GEM Market Characteristics and Disclaimers This section details GEM market characteristics, emphasizing higher investment risks, and clarifies disclaimers and directors' responsibilities GEM Market Characteristics The GEM market targets small and medium-sized companies, featuring higher investment risks, potential market volatility, and unassured liquidity - The GEM market is positioned for small and medium-sized companies, with higher investment risks, and securities may face significant market volatility and uncertain liquidity23 Disclaimer and Directors' Responsibility The Hong Kong Stock Exchange disclaims responsibility for this report's content, with company directors assuming full accountability for its accuracy and completeness - The Hong Kong Stock Exchange is not responsible for this report's content, while company directors bear full responsibility for its accuracy and completeness45 Financial Highlights This section presents key financial performance indicators for the first half of 2025, including revenue, gross profit, and profit attributable to owners Financial Highlights for H1 2025 For H1 2025, operating revenue decreased by 35.35% and gross profit by 27.86%, yet gross profit margin slightly rose to 1.28%, with profit attributable to owners increasing by 59.11% and EPS to 0.3 cents Financial Summary for H1 2025 | Metric | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,215,637 | 1,880,472 | -35.35% | | Gross Profit | 15,533 | 21,532 | -27.86% | | Gross Profit Margin | 1.28% | 1.15% | +0.13 pp | | Profit Attributable to Owners | 969 | 609 | +59.11% | | Earnings Per Share (RMB cents) | 0.3 | 0.2 | +50.00% | Unaudited Consolidated Interim Results for 2025 This section provides the unaudited consolidated interim financial statements for 2025, detailing profit or loss, financial position, equity changes, and cash flows Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income In H1 2025, revenue significantly declined by 35.35%, leading to a 27.86% decrease in gross profit, but profit attributable to owners increased by 59.11% due to reduced finance costs and higher contributions from associates Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (H1 2025 vs H1 2024) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 1,215,637 | 1,880,472 | | Cost of Sales | (1,200,104) | (1,858,940) | | Gross Profit | 15,533 | 21,532 | | Administrative Expenses | (23,139) | (19,235) | | Other Income, Gains and Losses – Net | 6,429 | 5,156 | | Net Impairment Losses on Trade Receivables, etc | (1,408) | 2,980 | | Operating Profit | (2,585) | 10,433 | | Finance Costs | (6,039) | (10,351) | | Share of Results of Investments Accounted for Using Equity Method | 5,698 | 4,469 | | Profit Before Income Tax | (2,926) | 4,551 | | Income Tax Expense | (424) | (1,322) | | Profit for the Period | (3,350) | 3,229 | | Profit Attributable to Owners of the Company | 969 | 609 | | Non-controlling Interests | (4,319) | 2,620 | | Earnings Per Share (RMB cents) | 0.3 | 0.2 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets decreased to RMB 1,426,060 thousand, primarily due to reduced current assets, while total liabilities also significantly declined, maintaining relatively stable net current assets and total equity Condensed Consolidated Statement of Financial Position (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 832,279 | 899,063 | | Current Assets | 593,781 | 893,878 | | Total Assets | 1,426,060 | 1,792,941 | | Equity | | | | Equity Attributable to Owners of the Company | 885,858 | 885,098 | | Non-controlling Interests | 93,023 | 97,343 | | Total Equity | 978,881 | 982,441 | | Liabilities | | | | Non-current Liabilities | 59,377 | 59,682 | | Current Liabilities | 387,802 | 750,818 | | Total Liabilities | 447,179 | 810,500 | | Net Current Assets | 205,979 | 143,060 | Condensed Consolidated Statement of Changes in Equity As of June 30, 2025, total equity slightly decreased, influenced by profit for the period and changes in non-controlling interests, while the company repurchased shares during the period Condensed Consolidated Statement of Changes in Equity (H1 2025 vs H1 2024) | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | | | | Share Capital | 354,312 | 354,312 | | Treasury Shares | (209) | — | | Share Premium | 55,244 | 55,244 | | Statutory Reserve | 115,415 | 114,575 | | Other Reserves | (71,868) | (70,875) | | Retained Earnings | 432,964 | 434,632 | | Equity Attributable to Owners of the Parent | 885,858 | 887,888 | | Non-controlling Interests | 93,023 | 100,325 | | Total Equity | 978,881 | 988,213 | - In H1 2025, the company repurchased RMB 209 thousand of shares21 Condensed Consolidated Cash Flow Statement In H1 2025, net cash inflow from operating activities was RMB 17,482 thousand, net cash inflow from investing activities significantly increased to RMB 83,530 thousand, while net cash outflow from financing activities was