S.F.HoldingCo.,Ltd.
2024InterimReport
August2024
Chapter1ImportantInformation,TableofContentandDefinition
TheCompany'sBoardofDirectors,SupervisoryCommittee,directors,supervisors,andseniormanagementherebyguaranteethatthecontentsoftheInterimReportaretrue,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"Chapter3.ManagementDiscussionandAnalysis".Investorsshallrefertothisinformation.
TheCompanyisrequiredtocomplywiththedisclosurerequirementsof"ExpressServiceIndustry"inthe"Self-regulatoryGuidelinesNo.3–DisclosureofIndustryInformationforListedCompaniesontheShenzhenStockExchange".
TheCompanyintendstopaynocashdividend,nobonussharesandnoconversionofequityreserveintosharecapital.
ThisreportispreparedinbothChineseversionandEnglishversions.Ifthereisanyambiguityinunderstandingthereport,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)andtheaccountingdirectoroftheCompany.(II)TheoriginalcopiesofalldocumentsandannouncementsoftheCompanywhichhavebeenpubliclydisclosedinnewspapersdesignatedbytheChinaSecuritiesRegulatoryCommissionduringtheReportingPeriod.(III)Theoriginaltextofthe2024InterimReportsignedbythechairmanoftheBoardofDirectors.(IV)Theplacewheretheabovedocumentsaremaintained:theofficeoftheCompany'sBoardofDirectors.
Definitions
| Term | Description |
| Reportingperiod | January1,2024toJune30,2024 |
| Thesameperiodofpreviousyear | January1,2023toJune30,2023 |
| TheCompany,thelistedCompany,SFHolding,SF | S.F.HoldingCo.,Ltd. |
| RMB | Renminbi |
| TaisenHolding | ShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,awholly-ownedsubsidiaryofS.F.HoldingCo.,Ltd. |
| MingdeHolding | ShenzhenMingdeHoldingDevelopmentCo.,Ltd.,thecontrollingshareholderofS.F.HoldingCo.,Ltd. |
| KerryLogistics | KerryLogisticsNetworkLimited,acompanylistedontheMainBoardoftheStockExchangeofHongKongLimited(00636.HK),andaholdingsubsidiaryofS.F.HoldingCo.,Ltd. |
| SFIntra-city | HangzhouSFIntra-cityIndustrialCo.,Ltd.,acompanylistedontheMainBoardoftheStockExchangeofHongKongLimited(09699.HK)andaholdingsubsidiaryofS.F.HoldingCo.,Ltd. |
| SFREIT | SFRealEstateInvestmentTrust,listedontheMainBoardoftheStockExchangeofHongKongLimited(02191.HK),andanassociateofS.F.HoldingCo.,Ltd. |
| CSRC | ChinaSecuritiesRegulatoryCommission |
| SZSE | ShenzhenStockExchange |
| HKStockExchange | TheStockExchangeofHongKongLimited |
Chapter2CompanyProfileandKeyFinancialIndicatorsI.CompanyInformationCompanyProfile
| StockAbbreviation | SFHolding | StockCode | 002352 |
| StockExchange | ShenzhenStockExchange | ||
| ChineseNameoftheCompany | 顺丰控股股份有限公司 | ||
| ChineseNameAbbreviationoftheCompany(IfAny) | 顺丰控股 | ||
| EnglishNameoftheCompany(IfAny) | S.F.HoldingCo.,Ltd. | ||
| EnglishNameAbbreviationoftheCompany(IfAny) | SFHolding | ||
| LegalRepresentativeoftheCompany | WangWei | ||
ContactsandContactMethods
| BoardSecretary | SecuritiesAffairsRepresentative | |
| Name | LingGan | JingZeng |
| Address | BlockB,TKChuangzhiTiandiBuilding,KejiSouth1stRoad,NanshanDistrict,Shenzhen,GuangdongProvince,China | BlockB,TKChuangzhiTiandiBuilding,KejiSouth1stRoad,NanshanDistrict,Shenzhen,GuangdongProvince,China |
| TelNo. | 0755-36395338 | 0755-36395338 |
| Fax | 0755-36646688 | 0755-36646688 |
| sfir@sf-express.com | sfir@sf-express.com |
Others
1.Companycontact
WhethertheCompany'sregisteredaddress,officeaddressanditspostalcode,theCompany'swebsiteande-mailaddresshavechangedduringtheReportingPeriod?
□Applicable?NotapplicableTheCompany'sregisteredaddress,officeaddressanditspostalcode,theCompany'swebsiteande-mailaddresswerenochangesduringtheReportingPeriod,whichcanbereferredtotheAnnualReport2023fordetails.
2.InformationdisclosureandlocationwherereportsarekeptWhetherinformationdisclosureandthelocationwherethereportiskeptchangedduringtheReportingPeriod??Applicable?NotapplicableThewebsitesofthestockexchangeandnameofthenewspaperanditswebsitesonwhichtheinterimreportisposted,andthelocationwheretheCompany'sinterimreportiskeptwerenochangesduringtheReportingPeriod,whichcanbereferredtotheAnnualReport2023fordetails.
3.Otherrelevantinformation
WhetherotherrelevantinformationchangedduringtheReportingPeriod??Applicable?Notapplicable
II.KeyOperatingandFinancialDataResultsOverviewfortheFirstHalfof2024
Notes：
1.Netpro?tattributabletotheparentcompanyreferstonetpro?tattributabletoshareholdersofthelistedCompany
2.Netpro?tattributabletotheparentcompanyafterdeductingnon-recurringpro?torlossreferstothenetpro?tattributabletoshareholdersofthelistedCompanyafterdeductingnon-recurringpro?torloss
3.NetassetsattributabletotheparentcompanyreferstonetassetsattributabletoshareholdersofthelistedCompany
4.Returnonnetassetsreferstotheweightedaveragereturnonequity
Revenue
RMB134.4billion↑8.1%
| RevenueRMB134.4billion↑8.1% | TotalassetsRMB219.9billion↓0.7% |
Grossprofit
RMB18.6billion↑10.8%
Grossprofit
RMB18.6billion↑10.8%
Netassetsattributabletotheparentcompany
RMB88.6billion↓4.6%
Netassetsattributabletotheparentcompany
RMB88.6billion↓4.6%
Netprofitattributabletotheparentcompany
RMB4.81billion↑15.1%
Netprofitattributabletotheparentcompany
RMB4.81billion↑15.1%BasicearningspershareRMB1.0/share↑16.3%
BasicearningspershareRMB1.0/share↑16.3%
Netprofitattributabletotheparentcompanyafterdeductingnon-recurringprofitorloss
RMB4.15billion↑11.9%
Netprofitattributabletotheparentcompanyafterdeductingnon-recurringprofitorloss
RMB4.15billion↑11.9%Returnonnetassets
5.2%+0.5%
Financialsummary
1.Majoraccountingdataandfinancialindicators
WhethertheCompanyneedstoretrospectivelyadjustorrestatetheaccountingdataofpreviousyears?
□Yes?No
Unit：
RMB'000
| TheReportingPeriod | Sameperiodofpreviousyear | Increase/decreaseduringtheReportingPeriodoverthesameperiodofpreviousyear | |
| Revenue | 134,409,720 | 124,365,598 | 8.08% |
| Costofrevenue | 115,784,772 | 107,555,280 | 7.65% |
| Grossprofit | 18,624,948 | 16,810,318 | 10.79% |
| NetprofitattributabletoshareholdersofthelistedCompany | 4,806,714 | 4,176,282 | 15.10% |
| NetprofitattributabletoshareholdersofthelistedCompanyafterdeductingnon-recurringprofitorloss | 4,147,970 | 3,705,309 | 11.95% |
| Netcashflowgeneratedfromoperatingactivities | 13,722,269 | 13,824,827 | -0.74% |
EndoftheReportingPeriod
| EndoftheReportingPeriod | Endofthepreviousyear | Increase/decreaseattheendofReportingPeriodascomparedwiththeendofthepreviousyear | |
| Totalassets | 219,865,931 | 221,490,655 | -0.73% |
| Totalliabilities | 120,954,581 | 118,206,995 | 2.32% |
| Netassets | 98,911,350 | 103,283,660 | -4.23% |
| NetassetsattributabletoshareholdersofthelistedCompany | 88,571,197 | 92,790,344 | -4.55% |
| Gearingratio(%) | 55.01% | 53.37% | Anincreaseof1.64percentagepoints |
TheReportingPeriod
| TheReportingPeriod | Sameperiodofpreviousyear | Increase/decreaseduringtheReportingPeriodoverthesameperiodofpreviousyear | |
| Basicearningspershare(RMB/share) | 1.00 | 0.86 | 16.28% |
| Dilutedearningspershare(RMB/share) | 1.00 | 0.86 | 16.28% |
| Weightedaveragereturnonnetassets(%) | 5.23% | 4.72% | Anincreaseof0.51percentagepoints |
2.MajorfinancialdataofoperatingsegmentsSegmentexternalrevenue
Unit：
RMB'000
| TheReportingPeriod | Sameperiodofpreviousyear | Increase/decreaseduringtheReportingPeriodoverthesameperiodofpreviousyear | |
| Expressandfreightdeliverysegment | 96,820,175 | 90,058,986 | 7.51% |
| Intra-cityon-demanddeliverysegment | 4,022,952 | 3,406,837 | 18.08% |
| Supplychainandinternationalsegment | 32,914,104 | 30,283,063 | 8.69% |
| Undistributedunits | 652,489 | 616,712 | 5.80% |
| Total | 134,409,720 | 124,365,598 | 8.08% |
Segmentnetprofit
Unit：
RMB'000
| TheReportingPeriod | Sameperiodofpreviousyear | Increase/decreaseduringtheReportingPeriodoverthesameperiodofpreviousyear | |
| Expressandfreightdeliverysegment | 4,795,733 | 4,119,741 | 16.41% |
| Intra-cityon-demanddeliverysegment | 62,174 | 30,314 | 105.10% |
| Supplychainandinternationalsegment | -574,213 | -308,075 | -86.39% |
| Undistributedunits | 450,071 | 15,186 | 2863.72% |
| Inter-segmentelimination | 27,157 | 37,074 | -26.75% |
| Total | 4,760,922 | 3,894,240 | 22.26% |
Note：
(1)ThecorrespondingrelationshipbetweentheoperatingsegmentsandtheCompany'sprincipalbusinesssegmentswas:theexpressandfreightdeliverysegmentismainlytime-definiteexpressandeconomicexpressbusiness,freight,coldchainandpharmaceuticalbusiness,andothernon-logisticsbusinessrunningbythissegment;theintra-cityon-demanddeliverysegmentismainlyintra-cityon-demanddeliverybusiness,andothernon-logisticsbusinessrunningbythissegment;thesupplychainandinternationalsegmentmainlyisinternationalexpressbusiness,internationalfreightandfreightforwardingbusiness,andsupplychainbusiness,andothernon-logisticsbusinessrunningbythissegment;theundistributedunitsmainlyincludesegmentsofnon-principallogisticsandfreightforwarding,includinginvestment,industrialparksandotherfunctionalsegmentsoftheheadquarters.
3.Non-recurringprofitorlossitemsandamounts
Unit：RMB'000
| Amount | Description | |
| Investmentincomefromdisposalofsubsidiaries | 91,950 | PleaserefertoNote5(2)ofChapter10FinancialStatementsfordetails. |
| Non-currentassetdisposalgainsandlosses(includingthewrite-offpartoftheprovisionforimpairmentofassets) | 111,217 | |
| Governmentsubsidiesincludedinthecurrentprofitandloss(exceptforgovernmentsubsidiesthatarecloselyrelatedtotheCompany'snormalbusinessoperations,andareinlinewithnationalpoliciesandarecontinuouslygrantedonacertainstandardorquantitativebasis) | 326,249 | Itmainlyrepresentsfiscalsubsidiesforthelogisticsindustry,taxrefund,grantsforemploymentstabilization,transportcapacitysubsidy,etc. |
| InadditiontotheeffectivehedgingbusinessrelatedtotheCompany'snormalbusinessoperations,theprofitorlossfromfairvaluechangesinholdingheld-for-tradingfinancialassetsandheld-for-tradingfinancialliabilities,aswellastheinvestmentincomefromthedisposalofheld-for-tradingfinancialassetsandheld-for-tradingfinancialliabilities | 295,092 | |
| Reversalofprovisionsforimpairmentofaccountsreceivablethathavebeenseparatelytestedforimpairment | 30,084 | |
| Othernon-operatingincomeandexpensesotherthantheabove | -40,021 | |
| Less:Incometaximpact | 138,875 | |
| Impactonminorityshareholders'equity(aftertax) | 16,952 | |
| Total | 658,744 |
Note:TheCompanydoesnothaveotherprofitandlossitemsthatmeetthedefinitionofnon-recurringprofitorloss;theCompanydoesnotdefinethenon-recurringprofitorlosslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureofCompaniesOfferingSecuritiestothePublic—Non-recurringProfitorLossasrecurringprofitorloss.
4.Differencesinaccountingdataunderdomesticandforeignaccountingstandards
1.DifferenceinthenetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewiththeInternationalAccountingStandardsandtheChineseAccountingStandards:
□Applicable?Notapplicable
2.DifferenceinthenetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithoverseasaccountingstandardsandinaccordancewiththeChineseAccountingStandards:
□Applicable?Notapplicable
3.Explanationofreasonsfordifferencesinaccountingdatabetweendomesticandforeignaccountingstandards.
□Applicable?Notapplicable
Chapter3ManagementDiscussionandAnalysis
I.BusinessDevelopmentoftheCompany(I)OverallReview
1.MarketOverviewI)DomesticmarketInthefirsthalfof2024,theChineseeconomymadegoodprogresswhileensuringstability.AccordingtotheNationalBureauofStatistics,China'sGDPreachedRMB61.7trillioninthefirsthalfof2024,representingayear-on-yearincreaseof
5.0%.Theincreasewasmainlydrivenbyindustrialrecovery.Inparticular,investmentinhigh-techindustriesincreasedby
10.6%year-on-yearandtheaddedvalueofhigh-techmanufacturingabovedesignatedsizeincreasedby8.7%year-on-year,demonstratingtheaccelerateddevelopmentofnewqualityproductiveforces.
Thegrowthoftheconsumermarketwasrelativelyweakingeneral.Inthefirsthalfof2024,thetotalretailsalesofconsumergoodsincreasedby3.7%year-on-year,representingadecreaseof4.5%overthesameperiodoflastyear.Inparticular,theonlineretailsalesofphysicalgoodsincreasedby
8.8%year-on-year,contributing57.3%tothetotalgrowthofconsumergoodsretailsales.Thefurtherincreaseintheproportionofonlineshoppingreflectedtoacertainextenttheprudentconsumerconsumptionandthetrendofpursuinghighercostperformancebyconsumers.
Externaltradeperformancehasshownanoverallpositivetrend.AccordingtotheGeneralAdministrationofCustoms,China’sforeigntradeexportsgrewby6.9%inthefirsthalfof2024,ofwhichtheexportsofmechanicalandelectricalproductsaccountedforover60%ofthetotalexports,withtheexportsofhigh-techproductssuchasintegratedcircuitsandautomobilesmaintaininghighspeedgrowth.Asfortradepartners,exportstotheASEANgrewby14.2%andtotalexportstocountriesinvolvedintheBeltandRoadinitiativeroseby8.4%.TheASEANandcountriesinvolvedintheBelt
II)OverseasMarket
Theinternationalenvironmentremainedcomplicatedandever-changing.Whileinflationhasshownsignsofeasing,theinterplayofregionalconflicts,supplychainsrestructuringandcompetitionsandmaneuveringinthefinancialsectorcontinuedtoexertacompleximpactontheglobaleconomyandtrade.AccordingtotheforecastsoftheIMF,theglobaleconomyisexpectedtogrowby3.3%in2024,withanincreaseintheeconomicgrowthofemergingmarketsanddevelopingeconomies,andemergingmarketeconomiesinAsiawillremainasthemaindrivingforceoftheglobaleconomy.Inadditiontoeconomicactivities,worldtradehasgraduallystabilizedandreboundedinthefirsthalfof2024,withexportsintheAsianregionbeingrelativelystrong,especiallyinthefieldoftechnology.
Inthefirsthalfof2024,asaffectedbytheincreaseindemandandthedecreaseinsupplyofseafreightresourcesresultedfromregionalconflicts,thepriceforinternationalairandseafreightincreasedsignificantly,especiallythoseforroutesfromAsia-PacifictoEuropeandAmerica.Benefitingfromtheboomingcross-bordere-commerce,China’semerginge-commerceplatformsarevigorouslyexploringoverseasmarkets,withincreaseddemandforcross-borderlogisticsandairtransportation.Furthermore,alongwiththein-depthtradecooperationbetweenChinaandASEAN,RCEP(RegionalComprehensiveEconomicPartnership)membercountriesandcountriesinvolvedintheBeltandRoadInitiative,theindustrialandsupplychainweredeeplyinterconnectedwithasmoothercustomsclearanceofgoods,spurringthedevelopmentofinternationallogisticsandsupplychaininChinaandacrossAsia.
WiththereshapingofglobalsupplychainsandtheindustrialtransformationandupgradinginChina,theinternationalizationofChineseenterprisesandproductsisgraduallyshiftingfromthemodelsoftraditionaltradeexportsandcross-bordere-commercetonewmodelssuchastheglobalexpansionofcapacityandbrand.Asfor“theglobalexpansionofcapacity”,thefocusismainlyonindustriessuchas3Celectronics/communications,automobiles,garmentOEM,
increasedauthorizationandincentives,andenhancedthemanagementawarenessandmarketcompetitivenessofitsstaff,soastopromotetheirvaluecontributionofandrevenuegeneration.I)Demonstrateoperationresilienceandachievenewbreakthroughsinthedomesticandinternationalbusiness
Continuouslystrengthenthecompetitivenessofmid-to-high-endservices:Facingthecurrentmarketenvironmentofcompetingservicesandcuttingprice,theCompanyhasinsistedonstrivingforexcellence,strengthenedtheleadingadvantageofmid-to-high-endtime-definiteproducts,andcontinuouslyimprovedtheservicequality.WiththestrengthofairfreightandtheuniqueadvantagesoftheEzhouhub,theCompanyhasboostedthedevelopmentofdomesticnewqualityproductiveforcesandindustrialupgrading,creatingahighlyefficientandresponsivedomesticandinternationalsupplychainformorehigh-endindustrialcustomers.Inthefirsthalfof2024,theCompany'sbusinessvolumeofbulkexpressairtransportationachievedrapidgrowth,andtherewereatotalofmorethan30topcustomersinthehigh-endindustriescovering3Celectronics,high-tech,fastmovingconsumergoods,pharmaceuticals,automobilesandengineeringmachinerysettlingintheEzhouHub.SFhasjoinedhandswithcustomerstobuildwarehousingcentersandprovidedintegratedwarehousinganddistributionservices,realizingtheultimatetimelinessofthefastest“eveningdeliveryandmorningarrival”,empoweringefficientsupplychainandboostingindustrialupgrading.
Speedinguppenetrationoflogisticsmarketshareintheindustrieswherecustomersareoperating:TheCompanyunderstandsthatcustomerneedsarebecomingincreasinglydiversified,especiallyunderafiercemarketcompetition.Thefocusofcustomershasshiftedtotheoptimalplanningandlayoutoftheoverallsupplychain,aswellastheefficientimplementationofdigitalization,intelligenceandgreening.Inrecentyears,theCompany,togetherwithmajoraccountsfromdifferentindustries,hasjointlycreatedaseriesofbenchmarkcasesfortopcustomersintheindustryfromindustrysolutionsempoweredbytechnologiestotheactiveexplorationofsmart
throughoutthewholechain,awiderrangeofcustomerbaseworldwideandthecorelogisticsresources.Comparedwithotherinternationalexpresslogisticsserviceproviders,theCompanyprovidesservicesatafavorablecostandbettercostperformance.Inthefirsthalfof2024,toseizeopportunitiesfromcustomersforglobalexpansion,theCompanyestablishedalinkedworkingmechanismamongtheheadquarters,departmentsinchargeofsupplychainsanddepartmentsinchargeoftheAsiaregion,collaboratedwithcustomerondevelopmentandsolutionformulation,andconsolidatedtheinternationalairandseatransportationresourcesandoverseaslocalresourcesoftheCompanytopromotetheimplementationofprojects.Inthefirsthalfof2024,theCompanyhassuccessfullywonthebidsforover40cross-bordersupplychaincooperationprojectsinAsia,coveringe-commerceanddistribution,industrialmanufacturing,high-tech,clothingandfootwear,homeappliancesandfurnishings,automobilesandcoffeeandteabeveragechains,andachievingbreakthroughsininternationalsupplychainbusinessfrom0to1toNinseveralcountries,industriesandservicescenarios.Morethan45%oftheFortuneGlobal500companiesusetheproductsandservicesofSFInternational.Ⅱ)Improveefficiencyandreducecostswithleanmanagementtoboostperformanceimprovement
TheCompanypromotedtheconstructionofthenetworkinfrastructurebasedontheprincipleofpursuingabalanceamongquality,timelinessandcost,andcontinuedtodeepentheoperationmodereform,strengthennetworkintegrationandleanresourcesmanagement.Withthedirectionofstreamliningthebackbonenetwork,astodistribution,theCompanyintegratedandbuiltmulti-functionalsites,improvingtheproductioncapacityutilizationratethroughanumberofinitiatives.Astotransportation,theCompanyoptimizedthetransitmodeandroutingplanningtoreducetransitnodes,maximizingintensivedeliveryandroutestraightening.Astotheterminal,theCompanycontinuedtodeepenthemodereformtoimprovetheefficiencyofoutlets,ultimatelypushingdowntheoperationcostofasingledeliveryonacontinuousbasis.Atthesametime,theCompanymadefulluseoftheremainingproductioncapacityandflexiblymatchedresources
ExcludingtheFengwangbusiness
,thetotalrevenueincreased
8.7%andtheparcelvolumeoftheCompanyincreased14.3%in2024overthesameperiod.Onthebasisofsteadybusinessgrowth,theCompanypersistentlystrengthenedleanoperation,enhancedmanagementefficiencyandoptimisedcoststructure,ultimatelyachievingnetprofitattributabletoshareholdersofthelistedcompany(the"NetProfitAttributabletotheParentCompany")ofRMB4.81billion,representingayear-on-yearincreaseof15.1%,andnetprofitmarginattributabletotheparentcompanyof3.6%,representingayear-on-yearincreaseof0.2percentagepoint.
Inrespectoftherevenue,①revenuefromexpresslogisticsbusiness
amountedtoRMB99.0billion,representingayear-on-yeargrowthof7.6%.ExcludingtheFengwangbusiness,revenueincreasedby8.4%yearonyear.Whileconsistentlystrengtheningthecompetitivenessofitstimelinessservicesandexpandingitscustomerbaseinemergingindustriesandnewbusinessscenarios,theCompanyhasbeenpenetratingmoreeconomiclogisticsmarketsintheproductionandconsumersectorswithservicesofhighervalueformoney,thushelpingtoexpanditsbusinessscaleandrealiserevenuegrowth;②revenuefromsupplychainandinternationalbusiness
amountedtoRMB31.2billion,representingayear-on-yeargrowthof8.1%.Thiswasmainlyattributabletothestabilisationofdemandsforinternationalairandoceanfreightandtheyear-on-yearincreaseinfreightrates,aswellastheCompany'seffortstograsptheopportunitiesarisingasChineseenterprisesexpandglobally,byintensifyingbusinessintegrationandexploringthesupplychainandinternationalmarketsonanongoingbasis;and③revenuefromothernon-logisticsbusinessesamountedtoRMB4.2billion,representingayear-on-yearincreaseof19.7%,whichwasmainlyattributabletothegrowthofbusinessintheprocurementsegmentaspartoftheend-to-endsupplychainservicesprovidedbytheCompany.
TransferoftheFengwangbusinesswascompletedanddeliveredinJune2023.
Expresslogisticsbusinessprimarilyconsistsoftime-definiteexpressservices,economyexpressservices,freightdeliveryservices,coldchainandpharmaceuticalslogisticsservicesandintra-cityon-demanddeliveryservices.
Supplychainandinternationalbusinessprimarilyconsistsofinternationalexpressservices,internationalfreightforwardingservicesandsupplychainservices.
Inthefuture,theCompanywillcontinuetofocusoninvestinginbuildingitslong-termcorecompetitiveness,developingahighlyefficientandleadingdomesticandinternationallogisticsnetworkandpromotingbusinessintegrationtoenhancetheefficiencyofresourceutilisation,withaviewtomaintainingcapitalexpenditureasapercentageofrevenueatahealthylevel.
Overall,theCompanymaintaineditsresilienceinthefirsthalfof2024amidstacomplexglobalmacro-environment,andachievedhigher-than-expectedrevenuegrowthalongsidesolidrevenuegrowth.Lookingaheadthesecondhalfoftheyear,withthedeepeningandpenetrationoflogisticsservicesinthefieldsofproductionandlife,aswellastheintegrationofbusiness
(II)SummaryofBusinessDevelopment
1.CustomerOperationI)Customerswithactivecreditaccounts
AsoftheendofJune2024,thenumberofcustomerswithactivecreditaccounts
amountedtoapproximately
2.24million,representinganincreaseof14.9%year-on-yearapproximately290,000ascomparedwithDecember,2023.
(1)Acceleratingpenetrationoflogisticsmarketshareintheclient'sindustry:Todealwiththeconstantlychangingglobalmacro-environment,theCompanyadherestosustainableandhealthydevelopmentandhasestablishedabusinessstrategyaimedat“acceleratingindustrytransformation”intheyear.TheCompanyfocusesonthetransformationoflogisticsservicesinvariousindustriesfromstandardcapabilitiestonon-standardservices,acceleratedthetransformationfromthetraditionalmodelof“sellingproducts”to“sellingsolutions”,soastoprovidecustomizedintegratedlogisticssolutionsandstandardizedproductportfoliototopcustomersinvariousindustriesandawiderangeofsmallandmedium-sizedenterprises.Inaddition,theCompanyfullyintegratesthecapabilitiesofvariousbusinesssegmentsandsupplychainorganizationswithintheGrouptoimprovesalescollaborationandoperationalintegrationandpromotemarketexpansionandprojectimplementation.AllthisaimstoexpandtheCompany'sshareoflogisticsservicesforcustomersandtoincreasetheCompany’smarketshareoflogisticserviceinvariousindustries,therebyachievingtheoverallbusinessobjectivesoftheGroupandensuringthattheCompanymaintainsitsleadingpositioninthefiercemarketcompetition.
(2)Phasedachievements:Inthefirsthalfof2024,thecompany'slogisticsrevenuesintheautomotive,homeappliances,e-commerceanddistribution,andindustrialmanufacturingsectorsgrewbymorethan20%year-on-year.Meanwhile,theCompanyhasdevelopeddozensofstandardizedproductportfolios,coveringvarioussegmented
ThenumberofactivecreditaccountsisderivedfromthecreditaccountswhosignedagreementswiththeCompanyandconductedbusinesstransactionsinJune2024
daydeliveryandnext-daydeliveryfulfilmentofonlineordersforfrozen,freshanddrygoods,andabreakthroughintheB2Bbusinessofmulti-temperaturewarehousemanagementandmulti-temperaturetrucktandemtransporttostoresforthemanagementofthecold,frozen,fruitandvegetableanddrygoodsofadomesticlarge-scalesupermarket.Atthesametime,weareactivelypromotingthereuseofthissolutiontootherdomesticandinternationalheadsupermarketcustomers.Inthefirsthalfoftheyear,thecompanyachievedayear-on-yeargrowthofmorethan100%inlogisticsrevenuegeneratedinthesupermarketindustry.Servicescenariosinthecommunicationandadvancedtechnologyindustry:Focusingonthecomponentsand
Ⅱ)RetailCustomer
AsoftheendofJune,2024,thenumberofretailcustomersamountedto699million,representinganincreaseof5.4%orapproximately36millionascomparedwithDecember,2023.
(1)OnlineExpansion:①Enhancetrafficsonprivatedomains:TheuserbaseofSFAPPhasachievedrapidgrowth,withthetotalnumberofaccumulatedmembersamountingtoapproximately120million,andthenumberofnewmembersamountingtomorethan11millioncomparedwiththatofthebeginningoftheyear,ofwhichtheaveragenumberofdailyactiveusersincreasedby18.3%year-on-year.Meanwhile,theCompanyoptimizedandpromotedpaidmembershipprogramssuchasSVIPsandAffinityCardinthefirsthalfoftheyear,andthecumulativenumberofuserswhopurchasedtheprogramsreached9.7million,representingayear-on-yearincreaseof57.4%.②Upgrademembershipbenefits:TheCompanycontinuedtoenrichthemembershipbenefitswithadditionalmorethan20typestofurtherenhanceuserstickiness.Thenumberofuserswhoenjoyedtheupgradedbenefitsinthefirsthalfoftheyearamountedto170million,representingayear-on-yearincreaseof147.7%.③PromotePrepaidCards:
thenumberofprepaidcardrechargesexceeded4millioninthefirsthalfoftheyear,representingayear-on-yearincreaseof
17.8%,andtheprepaidbusinessscalegrewrapidly,drivingthesubsequentpotentialincrementaldeliverybusiness.
④Continuouslyoptimizeuserexperience:TheCompanyhascontinuedtosimplifytheorderplacementprocesstoimprovetheusers'deliveryoperationalefficiency,includingoptimizingthe"onlineshoppingreturn"function,whichmettheconsumers’needsforparcelreturnonmajore-commerceplatformsandofferedpreferentialpricingtoattractconsumers
2.BusinessDevelopmentⅠ）Time-definiteexpressInthefirsthalfof2024,theCompany'stime-definiteexpressbusinessachievedtax-exclusiverevenueofRMB59.19billion,representingayear-on-yearincreaseof
5.6%.TheCompany'stime-definiteservicescontinuetoleadtheindustry,strivingforexcellenceintime-definiteperformance,andkeepexpandmoreemergingindustrycustomerbasesandnewscenarios,providingcustomerswithvalue-for-moneyservices.TheCompany'stime-definiteexpressparcelvolumegrew10%year-on-year,withtheparcelvolumestructurepenetratingsteadilyfromcorporatebusinesstolarge-scaleconsumptionandindustrialmanufacturinginthepastfewyears,andthedeliveryproportionofconsumptionandindustrialmanufacturingrelatedcategoriesbecomethemaingrowthdriversfortime-delivery.
(1)EnhancingProductCompetitiveness:TheCompanyhascontinuedtoimproveproducttimelinessanditscommitmenttocustomerservicebyrefiningtimelinessservicelayering,combiningresourcematchingandprecisionmarketingandenhancingthecost-effectivenessofitsproductssoastoexpanditsbusinessscale.Intermsofspeedyexpressproducts,theCompanyoptimizedrouteplanningandincreasedtheacquisitionofadvantageousbulkflightsresourcestoenhancethetimelinessabilityinallaspects,achievinga16%increaseinthenumberofnext-morningarrivalairstations;atthesametime,theCompanyoptimizedtheconnectionbetweenairandlandtransportationtocompresstheprocessingtimeofthewholeprocess,theaveragetransittimeforofspeedyexpressproductsinthefirsthalfof2024wasreducedby1.6hours.Intermsofstandardexpressproducts,theCompanyfocusedonkeycityroutestooptimizethetransportationmodes,"decentralized"shortandmediumdistancetransit,andimprovedthenext-morningarrivalcapacitybyoptimizingrouteplanning,increasinginter-citydirectdeliveryroutes,andflexiblyusingthebuscrosstownmode,etc.Forlong-distancedeliveries,theCompanystrategicallycombinedgroundtransportwithairtransportationtoimprovethetimelinessandprovidecustomerswithamoreefficientdeliveryexperience;atthesametime,theCompanyupgradedtheclienttimelinesscommitmenttoenhancecustomerperception.Inaddition,theCompanyhelpedcourierstograspmorerefineduserprofiling
circle,expandingintra-cityhalf-dayexpressdeliveryserviceto274citiesinthefirsthalfoftheyear,extendingthecapabilitytocross-cityexpressdelivery,andwideningthecut-offtimeofcross-cityhalf-daydeliveryserviceinEastChinaandSouthChina,therebybringinginmoreincrementalbusinessvolume.Meanwhile,theCompanyexpandedmorebusinessscenariosforitscustomersthroughmodeinnovation,suchaslaunchingthe"Flowers520day-selective-delivery"serviceforanemerginge-commerceplatform,whichsupportedoptionaldeliverytime,covered248cities,andachievedatimelinesscompletionrateof99.24%.TheCompanycombinedterminaloutletswithSFINTRA-CITYriderresourcestocreatea"frontwarehouse+deliverywithinanhour"mode,whichservedthenear-fielde-commercebusinessscenariosofaleadingplatforminBeijing,Shenzhen,Hangzhouandotherplaces,andwillbeexpandednationwideinthefuturewhenitismature.
(4)ConsolidatingtheMarketShareofE-CommerceParcelReturn:Relyingonthehightime-definitedoor-to-doorcollectionandend-to-enddistributioncapabilities,theCompanycontinuedtoconsolidateandseizetheshareofparcelreturnbusinessintheleadingmajore-commerceplatformsandcontinuedtoexpandthenewplatformcustomers,ofwhichtheCompany'sshareofplatformdistributionparcelreturnsinsomee-commerceplatformsaccountedfor70%-90%,helpingtomaintainrapidgrowthofe-commerceparcelreturnorders.Atthesametime,aneworderplacementfunctionofconsumeronlineshoppingreturnwaslaunchedonSFAPPtosupporttheconsumer'sindependentreturnscenario.Inaddition,theimplementationofthedeliverycentralizedoperationforthereturnwarehousingreducedthedeliverypressureofthe
Ⅱ）EconomyexpressInthefirsthalfof2024,theCompany’seconomyexpressachievedtax-exclusiverevenueofRMB13.25billion,representingayear-on-yearincreaseof9.3%.Adheringtothesustainableandhealthyoperation,theCompanycompletedthesaledeliveryofthefranchisemodelFengwangExpressinJune2023,andrevenueofeconomyexpressexcludingFengwangExpressincreasedby15.6%year-on-year,whichwashigherthantheoverallgrowthrateoftheexpressindustry.
Theoveralle-commerceconsumermarkethasexperiencedsluggishgrowththisyear.TheAverageSellingPrice(ASP)ofthefranchisedexpressdeliveryenterprisesmainlyengagedine-commerceparcelswithintheindustryhasdeclinedtovaryingdegrees,andtheindustrycompetitionremainsrelativelyfierce.However,oureconomyexpressstillachievedbetterbusinessgrowthonthebasisofretainingasignificantpremiumcomparedwithpeers.ThankstotheCompany'sconsistentadherencetoadifferentiatedcompetitivestrategyandwithhigh-qualitydoor-to-doordeliveryfulfillmentcapabilitiesandsoundintegratedwarehousinganddistributionservices,theCompanyhasbecometheNo.1preferredcooperatoramongmoremid-rangeandhigh-endbrandcustomerswhopayattentiontotheconsumershoppingexperience.
(1)EnlargingtheScaleoftheE-commerceExpressBusiness:Basedonthecontinualbusinessstrategyof"coremarketofalargescale"fore-commercestandardexpressproducts,theCompanyadjustedthepricingstrategyforitemswithdifferentkilograms,optimizedthestructureoftheparceltype;implementedcyclicalpromotionofproductsfillingtheemptyspacetocustomersforindividualstreamsofdeliverybytakingintoaccounttheemptyspaceresourcesofthelines.Bydoingso,theCompanycanenlargethescaleoftheparcelvolume,improvethetransportationloadingrateandmaximizethepromotionoflinestraighteningtogivefullplaytothemarginalcost-effectiveness.Secondly,theCompanytriedtostrategicallyfocusonthemarketofe-commercemicro-pieces,andexploredthecustomersinthissegmentwithmoresuitablepricingstrategiesandlower-costoperationmodes,realizingthebusinessseizureofe-commerceparcelsofthetraditionallyprofitablesub-categories.
timelymannerfordeliveryandpromptlysolvedthecustomer'spainpoints,thusfullydemonstratingtheprofessionalexperienceandefficientfulfillmentabilityoftheCompanyintheintegratedwarehousinganddistributionservices.
Additionally,theCompanyformulatedtargetedexpansionstrategiesaroundthecustomerbasesusingthree
Ⅲ)FreightInthefirsthalfof2024,theCompany'sfreightbusinessachievedatax-exclusiveoperatingincomeofRMB17.55billion,representingayear-on-yearincreaseof
16.1%.
Inthefirsthalfof2024,thedomesticeconomymaintainedsteadygrowth,withfreightmarketdemandcontinuingtorecoverandgraduallyexpand.Alongsidetheupgradeofnewstrategicindustries,thehigh-techmanufacturingsectorisactivelymovingtowardsintelligentandhigh-enddevelopment.Policiespromotingconsumption,suchastrade-inprograms,haveeffectivelystimulatedconsumptionpotentialinmarketslikehomeappliancesandfurniture.Inthefaceofacomplexcompetitivelandscape,SF'sfreightbusinessconsistentlyadherestoacustomer-centricphilosophy,offeringleadinghigh-qualityproductsandservicesthatpromotecontinuousimprovementinbusinessscale,operationefficiency,customerreputation,andrecommendationrate.Inthefirsthalfof2024,thecargovolumeoftheCompany'sdirect-operatedandfranchisenetworksbothachieveda24%year-on-yearincrease.ThedailyLTLcargopeakvolumeofthedirect-operatednetworkexceeded63,000tons,andthedailypeakLTLcargopeakvolumeofthefranchisenetworkexceeded31,000tons.Theoverallbusinessscalemaintainedanabsoluteleadingpositionintheindustry.
⑴Commitmenttoprofessionalexcellence,iteratingandupgradingcapabilities,andmaintainingaleadingedgeintimeliness:TheCompanyhasdevelopedspecializedlogisticssolutionsacrossvarioussectors,includinghomeappliances,automotive,andhigh-endelectronicmaterials.Thesesolutionsincludeintegratedservicesforlargeparcelwarehousinganddistribution,professionalplansforreducingdamagethroughreusablepackaging,logisticssupportforautomotiveparts,andend-to-endoperationassuranceforhigh-endelectronicmaterials.TimelinessandstabilityarecorecompetitiveadvantagesforSFExpress,withtheaveragedeliverytimeforexpressproductsreducedto39.3hoursinthefirsthalfof2024.Ourstrategyfocuseson"streamliningmid-tolong-haulrouteswhilemaintainingflexibilityforshort-haulroutes,"employingstructuralmethodsunder"sufficient,
integration,promotinglargervehiclestoreducetransporttrips,andreducingprocurementtransportationcosts",weachieveda
4.7%increaseinloadingratesforline-haulroutewhileloweringtransportationcostsperton-kilometeryear-on-year.
③Facilitycosts:We"revitalizedunusedspace,negotiatedrentreductions,andoptimizedsiteintegration",leadingtoayear-on-yeardecreaseinrentalpertonforlargeparcelsdistributionnetworksandtransferstations.
⑷Strengtheningnetworkintegrationtoleveragescaleeffects,complementingdirectandfranchisenetworks.Businessintegrationincreasesmarketsharewhileresourceintegrationreducescosts.
Businessintegrationtomeetdiversemarketdemands:
SFExpresshasconsistentlyprovidedadiversecomprehensivelogisticsservicesforlargeparcelsthrougha"dualbrand"
Ⅳ)ColdchainandpharmaceuticallogisticsInthefirsthalfof2024,theCompany'scoldchainandpharmaceuticallogisticsserviceachievedatax-exclusiverevenueofRMB5.06billion,representingayear-on-yeardecreaseof5.2%.Thedecreasewasprimarilyduetoadverseweatherconditions,suchasfrostandcontinuousrainfallinSouthChina,whichledtoasignificantreductionintheproductionofseasonalfruitsthisyear,therebyimpactingthegrowthoffreshandseasonalfoodlogistics.
AccordingtotheChinaFederationofLogisticsandPurchasing.,thecoldchainlogisticsmarketinChinareachedRMB277.9billioninthefirsthalfof2024,growingbyapproximately3.4%year-on-year.Whileoverallgrowthremainedstable,therateofincreasesloweddown.Onthemarketdemand,growthinfreshandseasonalfoode-commercedecelerated,restaurantchainsacceleratedtheirexpansionintolower-tiercitiesandcounties,andlargesupermarketenterprisesoptimizedtheirstorelayouts,generallypursuingstableoperations.TheCompanyleveragedresourceintegrationbetweenitscoldchainandexpressdeliverynetworkstoextenditscoldchainnetworkatlowercosts,ensuringbusinessexpansionwhilemaintainingreasonableprofitlevelsforthecoldchainbusiness.
(1)FreshandSeasonalFoodLogisticsServices
Inthefirsthalfof2024,theCompanycontinuedtodeepenitsdevelopmentintheupstreamanddownstreamoftheagriculturalproductindustrychain.Onthemarketingside,theCompanyassistedinbrandbuildingandchannelmatchmaking.Ontheserviceside,throughtechnologyempowermentandleanoperations,theCompanyexpandeditscoverageofproductionareashorizontallyanddevelopednichecategoriesvertically,solidifyingitsleadingpositioninthefreshandseasonalfoodlogisticsmarket.Currently,theCompany'sagriculturalproductdistributionservicenetworkcoversover2,700county-levelcitiesnationwideand226categoriescoveringmorethan5,500typesofspecialtyagriculturalproducts.
①Brandbuildingandproduction-salesmatchmaking:
TheCompanycloselycooperatedwithlocalgovernments,industryassociations,andleadingbrands.Inthefirsthalfof2024,itjointlybuilt35regionalagriculturalproductbrands,constructinga"five-in-one"systemintegratingagriculturalindustrywithbrandbuilding,digitalempowerment,marketing
freshandseasonalfood.
(2)FoodColdChainLogisticsServicesDomesticcoldchainmarketpricecompetitionintensified,highlightingthephenomenonof"increasedvolumewithoutincreasedrevenue"amongindustryparticipants.TheCompanyfocusedonfoodcoldchainB2Cintegratedwarehousinganddistribution,andB2BLTLbusinesses.Whilemaintainingleadinghigh-qualityanddifferentiatedservices,itcontinuouslyreducedcosts,enhancingservicevalue-for-moneyandcompetitiveness.Inthefirsthalfof2024,theCompany'sfoodcoldchainlogisticsbusinessachievedgrowthexceedingindustrylevels.
①Strengtheningthecoldchainnetwork:Intermsofwarehousingnetwork,theCompanyoptimizedexistingcoldchainsites,integratingexternalcloudwarehousesandcooperativewarehousesthroughanasset-lightmodeltoreducefixedcostexpenditures.Italsoupgradedautomatedequipmentandimplementedintelligentproductionprocessestoeffectivelyimprovein-warehouseproductionefficiency.Forthetransportationnetwork,theCompanyoptimizeditscoldchainbackbonenetworkbyjointlybuilding,sharing,centrallyprocuring,anddispatchingitsownandoutsourcedcoldchaintransportationresourcesatthegrouplevel,improvingvehicleloadingratesandreducingtransportationcosts.Forthedistributionnetwork,byutilizingexpressnetworkandShunxinhui’sterminalresources,combinedwiththeuseoftemperature-controlledcontainers,thecoldchainnetworkfurtherexpandedintolower-tiermarkets.Inthefirsthalfof2024,thenumberofcitieswithnewlylauncheddoor-to-doordeliveryservicesforcoldchainLTLincreasedby27%comparedtotheendof2023.
②Expandingbusinessgrowth:SFColdChainfocusedonB2Cintegratedwarehousinganddistribution,B2Btemperature-controlledLTL,andrestaurantdelivery.TheCompanytargetedbrandfoodenterpriseswithonlineandofflineomni-channelsales,foodprocessingenterprisesprimarilyoperatingthroughofflinechannels,andrestaurantchains,intensifiedeffortsinbusinessdevelopmentandcustomeracquisition.Notably,byiteratingandrefiningSOPsandpackagingsolutionsspecificallyfortheicecreamindustry,theCompanysuccessfullyreplicatedbenchmarkcases,resultinginayear-on-yearrevenueincreaseofover100%for
consolidateditsleadingpositioninthevaccinelogisticsmarket.IntheCRO(ClinicalResearchOrganization)sector,theCompanyexplorednewmodels,accumulatingstorageandtransportationcapabilitiesforhigh-precisionpharmaceuticalproductsunderresearchbyCROs.Inhospitalscenarios,theCompanyfocusedonbuildingandenhancingprofessionalcapabilities,providingspecializedtrainingandcertificationforcouriersservinghospitals,establishingbenchmarkcasesfor
Ⅳ)Intra-cityon-demanddeliveryInthefirsthalfof2024,theCompany'sintra-cityon-demanddeliverybusinessachievedoperatingrevenueexcludingtaxofRMB3.96billion,withayear-on-yeargrowthof18.5%.
Asthelargestthird-partyon-demanddeliveryserviceplatforminChina,SFIntra-cityprovidescustomerswithhigh-quality,efficientandcomprehensivethird-partyon-demanddeliveryservicesbyrelyingonin-depthindustryinsightsofthelocallifestyleservices,nationwideflexibledeliverynetworkandcontinuousinnovationofdigitalintelligencecapabilities.DuringtheReportingPeriod,therevenuescaleofintra-cityon-demanddeliverybusinesscontinuedtoexpand,technologicaladvancementsandleanmanagementdrovetheimprovementofoperationqualityandefficiency,maintaininggrossprofitmarginsandexpenseratiosathealthylevel,drivingthecontinuousgrowthofnetprofit.
(1)Multi-pillarfoundeddriversachievedhealthyandhigh-qualitydevelopmentofrevenue
Formerchants,SFIntra-cityinsistsonstrengtheningandconsolidatingitscustomerserviceadvantages,helpingbrandmerchantstoexpandthescopeofdeliveryservicesintheprocessofstoreexpansionandonlineoperation,andhelpingthemtoachievecostreductionandefficiencyincreaseinrespectofperformance.Thecooperationsharewithtop-tiercustomerscontinuestoincrease.Whilemaintainingtheleadingshare,thenewcooperativestoresexceeded6,000duringtheReportingPeriod.Itmaintainsclosecooperationwithcustomersofvariouse-commerceplatforms,activelyexploresnewbusinessmodelsinlocallifestyleservices,andfullymeetstheneedsofhomedeliverybusinessontheplatform.Inthefirsthalfofthisyear,theannualactivemerchantsofSFIntra-cityreached550,000,representingayear-on-yeargrowthof45%.
Forindividualconsumers,SFIntra-cityiscommittedtoofferingindustry-leadingandprofessionaldeliveryservices."DeliverforMe,FetchforMe,PurchaseforMe,andSolveforMe"servicesfullycoverpersonalworkandlifescenarios.Inthefirsthalfofthisyear,SFIntra-cityfurtherstrengtheneditsservicecapabilitiesincentralbusinessdistrictsandofficeareastocreateindustryservicestandardsforhigh-endbusinesscustomers.Byexpandingthecoveragedistanceofintra-city"hourlydelivery(小時達)"services,itachievedstronggrowth
Intermsofscenariocoverage,SFIntra-cityhascontinuouslyexpandedthelocallifeservicefieldbyrelyingonthemulti-scenariocapability,andcontinuouslyoptimisedproductsandservicesaroundkeycategories.Inthefirsthalfofthisyear,thedeliveryrevenuefrom[teaandbeverages]increasedby60%fromthecorrespondingperiodofthepreviousyear,andthedeliveryrevenuefrom[supermarketsandconveniencestores,cakesandbakeries,pharmaceuticalsandcosmetics]andothercategoriesincreasedbyhighdouble-digitfromthecorrespondingperiodofthepreviousyear.
Intermsofbusinessdistrictscoverage,SFIntra-cityhasstrengthenedoperationalefficiencyinbusinessdistrictsaroundthestoresofourtopcustomers,effectivelysolvingpainpointssuchaspeakorderoverload,excessivelylongwaitingtimesformeals,andidlepersonnelduringoff-peakhours,andthenumberofprofitablebusinessdistrictsincreasedandthefulfillmentprocessmaintainedsteady.Thefluctuationsinthefulfillmentin-timerateduringholidaysandbadweather
Ⅵ）Supplychainandinternationalbusiness
Inthefirsthalfof2024,theCompanyregisteredtax-exclusiverevenueofRMB31.20billionfromthesupplychainandinternationalbusiness,representingayear-on-yearincreaseof8.1%,whichwasbenefittedfromtherecoveryoftheinternationalairandseafreightdemandandtheincreaseinfreightrate,andthesoundbusinessgrowthachievedasCompanyseizedtheopportunitiesfromChineseenterprises’overseasproductioncapacityexpansion,internationalbrandrecognitionenhancementandcross-bordere-commercedevelopmentbydeepeningbusinessintegrationandcontinuouslyextendingsupplychainsandinternationalmarkets.
⑴Consolidatinginternationalnetworks:
①Routelay-out:Inresponsetothebusinesssituation,theCompanycontinuedtoexploitnewroutesandincreasetheflightfrequencyofroutes,inwhichnewroutesandflightsfromtheAsianregiontosomecountriesinSouthAsiawereaddedandencrypted,whileformajorcountriesinSoutheastAsia,deployingthe747and767largeaircrafttoflyindividualflightstoSingaporeandKualaLumpuronthebasisofmaintaining5-7flightsperweek,toexpandtheresourcesofaircargospace;theadditionofnewinternationalroutesintheEuropeanregiondepartingfromdomesticcitiestoHungaryandincreasingtheflightfrequencyofinternationalroutesfromdomesticcitiestoLiège,Belgium,to4flightsperweek;theadditionofnewinternationalroutesintheAmericasregiondepartingfromdomesticcitiestoChicagoandconstantlyincreasingflightfrequencytoNewYork,LosAngelesandothercitiesto4-6flightsperweekbyutilizinginternalandexternalresources.
