截至2025年3月31日止三个月，我们录得总票数40,465千票，而截至2024年3月31日止三个月录得总票数 31,568千票，同比增长28.2%。 就服务质量而言，我们的遗失率(每十万件中的遗失件数)及投诉票数(每十万票中的投诉票数)已进一步 分别降至截至2025年3月31日止三个月的0.02件及33.2票。就时效性而言，2025年3月的平均运单时长已 优化至约65小时。 截至2025年3月31日止三个月，我们已完成货运总量3,045千吨，而截至2024年3月31日止三个月的货运 总量为2,875千吨，同比增长5.9%。就货重结构而言，迷你小票(70公斤或以下)及小票零担(70至300公 斤)货量分别同比增长27.4%及12.1%，一同带动货运总量的同比增长。 截至2025年3月底，我们拥有超过36,000家货运合作商及代理商，而截至2024年3月底，我们拥有约 29,400家货运合作商及代理商，使我们能够在不断扩大全国覆盖范围的同时更好地服务终端客户。 智通财经APP讯，安能物流(09956)发布截至2025年3月31日止3个月的主要财务及业绩指标，该集团取得 收入25.87亿元，同比增加8.8%;母公 ...

Financial Performance - For the three months ended March 31, 2025, the company reported revenue of RMB 2,586,953 thousand, an increase of 8.8% compared to RMB 2,377,626 thousand for the same period in 2024[4] - Gross profit for the same period was RMB 409,680 thousand, reflecting a year-on-year growth of 7.1% from RMB 382,485 thousand[4] - The company achieved a net profit of RMB 227,515 thousand, which is a 15.8% increase from RMB 196,431 thousand in the previous year[4] - The adjusted profit before tax rose to RMB 328,124 thousand, marking a 17.3% increase compared to RMB 279,744 thousand in 2024[4] - Operating profit rose from RMB 284.0 million for the three months ended March 31, 2024, to RMB 316.0 million for the same period in 2025, with an operating margin increase from 11.9% to 12.2%[17] - Net profit for the three months ended March 31, 2025, was RMB 227.5 million, resulting in a net profit margin of 8.8%, up from RMB 196.4 million and 8.3% in the prior year[21] - Adjusted net profit for the three months ended March 31, 2025, was RMB 242.2 million, compared to RMB 208.9 million in the same period of 2024[24] - Adjusted pre-tax profit margin increased from 11.8% in 2024 to 12.7% in 2025[25] Operational Metrics - Total freight volume reached 3,045 thousand tons, up 5.9% from 2,875 thousand tons in the same period last year[7] - The total number of tickets processed increased by 28.2% to 40,465 thousand tickets from 31,568 thousand tickets in 2024[7] - The average transportation service price decreased by 2.3% to RMB 432 per ton, while the average value-added service price increased by 12.6% to RMB 188 per ton[8] - The average delivery time was optimized to approximately 65 hours as of March 2025, reflecting improvements in service quality[7] Cost Management - Operating costs increased by 9.1% from RMB 1,995.1 million for the three months ended March 31, 2024, to RMB 2,177.3 million for the three months ended March 31, 2025[13] - Financial costs decreased by 55.3% from RMB 17.0 million for the three months ended March 31, 2024, to RMB 7.6 million for the same period in 2025, primarily due to loan repayments[18] - General and administrative expenses decreased by 15.8% from RMB 128.5 million for the three months ended March 31, 2024, to RMB 108.2 million for the same period in 2025[15] - Other income and gains decreased from RMB 30.1 million for the three months ended March 31, 2024, to RMB 14.5 million for the same period in 2025[16] Liquidity and Financial Position - Cash and cash equivalents as of March 31, 2025, were RMB 2,006 million, indicating strong liquidity[26] Strategic Initiatives - The company expanded its network, increasing the number of freight partners and agents to over 36,000, up from approximately 29,400 in the previous year[7] - The company continues to focus on enhancing product competitiveness and operational efficiency through digital infrastructure improvements[6] Governance - The board of directors consists of executive directors Qin Xinghua and Jin Yun, non-executive directors Chen Weihao, Zhang Yinghao, and Wei Bin, and independent non-executive directors Li Wei, Ge Xiaochu, Sha Sha, and Hong Changfu[28]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery demand remains high, with significant growth in logistics performance. In April 2025, major express companies reported substantial business volume increases, with SF Express achieving a growth rate of 30.0% [4][29] - The logistics market is experiencing a shift towards consolidation, with leading companies like SF Express and JD Logistics benefiting from macroeconomic recovery and cost control measures [12] - The shipping sector is expected to see continued demand growth due to OPEC+ production increases and limited new oil tanker orders, which will tighten supply [12] Summary by Sections Express Logistics - In April 2025, the total business volume for express services reached 16.32 billion pieces, a year-on-year increase of 19.1%, with total revenue of 121.28 billion yuan, up 10.8% [23] - SF Express led the growth with a business volume of 1.335 billion pieces, up 29.99%, while YTO Express and Yunda Express also showed strong performance [4][29] Shipping - The Shanghai Export Container Freight Index (SCFI) rose by 7.2% to 1586 points, indicating an increase in shipping rates [9] - The oil tanker market is expected to benefit from OPEC+ production increases, while the dry bulk shipping market is anticipated to recover due to supply constraints and regulatory pressures [12] Aviation - In April 2025, civil aviation transported approximately 60.93 million passengers, a year-on-year increase of 8.9%, with cargo volume rising by 16.8% [51] - The industry is expected to benefit from a long-term supply-demand imbalance, with potential for significant growth as macroeconomic conditions improve [12] Supply Chain Logistics - Companies like Shenzhen International are expected to see performance improvements due to the transformation of logistics parks and high dividend yields [12] - The competitive landscape in the express delivery sector is stabilizing, providing opportunities for companies like Deppon Logistics and Aneng Logistics to enhance profitability [12]

