佛朗斯股份2025年中期报告

CONTENTS目錄 38INTERIM CONDENSED CONSOLIDATED STATEMENTS OFCASH FLOWS 2CORPORATE INFORMATION 5MANAGEMENT DISCUSSION AND ANALYSIS 40NOTES TO THE INTERIM CONDENSED CONSOLIDATEDFINANCIAL INFORMATION 23CORPORATE GOVERNANCE AND OTHER INFORMATION 34INTERIM CONDENSED CONSOLIDATED STATEMENTS OFPROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 35INTERIM CONDENSED CONSOLIDATED STATEMENTS OFFINANCIAL POSITION 37INTERIM CONDENSED CONSOLIDATED STATEMENTS OFCHANGES IN EQUITY CORPORATE INFORMATION公 司 資 料 BOARD OF DIRECTORS Executive Directors Mr. Hou Zekuan(Chairman of the Board)Mr. Hou Zebing(General manager)Mr. Qian XiaoxuanMs. Ma LiMr. Zhou Limin Non-executive DirectorMr. Yu Chuanfen Independent non-executive Directors Mr. Chiang EdwardDr. Fan XiaMr. Du Lizhu SUPERVISORS Ms. Li Xiaolan(Chairman of the Supervisory Committee)Mr. He XiaochengMs. Liu Xiaoli AUDIT COMMITTEE Mr. Du Lizhu(Chairman)Dr. Fan XiaMr. Chiang Edward REMUNERATION COMMITTEE Dr. Fan Xia(Chairman)Mr. Hou ZebingMr. Du Lizhu NOMINATION COMMITTEE Mr. Hou Zekuan(Chairman)Mr. Chiang EdwardDr. Fan Xia STRATEGY COMMITTEE Mr. Hou Zekuan(Chairman)Mr. Hou ZebingMr. Qian XiaoxuanMr. Yu ChuanfenMr. Chiang Edward JOINT COMPANY SECRETARIES Ms. Ma LiMs. Tang Ka Yan AUTHORIZED REPRESENTATIVES Ms. Ma LiMs. Tang Ka Yan AUDITORS 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s Road, Quarry Bay, Hong Kong REGISTERED OFFICE, PRINCIPAL PLACE OFBUSINESS AND HEADQUARTER IN THE PRC 999 No. 999, Yayun AvenueShiqi Town, Panyu DistrictGuangzhou City, Guangdong ProvincePRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 33191920 Room 1920, 19/FLee Garden One33 Hysan AvenueCauseway Bay, Hong Kong CORPORATE INFORMATION公司資料 LEGAL ADVISERS 8353502-3503 Hong Kong lawJia Yuan Law OfficesSuites 3502–3503, 35/FOne Exchange Square8 Connaught Place, CentralHong Kong 1023310104 PRC lawZhong Lun Law Firm23/F, Units 01 & 04 of 31/F, R&F Center10 Huaxia RoadZhujiang New Town, Tianhe DistrictGuangzhou, GuangdongPRC H H SHARE REGISTRAR IN HONG KONG 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKER 12 Shanghai Pudong Development Bank Guangzhou BranchNo.12 Zhujiang Rd (West)Tianhe DistrictGuangzhouPRC 2499 STOCK CODE 2499 www.fls123.com COMPANY WEBSITE www.fls123.com MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 與 分 析 MARKET OVERVIEW The intralogistics equipment industry in China is currently in a critical period oftransformation and upgrading. Driven by the continuous release of policybenefits and the accelerated iteration of technologies, the industry has shown avigorous development trend. With the in-depth advancement of nationallogistics hub construction and the widespread application of intelligenttechnologies, intralogistics equipment solutions are increasingly becoming thecore engine for promoting the high-quality development of the logistics industry. 2025 In the first half of 2025, the intralogistics equipment solutions industry continuedto usher in both development opportunities and challenges driven by favorablepolicies and market demands. Especially in terms of reducing social logistics costsand improving logistics resource utilization efficiency, national policy supporthas provided a solid foundation for industry development, enabling enterprisesto better address current market demands and competitive pressures. Withthe gradual improvement of industry standards and continuous innovation oftechnologies, intralogistics equipment solutions will become an important toolfor enhancing logistics efficiency and reducing operational costs, injecting newmomentum into the sustainable development of enterprises. Policy driving quality improvement and efficiencyenhancement in the industry 202420182025150GDP12% In 2024, the National Development and Reform Commission and the Ministry ofTransport of the PRC continued to implement the National Logistics Hubs Layoutand Construction Plan () issued in 2018.At the Central Economic Work Conference, a special initiative was proposedto reduce the overall social logistics costs, with the clear goal of establishingapproximately 150 national logistics hubs by 2025, aiming to lower the ratio oftotal social logistics costs to GDP to approximately 12%. The logistics industry iscurrently in a critical stage of quality improvement and efficiency enhancement,with reducing social logistics costs and improving resource utilization efficiencybecoming core issues. 20256 2330 Based on the above, the Chinese government further intensified policy supportat the national level. On June 23, 2025, the National Development and ReformCommission officially announced the inclusion of 30 national logistics hubs,including Wuhan production-service-oriented hub, into the constructionlist, further improving the national logistics hub network and effectivelyreducing overall social logistics costs. This marks t