②Strengtheningcustomsclearancecapabilities:Asoftheendofthereportingperiod,theCompanyofferedself-operatedandagentcustomsclearanceservicesat71portsworldwide,with9AEOadvancedcertificationlicensesrecognizeddomestically,andfocusedontheAsianandAmericasregionstostrengthentheself-operatedcustomsclearanceservicecapacity.TheCompany’soverseasself-operatedcustomsclearanceservicepermeatedinto14ports,tofurtherimprovetheefficiencyoftheCompany’scustomsclearanceforexpresscargo.③Strengtheninglocalcapacitybuildingoverseas:
TheCompanyinvestedinanairsidesiteinSingaporetoacceleratecustomsclearanceandtransitinSoutheastAsia,furtherenhancedtheCompany’scross-bordernext-daydeliverycapability,bringingina20%year-on-yearincreaseinthenext-
Asianfruitstobedirectlyshippedfromthecountryoforigintothedomesticconsumerswithin48hours.Itaddressestheshortcomingsoftraditionallandandseafreight,whichinvolvesthelongchain,thelongcycleandtheripeningprocessthatleadtothesubpartasteoffruits,andaidsinthedeliveryofe-commerceliveordersofSoutheastAsianfreshfruitsonB2Cplatforms.InthecaseoftheThaidurianproject,forexample,thecargovolumehasgrownrapidlysincethemodelwasimplemented,boostingtheloadrateofall-cargoaircraftreturningfromBangkok,Thailand,byapproximately40percentagepoints.Inaddition,alargeinternationalconveniencestorechaingroupinThailandhascollaboratedwiththeCompany,enablingconsumerstoplaceanorderatitsover10,000storesinThailandandhaveitpickedupanddeliveredtotheirhomes,includingthedeliveryofChinesetourists’purchasesbacktotheircountry.Ontheonehand,thecooperationexpandstheCompany’sbusinessvolume,and,ontheotherhand,integratingtheSFbrandintothedailylivesofThairesidentsandtouriststhroughcustomerchannelstoincreaseourbrandawareness.
c.Forotherregions.Theend-to-endstandardexpressproductsintheEuropeanregionareexperiencingrapidgrowth,atthesametime,theEuropeanexportflowdeepensbusinesscooperationwithinternationallarge-scalee-commerceplatformcustomers,offeringcustomerswithcross-bordertransportationservicesfromEuropetoChina,Mexico,Turkeyandotherdestinations.IntheAmericasregion,ithasshortenedtheend-to-enddistributionroutesandachievedcostreductionandefficiencyimprovementbyupgradingitsself-operatedcustomsclearancecapacityandlocalair-landlink-upandtransshipmentcapacity.
②Internationalfreightforwarding:
Inthefirsthalfof2024,theglobaleconomyshowedsignsofrecoveryafterthreeconsecutiveyearsofslowdown,althoughgrowthmomentumremainsrelativelyweak.Thepersistenceofgeopoliticalconflicts,portcongestion,theboomingcross-bordere-commerce,andearlyloadingofimportedgoodsbyshippersaheadofthepeakseason,contributedtoasignificantincreaseininternationalseaandairfreightpricesinlatesecondquarter.
Leveragingaresilientnetworkandflexiblecapabilities,theCompanyhastailoredcost-effectiveandadaptablesolutions
Asia”,theCompanyfullycapitalizesonthesupplychainservicecapabilitiesofFenghaoSupplyChain,ShunxinhuiandKerryLogisticsinbothdomesticandAsianregions,graspsthemajortrendofChineseenterprises’overseasproductioncapacityexpansionandinternationalbrandrecognitionenhancement,buildsanefficientandreliableinternationalsupplychainforthecustomers,andrealizesbusinessbreakthroughsfrom0to1toNinvariouscountries,industriesandservicescenarios.Inthefirsthalfofthisyear,theCompanysuccessfullywonthebidsforover40cross-bordersupplychaincooperationprojects.
Theprojectscoveredleadingcustomersinmultipleindustriessuchase-commerceandmovement,industrialmanufacturing,hightechnologies,apparel,shoesandhats,furnitureandappliances,automobiles,andcoffeeandteachains,withservicecoverageinSingapore,Malaysia,Vietnam,Thailand,SouthKorea,thePhilippinesandothercountries.Thebusinessscenariosincludeairtransportationofprecisioninstruments,seatransportationofnewenergymaterialsandequipmentwarehousing,e-commercecross-borderwarehousinganddistributionintegration,locallogisticsforautomobilespareparts,andoverseaslocaldistributionofvariousfinishedproducts,etc.WehavemadekeybreakthroughsinsupportingChineseenterprises’overseasproductioncapacityexpansionandinternationalbrandrecognitionenhancement,andobtainedextensiveexperienceinsupplychainsolutions,whichlaysasolidfoundationforthesubsequentreplicationandpromotionofrelevantsolutionstocustomersfrommoreindustries.
Casestudy:assistinginexpandingproductioncapacityoverseas
Inrecentyears,China’snewenergyvehicleexportsectorhasshownastronggrowth,andnewenergyvehicleenterpriseshavesetupproductionbasesandsupplychainsoverseastoenhancebrandinfluenceandmarketshare.IncooperationwithaleadingChinesenewenergyvehiclemanufacturer,theCompanyhasgraduallyexpandeditsbusinessengagementinChinafromexpressdeliverytoafter-salessparepartstransportationandFDCwarehousehosting,andfurthertotheupstreamofthesupplychain,suchasprocurementlogistics,productionlogisticsandotheraspectsofintegratedlogistics
thenloadedwithcontainerstobesenttotheoverseasdestinationsthroughseashipping.Intheoverseaslocaldelivery,afterthecustomsclearanceisfinishedandthecontainersarepickedup,theywillbetransportedtotheCompany’soverseaslocalwarehouseanddeliveredtocustomers’overseasstoresondemandultimately.
Asofthefirsthalfofthisyear,theCompanyhassuccessfullyassistedcustomersinopeningandoperatingover30storesinSingapore.Duringtheimplementationperiodoftheproject,urgentorderswere100%fulfilled.AT+0
3.OperationOptimization
Committedtotheequilibriumofquality,timeefficiencyandcost,theCompanypromotedthenetworkbasedevelopmentin2024,whilefurtheradvancingtheevolutionofoperationmodel,strengtheningnetworkintegrationandapplyingaleanapproachtoresourcemanagement,therebymaximizingtheoperationefficiencyandeconomicbenefitofeachlinkoftransit,transportationandterminalcollectionanddispatchingandreducingthecostofeachparcel.
I)Transit
Bypromotingthebusinessmindsetinthepracticeofsortingcentersandimprovingthesiteresourceefficiencythroughfullydevelopingtheadvantagesofsortingcenters,theCompanyfurtheradvancedtheevolutionofoperationmodel.
(1)NewAchievementinModelEvolution:TheCompanypersistentlyrefinedtheoperationmodelof“directsortingatsortingcenters+containerfreightdelivereddirectlytocustomer-facingterminalstations”tofurtherdevelopthestrongfunctionsofsortingcentersandstreamlinetheoperationproceduresofterminals.Additionally,theCompanyextendedthecontainerevolutiontotheend-to-endlinkandmadearecord-breakingachievementinbuildingatransithubofcontainerfreightfortheline-haultransportation,complementedbythedeploymentofAGVtechnologytoachievefullyautomatedsorting.Suchamodelcouldimprovethetransitefficiency,minimizethedamagerateandraisetheloadingrateoftransitlines.
(2)ImprovementofOperationEfficiency:TheCompanydevotedeffortstotransformthesortingcentersfromcostcenterstobusinesshubsandfullydevelopthepotentialofsortingcenterswithanaimofimprovingresourceefficiency.Temporally,sortingcentersofferedsettlementincentivestoeachbusinessfrontsinoff-peakhoursintheday,toencouragethecustomer-facingfrontendtocollectanddispatchtheparcelstosortingcentersasearlyaspossible,soastoimprovethecapacityutilizationandspreadthefixedcost.Spatially,theCompanyexploredthegreatestpotentialfortridimensionalcapacityexpansionforsortingcentersbyintegratingthestoragecapability,toachieve“upper-layerwarehouse,lower-layertransit”to
optimizationandstreamliningthebackbonenetwork.II)TransportationWithstreamliningthebackbonenetworkasthepriority,theCompanyadjustedthetransportationmodelandtherouteplanningtoachieveoptimalconsolidatedshipmentdeliveriesandstreamlinedrouting,andstronglycontrolledthepriceoftransportresourcestofurtherlowerthecostpercapacityparcel.
(1)AdjustmentofTransportationModel:Breakingthroughthetraditionalparcelflowmodelbasedonadministrativeboundaries,theCompanyadjustedthetransportationmodelacrosstheentirenetworkbytheguidingprincipleof“optimalroutingandleasttimeconsumption”;consolidatedshipmentdeliveries,expandedthecargovolumeofeachrouteandstreamlinedroutingtothemaximumextenttominimizetransitoperations,withconsiderationofsiteintegrationandadoptionofconsolidatedshipmentdeliveriesinlinewithflowdirectionsandcross-regionconsolidatedtransshipment.Inthefirsthalfof2024,theCompanyintroducedover900direct-deliveredline-haulroutesyear-on-year.
(2)ConsolidatedShipmentafterRouteIntegration:
TheCompanypromotedtheregularrouteintegrationforsmall-parcelandlarge-parcelbusinessesoftheself-operationnetworkforover700line-haulroutes,andthefranchisemodelnetworkSXFreightintegratednearly2,000tonsofcargoeverydaytotheself-operationnetworkforconsolidatedshipment,makingfulluseofthegroundandairtransportationresources.Asaresult,theloadingratesforlarge-parcelline-haulroutesimprovedby4.7percentagepointsinthefirsthalfof2024.Forshort-haulroutes,theCompanyreducedtheinputofshort-haultransportationcapacitybydispatchinglarge-parceldedicatedvehiclestosmall-parceloutletsforconsolidatingordistributingshipment,withsuch160,000timesofsuchschedulinginthefirsthalfof2024,representingyear-on-yearincreaseof50%,theloadingratesforlarge-parcelshort-haulroutesimprovedby5.0percentagepoints.Inaddition,theCompanyexpandedtheservicecoverageoffoodandpharmaceuticalcoldchainnetworkwithalow-costmodelbyapplyingtrucksfeaturingdual-temperaturefunctionsofcoldandroomtemperaturestorageforpharmaceuticalsandtriple-
effectoftheevolutionprogram.Moreover,hundredsofunmannedtransshipmentanddeliveryvehiclestailoredforshort-haulrouteswithsmallcargovolumesweredeployedinselectedcitiestoreplacethehigh-costoutsourcedtransportresources.Inthefirsthalfof2024,outletsthathadadvancedmodelevolutionwitnessed20%improvementintermsofdamagerate,higherparcelflowefficiencyandlowerwarehousingcostsandshort-haultransshipmentlaborcosts,andrelievedtheworkintensityofcouriersaccordinglytoallowcourierstoengageinmorecustomer-facingservices.
(2)TerminalIntegration:TheCompanyfurtherstrengthenedtheintegrationofterminalresourcesandoperationforsmallparcelandlargeparcelbusinesses,andexpandedthecoverageoflarge-parcelterminalservicesbyestablishingthecollaborationmodelforsmall-parcelcouriersandlarge-parcelcouriers,buildingintegratedoutletswithcapabilitiesofhandlingbothsmallparcelsandlargeparcelsandfacilitatingsmall-parcelserviceoutletstocultivatethelarge-parceloperationcapabilitiesassupplement.Asattheendofthefirsthalfof2024,thecoverageofself-operationterminalswithlarge-parceldeliverycapabilitiesincreasedto99.6%.Thelarge-parcelhandlingcapabilitieswerealsoextendedtotownshipagentstofurtherdeveloptheservicepenetration.Moreover,theCompanyadvancedtheconstructionofintegratedoutletswithfoodandpharmaceuticalcoldchaincapabilitiesforthepurposeofcold-chainnetworkexpansionatlowcosts;stronglysupportedtheflexiblecollaborationbetweendeliveryterminalsandridersofSFIntra-citytofullyutilizetheflexibleresourcesofintra-cityridersandminimizethecostofpermanentstaffs.IV)CourierManagementAsthecoreforce,thefrontlineofcouriersiskeytotheCompany’smarketexpansionandcustomerservices.Whileplacingahighpriorityoncouriers’satisfactionandprotectingtheirrightsandinterests,theCompanyhelpedcourierstoachievebusinessdevelopmentandincomegrowthbyofferingthemacombinedpackageofincentives.
(1)ImpetustoRevenueGrowth:①TechnologicalEmpowerment:CouriershadregisteredontheWeComplatformtofacilitatecommunicationwithcustomersandimproveserviceexperience,throughwhichtheCompany’s
Withthewell-designedtrainingmechanism,theCompanyrecordedyear-on-yearsignificantdecreaseincustomercomplaintsforservicesofferedbynewemployeesinthefirsthalfof2024andyear-on-yeardeclineof8.7percentagepointsinturnoverrate.
②SupporttoLow-incomeCouriers:Forcouriersofconstantlowearnings,theCompanyanalyzedthereasonsmorecarefullybyconsideringtheregionalfactorsandindividualcapabilities,andprovidedtargetedsolutionstoaddresstheregionalissueoflowearningssustainingfora
2.Businessmodelthatmakesasuccess—self-operation,integratedlogistics,independentthird-party
ThebusinessmodeloftheCompanyconsistsofthreecoreelements:self-operationmodel,integratedlogisticscapabilitiesandbeingpositionedasindependentthird-party,whichequipstheCompanywithstronglogisticsnetworkoperationandmanagementandcontrolcapabilitiesandenablesittoprovidehigh-quality,safeandreliableintegratedlogisticssolutionstovariousclientsthatmeettheneedsofvariousscenarios.
Theend-to-endself-operationmodelensurestheCompany’sstrongmanagementandcontroloveritshugelogisticsnetworkandtheprovisionofexcellentservices.SuchmodelenablestheCompanytoachievetop-downconsistencyandefficientexecutionofitsstrategies,operationsandservicestandards,thusenablingtheCompanytorapidlyexpandintonewbusinessareasonthebasisofitssolidexpressdeliverynetworkandtakealeadingpositionineachmarketsegment,soastoadapttotheever-changingglobalmacro-environmentandmeetthediversifiedneedsofitsclients.Inaddition,throughtheaccumulationofoperationaldataofthewholeprocesswhichcomprisespickup,transfer,transportationanddelivery,theCompanyisabletoutilizetechnologicalmeanstoachievedigitizedandintelligentlogisticschain,therebyenhancingthestandardization,normalizationandefficiencyoftheentireprocessofservice,andmaintainingconsistentlyexcellentservicequality.
Relyingonitscomprehensiveproductsystemandservicecapability,theCompanyprovidesintegratedlogisticssolutionsforclientsinvariousindustries.Basedonitsmatureandefficientexpressdeliverynetwork,theCompanyhasbeendevelopingnewbusinesshorizontallyandintegratingexcellentindustrypartnersaroundthelogisticsecosystemthrough“internalincubationandexternalmergersandacquisitions”,graduallygrowingintothelargestintegratedlogisticsserviceproviderinChinaandAsiaandthefourthlargestoneintheworldintermsofscale,withitsserviceofferingscopecoveringawiderangeofareassuchastime-definiteexpress,freight,coldchain,on-demanddelivery,supplychain,internationalexpress,etc.Atthesametime,theCompanyalsoverticallydeepensitsproductmatrix,andhaslaunched,bysub-segmentsofeachofitsbusinesssegments,high-qualityservicestargetingmedium-tohigh-endconsumersthroughthemeansofcombinationofself-operationandexternalcooperation,aswellascost-effectiveserviceswhich
helpsitsclientsinnovatetheirbusinessmodels,toenhancetheperceptionexperiencesofconsumers,practicingthedelivery
3.Havingtheleadingdigital,visualandintelligenttechnologytopromotethedevelopmentofintelligentsupplychain
SFiscommittedtobuildinganintelligentsupplychainecosysteminthedigitaleraandbecomingaleaderintheintelligentsupplychain.SFTechnologyfocusesonthedigitalizationofthesupplychain,relyingonitsdeepinsightintothesupplychainscenarioandthepracticalexperienceofleadingcustomersinvariousindustries,combiningwiththecompany'smassivedataandcutting-edgetechnologicalachievements,toprovideexcellentdigitalizationtechnologyservicesforthecompany'sinternalefficientoperationandexternalcustomerstocreatethebestsupplychainpractices.
AsoftheendoftheReportingPeriod,SFhad4,199patentsand2,535softwarecopyrightsinforceandunderapplication,ofwhichthenumberofinventionpatentsaccountedfor59.3%ofthetotalpatents.TheCompanyactivelycooperateswithsocialinstitutionssuchaslogisticsandsupplychainindustryorganizationsanduniversitiestoenhancethesocialinfluenceofSFTechnology.TheCompanyhaswonthe2024ChinaGreenLogisticsESGPracticePioneerTypicalCase,2023CCFBigDataandComputingIntelligenceContest-BestBusinessValueAward,andincludedinthelistofinternationalorganizations"WorldIoTRankingList",thelistofwell-knownmedia"FortuneMostInfluentialInternetofThings(IoT)InnovationsList"andotherhonoraryawards.
I)Leadinglogisticstechnologyapplicationhelpscustomerstoupgradesupplychain
⑴Smartlogisticsproducts
Forsmallandmedium-sizedcustomers,SFTechnologyuseslightweightSaaSproductstopenetrateintoallaspectsoftheirlogisticsservices.Especiallyinthelogisticsscenariosofspecialseasonalfreshfood,medicine,business,drinksandotherindustries,manystandardizedscientificandtechnologicalproductshavebeenaccumulatedtosupporttherapidpromotioninvarioussegmentsoftheindustry,enhancetheaddedvalueoftheCompany'sexpressdeliveryandlogisticsservices,andbuildservicecompetitiveness.Atpresent,theCompanyhaspromotedtheuseofdozensoftechnologySaaSproductstoservemanybusinessscenariosforsmallandmedium-sizedenterprisecustomers,amongwhichthecompoundannualgrowthrateofexpressdeliveryandlogisticsrevenueinbusinessscenariosempoweredbytechnologyproductsismorethan30%from2020to2023.
thehospitaltwice,andensuringthesafetyandtimelydeliveryofdrugstopatients,whileimprovingtheserviceefficiencyandcustomersatisfactionofthehospitals.Atpresent,suchtechnologyproductofSFhasjoinedhandswithhundredsofhospitalsamongover30,000hospitalsnationwidetopromotethedigitalupgradeofpharmaceuticallogistics,helpingtoimprovetheconvenienceandmedicalexperienceofpeopleseekingmedicaladvice.Inthefutureitisexpectedtoexpandtomorehospitals,havingalargemarketspace.
Duringtheperiodofstrongconsumptiondemandforsourplumsoup,theCompanycooperatedwiththeInternethospitalofawell-knowntopthreeChinesemedicinehospitaltoconnecttheorder,logisticsandwarehousingsystem.Thesystemautomaticallysynchronizeorders,automaticallydivertandautomaticallyturnaroundwaybillnumbers,optimizetheunifieddispatchofmulti-resources,greatlyimprovethemanagementanddeliveryefficiencyofthewaybills,andeffectivelysupporttheoperationofoveronemillionordersfortraditionalChinesemedicinedrinksduringthepeakperiod.Theaveragedeliverytimeincreasedbymorethan40%.ThiscaseprovidesareferencefortheexpansionandreplicationoftraditionalChinesemedicineteaindustryinvariousregions,andalsobringsnewbusinessgrowthpointsfortheCompany.
2)Intelligentsupplychainsolution
Fortheleadingcustomersintheindustry,theCompanyprovidecomprehensivedigitalsupplychainsolutionsaroundthechallengesanddemandsofthesupplychain.Withthesupportofdigitaltechnology,intelligentalgorithmandlogisticsmodel,theCompanycreatescustomizedindustrysolutionsaroundthewarehousing,transportation,salesandotherscenariosofthewholeprocessofsupplychainproductionandmarketing.Atpresent,theCompany'sintelligentsupplychainserviceshavebeenwidelypenetratedintohigh-endmanufacturing,beauty,autoparts,homeappliances,consumergoodsandmanyotherindustries,successfullyaccumulatednearly100industryleadingcustomercases,anddeeplyempoweredtheintelligentsupplychainofmorethan4,000customersindozensoffields.
①Digitalsupplychain:
Digitalizethewholeprocessinformationofthesupplychainandrealizetheintegrationofdigital-drivenupstreamanddownstream.The"SFCloudSCE"softwareproductcreatedby
②Intelligentsupplychain:
Onthebasisofdigitalsupplychain,combinedwithdigitaltechnology,artificialintelligence,InternetofThings,cloudcomputingandothernewtechnologycapabilities,weprovidecustomerswithwarehousenetworkplanning,supplychainplanning,inventory,transportationandpackagingmanagementandotherdifferentlinkstoenablethemtorealizetheintelligenceandautomationofthesupplychain,andenhancetheflexibility,efficiencyandresilienceofthesupplychain.SFhascreatedasetof"SFCloudSCP"intelligentsystemtohelpcustomersmakebetterdecisionsinthesupplychain,includingwarehousenetworkplanningtosupportthetop-leveldesignofcustomersupplychainstrategicplanning,buildingaconsumer-centeredsupplychainsystem;supplychainplanninglinksproductionandmarketingcoordination,toachieveamoreoptimizedinventorylayoutofthewholenetwork,promoteinventoryturnover,improvecapitalutilization;transportationmanagementrealizestheoptimizationoftransportationmodeandroute,andachievesbetterserviceexperiencewhilereducingcostandincreasingefficiency;packagingmanagementprovidestheoptimalpackagingschemethroughoperationalresearchalgorithmtoachieveefficientoperationandcostreduction.Thetechnologyproducthasserveddozensofleadingenterprisesinbeauty,clothing,manufacturing,food,medicineandcateringindustries.
Casestudy:warehousenetworkoptimization
TheCompanyprovideswarehousenetworkoptimizationschemeforalargepharmaceuticalgroup.Thecustomerhasahugevolume,withdozensofcompaniesandhundredsofproductspecificationscontainingtraditionalChinesemedicine,healthcareproductsandmedicaldevices.Itsmarketingnetworkisspreadalloverthecountry,duetochannelchangesandbusinessdevelopmentneeds,itisproposedtore-planthelayoutofdozensofprovincialwarehousesacrossthecountry,soastorealizecostreductionandefficiencyenhancementwhilemaintainingservicelevel.Basedonthisbackground,SFusesdataanalysistechnology,machinelearningalgorithmsandoperationresearchoptimizationalgorithmstooutputanewnationalwarehousenetworklayoutoptimizationplanforthethree-tierwarehousenetworkstructureofcustomers,combinedwithfactorssuchastransportationtrunkandbranchlinecosts,warehousecosts,integratedoperationandmanagementcosts,timeefficiencyandservicequalityrequirements.,Thisplan
efficiencyofrouteplanningandreduceoperatingcosts.Inaddition,the"SFCycle"transportationsystemfullysupportsthemanagementofitsowndriversandexternalcarriers.Driverscanclockinandoutoftasksandreportnodeinformationthroughsmallprogramstoensurethatalltransportationinformationisvisibleontheway,thusrealizingtherefinementofdriverassessmentandmanagement.Ultimately,ithelpsthecustomertoreducethenumberofvehiclesusedbymorethan20%,reducethetotalmileageoftransportationbymorethan10%andimprovethetransportationefficiencybymorethan10%.
③Greensupplychain:
Basedonthestandardizedcarbondatamanagementsystemandrefinedcarbondatacomputingcapability,theCompanyclearlypresentsthecurrentsituationofcarbonemissionsinthesupplychainofcustomers,andcombinesourgreentransportation,greenpackaging,greentechnologyapplicationsandothercarbonreductioninitiativestohelpcustomersacceleratethelow-carbontransformationofthesupplychain.
SFdigitalintelligentcarbonmanagementplatform,whichcollectsthewholescenedataofsupplychain,canaccuratelycalculatethecarbonemissiondataofeachparcel,eachtransportation,eachpackagingandsite,andrealizetheautomaticandvisualcarbonmanagementofsupplychain.TheCompanyhasreachedalow-carbonstrategiccooperationwithaluxuryheadbrandandintroducedafull-scenecarbondata
II)DigitalizationtechnologyenablestheCompanytoreducecostandincreaseefficiency
(1)Precisionbusinessopportunityempowerment
①Datainsightsbusinessopportunityclues:BasedontheCompany'shugeinternalcustomersandproductbusinessdata,aswellastheintegrationofexternalindustriesandbusinessdataresources,theCompanyhasbuiltasoliddatachassis.Accordingtotheneedsofbusinessgrowth,itoutputsbusinessopportunitiesarounddifferentindustryscenarios;createsupstreamanddownstreaminsightdatatohelptheCompany'sbusinessexpansion;andaccuratelypushesbusinessopportunitiesandcustomers'emotiontothecorrespondingbusinessmarketdepartmentsthroughproductizationcapabilities.Withdata-drivenbusinessgrowth,iteffectivelyimprovestheefficiencyofapproachingopportunitiesfornewcustomersandexistingcustomers.
(3)Finecostcontrol
①Intelligentoperationandcostcontrol:integratethewholebusinesschainofcollection,transfer,transportationanddelivery,andbuildadigitalizedoperationandanalysissystembasedon“advancedplanning-and-modelling,real-timemonitoringandpost-analysis”.
Advancedplanning-and-modelling:accumulateaproductioncalculationtoollibrary,coveringcalculationtoolsforprofit,productioncapacity,majorenterpriseresources,andotherobjects,tohelpfront-endbusinessesformulateproductionplansandprovideguidanceforfront-enddeployment.
Real-timemonitoring:builddailymonitoringdashboardsandprocesscontrolmodelsforrevenueandcost,supportend-to-endcostanalysis,providetimely,comprehensiveandquantitativeoperationaldecision-makingsupportforbusiness,andguidebusinesstomakeresourceinputsandadjustmentsaccordingtoactualoperatingconditionsinthecourseofoperation,soastoreduceinputcosts.
Post-analysis:monitorandanalyzebusinessdata,establishsystemmodels,sortoutandexcavatethebenefitpointsandformapanoramicboardtopromotetheimplementationofoptimizationmeasures.Forexample,thesystemcanintelligentlyexcavatethebenefitopportunitypointsfromtheperspectiveofmode,resourceoptimization,processadjustment,etc.,inwhichifacertaindataexceptionisdetected
theconnectionbyotherequipmentlinkbetweenoutletsandpick-upanddeliveryareasofcouriers,soastoreplacethecapacityofthebranchlineandsavethecouriers'operationstoandfromtheoutlets,thusimprovingefficiencyandreducingcost.
Branchlinelink:matchthechangesintheoperationmodeofcontainerloadingandtransshipmentofexpress,andcustomizetheunmannedvehiclesthatcancarrycontainers.Inareaswithin10kilometersofthetransfersite,thecontainersfilledwithparcelsaredirectlydeliveredbytheunmannedvehiclefromthetransfersitetothesmallterminalstationwherethecouriersreceiveanddeliverparcels.Inareas10kilometersawayfromthetransfersite,thecontainerswillbesenttotheconnectionpointsbythebranchlinevehiclesandtransferredtotheunmannedvehicles,andthenshippedtothesmallterminalstationbytheunmannedvehicles.Connectionlink:Insomescenessuchasindustrialparksandresidentialareas,theunmannedvehicleconnectionmodewillbeadopted,whichcansolvetheproblemsoflongtimeforcourierstoandfromtheoutlets,improvetheiroperationalefficiencywhileensuringthetimelinessofexpressdelivery,andreducetheaveragecostperparcel.
②IntelligentLogisticbigmodel:Basedonthebigmodeltechnology,andtheCompanyconsidersthecharacteristicsoflogisticsscenariostocreateintelligentservicerobots,whichareappliedinallaspectsofdailyoperationstoimproveefficiency,reducecostsandincreaserevenue.
Assistanceininternationalcustomsaffairs:Basedonthelargemodeltechnology,combinedwiththelawsandregulationsofvariouscountriesandcustomsannouncements,etc.tocreateintelligentrobotswithinternationalpickingupanddeliverystandards,whichcanautomaticallyclassifyconsignments,accuratelygeneratepickingupanddeliverystandards,andsupportfreelanguageswitching.Atpresent,theyhavebeenputintouseinsixinternationalflows,coveringnearly4,000pickingupanddeliverystandards,reducingtheprobabilityofpickingupanddeliveryerrorsduetoincompletelanguage,productnamedatabaseandrelatedregulations,andconsolidatingthecustomsclearancecapacitiesofinternationalshipments.Atthesametime,forthecategoryofcross-borderitems,customsintelligentapplicationcanachievebatchauditingandstandardization,coveringfourtypesofcustoms
analyzingthekeyinformationofthedialoguebetweencustomerservicesandcustomers,whichistraceableandcanbesupervisedtoensurethatthefollow-uphandlerscanquicklyawareofthecoreissuesandtheprogressoftheprocessing.Atpresent,theaccuracyrateoftheonlinesummaryhasreached93%,withanaverageof30,000summariesperday.
Improvementofenterprisemanagementefficiency:
buildacomprehensiveandprofessionalknowledgebase,andletintelligentrobotsbecomeassistanttoemployees.TheunifiedcorporateknowledgeQ&Acoversfinance,legalaffairs,humanresources,IT,salesandotherpositions.TheCompany’semployeescaneasilyaccessandretrievetheknowledgeneededfortheirwork,reducingthecostforemployeestoacquireallkindsofinformationandknowledge.Therobotalsoprovidesintelligentdialog,libraryassistantandothergeneralefficiencytoolsthatenablefastreadingoflongdocuments,productiondocumentsandcodes.Forexample,intelligentrobotsintegratemassiveproductinformation,includingvalue-addedservices,productcases,detailedpages,posters,etc.,tobuildaplatformforacquiringproductinformation.Whenemployeesinputconditionssuchastimelimitandprice,thesystemcanintelligentlyrecommendproductsandcombinedpackagestoprovideinspirationandideasforsolutions,andquicklyempowergnovicemarketingemployees.Atthesametime,theintelligentpaintingplatformcontainsalargenumberoflogisticselements,whichcangeneratevariousdesignmaterialtemplates.ThefeaturedIPdesignintelligentlygeneratedbasedonthisplatformhasstronggeneralization,whicheffectivelyhelpsthepromotionandmarketingofspecialeconomicprojectssuchastea,fruitsandvegetablesthroughouttheyear,andenhancesthediversityandinterestingnessofmarketingandpublicity.Inaddition,relyingonitscutting-edgebigmodeltechnology,SFhasbuiltalogisticsdecision-makingbigmodelsystemcoveringcoreareassuchasaccuratesalesvolumeforecasting,intelligentoptimisationofloadingandefficientplanningoftransportroutes,empoweringcustomersinvariousindustries,andhelpingtoimproveoperationalefficiency.
Enablingsalesvolumeforecasting:FortheFMCGretailsector,accuratesalesvolumeforecastingisessentialforscientificstocking,especiallyatcriticalmomentswhennewproductsarereleasedornewshopsareopened.Traditionalalgorithmsarelimitedtothehistoricaldataofsinglegoods,and
theenterprise,butalsorealisesaquickresponsetobusinesschanges,andultimatelyhelpstheenterprisetoachievetheoptimalsolutiontotheoverallperformanceefficiencyimprovementandtransportcostreduction.
4.QualityservicetocreateincomparablebrandvalueInChina,SFisawell-knownnationalbrandandhasbecomeasynonymforhigh-timelinessexpressdeliveryservice."SFtoyou"hasbeenequatedwith"expressdeliverytoyou".Withthebrandimageof"fast","ontime"and"safe",theCompanyhassetupamodelofhigh-qualityserviceinthemindsofconsumers.Atthesametime,manycorporatecustomerschoosetouseSFExpressasanimportantwaytoshowtheirservicequalityandbrandimage,whichfurtherenhancesconsumers'impressionandtrustoftheirproductswithhighqualityassurance,thusbringingbetterbusinessgrowth.Qualityservicehascreatedincomparablebrandvalue.Relyingontheservicequalityandreputationofleadingpeers,theCompanyhasaccumulatedcustomerbasewithhighloyaltyandstrongstickinessinvarioussegments,andhasbecomethepreferredlogisticspartnerofmanycustomers,andhasbeenwidelyrecognizedbycustomers,industryandsociety.
IntherankingreleasedbytheStatePostBureau,SFhasbeenrankedfirstinpublicsatisfactionwithexpressdeliveryservicesfor15consecutiveyears(2009-2023)andthefirsthalfof2024.OnAugust5,intheFortuneGlobal500list,theCompanyranked415th.Ithasbeenincludedinthelistforthethirdconsecutiveyear,anditisalsothefirstandonlyChineseprivateexpressdeliveryenterpriseamongtheFortuneGlobal500.
III.AnalysisofPrincipalBusiness
1.Overview
Pleasereferto“I.BusinessDevelopmentoftheCompany”inthissection.
2.Period-on-periodchangesinkeyfinancialdata
Unit:RMB'000
| TheReportingPeriod | Sameperiodofpreviousyear | Increase/decreaseoverthesameperiodofpreviousyear | Reason | |
| Revenue | 134,409,720 | 124,365,598 | 8.08% | Nomajorchanges. |
| Costofrevenue | 115,784,772 | 107,555,280 | 7.65% | Nomajorchanges. |
| Sellinganddistributionexpenses | 1,470,892 | 1,392,755 | 5.61% | Nomajorchanges. |
| Generalandadministrativeexpenses | 8,966,441 | 8,940,581 | 0.29% | Nomajorchanges. |
| Financialcosts | 893,982 | 992,479 | -9.92% | Nomajorchanges. |
| Incometaxexpenses | 1,559,135 | 1,526,110 | 2.16% | Nomajorchanges. |
| Researchanddevelopmentinvestment | 1,601,466 | 1,770,946 | -9.57% | Nomajorchanges. |
| Netcashflowsfromoperatingactivities | 13,722,269 | 13,824,827 | -0.74% | Nomajorchanges. |
| Netcashflowsfrominvestingactivities | -15,444,553 | -13,633,590 | -13.28% | Thiswasmainlyduetotheincreaseinnetoutflowsofstructureddeposits. |
| Netcashflowsfromfinancingactivities | -6,181,865 | -4,963,638 | -24.54% | ThiswasmainlyduetothecombinedeffectoftherepurchaseoftheCompany'sshares,theacquisitionofminorityinterestsandtheincreaseinthedistributionofdividends,aswellastheincreaseinthenetinflowofborrowings. |
| Netincreaseincashandcashequivalents | -7,932,319 | -4,645,355 | -70.76% | Thespecificreasonsforthisaredetailedintheanalysisofchangesincashflowsfromoperating,investingandfinancingactivitiesabove. |
TherewerenosignificantchangesinthecompositionofCompany'sprofitorsourceofprofitduringtheReportingPeriod.
3.Compositionofrevenue
Unit:RMB'000
| TheReportingPeriod | Sameperiodofpreviousyear | Changeoverthesameperiodofpreviousyear | |||
| Amount | Proportiontorevenue | Amount | Proportiontorevenue | ||
| Totalrevenue | 134,409,720 | 100.00% | 124,365,598 | 100.00% | 8.08% |
| Categorisedbyindustry | |||||
| Logisticsandfreightforwarding | 130,207,965 | 96.87% | 120,855,099 | 97.18% | 7.74% |
| Salesofgoods1 | 3,216,236 | 2.39% | 2,754,076 | 2.21% | 16.78% |
| Others | 985,519 | 0.74% | 756,423 | 0.61% | 30.29% |
| Categorisedbybusiness | |||||
| Time-definiteexpress | 59,185,770 | 44.03% | 56,069,720 | 45.09% | 5.56% |
| Economicexpress | 13,254,012 | 9.86% | 12,129,430 | 9.75% | 9.27% |
| Freight | 17,554,101 | 13.06% | 15,120,722 | 12.16% | 16.09% |
| Coldchainandpharmaceuticals | 5,062,524 | 3.77% | 5,338,545 | 4.29% | -5.17% |
| Intra-cityon-demanddelivery | 3,956,020 | 2.94% | 3,339,291 | 2.69% | 18.47% |
| Supplychainandinternational | 31,195,538 | 23.21% | 28,857,391 | 23.20% | 8.10% |
| Othernon-logisticsbusinesses | 4,201,755 | 3.13% | 3,510,499 | 2.82% | 19.69% |
| Categorisedbyregion | |||||
| MainlandChina | 115,996,449 | 86.30% | 107,339,757 | 86.31% | 8.06% |
| HongKong,Macao,andTaiwan,China | 4,512,024 | 3.36% | 4,334,903 | 3.49% | 4.09% |
| Overseas | 13,901,247 | 10.34% | 12,690,938 | 10.20% | 9.54% |
Note1:Salesofgoodsmainlycomprisethepurchaseandsalebusinessinvolvedintheprocessofprovidingend-to-endsupplychainservicesforcustomers.Note2:Anydiscrepanciesbetweentotalsandsumsofthenumbersareduetorounding.Businessvolumeandaveragerevenueperparceloftheexpress&logisticssegment
| TheReportingPeriod | Sameperiodofpreviousyear | Changeoverthesameperiodofpreviousyear | |
| Parcels(100million) | 62.1 | 58.4 | 6.5% |
| Averagerevenueperparcel(RMB) | 15.9 | 15.8 | 1.1% |
Explanationofreasonsforchanges:
(1)Theexpress&logisticssegmentmainlyincludedtime-definiteexpress,economyexpress,freight,coldchainandpharmaceuticals,andintra-cityon-demanddeliverybusiness.Thestatisticsofbusinessvolumeandaveragerevenueperparcelof
theexpress&logisticsdidnotincludethedataofthesupplychainandtheinternationalbusinessaswellasothernon-logisticsbusiness.
(2)Thebusinessvolumeoftheexpress&logisticsgrewby6.5%year-on-yearandtheaveragerevenueperparcelincreasedby
1.1%year-on-year.ThiswasmainlyduetotheCompanyhasalwaysadheredtotheoperatingpolicyofsustainableandhealthydevelopment,pursuitofhigh-qualitybusinessgrowth,andthecompletionofthesaledeliveryofthefranchisemodel,FengwangExpress(withrelativelylowunitpriceperparcel),inJune2023,resultinginyear-on-yearincreaseinaveragerevenueperparcel.IfexcludingtheFengwangexpress,thevolumeofexpress&logisticsincreasedby14.6%year-on-year.
4.Detailsonmainindustries
Industries,productsorregionsaccountingformorethan10%oftheCompany'srevenueoroperatingprofit
Unit：
RMB'000
| Revenue | Costofrevenue | Grossprofitmargin | ||||
| Amount | Increase/decreaseoverthesameperiodofpreviousyear | Amount | Increase/decreaseoverthesameperiodofpreviousyear | Percentage | Increase/decreaseoverthesameperiodofpreviousyear | |
| Logisticsandfreightforwarding | 130,207,965 | 7.74% | 112,169,353 | 7.27% | 13.85% | Up0.37percentagepoint |
Thecostofrevenueandgrossprofitareanalysedasfollows:
Unit：
RMB'000
| TheReportingPeriod | Sameperiodofpreviousyear | Changeoverthesameperiodofpreviousyear | ||||
| Amount | Proportiontorevenue | Amount | Proportiontorevenue | Growthrate(%) | Changeasapercentageofrevenue | |
| Labourcost | 53,523,463 | 41.11% | 49,141,500 | 40.66% | 8.92% | Up0.45percentagepoint |
| Transportationcost | 42,765,854 | 32.84% | 39,307,703 | 32.52% | 8.80% | Up0.32percentagepoint |
| Otheroperatingcosts | 15,880,036 | 12.20% | 16,116,677 | 13.34% | -1.47% | Down1.14percentagePoints |
| Grossprofit | 18,038,612 | 13.85% | 16,289,219 | 13.48% | 10.74% | Up0.37percentagepoint |
Explanationforchanges:
(1)TherearesignificantdifferencesbetweenthecoststructureofKerryLogistics'internationalfreightforwardingandagencybusiness(inwhichtransportationcostsaccountforalargeproportion)andtheCompany'soverallexpress&logisticsbusiness.ThefollowingcostanalysiswillalsopresentdataexcludingKerryLogisticsbusiness.
(2)Laborcostasapercentageofrevenue,up0.45percentagepointfromthesameperiodlastyear,andup0.84percentagepointfromthesameperiodlastyearifKerryLogisticsbeingexcluded.Thiswasmainlydueto:theCompanycontinuedtomaintainthe
competitivenessoffirstandsecondtieremployees’salaries,fullyprotectedtherightsandinterestsofemployees,andcombinedwithrichincentivemechanismtopromotethecourierstoactivelydevelopbusiness.Atthesametime,theCompanyimproveditsoperationalefficiencyandcontrolledtheriseinlaborcostsbyoptimizingitsoperatingmodelandinvestinginautomatedandunmannedequipment.
(3)Transportationcostasapercentageofrevenue,up0.32percentagepointfromthesameperiodlastyear,anddown0.17percentagepointfromthesameperiodlastyearifKerryLogisticsbeingexcluded.ThiswasmainlyduetothattheCompanycontinuedtooptimizeroutingplanning,intensifyshipmentstostraightenroutesandreducetransshipment,aswellaseffectivecontrolovertransportationcapacityprocurementandpricingstandardization,whichcontributedtothecontinuousoptimizationofthetransportationcost.
(4)Otheroperatingcostsasapercentageofrevenue,down1.14percentagepointsfromthesameperiodlastyear,anddown0.94percentagepointfromthesameperiodlastyearifKerryLogisticsbeingexcluded.ThiswasmainlyduetothefactthattheCompanycontinuedtostrengthentheefficiencymanagementofresourcesandproduction,effectivelycontrolledthegrowthrateofinvestmentinfixedassetssuchassitesandequipments,maintainedahealthyratioofcapitalexpendituretorevenue,thusultimatelyrealizingbettereconomiesofscalealongwiththegrowthinbusinessvolume.
(5)Insummary,thegrossprofitmarginoftheCompany'smainlogisticsandfreightforwardingbusinessinthefirsthalfof2024was13.85%,representinganincreaseof0.37percentagepointoverthesameperiodlastyear,andprofitabilityhasbeenimproving.IncaseofadjustmentinstatisticalcaliberofprincipalbusinessoftheCompanyduringtheReportingPeriod,theprincipalbusinessdataoftheCompanyinthelatestperiodaccordingtotheadjustedcaliberattheendoftheReportingPeriod
□Applicable?Notapplicable
IV.Non-coreBusinessAnalysis
Unit:RMB'000
| Amount | Proportiontototalprofit | Reason | |
| Otherincome | 403,359 | 6.38% | Mainlyduetogovernmentgrantsrelatedtodailyactivities. |
| Investmentincome | 358,868 | 5.68% | Mainlyduetoincomefrommaturitystructureddepositsandincomefromdisposalofsubsidiaries. |
| Gainsarisingfromchangesinfairvalue | 10,904 | 0.17% | |
| Creditimpairmentlosses | 159,557 | 2.52% | Mainlyduetobaddebtlossesprovisionforaccountsreceivable. |
| Assetimpairmentlosses | 1,624 | 0.03% | |
| Non-operatingincome | 168,965 | 2.67% | Mainlyduetocompensationincomeandgovernmentgrantsunrelatedtodailyactivities. |
| Non-operatingexpenses | 207,434 | 3.28% | Mainlyduetoassetretirementlossesandcompensationexpenses,etc. |
ExplanationonsustainabilityExceptfortheincomefromstructuraldepositsintheinvestmentincome,allotheritemsmentionedabovewerenotsustainable.
V.AnalysisofAssetsandLiabilities
1.Majorchangesinassetcomposition
Unit:RMB'000
| AsattheendoftheReportingPeriod | Asattheendofpreviousyear | Increase/decreaseinproportion | Majorchanges | |||
| Amount | Proportiontototalassets | Amount | Proportiontototalassets | |||
| Cashatbankandonhand | 33,485,353 | 15.23% | 41,974,505 | 18.95% | -3.72% | Fordetails,pleaserefertotheexplanationofchangesincashflowitemsin“Period-on-periodchangesinkeyfinancialdata”in“III.AnalysisofPrincipalBusiness”inthissection. |
| Financialassetsheldfortrading | 18,047,323 | 8.21% | 6,809,742 | 3.07% | 5.14% | Mainlyduetotheincreaseinstructureddeposits. |
| Accountsreceivables | 25,851,621 | 11.76% | 25,133,487 | 11.35% | 0.41% | Nomajorchanges. |
| Contractassets | 2,039,379 | 0.93% | 1,632,592 | 0.74% | 0.19% | Nomajorchanges. |
| Inventories | 2,559,211 | 1.16% | 2,440,425 | 1.10% | 0.06% | Nomajorchanges. |
| Investmentproperties | 6,658,540 | 3.03% | 6,418,720 | 2.90% | 0.13% | Nomajorchanges. |
| Long-termequityinvestments | 6,859,813 | 3.12% | 7,378,831 | 3.33% | -0.21% | Nomajorchanges. |
| Fixedassets | 54,518,899 | 24.80% | 53,929,854 | 24.35% | 0.45% | Mainlyduetotheincreaseofbuildings. |
| Constructioninprogress | 2,939,116 | 1.34% | 4,032,884 | 1.82% | -0.48% | Mainlyduetothetransfertofixedassetsofprojects,suchasindustrialparksandtransitdepots. |
| Right-of-useassets | 13,119,519 | 5.97% | 14,073,571 | 6.35% | -0.38% | Nomajorchanges. |
| Short-termborrowings | 23,691,496 | 10.78% | 18,221,977 | 8.23% | 2.55% | Mainlyduetonewborrowings. |
| Contractliabilities | 1,802,509 | 0.82% | 1,832,018 | 0.83% | -0.01% | Nomajorchanges. |
| Othercurrentliabilities | 2,455,242 | 1.12% | 167,668 | 0.08% | 1.04% | Mainlyduetotheissuanceofultra-short-termcommercialnotes. |
| Long-termborrowings | 10,661,466 | 4.85% | 11,355,241 | 5.13% | -0.28% | Nomajorchanges. |
| Leaseliabilities | 7,472,393 | 3.40% | 8,038,495 | 3.63% | -0.23% | Nomajorchanges. |
| Capitalreserve | 35,970,002 | 16.36% | 43,164,085 | 19.49% | -3.13% | MainlyduetotheacquisitionofminorityinterestsandthecancellationoftheCompany'sshares. |
| Treasurystock | -378,490 | -0.17% | -2,575,532 | -1.16% | 0.99% | MainlyduetothecombinedeffectofthecancellationandrepurchaseoftheCompany'sshares. |
| Retainedearnings | 40,748,443 | 18.53% | 38,835,999 | 17.53% | 1.00% | Mainlyduetotheprofitabilityoftheperiod. |
2.Keyoverseasassets?Applicable□Notapplicable
| Detailsoftheassets | Reason | Assetsscale(RMB'000) | Location | Operationmodel | Controlmeasuresforensuringassetsecurity | Profitingstatus(RMB'000) | Assetsoverseas/netassetsoftheCompany | Whetherthereissignificantimpairmentrisk |
| 51.52%equityofKerryLogistics | Equityacquisition | 20,642,509 | HongKong(China) | Integratedlogistics,internationalfreightforwardingandsupplychainsolutions | Note1 | 103,294 | 20.87% | 否 |
| Otherinformation | 1.“Assetscale”referstonetassetsofKerryLogistics;2.“Profitingstatus”referstonetprofitcontributedbyKerryLogisticsinthefirsthalfof2024,whichisthenetprofitofKerryLogistics,takingintoaccountthefairvalueofidentifiableassetsandliabilitiesatthetimeoftheacquisitionoftheequityofKerryLogisticsandtheimpactofadjustmentsarisingfromadoptingthesameaccountingpolicy.ThenetprofitattributabletoshareholdersoftheparentcompanywasRMB25,482thousand;profitorlossattributabletominorityshareholdersamountedtoRMB77,812thousandandnetprofitattributabletoshareholdersoftheparentcompanyafterdeductingnon-recurringprofitorlossascontributedbyKerryLogisticsamountedtoRMB6,937thousand.3.“Assetsoverseas/netassetsoftheCompany”referstonetassetsofKerryLogistics/netassetsoftheCompany. | |||||||
Note1:KerryLogistics,asacompanylistedontheHongKongStockExchange,onthebasisofcompliancewiththeA-shareandH-sharelistingrulesandotherrelevantregulatoryregimes,theCompanyandKerryLogisticshavecarriedoutintegrationatthelevelsofcorporategovernance,disclosureofinformationandbusinessco-operation,etc.Mr.WangWei,theChairmanoftheCompany,hasbeenappointedasthechairmanoftheboardofdirectorsandanon-executivedirectorofKerryLogisticsandMr.HoChit,adirector,hasbeenappointedasanon-executivedirectorofKerryLogisticssinceOctober2021;andinOctober2023,OOIBEETI,theheadoftheCompany’sTreasuryCentre,wasappointedasanon-executivedirectorofKerryLogisticstoparticipateinKerryLogistics’corporategovernanceandmajoroperationaldecisions.Meanwhile,bothpartiesworkcloselyoncorporategovernanceandinformationdisclosuretoensurethatthedisclosureofinformationofbothpartiescomplieswiththeregulatoryrulesforA-shareandH-sharelistedcompanies.Inaddition,bothpartieswillcontinuetoexploretheroomforcollaborationinbusinesstofullycomplementeachother’sstrengthsandtoworktogetherinexpandingthegloballogisticsmarket.
3.Assetsandliabilitiesmeasuredatfairvalue
Unit:RMB'000
| Item | Openingbalance | Gainsandlossesfromchangesinfairvalueincurrentperiod | Accumulatedfairvaluechangesincludedinequity | Provisionforimpairmentincurrentperiod | Amountofpurchaseincurrentperiod | Amountofsalesincurrentperiod | Otherchanges | Closingbalance |
| Financialassets | ||||||||
| 1.Financialassetsheldfortrading(excludingderivativefinancialassets)note1 | 6,809,742 | 48,003 | - | - | 11,040,766 | 112,086 | 260,898 | 18,047,323 |
| 2.Othernon-currentfinancialassets | 589,996 | -39,842 | - | - | 5,977 | 4,951 | -42,867 | 508,313 |
| 2.Investmentsinotherequityinstruments | 9,489,535 | - | -1,362,163 | - | 49,784 | 20,205 | 187,342 | 8,344,293 |
| Subtotaloffinancialassets | 16,889,273 | 8,161 | -1,362,163 | - | 11,096,527 | 137,242 | 405,373 | 26,899,929 |
| Others | - | - | - | - | - | - | - | - |
| Total | 16,889,273 | 8,161 | -1,362,163 | - | 11,096,527 | 137,242 | 405,373 | 26,899,929 |
| Financialliabilities | 92,120 | 395 | -736 | - | - | - | 2,153 | 94,614 |
Note1:Theitemincludesstructureddepositsthatdonotcarrythecharacteristicsofcontractcashflowforprincipalandinterest.Thestructureddepositshaveshortmaturitiesandarehighlyliquid,andnetpurchasesandsalesforthecurrentperiodarestatedinthecurrentperiod.Financialassetsheldfortradingotherthanstructureddepositsarestatedseparatelyattheamountpurchasedandsoldduringtheperiod.
