CTF Services Limited (659.HK) FY2026 Interim Results Presentation Section 1 CTFS at a Glance Section 2 Financial Update Section 3 Business Operation Update Section 4 Environment, Social & Governance (ESG) FY26-1H Results Highlights Overall solid earnings with steady growth Financial Services segment delivered strong growth momentum as a core earnings driver Continued portfolio optimization by streamlining stagnant assets to strengthen financial flexibility and support growth initiatives in Financial Service ...

南都社论 "两业协同"开新局，一马当先向未来 作为连续37年地区生产总值居全国首位的经济大省，广东既有"世界工厂"的深厚家底，也有现代服务业的 雄厚实力。一边是门类齐全、根基深厚的制造底盘，覆盖全部31个制造业大类，坐拥10个万亿元级产业集 群，规上工业企业营业收入稳居全国首位；另一边是体量领跑、能级突出的服务体系，服务业增加值连续 41年居全国首位，现代服务业增加值占服务业比重达64.9%，可为制造业升级提供全周期支撑。 可见，制造业与服务业的协同发展，本质上是实体经济全链条升级的内在要求，不是相互挤占的替代关 系，而是彼此成就、相辅相成的必然选择。目前，广东制造业正处于向智能化、高端化、绿色化转型的关 键阶段，通过服务业赋能，特别是用好信息技术、金融服务、科技创新等生产性服务业，显然将有助于打 通制造业发展的堵点难点。 推动制造业与服务业协同走深走实，广东既有先天禀赋，更有清晰的发力方向。"十五五"规划建议提出"提 高现代服务业与先进制造业、现代农业融合发展水平，推进服务业数智化"；2026年广东省政府工作报告 中同样特别强调，"推动制造业服务化和服务业制造化，以服务业升级促进和支撑整个产业体系的优化升 ...

Core Viewpoint - Guangdong is focusing on the coordinated development of manufacturing and service industries as a strategy for high-quality economic growth, marking the beginning of a new phase in its development journey [1][2]. Group 1: Economic Strategy - The theme of the high-quality development conference emphasizes "coordinated development of manufacturing and service industries," aiming to set a clear direction for economic growth in 2024 and beyond [1]. - Guangdong has maintained its position as the top province in GDP for 37 consecutive years, showcasing a robust manufacturing base and a strong modern service sector [1]. - The province's manufacturing sector includes all 31 major categories and boasts 10 trillion-yuan-level industrial clusters, while the service sector has led the nation in added value for 41 years [1]. Group 2: Industry Transformation - The coordinated development of manufacturing and service industries is essential for upgrading the entire economic chain, with a focus on mutual enhancement rather than competition [2]. - Guangdong's manufacturing is transitioning towards smart, high-end, and green production, with service industries playing a crucial role in this transformation through the use of information technology and financial services [2]. - The "14th Five-Year Plan" suggests enhancing the integration of modern services with advanced manufacturing and modern agriculture, emphasizing the digitalization of services [2]. Group 3: Market Dynamics - The synergy between manufacturing and service industries is expected to enrich supply content, stimulate market demand, and promote consumption, ultimately benefiting the public [3]. - The "Guangdong Goods Go Global" initiative highlights the importance of service support, such as logistics and digital technology, in driving sales for local products [3]. - The coordinated development approach is not only about improving manufacturing efficiency but also about investing in human resources to enhance overall quality of life [3].

Core Insights - The logistics hub "Asia No. 1" in North China is operating normally during the Spring Festival holiday, ensuring efficient delivery of goods through advanced technology [1][3] - Daily peak outbound orders can reach 12,000 during this period, showcasing the hub's capacity to handle high demand [3] Group 1: Space Efficiency - The warehouse features 12-meter high shelves stacked with thousands of cargo boxes, maximizing storage capacity and facilitating efficient outbound logistics [4] - The high-density layout of the shelves is designed to optimize space utilization, laying the groundwork for effective order fulfillment [4] Group 2: Machine Efficiency - The logistics process is enhanced by the use of flying robots and ground transport robots, which double the efficiency of goods transfer [5][7] - A total of 87 ground transport robots operate efficiently, demonstrating a well-organized system that maintains order while maximizing speed [7] Group 3: AI Efficiency - The introduction of the "AI New Year Goods Map" allows for precise forecasting of regional preferences, enabling smarter inventory distribution [8][10] - AI technology aids in predicting consumer preferences, such as the popularity of health-related products in Guangdong and pet food in Sichuan and Tibet, thus optimizing stock levels [10][11] - The logistics strategy includes proactive inventory management, allowing for flexible adjustments between warehouses and ensuring timely delivery even before orders are placed [13]

