报告期内，公司实现收入56.25亿元，同比增长6.4%;经调整净利润4.76亿元，同比增长10.7%;零担货运 总量达682万吨，同比增长6.2%。这些数据不仅体现了安能物流在市场中的竞争力，更显示出其业务增 长的可持续性。 一张普通的中报，却揭示了一家快运龙头企业从"周期股"向"价值股"的转型蝶变，这家企业就是安能物 流(09956)。 2025年上半年，在零担物流行业深陷价格战泥潭的背景下，安能物流(09956)交出一份超预期的2025年 中报答卷。 更令市场瞩目的是，公司宣布首次中期分红派息率达50%，以真金白银回馈股东。在快运行业整体"反 内卷"背景下，公司利润增速明显高于收入增速，验证其"有效规模增长"战略奏效。 高毛利率背后的深层次增长逻辑 在这背后，值得关注的是毛利率。 在经调整净利润同比增长10.7%的同时，安能物流的净利润率进一步提升至8.4%。尤为值得关注的是， 公司毛利达8.8亿元，毛利率稳定在15.6%，展现出强大的成本控制与盈利能力。 毛利率不是投资决策唯一标准，也不是一把放之四海皆准的钥匙，但它却是打开分析之门的钥匙。同 时，毛利率的对比分析往往也是利润表分析的第一步，之后才是三费 ...

Core Viewpoint - Kuaixue Express has reaffirmed its leading position in the increasingly competitive Chinese logistics industry by ranking in the top three of the "China LTL Top 30" list, showcasing its strong operational capabilities and consistent market growth [1][3]. Group 1: Industry Context - The LTL logistics sector, once considered a "red ocean," has undergone unprecedented changes over the past decade, driven by the e-commerce boom and the need for improved supply chain efficiency due to manufacturing upgrades [3]. - Kuaixue Express's sustained growth is particularly noteworthy, as it has consistently ranked among the top three in the industry, indicating its resilience and strategic positioning [3]. Group 2: Company Performance - Kuaixue Express's LTL revenue has increased from 11.3 billion yuan in 2022 to 23.72 billion yuan by 2025, reflecting a compound annual growth rate that significantly exceeds the industry average [5]. - The company's commitment to logistics efficiency and precise customer demand insights has been pivotal in its strategic execution, contributing to the elevation of industry standards [6]. Group 3: Competitive Advantage - The "China LTL Top 30" list serves as a dual certification of Kuaixue Express's market competitiveness, highlighting its robust service capabilities and deep collaboration with customers [7]. - Kuaixue Express has shifted the competitive landscape from price wars to customized solution capabilities, creating differentiated service barriers through a deep understanding of customer needs [7]. Group 4: Strategic Leadership - The management team at Kuaixue Express has proactively developed a smart logistics system, leveraging big data and AI to optimize transportation networks and enhance operational efficiency [9]. - The company remains agile in adjusting its business model in response to market dynamics, ensuring it maintains a competitive edge in a rapidly evolving industry [9]. Group 5: Customer-Centric Approach - Kuaixue Express's philosophy emphasizes transitioning from a service provider to a value co-creator, focusing on addressing real customer needs through innovative logistics solutions [11]. - The company offers efficient and flexible logistics services to both small and large clients, helping them reduce operational costs and improve market responsiveness [11]. - Looking ahead to 2025, Kuaixue Express aims to solidify its leading position in the LTL logistics sector by leveraging strategic foresight, technological innovation, and a customer-driven approach [11].

