中铁特货(001213) - 2025 Q2 - 季度财报

Part I Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, a comprehensive table of contents, and definitions of key terms used throughout the report Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3] - Company head Yu Yongli, chief accountant Bo Fulong, and head of accounting department Liu Yingwei declare that the financial report is true, accurate, and complete[3] 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Share capital base for distribution plan (shares) | 4,444,444,444 | | Cash dividend per 10 shares (incl. tax) | CNY 0.2 | | Bonus shares | 0 shares | | Capital reserve converted to share capital | No conversion | Table of Contents This report's clear table of contents lists nine main chapters, covering important notes, company profile, management discussion and analysis, and financial reports - The report is divided into nine main chapters, with a clear structure for easy reference[6] Definitions This section provides definitions for common terms and related entities in the report, ensuring accurate understanding of the content - Key terms and entities are defined, such as "CRSC" referring to China Railway Special Cargo Logistics Co., Ltd., and "CR Group" referring to China State Railway Group Co., Ltd[12] Part II Company Profile and Key Financial Indicators This section details the company's fundamental information, contact details, and presents a summary of its key accounting data and financial performance Company Profile China Railway Special Cargo Logistics Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 001213, with Yu Yongli as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | CRSC | | Stock Code | 001213 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 中铁特货物流股份有限公司 | | Legal Representative | Yu Yongli | Contact Person and Contact Information The company's Board Secretary is Liu Yingwei, and Securities Affairs Representative is Li Zhihai, both located at No. 24 Yaziquiao Road, Xicheng District, Beijing Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Yingwei | No. 24 Yaziquiao Road, Xicheng District, Beijing | 010-51896806 | 010-51876750 | liuyingwei@crscl.com.cn | | Securities Affairs Representative | Li Zhihai | No. 24 Yaziquiao Road, Xicheng District, Beijing | 010-51896871 | 010-51876750 | lizhihai@crscl.com.cn | Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and storage locations - The company's registered address, office address, website, and email remained unchanged during the reporting period[16] - Information disclosure and storage locations remained unchanged during the reporting period[17] Key Accounting Data and Financial Indicators This reporting period saw a 6.21% increase in operating revenue, but a 25.24% decrease in net profit attributable to shareholders, with a corresponding decline in basic earnings per share Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,394,709,544.64 | 5,079,394,695.87 | 6.21% | | Net Profit Attributable to Shareholders of Listed Company | 337,943,807.20 | 452,014,676.27 | -25.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 330,209,044.68 | 416,067,155.29 | -20.64% | | Net Cash Flow from Operating Activities | 483,178,060.52 | 197,080,302.31 | 145.17% | | Basic Earnings Per Share (yuan/share) | 0.08 | 0.10 | -20.00% | | Diluted Earnings Per Share (yuan/share) | 0.08 | 0.10 | -20.00% | | Weighted Average Return on Net Assets | 1.77% | 2.41% | -0.64% | | Current Period End vs. Prior Year End | | | | | Total Assets | 20,758,471,190.71 | 20,668,141,699.77 | 0.44% | | Net Assets Attributable to Shareholders of Listed Company | 19,123,971,370.65 | 19,035,501,132.41 | 0.46% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[20] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[21] Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses for this reporting period amounted to CNY 7,734,762.52, primarily from disposal of non-current assets and government subsidies, net of income tax impact Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 11,102,186.59 | | Government subsidies recognized in current profit/loss | 169,736.03 | | Other non-operating income and expenses apart from the above | -598,197.13 | | Less: Income tax impact | 2,938,962.97 | | Total | 7,734,762.52 | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24] Part III Management Discussion and Analysis This section offers an in-depth analysis of the company's primary operations, core competencies, financial performance, asset and liability status, and investment activities Main Businesses Engaged in by the Company During the Reporting Period The company primarily operates in three business segments: commercial vehicle logistics, cold chain logistics, and oversized cargo logistics, all of which achieved volume growth during the reporting period - The commercial vehicle logistics segment completed 3.6479 million units of commercial vehicle shipments, a year-on-year increase of 8.4%, by deepening its key account strategy, innovating product offerings, and enhancing last-mile delivery capabilities[26][27] - The cold chain logistics segment continued to consolidate basic cargo sources, increased