长安民生物流(01292) - 2024 - 中期业绩

Performance Summary The company reported a 4.54% increase in operating revenue to RMB 4.165 billion and a 4.00% rise in profit attributable to parent company equity holders to RMB 29.26 million for the first half of 2024 2024 H1 Key Financial Indicators | Indicator | Amount | Year-over-Year Change | | :--- | :--- | :--- | | Operating Revenue | RMB 4.165 billion | ▲ 4.54% | | Profit Attributable to Parent Company Equity Holders | RMB 29.26 million | ▲ 4.00% | | Basic Earnings Per Share | RMB 0.18 | ▲ 5.88% | - The Board of Directors recommended no interim dividend distribution for the six months ended June 30, 2024[1] Unaudited Interim Financial Statements This section presents the unaudited interim financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity Consolidated and Company Balance Sheets As of June 30, 2024, the Group's total assets increased to RMB 5.382 billion, and total liabilities rose to RMB 3.195 billion, driven by increases in cash and accounts receivable Consolidated Balance Sheet Key Items (RMB) | Item | Period-end Balance (2024-06-30) | Previous Year-end Balance (2023-12-31) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Cash and Cash Equivalents | 1,222,369,687.03 | 882,939,512.98 | ▲ 38.4% | | Accounts Receivable | 1,740,055,151.16 | 1,466,849,212.92 | ▲ 18.6% | | Total Assets | 5,381,985,160.59 | 5,174,411,768.52 | ▲ 4.0% | | Liabilities | | | | | Accounts Payable | 1,785,500,793.46 | 1,518,537,172.85 | ▲ 17.6% | | Total Liabilities | 3,194,691,861.51 | 2,984,847,923.87 | ▲ 7.0% | | Shareholders' Equity | | | | | Total Equity Attributable to Parent Company Shareholders | 2,012,039,199.83 | 2,016,253,323.93 | ▼ 0.2% | | Total Shareholders' Equity | 2,187,293,299.08 | 2,189,563,844.65 | ▼ 0.1% | Consolidated and Company Income Statements For the six months ended June 30, 2024, the Group's operating revenue grew 4.54% to RMB 4.165 billion, with net profit attributable to parent company shareholders increasing 4.0% to RMB 29.26 million Consolidated Income Statement Key Items (RMB) | Item | Current Period Amount (as of 2024-06-30) | Prior Period Amount (as of 2023-06-30) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,165,152,715.24 | 3,984,312,286.73 | ▲ 4.54% | | Operating Costs | 3,974,282,672.99 | 3,809,377,663.94 | ▲ 4.33% | | Operating Profit | 42,630,898.06 | 25,816,526.65 | ▲ 65.1% | | Total Profit | 43,320,740.93 | 34,124,491.97 | ▲ 26.9% | | Net Profit | 31,219,294.40 | 28,176,857.46 | ▲ 10.8% | | Net Profit Attributable to Parent Company Shareholders | 29,260,117.19 | 28,134,622.68 | ▲ 4.00% | | Basic Earnings Per Share | 0.18 | 0.17 | ▲ 5.88% | Consolidated and Company Cash Flow Statements Net cash flow from operating activities for the period was RMB 336.8 million, with investing activities turning positive due to investment recovery, while financing activities were negative due to debt repayment Consolidated Cash Flow Statement Summary (RMB) | Item | Current Period Amount (as of 2024-06-30) | Prior Period Amount (as of 2023-06-30) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 336,795,976.42 | 320,448,673.21 | | Net Cash Flow from Investing Activities | 70,054,444.84 | -44,065,671.69 | | Net Cash Flow from Financing Activities | -44,465,091.09 | 204,974.52 | | Net Increase in Cash and Cash Equivalents | 362,387,659.82 | 280,207,610.43 | Consolidated Statement of Changes in Shareholders' Equity As of June 30, 2024, total equity attributable to parent company shareholders was approximately RMB 2.012 billion, slightly down from the beginning of the year, influenced by net profit and profit distribution - Total comprehensive income for the period was RMB 31.22 million, with RMB 29.26 million attributable to parent company shareholders[7] - Profit distribution for the period reduced shareholders' equity by RMB 32.89 million, of which RMB 32.41 million was distributed to parent company shareholders[7] Notes to Financial Statements This section provides detailed notes on the company's profile, basis of financial statement preparation, taxation, and specific items within the consolidated financial statements Company Profile and Basis of Financial Statement Preparation Established in 2001 and listed in Hong