Freight Volume and Service Performance - In the first half of 2023, the total LTL freight volume completed was 5.3 million tons, a slight decrease from 5.4 million tons in the same period of 2022[27]. - As of June 30, 2023, the company served over 5.0 million shippers, an increase from over 4.3 million shippers as of June 30, 2022[27]. - Average shipment time was reduced by 10.1% from the first half of 2022 to the same period in 2023, with the timely fulfillment rate increasing from 60.6% to 72.1%[37]. - The loss rate decreased by 30.1%, from 1.2 lost units per hundred thousand units in the first half of 2022 to 0.8 in the same period of 2023[37]. - The company served approximately 5.0 million shippers across China, enhancing its service quality through a quality growth strategy[37]. - The freight volume of mini freight (≤70 kg) increased by 17.5%, and light freight (70 – 500 kg) increased by 5.8%, indicating a positive trend in these segments[59]. - The company emphasizes the importance of service quality, resulting in a 58.0% decrease in complaint rates from 1,268 in the first half of 2022 to 532 in the same period of 2023[37]. Operational Efficiency and Network - The company operated 94 self-operated sorting centers, covering approximately 96.7% of counties and townships in China as of June 30, 2023[38]. - The company optimized its sorting center network to enhance operational efficiency while maintaining national coverage[39]. - The company continues to invest in sorting centers and line-haul transportation to improve service quality and operational efficiency[33]. - The company manages around 2,005 well-planned line-haul routes, with approximately 90.5% being two-way routes[47]. - The self-operated fleet consists of over 3,900 high-capacity line-haul trucks and approximately 6,300 trailers as of June 30, 2023, showing an increase from 4,000 trucks and over 6,200 trailers as of December 31, 2022[47]. Financial Performance - Total revenue increased by 9.9% from RMB 4,139.2 million in H1 2022 to RMB 4,550.2 million in H1 2023, driven by an increase in unit price for LTL service from RMB 766/ton to RMB 847/ton[67]. - The company recorded a profit of RMB 169.3 million with a net profit margin of 3.7% for the six months ended June 30, 2023, compared to a loss of RMB 175.7 million with a net loss margin of 4.2% for the same period in 2022[101]. - Adjusted EBITDA for the six months ended June 30, 2023, was RMB 886.7 million, up from RMB 468.4 million in the same period of 2022, reflecting a margin increase from 11.3% to 19.5%[108]. - Operating profit increased from a loss of RMB 137.6 million for the six months ended June 30, 2022, to a profit of RMB 287.7 million for the same period in 2023, resulting in an operating profit margin improvement from -3.3% to 6.3%[94]. Cost Management - The unit cost of revenues was RMB 750/ton, with unit operating profit at RMB 54/ton and unit adjusted EBITDA at RMB 166/ton[61]. - The cost of revenues increased from RMB 3,865.1 million for the six months ended June 30, 2022, to RMB 3,997.9 million for the same period in 2023, primarily due to higher costs in value-added and dispatch services[72]. - Sorting centre costs decreased from RMB 1,029.2 million for the six months ended June 30, 2022, to RMB 1,004.0 million for the same period in 2023, primarily due to optimizations in smaller sorting centres and improved labour efficiency[79]. Strategic Focus and Future Plans - The Company is shifting its strategic focus from scale to increasing operational efficiency and improving service quality to sustain high-quality growth[137]. - The Company plans to enhance service quality by improving overall timeliness and safety to attract high-margin shippers[138]. - The Company intends to expand product offerings and explore new customer types to capture potential growth opportunities[144]. - The Company will accelerate investment in digitalization, focusing on IT infrastructure to support firm-wide digital initiatives[140]. Governance and Compliance - The Company has complied with all applicable code provisions in the Corporate Governance Code during the Reporting Period[151]. - The Board will continue to review and consider splitting the roles of chairman and chief executive officer at an appropriate time[152]. - The Company has adopted a code of conduct regarding Directors' securities transactions that meets the standards set out in the Model Code[155]. Employee Management - The Group had 3,563 employees as of June 30, 2023, representing a reduction of 8.5% compared to 3,894 employees as of December 31, 2022[156]. - The Group provides periodic training to employees to improve their skills and knowledge, including technical and management training[157]. - The Company has implemented incentive schemes for its employees to enhance performance[157].
安能物流(09956) - 2023 - 中期财报