海丰国际(01308) - 2025 - 中期业绩

Financial Highlights The company achieved significant growth in revenue, gross profit, and net profit in the first half of 2025, with a notable increase in basic earnings per share and interim dividends Financial Performance Summary | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,664.5 | 1,300.5 | 28.0% | | Gross Profit | 669.4 | 402.6 | 66.3% | | Gross Margin | 40.2% | 31.0% | +9.2pp | | Profit | 633.4 | 352.8 | 79.5% | | Basic Earnings Per Share | 0.24 | 0.13 | 84.6% | | Interim Dividend (per share HKD) | 1.30 | 0.72 | 80.6% | Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group reported a 28.0% revenue increase to $1,664.5 million, a 66.3% gross profit rise to $669.4 million, and a 79.5% profit increase to $633.4 million, with basic EPS reaching $0.24 Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Revenue | 1,664,489 | 1,300,521 | | Cost of Sales | (995,058) | (897,906) | | Gross Profit | 669,431 | 402,615 | | Other Income and Gains/(Losses) Net | 37,822 | 20,228 | | Administrative Expenses | (67,809) | (63,824) | | Other Expenses Net | (1,673) | (399) | | Finance Costs | (8,466) | (7,345) | | Share of Profits of Joint Ventures | 13,348 | 10,491 | | Share of Profits of Associates | 954 | 612 | | Profit Before Tax | 643,607 | 362,378 | | Income Tax | (10,159) | (9,532) | | Profit for the Period | 633,448 | 352,846 | | Total Comprehensive Income for the Period | 647,438 | 349,327 | | Basic Earnings Per Share Attributable to Owners of the Company | 0.24 | 0.13 | - Other comprehensive income shifted from a loss of $3,519 thousand in H1 2024 to a gain of $13,990 thousand in H1 2025, primarily due to positive foreign exchange differences from overseas operations[7][9] Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets increased to $2,221.9 million, with net current assets significantly improving to $632.9 million, reflecting a robust asset base and enhanced liquidity Statement of Financial Position | Indicator | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Non-current Assets | | | | Property, Plant and Equipment | 1,835,929 | 1,827,726 | | Right-of-use Assets | 275,655 | 235,841 | | Total Non-current Assets | 2,221,864 | 2,174,554 | | Current Assets | | | | Cash and Bank Balances | 798,996 | 744,494 | | Total Current Assets | 1,118,002 | 1,023,519 | | Current Liabilities | | | | Trade Payables | 281,629 | 233,680 | | Bank Borrowings | 13,170 | 114,981 | | Total Current Liabilities | 485,105 | 544,756 | | Non-current Liabilities | | | | Bank Borrowings | 60,469 | 51,876 | | Total Non-current Liabilities | 268,133 | 231,813 | | Equity | | | | Equity Attributable to Owners of the Company | 2,564,540 | 2,404,236 | | Total Equity | 2,586,628 | 2,421,504 | | Net Current Assets | 632,897 | 478,763 | Notes to the Interim Condensed Consolidated Financial Information Corporate Information SITC International Holdings Company Limited, incorporated in the Cayman Islands, primarily provides integrated shipping logistics services, with Resourceful Link Management Limited as its direct holding company - The Group primarily provides integrated shipping logistics services, including container shipping, freight forwarding, shipping agency, yard, warehousing, land leasing, and other services[12] - The Company's direct holding company is Resourceful Link Management Limited, incorporated in the British Virgin Islands, and its ultimate holding company is Better Master Limited[12] Basis of Preparation and Accounting Policies The interim condensed consolidated financial information is prepared in USD under HKAS 34 and Appendix D2 of the Listing Rules, with no material impact from the newly adopted HKAS 21 amendment - The interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[13] - The amendment to HKAS 21, "Lack of Exchangeability," has no impact on the interim condensed consolidated financial information as the Group's transaction and functional currencies are exchangeable[15] Operating Segment Information The Group operates as a single operating segment, as the chief operating decision-maker reviews overall performance and financial position on a consolidated basis - The Group has only a single operating segment, as the chief operating decision-maker (i.e., the executive directors of the Company) reviews the Group's overall results and financial position[16] Revenue The Group's revenue primarily derives from contracts with customers, totaling $1,663.4 million in the first half of 2025, constituting the vast majority of total revenue Revenue Sources | Revenue Source | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 1,663,385 | 1,299,443 | | Other Rental Income | 1,104 | 1,078 | | Total | 1,664,489 | 1,300,521 | Finance Costs The Group's finance costs, primarily from bank borrowings and lease liabilities, increased to $8.5 million in H1 2025, mainly due to higher interest on lease liabilities Finance Costs Breakdown | Finance Cost Item | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 3,288 | 3,180 | | Interest on Lease Liabilities | 5,097 | 4,107 | | Increase in Discounting of Provision for Restoration Costs | 81 | 58 | | Total Finance Costs | 8,466 | 7,345 | Profit Before Tax The Group's profit before tax significantly increased, driven by revenue growth and improved gross margin, with a decrease in bunker fuel costs partially offset by higher other service costs Cost of Sales Components | Cost Item | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Bunker Fuel Costs Consumed | 150,190 | 158,762 | | Other Service Costs | 844,868 | 739,144 | | Total | 995,058 | 897,906 | | Depreciation of Property, Plant and Equipment | 2,276 | 2,043 | | Depreciation of Right-of-use Assets | 1,472 | 1,282 | | Net Impairment Loss on Trade Receivables | 516 | 8 | - A net loss of $603 thousand was recorded from the disposal of a joint venture in H1 2025, with no comparable item in H1 2024[19] Income Tax Income tax expense slightly increased to $10.2 million, reflecting the growth in taxable profit, with rates varying across mainland China, Hong Kong, and other jurisdictions Income Tax Expense by Region | Region | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Mainland China | 3,206 | 3,250 | | Hong Kong | 254 | 452 | | Other Countries/Regions | 6,699 | 5,830 | | Total Current Period Tax Expense | 10,159 | 9,532 | - Income tax expense attributable to joint ventures and associates increased to $4,364 thousand, up from the prior year[21] Interim Dividends The Board resolved to declare an interim dividend of HKD 1.30 per share (equivalent to $0.17), a substantial increase from HKD 0.72 in the prior period, totaling $447.1 million Interim Dividend Details | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interim Dividend Per Share (HKD) | 1.30 | 0.72 | | Interim Dividend Per Share (USD) | 0.17 | 0.09 | | Total Interim Dividends (thousand USD) | 447,118 | 247,264 | Earnings Per Share Attributable to Owners of the Company Basic earnings per share attributable to owners of the Company reached $0.24, and diluted earnings per share were $0.23, both showing significant year-on-year growth, indicating enhanced profitability Earnings Per Share Calculation | Indicator | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company Used for Basic and Diluted EPS Calculation | 629,995 | 350,674 | | Weighted Average Number of Ordinary Shares Used for Basic EPS Calculation | 2,653,048,042 | 2,645,698,301 | | Weighted Average Number of Ordinary Shares Used for Diluted EPS Calculation | 2,691,188,536 | 2,683,158,629 | - Diluted earnings per share calculation considers the dilutive effect of shares held under share options and share award schemes[24][25] Trade Receivables As of June 30, 2025, total trade receivables were $170.4 million, a slight decrease from year-end 2024, with the majority due within one month Trade Receivables Aging Analysis | Aging | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Within 1 Month | 134,718 | 147,346 | | 1 to 2 Months | 20,095 | 15,834 | | 2 to 3 Months | 7,797 | 6,883 | | Over 3 Months | 7,780 | 4,608 | | Total | 170,390 | 174,671 | Trade Payables As of June 30, 2025, total trade payables increased to $281.6 million from year-end 2024, with the largest portion due within one month Trade Payables Aging Analysis | Aging | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Within 1 Month | 225,806 | 177,660 | | 1 to 2 Months | 20,963 | 23,260 | | 2 to 3 Months | 9,602 | 6,931 | | Over 3 Months | 25,258 | 25,829 | | Total | 281,629 | 233,680 | Management Discussion and Analysis Overview and Business Review SITC International, a leading Asian shipping logistics group, expanded its service network to 82 trade routes and a fleet of 119 vessels with 185,787 TEU capacity in H1 2025, optimizing operations for global trade changes - The Group is one of Asia's leading shipping logistics groups, providing integrated transportation and logistics solutions, focusing on the Asian market[28][29] Operational Highlights | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Trade Routes | 82 | 78 | | Number of Ports Covered | 82 | - | | Fleet Size (vessels) | 119 | - | | Total Capacity (TEU) | 185,787 | - | | Owned Vessels (vessels) | 101 | - | | Leased Vessels (vessels) | 18 | - | | Average Age of Vessels (years) | 9.4 | - | | Yard Area (square meters) | Approx. 