滨海泰达物流(08348) - 2021 - 中期财报

Financial Highlights The company reported significant financial growth in the first half of 2021, marked by increased revenue, gross profit, and profit attributable to owners Financial Highlights For the six months ended June 30, 2021, the company achieved significant performance growth, with revenue increasing by 4.02%, gross profit surging by 45.42%, gross margin improving by 1.92 percentage points, and profit attributable to owners of the company increasing by 76.81% Key Financial Indicators for H1 2021 | Indicator | H1 2021 | H1 2020 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,496,407,000 RMB | 1,438,629,000 RMB | +4.02% | | Gross Profit | 100,904,000 RMB | 69,389,000 RMB | +45.42% | | Gross Margin | 6.74% | 4.82% | +1.92 percentage points | | Profit Attributable to Owners of the Company | 19,083,000 RMB | 10,793,000 RMB | +76.81% | | Earnings Per Share | 5.4 fen | 3 fen | +80.00% | Unaudited Condensed Consolidated Financial Statements This section presents the unaudited condensed consolidated financial statements, including income, financial position, equity changes, and cash flows Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income During the reporting period, the company's revenue grew by 4.02% to RMB 1.496 billion, gross profit increased by 45.4% to RMB 101 million, and profit for the period surged by 69.3% to RMB 48.61 million, driven by controlled costs and improved investment results Key Income Statement Data (For the six months ended June 30) | Item | 2021 (RMB thousands) | 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,496,407 | 1,438,629 | +4.02% | | Gross Profit | 100,904 | 69,389 | +45.42% | | Operating Profit | 64,318 | 52,623 | +22.22% | | Finance Costs | (13,563) | (20,531) | -33.94% | | Share of Results of Investments | 19,000 | 9,457 | +100.91% | | Profit Before Income Tax | 69,755 | 41,549 | +67.89% | | Profit for the Period | 48,611 | 28,709 | +69.32% | Condensed Consolidated Statement of Financial Position As of June 30, 2021, total assets decreased to RMB 1.784 billion primarily due to reduced current assets, while total liabilities significantly dropped to RMB 810 million, and total equity remained stable at RMB 974 million Key Financial Position Data | Item | June 30, 2021 (RMB thousands) | December 31, 2020 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 936,620 | 860,953 | +8.79% | | Current Assets | 847,045 | 1,373,243 | -38.32% | | Total Assets | 1,783,665 | 2,234,196 | -20.16% | | Current Liabilities | 686,066 | 1,122,750 | -38.88% | | Non-current Liabilities | 123,874 | 143,756 | -13.83% | | Total Liabilities | 809,940 | 1,266,506 | -36.05% | | Total Equity | 973,725 | 967,690 | +0.62% | Condensed Consolidated Statement of Changes in Equity As of June 30, 2021, total equity increased to RMB 974 million, driven by profit for the period of RMB 48.61 million, partially offset by RMB 42.58 million in dividends paid to non-controlling interests - During the reporting period, total equity increased from RMB 968 million to RMB 974 million[25] - The primary driver for the increase in equity was the profit for the period of RMB 48.61 million[25] - Dividends paid to non-controlling interests during the period amounted to RMB 42.58 million, negatively impacting total equity[25] Condensed Consolidated Cash Flow Statement In H1 2021, net cash and cash equivalents decreased by RMB 171 million, with a net outflow from operating activities, a net inflow from investing activities, and a net outflow from financing activities Key Cash Flow Statement Data (For the six months ended June 30) | Item | 2021 (RMB thousands) | 2020 (RMB thousands) | | :--- | :--- | :--- | | Net Cash from Operating Activities | (70,252) | 606,610 | | Net Cash from Investing Activities | 108,563 | 16,293 | | Net Cash from Financing Activities | (209,409) | (664,441) | | Net Decrease in Cash and Cash Equivalents | (171,098) | (41,538) | | Cash and Cash Equivalents at End of Period | 277,406 | 365,076 | Notes to the Condensed Consolidated Financial Information This section provides detailed notes on the Group's general information, significant accounting policies, segment performance, and dividend policy Company Basic Information and Business Overview Established in China in 2006 and listed on GEM in 2008, the company is an investment holding firm primarily providing integrated logistics services in China, including supply chain solutions and material procurement - The company was established in China on June 26, 2006, and listed on GEM of the Stock Exchange on April 30, 2008[32] - The Group's principal activities are providing integrated logistics services in China, primarily including supply chain solutions, material procurement, and related logistics services[34] Significant Accounting Policies During the interim period, the Group adopted several IFRS amendments, including those related to Covid-19 rent concessions and interest rate benchmark reform, which had no significant impact on financial performance or position - The Group applied amendments to IFRS that became mandatorily effective from January 1, 2021, including revisions to IFRS 16 and IFRS 9[36] - The newly applied accounting policy amendments had no significant impact on the financial position, performance, or disclosures for the current and prior periods[37] Segment Information The Group operates two segments: auto logistics, which saw revenue grow to RMB 718 million and segment results reach RMB 80.3 million, and material procurement, which recorded RMB 759 million in revenue but a loss of RMB 33.16 million - The Group primarily operates two business segments: a. Logistics services for complete vehicles and auto parts supply chain; b. Material procurement and related logistics services[43] Segment Results for H1 2021 (RMB thousands) | Reportable Segment | External Revenue | Segment Results | | :--- | :--- | :--- | | Logistics services for