Financial Performance - Net profit attributable to shareholders of the listed company rose by 1.03% to CNY 282,534,192.50 year-on-year[8] - Operating revenue decreased by 22.24% to CNY 2,430,376,562.52 for the period from January to September[8] - Basic earnings per share increased by 1.03% to CNY 1.2871[10] - The weighted average return on net assets decreased by 2.29 percentage points to 14.00%[10] - Non-recurring gains and losses for the period amounted to CNY 4,372,125.74[12] Assets and Liabilities - Total assets increased by 36.75% to CNY 3,277,980,532.58 compared to the end of the previous year[8] - Cash and cash equivalents decreased by 59.88% to RMB 504,412,650.24 due to the purchase of financial products and payment for equity acquisitions[22] - Trading financial assets increased by 4046.10% to RMB 1,169,200,000.00 primarily due to the increase in purchased financial products[22] - Goodwill rose by 242.23% to RMB 208,370,209.04 as a result of the acquisition of Jia Yida Company[22] - The company’s fixed assets increased by 50.90% to RMB 301,038,883.10 due to the acquisition of Jia Yida Company and the purchase of fixed assets[22] - The company’s long-term prepaid expenses surged by 1991.01% to RMB 6,965,780.43, primarily due to the acquisition of Jia Yida Company[22] - The company’s total liabilities increased significantly, with non-current liabilities due within one year rising by 196.82% to RMB 42,000,000.00 due to unpaid equity from the acquisition of Jia Yida Company[25] Cash Flow - Net cash flow from operating activities dropped by 50.56% to CNY 155,904,302.15 compared to the same period last year[8] - The net cash flow from operating activities decreased by 50.56% to RMB 155,904,302.15, mainly due to reduced cash received from sales influenced by the pandemic[28] - The net cash flow from investing activities was negative RMB 1,507,426,169.63, reflecting the acquisition of Jia Yida Company and the purchase of financial products[28] Shareholder Information - The total number of shareholders at the end of the reporting period was 6,424[16] - The largest shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, holds 37.50% of the shares[16] Government Support - The company received government subsidies amounting to CNY 2,172,950.67 during the reporting period[10] - The company’s revenue from other income decreased by 68.90% to RMB 2,172,950.67, mainly due to government subsidies received in the previous year[28] Financing Activities - The company issued 7,200,000 convertible bonds with a total amount of RMB 72,000,000, which will be listed on September 7, 2020[29]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2020, representing a year-on-year increase of 15%[15]. - Net profit for the period was RMB 200 million, up 10% compared to the same period last year[15]. - The company's operating revenue for the first half of the year was ¥1,429,638,823.20, a decrease of 33.93% compared to the same period last year[22]. - Net profit attributable to shareholders was ¥154,077,972.50, down 14.16% year-over-year[22]. - The net cash flow from operating activities was ¥37,403,808.10, reflecting a significant decline of 85.36% compared to the previous year[22]. - Basic earnings per share decreased to ¥0.7019, a drop of 14.16% from ¥0.8177 in the same period last year[22]. - The company reported a significant increase in inventory, rising to approximately ¥120.20 million from ¥96.83 million, an increase of about 24%[140]. - The total operating revenue for the first half of 2020 was CNY 1,429,638,823.20, a decrease of 33.9% compared to CNY 2,163,689,519.22 in the same period of 2019[152]. - Total operating costs for the first half of 2020 were CNY 1,262,865,124.35, down from CNY 1,971,136,858.81, reflecting a reduction of 36%[152]. - The company reported a net profit for the first half of 2020 of CNY 154,774,477.39, a decrease of 14.1% from CNY 180,100,124.91 in the first half of 2019[156]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2022[15]. - A strategic acquisition of a regional logistics firm is anticipated to enhance operational efficiency and expand service offerings[15]. - The company aims to transition from a regional to a global cross-border logistics service provider, leveraging technology and information systems to enhance service quality[47]. - The company is expanding its market presence through acquisitions and investments, aiming to optimize its business structure and increase market share[77]. Logistics and Operations - The company’s logistics volume increased by 20% year-on-year, reaching 1.5 million tons[15]. - User data showed a growth in active customers by 25%, totaling 500,000 users[15]. - The company focuses on cross-border multimodal transport logistics services, primarily in Mongolia, Central Asia, and Africa[30]. - The logistics business includes international multimodal transport, bulk mineral product logistics, and smart warehousing[31]. - The company has developed a self-owned logistics information management system to integrate global logistics resources[31]. - The bulk mineral product logistics business has transitioned from traditional bulk transport to environmentally friendly container solutions[34]. - The company has established a competitive advantage in cross-border logistics, particularly at key land ports like Erenhot and Ganqimaodu, which serve as logistics hubs for China-Mongolia cross-border trade[40]. - The company has replicated its successful cross-border logistics model in Africa, particularly in the Democratic Republic of the Congo, enhancing transport conditions and reducing costs[41]. Research and Development - The company has allocated RMB 50 million for research and development of new logistics solutions in the upcoming year[15]. - Research and development expenses for the first half of 2020 were CNY 4,751,936.12, compared to CNY 5,333,498.82 in the same period of 2019, a decline of 10.9%[156]. Risk Management - Risk factors include potential disruptions in supply chains due to global economic conditions, which the company is actively monitoring[15]. - The company has enhanced its risk management capabilities in response to the pandemic, focusing on investment and operational risks[56]. - The company faces risks related to macroeconomic fluctuations, which could impact international trade volumes and subsequently affect logistics demand[76]. - The company is cautious of foreign exchange risks due to some operations being settled in USD, which could lead to potential losses[80]. Financial Position and Shareholder Information - The company’s total liabilities decreased by 32.37% to ¥104,215,721.04, mainly due to reduced business volume impacted by the pandemic[64]. - The company completed a capital increase, raising its total share capital from 156.8 million shares to 219.52 million shares, an increase of approximately 40%[136]. - The total equity attributable to shareholders at the end of the period was $1,577,995,009.77[192]. - The company reported a profit distribution of -$156.8 million for the period[183]. - The total number of common shareholders at the end of the reporting period was 10,129[127]. - The top ten shareholders held a total of 37.50% of the shares, with 嘉信益 (Tianjin) Asset Management Partnership holding 82,320,000 shares[127]. Government Support and Economic Context - The company received government subsidies amounting to ¥1,287,501.19, which are closely related to its normal business operations[23]. - The logistics industry is supported by government policies aimed at promoting high-quality development and efficiency improvements[39]. - In the first half of 2020, China's GDP decreased by 1.6% year-on-year, while the total value of foreign trade imports and exports was 14.24 trillion yuan, a decline of 3.2%[36].

