2025 年 12 月 1 日 透過協議安排進行私有化 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 取的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | | 價（H） | 價（L） | | J.P. Morgan | 2025 | 年 | 11 月 | 其他類別的證 | | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 賣出 | 12,000 | $138,100.4200 | $11.5500 | $11.5200 | | Securities | 28 日 | | | 券 (例如: 股 | 盤所產生的 Delta 1 | 產品的對沖活動 | | | | ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and ongoing cost reductions, presenting dual upside potential in performance and valuation [14] - In the shipping sector, the outlook for crude oil transportation is favorable due to the OPEC+ production increase and the Federal Reserve's interest rate cuts. The market for VLCC (Very Large Crude Carrier) is expected to see significant improvement in Q4 2025 [14] - The shipbuilding sector is in the early stages of a green renewal cycle, with shipping market conditions and green upgrade progress being key demand drivers. Despite a decline in new ship orders, shipyards remain busy, and the market is expected to improve in the second half of 2025 [14] - The aviation sector shows signs of a long-term bullish trend, with stable demand growth and tightening supply. Companies like China Eastern Airlines and Hainan Airlines are recommended for early positioning [14] Summary by Sections Express Delivery - The express delivery industry is seeing a significant increase in demand, with a year-on-year growth of 7.9% in business volume and 4.7% in revenue as of October 2025 [24] - Major players like YTO Express and SF Express are expanding their market shares and improving service capabilities, with SF Express showing a 26.26% increase in business volume [31][24] Shipping - The VLCC daily earnings reached $120,248 in November 2025, a year-on-year increase of 270.9%, marking the best performance for November since 2004 [6] - The BDI (Baltic Dry Index) surpassed 2500 points, indicating a strong demand for bulk shipping, driven by increased shipments from Australian miners and adverse weather affecting port operations in North China [7] Aviation - In October 2025, civil aviation in China recorded a passenger transport volume of 67.83 million, a year-on-year increase of 5.8%, and cargo transport volume of 91.7 thousand tons, up 13.4% [10] - Approximately 6000 Airbus A320 aircraft require urgent software updates due to safety concerns, which may impact operational efficiency [10] Port Operations - From November 17 to November 23, 2025, China's port cargo throughput was 26,401 million tons, a decrease of 0.62% week-on-week, while container throughput increased by 5.39% [72]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不擬亦不構成或組成於任何司法管轄區購買或認購要約人或本公司任何證 券的任何要約或購買或認購有關證券的邀請的一部分或招攬任何投票或批准，亦不會於任何司 法管轄區在違反適用法律法規的情況下出售、發行或轉讓本公司證券。 倘在、向或從任何其他司法管轄區刊發、登載或分派全部或部分內容即構成違反有關司法管轄 區相關法律，則本公告不會在、向或從有關司法管轄區刊發、登載或分派。 CELESTIA BIDCO LIMITED ANE (Cayman) Inc. 安能物流集團有限公司 （於開曼群島註冊成立的有限公司） （於開曼群島註冊成立的有限公司） （股份代號：9956） 聯合公告 所有先決條件達成 有關 (1)根據公司法第86條 以協議安排方式由CELESTIA BIDCO LIMITED 將安能物流集團有限公司除牌的附先決條件之提案 (2)提出購股權要約及受限制股份單位要約 以註銷所有未行使的購股權 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不擬亦不構成或組成於任何司法管轄區購買或認購要約人或本公司任何證 券的任何要約或購買或認購有關證券的邀請的一部分或招攬任何投票或批准，亦不會於任何司 法管轄區在違反適用法律法規的情況下出售、發行或轉讓本公司證券。 倘在、向或從任何其他司法管轄區刊發、登載或分派全部或部分內容即構成違反有關司法管轄 區相關法律，則本公告不會在、向或從有關司法管轄區刊發、登載或分派。 CELESTIA BIDCO LIMITED ANE (Cayman) Inc. 安能物流集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9956） 聯合公告 要約人提高股份選擇上限的權利之條件達成 （於開曼群島註冊成立的有限公司） 有關 (1) 根據公司法第86條 (3) 建議撤銷上市地位 及 (4) 特別交易 要約人的財務顧問 獨立董事委員會的獨立財務顧問 1 緒言 以協議安排方式由CELESTIA BIDCO ...

Core Insights - By the end of 2025, ESG has become a critical milestone in China's development, transitioning from a mere requirement to a fundamental criterion for survival in the market [1] - The "14th Five-Year Plan" emphasizes ESG policies, aiming for a comprehensive shift towards carbon emission control and the establishment of a green standard system [1] - Local institutions are increasingly adopting "patient capital" narratives, focusing on long-term social value and industrial chain strengthening [1] Group 1: ESG Development in China - ESG has evolved from a political correctness to a strong anchor for local institutions seeking certainty and value reconstruction [1] - The investment landscape is shifting from purely "green energy" to "low-carbon transformation" in high-carbon industries, with a focus on digital decarbonization technologies [2] - Investment institutions are diversifying their understanding and practices of ESG, implementing various initiatives such as energy-saving measures and establishing ESG-focused funds [2] Group 2: ESG Investment Practices - The 2025 "Top 50 Best ESG Investment Institutions" list was compiled based on extensive research among active investment institutions, evaluating their ESG practices across six core dimensions [3] - The list highlights 50 institutions recognized for their innovative ESG practices and contributions to sustainable development [3] Group 3: Notable ESG Investment Cases - The "Best ESG Investment Practice Cases" for 2025 were categorized into three main areas: deep decarbonization and industrial transformation, digital empowerment and governance optimization, and circular economy and supply chain [11] - Examples include: - Highview Solar's achievement of 100% green electricity in production, significantly reducing energy consumption in the photovoltaic industry [11] - Reshaping Technology's focus on hydrogen fuel cells, contributing to zero emissions in transportation [12] - Aneng Logistics' digital transformation leading to reduced fuel consumption and carbon emissions while supporting rural development [18] - The 2025 ESG rankings indicate a fundamental shift in the strategic focus of investment institutions towards green transformation and social equity [20]