Kong in 2006, the company primarily engages in integrated automotive logistics services, with its unaudited interim financial statements prepared on a going concern basis - The Group primarily engages in integrated automotive logistics services, including vehicle transportation, parts supply chain management, non-automotive goods transportation, packaging material production and sales, and tire assembly and sales[12] - These unaudited interim financial statements are prepared in accordance with Chinese Enterprise Accounting Standards and presented on a going concern basis[12][13] Taxation The Group's main taxes are VAT (6%-13%) and Corporate Income Tax (25%), with some subsidiaries enjoying a preferential 15% rate due to Western Development, High-Tech Enterprise, or small-profit enterprise policies - The company and some subsidiaries enjoy preferential corporate income tax rates of 15% due to Western Development or High-Tech Enterprise policies[15][16] Notes to Consolidated Financial Statement Items This chapter details the composition and changes of major balance sheet and income statement accounts, including significant increases in accounts receivable and contract assets - Accounts receivable at period-end were RMB 1.74 billion, an 18.6% increase from the beginning of the year, with the majority aged within three months[19] - Contract assets (unsettled logistics services) at period-end were RMB 342 million, a 39.7% increase from the beginning of the year[25] - Main business revenue was RMB 4.154 billion, accounting for 99.7% of total revenue, with revenue from transportation and warehousing services recognized at a point in time[42][43] Commitments and Contingencies The Group disclosed two significant pending lawsuits where its subsidiaries are plaintiffs seeking recovery of transportation service arrears, with active judicial pursuit underway - Subsidiary Boyu Tongnan Branch is pursuing approximately RMB 38.19 million in transportation arrears from Zhongcun Wumao through legal channels, having frozen assets and recovered some funds[45][46] - Subsidiary Boyu Tongnan Branch has sued Yizhao Huasheng and its guarantors to recover approximately RMB 17.81 million in transportation arrears, with the case accepted by the court[46] Related Parties and Related Party Transactions The Group engages in substantial related party transactions, with logistics service revenue from related parties, primarily Chongqing Changan Automobile and its affiliates, totaling approximately RMB 2.808 billion in H1 2024 Sales to Major Related Parties (RMB) | Related Party | Related Transaction Content | Jan-Jun 2024 | Jan-Jun 2023 | | :--- | :--- | :--- | :--- | | Chongqing Changan Automobile Co., Ltd. and its affiliates | Logistics Services | 2,645,077,471.21 | 2,507,240,448.80 | | China Changan Automobile Group Co., Ltd. and its affiliates | Logistics Services | 162,148,838.77 | 96,640,142.92 | - Accounts receivable and contract assets from Chongqing Changan Automobile and its affiliates totaled over RMB 1 billion at period-end[52][53] Management Discussion and Analysis This section provides a review of the Group's business and financial performance, significant events, and future outlook Business Review In H1 2024, the Group's revenue increased by 4.54% despite market challenges, driven by key client sales growth and market expansion, with slight improvements in gross and net profit margins - The macroeconomic environment in China faces challenges such as insufficient effective demand and overcapacity in some industries, but the automotive sector maintains production and sales growth driven by policies like trade-in programs[58] 2024 H1 Revenue Composition | Business Segment | Revenue (RMB) | % of Total Revenue | | :--- | :--- | :--- | | Vehicle Transportation | 1,923,884,039.17 | 46.19% | | Goods Sales | 860,520,550.97 | 20.66% | | Automotive Raw Materials and Parts Supply Chain Management | 1,380,748,125.10 | 33.15% | Financial Review The Group's financial position remains stable, with an asset-liability ratio of approximately 59.36% and total loans and borrowings of RMB 167 million, with certain assets pledged for bank borrowings Capital and Liability Ratios | Ratio | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Asset-Liability Ratio | 59.36% | 57.68% | | Total Liabilities to Total Equity Ratio | 146.06% | 136.32% | - As of June 30, 2024, the Group's total number of employees was 3,209, a decrease from 4,031 at the end of 2023[67] - The Group pledged certain properties, land use rights, machinery, equipment, and accounts receivable to secure bank borrowings[64][65] Significant Investments, Acquisitions, and Litigation No significant investments, acquisitions, or disposals occurred during the period, while one litigation case was successfully concluded, and two others for transportation arrears are ongoing - There were no significant investments, acquisitions, or disposals of assets during the period[68][69] - The dispute with Chongqing Supply and Marketing Automobile Trading regarding a supervision contract was successfully concluded in the final appeal, with the company not liable for compensation and over RMB 30 million in frozen funds released[70] Outlook For the second half of the year, the company anticipates continued growth in new energy vehicles despite weak overall automotive demand, focusing on "stable growth, risk prevention, and reform promotion" to achieve its annual goals - Management expects new energy vehicles to maintain rapid growth despite overall difficulties in the automotive industry[74] - In the second half of the year, the company will focus on "stable growth, risk prevention, and reform promotion" to achieve its annual operating targets and advance towards its strategic goal of becoming a "world-class green intelligent supply chain logistics technology company"[74] Other Information This section covers corporate governance, director and supervisor information, major shareholders, share appreciation rights, continuing connected transactions, and public float Corporate Governance and Information on Directors and Supervisors The company complied with the Hong Kong Corporate Governance Code during the reporting period, with a balanced board of nine directors and one change in vice general manager personnel - The company has consistently complied with the code provisions of the Corporate Governance Code during the reporting period[75] - On April 19, 2024, Mr. Chen Zhigang retired as Vice General Manager, and Mr. Tan Chaohu was appointed as the new Vice General Manager[80] Major Shareholders The company's major shareholders include China Changan Automobile Group Co., Ltd. (25.44%), CEVA Logistics Limited (19.99%), and Minsheng Industrial (Group) Co., Ltd. and its affiliates (totaling 19.88%) Major Shareholder Holdings (as of June 30, 2024) | Shareholder Name | Capacity | Number of Shares Held | % of Total Share Capital | | :--- | :--- | :--- | :--- | | China Changan Automobile Group Co., Ltd. | Beneficial Owner | 41,225,600 (H shares) | 25.44% | | CEVA Logistics Limited | Beneficial Owner | 32,399,200 (H shares) | 19.99% | | Chongqing Luzuofu Equity Investment Fund Management Co., Ltd. | Controlled Corporation Interest | 32,219,200 (Domestic shares and non-H foreign shares) | 19.88% | Share Appreciation Rights Incentive Scheme The company's 2021 Share Appreciation Rights scheme saw the first vesting period's 1,620,467 rights lapse due to unmet performance targets, while the second vesting period commenced on April 27, 2024 - Due to unmet performance targets in 2021, the first vesting period (one-third of the total) of the Share Appreciation Rights did not meet the vesting conditions, and the corresponding 1,620,467 share appreciation rights have lapsed[88] - As of June 30, 2024, 3,240,933 unexercised share appreciation rights remain, with their second exercise period commencing on April 27, 2024[88] Continuing Connected Transactions and Public Float The Group's continuing connected transactions, primarily with Changan Automobile and its associates, accounted for approximately 67.42% of total revenue, and the company maintained its required public float during the period - For the six months ended June 30, 2024, revenue from connected persons was approximately RMB 2.808 billion, accounting for approximately 67.42% of the Group's total revenue[90] - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the required public float was maintained[92][93]