this period | | Investment Income | -621.69% | Primarily due to increased losses from associates in this period | | **Cash Flow Statement Items** | | | | Net Cash Flow from Investing Activities | -41.99% | Primarily due to decreased wealth management investments in this period | | Net Cash Flow from Financing Activities | 328.18% | Primarily due to repayment of short-term loans in this period | [Appendix (Financial Statements)](index=8&type=section&id=Item%20IV.%20Appendix) This appendix provides comprehensive financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements, along with explanations for new accounting standard adoptions [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) This section presents the consolidated balance sheet as of March 31, 2020, detailing the company's assets, liabilities, and owners' equity at the end of the reporting period, compared with year-end 2019 data [Parent Company Balance Sheet](index=10&type=section&id=Parent%20Company%20Balance%20Sheet) This section provides the parent company balance sheet as of March 31, 2020, reflecting the individual financial position of the parent company [Consolidated Income Statement](index=12&type=section&id=Consolidated%20Income%20Statement) This section presents the consolidated income statement for Q1 2020, showing the company's operating results including total operating revenue, costs, expenses, profit, and earnings per share for the period, compared with the prior year's corresponding period [Parent Company Income Statement](index=14&type=section&id=Parent%20Company%20Income%20Statement) This section provides the parent company income statement for Q1 2020, reflecting the individual operating results of the parent company [Consolidated Cash Flow Statement](index=16&type=section&id=Consolidated%20Cash%20Flow%20Statement) This section presents the consolidated cash flow statement for Q1 2020, detailing the company's cash inflows and outflows from operating, investing, and financing activities [Parent Company Cash Flow Statement](index=17&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) This section provides the parent company cash flow statement for Q1 2020, reflecting the individual cash flow position of the parent company [Explanation of Adjustments for First-time Adoption of New Standards](index=19&type=section&id=4.2%20Information%20on%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First-time%20Adoption%20Year%20for%20New%20Revenue%20and%20Lease%20Standards%20Starting%20from%202020) The company did not first adopt new revenue or lease standards during this reporting period, thus no adjustments were made to the opening financial statements - The company announced that it did not first adopt new revenue or lease standards starting from 2020, therefore no retrospective adjustments were made to the financial statements[63](index=63&type=chunk)

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 101,262,132.99 in 2019, with a parent company net profit of RMB 99,795,028.39[6]. - The company's operating revenue for 2019 was ¥4,785,370,371.24, a decrease of 12.72% compared to ¥5,482,633,570.46 in 2018[28]. - The net profit attributable to shareholders for 2019 was ¥101,262,132.99, down 74.88% from ¥403,124,951.16 in 2018[28]. - Basic earnings per share for 2019 were ¥0.18, a decrease of 75.00% from ¥0.72 in 2018[29]. - The weighted average return on equity for 2019 was 3.85%, down 13.72 percentage points from 17.57% in 2018[32]. - The company reported a significant increase in non-operating income, with government subsidies amounting to ¥46,218,879.79 in 2019, compared to ¥25,908,723.13 in 2018[37]. - The total assets at the end of 2019 were ¥6,167,139,490.20, a decrease of 2.93% from ¥6,353,595,380.59 at the end of 2018[28]. - The net assets attributable to shareholders at the end of 2019 were ¥2,651,602,175.50, showing a slight increase of 0.68% from ¥2,633,598,214.50 at the end of 2018[28]. - The company reported a non-recurring loss of approximately -6.72 million in other operating income and expenses for 2019, compared to a gain of 8.83 million in 2018[39]. - The company's operating revenue for the current period is ¥4,785,370,371.24, a decrease of 12.72% compared to ¥5,482,633,570.46 in the same period last year[77]. Cash Flow and Dividends - The net cash flow from operating activities increased significantly to ¥555,489,677.06 in 2019, compared to a negative cash flow of ¥634,819,953.56 in 2018, marking a 187.50% improvement[28][33]. - The proposed cash dividend distribution is RMB 6.99 per 10 shares (including tax), reflecting the company's commitment to returning value to shareholders[6]. - In 2019, the company distributed a cash dividend of 6.99 CNY per 10 shares, totaling 101,262,132.99 CNY in net profit attributable to ordinary shareholders[180]. - The cash dividend payout ratio for 2018 was 20.00%, with a cash dividend of 1.44 CNY per 10 shares and a net profit of 403,124,951.16 CNY[180]. - The company has committed to not transferring or managing its shares in Changjiu Logistics for 36 months from the date of listing, with a 25% annual transfer limit thereafter[191]. Operational Challenges and Market Conditions - The company faced challenges in the automotive logistics sector, leading to a decline in gross profit margins due to decreased production and sales in the automotive industry[32]. - The domestic automotive market saw a production decline of 7.5% and sales decline of 8.2% in 2019, impacting the logistics sector[50]. - The automotive market has faced a decline in sales for two consecutive years due to multiple factors, including economic slowdown and the COVID-19 pandemic, impacting production and sales significantly[164]. - The ongoing COVID-19 pandemic has created significant uncertainty for the automotive market, potentially affecting consumer disposable income and automotive consumption[164]. Strategic Initiatives and Future Plans - The company aims to leverage its