SHANGHAI, March 21, 2025 /PRNewswire/ -- On March 20, ANE (Stock Code: 9956.HK), China's leading less-than-truckload (LTL) market leader, announced its 2024 annual results. Key highlights include:
- LTL freight volume: 14.15 million tons (+17.5% YoY)
- Revenue: RMB11.58 billion (+16.7% YoY)
- Gross profit: RMB1.84 billion (+45.2% YoY), with gross margin rising 3.1pps to 15.9%
- Adjusted net profit: RMB837 million (+64.2% YoY)
- Operating cash flow: RMB2.14 billion (+24.9% YoY)
Since its strategic transformation starting in 2022, ANE has executed its "Five Most" strategy—most dense network coverage, most optimal cost, most stable timeliness, most superior quality, and most timely service response—to drive high-quality and profit-focused growth, establishing itself as a benchmark for LTL industry transformation.
Refined Cost Control & Operational Efficiency Enhancement:
- Unit transportation cost decreased by 5.0% YoY; unit sorting cost dropped 16.5% YoY through optimized operations and automation (e.g., pilot automated sorting lines in Xiaoshan and Zhengzhou).
- Launched "3300" (3-300kg range) product upgrade, waiving special dispatch charges for freight under 300kg.
- Overall service quality has been improved:
- Average shipment time reduced by 7.1% YoY.
- Loss/damage rates fell 79.7% and 64.7% YoY, respectively.
- High-margin mini freight volume surged over 30% YoY, with average weight per shipment dropping to 84kg.
Network Expansion & Ecosystem Improvement:
- Coverage: Over 33,000 freight partners and agents and 99.3% of counties and townships covered by end of 2024.
- Empowered freight partners and agents via training and digital tools, serving 6.3 million shippers.
Market Recognition & Valuation:
- CICC raised target price by 10% to HK$11, maintaining "Outperform"; Industrial Securities initiated coverage with "Buy".
- In comparison with its robust financial results, the stock price is still considered to be undervalued with much growth potential. Analysts emphasize its shift from a cyclical logistics stock to a sustainable profit growth stock.
Industry Outlook:
China's LTL market (RMB1.7 trillion in 2024, 50% of which is freight under 500kg) is consolidating rapidly, which is also driven by the dual forces of consumption stimulus policies and the incremental investment in infrastructure. ANE, with an estimated 12.7% market share in 2024, is poised to capitalize on e-commerce penetration and fragmented supply chain demands. Its scalable model and cost leadership position it for long-term dominance in the high-stakes logistics race.
source: ANE(Cayman)Inc.
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