飞力达(300240) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important notices, lists reference documents, and defines key terms used throughout the report Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with no plans for cash dividends or share transfers from capital reserves - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for any misstatements or omissions[3] - Company head Yao Qin, chief accountant Li Weiyue, and head of accounting department Li Weiyue declare that the financial report in this semi-annual report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Catalogue of Reference Documents This section lists the company's semi-annual report reference documents, including signed financial statements and publicly disclosed company announcements - Reference documents include financial statements signed and sealed by the company's legal representative, chief accountant, and head of accounting department[8] - Reference documents also include all original company documents and announcements publicly disclosed on media designated by the China Securities Regulatory Commission during the reporting period[9] Definitions This section provides definitions for common terms used in the report, covering company names, subsidiaries, reporting periods, and industry-specific terminology - "The Company, Company, Share Company, Feiliks Logistics" refers to Jiangsu Feiliks International Logistics Co., Ltd[13] - "Reporting Period" refers to January 1, 2025, to June 30, 2025[16] - "Brand Owner" refers to an IT manufacturer with its own brand, responsible for placing OEM orders and paying processing fees[16] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and presents key accounting data and financial indicators for the reporting period Company Profile Jiangsu Feiliks International Logistics Co., Ltd., trading as "Feiliks" (stock code 300240) on the Shenzhen Stock Exchange, is led by legal representative Yao Qin - Company stock abbreviation: Feiliks, stock code: 300240[18] - Company's stock exchange: Shenzhen Stock Exchange[18] - The company's legal representative is Yao Qin[18] Contact Person and Information The company's Board Secretary, Zhang Yu, and Securities Affairs Representative, Li Na, share the same contact address, telephone, and email - Board Secretary: Zhang Yu, Securities Affairs Representative: Li Na[19] - Contact address: No. 999 Meigui Road, Kunshan Development Zone, Jiangsu Province[19] - Email: dshmsc@feiliks.com[19] Other Information While company contact details and registration remained unchanged, the company's business scope was updated following approvals from the 2024 Board of Directors and Shareholders' Meetings - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period[20] - The company's information disclosure and document storage locations remained unchanged during the reporting period[21] - The company's registration status remained unchanged during the reporting period[22] - The company's business scope was approved for change by the 2024 Annual Board of Directors and 2024 Annual Shareholders' Meetings[23] Key Accounting Data and Financial Indicators In the first half of 2025, the company experienced a 7.57% revenue decrease, but net profit attributable to shareholders increased by 39.69%, with a significant 713.21% rise in non-recurring adjusted net profit 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,030,716,788.86 | 3,278,894,300.30 | -7.57% | | Net Profit Attributable to Listed Company Shareholders | 29,867,555.61 | 21,382,051.62 | 39.69% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 14,587,464.58 | 1,793,804.81 | 713.21% | | Net Cash Flow from Operating Activities | 180,791,674.64 | -1,877,798.91 | 9,727.85% | | Basic Earnings Per Share (RMB/share) | 0.0804 | 0.0577 | 39.34% | | Diluted Earnings Per Share (RMB/share) | 0.0804 | 0.0577 | 39.34% | | Weighted Average Return on Net Assets | 2.09% | 1.47% | 0.62% | | As of Current Reporting Period End (RMB) | As of Prior Year End (RMB) | Change from Prior Year End (%) | | | Total Assets | 4,019,794,341.32 | 3,957,911,270.14 | 1.56% | | Net Assets Attributable to Listed Company Shareholders | 1,430,276,971.31 | 1,434,561,652.90 | -0.30% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under international accounting standards and those under Chinese accounting standards during the reporting period[25] - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and those under Chinese accounting standards during the reporting period[26] Non-Recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for the reporting period amounted to 15.28 million RMB, primarily from non-current asset disposals, government grants, and fair value changes of financial assets and liabilities 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the portion offset by impairment provisions) | 7,065,415.92 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 19,199,062.66 | | Gains or losses from changes in fair value of financial assets and liabilities, and from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 712,564.44 | | Other non-operating income and expenses apart from the above | -2,743,142.62 | | Less: Income tax impact | 4,436,028.75 | | Impact on minority interests (after tax) | 4,517,780.62 | | Total | 15,280,091.03 | Management Discussion and Analysis This section details the company's main business activities, core competencies, financial performance, and risk management strategies during the reporting period Company's Main Business Activities During the Reporting Period As an integrated supply chain management service provider, the company focuses on advanced manufacturing, particularly in electronics and new energy, leveraging data and technology to achieve significant net profit growth amidst a stable logistics industry - The company firmly implements a data and technology-driven dual-wheel