Core Viewpoint - Ande Intelligent Supply Chain Technology Co., Ltd. (referred to as "Ande Intelligent") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, indicating its growth and financial performance in the supply chain sector [2][16]. Financial Performance - In the first half of 2025, Ande Intelligent reported revenue of 10.885 billion RMB, a 20% increase from 9.053 billion RMB in the same period last year, with a net profit of 248 million RMB compared to 204 million RMB [7]. - The company’s revenue for 2022, 2023, and 2024 was 14.173 billion RMB, 16.224 billion RMB, and 18.663 billion RMB respectively, with corresponding net profits of 215 million RMB, 288 million RMB, and 380 million RMB [6][9]. - The gross profit margins for the years 2022, 2023, and 2024 were 6.8%, 7.3%, and 7.3% respectively [6]. Dividend Distribution - The company has declared dividends of 80.1 million RMB, 108 million RMB, 167 million RMB, and 227 million RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively, all of which have been fully paid [2]. Business Model and Operations - Ande Intelligent employs a "1+3" model to provide integrated and intelligent solutions, which includes end-to-end logistics capabilities and three solution pillars aimed at optimizing supply chain efficiency [5]. - As of June 30, 2025, the company operates a warehouse network comprising 47 owned facilities, 436 leased facilities, and 17 managed facilities, covering over 11 million square meters [5]. Shareholding Structure - Prior to the IPO, major shareholders include Midea Group with a 52.94% stake, Hisense Electronics Technology with 22.03%, and several other minority shareholders [13][14]. - Recently, Ande Intelligent completed a financing round of 1.9 billion RMB, with Hisense Electronics Technology subscribing for 1.52 billion RMB [10][13].

Group 1 - The core point of the article is that Baoki has successfully won a contract worth 3.27 billion yuan for a logistics service project with Zhongtongfu Supply Chain, marking a significant milestone in empowering state-owned enterprises in logistics supply chain upgrades [1][4] - Baoki will provide comprehensive digital freight services including intelligent capacity scheduling, transportation route optimization, and in-transit tracking management to Zhongtongfu Supply Chain [3] - The collaboration aims to build an agile and resilient smart supply chain network, with plans for deep cooperation in energy management and supply chain finance, establishing a benchmark for digital transformation in the industry [4] Group 2 - Zhongtongfu Supply Chain, a wholly-owned subsidiary of China Communications Services Corporation, is a leading integrated supply chain service provider in China, covering logistics for communication equipment, warehousing management, and cross-border transportation [4] - Baoki is recognized as a leading provider of intelligent logistics solutions in China, focusing on enhancing efficiency and optimizing route planning through technology such as the internet, big data, and AI models [4]

Core Viewpoint - The logistics industry in China has shown stable growth in the first half of the year, with a total social logistics volume exceeding 171.3 trillion yuan, reflecting a year-on-year growth of 5.6%, which is 0.3 percentage points higher than the GDP growth rate [3][5]. Logistics Performance - The total social logistics volume reached 171.3 trillion yuan in the first half of the year, with a year-on-year increase of 5.6%, indicating strong support for economic development [3][5]. - The logistics demand continues to play a significant role in supporting the stable growth of the national economy [3]. Sector Analysis - Industrial product logistics saw a year-on-year growth of 5.8%, contributing 85% to the total social logistics volume growth, with emerging industries driving strong demand [5]. - The logistics volume for consumer goods increased by 6.1%, driven by active consumer markets and specific sectors such as electronics and tourism [5]. Revenue and Cost Efficiency - The total revenue of the logistics industry was 6.9 trillion yuan, reflecting a year-on-year growth of 5.0%, indicating a generally favorable economic climate in the logistics sector [7]. - The total logistics cost was 9.2 trillion yuan, with a ratio to GDP of 14.0%, showing a steady decline in logistics costs relative to GDP [7]. Technological Advancements - The logistics sector is leveraging digital technologies to enhance supply chain efficiency, with a 26.0% year-on-year increase in supply chain contract orders for large-scale logistics enterprises [8]. - Integrated logistics business revenue grew by 16.0%, supported by advancements in automation and smart technologies [8].

