S.F.HoldingCo.,Ltd.
2022Semi-AnnualReport
August2022
Chapter1ImportantInformation,TableofContentsandDefinitions
TheCompany’sBoardofDirectors,SupervisoryCommittee,directors,supervisors,andseniormanagementherebyguaranteethatthecontentsoftheSemi-AnnualReportaretrue,accurate,andcomplete,andthattherearenomisrepresentations,misleadingstatements,ormaterialomissions,andshallassumeindividualandjointlegalliabilities.WangWei,theCompany’slegalrepresentative,HoChit,thechieffinancialofficer(thepersoninchargeoffinance),andHuXiaofei,theaccountingofficer,herebydeclareandwarrantthatthefinancialreportwithintheSemi-AnnualReportistrue,accurateandcomplete.AlldirectorshaveattendedtheBoardmeetingapprovingtheSemi-AnnualReport.InthisSemi-AnnualReport,theCompanydetailsthepossibleriskfactorsthatmayoccurinthefutureandcountermeasures.Formoreinformation,pleasereferto“SectionX.PossibleRisksandCountermeasures”under“Chapter3ManagementDiscussionandAnalysis”.Investorsshouldrefertosuchinformation.TheCompanyisrequiredtocomplywiththedisclosurerequirementson“expressdeliveryserviceindustry”presentedintheSelf-RegulatoryGuidelinesNo.3forCompaniesListedontheShenzhenStockExchange-IndustrialInformationDisclosure.
TheCompanydoesnotplantoissuecashorequitydividends,nortoconvertequityreserveintosharecapitaloftheCompany.
TableofContents
Chapter1ImportantInformation,TableofContentsandDefinitions ...... 4
Chapter2CompanyProfileandKeyFinancialIndicators ...... 8
Chapter3ManagementDiscussionandAnalysis ...... 16
Chapter4CorporateGovernance ...... 66
Chapter5EnvironmentalandSocialResponsibilities ...... 69
Chapter6SignificantEvents ...... 72
Chapter7ShareChanges&ShareholderDetails ...... 87
Chapter8PreferredShares ...... 93
Chapter9Bonds ...... 94
Chapter10FinancialStatements ...... 95
ListofDocumentsAvailableforInspection
(1)Financialstatementssignedandsealedbythelegalrepresentative,thechieffinancialofficer(thepersoninchargeoffinance)andtheaccountingofficeroftheCompany.
(2)TheoriginalcopiesofalldocumentsandannouncementsoftheCompanywhichhavebeenpubliclydisclosedinnewspapersdesignatedbytheChinaSecuritiesRegulatoryCommissionduringthereportingperiod.
(3)Theoriginalcopiesofthe2022Semi-AnnualReportsignedbythechairmanoftheBoardofDirectors.
(4)Theplacewheretheabovedocumentsaremaintained:theofficeoftheCompany’sBoardofDirectors.
Definitions
| Term | Description |
| Reportingperiod | January1,2022toJune30,2022 |
| Thesameperiodofpreviousyear | January1,2021toJune30,2021 |
| TheCompany,ThelistedCompany,SFHolding,SF | S.F.HoldingCo.,Ltd. |
| RMB | Renminbiyuan |
| TaisenHolding | ShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,awholly-ownedsubsidiaryofS.F.HoldingCo.,Ltd. |
| MingdeHolding | ShenzhenMingdeHoldingDevelopmentCo.,Ltd.,thecontrollingshareholderofS.F.HoldingCo.,Ltd. |
| KerryLogistics | KerryLogisticsNetworkLimited,acompanylistedontheMainBoardoftheStockExchangeofHongKongLimited(00636.HK)andacontrolledsubsidiaryofS.F.HoldingsCo.,Ltd. |
| SFIntra-city,Intra-cityIndustrial | HangzhouSFIntra-cityIndustrialCo.,Ltd.,acompanylistedontheMainBoardoftheStockExchangeofHongKongLimited(09699.HK)andacontrolledsubsidiaryofS.F.HoldingsCo.,Ltd. |
| SFREIT | SFRealEstateInvestmentTrust,acompanylistedontheMainBoardoftheStockExchangeofHongKongLimited(02191.HK)andanassociateofS.F.HoldingCo.,Ltd. |
| CSRC | ChinaSecuritiesRegulatoryCommission |
| SZSE | ShenzhenStockExchange |
| HKStockExchange | TheStockExchangeofHongKongLimited |
Chapter2CompanyProfileandKeyFinancialIndicatorsI.CompanyInformationCompanyProfile
| StockAbbreviation | SFHolding | StockCode | 002352 |
| ListedStockExchange | 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,P.R.China | BlockB,TKChuangzhiTiandiBuilding,KejiSouth1stRoad,NanshanDistrict,Shenzhen,GuangdongProvince,P.R.China |
| TelNo. | 0755-36395338 | 0755-36395338 |
| Fax | 0755-36646688 | 0755-36646688 |
| sfir@sf-express.com | sfir@sf-express.com |
OtherInformation
1.CorporatecontactinformationWerethereanychangestotheCompany’sregisteredaddress,officeaddressorpostalcode,Companywebsite,ortotheemailaddressduringthereportingperiod?
□Yes√NoTherewerenochangestotheCompany’sregisteredaddress,officeaddressorpostalcode,Companywebsiteandtheemailaddressduringthereportingperiod.RefertotheCompany’s2021AnnualReportfordetails.
2.InformationdisclosureandplaceofinspectionWerethereanychangestoinformationdisclosureandplaceofinspectionduringthereportingperiod?
□Yes√NoTherewerenochangestothenameofthenewspaperdesignatedforinformationdisclosure,totheaddressofwebsitedesignatedbytheCSRCforsemi-annualreportpublication,nortothestoragelocationofCompany’sSemi-AnnualReportduringthereportingperiod.PleaserefertotheCompany’s2021AnnualReportfordetails.
3.OtherrelevantinformationWerethereanychangestootherrelevantinformationduringthereportingperiod?
□Yes√No
II.KeyOperatingandFinancialData
ResultsOverviewfor2022H1
| Totalparcelvolume15.13billionFlat | RevenueRMB130.1billion↑47.2% |
Grossprofit
RMB16.3billion↑82.5%
| GrossprofitRMB16.3billion↑82.5% | Netprofitattributabletotheparentcompany2RMB2.51billion↑231% |
Netprofitattributabletotheparentcompanyafterdeductingnon-recurringprofitorloss
RMB2.15billion↑550%
Netprofitattributabletotheparentcompanyafterdeductingnon-recurringprofitorloss
RMB2.15billion↑550%
Basicearningspershare
RMB
0.51/share↑200%
Basicearningspershare
RMB
0.51/share↑200%
Totalassets
RMB212.5billion↑1.22%
Totalassets
RMB212.5billion↑1.22%
Netassetsattributabletotheparentcompany
RMB
81.7billion↓1.48%
Netassetsattributabletotheparentcompany
RMB
81.7billion↓1.48%
Notes：
1.ThetotalparcelvolumedoesnotincludetheexpressdeliveryvolumeofKerryLogistics,norincludesbusinessvolumeofinternationalfreightandfreightforwardingandsupplychain
2.Netprofitattributabletotheparentcompanyreferstothenetprofitattributabletotheshareholdersofthelistedcompany
3.Netprofitattributabletotheparentcompanyafterdeductingnon-recurringprofitorlossreferstothenetprofitattributabletotheshareholdersofthelistedcompanyafterdeductingnon-recurringprofitorloss
4.Thenetassetsattributabletotheparentcompanyreferstothenetassetsattributabletotheshareholdersofthelistedcompany
Financialsummary
1.Majoraccountingdataandfinancialindicators
DoestheCompanyneedtoadjustitsfinancialinformationretrospectivelyorrestateitspreviousyearaccountinginformation?
□Yes√No
Unit:RMB’000
| Currentreportingperiod | Thesameperiodofpreviousyear | Increase/Decreaseoverthesameperiodofpreviousyear | |
| Revenue | 130,064,133 | 88,343,930 | 47.22% |
| Costofrevenue | 113,778,310 | 79,421,354 | 43.26% |
| Grossprofit | 16,285,823 | 8,922,576 | 82.52% |
| Netprofitattributabletoshareholdersoftheparentcompany | 2,512,397 | 759,921 | 230.61% |
| Netprofitattributabletoshareholdersoftheparentcompanyafterdeductingnon-recurringprofitorloss | 2,147,856 | -477,089 | 550.20% |
| Netcashflowgeneratedfromoperatingactivities | 16,712,814 | 4,331,631 | 285.83% |
Endofthecurrentreporting
period
| Endofthecurrentreportingperiod | Endofpreviousyear | Increase/Decreaseoverpreviousyearend | |
| Totalassets | 212,467,377 | 209,899,982 | 1.22% |
| Totalliabilities | 118,069,551 | 111,984,735 | 5.43% |
| Netassets | 94,397,826 | 97,915,247 | -3.59% |
| Netassetsattributabletoshareholdersoftheparentcompany | 81,718,397 | 82,943,226 | -1.48% |
| Gearingratio(%) | 55.57% | 53.35% | Upby2.22percentagepoints |
Currentreportingperiod
| Currentreportingperiod | Thesameperiodofpreviousyear | Increase/Decreaseoverthesameperiodofpreviousyear | |
| Basicearningspershare(RMB/share) | 0.51 | 0.17 | 200.00% |
| Dilutedearningspershare(RMB/share) | 0.51 | 0.17 | 200.00% |
| Weightedaveragereturnonnetassets(%) | 3.00% | 1.34% | Upby1.66percentagepoints |
2.MajorfinancialdataofoperatingsegmentsSegmentexternalincome
Unit:RMB’000
| Currentreportingperiod | Thesameperiodofpreviousyear | Increase/Decreaseoverthesameperiodofpreviousyear | |
| Expresssegment | 63,969,177 | 63,144,369 | 1.31% |
| Freightsegment | 15,057,837 | 13,398,874 | 12.38% |
| Intra-citysegment | 2,938,274 | 2,293,462 | 28.12% |
| Supplychainandinternationalsegment | 47,545,204 | 8,790,434 | 440.87% |
| Undistributedunits | 553,641 | 716,791 | -22.76% |
| Total | 130,064,133 | 88,343,930 | 47.22% |
Segmentnetprofit
Unit:RMB’000
| Currentreportingperiod | Thesameperiodofpreviousyear | Increase/Decreaseoverthesameperiodofpreviousyear | |
| Expresssegment | 2,110,588 | 801,604 | 163.30% |
| Freightsegment | 8,744 | -580,252 | 101.51% |
| Intra-citysegment | -143,940 | -406,588 | 64.60% |
| Supplychainandinternationalsegment | 1,689,467 | -65,957 | 2661.47% |
| Undistributedunits | -368,555 | 661,893 | -155.68% |
| Inter-segmentelimination | 471 | 5,090 | -90.75% |
| Total | 3,296,775 | 415,790 | 692.89% |
Notes:
(1)TheCompanycontinuestopromotemulti-networkintegration.Thelargeparcel(generallygoodsheavierthan20KG,withrestrictedflowdirectionanddistance)businessoftime-definiteexpressandeconomyexpressoperatedbythedirectnetworkofexpresssegmentwasincludedintheresponsibilityofthefreightorganizationstepbystep.Accordingly,thefreightsegmentdataincludeddatafromtheabovelargeparcelbusiness.
(2)ThecorrespondingrelationshipbetweentheoperatingsegmentsandtheCompany’smainbusinesssegmentswas:theexpresssegmentincludedtime-definiteexpressandeconomyexpressbusinessesotherthanlargeparcelbusiness(includedintheresponsibilityofthefreightorganization)mentionedinitem(1),aswellascoldshippingandpharmaceuticalbusinesses;thefreightsegmentincludedtheabove-mentionedlargeparcelbusiness,andfreightbusiness;theintra-citysegmentwasmainlyintra-cityon-demanddeliverybusiness;thesupplychainandinternationalsegmentincludedinternationalexpressbusiness,internationalfreightbusinessandfreightforwardingbusiness,andsupplychainbusiness;theundistributedunitsmainlyincludedsegmentsofnon-principallogisticsandfreightforwardingbusinesses,includinginvestment,industrialparksandotherfunctionalsegmentsoftheheadquarters.
3.Non-recurringprofitorlossitemsandamounts
Unit:RMB’000
| Amount | Description | |
| Investmentincomefromdisposalofsubsidiaries | 32,314 | |
| Gainsorlossesondisposalsofnon-currentassets(includingthewrite-offpartoftheprovisionforimpairmentofassets) | 20,464 | |
| Governmentgrantsrecognizedinthecurrentprofitorloss(excludingcontinuousgovernmentgrantsthatarecloselyrelatedtotheCompany’snormalbusinessoperations,withfixedquotasoramountsinaccordancewithnationalpolicies) | 392,099 | Itmainlyrepresentsfiscalappropriation,transportationcapacitysubsidies,taxrefundsandemploymentstabilizationsubsidies,etc. |
| Gainsorlossesfromchangesinfairvalueofheld-for-tradingfinancialassetsandheld-for-tradingfinancialliabilities,andinvestmentgainsorlossesarisingfromthedisposalofheld-for-tradingfinancialassetsandheld-for-tradingfinancialliabilities,excludinghedgingactivitiesrelatedtotheCompany’snormalbusinessoperations | 15,933 | |
| Reversalofprovisionforimpairmentofreceivablesthathavebeenseparatelyassessedforimpairment | 64,090 | |
| Othernon-operatingincomeandexpensesotherthantheabove | -16,465 | |
| Less:Incometaxeffect | 102,319 | |
| Profitorlossattributabletominorityshareholders(aftertax) | 41,575 | |
| Total | 364,541 |
Note:TheCompanydoesnothaveotherprofitorlossitemsthatmeetthedefinitionofnon-recurringprofitorloss;theCompanydoesnotdefinethenon-recurringprofitorlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureofCompaniesOfferingSecuritiestothePublic-Non-recurringProfitorLossasrecurringprofitorlossitems.
4.Differencesinaccountingdataunderdomesticandforeignaccountingstandards
1.Duringthereportingperiod,therewasnodifferenceinthenetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewiththeInternationalAccountingStandardsandtheChineseAccountingStandards.
2.Duringthereportingperiod,therewasnodifferenceinthenetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithoverseasaccountingstandardsandinaccordancewiththeChineseAccountingStandards.
Chapter3ManagementDiscussionandAnalysis
I.BusinessDevelopmentoftheCompany(Ⅰ)Industryreview
1.China’seconomyreboundinthefirsthalfof2022afteraslowdowncausedbytheCovid-19pandemic.AsCovid-19variantsarebecomingmoretransmissible,thedifficultyofpreventionandcontrolalsoincreases.InChina,sporadicoutbreaksofthepandemicexertedanegativeimpactoneconomicactivities.AccordingtoNationalBureauofStatisticsofChina,inthefirsthalfof2022,China’sGDPhitRMB56.3trillion,up2.5%year-on-yearascalculatedusingconstantprices;andGDPforthesecondquarterwasRMB29.2trillion,up0.4%year-on-year.Inaddition,thetotalretailsalesofconsumergoodswereRMB21.0trillion,down0.7%year-on-year;asthepandemicalsoreinforcedpeople’shabitstoconsumeonline,theonlineretailsalesofphysicalcommoditiescameinatRMB5.4trillion,up5.6%year-on-year,accountingfor25.9%ofthetotalretailsalesofconsumergoodswithanincreaseinmarketpenetration.
DuringMayandJune,withtheimprovementofthepandemicsituation,thegovernmentintroducedaseriesofpoliciestohelpenterprisesrideoutthetoughtimeandspeeduptheresumptionofworkandproduction.China’seconomicactivitiessawanuptick.InJune,majoreconomicindicatorsdemonstratedpositivetrends.Theaddedvalueofindustriesabovedesignatedsizeincreasedby3.9%year-on-year;thegrowthrateoftotalretailsalesofconsumergoodsturnedpositive,increasingby3.1%year-on-year.Withthecontinuousrolloutofpoliciesconducivetoeconomicstability,Chinaissupposedtocontinueitseconomyreboundinthesecondhalfoftheyear.
2.Policieswerelaunchedtoensurethesmoothflowandoveralldevelopmentoflogistics,obtainingsignificanteffect.
Whenthepandemichitinthefirsthalfof2022,thelogisticsindustryfacedgreaterpressureduetolocallockdownsandcontrolmeasures,whichadverselyaffected
boostingthelogisticsindustrytowardshigh-qualitydevelopment.
TheDevelopmentPlanningonthePostIndustryforthe“14thFive-YearPlan”Period（《”十四五”邮政业发展规划》）introducedinlate2021,proposedthatduringthe14thFive-YearPlanperiodweshouldfocusonpromotingthehigh-qualitydevelopmentofthepostindustry,whilesettingfivemajorobjectivesintermsofscalestrength,basicnetwork,innovationcapability,serviceandgovernanceeffectiveness,aswellas12relatedindicators.Theplanningprovidesaclearandconcretedirectionfortheexpressdeliveryindustrytoimproveitsserviceanddevelopmentquality.Additionally,thegovernmenttightenedregulationtowardsmarketcompetitiontoprotectdeliverymen’srightsandinterests.Underthedualactionofpolicyguidanceandcontinuousgovernance,price-orientedcompetitionintheexpressdeliveryindustryiseasing.Whileexpressdeliverycompaniesgraduallygettingridofthe“pricewar”haze,theunitpricepershipmentelevatescontinuously.
Meanwhile,withtheslowinge-commerceconsumptiongrowth,e-commercemodelinnovations,decentralizedtrafficandacompetitivee-commerceplatformlandscape,therivalryoverconsumerserviceexperiencehasbecomeparticularlysignificant.Therefore,themerchantsande-commerceplatformshaveplacedgreateremphasisonthetimelinessandqualityoflogisticsperformance.Improvingservicesandthequalityofdevelopmenthasbecomethemainstreamtrendintheindustry.Expressdeliverycompaniesactivelypromoteservicestratificationandproductclassification,optimizeservicemodelsandrefineoperationalprocesses.Theyalsomakeeffortstoimproveterminaldeliveryservicequalityandenhancecustomerexperienceamidashiftintheexpressdeliveryindustrytowardsorderlycompetition.
Furthermore,internationalgeopoliticalconflictsmadecrudeoilpricescontinuerisinginthefirsthalfoftheyear,drivingdomesticrefinedoilpricestoafive-yearhigh.Asoneofakeycostelementforthelogisticsindustry,thecostoffuelhasbeenontherise,bringinggreatpressureontheoperationalefficiencyofexpresslogisticscompanieswhilereducingthepossibilityofpricewar.Risingfuelcostalsotestedthecompanies’capabilitiesofintensivemanagement.Leadingexpressdeliveryandlogisticscompanieshave
expandingonamoreextensivescale,bringingenormousdevelopmentopportunitiesfortheinternationalsupplychainbusinessofChina’sexpressdeliveryandlogisticsenterprises.Moreover,astheemergingmarketsinSoutheastAsiahavealargepopulation,includinggreatnumbersofyoungandlow-costworkforce,theseregionshavehigherconsumingpowerandthereforehaveattractedsubstantialinflowsofforeigncapital.Drivenbyinvestment,thevalueofmerchandiseexportstomajorASEANcountriesalsogrewtovaryingdegrees.SoutheastAsianiscommittedtolow-endindustriesandtheterminalassemblyandproductionlinksoftheindustrialchain,whileChinahasthemostcomprehensiveindustrialchainsandthemostadvancedsupplychaininfrastructure.Theabovestrongandeffectivecomplementarities,andin-depthcooperationbetweentheminthefuturewilleffectivelycontributetoanewintegratedsupplychainpatternof“China+SoutheastAsia”.
(II)TheCompany’sPrimaryBusinessSegments
SFHoldingisthelargestintegratedexpresslogisticsserviceproviderinChinaandthefourthlargestintheworld.Focusingontheecosystemofthelogisticsindustry,theCompanycontinuouslybuiltonitsservicecapabilities,anddiversifieditsbusinesslinestoincludesub-sectorssuchastime-definiteexpress,economyexpress,expeditedelivery,cold-chainandpharmaceuticaltransportation,intra-citydelivery,internationalexpress,internationalfreightandfreightforwardingandsupplychainlogistics,enablingittoprovidecustomerswithdomesticandinternationalend-to-endone-stopsupplychainservices.Furthermore,drawingonitsexceptionaltechnologicalresearchanddevelopmentcapabilities,SFiscommittedtobuildingadigitalsupplychainecosystemandestablishingitselfasthegloballeaderinsmartsupplychainlogistics.
(III)AnOverviewofBusinessDevelopment
1.WorkingtogethertodefeattheCovid-19pandemic
SinceMarch2022,theCovid-19pandemichasposedgreatchallengestonormalorderinworkandlifeandexpressdeliveryandlogisticsoperations.Despitetheseverepandemic,leveragingself-ownedstrongtransportationinfrastructureandefficientarrangementanddeployment,SFsparesnoeffortstomaintainasmoothandcompletelogisticsservicechainforbothtransportinganddeliveringdailynecessitiesandanti-epidemicsuppliesandforthenormaloperationsofsocietyandeconomy,attestingtoitsexceptionalbusinessresilienceandtechnologicalinnovationcapabilities.Weprovidereliableandsecureservicesespeciallyforhigh-priorityoperationssuchaslastlag(e.g.“lastmile”and“last100meter”)delivery,makingcustomerssatisfiedandbuildingtrustworthinessinourcommunities.
Leveragingairtransportcapacitytosupportpandemic-struckareas:AstheCovid-19outbreakhitJilininMarch,theCompanyurgentlystarted“Chongqing-Changchun”flighttopromptlydelivernearly300,000disposablevirussamplingtubestoChangchun.AftertheCovid-19outbreakinHongKong,theCompanymobilized747and767seriesairplanestotraveltheshortestroutefromShenzhentoHongKong,transportinganddeliveringover5,500tonnesofanti-epidemicandlivingsuppliesforHongKong.Inaddition,asShanghaiwasunderalockdowninApril,theCompanylaunchedanemergencyairroutetoprovidefreshfoodforShanghai,transportinganddelivering400tonnesofbeefandmuttonfromInnerMongoliatoShanghai.Inaddition,theCompanyalsostartedanairlineroutefromChongqingtoShanghaitotransportanti-epidemicsupplies,includingnearly5millionCovid-19testingreagents.BythetimeofShanghai’slockdownwaslifted,41flightsofSFhadtraveledtoShanghai,transportingover900tonnesofmaterials.
networksforwarehousetransferanddistribution.Byvirtueofstrongnationalwarehousenetworks,SFcouldhelpe-commercecustomerstocompleteashiftindeliverymodelintime,andminimizedtheriskofbusinesssuspensionforcustomersthroughimmediatewarehousetransferandflexiblewarehousedistribution.BytheendofJune,wehadguaranteedsmoothdeliveryformorethan180e-commercecustomersaffectedbythepandemic.Moreover,asthefirstenterprisetoresumebusinessoperationsinShanghaiWaigaoqiaoFreeTradeZone,SFDSCmobilizedmorethan800front-lineemployeesworkingonsite.Duringtheperiodover70daysunderclosed-loopmanagement,SFDSCsupportedmorethan50majorcustomersspecializinginpharmaceutics,dailynecessities,automobile,high-techandotherbusinessestooperatecontinuouslyandsmoothly,andthusreceivedappreciationandpraisefromglobalcustomersformorethan40times.Besides,inordertoensurecustomers’foodcoldchainsupply,NewHavistartedthenationalemergencycoordinationmechanismandmobilizedresourcesfromJiangsu,FujianandotherprovincesandcitiestocompletethedistributioninareaspreviouslyservedbyShanghaiLogisticsCentrewithhighquality.NewHaviwasalsopraisedbycustomersforitsflexibleandquickemergencysupportcapability.
Perseveringwithlastmiledeliverytomeetpeople’slivelihoodneeds:WheneverlockdownscausedbyunexpectedCovid-19outbreaks,somedeliverystaffsofSFwouldalwaysvolunteertosetupteamsoractivelyrespondtothecallforvolunteers.Theyworkedinharm’swaytosupportnucleicacidtests,loading,unloadingandsortingofdailynecessities,anddeliverpackagesforthelastmile.Sometimestheyhadtosleeponthegroundandliveincars,buttheystillstruggleddayandnightwithafearlessheart.Theymadecontinuedeffortstoprovideservicesforcitizensinneed,andevenpurchasedanddeliveredlivingmaterialsforthecommunityattheirownexpense.Thesecourageousandunsungheroesarerealandvividexamplesthatreflectwhatculture,valuesandbeliefallthestaffofSFadhereto.
Infightingagainstthepandemic,nearly10,000volunteersfromSFsuccessivelyjoinedthesupplyanddeliveryteamsinvariousareasaffectedbyCovidlockdowns.Tosupportfront-linestaff,theCompanyprovidedlogisticssupport,including
②Unmannedvehicles:Anunmannedvehicledistributionsolutioncoveringthreeapplicationscenarios–buildings,industrialparksandtransitdepots–wasdevelopedtoprovideautomaticdeliveryservicesforterminallogistics.Featuringindustrial-grademappingandpositioningtechnology,theUAVsarecapableofautonomouslyavoidingobstacleswithhighprecision.Thevehiclesareinterconnectedandcoordinatewitheachother,enablingautomaticschedulingandrecharging24hoursaday,andtheycanalsorideliftstoperformin-buildingdelivery.Duringthecriticalperiodofthepandemic,weprovidedsafeandconvenientlogisticsservicesforteachers,studentsandlocalresidentsthrough“contactless”delivery.
③“Fangyikong”:“Fangyikong”operationsbasedonblockchaintechnologywerelaunchedtohelpsharedisinfectiondataofmillionsofwaybillsperdayacrossthelogisticchain.Incooperationwithofficialauthorities,thedisinfectiondataofeachpackageintheentireprocessfromcollectiontodeliveryisnotarizedanduploadedtothechainandrecorded.Furthermore,electronicdataiscuredinrealtimetoensurethecredibilityoftherecords,allowingconsumerstoviewthedisinfectionandinformationuploadedonthechain.Thismeasureironsoutusers’concernsoverCovid-19infectioninreceivingandsendingpackages.
Implementingend-to-endpackagedisinfectiononacomprehensivescale:
2.Customeroperation
TheCompanycontinuestoimproveitscustomermanagementsystembasedoncustomerstratificationtoenhanceitsdifferentiatedservicecompetitivenessandoperationefficiency.I)Creditaccountclients(corporateclients)Asofthefirsthalfof2022,thenumberofactivecreditaccountclients
amountedtoapproximately1.75million,anincreaseofover100,000fromthebeginningoftheyear.
(1)SKA(strategickeyaccounts):Wefocusonteambasebuilding,differentiatedassurancemechanismaswellascapabilityimprovementandreusetoachieveoperatingresultswhileimprovingservicequalityatthesametime,drivingashiftinourstrategiccustomerteamsfrommanagementtowardoperation.
①Strengtheningteambase:WecontinuetoimprovetheSKAexclusiveserviceteambybringinginhumanresourcesfromexternalsourcesandthroughinternalselection,andcreateanirontriangleoperationmodecombiningbusiness,operationandmaintenance,andsolution.Moreover,wecontinuouslyimprovethesupportingandmonitoringmechanismstopromotethebusinessofSKAcustomerbase.②Developingdifferentiatedassurancemechanism:WeintegratetheadvantageousresourcesacrossvariousorganizationswithintheGroup,andestablishdifferentiatedassurancemechanismsforSKAcoveringvariousaspectssuchasoperationcapacity,serviceguaranteeduringpeakperiods,technologyempowermentandgreenchannel,soastopromotetheoverallcapabilityoftheGrouptoserveSKAcustomers.③Improvingandreusingcapabilities:Byrefiningandextractingtheoperationandmaintenance,solution,technologyandbusinesscapabilitiesinservingSKAcustomers,weacquiredmultipleexceptionalcapabilitiesandreusedthemonmorecustomers,leadingtheoverallimprovementoftheGroup’scapability.④Exploringin-depthcorebusinessscenarios:BysortingoutthebusinessscenariosofSKAcustomerbase,weexpandanddeepentheexistingcorebusinessscenariosandreproducethemamongcustomersofthe
ThestatisticsinthissectiondonotincludethecustomerdataofSFDSC,NewHaviandKerryLogistics,whichareacquiredbytheCompany.
ThenumberofactivecreditaccountcustomersisderivedfromthenumberofcustomerswithwhomtheCompanyhassignedcreditaccountagreementsandwhohadbusinesscooperationwithusasofJune2022.
millionfromthebeginningoftheyear.Weincreasedtouchpointswithretailcustomersthroughmultiplechannels,onlineandoffline,toensurethegrowthofourretailbusiness:
(1)Online:SFoperatesmultiplecontactchannelsincludingWechat/Alipay/Baiduapp,etc.andeachmobilebrandapp.Ontheonehand,theCompanycontinuouslyimproveitscoverageofexternalcooperationchannels,expandingmorecooperationscenariosandfunctionssuchasstudentzoneandnewversionofgiftdelivery,amongwhichnewusersonWechat/Alipay/Baiduhavereached33millioninthefirsthalfof2022,withover14milliondailyactiveusers.Ontheotherhand,theCompanyfocusesonbuildingthechannelofSFExpressapp,launchingmulti-languageandsenior-friendlyversionsandintegratingmoreservicecapabilities.AsoftheendofJune2022,thedailyactiveappusersofamountedto
2.356million,up11.1%fromthebeginningoftheyear,andtheaccumulatedregisteredappusersamountedtoover65million,addingmorethan13millionfromthebeginningoftheyear,withdailyactiveusersreached2.35million.SFExpressAppisgraduallybecomingoneofthemostpreferredcorechannelsfor
3.Businessdevelopment
I)Time-definiteexpressAsofthefirsthalfof2022,theCompany’stime-definiteexpressbusinessachievedtax-exclusiveoperatingrevenueofRMB49.26billion,up5.1%year-on-year.Time-definitebusinesswasunderpressurefromMarchtoMayduetothesubstantialimpactofthepandemicinfirst-tiercitiessuchasBeijing,ShanghaiandShenzhen.However,associetyresumedworkandproduction,thegrowthrateoftime-definiteexpressrevenueincreasedinJuneandgraduallyrecoveredsincethen.
Inthefirsthalfoftheyear,theCompanycontinuedtoconsolidateandimprovethecompetitivenessoftime-definiteservice,optimizingtheorderfulfilmentrateoftime-definiteserviceandreducingcoststhroughair-groundnetworkintegration,optimizationoftransitmodeandcollectionanddistributionmode,andimprovementofoperationcapabilitiesinbothcollectionanddistributionoperations.Despitethelockdownduringthepandemic,theorderfulfilmentrateoftime-definiteservicestillincreasedby1.1percentagepointsyear-on-year
TheCompanycontinuestoexpandtheultimatetime-definiteserviceandfullypromotes“exclusiveexpeditedelivery”toachievecross-provincialdeliverywithin7hoursnationwidesoastomeetcustomers’needsforbulkairtransportationunderthehigh-endindustrialchainandJITproductionandcirculationmode.Suchservicehasbeenrolledoutin73cities.Inaddition,basedonthecompetitiveadvantageofbulkcollectionscenario,thetime-definiteexpressbusinesswasexpandedtocoverreverselogisticsande-commercereturns.TheCompanyactivelyexpandedcooperationwithmajormainstreamandemerginge-commerceplatforms,leadingtorapidgrowthofthereturnsdeliverybusinessandenhancedstickinessofbulkorders.
EzhouHuahuAirportwasputintooperationon17July.Forfreighttransport,tworoutes,namelyEzhou-ShenzhenandEzhou–Shanghai,havebeenlaunchedinthefirstphase.Forinternationalroutes,Ezhou-OsakaandEzhou-Frankfurt,willbelaunchedlaterthisyear.ThefutureoperationoftheairportdistributionhubwillenhancetheCompany’sdomestictime-definiteservicecoverageandinternationalairfreightnetwork,bringingmorebusinessgrowth.
FengwangproducesstrategicsynergiesandbusinessintegrationwithSF’sdirectlyoperatednetwork.Inrespectofsales,thetwosidesprovideeachotherwithbusinessopportunitiesandtrafficgeneration,andFengwangtakesadvantageofthehighdensityoffranchiseterminaloutletsinruralareastohelpquicklygeneraterevenueforthefreshagriculturalproductexpressbusiness.Inrespectofbranchroute,theCompanypromotesbranchrouteintegrationin76cities,reusingtheresourcesofdirectlyoperatedbranchroutestoincreasethefrequencyofFengwang’sbulkdelivery,andfranchiseespickupgoodsatthenearestdirectlyoperatedoutlets.Indoingso,thedistanceofthebranchroutetoFengwanghasbeenshortened,andtheloadingrateofoperatedbranchrouteshasincreased.Inrespectofdistribution,duringcollection,weusecertaindistributionsitesofFengwangonatrialbasistohelpcollectanddeliverpackagesinSF’sdirectlyoperatednetwork,theintegrationandcollectivelyplanningroutesoftrunklines,andthereuseoftheresourcesofexpresssitesinbulkdelivery.Inrespectofdelivery,Fengwangstrengthenstheterminaloutletself-deliveryrate–theself-deliveryratewascontinuouslyincreased,reducingthedependenceondirect-operatednetworkdeliveryandtheCompany’sdeliverycosts.TheoveralloperatingefficiencyofFengwanghasimprovedconsistently.
(3)Integratedwarehousinganddistribution
SFprovidesmulti-levelnationalwarehousingandwarehousing-distributionservices,includingcustomizedwarehouses,standardwarehousesandeconomicwarehouses,cateringtotheneedsofclientsatdifferentlevelsinthee-commercemarket.Throughtheself-operatednetworkandfranchising,theCompanyoperatesmorethan390e-commerceclasswarehousesinnearly100citiesacrossChina,withatotalfloorareaofmorethan5.6millionsqm.Meanwhile,withtheassistanceofdigitaltechnology,wehelpedclientsconductautomatedwarehouseallocationsnationwidetoimprovetheirwarehousingandensurehighlyefficientfulfilmentoforders.Duringthe“18June”e-commerceshoppingseasonthisyear,thenumberofwarehouseordersreceivedexceeded28million.Despitethepeakorders10timeshigherthanregularnumber,morethan90%oforderswereaccuratelydeliveredwithin24hours.
Inthefirsthalfof2022,wefocusedonenhancingwarehousenetworkservicecapabilitiesandimproving
serviceofferingmorereliabledeliverytimeandfasterspeed;thespecialrouteregularshipmentproductshavebeenmergedwithSFExpresstruck-roadtransportationproducts(classifiedaseconomyexpressservices),focusingonbulkshipmentorderssuchase-commercehomeappliancesandfurnitureandspecializedlarge-sizeproducts.Bysplittingthecollectionanddistributionschedulesofdistributionsitesanddistributionstations,wecollectgoodsinadvanceandincreasethefrequencyoftrunkroutes-basedservice,shorteningthedeliverytimeby20%forshort-distancetransportation;Arrangingvehiclesdepicturedinadvanceandservingcorecustomersviadirectroutes,weincreaseefficiencyateverystep,shorteningthedeliverytimeby4%forthetransportationoflarge-sizeparcelsthroughtrunkroutes.Theoveralldeliverytimeoflarge-sizeproductshasbeenshortenedtolessthan40hours,givingtheCompanyaleadintheindustry.
(2)Buildingourstrengthinserving“broader”scenariosWeextendthescopeoflarge-sizeparcelsservicestocoverpersonalandcommercialscenariosaswellasmanufacturing,agricultural,rawmaterialfieldsandotherscenarios,whileexpandingotherbusinessscenarios,includingfull-truck-loadtransportation,urbandistribution,andwarehousinganddistributionoflarge-sizeparcelstoprovideone-stopserviceforcustomersbycombiningmultipleproductstomeetthepersonalizedanddifferentiatedlogisticsdeliveryneedsofB2Bclients.Revenuesgeneratedfromcoreindustrialzonesincreasedinthefirsthalfoftheyear,andcustomerswereempoweredtoimproveoperatingperformancebyoureffortsintheindustry.
(3)Improving“professional”servicesorientedtowardB2CandB2Bscenarios1B2Cscenarios:focusedonbuildingonhomedeliveryand“deliveryandinstallation”servicecapabilities.Thehomedeliveryserviceaddednewitemsofservicessuchaswoodenframedismantling,start-upinspection,unpackingandplacement,andinstallation.The“deliveryandinstallation”serviceaddeddouble-persondeliveryserviceinthecorearea.Inthefirsthalfoftheyear,the“deliveryandinstallation”ordersincreasedby159%year-on-year;②B2Bscenarios:
Improveourprofessionalservicessuchaswoodenpackaging,warehousing,nightcollectionandnightdelivery.Forcollection,wecan100%ensureparcelcollectionincoreindustrialzones
chainstandardsandacceleratethedevelopmentofcoldchains;Inrespectofmarketdevelopment,withtherapidgrowthofdiversifiedfreshfoode-commerce,thetrendofonlineandofflineomni-channelexpansionhasbeenstrengthened.Thismarkettrendwillmainlybenefitcoldchainserviceprovidersbasedonnetwork,withhigh-qualityandstrength.Withthenationalleadingnetwork-integratedcomprehensivecoldchainlogisticscapabilities,SFColdChainisexpectedtoseizemoremarketopportunitiesinthecompetition.
(1)ShipmentoffreshfoodInthefirsthalfof2022,theupstreamservicenetworkofagriculturalproductsassistedbytheCompanyhascoveredmorethan2,800county-levelcitiesandmorethan4,000freshproductsacrossthecountry.①Serviceoptimization:ouraviation,coldchainwarehouses,truck-roadtransportationanddeliverywereintegratedwithexternalpartners’resourcestoserveabroaderagriculturalproductmarketwithimprovedcost-effectiveness;②Brandbuilding:Incooperationwiththegovernmentofplace-of-origin,specialfundsweresubsidizedtothecustomizationofregionalbrandpackagingmaterialstohelpbuild13regionalbrandsofagriculturalproducts;
③Technologyempowerment:ConvenienttechnologytoolssuchasXiaoguoguomanagementsystem,Fengshouanddropshippingwereresearchedandinvestedtohelpfarmerssell,deliverandsettle.
(2)FoodcoldchainOptimizeproductsystem.TheoriginalcoldchainLTLproductswereupgradedto“coldchainlarge-sizeparcelstandardexpress”(20kg-500kg,multi-batch,small-batch,door-to-door)and“coldchainlarge-sizeparceltotheportofdestination”(over500kg,cross-city,warehouse-to-warehouse)respectively,theoperationmodeandserviceareaseparationwereoptimizedtomeetthedifferentiatedneedsofcustomers.Improvecoldchaincapabilities.①Consolidatethebackbonenetworks:The“3+1”(warehousenetwork/trunk/last-legdistribution+inter-provincialnetwork)backbonenetworksforcoldchainwereimproved.Throughthedynamicadjustmentofwarehouse-trunkdistributionnetwork,customerscanbeguaranteedtorealizemulti-channelstabledeliveryundertheuncertaintiesbroughtbytheepidemic.②Boostlocaleconomicgrowthinplacesoforiginoffreshfoodproducts:Throughthedirectdeliverymodeofcoldchain
platformmerchantsandself-operatedstoremerchants,weprovidedastandardizedandprecisetemperaturedeliverysolutionfordrugstotheircustomers.ThiswillhelptheoperationoftheB2BandB2Cscenariosofpharmaceuticale-commerceinmultipleregions;inaddition,wehavebrokenthroughInternethospitalDTPprojecttoachievemulti-locationandmulti-hospitalonlineoperation,providingasafeandefficientpharmaceutical-to-homeserviceexperienceforchronicallyillpatients.④Buildoncoldchaincapability:Weutilizedscienceandtechnologytofacilitatetheefficientcoordinationofvarioustransportationcapacityresources,expandedinternalandexternaltransportationcapacityreservestoimprovetheefficiencyandresilienceoftransportationcapacitysupplyunderthepandemic;meanwhile,wegatheredrailwaymultimodaltransportresourcestoacceleratethedevelopmentofdomesticpharmaceuticalcoldchaintransportationnetwork;incryogenicfield,webrokethroughthe-80℃temperature-controlledreagenttransportationintheClinicalInspectionCentreoftheMinistryofHealth,whichishelpfultostrengthenthecryogenicservicecapacity.
V)Intra-cityon-demanddeliveryInthefirsthalfof2022,theCompanyregisteredtax-exclusiverevenueofRMB2.87billionfromIntra-cityon-demanddeliverybusiness,representingayear-on-yearincreaseof28.2%.
Asathird-partyon-demanddeliveryserviceprovider,SFIntra-Cityadoptsabusinessmodelcoveringallscenariossuchaslocalcatering,localretail,locale-commerceandlocalservices,aswellasadifferentiatedperformancenetworkcapabilitycoveringthewholecountry.Drivenbytheabove,SFIntra-Citycatersforthevaryingon-demanddeliveryserviceneedsofmerchantsindifferentindustriesandretailconsumersunderthenewconsumptiontrend.Amongthem,personalservice,non-cateringscenariosandthecontinuousexpansionoflower-tiercitiesandcountiesarethemaindrivingforces.
(1)Explore“newconsumption”servicescenariostomaintainastablebusinessgrowth
SFIntra-Cityempowersmerchantsbyvirtueofitsopenandinclusiveon-demanddeliverynetworkandprofessionalandcomprehensivedistributionsolutions,whichcanmeettheneedsofbrandcustomers,smallandmedium-sizedmerchants
servecustomers,aswellasreducingcostandenhancingefficiencyatthesametime.
Inaddition,basedontheneutralandopenmarketpositioning,weimprovedthecapabilityformerchantstoconnectordersourcesfromdifferentchannels,platformsandprivatedomains,andcarryoutintelligentdistributionandintelligent,whichwouldbethefirstchoiceofserviceprovidersunderthetrendofmulti-polarizedtrafficfacedbymerchantsinthefuture.
(3)Consolidatethediversifiedtransportationcapacitynetwork,ensuringhigh-qualityandstabledelivery
WecontinuedtostrengthenthetransportationcapacityinfrastructureofSFIntra-City,forminganationwideintegratedschedulingnetwork.Tofurtherconsolidatedourdifferentiatednetworkcapabilitiesandproductdeliverycapabilities,SFIntra-Cityhaspowereditsdeliverycapacityof“two-wheeled+four-wheeled”vehiclestomeettheneedsofnon-standarddeliveryscenariosandallkindsoflong-tailservicesuchaslongdistance,heavyweight,multi-pointdeliveryanderrands.Duringthereportingperiod,withthepercentageofordersformediumandlongdistanceover3kmincreased,theaveragedeliverytimeandtheon-timedeliveryrateremainedatahighlevel.Furthermore,fluctuationsinpeak-seasonorderfulfilmentqualityremainedbelow3%duringpublicholidays.Meanwhile,asthenumberofcitieswithnight(24-hour)deliveryservicesincreased,volumeofordersatnightcontinuedtorise.
Inthefirsthalfof2022,SFIntra-Cityconstantlyexpandednewconsumptionscenarios,adjusteditsbusinessstructureandincreasedthesharesofrevenuegenerationofhighvalue-addedservicescenarios.Throughachievingoptimalefficiencyofitscapacitynetworkbytheintegrationofscienceandtechnologyscheduling,andpromotingresourceutilizationefficiencyaswellasinput-outputratiobycontinuousfinemanagementandoperation,SFIntra-Cityhassteadilyimproveditsholisticefficiency.
Ⅵ）Supplychainandinternational
Inthefirsthalfof2022,theCompanyregisteredtax-exclusiverevenueofRMB46.53billionfromthesupplychainandinternationalbusiness,representingayear-on-yearincreaseof442.7%.Sincethefourthquarterof2021,we
andearningswasmainlydrivenbytheinternationalfreightforwardingbusiness.TheCompanyhasexpandeditsbusinessscalebymeasuressuchastappingintocomplementaryinternalresourcesandthroughexternalintegrationandM&Adeals,andsucceededinachievingrelativelyfastearningsgrowthdespitethepandemicanduncertaintiesintheglobalenvironment.EarningsfromGreaterChinaaccountedfor28%ofthebusiness'stotalearningsand72%outsideofGreaterChina,withthebusinessfocusedonexportmarketsinAsia.
Leveragingthemassivecustomerbaseofthedomesticnetworkandthehigh-densitynetworkpenetration,theCompanyhasestablishedanincentivemechanismandrolleditoutinsomebusinessdivisionstoincentivizethemtoseizeopportunitiesintheinternationalfreightandfreightforwardingbusiness,strivingtoacquirenewcustomersandsecurenewcontracts.Inaddition,byintegratingtheresourcesandcapabilitiesoftheinternationalairfreightbusinessandintroducingcleardivisionoflaborintheorganization,werealizetheunifiedsalesandpromotionofthebusiness.Goingforward,theCompanywillcombinetheneedsoftheinternationalexpressandinternationalfreightbusinessesbasedonwell-coordinatedplanning,tappingintothefullpotentialofKerryLogistics’exceptionalfreightbusinessvolumetoimprovetheoperationalefficiencyofinternationalrouteoperations.
Inaddition,theCompanyhassteppedupbusinessintegrationofresourcesandcapacitieswithKerryLogisticsintermsofinternationalexpress,internationalfreightforwarding,etc.Systemintegration:asregardssystemsupportbySFTechnologyformajorcustomersalonginternationalexpress,freightforwardingoperationshavebeenintegratedwiththesystem,andthelatesttechnologiesareappliedtohelpstandardizeandimproveinternationalbusinessoperationsofKerryLogisticsintermsofSAPbuildingabroad;Businessintegration:throughintegrationofresourcesandcross-selling,inadditiontotheinternationalexpressbusiness,thepairhaskickedoffpartnershipsinbusinessareassuchasbulkshipment,foodcold-chaintransportation,pharmaceuticallogistics,andtheconstructionandimplementationofoverseasbusinesslogisticssolutionformajorclients,jointlydevelopingsolutionsandlocalizedimplementationplansforcustomersbyleveragingtheCompany’sresources.
4.Operationoptimization
Inthefirsthalfoftheyear,theCompanysteppedupoperationintegrationandinnovationefforts,drivingashiftinbusinessperceptionawayfrom“operation”toward“management”.Topromotetherevolutionoftheentirenetworkoperatingmode,wefocusedontheoptimizationoftheend-to-endoperationprocess.Inthepre-planninglink,thetechnology-basedintelligentoperationmodelwasusedtohelpestimateearningsanddecidetheoptimalnetworkplanningandresourceinvestmentscheme.Intheoperationlink,wedefinedaresource-inputstandardcenteredonproductsbystrengtheningtheintegrationoflargeandsmallnetworkresources,flexiblyintegratingmultiplenetworks.Andinpost-actionlink,wereviewedtheeffectofreformandtheefficiencyofresourceutilization,strengthenedtheLEANmanagement,andendeavoredtoimprovethetimelinessandqualityofrelatedserviceswhileensuringtheoptimalbusinessperformance.I)Networkcoordination
(1)Siteco-construction:Effortsaremadetoimproveoverallnetworkplanningandresourcecoordination.Thetransitdepots,collectionanddispatchpointsandwarehousesforsmallandlarge-sizeparcelsarearrangedandconstructedbasedonthreetypes,namely“thesamesite,thesamepark,thesameregion”.Asofthefirsthalfof2022,totally301sitesinfirst-tierandsecond-tiercitieswereintegrated,182sitesinthird-tierandfourth-tiercitieswereintegrated,withanetdecreaseof47sites.Theincrementofsitesineachbusinesssegmentwasreasonablycontrolledtoimprovetheutilizationrateofsites.
(2)Distributionintegration:Itisaimedtooptimizeresourceefficiencybyflexiblyintegratingthetransitdepots.Whenthevolumeofgoodsdecreasedduetopandemiclockdownorwhenthevolumeofgoodswasinthetroughonholidays,largeandsmallparcelswerehandledinthesamesite,thecapacityofsmallsiteswasintensivelyutilized,andsomesitesforlarge-sizeparcelsweresuspended.Thetemporaryshutdownratewasincreasedbymorethan20%comparedwithpreviousyear,andthepercapitaefficiencyofdistributionworkersincreasedby8%.Duringthepeakperiodofe-commercepromotion,theoperationoflargeandsmallparcelsisseparatedtoreleasethecapacityofsmall-parcelsites.Withadailypeak,78%oflarge-sizeparcelswasseparatedandoperatedinlargesites,andweuseFengwang’scapabilityof
II)Terminaloptimization
(1)Networkmodelreform:Thepackagesortingprocesshasbeenmovedfromwarehouses(asisthecasewithconventionaloutlets)totransitdepots.Weenhanceoursortingcapabilityoftransitdepots,increasesmallterminalstationsclosertotheclients(includingoperatingstations,servicecenters,andcooperation),andpromotedirectsortingatthetransitdepotsanddistributingtosmallterminalstations,soastosimplifythefunctionsoftraditionaloutlets,reducesitesandpersonnelcosts,savetheround-triptimedeliverymenneedandimprovethecapacityofreceivingcustomers.Inthefirsthalfof2022,4,518traditionaloutletshaveimplementedtheabovemodelreformation,adding1,395smallterminalstations.Atthetransitdepotstage,35%oftheshipmentsweresorteddirectlyinsmallterminalstations,with56%oftheshipmentsdirectlyshippedtothesmallterminalstationsfromtransitdepots,whichreducedthesiteareaby100,000sqminthefirsthalfoftheyear.