2,100,000 | - | | Warehouse Area (square meters) | Approx. 180,000 | - | - Capital expenditure for H1 2025 was $72.1 million, with $31.9 million for container purchases and $30.8 million for container vessels[30] - The Group will optimize its unique operating model, focus on expanding its service network in Asia, increase route density, extend the sea-land integrated service value chain, and strengthen refined management to reduce costs and enhance efficiency[31] Financial Performance Analysis This section details the Group's H1 2025 financial performance, including revenue, costs, profit, and expenses, highlighting key drivers of significant profitability improvement such as increased volume, freight rates, and asset disposal gains Revenue Analysis Group revenue increased by 28.0% to $1,664.5 million, primarily driven by a 7.3% growth in container volume and a 22.8% increase in average freight rates (excluding slot exchange fees) Revenue Performance | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (million USD) | 1,664.5 | 1,300.5 | +28.0% | | Container Volume (TEU) | 1,829,665 | 1,705,164 | +7.3% | | Average Freight Rate (USD/TEU) | 776.4 | 632.4 | +22.8% | Revenue Composition | Revenue Component | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Container Shipping and Extended Logistics Revenue | 1,512,689 | 1,160,241 | | Other Container Logistics Revenue | 150,696 | 139,202 | | Other Revenue | 1,104 | 1,078 | Cost of Sales Analysis Cost of sales increased by 10.8% to $995.1 million, mainly due to higher equipment and cargo transportation costs and container shipping vessel costs Cost of Sales Breakdown | Cost Item | H1 2025 (million USD) | H1 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 995.1 | 897.9 | +10.8% | | Equipment and Cargo Transportation Costs | 520.5 | 458.6 | +13.5% | | Container Shipping Vessel Costs | 151.9 | 122.1 | +24.4% | - Voyage costs slightly decreased from $204.7 million to $198.7 million[32] Gross Profit and Gross Margin Analysis Gross profit surged by 66.3% to $669.4 million, with the gross margin improving from 31.0% to 40.2%, demonstrating effective revenue growth and cost control Gross Profit and Margin Performance | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit | 669.4 | 402.6 | +66.3% | | Gross Margin | 40.2% | 31.0% | +9.2pp | Other Income and Gains Analysis Net other income and gains (excluding bank interest and fair value gains on financial assets) increased to $18.0 million, primarily due to a significant rise in gains from the disposal of container vessels Other Income and Gains | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Net Other Income and Gains | 18.0 | 7.8 | +10.2 | | Gains on Disposal of Vessels | 13.8 | 3.4 | +10.4 | Bank Interest and Investment Income Analysis Bank interest income, other investment income, and fair value gains on financial assets collectively increased to $19.8 million, mainly attributable to higher average deposit balances Bank Interest and Investment Income | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | | :--- | :--- | :--- | | Bank Interest, Other Investment Income and Fair Value Gains on Financial Assets | 19.8 | 12.4 | - The increase is primarily attributable to higher average deposit balances compared to the previous year[38] Administrative Expenses Analysis Administrative expenses increased by 6.2% to $67.8 million, primarily due to an overall rise in staff costs Administrative Expenses | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 67.8 | 63.8 | +6.2% | - The increase in administrative expenses is primarily attributable to an overall increase in staff costs[39] Other Expenses Net Analysis Net other expenses increased to $1.7 million, mainly due to impairment provisions for assets and losses on disposal of financial assets Other Expenses Net | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | | :--- | :--- | :--- | | Other Expenses Net | 1.7 | 0.4 | - The increase is primarily