Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

02 ANE (Cayman) Inc. • INTERIM REPORT 2025 Corporate Information 公司資料 ANE (Cayman) Inc. 安能物流集團有限公司 (A company incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號 : 9956 中期報告 2025 INTERIM REPORT ANE endless possibilities 無限可能 安能 CONTENTS 目錄 | 02 | Corporate Information | | --- | --- | | | 公司資料 | | 06 | Management Discussion and Analysis 管理層討論與分析 | | | Corporate Governance and Other Information | | 34 | 企業管治及其他資料 | | 97 | Independent Review Report | | | 獨立審閱報告 | | | Int ...

Core Viewpoint - Aneng Logistics has announced a short trading suspension on September 18 to release an announcement regarding internal company news related to acquisitions and mergers [1] Company Overview - Aneng Logistics, established in 2010, is a leading player in China's less-than-truckload (LTL) logistics industry and was listed on the Hong Kong Stock Exchange in November 2021 as the "first LTL stock" [1] - The company has implemented a series of transformation plans focusing on a "profit and quality" strategy, particularly targeting high-margin businesses in the 3kg to 300kg segment, referred to as the "3300 flagship product" [4] Industry Context - The LTL market is experiencing intense competition with new entrants such as Ronghui Logistics, Xingman Logistics, and Benniu Express, alongside significant consolidation activities within the industry [1] - Major players like SF Express and JD Logistics are actively acquiring stakes in other logistics companies, indicating a clear trend towards market consolidation [1] Performance Metrics - In the first half of 2025, Aneng Logistics reported a revenue of 5.625 billion yuan, a year-on-year increase of 6.4%, and an adjusted net profit of 476 million yuan, up 10.7% [4] - The total volume of LTL freight handled by the company reached 6.82 million tons, reflecting a year-on-year growth of 6.2% [4] - The company’s cargo volume for shipments under 300kg increased by 18.2% year-on-year, with the average weight per ticket being 75kg [4] Stock Performance - Aneng Logistics' stock price has seen a significant increase, rising by 23.16% since September 1, with a closing price of 10.14 HKD per share on September 17 [4]

安能物流(09956)发布公告，该公司股份将于2025年9月18日上午九时正起短暂停止买卖。 ...

安能物流(09956)发布公告，公司的股份已于2025年9月18日上午9时正起在香港联合交易所有限公司短 暂停止买卖，以待根据公司收购及合并守则发出载有公司内幕消息之公告。 ...

格隆汇9月18日丨安能物流(09956.HK)发布公告，该公司的股份将于今天(18/9/2025)上午九时正起短暂 停止买卖。 ...

智通财经APP讯，安能物流(09956)发布公告，该公司股份将于2025年9月18日上午九时正起短暂停止买 卖。 ...

智通财经APP讯，安能物流(09956)发布公告，公司的股份已于2025年9月18日上午9时正起在香港联合交 易所有限公司短暂停止买卖，以待根据公司收购及合并守则发出载有公司内幕消息之公告。 ...

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，概不對因本公告全部或任何部分內容而產生或因倚 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） 短暫停牌 應安能物流集團有限公司（「本公司」）之要求，本公司的股份已於2025年9月18日 上午9時正起在香港聯合交易所有限公司短暫停止買賣，以待根據公司收購及合 併守則發出載有本公司內幕消息之公告。 承董事會命 安能物流集團有限公司 陳偉豪先生及秦興華先生 聯席主席 香港，2025年9月18日 截至本公告日期，董事會由執行董事秦興華先生及金雲先生；非執行董事陳偉豪 先生、張迎昊先生及魏斌先生；及獨立非執行董事李維先生、葛曉初先生、沙莎 女士及洪長福先生組成。 ...

Core Viewpoint - Morgan Stanley initiated coverage on Aneng Logistics (09956) with an "Overweight" rating and a target price of HKD 11.7, indicating a potential upside of 44% from the closing price of HKD 8.10 as of September 2 [1] Company Performance - Aneng Logistics demonstrated robust growth in the first half of 2025, with total LTL freight volume reaching 6.82 million tons, a year-on-year increase of 6.2%; revenue of CNY 5.625 billion, up 6.4%; and adjusted net profit of CNY 476 million, reflecting a 10.7% increase, with a stable gross margin of 15.6% [3] - The company is expected to achieve a freight volume of 14.15 million tons in 2024, representing an 18% year-on-year growth [4] - Aneng Logistics' net asset return (ROE) is projected to reach 30% in 2024, significantly higher than the industry average of 10%, driven by an asset turnover rate exceeding 200% [4] Industry Outlook - The LTL market in China is projected to reach CNY 1.7 trillion by 2024, characterized by a highly fragmented landscape where 90% of revenue is held by 200,000-300,000 small and local freight companies [3] - The express freight segment, a high-margin niche, is expected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2027, with its market share increasing from 9% to 11% [3] - The logistics industry is undergoing accelerated consolidation, with leading companies likely to capture market share through a siphoning effect [3] Competitive Advantages - Aneng Logistics is leveraging its industry leadership by optimizing its product structure, focusing on high-margin small and light goods, which have significantly higher prices and profit margins compared to bulk freight [4] - The company achieved a 25.2% year-on-year increase in total ticket volume, with mini ticket freight volume growing by 23.9% and small ticket LTL volume increasing by 14.0% in the first half of 2025 [4] - Aneng Logistics is positioned as a typical "value stock" with a stable dividend policy, expected to enhance its market share amid the exit of smaller players in the industry [5]