10月27日，货拉拉更新招股书，申请于港交所主板上市。 货拉拉于2013年在中国香港成立，2014年进军中国内地及东南亚，截至2025年6月30日，货拉拉的业务 已覆盖全球14个市场的400座城市。 招股书更新了最新数据，2025年上半年货拉拉的全球GTV达到59.67亿美元，同比增长17.7%，订单量达 到4.55亿笔订单，同比增长34.2%。 根据弗若斯特沙利文的资料，2025年上半年，货拉拉是全球闭环货运交易总值最大的物流交易平台、全 球闭环货运GTV最大的同城物流交易平台。作为全球闭环货运领域的头部企业，货拉拉的上市之路也 备受关注。从货拉拉披露的数据来看，货拉拉平台近三年多以来的网络效应和规模优势明显，运营效率 和盈利水平在持续提升。 同时，货拉拉在中国境内的货运平台服务变现率出现三连降，主要原因是平台采取了针对司机的降费降 抽佣政策。 互联网货运平台提高了货运司机的接单效率，而庞大的司机网络也是货拉拉运力的基石。保障司机的权 益，既是货拉拉必须履行的社会责任，也是平台能够吸引司机完成更多的交易，增强网络粘性，实现高 质量运营的必选题。 货拉拉的业务规模依旧在保持稳健增长。 货拉拉的全球货运GTV从 ...

Core Viewpoint - The company's 1H25 performance slightly underperformed expectations, with revenue growth impacted by intensified price competition [1][2] Financial Performance - 1H25 revenue reached 5.63 billion yuan, a year-on-year increase of 6.4% - Gross profit was 880 million yuan, a year-on-year increase of 0.2% - Adjusted net profit stood at 476 million yuan, a year-on-year increase of 10.7% - 2Q25 revenue was 3.04 billion yuan, a year-on-year increase of 4% - 2Q25 gross profit was 470 million yuan, a year-on-year decrease of 5% - Adjusted net profit for 2Q25 was 230 million yuan, a year-on-year increase of 6% [1][2] Dividend Announcement - The company announced its first-ever interim dividend, with a payout ratio of 50% based on 1H25 net profit, which aligns with market expectations - The interim dividend includes a regular dividend of 0.1572 HKD per share and a special dividend of 0.0393 HKD per share - The total dividend yield is 2.34% based on the closing price on August 19 [1][2] Market Trends - The company is focusing on optimizing cargo structure, with a 6.2% year-on-year increase in total cargo volume to 6.82 million tons in 1H25 - The number of shipments increased by 25.2% year-on-year to 90.6 million, with a decrease in average weight per shipment from 89 kg to 75 kg - The number of freight partners and agents exceeded 38,000, a year-on-year increase of approximately 23% [1][2] Cost and Pricing Dynamics - In 2Q25, the average price for less-than-truckload services decreased by 2% year-on-year to 805 yuan/ton - The cost per ton remained stable at 680 yuan/ton, with variations in specific cost components - The unit gross profit decreased by 11% year-on-year to 125 yuan/ton due to price competition [2] Profit Forecast and Valuation - The company revised down its non-HKFRS net profit forecasts for 2025 and 2026 by 6% and 9% to 940 million yuan and 1.1 billion yuan, respectively - The current price corresponds to a non-HKFRS P/E ratio of 9.5x for 2025 and 8.2x for 2026 - The target price remains at 11 HKD, implying a potential upside of 31% based on projected P/E ratios [2]

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]