零担物流服务

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ANE(CAYMAN)INC(09956.HK):FIRST-TIME DIVIDEND PAYOUT RATIO REACHED 50%; WATCH PRICE RECOVERY IN PEAK SEASON
Ge Long Hui· 2025-08-21 19:59
Core Viewpoint - The company reported its 1H25 results, showing a slight miss in revenue and profit expectations due to increased price competition, while announcing its first dividend payout since its IPO, reflecting confidence in future growth [1][4]. Financial Performance - In 1H25, revenue increased by 6.4% YoY to Rmb5.63 billion, gross profit rose by 0.2% YoY to Rmb880 million, and adjusted net profit grew by 10.7% YoY to Rmb476 million, with an adjusted net margin of 8.5% [1]. - For 2Q25, revenue rose by 4% YoY to Rmb3.04 billion, gross profit fell by 5% YoY to Rmb470 million, and adjusted net profit increased by 6% YoY to Rmb234 million, indicating pressure on growth [1]. - The firm announced a dividend payout ratio of 50% based on 1H25 attributable net profit, aligning with market expectations [1][4]. Operational Trends - The company optimized its freight volume structure, with total LTL freight volume increasing by 6.2% YoY to 6.82 million tonnes in 1H25, and mini freight volume rising by 23.9% YoY [2]. - The total number of shipments rose by 25.2% YoY to 90.6 million, with an average weight decrease from 89kg to 75kg [2]. Pricing and Cost Dynamics - In 2Q25, the average selling price (ASP) of LTL services decreased by 2% YoY to Rmb805 per tonne due to price competition, while the cost per tonne remained flat YoY at Rmb680 [3]. - Unit gross profit fell by 11% YoY to Rmb125 per tonne, influenced by price competition, with expectations for price recovery in the peak season of 4Q25 [3]. Cash Flow and Dividends - As of end-1H25, cash and cash equivalents increased by 6.4% YoY to Rmb2.18 billion, indicating solid cash flow [4]. - The board declared an interim dividend of HK$0.1572 per share and a special dividend of HK$0.0393 per share, reflecting strong shareholder returns [4]. Financial Forecasts and Valuation - The company revised its 2025 and 2026 non-HKFRS net profit forecasts down by 6% and 9% to Rmb944 million and Rmb1.10 billion, respectively, due to industry demand pressures [4]. - The stock is currently trading at 9.5x 2025e and 8.2x 2026e non-HKFRS P/E, with a target price of HK$11, implying a 31% upside [4].
安能物流(09956)发布第一季度业绩,经调整净利润2.42亿元 同比增加15.9%
智通财经网· 2025-05-26 11:07
Financial Performance - The company reported revenue of 2.587 billion, an increase of 8.8% year-on-year [1] - Profit attributable to the parent company was 226 million, up 20.26% year-on-year [1] - Adjusted net profit reached 242 million, reflecting a 15.9% increase year-on-year [1] Operational Metrics - Total freight volume for the three months ended March 31, 2025, was 3,045 thousand tons, a 5.9% increase from 2,875 thousand tons for the same period in 2024 [1] - The number of freight partners and agents increased to over 36,000, up from approximately 29,400 a year earlier [1] Service Quality - Total ticket count reached 40,465 thousand, representing a 28.2% year-on-year growth from 31,568 thousand [2] - The loss rate and complaint ticket count improved to 0.02 and 33.2 respectively per 100,000 tickets [2] - Average delivery time was optimized to approximately 65 hours as of March 2025 [2]