According to IPO's early news, the official website of HKEx shows that Shanghai an Neng Juchuang supply chain Management Co., Ltd. (hereinafter referred to as "an Neng Logistics"), China's leading truckload express company, has passed the hearing and updated the prospectus after the hearing on September 19, with J.P.Morgan and China International Capital Corporation as its co-sponsors.

This signal also means that Anneng Logistics, which has been established for 11 years and 9 rounds of financing, will finally officially land on the main board of the Hong Kong Stock Exchange, occupy a place in the logistics capital market, and will also win the honor of "the first stock of Hong Kong stock express".

"the Logistics year of Multi-entry"

The plate-driven effect of the king of express?

Throughout the logistics industry this year, it can be said that there is a hot situation of "you sing and I will take the stage".In May this year alone, a number of logistics companies sent listing signals. Fuyou truck and Rishun have submitted their listing applications. JD Logistics, Inc. officially landed on the Hong Kong Stock Exchange, and Full Truck Alliance Co. Ltd. was also listed on the New York Stock Exchange in June this year. Now it is about to land on the Hong Kong Stock Exchange of Anneng Logistics, this wave of logistics enterprises listing is unstoppable one after another.

From the trends of the above logistics enterprises, we can see that capital has paid more attention to the express industry in recent years than ever before. after all, the seven express delivery companies next door are locked in a price war deadlock and are still immersed in the atmosphere of fighting. In addition to participating in the fierce struggle, each capital can also have a better choice, that is, to increase its chips in this blue sea field, where the market is more than twice the size of the express delivery industry, but less than 10% of CR10. Then pick out the most potential rising star and wait for it to become a giant in the industry.

Anneng Logistics, which is known as the "king of express", is the best candidate for this tomorrow's star.

First of all, look at the current position of Anneng Logistics in the market.According to the 2021 White Paper on China Express Industry issued by the Transport Federation Research Institute, an Neng Logistics has a total cargo volume of 10.25 million tons.At the top of the industryDetailed data show that Ann Neng Logistics takes the lead in terms of cargo volume at a peak of 50,000 tons per day, while Shun Feng Express, Best Express and one meter tick reach a peak of 40,000 tons per day. The prospectus showsIn 2020, the total market share of Anneng logistics in all China's national express networks was 17. 5%.3%, number oneThe total freight volume in the first four months of 2021 reached 3.6 million tons, up from 2.1 million tons in the same period in 2020.. Many of the above data prove that Anneng Logistics has taken the lead in the market share of the domestic express industry.

Looking back at its operation, an Neng Logistics has an adjusted net profit of 654 million yuan and an adjusted net profit margin of 9.2% in 2020.It is the leading enterprise in the express plate to achieve large-scale profits.而In the same period, the express business of express giants such as Shunfeng, Yunda and Best is still in a state of loss.

The latest disclosure of financial data showsAs of April 30, 2021, an Neng Logistics achieved revenue of 2.837 billion yuan, an increase of 126.95% compared with 1.25 billion yuan in the same period in 2020; the adjusted net profit was 183 million yuan, a sharp increase of 295.49% compared with 46.338 million yuan in the same period in 2020.

As can be seen from the above, the development process of Anneng Logistics in recent years can be called a very excellent business model in the industry. As a leading player in the less-than-truckload express industry, it not only attracts much attention, but also gives full play to its plate-driven effect.

On the one hand, as an excellent model in the industry, Anneng Logistics not only plays a positive leading role for the following small players, but also can achieve healthy competition with the same or even larger competitors and jointly promote the positive development of the industry. Its first impact on IPO has also played a positive role in promoting the upcoming listing tide of express enterprises.

On the other hand, the listing of an Neng Logistics does not mean that other express companies will lose opportunities. On the contrary,The demonstration effect of industry-leading listed companies is a catalyst and stimulant for the industry, which will not only boost capital's confidence in the industry, attract capital to promote the development of the industry, but also force expressCompetition between enterprisesStrive to get out of resting on their laurels and bring about new changes.The Anneng Logistics IPO is the symbol event recognized by the capital market to the express industry, which also means that every move after the listing of Anneng Logistics will be firmly locked by the eyes of the capital to see the after-effect.

However, ironmaking needs to be hard on its own, and since Anneng Logistics can give priority to stand out in the surging competition, it means that the commercial landscape it has drawn over the years has won many tests. So what on earth did Anneng Logistics do right among them?

