[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 ...

Financial Performance - For the three months ended March 31, 2024, the company recorded revenue of RMB 2,377,626 thousand, representing a 15.2% increase compared to RMB 2,064,430 thousand in the same period of 2023[2] - Gross profit for the same period was RMB 382,485 thousand, a significant increase of 77.6% from RMB 215,371 thousand year-on-year[2] - The company achieved a net profit of RMB 196,431 thousand, marking a remarkable growth of 303.1% compared to RMB 48,735 thousand in the previous year[2] - Total revenue increased by 15.2% from RMB 2,064.4 million for the three months ended March 31, 2023, to RMB 2,377.6 million for the three months ended March 31, 2024, driven by an increase in cargo volume from 2,362 thousand tons to 2,875 thousand tons[10] - Operating profit rose significantly from RMB 113.4 million to RMB 284.0 million, with operating margin increasing from 5.5% to 11.9%[16] - Net profit for the three months ended March 31, 2024, was RMB 196.4 million, with a net profit margin of 8.3%, compared to RMB 48.7 million and a margin of 2.4% for the same period in 2023[20] - Adjusted net profit for the same period was RMB 208,947 thousand, compared to RMB 76,273 thousand in 2023, reflecting a growth of 174.5%[22] - The adjusted net profit margin improved to 8.8% in 2024 from 3.7% in 2023, indicating enhanced profitability[22] - The adjusted pre-tax profit for the three months was RMB 279,744 thousand, up from RMB 119,689 thousand in the previous year, marking an increase of 133.4%[22] Operational Metrics - Total freight volume reached 2,875 thousand tons, reflecting a year-on-year increase of 21.7% from 2,362 thousand tons[3] - The total number of tickets processed was 31,568 thousand, which is a 25.3% increase from 25,190 thousand tickets in the same period last year[4] - The average weight per ticket decreased from 94 kg to 91 kg, a decline of 2.9% year-on-year[4] - The average transportation service price per ton decreased by 10.7% to RMB 442, while the value-added service price per ton increased by 10.6% to RMB 167[7] - The unit gross profit increased from RMB 92 per ton to RMB 133 per ton, reflecting improved cost management[13] Cost Management - Operating costs rose by 7.9% from RMB 1,849.1 million to RMB 1,995.1 million, primarily due to increases in trunk transportation costs from RMB 797.2 million to RMB 890.6 million and delivery service costs from RMB 489.7 million to RMB 574.6 million[12] - General and administrative expenses decreased by 13.3% from RMB 148.3 million to RMB 128.5 million, attributed to a flatter management structure and stricter cost controls[14] - Financial costs decreased by 32.1% from RMB 25.1 million to RMB 17.0 million due to early repayment of loans[17] Service Quality - The company improved its loss rate to 0.06 and damage rate to 8.67 per 100,000 items, indicating enhanced service quality[5] Strategic Focus - The company plans to continue implementing strategies focused on quality and profitability, aiming for long-term sustainable growth[3] - The company plans to continue focusing on less-than-truckload (LTL) business while using full truckload services as a supplement[10] Liquidity and Financial Health - As of March 31, 2024, the company's cash and cash equivalents stood at RMB 1,337.6 million, demonstrating strong liquidity[22] - The liquidity of the company remains robust, primarily supported by cash inflows from customer payments during the reporting period[22] Cautionary Notes - The financial data presented is based on internal records and has not been reviewed or audited by external auditors, indicating a need for caution among investors[23] - The board emphasizes that forward-looking statements are subject to risks and uncertainties, which may lead to actual results differing significantly from those projected[23]

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]

[Table_Page] 公司深度研究|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 4.83港元 （09956.HK） 合理价值 7.27港元 报告日期 2024-04-22 先向管理要利润，再向产业要空间 基[Ta本ble数_B据ase Info] [Table_Summary] 核心观点： （如无特殊说明，本报告货币单位均为人民币，1RMB=1.0814HKD） 总股本/流通股本（百万股） 1162.61/1162.61 总市值/流通市值（百万港元） 5615.38/5615.38 ⚫ 聚焦主线，加盟制快运龙头重回盈利通道。作为中国全网加盟制快运赛 一年内最高/最低（港元） 7.30/3.37 道的创始人之一，安能物流用十余年时间夯实自身龙头地位。18-23年， 30日日均成交量/成交额（百万） 1.21/5.83 公司货量CAGR 10%，收入CAGR 13%。值得注意的是，过去两年安 近3个月/6个月涨跌幅（%） 11.29/-21.97 能以提质增效为核心，在业务上做减法，在盈利上做加法，23年 ...