(1)OtherchangesOtherchangesinfinancialassetsheldfortradingaremainlyincomerealizedfrommaturedstructureddeposits,andotherchangesininvestmentsinotherequityinstrumentsaremainlyduetoexchangedifferencesontranslationofforeigncurrencyfinancialstatements.
(2)SignificantchangesoccurfortheCompany'smajorassetmeasurementattributesduringtheReportingPeriod
□Yes?No
4.LimitationofassetrightsasoftheendoftheReportingPeriod
AttheendoftheReportingPeriod,theCompany'sassetssubjecttolimitedrightsaremainlystatutoryreserveplacedattheCentralBankandthebankborrowingmortgage,detailsofwhichareasfollows:
Unit:RMB'000
| Amount | Reasonsforlimitation | |
| Cashatbankandonhand | 1,029,244 | MainlystatutoryreserveattheCentralBank |
| Fixedassets | 498,743 | Bankborrowingmortgage |
| Intangibleassets | 261,868 | Bankborrowingmortgage |
| Investmentproperties | 110,919 | Bankborrowingmortgage |
| Total | 1,900,774 |
VI.InvestmentsAnalysis
1.Overview
| InvestmentamountduringtheReportingPeriod(RMB'000) | Investmentamountinthesameperiodoflastyear(RMB'000) | Percentagechange |
| 6,169,640 | 8,341,109 | -26.03% |
BreakdownitemsofcapitalexpenditureduringtheReportingPeriodareindicatedinthetablebelow:
| Item | InvestmentamountduringtheReportingPeriod(RMB'000) |
| Sortingcentre | 2,228,990 |
| Aircraft | 1,286,333 |
| Warehouse | 533,582 |
| Vehicle | 323,633 |
| Information&technologyequipment | 183,976 |
| Officeandbuildings | 199,385 |
| Land | 150,428 |
| Equityinvestments | 685,180 |
| Others | 578,133 |
| Total | 6,169,640 |
2.SignificantequityinvestmentobtainedduringtheReportingPeriod
□Applicable?Notapplicable
3.Significantnon-equityinvestmentongoingduringtheReportingPeriod
□Applicable?Notapplicable
4.InvestmentinFinancialAssets
(1)Investmentinsecurities
Unit:RMB’000
| Securitytype | Stockcode | Abbreviationofsecurity | Initialinvestmentcost | Accountingmeasurementmodel | Openingbookvalue | Gainsandlossesfromchangesinfairvalueduringtheperiod | Accumulatedfairvaluechangesincludedinequity | Purchaseamountduringtheperiod | Salesamountduringtheperiod | GainsandlossesduringtheReportingPeriod | Closingbookvalue |
| Domesticandoverseasstocks | 300771 | ZhilaiSciAndTech | 13,674 | Fairvaluemeasurement | 72,394 | - | -15,485 | - | 19,464 | 426 | 37,445 |
| Domesticandoverseasstocks | GB00BLH1QT30 | Samarkand | 28,928 | Fairvaluemeasurement | 867 | - | 120 | - | - | - | 1,006 |
| Domesticandoverseasstocks | 01519 | J&TExpress | 1,874,787 | Fairvaluemeasurement | 2,345,581 | - | -1,303,442 | - | - | - | 1,081,858 |
| Total | 1,917,389 | -- | 2,418,842 | - | -1,318,807 | - | 19,464 | 426 | 1,120,309 | ||
| DisclosuredateofBoardannouncementinrespectofsecuritiesinvestmentapproval | Notapplicable | ||||||||||
| Disclosuredateofshareholdersmeetingannouncementinrespectofsecuritiesinvestmentapproval | Notapplicable | ||||||||||
Note:Theaccountingitemsoftheabovedomesticandoverseasstocksareall“investmentsinotherequityinstruments”,andthecapitalsourceis“self-ownedfunds”.
(2)Investmentsinderivatives
1)DerivativesinvestmentsforhedgingpurposeduringtheReportingPeriod
Unit:RMB'000
| Typeofderivativesinvestment | Initialinvestmentamount | Amountatthebeginningoftheperiod | Gainsandlossesfromchangesinfairvalueduringtheperiod | Accumulatedfairvaluechangesincludedinequity | AmountofpurchaseduringtheReportingPeriod | AmountofsalesduringtheReportingPeriod | Amountattheendoftheperiod | ProportionofinvestmentamountattheendoftheperiodtonetassetsoftheCompanyattheendoftheReportingPeriod |
| Forwardforeignexchange | 2,180,655 | - | 1,289 | -1,012 | Notapplicable | Notapplicable | 2,180,655 | 2.20% |
| Total | 2,180,655 | - | 1,289 | -1,012 | Notapplicable | Notapplicable | 2,180,655 | 2.20% |
| ExplanationofwhethertheaccountingpoliciesandaccountingprinciplesofhedgingduringtheReportingPeriodaresignificantlychangescomparedwiththepreviousReportingPeriod | No | |||||||
| Descriptionofactualgains/lossesduringtheReportingPeriod | Theactualgains/lossesduringtheReportingPeriodreferstothechangeinfairvalueofderivativefinancialinstruments,andtheactualloessfortheperiodamountedtoRMB736thousand. | |||||||
| Descriptionofhedgingeffects | TheCompany'sderivativeinvestmentbusinessmainlyconsistsofforwardcontractspurchasedintheYear,withtheunderlyingassetbeingtheexchangerateandthecurrencyinvolvingUSD/HKD.Themainelementsare:operationofforwardforexhedgingfortheCompany'sUSdollarbonds,whichgeneratesexchangelossesontheUSdollarbondsandgainsonchangesinthefairvalueoftheforwardexchangecontractswhentheUSDstrengthensagainsttheHKD.Byutilisingthelock-infunctionofderivativetransactions,theimpactofexchangeratefluctuationsontheCompany'sprofitwaseffectivelyreduced. | |||||||
| Sourceoffundforderivativesinvestment | Self-ownedfunds | |||||||
| RiskanalysisandcontrolmeasuresforderivativespositionsduringtheReportingPeriod(includingbutnotlimitedtomarketrisk,liquidityrisk,creditrisk,operationalrisk,legalrisk,etc.) | (I)RiskanalysisTheforeignexchangehedgingbusinessiscarriedoutbytheCompanybasedontheprinciplesoflawfulness,prudence,safetyandeffectiveness,andnotforspeculativepurposes.Allforeignexchangehedgingtransactionsarederivedfromnormalcross-borderbusiness,butcertainrisksmayexistinforeignexchangehedgingtransactions.1.Marketrisk:TheforeignexchangehedgingbusinesscarriedoutbytheCompanyanditssubsidiariesmainlyinvolvesdailycross-borderintermodaltransportationfeesandinvestmentandfinancingactivitiesdenominatedinforeigncurrenciesrelatedtothemainbusiness.Theassociatedmarketriskreferstolosseswhichmayarisefromchangesinpriceofforeignexchangehedgingproductsduetofluctuationsinmarketpricesofunderlyingexchangeratesandinterestrates.2.Liquidityrisk:Sinceallforeignexchangehedgingbusinessisconductedthroughfinancialinstitutions,wearesubjecttotheriskofhavingtopayfeestobankscausedbyinsufficientliquidityinthemarket. | |||||||
| 3.Non-performancerisk:TheCompanyanditssubsidiariesconductforeignexchangehedgingbusinessmainlybasedoncashflowrollingforecastsforriskmanagement.Wearesubjecttotheriskthattheactualcashflowdeviatesfromforecast,resultinginfailuretofulfilobligationsunderrelevanthedgingcontractswhendue.4.Otherrisks:Inthecourseofbusiness,ifthepersonconcernedfailstoreportandseekapprovalinaccordancewiththeprescribedprocedures,orfailstomakerecordsonforeignexchangehedgingbusinessaccurately,timelyandcompletely,lossesmaybeincurredortradingopportunitiesmaybelost.Atthesametime,ifthepersonconcernedfailstofullyunderstandthetermsofthetransactioncontractandproductinformation,weareexposedtorelatedlegalrisksandtransactionlossesasaresult.(II)Riskcontrolmeasures1.Clarifythecriteriaofinitiatingtransactionofforeignexchangehedgingproduct:Allforeignexchangehedgingbusinessesarederivedfromnormalcross-borderbusinessforthepurposeofavertingandpreventingexchangerateandinterestraterisk.Noforeignexchangederivativestradingshallbecarriedoutforspeculativepurposes.2.Selectionofproducts:Hedgingproductswithsimplestructure,strongliquidityandcontrollableriskareselectedtocarryoutforeignexchangehedgingbusiness.3.Counterpartyselection:ThecounterpartiesoftheCompany’sforeignexchangehedgingbusinessarelargestate-ownedcommercialbanksandinternationalbankswithsoundoperation,goodcredit,longhistoryofcooperationwiththeCompanyandgoodcreditstanding.4.Determinationoffairvalueofforeignexchangehedgingproducts:TheforeignexchangehedgingproductsoperatedbytheCompanyaremainlyforthemanagementofforeignexchangetransactionsinthepredictablefutureperiod,withhighmarkettransparencyandactivetrading;thetransactionpriceandsettlementunitpriceofwhichcanfullyreflecttheirfairvalue.TheCompanydeterminesthefairvalueofthehedgingproductsinaccordancewiththetransactiondataprovidedbyorobtainedfromthepublicdomainincludingbanksandReuters.5.Equippedwithprofessionalstaff:TheCompanyhasmaintainedateamofprofessionalswithexpertiseinfinancialderivatives,responsiblefortheCompany’sexchangerateriskmanagement,marketanalysis,productresearchandtheCompany’soverallmanagementpolicyrecommendations,etc.6.Establishingacomprehensiveriskalarmandreportingmechanism:TheCompanysetsrisklimitsforforeignexchangehedgingbusinesswheretransactionshavebeenmade,timelyevaluateschangesinriskexposureandderivedgainsandlosses,andprovidesregularriskanalysisreporttothemanagementandtheBoardofDirectors.Appropriateriskassessmentmodelsormonitoringsystemsareusedtocontinuouslymonitorandreportvariousrisks.Morefrequentreportsaremadewhenthemarketfluctuatesdrasticallyorwhenrisksarehigher.Aresponseplanwillbemadepromptly.7.Separationofdutiesandpersonnelbetweenthefrontendandbackendisstrictlyimplemented.Dealerscannotconcurrentlyholdthepositionasaccountingpersonnelandviceversa. | |
| ChangesinmarketpriceorfairvalueofinvestedderivativesduringtheReportingPeriod(thespecificmethods,relevantassumptionsandparametersusedintheanalysisofthefairvalueshouldbedisclosed) | TheCompany’sanalysisofthefairvalueofderivativesisbasedonthefinancialmarketfairvaluevaluationreportprovidedbythebankatmonthend. |
| Lawsuit(ifapplicable) | N/A |
| DisclosuredateofBoardannouncementinrespectofderivativesinvestmentapproval(ifany) | 29March2023,27March2024 |
| Disclosuredateofshareholdersmeetingannouncementinrespectofderivativesinvestmentapproval(ifany) | N/A |
2）DerivativesinvestmentsforspeculativepurposeduringtheReportingPeriod
□Applicable?NotapplicableTherewasnoderivativeinvestmentforspeculationpurposeduringtheReportingPeriod.
5.Useofproceeds
□Applicable?NotapplicableTheCompanyhadnouseofproceedsduringtheReportingPeriod.
VII.SaleofSignificantAssetsandEquity
1.Saleofsignificantassets
□Applicable?NotapplicableTheCompanydidnotsellanysignificantassetsduringtheReportingPeriod.
2.Saleofsignificantequity
□Applicable?Notapplicable
VIII.AnalysisofMajorHoldingandParticipatingCompanies
MajorsubsidiariesandequityparticipationcompaniesthataffecttheCompany'snetprofitbymorethan10%
Unit:RMB’000
| CompanyName | CompanyType | PrimaryBusiness | RegisteredCapital | TotalAssets | NetAssets | Revenue | OperatingProfit | NetProfit |
| ShenzhenS.F.TaisenHolding(Group)Co.,Ltd. | Subsidiary | Investmentsinindustrialbusinesses,investmentconsultingandotherinformationconsulting,supplychainmanagement,assetmanagement,capitalmanagement,investmentmanagement,etc. | 5,000,000 | 80,905,205 | 44,381,977 | 3,097,607 | 353,485 | 323,939 |
(1)DescriptionofMajorHoldingandParticipatingCompaniesThenetprofitrealisedbyShenzhenS.F.TaisenHolding(Group)Co.,Ltd.fortheperiodwasmainlytheprofitgeneratedfromtheCompany'sprimarybusiness.
(2)AcquisitionandDisposalofSubsidiariesDuringtheReportingPeriodFordetails,pleaserefertoNote5totheChapter10FinancialStatements.
IX.StructuredEntitiesControlledbytheCompany?Applicable?Notapplicable
X.RisksFacedbytheCompanyandCountermeasures
1.MarketriskRiskofmacroeconomicfluctuations:Thelogisticsindustryplaysasignificantroleinsupportingthedevelopmentofthenationaleconomybutmeanwhilebeingsubjecttothesignificantimpactposedbyglobalmacroeconomicconditions.Thegrowthofmacro-economyisexpectedtoshiftintoanewnormalfeaturingmedium-to-low-rategrowth;inthefirsthalfof2024,thereisaslowdowningrowthintheconsumermarket,despiterelativelyhighgrowthinindustrialproduction.Meanwhile,indevelopedcountries,theinflation,weakconsumerdemand,unstableinternationalrelationsandothernegativefactorsposedobstaclestothegrowthofinternationaltrade.Duetotheconflictsinpartialnationsandregions,thesupplyoftransportcapacitybymaritimetransportroutesfellshort,leadingtotheabsenceofthefullunleashingofinternationalfreightdemand.ThecombinedeffectofdomesticandforeigneconomicfactorsmayaffectthegrowthofthelogisticsindustryandtheperformanceoftheCompany.Marketcompetition-relatedrisk:Thee-commercemarket,asthemainforcedrivingthegrowthofthebusinessvolumeofexpressdelivery,hastransitionedfromexplosivedevelopmentphaseintonormal-levelsteadygrowth.Withthereductioninspaceforincrement,thecompetitionmaybecomeintenseintheexistingmarkets.Meanwhile,consumers’emphasisoncostperformanceinshoppingwillpromptenterprisesandbusinessestoseekforfurtherreductioninthecostofexpressandlogistics,andmajorexpressdeliverycompanieshaverecordedadeclineinaverageper-parcelrevenue.Inaddition,moreexpressdeliveryenterprisestendtooffercomprehensivelogisticsservicesratherthanhomogeneousservices,paymoreattentiontoproductandservicelayeringandcommencecompetitioninmorelogisticssegments.TheCompanyhasbeenkeepingforgingdifferentiatedcompetitiveadvantages,andprovidingacompleteproductmatrixinthediversifiedbusinessscope,however,asmoreleadingexpressdeliveryenterprisesgetinvolvedinthecompetitioninsegments,theCompanymayfacetheriskofslowingrevenuegrowthanddecliningmarketshareifitisunabletoadjustitsoperationstrategiesinatimelymannerinlinewiththechangesinthemarket,seizethemarketopportunitiesandmaintainitspositionasaleadingserviceprovider.Riskresponse:TheCompanykeepsaclosewatchonthemacroeconomicsituation,analysesitsimpactonourmainbusiness,andadjustsouroperationstrategiesinatimelymannertominimisetheadverseimpactontheCompany'sbusinessandfuturedevelopment.Itpayscloseattentiontoandstudiesthetrendsoftheindustry’sdevelopment,analysesthecompetitionpatternsinthemarket,anddeploysforward-lookingstrategicplanning.Inaddition,itadherestothepractice
standardizednationalpoliciesarefavorablefortheCompanyinmarketcompetition.TheCompanyhasestablishedstateandlocalpoliciesresearchteamsforallofitsbusinesslines,conductingin-depthanalysisonrelevantpoliciesintroduced,fullycapitalisingonfavourablepolicieswhileavoidingpolicyrisksandidentifyingthetrendofindustrypolicies,hencepromotingitsbusinessoperation.Furthermore,theCompanyhasalwaysattachedimportancetotheprotectionofrightsandinterestsofcouriers,continuouslyimprovedthesocialsecuritylevelforthemwhileboostingtheirefficiencythroughtechnologyempowerment,reducingworkinghoursandraisingtheirincome.Inaddition,theCompanyhasalwaysadheredtotheconceptofprovidingcustomerswithhigh-qualityservices,andadheredtothepracticeofprovidingend-to-enddoor-to-doorservices,servingcustomerswithtimelinessandwarmth,allleadingtoitsrankingthefirstplaceinpublicsatisfactionforexpressdeliveryservicesfor15consecutiveyears.Riskarisingfromrelevantstatepoliciesonenvironmentalprotection,energyconservationandemissionreduction:
ChinahasundertakenthatitwillstrivetoreachthepeakofCO2emissionsby2030andachievecarbonneutralityby2060.ItisforeseeablethatChinawillissuesubsequentpoliciesonenvironmentalprotection,energyconservationandemissionreduction.Suchpoliciestobereleasedmayaffecttheserviceandoperationpatternofexpressdeliveryenterprises,andmayleadtoincreasedexpensesinrelevantaspectssuchasenvironmentalprotection,energyconservationandemissionreductionincurredbyexpressdeliveryenterprises,whichwillposeadverseeffectonthefutureperformanceoftheCompany.Meanwhile,ifcompaniesfailtofulfiltheirgreenandenvironmentalobligationsinaccordancewiththelaws,theywillbeliabletotherelevantlegalobligationandthesocialimagesofthecompanieswillbeimpaired.Riskresponse:TheCompany,takingintoaccounttheexternalenvironmentandpolicychanges,tookakeeninsightintothedevelopmenttrendoftheindustry,soastokeepabreastofthedirectionoftheindustryandimplementtheforward-lookingdeploymentandadjustment.Itkeptawatchfuleyeonitsownimpactsontheenvironment,andpublishedtheSFHolding'sWhitePaperforCarbonEmissionTarget(《顺丰控股碳目标白皮书》),whichwasthefirstoneofsuchlikeintheindustry,in2021.Leveragingintelligenttechnologicalstrength,theCompanyhasadjusteditsenergyconsumptionstructure,upgradeditstransportationandbusinessmodels,implementedthereductionandrecyclingofpackagingofparcels,andthenpromotedthegreenandlow-carbonreform.
3.BusinessriskRiskofpossiblerisingcosts:Theexpressandlogisticsindustryisalabour-intensiveindustry.Therearerelatively
acquisitionofKerryLogistics,theproportionofitsinternationalbusinesshasexpandedrapidly,andthenumberofcountriescoveredbytheservicesoftheCompanyhasincreased.Internationallogisticsservice,relyingoninternationaltrade,issubjecttotraderelationsandotherunpredictablefactors.Globaleconomicdevelopment,nationalrelationships,internationaltradeandtaxpolicieshaveexperiencedunpredictablechangesandtherearemanyuncertaintiesoninternationaltrade,includingsignificantfluctuationsinthepriceofthetransportationcapacityofinternationalroutes,theproblemofstabilityinsomecountriesandregionswherewehaveoperationsandsoon,whichbringchallengestotheCompany'soperation.IftheCompanyfailstotakeeffectivemeasurestodealwiththat,itmayhaveanadverseimpactonthedevelopmentoftheCompany'sinternationalbusiness.Riskresponse:InthecourseoftheCompany'sbusiness,wecontinuetotrackandstudychangesintradepolicies,closelymonitorthemarketdynamicsandadjustthestrategiesforourinternationalbusinessoperationinatimelymanner;activelyexploreinternationalmaritime,land,airandrailwaytransportationresources,strengthenthemonitoringofouroperationnetworks,andmakeeveryefforttoensurestableandefficientcross-borderservices.Meanwhile,theCompanyincreasesitsinvestmentinourscientificandtechnologicalresources,promotestheinformatisationconstructionofourinternationalbusiness,andfacilitatesoperationaldecisionsmaking.
4.ExchangeratefluctuationriskExchangeratefluctuationrisk:AstheCompany’soverseasoperationsexpand,thebusinessesdenominatedinforeigncurrenciesaresettoaccountforanincreasingshareofourtotalbusinessvolume.GiventheuncertaintiesintheinternationalfinancialenvironmentandfluctuationsinRMB'sexchangerates,theCompany'sforeign-currencydenominatedassets,foreign-currencydenominatedliabilitiesandfutureforeigncurrency-denominatedtransactionswillallbesubjecttofluctuationsinexchangerates,whichwillinturnaffecttheCompany'sbusinessperformanceorfinancialstatements.Riskresponse:TheCompany'sforeignexchangetransactionsaremainlyconductedbasedonitsactualneedsofcross-borderforeign-currencydenominatedbusinesses.Toavoidandguardagainstrisksassociatedwithfluctuationsinexchangeratesandinterestrates,bettermanageitsforeigncurrencypositionsandbecomemorecompetitive,theCompanyhasestablishedtheManagementPoliciesforForeignExchangeRisks(《外汇风险管理制度》),andconductedcentralisedmanagementofforeigncurrencypositions,netting,maturitymatching,andnaturalhedgingtoavoidforeignexchangeriskinadvancewhereverpossible.Italsousesfinancialderivativesand
managementsystem.Itimplementsinformationsecuritycontrolandprotectioninalllinksinaccordancewithestablishedpoliciesandstrategiesforinformationsecurity,andcontinuouslyupdatesallproceduresandsystemsforinformationsecurity.Itcontinuouslyreinforcesriskawarenessamongstaffmembers,conductsstafftrainingonoperationstandards,developsinternalinformationcirculationguidelines,implementsrulesofexactingcontroloversensitiveinformation,avoidsunintentionalviolations,andconstructsmonitoringandpre-warningandresponsesystemsforabnormalbehaviours,soastoeliminateinformationsystemsecurityrisksintheirinfancy.Secondly,inaccordancewiththerequirementsofregulatoryauthorities,theCompanyhascarriedoutsecurityassessmentonitsinformationsystems.Basedonhighstandardsoftechnologyprotectionrequirements,itconductscontinuousandregularsecurityinterventioninthebusinesssystemconstructionphasetoenhancetheanti-securityattackcapabilitiesoftheclientserviceproductsandthebusinesssystemsthemselves.Duringtheoperationoftheinformationsystems,fourcapabilitysystems,namelythesecuritycapabilitybaseline(measurablecyberspacesecuritycapabilityevaluation),thesafeoperationcapability(privacydatarisksituationawareness,MTTDandMTTRmetricsbasedonoffense-defenseconfrontation),theDevOpssecuritycapability(DevSecOpsprocessandtoolchain),andthesecurityecologycapability(externalperceptionandlinkedstop-loss)havebeenestablished,toenhancethecapabilityoftheITinfrastructurestodiscoveranddefendagainstcybersecurityattacks.Moreover,theCompanyhasestablishedarelativelycomprehensiveinformationsystemriskpreventionandcontrolsystem,andformulatedstandardprocessessuchastheMajorEventManagementProcessSystemforITSystem(《IT系统重大事件管理流程制度》)andtheDisasterRecoveryPlanandProcessforITSystem(《IT灾难恢复预案流程》)toimplementclosed-loopriskpreventionandcontrolviapre-warning,in-processcontrolandpost-recording.Furthermore,withaviewtoeliminatingprivacycompliance
XI.ImplementationoftheActionPlanon“DoubleImprovementofQualityandReturn”WhethertheCompanyhasdisclosedtheactionplanon“DoubleImprovementofQualityandReturn”?Yes?No
Chapter4CorporateGovernance
I.DetailsabouttheAnnualGeneralMeetingandExtraordinaryGeneralMeetingsConvenedduringtheReportingPeriod
1.Detailsabouttheshareholders'generalmeetingduringtheReportingPeriod
| Meeting | MeetingType | InvestorParticipation% | DateConvened | DisclosureDate | MeetingResolutions |
| 2023AnnualGeneralMeeting | AnnualGeneralMeeting | 67.8833% | 30April2024 | 6May2024 | 2023AnnualGeneralMeetingResolutions"(2024-045)disclosedbytheCompanyonCNINFO(www.cninfo.com.cn) |
2.ExtraordinaryGeneralMeetingrequestedbypreferredshareholderswithrestitutionofvotingright
□Applicable?NotapplicableII.ChangesofDirectors,SupervisorsandSeniorExecutivesoftheCompany
?Applicable?Notapplicable
| Name | Position | Type | Date | Reason |
| ShumTzeLeung | ChairmanoftheSupervisoryCommittee | Resigned | 6May2024 | ResignfromthepositionofsupervisorandchairmanoftheSupervisoryCommitteeoftheCompanyduetoadjustmentofpersonalworkarrangements. |
| ZhangDong | Director | Resigned | 25June2024 | Resignedfromthepositionofdirectorduetopersonalreasons. |
III.ProfitDistribution&ConversionofEquityReserveintoShareCapitalDuringtheReportingPeriod
□Applicable?NotapplicableTheCompanyintendstopaynocashdividend,nobonusshares,andnoconversionofequityreserveintosharecapitalforthefirsthalfoftheyear.IV.ExecutionofStockIncentivePlan,EmployeeShareOwnershipSchemeorOtherEmployeeIncentives
□Applicable?□NotapplicableTherewerenostockincentiveplan,employeeshareownershipscheme,orotheremployeeincentivesandtheirexecutionduringtheReportingPeriod.
Chapter5EnvironmentandSocialResponsibilities
I.MajorEnvironmentIssuesThelistedcompanyanditssubsidiariesarenotthemajorpollutantdischargeunitsannouncedbytheMinistryofEcologyandEnvironmentDuringtheReportingPeriod,theCompanyanditssubsidiarieswerenotsubjecttoadministrativepenaltiesforenvironmentalissuesPleaserefertootherenvironmentalinformationdisclosedbymajorpollutantdischargeunits
□Applicable?Notapplicable
MeasurestakentoreducecarbonemissionsandtheireffectsduringtheReportingPeriod
SFwascommittedtointegratingitscorporatevaluewithsocialvalue.Asasociallyresponsibleenterprise,SFhadalwaysupheldsustainableandhealthydevelopment,aimingtosetanexampleandbringalongpositiveimpactstotheentireindustryandsocietythroughtheoptimizationandupgradeofitsoperations.Guidedbythenational“dualcarbon”(i.e.,carbonpeakingandcarbonneutrality)strategyandaimingtoprotecttheenvironmentandconserveenergyandreduceemissions,theCompanyincorporatedclimatechangeresponseintoitsoperationandmanagementpracticesandcontinuouslyimproveditsenvironmentalmanagementsystem.Throughinitiativessuchaspromotinglow-carbontransportation,constructinggreenindustrialparks,R&Dofsustainablepackagingandapplyinggreentechnology,SFstrivedtorealisegreenmanagementwhichwouldcovertheentirelifecycleoflogistics,topromotegreenandsustainablelogisticsinaproactivemanner.
Buildingonpastachievementsincarbonreduction,SFhadreleasedthe“WhitePaperonCarbonGoals”,whichwasthefirstoneofsuchlikeintheindustry,committingto,by2030,improvingitscarbonefficiencyby55%comparedto2021andreducingthecarbonfootprintofeachparcelby70%comparedto2021.Inaddition,in2023,theCompanyannounceditsjoiningoftheScienceBasedCarbonTargetsinitiative(SBTi),andpledgedtoachieve"net-zeroemissions"ofgreenhousegasesalongitsvaluechainby2050.Byvirtueofitsoutstandingeffortsinimprovingtheenvironment,caringforemployees,andengaginginphilanthropy,theCompanyhadbeenhonourablyselectedintothelistofESGinfluenceinChinareleasedbyFortuneforthreeconsecutiveyears(2022-2024),beingtheonlyexpressdeliveryandlogisticscompanyinChinatobeonthatlist.
1.Promotinglow-carbontransportation
millionkWhandacleanenergyconsumptionexceeding21,000MWhduringthefirsthalfoftheyear.Moreover,SF’sindustrialparksinChangsha,FoshanandWuhuhadbeenawardedthe"First-Class(Three-Star)GreenWarehouse"certificationfromtheChinaAssociationofWarehousingandDistribution(CAWD),SF’sindustrialparkinGuizhouhadbeencertifiedas“GreenLogisticsParkinGuizhou”,andShunxinhuiHubeiLogisticsCenter(顺新晖湖北物流中心)hadpassedthecertificationforcarbonneutralityforthefirststage.
3.R&DofsustainablepackagingActivelyrespondingtothedevelopmenttrendofgreenpackaging,SFcontinuouslystrengtheneditstechnologicalinnovation,transformationandapplicationofgreenpackagematerials,andcomprehensivelypromotedthereduction,recycling,harmlessness,andstandardizationofpackaging.Additionally,SFcontinuedtoexploretherefinedmanagementofsustainablepackaging,andworkedcloselywithupstreamanddownstreampartnersalongtheindustrychaintobuildacircularecosystemforexpressdeliverypackaginginaproactivemanner,soastojointlyfosterthedevelopmentofsustainablepackaging.
Minimumpackaging:SFcontinuouslypromotedthegreenpackagingplan,andprovideddetailedpackagingoperationinstructionsfordifferenttypesofconsignmentstoimplementthegreenpackagingrequirements.Meanwhile,theCompanyconductedinnovativeresearchanddevelopmentontheminimization,standardizationandscene-basedapplicationofeighttypesofmaterials,includingplasticbags,plasticpapers,stickersandseals.Duringthefirsthalfof2024,SFreducedtheutilizationofrawpaperbyapproximately23,000tonsandplasticbyapproximately82,000tonsinaggregate.
Recyclablepackagingandcontainers:SFactivelypromotedtheinnovativeR&Dofrecyclablepackagingcontainers,providingcompleteandrecycledpackagesolutionsforcustomerswithinandoutsidetheindustry.Dependingonvariousindustriesandscenarios,theCompanyhaddevelopedanddeployedrecyclablepackagingandcontainerssuchasmedicalprecisiontemperature-controllableboxes,coldchaincirculatinginsulationboxes,standardlarge-scalerecyclablepalletboxes,recyclablehoneycombpanels,andrecyclablewovenbags.Meanwhile,theCompanyhascontinuedtobuildrecyclablescienceandtechnologytorealizethedigitizedandtransparentmanagementofrecyclablepackagingmaterialsthroughoutthewholelifecycle,andtopromotetheoverallimprovementofinternalmanagementandrecyclingefficiency.Inthefirsthalfof2024,atotalof19.48millionrecyclablepackagingcontainerswereputintocirculation,withacumulativecycleofnearly600milliontimes,reducinggreenhousegasemissionsbymorethan190,000tons.
alsowontheauthoritativecertificationof“ISO14083InternationalStandardforGlobalCarbonAccountinginLogistics”inthefirsthalfof2024.Inthefirsthalfof2024,itwillbeawardedtheauthoritativecertificationof“ISO14083InternationalStandardforCarbonAccountinginGlobalLogistics”.Astheindustry'sfirstdigitalcarbonmanagementplatformthatrealizescarbonfootprinttrackingatthewaybilllevel,itnotonlyaccuratelycalculatestherealgreenhousegasemissionsandemissionreductionsgeneratedbyeachshipmentinthe“receiving,transferring,transporting,anddispatching”stagestoenhancethetransparencyofgreenhousegasemissiondatainthelogisticssupplychain,butalsohelpscustomerstoreducefulfillmentcostsinenvironmentalprotectionandclimaterisksinoperations,thuscomprehensivelyimprovingthegreenandlow-carbonoperationalresilienceofthelogistics
II.SocialResponsibilitiesConsolidatingandextendingtheachievementsinpovertyalleviationandadvancingruralrevitalization:
PositionedasaleadingintegratedlogisticsserviceproviderinChina,SFhasalwayscloselyintegratedcorporatedevelopmentwithsocialresponsibility.Ithascontinuouslyfocusedontheagriculturalproductdeliverysector,consolidatedandexpandedtheachievementsinpovertyalleviation,andsupportedruralrevitalization.In2024,SFproactivelyaligneditsstrategieswithnationalpolicies,resolutelyfocusedonitscorelogisticsstrategy,collaboratedwithlocalgovernmentstocreateregionalagriculturalproductbrands,andatthesametimeestablishingandbuildingonlinesaleschannelsforagriculturalproducts,thusachievingtheunificationoftheCompany’sbusinessdevelopmentandsocialvalue.TheCentralDocumentNo.1in2024emphasizedtheneedto“deeplypromotethedevelopmentofasoundlogisticsanddistributionsystemforruralareas,andfostertheintegratedgrowthof'customer-cargo-mail'invillages;optimizetheconstructionofthecoldchainlogisticssystemforagriculturalproduct,acceleratethebuildingofbackbonecoldchainlogisticsbases,anddeploycounty-levelpubliccoldchainlogisticsfacilities.”Establishingasoundthree-tierlogisticssystemforcounties,townsandvillagesisatthecoreofthe“deliveringexpressparcelstoruralareas”and“deliveringexpressparcelstovillages”initiatives.Inresponsetothepromotionof"agriculture,ruralareasandfarmers"workprocess,SFfocusedontacklingthevariouschallengesinthecirculationprocessofagriculturalproducts,suchasdifficultpackaging,multiplelinks,perishabilityandlowprofitmargins.Itproposedanagriculturalassistancemodelthataimsto“notonlydistributingqualityagriculturalproductstothemarket,butalsopromotingtheexceptionalbrandsofagriculturalproductstothemarket.”Byleveragingitshigh-qualityresources,SFhasmadefulleffortstounblockthelast-milelogisticschannelsconnectingruralconsumptionupgradesandthemarketaccessforagriculturalproducts.Atthe"last-mile"level,SFinsistedonestablishingagriculturalproductcollectionoutletsrightatthefarmfields,investedinmobilesortingvehiclestailoredforsmall-batchallocation,andbuiltfreshproductspretreatmentcentersclosetotheplacesoforigin.Forthewidevarietyoffreshproduce,SFdesignedexclusivepackagingtoensurefreshnessandsafetyoftheproducts.Duringtheharvestseasonofcharacteristicagriculturalproducts,theCompanyintegratedvarioustransportationresources,suchasaviation,high-speedrailwayandcoldchain,toensureefficientandhigh-speedtransportofagriculturalproductsacrossthecountry.Toensuretheservicequalitythroughouttheprocess,theCompanysetupaspecialprojectteamduringthe"freshseason"tomonitorandwarneachlinkofcollection,transfer,transportation,deliveryandafter-salesserviceinrealtimewiththehelpofthedigitaltechnologyandvisualizationsystem.Leveragingitsrobustlogisticsnetwork,advancedpackagingtechnologyandfastdeliverycapability,SFovercameoneafteranotherhigh-difficultytransportationoffreshproducts,assistingintheexpresstransportationofproductssuchashairycrabs,livefish,seafood,beefandmutton,lychees,cherries,bayberries,strawberriesandmatsutake,toachieveanationwidedirectdeliveryanddirect-to-consumersmodeofagriculturalproductsfromtheplaceoforigin.Regionalcharacteristicagriculturalproductsplayanimportantroleinruralindustrialdevelopment.Inthecontextofcomprehensiveruralrevitalization,thebrandvalueandmarketscaleoftheseproductswillseegreaterdevelopmentopportunities.Inthisprocess,SFhasbeencommittedtodrivingthecoordinateddevelopmentoftheupstreamanddownstreamoftheagriculturalindustrychain,withthegoalofboostingthesupply-sideofruralindustries.Throughreasonabletransportationpricingandhigh-qualityservices,SFaimstohelpincreasefarmers'incomesandachievecommonprosperity.Atthesametime,SFalsoactivelycollaboratedwithlocalgovernments,ruralcooperativesandotherinstitutionstobuildregionalagriculturalproductbrands,promotebrandbuilding,andestablishdesignatedfundsubsidymechanismforcustomizationofpackagingmaterialsforregionalbrands.Inthefirsthalfof2024,theCompanycloselypartneredwithlocalgovernments,industryassociationsandleadingbrandstojointlybuild35regionalbrandsforagriculturalproducts.Asthe"Internet+"economyflourishing,theCompanyleverageditsownplatformstoconductrhythmicandhigh-volumeonlinepromotionofagriculturalproducts,andalsocollaboratedwithexternalresourcestoco-buildagriculturalproductbrandsandsalesecosystems.Throughpartnershipswiththegovernment,clientlivestreamersandlocalfruitfarmers,andwiththehelpoftheCompany'sbrandinfluenceandInternetcelebrities(KOLs)andinfluencers,SForganizedlivebroadcastsattheplacesoforiginstoboostthesalesvolumeofagriculturalproducts.Atthesametime,SFempoweredagriculturaldigitalizationbyprovidingcustomerswithaseriesoftechnologyservices,suchasproducttraceabilityand"oneQRcodeforeachstore",anddeployeditsproprietary
unmannedequipmentincoreproductionareasofagriculturalproducts,establishinglow-altitudelogisticsroutestodelivermoreconvenientandefficientdeliveryservicesforfarmers.Inaddition,underthebackgroundof"dualcarbon",SFsteadfastlyfulfilleditscorporatesocialresponsibilityandcontinuedtopromotethebuildingofagreenandlow-carbonsupplychainecosystembyadvancinglow-carbontransportation,usinggreenandeco-friendlypackagingmaterialsforagriculturalproducts,anddevelopinggreentechnologyapplications.Atpresent,theCompany'sservicenetworkforhelpingproductionandsalesofagriculturalproductscoveredmorethan2,700county-levelcitiesnationwide,encompassing226typesofmorethan5,500characteristicagriculturalproductsnationwide,andabout2.90milliontonsofcharacteristicagriculturalproductsweredeliveredinthefirsthalfof2024.SFcontributedtoruralrevitalizationwithpracticalactions,allowingmorelocalbrandcharacteristicagriculturalproductstobeknown,tastedandrecognizedbythepublic.Inthefuture,SFwillfurtherconsolidateitscomprehensivelogisticsadvantages,focusonrefinedservices,production-salesassistance,technologyempowermentandbrandbuildingtoconstructanationwideservicenetworkforupstreamingagriculturalproducts,andiscommittedtobecomingabenchmarkenterprisethatcontinuouslycreatesoutstandingsocialvalue.Inaddition,theCompanyhasactivelyexploredthe"deliveringexpressparcelstoruralareas"and“deliveringexpressparcelstovillages”modelsovertheyears,throughtheestablishmentofafive-leveladministrativedivisionaddresslibrary,supportedthedecision-makingoftownshipandvillageresourceinvestment,accuratelyidentifiedruralparcels,andensuredthetimelinesscommitmentofexpressdeliverytovillages,creatingahigh-quality"precisiondeliverytovillages"service.AsofJune2024,SFhadmorethan100,000cooperativestationsatthevillagelevel,graduallyformingarelativelycompleteruralexpressnetwork.Theservicenetwork'stownshipcoveragerateexceeded93%,andthedailyprocessingvolumeoftownshipparcelsamountedto2.46million.Basedonthehigh-qualitylogisticsservices,theextensiontothefrontendoftheindustrialchaintothefull-processserviceallowedfarmerstoenjoymoreconvenientandfastexpressservicesinthevillage.
Chapter6SignificantEvents
I.CommitmentsMadebytheCompany’sActualControllers,Shareholders,RelatedParties,Purchasers,theCompanyandOthersthatWereFulfilledDuringtheReportingPeriodandThoseNotFulfilledbeforetheExpiryasoftheEndoftheReportingPeriod
□Applicable?NotapplicableDuringtheReportingPeriod,therewerenocommitmentsmadebytheCompany’sactualcontrollers,shareholders,relatedparties,purchasers,theCompanyandothersthatwerefulfilledduringtheReportingPeriodandthosenotfulfilledbeforetheexpiryasoftheendoftheReportingPeriodII.StatusofCapitaloftheListedCompanyUsedforNon-operatingPurposesbytheControllingShareholderandOtherRelatedParties
□Applicable?NotapplicableDuringtheReportingPeriod,nocontrollingshareholdersorotherrelatedpartiesusedcapitalofthelistedCompanyfornon-operatingpurposes.III.Non-compliantProvisionofExternalGuarantees
□Applicable?NotapplicableTherewasnonon-compliantprovisionofexternalguaranteesoftheCompanyduringtheReportingPeriod.IV.DetailsRegardingEngagementandRemovalofAccountantFirmWhethertheinterimfinancialreporthasbeenaudited?
□Yes?NoTheinterimreportoftheCompanyhasnotbeenaudited.
V.ExplanationsProvidedbytheBoardofDirectorsandSupervisoryCommitteeRegardingthe"Non-standardAuditReport"IssuedbytheAuditorfortheReportingPeriod
□Applicable?NotapplicableVI.ExplanationsProvidedbytheBoardofDirectorsRegardingthe"Non-standardAuditReport"ofthePreviousYear
□Applicable?Notapplicable
VII.BankruptcyandReorganisation
□Applicable?NotapplicableTherewerenobankruptcyorreorganisationrelatedmattersoftheCompanyasattheendoftheReportingPeriod.
VIII.LawsuitSignificantlawsuitorarbitration
□Applicable?NotapplicableTherewasnosignificantlawsuitorarbitrationrelatedmattersoftheCompanyduringtheReportingPeriod.Otherlegalproceedings
□Applicable?NotapplicableAsof30June2024,pendinglitigationandarbitrationinwhichthelistedcompanyanditssubsidiariesasdefendantsandrespondentsinvolvedanaggregateamountofRMB980million,accountingfor1.1%ofauditednetassetsattributabletoshareholdersofthelistedcompanyattheendofthe2023.Suchlitigationandarbitrationmattersmainlyrelatedtoanumberofindependentcaseswithsmallamountsinvolvedineachsinglecase,whichwillnothaveamaterialadverseeffectontheCompany’sfinancialstatusandabilitytocontinueoperations.IX.PunishmentandRectification
□Applicable?NotapplicableTherewasnosuchsituationduringtheReportingPeriod.
X.IntegrityoftheCompany,ItsControllingShareholders,andActualController
□Applicable?Notapplicable
XI.SignificantRelated-partyTransactions
1.Related-partytransactionsrelevanttoroutineoperations?Applicable?Notapplicable
| RelatedParty | Relationship | Typeofrelated-partytransaction | Detailsofrelated-partytransaction | Pricingprincipleoftherelated-partytransaction | Related-partytransactionprice | Transactionamount(RMB’000) | Proportionofsamecategoryoftransactions | Approvedtransactionquota(RMB'000) | Approvedquotaexceededornot | Related-partytransactionsettlementmethod | Marketpriceofsimilartransactionsavailable | Disclosuredate | Disclosureindex |
| GuangdongFengxingZhituTechnologyCo.,Ltd.anditssubsidiaries | AnentitycontrolledbytheactualshareholderoftheCompany | Provideservicestorelatedparties | Comprehensiveservicessuchascommunicationservice,technologyservicesandpropertymanagement | Fairpricingbasedonmarketpricesfollowingtheprincipleofindependenttransactions. | Contractprice | 27,680 | 0.02% | 75,000 | No | Settlementbasedonthesettlementperiodandtermsinthecontract | Notapplicable | December13,2023 | Announcementsonthe“ProposalonEstimatedRoutineRelated-partyTransactionAmountin2024-2026”andthe“IncreaseinEstimatedRoutineRelated-partyTransactionAmount”releasedbytheCompanyontheCninfowebsite(www.cninfo.com.cn) |
| Receiveservicesandrelevantequipmentfromrelatedparties | Logisticsmapdatacall,technologyservice,on-vehiclesoftwareandhardware | 203,860 | 0.18% | 698,770 | No | Notapplicable | December13,2023 | ||||||
| ShenzhenFengxiangInformationTechnologyCo.,Ltd.anditssubsidiaries | AnentitycontrolledbytheactualshareholderoftheCompany | Provideservicestorelatedparties | Logisticsservicessuchasexpressdeliveryandtransportationandwarehousing | 6,976 | 0.01% | 15,000 | No | Notapplicable | December13,2023 | ||||
| Purchaseofgoods/equipmentfromrelatedparties | Purchaseofgoodsandplatformtechnologyservices,etc. | 126,420 | 0.11% | 420,000 | No | Notapplicable | December13,2023 |
| HiveBoxHoldingsLimitedanditssubsidiaries | AnentitycontrolledbytheactualshareholderoftheCompany | Provideservicestorelatedparties | Logisticsservicessuchasexpressdeliveryandtransportationandwarehousing | 700,549 | 0.52% | 1,800,000 | No | Notapplicable | December13,2023March27,2024 | ||||
| Provideservicestorelatedparties | Comprehensiveservicessuchascommunicationserviceandpropertymanagementservices | 11,753 | 0.01% | 39,000 | No | Notapplicable | December13,2023 | ||||||
| Receiveservicesandrelevantequipmentfromrelatedparties | Agentservices,advertisementservices,etc. | 54,489 | 0.05% | 322,630 | No | Notapplicable | December13,2023 | ||||||
| Total | -- | -- | 1,131,727 | -- | 3,370,400 | -- | -- | -- | -- | -- | |||
| Detailsoflargeamountofsalesreturns | Nil | ||||||||||||
| ActualperformanceintheReportingPeriodversuspredictedtotalamountofroutinerelated-partytransactions,bytypes(ifany) | TheCompany’sninthmeetingofthesixthsessionoftheBoardofDirectorsheldonDecember12,2023andtheseventhmeetingofthesixthsessionoftheSupervisoryCommitteeandtheSecondExtraordinaryGeneralMeetingofShareholdersof2023onDecember28,2023,respectively,reviewedandapprovedthe“ProposalonEstimatedRoutineRelated-partyTransactionAmountin2024-2026”;andthetwelfthmeetingofthesixthsessionoftheBoardofDirectorsandtheeighthmeetingofthesixthsessionoftheSupervisoryCommitteeheldonMarch26,2024andtheAnnualGeneralMeetingof2023heldonApril30,2024,respectively,reviewedandapprovedthe“ProposalonIncreaseinEstimatedRoutineRelated-partyTransactionAmount”.Theamountincurredbyaforementionedrelated-partytransactionsiswithintheestimatedrange. | ||||||||||||
| Reasonforsignificantdiscrepancybetweenthetransactionpriceandthemarketprice(ifapplicable) | Notapplicable | ||||||||||||
2.Related-partytransactionsrelevanttopurchasesandsalesofassetsorequities
□Applicable?NotapplicableTherewerenorelated-partytransactionsoftheCompanyinrespectofacquisitionordisposalofassetofequityduringtheReportingPeriod.
3.Related-partytransactionswithjointinvestments
□Applicable?NotapplicableTherewerenorelated-partytransactionswithjointinvestmentoftheCompanyasattheendoftheReportingPeriod.
4.Creditsandliabilitieswithrelatedparties
□Applicable?NotapplicableTherewerenocreditsandliabilitieswithrelatedpartiesoftheCompanyduringtheReportingPeriod.
5.TransactionsbetweentheCompanyandfinancialcompanieswithrelatedpartyrelationship
□Applicable?NotapplicableTherewerenodeposits,loans,creditsorotherfinancialbusinessoftheCompanybetweentheCompanyandandfinancialcompanieswithrelatedpartyrelationship.
6.TransactionsbetweenfinancialcompaniescontrolledbytheCompanyandrelatedparties
□Applicable?NotapplicableTherewerenodeposits,loans,creditsorotherfinancialbusinessbetweenfinancialcompaniescontrolledbytheCompanyandrelatedparties.
7.Othersignificantrelated-partytransactions?Applicable?NotapplicableTherewerenoothersignificantrelated-partytransactionsoftheCompanyduringtheReportingPeriod.
XII.SignificantContractsandTheirExecution
1.Trusteeships,contracts,andleases
(1)Trusteeships?Applicable?NotapplicableTherewerenomaterialtrusteeshipsoftheCompanyduringtheReportingPeriod.
(2)Contracts?Applicable?NotapplicableTherewerenomaterialcontractsoftheCompanyduringtheReportingPeriod.
(3)Leases?Applicable?NotapplicableTherewerenomaterialleasesoftheCompanyduringtheReportingPeriod.