Financial Performance - Operating revenue for the period was ¥611,241,029.84, a decrease of 35.88% compared to the same period last year[12]. - Net profit attributable to shareholders of the listed company was ¥48,627,352.56, down 30.59% year-on-year[12]. - Basic earnings per share decreased to ¥0.3101, a decline of 30.59% compared to ¥0.4468 in the previous year[12]. - The weighted average return on net assets was 2.57%, a decrease of 1.78 percentage points from 4.35% in the previous year[12]. - Total revenue for Q1 2020 was CNY 611,241,029.84, a decrease of 35.9% compared to CNY 953,246,121.08 in Q1 2019[49]. - Net profit for Q1 2020 was CNY 47,689,284.90, a decline of 31.8% from CNY 69,995,714.15 in Q1 2019[49]. - The net profit attributable to the parent company shareholders for Q1 2020 was approximately ¥48.63 million, a decrease from ¥70.05 million in Q1 2019, representing a decline of about 30.6%[51]. - Total operating revenue for Q1 2020 was approximately ¥125.72 million, down from ¥143.21 million in Q1 2019, indicating a decrease of around 12.2%[55]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,420,205,268.57, an increase of 0.97% compared to the end of the previous year[12]. - Current assets totaled RMB 1,483,730,856.63, down from RMB 1,774,940,061.95, indicating a decrease of about 16.4%[34]. - Total liabilities decreased to RMB 437,118,990.59 from RMB 461,645,221.96, a decline of about 5.3%[39]. - The company reported a significant increase in non-current assets, totaling RMB 936,474,411.94, up from RMB 622,039,428.32, indicating a growth of about 50.6%[37]. - Total liabilities rose to CNY 639,349,210.33 in Q1 2020, compared to CNY 508,303,131.84 in Q1 2019[45]. - Current liabilities totaled CNY 638,935,974.81, an increase of 25.8% from CNY 507,830,735.37 in Q1 2019[45]. Cash Flow - Net cash flow from operating activities was negative at ¥30,062,687.48, compared to ¥135,131,347.15 in the same period last year[12]. - The company reported a net cash outflow from operating activities of ¥-30,062,687.48, a decrease of 122.25% compared to the previous period[24]. - Cash inflow from operating activities in Q1 2020 was approximately ¥881.00 million, down from ¥1,349.71 million in Q1 2019, a decline of about 34.8%[57]. - The net cash flow from operating activities improved to $76.13 million from a negative $9.47 million in the previous year, indicating a recovery in operational performance[64]. - The net cash flow from investment activities was -$721.24 million, an improvement from -$1.17 million in the previous year, indicating better management of investment cash flows[64]. Shareholder Information - The total number of shareholders at the end of the reporting period was 9,615[16]. - The top shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, held 37.50% of the shares, totaling 58,800,000 shares[16]. - Shareholders' equity increased to RMB 1,983,086,277.98 from RMB 1,935,334,268.31, representing an increase of approximately 2.5%[39]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Inner Mongolia Duoyida Mining Co., Ltd. for a total of ¥280 million, which is now a wholly-owned subsidiary[28]. - The company’s goodwill increased by 242.23% to ¥208,370,209.04 due to the acquisition of Duoyida Mining[22]. - The company has made investments in intangible assets, which rose to RMB 147,153,460.89 from RMB 79,822,742.61, reflecting an increase of approximately 84.5%[36]. Government Subsidies - The company reported a government subsidy of ¥424,486.39 included in the current period's profit and loss[14].

