嘉友国际物流股份有限公司投资者调研会议记录 嘉友国际物流股份有限公司 投资者调研会议记录 时间：2022 年 4 月 22 日-4 月 29 日 方式：电话会议 公司出席人员：董事、总经理孟联女士，董事会秘书聂慧峰先生 机构参会人员：招商证券股份有限公司苏宝亮、魏芸，华夏基金管理有限公 司吴凡、太平洋证券股份有限公司程志峰、上海龙全投资管理有限公司李龙全、 郑妍、邢增岛，深圳市翼虎投资管理有限公司肖伟秾、宁波梅山保税港区信石投 资管理有限公司韩林和、浙商基金管理有限公司贾腾、苏州龙远投资管理有限公 司李声农、上海荷和投资管理合伙企业（有限合伙）盛建平、上海泽茂投资管理 有限公司童泽欣、华宝基金管理有限公司光磊、上海瞰道资产管理有限公司储洁 贤、深圳市尚诚资产管理有限责任公司杜新正、Global Frontier Asset Management LI LEI、泓德基金管理有限公司王克玉、中银理财有限责任公司王 晗、诺安基金管理有限公司杨靖康、永赢基金管理有限公司于航、大成基金管理 有限公司马越洋、国寿安保基金管理有限公司严堃、中银基金管理有限公司张飞、 鹏华基金管理有限公司杜亮、程卿云，上海朴易投资管理有限公 ...

嘉友国际物流股份有限公司投资者调研会议记录 1 嘉友国际物流股份有限公司 投资者调研会议记录 时间：2022 年 7 月 4 日 方式：电话会议 公司出席人员：董事、总经理孟联女士，董事会秘书聂慧峰先生 机构参会人员： 1. 中国国际金融股份有限公司张文杰、顾袁璠 2. 中银国际证券股份有限公司王靖添 3. 中信建投证券股份有限公司傅翼宽 4. 中庚基金管理有限公司熊正寰、潘博众 5. 招商证券股份有限公司魏芸 6. 长江证券股份有限公司鲁斯嘉 7. 阳光资产管理股份有限公司周丽红、孙冬 8. 西藏合众易晟投资管理有限责任公司黄桂容 9. 天铖控股（北京）股份有限公司欧亚非、李文豪 10. 华泰证券股份有限公司张劭文、袁钉 11. 泰达宏利基金管理有限公司周少博 12. 太平洋证券股份有限公司程志峰 13. 首创证券股份有限公司朱嘉琛 14. 拾贝投资管理（北京）有限公司王金敏 15. 深圳市中欧瑞博投资管理股份有限公司罗诚 16. 深圳市尚诚资产管理有限责任公司杜新正 嘉友国际物流股份有限公司投资者调研会议记录 17. 深圳市龙岗区引导基金投资有限公司纪育明 18. 深圳市领骥资本管理有限公司尤加颖、方力、 ...

Financial Performance - The company's operating revenue for Q3 2022 reached ¥2,013,134,513.18, representing a 91.58% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥173,967,601.39, an increase of 90.46% year-over-year[5] - The basic earnings per share for the quarter was ¥0.3606, reflecting a 12.65% increase from the previous year[7] - The company reported a net profit excluding non-recurring gains and losses of ¥172,428,911.02, which is a 93.22% increase year-over-year[5] - The company's total operating revenue for the first three quarters of 2022 reached RMB 3,807,918,649.33, a significant increase from RMB 2,544,822,926.92 in the same period of 2021, representing a growth of approximately 49.5%[30] - Net profit attributable to shareholders was approximately ¥467 million, compared to ¥248 million in the same period last year, marking an increase of 88.4%[37] - The company reported a total comprehensive income of approximately ¥586 million, compared to ¥246 million in the same period last year, an increase of 137.5%[37] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥5,507,071,351.82, a 20.87% increase from the end of the previous year[7] - As of September 30, 2022, total assets amounted to RMB 5,507,071,351.82, up from RMB 4,556,148,250.28 at the end of 2021, indicating an increase of about 20.8%[30] - The company's total liabilities as of September 30, 2022, were RMB 1,482,593,974.39, down from RMB 1,629,166,594.56 at the end of 2021, indicating a decrease of about 9.0%[30] Equity and Shareholder Information - The total equity attributable to shareholders was ¥3,954,407,513.73, a 38.42% increase from the previous year[7] - The total number of ordinary shareholders at the end of the reporting period was 10,464[17] - The company has repurchased a total of 957,200 shares, accounting for 0.191421% of the total share capital, with a total expenditure of RMB 18,754,004.80[21] - The company plans to use its own funds to repurchase shares for an amount not less than RMB 30 million and not exceeding RMB 60 million, with a maximum repurchase price of RMB 23 per share[21] - As of the redemption registration date, a total of RMB 716,945,000 of convertible bonds had been converted into company shares, resulting in 56,306,657 shares being issued[21] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥482,836,304.98[5] - The net cash flow from operating activities was approximately ¥482 million, a turnaround from a negative cash flow of ¥607 million in the previous year[40] - The company generated cash inflows from operating activities totaling approximately ¥3.56 billion, compared to ¥3.04 billion in the previous year, an increase of 17%[40] - The company's cash and cash equivalents as of September 30, 2022, were RMB 1,123,640,200.42, a decrease from RMB 1,168,655,052.25 at the end of 2021[25] - Cash and cash equivalents at the end of the period totaled 1,118,830,511.34, down from 1,588,294,901.18, reflecting a decline of about 29.6%[42] - The net increase in cash and cash equivalents was -9,096,475.08, a significant decline from -1,352,440,666.55 in the previous period[42] Expenses and Costs - Operating costs rose by 43.36 million in line with the increase in business revenue[14] - The total operating costs amounted to approximately ¥3.23 billion, up from ¥2.26 billion, reflecting a