香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 ANE (Cayman) Inc. 安能物流集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9956） 截至2024年6月30日止六個月的中期業績公告 安能物流集團有限公司（「本公司」或「安能」）董事（「董事」）會（「董事會」）欣然公 佈本公司及其附屬公司（統稱「本集團」或「我們」）截至2024年6月30日止六個月 （「報告期間」）未經審計綜合業績，連同2023年同期的比較數字。除非本公告另有 界定，否則本公告所用詞彙應具有本公司日期為2021年10月30日的招股章程（「招 股章程」）所界定的涵義。 | --- | --- | --- | --- | |--------------------------|------------------------------------------|---------------------------------|----------| | | | ...

2024 年 06 月 16 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 盈利大幅改善，回购彰显信心 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn ——安能物流（ ）股份回购点评 09956 最近一年走势 事件 : 2024年6月13日，安能物流发布股份回购公告： 2024年1月1日至2024年6月13日，公司已回购约300万股股份， 共计花费自有闲置资金约0.14亿港元。 同时，公司拟进一步于市场回购股份，2024年年度回购总金额预计不超 过1.5亿港元。 投资要点 : 相对恒生指数表现 2024/06/14 表现 1M 3M 12M  品质精益求精，为规模持续增长及货物结构优化创造条件 安能物流 7.2% 38.5% 10.2% 恒生指数 -5.9% 5.8% -7.6% 2024Q1，公司实现货量288万吨，同比增长21.7%；营业收入23.78 亿元，同比增长15.2%；实现毛利润3.82亿元，同比增长77.6%。 市场数据 2024/06/14 毛利率16.1%，同比增长5.7pcts；实现归母净利润1.9亿元，同比 ...

今天我们会带来第一场的电话会议是请到了港股的商业公司安能物流也是国内的宽容投资公司那我首先先开场简单讲一下就是为什么我们会举办这样的一个电话会议那主要还是因为在近期的交易当中我们发觉 这个投资人大家对于港股的公司这边关注度确实是有提升那这个提升我觉得几个方面那一方面的话是因为这个在可能今年的话市场也预期就是从整个这上下的角度来说的话可能美联储会进入一个就是降息的这样的一个通道所以的话呢可能这个对于一些这个非美的这个新兴的市场 对他的资金的流入股市会有一个带动其次在亚太地区聚焦来说的话可能因为最近日元的贬值导致港股的资金有确实明显的流入避险第三 确确实实从基本面的角度来说可能经过了过去一年多的波动调整其实我们也看到整个港股市场目前呈现的估值更低基本面更强的 从4月19号中国证监会也发布了五项资本市场对于香港合作的一个措施那我相信这个也是给到了香港市场一个很大的提振所以我们看到其实从4月20号开始恒生指数就是从底部开始反弹大概到可能这周一就是昨天的话累计反弹有15%这个指标的话基本上在全球的股市当中是能够排到 前三名 第一名的这样的一个情况所以可能基于以上的几个原因我们也是一方面可能后续会推出从交易板块来看哪些港 ...

研究报告 Research Report 27 May 2024 安能物流（开曼） ANE (Cayman) (9956 HK) 24Q1，降本增效，业绩预期 Earnings Beat with Cost and Efficiency Optimization in 24Q1 [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------------------------|-----------|--------------------------------|-----------------------| | [Table_Info] 维持优于大市 \n评级 | | | Maintain OUTPERFORM \n优于大市 | OUTPERFORM | | 现价 | | | | HK$6.31 | | 目标价 | | | | HK$8.95 | | HTI ESG | | | | 5.0 ...

[Table_Page] 公告点评|运输 证券研究报告 [【Table_T广itle] 发 交 运 & 海 外 】 安 能 物 流 [公Tab司le_I评nves级t] 买入 当前价格 5.90港元 （09956.HK） 合理价值 9.06港元 前次评级 买入 网络强化与管理改善共振，利润弹性释放 报告日期 2024-05-24 [ 核Tabl 心e_Su 观mm 点ary] ： （如无特殊说明，本报告货币单位均为人民币，1RMB=1.0783HKD） [相Tab对le_P市icQ场uote表] 现 ⚫ 安能物流发布24年一季度报告。24Q1，公司完成营收23.78亿元，同 30% 16% 比+15.2%，实现归母净利润1.88亿元，同比+326.1%，实现经调整净 1% 利润2.09亿元，同比+173.9%，业绩超预期。 05/23 07/23 09/23 11/23 01/24 03/24 05/24 -13% ⚫ 网络强化货量高增，成本优化释放利润弹性。据公司财报，24Q1 公司 -28% 完成货运量287.5万吨，同比+21.7%，得益于货运合作商数量及点均货 -42% 安能物流 恒生指数 量的增长， ...