attributable to impairment provisions for assets and losses on disposal of financial assets[40] Finance Costs Analysis Finance costs increased to $8.5 million, primarily driven by higher interest on lease liabilities Finance Costs | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | | :--- | :--- | :--- | | Finance Costs | 8.5 | 7.3 | - The increase in finance costs is primarily attributable to higher interest on lease liabilities[41] Share of Profits of Joint Ventures and Associates Analysis Share of profits from joint ventures increased by 27.2% to $13.3 million, mainly due to higher profits from certain jointly controlled freight forwarding and yard companies, with associates' profits also rising to $1.0 million Share of Profits | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Share of Profits of Joint Ventures | 13.3 | 10.5 | +27.2% | | Share of Profits of Associates | 1.0 | 0.6 | +66.7% | Profit Before Tax Analysis Profit before tax significantly increased to $643.6 million, reflecting the combined impact of the aforementioned revenue and cost factors Profit Before Tax | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | | :--- | :--- | :--- | | Profit Before Tax | 643.6 | 362.4 | Income Tax Expense Analysis Income tax expense increased to $10.2 million, primarily due to the rise in taxable profit Income Tax Expense | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | | :--- | :--- | :--- | | Income Tax Expense | 10.2 | 9.5 | Profit for the Period Analysis Profit for the period substantially increased by $280.6 million to $633.4 million, demonstrating a significant enhancement in the Group's overall profitability Profit for the Period | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 633.4 | 352.8 | +280.6 | Liquidity, Financial and Capital Resources The Group's total assets grew to $3,339.9 million, total liabilities decreased to $753.2 million, and the current ratio improved to 2.3, with a capital gearing ratio maintained at 0%, indicating strong liquidity and a robust financial position Liquidity and Financial Position | Indicator | June 30, 2025 (million USD) | December 31, 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | 3,339.9 | 3,198.1 | +4.4% | | Total Liabilities | 753.2 | 776.6 | -3.0% | | Cash and Cash Equivalents | 799.0 | 744.5 | +7.3% | | Secured Interest-bearing Bank Loans | 58.6 | - | - | | Current Ratio | 2.3 | 1.9 | +0.4 | | Capital Gearing Ratio | 0% | 0.9% | -0.9pp | - The Group does not hold foreign exchange hedging instruments and manages foreign exchange risk by closely monitoring currency fluctuations[47] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[49] Pledged Assets The Group's bank loans are secured by vessels with a net book value of approximately $120.3 million and land mortgages of $10.4 million Pledged Assets | Pledged Asset | June 30, 2025 (million USD) | December 31, 2024 (million USD) | | :--- | :--- | :--- | | Vessels | 120.3 | 222.3 | | Land | 10.4 | 9.9 | Employees and Remuneration Policy As of June 30, 2025, the Group employed 2,252 full-time staff, with employee costs rising to $103.1 million, and adopted a new share scheme to incentivize staff based on performance and market levels Employee Information | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 2,252 | 2,132 | | Employee Costs (million USD) | 103.1 | 97.4 | - The Group adopted a new share scheme on April 26, 2024, to provide incentives to eligible participants and promote business development[51] Material Investments, Acquisitions and Disposals In H1 2025, the Group took delivery of two new container vessels and exercised options to build two more for a total of $58.0 million, with no other material investment, acquisition, or disposal activities - During the six months ended June 30, 2025, two new container vessels were delivered[52] - SITC Shipowner Company Limited exercised options to build two container vessels for a total consideration of $58.0 million[52] Future Plans for Material Investments or Capital Assets The Company plans to continue purchasing container vessels and containers and investing in logistics projects, expecting internal financial resources and bank borrowings to meet funding requirements - The Company will continue to purchase container vessels and containers and invest in logistics projects at appropriate times[53] - The Company expects its internal financial resources and bank borrowings to be sufficient to meet