digital platform to improve cost efficiency and service quality for its partners and clients[55]. - The company plans to enhance its research and development efforts, as indicated by a 38.20% increase in development expenditures to ¥11,375,014.62[95]. - The company aims to enhance market competitiveness by establishing logistics technology companies and expanding its business model[124]. - The company plans to invest 537 million yuan in land use rights for a logistics project in Wuhan, with a total fixed asset investment of no less than 767.1 million yuan[128]. - The company will focus on developing logistics capabilities for new energy vehicles and aims to increase the proportion of new energy vehicle transport business[158]. - The company plans to achieve a revenue of CNY 4.985 billion in 2020, representing a growth of 4.18% compared to 2019[153]. Governance and Compliance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[5]. - The board of directors and supervisory board members were present at the meeting, ensuring governance and oversight[5]. - The company continues to improve its governance structure and internal control systems to ensure sustainable development and risk management[71]. - The company has established strict procedures for related party transactions, ensuring fairness and transparency, with all profits from such transactions being returned to the issuer in case of violations[194]. - The company will ensure that any related party transactions are subject to independent board approval to maintain fairness[194]. Technological Advancements - The company has invested in technology and established two subsidiaries to enhance digital transformation, focusing on areas such as intelligent scheduling and big data[53]. - The company has developed a long-distance transportation app, marking a shift towards digitalization and real-time monitoring in its operations[74]. - The application of new technologies such as IoT, big data, and AI is transforming the logistics operations in the automotive sector[139]. - The logistics market is shifting from a road-dominated model to a multi-modal transport system, optimizing cost and improving service quality[141]. Market Position and Competitiveness - The company ranks fourth in the automotive logistics industry in China, according to the 2018 statistics from the China Logistics and Purchasing Federation[52]. - The company has a diverse customer base, including major automotive manufacturers, which strengthens its logistics network and enhances its competitive advantage[57]. - The company aims to increase its market share through mergers and acquisitions, especially as the automotive logistics industry faces intensified competition and potential exits due to the pandemic[160].

Financial Performance - Operating revenue for the first nine months was ¥3,445,185,635.84, reflecting an 8.29% decline year-on-year[9] - Net profit attributable to shareholders was ¥66,297,611.37, down 64.79% from the previous year[9] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥52,639,915.80, a decrease of 69.80% year-on-year[9] - Basic earnings per share decreased to ¥0.12, down 64.71% from ¥0.34 in the previous year[9] - Diluted earnings per share also fell to ¥0.11, a decrease of 67.65% compared to the previous year[9] - The weighted average return on equity dropped to 2.53%, a decrease of 6.02 percentage points year-on-year[9] - The company reported a net profit attributable to shareholders of ¥20.55 million in Q3 2019, down 20.0% from ¥25.96 million in Q3 2018[44] - The net profit for Q3 2019 was ¥27.39 million, compared to ¥25.51 million in Q3 2018, representing a growth of 7.4%[44] - The operating profit for the first three quarters of 2019 was ¥93.50 million, a decrease of 59.3% from ¥230.02 million in the same period of 2018[44] - Net profit for the first three quarters of 2019 was approximately $3.45 billion, down 8.3% from $3.76 billion in the same period of 2018[39] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,849,065,260.47, a decrease of 7.94% compared to the end of the previous year[9] - Total liabilities decreased to approximately $3.06 billion from $3.57 billion, a reduction of about 14.2%[26] - Total assets as of September 30, 2019, were approximately $4.27 billion, a decrease from $4.75 billion at the end of 2018, representing a decline of 9.8%[35] - Total liabilities reached $2.83 billion, with current liabilities at $2.36 billion[77] - The company’s equity attributable to shareholders was approximately $2.62 billion, slightly down from $2.63 billion, a decrease of about 0.3%[26] - The company reported a significant reduction in accounts payable, which decreased to approximately $582.46 million from $988.42 million, a decline of 41.0%[35] Cash Flow - Cash generated from operating activities for the first nine months was ¥219,270,998.96, a significant increase of 133.38% compared to the same period last year[9] - The company reported a net cash flow from operating activities of CNY 219,270,998.96, a significant improvement compared to a negative cash flow of CNY -656,905,909.17 in the previous year[19] - The net cash flow from operating activities for the first three quarters of 2019 was CNY 219,270,998.96, a significant improvement from a net outflow of CNY -656,905,909.17 in the first three quarters of 2018[53] - Operating cash flow for the first three quarters of 2019 was CNY 14,172,247.02, a significant improvement from a negative cash flow of CNY -429,827,924.71 in the same period of 2018[58] - The company’s cash and cash equivalents at the end of the first three quarters of 2019 amounted to CNY 1,008,466,760.39, an increase from CNY 922,760,346.11 at the end of the same period in 2018[54] Investments and Expenses - Research and development expenses surged by 2089.68% to CNY 13,142,955.83, attributed to multiple ongoing projects aimed at building a smart logistics system[19] - The company’s financial expenses rose by 136.35% to CNY 59,165,647.66, primarily due to increased financing activities[19] - Research and development expenses increased significantly to approximately $5.04 million in Q3 2019, compared to $0.23 million in Q3 2018, marking a growth of over 2,100%[39] - Cash outflows for the purchase of fixed assets, intangible assets, and other long-term assets in the first three quarters of 2019 were CNY 143,815,086.96, a decrease of 71.2% from CNY 499,491,024.91 in the first three quarters of 2018[54] Shareholder Information - Total shareholders at the end of the reporting period reached 15,156, with the largest shareholder, Jilin Province Changjiu Industrial Group Co., Ltd., holding 429,454,533 shares, representing 76.65% of the total[14] - The company’s total equity stood at approximately $1.92 billion, including retained earnings of $594.57 million[78]