investment in China-Laos Railway cold chain international intermodal equipment, and explored China-Europe cold chain business, completing 1.4158 million tons of cold chain cargo shipments, a year-on-year increase of 33.42%; tank car shipments increased by 65.5% year-on-year[27][28] - The oversized cargo logistics segment deepened cooperation with key customers, providing railway-centric integrated logistics services, completing 127,600 tons of oversized cargo shipments, a year-on-year increase of 9.81%[28][29] Analysis of Core Competencies Leveraging CR Group's resources, the company has built an efficient nationwide logistics network, excelling in long-distance transport, operational organization, specialized brand image, and high-quality cold chain and oversized logistics - The company relies on CR Group's railway network resources, with 16 branches in major cities nationwide, forming a sound marketing and service network capable of undertaking special cargo transportation across the country[30]31 - Railway transportation offers advantages such as all-weather operation, large volume, low cost, high safety, and energy efficiency, giving the company a significant edge in medium to long-distance transport[31] - The company possesses a specialized brand image, a management team with deep industry knowledge, and a technically proficient railway transportation professional team[31] - In cold chain logistics, the company accelerates the research and procurement of new cold chain transportation equipment to enhance transport quality and market competitiveness[32] - In oversized logistics, the company offers a rich variety of vehicle types, provides personalized end-to-end logistics solutions, and boasts strong technical capabilities in railway loading, reinforcement, and safety assurance[32] Analysis of Main Business During the reporting period, operating revenue increased by 6.21%, but operating costs rose by 9.06%, leading to a decline in gross profit margin Major Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,394,709,544.64 | 5,079,394,695.87 | 6.21% | | | Operating Cost | 4,892,358,356.35 | 4,486,054,133.16 | 9.06% | | | Selling Expenses | 1,060,273.46 | 1,438,927.85 | -26.32% | | | Administrative Expenses | 96,451,945.70 | 92,122,826.44 | 4.70% | | | Financial Expenses | -29,991,726.08 | -40,403,359.14 | 25.77% | | | Income Tax Expense | 108,098,682.72 | 140,795,672.54 | -23.22% | | | R&D Investment | 0.00 | 1,145,484.51 | -100.00% | Primarily due to R&D expenditures not yet due for payment | | Net Cash Flow from Operating Activities | 483,178,060.52 | 197,080,302.31 | 145.17% | Primarily due to increased cash inflow from operating activities | | Net Cash Flow from Investing Activities | -13,347,314.07 | 22,745,495.18 | -158.68% | Primarily due to increased expenditures on fixed asset purchases | | Net Cash Flow from Financing Activities | -325,721,277.26 | -302,142,349.59 | -7.80% | Primarily due to increased dividend distribution | | Net Increase in Cash and Cash Equivalents | 144,109,469.19 | -82,316,552.10 | 275.07% | Primarily due to increased cash inflow from operating activities | Operating Revenue Composition (by Product) | Product | Current Period Amount (yuan) | % of Operating Revenue | Prior Year Period Amount (yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Commercial Vehicle Logistics | 4,567,242,036.86 | 84.66% | 4,341,231,383.30 | 85.47% | 5.21% | | Cold Chain Logistics | 317,390,638.63 | 5.88% | 269,356,700.60 | 5.30% | 17.83% | | Oversized Cargo Transportation | 75,438,541.12 | 1.40% | 32,991,432.83 | 0.65% | 128.66% | | Tank Car Business | 52,728,451.92 | 0.98% | 36,568,501.16 | 0.72% | 44.19% | | Other Businesses | 381,909,876.11 | 7.08% | 399,246,677.98 | 7.86% | -4.34% | Main Business Gross Profit Margin Changes | Category | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Operating Revenue YoY Change | Operating Cost YoY Change | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Transportation Industry | 5,394,709,544.64 | 4,892,358,356.35 | 9.31% | 6.21% | 9.06% | -2.37% | | Commercial Vehicle Logistics | 4,567,242,036.86 | 4,166,412,749.01 | 8.78% | 5.21% | 9.89% | -3.88% | Analysis of Non-Main Business The company's non-main business income primarily stems from investment income and non-operating income, accounting for 2.49% and 2.68% of total profit, respectively Non-Main Business Composition | Item | Amount (yuan) | % of Total Profit | | :--- | :--- | :--- | | Investment Income | 11,101,721.30 | 2.49% | | Non-Operating Income | 11,944,989.75 | 2.68% | | Non-Operating Expenses | 1,972,794.11 | 0.44% | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders both showed slight growth, with a stable asset structure Significant Changes in Asset Composition (Period End vs. Prior Year End) | Item | Current Period End Amount (yuan) | % of Total Assets | Prior Year End Amount (yuan) | % of Total Assets | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,914,549,473.11 | 23.67% | 4,770,440,003.92 | 23.08% | 0.59% | | Accounts Receivable | 3,069,364,895.06 | 14.79% | 3,178,732,427.61 | 15.38% | -0.59% | | Fixed Assets | 10,186,357,615.81 | 