尊敬的各位投资者 分析师 媒体朋友 大家上午好我是安能物流的IR前专家在此我请代表安能物流集团有限公司欢迎各位参加公司24年一季度业绩发布会本次发布会将通过线上直播的方式进行接下来有请会议助理播报会议通知下面开始播报声明 本次会议仅服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布暗能物流未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权暗能物流将保留追究其法律责任的权利暗能物流不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策 专门在23年的一系列战略转型动作取得了丰硕的成果在优异的23年全年业绩的基础上我们在24年继续深化改革同时围绕舞队布局长期战略夯实快运龙头地位为了加深与市场的沟通我们从24年开始将进行自愿性季度披露将公司的发展成果更为及时地同步给市场24年一季度业绩将是公司第一次季度披露 我们很高兴能够以本场业绩会为契机将安能在过去三个月所取得的成绩与未来的发展策略同大家一起分享第三章请允许我介绍今天出席本次会议的管理层他们分别是安能物流董事会联席主席程伟豪先生安能物流执行董事兼首席运营官金云先生安能物流首席财务官徐 ...

总互量达到288万吨同比增长21.7%票卷中进一步下降至91公斤同比下降2.9%反映了我们的股票结构高单价高毛利的小根基段占比进一步得到提高的趋势其中0到70根基段互量增速最为突出 70公里以上的户量也实现了高速增长从22年四季度开始我们启动了网络渠道拓展项目聚焦网点拓展成而通过打造健康网络生态驱动户量增长截止24年3月31日我们共有6412个呼应合作商及一级网点比22年同期增长了542个 网点的增长也为我们的互联提供了强劲的增长动能同时随着网点密度的提升我们的服务水平成本能力也进一步得到优化量与力形成强劲的正向循环作用带动阿伦的业绩增长阿伦在过去的一年多里接近地挂车并执行了5Z战略通过连续度过业绩期的业绩持续交付 印证了这一战略的可实现性与我们塔队在策略陆地的稳定性和有效性在过去的一季度我们围绕五寨做出了持续的改善首先我们关注长期增长和服务质量重视网络建设推进网络覆盖最密截止一季度末我们全国网点数量突破了29500家在所有加盟制全网快运网络中 稳定排名第一其中一级网点数量同比增加542个渠道拓展效应显著其次我们提升了操作标准化力求产品品质最好一季度阿伦平均每十万件铺售867件疑似0.06件在品质上在加盟网络 ...

在过去三个月所取得的成绩与未来的发展策略同大家一起分享接下来请允许我介绍今天出席本次会议的管理层他们分别是安能物流董事会联席主席程伟豪先生安能物流执行董事兼首席运营官金云先生安能物流首席财务官徐浩先生 本场发布会将先由管理层为大家进行业绩展示金总 许总及陈总将依次为大家展示公司的业绩概览业务回顾以及经营策略与未来展望管理层展示结束后将进入问答环节我们将开放线上提问线上参会者可在进门财经页面接入语音或者同源提问接下来让我们首先欢迎金总为大家进行业绩展示 各位投资人分析师和媒体朋友大家上午好欢迎各位出席阿伦的业绩发布会公司在20年一季度坚持稳健的业务经营策略并脚踏实地的保证了策略的执行从而实现了优秀的财务业绩一季度整营收达到23.78亿元同比增长15.2%毛利3.82亿元同比增长77.6% 毛利率达到16.1%同比提升5.7个百分点毛利及毛利率均再度上升以来最高水平毛利以下我们继续节持了精准的费用控制和审慎的财务规划节降了一般行政支出及财务费用使得我们的精调整税前利润和精调整金利润也实现了成倍增长 分别达到2.8亿元和2.09亿元其中经调整利润率达到8.8%接近历史期间最高水平财务层面的优异表现背后是我们扎实的业 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 ANE (Cayman) Inc. 安能物流集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9956) 內幕消息 截至2024年3月31日止三個月的主要財務及業績指標 本公告由安能物流集團有限公司（「本公司」，連同其附屬公司統稱「本集團」或「我 們」）根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及香港法例第571 章證券及期貨條例第XIVA部項下內幕消息條文刊發。 為使股東、投資者及公眾更好地評估本集團的營運表現，本公司董事（「董事」）會 （「董事會」）公佈本集團截至2024年3月31日止三個月（「報告期間」）的若干選定未 經審核主要財務及表現指標，連同2023年同期的比較數字。 | --- | --- | --- | --- | |----------------------|------------------------------------------|----- ...

