[中报]顺丰控股(002352):2024年半年度报告（英文版）
原标题:顺丰控股:2024年半年度报告（英文版） Chapter1ImportantInformation,TableofContentandDefinition The Company's Board of Directors, Supervisory Committee, directors, supervisors, and seniormanagementherebyguaranteethatthecontentsoftheInterimReportaretrue,accurate,andcomplete,andthattherearenomisrepresentations,misleadingstatements,ormaterialomissions,andshallassumeindividualandjointlegalliabilities. WangWei,theCompany'slegalrepresentative,HoChit,ChiefFinancialOfficer(financialhead),andHuXiaofei,theaccountingdirector,herebydeclareandwarrantthatthefinancialreportcontainedhereinistrue,accurate,andcomplete. AlldirectorshaveattendedtheBoardmeetingatwhichtheInterimReportwasconsidered.Forward-lookingstatementssuchasfuturedevelopmentplanscontainedhereindonotconstituteanyundertakingmadebytheCompanytoinvestors.Investorsareadvisedtoinvestrationallyandtotakeintoaccountpossibleinvestmentrisks. InthisInterimReport,theCompanydetailstheriskfactorsandcountermeasuresthatmayoccurinthefuture.Formoreinformation,referto"RiskandResponses"in"SectionX.RisksFacedbytheCompanyandCountermeasures" of "Chapter 3. Management Discussion and Analysis". Investors shall refer to thisinformation. TheCompanyisrequiredtocomplywiththedisclosurerequirementsof"ExpressServiceIndustry"inthe"Self-regulatoryGuidelinesNo.3–DisclosureofIndustryInformationforListedCompaniesontheShenzhenStockExchange". TheCompanyintendstopaynocashdividend,nobonussharesandnoconversionofequityreserveintosharecapital. This reportis preparedin both Chinese version andEnglish versions.If there is any ambiguity inunderstandingthereport,theChineseversionshallprevail. TableofContents Chapter1ImportantInformation,TableofContentandDefinition...................................................3 Chapter2CompanyProfileandKeyFinancialIndicators.................................................................7 Chapter3ManagementDiscussionandAnalysis.............................................................................17 Chapter4CorporateGovernance......................................................................................................79 Chapter5EnvironmentandSocialResponsibilities.........................................................................80 Chapter6SignificantEvents.............................................................................................................85 Chapter7ShareChangesandShareholderDetails.........................................................................101 Chapter8PreferredShares.............................................................................................................108 Chapter9Bonds..............................................................................................................................109 Chapter10FinancialStatements.....................................................................................................110 ListofDocumentsAvailableforInspection (I)Financialstatementssignedandsealedbythelegalrepresentative,ChiefFinancialOfficer(financialhead)andtheaccounting directoroftheCompany. (II)TheoriginalcopiesofalldocumentsandannouncementsoftheCompanywhichhavebeenpubliclydisclosedinnewspapers designatedbytheChinaSecuritiesRegulatoryCommissionduringtheReportingPeriod.(III)Theoriginaltextofthe2024InterimReportsignedbythechairmanoftheBoardofDirectors.(IV)Theplacewheretheabovedocumentsaremaintained:theofficeoftheCompany'sBoardofDirectors.Definitions
I.CompanyInformation CompanyProfile