complete vehicles and auto parts supply chain | 718,354 | 80,298 | | Material procurement and related logistics services | 759,280 | (33,161) | | Subtotal of Reportable Segments | 1,477,634 | 47,137 | Dividend The Board of Directors recommends no interim dividend for the six months ended June 30, 2021, consistent with the prior year's policy - The Board of Directors does not recommend the payment of an interim dividend for 2021[86][88] Management Discussion and Analysis Management discusses the Group's financial and business performance, future outlook, liquidity, and significant litigation during the period Financial Review In H1 2021, revenue grew by 4.02% to RMB 1.496 billion, gross margin increased to 6.74%, and profit attributable to owners surged by 76.81%, driven by strong auto logistics performance, reduced costs, and improved joint venture results - Revenue increased by 4.02%, primarily driven by significant growth in logistics services for complete vehicles and auto parts supply chain[108][112] - Overall gross margin increased by 1.92 percentage points to 6.74%, mainly attributable to the growth in gross margin of the auto logistics business[109][112] - Finance costs decreased by 33.94% due to a reduction in financing scale[114][119] - Share of results of joint ventures and associates increased by 101%, primarily due to significant performance growth of Tianjin TEDA Alps Logistics Co., Ltd[111] - Profit attributable to owners of the company increased by 76.81%, mainly benefiting from significant growth in the auto logistics business and joint venture performance[115][119] Business Review Most business segments recovered and grew due to pandemic control, with auto logistics showing significant revenue and performance increases, while material procurement declined, and other logistics services like warehousing and cold chain saw notable growth Revenue Performance by Business Segment (H1 2021) | Business Segment | Revenue (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Logistics for Complete Vehicles and Auto Parts | 718 million | +26.37% | | Material Procurement and Related Logistics | 759 million | -11.29% | | Warehousing, Supervision, Agency, etc. | 18.77 million | +31.54% | | Electronic Component Logistics (Joint Venture) | 455 million | +56.95% | - Auto logistics volume growth: Domestic vehicle logistics volume increased by 12.48%, and import/export vehicle logistics volume increased by 28.38%[126][128] - Joint ventures and associates (e.g., Tianjin TEDA Alps, TEDA Cold Chain) significantly improved performance, benefiting from client business growth[124][125][127] PROSPECTS AND OUTLOOK Despite external uncertainties, the Group plans to maintain stable auto logistics development, optimize asset utilization, and strengthen internal risk management to drive continued positive performance in H2 2021 - Overall strategic tone: Adhere to the path of integrated logistics development and the general working principle of 'seeking progress while maintaining stability'[132] - Core strategies: Stabilize auto logistics business, enhance utilization efficiency of existing resources (yards, railways, cold storage), revitalize assets, and strengthen internal risk management[132] Liquidity, Financial Resources and Capital Structure The Group's working capital is from operations and borrowings, with the gearing ratio decreasing to 45% as of June 30, 2021, and limited foreign exchange exposure, while certain assets are pledged for financing - Gearing ratio decreased from 57% at the end of 2020 to 45% as of June 30, 2021[134] - The Group has pledged assets, including yards and facilities for finance leases, and land and warehousing facilities for bank loans[134] - There were no significant acquisitions, disposals, or contingent liabilities during the reporting period[134] Litigation In a contract dispute with Leimeng (Tianjin), the company secured a favorable judgment, obtaining property valued at RMB 92.82 million and RMB 1.25 million cash through asset transfer to settle part of the debt - In the contract dispute case with Leimeng (Tianjin), the company obtained property valued at RMB 92,822,828 through asset transfer to settle part of the debt[137][139] - The company has obtained the property ownership certificate for the mortgaged property and recovered cash of RMB 1,247,648[137][139] Other Disclosures This section details substantial shareholders' holdings and the company's adherence to corporate governance principles Substantial Shareholders As of June 30, 2021, substantial shareholders include Tianjin TEDA Investment Holding (42.45%), Chia Tai Group companies (approx. 29.82% combined), and Tianjin Port Development Holdings (5.64% H shares) Substantial Shareholders' Shareholding Percentages | Shareholder Name | Share Class | Percentage of Total Share Capital | | :--- | :--- | :--- | | Tianjin TEDA Investment Holding Co., Ltd. | Domestic Shares | 42.45% | | Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd. | Domestic Shares | 21.82% | | Chia Tai Land Co., Ltd. | Domestic Shares | 8.00% | | Tianjin Port Development Holdings Limited | H Shares | 5.64% | Corporate Governance Code The company complied with GEM Listing Rules' Corporate Governance Code, with one deviation where the Chairman and President roles are combined, an arrangement the Board believes aids efficient strategy execution - The company has one deviation from the Corporate Governance Code: the roles of Chairman and President (Chief Executive Officer) are held by the same person, Mr. Yang Weihong, without segregation[163] - The Board believes the current arrangement facilitates efficient decision-making and will review it in due course, considering the segregation of these roles[163] - The company has established an Audit Committee, comprising three independent non-executive directors, responsible for reviewing financial reporting processes and internal control systems[167][170]