Financial Performance - The company's operating revenue for 2019 was CNY 4,170,611,468.57, representing a 1.70% increase compared to CNY 4,100,862,740.87 in 2018[22]. - The net profit attributable to shareholders for 2019 was CNY 343,331,490.63, a 27.14% increase from CNY 270,034,544.02 in 2018[22]. - The net cash flow from operating activities reached CNY 393,477,796.47, a significant increase of 9,073.29% compared to CNY 4,289,387.79 in 2018[22]. - The basic earnings per share for 2019 was CNY 2.1896, up 23.36% from CNY 1.7750 in 2018[23]. - The total assets at the end of 2019 were CNY 2,396,979,490.27, an 11.98% increase from CNY 2,140,447,382.62 at the end of 2018[22]. - The company's net assets attributable to shareholders increased by 18.34% to CNY 1,866,183,735.75 at the end of 2019 from CNY 1,577,023,356.40 at the end of 2018[22]. - The company reported a quarterly operating revenue of CNY 1,045,208,119.60 in Q4 2019[26]. - The net profit attributable to shareholders in Q4 2019 was CNY 63,670,709.41[26]. Dividend and Profit Distribution - The board proposed a cash dividend of 10 RMB per 10 shares, totaling 156.8 million RMB, and a capital reserve conversion of 4 shares for every 10 shares, increasing total shares from 15.68 million to 21.95 million[6]. - The proposed profit distribution plan for 2019 requires approval from the shareholders' meeting, with a voting threshold of over 2/3 of the attending shareholders' voting rights[131]. - In 2019, the company's net profit attributable to ordinary shareholders was approximately 343.33 million RMB, with a dividend payout ratio of 45.67%[134]. - In 2018, the company distributed a cash dividend of 5 RMB per 10 shares, totaling 56 million RMB, with a net profit of approximately 270.03 million RMB and a payout ratio of 20.74%[134]. - The company has a profit distribution policy that allows for cash or stock dividends, aiming for a minimum of 20% of distributable profits to be allocated as cash dividends annually[125]. - The company’s profit distribution policy can be adjusted under significant operational changes or force majeure events, requiring detailed justification and approval from the board and shareholders[130]. Corporate Governance and Compliance - The company reported a standard unqualified audit opinion from Lixin Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - The company has engaged Haitong Securities as its sponsor, ensuring ongoing supervision and compliance with regulations[19]. - The company has no major litigation or arbitration matters during the reporting period[152]. - There were no significant accounting errors or changes in accounting policies during the reporting period[148]. - The company has no major related party transactions that have not been disclosed in temporary announcements[155]. Business Operations and Strategy - The company operates in cross-border multimodal logistics services, focusing on international land transport characteristics in regions like Mongolia, Central Asia, and Africa[34]. - The business model emphasizes customer-oriented differentiated logistics solutions and professional international resource integration[35]. - The company's cross-border multimodal transport business is its core operation, integrating logistics resources globally to provide door-to-door services, with a focus on Mongolia, Central Asia, and Africa[36]. - The company has optimized its bulk mineral logistics from traditional bulk transport to environmentally friendly container solutions, enhancing cooperation with rail carriers[39]. - The company is expanding its operations in Africa, having signed a concession agreement with the Congolese government to develop key logistics corridors, improving transport conditions and reducing costs[46]. - The company aims to enhance its competitive edge by replicating successful operational models from China to Central Asia and Africa, focusing on asset investment and industry chain extension[44]. Risk Management - The company faced various risks as detailed in the report, and investors are advised to pay attention to these risks[8]. - The company is focused on risk management, particularly in response to the impacts of the COVID-19 pandemic on economic conditions and market environments[110]. - The company faces risks from macroeconomic fluctuations that could lead to a decline in international trade volume, impacting operational performance[114]. - The logistics industry is highly competitive, with low entry barriers and numerous players, necessitating the company to adapt to national policies and enhance market presence[114]. Investments and Future Plans - The company is investing in the modernization of the Kasong-Balasa-Sakania road and port project in the Democratic Republic of Congo, with a total expected investment of USD 229,043,600[95]. - The company plans to enhance its logistics e-commerce business and optimize its logistics platform, aiming for nationwide expansion[109]. - The company is set to increase its container coal transportation from Mongolia, with plans to develop a container management system and expand its fleet by adding 35-ton open-top containers[109]. - The company plans to increase capital operations through domestic and international mergers and acquisitions to optimize business structure and market share[114]. Shareholder Information - The total number of ordinary shares increased from 112,000,000 to 156,800,000 after the capital reserve conversion and profit distribution, with an increase of 44,800,000 shares[185]. - The company’s shareholding structure remains predominantly held by domestic investors, with no foreign investment reported[184]. - The top shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, holds 58,800,000 shares, representing 37.50% of the total shares[196]. - The report indicates that Han Jinghua directly holds 22.23% of the company's shares, suggesting a strong influence on corporate decisions[199].