Financial Performance - Revenue for 2023 increased to RMB 9,916,899 thousand, up from RMB 9,334,931 thousand in 2022[34] - Gross profit for 2023 rose to RMB 1,268,003 thousand, compared to RMB 730,362 thousand in 2022[34] - Operating profit for 2023 was RMB 619,508 thousand, a significant improvement from a loss of RMB 171,001 thousand in 2022[34] - Adjusted EBITDA for 2023 reached RMB 1,730,355 thousand, up from RMB 1,096,435 thousand in 2022[34] - Total liabilities decreased to RMB 2,802,835 thousand in 2023 from RMB 3,330,556 thousand in 2022[34] - Total assets slightly decreased to RMB 5,777,054 thousand in 2023 from RMB 5,845,012 thousand in 2022[34] - Total equity increased to RMB 2,974,219 thousand in 2023 from RMB 2,514,456 thousand in 2022[34] - The company recorded a profit of RMB407.2 million in 2023, compared to a loss of RMB400.5 million in 2022, with the net profit margin improving from -4.3% to 4.1%[104] - Adjusted net profit for 2023 was RMB 509.805 million, with an adjusted net profit margin of 5.1%, compared to an adjusted net loss of RMB 209.111 million and a margin of -2.2% in 2022[110][111] - Cash and cash equivalents increased from RMB 1,039.3 million as of December 31, 2022 to RMB 1,407.9 million as of December 31, 2023, primarily due to cash inflows from operating activities[117] - The company's gearing ratio decreased to 19.1% as of December 31, 2023, compared to 41.5% as of December 31, 2022[121] - Income tax expense for 2023 was RMB 144.6 million, up from RMB 119.3 million in 2022, due to the utilization of tax losses from previous periods[106] - Depreciation expenses for 2023 totaled RMB 1,007.355 million, a decrease from RMB 1,058.830 million in 2022[114] - The company had outstanding secured borrowings of approximately RMB 568.7 million as of December 31, 2023, with no unsecured borrowings[121] - Bank loans and other borrowings were secured by mortgages over motor vehicles and buildings with net carrying amounts of RMB140.5 million and RMB70.8 million, respectively[124][129] - The company's capital commitment amounted to RMB19.1 million as of December 31, 2023[126][130] Operational Efficiency and Cost Control - ANE optimized its organizational structure to be flat, enhancing flexibility and operational efficiency[5] - The company upgraded its sorting networks and improved transportation efficiency through precise route planning and fleet capacity optimization[8] - The company focused on cost control through lean operations and fleet cost reductions, increasing operating profit margins[8] - The company transformed its middle and back offices into a professional shared service center, enhancing support for operative regional organizations[5] - The company upgraded its performance-oriented organizational assessment and incentive framework to motivate strategic transformation[5] - Line-haul transportation costs decreased from RMB3,980.6 million in 2022 to RMB3,821.3 million in 2023, with unit cost dropping from RMB320/ton to RMB317/ton[84] - Fuel costs decreased from RMB1,017.5 million in 2022 to RMB970.8 million in 2023, driven by lower oil prices and procurement optimization[84] - Sorting center costs reduced from RMB 2,217.0 million in 2022 to RMB 2,049.3 million in 2023, with unit cost decreasing from RMB 178/ton to RMB 170/ton[87] - Labor costs in sorting centers decreased from RMB 1,301.7 million in 2022 to RMB 1,210.6 million in 2023[87] - General and administrative expenses decreased from RMB892.8 million in 2022 to RMB773.8 million in 2023, primarily due to reduced share-based payment expenses and disciplined expense control[95] - Trunk transportation unit cost showed more significant improvement in H2 2023, reaching approximately RMB 310/ton[85] - Sorting center unit cost decreased more notably in H2 2023 to RMB 156/ton after network restructuring[87] Service Quality and Customer Metrics - The company emphasized product quality, timeliness, and service to differentiate its offerings and enhance competitiveness[7] - The retention rate of top freight partners increased from 95.7% in 2022 to 98.2% in 2023[45] - The average shipment time decreased by 10.1% to less than 72 hours from 2022 to 2023[48] - The timely fulfillment rate increased from 61.2% in 2022 to 73.2% in 2023[48] - The loss rate decreased by 83.2%, from 1.2 in 2022 to 0.2 in 2023[48] - The damage rate decreased by 33.6%, from 49.0 in 2022 to 32.6 in 2023[48] - The complaint rate decreased by 64.4%, from 1,294 in 2022 to 461 in 2023[48] - Average shipment duration decreased by 10.1% to within 72 hours in 2023 compared to 2022[49] - Timeliness fulfillment rate improved from 