2024 年 03 月 30 日 公司研究 评级：买入 (上调 ) 研究所： [Table_Title] 改革成效显著，加盟快运龙头基本面大幅改善 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn ——安能物流（ ） 年年度业绩公告点 09956 2023 评 最近一年走势 事件 : 2024年3月26日，安能物流发布2023年年度业绩公告： 2023年，公司实现营业收入99.17亿元，同比增长6.23%；实现毛利 润12.68亿元，同比增长73.61%。毛利率12.79%，同比增长4.96pcts； 实现归母净利润3.92亿元，同比扭亏为盈（2022年同期为亏损4.00 亿元）。归母净利率3.96%，2022年同期为-4.28%。 2023H2，公司实现营业收入53.67亿元，同比增长3.29%；实现毛利 相对恒生指数表现 2024/03/28 润7.16亿元，同比增长56.84%。毛利率13.34%，同比增长4.55pcts； 表现 1M 3M 12M 实现归母净利润2.33亿元，同比扭亏为盈（2022年同期为亏损5.75 安能物流 29.2% -10.5% 2 ...

Financial Performance - For the year ended December 31, 2023, the company reported revenue of RMB 9,916,899 thousand, representing a 6.2% increase from RMB 9,334,931 thousand in 2022[3]. - Gross profit for the same period was RMB 1,268,003 thousand, a significant increase of 73.6% compared to RMB 730,362 thousand in 2022[3]. - The company achieved an adjusted EBITDA of RMB 1,730,355 thousand, reflecting a 57.8% growth from RMB 1,096,435 thousand in the previous year[3]. - Operating profit turned positive at RMB 619,508 thousand, compared to an operating loss of RMB 171,001 thousand in 2022[3]. - The company reported a net profit of RMB 407.2 million for the year ended December 31, 2023, compared to a net loss of RMB 400.5 million in 2022[62]. - The adjusted net profit for the year ended December 31, 2023, was RMB 509.8 million, compared to a loss of RMB 209.1 million in 2022[45]. - The adjusted pre-tax profit margin improved to 6.6% in 2023 from a loss margin of 1.0% in 2022[46]. - The company reported a total tax expense of RMB 144,610 thousand for 2023, compared to RMB 119,336 thousand in 2022, reflecting an increase in tax obligations[86]. Operational Efficiency - The company is focusing on high-quality growth and has implemented a new strategy centered on profit and quality rather than volume[5]. - The company aims to enhance operational efficiency and cost control through improved routing and fleet management[5]. - The average delivery time decreased by 10.1% to within 72 hours from the previous year, while the on-time delivery rate improved from 61.2% to 73.2%[10]. - The loss rate dropped by 83.2% from 1.2 to 0.2 per 100,000 items, and the damage rate decreased by 33.6% from 49.0 to 32.6 per 100,000 items[10]. - The company operates 81 self-managed distribution centers, covering approximately 98.2% of counties and towns in China, with a focus on optimizing operational efficiency[11]. - The average daily handling capacity of core hubs reached 3,986 tons, with 36 core hubs strategically located in major commercial centers[15]. - The company manages around 2,300 carefully planned trunk transportation routes, with approximately 88.5% being bidirectional[16]. - The self-operated fleet consists of over 3,600 high-capacity trucks and about 6,300 trailers, an increase from the previous year[16]. Customer and Market Growth - The number of end customers served increased to approximately 5.5 million as of December 31, 2023, up from over 4.7 million in 2022[7]. - Total number of shipments increased by 12.7% to 128,839 thousand shipments in 2023, driven by growth in mini and small shipments[21]. - Average weight per shipment decreased by 12.3% from 106 kg in 2022 to 93 kg in 2023, reflecting a shift towards smaller, higher-margin shipments[21]. - Revenue from transportation services increased to RMB 5,461.5 million, accounting for 55.5% of total revenue, up from 