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]

据悉，安得智联可追溯至2000年，系美的物流业务前身。不同于传统物流提供商，经过在美的体系内多年打磨，安得智联深度融入产业价值链，优先独 创"1+3"供应链物流模型，将端到端物流能力与生产物流、一盘货统仓统配、最后一公里送装一体这三大核心解决方案支柱相结合，为客户提供从生产、 流通到末端配送的供应链全链路服务。 8月27日，美的第十个IPO正式递表，正式分拆旗下智慧物流板块安得智联赴港上市。 来源：安得智联招股书截图 由于安得智联是由美的孵化而成，其与美的的关联交易也会影响公司独立性。招股书显示，2022年、2023年、2024年及2025年上半年，安得智联向美的集 团及其联营公司提供供应链管理服务金额分别为53.42亿元、59.38亿元、76.75亿元及43.98亿元。 为增强独立性，今年5月美的与海信两大家电巨头签订战略合作协议，美的方面称，双方将围绕AI应用、全球先进制造、智慧物流等多领域开展全面战略 合作。而招股书显示，今年6月，在安得智联上市前的最后一轮融资中，也是安得智联唯一一次外部融资，海信集团斥巨资入股。 根据灼识咨询的资料，按2024年收入计，安得智联是2024年中国综合型一体化供应链物流解 ...

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].

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]

Company Overview - AnDe ZhiLian Supply Chain Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, marking a significant step towards entering the Hong Kong market [1] - The listing plan is sponsored by China International Capital Corporation and Morgan Stanley [1] Financial Performance - AnDe ZhiLian is the fastest-growing integrated supply chain logistics solution provider among the top five in China, with a projected revenue of 18.7 billion yuan and a net profit of 380 million yuan for 2024 [4] - The company has achieved a compound annual growth rate (CAGR) of 14.8% in revenue and 33.0% in net profit from 2022 to 2024 [4] Business Model - The company has developed a unique "1+3" supply chain model, which includes end-to-end logistics capabilities, production logistics, centralized warehousing and distribution, and integrated last-mile delivery solutions [4] - As of June 30, 2025, AnDe ZhiLian has served over 9,000 enterprise customers, managed over 11 million square meters of warehouse space, and has a vehicle fleet capacity of 586,000 [4] Industry Position - AnDe ZhiLian is recognized as the largest integrated supply chain logistics solution provider in the home appliance sector in China and ranks first among comprehensive integrated supply chain logistics solution providers [4] - The integrated supply chain logistics solution market in China is expected to grow from 3.1 trillion yuan in 2024 to 4.67 trillion yuan by 2029, with a CAGR of 8.5% [5] Strategic Development - The parent company, Midea Group, announced plans to spin off AnDe ZhiLian for a mainboard listing in Hong Kong to allow both entities to focus on their core businesses and enhance competitiveness [5] - The funds raised from the IPO will be used to expand domestic logistics services, develop international supply chain operations, and advance end-to-end digitalization through intelligent technology [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 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].