安得智联赴港IPO：“1+3”模型突围，供应链科技赛道迎来重量级玩家

Core Viewpoint - The integrated supply chain logistics solutions market in China is rapidly expanding, driven by rising production costs and increasing consumer demand, with a projected market size growth from 3.10 trillion yuan in 2024 to 4.67 trillion yuan in 2029, representing a compound annual growth rate of 8.5% [1]. Group 1: Company Overview - AnDe ZhiLian Supply Chain Technology Co., Ltd. is the largest integrated supply chain logistics solutions provider in China's home appliance industry and the fourth largest in the fast-moving consumer goods (FMCG) sector, based on projected revenue for 2024 [1][3]. - The company has submitted its listing application to the Hong Kong Stock Exchange, with Morgan Stanley and CICC as joint sponsors, and has notable shareholders including Midea and Hisense [3]. Group 2: "1+3" Supply Chain Model - The "1+3" supply chain model developed by AnDe ZhiLian addresses traditional supply chain pain points by enhancing end-to-end collaboration, which includes production logistics, unified inventory management, and last-mile delivery [4]. - This model has significantly improved operational efficiency and customer experience by reducing inventory costs and enhancing delivery processes [4][5]. Group 3: Financial Performance - The company's revenue from integrated supply chain logistics solutions is projected to grow from 12.164 billion yuan in 2022 to 16.343 billion yuan in 2024, with year-on-year growth rates of 15.90% and 15.92% respectively [5]. - The number of external clients has increased from over 3,000 at the end of 2022 to over 7,000 by mid-2025, indicating a diversification of the client base and reduced reliance on single clients [5]. Group 4: Market Position in Home Appliances - The market for integrated supply chain logistics solutions in the home appliance sector has grown from 26.2 billion yuan in 2019 to a projected 41.5 billion yuan in 2024, with expectations to reach 57 billion yuan by 2029 [7]. - AnDe ZhiLian has established itself as a leader in this sector, providing services to major brands like Midea, Hisense, and TCL, and has demonstrated significant improvements in operational efficiency for its clients [7][8]. Group 5: Expansion into FMCG - AnDe ZhiLian is expanding its integrated supply chain solutions into the FMCG sector, where it is recognized as the fourth largest provider in China, showcasing its ability to replicate its successful model across different industries [9]. - The company has implemented successful case studies in FMCG, such as reducing logistics costs and improving delivery times for clients like Qingdao Beer and Feihe [9][10]. Group 6: Future Prospects - The fragmented nature of the FMCG supply chain market, with the top five providers holding only 9.1% market share, presents significant growth opportunities for AnDe ZhiLian through service extension and technological innovation [10]. - The company aims to leverage its unique "1+3" model and extensive infrastructure to enhance its market presence across various industries, including automotive and components [12].