Financial Performance - The company's operating revenue for the first half of the year is CNY 2,264,915,240.83, a decrease of 6.23% compared to the same period last year[22]. - Net profit attributable to shareholders is CNY 45,747,102.61, reflecting a significant decline of 71.82% year-on-year[22]. - The net profit after deducting non-recurring gains and losses is CNY 37,362,644.62, down 75.56% from the previous year[22]. - Basic earnings per share for the period is CNY 0.08, a decrease of 72.41% compared to CNY 0.29 in the same period last year[24]. - The weighted average return on net assets is 1.73%, down 5.61 percentage points from the previous year[24]. - The total assets at the end of the reporting period are CNY 5,841,735,383.32, a decrease of 8.06% from the end of the previous year[22]. - The company's cash and cash equivalents dropped by 59.67% to CNY 595,413,039.43 due to investments and debt repayments[55]. - The company's total liabilities decreased to ¥2,298,778,262.47 as of June 30, 2019, from ¥2,834,730,892.88 at the end of 2018, a reduction of approximately 18.91%[185]. - The total equity increased to ¥1,943,062,854.65 as of June 30, 2019, compared to ¥1,919,801,605.38 at the end of 2018, reflecting a growth of 1.20%[185]. Cash Flow - The net cash flow from operating activities is CNY 156,580,452.99, a significant recovery from a negative cash flow of CNY -510,349,765.10 in the previous year[22]. - Cash flow from operating activities generated approximately ¥156 million, a significant improvement from a negative cash flow of approximately ¥510 million in the same period of 2018[194]. - The ending balance of cash and cash equivalents was CNY 204,689,883.45, down from CNY 311,875,935.00 year-over-year[197]. - Net cash flow from financing activities was negative CNY 47,004,358.38, a decline from positive CNY 39,576,408.82 in the previous year[197]. Business Operations - The company's main business operations and financial indicators are outlined but specific figures are not detailed in the extracted content[17]. - The company's main business, vehicle transportation, saw a shipment volume of 1,423,500 units, down 2.63% year-on-year[50]. - The revenue from passenger vehicle transportation is CNY 182,480.81 million, accounting for 80.57% of total revenue[33]. - The multi-modal transport business shipped 343,900 units, representing 24.16% of total shipments, an increase of 33.81% year-on-year[49]. - The company is actively expanding its logistics network and multi-modal transport bases across the country[49]. Investments and Acquisitions - The company established a wholly-owned subsidiary, Guangdong Changjiu Technology Co., Ltd., with an investment of ¥20 million to enhance its information technology development strategy[61]. - The company acquired 100% equity of Yuncheng Logistics Co., Ltd. for a total price of ¥639,127.27, completing the acquisition on January 2, 2019[62]. - The company invested ¥60 million in a private equity fund as a limited partner on April 4, 2019[62]. - The company is investing in technology and digital transformation, including the establishment of a technology subsidiary and acquisition of a logistics technology company[45]. Compliance and Governance - The company has committed to a 36-month lock-up period for major shareholders, during which they will not transfer or manage their shares[78]. - The company has a long-term commitment to avoid and reduce related party transactions, ensuring that any unavoidable transactions are conducted fairly and transparently[82]. - The company guarantees that its IPO prospectus does not contain false statements or significant omissions, and it will be liable for any losses incurred by investors due to such issues[90]. - The company has a clear policy to adjust share transfer prices based on government guidance or market prices to ensure fairness in related party transactions[82]. Market Conditions - The domestic automobile production and sales in the first half of 2019 were 12.132 million and 12.323 million units, respectively, down 13.7% and 12.4% year-on-year[67]. - The company anticipates a potential decline in the automotive logistics industry due to the overall slowdown in the domestic automotive sector, which may adversely affect its operating performance[67]. - The expected annual automobile sales for 2019 are projected to be approximately 26.68 million units, a year-on-year decrease of 5%[67]. Research and Development - R&D expenses surged by 2,077.26% to CNY 8,104,622.20 as the company focused on developing smart logistics solutions[50]. - The company aims to enhance its market position through increased investment in research and development, as indicated by the rise in R&D expenses[185]. Shareholder Information - The largest shareholder, Jilin Changjiu Industrial Group Co., Ltd., holds 429,454,533 shares, representing 76.65% of the total shares[163]. - The company has 16,126 ordinary shareholders as of the end of the reporting period[161]. - The proportion of limited sale shares decreased from 85.68% to 85.64% after the recent share changes[157].

