公告称，总收入同比增加主要受集团的货运总量和总票数由截至2024年6月30日止六个月的640万吨和 7240万票分别增加至截至2025年6月30日止六个月的680万吨和9060万票影响，而同期服务总单价保持稳 定。 集团主要为集团的货运合作商(即集团的直接客户)提供运输服务、增值服务及派送服务。截至2025年6 月30日，集团与集团的货运合作商及代理商为全中国超过680万个终端客户(集团的最终客户)提供服 务，而截至2024年6月30日则为超过580万个终端客户。 智通财经APP讯，安能物流(09956)发布截至2025年6月30日止六个月的中期业绩，收入56.25亿元(人民 币，下同)，同比增加6.36%;毛利8.8亿元，同比增加0.21%;股东应占溢利4.2亿元，同比增加7.54%;每股 基本盈利0.37元;拟派发中期股息每股0.1572港元。 ...

Core Viewpoint - Aneng Logistics (09956.HK) announced that it will hold a board meeting on August 19, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the declaration and distribution of dividends, among other matters [1] Summary by Relevant Categories - **Company Announcement** - The board meeting is scheduled for August 19, 2025 [1] - The meeting will focus on the approval of the interim results for the six months ending June 30, 2025 [1] - The agenda includes the declaration and distribution of dividends, if any [1] - Other matters will also be addressed during the meeting [1]

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 董事會召開日期 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） 安能物流集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年8月19日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准本公司及 其附屬公司2025年6月30日止六個月的中期業績及其發佈，及宣派及派發股息（如 有），以及處理其他事項。 承董事會命 安能物流集團有限公司 聯席主席 陳偉豪先生及秦興華先生 香港，2025年8月7日 於本公告日期，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；以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。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安能物流集團有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6日 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09956 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,176,131,054 | | 1,191,000 | | 1,177,322,054 | | 增加 / 減少 (-) | | | | 0 | 0 | | | | 本月底結存 | | | 1,176,131,054 | | 1,191,000 | | 1,177,322,054 | 第 2 頁 ...

Core Insights - The structural adjustments of Aneng Logistics have been completed by the end of last year, and the company now faces increasing market competition, with the introduction of unmanned vehicles and smart heavy trucks being key factors for future profit support [1][5]. Group 1: Operational Performance - Aneng Logistics' Anhui distribution center has seen a growth in throughput, nearing last year's peak levels, with expectations of reaching a daily operational volume of 6,000 tons during peak periods this year [1]. - The "3300" product line, which was launched last May, has significantly contributed to operational efficiency and profitability, with its volume growth outpacing total cargo volume [3][5]. - The average weight per ticket has improved to approximately 75 kg this year, down from about 84 kg last year, indicating a successful optimization strategy [3]. Group 2: Cost Management - Aneng Logistics has implemented automation at its Linyi distribution center, resulting in a 6% reduction in cost per kilogram [4]. - The company plans to enhance operational efficiency through refined management practices, aiming to meet the challenges posed by the anticipated 6,000 tons throughput without major changes in personnel or service quality [4][5]. Group 3: Technological Advancements - The company is exploring the application of unmanned vehicles in the express delivery sector, with 300 units of the Z10 unmanned vehicle already deployed in Anhui [6][7]. - Aneng Logistics has introduced nearly 20 smart heavy trucks equipped with advanced driving systems in Q1, with plans to scale up to 300-500 units by the end of this year [9][10]. - The use of smart heavy trucks can reduce labor costs by 50% and improve fuel efficiency by 3%-5% compared to traditional trucks, addressing the challenges of driver recruitment and operational costs [9].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [12] Core Insights - The logistics industry is experiencing a "DeepSeek moment" with significant technological breakthroughs across various segments, including branch, trunk, terminal, and management [4][7] - The report emphasizes the importance of adopting new technologies to enhance operational efficiency and reduce costs, particularly in the express delivery sector [11][28] Summary by Sections Introduction: The Arrival of the "DeepSeek Moment" in the Logistics Industry - The logistics industry is witnessing substantial advancements due to improved algorithm efficiency and rapid technological iterations, leading to significant breakthroughs in various operational segments [7][18] - Key drivers for these advancements include the massive scale of the Chinese express delivery market, intense competition, and high labor cost ratios [28] Branch Segment: The Growth Year for Unmanned Logistics Vehicles - Leading express companies are initiating a surge in unmanned logistics vehicle orders, driven by reduced core component costs and improved algorithm efficiency [8][33] - The monthly operational cost of unmanned logistics vehicles can be as low as 2000 yuan, significantly lower than the average monthly salary of drivers [33][40] Trunk Segment: Smart Assisted Driving Initiates Mass Production - Smart assisted driving trucks are being deployed on a large scale by leading express companies, addressing safety and cost issues in traditional trunk transportation [9][32] - The potential market space for smart trucks is substantial, with projected sales of 1.03 million heavy trucks in 2024 [9] Terminal Segment: Mode Transformation Drives Cost Reduction - Express companies are innovating their terminal operations to reduce costs significantly, with models like direct linking from transfer centers to terminal stations [10][32] - The report highlights that if the direct link ratio reaches 40%, terminal costs could be reduced by 0.12 yuan per package [10] Management Segment: Digital Decision-Making Promotes Cost Reduction - Leading companies are developing industry-specific AI models to enhance management efficiency and reduce operational costs [10][32] - The integration of big data and AI technologies is driving improvements in decision-making and resource utilization [10] Investment Recommendations: Technological Waves Reshape Logistics Costs - The report recommends prioritizing investments in direct logistics companies and leading express firms, as well as components and operators related to unmanned commercial vehicles [11][32] - Companies like SF Express and Aneng Logistics are highlighted as key players benefiting from these technological advancements [11]

