安能物流2025中期报告

中期報告INTERIM REPORT2025 ANEendless possibilities無限可能安能 CONTENTS目錄 02Corporate Information06Management Discussion and Analysis34Corporate Governance and Other Information97Independent Review Report99Interim Condensed Consolidated Statement of Profit or Loss100Interim Condensed Consolidated Statement of Comprehensive Income101Interim Condensed Consolidated Statement of Financial Position103Interim Condensed Consolidated Statement of Changes in Equity105Interim Condensed Consolidated Statement of Cash Flows108Notes to Interim Condensed Consolidated Financial Information129Definitions135Glossary of Technical Terms Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Qin Xinghua(Co-Chairman, chief executive officer)Mr. Jin Yun Non-executive Directors Mr. Chen Weihao(Co-Chairman)Mr. Wei BinMr. Zhang Yinghao Independent Non-executive Directors Mr. Li Wilson WeiMr. Geh George ShalchuMs. Sha ShaMr. Hung Cheung Fuk PRINCIPAL PLACE OF BUSINESS INMAINLAND CHINA 3899 No. 3899, Jiasong Middle RoadHuaxin TownQingpu DistrictShanghai, PRC PRINCIPAL PLACE OF BUSINESS INHONG KONG, PRC 33191920 Room 1920, 19/FLee Garden One33 Hysan AvenueCauseway Bay, Hong Kong Corporate Information HEADQUARTERS IN HONG KONG, PRC 992-99812B Unit 12BOffice Plus @Mong Kok992-998 Canton RoadMongkok, Hong Kong REGISTERED OFFICE PO Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands PO Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket Square, Grand Cayman KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket Square, Grand Cayman KY1-1102Cayman Islands HONG KONG SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong COMPANY SECRETARY Ms. Pun Ka Ying AUTHORIZED REPRESENTATIVES Ms. Pun Ka YingMr. Qin Xinghua Corporate Information AUDIT COMMITTEE Mr. Li Wilson Wei(Chairman)Mr. Geh George ShalchuMs. Sha ShaMr. Hung Cheung Fuk REMUNERATION COMMITTEE Mr. Hung Cheung Fuk(Chairman)Mr. Qin XinghuaMr. Li Wilson Wei NOMINATION COMMITTEE 2025819 Mr. Qin Xinghua(Chairman)Mr. Li Wilson WeiMr. Hung Cheung FukMs. Sha Sha (effective from August 19, 2025) ENVIRONMENTAL, SOCIAL ANDGOVERNANCE COMMITTEE Mr. Chen Weihao(Chairman)Mr. Qin XinghuaMr. Hung Cheung Fuk STRATEGY COMMITTEE Mr. Chen Weihao(Chairman)Mr. Qin XinghuaMr. Wei BinMr. Zhang Yinghao Corporate Information AUDITOR 97927 Ernst & YoungCertified Public Accountants and Registered PIE Auditor27/F, One Taikoo Place979 King’s RoadQuarry BayHong Kong LEGAL ADVISER Davis Polk & Wardwell10/F The Hong Kong Club Building3A Chater RoadCentralHong Kong Davis Polk & WardwellA STOCK CODE 9956 9956 www.ane56.com COMPANY WEBSITE www.ane56.com Management Discussion and Analysis I. I.BUSINESS OVERVIEW 20256.820246.4202472.425.2%90.6202489202575 Weoperate a leading express freight network in China’s less-than-truckload (“LTL”) market. Express freight network operators,like us, are LTL service providers who have nationwide coverage,anddeliver timely and comprehensive freight transportationservices. In the first half of 2025, we have completed shipment ofa total LTL freight volume of 6.8 million tonnes, compared to 6.4million tonnes for the same period in 2024. With the growth of ourmini and light freight segments, our total number of shipmentsincreased by 25.2% to 90.6 million, compared with 72.4 millionin 2024, while the average freight weight per shipment decreasedfrom 89 kg in the first half of 2024 to 75 kg in the first half of2025. 20256306.820246305.8 We mainly provide transportation services, value-added servicesand dispatch services to our freight partners, our direct customers.We, together with our freight partners and agents, served over 6.8million shippers, our end-customers, across China as of June 30,2025, compared to over 5.8 million as of June 30, 2024. Our Market and Industry Withthe accelerated digitalization of commerce and tradeindomestic market of China and the rapid rise of crossbordere-commerce,the full spectrum of the supply chain,frommanufacturers to distributors,merchants and retailers,requires fast and high frequency inventory turnover. This couldonlybe achieved through efficient and comprehensive freighttransportation solutions to bring merchandise to warehouses andstores closer to end consumers. This in turn generates significantdemand for timely, comprehensive and reliable LTL services withnationwide coverage. We are well-positioned for this opportunitybyleveraging our nationwide network with comprehensive anddiverse product offerings tailored to different shipper preferencesregarding network coverage, timeliness, service quality and price. Management Discussion and Analysis B2C Historically,China’s LTL market was highly fragmented andinefficient with a large number of regional direct li