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]

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][3] Company Performance - In the first half of 2025, Aneng Logistics demonstrated robust growth 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][4] - The company is expected to achieve a freight volume of 14.15 million tons in 2024, representing an 18% year-on-year growth [4] Market Opportunity - 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][4] - The express delivery segment, which has a higher gross margin, is anticipated to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2027, with market share expected to increase from 9% to 11% [3][4] Competitive Advantage - Aneng Logistics is positioned as a leader in the LTL express market, with a nationwide coverage of 99.6% of towns, significantly outperforming peers [4] - The company focuses on optimizing its product structure by emphasizing high-margin small and light goods, which has led to a 25.2% increase in total ticket volume year-on-year [4] Profitability - Aneng Logistics exhibits strong profitability metrics, with a projected return on equity (ROE) of 30% in 2024, significantly higher than the industry average of 10% [5] - The company is expected to achieve a CAGR of 15% in adjusted net profit from 2025 to 2027, with gross margin increasing from 15.9% in 2024 to 16.2% in 2027 [5] Industry Dynamics - The LTL freight industry is entering a phase of stock competition, with a pronounced Matthew effect, where Aneng Logistics' advantages in network coverage, product structure, and profitability will allow it to gain market share as smaller players exit the market [6] - The company is characterized as a "value stock" due to its stable dividend policy and potential for dual release of value and performance as industry consolidation deepens [6]

Summary of Conference Call Industry or Company Involved - **Industries Discussed**: Lithium mining, copper, aluminum, steel, cement, coal, shipping (cruise industry), express delivery, logistics, insurance, industrial equipment. Key Points and Arguments Lithium Mining - Market misunderstanding regarding the resumption of operations at Ningde lithium mines, with a target for resumption set for November [4][3] - Seven mines in Yichun are awaiting a government decision on their operational status, with results expected by October or November [3][4] Copper - Copper smelting processing fees are currently negative, but no significant changes in smelting operations are anticipated [6][6] - New regulations on waste copper suppliers may increase domestic costs and affect supply, with an estimated monthly supply impact of 50,000 to 55,000 tons [7][7] Aluminum - The impact of anti-involution on alumina is minimal, with the industry remaining in a state of oversupply [8][8] Steel - Regional differences in steel production cuts, with some provinces actively implementing reductions while others, like Tangshan, have not yet enforced cuts [9][9] - Profitability in the steel sector has dropped significantly, leading to potential voluntary production cuts [9][9] Cement - Cement demand is declining, particularly in cities like Shanghai, prompting discussions among leading companies about potential production cuts [10][10] Coal - Coal prices are expected to stabilize between 600 and 700, with production checks likely if prices fall below 600 [11][11] Shipping (Cruise Industry) - The cruise industry has faced demand dilution due to illegal oil transport, impacting market performance [14][14] - Recent increases in shipping rates, from around 30,000 to 60,000, indicate a potential recovery in the sector [15][16] - Supply-side changes are expected to drive future price increases, with a focus on compliance and sanctions affecting operational efficiency [20][20] Express Delivery - The express delivery sector is experiencing a gradual price increase, with major players locking in market shares to stabilize pricing [26][26] - Concerns about social security changes impacting delivery costs were noted, but no drastic regulatory changes are expected [29][29] Logistics (Aneng Logistics) - Aneng is positioned as a leading player in the express delivery market, benefiting from structural changes and a growing market share [30][30] - The company is expected to see continued growth due to favorable market dynamics and competitive advantages [31][31] Insurance - The insurance sector has reported strong performance in the first half of the year, with a focus on cost control and structural improvements [39][39] - The growth in the insurance market is driven by fewer catastrophic events and improved expense management [39][39] Industrial Equipment - The industrial sector is entering a new upcycle, particularly in engineering machinery and lithium battery equipment, with expected growth rates of 46%, 24%, and 21% over the next three years [52][57] - Key drivers include equipment replacement cycles, infrastructure projects, and overseas market growth [54][55] Other Important but Possibly Overlooked Content - The overall sentiment in various sectors indicates a cautious optimism, with potential for recovery in specific industries despite ongoing challenges [12][12] - The discussion highlighted the importance of regulatory changes and market dynamics in shaping future performance across sectors [12][12][12]