Financial Performance - Net profit attributable to shareholders decreased by 15.78% to CNY 54,752,526.95 year-on-year[11] - Operating income decreased by 3.45% to CNY 1,170,701,617.48 compared to the same period last year[11] - Basic and diluted earnings per share both decreased by 16.67% to CNY 0.10[11] - Total revenue for Q1 2019 was approximately ¥1.17 billion, a decrease of 3.5% compared to ¥1.21 billion in Q1 2018[41] - Net profit for Q1 2019 was approximately ¥52.31 million, slightly down from ¥52.76 million in Q1 2018, representing a decrease of 0.9%[43] - Total profit for Q1 2019 was CNY 7,107,743.71, a decline of 95.8% compared to CNY 167,183,330.79 in Q1 2018[50] Cash Flow - Net cash flow from operating activities improved significantly, reaching CNY 267,096,300.20, a 226.70% increase from the previous year[11] - Cash flow from operating activities for Q1 2019 was CNY 267,096,300.20, a significant improvement from a negative cash flow of CNY -210,804,432.34 in Q1 2018[54] - Total cash inflow from operating activities reached ¥1,314,848,268.77, up from ¥820,885,178.45 in the same quarter last year, representing an increase of approximately 60%[60] - The total cash outflow from operating activities was ¥1,070,669,361.14, slightly lower than ¥1,085,116,297.04 in Q1 2018, showing improved cash management[60] Assets and Liabilities - Total assets increased by 2.85% to CNY 6,534,590,425.13 compared to the end of the previous year[11] - Total current assets amounted to RMB 4,282,434,414.48, compared to RMB 4,128,707,756.15 in the previous year[26] - Current liabilities rose to $2,717,597,085.14, up from $2,546,248,652.08, indicating an increase of approximately 6.71%[30] - Total liabilities increased to $3,694,208,552.87 from $3,565,629,435.15, which is an increase of about 3.61%[31] - Non-current liabilities decreased to $976,611,467.73 from $1,019,380,783.07, representing a reduction of about 4.18%[31] Shareholder Information - The total number of shareholders at the end of the reporting period was 17,814[17] - The largest shareholder, Jilin Changjiu Industrial Group Co., Ltd., holds 76.69% of the shares[17] Research and Development - Research and development expenses increased by 118.96% to RMB 3,192,252.04 from RMB 1,457,945.30, reflecting increased investment in R&D[22] - Research and development expenses increased to approximately ¥3.19 million in Q1 2019, up from ¥1.46 million in Q1 2018, indicating a growth of 118.5%[41] Other Financial Metrics - Government subsidies recognized in the current period amounted to CNY 6,015,792.95[15] - Non-recurring gains and losses totaled CNY 4,576,355.76 after tax adjustments[17] - Cash and cash equivalents decreased by 33.53% to RMB 981,357,740.28 from RMB 1,476,458,563.22, primarily due to the purchase of financial products[20] - Cash and cash equivalents at the end of Q1 2019 were CNY 922,203,182.66, down from CNY 1,081,274,035.31 at the end of Q1 2018[55]

Financial Performance - Operating revenue for the first nine months reached CNY 3,756,626,705.04, an increase of 11.32% year-on-year[6] - Net profit attributable to shareholders decreased by 19.04% to CNY 188,290,816.25 compared to the same period last year[6] - Basic earnings per share fell by 19.05% to CNY 0.34[6] - The company reported a net profit margin improvement, with net profit for the first nine months of 2018 reaching CNY 143,803,371.21, compared to CNY 118,754,790.00 for the same period in 2017[25] - The net profit for Q3 2018 was ¥87.85 million, representing a significant increase of 151.5% from ¥34.92 million in Q3 2017[29] - The total profit for the first nine months of 2018 was ¥290.38 million, up from ¥83.52 million in the same period last year, marking a growth of 247.5%[29] - The company's operating profit for Q3 2018 was ¥83.15 million, compared to ¥42.78 million in Q3 2017, reflecting a year-over-year increase of 94.5%[29] Assets and Liabilities - Total assets increased by 27.26% to CNY 5,594,811,316.52 compared to the end of the previous year[6] - Total liabilities increased to CNY 3,164,624,813.89 from CNY 2,115,965,856.09, representing a rise of 49.5%[19] - The company's equity attributable to shareholders reached CNY 2,246,914,367.10, up from CNY 2,146,796,710.35, marking a growth of 4.7%[19] - Accounts receivable increased significantly to CNY 1,091,246,648.60 from CNY 809,228,680.03, reflecting a growth of 35%[21] - Inventory levels decreased to CNY 348,494.78 from CNY 4,997,185.50, a reduction of 93%[22] Cash Flow - Net cash flow from operating activities was negative at CNY -656,905,909.17, a decline of 137.14% year-on-year[6] - Cash flow from operating activities showed a net outflow of RMB 656,905,909, a 137.14% increase in outflow compared to the previous year[12] - Cash flow from investing activities also reflected a net outflow of RMB 715,279,365, a 210.14% increase in outflow due to equipment purchases and company acquisitions[12] - Cash inflow from financing activities amounted to ¥2,294,867,506.05, significantly higher than ¥685,353,641.91 in the previous year, showing improved financing efforts[32] - The company reported a net cash flow from financing activities of ¥1,025,909,721.22, compared to ¥266,786,972.47 in the same period last year, reflecting a positive trend[32] Shareholder Information - The total number of shareholders reached 17,429 at the end of the reporting period[8] - The