当前，全球经济因美国的"关税霸权"而愈加风雨飘摇，资本市场波动加剧，投资者信心面临考验。上市 公司是中国经济的"压舱石"和市场稳定的"主力军"，肩负着维护市场健康生态、传递发展正能量的重要 使命。面对短期的市场情绪波动，企业更应该主动发声、积极作为，通过透明化沟通、前瞻性布局和切 实行动，向市场传递真实的价值信号。 在这样的背景下，金融界作为首批金融信息服务备案机构之一，是金融市场的参与者、建设者和维护 者，向广大上市公司和投资机构发出《积极行动、传递信心、稳定市场》倡议，这一倡议得到了多家上 市公司的积极响应。 安能物流始终聚焦于国内供应链物流主航道，其核心业务布局与跨境和出海贸易的关联度较低。这一战 略定位使得安能物流在面对美国加征关税等外部环境变化时，快运主业所受到的直接影响有限，凸显出 其较强的抗风险能力。相比一些依赖跨境贸易的物流企业，安能物流专注于国内市场，充分受益于国内 庞大的消费市场和日益完善的供应链体系。 从安能物流刚刚发布的2024年业绩来看，公司保持了高速增长的态势。全年实现营业收入115.76亿元， 同比增长16.7%；经调整净利润8.37亿元，同比激增64.2%；经营活动净现金流达2 ...

[Table_Title] 研究报告 Research Report 6 Apr 2025 安能物流（开曼） ANE (Cayman) (9956 HK) 量利高增，货重结构与效率持续优化 High Growth in Volume and Profit, with Optimization of Cargo Structure and Efficiency 骆雅丽 Yali Luo 虞楠 Nan Yu yl.luo@htisec.com nan.yu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 安能物流发布 2024 年年报：2024 年，公司实现营业收入 115.76 亿元（人民币，下同），同比+16.7%，实现归母净 利润 7.50 亿元，同比+91.1%，实现经调整净利润 8.37 亿元，同比+64.2%。业绩符合预期。 点评 收入端：货重结构持续优化，增值服务需求增加。2024 年，公司货运总量增加至 14.1 百万吨，同比增长 ...

Investment Rating - The report assigns an "Outperform" rating to ANE Logistics, indicating an expected total return exceeding 10% relative to the benchmark index over the next 12-18 months [17]. Core Insights - ANE Logistics reported a revenue of RMB 11.58 billion for FY2024, representing a year-on-year increase of 16.7%, and a net profit of RMB 750 million, which is a significant increase of 91.1% year-on-year [2][7]. - The total cargo volume increased to 14.1 million tons, up 17.5% year-on-year, while the total number of shipments rose to 169 million, reflecting a growth of 31.1% year-on-year. This growth is attributed to the optimization of cargo structure, particularly in the small-parcel segment, which has higher margins and demand for value-added services [3][8]. - Cost reductions were achieved in trunk line transportation and distribution, with unit costs for trunk line transportation and distribution decreasing by 5.0% and 16.5% respectively. The overall unit cost was RMB 688 per ton, a decrease of 4.2% year-on-year, while unit gross profit increased by 22.5% to RMB 130 per ton [4][9]. Revenue Summary - The company experienced a significant increase in total cargo volume and shipments, driven by a shift towards lighter cargo weights and higher demand for value-added services. The average weight per shipment decreased from 93 kg to 84 kg, indicating a strategic focus on optimizing cargo structure [3][8]. Cost Summary - The report highlights substantial cost-saving measures, particularly in trunk line transportation and distribution. The company has optimized its distribution network, leading to a notable reduction in operational costs [4][9].

