LC Group (2490) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 20.0% YoY to RMB905.0m; profit for the period reached RMB127.8m, boosted by non-recurring vessel-asset gains.

• Cross-border shipping volumes expanded while average third-party freight prices per TEU declined; H2 priorities include African engineering logistics, cross-border e-commerce and overseas warehouses.

Financial highlights

• Revenue was RMB905.0m versus RMB754.2m; gross profit rose to RMB82.4m from RMB68.1m, with gross margin at 9.1% versus 9.0%.

• Profit before tax was RMB128.1m versus RMB13.0m; profit for the period was RMB127.8m versus RMB12.8m.

• Profit attributable to parent owners was RMB111.3m versus RMB9.4m; basic and diluted EPS was RMB0.19 versus restated RMB0.02.

• Other income and gains totaled RMB91.1m, including RMB62.6m of non-recurring vessel-asset optimization gains and RMB13.6m interest income.

Outlook and guidance

• H2 outlook calls for steady revenue growth from cross-border e-commerce, engineering logistics and overseas warehousing, with profitability supported by differentiated operations and efficiency gains.

• Priorities include Belt and Road infrastructure logistics, especially African engineering cargo; a full-chain e-commerce logistics offering; overseas warehouse expansion; and improved fleet efficiency, cost control and asset utilization.