II.CoreCompetitivenessAnalysis
1.Efficientandreliablegloballogisticsinfrastructurenetwork
SFpartneredupwiththegovernmenttobuildEzhouHuaHuAirport,whichisthefirstcargohubairportinAsiaandthefourthintheworld.TheairportcompleteditstestflightsinMarchandwasofficiallyputintooperationon17July.ForSF’sairporttransfercenterproject,theconstructionofsteelstructureandconcretestructureiscompleted,andtheroofandcurtainwallinstallationhasbasicallybeencompleted.Itisplannedtocompletetheinstallationofequipmentinthethirdquarter,startjointcommissioninginthefourthquarter,andmakeitavailableforoperationattheendoftheyear,withrelevantfunctionsgraduallyenabled.Twoflightroutes,namelyEzhou-ShenzhenandEzhou-Shanghai,havebeenlaunchedforcargotransportationatthefirststage.Withinthisyear,internationalairlines,Ezhou-OsakaandEzhou-Frankfurtwillbelaunched.Afterthetransfercenterbeingputintooperation,theCompanywillgraduallyplanandadjusttheairnetworktobuildahub-and-spokeairnetwork,whichisexpectedtofurtherincreasecitiescoveredwithhightime-definiteservicesandreducetheunitcostofaviationbyaddinglargeaircraft.Inaddition,asacoreairfreighthub,the1.5/2-hourflightfromEzhouHuaHuAirportcancoveranareaaccountingfor90%ofthenationaleconomicpopulation.Theairportcityisexpectedtointroducehigh-endmanufacturing,biomedicine,freshcoldchain,crossbordere-commerce,electronicspareparts,emergencyrescueandotherindustries,combinedwithSF’sall-cargoroutescoveringtheentirecountryandradiatingtheworld,tohelprealizethecountry’sindustrialupgradingandenhancethestrengthoftheinternationalsupplychain.
2.Completeend-to-endone-stopcomprehensivelogisticsservicecapability
Adheringtothediversification-orientedstrategicplanning,andbasedonafullyestablishedandefficientexpressnetwork,through“internalcultivation+externalmergersandacquisitions",theCompanyhorizontallybranchedoutintonewbusinessesandacquiredhigh-qualityindustrypartnerstograduallygrowintoChina’slargestexpresslogisticsserviceprovidercoveringtime-definiteexpress,economyexpress,freight,coldchainandpharmaceuticals,intra-cityon-demanddelivery,internationalexpress,internationalfreightandfreightforwarding,andsupplychain,focusingonlogisticsecosystemdevelopmentasthetoppriority.
Atthesametime,wealsoverticallyimprovedtheproductmatrix,throughdirectoperation,externalcooperationandothermodels;ineachmarketsegmentofeverybusinesssector,wehavelaunchedhigh-qualityservicestargetingmedium-andhigh-endconsumers,aswellascost-effectiveservicesformarketsinlower-tiercities.Througheffectiveproductstratificationandorganiccombinationbetweendifferentproducts,wecatertothediverseneedsofclients,anddevelopedcompleteend-to-endone-stopintegratedlogisticssolutions.
Ourserviceshavepenetratedintoawidevarietyofbusinessessuchasindustrialmanufacturing,commercialcirculation,onlinesalesofagriculturalproducts,foodandpharmaceuticalcoldchain,internationaltrade,locallife,etc.,coveringallaspectsofsocialproductionandpeople’slivelihood.Boastingefficientexpresslogisticsservices,leansupplychainmanagementexperience,andapowerfullogisticsnetworkthatpenetratesintoruralcounties,townsandvillagesinChinaandcovers99countriesandregionsaroundtheworld,weactivelyrespondtothe“gotothecountryside,gotofactories,andgoglobal”campaignlaunchedbythegovernmentforthedevelopmentofmodernserviceindustryandexpressdelivery,supportruraleconomyrevitalization,intelligentmanufacturing,andindustrialupgrading,andbuildonourcapabilitytoprotecttheinternationalsupplychain;furthermore,weactivelyembracenewpatternsandtrendsintheindustrytohelpclientsinnovatebusinessmodels,enhanceconsumerperceptionexperience,andpracticethedeliveryandprotectionofabetterlife.
3.Cutting-edgetechnologyforadigitalized,visualandintelligentsupplychain
SFiscommittedtobuildingasmartsupplychainecosysteminthedigitalageandestablishingitselfasaleaderofsmartsupplychainoperation.SFcombinesthemassivedataandindustrysolutionexperiencegainedindiversebusinesseswiththeapplicationofleadingintelligentanddigitallogisticstechnologiestopromotesupplychaintechnologyinnovationandhelpclientsinvariousindustriescreateamodernsupplychainsystemwithefficientresponse.Asoftheendofthereportingperiod,SFhadtakenout4,049patentsand2,350softwarecopyrights,withinventionpatentsaccountingfor58.85%ofthetotalnumberofpatentsobtained.
(1)Internal:digitalandintelligentupgradeofthelogisticsnetworktobuildSF’ssmartbrain
ThepurposeistoimprovethedigitalizationandintelligentizationlevelsofSFHolding’slogisticsnetwork,throughthedigitalizedend-to-endoperationincludingcollectionanddelivery,distribution,andtransportation,applyingbigdataprediction,visualmonitoringandearlywarningtechniques,toachieveglobalintelligentplanningandscheduling,real-timematchingofresources,andflatandefficientmanagement;thisisfurthercombinedwithAIoT,automation,andunmannedoperationinvestment,toimprovenetworkoperationefficiencyandhelptheCompanyreducecostsandincreaseefficiency.Forecast&Scheduling:Basedonbigdata+AIalgorithms,wecreatedaglobalintelligentdecision-makingsystemcovering“forecast→earlywarning→scheduling→feedback”.
Earlyforecast
Informationsuchasparcelquantityandweightthroughouttheentirenetwork,specificcities,outlet,ortheminimumcollectionanddeliveryunitareacanbeforecastedbyyear,month,week,day,shift,etc.Resourceswereinvestedaccordingtotheforecastdata.Theforecastaccuracyhasimprovedconsistently,-theaccuracyofestimatesofairflowdirection,transitshipmentquantityandoutletdeliveryimproved26%,3%,and8%respectively,andtheaccuracyofcollectionanddeliverytimeforecastsduringpeakseasonsincreasedby5%year-on-year,makingiteasierforoperationsteamstoplanresourcesinadvanceandminimizerandominvestmentofresources.
2Real-timescheduling:Resourcesareallocatedinrealtimeviatheonlineoperationmonitoringanddispatchingsystem,
integratingvariousresources,including440,000deliverymen,over93,000trunkandfeedervehicles,andmorethan2,100airroutesacrosstheentirenetworks,ensuringthenormaldeliverytimeondailyofover100,000parcelswhichmightbedelayed.Wedevelopedbranch-lineschedulingfunctionofcarpoolingforleftoverstockandrolleditoutthroughoutthenetworktoreducecosts;implementedonlineissuanceofinstructionstoimprovemanagementefficiencyandresourceutilization.
Intelligentdistribution:Automationequipmentwasupgradedin15transitdepotsinthefirsthalfof2022,boostingdistributioncapacityandefficiency.Asoftheendofthereportingperiod,automaticsortinghadbeenachievedformorethan85%ofsmallparcelsand51%ofsingledeliveryitems(i.e.large-sizeorirregularparcelsthatdonotrequirecentralizedpackaging).Inaddition,visiontechnology,AIdeeplearning,etc.havebeenappliedtoenablevisualmonitoringoftheentireprocessofsiteoperation,aswellasparcelsecurityinspection,videotracking,operationmonitoring,andriskwarning;on-siteproductioncapacityismonitoredonarealtimebasis,andresourcesplanninganddiversionhavebeenrationalizedtoensureoptimaldistributionefficiency.
Intelligenttransportation:AFcontinuouslyimprovedthefull-stackend-to-endITandplatform-basedmanagementacrossvarioustransportationmodessuchasair,landandrailtransportation.①Airtransportation:followingtheprincipleof“optimaltimelinesscost”,automatedschedulingdecision-makingofall-cargoaircraftwasrealizedwiththeassistanceofintelligentalgorithms;commercialflightresourcesandvariousapplicationscenarioshavebeenintegratedtosupportonlinemanagementoflarge-sizeair
parceloperationsonacomprehensivescale,andensurereliableflightbookingoperationsfor“exclusiveexpeditedelivery”products;andavarietyoftransportcapacitysystemswereutilizedtooutputexceptionalflightschedulingandcargodiversionsolutionstoensuretimeliness.②Landtransportation:inthefirsthalfoftheyear,100%ofrailwayresourcesweresubjecttoplatform-basedtransportationcapacitymanagementtoachievedynamictraintracking;centralizedprocurementofconventionaltransportationisdirectlymanagedbytheheadquarterstoenable100%onlinemanagementandcontroloftheentireprocurementprocess,optimizetheoveralltransportationcapacityprocurementmodelandpricing,andeffectivelycontroltransportationcapacitycosts;asregardsbranchrouteconnection,digitalmanagementhasbeenstrengthenedbydeepeninginformationcommunicationsbetweenthedeliverysystemandthebranchrouteconnectionsystem,suchthattheprobabilityofdeliverydelayisfurtherreducedasaresultofmoresmoothshifthandoverworkflow.
Intelligentterminalmanagement:ApplyingtheAOI(AreaofInterest)technology(atechnologyforgeographicareasofdynamicdigitalmapoperation),weconductedcomprehensivedigitaloperationandonlinemanagementofterminalcollectionanddelivery,involvingreal-timelocationallocationfordeliverymen,intelligentpathplanningandautomatedterminalmanagement.Inparticular,inthefirsthalfof2022,supportwasprovidedforoperationsteamstotrialdigitalmanagementinSouthChinaamidoperationalcapabilitybuildingeffortsthatconcernthedeliverymenlaborvalueassessmentmodel,regionaltaskallocationcriteria,thedeliverymenperformanceappraisalsystemandthechanneldistributionmodel.Throughtheabovemethods,theoverallcustomercomplaintrateimprovedbyasmuchas32%year-on-year.Furthermore,directsystem-baseddeliverymenmanagementwasintroducedtoensurereasonabletaskassignmentandfairpaymentfordeliverystaffs,incentivizingthemtoimproveservicequalityandthuscontributetobusinessgrowth.
Intelligentcostmanagementandcontrol:applyingthedigitalsolutionof“full-stackbusiness-financeintegration”,weremoveddatabarriersbetweenbusinessandfinancialoperationsandsetupamiddle-officeplatformofbusiness-financedata,realizingautomatedetectionofcostirregularities,andonlinereleaseandclosed-loopmanagementoftaskswithcostirregularities,soastocreateanefficient,one-stopdigitalandintelligentcostmanagementandcontrolplatform,realizeintensive/systematicintelligentmanagementbasedontechnologicalstrengths,andhelptheCompanyattainsoundperformancewhileloweringcostsatthesametime.
(2)External:Applicationofsmartsupplychaintechnologiestoboostthetransformationandupgradeofclients’supplychain
ThepurposeistointegrateSF’sexceptionaltechnicalcapabilitiesandindustrialexperience,developstandardizedscientificandtechnologicalproductsandsolutions,incorporatedigitalandintelligentcapabilitiesintoclient’svaluechain,solvethepainpointsatalllevelsofclientsupplychainincludingplanning,management,execution,etc.,andhelpvariousindustriescreateaflexibleandintelligentsupplychainsystemthatrespondsefficientlytofacilitateindustrialupgrading,costreductionandefficiencyenhancement.SFhasprovidedend-to-endtechnicalservicesthatrevolvearoundclients’rawmaterialsupply,production,warehousing,transportation,sales,operationandotherprocesses:
①Rawmaterialprocurementandentryintofactories:Wecarryoutintelligentmanagementofrawmaterialsupplies,andthroughmethodslikecircularpickupschemes,automateroutesettingandloadingoptimization;②Production:Weadoptpersonnelmanagementandintelligentparksolutionsbasedoncomputervisiontoensureproductionefficiencyandworksafetyinparks;③Warehousing:Atdesignandimplementationlevels,weprovidewarehousenetworkplanning,multi-levelreplenishment,onlineandofflinesharedinventory,andothersolutions;atthein-warehouseexecutionlevel,weprovidemultipleservicessuchasstoragelocationoptimizationandwarehousingautomation;④Sales:
Employingbigdataandalgorithmtechnologies,wehelpclientsgaininsightsoftheirconsumersandcarryoutprecisionmarketing,andprovideonlineomni-channelstoreoperationandmanagementtoolsforsmallandmedium-sizedbusinesses;⑤Operations:Insupportofdigitalizedoperations,throughourimplementationofend-to-endsupplychainbasesystems(OMS/TMS/WMS/BMS),we
connecttheentirebusinessprocessesofordering,warehousing,transportation,settlement,etc.
TheCompanycontinuouslytracksthelatesttrendsandevolutionpathsofcutting-edgelogisticstechnologies,activelydeploysvisiontechnologieswithmajorimpactontheindustryandfuturedevelopment,andkeepsenhancingtechnologicalcompetitiveness.Thisincludes:
①Enablementofthelogisticsbusinessbyautomationtechnologytowardsthecreationofunmannedandautomatedsites;②BigdataandartificialintelligencecontinuetostrengthenSF’ssmartbrain,andimprovetheresourceapplicationefficiencyandclientexperience;③Applyingblockchainandprivacycomputingtothebuildingoftheinfrastructureofdataecosystems,wecontinuetoexploresecureapplicationsofdataassets;④Wepaycloseattentiontoemergingcross-cuttingtechnologysuchasdigitaltwin,andactivelyexploredandpracticeditinvariousbusinessscenarios.Throughthedeploymentandapplicationofinnovativetechnologies,wecontinuetopromotetheexpansionofdigitalboundariesandtheimprovementofintelligentcapabilitiesofenterprises.
4.Buildbrandvaluewithexcellentserviceexperience
SFhasestablisheditselfasawell-recognizedandreputableexpressdeliveryserviceproviderthroughover20yearsofdevelopment.Ithasbuiltabrandimageof“efficiency”,“punctuality”and“safety”,createdgreatbrandvaluethroughhigh-qualityservice,andiswidelyrecognizedbyclients,theindustryandthecommunity.
TheCompanyappearedinthe2022FortuneGlobal500listreleasedbyFortuneonAugust3,2022witharankingofno.441,makingitthefirstChineseprivateexpressdeliverycompanytorankamongtheworld’stop500companies.
III.AnalysisofMainBusiness
1.Overview
Inthefirsthalfof2022,theexpressandlogisticsindustryfacedacomplicatedexternalenvironment.SomecitieswereunderlockdownduetotheoutbreakofCOVID-19,whichaffectedthegrowthrateofrevenueofexpresslogisticsenterprises.Aslowdowninactualcapacitygrowthmayalsoaffecttheeffectivedilutionoffixedcostsandweakentheeconomiesofscale.Inaddition,higherfuelpricesleadtofasterincreaseintransportationcosts.Aseriesofnegativefactorsbroughtgreatchallengestotheoperatingefficiencyofexpresslogisticsenterprises.
Asalogisticsenterprisetoensurethesupplyoflivelihoodmaterialsduringthelockdown,theCompanyactivelyrespondedtothecallofthegovernmentandmadeeveryefforttoensurethetransportationandlast-miledeliveryofessentiallivingmaterialsforresidentsduringthelockdownbyleveragingthestableandreliableservicequalityofself-owneddirectnetworkandend-to-endmultiplelogisticsservicecapability.Inaddition,theCompanycontinuedtofocusonitscorelogisticsstrategy,gavegreatprominencetosustainableandhealthydevelopmentandadheredtosoundoperationalpriorities.Weimprovedthecompetitivenessofproductsandthequalityofrevenuethroughtheadjustmentandoptimizationofproductstructure,andgraduallystrengthenedthereformofoperatingmodels.Leveragingtheintelligentplanningofmulti-networkcooperationandthefinedynamicadjustmentofresources,weeffectivelycopedwithexternalchallenges,achievedasignificantimprovementinthe2022half-yearperformancecomparedwiththesameperiodofthepreviousyearandobtainedgoodoperatingresults.
I)Intermsofrevenue,theCompanyregisteredatotalbusinessvolume
of5.13billionshipmentsinthefirsthalfof2022,approximatelythesameaslastyear;andagrossoperatingincomeofRMB130.06billion,representingayear-on-yearincreaseof
47.2%.Amongothers,(1)Theexpress&logisticssegmentgrewby3.4%inrevenueinthefirsthalfofthisyear.FromMarchtoMay,thegrowthrateofbusinessvolumewasunderpressureduetotheimpactofthepandemic.However,withthegradualliftingoflockdown,theCompanyfullyassistedtheresumptionofworkandproductionandthe618shoppingfestival,bringingarapidrecoveryofbusiness.InJune,werecordedahighdual-digitgrowthrateof11.2%inrevenue,whichwassignificantlyaheadoftheindustryaverage.Inaddition,theCompanytooktheinitiativetooptimizeproductportfolioandreducethevolumeoflow-marginproducts.Althoughthegrowthrateofbusinessvolumewasaffectedtoacertainextent,theoverallaveragerevenuepershipmentofexpress&logisticssegmentincreasedby3.3%andthequalityofrevenuewasconsistentlyimproved.(2)Thesupplychainandinternationalsegmentgrewby442.7%inrevenueinthefirsthalfofthisyear,accountingfor35.8%ofgrossoperatingincome.ThefastgrowthwasmainlyduetotheCompany’smergerwithKerryLogisticssincethefourthquarterof2021.Inaddition,KerryLogisticsalsocompletedsomemergersandacquisitionsinthefieldofinternationalfreight,furtherexpandingthescaleofinternationalbusiness.Fordetailsonthedevelopmentofeachbusinesssegment,pleasereferto“(3)Summaryofbusinessdevelopment”of“I.BusinessDevelopmentoftheCompany”ofthissection.
II)Intermsofprofit,theCompanyrealizedanetprofitattributabletoshareholdersoftheparentcompanyofRMB2.51billioninthefirsthalfof2022,representingayear-on-yearincreaseof230.6%,andanetprofitattributabletoshareholdersoftheparentcompanyafterdeductingnon-recurringgainsandlossesofRMB2.15billion,representingayear-on-yearincreaseof550.2%.Thenon-recurringitemsweremainlygovernmentsubsidiesandone-offgainsfromthedisposalcertainsubsidiaries.
Theresultsinthefirsthalfof2022increasedsignificantlycomparedwiththatofthesameperiodofpreviousyear.Inadditiontotheimprovementofrevenuestructure,intermsofcost,theCompanycontinuedtodeepenreformsintheend-to-endoperatingmodeltoadvancetheleanresourceplanningandcostcontrol.Intermsofmulti-networkintegration,wefurtherstrengthenedtheintegrationofoutlets,distributionsites,warehousing,andtransportationresourcesofmainandbranchlines.Meanwhile,wereinforcedflexibleresourcecoordinationacrossbusinesssegmentsduringtheoff-seasonandpeakseason,soastoensurethequalityofproductsand
ItdoesnotincludetheexpressdeliveryvolumeofKerryLogistics,norincludesbusinessvolumeofinternationalfreightandfreightforwardingandsupplychainoftheCompany.
serviceswhileimprovingefficiencyofresourceutilizationandinput-outputratio.Furthermore,westeppedupeffortstoenhanceourdeepdigitaloperationcapabilitydrivenbyscienceandtechnologyunderthereformoftheoperationmodel.Thus,werealizedthepre-actiondecisionmakingbasedondatamodel,in-processintelligentcontrolandscheduling,aswellaspost-reviewofbenefitanalysisforresourceinputineachlink,improvingourrefinedcostmanagementandcontrol.Forthespecificintroductionofthereformofoperationmodelandtechnologyassistance,pleasereferto“I.BusinessDevelopmentoftheCompany”,“(III)SummaryofBusinessDevelopment”,“4.Operationoptimization”and“II.AnalysisofCoreCompetitivenessAnalysis”,and“3.Cutting-edgetechnologyforadigitalized,visualandintelligentsupplychain”andrelatedcontent.Basedontheaboveoperatingmeasures,theprofitabilityoftheCompany’svariousbusinesssegmentshasreboundedsignificantlyyear-on-year,andnewbusinesseshavecontinuedtoreducelosses.Inaddition,comparedwiththesameperiodofpreviousyear,theprofitsoftheCompany’ssupplychainandinternationalbusinesssegmentsincreasedduetothemergeofKerryLogistics’sperformanceduringthereportingperiod.Ⅲ)Intermsofcapitalstructure,asoftheendofthereportingperiod,thetotalassetsoftheCompanywereRMB212.47billion;thenetassetsattributabletoshareholdersoftheparentcompanywereRMB81.72billion;andthegearingratiowas55.6%,up
2.2percentagepointsfrom53.4%attheendofpreviousyear.ThiswasmainlyattributabletotheincreaseinborrowingsbyKerryLogisticsasaresultoftheacquisitionofsubsidiariesandminorityinterests,whiletheoperatingcashflowandoverallfinancialstructureoftheCompanyremainstable,andthenetcashflowfromoperatingactivitiesofthefirsthalfof2022improved,risingfromRMB4.33billiontoRMB16.71billion,withaincreaseof285.8%yearonyear.
Inthefirsthalfof2022,theCompanyinvestedRMB6.49billionintotalinfixedassetsandotheritems(excludingequityinvestment),accountingfor5.0%oftotaloperatingincomeandrepresentingadecreaseof29.3%comparedwiththesameperiodofpreviousyear.SuchdatashowsthattheCompanyhasintensifiedtheleancontroloverresourceinvestmentandputmoreeffortsinmaintainingthereasonablenessofinput-outputratioofresourceinvestment.TheCompanywillsticktothelong-term,sustainableandhealthydevelopment,andinputresourcestoimprovethequalityofproductandserviceaswellasdifferentiatedcorecompetitiveness.Inthemeantime,wewillcontinuetoreformthemulti-networkintegrationandoperationmodels,andcontrolaccurateinputofresourcestoimproveresourceefficiencyandkeepthecapitalexpenditureproportionofrevenuestable.
2.Year-over-yearchangestomajorfinancialdata
Unit:RMB’000
| Currentreportingperiod | Thesameperiodofpreviousyear | Increase/Decreaseoverthesameperiodofpreviousyear | Reason | |
| Revenue | 130,064,133 | 88,343,930 | 47.22% | MainlyduetorelevantbusinessrevenuefrommergingKerryLogistics. |
| Costofrevenue | 113,778,310 | 79,421,354 | 43.26% | MainlyduetorelevantbusinesscostsfrommergingKerryLogistics. |
| Sellinganddistributionexpenses | 1,280,208 | 1,310,234 | -2.29% | Nomajorchanges. |
| Generalandadministrationexpenses | 8,890,094 | 6,529,046 | 36.16% | MainlyduetotheacquisitonofKerryLogistics. |
| Financialexpenses | 905,908 | 621,902 | 45.67% | Mainlyduetotheincreaseininterestexpensesofdebtfinancing. |
| Incometaxexpense | 1,784,866 | 677,359 | 163.50% | Mainlyduetotheincreaseintotalprofits. |
| Researchanddevelopmentinvestment | 1,653,736 | 1,708,374 | -3.20% | Nomajorchanges. |
| Netcashflowsfromoperatingactivities | 16,712,814 | 4,331,631 | 285.83% | Mainlyduetotheincreaseinprofits. |
| Netcashflowsfrominvestingactivities | -6,824,871 | -10,892,399 | 37.34% | Mainlyduetothedecreaseinnetcashoutflowsofstructuraldeposits,anddecreaseinnetcashoutflowsforpurchasingandconstructinglong-termassetsaswellasincreaseinequityinvestments. |
| Netcashflowsfromfinancingactivities | -6,665,207 | 7,324,695 | -191.00% | Mainlyduetothedecreaseinborrowingsandissuanceofdebentures,repurchaseofsharesoftheCompany,andacquisitionofminorityinterests. |
| Netincreaseincashandcashequivalents | 3,474,178 | 777,175 | 347.03% | Fordetailspleaserefertotheaboveanalysisofcashflowchangesinoperatingactivities,investingactivitiesandfinancingactivities. |
Therewerenosignificantchangesinprofitcompositionorsourcesofprofitduringthereportingperiod.
3.Compositionofrevenue
Unit:RMB’000
| Currentreportingperiod | Thesameperiodofpreviousyear | Increase/Decreaseoverthesameperiodofpreviousyear | |||
| Amount | Proportionofrevenue | Amount | Proportionofrevenue | ||
| Revenue | 130,064,133 | 100% | 88,343,930 | 100% | 47.22% |
| Categorizedbyindustry | |||||
| Logisticsandfreightforwarding | 127,691,416 | 98.18% | 87,099,464 | 98.59% | 46.60% |
| Salesofgoods1 | 1,683,873 | 1.29% | 563,159 | 0.64% | 199.00% |
| Others | 688,844 | 0.53% | 681,307 | 0.77% | 1.11% |
Time-definiteexpress
| Time-definiteexpress2 | 49,264,877 | 37.88% | 46,879,047 | 53.06% | 5.09% |
| Economyexpress2 | 11,806,590 | 9.08% | 12,738,628 | 14.42% | -7.32% |
| Freight2 | 13,149,344 | 10.11% | 12,946,165 | 14.65% | 1.57% |
| ColdChainandPharmaceuticals | 4,066,199 | 3.13% | 3,719,997 | 4.21% | 9.31% |
| Intra-CityOn-demandDelivery | 2,873,634 | 2.21% | 2,241,284 | 2.54% | 28.21% |
| SupplyChainandInternational | 46,530,772 | 35.78% | 8,574,343 | 9.71% | 442.67% |
| Othernon-logisticsbusinesses | 2,372,717 | 1.82% | 1,244,466 | 1.41% | 90.66% |
Logisticsandfreightforwarding–MainlandChina
| Logisticsandfreightforwarding–MainlandChina | 98,724,305 | 75.90% | 85,053,169 | 96.28% | 16.07% |
| Logisticsandfreightforwarding–HongKong,Macao,andTaiwan,China | 5,099,844 | 3.92% | 1,377,672 | 1.56% | 270.18% |
| Logisticsandfreightforwarding–Overseas | 23,867,267 | 18.35% | 668,623 | 0.76% | 3469.62% |
| Othernon-logisticsbusinesses | 2,372,717 | 1.82% | 1,244,466 | 1.41% | 90.66% |
Note1:Salesofgoodsmainlyincludesthepurchaseandsalebusinessinvolvedintheprocessofprovidingend-to-endsupplychainservicesforcustomers.Note2:AstheCompanycontinuouslyoptimizetheproductsystem,inthefirsthalfoftheyear,theproductofeachbusinesssegmenthasbeenadjusted,mainlyincludingtheclassificationofreturnede-commerceproductsandproductsdistributedbySFExpressfromtheeconomyexpressbusinesstotime-definiteexpressandfreightbusinessrespectively.Accordingtotheoptimizednewproductclassification,theCompanycountedtherevenueoftime-definiteexpress,economyexpressandfreightbusiness,andretroactivelyadjustedthedataofthesameperiodin2021.Note3:Anydiscrepanciesbetweentotalsandsumsofthenumbersareduetorounding.Businessvolumeandaveragerevenuepershipmentoftheexpress&logisticssegment
| Currentreportingperiod | Thesameperiodofpreviousyear | Increase/Decreaseoverthesameperiodofpreviousyear | |
| Parcels(100million) | 51.0 | 51.0 | Flat |
| Averagerevenuepershipment(RMB/shipment) | 15.9 | 15.4 | 3.3% |
Explanationofreasonsforchange:
(1)Theexpress&logisticssegmentmainlyincludedtime-definiteexpress,economyexpress,freight,coldchainandpharmaceuticals,andintra-cityon-demanddeliverybusiness.Thestatisticsofbusinessvolumeandaveragerevenuepershipmentoftheexpress&logisticssegmentdidnotincludethedataofthesupplychainandtheinternationalbusinessaswellasothernon-logisticsbusiness.
(2)Thegrowthrateofbusinessvolumeoftheexpress&logisticssegmentremainedstable,mainlydueto:
①Inthefirsthalfoftheyear,somecitiesinChinaimplementedlockdownsandcontrolsduetothepandemic,andthebusinessvolumefluctuated,whilethebusinessvolumereboundedsignificantlyinJunewiththesocialresumptionofworkandproduction;②TheCompanyhasactivelyadjusteditsproductstructuresincethesecondhalfof2021,thuscontributingtoayear-on-yeardecreaseinthevolumeoflow-marginproducts.Atthesametime,thankstotheoptimizationoftheproductstructureoftheCompany,theaveragerevenuepershipmentoftheexpress&logisticssegmentincreasedby3.3%,andtherevenuequalitywasoptimized.
3.Detailsonmainindustries
Theindustriesaccountingformorethan10%oftheCompany’srevenueoroperatingprofitisanalyzedasfollows:
Unit:RMB’000
| Revenue | Costofrevenue | GrossProfitMargin | ||||
| Amount | Increase/Decreaseoverthesameperiodofpreviousyear | Amount | Increase/Decreaseoverthesameperiodofpreviousyear | Percentage | Increase/Decreaseoverthesameperiodofpreviousyear | |
| Logisticsandfreightforwarding | 127,691,416 | 46.60% | 111,686,274 | 42.37% | 12.53% | Upby2.60percentagepoints |
Theoperatingcostsandgrossprofitareanalyzedasfollows:
Unit:RMB’000
| Currentreportingperiod | Thesameperiodofpreviousyear | Year-on-yearchange | ||||
| Amount | Proportionofrevenue | Amount | Proportionofrevenue | Amount | Proportionofrevenue | |
| Laborcost | 42,350,198 | 33.17% | 40,469,179 | 46.46% | 1,881,019 | Downby13.29percentagepoints |
| Transportcapacitycost | 54,203,466 | 42.45% | 27,077,942 | 31.09% | 27,125,524 | Upby11.36percentagepoints |
| Otheroperatingcosts | 15,132,610 | 11.85% | 10,899,178 | 12.52% | 4,233,432 | Downby0.67percentagepoints |
| Grossprofit | 16,005,142 | 12.53% | 8,653,165 | 9.93% | 7,351,977 | Upby2.60percentagepoints |
Explanationonreasonsforchanges:
(1)Theproportionoflaborcosttorevenuewasdownby13.29percentagepointsyear-on-year,butifexcludedtheimpactofacquisitionofKerryLogistics,itwasdownby0.85percentagepointyear-on-year.Althoughthefixedcompensationcostswerenoteffectivelydilutedduetothedeclineinperdeliverymanperformanceofterminaloutletscausedbythedecreaseinparcelvolumeduringthepandemiclockdown,theCompanybenefitedfrom:①accuratebusinessforecastandreasonableplansforlowseasonandhighseasonresources,whichenabledeffectivemanagementandcontroloftemporarysitesandpersonnelinputduringhighseasonsandfullintegrationofdistributionsitesforsmallandlargeparcelsduringlowseasons,therebypromotingtheincreaseinpercapitaefficiencyofdistributionworkers;②optimizationofproductmixandreductioninbusinessvolumeoflowergrossmarginproducts.Insummary,theratiooflaborcosttorevenuewasoptimizedyear-on-year.
(2)Theproportionoftransportcosttorevenuegrewby11.36percentagepointsyear-on-year,butifexcludedtheimpactoftheacquisitionofKerryLogistics,itwasdownby3.48percentagepointsyear-on-year.Althoughnegativelyimpactedbyhigherpricesforoutsourcedtransportationcapacityandhigherfuelcostsduetopandemiclockdown,theCompanybenefitedfrom:
①continuouslyoptimizingtheplanforlandnetworkroutes,reducinglow-efficiencyroutes,andpromotingtheintegrationofroutesforlargeandsmallparcelsandincreasingdirectshippingtrunks;②optimizingthebiddingandcooperationmodelofoutsourcingtrunks,promotingtheinterestbindingofoutsourcedtransportationcapacitysuppliersandtheCompany,andimprovingtheloadingrateofroutesindependently;③optimizingtheprovisionmodeofbranchroutedrivers,improvingefficiencyandsavingunitcost,andutilizingthespareresourceintegrationofbranchroutestohelpFengwangdistributeexpressparcelstoimprovetheloadingrateofbranchroutes.Insummary,theloadingrateoftrunkandbranchroutesincreasedyear-on-year,effectivelyhedgingthecostpressurecausedbytherisingpriceoffuelandoutsourcedtransportationcapacity.
(3)Theproportionofotheroperatingcoststorevenuedecreasedby0.67percentagepointsyear-on-year,butifexcludedtheimpactofacquisitionofKerryLogistics,itwasincreasedby1.22percentagepointsyear-on-year.Thiswasprimarilyduetotheimpactofpandemiclockdownonbusinessgrowth.Fixedcostssuchassitesandequipmentwerenoteffectivelydiluted,andeconomiesofscalewereweakened.However,throughtheintegrationandjointconstructionofsites,theCompanyeffectivelymanagedandcontrolledthegrowthinsitedemandofeachbusinesssegment.TheCompanyalsoreducedthesiteareaofsomeexistinglow-efficiencyoutletsthroughthemodeloptimizationofterminaloutlets.TheCompany'sinvestmentexpenditureonfixedassetsinthefirsthalfofthisyeardecreasedyear-on-year,moderatingtheincreaseinfixedcoststosomeextentandhedgingthenegativeimpactofthepandemic.
(4)Fortheabovereasons,thegrossprofitmarginoftheCompany'scorebusinessesoflogisticsandfreightforwardingwassignificantlyimproved.Itgrewby2.60percentagepointsyear-on-year,butifexcludedtheimpactoftheacquisitionofKerryLogistics,itincreasedby3.11percentagepointsyear-on-year.
IV.Non-coreBusinessAnalysis
Unit：RMB’000
| Amount | Proportionoftotalprofit | Reason | |
| Otherincome | 1,001,228 | 19.70% | Mainlyincludinggovernmentgrantsrelatedtodailyactivities. |
| Investmentincome | 404,810 | 7.97% | Mainlyincludingincomefrommaturedstructureddeposits. |
| Gainsandlossesarisingfromchangesinfairvalue | 6,719 | 0.13% | |
| Creditimpairmentlosses | -271,129 | -5.34% | Mainlyincludingbaddebtlossesofaccountsreceivable. |
| Assetimpairmentlosses | -3,838 | -0.08% | |
| Non-operatingincome | 93,436 | 1.84% | Mainlyincludingcompensationincomeandgovernmentgrantsunrelatedtodailyactivities. |
| Non-operatingexpenses | 107,017 | 2.11% | Mainlyincludinglossesonscrappingofassetsandcompensationexpenses. |
ExplanationonsustainabilityExcepttheincomefromstructureddepositsintheinvestmentincome,allotheritemsmentionedabovewerenotsustainable.
V.AnalysisofAssetsandLiabilities
1.MajorChangesinAssetComposition
Unit：RMB’000
| Endofcurrentreportingperiod | Endofpreviousyear | Increase/DecreaseinProportion | Majorchanges | |||
| Amount | Proportionoftotalassets | Amount | Proportionoftotalassets | |||
| Cashatbankandonhand | 38,822,148 | 18.27% | 35,315,051 | 16.82% | 1.45% | Fordetails,pleaserefertoanalysisofcashflowin“III.AnalysisofMainBusiness”underChapter3ManagementDiscussionandAnalysis. |
| Accountsreceivable | 28,215,799 | 13.28% | 30,441,758 | 14.50% | -1.22% | Mainlyduetotheaccelerationofaccountsreceivablecollection. |
| Contractassets | 1,886,977 | 0.89% | 1,038,247 | 0.49% | 0.40% | Nomajorchanges. |
| Inventories | 1,689,801 | 0.80% | 1,546,821 | 0.74% | 0.06% | Nomajorchanges. |
| Othercurrentassets | 4,234,227 | 1.99% | 7,539,613 | 3.59% | -1.60% | MainlyduetothedecreaseoftheinputVATtobeoffset. |
| Long-termequityinvestments | 7,059,079 | 3.32% | 7,260,087 | 3.46% | -0.14% | Nomajorchanges. |
| Investmentproperties | 3,940,368 | 1.85% | 4,850,233 | 2.31% | -0.46% | Nomajorchanges. |
| Fixedassets | 39,520,785 | 18.60% | 36,925,990 | 17.59% | 1.01% | Mainlyduetotheincreaseinself-ownedbuildings. |
| Constructioninprogress | 9,514,201 | 4.48% | 8,571,203 | 4.08% | 0.40% | Nomajorchanges. |
| Right-of-useassets | 15,671,912 | 7.38% | 17,297,085 | 8.24% | -0.86% | Mainlyduetoamortization. |
| Short-termborrowings | 14,842,176 | 6.99% | 18,397,204 | 8.76% | -1.77% | Mainlyduetorepaymentofborrowings. |
| Contractliabilities | 1,201,299 | 0.57% | 1,675,836 | 0.80% | -0.23% | Nomajorchanges. |
| Long-termborrowings | 7,663,398 | 3.61% | 3,510,829 | 1.67% | 1.94% | Mainlyduetonewborrowings. |
| Debenturespayable | 21,038,078 | 9.90% | 15,656,370 | 7.46% | 2.44% | MainlyduetotheissuanceofUSdollardebentures. |
| Leaseliabilities | 9,061,522 | 4.26% | 10,941,938 | 5.21% | -0.95% | Mainlyduetoreclassificationtocurrentportionofnon-currentliabilities. |
| Capitalreserve | 43,927,329 | 20.67% | 46,200,598 | 22.01% | -1.34% | Mainlyduetotheintegratedimpactofacquisitionofminorityinterestsandcancellationoftreasurystock. |
| Minorityinterests | 12,679,429 | 5.97% | 14,972,021 | 7.13% | -1.16% | Mainlyduetotheintegratedimpactofacquisitionofminorityinterestsanddistributionofdividends. |
2.KeyOverseasAssets
√Applicable□Notapplicable
| Detailsoftheassets | Formedreason | Assetsscale(RMB’000) | Location | Operatingmodel | Controlmeasuresforensuringassetsecurity | Earnings(RMB’000) | ProportionofoverseasassetsintheCompany’snetasset | Whetherthereissignificantimpairmentrisk |
| 51.5%equityofKerryLogistics | Equityacquisition | 22,205,960 | HongKong(China) | Integratedlogistics,internationalfreightforwardingandsupplychainsolutions | Note1 | 1,984,687 | 23.52% | No |
| Otherinformation | 1.“Assetscale”referstonetassetsofKerryLogistics;2.“Earnings”referstonetprofitcontributedbyKerryLogistics,whichisthenetprofitofKerryLogistics,takingintoaccountthefairvalueofidentifiableassetsandliabilitiesatthepointofacquisitionofKerryLogistics’equityandtheadjustmenteffectofuniformaccountingpolicies.Amongwhich,thenetprofitattributabletoshareholdersoftheparentcompanywasRMB886,982thousand.3.“ProportionofoverseasassetsintheCompany’snetassets”referstonetassetsofKerryLogistics/netassetsoftheCompany. | |||||||
Note1:KerryLogisticsisalistedcompanyoftheHongKongStockExchange.OnthebasisoffollowingtheA-shareandH-sharelistingrulesandotherrelevantregulatorysystems,theCompanyandKerryLogisticscarriedouttheintegrationofcorporategovernance,informationdisclosure,businesscooperationandotheraspects.SinceOctober2021,Mr.WangWei,chairmanoftheboardofdirectorsoftheCompany,servedasthechairmanoftheboardofdirectorsandanon-executivedirectorofKerryLogistics,whiledirectorsMr.HoChitandMr.ChanFeiservedasnon-executivedirectorsofKerryLogisticstoparticipateincorporategovernanceandmajorbusinessdecision-makingofKerryLogistics.Atthesametime,bothsidescooperatedcloselyincorporategovernanceandinformationdisclosuretoensurethatinformationdisclosureofbothsidesconformstotheregulatoryrulesofA-shareandH-sharelistedcompanies.Inaddition,bothsidescontinuedtoexplorecooperationspaceinbusiness,fullyrealizingcomplementationofadvantagesandjointlyexpandingtheirpresenceinthegloballogisticsmarket.
3.Assetsandliabilitiesmeasuredatfairvalue
Unit：RMB’000
| Item | Openingbalance | Changesinfairvaluegainsandlossesinthecurrentperiod | Accumulatedfairvaluechangesincludedinequity | Provisionforimpairmentinthecurrentperiod | Purchaseamountduringthereportingperiod | Salesamountduringthereportingperiod | Otherchanges | Closingbalance |
| Financialassets |
| 1.Financialassetsheldfortrading(excludingderivativefinancialassets)note1 | 11,262,517 | 6,719 | - | - | 396,189 | 636,563 | 322,247 | 11,351,109 |
| 2.Investmentsinotherequityinstruments | 6,810,771 | - | -19,276 | - | 500,028 | 48,462 | 288,637 | 7,531,698 |
| Subtotalfinancialassets | 18,073,288 | 6,719 | -19,276 | - | 896,217 | 685,025 | 610,884 | 18,882,807 |
| Others | - | - | - | - | - | - | - | - |
| Total | 18,073,288 | 6,719 | -19,276 | - | 896,217 | 685,025 | 610,884 | 18,882,807 |
| Financialliabilities | 7,658 | - | -6,785 | - | 75,254 | - | 487 | 76,614 |
Note1:Theitemincludesstructureddepositsthatdonotcarrythecharacteristicsofcontractcashflowforprincipalandinterest.Thestructureddepositshaveshortmaturitiesandarehighlyliquid,andnetpurchasesandsalesforthecurrentperiodarestatedinthecurrentperiod.Financialassetsheldfortrading,otherthanstructureddeposits,arestatedseparatelybytheamountpurchasedandsoldduringtheperiod.
(1)Otherchanges:
Otherchangesinfinancialassetsheldfortradingaremainlyinvestmentincomefrommaturedstructureddeposits,andotherchangesininvestmentsinotherequityinstrumentsaremainlyduetoexchangedifferencesontranslationofforeigncurrencyfinancialstatements.
(2)NoneofanysignificantchangesoccurfortheCompany’smajorassetmeasurementattributesduringthereportingperiod.
4.LimitationofassetrightsasoftheendofthereportingperiodAsoftheendofthereportingperiod,theCompany’sassetswithrestrictedrightsaremainlystatutoryreservesinthecentralbankandbankborrowingmortgage,detailsofwhichareasfollows:
Unit：
RMB’
| Amount | Reason | |
| Cashatbankandonhand | 592,970 | Mainlystatutoryreservesinthecentralbank |
| Fixedassets | 644,225 | Bankborrowingmortgage |
| Intangibleassets | 286,475 | Bankborrowingmortgage |
| Investmentproperties | 175,698 | Bankborrowingmortgage |
| Constructioninprogress | 32,911 | Bankborrowingmortgage |
| Total | 1,732,279 |
VI.AnalysisofInvestments
1.GeneralSituation
| Investmentamountduringthereportingperiod(RMB’000) | Investmentamountduringthesameperiodofpreviousyear(RMB’000) | Change |
| 8,489,690 | 9,779,122 | -13.19% |
Ofthese,breakdownitemsofcapitalexpenditureduringthereportingperiodareasinthetablebelow:
| Item | Investmentamountduringthereportingperiod(RMB’000) |
| Officeandbuildings | 389,296 |
| Land | 59,747 |
| Warehouse | 959,246 |
| Sortingcenter | 2,546,638 |
| Aircraft | 979,348 |
| Vehicle | 251,513 |
| Informationtechnologyequipment | 401,799 |
| Equityinvestments | 1,995,435 |
| Others | 906,668 |
| Total | 8,489,690 |
2.SignificantEquityInvestmentObtainedDuringtheReportingPeriod
□Applicable√Notapplicable
3.SignificantNon-EquityInvestmentOngoingDuringtheReportingPeriod
□Applicable√Notapplicable
4.InvestmentsinFinancialAssets
(1)InvestmentsinSecurities
Unit:RMB’000
| Securitytype | Stockcode | Abbreviationofsecurity | Initialinvestmentcost | Accountingmeasurementmodel | Bookvalueatthebeginningofthereportingperiod | Gainsandlossesfromchangesinfairvalueduringtheperiod | Accumulatedfairvaluechangesincludedinequity | Purchaseamountduringthereportingperiod | Salesamountduringthereportingperiod | Gainsandlossesofthereportingperiod | Bookvalueattheendofthereportingperiod |
| Domesticandoverseasstocks | 06166 | ChinaVAST | 233,964 | Fairvaluemeasurement | 118,945 | - | 56,943 | - | - | 1,819 | 182,784 |
| Domesticandoverseasstocks | 300771 | ZhilaiTechnology | 21,377 | Fairvaluemeasurement | 86,491 | - | -3,818 | - | - | 1,332 | 82,673 |
| Domesticandoverseasstocks | GB00BLH1QT30 | Samarkand | 29,960 | Fairvaluemeasurement | 36,500 | - | -20,191 | - | - | - | 17,240 |
| Domesticandoverseasstocks | 00500 | FrontierServices | 133,503 | Fairvaluemeasurement | - | - | -54,081 | 127,635 | - | - | 76,887 |
| Total | 418,804 | --- | 241,936 | - | -21,147 | 127,635 | - | 3,151 | 359,584 | ||
| DisclosuredateofsecuritiesinvestmentapprovalBoardannouncement | N/A | ||||||||||
| DisclosuredateofsecuritiesinvestmentapprovalShareholdersMeetingannouncement | N/A | ||||||||||
Note:Theaccountingitemsoftheabovedomesticandoverseasstocksareall“investmentsinotherequityinstruments”,whicharefinancedbyself-ownfunds.