49.07% | 10,287,490,690.35 | 49.77% | -0.70% | | Contract Liabilities | 85,322,204.17 | 0.41% | 68,241,648.56 | 0.33% | 0.08% | Assets and Liabilities Measured at Fair Value (Period End) | Item | Beginning Balance (yuan) | Fair Value Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Financial Assets | | | | | Other Equity Instrument Investments | 21,846,066.59 | 35,685.59 | 21,881,752.18 | | Accounts Receivable Financing | 106,539,148.80 | -19,118,946.95 | 87,420,201.85 | | Subtotal of Financial Assets | 128,385,215.39 | 35,685.59 | 109,301,954.03 | | Financial Liabilities | 0.00 | | 0.00 | - Accounts receivable financing decreased, primarily due to endorsement or maturity of bills in the current period[44] Analysis of Investment Status The company had no significant equity, non-equity, or financial asset investments during the reporting period Overall Use of Raised Funds | Indicator | Amount (CNY million) | | :--- | :--- | | Total Raised Funds | 1,727.9124 | | Total Raised Funds Used Cumulatively | 1,263.2499 | | Percentage of Raised Funds Used at Period End | 73.11% | | Total Unused Raised Funds | 558.5418 | - The net amount of raised funds was CNY 1,727,912,422.10, all received by September 2, 2021[50] - As of June 30, 2025, the balance in the special account for raised funds was CNY 558,541,790.71[50] Status of Projects Promised with Raised Funds | Project Name | Promised Investment (CNY million) | Cumulative Investment at Period End (CNY million) | Investment Progress at Period End | | :--- | :--- | :--- | :--- | | Logistics Warehousing Base Acquisition Project | 863.9562 | 400 | 46.30% | | Cold Chain Logistics Special Vehicle and Equipment Procurement Project | 794.8397 | 793.105 | 99.78% | | Information Platform Construction Project | 69.1165 | 70.1449 | 101.49% | - The logistics warehousing base acquisition project has completed land authorization and asset appraisal filing, and acquisition work is in progress[56] - The investment totals for the cold chain logistics special vehicle and equipment procurement project and the information platform construction project have been adjusted to improve the efficiency of raised fund utilization and meet the company's development needs[55][56] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[57] - The company did not sell significant equity during the reporting period[58] Analysis of Major Holding and Participating Companies The company had no important holding or participating company information to disclose during the reporting period - The company had no important holding or participating company information that should be disclosed during the reporting period[58] Information on Structured Entities Controlled by the Company The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[59] Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic fluctuations, intensifying logistics market competition, and natural disasters, which it addresses through strategic service, market optimization, and enhanced disaster preparedness - Macroeconomic fluctuation risk: The company adheres to a market-oriented approach, actively serves national strategies, anticipates changes in macroeconomic conditions, and promotes high-quality development of railway special cargo logistics[59][60] - Intensifying logistics market competition risk: The company continuously deepens its key account marketing strategy, optimizes service strategies, strengthens train and product line design, and improves operational efficiency and economic benefits[60] - Natural disaster risk: The company strengthens natural disaster forecasting, early warning, and prevention, promptly identifies safety hazards, and implements comprehensive measures including human, material, and technical defenses to enhance prevention and mitigation capabilities[60][61] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not disclosed a market value management system or a valuation enhancement plan - The company has not formulated a market value management system[62] - The company has not disclosed a valuation enhancement plan[62] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[62] Part IV Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution plans, environmental disclosures, and its commitment to social responsibility Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced several changes in its directors, supervisors, and senior management, primarily due to re-elections and job transfers - Yu Yongli was elected as Chairman and Director, and appointed as Party Secretary[63] - Gu Guangming was elected as Vice Chairman and Director, and appointed as General Manager and Deputy Party Secretary[63] - Bo Fulong was elected as Director and appointed as Chief Accountant, while Jin Bo was relieved of his Chief Accountant duties due to job transfer[64] - Liu Yingwei was appointed as Board Secretary, and Jin Bo's term as Board Secretary expired[64] - Wen Kexue was relieved of his duties as Deputy General Manager and Party Committee Member due to retirement[64] Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company proposes to distribute a cash dividend of CNY 0.2 (including tax) per 10 shares based