证券研究报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 美线抢运拉动航运景气，内需物流保持稳健 投资评级： 看好（维持） —交通运输行业周报（2025 年 5 月 12 日-2025 年 5 月 18 日） 交通运输 行业定期报告 hyzqdatemark 2025 年 05 月 18 日 投资要点： 一、行业动态跟踪 航运船舶： 联系人 1）中美关税暂缓 90 天，引发集运美线抢运潮： 5 月 12 日，中美宣布自 5 月 14 日 起 90 天内中美双方互降关税，引爆外贸企业抢运潮。Vizion 数据显示，在中美宣布 互降关税后，截至 5 月 13 日，7 天平均订舱量较 5 月 5 日飙升 277%。中美外贸企 业发货需求迅速回升，带来中美航线货量出现明显反弹。中 ...

执行董事、首席执行官兼联席主席秦兴华表示，集团积极践行绿色理念，全力推动「绿色运输」「绿色 包装」「绿色园区」和「绿色办公」实践。2024年，加大与战略伙伴的合作力度，加快新能源重卡的应 用步伐，通过LNG车辆替代柴油车型、自营产业园光伏板安装等举措，积极探索清洁能源应用新路 径。以实际行动引领行业绿色低碳转型，为社会可持续发展贡献专业力量。 秦兴华进一步强调，2024年，集团持续加大科技投入，将数字化系统深度融入全链路运营。作为零担行 业首个落地运营自动驾驶重卡的企业，集团不断探索智慧技术应用边界。通过销售、运营、客服三位一 体的「铁三角」团队的一体化、数字化协同，实现快速响应机制。同时，逐步部署分拨自动化流水线， 进一步推动快运行业「新质生产力」落地。通过创新实践，集团在提升服务效能的同时降低了运营成 本，实现了效率与成本的平衡，助力集团与合作伙伴实现共赢发展、降本增效。 报告显示，集团秉持「网络覆盖最密、成本最优、品质最好、时效最稳、服务响应最快」的「五最」战 略目标，通过数字化与智能化科技手段的深度应用，不仅为传统物流网络注入新动能，更为行业革新与 可持续发展提供了强有力的支持。 今日，安能物流(99 ...

