CN Logistics International : VOLUNTARY ANNOUNCEMENT UNAUDITED FIRST QUARTERLY RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021

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CN Logistics International Holdings Limited

嘉泓物流國際控股有限公司

(the "Company")

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2130)

VOLUNTARY ANNOUNCEMENT

UNAUDITED FIRST QUARTERLY RESULTS

FOR THE THREE MONTHS ENDED 31 MARCH 2021

This announcement is made by the Company and its subsidiaries (the "Group") on a voluntary basis.

The board (the "Board") of directors (the "Directors") of the Company announces the unaudited revenue and gross profit of the Group for the three months ended 31 March 2021 ("3M2021"), together with the comparative figures for the three months ended 31 March 2020 ("3M2020"), as follows:

The Group recorded revenue of approximately HK$448.8 million for 3M2021 (3M2020: HK$362.2 million), representing an increase of approximately 23.9%. Gross profit amounted to approximately HK$95.0 million for 3M2021 (3M2020: HK$72.5 million), representing an increase of 31.0%.

The increase in revenue and gross profit are mainly attributable to the following reasons:

1. the demand for air freight forwarding services and distribution and logistics services for high-end fashion in the PRC increased drastically due to the sales growth in luxury products in the PRC remained robust during the first quarter of 2021;
2. the handling capacity of our Group increased significantly in February and March 2021 after the completion of the expansion of the highly automatic distribution centre in Shanghai;
3. the freight rates charged to customers increased due to limited supply of cargo space under COVID-19 pandemic and the Group's ability to obtain cargo space from airlines to satisfy its customers demand.

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SEGMENTAL ANALYSIS

The Group is principally engaged in the provision of freight forwarding services, and the provision of distribution and logistics services. Below are the unaudited segment results of the Group for 3M2021, together with the comparative figures for 3M2020:

	3M2021	3M2020	Change
	HK$'000	HK$'000
	(unaudited)	(audited)
Air freight forwarding services
- Revenue	259,780	210,254	23.6%
- Gross profit	56,134	43,003	30.5%
Distribution and logistics services
- Revenue	93,812	74,072	26.6%
- Gross profit	19,021	11,362	67.4%
Ocean freight forwarding services
- Revenue	95,162	77,895	22.2%
- Gross profit	19,876	18,090	9.9%

Please note that all figures above are unaudited and have not been confirmed by the Company's auditors and may be subject to adjustment and final confirmation. Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board

CN Logistics International Holdings Limited

Ngan Tim Wing

Executive Director and Chief Executive Officer

Hong Kong, 20 April 2021

As at the date of this announcement, the Board comprises Mr. Ngan Tim Wing, Ms. Chen Nga Man and Mr. Cheung Siu Ming Ringo as the executive Directors; Mr. Lau Shek Yau John as the non-executive Director; and Mr. Lam Hing Lun Alain, Mr. Chan Chun Hung Vincent and Mr. Chun Chi Man as the independent non-executive Directors.

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