近日，长安民生物流与重庆市璧山区人民政府、弗迪电池有限公司正式签署共建西部陆海新通道新能源 汽车零部件集散中心合作协议。签约三方代表，重庆市璧山区、弗迪电池有限公司及长安民生物流的相 关领导共同见证。按照合作协议，三方将基于已有合作，本着"政府引导、企业主导、优势互补、互利 共赢"原则，建立长期、紧密、稳定的战略合作关系，在物流园区规划、新能源商用车推广、新能源商 用车充换电基础设施建设及物流运输领域等方面继续开展深度合作，通过资源互补、技术联动与业务协 同，共同推进绿色智慧物流体系建设。长安民生物流将发挥自身专业能力和物流网络优势，在"十五 五"期间大力推进绿色物流，用战略眼光系统布局并推动三方合作成果落地，打造辐射西部、链接全球 的绿色供应链枢纽。下一步三方将围绕商用车新能源改装及其配套、新能源电池循环利用、超级充电示 范站建设、大数据运营平台打造等方面开展深度合作，持续挖掘培育动力电池、兆瓦闪充等技术在全市 铁公水空多式联运物流体系中的新应用场景，助力璧山打造在重庆乃至全国具有示范带动效应的绿色低 碳物流园区。(中国长安汽车集团) ...

Financial Performance - The company's operating revenue reached RMB 8,963,208,271.72 for the year ending December 31, 2024, marking an increase of 12.45% from RMB 7,968,998,231.49 in 2023[10] - The total profit amounted to RMB 92,056,359.11, up from RMB 75,008,581.99 in the previous year, reflecting a growth of 22.73%[10] - Net profit attributable to shareholders was RMB 59,943,006.45, a rise of 6.66% compared to RMB 56,446,864.92 in 2023[10] - The company's revenue for 2024 was RMB 8,963,208,271.72, an increase of 12.48% from RMB 7,968,998,231.49 in the previous year[16] - The net profit attributable to equity holders increased to RMB 59,943,006.45, up from RMB 56,446,864.92 in 2023, representing an increase of RMB 3,496,141.53[16] - Revenue from vehicle transportation services reached RMB 4,445,873,165.89, up about 14.04% from RMB 3,898,671,826.86 in the previous year[29] - Revenue from automotive raw materials and parts supply chain management services was RMB 2,584,677,127.03, reflecting a growth of approximately 7.32% from RMB 2,408,300,157.96[30] - Revenue from non-automotive goods transportation and other logistics services decreased by approximately 28.39%, totaling RMB 303,699,241.69 compared to RMB 424,107,662.09 in the previous year[32] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 5,196,726,047.16, slightly up from RMB 5,174,411,768.52 in 2023[14] - Current liabilities increased to RMB 2,880,016,920.99 from RMB 2,729,541,661.34 in 2023, indicating a rise of 5.49%[14] - The total liabilities stood at RMB 2,990,079,928.74, showing a slight increase from RMB 2,984,847,923.87 in 2023[14] - Non-current assets decreased to RMB 1,366,725,229.73 from RMB 1,504,504,826.98 in 2023, a decline of 9.15%[14] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.20 per share, maintaining the same level as the previous year[11] - The company plans to distribute at least 30% of its distributable profits as cash dividends annually, subject to meeting certain conditions[5] - The board of directors will propose a profit distribution plan based on the company's profitability and funding needs, subject to shareholder approval[5] Market and Industry Outlook - The company continues to maintain a positive development trend, benefiting from the steady growth of the Chinese economy and the automotive industry[15] - In 2024, the domestic automobile production and sales reached 31.282 million and 31.436 million units, respectively, with year-on-year growth of 3.7% and 4.5%[16] - The company aims to achieve a total automobile sales volume of 32.9 million units in China by 2025, with a projected year-on-year growth of 4.7%[22] - The forecast for new energy vehicle sales in 2025 is expected to reach 16 million units, achieving a year-on-year growth rate of 24.4%[22] Innovation and Development - The company has developed 6 digital products and applied them to 12 projects, enhancing its digital capabilities[21] - The company has established 10 technical standards and filed 35 patent applications, demonstrating its commitment to innovation and professional standards[21] Cost Management and Operational Efficiency - The company will implement stricter cost control measures to address challenges posed by increased competition and price wars in the automotive industry[23] - The company's operating costs for the year were RMB 8,559,911,051.80, an increase of approximately 12.66% from RMB 7,597,717,455.50[38] - The company's gross profit margin decreased to 4.50% from 4.66% in the previous year due to rising transportation and labor costs[38] Share Subscription and Capital Structure - The company has agreed to issue and allocate 40,000,000 new domestic shares at a subscription price of RMB 2.54648 per share, totaling RMB 101,859,200[78] - The net proceeds from the share subscription are expected to be approximately RMB 100,859,200 after deducting issuance costs, with a net subscription price of about RMB 2.52 per share[82] - The funds raised will be fully invested in enhancing overseas logistics capabilities and smart logistics construction, strengthening supply chain investments[82] - The share subscription is expected to alleviate liquidity pressure and support the company's future overseas business development[86] Employee and Management Structure - As of December 31, 2024, the company has 3,137 employees, a decrease from 4,031 employees as of December 31, 2023, representing a reduction of approximately 22.2%[109] - The employee gender ratio is 2.22 males for every female employee[109] - The