RMB 127,429 thousand, resulting in a net decrease of RMB 26,417 thousand in cash and cash equivalents Condensed Consolidated Cash Flow Statement (H1 2025 vs H1 2024) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 17,482 | 25,811 | | Net Cash From/(Used In) Investing Activities | 83,530 | (14,640) | | Net Cash From/(Used In) Financing Activities | (127,429) | (89,225) | | Net Decrease in Cash and Cash Equivalents | (26,417) | (78,054) | | Cash and Cash Equivalents at End of Period | 287,548 | 262,247 | Notes to the Condensed Consolidated Financial Information This section provides detailed notes on the condensed consolidated financial information, covering general information, accounting policies, segment data, and other financial disclosures General Information The company, established in China in 2006 as an investment holding company, listed its H-shares on GEM in 2008 and primarily provides integrated logistics services in China, completing the conversion of domestic shares to H-shares in October 2023 - The company was established in China in 2006, with its H-shares listed on the Stock Exchange's GEM on April 30, 2008242527 - The Group primarily engages in providing integrated logistics services in China, including supply chain solutions and material procurement and related logistics services2932 - On October 26, 2023, the company completed the conversion of all domestic shares into H-shares2932 Basis of Preparation The unaudited condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and applicable disclosure requirements of the Hong Kong Companies Ordinance and GEM Listing Rules Chapter 18 - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and applicable disclosure requirements of the Hong Kong Companies Ordinance and GEM Listing Rules Chapter 183033 Significant Accounting Policies IFRS amendments issued by the International Accounting Standards Board were first applied in this interim period, but they had no significant impact on the Group's financial position or performance - IFRS amendments were first applied in this period, but they had no significant impact on the financial position and performance3134 Segment Information The Group's operating segments are categorized into four main areas: automotive vehicle and parts supply chain logistics, material procurement and related logistics, warehousing and multimodal transport, and other services, each managed by independent teams based on product, service, distribution channel, and customer considerations - The Group's operating segments include: automotive vehicle and parts supply chain logistics services, material procurement and related logistics services, warehousing and multimodal transport business, and other services (such as leasing and management services)3536 H1 2025 Segment Revenue and Results (RMB'000) | Segment | External Customer Revenue | Segment Results | | :--- | :--- | :--- | | Automotive Vehicle and Parts Supply Chain Logistics Services | 433,421 | (9,318) | | Material Procurement and Related Logistics Services | 760,029 | 2,304 | | Warehousing and Multimodal Transport Business | 11,597 | 1,102 | | All Other Segments | 10,590 | 1,342 | | Total | 1,215,637 | (4,570) | H1 2024 Segment Revenue and Results (RMB'000) | Segment | External Customer Revenue | Segment Results | | :--- | :--- | :--- | | Automotive Vehicle and Parts Supply Chain Logistics Services | 507,270 | 4,314 | | Material Procurement and Related Logistics Services | 1,353,222 | 424 | | Warehousing and Multimodal Transport Business | 12,500 | 634 | | All Other Segments | 7,480 | (80) | | Total | 1,880,472 | 5,292 | Other Income, Other Gains and Losses - Net In H1 2025, net other income, gains, and losses increased to RMB 6,429 thousand from RMB 5,156 thousand in the prior year, primarily driven by higher interest income Other Income, Other Gains and Losses - Net (RMB'000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Income | 6,067 | 4,758 | | Others | 362 | 398 | | Total | 6,429 | 5,156 | Finance Costs Finance costs in H1 2025 significantly decreased to RMB 6,039 thousand from RMB 10,351 thousand in the prior year, mainly due to reduced interest on borrowings and lease liabilities Finance Costs (RMB'000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on Borrowings | 5,802 | 9,636 | | Interest on Lease Liabilities | 237 | 715 | | Total | 6,039 | 10,351 | Expenses by Nature In H1 2025, total cost of sales and administrative expenses significantly decreased to RMB 1,223,243 thousand from the prior year, with increased depreciation of property, plant, and equipment but reduced cost of sales and other expenses Expenses by Nature (RMB'000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 25,406 | 20,105 | | Other Expenses | 10,082 | 11,576 | | Cost of Sales | 1,187,755 | 1,846,494 | | Total Cost of Sales and Administrative Expenses | 1,223,243 | 1,878,175 | Income Tax Expenses Income tax expense