中国快运龙头安能物流便是一个重要的观察样本，其2024年财报及发布会也给了我们一个最新的观察窗 口，不妨具体剖析一番。 一、利润、营收、货量持续"高增长"，转为可持续盈利的"成长股" 整体来看，安能物流再次录得全面高增长，实现利润、营收、货量的"三线超预期"，利润表现更是突 出：经调整净利润为8.37亿元，同比激增64.2%，再创历史新高；毛利率同比提升3.1个百分点至 15.9%。 安能物流的经营活动净现金流也表现不俗，达到21.31亿元，同比增长24.9%，财务质量整体较高。 从增长源头来分析，自2022年三季度以来安能物流以"五最"目标为指引，启动"品质与利润并重的有效 规模增长"战略改革。2024年"五最"目标的牵引力依然强劲。 近期，"实施降低全社会物流成本专项行动"的提出，再次引起市场对物流业龙头的较高关注。 一个核心逻辑在于，物流的全链条成本较高，而这会挤压企业的利润空间，削弱产业链的竞争力，降低 整体经济运行效率。在当前国内大力提振消费、扩大内需等背景下，降低全社会物流成本自然成为一大 抓手。 这也意味着降低全社会物流成本进入到提速阶段，拥有更高质效、更优成本等特征的物流龙头将迎来更 多市场机 ...

安能物流 20250321 摘要 • 安能物流 2024 年总货量达 1,415 万吨，同比增长 17.5%，得益于网络拓 展和产品服务创新，尤其 3,300 产品升级有效促进高毛利小票货量增长， 优化货源结构。 • 截至 2024 年底，安能物流一级网点增至 7,200 个，同比增长 21.8%，乡 镇覆盖率达 99.3%，头部网点留存率高达 97%，增强了网络增长动能， 优化了服务水平和成本控制。 • 安能物流通过精细化运营提升资产利用效率，如车均里程提升 10%，操作 工效提升 7%，分拨中心坪效提升 21%，并积极投资自动化流水线、电动 重卡等新技术，实现节能减排和降本增效。 • 全网快运行业市场规模庞大，中小票占比近 50%，安能物流作为行业龙头， 凭借规模优势和产品能力不断提高市场占有率，引领行业发展。 • 安能物流未来三年将聚焦主营业务，强化网点建设，创造顾客价值，优化 网络生态，目标是降低成本、节约时间并提高能力，实现有效规模增长。 • 安能物流坚持质量发展，量价齐升，不追求牺牲利润的货量增长，通过高 毛利、高盈利、可持续增长来保持运输网络健康度，并持续进行网络建设 和加密，为渠道拓展提供基础 ...

新老玩家动作不断，快运市场正在迎来最为激烈的市场整合期。 3月20日，安能物流（00056.HK，股价7.96港元，市值92.78亿港元）发布2024年业绩报告。根据财报，安能物流2024年零担货运总量1415万吨，同比增长 17.5%；营业收入115.76亿元，同比增长16.7%；经调整净利润8.37亿元，同比增长64.2%。 自2021年上市以来，安能物流曾深陷危机。根据过往财报，2021年，安能物流经调整净利亏损超过20亿元；2022年，安能物流经调整净亏损2.18亿元。2023 年扭亏为盈后，2024年净利润得到了进一步提升，这也意味着安能物流进入了改革收获期。 这两年来，中国零担物流市场竞争尤为激烈。3月20日，广东顺心快运有限公司与深圳德坤供应链有限公司宣布正式达成战略合作，顺心快运以5.5亿元战略 投资入股德坤。过去半年来，融辉、兴满、中通智运等新玩家陆续进入大票零担赛道。 直击业绩说明会｜2024年货量增长17.5% 安能物流董事长秦兴华：快运新老玩 家混战，有效规模、成本优势成决胜点 每经记者 赵雯琪 每经编辑 董兴生 根据财报，安能物流2024年毛利18.42亿元，同比增长45.2%；毛利 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 11,575,954, an increase of 16.7% compared to RMB 9,916,899 in 2023[5] - Gross profit for the same period was RMB 1,841,680, reflecting a 45.2% year-over-year increase from RMB 1,268,003[5] - Adjusted profit before tax rose by 65.7% to RMB 1,084,274, up from RMB 654,415 in the previous year[5] - Net profit for the year ended December 31, 2024, was RMB 762.0 million, with a net profit margin of 6.6%, compared to RMB 407.2 million and 4.1% in 2023[56] - Operating profit increased from RMB 619.5 million for the year ended December 31, 2023, to RMB 1,069.8 million for the year ended December 31, 2024, resulting in an operating profit margin rise from 6.2% to 9.2%[50] - Adjusted EBITDA for the year ended December 31, 2024, was RMB 1,995.9 million, compared to RMB 1,730.4 million in 2023[60] - The company reported a total comprehensive income of RMB 764,973 for the year, compared to RMB 419,891 in 2023, marking an increase of 82.2%[89] - Basic and diluted earnings per share increased to RMB 0.65, compared to RMB 0.34 in the prior year, representing a growth of 91.2%[88] Revenue Breakdown - Total revenue increased by 16.7% from RMB 9,916.9 million in 2023 to RMB 11,576.0 million in 2024, driven by an increase in freight volume from 12.0 million tons to 14.1 million tons[33] - Transportation revenue for 2024 was RMB 6,059,365, up 9.6% from RMB 5,529,949 in 2023[103] - Delivery revenue increased to RMB 3,053,836, representing a growth of 17.9% compared to RMB 2,590,061 in 2023[103] - Value-added services revenue rose to RMB 2,462,753, a significant increase of 37.0% from RMB 1,796,889 in 2023[103] Operational Metrics - The total cargo volume reached 14.1 million tons, marking a 17.5% increase from 12.0 million tons in 2023[10] - The number of total tickets increased by 31.1% to 169.0 million, up from 128.8 million in 2023[10] - The total number of end customers served increased to over 6.3 million, compared to approximately 5.5 million in 2023[10] - The average weight per ticket decreased by 10.4% from 93 kg in 2023 to 84 kg in 2024[27] - The unit transportation service price decreased by 7.0% to RMB 428 per ton in 2024[27] - The unit cost of line haul transportation decreased by 5.0% to RMB 301 per ton in 2024[29] - The unit gross profit increased by 22.6% to RMB 130 per ton in 2024[29] Cost