1.Companycontact WhethertheCompany'sregisteredaddress,officeaddressanditspostalcode,theCompany'swebsiteande-mailaddresshave changedduringtheReportingPeriod? □Applicable?Notapplicable TheCompany'sregisteredaddress,officeaddressanditspostalcode,theCompany'swebsiteande-mailaddresswerenochanges duringtheReportingPeriod,whichcanbereferredtotheAnnualReport2023fordetails.2.Informationdisclosureandlocationwherereportsarekept WhetherinformationdisclosureandthelocationwherethereportiskeptchangedduringtheReportingPeriod??Applicable?Notapplicable Thewebsitesofthestockexchangeandnameofthenewspaperanditswebsitesonwhichtheinterimreportisposted,andthe locationwheretheCompany'sinterimreportiskeptwerenochangesduringtheReportingPeriod,whichcanbereferredtothe AnnualReport2023fordetails. 3.Otherrelevantinformation WhetherotherrelevantinformationchangedduringtheReportingPeriod??Applicable?Notapplicable II.KeyOperatingandFinancialData ResultsOverviewfortheFirstHalfof2024 Totalassets Revenue RMB134.4billion ↑8.1% RMB219.9billion↓0.7% Netassetsattributabletothe Grossprofit 3 parentcompany RMB18.6billion ↑10.8% RMB88.6billion ↓4.6% Netprofitattributabletotheparent 1 company Basicearningspershare RMB4.81billion ↑15.1% RMB1.0/share ↑16.3% Netprofitattributabletotheparent companyafterdeductingnon- 4 Returnonnetassets 2 recurringprofitorloss RMB4.15billion ↑11.9% 5.2% +0.5% Notes： 1.Netpro?tattributabletotheparentcompanyreferstonetpro?tattributabletoshareholdersofthelistedCompany 2.Netpro?tattributabletotheparentcompanyafterdeductingnon-recurringpro?torlossreferstothenetpro?tattributabletoshareholdersofthelisted Companyafterdeductingnon-recurringpro?torloss 3.NetassetsattributabletotheparentcompanyreferstonetassetsattributabletoshareholdersofthelistedCompany 4.Returnonnetassetsreferstotheweightedaveragereturnonequity Financialsummary 1.Majoraccountingdataandfinancialindicators WhethertheCompanyneedstoretrospectivelyadjustorrestatetheaccountingdataofpreviousyears?□Yes?No Unit：RMB'000
Segmentexternalrevenue Unit：RMB'000
Unit：RMB'000
(1)ThecorrespondingrelationshipbetweentheoperatingsegmentsandtheCompany'sprincipalbusinesssegmentswas:theexpress andfreightdeliverysegmentismainlytime-definiteexpressandeconomicexpressbusiness,freight,coldchainandpharmaceutical business,andothernon-logisticsbusinessrunningbythissegment;theintra-cityon-demanddeliverysegmentismainlyintra-city on-demanddeliverybusiness,andothernon-logisticsbusinessrunningbythissegment;thesupplychainandinternationalsegment mainlyisinternationalexpressbusiness,internationalfreightandfreightforwardingbusiness,andsupplychainbusiness,andother non-logisticsbusinessrunningbythissegment;theundistributedunitsmainlyincludesegmentsofnon-principallogisticsandfreight forwarding,includinginvestment,industrialparksandotherfunctionalsegmentsoftheheadquarters.3.Non-recurringprofitorlossitemsandamounts Unit：RMB'000
doesnotdefinethenon-recurringprofitorlosslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureof CompaniesOfferingSecuritiestothePublic—Non-recurringProfitorLossasrecurringprofitorloss.4.Differencesinaccountingdataunderdomesticandforeignaccountingstandards1.DifferenceinthenetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewiththeInternationalAccounting StandardsandtheChineseAccountingStandards: □Applicable?Notapplicable 2.Differenceinthenetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithoverseasaccountingstandardsand inaccordancewiththeChineseAccountingStandards: □Applicable?Notapplicable 3.Explanationofreasonsfordifferencesinaccountingdatabetweendomesticandforeignaccountingstandards.□Applicable?Notapplicable Chapter3ManagementDiscussionandAnalysis I.BusinessDevelopmentoftheCompany (I)OverallReview 1.MarketOverview andRoadinitiativewereplayingamoreandmoreimportantroleinthetradeofChina. I)Domesticmarket Domesticlogisticsdemandrecoveredsteadilyalongwith the recovery of industrial production. According to China Inthefirsthalfof2024,theChineseeconomymadegood FederationofLogistics&Purchasing,inthefirsthalfof2024, progresswhileensuringstability.AccordingtotheNational the total social logistics costs were RMB8.8 trillion, BureauofStatistics,China'sGDPreachedRMB61.7trillionin representingayear-on-yearincreaseof2.0%andaccounting thefirsthalfof2024,representingayear-on-yearincreaseof for14.2%oftheGDP,adeclineof0.3percentagepointsover 5.0%.Theincreasewasmainlydrivenbyindustrialrecovery. the same period of last year. During the process of the Inparticular,investmentinhigh-techindustriesincreasedby replacementofoldgrowthdriverswithnewonesandindustrial 10.6% year-on-year and the added value of high-tech upgradinginChina,logisticscompaniesarefurtherintegrating