Core Viewpoint - The article highlights the competitive advantages of KuaYue Express in the logistics industry, emphasizing its transformation towards intelligence and precision by leveraging its four-dimensional strengths: timeliness, technology, service, and ecology [1] Group 1: Timeliness Revolution - KuaYue Express has established a comprehensive transportation system covering over 99% of cities in China, utilizing a combination of all-cargo aircraft, drones, and land transport [3] - The company operates 21 all-cargo aircraft, 60 large drones, and 28,000 self-owned vehicles, achieving a new industry standard with its "same-day delivery within 8 hours across provinces" service [3] - In high-end manufacturing scenarios, KuaYue's "minute-level response" capability ensures a 99.9% on-time delivery rate, significantly outperforming traditional logistics firms by 30%-50% in timeliness stability, especially in B-end large item transportation [3] Group 2: Technological Moat - KuaYue Express invests nearly 1 billion yuan annually in technology research and development, with its proprietary "Sword Casting System" integrating AI algorithms, IoT, and big data for smart logistics [5] - The system processes millions of data streams per second, optimizing transport routes and achieving a vehicle loading rate of 95% while reducing cargo damage rates to below 0.01% [5] - The company employs 300,000 smart cameras and an AI risk warning system to track cargo status in real-time, compressing abnormal response times to within 15 minutes [5] Group 3: Service Evolution - KuaYue Express offers "one-on-one concierge service," providing 460 customized solutions for 21 industries, breaking away from traditional logistics standardization [6] - For medical equipment transport, the company has developed temperature and pressure-controlled transport chambers, achieving the lowest cargo damage rates in the industry [6] - The service network extends to warehousing and supply chain, with 87% of clients achieving direct ERP system connections, enhancing inventory turnover rates by 20%-40% [6] Group 4: Ecological Collaboration - KuaYue Express integrates industry resources through a "collective optimization strategy," creating an ecosystem that combines logistics, supply chain, and finance [7] - Collaborations with JD Airlines and White Whale Airlines have established cross-border logistics routes covering 36 countries, offering a "4-day delivery for cross-border e-commerce" service while reducing transfer links by 30% [7] - The company’s smart scheduling system has opened dedicated routes for agricultural products, promoting regional economic collaboration and demonstrating both social value and commercial benefits [7] Group 5: Industry Position - By 2025, KuaYue Express is projected to achieve a revenue growth rate of 35%, earning accolades such as "Most Growth Potential Enterprise" and "Best Logistics Service Performance Award," maintaining a top-three position in less-than-truckload logistics revenue [9] - Customer feedback frequently highlights keywords such as "efficient," "reliable," and "technology-driven," with the company's "full refund for late delivery" promise further strengthening trust [9] - In a market where the CR5 concentration exceeds 60%, KuaYue Express continues to set new benchmarks in the logistics industry through its balanced approach of timeliness, technology, and service [9]

| 2025年5月27日星期二| NO.1淘宝闪购联合饿了么日订单数超4000万 5月26日，淘宝闪购联合饿了么宣布，日订单数已超4000万。数据显示，淘宝闪购非茶饮订单占比达 75%，非餐品类订单增长远超预期，订单高速增长。同时，淘宝闪购有效保障履约水平，订单准时率达 97%。 点评：淘宝闪购联合饿了么日订单数已超4000万，且非茶饮订单占比较高，表明消费者对即时零售的需 求多元。其97%的订单准时率体现了在业务扩张的同时对服务质量的把控，未来还需在商品丰富度、配 送效率等方面不断优化创新，以应对激烈的市场竞争。 NO.2美团一季度营收865.6亿元，美团闪购累计交易用户数超5亿 5月26日，美团发布2025年第一季度业绩报告。财报显示，美团第一季度营收865.6亿元人民币，同比增 长18.1%；第一季度调整后净利润109.5亿元人民币，同比增长46.2%。财报提及，截至3月底，美团闪购 累计交易用户数超5亿，以90后的年轻消费者为主。当前，美团非餐饮品类即时零售日单量已突破1800 万单。 点评：非餐饮品类即时零售日单量突破1800万单，凸显出美团在多元化品类布局上的成效。随着市场竞 争加剧，美团仍需持续 ...

Financial Performance - The company reported revenue of 2.587 billion, an increase of 8.8% year-on-year [1] - Profit attributable to the parent company was 226 million, up 20.26% year-on-year [1] - Adjusted net profit reached 242 million, reflecting a 15.9% increase year-on-year [1] Operational Metrics - Total freight volume for the three months ended March 31, 2025, was 3,045 thousand tons, a 5.9% increase from 2,875 thousand tons for the same period in 2024 [1] - The number of freight partners and agents increased to over 36,000, up from approximately 29,400 a year earlier [1] Service Quality - Total ticket count reached 40,465 thousand, representing a 28.2% year-on-year growth from 31,568 thousand [2] - The loss rate and complaint ticket count improved to 0.02 and 33.2 respectively per 100,000 tickets [2] - Average delivery time was optimized to approximately 65 hours as of March 2025 [2]