rise of 42.7%[34] - Research and development expenses increased by 42.91 million due to higher investment in R&D[14] - Research and development expenses increased to approximately ¥9.48 million, compared to ¥6.63 million, indicating a growth of 42.5%[34] - The company's tax expenses increased to approximately ¥122 million, compared to ¥42 million in the previous year, reflecting a rise of 187.5%[34] Other Financial Metrics - The weighted average return on equity was 4.79%, up by 0.53 percentage points compared to the previous year[7] - Financial expenses surged to 1,026.36 million, mainly due to foreign exchange rate fluctuations[14] - Investment income rose by 66.83 million, driven by increased returns from financial products[14] - The impact of exchange rate changes on cash and cash equivalents was 15,366,743.23, compared to -2,800,343.66 in the previous period, showing a significant improvement[42] - The company is implementing new accounting standards starting from 2022, which may affect financial reporting[42]

Financial Performance - Jiayou International reported a significant increase in revenue for the first half of 2022, with a year-on-year growth of 25% compared to the same period last year[11]. - The company achieved a net profit of RMB 50 million in the first half of 2022, representing a 15% increase from the previous year[11]. - The company's operating revenue for the reporting period reached ¥1,794,784,136.15, representing a 20.13% increase compared to ¥1,494,016,434.79 in the same period last year[15]. - Net profit attributable to shareholders was ¥293,037,196.02, an increase of 86.78% from ¥156,885,391.56 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥282,850,035.01, up 90.21% from ¥148,707,813.08 in the previous year[15]. - Basic earnings per share rose to ¥0.6604, reflecting a 68.17% increase compared to ¥0.3927 in the same period last year[15]. - The company reported a significant increase in coal container transit volume, reaching over 90% of the total port transportation volume in the first half of 2022, with a substantial year-on-year increase in coal throughput at the Ganqimaodu port[88]. - The company achieved operating revenue of 1,794.78 million yuan, an increase of 20.13% year-on-year, and a net profit attributable to shareholders of 292.04 million yuan, an increase of 86.78% year-on-year[55]. Market Expansion and Strategy - Jiayou International plans to expand its market presence by entering two new provinces in China by the end of 2022[11]. - The company has outlined a strategic goal to increase its market share by 10% over the next fiscal year[11]. - The company is focusing on expanding its cross-border multimodal transport services, particularly in Mongolia, Central Asia, and Africa, leveraging its logistics network and technology[22][23]. - The company plans to leverage its experience in cross-border logistics to expand into Central Asia and Africa, enhancing its competitive edge in these regions[49]. - The company aims to align its strategic goals with the "Belt and Road" initiative, focusing on logistics hub asset investments in inland countries and regions[48]. - The company is focusing on developing cross-border logistics capabilities centered around Shanghai, Tianjin, and Qingdao ports, leading to rapid growth in cross-border logistics business in Africa[56]. Investment and Development - The company is investing in new technology development, with a budget allocation of RMB 20 million for logistics automation systems[11]. - The company is investing in smart warehousing and customs supervision facilities to enhance its logistics capabilities in key international land transport ports[26]. - The company has established a modernized road and port project in Congo (Kinshasa), which has entered trial operation, creating a new revenue growth point through toll collection[56]. - The company has established a commitment to not interfere with management activities or harm company interests[94]. - The company has established a framework for executive compensation linked to performance measures[94]. Financial Position and Assets - The company's total assets increased by 9.59% to ¥4,993,222,174.88 from ¥4,556,148,250.28 at the end of the previous year[15]. - The company’s total liabilities reached ¥1,846,078,719.05, up from ¥1,629,166,594.56, reflecting an increase of about 13.3%[133]. - Total equity attributable to shareholders rose to ¥3,077,529,620.48 from ¥2,856,793,875.91, reflecting an increase of approximately 7.7%[133]. - The total number of shares increased from 316,960,704 to 447,067,443, with 126,788,973 shares added during the reporting period[106]. - The company’s total cash inflow from investment activities was approximately ¥1.50 billion in the first half of 2022, compared to ¥2.58 billion in the first half of 2021, reflecting a decrease of 42%[150]. Risks and Challenges - The management has identified potential risks related to supply chain disruptions and is implementing measures to mitigate these risks[11]. - The company faces risks from macroeconomic fluctuations, which could impact international trade volumes and logistics demand[76]. - The ongoing COVID-19 pandemic poses significant risks to the company's operations, particularly in cross-border logistics across various regions[79]. - The logistics service industry is highly competitive, requiring the company to continuously assess industry trends and enhance customer loyalty[76]. - The company is exposed to foreign exchange risks due to some projects being settled in USD[79]. Environmental and Compliance - The company has committed to not transferring or managing its pre-IPO shares for 36 months post-listing, with specific conditions for share reduction thereafter[90]. - The company has established a new efficient and environmentally friendly business model to ensure compliance with national environmental protection requirements during coal storage and transportation[88]. - There were no administrative penalties related to environmental issues during the reporting period[87]. - The company has not disclosed any other environmental information due to its minimal impact on the environment[88]. Shareholder and Capital Structure - The company has a total of 447,067,443 shares outstanding as of June 30, 2022[178]. - The top shareholder, 嘉信益（天津）资产管理合伙企业, holds 124,207,300 shares, representing 27.78% of total shares[111]. - The company issued 31,575,446 new shares through a private placement, which were subject to a 6-month lock-up period[108]. - The company’s capital increase through private placements and convertible bonds reflects a strategy to strengthen its financial position and support future growth initiatives[108]. - The total number of common shareholders as of the end of the reporting period is 8,062[111].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 650,279,845.71, representing an increase of 8.43% compared to the same period last year[5]. - The net profit attributable to shareholders of the listed company was CNY 108,112,324.88, reflecting a growth of 28.59% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 105,382,042.53, up by 26.71% from the previous year[5]. - The basic earnings per share for the period was CNY 0.3411, an increase of 15.78% compared to the same period last year[5]. - The total revenue for the first quarter of 2022 was 132,137,209.63 CNY, an increase from 93,851,485.72 CNY in the same period of 2021, representing a growth of approximately 41%[32]. - The net profit for the first quarter of 2022 was 107,934,279.01 CNY, compared to 84,001,703.88 CNY in the first quarter of 2021, indicating an increase of about 28.4%[32]. - Basic earnings per share for the first quarter of 2022 were 0.3411 CNY, up from 0.2946 CNY in the first quarter of 2021, reflecting a growth of approximately 15.7%[34]. - The company reported a net profit margin improvement, with net profit for Q1 2022 expected to be higher than the previous year, although specific figures were not disclosed[28]. - The company’s operating profit for the first quarter of 2022 was 132,137,209.63 CNY, compared to 93,851,485.72 CNY in the first quarter of 2021, reflecting a growth of about 41%[32]. - The company’s total profit for the first quarter of 2022 was 131,426,659.50 CNY, an increase from 93,463,307.69 CNY in the same period of 2021, indicating a growth of approximately 40.5%[32]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,642,957,348.31, a 1.91% increase from the end of the previous year[7]. - The company's total assets increased to CNY 4,642,957,348.31 in Q1 2022 from CNY 4,556,148,250.28 in Q1 2021, representing a growth of 1.9%[28]. - Total liabilities decreased to CNY 1,610,372,419.00 in