largest shareholder, Jilin Changjiu Industrial Group Co., Ltd., holds 76.69% of the shares, with 429,454,533 shares pledged[9] Operational Costs and Expenses - The company reported a significant increase in sales expenses by 38.45% to RMB 79,204,792, attributed to business scale growth and rising labor costs[12] - Total operating costs for Q3 2018 were CNY 1,322,923,926.77, up from CNY 1,019,049,659.25 in Q3 2017, reflecting a year-over-year increase of 29.8%[25] - Research and development expenses for the first nine months of 2018 were reported at ¥37.74 million, indicating ongoing investment in innovation[29] - Financial expenses for Q3 2018 amounted to ¥5.29 million, an increase from ¥2.80 million in Q3 2017[29] Future Plans - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and customer service[25]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥2,415,408,687.24, representing a 6.63% increase compared to the same period last year[21]. - The net profit attributable to shareholders was ¥162,332,306.05, reflecting a 14.79% increase year-over-year[21]. - The net cash flow from operating activities was -¥510,349,765.10, a decrease of 69.57% compared to the previous year[21]. - The basic earnings per share increased to ¥0.29, up 16.00% from ¥0.25 in the same period last year[22]. - The company's total assets at the end of the reporting period were ¥4,753,996,207.96, an 8.13% increase from the end of the previous year[21]. - The weighted average return on equity was 7.34%, a decrease of 0.13 percentage points compared to the previous year[22]. - The company's net assets attributable to shareholders increased to ¥2,224,358,385.03, a 3.61% increase from the previous year[21]. - The company reported a total profit of ¥215,126,013.44, which is an increase of 18.00% from ¥182,292,916.06 in the previous period[106]. - The financial expenses rose to ¥10,349,435.09 from ¥990,718.72, showing a significant increase of 943.73%[105]. Business Operations - The automotive logistics industry is experiencing a slowdown in growth due to a decrease in macroeconomic growth rates, with production and sales growth rates in the automotive sector declining in 2018[7]. - The company is transitioning from a low-cost competition model to a high-quality logistics service model following the implementation of the "9.21" policy[7]. - The company is focused on business expansion and transformation in 2018, marking a critical phase for its operational scale[7]. - The company is actively seeking to expand into new business areas, which presents risks due to insufficient market development experience and team building[7]. - The company plans to continue expanding its logistics network and multi-modal transport bases across the country[39]. - The company is experiencing risks related to the automotive industry, including macroeconomic influences and potential policy changes affecting logistics operations[48]. Subsidiaries and Investments - The company faces risks related to the inability of its subsidiary, Hao International, to receive government subsidies in a timely manner, which could adversely affect profitability[7]. - The company completed the procurement of 1,150 mid-axle car carriers, with 1,000 units transferred to fixed assets by June 30, 2018[32]. - The company established a wholly-owned subsidiary in Harbin with an investment of ¥50 million to enhance international business customer engagement[45]. - The company also set up a subsidiary in Hamburg, Germany, with an investment of €25,000 to facilitate cooperation and communication between China and Germany[45]. - The overall net profit for the company is impacted by the performance of subsidiaries, with some reporting substantial losses, such as Hubei Changjiu at ¥-1,566,560.95 and Changjiu United at ¥-47,402,676.35[47]. Compliance and Governance - The company’s financial report has not been audited, ensuring transparency in its financial disclosures[6]. - The company’s legal representatives and senior management have confirmed the accuracy and completeness of the semi-annual report[6]. - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing[55]. - The company has established a policy to minimize or avoid related party transactions, ensuring fairness and transparency[56]. - The company has committed to compensating investors for measurable economic losses caused by misleading statements or omissions in the prospectus[58]. Cash Flow and Assets - The company's cash and cash equivalents decreased by 40.15% to ¥775,171,360.10, primarily due to freight payment[43]. - Accounts receivable increased by 4.28% to ¥1,713,017,933.62, attributed to a year-on-year increase in business volume[43]. - Inventory decreased significantly by 84.78% to ¥718,214.42, mainly due to the transfer of transportation costs[43]. - Fixed assets increased by 130.18% to ¥1,038,591,719.52, due to the conversion of construction in progress and vehicle purchases[43]. - The company reported a significant increase in cash received from sales, totaling CNY 2,373,231,298.94, slightly down from CNY 2,375,830,945.68[111]. Shareholder Information - The company has a total of ¥613,471,865.15 in restricted assets, including cash and fixed assets, due to various guarantees and pledges[44]. - The largest shareholder, Jilin Province Changjiu Industrial Group Co., Ltd., holds 76.69% of the shares, with a total of 429,454,533 