(2)InvestmentsinDerivatives
Unit:RMB’000
| Nameofderivativeinvestmentoperator | Related-partyrelationship | Related-partytransactions | Typeofderivatives | Initialinvestmentamount | Startingdate | Endingdate | Investmentamountatthebeginningofthereportingperiod | Amountofpurchaseinthereportingperiod | Amountofsalesinthereportingperiod | Amountofprovisionforimpairment(ifany) | Investmentamountattheendofthereportingperiod | ProportionofinvestmentamountattheendofthereportingperiodtonetassetsoftheCompany | Actualgains/lossesduringthereportingperiod |
| Bank | No | No | Foreignexchangeforwardcontracts | 1,340,000 | 2020/7/20 | 2023/7/24 | 1,274,620 | N/A | N/A | - | 1,340,000 | 1.42% | 7,831 |
| Bank | No | No | Foreignexchangeforwardcontracts | 1,005,000 | 2020/7/28 | 2023/7/24 | 955,965 | N/A | N/A | - | 1,005,000 | 1.06% | 5,873 |
| Bank | No | No | Foreignexchangeforwardcontracts | 1,005,000 | 2020/7/30 | 2023/7/24 | 955,965 | N/A | N/A | - | 1,005,000 | 1.06% | 5,873 |
| Total | 3,350,000 | --- | --- | 3,186,550 | N/A | N/A | - | 3,350,000 | 3.54% | 19,577 | |||
| Sourceoffunds | Self-ownedfunds | ||||||||||||
| Lawsuit(ifapplicable) | N/A | ||||||||||||
| DisclosuredateofderivativesinvestmentapprovalBoardannouncement(ifany) | March24,2020 | ||||||||||||
| DisclosuredateofderivativesinvestmentapprovalShareholdersMeetingannouncement(ifany) | N/A | ||||||||||||
| Riskanalysisandcontrolmeasuresforderivativesinvestmentduringthereportingperiod(includingbutnotlimitedtomarketrisk,liquidityrisk,creditrisk,operationalrisk,legalrisk,etc.) | (I)RiskanalysisTheforeignexchangehedgingbusinessiscarriedoutbytheCompanybasedontheprinciplesoflawfulness,prudence,safetyandeffectiveness,andnotforspeculativepurposes.Allforeignexchangehedgingtransactionsarederivedfromnormalcross-borderbusiness,butcertainrisksmayexistinforeignexchangehedgingtransactions.1.Marketrisk:TheforeignexchangehedgingbusinesscarriedoutbytheCompanyanditssubsidiariesmainlyinvolvesdailycross-borderintermodaltransportationfeesandinvestmentandfinancingactivitiesdenominatedinforeigncurrenciesrelatedtothemainbusiness.Theassociatedmarketriskrefertolosseswhichmayarisefromchangesinpriceofforeignexchangehedgingproductsduetofluctuationsinmarketpricesofunderlyingexchangeratesandinterestrates.2.Liquidityrisk:Sinceallforeignexchangehedgingbusinessisconductedthroughfinancialinstitutions,wearesubjecttotheriskofhavingtopayfeestobankscausedbyinsufficientliquidityinthemarket.3.Non-performancerisk:TheCompanyanditssubsidiariesconductforeignexchangehedgingbusinessmainlybasedoncashflow | ||||||||||||
| rollingforecastsforriskmanagement.Wearesubjecttotheriskthattheactualcashflowdeviatesfromforecast,resultinginfailuretofulfillobligationsunderrelevanthedgingcontractswhendue.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.The“Actualgains/lossesduringthereportingperiod”ofRMB19,577thousandintheabovetablereferstothegainorlossarisingfromthechangeinfairvalueofderivativefinancialinstrumentsfortheperiod. |
| ExplanationofwhethertheaccountingpoliciesandaccountingprinciplesoftheCompany’sderivativesduringthereportingperiodaresignificantlychangedcomparedwiththepreviousreportingperiod | No |
| OpinionsofindependentdirectorsontheCompany’sderivativesinvestmentandriskcontrol | TheindependentdirectorsbelievedthattheCompanyhadestablishedaninternalcontrolsystemforforeignexchangehedgingandeffectiveriskcontrolmeasuresinaccordancewiththerequirementsstipulatedbyrelevantlaws.UnderthepremiseofcomplyingwithnationallawsandregulationsandensuringthattheCompany’sdailyoperationwerenotaffected,theCompanyuseditsownfundstocarryoutforeignexchangehedgingwhenappropriate,whichwasconducivetopreventinginterestrateandexchangeraterisks,reducingtheimpactofinterestratefluctuationsontheCompany,inlinewiththeinterestsoftheCompanyandallshareholdersandwasnoharmtotheCompanyandallshareholders,especiallytheinterestsofminorityshareholders. |
5.UseofRaisedFunds
(1)DescriptionforoverallutilizationofRaisedFunds
Unit:RMB’000
| Year | Methodoffunding | Totalraisedfunds | Totalraisedfundsinvestedinthecurrentperiod | Accumulativeraisedfundsinvested(Note1) | Totalraisedfundswithusagealteredinthereportingperiod | Accumulativeraisedfundswithusagealtered | Proportionofaccumulativetotalraisedfundswithusagealtered | Totalunusedraisedfunds | Useandallocationofunusedraisedfunds | Raisedfundsidledforovertwoyears |
| 2021 | Non-publicOfferingofShares | 19,907,320 | 2,911,470 | 13,710,383 | - | - | - | 6,196,937 | ThebalanceofpurchasingstructuraldepositstoconductcashmanagementasidleRaisedFundswasRMB4,800,000thousand,andtheremainingunusedRaisedFundsweredepositedinaspecialaccount. | - |
| Total | -- | 19,907,320 | 2,911,470 | 13,710,383 | - | - | - | 6,196,937 | -- | - |
| DescriptionforoverallutilizationofRaisedFunds | ||||||||||
| Asof30June2022,theaccumulatedRaisedFundsusedforExpressDeliveryEquipmentAutomationUpgradeProjecttotaledRMB5,340,874thousand;thatusedfortheConstructionProjectofHubeiEzhouCivilAirportTransitCenterinHubeitotaledRMB978,928thousand;thatusedfortheConstructionProjectofDigital-intelligentSupplyChainSystemSolutiontotaledRMB1,863,716thousand;thatusedforLandTransportCapacityImprovementProjecttotaledRMB1,402,445thousand;thatusedforAviationMaterialsPurchasingandMaintenanceProjecttotaledRMB1,124,421thousand;andthatusedfortheReplenishmentofWorkingCapitaltotaledRMB3,000,000thousand. | ||||||||||
(2)StatementofcommittedinvestmentprojectsofRaisedFunds
Unit:RMB’000
| Committedinvestmentprojectsandallocationofover-raisedfunds | Whetherprojecthasbeen(orpartially)altered | Totalcommittedinvestmentbasedonraisedfunds | Totalinvestmentafteralteration(1) | Investmentduringthereportingperiod | Accumulativeinvestmentattheendoftheperiod(2) | Investmentprogressattheendoftheperiod(3)＝(2)/(1) | Dateofassetreadyforintendeduse | Benefitsachievedduringthereportingperiod | Whetherexpectedbenefitshavebeenachieved | Whetherfeasibilityofprojecthaschangedsignificantly |
| Committedinvestmentprojects | ||||||||||
| 1.ExpressDeliveryEquipmentAutomationUpgradeProject | No | 6,000,000 | 6,000,000 | 1,640,110 | 5,340,874 | 89.01% | 2023/12/31 | Note2 | Notapplicable | No |
| 2.NewConstruction | No | 4,000,000 | 4,000,000 | 34,463 | 978,928 | 24.47% | 2023/12/31 | Note3 | Not | No |
| ProjectofHubeiEzhouCivilAirportTransitCenter | applicable | |||||||||
| 3.ConstructionProjectofDigital-intelligentSupplyChainSystemSolution | No | 3,000,000 | 3,000,000 | 728,095 | 1,863,716 | 62.12% | 2023/12/31 | Note4 | Notapplicable | No |
| 4.LandTransportCapacityImprovementProject | No | 2,000,000 | 2,000,000 | 295,286 | 1,402,445 | 70.12% | 2023/12/31 | Note5 | Notapplicable | No |
| 5.AviationMaterialsPurchasingandMaintenanceProject | No | 1,907,320 | 1,907,320 | 213,515 | 1,124,421 | 58.95% | 2023/12/31 | Note6 | Notapplicable | No |
| 6.ReplenishmentofWorkingCapital | No | 3,000,000 | 3,000,000 | - | 3,000,000 | 100.00% | Notapplicable | Note7 | Notapplicable | No |
| Subtotalofcommittedinvestmentprojects | -- | 19,907,320 | 19,907,320 | 2,911,470 | 13,710,383 | -- | -- | -- | -- | |
| Allocationofover-raisedfunds | ||||||||||
| Notapplicable | ||||||||||
| Total | -- | 19,907,320 | 19,907,320 | 2,911,470 | 13,710,383 | -- | -- | -- | -- | |
| Statusofandreasonforplannedprogressorestimatedincomenotachieved(ofaspecificproject) | Notapplicable | |||||||||
| Significantchangesinthefeasibilityofprojects | Notapplicable | |||||||||
| Amount,usageanduseprogressofover-raisedFunds | Notapplicable | |||||||||
| ChangeinimplementationlocationofinvestmentprojectsofRaisedFunds | Notapplicable | |||||||||
| AdjustmenttoimplementationmethodofinvestmentprojectsofRaisedFunds | Notapplicable |
| UpfrontinvestmentandreplacementofinvestmentprojectsofRaisedFunds | Pursuanttotheresolutionofthe19thmeetingofthefifthBoardofDirectorsandthe17thmeetingofthefifthBoardofSupervisorson28October2021andtheexplicitconsentgivenbythesponsorinstitutions,theindependentdirectorsandtheBoardofSupervisors,theCompanyreplacedupfrontself-RaisedFundsofRMB6,338,458thousandinvestedintheExpressDeliveryEquipmentAutomationUpgradeProject,NewConstructionProjectofHubeiEzhouCivilAirportTransitCenter,ConstructionProjectofDigital-intelligentSupplyChainSystemSolution,LandTransportCapacityImprovementProjectandAviationMaterialsPurchasingandMaintenanceProjectwiththeRaisedFunds.Refertotheannouncement(No.2021-118)disclosedatthewebsiteofCNINFO(www.cninfo.com.cn)bytheCompanyon29October2021formoredetails. |
| SupplementingworkingcapitaltemporarilywithidleRaisedFunds | Notapplicable |
| BalancesoftheRaisedFundsduringtheprojectimplementationandthereasons | Notapplicable |
| UsageandallocationoftheunusedRaisedFund | TheunusedRaisedFundsoftheCompanyareinvestedintheExpressDeliveryEquipmentAutomationUpgradeProject,NewConstructionProjectofHubeiEzhouCivilAirportTransitCenter,ConstructionProjectofDigital-intelligentSupplyChainSystemSolution,LandTransportCapacityImprovementProject,andAviationMaterialsPurchasingandMaintenanceProjectascommitted.AllunusedRaisedFundsaredepositedinthespecialaccountforRaisedFundsattheCompany’ssupervisorybankoftheRaisedFunds.Inaddition,inordertoimprovetheyieldsoffunds,theCompanyusedpartoftheunusedRaisedFundstopurchasewealthmanagementproductswithguaranteedprincipalaccordingtotheProposalofUsingPartofIdleRaisedFundstoConductCashManagementapprovedby19thmeetingofthefifthBoardofDirectorsandthe17thmeetingofthefifthBoardofSupervisorson28October2021.Asof30June2022,theCompanydepositedunusedRaisedFundsofRMB4,800,000thousandasstructuraldeposits,anddepositedtheremainingRMB1,552,082thousandascurrentdeposits.Therewerenopledgedorcollateralizedcertificatesofdeposits,orotherrestrictionsonownershipanduserights. |
| DefectsandotherproblemsinutilizationanddisclosureoftheRaisedFunds | Notapplicable |
Note1:“AccumulativeRaisedFundsinvested”includesaccumulativeRaisedFundsinvestedandupfrontinvestmentreplacedafterthereceptionofRaisedFundsofRMB6,338,458thousand.Note2:TheprojectaimstoimprovetheCompany’stransshipmentoperationcapacityandefficiency,raisethestorageservicecapacityandquality,enhancethestabilityofthetransshipmentnetworkandstorageservicenetwork,andoptimizecustomerexperienceandsatisfaction,soastofurtherreinforcetheCompany’scorecompetitiveness.Thebenefitsachievedarenotdirectlyquantifiable.Note3:TheprojectaimstoimprovetheCompany’stransshipmentcapacityandoperationefficiency,reduceoveralloperatingcosts,andimprovetheflexibilityandstabilityofthecoretransshipmentnetworktolaythefoundationfortheCompany’slong-termbusinessexpansion.Thebenefitsachievedarenotdirectlyquantifiable.Note4:TheprojectaimstoenrichtheCompany’sdigital-intelligentsupplychainsystemsolutionsfordifferentindustries,effectivelyimprovetheCompany’sone-stopsupplychainserviceability,enhancecustomerengagement,andhelptheCompanybecomeatechnology-drivencomprehensivesupplychainsolutionprovider.Thebenefitsachievedarenotdirectlyquantifiable.Note5:TheprojectaimstoimprovetheCompany’smainandbranchlinetransportationcapacityandtheefficiencyofthe“lastkilometre”networkservice,enhancethesecurityofthetransportationnetwork,andstrengthentheCompany’scorecompetitivenessinexpressandlogisticsservices.Thebenefitsachievedarenotdirectlyquantifiable.Note6:ThisprojectaimstoguaranteethetransportsafetyandoperationefficiencyoftheCompany’sfleetandenhancethestabilityandsecurityoftheairtransportnetwork,inabidtoreinforcetheCompany’scorecompetitivenessincomprehensivelogisticsservices.Thebenefitsachievedarenotdirectlyquantifiable.Note7:ThisprojectaimstoenhancetheCompany’sfinancialstrengthandmeettheworkingcapitalrequirementaftergradualexpansionofmarketshareandoperationscale,whichisconducive
toimprovingtheanti-riskabilityoftheparentcompanyandservingthedevelopmentoftheCompany’smainbusinessandtherealizationoflong-termstrategy.Thebenefitsachievedarenotdirectlyquantifiable.
(3)StatementofAlteredInvestmentProjectsofRaisedFundsInthereportingperiod,therewerenoalteredinvestmentprojectsofRaisedFunds.
VII.SaleofSignificantAssetsandEquity
1.Saleofsignificantassets
□Applicable√NotapplicableInthereportingperiod,therewerenosignificantassetssold.
2.Saleofsignificantequity
□Applicable√Notapplicable
VIII.AnalysisofMajorHoldingandParticipatingCompaniesMajorsubsidiariesandequityparticipationcompaniesthataffecttheCompany’snetprofitbymorethan10%
Unit:RMB’000
| Companyname | Companytype | Primarybusiness | Registeredcapital | Totalassets | Netassets | Operatingincome | Operatingprofit | Netprofit |
| ShenzhenS.F.TaisenHolding(Group)Co.,Ltd. | Subsidiary | Investmentsinindustrialbusinesses,investmentconsultingandotherinformationconsulting,supplychainmanagement,assetmanagement,capitalmanagement,investmentmanagement,etc. | 2,010,000 | 66,647,611 | 33,388,381 | 2,436,594 | 392,310 | 279,531 |
(1)DescriptionofMajorHoldingandEquityParticipationCompaniesThenetprofitrealizedbyShenzhenS.F.TaisenHolding(Group)Co.,Ltd.fortheperiodwasmainlytheprofitgeneratedfromtheprimarybusiness.
(2)AcquisitionandDisposalofSubsidiariesDuringtheReportingPeriodFordetails,pleaserefertoNote5totheFinancialStatementsinChapter10.IX.StructuredEntitiesControlledbytheCompany
□Applicable√Notapplicable
X.Companyrisksandcountermeasures
1.MarketriskRiskofmacroeconomicfluctuations:Thelogisticsindustryplaysanimportantfundamentalroleinthedevelopmentofthenationaleconomybutitisalsosignificantlyaffectedbymacroeconomicconditions.Chinaisundergoingaperiodofeconomicstructuretransition,andthemacroeconomicisexpectedtomoveintoanewphaseofmedium-slowgrowth.Inaddition,theglobalsituationoftheCovid-19pandemicremainsuncertain,withoutbreaksinmultipleareasandmoreeffortsrequiredforitspreventionandcontrol,causinglocallogisticallockdownandsuspensioninChina.Thedemandforlogisticsservicewilldecreaseasaresultofreducedproductionandtradingunderlockdown,andlogisticsenterpriseswillalsoincurfull-linkdisinfectioncosts.ThecombinationeffectofaboveissuesmaybringacertainimpactontheoveralldevelopmentofChina’slogisticsindustryandtheperformanceoftheCompany.
Marketcompetitionrisk:Asthemaindrivingforceforexpressbusinessgrowth,thee-commercemarkethastransitionedfromtheexplosivedevelopmentphaseintonormal-levelsteadygrowth.Withthereductioninincrementalspace,thecompetitionofleadingexpressenterprisesmaybefiercerintheexistingmarkets.Tighterindustryregulation,competitionreturningtothenormallevelandlimitedspaceforcompetitiononpricespromptedmoreexpressenterprisestooffercomprehensivelogisticsservicesratherthanhomogeneousservicesandconductcompetitioninmorelogisticssegments.TheCompanyhasbeenforgingdifferentiatedcompetitiveadvantages,andprovidingacompleteproductmatrixinthediversifiedbusinessscope,butundertheimpactofmoreleadingexpressenterprisesgettinginvolvedinthecompetitioninsegments,iftheCompanycannotadjustoperatingstrategies,seizethemarketopportunitiesandmaintainitspositionastheleadingserviceproviderinatimelymanneronthegroundsofmarketchanges,itmayfacetheriskofslowingrevenuegrowthanddecliningmarketshare.Riskresponse:TheCompanykeepsaclosewatchonthemacroeconomicandthepandemicresponses,analysesitsimpactonourmainbusiness,andadjustsoperationstrategiesinatimelymannertominimizetheadverseimpactontheCompany’sbusinessandfuturedevelopment.TheCompanypayscloseattentiontoandstudiesindustrydevelopmenttrends,analysesthemarketcompetitionpatterns,anddeploysforward-lookingstrategicplanning.TheCompanyadherestothemultidimensionaldevelopmentofbusiness,constantlyimprovestheproductmatrixtoachieveadifferentiatedserviceexperience.TheCompanyalsodeeplyintegratesthebusinessfoundationinordertoachievetheresourcescomplementationandoptimizenetworkeffectiveness.Meanwhile,theCompanyattachesgreatimportancetoscienceandtechnologyinvestment,asitcouldempowerproductinnovation,improveservicequality,andconsolidatecorecompetitionbarriers,therebysupportingthelong-termsustainabledevelopmentoftheCompany’sbusiness.
2.Policyrisk
Riskarisingfromchangesinindustryregulationsandindustrialpolicies:Theoperationofexpressdeliveryrequiresbusinesslicensingandissubjecttoregulationbylaws,administrativerulesandindustrystandardssuchasthePostalLawofthePeople’sRepublicofChina(《中华人民共和国邮政法》),theAdministrativeMeasuresforExpressDeliveryBusinessLicensing(《快递业务经营许可管理办法》),theAdministrativeMeasuresforExpressDeliveryMarket(《快递市场管理办法》)andtheRulesforGuidingtheOperationofExpressDeliveryBusiness(《快递业务操作指导规范》).Withaviewtoeffectivelyregulatingthedevelopmentoftheexpressdeliveryindustryandenhancingservicequality,competentdepartmentsatvariouslevelssuccessivelyintroducedregulatorypoliciestoregulateindustrycompetitionandservicestandards.Particularemphasiswasplacedonhigh-qualitydevelopmentoftheindustry,callingonrelatedpartiestoprotectthelegitimaterightsandinterestsofcouriers,improvethesocialsecuritylevelofthecouriers,implementthemainresponsibilityofthecouriersandstandardizetheenterprisefranchiseandlabormanagement.Withthestrongerregulation,thecompliancecostandviolationriskoftheexpressdeliveryindustrymayincrease,whichmayhaveanimpactonthedevelopmenttrendandmarketcompetitionlandscapeoftheexpressdeliveryindustry,andmayaffectthefuturebusinessgrowthandperformanceoftheCompany.
Riskresponse:TheCompanyhasestablishedresearchteamsforstateandlocalpoliciesinallbusinessunitstoconductin-depthanalysisonrelevantpoliciesintroduced,fullycapitalizingonfavorablepolicieswhileavoidingpolicyrisksandgraspingindustrypoliciesandhencepromotingbusinessgrowth.Furthermore,theCompanyhasalwaysattachedimportancetotheguaranteeofrights
andinterestsofcouriers,continuallyimprovedthesocialsecuritylevelwhileboostingtheirefficiencyandreducingworkinghourstoraisetheirincomethroughtechnologyempowerment.Riskfromrelevantstatepoliciesonenvironmentalprotection,energyconservationandemissionreduction:ChinahasundertakenthatitwillstrivetoreachthepeakofCO
emissionsby2030andachievecarbonneutralityby2060.ItisforeseeablethatChinawillissuesubsequentpoliciesonenvironmentalprotection,energyconservationandemissionreduction.Suchpoliciestobereleasedmayaffecttheserviceandoperationpatternofexpressdeliverycompanies,andmayleadtoincreasedexpensesinrelevantaspectssuchasenvironmentalprotection,energyconservationandemissionreductionincurredbyexpressdeliverycompanies,whichwillposeadverseeffectonthefutureperformanceoftheCompany.Meanwhile,ifcompaniesfailtofulfilltheirgreenenvironmentalobligationsinaccordancewiththelaws,theywillnotonlybeliabletotherelevantlegalobligation,butalsoimpairtheirsocialimages.
Riskresponse:TheCompanytookintoaccounttheexternalenvironmentandpolicychangesaswellastookakeeninsightintothedevelopmenttrendoftheindustry,soastosteerthedirectionoftheindustryandimplementtheforward-lookingdeploymentandadjustment.TheCompanypaidattentiontoitsownimpactsontheenvironment,thereforeformulatingthe“SFHolding’sWhitePaperforCarbonEmissionTarget2021”(《顺丰控股碳目标白皮书2021》).Leveragingtechnologicalstrengthsuchasartificialintelligenceandbigdata,theCompanyadjustedtheenergyconsumptionstructure,upgradedtransportationandbusinessmodels,andthenpromotedthegreenandlow-carbonreform.
3.Businessrisk
Riskofpossiblerisingcosts:Theexpressandlogisticsindustryisalabor-intensiveindustry.Therearerelativelylargedemandsforlaboralongvariousstagesofoperationsuchascollection,sorting,transportationanddelivery.WiththereductionindemographicdividendinChina,therearecertainpressuresonrisinglaborcostswhileinvestmentsinlogisticsinfrastructuresandotheraspectsalsoincrease.IftheCompanycannotsecureenoughbusinessvolumeoreffectivelycontrolcostsinthefuture,itwillprobablyfacechallengesinitsearningsgrowth.
Riskresponse:TheCompanyhasimproveditslogisticsfoundation,innovatedsystemtools,includingbringingtheentirelogisticsprocessonlineintellectualization,improvingtransitdepots’automation,optimizingrouteplanning,usingscientificandtechnologicalmeanstoenhanceefficiencyandreducemanpowerinvestmentandlaborcosts,graduallyachievingtransformationoftheexpressdeliveryindustryfromalabor-intensiveindustrytoatechnologyintensiveindustry.Meanwhile,theCompanyalsocontinuestoreviewandoptimizeresourceinvestedinallbusinessunitstoenhancethesynergyandreuseofresourcesandenhancecostefficiency.Therearealsoeconomiesofscaleinthelogisticsindustry.Intheearlyprocessofbusinessexpansionandnetworkbuilding,thepredictiveinvestmentisneededforlogisticsinfrastructures,whichisconducivetocreatinglong-termcorecompetitivenessoftheCompany.Withgrowingbusinessandthein-depthintegrationofbusinessfoundation,theCompanywillgraduallyobtaineconomiesofscale.
Riskfromfuelpricefluctuation:Transportationcostisoneofthemajorcostsoftheexpressdeliveryindustry,andfuelcostisanimportantcomponentoftransportationcost.Fluctuationoffuelpricewillhaveacertainimpactontheprofitabilityofexpressdeliverycompanies.Sincethisyear,undertheinfluenceofgeopolitics,theinternationalpriceofcrudeoilremainshigh,makingthepriceofdomesticrefinedoilproducthitsafive-yearhigh.Ifthepricecontinuestorise,theCompanywillexperiencepressureofincreasedcosts.
Riskresponse:TheCompanyhasimprovedthenetworkplanningandintegratelandtransportresourcesthroughthereformofoperatingmodels,soastoenhancescientificrouteplanning,reduceinefficientroutes，andimprovetheloadingrateofself-operatedvehicles;Further,theCompanywillstrengthenpromotionforuseofnewenergyvehiclestoreducetheriskoffuelpricefluctuationstoacertainextent.Meanwhile,theCompanyalsohaswell-establishedoperationandcostmonitoringmechanismsinplace.Whencostsfluctuatesignificantly,operationplansandfuelcostcontrolmeasureswillbedynamicallyadjusted.TheCompanyalsocomprehensivelyevaluatesandexploresmechanismsforchargingappropriatefuelsurchargesaroundspecificproductsbasedonoilpricefluctuations,therebyreducingthenegativeimpactoffuelcostfluctuationsontheCompany.
Riskfrominternationaloperation:WiththedevelopmentoftheCompany’sinternationalbusiness,especiallyafterthetie-up
withKerryLogistics,theproportionofinternationalbusinesshasexpandedrapidly,andthenumberofcountriescoveredbyserviceshasincreased.InternationallogisticsservicerelyingoninternationaltradeissubjecttotheimpactofCovid-19,traderelationsandotherunpredictablefactors.Theglobaleconomicdevelopment,geopolitics,nationalrelationships,internationaltradeandtaxpolicieshaveexperiencedunpredictablechangesandtherearemanyuncertaintiesoninternationaltrade,includingdrasticpricefluctuationsofthetransportationcapacityofinternationalroutes,stableoperationcapabilityinsomecountriesandregionswherebusinesshasbeensetupandsoon,whichbringchallengestotheCompany’soperation.IftheCompanyfailstotakeeffectivemeasurestodealwiththis,itmayhaveanadverseimpactontheCompany’sinternationalbusinessdevelopment.
Riskresponse:InthecourseoftheCompany’sbusinessdevelopment,wecontinuetotrackandstudychangesintradepolicies,closelymonitorthemarketdynamicsandadjustourstrategiesforinternationalbusinessoperationinatimelymanner;activelyexploreinternationaltransportationresourcesintermsofthesea,land,airandrail,strengthenthemonitoringofoperationnetwork,andmakeeveryefforttoensurestableandefficientcross-borderservices.Meanwhile,theCompanyincreasestheinvestmentinscientificandtechnologicalresources,promotestheconstructionofinternationalbusinessinformatization,andfacilitatestomakeoperationaldecisionsinanefficientmanner.
4.Exchangeratefluctuationrisk
Exchangeratefluctuationrisk:Asitsoverseasoperationsexpand,businessesdenominatedinforeigncurrenciesaresettoaccountforanincreasingshareofourtotalbusinessvolume.GiventheuncertaintiesintheinternationalfinancialenvironmentandfluctuationsinRMB’sexchangerates,theCompany’sforeign-currencyassets,foreign-currencyliabilitiesandfutureforeign-currencytransactionswillallbesubjecttofluctuationsinexchangerates,whichwillinturnaffecttheCompany’sbusinessperformanceorfinancialstatements.
Riskresponse:TheCompany’sforeignexchangetransactionsaremainlyconductedbasedontheactualneedsofitscross-borderforeign-currencybusinesses.Toavoidandguardagainstrisksassociatedwithfluctuationsinexchangeratesandinterestrates,bettermanageitsforeigncurrencypositionsandbecomemorecompetitive,theCompanyhasestablishedtheManagementPoliciesforForeignExchangeRisks(《外汇风险管理制度》),andconductedcentralizedmanagementofforeigncurrencypositions,underwhichitdecidesexpenditurebasedonrevenue,implementsnetting,maturitymatching,andnaturalhedgingtoavoidforeignexchangeriskinadvancewhereverpossible.Italsousesfinancialderivativesandhedginginstrumentswithlowdefaultrisksandcontrollableriskstolockinthecostsofexchangerateandinterestrateandavoidexchangerateandinterestraterisks.AlltheCompany’shedgingtransactionsareconductedinstrictcompliancewiththerelevanthedgingprinciples,andarebasedonournormalproductionandbusinessactivitiesandjustifiedwithactualbusinessoperations.Allthetransactionsarecarriedoutforthepurposeoflockingincostsandavoidingrisks.TheCompanydoesnottradeforspeculativepurposes,andoperateswithinitsauthoritytoensureeffectiveexecutionandreducetheimpactofexchangeratefluctuationsonitsoperationandearnings.Intermsoftransactioncounterpartyselection,theCompanyconductsforeignexchangehedgingtransactionswithonlylargeandestablishedcommercialbanksathomeandabroad,andallsuchtransactionsconformtotheprinciplesoflegality,prudence,safetyandeffectiveness.Inaddition,theCompanywillstepupeffortstostudyandanalyzeexchangeratesandinterestrates,closelymonitorchangesintheglobalmarkets,issueearlywarningsintime,andtakecountermeasuresaccordingly.
5.Informationsystemrisk
Informationsystemrisk:TocopewithbusinessdiversificationattheCompanyandthecomplexanddiverseneedsofcustomers,theCompanyhasbuiltandappliedvariousinformationsystemsandtechnologies.RapiddevelopmentoftheindustryandtheevolvingmarketplacealsoposechallengeofrapidchangeintechnologyandservicesontheconstructionofcorebusinesssystemsoftheCompany.WiththewidevarietyandrapidreplacementofprofessionaltechnologiesintheCompany,alongwithemergingnewtechnologies,changesininformationtechnologyandfuturebusinessrequirementsmaycausecertaininformationsystemrisks.Meanwhile,althoughtheseriesofinformationsecuritymanagementandcontrolmechanismshavebeenestablisheddrawingonthesubstantialamountofdataaccumulatedovertheyearsbytheCompany,therestillexistscertainhumanorsystemcausedinformationsecurityrisks.Inaddition,asthetop-levellawsrelatedtodatasecurityandpersonalinformationprotectionareintroduced,andemployees’andusers’awarenessofprivacyprotectionhasenhanced,theregulatorshavesethigherandstricterrequirementsforthe
standardizationofdataprocessor,especiallypersonalinformationprocessingactivities.However,companieswithdelugeofpersonalinformationarealsoinevitablyfacingprivacycompliancerisks.Riskresponse:TheCompanyhasformulatedcomprehensiveresponsemeasuresoverinformationsystemrisks.Firstly,theCompanycontinuestocarryoutoperationandoptimizationoftheISO27001informationsecuritymanagementsystemandtheISO27701privacyinformationmanagementsystem.TheCompanyimplementsinformationsecuritycontrolandprotectioninallaspectsaccordingtoestablishedpoliciesandstrategiesforinformationsecurity,andcontinuouslyupdatesallproceduresandsystemsforinformationsecurity.Itcontinuouslyreinforcesriskawarenessamongstaffmembers,conductsstafftrainingonoperationstandards,developsinternalinformationcirculationguidelines,implementsrulesofstrongcontroloversensitiveinformation,avoidsunintentionalviolations,andconstructsmonitoringandpre-warningandresponsesystemsforabnormalbehaviors,soastoeliminateinformationsystemsecurityrisksintheirinfancy.
Secondly,accordingtorequirementsofregulatoryauthorities,theCompanyhascarriedoutmulti-levelnetworksecurityassessmentofinformationsystems.Basedonhighstandardsoftechnologyprotectionrequirements,itconductscontinuousandregularsecurityinterventioninthebusinesssystemconstructionphasetobuildontheanti-securityattackcapabilitiesofclientserviceproductsandourownbusinesssystems.Duringtheoperationoftheinformationsystem,ithasestablishedthesecuritycapabilitybaseline(measurablecyberspacesecuritycapabilityevaluation),safeoperationcapability(situationalawarenessofprivacydatarisks,MTTDandMTTRindicatorsbasedonoffensiveanddefensiveconfrontations),DevOpssecuritycapability(DevSecOpsprocessandtoolchain),andsecurityecologycapability(externalperceptionandlinkedstoploss)toenhancethecapabilityoftheITinfrastructurestodiscoveranddefendagainstcybersecurityattacks.Moreover,theCompanyhasestablishedamorecomprehensivesystemforpreventionandcontrolofinformationrisks,formulatedstandardprocessessuchastheMajorEventManagementProcessSystemforITSystem(《IT系统重大事件管理流程制度》)andtheManagementGuidelinesforEmergencyPlanFormulationandImplementationofITSystem(《IT系统应急预案制定与执行管理指引》)toimplementclosed-loopriskpreventionandcontrolviapre-warning,in-processcontrolandpost-recording.
Lastly,withaviewtoeliminatingprivacycompliancerisks,reducingpotentialbusinessloss,fulfillingtheresponsibilitiesofdataprocessors,effectivelyprotectingthebenefitsofusersandemployees,andcreatingapositiveimageofSF’spersonalinformationprotection,theCompanyactedincompliancewiththeGDPR,andassessedprivacycomplianceofitsapps,implementedmultiplespecialprogramsconcerningpublicityandtrainingonprivacycomplianceaftertheDataSecurityLaw(《数据安全法》)andPersonalInformationProtectionLaw(《个人信息保护法》)werepromulgated,andcontinuouslyandsteadilyconductssecurityinterventionduringpersonalinformationprocessingandbusinesssystembuildingactivities,withhighstandardsofprivacycompliancerequirementsenforced,soastoenhancetheabilitytoresistsecurityattacksonpersonalinformationprotectionandbusinesssystem.Additionally,theCompanyhasactivelycooperatedwithNationalDevelopmentandReformCommission,StatePostBureauofThePeople’sRepublicofChinaandalllevelsofpublicsecuritydepartmentstocombatbehaviorssuchasdarkindustryproductionandspeculation,hasactivelyparticipatedintheformulationandreviewofvariousinformationsecuritystandardsoftheNationalInformationSecurityStandardizationTechnicalCommittee,andpilotworkforimplementationofpolicies,hasregularlyheldsecuritysummitsandsecuritysalonstofacilitateinformationsharingwithindustryleadersandindustryelites;andhasestablishedalliancepartnershipandcooperationwithinformationsecurityteamsofwell-knownInternetande-commercecompaniesforthejointconstructionofasafeandorderlycyberspace.
Chapter4CorporateGovernance
I.DetailsabouttheAnnualShareholders’GeneralMeetingandExtraordinaryShareholders’GeneralMeetingsHeldduringthereportingperiod
1.Detailsabouttheshareholders’generalmeetingduringthereportingperiod
| Meeting | MeetingType | InvestorParticipation% | DateConvened | DisclosureDate | MeetingResolutions |
| FirstExtraordinaryGeneralMeetingofShareholdersof2022 | ExtraordinaryGeneralMeeting | 65.48% | February11,2022 | February12,2022 | “AnnouncementonResolutionsoftheFirstExtraordinaryGeneralMeetingof2022”disclosedbytheCompanyonCninfo(www.cninfo.com.cn) |
| 2021AnnualGeneralMeeting | AnnualGeneralMeeting | 65.28% | April29,2022 | April30,2022 | “Announcementon2021AnnualGeneralMeetingResolutions”disclosedbytheCompanyonCninfo(www.cninfo.com.cn) |
| SecondExtraordinaryGeneralMeetingofShareholdersof2022 | ExtraordinaryGeneralMeeting | 64.59% | May17,2022 | May18,2022 | “AnnouncementonResolutionsoftheSecondExtraordinaryGeneralMeetingof2022”disclosedbytheCompanyonCninfo(www.cninfo.com.cn) |
2.ExtraordinaryShareholders’GeneralMeetingrequestedbythepreferredshareholderwithrestitutionofvotingright
□Applicable√Notapplicable
II.ChangesofDirectors,SupervisorsandSeniorExecutives
□Applicable√NotapplicableTheCompanydidn’tchangedirectors,supervisorsandseniorexecutivesduringthereportingperiod.PleaserefertotheCompany’s2021AnnualReportfordetails.III.ProfitDistribution&IncreaseofShareCapitalduetoConversionofEquityReservesduringtheReportingPeriod
□Applicable√NotapplicableTheCompanydoesnotplantoissuecashorequitydividends,nortoconvertequityreservesintosharecapitaloftheCompany.IV.ExecutionofStockIncentivePlan,EmployeeShareOwnershipPlan,orOtherEmployeeIncentives
√Applicable□Notapplicable
1.StockIncentivePlan
Inordertofurtherimprovethecorporategovernancestructure,establishasoundincentiveandrestraintmechanism,attractandretainoutstandingtalents,andfullymotivatethepassionofcorepersonnel,theCompanyimplementedthe2022StockOptionIncentivePlanduringthereportingperiodasapprovedbytheSecondExtraordinaryGeneralMeetingofShareholdersof2022.Stockoptionsproposedtobegrantedunderthisincentiveplanshallnotexceed60millionsharesandtheexercisepriceshallbeRMB42.61pershare.Amongthem,thenumberofstockoptionstobefirstlygrantedshallbe49.8591million,withvestedparticipantsnotexceeding1,471.
OnMay30,2022,the“ResolutiononRelevantMattersofAdjustingtheCompany's2022StockOptionIncentivePlan”andthe“ResolutionontheFirstGrantofStockOptionstoParticipantsofthe2022StockOptionIncentivePlan”wereconsideredandpassedatthe25thmeetingofthefifthBoardofDirectorsandthe21stmeetingofthefifthBoardofSupervisorsoftheCompany,respectively.Asnineparticipantshaveresigned,theBoardofDirectorsoftheCompanyadjustedthenumberofparticipantsforthefirstgrantfrom1,471peopleto1,462people,andthenumberoffirstgrantofstockoptionsfrom49.8591millionto48.9556million.TheBoarddeterminedMay30,2022asthefirstgrantdate.
Duringtheregistrationofstockoptions,13participantswaivedanaggregateof1,063,500stockoptionstobegrantedbytheCompanyduetoresignationandotherreasons.Thetotalnumberofparticipantsofthefirstgrantwasadjustedfrom1,462peopleto1,449people,whilethenumberofstockoptionstobefirstlygrantedwasadjustedfrom48.9556millionto47.8921million.OnJuly4,2022,theCompanycompletedtheregistrationofthefirstgrantofthe2022StockOptionIncentivePlan.TheabbreviationofsuchstockoptionisSFJLC1,andthecodeofthestockoptionis037259.
TheCompanyhasdisclosedtheparticularsrelatedtothisStockIncentivePlanonCninfo(www.cninfo.com.cn).Forthedisclosureindex,pleaseseethefollowingtable:
| Announcement | DisclosureDate | DisclosureWebsite |
| 2022StockOptionIncentivePlan(Draft) | April29,2022 | Cninfowebsite(www.cninfo.com.cn) |
| Summaryof2022StockOptionIncentivePlan(Draft) | April29,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AssessmentandManagementMeasuresfortheImplementationof2022StockOptionIncentivePlan | April29,2022 | Cninfowebsite(www.cninfo.com.cn) |
| NotificationonandReviewOpinionsoftheSupervisoryCommitteeontheListofPartialParticipantsfortheFirstGrantof2022StockOptionIncentivePlan | May11,2022 | Cninfowebsite(www.cninfo.com.cn) |
| TheSelf-inspectionReportonInsiderandParticipantsof2022StockOptionIncentivePlanoftheCompany | May18,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonRelevantMattersofAdjustingtheCompany's2022StockOptionIncentivePlan | June1,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonFirstGrantofStockOptionstoParticipantsunder2022StockOptionIncentivePlan | June1,2022 | Cninfowebsite(www.cninfo.com.cn) |
| VerificationOpinionsoftheSupervisoryCommitteeontheListofParticipantsfortheFirstGrantof2022StockOptionIncentivePlan(GrantDate) | June1,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonCompletionofRegistrationfortheFirstGrantof2022StockOptionIncentivePlan | July5,2022 | Cninfowebsite(www.cninfo.com.cn) |
2.Implementationoftheemployeeshareownershipplan
□Applicable√Notapplicable
3.Otheremployeeincentives
□Applicable√Notapplicable
Chapter5EnvironmentalandSocialResponsibilities
I.EnvironmentalProtection
ThelistedcompanyanditssubsidiariesarenotthemajorpollutantdischargeentitiesannouncedbytheMinistryofEcologyandEnvironment.Measurestakentoreducecarbonemissionsanditseffects
SFisdeeplyawareofthesignificanceofgreenpractices.Asanenterprisewithasenseofsocialresponsibility,SFhasbeencommittedtobuildingsustainablelogisticssupplychainservices.Wehopetosetagoodexampleandhaveapositiveinfluenceontheentireindustryandeventheentiresocietythroughtheoptimizationandtransformationofcorporateoperations.Basedonourpastcarbonreductionachievements,wepublishedthefirstCarbonTargetWhitePaperintheindustryonWorldEnvironmentDay,5June2021.Wetakeactionsintransportation,distribution,packagingandotheraspectstopromotethegreenrevolution.WithoutstandingachievementsinESGfield,SFisrankedinthefirstChinaESGInfluenceListin2022releasedby《Fortune》onAugust23.
1.Promotinglow-carbontransportation
SFhasimprovedthestructureoftransportationvehiclefleetsbyintroducingnewenergyvehiclesandreplacingfuelvehiclesandestablishedplatformtosystematicallymonitortheenergyconsumptionofvehicles.Leveragingbigdata,cloudcomputingandothertechnologies,wehaveoptimizedtransportroutestograduallypromoteenergyconservationandemissionreductionintransportation.
TheCompanyincreasedtheinvestmentandutilizationofnewenergyvehicleswithvariousmethods.Wecollaboratewithpartnerstoexploreanefficientoperationmechanismfornewenergytransportationvehicles,strivingtoincreaseenergyefficiencyintransportationandreducetheimpactontheenvironment.Thetransportationscenariosofnewenergyvehiclesmainlycovershort-distancebranchroutes,connectionandterminalcollectionanddeliverywithinacity,aswellasthefirst-levelandsecond-leveltrunktransportationacrossprovincesandcities.BytheendofJune2022,SFhadintroducedmorethan22,000newenergyvehicles,covering215cities.Forlong-distancetransportationandtransportationincoldnorthernregions,theCompanyhasintroducedhydrogenfuelvehiclesandliquefiednaturalgas(LNG)vehiclesasapilotprogram.Atpresent,wehaveatotalof20hydrogen-poweredlighttrucksoperatinginShanghaiandtwoLNG-poweredtractorsoperatinginBeijing.
2.Buildingagreenindustrialpark
SFiscommittedtobuildingagreenindustrialpark.Throughbuildingphotovoltaicpowerplants,improvingwarehouselayoutandothermeasures,weendeavortoincreasedistributionefficiencyandenergyefficiencyandreducedtheimpactoflogisticdistributionontheenvironment.TheCompanycontinuedtoincreasetheuseofcleanenergyandactivelymadearrangementsforrenewableenergygenerationprogram.Bytheendofthefirsthalfof2022,theconstructionofrooftopphotovoltaicpowerstationsinnineindustrialparkshadbeencompleted,withatotalofmorethan13MWinstalledcapacityandmorethan10millionkWhannualenergygeneration.
3.Puttingsustainablepackagingintopractice
SFcontinuedtoestablishanexpresspackagerecyclingecosystemandactivelycooperatedwiththeupstreamanddownstreamindustrialchainstojointlypromotethedevelopmentofsustainablepackaging.Byengagingalllinksfrompackagingmaterialmanufacturerstologisticsenterprises,fromconsumerstorecyclingenterprises,therecyclingofgreenpackagingwaspromotedintheentiresociety,andthegreenR&Dandgreenoperationwerepracticedinthefulllife-cycleofrecyclingpackage.
Reductionofpackagingmaterialconsumption:Expresspackagingisanimportantlinkfortheemissionreductionthroughouttheentirelogisticschain.SFcontinuouslypromotedtheimplementationofthegreenpackagingplan.Werefinedtheinstructionsofpackagingoperationfordifferenttypesofcontent,andenforcedtherequirementsofgreenpackaging.Wealsoconducted
consumptionminimization-orientedstandardizedandscenario-orientedinnovativeR&Dofeightcategoriesofmaterialssuchasplasticbags,adhesivepaper,stickersandseals.Inthefirsthalfof2022,atotalofabout23,000tonsofrawpaperwassavedandabout75,000tonsofplasticwassaved.Theoperationrationofstandardpackagingratereached99%.Recyclingpackage:SFprovidedcustomersinsideandoutsidetheindustrywithintegratedrecyclingpackagingsolutionthroughtherecyclingpackagingandcarrieroperationmanagementplatform,andusedvariousfully-developedproductssuchasconfidentialtransportboxes,airportrecyclingboxes,fragilegoodsrecyclingtransferboxes,foodrecyclingboxesandsolarphotovoltaicpanelrecyclingpackagingfordifferentscenarios.Inthefirsthalfof2022,1.2millioncarbon-neutralrecyclingboxes(π-box)wereused,realizingover12millioncycles.
4.PromotinggreentechnologypracticesThroughtheforward-lookingdeploymentinfieldsoffrontiertechnologiessuchasartificialintelligence,bigdata,robotics,InternetofThings,logisticmapandsmartpackagingandthecombinationofnewenergyapplications,SFharnessedthepoweroftechnologythroughouttheentirelifecycleofeachexpressparceltosupportqualityandefficiencyimprovementandcarbonemissionreductionthroughtheentireprocessof“collection,distribution,transportationanddelivery”.
Intheprocessofcollectionanddelivery,SFexpandedthescopeofdeliveryandprovidedefficient,economicalandlow-carbonlogisticsservicesbyusingself-developedlargeandsmalldronesandsmartdronetechnology.Intheprocessofdistribution,SFoptimallyallocatedstorageresourcesandintroducedafullyautomatedsortingandsitemanagementsystembasedonbigdatatoincreasestorage,transferandenergyefficiency.Intheprocessoftransportation,SFusedintelligentmapstoplantransportationroutesandadoptedintelligentalgorithmtoprovideoptimumroutesbasedontimelinessanddistance.Inaddition,theCompanyintegratedfreightroutesandtransportationcapacityresources,enabledtheaccuratematchingbetweenvehiclesandgoodsandimprovedlandtransportationefficiencybasedonbigdataanalyticsanddeeplearningtechnologies.
SFpromotedthegreenandlow-carbontransformationwiththepoweroftechnologyandalsointendedtoextendthegreenvaluetothesupplychain.Inaddition,weadvocatedandcooperatedwithupstreamanddownstreampartnerstospeedupthelow-carbontransformation,taketheresponsibilitytoprotectourplanet,realizegreendevelopmentandbuildazero-carbonfuture.
Ⅱ.SocialResponsibilities
Empoweringruralrevitalizationthroughindustryservices:SFisthefirstdomesticlogisticscompanytodeliverfreshagriculturalproductsdirectlyfromfarmerstourbanconsumersintheformofexpressdelivery.Accordingly,wehaveestablishedabusinessmodelfrom“field”to“mouth”.Foralongtime,alargenumberofhigh-qualityagriculturalproductshaveencounteredproblemsinthedeliveryprocesssuchaseasytodamage,difficultyinpackaging,prolongedtransportationprocess,andinabilitytoformlargescale.Farmershavealsoencounteredproblemsinmarketingprocesssuchasfewchannels,singleform,hardtofindlargequantityofcustomers,andinabilitytohavebrandeffect.Overtime,theyarehardtoincreasetheirincome,nottomentiontheprofitabilityoftheiragriculturalproducts.SFadheredtotheconceptofdistributinggood-qualityagriculturalproductsacrossthecountryandpromotingbetterbrandsofagriculturalproducts.
Throughtheconstructionofcollectionoutletsofagriculturalproductsinthefield,R&Dinvestmentinmobilesortingvehiclestoadapttosmall-batchallocation,constructionoffreshproducts’pretreatmentcentersclosetotheplaceoforigin,tailoreddesignforthepackagingofvariousfreshproducts,deploymentofspecializedrefrigeratedvehiclesduringtheharvestseasonofcharacteristicagriculturalproducts,exclusiveall-cargoaircrafts,andothertransportationresources,SFcontinuedtorefreshthedeliveryspeedofagriculturalproductsincirculations,andtoinnovatefresh-preservingmethodsindeliveryprocesses,helpingfarmerstotransportqualityagriculturalproductsoutofthemountain,tothetablesofthousandsofhouseholds.
Witharobustlogisticsnetwork,top-notchpackagingtechnology,andsuperiordeliverycapability,SFovercameeachthornycategoryoftransportation,includinghairycrabs,beefandmutton,livefish,seafood,lychee,strawberry,peach,matsutake,etc.,to
realizeadirectdeliverymodelwithChinesecharacteristicsandnationwidecoverage.SFiscommittedtodiversifyingtherangeofitsservicesandbusinessscenariosthroughinnovativelogisticsmodels,efficiencyenhancementandcostreduction,andmarketpricing.Theyear2022marksthecomprehensivepromotionofruralrevitalization.Inordertoactivelysupportthenationalstrategy,SFhascontinuouslyconsolidatedandexpandedtheintegrationofeffectivepovertyalleviationeffortsandruralrevitalization.Inadditiontoprovidingefficientlogisticsanddistribution,SFhasactivelyassistedlocalgovernmentsinbuildingregionalagriculturalbrandstomakemoreagriculturalproductsknowntoconsumers.AndSFestablishedaspecialfundsubsidymechanismforpackagingmaterialcustomizationofregionalbrandswithaninvestmentofRMB3million.Bytheendofthefirsthalfof2022,SFhadassisted13regionalagriculturalbrandswiththeirbrandbuilding,generatinganincomeofaboutRMB30millionforlocalfarmers.Andweprovidedanarrayoftechnicalservicessuchastraceabilityandresiduetestingofagriculturalproductstosupportruralrevitalization,allowingtheChinesepublictoknow,taste,andrecognizemorelocalbrandsofcharacteristicagriculturalproducts.Uptonow,theupstreamservicenetworkofagriculturalproductsassistedbySFhascoveredmorethan2,800citiesandmorethan4,000freshproductsacrossthecountry.Inthefirsthalfof2022,SFdelivered1.87milliontonnesand335milliondeliveriesofcharacteristicagriculturalproducts,generatinganestimatedincomeofnearlyRMB50billionforlocalfarmers.
Inaddition,SFactivelyexploredthemodelof“Deliveringexpressparcelstoruralareas”,promotedtheestablishmentofanintensivemodethrough“cooperationbetweenChinaPostandprivatecouriers,cooperationbetweenprivatecouriers,cooperationbetweenpublictransportcompaniesandprivatecouriers”andsupportedtheconstructionofruralthree-levellogisticsco-distributionservicenetwork.Bytheendofthefirsthalfof2022,152,000terminaloutletshadbeenbuilt,anincreaseof18.3%year-on-year.Thecoveragerateofvillagesandtownsincreasedby0.6percentagepointscomparedwiththesameperiodlastyear.Thedailyvolumeofparcelshandledwas1.5millionpieces.Withhigh-densityandhigh-permeabilitystationsinvillagesandtowns,theaveragecustomerpickupdistancedecreasedby8.4km.Wealsosupportedtheonlinesalesofagriculturalproductsandhelpedenablefarmerstoenjoymoreconvenientexpressserviceswithinvillages.
Chapter6SignificantEvents
I.CommitmentsmadebytheCompany’sactualcontrollers,shareholders,relatedparties,purchasers,andothersthatwerefulfilledduringthereportingperiodandthosenotfulfilledasoftheendofthereportingperiod
| Commitment | Commitmentmadeby | CommitmentType | CommitmentDetails | Commitment-makingDate | CommitmentPeriod | FulfillmentStatus |
| Commitmentsonnon-publicoffering | WangWei,LinZheying,ZhangYichen,DengWeidong,LiuChengwei,LoSaiLai,ChanFei,ZhouZhonghui,JinLi,DickyPeterYip,ChowWingKinAnthony,LiSheng,XuZhijun,GanLing,alldirectorsorseniorexecutivesoftheCompany | CommitmentsontheCompanyforthedueperformanceoftheremediesforthedilutionofimmediatereturn | 1.ImakeacommitmentthatIwillnottransferintereststootherinstitutionsorindividualswithoutconsiderationorunderunfairconditions,ordamagetheinterestsofthelistedcompanyotherwise;2.ImakeacommitmentthatIwillrefrainfrommyposition-relatedconsumption;3.ImakeacommitmentthatIwillnotengageininvestmentorbeinvolvedinconsumptionwithusingthelistedcompany’sassetsifitisunrelatedtothedischargingofmyduties;4.ImakeacommitmentthatIwillsparenoeffortstoensurethattheremunerationpoliciesdevelopedbytheBoardortheRemunerationandAppraisalCommitteeoftheCompanyareinlinewiththeimplementationoftheremediesforthereturntakenbythelistedcompanywithinthescopeofmydutiesandauthorities;5.ImakeacommitmentthatIwillsparenoeffortstoensurethattheexerciseconditionsofthestockoptionincentivesthattheCompanyproposestoannounceareinlinewiththeimplementationoftheremediesforthereturntakenbythelistedcompany;6.If,afterthiscommitmentmade,theregulatoryauthoritiesmakeotherrequirementsinrelationtotheprovisionsofremediesforthereturnandmycommitment,andiftheabovecommitmentscannotmeettherelevantrequirementsoftheregulatoryauthorities,Iundertaketoissuesupplementarycommitmentsatthattimeinaccordancewiththerelevantregulations.7.Iundertaketostrictlyimplementtheaforementionedcommitments.Incaseofviolationofthesecommitments,Iwillindemnifythelistedcompanyorinvestorsinrespectofanylossesincurredinaccordancewithlaws. | February8,2021 | February8,2021-May18,2022 | Fulfilled |
| MingdeHolding,WangWei | CommitmentsontheCompanyforthedueperformanceoftheremediesfor | Thecompany/Iguarantees/guaranteethatit/Ishallnotoverstepits/myauthoritytointerveneinthemanagementactivitiesofthelistedcompanyorappropriatethelistedcompany’sinterests.Asoneofthemainentitiesresponsiblefortheremedialmeasuresforthereturn,intheeventthatthecompany/Ibreaches/breach,orrefuses/refuseto | February8,2021 | February8,2021-May18,2022 | Fulfilled |
| thedilutionofimmediatereturn | implementtheabove-mentionedcommitments,thecompany/Igives/giveconsentthattherelevantpenaltiesorrelevantadministrativemeasuresshallbeimposedbysecuritiesregulatoryagenciesincludingtheCSRCandShenzhenStockExchangeinaccordancewiththerelevantregulationsandrulesformulatedorissuedbythem,andwillbeartherelevantlegalliability. | |||||
| Thelistedcompany | Commitmentsonthemattersconcerningthequasi-financialbusinesses | Within6monthsfromthedateofsigningthisletterofcommitment,theCompanyensuresthatitwillwithdrawfromthecommercialfactoringbusinessbyexternaltransferofequities,cancellation,changeofthebusinessscopeofShenzhenShunchengLefengFactoringCo.,Ltd.andShunyuanCommercialFactoring(Tianjin)Co.,Ltd.,etc.Intheprocessofwithdrawalfromtheabovefactoringbusiness,theCompanywillstrictlycomplywiththerequirementsoftherelevantlaws,regulationsandnormativedocumentsandfulfillthenecessaryformalities. | August3,2021 | August3,2021-February2,2022 | Fulfilled | |
| Subscribers(Note1) | Sharelock-upcommitment | Noneoftheabovesharessubscribedbythecompanywillbetransferredwithin6monthssincethelistingdateofthenon-publicofferingofsharesinSFHolding. | October26,2021 | November19,2021-May18,2022 | Fulfilled | |
| Arethecommitmentsfulfilledontime? | Yes | |||||
| Ifacommitmentisnotfulfilledontime,thespecificreasonsforthefailuretofulfillitandtheplanfornextstepshouldbespecified | N/A | |||||
Note1:SubscribersincludeYuanhaiInvestmentCo.,Ltd.,MacquarieBankLimited,ShenwanHongyuanSecuritiesCo.,Ltd.,ShanghaiChongyangStrategicInvestmentCo.,Ltd.-ChongyangStrategyCaizhiFund,ShanghaiChongyangStrategicInvestmentCo.,Ltd.-ChongyangStrategyYingzhiFund,GuotaiJunanSecuritiesCo.,Ltd.,UBSAG,BarclaysBankPLC,NorgesBank,CaissededepotetplacementduQuebec,FullGoalFundManagementCo.,Ltd.,GuotaiAssetManagementCo.,Ltd.,ShanghaiGreenwoodsAssetManagementCo.,Ltd.-GreenwoodsJingtaiFengshouPrivateSecuritiesInvestmentFund,BankofCommunicationsSchroderFundManagementCo.,Ltd.,AllianzGlobalInvestorsSingaporeLimited,GICPrivateLimited,ShenzhenYuanzhiRuixinMixedReformEquityInvestmentFundPartnership(LimitedPartnership),CaitongFundManagementCo.,Ltd.,SchroderInvestmentManagement(HongKong)Limited,ShanghaiGreenwoodsAssetManagementCo.,Ltd.-GreenwoodsValueFund,ChinaPacificLifeInsuranceCo.,Ltd.-Dividend-IndividualDividend,EFundManagementCo.,Ltd.II.StatusofCapitaloftheListedCompanyUsedforNon-operatingPurposesbyControllingShareholdersandOtherRelatedParties
□Applicable√NotapplicableDuringthereportingperiod,thereisnonon-operatingoccupationoffundsofthelistedcompanybycontrollingshareholdersoftheCompanyandotherrelatedparties.