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1]. Core Insights - The turning point for the China-Mongolia business has arrived, with the traffic volume at the Ganqimaodu port steadily recovering, short-distance freight rates stabilizing and rising, and the price of Mongolian coking coal continuing to rebound, collectively driving the company's performance into a recovery phase [2]. Summary by Relevant Sections - **Traffic Volume at Ganqimaodu Port**: From February 2 to February 9, the average daily traffic volume was 1,318 vehicles/day (excluding closed days), a decrease of 8.7% week-on-week but an increase of 57.9% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 36,148 vehicles, up 48.1% year-on-year [5]. - **Import and Export Freight Volume**: In February 2026, the freight volume increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume at Ganqimaodu port was 30.0266 million tons, with a narrowing year-on-year decline, and a total of 43.0585 million tons for the year, reflecting a year-on-year increase of 6% [5]. - **Short-Distance Freight Rates**: In the first half of 2025, short-distance freight rates averaged a decrease of 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the rates stabilized in the range of 60-70 yuan/ton. As of 2026, the average short-distance freight rate was 66 yuan/ton, with a week-on-week change of 0.0% and a year-on-year increase of 8.3% [5]. - **Recovery of China-Mongolia Business**: In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a year-on-year decrease of 4.90%. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of net profit decline were primarily due to the recovery of cross-border business and the rise in coking coal prices [5]. - **Long-term Competitive Advantage**: The company has a strong core competitive advantage by strategically positioning itself in key logistics infrastructure at the port and advancing an integrated "goods and trade" business model, effectively consolidating its leading position and market share in the China-Mongolia business [5].

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [1]. Core Insights - The turning point for the China-Mongolia business has arrived, with the traffic volume at the Ganqimaodu port steadily recovering, short-distance freight rates stabilizing and rising, and the price of Mongolian coking coal continuing to rebound, collectively driving the company's performance into a recovery phase [2]. Summary by Relevant Sections - **Traffic Volume at Ganqimaodu Port**: From February 2 to February 9, the average daily traffic volume was 1,318 vehicles/day (excluding closed days), a decrease of 8.7% week-on-week but an increase of 57.9% year-on-year. Cumulatively, as of 2026, the total traffic volume reached 36,148 vehicles, up 48.1% year-on-year [5]. - **Import and Export Freight Volume**: In February 2026, the freight volume increased by 218% year-on-year to 4.9525 million tons. By the end of Q3 2025, the cumulative import and export volume at Ganqimaodu port was 30.0266 million tons, with a narrowing year-on-year decline, and a total of 43.0585 million tons for the year, reflecting a year-on-year increase of 6% [5]. - **Short-Distance Freight Rates**: In the first half of 2025, short-distance freight rates averaged a decrease of 34.5% due to fluctuations in domestic demand for Mongolian coal. However, with demand recovering, the average short-distance freight rate stabilized in the range of 60-70 yuan/ton. As of 2026, the cumulative average short-distance freight rate was 66 yuan/ton, with an average of 65 yuan/ton from February 2 to February 6, showing no change month-on-month but an increase of 8.3% year-on-year [5]. - **Recovery of China-Mongolia Business**: In Q3 2025, the company achieved revenue of 2.486 billion yuan, a year-on-year increase of 30.61%, and a net profit attributable to shareholders of 313 million yuan, a decrease of 4.90% year-on-year. For the first three quarters of 2025, revenue was 6.570 billion yuan, a year-on-year increase of 0.40%, with a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing decline in net profit were primarily due to the recovery of cross-border business and the rise in coking coal prices [5]. - **Long-term Competitive Advantage**: The company has a strong core competitive advantage by strategically positioning itself in the core logistics infrastructure of the port and is effectively advancing the "integrated trade and logistics" business model, which consolidates its leading position and market share in the China-Mongolia business [5].

Group 1 - The company has received approval for its subsidiary, China Chengtong Commodity Trading Co., to conduct commodity futures hedging business from January 1 to December 31, 2026, with a maximum guarantee amount of 200 million yuan, aimed at mitigating risks from spot price fluctuations [2] - The company revised 12 internal governance systems in December 2025, which became effective in 2026, focusing on enhancing operational efficiency and compliance levels [3] Group 2 - As of September 30, 2025, the company's operating revenue was 47.787 billion yuan, with a net profit attributable to shareholders of 444 million yuan, reflecting a year-on-year growth of 15.52% [4] - The number of shareholders decreased by 1.02% to 90,200 as of September 30, 2025, with Hong Kong Central Clearing Limited increasing its holdings to 16.007 million shares [5]