Management - Operating costs rose by 12.5% from RMB 8,648.9 million in 2023 to RMB 9,734.3 million in 2024, primarily due to increases in trunk transportation, value-added services, and delivery service costs[38] - Trunk transportation costs increased from RMB 3,821.3 million in 2023 to RMB 4,256.9 million in 2024, with unit costs decreasing from RMB 317 per ton to RMB 301 per ton[39] - Value-added service costs rose from RMB 371.7 million in 2023 to RMB 546.4 million in 2024, with unit costs increasing from RMB 31 per ton to RMB 39 per ton[42] - Delivery service costs increased from RMB 2,406.6 million in 2023 to RMB 2,916.9 million in 2024, with unit costs rising from RMB 200 per ton to RMB 206 per ton[44] Efficiency and Quality Improvements - The service timeliness rate improved from 73.2% in 2023 to 76.0% in 2024[1] - The loss rate decreased by 79.7% from 0.2 to 0.04 per 100,000 items[1] - The damage rate decreased by 64.7% from 32.6 to 11.5 per 100,000 items[1] - The complaint rate decreased by 91.0% from 461 to 41.6 per 100,000 tickets[1] Cash Flow and Liquidity - The net cash flow from operating activities was RMB 2,131,068, a 24.9% increase from RMB 1,706,182 in the previous year[5] - Cash and cash equivalents increased from RMB 1,407.9 million as of December 31, 2023, to RMB 2,046.2 million as of December 31, 2024, indicating strong liquidity[65] - The debt-to-equity ratio decreased significantly to approximately 1.5% as of December 31, 2024, down from 19.1% as of December 31, 2023[66] Strategic Initiatives - The company aims to enhance service efficiency and quality by optimizing regional structures and channel layouts in 2025[8] - The company plans to leverage digital tools to improve operational efficiency and support freight partners and agents[8] - The company plans to continue focusing on less-than-truckload (LTL) business while treating full truckload (FTL) as a supplementary service[36] - The company aims to optimize its dynamic pricing system to enhance operational efficiency and capacity management[32] - Future strategies include enhancing operational efficiency and service quality through lean management and digitalization[77][78] - The company aims to integrate "green transportation" concepts into daily operations to reduce carbon emissions[85] Shareholder Information - The company did not recommend any dividend distribution for the current year[120] - The weighted average number of ordinary shares for calculating basic earnings per share was 1,158,148,715 for 2024, compared to 1,156,499,102 for 2023[121] - The company repurchased 1,191,000 shares at a total cost of HKD 8,754,561.70, representing 10% of the total issued shares as of the 2024 annual general meeting[137] Governance and Compliance - The audit committee consists of four independent non-executive directors, ensuring compliance with listing rules[140] - The audit committee reviewed the audited financial performance for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards and regulations[141] - The company’s auditor, Ernst & Young, agreed that the figures in the announcement align with the audited consolidated financial statements for the year ending December 31, 2024[141]

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the express delivery and logistics industry, focusing on Aneng Logistics and its competitive landscape within the full network express sector [1][2][3]. Key Points and Arguments Industry Growth and Trends - The full network less-than-truckload (LTL) market experienced a counter-cyclical growth of 11% in 2023, while regional networks and dedicated lines are in decline, highlighting the growth potential of full network express [1][2]. - Aneng Logistics has benefited from this trend, with its market penetration being underestimated [1]. - The traditional wholesale market is shrinking, leading to more goods flowing into national transportation