转自：蚌埠新闻网 随着国际经贸规则的解构与重写，全球制造业格局也随之展开了一场深刻变革。置身全新局势之中，如 何适应全球价值链重构和产业分工格局重塑，成为推动我国制造业高质量"出海"、强化制造业全球化布 局的重要课题。 然而从产业支撑能力建设的角度看，强大的供应链是制造业全球化布局的重要一环。面对新的市场机 遇，安得智联供应链科技股份有限公司（下称"安得智联"）积极探索全球化背景下的供应链创新与合 作，并已向港交所递交上市申请表，中金公司及摩根士丹利为联席保荐人。 （来源：蚌埠新闻网） 根据灼识咨询统计，以2024年收入计，安得智联是中国最大的家电行业一体化供应链物流解决方案提供 商，同时也是中国综合型一体化供应链物流解决方案提供商中收入第一的生产物流解决方案提供商。财 务方面，安得智联于2022年、2023年及2024年，公司分别录得收入人民币142亿元、人民币162亿元及人 民币187亿元，复合年增长率达14.8%。2025年上半年，公司实现收入人民币109亿元，同比增加 20.2%；今年6月，安得智联完成了一轮人民币19亿元的融资，海信电子技术、天津顺和、钟鼎晟观、 隐山致能及美科启信等均投资入股。 随 ...

Core Viewpoint - Anke Intelligent Supply Chain Co., Ltd. (Anke Zhiliang), a subsidiary of Midea Group, is preparing for an IPO on the Hong Kong Stock Exchange, highlighting the strength of its parent company and the growth potential in the logistics sector [2][6]. Group 1: Company Overview - Anke Zhiliang, originally Midea Group's logistics division, was established in 2000 and rebranded in 2017 to focus on smart logistics, becoming an independent supplier of integrated supply chain solutions [4]. - The company has developed a unique "1+3" supply chain model, providing end-to-end logistics services that help businesses optimize their supply chains and reduce costs [4]. - As of June 2025, Anke Zhiliang serves over 9,000 enterprise clients across various industries, including home appliances and automotive, with a management warehouse area exceeding 11 million square meters [4]. Group 2: Financial Performance - Anke Zhiliang has maintained double-digit growth over the past three years, with revenues of 141.73 billion, 162.24 billion, and 186.63 billion from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 14.8% [5]. - The net profit for the same period showed a CAGR of 33%, with figures of 2.15 billion, 2.88 billion, and 3.8 billion [5]. - In the first half of 2025, the company achieved a revenue of 108.85 billion, a year-on-year increase of 20.23%, and a net profit of 2.48 billion, up 21.75% [5]. Group 3: IPO Journey - Anke Zhiliang has attempted to go public multiple times, with its first attempt in 2009 being rejected due to high related-party transactions [8]. - After a slow progress post-rebranding, the company received approval from Midea Group's board in July 2023 to prepare for an IPO on the Shenzhen Stock Exchange, but later shifted its focus to the Hong Kong market [9]. - Prior to its IPO application, Anke Zhiliang secured 1.9 billion in Pre-IPO financing from various investors, including Hisense Group and Zhongding Capital [9]. Group 4: Parent Company Insights - Midea Group reported a total revenue of 2,523 billion in the first half of 2025, a 15.7% increase year-on-year, with a net profit of 260 billion, up 25% [11]. - The group has a significant investment portfolio, having established multiple investment platforms and made numerous investments across various sectors, including smart appliances and medical devices [11]. - If Anke Zhiliang successfully goes public, it will mark the 10th IPO for the family of Midea's founder, He Xiangjian, further expanding their capital influence and wealth [13].