Q1 2022 from CNY 1,629,166,594.56 in Q1 2021, showing a decline of 1.2%[28]. - The equity attributable to shareholders of the listed company was CNY 2,962,575,195.37, which is a 3.70% increase compared to the end of the previous year[7]. - The company's equity attributable to shareholders rose to CNY 2,962,575,195.37 in Q1 2022, compared to CNY 2,856,793,875.91 in Q1 2021, an increase of 3.7%[28]. Cash Flow - The net cash flow from operating activities was negative CNY 88,016,107.36, a decrease of 8.27% year-on-year[5]. - The cash flow from operating activities for the first quarter of 2022 was -88,016,107.36 CNY, an improvement compared to -95,952,334.18 CNY in the same period of 2021[36]. - Cash flow from investment activities in the first quarter of 2022 resulted in a net outflow of -496,148,922.87 CNY, compared to -931,614,227.84 CNY in the first quarter of 2021, showing a reduction in outflow by approximately 46.8%[36]. - The company reported a decrease in cash and cash equivalents at the end of the first quarter of 2022, totaling 542,172,100.63 CNY, down from 563,208,217.57 CNY at the end of the first quarter of 2021[36]. - The cash and cash equivalents decreased from 1,168,655,052.25 RMB at the end of 2021 to 599,538,403.51 RMB by March 31, 2022[20]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,536[14]. - The largest shareholder, Chaoxinyi (Tianjin) Asset Management Partnership, holds 88,719,500 shares, accounting for 27.99% of the total shares[14]. - The second-largest shareholder, Han Jinghua, holds 47,575,512 shares, representing 15.01% of the total shares[14]. - The company’s major shareholders, including Han Jinghua and Chaoxinyi, are considered acting in concert[16]. - As of March 31, 2022, Zijin Mining Group holds a total of 67,275,024 shares, which is 21.22% of the total share capital[19]. Government Subsidies and Investments - The company recognized government subsidies amounting to CNY 1,703,066.68 during the reporting period[8]. - The company plans to use the surplus of 719.52 million RMB from the fundraising project to permanently supplement working capital[19]. - The company’s fundraising project, Ganjiayou Project, had a total planned investment of 50 million RMB, with 31.9468 million RMB already invested by March 30, 2022[19]. Accounts Receivable and Inventory - The company experienced a 31.76% increase in accounts receivable, attributed to increased business activities[10]. - Accounts receivable increased to CNY 216,027,526.40 in Q1 2022 from CNY 163,959,768.70 in Q1 2021, reflecting a growth of 31.7%[23]. - Inventory decreased to CNY 166,894,209.06 in Q1 2022 from CNY 191,107,670.79 in Q1 2021, indicating a decline of 12.6%[23]. Research and Development - Research and development expenses for Q1 2022 amounted to CNY 1,035,289.43, a decrease from CNY 1,303,756.44 in Q1 2021, indicating a reduction of 20.6%[28]. Future Outlook - Future outlook includes plans for market expansion and potential new product launches, although detailed projections were not provided in the report[28].

Dividend and Capital Increase - The company plans to distribute a cash dividend of 5 RMB per 10 shares (including tax) and to increase capital by converting 4 shares for every 10 shares held, totaling a cash dividend of approximately 158.49 million RMB and a capital increase of 126.79 million shares[4] - The total share capital as of March 31, 2022, is 316,972,161 shares, which will be the basis for the dividend distribution and capital increase[4] - The company has outlined a three-year dividend return plan for shareholders from 2021 to 2023, indicating a focus on shareholder value[114] - The company has a stable profit distribution policy, ensuring that cash dividends are no less than 20% of the distributable profits when conditions are met[148] Financial Performance - The company's operating revenue for 2021 was approximately ¥3.89 billion, an increase of 18.50% compared to ¥3.28 billion in 2020[17] - The net profit attributable to shareholders for 2021 was approximately ¥342.81 million, a decrease of 4.83% from ¥360.20 million in 2020[17] - The net cash flow from operating activities for 2021 was negative at approximately -¥324.81 million, a decline of 227.79% compared to ¥254.17 million in 2020[17] - The total assets at the end of 2021 were approximately ¥4.56 billion, representing a 