Core Viewpoint - An integrated supply chain leader, Ande Intelligent Supply Chain Technology Co., Ltd. (Ande Intelligent), a subsidiary of Midea Group, has submitted its listing application to the Hong Kong Stock Exchange, marking a significant step in its planned spin-off after two years of preparation [1][5]. Company Overview - Ande Intelligent traces its history back to 2000, initially providing logistics support for Midea's home appliance production lines. It was upgraded to its current name in 2017 and established a "1+3" supply chain logistics model, which includes end-to-end logistics capabilities, production logistics, centralized warehousing and distribution, and last-mile delivery services [4][5]. - As of 2024, Ande Intelligent is recognized as the largest integrated supply chain logistics service provider in China, particularly in the home appliance sector, with a strong presence across various industries including fast-moving consumer goods and automotive [5]. Financial Performance - The revenue figures for Ande Intelligent during the reporting period (2022-2024 and the first half of 2025) are as follows: 14.173 billion yuan, 16.224 billion yuan, 18.663 billion yuan, and 10.885 billion yuan, showing a steady growth trend with a compound annual growth rate (CAGR) of 14.8% over the past three years and a year-on-year growth of 20.23% in the most recent half-year [6]. - The profit and total comprehensive income for the same period were 215 million yuan, 288 million yuan, 380 million yuan, and 248 million yuan, with a CAGR of 33% and a year-on-year growth of 21.75% in the first half of 2025 [6]. - The gross profit margins during the reporting period were 6.8%, 7.3%, 7.3%, and 7.4%, indicating strong profitability [7]. Client Dependency - Approximately 40% of Ande Intelligent's revenue is derived from Midea Group, with the proportion of revenue from its largest client being 37.7%, 36.6%, 41.1%, and 40.4% over the reporting period, indicating a high dependency on Midea [7]. Infrastructure and Network - As of June 30, 2025, Ande Intelligent has established a comprehensive infrastructure network, including 47 owned warehouses, 436 leased facilities, and 17 managed facilities, covering over 11 million square meters [8]. - The last-mile delivery service is supported by over 3,500 active service points and a team of more than 77,000 experienced drivers and engineers, achieving 100% coverage of towns across China [8]. - The national transportation network consists of over 630,000 established routes, including 365,000 inter-provincial trunk lines and 265,000 intra-city delivery routes, ensuring complete geographical coverage [8]. Leadership - The executive team includes Liang Pengfei, who has a long tenure at Midea Group, and Ma Liang, who also has extensive experience within Midea. Their compensation over the past three years reflects their significant roles in the company [10][12]. IPO Plans - The funds raised from the IPO are intended to expand domestic logistics services, develop international supply chain operations, and enhance end-to-end digitalization through intelligent technology [13].

继京东物流、菜鸟后，又一家一体化供应链龙头公司瞄准了港股。 8月28日，美的集团旗下的智慧物流平台安得智联供应链科技股份有限公司（下称"安得智联"）向港交所提交了上市申请，中金公司和摩根士丹利共同担 任联席保荐人。 星标 ★ IPO日报 精彩文章第一时间推送 美的集团计划了两年的分拆安得智联上市终于有了实质性的进展。 张力制图 收入增长强劲 安得智联的历史可追溯到2000年，源于美的集团的智慧物流业务板块，最初只为家电生产线提供配套仓储运输。2011年，公司成立了有限责任公司。 2017年升级为"安得智联"后，公司确立了"1+3"供应链物流模型：以端到端物流能力为底盘，叠加生产物流、一盘货统仓统配、最后一公里送装一体三大 解决方案，服务范围从集团内部扩展至全行业。 早在2023年7月，美的集团就公告授权公司经营层启动分拆子公司安得智联在深交所主板上市前期筹备工作。 目前，根据权威市场研究机构灼识咨询的数据，按2024年收入计算，安得智联已成为中国生产物流解决方案规模最大的综合型一体化供应链物流服务商， 还是中国家电行业最大的一体化供应链物流解决方案提供商，在家电、家居、快消、汽车及汽配等多领域落地。 作为一家 ...

Core Viewpoint - Ande Zhiliang Supply Chain Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to expand its logistics services and international supply chain business while enhancing digital capabilities [1][2] Group 1: Company Overview - Ande Zhiliang is the largest integrated supply chain logistics solution provider in China's home appliance industry, ranking first in revenue among comprehensive integrated supply chain logistics solution providers [1] - The company recorded a revenue of 18.7 billion yuan and a net profit of 380 million yuan in the previous year, with a compound annual growth rate (CAGR) of 14.8% in revenue and 33.0% in net profit since 2022 [1] Group 2: Business Model - The company has pioneered the "1+3" supply chain model, which integrates end-to-end logistics capabilities with production logistics, centralized inventory management, and last-mile delivery solutions [1] - As of June 2025, Ande Zhiliang has served over 9,000 enterprise clients, managed over 11 million square meters of warehouse space, and has a vehicle capacity of 586,000 units [1] Group 3: Market Potential - The integrated supply chain logistics solution market in China is projected to grow from 3.1 trillion yuan in 2024 to 4.67 trillion yuan by 2029, with a CAGR of 8.5%, particularly strong demand in fast-moving consumer goods, home appliances, home furnishings, automotive, and auto parts sectors [1]