"A-side technology + B-side operation"

Digital express accelerates Anneng service as the king.

As we all know, if you want to be a leader in an industry, you not only need to take the lead in scale, but also need to achieve fine operation on the basis of leading scale. For Anneng Logistics, "Digital Express" is the largest engine for them to achieve fine operation of this logistics network and achieve cost leadership.

Wang Yongjun, chairman of Anneng Logistics, once said: "looking back on the road we have taken, I think the most important thing is to do three things right." First, choose the sub-track of less-than-truckload products in the freight industry, which has relative room for improvement. Second, establish a model of combining online link platform with offline infrastructure. Third, full-chain digital operation, so that efficiency can be integrated and optimized. "

Specifically, Anneng's forward-looking vision created a freight partner platform model in 2012, and gradually established a national physical logistics network consisting of 151self-operated distribution centers, more than 2000 inter-provincial direct routes, and nearly 30000 freight partners and agents.

However, as the extensive traditional logistics is gradually affected by problems such as cost waste and inefficiency, the coverage advantage of offline physical network has gradually declined in the era of rapid development of digital technology, how to comply with the development of the times, the perfect combination of offline and online logistics and the transformation of traditional logistics into modern digital logistics with fine operation is a higher requirement for logistics enterprises.。And the above mentionedDigital Express is the reform of digital operation and technology coverage of Anneng Logistics based on the physical network, realizing a perfect transformation of intelligence and digitalization at the level of the whole logistics chain.

In a nutshell, first of all, the digital enabling full-service chain uses digitization to optimize efficiency on each link. For example, tens of thousands of outlets in Anneng Logistics are digitally empowered by a set of 360 Smart system, so that not onlyIt not only meets the basic online receiving and delivery functions, but also can see the volume statistics, flow analysis, cost-profit analysis, quality analysis and other data of each network, which greatly improves the operation, marketing and quality control ability of the network.

Anneng Logistics has also developed Luban system for integrated data management, TMS system for trunk transportation management, and Yitian system for distribution management, and so on. Different systems correspond to many scenarios such as the operation efficiency system of internal personnel, vehicles, goods, and field management in transit stations, the capacity efficiency system of freight transport full-cycle management and the management efficiency system supported by background management.

Second,The "intelligent brain" used to control the overall situation behind the scenes can realize intelligent decision-making. The compass system, an operation control tower developed by an Neng Logistics.Including the integration of key index data such as operation, operation and quality, so that the data of volume, revenue, cost and gross profit can be reviewed and linked in real time among operating units, which can dynamically reflect the trend of operating indicators and track key business indicators in real time. Fully reflect the company's quality management status to help management make real-time adjustments.

In a word, A-side technology + B-side operationThe joint force of many technical systems acting on this physical network makes each network "alive". It can not only dynamically reflect the real-time state, but also be endowed with the ability to operate more efficiently and intelligently.The weight matching of loading goods, the optimal matching of departure routes, long-distance and short-distance cost management and other aspects rely on digital management.It achieves the optimization of limitation and cost, which effectively solves many disadvantages such as extensive traditional logistics cost waste, low efficiency, outdated information and so on.

Generally speaking, Anneng Logistics has successfully achieved cost reduction and efficiency through the in-depth use of its own business data over the years. Financial data showIn 2020, the operating cost of an Neng logistics unit is 591 yuan / ton, which is one of the lowest in China's express network, and the trunk transportation cost of an Neng logistics unit has decreased by 22.7% from 2018 to 2020, and the operating cost has been significantly reduced.From 2018 to 2020, the gross profit of an Neng Logistics is 623 million yuan, 766 million yuan and 1.051 billion yuan, an increase of 22.9% and 37.3% respectively over the same period last year. In 2019, the overall operating profit margin was 1.1%. In 2020, the operating profit margin increased significantly to 8.2%.Based on a gross profit margin of 14.8% in 2020, an Neng Logistics is an express network with leading profitability. The latest data show that in the first four months of 2021, the gross profit of an Neng logistics less-than-truckload business was 397 million yuan, up 83.81% from a year earlier, and profitability has been further improved.

It is precisely because of the investment in science and technology that it helps Anneng Logistics to be the fastest, maximizing the virtuous circle of operational efficiency, scale and profit, which is also the key to becoming the "king of express" and leading the listing trend of the express industry.