manufacturingabovedesignatedsizeincreasedby8.7%year- intoindustrialchains,andimprovingtheefficiencyofsupply on-year, demonstrating theaccelerated development of new chainswithtechnicalinnovationtopromotethereductionof qualityproductiveforces. totalsociallogisticscostswhileensuringstability.Inthefuture,Thegrowthoftheconsumermarketwasrelativelyweakin logisticscompaniesthathaveefficientsupplychainplanning general. In the first half of 2024, the total retail sales ofandtheabilitytoimplementtheplanningwillembracemore consumergoodsincreasedby3.7%year-on-year,representing developmentopportunities. a decrease of 4.5% over the same period of last year. In Drivenbyactivedemandforonlineshopping,theexpress particular,theonlineretailsalesofphysicalgoodsincreasedby industrymaintainedrapidgrowth.AccordingtotheStatePost 8.8%year-on-year,contributing57.3%tothetotalgrowthof Bureau,80.16billiondeliveriesweremadeinChinaduringthe consumer goods retail sales. The further increase in the first half of 2024, representing a year-on-year increase of proportionofonlineshoppingreflectedtoacertainextentthe 23.1%.TherevenueofChina'sexpressdeliverybusinessinthe prudent consumer consumption and the trend of pursuing firsthalfof2024wasRMB653.00billion,representingayear- highercostperformancebyconsumers. on-year increase of 15.1%. The importance attached by Externaltradeperformancehasshownanoverallpositive consumers to the cost performance of shopping will drive trend.AccordingtotheGeneralAdministrationofCustoms, enterprises and merchants to further reduce express and China’sforeigntradeexportsgrewby6.9%inthefirsthalfof logistics costs. In the first half of 2024, major express 2024, of which the exports of mechanical and electrical enterprisesrecordedadeclineinaveragerevenuepershipment. productsaccountedforover60%ofthetotalexports,withthe Drivenbyintensifiedmarketcompetition,expressenterprises exportsofhigh-techproductssuchasintegratedcircuitsand keepreducingcostsandimprovingefficiencyandprovidemore automobiles maintaining high speed growth. As for trade competitiveservicesandpricingwhilebalancingrevenueand partners, exports to the ASEAN grew by 14.2% and total profitability,soastogainmoremarketshares. exportstocountriesinvolvedintheBeltandRoadinitiative II)OverseasMarket lithium batteries, photovoltaics and furniture, with Chinesecompaniesestablishingfactoriesoverseas.Asfor“theglobal Theinternationalenvironmentremainedcomplicatedand expansionofbrand”,industriessuchascoffeeandteadrinks, ever-changing.Whileinflationhasshownsignsofeasing,the foodandcateringandbeautyandpersonalcareareshowing interplayofregionalconflicts,supplychainsrestructuringand stronggrowthmomentum, acceleratingtheestablishmentof competitionsandmaneuveringinthefinancialsectorcontinued directly-operatedstoresorself-ownedsaleschannelsoverseas. toexertacompleximpactontheglobaleconomyandtrade. Intheprocessofglobalexpansion,itiscrucialforChinese AccordingtotheforecastsoftheIMF,theglobaleconomyis enterprises to build a supporting cross-border and overseas expectedtogrowby3.3%in2024,withanincreaseinthe supply chain system. More and more enterprises hope to economic growth of emerging markets and developing replicatetheefficientsupplychainmodelinChinatooverseas economies, and emerging market economies in Asia will markets and compared with their overseas peers, Chinese remainasthemaindrivingforceoftheglobaleconomy.In logistics enterprises have advantages such as cultural addition to economic activities, world trade has gradually consistency,bettercosteffectiveness,securityandreliability. stabilizedandreboundedinthefirsthalfof2024,withexports Inthelongrun,theimprovingindustrialchainstrengthand intheAsianregionbeingrelativelystrong,especiallyinthe brandcompetitivenessofChina,aswellastheexpansionof fieldoftechnology. cross-bordere-commerceplatformsandindependentwebsites intheglobalconsumermarket,willcreateahighlyfavorable Inthefirsthalfof2024,asaffectedbytheincreasein development environment and opportunities for the demandandthedecreaseinsupplyofseafreightresources