in H1 2025 significantly decreased to RMB 424 thousand from the prior year, with the Group's applicable corporate income tax rate in China being 25% Income Tax Expenses (RMB'000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | The Company and its Subsidiaries | 424 | 1,322 | - The Group's applicable corporate income tax rate in China is 25%4850 Dividend The Board of Directors recommends no interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors recommends no interim dividend for H1 2025 (H1 2024: nil)4951 Earnings Per Share Basic and diluted earnings per share for H1 2025 were RMB 0.3 cents, higher than RMB 0.2 cents in the prior year, primarily due to increased profit attributable to owners of the company Earnings Per Share (RMB cents) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 969 | 609 | | Weighted Average Number of Shares for Basic and Diluted EPS ('000) | 353,790 | 354,312 | | Basic and Diluted Earnings Per Share (RMB cents) | 0.3 | 0.2 | Property, Plant and Equipment In H1 2025, the Group's expenditure on the acquisition of property, plant, and equipment was approximately RMB 1,301 thousand, an increase from RMB 454 thousand in the prior year - In H1 2025, expenditure on the acquisition of property, plant, and equipment was RMB 1,301 thousand, an increase from RMB 454 thousand in H1 20245455 Trade Receivables, Bills and Other Receivables As of June 30, 2025, total trade receivables, bills, and other receivables significantly decreased to RMB 359,589 thousand from RMB 563,435 thousand at the end of 2024, primarily due to a substantial reduction in receivables aged 0-90 days Trade Receivables, Bills and Other Receivables (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables (Net) | 93,701 | 149,703 | | Bills Receivable (Net) | 1,691 | 4,813 | | Other Receivables (Net) | 230,369 | 286,707 | | Prepayments to Suppliers (Net) | 129,220 | 276,728 | | Total Trade and Other Receivables | 359,589 | 563,435 | Ageing Analysis of Trade Receivables and Bills Receivable (RMB'000) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-90 Days | 92,227 | 152,467 | | 91-180 Days | 1,441 | 621 | | 181-365 Days | 1,210 | 1,259 | | Over 1 Year | 201,808 | 201,639 | | Total | 296,686 | 355,986 | Trade and Other Payables As of June 30, 2025, total trade and other payables significantly decreased to RMB 213,585 thousand from RMB 383,219 thousand at the end of 2024, mainly due to a reduction in trade payables and bills payable Trade and Other Payables (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 141,567 | 189,548 | | Bills Payable | 43,930 | 151,600 | | Other Payables, Accruals and Other Tax Payables | 28,088 | 42,071 | | Total | 213,585 | 383,219 | Ageing Analysis of Trade Payables and Bills Payable (RMB'000) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-90 Days | 183,952 | 188,191 | | 91-180 Days | 1,330 | 151,651 | | 181-365 Days | 9 | 605 | | Over 1 Year | 206 | 701 | | Total | 185,497 | 341,148 | Borrowings As of June 30, 2025, borrowings decreased significantly to RMB 152,095 thousand from RMB 260,119 thousand at the end of 2024, with all borrowings being short-term and no long-term borrowings exceeding one year Borrowings (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Borrowings | 152,095 | 260,119 | - As of June 30, 2025, all borrowings were short-term, with no long-term borrowings exceeding one year109113 Share Capital As of June 30, 2025, the company's share capital was RMB 354,103 thousand, comprising 522 thousand treasury shares and 353,790 thousand H-shares Share Capital Structure (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Treasury Shares ('000) | 522 | — | | H-shares ('000) | 353,790 | 354,312 | | Amount (RMB'000) | 354,103 | 354,312 | Capital Commitments The Group had no capital commitments during the reporting period - The Group had no capital commitments during the reporting period6870 Related Party Disclosures The Group engages in significant transactions with Chinese state-owned entities, including material procurement and logistics fuel purchases, with most cash, bank balances, and borrowings sourced from state-owned banks, and key management personnel compensation increased in H1 2025 - The Group has significant transactions with Chinese state-owned entities, including material procurement and logistics fuel purchases6971 - For the six months ended June 30, 2025, key management personnel compensation was RMB 2,420 thousand, an increase from RMB 2,297 thousand in H1 20247275 Financial Guarantee Liabilities As of June 30, 2025, the Group had no financial guarantee liabilities - As of June 30, 2025, the Group had no significant contingent liabilities7376 Comparative Figures Certain comparative figures have been reclassified to conform to the current period's presentation - Certain comparative figures have been reclassified to conform to the current period's presentation7477 Management