Core Viewpoint - The integrated supply chain logistics solutions market in China is rapidly expanding, driven by rising production costs and increasing consumer demand, with a projected market size growth from 3.10 trillion yuan in 2024 to 4.67 trillion yuan in 2029, representing a compound annual growth rate of 8.5% [1]. Group 1: Company Overview - AnDe ZhiLian Supply Chain Technology Co., Ltd. is the largest integrated supply chain logistics solutions provider in China's home appliance industry and the fourth largest in the fast-moving consumer goods (FMCG) sector, based on projected revenue for 2024 [1][3]. - The company has submitted its listing application to the Hong Kong Stock Exchange, with Morgan Stanley and CICC as joint sponsors, and has notable shareholders including Midea and Hisense [3]. Group 2: "1+3" Supply Chain Model - The "1+3" supply chain model developed by AnDe ZhiLian addresses traditional supply chain pain points by enhancing end-to-end collaboration, which includes production logistics, unified inventory management, and last-mile delivery [4]. - This model has significantly improved operational efficiency and customer experience by reducing inventory costs and enhancing delivery processes [4][5]. Group 3: Financial Performance - The company's revenue from integrated supply chain logistics solutions is projected to grow from 12.164 billion yuan in 2022 to 16.343 billion yuan in 2024, with year-on-year growth rates of 15.90% and 15.92% respectively [5]. - The number of external clients has increased from over 3,000 at the end of 2022 to over 7,000 by mid-2025, indicating a diversification of the client base and reduced reliance on single clients [5]. Group 4: Market Position in Home Appliances - The market for integrated supply chain logistics solutions in the home appliance sector has grown from 26.2 billion yuan in 2019 to a projected 41.5 billion yuan in 2024, with expectations to reach 57 billion yuan by 2029 [7]. - AnDe ZhiLian has established itself as a leader in this sector, providing services to major brands like Midea, Hisense, and TCL, and has demonstrated significant improvements in operational efficiency for its clients [7][8]. Group 5: Expansion into FMCG - AnDe ZhiLian is expanding its integrated supply chain solutions into the FMCG sector, where it is recognized as the fourth largest provider in China, showcasing its ability to replicate its successful model across different industries [9]. - The company has implemented successful case studies in FMCG, such as reducing logistics costs and improving delivery times for clients like Qingdao Beer and Feihe [9][10]. Group 6: Future Prospects - The fragmented nature of the FMCG supply chain market, with the top five providers holding only 9.1% market share, presents significant growth opportunities for AnDe ZhiLian through service extension and technological innovation [10]. - The company aims to leverage its unique "1+3" model and extensive infrastructure to enhance its market presence across various industries, including automotive and components [12].

Core Viewpoint - Anke Zhiliang, a subsidiary of Midea Group, is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant expansion in Midea's business landscape and potentially benefiting its controlling shareholder, He Xiangjian [4][5]. Group 1 - Anke Zhiliang is recognized as the leading integrated supply chain logistics solution provider in China, particularly in the home appliance sector, with projected revenues of 18.663 billion yuan in 2024 [4][12]. - The company has demonstrated strong financial growth, with a compound annual growth rate (CAGR) of 14.8% in revenue from 2022 to 2024 and a remarkable 33% CAGR in net profit during the same period [13]. - Anke Zhiliang's business model includes a comprehensive logistics solution covering nine core application scenarios, positioning it as a "supply chain steward" for enterprises [4][14]. Group 2 - The decision to list Anke Zhiliang on the Hong Kong Stock Exchange follows a previous plan to list on the Shenzhen Stock Exchange, indicating a strategic shift to enhance valuation and market positioning [12][11]. - Midea Group retains a controlling stake of 52.94% in Anke Zhiliang, ensuring continued influence over its operations post-IPO [12][13]. - The IPO is expected to unlock the valuation potential of Midea's logistics segment, which has been overshadowed by its core home appliance business [14]. Group 3 - Midea Group has a rich history of transformation, evolving from a small workshop to a global technology group with over 400 billion yuan in revenue in 2024, showcasing its resilience and adaptability in the market [20]. - The founder, He Xiangjian, has played a pivotal role in Midea's growth, leading the company through various strategic reforms and expansions since its inception in 1968 [16][19]. - If Anke Zhiliang successfully completes its IPO, it will represent the tenth IPO for He Xiangjian's family, further solidifying their influence in the investment landscape [29].

Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

Core Viewpoint - Midea's subsidiary, Ande Logistics, is set to go public in Hong Kong, marking a strategic shift from its initial plan to list in A-shares, aiming to enhance its international presence and brand recognition [1][2]. Group 1: Company Overview - Ande Logistics, established in 2000, has evolved into a leading integrated supply chain logistics solution provider in China, particularly in the home appliance sector [1]. - The company utilizes a unique "1+3" supply chain logistics model, integrating end-to-end logistics capabilities with three core solutions: production logistics, unified warehousing and distribution, and last-mile delivery [1][2]. Group 2: Financial Performance - Revenue figures for Ande Logistics are as follows: 2022 revenue was 14.173 billion RMB, 2023 revenue was 16.224 billion RMB, 2024 revenue is projected at 18.663 billion RMB, and the first half of 2025 is expected to generate 10.885 billion RMB [3][4]. - Net profits for the same periods were 215 million RMB, 288 million RMB, 380 million RMB, and 248 million RMB respectively [3]. - The majority of revenue comes from integrated supply chain logistics solutions, accounting for approximately 85.8% to 87.6% of total revenue from 2022 to 2024 [3][4]. Group 3: Market Position and Infrastructure - As of June 30, 2025, Ande Logistics will operate over 630,000 transportation routes, achieving 100% geographical coverage across approximately 2,800 districts and over 38,000 towns in China [2]. - The company's warehouse network includes 47 owned facilities, 436 leased facilities, and 17 managed facilities, totaling over 11 million square meters [2]. Group 4: Strategic Partnerships and Investments - To enhance its independence, Ande Logistics has entered into a strategic partnership with Hisense, focusing on AI applications and smart logistics [5]. - In a recent funding round, Hisense invested 1.52 billion RMB, acquiring a 22.03% stake in Ande Logistics, which is now valued at approximately 6.9 billion RMB [7][9].

Core Viewpoint - Midea's subsidiary, Ande Intelligent Logistics, has officially filed for an IPO in Hong Kong, marking a strategic shift from its initial plan to list in A-shares, aiming to enhance its international presence and brand recognition [1][10]. Group 1: Company Overview - Ande Intelligent Logistics, established in 2000, has evolved into a leading integrated supply chain logistics solution provider in China, particularly in the home appliance sector [1]. - The company utilizes a unique "1+3" supply chain logistics model, integrating end-to-end logistics capabilities with three core solutions: production logistics, unified warehousing and distribution, and last-mile delivery [1][3]. Group 2: Financial Performance - Revenue figures for Ande Intelligent Logistics are as follows: 2022 revenue was 14.173 billion RMB, 2023 revenue was 16.224 billion RMB, 2024 revenue is projected at 18.663 billion RMB, and the first half of 2025 is expected to generate 10.884 billion RMB [3][4]. - Net profits for the same periods were 215 million RMB, 288 million RMB, 380 million RMB, and 248 million RMB respectively [3]. Group 3: Revenue Composition - The majority of Ande's revenue comes from integrated supply chain logistics solutions, accounting for 85.8% in 2022, 86.9% in 2023, 87.6% in 2024, and 85.3% in the first half of 2025 [4]. - Within this, the unified warehousing and distribution segment contributed 67.6% in 2022, 65.7% in 2023, 64.6% in 2024, and 63.7% in the first half of 2025 [4][5]. Group 4: Strategic Partnerships and Investments - To enhance its independence, Midea has entered into a strategic cooperation agreement with Hisense, focusing on AI applications and smart logistics [6]. - Hisense invested significantly in Ande during its last round of financing, acquiring a substantial stake [6][8]. Group 5: Market Position and Future Prospects - Following the IPO, Ande Intelligent Logistics is expected to become Midea's fifth listed company, expanding Midea's portfolio, which already includes nine listed entities [10]. - The estimated valuation of Ande after the recent financing round is approximately 6.9 billion RMB [10].