III.IllegalGuaranteesforExternalParties
□Applicable√NotapplicableTherewasnoillegalguaranteesforexternalpartiesoftheCompanyduringthereportingperiod.IV.DetailsRegardingAppointmentandTerminationofAppointmentoftheAuditor
Isthesemi-annualfinancialreportaudited?
□Yes√NoTheCompany’ssemi-annualfinancialreporthasnotbeenaudited.
V.ExplanationsProvidedbytheBoardofDirectors,theSupervisoryCommittee,regardingthe“Non-standardAuditReport”IssuedbytheAuditorfortheReportingPeriod
□Applicable√NotapplicableVI.ExplanationsProvidedbytheBoardofDirectorsregardingthe“Non-standardAuditReport”IssuedbytheAuditorfortheLastYear
□Applicable√Notapplicable
VII.BankruptcyandReorganization
□Applicable√NotapplicableTherewasnosuchsituationfortheCompanyduringthereportingperiod.
VIII.Lawsuit
SignificantLawsuitsorArbitration
□Applicable√NotapplicableTherewasnosignificantlawsuitorarbitrationduringthereportingperiod.Otherlegalproceedings
□Applicable√NotapplicableAsofJune30,2022,otherlegalproceedingsofthelistedCompanyanditssubsidiarieswereasfollows:
1.ThetotalamountinvolvedinlegalcasesresolvedduringthereportingperiodwasRMB167,888thousand.
2.Pendingcasesduringthereportingperiod:CasesinwhichtheCompanyanditssubsidiarieswaredefendantsinvolvedRMB378,794thousand,accountingfor0.46%ofnon-auditednetassetsattributabletoshareholdersofthelistedcompanyattheendof2021.Theabove-mentionedlitigationmattersaremainlyindependenttransportationcontractcasesandtrafficaccidentcaseswithsmallamountsinvolved.Thelistedcompanyanditssubsidiarieshavealreadypurchasedcommercialinsuranceforoperatingvehicles,transportation,andotherbusinessactivities.Basedonthepreviousexperience,theinsurancepurchasedcanbasicallycoverthelossescausedbysuchcases.Casesinwhichthelistedcompanyanditssubsidiarieswereplaintiffsinvolved
RMB517,006thousand,accountingfor0.62%ofnon-auditednetassetsattributabletoshareholdersofthelistedcompanyattheendof2021.ThedescribedlegalproceedingswillnothaveamaterialadverseeffectontheCompany’sfinancialpositionandabilitytocontinueoperations.IX.PunishmentandRectification
□Applicable√NotapplicableX.IntegrityoftheCompany,ItsControllingShareholdersandActualController
□Applicable√Notapplicable
XI.SignificantRelated-partyTransactions
1.Related-partytransactionsrelevanttoroutineoperations
√Applicable□Notapplicable
| RelatedParty | Relationship | Typeofrelated-partytransaction | Detailsofrelated-partytransaction | Pricingprincipleoftherelated-partytransaction | Transactionprice | Amountoftherelated-partytransaction(RMB’000) | Proportionofsamecategoryoftransactions | Approvedtransactionquota(RMB’000) | Wastheapprovedquotaexceeded? | Related-partytransactionsettlementmethod | Marketpriceofsimilartransactionsavailable | DisclosureDate | Disclosureindex |
| MingdeHoldinganditssubsidiaries | ControllingshareholderoftheCompany | Provideservicestorelatedparties | Courierservice,communicationservice,technologydevelopmentservice,agentservice,etc. | Fairpricingbasedonmarketpricesfollowingtheprincipleofindependenttransactions. | Contractprice | 44,095 | 0.03% | 280,000 | No | Settlementbasedonthesettlementperiodandtermsinthecontract | N/A | 2022/01/27 | Announcementonthe“ProposalonEstimatedRoutineRelated-partyTransactionAmountin2022”disclosedbytheCompanyonCninfo(www.cninfo.com.cn) |
| MingdeHoldinganditssubsidiaries | ControllingshareholderoftheCompany | Receiveservicesfromrelatedparties | Technologydevelopmentservice,agentservice,etc. | 161,181 | 0.14% | 500,000 | No | N/A | 2022/01/27 | ||||
| MingdeHoldinganditssubsidiaries | ControllingshareholderoftheCompany | Purchaseofgoods/equipmentfromrelatedparties | Purchaseofgoods/equipment | 110,576 | 0.10% | 330,000 | No | N/A | 2022/01/27 | ||||
| OthercompaniescontrolledbytheactualcontrolleroftheCompany | Othercompaniesotherthan“MingdeHoldinganditssubsidiaries” | Receiveservicesfromrelatedparties | Agentservice,advertisingservice,etc. | 77,550 | 0.07% | 250,000 | No | N/A | 2022/01/27 |
| thatarecontrolledbytheactualcontrolleroftheCompany | |||||||||||||
| CR-SFInternationalExpressCo.,Ltd. | AseniormanageroftheCompanyservesasadirectorofCR-SFInternationalExpressCo.,Ltd. | Provideservicestorelatedparties | Transportationservice | 863 | 0.00% | 100,000 | No | N/A | 2022/01/27 | ||||
| CR-SFInternationalExpressCo.,Ltd. | AseniormanageroftheCompanyservesasadirectorofCR-SFInternationalExpressCo.,Ltd. | Receiveservicesfromrelatedparties | Transportationservice | 234,712 | 0.21% | 900,000 | No | N/A | 2022/01/27 | ||||
| MChinaManagementLimitedanditssubsidiariesanditsfranchisees | AdirectoroftheCompanyservesasadirectoroftheparentcompanyofMChinaManagementLimited | Provideservicestorelatedparties | Supplychainserviceanddistributionservice | 761,269 | 0.59% | 2,100,000 | No | N/A | 2022/01/27 | ||||
| Total | -- | -- | 1,390,246 | -- | 4,460,000 | -- | -- | -- | -- | -- | |||
| Detailsoflargeamountofsalesreturns | Nil | ||||||||||||
| Actualperformanceinthereportingperiodversuspredictedtotalamountofroutinerelated-partytransactions,bytypes(ifany) | TheCompanyheldthe21stmeetingofthefifthBoardofDirectorsonJanuary26,2022andthe18thmeetingofthefifthBoardofSupervisorsaswellastheFirstExtraordinaryGeneralMeetingofShareholdersof2022onFebruary11,2022,duringwhichtheCompanyreviewedandapprovedthe“ProposalonEstimatedRoutineRelated-partyTransactionAmountin2022”astheamountoftheaboverelated-partytransactiondidnotexceedtheapprovedquota. | ||||||||||||
| Reasonsforsignificantdiscrepancybetweenthetransactionpriceandthemarketprice(ifapplicable) | N/A |
2.Related-partytransactionsrelevanttopurchasesandsalesofassetsorequities
□Applicable√Notapplicable
3.Related-partytransactionswithjointinvestments
□Applicable√NotapplicableTherewasnorelated-partytransactionswithjointinvestmentsduringthereportingperiod.
4.Creditsandliabilitieswithrelatedparties
□Applicable√NotapplicableTherewasnocreditsandliabilitieswithrelatedpartiesduringthereportingperiod.
5.Transactionswithrelatedfinancialcompanies
□Applicable√NotapplicableTherewasnodeposits,loans,creditsorotherfinancialbusinessbetweentheCompanyandtherelatedfinancialcompanies.
6.TransactionsbetweenfinancialcompaniescontrolledbytheCompanyandrelatedparties
□Applicable√NotapplicableTherewasnodeposits,loans,creditsorotherfinancialbusinessbetweenfinancialcompaniescontrolledbytheCompanyandrelatedparties.
7.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
Basedonlong-termbusinessdevelopmentstrategy,theCompanyaimedtofurtherenhancethecirculationofcapitalandtooptimizetheassetandliabilitystructure.Forthispurpose,asubsidiaryoftheCompanyenteredintoasaleandpurchaseagreementwithasubsidiaryofSFREITinrelationtothetransferofChangshaJetaiE-CommerceIndustrialParktoSFREIT.Thesubjectofthistransactionisthe100%equityinterestofChangshaIndustrialParkLimited,asubsidiaryoftheCompany,andcertainamountspayable.ThetotalamountofthistransactionisapproximatelyRMB493.2million.AsthebuyerofthistransactionisasubsidiaryofSFREIT,andasWangWeiandHeJie,directorsoftheCompany,holddirectorshipsinREITManager,thistransactionconstitutesarelated-partytransactionaccordingtotheStockListingRulesofShenzhenStockExchangeandotherrelatedregulations.OnJune2,2022,theCompanyheldthe26thmeetingofthefifthBoardofDirectorsandthe22ndmeetingofthefifthBoardofSupervisors,atwhichtheProposalontheDisposalofAssetsandRelated-partyTransactionswasreviewedandapproved,withconnecteddirectorsabstainingfromvotingthereon.Asthedisclosuredateofthereport,theadjustedtotalfinaltransactionamountwasapproximatelyRMB502.3million.Majorrelated-partytransactionsweredisclosedonthefollowingwebsites:
| Announcement | DisclosureDate | DisclosureWebsite |
| Announcementinrelationtodisposalofassetsandrelatedtransactions | 2022/06/06 | www.cninfo.com.cn |
XII.SignificantContractsandTheirExecution
1.Trusteeships,contractsandleases
(1)Trusteeships
□Applicable√NotapplicableNosignificanttrusteeshipsduringthereportingperiod.
(2)Contracts
□Applicable√NotapplicableNosignificantcontractsduringthereportingperiod.
(3)Leases
□Applicable√NotapplicableNosignificantleasesduringthereportingperiod.
2.Significantguarantees
√Applicable□Notapplicable
Unit:RMB’000
| TheCompanyanditssubsidiaries’guaranteestoexternalparties(Guaranteestosubsidiariesarenotincluded) | ||||||||||
| Guaranteeparty | Disclosuredateofrelatedannouncementofguaranteequota | Guaranteequota | Exactdateofoccurrence | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counter-guarantee(ifany) | Periodofguarantee | Executedornot | Whetherguaranteeforarelatedparty |
| DHLWeiheng(Zhuhai)SupplyChainManagementCo.,Ltd. | 2020/3/24 | 147,000 | 2020/12/31 | 126,420 | Jointliabilityguarantee | LandforZhuhaiproject | Yes | 2020/12/31-2033/12/23 | ||
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 25,300 | Jointliabilityguarantee | None | None | 2021/9/29-2055/4/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 50,600 | Jointliabilityguarantee | None | None | 2021/11/30-2055/4/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 20,700 | Jointliabilityguarantee | None | None | 2021/10/8-2055/4/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 96,600 | Jointliabilityguarantee | None | None | 2021/11/29-2055/4/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 36,800 | Jointliabilityguarantee | None | None | 2021/12/1-2055/4/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 46,000 | Jointliabilityguarantee | None | None | 2021/12/3-2055/4/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 276,000 | Jointliabilityguarantee | None | None | 2022/01/01-2055/04/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 23,000 | Jointliabilityguarantee | None | None | 2022/01/04-2055/04/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 69,000 | Jointliabilityguarantee | None | None | 2022/01/05-2055/04/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 46,000 | Jointliabilityguarantee | None | None | 2022/05/27-2055/04/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 69,000 | Jointliabilityguarantee | None | None | 2022/05/30-2055/04/29 | No | No |
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2020/3/24 | 3,500,000 | 2021/2/25 | 23,000 | Jointliabilityguarantee | None | None | 2022/05/31-2055/04/29 | No | No |
| Compa?5/31-2055/04/29ogisticsAirportnt | N/A | 21,896 | 2020/12/29 | 21,896 | Jointliabilityguarantee | None | None | 2020/12/29-2022/12/29 | No | No |
| Compa?2/29-2022/12/29ogisticsAirportnt | N/A | 13,991 | 2020/12/29 | 13,991 | Jointliabilityguarantee | None | None | 2020/12/29-2022/12/29 | No | No |
| Compa?2/29-2022/12/29ogisticsAirportnt | N/A | 3,498 | 2020/12/29 | 3,498 | Jointliabilityguarantee | None | None | 2020/12/29-2022/12/29 | No | No |
| Totalguaranteequotaapprovedforexternalpartiesduringthereportingperiod(A1) | 200,000 | Totalactualamountofguaranteesforexternalpartiesduringthereportingperiod(A2) | 506,000 | |||||||
| Totalguaranteequotaapprovedforexternalpartiesattheendofthereportingperiod(A3) | 3,531,984 | Totalactualguaranteebalanceforexternalpartiesattheendofthereportingperiod(A4) | 947,804 | |||||||
| TheCompany’sguaranteestosubsidiaries | ||||||||||
| Guaranteeparty | Disclosuredateofrelatedannouncementofguaranteequota | Guaranteequota | Exactdateofoccurrence | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counter-guarantee(ifany) | Periodofguarantee | Executedornot | Whetherguaranteeforarelatedparty |
| SFHOLDINGINVESTMENTLIMITED | 2017/12/28 | 3,350,000 | 2018/7/26 | 3,350,000 | Jointliabilityguarantee | None | None | 2018/7/26-2023/7/26 | No | No |
| SFHOLDINGINVESTMENTLIMITED | 2019/1/4 | 6,000,000 | 2020/2/20 | 4,690,000 | Jointliabilityguarantee | None | None | 2020/2/20-2030/2/20 | No | No |
| SFHOLDINGLIMITED | 2021/2/10 | 20,492,640 | 2021/2/9 | 5,037,774 | Jointliabilityguarantee | None | None | 2021/9/23-2022/3/28 | Yes | No |
| SFHOLDINGLIMITED | 2021/2/10 | 20,492,640 | 2021/2/9 | 2,049,264 | Jointliabilityguarantee | None | None | 2021/9/23-2022/1/28 | Yes | No |
| SFHoldingInvestment2021Limited | 2021/2/10 | 18,000,000 | 2021/11/17 | 2,680,000 | Jointliabilityguarantee | None | None | 2021/11/17-2026/11/17 | No | No |
| SFHoldingInvestment2021Limited | 2021/2/10 | 18,000,000 | 2021/11/17 | 2,010,000 | Jointliabilityguarantee | None | None | 2021/11/17-2028/11/17 | No | No |
| SFHoldingInvestment2021Limited | 2021/2/10 | 18,000,000 | 2021/11/17 | 426,930 | Jointliabilityguarantee | None | None | 2021/11/17-2031/11/17 | No | No |
| SFHoldingInvestment2021Limited | 2021/2/10 | 18,000,000 | 2022/1/18 | 2,680,000 | Jointliabilityguarantee | None | None | 2022/1/18-2026/11/17 | No | No |
| SFHoldingInvestment2021Limited | 2021/2/10 | 18,000,000 | 2022/1/18 | 2,010,000 | Jointliabilityguarantee | None | None | 2022/1/18-2031/11/17 | No | No |
| Totalguaranteequotaapprovedforsubsidiariesduringthereportingperiod(B1) | 5,066,000 | Totalactualamountofguaranteesforsubsidiariesduringthereportingperiod(B2) | 4,690,000 | |||||||
| Totalguaranteequotaapprovedforthesubsidiariesattheendofthereportingperiod(B3) | 22,912,930 | Totalactualguaranteebalanceforsubsidiariesattheendofthereportingperiod(B4) | 17,846,930 | |||||||
| Subsidiary’sguaranteestosubsidiaries | ||||||||||
| Guaranteeparty | Disclosuredateofrelatedannouncementofguaranteequota | Guaranteequota | Exactdateofoccurrence | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counter-guarantee(ifany) | Periodofguarantee | Executedornot | Whetherguaranteeforarelatedparty |
| SubsidiariesofSFHolding(withgearingratioof70%orabove) | 2018/3/14;2019/3/16;2020/3/24 | 48,355,935 | Subjecttotheactualguaranteecontract | 15,153,223 | Jointliabilityguarantee | Part | Part | Subjecttotheactualguaranteecontract | Partiallyfulfilled | No |
| SubsidiariesofSFHolding(withgearingratiobelow70%) | 2021/3/18;2022/1/7;2022/3/31 | 17,929,701 | Subjecttotheactualguaranteecontract | 4,115,697 | Jointliabilityguarantee | None | Part | Subjecttotheactualguaranteecontract | Partiallyfulfilled | No |
| Totalguaranteequotaapprovedforsubsidiariesduringthereportingperiod(C1) | 65,534,000 | Totalactualamountofguaranteesforsubsidiariesduringthereportingperiod(C2) | 7,514,918 | |||||||
| Totalguaranteequotaapprovedforsubsidiariesattheendofthereportingperiod(C3) | 72,131,911 | Totalactualguaranteebalanceforsubsidiariesattheendofthereportingperiod(C4) | 15,621,111 | |||||||
| TotalguaranteeamountprovidedbytheCompany(i.e.thetotalamountoftheabovethreemajoritems) | ||||||||||
| Totalguaranteequotaapprovedduringthereportingperiod(A1+B1+C1) | 70,800,000 | Totalactualamountofguaranteeduringthereportingperiod(A2+B2+C2) | 12,710,919 | |||||||
| Totalguaranteequotaapprovedattheendofthereportingperiod(A3+B3+C3) | 98,576,826 | Totalactualguaranteebalanceattheendofthereportingperiod(A4+B4+C4) | 34,415,846 | |||||||
| Totalguaranteeamount(A4+B4+C4)tonetassetsoftheCompany | 42.12% | |||||||||
| Ofwhich: | |
| Balanceofguaranteeforshareholders,actualcontroller,andaffiliatesthereof(D) | 0 |
| Balanceofdebtguaranteeprovidedforguaranteedpartywhosegearingratioisnotlessthan70%directlyorindirectly(E) | 21,824,486 |
| Amountoftotalguaranteeinexcessof50%ofnetassets(F) | 0 |
| Totalamountoftheabovethreeguarantees(D+E+F) | 21,824,486 |
| Explanationofguaranteeliabilitiesoccurredorpossiblejointandseveralliabilitiesofrepaymentwithevidenceduringthereportingperiod(ifany)forunexpiredguaranteecontracts | N/A |
| Explanationofprovisionofguaranteesforexternalpartiesinviolationoftheprescribedprocedure(ifany) | N/A |
3.Entrustedfunds
√Applicable□Notapplicable
Unit:RMB’000
| Type | FundingSourceforEntrustedFunds | MaximumDailyBalanceofSuchEntrustedFundsDuringtheReportingPeriod | UnexpiredBalance | OverdueOutstandingAmount | ImpairmentProvisionofOverdueOutstandingFunds |
| Bankwealthmanagementproducts | Self-ownedfunds | 21,960,000 | 5,160,000 | - | - |
| Trustproducts | Self-ownedfunds | 4,511 | 1,014 | - | - |
| Others | Self-ownedfunds | 849,771 | 441,856 | - | - |
| Bankwealthmanagementproducts | Raisedfunds | 8,850,000 | 4,800,000 | - | - |
| Brokeragewealthmanagementproducts | Raisedfunds | 200,000 | - | - | - |
| Total | 31,864,282 | 10,402,870 | - | - |
Note:ThemaximumsingledaybalancesforeachtypeofentrustedwealthmanagementintheabovetableoccurondifferentdatesanddirectsumtotalsdonotrepresentthemaximumsingledaybalancesforalloftheCompany'swealthmanagement.Detailsofindividualitemswithsignificantamountoroflowsafety,poorliquidity,orwithoutprincipalguaranteehigh-riskwealthmanagementproducts
□Applicable√NotapplicableTheentrustedfundsisexpectedtofailtorecovertheprincipal,ortheremaybeothercircumstancesthatmayresultinimpairment
□Applicable√Notapplicable
4.Othersignificantcontracts
□Applicable√NotapplicableNoothersignificantcontractsinthereportingperiod.
XIII.OtherMajorIssues
√Applicable□Notapplicable(I)Repurchasingsharesbycentralizedbidding
WithconfidenceintheCompany'sfuturedevelopmentandhighrecognitionoftheCompany'svalue,theCompanyusesself-ownedfundstorepurchasesomeoftheCompany'ssharesforemployeestockownershipplanorequityincentiveaftertakingintoaccountthebusinessdevelopmentprospects,operatingconditions,financialstatus,futureprofitabilityandperformanceoftheCompany'ssharesinthesecondarymarket.Withsuchefforts,theCompanywillfurtherimprovethelong-termincentivemechanismandfullymotivatecorepersonnelandoutstandingemployeesoftheCompanytojointlypromotethelong-termdevelopmentoftheCompany.Atthe22ndmeetingofthefifthBoardofDirectorsheldonMarch2,2022,theProposalofRepurchasingSharesbyCentralizedBiddingwasapproved.TheCompanywasapprovedtorepurchasesharesthroughcentralizedbiddingbyself-ownedfunds,withrepurchasingpricenotexceedingRMB70pershare,andthetotalamountbetweenRMB1.0billionandRMB2.0billion.Theimplementationperiodshallbewithin6monthsfromthedatewhentheBoardofDirectorsoftheCompanyapprovestherepurchaseplan.TheCompanyhasimplementedsharerepurchasesinceMarch3,2022.AsofJune30,2022,theCompanyhas
repurchasedatotalof36,769,955shares,withrepurchasefundsofapproximatelyRMB1.899billion(excludingtransactioncosts).Thenumberofrepurchasedsharesaccountedfor0.75%oftheCompany'stotalsharecapitalatthattime,withanaveragetransactionpriceofRMB51.65pershare(thehighesttransactionpricewasRMB59.40pershareandthelowesttransactionpricewasRMB46.77pershare).TheCompanywillcontinuetoimplementthisrepurchaseplanduringtherepurchaseperiodbasedonmarketconditions.(II)Issuanceofdebtfinancingproductsindomesticandinternationalmarketsbywholly-ownedsubsidiariesInordertosatisfythedevelopmentrequirementsofdomesticandinternationalbusiness,reducefinancingcostsandoptimizethedebtstructureaccordingtothedevelopmentstrategiesoftheCompany,theCompanyhasissueddebtfinancingproductsindomesticandinternationalmarketsthroughitswholly-ownedsubsidiaries.The2021AnnualGeneralMeetingoftheCompanyapprovedthattheCompanyissuesdebtfinancingproductsindomesticandinternationalmarketsthroughTaisenHoldingandSFHoldingInvestment2023Limited,thewholly-ownedsubsidiaries,foranequivalentamountofnomorethanRMB15.0billion(inclusive),includinganexpectedequivalentamountofRMB5.0billion(inclusive)tobeissuedininternationalmarket.Duringthereportingperiod,accordingtotheNoticeofAcceptanceofRegistrationissuedbyNAFMII(ZhongShiXieZhu[2021]No.SCP285),TaisenHoldingissuedfiveSuperShort-TermCommercialPaperonJanuary7,2022,February18,2022,May12,2022,May19,2022andJune16,2022respectively,withatotalissuancescaleofRMB3.0billion.AccordingtotheApprovalfortheRegistrationofIssuanceofShort-TermCorporateBondstoProfessionalInvestorsviaaPublicOfferingbyShenzhenS.F.TaisenHolding(Group)Co.,Ltd.(ZhengJianXuKe[2021]No.3645)fromtheCSRC,TaisenHoldingissuedtwopublicshort-termcorporatebondsonMarch11,2022andApril15,2022respectively,withatotalissuancescaleofRMB1.0billion.
OnJanuary18,2022,SFHoldingInvestment2021Limited,awholly-ownedsubsidiaryoftheCompany,successfullyissueddebenturesofUSD700milliononthebasisofdebenturesofUSD1.2billionalreadyissuedin2021.TheadditionalbondshavebeenlistedontheHKStockExchange.
Adisclosureindexfortheabove-mentionedsignificanteventsandothersignificanteventsisasbelow:
| Announcement | DisclosureDate | DisclosureWebsite |
| AnnouncementonResultsofIssuanceofthe2022FirstTrancheofSuperShort-TermCommercialPaperbyShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,theWholly-ownedSubsidiary | January8,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonAdditionalIssuanceofOverseasUSDBondsbyOverseasWholly-ownedSubsidiaries | January19,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonResultsofIssuanceofthe2022SecondTrancheofSuperShort-TermCommercialPaperbyShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,theWholly-ownedSubsidiary | February22,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonImplementingEmployeeIncentivePlanthroughRepurchasingSharesbyCentralizedBidding | March3,2022 | Cninfowebsite(www.cninfo.com.cn) |
| RepurchaseReport | March3,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementontheFirstRepurchaseofSharesoftheCompany | March4,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonProgressoftheRepurchaseofSharesoftheCompany | March10,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementontheIssuanceResultsofthePublicOfferingofShort-termCorporateBonds(FirstTranche)byShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,theWholly-ownedSubsidiarytoProfessionalInvestorsin2022 | March12,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonProgressoftheRepurchaseofSharesoftheCompany | March15,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementontheIssuanceofDebtFinancingProductsbyWholly-ownedSubsidiariesatHomeandAbroad | March31,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonProgressoftheRepurchaseofSharesoftheCompany | April2,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonProgressoftheRepurchaseofSharesoftheCompany | April14,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementontheIssuanceResultsofthePublicOfferingofShort-termCorporateBonds(SecondTranche)byShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,theWholly-ownedSubsidiary,toProfessionalInvestorsin2022 | April16,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonProgressoftheRepurchaseofSharesoftheCompany | May6,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonResultsofIssuanceofthe2022ThirdTrancheofSuperShort-TermCommercialPaperbyShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,theWholly-ownedSubsidiary | May17,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonResultsofIssuanceofthe2022FourthTrancheofSuperShort-TermCommercialPaperbyShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,theWholly-ownedSubsidiary | May21,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonProgressoftheRepurchaseofSharesoftheCompany | June2,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonResultsofIssuanceofthe2022FifthTrancheofSuperShort-TermCommercialPaperbyShenzhenS.F.TaisenHolding(Group)Co.,Ltd.,theWholly-ownedSubsidiary | June18,2022 | Cninfowebsite(www.cninfo.com.cn) |
| AnnouncementonProgressoftheRepurchaseofSharesoftheCompany | July2,2022 | Cninfowebsite(www.cninfo.com.cn) |
XIV.SignificantEventsofSubsidiaries
□Applicable√Notapplicable
Chapter7ShareChanges&ShareholderDetailsI.ChangesinShares
1.ChangesinShares
Unit:share
| Beforethischange | Increaseordecreaseofthischange(＋,－) | Afterthischange | |||||||
| Number | Percentage | Issuanceofnewshares | Bonusshares | Conversionofprovidentfundstoshares | Other | Subtotal | Number | Percentage | |
| I.Restrictedshares | 402,695,643 | 8.21% | - | - | - | -351,272,647 | -351,272,647 | 51,422,996 | 1.05% |
| 1.Stateshareholding | - | - | - | - | - | - | - | - | - |
| 2.State-ownedlegalpersonholdings | 63,396,291 | 1.29% | - | - | - | -63,396,291 | -63,396,291 | - | - |
| 3.Otherdomesticshares | 201,751,263 | 4.11% | - | - | - | -150,328,267 | -150,328,267 | 51,422,996 | 1.05% |
| Including:Domesticlegalpersonholdings | 148,828,267 | 3.03% | - | - | - | -148,828,267 | -148,828,267 | - | - |
| Domesticnaturalpersonholdings | 52,922,996 | 1.08% | - | - | - | -1,500,000 | -1,500,000 | 51,422,996 | 1.05% |
| 4.Foreignholdings | 137,548,089 | 2.80% | - | - | - | -137,548,089 | -137,548,089 | - | - |
| Including:Foreignlegalpersonholdings | 137,548,089 | 2.80% | - | - | - | -137,548,089 | -137,548,089 | - | - |
| Foreignnaturalpersonholdings | - | - | - | - | - | - | - | - | - |
| II.Unrestrictedshares | 4,503,517,459 | 91.79% | - | - | - | 340,261,918 | 340,261,918 | 4,843,779,377 | 98.95% |
| 1.RMBordinaryshares | 4,503,517,459 | 91.79% | - | - | - | 340,261,918 | 340,261,918 | 4,843,779,377 | 98.95% |
| III.Totalnumberofshares | 4,906,213,102 | 100.00% | - | - | - | -11,010,729 | -11,010,729 | 4,895,202,373 | 100.00% |
Reasonsforchangesinshares
√Applicable□NotapplicableDuringthereportingperiod,theCompanycancelled11,010,729sharesinthespecialsecuritiesaccountrepurchasedinthe2019repurchaseplan.Afterthecancellation,thetotalnumberofshareoftheCompanywaschangedfrom4,906,213,102sharesto4,895,202,373shares.Approvalofchangesinshares
√Applicable□NotapplicableTheFirstExtraordinaryGeneralMeetingofShareholdersof2022consideredandapprovedthe“ProposalonCancellationofSharesintheCompany'sRepurchasedSpecialSecuritiesAccount”andagreedtothecancellationof11,010,729sharesintherepurchasedspecialsecuritiesaccountbytheCompany.Transferofchangesinshares
□Applicable√Notapplicable
Progressintheimplementationofsharerepurchase
√Applicable□NotapplicableAtthe22ndmeetingofthefifthBoardofDirectorsheldonMarch2,2022,theProposalofRepurchasingSharesbyCentralisedPriceBiddingwasapproved,whichagreedthatCompanyshalluseitsownfundstorepurchasesharesforemployeeshareownershipplanorequityincentivethroughcentralizedbiddingmethod,atapricenotexceedingRMB70pershare,foratotalamountnotlessthanRMB1.0billionandnotexceedingRMB2.0billion.Theimplementationperiodshallbewithin6monthsfromthedatewhentheBoardofDirectorsoftheCompanyapprovestherepurchaseplan.TheCompanyhasimplementedsharerepurchasesinceMarch3,2022.AsofJune30,2022,theCompanyhasrepurchasedatotalof36,769,955shares,withrepurchasefundsofapproximatelyRMB1.899billion(excludingtransactioncosts).Thenumberofrepurchasedsharesaccountedfor0.75%oftheCompany'stotalsharecapitalatthattime,withanaveragetransactionpriceofRMB51.65pershare(thehighesttransactionpricewasRMB59.40pershareandthelowesttransactionpricewasRMB46.77pershare).TheCompany’srepurchaseoftheshareswasincompliancewithrelevantlawsandregulationsandinlinewiththeCompany'sestablishedrepurchaseplan.Progressintheimplementationofthecentralizedbiddingmethodtoreduceholdingofrepurchasedshares
□Applicable√NotapplicableEffectsofsharechangesonthebasicEPS,dilutedEPS,netassetspershareattributabletoordinaryshareholdersoftheCompany,andotherfinancialindicatorsforthelastyearandthelastreportingperiod.
√Applicable□NotapplicableDuringthereportingperiod,thesharecapitaloftheCompanydecreasedby11,010,729shares,whichcontributedtothefinancialindicatorssuchasbasicEPS,anddilutedEPSandnetassetspershareattributabletoordinaryshareholdersoftheCompany.OthercontentthattheCompanydeemsnecessaryorrequiredbythesecuritiesregulatoryagencytodisclose
□Applicable√Notapplicable
2.Changesinrestrictedshares
√Applicable□Notapplicable
Unit:share
| Nameofshareholder | Restrictedsharesatthebeginningoftheperiod | Numberofrestrictedsharesremovedintheperiod | Numberofrestrictedsharesincreasedintheperiod | Restrictedsharesattheendoftheperiod | Reasonforrestriction | Dateofrestrictedsalesremoval |
| LiuJilu | 52,412,835 | 10,500,000 | 41,912,835 | Lock-upsharesforseniormanagers | 10,500,000lock-upsharesofseniormanagerswereunlockedatthebeginningof2022 | |
| UBSAG | 53,008,044 | 53,008,044 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.–ChongyangStrategyCaizhiFund | 39,349,422 | 39,349,422 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| ShenwanHongyuanSecuritiesCo.,Ltd. | 28,016,789 | 28,016,789 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.–ChongyangStrategyYingzhiFund | 19,412,381 | 19,412,381 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| GuotaiJunanSecuritiesCo.,Ltd. | 17,890,870 | 17,890,870 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| YuanhaiInvestmentCo.,Ltd. | 17,488,632 | 17,488,632 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| BARCLAYSBANKPLC | 17,138,859 | 17,138,859 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| GICPRIVATELIMITED | 16,334,382 | 16,334,382 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| ShenzhenYuanzhiRuixinEquityInvestmentManagementCo.,Ltd.–ShenzhenYuanzhiRuixinMixedReformEquityInvestmentFundPartnership(LimitedPartnership) | 10,318,293 | 10,318,293 | - | - | Lock-upsharesfornon-publicoffering | May19,2022 |
| Others | 131,325,136 | 130,814,975 | 9,000,000 | 9,510,161 | - | - |
| Total | 402,695,643 | 360,272,647 | 9,000,000 | 51,422,996 | - | - |
Ⅱ.IssuanceandListingofSecurities
□Applicable√Notapplicable
III.TotalNumberofShareholdersandTheirShareholdings
Unit:numberofshares
| Totalnumberofordinaryshareholdersattheendofthereportingperiod | 196,445 | Totalnumberofpreferredshareholderswithvotingrightsrestored(ifany)attheendofthereportingperiod | 0 | ||||||
| Ordinaryshareholdersholdingmorethan5%ofsharesorsharesofthetop10ordinaryshareholders | |||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Numberofordinarysharesheldattheendofthereportingperiod | Increaseordecreaseofsharesduringthereportingperiod | Numberofrestrictedordinarysharesheld | Numberofnon-restrictedordinarysharesheld | Pledged,markedorfrozenshares | ||
| Statusofshares | Number | ||||||||
| ShenzhenMingdeHoldingDevelopmentCo.,Ltd. | Domesticnon-state-ownedlegal | 50.86% | 2,489,927,139 | -12,000,000 | - | 2,489,927,139 | Pledged | 636,000,000 | |
| person | ||||||||
| HongKongSecuritiesClearingCompanyLtd. | Overseaslegalperson | 5.61% | 274,500,370 | 42,620,399 | - | 274,500,370 | - | |
| MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount | Domesticnon-state-ownedlegalperson | 4.09% | 200,000,000 | - | - | 200,000,000 | Pledged | 200,000,000 |
| ShenzhenZhaoguangInvestmentCo.,Ltd. | State-ownedlegalperson | 3.95% | 193,451,173 | -125,288 | - | 193,451,173 | Pledged | 43,625,227 |
| NingboShundaFengrunInvestmentManagementPartnership(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 2.28% | 111,499,207 | - | - | 111,499,207 | Pledged | 26,670,000 |
| LiuJilu | Domesticnaturalperson | 0.91% | 44,723,780 | -11,160,000 | 41,912,835 | 2,810,945 | - | - |
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.–ChongyangStrategyCaizhiFund | Others | 0.80% | 39,349,422 | - | - | 39,349,422 | - | - |
| SuzhouIndustrialParkOrizaShunfengEquityInvestmentCompany(LimitedPartnership) | Domesticnon-state-ownedlegalperson | 0.67% | 32,940,000 | -4,647,645 | - | 32,940,000 | - | - |
| NorgesBank–OwnFunds | Overseaslegalperson | 0.67% | 32,792,168 | -7,355,754 | - | 32,792,168 | - | - |
| CAISSEDED?P?TETPLACEMENTDUQU?BEC | Overseaslegalperson | 0.40% | 19,714,767 | -8,051,899 | - | 19,714,767 | - | - |
| Strategicinvestororgenerallegalpersonbecomesthetop10ordinaryshareholderduetotheplacementofnewshares(ifany) | N/A | |||||||
| Explanationofassociatedrelationshiporpersonsactinginconcertbetweentheabove-mentionedshareholders | ShenzhenMingdeHoldingDevelopmentCo.,Ltd.holdsatotalof2,689,927,139sharesintheCompany,accountingfor54.95%oftheCompany’stotalsharecapitalattheendofthereportingperiod,ofwhich2,489,927,139sharesaredirectlyheldand200,000,000sharesareheldthroughthe“MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount”,aspecialaccountforguaranteeandtrustopenedfortheissuanceofexchangeablebonds.TheCompanyisnotcertainastowhetherthereisanassociatedrelationshipbetweentheabove-mentionedothershareholdersandwhethertheyareactinginconcert. | |||||||
| Explanationoftheabove-mentionedshareholders’involvementinentrustment/entrustedvotingrightsandabstainingfromvotingrights | N/A | |||||||
| Specialexplanationofthetop10shareholdershavingspecialrepurchaseaccounts(ifany) | Attheendofreportingperiod,“thespecialrepurchaseaccountofS.F.HoldingCo.,Ltd.”held36,769,955unrestrictedshares.Accordingtorelevantrequirements,specialrepurchaseaccountsarenotincludedinthetop10ordinaryshareholdersand10non-restrictedordinaryshareholders. | |||||||
| Sharesofthetop10non-restrictedordinaryshareholders | ||||||||
| Nameofshareholder | Numberofnon-restrictedordinarysharesheldattheendofthereportingperiod | Typeofshares | |
| Typeofshares | Number | ||
| ShenzhenMingdeHoldingDevelopmentCo.,Ltd. | 2,489,927,139 | RMB-denominatedordinaryshares | 2,489,927,139 |
| HongKongSecuritiesClearingCompanyLtd. | 274,500,370 | RMB-denominatedordinaryshares | 274,500,370 |
| MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount | 200,000,000 | RMB-denominatedordinaryshares | 200,000,000 |
| ShenzhenZhaoguangInvestmentCo.,Ltd. | 193,451,173 | RMB-denominatedordinaryshares | 193,451,173 |
| NingboShundaFengrunInvestmentManagementPartnership(LimitedPartnership) | 111,499,207 | RMB-denominatedordinaryshares | 111,499,207 |
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.–ChongyangStrategyCaizhiFund | 39,349,422 | RMB-denominatedordinaryshares | 39,349,422 |
| SuzhouIndustrialParkOrizaShunfengEquityInvestmentCompany(LimitedPartnership) | 32,940,000 | RMB-denominatedordinaryshares | 32,940,000 |
| NorgesBank–OwnFunds | 32,792,168 | RMB-denominatedordinaryshares | 32,792,168 |
| CAISSEDED?P?TETPLACEMENTDUQU?BEC | 19,714,767 | RMB-denominatedordinaryshares | 19,714,767 |
| ShanghaiChongyangStrategicInvestmentCo.,Ltd.–ChongyangStrategyYingzhiFund | 19,412,381 | RMB-denominatedordinaryshares | 19,412,381 |
| Explanationofanyassociatedrelationshiporpersonsactinginconcertbetweenthetop10non-restrictedordinaryshareholdersandbetweenthetop10non-restrictedordinaryshareholdersandthetop10ordinaryshareholders | ShenzhenMingdeHoldingDevelopmentCo.,Ltd.holdsatotalof2,689,927,139sharesintheCompany,accountingfor54.95%oftheCompany’stotalsharecapitalattheendofthereportingperiod,ofwhich2,489,927,139sharesaredirectlyheldand200,000,000sharesareheldthroughthe“MingdeHolding–HuataiUnitedSecurities–21MingdeEBGuaranteeandTrustPropertySpecialAccount”,aspecialaccountforguaranteeandtrustopenedfortheissuanceofexchangeablebonds.TheCompanyisnotcertainastowhetherthereisanassociatedrelationshipbetweentheabove-mentionedothershareholdersandwhethertheyareactinginconcert. | ||
| Explanationofthetop10ordinaryshareholders’participationinmarginfinancingandsecuritieslendingbusiness(ifany) | N/A | ||
Didanyofthetop10ordinaryshareholdersorthetop10non-restrictedordinaryshareholdersoftheCompanyconductanypromissoryrepurchaseduringthereportingperiod?
□Yes√NoNoneofthetop10ordinaryshareholdersorthetop10non-restrictedordinaryshareholdersoftheCompanyconductanypromissoryrepurchaseduringthereportingperiod.IV.ChangesinSharesHeldbyDirectors,SupervisorsandSeniorManagers
√Applicable□Notapplicable
| Nameofshareholder | Title | Tenurestatus | Quantityofsharesheldatthebeginningoftheperiod(share) | Quantityofsharesincreasedinthecurrentperiod(share) | Quantityofsharesdecreasedinthecurrentperiod(share) | Quantityofsharesheldattheendoftheperiod(share) | Quantityofrestrictedstocksgrantedatthebeginningoftheperiod(share) | Quantityofrestrictedstocksgrantedinthecurrentperiod(share) | Quantityofrestrictedstocksgrantedattheendoftheperiod(share) |
| LiuJilu | Supervisor | Current | 55,883,780 | - | 11,160,000 | 44,723,780 | - | - | - |
| LinZheying | Director | Current | - | 12,000,000 | - | 12,000,000 | - | - | - |
| ChowWingKinAnthony | Independentdirector | Current | - | 50,000 | - | 50,000 | - | - | - |
| Total | - | - | 55,883,780 | 12,050,000 | 11,160,000 | 56,773,780 | - | - | - |
DescriptionofchangesinshareholdingofourControllingShareholdersandDirectorsDuringthereportingperiod,Mr.LinZheyingacquired12.00millionsharesofMingdeHolding,thecontrollingshareholderoftheCompany,throughabulktransaction,andMr.LinZheyingheld0.1%ofthesharesofMingdeHolding.SuchincreaseofshareholdingbyMr.LinZheyingwasbasedonhisrecognitionoftheCompany'sdevelopmentstrategyandinvestmentvalue;Duringthereportingperiod,Mr.ChowWingKinAnthonyincreasedhisholdingsof50,000sharesoftheCompany.ItwasanindependentinvestmentdecisionbasedonhisconfidenceinthefuturedevelopmentprospectsoftheCompanyandthecurrentstockpriceoftheCompany.Theabove-mentionedtradingactivitiesareincompliancewithrelevantlawsandregulationsandotherregulatoryrequirements.
V.ChangeofControllingShareholderorActualController
Changeofcontrollingshareholderinthereportingperiod
□Applicable√NotapplicableControllingshareholderdidnotchangeduringthereportingperiod.Changeofactualcontrollerduringthereportingperiod
□Applicable√NotapplicableTheactualcontrollerdidnotchangeduringthereportingperiod.
Chapter8PreferredShares
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
Chapter9Bonds
□Applicable√Notapplicable
Chapter10FinancialStatements
[EnglishTranslationforReferenceOnly]
ReviewReportPwCZTYueZi(2022)No.0032
PwCZTYueZi(2022)No.0032TotheshareholdersofS.F.HoldingCo.,Ltd.,
TotheshareholdersofS.F.HoldingCo.,Ltd.,
WehavereviewedtheaccompanyinginterimfinancialstatementsofS.F.HoldingCo.,Ltd.(hereinafter“S.F.Holding”),whichcomprisetheconsolidatedandcompanybalancesheetsasat30June2022,theinterimconsolidatedandcompanyincomestatements,theconsolidatedandcompanystatementsofchangesinequityandtheconsolidatedandcompanycashflowstatementsforthesix-monthperiodthenended,andthenotestotheinterimfinancialstatements.ManagementofS.F.HoldingisresponsibleforthepreparationoftheseinterimfinancialstatementsinaccordancewiththerequirementsoftheAccountingStandardsforBusinessEnterprises(“CAS”)32-InterimFinancialReporting.Ourresponsibilityistoissueareviewreportontheseinterimfinancialstatementsbasedonourreview.
WehavereviewedtheaccompanyinginterimfinancialstatementsofS.F.HoldingCo.,Ltd.(hereinafter“S.F.Holding”),whichcomprisetheconsolidatedandcompanybalancesheetsasat30June2022,theinterimconsolidatedandcompanyincomestatements,theconsolidatedandcompanystatementsofchangesinequityandtheconsolidatedandcompanycashflowstatementsforthesix-monthperiodthenended,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.