strategy, committed to becoming a "data-tech driven smart manufacturing supply chain management expert"[33] - The company continues to focus on advanced manufacturing, deeply cultivating the electronic information industry, and actively expanding into smart manufacturing sectors such as automotive and new energy[33] - In the first half of 2025, the national social logistics aggregate increased by 5.6% year-on-year, with strong logistics demand in high-end manufacturing, new energy vehicles, and semiconductor sectors[31][32] Industry Development During the Reporting Period In the first half of 2025, China's logistics industry saw a 5.6% growth in social logistics, driven by policy, technology, and green transformation, with strong demand from high-end manufacturing and a focus on smart and green logistics - In the first half of 2025, the national social logistics aggregate was 171.3 trillion RMB, an increase of 5.6% year-on-year at comparable prices[31] - Logistics demand in high-end manufacturing, new energy vehicles, and semiconductor sectors showed strong growth, with smart logistics and green logistics becoming core drivers of industry revenue growth[32] - At the policy level, the "14th Five-Year Plan for Modern Logistics Development" is in its final stage, with significant achievements in multimodal transport and green low-carbon initiatives[31] Overview of Company's Main Business During the Reporting Period The company aims to be a "data-tech driven smart manufacturing supply chain management expert," focusing on advanced manufacturing, especially electronics, and expanding into automotive and new energy sectors with integrated solutions and green logistics innovations - The company's vision is to become a "data-tech driven smart manufacturing supply chain management expert," and its mission is to "help smart manufacturing enterprises improve supply chain management efficiency, build green supply chains, and create value for customers"[33] - The company continues to focus on advanced manufacturing, deeply cultivating the electronic information industry, and actively laying out smart manufacturing industry tracks such as automotive and new energy[33] - The company deepens its expansion into supply chain logistics services, focusing on brand owner customers to build VMI, distribution, and spare parts distribution center management models, while simultaneously expanding diversified supply chain services such as manufacturer VMI and supplier DC[33] Company's Main Products and Services During the Reporting Period The company's core businesses include comprehensive logistics services, encompassing warehousing, transportation, and value-added services, and international freight forwarding, with a global network spanning over 50 countries - The company's main business is providing supply chain management services to smart manufacturing enterprises, divided into comprehensive logistics services and international freight forwarding logistics services[35] - Comprehensive logistics services include VMI/DC CKD management, production logistics management, finished product logistics, road transport warehousing and distribution logistics, multimodal transport, circulation processing, service outsourcing, global after-sales spare parts logistics, and low-carbon green circular packaging services[35][36][37] - International freight forwarding services cover sea freight logistics and air freight logistics, with a service network covering over 50 countries and regions worldwide[36][45] Brief Operating Analysis for the First Half of the Year In H1 2025, the company achieved significant net profit growth by optimizing customer structure, expanding international networks, and advancing digital and lean operations, with notable revenue increases in overseas markets like Thailand and the US - The company deepened customer value management, strengthened cooperation with core customers, and strategically focused on high-value industry customers in high-end manufacturing and new energy[47] - Overseas business continued to accelerate the release of international network efficiency, with over 300 customers served in Southeast Asia and the expansion of "forward logistics + reverse services" integrated solutions in North America[49] - The company firmly promoted digital transformation and lean operations, deepened its "dual-platform" strategy, embraced AI applications, and promoted automation technologies such as automatic sorting systems and unmanned handling robots within the group[50] 2025 First Half Financial Performance | Indicator | Amount (10,000 RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 303,071.68 | Slight decrease | | Net Profit Attributable to Listed Company Shareholders | 2,986.76 | 39.69% | | Financial Expenses | - | Decrease of 12.10% | Analysis of Core Competencies The company's core strengths include extensive smart warehousing resources, a global network, data and technology-driven operations, a stable base of industry-leading clients, and an experienced management and technical team - As of the end of the reporting period, the company owns or manages over 1.106 million square meters of warehousing resources and continuously improves warehouse intelligence to build smart warehouses[52] - The company has established a vast service system covering eight major domestic ports, major national airports, and radiating to over 50 countries and regions worldwide[53] - With the vision of "becoming a data-tech driven smart manufacturing supply chain management expert," the company collaborates with Alibaba Cloud and Deloitte to promote "dual-platform" digital transformation and embrace AI applications[54][55] - The company has accumulated numerous well-known high-quality customers in smart manufacturing, spanning electronic information manufacturing, automotive and parts, new energy, and