Core Insights - The article emphasizes the integration of express delivery services into the manufacturing and supply chain, highlighting the role of logistics in enhancing economic circulation and consumer experience [5][8][9]. Group 1: Express Delivery and Manufacturing Integration - The "Express Delivery into Factories" initiative is transforming logistics from mere delivery to a core component of the industrial chain, enhancing efficiency and reducing costs for manufacturers [8]. - In 2022, the postal express industry in Henan supported a total output value of 432.90 billion yuan through 232 projects, with a business volume of 8.49 billion items [8]. - The express delivery business in Henan saw a cumulative completion of 50.20 billion items from January to May 2023, marking a year-on-year growth of 33.18%, with express delivery alone reaching 44.76 billion items, a 35.10% increase [9]. Group 2: High-Speed Rail Logistics - Henan has established itself as a key hub for high-speed rail logistics, with express delivery services utilizing the extensive high-speed rail network to enhance delivery speed and efficiency [10][11]. - The province has opened 51 high-speed rail express lines and 20 metro express lines, facilitating rapid delivery across major cities, with travel times from Zhengzhou to Beijing as short as 4 hours [10][11]. - The integration of high-speed rail into logistics is supported by national policies aimed at improving rail express routes and establishing specialized logistics bases [10][11]. Group 3: Technological Advancements in Logistics - The implementation of automated sorting systems and the use of drones and unmanned vehicles are revolutionizing the logistics landscape in Henan, improving efficiency and service quality [12][13]. - By mid-2025, Henan's express delivery companies are expected to deploy 343 unmanned delivery vehicles with a total capacity of 1,522 cubic meters, enhancing last-mile delivery capabilities [13]. - The logistics sector is increasingly adopting technologies such as big data, artificial intelligence, and the Internet of Things to optimize operations and improve overall efficiency [12][13]. Group 4: Rural Logistics and E-commerce Integration - The "Passenger and Cargo Postal" initiative in Gongyi City is leveraging public transportation to enhance rural logistics, facilitating the delivery of goods to remote areas [15][16]. - The integration of online sales platforms with local postal services is enabling farmers to sell their products more effectively, thus increasing their income and market access [16]. - By June 2025, Henan plans to have established 289 intermodal transport routes, enhancing the efficiency of rural logistics and supporting the sale of agricultural products [16].

Core Viewpoint - The company is preparing for the 2025 annual general meeting, presenting various proposals including financial reports, related party transactions, and budget plans for the upcoming year [1][2][3]. Financial Reports - The company achieved a revenue of CNY 1,184,039.61 million in 2024, representing a year-on-year increase of 60.03% [14]. - The net profit attributable to shareholders was CNY 25,269.84 million, up 5.22% from the previous year [14]. - The net cash flow from operating activities reached CNY 48,245.67 million, a significant increase of 343.41% [14]. Proposals for 2025 - The company plans to apply for a credit limit of up to CNY 1,295 million for 2025, with guarantees for subsidiaries not exceeding CNY 295 million [7]. - The proposed profit distribution plan for 2024 includes a cash dividend of CNY 6 per 10 shares, totaling CNY 208 million, which represents 82.31% of the net profit for the year [6]. - The company aims for a revenue target of CNY 900,000 million for 2025, a decrease of 23.99% compared to 2024 [21]. Governance and Management - The board of directors has been actively fulfilling its duties, ensuring compliance with regulations and maintaining effective governance [3][27]. - The independent directors have provided valuable insights and guidance to enhance corporate governance and protect shareholder interests [27]. - The supervisory board has conducted regular meetings to oversee the company's operations and ensure adherence to legal and regulatory requirements [30][32]. Strategic Focus - The company emphasizes health and sustainable development as its main theme for 2025, focusing on market demands and management efficiency [22][25]. - There is a commitment to enhancing risk management and operational safety to ensure sustainable growth [25][20]. - The company is exploring opportunities in emerging markets and expanding its logistics services, particularly in the cold chain and overseas operations [17][18][24].