PricewaterhouseCoopersZhongTianLLPShanghai,thePeople’sRepublicofChina30August2022
| PricewaterhouseCoopersZhongTianLLPShanghai,thePeople’sRepublicofChina30August2022 | SigningCPASigningCPA | ——————————ChenAnqiang(EngagementPartner)——————————LiuJingping |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDBALANCESHEETASAT30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| ASSETS | Note | 30June2022 | 31December2021 | |
| Consolidated | Consolidated | |||
| (Unaudited) |
Currentassets
| Currentassets | ||||
| Cashatbankandonhand | 4(1) | 38,822,148 | 35,315,051 | |
| Financialassetsheldfortrading | 4(2) | 10,237,869 | 10,384,493 | |
| Notesreceivable | 192,250 | 317,255 | ||
| Accountsreceivable | 4(3) | 28,215,799 | 30,441,758 | |
| Advancestosuppliers | 4(4) | 3,163,365 | 2,936,246 | |
| Loansandadvances | 15,716 | 2,633 | ||
| Otherreceivables | 4(5) | 3,550,671 | 4,238,518 | |
| Inventories | 1,689,801 | 1,546,821 | ||
| Contractassets | 1,886,977 | 1,038,247 | ||
| Currentportionofnon-currentassets | 4(7) | 388,121 | 351,489 | |
| Othercurrentassets | 4(6) | 4,234,227 | 7,539,613 | |
| Totalcurrentassets | 92,396,944 | 94,112,124 |
Non-currentassets
| Non-currentassets | ||||
| Long-termreceivables | 4(7) | 729,557 | 876,363 | |
| Long-termequityinvestments | 4(8) | 7,059,079 | 7,260,087 | |
| Investmentsinotherequityinstruments | 4(9) | 7,531,698 | 6,810,771 | |
| Othernon-currentfinancialassets | 1,113,240 | 878,023 | ||
| Investmentproperties | 4(10) | 3,940,368 | 4,850,233 | |
| Fixedassets | 4(11) | 39,520,785 | 36,925,990 | |
| Constructioninprogress | 4(12) | 9,514,201 | 8,571,203 | |
| Right-of-useassets | 4(13) | 15,671,912 | 17,297,085 | |
| Intangibleassets | 4(14) | 19,098,978 | 18,324,188 | |
| Capitaliseddevelopmentexpenditures | 4(15) | 373,244 | 343,236 | |
| Goodwill | 4(16) | 9,056,049 | 7,371,830 | |
| Long-termprepaidexpenses | 4(17) | 2,834,020 | 2,911,094 | |
| Deferredtaxassets | 4(30) | 2,087,196 | 1,566,714 | |
| Othernon-currentassets | 1,540,106 | 1,801,041 | ||
| Totalnon-currentassets | 120,070,433 | 115,787,858 |
TOTALASSETS
| TOTALASSETS | 212,467,377 | 209,899,982 |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDBALANCESHEET(CONT’D)ASAT30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| LIABILITIESANDEQUITY | Note | 30June2022 | 31December2021 | |
| Consolidated | Consolidated | |||
| (Unaudited) |
Currentliabilities
| Currentliabilities | ||||
| Short-termborrowings | 4(19) | 14,842,176 | 18,397,204 | |
| Depositsfromcustomers | 24,617 | 13,723 | ||
| Financialliabilitiesheldfortrading | 76,614 | 7,658 | ||
| Accountspayable | 4(20) | 24,196,534 | 23,467,675 | |
| Advancesfromcustomers | 35,077 | 27,385 | ||
| Contractliabilities | 1,201,299 | 1,675,836 | ||
| Employeebenefitspayable | 4(21) | 5,270,644 | 5,575,463 | |
| Taxespayable | 4(22) | 2,409,941 | 2,873,551 | |
| Otherpayables | 4(23) | 12,814,130 | 11,520,282 | |
| Currentportionofnon-currentliabilities | 4(24) | 8,202,024 | 8,335,803 | |
| Othercurrentliabilities | 4(25) | 4,606,697 | 4,127,049 | |
| Totalcurrentliabilities | 73,679,753 | 76,021,629 |
Non-currentliabilities
| Non-currentliabilities | ||||
| Long-termborrowings | 4(26) | 7,663,398 | 3,510,829 | |
| Debenturespayable | 4(27) | 21,038,078 | 15,656,370 | |
| Leaseliabilities | 4(28) | 9,061,522 | 10,941,938 | |
| Long-termpayables | 657,566 | 361,983 | ||
| Long-termemployeebenefitspayable | 355,901 | 351,754 | ||
| Deferredincome | 4(29) | 789,581 | 690,242 | |
| Deferredtaxliabilities | 4(30) | 4,780,271 | 4,402,160 | |
| Provisions | 43,481 | 47,830 | ||
| Totalnon-currentliabilities | 44,389,798 | 35,963,106 |
Totalliabilities
| Totalliabilities | 118,069,551 | 111,984,735 |
Equity
| Equity | ||||
| Sharecapital | 4(31) | 4,895,202 | 4,906,213 | |
| Capitalreserve | 4(32) | 43,927,329 | 46,200,598 | |
| Less:Treasurystock | 4(33) | (1,899,241) | (394,993) | |
| Othercomprehensiveincome | 4(48) | 3,543,050 | 2,617,231 | |
| Generalriskreserve | 420,638 | 420,638 | ||
| Surplusreserve | 4(35) | 947,775 | 947,775 | |
| Retainedearnings | 4(36) | 29,883,644 | 28,245,764 | |
| TotalequityattributabletoshareholdersoftheCompany | 81,718,397 | 82,943,226 | ||
| Minorityinterests | 6(1)(b) | 12,679,429 | 14,972,021 | |
| Totalequity | 94,397,826 | 97,915,247 |
TOTALLIABILITIESANDEQUITY
| TOTALLIABILITIESANDEQUITY | 212,467,377 | 209,899,982 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.COMPANYBALANCESHEETASAT30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| ASSETS | Note | 30June2022 | 31December2021 | |
| Company | Company | |||
| (Unaudited) |
Currentassets
| Currentassets | ||||
| Cashatbankandonhand | 17(1) | 1,688,103 | 226,112 | |
| Financialassetsheldfortrading | 17(2) | 4,817,063 | 9,200,219 | |
| Advancestosuppliers | 585 | 1,248 | ||
| Otherreceivables | 17(3) | 4,711,692 | 18,275,492 | |
| Othercurrentassets | 2,974 | 5,827 | ||
| Totalcurrentassets | 11,220,417 | 27,708,898 |
Non-currentassets
| Non-currentassets | ||||
| Long-termreceivables | 17(4) | 13,727,768 | - | |
| Long-termequityinvestments | 17(5) | 51,030,493 | 50,997,088 | |
| Fixedassets | 7 | 9 | ||
| Constructioninprogress | 130,685 | 24,392 | ||
| Right-of-useassets | 1,794 | 2,064 | ||
| Intangibleassets | 375,388 | 382,331 | ||
| Long-termprepaidexpenses | 682 | 779 | ||
| Othernon-currentassets | 19 | 111 | ||
| Totalnon-currentassets | 65,266,836 | 51,406,774 |
TOTALASSETS
| TOTALASSETS | 76,487,253 | 79,115,672 |
S.F.HOLDINGCO.,LTD.COMPANYBALANCESHEET(CONT’D)ASAT30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| LIABILITIESANDEQUITY | Note | 30June2022 | 31December2021 | |
| Company | Company | |||
| (Unaudited) |
Currentliabilities
| Currentliabilities | ||||
| Employeebenefitspayable | 227 | 227 | ||
| Otherpayables | 23,407 | 6,884 | ||
| Taxespayable | 15,707 | 704 | ||
| Currentportionofnon-currentliabilities | 561 | 519 | ||
| Totalcurrentliabilities | 39,902 | 8,334 |
Non-currentliabilities
| Non-currentliabilities | ||||
| Deferredtaxliabilities | 3,958 | 7,290 | ||
| Leaseliabilities | 1,407 | 1,673 | ||
| Totalnon-currentliabilities | 5,365 | 8,963 |
Totalliabilities
| Totalliabilities | 45,267 | 17,297 |
Equity
| Equity | ||||
| Sharecapital | 4(31) | 4,895,202 | 4,906,213 | |
| Capitalreserve | 71,556,527 | 71,907,104 | ||
| Less:Treasurystock | 4(33) | (1,899,241) | (394,993) | |
| Surplusreserve | 794,730 | 794,730 | ||
| Retainedearnings | 1,094,768 | 1,885,321 | ||
| Totalequity | 76,441,986 | 79,098,375 |
TOTALLIABILITIESANDEQUITY
| TOTALLIABILITIESANDEQUITY | 76,487,253 | 79,115,672 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDANDCOMPANYINCOMESTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June | ||||||||
| Item | Note | 2022 | 2021 | 2022 | 2021 | |||
| Consolidated | Consolidated | Company | Company | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
1.Revenue
| 1.Revenue | 4(37) | 130,064,133 | 88,343,930 | - | - | |||
| Less:Costofrevenue | 4(37) | (113,778,310) | (79,421,354) | - | - | |||
| Taxesandsurcharges | (244,573) | (210,649) | (3) | (2) | ||||
| Sellinganddistributionexpenses | 4(38) | (1,280,208) | (1,310,234) | - | - | |||
| Generalandadministrativeexpenses | 4(39) | (8,890,094) | (6,529,046) | (3,383) | (11,067) | |||
| Researchanddevelopmentexpenses | 4(40) | (1,015,854) | (1,007,217) | - | (21) | |||
| Financial(costs)/income | 4(41) | (905,908) | (621,902) | 8,428 | 876 | |||
| Including:Interestexpenses | (974,215) | (666,602) | (43) | (51) | ||||
| Interestincome | 137,186 | 93,386 | 8,481 | 932 | ||||
| Add:Otherincome | 4(43) | 1,001,228 | 716,561 | - | - | |||
| Investmentincome | 4(44)17(6) | 404,810 | 1,130,499 | 119,941 | 2,665 | |||
| Including:Investmentincome/(losses)fromassociatesandjointventures | 41,689 | (8,751) | - | - | ||||
| Gains/(Losses)arisingfromchangesinfairvalue | 6,719 | 29,589 | (13,155) | 406 | ||||
| (Losseson)/Reversalofcreditimpairment | (271,129) | (11,176) | 1 | - | ||||
| Assetimpairmentlosses | (3,838) | (592) | - | - | ||||
| Gains/(Losses)ondisposalofassets | 8,246 | (14,187) | - | - |
2.Operatingprofit/(loss)
| 2.Operatingprofit/(loss) | 5,095,222 | 1,094,222 | 111,829 | (7,143) | ||||
| Add:Non-operatingincome | 4(45)(a) | 93,436 | 125,023 | - | - | |||
| Less:Non-operatingexpenses | 4(45)(b) | (107,017) | (126,096) | - | - |
3.Totalprofit/(loss)
| 3.Totalprofit/(loss) | 5,081,641 | 1,093,149 | 111,829 | (7,143) | ||||
| Less:Incometax(expenses)/credits | 4(46) | (1,784,866) | (677,359) | (27,864) | 3,893 |
4.Netprofit/(loss)
| 4.Netprofit/(loss) | 3,296,775 | 415,790 | 83,965 | (3,250) |
Classifiedbycontinuityofoperations:
| Classifiedbycontinuityofoperations: | ||||||||
| Netprofit/(loss)fromcontinuingoperations | 3,296,775 | 415,790 | 83,965 | (3,250) | ||||
| Netprofitfromdiscontinuedoperations | - | - | - | - |
Classifiedbyownershipoftheequity
| Classifiedbyownershipoftheequity | ||||||||
| AttributabletoshareholdersoftheCompany | 2,512,397 | 759,921 | Notapplicable | Notapplicable | ||||
| Minorityinterests | 784,378 | (344,131) | Notapplicable | Notapplicable |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDANDCOMPANYINCOMESTATEMENTS(CONT’D)FORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June | ||||||||
| Item | Note | 2022 | 2021 | 2022 | 2021 | |||
| Consolidated | Consolidated | Company | Company | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
5.Othercomprehensiveincome,netoftax
| 5.Othercomprehensiveincome,netoftax | 448,815 | (167,118) | - | - | ||||
| AttributabletoshareholdersoftheCompany,netoftax | 925,820 | (166,315) | - | - | ||||
| Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss | 7,485 | (76,892) | - | - | ||||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 4(48) | 7,488 | (76,804) | - | - | |||
| Othercomprehensiveincomeitemswhichwillnotbetransferredtoprofitorlossundertheequitymethod | 4(48) | (3) | (88) | - | - | |||
| Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytoprofitorloss | 918,335 | (89,423) | - | - | ||||
| Cashflowhedgingreserve | (13,983) | (5,528) | - | - | ||||
| Exchangedifferencesontranslationofforeigncurrencyfinancialstatements | 4(48) | 932,318 | (83,895) | - | - | |||
| Attributabletominorityinterests,netoftax | 4(48) | (477,005) | (803) | - | - |
6.Totalcomprehensiveincome
| 6.Totalcomprehensiveincome | 3,745,590 | 248,672 | 83,965 | (3,250) |
Attributabletoshareholdersofthe
Company
| AttributabletoshareholdersoftheCompany | 3,438,217 | 593,606 | Notapplicable | Notapplicable | ||||
| Attributabletominorityinterests | 307,373 | (344,934) | Notapplicable | Notapplicable |
7.Earningspershare
| 7.Earningspershare | ||||||||
| Basicearningspershare(RMBYuan) | 4(47)(a) | 0.51 | 0.17 | Notapplicable | Notapplicable | |||
| Dilutedearningspershare(RMBYuan) | 4(47)(b) | 0.51 | 0.17 | Notapplicable | Notapplicable |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDANDCOMPANYCASHFLOWSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June | ||||||||
| Item | Note | 2022 | 2021 | 2022 | 2021 | |||
| Consolidated | Consolidated | Company | Company | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
1.Cashflowsfrom/(usedin)operatingactivities
| 1.Cashflowsfrom/(usedin)operatingactivities | ||||||||
| Cashreceivedfromsalesofgoodsorrenderingofservices | 138,579,490 | 90,333,953 | - | - | ||||
| Netincreaseindepositsfromcustomersandotherfinancialinstitutions | 12,141 | 845 | - | - | ||||
| Netdecreaseinloanstocustomers | - | 30,155 | - | - | ||||
| Netdecreaseinbalanceswithcentralbank | - | 347,210 | - | - | ||||
| Refundoftaxesandlevies | 4,960,635 | 73,786 | 10,265 | - | ||||
| Cashreceivedrelatingtootheroperatingactivities | 4(49)(a) | 42,257,709 | 44,986,706 | 9,014 | 1,371 | |||
| Sub-totalofoperatingcashinflows | 185,809,975 | 135,772,655 | 19,279 | 1,371 | ||||
| Cashpaidforgoodsandservices | (100,397,500) | (66,970,612) | - | - | ||||
| Netincreaseinloanstocustomers | (15,167) | - | - | - | ||||
| Netincreaseinbalanceswithcentralbank | (17,906) | - | - | - | ||||
| Cashpaidtoandonbehalfofemployees | (16,578,976) | (14,840,280) | (1,861) | (1,362) | ||||
| Paymentsoftaxesandlevies | (4,203,256) | (2,721,791) | (22,998) | (15,996) | ||||
| Cashpaidrelatingtootheroperatingactivities | 4(49)(b) | (47,884,356) | (46,908,341) | (2,586) | (6,317) | |||
| Sub-totalofoperatingcashoutflows | (169,097,161) | (131,441,024) | (27,445) | (23,675) | ||||
| Netcashflowsfrom/(usedin)operatingactivities | 4(50)(a) | 16,712,814 | 4,331,631 | (8,166) | (22,304) |
2.Cashflows(usedin)/from
investingactivities
| 2.Cashflows(usedin)/frominvestingactivities | ||||||||
| Cashreceivedfromdisposalofinvestments | 1,134,725 | 934,435 | - | - | ||||
| Cashreceivedfromreturnsoninvestments | 387,630 | 182,466 | 2,127,137 | 1,502,824 | ||||
| Cashreceivedfromdisposaloffixedassetsandotherlong-termassets | 79,564 | 85,925 | - | - | ||||
| Netcashreceivedfromdisposalofsubsidiariesandotherbusinessunits | 4(49)(c) | 285,763 | 1,414,076 | - | - | |||
| Cashreceivedrelatingtootherinvestingactivities | 4(49)(e) | 80,839,024 | 46,455,050 | 24,300,010 | 1,162,497 | |||
| Sub-totalofinvestingcashinflows | 82,726,706 | 49,071,952 | 26,427,147 | 2,665,321 | ||||
| Cashpaidtoacquirefixedassetsandotherlong-termassets | (6,494,255) | (9,188,443) | (89,879) | (13,841) | ||||
| Cashpaidtoacquireinvestments | (952,126) | (391,137) | - | - | ||||
| Netcashpaidtoacquiresubsidiaries | 4(49)(d) | (1,043,309) | (199,542) | - | - | |||
| Cashpaidrelatingtootherinvestingactivities | 4(49)(e) | (81,061,887) | (50,185,229) | (22,093,334) | (1,130,000) | |||
| Sub-totalofinvestingcashoutflows | (89,551,577) | (59,964,351) | (22,183,213) | (1,143,841) | ||||
| Netcashflows(usedin)/frominvestingactivities | (6,824,871) | (10,892,399) | 4,243,934 | 1,521,480 |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDANDCOMPANYCASHFLOWSTATEMENTS(CONT’D)FORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June | ||||||||
| Item | Note | 2022 | 2021 | 2022 | 2021 | |||
| Consolidated | Consolidated | Company | Company | |||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
3.Cashflows(usedin)/fromfinancingactivities
| 3.Cashflows(usedin)/fromfinancingactivities | ||||||||
| Cashreceivedfromcapitalcontributions | 94,723 | 1,725,969 | - | - | ||||
| Including:Cashreceivedfromcapitalcontributionsbyminorityinterestsofsubsidiaries | 94,723 | 1,725,969 | - | - | ||||
| Cashreceivedfromborrowingsandissueofdebentures | 27,108,612 | 14,320,424 | - | - | ||||
| Cashreceivedrelatingtootherfinancingactivities | 4,550 | - | - | - | ||||
| Sub-totaloffinancingcashinflows | 27,207,885 | 16,046,393 | - | - | ||||
| Cashrepaymentsofborrowings | (22,208,994) | (4,322,820) | - | - | ||||
| Cashpaymentsforinterestexpensesanddistributionofdividendsorprofits | (2,505,075) | (1,846,032) | (874,518) | (1,499,992) | ||||
| Cashpaidrelatingtootherfinancingactivities | 4(49)(f) | (9,159,023) | (2,552,846) | (1,899,259) | (847) | |||
| Sub-totaloffinancingcashoutflows | (33,873,092) | (8,721,698) | (2,773,777) | (1,500,839) | ||||
| Netcashflows(usedin)/fromfinancingactivities | (6,665,207) | 7,324,695 | (2,773,777) | (1,500,839) |
4.Effectofforeignexchangerate
changesoncashandcashequivalents
| 4.Effectofforeignexchangeratechangesoncashandcashequivalents | 251,442 | 13,248 | - | - |
5.Netincrease/(decrease)incash
andcashequivalents
| 5.Netincrease/(decrease)incashandcashequivalents | 3,474,178 | 777,175 | 1,461,991 | (1,663) | ||||
| Add:Cashandcashequivalentsatthebeginningoftheperiod | 4(50)(b) | 34,813,768 | 15,466,484 | 226,112 | 58,098 |
6.Cashandcashequivalentsat
theendoftheperiod
| 6.Cashandcashequivalentsattheendoftheperiod | 4(50)(b) | 38,287,946 | 16,243,659 | 1,688,103 | 56,435 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDSTATEMENTOFCHANGESINEQUITYFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June2021(Unaudited) | ||||||||||||||||||
| EquityattributabletoshareholdersoftheCompany | ||||||||||||||||||
| Note | Sharecapital | Capitalreserve | Less:Treasurystock | Othercomprehensiveincome | Generalriskreserve | Specialreserve | Surplusreserve | Retainedearnings | Minorityinterests | Totalequity | ||||||||
Balanceat1January2021
| Balanceat1January2021 | 4,556,440 | 24,405,217 | (394,993) | 1,143,969 | 279,142 | - | 745,043 | 25,708,230 | 316,651 | 56,759,699 |
Movementsforthesixmonthsended30June2021
| Movementsforthesixmonthsended30June2021 | |||||||||||||||||||
| Totalcomprehensiveincome | |||||||||||||||||||
| Netprofit | - | - | - | - | - | - | - | 759,921 | (344,131) | 415,790 | |||||||||
| Othercomprehensiveincome | - | - | - | (166,315) | - | - | - | - | (803) | (167,118) | |||||||||
| Capitalcontributionandwithdrawalbyshareholders | |||||||||||||||||||
| Capitalcontributionbyshareholders | - | 1,098,398 | - | - | - | - | - | - | 632,874 | 1,731,272 | |||||||||
| Share-basedpaymentsincludedinequity | 9 | - | 104,555 | - | - | - | - | - | - | 17,806 | 122,361 | ||||||||
| Others | - | (52,539) | - | - | - | - | - | - | 2,169 | (50,370) | |||||||||
| Profitdistribution | |||||||||||||||||||
| Appropriationtogeneralriskreserve | - | - | - | - | 3,941 | - | - | (3,941) | - | - | |||||||||
| Distributiontoshareholders | - | - | - | - | - | - | - | (1,499,992) | - | (1,499,992) | |||||||||
| Transferwithinequity | |||||||||||||||||||
| Transferfromothercomprehensiveincometoretainedearnings | - | - | - | (113,136) | - | - | - | 113,136 | - | - | |||||||||
| Othermovementsincapitalreserve | - | (5,855) | - | - | - | - | - | - | - | (5,855) | |||||||||
| Safetyreserve | |||||||||||||||||||
| Appropriation | - | - | - | - | - | 12,520 | - | - | - | 12,520 | |||||||||
| Utilisation | - | - | - | - | - | (12,520) | - | - | - | (12,520) |
Balanceat30June2021
| Balanceat30June2021 | 4,556,440 | 25,549,776 | (394,993) | 864,518 | 283,083 | - | 745,043 | 25,077,354 | 624,566 | 57,305,787 |
S.F.HOLDINGCO.,LTD.CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY(CONT’D)FORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June2022(Unaudited) | |||||||||||||||||||
| EquityattributabletoshareholdersoftheCompany | |||||||||||||||||||
| Note | Sharecapital | Capitalreserve | Less:Treasurystock | Othercomprehensiveincome | Generalriskreserve | Specialreserve | Surplusreserve | Retainedearnings | Minorityinterests | Totalequity | |||||||||
Balanceat1January2022
| Balanceat1January2022 | 4,906,213 | 46,200,598 | (394,993) | 2,617,231 | 420,638 | - | 947,775 | 28,245,764 | 14,972,021 | 97,915,247 |
Movementsforthesixmonthsended30June2022
| Movementsforthesixmonthsended30June2022 | ||||||||||||||||||||
| Totalcomprehensiveincome | ||||||||||||||||||||
| Netprofit | - | - | - | - | - | - | - | 2,512,397 | 784,378 | 3,296,775 | ||||||||||
| Othercomprehensiveincome | - | - | - | 925,820 | - | - | - | - | (477,005) | 448,815 | ||||||||||
| Capitalcontributionandwithdrawalbyshareholders | ||||||||||||||||||||
| Capitalcontributionbyshareholders | - | 591 | - | - | - | - | - | - | 94,132 | 94,723 | ||||||||||
| Sharerepurchase | 4(33) | - | - | (1,899,241) | - | - | - | - | - | - | (1,899,241) | |||||||||
| Treasurystockcancellation | 4(33) | (11,011) | (383,982) | 394,993 | - | - | - | - | - | - | - | |||||||||
| Share-basedpaymentsincludedinequity | 9 | - | 79,674 | - | - | - | - | - | - | 3,530 | 83,204 | |||||||||
| Others | - | (1,986,036) | - | - | - | - | - | - | (1,616,458) | (3,602,494) | ||||||||||
| Businesscombinationsinvolvingenterprisesnotundercommoncontrol | - | - | - | - | - | - | - | - | 38,675 | 38,675 | ||||||||||
| Profitdistribution | ||||||||||||||||||||
| Distributiontoshareholders | 4(36) | - | - | - | - | - | - | - | (874,518) | (1,119,844) | (1,994,362) | |||||||||
| Transferwithinequity | ||||||||||||||||||||
| Transferfromothercomprehensiveincometoretainedearnings | - | - | - | (1) | - | - | - | 1 | - | - | ||||||||||
| Othermovementsincapitalreserve | - | 16,484 | - | - | - | - | - | - | - | 16,484 | ||||||||||
| Safetyreserve | ||||||||||||||||||||
| Appropriation | - | - | - | - | - | 14,589 | - | - | - | 14,589 | ||||||||||
| Utilisation | - | - | - | - | - | (14,589) | - | - | - | (14,589) |
Balanceat30June2022
| Balanceat30June2022 | 4,895,202 | 43,927,329 | (1,899,241) | 3,543,050 | 420,638 | - | 947,775 | 29,883,644 | 12,679,429 | 94,397,826 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.COMPANYSTATEMENTOFCHANGESINEQUITYFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
| Forthesixmonthsended30June2021(Unaudited) | |||||||||||
| Note | Sharecapital | Capitalreserve | Less:Treasurystock | Surplusreserve | Retainedearnings | Totalequity | |||||
Balanceat1January2021
| Balanceat1January2021 | 4,556,440 | 52,344,321 | (394,993) | 591,998 | 1,560,724 | 58,658,490 |
Movementsforthesixmonthsended30June2021
| Movementsforthesixmonthsended30June2021 | ||||||||||||
| Totalcomprehensiveincome | ||||||||||||
| Netloss | - | - | - | - | (3,250) | (3,250) | ||||||
| Profitdistribution | ||||||||||||
| Distributiontoshareholders | 4(36) | - | - | - | - | (1,499,992) | (1,499,992) | |||||
| Others | - | (6) | - | - | - | (6) |
Balanceat30June2021
| Balanceat30June2021 | 4,556,440 | 52,344,315 | (394,993) | 591,998 | 57,482 | 57,155,242 |
Forthesixmonthsended30June2022(Unaudited)
| Forthesixmonthsended30June2022(Unaudited) | |||||||||||
| Note | Sharecapital | Capitalreserve | Less:Treasurystock | Surplusreserve | Retainedearnings | Totalequity | |||||
Balanceat1January2022
| Balanceat1January2022 | 4,906,213 | 71,907,104 | (394,993) | 794,730 | 1,885,321 | 79,098,375 |
Movementsforthesixmonthsended30June2022
| Movementsforthesixmonthsended30June2022 | ||||||||||||
| Totalcomprehensiveincome | ||||||||||||
| Netprofit | - | - | - | - | 83,965 | 83,965 | ||||||
| Capitalcontributionandwithdrawalbyshareholders | ||||||||||||
| Sharerepurchase | 4(33) | - | - | (1,899,241) | - | - | (1,899,241) | |||||
| Treasurystockcancellation | 4(33) | (11,011) | (383,982) | 394,993 | - | - | - | |||||
| Share-basedpaymentsincludedinequity | - | 33,405 | - | - | - | 33,405 | ||||||
| Profitdistribution | ||||||||||||
| Distributiontoshareholders | 4(36) | - | - | - | - | (874,518) | (874,518) |
Balanceat30June2022
| Balanceat30June2022 | 4,895,202 | 71,556,527 | (1,899,241) | 794,730 | 1,094,768 | 76,441,986 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements.
| Legalrepresentative:WangWei | ChiefFinancialOfficer(Headoffinance):HoChit | Accountingdirector:HuXiaofei |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(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.TheapprovedbusinessscopeoftheCompanyanditssubsidiaries(“theGroup”)includes:
domesticandinternationalexpressservices(exceptforpostalenterprises'franchisebusiness);generalfreightservices;large-scalegoodstransportationservices;refrigeratedtrucktransportationservices;third-partypharmaceuticalmodernlogisticsbusinessservices;urbandistributionservices;supplychainsolutionconsultingservices;domesticandinternationalfreightagencybusinessservices;aircargotransportationservices;warehousingservices;propertyleasingservices;industrialinvestment,etc.HangzhouSFIntra-cityIndustrialCo.,Ltd.,asubsidiaryoftheCompany,isacompanylistedonthemainboardoftheStockExchangeofHongKongLimited,primarilyprovidingintra-cityinstantdeliveryservices.KerryLogisticsNetworkCo.,Ltd.(“KerryLogistics”),asubsidiaryoftheCompany,isacompanylistedonthemainboardoftheStockExchangeofHongKongLimited,primarilyprovidingservicessuchascomprehensivelogisticsandinternationalfreight.First-tierandsecond-tiersubsidiariesincludedintheconsolidationscopeofthefinancialstatementsaredetailedinNote6(1).ThechangesinthescopeofconsolidationforthecurrentreportingperiodaresetoutinNote5.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
2Basisofpreparationandsummaryofsignificantaccountingpoliciesandaccounting
estimates
(1)Basisofpreparation
TheinterimfinancialstatementsarepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprises-BasicStandard,thespecificaccountingstandardsandotherrelevantregulationsissuedbytheMinistryofFinanceon15February2006andinsubsequentperiods(hereafter,referredtoas“theAccountingStandardsforBusinessEnterprises”or“CASs”).TheinterimfinancialstatementsarepreparedanddisclosedinaccordancewiththerequirementsoftheCAS32-InterimFinancialReportingandtheStandardsfortheContentsandFormatsofInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.3-ContentsandFormatsofSemi-annualReportsissuedbytheChinaSecuritiesRegulatoryCommission,andthereforedonotincludeallinformationanddisclosuresintheannualfinancialstatements.Thefinancialstatementsarepreparedonagoingconcernbasis.
(2)StatementofcompliancewiththeAccountingStandardsforBusinessEnterprises
TheinterimfinancialstatementsareincompliancewithCAS32-InterimFinancialReporting.
(3)Accountingpoliciesandaccountingestimates
PursuanttotheAnnouncementonImplementationofthePolicyofCASInterpretationNo.15(CaiKuai[2021]No.35)(“InterpretationNo.15”)issuedbytheMinistryofFinanceon31December2021,whichstipulatestheaccountingtreatmentofexternalsalesofproductsorby-productsproducedbyenterprisesbeforethefixedassetsreachtheirintendedusablestateorduringtheresearchanddevelopmentprocess,therelevantpresentationofcentralizedmanagementoffunds,andthejudgmentonloss-makingcontracts.TheGrouphaspreparedthefinancialstatementsinaccordancewiththeaboveInterpretationNo.15,andtheimpactofInterpretationNo.15ontheGroup'sandtheCompany’sfinancialstatementsisnotsignificant.Duringthereportingperiod,exceptfortheabove-mentionedchangesinaccountingpolicies,theaccountingpoliciesadoptedforthesefinancialstatementsareconsistentwiththoseadoptedbytheGroupforpreparingthefinancialstatementsfortheyearended31December2021.ThefinancialstatementsshallbereadinconjunctionwiththeGroup’sfinancialstatementsfortheyearended31December2021.Duringthereportingperiod,therewerenosignificantchangesincriticalaccountingestimatesandkeyjudgementsadoptedbytheGroupfromthepreviousyear.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
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,theCompanyandothersubsidiariesestablishedinMainlandChinaaresubjecttotheenterpriseincometaxrateof25%.TheGroup’soverseassubsidiariesrecognisetheirincometaxesinaccordancewiththelawsandregulationsofthecountriesorregionswheretheyoperate.Specifically,thesubsidiarieslocatedinHongKongSAR,MacaoSAR,Singapore,Japan,SouthKorea,USAandThailandaresubjecttoenterpriseincometaxattheratesof16.5%,12%,17%,23.2%,25%,21%and20%respectivelyinthereportingperiod.
(2)Preferentialtaxpolicyandapprovaldocuments
Duringthereportingperiod,therewerenosignificantchangesinthetaxratesandpoliciesofpreferentialtaxrateapplicabletotheCompanyanditssubsidiariesfromthepreviousyear.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements
(1)Cashatbankandonhand
| 30June2022 | 31December2021 |
Cashonhand
| Cashonhand | 17,893 | 48,513 | |
| Cashatbank | 16,722,940 | 16,067,702 | |
| BalanceswithcentralbankfromGroupFinanceCompany | 566,176 | 548,204 | |
| Including:-statutoryreserve(a) | 558,206 | 540,300 | |
| -excessreserve(b) | 7,970 | 7,904 | |
| BalanceswithotherbanksfromGroupFinanceCompany | 21,346,566 | 18,569,253 | |
| Othercashbalances(c) | 159,886 | 76,182 | |
| Interestreceivable | 8,687 | 5,197 | |
| 38,822,148 | 35,315,051 |
Including:Overseasdeposits
| Including:Overseasdeposits | 8,532,455 | 9,330,693 |
(a)On18September2016,theGroupincorporatedS.F.HoldingGroupFinanceCo.,Ltd.(“Group
FinanceCompany”).StatutoryreserveofGroupFinanceCompanydepositedwiththecentralbankrepresentsrequiredstatutoryreservepaidbyfinancialenterprisesinthePeople’sBankofChina(“PBOC”)at5%ofdepositsfromcustomersdenominatedinRMB.StatutoryreservedepositsarenotavailableforusebytheGroupinitsdailyoperations,whicharerestrictedcash.(b)ExcessreserveofGroupFinanceCompanydepositedwiththecentralbankrepresentstheexcess
overtherequiredstatutoryreservedepositedbyfinancialinstitutionsinthecentralbank,anditisbankdepositthatcanbereadilydrawnondemand.(c)Asat30June2022,othercashbalanceofRMB10,360,000(31December2021:RMB9,600,000)
wasdepositincommercialbankstoguaranteegeneralbankcredit(Note4(19)(c))andRMB1,832,000(31December2021:RMB1,832,000)wasthesecuritydepositfortheGrouptoapplyforaletterofguaranteefromthebank;RMB22,572,000(31December2021:RMB25,194,000)wasthesecuritydepositreceivedbytheGroupfromthirdparties.Accordingtothecontracts,thesecuritydepositneedstobereturnedafterthecooperationiscompleted.Theseabovedepositsareallrestricted.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(2)Financialassetsheldfortrading
| 30June2022 | 31December2021 |
Structureddeposits
| Structureddeposits | 9,996,994 | 9,730,665 | |
| Fundinvestments | 240,875 | 653,828 | |
| 10,237,869 | 10,384,493 |
(3)Accountsreceivable
| 30June2022 | 31December2021 |
Accountsreceivable
| Accountsreceivable | 29,458,377 | 31,476,627 | |
| Less:Provisionforbaddebts | (1,242,578) | (1,034,869) | |
| 28,215,799 | 30,441,758 |
TheGroupadoptsregularsettlementmethodforlogisticsandfreightforwardingservicesprovidedtosomecustomers.Ateachmonth-end,theoutstandingpartbecomesaccountsreceivable.(a)Theageingofaccountsreceivableisanalysedasfollows:
| 30June2022 | 31December2021 |
Within1year(inclusive)
| Within1year(inclusive) | 28,816,122 | 31,027,603 | |
| 1to2years(inclusive) | 414,946 | 236,070 | |
| Over2years | 227,309 | 212,954 | |
| 29,458,377 | 31,476,627 |
(b)Asat30June2022,thefivelargestaccountsreceivableaggregatedbydebtorweresummarised
andanalysedasfollows:
| 30June2022 | ||||
| Bookbalance | Provisionforbaddebts | %oftotalbalance | ||
Sumofthefivelargestaccountsreceivable
| Sumofthefivelargestaccountsreceivable | 1,990,094 | (6,733) | 6.76% |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(3)Accountsreceivable(Cont’d)(c)Provisionforbaddebts
Foraccountsreceivable,theGrouprecognisesthelifetimeexpectedcreditlossprovision.Asat30June2022,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasiswereanalysedasfollows:
| Bookbalance | Lifetimeexpectedcreditlossrate | Provisionforbaddebts | Reason |
Receivablesfromrelatedparties
| Receivablesfromrelatedparties | - | - | - | Lossprovisionisrecognizedbasedontheamountofexpectedcreditlossesinthenext12months | ||
| Receivablesfromnon-relatedparties | 688,929 | 100.00% | (688,929) | |||
| 688,929 | (688,929) |
Asat31December2021,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasiswereanalysedasfollows:
| Bookbalance | Lifetimeexpectedcreditlossrate | Provisionforbaddebts | Reason |
Receivablesfromrelatedparties
| Receivablesfromrelatedparties | - | - | - | Lossprovisionisrecognizedbasedontheamountofexpectedcreditlossesinthenext12months | ||
| Receivablesfromnon-relatedparties | 559,591 | 100.00% | (559,591) | |||
| 559,591 | (559,591) |
Asat30June2022,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows:
| Bookbalance | Lifetimeexpectedcreditlossrate | Provisionforbaddebts |
Relatedpartygrouping
| Relatedpartygrouping | 172,971 | - | - | |||
| Non-relatedpartygrouping | 28,596,477 | 1.94% | (553,649) | |||
| 28,769,448 | (553,649) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Cont’d)
(3)Accountsreceivable(Cont’d)(c)Provisionforbaddebts(Cont’d)
Asat31December2021,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows:
| Bookbalance | Lifetimeexpectedcreditlossrate | Provisionforbaddebts |
Relatedpartygrouping
| Relatedpartygrouping | 278,423 | - | - | |||
| Non-relatedpartygrouping | 30,638,613 | 1.55% | (475,278) | |||
| 30,917,036 | (475,278) |
(d)Forthesixmonthsended30June2022,theGroup’sprovisionforbaddebtsamountedtoRMB
313,967,000(forthesixmonthsended30June2021:RMB21,894,000),andtheprovisionforbaddebtsreversedwasRMB61,096,000(forthesixmonthsended30June2021:Nil)(Note4(18)).(e)Forthesixmonthsended30June2022,theprovisionforbaddebtsofaccountsreceivablethat
werewrittenoffamountedtoRMB71,272,000andnoaccountsreceivablewithamountsthatwereindividuallysignificantwerewrittenoff(Note4(18)).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(4)Advancestosuppliers(a)Theageingofadvancestosuppliersisanalysedbelow:
| 30June2022 | 31December2021 | ||||||
| Ageing | Amount | %oftotalbalance | Amount | %oftotalbalance | |||
Within1year(inclusive)
| Within1year(inclusive) | 3,074,008 | 97.17% | 2,826,165 | 96.25% | |||
| 1to2years(inclusive) | 53,018 | 1.68% | 73,490 | 2.50% | |||
| Over2years | 36,339 | 1.15% | 36,591 | 1.25% | |||
| 3,163,365 | 100.00% | 2,936,246 | 100.00% |
Asat30June2022,advancestosupplierswithageingoveroneyearweremainlyprepaymenttosuppliers,etc.relevantbusinesstransactionswerestillongoing.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(4)Advancestosuppliers(Cont’d)(b)Asat30June2022,thefivelargestadvancestosuppliersaggregatedbydebtorweresummarised
andanalysedasfollows:
| 30June2022 | ||
| Amount | %oftotalbalance | |
Sumofthefivelargestadvancestosuppliers
| Sumofthefivelargestadvancestosuppliers | 641,053 | 20.26% |
(5)Otherreceivables
| 30June2022 | 31December2021 |
Accountsreceivablefromrelatedparties(Note8(4)(d))
| Accountsreceivablefromrelatedparties(Note8(4)(d)) | 536,737 | 492,057 | |
| Guaranteesanddeposits | 1,420,721 | 1,413,769 | |
| Cashtocollectonbehalfofcustomers | 530,906 | 689,476 | |
| Taxpaidonbehalfofothers | 268,436 | 154,965 | |
| Receivablesfromairlinessubsidiesandfinancialrebates | 126,695 | 105,652 | |
| Receivablesfromequitytransfer | 105,695 | 344,662 | |
| Employeeborrowingsandadvances | 79,178 | 95,564 | |
| Prepaidsocialinsurancepremium | 29,811 | 23,515 | |
| Entrustedloanprincipalreceivables | 27,000 | 27,000 | |
| Others | 543,606 | 999,967 | |
| 3,668,785 | 4,346,627 | ||
| Less:Provisionforbaddebts | (118,114) | (108,109) | |
| 3,550,671 | 4,238,518 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(5)Otherreceivables(Cont’d)(a)Theageingofotherreceivablesbasedonthepointofoccurrenceisanalysedasfollows:
| 30June2022 | 31December2021 |
Within1year(inclusive)
| Within1year(inclusive) | 2,789,456 | 3,638,859 | |
| 1to2years(inclusive) | 383,184 | 297,337 | |
| Over2years | 496,145 | 410,431 | |
| 3,668,785 | 4,346,627 |
Asat30June2022,otherreceivableswithageingover1yearmainlyrepresenteddepositsandguarantees,entrustedloansreceivable,receivablesfromequitytransferandairlinessubsidies.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(5)Otherreceivables(Cont’d)(b)Provisionforlossesandchangesinbalancestatements(i)TheGroupmeasuresthelossprovisionforotherreceivablesbasedontheexpectedcreditlossesforthenexttwelvemonthsortheentireduration.The
analysisofchangesinotherreceivablesbystagesisasfollows:
| Stage1 | Stage3 | |||||||||
| Expectedcreditlossesinthefollowing12months(grouping) | Lifetimeexpectedcreditlosses(creditimpaired) | Total | ||||||||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | |||||
31December2021
| 31December2021 | 4,242,172 | (14,454) | 104,455 | (93,655) | 4,346,627 | (108,109) | ||||||
| Decrease/Provisioninthecurrentperiod | (665,887) | (9,663) | - | (12,297) | (665,887) | (21,960) | ||||||
| Write-offinthecurrentperiod | (11,955) | 11,955 | - | - | (11,955) | 11,955 | ||||||
| TransfertoStage3 | (22,594) | - | 22,594 | - | - | - | ||||||
| 30June2022 | 3,541,736 | (12,162) | 127,049 | (105,952) | 3,668,785 | (118,114) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(5)Otherreceivables(Cont’d)(b)Provisionforlossesandchangesinbalancestatements(Cont’d)(i)(Cont’d)
Asat30June2022and31December2021,theGroupdidnothaveanyotherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasis.Asat30June2022,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows:
| Bookbalance | Expectedcreditlossrateinthefollowing12months | Provisionforbaddebts | Reason |
Providedonthegroupingbasis:
| Providedonthegroupingbasis: | ||||||
| Relatedpartygrouping | 536,737 | - | - | |||
| Non-relatedpartygrouping | 3,004,999 | 0.40% | (12,162) | Lossprovisionisrecognizedbasedontheamountofexpectedcreditlossesinthenext12months | ||
| 3,541,736 | (12,162) |
Asat31December2021,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows:
| Bookbalance | Expectedcreditlossrateinthefollowing12months | Provisionforbaddebts | Reason |
Providedonthegroupingbasis:
| Providedonthegroupingbasis: | ||||||
| Relatedpartygrouping | 492,057 | - | - | |||
| Non-relatedpartygrouping | 3,750,115 | 0.39% | (14,454) | Lossprovisionisrecognizedbasedontheamountofexpectedcreditlossesinthenext12months | ||
| 4,242,172 | (14,454) |
Asat30June2022and31December2021,theGroupdidnothaveanyotherreceivablesatStage2.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(5)Otherreceivables(Cont’d)(b)Provisionforlossesandchangesinbookbalancestatements(Cont’d)(i)(Cont’d)
Asat30June2022,otherreceivablesatStage3forwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasiswereanalysedasfollows:
| Bookbalance | Lifetimeexpectedcreditlosses | Provisionforbaddebts | Reason |
Receivablesfromequitytransfer
| Receivablesfromequitytransfer | 77,455 | 100.00% | (77,455) | Lossprovisionisrecognizedbasedontheamountofexpectedcreditlossesduringtheentireduration | ||
| Entrustedloanreceivables | 27,000 | 60.00% | (16,200) | |||
| Cashtocollectonbehalfofcustomers | 20,594 | 50.00% | (10,297) | |||
| Others | 2,000 | 100.00% | (2,000) | |||
| 127,049 | (105,952) |
Asat31December2021,otherreceivablesatStage3forwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasiswereanalysedasfollows:
| Bookbalance | Lifetimeexpectedcreditlosses | Provisionforbaddebts | Reason |
Receivablesfromequitytransfer
| Receivablesfromequitytransfer | 77,455 | 100.00% | (77,455) | Lossprovisionisrecognizedbasedontheamountofexpectedcreditlossesduringtheentireduration | ||
| Entrustedloanreceivables | 27,000 | 60.00% | (16,200) | |||
| 104,455 | (93,655) |
Asat30June2022and31December2021,theGroupdidnothaveanyotherreceivablesatStage3forwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasis.(c)Forthesixmonthsended30June2022,theGroup’sprovisionforbaddebtsamountedtoRMB
21,960,000(forthesixmonthsended30June2021:RMB3,942,000),andnoprovisionforbaddebtswasreversed(forthesixmonthsended30June2021:RMB10,000,000)(Note4(18)).(d)Forthesixmonthsended30June2022,theprovisionforbaddebtsofotherreceivablesthatwere
writtenoffamountedtoRMB11,955,000(forthesixmonthsended30June2021:RMB3,356,000)(Note4(18))andnootherreceivableswithamountsthatwereindividuallysignificantwerewrittenoff(forthesixmonthsended30June2021:Nil).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(5)Otherreceivables(Cont’d)(e)Asat30June2022,thefivelargestotherreceivablesaggregatedbydebtorweresummarisedand
analysedasfollows:
| 30June2022 | ||||||
| Natureofbusiness | Ageing | Bookbalance | Provisionforbaddebts | %oftotalbalance | ||
ShenzhenHiveBoxTechnologyCo.,Ltd.(“HiveBoxTechnology”)
| ShenzhenHiveBoxTechnologyCo.,Ltd.(“HiveBoxTechnology”) | Agencycollectionandpayment | Within1year | 331,906 | - | 9.05% | ||
| RosyCenturyHoldingsLimited | Borrowings | Within1year | 129,658 | - | 3.53% | ||
| ChiwanContainerTerminalCoLtd | Dividendsreceivable | Within1year | 81,796 | - | 2.23% | ||
| WuhanTianHeInternationalAirport | Airlinesubsidiesandfinancialrebates | Within1year | 68,132 | - | 1.86% | ||
| GoodearDevelopmentCo.,Ltd. | Guaranteesanddeposits | Within1year,1to2years | 49,219 | - | 1.34% | ||
| 660,711 | - | 18.01% |
(6)Othercurrentassets
| 30June2022 | 31December2021 |
InputVATtobeoffset
| InputVATtobeoffset | 3,704,242 | 7,299,204 | |
| Prepaidenterpriseincometax | 513,474 | 236,852 | |
| Others | 16,511 | 3,557 | |
| 4,234,227 | 7,539,613 |
(7)Long-termreceivablesandcurrentportionofnon-currentassets
| 30June2022 | 31December2021 |
Financeleasereceivables
| Financeleasereceivables | 714,458 | 726,349 | |
| Depositsforhousepurchase | 277,904 | 277,904 | |
| Interest-freeloanstoemployees | 137,873 | 237,255 | |
| Others | 8,442 | 8,328 | |
| Less:Provisionforbaddebts | (20,999) | (21,984) | |
| Currentportionoflong-termreceivables | (388,121) | (351,489) | |
| 729,557 | 876,363 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(8)Long-termequityinvestments
| Jointventures | Associates | Total |
31December2021
| 31December2021 | 2,593,932 | 4,666,155 | 7,260,087 | ||
| Increase/(decrease)ininvestments | 3,536 | (234,612) | (231,076) | ||
| Investment(loss)/incomerecognisedundertheequitymethod | (26,626) | 68,315 | 41,689 | ||
| Othercomprehensiveincomeandchangesinequityrecognisedundertheequitymethod | 496 | 19,707 | 20,203 | ||
| Cashdividends/profitsdistributed | - | (128,937) | (128,937) | ||
| Provisionforimpairmentloss | (149) | (452) | (601) | ||
| Effectoftranslationofforeigncurrencyfinancialstatements | 6,107 | 91,607 | 97,714 | ||
| 30June2022 | 2,577,296 | 4,481,783 | 7,059,079 |
Including:Balanceofprovisionfor
impairmentlossattheendoftheperiod
| Including:Balanceofprovisionforimpairmentlossattheendoftheperiod | - | 178,325 | 178,325 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(8)Long-termequityinvestments(Cont’d)(a)Jointventures
| Movementsinthecurrentperiod | |||||||||||||||
| Carryingamountasat31December2021 | Increase/(Decrease)ininvestments | Shareofnetprofit/(loss)underequitymethod | Otherchangesinequity(i) | Cashdividends/profitsdistributed | Provisionforimpairmentloss | Effectoftranslationofforeigncurrencyfinancialstatements | Carryingamountasat30June2022 | Balanceofprovisionforimpairmentlossattheendoftheperiod | |||||||
HubeiInternationalLogisticsAirportCo.,Ltd.