两宗位于化龙镇金轩三路南侧的一类物流仓储用地，总面积达16.04公顷，规划建筑面积最高可达64万平方米。两宗地块设定明确高标准产业要求：投资 强度不低于14325元/平方米，达产后五年内须实现总营业收入超2000亿元、总税收超4.8亿元；两个项目达产后一年内将引进不少于10家与现代物流业、 供应链管理服务关联的优质企业项目，助力培育产业集群。两宗地块均被都乐（广东）供应链有限公司以底价获得。 （文章来源：广州日报） 根据出让公告，番禺区钟村街市广路北侧地块，用地性质为二类居住用地，宗地面积70364.49平方米（其中居住用地23385.06平方米、中小学用地 33308.71平方米、道路13670.72平方米），挂牌起始价79741万元，折合楼面地价12233元/平方米。出让要求显示，竞得人需按规划条件建设道路用地和 BA0905108地块（中小学用地）。 值得关注的是，番禺区同步出让的还有位于市桥核心区的盛泰路东侧商业商务地块。该地块面积0.43公顷，聚焦高端商服赋能中心城区建设。地块要求计 容建筑面积中酒店占比不低于50%，项目建成后自持物业比例不低于80%，其中酒店必须全部自持。地块被广州市番禺通信管道 ...

Investment Rating - The report assigns an "Accumulate" rating for the logistics and warehousing industry [5]. Core Insights - The report highlights a turning point in the China-Mongolia business, with the steady recovery of traffic at the Ganqimaodu port, stabilization and upward trend in short-distance freight rates, and a continuous rebound in the price of Mongolian coking coal, collectively driving the company's performance into a recovery phase [2]. Summary by Sections Traffic and Freight Volume - The daily traffic at Ganqimaodu port has shown a steady increase, with an average of 1,495 vehicles per day from January 26 to January 29, 2026, representing a week-on-week increase of 22.2% and a year-on-year increase of 258.9%. Cumulatively, from the beginning of 2026, the port has recorded a total of 29,642 vehicles, up 37.2% year-on-year [5]. - The import and export cargo volume at Ganqimaodu port has also seen significant year-on-year growth, with January 2026 cargo volume increasing by 58% to 2.4532 million tons. By the end of Q3 2025, the cumulative cargo volume was 30.0266 million tons, with a narrowing year-on-year decline, and an annual total of 43.0585 million tons, reflecting a year-on-year increase of 6% [5]. Freight Rates - Short-distance freight rates have stabilized and begun to rise. In the first half of 2025, the average short-distance freight rate was down 34.5% year-on-year due to fluctuations in domestic demand for Mongolian coal. However, with the recovery in demand, the average short-distance freight rate has stabilized in the range of 60-70 yuan per ton, with a cumulative average of 66 yuan per ton in 2026. From January 26 to January 30, 2026, the average short-distance freight rate was 65 yuan per ton, unchanged from the previous period but up 8.3% year-on-year [5]. Company Performance - The report indicates that Jiayou International achieved revenue of 2.486 billion yuan in Q3 2025, a year-on-year increase of 30.61%, with a net profit attributable to shareholders of 313 million yuan, down 4.90% year-on-year. For the first three quarters of 2025, the company reported revenue of 6.570 billion yuan, a slight increase of 0.40% year-on-year, and a net profit of 874 million yuan, down 19.72% year-on-year. The increase in revenue and the narrowing of the net profit decline are attributed to the recovery of cross-border business with Mongolia and the rise in coking coal prices [5]. - The average market price of coking coal in the second half of 2025 increased by 29.13% to 1,383 yuan per ton. With the ongoing "anti-involution" policy, coal prices have stabilized and begun to rise, leading to a gradual recovery in demand for Mongolian coal, which in turn has driven the daily traffic and short-distance freight rates at Ganqimaodu port to rise, resulting in continuous improvement in the company's performance. The company has established a strong competitive advantage through strategic positioning in core logistics infrastructure at the port and is effectively consolidating its leading position and market share in the China-Mongolia business [5].

Group 1 - Vietnam's GDP is projected to grow by 8.02% year-on-year in 2025, demonstrating resilience amid a global economic downturn [1] - The total import and export volume for Vietnam is expected to increase by 18.2% year-on-year in 2025, exceeding $930 billion, maintaining a trade surplus for several consecutive years [1] - The manufacturing sector, particularly in electronics and textiles, is rapidly developing, positioning Vietnam among the top twenty trading nations globally [1] Group 2 - The service sector is projected to grow by 8.62% in 2025, contributing 51.08% to Vietnam's GDP, driven by a significant increase in international tourist arrivals [2] - Vietnam is expected to receive over 21.2 million international tourists in 2025, a 20.4% increase year-on-year, marking a historical high [2] - The government is implementing policies to diversify export markets and reduce reliance on traditional markets in Europe and the US, encouraging industries to explore emerging markets in India, Africa, and Latin America [2]