Core Insights - Aneng Logistics reported a revenue of approximately 5.625 billion yuan for the first half of 2025, representing a year-on-year increase of 6.4%, with an adjusted net profit of about 476 million yuan, up 10.7% year-on-year [1] - The company declared an interim dividend of 0.14 yuan per share, with a payout ratio of 40.27% [1] Revenue and Profitability - In Q2 2025, the company achieved a revenue of 3.038 billion yuan, a year-on-year increase of 4.4%, and an adjusted net profit of approximately 234 million yuan, up 5.82% year-on-year [1] - The average price per ton in Q2 was 805 yuan, down 2.0% year-on-year, with transportation revenue and value-added revenue at 397 yuan and 188 yuan per ton, down 9.5% and up 12.0% respectively [2] Operational Performance - The company experienced a volume of 3.78 million tons in Q2, a year-on-year increase of 6.5%, driven by improved service quality and growth in the number of franchisees, which reached 38,000 by Q2 [1] - The unit cost per ton in Q2 was 680 yuan, a slight decrease of 0.2% year-on-year, with costs for trunk transportation, distribution centers, value-added services, and delivery at 288, 138, 52, and 201 yuan per ton respectively [2] Future Outlook - The company is expected to see improvements in unit gross profit due to refined management and reduced transportation costs, despite current pressures from demand fluctuations [2] - Long-term growth is anticipated as the franchise network continues to optimize, with projected net profits for 2025-2027 at 960 million, 1.06 billion, and 1.26 billion yuan respectively, corresponding to PE ratios of 9.1x, 8.2x, and 7.0x [3]
安能物流(09956.HK)：业绩增长符合预期 宣布特别分红回馈股东