comprehensive logistics enterprises in China to collaborate resultedfromregionalconflicts,thepriceforinternationalair withtheircustomersastheyexpandintooverseasmarkets. and sea freight increased significantly, especially those forroutesfromAsia-PacifictoEuropeandAmerica.Benefiting fromtheboomingcross-bordere-commerce,China’semerging 2.BusinessStrategy e-commerce platforms are vigorously exploring overseas markets,withincreaseddemandforcross-borderlogisticsand Asacompanycommittedtolong-termism,theCompany airtransportation.Furthermore,alongwiththein-depthtrade hasalwaysbeendedicatedtoachievingbest-in-classservice cooperation between China and ASEAN, RCEP (Regional quality,steadybusinessgrowth,andsuperiorcostefficiency. ComprehensiveEconomicPartnership)membercountriesand Inthefirsthalfof2024,againstthebackdropofacomplex countriesinvolvedintheBeltandRoadInitiative,theindustrial andchangingglobalmacro-environment,theCompanyhas andsupplychainweredeeplyinterconnectedwithasmoother harnessed strength and rode the tide , seized the “ ” customs clearance of goods, spurring the development of opportunitiesfordevelopment,andrealizedaincreasein internationallogisticsandsupplychaininChinaandacross bothrevenuesandprofits,reflectingitsstrongoperational Asia. resilience.Relyingonitsuniquebusinessmodelandleading integratedlogisticsservicecapability,theCompanycaptured With the reshaping of global supply chains and the newopportunitiesinthedomesticandinternationalmarkets, industrial transformation and upgrading in China, the andmademorebusinessbreakthroughsintheindustriesand internationalization of Chinese enterprises and products is scenarios,achieving healthygrowth. At thesame time, the graduallyshiftingfromthemodelsoftraditionaltradeexports Company continued to strengthen lean management and andcross-bordere-commercetonewmodelssuchastheglobal promotemulti-networkintegrationandoperationmodereform, expansionofcapacityandbrand.Asfor“theglobalexpansion constantlyimprovingefficiencyandreducingcoststoenhance of capacity”,thefocusismainlyonindustriessuchas 3C profitability. In addition, the Company optimized its electronics/communications, automobiles, garment OEM, increased authorization and incentives, and enhanced the supply chains, which have fully demonstrated the leading managementawarenessandmarketcompetitivenessofitsstaff, positionoftheCompanyintechnologicalstrengthandthebest so as to promote their value contribution of and revenue practicesofsupplychains.TheCompanyisabletomeetallthe generation. demands of customers. In order to apply the successfulexperiencesoftopcustomerstothevastnumberofmid-tier I) Demonstrate operation resilience and achieve new customersandsmallandmedium-sizedenterprisesinabroader breakthroughsinthedomesticandinternationalbusiness way,theCompanyhasestablishedthestrategicdirectionof “acceleratingindustrytransformation”thisyear.TheCompany Continuouslystrengthenthecompetitivenessofmid-to- hasenhancedatop-downworkingmechanismtoacceleratethe high-endservices:Facingthecurrentmarketenvironmentof transformationoftheentirenetworkfromthetraditionalmodel competingservicesandcuttingprice,theCompanyhasinsisted of“sellingproducts”to“sellingsolutions”toaccountsfrom onstrivingforexcellence,strengthenedtheleadingadvantage different industries. During this process, the Company will of mid-to-high-end time-definite products, and continuously continuously accumulate its capability map to develop improvedtheservicequality.Withthestrengthofairfreight standardized product portfolio that is industry and scenarioandtheuniqueadvantagesoftheEzhouhub,theCompanyhas specific, and promote to more small and medium-sized boostedthedevelopmentofdomesticnewqualityproductive enterprisecustomersintheindustry,thusultimatelyhelping forcesandindustrialupgrading,creatingahighlyefficientand enhancethemarketshareoftheCompanyinlogisticsservices responsivedomesticandinternationalsupplychainformore across various industries. In the first half of 2024, the high-endindustrialcustomers.Inthefirsthalfof2024,the