Discussion and Analysis This section provides a comprehensive review of the Group's financial performance and business operations for the period, along with an analysis of liquidity, financial resources, and capital structure Financial Review In H1 2025, operating revenue decreased by 35.35% year-on-year, primarily due to strategic adjustments and reduced automotive logistics volume, while profit attributable to owners increased by 59.11% driven by higher gross profit from material procurement and significantly lower finance costs H1 2025 Key Financial Metrics Changes | Metric | H1 2025 (RMB'000) | H1 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,215,637 | 1,880,472 | -35.35% | | Cost of Sales | 1,200,104 | 1,858,940 | -35.44% | | Gross Profit | 15,533 | 21,532 | -27.86% | | Administrative Expenses | 23,139 | 19,235 | +20.30% | | Finance Costs | 6,039 | 10,351 | -41.66% | | Tax Expense | 424 | 1,322 | -67.93% | | Share of Results of Joint Ventures and Associates | 5,698 | 4,469 | +27.50% | | Profit Attributable to Owners of the Company | 969 | 609 | +59.11% | - Operating revenue decreased primarily due to the company's proactive adjustment of revenue structure, reduction of low-margin businesses (material procurement services), and decreased automotive logistics volume and prices due to upstream customer cost pressures7881 - The increase in administrative expenses was mainly due to severance payments resulting from personnel streamlining in the automotive vehicle and parts supply chain logistics services segment8083 - The decrease in finance costs resulted from the company's continuous efforts to reduce financing costs, scale down financing, and actively negotiate lower interest rates with banks8488 - The growth in share of results of joint ventures and associates was primarily due to reduced losses at associate company Gangwan Automobile8690 - The increase in profit attributable to owners of the company was mainly driven by higher gross profit from material procurement services and reduced finance costs8791 Business Review The Group's core businesses include automotive vehicle and parts supply chain logistics, material procurement and related logistics, warehousing and multimodal transport, and other services, with varied performance in H1 2025, showing improved profitability in material procurement and electronic parts logistics, but challenges in automotive logistics and warehousing - Automotive Vehicle and Parts Supply Chain Logistics Services: Operating revenue decreased by 14.56% to RMB 433,421 thousand, turning into an operating loss of RMB 9,318 thousand (H1 2024: profit of RMB 4,314 thousand), mainly due to reduced imported vehicle and vessel volumes, lost orders, price reductions in high-margin businesses, and severance payments from personnel streamlining939498 - Material Procurement Services: Operating revenue decreased by 43.84% to RMB 760,029 thousand, but operating results significantly increased by 443.4% to RMB 2,304 thousand, primarily due to the company's proactive adjustment of revenue structure, reduction of low-margin businesses, and increased volume in high-margin projects959699 - Warehousing and Multimodal Transport Business: Operating revenue decreased by 7.22% to RMB 11,597 thousand, but operating results increased by 73.82% to RMB 1,102 thousand, with revenue decline attributed to weak regional demand and increased market inventory leading to a sluggish leasing market, while performance growth was due to refined management, optimized structure, and reduced labor costs from personnel streamlining100101105 - Other Services: Operating revenue increased by 41.58% to RMB 10,590 thousand, and operating results significantly increased by 1777.5% to RMB 1,342 thousand, mainly due to the normalization of operations from new leases at Beigang Yard102103106 - Electronic Parts Supply Chain Logistics Services (operated through joint ventures): Operating net profit increased by 2.35% to RMB 13,569 thousand, with profit contribution increasing by 2.11% to RMB 6,649 thousand, maintaining performance largely consistent with the prior year104107 Liquidity, Financial Resources and Capital Structure As of June 30, 2025, the Group's total assets were RMB 1,426,060 thousand, total liabilities RMB 447,179 thousand, and total equity RMB 978,881 thousand, with borrowings significantly reduced to RMB 152,095 thousand (all short-term), resulting in a lower gearing ratio of 31.36%, and certain investment properties and bank deposits were pledged Liquidity, Financial Resources and Capital Structure Overview (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Total Assets | 1,426,060 | 1,792,941 | | Current Assets | 593,781 | 893,878 | | Non-current Assets | 832,279 | 899,063 | | Total Liabilities | 447,179 | 810,500 | | Current Liabilities | 387,802 | 750,818 | | Non-current Liabilities | 59,377 | 59,682 | | Total Equity | 978,881 | 982,441 | | Borrowings Balance | 152,095 | 260,119 | | Gearing Ratio | 31.36% | 45.21% | - The borrowings balance significantly decreased, and all borrowings are short-term, with no long-term borrowings109113 - Investment properties (RMB 298,400 thousand) and bank deposits (RMB 17,994 thousand) were pledged to secure borrowings and bills payable110114 Foreign Exchange Risk The Group's primary operating income and expenses are denominated in RMB, with no significant investments outside mainland China, but it faces some foreign exchange risk from foreign currency transactions (e.g., USD, JPY) by its subsidiary Tianjin Toyota Logistics Co., Ltd., realizing a foreign exchange gain of RMB 215 thousand in H1 2025 - All of the Group's operating income and expenses are denominated in RMB, with no significant investments outside mainland China116121 - The Group has foreign currency transactions in USD, JPY, etc., realizing a foreign exchange gain of RMB 215 thousand in H1 2025117121 Material Acquisitions and Disposals The Group had no material acquisitions or disposals during the reporting period - The Group had no material acquisitions or disposals during the reporting period118122 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 liabilities119123 Employees As of June 30, 2025, the Group's total workforce decreased significantly to 551 employees from 1,011 in the prior year, primarily due to personnel streamlining at its subsidiary Tianjin Toyota Logistics Co., Ltd. following a decline in business volume, resulting in a slight decrease in employee costs Employee Count and Costs | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 551 | 1,011 | -460 | | Employee Costs (RMB'000) | 68,364 | 68,880 | -0.75% | - The decrease in employee count was mainly due to personnel streamlining at subsidiary Tianjin Toyota Logistics Co., Ltd. following a decline in business volume120124 Prospects and Outlook This section outlines the industry environment and the Group's performance in H1 2025, along with its strategic outlook and key priorities for H2 2025 Industry Environment and Group Performance In H1 2025, China's economy showed steady progress with continued logistics demand growth, yet logistics enterprises faced intensified market competition, rising costs, and international volatility, while the Group maintained stability through strategic adjustments and refined operations, planning for high-quality development in H2 - In H1 2025, China's economy showed steady progress, with GDP growing by 5.3% year-on-year and total social logistics increasing by 5.6% year-on-year125127 - Logistics enterprises face multi-dimensional operating pressures, including intensified market competition, rigidly rising costs, and volatile international environment125127 - The Group gradually alleviated automotive logistics business pressure through proactive cost reduction, optimization of business structure, and deepened customer collaboration; material procurement services improved profitability by contracting low-margin businesses; and warehousing and multimodal transport businesses enhanced efficiency through cost control and model innovation125127 Outlook and Strategic Focus for H2 2025 Looking ahead to H2 2025, China's new development paradigm will foster dual circulation, unlocking logistics demand potential in green, low-carbon, and consumer sectors, providing policy dividends for the Group's high-quality development, which will focus on solidifying its core business, strengthening cost control, and actively expanding into new markets to achieve dual improvements in quality and efficiency - H2 outlook: The Group will anchor high-quality development, solidify its core business foundation, strengthen cost control, and actively expand into incremental markets, implementing multiple measures to expand automotive logistics business and enhance cost-efficiency, promote model innovation and operational effectiveness in warehousing and multimodal transport, and steadily advance the transformation and upgrading of material procurement business, achieving dual improvements in quality and efficiency for its main businesses126128 - The logistics industry is at a critical juncture of transformation from scale-driven to innovation-driven, and the Group will adhere to the "seek progress while maintaining stability" work principle, serve the real economy, and fully integrate into the modern comprehensive logistics service system129131 Other Information This section covers various other information, including directors' and chief executives' interests, substantial shareholders, competing interests, changes in director information, auditor name change, corporate governance, audit committee, and securities transactions Directors' and Chief Executives' Interests and/or Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation As of June 30, 2025, none of the company's directors or