on the total share capital as of June 30, 2025, totaling CNY 88,888,888.88 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (yuan) (incl. tax) | 0.2 | | Share capital base for distribution plan (shares) | 4,444,444,444 | | Cash dividend amount (yuan) (incl. tax) | 88,888,888.88 | | Total cash dividend (incl. other methods) (yuan) | 88,888,888.88 | | Distributable profit (yuan) | 267,888,058.68 | | Percentage of total cash dividend to total profit distribution | 100% | - This cash dividend accounts for 33.18% of the distributable profit for the first half of 2025[66] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[67] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[68] Social Responsibility The company upholds the principle of "People's Railway for the People" and actively fulfills its social responsibilities in transportation services, safety production, shareholder returns, and employee welfare - Transportation service responsibility: Actively promotes transportation structure adjustment, innovates operating strategies and logistics products, contributing to reducing overall social logistics costs and fostering green, low-carbon development[69] - Safety production responsibility: Deeply implements the overall national security concept, builds a modern safety assurance system, and scientifically prevents key safety hazards[69] - Shareholder return responsibility: Improves the modern enterprise system, standardizes institutional management, and rewards shareholders with good operating performance and profit contributions[69] - Employee welfare responsibility: Builds a community of shared destiny between the enterprise and its employees, strengthens vocational skills and management training, and continuously improves employees' working and living conditions[70] Part V Significant Matters This section addresses critical corporate events, including commitments, related party transactions, litigation, and other material disclosures Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, etc., that were Fulfilled or Overdue and Unfulfilled at the End of the Reporting Period During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled at the end of the reporting period[72] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders and other related parties of the listed company - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders and other related parties of the listed company[73] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[74] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[75] Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[76] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[76] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[76] Litigation Matters The company had no significant litigation or arbitration matters during this reporting period - The company had no significant litigation or arbitration matters during this reporting period[77] Penalties and Rectification Status The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[78] Integrity Status of the Company and its Controlling Shareholder and Actual Controller The company reported no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period - The company reported no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period[79] Significant Related Party Transactions During the reporting period, the company engaged in ordinary related party transactions with its controlling shareholder, CR Group, and its controlled enterprises, primarily involving the procurement and sale of railway transportation services Related Party Transactions Related to Ordinary Operations (Current Reporting Period) | Related Party | Type of Related Transaction | Content of Related Transaction | Transaction Amount (CNY 10,000) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | China State Railway Group Co., Ltd. and its controlled enterprises | Purchase of goods/acceptance of services | Railway freight transportation services | 321,092.37 | 78.47% | | China State Railway Group Co., Ltd. and its controlled enterprises | Sale of goods/provision of services | Commercial vehicle, cold chain, oversized cargo transportation revenue | 6,669.38 | 1.24% | - The company has deposit business with China Railway Finance Co., Ltd., with an ending balance of CNY 960 million and deposit interest rates ranging from 0.455% to 2.45%[84] - The company had no non-operating related party creditor-debtor transactions during the reporting period[83] Significant Contracts and Their Performance The company had no significant contracts, such as trusteeship, contracting, leasing, major guarantees, or entrusted wealth management, or their performance during the reporting period - The company had no trusteeship situations during the reporting period[88] - The company had no contracting situations during the reporting period[89] - The company had no leasing situations during the reporting period[90] - The company had no significant guarantee situations during the reporting period[91] - The company had no entrusted wealth management during the reporting period[92] - The company had no other significant contracts during the reporting