57.5% in 2022[22]. Cost Management - Operating expenses decreased from RMB 892.8 million in 2022 to RMB 773.8 million in 2023, driven by stricter cost controls and reduced share-based payment expenses[37]. - The cost of mainline transportation decreased from RMB 3,980.6 million in 2022 to RMB 3,821.3 million in 2023, reflecting improved fleet efficiency[29]. - The unit cost of mainline transportation improved to RMB 317 per ton in 2023 from RMB 320 per ton in 2022, with significant improvements noted in the second half of 2023[29]. - The unit cost of distribution services increased to RMB 200 per ton in 2023 from RMB 165 per ton in 2022, attributed to higher service quality and increased volume[33]. Strategic Initiatives - The strategic transformation in 2023 is expected to lay a solid foundation for the company's long-term development[6]. - The company plans to continue focusing on its core less-than-truckload (LTL) business while using its full truckload (FTL) operations to enhance fleet utilization[25]. - Future strategies include accelerating digital investments and expanding the product matrix to capture potential growth opportunities[58]. - The company aims to integrate "green transportation" principles into daily operations to continuously reduce carbon emissions[59]. Governance and Compliance - The company has confirmed compliance with the corporate governance code and has adopted the relevant provisions[96]. - The board of directors has appointed new members and made changes to the committee structure, effective from various dates in 2023[94][95]. - The company has established various committees, including a remuneration committee and a strategic committee, to enhance governance[105]. - The audit committee has reviewed the annual financial performance for the year ending December 31, 2023, and confirmed compliance with relevant accounting standards[104]. Assets and Liabilities - Non-current assets decreased to RMB 2,660,739 thousand as of December 31, 2023, down 17.8% from RMB 3,238,395 thousand in 2022[64]. - Current assets increased to RMB 3,116,315 thousand, a rise of 19.5% compared to RMB 2,606,617 thousand in 2022[65]. - Total liabilities decreased to RMB 2,802,835 thousand, down 12.5% from RMB 3,202,556 thousand in 2022[65]. - Net assets increased to RMB 2,974,219 thousand, reflecting a growth of 18.3% from RMB 2,514,456 thousand in 2022[66]. Employee and Workforce Management - The company had a total of 3,142 employees as of December 31, 2023, a decrease of 19.3% from 3,894 employees on December 31, 2022[99]. - The company has implemented an incentive plan for its employees, linking compensation to performance based on specific objective criteria[99]. - The company experienced a decrease in employee benefits expenses, totaling RMB 738,432 thousand in 2023 compared to RMB 859,114 thousand in 2022[84]. Investment and Future Plans - The company plans to invest 40% of the net proceeds (approximately HKD 403.7 million) in building, upgrading, and potential acquisitions of 5 to 10 core transit hubs to accommodate high growth in freight volume[101]. - The company intends to purchase approximately 2,000 to 3,000 modern high-capacity trucks, representing 25% of the net proceeds (approximately HKD 252.3 million)[101]. - The company has utilized 20.0% of the net proceeds from its fundraising for investment in technological innovation, amounting to HKD 201.8 million[102].