company has a total of 1,391 operational staff as of December 31, 2024, down from 2,310 in 2023, indicating a significant reduction in operational roles[110] - The company has implemented a competitive salary compensation mechanism to attract and motivate employees, regularly reviewing and adjusting salaries based on market standards[106] Governance and Compliance - The company has adopted strict corporate governance practices to enhance credibility and transparency, aligning with shareholder interests[182] - The company has complied with all applicable laws and regulations throughout the year, with no violations reported[169] - The board of directors consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors, ensuring a balanced composition for the company's and shareholders' interests[186] Legal and Dispute Management - The company faced a legal dispute regarding a storage supervision agreement, with a court ruling in favor of the company, dismissing the claims against it[160] - The company had RMB 30 million in bank deposits frozen due to the legal dispute, which was later released following the court's decision[161] - The company is actively pursuing the collection of outstanding debts from related parties and will provide updates on significant developments[164] Related Party Transactions - The logistics services provided to Changan Automobile and its associates totaled RMB 5,681,365,858.69, with an upper limit of RMB 7,000,000,000.00[155] - The group has established a framework agreement with China Chang'an, Changan Automobile, Meiji Logistics, and Minsheng Industrial for ongoing related transactions, ensuring compliance with listing rules[152] - The total cost of logistics services provided to related parties by the group for the year ending December 31, 2024, amounted to RMB 241,409,746.74 for China Chang'an and its associates, against a cap of RMB 300,000,000.00[155]

Financial Performance - The consolidated revenue for the year ended December 31, 2024, was approximately RMB 8,963,208,271.72, representing a growth of about 12.48% compared to the previous year[3]. - The profit attributable to equity holders of the company for the year ended December 31, 2024, was approximately RMB 59,943,006.45, an increase of about 6.19% from RMB 56,446,864.92 in 2023[3]. - The basic earnings per share for the year ended December 31, 2024, was RMB 0.37, up from RMB 0.35 in 2023[3]. - The company's operating revenue for the current period reached RMB 8,963,208,271.72, an increase of 28.5% compared to RMB 7,968,998,231.49 in the previous period[6]. - Operating profit for the current period was RMB 93,496,338.08, representing a 24.4% increase from RMB 75,145,550.18 in the previous period[6]. - Net profit attributable to shareholders of the parent company was RMB 59,943,006.45, up 6.6% from RMB 56,446,864.92 in the previous period[6]. - Total comprehensive income for the current period was RMB 70,435,240.80, an increase from RMB 57,605,939.66 in the previous period[6]. Dividends and Equity - The board of directors proposed a final cash dividend of RMB 0.20 per share for 2024, unchanged from 2023[3]. - The total equity attributable to equity holders of the company as of December 31, 2024, was RMB 2,047,499,190.00, compared to RMB 2,016,253,323.93 at the end of the previous year[5]. - The company's total equity attributable to shareholders at year-end was RMB 2,206,646,118.42, an increase from RMB 2,189,563,844.65 in the previous year[8]. - The company distributed dividends totaling RMB 32,451,133.71 to shareholders, reflecting a commitment to return value to investors[8]. Assets and Liabilities - Total current assets as of December 31, 2024, amounted to RMB 3,830,000,817.43, compared to RMB 3,669,906,941.54 at the end of the previous year[4]. - Total liabilities as of December 31, 2024, were RMB 2,990,079,928.74, compared to RMB 2,984,847,923.87 at the end of the previous year[5]. - The total assets as of December 31, 2024, were RMB 5,196,726,047.16, an increase from RMB 5,174,411,768.52 in the previous year[5]. - The cash and cash equivalents increased to RMB 995,091,926.76 from RMB 882,939,512.98 in the previous year[4]. Cash Flow - The total cash inflow from operating activities reached RMB 10,882,209,533.75, an increase of 17.4% compared to the previous period's RMB 9,270,067,602.42[7]. - The net cash flow from operating activities was RMB 360,571,277.69, significantly up from RMB 197,818,960.93 in the prior period, marking an increase of 82.0%[7]. - Cash outflow for purchasing goods and services amounted to RMB 9,364,117,242.31, which is a 29.0% increase from RMB 7,256,600,250.97 in the previous year[7]. - Cash inflow from financing activities totaled RMB 79,643,581.00, a decrease from RMB 758,362,267.00 in the prior year[7]. Accounts Receivable - The company reported a significant increase in accounts receivable, which rose to RMB 1,627,248,472.38 from RMB 1,466,849,212.92 in the previous year[4]. - The total accounts receivable balance as of