Company'slogisticsrevenueintheautomotive,homeappliance, Company'sbusinessvolumeofbulkexpressairtransportation e-commerce and distribution, and industrial manufacturing achievedrapidgrowth,andtherewereatotalofmorethan30 sectorsgrewbymorethan20%year-on-year. top customers in the high-end industries covering 3C electronics, high-tech, fast moving consumer goods, Expandingtheoverseasmarketstoachievethetarget pharmaceuticals, automobiles and engineering machinery of“TheOneInAsia”:Thetrendofthe"globalexpansionof settlingintheEzhouHub.SFhasjoinedhandswithcustomers capacityandbrand"ofChineseenterpriseshasbroughtabout to build warehousing centers and provided integrated enormous,stableandattractiveopportunitiesintermsofsupply warehousinganddistributionservices,realizingtheultimate chains. From the perspective of the global expansion of timelinessofthefastest“eveningdeliveryandmorningarrival”, capacity and brands, the six countries in Southeast Asia empowering efficient supply chain and boosting industrial accountforthelargestproportion,representingthattheyhave upgrading. seized most of the opportunities brought by the global expansionofChineseenterprises.Inthefirsthalfof2024,the Speedinguppenetrationoflogisticsmarketsharein CompanyfocusedonsixSoutheastAsiancountries(including theindustrieswherecustomersareoperating:TheCompany Singapore, Malaysia, Thailand, Vietnam, Philippines, understands that customer needs are becoming increasingly Indonesia), Japan, South Korea and other Asian countries., diversified,especiallyunderafiercemarketcompetition.The throughcontinuousexpansioninitsinternationalnetworkand focusofcustomershasshiftedtotheoptimalplanningand theintegrationofKerryLogistics’competitivestrengthinAsia, layout of theoverall supplychain, aswell asthe efficient has improved service capability of international express implementationofdigitalization,intelligenceandgreening.In delivery,internationalsupplychain,cross-bordere-commerce recentyears,theCompany,togetherwithmajoraccountsfrom logistics,internationalfreightforwardingandSoutheastAsia differentindustries,hasjointlycreatedaseriesofbenchmark domestic logistics. Compared with China’s other express casesfortopcustomersintheindustryfromindustrysolutions logisticsserviceproviders,theCompanyisontheleadingedge empoweredbytechnologiestotheactiveexplorationofsmart throughoutthewholechain,awiderrangeofcustomerbase andaccuratemarketingstrategytoexpandthemarketsegments worldwideandthecorelogistics resources. Compared with foreconomyretailbusiness,low-kilograme-commercesmall other international express logistics service providers, the parcelsandhigh-kilogramindustrialbulkparcelswithmore Companyprovidesservicesatafavorablecostandbettercost competitiveservicesandpricing,withaviewtostrategically performance.Inthefirsthalfof2024,toseizeopportunities enlargingthebusinessscaleandeffectivelybringingintofull fromcustomersforglobalexpansion,theCompanyestablished playoftheeconomiesofscaleofthenetwork,thusrealizing a linked working mechanism among the headquarters, thevirtuouscycleof“costreduction,scaleenlargementand departmentsinchargeofsupplychainsanddepartments in qualityimprovement”andfacilitatingtheincreaseinbothgross charge of the Asia region, collaborated with customer on profitmarginandnetprofitmarginoftheCompany. developmentandsolutionformulation,andconsolidatedthe Ⅲ)Inspiringorganisationaldynamism,improvingbusiness internationalairandseatransportationresourcesandoverseas awarenessandmarketcompetitiveness localresourcesoftheCompanytopromotetheimplementation of projects. In the first half of 2024, the Company has In order to effectively promote the successful successfullywonthebidsforover40cross-bordersupplychain implementationoftheCompany'sdevelopmentstrategy and cooperation projects in Asia, covering e-commerce and business strategy, the Company reshaped the supporting distribution,industrialmanufacturing,high-tech,clothingand managementmechanismtostimulatetheorganizationalvitality footwear,homeappliancesandfurnishings,automobilesand bygrantingthefrontlinefulloperatingrightsandstrongly