shares[87]. - The number of shareholders reached 17,104 by the end of the reporting period[85]. - The ownership structure post-capital increase shows Jilin Changjiu with 76.686% and domestic A-share holders with 9.473%[138]. Environmental Compliance - The company has not faced any significant penalties related to environmental issues during the reporting period[80]. - The company emphasizes compliance with environmental standards and promotes green practices in its operations[80]. - The company’s subsidiaries do not fall under the category of key pollutant discharge units as per environmental protection regulations[80]. Related Party Transactions - The company has engaged in various related transactions, including the provision of used cars and transportation services, with amounts ranging from RMB 2,272.73 to RMB 190,750.76[67]. - The company’s daily related transactions are conducted based on agreed pricing principles, ensuring compliance with market standards[65]. - The total amount of related transactions with Changjiu (Chuzhou) Special Vehicle Co., Ltd. is RMB 423.5897 million, representing 100% of the same type of transaction amount[71]. Accounting Policies - The company adheres to the accounting standards and principles set by the Ministry of Finance, ensuring accurate financial reporting[147]. - The group recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[154]. - The company assesses impairment for long-term equity investments, fixed assets, and finite-life intangible assets at each balance sheet date, with goodwill and indefinite-life intangible assets tested annually[193].

Financial Performance - Operating revenue for the period was CNY 1,212,596,448.58, reflecting a growth of 3.12% year-on-year[5] - Net profit attributable to shareholders rose by 43.05% to CNY 65,008,016.78 compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 56.22% to CNY 63,698,551.71[5] - Basic and diluted earnings per share increased by 45.45% to CNY 0.16 per share[5] - The net profit for the first quarter of 2018 was CNY 52,764,219.20, representing a 72.63% increase compared to CNY 30,565,468.98 in the same period last year, primarily due to an increase in gross margin[12] - Total revenue for Q1 2018 was CNY 1,212,596,448.58, an increase of 3.6% compared to CNY 1,175,926,942.48 in the same period last year[21] - Net profit for Q1 2018 reached CNY 52,764,219.20, compared to CNY 30,565,468.98 in the previous year, representing a growth of 72.6%[22] - The total comprehensive income for Q1 2018 was CNY 162,248,072.19, compared to CNY 11,714,547.47 in Q1 2017, indicating strong growth[25] Assets and Liabilities - Total assets increased by 3.85% to CNY 4,565,585,810.88 compared to the end of the previous year[5] - The total assets as of March 31, 2018, amounted to CNY 4,565,585,810.88, an increase from CNY 4,396,412,746.18 at the beginning of the year[15] - The total assets as of March 31, 2018, amounted to CNY 2,912,342,459.20, an increase from CNY 2,749,021,267.11 at the beginning of the year[20] - The total liabilities as of March 31, 2018, were CNY 1,287,282,051.02, slightly up from CNY 1,286,197,328.23[20] - Other current liabilities surged by 895.78% to CNY 80,811,876.08 from CNY 8,115,448.15, primarily due to financing received from non-bank financial institutions[11] - Long-term payables were newly added at CNY 185,119,200.00, primarily due to financing lease payments received[11] Cash Flow - Cash flow from operating activities improved by 31.71%, with a net outflow of CNY 210,804,432.34[5] - Cash flow from operating activities increased by 83.31% to CNY 69,257,778.48 from CNY 37,780,791.08, primarily due to government subsidies received[12] - The cash flow from operating activities showed a net outflow of CNY -210,804,432.34, an improvement from CNY -308,671,592.55 in the previous year[29] - Net cash flow from operating activities was -$264,231,118.59, slightly improved from -$288,596,238.52 in the prior period[31] - Total cash outflow from operating activities was $1,085,116,297.04, compared to $1,028,094,407.44 in the previous period[31] Shareholder Information - The total number of shareholders reached 18,261 by the end of the reporting period[9] - The largest shareholder, Jilin Changjiu Industrial Group Co., Ltd., holds 76.62% of the shares, with 150,331,330 shares pledged[9] Government Support - Government subsidies recognized during the period amounted to CNY 476,550.90, primarily related to received government support[7] Investment and Financing Activities - The company raised CNY 428,258,200.00 through borrowings in Q1 2018, compared to CNY 338,193,500.00 in the same period last year[29] - Cash inflow from investment activities amounted to $147,002,540.00, significantly up from $605,263.04 in the previous period[32] - Cash inflow from financing activities was $151,000,000.00, down from $290,000,000.00 in the previous period[32] Other Financial Metrics - The weighted average return on equity improved by 0.55 percentage points to 2.98%[5] - The company incurred a financial expense of CNY -5,331.85, a 99.41% decrease from CNY -907,871.81, mainly due to increased loan interest offset by interest income[11] - The company reported an investment income of CNY 623,426.42, down from CNY 2,552,545.64, a decrease of 75.5%[22] - The company's retained earnings increased to CNY 1,066,939,207.97 from CNY 1,001,931,191.19, reflecting a growth of 6.5%[19] - The total equity attributable to shareholders of the parent company rose to CNY 2,214,113,640.48 from CNY 2,146,796,710.35, an increase of 3.1%[19]

Financial Performance - In 2017, the company achieved a net profit attributable to shareholders of RMB 393.84 million, with a parent company net profit of RMB 128.46 million[10]. - The company's operating revenue for 2017 was CNY 4,960,665,431.10, representing a 15.47% increase compared to CNY 4,296,200,432.06 in 2016[27]. - The net profit attributable to shareholders for 2017 was CNY 393,843,524.98, an increase of 8.67% from CNY 362,424,404.88 in 2016[27]. - The net profit after deducting non-recurring gains and losses was CNY 368,111,479.20, up 15.68% from CNY 318,220,543.68 in 2016[27]. - The company's total assets increased by 18.80% to CNY 4,396,412,746.18 at the end of 2017, compared to CNY 3,700,596,355.62 at the end of 2016[27]. - The company's net cash flow from operating activities for 2017 was negative CNY 46,682,564.51, a significant decrease from CNY 445,094,432.39 in 2016, attributed to proactive measures taken during the transitional market environment[27]. - The basic earnings per share for 2017 was CNY 0.98, a slight increase of 1.03% from CNY 0.97 in 2016[28]. - The weighted average return on equity for 2017 was 19.79%, down 8.70 percentage points from 28.49% in 2016[28]. - The company's net assets attributable to shareholders increased by 16.45% to CNY 2,146,796,710.35 at the end of 2017, compared to CNY 1,843,534,830.03 at the end of 2016[27]. - The company reported a significant increase in operating costs, with total operating costs rising by 19.68% to 4.44 billion RMB[49]. Revenue Growth - The company's revenue from multi-modal transport business grew significantly, with water transport reaching a historical high of 527,600 units, an increase of 80% year-on-year[6]. - The warehousing business generated revenue of RMB 114.55 million, reflecting a year-on-year growth of 20.43%[6]. - International business revenue, including government subsidies, reached RMB 360 million, marking an approximate 500% increase year-on-year[6]. - In 2017, the company's total revenue was approximately CNY 4,965.5 million, with passenger vehicle transportation contributing CNY 4,011.63 million, accounting for 80.87% of total revenue[34]. - The company's revenue from commercial vehicle transportation was CNY 412.47 million, representing 8.31% of total revenue[34]. - The company’s revenue from parts logistics was CNY 259.46 million, accounting for 5.23% of total revenue[34]. - The international freight forwarding business saw a revenue increase of 632.17%, with a gross profit margin of -27.84%[52]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 1.97 per 10 shares, totaling RMB 78.80 million, and to increase its total share capital to 560,014,000 shares through a capital reserve transfer[10]. - The proposed cash dividend for 2017 is RMB 1.97 per 10 shares, totaling RMB 78,801,970.00, which represents 20.01% of the net profit attributable to shareholders[98]. - The cash dividend policy mandates that at least 20% of the distributable profit must be allocated as cash dividends if there are no major investment plans or cash expenditures[96]. - The company has not made any adjustments to its cash dividend policy during the reporting period[96]. - The company’s cash dividend distribution is prioritized over stock dividends when conditions allow[95]. Market and Industry Trends - The automotive industry in China is projected to grow at a rate of 3% in 2018, with a slowdown in fuel vehicle growth and a rapid increase in new energy vehicles[7]. - The logistics industry in China saw a compound annual growth rate of 13.5% from 2006 to 2017, with the company's market position ranked 4th in the automotive logistics sector[37]. - In 2017, the automotive industry in China achieved a record production and sales volume of 29.01 million and 28.88 million vehicles, respectively, representing year-on-year growth of 3.2% and 3%[66]. - New energy vehicle sales surged by 53.3% in 2017, with production and sales totaling 794,000 and 777,000 units, respectively[70]. - The total transaction volume of used cars in China exceeded 10 million units for the first time, reaching 12.34 million units, a year-on-year increase of 18.79%[71]. Operational Strategy - The company will focus on capacity updates and network layout investments in 2018, emphasizing multi-modal transport as a core service capability[8]. - The company aims to enhance its information technology infrastructure, transitioning from resource-driven to technology-driven operations[8]. - The company is actively seeking to expand into new business areas, which presents risks due to insufficient market development experience and team building[14]. - The company plans to continue expanding its international freight forwarding business despite challenges in cash flow due to government funding delays[27]. - The company is focusing on enhancing its logistics capabilities and exploring new market opportunities to drive future growth[27]. Risks and Challenges - The company faces risks related to market demand fluctuations, industry policy changes, and potential delays in receiving government subsidies for its subsidiary, Hao International[13][14]. - The company anticipates risks from the automotive industry's dependence on macroeconomic