New stock news | Yanwen Logistics submits application to Hong Kong Stock Exchange, ranking second among third-party B2C cross-border e-commerce logistics service providers in China.

According to the disclosure on May 25 by the Hong Kong Stock Exchange, Yanwen Logistics Limited (referred to as Yanwen Logistics) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Shenwan Hongyuan Group Hong Kong as its exclusive sponsor. According to Frost & Sullivan data, based on the revenue from cross-border e-commerce express services in 2025, Yanwen Logistics ranks second among third-party B2C cross-border e-commerce logistics service providers in China with a market share of 1.8%. Based on the volume of parcels shipped to the United States in 2025, the company also ranks second among third-party B2C cross-border e-commerce logistics service providers in China, with a market share of 1.4%. Company Overview The prospectus shows that Yanwen Logistics was established in 1998 and is a leading third-party B2C cross-border e-commerce logistics service provider in China. The company provides cross-border e-commerce express services and local last-mile delivery services. After more than twenty years of deep cultivation and accumulation, Yanwen Logistics has established an integrated logistics service system covering first-mile collection, sorting, cross-border transportation, customs clearance, and last-mile delivery. During the historical period, the company provided services to over 30,000 customers each year, including third-party cross-border e-commerce platforms, cross-border merchants, and Chinese brands going global. The company's cross-border e-commerce express services reach over 200 countries and regions globally, making it one of the few Chinese logistics companies with extensive global service coverage, relying on a nationwide pickup network within China. The wide-ranging service network enables the company to efficiently coordinate between key logistics nodes, improve service stability and cost-effectiveness, thus meeting the requirements of cross-border merchants for timeliness, reliability, and compliance. With its extensive service network and consistent service quality, the company has established long-term partnerships with major global e-commerce platforms and has a diverse customer base consisting of cross-border merchants and Chinese brands going global. To address structural gaps in last-mile delivery to the United States, the company launched local last-mile delivery services in the US in March 2024 as part of its global strategy. By combining self-operated delivery infrastructure with flexible crowdsourced capacity, the company has established a scalable local delivery network covering major metropolitan areas in the US. As of the latest practical date, the company has set up 10 regional sorting centers in locations such as Los Angeles, Ontario, San Francisco, Dallas, Chicago, Atlanta, New York, New Jersey, Miami, and Denver, covering a wide range of services across 41 states, reaching approximately 70% of the US population. The company's US services have expanded from handling its cross-border parcels to supporting overseas warehouses operated by local small and medium-sized e-commerce sellers in the US and Chinese sellers, laying a solid foundation for the company's business development with a broad customer base. Yanwen Logistics' self-developed end-to-end digital platform aims to promote efficient collaboration within the cross-border logistics ecosystem. The platform has connected over one hundred thousand customers and suppliers, creating a one-stop operation portal that integrates order distribution, freight rate inquiry, financial settlement, and delivery tracking. By integrating multiple functions into one system, it reduces information fragmentation and improves operational efficiency. To meet diverse business needs, the company offers modular solutions for collection, sorting, trunk line, and delivery, supporting customers to flexibly configure services according to specific operational requirements and precisely match business processes. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 9.483 billion, RMB 5.827 billion, and RMB 6.687 billion respectively. Gross Profit and Gross Margin In fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 344 million, RMB 376 million, and RMB 462 million, with corresponding gross margins of 3.6%, 6.5%, and 6.9% respectively. Net Profit In the fiscal years 2023, 2024, and 2025, the company reported net profits of approximately RMB 58.12 million, RMB 49.671 million, and RMB 106 million respectively. Industry Overview B2C cross-border e-commerce refers to international commercial activities where trading entities in different customs jurisdictions reach trade agreements, complete online payment and settlement, and deliver goods through direct delivery and overseas warehouses via the internet and e-commerce platforms. With China's comprehensive supply chain system, the B2C cross-border e-commerce supply chain demonstrates