Summary of Logistics Industry Conference Call Industry Overview - The logistics sector can be categorized into three types of companies: stable profit companies (e.g., SF Express), high-growth companies (e.g., Jitu), and operational improvement companies (e.g., Aneng Logistics) based on their self-owned cash flow ratio and capital expenditure growth rate [1][2][3]. Key Insights and Arguments - **SF Express** has shifted its strategy from diversification to focusing on the mid-to-high-end market, optimizing its cost structure and undergoing organizational changes, which has significantly improved its free cash flow and profitability. The company is expected to benefit from growth in the mid-to-high-end market and overseas resource integration [1][5][6]. - The **e-commerce express delivery industry** is experiencing intensified competition, leading to a reshuffling of market shares among leading companies. Despite short-term performance pressures, companies like ZTO and YTO are seen as having bottom-fishing value, while Jitu shows strong growth potential in emerging markets [1][7]. - **Aneng Logistics** has achieved counter-cyclical growth in the road freight market by focusing on high-profit small parcel business and internal management improvements. It is expected to achieve around 20% growth in Q2 2025 and for the full year, with mid-term dividend expectations acting as a catalyst for stock price [1][8][9]. - **Jitu** is rapidly expanding in Southeast Asia and South America, leveraging its cost-reduction experiences from the Chinese market. It is projected to capture over 30% market share in Southeast Asia by 2025 [1][7]. Important but Overlooked Content - The logistics sector is seeing a rise in new technology applications, including low-speed unmanned logistics vehicles, L2 level intelligent auxiliary driving trucks, unmanned stations, and delivery lockers, which are expected to enhance efficiency and reduce costs [3][11]. - The concentration of logistics in China and the decline in capital expenditure are providing strong cash flow support for the industry, while new technology applications are expected to drive growth [3][11]. - The investment strategy for 2025 focuses on companies with strong free cash flow and those leveraging new technologies for growth opportunities [2][10]. Conclusion - The logistics industry is poised for growth with a clear differentiation among companies based on their operational strategies and market positioning. Investors are encouraged to focus on stable profit companies, high-growth companies in emerging markets, and those showing operational improvements to capitalize on the evolving landscape [1][10].

六月凤凰花开毕业季，全国将近3000所高校的1222万毕业生行李寄递市场，成为快递玩家在淡季的必争之地。 为了抢客，去年顺丰京东们甚至在校园面对面搭台子互掐，宣传广告"你九毛一斤，我就八毛"，赚不赚钱无所谓，主打一个市占为王。 今年毕业寄的战火，比往年来的更早一些。 "行家"德邦在5月份就放出消息，临时收寄点、学生专属优惠、服务点直接布置到宿舍楼下、上门取件+送货上门这种常规操作继续，还延长了毕业学生特 权。 随后，顺丰、韵达相继官宣专项业务，安能、百世等也接连发布下场，接下来，老玩家们京东物流、通达系也会陆续发布官宣。 亿豹网发现，如今的高校毕业寄，越来越像是另一个618战场，也成为了快递营销日历上的一个重要节日，只是这块蛋糕，并没有想象中香甜。 快递企业悉数出牌 凭借多年的市场教育以及在消费者心智中的认知提升，快递培养了用户轻装出行的消费理念，而对于价格不敏感、常年被电商浸染的学生群体而言，毕业 用快递寄行李已经是一件十分自然的事情，这也催生了大量快递业务需求。 面对将近3000所高校的上千万毕业生行李寄递需求，直营、加盟快递都纷纷上花活。 其中，顺丰针对认证的学生会员，推出"首单0元起"，毕业后相关权益 ...

Core Viewpoint - Aneng Logistics reported a revenue of approximately 2.587 billion yuan for Q1 2025, representing a year-on-year increase of 8.8%, and an adjusted net profit of about 242 million yuan, up 15.9% year-on-year [1] Group 1: Performance Metrics - The average delivery time improved to 65 hours as of March 2025, with the loss rate decreasing to 0.02 items per 100,000 and the complaint rate reduced to 33.2 complaints per 100,000 tickets [1] - The company maintained a network integration trend, with over 36,000 freight partners and agents by the end of March 2025, compared to approximately 29,400 a year earlier [1] - The total freight volume reached 3.05 million tons in Q1 2025, reflecting a year-on-year growth of 5.9% [1] Group 2: Revenue and Profitability - The revenue per ton for less-than-truckload (LTL) shipments was 850 yuan, a year-on-year increase of 2.8%, with significant growth in mini and small ticket volumes by 27.4% and 12.1%, respectively [1] - The value-added service revenue per ton increased to 188 yuan, up 12.6% year-on-year, driven by the growth in small ticket volumes [1] - Gross profit for Q1 2025 was 410 million yuan, a year-on-year increase of 7.11%, with a gross margin of 15.8%, down 0.26 percentage points year-on-year [2] Group 3: Strategic Outlook - The company is expected to continue optimizing its regional structure and channel layout, enhancing end-service efficiency and quality, which may lead to stable growth in revenue per ton [2] - The gross margin for value-added services is expected to further improve, with the unit gross profit for value-added services rising to 142 yuan, a year-on-year increase of 6.0% [2] - The company is positioned as a leading player in the franchise-based nationwide LTL express market, with significant potential for profit improvement and business volume growth driven by franchisee ecosystem optimization [2]