Midea Group(SZ:000333) Sou Hu Cai Jing·2025-08-28 09:13Core Viewpoint - Midea's subsidiary, Ande Intelligent Logistics, has officially filed for an IPO in Hong Kong, marking a strategic shift from its initial plan to list in A-shares, aiming to enhance its international presence and brand recognition [1][10]. Group 1: Company Overview - Ande Intelligent Logistics, established in 2000, has evolved into a leading integrated supply chain logistics solution provider in China, particularly in the home appliance sector [1]. - 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 [1][3]. Group 2: Financial Performance - Revenue figures for Ande Intelligent Logistics are as follows: 2022 revenue was 14.173 billion RMB, 2023 revenue was 16.224 billion RMB, 2024 revenue is projected at 18.663 billion RMB, and the first half of 2025 is expected to generate 10.884 billion RMB [3][4]. - Net profits for the same periods were 215 million RMB, 288 million RMB, 380 million RMB, and 248 million RMB respectively [3]. Group 3: Revenue Composition - The majority of Ande's revenue comes from integrated supply chain logistics solutions, accounting for 85.8% in 2022, 86.9% in 2023, 87.6% in 2024, and 85.3% in the first half of 2025 [4]. - Within this, the unified warehousing and distribution segment contributed 67.6% in 2022, 65.7% in 2023, 64.6% in 2024, and 63.7% in the first half of 2025 [4][5]. Group 4: Strategic Partnerships and Investments - To enhance its independence, Midea has entered into a strategic cooperation agreement with Hisense, focusing on AI applications and smart logistics [6]. - Hisense invested significantly in Ande during its last round of financing, acquiring a substantial stake [6][8]. Group 5: Market Position and Future Prospects - Following the IPO, Ande Intelligent Logistics is expected to become Midea's fifth listed company, expanding Midea's portfolio, which already includes nine listed entities [10]. - The estimated valuation of Ande after the recent financing round is approximately 6.9 billion RMB [10].