December 31, 2024, is RMB 1,721,285,081.64, an increase from RMB 1,559,786,303.24 at the end of the previous year, representing a growth of approximately 10.3%[169]. - The overdue accounts receivable amount is RMB 82,760,000.00, compared to RMB 79,534,000.00 as of December 31, 2023, indicating an increase of about 2.8%[170]. - The provision for bad debts is RMB 94,036,609.26, which is 5.46% of the total accounts receivable[171]. Research and Development - Research and development expenses decreased to RMB 23,011,712.49 from RMB 26,803,369.07, a reduction of 14.5%[6]. - The company allocates R&D expenses, including salaries, direct costs, and depreciation, based on project hours and shared resources[99]. Financial Instruments and Credit Losses - The group measures expected credit losses based on the weighted average of credit loss risks associated with financial instruments[51]. - Expected credit losses are calculated as the present value of the difference between all contractual cash flows receivable and the expected cash flows[51]. - The company assesses expected credit losses based on default risk exposure and anticipated loss rates over the next 12 months for other receivables[58]. Taxation - The group has a corporate income tax rate of 15% for several subsidiaries, including Chongqing Chang'an Minsheng Logistics Co., Ltd.[162]. - The group benefits from a reduced corporate income tax rate of 15% for high-tech enterprises, applicable to Chongqing Changzu Feiyue Technology Co., Ltd.[165]. - The group is subject to various tax rates, including a 25% corporate income tax rate for some subsidiaries[166]. Inventory and Contract Assets - The inventory at the end of the period is CNY 14,090,076.83, a decrease from CNY 28,876,115.92 at the end of the previous year[182]. - The contract assets at the end of the period total CNY 433,477,516.14, with a provision for impairment of CNY 836,710.93[183]. - The expected credit loss rate for the contract assets is 0.19%, with a total book value of CNY 432,640,805.21 after impairment[183]. Fixed Assets and Investments - Fixed assets at the end of the period amounted to RMB 588,239,961.64, a decrease of 19.3% from RMB 728,808,090.70 at the end of the previous year[191]. - The total value of fixed assets decreased by RMB 140,130,383.16, reflecting significant asset disposals during the year[191]. - The company recognized an impairment loss of RMB 42,029,948.15 for its 31% equity stake in Chongqing Orchard Roll-on Terminal Co., Ltd., with a recoverable amount of RMB 28,200,000.00, which is lower than the carrying value[185]. Intangible Assets - The total intangible assets at the end of the period amounted to RMB 489,847,540.20, a decrease from RMB 498,563,764.08 at the beginning of the period, reflecting a reduction of approximately 1.43%[196]. - The accumulated amortization for intangible assets increased by RMB 24,305,240.48 during the period, resulting in a total of RMB 240,196,954.12 at the end of the period[196]. Changes in Accounting Policies - Changes in significant accounting policies include the issuance of Interpretation No. 17 by the Ministry of Finance in November 2023[156]. - The group will implement Interpretation No. 17 starting from January 1, 2024, and will adjust comparable period information accordingly[158].

Investment Rating - The investment rating for the company is "Hold" [1][2]. Core Views - The company has shown stable growth in domestic demand and is gradually enhancing its overseas logistics capabilities. It has been recognized in various rankings, including the "Top 100 Enterprises in Chongqing" and "Top 100 Logistics Companies in Western China" [1]. - For the first half of 2024, the company reported a revenue of 4.165 billion yuan, an increase of 4.54% year-on-year, and a net profit attributable to shareholders of 29.26 million yuan, up 4% year-on-year. The main revenue sources include vehicle transportation, commodity sales, and supply chain management for automotive raw materials and parts [1]. - The company benefits from national policy support and promotional measures from automotive manufacturers, leading to stable growth in domestic automotive production and sales. The company's main client, Changan Automobile, also reported growth that outperformed the industry average [1]. - The company plans to raise funds through a directed issuance of shares to enhance its overseas logistics capabilities and invest in smart logistics and supply chain management [1]. Financial Performance and Forecast - The company is expected to achieve net profits of 72.75 million yuan, 82.15 million yuan, and 90.59 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.45 yuan, 0.51 yuan, and 0.56 yuan [2][3]. - Revenue projections for the years 2024 to 2026 are 7.969 billion yuan, 8.359 billion yuan, and 8.836 billion yuan, with growth rates of 4.9%, 5.7%, and 6.3% respectively [3]. - The company maintains a high dividend payout, distributing a final dividend of 0.2 yuan per share in September 2024 [1].