Financial Performance - Net profit attributable to shareholders was ¥279,660,781.22, reflecting a year-on-year increase of 24.81%[18] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥258,878,955.95, an increase of 24.04% year-on-year[18] - The company reported a net profit of ¥300,292,266.27 for the first nine months of 2019, up from ¥247,448,645.08 in the same period of 2018, reflecting a growth of approximately 21.3%[59] - Net profit for Q3 2019 reached ¥100.97 million, an increase of 19.8% compared to ¥84.38 million in Q3 2018[66] - The total comprehensive income for Q3 2019 was ¥100.97 million, compared to ¥84.38 million in Q3 2018, indicating a growth of 19.8%[68] - The company reported a profit before tax of ¥124.21 million for Q3 2019, up 23.3% from ¥100.71 million in Q3 2018[66] - The total comprehensive income for the period was approximately 34.90 million, compared to 40.58 million in the previous period, reflecting a decrease of around 14.1%[75] Revenue and Operating Performance - Operating revenue for the first nine months was ¥3,125,403,348.97, up 2.13% from the same period last year[18] - Total operating revenue for Q3 2019 was ¥961.71 million, a decrease of 17.5% from ¥1,166.78 million in Q3 2018[62] - The company’s total operating revenue for the first three quarters of 2019 was ¥3.13 billion, slightly up from ¥3.06 billion in the same period of 2018[62] - Total operating costs for Q3 2019 were ¥842.45 million, down 21.8% from ¥1,076.13 million in Q3 2018[62] Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,478,864,423.24, an increase of 15.81% compared to the end of the previous year[18] - The company’s total assets under trading financial assets reached ¥685,603,200.00, reflecting a reclassification from other current assets due to the implementation of new financial instrument standards[30] - The company’s fixed assets increased by 44.73% to ¥197,381,566.33, driven by the need to purchase containers and other assets for business development[30] - Total liabilities increased to ¥613,288,323.08 from ¥562,452,372.85, representing an increase of approximately 12.9%[52] - The company’s total liabilities decreased by 64.39% in employee compensation, amounting to ¥3,885,332.26, due to the payment of last year's unpaid year-end bonuses[32] - The company’s current liabilities totaled ¥608,127,653.47, compared to ¥542,776,125.79 in the previous year[50] Cash Flow - Net cash flow from operating activities for the first nine months was ¥315,334,007.61, a significant increase of 98.58% year-on-year[18] - The company’s cash flow from operating activities saw a substantial increase of 98.58%, totaling ¥315,334,007.61, due to reduced cash payments for goods and services and improved cash flow management[33] - Operating cash flow net amount for the first three quarters of 2019 was ¥121,894,119.10, a significant improvement from -¥64,430,030.42 in the same period of 2018, indicating a positive cash flow trend[81] - Total cash inflow from operating activities reached ¥1,304,044,714.68, up from ¥844,742,703.59 year-over-year, reflecting a growth of approximately 54.3%[81] - Cash outflow from operating activities was ¥1,182,150,595.58, compared to ¥909,172,734.01 in the previous year, representing an increase of about 30%[81] Shareholder Information - The company had a total of 9,641 shareholders at the end of the reporting period[24] - The largest shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, held 37.50% of the shares[24] - Total equity attributable to shareholders rose to ¥1,800,684,137.62, up from ¥1,577,023,356.40, reflecting a growth of about 14.2%[52] Investment and Projects - The company plans to invest a total of $229,043,600 in the modernization project of the Kasongba-Lasakanya road and inland port in the Democratic Republic of Congo[38] - The project will be funded through various means, including self-owned funds, bank loans, refinancing, and strategic investors[38] - The company signed a construction contract with China Civil Engineering Construction Corporation (CCEC) for the project, with a contract amount of $229,043,600[41] - The scope of the project includes road upgrades and port improvements, with a construction period of 26 months[41] Other Financial Metrics - Basic earnings per share decreased by 14.39% to ¥1.7836 compared to the same period last year[20] - The weighted average return on net assets was 16.29%, down 1.12 percentage points from the previous year[20] - The company reported non-operating income of ¥3,076,808.15 for the current period[22] - The company’s other income surged by 431.69% to ¥6,986,193.89, primarily due to government grants received[33] - The company reported investment income of ¥3.05 million in Q3 2019, a decrease of 66.2% from ¥9.04 million in Q3 2018[66]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥2,163,689,519.22, representing a 14.28% increase compared to ¥1,893,299,917.47 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was ¥179,501,888.21, an increase of 28.53% from ¥139,653,643.69 in the previous year[20]. - The net cash flow from operating activities was ¥255,434,681.43, showing a significant increase of 140.01% compared to ¥106,425,382.38 in the same period last year[20]. - The total assets at the end of the reporting period were ¥2,338,109,807.65, a 9.23% increase from ¥2,140,447,382.62 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were ¥1,700,525,244.61, reflecting a 7.83% increase from ¥1,577,023,356.40 at the end of the previous year[20]. - Basic earnings per share for the reporting period were ¥1.1448, down 13.65% from ¥1.3258 in the same period last year[20]. - The weighted average return on net assets was 10.77%, a decrease of 1.28 percentage points compared to 12.05% in the previous year[20]. - The company reported a net profit excluding non-recurring gains and losses of ¥161,796,871.08, which is a 21.58% increase from ¥133,079,647.95 in the same period last year[20]. - The diluted earnings per share were also ¥1.1448, reflecting the same decrease of 13.65% compared to the previous year[20]. Business Operations - The company specializes in cross-border comprehensive logistics services, focusing on regions with land port cross-border transportation characteristics, such as Mongolia, Central Asia, and Africa[27]. - The business model is transitioning from traditional logistics resource integration to modern internet technology applications, including logistics e-commerce and big data processing[28]. - The company has developed a logistics information management system to integrate logistics channels and resources globally, enhancing service efficiency and product offerings[28]. - The company’s bulk mineral logistics service has provided stable growth in