| HubeiInternationalLogisticsAirportCo.,Ltd. | 1,356,612 | - | (17,169) | - | - | - | - | 1,339,443 | - | |||||||
| Gem-shunxinIndustrialTechnologyCo.,Ltd. | 500,443 | - | 1,189 | 19 | - | - | - | 501,651 | - | |||||||
| ZBHAGroupCo.,Ltd.(“ZBHA”) | 238,020 | - | 4,756 | - | - | - | - | 242,776 | - | |||||||
| JinfengBorun(Xiamen)EquityInvestmentPartnership(LimitedPartnership) | 143,174 | - | (978) | - | - | - | - | 142,196 | - | |||||||
| CCSFChinaLogisticsPropertiesInvestmentFund,L.P. | 93,568 | 6,129 | (525) | - | - | - | 5,352 | 104,524 | - | |||||||
| Others | 262,115 | (2,593) | (13,899) | 477 | - | (149) | 754 | 246,706 | - | |||||||
| 2,593,932 | 3,536 | (26,626) | 496 | - | (149) | 6,107 | 2,577,296 | - |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(8)Long-termequityinvestments(Cont’d)(b)Associates
| Movementsinthecurrentperiod | ||||||||||
| Carryingamountasat31December2021 | Increase/(Decrease)ininvestments | Shareofnetprofit/(loss)underequitymethod | Otherchangesinequity(i) | Cashdividends/profitsdistributed | Provisionforimpairmentloss | Effectoftranslationofforeigncurrencyfinancialstatements | Carryingamountasat30June2022 | Balanceofprovisionforimpairmentlossattheendoftheperiod | ||
SFRealEstateInvestmentTrust(“SFREITs”)
| SFRealEstateInvestmentTrust(“SFREITs”) | 1,151,506 | - | 9,834 | - | (40,965) | - | 51,660 | 1,172,035 | - | ||
| ChiwanContainerTerminalCoLtd | 919,872 | - | 39,325 | - | (79,379) | - | 21,706 | 901,524 | - | ||
| GiaoHangTietKiemJointStockCompany | 335,895 | - | 27,465 | - | - | - | 21,060 | 384,420 | - | ||
| BeijingBeiJianTongChengInternationalLogisticsCo.,Ltd | 318,391 | - | 848 | - | - | - | (678) | 318,561 | - | ||
| PT.PuninarSaranaRaya | 255,281 | - | (4,309) | - | - | - | (8,694) | 242,278 | - | ||
| AmassFreightInternationalCo.,Ltd. | 239,532 | - | 12,703 | - | (5,888) | - | - | 246,347 | - | ||
| ZhejiangGalaxisTechnologyGroupCo.,Ltd. | 188,420 | - | (6,695) | - | - | - | - | 181,725 | - | ||
| Others | 1,257,258 | (234,612) | (10,856) | 19,707 | (2,705) | (452) | 6,553 | 1,034,893 | 178,325 | ||
| 4,666,155 | (234,612) | 68,315 | 19,707 | (128,937) | (452) | 91,607 | 4,481,783 | 178,325 |
(i)ThoserepresentchangesinequityresultingfromcapitalinjectionsbyinvestorsotherthantheGroup.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(9)Investmentsinotherequityinstruments
| 30June2022 | 31December2021 |
Equityoflistedcompanies
| Equityoflistedcompanies | 359,584 | 241,936 | |
| Equityofunlistedcompanies | 7,172,114 | 6,568,835 | |
| 7,531,698 | 6,810,771 |
30June2022
| 30June2022 | 31December2021 |
Equityoflistedcompanies
| Equityoflistedcompanies | |||
| -Costs | 418,804 | 272,354 | |
| -Accumulatedchangesinfairvalue | (59,220) | (30,418) | |
| 359,584 | 241,936 |
Equityofunlistedcompanies
| Equityofunlistedcompanies | |||
| -Costs | 3,971,919 | 3,502,503 | |
| -Accumulatedchangesinfairvalue | 3,200,195 | 3,066,332 | |
| 7,172,114 | 6,568,835 |
Including:thechangesincostandaccumulatedfairvalueofRMB164,302,000andRMB124,336,000inthecurrentperiodwereduetodifferencesintranslationofforeigncurrencystatements.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(10)Investmentproperties
| Buildings | Landuserights | Total |
Cost
| Cost | |||||
| 31December2021 | 3,893,230 | 1,126,698 | 5,019,928 | ||
| Nettransferouttootherlong-termassetsinthecurrentperiod(Note4(11),(12)(iv),(14)) | (660,193) | (79,591) | (739,784) | ||
| Additioninthecurrentperiod | 2,868 | - | 2,868 | ||
| Decreaseduetodisposalofsubsidiariesinthecurrentperiod | (189,906) | (29,129) | (219,035) | ||
| Effectoftranslationofforeigncurrencyfinancialstatements | 6,338 | 3,509 | 9,847 | ||
| 30June2022 | 3,052,337 | 1,021,487 | 4,073,824 |
Accumulateddepreciation
| Accumulateddepreciation | |||||
| 31December2021 | 113,386 | 56,309 | 169,695 | ||
| Provisionofdepreciation | 50,688 | 22,077 | 72,765 | ||
| Nettransferouttootherlong-termassetsinthecurrentperiod(Note4(11),(14)) | (72,975) | (27,062) | (100,037) | ||
| Decreaseduetodisposalofsubsidiariesinthecurrentperiod | (7,083) | (2,944) | (10,027) | ||
| Effectoftranslationofforeigncurrencyfinancialstatements | 609 | 451 | 1,060 | ||
| 30June2022 | 84,625 | 48,831 | 133,456 |
Carryingamount
| Carryingamount | |||||
| 30June2022 | 2,967,712 | 972,656 | 3,940,368 | ||
| 31December2021 | 3,779,844 | 1,070,389 | 4,850,233 |
Asat30June2022,theGroupwasstillintheprocessofapplyingforcertificatesofownershipforcertainbuildingswithcarryingamountofRMB1,080,529,000(costofRMB1,097,494,000)(31December2021:carryingamountofRMB2,129,546,000(costofRMB2,158,274,000).Asat30June2022,investmentpropertieswithcarryingamountofRMB175,698,000(31December2021:RMB224,440,000)werepledgedascollateralforshort-termandlong-termborrowings(Note4(19)(b)andNote4(26)(c)).Asat30June2022and31December2021,theGroupassessedthatnoimpairmentlossshouldbeprovidedforinvestmentproperties.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(11)Fixedassets
| Buildings | Motorvehicles | Computersandelectronicequipment | Aircraft,aircraftengines,rotablesandhigh-valuemaintenancetools | Machineryandequipment | Officeequipmentandotherequipment | Total |
Cost
| Cost | |||||||||||||
| 31December2021 | 15,086,397 | 7,011,193 | 4,918,214 | 11,194,035 | 8,908,878 | 10,217,775 | 57,336,492 | ||||||
| Transferfromconstructioninprogress(Note4(12)) | 1,408,299 | 11,584 | 4,254 | 1,026,881 | 549,021 | 402,158 | 3,402,197 | ||||||
| Transferfrominvestmentpropertiesinthecurrentperiod(Note4(10)) | 1,157,030 | - | - | - | - | - | 1,157,030 | ||||||
| Additioninthecurrentperiod | 288,413 | 274,157 | 376,074 | 23,575 | 305,917 | 137,986 | 1,406,122 | ||||||
| Businesscombinationsinvolvingenterprisesnotundercommoncontrol | 11,082 | 2,152 | 7,983 | - | 5,908 | 8,281 | 35,406 | ||||||
| Decreaseduetodisposalofsubsidiariesinthecurrentperiod | (279,448) | (172) | (339) | - | (883) | (2,561) | (283,403) | ||||||
| Otherdecreasesinthecurrentperiod | (9) | (354,758) | (277,899) | (36,399) | (127,891) | (230,504) | (1,027,460) | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 122,096 | 22,264 | 3,722 | - | 5,412 | 9,221 | 162,715 | ||||||
| 30June2022 | 17,793,860 | 6,966,420 | 5,032,009 | 12,208,092 | 9,646,362 | 10,542,356 | 62,189,099 |
Accumulateddepreciation
| Accumulateddepreciation | |||||||||||||
| 31December2021 | 1,627,826 | 4,434,592 | 3,285,335 | 4,439,275 | 2,412,679 | 4,210,795 | 20,410,502 | ||||||
| Transferfrominvestmentpropertiesinthecurrentperiod(Note4(10)) | 72,975 | - | - | - | - | - | 72,975 | ||||||
| Provisioninthecurrentperiod | 215,768 | 552,791 | 318,656 | 546,932 | 395,315 | 801,346 | 2,830,808 | ||||||
| Businesscombinationsinvolvingenterprisesnotundercommoncontrol | - | 638 | 4,355 | - | 5,844 | 7,022 | 17,859 | ||||||
| Decreaseduetodisposalofsubsidiariesinthecurrentperiod | (14,313) | (146) | (157) | - | (196) | (916) | (15,728) | ||||||
| Otherdecreasesinthecurrentperiod | (9) | (316,345) | (116,229) | (14,600) | (79,956) | (183,614) | (710,753) | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 23,484 | 11,905 | 1,203 | - | 18,697 | 5,729 | 61,018 | ||||||
| 30June2022 | 1,925,731 | 4,683,435 | 3,493,163 | 4,971,607 | 2,752,383 | 4,840,362 | 22,666,681 |
Provisionforimpairmentloss
| Provisionforimpairmentloss | |||||||||||||
| 31December2021 | - | - | - | - | - | - | - | ||||||
| Provisioninthecurrentperiod | - | - | - | - | 1,633 | - | 1,633 | ||||||
| 30June2022 | - | - | - | - | 1,633 | - | 1,633 |
Carryingamount
| Carryingamount | |||||||||||||
| 30June2022 | 15,868,129 | 2,282,985 | 1,538,846 | 7,236,485 | 6,892,346 | 5,701,994 | 39,520,785 | ||||||
| 31December2021 | 13,458,571 | 2,576,601 | 1,632,879 | 6,754,760 | 6,496,199 | 6,006,980 | 36,925,990 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(11)Fixedassets(Cont’d)(i)Asat30June2022,carryingamountofthefreeholdland,whichwasincludedinthebuildings
disclosedabove,wasRMB1,404,371,000(31December2021:RMB932,242,000).(ii)Forthesixthmonthsended30June2022,thetotalamountofdepreciationexpenseschargedto
costofrevenue,sellinganddistributionexpenses,generalandadministrativeexpensesand
researchanddevelopmentexpenseswasRMB2,805,586,000(forthesixthmonthsended30June
2021:RMB2,123,877,000).(iii)Asat30June2022,fixedassetswithcarryingamountofRMB644,225,000(31December2021:
RMB1,688,091,000)werepledgedascollateralforshort-termandlong-termborrowings(Note
4(19)(b)andNote4(26)(c)).(iv)Fixedassetswithpendingcertificatesofownership
| 30June2022 | ||||||
| Cost | Accumulateddepreciation | Provisionforimpairmentloss | Carryingamount | |||
Buildings
| Buildings | 3,658,363 | (78,668) | - | 3,579,695 |
31December2021
| 31December2021 | ||||||
| Cost | Accumulateddepreciation | Provisionforimpairmentloss | Carryingamount | |||
Buildings
| Buildings | 1,882,361 | (59,224) | - | 1,823,137 |
Inaddition,asat30June2022,buildingswithcarryingamountofRMB20,265,000andcostof
RMB29,844,000(31December2021:carryingamountofRMB20,968,000andcostofRMB
29,844,000)representedpublicrentalhouseswithrestrictedpropertyrightspurchasedbythe
Groupforenterprisetalents.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Cont’d)
(11)Fixedassets(Cont’d)(v)Disposalofaircraftengines,rotablesandhigh-valueaircraftmaintenancetools
| Forthesixmonthsended30June2022 | ||||||||
| Reasonfordisposal | Cost | Accumulateddepreciation | Provisionforimpairmentloss | Carryingamount | ||||
Aircraftrotables
| Aircraftrotables | Scrapped | 3,592 | (1,723) | - | 1,869 | ||||
| Aircraftrotables | Sold | 153 | (39) | - | 114 | ||||
| High-valuemaintenancetools | Scrapped | 127 | (127) | - | - | ||||
| 3,872 | (1,889) | - | 1,983 |
Forthesixmonthsended30June2021
| Forthesixmonthsended30June2021 | ||||||||
| Reasonfordisposal | Cost | Accumulateddepreciation | Provisionforimpairmentloss | Carryingamount | ||||
Aircraftrotables
| Aircraftrotables | Scrapped | 488 | (164) | - | 324 | ||||
| Aircraftrotables | Sold | 5,373 | (438) | - | 4,935 | ||||
| High-valuemaintenancetools | Scrapped | 25 | (18) | - | 7 | ||||
| 5,886 | (620) | - | 5,266 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(12)Constructioninprogress
| (13) | 30June2022 | 31December2021 |
IndustrialParkProjects
| IndustrialParkProjects | 5,779,175 | 5,009,330 | |
| ProjectofDistributionHubs | 1,770,035 | 1,472,333 | |
| Aircraftimportandrefit | 935,616 | 1,051,191 | |
| QianhaiS.F.HeadquartersOffice | 491,299 | 484,092 | |
| Others | 538,076 | 554,257 | |
| 9,514,201 | 8,571,203 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(12)Constructioninprogress(Cont’d)
| Nameofprojects | Budget | 31December2021 | Increaseinthecurrentperiod | Transfertootherlong-termassetsinthecurrentperiod(iv) | Otherdecreasesinthecurrentperiod | 30June2022 | %ofprojectinvestmentinbudget(iii) | Progressofproject | Accumulativeamountofcapitalisedborrowingcosts | Including:Borrowingcostscapitalisedinthecurrentperiod(Note4(41)) | Capitalisationrate | Sourceoffunds |
IndustrialParkProjects
| IndustrialParkProjects | 18,980,770 | 5,009,330 | 2,402,132 | (1,632,287) | - | 5,779,175 | 61.98% | 61.98% | 54,710 | 54,710 | 2.27% | Self-ownedfundsandloansfromfinancialinstitutions | ||||||||
| ProjectofDistributionHubs | 14,959,398 | 1,472,333 | 1,376,588 | (1,078,886) | - | 1,770,035 | 70.78% | 70.78% | - | - | - | Self-ownedfunds | ||||||||
| Aircraftimportandrefit | 3,056,379 | 1,051,191 | 926,700 | (1,042,275) | - | 935,616 | 30.32% | 30.32% | - | - | - | Self-ownedfunds | ||||||||
| QianhaiS.F.HeadquartersOffice | 1,064,368 | 484,092 | 77,860 | (70,653) | - | 491,299 | 91.19% | 91.19% | 88,948 | 4,249 | 3.03% | Self-ownedfundsandloansfromfinancialinstitutions | ||||||||
| Others | - | 554,257 | 338,972 | (347,821) | (7,332) | 538,076 | - | - | - | - | - | Self-ownedfunds | ||||||||
| 8,571,203 | 5,122,252 | (4,171,922) | (7,332) | 9,514,201 | 143,658 | 58,959 |
(i)Asat30June2022and31December2021,theGroupassessedthatnoimpairmentlossshouldberecognisedforconstructioninprogress.(ii)Asat30June2022,constructioninprogresswithcarryingamountofRMB32,911,000(31December2021:RMB47,010,000)waspledgedascollateralfor
long-termborrowings(Note4(26)(c)).(iii)Foraircraftimportandrefit,thepercentageofprojectinvestmentinbudgetisrelatedtotheinvestmentforthecurrentperiod;fortheotherprojects,the
percentageofprojectinvestmentinbudgetisrelatedtotheaccumulativeinvestment.(iv)Theconstructioninprogresstransferredtolong-termassetsforthecurrentperiodamountedtoRMB4,171,922,000,includingRMB3,402,197,000
transferredtofixedassets,RMB496,837,000transferredtoinvestmentpropertiesandRMB272,888,000transferredtolong-termprepaidexpenses.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(13)Right-of-useassets
| Buildings | Machineryandequipment | Motorvehicles | Computersandelectronicequipment | Total |
Cost
| Cost | ||||||||||
| 31December2021 | 22,836,379 | 45,361 | 989,612 | 133 | 23,871,485 | |||||
| Increaseinthecurrentperiod | 2,110,295 | 13,193 | 14,491 | - | 2,137,979 | |||||
| Decreaseinthecurrentperiod | (853,482) | (4,097) | (90,715) | - | (948,294) | |||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 37,560 | 875 | (13,751) | - | 24,684 | |||||
| 30June2022 | 24,130,752 | 55,332 | 899,637 | 133 | 25,085,854 |
Accumulateddepreciation
| Accumulateddepreciation | ||||||||||
| 31December2021 | 6,189,945 | 16,841 | 367,573 | 41 | 6,574,400 | |||||
| Provisioninthecurrentperiod | 3,501,154 | 5,771 | 88,931 | 21 | 3,595,877 | |||||
| Decreaseinthecurrentperiod | (682,490) | (3,831) | (66,824) | - | (753,145) | |||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 4,155 | (132) | (7,213) | - | (3,190) | |||||
| 30June2022 | 9,012,764 | 18,649 | 382,467 | 62 | 9,413,942 |
Carryingamount
| Carryingamount | ||||||||||
| 30June2022 | 15,117,988 | 36,683 | 517,170 | 71 | 15,671,912 | |||||
| 31December2021 | 16,646,434 | 28,520 | 622,039 | 92 | 17,297,085 |
Asat30June2022and31December2021,theGroupassessedthatnoimpairmentlossshouldberecognisedforright-of-useassets.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(14)Intangibleassets
| Landuserights | Purchasedsoftware | Self-developedsoftware | Trademarkrights | Customerrelationships | Others | Total |
Cost
| Cost | |||||||||||||
| 31December2021 | 7,054,173 | 636,746 | 5,220,062 | 4,461,848 | 4,976,772 | 302,094 | 22,651,695 | ||||||
| Transferfrominvestmentpropertiesinthecurrentperiod(Note4(10)) | 79,591 | - | - | - | - | - | 79,591 | ||||||
| Transferfromcapitaliseddevelopmentexpendituresinthecurrentperiod(Note4(15)) | - | - | 580,683 | - | - | - | 580,683 | ||||||
| Businesscombinationsinvolvingenterprisesnotundercommoncontrol | - | 219 | - | - | 445,554 | 145,469 | 591,242 | ||||||
| Additioninthecurrentperiod | 62,480 | 252,825 | - | 115 | - | 2,671 | 318,091 | ||||||
| Decreaseduetodisposalofsubsidiariesinthecurrentperiod | (66,211) | - | - | - | - | - | (66,211) | ||||||
| Otherdisposalsinthecurrentperiod | - | (24,413) | (42,992) | (86) | - | (780) | (68,271) | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 33,522 | 10,539 | - | 199,278 | 210,437 | 7,805 | 461,581 | ||||||
| 30June2022 | 7,163,555 | 875,916 | 5,757,753 | 4,661,155 | 5,632,763 | 457,259 | 24,548,401 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(14)Intangibleassets(Cont’d)
| Landuserights | Purchasedsoftware | Self-developedsoftware | Trademarkrights | Customerrelationships | Others | Total |
Accumulatedamortisation
| Accumulatedamortisation | |||||||||||||
| 31December2021 | 500,533 | 479,399 | 2,394,508 | 310,396 | 447,031 | 141,454 | 4,273,321 | ||||||
| Transferfrominvestmentpropertiesinthecurrentperiod(Note4(10)) | 27,062 | - | - | - | - | - | 27,062 | ||||||
| Provisioninthecurrentperiod | 82,080 | 112,541 | 618,127 | 115,946 | 143,899 | 19,902 | 1,092,495 | ||||||
| Decreaseduetodisposalofsubsidiariesinthecurrentperiod | (6,693) | - | - | - | - | - | (6,693) | ||||||
| Otherdisposalsinthecurrentperiod | - | (13,949) | (14,725) | - | - | (70) | (28,744) | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | 2,056 | 4,822 | - | 16,753 | 11,254 | 1,942 | 36,827 | ||||||
| 30June2022 | 605,038 | 582,813 | 2,997,910 | 443,095 | 602,184 | 163,228 | 5,394,268 |
Provisionforimpairmentloss
| Provisionforimpairmentloss | |||||||||||||
| 31December2021 | - | - | 54,186 | - | - | - | 54,186 | ||||||
| Increaseinthecurrentperiod | - | - | 959 | 4 | - | 6 | 969 | ||||||
| 30June2022 | - | - | 55,145 | 4 | - | 6 | 55,155 |
Carryingamount
| Carryingamount | |||||||||||||
| 30June2022 | 6,558,517 | 293,103 | 2,704,698 | 4,218,056 | 5,030,579 | 294,025 | 19,098,978 | ||||||
| 31December2021 | 6,553,640 | 157,347 | 2,771,368 | 4,151,452 | 4,529,741 | 160,640 | 18,324,188 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(14)Intangibleassets(Cont’d)(a)Forthesixthmonthsended30June2022,thetotalamountofamortisationexpenseschargedto
costofrevenue,sellinganddistributionexpenses,generalandadministrativeexpensesandresearchanddevelopmentexpenseswasRMB1,013,384,000(forthesixthmonthsended30June2021:RMB591,905,000).(b)Asat30June2022,intangibleassetswithcarryingamountofRMB286,475,000(31December
2021:RMB232,730,000)werepledgedascollateralforshort-termandlong-termborrowings(Note4(19)(b)andNote4(26)(c)).(c)Asat30June2022,theGroupwasstillintheprocessofapplyingforcertificatesofownershipfor
landuserightswithcarryingamountofRMB382,903,000(costofRMB408,858,000)(31December2021:carryingamountofRMB227,698,000andcostofRMB239,669,000).(d)Asat30June2022,theintangibleassetsdevelopedbytheGroupaccountedfor14.16%(31
December2021:15.12%)ofthecarryingamountofintangibleassets.
(15)Capitaliseddevelopmentexpenditures
| 31December2021 | Increaseinthecurrentperiod | Transfertointangibleassetsinthecurrentperiod(Note4(14)) | Decreaseduetodisposalofsubsidiariesinthecurrentperiod | 30June2022 |
System
development
| Systemdevelopment | 343,236 | 630,977 | (580,683) | (20,286) | 373,244 |
Asat30June2022,theGroupassessedthatnoimpairmentlossshouldberecognisedforcapitaliseddevelopmentexpenditures.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(16)Goodwill
| 31December2021 | Increaseinthecurrentperiod | Effectoftranslationofforeigncurrencyfinancialstatements | 30June2022 |
Cost:
| Cost: | |||||||
| KerryLogistics | 4,071,759 | - | 172,236 | 4,243,995 | |||
| SFSupplyChainBusiness | 2,768,759 | - | 124,552 | 2,893,311 | |||
| Top-ocean | - | 1,280,920 | 14,354 | 1,295,274 | |||
| SF/HAVIChinaLogistics(CaymanIslands)(“HAVI”) | 330,462 | - | 14,854 | 345,316 | |||
| GuangdongShunxinFreightCo.,Ltd. | 149,587 | - | - | 149,587 | |||
| SuzhouIndustrialParkCustomsDeclarationCo.,Ltd. | - | 39,123 | - | 39,123 | |||
| Pro-MedTechnologyLimite(“Pro-Med”) | - | 35,847 | 1,648 | 37,495 | |||
| Others | 53,698 | - | 685 | 54,383 | |||
| 7,374,265 | 1,355,890 | 328,329 | 9,058,484 |
Less:Provisionsforimpairmentloss(Note4(18))
| Less:Provisionsforimpairmentloss(Note4(18)) | |||||||
| Others | (2,435) | - | - | (2,435) | |||
| 7,371,830 | 1,355,890 | 328,329 | 9,056,049 |
(a)ThegoodwilloftheGroupincreasedinthecurrentperiodmainlyarosefromtheacquisitionof100%equityofTopoceanConsolidationService(Los
Angeles)Inc.(“Top-ocean”)(Note5(1)(a)).(b)AllthegoodwillhasbeenallocatedbytheGrouptotherelevantassetgroupsorsetsofassetgroupsattheacquisitiondate.TheGroup’sallocationof
goodwillwasnotchangedforthesixmonthsended30June2022.(c)Duringthegoodwillimpairmenttest,theGroupcomparesthecarryingamountoftherelevantassetsorsetsofassetgroups(includinggoodwill)withtheir
recoverableamount.Iftherecoverableamountislowerthanthecarryingamount,thedifferenceshallbeincludedinprofitorlossforthecurrentperiod.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(17)Long-termprepaidexpenses
| 31December2021 | Increaseinthecurrentperiod | Amortisationinthecurrentperiod | Otherdecreasesinthecurrentperiod | 30June2022 |
Improvementstoright-of-useassets
| Improvementstoright-of-useassets | 2,153,116 | 317,165 | (484,083) | (7,348) | 1,978,850 | ||||
| Settling-inallowanceandintroductionfeeforpilots | 632,486 | 126,123 | (46,294) | (1,733) | 710,582 | ||||
| Others | 125,492 | 51,996 | (22,985) | (9,915) | 144,588 | ||||
| 2,911,094 | 495,284 | (553,362) | (18,996) | 2,834,020 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(18)Credit/Assetimpairmentandprovisionforlosses
| Increaseinthecurrentperiod | Decreaseinthecurrentperiod | |||||||||||||
| 31December2021 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | Provision | Reversal | Write-off | Others | Effectoftranslationofforeigncurrencyfinancialstatements | 30June2022 | |||||||
Provisionforbaddebts
| Provisionforbaddebts | 1,164,962 | 9,894 | 335,927 | (62,082) | (83,227) | - | 16,217 | 1,381,691 | |||||||
| Including:Provisionforbaddebtsofaccountsreceivable(Note4(3)) | 1,034,869 | 9,894 | 313,967 | (61,096) | (71,272) | - | 16,216 | 1,242,578 | |||||||
| Provisionforbaddebtsofotherreceivables(Note4(5)) | 108,109 | - | 21,960 | - | (11,955) | - | - | 118,114 | |||||||
| Provisionforbaddebtsoflong-termreceivables(Note4(7)) | 21,984 | - | - | (986) | - | - | 1 | 20,999 | |||||||
| Provisionforimpairmentoffactoringreceivables | 123,815 | - | - | - | - | - | - | 123,815 | |||||||
| Provisionforimpairmentofloansandadvances | 65,748 | - | 278 | (2,994) | - | - | 2,919 | 65,951 | |||||||
| Sub-total | 1,354,525 | 9,894 | 336,205 | (65,076) | (83,227) | - | 19,136 | 1,571,457 |
Provisionforimpairmentoflong-termequity
investments(Note4(8))
| Provisionforimpairmentoflong-termequityinvestments(Note4(8)) | 177,872 | - | 601 | - | (148) | - | 178,325 | ||||||||
| Provisionforimpairmentoffixedassets(Note4(11)) | - | - | 1,633 | - | - | - | - | 1,633 | |||||||
| Provisionforimpairmentofintangibleassets(Note4(14)) | 54,186 | - | 969 | - | - | - | - | 55,155 | |||||||
| Provisionfordeclineinthevalueofinventories | 7,885 | - | - | (352) | - | (4,825) | - | 2,708 | |||||||
| Provisionforimpairmentofcontractassets | 2,905 | - | 987 | - | - | - | - | 3,892 | |||||||
| Provisionforimpairmentofgoodwill(Note4(16)) | 2,435 | - | - | - | - | - | - | 2,435 | |||||||
| Sub-total | 245,283 | - | 4,190 | (352) | - | (4,973) | - | 244,148 | |||||||
| 1,599,808 | 9,894 | 340,395 | (65,428) | (83,227) | (4,973) | 19,136 | 1,815,605 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(19)Short-termborrowings
| 30June2022 | 31December2021 |
Unsecuredborrowings
| Unsecuredborrowings | 12,930,559 | 9,811,391 | |
| Guaranteedborrowings(a) | 1,799,374 | 8,388,798 | |
| Securedborrowings(b) | 109,390 | 159,598 | |
| Pledgedborrowings(c) | 2,853 | 37,417 | |
| 14,842,176 | 18,397,204 |
(a)Asat30June2022,guaranteedborrowingsofRMB1,799,374,000(31December2021:RMB
8,388,798,000)wereguaranteedbytheCompanyorsubsidiarieswithintheGroup.(b)Asat30June2022,securedborrowingsofRMB109,390,000(31December2021:RMB
159,598,000)weresecuredbythefollowingassetsrespectively:
| Carryingamountofsecuredassets | Including:alsosecuredforlong-termborrowings |
Fixedassets
| Fixedassets | 467,969 | 467,969 | |
| Intangibleassets | 109,496 | 109,496 | |
| Investmentproperties | 96,202 | 96,202 | |
| 673,667 | 673,667 |
(c)Asat30June2022,pledgedborrowingsofRMB2,853,000(31December2021:RMB37,417,000)
weresecuredbyothercashbalancesofRMB10,360,000(Note4(1)(c)).(d)Asat30June2022,therangeofannualinterestrateofmajorshort-termborrowingswas1.57%to
3.90%(31December2021:0.66%to3.81%).
(20)Accountspayable
| 30June2022 | 31December2021 |
Payablestorelatedparties(Note8(4)(h))
| Payablestorelatedparties(Note8(4)(h)) | 383,670 | 415,824 | |
| Payablesforservicesandpurchases | 23,812,864 | 23,051,851 | |
| 24,196,534 | 23,467,675 |
Asat30June2022,accountspayablewithageingover1yearamountedtoRMB149,690,000(31
December2021:RMB113,362,000),includingoutsourcingcostandtransportationcostpayable.
ThefinalsettlementofthepaymenthasnotbeenmadebecausetheGrouphasnotreceivedthe
invoicefromthesuppliers.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(21)Employeebenefitspayable
| 30June2022 | 31December2021 |
Short-termemployeebenefitspayable(a)
| Short-termemployeebenefitspayable(a) | 5,192,615 | 5,512,603 | |
| Definedcontributionplanspayable(b) | 78,029 | 62,860 | |
| 5,270,644 | 5,575,463 |
(a)Short-termemployeebenefits
| 31December2021 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2022 |
Wagesandsalaries,bonus,allowancesandsubsidies
| Wagesandsalaries,bonus,allowancesandsubsidies | 4,996,455 | 13,808,741 | (14,129,212) | 4,675,984 | |||
| Employeewelfare | 17,765 | 218,859 | (225,804) | 10,820 | |||
| Socialsecuritycontributions | 27,950 | 376,081 | (371,017) | 33,014 | |||
| Including:Medicalinsurance | 25,996 | 312,810 | (309,887) | 28,919 | |||
| Workinjuryinsurance | 1,400 | 55,090 | (53,472) | 3,018 | |||
| Maternityinsurance | 554 | 8,181 | (7,658) | 1,077 | |||
| Housingfunds | 16,223 | 321,932 | (329,210) | 8,945 | |||
| Labourunionfundsandemployeeeducationfunds | 386,499 | 217,221 | (183,326) | 420,394 | |||
| Non-monetarybenefits | 46,071 | 605,370 | (619,366) | 32,075 | |||
| Others | 21,640 | 246,327 | (256,584) | 11,383 | |||
| 5,512,603 | 15,794,531 | (16,114,519) | 5,192,615 |
Non-monetarywelfareprovidedbytheGroupforemployeesprimarilywerenon-monetarysubsidiesinvariousformswhichweremeasuredatfairvalue.(b)Definedcontributionplans
| 31December2021 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2022 |
Basicpensions
| Basicpensions | 61,246 | 565,939 | (551,609) | 75,576 | |||
| Unemploymentinsurance | 1,614 | 16,825 | (15,986) | 2,453 | |||
| 62,860 | 582,764 | (567,595) | 78,029 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(22)Taxespayable
| 30June2022 | 31December2021 |
Enterpriseincometaxpayable
| Enterpriseincometaxpayable | 1,412,163 | 2,066,730 | |
| UnpaidVAT | 727,999 | 626,827 | |
| Others | 269,779 | 179,994 | |
| 2,409,941 | 2,873,551 |
(23)Otherpayables
| 30June2022 | 31December2021 |
Accountspayabletorelatedparties(Note8(4)(j))
| Accountspayabletorelatedparties(Note8(4)(j)) | 238,831 | 476,990 | |
| Engineeringequipmentpayable | 6,178,451 | 6,046,000 | |
| Depositspayable | 1,737,483 | 1,361,142 | |
| Payablesofcashcollectedondeliveryserviceonbehalfofotherparties | 1,167,854 | 1,619,423 | |
| Payableforequityacquisition | 1,046,290 | 83,002 | |
| Rechargepayable | 359,092 | 329,306 | |
| Warrantydepositspayable | 350,848 | 228,822 | |
| Managementfeespayable | 202,173 | 138,941 | |
| Professionalservicefeespayable | 195,173 | 93,864 | |
| Dividendspayable | 171,292 | - | |
| Others | 1,166,643 | 1,142,792 | |
| 12,814,130 | 11,520,282 |
Asat30June2022,otherpayableswithageingover1yearamountedtoRMB779,591,000(31December2021:RMB657,392,000),mainlytheunduedepositsofcontinuingbusinessandtheunsettledengineeringequipmentfunds,etc.
(24)Currentportionofnon-currentliabilities
| 30June2022 | 31December2021 |
Currentportionofleaseliabilities
(Note4(28))
| Currentportionofleaseliabilities(Note4(28)) | 6,624,771 | 5,989,616 | |
| Currentportionofdebenturespayable(a) | 854,862 | 830,321 | |
| Currentportionoflong-termborrowings(Note4(26)) | 653,003 | 1,458,374 | |
| Currentportionofcash-settledshare-basedpayments | 46,321 | 34,855 | |
| Currentportionoflong-termpayables | 23,067 | 22,637 | |
| 8,202,024 | 8,335,803 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(24)Currentportionofnon-currentliabilities(Cont’d)(a)Currentportionofdebenturespayable
| 31December2021 | Interestaccrual | Amortisationofpremium/discount | Reclassificationfromdebenturespayableinthecurrentperiod(Note4(27)) | Repaymentforthecurrentperiod | Effectoftranslationofforeigncurrencyfinancialstatements | 30June2022 |
Thefirstdebenturesof2017
| Thefirstdebenturesof2017 | 383,642 | 8,740 | - | - | - | - | 392,382 | ||||||
| Thefirstdebenturesof2019 | 303,028 | 5,535 | 54 | - | - | - | 308,617 | ||||||
| Otherdebenturesinterestpayable | 143,651 | - | - | 303,724 | (303,076) | 9,564 | 153,863 | ||||||
| 830,321 | 14,275 | 54 | 303,724 | (303,076) | 9,564 | 854,862 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(25)Othercurrentliabilities
| 30June2022 | 31December2021 |
Extra-shorttermcommercialnotes(a)
| Extra-shorttermcommercialnotes(a) | 3,014,598 | 1,999,312 | |
| Short-termcorporatedebentures(b) | 1,517,840 | 2,030,624 | |
| OutputVATtobetransferred(contractliabilities) | 74,259 | 97,113 | |
| 4,606,697 | 4,127,049 |
(a)TheExtra-shorttermcommercialnotesaredetailedasfollows:
| Parvalue | Dateofissue | Term | Interestrate |
TheFirstPhaseof2022
| TheFirstPhaseof2022 | 500,000 | 7January2022 | 265days | 2.69% | |||
| TheSecondPhaseof2022 | 500,000 | 18February2022 | 270days | 2.45% | |||
| TheThirdPhaseof2022 | 1,000,000 | 13May2022 | 270days | 2.40% | |||
| TheFourthPhaseof2022 | 500,000 | 20May2022 | 270days | 2.35% | |||
| TheFifthPhaseof2022 | 500,000 | 17June2022 | 270days | 2.10% |
(b)Theshort-termcorporatedebenturesaredetailedasfollows:
| Parvalue | Dateofissue | Term | Interestrate |
TheThirdPhaseof2021
| TheThirdPhaseof2021 | 500,000 | From3September2021to6September2021 | 1year | 2.79% | |||
| TheFirstPhaseof2022 | 500,000 | 11March2022 | 1year | 2.82% | |||
| TheSecondPhaseof2022 | 500,000 | 15April2022 | 1year | 2.73% |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(26)Long-termborrowings
| 30June2022 | 31December2021 |
Guaranteedborrowings(a)
| Guaranteedborrowings(a) | 6,362,247 | 2,974,052 | |
| Pledgedborrowings(b) | 1,711,954 | 1,343,378 | |
| Unsecuredborrowings | 130,624 | 526,365 | |
| Securedborrowings(c) | 111,576 | 125,408 | |
| 8,316,401 | 4,969,203 |
Less:Currentportionoflong-termborrowings
(Note4(24))
| Less:Currentportionoflong-termborrowings(Note4(24)) | |||
| Guaranteedborrowings | (50,885) | (1,080,395) | |
| Pledgedborrowings | (456,748) | (343,484) | |
| Unsecuredborrowings | (112,517) | (490) | |
| Securedborrowings | (32,853) | (34,005) | |
| (653,003) | (1,458,374) | ||
| 7,663,398 | 3,510,829 |
(a)Asat30June2022,theGroup’sguaranteedborrowingsofRMB6,321,468,000(31December
2021:RMB2,927,467,000)wereguaranteedbysubsidiarieswithintheGroupandguaranteedborrowingsofRMB40,779,000(31December2021:RMB46,585,000)wereguaranteedbyShenzhenS.F.TaisenHoldings(Group)Co.,Ltd.(“TaisenHoldings”)andHavi.(b)Asat30June2022,theentitlementtoreceivablesarisingfromaircraftfinancialleasingbusinessof
subsidiarySFAirlinesCompanyLimited(“SFAirlines”)waspledgedbysubsidiaryShunyuanFinancialLeasing(Tianjin)Co.,Ltd.(“ShunyuanFinancialLeasing”)forthepledgedbankborrowingsofRMB1,711,954,000(31December2021:RMB1,343,378,000).Asat30June2022,balanceofreceivablespledgedwasRMB1,930,851,000(31December2021:RMB1,519,672,000).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Cont’d)
(26)Long-termborrowings(Cont’d)(c)Asat30June2022,securedborrowingsofRMB111,576,000weresecuredbythefollowingassets
respectively:
| Carryingamountofsecuredassets | Including:alsosecuredforshort-termborrowings |
Fixedassets
| Fixedassets | 644,225 | 467,969 | |
| Intangibleassets | 286,475 | 109,496 | |
| Investmentproperties | 175,698 | 96,202 | |
| Constructioninprogress | 32,911 | - | |
| 1,139,309 | 673,667 |
Asat31December2021,securedborrowingsofRMB125,408,000weresecuredbythefollowingassetsrespectively:
| Carryingamountofsecuredassets | Including:alsosecuredforshort-termborrowings |
Fixedassets
| Fixedassets | 406,690 | 268,982 | |
| Intangibleassets | 232,730 | 70,222 | |
| Investmentproperties | 224,440 | 91,282 | |
| Constructioninprogress | 47,010 | - | |
| 910,870 | 430,486 |
Besides,asat30June2022,TaisenHoldingsprovidedafulljointandseveralliabilityguaranteeforRMB76,370,000oftheabovesecuredborrowings(31December2021:RMB86,395,000).(d)Asat30June2022,therangeofannualinterestratesofmajorlong-termborrowingswas1.57%to
4.90%(31December2021:0.84%to4.90%).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(27)Debenturespayable
| 31December2021 | Issuedinthecurrentperiod | Issuanceexpenses | Interestaccrual | Amortisationofpremium/discount | Effectoftranslationofforeigncurrencyfinancialstatements | Currentportionofdebenturespayable(Note4(24)) | 30June2022 |
GreenCorporateDebenturesof2021(1stinstalment)
| GreenCorporateDebenturesof2021(1stinstalment) | 499,443 | - | - | 9,475 | 115 | - | (9,475) | 499,558 | |||||||
| OverseasdebenturesdenominatedinUSDof2018 | 3,175,745 | - | - | 65,413 | 3,358 | 163,025 | (65,413) | 3,342,128 | |||||||
| OverseasdebenturesdenominatedinUSDof2020 | 4,404,130 | - | - | 63,464 | 3,082 | 226,022 | (63,464) | 4,633,234 | |||||||
| OverseasdebenturesdenominatedinUSDof2021 | 7,577,052 | - | - | 110,051 | 4,277 | 388,817 | (110,051) | 7,970,146 | |||||||
| OverseasdebenturesdenominatedinUSDof2022 | - | 4,461,170 | (99,114) | 55,321 | 6,402 | 224,554 | (55,321) | 4,593,012 | |||||||
| 15,656,370 | 4,461,170 | (99,114) | 303,724 | 17,234 | 1,002,418 | (303,724) | 21,038,078 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Cont’d)
(27)Debenturespayable(Cont’d)
| Issuer | Currency | Parvalue | Dateofissue | Term | Amount(equivalenttoRMB) | Nominalinterestrate |
GreenCorporateDebenturesof2021(1stinstalment)
| GreenCorporateDebenturesof2021(1stinstalment) | TaisenHoldings | RMB | 500,000 | From23April2021to26April2021 | 3years | 500,000 | 3.79% | |||
| OverseasdebenturesdenominatedinUSDof2018 | SFHoldingInvestmentLimited | USD | 500,000 | 27July2018 | 5years | 3,355,700 | 4.13% | |||
| OverseasdebenturesdenominatedinUSDof2020 | SFHoldingInvestmentLimited | USD | 700,000 | 20February2020 | 10years | 4,697,980 | 2.88% | |||
| OverseasdebenturesdenominatedinUSDof2021 | SFHoldingInvestment2021Limited | USD | 400,000 | 17November2021 | 5years | 2,684,560 | 2.38% | |||
| OverseasdebenturesdenominatedinUSDof2021 | SFHoldingInvestment2021Limited | USD | 300,000 | 17November2021 | 7years | 2,013,420 | 3.00% | |||
| OverseasdebenturesdenominatedinUSDof2021 | SFHoldingInvestment2021Limited | USD | 500,000 | 17November2021 | 10years | 3,355,700 | 3.13% | |||
| OverseasdebenturesdenominatedinUSDof2022 | SFHoldingInvestment2021Limited | USD | 400,000 | 28January2022 | 5years | 2,684,560 | 2.38% | |||
| OverseasdebenturesdenominatedinUSDof2022 | SFHoldingInvestment2021Limited | USD | 300,000 | 28January2022 | 10years | 2,013,420 | 3.13% |
(28)Leaseliabilities
| 30June2022 | 31December2021 |
Leaseliabilities
| Leaseliabilities | 15,686,293 | 16,931,554 | |
| Less:Currentportionofleaseliabilities(Note4(24)) | (6,624,771) | (5,989,616) | |
| 9,061,522 | 10,941,938 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(29)Deferredincome
| 31December2021 | Increaseinthecurrentperiod | Amountrecognisedinotherincomeinthecurrentperiod(Note4(43)) | Otherdecreasesinthecurrentperiod | 30June2022 | Relatedtoassets/income | |||||
| Governmentgrants | ||||||||||
| HuanggangBaitanLakeOrganisingCommitteeProject | 328,385 | 47,733 | - | - | 376,118 | Relatedtoassets | ||||
| Governmentsupportfundsforindustrialpark | 210,214 | 64,685 | (2,170) | (4,049) | 268,680 | Relatedtoassets | ||||
| Grantformaintenanceofaircraftengines | 42,989 | - | (694) | - | 42,295 | Relatedtoassets | ||||
| Others | 108,654 | 44,933 | (16,134) | (34,965) | 102,488 | Relatedtoassets | ||||
| 690,242 | 157,351 | (18,998) | (39,014) | 789,581 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(30)Deferredtaxassetsanddeferredtaxliabilities(a)Deferredtaxassetsbeforeoffsetting
| 30June2022 | 31December2021 | |||||
| Deductibletemporarydifferencesanddeductibletaxlosses | Deferredtaxassets | Deductibletemporarydifferencesanddeductibletaxlosses | Deferredtaxassets | |||
Deductibletaxlosses
| Deductibletaxlosses | 4,947,712 | 1,182,492 | 3,796,937 | 908,150 | |||
| Depreciationandamortisationdifferences | 1,734,111 | 377,554 | 1,705,396 | 387,524 | |||
| Accruedexpenses | 2,225,231 | 582,909 | 1,019,634 | 230,956 | |||
| Unrealisedprofitsfrominternaltransactions | 610,052 | 152,513 | 591,359 | 147,840 | |||
| Provisionforassetimpairment | 619,252 | 149,110 | 483,455 | 114,729 | |||
| Thenewleasestandard | 418,615 | 101,748 | 405,855 | 97,700 | |||
| Others | 241,222 | 56,680 | 278,911 | 66,397 | |||
| 10,796,195 | 2,603,006 | 8,281,547 | 1,953,296 |
Including:
| Including: | |||||
| Expectedtoberecoveredwithinoneyear(inclusive) | 622,567 | 475,005 | |||
| Expectedtoberecoveredafteroneyear | 1,980,439 | 1,478,291 | |||
| 2,603,006 | 1,953,296 | ||||
(b)Deductibletaxlossesanddeductibletemporarydifferencesthatarenotrecognisedasdeferredtax
assetsareanalysedasfollows:
| 30June2022 | 31December2021 |
Deductibletaxlosses(c)
| Deductibletaxlosses(c) | 16,462,644 | 14,124,575 | |
| Deductibletemporarydifferences | 737,032 | 658,298 | |
| 17,199,676 | 14,782,873 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(30)Deferredtaxassetsanddeferredtaxliabilities(Cont’d)(c)Thefollowingtableshowsunrecogniseddeductibletaxlossesbasedonitsexpirationdate:
| 30June2022 | 31December2021 |
2022
| 2022 | 290,135 | 310,912 | |
| 2023 | 747,089 | 716,966 | |
| 2024 | 1,750,205 | 1,847,817 | |
| 2025 | 3,725,422 | 3,696,061 | |
| 2026 | 4,917,588 | 5,364,397 | |
| 2027andsubsequentyears | 5,032,205 | 2,188,422 | |
| 16,462,644 | 14,124,575 |
(d)Deferredtaxliabilitiesbeforeoffsetting
| 30June2022 | 31December2021 | |||||
| Taxabletemporarydifferences | Deferredtaxliabilities | Taxabletemporarydifferences | Deferredtaxliabilities | |||
Appreciationinassetvaluearisingfrombusinesscombinationsinvolvingenterprisesnotundercommoncontrol
| Appreciationinassetvaluearisingfrombusinesscombinationsinvolvingenterprisesnotundercommoncontrol | 12,832,205 | 3,068,259 | 11,575,663 | 2,789,802 | |||
| Depreciationandamortisationdifferences | 6,695,786 | 1,603,836 | 5,960,715 | 1,429,624 | |||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 873,841 | 218,460 | 833,810 | 208,452 | |||
| Incomefromequityrestructuring | 511,750 | 127,937 | 584,857 | 146,214 | |||
| ChangesinfairvalueuponreclassificationofremainingequityofHiveBoxTechnology | 446,796 | 111,699 | 446,796 | 111,699 | |||
| Others | 790,915 | 165,890 | 505,726 | 102,951 | |||
| 22,151,293 | 5,296,081 | 19,907,567 | 4,788,742 |
Including:
| Including: | |||||
| Expectedtoberecoveredwithinoneyear(inclusive) | 696,963 | 419,244 | |||
| Expectedtoberecoveredafteroneyear | 4,599,118 | 4,369,498 | |||
| 5,296,081 | 4,788,742 | ||||
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(30)Deferredtaxassetsanddeferredtaxliabilities(Cont’d)(e)Thenetbalancesofdeferredtaxassetsandliabilitiesafteroffsettingareasfollows:
| 30June2022 | 31December2021 |
Deferredtaxassets-net
| Deferredtaxassets-net | 2,087,196 | 1,566,714 |
Deferredtaxliabilities-net
| Deferredtaxliabilities-net | 4,780,271 | 4,402,160 |
(31)Sharecapital
| 31December2021 | Increaseinthecurrentperiod | DecreaseinthecurrentperiodNote4(33) | 30June2022 |
OrdinarysharesdenominatedinRMB
| OrdinarysharesdenominatedinRMB | 4,906,213 | - | (11,011) | 4,895,202 |
31December
2020
| 31December2020 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2021 |
OrdinarysharesdenominatedinRMB
| OrdinarysharesdenominatedinRMB | 4,556,440 | - | - | 4,556,440 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(32)Capitalreserve
| 31December2021 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2022 |
Sharepremium
| Sharepremium | |||||||
| -Capitalcontributionbyshareholders(i) | 35,362,702 | - | (383,982) | 34,978,720 | |||
| -Transferofconvertiblecorporatedebenturestosharecapital | 5,758,688 | - | - | 5,758,688 | |||
| -Capitalreservefromtransactionswithminorityshareholders(ii) | 2,279,859 | 591 | (1,986,036) | 294,414 | |||
| -Transferofconvertiblecorporatedebenturesissuedbysubsidiariestosharecapital | 1,980,870 | - | - | 1,980,870 | |||
| -Businesscombinationsinvolvingenterprisesundercommoncontrol | (76,633) | - | - | (76,633) | |||
| Othercapitalreserve | |||||||
| -Share-basedpaymentsincludedincapitalreserve | 552,190 | 79,674 | - | 631,864 | |||
| -Others | 342,922 | 16,484 | - | 359,406 | |||
| 46,200,598 | 96,749 | (2,370,018) | 43,927,329 |
(i)Thedecreaseinthecurrentperiodisduetothecancellationofrepurchasedshares4(33)(i).(ii)Capitalreservefromtransactionswithminorityshareholdersinthecurrentperiodmainlyduetothe
acquisitionofminorityshareholders'equity.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(32)Capitalreserve(Cont’d)
| 31December2020 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2021 |
Sharepremium
| Sharepremium | |||||||
| -Capitalcontributionbyshareholders | 15,799,913 | - | - | 15,799,913 | |||
| -Transferofconvertiblecorporatedebenturestosharecapital | 5,758,688 | - | - | 5,758,688 | |||
| -Transferofconvertiblecorporatedebenturesissuedbysubsidiariestosharecapital | 1,980,870 | - | - | 1,980,870 | |||
| -Capitalreservefromtransactionswithminorityshareholders | 325,673 | 1,045,859 | - | 1,371,532 | |||
| -Businesscombinationsinvolvingenterprisesundercommoncontrol | (76,633) | - | - | (76,633) | |||
| Othercapitalreserve | |||||||
| -Share-basedpaymentsincludedincapitalreserve | 264,637 | 104,555 | - | 369,192 | |||
| -Others | 352,069 | - | (5,855) | 346,214 | |||
| 24,405,217 | 1,150,414 | (5,855) | 25,549,776 |
(33)Treasurystock
| 31December2021 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2022 |
Treasurystock(i)
| Treasurystock(i) | 394,993 | 1,899,241 | (394,993) | 1,899,241 |
31December
2020
| 31December2020 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2021 |
Treasurystock(i)
| Treasurystock(i) | 394,993 | - | - | 394,993 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(33)Treasurystock(Cont’d)
InaccordancewiththeProposalofRepurchasingSharesbyCentralisedPriceBiddingapprovedinthe19thsessionofthefourthBoardofDirectorson31January2019,theCompanyrepurchasedaportionofcorporatesharesforemployeestockownershipplanorshare-basedincentiveplanthroughcentralisedpricebiddingbyself-ownedfunds.Atotalof11,010,729shareswererepurchased,andtreasurystockofRMB394,993,000wasrecognised.AccordingtotherelevantlawsandregulationsandtheArticlesofAssociation,theabove-mentionedrepurchasedsharesshouldbetransferredorcancelledwithinthreeyears.SincetheCompanyhasnotlaunchedanemployeestockownershipplanorequityincentivewithinthreeyearsaftertheimplementationoftheabove-mentionedsharerepurchase,approvedbythe21stmeetingoftheBoardofDirectorsandthefirstextraordinarygeneralmeetingin2022,theCompanycompletedthefifthBoardcancellationoftherepurchased11,010,729shares,therebyoffsettingthetreasurysharesofRMB394,993,000,ofwhichthesharecapitalwasreducedbyRMB11,011,000andcapitalreservewasreducedbyRMB383,982,000.Inaddition,inaccordancewiththeProposalofRepurchasingSharesbyCentralisedPriceBiddingapprovedinthe22thsessionofthefifthBoardofDirectorson2March2022,theCompanyrepurchasedaportionofAsharesissuedtothepublicforemployeestockownershipplanorshare-basedincentivethroughcentralisedpricebiddingbyself-ownedfunds.Asat30June2022,theCompanyrepurchasedatotalof36,769,955shares,andrecognisedtreasurystockofRMB1,899,241,000.