33.94% increase from ¥3.40 billion at the end of 2020[17] - The net assets attributable to shareholders at the end of 2021 were approximately ¥2.86 billion, an increase of 31.97% from ¥2.16 billion at the end of 2020[17] Risk Management - The company has outlined potential risks and corresponding countermeasures in the report, emphasizing the importance of investor awareness regarding investment risks[4] - The report includes a detailed description of the company's major risks and response strategies[4] - The company emphasizes the importance of risk control, particularly in overseas investments and international operations[103] - The company faces risks from macroeconomic fluctuations that could lead to a decline in international trade and logistics demand, potentially impacting operational performance[104] Governance and Compliance - The company held four shareholder meetings and thirteen board meetings during the reporting period, ensuring compliance with governance regulations[108] - The company is committed to improving its governance structure and internal controls to enhance information disclosure quality and protect investor rights[108] - The company has established specialized committees, including the audit committee and the strategic committee, to enhance governance[137] - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[130] Logistics and Operations - The company’s cross-border logistics business in Africa saw a revenue increase of 48% and a gross profit increase of 45% in 2021[32] - The company established a new management system and upgraded its logistics information management capabilities, enhancing operational efficiency[32] - The company focuses on cross-border multimodal transport services, targeting regions such as Mongolia, Central Asia, and Africa[40] - The company has invested in bonded warehouses and customs supervision sites in key international land ports to support its logistics services[47] Research and Development - The total R&D investment was ¥13,626,035.18, which represents 0.35% of operating revenue[78] - The number of R&D personnel accounted for 6.87% of the total workforce, with 34 individuals in the R&D department[79] - The company is committed to increasing R&D investment to support its international integration capabilities in the logistics sector[103] Social Responsibility - The company donated 150 tons of feed to disaster-affected herders in Mongolia, receiving positive recognition from various media outlets[160] - The company has prioritized hiring local impoverished herders during the pandemic, enhancing community relations and promoting social harmony[160] - The company is committed to corporate social responsibility, actively participating in public welfare and community support initiatives[160] Financial Strategy - The company plans to apply for a comprehensive credit line from Ningbo Bank and Xiamen International Bank, indicating a strategy for financial expansion[130] - The company has approved the use of up to RMB 750 million of idle self-owned funds for cash management, with a maximum investment period of 12 months[187] - The overall financial strategy appears to focus on structured deposits and significant logistics contracts to enhance revenue streams[200] Shareholder Information - The total number of shares held by Chairman Han Jinghua increased from 48,795,317 to 63,433,912, with an increase of 14,638,595 shares due to capital reserve conversion to share capital[117] - CEO Meng Lian's shareholding rose from 25,292,683 to 32,880,488, reflecting an increase of 7,587,805 shares, also attributed to capital reserve conversion to share capital[117] - The total pre-tax remuneration for Chairman Han Jinghua during the reporting period was 128.76 million yuan[117] - The total pre-tax remuneration for CEO Meng Lian during the reporting period was 107.30 million yuan[117]

证券代码：603871 证券简称：嘉友国际 公告编号：2022-017 转债代码：113599 转债简称：嘉友转债 嘉友国际物流股份有限公司 关于接待机构投资者调研情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、 机构投资者调研情况 嘉友国际物流股份有限公司（以下简称"公司"）于近期和机构投资者进行 了电话调研交流活动，公司总经理、董事会秘书等参与了调研会议，并对机构投 资者提出的问题进行了回复。 二、 调研主要问题及回复情况 问题 1：疫情对公司业务的影响如何？ 回答：公司业务包括跨境多式联运综合物流服务以及在此业务基础上拓展的 供应链贸易服务。受中蒙边境口岸疫情防控政策影响，蒙古主焦煤通关量仍在低 位徘徊。随着中蒙两国疫情防控措施的优化，疫情影响的逐步减弱，公司通过自 有的蒙古跨境运输车辆、边境口岸集装箱海关监管堆场、存放散装煤炭的环保煤 棚及自动装车系统、国内道路网络运营平台和专业的物流通关人才等核心优势， 整合全球物流资源，构建畅通的物流通道，进一步助力国际国内客户降低物流成 本，提高运营效率，从 ...