Core Viewpoint - AnDe ZhiLian Supply Chain Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and Morgan Stanley as joint sponsors [1] Company Overview - AnDe ZhiLian is an integrated supply chain logistics solution provider, utilizing a unique "1+3" model that combines end-to-end logistics capabilities with three core solution pillars: production logistics, inventory management, and last-mile delivery [2][3] - The "1" represents end-to-end logistics capabilities, while the "3" refers to the three solution pillars aimed at optimizing the efficiency of the entire supply chain [3] Market Position - According to ZhiShi Consulting, AnDe ZhiLian is projected to be the top revenue-generating integrated supply chain logistics solution provider in China by 2024, and it is also the largest provider in the home appliance sector [3] - The market for integrated supply chain logistics solutions in China is expected to grow from RMB 31,007 billion in 2024 to RMB 46,708 billion by 2029, with a compound annual growth rate (CAGR) of 8.5% [3] Operational Capacity - As of June 30, 2025, the company operates a warehouse network comprising 47 owned facilities, 436 leased facilities, and 17 managed facilities, totaling over 11 million square meters [4] - These facilities are utilized for various functions, including Vendor Managed Inventory (VMI), regional hubs, and distribution centers [4] Financial Performance - The company reported revenues of approximately RMB 14.173 billion, RMB 16.224 billion, RMB 18.663 billion, and RMB 10.885 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [4][5] - Gross profits for the same periods were RMB 0.969 billion, RMB 1.182 billion, RMB 1.355 billion, and RMB 0.805 billion, with net profits of RMB 0.215 billion, RMB 0.289 billion, RMB 0.380 billion, and RMB 0.248 billion [4][5]

Core Viewpoint - AnDe ZhiLian Supply Chain Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and Morgan Stanley as joint sponsors [1]. Company Overview - AnDe ZhiLian is an integrated supply chain logistics solution provider, utilizing a unique "1+3" model that combines end-to-end logistics capabilities with three core solution pillars: production logistics, inventory management, and last-mile delivery [2][3]. - The "1" represents end-to-end logistics capabilities, while the "3" refers to the three solution pillars aimed at optimizing the efficiency of the entire supply chain [3]. Market Position - According to Frost & Sullivan, AnDe ZhiLian is projected to be the top revenue-generating integrated supply chain logistics solution provider in China by 2024, and it is also the largest provider in the home appliance sector [3]. - The market for integrated supply chain logistics solutions in China is expected to grow from RMB 31,007 billion in 2024 to RMB 46,708 billion by 2029, with a compound annual growth rate (CAGR) of 8.5% [3]. Financial Performance - For the fiscal years ending in 2022, 2023, 2024, and the six months ending June 30, 2025, AnDe ZhiLian reported revenues of approximately RMB 14.173 billion, RMB 16.224 billion, RMB 18.663 billion, and RMB 10.885 billion, respectively [4]. - The gross profits for the same periods were RMB 0.969 billion, RMB 1.185 billion, RMB 1.356 billion, and RMB 0.805 billion, with net profits of RMB 0.215 billion, RMB 0.288 billion, RMB 0.380 billion, and RMB 0.248 billion [4][5]. Infrastructure - As of June 30, 2025, the company's warehouse network includes 47 owned facilities, 436 leased facilities, and 17 managed facilities, covering a total area of over 11 million square meters [4].

Investment Rating - The report maintains a "Buy" rating for JD Logistics with a target price of HK$23.28 [3][9]. Core Views - JD Logistics is expected to benefit from the Chinese government's subsidy policies, leading to accelerated revenue growth in Q2 2025 [1][9]. - The expansion of the workforce to support new business initiatives may pressure short-term profit margins, with a forecasted decline in gross margin from 11.9% in Q2 2024 to 10.9% in Q2 2025 [2][9]. - The completion of the acquisition of Kuayue Express is anticipated to significantly reduce minority interests, potentially increasing the net profit attributable to shareholders by approximately 15% for the full year 2025 [2]. Summary by Sections Revenue Growth - Q2 2025 revenue is expected to grow faster year-on-year, driven by increased consumer demand for home appliances and electronics due to government incentives [1]. - Revenue projections for 2025 are estimated at RMB 205.51 billion, reflecting a 12.4% increase from 2024 [10]. Profitability - Gross margin is projected to decline to 10.9% in Q2 2025, influenced by rising labor costs from workforce expansion [2]. - Non-IFRS net profit margin is expected to decrease to 5.0% in Q2 2025, down from 5.6% in Q2 2024 [2]. Valuation - The current trading P/E ratio is 10.6 times the expected earnings for 2025, which is considered attractive compared to domestic peers [3]. - The target price of HK$23.28 suggests a potential upside of 77% from the current price of HK$13.16 [4][9]. Financial Projections - The report forecasts a steady increase in earnings per share (EPS), with estimates of RMB 1.18 for 2025, RMB 1.32 for 2026, and RMB 1.56 for 2027 [4][10]. - The expected revenue growth rates for 2025 and 2026 are 12.4% and 9.0%, respectively [10].