股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安能物流集團有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6日 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09956 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,176,131,054 | | 1,191,000 | | 1,177,322,054 | | 增加 / 減少 (-) | | | | 0 | 0 | | | | 本月底結存 | | | 1,176,131,054 | | 1,191,000 | | 1,177,322,054 | 第 2 頁 ...

Core Insights - The structural adjustments of Aneng Logistics have been completed by the end of last year, and the company now faces increasing market competition, with the introduction of unmanned vehicles and smart heavy trucks being key factors for future profit support [1][5]. Group 1: Operational Performance - Aneng Logistics' Anhui distribution center has seen a growth in throughput, nearing last year's peak levels, with expectations of reaching a daily operational volume of 6,000 tons during peak periods this year [1]. - The "3300" product line, which was launched last May, has significantly contributed to operational efficiency and profitability, with its volume growth outpacing total cargo volume [3][5]. - The average weight per ticket has improved to approximately 75 kg this year, down from about 84 kg last year, indicating a successful optimization strategy [3]. Group 2: Cost Management - Aneng Logistics has implemented automation at its Linyi distribution center, resulting in a 6% reduction in cost per kilogram [4]. - The company plans to enhance operational efficiency through refined management practices, aiming to meet the challenges posed by the anticipated 6,000 tons throughput without major changes in personnel or service quality [4][5]. Group 3: Technological Advancements - The company is exploring the application of unmanned vehicles in the express delivery sector, with 300 units of the Z10 unmanned vehicle already deployed in Anhui [6][7]. - Aneng Logistics has introduced nearly 20 smart heavy trucks equipped with advanced driving systems in Q1, with plans to scale up to 300-500 units by the end of this year [9][10]. - The use of smart heavy trucks can reduce labor costs by 50% and improve fuel efficiency by 3%-5% compared to traditional trucks, addressing the challenges of driver recruitment and operational costs [9].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [12] Core Insights - The logistics industry is experiencing a "DeepSeek moment" with significant technological breakthroughs across various segments, including branch, trunk, terminal, and management [4][7] - The report emphasizes the importance of adopting new technologies to enhance operational efficiency and reduce costs, particularly in the express delivery sector [11][28] Summary by Sections Introduction: The Arrival of the "DeepSeek Moment" in the Logistics Industry - The logistics industry is witnessing substantial advancements due to improved algorithm efficiency and rapid technological iterations, leading to significant breakthroughs in various operational segments [7][18] - Key drivers for these advancements include the massive scale of the Chinese express delivery market, intense competition, and high labor cost ratios [28] Branch Segment: The Growth Year for Unmanned Logistics Vehicles - Leading express companies are initiating a surge in unmanned logistics vehicle orders, driven by reduced core component costs and improved algorithm efficiency [8][33] - The monthly operational cost of unmanned logistics vehicles can be as low as 2000 yuan, significantly lower than the average monthly salary of drivers [33][40] Trunk Segment: Smart Assisted Driving Initiates Mass Production - Smart assisted driving trucks are being deployed on a large scale by leading express companies, addressing safety and cost issues in traditional trunk transportation [9][32] - The potential market space for smart trucks is substantial, with projected sales of 1.03 million heavy trucks in 2024 [9] Terminal Segment: Mode Transformation Drives Cost Reduction - Express companies are innovating their terminal operations to reduce costs significantly, with models like direct linking from transfer centers to terminal stations [10][32] - The report highlights that if the direct link ratio reaches 40%, terminal costs could be reduced by 0.12 yuan per package [10] Management Segment: Digital Decision-Making Promotes Cost Reduction - Leading companies are developing industry-specific AI models to enhance management efficiency and reduce operational costs [10][32] - The integration of big data and AI technologies is driving improvements in decision-making and resource utilization [10] Investment Recommendations: Technological Waves Reshape Logistics Costs - The report recommends prioritizing investments in direct logistics companies and leading express firms, as well as components and operators related to unmanned commercial vehicles [11][32] - Companies like SF Express and Aneng Logistics are highlighted as key players benefiting from these technological advancements [11]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Summary of Logistics Industry Conference Call Industry Overview - The logistics sector can be categorized into three types of companies: stable profit companies (e.g., SF Express), high-growth companies (e.g., Jitu), and operational improvement companies (e.g., Aneng Logistics) based on their self-owned cash flow ratio and capital expenditure growth rate [1][2][3]. Key Insights and Arguments - **SF Express** has shifted its strategy from diversification to focusing on the mid-to-high-end market, optimizing its cost structure and undergoing organizational changes, which has significantly improved its free cash flow and profitability. The company is expected to benefit from growth in the mid-to-high-end market and overseas resource integration [1][5][6]. - The **e-commerce express delivery industry** is experiencing intensified competition, leading to a reshuffling of market shares among leading companies. Despite short-term performance pressures, companies like ZTO and YTO are seen as having bottom-fishing value, while Jitu shows strong growth potential in emerging markets [1][7]. - **Aneng Logistics** has achieved counter-cyclical growth in the road freight market by focusing on high-profit small parcel business and internal management improvements. It is expected to achieve around 20% growth in Q2 2025 and for the full year, with mid-term dividend expectations acting as a catalyst for stock price [1][8][9]. - **Jitu** is rapidly expanding in Southeast Asia and South America, leveraging its cost-reduction experiences from the Chinese market. It is projected to capture over 30% market share in Southeast Asia by 2025 [1][7]. Important but Overlooked Content - The logistics sector is seeing a rise in new technology applications, including low-speed unmanned logistics vehicles, L2 level intelligent auxiliary driving trucks, unmanned stations, and delivery lockers, which are expected to enhance efficiency and reduce costs [3][11]. - The concentration of logistics in China and the decline in capital expenditure are providing strong cash flow support for the industry, while new technology applications are expected to drive growth [3][11]. - The investment strategy for 2025 focuses on companies with strong free cash flow and those leveraging new technologies for growth opportunities [2][10]. Conclusion - The logistics industry is poised for growth with a clear differentiation among companies based on their operational strategies and market positioning. Investors are encouraged to focus on stable profit companies, high-growth companies in emerging markets, and those showing operational improvements to capitalize on the evolving landscape [1][10].