(34)Specialreserve
| 31December2021 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2022 |
Safetyreserve
| Safetyreserve | - | 14,589 | (14,589) | - |
31December
2020
| 31December2020 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2021 |
Safetyreserve
| Safetyreserve | - | 12,520 | (12,520) | - |
PursuanttotheAdministrativeMeasuresfortheCollectionandUtilisationofEnterpriseWorkSafetyFunds(CaiQi[2012]No.16)issuedbytheMinistryofFinanceandtheStateAdministrationofWorkSafetyon14February2012,1%oftheincomefromthe“Commoncargotransportationbusiness”whichisoperatedbycertainsubsidiariesoftheGroupisappropriatedtosafetyreserve.Thesafetyreserveisrecognisedinprofitorlossasthe"Specialreserve"itemforthecurrentperiod.Whentheaccruedsafetyreserveisusedundertheprescribedconditions,itiswrittenoffagainsttheoriginalamountdirectly.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Cont’d)
(35)Surplusreserve
| 31December2021 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2022 |
Statutorysurplusreserve
| Statutorysurplusreserve | 947,775 | - | - | 947,775 |
31December
2020
| 31December2020 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2021 |
Statutorysurplusreserve
| Statutorysurplusreserve | 745,043 | - | - | 745,043 |
(36)Retainedearnings
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Retainedearningsatthebeginningoftheperiod
| Retainedearningsatthebeginningoftheperiod | 28,245,764 | 25,708,230 | |
| Add:Netprofitattributabletoshareholdersoftheparentcompanyforthecurrentperiod | 2,512,397 | 759,921 | |
| Transferfromothercomprehensiveincometoretainedearnings | 1 | 113,136 | |
| Less:Ordinarysharedividendspayable(a) | (874,518) | (1,499,992) | |
| Appropriationtogeneralriskreserve | - | (3,941) | |
| Retainedearningsattheendoftheperiod | 29,883,644 | 25,077,354 |
(a)TheCompanyheldashareholders’meetingon29April2022.Onthebasisofthetotalsharecapital
attheregistrationdateonwhichthe2021profitdistributionplanwasimplementedlessthespecialsharesrepurchasedbytheCompany,atotalofRMB874,518,000ofcashdividendsweredistributedtoallshareholdersatRMB1.8(includingtax)per10shares,withoutbonussharesbeinggivenorcapitalreservebeingtransferredintothesharecapital.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(37)Revenueandcostofrevenue
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Revenuefrommainoperations(a)
| Revenuefrommainoperations(a) | 129,885,642 | 88,203,059 | |
| Revenuefromotheroperations(a) | 178,491 | 140,871 | |
| Totalrevenue | 130,064,133 | 88,343,930 |
Costofrevenuefrommainoperations
| Costofrevenuefrommainoperations | 113,673,926 | 79,334,614 | |
| Costofrevenuefromotheroperations | 104,384 | 86,740 | |
| Totalcostofrevenue | 113,778,310 | 79,421,354 |
(a)TheGroup'srevenueisdisaggregatedasfollows:
| Forthesixmonthsended30June2022 | ||||||
| Logisticsandfreightforwardingservices | Salesofgoods | Others | Total | |||
Revenuefrommainoperations
| Revenuefrommainoperations | |||||||
| Including:Atapointintime | - | 1,683,873 | 165,552 | 1,849,425 | |||
| Overtime | 127,691,416 | - | 263,996 | 127,955,412 | |||
| Leaseincome | - | - | 80,805 | 80,805 | |||
| 127,691,416 | 1,683,873 | 510,353 | 129,885,642 |
Revenuefromotheroperations
| Revenuefromotheroperations | |||||||
| Including:Atapointintime | - | - | 32,161 | 32,161 | |||
| Overtime | - | - | 43,967 | 43,967 | |||
| Leaseincome | - | - | 102,363 | 102,363 | |||
| - | - | 178,491 | 178,491 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(37)Revenueandcostofrevenue(Cont’d)(a)TheGroup'srevenueisdisaggregatedasfollows(Cont’d):
| Forthesixmonthsended30June2021 | ||||||
| Logisticsandfreightforwardingservices | Salesofgoods | Others | Total | |||
Revenuefrommainoperations
| Revenuefrommainoperations | |||||||
| Including:Atapointintime | - | 563,159 | 145,262 | 708,421 | |||
| Overtime | 87,099,464 | - | 337,312 | 87,436,776 | |||
| Leaseincome | - | - | 57,862 | 57,862 | |||
| 87,099,464 | 563,159 | 540,436 | 88,203,059 |
Revenuefromotheroperations
| Revenuefromotheroperations | |||||||
| Including:Atapointintime | - | - | 27,001 | 27,001 | |||
| Overtime | - | - | 40,723 | 40,723 | |||
| Leaseincome | - | - | 73,147 | 73,147 | |||
| - | - | 140,871 | 140,871 |
Asat30June2022,theGroup'sperformanceobligationsthathadbeenenteredintobuthadnotyetbeenperformedornotbeenfullyperformedwerepartofacontractforanestimatedperiodofnotmorethanoneyear.
(38)Sellinganddistributionexpenses
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Outsourcingstaffexpenses
| Outsourcingstaffexpenses | 483,919 | 438,407 | |
| Employeebenefits | 427,663 | 462,049 | |
| Depreciationandamortisationexpenses | 164,762 | 84,733 | |
| Others | 203,864 | 325,045 | |
| 1,280,208 | 1,310,234 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(39)Generalandadministrativeexpenses
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Employeebenefits
| Employeebenefits | 7,254,047 | 5,391,965 | |
| Depreciationandamortisationexpenses | 308,635 | 190,267 | |
| Others | 1,327,412 | 946,814 | |
| 8,890,094 | 6,529,046 |
(40)Researchanddevelopmentexpenses
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Employeebenefits
| Employeebenefits | 567,922 | 551,445 | |
| Depreciationandamortisationexpenses | 333,050 | 236,356 | |
| Others | 114,882 | 219,416 | |
| 1,015,854 | 1,007,217 |
(41)Financialcosts
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Interestonborrowings
| Interestonborrowings | 716,866 | 436,297 | |
| Add:Interestexpensesonleaseliabilities | 316,308 | 236,898 | |
| Less:Capitalisedinterest(Note4(12)) | (258,959) | (6,593) | |
| Interestexpenses | 974,215 | 666,602 | |
| Less:Interestincome | (137,186) | (93,386) | |
| Netgainsorlossesonexchange | 14,160 | 18,966 | |
| Commissionexpensesandothers | 54,719 | 29,720 | |
| 905,908 | 621,902 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(42)Expensesbynature
Thecostofrevenue,sellinganddistributionexpenses,generalandadministrativeexpensesandresearchanddevelopmentexpensesintheincomestatementarelistedasfollowsbynature:
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Transportationcosts
| Transportationcosts | 37,700,578 | 9,568,946 | |
| Including:Aircraftmaintenancecosts | 212,564 | 193,182 | |
| Outsourcingstaffcosts | 35,293,193 | 34,297,906 | |
| Outsourcingtransportationcosts | 16,502,888 | 17,508,995 | |
| Employeebenefits | 16,030,878 | 13,236,891 | |
| Depreciationandamortisationexpenses | 4,430,813 | 3,119,807 | |
| Depreciationexpensesofright-of-useassets | 3,595,877 | 2,326,094 | |
| Venueusageexpenses | 3,126,965 | 2,393,619 | |
| Others | 8,283,274 | 5,815,592 | |
| 124,964,466 | 88,267,850 |
(i)Forthesixmonthsended30June2022,theGroup’sgovernmentgrantswhichwereoffsetagainst
costandexpensesamountedtoRMB70,605,000(forthesixmonthsended30June2021:RMB228,710,000)andwerefullyoffsetagainstthecostofrevenue.Therein,theamountthatwasrecognisedinnon-recurringprofitorlossamountedtoRMB36,464,000(forthesixmonthsended30June2021:RMB94,629,000).(ii)TheGroupdirectlyrecognisestheleasepaymentsofshort-termleasesandlowvalueleasesin
profitorloss.Theamountforthesixmonthsended30June2022wasRMB1,228,609,000(forthesixmonthsended30June2021:RMB1,382,359,000).
(43)Otherincome
| Forthesixmonthsended30June | Relatedtoassets/income | ||
| 2022 | 2021 | ||
Taxpreference
| Taxpreference | 774,575 | 500,765 | Relatedtoincome | |
| Fiscalappropriationandsubsidies | 207,655 | 199,880 | Relatedtoincome | |
| Amortisationofdeferredincome | ||||
| (Note4(29)) | 18,998 | 15,916 | Relatedtoassets | |
| 1,001,228 | 716,561 |
Forthesixmonthsended30June2022,theamountofotherincomethatwasrecognisedinnon-recurringprofitorlossamountedtoRMB352,751,000(forthesixmonthsended30June2021:
RMB268,245,000).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(44)Investmentincome
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Investmentincomefromfinancialassetsheldfortrading
| Investmentincomefromfinancialassetsheldfortrading | 310,852 | 160,369 | |
| Shareofnetgains/(losses)ofinvesteesunderequitymethod | 41,689 | (8,751) | |
| Investmentincomefromdisposalofsubsidiaries | 32,314 | 942,964 | |
| Investmentincomefromdisposalofotherinvestments | 12,218 | 7,556 | |
| Investmentincomefromdividendsoffinancialassetsnotheldfortrading | 6,188 | 22,455 | |
| Others | 1,549 | 5,906 | |
| 404,810 | 1,130,499 |
ThereisnosignificantrestrictiononrecoveryofinvestmentincomeoftheGroup.
(45)Non-operatingincomeandexpenses(a)Non-operatingincome
| Forthesixmonthsended30June | ||||||
| 2022 | Amountrecognisedinnon-recurringprofitorlossin2022 | 2021 | Amountrecognisedinnon-recurringprofitorlossin2021 | |||
Compensationincome
| Compensationincome | 16,527 | 16,527 | 12,863 | 12,863 | |||
| Incomefrompenalty | 5,492 | 5,492 | 2,520 | 2,520 | |||
| Governmentgrants | 2,884 | 2,884 | 20,471 | 20,471 | |||
| Others | 68,533 | 68,533 | 89,169 | 89,169 | |||
| 93,436 | 93,436 | 125,023 | 125,023 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(45)Non-operatingincomeandexpenses(Cont’d)(b)Non-operatingexpenses
| Forthesixmonthsended30June | ||||||
| 2022 | Amountrecognisedinnon-recurringprofitorlossin2022 | 2021 | Amountrecognisedinnon-recurringprofitorlossin2021 | |||
Compensationexpenses
| Compensationexpenses | 38,466 | 38,466 | 25,542 | 25,542 | |||
| Lossesondisposaloffixedassetsandintangibleassets | 30,901 | 30,901 | 77,046 | 77,046 | |||
| Penaltiesandoverduefines | 15,889 | 15,889 | 11,900 | 11,900 | |||
| Donationexpenses | 7,336 | 7,336 | 4,066 | 4,066 | |||
| Others | 14,425 | 14,425 | 7,542 | 7,542 | |||
| 107,017 | 107,017 | 126,096 | 126,096 |
(46)Incometaxexpenses
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Currentincometax
| Currentincometax | 1,919,041 | 926,732 | |
| Deferredincometax | (134,175) | (249,373) | |
| 1,784,866 | 677,359 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(46)Incometaxexpenses(Cont’d)
Thereconciliationfromincometaxcalculatedbasedontheapplicabletaxratesandtotalprofitpresentedintheincomestatementtotheincometaxexpensesislistedbelow:
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Totalprofit
| Totalprofit | 5,081,641 | 1,093,149 |
Incometaxexpensescalculatedatthestandardtaxrateof25%
| Incometaxexpensescalculatedatthestandardtaxrateof25% | 1,270,411 | 273,287 | |
| Incomenotsubjecttotax | (28,158) | (211,487) | |
| Costs,expensesandlossesnotdeductiblefortaxpurposes | 87,590 | 30,226 | |
| Effectofdifferenttaxratesamongsubsidiariesandbranchesonincometaxexpenses | (121,091) | (74,397) | |
| Deductibletaxlossesanddeductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognisedinthecurrentperiod | 642,041 | 671,511 | |
| Utilisationofdeductibletaxlossesanddeductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognisedinpriorperiods | (37,746) | (9,814) | |
| Others | (28,181) | (1,967) | |
| Incometaxexpenses | 1,784,866 | 677,359 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(47)Earningspershare(a)Basicearningspershare
Basicearningspersharearecalculatedbydividingconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanybytheweightedaveragenumberofoutstandingordinarysharesoftheparentcompany:
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany
| Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany | 2,512,397 | 759,921 | |
| WeightedaveragenumberofoutstandingordinarysharesoftheCompany | 4,880,213 | 4,545,430 | |
| Basicearningspershare(Yuan/share) | 0.51 | 0.17 |
Including:
| Including: | |||
| -Basicearningspersharefromcontinuingoperations(Yuan/share) | 0.51 | 0.17 |
(b)Dilutedearningspershare
DilutedearningspersharearecalculatedbydividingconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanyadjustedbasedonthedilutivepotentialordinarysharesbytheadjustedweightedaveragenumberofoutstandingordinarysharesoftheCompany.Forthesixmonthsended30June2022,theCompanyhaddilutivepotentialordinarysharesduetotheimplementationoftheshareoptionincentiveplan(forthesixmonthsended30June2021:theCompanyhadnodilutivepotentialordinaryshares).
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany
| Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany | 2,512,397 | 759,921 | |
| Adjustedconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanyforcalculationofearningspershare | 2,512,397 | 759,921 | |
| WeightedaveragenumberofoutstandingordinarysharesoftheCompany | 4,880,213 | 4,545,430 | |
| Add:EffectoftheGroup’sshare-basedpaymentsplan | 1,690 | - | |
| Weightedaveragenumberofoutstandingdilutedordinaryshares | 4,881,903 | 4,545,430 | |
| Dilutedearningspershare | 0.51 | 0.17 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(48)Othercomprehensiveincome
Othercomprehensiveincome,therelatedincometaxeffectandthereclassificationstoprofitorlossforthesixmonthsended30June2022and2021:
| Othercomprehensiveincomeinthebalancesheet | Othercomprehensiveincomeintheincomestatementforthesixmonthsended30June2022 | ||||||||||||
| 31December2021 | Attributabletotheparentcompanyinthecurrentperiod-netoftax | Othercomprehensiveincometransferredintoretainedearnings | 30June2022 | Amountincurredbeforeincometaxforthecurrentperiod | Less:Incometaxcredits | Attributabletotheparentcompany-netoftax | Attributabletominorityshareholders-netoftax | ||||||
Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss
| Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss | ||||||||||||||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 2,974,557 | 7,488 | (1) | 2,982,044 | (19,276) | 955 | 7,488 | (25,809) | ||||||
| Othercomprehensiveincomeitemswhichwillnotbetransferredtoprofitorlossundertheequitymethod | (1,278) | (3) | - | (1,281) | (3) | - | (3) | - | ||||||
| Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytoprofitorloss | ||||||||||||||
| Cashflowhedgingreserve | (27,394) | (13,983) | - | (41,377) | (13,983) | - | (13,983) | - | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | (328,654) | 932,318 | - | 603,664 | 481,122 | - | 932,318 | (451,196) | ||||||
| 2,617,231 | 925,820 | (1) | 3,543,050 | 447,860 | 955 | 925,820 | (477,005) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]4Notestotheconsolidatedfinancialstatements(Cont’d)
(48)Othercomprehensiveincome(Cont'd)
| Othercomprehensiveincomeinthebalancesheet | Othercomprehensiveincomeintheincomestatementforthesixmonthsended30June2021 | ||||||||||||
| 31December2020 | Attributabletotheparentcompanyinthecurrentperiod-netoftax | Othercomprehensiveincometransferredintoretainedearnings | 30June2021 | Amountincurredbeforeincometaxforthecurrentperiod | Less:Incometaxcredits | Attributabletotheparentcompany-netoftax | Attributabletominorityshareholders-netoftax | ||||||
Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss
| Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitorloss | ||||||||||||||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 1,213,254 | (76,804) | (113,136) | 1,023,314 | (81,333) | 4,529 | (76,804) | - | ||||||
| Othercomprehensiveincomeitemswhichwillnotbetransferredtoprofitorlossundertheequitymethod | (1,187) | (88) | - | (1,275) | (88) | - | (88) | - | ||||||
| Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytoprofitorloss | ||||||||||||||
| Cashflowhedgingreserve | (22,858) | (5,528) | - | (28,386) | (5,528) | - | (5,528) | - | ||||||
| Effectoftranslationofforeigncurrencyfinancialstatements | (45,240) | (83,895) | - | (129,135) | (84,698) | - | (83,895) | (803) | ||||||
| 1,143,969 | (166,315) | (113,136) | 864,518 | (171,647) | 4,529 | (166,315) | (803) |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(49)Notestothecashflowstatement(a)Cashreceivedrelatingtootheroperatingactivities
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Inflowsfromcashcollectedondeliveryserviceonbehalfofotherparties
| Inflowsfromcashcollectedondeliveryserviceonbehalfofotherparties | 39,254,423 | 40,790,510 | |
| Others | 3,003,286 | 4,196,196 | |
| 42,257,709 | 44,986,706 |
(b)Cashpaidrelatingtootheroperatingactivities
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Outflowsfromcashcollectedondeliveryserviceonbehalfofotherparties
| Outflowsfromcashcollectedondeliveryserviceonbehalfofotherparties | 39,355,833 | 41,106,595 | |
| Others | 8,528,523 | 5,801,746 | |
| 47,884,356 | 46,908,341 |
(c)Netcashreceivedfromdisposalofsubsidiaries
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Considerationarisingfromdisposalofsubsidiariesinthecurrentperiod
| Considerationarisingfromdisposalofsubsidiariesinthecurrentperiod | 233,639 | 2,987,200 | |
| Add:Cashandcashequivalentsreceivedinthecurrentperiodforthedisposalofsubsidiariesinpreviousyears | 71,795 | 10,000 | |
| Less:Cashandcashequivalentsreceivedinthesubsequentperiodsforthedisposalofsubsidiaries | - | (40,215) | |
| Less:Cashandcashequivalentsheldbysubsidiariesonthedayoflossofcontrol | (19,671) | (390,382) | |
| Less:SharesofSFREITsacquired | - | (1,152,527) | |
| 285,763 | 1,414,076 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(49)Notestothecashflowstatement(Cont’d)(d)Netcashpaidtoacquiresubsidiaries
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Considerationfromacquisitionofsubsidiariesinthecurrentperiod
| Considerationfromacquisitionofsubsidiariesinthecurrentperiod | 2,311,903 | 236,555 | |
| Add:Cashpaidinthecurrentperiodforacquisitionofsubsidiariesinpriorperiods | 87,076 | - | |
| Less:Cashtobepaidinfutureperiods(Note) | (1,235,038) | ||
| Less:Cashandcashequivalentsheldbysubsidiariesonthedayofpurchase | (120,632) | (37,013) | |
| Totalnetcashpaidtoacquiresubsidiaries | 1,043,309 | 199,542 |
Note:CashtobepaidinfutureperiodsaremainlytheunpaidpurchasepriceoftheTop-ocean’s
equity,whichwillbepaidintwoinstalmentsin2023and2024.(e)Cashreceived/paidrelatingtootherinvestingactivities
Cashreceived/paidrelatingtootherinvestingactivitiesbytheGrouprepresentscashinflowsandoutflowsfromredemption/purchaseofbankwealthmanagementproductsandstructuraldeposits.(f)Cashpaidrelatingtootherfinancingactivities
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Repaymentsofleaseliabilities
| Repaymentsofleaseliabilities | 3,645,552 | 2,479,710 | |
| Repurchaseofshares | 1,899,241 | - | |
| Acquisitionofminorityinterests | 3,584,014 | 50,038 | |
| Others | 30,216 | 23,098 | |
| 9,159,023 | 2,552,846 |
Forthesixmonthsended30June2022,thetotalcashoutflowsrelatingtoleasespaidbytheGroupamountedtoRMB5,002,526,000(forthesixmonthsended30June2021:RMB3,945,408,000),exceptfortherepaymentsofleaseliabilitiesclassifiedascashpaidrelatingtofinancingactivities,theremainingwasclassifiedascashpaidrelatingtooperatingactivities.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
4Notestotheconsolidatedfinancialstatements(Cont’d)
(50)Supplementaryinformationtothecashflowstatement(a)Reconciliationfromnetprofittocashflowsfromoperatingactivities
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Netprofit
| Netprofit | 3,296,775 | 415,790 | |
| Add:Assetimpairmentlosses | 3,838 | 592 | |
| Creditimpairmentlosses | 271,129 | 11,176 | |
| Depreciationofright-of-useassets | 3,595,877 | 2,326,094 | |
| Depreciationoffixedassets | 2,805,586 | 2,123,877 | |
| Depreciationofinvestmentproperties | 72,765 | 20,264 | |
| Amortisationofintangibleassets | 1,013,384 | 591,905 | |
| Amortisationoflong-termprepaidexpenses | 553,362 | 396,004 | |
| Lossesondisposaloffixedassetsandintangibleassets | 22,655 | 91,234 | |
| Gainsorlossesarisingfromchangesinfairvalue | (6,719) | (29,589) | |
| Financialcosts | 983,639 | 677,749 | |
| Investmentincome | (404,810) | (1,130,499) | |
| Recognisedexpensesonshare-basedpayments | 83,204 | 122,361 | |
| Increaseindeferredtaxassets | (515,676) | (269,254) | |
| Increaseindeferredtaxliabilities | 381,501 | 19,881 | |
| Amortisationofdeferredincome | (18,998) | (15,916) | |
| Increase/(Decrease)ininventories | (142,552) | 4,629 | |
| Decrease/(Increase)inoperatingreceivables | 7,871,616 | (2,659,996) | |
| Increaseinoperatingpayables | (3,153,762) | 1,635,329 | |
| Netcashflowsfromoperatingactivities | 16,712,814 | 4,331,631 |
(b)Cashandcashequivalents
| 30June2022 | 31December2021 |
Cashonhand
| Cashonhand | 17,893 | 48,513 | |
| Cashatbankthatcanbereadilydrawnondemand | 38,077,476 | 34,633,427 | |
| Othercashbalancesthatcanbereadilydrawnondemand | 125,122 | 50,988 | |
| Otherbalancesthatcanbereadilydrawnondemand | 67,455 | 80,840 | |
| 38,287,946 | 34,813,768 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
5Changesintheconsolidationscope
(1)Businesscombinationsinvolvingenterprisesnotundercommoncontrol
Mainbusinesscombinationsinvolvingenterprisesnotundercommoncontrolforthesixmonthsended30June2022:
| Acquiree | Acquisitioncost | %ofinterestacquired | Methodofacquisition | Basisfordeterminingtheacquisitiondate |
Top-ocean(a)
| Top-ocean(a) | 1,937,762 | 100.00% | Bycash | Completionofequitydelivery |
| Pro-Med | 45,040 | 51.00% | Bycash | Completionofequitydelivery |
| SuzhouIndustrialParkCustomsDeclarationCo.,Ltd. | 89,485 | 66.00% | Bycash | Completionofequitydelivery |
| 2,072,287 |
(a)Inthefirsthalfof2022,theGroupcompletedtheacquisitionof100%equityofTop-ocean,obtained
thecontrolofTop-ocean,andincludedTop-oceaninthescopeofconsolidation.Detailsoftheconsiderationofacquisitionandgoodwillrecognisedareasfollows:
Top-oceanConsiderationofacquisition
| Considerationofacquisition | |
| -Cash | 1,937,762 |
| Less:Fairvalueoftheidentifiablenetassetsacquired(Note) | (656,842) |
| Goodwill | 1,280,920 |
Asofthedatewhenthisfinancialstatementisapprovedforissuance,theassessmentofTop-ocean'sconsiderationofacquisitionandfairvalueofidentifiablenetassetshavenotyetbeencompleted.Iftherelevantevaluationworkiscompleted,theconsiderationofacquisitionandthefairvalueofidentifiablenetassetsneedtobeadjusted,andthegoodwillwillbeadjustedaccordingly.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
5Changesintheconsolidationscope(Cont’d)
(2)Disposalofsubsidiaries
| Nameofsubsidiary | Proceedsfromdisposal | Disposalproportion | Methodofdisposal | Timingoflosingcontrol | Basisforjudgementoftimingoflosingcontrol | Differencebetweenproceedsfromdisposalafterdeductingdisposalcostsandcorrespondingsharesofnetassetsintheconsolidatedfinancialstatements | Amounttransferredfromothercomprehensiveincomeetc.relatedtoinitialequityinvestmenttoinvestmentincomeorloss |
ChangshaIndustrialParkanditssubsidiaries
| ChangshaIndustrialParkanditssubsidiaries | 232,939 | 100% | Salesofequity | 24June2022 | Transferofcontrolright | 31,654 | - | |
| YingyunAolongLogistics(Zhanjiang)Co.,Ltd. | 700 | 60% | Salesofequity | 30June2022 | Transferofcontrolright | 660 | - | |
| 233,639 | 32,314 | - |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
5Changesintheconsolidationscope(Cont’d)
(3)Otherchangesintheconsolidationscope(a)Forthesixmonthsended30June2022,theGroupsetupthefollowingmajorsubsidiariesbycash:
ShenzhenFengwangInformationTechnologyCo.,Ltd.ChongqingFonairUAVResearchInstitutionCo.,Ltd.BeijingShunluLogisticsCo.,Ltd.JiangsuFengsuLogisticsCo.,Ltd.TianjinFengpaiTechnologyCo.,Ltd.FujianFengwangExpressCo.,Ltd.LiaoningFengwangExpressCo.,Ltd.SuzhouFengpaiTechnologyCo.,Ltd.HeilongjiangFengwangExpressCo.,Ltd.GuangxiFengwangExpressCo.,Ltd.HangzhouBingzhiSupplyChainManagementCo.,Ltd.SFINTERNATIONALVIETNAMCOMPANYLIMITED(b)Forthesixmonthsended30June2022,theGroupcancelledthefollowingmajorsubsidiaries:
XuzhouFengtaiIndustrialParkManagementCo.,Ltd.DalianFengtaiIndustrialParkOperationandManagementCo.,Ltd.JinanHongtaiIndustrialParkManagementCo.,Ltd.LuoheFengtaiIndustrialParkManagementCo.,Ltd.YangzhouFengyutaiEnterpriseManagementCo.,Ltd.Huai’anShunhengExpressCo.,Ltd.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities
(1)Interestsinsubsidiaries(a)First-tierandsecond-tiersubsidiariesoftheGroupareasfollows:
| Shareholding(%) | |||||
| Placeofregistration | Majorbusinesslocation | Natureofbusiness | Direct | Indirect | Methodofacquisition |
TaisenHoldings
| TaisenHoldings | Shenzhen | Shenzhen | Investmentholding | 100.00% | - | Reverseacquisitions |
| S.F.ExpressCo.,Ltd. | Shenzhen | Shenzhen | Internationalfreightforwarding,domesticandinternationalexpressservice,etc. | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
| SFTechnology | Shenzhen | Shenzhen | Technicalmaintenanceanddevelopmentservice | - | 100.00% | Bynewestablishment |
| ShenzhenShunluLogisticsCo.,Ltd. | Shenzhen | Shenzhen | Cargotransportationandfreightforwarding | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
| AnhuiS.F.TelecommunicationServiceCo.,Ltd. | AnhuiProvince | AnhuiProvince | Value-addedtelecommunicationservice | - | 100.00% | Bynewestablishment |
| ShenzhenYuhuiManagementConsultingCo.,Ltd. | Shenzhen | Shenzhen | Consultingservice | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
| ShenzhenS.F.SupplyChainCo.,Ltd. | Shenzhen | Shenzhen | Supplychainmanagementandotherservices | - | 100.00% | Bynewestablishment |
| SFAirlines | Shenzhen | Shenzhen | Transportserviceofaviationcargo | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
| ShenzhenFengtaiE-CommerceIndustrialParkAssetManagementLtd. | Shenzhen | Shenzhen | E-commerceindustrialparkmanagement | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
| ShenzhenFengtaiIndustrialParkInvestmentLtd. | Shenzhen | Shenzhen | Managementconsulting | - | 100.00% | Bynewestablishment |
| ShenzhenS.F.AirportInvestmentCo.,Ltd. | Shenzhen | Shenzhen | Industrialinvestment | - | 100.00% | Bynewestablishment |
| SFHoldingLimited | HongKongSAR | HongKongSAR | Investmentholding | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
| GroupFinanceCompany | Shenzhen | Shenzhen | Financing,wealthmanagementandconsultingservices | - | 100.00% | Bynewestablishment |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities(Cont’d)
(1)Interestsinsubsidiaries(Cont’d)(a)First-tierandsecond-tiersubsidiariesoftheGroupareasfollows(Cont’d):
| Shareholding(%) | |||||
| Placeofregistration | Majorbusinesslocation | Natureofbusiness | Direct | Indirect | Methodofacquisition |
ShenzhenSFChuangxingInvestmentCo.,Ltd.
| ShenzhenSFChuangxingInvestmentCo.,Ltd. | Shenzhen | Shenzhen | Industrialinvestment | - | 100.00% | Bynewestablishment |
| ShenzhenFengnongTechnologyCo.,Ltd. | Shenzhen | Shenzhen | Retail | - | 100.00% | Bynewestablishment |
| ShenzhenFenglangSupplyChainCo.,Ltd. | Shenzhen | Shenzhen | Supplychainmanagementandotherservices | - | 100.00% | Bynewestablishment |
| ShenzhenShunfengRuntaiManagementConsultingCo.,Ltd. | Shenzhen | Shenzhen | Consultingservice | - | 100.00% | Bynewestablishment |
| ShunyuanFinancialLeasing | Tianjin | Tianjin | Leasingbusiness | - | 100.00% | Bynewestablishment |
| SFMultimodalCo.,Ltd. | Shenzhen | Shenzhen | Goodsdeliveryandotherservices | - | 100.00% | Bynewestablishment |
| ShenzhenShunxiManagementConsultingCo.,Ltd. | Shenzhen | Shenzhen | Managementconsulting | - | 100.00% | Bynewestablishment |
| S.F.InsuranceBroker(Shenzhen)Co.,Ltd. | Shenzhen | Shenzhen | Insurancebusiness | - | 100.00% | Bynewestablishment |
| S.F.DuolianTechnologyCo.,Ltd. | Dongguan | Dongguan | Technologydevelopment | - | 100.00% | Bynewestablishment |
| DongguanSFTaisenEnterpriseManagementCo.,Ltd. | Dongguan | Dongguan | Propertymanagement | - | 100.00% | Bynewestablishment |
| SFInnovativeTechnologyCo.,Ltd. | Dongguan | Dongguan | Informationtechnologyservice | - | 100.00% | Bynewestablishment |
| ShenzhenShunhengRongfengSupplyChainTechnologyCo.,Ltd. | Shenzhen | Shenzhen | Consultingservice | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
| ShenzhenHengyiLogisticsServiceCo.,Ltd. | Shenzhen | Shenzhen | Freightforwardingservice | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
| ShenzhenLefengCommercialCo.,Ltd. | Shenzhen | Shenzhen | Factoring | - | 100.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities(Cont’d)
(1)Interestsinsubsidiaries(Cont’d)(a)First-tierandsecond-tiersubsidiariesoftheGroupareasfollows(Cont’d):
| Shareholding(%) | |||||
| Placeofregistration | Majorbusinesslocation | Natureofbusiness | Direct | Indirect | Methodofacquisition |
HangzhouSFIntra-cityIndustrialCo.,Ltd.
| HangzhouSFIntra-cityIndustrialCo.,Ltd. | Hangzhou | Hangzhou | Supplychainmanagementandotherservices | - | 56.76% | Bynewestablishment |
| ShenzhenSFExpressZhongyuanNetworkTechnologyCo.,Ltd. | Shenzhen | Shenzhen | Technologydevelopmentandconsultingservices | - | 100.00% | Bynewestablishment |
| SFSharingPrecisionInformationTechnology(Shenzhen)Co.,Ltd. | Shenzhen | Shenzhen | Informationtechnologyservice | - | 100.00% | Bynewestablishment |
| HangzhouShuangjieSupplyChainCo.,Ltd. | Hangzhou | Hangzhou | Supplychainmanagementandotherservices | - | 100.00% | Bynewestablishment |
| ShenzhenS.F.ExpressCo.,Ltd. | Shenzhen | Shenzhen | Businessandsupplychainmanagement | - | 87.80% | Bynewestablishment |
| HuanggangXiufengEducationInvestmentCo.,Ltd. | Huanggang | Huanggang | Consultingservicesregardingbusinessinformationandbusinessmanagement | - | 100.00% | Bynewestablishment |
| JunheInformationTechnology(Shenzhen)Co.,Ltd. | Shenzhen | Shenzhen | Informationtechnologyanddevelopmentservices | - | 100.00% | Bynewestablishment |
| S.F.DigitalTechnology(Shenzhen)ServicesCo.,Ltd. | Shenzhen | Shenzhen | Technologyandconsultingservices | - | 100.00% | Bynewestablishment |
| ShenzhenS.F.InternationalIndustryCo.,Ltd. | Shenzhen | Shenzhen | Informationtechnologyandconsultingservices | - | 100.00% | Bynewestablishment |
| ShenzhenS.F.InvestmentCo.,Ltd. | Shenzhen | Shenzhen | Investmentholding | - | 100.00% | Bynewestablishment |
| SFColdChainLogisticsCo.,Ltd. | Shenzhen | Shenzhen | Cargotransportationandfreightforwarding | - | 100.00% | Bynewestablishment |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
6Interestsinotherentities(Cont’d)
(1)Interestsinsubsidiaries(Cont’d)(b)SubsidiariesinwhichtheGrouphassignificantminorityinterests
| Proportionofownershipinterestheldbyminorityshareholders | Profitorlossattributabletominorityshareholdersforthesixmonthsended30June2022 | Dividendspaidtominorityshareholdersforthesixmonthsended30June2022 | Minorityinterestsasat30June2022 |
KerryLogisticsanditssubsidiaries
| KerryLogisticsanditssubsidiaries | 48.50% | 1,097,705 | (1,119,844) | 12,293,656 |
Thesignificantfinancialinformationofthesignificantnon-fully-ownedsubsidiariesoftheGroupislistedbelow:
| 30June2022 | 31December2021 |
Currentassets
| Currentassets | 24,498,975 | 22,058,645 | |
| Non-currentassets | 26,187,998 | 23,566,766 | |
| Totalassets | 50,686,973 | 45,625,411 |
Currentliabilities
| Currentliabilities | 16,987,625 | 14,795,606 | |
| Non-currentliabilities | 11,493,388 | 6,645,860 | |
| Totalliabilities | 28,481,013 | 21,441,466 |
Forthesixmonthsended30June
2022
| Forthesixmonthsended30June2022 | Forthesixmonthsended30June2021 |
Revenue
| Revenue | 39,826,024 | Notapplicable | |
| Netprofit(i) | 1,984,687 | Notapplicable | |
| Totalcomprehensiveincome(i) | 1,883,429 | Notapplicable | |
| Cashflowsfromoperatingactivities | 2,243,418 | Notapplicable |
TheabovefinancialfigurestakeintoaccountthefairvalueofidentifiableassetsandliabilitiesatthepointofacquisitionofKerryLogistics’equityandtheadjustmenteffectofuniformaccountingpolicies.
(i)ForKerryLogistics,thenetprofitofattributabletoshareholdersoftheCompanyforthesixmonths
ended30June2022wasRMB886,982,000,andthetotalcomprehensiveincomeattributabletoshareholdersoftheCompanyforthesixmonthsended30June2022wasRMB1,261,913,000.
(2)Interestsinjointventuresandassociates
TheGroup’sjointventuresandassociateshavenosignificantinfluenceontheGroup(Note4(8)).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
7Segmentinformation
ThereportablesegmentsoftheGrouparethebusinessunitsthatprovidedifferentlogisticsandfreightforwardingservices.Differentbusinessesrequiredifferenttechnologiesandmarketingstrategies,andtheGroup,therefore,independentlymanagestheiroperationsandevaluatesoperatingresults,inordertomakedecisionsaboutresourcesallocationsandperformanceevaluations.Forthesixmonthsended30June2022,theGroupmainlyhadfourreportablesegments,including:
-Expresssegment,whichprovidestime-defineexpressandeconomyexpressexceptforlarge-sizedeliveryservice,aswellasmedicalproductandcoldchaindeliveryservice;-Freightsegment,whichprovideslarge-sizedeliveryserviceandfreightservice;-Intra-citysegment,whichprovidesintra-cityon-demanddeliveryservice;-Supplychainandinternationalbusinesssegment,whichprovidesinternationalexpress
service,internationalfreighttransportandforwardingservice,aswellassupplychainservice.ThereportablesegmentsoftheGroupin2021havechanged,therefore,thesegmentinformationforthesixmonthsended30June2021hasbeenrestatedinaccordancewiththecalibreforthesixmonthsended30June2022.Inter-segmenttransferpricesaredeterminedbyreferencetopricingpolicyofrelatedpartytransactions.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
7Segmentinformation(Cont’d)(a)Segmentinformationasatandforthesixmonthsended30June2022isasfollows:
| Expresssegment | Freightsegment | Supplychainandinternationalsegment | Intra-citysegment | Undistributedunits | Inter-segmentelimination | Total |
Revenuefromexternalcustomers
| Revenuefromexternalcustomers | 63,969,177 | 15,057,837 | 47,545,204 | 2,938,274 | 553,641 | - | 130,064,133 | ||||||
| Inter-segmentrevenue | 7,315,303 | 927,530 | 300,863 | 1,543,129 | 5,737,967 | (15,824,792) | - | ||||||
| Costofrevenue | 61,005,294 | 15,150,203 | 42,592,555 | 4,300,885 | 5,579,205 | (14,849,832) | 113,778,310 | ||||||
| Totalprofit/(loss) | 2,968,706 | 118,579 | 2,395,916 | (143,940) | (262,811) | 5,191 | 5,081,641 | ||||||
| Incometaxexpenses | 858,118 | 109,835 | 706,449 | - | 105,744 | 4,720 | 1,784,866 | ||||||
| Netprofit/(loss) | 2,110,588 | 8,744 | 1,689,467 | (143,940) | (368,555) | 471 | 3,296,775 |
Totalassets
| Totalassets | 79,165,505 | 7,738,261 | 68,738,144 | 3,866,337 | 122,740,878 | (69,781,748) | 212,467,377 |
Totalliabilities
| Totalliabilities | 51,244,460 | 8,422,212 | 56,055,883 | 844,924 | 55,085,848 | (53,583,776) | 118,069,551 |
Depreciationandamortisationexpenses
| Depreciationandamortisationexpenses | 3,166,674 | 149,213 | 749,536 | 38,824 | 335,202 | (8,636) | 4,430,813 |
Creditimpairmentlosses
| Creditimpairmentlosses | 27,695 | 5,078 | 237,842 | 1,651 | 17,319 | (18,456) | 271,129 |
Forthesixmonthsended30June2022,norevenuefromasinglecustomerexceeded10%ormoreofthetotalrevenue.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
7Segmentinformation(Cont’d)(b)Segmentinformationasatandforthesixmonthsended30June2021isasfollows:
| Expresssegment | Freightsegment | Supplychainandinternationalsegment | Intra-citysegment | Undistributedunits | Inter-segmentelimination | Total |
Revenuefromexternalcustomers
| Revenuefromexternalcustomers | 63,144,369 | 13,398,874 | 8,790,434 | 2,293,462 | 716,791 | - | 88,343,930 | ||||||
| Inter-segmentrevenue | 6,086,938 | 1,156,309 | 216,748 | 1,415,781 | 3,878,009 | (12,753,785) | - | ||||||
| Costofrevenue | 61,060,061 | 14,373,836 | 8,253,606 | 3,725,633 | 3,768,611 | (11,760,393) | 79,421,354 | ||||||
| Totalprofit/(loss) | 1,283,569 | (507,552) | (57,069) | (406,588) | 773,437 | 7,352 | 1,093,149 | ||||||
| Incometaxexpenses | 481,965 | 72,700 | 8,888 | - | 111,544 | 2,262 | 677,359 | ||||||
| Netprofit/(loss) | 801,604 | (580,252) | (65,957) | (406,588) | 661,893 | 5,090 | 415,790 |
Totalassets
| Totalassets | 73,659,394 | 10,023,797 | 14,176,953 | 2,578,400 | 96,977,857 | (64,023,343) | 133,393,058 |
Totalliabilities
| Totalliabilities | 52,093,078 | 9,655,283 | 14,307,663 | 780,709 | 50,352,840 | (51,102,303) | 76,087,270 |
Depreciationand
amortisationexpenses
| Depreciationandamortisationexpenses | 2,522,231 | 120,413 | 160,256 | 23,258 | 295,585 | (1,936) | 3,119,807 |
Creditimpairmentlosses
| Creditimpairmentlosses | 5,723 | 5,532 | 10,412 | 2,772 | (2,071) | (11,192) | 11,176 |
Forthesixmonthsended30June2021,norevenuefromasinglecustomerexceeded10%ormoreofthetotalrevenue.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions
(1)Generalinformationofthecontrollingshareholderandsubsidiaries
ThegeneralinformationandotherrelatedinformationofthesubsidiariesaresetoutinNote6(1).(a)Generalinformationofthecontrollingshareholder
| Placeofregistration | Natureofbusiness |
MingdeHoldings
| MingdeHoldings | Shenzhen | Investment |
TheCompany’sultimateholdingcompanyisMingdeHoldings,andtheultimatecontrollingperson
isWangWei.(b)Thebalancesandchangesofregisteredcapitalofthecontrollingshareholder
| 31December2021 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2022 |
MingdeHoldings
| MingdeHoldings | 113,406 | - | - | 113,406 |
(c)ThepercentagesofshareholdingandvotingrightsintheCompanyheldbythecontrolling
shareholder
| 30June2022 | 31December2021 | |||||
| Shareholding(%) | Votingrights(%) | Shareholding(%) | Votingrights(%) | |||
MingdeHoldings
| MingdeHoldings | 54.95% | 54.95% | 55.07% | 55.07% |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Cont’d)
(2)Natureofrelatedpartiesthatdonotcontrol/arenotcontrolledbytheCompany
Majorrelatedpartiesarelistedasfollows:
RelationshipwiththeCompanyGuangdongFengxingZhituTechnologyCo.,Ltd
(“FengxingZhituTechnology”)
Note1
| GuangdongFengxingZhituTechnologyCo.,Ltd(“FengxingZhituTechnology”)Note1 | ControlledbytheultimatecontrollingpersonoftheCompany |
| HangzhouFengtaiE-CommerceIndustrialParkManagementLtd. | ControlledbytheultimatecontrollingpersonoftheCompany |
| ShenzhenFengxiangInformationTechnologyCo.,Ltd. | ControlledbytheultimatecontrollingpersonoftheCompany |
| ShenzhenShunshangInvestmentCo.,Ltd. | ControlledbytheultimatecontrollingpersonoftheCompany |
| HiveBoxTechnologyanditssubsidiaries | ControlledbytheultimatecontrollingpersonoftheCompany |
| GuangdongYouxuanyipinCommerceCo.,Ltd.(“YouxuanyipinCommerceCo.,Ltd.”)anditssubsidiariesNote2 | ControlledbytheultimatecontrollingpersonoftheCompanybeforeNovember2020 |
| ShenzhenFengyiTechnologyLimited(“FengyiTechnology”) | Controllingshareholder'sassociate |
| StateGridE-CommerceYunfengLogisticsTechnology(Tianjin)Co.,Ltd. | TheGroup’sassociate |
| SCSLogisticsCo.,Ltd. | TheGroup’sassociate |
| ShenzhenShunjieFengdaExpressCo.,Ltd.(“ShunjieFengdaanditssubsidiaries”)anditssubsidiaries | TheGroup’sassociate |
| SFREITSanditssubsidiaries | TheGroup’sassociate |
| ShenzhenZhongwangFinanceandTaxManagementCo.,Ltd. | TheGroup’sassociate |
| QingdaoDakaiCargoAgencyCo.,Ltd. | TheGroup’sassociate |
| BeijingDazhangfangInformationTechnologyCo.,Ltd.(“DazhangfangInformationTechnology”)anditssubsidiaries | TheGroup’sassociate |
| ChongqingBoqiangLogisticsCo.,Ltd. | TheGroup’sassociate |
| KinShunInformationTechnologyLimited | TheGroup’sassociate |
| KENGICIntelligentTechnologyCo.,Ltd.(“KENGICIntelligent”)anditssubsidiaries | TheGroup’sassociate |
| HubeiJiuzhouTongdaTechnologyDevelopmentCo.,Ltd. | TheGroup’sassociate |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]8Relatedpartiesandrelatedpartytransactions(Cont’d)
(2)Natureofrelatedpartiesthatdonotcontrol/arenotcontrolledbytheCompany(Cont’d)
Majorrelatedpartiesarelistedasfollows:
RelationshipwiththeCompanyDHLWeiheng(Zhuhai)SupplyChainManagement
Co.,Ltd.
| DHLWeiheng(Zhuhai)SupplyChainManagementCo.,Ltd. | TheGroup’sassociate |
| ShenzhenFenglianTechnologyCo.,Ltd.Note3 | TheGroup’sassociate |
| BeijingBeijiantongchengInternationalLogisticsCo.,Ltd. | TheGroup’sassociate |
| SUNWAYEXPRESS | TheGroup’sassociate |
| ChiwanContainerTerminalCo. | TheGroup’sassociate |
| CR-SFInternationalExpressCo.,Ltd. | TheGroup’sjointventure |
| BeijingWulianShuntongTechnologyCo.,Ltd.(“WulianShuntong”)anditssubsidiaries | TheGroup’sjointventure |
| ZBHAanditssubsidiaries | TheGroup’sjointventure |
| ShenzhenShenghaiInformationServiceCo.,LTD(“ShenghaiInformation”) | TheGroup’sjointventure |
| HubeiInternationalLogisticsAirportCo.,Ltd. | TheGroup’sjointventure |
| GoldenArches(China)Co.,Ltd.("GoldenArches")anditssubsidiaries | SignificantlyinfluencedbythekeymanagementoftheCompany |
Note1:OnceasubsidiaryoftheGroup;theGrouptransferredtheholdingsharesofFengxing
ZhituTechnologytothecontrollingshareholderoftheCompany,on28October2021,hencelosingthecontrolrightofFengxingZhituTechnology.TheactualcontrolofFengxingZhituTechnologyceasedandbeingoutofthescopeofconsolidation.Thecompanyhasbecomeanenterprisecontrolledbythecontrollingshareholder.ThetransactionswithFengxingZhituTechnologyfromJanuarytoJune2021disclosedinthisfinancialstatementwerelistedas“Notapplicable”.Note2:TheCompany’soriginalnamewasS.F.Holding(Group)CommerceCo.,Ltd.,whichwas
disposedbytheGroup’sultimatecontrollingpersoninNovember2020.PursuanttotheListingRulesofShenzhenStockExchange,itwasnotarelatedpartyoftheGroupsinceNovember2021.ThetransactionswithYouxuanyipinCommerceCo.,Ltd.disclosedinthisfinancialstatementfromJanuarytoJune2022werelistedas“Notapplicable”.Note3:OnceasubsidiaryoftheGroup;theGroupdisposedits19%holdingsharesofFenglian
Technologyon31December2021,hencelosingthecontrolrightofFenglianTechnology.TheactualcontrolofFenglianTechnologyceasedandbeingoutofthescopeofconsolidation.TheCompanyhasbecomeanassociateoftheGroup.Therefore,thetransactionswithFenglianTechnologydisclosedinthisfinancialstatementfromJanuarytoJune2021werelistedas“Notapplicable”.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]8Relatedpartiesandrelatedpartytransactions(Cont’d)
(3)Relatedpartytransactions(a)Pricingpolicies
ThepricingmethodoftransactionsandtransactionpricebetweentheGroupandrelatedpartiesaredetermined,followingarm'slengthprinciple,bymakingreferencetothemarketpriceorthroughnegotiationbetweenbothparties.(b)Renderingofservices/Salesofgoods
| Forthesixmonthsended30June | |||
| Natureofthetransaction | 2022 | 2021 | |
GoldenArchesanditssubsidiaries
| GoldenArchesanditssubsidiaries | Renderingofservices | 761,269 | 768,085 | ||
| FengxingZhituTechnology | Renderingofservices | 36,015 | Notapplicable | ||
| HiveBoxTechnologyanditssubsidiaries | Renderingofservices | 16,224 | 13,039 | ||
| FengyiTechnology | Renderingofservices | 11,098 | 38,938 | ||
| StateGridE-CommerceYunfengLogisticsTechnology(Tianjin)Co.,Ltd. | Renderingofservices | 5,559 | 3,084 | ||
| CR-SFInternationalExpressCo.,Ltd. | Renderingofservices | 3,444 | 92,117 | ||
| Others | Renderingofservices | 31,996 | 32,571 | ||
| 865,605 | 947,834 |
Forthesixmonthsended30June
| Forthesixmonthsended30June | |||
| Natureofthetransaction | 2022 | 2021 | |
ShenzhenFengxiangInformationTechnologyCo.,Ltd.
| ShenzhenFengxiangInformationTechnologyCo.,Ltd. | Salesofgoods | 5,888 | - | ||
| Others | Salesofgoods | 8,548 | 3,487 | ||
| 14,436 | 3,487 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Cont’d)
(4)Receivablesfromandpayablestorelatedparties(Cont’d)
(c)Receiptofservices/Purchaseofgoods
| Forthesixmonthsended30June | |||
| Natureofthetransaction | 2022 | 2021 | |
CR-SFInternationalExpressCo.,Ltd.