2.Significantguarantees
?Applicable?Notapplicable
Unit:RMB'000
| TheCompanyanditssubsidiaries’guaranteestoexternalparties(Guaranteestosubsidiariesarenotincluded) | ||||||||||
| Guaranteedparty | Disclosuredateofrelatedannouncementofguaranteequota | Guaranteequota | Exactdateofoccurrence | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counterguarantee(ifany) | Periodofguarantee | Fulfilledornot | Guaranteeforarelatedpartyornot |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 25,300 | Jointandseveralliabilityguarantee | Nil | Nil | 29September2021to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 50,600 | Jointandseveralliabilityguarantee | Nil | Nil | 30November2021to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 20,700 | Jointandseveralliabilityguarantee | Nil | Nil | 8October2021to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 96,600 | Jointandseveralliabilityguarantee | Nil | Nil | 29November2021to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 36,800 | Jointandseveralliabilityguarantee | Nil | Nil | 1December2021to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 46,000 | Jointandseveralliabilityguarantee | Nil | Nil | 3December2021to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 276,000 | Jointandseveralliabilityguarantee | Nil | Nil | 1January2022to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 23,000 | Jointandseveralliabilityguarantee | Nil | Nil | 4January2022to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 69,000 | Jointandseveralliabilityguarantee | Nil | Nil | 5January2022to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 46,000 | Jointandseveralliabilityguarantee | Nil | Nil | 27May2022to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 69,000 | Jointandseveralliabilityguarantee | Nil | Nil | 30May2022to29April2055 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 24March2020 | 3,500,000 | 25February2021 | 23,000 | Jointandseveralliabilityguarantee | Nil | Nil | 31May2022to29April2055 | No | No |
| SUPERWISE(HK)LIMITED | 29March2023 | 210,000 | 8December2023 | 167,552 | Jointandseveralliabilityguarantee | Nil | Nil | 8December2023to8December2026 | No | No |
| TotalguaranteequotaapprovedforexternalpartiesduringtheReportingPeriod(A1) | 1,200 | TotalactualamountofguaranteesforexternalpartiesduringtheReportingPeriod(A2) | - | |||||||
| TotalguaranteequotaapprovedforexternalpartiesattheendoftheReportingPeriod(A3) | 3,334,932 | TotalactualguaranteebalanceforexternalpartiesattheendoftheReportingPeriod(A4) | 949,552 | |||||||
| TheCompany’sguaranteestosubsidiaries | ||||||||||
| Guaranteedparty | Disclosuredateofrelatedannouncement | Guaranteequota | Exactdateofoccurrence | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counterguarantee(if | Periodofguarantee | Fulfilledornot | Guaranteeforarelated |
| ofguaranteequota | any) | partyornot | ||||||||
| SFHOLDINGINVESTMENTLIMITED | 4January2019 | 6,000,000 | 20February2020 | 4,974,503 | Jointandseveralliabilityguarantee | Nil | Nil | 20February2020to20February2030 | No | No |
| SFHOLDINGINVESTMENTLIMITED | 4January2019 | 6,000,000 | 20February2020 | 4,659 | Jointandseveralliabilityguarantee | Nil | Nil | 20February2020to12March2024 | Yes | No |
| SFHOLDINGINVESTMENTLIMITED | 4January2019 | 6,000,000 | 20February2020 | 109,033 | Jointandseveralliabilityguarantee | Nil | Nil | 20February2020to28June2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 2,907,540 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to17November2026 | No | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 2,180,655 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to17November2028 | No | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 3,229,521 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to17November2031 | No | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 1,817 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to27February2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 1,454 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to5March2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 113,395 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to12March2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 234,786 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to19March2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 3,634 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to9April2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 1,454 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to29April2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 3,634 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to29May2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 17November2021 | 44,732 | Jointandseveralliabilityguarantee | Nil | Nil | 17November2021to14June2024 | Yes | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 18January2022 | 2,907,540 | Jointandseveralliabilityguarantee | Nil | Nil | 18January2022to17November2026 | No | No |
| SFHoldingInvestment2021Limited | 10February2021 | 18,000,000 | 18January2022 | 2,180,655 | Jointandseveralliabilityguarantee | Nil | Nil | 18January2022to17November2031 | No | No |
| TotalguaranteequotaapprovedforsubsidiariesduringtheReportingPeriod(B1) | 5,020,000 | TotalactualamountofguaranteesforsubsidiariesduringtheReportingPeriod(B2) | - | |||||||
| TotalguaranteequotaapprovedforthesubsidiariesattheendoftheReportingPeriod(B3) | 23,400,414 | TotalactualguaranteebalanceforsubsidiariesattheendoftheReportingPeriod(B4) | 18,380,414 | |||||||
| Subsidiary'sguaranteestosubsidiaries | ||||||||||
| Guaranteedparty | Disclosuredateofrelatedannouncement | Guaranteequota | Exactdateofoccurrence | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counterguarantee(if | Periodofguarantee | Fulfilledornot | Guaranteeforarelated |
| ofguaranteequota | any) | partyornot | ||||||||
| SubsidiariesofSFHolding(withgearingratioof70%orabove) | 16March201924March202018March20217January202231March202229March202327March2024 | 68,350,846 | Subjecttotheactualguaranteecontract | 16,057,786 | Jointandseveralliabilityguarantee | Part | Part | Subjecttotheactualguaranteecontract | Partiallyfulfilled | No |
| SubsidiariesofSFHolding(withgearingratiobelow70%) | 27,470,988 | Subjecttotheactualguaranteecontract | 8,961,536 | Jointandseveralliabilityguarantee | Part | Part | Subjecttotheactualguaranteecontract | Partiallyfulfilled | No | |
| TotalguaranteequotaapprovedforsubsidiariesduringtheReportingPeriod(C1) | 54,978,800 | TotalactualamountofguaranteesforsubsidiariesduringtheReportingPeriod(C2) | 5,895,658 | |||||||
| TotalguaranteequotaapprovedforthesubsidiariesattheendoftheReportingPeriod(C3) | 79,678,777 | TotalactualguaranteebalanceforsubsidiariesattheendoftheReportingPeriod(C4) | 18,503,137 | |||||||
| TotalguaranteeamountprovidedbytheCompany(namelytotalofthefirstthreemajoritems) | ||||||||||
| TotalguaranteequotaapprovedduringtheReportingPeriod(A1+B1+C1) | 60,000,000 | TotalactualamountofguaranteeduringtheReportingPeriod(A2+B2+C2) | 5,895,658 | |||||||
| TotalguaranteequotaapprovedattheendoftheReportingPeriod(A3+B3+C3) | 106,414,123 | TotalactualguaranteebalanceattheendoftheReportingPeriod(A4+B4+C4) | 37,833,103 | |||||||
| Totalguaranteeamount(A4+B4+C4)tonetassetsoftheCompanyattheendoftheReportingPeriod | 42.71% | |||||||||
| Ofwhich: | ||||||||||
| Balanceofguaranteeforshareholders,actualcontroller,andaffiliatesthereof(D) | - | |||||||||
| Balanceofdebtguaranteeprovidedforguaranteedpartywhoseasset-liabilityratioisnotlessthan70%directlyorindirectly(E) | 26,794,338 | |||||||||
| Amountoftotalguaranteeinexcessof50%ofnetassets(F) | - | |||||||||
| Totalamountoftheabovethreeguarantees(D+E+F) | 26,794,338 | |||||||||
| ExplanationonguaranteeliabilitiesoccurredorpossiblejointandseveralliabilitiesofrepaymentwithevidenceduringtheReportingPeriod(ifany)forunexpiredguaranteecontracts | N/A | |||||||||
| Explanationonprovisionofguaranteesforexternalpartiesinviolationoftheprescribedprocedure(ifany) | N/A | |||||||||
Descriptionsontheuseofcompositeguarantees（Notapplicable）
3.Wealthmanagedundertrust
?Applicable?Notapplicable
Unit:RMB'000
| Type | FundingSourceforEntrustedFunds | MaximumDailyBalanceofSuchEntrustedFundsDuringtheReportingPeriod | UnexpiredBalance | OverdueOutstandingAmount | ImpairmentProvisionofOverdueOutstandingFunds |
| Bankwealthmanagementproducts | Self-ownedfunds | 26,400,000 | 17,700,000 | - | - |
| Total | 26,400,000 | 17,700,000 | - | - | |
Note:ThemaximumsingledaybalancesforeachtypeofentrustedwealthmanagementintheabovetableoccurondifferentdatesanddirectsumtotalsdonotrepresentthemaximumsingledaybalancesforalloftheCompany’swealthmanagement.Detailsofindividualitemswithsignificantamountoroflow-safety,poor-liquidityandhigh-riskwealthmanagementproducts?Applicable?NotapplicableItisexpectedthattheprincipalofentrustedfinancingcannotberecovered,ortheremaybeothercircumstancesthatmayresultinimpairment?Applicable?Notapplicable
4.Othersignificantcontracts
?Applicable?NotapplicableTherewerenosignificantcontractsoftheCompanyduringtheReportingPeriod.
XIII.OtherSignificantEvents?Applicable?Notapplicable(I)TheCompany’sRepurchaseofitsShares
1.SharerepurchaseprograminJanuary2024BasedontheconfidenceinfuturedevelopmentprospectsandhighrecognitionoftheCompany'svalue,andaftertakingintocomprehensiveconsiderationofbusinessdevelopmentprospects,operationalconditions,financialstatus,futureprofitabilityandtheperformanceoftheCompany’ssharesinthesecondarymarket,theCompanylaunchedasharerepurchaseprograminJanuary2024torepurchaseitssharesinthesecondarymarketwithitsownfunds.TheCompanyheldtheeleventhmeetingofthesixthsessionoftheBoardonJanuary30,2024,atwhichthe“ResolutionontheCompany'sShareRepurchaseProgramthroughCentralizedBidding”wasconsideredandapproved.ThetotalrepurchaseamountshouldbenotlessthanRMB0.5billionandnotmorethanRMB1billionwitharepurchasepriceofnotmorethanRMB55/shareandarepurchaseperiodof6monthsfromthedateofconsiderationandapprovaloftherepurchaseprogrambytheBoardoftheCompany.
AsatApril26,2024,thesharerepurchaseprogramwascompleted.Atotalof28,240,207shareshadbeenrepurchasedduringtherepurchaseperiodwithatotalrepurchaseamountofapproximatelyRMB1billion(excludingtransactionexpenses),whichrepresentapproximately0.59%oftheexistingtotalsharecapitaloftheCompany.TheaveragetransactionpricefortherepurchasedshareswasRMB35.41pershare.
2.Changingtheuseofrepurchasedsharesandcancellation
Toeffectivelyprotecttheinterestsofinvestors,enhanceinvestorconfidence,andimprovethelong-terminvestmentvalueoftheCompany,the"ResolutionontheChangeoftheUseofRepurchasedSharesandCancellation”wasconsideredandapprovedatthetwelfthmeetingofthesixthsessionoftheBoardandthe2023annualgeneralmeetingoftheCompanyheldonMarch26,2024andApril4,2024respectively.ItwasagreedtochangetheuseofrepurchasedsharesassetoutinthesharerepurchaseprogramsinMarch2022,September2022andJanuary2024fromtheoriginaluseof"therepurchasedsharesbeingusedfortheemployeestockownershipplanorequityincentive"to"theactuallyrepurchasedsharesbeingusedforcancellationandreductionofregisteredcapital".
Afterthechangeoftheuseofrepurchasedshares,atotalof79,291,153shareswhichwererepurchasedaccordingtothesharerepurchaseprogramsoftheCompanyinMarch2022,September2022andJanuary2024wasrequiredtobecancelled.TheCompanyhadcompletedtheproceduresforcancellingtheabove-mentionedshareswiththeShenzhenbranchofChinaSecuritiesDepositoryandClearingCorporationLimitedonJune20,2024,afterwhichthetotalsharecapitaloftheCompanywaschangedfrom4,895,202,373sharesto4,815,911,220shares.
3.Secondsharerepurchaseprogramin2024
Withaviewtofurtherimprovingthelong-termincentivemechanismoftheCompanyandfullymotivatingitskeyandoutstandingemployeestojointlypromoteitslong-termdevelopment,andaftertakingintocomprehensiveconsiderationofbusinessdevelopmentprospects,operationalconditions,financialstatus,futureprofitabilityandtheperformanceoftheCompany’ssharesinthesecondarymarket,theCompanylaunchedthesecondsharerepurchaseprogramin2024torepurchaseitssharesinthesecondarymarketwithitsownfunds.TheCompanyheldthethirteenthmeetingofthesixthsessionoftheBoardonApril29,2024,atwhichthe“ResolutionontheSecondShareRepurchaseProgramin2024”wasconsideredandapproved.ThetotalrepurchaseamountshouldbenotlessthanRMB0.5billionandnotmorethanRMB1billionwitharepurchasepriceofnotmorethanRMB53/shareandarepurchaseperiodof12monthsfromthedateofconsiderationandapprovaloftherepurchaseprogrambytheBoardoftheCompany.
AsatJune30,2024,theCompanyhadrepurchasedatotalof10,199,584sharesbymeansofcentralisedbiddingthroughitsspecificsecuritiesaccountforrepurchasewithatotalrepurchaseamountofapproximatelyRMB0.378billion(excludingtransactionexpenses),whichrepresentapproximately0.21%oftheexistingtotalsharecapitaloftheCompany.TheaveragetransactionpricefortherepurchasedshareswasRMB37.10pershare.AsatJuly31,2024,theCompanyhadrepurchasedatotalof14,935,758shareswithatotalrepurchaseamountofapproximatelyRMB546,188,401.16(excludingtransactionexpenses),whichrepresentapproximately0.31%oftheexistingtotalsharecapitaloftheCompany.TheaveragetransactionpricefortherepurchasedshareswasRMB36.57pershare.(II)Issuanceofdomesticandoverseasdebtfinancingproductsbywholly-ownedsubsidiaries
InalignmentwiththeCompany'sdevelopmentstrategyandtomeetitsbusinessneeds,theCompanyissueddebtfinancingproductsdomesticallythroughitswholly-ownedsubsidiary,TaisenHoldings,duringtheReportingPeriod.PursuanttotheNoticeofAcceptanceofRegistration(ZhongShiXieZhu[2022]No.DFI14)issuedbytheNationalAssociationofFinancialMarketInstitutionalInvestors,TaisenHoldingsissuedthefirst,second,andthirdtranchesof2024super&short-termcommercialpapersonMarch7,2024,March14,2024andJune20,2024,respectively,withatotalissuancesizeofRMB1billion,RMB500million,and
RMB800million,respectively.Additionally,TaisenHoldingsissuedthefirsttrancheof2024medium-termnotesonApril23,2024,withatotalissuancesizeofRMB500million.AccordingtotheCSRC's"ApprovalrelatingtotheRegistrationofCorporateBondsPubliclyIssuedtoProfessionalInvestorsofShenzhenS.F.TaisenHoldings(Group)Co.,Ltd."(ZhengJianXuKe[2024]No.37),TaisenHoldingscompletedtheissuanceofthefirsttrancheofthe2024publicshort-termcorporatebondsonMarch13,2024,withatotalissuancesizeofRMB500million.(III)ThePreparationfortheIssuanceandListingofHShares
Inordertofurtherpromoteitsglobalizationstrategy,buildaninternationalcapitaloperationplatform,enhanceitsinternationalbrandimageandimproveitsoverallcompetitiveness,theCompanyplanstoissueoverseaslistedforeignshares(H-shares)andapplyforlistingontheMainBoardofTheStockExchangeofHongKongLimited(hereinafterreferredtoasthe"IssuanceandListing").UponapprovalattheFirstExtraordinaryGeneralMeetingof2023onAugust17,2023,theCompanywilltakeintofullconsiderationtheinterestsoftheexistingshareholdersandtheconditionsofdomesticandoverseascapitalmarkets,andwillselecttimingandwindowasappropriatetocompletetheIssuanceandListingwithinthevalidityperiodoftheresolutionofthegeneralmeeting(i.e.18monthsfromthedateofconsiderationandapprovalatthegeneralmeetingoftheCompany,orsuchotherperiodasmaybeagreedtobeextended).
OnMay31,2024,theCSRCissuedthe"NoticeofOverseasIssuanceandListingFilingofS.F.HoldingCo.,Ltd."(GuoHeHan[2024]No.1156),indicatingthattheCompany’sIssuanceandListinghavebeenfiledwithandapprovedbytheCSRC.AccordingtothescheduleforthisIssuanceandListing,theCompanysubmittedtheapplicationfortheIssuanceandListingtotheHongKongStockExchangeonJune28,2024.TheIssuanceandListingoftheCompanyissubjecttotheapproval,ratificationbytherelevantgovernmentalauthoritiesandregulatoryauthoritiessuchastheHKSFCandtheHongKongStockExchange,andisstillsubjecttouncertainties.TheCompanywillfulfillitsinformationdisclosureobligationsinatimelymanneraccordingtotheprogressoftheaforementionedmatter.
Thedisclosureindexoftheabovesignificanteventsandothersignificanteventsisasfollows:
| Interimannouncements | Dateofdisclosure | Websitefordisclosure |
| AnnouncementontheApprovaloftheCSRCfortheRegistrationofCorporateBondsIssuedPubliclybyShenzhenS.F.TaisenHoldings(Group)Co.,Ltd.toProfessionalInvestors | January12,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheImplementationofEmployeesIncentiveSchemebywayofCentralizedBiddingforRepurchaseofShares | January31,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheInitialRepurchaseofSharesoftheCompanyandtheProgressoftheRepurchase | February1,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonProgressofRepurchaseofSharesoftheCompany | March2,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheResultsoftheIssuanceoftheFirstTrancheofSuper&Short-termCommercialPapersfor2024byShenzhenS.F.TaisenHoldings(Group)Co.,Ltd.,aWholly-ownedSubsidiary | March12,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheResultsoftheIssuanceoftheFirstTrancheofCorporateBondsfor2024byShenzhenS.F.TaisenHoldings(Group)Co.,Ltd.,aWholly-ownedSubsidiary,toProfessionalInvestors | March14,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheResultsoftheIssuanceoftheSecondTrancheofSuper&Short-termCommercialPapersfor2024byShenzhenS.F.TaisenHoldings(Group)Co.,Ltd.,aWholly-ownedSubsidiary | March16,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonChangeofUseoftheRepurchasedSharesandCancellationoftheRepurchasedShares | March27,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonProgressofRepurchaseofSharesoftheCompany | March28,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonProgressofRepurchaseofSharesoftheCompany | April2,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheResultsoftheIssuanceoftheFirstTrancheofMedium-termNotesfor2024byShenzhenS.F.TaisenHoldings(Group)Co.,Ltd.,aWholly-ownedSubsidiary | April25,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheResultsofImplementationoftheShareRepurchasePlaninJanuary2024 | April30,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheSecondTrancheoftheShareRepurchasePlanfor2024 | April30,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonNotificationtoCreditorsforCancellationofRepurchasedShares | May6,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheInitialRepurchaseofSharesundertheSecondTrancheoftheShareRepurchasePlanfor2024andtheProgressoftheRepurchase | May6,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementProgressofRepurchaseofSharesoftheCompany | June1,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheFilingwiththeCSRCfortheIssuanceoftheOverseas-ListedForeignShares(HShares) | June3,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementontheResultsoftheIssuanceoftheThirdTrancheofSuper&Short-termCommercialPapersfor2024byShenzhenS.F.TaisenHoldings(Group)Co.,Ltd.,aWholly-ownedSubsidiary | June22,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonCompletionofCancellationoftheRepurchasedSharesandChangeofShares | June22,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonSubmissionofApplicationforListingofOverseas-ListedForeignShares(HShares)totheHongKongStockExchangeandPublicationofApplicationMaterials | June29,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonProgressofRepurchaseofSharesoftheCompany | July2,2024 | CNINFO(www.cninfo.com.cn) |
| AnnouncementonProgressofRepurchaseofSharesoftheCompany | August1,2024 | CNINFO(www.cninfo.com.cn) |
XIV.SignificantEventsofSubsidiaries
?Applicable?NotApplicable
Chapter7ShareChangesandShareholderDetails
I.ChangesinShares
1.Changesinshares
Unit:numberofshares
| BeforeChange | IncreaseorDecrease(+or-) | AfterChange | |||||||
| Numberofshares | Proportion | Newsharesissued | Bonusshares | Conversionofcapitalreserveintosharecapital | Others | Subtotal | Numberofshares | Proportion | |
| I.Sharessubjecttorestrictedsales | 34,083,585 | 0.70% | - | - | - | -6,667,000 | -6,667,000 | 27,416,585 | 0.57% |
| 1.Sharesheldbystate | - | - | - | - | - | - | - | - | - |
| 2.Sharesheldbystate-ownedlegalperson | - | - | - | - | - | - | - | - | - |
| 3.Othersharesheldbydomesticcapital | 33,992,085 | 0.69% | - | - | - | -6,667,000 | -6,667,000 | 27,325,085 | 0.57% |
| Ofwhich:Othersharesheldbydomesticlegalperson | - | - | - | - | - | - | - | - | - |
| Othersharesheldbydomesticnaturalperson | 33,992,085 | 0.69% | - | - | - | -6,667,000 | -6,667,000 | 27,325,085 | 0.57% |
| 4.Sharesheldbyoverseascapital | 91,500 | 0.00% | - | - | - | - | - | 91,500 | 0.00% |
| Ofwhich:Othersharesheldbyoverseaslegalperson | - | - | - | - | - | - | - | - | - |
| Othersharesheldbyoverseasnaturalperson | 91,500 | 0.00% | - | - | - | - | - | 91,500 | 0.00% |
| II.Sharesnotsubjecttorestrictedsales | 4,861,118,788 | 99.30% | - | - | - | -72,624,153 | -72,624,153 | 4,788,494,635 | 99.43% |
| 1.RMB-denominatedordinaryshares | 4,861,118,788 | 99.30% | - | - | - | -72,624,153 | -72,624,153 | 4,788,494,635 | 99.43% |
| III.Totalnumberofshares | 4,895,202,373 | 100% | - | - | - | -79,291,153 | -79,291,153 | 4,815,911,220 | 100% |
Reasonsofsharechanges?Applicable?Notapplicable
Tomaintaininvestors’interests,enhanceinvestors’confidenceandincreasethelong-terminvestmentvalue,withtheconfidencetothefuturedevelopmentprospectandthehighrecognitionofourownvalue,theCompanyconvenedthe12thmeetingofthesixthsessionoftheBoardon26March2024and30April2024and2023annualgeneralmeeting,atwhichtheProposalonChangethe
PurposeofShareRepurchaseandCancellationwasconsideredandapproved.TheCompanyintendedtochangethepurposesofthesharerepurchaseplansforMarchandSeptember2022andJanuary2024,changingfromtheoriginalplan“employeestockownershipplanorequityincentiveplan”to“cancellationandreductiontheregisteredcapital”.Afterchangingthepurposeofthesharesrepurchase,atotalof79,291,153sharesinthespecialsecuritiesaccountfortherepurchaseoftheCompanyshouldbecanceled.TheCompanycompletedtheregistrationproceduresforthecancelingsuchsharesinChinaSecuritiesDepositoryandClearingCorporationLimitedShenzhenBranchon20June2024.ThetotalsharecapitaloftheCompanyfrom4,895,202,373shareshasbeenchangedto4,815,911,220sharesaftercompletingthecancellation.Approvalofsharechanges?Applicable?NotapplicablePleaserefertotheabove.Transferofshareownership?Applicable?NotapplicableImplementationprogressofsharerepurchase?Applicable?Notapplicable
2024FirstRepurchasePlan:TheCompanyconvenedthe11thmeetingofthesixthsessionoftheBoardon30January2024,atwhichtheProposalonthePlanforShareRepurchasebywayofCentralisedBiddingwasconsideredandapproved.Undertheproposal,theCompanywasapprovedtorepurchaseitscertainsharesfortheemployeestockownershipplanorequityincentivewithitsownfunds.ThetotalamountofrepurchaseshallnotbelessthanRMB500millionbutnotexceedRMB1billion,andtherepurchasepriceshallnotexceedRMB55persharewitharepurchaseperiodof6monthsfromthedateofconsiderationandapprovaloftherepurchaseplanbytheBoardofDirectorsoftheCompany.Asof26April2024,thisrepurchaseplanhasbeenimplemented.TheCompanyrepurchasedatotalof28,240,207shares,withatotalrepurchaseamountofapproximatelyRMB1billion(excludingtransactioncosts),andthenumberofsharesrepurchasedaccountedfor0.59%oftheCompany'scurrenttotalsharecapital,withanaveragetradingpriceofRMB35.41pershare.Basedontheapprovalonthe2023annualgeneralmeeting,thepurposeofthe2024firstrepurchaseplanhasbeenchangedtocancellationandreductionoftheregisteredcapital.DuringtheReportingPeriod,theCompanyhascompletedthecancellationproceduresfortherepurchaseofsuchshares.
2024SecondRepurchasePlan:TheCompanyconvenedthe13thmeetingofthesixthsessionoftheBoardon29April2024,atwhichtheProposalonthePlanforthe2024SecondShareRepurchasewasconsideredandapproved.Undertheproposal,theCompanywasapprovedtorepurchaseitscertainsharesfortheemployeestockownershipplanorequityincentivewithitsownfunds.ThetotalamountofrepurchaseshallnotbelessthanRMB500millionbutnotexceedRMB1billion,andtherepurchasepriceshallnotexceedRMB55persharewitharepurchaseperiodof12monthsfromthedateofconsiderationandapprovaloftherepurchaseplanbytheBoardofDirectorsoftheCompany.DuringtheReportingPeriod,theCompanyrepurchasedatotalof10,199,584shares,withatotalrepurchaseamountofapproximatelyRMB378million(excludingtransactioncosts),andthenumberofsharesrepurchasedaccountedfor0.21%oftheCompany'scurrenttotalsharecapital,withanaveragetradingpriceofRMB37.10pershare.Asof31July2024,theCompanyrepurchasedatotalof14,935,758shares,withatotalrepurchaseamountofRMB546,188,401.16(excludingtransactioncosts),andthenumberofsharesrepurchasedaccountedfor0.31%oftheCompany'scurrenttotalsharecapital,withanaveragetradingpriceofRMB36.57pershare.
Implementationofsharerepurchasereductionthroughaggregateauction?Applicable?NotapplicableEffectsofsharechangesonthebasicEPS,dilutedEPS,netassetspershareattributabletoordinaryshareholdersoftheCompany,andotherfinancialindicatorsforthelastyearandthelastReportingPeriod?Applicable?Notapplicable
DuringtheReportingPeriod,theCompany’stotalsharecapitalwasreducedby79,291,153sharesduetothecancellationofthesharesrepurchased.Therefore,thebasicEPS,dilutedEPS,netassetspershareattributabletoordinaryshareholdersoftheCompany,andotherfinancialindicatorsforthecurrentperiodhavebeenincreased.OtherinformationthattheCompanyconsidersnecessary,orarerequiredbythesecuritiesregulatoryauthorities,todisclose?Applicable?Notapplicable
2、Changesinrestrictedshares
?Applicable?Notapplicable
Unit:numberofshares
| Nameofshareholder | Restrictedsharesatthebeginningoftheperiod | Numberofrestrictedsharesremovedintheperiod | Numberofrestrictedsharesincreasedintheperiod | Restrictedsharesattheendoftheperiod | Reasonforrestriction | Dateofunlockingrestrictedshares |
| LiuJilu | 33,542,835 | 6,697,500 | - | 26,845,335 | lock-upsharesforsupervisor | 6,697,500sharesunlockedinearly2024 |
| WangXin | 129,000 | - | - | 129,000 | lock-upsharesforDirector | - |
| HoChit | 91,500 | - | - | 91,500 | lock-upsharesforDirector | - |
| LiSheng | 91,500 | - | - | 91,500 | lock-upsharesforseniormanagement | - |
| GengYankun | 91,500 | - | - | 91,500 | lock-upsharesforseniormanagement | - |
| ZhangDong | 91,500 | - | 30,500 | 122,000 | lock-upsharesforresignedDirector | - |
| ZhouHaiqiang | 45,750 | - | - | 45,750 | lock-upsharesforseniormanagement | - |
| Total | 34,083,585 | 6,697,500 | 30,500 | 27,416,585 | -- | -- |
II.IssuanceandListingofSecurities
?Applicable?Notapplicable
III.TotalNumberofShareholdersandTheirHoldings
Unit:numberofshares
| TotalnumberofordinaryshareholdersattheendofReportingPeriod | 196,384 | TotalnumberofpreferredshareholderswithvotingrightsrestoredattheendofReportingPeriod(ifany) | - | ||||||
| Ordinaryshareholdersholdingmorethan5%ofsharesorsharesofthetoptenordinaryshareholders(excludinglendingofsharesthroughrefinancing) | |||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | NumberofordinarysharesheldattheendoftheReportingPeriod | IncreaseordecreaseofordinarysharesduringtheReportingPeriod | Numberofrestrictedordinarysharesheld | Numberofunrestrictedordinarysharesheld | Pledged,markedorfrozenshares | ||
| Statusofshares | Amount | ||||||||
| ShenzhenMingdeHoldingDevelopmentCo.,Ltd | Domesticnon-state-ownedlegalperson | 48.16% | 2,319,497,139 | -42,430,0001 | - | 2,319,497,139 | Pledged | 1,057,900,000 | |
| MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount | Domesticnon-state-ownedlegalperson | 5.03% | 242,430,000 | 42,430,0001 | - | 242,430,000 | Pledged | 242,430,000 | |
| HongKongSecuritiesClearingCompanyLtd. | Overseaslegalperson | 4.83% | 232,463,450 | 3,763,349 | - | 232,463,450 | - | - | |
| ShenzhenZhaoguangInvestmentCo.,Ltd. | State-ownedlegalperson | 3.94% | 189,716,864 | - | - | 189,716,864 | - | - | |
| ShenzhenWeishunEnterpriseManagementCo.,Ltd. | Domesticnon-state-ownedlegalperson | 2.08% | 100,000,000 | - | - | 100,000,000 | - | - | |
| NingboShundaFengrunInvestmentManagementPartnership(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 1.69% | 81,450,959 | -19,463,945 | - | 81,450,959 | Pledged | 47,275,930 | |
| LinZheying | Domesticnaturalperson | 0.85% | 40,873,000 | 851,400 | - | 40,873,000 | - | - | |
| LiuJilu | Domesticnaturalperson | 0.74% | 35,793,780 | - | 26,845,335 | 8,948,445 | Pledged | 6,550,000 | |
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.-Chongyang | Other | 0.66% | 31,691,092 | 3,377,650 | - | 31,691,092 | - | - | |
DuringtheReportingPeriod,42,430,000sharesweretransferredto“MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount”byMingdeHoldingtoguaranteetheissuanceofexchangeablecorporatebond“21MingdeEB.”2,661,927,139sharesofthetotalsharesoftheCompanyheldbyMingderemainsunchanged.
| StrategyCaizhiFund | ||||||||||
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.-ChongyangStrategyJuzhiFund | Other | 0.60% | 29,131,937 | 1,102,100 | - | 29,131,937 | - | - | ||
| Strategicinvestororgenerallegalpersonbecomesthetoptenordinaryshareholderduetotheplacementofnewshares(ifany) | N/A | |||||||||
| Explanationonassociatedrelationshiporpersonsactinginconcertbetweentheabove-mentionedshareholders | ShenzhenMingdeHoldingDevelopmentCo.,Ltd.holdsatotalof2,661,927,139sharesintheCompany,accountingfor55.27%oftheCompany'stotalsharecapital,ofwhich2,319,497,139sharesaredirectlyheld,100,000,000sharesareheldthroughitswholly-ownedsubsidiaryShenzhenWeishunEnterpriseManagementCo.,Ltd.,and242,430,000sharesareheldthroughthe"MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount",aspecialaccountforguaranteeandtrustopenedfortheissuanceofexchangeablebonds(EB).TheCompanyisnotcertainastowhetherthereisanassociatedrelationshipbetweentheotherabove-mentionedshareholdersandwhethertheyareactinginconcert. | |||||||||
| Explanationontheabove-mentionedshareholders'involvementinentrustment/entrustedvotingrightsandabstainingfromvotingrights | N/A | |||||||||
| Specialexplanationonthetoptenshareholdershavingspecialrepurchaseaccounts(ifany) | N/A | |||||||||
| Toptenordinaryshareholdersholdingunrestrictedshares(excludinglendingofsharesthroughrefinancingandlock-upsharesforseniormanagement) | ||||||||||
| Nameofshareholder | NumberofunrestrictedordinarysharesheldattheendoftheReportingPeriod | Typeofshares | ||||||||
| Typeofshares | Quantity | |||||||||
| ShenzhenMingdeHoldingDevelopmentCo.,Ltd. | 2,319,497,139 | RMB-denominatedordinaryshares | 2,319,497,139 | |||||||
| MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount | 242,430,000 | RMB-denominatedordinaryshares | 242,430,000 | |||||||
| HongKongSecuritiesClearingCompanyLtd. | 232,463,450 | RMB-denominatedordinaryshares | 232,463,450 | |||||||
| ShenzhenZhaoguangInvestmentCo.,Ltd. | 189,716,864 | RMB-denominatedordinaryshares | 189,716,864 | |||||||
| ShenzhenWeishunEnterpriseManagementCo.,Ltd. | 100,000,000 | RMB-denominatedordinaryshares | 100,000,000 | |||||||
| NingboShundaFengrunInvestmentManagementPartnership(LimitedPartnership) | 81,450,959 | RMB-denominatedordinaryshares | 81,450,959 | |||||||
| LinZheying | 40,873,000 | RMB-denominatedordinaryshares | 40,873,000 | |||||||
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.-ChongyangStrategyCaizhiFund | 31,691,092 | RMB-denominatedordinaryshares | 31,691,092 | |||||||
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.-ChongyangStrategyJuzhiFund | 29,131,937 | RMB-denominatedordinaryshares | 29,131,937 | |||||||
| IndustrialandCommercialBankofChinaLimited–Huatai-PinebridgeCSI300ExchangeTradedOpen-endedIndexSecuritiesInvestmentFund | 28,787,595 | RMB-denominatedordinaryshares | 28,787,595 | |||||||
| Explanationonassociatedrelationshiporpersonsactinginconcertbetweenthetoptenunrestrictedordinaryshareholders,andbetweenthetoptenunrestrictedordinaryshareholdersandthetoptenordinaryshareholders | ShenzhenMingdeHoldingDevelopmentCo.,Ltd.holdsatotalof2,661,927,139sharesintheCompany,accountingfor55.27%oftheCompany'stotalsharecapital,ofwhich2,319,497,139sharesaredirectlyheld,100,000,000sharesareheldthroughitswholly-ownedsubsidiaryShenzhenWeishunEnterpriseManagementCo.,Ltd.,and242,430,000sharesareheldthroughthe"MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount",aspecialaccountforguaranteeandtrustopenedfortheissuanceofexchangeablebonds(EB).TheCompanyisnotcertainastowhetherthereisanassociatedrelationshipbetweentheotherabove-mentionedshareholdersandwhethertheyareactinginconcert. |
| Explanationofthetoptenordinaryshareholders'participationinmarginfinancingandsecuritieslendingbusiness(ifany) | Inadditionto35,000,000sharesheldthroughanordinarysecuritiesaccount,LinZheying,ashareholderoftheCompany,alsoheld5,873,000sharesthroughaCustomermarginsecuritiesaccountofYuekaiSecuritiesCo.,Ltd.,withatotalholdingof40,873,000shares;Inadditionto12,104,373sharesheldthroughanordinarysecuritiesaccount,ShanghaiChongyangStrategicInvestmentCo.,Ltd.-ChongyangStrategyCaizhiFund,ashareholderoftheCompany,alsoheld19,586,719sharesthroughaCustomermarginsecuritiesaccountofChinaMerchantsSecuritiesCo.,Ltd,withatotalholdingof31,691,092shares;Inadditionto5,325,537sharesheldthroughanordinarysecuritiesaccount,ShanghaiChongyangStrategicInvestmentCo.,Ltd.-ChongyangStrategyJuzhiFundGatheringFundalsoheld23,806,400sharesthroughaCustomermarginsecuritiesaccountofChinaMerchantsSecuritiesCo.,Ltd,withanactualtotalholdingof29,131,937shares. |
Theparticipationofshareholderswhoheldmorethan5%oftheshares,toptenshareholdersandtoptenunrestrictedtradableshareholdersinsecuritieslendingtransactions?Applicable□Notapplicable
Unit:numberofshares
| Theparticipationofshareholderswhoheldmorethan5%oftheshares,toptenshareholdersandtoptenunrestrictedtradableshareholdersinsecuritieslendingtransactions | ||||||||
| Nameofshareholder | Sharesheldinshareholders'ordinaryaccountsandcreditaccountsatthebeginingoftheperiod | Thelendingsharesthroughrefinancingandunreturnedatthebeginingoftheperiod | Sharesheldinshareholders'ordinaryaccountsandcreditaccountsattheendoftheperiod | Thelendingsharesthroughrefinancingandunreturnedattheendoftheperiod | ||||
| Numberofshares | Shareholdingpercentage | Numberofshares | Shareholdingpercentage | Numberofshares | Shareholdingpercentage | Numberofshares | Shareholdingpercentage | |
| IndustrialandCommercialBankofChinaLimited–Huatai-PinebridgeCSI300ExchangeTradedOpen-endedIndexSecuritiesInvestmentFund | 18,136,295 | 0.37% | 20,800 | 0.00% | 28,787,595 | 0.60% | 0 | 0.00% |
Thetoptenshareholdersandthetoptenunrestrictedtradableshareholderschangedfromthepreviousperiodduetolending/returningsharesthroughrefinancing.
□Applicable?NotapplicableAnyofthetoptenordinaryshareholdersorthetoptenunrestrictedordinaryshareholdersoftheCompanyconductedanytransactionofpromissoryrepurchaseornotduringtheReportingPeriod??Applicable?NotapplicableNoneofthetoptenordinaryshareholderorthetoptenunrestrictedordinaryshareholdersoftheCompanyconductedanytransactionofpromissoryrepurchaseduringtheReportingPeriod.IV.ChangesinSharesHeldbyDirectors,SupervisorsandSeniorManagement
?Applicable?NotapplicableV.ChangeofControllingShareholdersorActualControllers
ChangeofcontrollingshareholdersduringtheReportingPeriod?Applicable?NotapplicableTherewasnochangeinthecontrollingshareholdersoftheCompanyduringtheReportingPeriod.ChangeofactualcontrollerduringtheReportingPeriod?Applicable?NotapplicableTherewasnochangeintheactualcontrolleroftheCompanyduringtheReportingPeriod.
Chapter8PreferredShares
?Applicable?NotapplicableTherewerenopreferredsharesintheCompanyduringtheReportingPeriod.
Chapter9Bonds?Applicable?Notapplicable
Chapter10FinancialStatements
[EnglishTranslationforReferenceOnly]
ReviewReportPwCZTYueZi(2024)No.0036
PwCZTYueZi(2024)No.0036TotheshareholdersofS.F.HoldingCo.,Ltd.,
TotheshareholdersofS.F.HoldingCo.,Ltd.,
WehavereviewedtheaccompanyinginterimfinancialstatementsofS.F.HoldingCo.,Ltd.(hereinafter“S.F.Holding”),whichcomprisetheconsolidatedandcompanybalancesheetsasat30June2023,theconsolidatedandcompanyincomestatements,theconsolidatedandcompanycashflowstatementsandtheconsolidatedandcompanystatementsofchangesinequityfortheperiodthenended,andthenotestotheinterimfinancialstatements.ManagementofS.F.HoldingisresponsibleforthepreparationoftheseinterimfinancialstatementsinaccordancewiththerequirementsoftheAccountingStandardsforBusinessEnterprises(“CAS”)32-InterimFinancialReporting.Ourresponsibilityistoissueareviewreportontheseinterimfinancialstatementsbasedonourreview.
WehavereviewedtheaccompanyinginterimfinancialstatementsofS.F.HoldingCo.,Ltd.(hereinafter“S.F.Holding”),whichcomprisetheconsolidatedandcompanybalancesheetsasat30June2023,theconsolidatedandcompanyincomestatements,theconsolidatedandcompanycashflowstatementsandtheconsolidatedandcompanystatementsofchangesinequityfortheperiodthenended,andthenotestotheinterimfinancialstatements.ManagementofS.F.HoldingisresponsibleforthepreparationoftheseinterimfinancialstatementsinaccordancewiththerequirementsoftheAccountingStandardsforBusinessEnterprises(“CAS”)32-InterimFinancialReporting.Ourresponsibilityistoissueareviewreportontheseinterimfinancialstatementsbasedonourreview.
WeconductedourreviewinaccordancewithChinaStandardsonReviewEngagementNo.2101,“ReviewofFinancialStatements”.TheseStandardsrequirethatweplanandperformthereviewtoobtainlimitedassuranceastowhethertheinterimfinancialstatementsarefreeofmaterialmisstatement.Areviewislimitedprimarilytoinquiriesofcompanypersonnelandanalyticalproceduresappliedtofinancialdataandthusprovideslessassurancethananaudit.Wehavenotperformedanauditand,accordingly,wedonotexpressanauditopinion.
WeconductedourreviewinaccordancewithChinaStandardsonReviewEngagementNo.2101,“ReviewofFinancialStatements”.TheseStandardsrequirethatweplanandperformthereviewtoobtainlimitedassuranceastowhethertheinterimfinancialstatementsarefreeofmaterialmisstatement.Areviewislimitedprimarilytoinquiriesofcompanypersonnelandanalyticalproceduresappliedtofinancialdataandthusprovideslessassurancethananaudit.Wehavenotperformedanauditand,accordingly,wedonotexpressanauditopinion.Basedonourreview,nothinghascometoourattentionthatcausesustobelievethattheinterimfinancialstatementsarenotprepared,inallmaterialrespects,inaccordancewithCAS32-InterimFinancialReporting.
Basedonourreview,nothinghascometoourattentionthatcausesustobelievethattheinterimfinancialstatementsarenotprepared,inallmaterialrespects,inaccordancewithCAS32-InterimFinancialReporting.