Core Viewpoint - The transportation sector is expected to see small-cap stocks outperforming large-cap stocks and H-shares outperforming A-shares in the first half of 2025, driven by lower valuations and higher dividends in H-shares, as well as frequent thematic market trends. The outlook for the second half of 2025 remains positive, focusing on dividend-paying stocks and those with improved free cash flow [1][3]. Group 1: Transportation Sector Opportunities - The transportation sector in Hong Kong is characterized by low valuations and high dividend yields, with the TTM PE for the transportation industry at 7.6 times, compared to 10.6 times for all Hong Kong stocks, and a dividend yield of 3.1%, which is 100 basis points higher than the overall market [7][10]. - The sector is expected to benefit from a recovery in domestic air travel demand, with a projected annual growth rate of over 6% in passenger volume and a significant improvement in profitability due to lower oil prices and improved pricing strategies [12][24]. - The logistics sector is anticipated to see a recovery driven by new technologies, global expansion, and the rise of instant retail, while the express delivery sector is expected to stabilize after intense price competition [3][52]. Group 2: Shipping and Port Operations - The oil shipping market is expected to see improved demand due to OPEC+ production increases, with a focus on the VLCC market benefiting from seasonal demand in the fourth quarter [32][37]. - The container shipping sector is under pressure from supply but is expected to see high dividend-paying stocks as attractive investment opportunities, especially with limited new supply expected until 2027-2028 [44][46]. - Port operations are projected to benefit from increased cargo throughput, with container throughput expected to grow modestly in the second half of 2025, supported by improved domestic demand [49][50]. Group 3: Express Delivery and Logistics - The express delivery sector is experiencing double-digit growth, with a 20% increase in business volume in the first five months of 2025, driven by trends such as small parcelization and the growth of live e-commerce [52][54]. - The logistics sector is expected to see a technological revolution that will enhance efficiency and reduce costs, leading to improved profitability and valuation expectations [60][61]. - The cross-border logistics market is adjusting to changes in tariffs, with resilient demand expected despite geopolitical tensions affecting supply chains [63][68].

Core Insights - The report emphasizes the importance of free cash flow as a key indicator of business quality and operational efficiency in the logistics industry, particularly during the transition to high-quality economic development [4][21] - Three main investment opportunities are identified: stable profitability from companies with strong competitive barriers, high growth potential in Southeast Asia's express delivery market, and operational improvements in companies facing weak demand [4][21] Group 1: Free Cash Flow and Investment Opportunities - Free cash flow improvement is driven by three scenarios: stable profitability from companies with solid market positions, high demand in niche markets, and operational enhancements in response to industry challenges [7][21] - SF Express has focused on cost reduction and efficiency improvements since 2021, leading to continuous free cash flow enhancement and a solid foundation for shareholder returns [9][70] - J&T Express is positioned to leverage its leading advantage in Southeast Asia, potentially achieving simultaneous growth in market share and profitability [10][75] Group 2: Technological Advancements in Logistics - The accelerated adoption of new technologies in logistics is expected to reduce production costs and enhance operational efficiency, thereby strengthening business resilience and improving free cash flow [8][28] - Key technological breakthroughs include the use of low-speed unmanned logistics vehicles, smart heavy trucks, and AI-driven management systems, which collectively aim to optimize costs across various logistics segments [29][31] Group 3: Market Dynamics and Competitive Landscape - The express delivery market is characterized by a high barrier to entry and a stable oligopolistic structure, with SF Express maintaining a competitive edge through strategic positioning in the high-end market [9][40] - The domestic express delivery sector is experiencing intensified competition, particularly as companies like Zhongtong adjust strategies to regain market share amidst declining average revenue per package [10][75] - The freight forwarding sector is witnessing increased concentration, with companies like Aneng Logistics optimizing their service offerings and management practices to enhance profitability [11][70]