networks, giving full network express models a competitive edge [1][9]. Aneng Logistics Performance - Aneng Logistics turned profitable in 2023 after a strategic shift in 2022, focusing on high-margin small parcel products, entering a phase of rapid profit release [1][3]. - The company has significantly improved its operational efficiency and revenue per employee by streamlining its organization and optimizing management [1][12]. - The involvement of Dacheng Capital has accelerated Aneng's transformation [1][12]. Competitive Landscape - The full network express industry is characterized by high operational barriers, with Aneng Logistics being a leading franchise model, achieving a compound annual growth rate (CAGR) of 33% in cargo volume from 2013 to 2023 [5]. - The industry is undergoing changes, including strategic adjustments at Aneng and a long-term trend of channel simplification [6][9]. Future Outlook - Aneng Logistics plans to drive growth through product focus and operational cost optimization, with expectations of net profits reaching 780 million, 930 million, and 1.1 billion in 2024, 2025, and 2026, respectively [15]. - The full network express sector is expected to maintain a positive growth trajectory due to the ongoing trends of large item online sales and channel flattening [14]. Other Important Insights - SF Express is transitioning from a growth-oriented to a value-oriented company, focusing on core business, cost reduction, and increasing dividend payouts, which has significantly improved its free cash flow [1][23]. - Shentong Express has exceeded performance expectations through managerial reforms and a significant capital expenditure plan [1][24]. - The competitive dynamics in the express delivery sector are shifting, with price wars expected to stabilize the market in the long term while enhancing operational efficiencies among companies [18][19]. Investment Recommendations - Investors are advised to focus on SF Express as it transitions into a value stock, while also considering opportunities presented by Shentong's management upgrades and Zhongtong's strategic adjustments [25].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Insights - Aneng Logistics, a leader in the franchise express delivery sector, has shifted its focus to profitability and quality since 2022, achieving a turnaround to profitability in 2023, with accelerated profit growth expected in 2024 [2][4][8]. Summary by Sections Company Overview - Aneng Logistics is a leader in the express delivery market, having pioneered the franchise model in 2012 and rapidly expanded its operations. The company has maintained the top position in franchise express delivery volume since 2021, but faced profitability challenges due to an overemphasis on scale [5][21][38]. Industry Evolution - The express delivery industry is experiencing significant changes due to the flattening of distribution channels and the optimization of the less-than-truckload (LTL) market. Aneng Logistics benefits from these trends, with the express delivery segment expected to see increased penetration [6][51]. Strategic Transformation - The company has undergone a strategic transformation since late 2022, focusing on quality and profitability. Key initiatives include eliminating mandatory warehouse fees and penalties, optimizing cargo structure, and enhancing operational efficiency [7][73]. Financial Performance - Aneng Logistics has shown significant improvement in gross profit margins and revenue growth, with a projected net profit of 780 million, 930 million, and 1.1 billion yuan for 2024, 2025, and 2026, respectively [8][14][46]. Market Dynamics - The overall express delivery market is expected to grow, with Aneng Logistics positioned to capture market share as weaker regional and specialized companies exit the market. The company’s revenue growth is anticipated to outpace the industry average [6][58].