Financial Performance - In 2024, the overall freight volume reached 14.1 million tonnes, representing a year-on-year increase of 17.5%[6] - Gross profit increased by 45.2% year-on-year, while adjusted pre-tax profit rose by 65.7% year-on-year[6] - Revenue for the year ended December 31, 2023, was RMB 9,916,899, an increase from RMB 9,334,931 in 2022, representing a growth of 6.2%[26] - Gross profit for 2023 was RMB 1,268,003, up from RMB 730,362 in 2022, indicating a significant increase of 73.5%[26] - Adjusted EBITDA for 2023 was RMB 1,730,355, compared to RMB 1,096,435 in 2022, reflecting a growth of 57.7%[26] - Total revenue increased by 16.7% from RMB9,916.9 million in 2023 to RMB11,576.0 million in 2024, driven by an increase in freight volume from 12.0 million tonnes to 14.1 million tonnes[84] - Profit for the reporting period increased from RMB407.2 million in 2023 to RMB762.0 million in 2024, with a net profit margin rising from 4.1% to 6.6%[130] - For the year ended December 31, 2024, the adjusted net profit was RMB 837.3 million, an increase of 64.1% from RMB 509.8 million in 2023[137] Operational Efficiency - The company aims to deepen channel empowerment and upgrades in 2025, optimizing regional structure and improving terminal service efficiency[10] - Focus will be placed on building best-in-class cost control capabilities and enhancing operational efficiency in 2025[11] - The "Iron Triangle" system comprising sales, operations, and customer service teams will be enhanced to provide 24/7 services[11] - The average shipment time decreased by 7.1% to approximately 65 hours from the year ended December 31, 2023, to the same period of 2024, reflecting improved operational efficiency[51] - The timely fulfillment rate increased from 73.2% in the year ended December 31, 2023, to 76.0% in the same period of 2024, indicating enhanced service reliability[51] - The loss rate decreased by 79.7%, from 0.2 units per hundred thousand units in the year ended December 31, 2023, to 0.04 units in the same period of 2024, showcasing improved service quality[51] - The damage rate decreased by 64.7%, from 32.6 units per hundred thousand units in the year ended December 31, 2023, to 11.5 units in the same period of 2024, further indicating enhanced operational performance[51] - The complaint rate decreased by 91.0%, from 461 complaints per hundred thousand shipments in the year ended December 31, 2023, to 41.6 in the same period of 2024, reflecting better customer satisfaction[51] Network Expansion - The network expanded to over 33,000 freight partners and agents, enhancing the company's network advantage[7] - As of December 31, 2024, the company served over 6.3 million shippers, an increase from approximately 5.5 million as of December 31, 2023[37] - The company operates 82 self-operated sorting centres and over 3,600 self-operated line-haul trucks, enhancing operational capacity[31][32] - The company operates approximately 2,500 well-planned line-haul routes, with 86.6% being two-way routes as of December 31, 2024[65] - The network covers approximately 99.3% of counties and townships in China, operated by around 33,000 freight partners and agents[66] Cost Management - The cost of revenues increased to RMB9,734.3 million in 2024 from RMB8,648.9 million in 2023, with line-haul transportation costs accounting for 43.7% of total costs[95] - Total cost of revenues increased by 12.5% from RMB8,648.9 million for the year ended December 31, 2023, to RMB9,734.3 million for the year ended December 31, 2024[96] - Line-haul transportation costs rose from RMB3,821.3 million in 2023 to RMB4,256.9 million in 2024, while unit cost decreased from RMB317/tonne to RMB301/tonne[98] - Sorting centre costs decreased from RMB2,049.3 million in 2023 to RMB2,014.0 million in 2024, with unit costs dropping from RMB170/tonne to RMB142/tonne[103] - Costs of value-added services increased from RMB371.7 million in 2023 to RMB546.4 million in 2024, with unit costs rising from RMB31/tonne to RMB39/tonne[105] Strategic Initiatives - The company plans to leverage digitalization to promote iterative upgrades across the industry in 2025[12] - Continued investment in ESG sustainable development will be prioritized, sharing outcomes with stakeholders[12] - The company plans to continuously invest in sorting centres and line-haul transportation to optimize operational efficiency as freight volume increases[43] - The implementation of the "3300-product policy" allows for full exemption from special dispatch charges for shipments weighing 3 kg to 300 kg, enhancing product competitiveness[51] - The company aims to achieve the "Five Most" goals: most dense network coverage, most optimal cost, most superior quality, most stable timeliness, and most timely service response[169][175] Leadership and Management - Mr. Jin Yun has been appointed as the Chief Operating Officer since July 2023, previously serving as Chief Growth Officer from September 2022 to July 2023[189] - Mr. Qin Xinghua has over 25 years of experience in the logistics industry and has been the CEO since June 2010[191] - The Company has a strong leadership team with diverse backgrounds in finance, logistics, and management, enhancing its operational capabilities[200] - The Company aims to leverage its experienced management team to drive growth and market expansion in the logistics sector[191] Financial Position - Total liabilities decreased to RMB 2,802,835 in 2023 from RMB 3,330,556 in 2022, a reduction of 15.8%[26] - Cash and cash equivalents rose from RMB 1,407.9 million as of December 31, 2023, to RMB 2,046.2 million as of December 31, 2024[145] - The gearing ratio significantly decreased to approximately 1.5% as of December 31, 2024, down from 19.1% in 2023[146] - The Group had no significant investments during the reporting period, with no investments exceeding 5% of total assets[148] Sustainability and Governance - The management is committed to integrating "green transportation" into daily operations to reduce carbon emissions[185] - The company emphasizes continuous improvement in risk management and internal control systems to ensure sustainable development[180] - Mr. Chen is the chairman of the ESG Committee and the Strategy Committee, emphasizing the Company's commitment to environmental and strategic governance[195]

【中国零担物流进入分化期，安能物流表现亮眼】相较于快递行业的平稳发展，中国零担物流正步入分 化阶段。2024 年零担市场规模达 1.7 万亿元，预计未来五年年复合增长 2.1%。 全网快运公司凭借规模 和服务优势，渗透率从 2019 年的 11%升至 2024 年的 16%，头部全网快运公司市占率已超 60%，市场 整合趋势明显。 对标美国零担行业，中国零担快运或有巨大价值空间。2024 年，安能物流实现营收 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%。 安能物流当前市值刚过百 亿关口，低估值与高成长性形成显著剪刀差。如果为安能定义估值，可参考业务类型相似的上市公司或 资深机构评级。 安能与德邦同属物流行业且竞争于快运领域，2024 年二者净利润额已相差无几。德邦 营收 403.79 亿元，净利润 8.61 亿元。 截至 4 月 16 日收盘，德邦 PE 为 18 倍，PB 为 1.7 倍，市值 137 亿元。安能 PE(TTM)11.9 倍，PB 为 2.7 倍，市值 104.3 亿港元，市场认知有偏差。 基于当前业绩指 标，机构给予了较高的估值空间。中金公 ...

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].