chief executives held any interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation that require disclosure under the Securities and Futures Ordinance - As of June 30, 2025, none of the company's directors or chief executives held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation129131 Directors' and Chief Executives' Rights to Acquire Shares or Debentures As of June 30, 2025, no rights to subscribe for or acquire shares or debentures of the company were granted to or exercised by any director or chief executive - As of June 30, 2025, no rights to subscribe for or acquire shares or debentures of the company were granted to or exercised by any director or chief executive130132 Substantial Shareholders and Persons Holding Interests and Short Positions in Shares and Underlying Shares of the Company As of June 30, 2025, Tianjin TEDA Investment Holding Co., Ltd., Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd., Chia Tai Land Co., Ltd., and Tianjin Port Development Holdings Limited were the company's substantial shareholders, holding 42.45%, 21.82%, 8%, and 5.64% of H-shares, respectively Substantial Shareholders' Shareholdings (June 30, 2025) | Name | Capacity | Number of H-shares | Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Tianjin TEDA Investment Holding Co., Ltd. | Beneficial Owner | 150,420,051 | 42.45% | | Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd. | Beneficial Owner | 77,303,789 | 21.82% | | Chia Tai Land Co., Ltd. | Beneficial Owner | 28,344,960 | 8% | | Tianjin Port Development Holdings Limited | Beneficial Owner | 20,000,000 | 5.64% | - Chia Tai Land Co., Ltd. and its controlled corporations (FUTAI (Shanghai) Co., Ltd., Chia Tai Group (BVI) Holdings Limited, CPG Overseas Company Limited, Charoen Pokphand Group Company Limited) are deemed to hold 8% of the H-shares136137138 - Chia Tai Pharmaceutical Investment (Beijing) Co., Ltd. and its controlled corporation (China Biopharmaceutical Limited) are deemed to hold 21.82% of the H-shares136138 Competing Interests None of the company's directors, controlling shareholders, substantial shareholders, or their associates engage in any business that competes or may compete with the Group's business, nor do they have any other conflicts of interest - None of the company's directors, controlling shareholders, substantial shareholders, or their associates have competing interests or conflicts of interest with the Group140144 Change in Information of Director or Chief Executive As of the report date, the company has not identified any changes in information of directors or chief executives that require disclosure under the GEM Listing Rules - As of the report date, the company has not identified any changes in information of directors or chief executives that require disclosure under the GEM Listing Rules141145 Change of Name of Accountant The company's Hong Kong auditor, SHINEWING (HK) CPA Limited, changed its name to Rongcheng (Hong Kong) CPA Limited on June 30, 2025 - The company's Hong Kong auditor, SHINEWING (HK) CPA Limited, changed its name to Rongcheng (Hong Kong) CPA Limited on June 30, 2025142146 Corporate Governance Code During the reporting period, the company consistently complied with all provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the GEM Listing Rules - During the reporting period, the company consistently complied with all provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the GEM Listing Rules147150 Audit Committee The company has established an Audit Committee in accordance with the GEM Listing Rules, defining its terms of reference and duties, composed of independent non-executive directors, and has reviewed the unaudited results for the reporting period - The company has established an Audit Committee in accordance with the GEM Listing Rules, defining its terms of reference and duties, and is composed of independent non-executive directors148151 - The Audit Committee has reviewed the unaudited results for the reporting period and provided recommendations and opinions148151 Securities Transactions by Directors The company has adopted a code for securities transactions by directors, and all directors have confirmed their compliance with this code - The company has adopted a code for securities transactions by directors, and all directors have confirmed their compliance with this code149152 Purchase, Sale or Redemption of Listed Securities of the Company During the reporting period, the company repurchased 522,000 H-shares on GEM, and other than this, neither the company nor its subsidiaries purchased, redeemed, sold, or cancelled any other listed securities - During the reporting period, the company repurchased 522,000 H-shares on GEM153155 - Other than the aforementioned repurchase, neither the company nor its subsidiaries purchased, redeemed, sold, or cancelled any other listed securities153155
滨海泰达物流(08348) - 2025 - 中期财报