PricewaterhouseCoopersZhongTianLLP
Shanghai,thePeople’sRepublicofChina28August2024
| PricewaterhouseCoopersZhongTianLLPShanghai,thePeople’sRepublicofChina28August2024 | SigningCPASigningCPA | ——————————LinChongyun——————————LiuYufeng |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDBALANCESHEETASAT30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| ASSETS | Note | 30June2024 | 31December2023 | |
| Consolidated | Consolidated | |||
| (Unaudited) |
Currentassets
| Currentassets | ||||
| Cashatbankandonhand | 4(1) | 33,485,353 | 41,974,505 | |
| Financialassetsheldfortrading | 4(2) | 18,047,323 | 6,809,742 | |
| Notesreceivable | 243,789 | 226,946 | ||
| Accountsreceivable | 4(3) | 25,851,621 | 25,133,487 | |
| Receivablesfinancing | 125,633 | 99,978 | ||
| Advancestosuppliers | 4(4) | 2,793,054 | 3,247,294 | |
| Loansandadvances | 98,067 | 326,780 | ||
| Otherreceivables | 4(5) | 3,311,338 | 3,569,308 | |
| Inventories | 2,559,211 | 2,440,425 | ||
| Contractassets | 2,039,379 | 1,632,592 | ||
| Currentportionofnon-currentassets | 4(7) | 225,525 | 314,080 | |
| Othercurrentassets | 4(6) | 4,299,478 | 5,215,543 | |
| Totalcurrentassets | 93,079,771 | 90,990,680 |
Non-currentassets
| Non-currentassets | ||||
| Long-termreceivables | 4(7) | 321,655 | 368,070 | |
| Long-termequityinvestments | 4(8) | 6,859,813 | 7,378,831 | |
| Investmentsinotherequityinstruments | 4(9) | 8,344,293 | 9,489,535 | |
| Othernon-currentfinancialassets | 508,313 | 589,996 | ||
| Investmentproperties | 4(10) | 6,658,540 | 6,418,720 | |
| Fixedassets | 4(11) | 54,518,899 | 53,929,854 | |
| Constructioninprogress | 4(12) | 2,939,116 | 4,032,884 | |
| Right-of-useassets | 4(13) | 13,119,519 | 14,073,571 | |
| Intangibleassets | 4(14) | 17,484,194 | 18,147,193 | |
| Capitaliseddevelopmentexpenditures | 4(15) | 90,055 | 129,845 | |
| Goodwill | 4(16) | 9,861,422 | 9,570,436 | |
| Long-termprepaidexpenses | 4(17) | 3,109,888 | 3,161,404 | |
| Deferredtaxassets | 4(30) | 2,053,570 | 2,263,870 | |
| Othernon-currentassets | 916,883 | 945,766 | ||
| Totalnon-currentassets | 126,786,160 | 130,499,975 |
TOTALASSETS
| TOTALASSETS | 219,865,931 | 221,490,655 |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDBALANCESHEET(CONTINUED)ASAT30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| LIABILITIESANDEQUITY | Note | 30June2024 | 31December2023 | |
| Consolidated | Consolidated | |||
| (Unaudited) |
Currentliabilities
| Currentliabilities | ||||
| Short-termborrowings | 4(19) | 23,691,496 | 18,221,977 | |
| Depositsfromcustomers | 173 | 1,731 | ||
| Financialliabilitiesheldfortrading | 94,614 | 92,120 | ||
| Notespayable | 9,091 | 68,165 | ||
| Accountspayable | 4(20) | 23,801,241 | 24,846,135 | |
| Advancesfromcustomers | 41,209 | 40,714 | ||
| Contractliabilities | 1,802,509 | 1,832,018 | ||
| Employeebenefitspayable | 4(21) | 4,505,260 | 5,608,609 | |
| Taxespayable | 4(22) | 1,978,608 | 2,129,715 | |
| Otherpayables | 4(23) | 10,338,816 | 11,494,841 | |
| Currentportionofnon-currentliabilities | 4(24) | 8,271,042 | 9,485,948 | |
| Othercurrentliabilities | 4(25) | 2,455,242 | 167,668 | |
| Totalcurrentliabilities | 76,989,301 | 73,989,641 |
Non-currentliabilities
| Non-currentliabilities | ||||
| Long-termborrowings | 4(26) | 10,661,466 | 11,355,241 | |
| Debenturespayable | 4(27) | 19,710,996 | 18,794,782 | |
| Leaseliabilities | 4(28) | 7,472,393 | 8,038,495 | |
| Long-termpayables | 228,220 | 247,452 | ||
| Long-termemployeebenefitspayable | 77,406 | 82,216 | ||
| Deferredincome | 4(29) | 1,210,871 | 1,090,644 | |
| Deferredtaxliabilities | 4(30) | 4,536,857 | 4,550,974 | |
| Provisions | 67,071 | 57,550 | ||
| Totalnon-currentliabilities | 43,965,280 | 44,217,354 |
Totalliabilities
| Totalliabilities | 120,954,581 | 118,206,995 |
Equity
| Equity | ||||
| ShareCapital | 4(31) | 4,815,911 | 4,895,202 | |
| Capitalreserves | 4(32) | 35,970,002 | 43,164,085 | |
| Less:Treasurystock | 4(33) | (378,490) | (2,575,532) | |
| Othercomprehensiveincome | 4(48) | 4,477,169 | 5,532,428 | |
| Generalriskreserve | 524,376 | 524,376 | ||
| Surplusreserve | 4(35) | 2,413,786 | 2,413,786 | |
| Retainedearnings | 4(36) | 40,748,443 | 38,835,999 | |
| TotalequityattributabletoshareholdersoftheCompany | 88,571,197 | 92,790,344 | ||
| Minorityinterests | 6(1)(b) | 10,340,153 | 10,493,316 | |
| Totalequity | 98,911,350 | 103,283,660 |
TOTALLIABILITIESANDEQUITY
| TOTALLIABILITIESANDEQUITY | 219,865,931 | 221,490,655 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.COMPANYBALANCESHEETASAT30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| ASSETS | Note | 30June2024 | 31December2023 | |
| Company | Company | |||
| (Unaudited) |
Currentassets
| Currentassets | ||||
| Cashatbankandonhand | 18(1) | 29,017 | 138,046 | |
| Advancestosuppliers | 28,885 | 26,243 | ||
| Otherreceivables | 18(2) | 17,634,795 | 21,818,111 | |
| Othercurrentassets | 9,356 | 6,029 | ||
| Totalcurrentassets | 17,702,053 | 21,988,429 |
Non-currentassets
| Non-currentassets | ||||
| Long-termequityinvestments | 18(3) | 66,962,282 | 66,933,038 | |
| Constructioninprogress | 253,138 | 210,661 | ||
| Intangibleassets | 348,201 | 354,928 | ||
| Deferredtaxassets | 696 | 100 | ||
| Totalnon-currentassets | 67,564,317 | 67,498,727 |
TOTALASSETS
| TOTALASSETS | 85,266,370 | 89,487,156 |
S.F.HOLDINGCO.,LTD.COMPANYBALANCESHEET(CONTINUED)ASAT30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| LIABILITIESANDEQUITY | Note | 30June2024 | 31December2023 | |
| Company | Company | |||
| (Unaudited) |
Currentliabilities
| Currentliabilities | ||||
| Employeebenefitspayable | 182 | 182 | ||
| Otherpayables | 21,615 | 21,337 | ||
| Taxespayable | 160 | 3,292 | ||
| Totalcurrentliabilities | 21,957 | 24,811 |
Non-currentliabilities
| Non-currentliabilities | ||||
| Totalnon-currentliabilities | - | - |
Totalliabilities
| Totalliabilities | 21,957 | 24,811 |
Equity
| Equity | ||||
| ShareCapital | 4(31) | 4,815,911 | 4,895,202 | |
| Capitalreserves | 68,446,282 | 71,890,640 | ||
| Less:Treasurystock | 4(33) | (378,490) | (2,575,532) | |
| Surplusreserve | 2,260,741 | 2,260,741 | ||
| Retainedearnings | 10,099,969 | 12,991,294 | ||
| Totalequity | 85,244,413 | 89,462,345 |
TOTALLIABILITIESANDEQUITY
| TOTALLIABILITIESANDEQUITY | 85,266,370 | 89,487,156 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDANDCOMPANYINCOMESTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June | ||||||||
| Item | Note | 2024 | 2023 | 2024 | 2023 | |||
| Consolidated | Consolidated | Company | Company | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
1.Revenue
| 1.Revenue | 4(37) | 134,409,720 | 124,365,598 | - | - | |||
| Less:Costofrevenue | 4(37) | (115,784,772) | (107,555,280) | - | - | |||
| Taxesandsurcharges | (311,509) | (212,453) | (33) | (100) | ||||
| Sellinganddistributionexpenses | 4(38) | (1,470,892) | (1,392,755) | - | - | |||
| Generalandadministrativeexpenses | 4(39) | (8,966,441) | (8,940,581) | (4,029) | (10,161) | |||
| Researchanddevelopmentexpenses | 4(40) | (1,301,455) | (1,174,970) | - | - | |||
| Financial(costs)/income | 4(41) | (893,982) | (992,479) | 1,796 | 16,200 | |||
| Including:Interestexpenses | (1,230,918) | (1,092,673) | - | - | ||||
| Interestincome | 415,064 | 292,849 | 1,809 | 16,216 | ||||
| Add:Otherincome | 4(43) | 403,359 | 747,676 | - | - | |||
| Investmentincome/(Losses) | 4(44)18(4) | 358,868 | 500,597 | (117) | 22,167 | |||
| Including:InvestmentIncome/(losses)fromassociatesandjointventures | (62,580) | (13,486) | - | - | ||||
| Gains/(Losses)arisingfromchangesinfairvalue | 10,904 | 21,870 | - | (2,230) | ||||
| Reversalof/(Losseson)creditimpairment | (159,557) | 64,802 | - | (5) | ||||
| Assetimpairmentlosses | (1,624) | (806) | - | - | ||||
| Gainsondisposalofassets | 65,907 | 47,892 | - | - |
2.Operatingprofit
| 2.Operatingprofit | 6,358,526 | 5,479,111 | (2,383) | 25,871 | ||||
| Add:Non-operatingincome | 4(45)(a) | 168,965 | 130,193 | - | - | |||
| Less:Non-operatingexpenses | 4(45)(b) | (207,434) | (188,954) | - | - |
3.Totalprofit
| 3.Totalprofit | 6,320,057 | 5,420,350 | (2,383) | 25,871 | ||||
| Less:Incometaxexpenses | 4(46) | (1,559,135) | (1,526,110) | 268 | (6,618) |
4.Netprofit
| 4.Netprofit | 4,760,922 | 3,894,240 | (2,115) | 19,253 |
Classifiedbycontinuityof
operations:
| Classifiedbycontinuityofoperations: | ||||||||
| Netprofitfromcontinuingoperations | 4,760,922 | 3,894,240 | (2,115) | 19,253 | ||||
| Netprofitfromdiscontinuedoperations | - | - | - | - |
Classifiedbyownershipofthe
equity:
| Classifiedbyownershipoftheequity: | ||||||||
| AttributabletoshareholdersoftheCompany | 4,806,714 | 4,176,282 | Notapplicable | Notapplicable | ||||
| Minorityinterests | (45,792) | (282,042) | Notapplicable | Notapplicable |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDANDCOMPANYINCOMESTATEMENTS(CONTINUED)FORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June | ||||||||
| Item | Note | 2024 | 2023 | 2024 | 2023 | |||
| Consolidated | Consolidated | Company | Company | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
5.Othercomprehensiveincome,netoftax
| 5.Othercomprehensiveincome,netoftax | (1,459,677) | 429,802 | - | - | ||||
| AttributabletoshareholdersoftheCompany,netoftax | (1,060,319) | 639,549 | - | - | ||||
| Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss | (1,296,131) | (30,021) | - | - | ||||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 4(48) | (1,296,131) | (30,021) | - | - | |||
| Othercomprehensiveincomeitemswhichwillbetransferredtoprofitorlossundertheequitymethod | 235,812 | 669,570 | - | - | ||||
| Cashflowhedgingreserve | (1,012) | 8,740 | - | - | ||||
| Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodwhichwillbereclassifiedtoprofitorloss | (10,370) | 9,171 | - | - | ||||
| Exchangedifferencesontranslationofforeigncurrencyfinancialstatements | 4(48) | 247,194 | 651,659 | - | - | |||
| Attributabletominorityinterests,netoftax | 4(48) | (399,358) | (209,747) | - | - |
6.Totalcomprehensiveincome
| 6.Totalcomprehensiveincome | 3,301,245 | 4,324,042 | (2,115) | 19,253 |
Attributabletoshareholdersof
theCompany
| AttributabletoshareholdersoftheCompany | 3,746,395 | 4,815,831 | Notapplicable | Notapplicable | ||||
| Attributabletominorityinterests | (445,150) | (491,789) | Notapplicable | Notapplicable |
7.Earningspershare
| 7.Earningspershare | ||||||||
| Basicearningspershare(RMBYuan) | 4(47)(a) | 1.00 | 0.86 | Notapplicable | Notapplicable | |||
| Dilutedearningspershare(RMBYuan) | 4(47)(b) | 1.00 | 0.86 | Notapplicable | Notapplicable |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDANDCOMPANYCASHFLOWSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June | ||||||||
| Item | Note | 2024 | 2023 | 2024 | 2023 | |||
| Consolidated | Consolidated | Company | Company | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
1.Cashflowsfrom/(usedin)operatingactivities
| 1.Cashflowsfrom/(usedin)operatingactivities | ||||||||
| Cashreceivedfromsalesofgoodsorrenderingofservices | 139,820,935 | 132,394,329 | - | - | ||||
| Netdecreaseindepositswithcentralbanks | 550,882 | 25,504 | - | - | ||||
| Refundoftaxesandlevies | 709,963 | 495,991 | 163 | - | ||||
| Cashreceivedrelatingtootheroperatingactivities | 4(49)(a) | 47,516,455 | 45,314,783 | 27,337 | 27,767 | |||
| Sub-totalofcashoperatinginflows | 188,598,235 | 178,230,607 | 27,500 | 27,767 | ||||
| Cashpaidforgoodsandservices | (100,012,110) | (91,339,990) | - | - | ||||
| Netincreaseinloanstocustomers | (96,902) | (17,638) | - | - | ||||
| Netdecreaseindeposit-takingandinterbankpayments | (1,556) | (10,799) | - | - | ||||
| Cashpaidtoandonbehalfofemployees | (17,823,886) | (17,243,035) | (1,693) | (2,715) | ||||
| Paymentsoftaxesandleviessurcharges | (3,076,005) | (3,442,293) | (3,590) | (23,542) | ||||
| Cashpaidrelatingtootheroperatingactivities | 4(49)(b) | (53,865,507) | (52,352,025) | (31,502) | (11,412) | |||
| Sub-totalofoperatingcashoutflows | (174,875,966) | (164,405,780) | (36,785) | (37,669) | ||||
| Netcashflowsfrom/(usedin)operatingactivities | 4(50)(a) | 13,722,269 | 13,824,827 | (9,285) | (9,902) |
2.Cashflows(usedin)/from
investingactivities
| 2.Cashflows(usedin)/frominvestingactivities | ||||||||
| Cashreceivedfromdisposalsofinvestments | 4(49)(c) | 351,031 | 170,533 | - | - | |||
| Cashreceivedfromreturnsoninvestments | 387,340 | 433,485 | 2,900,000 | 523,497 | ||||
| Cashreceivedfromdisposaloffixedassetsandotherlong-termassets | 179,381 | 119,817 | - | - | ||||
| Netcashreceivedfromdisposalofsubsidiariesandotherbusinessunits | 153,596 | 358,587 | - | - | ||||
| Cashreceivedrelatingtootherinvestingactivities | 4(49)(f) | 28,698,081 | 48,950,000 | 1,283,300 | 5,620,000 | |||
| Sub-totalofinvestingcashinflows | 29,769,429 | 50,032,422 | 4,183,300 | 6,143,497 | ||||
| Cashpaidtoacquirefixedassetsandotherlong-termassets | (5,075,259) | (5,454,090) | (37,857) | (14,309) | ||||
| Cashpaidtoacquireinvestments | 4(49)(d) | (70,796) | (1,463,367) | - | - | |||
| Netcashpaidtoacquiresubsidiaries | 4(49)(e) | (614,384) | (928,555) | - | - | |||
| Cashpaidrelatingtootherinvestingactivities | 4(49)(f) | (39,453,543) | (55,820,000) | - | (4,529,904) | |||
| Sub-totalofinvestingcashoutflows | (45,213,982) | (63,666,012) | (37,857) | (4,544,213) | ||||
| Netcashflows(usedin)/frominvestingactivities | (15,444,553) | (13,633,590) | 4,145,443 | 1,599,284 |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDANDCOMPANYCASHFLOWSTATEMENTS(CONTINUED)FORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June | ||||||||
| Item | Note | 2024 | 2023 | 2024 | 2023 | |||
| Consolidated | Consolidated | Company | Company | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
3.Cashflowsusedinfinancingactivities
| 3.Cashflowsusedinfinancingactivities | ||||||||
| Cashreceivedfromcapitalcontributions | 27,968 | 56,892 | - | - | ||||
| Including:Cashreceivedfromcapitalcontributionsbyminorityshareholdersofsubsidiaries | 27,968 | 56,892 | - | - | ||||
| Cashreceivedfromborrowingsandissueofdebentures | 22,881,961 | 17,116,577 | - | - | ||||
| Cashreceivedrelatingtootherfinancingactivities | 9,978 | 7,639 | 22,534 | - | ||||
| Sub-totaloffinancingcashinflows | 22,919,907 | 17,181,108 | 22,534 | - | ||||
| Cashrepaymentsofborrowings | (16,228,027) | (15,113,136) | - | - | ||||
| Cashpaymentsfordistributionofdividends,profitsorinterestexpenses | (4,023,880) | (2,451,109) | (2,889,210) | (1,213,616) | ||||
| Cashpaidrelatingtootherfinancingactivities | 4(49)(g) | (8,849,865) | (4,580,501) | (1,378,503) | (61,530) | |||
| Sub-totaloffinancingcashoutflows | (29,101,772) | (22,144,746) | (4,267,713) | (1,275,146) | ||||
| Netcashflowsusedinfinancingactivities | (6,181,865) | (4,963,638) | (4,245,179) | (1,275,146) |
4.Effectofforeignexchangerate
changesoncashandcashequivalents
| 4.Effectofforeignexchangeratechangesoncashandcashequivalents | (28,170) | 127,046 | (8) | - |
5.Net(decrease)/increaseincash
andcashequivalents
| 5.Net(decrease)/increaseincashandcashequivalents | (7,932,319) | (4,645,355) | (109,029) | 314,236 | ||||
| Add:Cashandcashequivalentsatthebeginningoftheperiod | 4(50)(b) | 40,448,308 | 40,279,947 | 138,046 | 812,181 |
6.Cashandcashequivalentsat
theendoftheperiod
| 6.Cashandcashequivalentsattheendoftheperiod | 4(50)(b) | 32,515,989 | 35,634,592 | 29,017 | 1,126,417 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDSTATEMENTOFCHANGESINEQUITYFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June2023(Unaudited) | |||||||||||||||||||
| EquityattributabletoshareholdersoftheCompany | |||||||||||||||||||
| Note | ShareCapital | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Generalriskreserve | Specialreserve | Surplusreserve | Retainedearnings | Minorityinterests | Totalequity | |||||||||
Balanceat1January2023
| Balanceat1January2023 | 4,895,202 | 43,996,237 | (2,040,377) | 4,538,027 | 493,048 | - | 1,010,253 | 33,371,351 | 12,022,308 | 98,286,049 |
Movementsforthesixmonthsended30June2023
| Movementsforthesixmonthsended30June2023 | ||||||||||||||||||||
| Totalcomprehensiveincome | ||||||||||||||||||||
| Netprofit | - | - | - | - | - | - | - | 4,176,282 | (282,042) | 3,894,240 | ||||||||||
| Othercomprehensiveincome | - | - | - | 639,549 | - | - | - | - | (209,747) | 429,802 | ||||||||||
| Capitalcontributionandwithdrawalbyshareholders | ||||||||||||||||||||
| Capitalcontributionbyshareholders | - | 890 | - | - | - | - | - | - | 59,056 | 59,946 | ||||||||||
| Sharerepurchase | 4(33) | - | - | (59,936) | - | - | - | - | - | - | (59,936) | |||||||||
| Share-basedpaymentincludedinequity | 9 | - | 151,413 | - | - | - | - | - | - | 2,048 | 153,461 | |||||||||
| Others | - | (11,444) | - | - | - | - | - | - | (3,728) | (15,172) | ||||||||||
| Businesscombinationsinvolvingentitiesnotundercommoncontrol | - | - | - | - | - | - | - | - | 52,226 | 52,226 | ||||||||||
| Profitdistribution | ||||||||||||||||||||
| Distributiontoshareholders | 4(36) | - | - | - | - | - | - | - | (1,213,616) | (377,890) | (1,591,506) | |||||||||
| Transferwithinequity | ||||||||||||||||||||
| Transferfromothercomprehensiveincometoretainedearnings | - | - | - | (18) | - | - | - | 18 | - | - | ||||||||||
| Movementsinothercapitalreserve | - | (3,041) | - | - | - | - | - | - | - | (3,041) | ||||||||||
| Safetyreserve | ||||||||||||||||||||
| Appropriation | - | - | - | - | - | 18,568 | - | - | - | 18,568 | ||||||||||
| Utilisation | - | - | - | - | - | (18,568) | - | - | - | (18,568) | ||||||||||
| Balanceat30June2023 | 4,895,202 | 44,134,055 | (2,100,313) | 5,177,558 | 493,048 | - | 1,010,253 | 36,334,035 | 11,262,231 | 101,206,069 |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY(CONTINUED)FORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June2024(Unaudited) | |||||||||||||||||||
| EquityattributabletoshareholdersoftheCompany | |||||||||||||||||||
| Note | Sharecapital | Capitalreserve | Less:Treasurystock | Othercomprehensiveincome | Generalriskreserve | Specialreserve | Surplusreserve | Retainedearnings | Minorityinterests | Totalequity | |||||||||
Balanceat1January2024
| Balanceat1January2024 | 4,895,202 | 43,164,085 | (2,575,532) | 5,532,428 | 524,376 | - | 2,413,786 | 38,835,999 | 10,493,316 | 103,283,660 |
Movementsforthesixmonthsended30June2024
| Movementsforthesixmonthsended30June2024 | ||||||||||||||||||||
| Totalcomprehensiveincome | ||||||||||||||||||||
| Netprofit | - | - | - | - | - | - | - | 4,806,714 | (45,792) | 4,760,922 | ||||||||||
| Othercomprehensiveincome | - | - | - | (1,060,319) | - | - | - | - | (399,358) | (1,459,677) | ||||||||||
| Capitalcontributionandwithdrawalbyshareholders | ||||||||||||||||||||
| Capitalcontributionbyshareholders | - | 127 | - | - | - | - | - | - | 28,447 | 28,574 | ||||||||||
| Sharerepurchase | 4(33) | - | - | (1,378,503) | - | - | - | - | - | - | (1,378,503) | |||||||||
| Treasurystockcancellation | 4(33) | (79,291) | (3,496,254) | 3,575,545 | - | - | - | - | - | - | - | |||||||||
| Share-basedpaymentsincludedinequity | 9 | - | 62,186 | - | - | - | - | - | - | 7,754 | 69,940 | |||||||||
| Others | - | (3,760,142) | - | - | - | - | - | - | 420,549 | (3,339,593) | ||||||||||
| Businesscombinationsinvolvingenterprisesnotundercommoncontrol | - | - | - | - | - | - | - | - | 17,333 | 17,333 | ||||||||||
| Profitdistribution | ||||||||||||||||||||
| Distributiontoshareholders | 4(36) | - | - | - | - | - | - | - | (2,889,210) | (182,096) | (3,071,306) | |||||||||
| Transferwithinequity | ||||||||||||||||||||
| Transferfromothercomprehensiveincometoretainedearnings | - | - | - | 5,060 | - | - | - | (5,060) | - | - | ||||||||||
| Safetyreserve | ||||||||||||||||||||
| Appropriation | - | - | - | - | - | 272,081 | - | - | - | 272,081 | ||||||||||
| Utilisation | - | - | - | - | - | (272,081) | - | - | - | (272,081) | ||||||||||
| Balanceat30June2024 | 4,815,911 | 35,970,002 | (378,490) | 4,477,169 | 524,376 | - | 2,413,786 | 40,748,443 | 10,340,153 | 98,911,350 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.COMPANYSTATEMENTOFCHANGESINEQUITYFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June2023(Unaudited) | |||||||||||
| Note | Sharecapital | Capitalreserve | Less:Treasurystock | Surplusreserve | Retainedearnings | Totalequity | |||||
Balanceat1January2023
| Balanceat1January2023 | 4,895,202 | 71,743,948 | (2,040,377) | 857,208 | 1,573,109 | 77,029,090 |
Movementsforthesixmonthsended30June2023
| Movementsforthesixmonthsended30June2023 | ||||||||||||
| Totalcomprehensiveincome | ||||||||||||
| Netprofit | - | - | - | - | 19,253 | 19,253 | ||||||
| Capitalcontributionandwithdrawalbyshareholders | ||||||||||||
| Sharerepurchase | 4(33) | - | - | (59,936) | - | - | (59,936) | |||||
| Share-basedpaymentincludedinequity | 9(1)(a) | - | 137,562 | - | - | - | 137,562 | |||||
| Profitdistribution | ||||||||||||
| Distributiontoshareholders | 4(36) | - | - | - | - | (1,213,616) | (1,213,616) |
Balanceat30June2023
| Balanceat30June2023 | 4,895,202 | 71,881,510 | (2,100,313) | 857,208 | 378,746 | 75,912,353 |
Forthesixmonthsended30June2024(Unaudited)
| Forthesixmonthsended30June2024(Unaudited) | |||||||||||
| Note | Sharecapital | Capitalreserve | Less:Treasurystock | Surplusreserve | Retainedearnings | Totalequity | |||||
Balanceat1January2024
| Balanceat1January2024 | 4,895,202 | 71,890,640 | (2,575,532) | 2,260,741 | 12,991,294 | 89,462,345 |
Movementsforthesix
monthsended30June2024
| Movementsforthesixmonthsended30June2024 | ||||||||||||
| Totalcomprehensiveincome | ||||||||||||
| Netprofit | - | - | - | - | (2,115) | (2,115) | ||||||
| Capitalcontributionandwithdrawalbyshareholders | ||||||||||||
| Sharerepurchase | 4(33) | - | (1,378,503) | - | - | (1,378,503) | ||||||
| Treasurystockcancellation | (79,291) | (3,496,254) | 3,575,545 | - | - | - | ||||||
| Share-basedpaymentincludedinequity | 9(1)(a) | - | 51,896 | - | - | - | 51,896 | |||||
| Profitdistribution | ||||||||||||
| Distributiontoshareholders | 4(36) | - | - | - | - | (2,889,210) | (2,889,210) |
Balanceat30June2024
| Balanceat30June2024 | 4,815,911 | 68,446,282 | (378,490) | 2,260,741 | 10,099,969 | 85,244,413 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
1Generalinformation
S.F.HoldingCo.,Ltd.(formerly“Ma’anshanDingtaiRareEarthandNewMaterialsCo.,Ltd.”,hereinafter“S.F.Holding”or“theCompany”),formerlyknownasMa’anshanDingtaiScience&TechnologyCo.,Ltd.,wasestablishedby11naturalpersonsincludingLiuJiluandtheLabourUnionofMa’anshanDingtaiMetallicProductsCo.,Ltd.bycashcontributionon13May2003.TheCompanywasofficiallychangedtoMa’anshanDingtaiRareEarthandNewMaterialsCo.,Ltd.on22October2007,andtheCompany’sshareswerelistedontheShenzhenStockExchangeon5February2010.InDecember2016,approvedbytheChinaSecuritiesRegulatoryCommission,theCompanyconductedaseriesofmajorassetsrestructuring,includingmajorassetsswap,issuingsharestopurchaseassetsandraisingmatchingfund.Uponthecompletionofmajorassetrestructuring,ShenzhenMingdeHoldingsDevelopmentCo.,Ltd.(“MingdeHoldings”)becametheparentcompanyandultimatecontrollingcompanyoftheCompany,andWangWeiwastheultimatecontrollingpersonoftheCompany.TheplaceofregistrationandheadquartersoftheCompanywerechangedtoShenzhen,GuangdongProvince.Asat30June2024,thetotalsharecapitaloftheCompanywasRMB4,815,911,220attheparvalueofRMB1pershare.TheactualbusinessoperationsoftheCompanyanditssubsidiaries(hereinaftercollectivelyreferredtoas“theGroup”)include:domesticandinternationalexpressservices(excludingpostalenterprises’franchisebusiness);generalfreightservices;largeobjectstransportationservices;refrigeratedtrucktransportationservices;third-partypharmaceuticalmodernlogisticsbusinessservices;urbandistributionservices;supplychainsolutionconsultingservices;domesticandinternationalfreightagencybusinessservices;aircargotransportationservices;warehousingservices;propertyleasingservices;andindustrialinvestment.HangzhouSFIntra-cityIndustrialCo.,Ltd.,asubsidiaryoftheCompany,isacompanylistedonthemainboardoftheStockExchangeofHongKongLimited,primarilyprovidingintra-cityinstantdeliveryservices.KerryLogisticsNetworkLimited(“KerryLogistics”),asubsidiaryoftheCompany,isacompanylistedonthemainboardoftheStockExchangeofHongKongLimited,primarilyprovidingservicessuchascomprehensivelogisticsandinternationalfreight.KerryExpress(Thailand)PublicCompanyLimited(“KEX”),asubsidiaryoftheCompany,isacompanylistedontheMainBoardoftheStockExchangeofThailandLimited,primarilyprovidingexpresstransportationandotherservices.First-tierandsecond-tiersubsidiariesincludedintheconsolidationscopeofthefinancialstatementsaredetailedinNote6(1).ThechangesinthescopeofconsolidationforthecurrentreportingperiodaresetoutinNote5.ThesefinancialstatementsareauthorisedforissuebytheCompany’sBoardofDirectorson28August2024.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
2Basisofpreparationandsummaryofsignificantaccountingpoliciesandaccounting
estimates
(1)Basisofpreparation
TheinterimfinancialstatementsarepreparedinaccordancewiththeAccountingStandardforBusinessEnterprises-BasicStandard,thespecificaccountingstandardsandotherrelevantregulationsissuedbytheMinistryofFinanceon15February2006andinsubsequentperiods(hereinaftercollectivelyreferredtoas“theAccountingStandardsforBusinessEnterprises”or“CASs”).TheinterimfinancialstatementsarepreparedanddisclosedinaccordancewiththerequirementsoftheCAS32-InterimFinancialReportingandtheStandardsfortheContentsandFormatsofInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.3-ContentsandFormatsofSemi-annualReportsissuedbytheChinaSecuritiesRegulatoryCommission,andthereforedonotincludeallinformationanddisclosuresintheannualfinancialstatements.Thefinancialstatementsarepreparedonagoingconcernbasis.
(2)StatementofcompliancewiththeAccountingStandardsforBusinessEnterprises
TheinterimfinancialstatementsareincompliancewithCAS32-InterimFinancialReporting.
(3)Accountingpoliciesandaccountingestimates(a)Accountingpolicies
On25October2023,theMinistryofFinanceissuedtheCircularonIssuingInterpretationNo.17ofAccountingStandardsforBusinessEnterprises(CaiKuai[2023]No.21)(InterpretationNo.17).Itprovidesfortheclassificationofcurrentliabilitiesandnon-currentliabilities,thedisclosureofsupplierfinancingarrangementsandtheaccountingtreatmentofsale-leasebacktransactions,whichcameintoeffecton1January2024.TheGrouphaspreparedtheinterimfinancialstatementsinaccordancewithInterpretationNo.17aboveandInterpretationNo.17hasnomaterialimpactontheinterimfinancialstatementsoftheGroupandtheCompany.Duringthereportingperiod,exceptfortheabove-mentionedchangesinaccountingpolicies,theaccountingpoliciesadoptedfortheinterimfinancialstatementsareconsistentwiththoseadoptedbytheGroupforpreparingthefinancialstatementsfortheyearended31December2023.TheinterimfinancialstatementsshallbereadinconjunctionwiththeGroup’sfinancialstatementsfortheyearended31December2023.(b)Accountingestimates
Fortheaircraftfuselageamongthefixedassets,theGrouporiginallydepreciateditover10years.BasedontheobjectiveassessmentbytheGroup'sbusinessandtechnicaldepartments,aswellastheactualflightlifeandutilizationoftheaircraftfuselage,theGroupisoftheviewthatthecurrentdepreciablelifeoftheaircraftfuselagecannolongeraccuratelyreflecttheactualutilizationoftheasset.InordertomoretrulyandaccuratelyreflecttheassetqualityandoperatingresultsoftheCompany'saircraftairframesandtobettermatchthedepreciablelivesoftheaircraftairframeswiththeiractualusefullives,theGroupmadeachangeinaccountingestimateforthedepreciablelivesoftheaircraftairframes.ThischangeinaccountingestimateiseffectivefromJanuary1,2024usingthefutureapplicablemethod.Acomparisonofthechangeindepreciationmethodforaircraftairframesissetoutbelow:
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
2Basisofpreparationandsummaryofsignificantaccountingpoliciesandaccounting
estimates(Continued)
(3)Accountingpoliciesandaccountingestimates(Continued)(b)Accountingestimates(Continued)
| Estimatedservicelife | Projectednetresidualvaluerate | Annualdepreciationrate |
Beforethechange
| Beforethechange | 10years | 5.00% | 9.50% |
| Afterthechange | 10-20years | 5.00% | 9.50%-4.75% |
Apartfromtheaboveaccountingestimates,therewerenosignificantchangesinthesignificantaccountingestimatesandkeyjudgmentsadoptedbytheGroupcomparedwiththepreviousyear.3Taxation
ThemaincategoriesandratesoftaxesapplicabletotheGrouparesetoutbelow:
| Category | Taxrate | Taxbase |
Enterpriseincometax
| Enterpriseincometax | Note(1) | Taxableincome |
| Value-addedtax(“VAT”) | 13%,9%,6%,1%(small-scaletaxpayers) | Taxablevalue-addedamount(Taxpayableiscalculatedusingthetaxablesalesamount/taxableserviceincomemultipliedbytheapplicabletaxratelessdeductibleVATinputofthecurrentperiodortaxableturnoveramountmultipliedbytheVATrate) |
| Citymaintenanceandconstructiontax | 7%,5%,1% | AmountofVATpaid |
| Educationalsurcharge | 3% | AmountofVATpaid |
| Localeducationalsurcharge | 2% | AmountofVATpaid |
| Customsduty | Atapplicabletaxrate | CustomsdutiablevaluethroughexaminationandapprovaloftheCustoms |
(1)Enterpriseincometax
AccordingtotheEnterpriseIncomeTaxLawofthePeople’sRepublicofChinaandtheRegulationsontheImplementationofEnterpriseIncomeTaxLaw,exceptforsomesubsidiariesenjoyingthepreferentialtaxrates,theCompanyandtheremainingsubsidiariesestablishedintheChinesemainlandaresubjecttotheenterpriseincometaxrateof25%.TheGroup’soverseassubsidiariesrecognisetheirincometaxesinaccordancewiththelawsandregulationsofthecountriesorregionswheretheyoperate.Specifically,thesubsidiarieslocatedinHongKongSAR,MacaoSAR,Singapore,Japan,SouthKorea,USAandThailandaresubjecttoenterpriseincometaxattheratesrangingfrom12%to24%inthereportingperiod.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
3Taxation(Continued)
(2)Preferentialtaxpolicyandapprovaldocuments
Duringthereportingperiod,therewerenosignificantchangesinthetaxratesandpoliciesofpreferentialtaxrateapplicabletotheCompanyanditssubsidiariesfromthepreviousyear.4Notestotheconsolidatedfinancialstatements
(1)Cashatbankandonhand
| 30June2024 | 31December2023 |
Cashonhand
| Cashonhand | 15,408 | 14,391 | |
| Cashatbank | 12,895,351 | 18,641,306 | |
| BalanceswithcentralbankfromGroupFinanceCompany | 927,411 | 1,490,498 | |
| Including:Statutorydepositreserve(a) | 917,644 | 1,476,938 | |
| Excessdepositreserve(b) | 9,767 | 13,560 | |
| BalanceswithotherbanksfromGroupFinanceCompany | 19,473,506 | 21,674,309 | |
| Othercashbalances(c) | 147,162 | 105,684 | |
| Interestaccrued | 26,515 | 48,317 | |
| 33,485,353 | 41,974,505 |
Including:Overseasdeposits
| Including:Overseasdeposits | 4,452,938 | 5,455,811 |
(a)On18September2016,theGroupincorporatedS.F.HoldingGroupFinanceCo.,Ltd.(“Group
FinanceCompany”).StatutoryreserveofGroupFinanceCompanydepositedwiththecentralbankrepresentsrequiredstatutorydepositreservepaidbyfinancialenterprisesinthePeople’sBankofChina(“PBOC”)at5%ofdepositsfromcustomersdenominatedinRMB.StatutoryreservedepositsarenotavailableforusebytheGroupinitsdailyoperations,whicharerestrictedcash.(b)ExcessreserveofGroupFinanceCompanydepositedwiththecentralbankrepresentstheexcess
overtherequiredstatutorydepositreservedepositedbyfinancialinstitutionsinthecentralbank,anditisbankdepositthatcanbereadilydrawnondemand.(c)Asat30June2024,theGroup’srestrictedcashatbankandonhandamountedto111,600,000(31
December2023:RMB99,558,000).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(2)Financialassetsheldfortrading
| 30June2024 | 31December2023 |
Structureddeposits
| Structureddeposits | 17,770,993 | 6,542,881 | |
| Fundinvestmentsandothers | 276,330 | 266,861 | |
| 18,047,323 | 6,809,742 |
(3)Accountsreceivable
| 30June2024 | 31December2023 |
Accountsreceivable
| Accountsreceivable | 27,190,757 | 26,512,152 | |
| Less:Provisionforbaddebts(Note4(18)) | (1,339,136) | (1,378,665) | |
| 25,851,621 | 25,133,487 |
TheGroupadoptsregularsettlementmethodforlogisticsandfreightforwardingservicesprovidedtosomecustomers.Ateachmonth-end,theoutstandingpartbecomesaccountsreceivable.(a)Theageingofaccountsreceivableisanalysedasfollows:
| 30June2024 | 31December2023 |
Within1year(inclusive)
| Within1year(inclusive) | 26,082,178 | 25,492,152 | |
| 1to2years(inclusive) | 450,741 | 490,411 | |
| Over2years | 657,838 | 529,589 | |
| 27,190,757 | 26,512,152 |
(b)Asat30June2024,thefivelargestaccountsreceivableandcontractassetsaggregatedbydebtor
weresummarisedandanalysedasfollows:
| Balancesofaccountsreceivableandcontractassets | Provisionforbaddebts | %oftotalbalance |
Sumofthefivelargestaccountsreceivableandcontractassets
| Sumofthefivelargestaccountsreceivableandcontractassets | 2,946,077 | 129,175 | 10.08% |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(3)Accountsreceivable(Continued)(c)Provisionforbaddebts
Foraccountsreceivable,theGrouprecognisesthelossprovisionbasedonthelifetimeECLregardlessofwhetherthereisanysignificantfinancingcomponent.Theprovisionforbaddebtsofaccountsreceivableisanalysedbycategoryasfollows:
| 30June2024 | 31December2023 | |||||||||
| Grosscarryingamount | Provisionforbaddebts | Grosscarryingamount | Provisionforbaddebts | |||||||
| Amount | %oftotalbalance | Amount | Provisionratio | Amount | %oftotalbalance | Amount | Provisionratio | |||
Provisionforbaddebtsonanindividualbasis(i)
| Provisionforbaddebtsonanindividualbasis(i) | 482,863 | 1.78% | (482,863) | 100.00% | 657,488 | 2.48% | (657,488) | 100.00% | |||
| Provisionforbaddebtsonacollectivebasis(ii) | 26,707,894 | 98.22% | (856,273) | 3.21% | 25,854,664 | 97.52% | (721,177) | 2.79% | |||
| 27,190,757 | 100.00% | (1,339,136) | 4.92% | 26,512,152 | 100.00% | (1,378,665) | 5.20% |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(3)Accountsreceivable(Continued)(c)Provisionforbaddebts(Continued)(i)Asat30June2024and31December2023,therewerenoaccountsreceivablewithsignificant
amountsofprovisionforbaddebtsmadeonanindividualbasis.(ii)Asat30June2024,provisionforbaddebtsmadeonacollectivebasisforaccountsreceivableis
analysedasfollows:
| Grosscarryingamount | LifetimeECLrates | Provisionforbaddebts |
Groupofrelatedparties(Note8(4)(a))
| Groupofrelatedparties(Note8(4)(a)) | 553,823 | 7.21% | (39,929) | |||
| Groupofnon-relatedparties | 26,154,071 | 3.12% | (816,344) | |||
| 26,707,894 | (856,273) |
Asat31December2023,provisionforbaddebtsmadeonacollectivebasisforaccounts
receivableisanalysedasfollows:
| Grosscarryingamount | LifetimeECLrates | Provisionforbaddebts |
Groupofrelatedparties(Note8(4)(a))
| Groupofrelatedparties(Note8(4)(a)) | 124,569 | 19.10% | (23,790) | |||
| Groupofnon-relatedparties | 25,730,095 | 2.71% | (697,387) | |||
| 25,854,664 | (721,177) |
(d)Forthesixmonthsended30June2024,theGroup’scomprehensiveprovisionandreversalforbad
debtsamountedtoaprovisionofRMB165,988,000(forthesixmonthsended30June2023:a
reversalofRMB65,858,000),ofwhichtheimpairmenttestprovisionreversedforbaddebtstested
individuallywasRMB24,664,000(forthesixmonthsended30June2023:RMB28,975,000)(Note
4(18)).(e)Forthesixmonthsended30June2024,accountsreceivablethatwerewrittenoffamountedto
RMB209,411,000(forthesixmonthsended30June2023:RMB51,717,000)andnoaccounts
receivablewithamountsthatwereindividuallysignificantwerewrittenoff(Note4(18)).
(4)Advancestosuppliers(a)Theageingofadvancestosuppliersisanalysedasfollows:
| 30June2024 | 31December2023 | ||||||
| Ageing | Amount | %oftotalbalance | Amount | %oftotalbalance | |||
Within1year(inclusive)
| Within1year(inclusive) | 2,715,217 | 97.21% | 3,179,005 | 97.90% | |||
| 1to2years(inclusive) | 38,552 | 1.38% | 42,025 | 1.29% | |||
| Over2years | 39,285 | 1.41% | 26,264 | 0.81% | |||
| 2,793,054 | 100.00% | 3,247,294 | 100.00% |
Asat30June2024,advancestosupplierswithageingoveroneyearweremainlyprepaymentto
suppliers,etc.Thatisbecauserelevantbusinesstransactionswerestillbeingperformed.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Continued)
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(4)Advancestosuppliers(Continued)(b)Asat30June2024,thefivelargestadvancestosuppliersaggregatedbydebtorweresummarised
andanalysedasfollows:
| 30June2024 | ||
| Amount | %oftotalbalance | |
Sumofthefivelargestadvancestosuppliers
| Sumofthefivelargestadvancestosuppliers | 385,036 | 13.79% |
(5)Otherreceivables
| 30June2024 | 31December2023 |
Currentaccountsreceivablefromrelatedparties(Note8(4)(d))
| Currentaccountsreceivablefromrelatedparties(Note8(4)(d)) | 258,935 | 633,373 | |
| Guaranteesanddepositsreceivable | 1,535,427 | 1,523,589 | |
| Cashtocollectonbehalfofotherparties | 720,869 | 659,441 | |
| Taxpaidonbehalfofothers | 118,780 | 168,971 | |
| Employeeborrowingsreceivableandpettycash | 78,217 | 85,491 | |
| Receivablesfromequitytransfer | 194,500 | 76,500 | |
| Receivablesfromairlinessubsidiesandfinancialrebates | 14,160 | 15,371 | |
| Socialinsurancepremiumprepaid | 41,924 | 38,154 | |
| Others | 571,956 | 592,137 | |
| 3,534,768 | 3,793,027 | ||
| Less:Provisionforbaddebts(Note4(18)) | (223,430) | (223,719) | |
| 3,311,338 | 3,569,308 |
TheGroupdoesnothavedepositsatotherpartiesunderacentralisedmanagementarrangementthatarepresentedasotherreceivables.(a)Theageingofotherreceivablesbasedonthepointofoccurrenceisanalysedasfollows:
| 30June2024 | 31December2023 |
Within1year(inclusive)
| Within1year(inclusive) | 2,466,310 | 2,841,698 | |
| 1to2years(inclusive) | 367,440 | 266,128 | |
| Over2years | 701,018 | 685,201 | |
| 3,534,768 | 3,793,027 |
Asat30June2024,otherreceivableswithageingover1yearmainlyrepresenteddepositsandguaranteesandreceivablesfromequitytransfer.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(5)Otherreceivables(Continued)(b)Movementsinprovisionforlossesandtheirgrosscarryingamounts
TheGroupmeasuresthelossprovisionforotherreceivablesbasedontheECLforthenexttwelvemonthsortheentireduration.Theprovisionforbaddebtsofotherreceivablesisanalysedbycategoryasfollows:
| 30June2024 | 31December2023 | |||||||||
| Grosscarryingamount | Provisionforbaddebts | Grosscarryingamount | Provisionforbaddebts | |||||||
| Amount | %oftotalbalance | Amount | Provisionratio | Amount | %oftotalbalance | Amount | Provisionratio | |||
Provisionforbaddebtsonanindividualbasis
| Provisionforbaddebtsonanindividualbasis | 227,993 | 6.45% | (216,505) | 94.96% | 221,458 | 5.84% | (209,970) | 94.81% | |||
| Provisionforbaddebtsonacollectivebasis | 3,306,775 | 93.55% | (6,925) | 0.21% | 3,571,569 | 94.16% | (13,749) | 0.38% | |||
| 3,534,768 | 100.00% | (223,430) | 6.32% | 3,793,027 | 100.00% | (223,719) | 5.90% |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(5)Otherreceivables(Continued)(b)Movementsinprovisionforlossesandtheirgrosscarryingamounts(Continued)
Movementsofprovisionforbaddebtsareasfollows:
| Stage1 | Stage3 | |||
| 12-monthECL(group) | LifetimeECL(creditimpaired) | Total |
31December2023
| 31December2023 | 13,749 | 209,970 | 223,719 | |||
| Provision/(Reversal)inthecurrentyear | 4,270 | (4,384) | (114) | |||
| Write-offinthecurrentyear | (1,273) | - | (1,273) | |||
| TransfertoStage3 | (10,919) | 10,919 | - | |||
| Disposalsandothers | 1,098 | - | 1,098 | |||
| 30June2024 | 6,925 | 216,505 | 223,430 |
Asat30June2024and31December2023,theGroupdidnothaveotherreceivablesatStage2.OtherreceivablesatStage1andStage3areanalysedasfollows:
(i)Asat30June2024and31December2023,theGroupdidnothaveanyotherreceivablesatStage
1forwhichtherelatedprovisionforbaddebtswasprovidedonanindividualbasis.Asat30June2024,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedonacollectivebasisareanalysedasfollows:
| Grosscarryingamount | 12-monthECLrates | Provisionforbaddebts | Reason |
Provisiononacollectivebasis:
| Provisiononacollectivebasis: | ||||||
| Groupofrelatedparties | 258,935 | - | - | Lossallowanceisrecognizedattheamountofexpectedcreditlossesoverthenext12months | ||
| Groupofnon-relatedparties | 3,047,840 | 0.23% | (6,925) | |||
| 3,306,775 | (6,925) |
Asat31December2023,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedonacollectivebasisareanalysedasfollows:
| Grosscarryingamount | 12-monthECLrates | Provisionforbaddebts | Reason |
Provisionona
collectivebasis:
| Provisiononacollectivebasis: | ||||||
| Groupofrelatedparties | 633,373 | - | - | Lossprovisionbasedon12-monthECL | ||
| Groupofnon-relatedparties | 2,938,196 | 0.47% | (13,749) | |||
| 3,571,569 | (13,749) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(5)Otherreceivables(Continued)(b)Movementsinprovisionforlossesandtheirgrosscarryingamounts(Continued)(ii)Asat30June2024and31December2023,theGroupdidnothaveanyotherreceivablesatStage
3forwhichtherelatedprovisionforbaddebtswasprovidedonacollectivebasis.Asat30June2024,otherreceivablesatStage3forwhichtherelatedprovisionforbaddebtswasprovidedonanindividualbasisareanalysedasfollows:
| Grosscarryingamount | LifetimeECL | Provisionforbaddebts | Reason |
Provisiononanindividualbasis:
| Provisiononanindividualbasis: | ||||||
| Receivablesfromequitytransfer | 76,500 | 100.00% | (76,500) | Thedebtorencounteredfinancialdistress | ||
| Guaranteesanddepositsreceivable | 44,041 | 73.92% | (32,553) | Thedebtorencounteredfinancialdistress | ||
| Others | 107,452 | 100.00% | (107,452) | Thedebtorencounteredfinancialdistress | ||
| 227,993 | (216,505) |
Asat31December2023,otherreceivablesatStage3forwhichtherelatedprovisionforbaddebtswasprovidedonanindividualbasisareanalysedasfollows:
| Grosscarryingamount | LifetimeECL | Provisionforbaddebts | Reason |
Providedonanindividualbasis:
| Providedonanindividualbasis: | ||||||
| Receivablesfromequitytransfer | 76,500 | 100.00% | (76,500) | Thedebtorencounteredfinancialdistress | ||
| Guaranteesanddepositsreceivable | 48,425 | 76.28% | (36,937) | Thedebtorencounteredfinancialdistress | ||
| Others | 96,533 | 100.00% | (96,533) | Thedebtorencounteredfinancialdistress | ||
| 221,458 | (209,970) |
(c)Forthesixmonthsended30June2024,theGroup’scomprehensiveprovisionandreversalforbad
debtsamountedtoareversalofRMB114,000(forthesixmonthsended30June2023:aprovisionofRMB3,935,000),ofwhichtheimpairmenttestprovisionreversedforbaddebtstestedindividuallywasRMB4,384,000(forthesixmonthsended30June2023:RMB1,000,000)(Note4(18)).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(5)Otherreceivables(Continued)(d)Forthesixmonthsended30June2024,theGroup’sotherreceivablesthatwerewrittenoff
amountedtoRMB1,273,000(forthesixmonthsended30June2023:RMB955,000)(Note4(18)),andnootherreceivableswithamountsthatwereindividuallysignificantwerewrittenoff(forthesixmonthsended30June2023:none).(e)Asat30June2024,thefivelargestotherreceivablesaggregatedbydebtoraresummarisedand
analysedasfollows:
| 30June2024 | ||||||
| Natureofbusiness | Ageing | Grosscarryingamount | Provisionforbaddebts | %oftotalbalance | ||
Company1
| Company1 | Agencycollectionandpayment | Within1year | 188,918 | - | 5.34% | |||
| Company2 | Agencycollectionandpayment | Within1year | 146,868 | - | 4.15% | |||
| Company3 | Receivablesfromequitytransfersandcapitalreductions | Within1year | 118,000 | - | 3.34% | |||
| Company4 | Agencycollectionandpayment | Within1year | 117,573 | - | 3.33% | |||
| Company5 | Depositsandguarantees | Over2years | 58,251 | - | 1.65% | |||
| 629,610 | - | 17.81% |
(6)Othercurrentassets
| 30June2024 | 31December2023 |
InputVATtobededucted
| InputVATtobededucted | 3,862,436 | 4,641,173 | |
| Prepaidenterpriseincometax | 367,288 | 551,327 | |
| Others | 69,754 | 23,043 | |
| 4,299,478 | 5,215,543 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(7)Long-termreceivablesandcurrentportionofnon-currentassets
| 30June2024 | 31December2023 |
Leasepaymentsunderafinancelease
| Leasepaymentsunderafinancelease | 282,054 | 399,135 | |
| Less:Unrealisedfinancingincome | (15,413) | (25,021) | |
| Amortisedcostoffinancelease | 266,641 | 374,114 | |
| Depositforhousepurchase | 277,904 | 277,904 | |
| Loanstoemployees | 16,281 | 42,029 | |
| Others | - | 3,281 | |
| Less:Provisionforbaddebts(Note4(18)) | (13,646) | (15,178) | |
| CurrentportionofLong-termreceivables | (225,525) | (314,080) | |
| 321,655 | 368,070 |
(8)Long-termequityinvestments
| Jointventures | Associates | Total |
31December2023
| 31December2023 | 3,258,703 | 4,120,128 | 7,378,831 | ||
| Decreaseininvestments | (309,443) | (28,284) | (337,727) | ||
| Investment(loss)/incomerecognisedundertheequitymethod | (90,621) | 28,041 | (62,580) | ||
| Othercomprehensiveincomeandchangesinequityrecognisedundertheequitymethod | (5) | (7,084) | (7,089) | ||
| Cashdividends/profitsdistributed | - | (136,496) | (136,496) | ||
| Effectoftranslationofforeigncurrencyfinancialstatements | 3,135 | 21,739 | 24,874 | ||
| 30June2024 | 2,861,769 | 3,998,044 | 6,859,813 |
Including:Balanceofprovisionfor
impairmentlossattheendoftheperiod
| Including:Balanceofprovisionforimpairmentlossattheendoftheperiod | (416) | (338,892) | (339,308) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(8)Long-termequityinvestments(Continued)(a)Jointventures
| Movementsinthecurrentperiod | Provisionforimpairment | |||||||||||||||||
| 31December2023 | Decreaseininvestments | Shareofnetprofit/(loss)underequitymethod | Shareofotherchangesinequity | Cashdividends/profitsdistributed | Provisionforimpairment | Differencesontranslationofforeigncurrencyfinancialstatements | 30June2024 | 30June2024 | 31December2023 | |||||||||
HubeiInternationalLogisticsAirportCo.,Ltd.
