Financial Performance - The company reported revenue of 2.587 billion, an increase of 8.8% year-on-year [1] - Profit attributable to the parent company was 226 million, up 20.26% year-on-year [1] - Adjusted net profit reached 242 million, reflecting a 15.9% increase year-on-year [1] Operational Metrics - Total freight volume for the three months ended March 31, 2025, was 3,045 thousand tons, a 5.9% increase from 2,875 thousand tons for the same period in 2024 [1] - The number of freight partners and agents increased to over 36,000, up from approximately 29,400 a year earlier [1] Service Quality - Total ticket count reached 40,465 thousand, representing a 28.2% year-on-year growth from 31,568 thousand [2] - The loss rate and complaint ticket count improved to 0.02 and 33.2 respectively per 100,000 tickets [2] - Average delivery time was optimized to approximately 65 hours as of March 2025 [2]

Financial Performance - For the three months ended March 31, 2025, the company reported revenue of RMB 2,586,953 thousand, an increase of 8.8% compared to RMB 2,377,626 thousand for the same period in 2024[4] - Gross profit for the same period was RMB 409,680 thousand, reflecting a year-on-year growth of 7.1% from RMB 382,485 thousand[4] - The company achieved a net profit of RMB 227,515 thousand, which is a 15.8% increase from RMB 196,431 thousand in the previous year[4] - The adjusted profit before tax rose to RMB 328,124 thousand, marking a 17.3% increase compared to RMB 279,744 thousand in 2024[4] - Operating profit rose from RMB 284.0 million for the three months ended March 31, 2024, to RMB 316.0 million for the same period in 2025, with an operating margin increase from 11.9% to 12.2%[17] - Net profit for the three months ended March 31, 2025, was RMB 227.5 million, resulting in a net profit margin of 8.8%, up from RMB 196.4 million and 8.3% in the prior year[21] - Adjusted net profit for the three months ended March 31, 2025, was RMB 242.2 million, compared to RMB 208.9 million in the same period of 2024[24] - Adjusted pre-tax profit margin increased from 11.8% in 2024 to 12.7% in 2025[25] Operational Metrics - Total freight volume reached 3,045 thousand tons, up 5.9% from 2,875 thousand tons in the same period last year[7] - The total number of tickets processed increased by 28.2% to 40,465 thousand tickets from 31,568 thousand tickets in 2024[7] - The average transportation service price decreased by 2.3% to RMB 432 per ton, while the average value-added service price increased by 12.6% to RMB 188 per ton[8] - The average delivery time was optimized to approximately 65 hours as of March 2025, reflecting improvements in service quality[7] Cost Management - Operating costs increased by 9.1% from RMB 1,995.1 million for the three months ended March 31, 2024, to RMB 2,177.3 million for the three months ended March 31, 2025[13] - Financial costs decreased by 55.3% from RMB 17.0 million for the three months ended March 31, 2024, to RMB 7.6 million for the same period in 2025, primarily due to loan repayments[18] - General and administrative expenses decreased by 15.8% from RMB 128.5 million for the three months ended March 31, 2024, to RMB 108.2 million for the same period in 2025[15] - Other income and gains decreased from RMB 30.1 million for the three months ended March 31, 2024, to RMB 14.5 million for the same period in 2025[16] Liquidity and Financial Position - Cash and cash equivalents as of March 31, 2025, were RMB 2,006 million, indicating strong liquidity[26] Strategic Initiatives - The company expanded its network, increasing the number of freight partners and agents to over 36,000, up from approximately 29,400 in the previous year[7] - The company continues to focus on enhancing product competitiveness and operational efficiency through digital infrastructure improvements[6] Governance - The board of directors consists of executive directors Qin Xinghua and Jin Yun, non-executive directors Chen Weihao, Zhang Yinghao, and Wei Bin, and independent non-executive directors Li Wei, Ge Xiaochu, Sha Sha, and Hong Changfu[28]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Core Viewpoint - Aneng Logistics (9956.HK) has released its 2024 ESG report, showcasing significant progress and achievements in its environmental, social, and governance initiatives, positioning itself as a leader in the logistics industry in China [1][2] Group 1: ESG Achievements - Aneng Logistics is the first logistics company in China to receive a AAAAA级 comprehensive service certification, reflecting its commitment to customer and market needs [1] - The company has received multiple awards and recognitions in the ESG field, indicating its leading management level in the industry [1] - The report highlights the company's strategic goal of achieving "the five best" in network coverage, cost efficiency, quality, timeliness, and service response [1] Group 2: Green Initiatives - The company is actively promoting green practices, including "green transportation," "green packaging," "green parks," and "green offices" [2] - In 2024, Aneng Logistics plans to enhance cooperation with strategic partners to accelerate the application of new energy heavy trucks, replacing diesel vehicles with LNG vehicles [2] - The company is exploring new pathways for clean energy applications, contributing to the industry's low-carbon transformation [2] Group 3: Technological Advancements - Aneng Logistics is increasing its investment in technology, integrating digital systems throughout its operations [2] - The company is the first in the less-than-truckload (LTL) sector to operate autonomous heavy trucks, pushing the boundaries of smart technology applications [2] - By implementing an integrated digital collaboration among sales, operations, and customer service, the company aims to achieve a rapid response mechanism and enhance operational efficiency [2]