Financial Performance - The company's operating revenue for Q3 2021 was CNY 1,050,806,492.13, representing a 5.00% increase year-over-year[4] - The net profit attributable to shareholders for Q3 2021 was CNY 91,339,057.87, a decrease of 28.89% compared to the same period last year[4] - The diluted earnings per share for Q3 2021 was CNY 0.2830, down 34.25% year-over-year[7] - The weighted average return on equity decreased by 2.29 percentage points to 4.26% in Q3 2021[7] - The company reported a decrease in net profit for the year-to-date period by 12.14% to CNY 248,224,449.43[4] - Total operating revenue for the first three quarters of 2021 reached ¥2,544,822,926.92, an increase of 4.7% compared to ¥2,430,376,562.52 in the same period of 2020[31] - Net profit attributable to shareholders of the parent company for Q3 2021 was ¥248,224,449.43, compared to ¥282,534,192.50 in Q3 2020, representing a decrease of 12.1%[33] Assets and Liabilities - Total assets attributable to shareholders increased by 11.24% to CNY 3,783,887,409.02 compared to the end of the previous year[7] - As of September 30, 2021, total assets amounted to RMB 3,783,887,409.02, an increase from RMB 3,401,637,446.85 at the end of 2020[23] - Current assets totaled RMB 1,916,390,173.14, down from RMB 2,171,536,514.71 at the end of 2020, indicating a decrease of approximately 11.7%[26] - Non-current assets totaled RMB 1,867,497,235.88, up from RMB 1,230,100,932.14, representing an increase of approximately 52%[26] - The total liabilities were RMB 838,674,053.14, compared to RMB 516,168,156.80, indicating a rise of about 62.5%[28] - The total liabilities increased to ¥1,521,966,597.64 in Q3 2021 from ¥1,166,291,976.06 in Q3 2020, marking a significant rise of 30.5%[29] - The company’s total current liabilities were approximately $516.2 million, consistent with previous reporting periods[48] Cash Flow - The net cash flow from operating activities for the year-to-date period was impacted by an increase in prepayments for coal purchases[12] - The company’s cash flow from operating activities showed a negative trend, indicating potential liquidity challenges moving forward[40] - The cash flow from operating activities for the first three quarters of 2021 was ¥2,551,743,515.47, down from ¥2,637,679,440.71 in the same period of 2020, a decline of 3.3%[37] - Operating cash inflow totaled ¥3,043,015,488.15, an increase from ¥2,875,486,833.28 year-over-year[40] - Operating cash outflow increased to ¥3,649,693,286.69 from ¥2,719,582,531.13 year-over-year, resulting in a net cash flow from operating activities of -¥606,677,798.54 compared to ¥155,904,302.15 last year[40] - The total cash and cash equivalents at the end of the period stood at ¥235,766,191.98, down from ¥459,669,763.66 year-over-year[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,527[13] - The largest shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, held 37.50% of the shares[13] Government Support and Future Plans - The company received government subsidies amounting to CNY 8,446,527.50 for the year-to-date period[8] - The company plans to raise up to RMB 58,383 million through a non-public offering of A-shares for infrastructure technology upgrades and equipment purchases[22] - The company has received feedback from the China Securities Regulatory Commission regarding its non-public offering application, with the approval timeline remaining uncertain[22] Other Financial Metrics - Research and development expenses for Q3 2021 were ¥6,633,058.76, a decrease from ¥7,356,792.77 in Q3 2020, reflecting a reduction of 9.8%[31] - The company reported a financial expense of -¥1,797,295.69 in Q3 2021, compared to ¥4,777,108.67 in Q3 2020, indicating a significant improvement in financial management[31] - Deferred income increased to ¥16,000,000.00 in Q3 2021 from ¥12,435,000.00 in the previous year, showing a growth of 28.8%[29] - The basic earnings per share for Q3 2021 were ¥0.8698, down from ¥0.9900 in Q3 2020, representing a decrease of 12.1%[37] - The company reported other comprehensive income of approximately -$7.1 million, indicating a loss in this category[48]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,429,638,823.20, representing a 4.50% increase compared to the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY 154,077,972.50, reflecting a 1.82% increase year-on-year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 145,704,814.92, with a year-on-year increase of 2.06%[19]. - The net cash flow from operating activities was CNY 37,403,808.10, with no applicable comparison to the previous year[19]. - The net assets attributable to shareholders of the listed company at the end of the reporting period were CNY 2,164,669,681.72, showing a decrease of 3.26% compared to the end of the previous year[19]. - Total assets increased by 5.12% to CNY 3,575,839,617.97 compared to the previous year[22]. - Basic earnings per share rose by 1.82% to CNY 0.5497, while diluted earnings per share decreased by 10.50% to CNY 0.4832[22]. - The weighted average return on equity decreased by 0.92 percentage points to 7.01%[22]. - The adjusted basic earnings per share after excluding non-recurring gains increased by 2.06% to CNY 0.5211[22]. - The company achieved a revenue of 149,401.64 million yuan and a net profit of 15,688.54 million yuan in the first half of 2021[37]. Logistics and Operations - The company focuses on cross-border multimodal logistics services, integrating land, sea, and air transport resources[27]. - The company has been expanding its logistics service network in regions such as Mongolia, Central Asia, and Africa[27]. - The company aims to provide differentiated and professional logistics solutions based on customer needs[27]. - The company's core business, cross-border multimodal transport, is expanding internationally, focusing on Mongolia, Central Asia, and Africa, leveraging logistics assets and information management systems[29]. - The logistics service for bulk mineral products has established a unique operating model, ensuring stable supply and efficiency for clients, with a focus on public-rail intermodal transport[29]. - The company has optimized its bulk mineral logistics from traditional bulk transport to environmentally friendly container solutions, enhancing cooperation with rail carriers[29]. - The company has