coffeeandteabeveragechains,andachievingbreakthroughsin correlatedincentives.Theheadquartersfunctionwaschanged internationalsupplychainbusinessfrom0to1toNinseveral frommanagementtoservingfrontlineoperation,releasingthe countries,industriesandservicescenarios.Morethan45%of market expansionpower ofeach businessarea, outletsand the Fortune Global 500 companies use the products and otheroperatingunits.Atthesametime,moretimewascreated servicesofSFInternational. forthecouriersattheterminaltoservecustomers,andthe Ⅱ) Improve efficiency and reduce costs with lean enthusiasm and success rate of the couriers’ business managementtoboostperformanceimprovement developmentwasimprovedthroughmarketingauthorization, responsibility loosening, technology-based empowerment, TheCompanypromotedtheconstructionofthenetwork income-generatingincentivesandothermethods.Ultimately, infrastructure based on the principle of pursuing a balance business awareness from top to bottom was improved, amongquality,timelinessandcost,andcontinuedtodeepenthe stimulating entrepreneurial spirit and promoting revenue operation mode reform, strengthen network integration and generationforallstaff. leanresourcesmanagement.Withthedirectionofstreamlining the backbone network, as to distribution, the Company integrated and built multi-functional sites, improving the production capacity utilization rate through a number of 3.FinancialReview initiatives.Astotransportation,theCompanyoptimizedthe Inthefirsthalfof2024,theCompanyadheredtothe transit mode and routing planning to reduce transit nodes, operatingprincipleofsustainableandhealthydevelopmentand maximizingintensivedeliveryandroutestraightening.Asto achieved high-quality business growth, with total revenue the terminal, the Company continued to deepen the mode reaching RMB134.4 billion, representing a year-on-year reformtoimprovetheefficiencyofoutlets,ultimatelypushing increase of 8.1%, and parcel volume reached 6.24 billion, downtheoperationcostofasingledeliveryonacontinuous representing an increase of 6.3% over the same period. basis.Atthesametime,theCompanymadefulluseofthe 1 ExcludingtheFengwangbusiness,thetotalrevenueincreased With regard to costs, the Company has continuously 8.7%andtheparcelvolumeoftheCompanyincreased14.3% optimiseditsoperatingmodel,streamlineditsnetworkstructure, in2024overthesameperiod.Onthebasisofsteadybusiness improveditsresourceutilisationefficiencyandfullycapitalised growth,theCompanypersistentlystrengthenedleanoperation, onthebenefitsofitslargenetworkscalewhileinvestingin enhancedmanagementefficiencyandoptimisedcoststructure, buildingitslong-termcorecompetitiveness.Asaresult,the ultimatelyachievingnetprofitattributabletoshareholdersof Company'sgrossprofitreachedRMB18.6billioninthefirst thelistedcompany(the"NetProfitAttributabletotheParent halfof2024,representingayear-on-yearincreaseof10.8%; Company")ofRMB4.81billion,representingayear-on-year whilegrossprofitmarginstoodat13.9%,representingayear- increaseof15.1%,andnetprofitmarginattributabletothe on-yearincreaseof0.4percentagepoint.parentcompanyof3.6%,representingayear-on-yearincrease Intermsofexpenses,thankstotheCompany'scontinuous of0.2percentagepoint. effortsinstrengtheningitsleanoperationandmanagementand Inrespectoftherevenue,①revenuefromexpresslogistics improving its management efficiency with the power of 2 business amountedtoRMB99.0billion,representingayear- technologies,theCompany'smajorexpenseratiosdecreased on-yeargrowthof7.6%.ExcludingtheFengwangbusiness, whileremainingstable,withthemanagementexpenseratio, revenueincreasedby8.4%yearonyear.Whileconsistently seliingexpenseratioandfinancecostratiodecreasingby0.5 strengtheningthecompetitivenessofitstimelinessservicesand percentage point, 0.03 percentage point and 0.1 percentage expandingitscustomerbaseinemergingindustriesandnew pointyearonyear,respectively.businessscenarios,theCompanyhasbeenpenetratingmore Insummary,theCompanyachievedfasterperformance economiclogisticsmarketsintheproductionandconsumer growthinthefirsthalfof2024:NetProfitAttributabletothe