freight volume, primarily serving large mining companies[28]. - The company has established customs public bonded warehouses at key land border ports, creating a competitive advantage in cross-border transportation logistics[33]. - The company maintains long-term stable partnerships with major clients, including Fortune 500 companies, ensuring low customer acquisition costs[33]. - The company’s logistics services are tailored to meet customer needs, allowing for timely adjustments in strategic planning and resource allocation[34]. - The company has accumulated leading expertise in cross-border multimodal transport, aligning with industry development trends[34]. Investments and Projects - The company plans to invest approximately $229,043,600 in the modernization project of the Kasumbalesa-Sakania road and land port in the Democratic Republic of the Congo, with a concession period of 25 years[44]. - The company has established a new logistics company in partnership with a local group, with a total investment of ¥100,000,000 for the construction of the Xinjiang Jiaoyou Hengxin International Logistics Park[44]. - The company is expanding its logistics services in Africa, focusing on the strong cross-border logistics demand from leading mining enterprises in the region[44]. - The company has introduced a new business model combining international financial leasing with vehicle exports, successfully exporting 35 tractors to Mongolia[44]. Financial Position - The company's cash and cash equivalents increased by 77.43%, reaching ¥1,019,133,215.12, compared to ¥574,388,539.83 at the end of the previous period[50]. - The company has seen a 50.39% increase in accounts receivable, totaling ¥204,467,707.93, due to enhanced inventory management and collection efforts[50]. - The company's advance payments increased to ¥189,764,062.78, a 40.27% rise compared to ¥135,289,384.07 from the previous period, primarily due to the growth in supply chain business[53]. - Employee compensation payable decreased by 55.45% to ¥4,861,602.42 from ¥10,911,668.55, mainly due to the payment of last year's year-end bonuses[53]. - The company's share capital increased by 40% to ¥156,800,000.00 from ¥112,000,000.00, attributed to the capitalization of capital reserves[53]. - The minority interest increased significantly to ¥41,569,890.07 from ¥971,653.37, reflecting a 4,178.26% increase due to the establishment of a new holding company[53]. Shareholder Information - The actual controller and shareholders committed to not transferring or managing their shares for 36 months post-IPO, with a price restriction on any reduction in shareholding for two years thereafter[74]. - If the company's stock price falls below the issue price for 20 consecutive trading days within six months post-IPO, the lock-up period will automatically extend by six months[79]. - The company plans to manage idle funds effectively, as approved in the shareholder meetings[70]. - The company has committed to strict adherence to shareholding reduction limits, with a maximum of 25% of shares allowed to be sold annually after the lock-up period[77]. - The company will notify and announce any intended share reductions three trading days in advance[79]. - The company has established a framework for managing idle funds, ensuring compliance with relevant regulations[70]. - The company’s stock lock-up agreements include provisions for adjustments in case of stock splits or dividends[79]. - The company’s shareholders have committed to maintaining control over their shareholdings despite potential reductions[74]. Legal and Compliance - The company has engaged Lixin Certified Public Accountants for the 2019 financial and internal control audit, with a one-year appointment period[88]. - There were no significant lawsuits or arbitration matters during the reporting period[88]. - The company has no major related party transactions during the reporting period[90]. - The company has not disclosed any significant contracts or guarantees during the reporting period[93]. - The company has committed to a profit forecast and compensation agreement for the period from 2018 to 2020[84]. - There are no employee stock ownership plans or other incentive measures in place[90]. - The company has not provided guarantees to related parties during the reporting period[94]. - The total amount of guarantees provided by the company does not exceed 50% of net assets[94]. Changes in Capital Structure - The total number of shares increased from 112 million to 156.8 million, with a capital reserve conversion of 44.8 million shares[113]. - A cash dividend of 5 yuan per 10 shares was distributed, totaling 56 million yuan[114]. - The number of limited sale shares increased by 33.6 million, resulting in a total of 117.6 million limited sale shares[116]. - The largest shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, holds 58.8 million shares, representing 37.5% of total shares[120]. - The second-largest shareholder, Han Jinghua, holds 34.85 million shares, accounting for 22.23% of total shares[120]. - The company has 8,987 common stock shareholders as of the end of the reporting period[120]. - The total number of unrestricted circulating shares is now 39.2 million[113]. - The company completed the capital reserve conversion plan on June 6, 2019[116]. Operational Efficiency - The company has developed over 10 software copyrights and logistics management application system modules, enhancing operational efficiency[38]. - The company has developed over 10 logistics information management systems, which are crucial for operational efficiency and risk management[63]. - The company reported a significant increase in other receivables, rising to ¥21.36 million from ¥18.63 million, a growth of approximately 14.7%[138]. - The company’s long-term equity investments rose to ¥383.42 million from ¥323.42 million, indicating a growth of about 18.6%[147]. Market Trends - The total social logistics volume in China for the first half of 2019 was 139.5 trillion yuan, with a year-on-year growth of 6.1%[41]. - The logistics total cost to GDP ratio was 14.6%, showing a slight decrease compared to the previous year[41]. - The "Belt and Road" initiative has driven the development of logistics, with total import and export volume reaching 64.69 billion USD from 2013 to 2018[41]. - The company is focusing on expanding its logistics network in Africa and Central Asia, leveraging new core logistics assets[41]. - The company has successfully won multiple major contracts in the Central Asia region, enhancing its operational capabilities[41]. - The company is transitioning from a regional cross-border logistics service provider to a global international logistics service provider[38].