photovoltaic industries[56] - The company possesses a stable, professional, and efficient management team and professional technical team with rich industry experience[57] Analysis of Main Business The company's main business revenue decreased by 7.57% due to a strategic reduction in low-margin operations, yet comprehensive logistics services revenue grew by 3.42% with improved gross margin, while international freight forwarding revenue declined Main Business Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,030,716,788.86 | 3,278,894,300.30 | -7.57% | Primarily due to the company's proactive reduction of low-margin business revenue in the current reporting period | | Operating Costs | 2,803,214,925.76 | 3,057,510,747.21 | -8.32% | Primarily due to the company's proactive reduction of low-margin business leading to a decrease in costs in the current reporting period | | Financial Expenses | 23,649,341.16 | 26,905,920.21 | -12.10% | Primarily due to lower revolving loan balance, reduced interest rates, and decreased exchange losses in the current period | | R&D Investment | 12,848,148.21 | 11,347,185.92 | 13.23% | Primarily due to increased R&D investment in digital employee platform, customs integration, and platform projects in the current reporting period | | Net Cash Flow from Operating Activities | 180,791,674.64 | -1,877,798.91 | 9,727.85% | Primarily due to the company's reduction of low-margin business, decrease in cost expenditures, and strengthened accounts receivable collection management | Products or Services Accounting for Over 10% | By Product or Service | Operating Revenue (RMB) | Operating Costs (RMB) | Gross Margin (%) | YoY Operating Revenue Change (%) | YoY Operating Costs Change (%) | YoY Gross Margin Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | International Freight Forwarding | 1,722,254,031.24 | 1,624,444,778.82 | 5.68% | -14.47% | -14.24% | -0.26% | | Comprehensive Logistics Services | 1,308,462,757.62 | 1,178,770,146.94 | 9.91% | 3.42% | 1.33% | 1.86% | | By Region | | | | | | | | Suzhou Region | 720,851,796.65 | 584,288,712.55 | 18.94% | -18.12% | -19.39% | 1.27% | | Shanghai Region | 770,504,967.19 | 821,632,654.56 | -6.64% | -11.63% | -10.86% | -0.93% | | Southwest Region | 145,102,328.98 | 137,099,107.04 | 5.52% | 16.89% | 12.70% | 3.52% | Analysis of Non-Main Business The company reported no non-main business analysis during the reporting period Analysis of Assets and Liabilities At the end of the reporting period, total assets increased by 1.56% from the previous year-end, primarily due to increased investment in the South China supply chain service base project and related financing, while net assets attributable to shareholders slightly decreased Significant Changes in Asset Composition | Item | Amount at Period End (RMB) | % of Total Assets | Amount at Prior Year End (RMB) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 4,019,794,341.32 | 100.00% | 3,957,911,270.14 | 100.00% | 1.56% | - | | Construction in Progress | 212,134,883.18 | 5.28% | 143,070,956.57 | 3.61% | 1.67% | Primarily due to increased investment in the company's South China Dongguan Supply Chain Service Base project | | Long-Term Borrowings | 252,876,445.46 | 6.29% | 196,987,371.50 | 4.98% | 1.31% | Primarily due to increased bank financing for the company's South China Dongguan Supply Chain Service Base project construction | | Net Assets Attributable to Listed Company Shareholders | 1,430,276,971.31 | 35.58% | 1,434,561,652.90 | 36.25% | -0.30% | - | - The company reported no major overseas assets during the reporting period[67] - The company's financial assets measured at fair value totaled 164,220,336.96 RMB at period-end, primarily including trading financial assets and other equity instrument investments[69] Analysis of Investment Status The company's investment increased by 4.84% during the reporting period, with significant non-equity investment in the Dongguan electronic components warehousing project and financial asset investments including funds and wealth management products Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 84,363,312.08 | 80,467,556.32 | 4.84% | - The company reported no significant equity investments during the reporting period[71] Significant Non-Equity Investments in Progress | Project Name | Investment Method | Investment Amount (10,000 RMB) | Cumulative Investment Amount as of Period End (10,000 RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Dongguan Feiliks Electronic Components Warehousing and Distribution Center Project | Self-built | 61,704.87 | 33,348.87 | Own funds, loans | Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (RMB) | Source of Funds | | :--- | :--- | :--- | | Funds | 158,342,306.91 | Own funds | | Other (Wealth Management) | 700,000.00 | Own funds | | Total | 159,042,306.91 | - | Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (10,000 RMB) | Unexpired Balance at Period End (10,000 RMB) | | :--- | :--- | :--- | | Bank Wealth Management Products | 12,735.7 | 70 | Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[80] - The company did not dispose of significant equity during the reporting period[81] Analysis of Major Holding and Participating Companies The company's key subsidiaries, including Kunshan Feili Warehousing Services and Shanghai Feiliks International Logistics, significantly contributed to revenue and net profit, with one new subsidiary established and two deregistered during the period Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Kunshan Feili Warehousing Services Co., Ltd. | Subsidiary | Comprehensive Logistics | 1.2283 million USD | 103,152,721.33 | 5,299,900.75 | | Feiliks Logistics (Shenzhen) Co., Ltd. | Subsidiary | International Freight Forwarding | 1.79 million USD | 85,084,018.60 | -5,004,112.44 | | Shanghai Feiliks International Logistics Co., Ltd. | Subsidiary | International Freight Forwarding | 100 million RMB | 928,380,511.51 | 5,721,740.21 | | Dongguan Feiliks Supply Chain Management Co., Ltd. | Subsidiary | Comprehensive Logistics | 10 million RMB | 69,716,940.91 | 10,269,353.10 | | Feiliks Supply Chain Management (Vietnam) Co., Ltd. | Subsidiary | International Freight Forwarding | 0.5 million USD | 112,151,089.43 | 6,185,715.33 | - During the reporting period, the company invested in and established Suzhou Feiliks Hongwei Supply Chain Management Co., Ltd., and deregistered Feiliks Aoyuan (Jiangsu) Shipping Co., Ltd. and Shanxi Feiliks Supply Chain Management Co., Ltd[83] Information on Structured Entities Controlled by the Company The company reported no structured entities under its control during the reporting period - The company reported no structured entities under its control during the reporting period[84] Risks Faced by the Company and Countermeasures The company addresses risks such as macroeconomic fluctuations, cross-industry expansion, management challenges, policy changes, exchange rate volatility, and IT system issues through market monitoring, talent development, system improvements, and hedging strategies - The company faces risks from macroeconomic fluctuations and will closely monitor market and policy changes to improve its risk prevention and control system[84] - The company faces risks from cross-industry development and new business expansion, and will strengthen experience summarization, industry research, talent cultivation, and make cautious decisions[84][85] - The company faces management and operational risks from enterprise expansion and will improve its corporate governance structure and internal control system, as well as integrate and optimize resources[85][86] - The company faces policy risks and will continuously monitor policy changes to accelerate the development of non-bonded business areas[86] - The company faces exchange rate risks and will strengthen awareness of exchange rate risk prevention, reducing risks through direct settlement by domestic companies and signing forward foreign exchange contracts[86][87] - The company faces risks in the R&D and operation of logistics information systems and will improve information system management policies, strengthen personnel risk awareness, and provide operational training[87] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company hosted two investor events during the reporting period, including an online performance briefing and an on-site visit to its Kunshan automated warehouse, discussing 2024 performance and operations - On April 30, 2025, the company held its 2024 annual performance briefing on the Panorama Network "Investor Relations Interactive Platform"[88] - On June 25, 2025, the company hosted CCTON Securities, Guishan Fund, and individual investors for an on-site visit at its Kunshan automated warehouse meeting room[88] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not disclose a market value management system or a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[89] - The company has not disclosed a valuation enhancement plan[90] Implementation of 'Quality and Return Dual Improvement' Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[90] Corporate Governance, Environment, and Society This section outlines the company's commitment to sound corporate governance, employee welfare, investor relations, social welfare, and environmental sustainability, including carbon management and green logistics initiatives Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[91] Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[92] Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[93] Environmental Information Disclosure The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[94] Social Responsibility The company actively fulfilled its social responsibilities by enhancing governance, protecting employee rights, managing investor relations, engaging in public welfare, and advancing green transformation with carbon management and low-carbon logistics innovations - The company strictly adheres to laws and regulations, improves its corporate governance structure, clarifies the responsibilities of the Shareholders' Meeting, Board of Directors, and Supervisory Board, providing institutional guarantees for standardized operations[94] - The company strictly complies with the "Labor Law," legally signs labor contracts with employees, handles social insurance and housing provident funds, and organizes employee health check-ups and travel[95] - The company values investor relations management, interacts with investors through various channels, and diligently fulfills its information disclosure obligations[95][96] - In the first half of 2025, the company's Party Branch and Labor Union jointly organized a blood donation event, and the South China region collected clothes for villagers in Jiayi Village, Dege County, Sichuan[96] - The company has continuously strengthened its organizational carbon management system for three consecutive years, completing the ISO14064-1 carbon verification for its 2024 organizational carbon data[96] - The company promotes multi-dimensional innovation in low-carbon transportation models, adding electric box trucks for regional distribution and launching a new China-Laos-Thailand railway transport service[97] - The company accelerates the green and smart upgrade of its warehousing, adding 32,000 square meters of rooftop photovoltaics in the first half of the year (totaling 87,800 square meters) and completing the smart lighting system renovation for its Suzhou warehouse[97] Significant Matters This section covers commitments, non-operating fund occupation, external guarantees, accounting firm appointments, audit reports, bankruptcy, litigation, penalties, integrity, related party transactions, significant contracts, and other important matters Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The company reported no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue and unfulfilled during the reporting period - The company reported no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[99] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company The company reported no non-operating funds occupied by controlling shareholders or other related parties of the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties of the listed company during the reporting period[100] Irregular External Guarantees The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[101] Appointment and Dismissal of Accounting Firms The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[102] Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's 'Non-Standard Audit Report' for the Current Period The company reported no non-standard audit report for the current period Board of Directors' Explanation of 'Non-Standard Audit Report' Related Matters for the Previous Year The company reported no non-standard audit report for the previous year Bankruptcy Reorganization Matters The company reported no bankruptcy reorganization matters during the reporting period - The company reported no bankruptcy reorganization matters during the reporting period[103] Litigation Matters The company had no significant litigation or arbitration matters. Other litigation and arbitration cases involved the company as plaintiff in six cases and as defendant in two cases, totaling 41.887 million RMB, all arising from routine operational contract disputes - The company had no significant litigation or arbitration matters during the reporting period[104] - The company was involved in 6 cases as plaintiff and 2 cases as defendant, totaling 41.887 million RMB, all being contract disputes arising from routine operations and management[105] Penalties and Rectification The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[106] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company provided no statement on the integrity status of itself, its controlling shareholder, or actual controller during the reporting period Significant Related Party Transactions The company reported no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions/disposals, joint investments, or related party debt/credit - The company reported no related party transactions related to daily operations during the reporting period[107] - The company reported no related party transactions involving asset or equity acquisitions or disposals during the reporting period[108] - The company reported no related party debt or credit transactions during the reporting period[110] Significant Contracts and Their Performance As of the reporting period end, the company leased 613,000 square meters of warehouse space and provided 623 million RMB in joint liability guarantees for its subsidiaries, with no other significant operating or other contracts - As of the end of the reporting period, the company leased 613,000 square meters of warehouse space[116] Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 RMB) | Actual Guarantee Amount (10,000 RMB) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Feiliks Logistics (Shenzhen) Co., Ltd. | 1,500 | 0 | Joint and Several Liability Guarantee | No | | Feiliks Logistics (Shenzhen) Co., Ltd. | 2,000 | 0 | Joint and Several Liability Guarantee | No | | Shanghai Feiliks International Logistics Co., Ltd. | 3,000 | 0 | Joint and Several Liability Guarantee | No | | Shanghai Feiliks International Logistics Co., Ltd. | 4,000 | 0 | Joint and Several Liability Guarantee | No | | Dongguan Tongxin Julian Supply Chain Investment Co., Ltd. | 29,800 | 14,727.65 | Joint and Several Liability Guarantee | No | | Wholly-owned subsidiaries and controlled subsidiaries within the scope of consolidated financial statements | 22,000 | 10,964.09 | Joint and Several Liability Guarantee | No | - The company reported no significant contracts related to daily operations during the reporting period[121] - The company reported no other significant contracts during the reporting period[122] Explanation of Other Significant Matters The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[123] Significant Matters of Company Subsidiaries The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[124] Share Changes and Shareholder Information This section details the company's share capital structure, shareholder numbers, top shareholders, and changes in shareholdings of directors, supervisors, and senior management Share Change Information The company's total share capital remained unchanged at 371,562,950 shares, with restricted shares accounting for 2.20% and unrestricted shares for 97.80% Share Change Information | Category | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 8,184,071 | 2.20% | 0 | 8,184,071 | 2.20% | | II. Unrestricted Shares | 363,378,879 | 97.80% | 0 | 363,378,879 | 97.80% | | III. Total Shares | 371,562,950 | 100.00% | 0 | 371,562,950 | 100.00% | - During the reporting period, the company's total share capital remained unchanged[127] Securities Issuance and Listing The company reported no securities issuance or listing activities during the reporting period Number of Shareholders and Shareholding Information As of the reporting period end, the company had 32,821 common shareholders. Among the top ten shareholders, Kunshan Yatong Automobile Maintenance Service Co., Ltd., Kunshan Feida Investment Management Co., Ltd., and Kunshan Jilida Investment Consulting Co., Ltd. are acting in concert, holding over 32% of shares. Kunshan Feida Investment Management Co., Ltd. has 4,000,000 shares pledged - As of the end of the reporting period, the total number of common shareholders was 32,821[128] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period