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2,065,538 | - | (98,860) | - | - | - | - | 1,966,678 | - | - | |||||||||
| JinfengBorun(Xiamen)EquityInvestmentPartnership(LimitedPartnership) | 314,121 | (101,195) | 4,021 | - | - | - | - | 216,947 | - | - | |||||||||
| ZBHAGroupCo.,Ltd.(“ZBHA”) | 240,936 | - | 217 | - | - | - | - | 241,153 | - | - | |||||||||
| Gem-shunxinIndustrialTechnologyCo.,Ltd. | 209,730 | (208,167) | (1,558) | (5) | - | - | - | - | - | - | |||||||||
| CCSFChinaLogisticsPropertiesInvestmentFund,L.P. | 116,899 | - | - | - | - | - | 2,623 | 119,522 | - | - | |||||||||
| Others | 311,479 | (81) | 5,559 | - | - | - | 512 | 317,469 | (416) | (408) | |||||||||
| 3,258,703 | (309,443) | (90,621) | (5) | - | - | 3,135 | 2,861,769 | (416) | (408) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(8)Long-termequityinvestments(Continued)(b)Associates
| Movementsinthecurrentperiod | Provisionforimpairment | ||||||||||||||||||
| 31December2023 | Increase/(Decrease)ininvestments | Shareofnetprofit/(loss)underequitymethod | Shareofothercomprehensiveincome | Shareofotherchangesinequity | Cashdividends/profitsdistributed | Provisionforimpairment | Differencesontranslationofforeigncurrencyfinancialstatements | 30June2024 | 30June2024 | 31December2023 | |||||||||
SFRealEstateInvestmentTrust(“SFREITs”)
| SFRealEstateInvestmentTrust(“SFREITs”) | 1,153,690 | 13,631 | 4,794 | (9,833) | - | (36,711) | - | 26,621 | 1,152,192 | - | - | |||||||||
| ChiwanContainerTerminalCo.,Ltd. | 958,153 | - | 55,807 | - | - | (60,604) | - | 12,985 | 966,341 | - | - | |||||||||
| GiaoHangTietKiemJointStockCompany | 425,581 | - | (13,848) | - | - | (38,969) | - | 1,756 | 374,520 | - | - | |||||||||
| AmassFreightInternationalCo.,Ltd. | 265,604 | - | 8 | - | - | - | - | - | 265,612 | - | - | |||||||||
| PT.PuninarSaranaraya | 250,420 | - | 4,634 | - | - | - | - | (17,118) | 237,936 | - | - | |||||||||
| ZhejiangGalaxisTechnologyGroupCo.,Ltd.(“GalaxisTechnology”) | 196,119 | - | (6,942) | - | - | - | - | - | 189,177 | - | - | |||||||||
| Others | 870,561 | (41,915) | (16,412) | (537) | 3,286 | (212) | - | (2,505) | 812,266 | (338,892) | (345,816) | |||||||||
| 4,120,128 | (28,284) | 28,041 | (10,370) | 3,286 | (136,496) | - | 21,739 | 3,998,044 | (338,892) | (345,816) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(9)Investmentsinotherequityinstruments
| 30June2024 | 31December2023 |
Equityoflistedcompanies
| Equityoflistedcompanies | 1,120,309 | 2,418,842 | |
| Equityofunlistedcompanies | 7,223,984 | 7,070,693 | |
| 8,344,293 | 9,489,535 |
30June2024
| 30June2024 | 31December2023 |
Equityoflistedcompanies
| Equityoflistedcompanies | |||
| -Costs | 1,917,389 | 1,881,825 | |
| -Accumulatedchangesinfairvalue | (797,080) | 537,017 | |
| 1,120,309 | 2,418,842 |
Equityofunlistedcompanies
| Equityofunlistedcompanies | |||
| -Costs | 3,775,731 | 3,666,581 | |
| -Accumulatedchangesinfairvalue | 3,448,253 | 3,404,112 | |
| 7,223,984 | 7,070,693 |
Including:thechangesincostandaccumulatedfairvalueofRMB105,373,000andRMB94,529,000respectivelyinthecurrentperiodwereduetodifferencesintranslationofforeigncurrencystatements.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(10)Investmentproperties
| Buildings | Landuserights | Total |
Cost
| Cost | |||||
| 31December2023 | 5,261,718 | 1,480,379 | 6,742,097 | ||
| Reclassificationofotherlong-termassetsinthecurrentperiod(Note4(11),4(12),4(14)) | 455,539 | 95,277 | 550,816 | ||
| Purchaseinthecurrentperiod | 1,819 | 133 | 1,952 | ||
| Decreaseinthecurrentperiod | (155,309) | (30,838) | (186,147) | ||
| Effectoftranslationofforeigncurrencyfinancialstatements | (13,837) | (395) | (14,232) | ||
| 30June2024 | 5,549,930 | 1,544,556 | 7,094,486 |
Accumulateddepreciation
| Accumulateddepreciation | |||||
| 31December2023 | 206,425 | 116,952 | 323,377 | ||
| Increaseinthecurrentperiod | 49,347 | 27,746 | 77,093 | ||
| Reclassificationofotherlong-termassetsinthecurrentperiod(Note4(11),4(14)) | 36,935 | 4,606 | 41,541 | ||
| Otherdecreases | (7,514) | (2,984) | (10,498) | ||
| Effectoftranslationofforeigncurrencyfinancialstatements | 1,468 | 2,965 | 4,433 | ||
| 30June2024 | 286,661 | 149,285 | 435,946 |
Carryingamount
| Carryingamount | |||||
| 30June2024 | 5,263,269 | 1,395,271 | 6,658,540 | ||
| 31December2023 | 5,055,293 | 1,363,427 | 6,418,720 |
(i)InJanuary2024,theGroupacquired100%equityinterestinBeijingJieyutaiEnterprise
ManagementCo.,Ltd.(“BeijingJieyutai”).ThetotaltransferpriceoftheequityinterestinthistransactionwasapproximatelyRMB559,289,000.ThetransactionwascompletedonJanuary18,2024(the“PurchaseDay”).ThePurchasesatisfiestheconcentrationtest.Inaccordancewiththeassetpurchaseprinciple,theaggregatefairvalueofthepurchasedinvestmentproperties(buildingsandlanduserights),fixedassets(buildings)andintangibleassets(landuserights)amountedtoapproximatelyRMB835,700,000,whichwasrecognizedonthePurchaseDay.(ii)Asat30June2024,theGroupwasstillintheprocessofapplyingforcertificatesofownershipfor
certainbuildingsandlanduserightswithcarryingamountofRMB42,217,000(31December2023:
carryingamountofRMB580,127,000).(iii)Asat30June2024,investmentpropertieswithcarryingamountofRMB110,919,000(31
December2023:RMB111,124,000)werepledgedascollateralforlong-termborrowings(Note
4(26)(c)).(iv)Asat30June2024and31December2023,theGroupassessedthatnoprovisionforimpairment
shouldbemadeforinvestmentproperties.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(11)Fixedassets
| Buildings | Motorvehicles | Computersandelectronicequipment | Aircraft,aircraftengines,rotablesandhigh-valuemaintenancetools | Machineryandequipment | Officeequipmentandotherequipment | Total |
Cost
| Cost | |||||||||||||
| 31December2023 | 29,185,339 | 7,434,951 | 5,126,023 | 15,497,033 | 14,999,446 | 10,839,453 | 83,082,245 | ||||||
| Transfersfromconstructioninprogress(Note4(12)) | 1,681,863 | - | 19,056 | 828,980 | 655,384 | 18,364 | 3,203,647 | ||||||
| Transferfrominvestmentpropertiesinthecurrentperiod(Note4(10)) | 495,316 | - | - | - | - | - | 495,316 | ||||||
| Purchaseinthecurrentperiod | 888,879 | 293,188 | 165,954 | 162,499 | 139,515 | 72,492 | 1,722,527 | ||||||
| Businesscombinationsinvolvingentitiesnotundercommoncontrol | - | 3,936 | 3,739 | - | 6 | 2,113 | 9,794 | ||||||
| Transfertoinvestmentpropertiesinthecurrentperiod(Note4(10)) | (814,347) | - | - | - | - | - | (814,347) | ||||||
| Decreaseindisposalsofsubsidiariesinthecurrentperiod | (309,843) | - | - | - | - | - | (309,843) | ||||||
| Otherdecreasesinthecurrentperiod | (10,373) | (528,198) | (142,336) | (34,354) | (148,807) | (404,656) | (1,268,724) | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 26,245 | (2,052) | (22,979) | 35 | (88,827) | (8,165) | (95,743) | ||||||
| 30June2024 | 31,143,079 | 7,201,825 | 5,149,457 | 16,454,193 | 15,556,717 | 10,519,601 | 86,024,872 |
Accumulateddepreciation
| Accumulateddepreciation | |||||||||||||
| 31December2023 | 2,918,323 | 4,806,341 | 3,779,913 | 6,643,870 | 4,363,601 | 6,638,702 | 29,150,750 | ||||||
| Transferfrominvestmentpropertiesinthecurrentperiod(Note4(10)) | 15,436 | - | - | - | - | - | 15,436 | ||||||
| Increaseinthecurrentperiod | 430,708 | 562,419 | 336,799 | 681,070 | 829,503 | 646,211 | 3,486,710 | ||||||
| Businesscombinationsinvolvingentitiesnotundercommoncontrol | - | 2,632 | 2,992 | - | 6 | 1,513 | 7,143 | ||||||
| Transfertoinvestmentpropertiesinthecurrentperiod(Note4(10)) | (52,371) | - | - | - | - | - | (52,371) | ||||||
| Decreaseindisposalsofsubsidiariesinthecurrentperiod | (8,731) | - | - | - | - | - | (8,731) | ||||||
| Otherdecreasesinthecurrentperiod | (25) | (503,281) | (141,933) | (34,257) | (68,139) | (260,926) | (1,008,561) | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | (8,650) | (4,071) | (20,018) | 7 | (36,312) | (17,000) | (86,044) | ||||||
| 30June2024 | 3,294,690 | 4,864,040 | 3,957,753 | 7,290,690 | 5,088,659 | 7,008,500 | 31,504,332 |
Provisionforimpairment
| Provisionforimpairment | |||||||||||||
| 31December2023 | - | - | - | - | 1,633 | 8 | 1,641 | ||||||
| Differencesontranslationofforeigncurrencyfinancialstatementsandothers | - | - | - | - | - | - | - | ||||||
| 30June2024 | - | - | - | - | 1,633 | 8 | 1,641 |
Carryingamount
| Carryingamount | |||||||||||||
| 30June2024 | 27,848,389 | 2,337,785 | 1,191,704 | 9,163,503 | 10,466,425 | 3,511,093 | 54,518,899 | ||||||
| 31December2023 | 26,267,016 | 2,628,610 | 1,346,110 | 8,853,163 | 10,634,212 | 4,200,743 | 53,929,854 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(11)Fixedassets(Continued)(i)Asat30June2024,theGroup’sholdingsofbuildingsincludedfreeholdlandthatdidnotrequire
depreciation.(ii)Forthesixthmonthsended30June2024,theamountsofdepreciationexpensechargedtocostof
sales,sellinganddistributionexpenses,generalandadministrativeexpensesandresearchand
developmentexpenseswereRMB3,481,474,000(forthesixthmonthsended30June2023:RMB
3,133,243,000).(iii)Asat30June2024,fixedassetswithcarryingamountofRMB498,743,000(31December2023:
RMB536,746,000)werepledgedascollateralforshort-termandlong-termborrowings(Note
4(19)(b)andNote4(26)(c)).(iv)Fixedassetswithpendingcertificatesofownership
| 30June2024 | ||||||
| Cost | Accumulateddepreciation | Provisionforimpairment | Carryingamount | |||
Buildings
| Buildings | 5,640,189 | (193,114) | - | 5,447,075 |
31December2023
| 31December2023 | ||||||
| Cost | Accumulateddepreciation | Provisionforimpairment | Carryingamount | |||
Buildings
| Buildings | 6,230,244 | (154,749) | - | 6,075,495 |
Inaddition,asat30June2024,buildingswithcarryingamountofRMB17,451,000(costofRMB
RMB29,844,000)(31December2023:carryingamountofRMB18,155,000andcostofRMB
29,844,000)representedpublicrentalhouseswithrestrictedpropertyrightspurchasedbythe
Groupforenterprisetalents.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(11)Fixedassets(Continued)(v)Disposalsofaircraftengines,rotablesandhigh-valuemaintenancetools
| Forthesixmonthsended30June2024 | ||||||||
| Reasonfordisposal | Cost | Accumulateddepreciation | Provisionforimpairment | Carryingamount | ||||
Aircraftrotables
| Aircraftrotables | Scrapped | 1,383 | (651) | - | 732 | ||||
| Aircraftrotables | Sold | 23 | (5) | - | 18 | ||||
| High-valueaircraftmaintenancetools | Scrapped | 220 | (24) | - | 196 | ||||
| 1,626 | (680) | - | 946 |
Forthesixmonthsended30June2023
| Forthesixmonthsended30June2023 | ||||||||
| Reasonfordisposal | Cost | Accumulateddepreciation | Provisionforimpairment | Carryingamount | ||||
Aircraftrotables
| Aircraftrotables | Scrapped | 5,668 | (2,255) | - | 3,413 | ||||
| Aircraftrotables | Sold | 478 | (201) | - | 277 | ||||
| High-valueaircraftmaintenancetools | Scrapped | 4,884 | (3,211) | - | 1,673 | ||||
| - | 11,030 | (5,667) | - | 5,363 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(12)Constructioninprogress
| (13) | 30June2024 | 31December2023 |
IndustrialParkProjects
| IndustrialParkProjects | 1,241,923 | 2,252,284 | |
| ProjectofDistributionHubs | 257,653 | 474,378 | |
| Aircraftimportandrefit | 293,177 | 164,643 | |
| Others | 1,146,363 | 1,141,579 | |
| 2,939,116 | 4,032,884 |
Including:Balanceofprovisionfor
impairmentattheendoftheperiod
| Including:Balanceofprovisionforimpairmentattheendoftheperiod | - | (17,324) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(12)Constructioninprogress(Continued)
| Projectname | Budget | 31December2023 | Increaseinthecurrentyear | Transfertootherlong-termassetsinthecurrentyear | Provisionforimpairmentinthecurrentyear | Otherdecreasesinthecurrentyear | 30June2024 | %ofprojectinvestmentinbudget(i) | Progressofproject | Accumulativeamountofcapitalisedborrowingcosts | Including:Borrowingcostscapitalisedinthecurrentyear | Capitalisationrate | Sourceoffunds | ||||||
| (ii) |
IndustrialParkProjects
| IndustrialParkProjects | 20,905,902 | 2,252,284 | 644,395 | (1,653,871) | (885) | - | 1,241,923 | 84.31% | 84.31% | 233,720 | 21,521 | 2.35% | Self-ownedfundsandloansfromfinancialinstitutions | ||||||
| ProjectofDistributionHubs | 20,472,968 | 474,378 | 578,504 | (794,653) | - | (576) | 257,653 | 80.89% | 80.89% | - | - | 0.00% | Self-ownedfunds | ||||||
| Aircraftimportandrefit | 2,403,936 | 164,643 | 978,128 | (848,135) | - | (1,459) | 293,177 | 41.02% | 41.02% | - | - | 0.00% | Self-ownedfunds | ||||||
| Others | 1,141,579 | 531,510 | (499,855) | - | (26,871) | 1,146,363 | 7,516 | 7,516 | 2.42% | Self-ownedfundsandloansfromfinancialinstitutions | |||||||||
| 4,032,884 | 2,732,537 | (3,796,514) | (885) | (28,906) | 2,939,116 | 241,236 | 29,037 |
(i)TheGroupconsiderstheproportionofthebudgetamountofasingleprojecttototalassetstodeterminewhethertherearesignificantprojectsof
constructioninprogress.Asat30June2024,theGrouphadnoprojectsofconstructioninprogresswithsignificantindividualamount.(ii)Foraircraftimportandrefit,thepercentageofprojectinvestmentinbudgetisrelatedtotheinvestmentforthecurrentperiod;fortheotherprojects,the
percentageofprojectinvestmentinbudgetisrelatedtotheaccumulativeinvestment.(iii)Theconstructioninprogresstransferredtolong-termassetsforthecurrentperiodamountedtoRMB3,796,514,000,includingRMB3,203,647,000
transferredtofixedassets,RMB136,508,000transferredtoinvestmentpropertiesandRMB456,359,000transferredtolong-termprepaidexpenses.(iv)ForthebuildingsintheGroup’sself-constructedindustrialparkprojects,distributionhubprojectsandotherprojects,thepartthathasbeencompletedand
acceptedandisavailableforitsintendeduseduringthereportingperiodshallbetransferredtofixedassetsandinvestmentpropertiesaccordingly.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(12)Constructioninprogress(Continued)(v)FortheGroup’spurchasedaircraft,thepartthathasbeenmodifiedduringthereportingperiodandhasmetthedesignrequirementsandisavailableforits
intendeduseafterinstallation,debuggingandacceptance,shallbetransferredtofixedassetsaccordingly.(vi)Asat30June2024,noconstructioninprogresswaspledgedascollateralforlong-termborrowings(31December2023:RMB272,393,000ofconstruction
inprogresswaspledgedascollateralforlong-termloans)(Note4(26)(c)).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(13)Right-of-useassets
| Buildings | Motorvehicles | Machineryandequipment,andothers | Total |
Cost
| Cost | ||||||||
| 31December2023 | 30,624,525 | 554,218 | 79,692 | 31,258,435 | ||||
| Increaseinthecurrentperiod | 2,781,941 | 15,576 | 16,715 | 2,814,232 | ||||
| Decreaseinthecurrentperiod | (920,002) | (45,846) | (24,820) | (990,668) | ||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 36,706 | (47,366) | (1,402) | (12,062) | ||||
| 30June2024 | 32,523,170 | 476,582 | 70,185 | 33,069,937 |
Accumulateddepreciation
| Accumulateddepreciation | ||||||||
| 31December2023 | 16,931,970 | 220,297 | 32,597 | 17,184,864 | ||||
| Increaseinthecurrentperiod | 3,238,874 | 79,772 | 13,120 | 3,331,766 | ||||
| Decreaseinthecurrentperiod | (509,061) | (40,302) | (5,533) | (554,896) | ||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 11,574 | (21,800) | (1,090) | (11,316) | ||||
| 30June2024 | 19,673,357 | 237,967 | 39,094 | 19,950,418 |
Carryingamount
| Carryingamount | ||||||||
| 30June2024 | 12,849,813 | 238,615 | 31,091 | 13,119,519 | ||||
| 31December2023 | 13,692,555 | 333,921 | 47,095 | 14,073,571 |
Asat30June2024and31December2022,theGroupconsideredthatnoimpairmentlossshouldberecognisedforright-of-useassets.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(14)Intangibleassets
| Landuserights | Purchasedsoftware | Self-developedsoftware | Trademarks | Customerrelationships | Others | Total |
Cost
| Cost | |||||||||||||
| 31December2023 | 7,702,755 | 857,547 | 7,276,600 | 4,966,033 | 5,952,090 | 358,340 | 27,113,365 | ||||||
| Transferfromotherlong-termassetsinthecurrentperiod(Note4(10)andNote4(15)) | 83,045 | - | 314,119 | - | - | - | 397,164 | ||||||
| Increaseinbusinesscombinationsinvolvingentitiesnotundercommoncontrol | - | 1,464 | - | - | 13,253 | 11,629 | 26,346 | ||||||
| Purchaseinthecurrentperiod | 331,225 | 17,832 | - | 3,296 | - | 1,852 | 354,205 | ||||||
| Transfertootherlong-termassetsinthecurrentyear(Note4(10)) | (178,322) | - | - | - | - | - | (178,322) | ||||||
| Decreaseindisposalsofsubsidiariesinthecurrentperiod | (110,846) | - | - | - | - | - | (110,846) | ||||||
| Otherdisposalsinthecurrentperiod | (37,569) | (24,006) | (73,286) | (1,228) | - | (421) | (136,510) | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 27,694 | (3,476) | - | 116,207 | 122,433 | 1,647 | 264,505 | ||||||
| 30June2024 | 7,817,982 | 849,361 | 7,517,433 | 5,084,308 | 6,087,776 | 373,047 | 27,729,907 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Continued)
(14)Intangibleassets(Continued)
| Landuserights | Purchasedsoftware | Self-developedsoftware | Trademarks | Customerrelationships | Others | Total |
Accumulatedamortisation
| Accumulatedamortisation | |||||||||||||
| 31December2023 | 880,885 | 679,279 | 5,098,778 | 842,331 | 1,150,340 | 211,727 | 8,863,340 | ||||||
| Transferfromotherlong-termassetsinthecurrentperiod(Note4(10)) | 6,793 | - | - | - | - | - | 6,793 | ||||||
| Increaseinbusinesscombinationsinvolvingentitiesnotundercommoncontrol | - | 1,076 | - | - | - | - | 1,076 | ||||||
| Increaseinthecurrentperiod | 97,150 | 57,411 | 889,919 | 121,335 | 170,010 | 16,057 | 1,351,882 | ||||||
| Transfertootherlong-termassetsinthecurrentyear(Note4(10)) | (11,399) | - | - | - | - | - | (11,399) | ||||||
| Decreaseindisposalsofsubsidiariesinthecurrentperiod | (10,569) | - | - | - | - | - | (10,569) | ||||||
| Otherdisposalsinthecurrentperiod | (165) | (56,765) | (19,416) | (601) | - | (294) | (77,241) | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 2,328 | (2,288) | - | 19,237 | 17,679 | 1,216 | 38,172 | ||||||
| 30June2024 | 965,023 | 678,713 | 5,969,281 | 982,302 | 1,338,029 | 228,706 | 10,162,054 |
Provisionforimpairment
| Provisionforimpairment | |||||||||||||
| 31December2023 | 5,394 | - | 97,428 | 4 | - | 6 | 102,832 | ||||||
| Increaseinthecurrentperiod | - | - | - | - | - | - | - | ||||||
| Decreaseinthecurrentperiod | (5,394) | - | (13,779) | - | - | - | (19,173) | ||||||
| 30June2024 | - | - | 83,649 | 4 | - | 6 | 83,659 |
30June2024
| 30June2024 | 6,852,959 | 170,648 | 1,464,503 | 4,102,002 | 4,749,747 | 144,335 | 17,484,194 | ||||||
| 31December2023 | 6,816,476 | 178,268 | 2,080,394 | 4,123,698 | 4,801,750 | 146,607 | 18,147,193 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(14)Intangibleassets(Continued)(a)Forthesixmonthsended30June2024,theaggregateamountofamortisationexpensescharged
tocostofsales,sellinganddistributionexpenses,generalandadministrativeexpensesandresearchanddevelopmentexpenseswasRMB1,286,487,000(forthesixmonthsended30June2023:RMB1,156,248,000).(b)Asat30June2024,intangibleassetswithcarryingamountofRMB261,868,000(31December
2023:RMB292,495,000)werepledgedascollateralforlong-termborrowings,ofwhichintangibleassetswithacarryingvalueofRMB131,594,000(December31,2023:RMB144,678,000)werepledgedascollateralforshort-termborrowingsatthesametime(Note4(19)(b)andNote4(26)(c)).(c)Asat30June2024,theGroupwasstillintheprocessofapplyingforcertificatesofownershipfor
landuserightswithcarryingamountofRMB139,222,000(withcostofRMB151,135,000)(31December2023:carryingamountofRMB157,465,000andcostofRMB167,949,000).(d)Asat30June2024,theintangibleassetsdevelopedbytheGroupaccountedfor8.38%(31
December2023:11.46%)ofthecarryingamountofintangibleassets.
(15)Researchanddevelopmentexpenditures
TheGroup’stotalexpendituresonresearchanddevelopmentforthesixmonthsended30June2024arelistedbynatureasfollows:
| Forthesixmonthsended30June2024 | ||||
| Researchanddevelopmentexpenses | Developmentcosts | Total | ||
Employeebenefits
| Employeebenefits | 664,346 | 236,486 | 900,832 | ||
| Depreciationandamortisation | 531,917 | 34,140 | 566,057 | ||
| Others | 105,192 | 29,385 | 134,577 | ||
| 1,301,455 | 300,011 | 1,601,466 |
Forthesixmonthsended30June2023
| Forthesixmonthsended30June2023 | ||||
| Researchanddevelopmentexpenses | Developmentcosts | Total | ||
Employeebenefits
| Employeebenefits | 627,894 | 427,464 | 1,055,358 | ||
| Depreciationandamortisation | 431,138 | 35,994 | 467,132 | ||
| Others | 115,938 | 106,743 | 222,681 | ||
| 1,174,970 | 570,201 | 1,745,171 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(15)Researchanddevelopmentexpenditures(Continued)
ThechangesintheGroup’scapitaliseddevelopmentexpendituresforthesixmonthsended30June2024areanalysedasfollows:
| 31December2023 | Increaseinthecurrentperiod | Transfertointangibleassetsinthecurrentperiod(Note4(14)) | Otherdecreasesinthecurrentperiod | 30June2024 |
Systemdevelopment
| Systemdevelopment | 129,845 | 300,011 | (314,119) | (25,682) | 90,055 |
(a)Forthesixmonthsended30June2024,theGrouphadnoimpairmentondevelopment
expenditures(forthesixmonthsended30June2023:none).(b)TheGroupconsiderstheproportionofopeningbalanceorendingbalanceofindividualresearch
anddevelopmentprojecttototalassetstodeterminewhethertherearesignificantresearchand
developmentprojects.Asat30June2024,theGrouphadnoresearchanddevelopmentprojects
withsignificantindividualamount.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(16)Goodwill
| 31December2023 | Increaseinthecurrentperiod(a) | Restructuringinthecurrentperiod(b) | Effectofforeigncurrencytranslation | 30June2024 |
Cost:
| Cost: | |||||||||
| KerryLogisticsBusiness | 5,889,255 | 70,732 | (62,430) | 133,657 | 6,031,214 | ||||
| KEX | - | - | 62,430 | 1,459 | 63,889 | ||||
| SFSupplyChainBusiness | 3,082,119 | - | - | 72,056 | 3,154,175 | ||||
| SF/HAVIChinaLogistics(Caymanislands)(“HAVI”) | 367,896 | - | - | 8,598 | 376,494 | ||||
| GuangdongShunxinFreightCo.,Ltd. | 149,587 | - | - | - | 149,587 | ||||
| Others | 84,014 | 4,053 | - | 431 | 88,498 | ||||
| 9,572,871 | 74,785 | - | 216,201 | 9,863,857 |
Less:Provisionsforimpairment(Note
4(18))
| Less:Provisionsforimpairment(Note4(18)) | |||||||||
| Others | (2,435) | - | - | - | (2,435) |
9,570,436
| 9,570,436 | 74,785 | - | 216,201 | 9,861,422 |
(a)TheincreaseingoodwilloftheGroupinthecurrentperiodwasmainlyattributabletotheacquisitionof65.00%equityinBusinessByAirSAS(“BBA”)
(Note5(1)(a)).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(16)Goodwill(Continued)(b)Duringthereportingperiod,KerryLogisticsdistributedaspecialinterimdividendtoitseligibleshareholderswith907,200,000sharesinKEX,which
accountsforapproximately52.1%ofallissuedKEXshares.Afterthedistribution,theGroupacquiredatotalof467,373,855sharesofKEX,accountingforapproximately26.8%ofallissuedKEXshares,triggeringamandatorytakeoverbidforKEXundertheThailandCode(whichreferstorules,ConditionsandProceduresfortheAcquisitionofSecuritiesinBusinessAcquisitions(asamended)andanyotherrelevantrules,regulationsandcircularsissuedthereunderintheSecuritiesandExchangeActofThailandB.E.2535(1992)(asamended)andtheCapitalMarketSupervisoryBoardCircularNo.TorJor.12/2554).TheGrouphasmadeatenderoffertoKEXshareholdersatapriceofTHB5.5persharetoacquiretheKEXsharesheldbythem.On26March2024(the“ReorganizationDate”),theinterimdividenddistributionandtheofferacquisitionintheabovetransactionwerecompleted.TheGroupacquiredatotalof1,091,818,327sharesofKEX,accountingfor62.7%oftheissuedsharesofKEX.Afterthecompletionoftheabovetransaction,KEXisnolongerdirectlyheld,managedandcontrolledbyKerryLogistics.TheGroupwillsplittheKerryLogisticsbusinessintotwoassetgroups,includingtheKerryLogisticsbusiness(excludingtheKEXbusiness)andtheKEXbusiness.ThegoodwillarisingfromtheacquisitionofKerryLogisticsisallocatedinproportiontothefairvalueoftheassetgroupcombinationoftheKerryLogisticsbusiness(excludingKEXbusiness)assetgroupandtheKEXbusinessassetgroupontherestructuringdate.(c)Duringthegoodwillimpairmenttest,theGroupcomparesthecarryingamountoftherelevantassetsorcombinationsofassetgroups(includinggoodwill)
withtheirrecoverableamount.Iftherecoverableamountislowerthanthecarryingamount,thedifferenceshallbeincludedinprofitorlossforthecurrentperiod.Asat30June2024and31December2023,theGroupassessedthatnoprovisionforimpairmentshouldbemadeforgoodwill.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(17)Long-termprepaidexpenses
| 31December2023 | 30June2024 | |||||||
| Increaseinthecurrentperiod | Amortisationinthecurrentperiod | Otherdecreasesinthecurrentperiod |
Improvementstoright-of-useassets
| Improvementstoright-of-useassets | 2,141,678 | 553,443 | (535,193) | (40,816) | 2,119,112 | ||||
| Settling-inallowanceandintroductionfeeforpilots | 805,415 | 21,880 | (53,109) | - | 774,186 | ||||
| Others | 214,311 | 30,608 | (24,528) | (3,801) | 216,590 | ||||
| 3,161,404 | 605,931 | (612,830) | (44,617) | 3,109,888 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(18)Provisionforcredit/assetimpairmentandlosses
| 31December2023 | Provision/(Reversal) | Write-off | Differencesontranslationofforeigncurrencyfinancialstatementsandothers | 30June2024 |
Provisionforbaddebts
| Provisionforbaddebts | 1,617,562 | 164,256 | (210,684) | 5,078 | 1,576,212 | ||||
| Including:Provisionforbaddebtsofaccountsreceivable(Note4(3)) | 1,378,665 | 165,988 | (209,411) | 3,894 | 1,339,136 | ||||
| Provisionforbaddebtsofotherreceivables(Note4(5)) | 223,719 | (114) | (1,273) | 1,098 | 223,430 | ||||
| Provisionforbaddebtsoflong-termreceivables(Note4(7)) | 15,178 | (1,618) | - | 86 | 13,646 | ||||
| Provisionforbaddebtsoffactoringreceivables | 123,815 | - | - | - | 123,815 | ||||
| Provisionforbaddebtsofloansandadvances | 8,704 | (4,699) | - | 438 | 4,443 | ||||
| Sub-total | 1,750,081 | 159,557 | (210,684) | 5,516 | 1,704,470 |
Provisionforimpairmentoflong-termequityinvestments(Note4(8))
| Provisionforimpairmentoflong-termequityinvestments(Note4(8)) | 346,224 | - | - | (6,916) | 339,308 | ||||
| Provisionforimpairmentoffixedassets(Note4(11)) | 1,641 | - | - | - | 1,641 | ||||
| Provisionforimpairmentofintangibleassets(Note4(14)) | 102,832 | - | - | (19,173) | 83,659 | ||||
| Provisionfordeclineinthevalueofinventories | 2,782 | 424 | - | 69 | 3,275 | ||||
| Provisionforimpairmentofcontractassets | 3,552 | 315 | - | (54) | 3,813 | ||||
| Provisionforimpairmentofgoodwill(Note4(16)) | 2,435 | - | - | - | 2,435 | ||||
| Provisionforimpairmentofconstructioninprogress(Note4(12)) | 17,324 | 885 | - | (18,209) | - | ||||
| Sub-total | 476,790 | 1,624 | - | (44,283) | 434,131 | ||||
| 2,226,871 | 161,181 | (210,684) | (38,767) | 2,138,601 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(19)Short-termborrowings
| 30June2024 | 31December2023 |
Unsecuredborrowings
| Unsecuredborrowings | 23,172,135 | 12,959,996 | |
| Guaranteedborrowings(a) | 448,933 | 5,156,012 | |
| Securedborrowings(b) | 70,138 | 105,969 | |
| Pledgedborrowings | 290 | - | |
| 23,691,496 | 18,221,977 |
(a)Asat30June2024,guaranteedborrowingsofRMB448,933,000(31December2023:RMB
5,156,012,000)wereguaranteedbysubsidiarieswithintheGroup.(b)Asat30June2024,securedborrowingsofRMB70,138,000weresecuredbythefollowingassets
respectively:
| Carryingamountofsecuredassets | Including:alsosecuredforlong-termborrowings |
Fixedassets
| Fixedassets | 498,743 | 498,743 | |
| Intangibleassets | 131,594 | 131,594 | |
| 630,337 | 630,337 |
Asat31December2023,securedborrowingsofRMB105,969,000weresecuredbythefollowing
assetsrespectively:
| Carryingamountofsecuredassets | Including:alsosecuredforlong-termborrowings |
Fixedassets
| Fixedassets | 536,746 | 536,746 | |
| Intangibleassets | 144,678 | 144,678 | |
| 681,424 | 681,424 |
(c)Asat30June2024,theGrouphadnooverdueshort-termborrowings,andtheinterestraterange
ofshort-termborrowingswas2.27%to6.77%(31December2023:2.20%to7.47%)perannum.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(20)Accountspayable
| 30June2024 | 31December2023 |
Payablestorelatedparties(Note8(4)(h))
| Payablestorelatedparties(Note8(4)(h)) | 397,211 | 421,194 | |
| Payablesforservicesandpurchases | 23,404,030 | 24,424,941 | |
| 23,801,241 | 24,846,135 |
Asat30June2024,accountspayablewithageingoveroneyearamountedtoRMB283,072,000(31December2023:RMB408,452,000),includingoutsourcingcostandtransportationcostpayable.ThefinalsettlementofthepaymenthasnotbeenmadebecausetheGrouphasnotreceivedtheinvoicefromthesuppliers.
(21)Employeebenefitspayable
| 30June2024 | 31December2023 |
Short-termemployeebenefitspayable(a)
| Short-termemployeebenefitspayable(a) | 4,427,694 | 5,547,556 | |
| Definedcontributionplanspayable(b) | 77,566 | 61,053 | |
| 4,505,260 | 5,608,609 |
(a)Short-termemployeebenefits
| 31December2023 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2024 |
Wagesandsalaries,bonus,allowancesandsubsidies
| Wagesandsalaries,bonus,allowancesandsubsidies | 5,016,325 | 13,650,837 | (14,684,134) | 3,983,028 | |||
| Staffwelfare | 106,885 | 927,780 | (890,735) | 143,930 | |||
| Socialsecuritycontributions | 22,891 | 408,488 | (410,403) | 20,976 | |||
| Including:Medicalinsurance | 19,483 | 360,502 | (361,729) | 18,256 | |||
| Workinjuryinsurance | 2,449 | 38,532 | (39,444) | 1,537 | |||
| Maternityinsurance | 959 | 9,454 | (9,230) | 1,183 | |||
| Housingfunds | 10,487 | 218,420 | (217,274) | 11,633 | |||
| Labourunionfundsandemployeeeducationfunds | 367,710 | 206,834 | (332,876) | 241,668 | |||
| Others | 23,258 | 176,865 | (173,664) | 26,459 | |||
| 5,547,556 | 15,589,224 | (16,709,086) | 4,427,694 |
(b)Definedcontributionplans
| 31December2023 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2024 |
Basicpensions
| Basicpensions | 59,872 | 704,223 | (687,554) | 76,541 | |||
| Unemploymentinsurance | 1,181 | 23,647 | (23,803) | 1,025 | |||
| 61,053 | 727,870 | (711,357) | 77,566 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(22)Taxespayable
| 30June2024 | 31December2023 |
Enterpriseincometaxpayable
| Enterpriseincometaxpayable | 1,221,636 | 1,394,250 | |
| UnpaidVAT | 581,780 | 538,510 | |
| Others | 175,192 | 196,955 | |
| 1,978,608 | 2,129,715 |
(23)Otherpayables
| 30June2024 | 31December2023 |
Accountspayabletorelatedparties(Note8(4)(j))
| Accountspayabletorelatedparties(Note8(4)(j)) | 95,908 | 134,589 | |
| Engineeringequipmentpayable | 3,209,908 | 4,345,119 | |
| Depositspayable | 2,037,026 | 1,849,724 | |
| Payablesofcashcollectedondeliveryserviceonbehalfofotherparties | 1,442,384 | 1,534,338 | |
| Rechargepayable | 1,151,727 | 1,014,895 | |
| Payablestobanksforsupplychainfinanceproducts/re-factoring | 191,941 | 543,389 | |
| Warrantypaymentspayable | 479,205 | 505,725 | |
| Managementfeespayable | 236,592 | 159,211 | |
| Professionalservicefeespayable | 135,058 | 134,607 | |
| Dividendspayable | 148,200 | 142,507 | |
| Payableforequityacquisition | 281,790 | 267,886 | |
| Others | 929,077 | 862,851 | |
| 10,338,816 | 11,494,841 |
Asat30June2024,otherpayableswithageingoveroneyearamountedtoRMB1,804,829,000(31December2023:RMB1,149,236,000),mainlytheunduedepositsofcontinuingbusinessandtheunsettledengineeringequipmentfunds.
(24)CurrentportionofNon-currentliabilities
| 30June2024 | 31December2023 |
Currentportionofleaseliabilities(Note
4(28))
| Currentportionofleaseliabilities(Note4(28)) | 5,540,079 | 5,769,965 | |
| Currentportionoflong-termborrowings(Note4(26)) | 2,594,948 | 2,813,385 | |
| Currentportionofdebenturespayable(a) | 113,666 | 615,295 | |
| Currentportionoflong-termpayables | 22,349 | 23,571 | |
| Currentportionofcash-settledshare-basedpayments | - | 263,732 | |
| 8,271,042 | 9,485,948 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(24)CurrentportionofNon-currentliabilities(Continued)(a)Currentportionofdebenturespayabletobesettledwithinoneyear
| 31December2023 | Interestaccrual | Amortisationofpremium/discount | Reclassificationfromdebenturespayableinthecurrentperiod(Note4(27)) | Repaymentforthecurrentperiod | Effectoftranslationofforeigncurrencyfinancialstatements | 30June2024 |
GreenCorporateDebenturesof2021(1stinstalment)
| GreenCorporateDebenturesof2021(1stinstalment) | 512,866 | 6,006 | 78 | - | (518,950) | - | - | ||||||
| Otherdebenturespayable | 102,429 | - | - | 271,513 | (258,322) | (1,954) | 113,666 | ||||||
| 615,295 | 6,006 | 78 | 271,513 | (777,272) | (1,954) | 113,666 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(25)Othercurrentliabilities
| 30June2024 | 31December2023 |
OutputVATtoberecognisedarisingfromcontractliabilities
| OutputVATtoberecognisedarisingfromcontractliabilities | 113,155 | 129,212 | |
| Ultrashort-termcommercialnotes(a) | 2,310,195 | - | |
| Others | 31,892 | 38,456 | |
| 2,455,242 | 167,668 |
(a)Theultrashort-termcommercialnotesaredetailedasfollows:
| Parvalue | Dateofissue | Term | Interestrate | Defaultornot | ||||
| (RMB’000) |
TheFirstPhaseof2024
| TheFirstPhaseof2024 | 1,000,000 | 8March2024 | 270days | 2.24% | No | ||||
| TheSecondPhaseof2024 | 500,000 | 15March2024 | 270days | 2.24% | No | ||||
| TheThirdPhaseof2024 | 800,000 | 21June2024 | 270days | 1.85% | No |
(26)Long-termborrowings
| 30June2024 | 31December2023 |
Guaranteedborrowings(a)
| Guaranteedborrowings(a) | 5,731,171 | 5,633,173 | |
| Pledgedborrowings(b) | 1,669,853 | 2,150,466 | |
| Unsecuredborrowings | 4,588,063 | 5,113,058 | |
| Securedborrowings(c) | 1,267,327 | 1,271,929 | |
| 13,256,414 | 14,168,626 |
Less:Currentportionofong-termborrowings
(Note4(24))
| Less:Currentportionofong-termborrowings(Note4(24)) | |||
| Guaranteedborrowings | (270,838) | (914,982) | |
| Pledgedborrowings | (998,003) | (668,094) | |
| Unsecuredborrowings | (1,276,707) | (1,156,039) | |
| Securedborrowings | (49,400) | (74,270) | |
| (2,594,948) | (2,813,385) | ||
| 10,661,466 | 11,355,241 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Continued)
(26)Long-termborrowings(Continued)
(a)Asat30June2024,theGroup’sguaranteedborrowingsofRMB5,711,171,000(31December2023:RMB5,608,173,000)wereguaranteedbysubsidiarieswithintheGroupandguaranteedborrowingsofRMB20,000,000(31December2023:RMB25,000,000)wereguaranteedbyShenzhenS.F.TaisenHoldings(Group)Co.,Ltd.(“TaisenHoldings”)andHavi.
(b)Asat30June2024,theentitlementtoreceivablesarisingfromaircraftfinancialleasingbusinessofsubsidiarySFAirlinesCompanyLimited(“SFAirlines”)waspledgedbysubsidiaryShunyuanFinancialLeasing(Tianjin)Co.,Ltd.(“ShunyuanFinancialLeasing”)forthepledgedbankborrowingsofRMB1,669,853,000(31December2023:RMB2,150,466,000).Asat30June2024,balanceofreceivablespledgedwasRMB2,797,164,000(31December2023:RMB2,496,880,000).(c)Asat30June2024,securedborrowingsofRMB1,267,327,000weresecuredbythefollowing
assetsrespectively:
| Carryingamountofsecuredassets | Including:alsosecuredforshort-termborrowings |
Fixedassets
| Fixedassets | 498,743 | 498,743 | |
| Intangibleassets | 261,868 | 131,594 | |
| Investmentproperties | 110,919 | - | |
| 871,530 | 630,337 |
Asat31December2023,securedborrowingsofRMB1,271,929,000weresecuredbythefollowingassetsrespectively:
| Carryingamountofsecuredassets | Including:alsosecuredforshort-termborrowings |
Fixedassets
| Fixedassets | 536,746 | 536,746 | |
| Intangibleassets | 292,495 | 144,678 | |
| Investmentproperties | 111,124 | - | |
| Constructioninprogress | 272,393 | - | |
| 1,212,758 | 681,424 |
Besides,asat30June2024,TaisenHoldingsprovidedafulljointandseveralliabilityguaranteeforRMB1,240,920,000(31December2023:RMB1,239,787,000)oftheabovesecuredborrowings.(d)Asat30June2024,theGrouphadnooverduelong-termborrowings,andtheinterestraterangeof
long-termborrowingswas2.44%to5.30%(31December2023:2.20%to6.91%)perannum.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Continued)
(27)Debenturespayable
| 31December2023 | Issuedintheperiod | Issuanceexpenses | Repurchaseintheperiod | Interestaccrual | Amortisationofpremium/discount | Effectoftranslationofforeigncurrencyfinancialstatements | Debenturespayabletobesettledwithinoneyear(Note4(24)) | 30June2024 |
OverseasdebenturesdenominatedinUSDof2020
| OverseasdebenturesdenominatedinUSDof2020 | 4,926,684 | - | - | (114,649) | 70,627 | 4,687 | 111,987 | (70,627) | 4,928,709 | ||||||||
| OverseasdebenturesdenominatedinUSDof2021 | 8,470,887 | - | - | (253,802) | 121,132 | 7,717 | 190,962 | (121,132) | 8,415,764 | ||||||||
| OverseasdebenturesdenominatedinUSDof2022 | 4,897,492 | - | - | (151,192) | 66,916 | 11,297 | 110,477 | (66,916) | 4,868,074 | ||||||||
| SmoothFreightLogisticsDebentures(1stinstalment) | 499,719 | - | - | - | 6,937 | 80 | - | (6,937) | 499,799 | ||||||||
| TheFirstDebenturesof2024 | - | 500,000 | (236) | - | 3,526 | 23 | - | (3,526) | 499,787 | ||||||||
| Middle-termnotesof2024 | - | 500,000 | (1,179) | - | 2,375 | 42 | - | (2,375) | 498,863 | ||||||||
| 18,794,782 | 1,000,000 | (1,415) | (519,643) | 271,513 | 23,846 | 413,426 | (271,513) | 19,710,996 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(27)Debenturespayable(Continued)
| Issuer | Currency | Parvalue | Dateofissue | Term | Issuedamount | Nominalinterestrate | Defaultornot | |||||||
| (RMB’000) | (equivalenttoRMB) |
OverseasdebenturesdenominatedinUSDof2020
| OverseasdebenturesdenominatedinUSDof2020 | SFHoldingInvestmentLimited | USD | 700,000 | 20February2020 | 10years | 5,088,193 | 2.88% | No | |||||||
| OverseasdebenturesdenominatedinUSDof2021 | SFHoldingInvestment2021Limited | USD | 400,000 | 17November2021 | 5years | 2,907,539 | 2.38% | No | |||||||
| OverseasdebenturesdenominatedinUSDof2021 | SFHoldingInvestment2021Limited | USD | 300,000 | 17November2021 | 7years | 2,180,654 | 3.00% | No | |||||||
| OverseasdebenturesdenominatedinUSDof2021 | SFHoldingInvestment2021Limited | USD | 500,000 | 17November2021 | 10years | 3,634,424 | 3.13% | No | |||||||
| OverseasdebenturesdenominatedinUSDof2022 | SFHoldingInvestment2021Limited | USD | 400,000 | 28January2022 | 5years | 2,907,539 | 2.38% | No | |||||||
| OverseasdebenturesdenominatedinUSDof2022 | SFHoldingInvestment2021Limited | USD | 300,000 | 28January2022 | 10years | 2,180,654 | 3.13% | No | |||||||
| SmoothFreightLogisticsDebentures(1stinstalment) | TaisenHoldings | RMB | 500,000 | 22September2022 | 3years | 500,000 | 2.79% | No | |||||||
| TheFirstDebenturesof2024 | TaisenHoldings | RMB | 500,000 | 13March2024 | 3years | 500,000 | 2.60% | No | |||||||
| Middle-termnotesof2024 | TaisenHoldings | RMB | 500,000 | 23April2024 | 5years | 500,000 | 2.55% | No |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(28)Leaseliabilities
| 30June2024 | 31December2023 |
Leaseliabilities
| Leaseliabilities | 13,012,472 | 13,808,460 | |
| Less:Currentportionofleaseliabilities(Note4(24)) | (5,540,079) | (5,769,965) | |
| 7,472,393 | 8,038,495 |
(29)Deferredincome
| 31December2023 | Increaseinthecurrentperiod | Amountrecognisedinotherincomeinthecurrentperiod | 30June2024 | ||||
| Governmentgrants | (Note4(43)) |
Governmentsupportfundsforindustrialpark
| Governmentsupportfundsforindustrialpark | 567,729 | 109,056 | (5,997) | 670,788 | |||
| HuanggangBaitanLakeOrganisingCommitteeProject | 437,304 | 20,000 | (3,668) | 453,636 | |||
| Others | 85,611 | 11,587 | (10,751) | 86,447 | |||
| 1,090,644 | 140,643 | (20,416) | 1,210,871 |
Theabovegovernmentgrantsareallgovernmentgrantsrelatedtoassets.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(30)Deferredtaxassetsanddeferredtaxliabilities(a)Deferredtaxassetsbeforeoffsetting
| 30June2024 | 31December2023 | |||||
| Deductibletemporarydifferencesanddeductiblelosses | Deferredtaxassets | Deductibletemporarydifferencesanddeductiblelosses | Deferredtaxassets | |||
Deductiblelosses
| Deductiblelosses | 3,975,562 | 885,930 | 4,011,713 | 900,683 | |||
| Depreciationandamortisationdifferences | 3,546,780 | 833,879 | 3,671,061 | 849,888 | |||
| Accruedexpenses | 1,856,472 | 419,746 | 2,018,943 | 480,077 | |||
| Leaseliabilities | 11,732,568 | 2,797,992 | 12,542,513 | 2,998,695 | |||
| Provisionforassetimpairment | 797,756 | 192,309 | 722,267 | 174,813 | |||
| Unrealisedprofitsfrominternaltransactions | 376,409 | 94,102 | 449,497 | 112,374 | |||
| Others | 337,668 | 81,220 | 344,204 | 82,661 | |||
| 22,623,215 | 5,305,178 | 23,760,198 | 5,599,191 |
Including:
| Including: | ||||
| Expectedtoberecoveredwithinoneyear(inclusive) | 1,851,494 | 2,002,169 | ||
| Expectedtoberecoveredafteroneyear | 3,453,684 | 3,597,022 | ||
| 5,305,178 | 5,599,191 |
(b)Deductiblelossesanddeductibletemporarydifferencesthatarenotrecognisedasdeferredtax
assetsareanalysedasfollows:
| 30June2024 | 31December2023 |
Deductiblelosses(c)
| Deductiblelosses(c) | 18,770,064 | 18,873,618 | |
| Deductibletemporarydifferences | 1,439,951 | 1,113,144 | |
| 20,210,015 | 19,986,762 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(30)Deferredtaxassetsanddeferredtaxliabilities(Continued)(c)Thefollowingtableshowsunrecogniseddeductiblelossesbasedonitsexpirationdate:
| 30June2024 | 31December2023 |
2024
| 2024 | 1,035,858 | 1,270,206 | |
| 2025 | 3,527,250 | 3,954,921 | |
| 2026 | 4,246,723 | 4,468,234 | |
| 2027 | 2,933,073 | 3,254,460 | |
| 2028 | 1,830,209 | 2,146,335 | |
| 2029andsubsequentyears | 5,196,951 | 3,779,462 | |
| 18,770,064 | 18,873,618 |
(d)Deferredtaxliabilitiesbeforeoffsetting
| 30June2024 | 31December2023 | |||||
| Taxabletemporarydifferences | Deferredtaxliabilities | Taxabletemporarydifferences | Deferredtaxliabilities | |||
Appreciationinassetvaluearisingfrombusinesscombinationsinvolvingentitiesnotundercommoncontrol
| Appreciationinassetvaluearisingfrombusinesscombinationsinvolvingentitiesnotundercommoncontrol | 12,333,385 | 2,970,490 | 12,385,409 | 2,971,543 | |||
| Depreciationandamortisationdifferences | 7,497,693 | 1,737,948 | 6,823,020 | 1,606,602 | |||
| Changesinfairvalueoffinancialassets | 1,379,287 | 345,151 | 1,436,715 | 359,178 | |||
| Right-of-useassets | 11,025,949 | 2,626,955 | 11,850,559 | 2,830,561 | |||
| Others | 472,190 | 107,921 | 525,038 | 118,411 | |||
| 32,708,504 | 7,788,465 | 33,020,741 | 7,886,295 |
Including:
| Including: | |||||
| Expectedtoberecoveredwithinoneyear(inclusive) | 1,773,587 | 1,861,507 | |||
| Expectedtoberecoveredafteroneyear | 6,014,878 | 6,024,788 | |||
| 7,788,465 | 7,886,295 | ||||
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(30)Deferredtaxassetsanddeferredtaxliabilities(Continued)(e)Thenetbalancesofdeferredtaxassetsanddeferredtaxliabilitiesafteroffsettingareasfollows:
| 30June2024 | 31December2023 |
Deferredtaxassets,net
| Deferredtaxassets,net | 2,053,570 | 2,263,870 |
Deferredtaxliabilities,net
| Deferredtaxliabilities,net | 4,536,857 | 4,550,974 |
(31)Sharecapital
| 31December2023 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2024 | |||
| (Note4(33)) |
OrdinarysharesdenominatedinRMB
| OrdinarysharesdenominatedinRMB | 4,895,202 | - | (79,291) | 4,815,911 |
31December
2022
| 31December2022 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2023 |
OrdinarysharesdenominatedinRMB
| OrdinarysharesdenominatedinRMB | 4,895,202 | - | - | 4,895,202 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(32)Capitalreserve
| 31December2023 | 30June2024 | ||||||
| Increaseinthecurrentperiod | Decreaseinthecurrentperiod | ||||||
| Sharepremium | |||||||
| -Capitalcontribution/(deduction)byshareholders | 34,978,720 | 127 | (3,496,254) | 31,482,593 | |||
| -Transferofconvertiblecorporatedebenturestosharecapital | 5,758,688 | - | - | 5,758,688 | |||
| -Capitalreservefromtransactionswithminorityshareholders | (810,357) | - | (3,760,142) | (4,570,499) | |||
| -Transferofconvertiblecorporatedebenturesissuedbysubsidiariestosharecapital | 1,980,870 | - | - | 1,980,870 | |||
| -Businesscombinationsinvolvingentitiesundercommoncontrol | (76,633) | - | - | (76,633) | |||
| -Exerciseofshare-basedpayments | 43,898 | - | - | 43,898 | |||
| Othercapitalreserve | |||||||
| -Share-basedpaymentsincludedincapitalreserve | 833,189 | 62,186 | - | 895,375 | |||
| -Others | 455,710 | - | - | 455,710 | |||
| 43,164,085 | 62,313 | (7,256,396) | 35,970,002 |
31December
2022
| 31December2022 | 30June2023 | ||||||
| Increaseinthecurrentperiod | Decreaseinthecurrentperiod | ||||||
| Sharepremium | |||||||
| -Capitalcontributionbyshareholders | 34,978,720 | 890 | - | 34,979,610 | |||
| -Transferofconvertiblecorporatedebenturestosharecapital | 5,758,688 | - | - | 5,758,688 | |||
| -Capitalreservefromtransactionswithminorityshareholders | 225,677 | - | (11,444) | 214,233 | |||
| -Transferofconvertiblecorporatedebenturesissuedbysubsidiariestosharecapital | 1,980,870 | - | - | 1,980,870 | |||
| -Businesscombinationsinvolvingentitiesundercommoncontrol | (76,633) | - | - | (76,633) | |||
| Othercapitalreserve | |||||||
| -Share-basedpaymentsincludedincapitalreserve | 675,189 | 151,413 | - | 826,602 | |||
| -Others | 453,726 | - | (3,041) | 450,685 | |||
| 43,996,237 | 152,303 | (14,485) | 44,134,055 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(33)Treasurystock
| 31December2023 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2024 |
Treasurystock
| Treasurystock | 2,575,532 | 1,378,503 | (3,575,545) | 378,490 |
31December2022
| 31December2022 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2023 |
Treasurystock
| Treasurystock | 2,040,377 | 59,936 | - | 2,100,313 |
(i)InaccordancewiththeProposalofRepurchasingSharesbyCentralisedPriceBiddingpassedin
the22ndsessionofthefifthBoardofDirectorson2March2022andthe28thsessionofthefifthBoardofDirectorson22September2022,theCompanyrepurchasedaportionofsharesissuedtothepublicforemployeestockownershipplanorshare-basedincentivethroughcentralisedpricebiddingbyself-ownedfunds.Asat21September2023,theabovesharerepurchasehadbeencompleted.TheCompanyrepurchasedatotalof59,471,139shares,ofwhich8,420,193shareshadbeenusedfortheexerciseofthefirstexerciseperiodofstockoptionsgrantedforthefirsttimeunderthestockoptionincentiveplanin2022,andtheremainingof51,050,946shareshadnotbeenusedasat31December2023.(ii)InaccordancewiththeProposalofRepurchasingSharesbyCentralisedPriceBiddingpassedin
the11stsessionofthesixthBoardofDirectorson30January2024,theCompanyrepurchasedaportionofsharesissuedtothepublicforemployeestockownershipplanorshare-basedincentivethroughcentralisedpricebiddingbyself-ownedfunds.Asat26April2024,theCompany’ssharerepurchaseplanwasimplemented,withatotalof28,240,207sharesrepurchasedandtreasurystockofRMB1,000,013,000recognized.Asatthecompletionofthisrepurchase,thetotalnumberofunusedsharesrepurchasedbytheCompanyaftertheaforesaidsharerepurchaseplanwas79,291,153shares.(iii)InaccordancewiththeProposalofChangingthePurposeofRepurchasedSharesandCancelling
theSharespassedinthe12thsessionofthesixthBoardofDirectorson26March2024andthe2023shareholders’meetingon30April2024,theCompanychangedthepurposeoftherepurchasedsharesinthesharerepurchaseplaninMarchandSeptember2022andJanuary2024.On20June2024,theCompanycompletedthecancellationof79,291,153repurchasedshares,withatotalwrite-offoftreasurystockofRMB3,575,545,000,ofwhichthesharecapitalwasdecreasedbyRMB79,291,000andthecapitalreservewasdecreasedbyRMB3,496,254,000.(iv)InaccordancewiththeProposaloftheSecondPhaseofShareRepurchasePlanin2024passedin
the13thsessionofthesixthBoardofDirectorson29April2024,theCompanyrepurchasedaportionofsharesissuedtothepublicforemployeestockownershipplanorshare-basedincentivethroughcentralisedpricebiddingbyself-ownedfunds.Asat30June2024,theCompanyhadrepurchasedanaggregateof10,199,584sharesandrecognizedRMB378,490,000oftreasurystock.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(34)Specialreserve
| 31December2023 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2024 |
Safetyreserve
| Safetyreserve | - | 272,081 | (272,081) | - |
31December2022
| 31December2022 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2023 |
Safetyreserve
| Safetyreserve | - | 18,568 | (18,568) | - |
PursuanttotheAdministrativeMeasuresfortheCollectionandUtilisationofEnterpriseWorkSafetyFunds(CaiZi[2022]No.136)issuedbytheMinistryofFinanceandtheStateAdministrationofWorkSafetyon21November2022,1%oftheincomefromthe“commoncargotransportationbusiness”whichisoperatedbycertainsubsidiariesoftheGroupisappropriatedtosafetyreserve.Thesafetyreservearerecognisedinprofitorlossasthe“specialreserve”itemforthecurrentperiod.Whentheaccruedsafetyreserveareusedundertheprescribedconditions,theyarewrittenoffagainsttheoriginalamountdirectly.