Financial Performance - Net profit attributable to shareholders rose by 23.09% to CNY 70,054,236.77 year-on-year[9] - Operating revenue grew by 26.25% to CNY 953,246,121.08 compared to the same period last year[9] - The company reported a net profit excluding non-recurring gains and losses of CNY 65,429,301.21, an increase of 17.34% year-on-year[9] - Net cash flow from operating activities surged by 1,566.89% to CNY 135,131,347.15 compared to the previous year[9] - The company reported a significant increase in prepayments to CNY 38,720,854.52 from CNY 17,955,715.96, representing a growth of approximately 115.1%[34] - Total operating revenue for Q1 2019 was CNY 953,246,121.08, an increase of 26.3% compared to CNY 755,041,305.85 in Q1 2018[40] - Net profit for Q1 2019 reached CNY 69,995,714.15, representing a 23.5% increase from CNY 56,887,939.75 in Q1 2018[41] - The total profit for Q1 2019 was RMB 32,003,038.93, up from RMB 26,281,724.33 in Q1 2018, marking an increase of around 21.8%[45] Assets and Liabilities - Total assets increased by 5.00% to CNY 2,247,431,473.49 compared to the end of the previous year[9] - Current liabilities rose to CNY 579,906,122.53 from CNY 542,776,125.79, reflecting an increase of approximately 6.8%[32] - Total liabilities amounted to CNY 599,440,749.57, up from CNY 562,452,372.85, marking an increase of around 6.6%[32] - Owner's equity reached CNY 1,647,990,723.92, compared to CNY 1,577,995,009.77, showing an increase of about 4.5%[32] - Cash and cash equivalents increased to CNY 464,104,215.88 from CNY 375,778,483.26, a growth of approximately 23.5%[32] - Non-current assets totaled CNY 437,074,474.89, slightly down from CNY 438,451,874.25, indicating a decrease of about 0.3%[31] - The total liabilities as of the reporting date were CNY 507,863,090.88, compared to CNY 502,559,484.44 from the previous year[40] Shareholder Information - The total number of shareholders reached 8,686 at the end of the reporting period[14] - The largest shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, holds 37.50% of the shares[14] Cash Flow and Investments - Cash flow from operating activities generated a net amount of RMB 135,131,347.15 in Q1 2019, compared to RMB 8,106,799.81 in Q1 2018, showing a substantial improvement[51] - Cash inflow from investment activities totaled RMB 1,301,613,818.39 in Q1 2019, significantly higher than RMB 171,498,514.26 in Q1 2018[51] - The company reported cash outflow from investment activities of RMB 1,511,961,059.55 in Q1 2019, compared to RMB 601,465,395.66 in Q1 2018, indicating increased investment activity[51] - The net cash flow from investment activities was negative at RMB -210,347,241.16 in Q1 2019, compared to RMB -429,966,881.40 in Q1 2018, showing a reduction in cash outflow[51] Research and Development - Research and development expenses for Q1 2019 amounted to CNY 2,404,539.38, an increase from CNY 1,029,758.87 in Q1 2018[40] - Research and development expenses increased to RMB 2,404,539.38 in Q1 2019 from RMB 1,029,758.87 in Q1 2018, reflecting a significant rise of approximately 133.3%[45] Other Financial Metrics - The weighted average return on equity decreased by 14.54 percentage points to 4.35%[9] - Basic and diluted earnings per share decreased by 19.40% to CNY 0.6255[9] - Financial expenses decreased by 41.37% to RMB 1,838,532.97, primarily due to foreign exchange rate fluctuations[16] - The company’s financial expenses decreased to RMB 1,500,722.27 in Q1 2019 from RMB 1,967,771.91 in Q1 2018, indicating a reduction of about 23.7%[45] Future Plans and Developments - The company plans to invest RMB 6,000,000 in the Bayannur Bonded Logistics Center project, reducing the total investment from RMB 38,664.68 million to RMB 10,000.00 million[19] - A new subsidiary, Xinjiang Jiayou Hengxin International Logistics Co., Ltd., was established with a registered capital of RMB 10,000,000, where the company holds a 60% stake[20] - The company approved the temporary use of RMB 20,000,000 of idle funds to supplement working capital, with a repayment period of 12 months[22] - The company plans to use up to RMB 40,000,000 of idle funds for cash management, ensuring it does not affect ongoing investment projects[23] Audit and Compliance - The company is not required to restate prior financial data according to the new financial instruments and leasing standards[66] - The audit report is not applicable for the current period[67]

Financial Performance - The company's operating revenue for 2018 was CNY 4,100,862,740.87, representing a 26.40% increase compared to CNY 3,244,249,333.51 in 2017[21]. - The net profit attributable to shareholders for 2018 was CNY 270,034,544.02, a 30.94% increase from CNY 206,220,575.83 in 2017[21]. - The net profit after deducting non-recurring gains and losses was CNY 247,893,535.47, which is a 21.92% increase compared to CNY 203,331,623.33 in 2017[21]. - The company's total assets at the end of 2018 reached CNY 2,140,447,382.62, a 139.34% increase from CNY 894,303,277.00 at the end of 2017[21]. - The weighted average return on equity for 2018 was 20.26%, a decrease of 23.56 percentage points from 43.82% in 2017[22]. - The basic earnings per share for 2018 was CNY 2.4850, down 27.70% from CNY 3.4370 in 2017[22]. - The net cash flow from operating activities for 2018 was CNY 4,289,387.79, a significant decrease of 97.92% compared to CNY 205,756,663.12 in 2017[21]. - The company's net assets attributable to shareholders increased to CNY 1,577,023,356.4 at the end of 2018, a 174.89% increase from CNY 573,686,812.38 at the end of 2017[21]. - The company reported a total of