Midea Group(SZ:000333) Sou Hu Cai Jing·2025-08-28 06:26Core Viewpoint - Annto Supply Chain Technology Co., Ltd. (安得智联) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading integrated supply chain logistics solution provider in China [2][10]. Company Overview - Founded in 2000, Annto Supply Chain operates as a segment of Midea Group's smart logistics business and is recognized as the top revenue-generating integrated supply chain logistics provider in China for 2024 [2][3]. - The company has the highest compound annual growth rate (CAGR) in revenue among the top five integrated supply chain logistics providers in China from 2022 to 2024 [2]. Business Model - Annto Supply Chain's core competitive advantage lies in its deep industry expertise and the restructuring of supply chain logistics solutions, focusing on enhancing overall supply chain efficiency [3]. - The company utilizes a unique "1+3" supply chain logistics model, integrating end-to-end logistics capabilities with three core solutions: production logistics, unified warehousing and distribution, and last-mile delivery and installation [3]. Infrastructure and Network - As of June 30, 2025, Annto Supply Chain has established a comprehensive infrastructure network, including 47 owned warehouses, 436 leased facilities, and 17 managed facilities, totaling over 11 million square meters [4]. - The last-mile delivery service is supported by over 3,500 active service points and a team of more than 77,000 experienced drivers and engineers, achieving 100% coverage of towns in China [4]. Revenue Breakdown - The company's revenue primarily comes from integrated supply chain logistics solutions, followed by basic logistics services [4]. - For the fiscal years 2022, 2023, 2024, and the first half of 2025, Annto Supply Chain reported revenues of RMB 14.17 billion, RMB 16.22 billion, RMB 18.66 billion, and RMB 10.88 billion, respectively [10][11]. Shareholder Structure - Prior to the IPO, Midea Group's wholly-owned subsidiary, Midea Zhili, holds a 52.94% stake in Annto Supply Chain, making it the controlling shareholder [7]. - Other significant shareholders include Hisense Group and various investment platforms associated with Annto and Midea [7]. Management Team - The board of directors consists of 9 members, including 2 executive directors and 4 non-executive directors, with a mix of expertise from Midea Group and Hisense Group [9].