period[93] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[94] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[95] Part VI Share Changes and Shareholder Information This section details changes in share capital, securities issuance, shareholder structure, and holdings of directors, supervisors, and senior management Share Changes During the reporting period, the company's total share capital remained unchanged, with the number of unrestricted shares also constant, accounting for 100% of the total share capital Share Changes | Item | Number Before Change (shares) | Percentage Before Change | Increase/Decrease in This Change (＋,－) | Number After Change (shares) | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | | | 0 | | | | II. Unrestricted Shares | 4,444,444,444 | 100.00% | 0 | 4,444,444,444 | 100.00% | | III. Total Shares | 4,444,444,444 | 100.00% | 0 | 4,444,444,444 | 100.00% | - During the reporting period, the company's total share capital remained unchanged[99] - The company reported no changes in restricted shares during the reporting period[99] Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[99] Company Shareholder Numbers and Shareholding Status As of the end of the reporting period, the company had 67,949 common shareholders, with China Railway Investment Group Co., Ltd. as the largest shareholder, holding 76.50% of the shares - The total number of common shareholders at the end of the reporting period was 67,949[100] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Change During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Railway Investment Group Co., Ltd. | State-owned Legal Person | 76.50% | 3,400,000,000 | - | 3,400,000,000 | | Dongfeng Motor Group Co., Ltd. | State-owned Legal Person | 6.30% | 280,000,000 | - | 280,000,000 | | Shenzhen CIMC Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 0.90% | 40,000,000 | - | 40,000,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.33% | 14,526,220 | +1,690,052 | 14,526,220 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 0.30% | 13,181,400 | +13,181,400 | 13,181,400 | | Li Guo | Domestic Natural Person | 0.29% | 13,000,000 | +4,000,000 | 13,000,000 | | Fu Xiaowei | Domestic Natural Person | 0.14% | 6,346,500 | - | 6,346,500 | | Huang Hongmei | Domestic Natural Person | 0.09% | 4,200,000 | - | 4,200,000 | | Ding Kongshi | Overseas Natural Person | 0.09% | 3,982,000 | +1,012,000 | 3,982,000 | | Fang Shengling | Domestic Natural Person | 0.08% | 3,750,000 | +1,690,000 | 3,750,000 | - It is unknown whether there are associated relationships among the aforementioned shareholders, or whether they are considered persons acting in concert as defined by the "Measures for the Administration of the Acquisition of Listed Companies"[102] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[103] 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[104] - The company's actual controller remained unchanged during the reporting period[104] Preferred Shares Related Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[105] Part VII Bond-Related Information This section provides information regarding the company's bond issuance and related matters Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[107] Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[109] Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - 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[110][114][118][122][125][128][129][136] Company Basic Information China Railway Special Cargo Logistics Co., Ltd. was established in 2003, restructured into a joint-stock company in 2019, and went public in 2021 - The company was established on November 4, 2003, restructured into a joint-stock company on May 28, 2019, with a registered capital of CNY 4,444,444,444.00[142] - On July 23, 2021, the company made its initial public offering of 444,444,444.00 ordinary RMB shares, increasing its registered capital[146] Company Equity Structure as of June 30, 2025 | Shareholder Name | Subscribed Registered Capital (yuan) | Shareholding Percentage (%) | | :--- | :--- | :--- | | China Railway Investment Group Co., Ltd. | 3,400,000,000.00 | 76.50 | | Dongfeng Motor Group Co., Ltd. | 280,000,000.00 | 6.30 | | Shenzhen CIMC Investment Co., Ltd. | 40,000,000.00 | 0.90 | | Hong Kong Securities Clearing Company Limited | 14,526,220.00 | 0.33 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 13,181,400.00 | 0.30 | | Other Shareholders | 696,736,824.00 | 15.67 | | Total | 4,444,444,444.00 | 100.00 | - The company is a professional logistics service provider under CR Group, primarily engaged in special cargo logistics services, including commercial vehicle logistics, cold chain logistics, and oversized cargo logistics[149] Basis of Financial Statement Preparation The Group's financial statements are prepared in accordance with "Enterprise Accounting Standards" and relevant regulations, based on the going concern assumption - The Group's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, along with their application guidelines, interpretations, and other relevant regulations[150] - The Group has assessed its ability to continue as a going concern for 12 