(35)Surplusreserve
| 31December2023 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2024 |
Statutorysurplusreserve
| Statutorysurplusreserve | 2,413,786 | - | - | 2,413,786 |
31December2022
| 31December2022 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2023 |
Statutorysurplusreserve
| Statutorysurplusreserve | 1,010,253 | - | - | 1,010,253 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(36)Retainedearnings
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Retainedearningsatthebeginningoftheperiod
| Retainedearningsatthebeginningoftheperiod | 38,835,999 | 33,371,351 | |
| Add:Netprofitattributabletoshareholdersoftheparentcompanyforthecurrentperiod | 4,806,714 | 4,176,282 | |
| Transferfromothercomprehensiveincometoretainedearnings | (5,060) | 18 | |
| Less:Ordinarysharedividendspayable(a) | (2,889,210) | (1,213,616) | |
| Retainedearningsattheendoftheperiod | 40,748,443 | 36,334,035 |
(a)TheCompanyheldashareholders’meetingon30April2024.Onthebasisofthetotalshare
capitalattheregistrationdateonwhichthe2023profitdistributionplanwasimplementedlessthespecialsharesrepurchasedbytheCompany,atotalofRMB2,889,210,000ofcashdividendsweredistributedtoallshareholdersatRMB6.00(includingtax)per10shares,withoutbonussharesbeinggivenorcapitalreservebeingtransferredintothesharecapital.
(37)Revenueandcostofrevenue
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Revenuefrommainoperations(a)
| Revenuefrommainoperations(a) | 134,220,484 | 124,148,438 | |
| Revenuefromotheroperations(a) | 189,236 | 217,160 | |
| Totalrevenue | 134,409,720 | 124,365,598 |
Costofrevenuefrommainoperations
| Costofrevenuefrommainoperations | 115,695,398 | 107,411,483 | |
| Costofrevenuefromotheroperations | 89,374 | 143,797 | |
| Totalcostofrevenue | 115,784,772 | 107,555,280 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(37)Revenueandcostofsales(Continued)(a)TheGroup’srevenueisdisaggregatedasfollows:
| Forthesixmonthsended30June2024 | ||||||
| Logisticsandfreightforwardingservices | Salesofgoods | Others | Total | |||
Revenuefrommainoperations
| Revenuefrommainoperations | |||||||
| Including:Recognisedatapointintime | - | 3,216,236 | 208,598 | 3,424,834 | |||
| Recognisedoveraperiodoftime | 130,207,965 | - | 413,658 | 130,621,623 | |||
| Leaseincome | - | - | 174,027 | 174,027 | |||
| 130,207,965 | 3,216,236 | 796,283 | 134,220,484 |
Revenuefromotheroperations
| Revenuefromotheroperations | |||||||
| Including:Recognisedatapointintime | - | - | 34,616 | 34,616 | |||
| Recognisedoveraperiodoftime | - | - | 72,947 | 72,947 | |||
| Leaseincome | - | - | 81,673 | 81,673 | |||
| - | - | 189,236 | 189,236 | ||||
| Total | 130,207,965 | 3,216,236 | 985,519 | 134,409,720 |
Forthesixmonthsended30June2023
| Forthesixmonthsended30June2023 | ||||||
| Logisticsandfreightforwardingservices | Salesofgoods | Others | Total | |||
Revenuefrommainoperations
| Revenuefrommainoperations | |||||||
| Including:Recognisedatapointintime | - | 2,754,076 | 198,951 | 2,953,027 | |||
| Recognisedoveraperiodoftime | 120,855,099 | - | 188,156 | 121,043,255 | |||
| Leaseincome | - | - | 152,156 | 152,156 | |||
| 120,855,099 | 2,754,076 | 539,263 | 124,148,438 |
Revenuefromotheroperations
| Revenuefromotheroperations | |||||||
| Including:Recognisedatapointintime | - | - | 33,265 | 33,265 | |||
| Recognisedoveraperiodoftime | - | - | 75,201 | 75,201 | |||
| Leaseincome | - | - | 108,694 | 108,694 | |||
| - | - | 217,160 | 217,160 | ||||
| Total | 120,855,099 | 2,754,076 | 756,423 | 124,365,598 |
Asat30June2024,theGroup’sperformanceobligationsthathadbeenenteredintobuthadnotyetbeenperformedornotbeenfullyperformedwerepartofacontractforanestimatedperiodofnotmorethanoneyear.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(38)Sellinganddistributionexpenses
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Outsourcingstaffexpenses
| Outsourcingstaffexpenses | 498,454 | 449,632 | |
| Employeebenefits | 383,303 | 390,973 | |
| Depreciationandamortisationexpenses | 195,380 | 183,934 | |
| Others | 393,755 | 368,216 | |
| 1,470,892 | 1,392,755 |
(39)Generalandadministrativeexpenses
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Employeebenefits
| Employeebenefits | 7,289,904 | 7,407,612 | |
| Depreciationandamortisationexpenses | 301,638 | 279,889 | |
| Outsourcingstaffexpenses | 222,013 | 240,235 | |
| Others | 1,152,886 | 1,012,845 | |
| 8,966,441 | 8,940,581 |
(40)Researchanddevelopmentexpenses
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Employeebenefits
| Employeebenefits | 664,346 | 627,894 | |
| Depreciationandamortisationexpenses | 531,917 | 431,138 | |
| Others | 105,192 | 115,938 | |
| 1,301,455 | 1,174,970 |
(41)Financialcosts
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Interestonborrowings
| Interestonborrowings | 997,654 | 866,130 | |
| Add:Interestexpensesonleaseliabilities | 262,301 | 289,013 | |
| Less:Capitalisedinterest(Note4(12)) | (29,037) | (62,470) | |
| Interestexpenses | 1,230,918 | 1,092,673 | |
| Less:Interestincome | (415,064) | (292,849) | |
| Netgainsorlossesonexchange | (4,703) | 133,258 | |
| Commissionexpensesandothers | 82,831 | 59,397 | |
| 893,982 | 992,479 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(42)Expensesbynature
Thecostofrevenue,sellinganddistributionexpenses,generalandadministrativeexpensesandresearchanddevelopmentexpensesintheincomestatementarelistedasfollowsbynature:
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Transportationcosts
| Transportationcosts | 24,040,343 | 21,120,397 | |
| Including:Aircraftmaintenancecosts | 248,687 | 209,844 | |
| Outsourcingstaffexpenses | 46,426,202 | 41,999,886 | |
| Outsourcingtransportationcosts | 18,725,511 | 18,187,306 | |
| Employeebenefits | 16,170,240 | 16,270,441 | |
| Depreciationandamortisationexpenses | 5,457,884 | 4,889,967 | |
| Depreciationofright-of-useassets | 3,331,766 | 3,608,140 | |
| Venueusageexpenses | 3,599,946 | 3,381,074 | |
| Others | 9,771,668 | 9,606,375 | |
| 127,523,560 | 119,063,586 |
(i)Forthesixmonthsended30June2024,theGroup’sgovernmentgrantswhichwereoffsetagainst
costsandexpensesamountedtoRMB511,053,000(forthesixmonthsended30June2023:RMB97,625,000).Therein,theamountthatwasrecognisedinnon-recurringprofitorlossamountedtoRMB62,237,000(forthesixmonthsended30June2023:RMB68,977,000).
(ii)TheGroupdirectlyrecognisestheleasepaymentsofshort-termleasesandlowvalueleasesin
profitorloss.Forthesixmonthsended30June2024,theamountwasRMB1,885,251,000(forthesixmonthsended30June2023:RMB1,774,416,000).
(43)Otherincome
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Taxpreference
| Taxpreference | 249,934 | 534,683 | |
| Fiscalappropriationandsubsidies | 133,009 | 185,478 | |
| Amortisationofdeferredincome(Note4(29)) | 20,416 | 27,515 | |
| 403,359 | 747,676 |
Forthesixmonthsended30June2024,theamountofotherincomethatwasrecognisedinnon-recurringprofitorlossamountedtoRMB262,460,000(forthesixmonthsended30June2023:
RMB351,691,000).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(44)Investmentincome
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Investmentincomefromfinancialassetsheldfortrading
| Investmentincomefromfinancialassetsheldfortrading | 142,287 | 253,799 | |
| Investmentincomefromdisposalsofsubsidiaries | 91,950 | 244,982 | |
| Investmentincomefromdisposalsofotherinvestments | 62,153 | 12,269 | |
| Investmentincomefromdividendsoffinancialassetsnotheldfortrading | 426 | 2,535 | |
| Shareofnetgains/(losses)ofinvesteesunderequitymethod | (62,580) | (13,486) | |
| Others | 124,632 | 498 | |
| 358,868 | 500,597 |
(45)Non-operatingincomeandexpenses(a)Non-operatingincome
| Forthesixmonthsended30June | ||||||
| 2024 | Amountrecognisedinnon-recurringprofitorloss | 2023 | Amountrecognisedinnon-recurringprofitorloss | |||
Compensationincome
| Compensationincome | 32,008 | 32,008 | 26,070 | 26,070 | |||
| Governmentgrants | 1,552 | 1,552 | 4,561 | 4,561 | |||
| Others | 135,405 | 135,405 | 99,562 | 99,562 | |||
| 168,965 | 168,965 | 130,193 | 130,193 |
(b)Non-operatingexpenses
| Forthesixmonthsended30June | ||||||
| 2024 | Amountrecognisedinnon-recurringprofitorloss | 2023 | Amountrecognisedinnon-recurringprofitorloss | |||
Lossesondisposalsoflong-termassets
| Lossesondisposalsoflong-termassets | 26,810 | 26,810 | 112,632 | 112,632 | |||
| Compensationexpenses | 48,787 | 48,787 | 40,973 | 40,973 | |||
| Others | 131,837 | 131,837 | 35,349 | 35,349 | |||
| 207,434 | 207,434 | 188,954 | 188,954 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(46)Incometaxexpenses
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Currentincometax
| Currentincometax | 1,421,021 | 1,606,404 | |
| Deferredincometax | 138,114 | (80,294) | |
| 1,559,135 | 1,526,110 |
Thereconciliationfromincometaxcalculatedbasedontheapplicabletaxratesandtotalprofitpresentedintheincomestatementtotheincometaxexpensesissetoutasbelow:
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Totalprofit
| Totalprofit | 6,320,057 | 5,420,350 |
Incometaxexpensescalculatedatthestandardtaxrateof25%
| Incometaxexpensescalculatedatthestandardtaxrateof25% | 1,580,014 | 1,355,088 | |
| Incomenotsubjecttotax | (42,290) | (105,771) | |
| Costs,expensesandlossesnotdeductiblefortaxpurposes | 136,854 | 82,601 | |
| Effectoftaxfiling | (19,336) | (20,207) | |
| Effectofdifferenttaxratesamongsubsidiariesandbranchesonincometaxexpenses | (83,097) | (139,095) | |
| Effectoftaxpreference | (77,079) | (78,994) | |
| Deductiblelossesanddeductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognisedinthecurrentperiod | 348,380 | 571,816 | |
| Reversalofdeductibletaxlossesforwhichdeferredtaxassetswererecognisedinpriorperiod | 27,527 | - | |
| Utilisationofdeductiblelossesandotherdeductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognisedinpriorperiods | (213,421) | (139,328) | |
| Recognitionofdeductiblelossesandotherdeductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognisedinpriorperiod | (98,417) | - | |
| Incometaxexpenses | 1,559,135 | 1,526,110 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(47)Earningspershare(a)Basicearningspershare
Basicearningspersharearecalculatedbydividingconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanybytheweightedaveragenumberofoutstandingordinarysharesoftheparentcompany:
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany
| Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany | 4,806,714 | 4,176,282 | |
| WeightedaveragenumberofoutstandingordinarysharesoftheCompany | 4,829,673 | 4,854,831 | |
| Basicearningspershare(RMB/share) | 1.00 | 0.86 |
Including:
| Including: | |||
| -Basicearningspersharefromcontinuingoperations(RMB/share) | 1.00 | 0.86 |
(b)Dilutedearningspershare
DilutedearningspersharearecalculatedbydividingconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanyadjustedbasedonthedilutivepotentialordinarysharesbytheadjustedweightedaveragenumberofoutstandingordinarysharesoftheCompany.Forthesixmonthsended30June2024,theCompanydidn’thaveanypotentialdilutiveordinaryshares(itdidforthesixmonthsended30June2023).
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany
| Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany | 4,806,714 | 4,176,282 | |
| Adjustedconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanyforcalculationofearningspershare | 4,806,714 | 4,176,282 | |
| WeightedaveragenumberofoutstandingordinarysharesoftheCompany | |||
| 4,829,673 | 4,854,831 | ||
| Add:EffectoftheGroup’sshare-basedpaymentsplan | - | 10,250 | |
| Weightedaveragenumberofoutstandingdilutedordinaryshares | 4,829,673 | 4,865,081 | |
| Dilutedearningspershare | 1.00 | 0.86 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(48)Othercomprehensiveincome
Othercomprehensiveincome,therelatedincometaxeffectandthereclassificationstoprofitorlossforthesixmonthsended30June2024andthesixmonthsended30June2023:
| Othercomprehensiveincomeinthebalancesheet | Othercomprehensiveincomeinincomestatementforthesixmonthsended30June2024 | ||||||||||||
| 31December2023 | Attributabletotheparentcompanyinthecurrentperiod-netoftax | Othercomprehensiveincometransferredtoretainedearnings | 30June2024 | Amountincurredbeforeincometaxforthecurrentperiod | Less:Incometaxcredits | Attributabletotheparentcompany-netoftax | Attributabletominorityshareholders-netoftax | ||||||
Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss
| Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss | ||||||||||||||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 3,573,383 | (1,296,131) | 5,060 | 2,282,312 | (1,362,163) | 2,467 | (1,296,131) | (63,565) | ||||||
| Othercomprehensiveincomeitemswhichwillnotbetransferredtoprofitorlossundertheequitymethod | (3,093) | - | - | (3,093) | - | - | - | - | ||||||
| Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytoprofitorloss | ||||||||||||||
| Cashflowhedgingreserve | - | (1,012) | - | (1,012) | (1,012) | - | (1,012) | - | ||||||
| Othercomprehensiveincomeitemswhichwillbetransferredtoprofitorlossundertheequitymethod | (23,994) | (10,370) | - | (34,364) | (10,370) | - | (10,370) | - | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 1,986,132 | 247,194 | - | 2,233,326 | (88,599) | - | 247,194 | (335,793) | ||||||
| 5,532,428 | (1,060,319) | 5,060 | 4,477,169 | (1,462,144) | 2,467 | (1,060,319) | (399,358) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(48)Othercomprehensiveincome(Continued)
| Othercomprehensiveincomeinthebalancesheet | Othercomprehensiveincomeinincomestatementforthesixmonthsended30June2023 | ||||||||||||
| 31December2022 | Attributabletotheparentcompanyinthecurrentperiod-netoftax | Othercomprehensiveincometransferredtoretainedearnings | 30June2023 | Amountincurredbeforeincometaxforthecurrentperiod | Less:Incometaxcredits | Attributabletotheparentcompany-netoftax | Attributabletominorityshareholders-netoftax | ||||||
Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss
| Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss | ||||||||||||||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 2,965,732 | (30,021) | (18) | 2,935,693 | (53,984) | 1,244 | (30,021) | (22,719) | ||||||
| Othercomprehensiveincomeitemswhichwillnotbetransferredtoprofitorlossundertheequitymethod | (2,764) | - | - | (2,764) | - | - | - | - | ||||||
| Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytoprofitorloss | ||||||||||||||
| Cashflowhedgingreserve | (12,002) | 8,740 | - | (3,262) | 8,740 | - | 8,740 | - | ||||||
| Othercomprehensiveincomeitemswhichwillbetransferredtoprofitorlossundertheequitymethod | (18,740) | 9,171 | - | (9,569) | 9,171 | - | 9,171 | - | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 1,605,801 | 651,659 | - | 2,257,460 | 464,631 | - | 651,659 | (187,028) | ||||||
| 4,538,027 | 639,549 | (18) | 5,177,558 | 428,558 | 1,244 | 639,549 | (209,747) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(49)Notestothecashflowstatement
TheGrouphasnocashflowspresentedonanetbasis,andsignificantcashflowitemsaresetoutbelow:
(a)Cashreceivedrelatingtootheroperatingactivities
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Inflowsfromcashcollectedonbehalfofotherparties
| Inflowsfromcashcollectedonbehalfofotherparties | 45,441,709 | 42,809,014 | |
| Others | 2,074,746 | 2,505,769 | |
| 47,516,455 | 45,314,783 |
(b)Cashpaidrelatingtootheroperatingactivities
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Outflowsfromgoodspaymentscollectedonbehalfofotherparties
| Outflowsfromgoodspaymentscollectedonbehalfofotherparties | 45,234,587 | 42,788,819 | |
| Others | 8,630,920 | 9,563,206 | |
| 53,865,507 | 52,352,025 |
(c)Cashreceivedfromdisposalsofinvestments
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Cashreceivedfromdisposalsofassociatesandjointventures
| Cashreceivedfromdisposalsofassociatesandjointventures | 341,706 | 3,000 | |
| Cashreceivedfromdisposalsoffinancialassets | 9,325 | 167,533 | |
| 351,031 | 170,533 |
(d)Cashpaidtoacquireinvestments
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Cashpaidtoacquirefinancialassets
| Cashpaidtoacquirefinancialassets | 56,655 | 1,447,437 | |
| Cashpaidtoacquireassociatesandjointventures | 14,141 | 15,930 | |
| 70,796 | 1,463,367 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(49)Notestothecashflowstatement(Continued)(e)Netcashpaidfromacquireofsubsidiaries
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Considerationforacquisitionofsubsidiariesbybusinesscombinations
| Considerationforacquisitionofsubsidiariesbybusinesscombinations | 104,706 | 141,000 | |
| Add:Cashpaidinthecurrentperiodforacquisitionofsubsidiariesinpriorperiods | 40,894 | 800,227 | |
| Less:Considerationtobepaidinsubsequentperiods | (10,271) | (9,774) | |
| Cashandcashequivalentsheldbysubsidiariesattheacquisitiondate | (19,744) | (2,898) | |
| Netcashpaidforacquisitionofsubsidiariesbybusinesscombinations | 115,585 | 928,555 |
Considerationforacquisitionofassets
| Considerationforacquisitionofassets | 559,289 | - | |
| Less:Considerationtobepaidinfutureperiods | (3,846) | - | |
| Less:Cashandcashequivalentsheldbysubsidiariesattheacquisitiondate | (56,644) | ||
| Netcashpaidforacquisitionofassets | 498,799 | - |
Totalnetcashpaidtoacquiresubsidiaries
| Totalnetcashpaidtoacquiresubsidiaries | 614,384 | 928,555 |
(f)Cashreceived/paidrelatingtootherinvestingactivities
Cashreceived/paidrelatingtootherinvestingactivitiesbytheGrouprepresentscashinflowsandoutflowsfromredemption/purchaseofbankwealthmanagementproductsandstructureddeposits.(g)Cashpaidrelatingtootherfinancingactivities
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Repaymentsofleaseliabilities
| Repaymentsofleaseliabilities | 3,704,784 | 3,891,543 | |
| Acquisitionofminorityinterests | 3,353,487 | 132,490 | |
| Repurchaseofshares | 1,378,503 | 59,936 | |
| Others | 413,091 | 496,532 | |
| 8,849,865 | 4,580,501 |
Forthesixmonthsended30June2024,totalcashoutflowsforleasespaidbytheGroupamountedtoRMB5,703,150,000(forthesixmonthsended30June2023:RMB5,645,946,000)whichisclassifiedascashpaidrelatingtofinancingactivitiesforrepaymentsofleaseliabilitiesandoperatingactivitiesfortheremainder.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(50)Supplementaryinformationtothecashflowstatement(a)Reconciliationfromnetprofittocashflowsfromoperatingactivities
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Netprofit
| Netprofit | 4,760,922 | 3,894,240 | |
| Add:Assetimpairmentlosses | 1,624 | 806 | |
| Losseson/(Reversalof)creditimpairment | 159,557 | (64,802) | |
| Depreciationofright-of-useassets | 3,331,766 | 3,608,140 | |
| Depreciationandamortisationexpenses | 5,457,884 | 4,889,967 | |
| (Gains)/Lossesondisposalsoflong-termassets | (39,097) | 64,740 | |
| Gainsorlossesarisingfromchangesinfairvalue | (10,904) | (21,870) | |
| Financialexpenses | 1,230,918 | 1,225,931 | |
| Investmentincome | (358,868) | (500,597) | |
| Recognisedexpensesonshare-basedpayments | 69,940 | 153,461 | |
| Decrease/(increase)indeferredtaxassets | 210,300 | (127,417) | |
| (Decrease)/Increaseindeferredtaxliabilities | (72,186) | 47,123 | |
| Amortisationofdeferredincome | (20,416) | (27,515) | |
| Increaseininventories | (119,277) | (87,948) | |
| Decreaseinoperatingreceivables | 896,436 | 3,737,276 | |
| Decreaseinoperatingpayables | (1,776,330) | (2,966,708) | |
| Netcashflowsfromoperatingactivities | 13,722,269 | 13,824,827 |
(b)Cashandcashequivalents
| 30June2024 | 31December2023 |
Cashonhand
| Cashonhand | 15,408 | 14,391 | |
| Cashatbankthatcanbereadilydrawnondemand | 32,378,624 | 40,329,175 | |
| Othercashbalancesthatcanbereadilydrawnondemand | 35,562 | 6,126 | |
| Otherbalancesthatcanbereadilydrawnondemand | 86,395 | 98,616 | |
| 32,515,989 | 40,448,308 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(50)Supplementaryinformationtothecashflowstatement(Continued)(c)Significantoperating,investingandfinancingactivitiesthatdonotinvolvecashreceiptsand
payments
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Increaseinright-of-useassetsinthecurrentperiod
| Increaseinright-of-useassetsinthecurrentperiod | 2,814,232 | 3,192,368 | |
| Long-termassetpurchasespaidforbybanksupplychainfinancialproducts/re-factoring | 57,753 | 409,201 | |
| 2,871,985 | 3,601,569 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(50)Supplementaryinformationtothecashflowstatement(Continued)(d)Changesinliabilitiesfromfinancingactivities
| Bankborrowings(includingbankborrowingstobesettledwithinoneyear) | Debenturespayableandultrashort-termcommercialnotes(includingdebenturespayableandultrashort-termcommercialnotestobesettledwithinoneyear) | Leaseliabilities(includingleaseliabilitiestobesettledwithinoneyear) | Payablestobanksforsupplychainfinanceproducts/re-factoring | Others | Total |
31December2023
| 31December2023 | 32,390,603 | 19,410,077 | 13,808,460 | 543,389 | 361,946 | 66,514,475 | |||||
| Netcashinflows/(outflows)fromfinancingactivities | 3,640,401 | 2,057,853 | (3,704,784) | (411,637) | 5,542 | 1,587,375 | |||||
| Interestaccruedinthecurrentyear(Note4(41)) | 675,023 | 311,638 | 262,301 | 10,318 | 675 | 1,259,955 | |||||
| Changesthatdonotinvolvecashreceiptsandpayments | 241,883 | 355,289 | 2,646,495 | 49,871 | (7,769) | 3,285,769 | |||||
| 30June2024 | 36,947,910 | 22,134,857 | 13,012,472 | 191,941 | 360,394 | 72,647,574 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(51)Monetaryitemsdenominatedinforeigncurrency(a)Asat30June2024and31December2023,theGroup’scompanieswhoserecordingcurrencyis
RMBheldfinancialassetsandfinancialliabilitiesdenominatedinnon-recordingcurrenciesheldbycompanies(mainlyUSD,HKDandEUR),excludingfinancialassetsandfinancialliabilitiesdenominatedinnon-recordingcurrenciesheldbysubsidiarieswithintheGroup,ofwhichtheequivalentamountsinRMB(presentationcurrencyofthesefinancialstatements)arelistedasbelow:
| 30June2024 | ||||
| Amountintheoriginalcurrency | ExchangeratetoRMB | EquivalenttoRMB | ||
Cashatbankandonhand-
| Cashatbankandonhand- | |||||
| USD | 40,503 | 7.1268 | 288,657 | ||
| HKD | 48,108 | 0.9127 | 43,908 | ||
| EUR | 1,794 | 7.6617 | 13,745 |
Receivables-
| Receivables- | |||||
| USD | 87,311 | 7.1268 | 622,248 | ||
| HKD | 3,883 | 0.9127 | 3,544 | ||
| EUR | 2,863 | 7.6617 | 21,935 |
Payables-
| Payables- | |||||
| USD | 52,207 | 7.1268 | 372,069 | ||
| HKD | 12,431 | 0.9127 | 11,346 | ||
| EUR | 12,352 | 7.6617 | 94,637 | ||
| SGD | 923 | 5.2790 | 4,873 |
31December2023
| 31December2023 | ||||
| Amountintheoriginalcurrency | ExchangeratetoRMB | EquivalenttoRMB | ||
Cashatbankandonhand-
| Cashatbankandonhand- | |||||
| USD | 35,917 | 7.0827 | 254,389 | ||
| HKD | 49,927 | 0.9062 | 45,245 | ||
| EUR | 786 | 7.8592 | 6,177 |
Receivables-
| Receivables- | |||||
| USD | 91,642 | 7.0827 | 649,073 | ||
| HKD | 30,787 | 0.9062 | 27,900 | ||
| EUR | 2,180 | 7.8592 | 17,133 |
Payables-
| Payables- | |||||
| USD | 55,209 | 7.0827 | 391,029 | ||
| HKD | 62,571 | 0.9062 | 56,703 | ||
| EUR | 7,216 | 7.8592 | 56,712 | ||
| SGD | 1,075 | 5.3772 | 5,780 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Continued)
(51)Monetaryitemsdenominatedinforeigncurrency(Continued)(b)Asat30June2024and31December2023,theGroup’soverseassubsidiaries,exceptforthose
operatinginHongKong,heldnosignificantfinancialassetsorfinancialliabilitiesdenominatedinnon-recordingcurrencies.ThosecompaniesoperatinginHongKongwithHKDasrecordingcurrencyheldfinancialassetsandliabilitiesdenominatedinnon-recordingcurrencies(mainlyUSD,RMBandEUR),excludingfinancialassetsandliabilitiesdenominatedinnon-recordingcurrenciesheldbysubsidiarieswithintheGroup,ofwhichtheequivalentamountsinHKD(recordingcurrencyofcompaniesoperatinginHongKong)andRMB(presentationcurrencyofthesefinancialstatements)arelistedasbelow:
| 30June2024 | ||||||
| Amountintheoriginalcurrency | ExchangeratetoHKD | EquivalenttoHKD | EquivalenttoRMB | |||
Cashatbankandonhand-
| Cashatbankandonhand- | |||||||
| RMB | 78,149 | 1.0957 | 85,628 | 78,149 | |||
| USD | 44,661 | 7.8085 | 348,735 | 318,290 | |||
| EUR | 6,566 | 8.3945 | 55,118 | 50,306 |
Accountsreceivable-
| Accountsreceivable- | |||||||
| RMB | 7,559 | 1.0957 | 8,282 | 7,559 | |||
| USD | 15,376 | 7.8085 | 120,063 | 109,582 |
Accountspayable-
| Accountspayable- | |||||||
| RMB | 9,818 | 1.0957 | 10,758 | 9,819 | |||
| USD | 1,902 | 7.8085 | 14,852 | 13,555 | |||
| EUR | 2,918 | 8.3945 | 24,495 | 22,357 |
31December2023
| 31December2023 | ||||||
| Amountintheoriginalcurrency | ExchangeratetoHKD | EquivalenttoHKD | EquivalenttoRMB | |||
Cashatbankandon
hand-
| Cashatbankandonhand- | |||||||
| RMB | 98,862 | 1.1035 | 109,093 | 98,862 | |||
| USD | 54,329 | 7.8157 | 424,617 | 384,796 | |||
| EUR | 4,420 | 8.6725 | 38,332 | 34,738 |
Accountsreceivable-
| Accountsreceivable- | |||||||
| RMB | 5,846 | 1.1035 | 6,451 | 5,846 | |||
| USD | 13,417 | 7.8157 | 104,863 | 95,029 |
Accountspayable-
| Accountspayable- | |||||||
| RMB | 8,046 | 1.1035 | 8,879 | 8,046 | |||
| USD | 13,834 | 7.8157 | 108,122 | 97,982 | |||
| EUR | 655 | 8.6725 | 5,680 | 5,148 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
5Changesintheconsolidationscope
(1)Businesscombinationsinvolvingentitiesnotundercommoncontrol
Mainbusinesscombinationsinvolvingentitiesnotundercommoncontrolforthesixmonthsended30June2024:
| Acquiree | Timingofacquisition | Acquisitioncost | %ofinterestacquired | Methodofacquisition | Acquisitiondate | Basisfordeterminingtheacquisitiondate |
BBA
| BBA | 29February2024 | 102,893 | 65.00% | Bycash | 29February2024 | Completionofequitydelivery |
Therevenue,netprofit,netcashflowsfromoperatingactivitiesandtotalnetcashflowsoftheabovecompanyfromtheacquisitiondatetotheendoftheperiodareRMB121,257,000,RMB8,352,000,RMB-12,113,000andRMB-12,113,000,respectively.
(2)Disposalsofsubsidiaries(a)Informationrelatingtothedisposalsofmajorsubsidiariesduringtheperiodisasfollows:
| Subsidiaries | Proceedsfromdisposal | Disposalproportion | Methodofdisposal | Timingoflosingcontrol | Basisforjudgementoftimingoflosingcontrol | Differencebetweenproceedsfromdisposalafterdeductingdisposalcostsandcorrespondingsharesofnetassetsintheconsolidatedfinancialstatements |
HangzhouZhentaiAssetManagementCo.,Ltd.
| HangzhouZhentaiAssetManagementCo.,Ltd. | 273,345 | 100% | Salesofequity | 22February2024 | Transferofcontrolright | 91,950 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities
(1)Interestsinsubsidiaries(a)First-tierandsecond-tiersubsidiariesoftheGroupareasfollows:
| Shareholding(%) | ||||||
| Placeofincorporation | Principalplaceofbusiness | registeredcapital | Natureofbusiness | Direct | Indirect | Methodofacquisition |
TaisenHoldings
| TaisenHoldings | Shenzhen | Shenzhen | 5,000,000 | Investmentholding | 100.00% | - | Reverseacquisitions |
| S.F.ExpressCo.,Ltd. | Shenzhen | Shenzhen | 150,000 | Internationalfreightforwarding,domesticandinternationalexpressservice,etc. | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
| SFTechnologyCo.,Ltd. | Shenzhen | Shenzhen | 60,000 | Technicalmaintenanceanddevelopmentservice | - | 100.00% | Bynewestablishment |
| ShenzhenShunluLogisticsCo.,Ltd. | Shenzhen | Shenzhen | 160,000 | Cargotransportationandfreightforwarding | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
| AnhuiS.F.TelecommunicationServiceCo.,Ltd. | AnhuiProvince | AnhuiProvince | 50,000 | Value-addedtelecommunicationservice | - | 100.00% | Bynewestablishment |
| ShenzhenYuhuiManagementConsultingCo.,Ltd. | Shenzhen | Shenzhen | 250,000 | Consultingservice | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
| ShenzhenS.F.SupplyChainCo.,Ltd. | Shenzhen | Shenzhen | 1,500,000 | Supplychainmanagementandotherservices | - | 100.00% | Bynewestablishment |
| S.FAirlineCo.,Ltd | Shenzhen | Shenzhen | 1,510,000 | Transportserviceofaviationcargo | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
| ShenzhenFengtaiE-CommerceIndustrialParkAssetManagementLtd. | Shenzhen | Shenzhen | 9,530,000 | E-commerceindustrialparkmanagement | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
| ShenzhenFengtaiIndustrialParkManagementServiceCo.,Ltd. | Shenzhen | Shenzhen | 58,000 | Managementconsulting | - | 100.00% | Bynewestablishment |
| ShenzhenS.F.AirportInvestmentCo.,Ltd. | Shenzhen | Shenzhen | 100,000 | Industrialinvestment | - | 100.00% | Bynewestablishment |
| SFHolding(HK)Limited | HongKong | HongKong | HKD8,346,998 | Investmentholding | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
| S.F.Holding(Group)FinanceCo.,Ltd | Shenzhen | Shenzhen | 2,500,000 | Financing,wealthmanagementandconsultingservices | - | 100.00% | Bynewestablishment |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities(Continued)
(1)Interestsinsubsidiaries(Continued)(a)First-tierandsecond-tiersubsidiariesoftheGroupareasfollows(Continued):
| Shareholding(%) | ||||||
| Placeofincorporation | Principalplaceofbusiness | Registeredcapital | Natureofbusiness | Direct | Indirect | Methodofacquisition |
ShenzhenSFChuangxingInvestment
Co.,Ltd.
| ShenzhenSFChuangxingInvestmentCo.,Ltd. | Shenzhen | Shenzhen | 330,000 | Industrialinvestment | - | 100.00% | Bynewestablishment |
| ShenzhenFengnongTechnologyCo.,Ltd. | Shenzhen | Shenzhen | 145,000 | Retail | - | 100.00% | Bynewestablishment |
| ShenzhenFenglangSupplyChainCo.,Ltd. | Shenzhen | Shenzhen | 50,000 | Supplychainmanagementandotherservices | - | 70.00% | Bynewestablishment |
| ShunyuanLeasing(Tianjin)co.LTD | Tianjin | Tianjin | 1,500,000 | Leasingbusiness | - | 100.00% | Bynewestablishment |
| SFMultimodalCo.,Ltd. | Shenzhen | Shenzhen | 242,000 | Goodsdeliveryandotherservices | - | 100.00% | Bynewestablishment |
| S.F.DuolianTechnologyCo.,Ltd. | Dongguan | Dongguan | 150,000 | Technologydevelopment | - | 100.00% | Bynewestablishment |
| DongguanSFTaisenLogisticsManagementCo.,Ltd. | Dongguan | Dongguan | 30,010 | Propertymanagement | - | 100.00% | Bynewestablishment |
| SFInnovativeTechnologyCo.,Ltd. | Dongguan | Dongguan | 450,000 | Informationtechnologyservice | - | 100.00% | Bynewestablishment |
| ShenzhenShunhengRongfengSupplyChainTechnologyCo.,Ltd. | Shenzhen | Shenzhen | 260,000 | Consultingservice | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
| ShenzhenHengyiSupplyChainsServiceCo.,Ltd. | Shenzhen | Shenzhen | 100,000 | Freightforwardingservice | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
| ShenzhenLefengCommercialCo.,Ltd. | Shenzhen | Shenzhen | 92,500 | Factoring | - | 100.00% | Businesscombinationsinvolvingentitiesundercommoncontrol |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities(Continued)
(1)Interestsinsubsidiaries(Continued)(a)First-tierandsecond-tiersubsidiariesoftheGroupareasfollows(Continued):
| Shareholding(%) | ||||||
| Placeofincorporation | Principalplaceofbusiness | Registeredcapital | Natureofbusiness | Direct | Indirect | Methodofacquisition |
HangzhouSFIntra-cityIndustrialCo.,Ltd.
| HangzhouSFIntra-cityIndustrialCo.,Ltd. | Hangzhou | Hangzhou | 933,458 | Supplychainmanagementandotherservices | - | 56.87% | Bynewestablishment |
| SFSharingPrecisionInformationTechnology(Shenzhen)Co.,Ltd. | Shenzhen | Shenzhen | 7,000 | Informationtechnologyservice | - | 100.00% | Bynewestablishment |
| HangzhouShuangjieSupplyChainCo.,Ltd. | Hangzhou | Hangzhou | 50,000 | Supplychainmanagementandotherservices | - | 100.00% | Bynewestablishment |
| ShenzhenS.F.ExpressCo.,Ltd. | Shenzhen | Shenzhen | 1,695,000 | Businessandsupplychainmanagement | - | 100.00% | Bynewestablishment |
| HuanggangXiufengEducationInvestmentCo.,Ltd. | Huanggang | Huanggang | 90,000 | Consultingservicesregardingbusinessinformationandbusinessmanagement | - | 100.00% | Bynewestablishment |
| JunheInformationTechnology(Shenzhen)Co.,Ltd. | Shenzhen | Shenzhen | 10,000 | Informationtechnologyanddevelopmentservices | - | 100.00% | Bynewestablishment |
| S.F.DigitalTechnology(Shenzhen)ServicesCo.,Ltd. | Shenzhen | Shenzhen | 250,000 | Technologyandconsultingservices | - | 100.00% | Bynewestablishment |
| ShenzhenS.F.InternationalIndustryCo.,Ltd. | Shenzhen | Shenzhen | 15,000 | Informationtechnologyandconsultingservices | - | 100.00% | Bynewestablishment |
| ShenzhenS.F.InvestmentCo.,Ltd. | Shenzhen | Shenzhen | 1,100,000 | Investmentholding | - | 100.00% | Bynewestablishment |
| SFColdChainLogisticsCo.,Ltd. | Shenzhen | Shenzhen | 97,660 | Cargotransportationandfreightforwarding | - | 100.00% | Bynewestablishment |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities(Continued)
(1)Interestsinsubsidiaries(Continued)(b)SubsidiariesinwhichtheGrouphassignificantminorityinterests:
TheGroupdeterminesthesubsidiarieswithsignificantminorityinterestsbyconsideringfactorssuchaswhetherthesubsidiariesarelistedcompanies,theproportionofminorityintereststotheGroup’sconsolidatedshareholders’equity,andtheproportionofprofitorlossattributabletominorityshareholderstotheGroup’sconsolidatednetprofit,whicharesetoutbelow:
| Shareholdingofminorityshareholders | Profitorlossattributabletominorityshareholderforthesixmonthsended30June2024 | Dividendspaidtominorityshareholdersforthesixmonthsended30June2024 | Minorityinterestsasat30June2024 |
KerryLogisticsanditssubsidiaries
| KerryLogisticsanditssubsidiaries | 48.48% | 77,812 | (179,649) | 9,422,286 |
Majorfinancialinformationofmaterialnon-wholly-ownedsubsidiariesoftheGroupislistedbelow:
| 30June2024 | 31December2023 |
Currentassets
| Currentassets | 19,058,466 | 18,187,621 | |
| Non-currentassets | 24,116,762 | 25,760,002 | |
| Totalassets | 43,175,228 | 43,947,623 |
Currentliabilities
| Currentliabilities | 13,009,124 | 13,130,867 | |
| Non-currentliabilities | 9,523,595 | 9,017,591 | |
| Totalliabilities | 22,532,719 | 22,148,458 |
Forthesixmonthsended30June2024
| Forthesixmonthsended30June2024 | Forthesixmonthsended30June2023 |
Revenue
| Revenue | 23,988,254 | 22,462,886 | |
| Netprofit(i) | 103,294 | 102,409 | |
| Totalcomprehensiveincome(i) | (318,288) | 153,958 | |
| Cashflowsfromoperatingactivities | 1,157,855 | 1,449,579 |
TheabovefinancialfigurestakeintoaccountthefairvalueofidentifiableassetsandliabilitiesatthepointofacquisitionofKerryLogistics’equityandtheadjustmenteffectofuniformaccountingpolicies.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities(Continued)
(1)Interestsinsubsidiaries(Continued)(b)SubsidiariesinwhichtheGrouphassignificantminorityinterests(Continued)(i)ForKerryLogisticsanditssubsidiaries,thenetprofitattributabletoshareholdersoftheparent
companyforthesixmonthsended30June2024wasRMB25,482,000(forthesixmonthsended30June2023:RMB83,039,000),andthetotalcomprehensiveincomeattributabletoshareholdersoftheparentcompanyforthesixmonthsended30June2024wasRMB-29,708,000(forthesixmonthsended30June2023:RMB348,315,000).(ii)Forthesixmonthsended30June2024andthesixmonthsended30June2023,minorityinterests
oftheGroup’ssubsidiariesexceptKerryLogistics,hadnosignificantinfluenceontheGroup.
(2)Interestsinjointventuresandassociates
TheGroupdeterminessignificantjointventuresandassociatesbyconsideringfactorssuchaswhetherthejointventuresandassociatesarelistedcompanies,theproportionoftheircarryingamountstotheGroup’sconsolidatedtotalassets,andtheproportionofincomefromlong-termequityinvestmentsaccountedforundertheequitymethodtotheGroup’sconsolidatednetprofit.Forthesixmonthsended30June2024andthesixmonthsended30June2023,theGroup’sjointventuresandassociateshadnosignificantinfluenceontheGroup.Asat30June2024and31December2023,theGroup’smainlong-termequityinvestmentsaredetailedinNote4(8).7Segmentinformation
ThereportablesegmentsoftheGrouparethebusinessunitsthatprovidedifferentlogisticsandfreightforwardingservices.Differentbusinessesrequiredifferenttechnologiesandmarketingstrategies,andtheGroup,therefore,independentlymanagestheiroperationsandevaluatesoperatingresults,inordertomakedecisionsaboutresourcesallocationsandperformanceevaluations.Forthesixmonthsended30June2024,theGroupmainlyhadthreereportablesegments,including:
?Expressandfreightsegment,whichprovidestime-defineexpressandeconomyexpress,medicalproductandcoldchaindeliveryserviceandfreightservice;?Intra-cityinstantdeliverysegment,whichprovidesintra-cityinstantdeliveryserviceandthe
“lastkilometre”deliveryservicetovendorsandconsumers;?Supplychainandinternationalbusinesssegment,whichprovidesinternationalexpress
service,internationalfreighttransportandforwardingservice,aswellassupplychainservice.Inter-segmenttransferpricesaredeterminedbyreferencetopricingpolicyofrelatedpartytransactions.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]7Segmentinformation(Continued)
(a)Segmentinformationforthesixmonthsended30June2024andasat30June2024isasfollows:
| Expressandfreightsegment | Supplychainandinternationalbusinesssegment | Intra-cityinstantdeliverysegment | Undistributedunits | Inter-segmentelimination | Total |
Revenuefromexternalcustomers
| Revenuefromexternalcustomers | 96,820,175 | 32,914,104 | 4,022,952 | 652,489 | - | 134,409,720 | |||||
| Inter-segmentrevenue | 6,340,531 | 447,518 | 2,855,518 | 2,545,639 | (12,189,206) | - | |||||
| Costofsales | 87,580,849 | 30,588,004 | 6,405,187 | 2,323,885 | (11,113,153) | 115,784,772 | |||||
| Totalprofit/(loss) | 5,842,143 | (236,145) | 80,572 | 606,498 | 26,989 | 6,320,057 | |||||
| Incometaxexpenses | 1,046,410 | 338,068 | 18,398 | 156,427 | (168) | 1,559,135 | |||||
| Netprofit/(loss) | 4,795,733 | (574,213) | 62,174 | 450,071 | 27,157 | 4,760,922 |
Totalassets
| Totalassets | 106,075,703 | 64,294,283 | 4,117,315 | 162,056,001 | (116,677,371) | 219,865,931 |
Totalliabilities
| Totalliabilities | 71,306,112 | 56,051,461 | 1,355,096 | 91,319,878 | (99,077,966) | 120,954,581 |
Depreciationofright-of-useassets
| Depreciationofright-of-useassets | 2,885,910 | 836,623 | 8,252 | 44,247 | (443,266) | 3,331,766 | |||||
| Depreciationandamortisationexpenses | 3,279,143 | 808,175 | 24,862 | 1,347,872 | (2,168) | 5,457,884 | |||||
| Creditimpairmentlosses | 41,533 | 122,046 | 3,835 | 19,289 | (27,146) | 159,557 |
Forthesixmonthsended30June2024,norevenuefromasinglecustomerexceeded10%ormoreofthetotalrevenue.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
7Segmentinformation(Continued)
(b)Segmentinformationforthesixmonthsended30June2023andasat30June2023isasfollows:
| Expressandfreightsegment | Supplychainandinternationalbusinesssegment | Intra-cityinstantdeliverysegment | Undistributedunits | Inter-segmentelimination | Total |
Revenuefromexternalcustomers
| Revenuefromexternalcustomers | 90,058,986 | 30,283,063 | 3,406,837 | 616,712 | - | 124,365,598 | |||||
| Inter-segmentrevenue | 5,283,237 | 314,393 | 2,355,281 | 7,209,639 | (15,162,550) | - | |||||
| Costofrevenue | 81,392,677 | 28,052,376 | 5,377,625 | 6,659,244 | (13,926,642) | 107,555,280 | |||||
| Totalprofit/(loss) | 5,412,546 | (221,230) | 31,344 | 146,029 | 51,661 | 5,420,350 | |||||
| Incometaxexpenses | 1,292,805 | 86,845 | 1,030 | 130,843 | 14,587 | 1,526,110 | |||||
| Netprofit/(loss) | 4,119,741 | (308,075) | 30,314 | 15,186 | 37,074 | 3,894,240 |
Totalassets
| Totalassets | 100,203,287 | 64,443,045 | 3,888,569 | 152,920,781 | (103,415,251) | 218,040,431 |
Totalliabilities
| Totalliabilities | 68,606,705 | 51,662,519 | 986,574 | 84,017,974 | (88,439,410) | 116,834,362 |
Depreciationofright-of-
useassets
| Depreciationofright-of-useassets | 2,993,058 | 854,228 | 13,137 | 40,982 | (293,265) | 3,608,140 | |||||
| Depreciationandamortisationexpenses | 3,587,688 | 819,313 | 30,545 | 465,391 | (12,970) | 4,889,967 | |||||
| Creditimpairmentlosses | (82,372) | 34,806 | 3,921 | 40,848 | (62,005) | (64,802) |
Forthesixmonthsended30June2023,norevenuefromasinglecustomerexceeded10%ormoreofthetotalrevenue.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions
(1)Generalinformationofthecontrollingshareholderandsubsidiaries
ThegeneralinformationandotherrelatedinformationofsubsidiariesaresetoutinNote6(1).(a)Generalinformationofthecontrollingshareholder
| Placeofincorporation | Natureofbusiness |
MingdeHoldings
| MingdeHoldings | Shenzhen | Investment |
TheCompany’sultimateholdingcompanyisMingdeHoldings,andtheultimatecontrollingperson
isWangWei.(b)Thebalancesandchangesofregisteredcapitalofthecontrollingshareholder
| 31December2023 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2024 |
MingdeHoldings
| MingdeHoldings | 113,406 | - | - | 113,406 |
(c)ThepercentagesofshareholdingandvotingrightsintheCompanyheldbythecontrolling
shareholder
| 30June2024 | 31December2023 | |||||
| Shareholding(%) | Votingrights(%) | Shareholding(%) | Votingrights(%) | |||
MingdeHoldings
| MingdeHoldings | 55.27% | 55.27% | 54.38% | 54.38% |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Continued)
(2)Natureofrelatedpartiesthatdonotcontrol/arenotcontrolledbytheCompany
Majorrelatedpartiesarelistedasfollows:
RelationshipwiththeCompanyGuangdongFengxingZhituTechnologyCo.,Ltd.
| GuangdongFengxingZhituTechnologyCo.,Ltd. | ControlledbytheultimatecontrollingpersonoftheCompany |
| HangzhouFengtaiE-CommerceIndustrialParkManagementLtd. | ControlledbytheultimatecontrollingpersonoftheCompany |
| ShenzhenFengxiangInformationTechnologyCo.,Ltd. | ControlledbytheultimatecontrollingpersonoftheCompany |
| HiveBoxTechnologyanditssubsidiaries | ControlledbytheultimatecontrollingpersonoftheCompany |
| ShenzhenFengyiTechnologyLimited | Controllingshareholder'sassociate |
| StateGridE-CommerceYunfengLogisticsTechnology(Tianjin)Co.,Ltd. | TheGroup’sassociate |
| SCSLogisticsCo.,Ltd. | TheGroup’sassociate |
| ShenzhenShunjieFengdaExpressCo.,Ltd.anditssubsidiaries | TheGroup’sassociate |
| SFRealEstateInvestmentTrustanditssubsidiaries | TheGroup’sassociate |
| ShenzhenZhongwangFinanceandTaxManagementCo.,Ltd. | TheGroup’sassociate |
| KENGICIntelligentTechnologyCo.,Ltd.anditssubsidiaries | TheGroup’sassociate |
| GalaxisTechnology | TheGroup’sassociate |
| ShenzhenFenglianTechnologyCo.,Ltd. | TheGroup’sassociate |
| YihaiShunfeng(Shanghai)SupplyChainTechnologyCo.,Ltd. | TheGroup’sassociate |
| GiaoHangTietKiemJointStockCompany | TheGroup’sassociate |
| GlobalConnectHoldingLimited | TheGroup’sjointventure |
| EzhouChinaCommunicationsSFAirportIndustrialParkInvestmentDevelopmentCo.,Ltd. | TheGroup’sjointventure |
| CR-SFInternationalExpressCo.,Ltd. | TheGroup’sjointventure |
| BeijingWulianShuntongTechnologyCo.,Ltd.anditssubsidiaries | TheGroup’sjointventure |
| ZBHAanditssubsidiaries | TheGroup’sjointventure |
| HubeiInternationalLogisticsAirportCo.,Ltd. | TheGroup’sjointventure |
| S.F.PublicWelfareFoundation | InitiatedbytheGroup’sControllingshareholderandtheCompany'ssubsidiariesandinwhichtheCompany'sexecutivesserveasmembersoftheBoardofDirectors |
| GoldenArches(China)Limitedanditssubsidiaries | OthercompaniessignificantlyinfluencedbykeymanagementoftheCompanybyDecember2022 |
Note1:GoldenArches(China)LimitedanditssubsidiariesareothercompaniessignificantlyinfluencedbykeymanagementoftheCompanybyDecember2022andisnolongerrelatedpartiesoftheGroupfromJanuary2024undertheRulesGoverningtheListingofStocksontheShenzhenStockExchange.