significant advantages in rapidly responding to market demand and effectively controlling costs. Cost-effective products cover a wide range of consumer scenarios, providing essential competitive support for the growth of GMV in the Chinese B2C cross-border e-commerce industry. In the future, with the continued expansion of emerging markets such as Southeast Asia and the Middle East, and the increasing popularity of online consumption habits, it is expected that online shopping demand will grow rapidly. Specifically, the e-commerce market in Southeast Asia is expected to experience rapid growth, with e-commerce penetration rates projected to increase from 22.9% in 2025 to 34.1% in 2030. Driven by the rapid increase in e-commerce penetration rates, the B2C cross-border e-commerce market in Southeast Asia is expected to achieve a compound annual growth rate of 11.4% between 2025 and 2030. By 2030, it is expected that the e-commerce penetration rates in the UK, the US, South Korea, and Japan will increase from 35.1% to 41.7%, from 19.4% to 25.4%, from 33.4% to 37.2%, and from 15.7% to 18.4% respectively. The rapid growth of e-commerce penetration rates in these countries provides broad opportunities for the future development of the Chinese B2C cross-border e-commerce market, thus driving the growth of GMV in the Chinese B2C cross-border e-commerce market. From 2021 to 2025, the market size of the Chinese B2C cross-border e-commerce logistics service industry increased from RMB 405.1 billion to RMB 634.4 billion, with a compound annual growth rate of 11.9% over the period. In particular, the market size of direct delivery increased from RMB 226.8 billion to RMB 325.2 billion, with a compound annual growth rate of 9.4%. It is expected that by 2030, the market size of the Chinese B2C cross-border e-commerce logistics service industry will continue to increase to RMB 1.0861 trillion, with the market size of direct delivery expected to reach RMB 540.6 billion. The compound annual growth rates between 2025 and 2030 are projected to be 11.4% and 10.7% respectively. From 2021 to 2025, the revenue of B2C cross-border e-commerce logistics services for parcels shipped from China to the US increased from RMB 173 billion to RMB 281 billion, with a compound annual growth rate of 12.9% over the period. By 2030, it is expected that the revenue of B2C cross-border e-commerce logistics services for parcels shipped from China to the US will reach RMB 473.1 billion, with an expected compound annual growth rate of 11.0% between 2025 and 2030. Board of Directors Information The board of directors is responsible for the management and operation of the company's business and has general authority. The board of directors consists of eleven directors, including four executive directors, three non-executive directors, and four independent non-executive directors. The term of office for all directors is three years and can be re-elected and reappointed for subsequent terms. The company's senior management is responsible for the day-to-day management and operation of the company's business. Equity Structure As of the latest practical date, Mr. Zhou Wenxing, Ms. Zeng Yan, and Hengqin Haosheng directly hold approximately 35.26%, 28.69%, and 7.84% equity interests respectively. Ms. Zeng is the spouse of Mr. Zhou, and Hengqin Haosheng is controlled by Mr. Zhou as its general partner. Therefore, as of the latest practical date, Mr. Zhou, Ms. Zeng, and Hengqin Haosheng jointly hold voting rights of approximately 71.79% of the total issued share capital of the company, directly or indirectly. To encourage and motivate employees to drive the company's business development, the company awarded shares from 2016 to 2025. As of the latest practical date, the company's employee shareholding platform, Hengqin Haosheng, holds 2,195,614 shares involved in the share award granted to 23 eligible participants, including 22 employees and one former employee. Guangfa Ganhe, wholly-owned by Guangfa Securities, holds 20.00% and Guangfa Xindejiayuan, whose general partner is Guangfa Xinde, holds 20.00%. Zhuhai Kangyuan is the co-investment platform of Guangfa Xindejiayuan and Guangfa Xinde (whose general partner is Guangfa Securities). Therefore, Guangfa Ganhe, Guangfa Xindejiayuan, and Zhuhai Kangyuan constitute a group of shareholders. Junlian Huicheng and Suzhou Junjunde are jointly owned by Lhasa Junqi, wholly-owned by LCM. Therefore, Junlian Huicheng and Suzhou Junjunde constitute a group of shareholders. Intermediary Team Sole Sponsor: Shenwan Hongyuan Group Finance (Hong Kong) Limited Company Legal Advisor: For Hong Kong law: Tian Yuan Law Firm (Limited Partnership); For Chinese law: Tian Yuan Law Firm; For Chinese data compliance law: Tian Yuan Law Firm Sole Sponsor Legal Advisor: For Hong Kong law: Baker & McKenzie; For Chinese law: Jiayuan Law Firm Auditors and Reporting Accountants: Deloitte Huiyuan Chen & Co., CPAs Compliance Advisor: SOMERLEY CAP Limited Industry Advisor: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch