Core Viewpoint - Ande Zhihui Supply Chain Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its core competitiveness and expand its logistics services domestically and internationally [1][3]. Company Overview - Ande Zhihui originated from Midea Group and has over 20 years of experience in providing integrated supply chain solutions, utilizing a unique "1+3" supply chain model [1][3]. - The company has served over 9,000 enterprise clients and manages over 11 million square meters of warehousing, with a logistics capacity of 586,000 vehicles [1][3]. Market Position - According to Frost & Sullivan, Ande Zhihui is the leading provider of integrated supply chain logistics solutions in China, with the highest compound annual growth rate (CAGR) in revenue among the top five providers from 2022 to 2024 [3]. - The company is also recognized as the largest provider of integrated supply chain logistics solutions in the home appliance sector [3]. Industry Growth - The integrated supply chain logistics solutions market in China is projected to grow from RMB 3.1 trillion in 2024 to RMB 4.67 trillion by 2029, with a CAGR of 8.5% [3]. - The fast-moving consumer goods (FMCG) sector's market for integrated supply chain solutions is expected to increase from RMB 520.2 billion in 2024 to approximately RMB 818.6 billion by 2029, with a CAGR of 9.5% [4]. - The automotive and auto parts sector is anticipated to be the largest segment, with a market size of approximately RMB 584.7 billion in 2024, growing to RMB 946.9 billion by 2029, reflecting a CAGR of 10.1% [4]. Infrastructure and Capabilities - As of June 30, 2025, Ande Zhihui has established a comprehensive infrastructure network, including 47 owned facilities, 436 leased facilities, and 17 managed facilities, covering over 11 million square meters [7]. - The company has a nationwide transportation network with over 630,000 established routes, ensuring 100% geographical coverage across China [7]. 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 ending in 2022, 2023, 2024, and the first half of 2025, respectively [8]. - Gross profits for the same periods were RMB 969 million, RMB 1.185 billion, RMB 1.355 billion, and RMB 805 million [8]. IPO Fund Utilization - The funds raised from the IPO will be used to enhance domestic logistics solutions, expand international supply chain operations, and invest in digital transformation through AI and algorithm applications [9].