developed a supply chain trade service model that integrates comprehensive logistics solutions, reducing risks associated with commodity price fluctuations[29]. - The company has invested in cross-border transport tools and bonded warehouses to enhance its logistics capabilities[27]. - The company has developed a smart logistics platform utilizing mobile internet, cloud computing, and big data to enhance service quality[36]. - The company has established a cross-border transportation model at the Ganqimaodu port, effectively doubling the cargo capacity and improving customs efficiency[37]. Financial Position and Assets - Cash and cash equivalents decreased by 42.77% to ¥1,002,909,483.70, accounting for 28.05% of total assets, primarily due to payments for the modernization project in Congo[47]. - Accounts receivable increased by 65.85% to ¥225,589,711.93, representing 6.31% of total assets, mainly due to new business not yet due for collection[47]. - Inventory surged by 221.87% to ¥189,708,902.63, making up 5.31% of total assets, attributed to increased procurement of coking coal[47]. - Contract assets rose by 88.01% to ¥35,337,358.21, which is 0.99% of total assets, due to an increase in executed but not fully delivered contracts[47]. - Fixed assets increased by 44.38% to ¥485,126,441.78, accounting for 13.57% of total assets, mainly due to the completion of new office renovations[47]. - Prepayments increased significantly by 316.71% to ¥501,796,850.73, representing 14.03% of total assets, primarily due to increased prepayments for coking coal[47]. - Contract liabilities grew by 57.57% to ¥242,487,011.89, which is 6.78% of total assets, mainly due to increased advance payments for coking coal[47]. Strategic Initiatives and Investments - The company aims to enhance its competitive edge by investing in core areas and extending its industrial chain, focusing on cross-border multimodal transport and supply chain trade services[31]. - The company is actively advancing the construction of the Horgos customs supervision site, aiming for operational acceptance within the year, enhancing cross-border logistics capabilities in Central Asia[40]. - The company has signed a strategic cooperation framework agreement to sell no less than 5 million tons of main coking coal to a major energy group, securing future revenue growth in the Mongolian market[40]. - The company is implementing infrastructure upgrades at the Ganqimaodu port to strengthen its core competitiveness in cross-border logistics between China and Mongolia[40]. - The company has invested in logistics infrastructure in key regions such as Mongolia, Central Asia, and Africa, enhancing its competitive edge[33]. Challenges and Risks - The company faces risks from macroeconomic fluctuations, particularly due to geopolitical tensions and international trade conflicts that could lead to a decline in logistics demand and operational performance[61]. - The logistics industry is experiencing intense competition, with low entry barriers and low industry concentration, necessitating strategic market expansion and customer retention efforts[61]. - The ongoing COVID-19 pandemic has significantly impacted the logistics sector, especially in regions heavily affected by the virus, which may lead to restrictions on cross-border logistics operations[61]. - The company is exposed to foreign exchange risks as some of its business and overseas projects are settled in USD, which could result in currency losses[61]. - Changes in tax policies could adversely affect the company's operational performance and profit levels if tax incentives are no longer available[61]. Corporate Governance and Compliance - The company has appointed three new deputy general managers to strengthen its management team, indicating a focus on enhancing operational capabilities[66]. - No profit distribution or capital reserve transfer plans were proposed for the reporting period, reflecting a focus on reinvestment[66]. - The company has not disclosed any new employee stock ownership plans or other incentive measures during this reporting period[68]. - The company and its major shareholders maintained good integrity, with no outstanding court judgments or significant debts due[83]. - The company has not faced any regulatory penalties or compliance issues during the reporting period[83]. Shareholder Information - The total number of shares after the recent changes is 285,382,753, with 100% of the shares now being tradable[92]. - The largest shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, held 107,016,000 shares, representing 37.50% of the total shares[99]. - The second-largest shareholder, Han Jinghua, held 63,433,912 shares, accounting for 22.23% of the total shares[99]. - The company did not experience any changes in restricted shares during the reporting period, with all restricted shares being released on February 6, 2021[95]. - The report indicates that there were no new strategies or significant market expansions mentioned during the reporting period[95]. Environmental and Social Responsibility - The company adheres to a green low-carbon development philosophy, actively responding to national environmental protection initiatives[71]. - The company plans to upgrade logistics infrastructure to enhance resource allocation and promote energy-saving and emission-reduction technologies[71]. - The company is focused on improving port environmental quality through continuous investment in green initiatives[71]. - The company’s initiatives are expected to address high pollution, low efficiency, and high costs associated with coal transportation[71]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, indicating that the company has the ability to continue its operations for at least 12 months from the reporting date[181]. - The accounting period for the company runs from January 1 to December 31 each year, with a business cycle of 12 months[184][185]. - The company adheres to the accounting policies and estimates that reflect its actual production and operational characteristics[182]. - The financial statements comply with the requirements of the enterprise accounting standards, accurately reflecting the company's financial position and operating results[183]. - The company uses the Chinese Yuan (RMB) as its functional currency for accounting purposes[185].