Financial Performance - In 2024, the overall freight volume reached 14.1 million tonnes, representing a year-on-year increase of 17.5%[6] - Gross profit increased by 45.2% year-on-year, while adjusted pre-tax profit rose by 65.7% year-on-year[6] - Revenue for the year ended December 31, 2023, was RMB 9,916,899, an increase from RMB 9,334,931 in 2022, representing a growth of 6.2%[26] - Gross profit for 2023 was RMB 1,268,003, up from RMB 730,362 in 2022, indicating a significant increase of 73.5%[26] - Adjusted EBITDA for 2023 was RMB 1,730,355, compared to RMB 1,096,435 in 2022, reflecting a growth of 57.7%[26] - Total revenue increased by 16.7% from RMB9,916.9 million in 2023 to RMB11,576.0 million in 2024, driven by an increase in freight volume from 12.0 million tonnes to 14.1 million tonnes[84] - Profit for the reporting period increased from RMB407.2 million in 2023 to RMB762.0 million in 2024, with a net profit margin rising from 4.1% to 6.6%[130] - For the year ended December 31, 2024, the adjusted net profit was RMB 837.3 million, an increase of 64.1% from RMB 509.8 million in 2023[137] Operational Efficiency - The company aims to deepen channel empowerment and upgrades in 2025, optimizing regional structure and improving terminal service efficiency[10] - Focus will be placed on building best-in-class cost control capabilities and enhancing operational efficiency in 2025[11] - The "Iron Triangle" system comprising sales, operations, and customer service teams will be enhanced to provide 24/7 services[11] - The average shipment time decreased by 7.1% to approximately 65 hours from the year ended December 31, 2023, to the same period of 2024, reflecting improved operational efficiency[51] - The timely fulfillment rate increased from 73.2% in the year ended December 31, 2023, to 76.0% in the same period of 2024, indicating enhanced service reliability[51] - The loss rate decreased by 79.7%, from 0.2 units per hundred thousand units in the year ended December 31, 2023, to 0.04 units in the same period of 2024, showcasing improved service quality[51] - The damage rate decreased by 64.7%, from 32.6 units per hundred thousand units in the year ended December 31, 2023, to 11.5 units in the same period of 2024, further indicating enhanced operational performance[51] - The complaint rate decreased by 91.0%, from 461 complaints per hundred thousand shipments in the year ended December 31, 2023, to 41.6 in the same period of 2024, reflecting better customer satisfaction[51] Network Expansion - The network expanded to over 33,000 freight partners and agents, enhancing the company's network advantage[7] - As of December 31, 2024, the company served over 6.3 million shippers, an increase from approximately 5.5 million as of December 31, 2023[37] - The company operates 82 self-operated sorting centres and over 3,600 self-operated line-haul trucks, enhancing operational capacity[31][32] - The company operates approximately 2,500 well-planned line-haul routes, with 86.6% being two-way routes as of December 31, 2024[65] - The network covers approximately 99.3% of counties and townships in China, operated by around 33,000 freight partners and agents[66] Cost Management - The cost of revenues increased to RMB9,734.3 million in 2024 from RMB8,648.9 million in 2023, with line-haul transportation costs accounting for 43.7% of total costs[95] - Total cost of revenues increased by 12.5% from RMB8,648.9 million for the year ended December 31, 2023, to RMB9,734.3 million for the year ended December 31, 2024[96] - Line-haul transportation costs rose from RMB3,821.3 million in 2023 to RMB4,256.9 million in 2024, while unit cost decreased from RMB317/tonne to RMB301/tonne[98] - Sorting centre costs decreased from RMB2,049.3 million in 2023 to RMB2,014.0 million in 2024, with unit costs dropping from RMB170/tonne to RMB142/tonne[103] - Costs of value-added services increased from RMB371.7 million in 2023 to RMB546.4 million in 2024, with unit costs rising from RMB31/tonne to RMB39/tonne[105] Strategic Initiatives - The company plans to leverage digitalization to promote iterative upgrades across the industry in 2025[12] - Continued investment in ESG sustainable development will be prioritized, sharing outcomes with stakeholders[12] - The company plans to continuously invest in sorting centres and line-haul transportation to optimize operational efficiency as freight volume increases[43] - The implementation of the "3300-product policy" allows for full exemption from special dispatch charges for shipments weighing 3 kg to 300 kg, enhancing product competitiveness[51] - The company aims to achieve the "Five Most" goals: most dense network coverage, most optimal cost, most superior quality, most stable timeliness, and most timely service response[169][175] Leadership and Management - Mr. Jin Yun has been appointed as the Chief Operating Officer since July 2023, previously serving as Chief Growth Officer from September 2022 to July 2023[189] - Mr. Qin Xinghua has over 25 years of experience in the logistics industry and has been the CEO since June 2010[191] - The Company has a strong leadership team with diverse backgrounds in finance, logistics, and management, enhancing its operational capabilities[200] - The Company aims to leverage its experienced management team to drive growth and market expansion in the logistics sector[191] Financial Position - Total liabilities decreased to RMB 2,802,835 in 2023 from RMB 3,330,556 in 2022, a reduction of 15.8%[26] - Cash and cash equivalents rose from RMB 1,407.9 million as of December 31, 2023, to RMB 2,046.2 million as of December 31, 2024[145] - The gearing ratio significantly decreased to approximately 1.5% as of December 31, 2024, down from 19.1% in 2023[146] - The Group had no significant investments during the reporting period, with no investments exceeding 5% of total assets[148] Sustainability and Governance - The management is committed to integrating "green transportation" into daily operations to reduce carbon emissions[185] - The company emphasizes continuous improvement in risk management and internal control systems to ensure sustainable development[180] - Mr. Chen is the chairman of the ESG Committee and the Strategy Committee, emphasizing the Company's commitment to environmental and strategic governance[195]