End (shares) | Change During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kunshan Yatong Automobile Maintenance Service Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.08% | 41,160,000 | -1,230,000 | 41,160,000 | Not applicable | | Kunshan Feida Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.08% | 41,160,000 | -1,230,000 | 41,160,000 | Pledged 4,000,000 | | Kunshan Jilida Investment Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 10.49% | 38,993,625 | -1,230,000 | 38,993,625 | Not applicable | | Kunshan Venture Capital Holding Group Co., Ltd. | State-Owned Legal Person | 9.15% | 33,988,478 | 0 | 33,988,478 | Not applicable | - Among the top 10 shareholders, Kunshan Yatong Automobile Maintenance Service Co., Ltd., Kunshan Feida Investment Management Co., Ltd., and Kunshan Jilida Investment Consulting Co., Ltd. are acting in concert[129] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period[131] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[132] - The company's actual controller remained unchanged during the reporting period[132] Preferred Share Information The company reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[133] Bond-Related Information The company reported no bond-related information during the reporting period Financial Report This section includes the audit report, comprehensive financial statements, company basic information, basis of preparation, significant accounting policies, taxation details, and extensive notes to consolidated and parent company financial statement items Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[137] Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[138][142][147][152][154][156][158][165] Company Basic Information Jiangsu Feiliks International Logistics Co., Ltd., headquartered in Kunshan, specializes in integrated logistics and international freight forwarding, with its financial statements approved by the Board on August 15, 2025 - Jiangsu Feiliks International Logistics Co., Ltd.'s registered address and headquarters address are both No. 999 Meigui Road, Kunshan Development Zone[171] - The company's main business includes comprehensive logistics services, primarily supply chain solutions and warehousing and distribution services, as well as international freight forwarding logistics services, primarily sea and air freight agency[171] - These financial statements were approved for issuance by the Board of Directors on August 15, 2025[171] Basis of Preparation for Financial Statements The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant CSRC disclosure regulations, with no factors significantly impacting its going concern ability within 12 months - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)" published by the China Securities Regulatory Commission[172] - The company comprehensively assesses currently available information and concludes that there are no factors significantly affecting its ability to continue as a going concern within 12 months from the end of the reporting period[173] Significant Accounting Policies and Estimates This section details the company's key accounting policies and estimates, covering compliance with accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidation, joint arrangements, cash equivalents, foreign currency translation, financial instruments, and revenue recognition - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and other information[174] - The company's accounting year adopts the calendar year, from January 1 to December 31[175] - The company uses RMB as its functional currency[177] - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, and performs impairment testing on financial instruments[191][192][193][194][197] - The company's revenue recognition principles are based on the fulfillment of performance obligations, categorized as fulfilled over time or at a point in time, and revenue is measured at the transaction price allocated to each distinct performance obligation[242][243] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with some subsidiaries benefiting from preferential tax policies such as reduced rates for high-tech or small-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable goods sales revenue, etc. | 13%; 9%; 6%; 5%; 3% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5%, 2%, 1% | | Enterprise Income Tax | Taxable income | 25%~15% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - Subsidiaries Feili Warehousing, Huadong Information, Chongqing Supply Chain, and Chongqing Modern enjoy a preferential enterprise income tax rate of 15%[263] - Some subsidiaries qualify as small-profit enterprises, enjoying a preferential policy where the portion of annual taxable income not exceeding 3 million RMB is taxed at 20% after being reduced by 25% into taxable income[264] Notes to Consolidated Financial Statement Items This section provides detailed notes on key consolidated financial statement items, including cash, financial assets, receivables, inventory, fixed assets, borrowings, payables, revenue, expenses, and cash flow Cash and Cash Equivalents at Period End | Item | Amount at Period End (RMB) | | :--- | :--- | | Cash on hand | 340,147.65 | | Bank deposits | 748,684,066.10 | | Other cash and cash equivalents | 1,981,668.42 | | Total | 751,005,882.17 | | Of which: Total amount of funds deposited overseas | 81,889,823.42 | Accounts Receivable at Period End | Age | Amount at Period End (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 1,146,748,290.42 | | 1 to 2 years | 95,999,302.19 | | 2 to 3 years | 59,934,709.46 | | Over 3 years | 36,497,969.91 | | Total | 1,339,180,271.98 | Operating Revenue and Operating Costs | Item | Current Period Revenue (RMB) | Current Period Costs (RMB) | | :--- | :--- | :--- | | Main Business | 3,025,529,570.58 | 2,802,537,473.97 | | Other Business | 5,187,218.28 | 677,451.79 | | Total | 3,030,716,788.86 | 2,803,214,925.76 | Financial Expenses | Item | Current Period Amount (RMB) | | :--- | :--- | | Interest expense | 16,684,665.45 | | Less: Interest income | 1,659,176.26 | | Exchange gains and losses | 1,429,563.18 | | Handling fees, etc. | 1,669,337.17 | | Lease interest | 5,524,951.62 | | Total | 23,649,341.16 | Research and Development Expenses The company's total R&D expenditure for the current period was 12.85 million RMB, an increase from the previous period, entirely expensed and primarily allocated to direct labor, materials, and depreciation R&D Expenditure Information | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct labor costs | 10,656,743.87 | 11,334,688.63 | | Direct material consumption | 1,015,834.28 | 0.00 | | Depreciation and amortization expenses | 1,175,570.06 | 12,497.29 | | Total | 12,848,148.21 | 11,347,185.92 | | Of which: Expensed R&D expenditure | 12,848,148.21 | 11,347,185.92 | | Capitalized R&D expenditure | 0.00 | 0.00 | Changes in Consolidation Scope The company's consolidation scope changed due to the establishment of Suzhou Feiliks Hongwei Supply Chain Management Co., Ltd., and the deregistration of two other subsidiaries, with no business combinations during the period - The company had no business combinations under non-common control in the current period[575] - The company had no business combinations under common control in the current period[579] - The company established Suzhou Feiliks Hongwei Supply Chain Management Co., Ltd., with a registered capital of 5 million RMB, and the company holds a 51.00% stake[581] - The company deregistered Feiliks Aoyuan (Jiangsu) Shipping Co., Ltd. and Shanxi Feiliks Supply Chain Management Co., Ltd[581] Interests in Other Entities This section details the company's equity interests in subsidiaries, joint ventures, and associates, including the corporate group structure and summarized financial information for important non-wholly owned subsidiaries and immaterial joint ventures/associates - The company has numerous first, second, third, and even fourth-tier subsidiaries, covering businesses such as freight forwarding, warehousing, supply chain management, and software design and development[584][585][586][587][588] Key Financial Information of Important Non-Wholly Owned Subsidiaries (Comprehensive Bonded Zone Logistics Center) | Indicator | Amount at Period End (RMB) | Amount at Period Beginning (RMB) | | :--- | :--- | :--- | | Current Assets | 616,949,000.45 | 696,266,759.66 | | Non-Current Assets | 34,461,818.44 | 39,852,906.89 | | Total Assets | 651,410,818.89 | 736,119,666.55 | | Current Liabilities | 132,488,142.84 | 235,414,060.29 | | Non-Current Liabilities | 9,625,870.26 | 1,468,331.79 | | Total Liabilities | 142,114,013.10 | 236,882,392.08 | | Operating Revenue | 118,358,332.75 | 124,607,407.92 | | Net Profit | 17,886,809.05 | 4,780,550.56 | | Total Comprehensive Income | 17,886,809.05 | 4,780,550.56 | | Net Cash Flow from Operating Activities | 44,548,698.60 | 41,430,379.34 | Summarized Financial Information of Immaterial Joint Ventures and Associates | Item | Amount at Period End/Current Period (RMB) | Amount at Period Beginning/Prior Period (RMB) | | :--- | :--- | :--- | | Joint Ventures: | | | | Total Carrying Value of Investments | 52,481.01 | 52,420.27 | | --Net Profit | 60.74 | -11,009.75 | | --Total Comprehensive Income | 60.74 | -11,009.75 | | Associates: | | | | Total Carrying Value of Investments | 3,603,961.23 | 3,964,452.88 | | --Net Profit | -214,232.02 | -520,587.15 | | --Total Comprehensive Income | -214,232.02 | -520,587.15 | Government Grants The company reported no government grants recognized as receivables at period-end, with deferred income from asset-related grants totaling 7.46 million RMB and 19.57 million RMB in grants recognized in current profit - Government grants recognized as receivables at the end of the reporting period were 0[603] Liability Items Involving Government Grants | Account Title | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,687,611.04 | 272,155.00 | 504,716.62 | 7,455,049.42 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account Title | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Government grants recognized in other income | 19,568,698.91 | 27,100,915.82 | | Of which: Amortization of asset-related government grants | 504,716.62 | 497,826.64 | | Income-related government grants | 19,063,982.29 | 26,603,089.18 | | Total | 19,568,698.91 | 27,100,915.82 | Risks Related to Financial Instruments The company manages market (foreign exchange, interest rate), credit, and liquidity risks through currency hedging, debt structure optimization, credit assessment, and cash flow monitoring, with no hedging activities undertaken during the reporting period - The market risks faced by the company include foreign exchange risk and interest rate risk. Foreign exchange risk is mitigated by tracking exchange rates and signing forward foreign exchange contracts; interest rate risk is reduced by reasonably designing borrowing structures and shortening borrowing periods[606][607] - Credit risk primarily arises from bank deposits, notes receivable, and accounts receivable. The company only transacts with reputable customers and continuously monitors credit risk exposure[608] - Liquidity risk is managed through cash flow forecasting, continuous monitoring of funding needs, and obtaining bank standby credit commitments[609] - The company did not engage in hedging activities for risk management during the reporting period[610] Disclosure of Fair Value The company's total assets measured at fair value amounted to 164.22 million RMB at period-end, primarily comprising trading financial assets and other equity instrument investments, valued using Level 2 and Level 3 inputs and valuation techniques like the listed company comparison method Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 700,000.00 | - | 700,000.00 | | Bank wealth management products | 700,000.00 | - | 700,000.00 | | (III) Other Equity Instrument Investments | - | 158,342,306.91 | 158,342,306.91 | | Receivables Financing | - | 5,178,030.05 | 5,178,030.05 | | Total Assets Continuously Measured at Fair Value | 700,000.00 | 163,520,336.96 | 164,220,336.96 | - The company's non-fixed income wealth management products are valued based on the interest rate agreed in the investment agreement[614] - For financial instruments not traded in an active market, the company uses valuation techniques such as the listed company comparison method to determine fair value[615] Related Parties and Related Party Transactions The company's ultimate controlling parties are Yao Qin, Wu Youyi, and Shen Liming. Related party transactions include 14.60 million RMB in transportation services from Anhui Jiqi and 4.27 million RMB in key management personnel compensation. Related party receivables and payables primarily include accounts receivable and prepayments - The ultimate controlling parties of the enterprise are Yao Qin, Wu Youyi, and Shen Liming[619] Related Party Transactions for Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | | :--- | :--- | :--- | | Anhui Jiqi | Transportation services | 14,601,226.18 | | Lick Electronics | Freight forwarding services | 0.00 | Key Management Personnel Compensation | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Key management personnel compensation | 4,274,659.04 | 5,795,111.21 | Related Party Receivables | Project Name | Related Party | Amount at Period End (RMB) | Impairment Provision (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Anhui Jiqi | 1,990,664.80 | 199,464.61 | | Accounts Receivable | Lick Electronics | 82,086.82 | 82,086.82 | | Prepayments | Anhui Jiqi | 930,126.39 | 0.00 | | Other Receivables | Lick Electronics | 141,532.01 | 141,532.01 | Share-Based Payments The company reported no share-based payment activities, including equity-settled or cash-settled plans, or related expenses during the reporting period Commitments and Contingencies As of the balance sheet date, the company had no significant commitments to disclose, but provided 623 million RMB in financing and non-financing guarantees for its subsidiaries, with no other material contingencies - The company has no significant commitments requiring disclosure[641] Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 RMB) | | :--- | :--- | | Financing Guarantees | 40,300 | | Non-financing Guarantees for Wholly-owned and Controlled Subsidiaries within Consolidated Scope | 22,000 | | Total | 62,300 | - The company has no other significant contingencies requiring disclosure[643] Events After the Balance Sheet Date The company reported no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date Other Significant Matters The company reported no prior period accounting error corrections, debt restructurings, asset exchanges, or annuity plans, with a net profit from discontinued operations of 229.67 RMB primarily from Feiliks Aoyuan (Jiangsu) Shipping Co., Ltd - The company reported no prior period accounting error corrections, debt restructurings, asset exchanges, or annuity plans during the reporting period[646][647][648] Net Profit from Discontinued Operations | Item | Net Profit (RMB) | | :--- | :--- | | Feiliks Aoyuan (Jiangsu) Shipping Co., Ltd. | 229.67 | Notes to Parent Company Financial Statement Items This section provides detailed notes on the parent company's key financial statement items, including accounts receivable (764.49 million RMB, 93.27% current), long-term equity investments (1.24 billion RMB), operating revenue (993.39 million RMB), and investment income (82.89 million RMB) Parent Company Accounts Receivable by Age | Age | Amount at Period End (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 713,042,943.11 | | 1 to 2 years | 34,208,518.52 | | 2 to 3 years | 15,408,093.49 | | Over 3 years | 1,826,304.49 | | Total | 764,485,859.61 | Parent Company Long-Term Equity Investments | Item | Amount at Period End (RMB) | | :--- | :--- | | Investments in subsidiaries | 1,233,816,878.05 | | Investments in associates and joint ventures | 2,048,941.95 | | Total | 1,235,865,820.00 | Parent Company Operating Revenue and Operating Costs | Item | Current Period Revenue (RMB) | Current Period Costs (RMB) | | :--- | :--- | :--- | | Main Business | 976,305,962.68 | 955,084,815.65 | | Other Business | 17,085,475.73 | 68,162.64 | | Total | 993,391,438.41 | 955,152,978.29 | Parent Company Investment Income | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment income from long-term equity investments accounted for using the cost method | 83,573,840.19 | | Investment income from long-term equity investments accounted for using the equity method | -745,250.25 | | Investment income from disposal of long-term equity investments | 45,740.37 | | Dividend income from other equity instrument investments held during the period | 15,549.74 | | Total | 82,889,880.05 | Supplementary Information This section provides supplementary information including a detailed statement of non-recurring gains and losses totaling 15.28 million RMB, net asset return rates, and earnings per share, confirming no differences under domestic and overseas accounting standards Current Period Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 7,065,415.92 | | Government grants recognized in current profit or loss | 19,199,062.66 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 712,564.44 | | Other non-operating income and expenses | -2,743,142.62 | | Less: Income tax impact | 4,436,028.75 | | Impact on minority interests (after tax) | 4,517,780.62 | | Total | 15,280,091.03 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net prof