the required funding needs[53] Events After the Reporting Period Subsequent to the reporting period, SITC Shipowner Company Limited, a wholly-owned subsidiary, entered into shipbuilding contracts on August 2, 2025, for four 2,700 TEU container vessels, with a maximum total consideration of $152,720,000 - On August 2, 2025, SITC Shipowner Company Limited, a wholly-owned subsidiary of the Company, entered into shipbuilding contracts for four 2,700 TEU container vessels, with a maximum total consideration of $152,720,000[54] Interim Dividends The Board resolved to declare an interim dividend of HKD 1.30 per share (equivalent to $0.17) to shareholders on record as of September 4, 2025, payable on or before September 16, 2025 - The Board resolved to declare an interim dividend of HKD 1.30 per share (equivalent to $0.17) for the six months ended June 30, 2025, to shareholders on record at the close of business on Thursday, September 4, 2025[56] - The dividend is expected to be paid on or before Tuesday, September 16, 2025[56] Closure of Register of Members To determine eligibility for the interim dividend, the Company will suspend its register of members from September 1 to September 4, 2025, requiring shareholders to complete transfer registrations by 4:30 p.m. on August 29, 2025 - The Company will suspend its register of members from Monday, September 1, 2025, to Thursday, September 4, 2025 (both days inclusive)[58] - To be eligible for the interim dividend, shareholders must lodge all transfer documents with the relevant share certificates at the Company's Hong Kong share registrar by 4:30 p.m. on Friday, August 29, 2025[58] Other Information and Corporate Governance Share Transactions During the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, redeemed, or sold any of its listed securities, and no treasury shares were held - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[59] - As of June 30, 2025, the Company did not hold any treasury shares[59] Corporate Governance The Company is committed to maintaining stringent corporate governance practices and confirmed compliance with the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, with no deviations during the six months ended June 30, 2025[60] Model Code for Securities Transactions by Directors The Board adopted the Model Code for Securities Transactions by Directors of Listed Issuers from Appendix C3 of the Listing Rules, establishing a company code no less stringent, with all directors confirming compliance - The Board has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules and has established a company code no less stringent than the Model Code[61] - Following specific inquiries with all Directors, they have confirmed compliance with the required standards under the Model Code and the Company Code for the six months ended June 30, 2025[61] Audit Committee The Audit Committee, comprising three independent non-executive directors, reviewed the Group's accounting principles, internal controls, and financial reporting matters, including the interim results - The Company's Audit Committee comprises three independent non-executive directors: Dr. Liu Ka Ying, Eileen (Chairperson), Mr. Tse Siu Yui, and Dr. Hu Mantian[62] - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters, including the unaudited interim results for the six months ended June 30, 2025[62] Publication of Results This interim results announcement is published on the websites of Hong Kong Exchanges and Clearing Limited and the Company, with the interim report to be available on these sites in due course - This interim results announcement is published on the websites of Hong Kong Exchanges and Clearing Limited (http://www.hkexnews.hk) and the Company (http://www.sitc.com)[63](index=63&type=chunk) Board Information This announcement is issued by Mr. Yang Xianxiang, Chairman of the Board, on behalf of the Board, which comprises four executive, one non-executive, and three independent non-executive directors as of the announcement date - This announcement is issued by Mr. Yang Xianxiang, Chairman of the Board, on behalf of the Board[64] - As of the date of this announcement, the Company's executive directors are Mr. Yang Xianxiang, Mr. Xue Mingyuan, Mr. Liu Kecheng, and Mr. Lai Zhiyong; the non-executive director is Ms. Yang Xin; and the independent non-executive directors are Mr. Tse Siu Yui, Dr. Liu Ka Ying, Eileen, and Dr. Hu Mantian[65]