Core Viewpoint - Ande Intelligent Supply Chain Technology Co., Ltd. (referred to as "Ande Intelligent") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, indicating its growth and financial performance in the supply chain sector [2][16]. Financial Performance - In the first half of 2025, Ande Intelligent reported revenue of 10.885 billion RMB, a 20% increase from 9.053 billion RMB in the same period last year, with a net profit of 248 million RMB compared to 204 million RMB [7]. - The company’s revenue for 2022, 2023, and 2024 was 14.173 billion RMB, 16.224 billion RMB, and 18.663 billion RMB respectively, with corresponding net profits of 215 million RMB, 288 million RMB, and 380 million RMB [6][9]. - The gross profit margins for the years 2022, 2023, and 2024 were 6.8%, 7.3%, and 7.3% respectively [6]. Dividend Distribution - The company has declared dividends of 80.1 million RMB, 108 million RMB, 167 million RMB, and 227 million RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively, all of which have been fully paid [2]. Business Model and Operations - Ande Intelligent employs a "1+3" model to provide integrated and intelligent solutions, which includes end-to-end logistics capabilities and three solution pillars aimed at optimizing supply chain efficiency [5]. - As of June 30, 2025, the company operates a warehouse network comprising 47 owned facilities, 436 leased facilities, and 17 managed facilities, covering over 11 million square meters [5]. Shareholding Structure - Prior to the IPO, major shareholders include Midea Group with a 52.94% stake, Hisense Electronics Technology with 22.03%, and several other minority shareholders [13][14]. - Recently, Ande Intelligent completed a financing round of 1.9 billion RMB, with Hisense Electronics Technology subscribing for 1.52 billion RMB [10][13].