Financial Snapshot • Revenue for the year ended 31 December 2025 fell 3.8% year-on-year to RMB1.87 billion. • Profit attributable to shareholders declined 65.1% to RMB138.00 million, dragging basic EPS to RMB0.24 (2024: RMB0.693). • Gross profit contracted 16.7% to RMB174.97 million; gross margin narrowed to 9.3% from 10.8%. • Other income and gains dropped 71.9% to RMB103.79 million following fewer vessel disposals. • Final dividend: none (2024: HK$0.44 per share).

Segment Performance Cross-border logistics services remained the core contributor, generating RMB1.80 billion (-2.0%). Time-charter revenue came in at RMB74.84 million (-3.9%). Supply-chain trading activities classified as “Others” were suspended, versus RMB34.86 million a year earlier.

Operating Metrics • Container volume handled through third-party carriers rose 32.3% to 425,335 TEUs, but the average freight rate fell to approximately RMB3,676 per TEU (2024: RMB4,343), pressuring revenue. • Self-operated break-bulk services moved 153,821 revenue tons at an average rate of RMB656 per revenue ton. • Four vessels were chartered out at an average daily rate of about RMB103,205, up from roughly RMB77,000 after the disposal of two lower-rated vessels in 2024.

Cost and Expenses Cost of sales edged down 2.2% to RMB1.70 billion, broadly tracking revenue. Administrative expenses decreased 20.0% to RMB78.56 million on lower consulting fees, while selling and distribution costs increased 14.8% to RMB26.34 million due to higher staff expenses. Finance costs eased to RMB7.56 million as lease-related interest declined.

Balance-Sheet Highlights • Cash and bank balances declined 45.0% to RMB428.70 million. • Net current assets stood at RMB409.04 million, down from RMB713.59 million. • Interest-bearing borrowings were cut to RMB39.77 million (2024: RMB84.66 million), trimming the gearing ratio to 2.6% from 5.5%. • Capital commitments totalled RMB712.40 million, mainly for new container vessels.

Capital Allocation No final dividend was proposed for FY2025. The company previously paid a special dividend of RMB0.15 per share in November 2024.

Outlook and Commitments Management plans to deepen digitalisation, expand Belt-and-Road project logistics, enlarge overseas-warehouse coverage and pursue green-shipping initiatives. Subsequent to year-end, two shipbuilding agreements worth USD236 million were signed on 27 February 2026, aligning with the stated fleet expansion strategy.