months from the balance sheet date and found no significant doubts or circumstances regarding its going concern ability[151] Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and estimates for bad debt provisions, inventory write-downs, fixed asset depreciation, intangible asset amortization, R&D capitalization, and revenue recognition - These financial statements comply with the requirements of Enterprise Accounting Standards, truly, accurately, and completely reflecting the financial position of the company and the Group as of June 30, 2025, and the operating results and cash flows for January-June 2025[153] Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individual accounts receivable for which bad debt provisions are made | Individual amounts exceeding CNY 10 million | | Significant construction in progress | Individual project amounts exceeding 1% of the company's net assets in the most recent consolidated financial statements | | Significant accounts payable with aging over 1 year | Individual supplier amounts with aging over one year exceeding CNY 10 million | | Significant associates | Individual long-term equity investment balance exceeding 10% of the total long-term equity investments | | Significant commitments/contingencies/post-balance sheet events/other significant matters | Individual matter amount exceeding 1% of the company's net assets in the most recent consolidated financial statements or matters of significant nature | - The company uses the straight-line method for fixed asset depreciation, with a depreciation period of 50 years for buildings and structures, and 25 years for railway logistics special vehicles[204] - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, distinguishing between performance obligations fulfilled over time or at a point in time based on their nature[223][224] Taxes The company's main taxes include value-added tax, urban maintenance and construction tax, and corporate income tax Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax less deductible input tax | Railway transportation services 9%, leasing and warehousing services 6% | | Urban Maintenance and Construction Tax | Payable VAT amount | 0.07 | | Corporate Income Tax | Taxable income | 25%; 15% (High-tech enterprises) | | Education Surcharge | Payable VAT amount | 0.03 | | Local Education Surcharge | Payable VAT amount | 0.02 | - The company's self-used properties and land are exempt from property tax and urban land use tax[247] - Subsidiary China Railway Special Cargo Oversized Transportation Co., Ltd., as a high-tech enterprise, enjoys a 15% preferential corporate income tax rate[247] Notes to Consolidated Financial Statements This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, accounts receivable, fixed assets, intangible assets, accounts payable, employee compensation payable, operating revenue, and operating costs - The ending balance of monetary funds is CNY 4,914,549,473.11, primarily consisting of bank deposits[250] - The ending balance of accounts receivable is CNY 3,069,364,895.06, all within a 1-year aging period, with no bad debt provisions made[263][265] - The ending book value of fixed assets is CNY 10,172,779,835.97, with railway logistics special vehicles having the highest book value[355][357] - Current period operating revenue is CNY 5,394,709,544.64, and operating cost is CNY 4,892,358,356.35, with main business revenue accounting for 92.98%[456] - Net cash flow from operating activities is CNY 483,178,060.52, primarily due to increased cash received from sales of goods and provision of services[490] Research and Development Expenses The company's total R&D expenditure for this reporting period was CNY 1,409,622.61, all capitalized, primarily invested in the Special Cargo Internet Website Project and the New Generation Green Smart Mobile Cold Storage project R&D Expenditure | Project | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Special Cargo Internet Website Project | 1,134,433.96 | 0.00 | | New Generation Green Smart Mobile Cold Storage | 162,735.85 | 0.00 | | Special Cargo Logistics Data Exchange Service Platform | 0.00 | 582,547.17 | | Other | 112,452.80 | 1,145,484.51 | | Total | 1,409,622.61 | 1,728,031.68 | | Of which: Expensed R&D Expenditure | 0.00 | 1,145,484.51 | | Capitalized R&D Expenditure | 1,409,622.61 | 582,547.17 | - All R&D expenditures in this period were capitalized, primarily for the Special Cargo Internet Website Project and the New Generation Green Smart Mobile Cold Storage[502][503] Changes in Consolidation Scope During the reporting period, the company did not experience any changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, or disposal of subsidiaries - The company did not experience non-same-control business combinations during the reporting period[506] - The company did not experience same-control business combinations during the reporting period[510] - The company had no transactions or events resulting in loss of control over subsidiaries during the reporting period[513] Interests in Other Entities The company owns two wholly-owned subsidiaries, China Railway Special Cargo Oversized Transportation