sectorswithservicesofhighervalueformoney,thushelpingto Parent Company reached RMB4.81 billion, a year-on-year expand its business scale and realise revenue growth;② 3 increase of 15.1%; Net Profit Attributable to the Parent revenue from supply chain and international business Company net of non-recurring gains and losses reached amounted to RMB31.2 billion, representing a year-on-year RMB4.15billion,ayear-on-yearincreaseof11.9%. growth of 8.1%. This was mainly attributable to the stabilisationofdemandsforinternationalairandoceanfreight In respect of capital structure, as at the end of the andtheyear-on-yearincreaseinfreightrates,aswellasthe reporting period, the Company's total assets amounted to Company'seffortstograsptheopportunitiesarisingasChinese RMB219.9billion,netassetsattributabletoshareholdersofthe enterprises expand globally, by intensifying business listed company amounted to RMB88.6 billion, and gearing integrationandexploringthesupplychainandinternational ratiostoodat55.0%,indicatingthatthefinancialstructureof marketsonanongoingbasis;and③revenuefromothernon- theCompanyremainedgenerallysound.Meanwhile,thenet logisticsbusinessesamountedtoRMB4.2billion,representing cashflowfromoperatingactivitiesoftheCompanyamounted a year-on-year increase of 19.7%, which was mainly to RMB13.7 billion, representing a robust cash flow. In attributable to the growth of business in the procurement addition,theCompanyadheredtoleanresourceplanningand segment as part of the end-to-end supply chain services strengthenedcontrolovertheefficiencyofresourceinvestment. providedbytheCompany. Inthefirsthalfof2024,investmentsinfixedassets(otherthan 1 TransferoftheFengwangbusinesswascompletedanddeliveredinJune equityinvestments)totalledRMB5.48billion,representinga 2023. 2 Express logistics business primarily consists of time-definite expressdecreaseof7.8%comparedtothesameperiodlastyear,and services,economyexpressservices,freightdeliveryservices,coldchainandpharmaceuticals logistics services and intra-city on-demand deliveryaccounted for 4.1% of the total revenue, representing a services. 3 decreaseof0.7percentagepointscomparedtothesameperiod Supplychainandinternationalbusinessprimarilyconsistsofinternationalexpressservices,internationalfreightforwardingservicesandsupplychainIn the future, the Company will continue to focus on capabilitiestoactivelyexpandintheinternationalmarket,the investing in building its long-term core competitiveness, Companyisconfidentthatitwillcontinuetomaintainagood developing a highly efficient and leading domestic and developmentmomentumandachievesolidgrowthinrevenue. international logistics network and promoting business Meanwhile,duetotheseasonalfactorsintheexpressbusiness integrationtoenhancetheefficiencyofresourceutilisation, andtheobjectivesituationoftheincreaseinresourcepricesin withaviewtomaintainingcapitalexpenditureasapercentage peakseasons,theprofitmarginoftheCompanyinthefirsthalf ofrevenueatahealthylevel. oftheyearisgenerallyslightlyhigherthanthatinthesecondhalf of the year; however, as the Company pursues lean Overall,theCompanymaintaineditsresilienceinthefirst management and deepens reforms as well as strives for halfof2024amidstacomplexglobalmacro-environment,and reductionincosts,itisexpectedthatthenetprofitattributable achievedhigher-than-expectedrevenuegrowthalongsidesolid totheparentcompanyinthesecondhalfoftheyearwillbe revenuegrowth.Lookingaheadthesecondhalfoftheyear,with betweenthefigureforthewholeyearof2023andthatforthe thedeepeningandpenetrationoflogisticsservicesinthefields firsthalfof2024,andthenetprofitattributabletotheparent ofproductionandlife,aswellastheintegrationofbusiness companyfortheyearof2024willbehigherthanthatof2023. (II)SummaryofBusinessDevelopment industriesandfields.TheCompanyalsodevelopedflagship 1.CustomerOperation portfolioswithlargerevenuescale,widecoverageandhigh reusefrequencyandwhichfullydemonstratetheCompany’s 4 I)Customerswithactivecreditaccounts strength in product/service/system. In particular, furnitureAsoftheendofJune2024,thenumberofcustomers