Investment Rating - The report does not explicitly mention an investment rating for the company [1][2][3] Core Viewpoints - The company, Fan Yuan International (2516, HK), is a comprehensive cross-border e-commerce logistics solutions provider, focusing on integrating overseas supply chains and improving overall efficiency [4] - The company has a global logistics network and advanced technology platforms, offering services such as international express delivery, international dedicated lines, and overseas warehousing [4] - Fan Yuan International has strategically positioned itself in key regions like North America, Europe, and Southeast Asia, with multiple self-operated overseas warehouses and partnerships with local logistics providers [4] - The company has recently acquired a 30% stake in Advanced Logistics Solutions LLC (ALS) for USD 635,318.4 (approximately HKD 4,930,070.8), which is expected to enhance its efficiency in customs clearance, sorting, and cost control in the US [5] - The company leverages its self-developed logistics management system (WMS/TMS) to improve operational efficiency, reduce logistics costs, and enhance customer experience through real-time tracking and data-driven optimization [6] - Fan Yuan International's core customer base includes large sellers on platforms like Amazon, eBay, and AliExpress, as well as brand e-commerce companies with independent websites [7] - The company benefits from its partnership with Alibaba, which holds an 8.60% stake, providing logistics solutions for Alibaba's cross-border e-commerce platforms like AliExpress and Lazada [7][10] - The company has shown strong growth in 2024 H1, with revenue reaching RMB 1.428 billion, a 111.89% YoY increase, and net profit of RMB 38.06 million, a 235.86% YoY increase [13][14] Business Performance - In 2024 H1, the company's end-to-end cross-border delivery service revenue reached approximately RMB 649 million, a 9.97% YoY increase, driven by optimized delivery routes and improved supplier management [14] - Freight forwarding service revenue surged to RMB 315 million, a 678.40% YoY increase, primarily due to the growth in air freight services [14] - Other logistics services revenue reached RMB 464 million, a 966.51% YoY increase, mainly from customs clearance and delivery services [14] Industry and Policy Support - The cross-border e-commerce logistics market is experiencing strong demand due to the increasing global e-commerce penetration rate [11] - The Chinese government has introduced a series of policies to support the development of cross-border e-commerce, including infrastructure construction, technological innovation support, tax incentives, and customs facilitation [11][12] - These policies are expected to provide significant growth momentum for Fan Yuan International, helping it expand its market share in the cross-border e-commerce logistics sector [11] Shareholder Structure - The largest shareholder is Quan Wanq, holding 28.36% of the shares [10] - Alibaba.com Holding Limited holds an 8.60% stake, with a recent increase of 6,704,170 shares [10] - Other significant shareholders include Hangzhou Gongshu State-Owned Investment Group Co., Ltd (5.83%) and Gensis FAR Holdings Limited (5.38%) [10]
泛远国际：跨境电商综合解决方案提供商，整合海外供应链提升全流程效率