Co., Ltd. and China Railway Special Cargo Automobile Logistics Co., Ltd Composition of the Enterprise Group | Subsidiary Name | Registered Capital (yuan) | Business Nature | Shareholding Percentage (Direct) | | :--- | :--- | :--- | :--- | | China Railway Special Cargo Oversized Transportation Co., Ltd. | 20,000,000.00 | Transportation Industry | 100.00% | | China Railway Special Cargo Automobile Logistics Co., Ltd. | 46,000,000.00 | Transportation Industry | 100.00% | Important Associates | Associate Name | Business Nature | Shareholding Percentage (Direct) | | :--- | :--- | :--- | | Shanghai Andong Commercial Car Railway Transportation Co., Ltd. | Transportation Industry | 44.88% | | Shanghai Anbei Automobile Logistics Co., Ltd. | Transportation Industry | 49.00% | | Guangzhou Dongtie Automobile Logistics Co., Ltd. | Transportation Industry | 25.00% | | Shitie Special Cargo (Beijing) International Logistics Co., Ltd. | Transportation Industry | 30.00% | Government Grants The amount of government grants recognized in current profit or loss for this reporting period was CNY 169,736.03 Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other Income | 169,736.03 | 11,596,887.16 | Risks Related to Financial Instruments The company faces market risk (price risk), credit risk, and liquidity risk, which it manages through credit limit management, high-credit-rated bank deposits, and regular analysis of its debt structure - Market risk primarily refers to price risk, as the company provides railway transportation services at market prices and is affected by railway freight settlement policies[530][531] - Credit risk mainly arises from monetary funds, notes receivable, and accounts receivable, which the company mitigates through credit limit management and bad debt provision[531][532] - Liquidity risk is managed by ensuring sufficient fund liquidity to meet maturing debts, and the company has no external borrowings[532] Analysis of Financial Assets and Liabilities by Undiscounted Remaining Contractual Obligations Maturity | Item | Within One Year (yuan) | One to Two Years (yuan) | Two to Five Years (yuan) | Over Five Years (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets | | | | | | | Monetary Funds | 4,914,549,473.11 | 0.00 | 0.00 | 0.00 | 4,914,549,473.11 | | Accounts Receivable | 3,069,364,895.06 | 0.00 | 0.00 | 0.00 | 3,069,364,895.06 | | Financial Liabilities | | | | | | | Accounts Payable | 896,261,493.15 | 0.00 | 0.00 | 0.00 | 896,261,493.15 | | Lease Liabilities | 0.00 | 32,118,466.08 | 30,548,808.73 | 1,525,471.70 | 64,192,746.51 | Fair Value Disclosure The company's assets measured at fair value primarily include other equity instrument investments and accounts receivable financing, totaling CNY 109,301,954.03 at period-end Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | Other Equity Instrument Investments | 21,881,752.18 | 21,881,752.18 | | Accounts Receivable Financing | 87,420,201.85 | 87,420,201.85 | | Total Assets Measured at Fair Value on a Recurring Basis | 109,301,954.03 | 109,301,954.03 | - The company's financial instruments, such as bank acceptance bills and non-trading equity investments, are valued using valuation techniques to determine their fair value due to the absence of an active market, prioritizing observable inputs where possible[538] Related Parties and Related Party Transactions The company's parent company is China Railway Investment Group Co., Ltd., with China State Railway Group Co., Ltd. as the ultimate controlling party - The company's parent company is China Railway Investment Group Co., Ltd., holding 76.50% of shares, and the ultimate controlling party is China State Railway Group Co., Ltd[539] Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Current Period Amount) | Related Party | Related Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | CR Group and its subordinate entities | Railway transportation related costs | 3,153,068,437.67 | | CR Group and its subordinate entities | Commercial vehicle logistics services | 25,752,977.40 | | Shanghai Andong Commercial Car Railway Transportation Co., Ltd. | Commercial vehicle logistics services | 282,769,334.93 | | Guangzhou Dongtie Automobile Logistics Co., Ltd. | Commercial vehicle logistics services | 110,525,446.06 | - The company signed a "Related Party Transaction Framework Agreement" with CR Group, stipulating related party transactions such as railway settlement, production services, logistics support services, and financial services, with annual transaction amount caps[546] - The company committed to using no more than CNY 863.9562 million of raised funds to acquire 9 railway-side logistics warehousing bases belonging to CR Group; land authorization and operation approvals have been completed, and acquisition work is actively progressing[568] Share-Based Payment The company had no overall share-based payment situation, equity-settled share-based payments, cash-settled share-based payments, share-based payment expenses for the current period, or modifications/terminations of share-based payments during the reporting period - The company had no overall share-based payment situation