Company Overview - ANE Logistics, founded in 2010, is a leading franchise-based LTL (Less-than-Truckload) freight company in China, focusing on providing cost-effective and high-quality road transportation services [4] - The company has introduced innovative products such as "MiNi E-commerce Series," "Precision LTL Express," "Timed Delivery," and "Safe Delivery" to differentiate itself in the market [4] - ANE Logistics' founding team includes Qin Xinghua and Wang Yongjun, who hold 7.70% and 10.81% of the company's shares respectively as of June 30, 2024 [6] - Centurium Capital is the largest shareholder, holding 24.59% of the shares, and has provided significant financial and strategic support to the company [6][13] Strategic Transformation and Growth - ANE Logistics has undergone strategic adjustments since 2020, shifting from a "scale-first" approach to focusing on profitability and service quality [32] - The company has optimized its product portfolio by focusing on high-margin small-parcel segments, with mini-parcel and small-parcel LTL volumes growing by 25.6% and 19.6% YoY in H1 2024 [32] - ANE Logistics has implemented organizational reforms, including flattening its structure and empowering franchisees, which has led to improved operational efficiency [32] - The company has also enhanced its operational efficiency by optimizing its distribution center network and improving asset utilization, resulting in a 6.4% YoY reduction in unit transportation costs in H1 2024 [9][32] Financial Performance - ANE Logistics achieved a revenue of RMB 5.29 billion in H1 2024, representing a 16.2% YoY growth, driven by increased cargo volume [32] - The company's gross margin reached a historical high of 16.60% in H1 2024, supported by cost optimization and a focus on high-margin segments [32] - ANE Logistics' net profit in H1 2024 was RMB 400 million, a 7.6% YoY increase, reflecting improved profitability [172] - The company's unit transportation cost decreased to RMB 306 per ton in H1 2024, a 6.4% YoY reduction, while unit distribution center cost dropped by 23.4% YoY to RMB 144 per ton [9][32] Market Position and Industry Trends - ANE Logistics is the market leader in China's LTL industry, with a 15.7% market share by cargo volume in 2023 [48] - The LTL industry in China is expected to grow from RMB 1.62 trillion in 2022 to RMB 1.80 trillion by 2027, with increasing market concentration [48] - ANE Logistics has expanded its network coverage, with over 31,000 outlets nationwide and a township coverage rate of 99.2% as of June 2024 [48][144] - The company's franchise model has shown strong growth, with a 98.2% retention rate for top freight partners in 2023, up 2.5 percentage points YoY [48][149] Operational Efficiency and Cost Control - ANE Logistics has optimized its transportation routes and improved vehicle utilization, reducing transportation costs by 30-40% [154] - The company has streamlined its distribution center network, reducing the number of self-operated centers from 147 in 2020 to 82 in H1 2024, while increasing core hubs from 10 to 36 [156] - ANE Logistics' unit distribution center cost decreased to RMB 170 per ton in 2023, a RMB 8 per ton reduction YoY, with further improvements in H2 2023 to RMB 156 per ton [156] - The company has implemented strict cost control measures, reducing business operation expenses and share-based payment expenses by 47.7% and 58.2% YoY in H1 2024 [187] Service Quality and Product Diversification - ANE Logistics has improved service quality, with average shipment duration decreasing by 5.8% YoY in H1 2024, and damage and loss rates dropping to 0.0083% and 0.00004% respectively [168] - The company offers diversified services, including "Precision LTL Express," "Timed Delivery," "Safe Delivery," and "Mini E-commerce Series," catering to different customer needs [165] - ANE Logistics has enhanced its service capabilities through technological advancements, with 48 self-developed systems improving operational efficiency and decision-making [176] - The company's focus on service quality has led to a 98.2% retention rate for top freight partners in 2023, up 2.5 percentage points YoY [149][176]