当前，全球经济因美国的"关税霸权"而愈加风雨飘摇，资本市场波动加剧，投资者信心面临考验。上市 公司是中国经济的"压舱石"和市场稳定的"主力军"，肩负着维护市场健康生态、传递发展正能量的重要 使命。面对短期的市场情绪波动，企业更应该主动发声、积极作为，通过透明化沟通、前瞻性布局和切 实行动，向市场传递真实的价值信号。 在这样的背景下，金融界作为首批金融信息服务备案机构之一，是金融市场的参与者、建设者和维护 者，向广大上市公司和投资机构发出《积极行动、传递信心、稳定市场》倡议，这一倡议得到了多家上 市公司的积极响应。 安能物流始终聚焦于国内供应链物流主航道，其核心业务布局与跨境和出海贸易的关联度较低。这一战 略定位使得安能物流在面对美国加征关税等外部环境变化时，快运主业所受到的直接影响有限，凸显出 其较强的抗风险能力。相比一些依赖跨境贸易的物流企业，安能物流专注于国内市场，充分受益于国内 庞大的消费市场和日益完善的供应链体系。 从安能物流刚刚发布的2024年业绩来看，公司保持了高速增长的态势。全年实现营业收入115.76亿元， 同比增长16.7%；经调整净利润8.37亿元，同比激增64.2%；经营活动净现金流达2 ...