Financial Performance - For the six months ended June 30, 2024, the group's unaudited revenue was approximately RMB 4,165,152,715.24, representing an increase of about 4.54% compared to the same period in 2023[1]. - The unaudited profit attributable to equity holders of the parent company for the same period was approximately RMB 29,260,117.19, an increase of approximately RMB 1,125,494.51 from RMB 28,134,622.68 in 2023[1]. - The unaudited basic earnings per share for the six months ended June 30, 2024, was approximately RMB 0.18, compared to RMB 0.17 for the same period in 2023[1]. - The company's consolidated operating revenue for the six months ended June 30, 2024, was RMB 4,165,152,715.24, an increase from RMB 3,984,312,286.73 in the same period last year, representing a growth of approximately 4.55%[6]. - The consolidated operating costs for the same period were RMB 3,974,282,672.99, compared to RMB 3,809,377,663.94 in the previous year, indicating an increase of about 4.32%[6]. - The total profit for the six months was RMB 43,320,740.93, up from RMB 34,124,491.97 year-on-year, reflecting a growth of approximately 27.4%[6]. - The net profit for the six months ended June 30, 2024, was RMB 31,219,294.40, an increase from RMB 28,176,857.46 in the previous period, representing a growth of approximately 7.25%[7]. - The net profit attributable to shareholders of the parent company was RMB 29,260,117.19, compared to RMB 28,134,622.68 in the prior period, reflecting an increase of about 4.01%[7]. - The total comprehensive income for the period was RMB 31,219,294.40, up from RMB 28,176,857.46, indicating a growth of approximately 7.25%[7]. Assets and Liabilities - The total current assets as of June 30, 2024, amounted to RMB 3,900,827,203.24, an increase from RMB 3,669,906,941.54 at the end of the previous year[3]. - The total non-current assets as of June 30, 2024, were RMB 1,481,157,957.36, compared to RMB 1,504,504,826.98 at the end of the previous year[3]. - The total assets as of June 30, 2024, reached RMB 5,381,985,160.59, an increase from RMB 5,174,411,768.52 at the end of the previous year[3]. - The company's total liabilities as of June 30, 2024, amounted to RMB 3,194,691,861.51, compared to RMB 2,984,847,923.87 at the end of the previous year, showing an increase of about 7.03%[4]. - The total equity attributable to shareholders of the parent company was RMB 2,012,039,199.83, slightly down from RMB 2,016,253,323.93 at the end of the previous year[4]. - The total current liabilities reached RMB 2,972,248,664.91, compared to RMB 2,729,541,661.34 in the previous year, marking an increase of approximately 8.9%[4]. - The company's short-term borrowings increased to RMB 45,011,877.78 from RMB 26,526,864.44, representing a significant rise of about 69.3%[4]. - The total long-term borrowings at the end of the period amount to CNY 69,326,524.99, down from CNY 97,515,898.76 at the end of the previous year, a decrease of about 29%[20]. Cash Flow - Operating cash inflow for the period was RMB 5,420,253, with a net cash flow from operating activities of RMB 336,795, compared to RMB 320,448,673.21 in the previous period[8]. - Cash flow from investment activities resulted in a net inflow of RMB 70,054,444.84, compared to a net outflow of RMB 44,065,671.69 in the prior period[10]. - Cash flow from financing activities showed a net outflow of RMB 100,044,465.09, compared to RMB 57,795,025.48 in the previous period[10]. - The total cash and cash equivalents at the end of the period amounted to RMB 1,211,722,172.80, compared to RMB 1,035,924,425.56 at the end of the previous period[10]. - The company received RMB 150,000,000 in cash from investment recoveries during the period[8]. Shareholder Information - The board of directors recommended not to declare an interim dividend for the six months ended June 30, 2024[1]. - The company distributed RMB 32,412,800.00 to shareholders, reflecting ongoing profit allocation strategies[22]. - The total number of shares outstanding remains at 162,064,000, consistent with previous reports[29]. - The company’s total equity remains stable at 162,064,000 shares, with no new shares issued during the period[58]. - The company did not declare an interim dividend for the six months ended June 30, 2024, while a final dividend of CNY 0.20 per share for the year 2023 was approved, totaling CNY 32,412,800[75]. Operational Highlights - The company is focused on expanding its logistics services, including full truckload transportation and supply chain management[29]. - The company anticipates continued revenue growth driven by increased demand for logistics services in the upcoming quarters[59]. - The company has actively engaged in market expansion and cost leadership initiatives despite facing increased competition and operational costs[78]. - The company is focusing on enhancing its operational efficiency and asset management strategies to improve overall financial performance[41]. Legal and Compliance - The company is pursuing legal action to recover CNY 38,194,400.00 from a client for unpaid transportation fees, with ongoing court proceedings[62]. - A lawsuit involving a storage supervision agreement resulted in a court ruling that dismissed the claims against the