Highlights The company achieved 37.79% revenue growth to RMB 1.88 billion, yet profit attributable to owners sharply declined by 94.98% Key Financial Indicators for H1 2024 | Indicator | H1 2024 | H1 2023 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.88 billion RMB | 1.365 billion RMB | ▲ 37.79% | | Gross Profit | 21.532 million RMB | 16.815 million RMB | ▲ 28.05% | | Gross Margin | 1.15% | 1.23% | ▼ 0.08 percentage points | | Profit Attributable to Owners of the Company | 0.609 million RMB | 12.129 million RMB | ▼ 94.98% | | Earnings Per Share (EPS) (RMB) | 0.2 cents | 3.4 cents | ▼ 94.12% | Unaudited Consolidated Interim Results This section presents the unaudited consolidated financial statements, covering profit or loss, financial position, equity changes, and cash flows Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue grew 37.79% to RMB 1.88 billion, but profit attributable to owners plummeted 94.98% due to poor equity investments Key Profit or Loss Statement Data (RMB '000) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 1,880,472 | 1,364,715 | | Gross Profit | 21,532 | 16,815 | | Operating Profit | 10,433 | 5,864 | | Share of results of investments accounted for using the equity method | 4,469 | 17,679 | | Profit before income tax | 4,551 | 12,176 | | Profit for the period | 3,229 | 11,450 | | Profit attributable to owners of the Company | 609 | 12,129 | Condensed Consolidated Statement of Financial Position Total assets grew to RMB 1.989 billion, liabilities to RMB 1.001 billion, driven by receivables and contract liabilities Key Financial Position Data (RMB '000) | Item | 2024年6月30日 | 2023年12月31日 | | :--- | :--- | :--- | | Total Assets | 1,989,038 | 1,820,788 | | Non-current Assets | 964,611 | 995,825 | | Current Assets | 1,024,427 | 824,963 | | Total Liabilities | 1,000,825 | 829,512 | | Current Liabilities | 908,291 | 720,205 | | Non-current Liabilities | 92,534 | 109,307 | | Total Equity | 988,213 | 991,276 | Condensed Consolidated Statement of Changes in Equity Equity attributable to owners remained stable at RMB 888 million, with profit offset by dividends to non-controlling interests - Total equity for the period slightly decreased from RMB 991 million at the beginning of the year to RMB 988 million, with key changes including profit for the period of RMB 3.229 million and dividends paid to non-controlling interests of RMB 6.292 million13 Condensed Consolidated Cash Flow Statement Operating cash flow turned positive with RMB 25.811 million net inflow, but investing and financing outflows reduced cash to RMB 262 million Key Cash Flow Statement Data (RMB '000) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net cash generated from operating activities | 25,811 | (69,864) | | Net cash used in investing activities | (14,640) | (28,276) | | Net cash (used in)/generated from financing activities | (89,225) | 34,863 | | Net decrease in cash and cash equivalents | (78,054) | (63,277) | | Cash and cash equivalents at beginning of period | 340,301 | 414,629 | | Cash and cash equivalents at end of period | 262,247 | 351,352 | Notes to the Condensed Consolidated Financial Information This section provides detailed explanations and disclosures for the condensed consolidated financial statements 4. SEGMENT INFORMATION Segments show varied performance: materials procurement revenue up but profit low, auto logistics revenue down but profit surged Revenue and Performance by Business Segment (RMB '000) | Segment | H1 2024 Revenue | H1 2024 Performance | H1 2023 Revenue | H1 2023 Performance | | :--- | :--- | :--- | :--- | :--- | | Supply Chain and Logistics Services for Finished Automobiles and Components | 507,270 | 4,314 | 563,886 | (322) | | Materials Procurement Services | 1,340,218 | 294 | 764,476 | 577 | | Warehousing and Multimodal Transport Services | 25,504 | 765 | 31,060 | 1,070 | | All Other Segments | 7,480 | (80) | 5,293 | (3,019) | MANAGEMENT DISCUSSION AND ANALYSIS This section provides management's perspective on the Group's financial condition and results of operations Financial Review Revenue grew 37.79% from materials procurement, but profit attributable to owners sharply declined 94.98% due to underperforming joint ventures - The primary reason for operating revenue growth was the Group's expansion of its materials procurement services business while reasonably