61.2% in 2022 to 73.2% in 2023[49] - Loss rate decreased by 83.2% from 1.2 per 100,000 pieces in 2022 to 0.2 in 2023[49] - Damage rate decreased by 33.6% from 49.0 per 100,000 pieces in 2022 to 32.6 in 2023[49] - Complaint rate decreased by 64.4% from 1,294 per 100,000 tickets in 2022 to 461 in 2023[49] Freight Volume and Market Position - ANE's freight volume reached 12.0 million tons in 2023, with gross profit increasing by 73.6% year-over-year[3] - The company shipped a total LTL freight volume of 12.0 million tons in 2023, slightly down from 12.1 million tons in 2022[37] - The company served approximately 5.5 million shippers as of December 31, 2023, up from over 4.7 million as of December 31, 2022[37] - The company completed LTL transportation volume of 12.0 million tons in 2023, compared to 12.1 million tons in 2022[40] - The company served approximately 5.5 million end customers as of December 31, 2023, up from over 4.7 million in 2022[40] - Total LTL freight volume decreased by 0.6% to 12,037 thousand tons in 2023 compared to 12,115 thousand tons in 2022[67] - Total LTL shipments increased by 12.7% to 128,839 thousand in 2023 from 114,304 thousand in 2022[67] - Freight weight per LTL shipment decreased by 12.3% to 93 kg in 2023 from 106 kg in 2022[67] - Unit price for total LTL services increased by 6.6% to RMB 818 per ton in 2023 from RMB 767 per ton in 2022[67] - Unit cost of dispatch services increased by 21.2% to RMB 200 per ton in 2023 from RMB 165 per ton in 2022[69] - Unit gross profit increased by 79.7% to RMB 106 per ton in 2023 from RMB 59 per ton in 2022[69] - Mini freight (≤70 kg) volume increased by 9.1% and light freight (70–500 kg) volume increased by 2.4% in 2023[71] - Bulk freight (>500 kg) volume decreased by 9.7% in 2023[71] - Total revenues increased to RMB 9,848,419 thousand in 2023 from RMB 9,292,351 thousand in 2022[74] - Transportation services accounted for 57.5% of total revenues in 2023, generating RMB 5,461,469 thousand[74] - Total revenue increased by 6.2% from RMB9,334.9 million in 2022 to RMB9,916.9 million in 2023, driven by a rise in LTL service unit price from RMB767/ton to RMB818/ton[78] - LTL freight volume decreased slightly from 12.1 million tons in 2022 to 12.0 million tons in 2023[78] - Transportation service unit price increased from RMB441/ton in 2022 to RMB454/ton in 2023[78] - Value-added services unit price rose from RMB138/ton in 2022 to RMB149/ton in 2023 due to growth in mini freight and light freight[78] - Dispatch services unit price increased from RMB188/ton in 2022 to RMB215/ton in 2023[78] - Cost of revenues increased by 0.5% from RMB8,604.6 million in 2022 to RMB8,648.9 million in 2023, mainly due to higher value-added and dispatch services costs[81] - The company launched FTL business in May 2022, focusing on LTL business while using FTL as a supplement to improve fleet utilization[78] - The company's trunk transportation cost decreased from RMB 3,980.6 million in 2022 to RMB 3,821.3 million in 2023, with unit cost dropping from RMB 320/ton to RMB 317/ton[85] - The company's gross profit increased from RMB 730.4 million in 2022 to RMB 1,268.0 million in 2023, with gross profit margin rising from 7.8% to 12.8%[91] - Unit gross profit improved significantly from RMB 59/ton in 2022 to RMB 106/ton in 2023[91] - Dispatch service costs increased from RMB 2,054.9 million in 2022 to RMB 2,406.6 million in 2023, with unit cost rising from RMB 165/ton to RMB 200/ton[90] - Value-added services costs grew from RMB 352.1 million in 2022 to RMB 371.7 million in 2023, with unit cost increasing from RMB 28/ton to RMB 31/ton[90] - The company's total cost of revenues slightly increased from RMB 8,604.6 million in 2022 to RMB 8,648.9 million in 2023[90] Strategic Initiatives and Future Plans - The company shifted its strategy from scale and freight volume-driven to profit and quality-focused, emphasizing effective scale growth[3] - The company implemented a more precise pricing scheme and introduced the "Iron Triangle" organization to improve response to freight partners and agents[7] - The company deepened channel development to create new momentum for freight volume growth[7] - The company plans to shift its strategic focus from scale to operational efficiency and service quality improvement in 2024[133][135] - Measures include improving service quality and timeliness, enhancing operational efficiency, and strengthening ecosystem management[134][137] - The company will accelerate investment in digitalization, including IT infrastructure and operational granularity[137] - The company aims to expand product offerings and capture