company, leading to the release of over RMB 30 million in frozen bank deposits[88]. - The company has complied with the corporate governance code as per the listing rules[95]. - The company has adopted a standard code of conduct for securities trading by directors, confirming compliance by all directors during the reporting period[96]. Market and Economic Context - The company anticipates ongoing economic challenges due to global energy price fluctuations, currency volatility, and geopolitical tensions, while the Chinese government is expected to implement supportive fiscal and monetary policies[93]. - The Chinese automotive market is showing growth despite challenges, with the new energy vehicle (NEV) market continuing to grow rapidly, while traditional fuel vehicles face significant challenges[94]. - The Chinese government has extended the tax exemption policy for NEVs until December 31, 2027, which is expected to sustain high growth in NEV sales[94]. Related Party Transactions - The group generated approximately RMB 2,807,959,205.55 in revenue from related party transactions for the six months ending June 30, 2024, accounting for about 67.42% of total revenue during this period[110]. - Related party transactions for procurement in the first half of 2024 amounted to 101,791,247.56 for transportation services, a decrease of 26.4% from 138,160,357.28 in the same period of 2023[65]. - The company reported related party sales of logistics services totaling 2,645,077,471.21 in the first half of 2024, an increase of 5.5% compared to 2,507,240,448.80 in the first half of 2023[66].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 1 重慶長安民生物流股份有限公司 Changan Minsheng APLL Logistics Co., Ltd. (在中華人民共和國註冊成立的股份有限公司) (股份代號：01292) 中期業績公告 截至二零二四年六月三十日止六個月 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 摘要 | | | | 於截至 2024 年 6 月 30 日 止 6 個 月 期 間 ， 本 集 團 未 經 審 計 之 收 入 約 為 人 民 幣 ...

Investment Rating - The report gives a "Hold" rating for Chang'an Minsheng Logistics (1292 HK) [44] Core Views - Chang'an Minsheng Logistics is a leading comprehensive logistics service provider in China's automotive logistics industry, with a strong client base and extensive service network [112][113] - The company benefits from the steady growth of its major client Chang'an Automobile, which achieved record sales in 2023 and is expanding internationally [26][27][29] - Chang'an Minsheng Logistics is driving green, smart, and digital transformation, expanding service boundaries through multimodal transport, smart parks, and customized logistics solutions [18][19][20][84] - The company's profitability has improved overall, with strong cost control capabilities and positive cash flow growth [36][43] Business Model and Competitive Advantages - The company has established long-term cooperative relationships with nearly 1,000 domestic and foreign enterprises in both automotive and non-automotive fields [3] - It has a comprehensive multimodal transport service network combining road, rail, and water transport, with stable transport capacity guaranteed by strategic partnerships [10] - The company has 28 branches, subsidiaries, joint ventures, and offices across China, enabling nationwide logistics services [15] - It has developed innovative logistics platforms like Cheyi Cloud and Boyu Hengtong Network Freight Platform to provide integrated supply chain services [19][31] Financial Performance - In 2023, the company achieved revenue of 7 969 billion yuan, up 3 22% YoY, and net profit attributable to shareholders of 56 447 million yuan, up 46 68% YoY [23] - The gross profit margin was 4 66%, down 0 52 percentage points YoY, while the period expense ratio decreased by 0 31 percentage points to 3 63% [36] - Operating cash flow increased significantly to 198 million yuan, indicating improving operational efficiency [36] Industry Outlook - China's automotive industry is expected to maintain steady growth, with 2023 production and sales reaching 30 161 million and 30 094 million units respectively, up 11 6% and 12% YoY [133][135] - Multimodal transport is becoming the main transportation mode for automotive logistics due to regulatory changes and environmental concerns [148][151] - The used car market is growing rapidly, with 2023 transaction volume reaching 18 413 million units, up 14 9% YoY [143][144] Growth Drivers - Chang'an Automobile's sales growth and international expansion will directly increase logistics service demand [29] - The rapid development of new energy vehicles creates new growth opportunities in NEV logistics, especially for battery transportation and storage [29] - The company's digital transformation and smart logistics solutions will enhance efficiency and expand service capabilities [18][19][84] Financial Forecasts - Revenue is expected to grow to 8 359 billion yuan in 2024, 8 836 billion yuan in 2025, and 9 393 billion yuan in 2026 [43] - Net profit attributable to shareholders is forecasted to reach 72 749 million yuan in 2024, 82 146 million yuan in 2025, and 90 586 million yuan in 2026 [43] - The PE ratio is estimated at 5x for 2024-2026, lower than the industry average of 17x [44]

Financial Performance - The company's operating revenue reached RMB 7,968,998,231.49 in 2023, marking an increase of 3.22% from RMB 7,720,202,129.16 in 2022[8] - The total profit amounted to RMB 75,008,581.99, up from RMB 68,292,726.82 in the previous year, reflecting a growth of 10.52%[8] - Net profit attributable to shareholders was RMB 56,446,864.92, a significant increase of 47.00% compared to RMB 38,481,808.17 in 2022[8] - The company proposed a final dividend of RMB 0.20 per share, up from RMB 0.15 per share in the previous year[9] - Basic earnings per share increased to RMB 0.35, compared to RMB 0.24 in 2022[15] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 5,174,411,768.52, an increase from RMB 4,915,670,424.50 in 2022[12] - Current assets rose to RMB 3,669,906,941.54, compared to RMB 3,573,957,122.08 in the previous year, indicating a growth of 2.66%[12] - The company's total liabilities increased to RMB 2,984,847,923.87 from RMB 2,753,797,083.58 in 2022, representing a rise of 8.38%[12] - Non-current assets reached RMB 1,504,504,826.98, up from RMB 1,341,713,302.42 in 2022, showing a growth of 12.14%[12] - The company maintained a strong equity position with total equity of RMB 2,189,563,844.65, slightly up from RMB 2,161,873,340.92 in the previous year[12] Market and Industry Insights - The chairman reported that the company achieved its highest operating revenue and profit in six years, driven by the recovery of the Chinese economy and the automotive industry[14] - In 2023, the domestic automobile market achieved a production and sales volume of 30.16 million and 30.09 million vehicles, respectively, representing a year-on-year growth of 11.6% and 12%[15] - For 2024, the company anticipates a total automobile sales volume in China of 31.2 to 31.44 million units, with a year-on-year growth of 4% to 5%[23] - The company expects a significant increase in new energy vehicle sales, projected to reach 12.5 million units in 2024, representing a year-on-year growth of 35%[23] Revenue Streams - The revenue from vehicle transportation services for the year ended December 31, 2023, was RMB 3,898,671,826.86, an increase of approximately 4.84% compared to RMB 3,718,608,688.16 in the previous year[28] - The revenue from automotive raw materials and parts supply chain management services reached RMB 2,408,300,157.96, reflecting a growth of about 10.32% from RMB 2,182,928,439.00 in the prior year[29] - Revenue from non-automotive goods transportation and other logistics services decreased to RMB 424,107,662.09, a decline of approximately 41.21% from RMB 721,363,230.00 in the previous year[30] - The revenue from automotive parts packaging and tire assembly services increased to RMB 1,237,918,584.58, up about 12.81% from RMB 1,097,301,772.00 in the last fiscal year[31] Operational Efficiency and Cost Management - The operating costs for the year were RMB 7,597,717,455.50, representing an increase of approximately 3.76% from RMB 7,322,219,482.10 in the previous year, with a gross margin decline to 4.66% from 5.16%[36] - The company aims to enhance operational efficiency and implement stricter cost control measures to navigate the competitive landscape and challenges in the automotive industry[24] - Research and development expenses rose significantly by approximately 101.67% to RMB 26,803,369.07 from RMB 13,290,961.52 in the previous year[39] Shareholder and Governance Matters - The board proposed a final dividend of RMB 0.20 per share for the year ended December 31, 2023, an increase from RMB 0.15 per share in 2022[76] - The company aims to distribute at least 30% of the distributable profits as cash dividends each year, subject to profitability and capital needs[78] - The board consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors, ensuring a balanced representation[190] - The independent non-executive directors have confirmed their independence in writing for the 2023 fiscal year[198] - The company has adopted strict corporate governance practices to enhance credibility and transparency[185] Related Party Transactions - Revenue from major customers accounted for 63% of total revenue in 2023, up from 61% in 2022[68] - The largest customer, Chongqing Changan Automobile Co., Ltd., contributed 29% of total revenue in 2023, an increase from 27% in 2022[68] - The total value of related party transactions during the reporting period includes ongoing transactions with China Chang'an, Chang'an Automobile, Meiji Logistics, Minsheng Industrial, and Equipment Finance, adhering to listing rules[153] - The pricing for ongoing related transactions is determined based on tender prices, internal comparisons, and cost-plus principles, ensuring fairness and compliance with market conditions[150] Employee and Training Initiatives - As of December 31, 2023, the group had 4,031 employees, a decrease from 4,397 employees as of December 31, 2022, representing a reduction of approximately 8.3%[107] - The group provided training in technical, safety, and management areas during the year[110] - The company has implemented a competitive salary mechanism to attract and motivate employees, with regular reviews and necessary adjustments based on market standards[105] Legal and Compliance Matters - The company has ongoing litigation with Weima Automobile for unpaid logistics service fees totaling RMB 58,459,100, with court rulings in favor of the company for RMB 35,197,401.91 received[163][164] - The company has engaged external auditors to confirm that related transactions were conducted on fair and reasonable terms, in compliance with the interests of shareholders[157] - The company has complied with all relevant laws and regulations throughout the year, with no violations reported[171] Environmental and Social Responsibility - The company is committed to environmental sustainability and has prepared an Environmental, Social, and Governance report for the year ending December 31, 2023[172] - The company made cash donations of RMB 600,000 during the year, consistent with the previous year[173]

Financial Performance - The consolidated revenue for the year ended December 31, 2023, was approximately RMB 7,968,998,231.49, representing a growth of about 3.22% compared to the previous year[2]. - The profit attributable to equity holders for the year ended December 31, 2023, was approximately RMB 56,446,864.92, an increase of approximately 46.68% from RMB 38,481,808.17 in 2022[2]. - The basic earnings per share for the year ended December 31, 2023, was RMB 0.35, compared to RMB 0.24 in 2022[2]. - The board proposed a final cash dividend of RMB 0.20 per share for 2023, up from RMB 0.15 per share in 2022[2]. - The company's operating revenue for the current period reached ¥7,968,998,231.49, a 29.3% increase from ¥6,160,696,569.40 in the previous period[15]. - Operating profit amounted to ¥75,145,550.18, up 55.0% from ¥48,583,636.97 in the prior period[15]. - Net profit attributable to shareholders was ¥56,446,864.92, compared to ¥43,965,436.88 in the previous period, reflecting a 28.6% increase[15]. - The total comprehensive income for the current period was ¥57,605,939.66, compared to ¥43,608,436.88 previously, an increase of 32.1%[15]. Cash Flow and Liquidity - Cash inflow from operating activities was RMB 11,127,380,231.35, compared to RMB 8,324,381,305.11 in the previous year[6]. - The net cash flow from investing activities was -RMB 317,671,883.42, indicating a decrease in cash from investments[6]. - The net cash flow from financing activities was RMB 209,294,620.11, showing an increase compared to the previous year[6]. - The cash and cash equivalents at the end of the period were RMB 849,334,512.98, up from RMB 755,716,815.09 at the end of the previous year[6]. - The total cash inflow from financing activities was RMB 758,362,267.00, compared to RMB 185,000,000.00 in the previous year[6]. - The company’s cash and cash equivalents at the end of the period were RMB 882,939,512.98, down from RMB 975,746,951.07 in the previous year[164]. Assets and Liabilities - Total current assets reached RMB 3,669,906,941.54, an increase from RMB 2,757,330,780.90 year-over-year[13]. - The total assets of the company reached RMB 5,174,411,768.52, compared to RMB 4,443,039,797.15 in the previous year, marking an increase of approximately 16.5%[13]. - Total liabilities increased to CNY 2,984,847,923.87 from CNY 2,659,970,509.88, representing a growth of approximately 12.2% year-over-year[30]. - Current liabilities totaled CNY 2,729,541,661.34, up from CNY 2,618,078,547.17, indicating an increase of about 4.2% compared to the previous year[30]. - Non-current liabilities amounted to CNY 255,306,262.53, a rise from CNY 196,476,282.44, reflecting a growth of approximately 29.9% year-over-year[30]. Equity and Reserves - The total equity attributable to shareholders at the end of the previous year was RMB 1,606,298,691.27, with a total equity of RMB 2,096,072,245.39[18]. - The total equity at the end of the current year is RMB 1,636,555,790.69, with total equity amounting to RMB 2,161,873,340.92[18]. - The company reported a decrease in retained earnings by RMB 15,587,017.28 during the year[20]. - The special reserve increased by RMB 2,895,359.25, bringing the total to RMB 2,895,359.25[20]. - The capital reserve remained unchanged at RMB 66,907,278.00 throughout the year[18]. Research and Development - Research and development expenses increased to ¥26,803,369.07, significantly higher than ¥3,874,542.73 in the last period, indicating a focus on innovation[15]. Risk Management - The main risks faced by the company include credit risk, liquidity risk, and market risk (including interest rate risk and commodity price risk)[93]. - Credit risk is primarily managed by the company through portfolio classification, arising mainly from bank deposits, notes receivable, accounts receivable, and other receivables[94]. - The company assesses expected credit losses on receivables based on historical data and forward-looking information, adjusting for economic risks and market conditions[152]. - The liquidity risk is highlighted as the risk of cash shortages when fulfilling obligations to deliver cash or other financial assets[182]. Accounting Policies - The financial statements have been prepared in accordance with the new Chinese accounting standards[24]. - The company has maintained a consistent accounting policy in accordance with the relevant financial regulations[39]. - The implementation of new accounting standards effective January 1, 2023, requires adjustments to retained earnings and related financial statement items for certain transactions[177].