| CR-SFInternationalExpressCo.,Ltd. | Receiptofservices | 234,712 | 291,232 | ||
| WulianShuntonganditssubsidiaries | Receiptofservices | 187,620 | 182,455 | ||
| FengxingZhituTechnology | Receiptofservices | 157,236 | Notapplicable | ||
| ShenzhenShunjieFengdaanditssubsidiaries | Receiptofservices | 130,954 | 139,252 | ||
| SCSLogisticsCo.,Ltd. | Receiptofservices | 128,136 | 140,806 | ||
| HiveBoxTechnologyanditssubsidiaries | Receiptofservices | 77,550 | 96,876 | ||
| ZBHAanditssubsidiaries | Receiptofservices | 55,172 | 82,050 | ||
| SFREITSanditssubsidiaries | Receiptofservices | 26,817 | 7,939 | ||
| ShenghaiInformation | Receiptofservices | 12,542 | 12,994 | ||
| ShenzhenZhongwangFinanceandTaxManagementCo.,Ltd. | Receiptofservices | 10,610 | 4,157 | ||
| QingdaoDakaiCargoAgencyCo.,Ltd. | Receiptofservices | 8,392 | 7,307 | ||
| DazhangfangInformationTechnologyanditssubsidiaries | Receiptofservices | 6,187 | 34,522 | ||
| ChongqingBoqiangLogisticsCo.,Ltd. | Receiptofservices | 5,314 | 6,325 | ||
| Others | Receiptofservices | 36,755 | 52,802 | ||
| 1,077,997 | 1,058,717 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Cont’d)
(4)Receivablesfromandpayablestorelatedparties(Cont’d)
(c)Receiptofservices/Purchaseofgoods(Cont’d)
| Forthesixmonthsended30June | |||
| Natureofthetransaction | 2022 | 2021 | |
KENGICIntelligentanditssubsidiaries
| KENGICIntelligentanditssubsidiaries | Purchaseofgoods | 174,141 | 142,703 | ||
| ShenzhenFengxiangInformationTechnologyCo.,Ltd. | Purchaseofgoods | 110,576 | 1,583 | ||
| HubeiJiuzhouTongdaTechnologyDevelopmentCo.,Ltd. | Purchaseofgoods | 43,443 | 874 | ||
| FengyiTechnology | Purchaseofgoods | 584 | 92,684 | ||
| YouxuanyipinCommerceCo.,Ltd.anditssubsidiaries | Purchaseofgoods | Notapplicable | 22,289 | ||
| Others | Purchaseofgoods | 2,480 | 35,068 | ||
| 331,224 | 295,201 |
(d)Leases(i)Right-of-useassetsincreasedinthecurrentyearwiththeGroupasthelessee
| Forthesixmonthsended30June | |||
| Typeoftheleasedasset | 2022 | 2021 | |
SFREITSanditssubsidiaries
| SFREITSanditssubsidiaries | Buildings | 107,153 | 974,664 | ||
| HangzhouFengtaiE-CommerceIndustrialParkManagementLtd. | Buildings | 42,749 | 3,397 | ||
| ShenzhenShunshangInvestmentCo.,Ltd. | Buildings | - | 15,214 | ||
| 149,902 | 993,275 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Cont’d)
(4)Receivablesfromandpayablestorelatedparties(Cont’d)
(d)Leases(Cont’d)(ii)DepreciationandinterestexpensesborneinthecurrentyearbytheGroupasthelessee
| Forthesixmonthsended30June | |||
| Typeoftheleasedasset | 2022 | 2021 | |
SFREITSanditssubsidiaries
| SFREITSanditssubsidiaries | Buildings | 107,565 | 36,288 | ||
| HangzhouFengtaiE-CommerceIndustrialParkManagementLtd. | Buildings | 4,199 | 3,168 | ||
| ShenzhenShunshangInvestmentCo.,Ltd. | Buildings | 3,814 | 14,393 | ||
| Others | Buildings | - | 150 | ||
| 115,578 | 53,999 |
(iii)LeaseincomerecognisedinthecurrentyearwiththeGroupasthelessor
| Forthesixmonthsended30June | |||
| Typeoftheleasedasset | 2022 | 2021 | |
FengyiTechnology
| FengyiTechnology | Buildings | 1,652 | 907 | ||
| Others | Buildings | 1,109 | 800 | ||
| 2,761 | 1,707 |
(e)TheGroupastheguarantor
| guaranteedparty | Guaranteedamount | Guaranteestartdate | Guaranteeexpirydate | Whethertheguaranteehasbeenfulfilled |
DHLWeiheng(Zhuhai)SupplyChainManagementCo.,Ltd.
| DHLWeiheng(Zhuhai)SupplyChainManagementCo.,Ltd. | 126,420 | 31December2020 | 23December2033 | No | |
| HubeiInternationalLogisticsAirportCo.,Ltd.(Note) | 782,000 | 29September2021 | 29April2055 | No | |
| 908,420 |
Note:TheguaranteeamountofHubeiInternationalLogisticsAirportCo.,Ltd.isthetotal
guaranteeamountformedbytheaggregationofmultipleguaranteeamounts.Theearliestdateofguaranteeis29September2021,andthelatestis29April2055.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Cont’d)
(4)Receivablesfromandpayablestorelatedparties(Cont’d)
(f)Salesofequity
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
SFREITSanditssubsidiaries
| SFREITSanditssubsidiaries | 232,939 | - | |
| MingdeHoldings | - | 40,000 | |
| 232,939 | 40,000 |
Forthesixmonthsended30June2022,theGroupearnedatotalofRMB31,654,000ininvestmentincomefromrelatedpartiesfromtheaboveequitytransactions(31December2021:Nil).(g)Remunerationofkeymanagement
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Remunerationofkeymanagement
| Remunerationofkeymanagement | 16,018 | 16,700 |
(4)Receivablesfromandpayablestorelatedparties(a)Accountsreceivable
| 30June2022 | 31December2021 |
GoldenArchesanditssubsidiaries
| GoldenArchesanditssubsidiaries | 117,254 | 206,275 | |
| FengyiTechnology | 15,429 | 23,464 | |
| FengxingZhituTechnology | 8,820 | 20,628 | |
| SFREITSanditssubsidiaries | 7,541 | 1,689 | |
| Others | 23,927 | 26,367 | |
| 172,971 | 278,423 |
(b)Advancestosuppliers
| 30June2022 | 31December2021 |
CR-SFInternationalExpressCo.,Ltd.
| CR-SFInternationalExpressCo.,Ltd. | 15,430 | - | |
| HiveBoxTechnologyanditssubsidiaries | 15,153 | 22,679 | |
| Others | 4,887 | 4,612 | |
| 35,470 | 27,291 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Cont’d)
(4)Receivablesfromandpayablestorelatedparties(Cont’d)
(c)Loansandadvances
| 30June2022 | 31December2021 |
DHLWeiheng(Zhuhai)SupplyChainManagementCo.,Ltd.
| DHLWeiheng(Zhuhai)SupplyChainManagementCo.,Ltd. | 13,988 | - | |
| KinShunInformationTechnologyLimited | 46 | - | |
| 14,034 | - |
(d)Otherreceivables
| 30June2022 | 31December2021 |
HiveBoxTechnologyanditssubsidiaries
| HiveBoxTechnologyanditssubsidiaries | 331,906 | 371,433 | |
| ChiwanContainerTerminalCo. | 81,796 | - | |
| SFREITSanditssubsidiaries | 50,905 | 48,898 | |
| GoldenArchesanditssubsidiaries | 35,678 | 40,229 | |
| BeijingBeijiantongchengInternationalLogisticsCo.,Ltd. | 12,795 | 12,821 | |
| SUNWAYEXPRESS | 11,109 | 4,972 | |
| Others | 12,548 | 13,704 | |
| 536,737 | 492,057 |
(e)Othernon-currentassets-Advancesforengineeringequipment
| 30June2022 | 31December2021 |
KENGICIntelligentanditssubsidiaries
| KENGICIntelligentanditssubsidiaries | 9,374 | 27,455 | |
| HubeiJiuzhouTongdaTechnologyDevelopmentCo.,Ltd. | - | 26,340 | |
| Others | 488 | 488 | |
| 9,862 | 54,283 |
(f)Long-termreceivables(includingcurrentportionoflong-termreceivables)
| 30June2022 | 31December2021 |
ShenzhenShunjieFengdaanditssubsidiaries
| ShenzhenShunjieFengdaanditssubsidiaries | 4,484 | 5,207 | |
| FengyiTechnology | 433 | - | |
| HiveBoxTechnologyanditssubsidiaries | 239 | 235 | |
| 5,156 | 5,442 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Cont’d)
(4)Receivablesfromandpayablestorelatedparties(Cont’d)
(g)Depositsfromcustomers
| 30June2022 | 31December2021 |
ShenzhenZhongwangFinanceandTaxManagementCo.,Ltd.
| ShenzhenZhongwangFinanceandTaxManagementCo.,Ltd. | 14,187 | 6,509 | |
| ShenzhenFenglianTechnologyCo.,Ltd. | 10,368 | - | |
| Others | 1 | 1 | |
| 24,556 | 6,510 |
(h)Accountspayable
| 30June2022 | 31December2021 |
SCSLogisticsCo.,Ltd.
| SCSLogisticsCo.,Ltd. | 87,596 | 58,979 | |
| CR-SFInternationalExpressCo.,Ltd. | 71,134 | 50,439 | |
| WulianShuntonganditssubsidiaries | 66,240 | 98,917 | |
| FengxingZhituTechnology | 41,107 | 72,497 | |
| ShenzhenShunjieFengdaanditssubsidiaries | 36,918 | 41,184 | |
| HiveBoxTechnologyanditssubsidiaries | 14,735 | 9,936 | |
| HubeiJiuzhouTongdaTechnologyDevelopmentCo.,Ltd. | 13,562 | 15,561 | |
| ShenzhenFengxiangInformationTechnologyCo.,Ltd. | 12,690 | 25,256 | |
| ZBHAanditssubsidiaries | 10,783 | 8,146 | |
| SFREITSanditssubsidiaries | 7,361 | 4,390 | |
| Others | 21,544 | 30,519 | |
| 383,670 | 415,824 |
(i)Contractliabilities
| 30June2022 | 31December2021 |
FengyiTechnology
| FengyiTechnology | 7,729 | 2,689 | |
| Others | 1,252 | 2,584 | |
| 8,981 | 5,273 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
8Relatedpartiesandrelatedpartytransactions(Cont’d)
(4)Receivablesfromandpayablestorelatedparties(Cont’d)
(j)Otherpayables
| 30June2022 | 31December2021 |
KENGICIntelligentanditssubsidiaries
| KENGICIntelligentanditssubsidiaries | 194,829 | 240,661 | |
| GoldenArchesanditssubsidiaries | 19,584 | 24,087 | |
| FengyiTechnology | 8,312 | 472 | |
| HubeiJiuzhouTongdaTechnologyDevelopmentCo.,Ltd. | 4,922 | 13,734 | |
| Others | 11,184 | 198,036 | |
| 238,831 | 476,990 |
(k)Leaseliabilities(includingcurrentportionofleaseliabilities)
| 30June2022 | 31December2021 |
SFREITSanditssubsidiaries
| SFREITSanditssubsidiaries | 659,748 | 816,579 | |
| HangzhouFengtaiE-CommerceIndustrialParkManagementLtd. | 45,186 | 9,330 | |
| Others | - | 3,936 | |
| 704,934 | 829,845 |
(5)Commitmentsinrelationtorelatedparties(a)Asat30June2022,theGrouphadnosignificantlease-outcommitmentsinrelationtorelated
parties.(31December2021:HangzhouFengtaiE-CommerceIndustrialParkManagementLtd.:
RMB49,970,000)(b)Provideguarantee
| 30June2022 | 31December2021 |
HubeiInternationalLogisticsAirportCo.,Ltd.
| HubeiInternationalLogisticsAirportCo.,Ltd. | 2,384,180 | 2,890,180 |
Theabove-mentionedrelatedpartycommitmentsarecommittedbuthavenotyetprovidedthe
balanceofguaranteestorelatedparties.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
9Share-basedpayments
(1)Overviewofshare-basedpayments
Expensesrecognisedfortheperiodarisingfromshare-basedpaymentswereasfollows:
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Equity-settledshare-basedpayments
| Equity-settledshare-basedpayments | 83,204 | 122,361 | |
| Cash-settledshare-basedpayments | 24,733 | 32,338 | |
| 107,937 | 154,699 |
(2)Informationonequity-settledshare-basedpayments(a)Informationonshare-basedpaymentsoftheCompany
InMay2022,theCompanyheldthe25thmeetingofthe5thBoardofDirectorsin2022,atwhichproposalssuchastheStockOptionIncentivePlan(“2022StockOptionIncentivePlan”)wereapproved.TheCompanygrantednomorethan60,000,000shareoptionstoeligibleincentiverecipients,andtheexercisepriceoftheshareoptionisRMB42.61.Ifthecompanymeetsthepredeterminedperformanceconditionsandtheincentiverecipientsmeettheperformanceevaluationindicators,thefourquartersofthetotalshareoptionsreceivedbythegranteewillcomeintoeffectfrom30May2022after12months,24months,36monthsand48monthsrespectively.Themethodandkeyparametersfordeterminingthefairvalueoftheshareoptionsatthegrantdateareasfollows:
| Valuationmethod | Black-ScholesModel |
| Theexercisepriceoftheoptiononthegrantdate | RMB42.61 |
| Thevalidityperiodoftheoption | Thedurationfromthegrantdatetothefirstexercisedateofeachperiod |
| Thecurrentpriceoftheunderlyingshares(Closingpriceongrantdate) | RMB51.57 |
| Historicalsharepricevolatility | 35.77%~40.39% |
| Estimateddividendrate | 0.51%~0.55% |
| Therisk-freeinterestratewithinthevalidityperiodoftheoption | 1.50%~2.75% |
On30June2022,theCompanyhas47,892,000stockoptionsoutstanding.Ateachbalancesheetdateduringthevestingperiodoftheincentiveplan,thenumberofshareoptionsexpectedtobeexercisedwillberevisedbasedonsubsequentinformationsuchaschangesinthenumberofemployeeswhocanexercisetheirshareoptionsandthecompletionofvestingconditions,andtheservicesobtainedinthecurrentperiodwillbeincludedinrelevantcostsandcapitalreservebasedonthefairvalueofshareoptionsatthegrantdate.Asat30June2022,theequity-settledshare-basedpaymentsrecognisedbytheCompanyaccumulatedtoRMB57,038,000(31December2021:23,633,000).Forthesixmonthsended30June2022,theamountofexpensesrecognisedbytheCompanyfortheequity-settledshare-basedpaymentswasRMB33,405,000(forthesixmonthsended30June2021:Nil).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
9Share-basedpayments(Cont’d)
(2)Informationonequity-settledshare-basedpayments(Cont’d)(b)Informationonshare-basedpaymentsoftheCompany’ssubsidiaries
TheGroupgrantedsomeequitiesorshareoptionsofseveralsubsidiaries,totheseniormanagementandotheremployeesoftheaforesaidcompaniesorothersubsidiarieswithintheGrouprespectively.Asat30June2022,theequity-settledshare-basedpaymentsofthesesubsidiariesrecognisedbytheGroupaccumulatedtoRMB669,113,000(31December2021:RMB619,314,000),includingaccumulatedamountsattributabletoshareholdersoftheparentcompanyofRMB574,826,000(31December2021:RMB528,557,000).Forthesixmonthsended30June2022,expensesrecognisedforequity-settledshare-basedpaymentsamountedtoRMB49,799,000(forthesixmonthsended30June2021:RMB122,361,000).Thefairvalueatthegrantdatewasrecognisedbasedonthediscountcashflowmodelandthebinomialtreemodel,etc.
(3)Informationoncash-settledshare-basedpayments
CertainsubsidiariesoftheGroupusetheirsharesortheCompany'ssharesasthecalculationbasistograntcash-settledshare-basedpaymentstoeligibleemployeesofthosesubsidiaries.Asat30June2022,liabilitiesarisingfromthecash-settledshare-basedpaymentsaccumulatedtoRMB328,577,000(31December2021:RMB328,607,000).Forthesixmonthsended30June2022,theGroup’sexpensesconfirmedforcash-settledshare-basedpaymentsamountedtoRMB24,733,000(forthesixmonthsended30June2021:ExpensesconfirmedRMB32,338,000).Thefairvalueatthebalancesheetdatewasrecognisedbasedonthediscountcashflowmodelandthebinomialtreemodel,etc.10Commitments
(1)Capitalcommitments(a)CapitalexpenditurescontractedforbytheGroupbutarenotyetnecessarytoberecognisedonthe
balancesheetasatthebalancesheetdateareasfollows:
| 30June2022 | 31December2021 |
Buildings,machineryandequipment
| Buildings,machineryandequipment | 6,385,857 | 10,432,197 | |
| Investmentcontractsthathavebeensignedbutnotfulfilledornotabsolutelyfulfilled(Note) | 4,185,963 | 3,134,839 | |
| Others | 4,149 | 11,067 | |
| 10,575,969 | 13,578,103 |
Note:Asat30June2022,theforeigninvestmentcontractsthathavebeensignedbutnotyet
performedornotfullyperformedincludeaninvestmentofapproximatelyRMB2,727,544,000fortheacquisitionofK-APEXLOGISTICS(HK)Theinvestmentamountof21%equitybyKerryLogistics.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
10Commitments(Cont’d)
(2)Othercommitments(i)InNovember2020,theGroupissuedasset-backedsecuritiesthroughtheSpecialSchemesetup
byHuataiSecurities(Shanghai)AssetManagementCo.,Ltd.byusingfivelogisticsindustrialparksheldbyitasunderlyingassets.YiwuFengyutaiEnterpriseManagementCo.,Ltd.,QuanzhouFengyutaiEnterpriseManagementCo.,Ltd.,WuxiJietaiEnterpriseManagementCo.,Ltd.andHuai'anFengtaiEnterpriseManagementCo.,Ltd.(collectively“PropertyOperators”),wholly-ownedsubsidiariesoftheGroup,workedasthepropertyoperatorsoftheSpecialScheme.Incasethattheactualoperatingincomeofthepropertyassetsdoesnotreach90%butisnotlowerthan80%ofthetargetamount,thePropertyOperatorswerecommittedtocompensatetheinsufficientpartofthetargetamountwithTaisenHoldingsprovidingguaranteeforthecompensationobligation.Attheendofeachthreeyears,themanageroftheaboveSpecialSchemeacceptsopen-endedwithdrawalandsubscriptionofpreferredsecuritieswithinthewithdrawalregisteringperiod.Ifthepreferredsecuritiessharesthathavenotcompletedopen-endedwithdrawalarelessthan20%oftotalundistributedprincipalofthepreferredsecuritiesofRMB788million,attheextensionoperationannouncementdate,TaisenHoldingswillpurchasesuchpreferredsecurities.(ii)InSeptember2019,theGroupissuedasset-backedsecuritiesthroughtheSpecialSchemesetup
byHuataiSecurities(Shanghai)AssetManagementCo.,Ltd.byusingthreelogisticsindustrialparksheldbyitasunderlyingassets.ShenzhenFengtaiE-CommerceIndustrialParkPropertyServiceLtd.,YiwuFengyutaiEnterpriseManagementCo.,Ltd.andHuai'anFengtaiEnterpriseManagementCo.,Ltd.(collectively“PropertyOperators”),wholly-ownedsubsidiariesoftheGroup,workedasthepropertyoperatorsoftheSpecialScheme.Incasethattheactualoperatingincomeofthepropertyassetsdoesnotreach90%butisnotlowerthan80%ofthetargetamount,thePropertyOperatorswerecommittedtocompensatetheinsufficientpartofthetargetamountwithTaisenHoldingsprovidingguaranteeforthecompensationobligation.Attheendofeachthreeyears,themanageroftheaboveSpecialSchemeacceptsopen-endedwithdrawalandsubscriptionofpreferredsecuritieswithinthewithdrawalregisteringperiod.Ifthepreferredsecuritiessharesthathavenotcompletedopen-endedwithdrawalarelessthan20%oftotalundistributedprincipalofthepreferredsecuritiesofRMB765million,attheextensionoperationannouncementdate,TaisenHoldingswillpurchasesuchpreferredsecurities.11Contingency
AsstatedinNote8(3)(e),subsidiariesoftheGroupprovideloanguaranteestorelatedparties.On30June2022,thetotalguaranteeamountwasRMB908,420,000(31December2021:RMB402,420,000).Inaddition,thesubsidiariesoftheGroupprovideguaranteestothethirdpartyCompa?íaAuxiliaralCargoExpres,S.A.On30June2022,theguaranteeamountwasRMB39,385,000(31December2021:RMB39,385,000).
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
12Operatingleaseproceedsafterthebalancesheetdate
Asthelessor,theGroup’sundiscountedleaseproceedsreceivableafterthebalancesheetdateareasfollows:
30June2022Within1year(inclusive)
| Within1year(inclusive) | 162,620 |
| 1to2years(inclusive) | 126,597 |
| 2to3years(inclusive) | 61,711 |
| 3to4years(inclusive) | 47,026 |
| 4to5years(inclusive) | 27,294 |
| Over5years | 4,397 |
| 429,645 |
13Businesscombinations
RefertoNote5(1).14Financialinstrumentsandrelevantrisks
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’smajoroperationalactivitiesarecarriedoutinMainlandChinaandamajorityofthe
transactionsaredenominatedinRMB.Someoperationalactivitiesarecarriedoutin
regions/countriesincludingHongKongSAR,AmericaandEuropeandrelevanttransactionsare
settledinHKD,USDandEUR.Therefore,theGroupisexposedtoforeignexchangeriskarising
fromtherecognisedfinancialassetsandliabilitiesdenominatedinnon-recordingcurrency,and
futuretransactionsdenominatedinforeigncurrencies.Managementisresponsibleformonitoring
theamountoffinancialassetsandliabilities,andtransactionsdenominatedinnon-recording
currencies,toreduceforeignexchangerisktothegreatestextent.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
14Financialinstrumentsandrelevantrisks(Cont’d)
(1)Marketrisk(Cont’d)(a)Foreignexchangerisk(Cont’d)(i)ForeignexchangeriskofcompanieswithRMBasrecordingcurrency
Asat30June2022and31December2021,theGroup’scompanieswhoserecordingcurrencyisRMBheldfinancialassetsandliabilitiesdenominatedinnon-recordingcurrencies(mainlyUSD,HKDandEUR)heldbycompaniesthatarenotrelatedpartieswithintheGroup,ofwhichtheequivalentamountsinRMBarelistedasbelow:
| 30June2022 | ||||||
| USD | HKD | EUR | Total | |||
| (RMB) | (RMB) | (RMB) | (RMB) | |||
Financialassets
| Financialassets | |||||||
| Cashatbankandonhand | 618,435 | 38,117 | 1,165 | 657,717 | |||
| Receivables | 1,892,558 | 89,530 | 42,096 | 2,024,184 | |||
| 2,510,993 | 127,647 | 43,261 | 2,681,901 |
Financialliabilities
| Financialliabilities | |||||||
| Payables | 863,152 | 62,910 | 93,856 | 1,019,918 |
31December2021
| 31December2021 | ||||||
| USD | HKD | EUR | Total | |||
| (RMB) | (RMB) | (RMB) | (RMB) | |||
Financialassets
| Financialassets | |||||||
| Cashatbankandonhand | 381,815 | 5,889 | 720 | 388,424 | |||
| Receivables | 644,070 | 38,046 | 3,408 | 685,524 | |||
| 1,025,885 | 43,935 | 4,128 | 1,073,948 |
Financialliabilities
| Financialliabilities | |||||||
| Payables | 170,486 | 8,393 | 5,663 | 184,542 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
14Financialinstrumentsandrelevantrisks(Cont’d)
(1)Marketrisk(Cont’d)(a)Foreignexchangerisk(Cont’d)(i)ForeignexchangeriskofcompanieswithRMBasrecordingcurrency(Cont’d)
InlightofthatthefunctionalcurrenciesofthesubsidiarieswithintheGrouparedifferent,eventhoughthetransactionsandbalanceswithintheGroupareoffset,foreignexchangeriskarisingfromtheuseofdifferentfunctionalcurrenciesstillexists.Asat30June2022and31December2021,companieswhoserecordingcurrencyisRMBheldfinancialassetsandliabilitiesdenominatedinnon-recordingcurrencies(mainlyUSDandHKD)heldbyothersubsidiarieswithintheGroup,ofwhichtheequivalentamountsinRMBarelistedasbelow:
| 30June2022 | ||||
| USD | HKD | Total | ||
| (RMB) | (RMB) | (RMB) | ||
Financialassets
| Financialassets | ||||||
| Receivables | 16,946 | 161 | 17,107 |
Financialliabilities
| Financialliabilities | ||||||
| Payables | 95,819 | 34,401 | 130,220 |
31December2021
| 31December2021 | ||||
| USD | HKD | Total | ||
| (RMB) | (RMB) | (RMB) | ||
Financialassets
| Financialassets | ||||||
| Receivables | 10,994 | - | 10,994 |
Financialliabilities
| Financialliabilities | ||||||
| Payables | 153,835 | 45,386 | 199,221 |
Asat30June2022,iftheRMBhadappreciated/depreciatedby5%(31December2021:5%)againsttheUSDwhileallothervariableshadbeenheldconstant,theGroup’sprofitbeforetaxwouldhavebeenapproximatelyRMB78,448,000(31December2021:approximatelyRMB35,628,000)lower/higherfortheabovevariousfinancialassetsandliabilitiesdenominatedinUSD.ThechangesinexchangerateofotherforeigncurrenciesagainstRMBhavenosignificantinfluenceontheGroup’soperatingactivities.(ii)ForeignexchangeriskofcompanieswithHKDasrecordingcurrency
Asat30June2022and31December2021,theforeignexchangeexposureoffinancialassetsandliabilitiesdenominatedinnon-recordingcurrencyheldbycompanieslocatedinHongKongSARwithHKDbeingtheirrecordingcurrencywasmainlyderivedfromtheUSD.BecausetheHKDandtheUSDarelinkedexchangerates,theforeignexchangerisksfacedbytheabove-mentionedcompaniesusingHKDastheirrecordingcurrencyarenotsignificant.Asat30June2022,theGroup’soverseassubsidiaries,exceptforthoseoperatinginHongKongSAR,heldnosignificantfinancialassetsandliabilitiesdenominatedinnon-recordingcurrency.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
14Financialinstrumentsandrelevantrisks(Cont’d)
(1)Marketrisk(Cont’d)(b)Interestraterisk
TheGroup'sinterestrateriskarisesfromlong-terminterestbearingdebtsincludinglong-termbankborrowingsanddebenturespayable.FinancialliabilitiesissuedatfloatingratesexposetheGrouptocashflowinterestraterisk.FinancialliabilitiesissuedatfixedratesexposetheGrouptofairvalueinterestraterisk.TheGroupdeterminestherelativeproportionsofitsfixedrateandfloatingratecontractsdependingontheprevailingmarketconditions.Asat30June2022,theGroup’slong-terminterestbearingdebtsweremainlyrelatedtofloatingratelong-termborrowings,andfixedratedebenturespayable.Amongthem,floatingratelong-termborrowingsamountedtoRMB7,663,398,000(31December2021:RMB3,510,829,000);thecontractamountoffixedratedebenturespayabledenominatedinRMBwasRMB500,000,000(31December2021:RMB500,000,000),andthecontractamountoffixedratedebenturespayabledenominatedinUSDwasUSD3,100,000,000,equivalenttoRMB20,805,340,000(31December2021:USD2,400,000,000,equivalenttoRMB15,301,680,000).TheGroupcontinuouslymonitorstheinterestratepositionoftheGroup.IncreasesininterestrateswillincreasethecostofnewinterestbearingborrowingsandtheinterestexpenseswithrespecttotheGroup’soutstandingfloatingrateborrowings,andthereforecouldhaveamaterialadverseeffectontheGroup’sfinancialperformance.Managementmakesadjustmentstimelywithreferencetothelatestmarketconditionsandmayenterintointerestrateswapagreementstomitigateitsexposuretointerestraterisk.Asat30June2022,ifinterestratesonborrowingshadincreased/decreasedby50basispointswhileallothervariableshadbeenheldconstant,theGroup’sprofitbeforetaxwouldhavedecreased/increasedbyapproximatelyRMB38,317,000(31December2021:RMB17,554,000).(c)Otherpricerisk
TheGroup'sotherpriceriskarisesmainlyfrommovementsinpriceofvariousinvestmentsinequityinstrumentsmeasuredatfairvaluethatwillnotbesoldwithin1year.Asat30June2022,ifthepriceofvariousinvestmentsinequityinstrumentshadrisen/fallenby10%whileallothervariableshadbeenheldconstant,theGroup’sprofitbeforetaxandothercomprehensiveincomebeforetaxwouldhavebeenapproximatelyRMB111,324,000(31December2021:approximatelyRMB87,802,000)andRMB753,170,000(31December2021:
approximatelyRMB681,077,000)higher/lowerrespectively.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
14Financialinstrumentsandrelevantrisks(Cont’d)
(2)Creditrisk
TheGroup'screditriskmainlyarisesfromcashatbankandonhand,notesreceivable,accountsreceivable,factoringreceivables,loansandadvances,otherreceivables,contractassets,currentportionofnon-currentassets,long-termreceivables,investmentsindebtinstrumentsmeasuredatfairvaluethroughprofitorlossthatarenotincludedintheassessmentofimpairment,etc.Atthebalancesheetdate,theGroup'smaximumexposuretocreditriskrepresentsthecarryingamountoftheGroup'sfinancialassets,exceptthatthemaximumexposuretocreditriskoflong-termreceivablesrepresentstheaggregateofitsundiscountedcontractualcashflows.TheGroupexpectsthatthereisnosignificantcreditriskassociatedwithcashatbankandonhandsincetheyaremainlydepositsatstate-ownedbanksandothermediumorlargesizelistedbankswithgoodreputationandahighercreditrating.TheGroupdoesnotexpectthattherewillbeanysignificantlossesfromnon-performancebythesecounterparties.TheGroup’snotesreceivable,accountsreceivable,otherreceivables,contractassets,currentportionofnon-currentassetsandlong-termreceivablesincludereceivablesfromrelatedpartiesandreceivablesfromnon-relatedparties.Inrespectofreceivablesfromrelatedparties,theGroupconsidersthattheyhavelowcreditrisk;inrespectofreceivablesfromnon-relatedparties,theGroupwilldeveloprelevantpoliciestocontroltheexposuretocreditrisk.TheGroupevaluatescustomers’creditqualitybasedontheirfinancialposition,possibilityofobtainingguaranteesfromthirdparties,credithistoryandsuchotherfactorsascurrentmarketconditions,anddeterminesthecredittermbasedontheevaluationresults.Thecredittermofaccountsreceivablerangesfrom30daysto90days.TheGroupmonitorscustomers’credithistoryonaregularbasis.Inrespectofcustomerswithapoorcredithistory,theGroupwillusepaymentreminders,orshortenorcancelcreditterms,toensuretheoverallcreditriskoftheGroupislimitedtoacontrollableextent.TheGroup’snotesreceivable,accountsreceivableandcontractassetsmainlyarisefromrenderingoflogisticsandfreightforwardingservicesandotherrelatedservicesorsalesofgoods,whileotherreceivables,currentportionofnon-currentassetsandlong-termreceivablesrepresentadvances,cashondeliveryservice,depositsandguarantees,interest-freeloanstoemployeesandfinanceleasereceivablesarisingfromrenderingoflogisticsandfreightforwardingservices.Managementmaintainsongoingevaluationondebtors’financialposition,butgenerallydoesnotrequiredebtors’mortgageforoutstandingdebts.TheGroupmonitorsandreviewsexpectedcreditlossesonoutstandingamountsonaregularbasis,andtakesintoaccountimportantmacroeconomicassumptionsandparametersinthecalculationofexpectedcreditlosses,includingtheriskofeconomicdownturn,externalmarketconditions,changesincustomerconditions,grossdomesticproductandtheconsumerpriceindex.Managementmakestheprovisionforbaddebtsbasedontheevaluationresultsthereof.WhereitisimpossiblefortheGrouptoreasonablyestimatetherecoverableamount,therelevantoutstandingamountshallbewrittenoffaccordingly.Indicatorsforimpossibilitytoreasonablyestimatetherecoverableamountincludedebtors’failuretomakecontractpaymentsasplannedormakeoverduecontractpayments,significantfinancialdifficulties,bankruptcyliquidation,etc.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
14Financialinstrumentsandrelevantrisks(Cont’d)
(2)Creditrisk(Cont’d)
Forfactoringreceivablesandloansandadvances,theGroupdevelopedcreditpoliciesandoperationalimplementationrulesinaccordancewiththerequirementsofrelevantstateregulatoryauthorities,andimplementedstandardisedmanagementovertheentireprocessofcreditgranting.Inaddition,theGroupfurtherimprovedthesystemsforcreditriskmonitoringandearlywarninganddefectivecreditextensionmanagement.TheGroupactivelyrespondedtothechangesinthecreditenvironment,regularlyanalysedthesituationanddynamicofcreditrisksandtookriskcontrolmeasuresonaforward-lookingbasis.TheGroupalsoestablishedanoptimisationmanagementmechanismfordefectivecreditandacceleratedtheoptimisationprogressofdefectivecredittoavoidnon-performingloans.Asat30June2022,theGrouphadnosignificantcollateralorothercreditenhancementsheldasaresultofthedebtor'smortgage(31December2021:Nil).
(3)Liquidityrisk
CashflowforecastingisperformedbyeachsubsidiaryoftheGroupandaggregatedbytheGroup.TheGroupmonitorsrollingforecastsoftheGroup'sshort-termandlong-termliquidityrequirementstoensureithassufficientcashandsecuritiesthatarereadilyconvertibletocashtomeetoperationalneeds,whilemaintainingsufficientheadroomonitsundrawncommittedborrowingfacilitiesfrommajorfinancialinstitutionssothattheGroupdoesnotbreachborrowinglimitsorcovenantsonanyofitsborrowingfacilitiestomeettheshort-termandlong-termliquidityrequirements.ThefinancialliabilitiesoftheGroupatthebalancesheetdateareanalysedbytheirmaturitydatebelowattheirundiscountedcontractualcashflows:
| 30June2022 | ||||||||
| Within1year | 1to2years | 2to5years | Over5years | Total | ||||
Depositsfromcustomers
| Depositsfromcustomers | 24,617 | - | - | - | 24,617 | ||||
| Accountspayable | 24,196,534 | - | - | - | 24,196,534 | ||||
| Otherpayables | 12,814,130 | - | - | - | 12,814,130 | ||||
| Short-termborrowings | 15,072,239 | - | - | - | 15,072,239 | ||||
| Othercurrentliabilities | 4,634,846 | - | - | - | 4,634,846 | ||||
| Currentportionofnon-currentliabilities | 8,443,593 | - | - | - | 8,443,593 | ||||
| Long-termborrowings | 164,447 | 2,788,259 | 4,958,463 | 46,261 | 7,957,430 | ||||
| Debenturespayable | 663,823 | 4,421,041 | 6,927,546 | 13,391,433 | 25,403,843 | ||||
| Long-termpayables | 18,263 | 635,808 | 28,316 | - | 682,387 | ||||
| Leaseliabilities | - | 3,886,128 | 4,051,538 | 1,917,645 | 9,855,311 | ||||
| 66,032,492 | 11,731,236 | 15,965,863 | 15,355,339 | 109,084,930 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
14Financialinstrumentsandrelevantrisks(Cont’d)
(3)Liquidityrisk(Cont’d)
ThefinancialliabilitiesoftheGroupatthebalancesheetdateareanalysedbytheirmaturitydatebelowattheirundiscountedcontractualcashflows(Cont'd):
| 31December2021 | ||||||||
| Within1year | 1to2years | 2to5years | Over5years | Total | ||||
Depositsfromcustomers
| Depositsfromcustomers | 13,723 | - | - | - | 13,723 | ||||
| Accountspayable | 23,467,675 | - | - | - | 23,467,675 | ||||
| Otherpayables | 11,520,282 | - | - | - | 11,520,282 | ||||
| Short-termborrowings | 18,754,425 | - | - | - | 18,754,425 | ||||
| Othercurrentliabilities | 4,069,757 | - | - | - | 4,069,757 | ||||
| Currentportionofnon-currentliabilities | 9,018,284 | - | - | - | 9,018,284 | ||||
| Long-termborrowings | 66,341 | 1,143,643 | 2,524,231 | 4,472 | 3,738,687 | ||||
| Debenturespayable | 500,343 | 3,674,510 | 4,098,421 | 10,640,242 | 18,913,516 | ||||
| Long-termpayables | 2,464 | 302,162 | 85,412 | 31,890 | 421,928 | ||||
| Leaseliabilities | - | 4,374,170 | 5,158,881 | 2,590,999 | 12,124,050 | ||||
| 67,413,294 | 9,494,485 | 11,866,945 | 13,267,603 | 102,042,327 |
CashflowsderivedfromleasesnotyetcommencedtowhichtheGroupwascommittedwereanalysedbymaturityatthebalancesheetdate:
| 30June2022 | 31December2021 |
Within1year(inclusive)
| Within1year(inclusive) | 1,315,635 | 888,382 | |
| 1to2years(inclusive) | 439,422 | 182,883 | |
| 2to3years(inclusive) | 328,863 | 131,357 | |
| Over3years | 996,970 | 109,290 | |
| 3,080,890 | 1,311,912 |
15Fairvalueestimates
Thelevelinwhichfairvaluemeasurementiscategorisedisdeterminedbythelevelofthefairvaluehierarchyofthelowestlevelinputthatissignificanttotheentirefairvaluemeasurement:
Level1:Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.Level2:InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Level3:Unobservableinputsfortheassetorliability.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Fairvalueestimates(Cont’d)
(1)Financialassetsandliabilitiesmeasuredatfairvalueonarecurringbasis
Asat30June2022,thefinancialassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelswereanalysedbelow:
| Level1 | Level2 | Level3 | Total |
Financialassetsheldfortrading-
| Financialassetsheldfortrading- | |||||||
| Structuraldeposits | - | - | 9,996,994 | 9,996,994 | |||
| Fundinvestments | 77 | 240,798 | - | 240,875 | |||
| Othernon-currentfinancialassets- | |||||||
| Industryfundinvestments | - | - | 754,424 | 754,424 | |||
| Specialschemeequity-classsecurities | - | - | 235,821 | 235,821 | |||
| Others | - | - | 122,995 | 122,995 | |||
| Investmentsinotherequityinstruments- | |||||||
| Equityinstrumentsavailableforsale | 359,584 | 374,937 | 6,797,177 | 7,531,698 | |||
| Totalfinancialassets | 359,661 | 615,735 | 17,907,411 | 18,882,807 |
Asat31December2021,thefinancialassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelswereanalysedbelow:
| Level1 | Level2 | Level3 | Total |
Financialassetsheldfortrading-
| Financialassetsheldfortrading- | |||||||
| Structuraldeposits | - | - | 9,730,665 | 9,730,665 | |||
| Fundinvestments | 76 | 653,752 | - | 653,828 | |||
| Othernon-currentfinancialassets- | |||||||
| Industryfundinvestments | - | - | 552,130 | 552,130 | |||
| Specialschemeequity-classsecurities | - | - | 235,821 | 235,821 | |||
| Others | - | - | 90,072 | 90,072 | |||
| Investmentsinotherequityinstruments- | |||||||
| Equityinstrumentsavailableforsale | 241,936 | 401,726 | 6,167,109 | 6,810,771 | |||
| Totalfinancialassets | 242,012 | 1,055,478 | 16,775,797 | 18,073,287 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Fairvalueestimates(Cont’d)
(1)Financialassetsandliabilitiesmeasuredatfairvalueonarecurringbasis(Cont’d)
Asat30June2022,thefinancialliabilitiesmeasuredatfairvalueonarecurringbasisbytheabovethreelevelswereanalysedbelow:
| Level1 | Level2 | Level3 | Total |
Derivativefinancialliabilities-
| Derivativefinancialliabilities- | |||||||
| Others | - | 896 | 75,718 | 76,614 |
Asat31December2021,thefinancialliabilitiesmeasuredatfairvalueonarecurringbasisbytheabovethreelevelswereanalysedbelow:
| Level1 | Level2 | Level3 | Total |
Derivativefinancialliabilities-
| Derivativefinancialliabilities- | |||||||
| Others | - | 7,658 | - | 7,658 |
TheGrouptakesthedateonwhicheventscausingthetransfersbetweenthelevelstakeplaceasthetimingspecificforrecognisingthetransfers.Therewerenotransfersbetweendifferentlevelsfortheperiod.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Fairvalueestimates(Cont’d)
(1)Financialassetsandliabilitiesmeasuredatfairvalueonarecurringbasis(Cont’d)
Thefairvalueoffinancialinstrumentstradedinanactivemarketisdeterminedatthequotedmarketprice;andthefairvalueofthosenottradedinanactivemarketisdeterminedbytheGroupusingvaluationtechnique.Thevaluationmodelsusedmainlycomprisediscountedcashflowmodelandmarketcomparablecompanymodel.Theinputsofthevaluationtechniquemainlyincluderisk-freeinterestrate,benchmarkrate,exchangerate,creditspread,liquiditypremium,EBITDAmultiplier,liquiditydiscount,etc.ThechangesinLevel3assetsareanalysedbelow:
| Financialassetsheldfortrading | Othernon-currentfinancialassets | Othernon-currentfinancialassets | Othernon-currentfinancialassets | Otherequityinstruments | ||||
| -Structuraldeposits | -Industryfundinvestments | -Specialschemeequity-classsecurities | -Others | -Equityinstrumentsavailableforsale |
31December2021
| 31December2021 | 9,730,665 | 552,130 | 235,821 | 90,072 | 6,167,109 | ||||
| Increaseinthecurrentperiod | 81,069,100 | 210,480 | - | 31,069 | 334,567 | ||||
| Decreaseinthecurrentperiod | (81,111,950) | (14,957) | - | - | - | ||||
| Gainsrecognisedinprofitorlossforthecurrentperiod | 309,179 | 677 | - | - | - | ||||
| Gainsrecognisedinothercomprehensiveincome | - | - | - | - | 13,352 | ||||
| Effectoftranslationofforeigncurrencyfinancialstatements | - | 6,094 | - | 1,854 | 282,149 | ||||
| 30June2022 | 9,996,994 | 754,424 | 235,821 | 122,995 | 6,797,177 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Fairvalueestimates(Cont'd)
(1)Financialassetsandliabilitiesmeasuredatfairvalueonarecurringbasis(Cont’d)
| Financialassetsheldfortrading | Othernon-currentfinancialassets | Othernon-currentfinancialassets | Otherequityinstruments | |||
| -Structuraldeposits | -Specialschemeequity-classsecurities | -Industryfundinvestments | -Equityinstrumentsavailableforsale |
31December2020
| 31December2020 | 6,276,848 | 390,391 | 441,135 | 4,136,330 | |||
| Increaseinthecurrentperiod | 50,185,100 | - | 13,943 | - | |||
| Decreaseinthecurrentperiod | (46,614,183) | - | (10,569) | (40,000) | |||
| Gainsorlossesrecognisedinprofitorlossforthecurrentperiod | 176,578 | - | 12,193 | - | |||
| Gainsrecognisedinothercomprehensiveincome | - | - | - | 2,885 | |||
| Effectoftranslationofforeigncurrencyfinancialstatements | - | - | (273) | (40,008) | |||
| 30June2021 | 10,024,343 | 390,391 | 456,429 | 4,059,207 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
15Fairvalueestimates(Cont'd)
(2)Financialassetsandliabilitiesnotmeasuredatfairvaluebutdisclosed
TheGroup’sfinancialassetsandliabilitiesmeasuredatamortisedcostmainlyincludecashatbankandonhand,receivables,factoringreceivables,loansandadvances,currentportionofnon-currentassets,long-termreceivables,short-termborrowings,payables,leaseliabilities,long-termborrowings,debenturespayable,currentportionofnon-currentliabilities,othercurrentliabilities,long-termpayables,etc.Thecarryingamountoffinancialassetsandliabilitiesnotmeasuredatfairvalueisareasonableapproximationoftheirfairvalue.Thefairvalueoffinancialassetsandliabilitiesoveroneyearisthepresentvalueofthecontractuallydeterminedstreamoffuturecashflowsdiscountedattherateofinterestappliedatthattimebythemarkettoinstrumentsofcomparablecreditstatusandprovidingsubstantiallythesamecashflowsonthesameterms,andcategorisedwithinLevel3ofthefairvaluehierarchy.16Capitalmanagement
TheGroup’scapitalmanagementpoliciesaimtosafeguardtheGroup’sabilitytocontinueasagoingconcerninordertoprovidereturnsforshareholdersandbenefitsforotherstakeholders,andtomaintainanoptimalcapitalstructuretoreducethecostofcapital.Inordertomaintainoradjustthecapitalstructure,theGroupmayadjusttheamountofdividendspaidtoshareholders,refundcapitaltoshareholders,issuenewsharesorsellassetstoreducedebts.TheGroup'stotalcapitaliscalculatedas“shareholders’equity”asshownintheconsolidatedbalancesheet.TheGroupisnotsubjecttoexternalmandatorycapitalrequirements.Asat30June2022and31December2021,theGroup’sgearingratiowereasfollows:
| 30June2022 | 31December2021 |
Gearingratio
| Gearingratio | 55.57% | 53.35% |
17NotestotheCompany’sfinancialstatements
(1)Cashatbankandonhand
| 30June2022 | 31December2021 |
Cashatbank
| Cashatbank | 1,688,103 | 226,112 |
(2)Financialassetsheldfortrading
| 30June2022 | 31December2021 |
Structuraldeposits
| Structuraldeposits | 4,817,063 | 9,200,219 |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
17NotestotheCompany’sfinancialstatements(Cont’d)
(3)Otherreceivables
| 30June2022 | 31December2021 |
DividendsreceivablefromTaisenHoldings
| DividendsreceivablefromTaisenHoldings | - | 2,000,000 | |
| Fundsraisedbyconvertiblecorporatedebenturesgrantedtosubsidiaries | 4,630,849 | 5,460,859 | |
| Fundsraisedbyanon-publicofferingofsharesgrantedtosubsidiaries | 79,933 | 10,814,434 | |
| Others | 910 | 200 | |
| 4,711,692 | 18,275,493 | ||
| Less:Provisionforbaddebts | - | (1) | |
| 4,711,692 | 18,275,492 |
Theageingofotherreceivablesisanalysedasfollows:
| 30June2022 | 31December2021 |
Within1year(inclusive)
| Within1year(inclusive) | 80,843 | 12,814,634 | |
| 1to2years(inclusive) | 3,284,121 | 3,284,121 | |
| Over2years | 1,346,728 | 2,176,738 | |
| 4,711,692 | 18,275,493 |
(4)Long-termreceivables
| 30June2022 | 31December2021 |
Fundsraisedbyanon-publicofferingofsharesgrantedtosubsidiaries
| Fundsraisedbyanon-publicofferingofsharesgrantedtosubsidiaries | 13,727,768 | - |
Theabovefundsgrantedtosubsidiariesconstitutesubstantiallyalong-termequityinthenetinvestmentinthesubsidiaries.
(5)Long-termequityinvestments
| 30June2022 | 31December2021 |
Subsidiaries(a)
| Subsidiaries(a) | 51,030,493 | 50,997,088 | |
| Less:Provisionforimpairmentoflong-termequityinvestments | - | - | |
| 51,030,493 | 50,997,088 |
Thereisnosignificantrestrictiononsalesofthelong-termequityinvestmentsheldbytheCompany.
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
17NotestotheCompany’sfinancialstatements(Cont’d)
(5)Long-termequityinvestments(Cont’d)(a)Subsidiaries
| Accountingmethod | 31December2021 | Movementsinthecurrentperiod | 30June2022 | Shareholding(%) | Votingrights(%) | Explanationofdisparitybetweenpercentagesofshareholdingandvotingrights | Provisionforimpairment | Cashdividendsdeclaredinthecurrentperiod |
TaisenHoldings
| TaisenHoldings | Costmethod | 50,997,088 | 33,405 | 51,030,493 | 100.00% | 100.00% | Notapplicable | - | - |
S.F.HOLDINGCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
17NotestotheCompany’sfinancialstatements(Cont’d)
(6)Investmentincome
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Investmentincomefromfinancialassetsheldfortrading
| Investmentincomefromfinancialassetsheldfortrading | 119,941 | 2,665 |
S.F.HOLDINGCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
1Statementofnon-recurringprofitorloss
| Forthesixmonthsended30June | ||
| 2022 | 2021 | |
Investmentincomefromdisposalofsubsidiaries
| Investmentincomefromdisposalofsubsidiaries | 32,314 | 942,964 | |
| Gains/(Losses)ondisposalofothernon-currentassets | 20,464 | (6,632) | |
| Governmentgrantsrecognisedinprofitorlossforthecurrentperiod(governmentgrantsrecognisedinnon-operatingincome,otherincomeanddeductedagainstrelatedcostandexpenses) | 392,099 | 383,344 | |
| Gainsorlossesarisingfromchangesinfairvalueoffinancialassetsandliabilitiesheldfortradingandinvestmentincomearisingfromdisposaloffinancialassetsandliabilitiesheldfortrading | 15,933 | 21,622 | |
| Incomegeneratedwhereinvestmentcostofenterprises’acquisitionofsubsidiariesislessthantheshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisitionofinvestment | - | 2,375 | |
| Reversalofimpairmentprovisionforreceivablesindividuallyassessedforimpairment | 64,090 | 18,565 | |
| Netamountofothernon-operatingincomeandexpenses | (16,465) | (23,918) | |
| Sub-total | 508,435 | 1,338,320 | |
| Less:Incometaxeffect | (102,319) | (94,158) | |
| Less:Non-recurringprofitorlossattributabletominorityshareholders | (41,575) | (7,152) | |
| Non-recurringprofitorlossattributabletoshareholdersoftheparentcompany | 364,541 | 1,237,010 |
Including:Non-recurringprofitorlossfrom
continuingoperations
| Including:Non-recurringprofitorlossfromcontinuingoperations | 364,541 | 1,237,010 |
Basisforpreparationofstatementofnon-recurringprofitorlossPursuanttotheExplanatoryAnnouncementforInformationDisclosureofCompaniesOfferingSecuritiestothePublicNo.1-Non-recurringProfitorLoss(2008)issuedbyChinaSecuritiesRegulatoryCommission,non-recurringprofitorlossreferstoprofitorlossarisingfromtransactionsandeventsthosearenotdirectlyrelatedtothecompany’snormalcourseofbusiness,alsofromtransactionsandeventsthoseevenarerelatedtothecompany’snormalcourseofbusiness,butwillinterferewiththerightjudgementofusersofthefinancialstatementsonthecompany’soperationperformanceandprofitabilityduetotheirspecialnatureandoccasionaloccurrence.
S.F.HOLDINGCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHESIXMONTHSENDED30JUNE2022
(AllamountsinRMB’000Yuanunlessotherwisestated)[Englishtranslationforreferenceonly]
2Returnonnetassetsandearningspershare
| Weightedaverage | Earningspershare | ||||||
| Returnonnetassets(%) | Basicearningspershare | Dilutedearningspershare | |||||
| Forthesixmonthsended30June | Forthesixmonthsended30June | Forthesixmonthsended30June | |||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||
NetprofitattributabletoordinaryshareholdersoftheCompany
| NetprofitattributabletoordinaryshareholdersoftheCompany | 3.00% | 1.34% | 0.51 | 0.17 | 0.51 | 0.17 | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany,netofnon-recurringprofitorloss | 2.57% | (0.84%) | 0.44 | (0.10) | 0.44 | (0.10) | ||
| Including: | ||||||||
| -Continuingoperations | ||||||||
| NetprofitattributabletoordinaryshareholdersoftheCompany | 3.00% | 1.34% | 0.51 | 0.17 | 0.51 | 0.17 | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany,netofnon-recurringprofitorloss | 2.57% | (0.84%) | 0.44 | (0.10) | 0.44 | (0.10) |