Freight Volume and Service Performance - In the first half of 2023, the total LTL freight volume completed was 5.3 million tons, a slight decrease from 5.4 million tons in the same period of 2022[27]. - As of June 30, 2023, the company served over 5.0 million shippers, an increase from over 4.3 million shippers as of June 30, 2022[27]. - Average shipment time was reduced by 10.1% from the first half of 2022 to the same period in 2023, with the timely fulfillment rate increasing from 60.6% to 72.1%[37]. - The loss rate decreased by 30.1%, from 1.2 lost units per hundred thousand units in the first half of 2022 to 0.8 in the same period of 2023[37]. - The company served approximately 5.0 million shippers across China, enhancing its service quality through a quality growth strategy[37]. - The freight volume of mini freight (≤70 kg) increased by 17.5%, and light freight (70 – 500 kg) increased by 5.8%, indicating a positive trend in these segments[59]. - The company emphasizes the importance of service quality, resulting in a 58.0% decrease in complaint rates from 1,268 in the first half of 2022 to 532 in the same period of 2023[37]. Operational Efficiency and Network - The company operated 94 self-operated sorting centers, covering approximately 96.7% of counties and townships in China as of June 30, 2023[38]. - The company optimized its sorting center network to enhance operational efficiency while maintaining national coverage[39]. - The company continues to invest in sorting centers and line-haul transportation to improve service quality and operational efficiency[33]. - The company manages around 2,005 well-planned line-haul routes, with approximately 90.5% being two-way routes[47]. - The self-operated fleet consists of over 3,900 high-capacity line-haul trucks and approximately 6,300 trailers as of June 30, 2023, showing an increase from 4,000 trucks and over 6,200 trailers as of December 31, 2022[47]. Financial Performance - Total revenue increased by 9.9% from RMB 4,139.2 million in H1 2022 to RMB 4,550.2 million in H1 2023, driven by an increase in unit price for LTL service from RMB 766/ton to RMB 847/ton[67]. - The company recorded a profit of RMB 169.3 million with a net profit margin of 3.7% for the six months ended June 30, 2023, compared to a loss of RMB 175.7 million with a net loss margin of 4.2% for the same period in 2022[101]. - Adjusted EBITDA for the six months ended June 30, 2023, was RMB 886.7 million, up from RMB 468.4 million in the same period of 2022, reflecting a margin increase from 11.3% to 19.5%[108]. - Operating profit increased from a loss of RMB 137.6 million for the six months ended June 30, 2022, to a profit of RMB 287.7 million for the same period in 2023, resulting in an operating profit margin improvement from -3.3% to 6.3%[94]. Cost Management - The unit cost of revenues was RMB 750/ton, with unit operating profit at RMB 54/ton and unit adjusted EBITDA at RMB 166/ton[61]. - The cost of revenues increased from RMB 3,865.1 million for the six months ended June 30, 2022, to RMB 3,997.9 million for the same period in 2023, primarily due to higher costs in value-added and dispatch services[72]. - Sorting centre costs decreased from RMB 1,029.2 million for the six months ended June 30, 2022, to RMB 1,004.0 million for the same period in 2023, primarily due to optimizations in smaller sorting centres and improved labour efficiency[79]. Strategic Focus and Future Plans - The Company is shifting its strategic focus from scale to increasing operational efficiency and improving service quality to sustain high-quality growth[137]. - The Company plans to enhance service quality by improving overall timeliness and safety to attract high-margin shippers[138]. - The Company intends to expand product offerings and explore new customer types to capture potential growth opportunities[144]. - The Company will accelerate investment in digitalization, focusing on IT infrastructure to support firm-wide digital initiatives[140]. Governance and Compliance - The Company has complied with all applicable code provisions in the Corporate Governance Code during the Reporting Period[151]. - The Board will continue to review and consider splitting the roles of chairman and chief executive officer at an appropriate time[152]. - The Company has adopted a code of conduct regarding Directors' securities transactions that meets the standards set out in the Model Code[155]. Employee Management - The Group had 3,563 employees as of June 30, 2023, representing a reduction of 8.5% compared to 3,894 employees as of December 31, 2022[156]. - The Group provides periodic training to employees to improve their skills and knowledge, including technical and management training[157]. - The Company has implemented incentive schemes for its employees to enhance performance[157].