Midea Group(SZ:000333) Sou Hu Cai Jing·2025-08-31 00:45Core Viewpoint - An integrated supply chain leader, Ande Intelligent Supply Chain Technology Co., Ltd. (Ande Intelligent), a subsidiary of Midea Group, has submitted its listing application to the Hong Kong Stock Exchange, marking a significant step in its planned spin-off after two years of preparation [1][5]. Company Overview - Ande Intelligent traces its history back to 2000, initially providing logistics support for Midea's home appliance production lines. It was upgraded to its current name in 2017 and established a "1+3" supply chain logistics model, which includes end-to-end logistics capabilities, production logistics, centralized warehousing and distribution, and last-mile delivery services [4][5]. - As of 2024, Ande Intelligent is recognized as the largest integrated supply chain logistics service provider in China, particularly in the home appliance sector, with a strong presence across various industries including fast-moving consumer goods and automotive [5]. Financial Performance - The revenue figures for Ande Intelligent during the reporting period (2022-2024 and the first half of 2025) are as follows: 14.173 billion yuan, 16.224 billion yuan, 18.663 billion yuan, and 10.885 billion yuan, showing a steady growth trend with a compound annual growth rate (CAGR) of 14.8% over the past three years and a year-on-year growth of 20.23% in the most recent half-year [6]. - The profit and total comprehensive income for the same period were 215 million yuan, 288 million yuan, 380 million yuan, and 248 million yuan, with a CAGR of 33% and a year-on-year growth of 21.75% in the first half of 2025 [6]. - The gross profit margins during the reporting period were 6.8%, 7.3%, 7.3%, and 7.4%, indicating strong profitability [7]. Client Dependency - Approximately 40% of Ande Intelligent's revenue is derived from Midea Group, with the proportion of revenue from its largest client being 37.7%, 36.6%, 41.1%, and 40.4% over the reporting period, indicating a high dependency on Midea [7]. Infrastructure and Network - As of June 30, 2025, Ande Intelligent has established a comprehensive infrastructure network, including 47 owned warehouses, 436 leased facilities, and 17 managed facilities, covering over 11 million square meters [8]. - 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 across China [8]. - The national transportation network consists of over 630,000 established routes, including 365,000 inter-provincial trunk lines and 265,000 intra-city delivery routes, ensuring complete geographical coverage [8]. Leadership - The executive team includes Liang Pengfei, who has a long tenure at Midea Group, and Ma Liang, who also has extensive experience within Midea. Their compensation over the past three years reflects their significant roles in the company [10][12]. IPO Plans - The funds raised from the IPO are intended to expand domestic logistics services, develop international supply chain operations, and enhance end-to-end digitalization through intelligent technology [13].