泛远国际(02516) - 2025 - 中期财报

Company Overview Company Profile and Business Model Fanyuan International Holdings Group Limited, a prominent cross-border e-commerce logistics service provider listed on the Main Board of the Stock Exchange on December 22, 2023, offers end-to-end cross-border logistics services with a customer-centric approach and customized supply chain solutions - The Company was listed on the Main Board of the Stock Exchange on December 22, 2023, as a renowned cross-border e-commerce logistics service provider[6] - The Company's headquarters are in China, primarily providing end-to-end cross-border logistics services with service outlets in major Chinese trade centers[6] - The Company offers flexible and reliable delivery options, manages the entire logistics value chain, and customizes supply chain solutions based on client needs[7] Company Information Board and Committee Composition This section details the Board of Directors, Company Secretary, authorized representatives, and members of the Audit, Remuneration, Nomination, and Investment Committees, along with auditor and legal counsel information - Board members include Executive Directors Mr. Wang Quan (Chairman), Mr. Yang Zhilong, Mr. Zhang Guangyang, Mr. Zhu Jiong, Non-executive Directors Mr. Wei Ran, Mr. Yao Shenjie, and Independent Non-executive Directors Mr. Ye Xingyue, Mr. Ren Tiangan, and Ms. Wang Jiaofei[8] - The Company Secretary is Mr. Liang Lesheng (appointed on April 30, 2025), and the Auditor is BDO Limited[8] Registration and Operating Locations This section outlines the Company's registered office, China headquarters, principal place of business in Hong Kong, share registrar, principal bankers, stock code, company website, and listing date - The Company's registered office is in the Cayman Islands, China headquarters in Gongshu District, Hangzhou, Zhejiang Province, and principal place of business in Hong Kong is in Central[9] - The Hong Kong share registrar is Hong Kong Registrars Limited, and the principal bankers are Hangzhou United Rural Commercial Bank Co., Ltd. (Shiqiao Branch)[9] - The Company's stock code is 2516, and the listing date was December 22, 2023[9] Financial Summary Group Performance and Balance Sheet Summary For the six months ended June 30, 2025, the Group's revenue decreased by 43.4% year-on-year to RMB 808.2 million, turning from profit to a loss of RMB 14.49 million for the period, with total assets and liabilities decreasing and net assets slightly down by 3.9% Group Performance Summary (for the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 808,208 | 1,427,976 | (43.4%) | | Gross profit | 73,693 | 104,799 | (29.7%) | | (Loss) Profit before tax | (14,802) | 40,041 | (137.0%) | | (Loss) Profit for the period | (14,489) | 38,062 | (138.1%) | | (Loss) Profit for the period attributable to owners of the parent | (14,350) | 38,093 | (137.7%) | Group Assets and Liabilities Summary | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 1,442,701 | 1,722,331 | (16.2%) | | Total liabilities | (748,885) | (1,000,036) | (25.1%) | | Net assets | 693,816 | 722,295 | (3.9%) | | Total equity attributable to owners of the Company | 694,017 | 722,713 | (4.0%) | Management Discussion and Analysis Business Review In the first half of 2025, China's goods trade imports and exports increased by 2.9%, and cross-border e-commerce by 5.7%; however, the Group's total revenue decreased by 43.4% to RMB 800 million, resulting in a loss, as the Company actively responded to US tariff changes by acquiring US logistics equity and joining the Amazon service network to enhance competitiveness and expand markets - In the first half of 2025, China's total goods trade import and export value was approximately RMB 21.79 trillion, an increase of 2.9% year-on-year; cross-border e-commerce import and export value was approximately RMB 1.32 trillion, an increase of 5.7% year-on-year[13][14] - The Group's total revenue in the first half of 2025 reached approximately RMB 800 million, a decrease of 43.4% compared to the same period in 2024; loss attributable to owners of the Company was approximately RMB 14.4 million, compared to a profit of RMB 38.1 million in the same period of 2024[15] - Changes in US tariff policies impacted the Group's export business to the United States, with the Company implementing measures such as close policy monitoring, service adjustments, tariff cost pass-through, optimized logistics route design, diversified revenue streams, and strengthened overseas infrastructure development[16][19] - The Group primarily provides end-to-end cross-border delivery services (accounting for approximately 62.1% of total revenue), freight forwarding services (accounting for approximately 5.8%), and other logistics services (accounting for approximately 32.1%)[17] - The Company's indirect wholly-owned subsidiary, Ingrun Holdings Limited, acquired a 30% equity interest in US logistics company Advanced Logistics Solutions LLC to enhance competitiveness in the US and overseas logistics networks[18] - Hangzhou Fanyuan International Logistics Co., Ltd. joined the Amazon service provider network and was recognized as a benchmark logistics enterprise in Hangzhou for 2025[20] Financial Review The Group's revenue for the first half of 2025 significantly decreased by 43.4% due to US tariff policy changes, leading to a 29.7% reduction in gross profit, though the gross profit margin increased due to service mix shifts; the period turned from profit to loss, mainly impacted by reduced gross profit, increased impairment losses, and higher finance costs, while net current assets and gearing ratio both declined - Revenue: For the six months ended June 30, 2025, revenue was approximately RMB 800 million, a 43.4% decrease from the same period in 2024, primarily due to reduced freight volume caused by changes in US tariff policies[21] - Cost of sales: Cost of sales decreased by 44.5% year-on-year to approximately RMB 700 million, primarily related to changes in revenue[22] - Gross profit: Gross profit was approximately RMB 73.7 million, a 29.7% decrease year-on-year. Gross profit margin increased from 7.3% to 9.1%, mainly due to a reduced proportion of lower-margin freight forwarding services and an increase in gross profit margin for other logistics services, partially offset by a decrease in gross profit margin for end-to-end cross-border delivery services[23][24] - Other income, gains and losses, net: A net loss of approximately RMB 5.2 million was recorded, an improvement from a net loss of RMB 9.2 million in the same period last year, primarily due to reduced exchange losses[25] - Impairment loss on trade and other receivables: Impairment loss was approximately RMB 14.4 million, an increase from the same period last year, primarily due to a slower client repayment speed leading to a higher expected credit loss rate[26] - Finance costs: Finance costs increased by 25.5% to approximately RMB 9.7 million, primarily due to an increase in bank borrowings during the period[27] - Loss for the period: The Group recorded a loss of approximately RMB 14.4 million for the period ended June 30, 2025, turning from a profit of approximately RMB 38.1 million in the same period of 2024[30] - Trade receivables: As of June 30, 2025, trade receivables were approximately RMB 429.2 million, a 35.0% decrease from approximately RMB 660.4 million as of December 31, 2024[31] - Trade payables: As of June 30, 2025, trade payables were approximately RMB 59.1 million, a 29.0% decrease from approximately RMB 83.3 million as of December 31, 2024[32] - Liquidity: Net current assets were approximately RMB 484.6 million, with bank balances and cash of approximately **RMB 4