Fixed Income - The overall credit spread across various industries has compressed, with the AA agricultural, forestry, animal husbandry, and fishery sector experiencing a significant reduction of 9 basis points [2][9] - The issuance rates for AA-rated industrial bonds and AAA-rated financial bonds have decreased significantly, while the issuance rate for AA-rated urban investment bonds has increased [7] - The market is optimistic about credit bonds yielding over 2%, suggesting investors should consider extending duration and exploring opportunities in the newly approved science and technology innovation bond ETFs [10] Maternal and Infant Industry - Recent government policies aimed at encouraging childbirth, such as childcare subsidies and housing benefits, are expected to stimulate the maternal and infant industry [12] - The maternal and infant consumption market in China is projected to reach 762.99 billion yuan in 2024, with a steady growth trend from 2018 to 2024 [12] - The market for maternal and infant chain stores is growing, with a compound annual growth rate of 9.1% expected from 2019 to 2024, indicating significant room for growth in lower-tier cities [12][13] Transportation Industry - The Southeast Asian e-commerce sector, particularly TikTok Shop, has shown substantial growth, benefiting logistics companies in the region [16][17] - The civil aviation sector is entering a peak travel season, with domestic flight bookings exceeding 21.01 million in the first month of the summer travel period [19] - The introduction of autonomous delivery vehicles by companies like Shentong and JD Logistics is expected to enhance delivery efficiency and reduce costs significantly [18][29] Deep Sea Economy - The deep-sea economy is gaining attention, with the national marine production value projected to reach 10.54 trillion yuan in 2024, growing at a rate of 5.9% [34] - The marine engineering equipment manufacturing sector is experiencing rapid growth, with an expected increase in value added from 1,032 billion yuan in 2024 to 1,126 billion yuan in 2025 [34] - There are 11 companies listed on the North Exchange involved in the deep-sea economy, indicating a growing interest in this sector [34][35] AI Applications - The AI companionship product "EVE" has begun testing, highlighting the advancement of AI applications in various sectors such as e-commerce, gaming, and education [12] - Major tech companies like Tencent, Alibaba, and ByteDance are continuously iterating on foundational technologies and products, indicating a competitive landscape in AI development [12] Shipping and Logistics - The shipping industry is expected to benefit from OPEC+'s production increase, which may enhance the demand for oil transportation [23][31] - The logistics sector is seeing a shift towards more efficient operations, with companies like Shenzhen International and DeBang Logistics poised for growth due to strategic transformations [30] - The overall shipping market is recovering, with environmental regulations driving the retirement of older vessels, thus improving market conditions [31][32]

Core Viewpoint - The article highlights the challenges and improvements faced by delivery workers, referred to as "小哥" (brothers), in urban environments, emphasizing the need for better management and services to support this growing workforce [4][8][11]. Group 1: Delivery Volume and Workforce - In 2024, China's express delivery volume is expected to exceed 1.7 billion packages, with daily food delivery orders surpassing 80 million [3]. - The article discusses the increasing complexity of managing and servicing the diverse workforce, including delivery workers, ride-hailing drivers, and e-commerce employees [4]. Group 2: Challenges Faced by Delivery Workers - Delivery workers often encounter difficulties in accessing residential areas, particularly in large communities with strict management policies [7][11]. - Issues such as lack of parking, unclear building signage, and the need for efficient route planning contribute to the challenges faced by these workers [6][7]. Group 3: Solutions and Innovations - The introduction of the "小哥码" (delivery worker code) in Hangzhou has streamlined access for delivery workers, allowing them to enter residential areas more efficiently [9][10]. - Various communities are implementing tailored solutions, such as designated parking spaces and shared bicycles, to facilitate smoother deliveries [10][11]. Group 4: Community Support and Engagement - Initiatives like the "暖蜂行动" (Warm Bee Action) in Shenzhen aim to provide delivery workers with essential services, including skill training and community support [12][15]. - The establishment of friendly business networks and community engagement has led to improved conditions for delivery workers, fostering a sense of belonging and respect [16][17]. Group 5: Personal Stories and Aspirations - Delivery workers express their personal aspirations and challenges, highlighting their dedication to their work and the importance of community support [22][24][25]. - The article features individual stories that reflect the diverse backgrounds and dreams of delivery workers, showcasing their resilience and commitment to improving their lives [22][24][25].