(3)Relatedpartytransactions
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Continued)
(a)Pricingpolicies
ThepricingmethodoftransactionsandtransactionpricebetweentheGroupandrelatedpartiesaredetermined,followingarm’slengthprinciple,bymakingreferencetothemarketpriceorthroughnegotiationbetweenbothparties.(b)Renderingofservices/Salesofgoods
| Forthesixmonthsended30June | |||
| Natureofthetransaction | 2024 | 2023 | |
EntitiescontrolledbytheCompany’sultimatecontrollingperson
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | Renderingofservices | 756,113 | 63,315 | |
| AssociatesoftheGroup | Renderingofservices | 49,066 | 29,979 | |
| JointventuresoftheGroup | Renderingofservices | 14,030 | 5,989 | |
| Associatesofcontrollingshareholder | Renderingofservices | 7,157 | 6,643 | |
| EntitiessignificantlyinfluencedbythekeymanagementoftheCompany | Renderingofservices | 646 | 952,548 | |
| Controllingshareholder | Renderingofservices | 255 | 203 | |
| 827,267 | 1,058,677 |
Forthesixmonthsended30June
| Forthesixmonthsended30June | |||
| Natureofthetransaction | 2024 | 2023 | |
AssociatesoftheGroup
| AssociatesoftheGroup | Salesofgoods | 1,640 | 2,548 | |
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | Salesofgoods | 1 | 353 | |
| Associatesofcontrollingshareholder | Salesofgoods | - | 3 | |
| 1,641 | 2,904 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Continued)
(3)Relatedpartytransactions(Continued)
(c)Receiptofservices/Purchaseofgoods
| Forthesixmonthsended30June | |||
| Natureofthetransaction | 2024 | 2023 | |
JointventuresoftheGroup
| JointventuresoftheGroup | Receiptofservices | 535,304 | 621,191 | ||
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | Receiptofservices | 257,627 | 314,156 | ||
| AssociatesoftheGroup | Receiptofservices | 273,310 | 582,813 | ||
| Associatesofcontrollingshareholder | Receiptofservices | 187 | 25 | ||
| Controllingshareholder | Receiptofservices | 7 | - | ||
| EntitiessignificantlyinfluencedbythekeymanagementoftheCompany | Receiptofservices | - | 41 | ||
| 1,066,435 | 1,518,226 |
Forthesixmonthsended30June
| Forthesixmonthsended30June | |||
| Natureofthetransaction | 2024 | 2023 | |
EntitiescontrolledbytheCompany’sultimatecontrollingperson
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | Purchaseofgoods | 127,564 | 141,500 | ||
| AssociatesoftheGroup | Purchaseofgoods | 70,499 | 127,211 | ||
| JointventuresoftheGroup | Purchaseofgoods | 1,946 | 327 | ||
| Associatesofcontrollingshareholder | Purchaseofgoods | 3 | 816 | ||
| 200,012 | 269,854 |
(d)Leases(i)Right-of-useassetsincreasedinthecurrentperiodwiththeGroupasthelessee
| Forthesixmonthsended30June | |||
| Typeoftheleasedasset | 2024 | 2023 | |
EntitiescontrolledbytheCompany’s
ultimatecontrollingperson
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | Buildings | 2,058 | 27,183 | ||
| AssociatesoftheGroup | Buildings | 265 | 12,093 | ||
| 2,323 | 39,276 |
(ii)DepreciationandinterestexpensesborneinthecurrentperiodbytheGroupasthelessee
| Forthesixmonthsended30June | |||
| Typeoftheleasedasset | 2024 | 2023 | |
AssociatesoftheGroup
| AssociatesoftheGroup | Buildings | 116,707 | 113,054 | ||
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | Buildings | 6,026 | 5,938 | ||
| 122,733 | 118,992 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Continued)
(3)Relatedpartytransactions(Continued)
(d)Leases(Continued)(iii)LeaseincomerecognisedinthecurrentperiodwiththeGroupasthelessor
| Forthesixmonthsended30June | |||
| Typeoftheleasedasset | 2024 | 2023 | |
EntitiescontrolledbytheCompany’sultimatecontrollingperson
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | Buildings | 1,545 | 809 | ||
| Associatesofcontrollingshareholder | Buildings | 1,391 | 1,565 | ||
| AssociatesoftheGroup | Buildings | 911 | 1,116 | ||
| JointventuresoftheGroup | Buildings | 408 | 304 | ||
| Controllingshareholder | Buildings | 341 | 341 | ||
| 4,596 | 4,135 |
(e)TheGroupastheguarantor
| Guarantee | Amount | Startingdate | Expirationdate | Guaranteebeenfulfilled |
JointventuresoftheGroup
| JointventuresoftheGroup | 782,000 | 29September2021 | 29April2055 | No |
(f)Purchaseofequity
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
JointventuresoftheGroup
| JointventuresoftheGroup | 559,289 | - |
(g)Sellofequity
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
EntitiescontrolledbytheCompany'sultimatecontroller
| EntitiescontrolledbytheCompany'sultimatecontroller | - | 85,188 |
(h)Remunerationofkeymanagement
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Remunerationofkeymanagement
| Remunerationofkeymanagement | 21,359 | 26,241 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Continued)
(4)Receivablesfromandpayablestorelatedparties(Continued)
(4)Receivablesfromandpayablestorelatedparties(a)Accountsreceivable
| 30June2024 | 31December2023 |
EntitiescontrolledbytheCompany’sultimatecontrollingperson
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | 467,204 | 30,739 | |
| AssociatesoftheGroup | 77,324 | 83,745 | |
| JointventuresoftheGroup | 5,897 | 6,404 | |
| Associatesofcontrollingshareholder | 3,206 | 3,266 | |
| EntitiessignificantlyinfluencedbythekeymanagementoftheCompany | 142 | 358 | |
| Controllingshareholder | 50 | 57 | |
| 553,823 | 124,569 |
(b)Advancestosuppliers
| 30June2024 | 31December2023 |
EntitiescontrolledbytheCompany’sultimatecontrollingperson
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | 7,291 | 2,309 | |
| AssociatesoftheGroup | 7,446 | 5,996 | |
| JointventuresoftheGroup | 140 | 3,409 | |
| Associatesofcontrollingshareholder | 1 | 1 | |
| 14,878 | 11,715 |
(c)Loansandadvances
| 30June2024 | 31December2023 |
AssociatesoftheGroup
| AssociatesoftheGroup | - | 49 | |
| JointventuresoftheGroup | - | 329,933 | |
| - | 329,982 |
(d)Otherreceivables
| 30June2024 | 31December2023 |
EntitiescontrolledbytheCompany’sultimatecontrollingperson
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | 190,677 | 561,712 | |
| AssociatesoftheGroup | 66,629 | 69,647 | |
| JointventuresoftheGroup | 1,115 | 1,468 | |
| Associatesofcontrollingshareholder | 378 | 379 | |
| Controllingshareholder | 136 | 167 | |
| 258,935 | 633,373 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Continued)
(4)Receivablesfromandpayablestorelatedparties(Continued)
(e)Othernon-currentassets-Advancesforengineeringequipment
| 30June2024 | 31December2023 |
AssociatesoftheGroup
| AssociatesoftheGroup | 71,749 | 683 | |
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | - | 250 | |
| 71,749 | 933 |
(f)Long-termreceivables(includinglong-termreceivablestoberecoveredwithinoneyear)
| 30June2024 | 31December2023 |
AssociatesoftheGroup
| AssociatesoftheGroup | 1,259 | 57,993 | |
| Associatesofcontrollingshareholder | 72 | 72 | |
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | 17 | 17 | |
| 1,348 | 58,082 |
(g)Depositsfromcustomers
| 30June2024 | 31December2023 |
AssociatesoftheGroup
| AssociatesoftheGroup | 71 | 1,509 |
(h)Accountspayable
| 30June2024 | 31December2023 |
EntitiescontrolledbytheCompany’sultimatecontrollingperson
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | 149,184 | 135,957 | |
| JointventuresoftheGroup | 128,144 | 120,900 | |
| AssociatesoftheGroup | 119,790 | 164,244 | |
| Associatesofcontrollingshareholder | 93 | 93 | |
| 397,211 | 421,194 |
(i)Contractliabilities
| 30June2024 | 31December2023 |
AssociatesoftheGroup
| AssociatesoftheGroup | 1,340 | 3,621 | |
| JointventuresoftheGroup | 43,255 | 43,146 | |
| Associatesofcontrollingshareholder | 1,384 | 1,210 | |
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | 1,156 | 170 | |
| EntitiessignificantlyinfluencedbythekeymanagementoftheCompany | - | 8 | |
| 47,135 | 48,155 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Continued)
(4)Receivablesfromandpayablestorelatedparties(Continued)
(j)Otherpayables
| 30June2024 | 31December2023 |
AssociatesoftheGroup
| AssociatesoftheGroup | 87,306 | 125,672 | |
| Associatesofcontrollingshareholder | 3,589 | 3,608 | |
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | 2,844 | 2,788 | |
| JointventuresoftheGroup | 2,041 | 2,393 | |
| Controllingshareholder | 128 | 128 | |
| 95,908 | 134,589 |
(k)Leaseliabilities(includingleaseliabilitiestobesettledwithinoneyear)
| 30June2024 | 31December2023 |
AssociatesoftheGroup
| AssociatesoftheGroup | 487,627 | 598,296 | |
| EntitiescontrolledbytheCompany’sultimatecontrollingperson | 90,324 | 92,060 | |
| JointventuresoftheGroup | - | 98,987 | |
| 577,951 | 789,343 |
(5)Commitmentsinrelationtorelatedparties(a)Guaranteesprovided
| 30June2024 | 31December2023 |
JointventuresoftheGroup
| JointventuresoftheGroup | 2,384,180 | 2,384,180 |
Theabove-mentionedguaranteedrelatedpartycommitmentsarecommittedbutwithoutguaranteesprovidedtorelatedparties.9Share-basedpayments
(1)Overviewofshare-basedpayments
Expensesrecognisedfortheperiodarisingfromshare-basedpaymentswereasfollows:
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Equity-settledshare-basedpayments
| Equity-settledshare-basedpayments | 69,940 | 153,461 | |
| Cash-settledshare-basedpayments | (10,903) | 190,592 | |
| 59,037 | 344,053 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
9Share-basedpayments(Continued)
(2)Informationonequity-settledshare-basedpayments(a)Informationonshare-basedpaymentsoftheCompany
InMay2022,theCompanyheldthe25thsessionofthe5thBoardofDirectorsin2022,atwhichproposalssuchastheStockOptionIncentivePlan(“2022StockOptionIncentivePlan”)wereapproved.TheCompanygranted47,892,100shareoptionsto1,449eligibleincentiverecipientson30May2022,andtheexercisepriceoftheshareoptionisRMB42.61.IftheCompanymeetsthepredeterminedperformanceconditionsandtheincentiverecipientsmeettheperformanceevaluationindicators,thefourquartersofthetotalshareoptionsreceivedbythegranteewillcomeintoeffectfrom30May2022after12months,24months,36monthsand48monthsrespectively.Ateachbalancesheetdateduringthevestingperiodoftheincentiveplan,thenumberofshareoptionsexpectedtobeexercisedwillberevisedbasedonsubsequentinformationsuchaschangesinthenumberofemployeeswhocanexercisetheirshareoptionsandthecompletionofvestingconditions,andtheservicesobtainedinthecurrentperiodwillbeincludedinrelevantcostsandcapitalreservebasedonthefairvalueofshareoptionsatthegrantdate.Asat30June2024,theequity-settledshare-basedpaymentsrecognisedbytheCompanyaccumulatedtoRMB512,685,000(31December2023:RMB460,789,000).Forthesixmonthsended30June2024,theamountofexpensesrecognisedbytheCompanyfortheequity-settledshare-basedpaymentswasRMB51,896,000(forthesixmonthsended30June2023:RMB137,562,000).(b)Informationonshare-basedpaymentsoftheCompany’ssubsidiaries
TheGroupgrantedsomeequitiesorshareoptionsofseveralsubsidiaries,totheseniormanagementandotheremployeesoftheaforesaidcompaniesorothersubsidiarieswithintheGrouprespectively.Asat30June2024,theequity-settledshare-basedpaymentsofthesecompaniesrecognisedbytheGroupaccumulatedtoRMB619,113,000(31December2023:RMB601,069,000),includingaccumulatedamountsattributabletoshareholdersoftheparentcompanyofRMB497,635,000(31December2023:RMB487,225,000).Forthesixmonthsended30June2024,theexpensesrecognisedfortheequity-settledshare-basedpaymentsamountedtoRMB18,044,000(forthesixmonthsended30June2023:RMB15,899,000).Thefairvalueatthegrantdatewasrecognisedbasedonthediscountedcashflowmodelandthebinomialtreemodel.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
9Share-basedpayments(Continued)
(3)Informationoncash-settledshare-basedpayments
CertainsubsidiariesoftheGroupusetheirsharesortheCompany'ssharesasthecalculationbasistograntcash-settledshare-basedpaymentstoeligibleemployeesofthosesubsidiaries.Asat30June2024,therewasnoliabilitiesarisingfromthecash-settledshare-basedpayments(31December2023:RMB268,453,000).Forthesixmonthsended30June2024,theexpensesreversedbytheGroupforcash-settledshare-basedpaymentsamountedtoRMB10,903,000(forthesixmonthsended30June2023:RMB190,592,000).Thefairvalueatthebalancesheetdatewasrecognisedbasedonthediscountedcashflowmodelandthebinomialtreemodel.10Commitments
(1)Capitalcommitments(a)Asatthebalancesheetdate,capitalexpenditurescontractedforbutnotyetnecessarytobe
recognisedbytheGroupinthebalancesheetareasfollows:
| 30June2024 | 31December2023 |
Buildings,machineryandequipment
| Buildings,machineryandequipment | 2,378,529 | 1,858,672 | |
| Investmentcontractsthathavebeensignedbutnotfulfilledornotabsolutelyfulfilled | 129,783 | 131,895 | |
| Others | 4,663 | 944 | |
| 2,512,975 | 1,991,511 |
11Contingency
AsstatedinNote8(3)(e),subsidiariesoftheGroupprovideloanguaranteestorelatedparties.On30June2024,thetotalguaranteeamountwasRMB782,000,000(31December2023:RMB782,000,000).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
12Eventsafterthebalancesheetdate
(1)Sharerepurchaseafterthebalancesheetdate
BetweenJuly1,2024andJuly31,2024,theGrouprepurchasedapproximately4,736,000sharesoftheGroup'sstockthroughaspecialsecuritiesaccountforsharerepurchasebymeansofcentralizedbidding,withatotalrepurchaseamountofapproximatelyRMB167,734,000(excludingtransactioncosts).Theaforementionedrepurchasecomplieswiththerequirementsofrelevantlawsandregulationsandalignswiththeestablishedrepurchaseplan.
(2)Issuanceofdebenturesafterthebalancesheetdate
On18July2024,TaisenHoldings,awholly-ownedsubsidiaryofS.F.Holding,completedtheissuanceofthe2024publicofferingofcorporatedebentures(2ndinstalment)forprofessionalinvestors.ThescaleoftheissuanceisRMB500million,withacouponrateof2.30%andamaturityof5years.On22July2024,TaisenHoldingscompletedtheissuanceof2024medium-termnotes(2ndinstalment).ThescaleoftheissuanceisRMB500million,withacouponrateof2.15%andamaturityof3years.13Operatingleasepaymentsreceivableafterthebalancesheetdate
Asthelessor,theGroup’sundiscountedleasepaymentsreceivableafterthebalancesheetdateareasfollows:
| 30June2024 | 31December2023 |
Within1year(inclusive)
| Within1year(inclusive) | 411,962 | 371,269 | |
| 1to2years(inclusive) | 308,779 | 240,171 | |
| 2to3years(inclusive) | 194,476 | 146,234 | |
| 3to4years(inclusive) | 103,679 | 90,435 | |
| 4to5years(inclusive) | 64,969 | 56,615 | |
| Over5years | 177,293 | 206,636 | |
| 1,261,158 | 1,111,360 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
14Businesscombinations
RefertoNote5(1).15Financialinstrumentsandrisks
TheGroup'sactivitiesexposeittoavarietyoffinancialrisks:marketrisk(primarilyincludingforeign
exchangerisk,interestrateriskandotherpricerisk),creditriskandliquidityrisk.Theabove
financialrisksandtheGroup'sriskmanagementpoliciestomitigatetherisksareasfollows:
TheBoardofDirectorsisresponsibleforplanningandestablishingtheGroup'sriskmanagement
framework,formulatingtheGroup'sriskmanagementpoliciesandrelatedguidelines,and
supervisingtheimplementationofriskmanagementmeasures.TheGrouphasestablishedrisk
managementpoliciestoidentifyandanalysetherisksfacedbytheGroup.Theseriskmanagement
policiesspecifytheriskssuchasmarketrisk,creditriskandliquidityriskmanagement.TheGroup
regularlyevaluatesthemarketenvironmentandchangesintheGroup'soperatingactivitiesto
determinewhethertoupdatetheriskmanagementpoliciesandsystemsornot.TheGroup'srisk
managementiscarriedoutbytheRiskManagementCommitteeunderpoliciesapprovedbythe
BoardofDirectors.TheRiskManagementCommitteeencouragesthedepartmentsoftheGroupto
workcloselytogethertoidentify,evaluateandavoidrelevantrisks.Theinternalauditdepartmentof
theGroupconductsperiodicalaudittothecontrolsandproceduresforriskmanagementand
reportstheauditresultstotheAuditCommitteeoftheGroup.
(1)Marketrisk(a)Foreignexchangerisk
TheGroup’smajoroperationalactivitiesarecarriedoutintheChinesemainlandandamajorityof
thetransactionsaredenominatedinRMB.Someoperationalactivitiesarecarriedoutin
regions/countriesincludingHongKong,USA,EuropeandrelevanttransactionsaresettledinHKD,
USDandEUR.Therefore,theGroupisexposedtoforeignexchangeriskarisingfromthe
recognisedfinancialassetsandliabilitiesdenominatedinnon-recordingcurrencies,andfuture
transactionsdenominatedinforeigncurrencies.Managementisresponsibleformonitoringthe
amountoffinancialassetsandliabilities,andtransactionsdenominatedinnon-recordingcurrencies,
toreduceforeignexchangerisktothegreatestextent.(i)ForeignexchangeriskofcompanieswithRMBasrecordingcurrency
Asat30June2024and31December2023,theforeignexchangeexposureoffinancialassetsand
denominatedinnon-recordingcurrenciesheldbytheGroup’scompanieswhoserecording
currencyisRMBwasmainlyderivedfromtheUSD,HKDandEUR,asstatedinNote4(51)(a).
Asat30June2024,fortheabovevariousfinancialassetsandliabilitiesdenominatedinUSD,ifthe
RMBhadstrengthened/weakenedby5%againsttheUSDwhileallothervariableshadbeenheld
constant,theGroup’sprofitbeforetaxwouldhavebeenapproximatelyRMB26,942,000(31
December2023:RMB25,622,000)lower/higherrespectively.
ThechangesinexchangerateofotherforeigncurrenciesagainstRMBhavenosignificant
influenceontheGroup’soperatingactivities.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Financialinstrumentsandrisks(Continued)
(1)Marketrisk(Continued)(a)Foreignexchangerisk(Continued)(ii)ForeignexchangeriskofcompanieswithHKDasrecordingcurrency
Asat30June2024and31December2023,theforeignexchangeexposureoffinancialassetsandliabilitiesdenominatedinnon-recordingcurrenciesheldbycompanieslocatedinHongKongwithHKDbeingtheirrecordingcurrencywasmainlyderivedfromtheUSD.BecausetheHKDandtheUSDarelinkedexchangerates,theforeignexchangerisksfacedbytheabove-mentionedcompaniesusingHKDastheirrecordingcurrencyarenotsignificant.(iii)Asat30June2024and31December2023,theGroup’soverseassubsidiaries,exceptforthose
operatinginHongKong,heldnosignificantfinancialassetsorfinancialliabilitiesdenominatedinnon-recordingcurrencies.(iv)InviewofthedifferentrecordingcurrenciesofsubsidiarieswithintheGroup,thereisstillforeign
exchangeriskarisingeveniftransactionsandbalanceswithintheGroupareoffset.Asat30June2024and31December2023,suchforeignexchangeriskswerenotmaterial.(b)Interestraterisk
TheGroup'sinterestrateriskarisesfromlong-terminterestbearingdebtsincludinglong-termbankborrowingsanddebenturespayable.FinancialliabilitiessubjecttofloatingratesexposetheGrouptocashflowinterestraterisk.FinancialliabilitiessubjecttofixedratesexposetheGrouptofairvalueinterestraterisk.TheGroupdeterminestherelativeproportionsofitsfixedratetofloatingratecontractsdependingontheprevailingmarketconditions.Asat30June2024,theGroup’slong-terminterestbearingdebtsweremainlyrelatedtofloatingratelong-termborrowings,andfixedratedebenturespayable.Amongthem,floatingratelong-termborrowingsamountedtoRMB10,661,466,000(31December2023:RMB11,355,241,000);thetotalamountoffixedratedebenturespayabledenominatedinRMBwasRMB1,500,000,000(31December2023:RMB500,000,000),andthetotalamountoffixedratedebenturespayabledenominatedinUSDwasUSD2,528,655,000,equivalenttoRMB18,380,414,000(31December2023:USD2,600,000,000,equivalenttoRMB18,415,020,000).TheGroupcontinuouslymonitorstheinterestratepositionoftheGroup.IncreasesininterestrateswillincreasethecostofnewinterestbearingborrowingandtheinterestcostswithrespecttotheGroup’soutstandingfloatingrateborrowings,andthereforecouldhaveamaterialadverseeffectontheGroup’sfinancialperformance.Managementmakesadjustmentstimelywithreferencetothelatestmarketconditionsandmayenterintointerestrateswapagreementstomitigateitsexposuretointerestraterisk.Asat30June2024,ifinterestratesonborrowingshadrisen/fallenby50basispointswhileallothervariableshadbeenheldconstant,theGroup’sprofitbeforetaxwouldhavebeenapproximatelyRMB53,307,000(31December2023:RMB56,776,000)lower/higherrespectively.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Financialinstrumentsandrisks(Continued)
(1)Marketrisk(Continued)(c)Otherpricerisk
TheGroup'sotherpriceriskarisesmainlyfrommovementsinpriceofvariousinvestmentsinequityinstrumentsmeasuredatfairvaluethatwillnotbesoldwithin1year.Asat30June2024,ifthepricesofinvestmentsinequityinstrumentshadrisen/fallenby10%whileallothervariableshadbeenheldconstant,theGroup’sprofitbeforetaxandothercomprehensiveincomebeforetaxwouldhavebeenapproximatelyRMB50,831,000(31December2023:
approximatelyRMB59,000,000)andRMB834,429,000(31December2023:approximatelyRMB948,954,000)higher/lowerrespectively.
(2)Creditrisk
TheGroup’screditriskmainlyarisesfromcashatbankandonhand,notesreceivable,accountsreceivable,financingreceivables,loansandadvances,otherreceivables,contractassets,non-currentassetstoberecoveredwithinoneyear,long-termreceivables,investmentsindebtinstrumentsmeasuredatfairvaluethroughprofitorlossthatarenotincludedintheassessmentofimpairment.Atthebalancesheetdate,theGroup'smaximumexposuretocreditriskrepresentsthecarryingamountoftheGroup'sfinancialassets,exceptthatthemaximumexposuretocreditriskoflong-termreceivablesrepresentstheaggregateofitsundiscountedcontractualcashflows.TheGroupexpectsthatthereisnosignificantcreditriskassociatedwithcashatbankandonhandsincetheyaremainlydepositsatstate-ownedbanksandothermediumorlargesizelistedbankswithgoodreputationandahighercreditrating.TheGroupdoesnotexpectthattherewillbeanysignificantlossesfromnon-performancebythesecounterparties.TheGroup’snotesreceivable,accountsreceivable,financingreceivables,otherreceivables,contractassets,non-currentassetstoberecoveredwithinoneyearandlong-termreceivablesincludereceivablesfromrelatedpartiesandreceivablesfromnon-relatedparties.Inrespectofreceivablesfromrelatedparties,theGroupconsidersthattheyhavelowcreditrisk;inrespectofreceivablesfromnon-relatedparties,theGroupwilldeveloprelevantpoliciestocontroltheexposuretocreditrisk.TheGroupevaluatescustomers’creditqualitybasedontheirfinancialposition,possibilityofobtainingguaranteesfromthirdparties,credithistoryandsuchotherfactorsascurrentmarketconditions,anddeterminesthecredittermbasedontheevaluationresults.Thecredittermofaccountsreceivablerangesfrom30daysto90days.TheGroupmonitorscustomers’credithistoryonaregularbasis.Inrespectofcustomerswithapoorcredithistory,theGroupwillusepaymentreminders,orshortenorcancelcreditterms,toensuretheoverallcreditriskoftheGroupislimitedtoacontrollableextent.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Financialinstrumentsandrisks(Continued)
(2)Creditrisk(Continued)
TheGroup’snotesreceivable,accountsreceivable,financingreceivablesandcontractassetsmainlyarisefromrenderingoflogisticsandfreightforwardingservicesandotherrelatedservicesorsalesofgoods,whileotherreceivables,non-currentassetstoberecoveredwithinoneyearandlong-termreceivablesrepresentadvances,goodspaymentscollectedonbehalfofotherparties,depositsandguarantees,loanstoemployeesandfinanceleasereceivablesarisingfromrenderingoflogisticsandfreightforwardingservices.Managementmaintainsongoingevaluationondebtors’financialposition,butgenerallydoesnotrequiredebtors’mortgageforoutstandingdebts.TheGroupmonitorsandreviewsexpectedcreditlossesonoutstandingamountsonaregularbasis,andtakesintoaccountimportantmacroeconomicassumptionsandparametersinthecalculationofexpectedcreditlosses,includingtheriskofeconomicdownturn,externalmarketconditions,changesincustomerconditions,grossdomesticproductandtheconsumerpriceindex.Managementmakestheprovisionforbaddebtsbasedontheevaluationresultsthereof.WhereitisimpossiblefortheGrouptoreasonablyestimatetherecoverableamount,therelevantoutstandingamountshallbewrittenoffaccordingly.Indicatorsforimpossibilitytoreasonablyestimatetherecoverableamountincludedebtors’failuretomakecontractpaymentsasplannedormakeoverduecontractpayments,significantfinancialdifficulties,bankruptcyliquidation,etc.Forloansandadvances,theGroupdevelopedcreditpoliciesandoperationalimplementationrulesinaccordancewiththerequirementsofrelevantstateregulatoryauthorities,andimplementedstandardisedmanagementovertheentireprocessofcreditgranting.Inaddition,theGroupfurtherimprovedthesystemsforcreditriskmonitoringandearlywarninganddefectivecreditextensionmanagement.TheGroupactivelyrespondedtothechangesinthecreditenvironment,regularlyanalysedthesituationanddynamicofcreditrisksandtookriskcontrolmeasuresonaforward-lookingbasis.TheGroupalsoestablishedanoptimisationmanagementmechanismfordefectivecreditandacceleratedtheoptimisationprogressofdefectivecredittoavoidnon-performingloans.Inaddition,financialguaranteecommitmentsmayexposetheGrouptocreditrisksfromthedefaultofcounterparties.TheGrouphasestablishedstrictapplicationandapprovalrequirementsonfinancialguaranteesandcommitments,consideringinformationincludinginternalandexternalcreditratings,continuouslymonitorthecreditexposureandchangesincreditratingsofcounterpartiesandotherrelevantinformation,toensuretheoverallcreditriskoftheGroupismanageable.Asat30June2024,theGrouphadnosignificantcollateralorothercreditenhancementsheldassecuritiesfromdebtors(31December2023:none).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Financialinstrumentsandrisks(Continued)
(3)Liquidityrisk
CashflowforecastingisperformedbyeachsubsidiaryoftheGroupandaggregatedbytheGroup.TheGroupmonitorsrollingforecastsoftheGroup'sshort-termandlong-termliquidityrequirementstoensureithassufficientcashandsecuritiesthatarereadilyconvertibletocashtomeetoperationalneeds,whilemaintainingsufficientheadroomonitsundrawncommittedborrowingfacilitiesfrommajorfinancialinstitutionssothattheGroupdoesnotbreachborrowinglimitsorcovenantsonanyofitsborrowingfacilitiestomeettheshort-termandlong-termliquidityrequirements.Asatthebalancesheetdate,theundiscountedcontractualcashflowsoftheGroup’sfinancialliabilities,analysedbytheirmaturitydates,areasbelow:
| 30June2024 | ||||||||
| Within1year | 1to2years | 2to5years | Over5years | Total | ||||
Depositsfromcustomers
| Depositsfromcustomers | 173 | - | - | - | 173 | ||||
| Accountspayable | 23,801,241 | - | - | - | 23,801,241 | ||||
| Otherpayables | 10,338,816 | - | - | - | 10,338,816 | ||||
| Short-termborrowings | 23,995,898 | - | - | - | 23,995,898 | ||||
| Othercurrentliabilities | 2,335,703 | - | - | - | 2,335,703 | ||||
| Currentportionofnon-currentliabilities | 8,820,357 | - | - | - | 8,820,357 | ||||
| Long-termborrowings | 436,855 | 5,364,646 | 4,989,277 | 1,174,645 | 11,965,423 | ||||
| Debenturespayable | 576,458 | 1,065,718 | 10,101,199 | 11,748,241 | 23,491,616 | ||||
| Long-termpayables | - | 228,220 | - | - | 228,220 | ||||
| Leaseliabilities | - | 4,059,170 | 2,697,029 | 1,727,398 | 8,483,597 | ||||
| 70,305,501 | 10,717,754 | 17,787,505 | 14,650,284 | 113,461,044 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Financialinstrumentsandrisks(Continued)
(3)Liquidityrisk(Continued)
Asatthebalancesheetdate,theundiscountedcontractualcashflowsoftheGroup’sfinancialliabilities,analysedbytheirmaturitydates,areasbelow(Continued):
| 31December2023 | ||||||||
| Within1year | 1to2years | 2to5years | Over5years | Total | ||||
Depositsfromcustomers
| Depositsfromcustomers | 1,731 | - | - | - | 1,731 | ||||
| Accountspayable | 24,846,135 | - | - | - | 24,846,135 | ||||
| Otherpayables | 11,494,841 | - | - | - | 11,494,841 | ||||
| Short-termborrowings | 18,396,510 | - | - | - | 18,396,510 | ||||
| Othercurrentliabilities | - | - | - | - | - | ||||
| Currentportionofnon-currentliabilities | 9,660,951 | - | - | - | 9,660,951 | ||||
| Long-termborrowings | 206,068 | 3,120,571 | 8,171,144 | 1,218,218 | 12,716,001 | ||||
| Debenturespayable | 562,511 | 1,058,727 | 8,739,130 | 10,754,753 | 21,115,121 | ||||
| Long-termpayables | - | 247,452 | - | - | 247,452 | ||||
| Leaseliabilities | - | 4,569,459 | 2,529,679 | 1,784,760 | 8,883,898 | ||||
| 65,168,747 | 8,996,209 | 19,439,953 | 13,757,731 | 107,362,640 |
Asatthebalancesheetdate,theundiscountedcontractualcashflowsoftheGroup’sfinancialliabilities,analysedbytheirmaturitydates,areasbelow:
| 30June2024 | 31December2023 |
Within1year(inclusive)
| Within1year(inclusive) | 901,267 | 1,344,393 | |
| 1to2years(inclusive) | 464,460 | 458,299 | |
| 2to3years(inclusive) | 489,738 | 560,409 | |
| Over3years | 2,717,203 | 2,834,483 | |
| 4,572,668 | 5,197,584 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
16Fairvalueestimates
Thelevelinwhichfairvaluemeasurementiscategorisedisdeterminedbythelevelofthefairvaluehierarchyofthelowestlevelinputthatissignificanttotheentirefairvaluemeasurement:
Level1:Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.Level2:InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Level3:Unobservableinputsfortheassetorliability.
(1)Financialassetsandliabilitiesmeasuredatfairvalueonarecurringbasis
Asat30June2024,thefinancialassetsmeasuredatfairvalueonarecurringbasisareanalysedbytheabovementionedthreelevelsasbelow:
| Level1 | Level2 | Level3 | Total |
Financialassetsheldfortrading:
| Financialassetsheldfortrading: | |||||||
| Structureddeposits | - | - | 17,770,993 | 17,770,993 | |||
| Fundinvestmentsandothers | 79 | 361 | 275,890 | 276,330 | |||
| Financingreceivables: | |||||||
| Notesreceivable | - | 125,633 | - | 125,633 | |||
| Othernon-currentfinancialassets: | |||||||
| Industryfundinvestments | - | - | 378,654 | 378,654 | |||
| Others | - | - | 129,659 | 129,659 | |||
| Investmentsinotherequityinstruments: | |||||||
| Equityinstrumentsavailableforsale | 1,120,309 | - | 7,223,984 | 8,344,293 | |||
| Totalfinancialassets | 1,120,388 | 125,994 | 25,779,180 | 27,025,562 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
16Fairvalueestimates(Continued)
(1)Financialassetsandliabilitiesmeasuredatfairvalueonarecurringbasis(Continued)
Asat31December2023,thefinancialassetsmeasuredatfairvalueonarecurringbasisareanalysedbytheabovementionedthreelevelsasbelow:
| Level1 | Level2 | Level3 | Total |
Financialassetsheldfortrading:
| Financialassetsheldfortrading: | |||||||
| Structureddeposits | - | - | 6,542,881 | 6,542,881 | |||
| Fundinvestmentsandothers | 78 | 354 | 266,429 | 266,861 | |||
| Financingreceivables: | |||||||
| Notesreceivable | - | 99,978 | - | 99,978 | |||
| Othernon-currentfinancialassets: | |||||||
| Industryfundinvestments | - | - | 499,320 | 499,320 | |||
| Others | - | - | 90,676 | 90,676 | |||
| Investmentsinotherequityinstruments: | |||||||
| Equityinstrumentsavailableforsale | 2,418,842 | - | 7,070,693 | 9,489,535 | |||
| Totalfinancialassets | 2,418,920 | 100,332 | 14,469,999 | 16,989,251 |
Asat30June2024,thefinancialliabilitiesmeasuredatfairvalueonarecurringbasisareanalysedbytheabovementionedthreelevelsasbelow:
| Level1 | Level2 | Level3 | Total |
Derivativefinancialliabilities:
| Derivativefinancialliabilities: | |||||||
| Others | - | 94,614 | - | 94,614 |
Asat31December2023,thefinancialliabilitiesmeasuredatfairvalueonarecurringbasisareanalysedbytheabovementionedthreelevelsasbelow:
| Level1 | Level2 | Level3 | Total |
Derivativefinancialliabilities
| Derivativefinancialliabilities | |||||||
| Others | - | 92,120 | - | 92,120 |
TheGrouptakesthedateonwhicheventscausingthetransfersbetweenthelevelstakeplaceasthetimingspecificforrecognisingthetransfers.Therewerenotransfersbetweendifferentlevelsfortheperiod.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
16Fairvalueestimates(Continued)
(1)Financialassetsandliabilitiesmeasuredatfairvalueonarecurringbasis(Continued)
Thefairvalueoffinancialinstrumentstradedinanactivemarketisdeterminedatthequotedmarketprice;andthefairvalueofthosenottradedinanactivemarketisdeterminedbytheGroupusingvaluationtechniques.Thevaluationmodelsusedmainlycomprisediscountedcashflowmodelandguidelinepublicly-tradedcomparablemethod,etc.Theinputsofthevaluationtechniquemainlyincluderisk-freeinterestrate,benchmarkrate,exchangerate,creditspread,liquiditypremium,EBITDAmultiplierandliquiditydiscount.ThechangesinLevel3assetsareanalysedbelow:
| Financialassetsheldfortrading | Financialassetsheldfortrading | Othernon-currentfinancialassets | Othernon-currentfinancialassets | Otherequityinstruments | ||||
| -Structureddeposits | -Fundinvestmentsandothers | -Industryfundinvestments | -Others | -Equityinstrumentsavailableforsale |
31December2023
| 31December2023 | 6,542,881 | 266,429 | 499,320 | 90,676 | 7,070,693 | ||||
| Increaseinthecurrentperiod | 41,850,000 | - | 5,977 | - | 49,785 | ||||
| Reclassificationinthecurrentperiod | - | 113,760 | (85,348) | 38,343 | - | ||||
| Decreaseinthecurrentperiod | (30,809,234) | (112,086) | (4,951) | - | (2,741) | ||||
| Gainsrecognisedinprofitorloss | 187,346 | 2,943 | (39,842) | - | - | ||||
| Gainsrecognisedinothercomprehensiveincome | - | - | - | - | (53,867) | ||||
| Effectoftranslationofforeigncurrencyfinancialstatements | - | 4,844 | 3,498 | 640 | 160,114 | ||||
| 30June2024 | 17,770,993 | 275,890 | 378,654 | 129,659 | 7,223,984 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
16Fairvalueestimates(Continued)
(1)Financialassetsandliabilitiesmeasuredatfairvalueonarecurringbasis(Continued)
| Financialassetsheldfortrading | Othernon-currentfinancialassets | Othernon-currentfinancialassets | Othernon-currentfinancialassets | Otherequityinstruments | ||||
| -Structureddeposits | -Industryfundinvestments | SpecialSchemeequity-classsecurities | -Others | -Equityinstrumentsavailableforsale |
31December2022
| 31December2022 | 7,351,158 | 770,637 | 116,286 | 125,286 | 7,079,184 | ||||
| Increaseinthecurrentperiod | 55,820,000 | 9,412 | - | 1,384,772 | 36,411 | ||||
| Decreaseinthecurrentperiod | (49,198,870) | (4,092) | - | (697) | - | ||||
| Gainsrecognisedinprofitorlossforthecurrentperiod | 284,136 | (25,154) | - | 18,306 | - | ||||
| Gainsrecognisedinothercomprehensiveincome | - | - | - | - | (11,090) | ||||
| Effectoftranslationofforeigncurrencyfinancialstatements | - | 14,512 | - | 69,556 | 233,060 | ||||
| 30June2023 | 14,256,424 | 765,315 | 116,286 | 1,597,223 | 7,337,565 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
16Fairvalueestimates(Continued)
(2)Financialassetsandliabilitiesnotmeasuredatfairvaluesbutforwhichtheirfairvaluesare
disclosedTheGroup’sfinancialassetsandliabilitiesmeasuredatamortisedcostmainlyincludecashatbankandonhand,receivables,factoringreceivables,loansandadvances,non-currentassetstoberecoveredwithinoneyear,long-termreceivables,short-termborrowings,payables,leaseliabilities,long-termborrowings,debenturespayable,non-currentliabilitiestobesettledwithinoneyear,othercurrentliabilitiesandlong-termpayables.Thecarryingamountoffinancialassetsandliabilitiesnotmeasuredatfairvalueisareasonableapproximationoftheirfairvalue.Thefairvalueoffinancialassetsandliabilitiesoveroneyearisthepresentvalueofthecontractuallydeterminedstreamoffuturecashflowsdiscountedattherateofinterestappliedatthattimebythemarkettoinstrumentsofcomparablecreditstatusandprovidingsubstantiallythesamecashflowsonthesameterms,andcategorisedwithinLevel3ofthefairvaluehierarchy.17Capitalmanagement
TheGroup’scapitalmanagementpoliciesaimtosafeguardtheGroup’sabilitytocontinueasagoingconcerninordertoprovidereturnsforshareholdersandbenefitsforotherstakeholders,andtomaintainanoptimalcapitalstructuretoreducethecostofcapital.Inordertomaintainoradjustthecapitalstructure,theGroupmayadjusttheamountofdividendspaidtoshareholders,refundcapitaltoshareholders,issuenewsharesorsellassetstoreducedebts.TheGroup'stotalcapitaliscalculatedas“shareholders’equity”asshownintheconsolidatedbalancesheet.TheGroupisnotsubjecttoexternalmandatorycapitalrequirements.Asat30June2024and31December2023,theGroup’sdebt-to-assetratiowasasfollows:
| 30June2024 | 31December2023 |
Debt-to-assetratio
| Debt-to-assetratio | 55.01% | 53.37% |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
18NotestotheCompany’sfinancialstatements
(1)Cashatbankandonhand
| 30June2024 | 31December2023 |
Cashatbank
| Cashatbank | 29,017 | 138,046 |
(2)Otherreceivables
| 30June2024 | 31December2023 |
Fundsgrantedtosubsidiaries
| Fundsgrantedtosubsidiaries | 15,033,122 | 16,316,446 | |
| DividendsreceivablefromTaisenHoldings | 2,600,000 | 5,500,000 | |
| Others | 1,681 | 1,673 | |
| 17,634,803 | 21,818,119 | ||
| Less:Provisionforbaddebts | (8) | (8) | |
| 17,634,795 | 21,818,111 |
TheCompanydoesnothavedepositsatotherpartiesunderacentralisedmanagementarrangementthatarepresentedasotherreceivables.Theageingofotherreceivablesisanalysedasfollows:
| 30June2024 | 31December2023 |
Within1year(inclusive)
| Within1year(inclusive) | 3,138,317 | 11,219,836 | |
| 1to2years(inclusive) | 5,175,361 | 2,251,616 | |
| Over2years | 9,321,125 | 8,346,667 | |
| 17,634,803 | 21,818,119 |
(3)Long-termequityinvestments
| 30June2024 | 31December2023 |
Subsidiaries(a)
| Subsidiaries(a) | 66,962,282 | 66,933,038 | |
| Less:Provisionforimpairmentoflong-termequityinvestments | - | - | |
| 66,962,282 | 66,933,038 |
Thereisnosignificantrestrictiononsalesofthelong-termequityinvestmentsheldbytheCompany.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
18NotestotheCompany’sfinancialstatements(Continued)
(3)Long-termequityinvestments(Continued)(a)Subsidiaries
| Movementsinthecurrentperiod | Provisionforimpairment | |||||||||||||||||
| Accountingmethod | 31December2023 | Movementsinthecurrentperiod | 30June2024 | Shareholding(%) | Votingrights(%) | Explanationofdisparitybetweenpercentagesofshareholdingandvotingrights | 30June2024 | 31December2023 | Cashdividendsdeclaredinthecurrentperiod | |||||||||
TaisenHoldings
| TaisenHoldings | Costmethod | 66,933,038 | 29,244 | 66,962,282 | 100% | 100% | Notapplicable | - | - | - |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
18NotestotheCompany’sfinancialstatements(Continued)
(4)Investmentincome
| Forthesixmonthsended30June | ||
| 2024 | 2023 | |
Investmentincomefromfinancialassetsheldfortrading
| Investmentincomefromfinancialassetsheldfortrading | - | 22,167 | |
| Others | (117) | - | |
| (117) | 22,167 |
S.F.HOLDINGCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
1Statementofnon-recurringprofitorlossforthesixmonthsended30June2024
Forthesixmonthsended
30June2024Investmentincomefromdisposalsofsubsidiaries
| Investmentincomefromdisposalsofsubsidiaries | 91,950 | |
| Gainsondisposalsofothernon-currentassets | 111,217 | |
| Governmentgrantsrecognisedinprofitorloss,exceptthosethatarecloselyrelatedtonormalcourseofbusiness,inlinewithnationalpolicies,entitledinaccordancewithdefinedcriteria,andhavesustainedimpactontheCompany'sprofitorloss | 326,249 | |
| Gainsorlossesonchangesinfairvalueoffinancialassetsandfinancialliabilities,andprofitorlossarisingfromdisposalsoffinancialassetsandfinancialliabilities,exceptforthosearisingfromtheeffectivehedgingactivitiesrelatedtotheCompany’snormalcourseofbusiness | 295,092 | |
| Reversalofimpairmentprovisionforreceivablesindividuallyassessedforimpairment | 30,084 | |
| Netamountofothernon-operatingincomeandexpenses | (40,021) | |
| Sub-total | 814,571 | |
| Less:Incometaxeffect | (138,875) | |
| Less:Non-recurringprofitorlossattributabletominorityshareholders | (16,952) | |
| Non-recurringprofitorlossattributabletoshareholdersoftheparentcompany | 658,744 |
Including:Non-recurringprofitorlossfromcontinuingoperations
| Including:Non-recurringprofitorlossfromcontinuingoperations | 658,744 |
(1)Basisforpreparationofstatementofnon-recurringprofitorlossforthesixmonthsended30June
2024ChinaSecuritiesRegulatoryCommissionissuedtheExplanatoryAnnouncementforInformationDisclosureofCompaniesOfferingSecuritiestothePublicNo.1-Non-recurringProfitorLoss(Revisedin2023)(the“ExplanatoryAnnouncementNo.1(2023)”)in2023,whichbecameeffectivesincethedateofissuance.TheGrouppreparedthestatementofnon-recurringprofitorlossforthesixmonthsended30June2024inaccordancewiththeExplanatoryAnnouncementNo.1(2023).PursuanttotheExplanatoryAnnouncementNo.1(2023),non-recurringprofitorlossreferstoprofitorlossarisingfromtransactionsandeventsthosearenotdirectlyrelatedtothecompany’snormalcourseofbusiness,alsofromtransactionsandeventsthoseevenarerelatedtothecompany’snormalcourseofbusiness,butwillinterferewiththerightjudgementofusersofthefinancialstatementsonthecompany’soperationperformanceandprofitabilityduetotheirspecialnatureandoccasionaloccurrence.
(2)ImpactofimplementationofExplanatoryAnnouncementNo.1(2023)onnon-recurringprofitor
lossforthesixmonthsended30June2023PursuanttotheExplanatoryAnnouncementforInformationDisclosureofCompaniesOfferingSecuritiestothePublicNo.1-Non-recurringProfitorLoss(2008)(“ExplanatoryAnnouncementNo.1(2008)”,theGroupdoesnothaveitemsthatarepresentedasnon-recurringprofitorlossforthesixmonthsended30June2023butwhichshallbepresentedasrecurringprofitorlossinaccordancewiththerelevantprovisionsofExplanatoryAnnouncementNo.1(2023).
S.F.HOLDINGCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
2Statementofnon-recurringprofitorlossforthesixmonthsended30June2023
Forthesixmonthsended30June2023Investmentincomefromdisposalsofsubsidiaries
| Investmentincomefromdisposalsofsubsidiaries | 244,982 | |
| Gainsondisposalsofothernon-currentassets | 45,950 | |
| Governmentgrantsrecognisedinprofitorlossforthecurrentperiod(governmentgrantsrecognisedinnon-operatingincome,otherincomeanddeductedagainstrelatedcostandexpenses) | 425,229 | |
| Gainsorlossesarisingfromchangesinfairvalueoffinancialassetsandliabilitiesheldfortradingandinvestmentincomearisingfromdisposalsoffinancialassetsandliabilitiesheldfortrading | 6,787 | |
| Reversalofimpairmentprovisionforreceivablesindividuallyassessedforimpairment | 31,217 | |
| Netamountofothernon-operatingincomeandexpenses | (63,322) | |
| Sub-total | 690,843 | |
| Less:Incometaxeffect | (93,843) | |
| Less:Non-recurringprofitorlossattributabletominorityshareholders | (126,027) | |
| Non-recurringprofitorlossattributabletoshareholdersoftheparentcompany | 470,973 |
Including:Non-recurringprofitorlossfromcontinuingoperations
| Including:Non-recurringprofitorlossfromcontinuingoperations | 470,973 |
(1)Basisforpreparationofstatementofnon-recurringprofitorlossforthesixmonthsended30June
2023TheGrouppreparedthestatementofnon-recurringprofitorlossforthesixmonthsended30June2023inaccordancewiththeExplanatoryAnnouncementNo.1(2008).
S.F.HOLDINGCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
3Returnonnetassetsandearningspershare
| Weightedaverage | Earningspershare | ||||||
| Returnonnetassets(%) | Basicearningspershare | Dilutedearningspershare | |||||
| Forthesixmonthsended30June | Forthesixmonthsended30June | Forthesixmonthsended30June | |||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
NetprofitattributabletoordinaryshareholdersoftheCompany
| NetprofitattributabletoordinaryshareholdersoftheCompany | 5.23% | 4.72% | 1.00 | 0.86 | 1.00 | 0.86 | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany,netofnon-recurringprofitorloss | 4.51% | 4.19% | 0.86 | 0.76 | 0.86 | 0.76 |
Including:
| Including: | - | - | - | - | - | - | ||
| -Continuingoperations | - | - | - | - | - | - | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany | 5.23% | 4.72% | 1.00 | 0.86 | 1.00 | 0.86 | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany,netofnon-recurringprofitorloss | 4.51% | 4.19% | 0.86 | 0.76 | 0.86 | 0.76 |
S.F.HOLDINGCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2024
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]