The transformation of industry operation + the second upgrading of industry

The "blue ocean" characteristic of the express market is becoming more and more obvious.

Admittedly, in recent years, the prosperity of the express industry and the second round of industrial upgrading have also contributed a lot to the development of Anneng Logistics.

From the most intuitive data, the industry report of China Merchants Bank Research Institute shows that the size of the express market reached 1.93 trillion yuan in 2020, nearly twice the size of the express market. In terms of market concentration, according to iResearch, the total market share of the national truckload express network in China's less-than-truckload market in terms of end-customer expenditure has increased from 2.9% in 2015 to 6.1% in 2020, far less than the concentration of the express market. But,IResearch predicts that this figure is expected to rise to 15.7% by 2025 and 34.6% by 2030. Based on this, there is significant growth in the industry and huge room for increased market concentration, which also means that the "cake" that can be divided by enterprises is also huge.

In addition to scientific data prediction, the operation logic within the market can also show us the picture that the industry is developing for the better.

First of all, from the end of the supply chain, the upgrading of B2B supply chain in recent years has given rise to a lot of demand for integrated and timely less-than-truckload business. On the one hand, with the maturity of transportation and distribution in the third-party supply chain, the booming small and medium-sized e-commerce merchants are unable to rely on the integrated supply chain to solve the logistics problems, most of them turn to the more economical third-party truckload shippers to help. On the other hand, as the traditional manufacturing industry has gradually developed into a more flexible and timely C2M mode in recent years, this model presents the characteristics of rich SKU, small batch production, short manufacturing cycle and high-frequency freight transportation. therefore, the highly planned large-volume freight is gradually replaced by immediate, small batch and high-frequency freight. Finally, in order to meet the challenges brought by B2C e-commerce, more and more brands, distributors and retailers are trying to use online and offline full channels to meet the needs of consumers, and the multi-tier trade distribution channels in many industries are flattening. This change just needs immediate and efficient, small and multiple truckload services to deal with, in order to innovate the traditional inefficient goods transportation mode in which each layer distributor is only responsible for a small section of logistics locally. All the above changes show that truckload express will become one of the main modes of transportation of goods in the supply chain in the future.

Secondly, from the demand side, the upgrading of the consumption structure has also promoted the development of the express market. From the impact of the epidemic in 2020 to today's post-epidemic era, the penetration rate of domestic online consumption is steadily increasing, and consumers' online consumption concepts are also changing, especially the demand for large logistics has been significantly improved. the consumption scene from air conditioners, refrigerators, televisions to sofas, coffee tables, TV cabinets and other furniture, home decoration and home appliances has gradually shifted online, driving the rapid growth of demand in the express market. According to the industry research report, the penetration rate of household appliances, furniture and home decoration products in online channels increased from 13%, 6% and 5% in 2015 to 50%, 20% and 10% in 2020. In recent years, e-commerce channels such as Pinduoduo, Amoy, JD.com and other e-commerce channels have sunk one after another, and the consumption potential of low-line urban households in household appliances, furniture and other products has also been released. The transportation and distribution of these large e-commerce products also promote the further growth of the express industry.

In addition, in the past decade, with the rise of e-commerce and the rapid development of China's express delivery industry, a number of 10 billion-level giants have emerged in express delivery enterprises, which has led to the upgrading of the Internet represented by consumer e-commerce.Nowadays, the logistics industry is in turn driving the change of business flow and driving the second upgrading of China's industry. and how to apply the first round of experience of directly connecting consumers with goods to the manufacturing industry where there are still multi-layer distribution channels and multi-stage logistics, and how to realize the transformation and upgrading of traditional industries through "Internet +" has become an important theme of the logistics industry in the second round of industrial upgrading.As a result, the express plate is bound to become a key section in the field of logistics in the later period, and the prospect is promising.

Generally speaking, as China's industry ushered in a new round of transformation, the development of high-end manufacturing and emerging services put forward new demand for the logistics industry, the demand for large items is rising rapidly, and the promotion space of the express industry is broad. However, in this blue ocean market, although the scale is huge, the space for integration and growth is huge, but the giant has not yet run out. From another point of view, such a situation is a very rare opportunity for express enterprises such as an Neng Logistics, which have the advantage of scale.

In the future, how Anneng Logistics will continue its business legend is worthy of our common expectation.