during the reporting period[569] Commitments and Contingencies As of June 30, 2025, the company had no guarantees provided to other entities and no significant outstanding arbitration or litigation matters - As of June 30, 2025, the Group had no guarantees provided to other entities[571] - As of June 30, 2025, the Group had no significant outstanding arbitration or litigation matters[571] - The company had no significant contingent matters requiring disclosure[572] Post-Balance Sheet Events The company had no significant post-balance sheet events during the reporting period - The Group had no significant post-balance sheet events[575] Other Significant Matters The company had no prior period accounting error corrections, debt restructurings, asset replacements, or discontinued operations during the reporting period - The company's enterprise annuity plan was established in 2009 and officially began capital market investment operations on December 17, 2015[579] - During the reporting period, the company's enterprise annuity contributions amounted to CNY 35.7796 million, with payments totaling CNY 11.9415 million[579] - The company has no reportable segments, or cannot disclose the total assets and total liabilities of each reportable segment[583] Notes to Parent Company Financial Statements This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - The parent company's ending balance of accounts receivable is CNY 2,977,636,431.27, all within a 1-year aging period, with no bad debt provisions made[585][589] - The parent company's ending balance of other receivables is CNY 456,851,240.02, primarily intercompany balances, with a bad debt provision of CNY 253,535.00[599][618][619] - The parent company's ending book value of long-term equity investments is CNY 187,408,037.43, including investments in subsidiaries and associates/joint ventures[626] - The parent company's current period operating revenue is CNY 5,347,897,048.21, and operating cost is CNY 4,917,185,451.93[631] - The parent company's current period investment income primarily comes from long-term equity investments accounted for using the equity method, totaling CNY 6,113,539.98[637] Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 11,102,186.59 | | Government subsidies recognized in current profit/loss | 169,736.03 | | Other non-operating income and expenses apart from the above | -598,197.13 | | Less: Income tax impact | 2,938,962.97 | | Total | 7,734,762.52 | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 1.77% | 0.08 | 0.08 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 1.72% | 0.07 | 0.07 | - The company has no differences in accounting data under domestic and overseas accounting standards[640][641] Part IX Other Submitted Data This section includes additional disclosures such as social safety issues, investor relations activities, and related party fund movements Other Significant Social Security Issues The company and its subsidiaries had no other significant social security issues during the reporting period and were not subject to administrative penalties - The listed company and its subsidiaries had no other significant social security issues[643] - No administrative penalties were imposed during the reporting period[643] Registration Form for Investor Relations Activities (Surveys, Communications, Interviews, etc.) During the Reporting Period The company had no records of investor relations activities such as surveys, communications, or interviews during the reporting period - The company had no records of investor relations activities such as surveys, communications, or interviews during the reporting period[643] Fund Movements Between the Listed Company and its Controlling Shareholder and Other Related Parties The company has operational fund movements with its controlling shareholder, China State Railway Group Co., Ltd., and its controlled enterprises, with a total ending balance of CNY 540.0848 million Fund Movements Between the Listed Company and its Controlling Shareholder and Other Related Parties (Ending Balance) | Counterparty Name | Nature of Movement | Beginning Balance (CNY 10,000) | Amount Incurred During Reporting Period (CNY 10,000) | Amount Repaid During Reporting Period (CNY 10,000) | Ending Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | China State Railway Group Co., Ltd. | Operational Movement | 15,395.19 | 46,305.24 | 39,656.4 | 22,044.03 | | China Railway Investment Group Co., Ltd. | Operational Movement | 12,328.22 | 21,898.16 | 12,088.37 | 22,138.01 | | China Railway Guangzhou Group Co., Ltd. | Operational Movement | 761.46 | 2,807.07 | 3,341.86 | 226.67 | | China Railway Shenyang Group Co., Ltd. | Operational Movement | 0 | 750.92 | 144.32 | 606.6 | | Total | -- | 40,463.8 | 376,874.31 | 363,329.63 | 54,008.48 | - China Railway Special Cargo Logistics Co., Ltd. signed a "Related Party Transaction Framework Agreement" with China State Railway Group Co., Ltd., which has been reviewed and approved by the Board of Directors and the General Meeting of Shareholders[646] - The company strengthens daily business communication and coordination to ensure fund security[646]