佛山首富，第十个IPO要来了

Core Viewpoint - Midea Group's subsidiary, Ande Intelligent Supply Chain Technology Co., Ltd. (Ande Intelligent), is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant step in Midea's expansion strategy and potentially enhancing its valuation in the logistics sector [3][9]. Company Overview - Ande Intelligent is recognized as the leading provider of integrated supply chain logistics solutions in China, particularly in the home appliance sector, with projected revenues of 18.663 billion yuan in 2024 [3][8]. - The company offers comprehensive production logistics solutions across nine core application scenarios, acting as a "supply chain steward" for enterprises [5][8]. Financial Performance - Ande Intelligent has demonstrated robust financial growth, with revenues increasing from 14.173 billion yuan in 2022 to 18.663 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 14.8%. Net profit surged from 215 million yuan to 380 million yuan during the same period, with a CAGR of 33% [8][9]. - In the first half of 2025, the company achieved revenues of 10.885 billion yuan, a year-on-year increase of 20.23%, and net profit of 248 million yuan, up 21.75% [8]. Strategic Moves - Midea Group's decision to list Ande Intelligent on the Hong Kong Stock Exchange instead of the Shenzhen Stock Exchange is aimed at unlocking the company's valuation potential and aligning it with comparable logistics firms like JD Logistics and Cainiao Network [9]. - The restructuring is intended to streamline business management and enhance the competitive edge of Ande Intelligent, allowing it to better leverage its logistics technology attributes [9]. Historical Context - The origins of Ande Intelligent trace back to Midea Group's logistics operations initiated in 2000, evolving from an internal logistics department to a standalone entity with significant market presence [9][10]. - Midea Group has a history of strategic transformations and expansions, having grown from a small workshop to a global technology group with revenues exceeding 400 billion yuan in 2024 [10][14]. Family and Leadership - The founder of Midea Group, He Xiangjian, is a prominent figure in the Chinese business landscape, with a family wealth ranking fifth in the 2024 Hurun Rich List, highlighting the family's influence and success in the industry [10][11]. - The upcoming IPO of Ande Intelligent could mark the tenth public offering associated with the He family, further solidifying their legacy in the capital markets [21].