deliveryandassembly,valuablewinetransportation,SIMcard4 delivery + activation and automotive parts and supporting with active credit accounts amounted to approximately 2.24million,representingan increaseof14.9%year-on- services, the four groups of flagship portfolios, have been yearapproximately290,000ascomparedwithDecember, replicatedandpromotedatthefastestpace,coveringthevast majorityofbusinessareas,withayear-on-yearrevenuegrowth 2023. rateof60%-145%inthefirsthalfoftheyear. (1)Acceleratingpenetrationoflogisticsmarketshare (3)Benchmarkcases: intheclient'sindustry:Todealwiththeconstantlychanging globalmacro-environment,theCompanyadherestosustainable Automotive aftermarket parts services: With the and healthy development and has established a business comprehensivesuiteofservicesencompassingexpress,LTL strategyaimedat“acceleratingindustrytransformation”inthe andFTLfreight,warehousingandsupplychain,andsystem year.TheCompanyfocusesonthetransformationoflogistics customization,theCompanydevelopedtheautomotiveparts servicesinvariousindustriesfromstandardcapabilitiestonon- and supporting service packages and made a breakthrough standard services, accelerated the transformation from the achievementinmanagingthelogisticsbusinessesrelatedto traditionalmodelof“sellingproducts”to“sellingsolutions”,soautomotive maintenance including reverse parts recycling, as to provide customized integrated logistics solutions and shipment by nationwide warehousing centers, warehouse standardized product portfolio to top customers in various operationanddeliverytooutlets,whichwerepreviouslythe industries and a wide range of small and medium-sized advantages shaped by a leading automotive maintenance enterprises. In addition, the Company fully integrates the serviceproviderinChina,withthebidswoninthefirsthalfof capabilities of various business segments and supply chain 2024 generating an annualized revenue of over RMB100 organizationswithintheGrouptoimprovesalescollaboration million.Suchservicesolutionswerealsoexpandedtoother andoperationalintegrationandpromotemarketexpansionand largeautomanufacturersandautomotivepartscompanies,and projectimplementation.AllthisaimstoexpandtheCompany's thebidswonandtheexpectedpotentialcontractsinthefirst shareoflogisticsservicesforcustomersandtoincreasethe half of 2024 in aggregate created annualized revenues in Company’s market share of logistic service in various hundredsofmillions. industries,therebyachievingtheoverallbusinessobjectivesof theGroupandensuringthattheCompanymaintainsitsleading O2Oservicescenariosinthesupermarketindustry:positioninthefiercemarketcompetition. Focusingontheneedsforcontractfulfillmentderivedfromtheonlineretaillayoutofthesuperstoreindustryfromregional (2)Phasedachievements:Inthefirsthalfof2024,the warehouses, forward warehouses and supermarket stores to company's logistics revenues in the automotive, home consumers, aswellas thetransfer andtransportationneeds appliances, e-commerce and distribution, and industrial from warehousing replenishment and delivery to stores in manufacturingsectorsgrewbymorethan20%year-on-year. various cities, the Company has deposited the capability Meanwhile, the Company has developed dozens of mappingofB2Cmulti-level(multi-category,multi-temperature, standardized product portfolios, coveringvarious segmented multi-time)contractfulfilmentanddelivery,aswellasB2B multi-temperatureandwarehousing-distributionintegration.In 4 Thenumberofactivecreditaccountsisderivedfromthecredit thefirsthalfoftheyear,theCompanyfurtherexpandedthe accountswhosignedagreementswiththeCompanyandconducted B2C business of an internationally renowned large-scale supermarketchainenterprise,realizinginstantdelivery,same- businesstransactionsinJune2024 daydeliveryandnext-daydeliveryfulfilmentofonlineorders assemblysegmentsintheindustry,theCompanydeeplyrooted forfrozen,freshanddrygoods,andabreakthroughintheB2B incustomer’sfullscenariosthroughcombinationofmultiple business of multi-temperature warehouse management and solution.Inthefirsthalfoftheyear,theCompanycooperated（未完）  |