Core Viewpoint - Ande Zhihui Supply Chain Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage its unique "1+3" supply chain logistics model to capture growth in the integrated supply chain logistics market in China [3]. Industry Overview - The integrated supply chain logistics solutions market in China is expected to grow from RMB 3,100.7 billion in 2024 to RMB 4,670.8 billion by 2029, with a compound annual growth rate (CAGR) of 8.5% [4]. - The demand for integrated supply chain logistics solutions is driven by the need for efficiency improvements across production, circulation, and last-mile delivery [4]. Market Segmentation - The fast-moving consumer goods (FMCG) sector is projected to see its integrated supply chain logistics solutions market grow from RMB 520.2 billion in 2024 to approximately RMB 818.6 billion by 2029, with a CAGR of 9.5% [7]. - The home appliance industry remains strong in demand for integrated supply chain logistics solutions, with market size expected to increase from RMB 41.5 billion in 2024 to RMB 57 billion by 2029 [7]. - The automotive and auto parts sector is currently the largest segment for integrated supply chain logistics solutions, with a market size projected to reach approximately RMB 584.7 billion in 2024 and RMB 946.9 billion by 2029, reflecting a CAGR of 10.1% [7].

Group 1 - The core viewpoint of the news is that Ande Zhihui is set to go public on the Hong Kong Stock Exchange, highlighting its strong growth potential in the integrated supply chain logistics sector in China [1][2] - Ande Zhihui is the largest integrated supply chain logistics solution provider in the domestic home appliance industry, with projected revenue of 18.7 billion yuan and net profit of 380 million yuan in 2024, reflecting compound annual growth rates of 14.8% and 33.0% respectively from 2022 [1][2] - The company has developed a unique "1+3" supply chain model, which integrates end-to-end logistics capabilities with production logistics, centralized warehousing, and last-mile delivery solutions, ensuring seamless collaboration from factories to consumers [1] Group 2 - The integrated supply chain logistics market in China is expected to grow from 3.10 trillion yuan in 2024 to 4.67 trillion yuan by 2029, with a compound annual growth rate of 8.5%, driven by strong demand in sectors such as fast-moving consumer goods, home appliances, and automotive [2] - The spin-off of Ande Zhihui from its parent company, Midea Group, aims to enhance focus on core businesses and improve competitiveness, facilitating long-term growth for both entities [2] - The funds raised from the IPO will be used to expand domestic logistics services, develop international supply chain operations, and advance digitalization through smart technologies [2]

Core Viewpoint - Annto Supply Chain Technology Co., Ltd. (安得智联) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading integrated supply chain logistics solution provider in China [2][10]. Company Overview - Founded in 2000, Annto Supply Chain operates as a segment of Midea Group's smart logistics business and is recognized as the top revenue-generating integrated supply chain logistics provider in China for 2024 [2][3]. - The company has the highest compound annual growth rate (CAGR) in revenue among the top five integrated supply chain logistics providers in China from 2022 to 2024 [2]. Business Model - Annto Supply Chain's core competitive advantage lies in its deep industry expertise and the restructuring of supply chain logistics solutions, focusing on enhancing overall supply chain efficiency [3]. - The company utilizes a unique "1+3" supply chain logistics model, integrating end-to-end logistics capabilities with three core solutions: production logistics, unified warehousing and distribution, and last-mile delivery and installation [3]. Infrastructure and Network - As of June 30, 2025, Annto Supply Chain has established a comprehensive infrastructure network, including 47 owned warehouses, 436 leased facilities, and 17 managed facilities, totaling over 11 million square meters [4]. - 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 in China [4]. Revenue Breakdown - The company's revenue primarily comes from integrated supply chain logistics solutions, followed by basic logistics services [4]. - For the fiscal years 2022, 2023, 2024, and the first half of 2025, Annto Supply Chain reported revenues of RMB 14.17 billion, RMB 16.22 billion, RMB 18.66 billion, and RMB 10.88 billion, respectively [10][11]. Shareholder Structure - Prior to the IPO, Midea Group's wholly-owned subsidiary, Midea Zhili, holds a 52.94% stake in Annto Supply Chain, making it the controlling shareholder [7]. - Other significant shareholders include Hisense Group and various investment platforms associated with Annto and Midea [7]. Management Team - The board of directors consists of 9 members, including 2 executive directors and 4 non-executive directors, with a mix of expertise from Midea Group and Hisense Group [9].