CNY 22,141,008.55 in non-recurring gains and losses for 2018[26]. Dividend Policy - The board proposed a cash dividend of 5 RMB per 10 shares, totaling 56 million RMB, and a capital reserve conversion of 4 shares for every 10 shares, increasing total shares from 112 million to 156.8 million[5]. - The cash dividend distribution ratio for 2018 is 20.74% of the net profit attributable to ordinary shareholders, which is approximately 270 million RMB[108]. - The company has a cash dividend policy that emphasizes stable profit distribution, with a preference for cash dividends over stock dividends[95]. - The company is committed to conducting at least one profit distribution annually when profitable, with provisions for mid-term cash dividends based on financial conditions[98]. - The profit distribution plan for 2018 is subject to approval at the annual shareholders' meeting[107]. Corporate Governance - The company has a comprehensive governance structure, with all board members present at the board meeting[4]. - The board of directors consists of 5 members, including 2 independent directors, and has established 4 specialized committees to enhance decision-making[198]. - The company conducted 4 shareholder meetings during the reporting period, ensuring transparency and protection of minority shareholders' rights[197]. - The independent directors are responsible for ensuring that minority shareholders' rights are protected and that their opinions are considered in the profit distribution process[102]. - The supervisory board consists of 3 members, including 2 shareholder representatives and 1 employee representative, complying with legal and regulatory requirements[199]. Risk Management - The report includes a detailed discussion of various risks the company may face and corresponding countermeasures[7]. - The company emphasizes the importance of investment risk awareness in its forward-looking statements[6]. - The company aims to improve risk management capabilities as it expands overseas and develops domestic intermodal services, emphasizing the need for process reengineering and risk control points[89]. - The company faces market competition risks due to the rapid growth of China's logistics industry and the need to keep pace with industry trends to maintain market share[91]. - The company has accumulated overseas operational experience in over 20 countries along the Belt and Road Initiative, but faces potential risks in expanding its overseas market due to regulatory and political factors[91]. Logistics and Operations - The company engages in cross-border multimodal transport and logistics services, including bulk mineral product logistics and smart warehousing[29]. - The company provides comprehensive cross-border logistics services for large engineering projects, including mining and energy construction, with a focus on key markets in Mongolia and Central Asia[31]. - The company has established customs public bonded warehouses and supervision sites at key land border ports, enhancing its competitive advantage in cross-border multimodal transport logistics[35]. - The company has developed a smart warehousing service utilizing self-developed logistics management information systems, improving operational efficiency[33]. - The company has successfully replicated its logistics operations in Africa, developing new land transport routes that enhance its cross-border multimodal transport strategy[35]. Financial Management - The total amount of entrusted financial management from self-owned funds was RMB 3,376,550,000, with an unexpired balance of RMB 136,495,200[131]. - The total amount of entrusted financial management from raised funds was RMB 1,725,000,000, with an unexpired balance of RMB 170,000,000[131]. - The company has invested in various financial products with annualized returns ranging from 2.00% to 5.00%[134]. - The company has fully recovered amounts from several financial products, including RMB 1,313,424.66 from a specific investment[137]. - The company has maintained a strong cash management strategy with no overdue receivables reported[131]. Shareholder Structure - The largest shareholder, Jiaxin Yi (Tianjin) Asset Management Partnership, holds 30,000,000 shares, representing 37.50% of the total shares[168]. - The second-largest shareholder, Han Jinghua, holds 24,895,570 shares, accounting for 22.23% of the total shares[168]. - The shareholder structure indicates a significant concentration of ownership among the top shareholders, with the top three holding over 70% of the shares[168]. - The company has no strategic investors or general legal entities among the top 10 shareholders[171]. - The major shareholders include Jiaxinyi (Tianjin) Asset Management Partnership holding 42,000,000 shares, accounting for 22.23% of the total shares[169]. Environmental and Social Responsibility - The company has actively participated in social responsibility initiatives, including educational support and poverty alleviation efforts in border areas[146]. - The company has implemented strict management of environmental impacts from operations, contributing to overall ecological civilization construction[146]. - The company has focused on optimizing its transportation structure, increasing the railway freight ratio to reduce energy consumption and pollution emissions[148]. - The company’s environmental impact is minimal as it does not engage in physical product manufacturing and has low daily operational environmental investments[148]. - The company has increased its research and development investment to promote energy conservation and sustainable development[146].