new customer segments to drive growth[137] - The company will integrate "green transportation" into daily operations to reduce carbon emissions and improve ESG disclosure[138][139] - The company plans to invest in building, upgrading, and acquiring 5 to 10 key transit hubs in strategic locations over 24 to 36 months[196] - The company intends to invest in its line-haul truck fleet, including purchasing 2,000 to 3,000 modern and high-capacity truck tractors and trailers[198] - The company plans to purchase 2,000 to 3,000 modern high-capacity tractors and trailers[200] Leadership and Management - Mr. Qin has over 25 years of experience in the logistics industry and currently serves as a director of principal subsidiaries including Shanghai ANE and Giantruck[142] - Mr. Jin Yun joined the company in February 2012 and has been serving as the general manager of Anneng Juchuang Supply Chain Management (Shenzhen) Co., Ltd. since then[143] - Mr. Qin was appointed as the co-chairman of the Board on January 9, 2023, and is responsible for the company's overall strategic planning and business operations[144] - Mr. Chen Weihao was appointed as a non-executive Director in December 2019 and re-designated as a co-chairman of the Board on January 9, 2023[145] - Mr. Chen Weihao is currently a director of Shanghai ANE, a principal subsidiary of the company[146] - Mr. Wei Bin joined the company as a non-executive Director in March 2023 and has been working in CDH Investments since April 2019[147] - Mr. Wei Bin is currently serving as an independent non-executive director of Honghua Group Limited and Sinohealth Holdings Limited[149] - Mr. Zhang Yinghao joined the company as a non-executive Director in August 2023 and has been working at Beijing Panmao Investment Management Co., Ltd. since January 2019[150] - Mr. Zhang Yinghao currently serves as the non-executive director of ManpowerGroup Greater China Limited[151] - Mr. Xu Hao joined the company as Chief Financial Officer effective January 8, 2024, bringing over 18 years of corporate finance experience[162] - Mr. Xu Hao previously served as CFO of the Healthcare Consumer Group at Shanghai Fosun High Technology (Group) Co., Limited[162] - Mr. Xu Hao holds a bachelor's degree in economics from Fudan University and a master's degree in business administration from Shanghai Advanced Institute of Finance[162] - Mr. Hung Cheung Fuk joined the company in November 2023 with over 28 years of investment banking experience, including 25 years at Credit Suisse[159] - Ms. Sha Sha joined as an independent non-executive director in June 2023, bringing 25 years of experience at McKinsey, including leadership roles in digital transformation and analytics[158] - Mr. Geh George Shalchu has served as an independent non-executive director since October 2021 and was previously a managing director at Lone Star Funds and AlixPartners[155] - Mr. Li Wilson Wei has served as an independent non-executive director since October 2021 and is currently CFO of Spark Education, a China-based online education platform[153] Acquisitions and Investments - The company acquired a 6.2% interest in Jurong Dingchu Storage and Transportation Co., Ltd. for RMB 3,840,000 to fulfill storage and transportation demands[174] - ANE Hong Kong agreed to purchase a 2.7903% equity interest in Shanghai ANE for RMB 338.7 million, financed by the Group's internal resources[175] - The company acquired a 6.2% stake in Jurong Dingchu Storage and Transportation Co., Ltd. for RMB 3,840,000, making it an indirect wholly-owned subsidiary[176] - ANE Hong Kong agreed to purchase a 2.7903% stake in Shanghai ANE Juchuang for RMB 338.7 million, increasing the company's indirect ownership to 98.9540%[176] - The company raised gross proceeds of approximately HK$1,113,454,000 (RMB 916,606,000) from its IPO, with net proceeds of HK$1,009.2 million (RMB 830.8 million)[190] Network and Infrastructure - The company operates 81 self-operated sorting centers covering 98.2% of counties and townships in China as of December 31, 2023[52] - The company's key transit hubs handled an average freight volume of over 1.1 million tons in 2023[57] - The company's self-operated fleet consists of over 3,600 high-capacity line-haul trucks and approximately 6,300 trailers as of December 31, 2023[59] - The company's network outlets are owned and operated by over 28,000 freight partners and agents, covering 98.2% of counties and townships in China[60] - The company operates a leading express freight network in China's less-than-truckload (LTL) market and also handles full-truckload (FTL) business to utilize backhaul capacity[167]