Core Viewpoint - By the end of 2025, ESG has transitioned from a mere requirement to a critical baseline for survival in China's capital market, becoming a powerful anchor for local institutions seeking certainty and value reconstruction [3][4]. Group 1: ESG Development in China - The "14th Five-Year Plan" has clarified ESG policy guidelines, promoting a comprehensive shift towards carbon emission control and requiring enterprises to enhance governance related to technology ethics and safety resilience [3]. - ESG is now seen as a fundamental infrastructure in China's capital market, with VC/PE investments increasingly focusing on long-term social value and industrial chain enhancement [3][4]. Group 2: Investment Trends and Strategies - Despite a slowing overall market, VC/PE strategies are shifting from purely "green energy" to "low-carbon transformation" in high-carbon industries, with a focus on digital decarbonization technologies in sectors like steel, chemicals, and building materials [4]. - Investment institutions are diversifying their understanding and practices of ESG, implementing measures such as energy-saving initiatives, joining international ESG organizations, and establishing dedicated ESG funds and teams [4]. Group 3: ESG Practices and Case Studies - A new survey for the "Top 50 Best ESG Investment Institutions in China 2025" has been launched, evaluating institutions based on their ESG practices across six core dimensions [5]. - The survey results highlight significant ESG practice cases, categorized into three main types: deep decarbonization and industrial transformation, digital empowerment and governance optimization, and circular economy initiatives [9][11]. Group 4: Notable ESG Cases - Notable cases include IDG Capital's investment in high景太阳能, achieving 100% green electricity in production, and 凯辉基金's support for hydrogen fuel cell technology, which is crucial for zero-emission transportation [12][13]. - Other significant examples include the investment in industrial energy efficiency by 德弘资本 and the promotion of hydrogen equipment technology by 北汽产投, both contributing to substantial carbon reduction [14][15]. Group 5: Conclusion on ESG's Role - The 2025 ESG rankings reveal a fundamental shift in the strategic focus of investment institutions towards becoming deep participants and value creators in green transformation and corporate governance [21]. - The belief is that investments are not just in current green assets but in future low-carbon assets, emphasizing the long-term vision of sustainability [22].

完 註： J.P. Morgan Securities PLC 是與要約人有關連的第(5)類別聯繫人。 透過協議安排進行私有化 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說明 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收取 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 總數 | 的總金額 | 取的最高價 | 取的最低價 | | | | | | | | | | | | （H） | （L） | | J.P. Morgan | 2025 | 年 11 | 月 | 其他類別的證券 | | 因全屬客戶主動發出且由客戶需求帶動的買賣盤所 | 賣出 | 19,000 | $218,635.4900 | $11.5300 | $11.5200 | | Securities | 27 日 | | | (例如: ...

完 註： Morgan Stanley Capital Services LLC 是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 Morgan Stanley Capital Services LLC 是最終由摩根士丹利擁有的公司。 2025 年 11 月 28 日 透過協議安排進行私有化 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說明 | 產品說明 | 交易性質 | 與衍生工具有關 | | 到期日或清結日 | | 參考價 | | 已支付／已收 | 交易後數額（包括 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 的參照證券數目 | | | | | | 取的總金額 | 與其訂有協議或 | | | | | | | | | | | | | | | | | 達成諒解的任何 | | | | | ...

2025 年 11 月 28 日 透過協議安排進行私有化 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | 有關證券的說明 | 產品說明 | 交易性質 | | 與衍生工具有關 | 到期日或清結日 | 參考價 | 已支付／已收取 | 交易後數額（包括 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 的參照證券數目 | | | 的總金額 | 與其訂有協議或 | | | | | | | | | | | | | 達成諒解的任何 | | | | | | | | | | | | | 人士的證券） | | Morgan Stanley | 2025 | 年 11 月 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | ─ | 10,000 | 2028 年 1 月 11 | $11.5300 | $115,300.0000 | 0 | | & Co., | 27 日 | | | | ...

就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 買入／賣 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | | 佔該類別證券的百分比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 出 | | | | | 有協議或達成諒解的任 | | （包括與其訂有協議或 | | | | | | | | | | | 何人士的證券） | | 達成諒解的任何人士的 | | | | | | | | | | | | 證券）% | | | 恆泰信託（香港）有 | 2025 | 年 | 11 月 | 賣出 | | 429,494 | | $0.0000 | | 10,525,939 | 0.8911% | | 限公司 | 27 日 | | | | | | | | | | | 完 2025 年 11 月 28 日 透過協議安排進行私有化 註： 恆泰信託（香港）有限公司是要約人的一致行動人。 該 ...