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 ...

Core Viewpoint - The logistics industry, particularly the express freight market, is experiencing intense competition and consolidation, with Aneng Logistics showing significant recovery and growth in its financial performance for 2024 [1][2]. Financial Performance - Aneng Logistics reported a total freight volume of 14.15 million tons for 2024, representing a year-on-year increase of 17.5% [1]. - The company's revenue reached 11.576 billion yuan, up 16.7% year-on-year, while adjusted net profit surged to 837 million yuan, marking a 64.2% increase [1][3]. - The gross profit for 2024 was 1.842 billion yuan, a 45.2% increase, with a gross margin of 15.9%, up 3.1 percentage points year-on-year [3]. Market Dynamics - The express freight market is undergoing a structural transformation, with new entrants increasing competition [5]. - Aneng Logistics' chairman, Qin Xinghua, emphasized the importance of cost advantages and effective scale in surviving the competitive landscape [2][6]. - The company has optimized its cargo weight structure, with the average weight per ticket decreasing to 84 kg, down 9 kg year-on-year, and a significant growth in high-margin small cargo segments [3]. Strategic Focus - Aneng Logistics plans to focus on channel development, product competitiveness, and digitalization for future growth [6][7]. - The company aims to enhance its digital capabilities and operational efficiency through the adoption of AI and automation technologies [7]. - The management indicated that they are preparing for a dividend announcement in mid-2025 following the release of the company's performance [8].

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]

Investment Rating - Buy (Maintained) [3] Core Views - The company's business structure optimization and refined management have driven rapid growth in performance [3] - The company's freight volume increased by 18.5% YoY in Q3 2024, with revenue growing by 21.2% YoY to 3.04 billion CNY [4] - Gross profit surged by 66.7% YoY to 480 million CNY, with gross margin improving by 4.3 percentage points to 15.6% [4] - Net profit attributable to shareholders rose by 27.9% YoY to 190 million CNY, with net margin increasing by 0.3 percentage points to 6.2% [4] Business Performance - The number of freight partners and agents increased by 14.3% YoY to approximately 32,000 in Q3 2024 [7] - Terminal customers served by the company and its partners exceeded 5.8 million in H1 2024, up from over 5 million in the same period last year [7] - Average freight volume per outlet increased by 3.7% YoY to 117 tons in Q3 2024 [7] - The company's product competitiveness improved, with average shipment time reduced to less than 64 hours in September 2024, down from 68 hours in H1 2024 [7] - The loss rate per 100,000 shipments decreased to 0.03 in Q3 2024 from 0.04 in H1 2024, and complaints per 100,000 shipments dropped to 39.2 from 51 [7] Business Structure Optimization - The company's freight structure continued to optimize, with 0-70kg mini parcels growing by 37.3% YoY, 70-300kg small LTL (Less Than Truckload) growing by 22.6% YoY, and 300kg+ large LTL growing by 6.6% YoY in Q3 2024 [10] - The average weight per shipment decreased from 109kg in H1 2022 to 81kg in Q3 2024, reflecting significant optimization in freight structure [10] Cost Management and Profitability - The company reduced 55 less efficient small distribution centers in 2023 and optimized its fleet management, leading to a significant decrease in core costs [13] - Unit trunk line cost decreased from 0.317 CNY/kg in Q3 2023 to 0.297 CNY/kg in Q3 2024, and unit distribution center cost dropped from 0.168 CNY/kg to 0.140 CNY/kg [13] - The company's gross margin reached 15.6% in Q3 2024, up 4.2 percentage points YoY [13] - Management expense ratio remained low, with Q3 2024 at 7.3%, down from 9.9% in H1 2022 [14] Strategic Focus - The company is implementing the "Five Best" strategy, focusing on cost optimization, quality improvement, stable delivery times, fast service response, and dense network coverage [15] - The strategy aims to enhance customer retention and attract new customers, driving long-term growth in both volume and profitability [15] Financial Forecasts - Revenue is expected to grow by 17% YoY to 11.6 billion CNY in 2024, 16% YoY to 13.5 billion CNY in 2025, and 13% YoY to 15.24 billion CNY in 2026 [19] - Net profit attributable to shareholders is projected to increase by 105% YoY to 803 million CNY in 2024, 24% YoY to 1 billion CNY in 2025, and 15% YoY to 1.15 billion CNY in 2026 [19] - The company's PE ratio is expected to be 10.79x in 2024, 8.67x in 2025, and 7.53x in 2026 [19]