Financial Performance - The company’s total revenue for the six months ended June 30, 2023, was RMB 2,605,741,000, compared to RMB 2,405,033,000 for the same period in 2022, marking an increase of approximately 8.3%[11]. - In the first half of 2023, the company's revenue reached approximately RMB 3,984,312,000, representing a year-on-year increase of about 15.82%[20]. - For the six months ending June 30, 2023, the company's net profit attributable to ordinary shareholders was RMB 28,135,000, up from RMB 19,266,000 in the same period of 2022, representing a growth of 46.5%[61]. - The basic earnings per share for the first half of 2023 was RMB 0.17, compared to RMB 0.12 for the same period in 2022, indicating a 41.7% increase[61]. - The company reported a pre-tax profit of RMB 34,124,000 for the first half of 2023, up from RMB 30,645,000 in the same period of 2022, indicating a growth of approximately 4.83%[141]. Assets and Liabilities - As of June 30, 2023, the company's total assets were approximately RMB 5,378,248,000, an increase from RMB 4,916,259,000 as of December 31, 2022[22]. - The company's leverage ratio was approximately 59.29% as of June 30, 2023, compared to 56.03% as of December 31, 2022[24]. - Total liabilities increased to RMB 3,188,915 thousand from RMB 2,754,385 thousand, marking a rise of approximately 15.8%[107]. - The company's net assets rose to RMB 2,189,333 thousand, compared to RMB 2,161,874 thousand, indicating a growth of about 1.3%[107]. - The aging analysis of trade receivables shows that amounts within 3 months decreased to RMB 461,417 thousand from RMB 952,505 thousand, a decline of about 51.6%[113]. Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2023 was RMB 342,373,000, compared to RMB 150,753,000 for the same period in 2022, representing a significant increase[141]. - The net cash outflow from investing activities was RMB 119,393,000 for the first half of 2023, compared to RMB 22,198,000 in the same period of 2022, highlighting an increase in investment expenditures[141]. - The company acquired new assets worth RMB 84,338,000 during the first half of 2023, compared to RMB 32,473,000 in the same period of 2022, indicating a significant increase in asset acquisition[133]. Debt and Financing - The company has short-term unsecured bank loans totaling RMB 78,550,000 as of June 30, 2023, up from RMB 39,984,000 at the end of 2022, reflecting a 96.5% increase[2]. - The present value of lease liabilities is RMB 174,884,000, with RMB 38,589,000 due within one year, and RMB 31,605,000 due within 1 to 5 years[4]. - The company reported a decrease in the provision for impairment of trade and other receivables, which was RMB 1,710,000 in the first half of 2023, down from RMB 4,231,000 in the same period of 2022, indicating improved receivables management[141]. Operational Highlights - The company actively engaged in cost leadership initiatives and market expansion despite facing increased competition and rising operational costs[20]. - The total production and sales volume of automobiles in China for the first half of 2023 were 13.248 million and 13.239 million units, respectively, with year-on-year growth of 9.3% and 9.8%[20]. - The main customer, Changan Automobile, produced 1,164,677 vehicles, an increase of 8.07% year-on-year, and sold 1,215,681 vehicles, up 7.99% year-on-year[20]. Corporate Governance - The company has adhered to the corporate governance code and has implemented risk management and internal control measures during the reporting period[54]. - The board of directors consists of 9 members, including 2 executive directors and 3 independent non-executive directors, ensuring a balanced governance structure[58]. - The audit and risk committee has reviewed the operating performance and unaudited financial statements for the six months ending June 30, 2023, and approved the mid-year performance report[70]. Market Conditions - The group anticipates continued economic recovery in China, supported by a series of stabilizing economic policies[50]. - The production and sales of new energy vehicles continue to grow rapidly, with a significant increase in the market share of Chinese brand passenger cars[51]. - The Ministry of Finance announced an extension of the new energy vehicle purchase tax exemption policy until December 31, 2027, which is expected to sustain high growth momentum in the sector[51].