managing business risks48 - The main reason for the net profit decline was the significant drop in operating performance of joint ventures and associates (Tianjin TEDA Alps Logistics, TEDA Xing Cold Chain Logistics) due to market conditions, leading to continuous decreases in business volume and profit margins51 - Finance costs decreased by 8.94% year-on-year, primarily due to reduced bank discount interest expenses48 Business Review Business segments show divergent performance: materials procurement revenue up, profit down; auto logistics profit surged despite revenue decline; joint ventures significantly underperformed Supply Chain and Logistics Services for Finished Automobiles and Components Revenue decreased 10.04% due to client factory slowdowns, but segment performance surged 1439.75% from high-margin imported vehicle business Automotive Logistics Business Performance | Indicator | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 0.507 billion RMB | ▼ 10.04% | | Operating Performance | 4.314 million RMB | ▲ 1439.75% | Materials Procurement Services Revenue surged 75.31% from increased business volume, but performance declined 49.05% due to higher stamp duty from large contracts Materials Procurement Business Performance | Indicator | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1.34 billion RMB | ▲ 75.31% | | Operating Performance | 0.294 million RMB | ▼ 49.05% | Warehousing and Multimodal Transport Business Revenue decreased 17.89% due to lower railway shipments and weak leasing, resulting in a 28.5% decline in operating performance Warehousing and Multimodal Transport Business Performance | Indicator | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 25.504 million RMB | ▼ 17.89% | | Operating Performance | 0.765 million RMB | ▼ 28.5% | Business Conducted Through Joint Ventures (Electronic Components and Cold Chain Logistics) Joint ventures' electronic components and cold chain logistics businesses saw significant profit declines of 135.47% and 97.46% from market pressures - Electronic components supply chain logistics services (joint venture): Net profit contribution was approximately RMB 6.509 million, a year-on-year decrease of 135.47%65 - Cold chain logistics services (joint venture): Net profit contribution was approximately RMB 0.135 million, a year-on-year decrease of 97.46%65 Liquidity, Financial Resources and Capital Structure Asset-liability ratio rose to 50.32%, total borrowings decreased to RMB 274 million, with certain assets pledged as collateral Key Capital Structure Indicators | Indicator | 2024年6月30日 | 2023年12月31日 | | :--- | :--- | :--- | | Gearing Ratio (Total Liabilities/Total Assets) (%) | 50.32% | 45.56% | | Total Borrowings | 0.274 billion RMB | 0.352 billion RMB | PROSPECTS AND OUTLOOK Facing H1 performance declines in joint ventures, the Group's H2 strategy focuses on high-quality development, core business strengthening, cost reduction, and materials procurement transformation - The main reason for the significant performance decline in H1 was the substantial drop in performance of the electronic components supply chain logistics and cold chain logistics services segments, affected by market conditions and intensified competition7678 - H2 Strategy: - Strengthen core businesses, reduce costs, and improve efficiency - Expand automotive logistics business - Stabilize electronic components logistics and intensify market development - Promote the development of warehousing and multimodal transport businesses - Advance the transformation of materials procurement business into supply chain management services7778 Other Information This section provides additional disclosures not covered in the main financial statements or management discussion and analysis SUBSTANTIAL SHAREHOLDERS AND PERSONS HOLDING INTERESTS AND SHORT POSITIONS IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY As of June 30, 2024, substantial shareholders include Tianjin TEDA Investment Holding (42.45%) and Chia Tai Pharmaceutical Investment (21.82%) Substantial Shareholders' Shareholdings | Shareholder Name | Shareholding Percentage (%) | | :--- | :--- | | Tianjin TEDA Investment Holding Co., Ltd. | 42.45% | | Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd. | 21.82% | | Chia Tai Land Co., Ltd. | 8% | | Tianjin Port Development Holdings Limited | 5.64% |
滨海泰达物流(08348) - 2024 - 中期财报