conditions, which may slow down growth in 2018[90]. - The company faces operational risks if its subsidiary, Hao International, cannot timely receive government subsidies, which are crucial for its competitive pricing[92]. - The company is transitioning from a resource-driven to a technology-driven model, emphasizing technological improvements as a core strategy for enhancing service capabilities[82]. Investments and Acquisitions - The company established several subsidiaries in 2017, with total investments amounting to RMB 50 million aimed at expanding market share and enhancing competitiveness[74]. - The company acquired 75% of Suqian Jiucheng Internet of Things Technology Co., Ltd. for a total price of RMB 750,000, enhancing its operational capabilities[74]. - The company plans to leverage strategic partnerships to build a logistics public service platform in East China, with a registered capital of RMB 400 million[74]. - The company plans to purchase 1,150 medium-axle transport vehicles in 2018[86]. Corporate Governance - The company has a diverse board with members holding various significant positions in other enterprises, enhancing its strategic network[160]. - The total remuneration for directors, supervisors, and senior management in the reporting period amounted to 6.9346 million yuan (pre-tax)[173]. - The company has maintained its independent board structure, with three independent directors contributing to governance[160]. - The company has not reported any stock ownership changes among its directors and executives, reflecting a consistent governance structure[159]. Compliance and Regulatory Matters - The company has not faced any penalties from securities regulatory agencies in the past three years[175]. - The audit report issued by the accounting firm indicates a standard unqualified opinion on the financial statements for the year ended December 31, 2017[193]. - The company is subject to penalties from regulatory bodies if it fails to comply with its commitments regarding management and operational integrity[106].

Financial Performance - Operating revenue for the first nine months reached CNY 3,374,520,943.97, representing a year-on-year increase of 29.52%[6] - Net profit attributable to shareholders was CNY 232,576,205.25, a slight increase of 1.86% compared to the same period last year[6] - The company reported a gross profit margin of approximately 10.1% for the first three quarters of 2017, down from 10.5% in the previous year[22] - The company’s total comprehensive income for the first three quarters of 2017 was CNY 213,670,419.00, compared to CNY 230,124,645.16 in the same period last year, indicating a decrease of 7.1%[23] - The net profit for Q3 2017 was CNY 34,923,452.74, a significant increase from CNY 15,490,893.98 in the same period last year, representing a growth of 125.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,641,115,718.57, a decrease of 1.61% compared to the end of the previous year[6] - Total current assets decreased from ¥3,262,894,360.25 to ¥3,132,021,215.06, a decline of approximately 4.0%[14] - Total non-current assets increased from ¥437,701,995.37 to ¥509,094,503.51, an increase of about 16.3%[15] - Total liabilities decreased from ¥1,788,781,345.60 to ¥1,549,469,035.31, a reduction of approximately 13.3%[16] - Total equity increased from ¥1,911,815,010.02 to ¥2,091,646,683.26, an increase of approximately 9.4%[16] Cash Flow - The net cash flow from operating activities was negative at CNY -277,015,043.25, a decline of 252.35% compared to the previous year[6] - Cash received from operating activities increased by 39.82% to RMB 159,989,279.44, reflecting growth in business activities and government subsidies[12] - The company reported a net cash outflow from investing activities of CNY -230,631,366.68 for the first nine months of 2017, compared to CNY -267,478,673.39 in the same period last year[28] - The financing activities generated a net cash inflow of CNY 266,786,972.47 in the first nine months of 2017, down from CNY 582,791,349.29 in the previous year[28] - Cash inflow from financing activities was approximately $590 million, compared to $721.97 million in the same period last year[30] Shareholder Information - The total number of shareholders at the end of the reporting period was 21,835[8] - The largest shareholder, Jilin Changjiu Industrial Group, holds 76.16% of the shares, with a portion pledged[8] Investment and Expenses - Investment income for the first three quarters of 2017 was CNY 15,017,557.34, significantly higher than CNY 5,316,530.63 in the same period last year, marking an increase of 182.5%[22] - The company’s sales expenses for the first nine months of 2017 were CNY 19,534,851.49, slightly down from CNY 19,890,231.87 in the same period last year[25] - The financial expenses rose by 98.34% to RMB 3,225,859.85, mainly due to new short-term borrowings[11] - The financial expenses for Q3 2017 were CNY 2,795,301.51, significantly higher than CNY 581,527.55 in Q3 2016, indicating an increase of 380.5%[25] Inventory and Receivables - Inventory decreased by 45.83% to RMB 480,261.99, mainly due to the cost of inventory being recognized[10] - Accounts receivable decreased from ¥1,507,190,803.58 to ¥1,339,491,312.49, a decline of approximately 11.2%[14] - Other receivables increased from ¥69,411,013.57 to ¥81,120,208.85, an increase of about 16.9%[14]