Key Takeaways Industry and Company * **Company**: Anheng Logistics * **Industry**: Logistics and Express Delivery Core Points and Arguments 1. **Robust Performance**: Despite challenging macro and competitive environments, Anheng Logistics maintained steady operations and continued the trend of revenue and profit growth in Q3 2024. Total revenue reached 3.044 billion yuan, up 21.2% year-on-year, with a gross profit of 476 million yuan, up 66.7% year-on-year. [1] 2. **Profitability**: Adjusted pre-tax profit and net profit achieved stable growth, reaching 2.84 billion yuan and 2.18 billion yuan, respectively. The adjusted net profit margin in Q3 was 7.2%. [2] 3. **Network Expansion**: Anheng Logistics continued to focus on network expansion and building a加盟 network ecosystem. As of September 2024, the company had 6,812 information outlets, an increase of 1,118 year-on-year. This expansion effectively drove volume growth and optimized service levels and cost capabilities. [3] 4. **Quality Improvement**: The company's iron triangle grassroots organization provided strong organizational support for service responsiveness. The iron triangle, as the service empowerment service organization for outlets, adhered to the 520 standard of 5-minute response, 2-hour resolution, and 0 repeat complaints, ensuring timely response to outlet requests. [4] 5. **Cost Optimization**: Anheng Logistics achieved cost optimization through continuous intensive management. Unit transportation costs and unit distribution costs decreased by 6.3% and 16.7%, respectively. [5] 6. **Volume Growth**: Total volume in the first nine months of 2024 was 10.16 million tons, up 19.7% year-on-year. The growth in volume was mainly driven by the expansion of marketing channels and the integration of Jinding outlets into the Anheng system. [6] 7. **Price Stability**: Anheng Logistics maintained a stable price strategy, with no price cuts or increases during peak seasons. This stability provided certainty for both outlets and customers, further enhancing the competitiveness of Anheng's products and network ecosystem. [7] 8. **Cost Reduction**: Unit transportation costs and unit distribution costs decreased by 20 yuan per ton and 38 yuan per ton, respectively, mainly due to the continuous promotion of economic operations and the benefits of structural adjustments in 2023. [8] 9. **Profit Growth**: Adjusted pre-tax profit and net profit in the first nine months of 2024 were 8.62 billion yuan and 6.48 billion yuan, respectively, with growth rates of 66.4% and 59.5%. [9] 10. **Cash Flow**: As of September 30, 2024, Anheng Logistics had cash and cash equivalents of 16.4 billion yuan. Operating cash flow for the first nine months exceeded 15 billion yuan. [10] 11. **Capital Expenditure**: Anheng Logistics continued to implement prudent capital management strategies and严格控制 capital expenditures. As of September 30, 2024, the company's interest-bearing liabilities were 1.6 billion yuan, a decrease of about 4.1 billion yuan from the end of 2023. [11] 12. **Automation**: Anheng Logistics successfully launched the first phase of two automated conveying lines in Xiaoshan and Zhengzhou. These lines have achieved a peak processing capacity of 40,000 pieces per day and a return rate of less than 3%. [12] Other Important Points * Anheng Logistics has a strong competitive advantage in the 300 kg and below segment, with a market share of over 27% in the加盟 system. [13] * Anheng Logistics plans to invest 4 to 5 billion yuan in capital expenditures in 2025, mainly for vehicle replacement, expansion of automated conveying lines, and digitalization. [14] * Anheng Logistics will maintain a stable price strategy in 2025, with flexibility in certain regional or product categories. [15] * Anheng Logistics will continue to focus on network expansion, quality improvement, and cost optimization to maintain its growth momentum. [16]

Investment Rating - Buy (Maintained) [1] Core Views - The company's cargo volume continues to grow, and profitability maintains rapid growth [1] - The company's strategic transformation has significantly improved profitability, and the scale effect is expected to further enhance unit gross profit [2] - The company's long-term development potential is promising, driven by service price increases and efficiency improvements [2] Financial Performance - In Q3 2024, the company achieved total revenue of RMB 3,044.1 million, a year-on-year increase of 21.2% [1] - Gross profit was RMB 476.3 million, up 66.7% year-on-year [1] - Adjusted pre-tax profit was RMB 284.1 million, a year-on-year increase of 39.2% [1] - Adjusted net profit was RMB 218.4 million, up 28.0% year-on-year [1] - Net profit was RMB 189.6 million, a year-on-year increase of 24.8% [1] Cargo Volume and Market Expansion - In Q3 2024, the company's cargo volume reached 3.73 million tons, up 18.5% year-on-year and 5.3% quarter-on-quarter [1] - The growth in cargo volume is attributed to the company's focus on service quality, network expansion, and enhanced franchise network ecosystem [1] - As of September 2024, the company had approximately 32,000 freight partners and agents, an increase of 4,000 compared to the same period in 2023 [1] - Mini-parcel (70 kg or less) and small-parcel (70-300 kg) cargo volumes grew by 37.3% and 22.6% year-on-year, respectively, driven by the "3300 policy" and e-commerce growth [1] Revenue and Cost Analysis - In Q3 2024, the company's LTL (Less Than Truckload) revenue per ton was RMB 815, up 2.3% year-on-year but down 0.7% quarter-on-quarter [3] - The quarter-on-quarter decline in revenue per ton is due to cost-oriented pricing strategies and the "3300 product policy" [3] - Cost per ton in Q3 2024 was RMB 687, down 2.7% year-on-year but up 0.9% quarter-on-quarter [3] - The company improved efficiency through centralized procurement and route optimization, reducing trunk transportation costs to RMB 297 per ton, down 1.8% quarter-on-quarter [3] - Distribution center costs were RMB 140 per ton, down 17% year-on-year but up 0.9% quarter-on-quarter [3] Future Outlook - The company is expected to achieve adjusted net profits of RMB 845 million, RMB 1.066 billion, and RMB 1.276 billion in 2024, 2025, and 2026, respectively [2] - The corresponding P/E ratios are 10.1x, 8.0x, and 6.7x for 2024, 2025, and 2026, respectively [2] - Long-term growth is expected to be driven by service quality improvements, cargo structure optimization, and cost efficiency [3] Market Performance - The company's closing price was HKD 7.90, with a one-year high/low of HKD 9.28/HKD 3.23 [2] - The total market capitalization was HKD 9,175.17 million, with a circulating market capitalization of HKD 9,175.17 million [2]