嘉友国际物流股份有限公司 2018 年第三季度报告 公司代码：603871 公司简称：嘉友国际 嘉友国际物流股份有限公司 2018 年第三季度报告 1 / 21 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 嘉友国际物流股份有限公司 2018 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人韩景华、主管会计工作负责人周立军及会计机构负责人（会计主管人员）周立军 保证季度报告中财务报表的真实、准确、完整。 加权平均净资产收益率、基本每股收益、稀释每股收益三项指标按加权平均法计算，本报告 期按2018年1月-9月总股本加权平均计算，上年同期按照2017年1月-9月总股本加权平均计算。 非经常性损益项目和金额 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 1,893,299,917.47, representing a 32.13% increase compared to CNY 1,432,876,061.01 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2018 was CNY 139,653,643.69, up 23.21% from CNY 113,342,837.79 in the previous year[19]. - The net cash flow from operating activities reached CNY 106,425,382.38, a significant recovery from a negative cash flow of CNY -863,296.14 in the same period last year[19]. - Basic earnings per share decreased by 29.81% to CNY 1.3258 from CNY 1.8890 in the same period last year[20]. - The weighted average return on equity dropped by 14.67 percentage points to 12.05% from 26.72% in the previous year[20]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2018, representing a year-over-year growth of 25%[80]. - The company provided a positive outlook for the second half of 2018, projecting a revenue growth of 20% to 30%[80]. Asset and Equity Growth - The total assets increased by 119.47% to CNY 1,962,723,843.82 compared to CNY 894,303,277.00 at the end of the previous year[19]. - The net assets attributable to shareholders rose by 152.17% to CNY 1,446,642,456.07 from CNY 573,686,812.38 at the end of the previous year[19]. - Cash and cash equivalents increased by 112.71% to ¥881,608,665.38, primarily due to funds raised from financing activities[62]. - The total equity attributable to the parent company at the end of the period was ¥1,447,751,881.47, reflecting an increase from the previous period[137]. - The total owner's equity increased to CNY 1,203,288,263.04 by the end of the reporting period[143]. Logistics and Market Operations - The company operates in over 60 countries, focusing on cross-border logistics services along the Belt and Road Initiative, particularly in China, Mongolia, Central Asia, and Africa[25]. - The company’s cross-border multimodal transport services include logistics consulting, cargo transportation, and destination delivery[27]. - The company focuses on cross-border comprehensive logistics services, leveraging its strategic positioning in key logistics channels[41]. - The logistics industry is crucial for national economic development, with a significant impact on production and consumption[29]. - The company aims to enhance global cooperation by integrating sea, land, air, and rail transport services[25]. Strategic Initiatives and Investments - The company plans to establish an e-commerce platform in the Tianjin Free Trade Zone to improve efficiency and reduce costs[54]. - The company is considering strategic acquisitions to enhance its logistics capabilities, with a budget of 500 million RMB earmarked for potential deals[80]. - The company plans to establish a wholly-owned subsidiary in Singapore with a registered capital of $5 million for international logistics operations[64]. - The company signed a five-year framework agreement to supply 3 million tons of main coking coal and 1 million tons of 1/3 coking coal annually with partners[55]. - The acquisition of Shanghai Fengyue International Logistics Co., Ltd. aims to enhance logistics capabilities in the African market[56]. Risk Management and Compliance - The company faces potential risks in overseas market expansion due to regulatory compliance, management talent shortages, exchange rate fluctuations, and political relations between trade countries[70]. - The company is actively monitoring and managing risks associated with its business operations in a competitive and regulatory environment[69]. - The company has acknowledged the potential impact of adverse changes in the operating conditions of its major clients on its performance[71]. - The company is exposed to market competition risks as the logistics industry in China becomes increasingly competitive due to globalization and the entry of various logistics enterprises[69]. Financial Management and Cash Flow - The company has implemented cash management proposals using idle funds, reflecting a strategy to optimize financial resources[73]. - The net cash flow from financing activities was ¥734,632,120.00, with cash inflows totaling ¥786,603,773.61 and outflows of ¥51,971,653.61[133]. - The company reported a significant increase in cash received from investment recoveries, totaling ¥2,108,313,828.83, compared to ¥64,303,910.10 in the previous period[129]. - The company’s financial expenses showed a significant improvement, with a gain of ¥5,037,393.16 compared to a loss of ¥1,228,028.83 in the previous period[125]. Shareholder and Capital Structure - The company distributed a cash dividend of RMB 5 per 10 shares, totaling RMB 40 million, and increased its share capital by 4 shares for every 10 shares held[95]. - The total share capital increased from 80 million shares to 112 million shares after the capital reserve conversion[95]. - The top five customers accounted for 55.83% of the total revenue from cross-border multimodal logistics in the first half of 2018, indicating a high customer concentration risk[71]. - The company has committed to not transferring or managing its shares for 36 months post-IPO, ensuring stability in shareholding[77]. Technological Advancements - The company has established a professional technology R&D team to integrate advanced internet and IoT technologies into traditional logistics practices[25]. - A new logistics technology platform is set to launch in Q4 2018, expected to improve operational efficiency by 15%[80]. - The company is investing heavily in technology development, with a budget of 300 million RMB allocated for R&D in 2018[80]. Compliance and Accounting Practices - The company follows the Chinese Accounting Standards, ensuring the financial reports are true and complete[151]. - The financial statements are prepared based on the principle of ongoing concern, reflecting the company's financial status accurately[151]. - The company disposes of subsidiaries or businesses, with income, expenses, and profits included in the consolidated profit statement from the beginning of the reporting period until the disposal date[160].