机构：中金公司 研究员：罗欣雨/张文杰/冯启斌/杨鑫 风险 零担市场需求低于预期，行业价格竞争加剧，公司成本费用控制不及预期。 公司坚持优化货量结构，以小票业务驱动增长。1H25 公司零担货运总量同比增长6.2%至682 万吨（Q2 货量同比增长6%至378 万吨），其中70kg以下迷你小票货量同比+23.9%，70-300kg 小票货量同比 +14.0%。受小票货物驱动，总票数同比+25.2%至9,060 万票（Q2 票数同比+23%至5,011万票），票均重 则由去年同期的89kg 降至75kg。公司网络规模持续扩张，截至1H25 货运合作商及代理商总数已超 38,000 家，同比增长约23%。 2Q 价格竞争致毛利承压，关注Q4 旺季价格修复进程。2Q25 受价格竞争影响，公司零担服务总单价同 比-2%至805 元/吨。成本端，2Q25 公司单吨成本为680 元/吨、同比持平，其中干线运输/分拨/增值服 务/派送成本分别同比-5%/持平/+45%/-1%。干线运输成本主要受益于油价下降、线路优化和新能源运力 应用，增值服务及派送成本的上升则主要受货运票数增加的结构性影响。受价格竞争影响，2Q 单位毛 利 ...

为了更好地实现有效规模增长，安能物流加大数字化升级投入，推动数字化工具在全链路运营中的深度 应用。在网点端，安能物流以数字化工具大力赋能一线网点，提高其管理水平。在分拨端，郑州、杭 州、临沂等分拨中心陆续部署自动化流水线。在运输环节，安能物流则积极探索前沿技术应用，率先在 业内落地自动驾驶重卡，通过智慧线路规划、节油车辆更替及设备升级优化运力结构。一系列的数字化 升级举措帮助安能物流有效节降成本，报告期内，安能物流单位运输及分拨成本同比下降9元/吨，为利 润释放留出更大空间。 安能物流积极提升运营能力和产品能力，着力品牌力建设，持续推动品牌知名度与溢价能力提升。公司 打造行业首个品牌IP——"安能ANE物流狂欢节"，将于8月23日至24日在长沙地标橘子洲举办，旨在打 造公司独有的差异化竞争壁垒，推动品牌出圈。 值得关注的是，安能物流本次还披露了其上市后的首次分红方案，中期分红派息率为50%。安能物流董 事会联席主席陈伟豪表示："伴随业绩的稳健增长，董事会非常愿意通过长期稳定的分红，与广大股东 分享公司的经营成果，我们希望未来能持续实现稳中有升的派息计划，并保持行业较领先水平。" 中证报中证网讯(记者万宇)8月 ...

8月19日盘后，安能物流（9956.HK）发布2025年上半年业绩，报告期内营业收入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%；毛利和毛利率分别达8.8亿元和15.6%。 上半年，安能物流实现零担货运总量682万吨，同比增长6.2%。货重结构持续优化，上半年公司 300公斤以下货量同比增长18.2%，迷你小票（70公斤以下）和小票零担（70至300公斤）的货量分别增 长23.9%和14.0%，带动总票数增长25.2%，达到9060万票，而每票货物的票均重从2024年上半年的89公 斤减少至2025年上半年的75公斤。 由于公司采取积极的定价策略，运输服务单价有所下降，从2024年上半年的441元/吨减少至2025年 上半年的413元/吨；但增值服务和派送服务的单价分别增长12.6%和3.7%，分别增长21元/吨、8元/吨。 值得关注的是，伴随着中报披露，安能物流亦同步发布上市后首次分红方案，中期分红派息率达 50%。安能物流表示，本次分红基于公司稳健的业绩表现、健康的现金流状况以及对未来发展的坚定信 心，传递出可持续回报股东的长期预期。 服务方面，截止上半年末，安能物流服 ...

每经北京8月19日电(记者赵雯琪)安能物流今日发布2025年上半年业绩报告，当期，公司实现零担货运 总量682万吨，同比增长6.2%；营业收入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%；毛利8.8亿元，毛利率15.6%。货量结构上，其高毛利的300kg以下货量同比增长18.2%。财报披 露，安能物流网络覆盖持续加密，上半年网点数量突破38000家，全国乡镇覆盖率达99.6%，服务终端 客户数超680万。 ...

XPO (XPO -1.25%), a leading provider of freight transportation services specializing in less-than-truckload (LTL) shipping, announced its second quarter fiscal 2025 results on July 31, 2025. The company beat analyst expectations on adjusted diluted earnings per share, reporting $1.05 versus the $0.99 estimate in Q2 2025, and on revenue, posting $2.08 billion (GAAP) in Q2 2025 compared to a $2.05 billion forecast. However, Results for Q2 2025 were modestly below Q2 2024 figures as shipment volumes continued ...

Core Viewpoint - The report from CICC forecasts that Aneng Logistics (09956) will achieve adjusted net profits of 1.01 billion and 1.22 billion yuan in 2025 and 2026, respectively, with the current stock price corresponding to adjusted P/E ratios of 10.0x and 8.2x for those years, indicating a potential upside of 18.9% from the current price [1] Group 1: Financial Performance - In Q1 2025, the company's revenue reached 2.59 billion yuan, a year-on-year increase of 9%, with a gross profit of 410 million yuan, up 7% year-on-year [2] - The net profit attributable to shareholders was 226 million yuan, reflecting a 20% year-on-year growth, while the adjusted net profit was 242 million yuan, up 16% year-on-year, achieving a record high adjusted net profit margin of 9.4% [2] - The company managed to achieve good profit growth despite a weak market demand and high profit base, supported by a structural adjustment in cargo weight [2] Group 2: Cargo Structure and Pricing - The total volume of LTL (Less Than Truckload) freight in Q1 increased by 6% to 3.045 million tons, with mini parcels (under 70kg) and small parcels (70-300kg) growing by 27% and 12% year-on-year, respectively [3] - The average price per ton for LTL services rose by 3% to 850 yuan/ton, while the unit cost also increased by 3% to 715 yuan/ton, with specific service costs varying [4] Group 3: Competitive Position and Growth - The company saw a 67% year-on-year decrease in lost items per 100,000 parcels, with complaints also declining, indicating improved service quality [5] - The average delivery time shortened by 7% to approximately 65 hours, enhancing the company's competitive edge and attracting more franchisees, which grew by about 22% to 36,000 [5] Group 4: Liquidity and Shareholder Returns - As of Q1, the company had cash and cash equivalents of 2.01 billion yuan, a 50% year-on-year increase, indicating strong liquidity [6] - The company plans to disclose its dividend strategy after the mid-term results, with expectations for continued shareholder returns due to its leading position in the express delivery sector and ability to adapt pricing and volume strategies [6]