Financial Performance - Net profit attributable to shareholders increased by 72.90% to CNY 84,074,412.89 year-on-year[18] - Basic earnings per share rose by 72.91% to CNY 0.3830[18] - The weighted average return on equity increased by 1.24 percentage points to 3.81%[18] - Net profit rose by 76.14% to ¥84,001,703.88, attributed to a 21% decline in trade revenue due to the pandemic and a 33.24% increase in cross-border multimodal logistics services[31] - The net profit for Q1 2021 was CNY 84,001,703.88, representing an increase of 76.4% from CNY 47,689,284.90 in Q1 2020[62] - The total profit for Q1 2021 was CNY 93,463,307.69, up from CNY 56,957,044.09 in Q1 2020, marking an increase of 64.3%[62] Revenue and Costs - Operating revenue decreased by 1.89% to CNY 599,718,567.80 compared to the same period last year[18] - The company experienced a 21% decline in supply chain trade revenue due to the pandemic, while cross-border multimodal logistics services increased by 33.24%[18] - Total revenue for Q1 2021 was CNY 599,718,567.80, a decrease of 1.7% compared to CNY 611,241,029.84 in Q1 2020[58] - Total operating costs for Q1 2021 were CNY 507,670,497.57, down 8.5% from CNY 554,984,260.76 in Q1 2020[58] Assets and Liabilities - Total assets increased by 4.53% to CNY 3,555,885,615.31 compared to the end of the previous year[18] - Cash and cash equivalents decreased by 58.71% to ¥723,494,511.35 due to the purchase of financial products[27] - Inventory increased by 241.66% to ¥201,373,693.89 primarily due to an increase in the purchase of main coking coal[29] - The company's total liabilities as of March 31, 2021, were RMB 1.23 billion, compared to RMB 1.17 billion at the end of 2020, showing an increase of approximately 5.9%[49] - The company's equity attributable to shareholders increased to RMB 2.25 billion as of March 31, 2021, from RMB 2.16 billion at the end of 2020, representing a growth of about 4.4%[49] Cash Flow - Net cash flow from operating activities decreased significantly by 219.17% to -CNY 95,952,334.18[18] - The company's cash flow from operating activities showed a net outflow of ¥95,952,334.18, an increase of 219.17% compared to the previous period[31] - The net cash flow from operating activities was negative at approximately ¥95.95 million, worsening from a negative ¥30.06 million in the same period last year[69] - Total cash inflow from investment activities was approximately ¥818.23 million, down significantly from ¥1.62 billion in Q1 2020[71] Shareholder Information - The total number of shareholders reached 10,575 by the end of the reporting period[25] - The largest shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, holds 37.50% of the shares[26] Research and Development - Research and development expenses decreased by 30.62% to ¥1,303,756.44 due to reduced investment in R&D projects during the reporting period[29] - The company's research and development expenses for Q1 2021 were CNY 1,303,756.44, down from CNY 1,879,162.42 in Q1 2020, showing a reduction of 30.5%[63] Investments and Projects - The company is investing approximately $229,043,600 in the modernization project of the Kasumbalesa-Sakania road and inland port in the Democratic Republic of the Congo[35] - The company completed 90% of the road clearing work for the modernization project, with 60% of culvert and box culvert construction completed[38] Market Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[18] - The company is focused on expanding its market presence and enhancing product development, although specific figures were not disclosed in the report[78]