Midea Group(SZ:000333) Zheng Quan Shi Bao Wang·2025-08-27 11:12Core Viewpoint - Ande Zhihui Supply Chain Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, marking a significant step towards entering the Hong Kong market, with CICC and Morgan Stanley as joint sponsors [1][2] Company Overview - Ande Zhihui is a subsidiary of Midea Group and is recognized as the fastest-growing integrated supply chain logistics solution provider among the top five in China from 2022 to 2024, with projected revenue of 18.7 billion yuan and net profit of 380 million yuan in 2024 [1] - The company has achieved a compound annual growth rate (CAGR) of 14.8% in revenue and 33.0% in net profit from 2022 [1] Business Model - The company has developed a unique "1+3" supply chain model, which integrates end-to-end logistics capabilities with production logistics, centralized warehousing and distribution, and last-mile delivery solutions, ensuring seamless coordination from factories to consumers [2] - As of June 30, 2025, Ande Zhihui has served over 9,000 enterprise clients, managed over 11 million square meters of warehouse space, and has a vehicle capacity of 586,000, with a nationwide active delivery network reaching 100% of towns [2] Industry Recognition - Ande Zhihui has been consistently recognized in the logistics industry, being listed among the "Top 50 Logistics Companies in China" and awarded the "5A Logistics Enterprise" title, along with multiple industry awards for technological advancement [2] Market Potential - The integrated supply chain logistics solution market in China is projected to grow from 3.1 trillion yuan in 2024 to 4.67 trillion yuan by 2029, with a CAGR of 8.5%, particularly driven by demand in fast-moving consumer goods, home appliances, home furnishings, automotive, and auto parts sectors [2] Strategic Development - Midea Group announced plans to spin off Ande Zhihui for a public listing in Hong Kong to allow both entities to focus on their core businesses, enhance management efficiency, and promote long-term business development and competitiveness [2] Fundraising Purpose - The funds raised from the IPO will be used to expand domestic logistics services, develop international supply chain operations, and advance end-to-end digitalization through intelligent technology [3]