[Table_Title] 研究报告 Research Report 6 Apr 2025 安能物流（开曼） ANE (Cayman) (9956 HK) 量利高增，货重结构与效率持续优化 High Growth in Volume and Profit, with Optimization of Cargo Structure and Efficiency 骆雅丽 Yali Luo 虞楠 Nan Yu yl.luo@htisec.com nan.yu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 安能物流发布 2024 年年报：2024 年，公司实现营业收入 115.76 亿元（人民币，下同），同比+16.7%，实现归母净 利润 7.50 亿元，同比+91.1%，实现经调整净利润 8.37 亿元，同比+64.2%。业绩符合预期。 点评 收入端：货重结构持续优化，增值服务需求增加。2024 年，公司货运总量增加至 14.1 百万吨，同比增长 ...

Investment Rating - The report assigns an "Outperform" rating to ANE Logistics, indicating an expected total return exceeding 10% relative to the benchmark index over the next 12-18 months [17]. Core Insights - ANE Logistics reported a revenue of RMB 11.58 billion for FY2024, representing a year-on-year increase of 16.7%, and a net profit of RMB 750 million, which is a significant increase of 91.1% year-on-year [2][7]. - The total cargo volume increased to 14.1 million tons, up 17.5% year-on-year, while the total number of shipments rose to 169 million, reflecting a growth of 31.1% year-on-year. This growth is attributed to the optimization of cargo structure, particularly in the small-parcel segment, which has higher margins and demand for value-added services [3][8]. - Cost reductions were achieved in trunk line transportation and distribution, with unit costs for trunk line transportation and distribution decreasing by 5.0% and 16.5% respectively. The overall unit cost was RMB 688 per ton, a decrease of 4.2% year-on-year, while unit gross profit increased by 22.5% to RMB 130 per ton [4][9]. Revenue Summary - The company experienced a significant increase in total cargo volume and shipments, driven by a shift towards lighter cargo weights and higher demand for value-added services. The average weight per shipment decreased from 93 kg to 84 kg, indicating a strategic focus on optimizing cargo structure [3][8]. Cost Summary - The report highlights substantial cost-saving measures, particularly in trunk line transportation and distribution. The company has optimized its distribution network, leading to a notable reduction in operational costs [4][9].

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 ...

CEO秦兴华拟增持2000万港币，带动安能物流股票 逆势大涨 同时，管理层在2024年度业绩发布会上表示，2025年公司预计营业收入增长10%~15%，毛利率稳 中有升，经调整净利润增长不低于20%，自有现金流充沛，董事会正积极评估稳定、可持续的分红方 案，计划于2025年中期业绩发布后宣布分红方案及细则，与公司股东共享发展红利。 机构观点认为，安能物流当前估值仍处于修复通道，市盈率与市净率显著低于行业中枢， EV/EBITDA指标凸显低估。随着公司2025年战略转型的持续深入，各项举措稳步推进，其经营基本面 将持续向好，叠加分红计划落地，安能有望成为资本市场在物流板块配置的首选标的。 截至3月25日收盘，安能物流股价报收8.32港元/股，逆势大涨。 3 月24日，安能物流(09956.HK)发布公告，公司创始人、董事会联席主席、CEO兼总裁秦兴华通过 公开市场增持10万股公司股份，平均价格约8.00港元/股，充分彰显管理层对公司未来发展的坚定信 心。公告还指出，秦兴华计划未来以不超过2000万港币继续增持股份，进一步释放积极信号。 据安能物流近日披露的2024年业绩数据显示，公司继续保持高增长态势，核心业绩 ...